UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): March 5, 2002 ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 1-12002 23-2715194 (State or other (Commission (I.R.S. Employer jurisdiction of incorporation) File Number) Identification No.) 20 Soundview Marketplace Port Washington, New York 11050 (Address of principal executive offices) (Zip Code) (516) 767-8830 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report)
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. 99.1 Quarterly Supplemental Disclosure - December 31, 2001 ITEM 9. Regulation FD Disclosure The Registrant, Acadia Realty Trust, hereby makes available as an exhibit to this filing, supplemental information concerning the ownership, operations and portfolio of the Registrant as of December 31, 2001. The information included in this Current Report on Form 8-K (including the exhibit hereto) is furnished pursuant to Item 9 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a) (2) of the Securities Act of 1933, as amended. This Report (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACADIA REALTY TRUST (Registrant) Date: March 5, 2002 By: /s/ Perry Kamerman Name: Perry Kamerman Title: Sr. Vice President and Chief Financial Officer 2
[ACADIA REALTY TRUST LOGO] Exhibit 99.1 ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Table of Contents ----------------- Page ---- Section I - Overview Company Information 2 2001 Highlights 3 Portfolio Snapshot 4 Organizational Chart 5 Management Team 6 Section II - Net Asset Valuation Net Asset Value 7 Section III - Financial Information Market Capitalization 9 Shareholder Information 10 Operating Statements - Including Joint Venture Activity 11 Operating Statements - Current v. Historical 12 Operating Statements - By Segment 13 Operating Statements - Core and Non-Core Portfolios 14 Net Operating Income - Same Property Performance 15 Funds from Operations 16 Balance Sheets 17 Selected Operating Ratios 18 Debt Analysis - Wholly Owned and Unconsolidated Subsidiaries 19 Debt Maturity Schedule 21 Unencumbered Properties 22 Section IV - Portfolio information Portfolio Overview - By Region and Property Type 23 Core Portfolio (1) Commercial Properties by Region - Summary 24 Commercial Properties by Region - Detail 25 Top 25 Tenants 29 Anchor Tenant Summary 30 Lease Expirations 34 Residential Properties 38 Properties under Redevelopment 39 Non-Core Portfolio (1) Commercial Properties by Region - Detail 40 Anchor Tenant Summary 42 Lease Expirations 45 (1) As of December 31, 2001, the Company had 18 retail properties under contract for sale. As such, the Company refers to these as Non-core Properties. Subsequent to year-end, the sale of one of these properties was completed. The remaining seventeen shopping centers are subject to a cross-collateralized and securitized loan. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Supplementary Disclosure constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability and creditworthiness of prospective tenants, lease rents and the availability of financing; adverse changes in the Company's real estate markets, including, among other things, competition with other companies; risks of real estate development and acquisition; governmental actions and initiatives; and environmental/safety requirements. Page 1
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Company Information ------------------- Acadia Realty Trust ("Acadia"), is a fully integrated and self-managed real estate investment trust focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership (and its majority-owned subsidiaries) which is currently 88% controlled by Acadia. Acadia currently owns or has an ownership interest in fifty-two properties, consisting of forty-seven neighborhood and community shopping centers, one enclosed mall, one mixed-use property (a retail/residential property) and three multi-family properties, all located in the Eastern and Midwestern regions of the United States. Two of the above shopping centers are currently under redevelopment. Seventeen of the shopping centers, which are subject to a cross-collateralized, securitized loan, are currently under contract for sale. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan. Corporate Headquarters 20 Soundview Marketplace Investor Relations Jon Grisham Port Washington, NY 11050-2221 Vice President (516) 767-8830 ext. 342 jgrisham@acadiarealty.com New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com Page 2
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 2001 Highlights --------------- "I am very pleased with our team's success in all four of our major strategic initiatives that we started in 2000 and 2001. We have strengthened the balance sheet with the substantial completion of our non-core disposition program. These dispositions and the completion of two of our major reanchorings and redevelopments added additional strength and quality to our earnings. Furthermore, we created additional long-term shareholder value through the execution of our Dutch Auction buyback at an attractive price that was accretive for our remaining shareholders. Finally, with the launching of our new acquisition joint venture, we now have the discretionary capital to drive our earnings growth in 2002 and beyond." - Kenneth Bernstein, CEO o Funds from Operations ("FFO") were $0.86 per share for the year ended December 31, 2001. This represents a $0.02 increase over 2000 FFO of $0.84, as adjusted for $0.05 of non-recurring lease termination income. FFO for the fourth quarter 2001 was $7.8 million, or $0.23 per share (basic and fully diluted), compared to $7.8 million, or $0.22 per share, for the fourth quarter 2000. FFO for the year ended December 31, 2001 was $29.5 million, or $0.86 per share, compared with $31.8 million, or $0.89 per share, for 2000. FFO for 2000 included approximately $1.9 million, or $0.05 per share, of non-recurring lease termination income received from former tenants at the Abington Towne Center, which underwent redevelopment during 2000. o Completed the sale of two additional non-core properties during the fourth quarter, and one subsequent to year-end, bringing the total to five dispositions to date. Acadia also entered into a contract to sell 17 non-core properties representing the balance of Acadia's non-core portfolio. The Company sold two properties during the fourth quarter and another property subsequent to year-end, bringing the total to five properties effectively sold for the year. In total, these properties represent approximately 75% of the net value of the Company's originally targeted non-core dispositions. During the fourth quarter, Acadia sold a 463 unit multi-family property located in Greenbelt, Maryland for $35.1 million and the Tioga West shopping center, a 122,000 square foot center anchored by an Ames department store and Penn Traffic supermarket. In January of 2002, Acadia also sold the Union Plaza, a 218,000 square foot shopping center located in New Castle, Pennsylvania. Importantly, these two shopping center dispositions, which sold for an aggregate $7.5 million, eliminated two Ames stores from the Company's portfolio. Also during the fourth quarter, Acadia entered into a contract to sell the balance of its non-core properties, a 17 property cross-collateralized portfolio subject to securitized debt. Following this sale, the Company will have eliminated a total of six of its former ten Ames stores and as a result, Ames, which was formerly the second largest retailer in Acadia's portfolio, will rank seventh. Similarly, the Company will also eliminate a total of three Kmart locations. Upon the anticipated completion of the sale of the 17 property portfolio, which is contingent upon the lender's approval and other customary closing conditions, the Company will have completed its planned non-core disposition initiative. o Completed the redevelopment of two centers. Wal*Mart opened in the Methuen Shopping Center and Target opened in the Abington Towne Center during the fourth quarter 2001.
During the fourth quarter 2001, Acadia completed two of its redevelopment projects, leaving two remaining redevelopments in the pipeline as of year-end. The redevelopment of the Abington Towne Center in suburban Philadelphia has been completed following the grand opening of a 158,000 square foot Target store. Acadia had previously sold this portion of the property to the Target Corporation in December 2000. The redevelopment and reanchoring project at the Methuen Shopping Center in Methuen, Massachusetts was completed during the fourth quarter as well following Wal*Mart's opening of an 89,000 square foot store at the center. o Signed key supermarket anchor leases at the two remaining properties in the Company's redevelopment pipeline -- Shaw's at the Gateway Shopping Center and Pathmark at the Elmwood Shopping Center. The Company signed key anchor leases at its two remaining redevelopment projects during the fourth quarter of 2001. Acadia signed a lease with Shaw's for a 66,000 square foot supermarket at the Gateway Shopping Center located in South Burlington, Vermont. This replaces a former 32,000 undersized Grand Union at the center. The Company also signed a lease with Pathmark for a 49,000 square foot lease at the Elmwood Shopping Center, also replacing a former undersized Grand Union store. o Other key property reanchorings during the year included Home Depot at the Crescent Plaza, Marshall's at the Bloomfield Town Square, a Giant supermarket at the Greenridge Shopping Center and Price Rite at the Mountainville Shopping Center. o Formed a new joint venture with four of the Company's current institutional investors during the fourth quarter to acquire up to $300 million of real estate. As previously announced during October of 2001, Acadia formed a new joint venture with four of its key institutional investors. Under the terms of the joint venture agreement, Acadia and the investors will contribute $20 million and $70 million, respectively, and will seek to acquire up to $300 million of real estate assets, focusing on neighborhood and community shopping centers. Acadia will earn a pro-rata return on its invested equity and market rate management, construction and leasing fees. The Company will also earn an asset management fee equal to 1.5% of capital committed as well as incentive payments of 20% of profits after the return of all investor capital, including that of the Company, with a 9% preferred return. o Initiated a "Dutch Auction" share buyback that was completed subsequent to year-end. Repurchased 5,523,974 shares at a price accretive to the remaining shareholders. During the fourth quarter, the Company commenced a "Dutch Auction" buyback of its common shares. In February of 2002, approximately 5.5 million shares were repurchased at a price of $6.05 per share for a total of $33.4 million. There were 7.5 million shares tendered in the auction resulting in approximately 2.0 million shares tendered by shareholders at prices from $6.10 to $6.50 that were not repurchased by the Company. The buyback was financed primarily through proceeds from asset sales and two new credit facilities, a $23 million facility with Fleet Bank and a $26 million facility with Dime Savings Bank. To date, the Company has drawn a total of $28.4 million against these two loans with remaining capacity of $20.6 million available, of which $3 million is conditioned on future income at the collateral properties. Page 3
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Portfolio Snapshot (1) ---------------------- [GRAPHIC- MAP OF THE EASTERN UNITED STATES SHOWING LOCATIONS] (1) The Company currently has a seventeen shopping center portfolio subject to a cross-collateralized, securitized loan, under contract for sale. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan and other customary closing conditions. As such, there can be no assurances given that the transacton will be completed. Page 4
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Management Team --------------- ------------------------- Kenneth F. Bernstein Chief Executive Officer and President ------------------------- / / \ \ \ \ | | | | | | - ------------ ------------------ ------------------- ---------------- ----------------- -------------------- Finance and Acquisitions Leasing and Property Construction Legal Asset Redevelopment Management Management - ------------ ------------------ ------------------- ---------------- ----------------- -------------------- | | | | | | | | | | | | - ------------ ---------------- ------------------- ---------------- ----------------- -------------------- Joel Braun Timothy J. Joseph Joseph Hogan Robert Perry Sr. VP, Bruce Napolitano Sr. VP, Dir. of Masters Kamerman Acquisitions Sr. VP, Dir. of Sr. VP, Retail Construction Sr. VP, General Sr. VP, Chief - ------------ Leasing and Management ---------------- Counsel Financial Officer | Redevelopment ------------------- | ----------------- |-------------------| | ---------------- | | | | | | | | | | | | | | | | | | | | | | | ------------------- ------------------- | ----------------- -------------- | ------------------- | Joseph Povinelli Robert | Carol Smrek Maggie Hui | Jon Grisham | VP, Leasing Scholem | VP, Counsel VP, Controller | VP, Dir. of | ------------------- VP, Property | ----------------- -------------- | Financial Reporting | | Management | | | ------------------- | | ------------------- | | | | | | | | | | | | | | | - ------------ ------------------- ------------------- ---------------- ----------------- -------------- | ------------------- Joseph Ginex Regional Regional Construction Karen Yamrus Richard | Sr. Lease Admin. Associate Leasing Management Supervision Asst. VP, Sr. Hartmann | 2 Individuals 3 Representatives 4 Managers 2 Supervisors Paralegal Assistant | Controller | - ------------ ------------------- ------------------- ---------------- ----------------- -------------- | ------------------- | | ----------------- Mardi Cezveci Dir. of Mgmt. Information Systems ----------------- Page 5
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Executive Management Team ------------------------- Ross Dworman Chairman of the Board Mr. Dworman assists with long-term strategic planning for the Company. Mr. Dworman was President and Chief Executive Officer of RD Capital, Inc. from 1987 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1987, Mr. Dworman was an associate at Odyssey Partners, L.P., a hedge fund engaged in leveraged buy-outs and real estate investment, and from 1981 until 1984, he was a Financial Analyst for Salomon, Inc. Mr. Dworman received his Bachelor of Arts Degree from the University of Pennsylvania. Kenneth F. Bernstein Chief Executive Officer and Mr. Bernstein is responsible for strategic planning as well as President overseeing all day to day activities of the Company including operations, acquisitions and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD Capital, Inc. from 1990 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. In such capacity, he was responsible for overseeing the day-to-day operations of RD Capital and its management companies, Acadia Management Company LLC and Sound View Management LLC. Prior to joining RD Capital, Mr. Bernstein was an associate with the New York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his Bachelor of Arts Degree from the University of Vermont and his Juris Doctorate from Boston University School of Law. Joel Braun Senior Vice President, Mr. Braun is responsible for the sourcing and financial analysis of Acquisitions acquisition properties for Acadia. Previously, Mr. Braun was Dir of Acquisitions and Finance for Rosenshein Associates, a regional shopping center developer based in New Rochelle, New York. During this time, Mr. Braun was instrumental in the initiation and formation of Kranzco Realty Trust, a publicly traded REIT. Mr. B holds a Bachelor's in Business Administration from Boston University and a Master's Degree in Planning from John Hopkins University. Timothy J. Bruce Senior Vice President, Mr. Bruce joined Acadia Realty Trust in December 1998 as Senior Vice Director of Leasing President, Director of Leasing. Mr. Bruce has more than 14 years of redevelopment and leasing experience. From April 1996 until joining Acadia Realty in December 1998, Mr. Bruce served as Vice President of the Strip Center Leasing Department at Pennsylvania Real Estate Trust where he was responsible for coordinating all leasing activity for the 4.5 million square foot strip center portfolio. From 1985 to 1996, Mr. Bruce was with Equity Properties and Development, L.P. as Senior Vice President, Real Estate. His responsibilities included the management of the day-to-day activities of the Real Estate, Construction, and Merchant Coordination Departments. Mr. Bruce received a Bachelor of Arts Degree from the University of Illinois at Chicago School of Architecture and a Masters of Management from the J. L. Kellogg Graduate School of Business at Northwestern University. Joseph Hogan Senior Vice President, Most recently, Mr. Hogan served as Vice President with Kimco Realty Director of Construction Corporation (NYSE:KIM), where he was responsible for business development and management of all retail and commercial construction projects for Kimco, in addition to outside customers and development companies. Prior to joining Kimco, he was with Konover Construction Company, a subsidiary of Konover & Associates located in West Hartford, Connecticut, where he was responsible for construction projects throughout the eastern half of the United States. Perry Kamerman Senior Vice President, Mr. Kamerman oversees all the financial activities and asset management Chief Financial Officer functions. Previously, he was the Chief Financial Officer Acadia of RD Capital, Inc. and its affiliates from 1995 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Realty Trust. From 1984 to 1994, Mr. Kamerman served as the Controller and the Director of Asset Management for the American Continental Properties Group, an international real estate investment and development firm whose assets exceeded $1 billion. Prior to this, he was an audit manager at E&Y Kenneth Leventhal Real Estate Group. Mr. Kamerman is a Certified Public Accountant and received a Bachelor of Science in Accounting from the City University of New York in 1977. Robert Masters, Esq. Senior Vice President, Prior to joining Acadia in December 1994, Mr. Masters was General General Counsel, Counsel for API Asset Management for over five years, Senior Vice Corporate Secretary President Deputy General Counsel for European American Bank from 1985 to 1990, and Vice President and Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received his Bachelor of Arts from the City University of New York and a J.D. from New York University Law School. Mr. Masters is also a member of the New York Bar. Joseph M. Napolitano, Senior Vice President, Mr. Napolitano is responsible for overseeing the retail property CPM Director of Retail management department for Acadia Realty Trust. Prior to joining Acadia Property in 1995, Mr. Napolitano was employed by Rosen Associates Management Corp. as a Senior Property Manager Management overseeing a national portfolio of community shopping centers, and Roebling Management Co. as a Property Manager responsible for neighborhood and community shopping centers nationally. Mr. Napolitano holds a Bachelor's in Business Administration from Adelphi University, Garden City, NY; and is a Certified Property Manager by the Institute of Property Management (IREM). Mr. Napolitano is also a member of the New York State Association of Realtors (NYSAR) International Council of Shopping Center (ICSC), Commercial Investment Real Estate Institute (CIREI), and the Building Owners and Managers Institute (BOMI). Page 6
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 (1) Net Asset Value ('NAV') ----------------------- (amounts in thousands, except per share amounts) Redevelopments -------------------------------------- Notes Total Stabilized Completed In Progress ----- ----- ---------- --------- ----------- Number of Properties 57 31 2 2 Net Operating income ("NOI") for the year ended December 31, 2001 Wholly-owned properties (2) $ 55,024 $ 38,595 $ 878 $ 1,278 Pro-rata share of unconsolidated joint ventures (2) 2,489 2,489 -- -- -------- -------- -------- -------- Total NOI 57,513 41,084 878 1,278 Less adjustments to NOI: Redevelopments in progress (1,278) -- -- (1,278) Properties sold - Sold during 2001 (5,222) -- -- -- - Sold in January 2002 (3) (562) -- -- -- - Currently under contract for sale (4) (8,489) -- -- -- Other adjustments of NOI (5) 643 (237) 880 -- -------- -------- -------- -------- ADJUSTED PUBLIC BASIS NOI (6) 42,605 40,847 1,758 -- Structural reserves (7) (1,498) (1,460) (38) -- Imputed management fees (4%) (2,387) (2,294) (93) -- -------- -------- -------- -------- PRIVATE BASIS NOI $ 38,720 $ 37,093 $ 1,627 $ -- ======== ======== ======== ======== Sold or Under Contract for Sale ----------------- Number of Properties 22 Net Operating income ("NOI") for the year ended December 31, 2001 Wholly-owned properties $ 14,273 Pro-rata share of unconsolidated joint ventures -- -------- Total NOI 14,273 Less adjustments to NOI: Redevelopments in progress -- Properties sold - Sold during 2001 (5,222) - Sold in January 2002 (562) - Currently under contract for sale (8,489) Other adjustments of NOI -- -------- ADJUSTED PUBLIC BASIS NOI -- Structural reserves -- Imputed management fees (4%) -- -------- PRIVATE BASIS NOI $ -- ========
CAP RATE RANGES USED FOR VALUATION (Excluding redevelopments in progress): (8) Private Basis 9.75% 10.00% Equivalent Public Basis 10.73% 11.00% ----------- ----------- Gross market value of real estate (excluding redevelopments in progress) 397,128 387,200 Redevelopment properties (9) 27,215 27,215 Value of other net assets (10) 67,794 67,794 Net proceeds (net of debt) from January 2002 sale and anticipated sale of properties under contract (3),(4) 13,150 13,150 ----------- ----------- GROSS MARKET VALUE OF ASSETS 505,287 495,359 Mortgage debt - Consolidated properties (Exlcuding debt related to assets under contract) (4) (218,969) (218,969) - Unconsolidated Joint Ventures (16,725) (16,725) Preferred equity and Minority interest in majority owned partnerships (4,700) (4,700) ----------- ----------- NET MARKET VALUE OF ASSETS (before stock buyback) 264,893 254,965 Cost of stock buyback (including $200 of associated costs) (33,620) (33,620) ----------- ----------- NET MARKET VALUE OF ASSETS (after stock buyback) 231,273 221,345 Outstanding Common Shares and O.P. Units (after stock buyback) 28,386,298 28,386,298 ----------- ----------- NAV PER COMMON SHARE (6) $ 8.15 $ 7.80 =========== =========== CAP RATE RANGES USED FOR VALUATION (Excluding redevelopments in progress): Private Basis 10.25% 10.50% Equivalent Public Basis 11.28% 11.55% ----------- ----------- Gross market value of real estate (excluding redevelopments in progress) 377,756 368,762 Redevelopment properties 27,215 27,215 Value of other net assets 67,794 67,794 Net proceeds (net of debt) from January 2002 sale and anticipated sale of properties under contract 13,150 13,150 ----------- ----------- GROSS MARKET VALUE OF ASSETS 485,915 476,921 Mortgage debt - Consolidated properties (Exlcuding debt related to assets under contract) (218,969) (218,969) - Unconsolidated Joint Ventures (16,725) (16,725) Preferred equity and Minority interest in majority owned partnerships (4,700) (4,700) ----------- ----------- NET MARKET VALUE OF ASSETS (before stock buyback) 245,521 236,527 Cost of stock buyback (including $200 of associated costs) (33,620) (33,620) ----------- ----------- NET MARKET VALUE OF ASSETS (after stock buyback) 211,901 202,907 Outstanding Common Shares and O.P. Units (after stock buyback) 28,386,298 28,386,298 ----------- ----------- NAV PER COMMON SHARE $ 7.46 $ 7.15 =========== =========== See the following page for the notes to this schedule Page 7
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Net Asset Value ('NAV') ----------------------- (amounts in thousands, except per share amounts) Notes: (1) The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 2001. NAV is computed at the end of each year and will be updated during the year only if a material change in any determinant of NAV occurs. The computation of NAV as discussed herein is based upon the current capitalization rates for real property. These rates are subject to future changes based on market conditions, which may result in a lower or higher NAV. (2) NOI's exclude an aggreagate $774 of straight-line rents (net of write-offs). (3) In January of 2002, the Company sold the Union Plaza for a net $4.2 million. There was no mortgage debt associated with this property. (4) As of December 31, 2001, the Company had seventeen shopping centers under contract for sale, which were subject to a cross- collateralized, $42,639 securitized loan. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan and other customary closing conditions and, as such, no assurance can be given as to the completion of this transaction. (5) Represents adjustments for major anchor tenant movement during 2001. (6) NAV excludes any transaction costs associated with any actual sales of the properties, other than those listed as "sold or under contract". (7) Structural reserves represent a $0.20 per square foot replacement reserve for retail properties and $300 per unit reserve for residential properties. (8) The above capitalization rates are based on those currently in place and are subject to future changes. (9) Redevelopment properties are valued at their current net book value. (10) Value of other net assets at December 31, 2000 is comprised of the following: Cash and cash equivalents $ 34,138 Cash in escrow 5,246 Rents receivable, net of allowance and unbilled (straight-line) rent 3,252 of $3,862 Note Receivable 34,757 Prepaid expenses 2,308 Other Assets (Less Furn. & Fixt. And other intangible) 1,810 Other items, primarily pro-rata share of net working capital from unconsolidated joint ventures 345 Accounts payable and accrued expenses (5,349) Distributions payable (4,119) Due to related parties (107) Other liabilities (4,487) -------- $ 67,794 ======== Page 8
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Total Market Capitalization (1) ------------------------------- Percent of Percent of Total Market Total Equity Capitalization ------------ -------------- Total Common Shares Outstanding 83.8% 28,660,555 (2) Common O.P. Units 15.3% 5,249,717 ------------- Combined Common Shares and O.P. Units 33,910,272 Market Price at December 31, 2001 $ 6.35 ------------- Equity Capitalization - Common Shares and O.P. Units 215,330,227 Preferred O.P. Units - at cost (2) 0.9% 2,212,000 ----- ------------- Total Equity Capitalization 100.0% 217,542,227 45.4% ===== Debt Capitalization 261,606,924 54.6% ------------- ------ Total Market Capitalization $ 479,149,151 100.0% ============= ====== As adjusted for subsequent reduction in Common Shares and anticipated reduction in outstanding debt 1 Percent of Adjusted Percent of Total Market Adjustment(1) Totals Total Equity Capitalization ------------ ------ ------------ -------------- Total Common Shares Outstanding (4,136,321) 24,524,234 85.4% Common O.P. Units (1,387,653) 3,862,064 13.4% ------------ ------------- Combined Common Shares and O.P. Units (5,523,974) 28,386,298 Market Price at December 31, 2001 $ 6.35 ------------- Equity Capitalization - Common Shares and O.P. Units 180,252,992 Preferred O.P. Units - at cost (2) 2,212,000 1.2% ------------- ----- Total Equity Capitalization 182,464,992 100.1% 45.5% ===== Debt Capitalization (42,638,672) 218,968,252 54.5% ------------- ----- Total Market Capitalization $ 401,433,244 100.0% ============= ===== [PIE CHART - TOTAL MARKET CAPITALIZATION AS OF DECEMBER 31, 2001] Variable-Rate Debt* 22.0% Fixed-Rate Debt* 32.5% Preferred O.P. Units 0.5% Common O.P. Units 7.0% Common Shares 36.0% [PIE CHART - TOTAL MARKET CAPITALIZATION AS ADJUSTED ABOVE] Variable-Rate Debt* 26.4% Fixed-Rate Debt* 28.1% Preferred O.P. Units 0.6% Common O.P. Units 6.1% Common Shares 36.8% * Fixed-Rate Debt involves $50 million of notional principal fixed through swap transactions and, conversely, variable-rate debt excludes this amount
Weighted Average Outstanding Common Shares and O.P. Units - --------------------------------------------------------- Common Shares O.P. Units Total ------ ---------- ----- Quarter ended December 31, 2001 - Primary and Diluted 28,575,250 5,436,260 34,011,510 Year-to-date December 31, 2001 - Primary and Diluted 28,313,070 6,028,392 34,341,462 Quarter ended December 31, 2000 - Primary and Diluted 28,218,059 6,978,947 35,197,006 Year-to-date December 31, 2000 - Primary and Diluted 26,437,265 9,168,230 35,605,495 Notes: (1) Subsequent to December 31, 2001, the Company completed a tender offer for a total of 5,523,974 Common Shares. Of this amount, 1,387,653 Common Shares were the result of the conversion of O.P. units into Common shares on a one-for-one basis. As of December 31, 2001, the Company also had seventeen shopping centers under contract for sale, which were subject to a cross-collateralized, $42,638,672 securitized loan. The sale is conditioned upon obtaining the lender's consent permitting the to assume the loan and other customary conditions, and as such, no assurance can be given as to the completion of this transaction (2) As of December 31, 2001, the Company had purchased 1,965,542 shares (net of reissuance of 86,063 shares) under its Stock Repurchase Program (3) In connection with the acquisition of the Pacesetter Park Shopping Center, the Company issued 2,212 Preferred O.P. Units which are reflected above at their stated cost of $1,000 per unit Page 9
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Shareholder Information ----------------------- Ten Largest Institutional/Non-Retail Shareholders (1) Percent of Out- Common standing Common Shareholder Shares Held (2) Shares (2) - ----------- ----------- ------ Yale University (3) 8,421,759 34.3% Rothschild Realty Investors II L.L.C 2,366,667 9.7% Stanford University 2,133,333 8.7% Harvard Private Capital Realty, Inc. 2,000,000 8.2% The Vanderbilt University 1,346,647 5.5% Carnegie Corporation of New York 942,653 3.8% CS First Boston Inc. 429,164 1.7% Yale University Retirement Plan 403,994 1.6% First Manhattan Capital Management 353,055 1.4% Barclays Global Investors 240,852 1.0% ---------- ---- Total of Ten Largest Institutional/Non-Retail Shareholders 18,638,124 76.0% ========== ==== Total of all Institutional/Non-Retail Shareholders 19,571,705 79.8% ========== ==== Operating Partnership Unit Information (2) -------------------- Percent of Total O.P. Units ------------------- Institutional/Non-Retail O.P. Unit Holders 2,077,106 53.8% Employee/Director O.P. Unit Holders 1,093,504 28.3% Other O.P. Unit Holders 691,454 17.9% --------- ----- Total O.P. Units 3,862,064 100.0% ========= ===== [PIE CHART - TOTAL SHARE/O.P. UNIT OWNERSHIP (COMBINED) (2)] Institutional/Non-Retail Share & O.P. Unit Holders 77% Retail Shareholders 17% Employee/Director O.P. Unitholders 4% Other O.P. Unitholders 2% (1) Based on Schedule 13F filings with the U.S. Securities and Exchange Commission (2) Subsequent to December 31, 2001, the Company completed a tender offer for a total of 5,523,974 Common Shares. Of this amount, 1,387,653 Common Shares were the result of the conversion of O.P. units into Common shares on a one-for-one basis. The above Common Share and O.P. Unit data reflects the results of the completed tender offer. (3) The Company and Yale University have established a voting trust whereby all shares that Yale University owns in excess of 30% of the Company's outstanding Common Shares, will be voted in the same proportion (excluding Yale) as all other shares voted. Page 10
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Statements of Operations - Including Joint Venture Activity (1) Current Year-to-Date - by Quarter --------------------------------- (in thousands) Year-to-Date Current Quarter Year 3 months ended December 31, ended December 31, 2001 2001 ---------------------------------- ---------------------------------- Wholly Owned JV's Total Wholly Owned JV's Total ------------ ---- ----- ------------ ---- ----- PROPERTY REVENUES Minimum rents $ 66,053 $ 2,429 $ 68,482 $ 16,010 $ 613 $ 16,623 Percentage rents 2,330 81 2,411 949 11 960 Expense reimbursements 13,768 984 14,752 3,463 232 3,695 Other property income 693 40 733 139 3 142 -------- -------- -------- -------- -------- -------- 82,844 3,534 86,378 20,561 859 21,420 -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 16,611 437 17,048 3,897 107 4,004 Real estate taxes 11,209 608 11,817 2,751 152 2,903 -------- -------- -------- -------- -------- -------- 27,820 1,045 28,865 6,648 259 6,907 -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 55,024 2,489 57,513 13,913 600 14,513 OTHER INCOME (EXPENSE) Property management and leasing - Home office (3,472) -- (3,472) (681) -- (681) General and administrative (5,557) -- (5,557) (1,860) -- (1,860) JV formation expenses (2) -- (14) (14) -- (14) (14) Interest income 930 -- 930 263 -- 263 Management income 706 -- 706 305 -- 305 Residential property management fees (159) -- (159) (40) -- (40) Straight-line rent (net of write-offs) 805 (31) 774 201 (12) 189 Other income 21 -- 21 4 -- 4 -------- -------- -------- -------- -------- -------- EBIDTA 48,298 2,444 50,742 12,105 574 12,679 Depreciation and amortization (19,478) (656) (20,134) (4,741) (164) (4,905) Interest expense (18,590) (1,284) (19,874) (4,149) (320) (4,469) Impairment of real estate (15,886) -- (15,886) (1,130) -- (1,130) Gain on sale of properties 17,734 -- 17,734 9,454 -- 9,454 -------- -------- -------- -------- -------- -------- Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal 12,078 504 12,582 11,539 90 11,629 Extraordinary item - Loss on early extinguishment of debt (140) -- (140) -- -- -- Minority interest (2,491) -- (2,491) (1,941) -- (1,941) Cumulative effect of a change in accounting principal (FAS 133) (149) -- (149) -- -- -- -------- -------- -------- -------- -------- -------- NET INCOME $ 9,298 $ 504 $ 9,802 $ 9,598 $ 90 $ 9,688 ======== ======== ======== ======== ======== ========
Previous Quarters 3 months 3 months ended September 30, ended June 30, 2001 2001 ---------------------------------- ---------------------------------- Wholly Owned JV's Total Wholly Owned JV's Total ------------ ---- ----- ------------ ---- ----- PROPERTY REVENUES Minimum rents $ 16,203 $ 598 $ 16,801 $ 16,631 $ 609 $ 17,240 Percentage rents 290 6 296 359 -- 359 Expense reimbursements 3,258 255 3,513 3,138 261 3,399 Other property income 162 8 170 162 14 176 -------- -------- -------- -------- -------- -------- 19,913 867 20,780 20,290 884 21,174 -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 3,821 102 3,923 3,640 103 3,743 Real estate taxes 2,840 152 2,992 2,818 152 2,970 -------- -------- -------- -------- -------- -------- 6,661 254 6,915 6,458 255 6,713 -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 13,252 613 13,865 13,832 629 14,461 OTHER INCOME (EXPENSE) Property management and leasing - Home office (804) -- (804) (1,082) -- (1,082) General and administrative (1,156) -- (1,156) (1,352) -- (1,352) JV formation expenses (2) -- -- -- -- -- -- Interest income 261 -- 261 240 -- 240 Management income 151 -- 151 144 -- 144 Residential property management fees (44) -- (44) (35) -- (35) Straight-line rent (net of write-offs) 40 (9) 31 327 (7) 320 Other income -- -- -- 17 -- 17 -------- -------- -------- -------- -------- -------- EBIDTA 11,700 604 12,304 12,091 622 12,713 Depreciation and amortization (4,837) (164) (5,001) (4,936) (164) (5,100) Interest expense (4,382) (315) (4,697) (4,781) (321) (5,102) Impairment of real estate (14,756) -- (14,756) -- -- -- Gain on sale of properties 1,245 -- 1,245 7,035 -- 7,035 -------- -------- -------- -------- -------- -------- Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal (11,030) 125 (10,905) 9,409 137 9,546 Extraordinary item - Loss on early extinguishment of debt -- -- -- -- -- -- Minority interest 1,636 -- 1,636 (1,746) -- (1,746) Cumulative effect of a change in accounting principal (FAS 133) -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- NET INCOME $ (9,394) $ 125 $ (9,269) $ 7,663 $ 137 $ 7,800 ======== ======== ======== ======== ======== ========
3 months ended March 31, 2001 ---------------------------------- Wholly Owned JV's Total ------------ ---- ----- PROPERTY REVENUES Minimum rents $ 17,209 $ 609 $ 17,818 Percentage rents 732 64 796 Expense reimbursements 3,909 236 4,145 Other property income 230 15 245 -------- -------- -------- 22,080 924 23,004 -------- -------- -------- PROPERTY EXPENSES Property operating 5,253 125 5,378 Real estate taxes 2,800 152 2,952 -------- -------- -------- 8,053 277 8,330 -------- -------- -------- NET OPERATING INCOME - PROPERTIES 14,027 647 14,674 OTHER INCOME (EXPENSE) Property management and leasing - Home office (905) -- (905) General and administrative (1,189) -- (1,189) JV formation expenses (2) -- -- -- Interest income 166 -- 166 Management income 106 -- 106 Residential property management fees (40) -- (40) Straight-line rent (net of write-offs) 237 (3) 234 Other income -- -- -- -------- -------- -------- EBIDTA 12,402 644 13,046 Depreciation and amortization (4,964) (164) (5,128) Interest expense (5,278) (328) (5,606) Impairment of real estate -- -- -- Gain on sale of properties -- -- -- -------- -------- -------- Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal 2,160 152 2,312 Extraordinary item - Loss on early extinguishment of debt (140) -- (140) Minority interest (440) -- (440) Cumulative effect of a change in accounting principal (FAS 133) (149) -- (149) -------- -------- -------- NET INCOME $ 1,431 $ 152 $ 1,583 ======== ======== ======== (1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's for the corresponding periods. (2) The Company currently participates in two JV's. The first is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY. During the 4th quarter of 2001, the Company entered into its second joint venture with 4 of the Company's current institutional shareholders, together committing a total of $90 million for the purposes of acquiring approximately $300 million in real estate. As of December 31, 2001, this JV was actively seeking to acquire real estate, but due to the recent formation, had not yet acquired any properties. The above costs represent professional fees associated with the initial formation of this new joint venture. Page 11
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Statements of Operations - Including Joint Venture Activity (1) Current Quarter and Year-to-Date v. Historical ---------------------------------------------- (in thousands) Current Quarter Historic Quarter 3 months 3 months ended December 31, ended December 31, 2001 2000 ---------------------------------- ---------------------------------- Wholly Owned JV Total Wholly Owned JV Total ------------ -- ----- ------------ -- ----- PROPERTY REVENUES Minimum rents $ 16,010 $ 613 $ 16,623 $ 18,368 $ 600 $ 18,968 Percentage rents 949 11 960 1,307 1 1,308 Expense reimbursements 3,463 232 3,695 3,689 226 3,915 Other property income 139 3 142 224 58 282 -------- -------- -------- -------- -------- -------- 20,561 859 21,420 23,588 885 24,473 -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 3,897 107 4,004 5,257 61 5,318 Real estate taxes 2,751 152 2,903 2,850 151 3,001 -------- -------- -------- -------- -------- -------- 6,648 259 6,907 8,107 212 8,319 -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 13,913 600 14,513 15,481 673 16,154 OTHER INCOME (EXPENSE) Property management and leasing - Home office (681) -- (681) (1,010) -- (1,010) General and administrative (1,860) -- (1,860) (1,311) -- (1,311) JV formation expenses (2) -- (14) (14) -- -- -- Interest income 263 -- 263 314 -- 314 Management income 305 -- 305 200 -- 200 Residential property management fees (40) -- (40) (40) (40) (159) Straight-line rent (net of write-offs) 201 (12) 189 321 13 334 Other income (3) 4 -- 4 14 -- 14 -------- -------- -------- -------- -------- -------- EBIDTA 12,105 574 12,679 13,969 686 14,655 Depreciation and amortization (4,741) (164) (4,905) (5,196) (163) (5,359) Interest expense (4,149) (320) (4,469) (6,213) (331) (6,544) Impairment of real estate (1,130) -- (1,130) -- -- -- Gain on sale of properties 9,454 -- 9,454 14,581 -- 14,581 -------- -------- -------- -------- -------- -------- Income before extraordinary item, minority interest and 11,539 90 11,629 17,141 192 17,333 cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt -- -- -- -- -- -- Minority interest (1,941) -- (1,941) (3,369) -- (3,369) Cumulative effect of a change in accounting principal (FAS 133) -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- NET INCOME $ 9,598 $ 90 $ 9,688 $ 13,772 $ 192 $ 13,964 ======== ======== ======== ======== ======== ========
Current Year-to-Date Historic Year-to-Date Year Year ended December 31, ended December 31, 2001 2000 ---------------------------------- ---------------------------------- Wholly Owned JV Total Wholly Owned JV Total ------------ -- ----- ------------ -- ----- PROPERTY REVENUES Minimum rents $ 66,053 $ 2,429 $ 68,482 $ 72,970 $ 2,447 $ 75,417 Percentage rents 2,330 81 2,411 3,048 58 3,106 Expense reimbursements 13,768 984 14,752 14,230 910 15,140 Other property income 693 40 733 1,229 116 1,345 -------- -------- -------- -------- -------- -------- 82,844 3,534 86,378 91,477 3,531 95,008 -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 16,611 437 17,048 19,671 325 19,996 Real estate taxes 11,209 608 11,817 11,468 599 12,067 -------- -------- -------- -------- -------- -------- 27,820 1,045 28,865 31,139 924 32,063 -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 55,024 2,489 57,513 60,338 2,607 62,945 OTHER INCOME (EXPENSE) Property management and leasing - Home office (3,472) -- (3,472) (3,334) -- (3,334) General and administrative (5,557) -- (5,557) (5,057) -- (5,057) JV formation expenses (2) -- (14) (14) -- -- -- Interest income 930 -- 930 1,202 -- 1,202 Management income 706 -- 706 902 -- 902 Residential property management fees -- (159) (143) -- (143) Straight-line rent (net of write-offs) 805 (31) 774 1,141 13 1,154 Other income (3) 21 -- 21 1,986 -- 1,986 -------- -------- -------- -------- -------- -------- EBIDTA 48,298 2,444 50,742 57,035 2,620 59,655 Depreciation and amortization (19,478) (656) (20,134) (20,460) (652) (21,112) Interest expense (18,590) (1,284) (19,874) (25,163) (1,323) (26,486) Impairment of real estate (15,886) -- (15,886) -- -- -- Gain on sale of properties 17,734 -- 17,734 13,742 -- 13,742 -------- -------- -------- -------- -------- -------- Income before extraordinary item, minority interest and 12,078 504 12,582 25,154 645 25,799 cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt (140) -- (140) -- -- -- Minority interest (2,491) -- (2,491) (5,892) -- (5,892) Cumulative effect of a change in accounting principal (FAS 133) (149) -- (149) -- -- -- -------- -------- -------- -------- -------- -------- NET INCOME $ 9,298 $ 504 $ 9,802 $ 19,262 $ 645 $ 19,907 ======== ======== ======== ======== ======== ======== (1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's for the corresponding periods. (2) The Company currently participates in two JV's. The first is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY. During the 4th quarter of 2001, the Company entered into its second joint venture with 4 of the Company's current institutional shareholders, together committing a total of $90 million for the purposes of acquiring approximately $300 million in real estate. As of December 31, 2001, this JV was actively seeking to acquire real estate, but due to the recent formation, had not yet acquired any properties. The above costs represent professional fees associated with the initial formation of this new joint venture. (3) Other income for the year ended December 31, 2000 includes $1,957 of lease termination income received from former tenants at the Abington Towne Center in connection with the redevelopment of the entire property, which was completed in 2001. Page 12
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Statements of Operations - by Segment (1) Current Year-to-Date - by Quarter --------------------------------- (in thousands) Year-to-Date Current Quarter Year 3 months ended December 31, ended December 31, 2001 2001 -------------------------------------------- ---------------------- Retail Multi-Family Corporate Total Retail Multi-Family ------ ------------ --------- ----- ------ ------------ PROPERTY REVENUES Minimum rents $ 55,483 $ 12,999 $ -- $ 68,482 $ 13,762 $ 2,861 Percentage rents 2,411 -- -- 2,411 960 -- Expense reimbursements 14,752 -- -- 14,752 3,695 -- Other property income 135 598 -- 733 25 117 -------- -------- -------- -------- -------- -------- 72,781 13,597 -- 86,378 18,442 2,978 -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 11,864 5,184 -- 17,048 2,805 1,199 Real estate taxes 11,045 772 -- 11,817 2,738 165 -------- -------- -------- -------- -------- -------- 22,909 5,956 -- 28,865 5,543 1,364 -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 49,872 7,641 -- 57,513 12,899 1,614 OTHER INCOME (EXPENSE) Property management and leasing - Home office -- -- (3,472) (3,472) -- -- General and administrative -- -- (5,557) (5,557) -- -- JV formation expenses (2) -- -- (14) (14) -- -- Interest income -- -- 930 930 -- -- Management income -- -- 706 706 -- -- Residential property management fees -- (159) -- (159) -- (40) Straight-line rent (net of write-offs) 774 -- -- 774 189 -- Other income -- -- 21 21 -- -- -------- -------- -------- -------- -------- -------- EBIDTA 50,646 7,482 (7,386) 50,742 13,088 1,574 Depreciation and amortization (17,907) (1,919) (308) (20,134) (4,383) (445) Interest expense (16,111) (3,763) -- (19,874) (3,667) (802) Impairment of real estate (15,886) -- -- (15,886) (1,130) -- Gain on sale of properties 2,121 15,524 89 17,734 876 8,578 -------- -------- -------- -------- -------- -------- Income before extraordinary item, minority interest and 2,863 17,324 (7,605) 12,582 4,784 8,905 cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt -- -- (140) (140) -- -- Minority interest in Operating Partnership -- -- (2,491) (2,491) -- -- Cumulative effect of a change in accounting principal (FAS 133) -- -- (149) (149) -- -- -------- -------- -------- -------- -------- -------- NET INCOME $ 2,863 $ 17,324 $(10,385) $ 9,802 $ 4,784 $ 8,905 ======== ======== ======== ======== ======== ========
Current Quarter 3 months 3 months ended December 31, ended September 30, 2001 2001 --------------------- -------------------------------------------- Corporate Total Retail Multi-Family Corporate Total --------- ----- ------ ------------ --------- ----- PROPERTY REVENUES Minimum rents $ -- $ 16,623 $ 13,812 $ 2,989 $ -- $ 16,801 Percentage rents -- 960 296 -- -- 296 Expense reimbursements -- 3,695 3,513 -- -- 3,513 Other property income -- 142 28 142 -- 170 -------- -------- -------- -------- -------- -------- -- 21,420 17,649 3,131 -- 20,780 -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating -- 4,004 2,604 1,319 -- 3,923 Real estate taxes -- 2,903 2,816 176 -- 2,992 -------- -------- -------- -------- -------- -------- -- 6,907 5,420 1,495 -- 6,915 -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES -- 14,513 12,229 1,636 -- 13,865 OTHER INCOME (EXPENSE) Property management and leasing - Home office (681) (681) -- -- (804) (804) General and administrative (1,860) (1,860) -- -- (1,156) (1,156) JV formation expenses (2) (14) (14) -- -- -- -- Interest income 263 263 -- -- 261 261 Management income 305 305 -- -- 151 151 Residential property management fees -- (40) -- (44) -- (44) Straight-line rent (net of write-offs) -- 189 31 -- -- 31 Other income 4 4 -- -- -- -- -------- -------- -------- -------- -------- -------- EBIDTA (1,983) 12,679 12,260 1,592 (1,548) 12,304 Depreciation and amortization (77) (4,905) (4,483) (441) (77) (5,001) Interest expense -- (4,469) (3,867) (830) -- (4,697) Impairment of real estate -- (1,130) (14,756) -- -- (14,756) Gain on sale of properties -- 9,454 1,245 -- -- 1,245 -------- -------- -------- -------- -------- -------- Income before extraordinary item, minority interest and (2,060) 11,629 (9,601) 321 (1,625) (10,905) cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt -- -- -- -- -- -- Minority interest in Operating Partnership (1,941) (1,941) -- -- 1,636 1,636 Cumulative effect of a change in accounting principal (FAS 133) -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- NET INCOME $ (4,001) $ 9,688 $ (9,601) $ 321 $ 11 $ (9,269) ======== ======== ======== ======== ======== ========
Previous Quarters 3 months 3 months ended June 30, ended March 31, 2001 2001 -------------------------------------------- ---------------------- Retail Multi-Family Corporate Total Retail Multi-Family ------ ------------ --------- ----- ------ ------------ PROPERTY REVENUES Minimum rents $ 13,864 $ 3,376 $ -- $ 17,240 $ 14,045 $ 3,773 Percentage rents 359 -- -- 359 796 -- Expense reimbursements 3,399 -- -- 3,399 4,145 -- Other property income (10) 186 -- 176 92 153 -------- -------- -------- -------- -------- -------- 17,612 3,562 -- 21,174 19,078 3,926 -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 2,410 1,333 -- 3,743 4,045 1,333 Real estate taxes 2,767 203 -- 2,970 2,724 228 -------- -------- -------- -------- -------- -------- 5,177 1,536 -- 6,713 6,769 1,561 -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 12,435 2,026 -- 14,461 12,309 2,365 OTHER INCOME (EXPENSE) Property management and leasing - Home office -- -- (1,082) (1,082) -- -- General and administrative -- -- (1,352) (1,352) -- -- JV formation expenses (2) -- -- -- -- -- -- Interest income -- -- 240 240 -- -- Management income -- -- 144 144 -- -- Residential property management fees -- (35) -- (35) -- (40) Straight-line rent (net of write-offs) 320 -- -- 320 234 -- Other income -- -- 17 17 -- -- -------- -------- -------- -------- -------- -------- EBIDTA 12,755 1,991 (2,033) 12,713 12,543 2,325 Depreciation and amortization (4,537) (486) (77) (5,100) (4,504) (547) Interest expense (4,110) (992) -- (5,102) (4,467) (1,139) Impairment of real estate -- -- -- -- Gain on sale of properties -- 6,946 89 7,035 -- -- -------- -------- -------- -------- -------- -------- Income before extraordinary item, minority interest and 4,108 7,459 (2,021) 9,546 3,572 639 cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt -- -- -- -- -- -- Minority interest in Operating Partnership -- -- (1,746) (1,746) -- -- Cumulative effect of a change in accounting principal (FAS 133) -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- NET INCOME $ 4,108 $ 7,459 $ (3,767) $ 7,800 $ 3,572 $ 639 ======== ======== ======== ======== ======== ========
3 months ended March 31, 2001 --------------------- Corporate Total --------- ----- PROPERTY REVENUES Minimum rents $ -- $ 17,818 Percentage rents -- 796 Expense reimbursements -- 4,145 Other property income -- 245 -------- -------- -- 23,004 -------- -------- PROPERTY EXPENSES Property operating -- 5,378 Real estate taxes -- 2,952 -------- -------- -- 8,330 -------- -------- NET OPERATING INCOME - PROPERTIES -- 14,674 OTHER INCOME (EXPENSE) Property management and leasing - Home office (905) (905) General and administrative (1,189) (1,189) JV formation expenses (2) -- -- Interest income 166 166 Management income 106 106 Residential property management fees -- (40) Straight-line rent (net of write-offs) -- 234 Other income -- -- -------- -------- EBIDTA (1,822) 13,046 Depreciation and amortization (77) (5,128) Interest expense -- (5,606) Impairment of real estate Gain on sale of properties -- -- -------- -------- Income before extraordinary item, minority interest and (1,899) 2,312 cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt (140) (140) Minority interest in Operating Partnership (440) (440) Cumulative effect of a change in accounting principal (FAS 133) (149) (149) -------- -------- NET INCOME $ (2,628) $ 1,583 ======== ======== (1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's for the corresponding periods. (2) The Company currently participates in two JV's. The first is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY. During the 4th quarter of 2001, the Company entered into its second joint venture with 4 of the Company's current institutional shareholders, together committing a total of $90 million for the purposes of acquiring approximately $300 million in real estate. As of December 31, 2001, this JV was actively seeking to acquire real estate, but due to the recent formation, had not yet acquired any properties. The above costs represent professional fees associated with the initial formation of this new joint venture. Page 13
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Statements of Operations - Including Joint Venture Activity (1) Core Properties vs. Non-Core Properties as of December 31, 2001 (2) ----------------------------------------------- (in thousands) Current Quarter Year-to-Date 3 months Year ended December 31, ended December 31, 2001 2001 --------------------------------------- --------------------------------------- Non-Core Non-Core Core Properties Properties Total Core Properties Properties Total --------------- ---------- ----- --------------- ---------- ----- PROPERTY REVENUES Minimum rents $ 12,813 $ 3,810 $ 16,623 $ 50,725 $ 17,757 $ 68,482 Percentage rents 541 419 960 1,294 1,117 2,411 Expense reimbursements 3,113 582 3,695 12,514 2,238 14,752 Other property income 127 15 142 481 252 733 -------- -------- -------- -------- -------- -------- 16,594 4,826 21,420 65,014 21,364 86,378 -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 2,824 1,180 4,004 12,257 4,791 17,048 Real estate taxes 2,373 530 2,903 9,517 2,300 11,817 -------- -------- -------- -------- -------- -------- 5,197 1,710 6,907 21,774 7,091 28,865 -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 11,397 3,116 14,513 43,240 14,273 57,513 OTHER INCOME (EXPENSE) Property management and leasing - Home office (681) -- (681) (3,472) -- (3,472) General and administrative (1,860) -- (1,860) (5,557) -- (5,557) JV formation expenses (3) (14) -- (14) (14) -- (14) Interest income 263 -- 263 930 -- 930 Management income 305 -- 305 706 -- 706 Residential property management fees (40) -- (40) (159) -- (159) Straight-line rent (net of write-offs) 201 (12) 189 822 (48) 774 Other income 4 -- 4 21 -- 21 -------- -------- -------- -------- -------- -------- EBIDTA 9,575 3,104 12,679 36,517 14,225 50,742 Depreciation and amortization (3,778) (1,127) (4,905) (14,914) (5,220) (20,134) Interest expense (3,153) (1,316) (4,469) (14,207) (5,667) (19,874) Impairment of real estate (1,130) -- (1,130) (1,130) (14,756) (15,886) Gain on sale of properties -- 9,454 9,454 -- 17,734 17,734 -------- -------- -------- -------- -------- -------- Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal 1,514 10,115 11,629 6,266 6,316 12,582 Extraordinary item - Loss on early extinguishment of debt -- -- -- (140) -- (140) Minority interest (311) (1,630) (1,941) (1,376) (1,115) (2,491) Cumulative effect of a change in accounting principal (FAS 133) -- -- -- (149) -- (149) -------- -------- -------- -------- -------- -------- NET INCOME $ 1,203 $ 8,485 $ 9,688 $ 4,601 $ 5,201 $ 9,802 ======== ======== ======== ======== ======== ======== (1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's for the corresponding periods. (2) As of December 31, 2001, the Company had 18 retail properties under contract for sale. Subsequent to year-end, the sale of one of these properties was completed. The remaining seventeen shopping centers are subject to a cross-collateralized and securitized loan. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan as well as other customary closing conditions and, as such, ther can be no assurance that the transaction will be completed. (3) The Company currently participates in two JV's. The first is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY. During the 4th quarter of 2001, the Company entered into its second joint venture with 4 of the Company's current institutional shareholders, together committing a total of $90 million for the purposes of acquiring approximately $300 million in real estate. As of December 31, 2001, this JV was actively seeking to acquire real estate, but due to the recent formation, had not yet acquired any properties. The above costs represent professional fees associated with the initial formation of this new joint venture. Page 14
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Net Operating Income (NOI) - Same Property Performance (1) ---------------------------------------------------------- (in thousands) Current Year-to-date Historical Year-to-date Current Quarter Year ended Year ended Quarter ended December 31, December 31, December 31, 2001 2000 2001 ---- ---- ---- NOI - Consolidated properties $ 55,024 $ 60,338 $ 13,913 NOI - Unconsolidated partnerships 2,489 2,607 600 --------- --------- --------- Total NOI 57,513 62,945 14,513 NOI - Properties Acquired - - - NOI - Redevelopment Properties (2,158) (2,375) (753) NOI - Properties Sold (5,220) (10,686) (667) --------- --------- --------- Same Property NOI $ 50,135 $ 49,884 $ 13,093 ========= ========= ========= Growth in Same Property NOI 0.5% 0.3% Historical Quarter Quarter ended December 31, 2000 ---- NOI - Consolidated properties $ 15,481 NOI - Unconsolidated partnerships 673 -------- Total NOI 16,154 NOI - Properties Acquired - NOI - Redevelopment Properties (512) NOI - Properties Sold (2,590) -------- Same Property NOI $ 13,052 ======== Growth in Same Property NOI (1) The above amounts includes the activity related to the Company's equity in the earnings of unconsolidated subsidiaries. Page 15
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Funds from Operations (FFO) (1) ------------------------------- (in thousands) --------------------------- -------------------------- Year-to-date Current Quarter Year ended 3 months ended December 31, 2001 December 31, 2001 --------------------------- -------------------------- Net Income (Loss) $ 9,802 $ 9,688 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 18,422 4,446 Unconsolidated subsidiaries 627 157 Income attributable to Operating Partnership units (2) 2,221 1,874 Impairment of real estate 15,886 1,130 Gain on sale of properties (17,734) (9,454) Extraordinary item - Loss on early extinguishment of debt 140 - Cumulative effect of a change in accounting principal (FAS 133) 149 - --------- -------- Funds from Operations (3) $ 29,513 $ 7,841 ========= ======== Funds from Operations per share (3) $ 0.860 $ 0.231 ========= ======== --------------------------- -------------------------- 2001 -------------------------- Previous Quarters 3 months ended 3 months ended September 30, 2001 June 30, 2001 --------------------------- -------------------------- Net Income (Loss) $ (9,269) $ 7,800 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 4,579 4,708 Unconsolidated subsidiaries 157 156 Income attributable to Operating Partnership units (2) (1,707) 1,675 Impairment of real estate 14,756 - Gain on sale of properties (1,245) (7,035) Extraordinary item - Loss on early extinguishment of debt - - Cumulative effect of a change in accounting principal (FAS 133) - - --------- -------- Funds from Operations (3) $ 7,271 $ 7,304 ========= ======== Funds from Operations per share (3) $ 0.213 $ 0.213 ========= ======== -------------------------- 2000 Previous Quarters Historic 3 months ended Year ended March 31, 2001 December 31, 2000 --------------------------- -------------------------- Net Income (Loss) $ 1,583 $ 19,907 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 4,689 19,325 Unconsolidated subsidiaries 157 625 Income attributable to Operating Partnership units (2) 379 5,674 Impairment of real estate - - Gain on sale of properties - (13,742) Extraordinary item - Loss on early extinguishment of debt 140 - Cumulative effect of a change in accounting principal (FAS 133) 149 - --------- -------- Funds from Operations (3) $ 7,097 $ 31,789 ========= ======== Funds from Operations per share (3) $ 0.203 $ 0.89 (4) ========= ========
2000 Historic 3 months ended December 31, 2000 -------------------------- Net Income (Loss) $ 13,964 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 4,911 Unconsolidated subsidiaries 156 Income attributable to Operating Partnership units (2) 3,309 Impairment of real estate - Gain on sale of properties (14,581) Extraordinary item - Loss on early extinguishment of debt - Cumulative effect of a change in accounting principal (FAS 133) - --------- Funds from Operations (3) $ 7,759 ========= Funds from Operations per share (3) $ 0.22 ========= (1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods. (2) Does not include distributions paid to Preferred O.P. unitholders. (3) Assumes full conversion of O.P. Units into Common Shares. (4) FFO for year ended December 31, 2000 includes $1,957 ($0.05 per share) of lease termination income received from former tenants at the Abington Towne Center in connection with the redevelopment of the entire property. Page 16
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Consolidated Balance Sheets (in thousands) December 31, December 31, 2001 2000 ---- ---- ASSETS Real estate Land $ 57,155 $ 69,206 Buildings and improvements 357,658 444,933 ---------- --------- 414,813 514,139 Less: accumulated depreciation (75,373) (102,461) ---------- --------- Net real estate 339,440 411,678 Property held for sale 49,080 49,445 Cash and cash equivalents 34,138 22,167 Cash in escrow 5,246 5,213 Investments in unconsolidated partnerships 5,169 6,784 Rents receivable, net 7,114 9,667 Note Receivable 34,757 - Prepaid expenses 2,308 2,905 Due from related parties - - Deferred charges, net 14,131 13,026 Other assets 2,556 2,726 ---------- --------- $ 493,939 $ 523,611 ========== ========= LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $ 261,607 $ 277,112 Accounts payable and accrued expenses 5,705 7,495 Dividends and distributions payable 4,119 4,241 Due to related parties 107 111 Other liabilities 4,487 4,179 ---------- --------- Total liabilities 276,025 293,138 ---------- --------- Minority interest in Operating Partnership 37,387 48,959 Minority interests in majority owned partnerships 1,429 2,197 ---------- --------- Total minority interests 38,816 51,156 ---------- --------- Shareholders' equity: Common shares 29 28 Additional paid-in capital 189,378 188,392 Accumulated other comprehensive income (1,206) - Deficit (9,103) (9,103) ---------- --------- Total shareholders' equity 179,098 179,317 ---------- --------- $ 493,939 $ 523,611 ========== ========= Page 17
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Selected Operating Ratios 3 Months Ended December 31, ------------------------- 2001 2000 ------------------------- ------------------------ Coverage Ratios (1) Interest Coverage Ratio EBIDTA (2) $ 12,679 $ 14,655 Divided by Interest expense 4,469 6,544 -------- -------- 2.84 x 2.24 x Fixed Charge Coverage Ratio EBIDTA (2) $ 12,679 $ 14,655 Divided by (Interest expense 4,469 6,544 + Preferred Dividends (3)) 50 50 -------- -------- 2.81 x 2.22 x Debt Service Coverage Ratio EBIDTA (2) $ 12,679 $ 14,655 Divided by (Interest expense 4,469 6,544 + Principal Amortization) 1,046 1,152 -------- -------- 2.30 x 1.90 x Payout Ratios FFO Payout Ratio - Basic and Diluted Dividends (Shares) & Distributions (O.P. Units) paid - $0.12 per Share/O.P. Unit for each of the 1st through 4th quarters in 2001 & 2000 $ 4,069 $ 4,191 FFO (2) 7,841 7,759 -------- -------- 52% 54% Overhead Ratios G&A/Real Estate Revenues General and Administrative expense $ 1,860 $ 1,311 Real Estate Revenues 21,420 24,473 -------- -------- 9% 5% Leverage Ratios Debt/Total Market Capitalization (4) Debt Total Market Capitalization (5) -------------------------
Year Ended December 31, ------------------------- 2001 2000 ------------------------- ------------------------ Coverage Ratios (1) Interest Coverage Ratio EBIDTA (2) $ 50,742 $ 57,698 Divided by Interest expense 19,874 26,486 --------- --------- 2.55 x 2.18 x Fixed Charge Coverage Ratio EBIDTA (2) $ 50,742 $ 57,698 Divided by (Interest expense 19,874 26,486 + Preferred Dividends (3)) 199 199 --------- --------- 2.53 x 2.16 x Debt Service Coverage Ratio EBIDTA (2) $ 50,742 $ 57,698 Divided by (Interest expense 19,874 26,486 + Principal Amortization) 3,794 4,125 --------- --------- 2.14 x 1.88 x Payout Ratios FFO Payout Ratio - Basic and Diluted Dividends (Shares) & Distributions (O.P. Units) paid - $0.12 per Share/O.P. Unit for each of the 1st through 4th quarters in 2001 & 2000 $ 16,432 $ 17,005 FFO (2) 29,513 29,832 --------- --------- 56% 57% Overhead Ratios G&A/Real Estate Revenues General and Administrative expense $ 5,557 $ 5,057 Real Estate Revenues 86,378 95,008 --------- --------- 6% 5% Leverage Ratios Debt/Total Market Capitalization (4) Debt $ 261,607 $ 277,112 Total Market Capitalization (5) 479,149 475,944 --------- --------- 55% 58% ------------------------- Notes: (1) Quarterly results for 2001 and 2000 are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to the Company's investment in unconsolidated partnerships. (2) EBIDTA and FFO for the year ended December 31, 2000 have been adjusted for non-recurring income of $1,957 representing lease termination income received from former tenants at the Abington Towne Center in connection with the redevelopment of the entire property. Gross property revenues already exclude these amounts. The adjustments are as follows: EBIDTA FFO Inclusive of lease termination revenue $ 59,655 $ 31,789 Less lease termination revenue (1,957) (1,957) -------- -------- As adjusted and used above $ 57,698 $ 29,832 ======== ======== (3) Represents preferred distributions on Preferred Operating partnership Units. (4) Including the Company's pro-rata share of joint venture debt, the Debt to Total Market Capitalization increases to 56% and 60% as of December 31, 2001 and 2000, respectively. (5) The calculation of the December 31, 2001 Total Market Capitalization appears elsewhere in this supplement. Page 18
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2001 Debt Analysis - Wholly Owned Properties Property Lender Notes - --------------------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT Gateway Mall Huntoon Hastings Capital Corp. Pittston Plaza Anchor National Life Insurance Co. Mad River Mellon Mortgage Company Manahawkin K-Mart Northern Life Insurance Co. and Reliastar Life Insurance Co. of New York Crescent Plaza Metropolitan Life Insurance Co. East End Centre Metropolitan Life Insurance Co. GHT Apartments Bank of America, N.A. Colony Apartments Bank of America, N.A. Mountainville Shopping Center Morgan Stanley Mortgage Capital (1) King's Fairground Morgan Stanley Mortgage Capital (1) Northside Mall Morgan Stanley Mortgage Capital (1) Dunmore Plaza Morgan Stanley Mortgage Capital (1) 25th Street Plaza Morgan Stanley Mortgage Capital (1) Cloud Springs Plaza Morgan Stanley Mortgage Capital (1) Kingston Plaza Morgan Stanley Mortgage Capital (1) Plaza 15 Morgan Stanley Mortgage Capital (1) Martintown Plaza Morgan Stanley Mortgage Capital (1) Birney Plaza Morgan Stanley Mortgage Capital (1) Midway Plaza Morgan Stanley Mortgage Capital (1) Shillington Plaza Morgan Stanley Mortgage Capital (1) Ames Plaza Morgan Stanley Mortgage Capital (1) Circle Plaza Morgan Stanley Mortgage Capital (1) New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital (1) Monroe Plaza Morgan Stanley Mortgage Capital (1) Troy Plaza Morgan Stanley Mortgage Capital (1) TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT VARIABLE-RATE DEBT - ------------------ Town Line Fleet Bank, N.A. Smithtown Shopping Center Fleet Bank, N.A. Merrillville Plaza Sun America Life Insurance Co. Village Apartments Sun America Life Insurance Co. Marketplace of Absecon Fleet Bank, N.A. (2) Soundview Marketplace Fleet Bank, N.A. Greenridge Plaza Metropolitan Life Insurance Co. Luzerne Street Plaza Metropolitan Life Insurance Co. Valmont Plaza Metropolitan Life Insurance Co. 239 Greenwich Avenue First Union National Bank Berlin Shopping Center Dime Savings Bank Bradford Towne Center Dime Savings Bank Ledgewood Mall Dime Savings Bank New Louden Center Dime Savings Bank Route 6 Plaza Dime Savings Bank Abington Towne Center Fleet Bank, N.A. (3) Branch Shopping Center Fleet Bank, N.A. (3) Methuen Shopping Center Fleet Bank, N.A. (3) Walnut Hill Plaza Dime Savings Bank (4) Bloomfield Town Square Dime Savings Bank (4) TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT TOTAL/WEIGHTED AVERAGE - ALL DEBT
Principal Balance at Interest Rate as of Maturity Property December 31, 2001 Rate December 31, 2001 Date - ---------------------------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT Gateway Mall $ 6,193,672 9.88% 9/1/02 Pittston Plaza 3,676,375 7.93% 1/1/04 Mad River 7,304,929 9.60% 5/23/05 Manahawkin K-Mart 4,424,031 7.70% 12/1/08 Crescent Plaza 8,765,922 8.13% 11/1/10 East End Centre 16,054,442 8.13% 11/1/10 GHT Apartments 11,016,885 7.55% 1/1/11 Colony Apartments 5,508,443 7.55% 1/1/11 Mountainville Shopping Center 2,992,147 8.84% 11/1/21 King's Fairground 836,624 8.84% 11/1/21 Northside Mall 3,200,095 8.84% 11/1/21 Dunmore Plaza 1,066,203 8.84% 11/1/21 25th Street Plaza 7,502,230 8.84% 11/1/21 Cloud Springs Plaza 2,493,069 8.84% 11/1/21 Kingston Plaza 2,139,834 8.84% 11/1/21 Plaza 15 2,033,074 8.84% 11/1/21 Martintown Plaza 2,735,181 8.84% 11/1/21 Birney Plaza 3,171,039 8.84% 11/1/21 Midway Plaza 2,349,547 8.84% 11/1/21 Shillington Plaza 2,714,294 8.84% 11/1/21 Ames Plaza 955,823 8.84% 11/1/21 Circle Plaza 1,175,191 8.84% 11/1/21 New Smyrna Beach Shopping Center 1,440,605 8.84% 11/1/21 Monroe Plaza 3,574,312 8.84% 11/1/21 Troy Plaza 2,259,404 8.84% 11/1/21 ------------ ----- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 105,583,371 8.51% ------------ ----- VARIABLE-RATE DEBT - ------------------ Town Line 4,050,527 L + 175 3.79% 3/15/02 Smithtown Shopping Center 9,106,278 L + 178 3.82% 5/31/02 Merrillville Plaza 13,521,510 L + 205 4.28% 8/1/02 Village Apartments 9,681,593 L + 205 4.65% 10/1/02 Marketplace of Absecon - L + 150 - 3/1/03 Soundview Marketplace 8,852,810 L + 175 3.89% 8/1/03 Greenridge Plaza 6,100,000 L + 200 4.20% 11/1/03 Luzerne Street Plaza 1,600,000 L + 200 4.20% 11/1/03 Valmont Plaza 3,100,000 L + 200 4.20% 11/1/03 239 Greenwich Avenue 13,512,295 L + 145 3.49% 1/1/05 Berlin Shopping Center 4,927,842 L + 175 3.87% 4/1/05 Bradford Towne Center 8,623,724 L + 175 3.87% 4/1/05 Ledgewood Mall 31,291,799 L + 175 3.87% 4/1/05 New Louden Center 7,391,764 L + 175 3.87% 4/1/05 Route 6 Plaza 5,913,411 L + 175 3.87% 4/1/05 Abington Towne Center L + 175 3.73% 1/1/07 Branch Shopping Center 12,350,000 L + 175 3.73% 1/1/07 Methuen Shopping Center L + 175 3.73% 1/1/07 Walnut Hill Plaza 2,000,000 L + 185 3.73% 1/1/07 Bloomfield Town Square 14,000,000 L + 185 3.73% 1/1/07 ------------ -------- ----- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 156,023,553 L + 180 3.91% ------------ -------- ----- TOTAL/WEIGHTED AVERAGE - ALL DEBT $ 261,606,924 5.77% ============= ===== - -------------------------------------------------------------------------------- Notes: (1) As of December 31, 2001 these properties are under contract for sale. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan. This loan allows for full repayment, without penalty, commencing October 31, 2006. Commencing on this date (the "Reset Date"), the interest rate is to be adjusted to a U.S. Treasury rate + 500 basis points (the treasury rate being the interpolated yield on treasuries most nearly approximating the period from the the Reset Date to the maturity date, November 1, 2001). (2) This is a revolving facility for up to $7,400,000 which bears interest at LIBOR plus 150 basis points (175 basis points if the loan to collateral value is > 50%). All outstanding amounts were repaid during the second quarter 2001 leaving $7,400,000 available under this facility. (3) There is an additional $7,650,000 currently available under this facility which the Company is required to fully draw down prior to July 1, 2002. An additional $3,000,000 (net of a $150,000 holdback) is available through December 31, 2002 based upon additional lease-up at the collateral properties. (4) There is an additional $10,000,000 currently available under this facility which the Company is required to fully draw down prior to December 31, 2002. (5) The Company has hedged $50,000,000 of it's variable-rate debt with two variable to fixed-rate swap agreements with Fleet Bank, N.A. Including the effect from these swaps, weighted-average interest rate on the Company's fixed-rate debt and total debt portfolio is 7.84% and 6.25%, respectively. Details of the swap agreements are as follows: Notional principal All-in Rate Maturity Date ------------------ ----------- ------------- $ 30,000,000 6.55% 4/1/05 20,000,000 6.28% 10/1/06 ------------------ ----------- $ 50,000,000 6.44% ================== ----------- Page 19
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2001 Debt Analysis - Unconsolidated Partnerships Total Acadia Realty Principal Trust Balance at Interest Maturity FIXED-RATE DEBT (1) Joint Venture Partner Ownership December 31, 2001 Rate Date - --------------- --------------------- ------------------------------------------------------------------ Crossroads Shopping Center Heyman-Greenburgh Associates LLC 49.0% $ 34,133,201 7.15% 10/1/07 RMC Development Company LLC Summary - Wholly-Owned Properties and Unconsolidated Partnerships - ------------------------------------------------------------------------------------------------------------------------------------ % of Weighted % of Wholly-Owned % of Outstanding Avg. Wholly-Owned and Unconsolidated Total Balance Int. Rate Only Combined Basis ----------------------------------------------------------------------------------- Wholly-Owned Properties Fixed-Rate Debt (2) 56% $ 155,583,371 7.84% 59% 62% Variable-Rate Debt (2) 38% 106,023,553 3.91% 41% 38% ---- -------------- ----- ---- ---- Wholly-Owned Properties - Total Debt 94% 261,606,924 6.25% 100% 100% ---- -------------- ----- ==== ==== Unconsolidated Partnerships Fixed-Rate Debt 6% 16,725,268 7.15% Variable-Rate Debt 0% - 0.00% ---- -------------- ----- Unconsolidated Partnerships - Total Debt 6% 16,725,268 7.15% ---- -------------- ----- Total Debt 100% $ 278,332,192 6.30% ==== ============== ===== - -------------------------------------------------------------------------------- Notes: (1) Acadia Realty Trust's 49% ownership represents $16,725,268, of which $5,000,000 is fixed at 7.53% and the remaining balance is fixed at 6.99% through interest rate swap transactions. (2) Fixed-rate debt includes $50 million of notional principal fixed through swap transactions. Conversely, variable-rate debt excludes this amount. Page 20
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Future Debt Maturities (1) (in thousands) Scheduled Year Amortization Maturities Total ---- ------------ ---------- ----- 2002 $ 4,633 $ 42,066 $ 46,699 2003 4,487 19,087 23,574 2004 4,307 3,454 7,761 2005 3,370 74,074 77,444 2006 2,974 37,862 40,836 Thereafter 4,723 60,570 65,293 --------- ------- --------- $ 24,494 $ 237,113 $ 261,607 ========= ========== ========= Future Debt Maturities (1) (in thousands) Weighted Average Interest Rate of Maturing Debt -------------------------------------------------------- Year Total Debt Fixed-Rate Debt Variable-Rate Debt ---- ---------- --------------- ------------------ 2002 5.04% 9.88% 3.78% 2003 4.06% n/a 4.06% 2004 7.93% 7.93% n/a 2005 4.33% 9.60% 3.80% 2006 8.84% 8.84% n/a Thereafter 6.15% 7.89% 3.73% Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 2001 $ 52 2nd Quarter 2001 57 3rd Quarter 2001 83 4th Quarter 2001 180 ------ $ 372 ====== (1) Does not include debt from unconsolidated partnerships. Page 21
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Unencumbered Properties Center Location GLA ------ -------- --- Blackman Plaza Wilkes-Barre, PA 121,206 Elmwood Park Shopping Center (1) Elmwood, NJ 106,671 Hobson West Plaza Naperville, IL 99,950 Manahawkin Shopping Center (2) Manahawkin, NJ 62,827 Mark Plaza Edwardsville, PA 214,021 Pacesetter Park Shopping Center Ramapo, New York 95,559 Plaza 422 Lebanon, PA 154,791 ------- Total GLA of Unencumbered Properties 855,025 ======= (1) This property is currently under redevelopment and will total approximately 135,000 square feet when completed. (2) Excludes the Kmart portion of the shopping center which is encumbered. Page 22
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Portfolio by Region and Property Type -------------------- (Square Feet) Properties Total Strip Enclosed Under Core Non-Core Region Mall Mall Redevelopment (2) Retail Retail (3) ------ ---- ---- ------------- ------ ------ Wholly-Owned Properties New England 866,395 - 45,871 912,266 - New York Region 1,209,708 515,073 106,671 1,831,452 128,479 Mid-Atlantic 1,982,621 - - 1,982,621 1,474,120 Southeast - - - - 938,417 Mid-west 714,726 - - 714,726 - ---------- -------- -------- ---------- ---------- Total Wholly-Owned Properties 4,773,450 515,073 152,542 5,441,065 2,541,016 Unconsolidated Partnerships - New York Region (1) 310,919 - - 310,919 - ---------- -- -- ---------- -- 5,084,369 515,073 152,542 5,751,984 2,541,016 ========== ======== ======== ========== ========== % of Total Square Feet 53.5% 5.4% 1.6% 60.5% 26.7% Region Residential Total ------ ----------- ----- Wholly-Owned Properties New England - 912,266 New York Region - 1,959,931 Mid-Atlantic 578,606 4,035,347 Southeast - 938,417 Mid-west 628,891 1,343,617 ---------- --------- Total Wholly-Owned Properties 1,207,497 9,189,578 Unconsolidated Partnerships - New York Region (1) - 310,919 -- --------- 1,207,497 9,500,497 ========== ========= % of Total Square Feet 12.7% 100.0% - -------------------- (1) This center is 49% owned by unconsolidated partnerships. (2) The Company currently has 2 redevelopment projects as further described in this supplement. (3) As of December 31, 2001, the Company had 18 retail properties under contract for sale. Subsequent to year-end, the sale of one of these properties was completed. The remaining seventeen shopping centers are subject to a cross-collateralized and securitized loan. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan and other customary closing conditions, and as such, no assurance can be given as to the completion of this transaction. Page 23
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Retail Properties by Region - Summary ---------------------------------------------------------------------------------- Gross Leasable Area Occupancy ---------------------------------------------------------------------------------- Anchors (2) Shops Total Anchors Shops Total ---------------------------------------------------------------------------------- Wholly-Owned Retail Properties Mid-Atlantic 1,419,060 563,561 1,982,621 90.29% 80.59% 87.53% Midwest 305,549 409,177 714,726 100.00% 84.87% 91.34% New England 566,760 299,635 866,395 100.00% 91.84% 97.18% New York Region 1,107,357 617,424 1,724,781 100.00% 75.40% 91.19% ---------------------------------------------------------------------------------- Total Retail Properties (2) 3,398,726 1,889,797 5,288,523 95.95% 81.60% 90.82% ---------------------------------------------------------------------------------- Redevelopment Properties (3) 58,350 94,192 152,542 74.30% 72.10% 72.94% ---------------------------------------------------------------------------------- Grand Total - Wholly-Owned Retail Properties (2) 3,457,076 1,983,989 5,441,065 95.58% 81.15% 90.32% ---------------------------------------------------------------------------------- Unconsolidated Retail Properties New York Region (4) 191,363 119,556 310,919 100.00% 93.22% 97.39% ---------------------------------------------------------------------------------- Total Unconsolidated Retail Properties 191,363 119,556 310,919 100.00% 93.22% 97.39% ================================================================================== --------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Totals --------------------------------------------------------------------------------- Wholly-Owned Retail Properties Mid-Atlantic $ 5,469,891 $ 3,789,991 $ 9,259,882 $ 4.87 $ 8.35 $ 5.87 Midwest 2,304,833 4,496,425 6,801,258 7.54 12.95 10.42 New England 4,159,738 2,385,654 6,545,392 8.86 8.67 8.79 New York Region 9,660,928 7,326,465 16,987,393 8.72 15.74 10.80 --------------------------------------------------------------------------------- Total Retail Properties (2) 21,595,390 17,998,535 39,593,925 7.18 11.67 8.71 --------------------------------------------------------------------------------- Redevelopment Properties (3) 206,065 1,394,511 1,600,576 4.75 20.53 14.39 --------------------------------------------------------------------------------- Grand Total - Wholly-Owned Retail Properties (2) 21,801,455 19,393,046 41,194,501 7.15 12.04 8.84 --------------------------------------------------------------------------------- Unconsolidated Retail Properties New York Region (4) 1,790,546 3,268,798 5,059,344 9.36 29.33 16.71 --------------------------------------------------------------------------------- Total Unconsolidated Retail Properties $ 1,790,546 $ 3,268,798 $ 5,059,344 $ 9.36 $ 29.33 $ 16.71 ================================================================================= General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. (1) As of December 31, 2001, the Company had 18 retail properties under contract for sale. As such, the Company refers to these as Non-core Properties. Subsequent to year-end, the sale of one of these properties was completed. The remaining seventeen shopping centers are subject to a cross-collateralized and securitized loan. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan. and other customary closing conditions, and as such, no assurance can be given as to the completion of this transaction. (2) Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot. (3) The Company currently has 2 redevelopment projects as further described in this supplement. (4) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center. Page 24
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Commercial Properties by Region - Detail ---------------------------------------- --------------------------------------------------------------------------------- Gross Leasable Area Occupancy --------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Tota --------------------------------------------------------------------------------- Retail Properties - Wholly Owned Mid-Atlantic Pennsylvania ABINGTON TOWNE CENTER (2) 184,616 31,610 216,226 100.00% 83.64% 97.61% BLACKMAN PLAZA 104,956 16,250 121,206 100.00% 43.08% 92.37% BRADFORD TOWNE CENTRE 146,499 110,220 256,719 100.00% 71.69% 87.85% EAST END CENTER 176,200 132,227 308,427 100.00% 91.32% 96.28% GREENRIDGE PLAZA 145,420 52,882 198,302 100.00% 72.52% 92.67% LUZERNE STREET SHOPPING CENTER (3) 54,618 3,097 57,715 100.00% 0.00% 94.63% MARK PLAZA 157,595 56,426 214,021 100.00% 87.59% 96.73% PITTSTON PLAZA 67,568 12,000 79,568 100.00% 100.00% 100.00% PLAZA 422 124,113 30,678 154,791 100.00% 32.60% 86.64% ROUTE 6 MALL 119,658 55,824 175,482 100.00% 97.31% 99.14% VALMONT PLAZA 137,817 62,347 200,164 0.00% 91.18% 28.40% --------------------------------------------------------------------------------- Total: Pennsylvania 1,419,060 563,561 1,982,621 90.29% 80.59% 87.53% --------------------------------------------------------------------------------- Total: Mid-Atlantic 1,419,060 563,561 1,982,621 90.29% 80.59% 87.53% --------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ----------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ----------------------------------------------------------------------------------- Retail Properties - Wholly Owned Mid-Atlantic Pennsylvania ABINGTON TOWNE CENTER (2) 256,500 491,960 748,460 9.50 18.61 14.01 BLACKMAN PLAZA 204,664 56,840 261,504 1.95 8.12 2.34 BRADFORD TOWNE CENTRE 887,469 516,852 1,404,321 6.06 6.54 6.23 EAST END CENTER 1,117,500 1,055,606 2,173,106 6.34 8.74 7.32 GREENRIDGE PLAZA 659,405 367,224 1,026,629 4.53 9.58 5.59 LUZERNE STREET SHOPPING CENTER (3) 272,150 - 272,150 4.98 - 4.98 MARK PLAZA 625,776 373,114 998,890 3.97 7.55 4.83 PITTSTON PLAZA 496,446 120,625 617,071 7.35 10.05 7.76 PLAZA 422 262,030 63,450 325,480 2.11 6.34 2.43 ROUTE 6 MALL 687,951 369,977 1,057,928 5.75 6.81 6.08 VALMONT PLAZA - 374,343 374,343 - 6.58 6.58 --------------------------------------------------------------------------------- Total: Pennsylvania 5,469,891 3,789,991 9,259,882 4.87 8.35 5.87 --------------------------------------------------------------------------------- Total: Mid-Atlantic 5,469,891 3,789,991 9,259,882 4.87 8.35 5.87 --------------------------------------------------------------------------------- General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. (1) As of December 31, 2001, the Company had 18 retail properties under contract for sale. As such, the Company refers to these as Non-core Properties. Subsequent to year-end, the sale of one of these properties was completed. The remaining seventeen shopping centers are subject to a cross-collateralized and securitized loan. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan and other customary closing conditions and as such, no assurance can be given as to the completion of this transaction. (2) Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot. (3) The Price Chopper supermarket which leases 40,618 square feet is not operating in the space, but remains obligated under the lease and continues to pay rent. Page 25
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Commercial Properties by Region - Detail ---------------------------------------- --------------------------------------------------------------------------------------------------- Gross Leasable Area Occupancy --------------------------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------------------------------- Retail Properties - Wholly Owned Midwest Illinois HOBSON WEST PLAZA 42,037 57,913 99,950 100.00% 94.62% 96.88% -------------------------------------------------------------------------------------------------- Total: Illinois 42,037 57,913 99,950 100.00% 94.62% 96.88% -------------------------------------------------------------------------------------------------- Indiana MERRILLVILLE PLAZA 101,357 134,063 235,420 100.00% 97.82% 98.76% -------------------------------------------------------------------------------------------------- Total: Indiana 101,357 134,063 235,420 100.00% 97.82% 98.76% -------------------------------------------------------------------------------------------------- Michigan BLOOMFIELD TOWN SQUARE 103,970 118,749 222,719 100.00% 70.62% 84.34% -------------------------------------------------------------------------------------------------- Total: Michigan 103,970 118,749 222,719 100.00% 70.62% 84.34% -------------------------------------------------------------------------------------------------- Ohio MAD RIVER STATION (2) 58,185 98,452 156,637 100.00% 78.69% 86.61% -------------------------------------------------------------------------------------------------- Total: Ohio 58,185 98,452 156,637 100.00% 78.69% 86.61% -------------------------------------------------------------------------------------------------- Total: Midwest 305,549 409,177 714,726 100.00% 84.87% 91.34% -------------------------------------------------------------------------------------------------- New England Connecticut TOWN LINE PLAZA (3) 161,965 43,893 205,858 100.00% 100.00% 100.00% 239 GREENWICH AVENUE (4) 16,834 - 16,834 100.00% - 100.00% -------------------------------------------------------------------------------------------------- Total: Connecticut 178,799 43,893 222,692 100.00% 100.00% 100.00% -------------------------------------------------------------------------------------------------- Massachusetts METHUEN SHOPPING CENTER 120,004 10,234 130,238 100.00% 100.00% 100.00% CRESCENT PLAZA (5) 154,865 61,230 216,095 100.00% 97.55% 99.31% -------------------------------------------------------------------------------------------------- Total: Massachusetts 274,869 71,464 346,333 100.00% 97.90% 99.57% -------------------------------------------------------------------------------------------------- Rhode Island WALNUT HILL PLAZA 113,092 184,278 297,370 100.00% 87.55% 92.28% -------------------------------------------------------------------------------------------------- Total: Rhode Island 113,092 184,278 297,370 100.00% 87.55% 92.28% -------------------------------------------------------------------------------------------------- Total: New England 566,760 299,635 866,395 100.00% 91.84% 97.18% --------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------------------------------- Retail Properties - Wholly Owned Midwest Illinois HOBSON WEST PLAZA 170,000 888,236 1,058,236 4.04 16.21 10.93 --------------------------------------------------------------------------------------------------- Total: Illinois 170,000 888,236 1,058,236 4.04 16.21 10.93 --------------------------------------------------------------------------------------------------- Indiana MERRILLVILLE PLAZA 835,417 1,552,011 2,387,428 8.24 11.83 10.27 --------------------------------------------------------------------------------------------------- Total: Indiana 835,417 1,552,011 2,387,428 8.24 11.83 10.27 --------------------------------------------------------------------------------------------------- Michigan BLOOMFIELD TOWN SQUARE 767,849 1,014,260 1,782,109 7.39 12.09 9.49 --------------------------------------------------------------------------------------------------- Total: Michigan 767,849 1,014,260 1,782,109 7.39 12.09 9.49 --------------------------------------------------------------------------------------------------- Ohio MAD RIVER STATION (2) 531,567 1,041,918 1,573,485 9.14 13.45 11.60 --------------------------------------------------------------------------------------------------- Total: Ohio 531,567 1,041,918 1,573,485 9.14 13.45 11.60 --------------------------------------------------------------------------------------------------- Total: Midwest 2,304,833 4,496,425 6,801,258 7.54 12.95 10.42 --------------------------------------------------------------------------------------------------- New England Connecticut TOWN LINE PLAZA (3) 730,000 599,639 1,329,639 11.29 13.66 12.25 239 GREENWICH AVENUE (4) 1,125,165 - 1,125,165 66.84 - 66.84 --------------------------------------------------------------------------------------------------- Total: Connecticut 1,855,165 599,639 2,454,804 22.76 13.66 19.58 --------------------------------------------------------------------------------------------------- Massachusetts METHUEN SHOPPING CENTER 736,464 92,308 828,772 6.14 9.02 6.36 CRESCENT PLAZA (5) 812,385 448,500 1,260,885 5.25 7.51 5.88 --------------------------------------------------------------------------------------------------- Total: Massachusetts 1,548,849 540,808 2,089,657 5.63 7.73 6.06 --------------------------------------------------------------------------------------------------- Rhode Island WALNUT HILL PLAZA 755,724 1,245,207 2,000,931 6.68 7.72 7.29 --------------------------------------------------------------------------------------------------- Total: Rhode Island 755,724 1,245,207 2,000,931 6.68 7.72 7.29 --------------------------------------------------------------------------------------------------- Total: New England 4,159,738 2,385,654 6,545,392 8.86 8.67 8.79 --------------------------------------------------------------------------------------------------- General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. (2) The GLA for this property includes 27,702 square feet of office space. (3) Anchor GLA includes a 97,300 square foot Wal*Mart store which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot. (4) 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21 residential units encompassing 14,434 square feet. Residential activities are not included above. (5) Home Depot, which has leased 104,640 square feet at this center, assumed this space from Bradlees during 2001 following Bradlees' bankruptcy and liquidation. As of this date, they have not yet opened, however they are currently paying rent. As such, this space is currently reflected as occupied. Page 26
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Commercial Properties by Region - Detail ---------------------------------------- ---------------------------------------------------------------------------------- Gross Leasable Area Occupancy ---------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------------- Retail Properties - Wholly Owned New York Region New Jersey MARKETPLACE OF ABSECON 58,031 46,875 104,906 100.00% 68.38% 85.87% BERLIN SHOPPING CENTER 127,850 59,328 187,178 100.00% 41.01% 81.30% LEDGEWOOD MALL 342,468 172,605 515,073 100.00% 71.00% 90.28% MANAHAWKIN VILLAGE SHOPPING CENTER 144,053 31,175 175,228 100.00% 100.00% 100.00% ---------------------------------------------------------------------------------- Total: New Jersey 672,402 309,983 982,385 100.00% 67.78% 89.83% ---------------------------------------------------------------------------------- New York SOUNDVIEW MARKETPLACE 66,800 113,820 180,620 100.00% 83.30% 89.48% VILLAGE COMMONS SHOPPING CENTER 25,192 61,963 87,155 100.00% 97.50% 98.22% BRANCH SHOPPING PLAZA 63,000 62,951 125,951 100.00% 76.90% 88.45% NEW LOUDON CENTER 227,911 25,200 253,111 100.00% 100.00% 100.00% PACESETTER PARK SHOPPING CENTER 52,052 43,507 95,559 100.00% 61.16% 82.32% ---------------------------------------------------------------------------------- Total: New York 434,955 307,441 742,396 100.00% 83.09% 93.00% ---------------------------------------------------------------------------------- Total: New York Region 1,107,357 617,424 1,724,781 100.00% 75.40% 91.19% ---------------------------------------------------------------------------------- ---------------------------------------------------------------------------------- Total: Retail Properties (before redevelopment properties) 3,398,726 1,889,797 5,288,523 95.95% 81.60% 90.82% ---------------------------------------------------------------------------------- --------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------- Retail Properties - Wholly Owned New York Region New Jersey MARKETPLACE OF ABSECON 927,574 504,827 1,432,401 15.98 15.75 15.90 BERLIN SHOPPING CENTER 619,400 183,936 803,336 4.84 7.56 5.28 LEDGEWOOD MALL 2,949,673 1,569,713 4,519,386 8.61 12.81 9.72 MANAHAWKIN VILLAGE SHOPPING CENTER 1,238,493 379,446 1,617,939 8.60 12.17 9.23 --------------------------------------------------------------------------- Total: New Jersey 5,735,140 2,637,922 8,373,062 8.53 12.56 9.49 --------------------------------------------------------------------------- New York SOUNDVIEW MARKETPLACE 1,010,250 1,466,455 2,476,705 15.12 15.47 15.33 VILLAGE COMMONS SHOPPING CENTER 416,119 1,477,957 1,894,076 16.52 24.46 22.13 BRANCH SHOPPING PLAZA 837,270 846,088 1,683,358 13.29 17.48 15.11 NEW LOUDON CENTER 1,348,003 418,050 1,766,053 5.91 16.59 6.98 PACESETTER PARK SHOPPING CENTER 314,146 479,993 794,139 6.04 18.04 10.10 --------------------------------------------------------------------------- Total: New York 3,925,788 4,688,543 8,614,331 9.03 18.35 12.48 --------------------------------------------------------------------------- Total: New York Region 9,660,928 7,326,465 16,987,393 8.72 15.74 10.80 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Total: Retail Properties (before redevelopment properties) $ 21,595,390 $ 17,998,535 $ 39,593,925 $ 7.18 $ 11.67 $ 8.71 --------------------------------------------------------------------------- General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. Page 27
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Commercial Properties by Region - Detail ---------------------------------------- ---------------------------------------------------------------------------- Gross Leasable Area Occupancy ---------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------- Redevelopment Properties (2) THE GATEWAY SHOPPING CENTER (Vermont) (3) 31,600 14,271 45,871 100.00% 77.26% 92.93% ELMWOOD PARK SHOPPING CENTER (New Jersey) 26,750 79,921 106,671 43.93% 71.18% 64.35% ---------------------------------------------------------------------------- Total: Retail Properties - Redevelopment Properties 58,350 94,192 152,542 74.30% 72.10% 72.94% ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Total: All Wholly-Owned Retail Properties 3,457,076 1,983,989 5,441,065 95.58% 81.15% 90.32% ---------------------------------------------------------------------------- ----------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ----------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ----------------------------------------------------------------------------- Redevelopment Properties (2) THE GATEWAY SHOPPING CENTER (Vermont) (3) 126,400 193,286 319,686 4.00 17.53 7.50 ELMWOOD PARK SHOPPING CENTER (New Jersey) 79,665 1,201,225 1,280,890 6.78 21.12 18.66 ----------------------------------------------------------------------------- Total: Retail Properties - Redevelopment Properties $ 206,065 $ 1,394,511 $ 1,600,576 $ 4.75 $ 20.53 $ 14.39 ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- Total: All Wholly-Owned Retail Properties $ 21,801,455 $ 19,393,046 $ 41,194,501 $ 7.15 $ 12.04 $ 8.84 -----------------------------------------------------------------------------
Unconsolidated Retail Properties --------------------------------------------------------------------------- New York Region Gross Leasable Area Occupancy --------------- --------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------- New York CROSSROADS JOINT VENTURE (4) 138,933 57,116 196,049 100.00% 88.69% 96.70% CROSSROADS II (4) 52,430 62,440 114,870 100.00% 97.36% 98.56% --------------------------------------------------------------------------- Total: New York 191,363 119,556 310,919 100.00% 93.22% 97.39% --------------------------------------------------------------------------- Total: New York Region 191,363 119,556 310,919 100.00% 93.22% 97.39% --------------------------------------------------------------------------- Total: Unconsolidated Retail Properties 191,363 119,556 310,919 100.00% 93.22% 97.39% =========================================================================== --------------------------------------------------------------------------------------- Annualized Base Rent New York Region Annualized Base Rent per Occupied Square Foot --------------- --------------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------------------- New York CROSSROADS JOINT VENTURE (4) $ 1,070,250 $ 1,441,573 $ 2,511,823 $ 7.70 $ 28.46 $ 13.25 CROSSROADS II (4) 720,296 1,827,225 2,547,521 13.74 30.06 22.50 --------------------------------------------------------------------------------------- Total: New York 1,790,546 3,268,798 5,059,344 9.36 29.33 16.71 --------------------------------------------------------------------------------------- Total: New York Region 1,790,546 3,268,798 5,059,344 9.36 29.33 16.71 --------------------------------------------------------------------------------------- Total: Unconsolidated Retail Properties $ 1,790,546 $ 3,268,798 $ 5,059,344 $ 9.36 $ 29.33 $ 16.71 ======================================================================================= General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. (2) The Company currently has 2 redevelopment projects as further described in this supplement. (3) The Company has executed a lease agreement with Shaw's Supermarkets, Inc. for a new 66,000 square foot store to be constructed. This is not reflected in the above amounts. (4) The Company has a 49% interest in these partnerships which, together, own the Crossroads Shopping Center. Page 28
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Top 25 Retail Tenants - Ranked by Annualized Base Rent (excludes Unconsolidated Partnerships) Percentage of Total Represented by Retail Tenant Number of --------------------------------- Retail Stores in Total Annualized Base Total Annualized Base Ranking Tenant Core Portfolio GLA Rent (2) Portfolio GLA (3) Rent (3) ------- ------ -------------- --- ---- ------------- ---- 1 Kmart 6 632,655 $ 2,713,739 11.6% 6.6% 2 T.J. Maxx 8 238,061 1,788,957 4.4% 4.3% 3 Wal*Mart 2 210,114 1,515,409 3.9% 3.7% 4 Price Chopper (4) 3 168,068 1,295,727 3.1% 3.1% 5 Eckerd Drug (5) 9 102,234 1,134,344 1.9% 2.8% 6 Shaw's (6) 3 134,217 1,141,084 2.5% 2.8% 7 Ames (7) 4 326,301 1,080,122 6.0% 2.6% 8 Acme (Albertson's) 2 76,864 918,664 1.4% 2.2% 9 Pathmark (8) 1 63,000 837,270 1.2% 2.0% 10 Redner's Supermarket 2 111,739 837,112 2.1% 2.0% 11 Restoration Hardware 1 12,293 830,000 0.2% 2.0% 12 A&P (Waldbaum's) 1 64,665 730,000 1.2% 1.8% 13 Fashion Bug (9) 8 89,794 641,571 1.7% 1.6% 14 Macy's 1 73,349 610,745 1.3% 1.5% 15 Clearview Cinemas (10) 1 25,400 596,250 0.5% 1.4% 16 Kay Bee Toys 5 41,025 559,050 0.8% 1.4% 17 JC Penney 2 72,580 546,747 1.3% 1.3% 18 Payless Shoe Source 11 38,209 524,727 0.7% 1.3% 19 Circuit City 1 33,294 449,469 0.6% 1.1% 20 Blockbuster Video 4 21,930 443,860 0.4% 1.1% 21 King Kullen 1 41,400 414,000 0.8% 1.0% 22 Penn Traffic Co. (P&C Foods) 1 51,658 413,264 0.9% 1.0% 23 Ahold (Giant Food Stores) (11) 2 102,873 411,435 1.9% 1.0% 24 Manahawkin Village Cinema 1 31,619 395,238 0.6% 1.0% 25 CVS 3 28,600 392,234 0.5% 1.0% -- ------- -------- ---- ---- Total 83 2,791,942 $ 21,221,018 51.3% 51.5% === ========== ============= ===== ===== (1) As of December 31, 2001, the Company had 18 retail properties under contract for sale. As such, the Company refers to these as Non-core Properties. Subsequent to year-end, the sale of one of these properties was completed. The remaining seventeen shopping centers are subject to a cross-collateralized and securitized loan. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan. and other customary closing provisions and as such, no assurance can be given as to the completion of this transaction. (2) Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after December 31, 2001. (3) Represents total GLA and annualized base rent for the Company's core retail properties excluding joint venture properties. (4) The tenant is currently not operating the store at the Luzerne Street Shopping Center. They are obligated, and continue, to pay annual minimum rent of $177,650 until the lease expires in April 30, 2004. (5) Subsidiary of JC Penney. The stores at the Route 6 Plaza and Berlin Shopping Center have ceased operating but continue to pay annual rent of $106,560 and $29,129, respectively, through January 31, 2011 and November 30, 2002, respectively, pursuant to the leases. (6) As of December 31, 2001, Shaw's has signed an agreement to expand their premise at the Gateway Shopping Center in connection with the redevelopment of the entire center. Their current space of 31,600 square feet for which they pay an annual rental of $126,400 (this current lease is reflected in the above table) will be expanded to 66,328 square feet with an annual rent of $1,193,904. Additionally, the Company and Shaw's are currently in discussions to further expand this space by an additonal approximate 5,000 square feet. (7) The tenant is currently operating under Chapter 11 Bankruptcy and, as of December 31, 2001, had rejected the lease at the Valmont Shopping Center (rents and GLA for this lease are not included above). Ames has neither affirmed nor rejected its leases at the remaining locations. (8) The Company has also signed a lease with Pathmark (not reflected above as the tenant has not yet taken occupancy) for 48,770 square feet at the Elmwood Shopping Center in connection with the redevelopment of the center. (9) This tenant pays percentage rent only (no minimum rent) at 4 of these locations. Included in the above rent is $367,368 of percentage rent paid for calendar 2001. (10) Subsidiary of Cablevision. (11) Giant has sub-leased their space at one location and remains liable under the lease which expires in September 2004. Page 29
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Anchor Tenant Summary - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned New England Connecticut TOWN LINE PLAZA, ROCKY HILL WAL-MART (2) 97,300 -- $ -- $ -- REA AGREEEMENT A&P SUPERFRESH 64,665 3/8/17 730,000 11.29 (7) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: TOWN LINE PLAZA 161,965 730,000 11.29 -------------- ---------------------------- 239 GREENWICH AVE., GREENWICH CHICO'S FASHION 4,541 1/31/10 $ 295,165 $ 65.00 (2) 5 YEARS RESTORATION HARDWARE INC. 12,293 4/30/15 830,000 67.52 (2) 5 YEARS (6 MONTHS) -------------- ---------------------------- Total: 239 GREENWICH AVE. 16,834 1,125,165 66.84 -------------- ---------------------------- Massachusetts METHUEN SHOPPING CENTER, METHUEN DEMOULAS SUPER MARKETS 30,460 1/31/05 109,656 3.60 (2) 5 YEAR WAL-MART 89,544 10/23/11 626,808 7.00 (8) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: METHUEN SHOPPING CENTER 120,004 736,464 6.14 -------------- ---------------------------- CRESCENT PLAZA, BROCKTON HOME DEPOT (3) 104,640 10/31/08 295,425 2.82 (1) 8 YR & (2) 5 YEAR SHAWS SUPERMARKETS 50,225 12/31/12 516,960 10.29 (6) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: CRESCENT PLAZA 154,865 812,385 5.25 -------------- ---------------------------- Rhode Island WALNUT HILL PLAZA, WOONSOCKET SEARS 60,700 8/31/03 258,000 4.25 (6) 5 YEAR (12 MONTHS) SHAWS SUPERMARKETS 52,392 12/31/13 497,724 9.50 (6) 5 YEAR (9 MONTHS) -------------- ---------------------------- Total: WALNUT HILL PLAZA 113,092 755,724 6.68 -------------- ---------------------------- Vermont THE GATEWAY SHOPPING CENTER, BURLINGTON SHAWS SUPERMARKETS (4) 31,600 6/30/05 126,400 4.00 (1) 5 YEAR (12 MONTHS) -------------- ---------------------------- Total: THE GATEWAY SHOPPING CENTER 31,600 126,400 4.00 -------------- ---------------------------- Total : New England 598,360 4,286,138 8.55 -------------- ---------------------------- (1) As of December 31, 2001, the Company had 18 retail properties under contract for sale. As such, the Company refers to these as Non-core Properties. Subsequent to year-end, the sale of one of these properties was completed. The remaining seventeen shopping centers are subject to a cross-collateralized and securitized loan. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan and other customary closing provisions and as such, no assurance can be given as to the completion of this transaction. (2) This space is contiguous to the Company's property and is not owned by the Company. (3) Home Depot aquired this lease from the former Bradlees. Although they have not yet opened, they are currently paying rent pursuant to the lease. (4) This is one of the Company's two current redevelopment properties.As of December 31, 2001, Shaw's signed an agreement to expand their premise at the Gateway Shopping Center in connection with the redevelopment of the entire center. Their current space of 31,600 square feet, for which they pay an annual rental of $126,400 (this current lease is reflected in the above table as of December 31, 2001), will be expanded to 66,328 square feet with an annual rent of $1,193,904. Additionally, the Company and Shaw's are currently in discussions to further expand this space by an additonal approximate 5,000 square feet.
Retail Anchor Properties - Wholly Owned New York Region New Jersey ELMWOOD PARK SHOPPING CENTER, ELMWOOD PARK (2) VALLEY NATIONAL BANK 11,750 5/31/05 79,665 6.78 (1) 10 YEAR (10 MONTHS) -------------- ---------------------------- Total: ELMWOOD PARK SHOPPING CENTER 11,750 79,665 6.78 -------------- ---------------------------- MARKETPLACE OF ABSECON, ABSECON ECKERD DRUG 13,207 9/20/20 329,310 24.93 (4) 5 YEAR (6 MONTHS) ACME MARKETS 44,824 4/30/15 598,264 13.35 (8) 5 YEAR (12 MONTHS) -------------- ---------------------------- Total: MARKETPLACE OF ABSECON 58,031 927,574 15.98 -------------- ---------------------------- BERLIN SHOPPING CENTER, BERLIN ACME MARKETS 32,040 4/30/05 320,400 10.00 (2) 5 YEAR (6 MONTHS) KMART 95,810 11/30/04 299,000 3.12 (4) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: BERLIN SHOPPING CENTER 127,850 619,400 4.84 -------------- ---------------------------- Page 30
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Anchor Tenant Summary - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) LEDGEWOOD MALL, LEDGEWOOD (Enclosed Mall) CIRCUIT CITY 33,294 1/31/20 449,469 13.50 (4) 5 YEAR (6 MONTHS) MARSHALL'S 27,228 1/31/07 313,122 11.50 (4) 5 YEAR (6 MONTHS) PHARMHOUSE (3) 47,271 5/31/09 519,981 11.00 (2) 5 YEAR (6 MONTHS) THE SPORTS AUTHORITY 52,205 5/31/07 225,000 4.31 (6) 5 YEAR (15 MONTHS) MACY'S DEPARTMENT STORE (4) 61,900 1/31/05 553,500 8.94 (4) 5 YEAR (6 MONTHS) WAL*MART 120,570 3/31/19 888,601 7.37 (6) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: LEDGEWOOD MALL 342,468 2,949,673 8.61 -------------- ---------------------------- MANAHAWKIN VILLAGE, MANAHAWKIN KMART 112,434 1/31/19 843,255 7.50 (8) 5 YEAR (12 MONTHS) HOYTS 31,619 11/30/18 395,238 12.50 (4) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: MANAHAWKIN VILLAGE SHOPPING CENTER 144,053 1,238,493 8.60 -------------- ---------------------------- New York SOUNDVIEW MARKETPLACE, PORT WASHINGTON KING KULLEN 41,400 9/26/07 414,000 10.00 (3) 5 YEAR (11 MONTHS) CLEARVIEW CINEMA 25,400 5/31/10 596,250 23.47 (4) 5 YEAR (12 MONTHS) -------------- ---------------------------- Total: SOUNDVIEW MARKETPLACE 66,800 1,010,250 15.12 -------------- ---------------------------- SMITHTOWN SHOPPING CENTER, SMITHTOWN DAFFY'S 16,125 5/30/08 262,031 16.25 (4) 5 YEAR (12 MONTHS) WALGREENS 9,067 12/31/21 154,088 16.99 - -------------- ---------------------------- Total: SMITHTOWN SHOPPING CENTER 25,192 416,119 16.52 -------------- ---------------------------- THE BRANCH SHOPPING CENTER, SMITHTOWN PATHMARK 63,000 11/30/13 837,270 13.29 (1) 10 YEAR & -------------- ---------------------------- (1) 5 YEAR Total: RD BRANCH ASSOCIATES L.P. 63,000 837,270 13.29 -------------- ---------------------------- NEW LOUDON CENTER, LATHAM AMES 76,641 2/28/20 268,244 3.50 (3) 5 YEAR (12 MONTHS) CLUB PRO 47,805 4/30/06 215,123 4.50 (1) 5 YEAR (12 MONTHS) MARSHALLS 26,015 1/31/04 104,060 4.00 (1) 5 YEAR (12 MONTHS) PRICE CHOPPER 77,450 5/31/15 760,577 9.82 (4) 5 YEAR (12 MONTHS) -------------- ---------------------------- Total: NEW LOUDEN CENTER 227,911 1,348,004 5.91 -------------- ---------------------------- PACESETTER PARK SHOPPING CENTER, POMONA STOP & SHOP (Ahold subsidiary) 52,052 8/31/20 314,145 6.04 (2) 10 YEAR -------------- ---------------------------- Total: PACESETTER PARK SHOPPING CENTER 52,052 314,145 6.04 -------------- ---------------------------- Total: New York Region 1,119,107 9,740,593 8.70 -------------- ---------------------------- (2) This is a redevelopment property. The Company has signed a lease with Pathmark (not reflected above as the tenant has not yet taken occupancy) for 48,770 square feet at this center. (2) Subsequent to December 31, 2001, this tenant declared Chapter 11 Bankruptcy and rejected the lease at this location. (3) The tenant has additional expansion space bringing the total space to 74,815 s.f. with total rents of $618,075. Retail Anchor Properties- Wholly Owned Mid-Atlantic Pennsylvania ABINGTON TOWNE CENTER, ABINGTON (2) T.J. MAXX 27,000 11/30/10 256,500 9.50 (2) 5 YEAR (6 MONTHS) TARGET (2) 157,616 - - - CONDOMINIUM AGREEMENT -------------- ---------------------------- Total: ABINGTON TOWNE CENTER 184,616 256,500 9.50 -------------- ---------------------------- BLACKMAN PLAZA, WILKES-BARRE KMART 104,956 10/31/04 204,664 1.95 (9) 5 YEAR (12 MONTHS) -------------- ---------------------------- Total: BLACKMAN PLAZA 104,956 204,664 1.95 -------------- ---------------------------- BRADFORD TOWNE CENTRE, TOWANDA KMART 94,841 3/31/19 474,205 5.00 (10) 5 YEAR (6 MONTHS) PENN TRAFFIC 51,658 9/30/14 413,264 8.00 (2) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: BRADFORD TOWNE CENTRE 146,499 887,469 6.06 -------------- ---------------------------- Page 31
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Anchor Tenant Summary - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) EAST END CENTER, WILKES-BARRE AMES 83,000 1/31/07 436,000 5.25 (6) 5 YEAR (6 MONTHS) PHAR-MOR 43,200 3/31/03 324,000 7.50 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 50,000 4/30/08 357,500 7.15 (4) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: EAST END CENTER 176,200 1,117,500 6.34 -------------- ---------------------------- GREENRIDGE PLAZA, SCRANTON GIANT FOOD STORES 62,090 4/30/21 279,405 4.50 (6) 5 YEAR (AUTO) AMES 83,330 1/31/07 380,000 4.56 (6) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: GREENRIDGE PLAZA 145,420 659,405 4.53 -------------- ---------------------------- LUZERNE STREET SHOPPING CENTER. SCRANTON ECKERD DRUGS 14,000 4/30/04 94,500 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER (3) 40,618 4/30/04 177,650 4.37 (4) 5 YEAR (12 MONTHS) -------------- ---------------------------- Total: LUZERNE STREET SHOPPING CENTER 54,618 272,150 4.98 -------------- ---------------------------- MARK PLAZA, EDWARDSVILLE KMART 104,956 10/31/04 204,664 1.95 (10) 5 YEAR (12 MONTHS) REDNER'S MARKET 52,639 5/31/18 421,112 8.00 (2) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: MARK PLAZA 157,595 625,776 3.97 -------------- ---------------------------- PITTSTON PLAZA, PITTSTON ECKERD DRUGS 8,468 6/30/06 80,446 9.50 (2) 5 YEAR (6 MONTHS) REDNER'S MARKETS 59,100 12/31/18 416,000 7.04 (2) 5 YEAR -------------- ---------------------------- Total: PITTSTON PLAZA 67,568 496,446 7.35 -------------- ---------------------------- PLAZA 422, LEBANON PLAYTIME INC, (Sub-leased from Giant Food Stores) 40,783 9/23/04 132,030 3.24 (5) 5 YEAR AMES 83,330 10/31/06 130,000 1.56 (3) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: PLAZA 422 124,113 262,030 2.11 -------------- ---------------------------- ROUTE 6 MALL, HONESDALE KMART 119,658 4/30/20 687,951 5.75 (10) 5 YEAR (AUTOMATIC) -------------- ---------------------------- Total: ROUTE 6 MALL 119,658 687,951 5.75 -------------- ---------------------------- VALMONT PLAZA, WEST HAZELTON -- -- -- -- Total : Mid-Atlantic 1,281,243 5,469,891 4.87 -------------- ---------------------------- (2) Target owns the portion of the main building (157,616 square feet) that their store is located in. (3) This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease. Retail Anchor Properties- Wholly Owned Midwest Illinois HOBSON WEST PLAZA, NAPERVILLE EAGLE FOOD CENTERS 42,037 11/30/07 170,000 4.04 (5) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: HOBSON WEST PLAZA, 42,037 170,000 4.04 -------------- ---------------------------- Indiana MERRILLVILLE PLAZA, MERILLVILLE JC PENNEY 50,000 1/31/08 450,000 9.00 (2) 5 YEAR (12 MONTHS) OFFICEMAX 26,157 7/31/08 202,717 7.75 (4) 5 YEAR (6 MONTHS) TJ MAXX 25,200 1/31/04 182,700 7.25 (2) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: MERRILLVILLE PLAZA 101,357 835,417 8.24 -------------- ---------------------------- Michigan BLOOMFIELD TOWN SQUARE, BLOOMFIELD HILLS HOME GOODS 39,646 5/31/10 307,257 7.75 (3) 5 YEAR MARSHALLS 28,324 9/30/11 226,592 8.00 (3) 5 YEAR (6 MONTHS) TJ MAXX 36,000 3/31/03 234,000 6.50 (2) 5 YEAR (6 MONTHS) -------------- ---------------------------- Total: BLOOMFIELD TOWN SQUARE 103,970 767,849 7.39 -------------- ---------------------------- Page 32
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Anchor Tenant Summary - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Ohio MAD RIVER STATION - RETAIL, DAYTON BABIES 'R' US 33,147 2/28/05 243,630 7.35 (3) 5 YEAR OFFICE DEPOT 25,038 8/31/05 287,937 11.50 (1) 5 YEAR (6 MONTH) -------------- Total: MAD RIVER STATION - RETAIL SPACE 58,185 531,567 9.14 -------------- ---------------------------- Total: Midwest 305,549 2,304,833 7.54 -------------- ---------------------------- Total: Retail Anchor Properties - Wholly Owned 3,304,259 $ 21,801,455 $ 7.15 ============== ============================ Unconsolidated Retail Properties New York Region New York CROSSROADS SHOPPING CENTER,WHITEPLAINS K-MART 100,725 1/31/12 $ 566,250 $ 5.62 (5) 5 YEAR (9 MONTHS) WALDBAUMS 38,208 12/31/07 504,000 13.19 (5) 5 YEAR (9 MONTHS) B. DALTON 12,430 5/28/12 321,813 25.89 (2) 5 YEAR (18 MONTHS) MODELL'S 15,000 1/11/02 204,733 13.65 - MODELL'S (2) 25,000 2/28/09 193,750 7.75 (2) 5 YEAR (12 MONTHS) -------------- ---------------------------- Total: CROSSROADS SHOPPING CENTER 191,363 1,790,546 9.36 -------------- ---------------------------- Total : New York Region 191,363 1,790,546 9.36 -------------- ---------------------------- Total: Unconsolidated Retail Properties 191,363 $ 1,790,546 $ 9.36 ============== ============================ (2) This space was formerly leased to Pergament's. Modell's acquired this lease in connection with Pergaments' bankruptcy proceedings during 2001. Page 33
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Lease Expirations --------------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------------- Retail Properties Anchor Tenant Expirations 2003 3 139,900 4.59% 816,000 3.74% 5.83 2004 8 452,338 14.83% 1,399,268 6.42% 3.09 2005 7 225,935 7.41% 1,721,188 7.89% 7.62 2006 3 139,603 4.58% 425,569 1.95% 3.05 2007 6 329,200 10.80% 1,938,122 8.89% 5.89 2008 5 246,922 8.10% 1,567,673 7.19% 6.35 2009 2 47,271 1.55% 519,981 2.39% 11.00 2010 4 96,587 3.17% 1,455,171 6.67% 15.07 2011 2 117,868 3.87% 853,400 3.91% 7.24 2012 1 50,225 1.65% 516,960 2.37% 10.29 2013 2 115,392 3.78% 1,334,994 6.12% 11.57 2014 1 51,658 1.69% 413,264 1.90% 8.00 2015 3 134,567 4.41% 2,188,841 10.04% 16.27 2017 1 64,665 2.12% 730,000 3.35% 11.29 2018 3 143,358 4.70% 1,232,350 5.65% 8.60 2019 3 327,845 10.75% 2,206,061 10.12% 6.73 2020 5 294,852 9.67% 2,049,120 9.40% 6.95 2021 2 71,157 2.33% 433,493 2.00% 6.09 --------------------------------------------- -------------------------------------------- Total Occupied 61 3,049,343 100.00% $21,801,455 100.00% $ 7.15 --------------------------------------------------- Anchor GLA Owned by Tenants 254,916 Total Vacant 152,817 --------------- Total Square Feet 3,457,076 =============== --------------------------------------------------- (1) As of December 31, 2001, the Company had 18 retail properties under contract for sale. As such, the Company refers to these as Non-core Properties. Subsequent to year-end, the sale of one of these properties was completed. The remaining seventeen shopping centers are subject to a cross-collateralized and securitized loan. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan and other customary closing conditions and, as such, no assurance can be given as to the completion of this transaction. Page 34
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Lease Expirations --------------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------------- Retail Properties Shop Tenant Expirations Month to Month 15 60,302 3.75% $ 645,336 3.33% $ 10.70 2002 47 135,946 8.45% 1,692,791 8.73% 12.45 2003 57 156,300 9.72% 2,160,848 11.14% 13.83 2004 56 235,976 14.67% 2,929,268 15.10% 12.41 2005 50 247,779 15.40% 2,737,943 14.12% 11.05 2006 46 158,467 9.85% 2,056,578 10.60% 12.98 2007 18 137,341 8.54% 1,585,100 8.17% 11.54 2008 20 113,470 7.05% 1,365,235 7.04% 12.03 2009 22 107,835 6.70% 1,305,812 6.73% 12.11 2010 15 113,134 7.03% 1,037,332 5.35% 9.17 2011 18 86,486 5.38% 1,149,945 5.93% 13.30 2012 1 1,675 0.10% 51,196 0.26% 30.56 2014 2 26,472 1.65% 167,024 0.86% 6.31 2015 1 9,592 0.60% 184,838 0.95% 19.27 2019 1 14,887 0.93% 236,800 1.22% 15.91 2020 1 3,000 0.18% 87,000 0.47% 29.00 --------------------------------------------- -------------------------------------------- Total Occupied 370 1,608,662 100.00% $19,393,046 100.00% $ 12.04 ------------------------------------------------ Total Vacant 375,327 --------------- Total Square Feet 1,983,989 =============== ------------------------------------------------ Page 35
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Lease Expirations --------------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------------- Retail Properties Total Retail Expirations Month to Month 15 60,302 1.29% $ 645,336 1.57% $ 10.70 2002 47 135,946 2.92% 1,692,791 4.11% 12.45 2003 60 296,200 6.36% 2,976,848 7.23% 10.05 2004 64 688,314 14.78% 4,328,536 10.51% 6.29 2005 57 473,714 10.17% 4,459,131 10.82% 9.41 2006 49 298,070 6.40% 2,482,147 6.03% 8.33 2007 24 466,541 10.02% 3,523,222 8.55% 7.55 2008 25 360,392 7.74% 2,932,908 7.12% 8.14 2009 24 155,106 3.33% 1,825,793 4.43% 11.77 2010 19 209,721 4.50% 2,492,503 6.05% 11.88 2011 20 204,354 4.39% 2,003,345 4.86% 9.80 2012 2 51,900 1.11% 568,156 1.38% 10.95 2013 2 115,392 2.48% 1,334,994 3.24% 11.57 2014 3 78,130 1.68% 580,288 1.41% 7.43 2015 4 144,159 3.09% 2,373,679 5.76% 16.47 2017 1 64,665 1.39% 730,000 1.77% 11.29 2018 3 143,358 3.08% 1,232,350 2.99% 8.60 2019 4 342,732 7.36% 2,442,861 5.93% 7.13 2020 6 297,852 6.39% 2,136,120 5.19% 7.17 2021 2 71,157 1.52% 433,493 1.04% 6.09 --------------------------------------------- -------------------------------------------- Total Occupied 431 4,658,005 100.00% 41,194,501 100.00% 8.84 ------------------------------------------------------ Anchor GLA Owned by Tenants 254,916 Total Vacant 528,144 ------------- Total Square Feet 5,441,065 ============= ------------------------------------------------------ Page 36
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 CORE PORTFOLIO (1) Lease Expirations --------------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------------- Unconsolidated Property Month to Month 1 3,000 0.99% $ 95,700 1.89% 31.90 2002 6 22,699 7.50% 468,521 9.26% 20.64 2003 5 20,241 6.68% 638,998 12.63% 31.57 2004 7 30,516 10.08% 828,750 16.38% 27.16 2005 5 16,015 5.29% 466,123 9.21% 29.11 2006 3 7,240 2.39% 218,876 4.33% 30.23 2007 4 51,076 16.87% 866,214 17.12% 16.96 2008 3 10,093 3.33% 267,882 5.29% 26.54 2009 2 26,462 8.74% 247,844 4.90% 9.37 2011 1 2,310 0.76% 72,372 1.43% 31.33 2012 2 113,155 37.37% 888,064 17.56% 7.85 --------------------------------------------- -------------------------------------------- Total Occupied 39 302,807 100.00% 5,059,344 100.00% 16.71 ---------------------------------------------- Total Vacant 8,112 ------------ Total Square Feet 310,919 ============ ---------------------------------------------- Page 37
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Residential (Multi-family) Properties ------------------------------------- % Occupied % Occupied Property Location Square Feet Units December 31, 2001 September 30, 2001 -------- -------- ----------- ----- ----------------- ------------------ Mid-Atlantic North Carolina Village Apartments Winston Salem 578,606 600 82% 84% Mid-West Missouri Gate House, Holiday House, Tiger Village, Columbia 628,891 874 94% 93% ---------- ------ --- --- Colony Apartments (2) Totals 1,207,497 1,474 89% 89% ========== ====== === === (1) As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions. Page 38
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Properties Under Redevelopment ------------------------------ The Company's redevelopment program focuses on selecting well-located neighborhood and community shopping centers and creating significant value through retenanting and property redevelopment. At the beginning of 2001, the Company had four properties under redevelopment. Two of these projects were completed in 2001 as follows: Abington Towne Center - During 2001, the Company completed the redevelopment of this previously enclosed multi-level mall located in the Philadelphia suburb of Abington, Pennsylvania. Previously, the Company sold approximately 157,000 square feet representing the top two floors and the rear portion of the ground level and the related parking area to the Target Corp. that completed the build-out of the space and opened the store for business during October 2001. The Company has "de-malled" the balance of the center consisting of approximately 46,000 square feet of the main building and 13,000 square feet of store space in outparcel buildings that it will continue to own and operate. Costs incurred on this redevelopment project (net of reimbursements from Target) totaled $3.5 million. Methuen Shopping Center - This center, located in Methuen, Massachusetts (part of the Boston metropolitan statistical area) was formerly anchored by a Caldor discount department store. The Company purchased this lease in bankruptcy and has executed a lease with Wal*Mart for an 89,000 square foot department store which opened for business in October 2001. Costs associated with this project were approximately $400,000. The two properties currently under redevelopment are as follows: Elmwood Park Shopping Center - This center, located in Elmwood Park, New Jersey, is approximately ten miles west of New York City. The redevelopment consists of reanchoring, renovating and expanding the existing 125,000 square foot shopping center by 30,000 square feet. Demolition of the main parcel and former office tower has been completed. A new freestanding 49,000 square foot supermarket will be constructed to replace an undersized (28,000 square feet) in-line former Grand Union supermarket. The project also includes the expansion of an existing Walgreens drug store. As of December 31, 2001, costs incurred on this project totaled $4.1 million. The Company expects remaining redevelopment costs of approximately $3.3 million (net of reimbursements) to complete this project. In conjunction with the supermarket rent commencement, the Operating Partnership is also obligated to issue OP Units of up to $2.8 million to the original owners who contributed the property to the Company in connection with the RDC Transaction in August 1998. Gateway Shopping Center - The redevelopment of the Gateway Shopping Center, a partially enclosed mall located in South Burlington, Vermont, includes the demolition of 90% of the property and the construction of a new anchor supermarket. Following the bankruptcy of the former anchor Grand Union, the lease was assigned to and assumed by Shaw's supermarket. During October 2001, the Company executed a new lease with Shaw's for a new 66,000 square foot store to be constructed. The Company is also currently involved in discussions with Shaw's to possibly expand the new store by an additional approximate 5,000 square feet. This replaces the 32,000 square foot store formerly occupied by Grand Union. Total costs to date for this project (including the original acquisition of the property in 1999) were $8.2 million. The Company expects remaining redevelopment costs of approximately $9.2 million to complete this project. Page 39
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 NON-CORE PORTFOLIO (1) Commercial Properties by Region - Detail ---------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic ------------ Gross Leasable Area --------------------------------------- Anchors Shops Total ------- ----- ----- Pennsylvania AMES PLAZA 88,354 7,800 96,154 BIRNEY PLAZA 135,493 58,406 193,899 CIRCLE PLAZA 92,171 -- 92,171 DUNMORE PLAZA 39,680 5,700 45,380 KINGSTON PLAZA 51,500 13,324 64,824 MONROE PLAZA 128,129 2,440 130,569 MOUNTAINVILLE SHOPPING CENTER 69,608 49,239 118,847 PLAZA 15 81,800 31,730 113,530 SHILLINGTON PLAZA 134,607 16,135 150,742 25TH STREET SHOPPING CENTER 28,800 102,677 131,477 UNION PLAZA 217,992 -- 217,992 --------- ------- --------- Total: Pennsylvania 1,068,134 287,451 1,355,585 --------- ------- --------- Virginia KINGS FAIRGROUNDS 103,335 15,200 118,535 --------- ------- --------- Total: Virginia 103,335 15,200 118,535 --------- ------- --------- Total: Mid-Atlantic 1,171,469 302,651 1,474,120 --------- ------- --------- Occupancy --------------------------------- Anchors Shops Total ------- ----- ----- Pennsylvania AMES PLAZA 100.00% 0.00% 91.89% BIRNEY PLAZA 100.00% 59.76% 87.88% CIRCLE PLAZA 100.00% -- 100.00% DUNMORE PLAZA 100.00% 100.00% 100.00% KINGSTON PLAZA 100.00% 84.99% 96.91% MONROE PLAZA 100.00% 100.00% 100.00% MOUNTAINVILLE SHOPPING CENTER 100.00% 90.86% 96.21% PLAZA 15 100.00% 92.12% 97.80% SHILLINGTON PLAZA 100.00% 100.00% 100.00% 25TH STREET SHOPPING CENTER 100.00% 82.02% 85.96% UNION PLAZA 100.00% -- 100.00% ------ ------ ------ Total: Pennsylvania 100.00% 79.56% 95.67% ------ ------ ------ Virginia KINGS FAIRGROUNDS 100.00% 57.89% 94.60% ------ ------ ------ Total : Virginia 100.00% 57.89% 94.60% ------ ------ ------ Total: Mid-Atlantic 100.00% 78.47% 95.58% ------ ------ ------
Annualized Base Rent --------------------------------------- Anchors Shops Total ------- ----- ----- Pennsylvania AMES PLAZA 189,263 -- 189,263 BIRNEY PLAZA 311,544 302,750 614,294 CIRCLE PLAZA 252,289 -- 252,289 DUNMORE PLAZA 89,134 64,695 153,829 KINGSTON PLAZA 284,000 117,050 401,050 MONROE PLAZA 425,699 34,720 460,419 MOUNTAINVILLE SHOPPING CENTER 309,000 364,256 673,256 PLAZA 15 216,988 148,208 365,196 SHILLINGTON PLAZA 367,720 215,067 582,787 25TH STREET SHOPPING CENTER 274,450 1,091,421 1,365,871 UNION PLAZA 938,730 -- 938,730 --------- --------- --------- Total: Pennsylvania 3,658,817 2,338,167 5,996,984 --------- --------- --------- Virginia KINGS FAIRGROUNDS 333,684 42,000 375,684 --------- --------- --------- Total: Virginia 333,684 42,000 375,684 --------- --------- --------- Total: Mid-Atlantic 3,992,501 2,380,167 6,372,668 --------- --------- --------- [ACADIA REALTY TRUST LOGO] Annualized Base Rent per Occupied Square Foot ---------------------------- Anchors Shops Total ------- ----- ----- Pennsylvania AMES PLAZA 2.14 -- 2.14 BIRNEY PLAZA 2.30 8.67 3.61 CIRCLE PLAZA 2.74 -- 2.74 DUNMORE PLAZA 2.25 11.35 3.39 KINGSTON PLAZA 5.51 10.34 6.38 MONROE PLAZA 3.32 14.23 3.53 MOUNTAINVILLE SHOPPING CENTER 4.44 8.14 5.89 PLAZA 15 2.65 5.07 3.29 SHILLINGTON PLAZA 2.73 13.33 3.87 25TH STREET SHOPPING CENTER 9.53 12.96 12.09 UNION PLAZA 4.31 -- 4.31 ---- ----- ----- Total: Pennsylvania 3.43 10.22 4.62 ---- ----- ----- Virginia KINGS FAIRGROUNDS 3.23 4.77 3.35 ---- ----- ----- Total: Virginia 3.23 4.77 3.35 ---- ----- ----- Total: Mid-Atlantic 3.41 10.02 4.52 ---- ----- ----- General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. (1) As of December 31, 2001, the Company had 18 retail properties under contract for sale. As such, the Company refers to these as Non-core Properties. Subsequent to year-end, the sale of one of these properties was completed. The remaining seventeen shopping centers are subject to a cross-collateralized and securitized loan. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan and other customary closing conditions and as such, no assurance can be given as to the completion of this transaction. Page 40
[ACADIA REALTY TRUST LOGO] Retail Properties - Wholly Owned New York Region Gross Leasable Area Occupancy ------------------------------------------ ---------------------------------- Anchors Shops Total Anchors Shops Total ------- ----- ----- ------- ----- ----- New York - -------- TROY PLAZA 100,709 27,770 128,479 100.00% 100.00% 100.00% ---------- ---------- ---------- ------ ------ ------ Total: New York 100,709 27,770 128,479 100.00% 100.00% 100.00% ---------- ---------- ---------- ------ ------ ------ Total: New York Region 100,709 27,770 128,479 100.00% 100.00% 100.00% ---------- ---------- ---------- ------ ------ ------ Southeast Alabama - ------- MIDWAY PLAZA 105,775 101,763 207,538 55.58% 71.41% 63.34% NORTHSIDE MALL 111,970 270,329 382,299 100.00% 49.44% 64.25% ---------- ---------- ---------- ------ ------ ------ Total: Alabama 217,745 372,092 589,837 78.42% 55.45% 63.93% ---------- ---------- ---------- ------ ------ ------ Florida - ------- NEW SMYRNA BEACH SHOPPING CENTER 35,980 65,341 101,321 68.87% 89.75% 82.34% ---------- ---------- ---------- ------ ------ ------ Total: Florida 35,980 65,341 101,321 68.87% 89.75% 82.34% ---------- ---------- ---------- ------ ------ ------ Georgia - ------- CLOUD SPRINGS PLAZA 74,260 39,107 113,367 100.00% 84.40% 94.62% ---------- ---------- ---------- ------ ------ ------ Total: Georgia 74,260 39,107 113,367 100.00% 84.40% 94.62% ---------- ---------- ---------- ------ ------ ------ South Carolina - -------------- MARTINTOWN PLAZA 91,996 41,896 133,892 80.43% 94.80% 84.93% ---------- ---------- ---------- ------ ------ ------ Total: South Carolina 91,996 41,896 133,892 80.43% 94.80% 84.93% ---------- ---------- ---------- ------ ------ ------ Total: Southeast 419,981 518,436 938,417 81.86% 65.14% 72.62% ---------- ---------- ---------- ------ ------ ------ Total: Retail Properties 1,692,159 848,857 2,541,016 95.50% 71.03% 87.32% ---------- ---------- ---------- ------ ------ ------
Annualized Base Rent Annualized Base Rent per Occupied Square Foot ------------------------------------------ ------------------------------- Anchors Shops Total Anchors Shops Total ------- ----- ----- ------- ----- ----- New York - -------- TROY PLAZA 196,000 294,625 490,625 1.95 10.61 3.82 ---------- ---------- ---------- -------- --------- -------- Total: New York 196,000 294,625 490,625 1.95 10.61 3.82 ---------- ---------- ---------- -------- --------- -------- Total: New York Region 196,000 294,625 490,625 1.95 10.61 3.82 ---------- ---------- ---------- -------- --------- -------- Southeast Alabama - ------- MIDWAY PLAZA 102,380 337,179 439,559 1.74 4.64 3.34 NORTHSIDE MALL 227,974 656,298 884,272 2.04 4.91 3.60 ---------- ---------- ---------- -------- --------- -------- Total: Alabama 330,354 993,477 1,323,831 1.93 4.82 3.51 ---------- ---------- ---------- -------- --------- -------- Florida - ------- NEW SMYRNA BEACH SHOPPING CENTER 223,020 465,200 688,220 9.00 7.93 8.25 ---------- ---------- ---------- -------- --------- -------- Total: Florida 223,020 465,200 688,220 9.00 7.93 8.25 ---------- ---------- ---------- -------- --------- -------- Georgia - ------- CLOUD SPRINGS PLAZA 340,371 171,950 512,321 4.58 5.21 4.78 ---------- ---------- ---------- -------- --------- -------- Total: Georgia 340,371 171,950 512,321 4.58 5.21 4.78 ---------- ---------- ---------- -------- --------- -------- South Carolina - -------------- MARTINTOWN PLAZA 296,500 230,989 527,489 4.01 5.82 4.64 ---------- ---------- ---------- -------- --------- -------- Total: South Carolina 296,500 230,989 527,489 4.01 5.82 4.64 ---------- ---------- ---------- -------- --------- -------- Total: Southeast 1,190,245 1,861,616 3,051,861 3.46 5.51 4.48 ---------- ---------- ---------- -------- --------- -------- Total: Retail Properties $5,378,746 $4,536,408 $9,915,154 $ 3.33 $ 7.52 $ 4.47 ---------- ---------- ---------- -------- --------- -------- General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. Page 41
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 NON-CORE PORTFOLIO (1) ---------------------- Anchor Tenant Summary --------------------- - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- New York Region TROY PLAZA, TROY AMES 71,665 5/31/06 140,000 1.95 (1) 5 YEAR (6 MONTHS) PRICE CHOPPER 29,044 9/30/04 56,000 1.93 (2) 5 YEAR ---------- ---------- ------- Total: TROY PLAZA 100,709 196,000 1.95 ---------- ---------- ------- Total: New York Region 100,709 196,000 1.95 ---------- ---------- ------- Mid-Atlantic Pennsylvania AMES PLAZA, SHAMOKIN AMES 59,116 1/31/03 84,006 1.42 (2) 5 YEAR (6 MONTHS) BUY-RITE LIQUIDATORS 29,238 8/30/10 105,257 3.60 (1) 5 YEAR (9 MONTHS) ---------- ---------- ------- Total: AMES PLAZA 88,354 189,263 2.14 ---------- ---------- ------- BIRNEY PLAZA, MOOSIC BIG LOTS 30,537 1/31/03 106,880 3.50 (1) 5 YEAR (6 MONTHS) KMART 104,956 10/31/04 204,664 1.95 (9) 5 YEAR (6 MONTHS) ---------- ---------- ------- Total: BIRNEY PLAZA 135,493 311,544 2.30 ---------- ---------- ------- CIRCLE PLAZA, SHAMOKIN DAM KMART 92,171 11/7/04 252,289 2.74 (9) 5 YEAR (12 MONTHS) ---------- ---------- ------- Total: CIRCLE PLAZA 92,171 252,289 2.74 ---------- ---------- ------- DUNMORE PLAZA, DUNMORE ECKERD DRUGS 13,205 11/30/04 89,134 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER (2) 26,475 11/30/05 -- -- (3) 5 YEAR (6 MONTHS) ---------- ---------- ------- Total: DUNMORE PLAZA 39,680 89,134 2.25 ---------- ---------- ------- KINGSTON PLAZA, KINGSTON DOLLAR GENERAL 6,500 6/30/04 39,000 6.00 (1) 3 YEAR (6 MONTHS) PRICE CHOPPER 45,000 12/31/06 245,000 5.44 (4) 5 YEAR (6 MONTHS) ---------- ---------- ------- Total: KINGSTON PLAZA 51,500 284,000 5.51 ---------- ---------- ------- MONROE PLAZA, STROUDSBURG AMES 61,489 1/29/09 94,434 1.54 (3) 5 YEAR ECKERD DRUGS 13,716 10/31/02 48,006 3.50 (2) 5 YEAR (6 MONTHS) SHOP-RITE 52,924 10/31/05 283,259 5.35 (3) 5 & (1) 3 YEAR ---------- ---------- ------- Total: MONROE PLAZA 128,129 425,699 3.32 ---------- ---------- ------- MOUNTAINVILLE SHOPPING CENTER, ALLENTOWN PRICE RITE 33,800 7/31/11 169,000 5.00 (4) 5 YEAR (12 MONTHS) ECKERD DRUGS 15,808 4/30/04 60,000 3.80 (3) 5 YEAR (6 MONTHS) KLING'S HANDYMAN 20,000 1/31/05 80,000 4.00 - ---------- ---------- ------- Total: MOUNTAINVILLE SHOPPING CENTER 69,608 309,000 4.44 ---------- ---------- ------- PLAZA 15, LEWISBURG AMES 53,000 4/30/06 121,900 2.30 (3) 5 YEAR (6 MONTHS) WEIS MARKETS 28,800 12/31/06 95,088 3.30 (3) 5 YEAR (3 MONTHS) ---------- ---------- ------- Total: PLAZA 15 81,800 216,988 2.65 ---------- ---------- ------- (1) As of December 31, 2001, the Company had 18 retail properties under contract for sale. As such, the Company refers to these as Non-core Properties. Subsequent to year-end, the sale of one of these properties was completed. The remaining seventeen shopping centers are subject to a cross-collateralized and securitized loan. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan and other customary closing conditions and as such, no assurance can be given as to the closing of this transaction. (2) Acadia owns only the land and not the building for this tenant. Page 42
[ACADIA REALTY TRUST LOGO] Retail Anchor Properties - Wholly Owned Mid-Atlantic (continued) - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ Pennsylvania SHILLINGTON PLAZA, READING KMART 94,500 7/31/04 261,000 2.76 (9) 5 YEAR (12 MONTHS) WEIS MARKETS 40,107 8/31/04 106,720 2.66 (2) 5 YEAR (12 MONTHS) ---------- ---------- ------- Total: SHILLINGTON PLAZA 134,607 367,720 2.73 ---------- ---------- ------- 25TH STREET SHOPPING CENTER, EASTON CVS 13,400 12/31/05 147,400 11.00 (1) 5 YEAR (6 MONTHS) PETCO 15,400 1/31/09 127,050 8.25 (2) 5 YEAR ---------- ---------- ------- Total: 25TH STREET SHOPPING CENTER 28,800 274,450 9.53 ---------- ---------- ------- UNION PLAZA, NEW CASTLE (2) AMES 94,000 1/31/17 493,500 5.25 (2) 5 YEAR PEEBLES (pays percentage rent only) 25,052 1/31/17 -- -- (3) 3 YEAR (AUTOMATIC) SEARS 98,940 10/25/11 445,230 4.50 (4) 5 YEAR ---------- ---------- ------- Total: UNION PLAZA 217,992 938,730 4.31 ---------- ---------- ------- Virginia KINGS FAIRGROUNDS, DANVILLE CVS (3) 12,160 2/28/02 29,184 2.40 (2) 5 YEAR SCHEWEL FURNITURE 60,200 1/31/06 180,600 3.00 (1) 5 YEAR (3 MONTHS) TRACTOR SUPPLY CO. 30,975 11/30/08 123,900 4.00 (3) 5 YEAR (6 MONTHS) ---------- ---------- ------- Total: KINGS FAIRGROUNDS 103,335 333,684 3.23 ---------- ---------- ------- Total : Mid-Atlantic 1,171,469 3,992,501 3.41 ---------- ---------- ------- (2) The property was sold subsequent to December 31, 2001. (3) This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease. - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ Retail Anchor Properties - Wholly Owned Southeast Alabama MIDWAY PLAZA, OPELIKA BEALL'S OUTLET 30,000 4/30/04 33,000 1.10 - OFFICE DEPOT 28,787 10/31/07 69,380 2.41 (3) 5 YEAR (AUTOMATIC) ---------- ---------- ------- Total: MIDWAY PLAZA 58,787 102,380 1.74 ---------- ---------- ------- NORTHSIDE MALL, DOTHAN WAL*MART 111,970 1/31/04 227,974 2.04 (6) 5 YEAR (6 MONTHS) ---------- ---------- ------- Total: NORTHSIDE MALL 111,970 227,974 2.04 ---------- ---------- ------- Florida NEW SMYRNA BEACH SHOPPING CNTR, NEW SMYRNA BEACH THEATRE MANAGEMENT INC. (2) 24,780 11/30/05 223,020 9.00 (4) 5 YEAR (6 MONTHS) ---------- ---------- ------- Total: NEW SMYRNA BEACH SHOPPING CNTR 24,780 223,020 9.00 ---------- ---------- ------- Georgia CLOUD SPRINGS PLAZA, FORT OGLETHORPE BIG LOTS 30,000 10/31/05 108,000 3.60 - FOOD LION 29,000 1/31/11 181,250 6.25 (4) 5 YEAR W.S. BADCOCK 15,260 9/28/05 51,121 3.35 (1) 5 YEAR (6 MONTHS) ---------- ---------- ------- Total: CLOUD SPRINGS PLAZA 74,260 340,371 4.58 ---------- ---------- ------- Page 43
[ACADIA REALTY TRUST LOGO] - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ South Carolina MARTINTOWN PLAZA, NORTH AUGUSTA BELK'S 44,000 1/31/04 154,000 3.50 (4) 5 YEAR (6 MONTHS) OFFICE DEPOT 29,996 6/30/08 142,500 4.75 (2) 5 YEAR (12 MONTHS) ---------- ---------- ------- Total: MARTINTOWN PLAZA 73,996 296,500 4.01 ---------- ---------- ------- Total : Southeast 343,793 1,190,245 3.46 ---------- ---------- ------- Total: Retail Anchor Properties - Wholly Owned 1,615,971 5,378,746 $ 3.33 ========== ========== ======= (2) The tenant has expanded bringing the total space to 35,280 s.f. with rents of $349,020. Page 44
[ACADIA REALTY TRUST LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 NON-CORE PORTFOLIO (1) ---------------------- Lease Expirations ----------------- Gross Leased Area Annualized Base Rent ----------------------- ---------------------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Retail Properties Anchor Tenant Expirations 2002 2 25,876 1.60% 77,190 1.44% 2.98 2003 2 89,653 5.55% 190,886 3.55% 2.13 2004 11 582,261 36.03% 1,483,781 27.59% 2.55 2005 7 182,839 11.31% 902,800 16.78% 4.94 2006 5 258,665 16.01% 782,588 14.55% 3.03 2007 1 28,787 1.78% 69,380 1.29% 2.41 2008 2 60,971 3.77% 266,400 4.95% 4.37 2009 2 76,889 4.76% 221,484 4.12% 2.88 2010 1 29,238 1.81% 105,257 1.96% 3.60 2011 3 161,740 10.01% 795,480 14.79% 4.92 2017 2 119,052 7.37% 483,500 8.98% 4.06 ---------- ---------- ------ ----------- ------ ------ Total Occupied 38 1,615,971 100.00% $ 5,378,746 100.00% $ 3.33 Total Vacant 76,188 ---------- Total Square Feet 1,692,159 ========== (1) As of December 31, 2001, the Company had 18 retail properties under contract for sale. As such, the Company refers to these as Non-core Properties. Subsequent to year-end, the sale of one of these properties was completed. The remaining seventeen shopping centers are subject to a cross-collateralized and securitized loan. The sale is conditioned upon obtaining the lender's consent permitting the buyer to assume the loan and other customary closing conditions and, as such, no assurance can be given as to the completion of this transaction. Page 45
[ACADIA REALTY TRUST LOGO] Gross Leased Area Annualized Base Rent ----------------------- ---------------------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Retail Properties Shop Tenant Expirations Month to Month 13 42,902 7.11% $ 323,228 7.13% $ 7.53 2002 29 128,327 21.27% 683,694 15.07% 5.33 2003 30 146,037 24.21% 1,139,755 25.12% 7.80 2004 24 76,875 12.74% 726,904 16.02% 9.46 2005 19 77,016 12.77% 636,971 14.04% 8.27 2006 16 71,017 11.77% 592,732 13.07% 8.35 2007 2 9,370 1.55% 114,680 2.53% 12.24 2010 3 41,886 6.94% 260,544 5.74% 6.22 2011 2 9,850 1.64% 57,900 1.28% 5.88 ---------- ---------- ------ ----------- ------ ------ Total Occupied 138 603,280 100.00% $ 4,536,408 100.00% $ 7.50 Total Vacant 244,777 ---------- Total Square Feet 848,057 ========== Page 46
[ACADIA REALTY TRUST LOGO] Gross Leased Area Annualized Base Rent ----------------------- ---------------------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Retail Properties Total Retail Expirations Month to Month 13 42,902 1.93% $ 323,228 3.26% $ 7.53 2002 31 154,203 6.95% 760,884 7.67% 4.93 2003 32 235,690 10.62% 1,330,641 13.42% 5.65 2004 35 659,136 29.70% 2,210,685 22.30% 3.35 2005 26 259,855 11.71% 1,539,771 15.53% 5.93 2006 21 329,682 14.86% 1,375,320 13.87% 4.17 2007 3 38,157 1.72% 184,060 1.86% 4.82 2008 2 60,971 2.75% 266,400 2.69% 4.37 2009 2 76,889 3.46% 221,484 2.23% 2.88 2010 4 71,124 3.20% 365,801 3.69% 5.14 2011 5 171,590 7.73% 853,380 8.61% 4.97 2017 2 119,052 5.37% 483,500 4.86% 4.06 ---------- ---------- ------ ----------- ------ ------ Total Occupied 176 2,219,251 100.00% 9,915,154 100.00% 4.47 Total Vacant 320,965 ---------- Total Square Feet 2,540,216 ========== Page 47