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): April 6, 2000 ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 1-12002 23-2715194 (State or other (Commission (I.R.S. Employer jurisdiction of incorporation) File Number) Identification No.) 20 Soundview Marketplace Port Washington, New York 11050 (Address of principal executive offices) (Zip Code) (516) 767-8830 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report)
ITEM 5. Other Events The Registrant, Acadia Realty Trust, hereby makes available as an exhibit to this filing, supplemental information concerning the ownership, operations and portfolio of the Registrant as of December 31, 1999. ITEM 7. Financial Statements and Exhibits. (c) Exhibits. 99 Annual Supplemental Disclosure - December 31, 1999 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACADIA REALTY TRUST (Registrant) Date: April 6, 2000 By: /s/ Kenneth F. Bernstein --------------------------- Name: Kenneth F. Bernstein Title: President 2
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Table of Contents Page Section I - Overview Company Information 2 1999 Highlights 3 Charts: Funds from Operations (FFO) by Quarter 4 FFO Growth v. Industry Average 5 Net Operating Income - Same Store Performance 6 Portfolio Snapshot 7 Organizational Chart 8 Executive Management Team 9 Section II - Net Asset Valuation Net Asset Value Summary 10 Net Asset Value Calculation 11 Section III - Financial Information Market Capitalization 12 Shareholder Information 13 Income Statements 14 Income Statements - by Segment (Retail & Multi-Family) 15 Net Operating Income - Same Property Performance 16 Funds from Operations 17
Page Balance Sheets 18 Selected Operating Ratios 19 Debt Analysis - Wholly Owned and Unconsolidated Subsidiaries 20 Debt Maturity Schedule 22 Section IV - Portfolio information Portfolio Overview - By Region and Property Type 23 Commercial Properties by Region - Summary 24 Commercial Properties by Region - Detail 25 Top 25 Tenants 29 Anchor Tenant Summary 30 Lease Expirations 38 Residential Properties 44 Properties under Redevelopment 45 Unencumbered Properties 46 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Quarterly Supplementary Disclosure constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability and creditworthiness of prospective tenants, lease rents and the availability of financing; adverse changes in the Company's real estate markets, including, among other things, competition with other companies; risks of real estate development and acquisition; governmental actions and initiatives; and environmental/safety requirements. Page 1
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Company Information Acadia Realty Trust ("Acadia"), is a fully integrated and self-managed real estate investment trust focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership (the "Operating Partnership") which was 71% controlled by Acadia as of December 31, 1999. As of December 31, 1999, Acadia owns or has an ownership interest in fifty-eight properties, consisting of forty-seven neighborhood and community shopping centers, three enclosed malls, two mixed-use properties (one retail/office property which is currently held for sale and one retail/residential property), five multi-family properties and one redevelopment property, all located in the Eastern and Midwestern regions of the United States. Corporate Headquarters 20 Soundview Marketplace Research Coverage Donaldson, Lufkin & Jenrette Port Washington, NY 11050-2221 Michael W. Mueller, CFA (212) 892-4272 New York Stock Exchange Symbol AKR mmueller@dlj.com Web Site www.acadiarealty.com Investor Relations Jon Grisham Vice President (516) 767-7550 jgrisham@acadiarealty.com Page 2
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 4th Quarter Highlights o Funds from Operations (FFO) on a per share basis increased 22% to $0.22 in the fourth quarter of 1999, up from $0.18 in the fourth quarter of 1998; evidence of the progress Acadia has made in executing its turn-around plan. o Achieved an increase in same property net operating income of 7.8% on a pro forma basis over 1998. o Completed the redevelopment of 239 Greenwich Avenue in downtown Greenwich, Connecticut. This property includes 16,800 square feet of retail space and 21 high-end residential units. Both the retail and residential areas are currently 100% leased. o Aquired a 95,559 square foot, recently renovated, shopping center located in the New York Metropolitan area in Ramapo, New York. The anchor tenant for the property is a 52,000 square foot Grand Union Supermarket whose rent is approximately 50% of the comparable market rent in the area. The property is 80% leased and affords considerable opportunity to increase the income through the leasing of vacant space. o Completed several financings and refinancings with terms that allow for prepayment without material costs. By structuring its mortgage debt with this flexibility, Acadia is better able to efficiently engage in portfolio and strategic transactions. o Added Joseph Povinelli, V.P. of leasing, to the management team. Mr. Povinelli joins Acadia with 19 years of retail leasing experience; the past 13 years in the retail leasing division of Vornado Realty Trust, a New Jersey REIT. Page 3
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Funds from Operations ("FFO") by Quarter FFO by quarter - 4th Qtr 1998 through 4th Qtr 1999 [GRAPHIC OMITTED] Note Minimum rents for the 3rd quarter of 1999 included income of $0.04 per share recognized following the receipt of settlement amounts related to the Chapter 11 filing of the Penn Traffic Co. and the settlement of litigation initiated by the Company to enforce the lease payment obligations of the lease guarantor related to a former tenant which filed Chapter 11 and rejected the lease at one of the Company's centers prior to 1999. This non-recurring income has been excluded for purposes of the above presentation. Page 4
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 FFO Growth v. Industry Average 22% Growth in FFO for 4th Quarter 1999 v. 4th Quarter 1998 [GRAPHIC OMITTED] Note: Industry average is for community shopping center REIT's (Source: DLJ Research). Page 5
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Net Operating Income - Same Store Performance Same Store Net Operating Income increased over 7% (amounts in millions) [GRAPHIC OMITTED] Notes: 1999 NOI for all properties, including same stores, totalled $60.6 million (the above graph depicts same store NOI only). 1999 NOI as reflected above excludes $1.4 million straight-line rent as well as $1.4 million of non-recurring income recognized following the receipt of settlement amounts following the Chapter 11 proceedings for certain tenants. 1998 NOI is presented on a pro forma basis as if the RDC Transaction as described in our 1998 Annual Report had occurred on January 1, 1997. Page 6
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Portfolio Snapshot [GRAPHIC OMITTED] ------------------------------------------- 58 retail and multi-family properties Approximately 11 million square feet of GLA 19 Eastern and Midwestern states represented ------------------------------------------- Page 7
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Organizational Chart Ross Dworman Chairman & CEO | | Kenneth F. Bernstein President | | | | ----------------------------------------------------------------------------------------------------------------------- | | | | | | | | Acquisitions Retail Leasing Retail Construction | | Management Development | | | Joel Braun Timothy J. Bruce Joseph Napolitano Joseph W. Hogan Sr. VP, Acquisitions Sr. VP, Dir. of Leasing VP, Property Mgt. Sr. VP, Dir. of Construction | | | | | | | | | ------------ ----------------------------------- | | | | | | | | | | | | | | | | Gerard Thibodeaux -- Joseph Povinelli Robert Scholem | Ronald Johnston VP, Southeast Leasing | VP, Leasing VP, Property Mgt.-- | VP, Construction | | | | | | | | | | | | Richard Brock -- Daniel Evangelista David Bourgery | Thomas Donohue | Leasing Representative | Leasing Representative Regional Prop. Mgr.-- Regional Prop. Mgr.-- | | | | | | | | | Harry Harmon -- Brian Callcut | Kathleen Covert | Leasing Representative | Regional Prop. Mgr.-- Regional Prop. Mgr.-- | | | | | | Kim Gabbard -- Julia Namutka | Leasing Representative Regional Prop. Mgr.--
[RESTUBBED] ------------------------------------------------------------------------ | | | | | | | | | | | | Residential Finance and Management Legal Asset Management | | | | | | | Robert Masters Perry Kamerman | Sr. VP, General Counsel ------------------- Sr. VP of Finance | | | | | | | | | | | --------------------------------------------------------------- | | | | | | | Greg Sauter Carol Smrek | Arnold Wachsberger Maggie Hul Jon Grisham | VP, Residential Mgt. VP & Counsel | VP, Finance VP, Controller VP, Director of | | | | Financial Reporting | | | | | Karen Yamrus Joseph Ginex Richard Hartman Mardi Cezcevi Asst. VP, Sr. Paralegal Financial Analyst Assistant Controller Mgmt Information | | Systems | | Paralegals ------------------------- 3 Individuals | | | | Accountants Senior Lease Admin. 4 Individuals 2 Individuals Page 8
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Executive Management Team Ross Dworman Chairman of the Board and Mr. Dworman is responsible for all of the long-term strategic Chief Executive Officer planning for the Company. Mr. Dworman was President and Chief Executive Officer of RD Capital, Inc. from 1987 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1987, Mr. Dworman was an associate at Odyssey Partners, L.P., a hedge fund engaged in leveraged buy-outs and real estate investment, and from 1981 until 1984, he was a Financial Analyst for Salomon, Inc. Mr. Dworman received his Bachelor of Arts Degree from the University of Pennsylvania. Kenneth F. Bernstein President Mr. Bernstein is responsible for running all day to day activities of the Company including operations, acquisitions and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD Capital, Inc. from 1990 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. In such capacity, he was responsible for overseeing the day-to-day operations of RD Capital and its management companies, Acadia Management Company LLC and Sound View Management LLC. Prior to joining RD Capital, Mr. Bernstein was an associate with the New York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his Bachelor of Arts Degree from the University of Vermont and his Juris Doctorate from Boston University School of Law. Page 9
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 PORTFOLIO BREAKDOWN AND NET ASSET VALUE ('NAV') ANALYSIS Private Basis % of GLA Cap Rate Range % of GAV % of NAV Retail: Class A 14% 9.00% to 9.50% 30% 37% Class B 37% 9.50% to 10.00% 36% 41% Class C 14% 10.50% to 11.00% 9% 6% Class D 12% 11.50% to 12.00% 5% 1% Mixed-Use 5% 11.00% to 11.50% 5% 3% Residential 18% 9.25% to 9.75% 15% 12% --- ---------------------- --- --- Total 100% 9.60% to 10.10% 100% 100% === ====================== === === Equivalent Public Basis 10.60% to 11.15% ====================== Notes: Private capitalization rates are based on private-basis NOI's. Private-basis NOI's are equal to public-basis NOI's less: (1) straight-line rents, (2) structural reserves of $0.15 per square foot for retail properties and $300 per unit reserve for residential properties and (3) 4% imputed management fees on effective rents. The above capitalization rates are based on those in currently in place and are subject to future changes. A,B,C & D Classifications are determined based on factors including market demographics, location, barriers to entry and strength of tenants. Reference page 11 for additional notes related to portfolio valuation. Page 10
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Net Asset Value ('NAV') Calculation (amounts in thousands) Notes Net Operating income (4Q99): Consolidated Properties $ 16,388 Unconsolidated Joint Ventures 590 -------- Total NOI (4Q99) 16,978 Adjustments to 4Q99 NOI (1,400) -------- Adjusted quarterly NOI 15,578 x 4 -------- Adjusted annual NOI 62,312 Less straight-line ("S/L") rents (1,400) -------- PUBLIC BASIS ANNUALIZED NOI (Excluding S/L Rents) 4 60,912 Structural reserves 1 (2,100) Imputed management fees (4%) (3,600) -------- PRIVATE BASIS ANNUALIZED NOI $ 55,212 ======== CAP RATE RANGE USED FOR VALUATION: Private Basis 9.60% 10.10% Equivalent Public Basis 10.59% 11.14% -------- ------- Gross market value of real estate 575,125 546,653 Value of other net assets 5 38,000 38,000 Property not yet operational (at cost) 7,000 7,000 -------- ------- GROSS MARKET VALUE OF ASSETS 620,125 591,653 Mortgage debt - Consolidated properties (326,651) (326,651) - Unconsolidated Joint Ventures (17,255) (17,255) Preferred equity (2,212) (2,212) Minority interest in majority owned partnerships (2,500) (2,500) -------- ------- NET MARKET VALUE OF ASSETS 271,507 243,035 Common shares and units outstanding 36,208 36,208 -------- ------- NAV PER COMMON SHARE $ 7.50 $ 6.71 ======== ======= SHARE PRICE - MARCH 21, 2000 $ 5.438 $ 5.438 ======== ======= PRICE / NET ASSET VALUE 73% 81% Page 11
Notes: 1 Structural reserves represent a $0.15 per square foot replacement reserve for retail properties and $300 per unit reserve for residential properties. 2 The above values exclude the value of third party management contracts, anticipated profits from redevelopments and any transaction costs associated with liquidating the properties. 3 The above capitalization rates are based on those currently in place and are subject to future changes. 4 Based upon annualization of 4th quarter NOI, adjusted downward for seasonality and certain non-recurring items. 5 Value of other net assets is comprised of the following: Cash and cash equivalents $ 35,340 Cash in escrow 9,707 Rents receivable, net of allowance and unbilled (straight-line) rent 4,962 Prepaid expenses 2,952 Due from related parties 19 Accounts payable and accrued expenses (6,385) Distributions payable (4,371) Other liabilities (4,224) --------- $ 38,000 =========
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Total Market Capitalization Percent of Percent of Total Market Total Equity Capitalization ------------ -------------- Total Common Shares Outstanding 70.1% 25,724,315(1) Common O.P. Units 28.6% 10,484,143 ------------- Combined Common Shares and O.P. Units 36,208,458 Market Price as of December 31, 1999 $ 4.625 ------------- Equity Capitalization - Common Shares and O.P. Units 167,464,118 Preferred O.P. Units - at cost(3) 1.3% 2,212,000 ------ ------------- Total Equity Capitalization 100.0% 169,676,118 34.2% ====== Debt Capitalization 326,650,744 65.8% ------------- ------ Total Market Capitalization $ 496,326,862 100.0% ============= ====== Weighted Average Outstanding Common Shares and O.P. Units Common Shares(1) O.P. Units Total --------- ---------- ----- Quarter ended December 31,1999 25,908,199 10,484,143 36,392,342 Year ended December 31, 1999 25,708,787 10,833,184 36,541,971 Quarter ended December 31,1998(2) 25,419,215 11,184,143 36,603,358 Year ended December 31,1998(2) 15,205,962 5,252,815 20,458,777 (1) As of December 31, 1999, the Company had purchased 394,900 shares under its Stock Repurchase Program (2) The RD Transaction occurred on August 12, 1998 (3) In connection with the acquisition of the Pacesetter Park Shopping Center, the Company issued 2,212 Preferred O.P. Units Total Market Capitalization Variable- Common Common Preferred Fixed-Rate Rate Debt Shares O.P. Units O.P. Units Debt 14.6% 24.0% 9.8% 0.4% 51.2% Page 12
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Shareholder Information Twelve Largest Institutional/Non-Retail Shareholders(1) Percent of Out- Shareholder Shares Held standing Shares - ----------- ----------- ---------------- Yale University 3,366,616 13.1% Rothschild Realty Investors II L.L.C. 3,266,667 12.7% Howard Hughes Medical Institute 2,266,667 8.8% The Board of Trustees of the Leland Stanford Junior University 2,133,333 8.3% Harvard Private Capital Realty, Inc. 2,000,000 7.8% The Vanderbilt University 1,346,647 5.2% TRW Master Trust 1,200,000 4.7% Carnegie Corporation of New York 942,653 3.7% Morgan Stanley Asset Management 452,700 1.8% CS First Boston Inc. 419,000 1.6% Yale University Retirement Plan for Staff Employees 403,994 1.6% First Manhattan Company 394,005 1.5% ---------- ----- Total of Twelve Largest Institutional/Non-Retail Shareholders 18,192,282 70.7% ---------- ----- Total of all Institutional/Non-Retail Shareholders 19,068,518 74.1% ========== ===== Operating Partnership Unit Information ---------------- Percent of Total O.P. Units ------------------- Institutional/Non-Retail O.P. Unit Holders 7,571,286 72.2% Employee/Director O.P. Unit Holders 1,748,043 16.7% Other O.P. Unit Holders 1,164,814 11.1% ---------- ------ Total O.P. Units 10,484,143 100.0% ========== ====== (1) Based on Schedule 13D filings with the U.S. Securities and Exchange Commission Total Share/O.P. Unit Ownership (Combined) [ ] Institutional/Non-Retail Share & O.P. Unit Holders 74% [ ] Retail Shareholders 18% [ ] Employee/Director O.P. Unitholders 5% [ ] Other O.P. Unitholders 3% Page 13
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Statements of Operations - Including Joint Venture Activity(1) (in thousands) Annual Current Quarter Year 3 months ended December 31, ended December 31, 1999 1999 -------------------------------------- ------------------------------------ Wholly Owned JV Total Wholly Owned JV Total ------------ -- ----- ------------ -- ----- PROPERTY REVENUES Minimum rents(2) $ 73,021 $ 2,413 $ 75,434 $ 18,562 $ 583 $ 19,145 Percentage rents 2,994 44 3,038 1,041 5 1,046 Expense reimbursements 13,786 892 14,678 3,810 211 4,021 Other property income 937 73 1,010 166 20 186 -------- ------- -------- -------- ----- -------- 90,738 3,422 94,160 23,579 819 24,398 -------- ------- -------- -------- ----- -------- PROPERTY EXPENSES Property operating 19,027 338 19,365 4,403 80 4,483 Real estate taxes 10,540 588 11,128 2,788 149 2,937 -------- ------- -------- -------- ----- -------- 29,567 926 30,493 7,191 229 7,420 -------- ------- -------- -------- ----- -------- NET OPERATING INCOME - PROPERTIES 61,171 2,496 63,667 16,388 590 16,978 OTHER INCOME (EXPENSE) Property management and leasing - Home office (2,579) - (2,579) (776) - (776) General and administrative (6,337) - (6,337) (1,796) - (1,796) Interest income 1,258 - 1,258 381 - 381 Management income 682 - 682 164 - 164 Other income 31 - 31 3 - 3 -------- ------- -------- -------- ----- -------- EBIDTA 54,226 2,496 56,722 14,364 590 14,954 Depreciation and amortization (19,887) (653) (20,540) (5,260) (165) (5,425) Interest expense (23,314) (1,259) (24,573) (6,272) (321) (6,593) Loss on sale of properties (1,284) - (1,284) - - - -------- ------- -------- -------- ----- -------- Income before minority interest 9,741 584 10,325 2,832 104 2,936 Minority interest in Operating Partnership (3,130) - (3,130) (878) - (878) -------- ------- -------- -------- ----- -------- NET INCOME $ 6,611 $ 584 $ 7,195 $ 1,954 $ 104 $ 2,058 ======== ======= ======== ======== ===== ========
Previous Quarters - 1999 3 months 3 months ended September 30, ended June 30, 1999 1999 ------------------------------------ ------------------------------------ Wholly Owned JV Total Wholly Owned JV Total ------------ -- ----- ------------ -- ----- PROPERTY REVENUES Minimum rents(2) $ 19,606 $ 601 $ 20,207 $ 17,500 $ 616 $ 18,116 Percentage rents 480 12 492 686 - 686 Expense reimbursements 3,481 250 3,731 3,037 201 3,238 Other property income 275 12 287 252 27 279 -------- ----- -------- -------- ----- -------- 23,842 875 24,717 21,475 844 22,319 -------- ----- -------- -------- ----- -------- PROPERTY EXPENSES Property operating 4,806 108 4,914 4,660 68 4,728 Real estate taxes 2,637 149 2,786 2,564 145 2,709 -------- ----- -------- -------- ----- -------- 7,443 257 7,700 7,224 213 7,437 -------- ----- -------- -------- ----- -------- NET OPERATING INCOME - PROPERTIES 16,399 618 17,017 14,251 631 14,882 OTHER INCOME (EXPENSE) Property management and leasing - Home office (313) - (313) (767) - (767) General and administrative (1,437) - (1,437) (1,638) - (1,638) Interest income 372 - 372 259 - 259 Management income 199 - 199 163 - 163 Other income 15 - 15 7 - 7 -------- ----- -------- -------- ----- -------- EBIDTA 15,235 618 15,853 12,275 631 12,906 Depreciation and amortization (4,976) (163) (5,139) (4,965) (163) (5,128) Interest expense (6,037) (315) (6,352) (5,581) (311) (5,892) Loss on sale of properties - - - - - - -------- ----- -------- -------- ----- -------- Income before minority interest 4,222 140 4,362 1,729 157 1,886 Minority interest in Operating Partnership (1,279) - (1,279) (597) - (597) -------- ----- -------- -------- ----- -------- NET INCOME $ 2,943 $ 140 $ 3,083 $ 1,132 $ 157 $ 1,289 ======== ===== ======== ======== ===== ========
3 months ended March 31, 1999 ------------------------------------ Wholly Owned JV Total ------------ -- ----- PROPERTY REVENUES Minimum rents(2) $ 17,353 $ 613 $ 17,966 Percentage rents 787 27 814 Expense reimbursements 3,458 230 3,688 Other property income 244 14 258 -------- ----- -------- 21,842 884 22,726 -------- ----- -------- PROPERTY EXPENSES Property operating 5,158 82 5,240 Real estate taxes 2,551 145 2,696 -------- ----- -------- 7,709 227 7,936 -------- ----- -------- NET OPERATING INCOME - PROPERTIES 14,133 657 14,790 OTHER INCOME (EXPENSE) Property management and leasing - Home office (723) - (723) General and administrative (1,466) - (1,466) Interest income 246 - 246 Management income 156 - 156 Other income 6 - 6 -------- ----- -------- EBIDTA 12,352 657 13,009 Depreciation and amortization (4,686) (162) (4,848) Interest expense (5,424) (312) (5,736) Loss on sale of properties (1,284) - (1,284) -------- ----- -------- Income before minority interest 958 183 1,141 Minority interest in Operating Partnership (376) - (376) -------- ----- -------- NET INCOME $ 582 $ 183 $ 765 ======== ===== ======== (1) Quarterly results for 1999 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 period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the company's Forms 10K and 10Q for the corresponding periods. (2) Minimum rents for the quarter ended September 30, 1999 include income of $1,387 recognized following the receipt of settlement amounts related to the Chapter 11 filing of the Penn Traffic Co. and the settlement of litigation initiated by the Company to enforce the lease payment obligations of the lease guarantor related to a former tenant which filed Chapter 11 and rejected the lease at one of the Company's centers prior to 1999. Page 14
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Statements of Operations - by Segment(1) (in thousands) Annual Year ended December 31, 1999 Retail Multi-Family Corporate Total --------------------------------------------------- PROPERTY REVENUES Minimum rents(2) $ 61,123 $ 14,311 $ - $ 75,434 Percentage rents 3,038 - - 3,038 Expense reimbursements 14,678 - - 14,678 Other property income 406 604 - 1,010 -------- ------- --------- -------- 79,245 14,915 - 94,160 -------- ------- --------- -------- PROPERTY EXPENSES Property operating 14,300 5,065 - 19,365 Real estate taxes 10,237 891 - 11,128 -------- ------- --------- -------- 24,537 5,956 - 30,493 -------- ------- --------- -------- NET OPERATING INCOME - PROPERTIES 54,708 8,959 - 63,667 OTHER INCOME (EXPENSE) Property management and leasing - Home office - - (2,579) (2,579) General and administrative - - (6,337) (6,337) Interest income - - 1,258 1,258 Management income - - 682 682 Other income - - 31 31 -------- ------- --------- -------- EBIDTA 54,708 8,959 (6,945) 56,722 Depreciation and amortization (18,470) (1,829) (241) (20,540) Interest expense (20,458) (4,115) - (24,573) Loss on sale of properties (1,284) - - (1,284) -------- ------- --------- -------- Loss before minority interest 14,496 3,015 (7,186) 10,325 Minority interest in Operating Partnership - - (3,130) (3,130) -------- ------- --------- -------- NET INCOME (LOSS) $ 14,496 $ 3,015 $ (10,316) $ 7,195 ======== ======= ========= ========
Current Quarter 3 months ended December 31, 1999 Retail Multi-Family Corporate Total ---------------------------------------------------- PROPERTY REVENUES Minimum rents(2) $ 15,505 $ 3,640 $ - $ 19,145 Percentage rents 1,046 - - 1,046 Expense reimbursements 4,021 - - 4,021 Other property income 60 126 - 186 -------- ------- -------- -------- 20,632 3,766 - 24,398 -------- ------- -------- -------- PROPERTY EXPENSES Property operating 3,245 1,238 - 4,483 Real estate taxes 2,695 242 - 2,937 -------- ------- -------- -------- 5,940 1,480 - 7,420 -------- ------- -------- -------- NET OPERATING INCOME - PROPERTIES 14,692 2,286 - 16,978 OTHER INCOME (EXPENSE) Property management and leasing - Home office - - (776) (776) General and administrative - - (1,796) (1,796) Interest income - - 381 381 Management income - - 164 164 Other income - - 3 3 -------- ------- -------- -------- EBIDTA 14,692 2,286 (2,024) 14,954 Depreciation and amortization (4,836) (486) (103) (5,425) Interest expense (5,523) (1,070) - (6,593) Loss on sale of properties - - - - -------- ------- -------- -------- Loss before minority interest 4,333 730 (2,127) 2,936 Minority interest in Operating Partnership - - (878) (878) -------- ------- -------- -------- NET INCOME (LOSS) $ 4,333 $ 730 $ (3,005) $ 2,058 ======== ======= ======== ========
3 months ended September 30, 1999 Retail Multi-Family Corporate Total ---------------------------------------------------- PROPERTY REVENUES Minimum rents(2) $ 16,615 $ 3,592 $ - $ 20,207 Percentage rents 492 - - 492 Expense reimbursements 3,731 - - 3,731 Other property income 120 167 - 287 -------- ------- -------- -------- 20,958 3,759 - 24,717 -------- ------- -------- -------- PROPERTY EXPENSES Property operating 3,595 1,319 - 4,914 Real estate taxes 2,569 217 - 2,786 -------- ------- -------- -------- 6,164 1,536 - 7,700 -------- ------- -------- -------- NET OPERATING INCOME - PROPERTIES 14,794 2,223 - 17,017 OTHER INCOME (EXPENSE) Property management and leasing - Home office - - (313) (313) General and administrative - - (1,437) (1,437) Interest income - - 372 372 Management income - - 199 199 Other income - - 15 15 -------- ------- -------- -------- EBIDTA 14,794 2,223 (1,164) 15,853 Depreciation and amortization (4,608) (463) (68) (5,139) Interest expense (5,332) (1,020) - (6,352) Loss on sale of properties - - - - -------- ------- -------- -------- Loss before minority interest 4,854 740 (1,232) 4,362 Minority interest in Operating Partnership - - (1,279) (1,279) -------- ------- -------- -------- NET INCOME (LOSS) $ 4,854 $ 740 $ (2,511) $ 3,083 ======== ======= ======== ========
Previous Quarters 3 months ended June 30, 1999 Retail Multi-Family Corporate Total --------------------------------------------------- PROPERTY REVENUES Minimum rents(2) $ 14,584 $ 3,532 $ - $ 18,116 Percentage rents 686 - - 686 Expense reimbursements 3,238 - - 3,238 Other property income 115 164 - 279 -------- ------- -------- -------- 18,623 3,696 - 22,319 -------- ------- -------- -------- PROPERTY EXPENSES Property operating 3,394 1,334 - 4,728 Real estate taxes 2,493 216 - 2,709 -------- ------- -------- -------- 5,887 1,550 - 7,437 -------- ------- -------- -------- NET OPERATING INCOME - PROPERTIES 12,736 2,146 - 14,882 OTHER INCOME (EXPENSE) Property management and leasing - Home office - - (767) (767) General and administrative - - (1,638) (1,638) Interest income - - 259 259 Management income - - 163 163 Other income - - 7 7 -------- ------- -------- -------- EBIDTA 12,736 2,146 (1,976) 12,906 Depreciation and amortization (4,642) (447) (39) (5,128) Interest expense (4,885) (1,007) - (5,892) Loss on sale of properties - - - - -------- ------- -------- -------- Loss before minority interest 3,209 692 (2,015) 1,886 Minority interest in Operating Partnership - - (597) (597) -------- ------- -------- -------- NET INCOME (LOSS) $ 3,209 $ 692 $ (2,612) $ 1,289 ======== ======= ======== ========
3 months ended March 31, 1999 Retail Multi-Family Corporate Total ---------------------------------------------------- PROPERTY REVENUES Minimum rents(2) $ 14,419 $ 3,547 $ - $ 17,966 Percentage rents 814 - - 814 Expense reimbursements 3,688 - - 3,688 Other property income 111 147 - 258 -------- ------- -------- -------- 19,032 3,694 - 22,726 -------- ------- -------- -------- PROPERTY EXPENSES Property operating 4,066 1,174 - 5,240 Real estate taxes 2,480 216 - 2,696 -------- ------- -------- -------- 6,546 1,390 - 7,936 -------- ------- -------- -------- NET OPERATING INCOME - PROPERTIES 12,486 2,304 - 14,790 OTHER INCOME (EXPENSE) Property management and leasing - Home office - - (723) (723) General and administrative - - (1,466) (1,466) Interest income - - 246 246 Management income - - 156 156 Other income - - 6 6 -------- ------- -------- -------- EBIDTA 12,486 2,304 (1,781) 13,009 Depreciation and amortization (4,384) (433) (31) (4,848) Interest expense (4,718) (1,018) - (5,736) Loss on sale of properties (1,284) - - (1,284) -------- ------- -------- -------- Loss before minority interest 2,100 853 (1,812) 1,141 Minority interest in Operating Partnership - - (376) (376) -------- ------- -------- -------- NET INCOME (LOSS) $ 2,100 $ 853 $ (2,188) $ 765 ======== ======= ======== ======== (1) Quarterly results for 1999 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 period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the company's Forms 10K and 10Q for the corresponding periods. Retail segment includes two mixed use properties with retail components. (2) Minimum rents for the quarter ended September 30, 1999 include income of $1,387 recognized following the receipt of settlement amounts related to the Chapter 11 filing of the Penn Traffic Co. and the settlement of litigation initiated by the Company to enforce the lease payment obligations of the lease guarantor related to a former tenant which filed Chapter 11 and rejected the lease at one of the Company's centers prior to 1999. Page 15
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Net Operating Income (NOI) - Same Store Performance(1) (in thousands) Current Year-to-date Historical Year-to-date Pro Forma(2) Year ended Year ended December 31, December 31, 1999 1998 ---- ---- NOI - Consolidated properties $ 61,171 $ 52,682 NOI - Unconsolidated partnerships 2,496 2,416 -------- -------- Total NOI 63,667 55,098 Less straight-line rent (1,269) (1,362) NOI - Settlement of litigation and claims(3) (1,387) - NOI - Properties Acquired (4,189) (1,634) NOI - Properties Redeveloped (2,908) (1,296) NOI - Properties Sold (146) (909) -------- -------- Same Property NOI $ 53,768 $ 49,897 ======== ======== Growth in Same Property NOI 7.8% (1) The above amounts includes the activity related to the Company's equity in the earnings of unconsolidated subsidiaries. (2) The unaudited pro forma information for the year ebded December 31, 1998 is presented as if the RDC Transaction as described in the Company's Annual Report on Form 10K for the year ended December 31, 1998 had occurred on January 1, 1997. (3) Net operating income for the year ended December 31, 1999 include income of $1,387 recognized following the receipt of settlement amounts related to the Chapter 11 filing of the Penn Traffic Co. and the settlement of litigation initiated by the Company to enforce the lease payment obligations of the lease guarantor related to a former tenant which filed Chapter 11 and rejected the lease at one of the Company's centers prior to 1999. Page 16
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Funds from Operations (FFO)(1) (in thousands) Annual Current Quarter Year 3 months 3 months ended December 31, ended December 31, ended September 30, 1999 1999 1999(3) ------------------------------------------------------------- Net Income $ 7,195 $ 2,058 $ 3,083 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 18,949 4,949 4,717 Unconsolidated subsidiaries 626 159 156 Income attributable to Operating Partnership Units 3,106 854 1,279 Loss on sale of properties 1,284 - - -------- ------- ------- Funds from Operations $ 31,160 $ 8,020 $ 9,235 ======== ======= ======= Funds from Operations per share(2) $ 0.85 $ 0.22 $ 0.25 ======== ======= ======= Previous Quarters 3 months 3 months ended June 30, ended March 31, 1999 1999 ------------------------------------- Net Income $ 1,289 $ 765 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 4,769 4,514 Unconsolidated subsidiaries 156 155 Income attributable to Operating Partnership Units 597 376 Loss on sale of properties - 1,284 ------- ------- Funds from Operations $ 6,811 $ 7,094 ======= ======= Funds from Operations per share(2) $ 0.19 $ 0.19 ======= ======= (1) Quarterly results for 1999 are unaudited. They reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period. (2) Assumes full conversion of O.P. Units into Common Shares. (3) Minimum rents for the quarter ended September 30, 1999 include income of $1,387 ($0.04 per share) recognized following the receipt of settlement amounts related to the Chapter 11 filing of the Penn Traffic Co. and the settlement of litigation initiated by the Company to enforce the lease payment obligations of the lease guarantor related to a former tenant which filed Chapter 11 and rejected the lease at one of the Company's centers prior to 1999. Page 17
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Consolidated Balance Sheets (in thousands) December 31, December 31, 1999 1998 ---- ---- ASSETS Real estate Land $ 81,956 $ 76,136 Buildings and improvements 477,573 452,300 Properties under development 9,992 22,813 --------- --------- 569,521 551,249 Less: accumulated depreciation (90,932) (87,202) --------- --------- Net real estate 478,589 464,047 Property held for sale 13,227 7,073 Cash and cash equivalents 35,340 15,183 Cash in escrow 9,707 12,650 Investments in unconsolidated partnerships 7,463 7,516 Rents receivable, net 8,865 6,006 Prepaid expenses 2,952 2,797 Deferred charges, net 12,374 11,461 Other assets 2,286 1,779 --------- --------- $ 570,803 $ 528,512 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $ 326,651 $ 277,561 Accounts payable and accrued expenses 6,385 10,673 Dividends and distributions payable 4,371 - Other liabilities 4,224 3,993 --------- --------- Total liabilities 341,631 292,227 --------- --------- Minority interest in Operating Partnership 74,462 79,344 Minority interests in majority owned partnerships 2,223 2,350 --------- --------- Total minority interests 76,685 81,694 --------- --------- Shareholders' equity: Common shares 26 25 Additional paid-in capital 168,641 170,746 Deficit (16,180) (16,180) --------- --------- Total shareholders' equity 152,487 154,591 --------- --------- $ 570,803 $ 528,512 ========= ========= Page 18
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Selected Operating Ratios Quarter ended Year ended December 31, 1999 December 31, 1999 ----------------- ----------------- Coverage Ratios(1) Interest Coverage Ratio EBIDTA(2) $ 14,954 $ 55,064 Divided by Interest expense 6,593 24,573 -------- --------- 2.27x 2.24x Fixed Charge Coverage Ratio EBIDTA(2) $ 14,954 $ 55,064 Divided by (Interest expense 6,593 24,573 + Preferred Dividends(3)) 23 23 -------- --------- 2.26x 2.24x Debt Service Coverage Ratio EBIDTA(2) $ 14,954 $ 55,064 Divided by (Interest expense 6,593 24,573 + Principal Amortization) 1,164 3,852 -------- --------- 1.93x 1.94x Payout Ratios FFO Payout Ratio - Basic and Diluted Dividends (Shares) & Distributions (O.P. Units) paid - $0.12 per Share/O.P. Unit for each of the 4 quarters in 1999 $ 4,348 $ 17,516 FFO(2) 8,020 29,502 -------- --------- 54% 59% Overhead Ratios G&A/Real Estate Revenues General and Administrative expense $ 1,796 $ 6,337 Real Estate Revenues(1,2) 24,398 92,502 -------- --------- 7% 7% Leverage Ratios Debt/Total Market Capitalization(4) Debt - $ 326,651 Total Market Capitalization(5) - 496,327 --------- - 66% Notes: (1) Results for the quarter ended December 31, 1999 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 period. The coverage ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to the Company's investment in unconsolidated partnerships. (2) EBIDTA and Revenues have been adjusted for income of $1,658 recognized following the receipt of settlement amounts related to the Chapter 11 filings of Penn Traffic Co. as well as the income recognized as a result of the settlement of litigation initiated by the Company to enforce the lease payment obligations of the lease guarantor related to a former tenant which filed Chapter 11 and rejected the lease at one of the Company's centers prior to 1999. The adjustments are as follows:
For the Quarter Ended December 31, 1999 For the Year Ended December 31, 1999 EBIDTA Revenues FFO EBIDTA Revenues FFO Inclusive of settlement amounts $ 14,954 $ 24,398 $ 8,020 $ 56,722 $ 94,160 $ 31,160 Less settlement amounts - - - (1,658) (1,658) (1,658) -------- -------- ------- -------- -------- -------- As adjusted and used above $ 14,954 $ 24,398 $ 8,020 $ 55,064 $ 92,502 $ 29,502 ======== ======== ======= ======== ======== ======== (3) Represents preferred distributions on Preferred Operating partnership Units. (4) Including the Company's pro-rata share of joint venture debt (see page 21), the Debt to Total Market Capitalization increases to 67% (5) Reference page 13 for calculation of Total Market Capitalization. Page 19
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Debt Analysis - Wholly Owned Properties Principal Balance at Property Lender Notes 12/31/1999 - ---------------------------------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT New Louden Center John Hancock Mutual Life Insurance Co. 1 $ 9,621,030 Ledgewood Mall John Hancock Mutual Life Insurance Co. 1 16,355,750 Lebanon (Plaza 422) John Hancock Mutual Life Insurance Co. 1 2,886,309 Towanda (Bradford Towne Center) John Hancock Mutual Life Insurance Co. 1 10,583,133 Tioga West John Hancock Mutual Life Insurance Co. 1 3,126,834 Berlin Plaza John Hancock Mutual Life Insurance Co. 1 4,569,989 Honesdale (Route 6 Mall) John Hancock Mutual Life Insurance Co. 1 6,734,721 Valmont Plaza Metropolitan Life Insurance Co. 6,100,000 Luzerne Street Plaza Metropolitan Life Insurance Co. 2,000,000 Greenridge Plaza Metropolitan Life Insurance Co. 6,700,000 Crescent Plaza Metropolitan Life Insurance Co. 12,000,000 East End Centre Metropolitan Life Insurance Co. 14,200,000 Bloomfield Town Square Sun America Life Insurance Co. 10,331,916 Walnut Hill Shopping Center Sun America Life Insurance Co. 9,286,427 Atrium Mall Sun America Life Insurance Co. 10,360,245 GHT Apartments Sun America Life Insurance Co. 8,274,723 Colony Apartments Sun America Life Insurance Co. 3,889,824 Gateway Mall Huntoon Hastings Capital Corp. 6,221,896 Branch Shopping Center North Fork Bank 5,000,000 Pacesetter Park Shopping Center M&T Real Estate Inc. 4,628,199 Pittston Plaza Anchor National Life Insurance Co. 3,866,116 Glen Oaks Apartments Lehman Brothers Holdings, Inc. 17,972,774 Mad River Mellon Mortgage Company 7,566,310 Manahawkin K-Mart Northern Life Insurance Co. & Bankers Security Life 5,361,848 Mountainville Shopping Center Morgan Stanley Mortgage Capital 3,094,177 King's Fairground Morgan Stanley Mortgage Capital 865,152 Northside Mall Morgan Stanley Mortgage Capital 3,309,217 Dunmore Plaza Morgan Stanley Mortgage Capital 1,102,560 25th Street Plaza Morgan Stanley Mortgage Capital 7,758,050 Ft. Ogelthorpe (Cloud Springs Plaza) Morgan Stanley Mortgage Capital 2,578,081 Kingston Plaza Morgan Stanley Mortgage Capital 2,212,800 Plaza 15 Morgan Stanley Mortgage Capital 2,102,401 Martintown Plaza Morgan Stanley Mortgage Capital 2,828,449 Birney Mall Morgan Stanley Mortgage Capital 3,279,169 Midway Plaza Morgan Stanley Mortgage Capital 2,429,665 Shillington Plaza Morgan Stanley Mortgage Capital 2,806,849 Shamokin (Ames Plaza) Morgan Stanley Mortgage Capital 988,416 Shamokin Dam (Circle Plaza) Morgan Stanley Mortgage Capital 1,215,265 New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 1,489,728 Stroudsburg (Monroe Plaza) Morgan Stanley Mortgage Capital 3,696,193 Troy Plaza Morgan Stanley Mortgage Capital 2,336,448 Northwood Centre Nomura Asset Capital Corporation 22,334,539 ------------- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 254,065,203 ------------- VARIABLE-RATE DEBT Soundview Marketplace General Electric Capital Corp. 2 7,126,173 Town Line Fleet Bank, N.A. 3 3,965,556 Smithtown Shopping Center Fleet Bank, N.A. 4 9,325,710 Merrillville Plaza Sun America Life Insurance Co. 5 13,930,761 Village Apartments Sun America Life Insurance Co. 5 9,979,341 Marley Run Apartments KBC Bank 6 14,508,000 239 Greenwich Avenue First Union National Bank 7 13,750,000 ------------- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 72,585,541 ------------- TOTAL/WEIGHTED AVERAGE - ALL DEBT $ 326,650,744 -------------
Interest Maturity Property Lender Rate Date - ------------------------------------------------------------------------------------------------------------------------------------ FIXED-RATE DEBT New Louden Center John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000 Ledgewood Mall John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000 Lebanon (Plaza 422) John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000 Towanda (Bradford Towne Center) John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000 Tioga West John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000 Berlin Plaza John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000 Honesdale (Route 6 Mall) John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000 Valmont Plaza Metropolitan Life Insurance Co. 7.75% 06/01/2000 Luzerne Street Plaza Metropolitan Life Insurance Co. 7.75% 06/01/2000 Greenridge Plaza Metropolitan Life Insurance Co. 7.75% 06/01/2000 Crescent Plaza Metropolitan Life Insurance Co. 7.75% 06/01/2000 East End Centre Metropolitan Life Insurance Co. 7.75% 06/01/2000 Bloomfield Town Square Sun America Life Insurance Co. 7.75% 01/01/2001 Walnut Hill Shopping Center Sun America Life Insurance Co. 7.75% 01/01/2001 Atrium Mall Sun America Life Insurance Co. 7.75% 01/01/2001 GHT Apartments Sun America Life Insurance Co. 7.75% 01/01/2001 Colony Apartments Sun America Life Insurance Co. 7.75% 01/01/2001 Gateway Mall Huntoon Hastings Capital Corp. 7.50% 09/01/2002 Branch Shopping Center North Fork Bank 7.75% 12/01/2002 Pacesetter Park Shopping Center M&T Real Estate Inc. 8.18% 03/01/2003 Pittston Plaza Anchor National Life Insurance Co. 7.93% 01/01/2004 Glen Oaks Apartments Lehman Brothers Holdings, Inc. 8.32% 03/01/2004 Mad River Mellon Mortgage Company 9.60% 05/23/2005 Manahawkin K-Mart Northern Life Insurance Co. & Bankers Security Life 7.70% 12/01/2008 Mountainville Shopping Center Morgan Stanley Mortgage Capital 8.84% 11/01/2021 King's Fairground Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Northside Mall Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Dunmore Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021 25th Street Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Ft. Ogelthorpe (Cloud Springs Plaza) Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Kingston Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Plaza 15 Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Martintown Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Birney Mall Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Midway Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Shillington Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Shamokin (Ames Plaza) Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Shamokin Dam (Circle Plaza) Morgan Stanley Mortgage Capital 8.84% 11/01/2021 New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Stroudsburg (Monroe Plaza) Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Troy Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021 Northwood Centre Nomura Asset Capital Corporation 9.02% 03/11/2022 ----- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 8.44% ----- VARIABLE-RATE DEBT Soundview Marketplace General Electric Capital Corp. 8.52% 01/01/2002 Town Line Fleet Bank, N.A. 7.91% 03/15/2002 Smithtown Shopping Center Fleet Bank, N.A. 7.94% 05/31/2002 Merrillville Plaza Sun America Life Insurance Co. 8.26% 08/01/2002 Village Apartments Sun America Life Insurance Co. 8.13% 10/01/2002 Marley Run Apartments KBC Bank 7.73% 12/31/2002 239 Greenwich Avenue First Union National Bank 7.81% 01/01/2005 ----- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 8.02% ----- TOTAL/WEIGHTED AVERAGE - ALL DEBT 8.34% -----
Percent of Months Total to Property Lender Indebtedness Maturity - ---------------------------------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT New Louden Center John Hancock Mutual Life Insurance Co. 2.9% 3 Ledgewood Mall John Hancock Mutual Life Insurance Co. 5.0% 3 Lebanon (Plaza 422) John Hancock Mutual Life Insurance Co. 0.9% 3 Towanda (Bradford Towne Center) John Hancock Mutual Life Insurance Co. 3.2% 3 Tioga West John Hancock Mutual Life Insurance Co. 1.0% 3 Berlin Plaza John Hancock Mutual Life Insurance Co. 1.4% 3 Honesdale (Route 6 Mall) John Hancock Mutual Life Insurance Co. 2.1% 3 Valmont Plaza Metropolitan Life Insurance Co. 1.9% 5 Luzerne Street Plaza Metropolitan Life Insurance Co. 0.6% 5 Greenridge Plaza Metropolitan Life Insurance Co. 2.1% 5 Crescent Plaza Metropolitan Life Insurance Co. 3.7% 5 East End Centre Metropolitan Life Insurance Co. 4.3% 5 Bloomfield Town Square Sun America Life Insurance Co. 3.2% 12 Walnut Hill Shopping Center Sun America Life Insurance Co. 2.8% 12 Atrium Mall Sun America Life Insurance Co. 3.2% 12 GHT Apartments Sun America Life Insurance Co. 2.5% 12 Colony Apartments Sun America Life Insurance Co. 1.2% 12 Gateway Mall Huntoon Hastings Capital Corp. 1.9% 33 Branch Shopping Center North Fork Bank 1.5% 36 Pacesetter Park Shopping Center M&T Real Estate Inc. 1.4% 39 Pittston Plaza Anchor National Life Insurance Co. 1.2% 49 Glen Oaks Apartments Lehman Brothers Holdings, Inc. 5.5% 51 Mad River Mellon Mortgage Company 2.3% 66 Manahawkin K-Mart Northern Life Insurance Co. & Bankers Security Life 1.6% 109 Mountainville Shopping Center Morgan Stanley Mortgage Capital 0.9% 266 King's Fairground Morgan Stanley Mortgage Capital 0.3% 266 Northside Mall Morgan Stanley Mortgage Capital 1.0% 266 Dunmore Plaza Morgan Stanley Mortgage Capital 0.3% 266 25th Street Plaza Morgan Stanley Mortgage Capital 2.4% 266 Ft. Ogelthorpe (Cloud Springs Plaza) Morgan Stanley Mortgage Capital 0.8% 266 Kingston Plaza Morgan Stanley Mortgage Capital 0.7% 266 Plaza 15 Morgan Stanley Mortgage Capital 0.6% 266 Martintown Plaza Morgan Stanley Mortgage Capital 0.9% 266 Birney Mall Morgan Stanley Mortgage Capital 1.0% 266 Midway Plaza Morgan Stanley Mortgage Capital 0.7% 266 Shillington Plaza Morgan Stanley Mortgage Capital 0.9% 266 Shamokin (Ames Plaza) Morgan Stanley Mortgage Capital 0.3% 266 Shamokin Dam (Circle Plaza) Morgan Stanley Mortgage Capital 0.4% 266 New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 0.5% 266 Stroudsburg (Monroe Plaza) Morgan Stanley Mortgage Capital 1.1% 266 Troy Plaza Morgan Stanley Mortgage Capital 0.7% 266 Northwood Centre Nomura Asset Capital Corporation 6.8% 270 ----- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 77.8% ----- VARIABLE-RATE DEBT Soundview Marketplace General Electric Capital Corp. 2.2% 24 Town Line Fleet Bank, N.A. 1.2% 27 Smithtown Shopping Center Fleet Bank, N.A. 2.9% 29 Merrillville Plaza Sun America Life Insurance Co. 4.3% 31 Village Apartments Sun America Life Insurance Co. 3.1% 34 Marley Run Apartments KBC Bank 4.4% 37 239 Greenwich Avenue First Union National Bank 4.2% 61 ----- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 22.2% ----- TOTAL/WEIGHTED AVERAGE - ALL DEBT 100.0% ----- Notes: (1) The John Hancock debt was paid off in full subsequent to year end. 5 of the 7 properties (excludes Plaza 422 and Tioga West) were used to secure a $59 million revolving credit facility with Dime Bank at a rate of LIBOR plus 175 basis points (currently 7.88%) (2) GECC Commercial Paper rate plus 275 basis points. (3) LIBOR plus 175 basis points. (4) LIBOR plus 178 basis points. (5) LIBOR plus 205 basis points. (6) LIBOR plus 125 basis points. (7) LIBOR plus 165 basis points. Page 20
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Debt Analysis - Unconsolidated Partnerships Total Arcadia Realty Principal Trust Balance at Interest Maturity VARIABLE-RATE DEBT(1) Joint Venture Partner Ownership 12/31/1999 Rate Date --------------------- --------- ---------- ---- ---- Crossroads Shopping Center Heyman-Greenburgh Associates LLC 49.0% $ 35,104,542 7.17% 10/01/2007 RMC Development Company LLC Summary - Wholly-Owned Properties and Unconsolidated Partnerships Weighted % of Outstanding Avg. Total Balance Int. Rate ----------------------------------- Wholly-Owned Properties Fixed-Rate Debt 74% $ 254,065,203 8.44% Variable-Rate Debt 21% 72,585,541 8.02% --- ------------- ---- Wholly-Owned Properties - Total Debt 95% 326,650,744 8.34% --- ------------- ---- Unconsolidated Partnerships Fixed-Rate Debt 1% 5,000,000 7.53% Variable-Rate Debt 4% 12,254,680 6.21% --- ------------- ---- Unconsolidated Partnerships - Total Debt 5% 17,254,680 6.59% --- ------------- ---- Total Company Debt 100% $ 343,905,424 8.26% --- ------------- ---- Notes: (1) Acadia Realty Trust's 49% ownership represents $17,254,680 of which $5,000,000 was fixed through a interest rate swap transaction. The interest rate for this loan is based upon LIBOR plus 105 basis points. Page 21
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Future Debt Maturities (1) (in thousands) Weighted Average Interest Rate of Maturing Debt ------------------------------------------------------ Scheduled Year Amortization Maturities Total Total Debt Fixed-Rate Debt Variable-Rate Debt ---- ------------ ---------- ----- ---------- --------------- ------------------ 2000 $ 3,848 $ 94,878 $ 98,726 8.52% 8.52% n/a 2001 3,205 41,226 44,431 7.75% 7.75% n/a 2002 3,091 67,501 70,592 7.99% 7.61% 8.07% 2003 2,487 4,230 6,717 8.18% 8.18% n/a 2004 2,351 20,541 22,892 8.25% 8.25% n/a Thereafter 22,768 60,525 83,293 8.71% 8.96% 7.81% -------- --------- --------- $ 37,750 $ 288,901 $ 326,651 ======== ========= ========= Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 1999 $ 372 2nd Quarter 1999 360 3rd Quarter 1999 357 4th Quarter 1999 249 ------- $ 1,338 ======= (1) Does not include debt from unconsolidated subsidiaries Page 22
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Portfolio by Region and Property Type (Square Feet) Mixed-Use --------- Strip Enclosed Total Retail/ Retail/ Region Mall Mall Retail Apartments Office Residential Total ------ ---- ---- ------ ---------- ------ ----------- ----- Consolidated Properties - New England 941,456 -- 941,456 16,834 -- -- 958,290 New York Region 1,447,768 516,682 1,964,450 -- -- -- 1,964,450 Mid-Atlantic 3,359,232 178,434 3,537,666 -- -- 831,972 4,369,638 Southeast 770,425 382,299 1,152,724 -- 500,012 578,606 2,231,342 Mid-west 703,241 -- 703,241 -- -- -- 703,241 South Central Mid-West -- -- -- -- -- 628,891 628,891 --------- --------- --------- ------ ------- --------- ---------- Total consolidated properties 7,222,122 1,077,415 8,299,537 16,834 500,012 2,039,469 10,855,852 Unconsolidated Partnerships - New York Region(1) 310,897 -- 310,897 -- -- -- 310,897 --------- --------- --------- ------ ------- --------- ---------- 7,533,019 1,077,415 8,610,434 16,834 500,012 2,039,469 11,166,749 --------- --------- --------- ------ ------- --------- ---------- % of Total Square Feet 67.5% 9.6% 77.1% 0.2% 4.5% 18.3% 100.0% (1) This center is 49% owned by unconsolidated partnerships Page 23
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Commercial Properties by Region - Summary --------------------------------------------------------------------------- Gross Leasable Area Occupancy --------------------------------------------------------------------------- Anchors(1) Shops Total Anchors Shops Total --------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic(2) 2,643,443 894,223 3,537,666 94.21% 87.88% 92.61% Midwest 342,786 360,455 703,241 100.00% 86.65% 93.16% New England 691,348 250,108 941,456 81.51% 88.10% 83.26% New York Region 1,142,286 822,164 1,964,450 89.10% 86.05% 87.82% Southeast 585,181 567,543 1,152,724 85.96% 71.14% 78.66% --------------------------------------------------------------------------- Total Retail Properties - Wholly Owned 5,405,044 2,894,493 8,299,537 90.98% 83.94% 88.52% --------------------------------------------------------------------------- Mixed Use New England 16,834 - 16,834 73.02% 73.02% Southeast 353,541 146,471 500,012 100.00% 85.90% 95.87% --------------------------------------------------------------------------- Total Mixed Use 370,375 146,471 516,846 98.77% 85.90% 95.12% =========================================================================== GRAND TOTAL - Wholly Owned 5,775,419 3,040,964 8,816,383 91.48% 84.04% 88.91% Unconsolidated Retail Properties - -------------------------------- New York Region 191,363 119,534 310,897 100.00% 97.24% 98.94% --------------------------------------------------------------------------- Total Unconsolidated Retail Properties 191,363 119,534 310,897 100.00% 97.24% 98.94% ===========================================================================
--------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Totals --------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic(2) $ 10,581,136 $ 6,285,094 $ 16,866,230 $ 4.25 $ 8.00 $ 5.15 Midwest 2,288,895 3,979,372 6,268,267 6.68 12.74 9.57 New England 2,890,062 2,253,093 5,143,155 5.13 10.23 6.56 New York Region 8,003,701 10,206,322 18,210,023 7.86 14.43 10.56 Southeast 2,017,205 1,866,198 3,883,403 4.01 4.62 4.28 --------------------------------------------------------------------------- Total Retail Properties - Wholly Owned 25,780,999 24,590,079 50,371,078 5.24 10.12 6.86 --------------------------------------------------------------------------- Mixed Use New England 830,000 - 830,000 67.52 - 67.52 Southeast 4,690,068 1,568,550 6,258,618 13.27 12.47 13.06 --------------------------------------------------------------------------- Total Mixed Use 5,520,068 1,568,550 7,088,618 15.09 12.47 14.42 --------------------------------------------------------------------------- --------------------------------------------------------------------------- GRAND TOTAL - Wholly Owned $ 31,301,067 $ 26,158,629 $ 57,459,696 $ 5.92 $ 10.24 $ 7.33 =========================================================================== Unconsolidated Retail Properties - -------------------------------- New York Region 1,790,546 3,098,687 4,889,233 9.36 26.66 15.89 --------------------------------------------------------------------------- Total Unconsolidated Retail Properties $ 1,790,546 $ 3,098,687 $ 4,889,233 $ 9.36 $ 26.66 $ 15.89 =========================================================================== (1) The Company considers those tenants who comprise greater than 10% of a center's GLA as anchor tenants (2) The Company is currently redeveloping the Atrium Mall. The above amounts for the Mid-Atlantic region do not reflect the vacancy, subsequent to December 31, 1999, of the A&P Supermarket and Circuit City spaces for a total of 78,000 square feet at the Atrium Mall as part of that redevelopment. The effect of this would reduce the above occupancy for the region and wholly owned portfolio by 2.2% and 0.9%, respectively. Page 24
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Commercial Properties by Region - Detail -------------------------------------------------------------------------- Gross Leasable Area Occupancy -------------------------------------------------------------------------- Anchors(1) Shops Total Anchors Shops Total -------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic ------------ Pennsylvania - ------------ ATRIUM MALL(2) 124,420 54,014 178,434 84.68% 62.22% 77.88% AMES PLAZA 90,410 7,800 98,210 65.39% 100.00% 68.14% BIRNEY PLAZA 135,493 58,406 193,899 100.00% 100.00% 100.00% BLACKMAN PLAZA 104,956 12,500 117,456 100.00% 92.00% 99.15% BRADFORD TOWNE CENTRE 146,499 110,820 257,319 100.00% 80.78% 91.72% CIRCLE PLAZA 92,171 - 92,171 100.00% 100.00% DUNMORE PLAZA 39,680 5,700 45,380 100.00% 66.67% 95.81% EAST END CENTER 176,200 132,227 308,427 100.00% 100.00% 100.00% GREENRIDGE PLAZA 144,736 52,886 197,622 57.57% 93.76% 67.25% KINGSTON PLAZA 51,500 13,324 64,824 100.00% 100.00% 100.00% LUZERNE STREET SHOPPING CENTER 54,618 3,097 57,715 100.00% 100.00% 100.00% MARK PLAZA 157,595 58,625 216,220 100.00% 76.46% 93.62% MONROE PLAZA 128,129 2,440 130,569 100.00% 100.00% 100.00% MOUNTAINVILLE SHOPPING CENTER 68,008 46,793 114,801 100.00% 89.20% 95.60% PITTSTON PLAZA 67,568 12,000 79,568 100.00% 100.00% 100.00% PLAZA 15 81,800 31,730 113,530 100.00% 92.12% 97.80% PLAZA 422 124,113 30,678 154,791 100.00% 37.49% 87.61% ROUTE 6 MALL 119,658 55,824 175,482 100.00% 89.25% 96.58% SHILLINGTON PLAZA 134,607 16,135 150,742 100.00% 100.00% 100.00% TIOGA WEST 113,338 9,000 122,338 100.00% 100.00% 100.00% 25TH STREET SHOPPING CENTER 28,800 102,677 131,477 100.00% 87.92% 90.57% UNION PLAZA 217,992 - 217,992 100.00% 100.00% VALMONT PLAZA 137,817 62,347 200,164 70.09% 97.59% 78.66% -------------------------------------------------------------------------- Total: Pennsylvania 2,540,108 879,023 3,419,131 93.98% 87.67% 92.36% -------------------------------------------------------------------------- Virginia - -------- KINGS FAIRGROUNDS 103,335 15,200 118,535 100.00% 100.00% 100.00% -------------------------------------------------------------------------- Total: Virginia 103,335 15,200 118,535 100.00% 100.00% 100.00% -------------------------------------------------------------------------- Total: Mid-Atlantic 2,643,443 894,223 3,537,666 94.21% 87.88% 92.61% --------------------------------------------------------------------------
-------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot -------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic ------------ Pennsylvania - ------------ ATRIUM MALL(2) $ 1,294,259 $ 454,054 $ 1,748,313 $ 12.28 $ 13.51 $ 12.58 AMES PLAZA 84,006 31,200 115,206 1.42 4.00 1.72 BIRNEY PLAZA 311,544 352,450 663,994 2.30 6.03 3.42 BLACKMAN PLAZA 204,664 53,500 258,164 1.95 4.65 2.22 BRADFORD TOWNE CENTRE 887,469 531,177 1,418,646 6.06 5.93 6.01 CIRCLE PLAZA 252,289 - 252,289 2.74 - 2.74 DUNMORE PLAZA 89,134 47,025 136,159 2.25 12.37 3.13 EAST END CENTER 1,117,500 1,137,430 2,254,930 6.34 8.60 7.31 GREENRIDGE PLAZA 380,000 383,981 763,981 4.56 7.74 5.75 KINGSTON PLAZA 280,750 132,250 413,000 5.45 9.93 6.37 LUZERNE STREET SHOPPING CENTER 272,150 39,097 311,247 4.98 12.62 5.39 MARK PLAZA 625,776 348,659 974,435 3.97 7.78 4.81 MONROE PLAZA 423,718 30,280 453,998 3.31 12.41 3.48 MOUNTAINVILLE SHOPPING CENTER 225,416 327,607 553,023 3.31 7.85 5.04 PITTSTON PLAZA 492,212 114,125 606,337 7.28 9.51 7.62 PLAZA 15 216,988 145,825 362,813 2.65 4.99 3.27 PLAZA 422 262,030 78,450 340,480 2.11 6.82 2.51 ROUTE 6 MALL 687,951 316,089 1,004,040 5.75 6.34 5.92 SHILLINGTON PLAZA 367,720 166,700 534,420 2.73 10.33 3.55 TIOGA WEST 373,847 71,500 445,347 3.30 7.94 3.64 25TH STREET SHOPPING CENTER 254,350 1,026,927 1,281,277 8.83 11.38 10.76 UNION PLAZA 938,730 - 938,730 4.31 - 4.31 VALMONT PLAZA 220,000 426,168 646,168 2.28 7.00 4.10 -------------------------------------------------------------------------- Total: Pennsylvania 10,262,503 6,214,494 16,476,997 4.30 8.06 5.22 -------------------------------------------------------------------------- Virginia - -------- KINGS FAIRGROUNDS 318,634 70,600 389,234 3.08 4.64 3.28 -------------------------------------------------------------------------- Total: Virginia 318,634 70,600 389,234 3.08 4.64 3.28 -------------------------------------------------------------------------- Total: Mid-Atlantic 10,581,137 6,285,094 16,866,231 4.25 8.00 5.15 -------------------------------------------------------------------------- (1) The Company considers those tenants who comprise greater than 10% of a center's GLA as anchor tenants (2) The Company is currently redeveloping the Atrium Mall. The above amounts do not reflect the vacancy, subsequent to December 31, 1999, of the A&P Supermarket and Circuit City spaces for a total of 78,000 square feet at the Atrium Mall as part of that redevelopment. The effect of this would reduce the above occupancy for the property and Mid-Atlantic region by 43.60% and 2.2%, respectively. Retail Properties - Wholly Owned Page 25
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Commercial Properties by Region - Detail -------------------------------------------------------------------------- Gross Leasable Area Occupancy -------------------------------------------------------------------------- Anchors(1) Shops Total Anchors Shops Total -------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Midwest ------- Illinois - -------- HOBSON WEST PLAZA 42,037 57,913 99,950 100.00% 85.47% 91.58% -------------------------------------------------------------------------- Total: Illinois 42,037 57,913 99,950 100.00% 85.47% 91.58% -------------------------------------------------------------------------- Indiana - ------- MERRILLVILLE PLAZA 101,357 134,063 235,420 100.00% 90.10% 94.36% -------------------------------------------------------------------------- Total: Indiana 101,357 134,063 235,420 100.00% 90.10% 94.36% -------------------------------------------------------------------------- Michigan - -------- BLOOMFIELD TOWN SQUARE 137,930 75,973 213,903 100.00% 76.66% 91.71% -------------------------------------------------------------------------- Total: Michigan 137,930 75,973 213,903 100.00% 76.66% 91.71% -------------------------------------------------------------------------- Ohio - ---- MAD RIVER STATION 61,462 92,506 153,968 100.00% 90.58% 94.34% -------------------------------------------------------------------------- Total: Ohio 61,462 92,506 153,968 100.00% 90.58% 94.34% -------------------------------------------------------------------------- Total: Midwest 342,786 360,455 703,241 100.00% 86.65% 93.16% -------------------------------------------------------------------------- New England ----------- Connecticut - ----------- TOWN LINE PLAZA 157,165 48,587 205,752 100.00% 72.01% 93.39% -------------------------------------------------------------------------- Total: Connecticut 157,165 48,587 205,752 100.00% 72.01% 93.39% -------------------------------------------------------------------------- Massachusetts - ------------- METHUEN SHOPPING CENTER 116,260 18,234 134,494 26.20% 72.58% 32.49% CRESCENT PLAZA 154,865 61,230 216,095 100.00% 100.00% 100.00% -------------------------------------------------------------------------- Total: Massachusetts 271,125 79,464 350,589 68.35% 93.71% 74.10% -------------------------------------------------------------------------- Rhode Island - ------------ WALNUT HILL PLAZA 170,900 96,821 267,721 100.00% 90.57% 96.59% -------------------------------------------------------------------------- Total: Rhode Island 170,900 96,821 267,721 100.00% 90.57% 96.59% -------------------------------------------------------------------------- Vermont - ------- THE GATEWAY SHOPPING CENTER(1) 92,158 25,236 117,394 54.39% 91.92% 62.46% -------------------------------------------------------------------------- Total: Vermont 92,158 25,236 117,394 54.39% 91.92% 62.46% -------------------------------------------------------------------------- Total: New England 691,348 250,108 941,456 81.51% 88.10% 83.26% --------------------------------------------------------------------------
-------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot -------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Midwest ------- Illinois - -------- HOBSON WEST PLAZA 170,000 750,053 920,053 4.04 15.15 10.05 -------------------------------------------------------------------------- Total: Illinois 170,000 750,053 920,053 4.04 15.15 10.05 -------------------------------------------------------------------------- Indiana - ------- MERRILLVILLE PLAZA 835,417 1,375,603 2,211,020 8.24 11.39 9.95 -------------------------------------------------------------------------- Total: Indiana 835,417 1,375,603 2,211,020 8.24 11.39 9.95 -------------------------------------------------------------------------- Michigan - -------- BLOOMFIELD TOWN SQUARE 780,580 743,170 1,523,750 5.66 12.76 7.77 -------------------------------------------------------------------------- Total: Michigan 780,580 743,170 1,523,750 5.66 12.76 7.77 -------------------------------------------------------------------------- Ohio - ---- MAD RIVER STATION 502,898 1,110,546 1,613,444 8.18 13.25 11.11 -------------------------------------------------------------------------- Total: Ohio 502,898 1,110,546 1,613,444 8.18 13.25 11.11 -------------------------------------------------------------------------- Total: Midwest 2,288,895 3,979,372 6,268,267 6.68 12.74 9.57 -------------------------------------------------------------------------- New England ----------- Connecticut - ----------- TOWN LINE PLAZA 730,000 428,008 1,158,008 4.64 12.23 6.03 -------------------------------------------------------------------------- Total: Connecticut 730,000 428,008 1,158,008 4.64 12.23 6.03 -------------------------------------------------------------------------- Massachusetts - ------------- METHUEN SHOPPING CENTER 109,656 161,680 271,336 3.60 12.22 6.21 CRESCENT PLAZA 812,385 492,250 1,304,635 5.25 8.04 6.04 -------------------------------------------------------------------------- Total: Massachusetts 922,041 653,930 1,575,971 4.98 8.78 6.07 -------------------------------------------------------------------------- Rhode Island - ------------ WALNUT HILL PLAZA 966,904 890,445 1,857,349 5.66 10.15 7.18 -------------------------------------------------------------------------- Total: Rhode Island 966,904 890,445 1,857,349 5.66 10.15 7.18 -------------------------------------------------------------------------- Vermont - ------- THE GATEWAY SHOPPING CENTER(1) 271,117 280,710 551,827 5.41 12.10 7.53 -------------------------------------------------------------------------- Total: Vermont 271,117 280,710 551,827 5.41 12.10 7.53 -------------------------------------------------------------------------- Total: New England 2,890,062 2,253,093 5,143,155 5.13 10.23 6.56 -------------------------------------------------------------------------- (1) This property is currently under redevelopment Page 26
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Commercial Properties by Region - Detail -------------------------------------------------------------------------- Gross Leasable Area Occupancy -------------------------------------------------------------------------- Anchors(1) Shops Total Anchors Shops Total -------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- New York Region --------------- New Jersey - ---------- ELMWOOD PARK SHOPPING CENTER 27,918 96,226 124,144 100.00% 81.47% 85.64% MARKETPLACE OF ABSECON 44,824 46,875 91,699 100.00% 93.06% 96.45% BERLIN SHOPPING CENTER 127,850 59,446 187,296 100.00% 62.19% 88.00% LEDGEWOOD MALL 234,675 282,007 516,682 100.00% 89.18% 94.09% MANAHAWKIN VILLAGE SHOPPING CENTER 152,053 23,208 175,261 100.00% 100.00% 100.00% -------------------------------------------------------------------------- Total: New Jersey 587,320 507,762 1,095,082 100.00% 85.41% 93.23% -------------------------------------------------------------------------- New York - -------- SOUNDVIEW MARKETPLACE 66,800 113,820 180,620 100.00% 87.71% 92.26% VILLAGE COMMONS SHOPPING CENTER 25,192 61,963 87,155 100.00% 86.13% 90.14% BRANCH SHOPPING CENTER 83,670 42,142 125,812 100.00% 97.19% 99.06% NEW LOUDEN CENTER 226,543 25,200 251,743 45.06% 100.00% 50.56% TROY PLAZA 100,709 27,770 128,479 100.00% 100.00% 100.00% PACESETTER PARK SHOPPING CENTER 52,052 43,507 95,559 100.00% 61.22% 82.34% -------------------------------------------------------------------------- Total: New York 554,966 314,402 869,368 77.57% 87.08% 81.01% -------------------------------------------------------------------------- Total: New York Region 1,142,286 822,164 1,964,450 89.10% 86.05% 87.82% -------------------------------------------------------------------------- Southeast --------- Alabama - ------- MIDWAY PLAZA 105,775 101,763 207,538 79.44% 61.91% 70.84% NORTHSIDE MALL 172,370 209,929 382,299 64.96% 65.21% 65.10% -------------------------------------------------------------------------- Total: Alabama 278,145 311,692 589,837 70.47% 64.13% 67.12% -------------------------------------------------------------------------- Florida - ------- NEW SMYRNA BEACH SHOPPING CENTER 35,980 64,450 100,430 100.00% 93.46% 95.80% -------------------------------------------------------------------------- Total: Florida 35,980 64,450 100,430 100.00% 93.46% 95.80% -------------------------------------------------------------------------- Georgia - ------- CLOUD SPRINGS PLAZA 74,260 39,107 113,367 100.00% 88.49% 96.03% -------------------------------------------------------------------------- Total: Georgia 74,260 39,107 113,367 100.00% 88.49% 96.03% -------------------------------------------------------------------------- South Carolina - -------------- MARTINTOWN PLAZA 91,996 41,896 133,892 100.00% 64.66% 88.94% WESMARK PLAZA 104,800 110,398 215,198 100.00% 74.22% 86.77% -------------------------------------------------------------------------- Total: South Carolina 196,796 152,294 349,090 100.00% 71.59% 87.61% -------------------------------------------------------------------------- Total: Southeast 585,181 567,543 1,152,724 85.96% 71.14% 78.66% -------------------------------------------------------------------------- Total: Retail Properties - Wholly Owned(1) 5,405,044 2,894,493 8,299,537 90.98% 83.94% 88.52% --------------------------------------------------------------------------
-------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot -------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- New York Region --------------- New Jersey - ---------- ELMWOOD PARK SHOPPING CENTER 120,000 1,571,331 1,691,331 4.30 20.04 15.91 MARKETPLACE OF ABSECON 541,824 662,247 1,204,071 12.09 15.18 13.61 BERLIN SHOPPING CENTER 619,400 261,344 880,744 4.84 7.07 5.34 LEDGEWOOD MALL 1,667,101 2,911,670 4,578,771 7.10 11.58 9.42 MANAHAWKIN VILLAGE SHOPPING CENTER 1,286,874 209,680 1,496,554 8.46 9.03 8.54 -------------------------------------------------------------------------- Total: New Jersey 4,235,199 5,616,272 9,851,471 7.21 12.95 9.65 -------------------------------------------------------------------------- New York - -------- SOUNDVIEW MARKETPLACE 931,500 1,339,827 2,271,327 13.94 13.42 13.63 VILLAGE COMMONS SHOPPING CENTER 407,055 1,231,282 1,638,337 16.16 23.07 20.85 BRANCH SHOPPING CENTER 1,110,114 841,311 1,951,425 13.27 20.54 15.66 NEW LOUDEN CENTER 826,630 411,090 1,237,720 8.10 16.31 9.72 TROY PLAZA 196,000 285,200 481,200 1.95 10.27 3.75 PACESETTER PARK SHOPPING CENTER 297,203 481,340 778,543 5.71 18.07 9.89 -------------------------------------------------------------------------- Total: New York 3,768,502 4,590,050 8,358,552 8.75 16.77 11.87 -------------------------------------------------------------------------- Total: New York Region 8,003,701 10,206,322 18,210,023 7.86 14.43 10.56 -------------------------------------------------------------------------- Southeast --------- Alabama - ------- MIDWAY PLAZA 213,960 320,560 534,520 2.55 5.09 3.64 NORTHSIDE MALL 227,974 526,871 754,845 2.04 3.85 3.03 -------------------------------------------------------------------------- Total: Alabama 441,934 847,431 1,289,365 2.25 4.24 3.26 -------------------------------------------------------------------------- Florida - ------- NEW SMYRNA BEACH SHOPPING CENTER 267,820 487,014 754,834 7.44 8.09 7.85 -------------------------------------------------------------------------- Total: Florida 267,820 487,014 754,834 7.44 8.09 7.85 -------------------------------------------------------------------------- Georgia - ------- CLOUD SPRINGS PLAZA 326,030 192,770 518,800 4.39 5.57 4.77 -------------------------------------------------------------------------- Total: Georgia 326,030 192,770 518,800 4.39 5.57 4.77 -------------------------------------------------------------------------- South Carolina - -------------- MARTINTOWN PLAZA 394,900 160,731 555,631 4.29 5.93 4.67 WESMARK PLAZA 586,520 178,252 764,772 5.60 2.18 4.10 -------------------------------------------------------------------------- Total: South Carolina 981,420 338,983 1,320,403 4.99 3.11 4.32 -------------------------------------------------------------------------- Total: Southeast 2,017,204 1,866,198 3,883,402 4.01 4.62 4.28 -------------------------------------------------------------------------- Total: Retail Properties - Wholly Owned(1) $25,780,999 $24,590,079 $50,371,078 $ 5.24 $ 10.12 $ 6.86 -------------------------------------------------------------------------- (1) The Company is currently redeveloping the Atrium Mall. The above amounts do not reflect the vacancy, subsequent to December 31, 1999, of the A&P Supermarket and Circuit City spaces for a total of 78,000 square feet at the Atrium Mall as part of that redevelopment. The effect of this would reduce the above occupancy for the wholly owned portfolio by 0.9%. Page 27
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Commercial Properties by Region - Detail -------------------------------------------------------------------------- Gross Leasable Area Occupancy -------------------------------------------------------------------------- Anchors(1) Shops Total Anchors Shops Total -------------------------------------------------------------------------- Mixed Use --------- New England ----------- Connecticut - ----------- 239 GREENWICH AVENUE(1) 16,834 -- 16,834 73.02% -- 73.02% -------------------------------------------------------------------------- Total: Connecticut 16,834 -- 16,834 73.02% -- 73.02% -------------------------------------------------------------------------- Total: New England 16,834 -- 16,834 73.02% -- 73.02% -------------------------------------------------------------------------- Southeast --------- Florida - ------- NORTHWOOD CENTRE 353,541 146,471 500,012 100.00% 85.90% 95.87% -------------------------------------------------------------------------- Total: Florida 353,541 146,471 500,012 100.00% 85.90% 95.87% -------------------------------------------------------------------------- Total: Southeast 353,541 146,471 500,012 100.00% 85.90% 95.87% -------------------------------------------------------------------------- Total: Mixed Use 370,375 146,471 516,846 98.77% 85.90% 95.12% -------------------------------------------------------------------------- Unconsolidated Retail Properties -------------------------------- New York Region --------------- New York - -------- CROSSROADS JOINT VENTURE 138,933 56,986 195,919 100.00% 94.21% 98.32% CROSSROADS II 52,430 62,548 114,978 100.00% 100.00% 100.00% -------------------------------------------------------------------------- Total: New York 191,363 119,534 310,897 100.00% 97.24% 98.94% -------------------------------------------------------------------------- Total: New York Region 191,363 119,534 310,897 100.00% 97.24% 98.94% -------------------------------------------------------------------------- Total: Unconsolidated Retail Properties 191,363 119,534 310,897 100.00% 97.24% 98.94% --------------------------------------------------------------------------
---------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ---------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------- Mixed Use --------- New England ----------- Connecticut - ----------- 239 GREENWICH AVENUE(1) $ 830,000 $ -- $ 830,000 $ 67.52 $ -- $ 67.52 ---------------------------------------------------------------------------- Total: Connecticut 830,000 -- 830,000 67.52 -- 67.52 ---------------------------------------------------------------------------- Total: New England 830,000 -- 830,000 67.52 -- 67.52 ---------------------------------------------------------------------------- Southeast --------- Florida - ------- NORTHWOOD CENTRE 4,690,068 1,568,550 6,258,618 13.27 12.47 13.06 ---------------------------------------------------------------------------- Total: Florida 4,690,068 1,568,550 6,258,618 13.27 12.47 13.06 ---------------------------------------------------------------------------- Total: Southeast 4,690,068 1,568,550 6,258,618 13.27 12.47 13.06 ---------------------------------------------------------------------------- Total: Mixed Use $5,520,068 $1,568,550 $7,088,618 $ 15.09 $ 12.47$ 14.42 ---------------------------------------------------------------------------- Unconsolidated Retail Properties -------------------------------- New York Region --------------- New York - -------- CROSSROADS JOINT VENTURE $1,070,250 $1,323,681 $2,393,931 $ 7.70 $ 24.66$ 12.43 CROSSROADS II 720,296 1,775,006 2,495,302 13.74 28.38 21.70 Total: New York 1,790,546 3,098,687 4,889,233 9.36 26.66 15.89 ---------------------------------------------------------------------------- Total: New York Region 1,790,546 3,098,687 4,889,233 9.36 26.66 15.89 ---------------------------------------------------------------------------- Total: Unconsolidated Retail Properties $1,790,546 $3,098,687 $4,889,233 $ 9.36 $ 26.66$ 15.89 ---------------------------------------------------------------------------- (1) Subsequent to December 31, 1999, the Company leased the balance of available retail space at this property (4,541 square feet), as well as leased all 21 of the residential units. Page 28
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Top 25 Retail Tenants - Ranked by Annualized Base Rent ------------------------------------------------------ (excludes Joint Venture and Mixed-Use Properties) Percentage of Total Represented by Retail Tenant ---------------------------- Ranking Number of Current Previous Retail Stores in Total Annualized Base Total Annualized Base Year End Year End Tenant Portfolio GLA Rent(1) Portfolio GLA(2) Rent(2) -------- -------- ------ --------- --- ------- ---------------- ------- 1 1 Kmart 9 924,282 $ 3,431,692 11.1% 6.8% 2 2 Ames(3) 10 738,530 2,211,140 8.9% 4.4% 3 5 Price Chopper 6 267,197 1,558,720 3.2% 3.1% 4 8 Grand Union 4 174,570 1,365,073 2.1% 2.7% 5 3 A&P (Waldbaum's, Superfresh)(4) 2 109,828 1,338,346 1.3% 2.7% 6 6 Eckerd Drug(5) 16 179,324 1,330,509 2.2% 2.6% 7 25 Walmart 2 232,540 1,116,575 2.8% 2.2% 8 7 Shaw's 2 102,617 1,014,684 1.2% 2.0% 9 17 Acme (Albertson's) 3 109,064 947,640 1.3% 1.9% 10 15 Circuit City(4) 2 66,115 889,862 0.8% 1.8% 11 n/a Redner's Supermarket 2 111,739 837,112 1.3% 1.7% 12 10 T.J. Maxx 5 130,392 825,302 1.6% 1.6% 13 n/a PharMor 2 90,471 796,710 1.1% 1.6% 14 9 Sears 2 159,640 703,230 1.9% 1.4% 15 4 Penn Traffic 2 85,896 635,811 1.0% 1.3% 16 n/a Stern's (Federated) 1 61,900 618,075 0.7% 1.2% 17 14 CVS 6 62,610 599,323 0.8% 1.2% 18 11 JC Penney 2 72,580 546,747 0.9% 1.1% 19 n/a Clearview Cinemas(6) 1 25,400 517,500 0.3% 1.0% 20 12 Payless Shoe Source 12 41,209 513,470 0.5% 1.0% 21 13 Blockbuster Video 4 23,266 495,521 0.3% 1.0% 22 n/a Office Depot 3 83,821 443,481 1.0% 0.9% 23 16 Walgreens 2 18,978 420,024 0.2% 0.8% 24 n/a Marshalls 2 53,243 417,182 0.6% 0.8% 25 n/a King Kullen Grocery 1 41,400 414,000 0.5% 0.8% --- --------- ------------ ---- ---- Total 103 3,966,612 $ 23,987,729 47.8% 47.6% === ========= ============ ==== ==== (1) Base rents do not include percentage rents, additional rents for property expense reimbursements, and contractual rent escalations due after December 31, 1999. (2) Represents total GLA and annualized base rent for the Company's retail properties excluding mixed-use and joint venture properties. (3) Ames acquired all the Hills stores in the Company's portfolio in 1998 and has reconfigured such to Ames stores during 1999 (4) The Company is currently redeveloping the Atrium Mall. The above amounts do not reflect the vacancy, subsequent to December 31, 1999, of the A&P Supermarket, representing 45,163 square feet and $608,346 of rents, and the Circuit City space, representing 32,631 square feet and $437,828 of rents, in connection with that redevelopment. Although these tenants have ceased operations, they are obligated, and continue, to pay rent pursuant to their leases. (5) Subsidiary of JC Penney (6) Subsidiary of Cablevision Page 29
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Anchor Tenant Summary --------------------- - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS Retail Anchor Properties- Wholly Owned New England - ----------- Connecticut ----------- TOWN LINE PLAZA, ROCKY HILL (Strip Mall) WALMART STORES INC(1) 92,500 n/a $ -- $ -- WALDBAUMS INC. 64,665 03/08/2017 730,000 11.29 (7) 5 YEAR (6 MONTHS) --------- ---------- ------ Total: TOWN LINE PLAZA 157,165 730,000 11.29 --------- ---------- ------ Massachusetts ------------- METHUEN SHOPPING CENTER, METHUEN (Strip Mall) DEMOULAS SUPER MARKETS INC. 30,460 01/31/2005 109,656 3.60 (2) 5 YEAR --------- ---------- ------ Total: METHUEN SHOPPING CENTER 30,460 109,656 3.60 --------- ---------- ------ CRESCENT PLAZA, BROCKTON (Strip Mall) BRADLESS LEASE ADMINISTRATION 104,640 01/31/2009 295,425 2.82 (1) 8 YR & (2) 5 YEAR SHAWS SUPERMARKETS INC. 50,225 12/31/2012 516,960 10.29 (6) 5 YEAR (6 MONTHS) --------- ---------- ------ Total: CRESCENT PLAZA 154,865 812,385 5.25 --------- ---------- ------ Rhode Island ------------ WALNUT HILL PLAZA, WOONSOCKET (Strip Mall) CONCORD BUYING GROUP INC. 28,648 04/30/2004 164,726 5.75 (3) 5 YEARS (6 MONTHS) BRUNSWICK INDOOR RECREATION 29,160 04/02/2005 46,454 1.59 - #2073 SEARS LOCATN# B2-174A 60,700 08/31/2003 258,000 4.25 (6) 5 YEAR (12 MONTHS) SHAWS SUPERMARKETS INC. 52,392 12/31/2013 497,724 9.50 (6) 5 YEAR (9 MONTHS) --------- ---------- ------ Total: WALNUT HILL PLAZA 170,900 966,904 5.66 --------- ---------- ------ Vermont ------- THE GATEWAY SHOPPING CENTER, BURLINGTON (Strip Mall)(2) GRAND UNION (#I 167) 31,600 06/30/2005 110,600 3.50 (1) 5 YEAR (12 MONTHS) T.J. MAXX COMPANIES (#646) 18,527 01/31/2000 160,517 8.66 - --------- ---------- ------ Total: THE GATEWAY SHOPPING CENTER 50,127 271,117 5.41 --------- ---------- ------ Total : New England 563,517 2,890,062 5.13 --------- ---------- ------ (1) This space is contiguous to the Company's property and is not owned by the Company. (2) This property is currently undergoing redevelopment Page 30
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Anchor Tenant Summary --------------------- - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS Retail Anchor Properties- Wholly Owned - -------------------------------------- New York Region - --------------- New Jersey ---------- ELMWOOD PARK SHOPPING CENTER, ELMWOOD PARK (Strip Mall) GRAND UNION CO. 27,918 04/30/2001 120,000 4.30 - --------- --------- ----- Total: ELMWOOD PARK SHOPPING CENTER 27,918 120,000 4.30 --------- --------- ----- MARKETPLACE OF ABSECON, ABSECON (Strip Mall) ACME MARKETS 44,824 04/30/2015 541,824 12.09 (8) 5 YEAR (12 MONTHS) --------- --------- ----- Total: MARKETPLACE OF ABSECON 44,824 541,824 12.09 --------- --------- ------ BERLIN SHOPPING CENTER, BERLIN (Strip Mall) ACME MARKETS INC, #1 102 32,040 04/30/2005 320,400 10.00 (2) 5 YEAR (6 MONTHS) KMART #3244 95,810 11/30/2004 299,000 3.12 (5) 5 YEAR (6 MONTHS) --------- --------- ----- Total: BERLIN SHOPPING CENTER 127,850 619,400 4.84 --------- --------- ----- LEDGEWOOD MALL, LEDGEWOOD (Mall) THE SPORTS AUTHORITY #822 52,205 05/31/2007 225,000 4.31 (6) 5 YEAR (15 MONTHS) STERN'S DEPARTMENT STORES 1 61,900 01/31/2005 553,500 8.94 (1) 5 YEAR (6 MONTHS) WAL-MART STORES INC. 120,570 03/31/2019 888,601 7.37 (6) 5 YEAR (6 MONTHS) --------- --------- ----- Total: LEDGEWOOD MALL 234,675 1,667,101 7.10 --------- --------- ----- MANAHAWKIN VILLAGE SH CENTER, MANAHAWKIN (Strip Mail) KMART #3641 112,434 01/31/2019 843,255 7.50 (8) 5 YEAR (12 MONTHS) MANDEE'S 8,000 01/31/2004 80,000 10.00 (4) 5 YEARS (6 MONTHS) MANAHAWKIN VILLAGE CINEMA (HOYT'S) 31,619 11/30/2018 363,618 11.50 (4) 5 YEAR (6 MONTHS) --------- --------- ----- Total: MANAHAWKIN VILLAGE SH CENTER 152,053 1,286,873 8.46 --------- --------- ----- New York -------- SOUNDVIEW MARKETPLACE, PORT WASHINGTON (Strip Mall) KING KULLEN GROCERY CO. INC. 41,400 09/26/2007 414,000 10.00 (3) 5 YEAR (11 MONTHS) CSC SOUNDVIEW CINEMA LLC 25,400 05/31/2010 517,500 20.37 (4) 5 YEAR (12 MONTHS) --------- --------- ----- Total: SOUNDVIEW MARKETPLACE 66,800 931,500 13.94 --------- --------- ----- SMITHTOWN SHOPPING CENTER, SMITHTOWN (Strip Mall) DAFFY'S INC. 16,125 05/30/2008 262,031 16.25 (4) 5 YEAR (12 MONTHS) WALGREENS EASTERN CO. INC. 9,067 12/31/2021 145,024 15.99 - --------- --------- ----- Total: SMITHTOWN SHOPPING CENTER 25,192 407,055 16.16 --------- --------- ----- RD BRANCH ASSOCIATES L.P., SMITHTOWN (Strip Mall) #38 THE GRAND UNION COMPANY 63,000 11/30/2013 837,270 13.29 (1) 10 YEAR & (1) 5 YEAR PERGAMENT HOME CENTERS 20,670 10/31/2004 272,844 13.20 (3) 5 YEAR (12 MONTHS) --------- --------- ----- Total: RD BRANCH ASSOCIATES L.P. 83,670 1,110,114 13.27 --------- --------- ----- NEW LOUDEN CENTER, LATHAM (Strip Mall) MARSHALLS OF MA INC. 26,015 01/31/2004 104,060 4.00 (1) 5 YEAR (12 MONTHS) PRICE CHOPPER - STORE #138 76,060 05/31/2015 722,570 9.50 (4) 5 YEAR (12 MONTHS) --------- --------- ----- Total: NEW LOUDEN CENTER 102,075 826,630 8.10 --------- --------- ----- TROY PLAZA, TROY (Strip Mall) AMES DISTRIBUTING 71,665 05/31/2001 140,000 1.95 (2) 5 YEAR (6 MONTHS) PRICE CHOPPER - STORE #47 29,044 09/30/2004 56,000 1.93 (2) 5 YEAR --------- --------- ----- Total: TROY PLAZA 100,709 196,000 1.95 --------- --------- ----- PACESETTER PARK SHOPPING CENTER, POMONA (Strip Center) GRAND UNION CO. 52,052 08/31/2020 297,203 5.71 - --------- --------- ----- Total: PACESETTER PARK SHOPPING CENTER 52,052 297,203 5.71 --------- --------- ----- Total: New York Region 1,017,818 8,003,700 7.86 --------- --------- ----- (1) This space has been expanded by 12,915 square feet. Page 31
[GRAPHIC] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Anchor Tenant Summary - --------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/Required (Type of Center) Footage Expiration Rent Rent PSF Notice - --------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTERS GLA AS ANCHOR TENANTS Retail Anchor Properties- Wholly Owned Mid-Atlantic Pennsylvania ------------ ATRIUM MALL, ABINGTON (Mall) CIRCUIT CITY STORES INC.(1) 32,631 1/31/09 437,828 13.42 (4) 5 YEAR (6 MONTHS) A&P TEA COMPANY(1) 45,163 1/31/09 608,346 13.47 TJX COMPANIES INC. 27,565 1/31/04 248,085 9.00 (2) 5 YEAR (6 MONTHS) ------- ---------------------- Total: ATRIUM MALL 105,359 1,294,259 12.28 ------- ---------------------- AMES PLAZA, SHAMOKIN (Strip Mall) AMES REALTY 11, INC 59,116 1/31/03 84,006 1.42 (2) 5 YEAR (6 MONTHS) ------- ---------------------- Total: AMES PLAZA 59,116 84,006 1.42 ------- ---------------------- BIRNEY PLAZA, MOOSIC (Strip Mall) BIG LOTS 30,537 1/31/03 106,880 3.50 (1) 5 YEAR (6 MONTHS) KMART #3264 104,956 10/31/04 204,664 1.95 (9) 5 YEAR (6 MONTHS) ------- ---------------------- Total: BIRNEY PLAZA 135,493 311,544 2.30 ------- ---------------------- BLACKMAN PLAZA, WILKES-BARRE (Strip Mail) KMART #3268 104,956 10/31/04 204,664 1.95 (8) 5 YEAR (12 MONTHS) ------- ---------------------- Total: BLACKMAN PLAZA 104,956 204,664 1.95 ------- ---------------------- BRADFORD TOWNE CENTRE, TOWANDA (Strip Mall) KMART CORPORATION, #4713 94,841 3/31/19 474,205 5.00 (10) 5 YEAR (6 MONTHS) THE PENN TRAFFIC CO, #194 51,658 9/30/14 413,264 8.00 (2) 5 YEAR (6 MONTHS) ------- ---------------------- Total: BRADFORD TOWNE CENTRE 146,499 887,469 6.06 ------- ---------------------- CIRCLE PLAZA, SHAMOKIN DAM (Strip Mall) KMART STORE #7075 92,171 11/7/04 252,289 2.74 (9) 5 YEAR (12 MONTHS) ------- ---------------------- Total: CIRCLE PLAZA 92,171 252,289 2.74 ------- ---------------------- DUNMORE PLAZA, DUNMORE (Strip Mall) ECKERD #5790 13,205 11/30/04 89,134 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER OPERATING CO. 26,475 11/30/00 - - (4) 5 YEAR (6 MONTHS) ------- ---------------------- Total: DUNMORE PLAZA 39,680 89,134 2.25 ------- ---------------------- EAST END CENTER, WILKES-BARRE (Strip Mall) AMES DEPARTMENT STORES INC. 83,000 1/31/07 436,000 5.25 (6) 5 YEAR (6 MONTHS) PHAR-MOR INC. L.L.C. 43,200 3/31/03 324,000 7.50 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER - STORE #11 0 50,000 4/30/08 357,500 7.15 (4) 5 YEAR (6 MONTHS) ------- ---------------------- Total: EAST END CENTER 176,200 1,117,500 6.34 ------- ---------------------- (1) The Company is currently redeveloping the Atrium Mall. These tenants have vacated, or are in the process of vacating their spaces subsequent to December 31, 1999 in connection with the redevelopment. Page 32
[GRAPHIC] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Anchor Tenant Summary - --------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/Required (Type of Center) Footage Expiration Rent Rent PSF Notice - --------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTERS GLA AS ANCHOR TENANTS Retail Anchor Properties - Wholly Owned Pennsylvania ------------ GREENRIDGE PLAZA, SCRANTON (Strip Mall) AMES DEPARTMENTS STORE 83,330 1/31/07 380,000 4.56 (6) 5 YEAR (6 MONTHS) ------- -------------------- Total: GREENRIDGE PLAZA 83,330 380,000 4.56 ------- -------------------- KINGSTON PLAZA, KINGSTON (Strip Mall) DOLLAR GENERAL CORPORATION 6,500 6/30/01 35,750 5.50 (2) 3 YEAR (6 MONTHS) PRICE CHOPPER - STORE #113 45,000 12/31/06 245,000 5.44 (4) 5 YEAR (6 MONTHS) ------- -------------------- Total: KINGSTON PLAZA 51,500 280,750 5.45 ------- -------------------- LUZERNE STREET SHOPPING CENTER. SCRANTON (Strip Mall) ECKERD #5789, 14,000 4/30/04 94,500 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER - STORE #101 40,618 4/30/04 177,650 4.37 (4) 5 YEAR (12 MONTHS) ------- -------------------- Total: LUZERNE STREET SHOPPING CENTER 54,618 272,150 4.98 ------- -------------------- MARK PLAZA, EDWARDSVILLE (Strip Mall) KMART CORPORATION #3266 104,956 10/31/04 204,664 1.95 (10) 5 YEAR (12 MONTHS) REDNER'S MARKET INC. 52,639 5/31/18 421,112 8.00 (2) 5 YEAR (6 MONTHS) ------- -------------------- Total: MARK PLAZA 157,595 625,776 3.97 ------- -------------------- MONROE PLAZA, STROUDSBURG (Strip Mall) AMES DISTRIBUTING 61,489 1/29/01 94,434 1.54 (1) 3 & (3) 5 YEAR ECKERD #5777 13,716 10/31/02 48,006 3.50 (2) 5 YEAR (6 MONTHS) VILLAGE SUPER MARKETS INC. 52,924 10/31/05 281,278 5.31 (3) 5 & (1) 3 YEAR ------- -------------------- Total: MONROE PLAZA 128,129 423,718 3.31 ------- -------------------- MOUNTAINVILLE SHOPPING CENTER, ALLENTOWN (Strip Mail) ACME MARKETS INC. - #1851 32,200 6/30/04 85,416 2.65 - ECKERD #6084 15,808 4/30/04 60,000 3.80 (3) 5 YEAR (6 MONTHS) KLING'S HANDYMAN PAINT 20,000 1/31/02 80,000 4.00 (1) 5 YEAR (6 MONTHS) ------- -------------------- Total: MOUNTAINVILLE SHOPPING CENTER 68,008 225,416 3.31 ------- -------------------- PITTSTON PLAZA, PITTSTON (Strip Mail) ECKERD DRUGS #6097 8,468 6/30/06 76,212 9.00 (2) 5 YEAR (6 MONTHS) REDNER'S MARKETS INC. 59,100 12/31/18 416,000 7.04 (2) 5 YEAR ------- -------------------- Total: PITTSTON PLAZA 67,568 492,212 7.28 ------- -------------------- Page 33
[GRAPHIC] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Anchor Tenant Summary - --------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/Required (Type of Center) Footage Expiration Rent Rent PSF Notice - --------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTERS GLA AS ANCHOR TENANTS Retail Anchor Properties - Wholly Owned Pennsylvania ------------ PLAZA 15, LEWISBURG (Strip Mail) AMES DEPT. STORE 53,000 4/30/01 121,900 2.30 (4) 5 YEAR (6 MONTHS) WEIS MARKETS INC. 28,800 12/31/01 95,088 3.30 (4) 5 YEAR (3 MONTHS) --------- ----------------------- Total: PLAZA 15 81,800 216,988 2.65 --------- ----------------------- PLAZA 422, LEBANON (Strip Mall) PLAYTIME INC, (Sub-leased from Giant) 40,783 9/23/04 132,030 3.24 (5) 5 YEAR AMES DEPARTMENT STORE INC 83,330 10/31/01 130,000 1.56 (4) 5 YEAR (6 MONTHS) --------- ----------------------- Total: PLAZA 422 124,113 262,030 2.11 --------- ----------------------- ROUTE 6 MALL, HONESDALE (Strip Mall) KMART #3885 119,658 4/30/20 687,951 5.75 (10) 5 YEAR (AUTOMATIC) --------- ----------------------- Total: ROUTE 6 MALL 119,658 687,951 5.75 --------- ----------------------- SHILLINGTON PLAZA, READING (Strip Mall) KMART CORPORATION 94,500 7/31/04 261,000 2.76 (9) 5 YEAR (12 MONTHS) WEIS MARKETS INC. 40,107 8/31/01 106,720 2.66 (3) 5 YEAR (12 MONTHS) --------- ----------------------- Total: SHILLINGTON PLAZA 134,607 367,720 2.73 --------- ----------------------- TIOGA WEST,TUNKHANNOCK (Strip Mall) AMES DEPARTMENT STORES 53,000 5/31/05 111,300 2.10 (2) 5 YEAR (6 MONTHS) ECKERD #6170 12,600 3/31/00 40,000 3.17 (2) 5 YEAR (6 MONTHS) FASHION BUG #234 13,500 11/30/09 - - (3) 5 YEAR (6 MONTHS) PENN TRAFFIC BI-LO #368 34,238 9/30/14 222,547 6.50 (2) 5 YEAR --------- ----------------------- Total: TIOGA WEST 113,338 373,847 3.30 --------- ----------------------- 25TH STREET SHOPPING CENTER, EASTON (Strip Mall) CVS INC./STORE #1305 13,400 12/31/05 127,300 9.50 (1) 5 YEAR (6 MONTHS) PETCO ANIMAL SUPPLIES #887 15,400 1/31/09 127,050 8.25 (3) 5 YEAR --------- ----------------------- Total: 25TH STREET SHOPPING CENTER 28,800 254,350 8.83 --------- ----------------------- UNION PLAZA, NEW CASTLE (Strip Mall) AMES DEPARTMENT STORE INC 94,000 1/31/17 493,500 5.25 (2) 5 YEAR PEEBLES INC. 25,052 1/31/18 - - (3) 3 YEAR (AUTOMATIC) SEARS ROEBUCK AND CO. 98,940 10/25/11 445,230 4.50 (4) 5 YEAR --------- ----------------------- Total: UNION PLAZA 217,992 938,730 4.31 --------- ----------------------- VALMONT PLAZA, WEST HAZELTON (Strip Mall) AMES DEPARTMENT STORES INC. 96,600 1/31/07 220,000 2.28 (3) 5 YEAR (6 MONTHS) --------- ----------------------- Total: VALMONT PLAZA 96,600 220,000 2.28 --------- ----------------------- Virginia -------- KINGS FAIRGROUNDS, DANVILLE (Strip Mail) CVS PHARMACY INC #6286 12,160 2/28/02 29,184 2.40 5 YEAR SCHEWEL FURNITURE 60,200 1/31/01 165,550 2.75 5 YEAR (3 MONTHS) TRACTOR SUPPLY CO. 30,975 11/30/08 123,900 4.00 5 YEAR (6 MONTHS) --------- ----------------------- Total: KINGS FAIRGROUNDS 103,335 318,634 3.08 --------- ----------------------- Total : Mid-Atlantic 2,490,465 10,581,137 4.25 --------- ----------------------- Page 34
[GRAPHIC] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Anchor Tenant Summary - --------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/Required (Type of Center) Footage Expiration Rent Rent PSF Notice - --------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTERS GLA AS ANCHOR TENANTS Retail Anchor Properties - Wholly Owned Southeast - --------- Alabama ------- MIDWAY PLAZA, OPELIKA (Strip Mail) BEALL'S OUTLET STORES-ALA INC. 30,000 4/30/01 30,000 1.00 - EASTWYNN THEATRES INC. 25,238 6/30/05 114,580 4.54 (2) 5 YEAR (12 MONTHS) OFFICE DEPOT INC. 28,787 10/31/07 69,380 2.41 (3) 5 YEAR (AUTOMATIC) ------- ---------------------- Total: MIDWAY PLAZA 84,025 213,960 2.55 ------- ---------------------- NORTHSIDE MALL, DOTHAN (Mail) WALMART 111,970 1/31/04 227,974 2.04 (6) 5 YEAR (6 MONTHS) ------- ---------------------- Total: NORTHSIDE MALL 111,970 227,974 2.04 ------- ---------------------- Florida ------- NEW SMYRNA BEACH SHOPPING CNTR, NEW SMYRNA BEACH (Strip Mall) HARDBODIES FAMILY FITNESS 11,200 8/31/08 44,800 4.00 - THEATRE MANAGEMENT INC. 24,780 11/30/05 223,020 9.00 (2) 5 YEAR (6 MONTHS) ------- ---------------------- Total: NEW SMYRNA BEACH SHOPPING CNTR 35,980 267,820 7.44 ------- ---------------------- Georgia ------- CLOUD SPRINGS PLAZA, FORT OGLETHORPE (StripMall) BIG LOTS #382 30,000 10/31/00 99,000 3.30 (1) 5 YEAR FOOD LION INC. 29,000 1/31/11 181,250 6.25 (4) 5 YEAR W.S. BADCOCK CORPORATION 15,260 9/28/00 45,780 3.00 (2) 5 YEAR (6 MONTHS) ------- ---------------------- Total: CLOUD SPRINGS PLAZA 74,260 326,030 4.39 ------- ---------------------- South Carolina -------------- MARTINTOWN PLAZA, NORTH AUGUSTA (Strip Mail) BELK STORE SERVICES 44,000 1/31/04 154,000 3.50 (4) 5 YEAR (6 MONTHS) OFFICE DEPOT INC. 29,996 6/30/08 142,500 4.75 (2) 5 YEAR (12 MONTHS) OLD AMERICA STORES L.P.(1) 18,000 11/30/08 98,400 5.47 (2) 5 YEAR (6 MONTHS) ------- ---------------------- Total: MARTINTOWN PLAZA 91,996 394,900 4.29 ------- ---------------------- WESMARK PLAZA, SUMTER (Strip Mail) GOODY'S #272 FAMILY CLOTHING 24,960 5/31/05 162,240 6.50 (2) 5 YEAR (6 MONTHS) OLD AMERICA STORE INC.(1) 30,000 1/31/07 74,000 2.47 (1) 5 YEAR (6 MONTHS) STAPLES INC. - STORE #404 21,840 9/30/05 98,280 4.50 (3) 5 YEAR (6 MONTHS) THEATRE MANAGEMENT INC. 28,000 5/31/09 252,000 9.00 (2) 5 YEAR (6 MONTHS) ------- ---------------------- Total: WESMARK PLAZA 104,800 586,520 5.60 ------- ---------------------- Total : Southeast 503,031 2,017,204 4.01 ------- ---------------------- (1) These tenants have vacated their space subsequent to December 31, 1999 Page 35
[GRAPHIC] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Anchor Tenant Summary - --------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/Required (Type of Center) Footage Expiration Rent Rent PSF Notice - --------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTERS GLA AS ANCHOR TENANTS Retail Anchor Properties - Wholly Owned Midwest - ------- Illinois -------- HOBSON WEST PLAZA, NAPERVILLE (Strip Mail) EAGLE FOOD CENTERS 42,037 11/30/07 170,000 4.04 (5) 5 YEAR (6 MONTHS) --------- ------------------------ Total: HOBSON WEST PLAZA, 42,037 170,000 4.04 --------- ------------------------ Indiana ------- MERRILLVILLE PLAZA, MERILLVILLE (Strip Mall) JC PENNEY CO #1433-2 50,000 1/31/08 450,000 9.00 (2) 5 YEAR (12 MONTHS) OFFICEMAX INC. 26,157 7/31/08 202,717 7.75 (4) 5 YEAR (6 MONTHS) TJX COMPANIES INC. 25,200 1/31/04 182,700 7.25 (1) 5 YEAR (6 MONTHS) --------- ------------------------ Total: MERRILLVILLE PLAZA 101,357 835,417 8.24 --------- ------------------------ Michigan -------- BLOOMFIELD TOWN SQUARE, BLOOMFIELD HILLS (Strip Mall) BURLINGTON COAT FACTORY INC. 43,200 1/31/09 151,200 3.50 (1) 5 YEAR (6 MONTHS) DRUG EMPORIUM 37,230 10/31/00 223,380 6.00 (4) 5 YEAR (6 MONTHS) OFFICEMAX INC./#283 21,500 6/30/10 172,000 8.00 (3) 5 YEAR (9 MONTHS) TJX OPERATING COMPANIES INC. 36,000 3/31/03 234,000 6.50 (2) 5 YEAR (6 MONTHS) --------- ------------------------ Total: BLOOMFIELD TOWN SQUARE 137,930 780,580 5.66 --------- ------------------------
Ohio ---- MAD RIVER STATION - RETAIL, DAYTON (Strip Mall) BABIES 'R' US 33,147 2/28/05 227,057 6.85 (3) 5 YEAR OFFICE DEPOT INC. 25,038 8/31/00 231,601 9.25 (2) 5 YEAR --------- ------------------------ Total: MAD RIVER STATION - RETAIL SPACE 58,185 458,658 7.88 --------- ------------------------ MAD RIVER STATION - OFFICE, DAYTON GUARANTY FUNDING 3,277 8/31/00 44,240 13.50 --------- -------------------------- Total: MAD RIVER STATION - OFFICE SPACE 3,277 44,240 13.50 --------- -------------------------- Total : Midwest 342,786 2,288,895 6.68 --------- -------------------------- Total: Retail Anchor Properties - Wholly Owned 4,917,617 $25,780,998 $ 5.24 ========= ========================== Mixed Use - --------- New England - ----------- Connecticut ----------- 239 GREENWICH AVE., GREENWCH (Mixed Use - Retail/Apts) RESTORATION HARDWARE INC. 12,293 4/30/15 $ 830,000 $ 67.52 5 YEARS (6 MONTHS) --------- ------------------------ Total: 239 GREENWICH AVE. 12,293 830,000 67.52 --------- ------------------------ Total - New England 12,293 830,000 67.52 --------- ------------------------ Southeast - --------- Florida ------- NORTHWOOD CENTRE, TALLAHASSEE (Mixed Use - Retail/Office) DPR #790:0070 123,387 04/30/2006 1,724,950 13.98 (5) 1 YEAR DEPT OF HEALTH #640:0078 1 59,150 04/30/2004 826,917 13.98 (10) 1 YEAR (6 MTHS) DCF #590:1998 119,054 07/31/2005 1,963,200 16.49 (1) 6 YEAR & (2) 2 YEAR PUBLIX SUPERMARKET 51,950 6/30/05 175,000 3.37 (4) 5 YEAR --------- ------------------------ Total: NORTHWOOD CENTRE 353,541 4,690,067 13.27 --------- ------------------------ Total: Southeast 353,541 4,690,067 13.27 --------- ------------------------ Total:Mixed Use 365,834 $ 5,520,067 $ 15.09 ========= ======================== (1) The Company has received notification that this Florida State agency intends on vacating their space in June of 2000 Page 36
[GRAPHIC] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Anchor Tenant Summary - --------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/Required (Type of Center) Footage Expiration Rent Rent PSF Notice - --------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTERS GLA AS ANCHOR TENANTS Unconsolidated Retail Properties New York Region - --------------- New York CROSSROADS SHOPPING CENTER,WHITEPLAINS, (Strip Mall) K-MART CORPORATION (#9416) 100,725 1/31/12 $ 566,250 $ 5.62 5 YEAR (9 MONTHS) WALDBAUMS INC. #614 38,208 12/31/07 504,000 13.19 5 YEAR (9 MONTHS) B. DALTON BOOKSELLER INC #1 908 12,430 5/28/12 321,813 25.89 5 YEAR (18 MONTH) MODELL'S OF WESTCHESTER INC. 15,000 1/11/02 204,733 13.65 NONE PERGAMENT ACQUISITION CORP. 25,000 2/28/09 193,750 7.75 5 YEAR (12 MONTHS) ------- ------------------------ Total: CROSSROADS SHOPPING CENTER 191,363 1,790,546 9.36 ------- ------------------------ Total : New York Region 191,363 1,790,546 9.36 ------- ------------------------ Total :Unconsolidated Retail Properties 191,363 $ 1,790,546 $ 9.36 ======= ======================== Page 37
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Lease Expirations Gross Leased Area Annualized Base Rent -------------------- ------------------------------------ Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Retail Properties Anchor Tenant Expirations 2000 8 168,407 3.42% 844,518 3.28% 5.01 2001 10 463,009 9.42% 1,039,442 4.03% 2.24 2002 3 45,876 0.93% 157,190 0.61% 3.43 2003 5 229,553 4.67% 1,006,886 3.91% 4.39 2004 21 1,075,075 21.86% 3,555,400 13.79% 3.31 2005 13 434,449 8.83% 2,485,665 9.64% 5.72 2006 2 53,468 1.09% 321,212 1.25% 6.01 2007 8 457,359 9.30% 1,988,380 7.71% 4.35 2008 8 232,453 4.73% 1,681,848 6.52% 7.24 2009(1) 8 375,034 7.63% 1,871,849 7.26% 4.99 2010 2 46,900 0.95% 689,500 2.67% 14.70 2011 2 127,940 2.60% 626,480 2.43% 4.90 2012 1 50,225 1.02% 516,960 2.01% 10.29 2013 2 115,392 2.35% 1,334,994 5.18% 11.57 2014 2 85,896 1.75% 635,811 2.47% 7.40 2015 2 120,884 2.46% 1,264,394 4.90% 10.46 2017 2 158,665 3.23% 1,223,500 4.75% 7.71 2018 4 168,410 3.42% 1,200,731 4.66% 7.13 2019 3 327,845 6.67% 2,206,061 8.56% 6.73 2020 2 171,710 3.49% 985,154 3.82% 5.74 2021 1 9,067 0.18% 145,024 0.55% 15.99 --- --------- ------ ----------- ------ ------ Total Occupied 109 4,917,617 100.00% $25,780,999 100.00% $ 5.24 Total Vacant 487,427 --------- Total Square Feet 5,405,044 ========= (1) The Company is currently redeveloping the Atrium Mall. The above amounts include the A&P Supermarket, which comprised 45,163 square feet and $608,346 of rents, and Circuit City, which comprised 32,631 square feet and $437,828 of rents, both which vacated, or are in the process of vacating the center in connection with that redevelopment. Both leases were originally scheduled to expire in 2009. Page 38
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Lease Expirations Gross Leased Area Annualized Base Rent --------------------- ------------------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Retail Properties Shop Tenant Expirations Month to Month 60 206,050 8.48% $ 1,215,924 4.94% $ 5.90 2000 89 285,211 11.74% 2,840,152 11.55% 9.96 2001 90 280,923 11.56% 2,918,853 11.87% 10.39 2002 80 336,549 13.85% 3,322,668 13.51% 9.87 2003 68 272,403 11.21% 2,907,517 11.82% 10.67 2004 57 255,214 10.50% 2,907,457 11.82% 11.39 2005 32 182,457 7.51% 1,865,705 7.59% 10.23 2006 14 94,020 3.87% 827,900 3.37% 8.81 2007 12 93,525 3.85% 1,036,131 4.21% 11.08 2008 20 116,162 4.78% 1,444,228 5.87% 12.43 2009 19 149,951 6.17% 1,541,574 6.27% 10.28 2010 4 46,640 1.92% 294,880 1.20% 6.32 2011 3 22,358 0.92% 293,254 1.19% 13.12 2014 2 31,411 1.29% 357,500 1.45% 11.38 2015 1 8,500 0.35% 127,500 0.52% 15.00 2019 1 14,887 0.61% 236,800 0.96% 15.91 2020 1 33,484 1.39% 452,036 1.87% 13.50 --- --------- ------ ----------- ------ ------- Total Occupied 553 2,429,745 100.00% $24,590,079 100.00% $ 10.12 Total Vacant 464,748 --------- Total Square Feet 2,894,493 ========= Page 39
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Lease Expirations Gross Leased Area Annualized Base Rent --------------------- ------------------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Retail Properties Total Retail Expirations Month to Month 60 206,050 2.80% $ 1,215,924 2.41% $ 5.90 2000 97 453,618 6.17% 3,684,670 7.32% 8.12 2001 100 743,932 10.13% 3,958,295 7.86% 5.32 2002 83 382,425 5.20% 3,479,858 6.91% 9.10 2003 73 501,956 6.83% 3,914,403 7.77% 7.80 2004 78 1,330,289 18.11% 6,462,857 12.83% 4.86 2005 45 616,906 8.40% 4,351,370 8.64% 7.05 2006 16 147,488 2.01% 1,149,112 2.28% 7.79 2007 20 550,884 7.50% 3,024,511 6.00% 5.49 2008 28 348,615 4.74% 3,126,076 6.21% 8.97 2009(1) 27 524,985 7.15% 3,413,423 6.78% 6.50 2010 6 93,540 1.27% 984,380 1.95% 10.52 2011 5 150,298 2.05% 919,734 1.83% 6.12 2012 1 50,225 0.68% 516,960 1.03% 10.29 2013 2 115,392 1.57% 1,334,994 2.65% 11.57 2014 4 117,307 1.60% 993,311 1.97% 8.47 2015 3 129,384 1.76% 1,391,894 2.76% 10.76 2017 2 158,665 2.16% 1,223,500 2.43% 7.71 2018 4 168,410 2.29% 1,200,731 2.38% 7.13 2019 4 342,732 4.66% 2,442,861 4.85% 7.13 2020 3 205,194 2.79% 1,437,190 2.85% 7.00 2021 1 9,067 0.13% 145,024 0.29% 15.99 --- --------- ------ ---------- ------ ---- Total Occupied 662 7,347,362 100.00% 50,371,078 100.00% 6.86 Total Vacant 952,175 --------- Total Square Feet 8,299,537 ========= (1) The Company is currently redeveloping the Atrium Mall. The above amounts include the A&P Supermarket, which comprised 45,163 square feet and $608,346 of rents, and Circuit City, which comprised 32,631 square feet and $437,828 of rents, both which vacated, or are in the process of vacating the center in connection with that redevelopment. Both leases were originally scheduled to expire in 2009. Page 40
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Lease Expirations Gross Leased Area Annualized Base Rent --------------------- ------------------------------------ Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Mixed Use Expirations Month to Month 6 7,429 1.51% $ 61,852 0.87% $ 8.33 2000 7 53,853 10.95% 711,313 10.03% 13.21 2001 6 36,259 7.37% 499,362 7.04% 13.77 2003 3 6,627 1.35% 99,050 1.40% 14.95 2004(1) 4 66,911 13.61% 936,323 13.21% 13.99 2005 3 174,873 35.57% 2,169,111 30.60% 12.40 2006 2 133,137 27.08% 1,774,350 25.03% 13.33 2009 1 266 0.05% 7,257 0.10% 27.28 2015 1 12,293 2.51% 830,000 11.72% 67.52 -- ------- ------ --------- ------ ----- Total Occupied 33 491,648 100.00% 7,088,618 100.00% 14.42 Total Vacant 25,198 ------- Total Square Feet 516,846 ======= (1) The Company has received notification that the Florida Department of Health intends on vacating their space in June of 2000. This lease, originally set to expire in 2004, comprises 59,150 square feet and $826,917 of annual rent. Page 41
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Lease Expirations Gross Leased Area Annualized Base Rent ---------------------- ------------------------------------ Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Total Portfiolio Expirations Month to Month 66 213,479 2.72% 1,277,776 2.22% 5.99 2000 104 507,471 6.47% 4,395,983 7.65% 8.66 2001 106 780,191 9.95% 4,457,657 7.76% 5.71 2002 83 382,425 4.88% 3,479,858 6.06% 9.10 2003 76 508,583 6.49% 4,013,453 6.98% 7.89 2004(1) 82 1,397,200 17.82% 7,399,180 12.88% 5.30 2005 48 791,779 10.10% 6,520,481 11.35% 8.24 2006 18 280,625 3.58% 2,923,462 5.09% 10.42 2007 20 550,884 7.03% 3,024,511 5.26% 5.49 2008 28 348,615 4.45% 3,126,076 5.44% 8.97 2009(2) 28 525,251 6.70% 3,420,680 5.95% 6.51 2010 6 93,540 1.19% 984,380 1.71% 10.52 2011 5 150,298 1.92% 919,734 1.60% 6.12 2012 1 50,225 0.64% 516,960 0.90% 10.29 2013 2 115,392 1.47% 1,334,994 2.32% 11.57 2014 4 117,307 1.50% 993,311 1.73% 8.47 2015 4 141,677 1.81% 2,221,894 3.87% 15.68 2017 2 158,665 2.02% 1,223,500 2.13% 7.71 2018 4 168,410 2.15% 1,200,731 2.09% 7.13 2019 4 342,732 4.37% 2,442,861 4.25% 7.13 2020 3 205,194 2.62% 1,437,190 2.50% 7.00 2021 1 9,067 0.12% 145,024 0.26% 15.99 --- --------- ------ ---------- ------ ---- Total Occupied 695 7,839,010 100.00% 57,459,696 100.00% 7.33 Total Vacant 977,373 --------- Total Square Feet 8,816,383 ========= (1) The Company has received notification that the Florida Department of Health intends on vacating their space in June of 2000. This lease, originally set to expire in 2004, comprises 59,150 square feet and $826,917 of annual rent. (2) The Company is currently redeveloping the Atrium Mall. The above amounts include the A&P Supermarket, which comprised 45,163 square feet and $608,346 of rents, and Circuit City, which comprised 32,631 square feet and $437,828 of rents, both which vacated, or are in the process of vacating the center in connection with that redevelopment. Both leases were originally scheduled to expire in 2009. Page 42
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Lease Expirations Gross Leased Area Annualized Base Rent ---------------------- ------------------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Joint Ventures Month to Month 4 11,820 3.84% 260,250 5.32% 22.02 2000 2 5,472 1.78% 124,714 2.55% 22.79 2001 1 1,650 0.54% 48,675 1.00% 29.50 2002 7 31,517 10.25% 674,548 13.80% 21.40 2003 5 20,241 6.58% 617,314 12.63% 30.50 2004 5 23,326 7.58% 577,369 11.81% 24.75 2005 4 14,255 4.63% 365,753 7.48% 25.66 2006 3 5,260 1.71% 150,818 3.08% 28.67 2007 4 44,238 14.38% 692,001 14.15% 15.64 2008 3 10,201 3.32% 241,883 4.95% 23.71 2009 2 26,462 8.60% 247,844 5.07% 9.37 2012 2 113,155 36.79% 888,064 18.16% 7.85 -- ------- ------ --------- ------ ----- Total Occupied 42 307,597 100.00% 4,889,233 100.00% 15.89 Total Vacant 3,300 ------- Total Square Feet 310,897 ======= Page 43
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Residential (Multi-family) Properties % Leased Property Location Square Feet Units December 31, 1999 -------- -------- ----------- ----- ----------------- MID-ATLANTIC Maryland Glen Oaks Apartments Greenbelt 557,772 463 98% Marley Run Apartments Pasadena 274,200 336 94% North Carolina Village Apartments Winston Salem 578,606 600 77% MIDWEST Missouri Gate House, Holiday House, Tiger Village, Columbia 628,891 874 97% Colony Apartments ---------- ---- --- Totals 2,039,469 2,273 92% ========= ====== === Page 44
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Properties Under Redevelopment Expected Projected Projected Projected Date of Type of Total Costs Costs Total Return Stabilized Center Center GLA Incurred Remaining Cost on Cost Operatons Anchors - ------ ------ --- -------- --------- ---- ------- --------- ------- Gateway Mall Strip Center 119,452 $7,036,000 $ 4,964,000 $12,000,000 11.0% 4th Qtr. 2001 Grand Union Elmwood Park Strip Center 155,000 $ - $11,900,000 $11,900,000 11.3% 3rd Qtr. 2002 A & P and Walgreen's Future Redevelopment Properties Atrium Mall Enclosed Mall 178,434 Bloomfield Hills Strip Center 216,303 New Louden Strip Center 251,743 Methuen Strip Center 134,494 Northside Mall Enclosed Mall 382,299
ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 Unencumbered Properties Center Location GLA ------ -------- --- Blackman Plaza Wilkes-Barre, PA 121,206 Mark Plaza Edwardsville, PA 215,981 Union Plaza New Castle, PA 192,940 Wesmark Plaza Sumter, SC 215,198 Manahawkin Shopping Center Manahawkin, NJ 143,737 (excludes Kmart) Elmwood Park Shopping Center Elmwood, NJ 124,144 Marketplace of Absecon Absecon, NJ 75,699(1) Methuen Shopping Center Methuen, CT 129,494 Plaza 422 Lebanon, PA 154,791(2) Tioga West Tunkhannock, PA 122,338(2) Hobsen West Plaza Naperville, IL 99,950 --------- Total Unencumbered Properties 1,595,478 ========= (1) Encumbered subsequent to December 31, 1999 in connection with a $7.4 million revolving credit facility. (2) As of December 31, 1999 these two properties collateralized the debt with John Hancock Life Insurance Co. Subsequent to year end, this debt was paid off resulting in these propeties being unencumbered. Page 46