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): November 1, 2004
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))
Section 2 - Financial Information
Item 2.02 Results of Operations and Financial Condition
On November 1, 2004, the Registrant announced its consolidated financial results
for the quarter ended September 30, 2004. A copy of the Registrant's earnings
press release is furnished as Exhibit 99.1 to this report on Form 8-K. The
information contained in Item 2.02 of this report on Form 8-K, including Exhibit
99.1, shall not be deemed "filed" with the Securities and Exchange Commission
nor incorporated by reference in any registration statement filed by the
Registrant under the Securities Act of 1933, as amended.
Item 7.01 - Regulation FD Disclosure
On November 1, 2004, the Registrant, Acadia Realty Trust, made available
supplemental information concerning the ownership, operations and portfolio of
the Registrant as of September 30, 2004. A copy of this supplemental information
is furnished as Exhibit 99.2 to this report on Form 8-K. The information
contained in Item 7.01 of this report on Form 8-K, including Exhibit 99.2, shall
not be deemed "filed" with the Securities and Exchange Commission nor
incorporated by reference in any registration statement filed by the Registrant
under the Securities Act of 1933, as amended. Item 9.01(c) Exhibits
(c) Exhibits
Exhibit Number Description
- -------------- ------------------------------------------
99.1 Press release dated November 1, 2004
99.2 Financial and Operating Reporting
Supplement for the Quarter Ended
September 30, 2004
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: November 1, 2004 By: /s/ Michael Nelsen
---------------------------
Name: Michael Nelsen
Title: Sr. Vice President
and Chief Financial Officer
Exhibit 99.1
Acadia Realty Trust Announces Third Quarter 2004 Operating Results; Strong
Growth, Occupancy Gains and Positive Leasing Spreads; External Growth
Initiatives Continue
NEW YORK--(BUSINESS WIRE)--Nov. 1, 2004--Acadia Realty Trust
(NYSE: AKR - "Acadia" or the "Company"), a real estate investment
trust ("REIT") and owner and operator of shopping centers anchored by
grocery and value-oriented retail, today reported operating results
for the quarter and nine months ended September 30, 2004. All per
share amounts discussed below are on a fully diluted basis.
Third Quarter and Year-to-Date 2004 Highlights
Quarterly earnings of $0.23 per share after reserving for a
potential one-time charge of $0.02 as a result of flood damage
-- Excluding this charge, FFO of $0.25 per share represents a 12%
increase over third quarter 2003
-- Earnings per share for the quarter of $0.10
Same-store net operating income up 3.2% year-to-date
-- Portfolio occupancy of 89.1% up 60 basis points over second
quarter 2004 and up 1.3% over third quarter 2003
-- Rent spreads on new and renewal leases which commenced during
the period increased 15% over the previous rents on a cash
basis
Balance sheet ratios remain strong - Coverage ratios strengthen
-- Conservative dividend payout ratio of 67%
-- 3 to 1 fixed-charge coverage
-- 37% debt to total market capitalization
External growth initiatives continue with RCP Venture acquisition
and New York City Urban/Infill redevelopment program
-- Acadia completes its first investment in the Retailer
Controlled Property ("RCP") Venture with an investment in the
acquisition of the 257 store Mervyn's from Target Corporation
-- Launches New York City Urban/Infill redevelopment program with
acquisition of two redevelopment projects
Third Quarter Operating Results - Earnings up 12% after adjusting
for one-time charge as a result of flood damage
Earnings per share on a fully diluted basis was $0.10 for third
quarter 2004 compared to $0.09 for third quarter 2003. For the nine
months ended September 30, 2004 and 2003, earnings per share was $0.32
and $0.31, respectively.
Funds from operations ("FFO") for the quarter ended September 30,
2004 was $7.2 million, or $0.23 per share, compared to $6.7 million,
or $0.23 per share for the third quarter 2003. FFO for the nine months
ended September 30, 2004 was $22.4 million, or $0.73 per share
compared to $0.73 per share for the same period in 2003. It is
important to note that FFO for the quarter and nine months ended
September 30, 2004 included a non-recurring charge to reserve for a
potential payment of approximately $730,000, or $0.02 per share,
related to flood damage incurred at the Mark Plaza located in
Wilkes-Barre, PA as previously announced by the Company. The Insurance
Services Organization ("ISO") has extended the hurricane
classification of Hurricane Ivan to include various states, including
Pennsylvania. Under the terms of the Company's insurance policy, a
maximum deductible of approximately $730,000 would apply in the event
the flood damage was the direct result of a "named" storm. Although
final determination has not yet been made as to whether the flood
damage at the Mark Plaza resulted directly from Hurricane Ivan, the
Company has determined it appropriate to reserve its maximum exposure.
Portfolio Activity - Same Store Net Operating Income ("NOI') up
3.2% YTD
Same store NOI for the retail portfolio increased 3.2%
year-to-date over the same nine month period in 2003. The favorable
variance was primarily the result of increased rents in the core
portfolio from leasing and redevelopment activities. Quarter over
quarter, NOI was down 0.5% primarily due to the timing of estimated
provisions for specific potential tenant defaults.
September 30, 2004 occupancy of 89.1% was up 60 basis points over
the June 30, 2004 occupancy of 88.5%, which was primarily the result
of broad-based portfolio occupancy gains. On a year-over-year basis,
Acadia's portfolio occupancy increased by 1.3% compared to 87.8% at
September 30, 2003.
During the third quarter 2004, Acadia executed new and renewal
leases approximating 231,000 square feet. Rent spreads on new and
renewal leases which commenced during the period increased 15% over
the previous rents on a cash basis.
Balance Sheet - Maintaining Strong Ratios and Reducing Interest
Rate Exposure
During the quarter, Acadia further reduced its interest rate
exposure by locking in interest rates and extending the maturity on
$15.0 million of mortgage debt. As a result, 79% of the Company's
total mortgage debt, inclusive of long-term interest rate swaps and
the Company's pro-rata share of JV debt, is now fixed-rate. This has
been accomplished while maintaining a low blended cost of debt of 5.8%
as of September 30, 2004, as compared to 6.1% as of the beginning of
the year.
In connection with Acadia's plans to refinance its debt at the
Crossroads Shopping Center, it is currently contemplated that the
Company will terminate an interest rate swap that currently hedges the
related variable-rate mortgage debt. The cost to settle this swap is
currently estimated at approximately $1.4 million. After taking into
effect the forecasted interest rate savings, the refinancing is
projected to be financially accretive. Importantly, the transaction
will further reduce Acadia's exposure to interest rate risk by
extending the maturity as well as increasing the fixed-rate portion of
Acadia's debt from 79% to 88%. The Company is currently in
consultation with its auditors and derivative consultants to determine
the appropriate accounting treatment for this transaction, which
potentially could result in either an immediate charge of $1.4
million, or $0.045 per share, in the current year, or amortization
over future periods. Management's 2004 earnings guidance does not
currently incorporate a full charge in the current year and, if
appropriate, would be revised accordingly.
As of September 30, 2004, Acadia maintained its solid balance
sheet position as reflected in its financial ratios as follows (all
ratios include the Company's pro-rata share of unconsolidated joint
venture debt and interest expense):
-- Debt to total market capitalization at quarter-end was 37%
-- Fixed-charge ratio was 3.0 times (EBITDA / interest expense
plus preferred distributions)
-- Dividend payout ratio was 67% of FFO
External Growth Initiatives
Retailer Controlled Property ("RCP") Venture
During the third quarter, Acadia completed its first investment
through its recently formed RCP Venture. A total of $23.2 million was
invested by AKR Funds I and II into an affiliate of
Lubert-Adler/Klaff, which is part of the investment consortium, along
with Sun Capital Partners, Inc. and Cerberus Capital Management, L.P.,
that acquired the 257 store Mervyn's department store chain from the
Target Corporation for $1.175 billion. This was the first investment
for AKR Fund II, Acadia's second discretionary acquisition fund which
was launched during the second quarter of 2004 with $300 million of
committed capital.
Launches New York Urban/Infill Redevelopment Program with Two New
Projects
The Company announced the launching of its New York Urban/Infill
program with the acquisition of 400 East Fordham Road in The Bronx, NY
for $30 million. In conjunction with its development partner, P/A
Associates, Acadia acquired the six-story, retail and commercial
building, which is anchored by a multi-level Sears. It is anticipated
the redevelopment will commence in 2007, which is the scheduled
expiration of Sears' current lease term. The total cost of the
redevelopment project, including the acquisition cost, is estimated to
be between $35 and $40 million, depending on the ultimate scope of the
project. Upon completion of the redevelopment, it is anticipated the
project will earn an unleveraged yield in excess of 10%.
In October, Acadia announced its second urban in-fill project, a
95-year ground lease to redevelop a 16-acre site in Pelham Manor, NY,
located 10 miles from Manhattan. Currently the site includes 320,000
square feet of warehouse space. The redevelopment contemplates
demolishing the existing warehouse buildings and replacing them with a
200,000 or greater square foot multi-anchor community retail center.
Acadia anticipates the redevelopment will cost between $30 to $40
million, with construction projected to commence in the next 12 to 24
months. Prior to commencement of the redevelopment process, the ground
rent paid by Acadia is projected to equal the warehouse rents
collected. Upon stabilization, the property is projected to generate
an unleveraged yield also in excess of 10%.
Earnings Outlook
Guidance for 2004
The Company maintains its current earnings guidance for 2004, as
adjusted for a $0.02 per share non-recurring charge related to flood
damage as previously discussed. As such the Company's 2004 FFO
forecast range has been adjusted to a range of $0.97 to $0.99. On an
earnings per share basis, the Company currently forecasts $0.42 to
$0.44 per share. This FFO and earnings per share forecast is also
subject to the final determination of the appropriate accounting for
the interest rate swap transaction at the Crossroads Shopping Center
as previously discussed.
Preliminary Guidance for 2005
The Company currently forecasts its 2005 FFO will range from $1.00
to $1.09 per share. 2005 earnings per share is expected to range from
$0.46 to $0.55 per share. This guidance is based on current
expectations and is forward-looking. The variation in the low and high
end of this range is primarily a result of the level of projected
acquisition activity.
The following is a reconciliation of the calculation of FFO per
share and earnings per share:
Guidance Range for 2005 Low High
- ----------------------------------------------------------------------
Earnings per share $0.46 $0.55
Depreciation of real estate and amortization of leasing
costs:
Wholly owned and consolidated partnerships 0.47 0.47
Unconsolidated partnerships 0.07 0.07
----- -----
Funds from operations $1.00 $1.09
===== =====
Management will discuss the 2004 and 2005 earnings guidance during
tomorrow's conference call.
Management Comments
Commenting on the results for the quarter, Kenneth Bernstein,
President and CEO, stated, "We are quite pleased with our third
quarter results. Along with the solid performance of our core
portfolio evidenced by NOI growth, occupancy gains and positive
leasing spreads, our exciting external growth initiatives are
combining nicely to enable us to create continued growth and long-term
shareholder value"
Investor Conference Call
Mr. Bernstein and Michael Nelsen, Sr. Vice President and CFO, will
conduct a conference call November 1, 2004 at 2:00 PM EST to review
the Company's earnings and operating results. The live conference call
can be accessed by dialing 888-339-2688 (internationally
617-847-3007). No passcode is required.
The call will also be webcast and can be accessed in a listen-only
mode at Acadia's web site at www.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 passcode will be 35386914. The phone replay will be
available through Sunday, November 7, 2004.
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 70
properties totaling approximately nine million square feet, located
primarily in the Northeast, Mid-Atlantic and Midwest United States.
Certain matters in this press release may constitute
forward-looking statements within the meaning of federal securities
law and as such may involve known and unknown risk, uncertainties and
other factors which may cause the actual results, performances or
achievements of Acadia to be materially different from any future
results, performances or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements speak only
as of the date of this document. Acadia expressly disclaims any
obligation or undertaking to release publicly any updates or revisions
to any forward-looking statements contained herein to reflect any
change in Acadia's expectations with regard thereto or change in
events, conditions or circumstances on which any such statement is
based. The Company also refers you to the documents filed by the
Company, from time to time, with the Securities and Exchange
Commission, including without limitation the Company's Annual Report
on Form 10-K and the "Management's Discussion and Analysis of
Financial Condition and Results of Operations" incorporated by
reference therein, for a discussion of such risks and uncertainties.
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.
EBITDA is a widely used financial measure in many industries,
including the REIT industry, and is presented to assist investors and
analysts in analyzing the performance of the Company. It is helpful as
it excludes various items included in net income that are not
indicative of operating performance, such as gains (or losses) from
sales of property and depreciation and amortization and is used in
computing various financial ratios as a measure of operational
performance. The Company computes EBITDA as the sum of net income
before extraordinary items plus interest expense, depreciation, income
taxes and amortization, less any gains (losses including impairment
charges) on the sale of income producing properties. The Company's
method of calculating EBITDA may be different from methods used by
other REITs and, accordingly, may not be comparable to such other
REITs. EBITDA does not represent cash generated from operations as
defined by GAAP and is not indicative of cash available to fund all
cash needs, including distributions. It should not be considered as an
alternative to net income for the purpose of evaluating the Company's
performance or to cash flows as a measure of liquidity. Refer to the
Company's Financial and Operating Reporting Supplement for the quarter
as posted on its website and included in the Company's filing on Form
8K with the Securities and Exchange Commission for a reconciliation of
EBITDA.
For more information visit Acadia Realty Trust's Web site at
www.acadiarealty.com
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Nine Months ended September 30, 2004 and 2003
(amounts in thousands, except per share data)
==================================================================
STATEMENTS OF INCOME
For the For the nine
quarters ended months ended
Revenues September 30, September 30,
2004 2003 2004 2003
-------- -------- -------- --------
Minimums rents $ 13,124 $ 12,635 $ 39,304 $ 37,350
Percentage rents 147 156 569 545
Expense reimbursements 3,385 3,012 10,188 9,625
Other property income 171 169 499 481
Management fee income 1,548 489 3,100 1,418
Interest income 318 243 918 657
Other 14 -- 210 1,218
-------- -------- -------- --------
Total revenues 18,707 16,704 54,788 51,294
-------- -------- -------- --------
Operating expenses
Property operating 4,316 2,957 11,860 10,700
Real estate taxes 2,461 2,288 6,900 6,297
General and
administrative 2,674 2,786 7,585 7,931
Depreciation and
amortization 3,928 3,788 11,905 11,277
-------- -------- -------- --------
Total operating
expenses 13,379 11,819 38,250 36,205
-------- -------- -------- --------
Operating income 5,328 4,885 16,538 15,089
Equity in earnings of
unconsolidated
partnerships 483 629 1,533 1,777
Interest expense (2,958) (2,882) (8,464) (8,413)
Gain on sale 423 (25) 931 1,187
Minority interest (381) (183) (1,029) (1,310)
-------- -------- -------- --------
Net income - Basic 2,895 2,424 9,509 8,330
Distributions -
Preferred OP Units -- 50 -- 100
-------- -------- -------- --------
Net income - Diluted $ 2,895 $ 2,474 $ 9,509 $ 8,430
======== ======== ======== ========
Net income per Common
Share - Basic
Weighted average Common
Shares 29,254 27,236 28,692 26,338
======== ======== ======== ========
Net income per Common
Share $ .10 $ .09 $ .33 $ .32
======== ======== ======== ========
Net income per Common
Share - Diluted
Weighted average Common
Shares 29,848 28,300 29,389 27,142
======== ======== ======== ========
Net income per Common
Share $ .10 $ .09 $ .32 $ .31
======== ======== ======== ========
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Nine Months ended September 30, 2004 and 2003
(amounts in thousands, except per share data)
=====================================================================
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (2)
For the For the nine
quarters ended months ended
September 30, September 30,
2004 2003 2004 2003
-------- -------- ------- --------
Net income $ 2,895 $ 2,424 $ 9,509 $ 8,330
Depreciation of real
estate and amortization
of leasing costs:
Wholly owned and
consolidated
partnerships 3,588 3,571 10,672 10,541
Unconsolidated
partnerships 586 547 1,707 1,557
Income attributable to
minority interest in
Operating
Partnership 57 117 244 758
-------- -------- ------- --------
Funds from operations -
Basic 7,126 6,659 22,132 21,186
Distributions -
Preferred OP Units 88 50 248 150
-------- -------- ------- --------
Funds from operations -
Diluted $ 7,214 $ 6,709 $22,380 $ 21,336
======== ======== ======= ========
Funds from operations
per share - Basic
Weighted average Common
Shares and OP Units (3) 29,680 28,463 29,359 28,452
======== ======== ======= ========
Funds from operations
per share $ .24 $ .23 $ .75 $ .74
======== ======== ======= ========
Funds from operations
per share - Diluted
Weighted average Common
Shares and OP Units
(1),(3) 30,796 29,528 30,548 29,255
======== ======== ======= ========
Funds from operations
per share $ .23 $ .23 $ .73 $ .73
======== ======== ======= ========
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
As of September 30, 2004 and December 31, 2003
(amounts in thousands, except per share data)
=====================================================================
SELECTED BALANCE SHEET INFORMATION
September 30, December 31,
2004 2003
--------------------------
Cash and cash equivalents $ 13,091 $ 14,663
Rental property, at cost 432,517 427,628
Total assets 433,380 388,184
Mortgage notes payable 225,004 190,444
Total liabilities 243,976 208,765
Fixed rate debt: (4) 170,470 156,433
% of outstanding debt 76 % 82 %
Weighted average interest rate 6.5 % 6.6 %
Variable rate debt (4) $ 54,536 $ 34,011
% of outstanding debt 24 % 18 %
Weighted average interest rate 3.1 % 2.9 %
Total weighted average interest rate 5.7 % 5.9 %
Notes (amounts in thousands):
(1) Reflects the potential dilution that could occur if securities
or other contracts to issue Common Shares were exercised or
converted into Common Shares.
(2) 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.
(3) In addition to the weighted average Common Shares outstanding,
diluted FFO also assumes full conversion of a weighted average
425 and 1,228 OP Units into Common Shares for the quarters
ended September 30, 2004 and 2003, respectively and 667 and
2,113 OP Units into Common Shares for the nine months ended
September 30, 2004 and 2003, respectively. For 2004, diluted
FFO also includes the assumed conversion of Preferred OP Units
into 523 Common Shares and 492 Common Shares for the quarter
and nine months ended September 30, 2004, respectively.
(4) Fixed-rate debt includes $86,289 of notional principal fixed
through swap transactions. Conversely, variable-rate debt
excludes this amount.
CONTACT: Acadia Realty Trust
Jon Grisham, 914-288-8142
Exhibit 99.2
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Table of Contents
- ----------------------------------------------
Page Page
-------------------- ----
Section I - Overview Section III - Joint Venture
Information
Important Notes 2 Overview - Fund I 23
Company Information 3 Overview - Fund II 24
Portfolio Snapshot 4 Overview - RCP Venture 25
Organizational Chart 5 Joint Venture Properties - Detail 26
Management Team 6 Kroger/Safeway Locations 27
Section II - Financial Information Top 10 Joint Venture Tenants 28
Market Capitalization 7 Section IV - Portfolio Information
Shareholder Information 8 Properties - Overview 29
Operating Statements - Consolidated 9 Properties by Region - Summary 32
Operating Statements - Joint Venture Activity 10 Properties by State - Summary 33
Operating Statements - Activity by Source 11 Properties - Detail 34
Operating Statements - Current v. Historical 12 Leasing Production 37
Net Operating Income - Same Property Top 10 Tenants - Consolidated
Performance 13 38
Funds from Operations ("FFO"), Adjusted FFO Anchor Tenant Detail
("AFFO") 39
and Funds Available for Distribution ("FAD") 14
Anchor Lease Expirations - Next 3
Years 44
Capital Expenditures 15
Lease Expirations 45
Balance Sheets 16
Property Demographics 53
Selected Operating Ratios 17
Residential Properties 54
Debt Analysis - Summary 18
Debt Analysis - Detail 19
Debt Maturity Schedule 21
Unencumbered Properties 22
Visit acadiarealty.com for current news as well as additional property details and financial information
Page 1
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Important Notes
---------------
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this supplemental disclosure may contain
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as
such may involve known and unknown risks, uncertainties and other factors which
may cause the Company's actual results, performance or achievements to be
materially different from future results, performance or achievements expressed
or implied by such forward-looking statements. Forward-looking statements, which
are based on certain assumptions and describe the Company's future plans,
strategies and expectations are generally identifiable by use of the words
"may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend"
or "project" or the negative thereof or other variations thereon or comparable
terminology. Factors which could have a material adverse effect on the
operations and future prospects of the Company include, but are not limited to
those set forth under the heading "Risk Factors" in the Company's Annual Report
on Form 10-K. These risks and uncertainties should be considered in evaluating
any forward-looking statements contained or incorporated by reference herein.
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
The Company considers funds from operations ("FFO") as defined by the
National Association of Real Estate Investment Trusts ("NAREIT") to be an
appropriate supplemental disclosure of operating performance for an equity REIT
due to its widespread acceptance and use within the REIT and analyst
communities. FFO is presented to assist investors in analyzing the performance
of the Company. It is helpful as it excludes various items included in net
income that are not indicative of the operating performance, such as gains (or
losses) from sales of property and depreciation and amortization. However, the
Company's method of calculating FFO may be different from methods used by other
REITs and, accordingly, may not be comparable to such other REITs. FFO does not
represent cash generated from operations as defined by generally accepted
accounting principles ("GAAP") and is not indicative of cash available to fund
all cash needs, including distributions. It should not be considered as an
alternative to net income for the purpose of evaluating the Company's
performance or to cash flows as a measure of liquidity. Consistent with the
NAREIT definition, the Company defines FFO as net income (computed in accordance
with GAAP), excluding gains (or losses) from sales of depreciated property, plus
depreciation and amortization, and after adjustments for unconsolidated
partnerships and joint ventures.
USE OF EBITDA AS NON-GAAP FINANCIAL MEASURE
EBITDA is a widely used financial measure in many industries, including the
REIT industry, and is presented to assist investors and analysts in analyzing
the performance of the Company. It is helpful as it excludes various items
included in net income that are not indicative of operating performance, such as
gains (or losses) from sales of property and depreciation and amortization and
is used in computing various financial ratios as a measure of operational
performance. The Company computes EBITDA as the sum of net income before
extraordinary items plus interest expense, depreciation, income taxes and
amortization, less any gains (losses including impairment charges) on the sale
of income producing properties. The Company's method of calculating EBITDA may
be different from methods used by other REITs and, accordingly, may not be
comparable to such other REITs. EBITDA does not represent cash generated from
operations as defined by GAAP and is not indicative of cash available to fund
all cash needs, including distributions. It should not be considered as an
alternative to net income for the purpose of evaluating the Company's
performance or to cash flows as a measure of liquidity.
Page 2
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
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 70 properties totaling approximately 9.3 million
square feet, located in the Northeast, Mid-Atlantic and Midwest United States.
All of Acadia's assets are held by, and all its operations are conducted
through, Acadia Realty Limited Partnership (and its majority-owned subsidiaries)
which is currently 98% controlled by Acadia.
Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham
Suite 260 Vice President
White Plains, NY 10605 (914) 288-8142
jgrisham@acadiarealty.com
New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com
Analyst Coverage Banc of America Securities Citigroup - Smith Barney
Ross Nussbaum - (212) 847-5668 Jonathan Litt - (212) 816-0231
ross.nussbaum@bofasecurities.com jonathan.litt@citigroup.com
Michael Bilerman - (212) 816-1383
RBC Capital Markets michael.bilerman@citigroup.com
Jay Leupp - (415) 633-8588 David Carlisle - (212) 816-1382
jay.leupp@rbccm.com david.s.carlisle@citigroup.com
David Ronco - (415) 633-8566
david.ronco@rbccm.com Advest, Inc.
Sheila McGrath - (908) 598-1180
MaxCor Financial sheila.mcgrath@advest.com
Paul Adornato, CFA - (646) 346-7327
padornato@maxf.com J.P. Morgan Securities, Inc.
Michael W. Mueller, CFA (212) 622-6689
michael.w.mueller@jpmorgan.com
Josh Bederman (212) 622-6530
josh.h.bederman@jpmorgan.com
Page 3
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Executive Management Team
-------------------------------------------------------
Kenneth F. Bernstein Chief Executive Mr. Bernstein is responsible for strategic planning as well
Officer and as overseeing all day to day activities of the Company
including operations,
President 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 Mr. Braun is responsible for the sourcing and financial
President, analysis of acquisition properties for Acadia. Previously,
Mr. Braun was Director
Chief Investment of Acquisitions and Finance for Rosenshein Associates, a
Officer 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 Most recently, Mr. Hogan served as Vice President with
President, Kimco Realty Corporation (NYSE:KIM), where he was
responsible for
Director of business development and management of all retail and
Construction 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 Prior to joining Acadia in December 1994, Mr. Masters was
President, General Counsel for API Asset Management for over five
years,
General Counsel, Senior Vice President Deputy General Counsel for European
American Bank from 1985 to 1990, and Vice President and
Counsel for
Corporate National Westminster Bank from 1977 to 1985. Mr. Masters
Secretary received his Bachelor of Arts from the City University of
New York
and a J.D. from New York University Law School. Mr.
Masters is also a member of the New York Bar.
Joseph M. Napolitano, Senior Vice Mr. Napolitano is responsible for overseeing the company's
President, internal operations. Previously, he held the position of
Senior Vice President,
CPM Director of Director of Property Management. Prior to joining Acadia in
Operations 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 Mr. Nelsen oversees all the financial activities and asset
President, management functions. Mr. Nelsen was most recently
President of
Chief Financial G. Soros Realty, Inc. and Director of Real Estate for Soros
Officer 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 Mr. Povinelli joined Acadia in 1999 with 19 years of retail
President, leasing experience. Since 1987 Mr. Povinelli had served as
regional real estate
Director of representative for Vornado Realty Trust, a New Jersey based
Leasing 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 Universty.
Page 4
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
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 97.4% 29,299
Common Operating Partnership ("OP") Units 1.3% 393
-------------------
Combined Common Shares and OP Units 29,692
Market Price at September 30, 2004 $14.75
-------------------
Equity Capitalization - Common Shares and OP Units $437,957
Preferred OP Units - at cost (1) 1.3% 5,580
------------------------------------
Total Equity Capitalization 100.0% 443,537 62.6%
==================================================
Debt Capitalization
- --------------------------------------------------------
Company's balance sheet 225,006 31.8%
Pro-rata share of joint venture debt 40,136 5.6%
---------------------------------
Total Debt Capitalization 265,142 37.4%
---------------------------------
Total Market Capitalization $708,679 100.0%
=================================
Weighted Average Outstanding Common Shares and O.P. Units
- ----------------------------------------------------------------------------------------------------------
Common
Shares O.P. Units Total
--------------------------------------------------
==========================================================================================================
Basic
Quarter ended September 30, 2004 29,253,889 425,713 29,679,602
Nine months ended September 30, 2004 28,691,686 667,428 29,359,114
Fully Diluted (3)
Quarter ended September 30, 2004 29,847,508 425,713 30,273,221
Nine months ended September 30, 2004 29,388,507 667,428 30,055,935
==========================================================================================================
Basic
Quarter ended September 30, 2003 27,180,323 1,282,760 28,463,083
Nine months ended September 30, 2003 26,319,632 2,131,942 28,451,574
Fully Diluted
Quarter ended September 30, 2003 28,245,059 1,282,760 29,527,819
Nine months ended September 30, 2003 27,123,067 2,131,942 29,255,009
(1) In connection with the acquisition of the Pacesetter Park Shopping Center
in 1999, the Company issued 2,212 Preferred OP Units, been converted to
Common OP Units to date. The remaining Preferred OP Units are reflected
above at their stated cost of $1,000 per uni Also includes $4,000 of
Preferred OP Units issued to Klaff related to the new RCP Venture
(2) Fixed-rate debt includes notional principal fixed through interest rate
swap transactions and conversely, variable-rate debt exc amount.
(3) For purposes of 2004 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 522,681 and 491,935 for
the quarter and nine months in 2004.
Page 5
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Shareholder Information
--------------------------
(amounts in thousands)
10 Largest Institutional/Non-Retail Shareholders (1) Percent of Out-
Common standing Common
Shareholder Shares Held Shares
- -------------------------------------- -------------------------------
Yale University 4,634 15.8%
Wellington Management 3,326 11.4%
Clarion CRA Securities 1,658 5.7%
Cliffwood Partners 1,191 4.1%
Stanford University 1,411 4.8%
ABP 1,039 3.5%
Third Avenue Management 981 3.3%
Vanguard Group 977 3.3%
State Street 886 3.0%
Janus Capital Management 780 2.7%
-------------------------------
Total of 10 Largest Institutional Shareholders 16,883 57.6%
===============================
Total of all Institutional
Shareholders 24,838 84.8%
===============================
Operating Partnership
Unit Information
- ------------------------------------------------------------------------------
Percent
of Total O.P. Units
-------------------
Managment O.P. Unit Holders 338 86.0%
Other O.P. Unit Holders 55 14.0%
-------------------------- --------------
Total O.P. Units 393 100.0%
=========================== =============
Management and Trustee Ownership
- --------------------------------------
Common Shares (not including options) 479
O.P. Units (see above) 338
--------------------------
817
==========================
(1) Based on most recent Schedule 13F filing
Page 6
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL
DISCLOSURE
September 30, 2004
Statements of
Operations -
Consolidated (1)
-----------------------
Current Quarter and
Year-to-Date
-----------------------
(in thousands)
----------------------- -----------------------
Year-to- Current Previous
Date Quarter Quarters
9 months 3 months 3 months 3 months
ended September ended September ended ended
30, 30, June March
30, 31,
2004 2004 2004 2004
----------------------- ----------------------- ------------------------ -----------------------
Wholly JV's Total Wholly JV's Total Wholly JV's (2) Total Wholly JV's Total
Owned (2) Owned (2) Owned Owned (2)
----------------------- ----------------------- ------------------------ -----------------------
PROPERTY REVENUES
Minimum rents $38,645 $5,779 $44,424 $12,933 $1,717 $14,650 $12,905 $2,055 $14,960 $12,807 $2,007 $14,814
Percentage rents 569 55 624 147 36 183 203 4 207 219 15 234
Expense reimbursements 10,188 1,319 11,507 3,385 461 3,846 3,129 445 3,574 3,674 413 4,087
Other property income 485 32 517 157 16 173 200 7 207 128 9 137
----------------------- ----------------------- ------------------------ -----------------------
49,887 7,185 57,072 16,622 2,230 18,852 16,437 2,511 18,948 16,828 2,444 19,272
----------------------- ----------------------- ------------------------ -----------------------
PROPERTY EXPENSES
Property operating 10,788 1,021 11,809 3,506 338 3,844 3,441 320 3,761 3,841 363 4,204
Real estate taxes 6,900 739 7,639 2,461 252 2,713 2,117 255 2,372 2,322 232 2,554
----------------------- ----------------------- ------------------------ -----------------------
17,688 1,760 19,448 5,967 590 6,557 5,558 575 6,133 6,163 595 6,758
----------------------- ----------------------- ------------------------ -----------------------
NET OPERATING INCOME -
PROPERTIES 32,199 5,425 37,624 10,655 1,640 12,295 10,879 1,936 12,815 10,665 1,849 12,514
OTHER INCOME (EXPENSE)
General and
administrative (4,077) (26) (4,103) (1,567) (20) (1,587) (1,185) (6) (1,191) (1,325) - (1,325)
Property related home
office expenses (3,508) - (3,508) (1,107) - (1,107) (1,237) - (1,237) (1,164) - (1,164)
Equity in Fund I
unconsolidated
properties - (21) (21) - (3) (3) - (18) (18) - - -
Lease termination
income - - - - - - - - - - - -
Interest income 918 20 938 318 2 320 485 18 503 115 - 115
Asset and property
management income (3) 3,123 - 3,123 1,562 - 1,562 1,016 - 1,016 545 - 545
Property management
expense (178) - (178) (58) - (58) (58) - (58) (62) - (62)
Straight-line rent
income 658 (224) 434 190 82 272 174 (213) (39) 294 (93) 201
Straight-line rents
written off (164) - (164) (22) - (22) (28) - (28) (114) - (114)
Hurricane related
expenses (730) - (730) (730) (730) - - - - - -
Other income 201 - 201 14 - 14 31 - 31 156 - 156
----------------------- ----------------------- ------------------------ -----------------------
EBIDTA 28,442 5,174 33,616 9,255 1,701 10,956 10,077 1,717 11,794 9,110 1,756 10,866
Depreciation and
amortization (11,905)(1,726)(13,631) (3,928) (576) (4,504) (4,121) (577) (4,698) (3,856) (573) (4,429)
Interest expense (8,463)(1,915)(10,378) (2,957) (642) (3,599) (2,761) (634) (3,395) (2,745) (639) (3,384)
Impairment of real
estate - - - - - - - - - - - -
Gain on sale of
properties 931 - 931 423 - 423 508 - 508 - - -
----------------------- ----------------------- ------------------------ -----------------------
Income before minority
interest 9,005 1,533 10,538 2,793 483 3,276 3,703 506 4,209 2,509 544 3,053
Minority interest (994) (35) (1,029) (374) (7) (381) (437) (8) (445) (183) (20) (203)
----------------------- ----------------------- ------------------------ -----------------------
NET INCOME $8,011 $1,498 $9,509 $2,419 $476 $2,895 $3,266 $498 $3,764 $2,326 $524 $2,850
======================= ======================= ======================== =======================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's equity in the
earnings of unconsolidated partnerships is reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, this agrees with the equity in earnings of
unconsolidated partnerships as reported in the Company's Form 10Q's and 10K
for the corresponding periods.
(2) The Company currently invests in three JV's. The first is a 22% interest in
Acadia Strategic Opportunity Fund ("AKR Fund I"), which owns, or has an
ownership interest in 34 properties totalling approximately 2.6 million
square feet. The second JV investment is a 49% interest in a 311,000 square
foot shopping center located in White Plains, NY ("Crossroads"). The third
is AKR Fund II which was formed during the 2nd quarter 2004. Along with an
investement in the RCP Venture, AKR Fund II also purchased its first
property during the 3rd quarter 2004, which is currently slated for
redevelopment.
(3) Detail as follows:
YTD 3rd 2nd 1st
Quarter Quarter Quarter
-------- ------- ------- ----------
Asset
management
fee Fund I $788 $263 $263 $262
Asset management fee
Fund II (Formed June
15, 2004) 881 756 125 -
Property management
and leasing fees -
Fund I 523 161 223 139
Property management
fees - Other 373 164 97 112
Property management and
leasing fees - Klaff
Portfolio 558 218 308 32
-------- -------- ------- ---------
$3,123 $1,562 $1,016 $545
======== ======== ======= =========
Page 7
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Statements of Operations - Joint Venture Activity (1)
------------------------------------------------------------
Current Quarter and Year-to-Date
------------------------------------------------------------
(in thousands)
Year-to-Date
9 months
ended September 30,
2004
-----------------------------------------------------------------------------
AKR Pro-rata Pro-rata Pro-rata
Funds I & II share Crossroads share Total
-----------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $16,838 $3,741 $4,164 $2,038 $5,779
Percentage rents 207 46 18 9 55
Expense reimbursements 2,168 483 1,705 836 1,319
Other property income 35 8 49 24 32
-----------------------------------------------------------------------------
19,248 4,278 5,936 2,907 7,185
-----------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating 2,945 654 749 367 1,021
Real estate taxes 870 193 1,114 546 739
-----------------------------------------------------------------------------
3,815 847 1,863 913 1,760
-----------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES 15,433 3,431 4,073 1,994 5,425
OTHER INCOME (EXPENSE)
General and administrative (118) (26) - - (26)
Property related home office expenses - - - - -
Equity in Fund I unconsolidated properties 2 (94) (21) - - (21)
Lease termination income - - - - -
Interest income 89 20 - - 20
Asset and property management income - - - - -
Asset and property management expense( 3) (2,689) - - - -
Straight-line rent income (984) (218) (11) (6) (224)
Straight-line rents written off - - - - -
Other income - - - - -
-----------------------------------------------------------------------------
EBIDTA 11,637 3,186 4,062 1,988 5,174
Depreciation and amortization (4) (5,410) (1,210) (454) (516) (1,726)
Interest expense (4) (4,650) (1,005) (1,944) (910) (1,915)
Impairment of real estate - - - - -
Gain on sale of properties - - - - -
-----------------------------------------------------------------------------
Income before minority interest 1,577 971 1,664 562 1,533
Minority interest - (22) - (13) (35)
-----------------------------------------------------------------------------
NET INCOME $1,577 $949 $1,664 $549 $1,498
=============================================================================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's equity in the
earnings of unconsolidated partnerships is reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, this agrees with the equity in earnings of
unconsolidated partnerships as reported in the Company's Form 10Q's and 10K
for the corresponding periods.
The Company currently invests in three JV's. The first is a 22% interest
in Acadia Strategic Opportunity Fund ("AKR Fund I"), which owns, or
has an ownership interest in 34 properties totalling approximately 2.6
million square feet. The second JV investment is a 49% interest in a
311,000 square foot shopping center located in White Plains, NY
("Crossroads"). The third is AKR Fund II which was formed during the
2nd quarter 2004. Along with an investement in the RCP Venture, AKR
Fund II also purchased its first property during the 3rd quarter 2004,
which is currently slated for redevelopment.
(2) AKR Fund I currently invests in 3 properties in which it has 50% interest
in and for which it uses the equity method of accounting.
(3) AKR Funds I and II pay asset management and property management fees to
Acadia Realty L.P. As such, the Company does not recognize a pro-rata share
of these expenses in its consolidated financial statements.
(4) The Company has obtained two interest rate swaps, effectively fixing the
interest rate on its pro-rata portion of the mortgage debt from its
investment in Crossroads. Acadia's pro-rata share of its interest expense
has been adjusted for the effect of these swaps. In addition to its
pro-rata share of depreciation, the Company recognizes depreciation on its
increased basis in Crossroads.
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Statements of Operations - Joint Venture Activity (1)
------------------------------------------------------------
Current Quarter and Year-to-Date
------------------------------------------------------------
(in thousands)
Current Quarter
3 months
ended September 30,
2004
------------------------------------------------------------
AKR Pro-rata
Funds I & II share
------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $4,759 $1,057
Percentage rents 123 27
Expense reimbursements 727 162
Other property income 28 6
------------------------------------------------------------
5,637 1,252
------------------------------------------------------------
PROPERTY EXPENSES
Property operating 884 196
Real estate taxes 308 68
------------------------------------------------------------
1,192 264
------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES 4,445 988
OTHER INCOME (EXPENSE)
General and administrative (90) (20)
Property related home office expenses - -
Equity in Fund I unconsolidated properties 2 (14) (3)
Lease termination income - -
Interest income 7 2
Asset and property management income - -
Asset and property management expense( 3) (1,657) -
Straight-line rent income 498 111
Straight-line rents written off - -
Other income - -
------------------------------------------------------------
EBIDTA 3,189 1,078
Depreciation and amortization (4) (1,818) (404)
Interest expense (4) (1,584) (338)
Impairment of real estate - -
Gain on sale of properties - -
------------------------------------------------------------
Income before minority interest (213) 336
Minority interest - (5)
------------------------------------------------------------
NET INCOME $(213) $331
============================================================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's equity in the
earnings of unconsolidated partnerships is reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, this agrees with the equity in earnings of
unconsolidated partnerships as reported in the Company's Form 10Q's and 10K
for the corresponding periods.
The Company currently invests in three JV's. The first is a 22% interest
in Acadia Strategic Opportunity Fund ("AKR Fund I"), which owns, or
has an ownership interest in 34 properties totalling approximately 2.6
million square feet. The second JV investment is a 49% interest in a
311,000 square foot shopping center located in White Plains, NY
("Crossroads"). The third is AKR Fund II which was formed during the
2nd quarter 2004. Along with an investement in the RCP Venture, AKR
Fund II also purchased its first property during the 3rd quarter 2004,
which is currently slated for redevelopment.
(2) AKR Fund I currently invests in 3 properties in which it has 50% interest
in and for which it uses the equity method of accounting.
(3) AKR Funds I and II pay asset management and property management fees to
Acadia Realty L.P. As such, the Company does not recognize a pro-rata share
of these expenses in its consolidated financial statements.
(4) The Company has obtained two interest rate swaps, effectively fixing the
interest rate on its pro-rata portion of the mortgage debt from its
investment in Crossroads. Acadia's pro-rata share of its interest expense
has been adjusted for the effect of these swaps. In addition to its
pro-rata share of depreciation, the Company recognizes depreciation on its
increased basis in Crossroads.
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Statements of Operations - Joint Venture Activity (1)
- ------------------------------------------------------------------------------------------
Current Quarter and Year-to-Date
- ------------------------------------------------------------------------------------------
(in thousands)
-----------------------------
Pro- Pro-
rata rata
Crossroads share Total
-----------------------------
PROPERTY REVENUES
Minimum rents $1,353 $660 $1,717
Percentage rents 18 9 36
Expense reimbursements 610 299 461
Other property income 20 10 16
-----------------------------
2,001 978 2,230
-----------------------------
PROPERTY EXPENSES
Property operating 290 142 338
Real estate taxes 376 184 252
-----------------------------
666 326 590
-----------------------------
NET OPERATING INCOME - PROPERTIES 1,335 652 1,640
OTHER INCOME (EXPENSE)
General and administrative - - (20)
Property related home office expenses - - -
Equity in Fund I unconsolidated properties 2 - - (3)
Lease termination income - - -
Interest income - - 2
Asset and property management income - - -
Asset and property management expense( 3) - - -
Straight-line rent income (59) (29) 82
Straight-line rents written off - - -
Other income - - -
-----------------------------
EBIDTA 1,276 623 1,701
Depreciation and amortization (4) (152)(172) (576)
Interest expense (4) (649)(304) (642)
Impairment of real estate - - -
Gain on sale of properties - - -
-----------------------------
Income before minority interest 475 147 483
Minority interest - (2) (7)
-----------------------------
NET INCOME $475 $145 $476
=============================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's equity in the
earnings of unconsolidated partnerships is reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, this agrees with the equity in earnings of
unconsolidated partnerships as reported in the Company's Form 10Q's and 10K
for the corresponding periods.
The Company currently invests in three JV's. The first is a 22% interest
in Acadia Strategic Opportunity Fund ("AKR Fund I"), which owns, or
has an ownership interest in 34 properties totalling approximately 2.6
million square feet. The second JV investment is a 49% interest in a
311,000 square foot shopping center located in White Plains, NY
("Crossroads"). The third is AKR Fund II which was formed during the
2nd quarter 2004. Along with an investement in the RCP Venture, AKR
Fund II also purchased its first property during the 3rd quarter 2004,
which is currently slated for redevelopment.
(2) AKR Fund I currently invests in 3 properties in which it has 50% interest
in and for which it uses the equity method of accounting.
(3) AKR Funds I and II pay asset management and property management fees to
Acadia Realty L.P. As such, the Company does not recognize a pro-rata share
of these expenses in its consolidated financial statements.
(4) The Company has obtained two interest rate swaps, effectively fixing the
interest rate on its pro-rata portion of the mortgage debt from its
investment in Crossroads. Acadia's pro-rata share of its interest expense
has been adjusted for the effect of these swaps. In addition to its
pro-rata share of depreciation, the Company recognizes depreciation on its
increased basis in Crossroads.
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Statements of Operations - Joint Venture
Activity (1)
----------------------------------------
Current Quarter and Year-to-Date
----------------------------------------
(in thousands)
Previous Quarters
3 months 3
months
ended June ended
30, March
31,
2004 2004
------------------------------------------ ------------------------------------
Acadia Pro- Pro- Pro- Acadia Pro- Pro- Pro-
rata rata rata rata rata rata
Funds I & II share Crossroads share Total Funds I share Crossroadsshare Total
& II
------------------------------------------ ------------------------------------
PROPERTY REVENUES
Minimum rents $6,225 $1,383 $1,368 $672 $2,055 $5,854 $1,301 $1,443 $706 $2,007
Percentage rents 17 4 - - 4 67 15 - - 15
Expense reimbursements 790 176 549 269 445 651 145 546 268 413
Other property income 4 1 12 6 7 3 1 17 8 9
------------------------------------------ ------------------------------------
7,036 1,564 1,929 947 2,511 6,575 1,462 2,006 982 2,444
------------------------------------------ ------------------------------------
PROPERTY EXPENSES
Property operating 1,037 230 183 90 320 1,024 228 276 135 363
Real estate taxes 294 65 387 190 255 268 60 351 172 232
------------------------------------------ ------------------------------------
1,331 295 570 280 575 1,292 288 627 307 595
------------------------------------------ ------------------------------------
NET OPERATING INCOME - PROPERTIES 5,705 1,269 1,359 667 1,936 5,283 1,174 1,379 675 1,849
OTHER INCOME (EXPENSE)
General and administrative (28) (6) - - (6) - - - - -
Property related home office expenses - - - - - - - - - -
Equity in Fund I unconsolidated
properties 2 (80) (18) - - (18) - - - - -
Lease termination income - - - - - - - - - -
Interest income 80 18 - - 18 2 - - - -
Asset and property management income - - - - - - - - - -
Asset and property management expense(
3) (516) - - - - (516) - - - -
Straight-line rent income (976) (217) 9 4 (213) (506) (112) 39 19 (93)
Straight-line rents written off - - - - - - - - - -
Other income - - - - - - - - - -
------------------------------------------ ------------------------------------
EBIDTA 4,185 1,046 1,368 671 1,717 4,263 1,062 1,418 694 1,756
Depreciation and amortization (4) (1,819) (404) (153)(173) (577) (1,773) (402) (149)(171) (573)
Interest expense (4) (1,562) (333) (643)(301) (634) (1,504) (334) (652)(305) (639)
Impairment of real estate - - - - - - - - - -
Gain on sale of properties - - - - - - - - - -
------------------------------------------ ------------------------------------
Income before minority interest 804 309 572 197 506 986 326 617 218 544
Minority interest - (5) - (3) (8) - (12) - (8) (20)
------------------------------------------ ------------------------------------
NET INCOME $804 $304 $572 $194 $498 $986 $314 $617 $210 $524
========================================== ====================================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's equity in the
earnings of unconsolidated partnerships is reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, this agrees with the equity in earnings of
unconsolidated partnerships as reported in the Company's Form 10Q's and 10K
for the corresponding periods.
The Company currently invests in three JV's. The first is a 22% interest
in Acadia Strategic Opportunity Fund ("AKR Fund I"), which owns, or
has an ownership interest in 34 properties totalling approximately 2.6
million square feet. The second JV investment is a 49% interest in a
311,000 square foot shopping center located in White Plains, NY
("Crossroads"). The third is AKR Fund II which was formed during the
2nd quarter 2004. Along with an investement in the RCP Venture, AKR
Fund II also purchased its first property during the 3rd quarter 2004,
which is currently slated for redevelopment.
(2) AKR Fund I currently invests in 3 properties in which it has 50% interest
in and for which it uses the equity method of accounting.
(3) AKR Funds I and II pay asset management and property management fees to
Acadia Realty L.P. As such, the Company does not recognize a pro-rata share
of these expenses in its consolidated financial statements.
(4) The Company has obtained two interest rate swaps, effectively fixing the
interest rate on its pro-rata portion of the mortgage debt from its
investment in Crossroads. Acadia's pro-rata share of its interest expense
has been adjusted for the effect of these swaps. In addition to its
pro-rata share of depreciation, the Company recognizes depreciation on its
increased basis in Crossroads.
Page 8
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL
DISCLOSURE
September 30, 2004
Statements of
Operations - Activity
by Source (1)
----------------------
(in thousands)
-------------------------------- --------------------------------
Year-to-Date Current Quarter
9 months 3 months 3 months
ended September ended September ended June 30,
2004 2004 2004
-------------------------------------------------------------------------------------------------
Retail Multi- Corporate Total Retail Multi- Corporate Total Retail Multi- Corporate Total
Family Family Family
-------------------------------- -------------------------------- --------------------------------
PROPERTY REVENUES
Minimum rents $39,049 $5,375 $- $44,424 $12,924 $1,726 $- $14,650 $13,139 $1,821 $- $14,960
Percentage rents 624 - - 624 183 - - 183 207 - - 207
Expense reimbursements 11,507 - - 11,507 3,846 - - 3,846 3,574 - - 3,574
Other property income 206 311 - 517 67 106 - 173 99 108 - 207
-------------------------------- -------------------------------- --------------------------------
51,386 5,686 - 57,072 17,020 1,832 - 18,852 17,019 1,929 - 18,948
-------------------------------- -------------------------------- --------------------------------
PROPERTY EXPENSES
Property operating 8,956 2,853 - 11,809 2,776 1,068 - 3,844 2,799 962 - 3,761
Real estate taxes 7,395 244 - 7,639 2,631 82 - 2,713 2,291 81 - 2,372
-------------------------------- -------------------------------- --------------------------------
16,351 3,097 - 19,448 5,407 1,150 - 6,557 5,090 1,043 - 6,133
-------------------------------- -------------------------------- --------------------------------
NET OPERATING INCOME -
PROPERTIES 35,035 2,589 - 37,624 11,613 682 - 12,295 11,929 886 - 12,815
OTHER INCOME (EXPENSE)
General and
administrative - - (4,103) (4,103) - - (1,587) (1,587) - - (1,191) (1,191)
Property related home
office expenses - - (3,508) (3,508) - - (1,107) (1,107) - - (1,237) (1,237)
Equity in Fund I
unconsolidated
properties (21) - - (21) (3) - - (3) (18) - - (18)
Lease termination
income - - - - - - - - - - - -
Interest income - - 938 938 - - 320 320 - - 503 503
Asset and property
management income - - 3,123 3,123 - - 1,562 1,562 - - 1,016 1,016
Other property
management fees (63) (115) - (178) (21) (37) - (58) (21) (37) - (58)
Straight-line rent
income 434 - - 434 272 - - 272 (39) - - (39)
Straight-line rents
written off (164) - - (164) (22) - - (22) (28) - - (28)
Hurricane related
expenses (730) - - (730) (730) - - (730) - - - -
Other income - - 201 201 - - 14 14 - - 31 31
-------------------------------- -------------------------------- --------------------------------
EBIDTA 34,491 2,474 (3,349) 33,616 11,109 645 (798) 10,956 11,823 849 (878) 11,794
Depreciation and
amortization (12,353)(1,056) (222)(13,631) (4,082) (356) (66) (4,504) (4,270) (350) (78) (4,698)
Interest expense (9,242)(1,136) - (10,378) (3,212) (387) - (3,599) (3,022) (373) - (3,395)
Impairment of real
estate - - - - - - - - - - - -
Gain on sale of
properties 931 - - 931 423 - - 423 508 - - 508
-------------------------------- -------------------------------- --------------------------------
Income before minority
interest 13,827 282 (3,571) 10,538 4,238 (98) (864) 3,276 5,039 126 (956) 4,209
Minority interest (1,116) (9) 96 (1,029) (398) 2 15 (381) (460) (2) 17 (445)
-------------------------------- -------------------------------- --------------------------------
NET INCOME $12,711 $273 $(3,475) $9,509 $3,840 $(96) $(849) $2,895 $4,579 $124 $(939) $3,764
================================ ================================ ================================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's equity in the
earnings of unconsolidated partnerships is reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, this agrees with the equity in earnings of
unconsolidated partnerships as reported in the Company's Form 10Q's and 10K
for the corresponding periods.
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Statements of Operations - Activity
by Source (1)
-------------------------------------
(in thousands)
Previous Quarters
3 months ended March 31, 2004
Retail Multi- Corporate Total
Family
--------------------------------
PROPERTY REVENUES
Minimum rents $12,986 $1,828 $- $14,814
Percentage rents 234 - - 234
Expense reimbursements 4,087 - - 4,087
Other property income 40 97 - 137
--------------------------------
17,347 1,925 - 19,272
--------------------------------
PROPERTY EXPENSES
Property operating 3,381 823 - 4,204
Real estate taxes 2,473 81 - 2,554
--------------------------------
5,854 904 - 6,758
--------------------------------
NET OPERATING INCOME - PROPERTIES 11,493 1,021 - 12,514
OTHER INCOME (EXPENSE)
General and administrative - - (1,325) (1,325)
Property related home office expenses - - (1,164) (1,164)
Equity in Fund I unconsolidated
properties - - - -
Lease termination income - - - -
Interest income - - 115 115
Asset and property management income - - 545 545
Other property management fees (21) (41) - (62)
Straight-line rent income 201 - - 201
Straight-line rents written off (114) - - (114)
Hurricane related expenses - - - -
Other income - - 156 156
--------------------------------
EBIDTA 11,559 980 (1,673) 10,866
Depreciation and amortization (4,001) (350) (78) (4,429)
Interest expense (3,008) (376) - (3,384)
Impairment of real estate - - - -
Gain on sale of properties - - - -
--------------------------------
Income before minority interest 4,550 254 (1,751) 3,053
Minority interest (258) (9) 64 (203)
--------------------------------
NET INCOME $4,292 $245 $(1,687) $2,850
================================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's equity in the
earnings of unconsolidated partnerships is reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, this agrees with the equity in earnings of
unconsolidated partnerships as reported in the Company's Form 10Q's and 10K
for the corresponding periods.
Page 9
ACADIA REALTY TRUST
QUARTERLY
SUPPLEMENTAL
DISCLOSURE
September 30, 2004
Statements of
Operations -
Current v.
Historical (1)
------------------
(in thousands)
----------------------- -------------------------- ----------------------- --------------------------
Current Historical Current Year- Historical
Quarter Quarter to-Date Year-to-
Date
3 months 3 months 9 months 9 months
ended September ended September ended September ended September
30, 30, 30, 30,
2004 2003 2004 2003
----------------------- -------------------------- ----------------------- --------------------------
Wholly JV's Total Wholly JV's Total Wholly JV's Total Wholly JV's Total
Owned (2) Owned Owned (2) Owned
----------------------- -------------------------- ----------------------- --------------------------
PROPERTY REVENUES
Minimum rents $12,933 $1,717 $14,650 $12,439 $1,765 $14,204 $38,645 $5,779 $44,424 $36,684 $5,578 $42,262
Percentage rents 147 36 183 156 17 173 569 55 624 545 18 563
Expense
reimbursements 3,385 461 3,846 3,012 490 3,502 10,188 1,319 11,507 9,625 1,468 11,093
Other property
income 157 16 173 169 10 179 485 32 517 481 40 521
----------------------- -------------------------- ----------------------- --------------------------
16,622 2,230 18,852 15,776 2,282 18,058 49,887 7,185 57,072 47,335 7,104 54,439
----------------------- -------------------------- ----------------------- --------------------------
PROPERTY EXPENSES
Property operating 3,506 338 3,844 2,791 299 3,090 10,788 1,021 11,809 10,387 952 11,339
Real estate taxes 2,461 252 2,713 2,288 231 2,519 6,900 739 7,639 6,297 661 6,958
----------------------- -------------------------- ----------------------- --------------------------
5,967 590 6,557 5,079 530 5,609 17,688 1,760 19,448 16,684 1,613 18,297
----------------------- -------------------------- ----------------------- --------------------------
NET OPERATING
INCOME -
PROPERTIES 10,655 1,640 12,295 10,697 1,752 12,449 32,199 5,425 37,624 30,651 5,491 36,142
OTHER INCOME
(EXPENSE)
General and
administrative (1,567) (20) (1,587) (2,786) - (2,786) (4,077) (26) (4,103) (7,931) (1) (7,932)
Property related
home office
expenses (1,107) - (1,107) - - - (3,508) - (3,508) - - -
Equity in Fund I
unconsolidated
properties - (3) (3) - - - - (21) (21) - - -
Lease termination
income - - - - - - - - - - - -
Interest income 318 2 320 243 1 244 918 20 938 657 21 678
Asset and property
management income 1,562 - 1,562 489 - 489 3,123 - 3,123 1,418 - 1,418
Property
management
expense (58) - (58) (58) - (58) (178) - (178) (205) - (205)
Straight-line rent
income 190 82 272 196 96 292 658 (224) 434 666 (263) 403
Straight-line
rents written off (22) - (22) (108) - (108) (164) - (164) (108) - (108)
Hurricane related
expenses (730) - (730) - - - (730) - (730) - - -
Other income (3) 14 - 14 - - - 201 - 201 1,218 - 1,218
----------------------- -------------------------- ----------------------- --------------------------
EBIDTA 9,255 1,701 10,956 8,673 1,849 10,522 28,442 5,174 33,616 26,366 5,248 31,614
Depreciation and
amortization (3,928) (576) (4,504) (3,788) (561) (4,349) (11,905)(1,726)(13,631) (11,277) (1,596)(12,873)
Interest expense (2,957) (642) (3,599) (2,882) (659) (3,541) (8,463)(1,915)(10,378) (8,413) (1,875)(10,288)
Impairment of real
estate - - - - - - - - - - - -
Gain on sale of
properties 423 - 423 (25) - (25) 931 - 931 1,187 - 1,187
----------------------- -------------------------- ----------------------- --------------------------
Income before
minority interest 2,793 483 3,276 1,978 629 2,607 9,005 1,533 10,538 7,863 1,777 9,640
Minority interest (374) (7) (381) (156) (27) (183) (994) (35) (1,029) (1,181) (129) (1,310)
----------------------- -------------------------- ----------------------- --------------------------
NET INCOME $2,419 $476 $2,895 $1,822 $602 $2,424 $8,011 $1,498 $9,509 $6,682 $1,648 $8,330
======================= ========================== ======================= ==========================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's equity in the
earnings of unconsolidated partnerships is reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, this agrees with the equity in earnings of
unconsolidated partnerships as reported in the Company's Form 10Q's and 10K
for the corresponding periods.
(2) The Company currently invests in three JV's. The first is a 22% interest in
Acadia Strategic Opportunity Fund ("AKR Fund I"), which owns, or has an
ownership interest in 34 properties totalling approximately 2.6 million
square feet. The second JV investment is a 49% interest in a 311,000 square
foot shopping center located in White Plains, NY ("Crossroads"). The third
is AKR Fund II which was formed during the 2nd quarter 2004. Along with an
investement in the RCP Venture, AKR Fund II also purchased its first
property during the 3rd quarter 2004, which is currently slated for
redevelopment.
(3) The 2003 activity represents a lump sum additional rent payment received
from a tenant in connection with the re- anchoring of the Branch Plaza in
Smithtown, NY.
Page 10
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Net Operating Income (NOI) - Same
Property Performance (1)
-----------------------------------
(in thousands)
Growth in Same Growth in Same
Property NOI - Property NOI -
Continuing Continuing
Operations Operations
Current Historical Favorable Current Historical Favorable
Quarter Quarter (unfavorable) Year-to- Year-to- (unfavorable)
Date Date
-------------------------------------------------------------------------------------
Reconciliation of total NOI to same
property NOI:
3 months ended 3 months ended 9 months 9 months
ended ended
September 30, September 30, September September
30, 30,
2004 2003 2004 2003
------------------------------- ---------------------
NOI - Wholly owned properties $10,655 $10,697 $32,199 $30,651
NOI - Joint Ventures
(Unconsolidated partnerships) 1,640 1,752 5,425 5,491
------------------------------- ---------------------
Total NOI 12,295 12,449 37,624 36,142
NOI - Properties Acquired (4) - (3,087) (2,902)
NOI - Redevelopment Properties (2) - - (1,065) (862)
------------------------------- ---------------------
$12,291 $12,449 -1.3% $33,472 $32,378 3.4%
================================================================================
Same property NOI by portfolio
component and revenues/expenses:
Shopping Center Portfolio Shopping Center
Portfolio
Revenues $17,022 $16,194 5.1% $46,339 $44,545 4.0%
Expenses (3) 5,396 4,514 -19.5% 15,490 14,657 -5.7%
--------------------------------------------------------------------------------
11,626 11,680 -0.5% 30,849 29,888 3.2%
--------------------------------------------------------------------------------
Residential Properties (2 Residential
properties) Properties (2
properties)
Revenues 1,830 1,841 -0.6% 5,679 5,421 4.8%
Expenses 1,149 1,072 -7.2% 3,042 2,931 -3.8%
--------------------------------------------------------------------------------
681 769 -11.4% 2,637 2,490 5.9%
--------------------------------------------------------------------------------
$12,307 $12,449 -1.1% $33,486 $32,378 3.4%
================================================================================
(1) The above amounts includes the pro-rata activity related to the Company's
joint ventures.
(2) Does not include the redevelopment and reanchoring of 4 former Ames
anchored centers. These centers have also historically been included in
same store NOI in prior years following the vacancy of Ames, which had a
negative impact on same store NOI for those years
Page 11
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Funds from Operations ("FFO")( 1)
- ----------------------------------------------------------
(in thousands) 2004 2003
--------- ---------
Current Current Previous Historic Historic
Quarters
Year-to- Quarter Year-to- Quarter
Date Date
9 months 3 months 3 3 9 months 3 months
ended ended months months ended ended
ended ended
Funds from operations ("FFO"): Notes September September June March September September
30, 2004 30, 2004 30, 31, 30, 2003 30, 2003
2004 2004
- ---------------------------------------------------------- --------- --------- ------- ------- ------------------
Net Income $9,509 $2,895 $3,764 $2,850 $8,330 $2,424
Add back:
Depreciation of real estate and amortization of leasing
costs:
Wholly owned and consolidated subsidiaries 10,672 3,588 3,567 3,517 10,541 3,571
Unconsolidated subsidiaries 1,707 586 569 552 1,557 547
Income attributable to Operating Partnership units (2) 244 57 72 115 758 117
Gain on sale of properties - - - - - -
--------- --------- ------- ------- ------------------
FFO - Basic 22,132 7,126 7,972 7,034 21,186 6,659
Distributions on Preferred OP Units 248 88 88 72 150 50
--------- --------- ------- ------- ------------------
FFO - Diluted $22,380 $7,214 $8,060 $7,106 $21,336 $6,709
========= ========= ======= ======= ==================
Adjusted Funds from operations ("AFFO"):
==========================================================
Diluted FFO $22,380 $7,214 $8,060 $7,106 $21,336 $6,709
Straight line rent, net (270) (250) 67 (87) (295) (184)
Non real-estate depreciation 222 66 78 78 235 88
Amortization of finance costs 535 242 83 210 531 143
Amortization of cost of management contracts 432 9 379 44 - -
Tenant improvements (2,236) (976) (854) (406) (680) (174)
Leasing commissions (857) (494) (137) (226) (54) -
Capital expenditures (2,229) (933) (477) (819) (2,953) (1,325)
--------- --------- ------- ------- ------------------
AFFO $17,977 $4,878 $7,199 $5,900 $18,120 $5,257
========= ========= ======= ======= ==================
Funds Available for Distribution ("FAD")
==========================================================
AFFO $17,977 $4,878 $7,199 $5,900 $18,120 $5,257
Scheduled prinicpal repayments (3,294) (1,049) (1,055) (1,190) (3,646) (1,236)
--------- --------- ------- ------- ------------------
FAD $14,683 $3,829 $6,144 $4,710 $14,474 $4,021
========= ========= ======= ======= ==================
Total weighted average shares and OP Units:
Basic 29,359 29,680 29,654 28,741 28,452 28,463
========= ========= ======= ======= ==================
Diluted 30,548 30,796 30,718 30,126 29,255 29,528
========= ========= ======= ======= ==================
FFO per share:
FFO per share - Basic (3,4) $0.75 $0.24 $0.27 $0.24 $0.74 $0.23
========= ========= ======= ======= ==================
FFO per share - Diluted (3,4) $0.73 $0.23 $0.26 $0.24 $0.73 $0.23
========= ========= ======= ======= ==================
AFFO per share - Basic (3,4) $0.60 $0.16 $0.24 $0.20 $0.63 $0.18
========= ========= ======= ======= ==================
AFFO per share - Diluted (3,4) $0.59 $0.16 $0.23 $0.20 $0.62 $0.18
========= ========= ======= ======= ==================
FAD per share - Basic (3,4) $0.49 $0.13 $0.20 $0.16 $0.50 $0.14
========= ========= ======= ======= ==================
FAD per share - Diluted (3,4) $0.48 $0.12 $0.20 $0.16 $0.49 $0.14
========= ========= ======= ======= ==================
(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.
(4) FFO for the nine months ended September 30, 2003 includes a $1,218 ($0.04
per share) lump sum rent payment in connection with a tenant's assignment
of an anchor lease at the Branch Plaza.
Page 12
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Consolidated Balance Sheets
- -----------------------------------------------------------------------------------
(in thousands)
June 30, December 31,
2004 2003
------------- -------------
ASSETS
Real estate
Land $54,890 $54,890
Buildings and improvements 373,332 366,879
Construction in progress 4,295 5,859
------------- -------------
432,517 427,628
Less: accumulated depreciation (111,103) (101,090)
------------- -------------
Net real estate 321,414 326,538
Cash and cash equivalents 13,091 14,663
Cash in escrow 4,168 3,342
Investments in and advances to unconsolidated partnerships 47,289 13,630
Investment in management contracts 3,568 -
Rents receivable, net of $1,719 and $1,510 allowance, respectively 7,159 5,431
Straight-line rents receivable, net of $910 allowance 5,458 4,963
Notes Receivable 9,760 3,586
Prepaid expenses 4,464 3,127
Deferred charges, net 13,439 11,173
Other assets 3,367 1,731
------------- -------------
$433,177 $388,184
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $225,004 $190,444
Accounts payable and accrued expenses 7,580 5,804
Dividends and distributions payable 4,871 4,619
Due to related parties 18 48
Interest rate swap payable 2,997 4,044
Other liabilities 3,506 3,806
------------- -------------
Total liabilities 243,976 208,765
------------- -------------
Minority interest in Operating Partnership 5,663 7,875
Minority interests in majority owned partnerships 1,798 1,810
------------- -------------
Total minority interests 7,461 9,685
------------- -------------
Shareholders' equity:
Common shares 29 27
Additional paid-in capital 188,564 177,891
Accumulated other comprehensive income (4,174) (5,505)
Deficit (2,679) (2,679)
------------- -------------
Total shareholders' equity 181,740 169,734
------------- -------------
$433,177 $388,184
============= =============
Page 13
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Selected Operating Ratios
- ----------------------------------------------------------------------------
3 months ended 9 months ended
September 30, September 30,
----------- ----------
2004 2003 2004 2003
--------- --------- -------- --------
Coverage Ratios (1)
- ----------------------------------------------------------------------------
Interest Coverage Ratio
EBIDTA $10,956 $10,522 $33,616 $31,614
Divided by Interest expense 3,599 3,541 10,378 10,288
--------- --------- -------- --------
3.04 x 2.97 x 3.24 x 3.07
Fixed Charge Coverage Ratio
EBIDTA $10,956 $10,522 $33,616 $31,614
Divided by ( Interest expense 3,599 3,541 10,378 10,288
+ Preferred Dividends) (2) 88 50 248 150
--------- --------- -------- --------
2.97 x 2.93 x 3.16 x 3.03
Debt Service Coverage Ratio
EBIDTA $10,956 $10,522 $33,616 $31,614
Divided by ( Interest expense 3,599 3,541 10,378 10,288
+ Principal Amortization) (3) 1,049 1,236 3,294 3,646
--------- --------- -------- --------
2.36 x 2.20 x 2.46 x 2.27
Payout Ratios
- ----------------------------------------------------------------------------
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units)
paid - $0.16 for 2004, $0.145 for 2003 $4,783 $4,141 $14,339 $12,409
FFO 7,126 6,659 22,132 21,186
--------- --------- -------- --------
67% 62% 65% 59%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) $4,783 $4,141 $14,339 $12,409
AFFO 4,790 5,207 17,729 17,970
--------- --------- -------- --------
100% 80% 81% 69%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) $4,783 $4,141 $14,339 $12,409
FAD 3,741 3,971 14,435 14,324
--------- --------- -------- --------
128% 104% 99% 87%
Overhead Ratios
- ----------------------------------------------------------------------------
G&A/Real Estate Revenues
General and Administrative expense $1,587 $2,786 $4,103 $7,932
Real Estate Revenues (Includes pro-rata JV) 18,852 18,058 57,072 54,439
--------- --------- -------- --------
8% 15% 7% 15%
General and Administrative expense $1,587 $2,786 $4,103 $7,932
Real Estate Revenues (Includes 100% JV) 22,734 22,080 75,071 72,005
--------- --------- -------- --------
7% 13% 5% 11%
Leverage Ratios
- ----------------------------------------------------------------------------
Debt/Total Market Capitalization (4)
Debt $265,142 $203,244
Total Market Capitalization 708,679 415,765
--------- ---------
37% 49%
Debt + Preferred Equity (Preferred O.P. Units) $270,722 $205,456
Total Market Capitalization 708,679 415,765
--------- ---------
38% 49%
----------- ----------
Notes:
(1) Quarterly results for 2004 and 2003 are unaudited, although they reflect
all adjustments, which in the opinion of management, are necessary for a
fair presentation of operating results for the interim periods. The
coverage ratios include the Company's pro- rata share of EBIDTA, interest
expense and principal amortization related to the Company's joint venture
investments in unconsolidated partnerships.
(2) Represents preferred distributions on Preferred Operating partnership
Units.
(3) Includes the Company's pro-rata share of joint venture principal
amortization.
(4) FFO for the nine months ended ended September 30, 2003 includes a $1,218
($0.04 per share) lump sum rent payment in connection with a tenant's
assignment of an anchor lease at the Branch Plaza. Excluding this amount,
the payout ratios for the six months ended June 30, 2003 were: FFO 62%,
AFFO 72% and FAD 91%.
(5) Includes the Company's pro-rata share of joint venture debt.
Page 14
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Portfolio Debt - Consolidated Summary
(amounts in thousands)
% of
Wholly-Owned % of Weighted
and Wholly- % of Outstanding Avg.
Unconsolidated Owned Total
Notes Combined Basis Only Portfolio Balance Int.
(1) Rate
-------------------------------------------------------------
Consolidated Debt
Fixed-Rate Debt (2) 79% 76% 64% $170,470 6.52%
Variable-Rate Debt (2) 21% 24% 21% 54,536 3.07%
---------------------------------- -------------------
Total Consolidated Debt 100% 100% 85% 225,006 5.68%
================================== ===================
Unconsolidated Debt (Joint Ventures)
Fixed-Rate Debt (1) 14% 37,677 6.72%
Variable-Rate Debt (1) 1% 2,459 4.24%
---------- -------------------
Total Unconsolidated Debt 15% 40,136 6.57%
---------- -------------------
Total Debt 100% $265,142 5.82%
========== ===================
Notes
(1) The Company is not required to, and does not consolidate its share of joint
venture activity for the purposes of preparing its consolidated financial
statements under GAAP. This presentation includes a theoretical pro-rata
consolidation of the Company's joint venture debt.
(2) Fixed-rate debt includes notional principal fixed through swap
transactions. Conversely, variable-rate debt excludes this amount.
Page 15
ACADIA REALTY TRUST
Debt Analysis - Consolidated Debt
(amounts in thousands)
Principal Variable
Balance at Interest Rate as Maturity
of
Property Lender % of Notes September Rate September Date
Porfolio 30, 2004 30, 2004
- ------------------------------------------------------------------------------------------------------------------------
FIXED-RATE DEBT
- ---------------------
Merrillville Plaza SunAmerica Life Insurance Co. $13,270 6.46% 7/1/2007
Crescent Plaza Lehman Brothers 8,407 8.13% 11/1/2010
East End Centre Lehman Brothers 15,398 8.13% 11/1/2010
GHT Apartments Bank of America, N.A. 10,737 7.55% 1/1/2011
Colony Apartments Bank of America, N.A. 5,369 7.55% 1/1/2011
239 Greenwich Avenue RBS Greenwich Capital 16,000 5.19% 6/1/2013
New Loudon Center RBS Greenwich Capital 15,000 5.64% 9/6/2014
Interest rate swaps Fleet National Bank (1) 86,289 6.29% Various
------------ -----
TOTAL FIXED-RATE DEBT 76% 170,470 6.52%
------------ -----
VARIABLE-RATE DEBT
- ---------------------
Village Apartments Sun America Life Insurance Co. 8,994 L+ 173 3.33% 10/1/2005
Walnut Hill Plaza Washington Mutual Bank, F.A. L+ 185 3.54% 1/1/2007
Bloomfield Town Washington Mutual Bank, F.A. L+
Square 24,629 185 3.54% 1/1/2007
Elmwood Park ShoppingWashington Mutual Bank, F.A. L+
Center (3) 6,000 150 3.37%11/22/2007
Marketplace of Fleet National Bank L+
Absecon (4) 7,029 150 3.31% 3/1/2008
Soundview MarketplaceFleet National Bank (5) 8,504 L+ 140 3.05% 12/1/2008
Bradford Towne CenterWashington Mutual Bank, F.A. 5,642 L+ 150 3.19% 4/1/2011
Ledgewood Mall Washington Mutual Bank, F.A. 24,450 L+ 150 3.19% 4/1/2011
Abington Towne CenterFleet National Bank (6) L+ 105 2.70% 6/29/2012
Branch Shopping Fleet National Bank L+
Center (6) 105 2.70% 6/29/2012
Methuen Shopping Fleet National Bank L+
Center (6) 44,485 105 2.70% 6/29/2012
Gateway Shopping Fleet National Bank L+
Center (6) 105 2.70% 6/29/2012
Town Line Plaza Fleet National Bank (6) L+ 105 2.70% 6/29/2012
Village Commons Fleet National Bank L+
Shopping Center (6,7) 11,092 105 2.70% 6/29/2012
Interest rate swaps Fleet National Bank (86,289)
------------
TOTAL VARIABLE-RATE L+
DEBT 24% 54,536 139 3.07%
---------- ------------ ---------
TOTAL PORTFOLIO DEBT 100% $225,006 5.68%
========== ============ =========
- ------------------------------------------------------------------------------------------------------------------------
Notes:
=====================
(1) The Company has hedged $86,419 of it's variable-rate debt with five
variable to fixed-rate swap agreements as follows:
Notional principal All-in Rate Spread Swap Forward Maturity
rate Start Date Date
- ------------------------------------------------------------------------------------ ----------
$30,000 6.55% 1.75% 4.80% n/a 4/1/2005
20,000 6.28% 1.75% 4.53% n/a 10/1/2006
15,443 6.17% 1.85% 4.32% n/a 1/1/2007
11,947 5.86% 1.75% 4.11% n/a 1/1/2007
8,899 6.22% 1.75% 4.47% n/a 6/1/2007
- ------------------------------------------------------------------------
$86,289 6.29% 1.77% 4.52%
========================================================================
The Company has hedged $62,151 of future variable-rate debt with three
forward-starting variable to fixed-rate swap agreements as follows:
$4,640 6.11% 1.40% 4.71% 10/2/2006 1/1/2010
37,667 5.85% 1.50% 4.35% 4/1/2005 1/1/2011
11,410 6.30% 1.40% 4.90% 10/2/2006 10/1/2011
8,434 6.54% 1.40% 5.14% 6/1/2007 3/1/2012
- ------------------------------------------------------------------------
$62,151 6.04% 1.46% 4.58%
========================================================================
(2) This is a revolving facility for up to $20,000 which bears interest at
LIBOR plus 150 basis points (3.30% all-in rate floor).
(3) This is a revolving facility for up to $7,400 which bears interest at LIBOR
plus 150 basis points (175 basis points if the loan to collateral value is
greater than 50%).
(4) There is an additional $5,000 available under this facility.
(5) The current spread of 105 basis points "(bps") is in effect through
December 31, 2004 and thereafter increase to a 140 bps through maturity.
(6) There is an additional $969 available under this facility.
Page 16
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Debt Analysis - Unconsolidated Debt
(Joint Ventures)
Acadia PrincipalAcadia's Variable
Realty
Lender/ Trust Balance Prorata Interest Rate as Maturity
at of
FIXED-RATE DEBT Joint Venture Ownership September Share Rate September Date
Partner 30, 2004 30, 2004
- ------------------------------------------------------------------------------------------ ---------------------------
Crossroads Shopping Center (1) Bank of New
York/ 49.0% $32,462 $15,906 7.16% 10/1/2007
Heyman-
Greenburgh
Associates
LLC and
RMC
Development
Company LLC
Brandywine Town Center UBS Warburg
Real Estate
Investments,
Inc./ 22.2% 30,000 6,667 4.69% 2/11/2008
AKR Fund I
Kroger Portfolio (2) Cortlandt
Deposit
Corporation/ 16.7% 12,375 2,063 6.62% 2/1/2009
AKR Fund I
Safeway Portfolio (2) Cortlandt
Deposit
Corporation/ 16.7% 12,232 2,039 6.51% 1/15/2009
AKR Fund I
Brandywine Town Center UBS Warburg
Real Estate
Investments,
Inc./ 22.2% 21,311 4,736 7.01% 7/11/2012
AKR Fund I
Market Square Shopping Center UBS Warburg
Real Estate
Investments,
Inc./ 22.2% 16,175 3,594 7.32% 6/11/2012
Acadia
Strategic
Opportunity
Fund
Amherst Marketplace The Ohio
National Life
Insurance
Company/
AKR Fund I 22.2% 4,838 1,075 8.20% 6/1/2022
Sheffield Crossing Canada Life
Insurance
Company/
AKR Fund I 22.2% 7,187 1,597 8.00% 1/1/2023
----------------- --------
TOTAL/WEIGHTED AVERAGE - FIXED-RATE UNCONSOLIDATED DEBT 136,580 37,677 6.72%
----------------- --------
VARIABLE-RATE DEBT
- --------------------------------------------------
Haygood Shopping Center (3) GECC
AKR Fund I 11.1% 6,217 691 L+ 325 4.86% 6/7/2005
Sterling Heights Shopping Center (3) Wells Fargo
Bank, NA
AKR Fund I 11.1% 4,416 491 L+ 300 4.82% 5/1/2005
Granville Center Bank One, NA/
AKR Fund I 22.2% 5,747 1,277 L+ 200 3.69%10/5/2007
----------------- ---------
TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE UNCONSOLIDATED DEBT 16,380 2,459 4.24%
----------------- --------
TOTAL/WEIGHTED AVERAGE - ALL UNCONSOLIDATED DEBT $152,960 $40,136 6.57%
================= =========
Notes:
- --------------------------------------------------
(1) Although this is variable debt, Acadia has effectively fixed its pro-rata
share of debt through two swap transactions. $5,000 is fixed at 7.53% and
the remaining balance is fixed at 6.99%.
(2) AmCap, AKR 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 22.22%, or 16.7%.
(3) AKR 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 22.22%, or 11%.
Page 17
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Future Debt Maturities
- ---------------------------------------------------------------------------------
(in thousands) Weighted
Average
Interest
Rate of
Maturing
Debt
--------------------
Consolidated Debt
Scheduled
Year Amortization Maturities Total TotalFixed-Variable-
Debt Rate Rate
Debt Debt
- ------------------------------------------------------------------------------------------------------------------------
2004 $747 $- $747 n/a n/a n/a
2005 3,034 8,733 11,767 3.30% n/a 3.30%
2006 3,484 - 3,484 n/a n/a n/a
2007 4,411 41,451 45,862 4.37% 6.46% 3.47%
2008 5,071 15,005 20,076 3.17% n/a 3.17%
Thereafter 20,248 122,822 143,070 4.88% 6.81% 2.90%
-------------------------------
$36,995 $188,011 $225,006
===============================
Unconsolidated Debt (Joint Ventures) (1)
2004 144 - 144 n/a n/a n/a
2005 1,386 1,162 2,548 4.84% n/a 4.84%
2006 1,418 - 1,418 n/a n/a n/a
2007 1,245 16,033 17,278 6.90% 7.16% 3.69%
2008 1,018 6,667 7,685 4.69% 4.69% n/a
Thereafter 3,620 7,443 11,063 7.14% 7.14% n/a
-------------------------------
$8,831 $31,305 $40,136
===============================
- ------------------------------------------------------------------------------------------------------------------------
Capitalized interest related to the Company's development projects is as follows:
(in thousands)
1st Quarter 2004 $93
2nd Quarter 2004 74
3rd Quarter 2004 69
4th Quarter 2004 -
------------
Year-to-Date $236
============
(1) The above amounts represent the Company's pro-rata share of joint venture
mortgage debt.
Page 18
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Unencumbered Properties
---------------------------------------------------------
Center Location GLA
- -------------------------------------------------------------------------------------------
Berlin Shopping Center Berlin, NJ 188,755
Blackman Plaza Wilkes-Barre, PA 121,341
Greenridge Shopping Center Scranton, PA 189,640
Hobson West Plaza Naperville, IL 99,044
Luzerne Street Shopping Center Scranton, PA 57,988
Mad River Station Dayton, OH 155,721
Mark Plaza Edwardsville, PA 214,036
Pacesetter Park Shopping Center Ramapo, New York 96,646
Pittston Plaza Pittston, PA 79,494
Plaza 422 Lebanon, PA 155,026
Route 6 Plaza Honesdale, PA 175,507
------------
Total GLA of Unencumbered Properties 1,533,198
============
Total net operating income for the year ended December 31, 2003
associated with unencumbered properties $7,294
============
Page 19
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview
- ----------------------------------------------------------------------------------------------------------------------
Item Notes Description
- ------------------------------------------------------------------------------------------------------------------------
Date formed September 2001
Capital commitment $90 million
Funding $55 million currently funded
$15 million estimated future earnout payments related to
(1) Brandywine Town Center
(2)$20 million allocated for RCP Fund investments
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).
Fees to Acadia Asset management fee equal to 1.5% of total committed capital ($70
million which excludes Acadia's $20 million))
Property management fee equal to 4% of gross property revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of 7.5% of
hard costs or allocable costs of Acadia
Mortgage Debt (3)$120.5 million
86% ($104.1 million) fixed-rate and 14% floating ($11.1 million)
at a total blended rate of 6.2%
(1) See details of this property in Joint Venture Properties - Detail
(2) See details of the RCP Venture on the following page
(3) See details of this debt in Section II of this supplement
Page 20
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
- -----------------------------------------------------------------------------------------------------------------------
Item Notes Description
- ------------------------------------------------------------------------------------------------------------------------
Date formed June 15, 2004
Properties owned New York City Urban/Infill redevelopment projects:
Fordham Place
Pekham Manor Shopping Plaza
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,
therafter 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
Mortgage Debt None as of September 30, 2004
Page 21
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
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 $20 million and $40
million of equity, respectively, for a total of $60 million of equity. ***
Item Notes Description
- -----------------------------------------------------------------------------------------------------------------------
Date formed January 2004
Targeted investments The Venture has been formed to invest in surplus or distressed properties
owned or controlled by retailers
Current Investements Mervyn's Department Stores
Partnership structure
Equity Contribution: Up to $300 million of total equity
Up to 20% ($60 million) - AKR Fund I ($20 milion) 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 22
ACADIA REALTY TRUST
QUARTERLY
SUPPLEMENTAL
DISCLOSURE
September 30,
2004
AKR Fund I
Properties -
Detail
--------------
------------------------------------------------------------------------------------------------------------
Fund I's
Ownership Gross Leasable Occupancy Annualized Base Rent
Area
--------------------------------------------------------------------------------------
% Anchors Shops Total Anchors Shops Total Anchors Shops Total
------------------------------------------------------------------------------------------------------------
Midwest
- --------------
Ohio
- --------------
Amherst
Marketplace 100% 76,737 3,200 79,937 100.00%100.00%100.00% $765,711 $34,404 $800,115
Granville
Centre 100% 90,047 41,496 131,543 38.81% 58.80% 45.12% 402,085 267,625 669,710
Sheffield
Crossing 100% 59,159 53,375 112,534 100.00% 92.51% 96.45% 620,578 525,351 1,145,929
--------------------------------------------------------------------------------------
Total -
Midwest
Region 225,943 98,071 324,014 75.61% 78.49% 76.48% 1,788,374 827,380 2,615,754
--------------------------------------------------------------------------------------
Mid-Atlantic
- --------------
Delaware
- --------------
Brandywine
Town Center
(1) 100% 610,157 - 610,157 96.70% - 96.70% 8,309,236 - 8,309,236
Market Square
Shopping
Center 100% 31,375 56,387 87,762 100.00%100.00%100.00% 365,712 1,323,946 1,689,658
--------------------------------------------------------------------------------------
Total - Mid-
Atlantic 641,532 56,387 697,919 96.86%100.00% 97.12% 8,674,948 1,323,946 9,998,894
--------------------------------------------------------------------------------------
Various
- --------------
Kroger/Safeway
Portfolio (25
Properties)(
2) 75%1,018,100 - 1,018,100 100.00% - 100.00% 9,965,897 - 9,965,897
--------------------------------------------------------------------------------------
Subtotal -
Fund I
Operating
Properties 1,885,575 154,458 2,040,033 96.01% 86.34% 95.28% 20,429,219 2,151,326 22,580,545
--------------------------------------------------------------------------------------
Fund I
Redevelopment
Properties
- --------------
Sterling
Heights
Shopping
Center
(Michigan)
(3) 50% 98,400 56,197 154,597 71.54% 53.90% 65.13% 281,600 236,204 517,804
Tarrytown
Shopping
Center (New
York) (3) 50% 26,190 7,287 33,477 0.00% 91.62% 19.94% - 172,079 172,079
Hitchcock
Plaza (South
Carolina)( 3) 90% 170,928 60,635 231,563 28.84% 77.14% 41.49% 342,607 339,825 682,432
Haygood
Shopping
Center
(Virginia)
(3) 50% 67,600 94,004 161,604 59.91% 76.24% 69.41% 56,700 742,687 799,387
--------------------------------------------------------------------------------------
Subtotal -
Fund I
Redevelopment
Properties 363,118 218,123 581,241 44.12% 71.25% 54.30% 680,907 1,490,795 2,171,702
--------------------------------------------------------------------------------------
Fund I Grand
Total 2,248,693 372,581 2,621,274 87.63% 77.51% 86.19%$21,110,126 $3,642,121 $24,752,247
----------------------======================================================================================
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) Does not include approximately 240,000 square feet of new space in Phase
II, which will be paid for by the JV on an "earnout basis" only if, and
when it is leased.
(2) AKR Fund I has a 75% economic interest in this portfolio of 25
Kroger/Safeway triple-net leases. (3) AKR Fund I has a 50% interest in
these properties.
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
AKR Fund I Properties - Detail
- -------------------------------------------------
---------------------
Annualized
Base Rent
per Occupied Square
Foot
---------------------
Anchors Shops Total
---------------------
Midwest
- -------------------------------------------------
Ohio
- -------------------------------------------------
Amherst Marketplace $9.98 $10.75 $10.01
Granville Centre 11.51 10.97 11.28
Sheffield Crossing 10.49 10.64 10.56
---------------------
Total - Midwest Region 10.47 10.75 10.56
---------------------
Mid-Atlantic
- -------------------------------------------------
Delaware
- -------------------------------------------------
Brandywine Town Center (1) 14.08 - 14.08
Market Square Shopping Center 11.66 23.48 19.25
---------------------
Total - Mid-Atlantic 13.96 23.48 14.75
---------------------
Various
- -------------------------------------------------
Kroger/Safeway Portfolio (25 Properties)( 2) 9.79 - 9.79
---------------------
Subtotal - Fund I Operating Properties 11.28 16.13 11.62
---------------------
Fund I Redevelopment Properties
- -------------------------------------------------
Sterling Heights Shopping Center (Michigan) (3) 4.00 7.80 5.14
Tarrytown Shopping Center (New York) (3) - 25.77 25.77
Hitchcock Plaza (South Carolina)( 3) 6.95 7.27 7.10
Haygood Shopping Center (Virginia) (3) 1.40 10.36 7.13
---------------------
Subtotal - Fund I Redevelopment Properties 4.25 9.59 6.88
---------------------
Fund I Grand Total 10.71 12.61 10.96
=====================
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) Does not include approximately 240,000 square feet of new space in Phase
II, which will be paid for by the JV on an "earnout basis" only if, and
when it is leased.
(2) AKR Fund I has a 75% economic interest in this portfolio of 25
Kroger/Safeway triple-net leases.
(3) AKR Fund I has a 50% interest in these properties.
Page 23
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
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
Page 24
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
ACADIA STRATEGIC OPPORTUNITY FUND
Top 10 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 GLA Rent (1) Portfolio Rent (2)
Portfolio GLA( 2)
- ------------------------------------------------------------------------------------------------------------------------
1 Safeway (3) 13 467,300 $3,495,932 21.5% 16.3%
2 Kroger (4) 13 595,166 3,798,756 27.4% 17.7%
3 Lowe's 1 140,000 1,925,000 6.5% 9.0%
4 Giant Eagle 2 135,896 1,386,289 6.3% 6.5%
5 Transunion Settlement (5) 1 39,714 884,771 1.8% 4.1%
6 Bed, Bath & Beyond 1 45,114 868,426 2.1% 4.0%
7 Regal Cinema 1 65,641 821,825 3.0% 3.8%
8 Target 1 138,000 800,000 6.4% 3.7%
9 Dick's Sporting Goods 1 50,000 700,000 2.3% 3.3%
10 Michaels 1 24,876 547,272 1.1% 2.6%
---------------------------------------------------
Total 35 1,701,707 $15,228,271 78.5% 71.0%
===================================================
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
(2) GLA does not include approximately 240,000 square feet of new space in
Phase II of the Brandywine Town Center, which will be paid for by the JV on
an "earnout basis" only if, and when it is leased. Square footage and base
rents for the Kroger/Safeway portfolio and other properties for which Fund
I owns less than 100% are pro-rated to reflect the Funds partial ownership.
(3) Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non-supermarket tenant and ceased operations at one other
location. Safeway is obligated to pay rent through the full term of all
these leases which expire in 2009.
(4) Kroger has sub-leased 4 of these locations to supermarket tenants, 2
locations to a non-supermarket tenant and ceased operations at one other
location. Kroger is obligated to pay rent through the full term of all
these leases which expire in 2009.
(5) Subsidiary of Transunion
Page 25
ACADIA REALTY TRUST
SUPPLEMENTAL
DISCLOSURE
September 30, 2004
Retail
Properties -
Summary
Listing
-------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Lease Base Base
Lease and and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
NEW YORK REGION
- ----------------------------
New York
Soundview Marketplace Port King Kullen Clearview
Washington 2007/2022 Cinema
1998 (A)182,865 93% 2010/2030 $2,710,770 $15.99
Village Commons Shopping Smithtown Daffy's
Center 1998 (A) 87,306 96% 2008/2028 2,050,687 24.36
Walgreens
2021/--
Branch Shopping Plaza Smithtown Waldbaum's
(A&P)
1998 (A)125,676 100% 2013/2028 2,363,467 18.81
New Loudon Center Latham Price Marshalls
Chopper 2004/2009
1982 (A)254,530 100% 2015/2035 1,662,859 6.53
Bon Ton
Department
Store
2014/2034
Raymor &
Flanigan
Furniture
2019/2034
Pacesetter Park Shopping Pomona Stop & Shop
Center (Ahold)
1999 (A) 96,646 89% 2020/2040 977,527 11.40
New Jersey
Elmwood Park Shopping CenterElmwood Park Pathmark Walgreen's
1998 (A)149,085 100% 2017/2052 2022/2062 3,313,139 22.22
Marketplace of Absecon Absecon Acme Eckerd Drug
1998 (A)106,235 92% 2015/2055 2020/2040 1,471,200 15.10
Berlin Shopping Center Berlin Acme Kmart
1994 (A)188,755 79% 2005/2015 2009/2049 792,503 5.33
Ledgewood Mall Ledgewood Wal-mart
1983 (A)517,923 87% 2019/2049 4,306,418 9.60
Macy's
2010/2025
The Sports'
Authority
2007/2037
Circuit City
2020/2040
Marshalls
2007/2027
NEW ENGLAND REGION
- ----------------------------
Connecticut
Town Line Plaza Rocky Hill Stop & Shop Wal-mart (not
1998 (A)206,178 100% 2023/2063 owned) 1,556,245 14.29
239 Greenwich Avenue Greenwich Restoration
Hardware
1998 (A) 16,834 100% 2015/2025 1,254,282 74.51
Chico's
Fashion
2010/2020
Massachusetts
Methuen Shopping Center Methuen DeMoulas Wal-mart
Market 2011/2051
1998 (A)130,238 100% 2005/2015 828,772 6.36
Crescent Plaza Brockton Shaw's Home Depot
1984 (A)218,277 100% 2012/2042 2021/2056 1,694,375 7.76
Rhode Island
Walnut Hill Plaza Woonsocket Shaw's Sears
1998 (A)285,829 99% 2013/2043 2008/2033 2,217,640 7.83
Vermont
The Gateway Shopping Center Burlington Shaw's
1999 (A)100,713 86% 2024/2054 1,605,592 18.45
MIDWEST REGION
- ----------------------------
Illinois
Hobson West Plaza Naperville Bobak's
Market and
Restaurant
1998 (A) 99,044 100% 2007/2032 1,231,568 12.45
(specialty
grocery)
Indiana
Merrillville Plaza Merrillville TJ Maxx
1998 (A)235,603 99% 2009/2014 2,605,229 11.17
JC Penney
2008/2018
OfficeMax
2008/2028
Michigan
Bloomfield Town Square Bloomfield Costco (notTJ
Hills 1998 (A)217,266 96% owned) Maxx2009/2014 2,065,643 9.90
Marshall's
2011/2026
Home Goods
2010/2025
Ohio
Mad River Station Dayton Babies "R" Us
1999 (A)155,721 80% 2010/2020 1,495,516 11.96
Office Depot
2005/2010
Page 26
ACADIA REALTY TRUST
SUPPLEMENTAL
DISCLOSURE
September 30, 2004
Retail
Properties -
Summary
Listing
-------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Lease Base Base
Lease and and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
MID-ATLANTIC REGION
- ----------------------------------------------
Pennsylvania
Abington Towne Center Abington TJ Maxx
1998 (A) 216,355 99% 2010/2020 903,024 15.82
Target
(not
owned)
Blackman Plaza Wilkes-Barre Kmart
1968 (C) 121,341 92% 2009/2049 264,374 2.36
Bradford Towne Centre Towanda P&C Foods Kmart
(Penn 2019/2069
Traffic)
1993 (C) 256,939 89% 2014/2024 1,421,531 6.20
East End Center Wilkes-Barre Price
Chopper
1986 (C) 305,833 50% 2008/2028 965,940 6.26
Greenridge Plaza Scranton Giant Food
(Ahold)
1986 (C) 189,640 64% 2021/2051 789,641 6.52
Luzerne Street Shopping Center Scranton Eckerd
Drug
1983 (A) 57,988 24% 2009/2019 105,000 7.50
Mark Plaza Edwardsville Redner's Kmart
Markets 2009/2054
1968 (C) 214,036 98% 2018/2028 1,054,085 5.02
Pittston Plaza Pittston Redner's Eckerd
Market Drugs
1994 (C) 79,494 100% 2018/2028 2006/2016 612,262 7.70
Plaza 422 Lebanon Home Depot
1972 (C) 155,026 69% 2021/2056 444,020 4.14
Route 6 Mall Honesdale Weis Kmart
Markets 2020/2070
(not
1994 (C) 175,507 99% owned) 1,067,783 6.14
---------- -------------------
5,146,883 $43,831,092 $10.32
========== ===================
Page 27
ACADIA REALTY TRUST
SUPPLEMENTAL
DISCLOSURE
September 30, 2004
Retail
Properties -
Summary
Listing
-------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Lease Base Base
Lease and and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
JOINT VENTURE PROPERTIES
- ----------------------------------------
NEW YORK REGION
- ----------------------------------------
New York
Crossroads Shopping Center White Waldbaum's Kmart
Plains (A&P) 2012/2037
1998 312,679 97% 2007/2032 $5,647,145 $18.69
(49% JV interest) B. Dalton
2012/2022
Modell's
2009/2019
MID-ATLANTIC REGION
- ------------------------------
Delaware
Brandywine Town Center (1) Wilmington 2003 (A) 610,157 97% 8,309,236 14.08
(22% JV interest)
Market Square Shopping Center Wilmington Trader Joe's TJ Maxx
(specialty 2006/2016
2003 (A) 87,762 100% grocery) 1,689,658 19.25
(22% JV interest) 2013/2028
MIDWEST REGION
- ----------------------------------------
Ohio
Amherst Marketplace Cleveland Giant Eagle
2002 (A) 79,937 100% 2021/2041 800,115 10.01
(22% JV interest)
Granville Centre Columbus California
Fitness
2002 (A) 131,543 45% 2017/2027 669,710 11.28
(22% JV interest)
Sheffield Crossing Cleveland Giant Eagle
2002 (A) 112,534 96% 2022/2042 1,145,929 10.56
(22% JV interest)
VARIOUS REGIONS
- ----------------------------------------
Kroger/Safeway Portfolio various 25 Kroger and
Safeway
2003 (A)1,018,100 100% supermarkets 9,965,897 9.79
2009/2049
JV REDEVELOPMENTS
- ----------------------------------------
Michigan
Sterling Heights Shopping
Center Detroit Burlington
Coat Factory
2004 (A) 154,597 65% 2024/-- 517,804 5.14
New York
Tarrytown Shopping Center Westchester Walgreen's
Drug (Under
2004 (A) 33,477 20% construction) 172,079 25.77
South Carolina
Hitchcock Plaza Aiken Kroger
Supermarket
2004 (A) 231,563 41% 2007/2032 682,432 7.10
Virginia
Haygood Shopping Center Virginia Rose's
Beach Department
2004 (A) 161,604 69% Store 2009/-- 799,387 7.13
---------- -------------------
2,933,953 $30,399,392 $11.87
========== ===================
(1) Does not include 240,000 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 28
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL
DISCLOSURE
September 30,
2004
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 1,033,835 675,186 1,709,021 95.43% 85.40% 91.47% $9,587,752 $10,060,818 $19,648,570 $9.72 $17.45 $12.57
New England 640,880 317,189 958,069 100.00% 94.83% 98.29% 6,124,752 3,032,154 9,156,906 11.27 10.08 10.84
Midwest 305,549 402,085 707,634 100.00% 89.59% 94.08% 2,409,051 4,988,905 7,397,956 7.88 13.85 11.11
Mid-Atlantic 1,285,858 486,301 1,772,159 78.64% 83.22% 79.90% 4,334,550 3,293,110 7,627,660 5.63 8.14 6.49
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Total Wholly-
Owned
Properties 3,266,122 1,880,761 5,146,883 90.14% 87.32% 89.11%$22,456,105 $21,374,987 $43,831,092 $8.62 $13.02 $10.32
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Joint Venture
Properties
- ----------------
Operating
Midwest (2) 225,943 98,071 324,014 75.61% 78.49% 76.48% $1,788,374 $827,380 $2,615,754 10.47 10.75 10.56
Mid-Atlantic(
2,3) 641,532 56,387 697,919 96.86%100.00% 97.12% 8,674,948 1,323,946 9,998,894 13.96 23.48 14.75
New York Region
(4) 191,363 121,316 312,679 100.00% 91.26% 96.61% 1,954,927 3,692,218 5,647,145 10.22 33.35 18.69
Various
(Kroger/Safeway
Portfolio) (5) 1,018,100 - 1,018,100 100.00% 0.00%100.00% 9,965,897 - 9,965,897 9.79 - 9.79
--------------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 2,076,938 275,774 2,352,712 96.38% 88.51% 95.46% 22,384,146 5,843,544 28,227,690 11.18 23.94 12.57
--------------------------------------------------------------------------------------------------------------
JV Redevelopment
Properties
Mid West (6) 98,400 56,197 154,597 71.54% 53.90% 65.13% $281,600 $236,204 $517,804 4.00 7.80 5.14
Mid-Atlantic (6) 238,528 154,639 393,167 37.65% 76.59% 52.96% 399,307 1,082,512 1,481,819 4.45 9.14 7.12
New York Region
(6) 26,190 7,287 33,477 0.00% 91.62% 19.94% - 172,079 172,079 25.77 25.77
--------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 363,118 218,123 581,241 44.12% 71.25% 54.30% $680,907 $1,490,795 $2,171,702 4.25 9.59 6.88
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Total Joint
Venture
Properties 2,440,056 493,897 2,933,953 88.60% 80.89% 87.30%$23,065,053 $7,334,339 $30,399,392 $10.67 $18.36 $11.87
==============================================================================================================
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants for the purposes of the above table.
(1) Anchor GLA includes a total of 254,916 square feet which is not owned by
the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
(2) The Company has a 22% interest in Fund I which owns these properties.
(3) Does not include 240,000 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.
(4) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(5) Fund I has a 75% interest in this portfolio. As a result, the Company's
interest is 16.5% (22% x 75%).
(6) The Company has a 22% interest in Fund I which owns 50% of these
properties.
Page 29
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30,
2004
Retail Properties by State - Summary
- ------------------------------------
-------------------------------------------------------------------------------------------------------------------
Gross Leasable Area Occupancy Annualized Base Rent
-------------------------------------------------------------------------------------
Wholly-Owned Ownership Percent of Number of
Properties
- ----------------
base rent properties Anchors Shops Total Anchors Shops Total Anchors Shops Total
% (1) (2)
-------------------------------------------------------------------------------------------------------------------
NEW YORK
REGION
New Jersey 100.0% 19.3% 4 590,959 371,039 961,998 92.00% 80.82% 87.69% $5,397,387 $4,485,873 $9,883,260
New York 100.0% 19.0% 5 442,876 304,147 747,023 100.00% 90.98% 96.33% 4,190,365 5,574,945 9,765,310
NEW ENGLAND
REGION
Connecticut 100.0% 5.5% 2 178,799 44,213 223,012 100.00%100.00%100.00% 2,191,282 619,245 2,810,527
Massachusetts 100.0% 4.9% 2 276,989 71,526 348,515 100.00%100.00%100.00% 1,855,550 667,597 2,523,147
Rhode Island 100.0% 4.3% 1 113,092 172,737 285,829 100.00% 98.44% 99.06% 781,920 1,435,720 2,217,640
Vermont 100.0% 3.1% 1 72,000 28,713 100,713 100.00% 52.28% 86.40% 1,296,000 309,592 1,605,592
MIDWEST REGION
Illinois 100.0% 2.4% 1 42,037 57,007 99,044 100.00% 99.73% 99.84% 170,000 1,061,568 1,231,568
Indiana 100.0% 5.1% 1 101,357 134,246 235,603 100.00% 98.20% 98.97% 912,635 1,692,594 2,605,229
Michigan 100.0% 4.0% 1 103,970 113,296 217,266 100.00% 92.38% 96.03% 794,849 1,270,794 2,065,643
Ohio 100.0% 2.9% 1 58,185 97,536 155,721 100.00% 68.57% 80.31% 531,567 963,949 1,495,516
MID-ATLANTIC
REGION
Pennsylvania 100.0% 14.9% 10 1,285,858 486,301 1,772,159 78.64% 83.22% 79.90% 4,334,550 3,293,110 7,627,660
-----------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
Total - Wholly-
Owned
Properties 85.5% 29 3,266,122 1,880,761 5,146,883 90.14% 87.32% 89.11% 22,456,105 21,374,987 43,831,092
----------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Joint Venture
Properties
- ----------------
Operating
Properties
Ohio (4) 22.2% 1.1% 3 225,943 98,071 324,014 75.61% 78.49% 76.48% $1,788,374 $827,380 $2,615,754
Delaware (4,5) 22.2% 4.3% 2 641,532 56,387 697,919 96.86%100.00% 97.12% 8,674,948 1,323,946 9,998,894
New York (6) 49.0% 5.4% 1 191,363 121,316 312,679 100.00% 91.26% 96.61% 1,954,927 3,692,218 5,647,145
Various
(Kroger/Safeway
Portfolio) (3) 16.5% 3.2% 25 1,018,100 - 1,018,100 100.00% 0.00%100.00% 9,965,897 - 9,965,897
----------- --------------------------------------------------------------------------------------
Total -
Operating
Properties 14.1% 2,076,938 275,774 2,352,712 96.38% 88.51% 95.46% 22,384,146 5,843,544 28,227,690
----------- --------------------------------------------------------------------------------------
JV Redevelopment
Properties
Michigan (7) 11.1% 0.1% 1 98,400 56,197 154,597 71.54% 53.90% 65.13% 281,600 236,204 517,804
New York( 7) 11.1% 0.0% 1 26,190 7,287 33,477 0.00% 91.62% 19.94% - 172,079 172,079
South Carolina
(7) 11.1% 0.1% 1 170,928 60,635 231,563 28.84% 77.14% 41.49% 342,607 339,825 682,432
Virginia (7) 11.1% 0.2% 1 67,600 94,004 161,604 59.91% 76.24% 69.41% 56,700 742,687 799,387
----------------------------------------------------------------------------------------------------------
Total-
Redevelopment
Properties 0.5% 363,118 218,123 581,241 44.12% 71.25% 54.30% 680,907 1,490,795 2,171,702
----------- -------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
Total Joint
Venture
Properties 14.5% 35 2,440,056 493,897 2,933,953 88.60% 80.89% 87.30%$23,065,053 $7,334,339 $30,399,392
---------------------======================================================================================
100.0% 64
=====================
------------------------------
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) Fund I has a 75% interest in this portfolio. As a result, the Company's
interest is 16.5% (22% x 75%).
(4) The Company has a 22% interest in Fund I which owns these properties.
(5) Does not include 240,000 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.
(6) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(7) The Company has a 22% interest in Fund I which owns 50% of these
properties.
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Retail Properties by State - Summary
- -------------------------------------------------------
---------------------
Annualized Base Rent
per Occupied Square
Foot
---------------------
Wholly-Owned Properties
- -------------------------------------------------
Anchors Shops Totals
---------------------
NEW YORK REGION
New Jersey $9.93 $14.96 $11.72
New York 9.46 20.15 13.57
NEW ENGLAND REGION
Connecticut 26.89 14.01 22.36
Massachusetts 6.70 9.33 7.24
Rhode Island 6.91 8.44 7.83
Vermont 18.00 20.62 18.45
MIDWEST REGION
Illinois 4.04 18.67 12.45
Indiana 9.00 12.84 11.17
Michigan 7.64 12.14 9.90
Ohio 9.14 14.41 11.96
MID-ATLANTIC REGION
Pennsylvania 5.63 8.14 6.49
---------------------
---------------------
Total - Wholly-Owned Properties 8.62 13.02 10.32
---------------------
---------------------
Joint Venture Properties
- -------------------------------------------------
Operating Properties
Ohio (4) $10.47 $10.75 $10.56
Delaware (4,5) 13.96 23.48 14.75
New York (6) 10.22 33.35 18.69
Various (Kroger/Safeway Portfolio) (3) 9.79 - 9.79
---------------------
Total - Operating Properties 11.18 23.94 12.57
---------------------
JV Redevelopment Properties
Michigan (7) 4.00 7.80 5.14
New York( 7) - 25.77 25.77
South Carolina (7) 6.95 7.27 7.10
Virginia (7) 1.40 10.36 7.13
---------------------
Total-Redevelopment Properties 4.25 9.59 6.88
---------------------
---------------------
Total Joint Venture Properties $10.67 $18.36 $11.87
=====================
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants 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) Fund I has a 75% interest in this portfolio. As a result, the Company's
interest is 16.5% (22% x 75%).
(4) The Company has a 22% interest in Fund I which owns these properties.
(5) Does not include 240,000 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.
(6) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(7) The Company has a 22% interest in Fund I which owns 50% of these
properties.
Page 30
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Retail Properties - Detail
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
-------------------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
-------------------------------------------------------------------------------------------------------------
WHOLLY-OWNED
PROPERTIES:
New York
Region
- --------------
New York (1)
- --------------
Soundview
Marketplace 73,500 109,365 182,865 100.00% 87.77% 92.69%$1,158,850 $1,551,920 $2,710,770 $15.77 $16.17 $15.99
Village
Commons
Shopping
Center 25,192 62,114 87,306 100.00% 94.98% 96.43% 428,213 1,622,474 2,050,687 17.00 27.50 24.36
Branch Plaza 63,000 62,676 125,676 100.00%100.00%100.00% 920,964 1,442,503 2,363,467 14.62 23.02 18.81
New Loudon
Center 229,132 25,398 254,530 100.00%100.00%100.00% 1,339,779 323,080 1,662,859 5.85 12.72 6.53
Pacesetter
Park Shopping
Center 52,052 44,594 96,646 100.00% 75.48% 88.69% 342,559 634,968 977,527 6.58 18.86 11.40
-------------------------------------------------------------------------------------------------------------
Total - New
York 442,876 304,147 747,023 100.00% 90.98% 96.33% 4,190,365 5,574,945 9,765,310 9.46 20.15 13.57
-------------------------------------------------------------------------------------------------------------
New Jersey
- --------------
Elmwood Park
Shopping
Center 62,610 86,475 149,085 100.00%100.00%100.00% 1,390,460 1,922,679 3,313,139 22.21 22.23 22.22
Marketplace of
Absecon 58,031 48,204 106,235 100.00% 81.73% 91.71% 927,574 543,626 1,471,200 15.98 13.80 15.10
Berlin
Shopping
Center 127,850 60,905 188,755 100.00% 34.11% 78.74% 619,400 173,103 792,503 4.84 8.33 5.33
Ledgewood Mall 342,468 175,455 517,923 86.20% 87.33% 86.58% 2,459,953 1,846,465 4,306,418 8.33 12.05 9.60
-------------------------------------------------------------------------------------------------------------
Total - New
Jersey 590,959 371,039 961,998 92.00% 80.82% 87.69% 5,397,387 4,485,873 9,883,260 9.93 14.96 11.72
-------------------------------------------------------------------------------------------------------------
Total - New
York Region 1,033,835 675,186 1,709,021 95.43% 85.40% 91.47% 9,587,752 10,060,818 19,648,570 9.72 17.45 12.57
-------------------------------------------------------------------------------------------------------------
New England
- --------------
Connecticut
- --------------
Town Line
Plaza( 2) 161,965 44,213 206,178 100.00%100.00%100.00% 937,000 619,245 1,556,245 14.49 14.01 14.29
239 Greenwich
Avenue( 3) 16,834 - 16,834 100.00% - 100.00% 1,254,282 - 1,254,282 74.51 - 74.51
-------------------------------------------------------------------------------------------------------------
Total -
Connecticut 178,799 44,213 223,012 100.00%100.00%100.00% 2,191,282 619,245 2,810,527 26.89 14.01 22.36
-------------------------------------------------------------------------------------------------------------
Massachusetts
- --------------
Methuen
Shopping
Center 120,004 10,234 130,238 100.00%100.00%100.00% 736,464 92,308 828,772 6.14 9.02 6.36
Crescent Plaza 156,985 61,292 218,277 100.00%100.00%100.00% 1,119,086 575,289 1,694,375 7.13 9.39 7.76
-------------------------------------------------------------------------------------------------------------
Total -
Massachusetts 276,989 71,526 348,515 100.00%100.00%100.00% 1,855,550 667,597 2,523,147 6.70 9.33 7.24
-------------------------------------------------------------------------------------------------------------
Rhode Island
- --------------
Walnut Hill
Plaza 113,092 172,737 285,829 100.00% 98.44% 99.06% 781,920 1,435,720 2,217,640 6.91 8.44 7.83
-------------------------------------------------------------------------------------------------------------
Vermont
- --------------
The Gateway
Shopping
Center 72,000 28,713 100,713 100.00% 52.28% 86.40% 1,296,000 309,592 1,605,592 18.00 20.62 18.45
-------------------------------------------------------------------------------------------------------------
Total - New
England
Region 640,880 317,189 958,069 100.00% 94.83% 98.29% 6,124,752 3,032,154 9,156,906 11.27 10.08 10.84
-------------------------------------------------------------------------------------------------------------
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 has a property located in the Bronx, NY which is currently
under construction which is not included in the above listing.
(2) 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.
(3) 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.
Page 31
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Retail Properties - Detail
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
- -------------
Hobson West
Plaza 42,037 57,007 99,044 100.00% 99.73% 99.84% $170,000 $1,061,568 $1,231,568 $4.04 $18.67 $12.45
Indiana
- -------------
Merrillville
Plaza 101,357 134,246 235,603 100.00% 98.20% 98.97% 912,635 1,692,594 2,605,229 9.00 12.84 11.17
Michigan
- -------------
Bloomfield
Towne Square 103,970 113,296 217,266 100.00% 92.38% 96.03% 794,849 1,270,794 2,065,643 7.64 12.14 9.90
Ohio
- -------------
Mad River
Station (1) 58,185 97,536 155,721 100.00% 68.57% 80.31% 531,567 963,949 1,495,516 9.14 14.41 11.96
--------------------------------------------------------------------------------------------------------------
Total -
Midwest
Region 305,549 402,085 707,634 100.00% 89.59% 94.08% 2,409,051 4,988,905 7,397,956 7.88 13.85 11.11
--------------------------------------------------------------------------------------------------------------
Mid-Atlantic
- -------------
Pennsylvania
- -------------
Abington
Towne Center
(2) 184,616 31,739 216,355 100.00% 94.75% 99.23% 256,500 646,524 903,024 9.50 21.50 15.82
Blackman
Plaza 104,956 16,385 121,341 100.00% 42.72% 92.27% 204,664 59,710 264,374 1.95 8.53 2.36
Bradford
Towne Centre 146,499 110,440 256,939 100.00% 74.90% 89.21% 887,469 534,062 1,421,531 6.06 6.46 6.20
East End
Center 176,200 129,633 305,833 28.38% 80.47% 50.46% 357,500 608,440 965,940 7.15 5.83 6.26
Greenridge
Plaza 129,122 60,518 189,640 48.09% 97.47% 63.85% 279,405 510,236 789,641 4.50 8.65 6.52
Luzerne
Street
Shopping
Center 54,618 3,370 57,988 25.63% - 24.14% 105,000 - 105,000 7.50 - 7.50
Mark Plaza 157,595 56,441 214,036 100.00% 92.74% 98.09% 652,095 401,990 1,054,085 4.14 7.68 5.02
Pittston
Plaza 67,568 11,926 79,494 100.00%100.00%100.00% 496,446 115,816 612,262 7.35 9.71 7.70
Plaza 422 145,026 10,000 155,026 71.88% 30.00% 69.18% 407,520 36,500 444,020 3.91 12.17 4.14
Route 6 Plaza 119,658 55,849 175,507 100.00% 97.27% 99.13% 687,951 379,832 1,067,783 5.75 6.99 6.14
--------------------------------------------------------------------------------------------------------------
Total -
Pennsylvania1,285,858 486,301 1,772,159 78.64% 83.22% 79.90% 4,334,550 3,293,110 7,627,660 5.63 8.14 6.49
--------------------------------------------------------------------------------------------------------------
Total - Mid-
Atlantic
Region 1,285,858 486,301 1,772,159 78.64% 83.22% 79.90% 4,334,550 3,293,110 7,627,660 5.08 8.14 6.49
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
TOTAL WHOLLY-
OWNED
PROPERTIES 3,266,122 1,880,761 5,146,883 90.14% 87.32% 89.11%$22,456,105 $21,374,987 $43,831,092 $8.35 $13.02 $10.32
--------------------------------------------------------------------------------------------------------------
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 GLA for this property includes 28,205 square feet of office space.
(2) Anchor GLA includes a 157,616 square foot Target store which is not owned
by the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
Page 32
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Retail Properties - Detail
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
-------------------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
-------------------------------------------------------------------------------------------------------------
JOINT VENTURE
PROPERTIES:
Midwest
- --------------
Ohio
- --------------
Amherst
Marketplace
(1) 76,737 3,200 79,937 100.00%100.00%100.00% $765,711 $34,404 $800,115 $9.98 $10.75 $10.01
Granville
Centre (1) 90,047 41,496 131,543 38.81% 58.80% 45.12% 402,085 267,625 669,710 11.51 10.97 11.28
Sheffield
Crossing (1) 59,159 53,375 112,534 100.00% 92.51% 96.45% 620,578 525,351 1,145,929 10.49 10.64 10.56
---------------------------------------------------------------------------------------------------------------------
Total - Ohio 225,943 98,071 324,014 75.61% 78.49% 76.48% 1,788,374 827,380 2,615,754 10.47 10.75 10.56
---------------------------------------------------------------------------------------------------------------------
Mid-Atlantic
- --------------
Delaware
- --------------
Brandywine
Town Center
(1, 2) 610,157 - 610,157 96.70% - 96.70% 8,309,236 - 8,309,236 14.08 - 14.08
Market Square
Shopping
Center (1) 31,375 56,387 87,762 100.00%100.00%100.00% 365,712 1,323,946 1,689,658 11.66 23.48 19.25
---------------------------------------------------------------------------------------------------------------------
Total -
Delaware 641,532 56,387 697,919 96.86%100.00% 97.12% 8,674,948 1,323,946 9,998,894 13.96 23.48 14.75
---------------------------------------------------------------------------------------------------------------------
New York
Region
- --------------
New York
- --------------
Crossroads
Shopping
Center (3) 191,363 121,316 312,679 100.00% 91.26% 96.61% 1,954,927 3,692,218 5,647,145 10.22 33.35 18.69
---------------------------------------------------------------------------------------------------------------------
Various
Regions
- --------------
Kroger/Safeway
Portfolio (25
Properties)(
4) 1,018,100 - 1,018,100 100.00% - 100.00% 9,965,897 - 9,965,897 9.79 - 9.79
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 2,076,938 275,774 2,352,712 96.38% 88.51% 95.46% 22,384,146 5,843,544 28,227,690 11.18 23.94 12.57
---------------------------------------------------------------------------------------------------------------------
Redevelopment
properties
---------------------------------------------------------------------------------------------------------------------
Sterling
Heights
Shopping
Center
(Michigan)
(5) 98,400 56,197 154,597 71.54% 53.90% 65.13% 281,600 236,204 517,804 4.00 7.80 5.14
Tarrytown
Shopping
Center (New
York) (5) 26,190 7,287 33,477 0.00% 91.62% 19.94% - 172,079 172,079 - 25.77 25.77
Hitchcock
Plaza (South
Carolina)
(5) 170,928 60,635 231,563 28.84% 77.14% 41.49% 342,607 339,825 682,432 6.95 7.27 7.10
Haygood
Shopping
Center
(Virginia)
(5) 67,600 94,004 161,604 59.91% 76.24% 69.41% 56,700 742,687 799,387 1.40 10.36 7.13
---------------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 363,118 218,123 581,241 44.12% 71.25% 54.30% 680,907 1,490,795 2,171,702 4.25 9.59 6.88
---------------------------------------------------------------------------------------------------------------------
Total - Joint
Venture
Properties 2,440,056 493,897 2,933,953 88.60% 80.89% 87.30%$23,065,053 $7,334,339 $30,399,392 $10.67 $18.36 $11.87
=====================================================================================================================
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants for the purposes of the above table.
(1) The Company has a 22% interest in Fund I which owns the property.
(2) Does not include approximately 240,000 square feet of new space in Phase
II, which will be paid for by the JV on an "earnout basis" only if, and
when it is leased.
(3) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(4) This represents a portfolio of 25 triple-net, anchor-only leases with
Kroger and Safeway supermarkets.
(5) The Company has a 22% interest inFund I which owns 50% the property.
Page 33
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
--------- ---------
9 months 3 months 3 months 3 months Year
ended ended ended ended ended
Leasing Production Notes:September September June 30, March December
30, 2004 30, 2004 2004 31, 31,
2004 2003
---------------------------------------------------------- --------- --------- -------- -------- --------
New leases (1)
Number of new leases commencing 25 11 7 7 32
GLA 143,756 33,749 91,025 18,982 174,798
New base rent $10.57 $18.17 $6.86 $14.85 $10.38
Previous base rent (and percentage rent) $9.28 $12.71 $6.74 $15.34 $8.38
Percentage growth in base rent 13.9% 43.0% 1.8% -3.2% 23.9%
Average cost per square foot $25.60 $21.48 $31.41 $5.04 $5.92
Renewal leases
Number of renewal leases commencing 45 22 10 13 53
GLA 434,174 199,499 152,273 82,402 410,193
Renewal percentage 82% 98% 71% 76% 81%
New base rent $10.41 $13.45 $6.28 $10.66 $9.20
Expiring base rent (and percentage rent) $9.60 $12.24 $5.76 $10.32 $8.80
Percentage growth in base rent 8.4% 9.9% 9.0% 3.3% 4.5%
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 70 33 17 20 85
GLA 577,930 233,248 243,298 101,384 584,991
New base rent $10.45 $14.13 $6.50 $11.44 $9.55
Expiring base rent (and percentage rent) $9.52 $12.31 $6.13 $11.26 $8.67
Percentage growth in base rent (2) 9.7% 14.8% 6.0% 1.6% 10.1%
Average cost per square foot $6.37 $3.11 $11.75 $0.94 $1.77
--------- ---------
(1) Does not include leased square footage and costs related to first
generation space and the Company's major redevelopment projects.
(2) Rent is presented on a cash basis. Rents have not been averaged over terms.
Previous/expiring rent is that as of time of expiration and includes any
percentage rent paid as well. New rent is that which is initially paid at
commencement.
Page 34
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL
DISCLOSURE
September 30,
2004
Top Tenants
- Ranked
by
Annualized
Base Rent
-----------
(Combined basis - Includes pro-rata share
of GLA and rent for JV properties)
Wholly-Owned Acadia Strategic Crossroads
Opportunity Fund Shopping Center
100% 22% 49% Combined
--------------------------------------------------------------------------------
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) GLA Rent (1)
portfolio
- ------------------------------------------------------------------------------------------------------------------
Albertson's
(Shaw's and
1 Acme) 5 251,481 $3,255,544 - $- - $- 251,481 $3,255,544
2 Kmart 6 520,221 1,870,484 49,355 277,463 569,576 2,147,947
3 T.J. Maxx 9 249,258 1,896,262 6,972 81,261 - - 256,230 1,977,523
Ahold (Giant,
4 Stop & Shop) 3 178,807 1,549,540 - - - - 178,807 1,549,540
5 Wal-Mart 2 210,114 1,515,409 - - - - 210,114 1,515,409
6 A&P/ Waldbaum's 2 63,000 920,964 - - 18,722 246,960 81,722 1,167,924
7 Home Depot 2 211,003 1,125,426 - - - - 211,003 1,125,426
8 Price Chopper 2 127,450 1,118,077 - - - - 127,450 1,118,077
9 Eckerd Drug( 4) 8 89,620 1,064,796 - - - - 89,620 1,064,796
10 Pathmark 1 47,773 955,460 - - - - 47,773 955,460
Restoration
11 Hardware 1 12,293 929,600 - - - - 12,293 929,600
Redner's
12 Supermarket 2 111,739 863,432 - - - - 111,739 863,432
13 Kroger( 5) 13 - - 132,259 844,168 - - 132,259 844,168
14 Safeway (6) 13 - - 103,844 776,874 - - 103,844 776,874
15 Macy's 1 73,349 610,745 - - - - 73,349 610,745
16 Clearview Cinema 1 25,400 596,250 - - - - 25,400 596,250
17 JC Penney 2 72,580 591,747 - - - - 72,580 591,747
18 Walgreen's 2 23,904 589,088 - - - - 23,904 589,088
19 KB Toys 5 41,025 583,900 - - - - 41,025 583,900
King Kullen
20 Grocery 1 48,100 562,600 - - - - 48,100 562,600
-------------------------------------------------------------------------------------------
Total 81 2,357,117 $20,599,324 243,076 $1,702,303 68,077 $524,423 2,668,270 $22,826,050
===========================================================================================
(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) Represents total GLA and annualized base rent for the Company's retail
properties including its pro-rata share of joint venture properties.
(3) Occupancy cost = Gross rents (base rent, percentage rent and expense
reimbursements) divided by sales. * indicates not all locations are
required to report sales. Amount is left blank if the tenant is not
required to report sales at any of the locations.
(4) Subsidiary of JC Penney. The store at the Berlin Shopping Center has ceased
operating but continues to pay annual rent of $29,129 pursuant to the lease
which expires November 30, 2004. The Route 6 Plaza location has been sublet
to Advance Auto and expires 2011.
(5) Kroger has sub-leased 4 of these locations to supermarket tenants, 2
locations to a non-supermarket tenant and ceased operations at one other
location.
(6) Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non-supermarket tenant and ceased operations at one other
location.
Percentage of Total
Represented by
Retail Tenant
-------------------
Average
Gross
Total Annualized Average Occupancy
Base
Ranking Portfolio Rent (2) Sales Cost (3)
GLA( 2) (per
sq.
ft.)
- ----------------------------------------------------------- ---------
1 3.4% 4.8% $474 * 2.6%
2 7.6% 3.2% 193 3.7%
3 3.4% 2.9% 277 * 5.8%
4 2.4% 2.3% 333 3.3%
5 2.8% 2.2% 329 * 3.2%
6 1.1% 1.7% 362 * 5.6%
7 2.8% 1.7% - -
8 1.7% 1.6% 504 2.1%
9 1.2% 1.6% 431 * 4.0%
10 0.6% 1.4% - -
11 0.2% 1.4% 242 33.6%
12 1.5% 1.3% 249 4.3%
13 1.8% 1.2% - -
14 1.4% 1.1% - -
15 1.0% 0.9% 208 6.0%
16 0.3% 0.9% - -
17 1.0% 0.9% 163 6.6%
18 0.3% 0.9% 333 8.1%
19 0.5% 0.9% 206 9.2%
20 0.6% 0.8% 699 2.1%
-------------------
35.7% 33.5%
===================
Page 35
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Anchor Detail
-------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options/Required
PSF Notice
- ------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A
CENTER'S GLA AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for
which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned
- --------------------------------------------------------------------
New York Region
- --------------------------------------------------------------------
New
York
- -------
Soundview Marketplace, Port Washington
King Kullen (7) 5 Year (12
48,100 9/26/2007 $562,600 $11.70 Months)
Clearview Cinema (4) 5 Year (12
25,400 5/31/2010 596,250 23.47 Months)
-------- -----------------
Property total 73,500 1,158,850 15.77
-------- -----------------
Smithtown Shopping Center, Smithtown
Daffy's (4) 5 Year (12
16,125 1/7/2008 274,125 17.00 Months)
Walgreens 9,067 12/31/2021 154,088 16.99 -
-------- -----------------
Property total 25,192 428,213 17.00
-------- -----------------
The Branch Shopping Center, Smithtown
A&P (1) 10 Year &
63,000 11/30/2013 920,964 14.62 (1) 5 Year
-------- -----------------
Property Total: 63,000 920,964 14.62
-------- -----------------
New Loudon Center, Latham
Bon Ton (4) 5 Year (12
65,365 2/1/2014 261,460 4.00 Months)
Marshalls (TJX) (3) 5 Year (12
37,212 1/31/2004 158,151 4.25 Months)
Price Chopper (4) 5 Year (12
77,450 5/31/2015 760,577 9.82 Months)
Raymours Furniture Co (3) 5 Year (9
49,105 4/30/2019 159,591 3.25 Months)
-------- -----------------
Property total 229,132 1,339,779 5.85
-------- -----------------
Pacesetter Park Shopping Center, Pomona
Stop & Shop (Ahold) 52,052 8/31/2020 342,559 6.58 (2) 10 Year
-------- -----------------
Property total 52,052 342,559 6.58
-------- -----------------
New
Jersey
- -------
Elmwood Park Shopping Center, Elmwood Park
Walgreens (8) 5 Year (12
14,837 5/31/2022 435,000 29.32 Months)
Pathmark (7) 5 Year (12
47,773 11/30/2017 955,460 20.00 Months)
-------- -----------------
Property total 62,610 1,390,460 22.21
-------- -----------------
Marketplace of Absecon, Absecon
Eckerd Drug (JC Penney) (4) 5 Year (6
13,207 8/30/2020 329,310 24.93 Months)
Acme Markets (Albertson) (8) 5 Year (12
44,824 4/30/2015 598,264 13.35 Months)
-------- -----------------
Property total 58,031 927,574 15.98
-------- -----------------
Berlin Shopping Center, Berlin
Acme Markets (Albertson) (2) 5 Year (6
32,040 4/30/2005 320,400 10.00 Months)
Kmart (4) 5 Year (6
95,810 11/30/2009 299,000 3.12 Months)
-------- -----------------
Property total 127,850 619,400 4.84
-------- -----------------
Ledgewood Mall, Ledgewood
Circuit City (4) 5 Year (6
33,294 1/31/2020 466,116 14.00 Months)
Marshalls (TJX) (4) 5 Year (6
27,228 1/31/2007 326,736 12.00 Months)
The Sports Authority (6) 5 Year (15
52,205 5/31/2007 225,000 4.31 Months)
Macy's Department Store (Federated) (1) (3) 5 Year (6
61,900 1/31/2010 553,500 8.94 Months)
Wal*Mart (6) 5 Year (6
120,570 3/31/2019 888,601 7.37 Months)
-------- -----------------
Property total 295,197 2,459,953 8.33
-------- -----------------
Total: New York Region 986,564 9,587,752 9.72
-------- -----------------
(1) The tenant has additional expansion space bringing the total space to
74,815 s.f. with total rents of $618,075.
Page 36
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Anchor Detail
-------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options/Required
PSF Notice
- ------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A
CENTER'S GLA AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for
which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned (continued)
- ---------------------------------------------------------------------------
New
England
- ----------
Connecticut
- ---------------------------------------------------------------------------
Town Line Plaza, Rocky Hil l
Wal*Mart( 1) REA
97,300 - $- $- Agreement
Super Stop & Shop (Ahold) (7) 5 Year
(6
64,665 11/30/2023 937,000 14.49 Months)
-------- ----------------
Property total 161,965 937,000 14.49
-------- ----------------
239 Greenwich Ave., Greenwich
Chico's Fashion (2) 5
4,541 1/31/2010 324,682 71.50 Years
Restoration Hardware (2) 5
Years (6
12,293 4/30/2015 929,600 75.62 Months)
-------- ----------------
Property total 16,834 1,254,282 74.51
-------- ----------------
Massachusetts
- ---------------------------------------------------------------------------
Methuen Shopping Center, Methuen
Demoulas Super Markets 30,460 1/31/2005 109,656 3.60 (2) 5 Year
Wal*Mart (8) 5 Year
(6
89,544 10/23/2011 626,808 7.00 Months)
-------- ----------------
Property total 120,004 736,464 6.14
-------- ----------------
Crescent Plaza, Brockton
Home Depot (7) 5 Year
106,760 10/31/2021 602,126 5.64 (1 Year)
Shaw's (Albertsons) (6) 5 Year
(6
50,225 12/31/2012 516,960 10.29 Months)
-------- ----------------
Property total 156,985 1,119,086 7.13
-------- ----------------
Rhode Island
- ---------------------------------------------------------------------------
Walnut Hill Plaza, Woonsocket
Sears (5) 5 Year
(12
60,700 8/31/2008 258,000 4.25 Months)
Shaw's (Albertsons) (6) 5 Year
(9
52,392 12/31/2013 523,920 10.00 Months)
-------- ----------------
Property total 113,092 781,920 6.91
-------- ----------------
Vermont
- ----------
Gateway Shopping Center
Shaw's (Albertsons) (1) 10
Yr., (3)
5 Yr. &
72,000 3/31/2024 1,296,000 18.00 (1) 4 Yr.
-------- ----------------
Property total 72,000 1,296,000 18.00
-------- ----------------
Total : New England 640,880 6,124,752 11.27
-------- ----------------
Midwest
- -------
Illinois
- ----------
Hobson West Plaza, Naperville
Bobak's Market and Restaurant (5) 5 Year
(6
42,037 11/30/2007 170,000 4.04 Months)
-------- ----------------
Property total 42,037 170,000 4.04
-------- ----------------
Indiana
- ----------
Merrillville Plaza, Merrillville
JC Penney (2) 5 Year
(12
50,000 1/31/2008 495,000 9.90 Months)
OfficeMax (4) 5 Year
(6
26,157 7/31/2008 222,335 8.50 Months)
TJ Maxx (TJX) (1) 5 Year
(6
25,200 1/31/2009 195,300 7.75 Months)
-------- ----------------
Property total 101,357 912,635 9.00
-------- ----------------
Michigan
- ----------
Bloomfield Town Square, Bloomfield Hills
HomeGoods (TJX) 39,646 5/31/2010 307,257 7.75 (3) 5 Year
Marshalls (TJX) (3) 5 Year
(6
28,324 9/30/2011 226,592 8.00 Months)
TJ Maxx (TJX) (1) 5 Year
(6
36,000 1/31/2009 261,000 7.25 Months)
-------- ----------------
Property total 103,970 794,849 7.64
-------- ----------------
Ohio
- ----------
Mad River Station, Dayton
Babies 'R' Us 33,147 2/28/2010 243,630 7.35 (2) 5 Year
Office Depot (1) 5 Year
(6
25,038 8/31/2005 287,937 11.50 Months)
-------- ----------------
Property total 58,185 531,567 9.14
-------- ----------------
Total: Midwest 305,549 2,409,051 7.88
-------- ----------------
(1) This space is contiguous to the Company's property and is not owned by the
Company.
Page 37
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Anchor Detail
-------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options/Required
PSF Notice
- ------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A
CENTER'S GLA AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for
which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned (continued)
- ---------------------------------------------------------------------------
Mid-
Atlantic
- ---------
Pennsylvania
- ---------------------------------------------------------------------
Abington Town Center, Abington
TJ Maxx (TJX) (2) 5 Year
27,000 11/30/2010 $256,500 $9.50 (6 Months)
Target( 1) Condominium
157,616 - - - Agreement
---------- ------------------
Property total 184,616 256,500 9.50
---------- ------------------
Blackman Plaza, Wilkes-Barre
Kmart (8) 5 Year
104,956 10/31/2009 204,664 1.95 (12 Months)
---------- ------------------
Property total 104,956 204,664 1.95
---------- ------------------
Bradford Towne Centre, Towanda
Kmart (10) 5 Year
94,841 3/31/2019 474,205 5.00 (6 Months)
P & C Foods (Penn Traffic) (2) 5 Year
51,658 9/30/2014 413,264 8.00 (6 Months)
---------- ------------------
Property total 146,499 887,469 6.06
---------- ------------------
East End Center, Wilkes-Barre
Price Chopper (4) 5 Year
50,000 4/30/2008 357,500 7.15 (6 Months)
---------- ------------------
Property total 50,000 357,500 7.15
---------- ------------------
Greenridge Plaza, Scranton
Giant Food Stores (Ahold) (6) 5 Year
62,090 4/30/2021 279,405 4.50 (Auto)
---------- ------------------
Property total 62,090 279,405 4.50
---------- ------------------
Luzerne Street Shopping Center, Scranton
Eckerd Drug (JC Penney) (2) 5 Year
14,000 4/30/2009 105,000 7.50 (6 Months)
---------- ------------------
Property total 14,000 105,000 7.50
---------- ------------------
Mark Plaza, Edwardsville
Kmart (9) 5 Year
104,956 10/31/2009 204,664 1.95 (12 Months)
Redner's Market (2) 5 Year
52,639 5/31/2018 447,432 8.50 (6 Months)
---------- ------------------
Property total 157,595 652,096 4.14
---------- ------------------
Pittston Plaza, Pittston
Eckerd Drugs (2) 5 Year
8,468 6/30/2006 80,446 9.50 (6 Months)
Redner's Market 59,100 12/31/2018 416,000 7.04 (2) 5 Year
---------- ------------------
Property total 67,568 496,446 7.35
---------- ------------------
Plaza 422, Lebanon
Home Depot (6) 5 Year
104,243 12/31/2028 407,520 3.91 (12 Months)
---------- ------------------
Property total 104,243 407,520 3.91
---------- ------------------
Route 6 Mall, Honesdale
Kmart (10) 5 Year
119,658 4/30/2020 687,950 5.75 (Automatic)
---------- ------------------
Property total 119,658 687,950 5.75
---------- ------------------
Total : Mid-Atlantic 1,011,225 4,334,550 5.08
---------- ------------------
Total: Retail Anchor Properties - Wholly Owned Properties 2,944,218 $22,456,105 $8.35
========== ==================
(1) Target owns the portion of the main building (157,616 square feet) that
their store is located in.
Page 38
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Anchor Detail
-------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options/Required
PSF Notice
- ------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A
CENTER'S GLA AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for
which rent payment has not yet commenced)
Joint Venture Properties
- -------------------------------------------------------------------------
New York Region
- -------------------------------------------------------------------------
New York
--------
Crossroads Shopping Center, White Plains
Kmart (5) 5 Year
100,725 1/31/2012 $566,250 $5.62 (9 Months)
Waldbaum's (A&P) (5) 5 Year
38,208 12/31/2007 504,000 13.19 (9 Months)
B. Dalton (Barnes & Noble) (2) 5 Year
12,430 5/28/2012 345,927 27.83 (18 Months)
Pay Half 15,000 1/31/2018 345,000 23.00 -
Modell's (2) 5 Year
25,000 2/28/2009 193,750 7.75 (12 Months)
-------- ----------------
Property total 191,363 1,954,927 10.22
-------- ----------------
Total : New York Region 191,363 1,954,927 10.22
-------- ----------------
Mid-Atlantic Region
- -------------------------------------------------------------------------
Delaware
--------
Brandywine Town Center
Annie Sez (Big M) (3) 5 Year
13,324 1/31/2007 279,825 21.00 (9 Months)
Michaels (3) 5 Year
24,876 2/28/2011 547,272 22.00 (9 Months)
Old Navy (The Gap) (1) 5 Year
24,631 4/30/2011 541,872 22.00 (6 Months)
Petsmart (2) 5 Year
23,963 6/30/2017 455,297 19.00 (Automatic)
Thomasville Furniture (2) 5 Year
18,893 11/30/2011 484,947 25.67 (9 Months)
Bed, Bath & Beyond (3) 5 Year
50,977 1/31/2014 868,426 17.04 (6 Months)
Dick's Sporting Goods (3) 5 Year
50,000 5/31/2013 700,000 14.00 (6 Months)
Lowe's Home Centers (6) 5 Year
140,000 8/31/2018 1,925,000 13.75 (Automatic)
Regal Cinemas (4) 5 Year
65,641 6/1/2017 821,825 12.52 (4 Months)
Transunion Settlement (1) 5 Year
39,714 3/31/2013 884,771 22.28 (9 Months)
Target (5) 10 Year
138,000 1/31/2018 800,000 5.80 (12 Months)
-------- ----------------
Property total 590,019 8,309,235 14.08
-------- ----------------
Market Square Shopping Center
TJ Maxx (TJX) (2) 5 Year
31,375 1/31/2006 365,713 11.66 (9 Months)
-------- ----------------
South Carolina
------------------------------------------------------------------------
Hitchcock Plaza (Strip Mall)
Kroger 49,296 2/28/2007 342,607 6.95
-------- ----------------
Property Total 49,296 342,607 6.95
-------- ----------------
Virginia
--------
Haygood Shopping Center
Rose's 40,500 7/1/2009 56,700 1.40
-------- ----------------
Property Total 40,500 56,700 1.40
-------- ----------------
-------- ----------------
Total : Mid-Atlantic Region 711,190 9,074,255 12.76
-------- ----------------
Midwest
Region
- ---------
Ohio
--------
Amherst Marketplace
Giant Eagle (4) 5 Year
66,237 9/3/2021 630,576 9.52 (6 Months)
Giant Eagle( 1) (3) 5 Year
10,500 3/31/2012 135,135 12.87 (6 Months)
-------- ----------------
Property total 76,737 765,711 9.98
-------- ----------------
Granville Centre
California Fitness 34,951 1/31/2017 402,085 11.50 (2) 5 Year
-------- ----------------
Property total 34,951 402,085 11.50
-------- ----------------
Sheffield Crossing
Giant Eagle (4) 5 Year
59,159 5/31/2022 620,578 10.49 (6 Months)
-------- ----------------
Property total 59,159 620,578 10.49
-------- ----------------
Page 39
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Anchor Detail
-------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options/Required
PSF Notice
- ------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A
CENTER'S GLA AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for
which rent payment has not yet commenced)
Michigan
- ---------------------------------------------------------------------------------
Sterling Heights
Burlington Coat Factory 70,400 12/1/2004 281,600 4.00
---------- -------------------
Property Total 70,400 281,600 4.00
---------- -------------------
Total: Midwest 241,247 2,069,974 8.58
---------- -------------------
Various
- -------
Kroger/Safeway 1,018,100 2009 9,965,897 9.79
---------- -------------------
Total: Joint Venture Properties 2,161,900 $23,065,053 $10.67
========== ===================
(1) This lease has been assumed by Giant Eagle which is in the process of
expanding their store.
Page 40
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Anchor Lease Expirations - Next 3 Years
-----------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
--------------------------- -------------------------
Percent Percent Average
Square of of per
Center Anchor footage all anchors Amount all anchors Sq. Ft.
-------------------------------------------------------------------------------------------------------------------------------
2004 - - - - -
2005
Methuen Shopping Center Demoulas Supermarket 30,460 1.14% 109,656 0.49% 3.60
Berlin Shopping Center Acme Markets 32,040 1.19% 320,400 1.43% 10.00
Mad River Shopping Center Office Depot 25,038 0.93% 287,936 1.28% 11.50
--------------------------- ------------------------------------
Total 2005 87,538 3.26% 717,992 3.20% 8.20
--------------------------- ------------------------------------
2006
Pittston Plaza Eckerd Drug 8,468 0.31% 80,446 0.36% 9.50
--------------------------- ------------------------------------
Total - Next 3 Years $96,006 3.57% $798,438 3.56% $8.32
=========================== ====================================
(1) The tenant has additional expansion space bringing the total space to
74,815 s.f. with total rents of $618,075.
Page 41
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
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
2005 3 87,538 3.26% 717,992 3.20% 8.20
2006 1 8,468 0.31% 80,446 0.36% 9.50
2007 4 169,570 6.31% 1,284,336 5.72% 7.57
2008 5 202,982 7.55% 1,606,960 7.16% 7.92
2009 6 380,922 14.15% 1,269,628 5.65% 3.33
2010 6 191,634 7.13% 2,281,819 10.18% 11.91
2011 2 117,868 4.38% 853,400 3.80% 7.24
2012 1 50,225 1.87% 516,960 2.30% 10.29
2013 2 115,392 4.29% 1,444,884 6.43% 12.52
2014 3 154,235 5.74% 832,875 3.71% 5.40
2015 3 134,567 5.00% 2,288,441 10.19% 17.01
2017 1 47,773 1.78% 955,460 4.25% 20.00
2018 2 111,739 4.15% 863,432 3.84% 7.73
2019 3 264,516 9.84% 1,522,397 6.78% 5.76
2020 4 218,211 8.11% 1,825,936 8.13% 8.37
2021 3 177,917 6.62% 1,035,619 4.61% 5.82
2022 1 14,837 0.55% 435,000 1.94% 29.32
2023 1 64,665 2.40% 937,000 4.17% 14.49
2024 1 72,000 2.68% 1,296,000 5.77% 18.00
2028 2 104,243 3.88% 407,520 1.81% 3.91
----------------------------------------------------------------------------------
Total Occupied 54 2,689,302 100.00%$22,456,105 100.00% $8.35
--------------------------------------------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 321,904
--------------------
Total Square Feet 3,266,122
====================
Page 42
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
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
Shop Tenant Expirations
Month to Month 17 34,813 2.12% $508,075 2.38%$14.59
2004 12 47,991 2.92% 435,549 2.04% 9.08
2005 43 200,089 12.18% 2,255,743 10.55% 11.27
2006 55 194,194 11.82% 2,413,778 11.29% 12.43
2007 57 244,643 14.92% 3,145,949 14.71% 12.86
2008 56 232,864 14.18% 3,292,917 15.41% 14.14
2009 53 246,888 15.03% 3,298,944 15.43% 13.36
2010 22 157,522 9.59% 1,600,314 7.49% 10.16
2011 16 77,149 4.70% 1,278,166 5.98% 16.57
2012 7 20,929 1.27% 449,248 2.10% 21.47
2013 13 43,917 2.67% 868,843 4.06% 19.78
2014 13 77,947 4.75% 904,746 4.23% 11.61
2015 4 43,194 2.63% 554,700 2.60% 12.84
2020 2 17,945 1.09% 326,120 1.53% 18.17
2022 1 2,205 0.13% 41,895 0.20% 19.00
----------------------------------------------- --------------------------
Total Occupied 371 1,642,290 100.00% $21,374,987 100.00%$12.99
- ----------------------------------------------------------------------------------
Total Vacant 238,471
-----------------
Total Square Feet 1,880,761
=================
Page 43
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
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
Total Tenant Expirations
Month to Month 17 34,813 0.80% $508,075 1.16%$14.59
2004 24 47,991 1.11% 435,549 0.99% 9.08
2005 46 287,627 6.64% 2,973,735 6.78% 10.34
2006 56 202,662 4.68% 2,494,224 5.69% 12.31
2007 61 414,213 9.56% 4,430,285 10.11% 10.70
2008 61 435,846 10.08% 4,899,877 11.19% 11.24
2009 59 627,810 14.49% 4,568,572 10.42% 7.28
2010 28 349,156 8.06% 3,882,133 8.86% 11.12
2011 18 195,017 4.50% 2,131,566 4.86% 10.93
2012 8 71,154 1.64% 966,208 2.20% 13.58
2013 15 159,309 3.68% 2,313,727 5.28% 14.52
2014 16 232,182 5.36% 1,737,621 3.96% 7.48
2015 7 177,761 4.10% 2,843,141 6.49% 15.99
2017 1 47,773 1.10% 955,460 2.18% 20.00
2018 2 111,739 2.58% 863,432 1.97% 7.73
2019 3 264,516 6.11% 1,522,397 3.47% 5.76
2020 6 236,156 5.45% 2,152,056 4.91% 9.11
2021 3 177,917 4.11% 1,035,619 2.36% 5.82
2022 2 17,042 0.39% 476,895 1.09% 27.98
2023 1 64,665 1.49% 937,000 2.14% 14.49
2024 1 72,000 1.66% 1,296,000 2.96% 18.00
2028 2 104,243 2.41% 407,520 0.93% 3.91
---------------------------------------------- --------------------------
Total Occupied 437 4,331,592 100.00% $43,831,092 100.00%$10.31
- --------------------------------------------------------------------------------------
Anchor GLA Owned by Tenants 254,916
Total Vacant 560,375
-----------
Total Square Feet 5,146,883
===========
Page 44
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
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.
----------------------------------------------------------------------------------
Fund I
Anchor Tenant Expirations
2006 1 31,375 1.59% 365,712 1.73% 11.66
2007 2 62,620 3.18% 622,432 2.95% 9.94
2009 26 1,058,600 53.72% 10,022,597 47.48% 9.47
2011 3 68,400 3.47% 1,544,092 7.31% 22.57
2012 1 10,500 0.53% 135,135 0.64% 12.87
2013 2 89,714 4.55% 1,584,771 7.51% 17.66
2014 1 50,977 2.59% 868,426 4.11% 17.04
2017 3 124,555 6.32% 1,679,207 7.95% 13.48
2018 2 278,000 14.11% 2,725,000 12.91% 9.80
2021 1 66,237 3.36% 660,576 3.13% 9.97
2022 1 59,159 3.00% 620,578 2.94% 10.49
2024 1 70,400 3.57% 281,600 1.33% 4.00
---------------------------------- --------------------------
Total Occupied 44 1,970,537 100.00% $21,110,126 100.00%$10.71
----------------------------------------------------------------------------------
Total Vacant 278,156
---------
Total Square Feet 2,248,693
==========
Page 45
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
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.
----------------------------------------------------------------------------------
Fund I
Shop Tenant Expirations
Month to Month 16 44,123 15.08% 610,505 9.98%$13.84
2004 5 11,434 3.91% 171,665 2.81% 15.01
2005 18 65,091 22.25% 653,032 10.68% 10.03
2006 9 23,179 7.92% 264,068 4.32% 11.39
2007 12 25,719 8.79% 428,469 7.01% 16.66
2008 13 41,764 14.27% 515,163 8.42% 12.34
2009 6 22,131 7.56% (140,745) -2.30% (6.36)
2010 1 2,357 0.81% 28,284 0.46% 12.00
2011 2 3,465 1.18% 65,467 1.07% 18.89
2012 1 10,500 3.59% 140,700 2.30% 13.40
2013 5 27,745 9.48% 423,083 6.92% 15.25
2014 2 4,962 1.70% 138,936 2.27% 28.00
2018 3 6,957 2.38% 2,775,004 45.38%398.88
2019 1 3,141 1.07% 42,000 0.69% 13.37
----------------------------------------------------------------------
Total Occupied 94 292,568 100.00%$6,115,631 100.00%$20.87
-----------------------------------------------------------------------------------
Total Vacant 80,013
-------------
Total Square Feet 372,581
=============
Page 46
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
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.
----------------------------------------------------------------------------------
Fund I
Total Tenant Expirations
Month to Month 16 44,123 1.95% $610,505 2.48%$13.84
2004 5 11,434 0.51% 171,665 0.69% 15.01
2005 18 65,091 2.88% 653,032 2.64% 10.03
2006 10 54,554 2.41% 629,780 2.54% 11.54
2007 14 88,339 3.90% 1,050,901 4.25% 11.90
2008 13 41,764 1.85% 515,163 2.08% 12.34
2009 32 1,080,731 47.75% 10,163,342 41.06% 9.40
2010 1 2,357 0.10% 28,284 0.11% 12.00
2011 5 71,865 3.18% 1,609,559 6.50% 22.40
2012 2 21,000 0.93% 275,835 1.11% 13.14
2013 7 117,459 5.19% 2,007,854 8.11% 17.09
2014 3 55,939 2.47% 1,007,362 4.07% 18.01
2017 3 124,555 5.50% 1,679,208 6.78% 13.48
2018 3 284,957 12.59% 2,775,004 11.21% 9.74
2019 1 3,141 0.14% 42,000 0.17% 13.37
2021 1 66,237 2.93% 630,576 2.55% 9.52
2022 1 59,159 2.61% 620,578 2.51% 10.49
2024 1 70,400 3.11% 281,600 1.14% 4.00
----------------------------------- --------------------------
Total Occupied 136 2,263,105 100.00% $24,752,248 100.00%$10.94
----------------------------------------------------------------------------------
Total Vacant 358,169
---------
Total Square Feet 2,621,274
=========
Page 47
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
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.
----------------------------------------------------------------------------------
Crossroads (JV Property)
Anchor Tenant Expirations
2007 1 38,208 19.97% 504,000 25.78% 13.19
2009 1 25,000 13.06% 193,750 9.91% 7.75
2012 2 113,155 59.13% 912,177 46.66% 8.06
2018 1 15,000 7.84% 345,000 17.65% 23.00
------------------------------------------- -------------------------
Total Occupied 5 191,363 100.00% $1,954,927 100.00%$10.22
-------------------------------------------------------------------------------------
Total Vacant
--------
Total Square Feet 191,363
========
-------------------------------------------------------------------------------------
Shop Tenant Expirations
Month to Month 2 5,396 4.87% $212,621 5.76%$39.40
2005 3 10,955 9.89% 326,563 8.84% 29.81
2006 4 7,240 6.54% 238,508 6.46% 32.94
2007 4 13,730 12.40% 459,055 12.43% 33.43
2008 8 27,225 24.59% 882,438 23.90% 32.41
2009 4 14,172 12.80% 393,598 10.66% 27.77
2011 2 4,070 3.68% 143,212 3.88% 35.19
2012 2 5,250 4.74% 186,390 5.05% 35.50
2014 2 9,616 8.69% 332,435 9.00% 34.57
2017 1 6,600 5.96% 330,000 8.94% 50.00
2022 1 6,462 5.84% 187,398 5.08% 29.00
------------------------------------------- -------------------------
Total Occupied 33 110,716 100.00% $3,692,218 100.00%$33.35
-------------------------------------------------------------------------------------
Total Vacant 10,600
-------
Total Square Feet 21,316
=======
Page 48
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
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.
----------------------------------------------------------------------------------
Crossroads (JV Property)
Total Tenant Expirations
Month to month 2 5,396 1.79% 212,621 3.77% 39.40
2005 3 10,955 3.63% 326,563 5.78% 29.81
2006 4 7,240 2.40% 238,508 4.22% 32.94
2007 5 51,938 17.19% 963,055 17.05% 18.54
2008 8 27,225 9.01% 882,438 15.63% 32.41
2009 5 39,172 12.97% 587,348 10.40% 14.99
2011 2 4,070 1.35% 143,212 2.54% 35.19
2012 4 118,405 39.19% 1,098,567 19.45% 9.28
2014 2 9,616 3.18% 332,435 5.89% 34.57
2017 1 6,600 2.18% 330,000 5.84% 50.00
2018 1 15,000 4.97% 345,000 6.11% 23.00
2022 1 6,462 2.14% 187,398 3.32% 29.00
------------------------------------------- -----------------------------
Total Occupied 38 302,079 100.00% $5,647,145 100.00% $18.69
--------------------------------------------------------
Total Vacant 10,600
------------------
Total Square Feet 312,679
==================
Page 49
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Property Demographics
--------------------------------
- ----------------------------------------------------------------------------- ------------------------------------
3-Mile Radius
------------------------------------
Trade Total #
Area Base Total Total HouseholdsMedian HH Avg. HH
Property / JV Ownership % City State(Miles) Rent GLA Pop. ("HH") Income Income
- ----------------------------------------------------------------------------- ------------------------------------
Brandywine Town Center & Mkt Wilmington DE
Sq./22.22% 3 9,998,894 697,919 40,167 15,437 $81,275 $98,474
Elmwood Park Shopping Ctr. Elmwood ParkNJ 3 3,313,139 149,085 259,975 86,557 $51,206 $61,319
Abington Towne Center Abington PA 3 903,024 216,355 93,360 36,608 $65,173 $80,281
Granville Center / 22.22% Columbus OH 3 669,710 131,543 114,683 51,558 $46,830 $54,096
Hobson West Plaza Naperville IL 3 1,231,568 99,044 94,003 32,812 $96,226 $111,843
Methuen Shopping Ctr. Methuen MA 5 828,772 130,238 91,936 33,202 $40,495 $50,182
Crossroads Shopping Ctr. / 49% White PlainsNY 3 5,647,145 312,679 104,349 40,090 $76,635 $97,520
The Branch Plaza Smithtown NY 3 2,363,467 125,676 67,386 22,781 $86,500 $98,961
Village Commons Shopping Ctr. Smithtown NY 3 2,050,687 87,306 67,862 22,859 $87,048 $99,163
Bloomfield Town Square Bloomfield MI
Hills 5 2,065,643 217,266 62,541 24,356 $72,545 $102,892
Crescent Plaza Brockton MA 3 1,694,375 218,277 99,840 35,462 $45,142 $52,972
239 Greenwich Avenue Greenwich CT 5 1,254,282 16,834 66,867 25,228 $94,987 $147,352
Soundview Marketplace Port NY
Washington 3 2,710,770 182,865 46,380 16,462 $113,631 $167,275
Town Line Plaza Rocky Hill CT 3 1,556,245 206,178 45,242 19,007 $74,547 $64,079
New Loudon Center Latham NY 5 1,662,859 254,530 41,508 16,246 $55,189 $65,561
Pacesetter Park Shopping Ctr. Pomona NY 3 977,527 96,646 25,894 8,469 $88,331 $107,734
Mad River Station Dayton OH 5 1,495,516 155,721 59,585 26,299 $56,285 $67,437
Greenridge Plaza Scranton PA 3 789,641 189,640 88,472 37,357 $32,243 $41,495
Mark Plaza EdwardsvillePA 5 1,054,085 214,036 89,240 38,696 $31,389 $39,511
Luzerne Street Shopping Ctr. Scranton PA 3 105,000 57,988 66,687 27,708 $30,436 $39,697
East End Center Wilkes-BarrePA 5 965,940 305,833 46,209 19,469 $32,717 $41,505
Blackman Plaza Wilkes-BarrePA 5 264,374 121,341 61,029 26,168 $30,784 $39,130
Sheffield Crossing / 22.22% Sheffield OH 3 1,145,929 112,534 35,452 14,048 $45,762 $54,608
Amherst Marketplace / 22.22% Amherst OH 3 800,115 79,937 52,542 21,012 $44,259 $53,044
Sterling Heights Shopping CenterSterling MI
/ 11.11% Heights 3 517,804 154,597 97,175 35,730 $67,786 $74,409
Tarrytown Shopping Center / Tarrytown NY
11.11% 3 172,079 33,477 35,238 13,328 $68,960 $98,836
Hitchcock Plaza / 11.11% Aiken SC 5 682,432 231,563 25,419 10,547 $60,290 $71,076
Haygood Shopping Center / 11.11%Virginia VA
Beach 3 799,387 161,604 95,832 36,598 $52,790 $62,252
Walnut Hill Plaza Woonsocket RI 5 2,217,640 285,829 59,961 24,256 $41,751 $49,362
Ledgewood Mall Ledgewood NJ 5 4,306,418 517,923 34,631 12,915 $77,309 $88,598
Berlin Shopping Ctr. Berlin NJ 3 792,503 188,755 31,313 11,105 $63,424 $74,188
Merrillville Plaza Hobart IN 5 2,605,229 235,603 18,924 7,566 $54,952 $62,686
The Gateway Shopping Ctr. So. VT
Burlington 3 1,605,592 100,713 46,105 19,252 $43,524 $53,733
Marketplace of Absecon Absecon NJ 3 1,471,200 106,235 30,277 10,476 $51,028 $60,415
Pittston Plaza Pittston PA 3 612,262 79,494 40,640 17,537 $36,785 $45,214
Plaza 422 Lebanon PA 3 444,020 155,026 44,416 18,047 $36,458 $43,830
Route 6 Plaza Honesdale PA 5 1,067,783 175,507 7,395 3,155 $32,818 $42,657
Bradford Towne Centre Towanda PA 10 1,421,531 256,939 5,506 2,344 $38,141 $46,212
- ----------------------------------------------------------------------------- ------------------------------------
64,264,587 7,062,736
--------------------- ------------------------------------
59,499 22,990 $59,426 $71,854
------------------------------------
------------------------------------
68,385 25,271 $64,910 $79,780
------------------------------------
- ----------------------------------------------------------------- -------------------------------- ------------------------
5-Mile Radius 10-Mile Radius
--------------------------------- --------------------------------
Total Median Avg. HH Total Median Avg. HH
# HH # HH
Property / JV Ownership % Pop. HH Income Income Pop. HH Income Income County MSA
- ----------------------------------------------------------------- -------------------------------- ------------------------
Brandywine Town Center & Mkt Bergen Wilmington-
Sq./22.22% 116,835 47,059 $71,475 $91,032 - - $- $- Newark, DE
Elmwood Park Shopping Ctr. Bergen Bergen-
612,593 212,140 $56,661 $68,670 - - - - Passaic, NJ
Abington Towne Center Bucks Philadelphia,
306,979 120,242 $58,804 $71,480 - - - - PA
Granville Center / 22.22% 267,818 116,119 $52,178 $61,015 - - - - Franklin Columbus, OH
Hobson West Plaza 264,472 93,258 $83,440 $96,333 - - - - DuPage Chicago, IL
Methuen Shopping Ctr. 198,133 73,801 $46,809 $56,761 - - - - Essex Boston, MA-NH
Crossroads Shopping Ctr. / 49% 203,088 74,810 $91,173 $122,507 - - - - WestchesterNew York, NY
The Branch Plaza Suffolk Nassau-
198,575 64,367 $78,576 $90,006 - - - - Suffolk, NY
Village Commons Shopping Ctr. Suffolk Nassau-
197,398 63,981 $79,019 $90,486 - - - - Suffolk, NY
Bloomfield Town Square 166,366 63,987 $77,660 $106,428 - - - - Oakland Detroit, MI
Crescent Plaza 168,024 60,373 $50,116 $58,235 - - - - Plymouth Boston, MA-NH
239 Greenwich Avenue Fairfield New Haven-
141,499 51,663 $92,448 $141,180 - - - - Meriden, CT
Soundview Marketplace Nassau Nassau-
143,395 52,155 $97,968 $139,340 - - - - Suffolk, NY
Town Line Plaza 151,760 60,763 $56,343 $66,119 - - - - Hartford Hartford, CT
New Loudon Center Albany Albany-
Schenectady-
152,497 63,018 $46,569 $56,589 - - - - Troy, NY
Pacesetter Park Shopping Ctr. 128,097 37,540 $71,637 $88,824 - - - - Rockland New York, NY
Mad River Station Montgomery Dayton-
Springfield,
130,304 55,583 $58,803 $72,512 - - - - OH
Greenridge Plaza Lackawanna Scranton-
Wilkes
Barre-
126,562 53,080 $34,803 $44,679 - - - - Hazelton, PA
Mark Plaza Luzerne Scranton-
Wilkes
Barre-
124,722 53,562 $34,002 $42,614 - - - - Hazelton, PA
Luzerne Street Shopping Ctr. Lackawanna Scranton-
Wilkes
Barre-
120,838 50,392 $34,650 $44,561 - - - - Hazelton, PA
East End Center Luzerne Scranton-
Wilkes
Barre-
114,991 49,565 $33,939 $42,506 - - - - Hazelton, PA
Blackman Plaza Luzerne Scranton-
Wilkes
Barre-
116,682 50,274 $33,089 $41,383 - - - - Hazelton, PA
Sheffield Crossing / 22.22% Lorain Cleveland-
Lorain-
121,322 47,230 $45,775 $54,558 - - - - Elyria
Amherst Marketplace / 22.22% Lorain Cleveland-
Lorain-
97,181 38,366 $40,461 $49,765 - - - - Elyria
Sterling Heights Shopping Center Coordinates
/ 11.11% 42.5803,
257,839 101,330 $64,903 $73,379 - - - - 83.0298
Tarrytown Shopping Center / Coordinates
11.11% 41.0799,
119,686 46,393 $76,834 $104,788 - - - - 73.8640
Hitchcock Plaza / 11.11% Coordinates
33.5156,
45,931 18,554 $49,878 $60,184 84,131 33,423 43,742 52,745 81.7311
Haygood Shopping Center / 11.11% Coordinates
36.8727,
217,586 82,889 $52,974 $62,426 - - - - 76.1350
Walnut Hill Plaza Providence Providence-
Fall River,
94,203 37,077 $48,793 $57,263 - - - - RI
Ledgewood Mall 105,973 38,609 $75,159 $86,345 278,307 100,409 $84,897 $99,923 Morris Newark, NJ
Berlin Shopping Ctr. Burlington Philadelphia,
94,688 34,457 $60,908 $70,450 - - - - PA, NJ
Merrillville Plaza 84,180 31,820 $52,697 $60,610 344,569 130,349 $48,747 $57,323 Lake Gary, IN
The Gateway Shopping Ctr. Chittenden Burlington,
68,034 27,816 $45,474 $56,025 - - - - VT
Marketplace of Absecon Atlantic Atlantic
City-Cape
68,488 23,943 $50,386 $59,385 - - - - May, NJ
Pittston Plaza Luzerne Scranton-
Wilkes
Barre-
72,326 31,010 $38,049 $46,790 - - - - Hazelton, PA
Plaza 422 Lebanon Harrisburg-
Lebanon-
61,325 24,358 $40,383 $48,126 - - - - Carlisle, PA
Route 6 Plaza 11,704 4,849 $33,779 $43,036 - - - - Wayne N/A
Bradford Towne Centre 8,813 3,627 $38,371 $46,994 17,398 6,799 $38,245 $46,336 Bradford N/A
- ----------------------------------------------------------------- -------------------------------- ------------------------
--------------------------------- --------------------------------
142,685 54,792 $57,707 $71,068 246,693 91,246 $74,630 $88,452
--------------------------------- --------------------------------
--------------------------------- --------------------------------
166,731 61,184 $63,179 $78,573 255,281 94,105 $66,035 $77,943
--------------------------------- --------------------------------
Page 50
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2004
Residential (Multi-family) Properties
- ----------------------------------------------------------------------------- ---------
% %
Occupied Occupied
Property Location Square Units SeptemberJune 30,
Feet 30, 2004 2004
- ------------------------------------------------------------------------------------------------------------------------
Mid-Atlantic
North Carolina
- -----------------------------------------------------------------------------
Village Apartments Winston
Salem 578,606 600 93% 93%
Mid-West
Missouri
- -----------------------------------------------------------------------------
Gate House, Holiday House, Tiger Village, Columbia 628,891 874 97% 94%
----------------------------------
Colony Apartments (1)
Totals 1,207,497 1,474 95% 93%
==================================
---------
(1) As this property has tenants associated with the University of Missouri,
occupancy trends are correlated to semester sessions
Page 51