UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 25, 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 October 25, 2006, Acadia Realty Trust (the "Company") issued a press release
announcing its consolidated financial results for the quarter and nine months
ended September 30, 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 October 25, 2006, the Company made available supplemental information
concerning the ownership, operations and portfolio of the Company as of and for
the quarter and nine months ended September 30, 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 October 25, 2006.
99.2 Financial and Operating Reporting Supplement of the Company
for the Quarter and Nine Months Ended September 30, 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: October 25, 2006 By: /s/ Michael Nelsen
----------------------------------
Name: Michael Nelsen
Title: Sr. Vice President
and Chief Financial Officer
2
Exhibit 99.1
Acadia Realty Trust Reports Third Quarter 2006 Operating Results
NEW YORK--(BUSINESS WIRE)--Oct. 25, 2006--Acadia Realty Trust
(NYSE: AKR - "Acadia" or the "Company"), a real estate investment
trust ("REIT"), today reported operating results for the quarter ended
September 30, 2006. All per share amounts discussed below are on a
fully diluted basis.
Third Quarter 2006 Highlights
FFO on track
-- Funds from operations ("FFO") per share of $0.30 for the third
quarter 2006 compared to $0.30 for the third quarter 2005
-- Earnings per share from continuing operations for 2006 of
$0.12 compared to $0.20 for 2005
Solid portfolio performance
-- Same-store net operating income for the retail portfolio up
1.9% for the quarter over same period in 2005
-- Portfolio occupancy at 93.0%
Strong balance sheet
-- Maintained conservative dividend payout ratio for third
quarter 2006 of 62% of FFO
-- 31% debt to total market capitalization
-- 2.9 to 1 fixed-charge coverage ratio for the quarter
External growth initiatives continue
-- New York Urban/Infill Redevelopment progress continues
-- RCP Venture - additional investments made
-- Completed core portfolio acquisition in the Bronx, New York
for $18.5 million in connection with asset recycling program
Third Quarter Operating Results
FFO, a widely accepted measure of REIT performance, for the
quarter ended September 30, 2006 was $10.0 million, or $0.30 per
share, compared to $9.9 million, or $0.30 per share for third quarter
2005. Third quarter 2005 FFO included operating income received
through Acadia's Funds I and II from the Mervyns investment and from
the settlement of a bankruptcy claim against Penn Traffic aggregating
$0.02. For the nine months ended September 30, 2006, FFO was $29.9
million or $0.88 per share compared to $27.3 million, or $0.82 per
share for the nine months ended September 30, 2005.
Earnings per share from continuing operations was $0.12 for the
third quarter 2006 compared to $0.20 for third quarter 2005 and $0.37
for the nine months ended September 30, 2006 compared to $0.47 for the
nine months ended September 30, 2005. In addition to the items
discussed above, third quarter 2005 also included $0.06 associated
with Acadia's share of a gain related to the sale of certain Mervyns
locations.
Portfolio Activity - Portfolio Occupancy at 93.0%
Including its pro-rata share of joint venture operating
properties, portfolio occupancy was 93.0% for the quarter ended
September 30, 2006, compared to occupancy of 93.5% at June 30, 2006
and occupancy of 94.2% at September 30, 2005. The decrease in
portfolio occupancy is primarily due to re-tenanting activities at the
Bloomfield Town Square and other properties within the portfolio.
Same store net operating income ("NOI") for the retail portfolio
increased 1.9% for the quarter and for the nine months ended September
30, 2006 compared with the same periods for 2005. Excluding the
adverse impact of re-tenanting activities at the Bloomfield Town
Square, same store NOI for the quarter and nine months ended September
30, 2006 increased by 3.2% and 3.3%, respectively.
During the third quarter 2006, Acadia executed new leases at an
average increase of 63%, which was favorably impacted by an anchor
lease at the Haygood Shopping Center as well as several shop space
leases within the portfolio. Renewal leases increased 34% over the
previous rents. This increase was primarily driven by the renewal of
the New York City lease at the 161st Street property.
Balance Sheet - Low Interest Rate Exposure
During the third quarter, the Company completed a $23.5 million,
10 year fixed-rate financing at a 6.1% interest rate. As of September
30, 2006, 96% of the Company's total mortgage debt, as adjusted for
its pro-rata share of consolidated joint venture debt, is fixed-rate.
For 2006, the strength of Acadia's balance sheet was evidenced by
continued solid financial ratios as follows:
-- Debt to total market capitalization of 31%
-- Fixed-charge coverage ratio (EBITDA / interest expense plus
preferred distributions) of 2.9 to 1 for the third quarter
-- Dividend payout ratio of 62% of FFO for the third quarter
-- As of September 30, 2006, approximately $179 million was
available under existing credit facilities and cash on hand 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 third quarter 2006, Acadia continued to make steady
progress in its New York Urban/Infill Redevelopment Program. The
Program currently includes a total of seven properties in its
redevelopment pipeline, for which acquisition and development costs
are anticipated to total approximately $370.0 million. Construction
has commenced on three of the seven properties. The anticipated
completion schedules and costs for these projects are set forth in the
Company's Quarterly Supplement which will be filed on Form 8-K with
the SEC.
RCP Venture - Additional Investments
During the third quarter, Acadia and its Fund II investors made
four additional investments of approximately $3.6 million in its
Retailer Controlled Property Venture ("RCP Venture") for the following
acquisitions:
-- ShopKo, a regional multi-department retailer with 358 stores
located throughout the Midwest, Mountain and Pacific Northwest
-- Marsh Supermarkets, a regional supermarket chain operating 271
stores in central Indiana, Illinois and Western Ohio
-- Two add-on investments related to the Albertsons acquisition
including Newkirk, a portfolio of 50 properties currently
leased to Albertsons, and Camellia Center, an
Albertsons-anchored center located in Sacramento, California.
Capital Recycling
During the third quarter, the Company continued its asset
recycling initiative with the purchase of 2914 Third Avenue in the Hub
section of the Bronx for $18.5 million. The property is 100% leased
and is located in a densely populated, high barrier-to-entry, infill
area. This is a continuation of Acadia's initiative of replacing
non-core assets with high-quality cash flow from infill/supply
constrained properties. This core portfolio purchase is in addition to
the Company's purchases of properties in Philadelphia, Pennsylvania,
Staten Island, New York, northern New Jersey and Lincoln Park, Chicago
over the previous 12 months. The Company is currently under contract
to sell 5 properties, including 4 properties located in Northeast
Pennsylvania.
Outlook - Maintains Earnings Guidance for 2006
The Company currently reaffirms its previously announced 2006
annual FFO and earnings per share forecast to be at the middle of the
range from $1.14 to $1.19 per share and earnings per share from $0.59
to $0.64.
Management Comments
Commenting on the results for the third quarter, Kenneth
Bernstein, President and CEO, stated, "We continue to be pleased with
the success of our business plan as evidenced by our third quarter
results. We are constantly upgrading our core portfolio through
aggressive re-tenanting and asset recycling. Furthermore, we continue
to maintain some of the strongest balance sheet ratios in our sector.
Combining this stability with our important external growth
initiatives enables us to continue to plant the seeds for future
growth. Both our Urban/Infill platform and our RCP Venture are
creating significant long-term value which, when combined with a solid
core portfolio and strong balance sheet, will continue to drive our
success."
Investor Conference Call
Management will conduct a conference call on October 26, 2006 at
2:00 PM EDT 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 40445057. The phone replay will
be available through Tuesday, November 2, 2006.
Acadia Realty Trust, headquartered in White Plains, NY, is a fully
integrated, self-managed and self-administered equity REIT focused
primarily on the ownership, acquisition, redevelopment and management
of retail properties, including neighborhood/community shopping
centers and mixed-use properties with retail components.
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. Factors that could cause or contribute to
such differences include, but are not limited to, those discussed
under the headings "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and "Risk Factors" in the
Company's most recent annual report on Form 10-K filed with the SEC on
March 16, 2006 (the "Form 10-K") and other periodic reports filed with
the SEC, including risks related to: (i) the Company's reliance on
revenues derived from major tenants; (ii) the Company's limited
control over joint venture investments; (iii) the Company's
partnership structure; (iv) real estate and the geographic
concentration of our properties; (v) market interest rates; (vi)
leverage; (vii) liability for environmental matters;(viii) the
Company's growth strategy; (ix) the Company's status as a REIT (x)
uninsured losses and (xi) the loss of key executives. Copies of the
Form 10-K and the other periodic reports Acadia files with the SEC are
available on the Company's website at www.acadiarealty.com. Any
forward-looking statements in this press release speak only as of the
date hereof. Acadia expressly disclaims any obligation or undertaking
to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Acadia's
expectations with regard thereto or change in events, conditions or
circumstances on which any such statement is based.
See the notes to the attached financial tables for a further
discussion of the Company's use of FFO and NOI.
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
(Financial Tables Follow)
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Nine Months ended September 30, 2006 and 2005
(dollars in thousands, except per share data)
For the quarters ended For the nine months ended
September 30, September 30,
Revenues 2006 (1) 2005 (1) 2006 (1) 2005 (1)
----------------------------------------------------
Minimum rents $17,079 $20,212 $51,377 $56,964
Percentage rents 677 978 988 1,329
Expense
reimbursements 3,896 3,332 11,146 10,921
Other property
income 367 1,175 823 1,680
Management fee
income 1,773 888 4,254 2,445
Interest income 2,324 1,233 5,977 2,553
----------------------------------------------------
Total
revenues 26,116 27,818 74,565 75,892
----------------------------------------------------
Operating expenses
Property operating 3,793 3,833 11,138 12,965
Real estate taxes 2,732 2,769 7,786 7,453
General and
administrative 5,786 3,583 15,872 10,519
Depreciation and
amortization 6,449 6,940 19,015 19,123
----------------------------------------------------
Total
operating
expenses 18,760 17,125 53,811 50, 060
----------------------------------------------------
Operating income 7,356 10,693 20,754 25,832
Equity in (losses)
earnings of
unconsolidated
affiliates (2,878) 18,528 4,261 18,915
Interest expense (5,584) (5,146) (16,423) (13,432)
Minority interest 4,216 (15,734) 3,471 (14,476)
----------------------------------------------------
Income from
continuing
operations before
income taxes 3,110 8,341 12,063 16,839
----------------------------------------------------
Income taxes 638 (1,627) (174) (1,627)
----------------------------------------------------
Income from
continuing
operations 3,748 6,714 11,889 15,212
----------------------------------------------------
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Nine Months ended September 30, 2006 and 2005
(dollars in thousands, except per share data)
For the quarters ended For the nine months ended
September 30, September 30,
2006 (1) 2005 (1) 2006 (1) 2005 (1)
----------------------------------------------------
Discontinued
operations:
Operating income
from discontinued
operations $381 $571 $1,462 $1,635
Impairment of real
estate -- -- -- (770)
Loss on sale of
real estate -- (50) -- (50)
Minority interest (7) (10) (28) (12)
----------------------------------------------------
Income from
discontinued
operations 374 511 1,434 803
----------------------------------------------------
Net income $4,122 $7,225 $13,323 $16,015
====================================================
Net income per
Common Share -
Basic
Net income per
Common Share -
Continuing
operations $.12 $.21 $.37 $.47
Net income per
Common Share -
Discontinued
operations .01 .02 .04 .03
----------------------------------------------------
Net income per
Common Share $.13 $.23 $.41 $.50
====================================================
Weighted average
Common Shares 32,513 32,009 32,497 31,925
====================================================
Net income per
Common Share -
Diluted (2)
Net income per
Common Share -
Continuing
operations $.12 $.20 $.37 $.47
Net income per
Common Share -
Discontinued
operations .01 .02 .04 .03
----------------------------------------------------
Net income per
Common Share $.13 $.22 $.41 $.50
----------------------------------------------------
Weighted average
Common Shares 32,836 32,706 32,805 32,187
====================================================
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Nine Months ended September 30, 2006 and 2005
(dollars in thousands, except per share data)
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (3)
For the quarters ended For the nine months ended
September 30, September 30,
2006 (1) 2005 (1) 2006 (1) 2005 (1)
----------------------------------------------------
Net income $4,122 $7,225 $13,323 $16,015
Depreciation of
real estate and
amortization of
leasing costs
(net of minority
interests' share)
Wholly owned
and
consolidated
partnerships 4,928 3,497 15,255 10,514
Unconsolidated
partnerships 397 1,115 1,247 2,343
Income
attributable to
minority interest
in Operating
Partnership 89 149 287 336
Loss (gain) on
sale (net of
minority share
and income taxes) 394 (2,113) (437) (2,113)
----------------------------------------------------
Funds from
operations -
Basic 9,930 9,873 29,675 27,095
Distributions -
Preferred OP
Units 63 74 188 254
----------------------------------------------------
Funds from
operations -
Diluted $9,993 $9,947 $29,863 $27,349
====================================================
Funds from
operations per
share - Basic
Weighted average
Common Shares and
OP Units (4) 33,156 32,658 33,146 32,527
====================================================
Funds from
operations per
share $.30 $.30 $.90 $.83
====================================================
Funds from
operations per
share - Diluted
Weighted average
Common Shares and
OP Units (4) 33,815 33,355 33,791 33,281
====================================================
Funds from
operations per
share $.30 $.30 $.88 $.82
====================================================
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
As of September 30, 2006 and December 31, 2005
(dollars in thousands, except per share data)
SELECTED BALANCE SHEET INFORMATION
September 30, December 31,
2006 (1) 2005 (1)
----------------------------
Cash and cash equivalents $68,990 $90,475
Rental property, at cost 652,616 709,907
Total assets 780,224 841,591
Mortgage notes payable 386,278 411,000
Total liabilities 447,141 474,724
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 and nine months
ended September 30, 2005 have also been presented on a fully
consolidated basis for purposes of comparability with 2006. In
addition, the Company's investment in the Brandywine Portfolio was
fully consolidated as part of Fund I for the quarter and nine months
ended September 30, 2005. As a result of the recapitalization and
conversion of the Brandywine Portfolio interests from Fund I to GDC
Properties Incorporated during January 2006, this investment is
accounted for under the equity method of accounting for the quarter
and nine months ended September 30, 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") and net operating income ("NOI") to be appropriate
supplemental disclosures of operating performance for an equity REIT
due to its widespread acceptance and use within the REIT and analyst
communities. FFO and NOI are presented to assist investors in
analyzing the performance of the Company. They are helpful as they
exclude various items included in net income that are not indicative
of the operating performance, such as gains (losses) from sales of
depreciated property and depreciation and amortization. In addition,
NOI excludes interest expense. The Company's method of calculating FFO
and NOI may be different from methods used by other REITs and,
accordingly, may not be comparable to such other REITs. FFO does not
represent cash generated from operations as defined by generally
accepted accounting principles ("GAAP") and is not indicative of cash
available to fund all cash needs, including distributions. It should
not be considered as an alternative to net income for the purpose of
evaluating the Company's performance or to cash flows as a measure of
liquidity. Consistent with the NAREIT definition, the Company defines
FFO as net income (computed in accordance with GAAP), excluding gains
(losses) from sales of depreciated property, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships
and joint ventures. Reference is made to the Company's Quarterly
Supplemental Disclosure filed on Form 8-K with the SEC for a
reconciliation of theses non-GAAP financial measures to the most
comparable GAAP financial measures.
(4) In addition to the weighted average Common Shares outstanding,
basic and diluted FFO also assumes full conversion of a weighted
average 642 and 649 OP Units into Common Shares for the quarters ended
September 30, 2006 and 2005, respectively, and 649 and 602 OP Units
into Common Shares for the nine months ended September 30, 2006 and
2005, respectively. Diluted FFO also includes the assumed conversion
of Preferred OP Units into 337 Common Shares for the quarter and nine
months ended September 30, 2006 and the assumed conversion of
Preferred OP Units into 430 and 492 Common Shares for the quarter and
nine months ended September 30, 2005.
CONTACT: Investor Relations:
Acadia Realty Trust
Jon Grisham, VP, 914-288-8142
Exhibit 99.2
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Table of Contents
-----------------
Page Page
Section I - Overview Section III - Joint Venture Information
Important Notes 2 Overview - Fund I 29
Company Information 3 Overview - Fund II 30
Portfolio Snapshot 4 Overview - RCP Venture 31
Organizational Chart 5 Fund I Properties - Detail 32
Executive Management Team 6 Top 5 Fund I Tenants 33
Section II - Financial Information Fund I - Current Valuation 34
Market Capitalization 7 Kroger/Safeway Locations 35
Shareholder Information 8 Fund II Properties - Detail 36
Operating Statements - Consolidated 9 Fund II - New York Urban/Infill Projects 37
Operating Statements - Joint Venture Activity 11
Section IV - Parent Portfolio Information
Operating Statements - Activity by Source 14
Properties - Overview 38
Operating Statements - Current v. Historical 15
Properties by Region - Summary 41
Net Operating Income - Same Property Performance 18
Properties by State - Summary 42
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")
and Funds Available for Distribution ("FAD") 19 Properties - Detail 43
Capital Expenditures 20 Leasing Production 46
Consolidated Balance Sheets 21 Top 10 Tenants - Consolidated 47
Selected Operating Ratios 22 Anchor Tenant Detail 48
Debt Analysis - Summary 23 Anchor Lease Expirations - Next 3 Years 54
Debt Analysis - Detail 24 Lease Expirations 55
Debt Maturity Schedule 27 Property Demographics 60
Unencumbered Properties 28 Residential Properties 61
Visit acadiarealty.com for current news as well as additional property details
and financial information
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 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 AND NOI AS NON-GAAP FINANCIAL MEASURES
EBITDA and NOI are a widely used financial measures 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.
2
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 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 76 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 1311 Mamaroneck Avenue Investor Jon Grisham
Headquarters Suite 260 Relations Vice President
White Plains, NY 10605 (914) 288-8142
jgrisham@acadiarealty.com
New York Symbol AKR Web Site www.acadiarealty.com
Stock Exchange
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
-------------------------------- ---------------------------
Christine McElroy - (212) 847-5658 Ambika Goel - (212) 816-6981
christine.m.mcelroy@bofasecurities.com Ambika.goel@citigroup.com
-------------------------------------- -------------------------
J.P. Morgan Securities, Inc.
Michael W. Mueller, CFA (212) 622-6689 Ryan Beck & Co.
michael.w.mueller@jpmorgan.com Sheila McGrath - (973) 549-4084
------------------------------
Josh Bederman (212) 622-6530 sheila.mcgrath@ryanbeck.com
josh.h.bederman@jpmorgan.com
Bank of Montreal RBC Capital Markets
Paul Adornato, CFA - (212) 885-4170 Rich Moore, CFA - (216) 378-7625
paul.adornato@bmo.com rich.moore@rbccm.com
--------------------- --------------------
3
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Portfolio Snapshot
- ------------------
[GRAPHIC OMITTED]
4
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Organizational Chart
- --------------------
[GRAPHIC OMITTED]
5
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Executive Management Team
-------------------------
Kenneth F. Bernstein Chief Executive Officer and
President
Mr. Bernstein is responsible for strategic planning as well 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,
Chief Investment Officer
Mr. Braun is responsible for the sourcing and financial analysis of acquisition
properties for Acadia. Previously, 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,
Director of Construction
Most recently, Mr. Hogan served as Vice President with Kimco Realty Corporation
(NYSE:KIM), where he was responsible for business development and management of
all retail and commercial construction projects for Kimco, in addition to
outside customers and development companies. Prior to joining Kimco, he was with
Konover Construction Company, a subsidiary of Konover & Associates located in
West Hartford, Connecticut, where he was responsible for construction projects
throughout the eastern half of the United States.
Robert Masters, Esq. Senior Vice President,
General Counsel,
Corporate Secretary
Prior to joining Acadia in December 1994, Mr. Masters was General Counsel for
API Asset Management for over five 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,
CPM Director of Operations
Mr. Napolitano is responsible for overseeing the company's 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,
Chief Financial Officer
Mr. Nelsen oversees all the financial activities and asset 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,
Director of Leasing
Mr. Povinelli joined Acadia in 1999 with 19 years of retail 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,
Director of Property
Management
Mr. Scholem has been the Director of Property Management since 2003 and a Senior
Vice President since August, 2005. 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.
6
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 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% 31,772
Common Operating Partnership ("OP") Units 2.0% 642
-----------
Combined Common Shares and OP Units 32,414
Market Price at September 30, 2006 $ 25.50
-----------
Equity Capitalization - Common Shares and OP Units $ 826,557
Preferred OP Units - at cost (1) 0.5% 4,188
------------- -----------
Total Equity Capitalization 100.0% 830,745 69.3%
============= =========== =================
Debt Capitalization
- -------------------
Consolidated debt 386,278
Adjustment to reflect pro-rata share of debt (18,679)
-----------
Total Debt Capitalization 367,599 30.7%
----------- -----------------
Total Market Capitalization $1,198,344 100.0%
=========== =================
[GRAPHIC OMITTED]
Weighted Average Outstanding Common Shares and O.P. Units
---------------------------------------------------------
Common
Shares O.P. Units Total
================================================================================
Basic
Quarter ended September 30, 2006 32,513,398 651,163 33,164,561
Year-to-date September 30, 2006 32,497,153 652,256 33,149,409
Fully Diluted (3)
Quarter ended September 30, 2006 32,836,473 651,163 33,487,636
Year-to-date September 30, 2006 32,804,628 652,256 33,456,884
================================================================================
Basic
Quarter ended September 30, 2005 32,008,982 648,652 32,657,634
Year-to-date September 30, 2005 31,925,456 602,286 32,527,742
Fully Diluted (3)
Quarter ended September 30, 2005 32,706,201 648,652 33,354,853
Year-to-date September 30, 2005 32,187,414 602,286 32,789,700
(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 337,079 for both the quarter and
nine months ended September 30, 2006, and 429,879 and 491,746 the quarter
and nine months ended September 30, 2005.
7
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Shareholder Information
-----------------------
(amounts in thousands)
[GRAPHIC OMITTED]
10 Largest Institutional/Non-Retail Shareholders (1) Percent of Out-
Common standing Common
Shareholder Shares Held Shares
- ---------------------------------------------- ---------------- ----------------
Wellington Management 3,963 12.5%
Third Avenue Management 2,475 7.8%
Heitman Real Estate Securities 2,372 7.5%
Yale University 2,184 6.9%
Cliffwood Partners 1,742 5.5%
Morgan Stanley 1,731 5.4%
Barclay's Global Investors 1,618 5.1%
Redding K G & Associated LLC 1,488 4.7%
Vanguard Group 1,487 4.7%
State Street Corp 810 2.5%
---------------- ----------------
Total of 10 Largest Institutional Shareholders 19,870 62.5%
================ ================
Total of all Institutional Shareholders 30,050 94.6%
================ ================
Operating Partnership
Unit Information
----------------
Percent of
Total O.P. Units
----------------
Managment O.P. Unit Holders 338 52.6%
Other O.P. Unit Holders 304 47.4%
------------ ----------------
Total O.P. Units 642 100.0%
============ ================
(1) Based on most recent Schedule 13F filing
8
ACADIA
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Statements of Operations - Consolidated (1)
Current Quarter and Year-to-Date
(in thousands)
Year to Date Current Quarter
Period 3 months
ended September 30, ended September 30,
2006 2006
--------------------------------------------- -------------------------------------------------
Discontinued Discontinued
Wholly Owned JV's operations Total Wholly Owned JV's Operations Total
PROPERTY REVENUES
Minimum rents $ 36,940 $ 15,283 $ 4,757 $ 56,980 $ 12,399 $ 4,026 $ 1,603 $ 18,028
-------- -------- -------- -------- -------- -------- -------- --------
Percentage rents 420 201 53 674 113 191 11 315
Expense reimbursements 9,647 2,100 1,908 13,655 3,340 811 498 4,649
Other property income 588 163 57 808 190 146 3 339
-------- -------- -------- -------- -------- -------- -------- --------
47,595 17,747 6,775 72,117 16,042 5,174 2,115 23,331
-------- -------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 9,037 1,629 1,707 12,373 3,096 589 603 4,288
Real estate taxes 5,893 1,671 1,535 9,099 2,068 587 393 3,048
-------- -------- -------- -------- -------- -------- -------- --------
14,930 3,300 3,242 21,472 5,164 1,176 996 7,336
-------- -------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 32,665 14,447 3,533 50,645 10,878 3,998 1,119 15,995
OTHER INCOME (EXPENSE)
General and administrative (7,947) -- -- (7,947) (2,897) -- -- (2,897)
Property related home
office expenses (7,430) (226) -- (7,656) (2,675) (102) -- (2,777)
Equity in earnings of
unconsolidated properties -- 212 -- 212 -- 42 -- 42
Lease termination income -- -- -- -- -- -- -- --
Interest income 5,617 378 -- 5,995 2,094 141 -- 2,235
Asset and property
management income (2) 8,825 -- -- 8,825 3,756 -- -- 3,756
Promote Fee (3) 258 -- -- 258 -- -- -- --
Property management expense (117) (5) (83) (205) (14) 128 (57) 57
Straight-line rent income 331 (843) 39 (473) 25 820 18 863
Straight-line rents written off -- -- -- -- -- -- -- --
FAS 141 Rent (145) (21) -- (166) (124) (8) -- (132)
Abandoned project costs -- -- -- -- -- -- -- --
Hurricane related income (expenses) -- -- -- -- -- -- -- --
Provision for Income Taxes (111) (51) -- (162) 664 (16) -- 648
Other income (expense) (8) 173 -- 165 -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
EBIDTA 31,938 14,064 3,489 49,491 11,707 5,003 1,080 17,790
Depreciation and amortization (11,261) (5,828) (1,361) (18,450) (3,836) (1,923) (462) (6,221)
FAS 141 Amortization (553) (124) -- (677) (242) (41) -- (283)
Interest expense (11,301) (5,119) (666) (17,086) (3,951) (1,827) (237) (6,015)
Loan defeasance
(net of reimbursement) 1,141 (1,467) -- (326) -- -- -- --
FAS 141 Interest 62 742 -- 804 23 15 -- 38
Impairment of real estate -- -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- -- --
Gain (loss) on sale of
properties - Mervyns (1) -- 315 -- 315 -- (934) -- (934)
Income taxes on gain
on property sale - Mervyns -- -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
Income before minority interest 10,026 2,583 1,462 14,071 3,701 293 381 4,375
Minority interest - OP (205) (54) (28) (287) (78) (4) (7) (89)
Minority interest (184) (277) -- (461) (62) (102) -- (164)
-------- -------- -------- -------- -------- -------- -------- --------
NET INCOME $ 9,637 $ 2,252 $ 1,434 $ 13,323 $ 3,561 $ 187 $ 374 $ 4,122
========= ========= ========= ========= ======== ======== ======== ========
(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 Mervyns I & II 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 3rd Quarter 2nd Quarter 1st Quarter
- ---------------------- --- ----------- -----------------------
Asset management fee Fund I $ -- $ (108) $ 108
Asset management fee Fund II 2,700 900 900 900
Property management/Leasing/Construction/legal fees - Fund I (4) 273 90 144 39
Property management/Construction/legal fees - Fund II (4) 1,594 1,027 289 278
Klaff related fees 3,158 1,115 985 1,058
Other fees 1,100 624 296 180
------- ------- ------- -------
$ 8,825 $ 3,756 $ 2,506 $ 2,563
Priority distributions - Fund I 568 352 216 --
------- ------- ------- -------
Total Management fees and priority distributions $ 9,393 $ 4,108 $ 2,722 $ 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.
4 Includes approximately $1,100 of construction activity reclassified from G&A to construction fee revenue.
PAGE 9
ACADIA
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Statements of Operations - Consolidated (1)
Current Quarter and Year-to-Date
(in thousands)
Previous Quarters
3 months 3 months
ended June 30, ended March 31,
2006 2006
--------------------------------------------- -------------------------------------------------
Discontinued Discontinued
Wholly Owned JV's operations Total Wholly Owned JV's Operations Total
PROPERTY REVENUES
Minimum rents $ 12,290 $ 5,911 $ 1,582 $ 19,783 $ 12,251 $ 5,346 $ 1,572 $ 19,169
Percentage rents 122 1 29 152 185 9 13 207
Expense reimbursements 3,045 580 665 4,290 3,262 709 745 4,716
Other property income 207 1 23 231 191 16 31 238
-------- -------- -------- -------- -------- -------- -------- --------
15,664 6,493 2,299 24,456 15,889 6,080 2,361 24,330
-------- -------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 2,839 502 511 3,852 3,102 538 593 4,233
Real estate taxes 1,831 453 589 2,873 1,994 631 553 3,178
-------- -------- -------- -------- -------- -------- -------- --------
4,670 955 1,100 6,725 5,096 1,169 1,146 7,411
-------- -------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 10,994 5,538 1,199 17,731 10,793 4,911 1,215 16,919
OTHER INCOME (EXPENSE)
General and administrative (2,357) -- -- (2,357) (2,693) -- -- (2,693)
Property related home
office expenses (2,238) (63) -- (2,301) (2,517) (61) -- (2,578)
Equity in earnings
of unconsolidated properties -- (46) -- (46) -- 216 -- 216
Lease termination income -- -- -- -- -- -- -- --
Interest income 1,860 134 -- 1,994 1,663 103 -- 1,766
Asset and property
management income (2) 2,506 -- -- 2,506 2,563 -- -- 2,563
Promote Fee (3) -- -- -- -- 258 -- -- 258
Property management expense (39) 105 (15) 51 (64) (238) (11) (313)
Straight-line rent income 192 (1,130) 9 (929) 114 (533) 12 (407)
Straight-line rents written off -- -- -- -- -- -- -- --
FAS 141 Rent (68) (8) -- (76) 47 (5) -- 42
Abandoned project costs -- -- -- -- -- -- -- --
Hurricane related income (expenses) -- -- -- -- -- -- -- --
Provision for Income Taxes (356) (5) -- (361) (419) (30) -- (449)
Other income (expense) (8) 173 -- 165 -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
EBIDTA 10,486 4,698 1,193 16,377 9,745 4,363 1,216 15,324
Depreciation and amortization (3,721) (1,984) (448) (6,153) (3,704) (1,921) (451) (6,076)
FAS 141 Amortization (157) (41) -- (198) (154) (42) -- (196)
Interest expense (3,812) (1,744) (225) (5,781) (3,538) (1,548) (204) (5,290)
Loan defeasance
(net of reimbursement) -- -- -- -- 1,141 (1,467) -- (326)
FAS 141 Interest 23 15 -- 38 16 712 -- 728
Impairment of real estate -- -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- -- --
Gain (loss) on
sale of properties - Mervyns (1) -- 785 -- 785 -- 464 -- 464
Income taxes on gain
on property sale - Mervyns -- -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
Income before minority interest 2,819 1,729 520 5,068 3,506 561 561 4,628
Minority interest - OP (63) (31) (10) (104) (64) (19) (11) (94)
Minority interest (34) (82) -- (116) (88) (93) -- (181)
-------- -------- -------- -------- -------- -------- -------- --------
NET INCOME $ 2,722 $ 1,616 $ 510 $ 4,848 $ 3,354 $ 449 $ 550 $ 4,353
======== ======== ======== ======== ======== ======== ======== ========
PAGE 10
ACADIA
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Statements of Operations - Joint Venture Activity (1)
Current Quarter and Year-to-Date
(in thousands)
Year-to-Date
Period
ended September 30,
2006
--------------------------------------------------------------------------
AKR Pro-rata AKR
share and Brandywine AKR Pro-
Fund 1 20% Promote Promote Mervyns 1 rata share Fund II
--------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 9,350 $ 3,532 $ 5,818 $ -- $ -- $ 6,473
Percentage rents -- -- -- -- -- 569
Expense reimbursements 614 232 382 -- -- 885
Other property income 139 52 87 -- -- 53
-------- -------- -------- -------- -------- --------
10,103 3,816 6,287 -- -- 7,980
-------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 498 188 310 -- -- 1,394
Real estate taxes 648 244 404 -- -- 1,244
-------- -------- -------- -------- -------- --------
1,146 432 714 -- -- 2,638
-------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 8,957 3,384 5,573 -- -- 5,342
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- --
Property related home office expenses (175) (67) (108) (5) (2) (242)
Equity in earnings of unconsolidated properties 123 31 47 464 89 (229)
Lease termination income -- -- -- -- -- --
Interest income 297 112 185 32 11 150
Asset and property management income -- -- -- -- -- --
Promote Fee -- -- -- (332) -- --
Asset and property management expense (2) (5) (2) (3) -- -- (3,672)
Straight-line rent income (958) (362) (596) -- -- 56
Straight-line rents written off -- -- -- -- -- --
FAS 141 Rent -- -- -- -- -- (672)
Abandoned project costs -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- --
Provision for income taxes (47) (18) (29) (8) (3) --
Other income -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
EBIDTA 8,192 3,078 5,069 151 95 733
Depreciation and amortization (3) (4,748) (1,795) (2,953) -- -- (1,864)
FAS 141 Amortization -- -- -- -- -- (622)
Interest expense (1,857) (656) (1,156) (12) (5) (3,596)
Loan defeasance -- -- -- -- -- --
FAS 141 Interest 45 18 27 -- -- --
Impairment of real estate -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- --
Gain (loss) on sale of properties - Mervyn's -- -- -- 843 146 --
Income taxes on gain on property sale - Mervyn's -- -- -- -- -- --
Income before minority interest 1,632 645 987 982 236 (5,349)
-------- -------- -------- -------- -------- --------
Minority interest - OP -- (13) (20) -- (3) --
Minority interest (287) (109) (178) -- -- 51
-------- -------- -------- -------- -------- --------
NET INCOME $ 1,345 $ 523 $ 789 $ 982 $ 233 $ (5,298)
======== ======== ======== ======== ======== ========
Year-to-Date
Period
ended September 30,
2006
-----------------------------------------------------------------------------------------------
AKR Pro- AKR Pro- AKR Pro- AKR Pro- AKR Pro
rata share Mervyns II rata share Brandywine JV rata share Crossroads rata share rata Total
-----------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 1,297 $ -- $ -- $ 10,775 $ 2,394 $ 4,573 $ 2,242 $ 15,283
Percentage rents 114 -- -- 364 81 12 6 201
Expense reimbursements 177 -- -- 1,741 387 1,881 922 2,100
Other property income 11 -- -- 3 -- 27 13 163
-------- -------- -------- -------- -------- -------- -------- --------
1,599 -- -- 12,883 2,862 6,493 3,183 17,747
-------- -------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 279 -- -- 2,273 505 708 347 1,629
Real estate taxes 249 -- -- 686 153 1,269 621 1,671
-------- -------- -------- -------- -------- -------- -------- --------
528 -- -- 2,959 658 1,977 968 3,300
NET OPERATING INCOME - PROPERTIES 1,071 -- -- 9,924 2,204 4,516 2,215 14,447
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- -- -- --
Property related home
office expenses (48) (5) (1) -- -- -- -- (226)
Equity in earnings of
unconsolidated properties (46) 464 91 -- -- -- -- 212
Lease termination income -- -- -- -- -- -- -- --
Interest income 30 33 6 55 12 46 22 378
Asset and property
management income -- -- -- -- -- -- -- --
Promote Fee -- -- -- -- -- -- -- --
Asset and property
management expense (2) -- -- -- (661) -- -- -- (5)
Straight-line rent income 11 -- -- 421 93 22 11 (843)
Straight-line rents written off -- -- -- -- -- -- -- --
FAS 141 Rent (135) -- -- 512 114 -- -- (21)
Abandoned project costs -- -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- -- -- --
Provision for income taxes -- (8) (1) -- -- -- -- (51)
Other income -- -- -- -- -- 354 173 173
-------- -------- -------- -------- -------- -------- -------- --------
EBIDTA 883 484 95 10,251 2,423 4,938 2,421 14,064
Depreciation and
amortization (3) (373) -- -- (2,214) (492) (437) (215) (5,828)
FAS 141 Amortization (124) -- -- -- -- -- -- (124)
Interest expense (719) (12) (2) (6,055) (1,303) (2,607) (1,278) (5,119)
Loan defeasance -- -- -- (6,604) (1,467) -- -- (1,467)
FAS 141 Interest -- -- -- 3,138 697 -- -- 742
Impairment of real estate -- -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- -- --
Gain (loss) on sale of
properties - Mervyn's -- 843 169 -- -- -- -- 315
Income taxes on gain on
property sale - Mervyn's -- -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
Income before minority interest (333) 1,315 262 (1,484) (142) 1,894 928 2,583
Minority interest - OP 7 -- (6) -- -- -- (19) (54)
Minority interest 10 -- -- -- -- -- -- (277)
-------- -------- -------- -------- -------- -------- -------- --------
NET INCOME $ (316) $ 1,315 $ 256 $ (1,484) $ (142) $ 1,894 $ 909 $ 2,252
======== ======== ======== ======== ======== ======== ======== ========
(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) 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
(3) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads.
PAGE 11
ACADIA
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Statements of Operations - Joint Venture Activity (1)
Current Quarter and Year-to-Date
(in thousands)
Current Quarter
3 months
ended September 30,
2006
----------------------------------------------------------------------------
AKR Pro-rata AKR
share and Brandywine AKR Pro- AKR Pro-
Fund 1 20% Promote Promote Mervyns 1 rata share Fund II rata share
----------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,042 $ 771 $ 1,271 $ -- $ -- $ 2,180 $ 436
------- ------- ------- ------- ------- ------- -------
Percentage rents -- -- -- -- -- 564 113
Expense reimbursements 347 131 216 -- -- 209 42
Other property income 133 50 83 -- -- 44 9
------- ------- ------- ------- ------- ------- -------
2,522 952 1,570 -- -- 2,997 600
------- ------- ------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating 204 77 127 -- -- 459 92
Real estate taxes 236 89 147 -- -- 428 86
------- ------- ------- ------- ------- ------- -------
440 166 274 -- -- 887 178
------- ------- ------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES 2,082 786 1,296 -- -- 2,110 422
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- -- --
Property related home office expenses (73) (28) (45) (4) (2) (132) (26)
Equity in earnings of unconsolidated properties 33 12 6 57 22 (38) (8)
Lease termination income -- -- -- -- -- -- --
Interest income 100 38 62 24 9 85 17
Asset and property management income -- -- -- -- -- -- --
Promote Fee -- -- -- -- -- -- --
Asset and property management expense (2) 128 48 80 -- -- (1,229) --
Straight-line rent income 786 297 489 -- -- (8) (2)
Straight-line rents written off -- -- -- -- -- -- --
FAS 141 Rent -- -- -- -- -- (224) (45)
Abandoned project costs -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- -- --
Provision for income taxes (13) (5) (8) (6) (2) -- --
Other income -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
EBIDTA 3,043 1,148 1,880 71 27 564 358
Depreciation and amortization (3) (1,569) (593) (976) -- -- (626) (125)
FAS 141 Amortization -- -- -- -- -- (207) (41)
Interest expense (617) (218) (384) (12) (5) (1,103) (221)
Loan defeasance -- -- -- -- -- -- --
FAS 141 Interest 15 6 9 -- -- -- --
Impairment of real estate -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- --
Gain (loss) on sale of properties - Mervyn's -- -- -- (1,615) (611) -- --
Income taxes on gain on property sale - Mervyn's -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
Income before minority interest 872 343 529 (1,556) (589) (1,372) (29)
Minority interest - OP -- (7) (11) -- 12 -- 1
Minority interest (104) (39) (65) -- -- 10 2
------- ------- ------- ------- ------- ------- -------
NET INCOME $ 768 $ 297 $ 453 $(1,556) $ (577) $(1,362) $ (26)
======= ======= ======= ======= ======= ======= =======
Current Quarter
3 months
ended September 30,
2006
----------------------------------------------------------------------------
AKR Pro- Brandy- AKR Pro- AKR Pro- AKR Pro-
Mervyns II rata share wine JV rata share Crossroads rata share rata Total
----------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ -- $ -- 3,591 $ 798 $ 1,530 $ 750 $ 4,026
Percentage rents -- -- 322 72 12 6 191
Expense reimbursements -- -- 539 120 616 302 811
Other property income -- -- 2 -- 8 4 146
------- ------- ------- ------- ------- ------- -------
-- -- 4,454 990 2,166 1,062 5,174
------- ------- ------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating -- -- 797 177 236 116 589
Real estate taxes -- -- 238 53 433 212 587
------- ------- ------- ------- ------- ------- -------
-- -- 1,035 230 669 328 1,176
NET OPERATING INCOME - PROPERTIES -- -- 3,419 760 1,497 734 3,998
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- --
Property related home office expenses (4) (1) -- -- -- -- (102)
Equity in earnings of unconsolidated properties 57 10 -- -- -- -- 42
Lease termination income -- -- -- -- -- -- --
Interest income 24 5 24 5 11 5 141
Asset and property management income -- -- -- -- -- -- --
Promote Fee -- -- -- -- -- -- --
Asset and property management expense (2) -- -- (226) -- -- -- 128
Straight-line rent income -- -- 123 27 18 9 820
Straight-line rents written off -- -- -- -- -- -- --
FAS 141 Rent -- -- 165 37 -- -- (8)
Abandoned project costs -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- -- --
Provision for income taxes (6) (1) -- -- -- -- (16)
Other income -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
EBIDTA 71 13 3,505 829 1,526 748 5,003
Depreciation and amortization (3) -- -- (706) (157) (146) (72) (1,923)
FAS 141 Amortization -- -- -- -- -- -- (41)
Interest expense (12) (2) (2,547) (566) (879) (431) (1,827)
Loan defeasance -- -- -- -- -- -- --
FAS 141 Interest -- -- -- -- -- -- 15
Impairment of real estate -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- --
Gain (loss) on sale of properties - Mervyn's (1,615) (323) -- -- -- -- (934)
Income taxes on gain on property sale - Mervyn's -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
Income before minority interest (1,556) (312) 252 106 501 245 293
Minority interest - OP -- 6 -- -- -- (5) (4)
Minority interest -- -- -- -- -- -- (102)
------- ------- ------- ------- ------- ------- -------
NET INCOME $(1,556) $ (306) $ 252 $ 106 $ 501 $ 240 $ 187
======= ======= ======= ======= ======= ======= =======
PAGE 12
ACADIA
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Statements of Operations - Joint Venture Activity (1)
Current Quarter and Year-to-Date
(in thousands)
Previous Quarter
3 months
ended June 30,
2006
----------------------------------------------------------------------------
AKR Pro-rata AKR
share and Brandywine AKR Pro- AKR Pro-
Fund 1 20% Promote Promote Mervyns 1 rata share Fund II rata share
----------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 3,963 $ 1,497 $ 2,466 $ -- $ -- $ 1,976 $ 395
------- ------- ------- ------- ------- ------- -------
Percentage rents -- -- -- -- -- 5 1
Expense reimbursements 76 29 47 -- -- 252 50
Other property income (3) (1) (2) -- -- 1 --
------- ------- ------- ------- ------- ------- -------
4,036 1,525 2,511 -- -- 2,234 446
------- ------- ------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating 152 57 95 -- -- 386 77
Real estate taxes 115 43 72 -- -- 407 81
------- ------- ------- ------- ------- ------- -------
267 100 167 -- -- 793 158
------- ------- ------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES 3,769 1,425 2,344 -- -- 1,441 288
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- -- --
Property related home office expenses (50) (19) (31) (1) -- (64) (13)
Equity in earnings of unconsolidated properties 71 27 29 (152) (57) (69) (14)
Lease termination income -- -- -- -- -- -- --
Interest income 109 41 68 2 1 57 11
Asset and property management income -- -- -- -- -- -- --
Promote Fee -- -- -- -- -- -- --
Asset and property management expense (2) 105 40 65 -- -- (1,238) --
Straight-line rent income (1,180) (446) (734) -- -- 60 12
Straight-line rents written off -- -- -- -- -- -- --
FAS 141 Rent -- -- -- -- -- (224) (45)
Abandoned project costs -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- -- --
Provision for income taxes (4) (2) (2) (2) (1) -- --
Other income -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
EBIDTA 2,820 1,066 1,739 (153) (57) (37) 239
Depreciation and amortization (3) (1,608) (608) (1,000) -- -- (643) (129)
FAS 141 Amortization -- -- -- -- -- (207) (41)
Interest expense (612) (216) (381) -- -- (1,421) (284)
Loan defeasance -- -- -- -- -- -- --
FAS 141 Interest 15 6 9 -- -- -- --
Impairment of real estate -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- --
Gain (loss) on sale of properties - Mervyn's -- -- -- 1,359 513 -- --
Income taxes on gain on property sale - Mervyn's -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
Income before minority interest 615 248 367 1,206 456 (2,308) (215)
Minority interest - OP -- (5) (7) -- (9) -- 4
Minority interest (89) (34) (55) -- -- 35 7
------- ------- ------- ------- ------- ------- -------
NET INCOME $ 526 $ 209 $ 305 $ 1,206 $ 447 $(2,273) $ (204)
======= ======= ======= ======= ======= ======= =======
Previous Quarter
3 months
ended June 30,
2006
----------------------------------------------------------------------------
AKR Pro- Brandy- AKR Pro- AKR Pro- AKR Pro-
Mervyns II rata share wine JV rata share Crossroads rata share rata Total
----------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ -- $ -- 3,615 $ 803 $ 1,529 $ 750 $ 5,911
Percentage rents -- -- -- -- -- -- 1
Expense reimbursements -- -- 648 144 633 310 580
Other property income -- -- 1 -- 9 4 1
------- ------- ------- ------- ------- ------- -------
-- -- 4,264 947 2,171 1,064 6,493
------- ------- ------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating -- -- 697 155 241 118 502
Real estate taxes -- -- 224 50 423 207 453
------- ------- ------- ------- ------- ------- -------
-- -- 921 205 664 325 955
------- ------- ------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES -- -- 3,343 742 1,507 739 5,538
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- --
Property related home office expenses (1) -- -- -- -- -- (63)
Equity in earnings of unconsolidated properties (152) (31) -- -- -- -- (46)
Lease termination income -- -- -- -- -- -- --
Interest income 2 -- 26 6 15 7 134
Asset and property management income -- -- -- -- -- -- --
Promote Fee -- -- -- -- -- -- --
Asset and property management expense (2) -- -- (225) -- -- -- 105
Straight-line rent income -- -- 136 30 17 8 (1,130)
Straight-line rents written off -- -- -- -- -- -- --
FAS 141 Rent -- -- 165 37 -- -- (8)
Abandoned project costs -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- -- --
Provision for income taxes (2) -- -- -- -- -- (5)
Other income -- -- -- -- 354 173 173
------- ------- ------- ------- ------- ------- -------
EBIDTA (153) (31) 3,445 815 1,893 927 4,698
Depreciation and amortization (3) -- -- (784) (174) (148) (73) (1,984)
FAS 141 Amortization -- -- -- -- -- -- (41)
Interest expense -- -- (1,965) (437) (869) (426) (1,744)
Loan defeasance -- -- -- -- -- -- --
FAS 141 Interest -- -- -- -- -- -- 15
Impairment of real estate -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- --
Gain (loss) on sale of properties - Mervyn's 1,359 272 -- -- -- -- 785
Income taxes on gain on property sale - Mervyn's -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
Income before minority interest 1,206 241 696 204 876 428 1,729
Minority interest - OP -- (5) -- -- -- (9) (31)
Minority interest -- -- -- -- -- -- (82)
------- ------- ------- ------- ------- ------- -------
NET INCOME $ 1,206 $ 236 $ 696 $ 204 $ 876 $ 419 $ 1,616
======= ======= ======= ======= ======= ======= =======
PAGE 13
ACADIA
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Statements of Operations - Joint Venture Activity (1)
Current Quarter and Year-to-Date
(in thousands)
Previous Quarter
3 months
ended March 31,
2006
----------------------------------------------------------------------------
AKR Pro-rata AKR
share and Brandywine AKR Pro- AKR Pro-
Fund 1 20% Promote Promote Mervyns 1 rata share Fund II rata share
----------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 3,345 $ 1,264 $ 2,081 $ -- $ -- $ 2,317 $ 466
Percentage rents -- -- -- -- -- -- --
Expense reimbursements 191 72 119 -- -- 424 85
Other property income 9 3 6 -- -- 8 2
------- ------- ------- ------- ------- ------- -------
3,545 1,339 2,206 -- -- 2,749 553
------- ------- ------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating 142 54 88 -- -- 549 110
Real estate taxes 297 112 185 -- -- 409 82
------- ------- ------- ------- ------- ------- -------
439 166 273 -- -- 958 192
------- ------- ------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES 3,106 1,173 1,933 -- -- 1,791 361
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- -- --
Property related home office expenses (52) (20) (32) -- -- (46) (9)
Equity in earnings of unconsolidated properties 19 (8) 12 559 124 (122) (24)
Lease termination income -- -- -- -- -- -- --
Interest income 88 33 55 6 1 8 2
Asset and property management income -- -- -- -- -- -- --
Promote Fee -- -- -- (332) -- -- --
Asset and property management expense (2) (238) (90) (148) -- -- (1,205) --
Straight-line rent income (564) (213) (351) -- -- 4 1
Straight-line rents written off -- -- -- -- -- -- --
FAS 141 Rent -- -- -- -- -- (224) (45)
Abandoned project costs -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- -- --
Provision for income taxes (30) (11) (19) -- -- -- --
Other income -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
EBIDTA 2,329 864 1,450 233 125 206 286
Depreciation and amortization (3) (1,571) (594) (977) -- -- (595) (119)
FAS 141 Amortization -- -- -- -- -- (208) (42)
Interest expense (628) (222) (391) -- -- (1,072) (214)
Loan defeasance -- -- -- -- -- -- --
FAS 141 Interest 15 6 9 -- -- -- --
Impairment of real estate -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- --
Gain (loss) on sale of properties - Mervyn's -- -- -- 1,099 244 -- --
Income taxes on gain on property sale - Mervyn's -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
Income before minority interest 145 54 91 1,332 369 (1,669) (89)
Minority interest - OP -- (1) (2) -- (6) -- 2
Minority interest (94) (36) (58) -- -- 6 1
------- ------- ------- ------- ------- ------- -------
NET INCOME $ 51 $ 17 $ 31 $ 1,332 $ 363 $(1,663) $ (86)
======= ======= ======= ======= ======= ======= =======
Previous Quarter
3 months
ended March 31,
2006
----------------------------------------------------------------------------
AKR Pro- Brandy- AKR Pro- AKR Pro- AKR Pro-
Mervyns II rata share wine JV rata share Crossroads rata share rata Total
----------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ -- $ -- 3,569 $ 793 $ 1,514 $ 742 $ 5,346
Percentage rents -- -- 42 9 -- -- 9
Expense reimbursements -- -- 554 123 632 310 709
Other property income -- -- -- -- 10 5 16
------- ------- ------- ------- ------- ------- -------
-- -- 4,165 925 2,156 1,057 6,080
------- ------- ------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating -- -- 779 173 231 113 538
Real estate taxes -- -- 224 50 413 202 631
------- ------- ------- ------- ------- ------- -------
-- -- 1,003 223 644 315 1,169
------- ------- ------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES -- -- 3,162 702 1,512 742 4,911
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- --
Property related home office expenses -- -- -- -- -- -- (61)
Equity in earnings of unconsolidated properties 559 112 -- -- -- -- 216
Lease termination income -- -- -- -- -- -- --
Interest income 7 1 5 1 20 10 103
Asset and property management income -- -- -- -- -- -- --
Promote Fee -- -- -- -- -- -- --
Asset and property management expense (2) -- -- (210) -- -- -- (238)
Straight-line rent income -- -- 162 36 (13) (6) (533)
Straight-line rents written off -- -- -- -- -- -- --
FAS 141 Rent -- -- 182 40 -- -- (5)
Abandoned project costs -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- -- --
Provision for income taxes -- -- -- -- -- -- (30)
Other income -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
EBIDTA 566 113 3,301 779 1,519 746 4,363
Depreciation and amortization (3) -- -- (724) (161) (143) (70) (1,921)
FAS 141 Amortization -- -- -- -- -- -- (42)
Interest expense -- -- (1,543) (300) (859) (421) (1,548)
Loan defeasance -- -- (6,604) (1,467) -- -- (1,467)
FAS 141 Interest -- -- 3,138 697 -- -- 712
Impairment of real estate -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- --
Gain (loss) on sale of properties - Mervyn's 1,099 220 -- -- -- -- 464
Income taxes on gain on property sale - Mervyn's -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
Income before minority interest 1,665 333 (2,432) (452) 517 255 561
Minority interest - OP -- (7) -- -- -- (5) (19)
Minority interest -- -- -- -- -- -- (93)
------- ------- ------- ------- ------- ------- -------
NET INCOME $ 1,665 $ 326 $(2,432) $ (452) $ 517 $ 250 $ 449
======= ======= ======= ======= ======= ======= =======
PAGE 14
ACADIA
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Statements of Operations - Activity by Source (1)
(in thousands)
Year-to-date Current Quarter
Period 3 months
ended September 30, ended September 30,
2006 2006
-------------------------------------------- -------------------------------------------------
Retail Multi-Family Corporate Total Retail Multi-Family Corporate Total
-------------------------------------------- -------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 51,451 $ 5,529 $ -- $ 56,980 $ 16,246 $ 1,782 $ -- $ 18,028
Percentage rents 674 -- -- 674 315 -- -- 315
Expense reimbursements 13,655 -- -- 13,655 4,649 -- -- 4,649
Other property income 480 328 -- 808 256 83 -- 339
-------- -------- -------- -------- -------- -------- -------- --------
66,260 5,857 -- 72,117 21,466 1,865 -- 23,331
-------- -------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 9,515 2,858 -- 12,373 3,231 1,057 -- 4,288
Real estate taxes 8,785 314 -- 9,099 2,949 99 -- 3,048
-------- -------- -------- -------- -------- -------- -------- --------
18,300 3,172 -- 21,472 6,180 1,156 -- 7,336
-------- -------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 47,960 2,685 -- 50,645 15,286 709 -- 15,995
OTHER INCOME (EXPENSE)
General and administrative -- -- (7,947) (7,947) -- -- (2,897) (2,897)
Property related home
office expenses -- -- (7,656) (7,656) -- -- (2,777) (2,777)
Equity in earnings of
Fund I unconsolidated properties 211 -- -- 211 42 -- -- 42
Lease termination income -- -- -- -- -- -- -- --
Interest income -- 13 5,982 5,995 -- 5 2,230 2,235
Asset and property
management income -- -- 8,825 8,825 -- -- 3,756 3,756
Promote Fee 258 -- -- 258 -- -- -- --
Other property management fees (93) (112) -- (205) 98 (41) -- 57
Straight-line rent income (473) -- -- (473) 863 -- -- 863
Straight-line rents written off -- -- -- -- -- -- -- --
FAS 141 Rent (166) -- -- (166) (132) -- -- (132)
Abandoned project costs -- -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- -- -- --
Provision for income taxes (162) -- -- (162) 648 -- -- 648
Other income 165 -- -- 165 -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
EBIDTA 47,700 2,586 (796) 49,490 16,805 673 312 17,790
Depreciation and amortization (16,966) (1,133) (351) (18,450) (5,724) (380) (117) (6,221)
FAS 141 Amortization (676) -- -- (676) (283) -- -- (283)
Interest expense (15,992) (1,094) -- (17,086) (5,650) (365) -- (6,015)
Loan defeasance (326) -- -- (326) -- -- -- --
FAS 141 Interest 804 -- -- 804 38 -- -- 38
Impairment of real estate -- -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- -- --
Gain (loss) on sale
of properties - Mervyn's 315 -- -- 315 (934) -- -- (934)
Income taxes on gain
on property sale - Mervyn's -- -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
Income before minority interest 14,859 359 (1,147) 14,071 4,252 (72) 195 4,375
Minority interest - OP (302) (8) 23 (287) (86) 1 (4) (89)
Minority interest (461) -- -- (461) (164) -- -- (164)
-------- -------- -------- -------- -------- -------- -------- --------
NET INCOME $ 14,096 $ 351 $ (1,124) $ 13,323 $ 4,002 $ (71) $ 191 $ 4,122
======== ======== ======== ======== ======== ======== ======== ========
(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 Mervyns I & II 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.
Previous Quarters
Period 3 months
ended June 30, ended March 31,
2006 2006
-------------------------------------------- -------------------------------------------------
Retail Multi-Family Corporate Total Retail Multi-Family Corporate Total
-------------------------------------------- -------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 17,941 $ 1,842 $ -- $ 19,783 $ 17,264 $ 1,905 $ -- $ 19,169
Percentage rents 152 -- -- 152 207 -- -- 207
Expense reimbursements 4,290 -- -- 4,290 4,716 -- -- 4,716
Other property income 113 118 -- 231 111 127 -- 238
-------- -------- -------- -------- -------- -------- -------- --------
22,496 1,960 -- 24,456 22,298 2,032 -- 24,330
-------- -------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 2,951 901 -- 3,852 3,333 900 -- 4,233
Real estate taxes 2,773 100 -- 2,873 3,063 115 -- 3,178
-------- -------- -------- -------- -------- -------- -------- --------
5,724 1,001 -- 6,725 6,396 1,015 -- 7,411
-------- -------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 16,772 959 -- 17,731 15,902 1,017 -- 16,919
OTHER INCOME (EXPENSE)
General and administrative -- -- (2,357) (2,357) -- -- (2,693) (2,693)
Property related home
office expenses -- -- (2,301) (2,301) -- -- (2,578) (2,578)
Equity in earnings of
Fund I unconsolidated properties (46) -- -- (46) 215 -- -- 215
Lease termination income -- -- -- -- -- -- -- --
Interest income -- 4 1,990 1,994 -- 4 1,762 1,766
Asset and property
management income -- -- 2,506 2,506 -- -- 2,563 2,563
Promote Fee -- -- -- -- 258 -- -- 258
Other property management fees 82 (31) -- 51 (273) (40) -- (313)
Straight-line rent income (929) -- -- (929) (407) -- -- (407)
Straight-line rents written off -- -- -- -- -- -- -- --
FAS 141 Rent (76) -- -- (76) 42 -- -- 42
Abandoned project costs -- -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- -- -- --
Provision for income taxes (361) -- -- (361) (449) -- -- (449)
Other income 165 -- -- 165 -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
EBIDTA 15,607 932 (162) 16,377 15,288 981 (946) 15,323
Depreciation and amortization (5,659) (377) (117) (6,153) (5,583) (376) (117) (6,076)
FAS 141 Amortization (198) -- -- (198) (195) -- -- (195)
Interest expense (5,406) (375) -- (5,781) (4,936) (354) -- (5,290)
Loan defeasance -- -- -- -- (326) -- -- (326)
FAS 141 Interest 38 -- -- 38 728 -- -- 728
Impairment of real estate -- -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- -- --
Gain (loss) on sale
of properties - Mervyn's 785 -- -- 785 464 -- -- 464
Income taxes on gain
on property sale - Mervyn's -- -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
Income before minority interest 5,167 180 (279) 5,068 5,440 251 (1,063) 4,628
Minority interest - OP (106) (4) 6 (104) (110) (5) 21 (94)
Minority interest (116) -- -- (116) (181) -- -- (181)
-------- -------- -------- -------- -------- -------- -------- --------
NET INCOME $ 4,945 $ 176 $ (273) $ 4,848 $ 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 Mervyns I & II 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 15
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Statements of Operations - Current v. Historical (1)
(in thousands)
Current Quarter Historical Quarter
3 months 3 months
ended September 30, ended September 30,
2006 2005
Discontinued Discontinued
Wholly JV's 2 Operations Total Wholly JV's 2 Operations Total
Owned Owned
----------------------------------- -----------------------------------
PROPERTY REVENUES
Minimum rents $12,399 $4,026 $1,603 $18,028 $11,786 $2,395 $1,573 $15,754
Percentage rents 113 191 11 315 123 185 21 329
Expense reimbursements 3,340 811 498 4,649 2,385 509 728 3,622
Other property income 190 146 3 339 236 13 7 256
----------------------------------- -----------------------------------
16,042 5,174 2,115 23,331 14,530 3,102 2,329 19,961
----------------------------------- -----------------------------------
PROPERTY EXPENSES
Property operating 3,096 589 603 4,288 2,673 318 586 3,577
Real estate taxes 2,068 587 393 3,048 1,822 399 545 2,766
----------------------------------- -----------------------------------
5,164 1,176 996 7,336 4,495 717 1,131 6,343
----------------------------------- -----------------------------------
NET OPERATING INCOME - PROPERTIES 10,878 3,998 1,119 15,995 10,035 2,385 1,198 13,618
OTHER INCOME (EXPENSE)
General and administrative (2,897) - - (2,897) (1,586) - - (1,586)
Property related home office expenses (2,675) (102) - (2,777) (1,903) (21) - (1,924)
Equity in earnings of Fund I unconsolidated
properties - 42 - 42 - 186 - 186
Lease termination income - - - - - - - -
Interest income 2,094 141 - 2,235 1,040 57 - 1,097
Asset and property management income 3,756 - - 3,756 2,898 - - 2,898
Promote Fee - - - - - - - -
Property management expense (14) 128 (57) 57 3 - (58) (55)
Straight-line rent income 25 820 18 863 73 175 (20) 228
Straight-line rents written off - - - - - - - -
FAS 141 Rent (124) (8) - (132) - - - -
Abandoned project costs - - - - (95) (3) - (98)
Hurricane related expenses - - - - - - - -
Provision for income taxes 664 (16) - 648 (91) - - (91)
Other income (expense) - - - - 1 207 - 208
----------------------------------- -----------------------------------
EBIDTA 11,707 5,003 1,080 17,790 10,375 2,986 1,120 14,481
Depreciation and amortization (3,836)(1,923) (462) (6,221) (3,954) (795) (435) (5,184)
FAS 141 Amortization (242) (41) - (283) (48) (41) - (89)
Interest expense (3,951)(1,827) (237) (6,015) (2,911) (947) (173) (4,031)
Loan defeasance - - - - - - - -
FAS 141 Interest 23 15 - 38 - 29 - 29
Impairment of real estate - - - - - - - -
Gain on sale of properties - - - - - - - -
(Loss) gain on sale of properties - (934) - (934) - - (50) (50)
Gain (loss) on sale of properties (Mervyns) - - - - - 3,698 - 3,698
Income taxes on gain on sale (Mervyn's) - - - - (1,535) - - (1,535)
----------------------------------- -----------------------------------
Income before minority interest 3,701 293 381 4,375 1,927 4,930 462 7,319
Minority interest - OP (78) (4) (7) (89) (42) (98) (9) (149)
Minority interest (62) (102) - (164) 74 (19) - 55
----------------------------------- -----------------------------------
NET INCOME $3,561 $187 $374 $4,122 $1,959 $4,813 $453 $7,225
=================================== ===================================
Current Year-to-Date Historical Year-to-Date
Period Period
ended September 30, ended September 30,
2006 2005
------------------------------------ -------------------------------------
Discontinued Discontinued
Wholly JV's 2 Operations Total Wholly JV's 2 Operations Total
Owned Owned
------------------------------------ -------------------------------------
PROPERTY REVENUES
Minimum rents $36,940 $15,283 $4,757 $56,980 $34,432 $7,265 $4,907 $46,604
Percentage rents 420 201 53 674 387 205 53 645
Expense reimbursements 9,647 2,100 1,908 13,655 8,001 1,566 2,361 11,928
Other property income 588 163 57 808 591 29 13 633
------------------------------------ -------------------------------------
47,595 17,747 6,775 72,117 43,411 9,065 7,334 59,810
------------------------------------ -------------------------------------
PROPERTY EXPENSES
Property operating 9,037 1,629 1,707 12,373 8,751 1,240 1,941 11,932
Real estate taxes 5,893 1,671 1,535 9,099 5,172 1,065 1,770 8,007
------------------------------------ -------------------------------------
14,930 3,300 3,242 21,472 13,923 2,305 3,711 19,939
------------------------------------ -------------------------------------
NET OPERATING INCOME - PROPERTIES 32,665 14,447 3,533 50,645 29,488 6,760 3,623 39,871
OTHER INCOME (EXPENSE)
General and administrative (7,947) - - (7,947) (4,798) - - (4,798)
Property related home office expenses (7,430) (226) - (7,656) (5,466) (56) - (5,522)
Equity in earnings of Fund I unconsolidated
properties - 212 - 212 - 203 - 203
Lease termination income - - - - - - - -
Interest income 5,617 378 - 5,995 2,455 65 3 2,523
Asset and property management income 8,825 - - 8,825 7,733 - - 7,733
Promote Fee 258 - - 258 - - - -
Property management expense (117) (5) (83) (205) 16 - (182) (166)
Straight-line rent income 331 (843) 39 (473) 359 (181) (7) 171
Straight-line rents written off - - - - (17) - - (17)
FAS 141 Rent (145) (21) - (166) (95) 39 - (56)
Abandoned project costs - - - - - (86) - (86)
Hurricane related expenses - - - - 479 - - 479
Provision for income taxes (111) (51) - (162) (91) - - (91)
Other income (expense) (8) 173 - 165 106 207 - 313
------------------------------------ -------------------------------------
EBIDTA 31,938 14,064 3,489 49,491 30,169 6,951 3,437 40,557
Depreciation and amortization (11,261) (5,828) (1,361)(18,450) (10,983)(2,198) (1,408)(14,589)
FAS 141 Amortization (553) (124) - (677) (48) (116) - (164)
Interest expense (11,301) (5,119) (666)(17,086) (7,636)(2,591) (477)(10,704)
Loan defeasance 1,141 (1,467) - (326) - - - -
FAS 141 Interest 62 742 - 804 - 87 - 87
Impairment of real estate - - - - - - - -
Gain on sale of properties - - - - - - - -
(Loss) gain on sale of properties - - (820) (820)
Gain (loss) on sale of properties (Mervyns) - 315 - 315 - 3,698 - 3,698
Income taxes on gain on sale (Mervyn's) - - - - (1,535) - - (1,535)
------------------------------------ -------------------------------------
Income before minority interest 10,026 2,583 1,462 14,071 9,967 5,831 732 16,530
Minority interest - OP (205) (54) (28) (287) (186) (115) (15) (316)
Minority interest (184) (277) - (461) (163) (36) - (199)
------------------------------------ -------------------------------------
NET INCOME $9,637 $2,252 $1,434 $13,323 $9,618 $5,680 $717 $16,015
==================================== =====================================
(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.
Page 16
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Net Operating Income (NOI) - Same Property Performance (1)
(in thousands)
Property NOI - Property NOI -
Continuing Continuing
Operations Operations
Notes: Current Quarter Historical Favorable Current Historical Favorable
Quarter (unfavorable) Year-to- Year-to- (unfavorable)
Date Date
------------------------------------------------------ -----------------------------------
3 months ended 3 months ended 9 months 9 months
ended ended
Reconciliation of total NOI to September 30, September 30, September September
same property NOI: 30, 30,
2006 2005 2006 2005
------------------------------ --------------------
NOI - Wholly-owned properties 2 $11,997 $11,233 $36,198 $33,111
NOI - Consolidated and
unconsolidated joint ventures 3,998 2,385 14,447 6,760
Adjustment to reflect 2006
increase in Fund I ownership
percentage 3 (1,047) 382 (5,177) 1,774
------------------------------ --------------------
Total NOI 14,948 14,000 45,468 41,645
NOI - Properties Acquired (1,392) (498) (3,716) (498)
NOI - Property sold or held
for sale (1,119) (1,198) (3,533) (3,623)
NOI - Redevelopment Properties 5 (43) (37) (5)
------------------------------ --------------------
$12,442 $12,261 1.5% $38,182 $37,519 1.8%
============================================ ===================================
Same property NOI by
portfolio component and
revenues/expenses:
Retail Properties Retail Properties
Revenues $15,887 $15,216 4.4% $48,117 $47,392 1.5%
Expenses 4,154 3,704 -12.1% 12,620 12,555 -0.5%
-------------------------------------------- -----------------------------------
11,733 11,512 1.9% 35,497 34,837 1.9%
-------------------------------------------- -----------------------------------
Residential Properties (2 Residential
properties) Properties (2
properties)
Revenues 1,865 1,905 -2.1% 5,857 5,671 3.3%
Expenses 1,156 1,156 0.0% 3,172 2,989 -6.1%
-------------------------------------------- -----------------------------------
709 749 -5.3% 2,685 2,682 0.1%
-------------------------------------------- -----------------------------------
$12,442 $12,261 1.5% $38,182 $37,519 1.8%
============================================ ===================================
(1) The above amounts includes the pro-rata activity related to the Company's consolidated and unconsolidated joint ventures.
(2) The Company experienced a $248,000 and $312,000 decrease in NOI at its Bloomfield Hills, MI property for the quarter and six
months ended June 30, 2006, respectively, as a result of re-tenanting activities. This represents a 2.0% and 1.3% adverse impact on
same-store retail NOI, respectively, for these periods.
(3) 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. 2006 NOI from Fund I has been
decreased from 100% down to 38% for comparability.
Page 18
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Funds from Operations ("FFO") (1)
Funds from Operations ("FFO")( 1) 2006 2005
- ----------------------------------- ------------------------------------- -------------------------
Current Current Previous Previous Historic Historic
Year-to-Date Quarter Quarter Quarter Year-to- Quarter
Date
Period ended 3 months 3 months 3 months Period 3 months
ended ended ended ended ended
Funds from operations ("FFO"): NotesSeptember 30, September June 30, March 31, September September
2006 30, 2006 2006 2006 30, 2005 30, 2005
- ----------------------------------- -------------- ---------- ---------- ----------
Net Income $13,323 $4,122 $4,848 $4,353 $16,015 $7,225
Add back:
Depreciation of real estate and
amortization of leasing costs:
(net of minority interest share)
Wholly owned and consolidated
subsidiaries 15,255 4,928 5,293 5,034 10,514 3,497
Unconsolidated subsidiaries 1,247 397 438 412 2,343 1,115
Income attributable to Operating
Partnership units (2) 287 89 104 94 336 149
Loss (gain) on sale of properties (437) 394 (459) (372) (2,113) (2,113)
-------------- ---------- ---------- ---------- ---------- ----------
FFO - Basic 29,675 9,930 10,224 9,521 27,095 9,873
Distributions on Preferred OP Units 188 63 63 62 254 74
-------------- ---------- ---------- ---------- ---------- ----------
FFO - Diluted $29,863 $9,993 $10,287 $9,583 $27,349 $9,947
============== ========== ========== ========== ========== ==========
Adjusted Funds from operations
("AFFO"):
- -----------------------------------
Diluted FFO $29,863 $9,993 $10,287 $9,583 $27,349 $9,947
Straight line rent, net 473 (863) 929 407 76 283
Non real-estate depreciation 351 117 117 117 333 116
Amortization of finance costs 625 193 213 219 698 197
Amortization of cost of management
contracts 735 272 230 233 926 560
Tenant improvements (1,216) (466) (430) (320) (1,273) (647)
Leasing commissions (607) (202) (295) (110) (577) (217)
Capital expenditures (2,825) (736) (1,422) (667) (1,294) (510)
-------------- ---------- ---------- ---------- ---------- ----------
AFFO $27,399 $8,308 $9,629 $9,462 $26,238 $9,729
============== ========== ========== ========== ========== ==========
Funds Available for Distribution
("FAD")
- -----------------------------------
AFFO $27,399 $8,308 $9,629 $9,462 $26,238 $9,729
Scheduled prinicpal repayments (2,995) (1,027) (979) (989) (1,929) (696)
-------------- ---------- ---------- ---------- ---------- ----------
FAD $24,404 $7,281 $8,650 $8,473 $24,309 $9,033
============== ========== ========== ========== ========== ==========
Total weighted average shares and
OP Units:
Basic 33,156 33,156 33,161 33,122 32,527 32,658
============== ========== ========== ========== ========== ==========
Diluted 33,791 33,815 33,799 33,757 33,281 33,355
============== ========== ========== ========== ========== ==========
FFO per share:
FFO per share - Basic (3) $0.90 $0.30 $0.31 $0.29 $0.83 $0.30
============== ========== ========== ========== ========== ==========
FFO per share - Diluted (3) $0.88 $0.30 $0.30 $0.28 $0.82 $0.30
============== ========== ========== ========== ========== ==========
AFFO per share - Basic (3) $0.82 $0.25 $0.29 $0.28 $0.80 $0.30
============== ========== ========== ========== ========== ==========
AFFO per share - Diluted (3) $0.81 $0.25 $0.28 $0.28 $0.79 $0.29
============== ========== ========== ========== ========== ==========
FAD per share - Basic (3) $0.73 $0.22 $0.26 $0.25 $0.74 $0.27
============== ========== ========== ========== ========== ==========
FAD per share - Diluted (3) $0.72 $0.22 $0.26 $0.25 $0.73 $0.27
============== ========== ========== ========== ========== ==========
(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 19
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Capital Expenditures
Year-to- Current Previous Previous Previous
Date
Quarter Quarter Quarter Year
3 months 3 months 3 months Year
ended ended ended ended
September September June 30, March December
30, 2006 30, 2006 2006 31, 31,
2006 2005
--------- --------- -------- -------- --------
Leasing Commissions: $607 $202 $295 $110 $718
--------- --------- -------- -------- --------
Tenant Improvements: 1,216 466 430 320 2,068
--------- --------- -------- -------- --------
Capital Expenditures:
Retail 2,209 491 1,190 528 577
Residential 616 245 232 139 1,018
--------- --------- -------- -------- --------
2,825 736 1,422 667 1,595
--------- --------- -------- -------- --------
Redevelopments 11,847 5,410 4,939 1,498 1,803
--------- --------- -------- -------- --------
Total $16,495 $6,814 $7,086 $2,595 $6,184
========= ========= ======== ======== ========
Page 20
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Consolidated Balance Sheets
- -----------------------------------------------------------------------------------------
(in thousands)
September December 31,
2006 2005
------------------- --------------
ASSETS
Real estate
Land $138,909 $141,320
Buildings and improvements 498,679 564,778
Construction in progress 15,028 3,808
------------------- --------------
652,616 709,906
Less: accumulated depreciation (136,375) (127,819)
------------------- --------------
Net real estate 516,241 582,087
Cash and cash equivalents 68,990 90,475
Cash in escrow 7,978 7,789
Restricted Cash 549 548
Investments in and advances to unconsolidated affiliates 34,115 17,863
Investment in management contracts 2,562 3,178
Preferred equity investment - 19,000
Rents receivable, net of $1,477 and $2,174 allowance, respectively 6,300 7,971
Straight-line rents receivable, net of $910 allowance 1,938 5,029
Notes Receivable 40,275 15,733
Prepaid expenses 4,121 4,980
Deferred charges, net 28,150 23,739
Other assets 22,883 15,354
Acquired lease intangibles 7,523 8,119
Assets of discontinued operations 38,599 39,726
------------------- --------------
$780,224 $841,591
=================== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $386,278 $411,000
Accounts payable and accrued expenses 9,593 18,302
Dividends and distributions payable 6,161 6,088
Share of losses in excess of investment in unconsolidated affiliates 21,338 10,315
Interest rate swap payable - 180
Other liabilities 8,688 13,775
Liabilities of discontinued operations 15,083 15,064
------------------- --------------
Total liabilities 447,141 474,724
------------------- --------------
Minority interest in Operating Partnership 8,299 9,204
Minority interests in partially owned affiliates 104,533 137,087
------------------- --------------
Total minority interests 112,832 146,291
------------------- --------------
Shareholders' equity:
Common shares 31 31
Additional paid-in capital 222,371 223,199
Accumulated other comprehensive income 490 (12)
Deficit (2,641) (2,642)
------------------- --------------
Total shareholders' equity 220,251 220,576
------------------- --------------
$780,224 $841,591
=================== ==============
Page 21
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Selected Operating Ratios
3 months ended September 30, 9 months ended September 30,
2006 2005 2006 2005
------------- -------------- ------------ --------------
Coverage Ratios (1)
- -----------------------------------
Interest Coverage Ratio
EBIDTA (2) $17,790 $14,481 $49,491 $40,557
Divided by Interest expense 6,015 4,031 17,086 10,704
------------- -------------- ------------ --------------
2.96 x 3.59 x 2.90 x 3.79
Fixed Charge Coverage Ratio
EBIDTA $17,790 $14,481 $49,491 $40,557
Divided by ( Interest expense 6,015 4,031 17,086 10,704
+ Preferred
Dividends) (2,3) 63 74 188 254
------------- -------------- ------------ --------------
2.93 x 3.53 x 2.87 x 3.70
Debt Service Coverage Ratio
EBIDTA $17,790 $14,481 $49,491 $40,557
Divided by ( Interest expense 6,015 4,031 17,086 10,704
+ Principal
Amortization) (4) 1,027 696 2,995 1,929
------------- -------------- ------------ --------------
2.53 x 3.06 x 2.46 x 3.21
Payout Ratios
- -----------------------------------
FFO Payout Ratio
Dividends (Shares) & Distributions
(O.P. Units) paid $6,196 $5,602 $18,392 $16,741
FFO (2) 9,993 9,947 29,863 27,349
------------- -------------- ------------ --------------
62% 56% 62% 61%
AFFO Payout Ratio
Dividends (Shares) & Distributions
(O.P. Units) paid $6,196 $5,602 $18,392 $16,741
AFFO (2) 8,308 9,729 27,399 26,238
------------- -------------- ------------ --------------
75% 58% 67% 64%
FAD Payout Ratio
Dividends (Shares) & Distributions
(O.P. Units) paid $6,196 $5,602 $18,392 $16,741
FAD (2) 7,281 9,033 24,404 24,309
------------- -------------- ------------ --------------
85% 62% 75% 69%
Overhead Ratios
- -----------------------------------
G&A/Real Estate Revenues
General and Administrative expense $2,897 $1,586 $7,947 $4,798
Real Estate Revenues (Includes pro-
rata JV) 23,331 19,961 72,117 59,810
------------- -------------- ------------ --------------
12% 8% 11% 8%
General and Administrative expense $2,897 $1,586 $7,947 $4,798
Real Estate Revenues (Includes 100%
JV) 30,296 28,500 91,829 84,191
------------- -------------- ------------ --------------
10% 6% 9% 6%
Leverage Ratios
- -----------------------------------
Debt/Total Market Capitalization
Debt (4) $367,599 $278,015
Total Market Capitalization 1,198,344 862,069
------------- --------------
31% 32%
Debt + Preferred Equity (Preferred
O.P. Units) $371,787 $282,899
Total Market Capitalization 1,198,344 862,069
------------- --------------
31% 33%
(1) Quarterly results for 2006 and 2005 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 $ 40,557 $ 27,349 $ 26,238
Adjustment (479) (479) (479)
------- -------- --------
Adjusted 40,078 26,870 25,759
======= ======== ========
Ratios 3.66 62% 65%
(Fixed-charge) (Payouts)
(3) Represents preferred distributions on Preferred Operating partnership Units.
(4) Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt and principal amortization.
Page 22
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Portfolio Debt - Consolidated Summary
Reconciliation from GAAP Debt to Pro-Rata Share of Debt
(amounts in thousands)
Acadia Add: Less: Acadia
-------------- -----------------
Consolidated Pro-rata Minority Pro-rata
Debt Share of Interest Share of Share of
Balance % of Total Unconsolidated Consolidated Outstanding % of Total
As Reported (2) Portfolio Debt (3) Debt (4) Debt (5) Portfolio
--------------- ----------- -------------- ----------------- ------------- -----------
Mortgage Notes Payable
Fixed-Rate Debt (1) $326,358 84% 68,293 (40,367) $354,284 96%
Variable-Rate Debt (1) 59,920 16% 2,552 (49,157) 13,315 4%
--------------- ----------- -------------- ----------------- ------------- -----------
Total $386,278 100% $70,845 (89,524) $367,599 100%
--------------- ----------- -------------- ----------------- ------------- -----------
Weighted Average Interest Rate
Fixed-Rate Debt 5.88% 5.81%
Variable-Rate Debt 6.78% 6.74%
--------------- -------------
Total 6.03% 5.85%
--------------- -------------
Notes
(1) Fixed-rate debt includes notional principal fixed through swap transactions. Conversely, variable-rate debt excludes this
amount.
(2) Represents the Mortgage Notes Payable balance on a GAAP basis as reported in the Company's Form 10-Q.
(3) Represents the Company's pro-rata share of unconsolidated partnership debt based on percent ownership.
(4) Represents the Minority Interest pro-rata share of consolidated partnership debt based on its percent ownership.
(5) Represents the Company's theoretical pro-rata share of debt after adjustments discussed in Notes 3 and (4.)
Page 23
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Debt Analysis - Consolidated Debt
(amounts in thousands)
PrincipalAcadia's Variable
Ownership % of Pro-Balance Pro-rata InterestRate as Maturity
rata at of
Property Notes Entity PercentLender Share of September Share Rate September Date
Porfolio 30, 2006 30, 2006
-----------------------------------------------------------------------------------------------------------------------
Fixed-Rate Debt
- -------------------------
Merrillville Plaza Acadia SunAmerica Life
100.0% Insurance Co. $12,732 $12,732 6.46% 7/1/2007
GHT Apartments Acadia 100.0%Bank of America, N.A. 10,492 10,492 7.55% 1/1/2011
Colony Apartments Acadia 100.0%Bank of America, N.A. 5,246 5,246 7.55% 1/1/2011
239 Greenwich Avenue Acadia 75.0%RBS Greenwich Capital 15,730 11,798 5.19% 6/1/2013
New Loudon Center Acadia 100.0%RBS Greenwich Capital 14,986 14,986 5.64% 9/6/2014
Crescent Plaza Acadia 100.0%RBS Greenwich Capital 17,600 17,600 4.98% 9/6/2015
Pacesetter Park Shopping Acadia RBS Greenwich Capital
Center 100.0% 12,500 12,500 5.12% 11/6/2015
Elmwood Park Shopping Acadia Bear Stearns
Center Commercial Mortgage,
100.0% Inc. 34,600 34,600 5.53% 1/1/2016
Gateway Shopping Center Acadia Bear Stearns
Commercial Mortgage,
100.0% Inc. 20,500 20,500 5.44% 3/1/2016
Clark-Diversey Acadia Lasalle Bank National
100.0% Association 3,795 3,795 8.50% 4/11/2028
Boonton Acadia GMAC Commercial
60.0% Mortgage Corporation 8,593 5,156 6.40% 11/1/2032
Chestnut Hill Acadia 100.0%Column Financial, Inc. 10,037 10,037 5.45% 6/11/2013
Walnut Hill Plaza Acadia Merrill Lynch Mortgage
100.0% Lending, Inc. 23,500 23,500 6.06% 8/29/2016
4650 Broadway Avenue 1 Fund II 19.2%Bank of China 19,000 3,648 5.26% 9/1/2007
Kroger Portfolio Fund I Cortlandt Deposit
2 28.3% Corporation 7,425 2,104 6.62% 2/1/2009
Safeway Portfolio Fund I Cortlandt Deposit
2 28.3% Corporation 7,339 2,080 6.51% 1/15/2009
Amherst Marketplace Fund I The Ohio National Life
37.8% Insurance Company 4,562 1,724 8.20% 6/1/2022
Sheffield Crossing Fund I Canada Life Insurance
37.8% Company 6,795 2,567 8.00% 1/1/2023
Interest rate swaps 3 Acadia Bank of America, N.A. 90,926 90,926 5.77% Various
------------------ -----
Sub-Total Fixed-Rate Debt 96% 326,358 285,991 5.84%
------------------ -----
Variable-Rate Debt Current
LIBOR 5.32%
- -------------------------
Bloomfield Town Square Acadia Bank of America, N.A. Libor
100.0% + 130 6.62% 6/1/2010
Hobson West Plaza Acadia Bank of America, N.A. Libor
4 100.0% 22,000 22,000 + 130 6.62% 6/1/2010
Marketplace of Absecon Acadia Bank of America, N.A. Libor
100.0% + 130 6.62% 6/1/2010
Village Apartments Acadia Bank of America, N.A. Libor
100.0% + 130 6.62% 6/1/2010
Ledgewood Mall Acadia Washington Mutual Libor
100.0% Bank, F.A. 23,200 23,200 + 150 6.82% 4/1/2011
Abington Towne Center Acadia Bank of America, N.A. Libor
100.0% + 140 6.72% 6/29/2012
Branch Shopping Center Acadia Bank of America, N.A. Libor
100.0% + 140 6.72% 6/29/2012
Methuen Shopping Center Acadia Bank of America, N.A. Libor
5 100.0% 33,585 33,585 + 140 6.72% 6/29/2012
Town Line Plaza Acadia Bank of America, N.A. Libor
100.0% + 140 6.72% 6/29/2012
Village Commons Shopping Acadia Bank of America, N.A. Libor
Center 6 100.0% 9,964 9,964 + 140 6.72% 6/29/2012
244-268 161st Street Fund II RBS Greenwich Capital Libor
1 19.2% 30,000 5,760 + 140 6.72% 4/1/2008
216th Street Fund II Bank of America, N.A. Libor
1 19.2% 6,070 1,165 + 125 6.57%12/31/2008
Liberty Avenue Fund II PNC Bank, National Libor
1 19.2% Association 2,544 488 + 165 6.97% 5/18/2009
Granville Center Fund I Bank One, N.A. Libor
37.8% 5,483 2,071 + 200 7.32% 10/5/2007
400 East Fordham Road Fund II Bank of China Libor
1 19.2% 18,000 3,456 + 175 7.07% 11/1/2007
Acadia Strategic Fund II Bank of America, N.A. Libor
Acqusition Fund II, LLC 7 20.0% / Bank of New York - - + 75 6.07% 3/1/2008
Interest rate swaps 3 Acadia Bank of America, N.A. (90,926) (90,926)
------------------
Sub-Total Variable-Rate Libor
Debt 4% 59,920 10,763 + 137 6.69%
------------------ -----
Total Consolidated
Continuing Operations
Debt 100%$386,278 $296,754 5.88%
====================== =====
Page 24
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Debt Analysis - Unconsolidated Joint Ventures and Discontinued Operations
Principal Acadia's Variable
Ownership % of Pro-Balance Pro-rata Rate as
rata at Interest of Maturity
Fixed-Rate Debt Entity Percent Lender Share of September Share Rate September Date
Porfolio 30, 2006 30, 2006
---------------------------- -------------------------------------------------------- ---------------------------
Acadia Brandywine Subsidiary Brandywine JV UBS Warburg Real
Estate
22.2% Investments, Inc. $61,375 $13,639 5.99% 7/1/2016
Acadia Brandywine Town Center Brandywine JV Bear Stearns
Commercial
22.2% Mortgage, Inc. 31,550 7,011 5.99% 7/1/2016
Acadia Market Square Shopping Brandywine JV Bear Stearns
Center Commercial
22.2% Mortgage, Inc. 24,375 5,417 5.99% 7/1/2016
Acadia Brandywine Condominium Brandywine JV Bear Stearns
Commercial
22.2% Mortgage, Inc. 22,650 5,033 5.99% 7/1/2016
Acadia Brandywine Holdings Brandywine JV Bear Stearns
Commercial
22.2% Mortgage, Inc. 26,250 5,833 5.99% 7/1/2016
Crossroads Shopping Center Crossroads JV JPMorgan
Chase
49.0% Bank 64,000 31,360 5.37% 12/1/2014
-----------------
Sub-Total Fixed-Rate Debt 96% 230,200 68,293 5.71%
----------------- --------
Variable-Rate Debt Current LIBOR 5.32%
----------------------------
Haygood Shopping Center Fund I JP Morgan Libor
Chase +
Bank,
8 18.9% N.A. 8,040 1,519 150 6.82%8/23/2010
Sterling Heights Shopping Fund I JP Morgan Chase Libor
Center 8 18.9% Bank, N.A. 5,471 1,033 + 185 7.17%8/23/2010
-----------------
Sub-Total Variable-Rate Debt Libor
4% 13,511 2,552 + 164 6.96%
--------------------------- ---------
Total Unconsolidated Debt 100%$243,711 $70,845 5.75%
=========================== =========
-----------------------------------------------------------------------------------------------------------------------
Discontinued Operations
Properties held for sale:
------------------------------
Soundview Marketplace Acadia Bank of Libor
America, +
9 100.0% N.A. $8,245 $8,245 140 6.72%12/1/2008
Bradford Towne Centre Acadia Washington Mutual Libor
9 100.0% Bank, F.A. 5,354 5,354 + 150 6.82% 4/1/2011
-----------------
Total Discontinued Operations $13,599 $13,599
=================
Page 25
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Debt Analysis - Footnotes
Notes:
-------------------
(1) Fund II is a 96% joint venture partner on this investment. As such, Fund II's pro-rata share of the above debt is 96% x
20%, or 19.2%.
(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 Spread Swap rate Forward Start Maturity
principal Date Date
--------------------------------------------------------------------------------------
20,000 5.94% 1.41% 4.53% n/a 10/1/2006
14,958 5.72% 1.41% 4.32% n/a 1/1/2007
11,571 5.51% 1.41% 4.11% n/a 1/1/2007
8,619 5.88% 1.41% 4.47% n/a 6/1/2007
35,778 5.76% 1.41% 4.35% n/a 1/1/2011
-------- -----------------------------------------------
$90,926 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 $815 available under this facility.
(6) There is an additional $300 available under this facility through 12/08, with an additional $1,800 available thereafter
based on certain income hurdles.
(7) This is a revolving facility for up to $70,000.
(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 Towne Centre are currently under contract for sale and, accordingly, are classified as
discontinued operations. For GAAP purposes, discontinued operations debt is included as Liabilities of Discontinued
Operations.
Page 26
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Future Debt Maturities
- -----------------------------------------
(in thousands) Weighted Average Interest
Rate of Maturing Debt
------------------------------------
Consolidated Debt
Scheduled
Year AmortizationMaturities Total Total Debt Fixed-Rate Variable-Rate
Debt Debt
- -----------------------------------------------------------------------------------------------------
2006 $633 $- $633 n/a n/a n/a
2007 7,329 54,861 62,190 6.33% 5.73% 7.13%
2008 8,338 34,900 43,238 6.70% n/a 6.70%
2009 7,446 2,544 9,990 6.97% n/a 6.97%
2010 5,561 36,742 42,303 6.99% 7.55% 6.62%
Thereafter 35,071 192,853 227,924 5.58% 4.98% 6.76%
------------------------------------
$64,378 $321,900 $386,278
====================================
Unconsolidated Debt (1)
2006 - - - n/a n/a n/a
2007 409 - 409 n/a n/a n/a
2008 433 - 433 n/a n/a n/a
2009 470 - 470 n/a n/a n/a
2010 487 2,525 3,012 6.96% n/a 6.96%
Thereafter 2,203 64,318 66,521 5.84% 5.84% n/a
------------------------------------
$4,002 $66,843 $70,845
====================================
- -----------------------------------------------------------------------------------------------------
Capitalized interest related to the Company's development
projects is as follows:
(in thousands)
1st Quarter 2006 $11
2nd Quarter 2006 25
3rd Quarter 2006 29
4th Quarter 2006 -
------------
Year-to-Date $65
============
(1) The above amounts represent the Company's pro-rata share of unconsolidated joint venture mortgage debt.
Page 27
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Unencumbered Properties
--------------------------------------------------------------------
Center Location GLA
- ------------------------------------------------------------------------------------------------------------------------
Blackman Plaza Wilkes-Barre, PA 121,341
Mad River Station Dayton, OH 155,832
Mark Plaza Edwardsville, PA 216,047
Plaza 422 Lebanon, PA 154,878
Route 6 Plaza Honesdale, PA 175,505
--------
Total GLA of Unencumbered Properties 823,603
========
Total net operating income for the year ended December 31, 2005
associated with unencumbered properties $3,922
========
Page 28
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 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 Contribution: 22.22% - Acadia
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 Priority distribution fee equal to 1.5% of implied capital ($46.3 million which
excludes Acadia's equity)
Priority distribution 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 29
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
----------------------------------------------------------------
Item Notes Description
- -----------------------------------------------------------------------------------------------------------------
Date formed June 15, 2004
Capital commitment $300 million
Funding $117.1 million funded through September 30, (2006)
Partnership structure
Equity Contribution: 20% - Acadia
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 30
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 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 Investments Mervyns Department Stores - All capital has been returned
Albertson's - $21.2 million
ShopKo, Marsh Supermarkets and two Albertsons add-on investments, Newkirk and
Camellia $3.6 million
Partnership structure
Equity Contribution: Up to $300 million of total equity
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 31
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 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 3,208 79,945 100.00%100.00%100.00% $828,830 $38,472 $867,302 $10.80 $11.99 $10.85
Granville
Centre 100% 90,047 44,950 134,997 38.81% 54.27% 43.96% 402,085 238,275 640,360 11.51 9.77 10.79
Sheffield
Crossing 100% 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,278 392,363 1,153,641 10.93 10.74 10.87
---------------------------------------------------------------------------------------------------------
Total -
Midwest
Region 236,443 91,033 327,476 76.70% 70.43% 74.96% 1,992,193 669,110 2,661,303 10.99 10.43 10.84
---------------------------------------------------------------------------------------------------------
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 91,033 1,345,576 95.61% 70.43% 93.90% 10,005,776 669,110 10,674,886 8.34 10.44 8.45
---------------------------------------------------------------------------------------------------------
Fund I
Redevelopment
Properties
- --------------
Sterling
Heights
Shopping
Center
(Michigan) 50% 90,400 64,435 154,835 100.00% 13.63% 64.06% 526,600 81,140 607,740 5.83 9.24 6.13
Tarrytown
Shopping
Center (New
York) 50% 15,497 19,794 35,291 100.00% 73.44% 85.10% 475,000 432,836 907,836 30.65 29.78 30.23
Hitchcock
Plaza (South
Carolina) 20% 135,775 98,111 233,886 0.00% 93.20% 39.10% - 599,986 599,986 - 6.56 6.56
Pine Log Plaza
(South
Carolina) 20% 23,184 11,880 35,064 100.00% 60.61% 86.65% 69,552 53,600 123,152 3.00 7.44 4.05
Haygood
Shopping
Center
(Virginia) 50% 95,303 83,032 178,335 68.50% 84.88% 76.13% 366,000 1,023,551 1,389,551 5.61 14.52 10.24
---------------------------------------------------------------------------------------------------------
Subtotal -
Fund I
Redevelopment
Properties 360,159 277,252 637,411 53.97% 69.41% 60.68% 1,437,152 2,191,113 3,628,265 7.39 11.39 9.38
------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Fund I Grand
Total 1,614,702 368,285 1,982,987 86.32% 69.66% 83.23%$11,442,928 $2,860,223 $14,303,151 $8.21 $11.15 $8.67
---------------------------------------------------------------------------------------------------------
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 32
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 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 Kroger (3) 13 413,100 $3,009,641 31.1% 29.3%
2 Safeway (4) 13 350,475 3,000,547 26.4% 29.2%
3 Giant Eagle 2 135,896 1,484,408 10.2% 14.5%
4 Lifestyle Family Fitness Center 1 34,951 402,085 2.6% 3.9%
5 CVS 1 10,500 140,700 0.8% 1.4%
--------------------------------------------------------------------------------------
Total 30 944,922 $8,037,380 71.1% 78.3%
======================================================================================
(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) 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. Base rent as reflected above is net of 25% minority interest.
(4) 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. Base rent as reflected above is net of 25% minority interest.
Page 33
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Fund I - Valuation *** As of December 31, 2005 ***
--------------------------------------
Portfolio:
Total Redevelopment
Line (excluding
Brandywine) Ohio Kroger/Safeway Properties
------ ---------------------------------------------------------
1 Net Operating Income ("NOI") for the Note 1
quarter ended December 31, 2005 $1,388 $500 $821 $67
2 NOI related to investements in Note 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%
---------------------------------------------------------
8 Gross asset value Line 6 x 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)
10 Remaining Equity and Accumulated
Preferred Distribution in Fund I (5) - - - - -
---------------------------------------------------------
11 65,167 57,219 50,405 44,501 39,334
12 Additional Mervyn's return (Original
capital 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
---------------------------------------------------------
14 General Partner (Acadia) Promote on x 20%
Fund I assets 15,533 13,944 12,581 11,400 10,367
---------------------------------------------------------
15 Remaining value to be allocated pro-
rata to Fund 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
---------------------------------------------------------
17 Value of Acadia's interest in Line 14 + 16
remaining Fund I assets 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
=========================================================
21 Original Acadia invested capital in
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 3 See "Debt Analysis - Unconsolidated Debt
Operations - Joint Venture Activity" (Joint Ventures)" in the December 31,
as follows: 2005 Supplement.
Fund I NOI for 4th quarter 2005 per JV Amounts adjusted for minority interests'
Statements of Operations $3,769 pro-rata share of debt
NOI above 4 This promote is to be paid from future
(1,388) Fund I cash flows
-----------------
NOI attributable to Brandywine 5 In January 2006, the Brandywine Portfolio
Portfolio $2,381 was recapitalized with the investors
================= engaging in a "cash-out merger" for
2 Included in "Equity in earnings of their 77.78% interest in the portfolio.
Fund I unconsolidated properties" in
the JV Statement of Operations in the December 31, The Company merged its 22.22% share forming a new
2005 Supplement. joint venture with the investors' successor, GDC.
All Fund I equity and accumulated preferred
distributions were paid from the proceeds
of this transaction.
Page 34
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Kroger/Safeway Portfolio
------------------------
Kroger locations Safeway locations
Cary, NC Atlanta, TX
Cincinnati, OH Batesville, AR
Conroe, TX Benton, AR
Great Bend, KS Carthage, TX
Hanrahan, LA Little Rock, AR
Indianapolis, IN Longview, WA
Irving, TX Mustang, OK
Pratt, KS Roswell, NM
Roanoke, VA Ruidoso, NM
Shreveport, LA San Ramon, CA
Wichita, KS (2 stores) Springerville, AZ
Tucson, AZ
Tulsa, OK
General note: As all of these leases are triple-net, Acadia has no property
management responsibilities for these locations.
Page 35
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
AKR Fund II Properties - Detail (2)
--------------
-------------------------------------------------------------------------------------------------------------
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
- --------------
Illinois
- --------------
Oakbrook 100%112,000 - 112,000 100.00% - 100.00%$1,204,918 $- $1,204,918 $10.76 $- $10.76
----------------------------------------------------------------------------------------------------
Subtotal -
Fund II
Operating
Properties 112,000 - 112,000 100.00% - 100.00% 1,204,918 - 1,204,918 10.76 - 10.76
----------------------------------------------------------------------------------------------------
Fund II
Redevelopment
Properties
- --------------
400 East
Fordham Road 96%100,703 16,652 117,355 100.00%100.00%100.00% 275,000 374,419 649,419 2.73 22.48 5.53
Pelham Manor
Shopping
Center (1) 96% - 398,775 398,775 - 47.94% 47.94% - 1,261,512 1,261,512 - 6.60 6.60
Sherman Avenue 96%134,773 - 134,773 100.00% - 100.00% 1,970,291 - 1,970,291 14.62 - 14.62
161st Street 96%137,334 86,277 223,611 100.00%100.00%100.00% 3,337,222 1,589,025 4,926,247 24.30 18.42 22.03
----------------------------------------------------------------------------------------------------
Subtotal -
Fund II
Redevelopment
Properties 372,810 501,704 874,514 100.00% 58.62% 76.26% 5,582,513 3,224,956 8,807,469 14.97 10.97 13.21
-------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Fund II Grand
Total 484,810 501,704 986,514 100.00% 58.62% 78.96%$6,787,431 $3,224,956 $10,012,387 $14.00 $10.97 $12.85
----------------------------------------------------------------------------------------------------
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.
(2) Fund II has also invested in the Liberty and 216th Street projects, both of which are under "ground-up" construction.
Page 36
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Fund II - New York Urban/Infill Redevelopment
Properties
- -------------------------------------------------------
Total cost Estimated
(including square
Estimated start of Estimated acquisition footage upon Estimated
cost,
Property construction completion in millions) completion cost per square Notes
foot
- ----------------------------------------------------------------------------------------------------------------------------
Liberty Avenue Construction 1st half
commenced 2007 $15.0 125,000 $120 (1)
216th Street Construction 2nd half
commenced 2007 25.0 60,000 417
Pelham Manor Shopping Center Construction 2nd half
commenced 2008 35.0 325,000 108 (1)
Canarsie Plaza 1st half 2007 2nd half
2008 60.0 300,000 200
161st Street 1st half 2007 2nd half
2008 70.0 225,000 311
400 East Fordham Road 2nd quarter 2007 1st half
2009 110.0 275,000 400
Sherman Avenue 2nd half 2007 2nd half
2009 55.0 175,000 314
-------------------------------------------
$370.0 1,485,000 $249
===================================
(1) The Fund acquired a ground lease interest at this property.
Page 37
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Retail Properties - Summary Listing
-------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------
Year Grocery Other Annualized Annualized
Anchor Anchor
Constructed(C) Occupancy Current Current Base Base
Lease and Lease and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
NEW YORK REGION
- -------------------------------------------------
New York
Soundview Marketplace Port King Clearview
Washington Kullen Cinema
1998 (A)183,815 92% 2007/2042 2010/2030 $2,837,431 $16.70
Village Commons Shopping Center Smithtown Daffy's
1998 (A) 87,169 86% 2008/2028 1,897,315 25.36
Walgreens 2021/--
Branch Shopping Plaza Smithtown Waldbaum'sCVS 2010/--
(A&P)
1998 (A)125,751 100% 2013/2028 2,431,401 19.34
Amboy Shopping Center Staten Island 2005 (A) 60,080 94.14% Waldbaum's 2028/-- 1,389,603 24.57
Duane Reed 2008/2018
Bartow Avenue The Bronx 2005 (C) 14,694 51.00% 222,600 29.70
Pacesetter Park Shopping Center Pomona Stop & Shop (Ahold)
1999 (A) 96,698 98% 2020/2040 1,164,042 12.24
2914 Third Avenue The Bronx Lot Stores
2006 (A) 43,500 98% 2021/- 1,400,000 32.94
Dr. J's
2021/-
New Jersey
Elmwood Park Shopping Center Elmwood Park Pathmark Walgreen's
1998 (A)149,085 100% 2017/2052 2022/2062 3,388,178 22.73
Connecticut
239 Greenwich Avenue Greenwich Restoration
Hardware
1998 (A) 16,834 100% 2015/2025 1,286,069 76.40
Coach
2016/2021
NEW ENGLAND REGION
- -------------------------------------------------
Connecticut
Town Line Plaza Rocky Hill Stop & Wal-mart
Shop (not
1998 (A)206,356 99% 2023/2063 owned) 1,623,478 15.06
Massachusetts
Methuen Shopping Center Methuen DeMoulas Wal-mart
Market 2011/2051
1998 (A)130,021 97% 2015/2020 849,264 6.76
Crescent Plaza Brockton Shaw's Home Depot
1984 (A)218,141 99% 2012/2042 2021/2056 1,680,397 7.80
New York
New Loudon Center Latham Price Marshalls
Chopper 2014/2029
1982 (A)255,826 100% 2015/2035 1,713,664 6.70
Bon Ton Department Store
2014/2034
Raymor & Flanigan Furniture
2019/2034
Rhode Island
Walnut Hill Plaza Woonsocket Shaw's Sears
1998 (A)285,435 99% 2013/2028 2008/2033 2,436,519 8.64
Vermont
The Gateway Shopping Center Burlington 1999 (A)101,784 96% Shaw's 2024/2053 1,783,455 18.33
Page 38
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Retail Properties - Summary Listing
-------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------
Year Grocery Other Annualized Annualized
Anchor Anchor
Constructed(C) Occupancy Current Current Base Base
Lease and Lease and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
MIDWEST REGION
- --------------------------------------------------------
Illinois
Hobson West Plaza Naperville Bobak's Market and
1998 (A) 98,902 100% Restaurant 2007/2032 1,240,207 12.54
(specialty grocery)
Clark Diversey Chicago 2006 (A) 19,265 100% 793,126 41.17
Indiana
Merrillville Plaza Merrillville TJ Maxx
1998 (A) 235,678 93% 2009/2014 2,520,850 11.56
JC Penney 2008/2018
OfficeMax 2008/2028
Michigan
Bloomfield Town Square Bloomfield Costco TJ
Hills (not Maxx2009/--
1998 (A) 228,366 82% owned) 2,306,188 12.28
Marshall's 2011/2026
Home Goods 2010/2025
Ohio
Mad River Station Dayton Babies "R"
Us
1999 (A) 155,832 80% 2010/2020 1,507,090 12.04
Office Depot 2010/--
MID-ATLANTIC REGION
- --------------------------------------------------------
New Jersey
Marketplace of Absecon Absecon Acme Eckerd Drug
1998 (A) 105,097 95% 2015/2055 2020/2040 1,637,149 16.35
Ledgewood Mall Ledgewood Wal-mart
1983 (A) 517,758 90% 2019/2049 4,351,042 9.39
Macy's 2010/2025
The Sports' Authority 2007/2037
Circuit City 2020/2040
Marshalls 2014/2034
Boonton Boonton 2006 (A) 62,908 98% 1,217,444 19.71
Pennsylvania
Chestnut Hill 2006 (A) 40,570 100% Borders 2010 1,292,372 31.86
Limited Express 2009
Abington Towne Center Abington TJ Maxx
1998 (A) 216,355 98% 2010/2020 864,215 15.84
Target (not owned)
NORTHEASTERN PENNSYLVANIA REGION
- ------------------------------------------------------------------------------
Pennsylvania
Blackman Plaza Wilkes-Barre Kmart
1968 (C) 121,341 92% 2009/2049 282,374 2.52
Bradford Towne Centre Towanda P&C Foods Kmart
(Penn 2019/2069
Traffic)
1993 (C) 257,123 90% 2014/2024 1,548,453 6.66
Greenridge Plaza Scranton Giant Food (Ahold)
1986 (C) 191,767 79% 2021/2051 992,226 6.56
Luzerne Street Shopping Center Scranton Eckerd Drug
1983 (A) 58,035 88% 2009/2019 301,538 5.92
Mark Plaza Edwardsville Redner's Kmart
Markets 2009/2049
1968 (C) 216,047 95% 2018/2028 1,038,383 5.05
Pittston Plaza Pittston Redner's Eckerd Drugs
Market 2006/2016
1994 (C) 79,498 86% 2018/2028 524,431 7.70
Plaza 422 Lebanon Home Depot
1972 (C) 154,878 69% 2028/2058 444,020 4.14
Route 6 Mall Honesdale Weis Kmart
Markets 2020/2070
(not
1994 (C) 175,505 99% owned) 1,088,783 6.28
---------- -------------------
4,910,114 $50,053,307 $11.66
========== ===================
Page 39
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Retail Properties - Summary Listing
-------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------
Year Grocery Other Annualized Annualized
Anchor Anchor
Constructed(C) Occupancy Current Current Base Base
Lease and Lease and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
NEW YORK REGION
- -----------------------------------------------------------------
JOINT VENTURE PROPERTIES
- -----------------------------------------------------------------
New York
Crossroads Shopping Center White Plains Waldbaum's Kmart
(A&P) 2012/2032
1998 310,644 98% 2007/2032 $6,098,733 $19.95
(49% JV interest) B. Dalton 2012/2017
Modell's 2009/2019
MID-ATLANTIC REGION
- ---------------------------------------------------------
Delaware
Brandywine Town Center (1) Wilmington 2003 (A) 810,648 98% 12,041,551 15.16
(Brandywine JV)
Market Square Shopping Center Wilmington Trader TJ Maxx
Joe's 2006/2016
(specialty
2003 (A) 102,562 100% grocery) 2,188,283 21.34
(Brandywine JV) 2013/2028
MIDWEST REGION
- ---------------------------------------------------------
Illinois
Acadia Oakbrook Oakbrook Neiman
Marcus
2005 (A) 112,000 100% 2011/2029 1,204,918 10.76
Ohio
Amherst Marketplace Cleveland 2002 (A) 79,945 100% Giant Eagle 2021/2041 867,302 10.85
(Fund I)
Granville Centre Columbus Lifestyle
Family
Fitness
2002 (A) 134,997 44% 2017/2027 640,360 10.79
(Fund I)
Sheffield Crossing Cleveland 2002 (A) 112,534 94% Giant Eagle 2022/2042 1,153,641 10.87
(Fund I)
VARIOUS REGIONS
- ---------------------------------------------------------
Kroger/Safeway Portfolio various 25 Kroger and Safeway
2003 (A)1,018,100 100% supermarkets 8,013,584 7.87
(Fund I) 2009/2049
JV REDEVELOPMENTS
- ---------------------------------------------------------
Michigan
Sterling Heights Shopping Center Detroit Burlington
Coat
Factory
2004 (A) 154,835 64% 2024/-- 607,740 6.13
(Fund I)
New York
Tarrytown Shopping Center Westchester Walgreen's
2004 (A) 35,291 85% Drug 2080 907,836 30.23
(Fund I)
400 East Fordham Road Bronx Sears
2004 (A) 117,355 100% 2007/-- 649,419 5.53
(Fund II)
161st Street Bronx 2005 (A) 223,611 100% 4,926,247 22.03
(Fund II)
Sherman Avenue Manhattan 2005 (A) 134,773 100% 1,970,291 14.62
(Fund II)
Pelham Manor Shopping Plaza Westchester/Bronx2004 (A) 398,775 48% 1,261,512 6.60
(Fund II)
South Carolina
Hitchcock Plaza Aiken 2004 (A) 233,886 39% 599,986 6.56
(Fund I)
Pine Log Plaza Aiken Farmers
Furniture
2004 (A) 35,064 87% 2009 123,152 4.05
(Fund I)
Virginia
Haygood Shopping Center Virginia Beach Eckerd
Drug
2004 (A) 178,335 76% 2009/-- 1,389,551 10.24
---------- -------------------
(Fund I)
4,193,355 $44,644,106 $12.29
========== ===================
(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 40
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Retail Properties by Region
----------------
------------------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
------------------------------------------------------------------------------------------------------------
Wholly-Owned
Properties
- ----------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals
(1)
------------------------------------------------------------------------------------------------------------
New York Region 394,702 382,924 777,626 97.45% 92.29% 94.91% $8,075,771 $7,940,868 $16,016,639 $21.00 $22.47 $21.70
New England 890,812 306,751 1,197,563 99.51% 96.18% 98.66% 6,646,268 3,440,509 10,086,777 8.42 11.66 9.30
Midwest 392,214 345,829 738,043 99.62% 74.72% 87.95% 3,335,405 5,032,056 8,367,461 8.54 19.47 12.89
Mid-Atlantic 694,499 248,189 942,688 100.00% 73.99% 93.15% 6,144,217 3,218,005 9,362,222 11.44 17.52 12.99
Northeastern
Pennsylvania 938,166 316,028 1,254,194 92.33% 74.30% 87.79% 4,164,493 2,055,715 6,220,208 4.81 8.76 5.65
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total Wholly-
Owned
Properties 3,310,393 1,599,721 4,910,114 97.35% 82.84% 92.62%$28,366,154 $21,687,153 $50,053,307 $9.56 $16.36 $11.66
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Joint Venture
Properties (2)
- ----------------
Operating
Midwest 348,443 91,033 439,476 84.19% 70.43% 81.34% 3,197,111 669,110 3,866,221 $10.90 $10.44 $10.82
Mid-Atlantic 826,881 86,329 913,210 98.00%100.00% 98.19% 12,227,165 2,002,670 14,229,835 15.09 23.20 15.87
New York Region 200,181 110,463 310,644 100.00% 95.47% 98.39% 2,261,353 3,837,380 6,098,733 11.30 36.39 19.95
Various
(Kroger/Safeway
Portfolio) 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 2,393,605 287,825 2,681,430 97.01% 88.91% 96.14% 25,699,212 6,509,160 32,208,372 11.07 25.44 12.49
------------------------------------------------------------------------------------------------------------
JV Redevelopment
Properties
Mid West 90,400 64,435 154,835 100.00% 13.63% 64.06% 526,600 81,140 607,740 5.83 9.24 6.13
Mid-Atlantic 254,262 193,023 447,285 34.79% 87.62% 57.59% 435,552 1,677,137 2,112,689 4.92 9.92 8.20
New York Region 388,307 521,498 909,805 100.00% 59.18% 76.60% 6,057,513 3,657,792 9,715,305 15.60 11.85 13.94
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 732,969 778,956 1,511,925 77.38% 62.46% 69.69% 7,019,665 5,416,069 12,435,734 12.38 11.13 11.80
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total Joint
Venture
Properties 3,126,574 1,066,781 4,193,355 92.41% 69.60% 86.60%$32,718,877 $11,925,229 $44,644,106 $11.32 $16.06 $12.29
============================================================================================================
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) Reference the "Properties - Detail" page in this supplemental report for additional information regarding the Company's
percentage interest in the above individual JV properties.
Page 41
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Retail Properties by State - Summary
--------------------------------------------------------
--------------------------------------------------------------------------------
Gross Leasable Area Occupancy
------------------------------------------------------
Wholly-Owned Properties OwnershipPercent Number of
of
- ----------------------------------------
base properties Anchors Shops Total Anchors Shops Total
rent (2)
% (1)
--------------------------------------------------------------------------------
Connecticut 100.0% 4.7% 2 179,993 43,197 223,190 100.00% 97.10% 99.44%
Illinois 100.0% 3.3% 2 51,692 66,475 118,167 100.00%100.00%100.00%
Indiana 100.0% 4.1% 1 145,266 90,412 235,678 100.00% 80.50% 92.52%
Massachusetts 100.0% 4.1% 2 281,366 66,796 348,162 98.44% 96.07% 97.99%
Michigan 100.0% 3.7% 1 126,960 101,406 228,366 98.83% 61.43% 82.22%
New Jersey 100.0% 17.1% 4 541,073 293,775 834,848 100.00% 79.45% 92.77%
New York 100.0% 21.1% 8 566,469 301,064 867,533 98.22% 90.20% 95.44%
Ohio 100.0% 2.4% 1 68,296 87,536 155,832 100.00% 64.93% 80.30%
Pennsylvania (Philadelphia region) 100.0% 3.5% 2 216,036 40,889 256,925 100.00% 89.80% 98.38%
Pennsylvania (Northeastern region) 100.0% 10.0% 8 938,166 316,028 1,254,194 92.33% 74.30% 87.79%
Rhode Island 100.0% 3.9% 1 121,892 163,543 285,435 100.00% 97.93% 98.81%
Vermont 100.0% 2.9% 1 73,184 28,600 101,784 100.00% 84.38% 95.61%
------- ------------------------------------------------------
------------------------------------------------------
Total - Wholly-Owned Properties 80.7% 33 3,310,393 1,599,721 4,910,114 97.35% 82.84% 92.62%
-----------------------------------------------------------------------
------------------------------------------------------
Joint Venture Properties (3)
- ----------------------------------------
Operating Properties
Illinois 20.0% 0.4% 1 112,000 - 112,000 100.00% - 100.00%
Ohio 37.8% 1.6% 3 236,443 91,033 327,476 76.70% 70.43% 74.96%
Delaware 22.2% 5.1% 2 826,881 86,329 913,210 98.00%100.00% 98.19%
New York 49.0% 4.8% 1 200,181 110,463 310,644 100.00% 95.47% 98.39%
Various (Kroger/Safeway Portfolio) 28.3% 3.7% 25 1,018,100 - 1,018,100 100.00% 0.00%100.00%
------- ------------------------------------------------------
Total - Operating Properties 15.6% 2,393,605 287,825 2,681,430 97.01% 88.91% 96.14%
------- ------------------------------------------------------
JV Redevelopment Properties
Michigan 18.9% 0.2% 1 90,400 64,435 154,835 100.00% 13.63% 64.06%
New York Various 3.0% 7 388,307 521,498 909,805 100.00% 59.18% 76.60%
South Carolina 7.6% 0.1% 2 158,959 109,991 268,950 14.58% 89.68% 45.30%
Virginia 18.9% 0.4% 1 95,303 83,032 178,335 68.50% 84.88% 76.13%
-----------------------------------------------------------------------
Total-Redevelopment Properties 3.7% 732,969 778,956 1,511,925 77.38% 62.46% 69.69%
------- ------------------------------------------------------
------------------------------------------------------
Total Joint Venture Properties 19.3% 43 3,126,574 1,066,781 4,193,355 92.41% 69.60% 86.60%
-----------------======================================================
100.0% 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.
(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) Reference the "Properties - Detail" page in this supplemental report for additional information regarding the Company's
percentage interest in the above individual JV properties.
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Retail Properties by State - Summary
--------------------------------------------------------------
----------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square
Foot
----------------------------------------------------------
Wholly-Owned Properties
- --------------------------------------------------------------
Anchors Shops Total Anchors Shops Totals
----------------------------------------------------------
Connecticut $2,223,069 $686,478 $2,909,547 $26.88 $16.37 $23.34
Illinois 225,436 1,807,897 2,033,333 4.36 27.20 17.21
Indiana 1,318,901 1,201,949 2,520,850 9.08 16.51 11.56
Massachusetts 1,855,550 674,111 2,529,661 6.70 10.50 7.41
Michigan 988,349 1,317,839 2,306,188 7.88 21.16 12.28
New Jersey 6,272,333 4,321,480 10,593,813 11.59 18.52 13.68
New York 6,999,728 6,056,328 13,056,056 12.58 22.30 15.77
Ohio 802,719 704,371 1,507,090 11.75 12.39 12.04
Pennsylvania (Philadelphia region) 1,262,344 894,243 2,156,587 21.61 24.35 22.67
Pennsylvania (Northeastern region) 4,164,493 2,055,715 6,220,208 4.81 8.76 5.65
Rhode Island 935,920 1,500,599 2,436,519 7.68 9.37 8.64
Vermont 1,317,312 466,143 1,783,455 18.00 19.32 18.33
----------------------------------------------------------
----------------------------------------------------------
Total - Wholly-Owned Properties $28,366,154 $21,687,153 $50,053,307 $9.56 $16.36 $11.66
----------------------------------------------------------
----------------------------------------------------------
Joint Venture Properties (3)
- --------------------------------------------------------------
Operating Properties
Illinois $1,204,918 $- $1,204,918 $10.76 $- $10.76
Ohio 1,992,193 669,110 2,661,303 10.99 10.44 10.84
Delaware 12,227,165 2,002,670 14,229,835 15.09 23.20 15.87
New York 2,261,353 3,837,380 6,098,733 11.30 36.39 19.95
Various (Kroger/Safeway Portfolio) 8,013,583 - 8,013,583 7.87 - 7.87
----------------------------------------------------------
Total - Operating Properties 25,699,212 6,509,160 32,208,372 11.07 25.44 12.49
----------------------------------------------------------
JV Redevelopment Properties
Michigan 526,600 81,140 607,740 5.83 9.24 6.13
New York 6,057,513 3,657,792 9,715,305 15.60 11.85 13.94
South Carolina 69,552 653,586 723,138 - 6.63 5.94
Virginia 366,000 1,023,551 1,389,551 5.61 14.52 10.24
----------------------------------------------------------
Total-Redevelopment Properties 7,019,665 5,416,069 12,435,734 12.38 11.13 11.80
----------------------------------------------------------
----------------------------------------------------------
Total Joint Venture Properties $32,718,877 $11,925,229 $44,644,106 $11.32 $16.06 $12.29
==========================================================
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) Reference the "Properties - Detail" page in this supplemental report for additional information regarding the Company's
percentage interest in the above individual JV properties. *T
Page 42
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Retail Properties - Detail
- ------------------ -----------------------------------------------------------------------------------------------------
Annualized
Base Rent
Gross Leasable Occupancy Annualized Base Rent per Occupied Square
Area Foot
-----------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total
-----------------------------------------------------------------------------------------------------
WHOLLY-OWNED
PROPERTIES:
New York Region
- ------------------
Connecticut
- ------------------
239 Greenwich
Avenue(1) 16,834 - 16,834 100.00% - 100.00%$1,286,069 $- $1,286,069 $76.40 $- $76.40
-----------------------------------------------------------------------------------------------------
New Jersey
- ------------------
Elmwood Park
Shopping Center 62,610 86,475 149,085 100.00%100.00%100.00% 1,390,460 1,997,718 3,388,178 22.21 23.10 22.73
-----------------------------------------------------------------------------------------------------
New York
- ------------------
Soundview
Marketplace (2) 73,500 110,315 183,815 100.00% 87.42% 92.45% 1,248,849 1,588,582 2,837,431 16.99 16.47 16.70
Village Commons
Shopping Center 25,192 61,977 87,169 64.01% 94.69% 85.82% 274,125 1,623,190 1,897,315 17.00 27.66 25.36
Branch Plaza 74,050 51,701 125,751 100.00%100.00%100.00% 1,101,989 1,329,412 2,431,401 14.88 25.71 19.34
Amboy Road 46,964 13,116 60,080 100.00% 73.16% 94.14% 1,012,015 377,588 1,389,603 21.55 39.35 24.57
Bartow Avenue - 14,694 14,694 - 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% 362,264 801,778 1,164,042 6.96 18.64 12.24
2914 Third Avenue 43,500 - 43,500 97.70% - 97.70% 1,400,000 - 1,400,000 32.94 - 32.94
-----------------------------------------------------------------------------------------------------
Total - New York 315,258 296,449 611,707 96.81% 90.04% 93.53% 5,399,242 5,943,150 11,342,392 17.69 22.26 19.83
-----------------------------------------------------------------------------------------------------
Total - New York
Region 394,702 382,924 777,626 97.45% 92.29% 94.91% 8,075,771 7,940,868 16,016,639 21.00 22.47 21.70
-----------------------------------------------------------------------------------------------------
New England
- ------------------
Connecticut
- ------------------
Town Line Plaza(3) 163,159 43,197 206,356 100.00% 97.10% 99.39% 937,000 686,478 1,623,478 14.23 16.37 15.06
-----------------------------------------------------------------------------------------------------
Massachusetts
- ------------------
Methuen Shopping
Center 124,381 5,640 130,021 96.48%100.00% 96.63% 736,464 112,800 849,264 6.14 20.00 6.76
Crescent Plaza 156,985 61,156 218,141 100.00% 95.71% 98.80% 1,119,086 561,311 1,680,397 7.13 9.59 7.80
-----------------------------------------------------------------------------------------------------
Total -
Massachusetts 281,366 66,796 348,162 98.44% 96.07% 97.99% 1,855,550 674,111 2,529,661 6.70 10.50 7.41
-----------------------------------------------------------------------------------------------------
New York
- ------------------
New Loudon Center 251,211 4,615 255,826 100.00%100.00%100.00% 1,600,486 113,178 1,713,664 6.37 24.52 6.70
-----------------------------------------------------------------------------------------------------
Rhode Island
- ------------------
Walnut Hill Plaza 121,892 163,543 285,435 100.00% 97.93% 98.81% 935,920 1,500,599 2,436,519 7.68 9.37 8.64
-----------------------------------------------------------------------------------------------------
Vermont
- ------------------
The Gateway
Shopping Center 73,184 28,600 101,784 100.00% 84.38% 95.61% 1,317,312 466,143 1,783,455 18.00 19.32 18.33
-----------------------------------------------------------------------------------------------------
Total - New
England Region 890,812 306,751 1,197,563 99.51% 96.18% 98.66% 6,646,268 3,440,509 10,086,777 8.42 11.66 9.30
-----------------------------------------------------------------------------------------------------
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) This property is currently being marketed for sale.
(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 43
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Retail Properties - Detail
- ------------------ -----------------------------------------------------------------------------------------------------
Annualized
Base Rent
Gross Leasable Occupancy Annualized Base Rent per Occupied Square
Area Foot
-----------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total
-----------------------------------------------------------------------------------------------------
WHOLLY-OWNED PROPERTIES (continued):
Midwest
- ----------------
Illinois
- ----------------
Hobson West
Plaza 51,692 47,210 98,902 100.00%100.00%100.00% $225,436 $1,014,771 $1,240,207 $4.36 $21.49 $12.54
Clark and
Diversey - 19,265 19,265 - 100.00%100.00% - 793,126 793,126 - 41.17 41.17
-----------------------------------------------------------------------------------------------------------
Total - Illinois 51,692 66,475 118,167 100.00%100.00%100.00% 225,436 1,807,897 2,033,333 4.36 27.20 17.21
-----------------------------------------------------------------------------------------------------------
Indiana
- ----------------
Merrillville
Plaza 145,266 90,412 235,678 100.00% 80.50% 92.52% 1,318,901 1,201,949 2,520,850 9.08 16.51 11.56
Michigan
- ----------------
Bloomfield Towne
Square 126,960 101,406 228,366 98.83% 61.43% 82.22% 988,349 1,317,839 2,306,188 7.88 21.16 12.28
Ohio
- ----------------
Mad River
Station (1) 68,296 87,536 155,832 100.00% 64.93% 80.30% 802,719 704,371 1,507,090 11.75 12.39 12.04
-----------------------------------------------------------------------------------------------------------
Total - Midwest
Region 392,214 345,829 738,043 99.62% 74.72% 87.95% 3,335,405 5,032,056 8,367,461 8.54 19.47 12.89
-----------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ----------------
New Jersey
- ----------------
Marketplace of
Absecon 58,031 47,066 105,097 100.00% 89.51% 95.30% 984,014 653,135 1,637,149 16.96 15.50 16.35
Ledgewood Mall 370,969 146,789 517,758 100.00% 63.00% 89.51% 2,997,859 1,353,183 4,351,042 8.08 14.63 9.39
A & P Shopping
Plaza (Boonton) 49,463 13,445 62,908 100.00% 91.63% 98.21% 900,000 317,444 1,217,444 18.20 25.77 19.71
-----------------------------------------------------------------------------------------------------------
Total - New
Jersey 478,463 207,300 685,763 100.00% 70.88% 91.20% 4,881,873 2,323,762 7,205,635 10.20 15.82 11.52
-----------------------------------------------------------------------------------------------------------
Pennsylvania
- ----------------
Chestnut Hill
(2) 31,420 9,150 40,570 100.00%100.00%100.00% 992,344 300,028 1,292,372 31.58 32.79 31.86
Abington Towne
Center (3) 184,616 31,739 216,355 100.00% 86.86% 98.07% 270,000 594,215 864,215 10.00 21.55 15.84
-----------------------------------------------------------------------------------------------------------
216,036 40,889 256,925 100.00% 89.80% 98.38% 1,262,344 894,243 2,156,587 21.61 24.35 22.67
-----------------------------------------------------------------------------------------------------------
Total - Mid-
Atlantic Region 694,499 248,189 942,688 100.00% 73.99% 93.15% 6,144,217 3,218,005 9,362,222 11.44 17.52 12.99
-----------------------------------------------------------------------------------------------------------
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
Centre (4) 181,103 76,020 257,123 100.00% 67.50% 90.39% 1,102,616 445,837 1,548,453 6.09 8.69 6.66
Greenridge Plaza
(4) 101,060 90,707 191,767 61.44% 98.24% 78.85% 279,405 712,821 992,226 4.50 8.00 6.56
Luzerne Street
Shopping Center
(4) 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% 82.29% 95.21% 652,095 386,288 1,038,383 4.14 8.03 5.05
Pittston Plaza
(4) 67,583 11,915 79,498 87.45% 75.65% 85.68% 428,480 95,951 524,431 7.25 10.64 7.70
Plaza 422 128,708 26,170 154,878 80.99% 11.46% 69.24% 407,520 36,500 444,020 3.91 12.17 4.14
Route 6 Plaza 146,498 29,007 175,505 100.00% 93.11% 98.86% 806,351 282,432 1,088,783 5.50 10.46 6.28
-----------------------------------------------------------------------------------------------------------
Total -
Pennsylvania 938,166 316,028 1,254,194 92.33% 74.30% 87.79% 4,164,493 2,055,715 6,220,208 4.81 8.76 5.65
-----------------------------------------------------------------------------------------------------------
Total -
Northeastern
Pennsylvania
Region 938,166 316,028 1,254,194 92.33% 74.30% 87.79% 4,164,493 2,055,715 6,220,208 4.81 8.76 5.65
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Total - Wholly-
owned
Properties 3,310,393 1,599,721 4,910,114 97.35% 82.84% 92.62%$28,366,154 $21,687,153 $50,053,057 $9.56 $16.36 $11.66
-----------------------------------------------------------------------------------------------------------
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) This consists of two separate buildings, both located on Germantown Avenue, in Chestnut Hill (Philadelphia).
(3) 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.
(4) These properties are currently being marketed for sale.
Page 44
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Retail Properties - Detail
- ------------------ -----------------------------------------------------------------------------------------------------
Annualized
Base Rent
Gross Leasable Occupancy Annualized Base Rent per Occupied Square
Area Foot
-----------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total
-----------------------------------------------------------------------------------------------------
JOINT VENTURE Acadia's
PROPERTIES: interest
--------
Midwest
- ---------------
Illinois
- ---------------
Oakbrook (7) 20.0% 112,000 - 112,000 100.00% - 100.00% $1,204,918 $- $1,204,918 $10.76 $- $10.76
------------------------------------------------------------------------------------------------------------
Ohio
- ---------------
Amherst
Marketplace
(1) 37.8% 76,737 3,208 79,945 100.00%100.00%100.00% 828,830 38,472 867,302 10.80 11.99 10.85
Granville
Centre (1) 37.8% 90,047 44,950 134,997 38.81% 54.27% 43.96% 402,085 238,275 640,360 11.51 9.77 10.79
Sheffield
Crossing (1) 37.8% 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,278 392,363 1,153,641 10.93 10.74 10.87
------------------------------------------------------------------------------------------------------------
Total - Ohio 236,443 91,033 327,476 76.70% 70.43% 74.96% 1,992,193 669,110 2,661,303 10.99 10.43 10.84
------------------------------------------------------------------------------------------------------------
Total - Midwest
Region 348,443 91,033 439,476 84.19% 70.43% 81.34% 3,197,111 669,110 3,866,221 10.90 10.44 10.82
------------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
Delaware
- ---------------
Brandywine Town
Center 22.2% 788,031 22,617 810,648 97.90%100.00% 97.96% 11,680,609 360,943 12,041,551 15.14 15.96 15.16
Market Square
Shopping
Center 22.2% 38,850 63,712 102,562 100.00%100.00%100.00% 546,556 1,641,727 2,188,283 14.07 25.77 21.34
------------------------------------------------------------------------------------------------------------
Total -
Delaware 826,881 86,329 913,210 98.00%100.00% 98.19% 12,227,165 2,002,670 14,229,835 15.09 23.20 15.87
------------------------------------------------------------------------------------------------------------
New York Region
- ---------------
New York
- ---------------
Crossroads
Shopping
Center 49.0% 200,181 110,463 310,644 100.00% 95.47% 98.39% 2,261,353 3,837,380 6,098,733 11.30 36.39 19.95
------------------------------------------------------------------------------------------------------------
Various Regions
- ---------------
Kroger/Safeway
Portfolio (25
Properties)(2) 28.3%1,018,100 - 1,018,100 100.00% - 100.00% 8,013,583 - 8,013,583 7.87 - 7.87
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total - Joint
Venture
Operating
Properties 2,393,605 287,825 2,681,430 97.01% 88.91% 96.14% 25,699,212 6,509,160 32,208,372 11.07 25.44 12.49
------------------------------------------------------------------------------------------------------------
Joint Venture
Redevelopment
Properties
------------------------------------------------------------------------------------------------------------
Sterling
Heights
Shopping
Center
(Michigan) (3) 18.9% 90,400 64,435 154,835 100.00% 13.63% 64.06% 526,600 81,140 607,740 5.83 9.24 6.13
400 East
Fordham Road
(New York) (4) 19.2% 100,703 16,652 117,355 100.00%100.00%100.00% 275,000 374,419 649,419 2.73 22.48 5.53
Pelham Manor
Shopping Plaza
(New York) (4) 19.2% - 398,775 398,775 - 47.94% 47.94% - 1,261,512 1,261,512 - 6.60 6.60
Sherman Avenue
at Broadway
(New York) (4) 19.2% 134,773 - 134,773 100.00% - 100.00% 1,970,291 - 1,970,291 14.62 - 14.62
Tarrytown
Shopping
Center (New
York) (3) 18.9% 15,497 19,794 35,291 100.00% 73.44% 85.10% 475,000 432,836 907,836 30.65 29.78 30.23
161st Street
(New York) (4) 19.2% 137,334 86,277 223,611 100.00%100.00%100.00% 3,337,222 1,589,025 4,926,247 24.30 18.42 22.03
Liberty Avenue
(New York) (5) 19.2% - - - -
216th Street
(New York) (5) 19.2% - - - -
Hitchcock Plaza
(South
Carolina) (6) 7.6% 135,775 98,111 233,886 0.00% 93.20% 39.10% - 599,986 599,986 - 6.56 6.56
Pine Log Plaza
(South
Carolina) (6) 7.6% 23,184 11,880 35,064 100.00% 60.61% 86.65% 69,552 53,600 123,152 3.00 7.44 4.05
Haygood
Shopping
Center
(Virginia) (3) 18.9% 95,303 83,032 178,335 68.50% 84.88% 76.13% 366,000 1,023,551 1,389,551 5.61 14.52 10.24
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 732,969 778,956 1,511,925 77.38% 62.46% 69.69% 7,019,665 5,416,069 12,435,734 12.38 11.13 11.80
------------------------------------------------------------------------------------------------------------
Total - Joint
Venture
Properties 3,126,574 1,066,781 4,193,355 92.41% 69.60% 86.60%$32,718,877 $11,925,229 $44,644,106 $11.32 $16.06 $12.29
============================================================================================================
------------------------------------------------------------------------------------------------------------
Wholly-owned and JV -
Operating Properties
(8) 3,992,421 1,707,422 5,699,844 97.19% 83.19% 92.99%$35,455,376 $24,265,252 $59,720,628 $9.14 $17.08 $11.27
------------------------------------------------------------------------------------------------------------
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) Fund I property.
(2) Fund I portfolio of 25 triple-net, anchor-only leases with Kroger and Safeway supermarkets.
(3) Fund I owns a 50% interest in the property.
(4) Fund II has a 96% interest in the property.
(5) Property is currently under construction.
(6) Fund I owns a 20% interest in the property.
(7) Fund II owns a 20% interest in the property.
(8) Weighted based on ownership interest.
Page 45
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
-------------- --------------
Year-to-Date 3 months ended 3 months ended 3 months ended Year ended
Leasing Production Notes: September 30, September 30, June 30, 2006 March 31, 2006 December 31, 2005
2006 2006
- --------------------------- -------------- -------------- -------------- -------------- -----------------
New leases (1)
Number of new leases commencing 14 5 8 1 28
GLA 54,013 23,915 26,469 3,629 219,770
New base rent $14.94 $13.65 $14.72 $25.00 $11.20
Previous base rent (and percentage
rent) $11.15 $8.39 $12.43 $20.00 $11.71
Percentage growth in base
rent 34.0% 62.7% 18.4% 25.0% -4.3%
Average cost per square
foot $16.96 $24.13 $10.07 $20.00 $11.57
Renewal leases
Number of renewal leases
commencing 34 17 2 15 52
GLA expiring 234,296 69,242 55,580 109,474 348,354
Renewal percentage (2) 67% 84% 16% 83% 70%
New base rent $15.42 $20.17 $19.28 $12.01 $12.14
Expiring base rent (and
percentage rent) $13.04 $15.01 $19.19 $11.17 $10.86
Percentage growth in base
rent 18.3% 34.4% 0.5% 7.5% 11.8%
Average cost per square
foot $0.00 $0.00 $0.00 $0.00 $0.00
Total new and renewal
Leases
Number of new and renewal leases
commencing 48 22 10 16 80
GLA commencing 211,933 82,078 35,362 94,492 462,975
New base rent $15.30 $18.27 $15.87 $12.51 $11.69
Expiring base rent (and
percentage rent) $12.56 $13.08 $14.13 $11.51 $11.26
Percentage growth in base
rent (2) 21.9% 39.7% 12.3% 8.7% 3.8%
Average cost per square
foot $4.32 $7.03 $7.54 $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 paid at commencement.
Page 46
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 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
-------------------------------------------------------------------------------------
Number of
Retail stores in Total Annualized Total Annualized Total Annualized Total Annualized Base
Base Base Base
Ranking Tenant combined GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio Rent (3)
portfolio GLA( 3)
- --------------------------------------------------------------------------------------------------------------------------
1 Albertson's 4 220,625 $3,012,896 - $- 220,625 $3,012,896 4.0% 5.2%
-- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.2% 4.1%
-- Acme 1 44,824 654,704 - - 44,824 654,704 0.8% 1.1%
2 A&P (Waldbaum's) 4 149,729 2,566,284 18,722 246,960 168,451 2,813,244 3.1% 4.8%
-- A&P/Waldbaum's 4 149,729 2,566,284 18,722 246,960 168,451 2,813,244 3.1% 4.8%
3 Sears 7 485,111 1,829,484 68,690 330,263 553,801 2,159,747 10.2% 3.7%
-- Kmart 5 424,411 1,571,484 49,355 277,463 473,766 1,848,947 8.7% 3.2%
-- Sears 2 60,700 258,000 19,335 52,800 80,035 310,800 1.5% 0.5%
4 T.J. Maxx 10 289,427 2,051,182 6,972 88,190 296,399 2,139,372 5.4% 3.7%
-- T.J. Maxx 4 88,200 726,300 6,972 88,190 95,172 814,490 1.7% 1.4%
-- Marshalls 3 102,781 731,494 - - 102,781 731,494 1.9% 1.3%
-- A.J. Wright's 2 58,800 286,131 - - 58,800 286,131 1.1% 0.5%
-- Homegoods 1 39,646 307,257 - - 39,646 307,257 0.7% 0.5%
5 Ahold 3 180,001 1,578,670 - - 180,001 1,578,670 3.3% 2.7%
-- Stop and Shop 2 117,911 1,299,265 - - 117,911 1,299,265 2.2% 2.2%
-- 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 3.9% 2.6%
7 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 3.9% 1.7%
8 Brook's Drug 6 72,832 995,048 - - 72,832 995,048 1.3% 1.7%
-- Eckerd's 6 72,832 995,048 - - 72,832 995,048 1.3% 1.7%
9 Pathmark 1 47,773 955,460 - - 47,773 955,460 0.9% 1.6%
Redner's
10 Supermarket 2 111,739 875,912 - - 111,739 875,912 2.0% 1.5%
11 Price Chopper 1 77,450 804,059 - - 77,450 804,059 1.4% 1.4%
Restoration
12 Hardware 1 9,220 697,200 - - 9,220 697,200 0.2% 1.2%
13 Kroger(4) 13 - - 156,069 1,137,042 156,069 1,137,042 2.9% 2.0%
14 Safeway (5) 13 - - 132,409 1,133,607 132,409 1,133,607 2.4% 1.9%
15 Clearview Cinema 1 25,400 686,250 - - 25,400 686,250 0.5% 1.2%
Federated
Department Stores
16 (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.3% 1.1%
17 Payless Shoes 11 36,076 557,570 1,524 43,273 37,600 600,843 0.7% 1.0%
18 JC Penney 2 72,580 591,747 - - 72,580 591,747 1.3% 1.0%
19 King Kullen Grocery 1 48,100 562,600 - - 48,100 562,600 0.9% 1.0%
20 CVS 4 28,600 473,888 3,967 53,156 32,567 527,044 0.6% 0.9%
------------------------------------------------------------------------------------------------
Total 89 2,349,129 21,414,550 388,353 3,032,491 2,737,482 24,447,041 50.2% 42.1%
================================================================================================
(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) 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.
(5) 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 47
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 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 356,469 78.50 (1) 5 Year
Restoration Hardware 12,293 4/30/2015 929,600 75.62 (2) 5 Years
--------- ------------------
Property total 16,834 1,286,069 76.40
--------- ------------------
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
--------- ------------------
Property total 16,125 274,125 17.00
--------- ------------------
Branch Plaza
CVS 11,050 5/31/2010 181,026 16.38 -
A&P 63,000 11/30/2013 920,963 14.62 (3) 5 Year
--------- ------------------
Property Total: 74,050 1,101,989 14.88
--------- ------------------
Amboy Shopping Center
Waldbaum's (A&P) 37,266 7/6/2028 745,320 20.00 -
Duane Reed 9,698 8/31/2008 266,694 27.50 (2) 5 Year
--------- ------------------
Property total 46,964 1,012,014 21.55
--------- ------------------
Pacesetter Park Shopping Center, Pomona
Stop & Shop (Ahold) 52,052 8/31/2020 362,264 6.96 (2) 10 Year
--------- ------------------
Property total 52,052 362,264 6.96
--------- ------------------
2914 Third Avenue
Lot Stores 9,000 1/31/2021 700,000 77.78
Dr. J's 33,500 1/31/2021 700,000 20.90
--------- ------------------
Property total 42,500 1,400,000 32.94
--------- ------------------
Total: New York Region 384,635 8,075,771 21.00
--------- ------------------
Page 48
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) 4
73,184 3/31/2024 1,317,311 18.00 Yr.
--------- -----------------
Property total 73,184 1,317,311 18.00
--------- -----------------
Total : New England 886,435 6,646,268 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 49
Retail Anchor Properties- Wholly Owned (continued)
- ---------------------------------------------------
Michigan
----------------------------------------
Bloomfield Town Square, Bloomfield
Hills
HomeGoods (TJX) 39,646 5/31/2010 307,255 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 125,470 988,347 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 3,335,405 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 (Federated) (3) 5 Year
(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
---------- ------------------
A&P Shopping Plaza - Boonton
A&P 49,463 10/26/2024 900,000 18.20 (9) 5 Year
---------- ------------------
Property total 49,463 900,000 18.20
---------- ------------------
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
---------- ------------------
Chestnut Hill LLC
Express 12,882 1/31/2009 $510,344 $39.62
Borders Books 18,538 1/31/2010 482,000 26.00
---------- ------------------
Property total 31,420 992,344 77.03
---------- ------------------
Total : Mid-Atlantic 694,499 6,144,217 11.44
---------- ------------------
Page 50
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 22,764 11/30/2009 96,747 4.25 (7) 5 Year
P & C Foods (Penn Traffic) 51,658 9/30/2014 413,264 8.00 (2) 5 Year
---------- ------------------
Property total 181,103 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 447,431 8.50 (2) 5 Year
---------- ------------------
Property total 157,595 652,095 4.14
---------- ------------------
Pittston Plaza, Pittston
Redner's Market 59,100 12/31/2018 428,480 7.25 (2) 5 Year
---------- ------------------
Property total 59,100 428,480 7.25
---------- ------------------
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 1/31/2016 - - -
Kmart 119,658 4/30/2020 687,951 5.75 (10) 5 Year
---------- ------------------
Property total 146,498 806,351 5.50
---------- ------------------
Total : Northeastern Pennsylvania 866,248 4,164,493 4.81
---------- ------------------
Total: Retail Anchor Properties - Wholly
Owned Properties 3,222,541 $28,366,154 $9.56
========== ==================
(1) Target owns the portion of the main building (157,616 square feet) that their store is located in.
Page 51
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 345,928 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 2,261,353 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 375,000 5.07 -
City of New York 60,773 MTM 1,595,291 26.25 -
--------- -----------------
134,773 1,970,291 14.62
--------- -----------------
161st Street
City of New York 137,334 7/18/2006 3,337,222 24.30 -
--------- -----------------
137,334 3,337,222 24.30
--------- -----------------
Total : New York Region 588,488 8,318,866 14.14
--------- -----------------
Mid-Atlantic Region
- -----------------------------------------
Delaware
----------------------------------------
Brandywine Town Center (Brandywine JV)
Michaels 24,876 2/28/2011 572,148 23.00 (3) 5 Year
Old Navy (The Gap) 24,631 4/30/2011 617,745 25.08 (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 (10) 1 Year
World Market 20,310 1/31/2015 406,200 20.00 -
Access Group 76,458 5/31/2015 1,548,275 20.25 (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 (5) 1 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
MJM Designer 25,000 9/30/2015 325,000 13.00 (3) 5 Year
Target (6) 2 Year & (6) 3
27,716 1/31/2011 304,876 11.00 year
--------- -----------------
Property total 771,506 11,680,609 15.14
--------- -----------------
Market Square Shopping Center
(Brandywine JV)
Trader Joe's 7,675 1/31/2013 149,662 19.50 (3) 5 Year
TJ Maxx (TJX) 31,175 1/31/2011 396,894 12.73 (1) 5 Year
--------- -----------------
Property total 38,850 546,556 14.07
--------- -----------------
Page 52
Joint Venture Properties (continued)
-------------------------------------------
Mid-Atlantic Region (continued)
-------------------------------------------
Virginia
-------------------------------------------
Haygood Shopping Center (Fund I)
Farm Fresh 54,000 8/31/2026 337,500 6.25 (14) 5 Year
Eckerd Drugs (Brook's) 11,280 11/30/2009 28,500 2.53 -
---------- -------------------
Property Total 65,280 366,000 5.61
---------- -------------------
Total : Mid-Atlantic Region 875,636 12,593,165 14.38
---------- -------------------
Midwest Region
- --------------------------------------------
Illinois
--------
Acadia Oakbrook
Neiman Marcus 112,000 10/31/2011 1,204,918 10.76 (6) 5 Year
---------- -------------------
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 693,695 10.47 (4) 5 Year
---------- -------------------
Property total 76,737 828,830 10.80
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)
Rite Aid 20,000 1/31/2026 245,000 12.25 (4) 5 Year
Burlington Coat Factory 70,400 1/31/2024 281,600 4.00 -
---------- -------------------
Property total 90,400 526,600 16.25
Total: Midwest 383,747 3,723,711 9.70
---------- -------------------
Various
-------------------------------------------
Pine Log Plaza
Farmer's Furniture 23,184 2007 69,552 3.00
Kroger/Safeway (Fund I) 1,018,100 2009 8,013,583 7.87
---------- -------------------
Total: Joint Venture Properties 2,889,155 $32,718,877 $11.32
========== ===================
Page 53
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Anchor Lease Expirations - Next 3 Years
---------------------------------------
-----------------------------------------------------------------------------
Gross Leased Annualized Base Rent
Area
--------------- --------------------------
Percent Percent Average
Square of of per
Center Anchor footage all anchors Amount all Sq. Ft.
anchors
-----------------------------------------------------------------------------
Wholly Owned
------------------
2006
Blackman Plaza Eckerd Drugs 7,000 0.24% 59,710 0.21% 8.53
--------------- --------------------------
Total 2006 7,000 0.24% 59,710 0.21% 8.53
--------------- --------------------------
2007
Ledgewood Mall The Sports
Authority 52,205 1.76% 225,000 0.79% 4.31
Soundview King Kullen
Marketplace 48,100 1.62% 562,600 1.98% 11.70
Hobson West Plaza Bobak's 51,692 1.74% 225,436 0.79% 4.36
--------------- --------------------------
Total 2007 151,997 5.12% 1,013,036 3.56% 6.66
--------------- --------------------------
2008
Village Commons Daffy's Inc.
Shopping Center 16,125 0.54% 274,125 0.97% 17.00
Merrillville PlazaJC Penny Co. 50,000 1.68% 495,000 1.75% 9.90
Merrillville PlazaOfficemax
Inc. 26,157 0.88% 222,335 0.78% 8.50
Amboy Shopping Duane Reade
Center 9,698 0.33% 266,695 0.94% 27.50
Walnut Hill Plaza Sears 60,700 2.05% 258,000 0.91% 4.25
--------------- --------------------------
Total 2008 162,680 3.26% 1,516,155 2.63% 9.32
--------------- --------------------------
Total - Next
3 Years $321,677 8.62% $2,588,901 6.40% $8.05
=============== ==========================
Crossroads Joint Venture
------------------------------
2006
Crossroads P.H.
Shopping Center Greenburgh 15,000 372,600 16.48% 24.84
--------- --------------------------
Total 2006 15,000 0.00% 372,600 16.48% 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 $62,026 23.50% $1,155,425 51.10%$18.63
=============== ==========================
Brandywine Joint Venture
------------------------------
2006
2007
2008 - - - - -
--------------- --------------------------
Total - Next
3 Years $- 0.00% $- 0.00% $-
=============== ==========================
Fund I
------------------
2006
2007
Pine Log Plaza Farmer's
Furniture 23,184 1.69% 69,552 0.61% 3.00
--------------- -------------------
Total 2007 23,184 0 69,552 0.61% 3.00
--------------- --------------------------
2008 - - - - -
--------------- --------------------------
Total - Next
3 Years $23,184 1.69% $69,552 0.61% $3.00
=============== ==========================
Fund II
------------------
2006
2007
Sherman Avenue Pilot Garage 74,000 15.26% 375,000 5.52% 5.07
400 East Fordham Sears
Road 100,703 20.77% 275,000 4.04% 2.73
--------------- --------------------------
Total 2007 174,703 36.03% 650,000 9.56% 3.72
--------------- --------------------------
2008
Sherman Avenue New York
City 60,773 12.54% 1,595,291 23.50% 26.25
--------------- --------------------------
Total - Next
3 Years $235,476 48.57% $2,245,291 33.06% $9.54
=============== ==========================
(1) Tenant pays rent based on percentage of sales
Page 54
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 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
Month to Month 1 7,000 0.24% $59,710 0.21% $8.53
2006 - - 0.00% - 0.00% -
2007 3 151,997 5.12% 1,013,036 3.57% 6.66
2008 5 162,680 5.48% 1,516,155 5.34% 9.32
2009 10 360,221 12.14% 2,080,946 7.34% 5.78
2010 16 394,651 13.31% 4,429,609 15.63% 11.22
2011 2 40,164 1.35% 344,992 1.22% 8.59
2012 2 139,769 4.71% 1,143,768 4.03% 8.18
2013 2 115,392 3.89% 1,444,884 5.07% 12.52
2014 5 212,980 7.18% 1,267,126 4.47% 5.95
2015 5 164,230 5.53% 2,507,015 8.84% 15.27
2016 2 19,541 0.66% 356,469 1.26% 18.24
2017 1 47,773 1.61% 955,460 3.37% 20.00
2018 2 111,739 3.77% 875,912 3.09% 7.84
2019 4 265,075 8.93% 1,518,396 5.35% 5.73
2020 4 218,211 7.35% 1,828,994 6.45% 8.38
2021 4 211,350 7.12% 881,531 3.11% 4.17
2022 1 14,837 0.50% 1,835,000 6.47% 123.68
2023 1 65,859 2.22% 937,000 3.30% 14.23
2024 2 122,647 4.13% 2,217,312 7.82% 18.08
2028 3 141,509 4.76% 1,152,839 4.06% 8.15
---------------------------------------------------- ---------------------------------
Total Occupied 75 2,967,625 100.00% $28,366,154 100.00% $9.56
=================================
--------------------------------------------------------------
Anchor GLA Owned by Tenants 254,916
Total Vacant 87,852
----------------------
Total Square Feet 3,310,393
======================
--------------------------------------------------------------
Wholly-Owned Propeties
Shop Tenant Expirations
Month to Month 18 15,665 1.17% $222,710 1.03% $14.22
2006 18 42,063 3.15% 624,984 2.88% 14.86
2007 67 256,084 19.18% 3,685,118 17.00% 14.39
2008 57 180,794 13.54% 3,432,269 15.81% 18.98
2009 66 230,167 17.25% 3,694,583 17.04% 16.05
2010 47 142,391 10.67% 2,051,665 9.46% 14.41
2011 40 135,066 10.12% 2,401,755 11.07% 17.78
2012 7 20,461 1.53% 407,426 1.88% 19.91
2013 12 40,897 3.06% 841,539 3.88% 20.58
2014 20 103,061 7.72% 1,451,100 6.69% 14.08
2015 14 76,305 5.72% 1,145,732 5.28% 15.02
2016 6 32,150 2.41% 721,137 3.33% 22.43
2018 4 6,805 0.51% 272,646 1.26% 40.07
2019 1 - 0.00% 51,205 0.24% -
2020 4 20,945 1.57% 406,728 1.88% 19.42
2021 1 26,170 1.96% 143,936 0.66% 5.50
2022 1 2,205 0.17% 41,895 0.19% 19.00
2026 1 3,629 0.27% 90,725 0.42% 25.00
---------------------------------------------------- ---------------------------------
Total Occupied 384 1,334,858 100.00% $21,687,153 100.00% $16.36
=================================
--------------------------------------------------------------
Total Vacant 264,863
----------------------
Total Square Feet 1,599,721
======================
Page 55
Wholly-Owned Propeties
Total Tenant Expirations
Month to Month 19 $22,665 0.53% $282,420 0.56% $12.46
2006 18 42,063 0.98% 624,984 1.25% 14.86
2007 70 408,081 9.48% 4,698,154 9.39% 11.51
2008 62 343,474 7.98% 4,948,424 9.89% 14.41
2009 76 590,388 13.73% 5,775,529 11.54% 9.78
2010 63 537,042 12.48% 6,481,274 12.94% 12.07
2011 42 175,230 4.07% 2,746,747 5.49% 15.68
2012 9 160,230 3.72% 1,551,194 3.10% 9.68
2013 14 156,289 3.63% 2,286,423 4.57% 14.63
2014 25 316,041 7.35% 2,718,226 5.43% 8.60
2015 19 240,535 5.59% 3,652,747 7.30% 15.19
2016 8 51,691 1.20% 1,077,606 2.15% 20.85
2017 1 47,773 1.11% 955,460 1.91% 20.00
2018 6 118,544 2.76% 1,148,558 2.29% 9.69
2019 5 265,075 6.16% 1,569,601 3.14% 5.92
2020 8 239,156 5.56% 2,235,722 4.47% 9.35
2021 5 237,520 5.52% 1,025,467 2.05% 4.32
2022 2 17,042 0.40% 1,876,895 3.75% 110.13
2023 1 65,859 1.53% 937,000 1.87% 14.23
2024 2 122,647 2.85% 2,217,312 4.43% 18.08
2026 1 3,629 0.08% 90,725 0.18% 25.00
2028 3 141,509 3.29% 1,152,839 2.30% 8.15
-------------------------------------- ----------------------------------------------
Total Occupied 459 $4,302,483 100.00% $50,053,307 100.00% $11.66
==============================================
--------------------------------------------------
Anchor GLA Owned by Tenants 254,916
Total Vacant 352,715
--------------
Total Square Feet 4,910,114
==============
--------------------------------------------------
Fund I
Anchor Tenant Expirations
2007 1 23,184 1.69% $69,552 0.61% $3.00
2009 26 1,029,380 74.93% 8,042,083 70.29% 7.81
2012 2 21,000 1.53% 275,835 2.41% 13.14
2017 1 34,951 2.54% 402,085 3.51% 11.50
2021 2 66,237 4.82% 693,695 6.06% 10.47
2022 1 59,159 4.31% 620,578 5.42% 10.49
2024 1 70,400 5.12% 281,600 2.46% 4.00
2026 2 54,000 3.93% 582,500 5.09% 10.79
2080 1 15,497 1.13% 475,000 4.15% 30.65
-------------------------------------- ----------------------------------------------
Total Occupied 36 1,373,808 100.00% $11,442,928 100.00% $8.33
--------------------------------------------------
Total Vacant 240,894
--------------
Total Square Feet 1,614,702
==============
--------------------------------------------------
Fund I
Shop Tenant Expirations
Month to Month 11 24,705 9.63% $228,718 8.00% $9.26
2006 5 17,113 6.67% 133,890 4.68% 7.82
2007 12 18,819 7.34% 247,989 8.67% 13.18
2008 14 29,685 11.56% 342,349 11.97% 11.53
2009 8 19,621 7.65% 224,883 7.86% 11.46
2010 6 13,478 5.25% 216,761 7.58% 16.08
2011 8 15,608 6.08% 227,447 7.95% 14.57
2013 2 13,120 5.11% 124,820 4.36% 9.51
2014 6 48,596 18.94% 488,433 17.08% 10.05
2015 2 2,798 1.09% 45,357 1.59% 16.21
2016 2 37,752 14.74% 301,730 10.55% 7.99
2018 1 6,957 2.71% 50,004 1.75% 7.19
2019 1 3,141 1.22% 42,000 1.47% 13.37
2020 1 5,157 2.01% 150,842 5.27% 29.25
2050 1 - 0.00% 35,000 1.22% -
---------------------------------------------------------------------------------------------------------------
Total Occupied 80 256,550 100.00% $2,860,223 100.00% $11.15
--------------------------------------------------
Total Vacant 111,735
--------------
Total Square Feet 368,285
==============
Page 56
Fund I
Total Tenant Expirations
Month to Month 11 24,705 1.52% $228,718 1.60% $9.26
2006 5 17,113 1.05% 133,890 0.94% 7.82
2007 13 42,003 2.58% 317,541 2.22% 7.56
2008 14 29,685 1.82% 342,349 2.39% 11.53
2009 34 1,049,001 64.33% 8,266,966 57.81% 7.88
2010 6 13,478 0.83% 216,761 1.52% 16.08
2011 8 15,608 0.96% 227,447 1.59% 14.57
2012 2 21,000 1.29% 275,835 1.93% 13.14
2013 2 13,120 0.80% 124,820 0.87% 9.51
2014 6 48,596 2.98% 488,433 3.41% 10.05
2015 2 2,798 0.17% 45,357 0.32% 16.21
2016 2 37,752 2.32% 301,730 2.11% 7.99
2017 1 34,951 2.14% 402,085 2.81% 11.50
2018 1 6,957 0.43% 50,004 0.35% 7.19
2019 1 3,141 0.19% 42,000 0.29% 13.37
2020 1 5,157 0.32% 150,842 1.05% 29.25
2021 2 66,237 4.06% 693,695 4.85% 10.47
2022 1 59,159 3.63% 620,578 4.34% 10.49
2024 1 70,400 4.32% 281,600 1.97% 4.00
2026 2 54,000 3.31% 582,500 4.07% 10.79
2050 1 15,497 0.95% 475,000 3.32% 30.65
2080 1 - 0.00% 35,000 0.24%#DIV/0!
---------------------------------------------- ----------------------------------------
Total Occupied 117 1,630,358 100.00% $14,303,151 100.00% $8.77
------------------------------------------------------------
Total Vacant 352,629
--------------------
Total Square Feet 1,982,987
====================
------------------------------------------------------------
Fund II
Anchor Tenant Expirations
2006 - - 0.00% - 0.00% -
2007 2 174,703 36.04% 650,000 9.58% 3.72
2008 1 60,773 12.53% 1,595,291 23.50% 26.25
2011 2 249,334 51.43% 4,542,140 66.92% 18.22
---------------------------------------------- ----------------------------------------
Total Occupied 5 484,810 100.00% $6,787,431 100.00%$14.00
------------------------------------------------------------
Total Vacant -
--------------------
Total Square Feet 484,810
====================
------------------------------------------------------------
Fund II
Shop Tenant Expirations
Month to Month 6 58,318 19.83% $573,439 17.78% $9.83
2006 4 30,213 10.27% 348,540 10.81% 11.54
2007 8 190,188 64.67% 1,994,885 61.86% 10.49
2009 1 1,314 0.45% 21,600 0.67% 16.44
2010 2 7,012 2.38% 115,280 3.57% 16.44
2011 1 7,046 2.40% 171,212 5.31% 24.30
---------------------------------------------- ----------------------------------------
Total Occupied 22 294,091 100.00% $3,224,956 100.00%$10.97
------------------------------------------------------------
Total Vacant 207,613
--------------------
Total Square Feet 501,704
====================
------------------------------------------------------------
Fund II
Total Tenant Expirations
Month to Month 6 58,318 7.49% $573,439 5.73% $9.83
2006 4 30,213 3.88% 348,540 3.48% 11.54
2007 10 364,891 46.84% 2,644,885 26.42% 7.25
2008 1 60,773 7.80% 1,595,291 15.92% 26.25
2009 1 1,314 0.17% 21,600 0.22% 16.44
2010 2 7,012 0.90% 115,280 1.15% 16.44
2011 3 256,380 32.92% 4,713,352 47.08% 18.38
---------------------------------------------- ----------------------------------------
Total Occupied 27 778,901 100.00% $10,012,387 100.00%$12.85
------------------------------------------------------------
Total Vacant 207,613
--------------------
Total Square Feet 986,514
====================
Page 57
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% 912,178 40.34% 8.06
--------------------------------------------- -------------------------------------------
Total Occupied 6 200,181 100.00% $2,261,353 100.00% $11.30
-------------------------------------------------
Total Vacant -
--------------
Total Square Feet 200,181
==============
-------------------------------------------------
Shop Tenant Expirations
Month to Month 2 4,510 4.28% $140,994 3.67% $31.26
2006 2 2,730 2.59% 101,341 2.64% 37.12
2007 4 4,912 4.66% 186,498 4.86% 37.97
2008 9 31,460 29.81% 1,048,696 27.33% 33.33
2009 6 17,318 16.42% 728,788 18.99% 42.08
2011 2 4,070 3.86% 146,732 3.82% 36.05
2012 2 5,250 4.98% 191,723 5.00% 36.52
2014 4 19,941 18.91% 676,018 17.62% 33.90
2015 1 2,210 2.10% 72,930 1.90% 33.00
2017 1 6,600 6.26% 349,800 9.12% 53.00
2022 1 6,462 6.13% 193,860 5.05% 30.00
--------------------------------------------- -------------------------------------------
Total Occupied 34 105,463 100.00% $3,837,380 100.00% $36.39
-------------------------------------------------
Total Vacant 5,000
--------------
Total Square Feet 110,463
==============
-------------------------------------------------
Crossroads (JV Property)
Total Tenant Expirations
Month to Month 2 4,510 1.48% $140,994 2.31% $31.26
2006 2 2,730 0.89% 101,341 1.66% 37.12
2007 5 19,912 6.51% 559,098 9.17% 28.08
2008 9 31,460 10.29% 1,048,696 17.20% 33.33
2009 8 64,344 21.05% 1,511,613 24.77% 23.49
2011 2 4,070 1.33% 146,732 2.41% 36.05
2012 3 30,250 9.90% 385,473 6.32% 12.74
2014 4 19,941 6.52% 676,018 11.08% 33.90
2015 1 2,210 0.72% 72,930 1.20% 33.00
2017 1 6,600 2.16% 349,800 5.74% 53.00
2018 2 113,155 37.04% 912,178 14.96% 8.06
2022 1 6,462 2.11% 193,860 3.18% 30.00
--------------------------------------------- -------------------------------------------
Total Occupied 40 305,644 100.00% $6,098,733 100.00% $19.95
-------------------------------------------------
Total Vacant 5,000
--------------
Total Square Feet 310,644
==============
-------------------------------------------------
Brandywine Portfolio (JV Properties)
Anchor Tenant Expirations
2010 1 14,535 1.79% 247,095 2.02% 17.00
2011 5 127,291 15.71% 2,377,402 19.44% 18.68
2013 3 97,389 12.02% 1,788,407 14.63% 18.36
2014 2 50,977 6.29% 868,426 7.10% 17.04
2015 5 152,560 18.83% 2,904,328 23.75% 19.04
2017 2 89,604 11.06% 1,316,507 10.77% 14.69
2018 2 278,000 34.30% 2,725,000 22.29% 9.80
0.00%
--------------------------------------------- -------------------------------------------
Total Occupied 20 810,356 100.00% $12,227,165 100.00% $15.09
-------------------------------------------------
Total Vacant 16,525
--------------
Total Square Feet 826,881
==============
Page 58
Brandywine Portfolio (JV Properties)
Shop Tenant Expirations
Month to Month 2 13,800 15.97% $376,414 18.80%$27.28
2006 2 7,500 8.69% 104,239 5.21% 13.90
2007 1 8,100 9.38% 208,000 10.39% 25.68
2008 2 9,700 11.24% 236,093 11.79% 24.34
2010 2 11,817 13.69% 184,280 9.20% 15.59
2011 1 15,000 17.38% 399,300 19.94% 26.62
2013 2 6,950 8.05% 151,674 7.57% 21.82
2014 1 4,962 5.75% 147,421 7.36% 29.71
2015 2 8,500 9.85% 195,249 9.75% 22.97
----------------------------------------------- --------------------------
Total Occupied 15 86,329 100.00% $2,002,670 100.00%$23.20
--------------------------------------------------------
Total Vacant -
-----------------
Total Square Feet 86,329
=================
--------------------------------------------------------
Brandywine Portfolio (JV Properties)
Total Tenant Expirations
Month to Month 2 13,800 1.54% $376,414 2.65%$27.28
2006 2 7,500 0.84% 104,239 0.73% 13.90
2007 1 8,100 0.90% 208,000 1.46% 25.68
2008 2 9,700 1.08% 236,093 1.66% 24.34
2010 3 26,352 2.94% 431,375 3.03% 16.37
2011 6 142,291 15.87% 2,776,702 19.51% 19.51
2013 5 104,339 11.64% 1,940,081 13.63% 18.59
2014 3 55,939 6.24% 1,015,847 7.14% 18.16
2015 7 161,060 17.96% 3,099,577 21.78% 19.24
2017 2 89,604 9.99% 1,316,507 9.25% 14.69
2018 2 278,000 31.00% 2,725,000 19.16% 9.80
----------------------------------------------- --------------------------
Total Occupied 35 896,685 100.00% $14,229,835 100.00%$15.87
--------------------------------------------------------
Total Vacant 16,525
-----------------
Total Square Feet 913,210
=================
Page 59
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Property Demographics (1)
--------------------------------
- -------------------------------------------------------------------------------- ---------------------------------------
3-Mile Radius(2)
---------------------------------------
Property Trade Total #
Market Area Base Total Total HouseholdsMedian HH Avg. HH
Classification Property / JV City State(Miles) Rent GLA Pop. ("HH") Income Income
Ownership %
- -------------------------------------------------------------------------------- ---------------------------------------
Primary Brandywine Town Wilmington DE
Center & Mkt
Sq./22.22% 3 14,229,834 913,210 40,591 15,566 $70,145 $87,971
Primary Elmwood Park Elmwood ParkNJ
Shopping Ctr. 3 3,388,178 149,085 252,916 84,197 $44,191 $61,068
Primary Chestnut Hill PhiladelphiaPA 3 1,292,372 40,570 151,078 62,916 $53,324 $68,942
Primary Abington Towne Abington PA
Center 3 864,215 216,355
Primary Granville Center / Columbus OH
37.78% 3 640,360 134,997 113,906 49,527 $53,564 $70,562
Primary Clark & Diversey Chicago IL 3 793,126 19,265 415,680 217,726 $56,930 $84,335
Primary Hobson West Plaza Naperville IL 3 1,240,207 98,902 95,042 32,948 $82,298 $103,749
Primary Methuen Shopping Methuen MA
Ctr. 5 849,264 130,021 82,654 30,553 $37,421 $52,107
Primary Crossroads Shopping White PlainsNY
Ctr. / 49% 3 6,098,733 310,644 102,957 39,813 $59,646 $86,839
Primary The Branch Plaza Smithtown NY 3 2,431,401 125,751 71,215 24,266 $98,596 $113,345
Primary Amboy Road Staten NY
Island 3 1,389,603 60,080 155,416 56,011 $75,297 $89,580
Primary Village Commons Smithtown NY
Shopping Ctr. 3 1,897,315 87,169 70,854 24,112 $98,448 $113,332
Primary Bloomfield Town Bloomfield MI
Square Hills 5 2,306,188 228,366 61,631 24,011 $49,857 $83,461
Primary Crescent Plaza Brockton MA 3 1,680,397 218,141 98,955 34,754 $39,202 $52,875
Primary 239 Greenwich AvenueGreenwich CT 5 1,286,069 16,834 66,252 25,070 $90,010
Primary Soundview Port NY
Marketplace Washington 3 2,837,431 183,815 47,060 16,691 $127,975 $188,579
Secondary Town Line Plaza Rocky Hill CT 3 1,623,478 206,356
Secondary New Loudon Center Latham NY 5 1,713,664 255,826 44,153 17,525 $44,596 $58,526
Secondary Pacesetter Park Pomona NY
Shopping Ctr. 3 1,164,042 96,698 27,421 9,004 $99,926 $124,786
2914 Third Ave The Bronx NY 3 1,400,000 43,500 1,239,853 422,421 $26,865 $33,419
Secondary Mad River Station Dayton OH 5 1,507,090 155,832 52,598 21,841 $51,619 $64,051
Secondary Greenridge Plaza Scranton PA 3 992,226 191,767 88,733 36,946 $30,723 $38,790
Secondary Mark Plaza EdwardsvillePA 5 1,038,383 216,047 90,532 38,714 $28,086 $38,397
Secondary Luzerne Street Scranton PA
Shopping Ctr. 3 301,538 58,035 89,062 36,973 $30,970 $39,323
Secondary Blackman Plaza Wilkes-BarrePA 5 282,374 121,341 62,458 26,393 $27,479 $37,619
Primary Oakbrook / 20% Oak Brook IL 3 1,204,918 112,000 77,372 29,381 $75,545 $103,020
Secondary Sheffield Crossing /Sheffield OH
37.78% 3 1,153,641 112,534 32,487 12,500 $42,899 $58,754
Secondary Amherst Marketplace Amherst OH
/ 37.78% 3 867,302 79,945 55,146 21,276 $41,898 $55,263
Sterling Heights Sterling MI
Shopping Center / Heights
18.9% 3 607,740 154,835 97,175 35,730 $67,786 $74,409
Tarrytown Shopping Tarrytown NY
Center / 18.9% 3 907,836 35,291 36,461 13,328 $84,626 $114,725
Hitchcock Plaza / Aiken SC
7.6% 5 599,986 233,886 25,419 18,757 $60,290 $71,076
Pine Log Plaza / Aiken SC
7.6% 5 123,152 35,064 25,419 18,757 $60,290 $71,076
Haygood Shopping Virginia VA
Center / 18.9% Beach 3 1,389,551 178,335 97,871 37,786 $51,491 $60,530
400 East Fordham The Bronx NY
Road / 19.2% 2 649,419 117,355 651,504 223,577 $28,217 $37,631
Sherman Avenue / Manhattan NY
19.2% 2 1,970,291 134,773 529,999 176,116 $29,932 $40,762
Pelham Manor Westchester NY
Shopping Plaza /
19.2% 3 1,261,512 398,775 400,119 149,994 $47,713 $59,780
Bartow Avenue The Bronx NY 3 222,600 14,694 563,289 208,834 $33,199 $44,894
161st Street /19.2% The Bronx NY 2 4,926,247 223,611 712,029 240,973 $22,230 $32,900
Secondary Walnut Hill Plaza Woonsocket RI 5 2,436,519 285,435 59,068 24,020 $32,605 $44,830
Secondary Ledgewood Mall Ledgewood NJ 5 4,351,042 517,758 39,287 14,235 $59,560 $70,312
Primary BTS Boonton LLC Boonton NJ 5 1,217,444 62,908 48,401 18,384 $85,957 $106,652
Secondary Merrillville Plaza Hobart IN 5 2,520,850 235,678 21,008 8,295 $56,061 $65,230
Secondary The Gateway ShoppingSo. VT
Ctr. Burlington 3 1,783,455 101,784 45,990 19,115 $54,003 $35,139
Secondary Marketplace of Absecon NJ
Absecon 3 1,637,149 105,097 31,282 10,754 $57,266 $69,040
Tertiary Pittston Plaza Pittston PA 3 524,431 79,498 40,766 17,194 $28,200 $37,109
Tertiary Plaza 422 Lebanon PA 3 444,020 154,878 44,886 18,014 $31,027 $39,952
Tertiary Route 6 Plaza Honesdale PA 5 1,088,783 175,505
Tertiary Bradford Towne Towanda PA
Centre 10 1,548,453 257,123 5,417 2,256 $33,937 $41,666
- -------------------------------------------------------------------------------- ---------------------------------------
86,683,829 8,085,369
--------------------- ---------------------------------------
Weighted Average - Based on GLA 117,342 43,149 $49,770 $63,884
---------------------------------------
---------------------------------------
Weighted Average - Based on base
rent(1) 119,105 43,527 $54,749 $72,084
---------------------------------------
(1) Does not include the Kroger/Safeway Portfolio. Base rent for joint vuntures has been pro-rated based on the Company's ownership
% in the joint venture.
(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.
QUARTERLY SUPPLEMENTAL DISCLOSURE
- ------------------ ------------------------------------ ------------------------------------ -------------------------
5-Mile Radius 10-Mile Radius
------------------------------------ ------------------------------------
Property
Market Total # Median HH Avg. HH Total # Median HH Avg. HH
Classification Pop. HH Income Income Pop. HH Income Income County MSA
- ------------------ ------------------------------------ ------------------------------------ -------------------------
Primary Bergen Wilmington-
115,509 46,245 $63,181 $82,051 465,744 177,868 $60,297 $82,576 Newark, DE
Primary Bergen Bergen-
604,387 209,582 $49,412 $67,557 - - - - Passaic, NJ
Primary PhiladelphiaPhiladelphia,
408,646 161,678 $51,591 $66,118 - - - - PA
Primary Bucks Philadelphia,
316,194 123,852 $49,479 $67,255 1,420,838 535,831 40,786 56,068 PA
Primary 272,955 115,817 $55,421 $74,050 - - - - Franklin Columbus, OH
Primary - - - - Chicago, IL
Primary 219,460 77,196 $77,091 $96,876 - - - - DuPage Chicago, IL
Primary 200,868 74,426 $40,606 $55,989 359,120 130,167 53,266 70,380 Essex Boston, MA-NH
Primary 199,222 73,477 $67,992 $102,645 - - - - Westchester New York, NY
Primary Suffolk Nassau-
205,906 67,405 $89,363 $103,763 - - - - Suffolk, NY
Primary - - - - Richmond New York, NY
Primary Suffolk Nassau-
205,727 67,384 $89,604 $104,007 - - - - Suffolk, NY
Primary 165,071 63,680 $56,286 $89,068 693,426 274,676 35,140 88,557 Oakland Detroit, MI
Primary 164,499 58,369 $43,599 $56,535 - - - - Plymouth Boston, MA-NH
Primary Fairfield New Haven-
139,180 50,542 $87,819 - - - - Meriden, CT
Primary Nassau Nassau-
146,553 53,259 $110,828 $158,509 - - - - Suffolk, NY
Secondary 43,708 18,392 $60,038 $75,504 553,333 220,597 43,447 63,310 Hartford Hartford, CT
Secondary Albany Albany-
Schenectady-
146,563 59,410 $41,551 $54,174 613,866 249,577 43,863 57,271 Troy, NY
Secondary 134,012 39,338 $81,066 $102,217 - - - - Rockland New York, NY
- - - - - - - - The Bronx New York, NY
Secondary Montgomery Dayton-
Springfield,
124,816 50,664 $51,965 $65,750 408,808 161,200 41,890 51,485 OH
Secondary Lackawanna Scranton-
Wilkes
Barre-
128,607 52,993 $32,446 $41,441 206,477 84,001 34,001 43,425 Hazelton, PA
Secondary Luzerne Scranton-
Wilkes
Barre-
124,503 52,875 $28,794 $39,583 217,525 89,944 29,784 41,155 Hazelton, PA
Secondary Lackawanna Scranton-
Wilkes
Barre-
119,331 49,490 $31,439 $39,606 - - - - Hazelton, PA
Secondary Luzerne Scranton-
Wilkes
Barre-
118,011 50,151 $38,259 $28,229 209,428 86,555 29,751 41,041 Hazelton, PA
Primary 291,476 109,802 $73,378 $94,943 - - - - Cook Chicago IL
Secondary Lorain Cleveland-
Lorain-
117,051 44,586 $42,879 $58,196 314,596 120,675 50,540 67,635 Elyria
Secondary Lorain Cleveland-
Lorain-
98,708 37,877 $38,164 $51,174 212,480 81,076 42,497 56,454 Elyria
Coordinates
42.5803,
257,839 101,330 $64,903 $73,379 - - - - 83.0298
126,511 45,849 $94,270 $121,002 - - - - Westchester New York, NY
Coordinates
33.5156,
45,931 33,112 $49,878 $60,184 84,131 59,713 43,742 52,745 81.7311
Coordinates
33.5156,
45,931 33,112 $49,878 $60,184 84,131 59,713 43,742 52,745 81.7311
Coordinates
36.8727,
222,837 85,740 $52,946 $61,454 686,842 263,114 47,183 56,538 76.1350
1,193,183 411,564 30,162 40,477 - - - - The Bronx New York, NY
- - - - - - - - Manhattan New York, NY
1,114,822 410,040 $44,052 $56,839 - - - - Westchester New York, NY
1,435,467 511,796 $30,552 $43,522 - - - - The Bronx New York, NY
- - - - The Bronx New York, NY
Secondary Providence Providence-
Fall River,
93,988 36,923 $40,811 $54,959 304,956 114,330 47,963 62,524 RI
Secondary 107,018 38,479 $74,547 $92,140 263,597 94,154 $76,368 $97,665 Morris Newark, NJ
Primary 99,256 36,973 $84,231 $101,502 - - - - Morris Newark, NJ
Secondary 84,295 31,487 $48,370 $54,246 41,291 127,991 $41,656 $49,747 Lake Gary, IN
Secondary Chittenden Burlington,
69,036 27,944 $37,547 $55,060 - - - - VT
Secondary Atlantic Atlantic
City-Cape
71,369 24,835 $56,434 $67,432 - - - - May, NJ
Tertiary Luzerne Scranton-
Wilkes
Barre-
72,123 30,327 $29,150 $38,323 261,639 108,933 29,878 39,837 Hazelton, PA
Tertiary Lebanon Harrisburg-
Lebanon-
61,225 24,051 $33,664 $42,971 111,183 42,280 36,875 46,200 Carlisle, PA
Tertiary 12,078 4,944 $35,972 $44,544 28,631 11,448 37,277 46,049 Wayne N/A
Tertiary 17,148 6,584 $34,707 $42,850 Bradford N/A
- ------------------ ------------------------------------ ------------------------------------ -------------------------
------------------------------------ ------------------------------------
Weighted Average -
Based on GLA 200,564 75,439 $49,898 $64,691 1,843,460 744,189 $235,496 $317,452
------------------------------------ ------------------------------------
------------------------------------ ------------------------------------
Weighted Average -
Based on base
rent(1) 164,102 60,138 $52,545 $70,402 1,222,166 505,966 $162,148 $222,768
------------------------------------ ------------------------------------
(1) Does not include the Kroger/Safeway Portfolio. Base rent for joint vuntures has been pro-rated based on the Company's ownership
% in the joint venture.
(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 Ownership % City State(Miles) Rent GLA Pop. ("HH") Income Income
- ------------------------------------------------------------------------------------ -----------------------------------
400 East Fordham Road / 19.2% The Bronx NY 2 649,419 117,355 206,850 66,722 $24,205 $33,414
Sherman Avenue / 19.2% Manhattan NY 2 1,970,291 134,773 139,935 48,823 $31,657 $40,618
Pelham Manor Shopping Plaza / 19.2% WestchesterNY 3 1,261,512 398,775 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 /19.2% The Bronx NY 2 4,926,247 223,611 192,706 65,625 $20,649 $31,017
2914 Third Ave The Bronx NY 3 1,400,000 43,500 156,389 52,878 $20,158 $30,422
------------------- -----------------------------------
10,430,069 932,708 113,074 38,096 $39,830 $51,031
------------------- -----------------------------------
-----------------------------------
151,557 51,675 $25,731 $36,097
-----------------------------------
Page 60
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2006
Residential (Multi-family) Properties
----------------------------------- -----------------
% Occupied % Occupied
Property Location Square Feet Units September 30, June 30, 2006
2006
- --------------------------------------------------------------------------------------------------------------------
Mid-Atlantic
North Carolina
- -----------------------------------
Village Apartments Winston Salem 578,706 600 91% 89%
Mid-West
Missouri
- -----------------------------------
Gate House, Holiday House, Tiger Columbia
Village, 625,545 874 87% 95%
---------------------------------------------------------------
Colony Apartments (1)
Totals 1,204,251 1,474 89% 93%
===============================================================
-----------------
(1) As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions
Page 61