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 26, 2006
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.)
1311 Mamaroneck Avenue
Suite 260
White Plains, New York 10605
(Address of principal executive offices) (Zip Code)
(914) 288-8100
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425 )
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On April 26, 2006, Acadia Realty Trust (the "Company") released a press release
announcing its consolidated financial results for the quarter ended March 31,
2006. A copy of this press release is attached to this report on Form 8-K as
Exhibit 99.1 and incorporated herein by reference. The information included in
this Item 2.02, including the information included in Exhibit 99.1 attached
hereto, is intended to be furnished solely pursuant to this Item 2.02. and is
not deemed to be "filed" for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), or incorporated by reference into
any filing under the Securities Act of 1933, as amended ("Securities Act") or
the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12
(a) (2) of the Securities Act.
Item 7.01 Regulation FD Disclosure
On April 26, 2006, the Company made available supplemental information
concerning the ownership, operations and portfolio of the Company as of and for
the quarter ended March 31, 2006. A copy of this supplemental information is
attached to this report on Form 8-K as Exhibit 99.2 and incorporated herein by
reference. The information contained in this Item 7.01, including the
information included in Exhibit 99.2 attached hereto, is intended to be
furnished solely pursuant to Item 7.01. and is not deemed to be "filed" for
purposes of Section 18 of the Exchange Act, or incorporated by reference into
any filing under the Securities Act or the Exchange Act, or otherwise subject to
the liabilities of Sections 11 and 12 (a) (2) of the Securities Act.
Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits
(a). Financial Statements
Not Applicable
(b). Pro Forma Financial Information
Not Applicable
(c). Exhibits
Exhibit Number Description
- -------------- --------------------------------
99.1 Press release of the Company dated April 26, 2006.
99.2 Financial and Operating Reporting Supplement of the Company
for the Quarter Ended March 31, 2006.
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 26, 2006 By: /s/ Michael Nelsen
Name: Michael Nelsen
Title: Sr. Vice President
and Chief Financial Officer
2
Exhibit 99.1
Acadia Realty Trust Reports First Quarter 2006 Operating Results
NEW YORK--(BUSINESS WIRE)--April 26, 2006--Acadia Realty Trust
(NYSE: AKR - "Acadia" or the "Company"), a real estate investment
trust ("REIT") today reported operating results for the quarter ended
March 31, 2006. All per share amounts discussed below are on a fully
diluted basis.
First Quarter 2006 Highlights
FFO continues to increase
-- Funds from operations ("FFO") per share of $0.28 for the first
quarter 2006 compared to $0.27 for first quarter 2005
-- Earnings per share from continuing operations for 2006 of
$0.12 compared to $0.13 for 2005
Same Store NOI up 4.7% - Wholly-owned portfolio occupancy remains
strong at 93.7%
-- Same-store net operating income for the retail portfolio up
4.7% for first quarter 2006 over 2005
Balance sheet ratios remain strong
-- Maintained conservative dividend payout ratio for first
quarter 2006 of 64% of FFO
-- 30% debt to total market capitalization
-- 2.9 to 1 fixed-charge coverage for the quarter
External growth initiatives continue with acquisition activity
-- New York Urban/Infill Redevelopment progress continues
-- RCP: Mervyn's investment has now returned 185% of invested
capital to date
-- Successful completion of previously announced acquisitions in
Chicago and New Jersey in connection with asset recycling
activities
Harvesting of profits from completion of Brandywine
recapitalization
-- Previously announced recapitalization of Brandywine Portfolio
completed during first quarter 2006
First Quarter Operating Results
As previously disclosed, effective January 1, 2006, the Company
accounts for its Funds I, II and Mervyn's investments on a fully
consolidated basis pursuant to Emerging Issues Task Force ("EITF")
04-5, "Determining Whether a General Partner, or the General Partners
as a Group, Controls a Limited Partnership or Similar Entity When the
Limited Partners Have Certain Rights". Historic results for the
quarter ended March 31, 2005 have also been presented on a fully
consolidated basis for purposes of comparability with 2006. The
Company has also included financial schedules in its Quarterly
Financial and Operating Reporting Supplement ("Quarterly Supplement"),
as currently posted on its website, reflecting a pro-rata
consolidation of joint venture activities to assist investors in
evaluating and comparing the Company's results for the quarter ended
March 31, 2006 with previous periods.
FFO, a widely accepted measure of REIT performance, for the
quarter ended March 31, 2006 was $9.6 million, or $0.28 per share,
compared to $8.9 million, or $0.27 per share for the first quarter
2005. Earnings per share ("EPS") from continuing operations was $0.12
for first quarter 2006 compared to $0.13 for first quarter 2005. EPS
and FFO for first quarter 2005 included income of approximately $0.5
million, or $0.015 per share, related to an insurance claim
adjustment.
Portfolio Activity - Same-Store NOI Up 4.7% - Wholly-Owned
Portfolio Occupancy remains strong at 93.7%
Same store net operating income ("NOI") for the retail portfolio
increased 4.7% for the first quarter 2006 over 2005.
During the first quarter 2006, Acadia executed new and renewal
leases at an average increase of 8.7% over the previous base rents on
a cash basis.
On a year-over-year basis, Acadia increased its portfolio
occupancy for its wholly-owned portfolio by 130 basis points. March
31, 2006 occupancy was 93.7% compared to 92.4% as of March 31, 2005.
On a same-store basis, first quarter 2006 occupancy increased 70 basis
points over first quarter 2005 occupancy of 93.0%. On a sequential
basis, March 31, 2006 occupancy decreased 60 basis points from the
December 31, 2005 occupancy of 94.3%.
Combined occupancy within the operating joint venture portfolios
(Funds I, II, Brandywine and Crossroads joint ventures) remained high
at 96.8% as of March 31, 2006, which was the same occupancy level as
of March 31 and December 31, 2005.
Balance Sheet - Low Interest Rate Exposure
As of March 31, 2006, 91% of the Company's total mortgage debt,
inclusive of long-term interest rate swaps and the Company's pro-rata
share of joint venture debt is now fixed-rate. This compares to 88%
being fixed rate as of December 31, 2005. As a result, the Company
continues to maintain its blended cost of debt below 6.0%, despite a
2% increase in LIBOR from a year ago.
For 2006, the strength of Acadia's balance sheet was evidenced by
continued strong financial ratios which include the Company's pro-rata
share of unconsolidated joint venture debt and interest expense as
follows:
-- Debt to total market capitalization at March 31, 2006 was 30%
-- Fixed-charge ratio (EBITDA / interest expense plus preferred
distributions) was 2.9 for the first quarter 2006
-- Dividend payout ratio for first quarter 2006 was 64% of FFO
and 68% of AFFO
-- $44 million currently remains available under existing credit
facilities to fund capital requirements
External Growth Continues with Focus on New York Urban/Infill
Redevelopments, RCP Venture and Other Activities
New York Urban/Infill Redevelopment Program
In the first quarter 2006, Acadia continued to make steady
progress in its New York Urban/Infill Redevelopment Program, which was
launched in conjunction with its partner, P/A Associates. The Company
currently has a total of seven properties in its redevelopment
pipeline, for which acquisition and development costs are anticipated
to total approximately $354.0 million with anticipated completion
schedules and costs as set forth in the Company's Quarterly
Supplement.
RCP Venture - Mervyn's investment returns 185% of invested capital
In 2004, Acadia formed the Retailer Controlled Property Venture
("RCP Venture") with the Klaff and Lubert-Adler organizations. The RCP
Venture completed its first investment with its participation in the
acquisition of Mervyn's Department Stores. A total of $24.5 million
was invested by Acadia and its Fund investors ("Acadia/Mervyn's"). In
the fourth quarter of 2005, Acadia/Mervyn's received distributions
totaling $42.7 million, or 174% of its invested capital. During the
first quarter 2006, an additional $2.8 million was distributed
increasing this return to 185% to date. During the first quarter 2006,
Acadia's Promoted Interest from the Mervyn's investment amounted to
$0.3 million.
As previously announced, Acadia closed on the following two
additional investments during the first quarter of 2006, which were
made directly through the Company:
-- On January 12, 2006, Acadia closed on a 20,000 square foot
retail building in the Lincoln Park district in Chicago for
$9.9 million. Tenants include Starbucks, Nine West, Vitamin
Shoppe, The Body Shop, Papyrus and Cold Stone Creamery.
-- On January 24, 2006, Acadia acquired a 60% interest in the A&P
Shopping Plaza located in Boonton, New Jersey for $3.2
million.
Harvesting of Fund I Continues with Recapitalization of Brandywine
Portfolio at Significant Profit
As previously announced, Acadia recapitalized its one million
square foot Wilmington, Delaware shopping center portfolio through a
merger of interests at an implied value of $211 million, as compared
to Fund I's cost basis of $108 million. Acadia has retained its
existing 22.2% interest and continues to operate the portfolio and
earn fees for such services.
At the closing, the Fund I investors received a return of all of
their invested capital and accumulated preferred return in the Fund,
thus triggering Acadia's 20% Promoted Interest in all future earnings
and distributions from Fund I. Additionally there are 32 remaining
Fund I assets, comprising approximately 2.0 million square feet, in
which Acadia's ownership interest has increased from 22.2% to 37.8%.
Outlook - Earnings Guidance for 2006
The Company currently reaffirms its previously announced 2006 FFO
and earnings per share forecast. On a fully diluted basis, FFO for
2006 is anticipated to range from $1.14 to $1.19 per share. 2006
earnings per share is expected to range from $0.59 to $0.64.
Management Comments
Commenting on the results for the first quarter, Kenneth
Bernstein, President and CEO, stated, "We are quite pleased with our
first quarter results which reflect our continued strong portfolio
performance, strong balance sheet position and further accretion from
our external growth initiatives. The first quarter results also show
the positive impact of harvesting significant profits through our Fund
I/ Brandywine recapitalization as well as laying the foundation for
future growth through our Urban /Infill platform and our RCP ventures.
We believe the combination of solid internal performance with strong
external growth potential should enable us to continue to effectively
execute our business plan."
Investor Conference Call
Management will conduct a conference call April 27, 2006 at 2:00
PM ET to review the Company's earnings and operating results. The live
conference call can be accessed by dialing 888-481-7939
(internationally 617-847-8707). The pass-code is "Acadia". The call
will also be webcast and can be accessed in a listen-only mode at
Acadia's web site at acadiarealty.com. If you are unable to
participate during the live webcast, the call will be archived and
available on Acadia's website. Alternatively, to access the replay by
phone, dial 888-286-8010 (internationally 617-801-6888). The pass-code
will be 70341177. The phone replay will be available through Thursday
May 4, 2006.
Acadia Realty Trust, headquartered in White Plains, NY, is a fully
integrated and self-managed real estate investment trust which
specializes in the acquisition, redevelopment and operation of
shopping centers which are anchored by grocery and value-oriented
retail.
Certain matters in this press release may constitute
forward-looking statements within the meaning of federal securities
law and as such may involve known and unknown risk, uncertainties and
other factors which may cause the actual results, performances or
achievements of Acadia to be materially different from any future
results, performances or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements speak only
as of the date of this document. Acadia expressly disclaims any
obligation or undertaking to release publicly any updates or revisions
to any forward-looking statements contained herein to reflect any
change in Acadia's expectations with regard thereto or change in
events, conditions or circumstances on which any such statement is
based. The Company also refers you to the documents filed by the
Company, from time to time, with the Securities and Exchange
Commission, including without limitation the Company's Annual Report
on Form 10-K and the "Management's Discussion and Analysis of
Financial Condition and Results of Operations" incorporated by
reference therein, for a discussion of such risks and uncertainties.
See the notes to the attached financial tables for a further
discussion of the Company's use of FFO.
For more information visit Acadia Realty Trust's Web site at
www.acadiarealty.com, which is not to be deemed a part of this press
release
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters ended March 31, 2006 and 2005
(dollars in thousands, except per share data)
==============================================
For the quarters ended
March 31,
Revenues 2006 2005 (1)
-------- --------
Minimum rents $ 17,788 $ 18,501
Percentage rents 185 201
Expense reimbursements 4,079 4,374
Other property income 211 330
Management fee income 1,201 575
Interest income 1,746 417
Other -- --
-------- --------
Total revenues 25,210 24,398
-------- --------
Operating expenses
Property operating 4,050 4,820
Real estate taxes 2,799 2,562
General and administrative 5,307 3,115
Depreciation and amortization 6,398 6,272
-------- --------
Total operating expenses 18,554 16,769
-------- --------
Operating income 6,656 7,629
Equity in earnings of unconsolidated
partnerships 4,112 261
Interest expense (5,185) (3,933)
Minority interest (1,081) 201
-------- --------
Income from continuing operations before income
taxes 4,502 4,158
-------- --------
Income taxes (449) --
-------- --------
Income from continuing operations 4,053 4,158
-------- --------
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters ended March 31, 2006 and 2005
(dollars in thousands, except per share data)
==============================================
For the quarters ended
March 31,
2006 2005 (1)
--------- ---------
Discontinued operations:
Operating (loss) income from discontinued
operations $ 306 $ 292
Impairment of real estate -- --
Gain (loss) on sale of property -- --
Minority interest (6) (5)
-------- --------
(Loss) income from discontinued operations 300 287
-------- --------
Net income $ 4,353 $ 4,445
======== ========
Net income per Common Share - Basic
Net income per Common Share - Continuing
operations $ .12 $ .13
Net (loss) income per Common Share -
Discontinued operations .01 .01
-------- --------
Net income per Common Share $ .13 $ .14
======== ========
Weighted average Common Shares 32,468 31,867
======== ========
Net income per Common Share - Diluted (2)
Net income per Common Share - Continuing
operations $ .12 $ .13
Net (loss) income per Common Share -
Discontinued operations .01 .01
-------- --------
Net income per Common Share $ .13 $ .14
-------- --------
Weighted average Common Shares 32,766 32,140
======== ========
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters ended March 31, 2006 and 2005
(dollars in thousands, except per share data)
=========================================================
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (3)
For the quarters ended
March 31,
2006 2005 (1)
--------- ---------
Net income $ 4,353 $ 4,445
Depreciation of real estate and amortization
of leasing costs (net of minority interests'
share)
Wholly owned and consolidated partnerships 5,034 3,620
Unconsolidated partnerships 412 633
Income attributable to minority interest in
Operating Partnership 94 75
Gain on sale (net of minority share and income
taxes) (372) --
--------- ---------
Funds from operations - Basic 9,521 8,773
Distributions - Preferred OP Units 62 87
--------- ---------
Funds from operations - Diluted $ 9,583 $ 8,860
========= =========
Funds from operations per share - Basic
Weighted average Common Shares and OP Units (4) 33,122 32,382
--------- ---------
Funds from operations per share $ .29 $ .27
========= =========
Funds from operations per share - Diluted
Weighted average Common Shares and OP Units (4) 33,757 33,177
========= =========
Funds from operations per share $ .28 $ .27
========= =========
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
As of March 31, 2006 and December 31, 2005
(dollars in thousands, except per share data)
=============================================
SELECTED BALANCE SHEET INFORMATION
March 31, December 31,
2006 2005 (1)
-------------- ------------
Cash and cash equivalents $ 50,141 $ 62,117
Rental property, at cost 659,881 767,852
Total assets 732,712 841,858
Mortgage notes payable 376,273 406,865
Total liabilities 431,442 475,017
Notes:
(1) Effective January 1, 2006, the Company accounts for its Funds I,
II and Mervyn's investments on a fully consolidated basis pursuant to
Emerging Issues Task Force ("EITF") 04-5, "Determining Whether a
General Partner, or the General Partners as a Group, Controls a
Limited Partnership or Similar Entity When the Limited Partners Have
Certain Rights". Historic results for the quarter ended March 31, 2005
have also been presented on a fully consolidated basis for purposes of
comparability with 2006.
(2) Reflects the potential dilution that could occur if securities or
other contracts to issue Common Shares were exercised or converted
into Common Shares. The effect of the conversion of Common OP Units is
not reflected in the above table as they are exchangeable for Common
Shares on a one-for-one basis. The income allocable to such units is
allocated on this same basis and reflected as minority interest in the
consolidated financial statements. As such, the assumed conversion of
these units would have no net impact on the determination of diluted
earnings per share.
(3) The Company considers funds from operations ("FFO") as defined
by the National Association of Real Estate Investment Trusts
("NAREIT") to be an appropriate supplemental disclosure of operating
performance for an equity REIT due to its widespread acceptance and
use within the REIT and analyst communities. FFO is presented to
assist investors in analyzing the performance of the Company. It is
helpful as it excludes various items included in net income that are
not indicative of the operating performance, such as gains (losses)
from sales of depreciated property and depreciation and amortization.
However, the Company's method of calculating FFO may be different from
methods used by other REITs and, accordingly, may not be comparable to
such other REITs. FFO does not represent cash generated from
operations as defined by generally accepted accounting principles
("GAAP") and is not indicative of cash available to fund all cash
needs, including distributions. It should not be considered as an
alternative to net income for the purpose of evaluating the Company's
performance or to cash flows as a measure of liquidity. Consistent
with the NAREIT definition, the Company defines FFO as net income
(computed in accordance with GAAP), excluding gains (losses) from
sales of depreciated property, plus depreciation and amortization, and
after adjustments for unconsolidated partnerships and joint ventures.
(4) In addition to the weighted average Common Shares outstanding,
basic and diluted FFO also assumes full conversion of a weighted
average 654 and 515 OP Units into Common Shares for the quarters ended
March 31, 2006 and 2005, respectively. Diluted FFO also includes the
assumed conversion of Preferred OP Units into 337 and 522 Common
Shares for the quarters ended March 31, 2006 and 2005, respectively.
(5) Fixed-rate debt includes $91,894 and $92,376 of notional
principal fixed through swap transactions as of March 31, 2006 and
December 31, 2005, respectively. Conversely, variable-rate debt
excludes this amount.
CONTACT: Acadia Realty Trust
Investor Relations:
Jon Grisham, 914-288-8142
Exhibit 99.2
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Table of Contents
-----------------
Page
----
Section I - Overview
Important Notes 2
Company Information 3
Portfolio Snapshot 4
Organizational Chart 5
Executive Management Team 6
Section II - Financial Information
Market Capitalization 7
Shareholder Information 8
Operating Statements - Consolidated 9
Operating Statements - Joint Venture Activity 10
Operating Statements - Activity by Source 11
Operating Statements - Current v. Historical 12
Net Operating Income - Same Property Performance 13
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")
and Funds Available for Distribution ("FAD") 14
Capital Expenditures 15
Selected Operating Ratios 16
Debt Analysis - Summary 17
Debt Analysis - Detail 18
Debt Maturity Schedule 21
Unencumbered Properties 22
Page
----
Section III - Joint Venture Information
Overview - Fund I 23
Overview - Fund II 24
Overview - RCP Venture 25
Fund I Properties - Detail 26
Top 5 Fund I Tenants 27
Fund I - Current Valuation 28
Kroger/Safeway Locations 29
Fund II Properties - Detail 30
Fund II - New York Urban/Infill Projects 31
Section IV - Parent Portfolio Information
Properties - Overview 32
Properties by Region - Summary 35
Properties by State - Summary 36
Properties - Detail 37
Leasing Production 40
Top 10 Tenants - Consolidated 41
Anchor Tenant Detail 42
Anchor Lease Expirations - Next 3 Years 48
Lease Expirations 49
Property Demographics 55
Residential Properties 56
Visit acadiarealty.com for current news as well as additional property details
and financial information
Page 1
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Important Notes
---------------
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this supplemental disclosure may contain
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as
such may involve known and unknown risks, uncertainties and other factors which
may cause the Company's actual results, performance or achievements to be
materially different from future results, performance or achievements expressed
or implied by such forward-looking statements. Forward- looking statements,
which are based on certain assumptions and describe the Company's future plans,
strategies and expectations are generally identifiable by use of the words
"may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend"
or "project" or the negative thereof or other variations thereon or comparable
terminology. Factors which could have a material adverse effect on the
operations and future prospects of the Company include, but are not limited to
those set forth under the heading "Risk Factors" in the Company's Annual Report
on Form 10-K. These risks and uncertainties should be considered in evaluating
any forward-looking statements contained or incorporated by reference herein.
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
The Company considers funds from operations ("FFO") as defined by the National
Association of Real Estate Investment Trusts ("NAREIT") to be an appropriate
supplemental disclosure of operating performance for an equity REIT due to its
widespread acceptance and use within the REIT and analyst communities. FFO is
presented to assist investors in analyzing the performance of the Company. It is
helpful as it excludes various items included in net income that are not
indicative of the operating performance, such as gains (or losses) from sales of
property and depreciation and amortization. However, the Company's method of
calculating FFO may be different from methods used by other REITs and,
accordingly, may not be comparable to such other REITs. FFO does not represent
cash generated from operations as defined by generally accepted accounting
principles ("GAAP") and is not indicative of cash available to fund all cash
needs, including distributions. It should not be considered as an alternative to
net income for the purpose of evaluating the Company's performance or to cash
flows as a measure of liquidity. Consistent with the NAREIT definition, the
Company defines FFO as net income (computed in accordance with GAAP), excluding
gains (or losses) from sales of depreciated property, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint
ventures.
USE OF EBITDA AS NON-GAAP FINANCIAL MEASURE
EBITDA is a widely used financial measure in many industries, including the REIT
industry, and is presented to assist investors and analysts in analyzing the
performance of the Company. It is helpful as it excludes various items included
in net income that are not indicative of operating performance, such as gains
(or losses) from sales of property and depreciation and amortization and is used
in computing various financial ratios as a measure of operational performance.
The Company computes EBITDA as the sum of net income before extraordinary items
plus interest expense, depreciation, income taxes and amortization, less any
gains (losses including impairment charges) on the sale of income producing
properties. The Company's method of calculating EBITDA may be different from
methods used by other REITs and, accordingly, may not be comparable to such
other REITs. EBITDA does not represent cash generated from operations as defined
by GAAP and is not indicative of cash available to fund all cash needs,
including distributions. It should not be considered as an alternative to net
income for the purpose of evaluating the Company's performance or to cash flows
as a measure of liquidity.
Page 2
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Company Information
-------------------
Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated
and self-managed real estate investment trust which specializes in the
acquisition, redevelopment and operation of shopping centers which are anchored
by grocery and value-oriented retail. Acadia currently owns (or has interests
in) and operates 75 properties totaling approximately 10 million square feet,
located in the Northeast, Mid-Atlantic and Midwest United States.
All of Acadia's assets are held by, and all its operations are conducted
through, Acadia Realty Limited Partnership (and its majority-owned subsidiaries)
which is currently 98% controlled by Acadia.
Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham
Suite 260 Vice President
White Plains, NY 10605 (914) 288-8142
jgrisham@acadiarealty.com
New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com
Analyst Coverage Banc of America Securities Citigroup - Smith Barney
Ross Nussbaum - (212) 847-5668 Jonathan Litt - (212) 816-0231
ross.nussbaum@bofasecurities.com jonathan.litt@citigroup.com
Michael Bilerman - (212) 816-1383
J.P. Morgan Securities, Inc. michael.bilerman@citigroup.com
Michael W. Mueller, CFA (212) 622-6689 David Carlisle - (212) 816-1382
michael.w.mueller@jpmorgan.com david.s.carlisle@citigroup.com
Josh Bederman (212) 622-6530
josh.h.bederman@jpmorgan.com Ryan Beck & Co.
Sheila McGrath - (973) 549-4084
Harris Nesbitt sheila.mcgrath@ryanbeck.com
Paul Adornato, CFA - (212) 885-4170
paul.adornato@harrisnesbitt.com
Page 3
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Executive Management Team
-------------------------
Kenneth F. Bernstein Chief Executive Officer Mr. Bernstein is responsible for strategic planning as well
and President as overseeing all day to day activities of the Company
including operations, acquisitions and capital markets. Mr.
Bernstein served as the Chief Operating Officer of RD
Capital, Inc. from 1990 until the merger of RD Capital with
Mark Centers Trust in August of 1998, forming Acadia Realty
Trust. In such capacity, he was responsible for overseeing
the day-to-day operations of RD Capital and its management
companies, Acadia Management Company LLC and Sound View
Management LLC. Prior to joining RD Capital, Mr. Bernstein
was an associate with the New York law firm of Battle
Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his
Bachelor of Arts Degree from the University of Vermont and
his Juris Doctorate from Boston University School of Law.
Joel Braun Senior Vice President, Mr. Braun is responsible for the sourcing and financial
Chief Investment analysis of acquisition properties for Acadia. Previously,
Officer Mr. Braun was Director of Acquisitions and Finance for
Rosenshein Associates, a regional shopping center developer
based in New Rochelle, New York. During this time, Mr. Braun
was instrumental in the initiation and formation of Kranzco
Realty Trust, a publicly traded REIT. Mr. Braun holds a
Bachelor's in Business Administration from Boston University
and a Master's Degree in Planning from John Hopkins
University.
Joseph Hogan Senior Vice President, Most recently, Mr. Hogan served as Vice President with Kimco
Director of Realty Corporation (NYSE:KIM), where he was responsible for
Construction business development and management of all retail and
commercial construction projects for Kimco, in addition to
outside customers and development companies. Prior to
joining Kimco, he was with Konover Construction Company, a
subsidiary of Konover & Associates located in West Hartford,
Connecticut, where he was responsible for construction
projects throughout the eastern half of the United States.
Robert Masters, Esq. Senior Vice President, Prior to joining Acadia in December 1994, Mr. Masters was
General Counsel, General Counsel for API Asset Management for over five
Corporate Secretary years, Senior Vice President Deputy General Counsel for
European American Bank from 1985 to 1990, and Vice President
and Counsel for National Westminster Bank from 1977 to 1985.
Mr. Masters received his Bachelor of Arts from the City
University of New York and his J.D. from New York University
Law School. Mr. Masters is also a member of the New York
State Bar.
Joseph M. Napolitano, Senior Vice President, Mr. Napolitano is responsible for overseeing the company's
CPM Director of Operations internal operations. Previously, he held the position of
Senior Vice President, Director of Property Management.
Prior to joining Acadia in 1995, Mr. Napolitano was employed
by Rosen Associates Management Corp. as a Senior Property
Manager overseeing a national portfolio of community
shopping centers, and Roebling Management Co. as a Property
Manager responsible for neighborhood and community shopping
centers nationally. Mr. Napolitano holds a Bachelor's in
Business Administration from Adelphi University, Garden
City, NY; and is a Certified Property Manager by the
Institute of Property Management (IREM). Mr. Napolitano is
also a member of the New York State Association of Realtors
(NYSAR) International Council of Shopping Center (ICSC),
Commercial Investment Real Estate Institute (CIREI), and the
Building Owners and Managers Institute (BOMI).
Michael Nelsen Senior Vice President, Mr. Nelsen oversees all the financial activities and asset
Chief Financial Officer management functions. Mr. Nelsen was most recently President
of G. Soros Realty, Inc. and Director of Real Estate for
Soros Private Funds Management LLC. His responsibilities
included asset/portfolio management of real estate
operations, financial reporting, financings, asset
acquisitions and dispositions. Previously, he was a partner
in the public accounting firm of David Berdon & Co. Mr.
Nelsen has been a Certified Public Accountant since 1971.
Joseph Povinelli Senior Vice President, Mr. Povinelli joined Acadia in 1999 with 19 years of retail
Director of Leasing leasing experience. Since 1987 Mr. Povinelli had served as
regional real estate representative for Vornado Realty
Trust, a New Jersey based Real estate investment trust, and
was responsible for the day to day leasing activity of
approximately 3 million square feet of the strip shopping
center portfolio. Prior to this he served as leasing
representative for Net Properties Management, Great Neck,
New York, responsible for leasing of the strip shopping
center and office building portfolio of the mid-atlantic and
southeast regions of the company. Mr. Povinelli received a
Bachelor of Science degree in Finance and Economics from
C.W. Post College of Long Island University.
Robert Scholem Senior Vice President, Mr. Scholem has been the Director of Property Management
Director of Property since 2003 and a Senior Vice President since August, 2005.
Management Prior to joining the Company in 1998, Mr. Scholem was
employed at Rosen Associates Management Corp. as a Senior
Property Manager overseeing a national portfolio of
community shopping centers, and Staller Associates, Inc. as
an Operations Manager responsible for community shopping
centers, office, and industrial buildings on Long Island,
New York. Mr. Scholem holds a Bachelor's in Business
Administration from Guilford College, Greensboro, NC; and is
a Certified Property Manager (CPM(R)) by the Institute of
Real Estate Management. Mr. Scholem is also a licensed
Salesperson by the State of New York as well as a member of
LI Board of Realtors & CIREI, and is a Certified Shopping
Center Manager (CSM) by the International Council of
Shopping Centers.
Page 4
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Total Market Capitalization
---------------------------
(including pro-rata share of joint venture debt)
Percent of
Percent of Total Market
(amounts in thousands) Total Equity Capitalization
-------------- --------------
Equity Capitalization
- ---------------------
Total Common Shares Outstanding 97.5% 31,758
Common Operating Partnership ("OP") Units 2.0% 653
--------------
Combined Common Shares and OP Units 32,411
Market Price at March 31, 2006 $ 23.55
--------------
Equity Capitalization - Common Shares and OP Units $ 763,279
Preferred OP Units - at cost (1) 0.5% 4,188
-------------- --------------
Total Equity Capitalization 100.0% 767,467 69.8%
============== ============== ==============
Debt Capitalization
- -------------------
Consolidated debt 376,273
Adjustment to reflect pro-rata share of debt (43,649)
--------------
Total Debt Capitalization 332,624 30.2%
-------------- --------------
Total Market Capitalization $ 1,100,091 100.0%
============== ==============
Weighted Average Outstanding Common Shares and O.P. Units
---------------------------------------------------------
Common
Shares O.P. Units Total
------ ---------- -----
===================================================================================================
Basic
Quarter ended March 31, 2006 32,468,204 653,360 33,121,564
Fully Diluted
Quarter ended March 31, 2006 (3) 32,766,119 653,360 33,419,479
===================================================================================================
Basic
Quarter ended March 31, 2005 31,867,185 514,477 32,381,662
Fully Diluted
Quarter ended March 31, 2005 (3) 32,139,833 514,477 32,654,310
(1) In connection with the acquisition of the Pacesetter Park Shopping Center
in 1999, the Company issued 2,212 Preferred OP Units, of which 2,024 have
been converted to Common OP Units to date. The remaining Preferred OP Units
are reflected above at their stated cost of $1,000 per unit. Also includes
$4,000 of Preferred OP Units issued to Klaff L.P. related to the
acquisition of management contracts in 2004.
(2) Fixed-rate debt includes notional principal fixed through interest rate
swap transactions and conversely, variable-rate debt excludes this amount.
(3) For purposes of earnings per share calculations, the assumed conversion of
Preferred OP Units is anti-dilutive and not reflected above. However, for
the purposes of calculating FFO on a fully diluted basis, these stock
equivalents are dilutive and amount to 337,097 and 522,679 for the quarters
ended March 31, 2006 and 2005, respectively.
Page 5
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Shareholder Information
-----------------------
(amounts in thousands)
10 Largest Institutional/Non-Retail Shareholders (1)
Percent of Out-
Common standing Common
Shareholder Shares Held Shares
- ------------------------------ ------------------ -----------------
Wellington Management 4,065 12.8%
Third Avenue Management 2,458 7.7%
Yale University 2,279 7.2%
Heitman Real Estate Securities 2,036 6.4%
Morgan Stanley 1,661 5.2%
Cliffwood Partners 1,550 4.9%
Vanguard Group 1,378 4.3%
Barclay's Global Investors 1,342 4.2%
Redding K G & Associated LLC 1,203 3.8%
Clarion CRA Securities 869 2.7%
------------------ -----------------
Total of 10 Largest Institutional
Shareholders 18,841 59.3%
================== =================
Total of all Institutional Shareholders 29,691 93.5%
================== =================
Operating Partnership
Unit Information
----------------
Percent
of Total O.P. Units
-------------------
Managment O.P. Unit Holders 338 51.8%
Other O.P. Unit Holders 315 48.2%
-------------- -----------
Total O.P. Units 653 100.0%
============== ===========
Page 6
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Statements of Operations - Consolidated (1)
--------------------------------------- ---
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
Year to Date
Period ended March 31, 2006
-------------------------------------------------------------
Discontinued
Wholly Owned JV's operations Total
------------- ------------- ------------- -------------
PROPERTY REVENUES
Minimum rents $ 12,739 $ 5,346 $ 1,084 $ 19,169
Percentage rents 185 9 13 207
Expense reimbursements 3,464 709 543 4,716
Other property income 194 16 28 238
------------- ------------- ------------- -------------
16,582 6,080 1,668 24,330
------------- ------------- ------------- -------------
PROPERTY EXPENSES
Property operating 3,274 538 421 4,233
Real estate taxes 2,093 631 454 3,178
------------- ------------- ------------- -------------
5,367 1,169 875 7,411
------------- ------------- ------------- -------------
NET OPERATING INCOME - PROPERTIES 11,215 4,911 793 16,919
OTHER INCOME (EXPENSE)
General and administrative (2,693) - - (2,693)
Property related home office expenses (2,517) (61) - (2,578)
Equity in earnings of Fund I unconsolidated properties - 215 - 215
Lease termination income - - - -
Interest income 1,663 103 - 1,766
Asset and property management income (2) 2,563 - - 2,563
Promote Fee (3) 258 - - 258
Property management expense (75) (238) - (313)
Straight-line rent income 126 (533) - (407)
Straight-line rents written off - - - -
FAS 141 Rent 47 (5) - 42
Abandoned project costs - - - -
Hurricane related income (expenses) - - - -
Provision for Income Taxes (419) (30) - (449)
Other income (expense) - - - -
------------- ------------- ------------- -------------
EBIDTA 10,168 4,362 793 15,323
Depreciation and amortization (3,872) (1,921) (283) (6,076)
FAS 141 Amortization (154) (41) - (195)
Interest expense (3,538) (1,548) (204) (5,290)
Loan defeasance (net of reimbursement) 1,141 (1,467) - (326)
FAS 141 Interest 16 712 - 728
Impairment of real estate - - - -
Gain on sale of properties - - - -
Gain on sale of properties - Mervyn's( 1) - 464 - 464
Income taxes on gain on property sale - Mervyn's - - - -
------------- ------------- ------------- -------------
Income before minority interest 3,761 561 306 4,628
Minority interest - OP (69) (19) (6) (94)
Minority interest (88) (93) - (181)
------------- ------------- ------------- -------------
NET INCOME $ 3,604 $ 449 $ 300 $ 4,353
============= ============= ============= =============
Current Quarter
3 months ended March 31, 2006
-------------------------------------------------------------
Discontinued
Wholly Owned JV's Operations Total
------------- ------------- ------------- -------------
PROPERTY REVENUES
Minimum rents $ 12,739 $ 5,346 $ 1,084 $ 19,169
Percentage rents 185 9 13 207
Expense reimbursements 3,464 709 543 4,716
Other property income 194 16 28 238
------------- ------------- ------------- -------------
16,582 6,080 1,668 24,330
------------- ------------- ------------- -------------
PROPERTY EXPENSES
Property operating 3,274 538 421 4,233
Real estate taxes 2,093 631 454 3,178
------------- ------------- ------------- -------------
5,367 1,169 875 7,411
------------- ------------- ------------- -------------
NET OPERATING INCOME - PROPERTIES 11,215 4,911 793 16,919
OTHER INCOME (EXPENSE)
General and administrative (2,693) - - (2,693)
Property related home office expenses (2,517) (61) - (2,578)
Equity in earnings of Fund I unconsolidated properties - 215 - 215
Lease termination income - - - -
Interest income 1,663 103 - 1,766
Asset and property management income (2) 2,563 - - 2,563
Promote Fee (3) 258 - - 258
Property management expense (75) (238) - (313)
Straight-line rent income 126 (533) - (407)
Straight-line rents written off - - - -
FAS 141 Rent 47 (5) - 42
Abandoned project costs - - - -
Hurricane related income (expenses) - - - -
Provision for Income Taxes (419) (30) - (449)
Other income (expense) - - - -
------------- ------------- ------------- -------------
EBIDTA 10,168 4,362 793 15,323
Depreciation and amortization (3,872) (1,921) (283) (6,076)
FAS 141 Amortization (154) (41) - (195)
Interest expense (3,538) (1,548) (204) (5,290)
Loan defeasance (net of reimbursement) 1,141 (1,467) - (326)
FAS 141 Interest 16 712 - 728
Impairment of real estate - - - -
Gain on sale of properties - - - -
Gain on sale of properties - Mervyn's( 1) - 464 - 464
Income taxes on gain on property sale - Mervyn's - - - -
------------- ------------- ------------- -------------
Income before minority interest 3,761 561 306 4,628
Minority interest - OP (69) (19) (6) (94)
Minority interest (88) (93) - (181)
------------- ------------- ------------- -------------
NET INCOME $ 3,604 $ 449 $ 300 $ 4,353
============= ============= ============= =============
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I & II and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV and a 49% JV interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
(2) Detail as follows: YTD 1st Quarter
----------- -----------
Asset management fee Fund I $ 135 $ 135
Asset management fee Fund II 900 900
Property management, leasing and legal fees - Fund I 39 39
Property management/Construction/legal fees - Fund II 278 278
Klaff related fees 1,058 1,058
Other fees 153 153
----------- -----------
$ 2,563 $ 2,563
=========== ===========
(3) Represents amounts distributed to the Company in excess of its pro-rata
share as a result of the performance of the Mervyn's investment.
Page 7
Statements of Operations - Joint Venture Activity 1
- -------------------------------------------------
Current Quarter and Year-to-Date
- ----------------------------------
(in thousands)
-------------------------------------------------------------------------------
Year-to-Date
Period
ended March 31,
2006
-------------------------------------------------------------------------------
AKR Pro- Mervyn'sPro- AKR Pro-rata Pro-rata Pro- Pro-
rata rata rata rata
Fund I share Fund I shareFund IIshareBrandywine share Crossroadsshare Total
JV
-------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $3,345 $3,345 $- $- $2,317 $466 $3,569 $793 $1,514 $742 $5,346
Percentage rents - - - - - - 42 9 - - 9
Expense reimbursements 191 191 - - 424 85 554 123 632 310 709
Other property income 9 9 - - 8 2 - - 10 5 16
-------------------------------------------------------------------------------
3,545 3,545 - - 2,749 553 4,165 925 2,156 1,057 6,080
-------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating 142 142 - - 549 110 779 173 231 113 538
Real estate taxes 297 297 - - 409 82 224 50 413 202 631
-------------------------------------------------------------------------------
439 439 - - 958 192 1,003 223 644 315 1,169
-------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES 3,106 3,106 - - 1,791 361 3,162 702 1,512 742 4,911
OTHER INCOME (EXPENSE)
General and administrative - - - - - - - - - - -
Property related home
office expenses (52) (52) - - (46) (9) - - - - (61)
Equity in earnings of Fund
I unconsolidated
properties 2 19 4 559 124 437 87 - - - - 215
Lease termination income - - - - - - - - - - -
Interest income 88 88 6 1 14 3 5 1 20 10 103
Asset and property
management income - - - - - - - - - - -
Promote Fee - - (332) - - - - - - - -
Asset and property
management expense 3 (238) (238) - - (1,205) - (210) - - - (238)
Straight-line rent income (564) (564) - - 4 1 162 36 (13) (6) (533)
Straight-line rents written
off - - - - - - - - - - -
FAS 141 Rent - - - - (224) (45) 182 40 - - (5)
Abandoned project costs - - - - - - - - - - -
Hurricane related expenses - - - - - - - - - - -
Provision for income taxes (30) (30) - - - - - - - - (30)
Other income - - - - - - - - - - -
-------------------------------------------------------------------------------
EBIDTA 2,329 2,314 233 125 771 398 3,301 779 1,519 746 4,362
Depreciation and
amortization 4 (1,571)(1,571) - - (595)(119) (724) (161) (143) (70)(1,921)
FAS 141 Amortization - - - - (207) (41) - - - - (41)
Interest expense 4 (628) (613) - - (1,072)(214) (1,543) (300) (859) (421)(1,548)
Loan defeasance - - - - - - (6,604)(1,467) - - (1,467)
FAS 141 Interest 15 15 - - - - 3,138 697 - - 712
Impairment of real estate - - - - - - - - - - -
Gain on sale of properties - - - - - - - - - - -
Gain on sale of properties
- Mervyn's 2 - - 1,099 244 1,099 220 - - - - 464
Income taxes on gain on
property sale - Mervyn's 2 - - - - - - - - - - -
-------------------------------------------------------------------------------
Income before minority
interest 145 145 1,332 369 (4) 244 (2,432) (452) 517 255 561
Minority interest - OP - (3) - (6) - (5) - - - (5) (19)
Minority interest (94) (94) - - 6 1 - - - - (93)
-------------------------------------------------------------------------------
NET INCOME $51 $48 $1,332 $363 $2 $240 $(2,432) $(452) $517 $250 $449
===============================================================================
Current Quarter
3 months
ended March 31,
2006
-------------------------------------------------------------------------------------------------------
AKR Pro- Mervyn'sPro- AKR Pro-rata Pro-rata Pro- Pro-rata
rata rata rata
Fund I share Fund I shareFund IIshareBrandywine share Crossroadsshare Total
JV
-------------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $3,345 $3,345 $- $- $2,317 $466 3,569 $793 $1,514 $742 $5,346
Percentage rents - - - - - - 42 9 - - 9
Expense reimbursements 191 191 - - 424 85 554 123 632 310 709
Other property income 9 9 - - 8 2 - - 10 5 16
-------------------------------------------------------------------------------------------------------
3,545 3,545 - - 2,749 553 4,165 925 2,156 1,057 6,080
-------------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating 142 142 - - 549 110 779 173 231 113 538
Real estate taxes 297 297 - - 409 82 224 50 413 202 631
-------------------------------------------------------------------------------------------------------
439 439 - - 958 192 1,003 223 644 315 1,169
-------------------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES 3,106 3,106 - - 1,791 361 3,162 702 1,512 742 4,911
OTHER INCOME (EXPENSE)
General and administrative - - - - - - - - - - -
Property related home
office expenses (52) (52) - - (46) (9) - - - - (61)
Equity in earnings of Fund
I unconsolidated
properties 2 19 4 559 124 437 87 - - - - 215
Lease termination income - - - - - - - - - - -
Interest income 88 88 6 1 14 3 5 1 20 10 103
Asset and property
management income - - - - - - - - - - -
Promote Fee - - (332) - - - - - - - -
Asset and property
management expense 3 (238) (238) - - (1,205) - (210) - - - (238)
Straight-line rent income (564) (564) - - 4 1 162 36 (13) (6) (533)
Straight-line rents written
off - - - - - - - - - - -
FAS 141 Rent - - - - (224) (45) 182 40 - - (5)
Abandoned project costs - - - - - - - - - - -
Hurricane related expenses - - - - - - - - - - -
Provision for income taxes (30) (30) - - - - - - - - (30)
Other income - - - - - - - - - - -
-------------------------------------------------------------------------------------------------------
EBIDTA 2,329 2,314 233 125 771 398 3,301 779 1,519 746 4,362
Depreciation and
amortization 4 (1,571)(1,571) - - (595)(119) (724) (161) (143) (70) (1,921)
FAS 141 Amortization - - - - (207) (41) - - - - (41)
Interest expense 4 (628) (613) - - (1,072)(214) (1,543) (300) (859) (421) (1,548)
Loan defeasance - - - - - - (6,604)(1,467) - - (1,467)
FAS 141 Interest 15 15 - - - - 3,138 697 - - 712
Impairment of real estate - - - - - - - - - - -
Gain on sale of properties - - - - - - - - - - -
Gain on sale of properties
- Mervyn's 2 - - 1,099 244 1,099 220 - - - - 464
Income taxes on gain on
property sale - Mervyn's 2 - - - - - - - - - - -
------------------------------------------------------------------------------------------------------
Income before minority
interest 145 145 1,332 369 (4) 244 (2,432) (452) 517 255 561
Minority interest - OP - (3) - (6) - (5) - - - (5) (19)
Minority interest (94) (94) - - 6 1 - - - - (93)
------------------------------------------------------------------------------------------------------
NET INCOME $51 $48 $1,332 $363 $2 $240 $(2,432) $(452) $517 $250 $449
======================================================================================================
1 Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I & II and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV and has a 49% JV interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
2 Although a portion of the investment in Mervyn's is not through Fund II,
the activity from this investment has been included in this line item for
presentation purposes only. Fund I currently invests in 4 properties in
which it has 50% interest in and for which it uses the equity method of
accounting.
3 Funds I, II and the Mervyn's investment pay asset management, promote and
other fees to the Company. As it is the recipient of such fees, the Company
does not recognize a pro-rata share of these expenses
4 In addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its increased basis in Crossroads. %%
Page 8
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Statements of Operations - Activity by Source 1
- ---------------------------------------------------------------
(in thousands)
-------------------------------- --------------------------------
Year-to-Date Current Quarter
Period 3 months
ended March 31, ended March 31,
2006 2006
-------------------------------- --------------------------------
Retail Multi- Corporate Total Retail Multi- Corporate Total
Family Family
-------------------------------- --------------------------------
PROPERTY REVENUES
Minimum rents $17,264 $1,905 $- $19,169 $17,264 $1,905 $- $19,169
Percentage rents 207 - - 207 207 - - 207
Expense reimbursements 4,716 - - 4,716 4,716 - - 4,716
Other property income 111 127 - 238 111 127 - 238
-------------------------------- --------------------------------
22,298 2,032 - 24,330 22,298 2,032 - 24,330
-------------------------------- --------------------------------
PROPERTY EXPENSES
Property operating 3,333 900 - 4,233 3,333 900 - 4,233
Real estate taxes 3,063 115 - 3,178 3,063 115 - 3,178
-------------------------------- --------------------------------
6,396 1,015 - 7,411 6,396 1,015 - 7,411
-------------------------------- --------------------------------
NET OPERATING INCOME - PROPERTIES 15,902 1,017 - 16,919 15,902 1,017 - 16,919
OTHER INCOME (EXPENSE)
General and administrative - - (2,693) (2,693) - - (2,693) (2,693)
Property related home office expenses - - (2,578) (2,578) - - (2,578) (2,578)
Equity in earnings of Fund I unconsolidated properties 215 - - 215 215 - - 215
Lease termination income - - - - - - - -
Interest income - 4 1,762 1,766 - 4 1,762 1,766
Asset and property management income - - 2,563 2,563 - - 2,563 2,563
Promote Fee 258 - - 258 258 - - 258
Other property management fees (273) (40) - (313) (273) (40) - (313)
Straight-line rent income (407) - - (407) (407) - - (407)
Straight-line rents written off - - - - - - - -
FAS 141 Rent 42 - - 42 42 - - 42
Abandoned project costs - - - - - - - -
Hurricane related expenses - - - - - - - -
Provision for income taxes (449) - - (449) (449) - - (449)
Other income - - - - - - - -
-------------------------------- --------------------------------
EBIDTA 15,288 981 (946) 15,323 15,288 981 (946) 15,323
Depreciation and amortization (5,583) (376) (117) (6,076) (5,583) (376) (117) (6,076)
FAS 141 Amortization (195) - - (195) (195) - - (195)
Interest expense (4,936) (354) - (5,290) (4,936) (354) - (5,290)
Loan defeasance (326) - - (326) (326) - - (326)
FAS 141 Interest 728 - - 728 728 - - 728
Impairment of real estate - - - - - - - -
Gain on sale of properties - - - - - - - -
Gain on sale of properties - Mervyn's 464 - - 464 464 - - 464
Income taxes on gain on property sale - Mervyn's - - - - - - - -
-------------------------------- --------------------------------
Income before minority interest 5,440 251 (1,063) 4,628 5,440 251 (1,063) 4,628
Minority interest - OP (110) (5) 21 (94) (110) (5) 21 (94)
Minority interest (181) - - (181) (181) - - (181)
-------------------------------- --------------------------------
NET INCOME $5,149 $246 $(1,042) $4,353 $5,149 $246 $(1,042) $4,353
================================ ================================
1 Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I & II and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV and a 49% JV interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
Page 9
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Statements of Operations - Current v.
Historical 1
- ---------------------------------------------
(in thousands)
----------------------------------- ------------------------------------------
Current Quarter Historical Quarter
3 months 3 months
ended March 31, ended March 31,
2006 2005
----------------------------------- ------------------------------------------
Discontinued Discontinued
Wholly JV's 2 Operations Total Wholly JV's 2 Operations Total
Owned Owned
----------------------------------- ------------------------------------------
PROPERTY REVENUES
Minimum rents $12,739 $5,346 $1,084 $19,169 $11,551 $2,344 $1,250 $15,145
Percentage rents 185 9 13 207 157 10 27 194
Expense reimbursements 3,464 709 543 4,716 3,334 534 716 4,584
Other property income 194 16 28 238 218 5 6 229
----------------------------------- ------------------------------------------
16,582 6,080 1,668 24,330 15,260 2,893 1,999 20,152
----------------------------------- ------------------------------------------
PROPERTY EXPENSES
Property operating 3,274 538 421 4,233 3,616 458 708 4,782
Real estate taxes 2,093 631 454 3,178 1,904 323 510 2,737
----------------------------------- ------------------------------------------
5,367 1,169 875 7,411 5,520 781 1,218 7,519
----------------------------------- ------------------------------------------
NET OPERATING INCOME - PROPERTIES 11,215 4,911 793 16,919 9,740 2,112 781 12,633
OTHER INCOME (EXPENSE)
General and administrative (2,693) - - (2,693) (1,705) - - (1,705)
Property related home office
expenses (2,517) (61) - (2,578) (1,373) (8) - (1,381)
Equity in earnings of Fund I
unconsolidated properties - 215 - 215 - 19 - 19
Lease termination income - - - - - - - -
Interest income 1,663 103 - 1,766 477 1 - 478
Asset and property management
income 2,563 - - 2,563 1,978 - - 1,978
Promote Fee 258 - - 258 - - - -
Property management expense (75) (238) - (313) (56) - - (56)
Straight-line rent income 126 (533) - (407) 142 (106) - 36
Straight-line rents written off - - - - (17) - - (17)
FAS 141 Rent 47 (5) - 42 - 17 - 17
Abandoned project costs - - - - - - - -
Hurricane related expenses - - - - 479 - - 479
Provision for income taxes (419) (30) - (449) - - - -
Other income (expense) - - - - 104 - - 104
----------------------------------- ------------------------------------------
EBIDTA 10,168 4,362 793 15,323 9,769 2,035 781 12,585
Depreciation and amortization (3,872) (1,921) (283) (6,076) (3,678) (693) (346) (4,717)
FAS 141 Amortization (154) (41) - (195) - (48) - (48)
Interest expense (3,538) (1,548) (204) (5,290) (2,216) (821) (143) (3,180)
Loan defeasance 1,141 (1,467) - (326) - - - -
FAS 141 Interest 16 712 - 728 - 29 - 29
Impairment of real estate - - - - - - - -
Gain on sale of properties - - - - - - - -
Gain on sale of properties
(Mervyn's) 2 - 464 - 464 - - - -
Income taxes on gain on sale
(Mervyn's) - - - - - - - -
----------------------------------- ------------------------------------------
Income before minority interest 3,761 561 306 4,628 3,875 502 292 4,669
Minority interest - OP (69) (19) (6) (94) (61) (9) (5) (75)
Minority interest (88) (93) - (181) (144) (5) - (149)
----------------------------------- ------------------------------------------
NET INCOME $3,604 $449 $300 $4,353 $3,670 $488 $287 $4,445
=================================== ==========================================
1 Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I & II and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV and has a 49% JV interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
2 The Company currently invests in Funds I & II and Mervyn's as detailed
elsewhere in this Supplement. The Company also a 22.2% investment in the
Brandywine JV and has a 49% JV interest in the Crossroads Shopping Center.
Page 10
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Net Operating Income (NOI) - Same Property Performance 1
- --------------------------------------------------------------
(in thousands) Growth in Same
Property NOI -
Continuing Operations
Notes: Current Quarter Historical Quarter Favorable
(unfavorable)
--------------------------------------------------------------------
3 months ended 3 months ended
Reconciliation of total NOI to same property NOI: March 31, March 31,
2006 2005
-----------------------------------
NOI - Wholly-owned properties $12,008 $10,521
NOI - Consolidated and unconsolidated joint
ventures 4,911 2,112
Adjustment to reflect 2006 increase in Fund I
ownership percentage 2 (1,934) 536
-----------------------------------
Total NOI 14,985 13,169
NOI - Properties Acquired (1,156) -
NOI - Property sold (723) (725)
NOI - Redevelopment Properties (28) 12
-----------------------------------
$13,078 $12,456 4.7%
=========================================================
Same property NOI by portfolio component and
revenues/expenses:
Shopping Center Portfolio
Revenues $16,746 $16,777 -0.2%
Expenses 4,685 5,257 10.9%
---------------------------------------------------------
12,061 11,520 4.7%
---------------------------------------------------------
Residential Properties (2
properties)
Revenues 2,031 1,876 8.3%
Expenses 1,014 940 -7.9%
---------------------------------------------------------
1,017 936 8.7%
---------------------------------------------------------
$13,078 $12,456 5.0%
=========================================================
1 The above amounts includes the pro-rata activity related to the Company's
consolidated and unconsolidated joint ventures.
2 As a result of the recapitalization of the Brandywine Portfolio which
enabled the Fund I investors to receive all of their invested capital and
preferred return, the Company is entitled to receive a 20% promote
interest. Accordingly, Acadia's effective ownership interest is now 38%
(20% + (80% x 22%)) as compared with 22% for 2005. 2005 NOI has been
adjusted to this same ownership interest to provide a comparable NOI for
the purposes of evaluating same-property performance
Page 11
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Funds from Operations ("FFO") 1
- -------------------------------
(in thousands)
Current Historic
Quarter Quarter
3 months 3 months ended
ended
Funds from operations ("FFO"): Notes March 31, March 31, 2005
2006
- ------------------------------- ------------- -------------------
Net Income $4,353 $4,445
Add back:
Depreciation of real estate and
amortization of leasing costs:
(net of minority interest share)
Wholly owned and consolidated
subsidiaries 5,034 3,620
Unconsolidated
subsidiaries 412 633
Income attributable to Operating
Partnership units 2 94 75
Gain on sale of properties (372) -
------------- -------------------
FFO - Basic 9,521 8,773
Distributions on Preferred OP
Units 62 87
------------- -------------------
FFO - Diluted $9,583 $8,860
============= ===================
Adjusted Funds from operations
("AFFO"):
- -------------------------------
Diluted FFO $9,583 $8,860
Straight line rent, net 407 (19)
Non real-estate depreciation 117 105
Amortization of finance costs 219 188
Amortization of cost of management
contracts 233 171
Tenant improvements (211) (330)
Leasing commissions (110) (154)
Capital expenditures (907) (502)
------------- -------------------
AFFO $9,331 $8,319
============= ===================
Funds Available for
Distribution ("FAD")
- -------------------------------
AFFO $9,331 $8,319
Scheduled prinicpal repayments (989) (613)
------------- -------------------
FAD $8,342 $7,706
============= ===================
Total weighted average shares and OP
Units:
Basic 33,122 32,382
============= ===================
Diluted 33,757 33,177
============= ===================
FFO per share:
FFO per share - Basic 3 $0.29 $0.27
============= ===================
FFO per share - Diluted 3 $0.28 $0.27
============= ===================
AFFO per share - Basic 3 $0.28 $0.25
============= ===================
AFFO per share - Diluted 3 $0.28 $0.25
============= ===================
FAD per share - Basic 3 $0.25 $0.24
============= ===================
FAD per share - Diluted 3 $0.25 $0.23
============= ===================
- -----------------------------------------------------------------------
1 Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management are necessary for a fair presentation of
operating results for the interim periods.
2 Reflects OP Unitholders interest in OP net income.
3 Assumes full conversion of O.P. Units into Common Shares. Diluted FFO
assumes conversion of Preferred O.P. Units as well as assumed exercise of
outstanding share options. Quarterly Preferred OP Unit distributions are
added back for the purposes of calculating diluted FFO. Refer to "Market
Capitalization" for weighted-average basic and diluted shares.
Page 12
QUARTERLY SUPPLEMENTAL
DISCLOSURE
March 31, 2006
Capital Expenditures
--------------------------
-------------------------------------------
Year-to-Date Current Previous
Quarter Year
3 months Year
ended ended
Notes March 31, 2006 March 31, 2006 December 31,
2005
-------------------------------------------------------
Leasing Commissions: $110 $110 $718
-------------------------------------------------------
Tenant Improvements: 211 211 2,068
-------------------------------------------------------
Capital Expenditures:
Retail 768 768 577
Residential 139 139 1,018
-------------------------------------------------------
907 907 1,595
-------------------------------------------------------
Redevelopments 399 399 1,803
-------------------------------------------------------
Total $1,627 $1,627 $6,184
=======================================================
Expenditures included in
deferred leasing - - 718
Accrued construction costs as
of period-end - - 21
-------------------------------------------------------
Expenditures for real
estate and
improvements as reported
on the $1,627 $1,627 $5,445
=======================================================
Company's Statement of
Cash Flows
Page 13
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Selected Operating Ratios
- -------------------------------
3 months ended March
31,
------------
2006 2005
---------- ---------
Coverage Ratios 1
- -------------------------------
Interest Coverage Ratio
EBIDTA 2 $15,323 $12,585
Divided by Interest expense 5,290 3,180
---------- ---------
2.90 x 3.96 x
Fixed Charge Coverage Ratio
EBIDTA $15,323 $12,585
Divided by ( Interest expense 5,290 3,180
+ Preferred
Dividends) 2,3 62 87
---------- ---------
2.86 x 3.85 x
Debt Service Coverage Ratio
EBIDTA $15,323 $12,585
Divided by ( Interest expense 5,290 3,180
+ Principal
Amortization) 4 989 613
---------- ---------
2.44 x 3.32 x
Payout Ratios
- -------------------------------
FFO Payout Ratio
Dividends (Shares) & Distributions
(O.P. Units) paid $6,098 $5,554
FFO 2 9,583 8,860
---------- ---------
64% 63%
AFFO Payout Ratio
Dividends (Shares) & Distributions
(O.P. Units) paid $6,098 $5,554
AFFO 2 9,331 8,319
---------- ---------
65% 67%
FAD Payout Ratio
Dividends (Shares) & Distributions
(O.P. Units) paid $6,098 $5,554
FAD 2 8,342 7,706
---------- ---------
73% 72%
Overhead Ratios
- -------------------------------
G&A/Real Estate Revenues
General and Administrative expense $2,693 $1,705
Real Estate Revenues (Includes pro-
rata JV) 24,330 20,152
---------- ---------
11% 8%
General and Administrative expense $2,693 $1,705
Real Estate Revenues (Includes 100%
JV) 30,865 25,290
---------- ---------
9% 7%
Leverage Ratios
- -------------------------------
Debt/Total Market
Capitalization
Debt 5 $332,624 $230,959
Total Market Capitalization 1,100,091 751,678
---------- ---------
30% 31%
Debt + Preferred Equity (Preferred
O.P. Units) $336,812 $236,539
Total Market Capitalization 1,100,091 751,678
---------- ---------
31% 31%
Notes:
1 Quarterly results for 2005and 2004 are unaudited, although they reflect all
adjustments, which in the opinion of management, are necessary for a fair
presentation of operating results for the interim periods. The coverage
ratios include the Company's pro-rata share of EBIDTA, interest expense and
principal amortization related to both the Company's consolidated and
unconsolidated investments in joint ventures.
2 2005 activity includes the $479 reversal of a 2004 accrual for flood
related damage at the Mark Plaza following settlement with the insurance
carrier during the first quarter of 2005.
Excluding the effects of this transacations, the impact on the year-to-date 2005
ratios would be as follows:
EBIDTA FFO AFFO
As reported $12,585 $8,860 $8,319
Adjustment (479) (479) (479)
---------- --------- ---------
Adjusted 12,106 8,381 7,840
========== ========= =========
Ratios 3.51x 66% 71%
==========
(Fixed- (Payouts)
charge)
3 Represents preferred distributions on Preferred Operating partnership
Units.
4 Includes the Company's pro-rata share of consolidated and unconsolidated
joint venture principal amortization.
5 Includes the Company's pro-rata share of consolidated and unconsolidated
joint venture debt.
Page 14
QUARTERLY SUPPLEMENTAL
DISCLOSURE
March 31, 2006
Portfolio Debt - Consolidated Summary
(amounts in thousands)
Pro-rata Basis Consolidated Basis
----------------------------------------------------------------------------------------
Acadia
Pro-rata Acadia
Share of Weighted Consolidated Weighted
% of Total Outstanding Avg. % of Total Debt Avg.
Notes Portfolio Balance 2 Int. Rate Portfolio Balance Int. Rate
----------------------------------------------------------------------------------------
Consolidated Debt
Fixed-Rate Debt 1 77% $253,916 5.83% 78% $294,389 5.88%
Variable-Rate Debt 1 4% 14,878 6.27% 22% 81,884 6.33%
-----------------------------------------------------------------------------------
Total Consolidated Debt 81% 268,794 5.87% 100% 376,273 5.98%
-----------------------------------------------------------------------------------
Unconsolidated Joint Ventures and Discontinued
Operations
Fixed-Rate Debt 2 14% 47,747 6.01%
Variable-Rate Debt 2 5% 16,083 6.30%
----------------------------------------------
Total Unconsolidated Debt 19% 63,830 6.09%
----------------------------------------------
Total Debt 100% $332,624 5.91%
==============================================
----------------------------------------------
% of Pro-rata Consolidated
and Unconsolidated Debt
on Combined Basis 2
----------------------------------------------
Fixed-Rate Debt 91%
Variable-Rate Debt 9%
-------------
100%
-------------
Notes
1 Fixed-rate debt includes notional principal fixed through swap
transactions. Conversely, variable-rate debt excludes this amount.
2 The Company is required to consolidate Funds I and II for the purposes of
preparing its consolidated financial statements under GAAP. It is not
required to consolidate the Brandywine and Crossroads joint ventures or two
properties within Fund I. This presentation of Portfolio Debt reflects a
theoretical pro-rata consolidation of the Company's joint venture debt.
Page 15
Principal Acadia's Variable
Ownership % of Pro-Balance atPro-rata InterestRate as Maturity
rata of
Property NotesEntityPercentLender Share of March 31, Share Rate March Date
Porfolio 2006 31,
2006
- ------------------------------------------------------------------------------------------------------------------
Fixed-Rate Debt
- ----------------
Merrillville Acadia SunAmerica Life Insurance Co.
Plaza 100.0% $12,867 $12,867 6.46% 7/1/2007
GHT Apartments Acadia Bank of America,
100.0% N.A. 10,553 10,553 7.55% 1/1/2011
Colony Acadia Bank of America,
Apartments 100.0% N.A. 5,277 5,277 7.55% 1/1/2011
239 Greenwich Avenue Acadia RBS Greenwich
75.0% Capital 15,837 11,878 5.19% 6/1/2013
New Loudon Acadia RBS Greenwich
Center 100.0% Capital 15,000 15,000 5.64% 9/6/2014
Crescent Plaza Acadia RBS Greenwich
100.0% Capital 17,600 17,600 4.98% 9/6/2015
Pacesetter Park Acadia RBS Greenwich
Shopping Center 100.0% Capital 12,500 12,500 5.12% 11/6/2015
Elmwood Park ShoppingAcadia Bear Stearns Commercial
Center 100.0% Mortgage, Inc. 34,600 34,600 5.53% 1/1/2016
Gateway Shopping Acadia Bear Stearns Commercial
Center 100.0% Mortgage, Inc. 20,500 20,500 5.44% 3/1/2016
Clark-Diversey Acadia Lasalle Bank National
100.0% Association 3,818 3,818 8.50% 4/11/2028
Boonton Acadia GMAC Commercial Mortgage
60.0% Corporation 8,651 5,191 6.40% 11/1/2032
4650 Broadway Fund Bank of China
Avenue 1 II 19.5% 19,000 3,699 5.26% 9/1/2007
Kroger Portfolio Fund Cortlandt Deposit Corporation
2 I 28.3% 7,425 2,104 6.62% 2/1/2009
Safeway Fund Cortlandt Deposit Corporation
Portfolio 2 I 28.3% 7,339 2,080 6.51% 1/15/2009
Amherst Fund The Ohio National Life
Marketplace I 37.8% Insurance Company 4,633 1,750 8.20% 6/1/2022
Sheffield Fund Canada Life Insurance Company
Crossing I 37.8% 6,895 2,605 8.00% 1/1/2023
Interest rate Acadia Bank of America, Various
swaps 3 N.A. 91,894 91,894 5.77%
------------------- --------
Sub-Total Fixed-Rate
Debt 94% 294,389 253,916 5.83%
------------------- --------
Variable-Rate Current
Debt LIBOR 4.83%
- ----------------
Bloomfield Town Acadia Bank of America, Libor
Square 4 100.0% N.A. + 130 6.13% 6/1/2010
Walnut Hill Acadia Bank of America, Libor
Plaza 4 100.0% N.A. + 130 6.13% 6/1/2010
Hobson West Acadia Bank of America, Libor
Plaza 4 100.0% N.A. 22,000 22,000 + 130 6.13% 6/1/2010
Marketplace of Acadia Bank of America, Libor
Absecon 4 100.0% N.A. + 130 6.13% 6/1/2010
Village Acadia Bank of America, Libor
Apartments 4 100.0% N.A. + 130 6.13% 6/1/2010
Ledgewood Mall Acadia Washington Mutual Bank, F.A. Libor
100.0% 23,512 23,512 + 150 6.33% 4/1/2011
Abington Towne CenterAcadia Bank of America, Libor
100.0% N.A. + 140 6.23%6/29/2012
Branch Shopping Acadia Bank of America, Libor
Center 100.0% N.A. + 140 6.23%6/29/2012
Methuen Shopping Acadia Bank of America, Libor
Center 100.0% N.A. 33,585 33,585 + 140 6.23%6/29/2012
Town Line Plaza Acadia Bank of America, Libor
100.0% N.A. + 140 6.23%6/29/2012
Village Commons Acadia Bank of America, Libor
Shopping Center 5 100.0% N.A. 10,043 10,043 + 140 6.23%6/29/2012
244-268 161st Fund RBS Greenwich Libor
Street 1 II 19.5% Capital 30,000 5,841 + 140 6.23% 4/1/2008
216th Street Fund Bank of America, Libor
1 II 19.5% N.A. 4,900 954 + 125 6.08% 3/1/2006
Granville Center Fund Bank One, N.A. Libor
I 37.8% 5,538 2,092 + 200 6.83%10/5/2007
400 East Fordham Fund Bank of China Libor
Road 1 II 19.5% 18,000 3,505 + 175 6.58%11/1/2007
Acadia Strategic Fund Bank of America, N.A. / Bank Libor
Acqusition Fund II of New York +
II, LLC 6 20.0% 26,200 5,240 175 6.58% 3/1/2008
Interest rate Acadia Bank of America,
swaps N.A. (91,894) (91,894)
-------------------
Sub-Total Variable-Rate Libor
Debt 6% 81,884 14,878 + 144 6.27%
------------------- --------
Total Consolidated Continuing Operations Debt 100% $376,273 $268,794 5.87%
============================= ========
Page 16
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Debt Analysis - Unconsolidated Joint Ventures and Discontinued Operations
Principal Acadia's Variable
Ownership % of Pro-Balance atPro-rata InterestRate as Maturity
rata of
Fixed-Rate Debt Entity PercentLender Share of March 31, Share Rate March Date
Porfolio 2006 31,
2006
- ---------------- -------------------------------------------------------------- --------------------------
Acadia Brandywine Brandywine UBS Warburg Real Estate
Subsidiary JV 22.2% Investments, Inc. $30,000 $6,667 4.69% 2/11/2008
Acadia Brandywine Acadia Investors,
Brandywine Town JV Inc.
Center 7 22.2% 24,633 5,474 9.00% 7/4/2006
Acadia Market Brandywine Acadia Investors,
Square JV Inc.
Shopping
Center 7 22.2% 19,107 4,246 9.00% 7/4/2006
Crossroads Shopping Crossroads JPMorgan Chase
Center JV 49.0% Bank 64,000 31,360 5.37% 12/1/2014
------------------
Sub-Total Fixed-Rate
Debt 75% 137,740 47,747 6.01%
------------------ --------
Variable-Rate Current LIBOR
Debt 4.83%
- ----------------
Haygood Shopping Fund I JP Morgan Chase Bank, N.A. Libor
Center 8 18.9% 8,040 1,519 + 150 6.33%8/23/2010
Sterling Heights Fund I JP Morgan Chase Bank, N.A. Libor
Shopping Center 8 18.9% 4,400 831 + 185 6.68%8/23/2010
Properties held for
sale:
- --------------------
Soundview Acadia Bank of America, Libor
Marketplace 9 100.0% N.A. 8,307 8,307 + 140 6.23%12/1/2008
Bradford Towne Acadia Washington Mutual Bank, Libor
Center 9 100.0% F.A. 5,426 5,426 + 150 6.33% 4/1/2011
------------------
Sub-Total Variable- Libor
Rate Debt 25% 26,173 16,083 + 147 6.30%
---------------------------- --------
Total Unconsolidated Debt and Discontinued Operations 100% $163,913 $63,830 6.09%
============================ ========
Page 17
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Debt Analysis -
Footnotes
Notes:
- ----------------
1 Fund II is a 97% joint venture partner on this investment. As such, Fund II's pro-
rata share of the above debt is 97% x 20%, or 19.5%.
2 AmCap, Fund I's joint venture partner on this investment, is allocated 25% of the debt and
equity. As such Fund I's pro-rata share of the above debt is 75% x 37.78%, or 28.3%.
3 The Company has hedged it's variable-rate debt with variable to
fixed-rate swap agreements as follows:
Notional All-in Rate SpreadSwap rate Forward Maturity Date
principal Start Date
---------------------------------------------------------------------------
20,000 5.94% 1.41% 4.53% n/a 10/1/2006
15,087 5.72% 1.41% 4.32% n/a 1/1/2007
11,670 5.51% 1.41% 4.11% n/a 1/1/2007
8,693 5.88% 1.41% 4.47% n/a 6/1/2007
36,444 5.76% 1.41% 4.35% n/a 1/1/2011
-------- -----------------------------------
$91,894 5.77% 1.41% 4.36%
======== ===================================
The Company has hedged future variable-rate debt with forward-starting
variable to fixed-rate swap agreements as follows:
$4,640 6.12% 1.41% 4.71%10/2/2006 1/1/2010
11,410 6.30% 1.41% 4.90%10/2/2006 10/1/2011
8,434 6.55% 1.41% 5.14% 6/1/2007 3/1/2012
-------- -----------------------------------
$24,484 6.35% 1.41% 4.94%
======== ===================================
4 This is a revolving facility for up to $65,000.
5 There is an additional $969 available under this facility.
6 This is a revolving facility for up to $70,000.
7 Represents bridge financing which is anticipated to be repaid when
permanent financing is secured.
8 Fund I is a 50% joint venture partner on this investment. As such, Fund I's
pro-rata share of the above debt is 50% x 37.78%, or 18.9%.
9 Soundview Marketplace and Bradford Town Center are currently under contract
for sale and, accordingly, are classified as discontinued operations.
Page 18
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Future Debt Maturities
- ----------------------------------------
(in thousands) Weighted Average Interest
Rate of Maturing Debt
----------------------------------
Consolidated Debt
Scheduled
Year AmortizationMaturities Total Total Debt Fixed-Rate Variable-
Debt Rate Debt
- -----------------------------------------------------------------------------------------------
2006 $1,636 $4,900 $6,536 6.08% n/a 6.08%
2007 7,166 54,861 62,027 6.12% 5.73% 6.64%
2008 6,997 56,200 63,197 6.31% n/a 6.31%
2009 7,264 - 7,264 n/a n/a n/a
2010 5,368 36,742 42,110 6.70% 7.55% 6.13%
Thereafter 37,798 157,341 195,139 5.70% 5.37% 6.27%
---------------------------------
$66,229 $310,044 $376,273
=================================
Unconsolidated Debt & Properties Held For
Sale(Joint Ventures) 1
2006 190 9,720 9,910 9.00% 9.00% n/a
2007 677 - 677 n/a n/a n/a
2008 702 14,643 15,345 5.23% 4.69% 5.69%
2009 614 - 614 n/a n/a n/a
2010 631 2,323 2,954 6.45% n/a 6.45%
Thereafter 2,239 32,091 34,330 5.51% 5.37% 6.33%
---------------------------------
$5,053 $58,777 $63,830
=================================
- -----------------------------------------------------------------------------------------------
Capitalized interest related to the Company's development
projects is as follows:
(in thousands)
1st Quarter 2006 $11
2nd Quarter 2006 -
3rd Quarter 2006 -
4th Quarter 2006 -
------------
Year-to-Date $11
============
1 The above amounts represent the Company's pro-rata share of consolidated
and unconsolidated joint venture mortgage debt.
Page 19
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Unencumbered Properties
-------------------------------------
Center Location GLA
- -------------------------------------------------------------
Blackman Plaza Wilkes-Barre,
PA 121,341
Greenridge Shopping Center Scranton, PA 191,755
Luzerne Street Shopping Center Scranton, PA 58,035
Mad River Station Dayton, OH 155,739
Mark Plaza Edwardsville,
PA 216,047
Pacesetter Park Shopping Center Ramapo, New
York 96,698
Pittston Plaza Pittston, PA 79,494
Plaza 422 Lebanon, PA 155,026
Route 6 Plaza Honesdale, PA 175,505
----------
Total GLA of Unencumbered Properties 1,249,640
==========
Total net operating income for the quarter ended March 31,
2006 associated with unencumbered properties $1,570
==========
Page 20
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Acadia Strategic Opportunity Fund, LLC ("Fund I") -
Overview
- --------------------------------------------------------
Item Notes Description
- --------------------------------------------------------
Date formed September 2001
Capital commitment $90 million
Funding All invested capital has been returned with the proceeds
from the Brandywine recapitalization as discussed below.
Acadia and its investors still own approximately 2 million
square feet of properties in Fund I.
Partnership structure
Equity 22.22% - Acadia
Contribution:
77.78% - Four institutional investors (current
significant shareholders in Acadia as well)
Cash flow distribution:22.22% - Acadia
77.78% - Four institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have
received 9% preferred return and return of equity
Remaining 80% is distributed to all the partners (including
Acadia).
In January 4, 2006, the Brandywine portfolio was
recapitalized through the conversion of the 77.8% interest
previously held by the institutional investors in Fund I to
GDC Properties. Acadia has retained its existing 22.2%
interest. Due to this transaction, Fund I investors received
a return of all of their invested capital and preferred
return, thus triggering Acadia's additional 20% interest
(promote) in all future Fund I distributions.
Fees to Acadia Asset management fee equal to 1.5% of total committed
capital ($70 million which excludes Acadia's $20 million))
Property management fee equal to 4% of gross property
revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of
7.5% of hard costs or allocable costs of Acadia
Page 21
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
- ------------------------------------------------------------
Item Notes Description
- -----------------------------------------------------
Date formed June 15, 2004
Capital commitment $300 million
Funding $67.0 million funded through March 31, 2006
Partnership structure
Equity 20% - Acadia
Contribution:
80% - Six institutional investors (Three are current
shareholders in Acadia as well)
Cash flow distribution:20% - Acadia
80% - Six institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have
received 8% preferred return and return of equity
Remaining 80% is distributed to all the partners (including
Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed
capital (For the first 12 months, calculated on $200
million, thereafter on $240 million which excludes Acadia's
$60 million)
Property management fee equal to 4% of gross property
revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of
7.5% of hard costs or allocable costs of Acadia
Page 22
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Retailer Controlled Property ("RCP") Venture -
Overview
- ----------------------------------------------------
*** Note - The RCP Venture is not a separate AKR Fund, rather it is a venture
in which AKR, Funds I and II are anticipated to invest a total of $60 million
equity. ***
Item Notes Description
- ----------------------------------------------------
Date formed January 2004
Targeted investments The Venture has been formed to invest in surplus or
distressed properties owned or controlled by retailers
Current Investements Mervyn's Department Stores
Partnership structure
Equity Up to $300 million of total equity
Contribution:
Up to 20% ($60 million) - AKR Fund I ($20 million) and
Fund II ($40 million)
80% - Klaff Realty LP and Lubert-Adler
Cash flow distribution:20% - AKR Funds
80% - Four institutional investors
Promote: 20% to Klaff once all partners (including Klaff) have
received 10% preferred return and return of equity
(50% of first $40 million of AKR Fund equity is not
subject to this promote)
Remaining 80% is distributed to all the partners
(including Klaff).
Fees to Acadia Property management fees
Market rate leasing fees and construction/project
management
Disposition fees
Page 23
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
AKR Fund I Properties - Detail
- ---------------
------------------------------------------------------------------------------------------------------------------
Fund I's Annualized Base Rent
Ownership Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------------------------------------------------------
% Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
------------------------------------------------------------------------------------------------------------------
Midwest
- ---------------
Ohio
- ---------------
Amherst
Marketplace 100% 76,737 3,200 79,937 100.00%100.00%100.00% $795,711 $34,404 $830,115 $10.37 $10.75 $10.38
Granville
Centre 100% 90,047 44,950 134,997 38.81% 54.27% 43.96% 402,085 236,319 638,404 11.50 9.69 10.76
Sheffield
Crossing 100% 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,278 357,363 1,118,641 10.93 9.79 10.54
---------------------------------------------------------------------------------------------------------
Total - Midwest
Region 236,443 91,025 327,468 76.70% 70.43% 74.96% 1,959,074 628,086 2,587,160 10.80 9.80 10.54
---------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
Various
- ---------------
Kroger/Safeway
Portfolio (25
Properties) 75%1,018,100 - 1,018,100 100.00% - 100.00% 8,013,583 - 8,013,583 7.87 - 7.87
---------------------------------------------------------------------------------------------------------
Subtotal - Fund
I Operating
Properties 1,254,543 91,025 1,345,568 95.61% 70.43% 93.90% 9,972,657 628,086 10,600,743 8.31 9.80 8.39
---------------------------------------------------------------------------------------------------------
Fund I
Redevelopment
Properties
- ---------------
Sterling
Heights
Shopping
Center
(Michigan) 50% 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 4.00 9.93 5.02
Tarrytown
Shopping
Center (New
York) 50% 15,497 19,794 35,291 100.00% 73.44% 85.10% 475,000 428,128 903,128 30.65 29.45 30.07
Hitchcock
Plaza (South
Carolina) 90% 135,775 98,111 233,886 0.00% 58.56% 24.56% - 374,490 374,490 - 6.52 6.52
Pine Log Plaza
(South
Carolina) 90% 23,184 11,880 35,064 0.00% 0.00% 0.00% - - - - - -
Haygood
Shopping
Center
(Virginia) 50% 78,880 75,061 153,941 14.30% 85.68% 49.10% 28,500 908,649 937,149 2.53 14.13 12.40
---------------------------------------------------------------------------------------------------------
Subtotal - Fund I
Redevelopment
Properties 343,736 269,284 613,020 28.27% 56.05% 40.47% 785,100 1,856,501 2,641,601 8.08 12.30 10.65
- ---------------------------------------------------------------------------------------------------------------------------------
Fund I Grand
Total 1,598,279 360,309 1,958,588 81.13% 59.68% 77.18%$10,757,757 $2,484,587 $13,242,344 $8.30 $11.55 $8.76
---------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced. Tenants
who comprise greater than 10% of a center's GLA are considered anchor tenants
for the purposes of the above table.
Page 24
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
FUND I
Top 5 Tenants - Ranked by Annualized Base Rent
- --------------------------------------------------------------
Percentage of Total
Represented by Tenant
----------------------
Number of
Stores in Total Annualized Total Annualized
Base Base
Ranking Tenant JV Portfolio GLA Rent 1 Portfolio Rent 2
GLA 2
- ------------------------------------------------------------------------------------
1 Safeway 3 13 350,475 $3,000,547 23.3% 29.8%
2 Kroger 4 13 413,100 3,009,641 27.4% 29.9%
3 Giant Eagle 4 135,896 1,416,289 9.0% 14.1%
4 Walgreens 1 7,749 237,500 0.5% 2.4%
5 Burlington Coat Factory 1 35,200 140,800 2.3% 1.4%
------------------------------------------------------
Total 32 942,420 $7,804,776 62.6% 77.5%
======================================================
1 Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
2 Square footage and base rents for the Kroger/Safeway portfolio and other
properties for which Fund I owns less than 100% are pro-rated to reflect
the Funds partial ownership.
3 Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non-supermarket tenant and ceased operations at one other
location. Safeway is obligated to pay rent through the full term of all
these leases which expire in 2009.
4 Kroger has sub-leased 4 of these locations to supermarket tenants, 2
locations to a non-supermarket tenant and ceased operations at one other
location. Kroger is obligated to pay rent through the full term of all
these leases which expire in 2009.
Page 25
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Fund I - Valuation *** As of December
31, 2005 ***
--------------------------------------
Portfolio:
Total Redevelopment
Line (excluding Brandywine) Ohio Kroger/Safeway Properties
- ----------- ----------------------------------------------------------------
Net Operating Income ("NOI") for the Note 1
1 quarter ended December 31, 2005 $1,388 $500 $821 $67
NOI related to investements in Note 2
2 unconsolidated partnerships 748 748
4 Adjustment for minority interests (586) - (205) (381)
----------- -------------------------------------
5 1,550 500 616 434
6 Annualized NOI Line 5 x 4 6,200 2,000 2,464 1,736
7 Debt as of December 31, 2005 Note 3 38,166 17,182 14,764 6,220
6.00% 6.50% 7.00% 7.50% 8.00%
----------------------------------------------------------------
Gross asset value Line 6 x
8 cap rate $103,333 $95,385 $88,571 $82,667 $77,500
9 Debt Line 7 (38,166) (38,166) (38,166) (38,166) (38,166)
Remaining Equity and Accumulated Preferred
10 Distribution in Fund I 5 - - - - -
----------------------------------------------------------------
11 65,167 57,219 50,405 44,501 39,334
Additional Mervyn's return (Original capital
12 already returned) 12,500 12,500 12,500 12,500 12,500
----------------------------------------------------------------
13 Total Value Subject to Promote 77,667 69,719 62,905 57,001 51,834
----------------------------------------------------------------
General Partner (Acadia) Promote on x 20%
14 Fund I assets 15,533 13,944 12,581 11,400 10,367
----------------------------------------------------------------
Remaining value to be allocated pro-rata to Fund
15 I investors (including Acadia) 62,134 55,775 50,324 45,601 41,467
----------------------------------------------------------------
16 Acadia's share x 22.22% 13,806 12,393 11,182 10,132 9,214
----------------------------------------------------------------
Value of Acadia's interest in Line 14 +
17 remaining Fund I assets 16 29,340 26,337 23,763 21,533 19,581
Additional promote earned from Note 4
18 Brandywine recapitalization 7,500 7,500 7,500 7,500 7,500
Acadia's interest in recapitalized Note 5
19 Brandywine entity (22.22%) 31,000 31,000 31,000 31,000 31,000
----------------------------------------------------------------
20 Total value to Acadia $67,840 $64,837 $62,263 $60,033 $58,081
================================================================
Original Acadia invested capital in
21 Fund I $20,000 $20,000 $20,000 $20,000 $20,000
================================================================
Recap of Acadia Promote
----------------------------------------------------------------------------------------------------------------
20% General Partner (Acadia) Promote
on Fund I assets $15,533 $13,944 $12,581 $11,400 $10,367
20% General Partner (Acadia) Promote
on Brandywine 7,500 7,500 7,500 7,500 7,500
----------------------------------------------------------------
Total promote $23,033 $21,444 $20,081 $18,900 $17,867
================================================================
Per share $0.69 $0.64 $0.60 $0.57 $0.54
================================================================
Notes:
- -----------
1 Reconciled to "Statements of Operations - Joint Venture Activity" as
follows: Fund I NOI for 4th quarter 2005 per JV
Statements of Operations $3,106
NOI above
(1,388)
----------
NOI attributable to Brandywine
Portfolio $1,718
==========
2 Included in "Equity in earnings of Fund I unconsolidated engaging in
properties" in the JV Statement a "cash- out merger" for their 77.78%
interest in the portfolio. The Company of Operations in the December 31,
merged its 22.22% share forming a new joint 2005 Supplement. venture with
the investors' successor, GDC. All Fund I equity and accumulated preferred
distributions were paid from the proceeds of this transaction.
3 See "Debt Analysis - Unconsolidated Debt (Joint Ventures)" in the December
31, 2005 Supplement. Amounts adjusted for minority interests' pro- rata
share of debt
4 This promote is to be paid from future Fund I cash flows
5 In January 2006, the Brandywine Portfolio was recapitalized with the
investors
Page 26
QUARTERLY SUPPLEMENTAL
DISCLOSURE
March 31, 2006
AKR Fund II Properties -
Detail
- -----------------------------
------------------------------------------------------------------------------------------------------
Fund I's Annualized Base Rent
Ownership Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------------------------------------------
%Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total
------------------------------------------------------------------------------------------------------
Fund II Redevelopment Properties
- --------------------------------------
400 East Fordham Road 97%100,703 16,652 117,355 100.00%100.00%100.00% 275,000 370,915 645,915 2.73 22.27 5.50
Pelham Manor Shopping Center
1 97% - 398,775 398,775 - 47.16% 47.16% - 1,144,375 1,144,375 - 6.09 6.09
Sherman Avenue 97%134,773 - 134,773 100.00% - 100.00%1,960,291 - 1,960,291 14.55 - 14.55
161st Street 97%137,334 86,277 223,611 100.00%100.00%100.00%2,334,684 1,537,591 3,872,275 17.00 17.82 17.32
------------------------------------------------------------------------------------------------------
Fund II Redevelopment
Properties 372,810 501,704 874,514 100.00% 58.00% 75.91%4,569,975 3,052,881 7,622,856 12.26 10.49 11.48
---------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
1 The redevelopment plan contemplates the demolition of the current
industrial/warehouse buildings and the construction of a retail center.
Page 27
QUARTERLY SUPPLEMENTAL
DISCLOSURE
March 31, 2006
Fund II - New York Urban/Infill Total cost
Redevelopment Properties
- --------------------------------
(including Estimated square
Estimated start of Estimated acquisition footage upon Estimated
cost,
Property construction completion in millions) completion cost per Notes
square foot
- ---------------------------------------------------------------------------------------------------------------------
Liberty Avenue Construction 1st half 2007
commenced $15.0 125,000 $120 1
216th Street Construction 1st half 2007
commenced 24.0 60,000 400
Pelham Manor Shopping Center 1st half 2007 1st half 2008 35.0 325,000 108 1
Canarsie Plaza 1st half 2007 2nd half 2008 55.0 300,000 183
161st Street 1st half 2007 2nd half 2008 70.0 225,000 311
400 East Fordham Road 1st half 2008 1st half 2009 100.0 270,000 370
Sherman Avenue 2nd half 2007 2nd half 2009 55.0 175,000 314
-------------------------------------
$354.0 1,480,000 $239
=====================================
1 The Fund acquired a ground lease interest at this property.
Page 28
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Retail Properties - Summary Listing
- -----------------
Property Totals
-----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Base Base
Lease and Lease and
Shopping Location Acquired(A) GLA Option Option Rent Rent psf
Center % Expiraton Expiraton
- -----------------------------------------------------------------------------------------------------------
NEW YORK REGION
- -------------------------------
New York
Soundview Port Washington King KullenClearview
Marketplace 2007/2042 Cinema
1998 (A) 183,815 92% 2010/2030 $2,803,937 $16.50
Village Smithtown Daffy's
Commons 2008/2028
Shopping
Center 1998 (A) 87,381 96% 2,027,352 24.17
Walgreens
2021/--
Branch Smithtown Waldbaum's CVS 2010/--
Shopping (A&P)
Plaza 1998 (A) 125,724 100% 2013/2028 2,410,769 19.18
Amboy ShoppingStaten Island Waldbaum's 2028/--
Center 2005 (A) 60,080 96.01% 1,417,679 24.58
Duane Reed 2008/2018
Bartow AvenueThe Bronx 2005 (C) 14,694 51.00% 222,600 29.70
Pacesetter Pomona Stop & Shop (Ahold)
Park Shopping 2020/2040
Center 1999 (A) 96,698 98% 1,143,759 12.03
New Jersey
Elmwood Park Elmwood Park Pathmark Walgreen's
Shopping 2017/2052 2022/2062
Center 1998 (A) 149,085 98% 3,322,024 22.75
Connecticut
239 Greenwich Greenwich Restoration
Avenue Hardware
1998 (A) 16,834 100% 2015/2025 1,235,144 73.37
Coach
2016/2021
NEW ENGLAND REGION
- -------------------------------
Connecticut
Town Line Rocky Hill Stop & ShopWal-mart
Plaza 1998 (A) 206,298 93% 2023/2063 (not owned) 1,386,824 14.81
Massachusetts
Methuen Methuen DeMoulas Wal-mart
Shopping Market 2011/2051
Center 1998 (A) 130,238 92% 2015/2020 736,464 6.14
Crescent PlazaBrockton Shaw's Home Depot
1984 (A) 218,141 97% 2012/2042 2021/2056 1,636,957 7.70
New York
New Loudon Latham Price Marshalls
Center Chopper 2014/2029
1982 (A) 255,826 100% 2015/2035 1,713,665 6.70
Bon Ton Department Store 2014/2034
Raymor & Flanigan Furniture
2019/2034
Rhode Island
Walnut Hill Woonsocket Shaw's Sears
Plaza 1998 (A) 283,235 99% 2013/2028 2008/2033 2,429,716 8.70
Vermont
The Gateway Burlington Shaw's 2024/2053
Shopping
Center 1999 (A) 101,784 97% 1,816,917 18.40
Page 29
MIDWEST REGION
- -------------------------------
Illinois
Hobson West Naperville Bobak's Market and
Plaza 1998 (A) 98,890 99% Restaurant 2007/2032 1,205,485 12.31
(specialty grocery)
Clark DiverseyChicago 2006 (A) 19,265 100% 788,704 40.94
Indiana
Merrillville Merrillville TJ Maxx
Plaza 1998 (A) 235,678 94% 2009/2014 2,578,042 11.63
JC Penney 2008/2018
OfficeMax 2008/2028
Michigan
Bloomfield Bloomfield Hills Costco (notTJ
Town Square 1998 (A) 214,866 95% owned) Maxx2009/-- 2,247,060 11.00
Marshall's 2011/2026
Home Goods 2010/2025
Ohio
Mad River Dayton Babies "R"
Station Us
1999 (A) 155,739 80% 2010/2020 1,505,876 12.14
Office Depot 2010/--
MID-ATLANTIC REGION
- -------------------------------
New Jersey
Marketplace ofAbsecon Acme Eckerd Drug
Absecon 1998 (A) 105,097 97% 2015/2055 2020/2040 1,657,610 16.34
Ledgewood MallLedgewood Wal-mart
1983 (A) 517,878 94% 2019/2049 4,481,698 9.24
Macy's
2010/2025
The Sports' Authority 2007/2037
Circuit City 2020/2040
Marshalls 2014/2034
BTS Boonton Boonton 2006 (A) 62,908 100% 1,248,494 19.85
Pennsylvania
Abington TowneAbington TJ Maxx
Center 1998 (A) 216,355 99% 2010/2020 940,514 16.48
Target (not
owned)
NORTHEASTERN PENNSYLVANIA REGION
- ----------------------------------------------------
Pennsylvania
Blackman PlazaWilkes-Barre Kmart
1968 (C) 121,341 92% 2009/2049 282,374 2.52
Bradford TowneTowanda P&C Foods Kmart
Centre (Penn 2019/2069
Traffic)
1993 (C) 256,939 91% 2014/2024 1,511,220 6.45
Greenridge Scranton Giant Food (Ahold)
Plaza 1986 (C) 191,755 78% 2021/2051 965,755 6.43
Luzerne StreetScranton Eckerd Drug
Shopping 2009/2019
Center 1983 (A) 58,035 88% 301,538 5.92
Mark Plaza Edwardsville Redner's Kmart
Markets 2009/2049
1968 (C) 216,047 97% 2018/2028 1,088,303 5.20
Pittston PlazaPittston Redner's Eckerd Drugs
Market 2006/2016
1994 (C) 79,494 96% 2018/2028 603,215 7.88
Plaza 422 Lebanon Home Depot
1972 (C) 155,026 69% 2028/2058 444,020 4.14
Route 6 Mall Honesdale Weis Kmart
Markets 2020/2070
(not
1994 (C) 175,505 100% owned) 1,110,003 6.32
---------- -----------------------
4,810,651 $47,263,718 $11.11
========== =======================
Page 30
NEW YORK REGION
===============
JOINT VENTURE PROPERTIES
- ------------------------
New York
Crossroads White Plains Waldbaum's Kmart
Shopping (A&P) 2012/2032
Center 1998 310,644 100% 2007/2032 $6,112,285 $19.68
(49% JV interest) B. Dalton 2012/2017
Modell's
2009/2019
MID-ATLANTIC REGION
- -------------------------------
Delaware
Brandywine Wilmington
Town Center 1 2003 (A) 775,932 100% 12,403,880 15.99
(Brandywine JV)
Market Square Wilmington Trader TJ Maxx
Shopping Joe's 2006/2016
Center (specialty
2003 (A) 102,762 100% grocery) 2,174,080 21.16
(Brandywine JV) 2013/2028
MIDWEST REGION
- -------------------------------
Ohio
Amherst Cleveland Giant Eagle 2021/2041
Marketplace 2002 (A) 79,937 100% 830,115 10.38
(Fund I)
Granville Columbus Lifestyle
Centre Family
Fitness
2002 (A) 134,997 44% 2017/2027 638,404 10.76
(Fund I)
Sheffield Cleveland Giant Eagle 2022/2042
Crossing 2002 (A) 112,534 94% 1,118,641 10.54
(Fund I)
VARIOUS REGIONS
- -------------------------------
Kroger/Safewayvarious 25 Kroger and Safeway
Portfolio 2003 (A)1,018,100 100% supermarkets 8,013,583 7.87
(Fund I) 2009/2049
JV REDEVELOPMENTS
- -------------------------------
Michigan
Sterling Detroit Burlington
Heights Coat
Shopping Factory
Center 2004 (A) 154,838 55% 2024/-- 426,834 5.02
(Fund I)
New York
Tarrytown Westchester Walgreen's
Shopping Drug 2080
Center 2004 (A) 35,291 85% 903,128 30.07
(Fund I)
400 East Bronx Sears
Fordham Road 2004 (A) 117,355 100% 2007/-- 645,915 5.50
(Fund II)
161st Street Bronx 2005 (A) 223,611 100% 3,872,275 17.32
(Fund II)
Sherman AvenueManhattan 2005 (A) 134,773 100% 1,960,291 14.55
(Fund II)
Pelham Manor Westchester/Bronx
Shopping
Plaza 2004 (A) 398,775 47% 1,144,375 6.09
(Fund II)
South Carolina
Hitchcock Aiken
Plaza 2004 (A) 233,886 25% 374,490 6.52
(Fund I)
Pine Log PlazaAiken Farmers
Furniture
2004 (A) 35,064 0% 2009 - -
(Fund I)
Virginia
Haygood Virginia Beach Eckerd Drug
Shopping 2009/--
Center 2004 (A) 153,941 49% 937,149 12.40
---------- -----------------------
(Fund I)
4,022,440 $41,555,445 $12.35
========== =======================
1 Does not include 150,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an
"earnout basis" only if, and when it is leased.
Page 31
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Retail Properties by Region
- ----------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
------------------------------------------------------------------------------------------------------------
Wholly-Owned Properties
- ----------------
Anchors 1 Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals
------------------------------------------------------------------------------------------------------------
New York Region 351,202 383,109 734,311 100.00% 91.73% 95.68% $6,760,316 $7,822,948 $14,583,264 $19.25 $22.26 $20.76
New England 896,669 298,853 1,195,522 98.86% 90.66% 96.81% 6,646,269 3,074,274 9,720,543 8.42 11.35 9.17
Midwest 392,214 332,224 724,438 99.62% 83.22% 92.10% 3,335,406 4,989,761 8,325,167 8.54 18.05 12.48
Mid-Atlantic 613,616 288,622 902,238 100.00% 86.78% 95.77% 4,251,873 4,076,443 8,328,316 9.32 16.28 11.79
Northeastern
Pennsylvania 954,285 299,857 1,254,142 91.64% 80.52% 88.98% 4,244,939 2,061,489 6,306,428 4.85 8.54 5.65
------------------------------------------------------------------------------------------------------------
Total Wholly-Owned
Properties 3,207,986 1,602,665 4,810,651 97.15% 86.78% 93.69%$25,238,803 $22,024,915 $47,263,718 $8.82 $15.84 $11.11
------------------------------------------------------------------------------------------------------------
Joint Venture Properties
- ----------------
Operating
Midwest 2 236,443 91,025 327,468 76.70% 70.43% 74.96% $1,959,074 $628,086 $2,587,160 $10.80 $9.80 $10.54
Mid-Atlantic3 814,982 63,712 878,694 100.00%100.00%100.00% 12,430,186 2,147,774 14,577,960 15.25 33.71 16.59
New York Region
4 200,181 110,463 310,644 100.00%100.00%100.00% 2,261,352 3,850,933 6,112,285 11.30 34.86 19.68
Various
(Kroger/Safeway
Portfolio) 5 1,018,100 - 1,018,100 100.00% 0.00%100.00% 8,013,583 - 8,013,583 7.87 - 7.87
------------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 2,269,706 265,200 2,534,906 97.57% 89.85% 96.76% 24,664,195 6,626,793 31,290,988 11.14 27.81 12.76
------------------------------------------------------------------------------------------------------------
JV Redevelopment
Properties
Mid West 6 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 4.00 9.93 5.02
Mid-Atlantic 6 237,839 185,052 422,891 4.74% 65.80% 31.46% 28,500 1,283,139 1,311,639 2.53 10.54 9.86
New York Region
7 388,307 521,498 909,805 100.00% 58.59% 76.26% 5,044,975 3,481,009 8,525,984 12.99 11.39 12.29
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 716,546 770,988 1,487,534 65.59% 57.32% 61.30% 5,355,075 4,909,382 10,264,457 11.39 11.11 11.26
------------------------------------------------------------------------------------------------------------
Total Joint
Venture
Properties 2,986,252 1,036,188 4,022,440 89.90% 65.65% 83.65%$30,019,270 $11,536,175 $41,555,445 $11.18 $16.96 $12.35
============================================================================================================
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced. Tenants
who comprise greater than 10% of a center's GLA are considered anchor tenants
for the purposes of the above table.
1 Anchor GLA includes a total of 254,916 square feet which is not owned by
the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
2 The Company has a 22% interest in Fund I which owns these properties.
3 Does not include approximately 150,000 square feet of new space in Phase
II, which will be paid for by the JV on an "earnout basis" only if, and
when it is leased. On January 4, 2006, the Brandywine portfolio was
recapitalized through the conversion of the 77.8% interest previously held
by the institutional investors in Fund I to GDC Properties. Acadia has
retained its existing 22.2% interest.
4 The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
5 The Company has a 22% interest in Fund I which has a 75% interest in this
portfolio.
6 The Company has a 22% interest in Fund I which owns 50% of these
properties.
7 The Company has a 22% interest in Fund I which owns 50% of the Tarrytown
Shopping Center and a 20% interest in Fund II which owns 97% of 400 East
Fordham Road, Pelham Manor Shopping Plaza, Sherman Ave and 161st St.
Page 32
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Retail Properties by State - Summary
- ------------------------------------------------------------
Wholly-Owned Properties OwnershipPercentNumber of
of
- -------------------------------------------- base properties % rent 1
--------------------------
Connecticut 100.0% 4.6% 2
Illinois 100.0% 3.5% 2
Indiana 100.0% 4.5% 1
Massachusetts 100.0% 4.1% 2
Michigan 100.0% 3.9% 1
New Jersey 100.0% 18.7% 4
New York 100.0% 20.5% 7
Ohio 100.0% 2.6% 1
Pennsylvania 100.0% 12.7% 9
Rhode Island 100.0% 4.2% 1
Vermont 100.0% 3.2% 1
Total - Wholly-Owned Properties 82.6% 31
-----------------
Joint Venture Properties
- --------------------------------------------
Operating Properties
Ohio 4 22.2% 1.0% 3
Delaware 5 22.2% 5.7% 2
New York 6 49.0% 5.2% 1
Various (Kroger/Safeway Portfolio) 3 16.5% 2.3% 25
-------
Total - Operating Properties 14.2%
-------
JV Redevelopment Properties
Michigan 7 11.1% 0.1% 1
New York 7 Various 1.4% 5
South Carolina 7 11.1% 0.1% 2
Virginia 7 11.1% 0.2% 1
-----------------
Total-Redevelopment Properties 1.8%
-------
Total Joint Venture Properties 16.1% 40
-----------------
98.7% 71
=================
--------------------------------------------------------------------------------------------------------------------
Gross Leasable Area Occupancy Annualized Base Rent
--------------------------------------------------------------------------------------------------------------------
Wholly-Owned Number of
Properties
- ----------------
Anchors 2 Shops Total Anchors Shops Total Anchors Shops Total
--------------------------------------------------------------------------------------------------------------------
Connecticut 179,993 43,139 223,132 100.00% 64.40% 93.12% $2,172,144 $449,824 $2,621,968 $26.27 $16.19 $23.73
Illinois 51,692 66,463 118,155 100.00% 98.50% 99.16% 225,436 1,768,753 1,994,189 4.36 27.02 17.02
Indiana 145,266 90,412 235,678 100.00% 84.50% 94.05% 1,318,902 1,259,140 2,578,042 9.08 16.48 11.63
Massachusetts 287,223 61,156 348,379 96.44% 90.77% 95.44% 1,855,550 517,871 2,373,421 6.70 9.33 7.14
Michigan 126,960 87,906 214,866 98.83% 89.70% 95.09% 988,349 1,258,711 2,247,060 7.88 15.96 11.00
New Jersey 491,610 343,358 834,968 100.00% 88.47% 95.26% 5,372,333 5,337,493 10,709,826 10.93 17.57 13.46
New York 522,969 301,249 824,218 100.00% 90.50% 96.53% 5,735,199 6,004,562 11,739,761 10.97 22.02 14.76
Ohio 68,296 87,443 155,739 100.00% 63.78% 79.66% 802,719 703,157 1,505,876 11.75 12.61 12.14
Pennsylvania 1,138,901 331,596 1,470,497 93.00% 81.88% 90.49% 4,514,939 2,732,003 7,246,942 5.01 10.06 6.18
Rhode Island 121,892 161,343 283,235 100.00% 97.58% 98.62% 935,920 1,493,796 2,429,716 7.68 9.49 8.70
Vermont 73,184 28,600 101,784 100.00% 89.45% 97.04% 1,317,312 499,605 1,816,917 18.00 19.53 18.40
------------------------------------------------------------------------------------------------------------------
Total - Wholly-
Owned
Properties 3,207,986 1,602,665 4,810,651 97.15% 86.78% 93.69%$25,238,803 $22,024,915 $47,263,718 $8.82 $15.84 $11.11
------------------------------------------------------------------------------------------------------------------
Joint Venture Properties
- ----------------
Operating
Properties
Ohio 4 236,443 91,025 327,468 76.70% 70.43% 74.96% $1,959,074 $628,086 $2,587,160 $10.80 $9.80 $10.54
Delaware 5 814,982 63,712 878,694 100.00%100.00%100.00% 12,430,186 2,147,774 14,577,960 15.25 33.71 16.59
New York 6 200,181 110,463 310,644 100.00%100.00%100.00% 2,261,352 3,850,933 6,112,285 11.30 34.86 19.68
Various
(Kroger/Safeway
Portfolio) 3 1,018,100 - 1,018,100 100.00% 0.00%100.00% 8,013,583 - 8,013,583 7.87 - 7.87
------------------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 2,269,706 265,200 2,534,906 97.57% 89.85% 96.76% 24,664,195 6,626,793 31,290,988 11.14 27.81 12.76
------------------------------------------------------------------------------------------------------------------
JV Redevelopment
Properties
Michigan 7 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 4.00 9.93 5.02
New York 7 388,307 521,498 909,805 100.00% 58.59% 76.26% 5,044,975 3,481,009 8,525,984 12.99 11.39 12.29
South Carolina 7 158,959 109,991 268,950 0.00% 52.24% 21.36% - 374,490 374,490 - 6.52 6.52
Virginia 7 78,880 75,061 153,941 14.30% 85.68% 49.10% 28,500 908,649 937,149 2.53 14.13 12.40
------------------------------------------------------------------------------------------------------------------
Total-
Redevelopment
Properties 716,546 770,988 1,487,534 65.59% 57.32% 61.30% 5,355,075 4,909,382 10,264,457 11.39 11.11 11.26
------------------------------------------------------------------------------------------------------------------
Total Joint Venture
Properties 2,986,252 1,036,188 4,022,440 89.90% 65.65% 83.65%$30,019,270 $11,536,175 $41,555,445 $11.18 $16.96 $12.35
====================================================================================================================
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced. Tenants
who comprise greater than 10% of a center's GLA are considered anchor tenants
for the purposes of the above table.
1 The Company's pro-rata share of base rent from joint venture properties has
been included for the purpose of calculating percentage of base rent by
state.
2 Anchor GLA includes a total of 254,916 square feet which is not owned by
the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
3 The Company has a 22% interest in Fund I which has a 75% interest in this
portfolio.
4 The Company has a 22% interest in Fund I which owns these properties.
5 Does not include approximately 150,000 square feet of new space in Phase
II, which will be paid for by the JV on an "earnout basis" only if, and
when it is leased. On January 4, 2006, the Brandywine portfolio was
recapitalized through the conversion of the 77.8% interest previously held
by the institutional investors in Fund I to GDC Properties. Acadia has
retained its existing 22.2% interest.
6 The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
7 The Company has a 22% interest in Fund I which owns 50% of the Tarrytown
Shopping Center and a 20% interest in Fund II which owns 97% of 400 East
Fordham Road, Sherman Ave., 161st St. and Pelham Manor Shopping Plaza.
Page 33
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Retail Properties - Detail
- --------------
------------------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
------------------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
------------------------------------------------------------------------------------------------------------
WHOLLY-OWNED
PROPERTIES:
New York
Region
- --------------
Connecticut
- --------------
239 Greenwich
Avenue 1 16,834 - 16,834 100.00% - 100.00% $1,235,144 $- $1,235,144 $73.37 $- $73.37
------------------------------------------------------------------------------------------------------------
New Jersey
- --------------
Elmwood Park
Shopping
Center 62,610 86,475 149,085 100.00% 96.44% 97.94% 1,390,460 1,931,564 3,322,024 22.21 23.16 22.75
------------------------------------------------------------------------------------------------------------
New York
- --------------
Soundview
Marketplace8 73,500 110,315 183,815 100.00% 87.42% 92.45% 1,248,850 1,555,087 2,803,937 16.99 16.12 16.50
Village
Commons
Shopping
Center 25,192 62,189 87,381 100.00% 94.37% 95.99% 428,213 1,599,139 2,027,352 17.00 27.25 24.17
Branch Plaza 74,050 51,674 125,724 100.00%100.00%100.00% 1,093,369 1,317,400 2,410,769 14.77 25.49 19.18
Amboy Road 46,964 13,116 60,080 100.00% 81.71% 96.01% 1,012,015 405,664 1,417,679 21.55 37.86 24.58
Bartow Avenue
2 - 14,694 14,694 0.00% 51.00% 51.00% - 222,600 222,600 - 29.70 29.70
Pacesetter
Park Shopping
Center 52,052 44,646 96,698 100.00% 96.35% 98.31% 352,265 791,494 1,143,759 6.77 18.40 12.03
------------------------------------------------------------------------------------------------------------
Total - New
York 271,758 296,634 568,392 100.00% 90.36% 94.97% 4,134,712 5,891,384 10,026,096 15.21 21.98 18.57
------------------------------------------------------------------------------------------------------------
Total - New
York Region 351,202 383,109 734,311 100.00% 91.73% 95.68% 6,760,316 7,822,948 14,583,264 19.25 22.26 20.76
------------------------------------------------------------------------------------------------------------
New England
- --------------
Connecticut
- --------------
Town Line
Plaza 3 163,159 43,139 206,298 100.00% 64.40% 92.56% 937,000 449,824 1,386,824 14.23 16.19 14.81
------------------------------------------------------------------------------------------------------------
Massachusetts
- --------------
Methuen
Shopping
Center 130,238 - 130,238 92.14% - 92.14% 736,464 - 736,464 6.14 - 6.14
Crescent Plaza 156,985 61,156 218,141 100.00% 90.77% 97.41% 1,119,086 517,871 1,636,957 7.13 9.33 7.70
------------------------------------------------------------------------------------------------------------
Total -
Massachusetts 287,223 61,156 348,379 96.44% 90.77% 95.44% 1,855,550 517,871 2,373,421 6.70 9.33 7.14
------------------------------------------------------------------------------------------------------------
New York
- --------------
New Loudon
Center 251,211 4,615 255,826 100.00%100.00%100.00% 1,600,487 113,178 1,713,665 6.37 24.52 6.70
------------------------------------------------------------------------------------------------------------
Rhode Island
- --------------
Walnut Hill
Plaza 121,892 161,343 283,235 100.00% 97.58% 98.62% 935,920 1,493,796 2,429,716 7.68 9.49 8.70
------------------------------------------------------------------------------------------------------------
Vermont
- --------------
The Gateway
Shopping
Center 73,184 28,600 101,784 100.00% 89.45% 97.04% 1,317,312 499,605 1,816,917 18.00 19.53 18.40
------------------------------------------------------------------------------------------------------------
Total - New
England
Region 896,669 298,853 1,195,522 98.86% 90.66% 96.81% 6,646,269 3,074,274 9,720,543 8.42 11.35 9.17
------------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
1 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21
residential units encompassing 14,434 square feet. Residential activities
are not included above.
2 The redevelopment of Bartow Avenue was completed during 2005. The Company
is currently negotiating with prospective tenants related to the leasing of
the the remaining newly redeveloped space.
3 Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned
by the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
Page 34
WHOLLY-OWNED PROPERTIES
(continued):
Midwest
- --------------
Illinois
- --------------
Hobson West
Plaza 51,692 47,198 98,890 100.00% 97.89% 98.99% $225,436 $980,049 $1,205,485 $4.36 $21.21 $12.31
Clark-Diversey - 19,265 19,265 0.00%100.00%100.00% - 788,704 788,704 - 40.94 40.94
------------------------------------------------------------------------------------------------------------
Total -
Illinois 51,692 66,463 118,155 100.00% 98.50% 99.16% 225,436 1,768,753 1,994,189 4.36 27.02 17.02
------------------------------------------------------------------------------------------------------------
Indiana
- --------------
Merrillville
Plaza 145,266 90,412 235,678 100.00% 84.50% 94.05% 1,318,902 1,259,140 2,578,042 9.08 16.48 11.63
Michigan
- --------------
Bloomfield
Towne Square 126,960 87,906 214,866 98.83% 89.70% 95.09% 988,349 1,258,711 2,247,060 7.88 15.96 11.00
Ohio
- --------------
Mad River
Station 1 68,296 87,443 155,739 100.00% 63.78% 79.66% 802,719 703,157 1,505,876 11.75 12.61 12.14
------------------------------------------------------------------------------------------------------------
Total -
Midwest
Region 392,214 332,224 724,438 99.62% 83.22% 92.10% 3,335,406 4,989,761 8,325,167 8.54 18.05 12.48
------------------------------------------------------------------------------------------------------------
Mid-Atlantic
- --------------
New Jersey
- --------------
Marketplace of
Absecon 58,031 47,066 105,097 100.00% 92.28% 96.54% 984,014 673,596 1,657,610 16.96 15.51 16.34
Ledgewood Mall 370,969 146,909 517,878 100.00% 77.63% 93.65% 2,997,859 1,483,839 4,481,698 8.08 13.01 9.24
BTS Boonton
LLC - 62,908 62,908 0.00%100.00%100.00% - 1,248,494 1,248,494 19.85 19.85
------------------------------------------------------------------------------------------------------------
Total - New
Jersey 429,000 256,883 685,883 100.00% 85.79% 94.68% 3,981,873 3,405,929 7,387,802 9.28 15.45 11.38
------------------------------------------------------------------------------------------------------------
Pennsylvania
- --------------
Abington Towne
Center 2 184,616 31,739 216,355 100.00% 94.75% 99.23% 270,000 670,514 940,514 10.00 22.30 16.48
------------------------------------------------------------------------------------------------------------
Total - Mid-
Atlantic
Region 613,616 288,622 902,238 100.00% 86.78% 95.77% 4,251,873 4,076,443 8,328,316 9.32 16.28 11.79
------------------------------------------------------------------------------------------------------------
Northeastern
Pennsylvania
- --------------
Pennsylvania
- --------------
Blackman Plaza 111,956 9,385 121,341 100.00% - 92.27% 264,374 18,000 282,374 2.36 - 2.52
Bradford Towne
Centre8 180,919 76,020 256,939 100.00% 70.11% 91.16% 1,102,616 408,604 1,511,220 6.09 7.67 6.45
Greenridge
Plaza 101,060 90,695 191,755 61.44% 97.23% 78.37% 279,405 686,350 965,755 4.50 7.78 6.43
Luzerne Street
Shopping
Center 43,663 14,372 58,035 100.00% 50.49% 87.74% 223,652 77,886 301,538 5.12 10.73 5.92
Mark Plaza 157,595 58,452 216,047 100.00% 88.45% 96.88% 652,095 436,208 1,088,303 4.14 8.44 5.20
Pittston Plaza 67,568 11,926 79,494 100.00% 75.55% 96.33% 508,926 94,289 603,215 7.53 10.46 7.88
Plaza 422 145,026 10,000 155,026 71.88% 30.00% 69.18% 407,520 36,500 444,020 3.91 12.17 4.14
Route 6 Plaza 146,498 29,007 175,505 100.00%100.00%100.00% 806,351 303,652 1,110,003 5.50 10.47 6.32
------------------------------------------------------------------------------------------------------------
Total -
Pennsylvania 954,285 299,857 1,254,142 91.64% 80.52% 88.98% 4,244,939 2,061,489 6,306,428 4.85 8.54 5.65
------------------------------------------------------------------------------------------------------------
Total -
Northeastern
Pennsylvania
Region 954,285 299,857 1,254,142 91.64% 80.52% 88.98% 4,244,939 2,061,489 6,306,428 4.85 8.54 5.65
------------------------------------------------------------------------------------------------------------
TOTAL WHOLLY-
OWNED
PROPERTIES 3,207,986 1,602,665 4,810,651 97.15% 86.78% 93.69%$25,238,803 $22,024,915 $47,263,718 $8.82 $15.84 $11.11
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
1 The GLA for this property includes 28,205 square feet of office space.
2 Anchor GLA includes a 157,616 square foot Target store which is not owned
by the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
Page 35
JOINT VENTURE
PROPERTIES:
Midwest
- --------------
Ohio
- --------------
Amherst
Marketplace
1 76,737 3,200 79,937 100.00%100.00%100.00% $795,711 $34,404 $830,115 $10.37 $10.75 $10.38
Granville
Centre 1 90,047 44,950 134,997 38.81% 54.27% 43.96% 402,085 236,319 638,404 11.50 9.69 10.76
Sheffield
Crossing 1 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,278 357,363 1,118,641 10.93 9.79 10.54
------------------------------------------------------------------------------------------------------------
Total - Ohio 236,443 91,025 327,468 76.70% 70.43% 74.96% 1,959,074 628,086 2,587,160 10.80 9.80 10.54
------------------------------------------------------------------------------------------------------------
Mid-Atlantic
- --------------
Delaware
- --------------
Brandywine
Town Center
2 775,932 - 775,932 100.00% - 100.00% 11,883,630 520,250 12,403,880 15.32 - 15.99
Acadia Market
Square LLC 2 39,050 63,712 102,762 100.00%100.00%100.00% 546,556 1,627,524 2,174,080 14.00 25.55 21.16
------------------------------------------------------------------------------------------------------------
Total -
Delaware 814,982 63,712 878,694 100.00%100.00%100.00% 12,430,186 2,147,774 14,577,960 15.25 33.71 16.59
------------------------------------------------------------------------------------------------------------
New York Region
- --------------
New York
- --------------
Crossroads
Shopping
Center 3 200,181 110,463 310,644 100.00%100.00%100.00% 2,261,352 3,850,933 6,112,285 11.30 34.86 19.68
------------------------------------------------------------------------------------------------------------
Various Regions
- --------------
Kroger/Safeway
Portfolio (25
Properties)
4 1,018,100 - 1,018,100 100.00% - 100.00% 8,013,583 - 8,013,583 7.87 - 7.87
------------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 2,269,706 265,200 2,534,906 97.57% 89.85% 96.76% 24,664,195 6,626,793 31,290,988 11.14 27.81 12.76
Redevelopment
properties
------------------------------------------------------------------------------------------------------------
Sterling
Heights
Shopping
Center
(Michigan) 5 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 4.00 9.93 5.02
400 East
Fordham Road
(New York) 6 100,703 16,652 117,355 100.00%100.00%100.00% 275,000 370,915 645,915 2.73 22.27 5.50
Pelham Manor
Shopping
Plaza (New
York) 7 - 398,775 398,775 - 47.16% 47.16% - 1,144,375 1,144,375 - 6.09 6.09
Sherman Avenue
(New York) 6 134,773 - 134,773 100.00% - 100.00% 1,960,291 - 1,960,291 14.55 - 14.55
Tarrytown
Shopping
Center (New
York) 5 15,497 19,794 35,291 100.00% 73.44% 85.10% 475,000 428,128 903,128 30.65 29.45 30.07
161st Street
(New York) 6 137,334 86,277 223,611 100.00%100.00%100.00% 2,334,684 1,537,591 3,872,275 17.00 17.82 17.32
Hitchcock
Plaza (South
Carolina) 5 135,775 98,111 233,886 0.00% 58.56% 24.56% - 374,490 374,490 - 6.52 6.52
Pine Log Plaza
(South
Carolina) 5 23,184 11,880 35,064 0.00% 0.00% 0.00% - - - - - -
Haygood
Shopping
Center
(Virginia) 5 78,880 75,061 153,941 14.30% 85.68% 49.10% 28,500 908,649 937,149 2.53 14.13 12.40
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 716,546 770,988 1,487,534 65.59% 57.32% 61.30% 5,355,075 4,909,382 10,264,457 11.39 11.11 11.26
------------------------------------------------------------------------------------------------------------
Total - Joint
Venture
Properties 2,986,252 1,036,188 4,022,440 89.90% 65.65% 83.65%$30,019,270 $11,536,175 $41,555,445 $11.18 $16.96 $12.35
============================================================================================================
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
1 The Company has a 22% interest in Fund I which owns the property.
2 Does not include approximately 150,000 square feet of new space in Phase
II, which will be paid for by the JV on an "earnout basis" only if, and
when it is leased. On January 4, 2006, the Brandywine portfolio was
recapitalized through the conversion of the 77.8% interest previously held
by the institutional investors in Fund I to GDC Properties. Acadia has
retained its existing 22.2% interest.
3 The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
4 This represents a portfolio of 25 triple-net, anchor-only leases with
Kroger and Safeway supermarkets.
5 The Company has a 22% interest in Fund I which owns 50% the property.
6 The Company has a 20% interest in Fund II which owns 97% the property.
7 The Company has a 20% interest in Fund II which owns 97% the property. The
redevelopment plan contemplates the demolition of the current
industrial/warehouse buildings and the construction of a retail center.
8 Soundview Marketplace and Bradford Town Center are currently being marketed
for sale.
Page 36
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Year-to-Date 3 months ended Year ended
Leasing Production Notes: March 31, 2006 March 31, 2006 December 31, 2005
------------------------------- ----------------- ----------------- --------------------
New leases 1
Number of new leases commencing 1 1 28
GLA 3,629 3,629 219,770
New base rent $25.00 $25.00 $11.20
Previous base rent (and
percentage rent) $20.00 $20.00 $11.71
Percentage growth in base rent 25.0% 25.0% -4.3%
Average cost per square foot $20.00 $20.00 $11.57
Renewal leases
Number of renewal leases
commencing 15 15 52
GLA expiring 109,474 109,474 348,354
Renewal percentage 2 83% 83% 70%
New base rent $12.01 $12.01 $12.14
Expiring base rent (and
percentage rent) $11.17 $11.17 $10.86
Percentage growth in base rent 7.5% 7.5% 11.8%
Average cost per square foot $0.00 $0.00 $0.00
Total new and renewal Leases
Number of new and renewal leases
commencing 16 16 80
GLA commencing 94,492 94,492 462,975
New base rent $12.51 $12.51 $11.69
Expiring base rent (and
percentage rent) $11.51 $11.51 $11.26
Percentage growth in base rent 2 8.7% 8.7% 3.8%
Average cost per square foot $0.77 $0.77 $5.49
----------------- -----------------
1 Does not include leased square footage and costs related to first
generation space and the Company's major redevelopment projects.
2 Rent is presented on a cash basis. Rents have not been averaged over terms.
Previous/expiring rent is that as of time of expiration and includes any
percentage rent paid as well. New rent is that which is initially paid at
commencement.
Page 37
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Top Tenants - Ranked by Annualized Base Rent
(Combined basis - Includes pro-rata share of GLA and rent for JV properties)
Percentage of Total
Wholly-Owned Joint Ventures 2 Combined Represented by
Retail Tenant
-------------------------------------------------------------------------------
Average
Number of Gross
Retail stores in Total Annualized Total Annualized Total Annualized Total AnnualizedAverageOccupancy
Base Base Base Base
Ranking Tenant combined GLA Rent 1 GLA Rent 1 GLA Rent 1 Portfolio Rent 3 Sales Cost 4
portfolio GLA 3 (per
sq.
ft.)
- ------------------------------------------------------------------------------------------------------------------------------------
1 Albertson's 4 220,625 $3,012,896 - $- 220,625 $3,012,896 3.7% 5.1%
-- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.0% 4.0% 475 2.8%
-- Acme 1 44,824 654,704 - - 44,824 654,704 0.8% 1.1% 294 5.5%
2 Sears 7 485,111 1,829,484 67,482 326,963 552,593 2,156,447 9.4% 3.7%
-- Kmart 5 424,411 1,571,484 49,355 277,463 473,766 1,848,947 8.0% 3.2% 166 3.7%
-- Sears 2 60,700 258,000 18,127 49,500 78,827 307,500 1.3% 0.5% 231 1.8%
3 T.J. Maxx 10 289,427 2,051,182 6,972 81,261 296,399 2,132,443 5.0% 3.6%
-- T.J. Maxx 4 88,200 726,300 6,972 81,261 95,172 807,561 1.6% 1.4% 281 4.3%
-- Marshalls 3 102,781 731,494 - - 102,781 731,494 1.7% 1.2% 178 5.7%
-- A.J. Wright's 2 58,800 286,131 - - 58,800 286,131 1.0% 0.5% 144 5.8%
-- Homegoods 1 39,646 307,257 - - 39,646 307,257 0.7% 0.5% 146 6.8%
4 A&P (Waldbaum's) 2 100,266 1,666,284 18,722 246,960 118,988 1,913,244 2.0% 3.3%
-- Waldbaum's 3 100,266 1,666,284 18,722 246,960 118,988 1,913,244 2.0% 3.3% 348 5.8%
5 Ahold 3 180,001 1,568,670 - - 180,001 1,568,670 3.1% 2.7%
-- Stop and Shop 2 117,911 1,289,265 - - 117,911 1,289,265 2.0% 2.2% 346 3.6%
-- Giant 1 62,090 279,405 - - 62,090 279,405 1.1% 0.5% - -
6 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 3.6% 2.6% 336 3.2%
7 Brook's Drug 7 81,300 1,075,494 - - 81,300 1,075,494 1.4% 1.8%
-- Eckerd's 7 81,300 1,075,494 - - 81,300 1,075,494 1.4% 1.8% 442 4.6%
8 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 3.6% 1.7% - -
9 Pathmark 1 47,773 955,460 - - 47,773 955,460 0.8% 1.6% - -
Redner's
10 Supermarket 2 111,739 875,912 - - 111,739 875,912 1.9% 1.5% 250 4.0%
Restoration
11 Hardware 1 9,220 697,200 - - 9,220 697,200 0.2% 1.2% 249 32.6%
12 Kroger 5 13 - - 156,069 1,137,042 156,069 1,137,042 2.6% 1.9% - -
13 Safeway 6 13 - - 132,409 1,133,607 132,409 1,133,607 2.2% 1.9% - -
14 Price Chopper 1 77,450 804,059 - - 77,450 804,059 1.3% 1.4% 672 1.9%
15 Clearview Cinema 1 25,400 686,250 - - 25,400 686,250 0.4% 1.2% - -
Federated
Department Stores
16 (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.2% 1.1% 205 6.2%
17 JC Penney 2 72,580 591,747 - - 72,580 591,747 1.2% 1.0% 182 5.9%
18 Walgreen's 2 23,904 589,088 - - 23,904 589,088 0.4% 1.0% 342 8.8%
19 King Kullen Grocery 1 48,100 562,600 - - 48,100 562,600 0.8% 1.0% 548 2.7%
20 Payless Shoes 11 36,076 557,570 1,524 43,273 37,600 600,843 0.6% 1.0% - -
------------------------------------------------------------------------------------------
Total 86 2,303,438 20,700,196 383,178 2,969,106 2,686,616 23,669,302 0 0
==========================================================================================
1 Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
2 Includes Funds I, II, Crossroads Shopping Center and Brandywine joint
ventures. The above amounts represent the Company's pro-rata share of
square footage and rent.
3 Represents total GLA and annualized base rent for the Company's retail
properties including its pro-rata share of joint venture properties.
4 Occupancy cost = Gross rents (base rent, percentage rent and expense
reimbursements) divided by sales. * indicates not all locations are
required to report sales. Amount is left blank if the tenant is not
required to report sales at any of the locations.
5 Kroger has sub-leased 4 of these locations to supermarket tenants, 2
locations to a non-supermarket tenant and ceased operations at one other
location.
6 Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non-supermarket tenant and ceased operations at one other
location.
Page 38
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Anchor Detail
- ------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned
- -----------------------------------------
New York Region
- -----------------------------------------
Connecticut
----------------------------------------
239 Greenwich Ave., Greenwich
Coach 4,541 1/31/2016 305,544 67.29 (1) 5 Year
Restoration Hardware 12,293 4/30/2015 929,600 75.62 (2) 5 Years
---------- -------------------
Property total 16,834 1,235,144 73.37
---------- -------------------
New Jersey
----------------------------------------
Elmwood Park Shopping Center, Elmwood
Park
Walgreens 14,837 5/31/2022 435,000 29.32 (8) 5 Year
Pathmark 47,773 11/30/2017 955,460 20.00 (7) 5 Year
---------- -------------------
Property total 62,610 1,390,460 22.21
---------- -------------------
New York
----------------------------------------
Soundview Marketplace, Port Washington
King Kullen 48,100 9/26/2007 $562,600 $11.70 (7) 5 Year
Clearview Cinema 25,400 5/31/2010 686,250 27.02 (4) 5 Year
---------- -------------------
Property total 73,500 1,248,850 16.99
---------- -------------------
Village Commons Shopping Center
Daffy's 16,125 1/7/2008 274,125 17.00 (4) 5 Year
Walgreens 9,067 12/31/2021 154,088 16.99 -
---------- -------------------
Property total 25,192 428,213 17.00
---------- -------------------
Branch Plaza
CVS 11,050 5/31/2010 172,405 15.60 -
A&P 63,000 11/30/2013 920,964 14.62 (3) 5 Year
---------- -------------------
Property Total: 74,050 1,093,369 14.77
---------- -------------------
Amboy Shopping Center
Waldbaum's (A&P) 37,266 7/6/2028 745,320 20.00 -
Duane Reed 9,698 8/31/2008 266,695 27.50 (2) 5 Year
---------- -------------------
46,964 1,012,015 21.55
---------- -------------------
Pacesetter Park Shopping Center, Pomona
Stop & Shop (Ahold) 52,052 8/31/2020 352,265 6.77 (2) 10 Year
---------- -------------------
Property total 52,052 352,265 6.77
---------- -------------------
Total: New York Region 351,202 6,760,316 19.25
---------- -------------------
Page 39
Retail Anchor Properties- Wholly Owned (continued)
- ---------------------------------------------------
New England
- -----------------------------------------
Connecticut
----------------------------------------
Town Line Plaza, Rocky Hill
Wal*Mart 1 97,300 - $- $- REA Agreement
Super Stop & Shop (Ahold) 65,859 11/30/2023 937,000 14.23 (8) 5 Year
---------- -------------------
Property total 163,159 937,000 14.23
---------- -------------------
Massachusetts
----------------------------------------
Methuen Shopping Center, Methuen
Demoulas Super Markets 30,460 1/31/2015 109,656 3.60 (1) 5 Year
Wal*Mart 89,544 10/23/2011 626,808 7.00 (8) 5 Year
---------- -------------------
Property total 120,004 736,464 6.14
---------- -------------------
Crescent Plaza, Brockton
Home Depot 106,760 10/31/2021 602,126 5.64 (7) 5 Year
Shaw's (Albertsons) 50,225 12/31/2012 516,960 10.29 (6) 5 Year
---------- -------------------
Property total 156,985 1,119,086 7.13
---------- -------------------
New York
----------------------------------------
New Loudon Center, Latham
Bon Ton 65,365 2/1/2014 261,460 4.00 (4) 5 Year
Marshalls (TJX) 37,212 1/31/2014 158,151 4.25 (3) 5 Year
Price Chopper 77,450 5/31/2015 804,059 10.38 (4) 5 Year
A.C. Moore 21,520 4/30/2009 221,226 10.28 (3) 5 Year
Raymours Furniture Co 49,664 4/30/2019 155,591 3.13 (3) 5 Year
---------- -------------------
Property total 251,211 1,600,487 6.37
---------- -------------------
Rhode Island
----------------------------------------
Walnut Hill Plaza, Woonsocket
Sears 60,700 8/31/2008 258,000 4.25 (5) 5 Year
CVS 8,800 1/31/2009 154,000 17.50 (1) 5 Year
Shaw's (Albertsons) 52,392 12/31/2013 523,920 10.00 (3) 5 Year
---------- -------------------
Property total 121,892 935,920 7.68
---------- -------------------
Vermont
----------------------------------------
Gateway Shopping Center
Shaw's (Albertsons) (5) 5 Yr. & (1)
73,184 3/31/2024 1,317,312 18.00 4 Yr.
---------- -------------------
Property total 73,184 1,317,312 18.00
---------- -------------------
Total : New England 886,435 6,646,269 8.42
---------- -------------------
Midwest
- ---------
Illinois
--------
Hobson West Plaza, Naperville
Bobak's Market and Restaurant 51,692 11/30/2007 225,436 4.36 (5) 5 Year
---------- -------------------
Property total 51,692 225,436 4.36
---------- -------------------
Indiana
----------------------------------------
Merrillville Plaza, Merrillville
JC Penney 50,000 1/31/2008 495,000 9.90 (2) 5 Year
Officemax 26,157 7/31/2008 222,335 8.50 (4) 5 Year
Pier I 9,143 1/31/2009 128,002 14.00 -
David's Bridal 13,266 11/19/2010 190,765 14.38 (2) 5 Year
Toys R Us 21,500 1/31/2014 87,500 4.07 (5) 5 Year
TJ Maxx (TJX) 25,200 1/31/2009 195,300 7.75 (1) 5 Year
---------- -------------------
Property total 145,266 1,318,902 9.08
---------- -------------------
1 This space is contiguous to the Company's property and is not owned by the
Company.
Page 40
Retail Anchor Properties- Wholly Owned
(continued)
- -----------------------------------------
Michigan
----------------------------------------
Bloomfield Town Square, Bloomfield
Hills
HomeGoods (TJX) 39,646 5/31/2010 307,257 7.75 (3) 5 Year
Officemax 21,500 6/30/2010 193,500 9.00 (3) 5 Year
Marshalls (TJX) 28,324 9/30/2011 226,592 8.00 (3) 5 Year
TJ Maxx (TJX) 36,000 1/31/2009 261,000 7.25 (1) 5 Year
---------- -------------------
Property total 125,470 988,349 7.88
---------- -------------------
Ohio
--------
Mad River Station, Dayton
Babies 'R' Us 33,147 2/28/2010 260,204 7.85 (2) 5 Year
Pier I 10,111 2/28/2010 227,037 22.45 -
Office Depot 25,038 8/31/2010 315,479 12.60 -
---------- -------------------
Property total 68,296 802,720 11.75
---------- -------------------
Total: Midwest 390,724 3,335,407 8.54
---------- -------------------
Mid-Atlantic
- -----------------------------------------
New Jersey
----------------------------------------
Marketplace of Absecon, Absecon
Eckerd Drug (Brook's) 13,207 8/30/2020 329,310 24.93 (4) 5 Year
Acme Markets (Albertson) 44,824 4/30/2015 654,704 14.61 (8) 5 Year
---------- -------------------
Property total 58,031 984,014 16.96
---------- -------------------
Ledgewood Mall, Ledgewood
Circuit City 33,294 1/31/2020 449,469 13.50 (4) 5 Year
Ashley Furniture 41,806 12/31/2010 212,793 5.09 (2) 5 Year
Barnes & Noble 12,500 1/31/2010 224,000 17.92 (5) 5 Year
Marshalls (TJX) 37,245 9/30/2014 346,751 9.31 (4) 5 Year
The Sports Authority 52,205 5/31/2007 225,000 4.31 (6) 5 Year
Macy's Department Store (3) 5 Year
(Federated) 1 73,349 1/31/2010 651,245 8.88
Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year
---------- -------------------
Property total 370,969 2,997,859 8.08
---------- -------------------
Pennsylvania
----------------------------------------
Abington Town Center, Abington
TJ Maxx (TJX) 27,000 11/30/2010 $270,000 $10.00 (2) 5 Year
Target 1 Condominium
157,616 - - - Agreement
---------- -------------------
Property total 184,616 270,000 10.00
---------- -------------------
Total : Mid-Atlantic 613,616 4,251,873 9.32
---------- -------------------
Page 41
Retail Anchor Properties- Wholly Owned (continued)
- ---------------------------------------------------
Northeast Pennsylvania
- -----------------------------------------
Blackman Plaza, Wilkes-Barre
Eckerd Drug (Brook's) 7,000 7/31/2006 59,710 8.53 -
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
---------- -------------------
Property total 111,956 264,374 2.36
---------- -------------------
Bradford Towne Centre, Towanda
Kmart 94,841 3/31/2019 474,205 5.00 (10) 5 Year
Eckerd Drug (Brook's) 11,840 1/31/2010 118,400 10.00 (3) 5 Year
JC Penney 22,580 11/30/2009 96,747 4.28 (7) 5 Year
P & C Foods (Penn Traffic) 51,658 9/30/2014 413,264 8.00 (2) 5 Year
---------- -------------------
Property total 180,919 1,102,616 6.09
---------- -------------------
Greenridge Plaza, Scranton
Giant Food Stores (Ahold) 62,090 4/30/2021 279,405 4.50 (6) 5 Year
---------- -------------------
Property total 62,090 279,405 4.50
---------- -------------------
Luzerne Street Shopping Center,
Scranton
Price Rite (Wakefern) 29,663 4/30/2015 118,652 4.00 (4) 5 Year
Eckerd Drug (Brook's) 14,000 4/30/2009 105,000 7.50 (2) 5 Year
---------- -------------------
Property total 43,663 223,652 5.12
---------- -------------------
Mark Plaza, Edwardsville
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
Redner's Market 52,639 5/31/2018 447,432 8.50 (2) 5 Year
---------- -------------------
Property total 157,595 652,096 4.14
---------- -------------------
Pittston Plaza, Pittston
Eckerd Drugs (Brook's) 8,468 6/30/2006 80,446 9.50 (2) 5 Year
Redner's Market 59,100 12/31/2018 428,480 7.25 (2) 5 Year
---------- -------------------
Property total 67,568 508,926 7.53
---------- -------------------
Plaza 422, Lebanon
Home Depot 104,243 12/31/2028 407,520 3.91 (6) 5 Year
---------- -------------------
Property total 104,243 407,520 3.91
---------- -------------------
Route 6 Mall, Honesdale
Eckerd Drugs (Brook's) 11,840 1/31/2011 118,400 10.00 (3) 5 Year
Fashion Bug 15,000 1/31/2006 - - -
Kmart 119,658 4/30/2020 687,948 5.75 (10) 5 Year
---------- -------------------
Property total 146,498 806,348 5.50
---------- -------------------
Total : Northeastern
Pennsylvania 874,532 4,244,937 4.85
---------- -------------------
Total: Retail Anchor Properties - Wholly
Owned Properties 3,116,509 $25,238,802 $8.82
========== ===================
1 Target owns the portion of the main building (157,616 square feet) that
their store is located in.
Page 42
Joint Venture Properties
- -----------------------------------------
New York Region
- -----------------------------------------
New York
----------------------------------------
Crossroads Shopping Center, White Plains (49% jv)
Kmart 100,725 1/31/2012 $566,250 $5.62 (4) 5 Year
Waldbaum's (A&P) 38,208 12/31/2007 504,000 13.19 (5) 5 Year
B. Dalton (Barnes & Noble) 12,430 5/28/2012 345,927 27.83 (2) 5 Year
Pier 1 8,818 2/28/2007 278,825 31.62 (2) 5 Year
Pay Half 15,000 12/31/2006 372,600 24.84 -
Modell's 25,000 2/28/2009 193,750 7.75 (2) 5 Year
---------- -------------------
Property total 200,181 2,261,352 11.30
---------- -------------------
400 East Fordham Road (Fund II)
Sears 100,703 7/16/2007 275,000 2.73 -
---------- -------------------
Tarrytown Centre
Walgreen's 15,497 6/30/2080 475,000 30.65 -
---------- -------------------
Sherman Avenue
Pilot Garage 74,000 6/14/2007 365,000 4.93 -
City of New York 60,773 MTM 1,595,291 26.25 -
---------- -------------------
134,773 1,960,291 14.55
---------- -------------------
161st Street
City of New York 137,334 7/18/2006 2,334,682 17.00 -
---------- -------------------
137,334 2,334,682 17.00
---------- -------------------
Total : New York Region 588,488 7,306,325 12.42
---------- -------------------
Mid-Atlantic Region
- -----------------------------------------
Delaware
----------------------------------------
Brandywine Town Center (Brandywine JV)
Annie Sez (Big M) 13,325 1/31/2007 279,825 21.00 (3) 5 Year
Michaels 24,876 2/28/2011 572,148 23.00 (3) 5 Year
Old Navy (The Gap) 24,631 4/30/2011 541,872 22.00 (1) 5 Year
Petsmart 23,963 6/30/2017 455,297 19.00 (5) 5 Year
Thomasville Furniture 18,893 11/30/2011 485,739 25.71 (2) 5 Year
World Market 20,310 1/31/2015 406,200 20.00 -
Access Group 76,458 5/31/2015 1,517,691 19.85 (2) 5 Year
Bed, Bath & Beyond 50,977 1/31/2014 868,426 17.04 (3) 5 Year
Dick's Sporting Goods 50,000 5/31/2013 700,000 14.00 (3) 5 Year
Lowe's Home Centers 140,000 8/31/2018 1,925,000 13.75 (6) 5 Year
Regal Cinemas 65,641 6/1/2017 861,210 13.12 (4) 5 Year
Target 138,000 1/31/2018 800,000 5.80 (4) 10 Year
Kincaid Furniture 14,535 3/31/2010 247,095 17.00 -
Transunion Settlement 39,714 3/31/2013 938,745 23.64 (1) 5 Year
The Bombay Company 8,965 1/31/2015 215,160 24.00 (2) 5 Year
Lane Home Furnishings 21,827 10/31/2015 409,693 18.77 (3) 5 Year
Tutor Time 10,317 2/28/2010 139,280 13.50 (3) 5 Year
Moe's 3,000 7/31/2015 66,000 22.00
MJM Designer 25,000 9/30/2015 325,000 13.00
New Balance 5,500 129,250 23.50
---------- -------------------
Property total 775,932 11,883,631 15.32
---------- -------------------
Market Square Shopping Center
(Brandywine JV)
Trader Joe's 7,675 1/31/2013 149,662 19.50 (3) 5 Year
TJ Maxx (TJX) 31,375 1/31/2011 396,894 12.65 (1) 5 Year
---------- -------------------
Property total 39,050 546,556 14.00
---------- -------------------
Page 43
Joint Venture Properties (continued)
----------------------------------------
Mid-Atlantic Region (continued)
----------------------------------------
South Carolina
----------------------------------------
Hitchcock Plaza (Fund I)
Pine Log Plaza (Fund I)
---------- -------------------
Virginia
----------------------------------------
Haygood Shopping Center (Fund I)
Eckerd Drugs (Brook's) 11,280 11/30/2009 28,500 2.53 -
---------- -------------------
Property Total 11,280 28,500 2.53
---------- -------------------
Total : Mid-Atlantic Region 826,262 12,458,687 15.08
---------- -------------------
Midwest Region
- -----------------------------------------
Ohio
--------
Amherst Marketplace (Fund I)
Riser Foods Company/Pharmacy 10,500 3/31/2012 135,135 12.87 (3) 5 Year
Riser Foods Company/Supermarket 66,237 9/30/2021 630,576 9.52 (4) 5 Year
Giant Eagle - 9/3/2021 30,000 - (4) 5 Year
---------- -------------------
Property total 76,737 795,711 22.39
Granville Centre (Fund I)
Lifestyle Family Fitness, Inc. 34,951 1/31/2017 402,085 11.50 (2) 5 Year
---------- -------------------
Sheffield Crossing (Fund I)
Revco Drug 10,500 5/31/2012 140,700 13.40 (3) 5 Year
Giant Eagle 59,159 5/31/2022 620,578 10.49 (4) 5 Year
---------- -------------------
Property total 69,659 761,278 10.93
---------- -------------------
Michigan
----------------------------------------
Sterling Heights (Fund I)
Burlington Coat Factory 70,400 1/31/2024 281,600 4.00 -
---------- -------------------
Total: Midwest 251,747 2,240,674 8.90
---------- -------------------
Various
----------------------------------------
Kroger/Safeway (Fund I) 1,018,100 2009 8,013,583 7.87
---------- -------------------
Total: Joint Venture Properties 2,684,597 $30,019,269 $11.18
========== ===================
Page 44
Gross Leased Annualized Base Rent
Area
---------------- --------------------------
Percent Percent Average
Square of of per
Center Anchor footage all Amount all Sq. Ft.
anchors anchors
---------------------------------------------------------------------
Wholly Owned
---------------
2006
Pittston Plaza Eckerd
Drugs
(Brook's) 8,468 0.30% 80,446 0.32% 9.50
Blackman Plaza Eckerd
Drugs
(Brook's) 7,000 0.25% 59,710 0.24% 8.53
---------------- --------------------------
Total 2006 15,468 0.55% 140,156 0.56% 9.06
---------------- --------------------------
2007
Ledgewood Mall The Sports
Authority 52,205 1.83% 225,000 0.90% 4.31
Soundview King Kullen
Marketplace 48,100 1.69% 562,600 2.24% 11.70
Hobson West Bobak's
Plaza 51,692 1.81% 225,436 0.90% 4.36
Pacesetter ParkPaint'n
Shopping Place
Center 2,281 0.08% 22,810 0.09% 10.00
---------------- --------------------------
Total 2007 154,278 5.41% 1,035,846 4.13% 6.71
---------------- --------------------------
2008
Village CommonsDaffy's
Shopping Inc.
Center 16,125 0.57% 274,125 1.09% 17.00
Merrillville JC Penny
Plaza Co. 50,000 1.75% 495,000 1.97% 9.90
Merrillville Officemax
Plaza Inc. 26,157 0.92% 222,335 0.89% 8.50
Amboy Shopping Duane Reade
Center 9,698 0.34% 266,695 1.06% 27.50
Walnut Hill Sears
Plaza 60,700 2.13% 258,000 1.03% 4.25
---------------- --------------------------
Total 2008 162,680 3.39% 1,516,155 2.98% 9.32
---------------- --------------------------
Total -
Next 3
Years $332,426 9.35% $2,692,157 7.67% $8.10
================ ==========================
Crossroads Joint Venture
--------------------------
2006
Crossroads P.H.
Shopping Greenburgh
Center 15,000 372,600 - -
Total 2006 15,000 0.00% 372,600 0.00% 24.84
---------------- --------------------------
2007
Crossroads Pier 1
Shopping
Center 8,818 4.41% 278,825 12.33% 31.62
Crossroads Waldbaum's
Shopping
Center 38,208 19.09% 504,000 22.29% 13.19
---------------- --------------------------
Total 2007 47,026 23.50% 782,825 34.62% 16.65
---------------- --------------------------
2008 - - - - -
---------------- --------------------------
Total -
Next 3
Years $47,026 23.50% $782,825 34.62%$16.65
================ ==========================
Brandywine Joint Venture
--------------------------
2006
2007
Brandywine TownAnnie Sez
Center (Big M) 13,325 1.64% 279,825 2.25% 21.00
2008 - - - - -
---------------- --------------------------
Total -
Next 3
Years $13,325 1.64% $279,825 2.25%$21.00
================ ==========================
Fund I
---------------
2006
2007
2008 - - - - -
---------------- --------------------------
Total -
Next 3
Years $- 0.00% $- 0.00% $-
================ ==========================
Fund II
---------------
Month-to-month
2006 - -
161st Street New York
City 137,334 36.84% 2,334,682 51.09% 17.00
2007
Sherman Avenue Pilot
Garage 74,000 19.85% 365,000 7.99% 4.93
400 East Sears
Fordham Road 100,703 27.01% 275,000 6.01% 2.73
---------------- --------------------------
Total 2007 174,703 46.86% 640,000 14.00% 3.66
---------------- --------------------------
2008
Sherman Avenue New York
City 60,773 16.30% 1,595,291 34.91% 26.25
---------------- --------------------------
Total -
Next 3
Years $372,810 100.00% $4,569,973 100.00%$12.26
================ ==========================
1 Tenant pays rent based on percentage of sales
Page 45
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
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.
-------------------------------------------------------------------------
Wholly-Owned Propeties
Anchor Tenant Expirations
2006 2 15,468 0.54% 140,156 0.56% 9.06
2007 3 151,997 5.33% 1,013,036 4.04% 6.66
2008 5 162,680 5.70% 1,516,155 6.04% 9.32
2009 9 347,155 12.17% 1,570,602 6.26% 4.52
2010 15 376,113 13.17% 3,938,990 15.71% 10.47
2011 2 40,164 1.41% 344,992 1.38% 8.59
2012 2 139,769 4.90% 1,143,768 4.56% 8.18
2013 2 115,392 4.05% 1,444,884 5.76% 12.52
2014 5 212,980 7.47% 1,267,126 5.05% 5.95
2015 5 164,230 5.76% 2,507,015 9.99% 15.27
2016 2 19,541 0.69% 305,544 1.22% 15.64
2017 1 47,773 1.67% 955,460 3.81% 20.00
2018 2 111,739 3.92% 875,912 3.49% 7.84
2019 4 265,075 9.29% 1,518,397 6.05% 5.73
2020 4 218,211 7.65% 1,818,995 7.25% 8.34
2021 2 168,850 5.92% 881,531 3.51% 5.22
2022 1 14,837 0.52% 435,000 1.73% 29.32
2023 1 65,859 2.31% 937,000 3.74% 14.23
2024 1 73,184 2.57% 1,317,312 5.25% 18.00
2028 3 141,509 4.96% 1,152,840 4.60% 8.15
-------------------------------- -------------------------------------
Total Occupied 71 2,852,526 100.00% $25,084,715 100.00% $8.79
(154,088)
Anchor GLA Owned by
Tenants 254,916
Total Vacant 100,544
---------------
Total Square
Feet 3,207,986
===============
Page 46
Wholly-Owned Propeties
Shop Tenant Expirations
Month to Month 15 20,793 1.50% $260,507 1.18% $12.53
2006 43 146,599 10.58% 1,886,869 8.57% 12.87
2007 67 250,104 18.04% 3,542,214 16.07% 14.16
2008 55 175,257 12.65% 3,227,099 14.65% 18.41
2009 63 223,498 16.13% 3,560,522 16.17% 15.93
2010 47 141,239 10.19% 2,038,492 9.26% 14.43
2011 29 106,702 7.70% 1,852,280 8.41% 17.36
2012 7 16,261 1.17% 368,516 1.67% 22.66
2013 13 42,349 3.06% 866,888 3.94% 20.47
2014 20 103,061 7.44% 1,447,199 6.57% 14.04
2015 14 76,305 5.51% 1,169,808 5.31% 15.33
2016 2 3,613 0.26% 94,560 0.43% 26.17
2018 4 6,805 0.49% 270,408 1.23% 39.74
2019 1 - 0.00% 51,205 0.23% -
2020 3 17,945 1.29% 355,728 1.62% 19.82
2022 1 2,205 0.16% 41,895 0.19% 19.00
2024 1 49,463 3.57% 900,000 4.09% 18.20
2026 1 3,629 0.26% 90,725 0.41% 25.00
2030 1 - 0.00% - 0.00% -
-------------------------------- -------------------------------------
Total Occupied 387 1,385,828 100.00% $22,024,915 100.00% $15.89
Total Vacant 216,837
---------------
Total Square
Feet 1,602,665
===============
Wholly-Owned Propeties
Total Tenant Expirations
Month to Month 15 $20,793 0.49% $260,507 0.55% $12.53
2006 45 162,067 3.82% 2,027,025 4.30% 12.51
2007 70 402,101 9.49% 4,555,250 9.67% 11.33
2008 60 337,937 7.97% 4,743,254 10.08% 14.04
2009 72 570,653 13.46% 5,131,124 10.89% 8.99
2010 62 517,352 12.21% 5,977,482 12.69% 11.55
2011 31 146,866 3.47% 2,197,272 4.66% 14.96
2012 9 156,030 3.68% 1,512,284 3.21% 9.69
2013 15 157,741 3.72% 2,311,772 4.91% 14.66
2014 25 316,041 7.46% 2,714,325 5.76% 8.59
2015 19 240,535 5.68% 3,676,823 7.80% 15.29
2016 4 23,154 0.55% 400,104 0.85% 17.28
2017 1 47,773 1.13% 955,460 2.03% 20.00
2018 6 118,544 2.80% 1,146,320 2.43% 9.67
2019 5 265,075 6.25% 1,569,602 3.33% 5.92
2020 7 236,156 5.57% 2,174,723 4.62% 9.21
2021 2 168,850 3.98% 881,531 1.87% 5.22
2022 2 17,042 0.40% 476,895 1.01% 27.98
2023 1 65,859 1.55% 937,000 1.99% 14.23
2024 2 122,647 2.89% 2,217,312 4.71% 18.08
2026 1 3,629 0.09% 90,725 0.19% 25.00
2028 3 141,509 3.34% 1,152,840 2.45% 8.15
2030 1 - 0.00% - 0.00% -
-------------------------------- -------------------------------------
Total Occupied 458 $4,238,354 100.00% $47,109,630 100.00% $11.12
(154,088)
Anchor GLA Owned by Tenants 254,916
Total Vacant 317,381
---------------
Total Square
Feet 4,810,651
===============
Fund I
Anchor Tenant Expirations
2009 26 1,029,380 79.38% $8,042,083 74.75% $7.81
2012 2 21,000 1.62% 275,835 2.56% 13.14
2017 1 34,951 2.70% 402,085 3.74% 11.50
2021 2 66,237 5.11% 660,576 6.14% 9.97
2022 1 59,159 4.56% 620,578 5.77% 10.49
2024 1 70,400 5.43% 281,600 2.62% 4.00
2080 1 15,497 1.20% 475,000 4.42% 30.65
0
-------------------------------- -------------------------------------
Total Occupied 34 1,296,624 100.00% $10,757,757 100.00% $8.30
Total Vacant 301,655
---------------
Total Square
Feet 1,598,279
===============
Page 47
Fund I
Shop Tenant Expirations
Month to Month 12 30,996 15.39% $369,338 14.87% $11.92
2006 7 22,792 11.32% 194,319 7.82% 8.53
2007 12 18,819 9.34% 247,989 9.98% 13.18
2008 12 23,602 11.72% 288,132 11.60% 12.21
2009 5 8,851 4.39% 145,703 5.86% 16.46
2010 5 8,886 4.41% 175,638 7.07% 19.77
2011 3 4,725 2.35% 87,645 3.53% 18.55
2013 2 13,120 6.51% 124,820 5.02% 9.51
2014 6 43,623 21.67% 486,016 19.56% 11.14
2015 2 2,798 1.39% 40,745 1.64% 14.56
2016 1 7,945 3.94% 81,396 3.28% 10.24
2018 1 6,957 3.45% 50,004 2.01% 7.19
2019 1 3,141 1.56% 42,000 1.69% 13.37
2020 1 5,157 2.56% 150,842 6.07% 29.25
2022 1 - 0.00% - 0.00% -
2050 1 - 0.00% - 0.00% -
-------------------------------- -------------------------------------
Total Occupied 72 201,412 100.00% $2,484,587 100.00% $12.34
Total Vacant 158,897
---------------
Total Square
Feet 360,309
===============
Fund I
Total Tenant Expirations
Month to Month 12 30,996 2.07% $369,338 2.79% $11.92
2006 7 22,792 1.52% 194,319 1.47% 8.53
2007 12 18,819 1.26% 247,989 1.87% 13.18
2008 12 23,602 1.58% 288,132 2.18% 12.21
2009 31 1,038,231 69.31% 8,187,786 61.81% 7.89
2010 5 8,886 0.59% 175,638 1.33% 19.77
2011 3 4,725 0.32% 87,645 0.66% 18.55
2012 2 21,000 1.40% 275,835 2.08% 13.14
2013 2 13,120 0.88% 124,820 0.94% 9.51
2014 6 43,623 2.91% 486,016 3.67% 11.14
2015 2 2,798 0.19% 40,745 0.31% 14.56
2016 1 7,945 0.53% 81,396 0.61% 10.24
2017 1 34,951 2.33% 402,085 3.04% 11.50
2018 1 6,957 0.46% 50,004 0.38% 7.19
2019 1 3,141 0.21% 42,000 0.32% 13.37
2020 1 5,157 0.34% 150,842 1.14% 29.25
2021 2 66,237 4.42% 660,576 4.99% 9.97
2022 1 59,159 3.95% 620,578 4.69% 10.49
2024 1 70,400 4.70% 281,600 2.13% 4.00
2050 1 - 0.00% - 0.00% -
2080 1 15,497 1.03% 475,000 3.59% 30.65
-------------------------------- -------------------------------------
Total Occupied 105 1,498,036 100.00% $13,242,344 100.00% $8.84
Total Vacant 460,552
---------------
Total Square
Feet 1,958,588
===============
Fund II
Anchor Tenant Expirations
Month to Month - - 0.00% $- 0.00% $-
2006 1 137,334 36.84% 2,334,682 51.09% 17.00
2007 2 174,703 46.86% 640,000 14.00% 3.66
2008 1 60,773 16.30% 1,595,293 34.91% 26.25
-------------------------------- -------------------------------------
Total Occupied 4 372,810 100.00% $4,569,975 100.00% $12.26
Total Vacant -
---------------
Total Square
Feet 372,810
===============
Page 48
Fund II
Shop Tenant Expirations
Month to Month 4 38,109 13.10% $135,519 4.44% $3.56
2006 4 38,468 13.22% 704,725 23.08% 18.32
2007 9 204,834 70.39% 2,034,117 66.63% 9.93
2009 1 1,314 0.45% 20,772 0.68% 15.81
2010 2 7,012 2.41% 112,604 3.69% 16.06
2013 1 1,254 0.43% 45,144 1.48% 36.00
-------------------------------- -------------------------------------
Total Occupied 21 290,991 100.00% $3,052,881 100.00% $10.49
Total Vacant 210,713
---------------
Total Square
Feet 501,704
===============
Fund II
Total Tenant Expirations
Month to Month 4 38,109 5.74% $135,519 1.78% $3.56
2006 5 175,802 26.48% 3,039,407 39.87% 17.29
2007 11 379,537 57.17% 2,674,117 35.08% 7.05
2008 1 60,773 9.16% 1,595,293 20.93% 26.25
2009 1 1,314 0.20% 20,772 0.27% 15.81
2010 2 7,012 1.06% 112,604 1.48% 16.06
2013 1 1,254 0.19% 45,144 0.59% 36.00
-------------------------------- -------------------------------------
Total Occupied 25 663,801 100.00% $7,622,856 100.00% $11.48
Total Vacant 210,713
---------------
Total Square
Feet 874,514
===============
Crossroads (JV Property)
Anchor Tenant Expirations
2006 1 15,000 7.49% $372,600 16.48% 24.84
2007 2 47,026 23.49% 782,825 34.62% 16.65
2009 1 25,000 12.49% 193,750 8.56% 7.75
2012 2 113,155 56.53% 912,177 40.34% 8.06
-------------------------------- -------------------------------------
Total Occupied 6 200,181 100.00% $2,261,352 100.00% $11.30
Total Vacant -
Total Square
Feet 200,181
===============
Page 49
Shop Tenant Expirations
Month to Month 2 3,610 3.27% $113,678 2.95% $31.49
2006 3 5,840 5.29% 189,654 4.92% 32.48
2007 4 4,912 4.45% 185,550 4.82% 37.77
2008 9 31,460 28.49% 1,042,193 27.08% 33.13
2009 7 22,318 20.20% 781,525 20.29% 35.02
2011 2 4,070 3.68% 146,732 3.81% 36.05
2012 2 5,250 4.75% 191,723 4.98% 36.52
2014 4 19,941 18.05% 676,018 17.55% 33.90
2017 1 6,600 5.97% 330,000 8.57% 50.00
2022 1 6,462 5.85% 193,860 5.03% 30.00
-------------------------------- -------------------------------------
Total Occupied 35 110,463 100.00% $3,850,933 100.00% $34.86
Total Vacant -
---------------
Total Square
Feet 110,463
===============
Crossroads (JV Property)
Total Tenant Expirations
Month to Month 2 3,610 1.16% $113,678 1.86% $31.49
2006 3 5,840 1.88% 189,654 3.10% 32.48
2007 5 19,912 6.41% 558,150 9.13% 28.03
2008 9 31,460 10.13% 1,042,193 17.05% 33.13
2009 9 69,344 22.32% 1,564,350 25.60% 22.56
2011 2 4,070 1.31% 146,732 2.40% 36.05
2012 3 30,250 9.74% 385,473 6.31% 12.74
2014 4 19,941 6.42% 676,018 11.06% 33.90
2017 1 6,600 2.12% 330,000 5.40% 50.00
2018 2 113,155 36.43% 912,177 14.92% 8.06
2022 1 6,462 2.08% 193,860 3.17% 30.00
-------------------------------- -------------------------------------
Total Occupied 41 310,644 100.00% $6,112,285 100.00% $19.68
Total Vacant -
Total Square
Feet 310,644
===============
Brandywine Portfolio (JV Properties)
Anchor Tenant Expirations
2007 1 13,325 1.64% 279,825 2.25% 21.00
2010 2 24,852 3.05% 386,375 3.11% 15.55
2011 4 99,775 12.24% 1,996,653 16.06% 20.01
2013 3 97,389 11.95% 1,788,407 14.39% 18.36
2014 2 50,977 6.25% 868,426 6.99% 17.04
2015 4 161,060 19.76% 3,068,994 24.69% 19.05
2017 2 89,604 10.99% 1,316,506 10.59% 14.69
2018 2 278,000 34.12% 2,725,000 21.92% 9.80
0.00%
-------------------------------- -------------------------------------
Total Occupied 20 814,982 100.00% $12,430,186 100.00% $15.25
Total Vacant -
Total Square
Feet 814,982
===============
Page 50
Brandywine Portfolio (JV Properties)
Shop Tenant Expirations
Month to Month 4 41,120 32.04% $376,414 17.53% $9.15
2006 2 22,500 17.53% 467,239 21.75% 20.77
2007 1 8,100 6.31% 208,000 9.68% 25.68
2008 2 9,700 7.56% 236,093 10.99% 24.34
2010 1 1,500 1.17% 45,000 2.10% 30.00
2013 2 6,950 5.42% 151,674 7.06% 21.82
2014 1 4,962 3.87% 143,104 6.66% 28.84
2015 3 33,500 26.10% 520,250 24.22% 15.53
-------------------------------- -------------------------------------
Total Occupied 16 128,332 100.00% $2,147,774 100.00% $16.74
Total Vacant -
---------------
Total Square
Feet 128,332
===============
Brandywine Portfolio (JV Properties)
Total Tenant Expirations
Month to Month 4 41,120 4.36% $376,414 2.58% $9.15
2006 2 22,500 2.39% 467,239 3.21% 20.77
2007 2 21,425 2.27% 487,825 3.35% 22.77
2008 2 9,700 1.03% 236,093 1.62% 24.34
2010 3 26,352 2.79% 431,375 2.96% 16.37
2011 4 99,775 10.58% 1,996,653 13.70% 20.01
2013 5 104,339 11.06% 1,940,081 13.31% 18.59
2014 3 55,939 5.93% 1,011,530 6.94% 18.08
2015 7 194,560 20.63% 3,589,244 24.62% 18.45
2017 2 89,604 9.50% 1,316,506 9.03% 14.69
2018 2 278,000 29.46% 2,725,000 18.68% 9.80
-------------------------------- -------------------------------------
Total Occupied 36 943,314 100.00% $14,577,960 100.00% $15.45
Total Vacant -
---------------
Total Square
Feet 943,314
===============
Page 51
3-Mile Radius2
------------------------------------
Trade Total #
Area Base Total Total HouseholdsMedian HH Avg. HH
Property / JV City State(Miles) Rent GLA Pop. ("HH") Income Income
Ownership %
- --------------------------------------------------------------- -------------------------------------
Brandywine Town Wilmington DE
Center & Mkt
Sq./22.22% 3 14,577,960 878,694 40,591 15,566 $70,145 $87,971
Elmwood Park Elmwood ParkNJ
Shopping Ctr. 3 3,322,024 149,085 252,916 84,197 $44,191 $61,068
Abington Towne Abington PA
Center 3 940,514 216,355
Granville Center /Columbus OH
22.22% 3 638,404 134,997 113,906 49,527 $53,564 $70,562
Clark & Diversey Chicago IL 3 788,704 19,265 415,680 217,726 $56,930 $84,335
Hobson West Plaza Naperville IL 3 1,205,485 98,890 95,042 32,948 $82,298 $103,749
Methuen Shopping Methuen MA
Ctr. 5 736,464 130,238 82,654 30,553 $37,421 $52,107
Crossroads White PlainsNY
Shopping Ctr. /
49% 3 6,112,285 310,644 102,957 39,813 $59,646 $86,839
The Branch Plaza Smithtown NY 3 2,410,769 125,724 71,215 24,266 $98,596 $113,345
Amboy Road Staten NY
Island 3 1,417,679 60,080 155,416 56,011 $75,297 $89,580
Village Commons Smithtown NY
Shopping Ctr. 3 2,027,352 87,381 70,854 24,112 $98,448 $113,332
Bloomfield Town Bloomfield MI
Square Hills 5 2,247,060 214,866 61,631 24,011 $49,857 $83,461
Crescent Plaza Brockton MA 3 1,636,957 218,141 98,955 34,754 $39,202 $52,875
239 Greenwich Greenwich CT
Avenue 5 1,235,144 16,834 66,252 25,070 $90,010
Soundview Port NY
Marketplace Washington 3 2,803,937 183,815 47,060 16,691 $127,975 $188,579
Town Line Plaza Rocky Hill CT 3 1,386,824 206,298
New Loudon Center Latham NY 5 1,713,665 255,826 44,153 17,525 $44,596 $58,526
Pacesetter Park Pomona NY
Shopping Ctr. 3 1,143,759 96,698 27,421 9,004 $99,926 $124,786
Mad River Station Dayton OH 5 1,505,876 155,739 52,598 21,841 $51,619 $64,051
Greenridge Plaza Scranton PA 3 965,755 191,755 88,733 36,946 $30,723 $38,790
Mark Plaza EdwardsvillePA 5 1,088,303 216,047 90,532 38,714 $28,086 $38,397
Luzerne Street Scranton PA
Shopping Ctr. 3 301,538 58,035 89,062 36,973 $30,970 $39,323
Blackman Plaza Wilkes-BarrePA 5 282,374 121,341 62,458 26,393 $27,479 $37,619
Sheffield CrossingSheffield OH
/ 22.22% 3 1,118,641 112,534 32,487 12,500 $42,899 $58,754
Amherst Amherst OH
Marketplace /
22.22% 3 830,115 79,937 55,146 21,276 $41,898 $55,263
Sterling Heights Sterling MI
Shopping Center / Heights
11.11% 3 426,834 154,838 97,175 35,730 $67,786 $74,409
Tarrytown ShoppingTarrytown NY
Center / 11.11% 3 903,128 35,291 36,461 13,328 $84,626 $114,725
Hitchcock Plaza / Aiken SC
20% 5 374,490 233,886 25,419 18,757 $60,290 $71,076
Pine Log Plaza / Aiken SC
20% 5 - 35,064 25,419 18,757 $60,290 $71,076
Haygood Shopping Virginia VA
Center / 11.11% Beach 3 937,149 153,941 97,871 37,786 $51,491 $60,530
400 East Fordham The Bronx NY
Road / 18.32% 2 645,915 117,355 651,504 223,577 $28,217 $37,631
Sherman Avenue / Manhattan NY
18.32% 2 1,960,291 134,773 529,999 176,116 $29,932 $40,762
Pelham Manor Westchester NY
Shopping Plaza /
18.32% 3 1,144,375 398,775 400,119 149,994 $47,713 $59,780
Bartow Avenue The Bronx NY 3 222,600 14,694 563,289 208,834 $33,199 $44,894
161st Street The Bronx NY
/18.32% 2 3,872,275 223,611 712,029 240,973 $22,230 $32,900
Walnut Hill Plaza Woonsocket RI 5 2,429,716 283,235 59,068 24,020 $32,605 $44,830
Ledgewood Mall Ledgewood NJ 5 4,481,698 517,878 39,287 14,235 $59,560 $70,312
BTS Boonton LLC Boonton NJ 5 1,248,494 62,908 48,401 18,384 $85,957 $106,652
Merrillville PlazaHobart IN 5 2,578,042 235,678 21,008 8,295 $56,061 $65,230
The Gateway So. VT
Shopping Ctr. Burlington 3 1,816,917 101,784 45,990 19,115 $54,003 $35,139
Marketplace of Absecon NJ
Absecon 3 1,657,610 105,097 31,282 10,754 $57,266 $69,040
Pittston Plaza Pittston PA 3 603,215 79,494 40,766 17,194 $28,200 $37,109
Plaza 422 Lebanon PA 3 444,020 155,026 44,886 18,014 $31,027 $39,952
Route 6 Plaza Honesdale PA 5 1,110,003 175,505
Bradford Towne Towanda PA
Centre 10 1,511,220 256,939 5,417 2,256 $33,937 $41,666
- --------------------------------------------------------------- ------------------------------------
80,805,580 7,814,991
--------------------- ------------------------------------
112,004 41,310 $49,421 $63,343
------------------------------------
87,946 32,801 $55,866 $73,415
------------------------------------
5-Mile Radius 10-Mile Radius
------------------------------------ ------------------------------------
Total # Median HH Avg. HH Total # Median HH Avg. HH
Property / JV Pop. HH Income Income Pop. HH Income Income County MSA
Ownership %
- --------------------------------------------------------------------------------------------------------------------
Brandywine Town Bergen Wilmington-
Center & Mkt Newark, DE
Sq./22.22% 115,509 46,245 $63,181 $82,051 465,744 177,868 $60,297 $82,576
Elmwood Park Bergen Bergen-
Shopping Ctr. 604,387 209,582 $49,412 $67,557 - - - - Passaic, NJ
Abington Towne Bucks Philadelphia,
Center 316,194 123,852 $49,479 $67,255 1,420,838 535,831 40,786 56,068 PA
Granville Center / Franklin Columbus, OH
22.22% 272,955 115,817 $55,421 $74,050 - - - -
Clark & Diversey Chicago, IL
Hobson West Plaza 219,460 77,196 $77,091 $96,876 - - - - DuPage Chicago, IL
Methuen Shopping Essex Boston, MA-NH
Ctr. 200,868 74,426 $40,606 $55,989 359,120 130,167 53,266 70,380
Crossroads WestchesterNew York, NY
Shopping Ctr. /
49% 199,222 73,477 $67,992 $102,645 - - - -
The Branch Plaza Suffolk Nassau-
205,906 67,405 $89,363 $103,763 - - - - Suffolk, NY
Amboy Road Richmond New York, NY
Village Commons Suffolk Nassau-
Shopping Ctr. 205,727 67,384 $89,604 $104,007 - - - - Suffolk, NY
Bloomfield Town Oakland Detroit, MI
Square 165,071 63,680 $56,286 $89,068 693,426 274,676 35,140 88,557
Crescent Plaza 164,499 58,369 $43,599 $56,535 - - - - Plymouth Boston, MA-NH
239 Greenwich Fairfield New Haven-
Avenue 139,180 50,542 $87,819 - - - - Meriden, CT
Soundview Nassau Nassau-
Marketplace 146,553 53,259 $110,828 $158,509 - - - - Suffolk, NY
Town Line Plaza 43,708 18,392 $60,038 $75,504 553,333 220,597 43,447 63,310 Hartford Hartford, CT
New Loudon Center Albany Albany-
Schenectady-
146,563 59,410 $41,551 $54,174 613,866 249,577 43,863 57,271 Troy, NY
Pacesetter Park Rockland New York, NY
Shopping Ctr. 134,012 39,338 $81,066 $102,217 - - - -
Mad River Station Montgomery Dayton-
Springfield,
124,816 50,664 $51,965 $65,750 408,808 161,200 41,890 51,485 OH
Greenridge Plaza Lackawanna Scranton-
Wilkes
Barre-
128,607 52,993 $32,446 $41,441 206,477 84,001 34,001 43,425 Hazelton, PA
Mark Plaza Luzerne Scranton-
Wilkes
Barre-
124,503 52,875 $28,794 $39,583 217,525 89,944 29,784 41,155 Hazelton, PA
Luzerne Street Lackawanna Scranton-
Shopping Ctr. Wilkes
Barre-
119,331 49,490 $31,439 $39,606 - - - - Hazelton, PA
Blackman Plaza Luzerne Scranton-
Wilkes
Barre-
118,011 50,151 $38,259 $28,229 209,428 86,555 29,751 41,041 Hazelton, PA
Sheffield Crossing Lorain Cleveland-
/ 22.22% Lorain-
117,051 44,586 $42,879 $58,196 314,596 120,675 50,540 67,635 Elyria
Amherst Lorain Cleveland-
Marketplace / Lorain-
22.22% 98,708 37,877 $38,164 $51,174 212,480 81,076 42,497 56,454 Elyria
Sterling Heights Coordinates
Shopping Center / 42.5803,
11.11% 257,839 101,330 $64,903 $73,379 - - - - 83.0298
Tarrytown Shopping WestchesterNew York, NY
Center / 11.11% 126,511 45,849 $94,270 $121,002 - - - -
Hitchcock Plaza / Coordinates
20% 33.5156,
45,931 33,112 $49,878 $60,184 84,131 59,713 43,742 52,745 81.7311
Pine Log Plaza / Coordinates
20% 33.5156,
45,931 33,112 $49,878 $60,184 84,131 59,713 43,742 52,745 81.7311
Haygood Shopping Coordinates
Center / 11.11% 36.8727,
222,837 85,740 $52,946 $61,454 686,842 263,114 47,183 56,538 76.1350
400 East Fordham The Bronx New York, NY
Road / 18.32% 1,193,183 411,564 30,162 40,477
Sherman Avenue / Manhattan New York, NY
18.32% - - - -
Pelham Manor WestchesterNew York, NY
Shopping Plaza /
18.32% 1,114,822 410,040 $44,052 $56,839
Bartow Avenue 1,435,467 511,796 $30,552 $43,522 The Bronx New York, NY
161st Street The Bronx New York, NY
/18.32%
Walnut Hill Plaza Providence Providence-
Fall River,
93,988 36,923 $40,811 $54,959 304,956 114,330 47,963 62,524 RI
Ledgewood Mall 107,018 38,479 $74,547 $92,140 263,597 94,154 $76,368 $97,665 Morris Newark, NJ
BTS Boonton LLC 99,256 36,973 $84,231 $101,502 Morris Newark, NJ
Merrillville Plaza 84,295 31,487 $48,370 $54,246 41,291 127,991 $41,656 $49,747 Lake Gary, IN
The Gateway Chittenden Burlington,
Shopping Ctr. 69,036 27,944 $37,547 $55,060 - - - - VT
Marketplace of Atlantic Atlantic
Absecon City-Cape
71,369 24,835 $56,434 $67,432 - - - - May, NJ
Pittston Plaza Luzerne Scranton-
Wilkes
Barre-
72,123 30,327 $29,150 $38,323 261,639 108,933 29,878 39,837 Hazelton, PA
Plaza 422 Lebanon Harrisburg-
Lebanon-
61,225 24,051 $33,664 $42,971 111,183 42,280 36,875 46,200 Carlisle, PA
Route 6 Plaza 12,078 4,944 $35,972 $44,544 28,631 11,448 37,277 46,049 Wayne N/A
Bradford Towne Bradford
Centre 17,148 6,584 $34,707 $42,850 N/A
- ------------------------------------------------------ ------------------------------------ ------------------------
------------------------------------ ------------------------------------
199,698 75,048 $49,756 $64,507 1,801,206 727,905 $231,751 $311,984
------------------------------------ ------------------------------------
------------------------------------ ------------------------------------
161,590 58,896 $54,129 $72,511 1,176,846 488,474 $157,161 $215,632
------------------------------------ ------------------------------------
1 Does not include the Kroger/Safeway Portfolio.
2 Fordham, Sherman Avenue and 161st Street figures are for a 2 mile radius.
3 The following table summarizes the Urban / In-fill properties which are
included in the data detailed above.
- -----------------------------------------------------------------------------------------------
Urban / in-fill Trade Total 1-Mile Radius
-----------------------------------
Area Base Total Total # Median Avg. HH
Households HH
Property / JV City State(Miles) Rent GLA Pop. ("HH") Income Income
Ownership %
- ----------------------------------------------------------- -----------------------------------
400 East Fordham The Bronx NY
Road / 18.32% 2 645,915 117,355 206,850 66,722 $24,205 $33,414
Sherman Avenue / Manhattan NY
18.32% 2 1,337,368 134,773 139,935 48,823 $31,657 $40,618
Pelham Manor WestchesterNY
Shopping Plaza /
18.32% 3 1,399,887 398,775 28,559 9,367 $60,205 $73,324
Bartow Avenue The Bronx NY 3 222,600 14,694 71,336 28,062 $36,795 $47,838
161st Street The Bronx NY
/18.32% 2 3,870,354 223,611 192,706 65,625 $20,649 $31,017
- -----------------------------------------------------------------------------------------------
7,476,124 889,208 110,955 37,373 $40,793 $52,040
------------------ -----------------------------------
144,094 49,530 $30,692 $41,112
-----------------------------------
Page 52
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2006
Residential (Multi-family) Properties
- ------------------------ -----------------
% Occupied % Occupied
Property Location Square Feet Units March 31, 2006 December 31, 2005 Occupied
- ------------------------------------------------------------------------------------------------------------------------
Mid-Atlantic
North Carolina
- ------------------------
Village Apartments Winston
Salem 578,706 600 91% 96% 548
Mid-West
Missouri
- ------------------------
Gate House, Holiday Columbia
House, Tiger Village, 625,545 874 98% 99% 857
-------------------------------------------------------------------------
Colony Apartments 1
Totals 1,204,251 1,474 95% 98% 1,405
=========================================================================
1 As this property has tenants associated with the University of Missouri,
occupancy trends are correlated to semester sessions
Page 53