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): February 13, 2019
ACADIA REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland |
|
1-12002 |
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23-2715194 |
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer Identification No.) |
411 Theodore Fremd Avenue
Suite 300
Rye, New York 10580
(Address of principal executive offices) (Zip Code)
(914) 288-8100
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02.Results of Operations and Financial Condition.
On February 13, 2019, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter and year ended December 31, 2018. A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. On the same day, the Company made available supplemental reporting information concerning the ownership, operations and portfolio of the Company as of and for the quarter and year ended December 31, 2018. A copy of this supplemental reporting information is attached to this Current Report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.
The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be furnished solely pursuant to this Item 2.02, and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended (“Securities Act”), or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a) (2) of the Securities Act.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits
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Exhibit Number |
Description |
99.1 |
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99.2 |
Supplemental Reporting Information of the Company for the quarter and year ended December 31, 2018. |
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.
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ACADIA REALTY TRUST |
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Dated: |
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(Registrant) |
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By: |
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/s/ John Gottfried |
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Name: |
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John Gottfried |
February 19, 2019 |
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Title: |
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Sr. Vice President and Chief Financial Officer |
Exhibit 99.1
ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2018 OPERATING RESULTS
RYE, NY (February 13, 2019) - Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 31, 2018. All per share amounts are on a fully-diluted basis.
Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), which owns and operates assets in the nation’s most dynamic urban and street-retail corridors, and a series of discretionary, institutional funds (“Funds”) that target opportunistic and value-add investments.
Please refer to the tables and notes accompanying this press release for further details on operating results and additional disclosures related to net income, funds from operations ("FFO") and net operating income ("NOI").
Highlights
• |
Earnings: Generated GAAP earnings per share of $0.09 for the fourth quarter; FFO per share was $0.34 for the fourth quarter, and FFO per share of $0.36 for the fourth quarter before deduction of $0.02 per share for retirement related costs. |
• |
Core Portfolio Operating Results: Solid Core operating fundamentals and significant progress towards long-term NOI growth goals |
|
◦ |
Strong same-property net operating income growth of 4.1% for the fourth quarter (excluding redevelopments) driven by profitable lease up in its street and urban portfolio |
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◦ |
Achieved substantially all (over 95%) of its 2018 leasing goals |
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◦ |
Executed key urban leases at its City Center property in San Francisco, California (Whole Foods) and its State Street property in Chicago, Illinois (Uniqlo) |
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◦ |
Solid rent growth of 16.5% and 9.4% on new leases for the quarter on a GAAP and cash basis, respectively |
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◦ |
Reported 95.2% leased occupancy as of December 31, 2018 |
• |
Guidance: The Company has issued its annual 2019 guidance of net income per share of $0.35 to $0.46 and FFO per share of $1.34 to $1.46. In addition, the Company expects same property net operating income growth of 3.0% to 4.0% for 2019 (excluding redevelopments), which is comprised of 5% to 7% growth within its street/urban portfolio and 0% to 1% within its suburban portfolio |
“Our fourth quarter and full-year operating results were in line with our expectations; driven by the strength of our Core Portfolio and a meaningful improvement in retailer demand for high quality spaces,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Following the successful and profitable execution of two important leases in San Francisco and Chicago, our long-term growth plan remains well on track as we add these two exciting retailers to our best-in-class portfolio. We are seeing compelling investment opportunities as we head into 2019. With significant dry powder, both on balance sheet and within our Fund business, we are well-positioned in our highly differentiated dual platform.”
1
A complete reconciliation, in dollars and per share amounts, of net income attributable to common shareholders to FFO attributable to common shareholders is included in the financial tables of this release.
Net Income
Net income attributable to common shareholders for the quarter ended December 31, 2018 was $7.1 million, or $0.09 per share. Net income attributable to common shareholders for the quarter ended December 31, 2017 was $20.9 million, or $0.25 per share, inclusive of $6.8 million on a pro rata basis, or $0.08 per share, attributable to an aggregate gain on dispositions of Fund properties net of related impairment charges and $5.6 million, or $0.07 per share, attributable to a Core gain on change in control partially offset by $1.0 million, or $0.01 per share, of acquisition costs.
Net income attributable to common shareholders for the year ended December 31, 2018 was $31.4 million, or $0.38 per share. Net income attributable to common shareholders for the year ended December 31, 2017 was $61.5 million, or $0.73 per share, inclusive of $11.5 million on a pro rata basis, or $0.14 per share, attributable to an aggregate gain on dispositions of Fund properties net of related impairment charges and $5.6 million, or $0.07 per share, attributable to a Core gain on change in control; partially offset by $1.3 million, or $0.01 per share, of acquisition expenses.
FFO as Defined by NAREIT
FFO for the quarter ended December 31, 2018 was $29.8 million, or $0.34 per share compared to $33.1 million, or $0.37 per share for the quarter ended December 31, 2017. The decrease in FFO for the quarter is due primarily to a decrease $0.05 per share related to a $2.1 million reduction of interest income (following scheduled repayments within the Structured Finance business) and a $2.0 million executive retirement charge, partially offset by an increase of $2.7 million, or $0.03 per share, of below-market lease adjustments.
FFO for the year ended December 31, 2018 was $118.9 million, or $1.35 per share compared to $134.7 million, or $1.51 per share, for the year ended December 31, 2017. The decrease in FFO for the year is due primarily to a decrease of $0.19 per share, related to a $14.8 million reduction of interest income (following scheduled repayments within the Structured Finance business) and a $2.0 million executive retirement charge, partially offset by an increase of $2.7 million, or $0.03 per share, of below-market lease adjustments.
FFO as Adjusted for Special Items
FFO before the pro rata impact of retirement charges of $2.0 million, or $0.02 per share, for the quarter ended December 31, 2018 was $31.8 million, or $0.36 per share. FFO before the pro rata impact of retirement charges, acquisition-related costs and gains/losses on sale or impairment of depreciated and non-operating properties for the quarter ended December 31, 2017 was $31.4 million, or $0.35 per share, which excludes the net $0.02 per share effect of a $5.6 million gain on change in control partially offset by $3.0 million of impairment charges and $1.0 million of acquisition expenses.
FFO before the pro rata impact of retirement charges for the year ended December 31, 2018 was $120.9 million, or $1.38 per share, which excludes an executive retirement charge of $2.0 million, or $0.02 per share. FFO before the pro rata impact of retirement charges, acquisition-related costs and gains/losses on sale or impairment of depreciated and non-operating properties for the year ended December 31, 2017 was $133.4 million, or $1.50 per share, which excludes the net $0.01 per share effect of a $5.6 million gain on change in control partially offset by $3.0 million of impairment charges and $1.3 million of acquisition expenses.
CORE PORTFOLIO
Core Operating Results
The Company experienced strong same-property net operating income growth of 4.1% for the fourth quarter (before redevelopments), driven by the profitable re-leasing of key street and urban properties.
The Company successfully completed substantially all (over 95%) of its projected 2018 leasing activities.
In addition to the successful execution of its 2018 leasing goals, the Company signed two key leases that were an integral part of the Company’s Core NOI growth plan:
2
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• |
State Street (Chicago): The Company signed a lease with Uniqlo for approximately 28,000 square feet for space that is currently occupied by H&M. State Street is a 79,000 square foot property that features Nordstrom Rack and is located within the primary urban retail corridor for Chicago’s Loop. |
The Core Portfolio was 94.2% occupied and 95.2% leased as of December 31, 2018, compared to 94.7% occupied and 95.5% leased as of September 30, 2018. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.
During the fourth quarter, the Company generated a 16.5% and 9.4% increase in rent on a GAAP and cash basis, respectively, on 5 conforming new leases aggregating approximately 39,000 square feet primarily within its street and urban portfolio.
The Company had renewals on less than 15,000 square feet, primarily within its suburban portfolio that were effectively flat for the fourth quarter on a cash and GAAP basis.
FUND PLATFORM
Fund Acquisitions
During 2018, the Company completed $149.0 million in acquisitions including $44.4 million completed during fourth quarter 2018 as follows:
Hiram Pavilion, Hiram, GA (Fund V). In October 2018, Fund V acquired a 363,000-square foot shopping center, located in greater Atlanta, GA for $44.4 million. The property is anchored by Kohl’s, Marshalls and Ross Dress for Less.
The Company, on behalf of Fund V, has an acquisition pipeline with over $100.0 million of investments currently under contract.
Fund Dispositions
During 2018, the Company completed $76.6 million of Fund dispositions including $12.1 million completed during the fourth quarter as follows:
210 Bowery, New York, NY (Fund IV). In November and December, Fund IV sold four residential units within its 210 Bowery property located in New York City, NY for $12.1 million.
Acadia does not report return metrics for partial sales of its investments.
BALANCE SHEET
The Company has maintained its solid, low-leveraged balance sheet, with over 95% of its Core Portfolio debt fixed at an average rate of 3.7%. As of December 31, 2018, the Company’s net debt to EBITDA ratio for the Core Portfolio was 5.0x.
During the quarter, the Company closed on a $73.5 million non-recourse mortgage, of which $50 million was drawn at December 31, 2018. The loan matures in November 2028 with interest only at LIBOR plus 1.5%. The proceeds were used to repay outstanding indebtedness.
The Company repurchased $55.1 million of its common shares (2.3 million shares) during the year ended December 31, 2018 at an average cost of approximately $24 per share on a leverage-neutral basis. No shares were issued or purchased during the fourth quarter.
3
The following guidance is based upon our current view of existing market conditions and assumptions for the year ending December 31, 2019. The Company forecasts that its 2019 annual earnings per share will range from $0.35 to $0.46 and 2019 FFO per share will range from $1.34 to $1.46. These forecasts, and the comparable 2018 FFO, both presented below, are before acquisition and gains/losses on sale or impairment of depreciated and non-operating assets:
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2019 Guidance |
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2018 Actual |
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Net income per share attributable to Common Shareholders |
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$0.35 to $0.46 |
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$ |
0.38 |
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Impact of transactional activity and tenant recapture |
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(0.08) to (0.13) |
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(0.04 |
) |
Depreciation of real estate and amortization of leasing costs |
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(net of noncontrolling interests' share) |
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0.96 |
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0.98 |
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Gain on disposition of properties (net of noncontrolling interests' share) |
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- |
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(0.01 |
) |
Noncontrolling interest in Operating Partnership |
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0.02 |
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0.03 |
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Funds from operations, prior to transactional activity, per share |
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$1.25 to $1.31 |
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$ |
1.34 |
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Fund acquisitions and related fees |
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0.01 to 0.03 |
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- |
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Net Promote and other transactional income |
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0.01 to 0.05 |
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0.01 |
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Accelerated tenant recapture - GAAP adjustments |
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0.07 |
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0.03 |
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Funds from operations per share attributable to Common Shareholders and Common OP Unit holders |
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$1.34 to $1.46 |
|
$ |
1.38 |
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|
|
|
|
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The Company is projecting same property net operating income growth (excluding redevelopment) of 3.0% to 4.0% for 2019. This growth is comprised of 5% to 7% within its street/urban portfolio and 0% to 1% within its suburban portfolio.
Please refer to the Company’s fourth quarter 2018 supplemental information package for additional details.
CONFERENCE CALL
Management will conduct a conference call on Thursday, February 14, 2019 at 12:00 PM ET to review the Company’s earnings and operating results. Dial-in and webcast information is listed below.
Live Conference Call:
Date: Thursday, February 14, 2019
Time: 12:00 PM ET
Dial#: 844-309-6711
Passcode: “Acadia Realty” or “6289135”
Webcast (Listen-only): www.acadiarealty.com under Investors, Presentations & Events
Phone Replay:
Dial#: 855-859-2056
Passcode: “6289135”
Available Through: Thursday, February 21, 2019
Webcast Replay: www.acadiarealty.com under Investors, Presentations & Events
4
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual - Core and Fund - operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic urban and street-retail corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com.
Safe Harbor Statement
Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding Acadia’s future financial results and its ability to capitalize on potential investment opportunities. Factors that could cause the Company’s forward-looking statements to differ from its future results include, but are not limited to, those discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual report on Form 10-K filed with the SEC on February 27, 2018 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) political and economic uncertainty; (ii) the Company’s reliance on revenues derived from major tenants; (iii) the Company’s limited control over joint venture investments; (iv) the Company’s partnership structure; (v) real estate and the geographic concentration of the Company’s properties; (vi) market interest rates; (vii) leverage; (viii) liability for environmental matters; (ix) the Company’s growth strategy; (x) the Company’s status as a REIT; (xi) uninsured losses; (xii) information technology security threats and (xiii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company’s website at www.acadiarealty.com. Any forward-looking statements in this press release speak only as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia’s expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.
5
ACADIA REALTY TRUST AND SUBSIDIARIES
Consolidated Statements of Operations (a)
(dollars and Common Shares in thousands, except per share data)
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Three Months Ended December 31, |
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Year Ended December 31, |
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2018 |
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2017 |
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2018 |
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2017 |
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Revenues |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Rental income |
|
$ |
55,104 |
|
|
$ |
50,181 |
|
|
$ |
208,756 |
|
|
$ |
198,941 |
|
Expense reimbursements |
|
|
13,284 |
|
|
|
12,560 |
|
|
|
48,284 |
|
|
|
44,907 |
|
Other |
|
|
1,057 |
|
|
|
3,340 |
|
|
|
5,173 |
|
|
|
6,414 |
|
Total revenues |
|
|
69,445 |
|
|
|
66,081 |
|
|
|
262,213 |
|
|
|
250,262 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
30,794 |
|
|
|
27,689 |
|
|
|
117,549 |
|
|
|
104,934 |
|
General and administrative |
|
|
9,984 |
|
|
|
8,470 |
|
|
|
34,343 |
|
|
|
33,756 |
|
Real estate taxes |
|
|
9,184 |
|
|
|
8,484 |
|
|
|
36,712 |
|
|
|
35,946 |
|
Property operating |
|
|
11,688 |
|
|
|
14,690 |
|
|
|
45,211 |
|
|
|
41,668 |
|
Impairment charge |
|
|
— |
|
|
|
10,615 |
|
|
|
— |
|
|
|
14,455 |
|
Other operating |
|
|
202 |
|
|
|
1,197 |
|
|
|
857 |
|
|
|
2,184 |
|
Total operating expenses |
|
|
61,852 |
|
|
|
71,145 |
|
|
|
234,672 |
|
|
|
232,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
7,593 |
|
|
|
(5,064 |
) |
|
|
27,541 |
|
|
|
17,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated affiliates inclusive of gain on disposition of properties of $0, $589, $0 and $15,360, respectively |
|
|
2,223 |
|
|
|
2,327 |
|
|
|
9,302 |
|
|
|
23,371 |
|
Interest income |
|
|
2,692 |
|
|
|
5,495 |
|
|
|
13,231 |
|
|
|
29,143 |
|
Interest expense |
|
|
(19,096 |
) |
|
|
(19,312 |
) |
|
|
(69,978 |
) |
|
|
(58,978 |
) |
Gain on change in control |
|
|
— |
|
|
|
5,571 |
|
|
|
— |
|
|
|
5,571 |
|
(Loss) income from continuing operations before income taxes |
|
|
(6,588 |
) |
|
|
(10,983 |
) |
|
|
(19,904 |
) |
|
|
16,426 |
|
Income tax (provision) benefit |
|
|
(83 |
) |
|
|
13 |
|
|
|
(934 |
) |
|
|
(1,004 |
) |
(Loss) income from continuing operations before gain on disposition of properties |
|
|
(6,671 |
) |
|
|
(10,970 |
) |
|
|
(20,838 |
) |
|
|
15,422 |
|
Gain on disposition of properties, net of tax |
|
|
— |
|
|
|
35,914 |
|
|
|
5,140 |
|
|
|
48,886 |
|
Net (loss) income |
|
|
(6,671 |
) |
|
|
24,944 |
|
|
|
(15,698 |
) |
|
|
64,308 |
|
Net loss (income) attributable to noncontrolling interests |
|
|
13,801 |
|
|
|
(4,032 |
) |
|
|
47,137 |
|
|
|
(2,838 |
) |
Net income attributable to Acadia |
|
$ |
7,130 |
|
|
$ |
20,912 |
|
|
$ |
31,439 |
|
|
$ |
61,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: net income attributable to participating securities |
|
|
(78 |
) |
|
|
(219 |
) |
|
|
(267 |
) |
|
|
(642 |
) |
Net income attributable to Common Shareholders - basic and diluted earnings per share |
|
$ |
7,052 |
|
|
$ |
20,693 |
|
|
$ |
31,172 |
|
|
$ |
60,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares for diluted earnings per share |
|
|
81,591 |
|
|
|
83,733 |
|
|
|
82,080 |
|
|
|
83,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings per share - basic and diluted (b) |
|
$ |
0.09 |
|
|
$ |
0.25 |
|
|
$ |
0.38 |
|
|
$ |
0.73 |
|
6
ACADIA REALTY TRUST AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Funds From Operations (a, c)
(dollars and Common Shares and Units in thousands, except per share data)
|
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Three Months Ended December 31, |
|
|
Year Ended December 31, |
|
||||||||||
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Acadia |
|
$ |
7,130 |
|
|
$ |
20,912 |
|
|
$ |
31,439 |
|
|
$ |
61,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share) |
|
|
22,040 |
|
|
|
20,580 |
|
|
|
85,852 |
|
|
|
83,515 |
|
Impairment charge (net of noncontrolling interests' share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,088 |
|
Gain on sale (net of noncontrolling interests’ share) |
|
|
— |
|
|
|
(9,776 |
) |
|
|
(994 |
) |
|
|
(15,565 |
) |
Income attributable to Common OP Unit holders |
|
|
462 |
|
|
|
1,209 |
|
|
|
2,033 |
|
|
|
3,609 |
|
Distributions - Preferred OP Units |
|
|
135 |
|
|
|
135 |
|
|
|
540 |
|
|
|
550 |
|
Funds from operations attributable to Common Shareholders and Common OP Unit holders |
|
$ |
29,767 |
|
|
$ |
33,060 |
|
|
$ |
118,870 |
|
|
$ |
134,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations per Share - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of Common Shares and Common OP Units (d) |
|
|
87,212 |
|
|
|
88,990 |
|
|
|
87,728 |
|
|
|
88,998 |
|
Diluted Funds from operations, per Common Share and Common OP Unit |
|
$ |
0.34 |
|
|
$ |
0.37 |
|
|
$ |
1.35 |
|
|
$ |
1.51 |
|
7
ACADIA REALTY TRUST AND SUBSIDIARIES
Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (a)
(dollars in thousands)
|
|
Three Months Ended December 31, |
|
|
Year Ended December 31, |
|
||||||||||
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operating income (loss) |
|
$ |
7,593 |
|
|
$ |
(5,064 |
) |
|
$ |
27,541 |
|
|
$ |
17,319 |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
9,984 |
|
|
|
8,470 |
|
|
|
34,343 |
|
|
|
33,756 |
|
Depreciation and amortization |
|
|
30,794 |
|
|
|
27,689 |
|
|
|
117,549 |
|
|
|
104,934 |
|
Impairment charge |
|
|
— |
|
|
|
10,615 |
|
|
|
— |
|
|
|
14,455 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Above/below market rent, straight-line rent and other adjustments |
|
|
(8,030 |
) |
|
|
(6,439 |
) |
|
|
(23,521 |
) |
|
|
(21,110 |
) |
Consolidated NOI |
|
|
40,341 |
|
|
|
35,271 |
|
|
|
155,912 |
|
|
|
149,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest in consolidated NOI |
|
|
(10,583 |
) |
|
|
(5,917 |
) |
|
|
(37,496 |
) |
|
|
(28,379 |
) |
Less: Operating Partnership's interest in Fund NOI included above |
|
|
(2,852 |
) |
|
|
(1,382 |
) |
|
|
(9,790 |
) |
|
|
(7,927 |
) |
Add: Operating Partnership's share of unconsolidated joint ventures NOI (e) |
|
|
6,563 |
|
|
|
5,124 |
|
|
|
24,919 |
|
|
|
19,539 |
|
NOI - Core Portfolio |
|
$ |
33,469 |
|
|
$ |
33,096 |
|
|
$ |
133,545 |
|
|
$ |
132,587 |
|
8
ACADIA REALTY TRUST AND SUBSIDIARIES
Consolidated Balance Sheets (a)
(dollars in thousands)
|
|
As of |
|
|||||
|
|
December 31, 2018 |
|
|
December 31, 2017 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Investments in real estate, at cost |
|
|
|
|
|
|
|
|
Land |
|
$ |
710,469 |
|
|
$ |
658,835 |
|
Buildings and improvements |
|
|
2,745,982 |
|
|
|
2,538,338 |
|
Construction in progress |
|
|
44,092 |
|
|
|
18,642 |
|
Properties under capital lease |
|
|
76,965 |
|
|
|
76,965 |
|
|
|
|
3,577,508 |
|
|
|
3,292,780 |
|
Less: Accumulated depreciation |
|
|
(416,657 |
) |
|
|
(339,862 |
) |
Operating real estate, net |
|
|
3,160,851 |
|
|
|
2,952,918 |
|
Real estate under development |
|
|
120,297 |
|
|
|
173,702 |
|
Net investments in real estate |
|
|
3,281,148 |
|
|
|
3,126,620 |
|
Notes receivable, net |
|
|
109,613 |
|
|
|
153,829 |
|
Investments in and advances to unconsolidated affiliates |
|
|
262,410 |
|
|
|
302,070 |
|
Other assets, net |
|
|
208,570 |
|
|
|
214,959 |
|
Cash and cash equivalents |
|
|
21,268 |
|
|
|
74,823 |
|
Rents receivable, net |
|
|
62,191 |
|
|
|
51,738 |
|
Restricted cash |
|
|
13,580 |
|
|
|
10,846 |
|
Assets of properties held for sale |
|
|
— |
|
|
|
25,362 |
|
Total assets |
|
$ |
3,958,780 |
|
|
$ |
3,960,247 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Mortgage and other notes payable, net |
|
$ |
1,017,288 |
|
|
$ |
909,174 |
|
Unsecured notes payable, net |
|
|
533,257 |
|
|
|
473,735 |
|
Unsecured line of credit |
|
|
— |
|
|
|
41,500 |
|
Accounts payable and other liabilities |
|
|
214,961 |
|
|
|
210,052 |
|
Capital lease obligation |
|
|
71,111 |
|
|
|
70,611 |
|
Dividends and distributions payable |
|
|
24,593 |
|
|
|
24,244 |
|
Distributions in excess of income from, and investments in, unconsolidated affiliates |
|
|
15,623 |
|
|
|
15,292 |
|
Total liabilities |
|
|
1,876,833 |
|
|
|
1,744,608 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
Acadia Shareholders' Equity |
|
|
|
|
|
|
|
|
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 81,557,472 and 83,708,140 shares, respectively |
|
|
82 |
|
|
|
84 |
|
Additional paid-in capital |
|
|
1,548,603 |
|
|
|
1,596,514 |
|
Accumulated other comprehensive income |
|
|
516 |
|
|
|
2,614 |
|
Distributions in excess of accumulated earnings |
|
|
(89,696 |
) |
|
|
(32,013 |
) |
Total Acadia shareholders’ equity |
|
|
1,459,505 |
|
|
|
1,567,199 |
|
Noncontrolling interests |
|
|
622,442 |
|
|
|
648,440 |
|
Total equity |
|
|
2,081,947 |
|
|
|
2,215,639 |
|
Total liabilities and equity |
|
$ |
3,958,780 |
|
|
$ |
3,960,247 |
|
9
ACADIA REALTY TRUST AND SUBSIDIARIES
Notes to Financial Highlights:
|
(a) |
For additional information and analysis concerning the Company’s results of operations, reference is made to the Company’s Quarterly Supplemental Disclosure furnished on Form 8-K to the SEC and included on the Company’s website at www.acadiarealty.com. |
|
(b) |
Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue Common Shares were exercised or converted into Common Shares. The effect of the conversion of Common OP Units is not reflected in the above table as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. |
|
(c) |
The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. FFO and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of depreciated property, depreciation and amortization, and impairment of depreciable real estate. In addition, NOI excludes interest expense. The Company’s method of calculating FFO and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property, plus depreciation and amortization, impairment of depreciable real estate, and after adjustments for unconsolidated partnerships and joint ventures. |
|
(d) |
In addition to the weighted-average Common Shares outstanding, basic and diluted FFO also assume full conversion of a weighted-average 4,906 thousand and 4,717 thousand OP Units into Common Shares for the quarters ended December 31, 2018 and 2017 and 4,942 thousand and 4,741 thousand OP Units into Common Shares for the year ended December 31, 2018 and 2017, respectively. Diluted FFO also includes: (i) the assumed conversion of Preferred OP Units into 499 thousand and 499 thousand Common Shares for the quarters ended December 31, 2018 and 2017 and 499 thousand and 505 thousand Common Shares for the year ended December 31, 2018 and 2017, respectively; and (ii) the effect of 215 thousand and 40 thousand restricted share units and LTIP units for the quarters ended December 31, 2018 and 2017 and 207 thousand and 69 thousand for the year ended December 31, 2018 and 2017, respectively. |
|
(e) |
The Pro-rata share of NOI is based upon our stated ownership percentages in each operating agreement. Does not include the Operating Partnership's share of NOI from unconsolidated joint ventures within the Funds. |
10
Exhibit 99.2
ACADIA—REALTY TRUST—Q2 2018 SUPPLEMENTAL REPORTING INFORMATIO
|
|
Supplemental Report – December 31, 2018 |
||||
|
|
|
|
|
|
|
Section I - Fourth Quarter 2018 Earnings Press Release |
|
|
|
|
|
|
Section II - Financial Information |
|
|
Section III – Core Portfolio Information |
|
|
|
|
|
|
|
|
|
|
3 |
|
|
26 |
|||
4 |
|
|
30 |
|||
Operating Statements |
|
|
|
31 |
||
5 |
|
|
32 |
|||
7 |
|
|
33 |
|||
8 |
|
|
|
|
||
9 |
|
|
|
|
||
11 |
|
|
|
|
||
13 |
|
|
|
|
||
14 |
|
|
|
|
||
15 |
|
Section IV - Fund Information |
|
|
||
16 |
|
|
|
|
||
Other Information |
|
|
|
34 |
||
17 |
|
|
35 |
|||
18 |
|
|
38 |
|||
19 |
|
|
39 |
|||
20 |
|
|
|
|
||
Debt Analysis |
|
|
|
|
|
|
22 |
|
|
|
|
||
23 |
|
|
|
|
||
25 |
|
|
41 |
Visit www.acadiarealty.com for additional investor and portfolio information
|
3 |
|
|
Market Capitalization |
Supplemental Report – December 31, 2018 |
(Including pro-rata share of Fund debt, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Total Outstanding Common |
|
|
Weighted Average |
|
||||||||||||||||||||||||
|
|
Total Market |
|
|
|
|
|
|
Capitalization |
|
|
Shares and OP Units (in thousands) |
|
|
Diluted EPS |
|
|
FFO |
|
|||||||||||||||||||||||
|
|
Capitalization ($) |
|
|
% |
|
|
Based on Net Debt 1 |
|
|
|
|
Common Shares |
|
|
Common OP Units |
|
|
Total |
|
|
Quarter |
|
|
YTD |
|
|
Quarter |
|
|
YTD |
|
||||||||||
Equity Capitalization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares |
|
|
81,557 |
|
|
|
|
|
|
|
|
|
|
Balance at 12/31/2017 |
|
|
83,708 |
|
|
|
4,716 |
|
|
|
88,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Operating Partnership ("OP") Units |
|
|
5,030 |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
11 |
|
|
|
289 |
|
|
|
300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined Common Shares and OP Units |
|
|
86,587 |
|
|
|
|
|
|
|
|
|
|
Share repurchases |
|
|
(1,304 |
) |
|
|
— |
|
|
|
(1,304 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OP Conversions |
|
|
36 |
|
|
|
(36 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Price at December 31, 2018 |
|
$ |
23.76 |
|
|
|
|
|
|
|
|
|
|
Balance at 3/31/2018 |
|
|
82,451 |
|
|
|
4,969 |
|
|
|
87,420 |
|
|
|
83,438 |
|
|
|
83,438 |
|
|
|
89,067 |
|
|
|
89,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
13 |
|
|
|
18 |
|
|
|
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Capitalization - Common Shares and OP Units |
|
$ |
2,057,307 |
|
|
|
|
|
|
|
|
|
|
Share repurchases |
|
|
(990 |
) |
|
|
— |
|
|
|
(990 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred OP Units |
|
|
11,864 |
|
2 |
|
|
|
|
|
|
|
|
OP Conversions |
|
|
29 |
|
|
|
(29 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity Capitalization |
|
|
2,069,171 |
|
|
68% |
|
|
69% |
|
|
Balance at 6/30/2018 |
|
|
81,503 |
|
|
|
4,958 |
|
|
|
86,461 |
|
|
|
81,756 |
|
|
|
82,592 |
|
|
|
87,485 |
|
|
|
88,272 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Capitalization |
|
|
|
|
|
|
|
|
|
|
|
|
|
OP Conversions |
|
|
46 |
|
|
|
(46 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated debt |
|
|
1,560,333 |
|
|
|
|
|
|
|
|
|
|
Balance at 9/30/2018 |
|
|
81,550 |
|
|
|
4,912 |
|
|
|
86,462 |
|
|
|
81,566 |
|
|
|
82,245 |
|
|
|
87,251 |
|
|
|
87,900 |
|
Adjustment to reflect pro-rata share of debt |
|
|
(596,557 |
) |
|
|
|
|
|
|
|
|
|
Other |
|
|
(3 |
) |
|
|
128 |
|
|
|
125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt Capitalization |
|
|
963,776 |
|
|
32% |
|
|
31% |
|
|
OP Conversions |
|
10 |
|
|
|
(10 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 12/31/2018 |
|
|
81,557 |
|
|
|
5,030 |
|
|
|
86,587 |
|
|
|
81,591 |
|
|
|
82,080 |
|
|
|
87,212 |
|
|
|
87,728 |
|
Total Market Capitalization |
|
$ |
3,032,947 |
|
3 |
100% |
|
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
1. |
Reflects debt net of Core Portfolio cash of $12,982 and pro-rata share of Funds cash of $3,452 for total cash netted against debt of $16,434. |
|
|
|
2. |
Represents 188 Series A and 136,593 Series C Preferred OP Units convertible into 25,067 and 474,278 Common OP Units, respectively, multiplied by the Common Share price at quarter end. |
|
|
|
3. |
Market capitalization comprises (fixed-rate debt includes notional principal fixed through interest rate swap transactions): |
|
4 |
|
|
Consolidated Income Statement |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 1 |
|
|||||
CONSOLIDATED INCOME STATEMENT |
|
Quarter |
|
|
Year to Date |
|
||
Revenues |
|
|
|
|
|
|
|
|
Rental income |
|
$ |
55,104 |
|
|
$ |
208,756 |
|
Expense reimbursements |
|
|
13,284 |
|
|
|
48,284 |
|
Other |
|
|
1,057 |
|
|
|
5,173 |
|
Total revenues |
|
|
69,445 |
|
|
|
262,213 |
|
Operating expenses |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
30,794 |
|
|
|
117,549 |
|
General and administrative |
|
|
9,984 |
|
|
|
34,343 |
|
Real estate taxes |
|
|
9,184 |
|
|
|
36,712 |
|
Property operating |
|
|
11,688 |
|
|
|
45,211 |
|
Other operating |
|
|
202 |
|
|
|
857 |
|
Total operating expenses |
|
|
61,852 |
|
|
|
234,672 |
|
Operating income |
|
|
7,593 |
|
|
|
27,541 |
|
Equity in earnings of unconsolidated affiliates |
|
|
2,223 |
|
|
|
9,302 |
|
Interest income |
|
|
2,692 |
|
|
|
13,231 |
|
Interest expense |
|
|
(19,096 |
) |
|
|
(69,978 |
) |
Loss from continuing operations before income taxes |
|
|
(6,588 |
) |
|
|
(19,904 |
) |
Income tax benefit (provision) |
|
|
(83 |
) |
|
|
(934 |
) |
Loss from continuing operations |
|
|
(6,671 |
) |
|
|
(20,838 |
) |
Gain on disposition of properties, net of tax |
|
|
— |
|
|
|
5,140 |
|
Net loss |
|
|
(6,671 |
) |
|
|
(15,698 |
) |
Net loss attributable to noncontrolling interests |
|
|
13,801 |
|
|
|
47,137 |
|
Net income attributable to Acadia |
|
$ |
7,130 |
|
|
$ |
31,439 |
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
Income Statement - Detail |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 1 |
|
|||||
CORE PORTFOLIO AND FUND INCOME |
|
Quarter |
|
|
Year to Date |
|
||
PROPERTY REVENUES |
|
|
|
|
|
|
|
|
Minimum rents |
|
$ |
47,997 |
|
|
$ |
186,011 |
|
Percentage rents |
|
|
139 |
|
|
|
609 |
|
Expense reimbursements - CAM |
|
|
6,172 |
|
|
|
20,642 |
|
Expense reimbursements - Taxes |
|
|
7,113 |
|
|
|
27,642 |
|
Other property income |
|
|
784 |
|
|
|
3,242 |
|
Total Property Revenues |
|
|
62,205 |
|
|
|
238,146 |
|
|
|
|
|
|
|
|
|
|
PROPERTY EXPENSES |
|
|
|
|
|
|
|
|
Property operating - CAM |
|
|
10,491 |
|
|
|
34,998 |
|
Other property operating (Non-CAM) |
|
|
2,189 |
|
|
|
10,520 |
|
Real estate taxes |
|
|
9,184 |
|
|
|
36,712 |
|
Total Property Expenses |
|
|
21,864 |
|
|
|
82,230 |
|
|
|
|
|
|
|
|
|
|
NET OPERATING INCOME - PROPERTIES |
|
|
40,341 |
|
|
|
155,916 |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
Interest income |
|
|
2,692 |
|
|
|
13,231 |
|
Straight-line rent income |
|
|
2,093 |
|
|
|
8,705 |
|
Above/below-market rent |
|
|
5,116 |
|
|
|
13,531 |
|
Interest expense 2 |
|
|
(16,712 |
) |
|
|
(61,073 |
) |
Amortization of finance costs |
|
|
(1,658 |
) |
|
|
(6,008 |
) |
Above/below-market interest expense |
|
|
26 |
|
|
|
104 |
|
Asset and property management expense |
|
|
719 |
|
|
|
(363 |
) |
Other income/expense |
|
|
(171 |
) |
|
|
513 |
|
Transaction costs |
|
|
— |
|
|
|
(161 |
) |
Capital lease interest |
|
|
(752 |
) |
|
|
(3,001 |
) |
CORE PORTFOLIO AND FUND INCOME |
|
|
31,694 |
|
|
|
121,394 |
|
|
|
|
|
|
|
|
|
|
FEE INCOME |
|
|
|
|
|
|
|
|
Asset and property management fees |
|
|
219 |
|
|
|
876 |
|
Promote income from funds, net |
|
|
— |
|
|
|
— |
|
Net promote and other transactional income |
|
|
— |
|
|
|
— |
|
Transactional fees 3 |
|
|
54 |
|
|
|
415 |
|
Income tax provision |
|
|
(83 |
) |
|
|
(934 |
) |
Total Fee Income |
|
|
190 |
|
|
|
357 |
|
|
|
|
|
|
|
|
|
|
General and Administrative |
|
|
(9,984 |
) |
|
|
(34,343 |
) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(30,675 |
) |
|
|
(117,043 |
) |
Non-real estate depreciation and amortization |
|
|
(119 |
) |
|
|
(506 |
) |
Gain on disposition of properties |
|
|
— |
|
|
|
5,141 |
|
Loss before equity in earnings and noncontrolling interests |
|
|
(8,894 |
) |
|
|
(25,000 |
) |
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated affiliates |
|
|
2,223 |
|
|
|
9,302 |
|
Noncontrolling interests |
|
|
13,801 |
|
|
|
47,137 |
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO ACADIA |
|
$ |
7,130 |
|
|
$ |
31,439 |
|
|
|
|
|
|
|
|
|
|
|
6 |
|
|
Income Statement – Pro Rata Adjustments |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31, 2018 |
|
|
Year to Date December 31, 2018 |
|
||||||||||
CORE PORTFOLIO AND FUND INCOME |
|
Noncontrolling Interest in Consolidated Subsidiaries 4 |
|
|
Company’s Interest in Unconsolidated Subsidiaries 5 |
|
|
Noncontrolling Interest in Consolidated Subsidiaries 4 |
|
|
Company’s Interest in Unconsolidated Subsidiaries 5 |
|
||||
PROPERTY REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents |
|
$ |
(15,894 |
) |
|
$ |
8,204 |
|
|
$ |
(57,630 |
) |
|
$ |
32,025 |
|
Percentage rents |
|
|
(104 |
) |
|
|
37 |
|
|
|
(350 |
) |
|
|
154 |
|
Expense reimbursements - CAM |
|
|
(2,472 |
) |
|
|
973 |
|
|
|
(7,583 |
) |
|
|
3,044 |
|
Expense reimbursements - Taxes |
|
|
(1,856 |
) |
|
|
2,299 |
|
|
|
(6,895 |
) |
|
|
6,959 |
|
Other property income |
|
|
(397 |
) |
|
|
66 |
|
|
|
(1,444 |
) |
|
|
38 |
|
Total Property Revenues |
|
|
(20,723 |
) |
|
|
11,579 |
|
|
|
(73,902 |
) |
|
|
42,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROPERTY EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating - CAM |
|
|
(4,858 |
) |
|
|
779 |
|
|
|
(15,815 |
) |
|
|
2,797 |
|
Other property operating (Non-CAM) |
|
|
(1,142 |
) |
|
|
205 |
|
|
|
(5,051 |
) |
|
|
987 |
|
Real estate taxes |
|
|
(2,913 |
) |
|
|
2,427 |
|
|
|
(11,199 |
) |
|
|
7,798 |
|
Total Property Expenses |
|
|
(8,913 |
) |
|
|
3,411 |
|
|
|
(32,065 |
) |
|
|
11,582 |
|
NET OPERATING INCOME - PROPERTIES |
|
|
(11,810 |
) |
|
|
8,168 |
|
|
|
(41,837 |
) |
|
|
30,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(989 |
) |
|
|
— |
|
|
|
(5,980 |
) |
|
|
5 |
|
Straight-line rent income |
|
|
(1,650 |
) |
|
|
566 |
|
|
|
(6,084 |
) |
|
|
2,269 |
|
Above/below-market rent |
|
|
(364 |
) |
|
|
189 |
|
|
|
(2,907 |
) |
|
|
782 |
|
Interest expense |
|
|
9,829 |
|
|
|
(2,416 |
) |
|
|
35,488 |
|
|
|
(9,974 |
) |
Amortization of finance costs |
|
|
1,178 |
|
|
|
(181 |
) |
|
|
4,193 |
|
|
|
(677 |
) |
Above/below-market interest expense |
|
|
— |
|
|
|
21 |
|
|
|
— |
|
|
|
84 |
|
Asset and property management expense |
|
|
(499 |
) |
|
|
(175 |
) |
|
|
395 |
|
|
|
(699 |
) |
Other income/expense |
|
|
(32 |
) |
|
|
(42 |
) |
|
|
(703 |
) |
|
|
353 |
|
Transaction costs |
|
|
— |
|
|
|
— |
|
|
|
64 |
|
|
|
— |
|
Capital lease interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
CORE PORTFOLIO AND FUND INCOME |
|
|
(4,337 |
) |
|
|
6,130 |
|
|
|
(17,371 |
) |
|
|
22,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEE INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
|
4,040 |
|
|
|
72 |
|
|
|
15,992 |
|
|
|
284 |
|
Promote income from funds, net |
|
|
— |
|
|
|
— |
|
|
|
158 |
|
|
|
— |
|
Net promote and other transactional income |
|
|
— |
|
|
|
— |
|
|
|
(2,462 |
) |
|
|
3,262 |
|
Transactional fees |
|
|
1,421 |
|
|
|
22 |
|
|
|
7,213 |
|
|
|
109 |
|
Income tax provision |
|
|
24 |
|
|
|
(4 |
) |
|
|
146 |
|
|
|
(27 |
) |
Total Fee Income |
|
|
5,485 |
|
|
|
90 |
|
|
|
21,047 |
|
|
|
3,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and Administrative |
|
|
498 |
|
|
|
(17 |
) |
|
|
1,488 |
|
|
|
(120 |
) |
Depreciation and amortization |
|
|
12,616 |
|
|
|
(3,980 |
) |
|
|
47,915 |
|
|
|
(16,724 |
) |
Non-real estate depreciation and amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain on disposition of properties |
|
|
— |
|
|
|
— |
|
|
|
(3,907 |
) |
|
|
(263 |
) |
Income before equity in earnings and noncontrolling interests |
|
|
14,262 |
|
|
|
2,223 |
|
|
|
49,172 |
|
|
|
9,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated affiliates |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Noncontrolling interests 6 |
|
|
(461 |
) |
|
|
— |
|
|
|
(2,035 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO ACADIA |
|
$ |
13,801 |
|
|
$ |
2,223 |
|
|
$ |
47,137 |
|
|
$ |
9,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
|
|
Balance Sheet |
Supplemental Report – December 31, 2018 |
(in thousands) |
ASSETS |
|
Consolidated Balance Sheet As Reported |
|
|
Line Item Details: |
|
||||
Real estate |
|
|
|
|
|
|
|
|
|
|
Land |
|
$ |
710,469 |
|
|
The components of Real estate under development, at cost are as follows: |
|
|||
Buildings and improvements |
|
|
2,745,982 |
|
|
Core |
|
$ |
7,759 |
|
Construction in progress |
|
|
44,092 |
|
|
Fund II |
|
|
7,462 |
|
Properties under capital lease |
|
|
76,965 |
|
|
Fund III |
|
|
21,242 |
|
|
|
|
3,577,508 |
|
|
Fund IV |
|
|
83,834 |
|
Less: accumulated depreciation |
|
|
(416,657 |
) |
|
Total |
|
$ |
120,297 |
|
Operating real estate, net |
|
|
3,160,851 |
|
|
|
|
|
|
|
Real estate under development |
|
|
120,297 |
|
|
Summary of other assets, net: |
|
|
|
|
Net investments in real estate |
|
|
3,281,148 |
|
|
Deferred charges, net |
|
$ |
28,619 |
|
Notes receivable, net |
|
|
109,613 |
|
|
Prepaid expenses |
|
|
18,422 |
|
Investments in and advances to unconsolidated affiliates |
|
|
262,410 |
|
|
Accrued interest receivable |
|
|
17,046 |
|
Lease intangibles, net |
|
|
115,939 |
|
|
Derivative financial instruments |
|
|
7,018 |
|
Other assets, net |
|
|
92,631 |
|
|
Other receivables |
|
|
5,058 |
|
Cash and cash equivalents |
|
|
21,268 |
|
|
Deposits |
|
|
4,611 |
|
Straight-line rents receivable, net |
|
|
44,044 |
|
|
Due from seller |
|
|
4,000 |
|
Rents receivable, net |
|
|
18,147 |
|
|
Income taxes receivable |
|
|
2,070 |
|
Restricted cash |
|
|
13,580 |
|
|
Corporate assets |
|
|
1,953 |
|
Total Assets |
|
$ |
3,958,780 |
|
|
Due from related parties |
|
|
1,802 |
|
|
|
|
|
|
|
Deferred tax assets |
|
|
2,032 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
Total |
|
$ |
92,631 |
|
Mortgage and other notes payable, net |
|
$ |
1,017,288 |
|
|
|
|
|
|
|
Unsecured notes payable, net |
|
|
533,257 |
|
|
|
|
|
|
|
Unsecured line of credit |
|
|
- |
|
|
Summary of accounts payable and other liabilities: |
|
|
|
|
Accounts payable and other liabilities |
|
|
119,916 |
|
|
Accounts payable and accrued expenses |
|
$ |
65,215 |
|
Lease intangibles, net |
|
|
95,045 |
|
|
Deferred income |
|
|
34,052 |
|
Capital lease obligation |
|
|
71,111 |
|
|
Tenant security deposits, escrow and other |
|
|
10,588 |
|
Dividends and distributions payable |
|
|
24,593 |
|
|
Derivative financial instruments |
|
|
7,304 |
|
Distributions in excess of income from, and investments in, unconsolidated affiliates |
|
|
15,623 |
|
|
Income taxes payable |
|
|
19 |
|
Total Liabilities |
|
|
1,876,833 |
|
|
Other |
|
|
2,738 |
|
Shareholders' equity |
|
|
|
|
|
Total |
|
$ |
119,916 |
|
Common shares |
|
|
82 |
|
|
|
|
|
|
|
Additional paid-in capital |
|
|
1,548,603 |
|
|
|
|
|
|
|
Accumulated other comprehensive income |
|
|
516 |
|
|
|
|
|
|
|
Distributions in excess of accumulated earnings |
|
|
(89,696 |
) |
|
|
|
|
|
|
Total Acadia shareholders' equity |
|
|
1,459,505 |
|
|
|
|
|
|
|
Noncontrolling interests |
|
|
622,442 |
|
|
|
|
|
|
|
Total Shareholders' Equity |
|
|
2,081,947 |
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
|
$ |
3,958,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
|
Balance Sheet – Pro-rata Adjustments7 |
Supplemental Report – December 31, 2018 |
(in thousands) |
ASSETS |
|
Noncontrolling Interest in Consolidated Subsidiaries 4 |
|
|
Company’s Interest in Unconsolidated Subsidiaries 5 |
|
||
Real estate |
|
|
|
|
|
|
|
|
Land |
|
$ |
(183,275 |
) |
|
$ |
84,032 |
|
Buildings and improvements |
|
|
(950,218 |
) |
|
|
352,256 |
|
Construction in progress |
|
|
(18,825 |
) |
|
|
323 |
|
Properties under capital lease |
|
|
— |
|
|
|
— |
|
|
|
|
(1,152,318 |
) |
|
|
436,611 |
|
Less: accumulated depreciation |
|
|
62,156 |
|
|
|
(64,501 |
) |
Operating real estate, net |
|
|
(1,090,162 |
) |
|
|
372,110 |
|
Real estate under development |
|
|
(81,655 |
) |
|
|
(4 |
) |
Net investments in real estate |
|
|
(1,171,817 |
) |
|
|
372,106 |
|
Notes receivable, net |
|
|
(39,752 |
) |
|
|
— |
|
Investments in and advances to unconsolidated affiliates |
|
|
(25,404 |
) |
|
|
(236,650 |
) |
Lease intangibles, net |
|
|
(43,184 |
) |
|
|
10,364 |
|
Other assets, net |
|
|
(1,311 |
) |
|
|
19,443 |
|
Cash and cash equivalents |
|
|
(9,347 |
) |
|
|
4,513 |
|
Straight-line rents receivable, net |
|
|
(14,283 |
) |
|
|
5,584 |
|
Rents receivable, net |
|
|
(4,845 |
) |
|
|
3,337 |
|
Restricted cash |
|
|
(9,847 |
) |
|
|
876 |
|
Total Assets |
|
$ |
(1,319,790 |
) |
|
$ |
179,573 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Mortgage and other notes payable, net |
|
$ |
(611,259 |
) |
|
$ |
162,652 |
|
Unsecured notes payable, net |
|
|
(142,191 |
) |
|
|
— |
|
Unsecured line of credit |
|
|
— |
|
|
|
— |
|
Accounts payable and other liabilities |
|
|
(51,728 |
) |
|
|
22,379 |
|
Lease intangibles, net |
|
|
(23,611 |
) |
|
|
10,165 |
|
Capital lease obligation |
|
|
— |
|
|
|
— |
|
Dividends and distributions payable |
|
|
— |
|
|
|
— |
|
Distributions in excess of income from, and investments in, unconsolidated affiliates |
|
|
— |
|
|
|
(15,623 |
) |
Total Liabilities |
|
|
(828,789 |
) |
|
|
179,573 |
|
Shareholders' equity |
|
|
|
|
|
|
|
|
Common shares |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
— |
|
|
|
— |
|
Accumulated other comprehensive income |
|
|
— |
|
|
|
— |
|
Distributions in excess of accumulated earnings |
|
|
— |
|
|
|
— |
|
Total Acadia shareholders' equity |
|
|
— |
|
|
|
— |
|
Noncontrolling interests |
|
|
(491,001 |
) |
|
|
— |
|
Total Shareholders' Equity |
|
|
(491,001 |
) |
|
|
— |
|
Total Liabilities and Shareholders' Equity |
|
$ |
(1,319,790 |
) |
|
$ |
179,573 |
|
|
|
|
|
|
|
|
|
|
|
9 |
|
|
Balance Sheet – Pro-rata Adjustments7 |
Supplemental Report – December 31, 2018 |
(in thousands) |
Notes to income statements, balance sheet and pro rata adjustments:
|
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. |
Net of capitalized interest of $1.0 million for the quarter and $5.7 million for the year to date period ended December 31, 2018. |
|
|
|
3. |
Consists of development, construction, leasing and legal fees. |
|
|
|
4. |
Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities. |
|
|
|
5. |
Represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP. |
|
|
|
6. |
Adjustment to noncontrolling interests exclude income allocable to Operating Partnership Units of $0.5 million for the quarter and $2.0 million for the year-to-date period ended December 31, 2018. |
|
|
|
7. |
The Company currently invests in Funds II, III, IV & V and Mervyns II which are consolidated within the Company's financial statements. |
|
10 |
|
|
Funds from Operations (“FFO”)1 |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Year to Date |
|
||||||||||||||
|
|
March 31, 2018 |
|
|
June 30, 2018 |
|
|
September 30, 2018 |
|
|
December 31, 2018 |
|
|
December 31, 2018 |
|
|||||
Funds from operations ("FFO"): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
7,419 |
|
|
$ |
7,665 |
|
|
$ |
9,225 |
|
|
$ |
7,130 |
|
|
$ |
31,439 |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) |
|
|
21,085 |
|
|
|
21,586 |
|
|
|
21,141 |
|
|
|
22,040 |
|
|
|
85,852 |
|
Gain on disposition of depreciable properties (net of noncontrolling interest share) |
|
|
— |
|
|
|
— |
|
|
|
(994 |
) |
|
|
— |
|
|
|
(994 |
) |
Income attributable to noncontrolling interests' share in Operating Partnership |
|
|
612 |
|
|
|
633 |
|
|
|
731 |
|
|
|
597 |
|
|
|
2,573 |
|
FFO to Common Shareholders and Common OP Unit holders |
|
$ |
29,116 |
|
|
$ |
29,884 |
|
|
$ |
30,103 |
|
|
$ |
29,767 |
|
|
$ |
118,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back: retirement charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,036 |
|
|
|
2,036 |
|
FFO before Special Item |
|
$ |
29,116 |
|
|
$ |
29,884 |
|
|
$ |
30,103 |
|
|
$ |
31,803 |
|
|
$ |
120,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Funds from operations ("AFFO"): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted FFO |
|
$ |
29,116 |
|
|
$ |
29,884 |
|
|
$ |
30,103 |
|
|
$ |
29,767 |
|
|
$ |
118,870 |
|
Straight-line rent, net |
|
|
(1,399 |
) |
|
|
(1,381 |
) |
|
|
(1,101 |
) |
|
|
(1,009 |
) |
|
|
(4,890 |
) |
Above/(below)-market rent |
|
|
(2,177 |
) |
|
|
(2,169 |
) |
|
|
(2,119 |
) |
|
|
(4,941 |
) |
|
|
(11,406 |
) |
Amortization of finance costs |
|
|
595 |
|
|
|
594 |
|
|
|
642 |
|
|
|
661 |
|
|
|
2,492 |
|
Above/below-market interest |
|
|
(47 |
) |
|
|
(47 |
) |
|
|
(47 |
) |
|
|
(47 |
) |
|
|
(188 |
) |
Non-real estate depreciation |
|
|
111 |
|
|
|
107 |
|
|
|
169 |
|
|
|
119 |
|
|
|
506 |
|
Leasing commissions |
|
|
(212 |
) |
|
|
(632 |
) |
|
|
(320 |
) |
|
|
(713 |
) |
|
|
(1,877 |
) |
Tenant improvements |
|
|
(1,224 |
) |
|
|
(2,211 |
) |
|
|
(3,745 |
) |
|
|
(2,896 |
) |
|
|
(10,076 |
) |
Capital expenditures |
|
|
(957 |
) |
|
|
(152 |
) |
|
|
(1,471 |
) |
|
|
(574 |
) |
|
|
(3,154 |
) |
AFFO to Common Shareholders and Common OP Unit holders |
|
$ |
23,806 |
|
|
$ |
23,993 |
|
|
$ |
22,111 |
|
|
$ |
20,367 |
|
|
$ |
90,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total weighted average diluted shares and OP Units |
|
|
89,067 |
|
|
|
87,485 |
|
|
|
87,251 |
|
|
|
87,212 |
|
|
|
87,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted FFO per Common share and OP Unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO |
|
$ |
0.33 |
|
|
$ |
0.34 |
|
|
$ |
0.35 |
|
|
$ |
0.34 |
|
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO before special item |
|
$ |
0.33 |
|
|
$ |
0.34 |
|
|
$ |
0.35 |
|
|
$ |
0.36 |
|
|
$ |
1.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
Funds from Operations (“FFO”)1 |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
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. |
|
12 |
|
|
EBITDA |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
Quarter Ended December 31, 2018 |
|
|
Year to Date December 31, 2018 |
|
||||||||||||||||||
|
|
Core |
|
|
|
|
|
|
|
|
|
|
Core |
|
|
|
|
|
|
|
|
|
||
|
|
Portfolio |
|
|
Funds |
|
|
Total |
|
|
Portfolio |
|
|
Funds |
|
|
Total |
|
||||||
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Acadia |
|
$ |
9,434 |
|
|
$ |
(2,304 |
) |
|
$ |
7,130 |
|
|
$ |
38,198 |
|
|
$ |
(6,759 |
) |
|
$ |
31,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
18,489 |
|
|
|
3,669 |
|
|
|
22,158 |
|
|
|
72,828 |
|
|
|
13,530 |
|
|
|
86,358 |
|
Interest expense |
|
|
6,736 |
|
|
|
2,563 |
|
|
|
9,299 |
|
|
|
26,245 |
|
|
|
9,314 |
|
|
|
35,559 |
|
Amortization of finance costs |
|
|
315 |
|
|
|
346 |
|
|
|
661 |
|
|
|
1,270 |
|
|
|
1,222 |
|
|
|
2,492 |
|
Above/below-market interest |
|
|
(47 |
) |
|
|
— |
|
|
|
(47 |
) |
|
|
(188 |
) |
|
|
— |
|
|
|
(188 |
) |
Gain on disposition of properties |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(971 |
) |
|
|
(971 |
) |
Transaction costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
80 |
|
|
|
17 |
|
|
|
97 |
|
Provision for income taxes |
|
|
56 |
|
|
|
7 |
|
|
|
63 |
|
|
|
786 |
|
|
|
29 |
|
|
|
815 |
|
Retirement charge |
|
|
2,036 |
|
|
|
— |
|
|
|
2,036 |
|
|
|
2,036 |
|
|
|
— |
|
|
|
2,036 |
|
Noncontrolling interest - OP |
|
|
461 |
|
|
|
— |
|
|
|
461 |
|
|
|
2,035 |
|
|
|
— |
|
|
|
2,035 |
|
EBITDA |
|
$ |
37,480 |
|
|
$ |
4,281 |
|
|
$ |
41,761 |
|
|
$ |
143,290 |
|
|
$ |
16,382 |
|
|
$ |
159,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
|
|
Core Portfolio – Same Property Performance 1 |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
Quarter Ended |
|
|
Change |
|
|
Year to Date |
|
|
Change |
|
||||||||||||
|
|
December 31, 2018 |
|
|
December 31, 2017 |
|
|
Favorable/ (Unfavorable) |
|
|
December 31, 2018 |
|
|
December 31, 2017 |
|
|
Favorable/ (Unfavorable) |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents |
|
$ |
33,300 |
|
|
$ |
31,869 |
|
|
|
4.5 |
% |
|
$ |
133,317 |
|
|
$ |
131,000 |
|
|
|
1.8 |
% |
Expense reimbursements |
|
|
10,077 |
|
|
|
9,203 |
|
|
|
9.5 |
% |
|
|
39,086 |
|
|
|
36,487 |
|
|
|
7.1 |
% |
Other property income |
|
|
290 |
|
|
|
328 |
|
|
|
(11.6 |
)% |
|
|
1,068 |
|
|
|
1,137 |
|
|
|
(6.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
43,667 |
|
|
|
41,400 |
|
|
|
5.5 |
% |
|
|
173,471 |
|
|
|
168,624 |
|
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating - CAM & Real estate taxes |
|
|
11,292 |
|
|
|
10,394 |
|
|
|
(8.6 |
)% |
|
|
44,551 |
|
|
|
41,397 |
|
|
|
(7.6 |
)% |
Other property operating (Non-CAM) |
|
|
938 |
|
|
|
820 |
|
|
|
(14.4 |
)% |
|
|
2,728 |
|
|
|
3,273 |
|
|
|
16.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses |
|
|
12,230 |
|
|
|
11,214 |
|
|
|
(9.1 |
)% |
|
|
47,279 |
|
|
|
44,670 |
|
|
|
(5.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Property NOI - Core properties |
|
$ |
31,437 |
|
|
$ |
30,186 |
|
|
|
4.1 |
% |
|
$ |
126,192 |
|
|
$ |
123,954 |
|
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Same Property NOI to Core NOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI of Properties excluded from Same Property NOI |
|
|
2,032 |
|
|
|
2,910 |
|
|
|
|
|
|
|
7,353 |
|
|
|
8,633 |
|
|
|
|
|
Core NOI |
|
$ |
33,469 |
|
|
$ |
33,096 |
|
|
|
|
|
|
$ |
133,545 |
|
|
$ |
132,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other same property information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Physical Occupancy |
|
|
94.6 |
% |
|
|
94.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased Occupancy |
|
|
95.6 |
% |
|
|
95.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
1. |
The above amounts include the pro-rata activity related to the Company's Core consolidated and unconsolidated investments. |
|
14 |
|
|
Fee Income by Fund |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
Fund II |
|
|
Fund III |
|
|
Fund IV |
|
|
Fund V |
|
|
Other |
|
|
Total |
|
||||||
Year to Date December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
2,178 |
|
|
$ |
2,621 |
|
|
$ |
5,074 |
|
|
$ |
7,021 |
|
|
$ |
258 |
|
|
$ |
17,152 |
|
Transactional fees |
|
|
708 |
|
|
|
2,514 |
|
|
|
3,003 |
|
|
|
1,189 |
|
|
|
323 |
|
|
|
7,737 |
|
Total fees |
|
$ |
2,886 |
|
|
$ |
5,135 |
|
|
$ |
8,077 |
|
|
$ |
8,210 |
|
|
$ |
581 |
|
|
$ |
24,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
541 |
|
|
$ |
648 |
|
|
$ |
1,275 |
|
|
$ |
1,808 |
|
|
$ |
59 |
|
|
$ |
4,331 |
|
Transactional fees |
|
|
103 |
|
|
|
573 |
|
|
|
520 |
|
|
|
286 |
|
|
|
15 |
|
|
|
1,497 |
|
Total fees |
|
$ |
644 |
|
|
$ |
1,221 |
|
|
$ |
1,795 |
|
|
$ |
2,094 |
|
|
$ |
74 |
|
|
$ |
5,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended September 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
585 |
|
|
$ |
637 |
|
|
$ |
1,236 |
|
|
$ |
1,761 |
|
|
$ |
57 |
|
|
$ |
4,276 |
|
Transactional fees |
|
|
237 |
|
|
|
1,335 |
|
|
|
1,415 |
|
|
|
332 |
|
|
|
98 |
|
|
|
3,417 |
|
Total fees |
|
$ |
822 |
|
|
$ |
1,972 |
|
|
$ |
2,651 |
|
|
$ |
2,093 |
|
|
$ |
155 |
|
|
$ |
7,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
596 |
|
|
$ |
649 |
|
|
$ |
1,278 |
|
|
$ |
1,760 |
|
|
$ |
63 |
|
|
$ |
4,346 |
|
Transactional fees |
|
|
115 |
|
|
|
406 |
|
|
|
299 |
|
|
|
409 |
|
|
|
131 |
|
|
|
1,360 |
|
Total fees |
|
$ |
711 |
|
|
$ |
1,055 |
|
|
$ |
1,577 |
|
|
$ |
2,169 |
|
|
$ |
194 |
|
|
$ |
5,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended March 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
456 |
|
|
$ |
687 |
|
|
$ |
1,285 |
|
|
$ |
1,692 |
|
|
$ |
79 |
|
|
$ |
4,199 |
|
Transactional fees |
|
|
253 |
|
|
|
200 |
|
|
|
769 |
|
|
|
162 |
|
|
|
79 |
|
|
|
1,463 |
|
Total fees |
|
$ |
709 |
|
|
$ |
887 |
|
|
$ |
2,054 |
|
|
$ |
1,854 |
|
|
$ |
158 |
|
|
$ |
5,662 |
|
|
15 |
|
|
Structured Financing Portfolio |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
September 30, 2018 |
|
|
Quarter Ended December 31, 2018 |
|
|
Stated |
|
|
Effective |
|
|
|
||||||||||||||||||||||||||||
|
|
Principal |
|
|
Accrued |
|
|
Ending |
|
|
|
|
|
|
Repayments / |
|
|
Current |
|
|
Accrued |
|
|
Ending |
|
|
Interest |
|
|
Interest |
|
|
Maturity |
|||||||||
Investment |
|
Balance |
|
|
Interest |
|
|
Balance |
|
|
Advances |
|
|
Conversions |
|
|
Principal 1 |
|
|
Interest |
|
|
Balance |
|
|
Rate |
|
|
Rate |
|
|
Dates |
||||||||||
First mortgage notes |
|
$ |
56,475 |
|
|
$ |
3,627 |
|
|
$ |
60,102 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
56,475 |
|
|
$ |
3,990 |
|
|
$ |
60,465 |
|
|
|
7.44 |
% |
|
|
7.44 |
% |
|
Apr-19 to Apr-20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Core notes receivable |
|
$ |
56,475 |
|
|
$ |
3,627 |
|
|
$ |
60,102 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
56,475 |
|
|
$ |
3,990 |
|
|
$ |
60,465 |
|
|
|
7.44 |
% |
|
|
7.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Reconciliation of Notes Receivable to the Consolidated Balance Sheet (Pro Rata): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total Notes Receivable per above |
|
|
$ |
56,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Pro-rata share of Fund loans |
|
|
|
13,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total Pro-rata Notes Receivable |
|
|
$ |
69,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
|
Transactional Activity |
Supplemental Report – December 31, 2018 |
(in thousands) |
PROPERTY ACQUISTIONS AND DISPOSITIONS |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Name |
|
Location |
|
Key Tenants |
|
Date of Transaction |
|
Transaction Amount |
|
|
Ownership % |
|
|
Fund Share |
|
|
Acadia Share |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUISITIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund V: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trussville |
|
Trussville, AL |
|
Wal-Mart, Regal Cinemas |
|
February 21, 2018 |
|
$ |
45,259 |
|
|
|
100.00 |
% |
|
$ |
45,259 |
|
|
$ |
9,097 |
|
Elk Grove Commons |
|
Elk Grove, CA |
|
Trader Joe's, HomeGoods |
|
July 18, 2018 |
|
|
59,320 |
|
|
|
100.00 |
% |
|
|
59,320 |
|
|
|
11,923 |
|
Hiram Pavilion |
|
Hiram, GA |
|
Kohl's, Marshalls |
|
October 23, 2018 |
|
|
44,443 |
|
|
|
100.00 |
% |
|
|
44,443 |
|
|
|
8,933 |
|
|
|
|
|
|
|
|
|
$ |
149,022 |
|
|
|
|
|
|
$ |
149,022 |
|
|
$ |
29,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISPOSITIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund II: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sherman Avenue |
|
New York, NY |
|
|
|
April 17, 2018 |
|
$ |
26,000 |
|
|
|
99.10 |
% |
|
$ |
25,766 |
|
|
$ |
7,300 |
|
|
|
|
|
|
|
|
|
|
26,000 |
|
|
|
|
|
|
|
25,766 |
|
|
|
7,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund IV: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broughton Street Portfolio (3 properties) |
|
Savannah, GA |
|
|
|
Jan 18, Aug 29, 2018 |
|
|
10,000 |
|
|
|
100.00 |
% |
|
|
10,000 |
|
|
|
2,312 |
|
Lake Montclair |
|
Dumfries, VA |
|
|
|
August 27, 2018 |
|
|
22,450 |
|
|
|
100.00 |
% |
|
|
22,450 |
|
|
|
5,190 |
|
1861 Union Street |
|
San Francisco, CA |
|
|
|
August 29, 2018 |
|
|
6,000 |
|
|
|
90.00 |
% |
|
|
5,400 |
|
|
|
1,248 |
|
210 Bowery (4 units) |
|
New York, NY |
|
|
|
Nov 30, Dec 10, 17, 21, 2018 |
|
|
12,100 |
|
|
|
100.00 |
% |
|
|
12,100 |
|
|
|
2,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,550 |
|
|
|
|
|
|
|
49,950 |
|
|
|
11,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
76,550 |
|
|
|
|
|
|
$ |
75,716 |
|
|
$ |
18,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STRUCTURED FINANCING ACTIVITY |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Description |
|
Transaction Type |
|
|
|
Date of Transaction |
|
Transaction Amount |
|
|
Ownership % |
|
|
Fund Share |
|
|
Acadia Share |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55-57 Spring Street |
|
Redemption |
|
|
|
January 24, 2018 |
|
$ |
(26,000 |
) |
|
|
100.00 |
% |
|
$ |
— |
|
|
$ |
(26,000 |
) |
135 East 65th |
|
Advance |
|
|
|
March 16, 2018 |
|
|
2,801 |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
2,801 |
|
Town Center |
|
Conversion |
|
|
|
March 28, 2018 |
|
|
(22,021 |
) |
|
|
100.00 |
% |
|
|
— |
|
|
|
(22,021 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(45,220 |
) |
|
|
|
|
|
$ |
— |
|
|
$ |
(45,220 |
) |
|
17 |
|
|
2019 Guidance |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
2019 Guidance Forecast |
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Low |
|
|
High |
|
|
2018 Actual 1 |
|
|||||||||||||||
(in millions, except per share amounts) |
$ Millions |
|
|
$/Share |
|
|
$ Millions |
|
|
$/Share |
|
|
$ Millions |
|
|
$/Share |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income |
|
$ |
29.0 |
|
|
$ |
0.35 |
|
|
$ |
38.1 |
|
|
$ |
0.46 |
|
|
$ |
31.4 |
|
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core property NOI |
|
$ |
136.0 |
|
|
|
|
|
|
$ |
138.2 |
|
|
|
|
|
|
$ |
133.5 |
|
|
|
|
|
Fund property NOI |
|
|
13.8 |
|
|
|
|
|
|
|
14.8 |
|
|
|
|
|
|
|
11.2 |
|
|
|
|
|
Straight-line and above/below market rents |
|
|
8.8 |
|
|
|
|
|
|
|
9.8 |
|
|
|
|
|
|
|
13.5 |
|
|
|
|
|
Interest income (Structured Finance Portfolio) |
|
|
5.3 |
|
|
|
|
|
|
|
6.8 |
|
|
|
|
|
|
|
7.3 |
|
|
|
|
|
Asset based fee income, net |
|
|
16.6 |
|
|
|
|
|
|
|
16.2 |
|
|
|
|
|
|
|
16.6 |
|
|
|
|
|
Transactional based fee income, net |
|
|
4.4 |
|
|
|
|
|
|
|
5.9 |
|
|
|
|
|
|
|
7.7 |
|
|
|
|
|
Interest expense, net of capitalized interest 2 |
|
|
(42.9 |
) |
|
|
|
|
|
|
(41.6 |
) |
|
|
|
|
|
|
(40.9 |
) |
|
|
|
|
General and administrative 3 |
|
|
(32.0 |
) |
|
|
|
|
|
|
(34.3 |
) |
|
|
|
|
|
|
(31.1 |
) |
|
|
|
|
Non-real estate depreciation and other expenses |
|
|
(0.5 |
) |
|
|
|
|
|
|
(1.0 |
) |
|
|
|
|
|
|
(0.5 |
) |
|
|
|
|
FFO, prior to transactional activity 4 |
|
$ |
109.5 |
|
|
$ |
1.25 |
|
|
$ |
114.8 |
|
|
$ |
1.31 |
|
|
$ |
117.3 |
|
|
$ |
1.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund acquisitions, and related fees |
|
|
|
|
|
|
0.01 |
|
|
|
|
|
|
|
0.03 |
|
|
|
— |
|
|
|
— |
|
Net Promote and other transactional income 5 |
|
|
|
|
|
|
0.01 |
|
|
|
|
|
|
|
0.05 |
|
|
|
0.8 |
|
|
|
0.01 |
|
Accelerated tenant recapture - GAAP Adjustments 6 |
|
|
|
|
|
|
0.07 |
|
|
|
|
|
|
|
0.07 |
|
|
|
2.8 |
|
|
|
0.03 |
|
FFO |
|
|
|
|
|
$ |
1.34 |
|
|
|
|
|
|
$ |
1.46 |
|
|
$ |
120.9 |
|
|
$ |
1.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Guidance Assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully diluted common shares - weighted average |
|
|
82.0 |
|
|
|
|
|
|
|
83.0 |
|
|
|
|
|
|
|
82.1 |
|
|
|
|
|
Fully diluted common shares and OP Units - weighted average |
|
|
87.5 |
|
|
|
|
|
|
|
88.0 |
|
|
|
|
|
|
|
87.7 |
|
|
|
|
|
Same property net operating income growth |
|
|
3.0 |
% |
|
|
|
|
|
|
4.0 |
% |
|
|
|
|
|
|
1.8 |
% |
|
|
|
|
Fund acquisitions |
|
$ |
200.0 |
|
|
|
|
|
|
$ |
800.0 |
|
|
|
|
|
|
$ |
149.1 |
|
|
|
|
|
__________
|
1. |
2018 FFO excludes a special item (retirement charge), which aggregated $0.02 per share, or $2.0 million. For a reconciliation of FFO per share to net income per share, please see the “2019 Guidance” section of the earnings release in Section I of this Supplemental Report. |
|
2. |
Inclusive of interest expense, amortization of finance costs, above and below market interest and capital lease interest. |
|
3. |
2019 FFO guidance includes approximately $0.02 of internal leasing costs, which will be expensed and no longer deferred under new accounting guidance effective January 1, 2019. |
|
4. |
Before acquisition and gains/losses on sale or impairment of depreciated and non-operating assets. |
|
5. |
Represents net promote and other transactional activity. |
|
6. |
Includes amounts associated with the early recapture of below-market leases. 2019 amounts are anticipated to be recognized in the first quarter. |
|
18 |
|
|
Net Asset Valuation Information |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
CORE |
|
|
FUND II 2 |
|
|
FUND III |
|
|
FUND IV |
|
|
FUND V |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership Percentage |
|
N/A |
|
|
|
28.33 |
% |
|
|
24.54 |
% |
|
|
23.12 |
% |
|
|
20.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Quarter NOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income 1 |
|
$ |
33,469 |
|
|
N/A |
|
|
$ |
891 |
|
|
$ |
7,530 |
|
|
$ |
6,645 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Income) loss from properties sold or under contract |
|
|
— |
|
|
N/A |
|
|
|
(55 |
) |
|
|
5 |
|
|
|
— |
|
|
(Income) loss from pre-stabilized assets, development and redevelopment projects 3, 4 |
|
|
(1,275 |
) |
|
N/A |
|
|
|
(836 |
) |
|
|
(2,430 |
) |
|
|
— |
|
|
Net Operating Income of stabilized assets |
|
$ |
32,194 |
|
|
N/A |
|
|
$ |
— |
|
|
$ |
5,105 |
|
|
$ |
6,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs to Date (Pro Rata) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-stabilized assets 3 |
|
$ |
20,766 |
|
|
N/A |
|
|
$ |
35,877 |
|
|
$ |
48,155 |
|
|
$ |
— |
|
|
Development and redevelopment projects 4 |
|
|
37,048 |
|
|
N/A |
|
|
|
4,209 |
|
|
|
25,670 |
|
|
|
— |
|
|
Total Costs to Date |
|
$ |
57,814 |
|
|
N/A |
|
|
$ |
40,086 |
|
|
$ |
73,825 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt (Pro Rata) |
|
$ |
731,012 |
|
|
$ |
71,229 |
|
|
$ |
17,410 |
|
|
$ |
95,710 |
|
|
$ |
48,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Lease (Pro Rata) |
|
$ |
71,111 |
|
|
N/A |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
__________
|
1. |
Does not include a full quarter of NOI for any assets purchased during the current quarter. See “Transactional Activity” page in this Supplemental Report for descriptions of those acquisitions. |
|
|
|
2. |
Fund II has been substantially liquidated except for its investment in City Point with pre-stabilized assets of $527 million and debt of $264.6 million. |
|
|
|
3. |
Pre-stabilized assets consist of the following projects for the Core Portfolio: Clark & Diversey; Fund III: 640 Broadway, 654 Broadway, Cortlandt Crossing and Nostrand; Fund IV: Paramus Plaza, 650 Bald Hill Road, 210 Bowery, 801 Madison, 27 E 61st Street, 938 West North and 1035 Third Avenue. |
|
|
|
4. |
See “Development and Redevelopment Activity” page in this Supplemental Report. |
|
19 |
|
|
Selected Financial Ratios |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Quarter Ended December 31, |
|
|
Year to Date December 31, |
|
|
|
|
Quarter Ended |
|
|||||||||||||||
COVERAGE RATIOS 1 |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
LEVERAGE RATIOS |
|
December 31, 2018 |
|
|
September 30, 2018 |
|
||||||
Fixed-Charge Coverage Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt/Market Capitalization Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA 2 divided by: |
|
$ |
37,480 |
|
|
$ |
38,038 |
|
|
$ |
143,290 |
|
|
$ |
155,488 |
|
|
Debt + Preferred Equity (Preferred O.P. Units) |
|
$ |
975,640 |
|
|
$ |
945,719 |
|
Interest expense |
|
|
6,736 |
|
|
|
6,838 |
|
|
|
26,245 |
|
|
|
27,775 |
|
|
Total Market Capitalization |
|
|
3,029,906 |
|
|
|
3,369,249 |
|
Principal Amortization |
|
|
914 |
|
|
|
1,169 |
|
|
|
3,808 |
|
|
|
4,774 |
|
|
Debt + Preferred Equity/ |
|
|
|
|
|
|
|
|
Preferred Dividends 3 |
|
|
135 |
|
|
|
135 |
|
|
|
540 |
|
|
|
550 |
|
|
Total Market Capitalization |
|
|
32 |
% |
|
|
28 |
% |
Fixed-Charge Coverage Ratio - Core Portfolio |
|
|
4.8 |
x |
|
|
4.7 |
x |
|
|
4.7 |
x |
|
|
4.7 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA divided by: |
|
$ |
41,761 |
|
|
$ |
41,255 |
|
|
$ |
159,672 |
|
|
$ |
170,440 |
|
|
Debt 6 |
|
$ |
959,206 |
|
|
$ |
937,774 |
|
Interest expense |
|
|
9,299 |
|
|
|
9,314 |
|
|
|
35,559 |
|
|
|
34,376 |
|
|
Total Market Capitalization |
|
|
3,029,906 |
|
|
|
3,369,249 |
|
Principal Amortization |
|
|
1,140 |
|
|
|
1,473 |
|
|
|
4,765 |
|
|
|
5,638 |
|
|
Net Debt + Preferred Equity/ |
|
|
|
|
|
|
|
|
Preferred Dividends |
|
|
135 |
|
|
|
135 |
|
|
|
540 |
|
|
|
550 |
|
|
Total Market Capitalization |
|
|
32 |
% |
|
|
28 |
% |
Fixed-Charge Coverage Ratio - Core Portfolio and Funds |
|
|
3.9 |
x |
|
|
3.8 |
x |
|
|
3.9 |
x |
|
|
4.2 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payout Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt/EBITDA Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared (per share/OP Unit) |
|
$ |
0.28 |
|
|
$ |
0.27 |
|
|
$ |
1.09 |
|
|
$ |
1.05 |
|
|
Debt |
|
$ |
731,012 |
|
|
$ |
709,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
143,290 |
|
|
|
145,314 |
|
Dividends (Shares) & Distributions (OP Units) declared |
|
$ |
24,455 |
|
|
$ |
24,249 |
|
|
$ |
95,888 |
|
|
$ |
94,306 |
|
|
Debt/EBITDA - Core Portfolio |
|
|
5.1 |
x |
|
|
4.9 |
x |
FFO |
|
|
29,767 |
|
|
|
33,060 |
|
|
|
118,870 |
|
|
|
134,667 |
|
|
|
|
|
|
|
|
|
|
|
FFO Payout Ratio |
|
|
82 |
% |
|
|
73 |
% |
|
|
81 |
% |
|
|
70 |
% |
|
Debt 5 |
|
$ |
718,030 |
|
|
$ |
704,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
143,290 |
|
|
|
145,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt/EBITDA - Core Portfolio |
|
|
5.0 |
x |
|
|
4.8 |
x |
Dividends (Shares) & Distributions (OP Units) declared |
|
$ |
24,455 |
|
|
$ |
24,249 |
|
|
$ |
95,888 |
|
|
$ |
94,306 |
|
|
|
|
|
|
|
|
|
|
|
AFFO |
|
|
20,367 |
|
|
|
25,942 |
|
|
|
90,277 |
|
|
|
111,605 |
|
|
Debt 4 |
|
$ |
963,776 |
|
|
$ |
931,722 |
|
AFFO Payout Ratio |
|
|
120 |
% |
|
|
93 |
% |
|
|
106 |
% |
|
|
84 |
% |
|
EBITDA |
|
|
159,672 |
|
|
|
161,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt/EBITDA - Core Portfolio and Funds |
|
|
6.0 |
x |
|
|
5.8 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt 6 |
|
$ |
947,342 |
|
|
$ |
923,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
159,672 |
|
|
|
161,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt/EBITDA - Core Portfolio and Funds |
|
|
5.9 |
x |
|
|
5.7 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
|
|
Selected Financial Ratios |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
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 coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures. |
|
2. |
See EBITDA page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia. |
|
3. |
Represents preferred distributions on Preferred Operating partnership Units. |
|
4. |
Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt. Excludes capital lease obligations. |
|
5. |
Reflects debt net of the current Core Portfolio cash balance at end of period. |
|
6. |
Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period. |
|
21 |
|
|
Portfolio Debt - Summary |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
Acadia Pro-Rata Share of Debt 2 |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|
Core Portfolio |
|
|
Funds |
|
|
Total |
|
|
Reconciliation to Consolidated Debt as Reported |
|
||||||||||||||||||||||||||||||||||||||||
Unsecured Debt |
|
Principal Balance |
|
|
Interest Rate |
|
|
WA Years to Maturity 6 |
|
|
Principal Balance |
|
|
Interest Rate |
|
|
WA Years to Maturity 6 |
|
|
Principal Balance |
|
|
% |
|
|
Interest Rate |
|
|
WA Years to Maturity 6 |
|
|
Add: Noncontrolling Interest Share of Debt 3 |
|
|
Less: Pro-rata Share of Unconsolidated Debt 4 |
|
|
Acadia Consolidated Debt as Reported |
|
|||||||||||||
Fixed-Rate Debt 1 |
|
$ |
350,000 |
|
|
|
3.2 |
% |
|
|
4.3 |
|
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
350,000 |
|
|
|
36 |
% |
|
|
3.2 |
% |
|
|
4.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
350,000 |
|
Variable-Rate Debt 5 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41,434 |
|
|
|
4.2 |
% |
|
|
0.4 |
|
|
|
41,434 |
|
|
|
4 |
% |
|
|
4.2 |
% |
|
|
0.4 |
|
|
|
142,191 |
|
|
|
— |
|
|
|
183,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and Other Notes Payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate Debt 1 |
|
|
349,012 |
|
|
|
4.2 |
% |
|
|
7.4 |
|
|
|
101,497 |
|
|
|
4.3 |
% |
|
|
2.4 |
|
|
|
450,509 |
|
|
|
47 |
% |
|
|
4.2 |
% |
|
|
6.3 |
|
|
|
322,889 |
|
|
|
(121,358 |
) |
|
|
652,040 |
|
Variable-Rate Debt 5 |
|
|
32,000 |
|
|
|
4.0 |
% |
|
|
4.7 |
|
|
|
89,833 |
|
|
|
4.7 |
% |
|
|
1.7 |
|
|
|
121,833 |
|
|
|
13 |
% |
|
|
4.5 |
% |
|
|
2.5 |
|
|
|
295,058 |
|
|
|
(42,223 |
) |
|
|
374,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
731,012 |
|
|
|
3.7 |
% |
|
|
5.8 |
|
|
$ |
232,764 |
|
|
|
4.4 |
% |
|
|
1.8 |
|
|
$ |
963,776 |
|
|
|
100 |
% |
|
|
3.9 |
% |
|
|
4.8 |
|
|
$ |
760,138 |
|
|
$ |
(163,581 |
) |
|
|
1,560,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized premium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
753 |
|
Net unamortized loan costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,541 |
) |
|||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,550,545 |
|
_________
|
1. |
Fixed-rate debt includes notional principal fixed through swap transactions. |
|
2. |
Represents the Company's pro-rata share of debt based on its percent ownership. |
|
3. |
Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership. |
|
4. |
Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership. |
|
5. |
Variable rate debt includes certain borrowings that are subject to interest rate cap agreements. |
|
6. |
Based on debt maturity date without regard to swap expirations or available extension options. |
|
|
22 |
|
|
Portfolio Debt - Detail |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
|
|
Principal Balance at |
|
|
Acadia's Pro-rata Share |
|
|
Interest |
|
|
|
|
Extension |
|||||||
Property |
|
|
|
December 31, 2018 |
|
|
Percent |
|
|
Amount |
|
|
Rate |
|
|
Maturity |
|
Options |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORE PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brandywine 2 |
|
|
|
$ |
26,250 |
|
|
|
22.22 |
% |
|
$ |
5,833 |
|
|
6.00% |
|
|
07/01/16 |
|
None |
|
163 Highland Avenue |
|
|
|
|
8,852 |
|
|
|
100.00 |
% |
|
|
8,852 |
|
|
4.66% |
|
|
02/01/24 |
|
None |
|
Crossroads Shopping Center |
|
|
|
|
66,197 |
|
|
|
49.00 |
% |
|
|
32,437 |
|
|
3.94% |
|
|
10/06/24 |
|
None |
|
555 9th Street |
|
|
|
|
60,000 |
|
|
|
100.00 |
% |
|
|
60,000 |
|
|
3.99% |
|
|
01/01/25 |
|
None |
|
840 N. Michigan |
|
|
|
|
73,500 |
|
|
|
88.43 |
% |
|
|
64,996 |
|
|
4.36% |
|
|
02/10/25 |
|
None |
|
Georgetown Portfolio (2008 Investment) |
|
|
|
|
16,533 |
|
|
|
50.00 |
% |
|
|
8,267 |
|
|
4.72% |
|
|
12/10/27 |
|
None |
|
State & Washington |
|
|
|
|
24,439 |
|
|
|
100.00 |
% |
|
|
24,439 |
|
|
4.40% |
|
|
09/05/28 |
|
None |
|
239 Greenwich Avenue |
|
|
|
|
27,000 |
|
|
|
75.00 |
% |
|
|
20,250 |
|
|
3.88% |
|
|
01/10/29 |
|
None |
|
North & Kingsbury |
|
|
|
|
12,555 |
|
|
|
100.00 |
% |
|
|
12,555 |
|
|
4.01% |
|
|
11/05/29 |
|
None |
|
151 North State Street |
|
|
|
|
13,882 |
|
|
|
100.00 |
% |
|
|
13,882 |
|
|
4.03% |
|
|
12/01/29 |
|
None |
|
Concord & Milwaukee |
|
|
|
|
2,728 |
|
|
|
100.00 |
% |
|
|
2,728 |
|
|
4.40% |
|
|
06/01/30 |
|
None |
|
California & Armitage |
|
|
|
|
2,566 |
|
|
|
100.00 |
% |
|
|
2,566 |
|
|
5.89% |
|
|
04/15/35 |
|
None |
|
Unsecured interest rate swaps 1 |
|
|
|
|
349,617 |
|
|
|
100.00 |
% |
|
|
349,617 |
|
|
3.17% |
|
|
4.3 YRS |
|
|
|
Secured interest rate swaps 1 |
|
|
|
|
102,522 |
|
|
|
89.94 |
% |
|
|
92,207 |
|
|
4.09% |
|
|
7.3 YRS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-Total Fixed-Rate Debt |
|
|
|
|
786,641 |
|
|
|
|
|
|
|
698,629 |
|
|
3.68% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured Variable-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28 Jericho Turnpike |
|
|
|
|
13,918 |
|
|
|
100.00 |
% |
|
|
13,918 |
|
|
LIBOR+190 |
|
|
01/23/23 |
|
None |
|
60 Orange Street |
|
|
|
|
7,266 |
|
|
|
98.00 |
% |
|
|
7,121 |
|
|
LIBOR+175 |
|
|
04/03/23 |
|
None |
|
Gotham Plaza |
|
|
|
|
19,942 |
|
|
|
49.00 |
% |
|
|
9,772 |
|
|
LIBOR+160 |
|
|
06/10/23 |
|
None |
|
Georgetown Portfolio (2016 Investment) |
|
|
|
|
160,000 |
|
|
|
20.00 |
% |
|
|
32,000 |
|
|
LIBOR+170 |
|
|
08/01/23 |
|
None |
|
330-340 River Street |
|
|
|
|
11,396 |
|
|
|
100.00 |
% |
|
|
11,396 |
|
|
LIBOR+170 |
|
|
06/01/26 |
|
None |
|
Sullivan Center |
|
|
|
|
50,000 |
|
|
|
100.00 |
% |
|
|
50,000 |
|
|
LIBOR+150 |
|
|
11/16/28 |
|
None |
|
Secured interest rate swaps 1 |
|
|
|
|
(102,522 |
) |
|
|
89.94 |
% |
|
|
(92,207 |
) |
|
LIBOR+175 |
|
|
7.3 YRS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Variable-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Line of Credit 3 |
|
|
|
|
— |
|
|
|
100.00 |
% |
|
|
— |
|
|
LIBOR+135 |
|
|
03/31/22 |
|
2 x 6 mos. |
|
Unsecured Term Loan |
|
|
|
|
350,000 |
|
|
|
100.00 |
% |
|
|
350,000 |
|
|
LIBOR+125 |
|
|
03/31/23 |
|
None |
|
Unsecured interest rate swaps 1 |
|
|
|
|
(349,617 |
) |
|
|
100.00 |
% |
|
|
(349,617 |
) |
|
LIBOR+83 |
|
|
4.3 YRS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-Total Variable-Rate Debt |
|
|
|
|
160,383 |
|
|
|
|
|
|
|
32,383 |
|
|
LIBOR+165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt - Core Portfolio |
|
|
|
$ |
947,024 |
|
|
|
|
|
|
$ |
731,012 |
|
|
3.70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CityPoint 4 |
|
Fund II |
|
|
200,000 |
|
|
|
26.67 |
% |
|
|
53,340 |
|
|
4.75% |
|
|
05/29/20 |
|
None |
|
1964 Union Street 4 |
|
Fund IV |
|
|
1,463 |
|
|
|
20.80 |
% |
|
|
304 |
|
|
3.80% |
|
|
10/01/25 |
|
None |
|
2207 Fillmore Street 4 |
|
Fund IV |
|
|
1,120 |
|
|
|
20.80 |
% |
|
|
233 |
|
|
4.50% |
|
|
10/31/25 |
|
None |
|
2208-2216 Fillmore Street 4 |
|
Fund IV |
|
|
5,606 |
|
|
|
20.80 |
% |
|
|
1,166 |
|
|
3.40% |
|
|
06/01/26 |
|
None |
|
CityPoint 4,5 |
|
Fund II |
|
|
5,262 |
|
|
|
26.67 |
% |
|
|
1,403 |
|
|
1.00% |
|
|
08/23/42 |
|
None |
|
Interest rate swaps 1 |
|
Funds II, IV & V |
|
|
203,577 |
|
|
|
22.13 |
% |
|
|
45,051 |
|
|
3.98% |
|
|
2.7 YRS |
|
|
|
Sub-Total Fixed-Rate Debt |
|
|
|
|
417,028 |
|
|
|
|
|
|
|
101,497 |
|
|
4.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paramus Plaza 4 |
|
Fund IV |
|
|
17,627 |
|
|
|
11.56 |
% |
|
|
2,038 |
|
|
LIBOR+170 |
|
|
02/20/19 |
|
None |
|
230/240 W. Broughton |
|
Fund IV |
|
|
9,467 |
|
|
|
11.56 |
% |
|
|
1,094 |
|
|
LIBOR+300 |
|
|
05/01/19 |
|
None |
|
146 Geary Street |
|
Fund IV |
|
|
27,700 |
|
|
|
23.12 |
% |
|
|
6,404 |
|
|
LIBOR+340 |
|
|
07/14/19 |
|
2 x 12 mos. |
|
938 W. North Avenue |
|
Fund IV |
|
|
14,100 |
|
|
|
23.12 |
% |
|
|
3,260 |
|
|
LIBOR+265 |
|
|
09/01/19 |
|
1 x 12 mos. |
|
|
23 |
|
|
Portfolio Debt - Detail |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
|
|
Principal Balance at |
|
|
Acadia's Pro-rata Share |
|
|
Interest |
|
|
|
|
Extension |
|||||||
Property |
|
|
|
December 31, 2018 |
|
|
Percent |
|
|
Amount |
|
|
Rate |
|
|
Maturity |
|
Options |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund IV |
|
|
40,825 |
|
|
|
23.12 |
% |
|
|
9,439 |
|
|
LIBOR+275 |
|
|
10/31/19 |
|
None |
||
Broughton Street Portfolio |
|
Fund IV |
|
|
19,773 |
|
|
|
23.12 |
% |
|
|
4,572 |
|
|
LIBOR+300 |
|
|
11/08/19 |
|
1 x 12 mos. |
|
717 N. Michigan Avenue |
|
Fund IV |
|
|
66,617 |
|
|
|
23.12 |
% |
|
|
15,402 |
|
|
LIBOR+395 |
|
|
12/09/19 |
|
2 x 12 mos. |
|
Acadia Strategic Opportunity IV LLC |
|
Fund IV |
|
|
— |
|
|
|
23.12 |
% |
|
|
— |
|
|
LIBOR+165 |
|
|
12/31/19 |
|
None |
|
640 Broadway 4 |
|
Fund III |
|
|
49,470 |
|
|
|
15.49 |
% |
|
|
7,663 |
|
|
LIBOR+465 |
|
|
01/09/20 |
|
2 x 12 mos. |
|
Wake Forest Crossing |
|
Fund IV |
|
|
23,706 |
|
|
|
23.12 |
% |
|
|
5,481 |
|
|
LIBOR+160 |
|
|
02/14/20 |
|
2 x 12 mos. |
|
Lincoln Place |
|
Fund IV |
|
|
23,100 |
|
|
|
23.12 |
% |
|
|
5,341 |
|
|
LIBOR+185 |
|
|
03/13/20 |
|
None |
|
650 Bald Hill Road |
|
Fund IV |
|
|
16,500 |
|
|
|
20.81 |
% |
|
|
3,434 |
|
|
LIBOR+265 |
|
|
04/27/20 |
|
None |
|
Acadia Strategic Opportunity Fund V LLC |
|
Fund V |
|
|
102,800 |
|
|
|
20.10 |
% |
|
|
20,663 |
|
|
LIBOR+160 |
|
|
05/04/20 |
|
None |
|
Eden Square 4 |
|
Fund IV |
|
|
25,000 |
|
|
|
22.78 |
% |
|
|
5,695 |
|
|
LIBOR+215 |
|
|
06/01/20 |
|
1 x 12 mos. |
|
17 E. 71st Street |
|
Fund IV |
|
|
18,906 |
|
|
|
23.12 |
% |
|
|
4,371 |
|
|
LIBOR+190 |
|
|
06/09/20 |
|
None |
|
Cortlandt Crossing |
|
Fund III |
|
|
26,000 |
|
|
|
24.54 |
% |
|
|
6,380 |
|
|
Prime+300 |
|
|
06/19/20 |
|
None |
|
Nostrand Avenue |
|
Fund III |
|
|
10,097 |
|
|
|
24.54 |
% |
|
|
2,478 |
|
|
LIBOR+265 |
|
|
07/01/20 |
|
1 x 12 mos. |
|
Acadia Strategic Opportunity Fund II, LLC |
|
Fund II |
|
|
40,000 |
|
|
|
28.33 |
% |
|
|
11,332 |
|
|
LIBOR+165 |
|
|
09/20/20 |
|
2 x 12 mos. |
|
Hickory Ridge |
|
Fund V |
|
|
28,613 |
|
|
|
20.10 |
% |
|
|
5,751 |
|
|
LIBOR+225 |
|
|
10/05/20 |
|
None |
|
Santa Fe Plaza |
|
Fund V |
|
|
22,893 |
|
|
|
20.10 |
% |
|
|
4,601 |
|
|
LIBOR+215 |
|
|
01/24/21 |
|
2 x 12 mos. |
|
1035 Third Avenue |
|
Fund IV |
|
|
38,434 |
|
|
|
23.12 |
% |
|
|
8,886 |
|
|
LIBOR+235 |
|
|
01/27/21 |
|
None |
|
New Towne Center |
|
Fund V |
|
|
16,900 |
|
|
|
20.10 |
% |
|
|
3,397 |
|
|
LIBOR+220 |
|
|
02/01/21 |
|
2 x 12 mos. |
|
Fairlane Green |
|
Fund V |
|
|
40,300 |
|
|
|
20.10 |
% |
|
|
8,100 |
|
|
LIBOR+190 |
|
|
06/05/21 |
|
2 x 12 mos. |
|
Trussville Promenade |
|
Fund V |
|
|
29,370 |
|
|
|
20.10 |
% |
|
|
5,903 |
|
|
LIBOR+185 |
|
|
06/15/21 |
|
2 x 12 mos. |
|
Restaurants at Fort Point |
|
Fund IV |
|
|
6,201 |
|
|
|
23.12 |
% |
|
|
1,434 |
|
|
LIBOR+235 |
|
|
08/25/21 |
|
None |
|
CityPoint 4 |
|
Fund II |
|
|
19,325 |
|
|
|
26.67 |
% |
|
|
5,154 |
|
|
LIBOR+139 |
|
|
11/01/21 |
|
None |
|
Promenade at Manassas 4 |
|
Fund IV |
|
|
25,840 |
|
|
|
22.78 |
% |
|
|
5,886 |
|
|
LIBOR+175 |
|
|
12/05/21 |
|
2 x 12 mos. |
|
3104 M Street 4,6 |
|
Fund III |
|
|
4,531 |
|
|
|
19.63 |
% |
|
|
889 |
|
|
Prime+50 |
|
|
12/10/21 |
|
None |
|
Airport Mall |
|
Fund IV |
|
|
5,476 |
|
|
|
23.12 |
% |
|
|
1,266 |
|
|
LIBOR+200 |
|
|
04/01/22 |
|
None |
|
Colonie Plaza |
|
Fund IV |
|
|
11,890 |
|
|
|
23.12 |
% |
|
|
2,749 |
|
|
LIBOR+225 |
|
|
04/01/22 |
|
None |
|
Dauphin Plaza |
|
Fund IV |
|
|
10,021 |
|
|
|
23.12 |
% |
|
|
2,317 |
|
|
LIBOR+200 |
|
|
04/01/22 |
|
None |
|
JFK Plaza |
|
Fund IV |
|
|
4,381 |
|
|
|
23.12 |
% |
|
|
1,013 |
|
|
LIBOR+200 |
|
|
04/01/22 |
|
None |
|
Shaw's Plaza (Waterville) |
|
Fund IV |
|
|
7,840 |
|
|
|
23.12 |
% |
|
|
1,813 |
|
|
LIBOR+200 |
|
|
04/01/22 |
|
None |
|
Wells Plaza |
|
Fund IV |
|
|
3,286 |
|
|
|
23.12 |
% |
|
|
760 |
|
|
LIBOR+200 |
|
|
04/01/22 |
|
None |
|
Shaw's Plaza (Windham) |
|
Fund IV |
|
|
5,848 |
|
|
|
23.12 |
% |
|
|
1,352 |
|
|
LIBOR+200 |
|
|
12/01/22 |
|
None |
|
Interest rate swaps 1 |
|
Funds II, IV & V |
|
|
(203,577 |
) |
|
|
22.13 |
% |
|
|
(45,051 |
) |
|
LIBOR+163 |
|
|
2.7 YRS |
|
|
|
Sub-Total Variable-Rate Debt |
|
|
|
|
609,260 |
|
|
|
|
|
|
|
131,267 |
|
|
LIBOR+218 |
|
|
|
|
|
|
Total Debt - Funds |
|
|
|
$ |
1,026,288 |
|
|
|
|
|
|
$ |
232,764 |
|
|
4.48% |
|
|
|
|
|
|
Total Debt - Core Portfolio and Funds |
|
|
|
$ |
1,973,312 |
|
|
|
|
|
|
$ |
963,776 |
|
|
3.84% |
|
|
|
|
|
_________
|
1. |
The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements. Maturity reflects the weighted-average years to maturity of the swapped loans without regard to the expiration of the related swap agreements. |
|
2. |
This loan is in default as of December 31, 2018 and is accruing interest for accounting purposes at the default rate of 11%. |
|
3. |
This is an unsecured revolving facility which has a current capacity up to $150,000 and can be increased to $300,000. The interest rate will vary based on levels of leverage. |
|
4. |
Acadia's interest in this Fund debt is also reflected net of other JV interests at the investment level. |
|
5. |
This loan was made in connection with the New Markets Tax Credit and contains a borrower option to purchase the loan for one dollar at the end of the term. |
|
6. |
Bears interest at the greater of 4% or the Prime Rate plus 50 basis points. |
|
24 |
|
|
Future Debt Maturities 1 |
Supplemental Report – December 31, 2018 |
(in thousands) |
Core Portfolio |
|
Total Debt Maturities |
|
|
Acadia's Pro-Rata Share |
|
|
Weighted Average Interest Rate |
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed- |
|
|
|
|
|
|
|
|
Scheduled |
|
|
|
|
|
|
|
|
|
|
Scheduled |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Rate |
|
|
Variable- |
|
|||||
Year |
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Debt |
|
|
Debt |
|
|
Rate Debt |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
$ |
5,198 |
|
|
$ |
26,250 |
|
|
$ |
31,448 |
|
|
$ |
4,006 |
|
|
$ |
5,833 |
|
|
$ |
9,839 |
|
|
6.00% |
|
|
6.00% |
|
|
n/a |
|
|||
2020 |
|
|
5,432 |
|
|
|
— |
|
|
|
5,432 |
|
|
|
4,188 |
|
|
|
— |
|
|
|
4,188 |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|||
2021 |
|
|
5,673 |
|
|
|
— |
|
|
|
5,673 |
|
|
|
4,372 |
|
|
|
— |
|
|
|
4,372 |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|||
2022 |
|
|
5,892 |
|
|
|
— |
|
|
|
5,892 |
|
|
|
4,539 |
|
|
|
— |
|
|
|
4,539 |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|||
2023 |
|
|
5,013 |
|
|
|
545,294 |
|
|
|
550,307 |
|
|
|
3,813 |
|
|
|
408,228 |
|
|
|
412,041 |
|
|
3.67% |
|
|
n/a |
|
|
3.67% |
|
|||
Thereafter |
|
|
18,558 |
|
|
|
329,714 |
|
|
|
348,272 |
|
|
|
16,210 |
|
|
|
279,823 |
|
|
|
296,033 |
|
|
4.11% |
|
|
4.17% |
|
|
3.88% |
|
|||
Total |
|
$ |
45,766 |
|
|
$ |
901,258 |
|
|
$ |
947,024 |
|
|
$ |
37,128 |
|
|
$ |
693,884 |
|
|
$ |
731,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds |
|
Total Debt Maturities |
|
|
Acadia's Pro-Rata Share |
|
|
Weighted Average Interest Rate |
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed- |
|
|
|
|
|
|
|
|
Scheduled |
|
|
|
|
|
|
|
|
|
|
Scheduled |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Rate |
|
|
Variable- |
|
|||||
Year |
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Debt |
|
|
Debt |
|
|
Rate Debt |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
$ |
3,288 |
|
|
$ |
195,971 |
|
|
$ |
199,259 |
|
|
$ |
760 |
|
|
$ |
42,192 |
|
|
$ |
42,952 |
|
|
5.47% |
|
|
n/a |
|
|
5.47% |
|
|||
2020 |
|
|
2,960 |
|
|
|
562,611 |
|
|
|
565,571 |
|
|
|
688 |
|
|
|
131,554 |
|
|
|
132,242 |
|
|
4.62% |
|
|
4.75% |
|
|
4.53% |
|
|||
2021 |
|
|
1,724 |
|
|
|
201,254 |
|
|
|
202,978 |
|
|
|
406 |
|
|
|
43,649 |
|
|
|
44,055 |
|
|
4.34% |
|
|
n/a |
|
|
4.34% |
|
|||
2022 |
|
|
455 |
|
|
|
44,573 |
|
|
|
45,028 |
|
|
|
105 |
|
|
|
10,305 |
|
|
|
10,410 |
|
|
4.41% |
|
|
n/a |
|
|
4.41% |
|
|||
2023 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|||
Thereafter |
|
|
— |
|
|
|
13,452 |
|
|
|
13,452 |
|
|
|
— |
|
|
|
3,105 |
|
|
|
3,105 |
|
|
2.44% |
|
|
2.44% |
|
|
n/a |
|
|||
Total |
|
$ |
8,427 |
|
|
$ |
1,017,861 |
|
|
$ |
1,026,288 |
|
|
$ |
1,959 |
|
|
$ |
230,805 |
|
|
$ |
232,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
1. |
Does not include any applicable extension options or subsequent refinancings. |
|
25 |
|
|
Core Portfolio Retail Properties - Detail |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
|
|
|
|
Year |
|
Acadia's |
|
|
Gross Leasable Area (GLA) |
|
|
In Place Occupancy |
|
|
Leased Occupancy |
|
|
Annualized Base Rent |
|
|
ABR |
|
||||||||||||||||||||||||||||||
Property |
|
Key Tenants |
|
|
Acquired |
|
Interest |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Total |
|
|
(ABR) |
|
|
PSF |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STREET AND URBAN RETAIL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Chicago Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
664 N. Michigan Avenue |
|
Tommy Bahama, Ann Taylor Loft |
|
|
2013 |
|
|
100.0 |
% |
|
|
18,141 |
|
|
|
— |
|
|
|
— |
|
|
|
18,141 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
$ |
4,730,741 |
|
|
$ |
260.78 |
|
|
840 N. Michigan Avenue |
|
H & M, Verizon Wireless |
|
|
2014 |
|
|
88.4 |
% |
|
|
87,135 |
|
|
|
— |
|
|
|
— |
|
|
|
87,135 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
7,738,046 |
|
|
|
88.81 |
|
|
Rush and Walton Streets Collection (5 properties) |
|
Lululemon, BHLDN, Marc Jacobs |
|
|
2011/12 |
|
|
100.0 |
% |
|
|
32,501 |
|
|
|
— |
|
|
|
— |
|
|
|
32,501 |
|
|
|
85.3 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
85.3 |
% |
|
|
85.3 |
% |
|
|
5,982,996 |
|
|
|
215.81 |
|
|
651-671 West Diversey |
|
Trader Joe's, Urban Outfitters |
|
|
2011 |
|
|
100.0 |
% |
|
|
46,259 |
|
|
|
— |
|
|
|
— |
|
|
|
46,259 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
2,022,727 |
|
|
|
43.73 |
|
|
Clark Street and W. Diversey Collection (3 properties) |
|
Ann Taylor, Starbucks |
|
|
2011/12 |
|
|
100.0 |
% |
|
|
23,531 |
|
|
|
— |
|
|
|
— |
|
|
|
23,531 |
|
|
|
50.1 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
50.1 |
% |
|
|
50.2 |
% |
|
|
690,030 |
|
|
|
58.47 |
|
|
Halsted and Armitage Collection (9 properties) |
|
Serena and Lily, Bonobos, Warby Parker |
|
|
2011/12 |
|
|
100.0 |
% |
|
|
45,123 |
|
|
|
— |
|
|
|
— |
|
|
|
45,123 |
|
|
|
80.9 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
80.9 |
% |
|
|
91.1 |
% |
|
|
1,332,078 |
|
|
|
36.49 |
|
|
North Lincoln Park Chicago Collection (6 properties) |
|
Forever 21, Champion, Carhartt |
|
|
2011/14 |
|
|
100.0 |
% |
|
|
22,125 |
|
|
|
— |
|
|
|
27,794 |
|
|
|
49,919 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
60.4 |
% |
|
|
77.9 |
% |
|
|
77.9 |
% |
|
|
1,581,585 |
|
|
|
40.66 |
|
|
State and Washington |
|
H & M, Nordstrom Rack |
|
|
2016 |
|
|
100.0 |
% |
|
|
78,819 |
|
|
|
— |
|
|
|
— |
|
|
|
78,819 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
3,221,107 |
|
|
|
40.87 |
|
|
151 N. State Street |
|
Walgreens |
|
|
2016 |
|
|
100.0 |
% |
|
|
27,385 |
|
|
|
— |
|
|
|
— |
|
|
|
27,385 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,430,000 |
|
|
|
52.22 |
|
|
North and Kingsbury |
|
Old Navy, Pier 1 Imports |
|
|
2016 |
|
|
100.0 |
% |
|
|
41,700 |
|
|
|
— |
|
|
|
— |
|
|
|
41,700 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,641,359 |
|
|
|
39.36 |
|
|
Concord and Milwaukee |
|
|
— |
|
|
2016 |
|
|
100.0 |
% |
|
|
13,105 |
|
|
|
— |
|
|
|
— |
|
|
|
13,105 |
|
|
|
74.1 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
74.1 |
% |
|
|
86.3 |
% |
|
|
306,935 |
|
|
|
31.62 |
|
California and Armitage |
|
|
— |
|
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
18,275 |
|
|
|
18,275 |
|
|
|
— |
% |
|
|
— |
% |
|
|
70.6 |
% |
|
|
70.6 |
% |
|
|
70.6 |
% |
|
|
616,838 |
|
|
|
47.84 |
|
Roosevelt Galleria |
|
Petco, Vitamin Shoppe |
|
|
2015 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
37,995 |
|
|
|
37,995 |
|
|
|
— |
% |
|
|
— |
% |
|
|
47.7 |
% |
|
|
47.7 |
% |
|
|
47.7 |
% |
|
|
581,139 |
|
|
|
32.06 |
|
|
Sullivan Center |
|
Target, DSW |
|
|
2016 |
|
|
100.0 |
% |
|
|
176,181 |
|
|
|
— |
|
|
|
— |
|
|
|
176,181 |
|
|
|
97.7 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
97.7 |
% |
|
|
100.0 |
% |
|
|
6,604,614 |
|
|
|
38.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
612,005 |
|
|
|
— |
|
|
|
84,064 |
|
|
|
696,069 |
|
|
|
94.7 |
% |
|
|
— |
% |
|
|
56.9 |
% |
|
|
90.1 |
% |
|
|
91.6 |
% |
|
|
38,480,195 |
|
|
|
61.35 |
|
New York Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Soho Collection (4 properties) |
|
Paper Source, Faherty, 3x1 Jeans |
|
|
2011/14 |
|
|
100.0 |
% |
|
|
12,511 |
|
|
|
— |
|
|
|
— |
|
|
|
12,511 |
|
|
|
82.4 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
82.4 |
% |
|
|
82.4 |
% |
|
|
3,299,929 |
|
|
|
319.95 |
|
|
5-7 East 17th Street |
|
Union Park Events |
|
|
2008 |
|
|
100.0 |
% |
|
|
11,467 |
|
|
|
— |
|
|
|
— |
|
|
|
11,467 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,300,014 |
|
|
|
113.37 |
|
|
200 West 54th Street |
|
Stage Coach Tavern |
|
|
2007 |
|
|
100.0 |
% |
|
|
5,777 |
|
|
|
— |
|
|
|
— |
|
|
|
5,777 |
|
|
|
77.8 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
77.8 |
% |
|
|
77.8 |
% |
|
|
1,973,188 |
|
|
|
438.80 |
|
|
61 Main Street |
|
|
— |
|
|
2014 |
|
|
100.0 |
% |
|
|
3,400 |
|
|
|
— |
|
|
|
— |
|
|
|
3,400 |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
|
|
|
— |
|
181 Main Street |
|
TD Bank |
|
|
2012 |
|
|
100.0 |
% |
|
|
11,350 |
|
|
|
— |
|
|
|
— |
|
|
|
11,350 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
964,280 |
|
|
|
84.96 |
|
|
4401 White Plains Road |
|
Walgreens |
|
|
2011 |
|
|
100.0 |
% |
|
|
— |
|
|
|
12,964 |
|
|
|
— |
|
|
|
12,964 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
625,000 |
|
|
|
48.21 |
|
|
Bartow Avenue |
|
|
— |
|
|
2005 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
14,590 |
|
|
|
14,590 |
|
|
|
— |
% |
|
|
— |
% |
|
|
66.6 |
% |
|
|
66.6 |
% |
|
|
66.6 |
% |
|
|
306,073 |
|
|
|
31.48 |
|
239 Greenwich Avenue |
|
Betteridge Jewelers |
|
|
1998 |
|
|
75.0 |
% |
|
|
16,553 |
|
|
|
— |
|
|
|
— |
|
|
|
16,553 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,593,328 |
|
|
|
96.26 |
|
|
|
26 |
|
|
Core Portfolio Retail Properties – Detail 1 |
Supplemental Report – December 31, 2018 |
|
|
|
|
|
|
|
Year |
|
Acadia's |
|
|
Gross Leasable Area (GLA) |
|
|
In Place Occupancy |
|
|
Leased Occupancy |
|
|
Annualized Base Rent |
|
|
ABR |
|
||||||||||||||||||||||||||||||
Property |
|
Key Tenants |
|
|
Acquired |
|
Interest |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Total |
|
|
(ABR) |
|
|
PSF |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Madewell, Jack Wills, Blue Mercury |
|
|
2014 |
|
|
100.0 |
% |
|
|
7,986 |
|
|
|
— |
|
|
|
— |
|
|
|
7,986 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,336,219 |
|
|
|
167.32 |
|
||
2914 Third Avenue |
|
Planet Fitness |
|
|
2006 |
|
|
100.0 |
% |
|
|
— |
|
|
|
21,650 |
|
|
|
18,670 |
|
|
|
40,320 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
963,001 |
|
|
|
23.88 |
|
|
868 Broadway |
|
Dr. Martens |
|
|
2013 |
|
|
100.0 |
% |
|
|
2,031 |
|
|
|
— |
|
|
|
— |
|
|
|
2,031 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
767,674 |
|
|
|
377.98 |
|
|
313-315 Bowery 2 |
|
John Varvatos, Patagonia |
|
|
2013 |
|
|
100.0 |
% |
|
|
6,600 |
|
|
|
— |
|
|
|
— |
|
|
|
6,600 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
479,160 |
|
|
|
72.60 |
|
|
120 West Broadway |
|
HSBC Bank |
|
|
2013 |
|
|
100.0 |
% |
|
|
13,838 |
|
|
|
— |
|
|
|
— |
|
|
|
13,838 |
|
|
|
79.8 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
79.8 |
% |
|
|
79.8 |
% |
|
|
1,937,128 |
|
|
|
175.49 |
|
|
2520 Flatbush Avenue |
|
Bob's Disc. Furniture, Capital One |
|
|
2014 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
29,114 |
|
|
|
29,114 |
|
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,158,573 |
|
|
|
39.79 |
|
|
991 Madison Avenue |
|
Vera Wang, Perrin Paris, Gabriella Hearst |
|
|
2016 |
|
|
100.0 |
% |
|
|
7,513 |
|
|
|
— |
|
|
|
— |
|
|
|
7,513 |
|
|
|
91.1 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
91.1 |
% |
|
|
91.1 |
% |
|
|
2,627,502 |
|
|
|
383.73 |
|
|
Shops at Grand |
|
Stop & Shop (Ahold) |
|
|
2014 |
|
|
100.0 |
% |
|
|
— |
|
|
|
52,336 |
|
|
|
47,349 |
|
|
|
99,685 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
93.7 |
% |
|
|
97.0 |
% |
|
|
100.0 |
% |
|
|
3,241,932 |
|
|
|
33.53 |
|
|
Gotham Plaza |
|
Bank of America, Footlocker |
|
|
2016 |
|
|
49.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
25,927 |
|
|
|
25,927 |
|
|
|
— |
% |
|
|
— |
% |
|
|
69.3 |
% |
|
|
69.3 |
% |
|
|
81.0 |
% |
|
|
1,064,361 |
|
|
|
59.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99,026 |
|
|
|
86,950 |
|
|
|
135,650 |
|
|
|
321,626 |
|
|
|
89.6 |
% |
|
|
100.0 |
% |
|
|
88.3 |
% |
|
|
91.9 |
% |
|
|
93.7 |
% |
|
|
23,637,362 |
|
|
|
80.00 |
|
San Francisco Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
555 9th Street |
|
Bed, Bath & Beyond, Nordstrom Rack |
|
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
119,862 |
|
|
|
28,970 |
|
|
|
148,832 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
6,217,577 |
|
|
|
41.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
119,862 |
|
|
|
28,970 |
|
|
|
148,832 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
6,217,577 |
|
|
|
41.78 |
|
District of Columbia Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1739-53 & 1801-03 Connecticut Avenue |
|
Ruth Chris Steak- house, TD Bank |
|
|
2012 |
|
|
100.0 |
% |
|
|
20,669 |
|
|
|
— |
|
|
|
— |
|
|
|
20,669 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,295,554 |
|
|
|
62.68 |
|
|
Rhode Island Place Shopping Center |
|
Ross Dress for Less |
|
|
2012 |
|
|
100.0 |
% |
|
|
— |
|
|
|
25,134 |
|
|
|
32,533 |
|
|
|
57,667 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
88.4 |
% |
|
|
93.4 |
% |
|
|
100.0 |
% |
|
|
1,696,305 |
|
|
|
31.48 |
|
|
M Street and Wisconsin Corridor (25 Properties) 3 |
|
Lululemon, Sephora, The Reformation |
|
|
2011/16 |
|
|
25.3 |
% |
|
|
239,262 |
|
|
|
— |
|
|
|
— |
|
|
|
239,262 |
|
|
|
93.9 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
93.9 |
% |
|
|
96.2 |
% |
|
|
16,053,091 |
|
|
|
71.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
259,931 |
|
|
|
25,134 |
|
|
|
32,533 |
|
|
|
317,598 |
|
|
|
94.4 |
% |
|
|
100.0 |
% |
|
|
88.4 |
% |
|
|
94.2 |
% |
|
|
97.1 |
% |
|
|
19,044,950 |
|
|
|
63.66 |
|
Boston Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
330-340 River Street |
|
Whole Foods |
|
|
2012 |
|
|
100.0 |
% |
|
|
— |
|
|
|
40,800 |
|
|
|
13,426 |
|
|
|
54,226 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,243,517 |
|
|
|
22.93 |
|
|
165 Newbury Street |
|
Starbucks |
|
|
2016 |
|
|
100.0 |
% |
|
|
1,050 |
|
|
|
— |
|
|
|
— |
|
|
|
1,050 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
261,777 |
|
|
|
249.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,050 |
|
|
|
40,800 |
|
|
|
13,426 |
|
|
|
55,276 |
|
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,505,294 |
|
|
|
27.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Street and Urban Retail |
|
|
|
|
|
|
|
|
|
972,012 |
|
|
|
272,746 |
|
|
|
294,643 |
|
|
|
1,539,401 |
|
|
|
94.1 |
% |
|
|
100.0 |
% |
|
|
81.0 |
% |
|
|
92.6 |
% |
|
|
94.3 |
% |
|
$ |
88,885,378 |
|
|
$ |
62.33 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Street and Urban Retail |
|
|
|
|
|
|
|
|
|
779,008 |
|
|
|
272,746 |
|
|
|
281,420 |
|
|
|
1,333,174 |
|
|
|
94.1 |
% |
|
|
100.0 |
% |
|
|
81.6 |
% |
|
|
92.7 |
% |
|
|
94.1 |
% |
|
$ |
75,388,187 |
|
|
$ |
61.02 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27 |
|
|
Core Portfolio Retail Properties – Detail 1 |
Supplemental Report – December 31, 2018 |
|
|
|
|
|
|
|
Year |
|
Acadia's |
|
|
Gross Leasable Area (GLA) |
|
|
In Place Occupancy |
|
|
Leased Occupancy |
|
|
Annualized Base Rent |
|
|
ABR |
|
||||||||||||||||||||||||||||||
Property |
|
Key Tenants |
|
|
Acquired |
|
Interest |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Total |
|
|
(ABR) |
|
|
PSF |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elmwood Park Shopping Center |
|
Walgreens, Acme |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
62,610 |
|
|
|
81,300 |
|
|
|
143,910 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
80.2 |
% |
|
|
88.8 |
% |
|
|
91.7 |
% |
|
|
3,645,305 |
|
|
$ |
28.52 |
|
|
Marketplace of Absecon |
|
Rite Aid, Dollar Tree |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
46,724 |
|
|
|
57,832 |
|
|
|
104,556 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
82.4 |
% |
|
|
90.3 |
% |
|
|
90.3 |
% |
|
|
1,461,055 |
|
|
|
15.48 |
|
|
60 Orange Street |
|
Home Depot |
|
|
2012 |
|
|
98.0 |
% |
|
|
— |
|
|
|
101,715 |
|
|
|
— |
|
|
|
101,715 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
730,000 |
|
|
|
7.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Village Commons Shopping Center |
|
|
— |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
87,128 |
|
|
|
87,128 |
|
|
|
— |
% |
|
|
— |
% |
|
|
93.6 |
% |
|
|
93.6 |
% |
|
|
93.6 |
% |
|
|
2,644,825 |
|
|
|
32.42 |
|
Branch Plaza |
|
LA Fitness, The Fresh Market |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
76,264 |
|
|
|
47,081 |
|
|
|
123,345 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
78.0 |
% |
|
|
91.6 |
% |
|
|
93.6 |
% |
|
|
3,044,919 |
|
|
|
26.95 |
|
|
Amboy Center |
|
Stop & Shop (Ahold) |
|
|
2005 |
|
|
100.0 |
% |
|
|
— |
|
|
|
37,266 |
|
|
|
26,024 |
|
|
|
63,290 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
62.7 |
% |
|
|
84.7 |
% |
|
|
84.7 |
% |
|
|
1,777,861 |
|
|
|
33.17 |
|
|
Pacesetter Park Shopping Center |
|
Stop & Shop (Ahold) |
|
|
1999 |
|
|
100.0 |
% |
|
|
— |
|
|
|
52,052 |
|
|
|
45,754 |
|
|
|
97,806 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
85.5 |
% |
|
|
93.2 |
% |
|
|
93.2 |
% |
|
|
1,232,004 |
|
|
|
13.52 |
|
|
LA Fitness |
|
LA Fitness |
|
|
2007 |
|
|
100.0 |
% |
|
|
— |
|
|
|
55,000 |
|
|
|
— |
|
|
|
55,000 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,485,287 |
|
|
|
27.01 |
|
|
Crossroads Shopping Center |
|
HomeGoods,Pet- Smart, Kmart |
|
|
1998 |
|
|
49.0 |
% |
|
|
— |
|
|
|
202,727 |
|
|
|
109,177 |
|
|
|
311,904 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
88.6 |
% |
|
|
96.0 |
% |
|
|
96.0 |
% |
|
|
7,193,460 |
|
|
|
24.03 |
|
|
New Loudon Center |
|
Price Chopper, Marshalls |
|
|
1993 |
|
|
100.0 |
% |
|
|
— |
|
|
|
251,058 |
|
|
|
4,615 |
|
|
|
255,673 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
2,155,174 |
|
|
|
8.43 |
|
|
28 Jericho Turnpike |
|
Kohl's |
|
|
2012 |
|
|
100.0 |
% |
|
|
— |
|
|
|
96,363 |
|
|
|
— |
|
|
|
96,363 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,815,000 |
|
|
|
18.84 |
|
|
Bedford Green |
|
Shop Rite, CVS |
|
|
2014 |
|
|
100.0 |
% |
|
|
— |
|
|
|
37,981 |
|
|
|
52,608 |
|
|
|
90,589 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
70.7 |
% |
|
|
83.0 |
% |
|
|
83.0 |
% |
|
|
2,455,471 |
|
|
|
32.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Town Line Plaza 4 |
|
Wal-Mart, Stop & Shop (Ahold) |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
163,159 |
|
|
|
43,187 |
|
|
|
206,346 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
93.6 |
% |
|
|
98.7 |
% |
|
|
98.7 |
% |
|
|
1,764,661 |
|
|
|
16.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Methuen Shopping Center |
|
Wal-Mart, Market Basket |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
120,004 |
|
|
|
10,017 |
|
|
|
130,021 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,360,858 |
|
|
|
10.47 |
|
|
Crescent Plaza |
|
Home Depot, Shaw's (Supervalu) |
|
|
1993 |
|
|
100.0 |
% |
|
|
— |
|
|
|
156,985 |
|
|
|
61,163 |
|
|
|
218,148 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
67.7 |
% |
|
|
90.9 |
% |
|
|
90.9 |
% |
|
|
1,900,871 |
|
|
|
9.58 |
|
|
201 Needham Street |
|
Michael's |
|
|
2014 |
|
|
100.0 |
% |
|
|
— |
|
|
|
20,409 |
|
|
|
— |
|
|
|
20,409 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
646,965 |
|
|
|
31.70 |
|
|
163 Highland Avenue |
|
Staples, Petco |
|
|
2015 |
|
|
100.0 |
% |
|
|
— |
|
|
|
40,505 |
|
|
|
— |
|
|
|
40,505 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,311,747 |
|
|
|
32.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vermont |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Gateway Shopping Center |
|
Shaw's (Supervalu) |
|
|
1999 |
|
|
100.0 |
% |
|
|
— |
|
|
|
73,184 |
|
|
|
28,471 |
|
|
|
101,655 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
93.7 |
% |
|
|
98.2 |
% |
|
|
98.2 |
% |
|
|
2,129,914 |
|
|
|
21.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hobson West Plaza |
|
Garden Fresh Markets |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
51,692 |
|
|
|
47,445 |
|
|
|
99,137 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
70.4 |
% |
|
|
85.8 |
% |
|
|
85.8 |
% |
|
|
1,309,799 |
|
|
|
15.39 |
|
|
28 |
|
|
Core Portfolio Retail Properties – Detail 1 |
Supplemental Report – December 31, 2018 |
|
|
|
|
|
|
|
Year |
|
Acadia's |
|
|
Gross Leasable Area (GLA) |
|
|
In Place Occupancy |
|
|
Leased Occupancy |
|
|
Annualized Base Rent |
|
|
ABR |
|
||||||||||||||||||||||||||||||
Property |
|
Key Tenants |
|
|
Acquired |
|
Interest |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Total |
|
|
(ABR) |
|
|
PSF |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merrillville Plaza |
|
Jo-Ann Fabrics, TJ Maxx |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
123,220 |
|
|
|
112,867 |
|
|
|
236,087 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
88.1 |
% |
|
|
94.3 |
% |
|
|
94.3 |
% |
|
|
3,319,766 |
|
|
|
14.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bloomfield Town Square |
|
Best Buy, HomeGoods, TJ Maxx |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
153,839 |
|
|
|
81,183 |
|
|
|
235,022 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
85.4 |
% |
|
|
94.9 |
% |
|
|
94.9 |
% |
|
|
3,611,925 |
|
|
|
16.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Town Center and Other (2 properties) |
|
Lowes, Bed Bath & Beyond, Target |
|
|
2003 |
|
|
65.1 |
% |
|
|
— |
|
|
|
748,210 |
|
|
|
51,808 |
|
|
|
800,018 |
|
|
|
— |
% |
|
|
91.6 |
% |
|
|
85.7 |
% |
|
|
91.3 |
% |
|
|
93.6 |
% |
|
|
12,458,461 |
|
|
|
17.06 |
|
|
Market Square Shopping Center |
|
Trader Joe's, TJ Maxx |
|
|
2003 |
|
|
100.0 |
% |
|
|
— |
|
|
|
42,850 |
|
|
|
59,197 |
|
|
|
102,047 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
3,072,327 |
|
|
|
30.11 |
|
|
Naamans Road |
|
|
— |
|
|
2006 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
19,850 |
|
|
|
19,850 |
|
|
|
— |
% |
|
|
— |
% |
|
|
63.9 |
% |
|
|
63.9 |
% |
|
|
63.9 |
% |
|
|
614,847 |
|
|
|
48.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark Plaza |
|
Kmart |
|
|
1993 |
|
|
100.0 |
% |
|
|
— |
|
|
|
104,956 |
|
|
|
1,900 |
|
|
|
106,856 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
244,279 |
|
|
|
2.29 |
|
|
Plaza 422 |
|
Home Depot |
|
|
1993 |
|
|
100.0 |
% |
|
|
— |
|
|
|
139,968 |
|
|
|
16,311 |
|
|
|
156,279 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
850,978 |
|
|
|
5.45 |
|
|
Chestnut Hill |
|
|
— |
|
|
2006 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
37,646 |
|
|
|
37,646 |
|
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
963,468 |
|
|
|
25.59 |
|
Abington Towne Center 5 |
|
Target, TJ Maxx |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
184,616 |
|
|
|
31,662 |
|
|
|
216,278 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
56.3 |
% |
|
|
93.6 |
% |
|
|
98.9 |
% |
|
|
855,873 |
|
|
|
15.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Suburban Properties |
|
|
|
|
|
|
|
|
|
— |
|
|
|
3,143,357 |
|
|
|
1,114,226 |
|
|
|
4,257,583 |
|
|
|
— |
% |
|
|
98.0 |
% |
|
|
84.0 |
% |
|
|
94.3 |
% |
|
|
95.2 |
% |
|
|
66,057,100 |
|
|
$ |
17.49 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Suburban Properties |
|
|
|
|
|
|
|
|
|
— |
|
|
|
2,813,822 |
|
|
|
1,033,721 |
|
|
|
3,847,543 |
|
|
|
— |
% |
|
|
98.8 |
% |
|
|
83.7 |
% |
|
|
94.8 |
% |
|
|
95.6 |
% |
|
$ |
58,770,626 |
|
|
$ |
17.26 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CORE PROPERTIES |
|
|
|
|
|
|
|
|
|
972,012 |
|
|
|
3,416,103 |
|
|
|
1,408,869 |
|
|
|
5,796,984 |
|
|
|
94.1 |
% |
|
|
98.2 |
% |
|
|
83.4 |
% |
|
|
93.9 |
% |
|
|
95.0 |
% |
|
|
154,942,478 |
|
|
$ |
29.78 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Core Properties |
|
|
|
|
|
|
|
|
|
779,008 |
|
|
|
3,086,568 |
|
|
|
1,315,141 |
|
|
|
5,180,717 |
|
|
|
94.1 |
% |
|
|
98.9 |
% |
|
|
83.3 |
% |
|
|
94.2 |
% |
|
|
95.2 |
% |
|
$ |
134,158,813 |
|
|
$ |
28.91 |
|
__________
|
1. |
Excludes properties under development, redevelopment and pre-stabilized, see “Development and Redevelopment Activity” page of this Supplemental Report. The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy," but for which rent payment has not yet commenced. |
|
2. |
Represents the annual base rent paid to Acadia pursuant to a master lessee and does not reflect the rent paid by the retail tenants at the property. |
|
3. |
Excludes 94,000 of office GLA. |
|
4. |
Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. |
|
5. |
Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. |
|
29 |
|
|
Core Portfolio – Top Tenants 1 |
Supplemental Report – December 31, 2018 |
Pro-Rata Basis, Ranked by Annualized Base Rent (ABR) |
|
|
Number of |
|
|
Combined |
|
|
Percentage of Total |
|
|||||||||||
Tenant |
|
Stores |
|
|
GLA |
|
|
ABR |
|
|
GLA |
|
|
ABR |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Target |
|
|
3 |
|
|
|
390,416 |
|
|
$ |
7,809,968 |
|
|
|
7.5 |
% |
|
|
5.8 |
% |
H & M |
|
|
2 |
|
|
|
81,246 |
|
|
|
5,309,815 |
|
|
|
1.6 |
% |
|
|
4.0 |
% |
Royal Ahold 2 |
|
|
4 |
|
|
|
207,513 |
|
|
|
3,744,728 |
|
|
|
4.0 |
% |
|
|
2.8 |
% |
Nordstrom, Inc. |
|
|
2 |
|
|
|
88,982 |
|
|
|
3,515,492 |
|
|
|
1.7 |
% |
|
|
2.6 |
% |
Albertsons Companies 3 |
|
|
3 |
|
|
|
171,182 |
|
|
|
3,377,140 |
|
|
|
3.3 |
% |
|
|
2.5 |
% |
Walgreens |
|
|
4 |
|
|
|
68,556 |
|
|
|
3,321,875 |
|
|
|
1.3 |
% |
|
|
2.5 |
% |
Bed, Bath, and Beyond 4 |
|
|
3 |
|
|
|
122,465 |
|
|
|
3,068,430 |
|
|
|
2.4 |
% |
|
|
2.3 |
% |
Ascena Retail Group 5 |
|
|
5 |
|
|
|
23,233 |
|
|
|
2,622,022 |
|
|
|
0.4 |
% |
|
|
2.0 |
% |
LA Fitness International LLC |
|
|
2 |
|
|
|
100,000 |
|
|
|
2,524,787 |
|
|
|
1.9 |
% |
|
|
1.9 |
% |
Lululemon |
|
|
2 |
|
|
|
7,533 |
|
|
|
2,333,647 |
|
|
|
0.1 |
% |
|
|
1.7 |
% |
Trader Joe's |
|
|
3 |
|
|
|
41,432 |
|
|
|
2,225,739 |
|
|
|
0.8 |
% |
|
|
1.7 |
% |
TJX Companies 6 |
|
|
7 |
|
|
|
208,450 |
|
|
|
2,130,894 |
|
|
|
4.0 |
% |
|
|
1.6 |
% |
Home Depot |
|
|
3 |
|
|
|
312,718 |
|
|
|
1,964,443 |
|
|
|
6.0 |
% |
|
|
1.5 |
% |
Gap 7 |
|
|
3 |
|
|
|
39,717 |
|
|
|
1,874,439 |
|
|
|
0.8 |
% |
|
|
1.4 |
% |
Bob's Discount Furniture |
|
|
2 |
|
|
|
57,969 |
|
|
|
1,569,888 |
|
|
|
1.1 |
% |
|
|
1.2 |
% |
Tapestry 8 |
|
|
2 |
|
|
|
4,250 |
|
|
|
1,507,069 |
|
|
|
0.1 |
% |
|
|
1.1 |
% |
JP Morgan Chase |
|
|
7 |
|
|
|
28,715 |
|
|
|
1,435,144 |
|
|
|
0.6 |
% |
|
|
1.1 |
% |
Ulta Salon Cosmetic & Fragrance |
|
|
3 |
|
|
|
31,497 |
|
|
|
1,424,318 |
|
|
|
0.6 |
% |
|
|
1.1 |
% |
DSW |
|
|
2 |
|
|
|
35,842 |
|
|
|
1,351,836 |
|
|
|
0.7 |
% |
|
|
1.0 |
% |
Dick's Sporting Goods, Inc |
|
|
2 |
|
|
|
86,415 |
|
|
|
1,321,634 |
|
|
|
1.7 |
% |
|
|
0.9 |
% |
TOTAL |
|
|
64 |
|
|
|
2,108,131 |
|
|
$ |
54,433,308 |
|
|
|
40.7 |
% |
|
|
40.6 |
% |
__________
|
1. |
Does not include tenants that operate at only one Acadia Core location |
|
2. |
Stop and Shop (4 locations) |
|
3. |
Shaw’s (2 locations), Acme (1 location) |
|
4. |
Bed Bath and Beyond (2 locations), Christmas Tree Shops (1 location) |
|
5. |
Ann Taylor Loft (2 locations), Catherine’s (1 location), Dress Barn (1 location), Lane Bryant (1 location) |
|
6. |
TJ Maxx (4 locations), Marshalls (1 location), HomeGoods (2 locations); Excludes TJ Maxx Clark and Diversey location under redevelopment which will increase TJX Companies % of GLA to 4.4% |
|
7. |
Old Navy (2 locations), Banana Republic (1 location) |
|
8. |
Kate Spade (2 locations) |
|
30 |
|
|
Core Portfolio – Lease Expirations |
Supplemental Report – December 31, 2018 |
(Pro Rata Basis) |
|
|
Street Tenants |
|
|
Anchor Tenants |
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
GLA |
|
|
ABR |
|
|
|
|
|
|
GLA |
|
|
ABR |
|
||||||||||||||||||||
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
Percent |
|
||||||||
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
||||||||||
M to M 1 |
|
|
1 |
|
|
|
1,300 |
|
|
|
0 |
% |
|
$ |
27.69 |
|
|
|
0 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
|
— |
% |
2019 |
|
|
8 |
|
|
|
37,959 |
|
|
|
5.2 |
% |
|
|
65.45 |
|
|
|
4.3 |
% |
|
|
2 |
|
|
|
152,729 |
|
|
|
6 |
% |
|
|
10.48 |
|
|
|
4 |
% |
2020 |
|
|
12 |
|
|
|
31,937 |
|
|
|
4.4 |
% |
|
|
123.92 |
|
|
|
6.9 |
% |
|
|
5 |
|
|
|
273,380 |
|
|
|
9.8 |
% |
|
|
16.01 |
|
|
|
10.2 |
% |
2021 |
|
|
24 |
|
|
|
96,624 |
|
|
|
13.2 |
% |
|
|
52.76 |
|
|
|
8.8 |
% |
|
|
13 |
|
|
|
545,056 |
|
|
|
19.5 |
% |
|
|
14.60 |
|
|
|
18.6 |
% |
2022 |
|
|
11 |
|
|
|
54,337 |
|
|
|
7.4 |
% |
|
|
85.69 |
|
|
|
8.1 |
% |
|
|
5 |
|
|
|
187,442 |
|
|
|
6.7 |
% |
|
|
16.79 |
|
|
|
7.4 |
% |
2023 |
|
|
15 |
|
|
|
127,884 |
|
|
|
17.4 |
% |
|
|
69.06 |
|
|
|
15.3 |
% |
|
|
9 |
|
|
|
403,062 |
|
|
|
14.4 |
% |
|
|
18.35 |
|
|
|
17.3 |
% |
2024 |
|
|
11 |
|
|
|
74,731 |
|
|
|
10.2 |
% |
|
|
74.39 |
|
|
|
9.6 |
% |
|
|
11 |
|
|
|
365,205 |
|
|
|
13.1 |
% |
|
|
13.90 |
|
|
|
11.9 |
% |
2025 |
|
|
12 |
|
|
|
43,342 |
|
|
|
5.9 |
% |
|
|
140.50 |
|
|
|
10.6 |
% |
|
|
6 |
|
|
|
152,211 |
|
|
|
5.4 |
% |
|
|
18.33 |
|
|
|
6.5 |
% |
2026 |
|
|
12 |
|
|
|
24,920 |
|
|
|
3.4 |
% |
|
|
97.12 |
|
|
|
4.2 |
% |
|
|
3 |
|
|
|
72,216 |
|
|
|
2.6 |
% |
|
|
13.07 |
|
|
|
2.2 |
% |
2027 |
|
|
6 |
|
|
|
17,231 |
|
|
|
2.4 |
% |
|
|
80.41 |
|
|
|
2.4 |
% |
|
|
2 |
|
|
|
66,650 |
|
|
|
2.4 |
% |
|
|
23.33 |
|
|
|
3.6 |
% |
2028 |
|
|
10 |
|
|
|
147,202 |
|
|
|
20.1 |
% |
|
|
56.05 |
|
|
|
14.3 |
% |
|
|
7 |
|
|
|
409,285 |
|
|
|
14.6 |
% |
|
|
13.86 |
|
|
|
13.3 |
% |
Thereafter |
|
|
10 |
|
|
|
75,692 |
|
|
|
10.2 |
% |
|
|
117.57 |
|
|
|
15.4 |
% |
|
|
4 |
|
|
|
170,633 |
|
|
|
6.0 |
% |
|
|
13.24 |
|
|
|
5.3 |
% |
Total |
|
|
132 |
|
|
|
733,159 |
|
|
|
100.0 |
% |
|
$ |
78.66 |
|
|
|
100.0 |
% |
|
|
67 |
|
|
|
2,797,869 |
|
|
|
100.0 |
% |
|
$ |
15.28 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor GLA Owned by Tenants |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
254,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Vacant |
|
|
|
45,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Square Feet |
|
|
|
779,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,086,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shop Tenants |
|
|
Total Tenants |
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
GLA |
|
|
ABR |
|
|
|
|
|
|
GLA |
|
|
ABR |
|
||||||||||||||||||||
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
Percent |
|
||||||||
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
||||||||||
M to M 1 |
|
|
2 |
|
|
|
8,241 |
|
|
|
0.8 |
% |
|
$ |
16.89 |
|
|
|
0.4 |
% |
|
|
3 |
|
|
|
9,541 |
|
|
|
0.2 |
% |
|
$ |
18.36 |
|
|
|
0.1 |
% |
2019 |
|
|
25 |
|
|
|
51,971 |
|
|
|
4.7 |
% |
|
|
30.29 |
|
|
|
4.7 |
% |
|
|
35 |
|
|
|
242,659 |
|
|
|
5.2 |
% |
|
|
23.32 |
|
|
|
4.2 |
% |
2020 |
|
|
39 |
|
|
|
117,904 |
|
|
|
10.8 |
% |
|
|
25.25 |
|
|
|
8.8 |
% |
|
|
56 |
|
|
|
423,221 |
|
|
|
9.1 |
% |
|
|
26.73 |
|
|
|
8.4 |
% |
2021 |
|
|
44 |
|
|
|
171,025 |
|
|
|
15.6 |
% |
|
|
24.39 |
|
|
|
12.4 |
% |
|
|
81 |
|
|
|
812,705 |
|
|
|
17.6 |
% |
|
|
21.20 |
|
|
|
12.8 |
% |
2022 |
|
|
39 |
|
|
|
130,380 |
|
|
|
11.9 |
% |
|
|
33.21 |
|
|
|
12.8 |
% |
|
|
55 |
|
|
|
372,159 |
|
|
|
8.0 |
% |
|
|
32.60 |
|
|
|
9.0 |
% |
2023 |
|
|
36 |
|
|
|
135,959 |
|
|
|
12.4 |
% |
|
|
29.78 |
|
|
|
12.0 |
% |
|
|
60 |
|
|
|
666,905 |
|
|
|
14.4 |
% |
|
|
30.40 |
|
|
|
15.1 |
% |
2024 |
|
|
31 |
|
|
|
135,225 |
|
|
|
12.3 |
% |
|
|
27.96 |
|
|
|
11.2 |
% |
|
|
53 |
|
|
|
575,161 |
|
|
|
12.4 |
% |
|
|
25.07 |
|
|
|
10.7 |
% |
2025 |
|
|
17 |
|
|
|
45,284 |
|
|
|
4.1 |
% |
|
|
31.22 |
|
|
|
4.2 |
% |
|
|
35 |
|
|
|
240,837 |
|
|
|
5.2 |
% |
|
|
42.74 |
|
|
|
7.7 |
% |
2026 |
|
|
14 |
|
|
|
64,136 |
|
|
|
5.9 |
% |
|
|
31.96 |
|
|
|
6.1 |
% |
|
|
29 |
|
|
|
161,272 |
|
|
|
3.5 |
% |
|
|
33.57 |
|
|
|
4.0 |
% |
2027 |
|
|
16 |
|
|
|
75,919 |
|
|
|
6.9 |
% |
|
|
30.05 |
|
|
|
6.8 |
% |
|
|
24 |
|
|
|
159,800 |
|
|
|
3.5 |
% |
|
|
32.68 |
|
|
|
3.9 |
% |
2028 |
|
|
24 |
|
|
|
111,193 |
|
|
|
10.2 |
% |
|
|
36.87 |
|
|
|
12.2 |
% |
|
|
41 |
|
|
|
667,680 |
|
|
|
14.4 |
% |
|
|
26.99 |
|
|
|
13.4 |
% |
Thereafter |
|
|
13 |
|
|
|
47,995 |
|
|
|
4.4 |
% |
|
|
59.43 |
|
|
|
8.4 |
% |
|
|
27 |
|
|
|
294,320 |
|
|
|
6.5 |
% |
|
|
47.60 |
|
|
|
10.7 |
% |
Total |
|
|
300 |
|
|
|
1,095,232 |
|
|
|
100.0 |
% |
|
$ |
30.79 |
|
|
|
100.0 |
% |
|
|
499 |
|
|
|
4,626,260 |
|
|
|
100.0 |
% |
|
$ |
28.91 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor GLA Owned by Tenants |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
254,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Vacant |
|
|
|
219,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
299,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Square Feet |
|
|
|
1,315,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,180,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________
|
1. |
Leases currently under month to month or in process of renewal |
|
31 |
|
|
Core Portfolio – New and Renewal Rent Spreads |
Supplemental Report – December 31, 2018 |
|
|
|
Quarter Ended |
|
|
Year to Date |
|
||||||||||||||||||||||||||||||||||
|
March 31, 2018 |
|
|
June 30, 2018 |
|
|
September 30, 2018 |
|
|
December 31, 2018 |
|
|
December 31, 2018 |
|
||||||||||||||||||||||||||
|
|
GAAP 2 |
|
|
Cash 3 |
|
|
GAAP 2 |
|
|
Cash 3 |
|
|
GAAP 2 |
|
|
Cash 3 |
|
|
GAAP 2 |
|
|
Cash 3 |
|
|
GAAP 2 |
|
|
Cash 3 |
|
||||||||||
New Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of new leases executed |
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
5 |
|
|
|
5 |
|
|
|
10 |
|
|
|
10 |
|
GLA |
|
|
3,405 |
|
|
|
3,405 |
|
|
|
4,800 |
|
|
|
4,800 |
|
|
|
7,054 |
|
|
|
7,054 |
|
|
|
39,224 |
|
|
|
39,224 |
|
|
|
54,483 |
|
|
|
54,483 |
|
New base rent |
|
$ |
88.01 |
|
|
$ |
78.56 |
|
|
$ |
58.44 |
|
|
$ |
51.37 |
|
|
$ |
64.40 |
|
|
$ |
57.75 |
|
|
$ |
38.92 |
|
|
$ |
35.55 |
|
|
$ |
47.01 |
|
|
$ |
42.51 |
|
Previous base rent |
|
$ |
41.16 |
|
|
$ |
38.77 |
|
|
$ |
46.52 |
|
|
$ |
49.72 |
|
|
$ |
51.84 |
|
|
$ |
52.44 |
|
|
$ |
33.42 |
|
|
$ |
32.49 |
|
|
$ |
37.44 |
|
|
$ |
36.98 |
|
Average cost per square foot |
|
$ |
48.31 |
|
|
$ |
48.31 |
|
|
$ |
77.05 |
|
|
$ |
77.05 |
|
|
$ |
42.15 |
|
|
$ |
42.15 |
|
|
$ |
85.68 |
|
|
$ |
85.68 |
|
|
$ |
76.95 |
|
|
$ |
76.95 |
|
Weighted Average Lease Term (years) |
|
|
10.0 |
|
|
|
10.0 |
|
|
|
10.0 |
|
|
|
10.0 |
|
|
|
10.0 |
|
|
|
10.0 |
|
|
|
10.8 |
|
|
|
10.8 |
|
|
|
10.5 |
|
|
|
10.5 |
|
Percentage growth in base rent |
|
|
113.8 |
% |
|
|
102.6 |
% |
|
|
25.6 |
% |
|
|
3.3 |
% |
|
|
24.2 |
% |
|
|
10.1 |
% |
|
|
16.5 |
% |
|
|
9.4 |
% |
|
|
25.5 |
% |
|
|
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renewal Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of renewal leases executed |
|
|
8 |
|
|
|
8 |
|
|
|
23 |
|
|
|
23 |
|
|
|
19 |
|
|
|
19 |
|
|
|
8 |
|
|
|
8 |
|
|
|
58 |
|
|
|
58 |
|
GLA |
|
|
62,135 |
|
|
|
62,135 |
|
|
|
274,392 |
|
|
|
274,392 |
|
|
|
156,359 |
|
|
|
156,359 |
|
|
|
14,935 |
|
|
|
14,935 |
|
|
|
507,821 |
|
|
|
507,821 |
|
New base rent |
|
$ |
17.48 |
|
|
$ |
17.09 |
|
|
$ |
19.43 |
|
|
$ |
19.33 |
|
|
$ |
16.04 |
|
|
$ |
15.62 |
|
|
$ |
26.88 |
|
|
$ |
26.56 |
|
|
$ |
18.37 |
|
|
$ |
18.13 |
|
Expiring base rent |
|
$ |
15.83 |
|
|
$ |
16.43 |
|
|
$ |
16.77 |
|
|
$ |
17.74 |
|
|
$ |
14.06 |
|
|
$ |
14.50 |
|
|
$ |
26.26 |
|
|
$ |
26.69 |
|
|
$ |
16.10 |
|
|
$ |
16.84 |
|
Average cost per square foot |
|
$ |
0.51 |
|
|
$ |
0.51 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.06 |
|
|
$ |
0.06 |
|
Weighted Average Lease Term (years) |
|
|
4.9 |
|
|
|
4.9 |
|
|
|
4.7 |
|
|
|
4.7 |
|
|
|
5.0 |
|
|
|
5.0 |
|
|
|
4.7 |
|
|
|
4.7 |
|
|
|
4.8 |
|
|
|
4.8 |
|
Percentage growth in base rent |
|
|
10.4 |
% |
|
|
4.0 |
% |
|
|
15.9 |
% |
|
|
9.0 |
% |
|
|
14.1 |
% |
|
|
7.7 |
% |
|
|
2.3 |
% |
|
|
(0.5 |
)% |
|
|
14.1 |
% |
|
|
7.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total New and Renewal Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of new and renewal leases executed |
|
|
9 |
|
|
|
9 |
|
|
|
25 |
|
|
|
25 |
|
|
|
21 |
|
|
|
21 |
|
|
|
13 |
|
|
|
13 |
|
|
|
68 |
|
|
|
68 |
|
GLA commencing |
|
|
65,540 |
|
|
|
65,540 |
|
|
|
279,192 |
|
|
|
279,192 |
|
|
|
163,413 |
|
|
|
163,413 |
|
|
|
54,159 |
|
|
|
54,159 |
|
|
|
562,304 |
|
|
|
562,304 |
|
New base rent |
|
$ |
21.14 |
|
|
$ |
20.28 |
|
|
$ |
20.10 |
|
|
$ |
19.88 |
|
|
$ |
18.13 |
|
|
$ |
17.44 |
|
|
$ |
35.60 |
|
|
$ |
33.07 |
|
|
$ |
21.14 |
|
|
$ |
20.49 |
|
Expiring base rent |
|
$ |
17.15 |
|
|
$ |
17.59 |
|
|
$ |
17.28 |
|
|
$ |
18.29 |
|
|
$ |
15.69 |
|
|
$ |
16.14 |
|
|
$ |
31.45 |
|
|
$ |
30.89 |
|
|
$ |
18.17 |
|
|
$ |
18.80 |
|
Average cost per square foot |
|
$ |
2.99 |
|
|
$ |
2.99 |
|
|
$ |
1.32 |
|
|
$ |
1.32 |
|
|
$ |
1.82 |
|
|
$ |
1.82 |
|
|
$ |
62.05 |
|
|
$ |
62.05 |
|
|
$ |
7.51 |
|
|
$ |
7.51 |
|
Weighted Average Lease Term (years) |
|
|
5.2 |
|
|
|
5.2 |
|
|
|
4.8 |
|
|
|
4.8 |
|
|
|
5.2 |
|
|
|
5.2 |
|
|
|
9.1 |
|
|
|
9.1 |
|
|
|
5.4 |
|
|
|
5.4 |
|
Percentage growth in base rent |
|
|
23.3 |
% |
|
|
15.3 |
% |
|
|
16.3 |
% |
|
|
8.7 |
% |
|
|
15.5 |
% |
|
|
8.0 |
% |
|
|
13.2 |
% |
|
|
7.1 |
% |
|
|
16.4 |
% |
|
|
9.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
1. |
Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's major redevelopment projects; renewal leases include exercised options. |
|
2. |
Rents are calculated on a straight-line ("GAAP") basis and do not incorporate above- or below-market lease adjustments. |
|
3. |
Rents have not been calculated on a straight-line basis. Previous/expiring rent is that as of time of expiration and includes any percentage rent paid as well. New rent is that which is paid at commencement. |
|
32 |
|
|
Core Portfolio – Capital Expenditures |
Supplemental Report – December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Year to Date |
|
||||||||||||||||||
|
|
March 31, 2018 |
|
|
June 30, 2018 |
|
|
September 30, 2018 |
|
|
December 31, 2018 |
|
|
December 31, 2018 |
|
|
December 31, 2017 |
|
||||||
Leasing Commissions |
|
$ |
212 |
|
|
$ |
632 |
|
|
$ |
320 |
|
|
$ |
713 |
|
|
$ |
1,877 |
|
|
$ |
1,414 |
|
Tenant Improvements |
|
|
1,224 |
|
|
|
2,211 |
|
|
|
3,745 |
|
|
|
2,896 |
|
|
|
10,076 |
|
|
|
6,241 |
|
Maintenance Capital Expenditures |
|
|
957 |
|
|
|
152 |
|
|
|
1,471 |
|
|
|
574 |
|
|
|
3,154 |
|
|
|
2,642 |
|
Total Capital Expenditures |
|
$ |
2,393 |
|
|
$ |
2,995 |
|
|
$ |
5,536 |
|
|
$ |
4,183 |
|
|
$ |
15,107 |
|
|
$ |
10,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33 |
|
|
Fund Overview |
Supplemental Report – December 31, 2018 |
|
I. KEY METRICS |
|
Fund I |
|
Fund II |
|
Fund III |
|
Fund IV |
|
Fund V |
|
Total |
||||||||||||||||||||||||||||||
General Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vintage |
|
|
Sep-2001 |
|
|
Jun-2004 |
|
|
May-2007 |
|
|
May-2012 |
|
|
Aug-2016 |
|
|
|
||||||||||||||||||||||||
Fund Size |
|
$ |
|
90.0 |
|
Million |
|
$ |
|
300.0 |
|
Million |
|
$ |
|
502.5 |
|
Million |
|
$ |
|
540.6 |
|
Million |
|
$ |
|
520.0 |
|
Million |
|
$ |
|
1,953.1 |
|
Million |
||||||
Acadia's Commitment |
|
$ |
|
20.0 |
|
Million |
|
$ |
|
85.0 |
|
Million |
|
$ |
|
123.3 |
|
Million |
|
$ |
|
125.0 |
|
Million |
|
$ |
|
104.5 |
|
Million |
|
$ |
|
457.8 |
|
Million |
||||||
Acadia's Pro Rata Share |
|
|
|
22.2 |
|
% |
|
|
|
|
28.3 |
|
% |
|
|
|
|
24.5 |
|
% |
|
|
|
|
23.1 |
|
% |
|
|
|
|
20.1 |
|
% |
|
|
|
|
23.4 |
|
% |
|
Acadia's Promoted Share 1 |
|
|
|
37.8 |
|
% |
|
|
|
|
42.7 |
|
% |
|
|
|
|
39.6 |
|
% |
|
|
|
|
38.5 |
|
% |
|
|
|
|
36.1 |
|
% |
|
|
|
|
38.8 |
|
% |
|
Preferred Return |
|
|
|
9.0 |
|
% |
|
|
|
|
8.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
6.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current-Quarter, Fund-Level Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative Contributions 2 |
|
$ |
|
86.6 |
|
Million |
|
$ |
|
347.1 |
|
Million |
|
$ |
|
423.9 |
|
Million |
|
$ |
|
420.8 |
|
Million |
|
$ |
|
85.1 |
|
Million |
|
$ |
|
1,363.5 |
|
Million |
||||||
Cumulative Net Distributions 3 |
|
$ |
|
195.4 |
|
Million |
|
$ |
|
146.6 |
|
Million |
|
$ |
|
551.9 |
|
Million |
|
$ |
|
147.4 |
|
Million |
|
$ |
|
- |
|
Million |
|
$ |
|
1,041.3 |
|
Million |
||||||
Net Distributions/Contributions |
|
|
|
225.6 |
|
% |
|
|
|
|
42.2 |
|
% |
|
|
|
|
130.2 |
|
% |
|
|
|
|
35.0 |
|
% |
|
|
|
N/A |
|
|
|
|
|
|
76.4 |
|
% |
|
|
Unfunded Commitment 4 |
|
$ |
|
0.0 |
|
Million |
|
$ |
|
15.0 |
|
Million |
|
$ |
|
26.1 |
|
Million |
|
$ |
|
109.2 |
|
Million |
|
$ |
|
434.9 |
|
Million |
|
$ |
|
585.2 |
|
Million |
||||||
Acquisition Dry Powder 5 |
|
|
N/A |
|
|
|
|
|
N/A |
|
|
|
|
|
N/A |
|
|
|
|
|
N/A |
|
|
|
|
$ |
|
287.0 |
|
Million |
|
$ |
|
287.0 |
|
Million |
||||||
Investment Period Closes 6 |
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
Aug-2019 |
|
|
|
|
|
|
|
|
|
|
|||||
Currently in a Promote Position? (Yes/No) |
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type: |
|
|
Applicable to |
|
|
Description |
||||||||||||||||||||||||||||||||||||
Asset Management 7 |
|
|
Fund I, II & III |
|
|
1.5% of Implied Capital |
||||||||||||||||||||||||||||||||||||
Asset Management 7 |
|
|
Fund IV & V |
|
|
1.5% of Implied Capital during the investment period, 1.25% of Implied Capital post-investment period |
||||||||||||||||||||||||||||||||||||
Property Management |
|
|
All funds |
|
|
4.0% of gross property revenues |
||||||||||||||||||||||||||||||||||||
Leasing |
|
|
All funds |
|
|
Market-rate leasing commissions |
||||||||||||||||||||||||||||||||||||
Construction/Project Management |
|
|
All funds |
|
|
Market-rate fees |
||||||||||||||||||||||||||||||||||||
Development |
|
|
Fund III, IV & V |
|
|
3.0% of total project costs |
__________
|
1. |
Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro rata share of the remaining 80%. |
|
2. |
With regard to Fund II, the additional contributions over original Fund Size reflects a prior-period distribution that was re-contributed to the Fund during 2016 to fund the on-going redevelopment of existing Fund II investments. |
|
3. |
Net of fees and promote. Fund I has made its final distribution and was fully liquidated in 2018. |
|
4. |
Unfunded Commitments are set aside to complete leasing and development at existing fund investments and to make new Fund V investments. The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales. With regard to Fund II, the Unfunded Commitment reflects a prior-period distribution that is subject to recontribution to the Fund until April 2021. |
|
5. |
Unfunded Commitments available to deploy into new unidentified investments. |
|
6. |
With regard to Fund V’s investment period, Acadia has two one-year extension options, at its discretion, through August 2021. |
|
7. |
Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $50.0 million of general reserves. |
|
34 |
|
|
Fund Portfolio Retail Properties – Detail 1 |
Supplemental Report – December 31, 2018 |
|
|
|
|
|
Year |
|
Fund |
|
|
Gross Leasable Area |
|
|
In Place Occupancy |
|
|
Leased |
|
|
Annualized |
|
|
|
|
|
|||||||||||||||||||||||||||||
Property |
|
Key Tenants |
|
Acquired |
|
Ownership % |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Occupancy |
|
|
Base Rent (ABR) |
|
|
ABR PSF |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund II Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City Point - Phase I and II |
|
Century 21, Target, Alamo Drafthouse |
|
2007 |
|
|
94.2 |
% |
|
|
— |
|
|
|
307,049 |
|
|
|
167,951 |
|
|
|
475,000 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
23.2 |
% |
|
|
72.9 |
% |
|
|
81.7 |
% |
|
$ |
9,525,366 |
|
|
$ |
27.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total - Fund II |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
307,049 |
|
|
|
167,951 |
|
|
|
475,000 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
23.2 |
% |
|
|
72.9 |
% |
|
|
81.7 |
% |
|
$ |
9,525,366 |
|
|
$ |
27.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund III Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
654 Broadway |
|
─ |
|
2011 |
|
|
100.0 |
% |
|
|
2,896 |
|
|
|
— |
|
|
|
— |
|
|
|
2,896 |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
$ |
— |
|
|
$ |
— |
|
640 Broadway |
|
Swatch |
|
2012 |
|
|
63.1 |
% |
|
|
4,637 |
|
|
|
— |
|
|
|
— |
|
|
|
4,637 |
|
|
|
53.2 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
53.2 |
% |
|
|
53.2 |
% |
|
|
702,617 |
|
|
|
284.71 |
|
3104 M Street |
|
Patagonia |
|
2012 |
|
|
80.0 |
% |
|
|
— |
|
|
|
5,982 |
|
|
|
— |
|
|
|
5,982 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
% |
|
|
100 |
% |
|
|
100.0 |
% |
|
|
485,000 |
|
|
|
81.08 |
|
Cortlandt Crossing |
|
ShopRite, HomeSense |
|
2012 |
|
|
100.0 |
% |
|
|
— |
|
|
|
67,610 |
|
|
|
58,296 |
|
|
|
125,906 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
42.9 |
% |
|
|
73.6 |
% |
|
|
73.6 |
% |
|
|
2,383,568 |
|
|
|
25.74 |
|
Nostrand Avenue |
|
─ |
|
2013 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
40,977 |
|
|
|
40,977 |
|
|
|
— |
% |
|
|
— |
% |
|
|
94.1 |
% |
|
|
94.1 |
% |
|
|
94.1 |
% |
|
|
1,808,256 |
|
|
|
46.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total - Fund III |
|
|
|
|
|
|
|
|
|
|
7,533 |
|
|
|
73,592 |
|
|
|
99,273 |
|
|
|
180,398 |
|
|
|
32.8 |
% |
|
|
100.0 |
% |
|
|
64.0 |
% |
|
|
77.4 |
% |
|
|
79.0 |
% |
|
$ |
5,379,441 |
|
|
$ |
38.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund IV Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
801 Madison Avenue |
|
─ |
|
2015 |
|
|
100.0 |
% |
|
|
2,625 |
|
|
|
— |
|
|
|
— |
|
|
|
2,625 |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
210 Bowery |
|
─ |
|
2012 |
|
|
100.0 |
% |
|
|
2,538 |
|
|
|
— |
|
|
|
— |
|
|
|
2,538 |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
|
|
|
— |
|
27 East 61st Street |
|
─ |
|
2014 |
|
|
100.0 |
% |
|
|
4,177 |
|
|
|
— |
|
|
|
— |
|
|
|
4,177 |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
|
|
|
— |
|
17 East 71st Street |
|
The Row |
|
2014 |
|
|
100.0 |
% |
|
|
8,432 |
|
|
|
— |
|
|
|
— |
|
|
|
8,432 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
2,049,679 |
|
|
|
243.08 |
|
1035 Third Avenue 2 |
|
─ |
|
2015 |
|
|
100.0 |
% |
|
|
7,617 |
|
|
|
— |
|
|
|
— |
|
|
|
7,617 |
|
|
|
59.2 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
59.2 |
% |
|
|
70.6 |
% |
|
|
903,679 |
|
|
|
200.55 |
|
Colonie Plaza |
|
Price Chopper, Big Lots |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
96,000 |
|
|
|
57,483 |
|
|
|
153,483 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
86.5 |
% |
|
|
94.9 |
% |
|
|
94.9 |
% |
|
|
1,631,058 |
|
|
|
11.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paramus Plaza |
|
Ashley Furniture, Marshalls |
|
2013 |
|
|
50.0 |
% |
|
|
— |
|
|
|
64,105 |
|
|
|
86,555 |
|
|
|
150,660 |
|
|
|
— |
% |
|
|
39.0 |
% |
|
|
81.4 |
% |
|
|
63.3 |
% |
|
|
74.1 |
% |
|
|
1,619,790 |
|
|
|
16.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOSTON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants at Fort Point |
|
─ |
|
2016 |
|
|
100.0 |
% |
|
|
15,711 |
|
|
|
— |
|
|
|
— |
|
|
|
15,711 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
477,990 |
|
|
|
30.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maine |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airport Mall |
|
Hannaford, Marshalls |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
131,042 |
|
|
|
90,788 |
|
|
|
221,830 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
23.3 |
% |
|
|
68.6 |
% |
|
|
68.6 |
% |
|
|
1,012,976 |
|
|
|
6.66 |
|
Wells Plaza |
|
Reny's, Dollar Tree |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
62,471 |
|
|
|
27,963 |
|
|
|
90,434 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
94.7 |
% |
|
|
98.3 |
% |
|
|
98.3 |
% |
|
|
727,908 |
|
|
|
8.18 |
|
Shaw's Plaza (Waterville) |
|
Shaw's |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
87,492 |
|
|
|
31,523 |
|
|
|
119,015 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,407,316 |
|
|
|
11.82 |
|
Shaw's Plaza (Windham) |
|
Shaw's |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
66,698 |
|
|
|
57,632 |
|
|
|
124,330 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
75.0 |
% |
|
|
88.4 |
% |
|
|
88.4 |
% |
|
|
1,034,193 |
|
|
|
9.41 |
|
JFK Plaza |
|
Hannaford, TJ Maxx |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
104,426 |
|
|
|
46,681 |
|
|
|
151,107 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
28.9 |
% |
|
|
78.0 |
% |
|
|
78.0 |
% |
|
|
786,801 |
|
|
|
6.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dauphin Plaza |
|
Price Rite, Ashley Furniture |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
114,765 |
|
|
|
91,750 |
|
|
|
206,515 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
79.6 |
% |
|
|
91.0 |
% |
|
|
91.0 |
% |
|
|
1,863,551 |
|
|
|
9.92 |
|
Mayfair Shopping Center |
|
Planet Fitness, Dollar Tree |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
25,673 |
|
|
|
89,738 |
|
|
|
115,411 |
|
|
|
— |
% |
|
|
— |
% |
|
|
86.5 |
% |
|
|
67.3 |
% |
|
|
67.3 |
% |
|
|
1,386,112 |
|
|
|
17.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 |
|
|
Fund Portfolio Retail Properties – Detail 1 |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
|
|
Year |
|
Fund |
|
|
Gross Leasable Area |
|
|
In Place Occupancy |
|
|
Leased |
|
|
Annualized |
|
|
|
|
|
|||||||||||||||||||||||||||||
Property |
|
Key Tenants |
|
Acquired |
|
Ownership % |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Occupancy |
|
|
Base Rent (ABR) |
|
|
ABR PSF |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
650 Bald Hill Road |
|
Dick's Sporting Goods, Burlington Coat Factory |
|
2015 |
|
|
90.0 |
% |
|
|
— |
|
|
|
55,000 |
|
|
|
113,764 |
|
|
|
168,764 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
17.6 |
% |
|
|
44.4 |
% |
|
|
81.1 |
% |
|
|
946,612 |
|
|
|
12.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MID-ATLANTIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Promenade at Manassas |
|
Home Depot |
|
2013 |
|
|
98.6 |
% |
|
|
— |
|
|
|
194,038 |
|
|
|
71,404 |
|
|
|
265,442 |
|
|
|
— |
% |
|
|
85.6 |
% |
|
|
93.4 |
% |
|
|
87.7 |
% |
|
|
88.0 |
% |
|
|
2,986,446 |
|
|
|
12.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eden Square |
|
Giant Food, LA Fitness |
|
2014 |
|
|
98.6 |
% |
|
|
— |
|
|
|
115,973 |
|
|
|
115,071 |
|
|
|
231,044 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
78.5 |
% |
|
|
89.3 |
% |
|
|
89.3 |
% |
|
|
3,154,202 |
|
|
|
15.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDWEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
938 W. North Avenue |
|
Sephora, Lululemon |
|
2013 |
|
|
100.0 |
% |
|
|
31,762 |
|
|
|
— |
|
|
|
— |
|
|
|
31,762 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,726,350 |
|
|
|
54.35 |
|
Lincoln Place |
|
Kohl's, Marshall's, Ross |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
144,302 |
|
|
|
127,758 |
|
|
|
272,060 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
61.1 |
% |
|
|
81.7 |
% |
|
|
90.1 |
% |
|
|
2,624,502 |
|
|
|
11.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broughton Street Portfolio (13 properties) |
|
H&M, Lululemon, Michael Kors, Starbucks |
|
2014 |
|
|
83.5 |
% |
|
|
104,630 |
|
|
|
— |
|
|
|
— |
|
|
|
104,630 |
|
|
|
86.5 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
86.5 |
% |
|
|
86.5 |
% |
|
|
3,190,830 |
|
|
|
35.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wake Forest Crossing |
|
Lowe's, TJ Maxx |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
113,353 |
|
|
|
89,527 |
|
|
|
202,880 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
94.3 |
% |
|
|
97.5 |
% |
|
|
97.5 |
% |
|
|
2,912,708 |
|
|
|
14.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
146 Geary Street |
|
─ |
|
2015 |
|
|
100.0 |
% |
|
|
11,436 |
|
|
|
— |
|
|
|
— |
|
|
|
11,436 |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
|
|
|
— |
|
Union and Fillmore Collection (3 properties) |
|
Eileen Fisher, L'Occitane, Bonobos |
|
2015 |
|
|
90.0 |
% |
|
|
7,148 |
|
|
|
— |
|
|
|
— |
|
|
|
7,148 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
702,830 |
|
|
|
98.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total - Fund IV |
|
|
|
|
|
|
|
|
|
|
196,076 |
|
|
|
1,375,338 |
|
|
|
1,097,637 |
|
|
|
2,669,051 |
|
|
|
80.6 |
% |
|
|
93.3 |
% |
|
|
68.0 |
% |
|
|
81.9 |
% |
|
|
85.8 |
% |
|
|
33,145,533 |
|
|
$ |
15.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund V Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plaza Santa Fe |
|
TJ Maxx, Best Buy, Ross Dress for Less |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
153,983 |
|
|
|
70,240 |
|
|
|
224,223 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
91.4 |
% |
|
|
97.3 |
% |
|
|
99.4 |
% |
|
|
3,790,462 |
|
|
|
17.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDWEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Towne Plaza |
|
Kohl's, Jo-Ann's, DSW |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
145,389 |
|
|
|
48,057 |
|
|
|
193,446 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
81.4 |
% |
|
|
95.4 |
% |
|
|
95.4 |
% |
|
|
2,135,908 |
|
|
|
11.58 |
|
Fairlane Green |
|
TJ Maxx, Michaels, Bed Bath & Beyond |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
109,916 |
|
|
|
142,988 |
|
|
|
252,904 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
5,241,779 |
|
|
|
20.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hickory Ridge |
|
Kohl's, Best Buy, Dick's |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
266,584 |
|
|
|
113,981 |
|
|
|
380,565 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
73.6 |
% |
|
|
92.1 |
% |
|
|
93.4 |
% |
|
|
4,001,612 |
|
|
|
11.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trussville Promenade |
|
Wal-Mart, Regal Cinemas |
|
2018 |
|
|
100.0 |
% |
|
|
— |
|
|
|
366,010 |
|
|
|
97,715 |
|
|
|
463,725 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
78.9 |
% |
|
|
95.6 |
% |
|
|
95.6 |
% |
|
|
4,395,241 |
|
|
|
9.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hiram Pavilion |
|
Kohl's, HomeGoods |
|
2018 |
|
|
100.0 |
% |
|
|
— |
|
|
|
209,423 |
|
|
|
153,252 |
|
|
|
362,675 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
94.8 |
% |
|
|
97.8 |
% |
|
|
97.8 |
% |
|
|
4,174,227 |
|
|
|
11.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 |
|
|
Fund Portfolio Retail Properties – Detail 1 |
Supplemental Report – December 31, 2018 |
(in thousands) |
|
|
|
|
Year |
|
Fund |
|
|
Gross Leasable Area |
|
|
In Place Occupancy |
|
|
Leased |
|
|
Annualized |
|
|
|
|
|
|||||||||||||||||||||||||||||
Property |
|
Key Tenants |
|
Acquired |
|
Ownership % |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Occupancy |
|
|
Base Rent (ABR) |
|
|
ABR PSF |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elk Grove Commons |
|
Kohl's, HomeGoods |
|
2018 |
|
|
100.0 |
% |
|
|
— |
|
|
|
132,315 |
|
|
|
88,411 |
|
|
|
220,726 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
98.1 |
% |
|
|
99.2 |
% |
|
|
100.0 |
% |
|
|
4,712,546 |
|
|
|
21.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total - Fund V |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
1,383,620 |
|
|
|
714,644 |
|
|
|
2,098,264 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
89.5 |
% |
|
|
96.4 |
% |
|
|
97.0 |
% |
|
|
28,451,775 |
|
|
$ |
14.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL FUND PROPERTIES |
|
|
|
203,609 |
|
|
|
3,139,599 |
|
|
|
2,079,505 |
|
|
|
5,422,713 |
|
|
|
78.9 |
% |
|
|
97.0 |
% |
|
|
71.6 |
% |
|
|
86.6 |
% |
|
|
89.5 |
% |
|
$ |
76,502,115 |
|
|
$ |
16.29 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share of Total Fund Properties |
|
|
|
42,580 |
|
|
|
685,963 |
|
|
|
453,233 |
|
|
|
1,181,775 |
|
|
|
76.9 |
% |
|
|
97.5 |
% |
|
|
70.1 |
% |
|
|
86.3 |
% |
|
|
89.2 |
% |
|
$ |
16,805,465 |
|
|
$ |
16.48 |
|
__________
|
1. |
Excludes properties under development, see “Development and Redevelopment Activity” page of this Supplemental Report. The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy," but for which rent payment has not yet commenced. Residential and office GLA is excluded. |
|
2. |
Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (131 spaces). |
|
37 |
|
|
Fund Lease Expirations |
Supplemental Report – December 31, 2018 |
(Pro Rata Basis) |
|
|
FUND II |
|
|
|
|
|
|
|
|
|
|
FUND III |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
GLA |
|
|
|
|
|
|
ABR |
|
|
|
|
|
|
GLA |
|
|
|
|
|
|
ABR |
|
||||||||||||||||||||
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
|
|
Percent |
|
||||||||
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
||||||||||||
M to M 1 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
% |
2019 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
2020 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
2 |
|
|
|
729 |
|
|
|
2.2 |
% |
|
|
33,288 |
|
|
|
45.66 |
|
|
|
2.7 |
% |
2021 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
2 |
|
|
|
1,038 |
|
|
|
3.1 |
% |
|
|
42,804 |
|
|
|
41.24 |
|
|
|
3.5 |
% |
2022 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
3 |
|
|
|
1,330 |
|
|
|
3.9 |
% |
|
|
105,024 |
|
|
|
78.97 |
|
|
|
8.5 |
% |
2023 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
5 |
|
|
|
1,447 |
|
|
|
4.3 |
% |
|
|
107,992 |
|
|
|
74.63 |
|
|
|
8.8 |
% |
2024 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
1 |
|
|
|
755 |
|
|
|
2.2 |
% |
|
|
44,259 |
|
|
|
58.62 |
|
|
|
3.6 |
% |
2025 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
2 |
|
|
|
624 |
|
|
|
1.9 |
% |
|
|
53,674 |
|
|
|
86.02 |
|
|
|
4.4 |
% |
2026 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
1 |
|
|
|
110 |
|
|
|
0.3 |
% |
|
|
34,878 |
|
|
|
317.07 |
|
|
|
2.8 |
% |
2027 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
1 |
|
|
|
209 |
|
|
|
0.6 |
% |
|
|
10,672 |
|
|
|
51.06 |
|
|
|
0.9 |
% |
2028 |
|
|
2 |
|
|
|
5,951 |
|
|
|
6.4 |
% |
|
|
386,735 |
|
|
|
64.99 |
|
|
|
15.2 |
% |
|
|
2 |
|
|
|
6,769 |
|
|
|
20.1 |
% |
|
|
162,925 |
|
|
|
24.07 |
|
|
|
13.2 |
% |
Thereafter |
|
|
6 |
|
|
|
86,444 |
|
|
|
93.6 |
% |
|
|
2,156,538 |
|
|
|
24.95 |
|
|
|
84.8 |
% |
|
|
5 |
|
|
|
20,679 |
|
|
|
61.4 |
% |
|
|
635,447 |
|
|
|
30.73 |
|
|
|
51.6 |
% |
Total |
|
|
8 |
|
|
|
92,395 |
|
|
|
100.0 |
% |
|
$ |
2,543,273 |
|
|
$ |
27.53 |
|
|
|
100.0 |
% |
|
|
24 |
|
|
|
33,690 |
|
|
|
100.0 |
% |
|
$ |
1,230,963 |
|
|
$ |
36.54 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,430 |
|
|
Total Vacant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,797 |
|
|
Total Vacant |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
126,825 |
|
|
Total Square Feet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,487 |
|
|
Total Square Feet |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND IV |
|
|
|
|
|
|
|
|
|
|
FUND V |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
GLA |
|
|
|
|
|
|
ABR |
|
|
|
|
|
|
GLA |
|
|
|
|
|
|
ABR |
|
||||||||||||||||||||
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
|
|
Percent |
|
||||||||
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
||||||||||||
M to M 1 |
|
|
4 |
|
|
|
7,714 |
|
|
|
1.6 |
% |
|
$ |
44,607 |
|
|
$ |
5.78 |
|
|
|
0.6 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
% |
2019 |
|
|
19 |
|
|
|
16,387 |
|
|
|
3.4 |
% |
|
|
232,393 |
|
|
|
14.18 |
|
|
|
3.2 |
% |
|
|
23 |
|
|
|
21,630 |
|
|
|
5.3 |
% |
|
|
440,633 |
|
|
|
20.37 |
|
|
|
7.7 |
% |
2020 |
|
|
27 |
|
|
|
37,201 |
|
|
|
7.6 |
% |
|
|
409,987 |
|
|
|
11.02 |
|
|
|
5.6 |
% |
|
|
34 |
|
|
|
121,218 |
|
|
|
29.8 |
% |
|
|
1,287,926 |
|
|
|
10.62 |
|
|
|
22.5 |
% |
2021 |
|
|
39 |
|
|
|
69,693 |
|
|
|
14.3 |
% |
|
|
972,001 |
|
|
|
13.95 |
|
|
|
13.3 |
% |
|
|
38 |
|
|
|
61,886 |
|
|
|
15.2 |
% |
|
|
1,121,023 |
|
|
|
18.11 |
|
|
|
19.6 |
% |
2022 |
|
|
23 |
|
|
|
50,926 |
|
|
|
10.5 |
% |
|
|
689,860 |
|
|
|
13.55 |
|
|
|
9.4 |
% |
|
|
30 |
|
|
|
59,590 |
|
|
|
14.7 |
% |
|
|
829,659 |
|
|
|
13.92 |
|
|
|
14.5 |
% |
2023 |
|
|
24 |
|
|
|
54,138 |
|
|
|
11.1 |
% |
|
|
529,441 |
|
|
|
9.78 |
|
|
|
7.2 |
% |
|
|
20 |
|
|
|
22,593 |
|
|
|
5.6 |
% |
|
|
423,170 |
|
|
|
18.73 |
|
|
|
7.4 |
% |
2024 |
|
|
16 |
|
|
|
44,050 |
|
|
|
9.0 |
% |
|
|
769,741 |
|
|
|
17.47 |
|
|
|
10.5 |
% |
|
|
12 |
|
|
|
30,980 |
|
|
|
7.6 |
% |
|
|
409,078 |
|
|
|
13.20 |
|
|
|
7.2 |
% |
2025 |
|
|
21 |
|
|
|
26,664 |
|
|
|
5.5 |
% |
|
|
817,921 |
|
|
|
30.68 |
|
|
|
11.2 |
% |
|
|
5 |
|
|
|
31,245 |
|
|
|
7.7 |
% |
|
|
452,695 |
|
|
|
14.49 |
|
|
|
7.9 |
% |
2026 |
|
|
22 |
|
|
|
42,433 |
|
|
|
8.7 |
% |
|
|
966,145 |
|
|
|
22.77 |
|
|
|
13.2 |
% |
|
|
6 |
|
|
|
12,063 |
|
|
|
3.0 |
% |
|
|
206,244 |
|
|
|
17.10 |
|
|
|
3.6 |
% |
2027 |
|
|
15 |
|
|
|
25,181 |
|
|
|
5.2 |
% |
|
|
379,906 |
|
|
|
15.09 |
|
|
|
5.2 |
% |
|
|
3 |
|
|
|
5,043 |
|
|
|
1.2 |
% |
|
|
95,222 |
|
|
|
18.88 |
|
|
|
1.7 |
% |
2028 |
|
|
9 |
|
|
|
10,788 |
|
|
|
2.2 |
% |
|
|
189,682 |
|
|
|
17.58 |
|
|
|
2.6 |
% |
|
|
8 |
|
|
|
20,825 |
|
|
|
5.1 |
% |
|
|
308,719 |
|
|
|
14.82 |
|
|
|
5.4 |
% |
Thereafter |
|
|
15 |
|
|
|
101,847 |
|
|
|
20.9 |
% |
|
|
1,310,739 |
|
|
|
12.87 |
|
|
|
18.0 |
% |
|
|
3 |
|
|
|
19,545 |
|
|
|
4.8 |
% |
|
|
144,438 |
|
|
|
7.39 |
|
|
|
2.5 |
% |
Total |
|
|
234 |
|
|
|
487,022 |
|
|
|
100.0 |
% |
|
$ |
7,312,423 |
|
|
$ |
15.01 |
|
|
|
100.0 |
% |
|
|
182 |
|
|
|
406,618 |
|
|
|
100.0 |
% |
|
$ |
5,718,807 |
|
|
$ |
14.06 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102,690 |
|
|
Total Vacant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,133 |
|
|
Total Vacant |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
589,712 |
|
|
Total Square Feet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
421,751 |
|
|
Total Square Feet |
|
|
|
|
|
|
|
|
|
__________
|
1. |
Leases currently under month to month or in process of renewal |
|
38 |
|
|
Development and Redevelopment Activity |
Supplemental Report – December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
Est. SQFT |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition & Development Costs |
|
||||||||||||||||||||||
Property |
|
Ownership |
|
|
Location |
|
Estimated Stabilization |
|
Upon Completion |
|
|
Leased Rate |
|
|
Key Tenants |
|
Outstanding Debt |
|
|
Incurred 2 |
|
|
Estimated Future Range |
|
|
Estimated Total Range |
|
|||||||||||||||||||
Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56 E Walton Street 1 |
|
100.0% |
|
|
Chicago, IL |
|
2019 |
|
|
8,874 |
|
|
— |
|
|
TBD |
|
$ |
— |
|
|
$ |
10.1 |
|
|
$ |
— |
|
|
to |
|
$ |
0.4 |
|
|
$ |
10.1 |
|
|
to |
|
$ |
10.5 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broad Hollow Commons |
|
100.0% |
|
|
Farmingdale, NY |
|
2021 |
|
180,000 - 200,000 |
|
|
— |
|
|
TBD |
|
|
— |
|
|
|
17.2 |
|
|
|
32.8 |
|
|
to |
|
|
42.8 |
|
|
|
50.0 |
|
|
to |
|
|
60.0 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND IV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
717 N. Michigan Avenue |
|
100.0% |
|
|
Chicago, IL |
|
2020 |
|
|
62,000 |
|
|
25.0% |
|
|
Disney Store |
|
|
66.6 |
|
|
|
107.9 |
|
|
|
12.1 |
|
|
to |
|
|
19.6 |
|
|
|
120.0 |
|
|
to |
|
|
127.5 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
66.6 |
|
|
$ |
135.2 |
|
|
$ |
44.9 |
|
|
|
|
$ |
62.8 |
|
|
$ |
180.1 |
|
|
|
|
$ |
198.0 |
|
Redevelopment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City Center |
|
100.0% |
|
|
San Francisco, CA |
|
2020 |
|
|
241,000 |
|
|
90.0% |
|
|
Target |
|
$ |
— |
|
|
$ |
172.0 |
|
|
$ |
18.0 |
|
|
to |
|
$ |
28.0 |
|
|
$ |
190.0 |
|
|
to |
|
$ |
200.0 |
|
||
Route 6 Mall |
|
100.0% |
|
|
Honesdale, PA |
|
TBD |
|
TBD |
|
|
100.0% |
|
|
TBD |
|
|
— |
|
|
TBD |
|
|
TBD |
|
|
|
|
TBD |
|
|
TBD |
|
|
|
|
TBD |
|
||||||||
Mad River |
|
100.0% |
|
|
Dayton, OH |
|
TBD |
|
TBD |
|
|
50.0% |
|
|
TBD |
|
|
— |
|
|
TBD |
|
|
TBD |
|
|
to |
|
TBD |
|
|
TBD |
|
|
to |
|
TBD |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
172.0 |
|
|
$ |
18.0 |
|
|
|
|
$ |
28.0 |
|
|
$ |
190.0 |
|
|
|
|
$ |
200.0 |
|
Pre-Stabilized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
613-623 West Diversey |
|
100.0% |
|
|
Chicago, IL |
|
2019 |
|
|
29,778 |
|
|
76.1% |
|
|
TJ Maxx, Blue Mercury |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City Point |
|
94.2% |
|
|
New York, NY |
|
2020 |
|
|
475,000 |
|
|
81.7% |
|
|
Century 21, Target, Alamo Drafthouse |
|
|
264.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cortlandt Crossing |
|
100.0% |
|
|
Mohegan Lake, NY |
|
2019 |
|
|
125,906 |
|
|
73.6% |
|
|
ShopRite, HomeSense |
|
|
26.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
654 Broadway |
|
100.0% |
|
|
New York, NY |
|
2019 |
|
|
2,896 |
|
|
100.0% |
|
|
─ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
640 Broadway |
|
63.1% |
|
|
New York, NY |
|
2019 |
|
|
4,637 |
|
|
53.2% |
|
|
Swatch |
|
|
49.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Nostrand Avenue |
|
100.0% |
|
|
Brooklyn, NY |
|
2019 |
|
|
40,977 |
|
|
94.1% |
|
|
─ |
|
|
10.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND IV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paramus Plaza |
|
50.0% |
|
|
Paramus, NJ |
|
2019 |
|
|
150,660 |
|
|
74.1% |
|
|
Ashley Furniture, Marshalls |
|
|
17.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
650 Bald Hill Road |
|
90.0% |
|
|
Warwick, RI |
|
2019 |
|
|
168,764 |
|
|
81.1% |
|
|
Dick's Sporting Goods, Burlington Coat Factory |
|
|
16.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
210 Bowery |
|
100.0% |
|
|
New York, NY |
|
2019 |
|
|
2,538 |
|
|
— |
|
|
─ |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
801 Madison |
|
100.0% |
|
|
New York, NY |
|
2019 |
|
|
2,625 |
|
|
— |
|
|
─ |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
27 E 61st Street |
|
100.0% |
|
|
New York, NY |
|
2019 |
|
|
4,177 |
|
|
— |
|
|
─ |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1035 Third Avenue |
|
100.0% |
|
|
New York, NY |
|
2019 |
|
|
7,617 |
|
|
70.6% |
|
|
─ |
|
|
38.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
422.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________
|
39 |
|
|
Development and Redevelopment Activity |
Supplemental Report – December 31, 2018 |
|
|
1. |
56 E Walton Street was moved from Development to Pre-Stabilized effective January 1, 2019. |
|
2. |
Incurred amounts include costs associated with the initial carrying value. Reconciles to Consolidated Balance Sheet as follows: |
Development costs above |
|
|
|
|
|
$ |
135.2 |
|
|
|
|
|
|
|
|
|
|
Deferred costs and other amounts |
|
|
(14.9 |
) |
||||
|
|
|
|
|
|
|
|
|
Total per consolidated balance sheet |
|
$ |
120.3 |
|
Refer to “ Net Asset Valuation Information ” for pro-rata costs incurred
|
40 |
|
|
Important Notes |
Supplemental Report – December 31, 2018 |
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. However, the Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company believes that income or gains derived from its RCP investments, including its investment in Albertson’s, are private-equity investments and, as such, should be treated as operating income and therefore FFO. The Company believes that this supplemental adjustment more appropriately reflects the results of its operations. The Company also provides one other supplemental disclosure of operating performance, adjusted funds from operations (“AFFO”). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.
USE OF NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures such as EBITDA, NOI, Same-Property NOI and lease spreads are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Same-Property NOI includes properties in our Core Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company’s method of calculating EBITDA, NOI and Same-Property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and Same-Property NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.
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