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): August 21, 2001 ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 1-12002 23-2715194 (State or other (Commission (I.R.S. Employer jurisdiction of incorporation) File Number) Identification No.) 20 Soundview Marketplace Port Washington, New York 11050 (Address of principal executive offices) (Zip Code) (516) 767-8830 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report)
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. 99.1 Quarterly Supplemental Disclosure - June 30, 2001 ITEM 9. Regulation FD Disclosure The Registrant, Acadia Realty Trust, hereby makes available as an exhibit to this filing, supplemental information concerning the ownership, operations and portfolio of the Registrant as of June 30, 2001. The information included in this Current Report on Form 8-K (including the exhibit hereto) is furnished pursuant to Item 9 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a) (2) of the Securities Act of 1933, as amended. This Report (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD. 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: August 21, 2001 By: /s/ Kenneth F. Bernstein ---------------------------------- Name: Kenneth F. Bernstein Title: Chief Executive Officer and President 2
(LOGO) ACADIA NYSE REALTY TRUST AKR QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 Table of Contents Page ---- Section I - Overview Company Information 2 Quarterly Highlights 3 Portfolio Snapshot 4 Organizational Chart 5 Executive Management Team 6 Section II - Net Asset Valuation (1) Net Asset Value Summary 7 Net Asset Value Calculation 8 Section III - Financial Information Market Capitalization 9 Shareholder Information 10 Operating Statements - Including Joint Venture Activity 11 Operating Statements - Current v. Historical 12 Operating Statements - by Segment (Retail & Multi-Family) 13 Net Operating Income - Same Property Performance 14 Funds from Operations 15
(LOGO) ACADIA NYSE REALTY TRUST AKR Page ---- Balance Sheets 16 Selected Operating Ratios 17 Debt Analysis - Wholly Owned and Unconsolidated Subsidiaries 18 Debt Maturity Schedule 20 Unencumbered Properties 21 Section IV - Portfolio information Portfolio Overview - By Region and Property Type 22 Commercial Properties by Region - Summary 23 Commercial Properties by Region - Detail 24 Top 25 Tenants 28 Anchor Tenant Summary 29 Lease Expirations 36 Residential Properties 40 Properties under Redevelopment 41 (1) The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 2000. NAV is computed at the end of each year and will be updated during the year if, based on management's assessment, a significant change in any of the determinants of NAV occurs. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Supplementary Disclosure constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability and creditworthiness of prospective tenants, lease rents and the availability of financing; adverse changes in the Company's real estate markets, including, among other things, competition with other companies; risks of real estate development and acquisition; governmental actions and initiatives; and environmental/safety requirements. Page 1
(LOGO) ACADIA NYSE REALTY TRUST AKR QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 Company Information ------------------- Acadia Realty Trust ("Acadia"), is a fully integrated and self-managed real estate investment trust focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership (the "Operating Partnership") which was 84% controlled by Acadia as of June 30, 2001. As of June 30, 2001, Acadia owns or has an ownership interest in fifty-six properties, consisting of fifty neighborhood and community shopping centers, one enclosed mall, one mixed-use property (a retail/residential property) and four multi-family properties, all located in the Eastern and Midwestern regions of the United States. Four of the above shopping centers are currently under redevelopment. Corporate Headquarters 20 Soundview Marketplace Research Coverage Credit Suisse First Boston Port Washington, NY 11050-2221 Larry Raiman (212) 892-2380 New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com Investor Relations Jon Grisham Vice President (516) 767-7550 jgrisham@acadiarealty.com Page 2
(LOGO) ACADIA NYSE REALTY TRUST AKR QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 Highlights ---------- o FFO for the second quarter ended June 30, 2001 was $7.3 million, or $0.21 per share (both basic and fully diluted), compared with $9.1 million, or $0.26 per share for the quarter ended June 30, 2000. FFO for second quarter 2000 included lease termination income of $1.8 million, or $0.05 per share, which resulted from the redevelopment project at the Abington Towne Center. Adjusted for this non-recurring income, FFO on a per share basis for second quarter 2000 was $0.21. FFO for the six months ended June 30, 2001 was $14.4 million, or $0.42 per share. This compares with FFO of $16.7 million, or $0.47 per share for the same period in 2000. Adjusted for the non-recurring income as discussed above, FFO for the six months ended June 30, 2000 was $0.42 per share. o Overall portfolio occupancy (including the Company's joint venture property) increased 30 basis points to 90.6% for second quarter 2001, compared to 90.3% for first quarter 2001. o Significant leasing and redevelopment accomplishments during the quarter included the signing of a lease with Wal*Mart for the 89,000 square foot anchor space at the Methuen Shopping Center in Methuen, Massachusetts. Wal*Mart replaces the previous anchor, Caldor, whose lease the Company purchased in connection with Caldor's bankruptcy. Wal*Mart's rent represents a 240% increase over the former base rents and a 25% yield on Acadia's investment based on the net increase in rents. o Acadia also executed a lease for a 34,000 square foot supermarket with Price Rite, a division of Wakefern Food Corporation, during the second quarter 2001. This tenant replaced an Acme supermarket, a division of Albertson's, at the Mountainville Shopping Center in Allentown, Pennsylvania, reducing the Company's supermarket exposure to Albertson's which now operates at only two of the Company's centers. The new Price Rite, which opened in July 2001, is paying a base rent almost double that of the former anchor. o In connection with the non-core disposition program, Acadia completed the sale of the Marley Run Apartments, a 336-unit apartment complex, for $27.4 million during the second quarter 2001. Additionally, the Company has entered into a contract to sell a second apartment property located in the suburban Washington, DC area for approximately $35 million. Acadia also signed a contract during the second quarter to sell a non-core shopping center located in Sumter, SC. Page 3
(LOGO) ACADIA NYSE REALTY TRUST AKR QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 Portfolio Snapshot ------------------ / / Dayton, OH / / Wilkes-Barre, PA / / Woonsocket, RI * Headquarters - New York 52 retail and 4 multi-family properties Approximately 10.4 million square feet of GLA 19 Eastern and Midwestern states represented * Headquarters / / Regional Offices o Retail Properties # Multi-Family Properties Page 4
(LOGO) ACADIA NYSE REALTY TRUST AKR QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 Management Team --------------- Ross Dworman Chairman Kenneth F. Bernstein Chief Executive Officer and President Acquisitions Leasing Retail Construction Management and Development Joel Braun Timothy J. Bruce Joseph Joseph Hogan Sr. VP, Sr. VP, Dir. of Napolitano Sr. VP, Dir. of Acquisitions Leasing and Sr. VP, Retail Construction Redevelopment Management Joseph Povinelli Robert Scholem Construction VP, Leasing VP, Property Supervisors Management 2 Individuals Daniel David Bourgery Kathleen Covert Evangelista Regional Property Regional Property Sr. Leasing Rep. Manager Manager Harry Harmon Pete Crumbeck Onsite Property Leasing Rep. Regional Property Managers Manager 2 Individuals Karalynn Maurer Thomas Donahue Leasing Rep. Regional Property Manager Edward Cartas Julie Namutka CAD Leasing Rep.
(RESTUBBED TABLE) Ross Dworman Chairman Kenneth F. Bernstein Chief Executive Officer and President Legal Finance and Residential Asset Management Management Robert Masters Perry Kamerman Sr. VP, General Sr. VP, Chief Counsel Financial Officer Carol Smrek Arnold Maggie Hui Jon Grisham Greg Sauter VP, Counsel Wachsberger VP, Controller VP, Dir. of VP, Residential VP, Finance Financial Reporting Management Karen Yamrus Joseph Ginex Richard Hartmann Mardi Cezveci On-site Property Asst. VP, Sr. Associate Assistant Controller Mgmt. Information Managers Paralegal Systems Sr. Lease Admin. 2 Individuals Page 5
(LOGO) ACADIA NYSE REALTY TRUST AKR QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 Executive Management Team ------------------------- Ross Dworman Chairman of the Board Mr. Dworman assists with long-term strategic planning for the Company. Mr. Dworman was President and Chief Executive Officer of RD Capital, Inc. from 1987 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1987, Mr. Dworman was an associate at Odyssey Partners, L.P., a hedge fund engaged in leveraged buy-outs and real estate investment, and from 1981 until 1984, he was a Financial Analyst for Salomon, Inc. Mr. Dworman received his Bachelor of Arts Degree from the University of Pennsylvania. Kenneth F. Bernstein Chief Executive Officer and Mr. Bernstein is responsible for strategic planning as President well as overseeing all day to day activities of the Company including operations, acquisitions and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD Capital, Inc. from 1990 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. In such capacity, he was responsible for overseeing the day-to-day operations of RD Capital and its management companies, Acadia Management Company LLC and Sound View Management LLC. Prior to joining RD Capital, Mr. Bernstein was an associate with the New York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his Bachelor of Arts Degree from the University of Vermont and his Juris Doctorate from Boston University School of Law. Joel Braun Senior Vice President, Mr. Braun is responsible for the sourcing and financial Acquisitions analysis of acquisition properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and Finance for Rosenshein Associates, a regional shopping center developer based in New Rochelle, New York. During this time, Mr. Braun was instrumental in the initiation and formation of Kranzco Realty Trust, a publicly traded REIT. Mr. Braun holds a Bachelor's in Business Administration from Boston University and a Master's Degree in Planning from John Hopkins University. Timothy J. Bruce Senior Vice President, Mr. Bruce joined Acadia Realty Trust in December 1998 as Director of Leasing Senior Vice President, Director of Leasing. Mr. Bruce has more than 14 years of redevelopment and leasing experience. From April 1996 until joining Acadia Realty in December 1998, Mr. Bruce served as Vice President of the Strip Center Leasing Department at Pennsylvania Real Estate Trust where he was responsible for coordinating all leasing activity for the 4.5 million square foot strip center portfolio. From 1985 to 1996, Mr. Bruce was with Equity Properties and Development, L.P. as Senior Vice President, Real Estate, his responsibilities included the management of the day-to-day activities of the Real Estate, Construction, and Merchant Coordination Departments. Mr. Bruce received a Bachelor of Arts Degree from the University of Illinois at Chicago School of Architecture and a Masters of Management from the J. L. Kellogg Graduate School of Business at Northwestern University. Joseph Hogan Senior Vice President, Most recently, Mr. Hogan served as Vice President with Director of Construction Kimco Realty Corporation (NYSE:KIM), where he was responsible for business development and management of all retail and commercial construction projects for Kimco, in addition to outside customers and development companies. Prior to joining Kimco, he was with Konover Construction Company, a subsidiary of Konover & Associates located in West Hartford, Connecticut, where he was responsible for construction projects throughout the eastern half of the United States. Perry Kamerman Senior Vice President, Mr. Kamerman oversees all the financial activities and Chief Financial Officer asset management functions. Previously, he was the Chief Financial Officer of RD Capital, Inc. and its affiliates from 1995 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1994, Mr. Kamerman served as the Controller and the Director of Asset Management for the American Continental Properties Group, an international real estate investment and development firm whose assets exceeded $1 billion. Prior to this, he was an audit manager at E&Y Kenneth Leventhal Real Estate Group. Mr. Kamerman is a Certified Public Accountant and received a Bachelor of Science in Accounting from the City University of New York in 1977. Robert Masters, Esq. Senior Vice President, Prior to joining Acadia in December 1994, Mr. Masters was General Counsel, General Counsel for API Asset Management for over five Corporate Secretary years, Senior Vice President Deputy General Counsel for European American Bank from 1985 to 1990, and Vice President and Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received his Bachelor of Arts from the City University of New York and 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 President, Mr. Napolitano is responsible for overseeing the retail CPM Director of Retail property management department for Acadia Realty Trust. Property Management Prior to joining Acadia in 1995, Mr. Napolitano was employed by Rosen Associates Management Corp. as a Senior Property Manager overseeing a national portfolio of community shopping centers, and Roebling Management Co. as a Property Manager responsible for neighborhood and community shopping centers nationally. Mr. Napolitano holds a Bachelor's in Business Administration from Adelphi University, Garden City, NY; and is a Certified Property Manager by the Institute of Property Management (IREM). Mr. Napolitano is also a member of the New York State Association of Realtors (NYSAR) International Council of Shopping Center (ICSC), Commercial Investment Real Estate Institute (CIREI), and the Building Owners and Managers Institute (BOMI). Page 6
[GRAPHIC OMITTED] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2000 PORTFOLIO BREAKDOWN AND NET ASSET VALUE ('NAV') ANALYSIS -------------------------------- Private Basis Number of Composite Properties % of GLA Cap Rate Range(B) % of GAV % of NAV % of Debt ---------- -------- ----------------- -------- -------- --------- Core Retail Portfolio Stabilized 26 46% 9.50% to 10.50% 63% 65% 62% Redevelopments(C) 4 5% n/a -- n/a 7% 12% 2% ------------------- ------ ------ -------- -------- --------- Total Core Portfolio 30 51% 9.50% to 10.50% 70% 77% 64% ------------------- ------ ------ -------- -------- --------- Non-Core Portfolio Retail 22 30% 12.00% to 13.00% 14% 11% 16% Residential(D) 5 19% 8.50% to 9.50% 16% 12% 20% ------------------- ------ ------ -------- -------- --------- Total Non-Core Portfolio(A) 27 49% 10.00% to 11.00% 30% 23% 36% ------------------- ------ ------ -------- -------- --------- Total Portfolio 57 100% 9.75% to 10.75% 100% 100% 100% =================== ====== ====== ======== ======== ========= Equivalent Public Basis 10.76% to 11.87% ====== ====== Notes: (A) The Company's core portfolio ("Core Portfolio") is comprised of 26 stabilized and four redevelopment retail properties located in the Northeast, Midwest and Mid-Atlantic regions. The remaining 22 retail and four multi-family assets are considered non-core ("Non-Core Portfolio') and are either currently being marketed or are slated for future disposition. (B) Private capitalization rates are based on private-basis NOI's. Private-basis NOI's are equal to public-basis NOI's less: (1) straight-line rents, (2) structural reserves of $0.15 per square foot for retail properties and $300 per unit reserve for residential properties and (3) 4% imputed management fees on effective rents. The above capitalization rates are based on those currently in place and are subject to future changes. (C) Redevelopment properties (reference page 41) are valued at 110% of net book value. (D) The above valuation has not been adjusted in this 2001 Supplement to reflect the disposition of the Marley Run Apartment complex. The property was sold during June 2001 for a gross sales price of $27,400,000. The associated debt as of December 31, 2000 was $14,230,000. Reference page 8 for additional notes related to portfolio valuation. Page 7
[GRAPHIC OMITTED] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2000(1) Net Asset Value ('NAV') Calculation ----------------------------------- (amounts in thousands) All Notes Properties ----- ---------- Number of Properties 57 Net Operating income ("NOI") for the quarter ended December 31, 2000 ("Quarterly NOI"): Consolidated Properties (2) $ 15,476 Unconsolidated Joint Ventures (2) 686 ---------- Total Quarterly NOI 16,162 Less adjustments to Quarterly NOI: (a) Current quarter disposition (926) (b) Redevelopment properties (512) (c) Other adjustments to quarterly NOI (574) ---------- Adjusted quarterly NOI 14,150 x 4 ---------- PUBLIC BASIS ANNUALIZED NOI (Excluding S/L rents, dispostions and redevelopments) (4,7) 56,600 Structural reserves (3) (1,872) Imputed management fees (4%) (3,447) ---------- PRIVATE BASIS ANNUALIZED NOI (Excluding S/L rents, dispostions and redevelopments) $ 51,281 ========== CAP RATE RANGES USED FOR VALUATION (Excluding Redevelopments): (5) Private Basis 10.75% 9.75% Equivalent Public Basis 11.87% 10.76% ----- ----- Gross market value of real estate (excluding redevelopments) 477,033 525,959 Redevelopment properties (6) 35,000 35,000 Value of other net assets (8) 21,186 21,186 -------- -------- GROSS MARKET VALUE OF ASSETS 533,219 582,145 Mortgage debt - Consolidated properties (277,113) (277,113) - Unconsolidated Joint Ventures (16,974) (16,974) Preferred equity and Minority interest in majority owned partnerships (4,712) (4,712) -------- -------- NET MARKET VALUE OF ASSETS 234,420 283,346 Common shares and units outstanding as of December 31, 2000 34,955 34,955 -------- -------- NAV PER COMMON SHARE (4) $ 6.71 $ 8.11 ======== ========
Core Properties Non-Core Properties - ---------------------------------------------- ------------------------------------------------------------------ 26 4 22 5 Stabilized Redevelopments Retail Residential Sold in 2000 ---------- -------------- ------- ----------- ------------ $ 8,886 $ 512 $ 2,826 $ 2,326 $ 926 686 - - - - ---------- -------------- ------- ----------- ------------ 9,572 512 2,826 2,326 926 (926) (512) (414) - (163) 3 - ---------- -------------- ------- ----------- ------------ 9,158 - 2,663 2,329 - x 4 - x 4 x 4 - ---------- -------------- ------- ----------- ------------ 36,632 - 10,652 9,316 - (722) - (468) (682) - (2,165) - (659) (623) - ---------- -------------- ------- ----------- ------------ $ 33,745 $ - $9,525 $ 8,011 $ - ========== ============== ====== =========== ============ (9) ................................................................................ Notes: (1) The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 2000. NAV is computed at the end of each year and will be updated during the year only if a significant change in any determinant of NAV occurs. (2) NOI's exclude an aggreagate $321 of straight-line rents and $35 of non- recurring items. (3) Structural reserves represent a $0.15 per square foot replacement reserve for retail properties and $300 per unit reserve for residential properties. (4) The above values exclude the value of third party management contracts, anticipated profits from redevelopments and any transaction costs associated with liquidating the properties. Transaction costs associated with the disposition of non-core properties are estimated to range from $0.10 to $0.15 per share (5) The above capitalization rates are based on those currently in place and are subject to future changes. (6) Redevelopment properties (reference page 41) are valued at 110% of their net book value (7) Based upon annualization of 4th quarter NOI, adjusted downward for seasonality and certain non-recurring items. (8) Value of other net assets at December 31, 2000 is comprised of the following: Cash and cash equivalents $22,167 Cash in escrow 5,213 Rents receivable, net of allowance and unbilled (straight-line) rent of $4,098 5,569 Prepaid expenses 2,905 Other Assets (Less Furn. & Fixt. And other intangible) 1,568 Due to related parties (111) Accounts payable and accrued expenses (7,705) Distributions payable (4,241) Other liabilities (4,179) ------- $21,186 ======= (9) The above valuation has not been adjusted in this 2001 Supplement to reflect the disposition of the Marley Run Apartment complex. The property was sold during June 2001 for a gross sales price of $27,400,000. The associated debt as of December 31, 2000 was $14,230,000. ............................................................................ Page 8
[GRAPHIC OMITTED] QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 Total Market Capitalization --------------------------- Percent of Percent of Total Market Total Equity Capitalization ------------ --------------- Total Common Shares Outstanding 82.8% 28,481,786(1) Common O.P. Units 16.4% 5,638,263 ------------ Combined Common Shares and O.P. Units 34,120,049 Market Price as of June 30, 2001 $ 6.98 ------------ Equity Capitalization - Common Shares and O.P. Units 238,157,942 Preferred O.P. Units - at cost (2) 0.8% 2,212,000 ----- ------------ Total Equity Capitalization 100.0% 240,369,942 48.7% ===== Debt Capitalization 252,859,565 51.3% ------------ ----- Total Market Capitalization $493,229,507 100.0% ============ ===== Weighted Average Outstanding Common Shares and O.P. Units - --------------------------------------------------------- Common Shares(1) O.P. Units Total ---------- ---------- ---------- Quarter ended June 30, 2001 - Primary and Diluted 28,089,593 6,264,502 34,354,095 Year-to-date June 30, 2001 - Primary and Diluted 28,090,531 6,532,832 34,623,363 Quarter ended June 30, 2000 - Primary and Diluted 25,241,794 10,484,143 35,725,937 Year-to-date June 30, 2000 - Primary and Diluted 25,358,946 10,484,143 35,843,089 Notes: (1) As of June 30, 2001, the Company had purchased 1,794,642 shares (net of reissuance of 86,063 shares) under its Stock Repurchase Program (2) In connection with the acquisition of the Pacesetter Park Shopping Center, the Company issued 2,212 Preferred O.P. Units which are reflected above at their stated cost of $1,000 per unit Total Market Capitalization Variable- Fixed-Rate Common Preferred Common Rate Debt Debt Shares O.P. Units O.P. Units 26.1% 25.2% 40.3% 0.4% 8.0% Page 9
[GRAPHIC OMITTED] QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 Shareholder Information ----------------------- Twelve Largest Institutional/Non-Retail Shareholders(1) Percent of Out- Shareholder Shares Held standing Shares - ------------------------------------------------------- ----------- ---------------- Yale University 6,155,092 21.6% Rothschild Realty Investors II L.L.C. 3,266,667 11.5% Howard Hughes Medical Institute 2,266,667 8.0% The Board of Trustees of the Leland Stanford Junior University 2,133,333 7.5% Harvard Private Capital Realty, Inc. 2,000,000 7.0% The Vanderbilt University 1,346,647 4.7% TRW Master Trust 1,200,000 4.2% Carnegie Corporation of New York 942,653 3.3% Brown University 687,823 2.4% CS First Boston Inc. 419,000 1.5% Morgan Stanley Asset Management 409,800 1.4% Yale University Retirement Plan 403,994 1.4% ---------- ---- Total of Twelve Largest Institutional/Non-Retail Shareholders 21,231,676 74.5% ========== ==== Total of all Institutional/Non-Retail Shareholders 22,037,473 77.4% ========== ==== Operating Partnership Unit Information ---------------- Percent of Total O.P. Units ------------------- Institutional/Non-Retail O.P. Unit Holders 2,972,488 52.7% Employee/Director O.P. Unit Holders 1,734,975 30.8% Other O.P. Unit Holders 930,800 16.5% --------- ----- Total O.P. Units 5,638,263 100.0% ========= ===== (1) Based on Schedule 13F filings with the U.S. Securities and Exchange Commission Total Share/O.P. Unit Ownership (Combined) [ ] Institutional/Non-Retail Share & O.P. Unit Holders 3% [ ] Retail Shareholders 5% [ ] Employee/Director O.P Unitholders 19% [ ] Other O.P. Unitholders 73% Page 10
[GRAPHIC OMITTED] QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 Statements of Operations - Including Joint Venture Activity(1) -------------------------------------------------------------- Current Year-to-Date - by Quarter --------------------------------- (in thousands) --------------------------------------------------------- Year-to-Date Six months ended June 30, 2001 --------------------------------------------------------- Wholly Owned JV Total ------------ -- ----- PROPERTY REVENUES Minimum rents $ 34,404 $1,208 $ 35,612 Percentage rents 1,091 64 1,155 Expense reimbursements 7,047 497 7,544 Other property income 392 29 421 -------- ------ -------- 42,934 1,798 44,732 -------- ------ -------- PROPERTY EXPENSES Property operating 8,968 228 9,196 Real estate taxes 5,618 304 5,922 -------- ------ -------- 14,586 532 15,118 -------- ------ -------- NET OPERATING INCOME - PROPERTIES 28,348 1,266 29,614 OTHER INCOME (EXPENSE) Property management and leasing - Home office (1,987) - (1,987) General and administrative (2,541) - (2,541) Interest income 406 - 406 Management income 250 - 250 Other income 17 - 17 -------- ------ -------- EBIDTA 24,493 1,266 25,759 Depreciation and amortization (9,900) (328) (10,228) Interest expense (10,059) (649) (10,708) Gain on sale of properties 7,035 - 7,035 -------- ------ -------- Income before extraordinary item, minority interest and cumulative effect of a change in accouting principal 11,569 289 11,858 Extraordinary item - Loss on early extinguishment of debt (140) - (140) Minority interest 2,186) - (2,186) Cumulative effect of a change in accounting principal (FAS 133) (149) - (149) -------- ------ -------- NET INCOME $ 9,094 $ 289 $ 9,383 ======== ====== ========
[RESTUBBED TABLED] ---------------------------------------------------- Current Quarter 3 months ended June 30, 2001 ---------------------------------------------------- Wholly Owned JV Total ------------ -- ----- PROPERTY REVENUES Minimum rents $16,958 $ 602 $17,560 Percentage rents 359 - 359 Expense reimbursements 3,138 261 3,399 Other property income 162 14 176 ------- ----- ------- 20,617 877 21,494 ------- ----- ------- PROPERTY EXPENSES Property operating 3,675 103 3,778 Real estate taxes 2,818 152 2,970 ------- ----- ------- 6,493 255 6,748 ------- ----- ------- NET OPERATING INCOME - PROPERTIES 14,124 622 14,746 OTHER INCOME (EXPENSE) Property management and leasing - Home office (1,082) - (1,082) General and administrative (1,352) - (1,352) Interest income 240 - 240 Management income 144 - 144 Other income 17 - 17 ------- ----- ------- EBIDTA 12,091 622 12,713 Depreciation and amortization (4,936) (164) (5,100) Interest expense (4,781) (321) (5,102) Gain on sale of properties 7,035 - 7,035 ------- ----- ------- Income before extraordinary item, minority interest and cumulative effect of a change in accouting principal 9,409 137 9,546 Extraordinary item - Loss on early extinguishment of debt - - - Minority interest (1,746) - (1,746) Cumulative effect of a change in accounting principal (FAS 133) - - - ------- ----- ------- NET INCOME $ 7,663 $ 137 $ 7,800 ======= ===== =======
[RESTUBBED TABLE] --------------------------------------------------------------- Previous Quarter 3 months ended March 31, 2001 --------------------------------------------------------------- Wholly Owned JV Total ------------ -- ----- PROPERTY REVENUES Minimum rents $17,446 $ 606 $18,052 Percentage rents 732 64 796 Expense reimbursements 3,909 236 4,145 Other property income 230 15 245 ------- ----- ------- 22,317 921 23,238 ------- ----- ------- PROPERTY EXPENSES Property operating 5,293 125 5,418 Real estate taxes 2,800 152 2,952 ------- ----- ------- 8,093 277 8,370 ------- ----- ------- NET OPERATING INCOME - PROPERTIES 14,224 644 14,868 OTHER INCOME (EXPENSE) Property management and leasing - Home office (905) - (905) General and administrative (1,189) - (1,189) Interest income 166 - 166 Management income 106 - 106 Other income - - - ------- ----- ------- EBIDTA 12,402 644 13,046 Depreciation and amortization (4,964) (164) (5,128) Interest expense (5,278) (328) (5,606) Gain on sale of properties - - - ------- ----- ------- Income before extraordinary item, minority interest and cumulative effect of a change in accouting principal 2,160 152 2,312 Extraordinary item - Loss on early extinguishment of debt (140) - (140) Minority interest (440) - (440) Cumulative effect of a change in accounting principal (FAS 133) (149) - (149) ------- ----- ------- NET INCOME $ 1,431 $ 152 $ 1,583 ======= ===== ======= (1) Quarterly results for 2001 are unaudited. Although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's for the corresponding periods. Page 11
[GRAPHIC OMITTED] QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 Statements of Operations - Including Joint Venture Activity(1) -------------------------------------------------------------- Current Quarter and Year-to-Date v. Historical ---------------------------------------------- (in thousands) --------------------------------------------------------- Current Quarter 3 months ended June 30, 2001 --------------------------------------------------------- Wholly Owned JV Total ------------ ------ ----- PROPERTY REVENUES Minimum rents $ 16,958 $ 602 $17,560 Percentage rents 359 - 359 Expense reimbursements 3,138 261 3,399 Other property income(2) 162 14 176 ------------ ------ ------- 20,617 877 21,494 ------------ ------ ------- PROPERTY EXPENSES Property operating 3,675 103 3,778 Real estate taxes 2,818 152 2,970 ------------ ------ ------- 6,493 255 6,748 ------------ ------ ------- NET OPERATING INCOME - PROPERTIES 14,124 622 14,746 OTHER INCOME (EXPENSE) Property management and leasing - Home office (1,082) - (1,082) General and administrative (1,352) - (1,352) Interest income 240 - 240 Management income 144 - 144 Other income 17 - 17 ------------ ------ ------- EBIDTA 12,091 622 12,713 Depreciation and amortization (4,936) (164) (5,100) Interest expense (4,781) (321) (5,102) Gain on sale of properties 7,035 - 7,035 ------------ ------ ------- Income before extraordinary item, minority interest and 9,409 137 9,546 cumulative effect of a change in accouting principal Extraordinary item - Loss on early extinguishment of debt - - - Minority interest (1,746) - (1,746) Cumulative effect of a change in accounting principal (FAS 133) - - - ------------ ------ ------- NET INCOME $ 7,663 $ 137 $ 7,800 ============ ====== =======
[RESTUBBED TABLE] --------------------------------------------------------- Historic Quarter 3 months ended June 30, 2000 --------------------------------------------------------- Wholly Owned JV Total ------------ ------ ------- PROPERTY REVENUES Minimum rents $ 18,663 $ 637 $19,300 Percentage rents 589 (5) 584 Expense reimbursements 3,199 228 3,427 Other property income(2) 2,031 20 2,051 ------------ ------ ------- 24,482 880 25,362 ------------ ------ ------- PROPERTY EXPENSES Property operating 4,457 92 4,549 Real estate taxes 2,914 149 3,063 ------------ ------ ------- 7,371 241 7,612 ------------ ------ ------- NET OPERATING INCOME - PROPERTIES 17,111 639 17,750 OTHER INCOME (EXPENSE) Property management and leasing - Home office (880) - (880) General and administrative (1,285) - (1,285) Interest income 262 - 262 Management income 220 - 220 Other income 5 - 5 ------------ ------ ------- EBIDTA 15,433 639 16,072 Depreciation and amortization (5,085) (163) (5,248) Interest expense (6,261) (325) (6,586) Gain on sale of properties - - - ------------ ------ ------- Income before extraordinary item, minority interest and 4,087 151 4,238 cumulative effect of a change in accouting principal Extraordinary item - Loss on early extinguishment of debt - - - Minority interest (1,274) - (1,274) Cumulative effect of a change in accounting principal (FAS 133) - - - ------------ ------ ------- NET INCOME $ 2,813 $ 151 $ 2,964 ============ ====== =======
[RESTUBBED TABLE] ---------------------------------------------------- Current Year-to-Date 6 months ended June 30, 2001 ---------------------------------------------------- Wholly Owned JV Total ------------ ------ -------- PROPERTY REVENUES Minimum rents $ 34,404 $1,208 $ 35,612 Percentage rents 1,091 64 1,155 Expense reimbursements 7,047 497 7,544 Other property income(2) 392 29 421 ------------ ------ -------- 42,934 1,798 44,732 ------------ ------ -------- PROPERTY EXPENSES Property operating 8,968 228 9,196 Real estate taxes 5,618 304 5,922 ------------ ------ -------- 14,586 532 15,118 ------------ ------ -------- NET OPERATING INCOME - PROPERTIES 28,348 1,266 29,614 OTHER INCOME (EXPENSE) Property management and leasing - Home office (1,987) - (1,987) General and administrative (2,541) - (2,541) Interest income 406 - 406 Management income 250 - 250 Other income 17 - 17 ------------ ------ -------- EBIDTA 24,493 1,266 25,759 Depreciation and amortization (9,900) (328) (10,228) Interest expense (10,059) (649) (10,708) Gain on sale of properties 7,035 - 7,035 ------------ ------ -------- Income before extraordinary item, minority interest and 11,569 289 11,858 cumulative effect of a change in accouting principal Extraordinary item - Loss on early extinguishment of debt (140) - (140) Minority interest (2,186) - (2,186) Cumulative effect of a change in accounting principal (FAS 133) (149) - (149) ------------ ------ -------- NET INCOME $ 9,094 $ 289 $ 9,383 ============ ====== ========
[RESTUBBED TABLE] --------------------------------------------------------- Historic Year-to-Date 6 months ended June 30, 2000 --------------------------------------------------------- Wholly Owned JV Total ------------ ------ -------- PROPERTY REVENUES Minimum rents $ 37,104 $1,234 $ 38,338 Percentage rents 1,340 50 1,390 Expense reimbursements 7,043 472 7,515 Other property income(2) 2,268 37 2,305 ------------ ------ -------- 47,755 1,793 49,548 ------------ ------ -------- PROPERTY EXPENSES Property operating 9,757 166 9,923 Real estate taxes 5,627 298 5,925 ------------ ------ -------- 15,384 464 15,848 ------------ ------ -------- NET OPERATING INCOME - PROPERTIES 32,371 1,329 33,700 OTHER INCOME (EXPENSE) Property management and leasing - Home office (1,566) - (1,566) General and administrative (2,578) - (2,578) Interest income 592 - 592 Management income 470 - 470 Other income 15 - 15 ------------ ------ -------- EBIDTA 29,304 1,329 30,633 Depreciation and amortization (10,100) (326) (10,426) Interest expense (12,616) (652) (13,268) Gain on sale of properties - - - ------------ ------ -------- Income before extraordinary item, minority interest and 6,588 351 6,939 cumulative effect of a change in accouting principal Extraordinary item - Loss on early extinguishment of debt - - - Minority interest (2,101) - (2,101) Cumulative effect of a change in accounting principal (FAS 133) - - - ------------ ------ -------- NET INCOME $ 4,487 $ 351 $ 4,838 ============ ====== ======== (1) Quarterly results for 2001 and 2000 are unaudited. Although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Forms 10K and 10Q for the corresponding periods. (2) Other property income for the quarter ended June 30, 2000 includes $1,757 of lease termination income received from tenants at the Abington Towne Center in connection with the redevelopment of the entire property. Page 12
[GRAPHIC OMITTED] QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 Statements of Operations - by Segment(1) ---------------------------------------- Current Year-to-Date - by Quarter --------------------------------- (in thousands) ----------------------------------------------------------- Year-to-Date 6 months ended June 30, 2001 ----------------------------------------------------------- Retail Multi-Family Corporate Total ------- ------------ --------- -------- PROPERTY REVENUES Minimum rents $28,463 $ 7,149 $ - $ 35,612 Percentage rents 1,155 - - 1,155 Expense reimbursements 7,544 - - 7,544 Other property income 82 339 - 421 ------- ------------ --------- -------- 37,244 7,488 - 44,732 ------- ------------ --------- -------- PROPERTY EXPENSES Property operating 6,530 2,666 - 9,196 Real estate taxes 5,491 431 - 5,922 ------- ------------ --------- -------- 12,021 3,097 - 15,118 ------- ------------ --------- -------- NET OPERATING INCOME - PROPERTIES 25,223 4,391 - 29,614 OTHER INCOME (EXPENSE) Property management and leasing - Home office - - (1,987) (1,987) General and administrative - - (2,541) (2,541) Interest income - - 406 406 Management income - - 250 250 Other income - - 17 17 ------- ------------ --------- -------- EBIDTA 25,223 4,391 (3,855) 25,759 Depreciation and amortization (9,004) (1,033) (191) (10,228) Interest expense (8,577) (2,131) - (10,708) Gain on sale of properties - 6,946 89 7,035 ------- ------------ --------- -------- Income before extraordinary item, minority interest and 7,642 8,173 (3,957) 11,858 cumulative effect of a change in accouting principal Extraordinary item - Loss on early extinguishment of debt - - (140) (140) Minority interest in Operating Partnership - - (2,186) (2,186) Cumulative effect of a change in accounting principal (FAS 133) - - (149) (149) ------- ------------ --------- -------- NET INCOME $ 7,642 $ 8,173 $ (6,432) $ 9,383 ======= ============ ========= ========
[RESTUBBED TABLE] ----------------------------------------------------------- Current Quarter 3 months ended June 30, 2001 ----------------------------------------------------------- Retail Multi-Family Corporate Total ------- ------------ --------- -------- PROPERTY REVENUES Minimum rents $14,184 $ 3,376 $ - $ 17,560 Percentage rents 359 - - 359 Expense reimbursements 3,399 - - 3,399 Other property income (10) 186 - 176 ------- ------------ --------- -------- 17,932 3,562 - 21,494 ------- ------------ --------- -------- PROPERTY EXPENSES Property operating 2,445 1,333 - 3,778 Real estate taxes 2,767 203 - 2,970 ------- ------------ --------- -------- 5,212 1,536 - 6,748 ------- ------------ --------- -------- NET OPERATING INCOME - PROPERTIES 12,720 2,026 - 14,746 OTHER INCOME (EXPENSE) Property management and leasing - Home office - - (1,082) (1,082) General and administrative - - (1,352) (1,352) Interest income - - 240 240 Management income - - 144 144 Other income - - 17 17 ------- ------------ --------- -------- EBIDTA 12,720 2,026 (2,033) 12,713 Depreciation and amortization (4,519) (486) (95) (5,100) Interest expense (4,110) (992) - (5,102) Gain on sale of properties - 6,946 89 7,035 ------- ------------ --------- -------- Income before extraordinary item, minority interest and 4,091 7,494 (2,039) 9,546 cumulative effect of a change in accouting principal Extraordinary item - Loss on early extinguishment of debt - - - - Minority interest in Operating Partnership - - (1,746) (1,746) Cumulative effect of a change in accounting principal (FAS 133) - - - - ------- ------------ --------- -------- NET INCOME $ 4,091 $ 7,494 $ (3,785) $ 7,800 ======= ============ ========= ========
[RESTUBBED TABLE] ----------------------------------------------------------- Previous Quarter 3 months ended March 31, 2001 ----------------------------------------------------------- Retail Multi-Family Corporate Total -------- ------------ --------- -------- PROPERTY REVENUES Minimum rents $ 14,279 $ 3,773 $ - $ 18,052 Percentage rents 796 - - 796 Expense reimbursements 4,145 - - 4,145 Other property income 92 153 - 245 -------- ------------ --------- -------- 19,312 3,926 - 23,238 -------- ------------ --------- -------- PROPERTY EXPENSES Property operating 4,085 1,333 - 5,418 Real estate taxes 2,724 228 - 2,952 -------- ------------ --------- -------- 6,809 1,561 - 8,370 -------- ------------ --------- -------- NET OPERATING INCOME - PROPERTIES 12,503 2,365 - 14,868 OTHER INCOME (EXPENSE) Property management and leasing - Home office - - (905) (905) General and administrative - - (1,189) (1,189) Interest income - - 166 166 Management income - - 106 106 Other income - - - - -------- ------------ --------- -------- EBIDTA 12,503 2,365 (1,822) 13,046 Depreciation and amortization (4,485) (547) (96) (5,128) Interest expense (4,467) (1,139) - (5,606) Gain on sale of properties - - - - -------- ------------ --------- -------- Income before extraordinary item, minority interest and 3,551 679 (1,918) 2,312 cumulative effect of a change in accouting principal Extraordinary item - Loss on early extinguishment of debt - - (140) (140) Minority interest in Operating Partnership - - (440) (440) Cumulative effect of a change in accounting principal (FAS 133) - - (149) (149) -------- ------------ --------- -------- NET INCOME $ 3,551 $ 679 $ (2,647) $ 1,583 ======== ============ ========= ======== (1) Quarterly results for 2001 are unaudited. Although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's for the corresponding periods. Page 13
[GRAPHIC OMITTED] QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 Net Operating Income (NOI) - Same Property Performance(1) --------------------------------------------------------- (in thousands) Current Year-to-date Historical Year-to-date 6 month 6 month period ended period ended June 30, June 30, 2001 2000 NOI - Consolidated properties $28,348 $32,371 NOI - Unconsolidated partnerships 1,266 1,329 ------- ------- Total NOI 29,614 33,700 Less straight-line rent(2) (554) (625) NOI - Properties Acquired - - NOI - Redevelopment Properties (1,246) (3,299) NOI - Properties Sold (840) (3,234) ------- ------- Same Property NOI $26,974 $26,542 ======= ======= Growth in Same Property NOI 1.6% (1) The above amounts includes the activity related to the Company's equity in the earnings of unconsolidated subsidiaries. (2) Includes the Company's pro-rata share of straight-line rent of unconsolidated partnerships Page 14
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Funds from Operations (FFO) (1) (in thousands) ----------------------- 2001 ------------------------- Year-to-date Current Quarter Previous Quarter Six Months Ended Quarter Ended Quarter Ended June 30, 2001 June 30, 2001 March 31, 2001 ---------------- --------------- ---------------- Net Income $ 9,383 $ 7,800 $ 1,583 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 9,397 4,708 4,689 Unconsolidated subsidiaries 313 156 157 Income attributable to Operating Partnership units (2) 2,054 1,675 379 Gain on sale of property (7,035) (7,035) Extraordinary item - Loss on early extinguishment of debt 140 - 140 Cumulative effect of a change in accounting principal (FAS 133) 149 - 149 -------- -------- -------- Funds from Operations (3) $ 14,401 $ 7,304 $ 7,097 ======== ======== ======== Funds from Operations per share (3) $ 0.416 $ 0.213 $ 0.203 ======== ======== ======== ---------------------- 2000 ------------------------- Historic Quarter Ended Six Months Ended June 30, 2000 June 30, 2000 -------------- ----------------- Net Income $ 2,964 $ 4,838 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 4,789 9,526 Unconsolidated subsidiaries 160 316 Income attributable to Operating Partnership units (2) 1,216 1,996 Gain on sale of property Extraordinary item - Loss on early extinguishment of debt - - Cumulative effect of a change in accounting principal (FAS 133) - - -------- -------- Funds from Operations (3) $ 9,129 $ 16,676 ======== ======== Funds from Operations per share (3) $ 0.26 (4) $ 0.47 ======== ======== (1) Quarterly results for 2001 and 2000 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, they are subject to adjustment. (2) Does not include distributions paid to Preferred O.P. unitholders. (3) Assumes full conversion of O.P. Units into Common Shares. (4) FFO for the quarter ended June 30, 2000 includes $1,757 ($0.05 per share) of lease termination income received from tenants at the Atrium Mall in connection with the redevelopment of the entire property. Page 15
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Consolidated Balance Sheets (in thousands) June 30, December 31, 2001 2000 ---- ---- ASSETS Real estate Land $ 69,206 $ 69,206 Buildings and improvements 450,179 444,933 --------- --------- 519,385 514,139 Less: accumulated depreciation (110,585) (102,461) --------- --------- Net real estate 408,800 411,678 Property held for sale 28,709 49,445 Cash and cash equivalents 20,740 22,167 Cash in escrow 5,692 5,213 Investments in unconsolidated partnerships 5,974 6,784 Rents receivable, net 7,207 9,667 Prepaid expenses 1,527 2,905 Due from related parties - - Deferred charges, net 12,765 13,026 Other assets 2,405 2,726 --------- --------- $ 493,819 $ 523,611 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $ 252,860 $ 277,112 Accounts payable and accrued expenses 5,475 7,495 Dividends and distributions payable 4,144 4,241 Due to related parties 117 111 Other liabilities 3,639 4,179 --------- --------- Total liabilities 266,235 293,138 --------- --------- Minority interest in Operating Partnership 41,205 48,959 Minority interests in majority owned partnerships 2,202 2,197 --------- --------- Total minority interests 43,407 51,156 --------- --------- Shareholders' equity: Common shares 29 28 Additional paid-in capital 189,136 188,392 Accumulated other comprehensive income (268) - Deficit (4,720) (9,103) --------- --------- Total shareholders' equity 184,177 179,317 --------- --------- $ 493,819 $ 523,611 ========= ========= Page 16
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Selected Operating Ratios 3 Months Ended June 30, 6 Months Ended June 30, 2001 2000 2001 2000 -------- -------- -------- -------- Coverage Ratios (1) Interest Coverage Ratio EBIDTA (2) $ 12,713 $ 14,315 $ 25,759 $ 28,876 Divided by Interest expense 5,102 6,586 10,708 13,268 -------- -------- -------- -------- 2.49 x 2.17 x 2.41 x 2.18 x Fixed Charge Coverage Ratio EBIDTA (2) $ 12,713 $ 14,315 $ 25,759 $ 28,876 Divided by (Interest expense 5,102 6,586 10,708 13,268 + Preferred Dividends (3)) 50 50 100 100 -------- -------- -------- -------- 2.47 x 2.16 x 2.38 x 2.16 x Debt Service Coverage Ratio EBIDTA (2) $ 12,713 $ 14,315 $ 25,759 $ 28,876 Divided by (Interest expense 5,102 6,586 10,708 13,268 + Principal Amortization) 911 1,032 1,786 1,999 -------- -------- -------- -------- 2.11 x 1.88 x 2.06 x 1.89 x Payout Ratios FFO Payout Ratio - Basic and Diluted Dividends (Shares) & Distributions (O.P. Units) paid - $0.12 per Share/O.P. Unit for each of the 1st and 2nd quarters in 2001 & 2000 $ 4,094 $ 4,275 $ 8,273 $ 8,569 FFO 7,304 7,372 14,401 14,919 -------- -------- -------- -------- 56% 58% 57% 57% Overhead Ratios G&A/Real Estate Revenues General and Administrative expense $ 1,352 $ 1,285 $ 2,541 $ 2,578 Real Estate Revenues (2) 21,494 23,605 44,732 47,791 -------- -------- -------- -------- 6% 5% 6% 5% Leverage Ratios Debt/Total Market Capitalization (4) Debt $ 252,860 $307,398 Total Market Capitalization (5) 493,230 512,252 -------- -------- 51% 60% Notes: (1) Results for the quarters and six months ended June 30, 2001 and 2000 are unaudited. Although the 2001 results reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The coverage ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to the Company's investment in unconsolidated partnerships. (2) EBIDTA, FFO and Revenues for the quarter and six months ended June 30, 2000 have been adjusted for non-recurring income of $1,757 of lease termination income received from tenants at the Abington Towne Center in connection with the redevelopment of the entire property. The income was recognized during the second quarter of 2000. The adjustments are as follows: For the Quarter Ended June 30, 2000 For the Six Months Ended June 30, 2000 EBIDTA Revenues FFO EBIDTA Revenues FFO Inclusive of lease termination revenue $ 16,072 $ 25,362 $ 9,129 $ 30,633 $ 49,548 $ 16,676 Less lease termination revenue (1,757) (1,757) (1,757) (1,757) (1,757) (1,757) -------- -------- ------- -------- -------- -------- As adjusted and used above $ 14,315 $ 23,605 $ 7,372 $ 28,876 $ 47,791 $ 14,919 ======== ======== ======= ======== ======== ======== (3) Represents preferred distributions on Preferred Operating partnership Units. (4) Including the Company's pro-rata share of joint venture debt (see page 19), the Debt to Total Market Capitalization increases to 53% and 61% as of June 30, 2001 and 2000, respectively. (5) Reference page 9 for calculation of the June 30, 2001 Total Market Capitalization. Page 17
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] June 30, 2001 Debt Analysis - Wholly Owned Properties Principal Balance at Interest Property Lender Notes June 30, 2001 Rate - ------------------------------------------------------------------------------------------------------------------------------------ FIXED-RATE DEBT Gateway Mall Huntoon Hastings Capital Corp. 6,216,561 9.88% Pittston Plaza Anchor National Life Insurance Co. 3,726,658 7.93% Glen Oaks Apartments Lehman Brothers Holdings, Inc. 17,695,268 8.32% Mad River Mellon Mortgage Company 7,375,032 9.60% Manahawkin K-Mart Northern Life Insurance Co. and Reliastar Life Insurance Co. of New York 4,662,170 7.70% Crescent Plaza Metropolitan Life Insurance Co. 8,824,939 8.13% East End Centre Metropolitan Life Insurance Co. 16,162,529 8.13% GHT Apartments Bank of America, N.A. 11,061,025 7.55% Colony Apartments Bank of America, N.A. 5,530,512 7.55% Mountainville Shopping Center Morgan Stanley Mortgage Capital (1) 3,019,363 8.84% King's Fairground Morgan Stanley Mortgage Capital (1) 844,234 8.84% Northside Mall Morgan Stanley Mortgage Capital (1) 3,229,204 8.84% Dunmore Plaza Morgan Stanley Mortgage Capital (1) 1,075,902 8.84% 25th Street Plaza Morgan Stanley Mortgage Capital (1) 7,570,469 8.84% Cloud Springs Plaza Morgan Stanley Mortgage Capital (1) 2,515,746 8.84% Kingston Plaza Morgan Stanley Mortgage Capital (1) 2,159,297 8.84% Plaza 15 Morgan Stanley Mortgage Capital (1) 2,051,567 8.84% Martintown Plaza Morgan Stanley Mortgage Capital (1) 2,760,060 8.84% Birney Plaza Morgan Stanley Mortgage Capital (1) 3,199,882 8.84% Midway Plaza Morgan Stanley Mortgage Capital (1) 2,370,918 8.84% Shillington Plaza Morgan Stanley Mortgage Capital (1) 2,738,983 8.84% Ames Plaza Morgan Stanley Mortgage Capital (1) 964,517 8.84% Circle Plaza Morgan Stanley Mortgage Capital (1) 1,185,881 8.84% New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital (1) 1,453,708 8.84% Monroe Plaza Morgan Stanley Mortgage Capital (1) 3,606,823 8.84% Troy Plaza Morgan Stanley Mortgage Capital (1) 2,279,957 8.84% ------------ ---- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 124,281,205 8.48% ------------ ---- VARIABLE-RATE DEBT Town Line Fleet Bank, N.A. 4,081,026 L + 175 Smithtown Shopping Center Fleet Bank, N.A. 9,161,136 L + 178 Merrillville Plaza Sun America Life Insurance Co. 13,666,067 L + 205 Village Apartments Sun America Life Insurance Co. 9,785,097 L + 205 Marketplace of Absecon Fleet Bank, N.A. (2) - L + 150 Soundview Marketplace Fleet Bank, N.A. 8,909,963 L + 175 Greenridge Plaza Metropolitan Life Insurance Co. 6,100,000 L + 200 Luzerne Street Plaza Metropolitan Life Insurance Co. 1,600,000 L + 200 Valmont Plaza Metropolitan Life Insurance Co. 3,100,000 L + 200 239 Greenwich Avenue First Union National Bank 13,574,305 L + 145 Berlin Shopping Center Dime Savings Bank 4,966,166 L + 175 Bradford Towne Center Dime Savings Bank 8,690,791 L + 175 Ledgewood Mall Dime Savings Bank 31,535,159 L + 175 New Louden Center Dime Savings Bank 7,449,250 L + 175 Route 6 Plaza Dime Savings Bank 5,959,400 L + 175 ------------ ------- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 128,578,360 L + 180 ------------ ------- TOTAL/WEIGHTED AVERAGE - ALL DEBT $252,859,565 ============
Rate as of Maturity Property June 30, 2001 Date - --------------------------------------------------------------------------------------------------- FIXED-RATE DEBT Gateway Mall 09/01/2002 Pittston Plaza 01/01/2004 Glen Oaks Apartments 03/01/2004 Mad River 05/23/2005 Manahawkin K-Mart 12/01/2008 Crescent Plaza 11/01/2010 East End Centre 11/01/2010 GHT Apartments 01/01/2011 Colony Apartments 01/01/2011 Mountainville Shopping Center 11/01/2021 King's Fairground 11/01/2021 Northside Mall 11/01/2021 Dunmore Plaza 11/01/2021 25th Street Plaza 11/01/2021 Cloud Springs Plaza 11/01/2021 Kingston Plaza 11/01/2021 Plaza 15 11/01/2021 Martintown Plaza 11/01/2021 Birney Plaza 11/01/2021 Midway Plaza 11/01/2021 Shillington Plaza 11/01/2021 Ames Plaza 11/01/2021 Circle Plaza 11/01/2021 New Smyrna Beach Shopping Center 11/01/2021 Monroe Plaza 11/01/2021 Troy Plaza 11/01/2021 TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT VARIABLE-RATE DEBT Town Line 5.50% 03/15/2002 Smithtown Shopping Center 5.53% 05/31/2002 Merrillville Plaza 6.36% 08/01/2002 Village Apartments 6.93% 10/01/2002 Marketplace of Absecon - 03/01/2003 Soundview Marketplace 5.81% 08/01/2003 Greenridge Plaza 6.34% 11/01/2003 Luzerne Street Plaza 6.34% 11/01/2003 Valmont Plaza 6.34% 11/01/2003 239 Greenwich Avenue 5.20% 01/01/2005 Berlin Shopping Center 5.81% 04/01/2005 Bradford Towne Center 5.81% 04/01/2005 Ledgewood Mall 5.81% 04/01/2005 New Louden Center 5.81% 04/01/2005 Route 6 Plaza 5.81% 04/01/2005 ---- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 5.90% ---- TOTAL/WEIGHTED AVERAGE - ALL DEBT 7.17% ==== Notes: 1 This loan allows for full repayment, without penalty, commencing October 31, 2006. Commencing on this date (the "Reset Date"), the interest rate is to be adjusted to a U.S. Treasury rate + 500 basis points (the treasury rate being the interpolated yield on treasuries most nearly approximating the period from the the Reset Date to the maturity date, November 1, 2001). 2 This is a revolving facility for up to $7,400,000 which bears interest at LIBOR plus 150 basis points (175 basis points if the loan to collateral value is > 50%). All outstanding amounts were repaid during the second quarter leaving $7,400,000 available under this facility. Page 18
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] June 30, 2001 Debt Analysis - Unconsolidated Partnerships Total Acadia Realty Principal Trust Balance at Interest Maturity FIXED-RATE DEBT (1) Joint Venture Partner Ownership June 30, 2001 Rate Date --------------------------------------------------------- Crossroads Shopping Center Heyman-Greenburgh Associates LLC 49.0% $ 34,393,394 7.15% 10/01/2007 RMC Development Company LLC Summary - Wholly-Owned Properties and Unconsolidated Partnerships - ------------------------------------------------------------------------------------------------------------------------------------ Weighted % of Outstanding Avg. Total Balance Int. Rate --------------------------------------------------------- Wholly-Owned Properties Fixed-Rate Debt 46% $ 124,281,205 8.48% Variable-Rate Debt 48% 128,578,360 5.90% --- ------------- ---- Wholly-Owned Properties - Total Debt 94% 252,859,565 7.17% --- ------------- ---- Unconsolidated Partnerships Fixed-Rate Debt 6% 16,852,763 7.15% Variable-Rate Debt 0% - 0.00% --- ------------- ---- Unconsolidated Partnerships - Total Debt 6% 16,852,763 7.15% --- ------------- ---- Total Debt 100% $ 269,712,328 7.17% === ============= ==== - ------------------------------------------------------------------------------------------------------------------------------------ Notes: (1) Acadia Realty Trust's 49% ownership represents $16,852,763, of which $5,000,000 is fixed at 7.53% and $11,852,763 fixed at 6.99% through interest rate swap transactions. Page 19
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Future Debt Maturities (1) (in thousands) Weighted Average Interest Rate of Maturing Debt -------------------------------------------------------- Scheduled Year Amortization Maturities Total Total Debt Fixed-Rate Debt Variable-Rate Debt ---- ------------ ---------- ----- ---------- --------------- ------------------ 2001 $ 1,917 $ - $ 1,917 n/a n/a n/a 2002 3,891 42,211 46,102 6.74% 9.88% 6.21% 2003 3,740 19,187 22,927 6.10% n/a 6.10% 2004 3,467 20,542 24,009 8.25% 8.25% n/a 2005 2,684 75,143 77,827 6.04% 9.60% 5.69% Thereafter 7,017 73,061 80,078 8.38% 8.38% n/a -------- --------- --------- $ 22,716 $ 230,144 $ 252,860 ======== ========= ========= Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 2001 $ 52 2nd Quarter 2001 57 3rd Quarter 2001 - 4th Quarter 2001 - ----- $ 109 ===== (1) Does not include debt from unconsolidated partnerships. Page 20
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Unencumbered Properties Center Location GLA ------ -------- --- Abington Towne Center (1) Abington, PA 216,226 Blackman Plaza Wilkes-Barre, PA 121,206 Bloomfield Town Square Bloomfield, MI 224,583 Branch Plaza Smithtown, NY 125,840 Elmwood Park Shopping Center Elmwood, NJ 134,589 Hobson West Plaza Naperville, IL 99,950 Manahawkin Shopping Center (2) Manahawkin, NJ 62,827 Mark Plaza Edwardsville, PA 214,021 Methuen Shopping Center Methuen, CT 129,494 Pacesetter Park Shopping Center Ramapo, New York 95,559 Plaza 422 Lebanon, PA 154,791 Tioga West Tunkhannock, PA 122,338 Union Plaza New Castle, PA 217,992 Walnut Hill Plaza Woonsocket, RI 297,370 Wesmark Plaza Sumter, SC 206,938 --------- Total GLA of Unencumbered Properties 2,423,724 ========= (1) A portion of this property (157,616 square feet) is owned by the Target Corp. (2) Excludes the Kmart portion of the shopping center which is encumbered. Page 21
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Portfolio by Region and Property Type (Square Feet) Properties Strip Enclosed Under Total Region Mall Mall Redevelopment (2) Retail Residential Total ------ ---- ---- ----------------- ------ ----------- ----- Wholly-Owned Properties New England 736,157 - 177,083 913,240 - 913,240 New York Region 1,336,719 515,073 106,671 1,958,463 - 1,958,463 Mid-Atlantic 3,361,253 - 216,226 3,577,479 1,136,378 4,713,857 Southeast 1,145,355 - - 1,145,355 - 1,145,355 Mid-west 716,627 - - 716,627 628,891 1,345,518 --------- ------- ------- --------- --------- ---------- Total Wholly-Owned Properties 7,296,111 515,073 499,980 8,311,164 1,765,269 10,076,433 Unconsolidated Partnerships - New York Region 1 312,919 - - 312,919 - 312,919 --------- ------- ------- --------- --------- ---------- 7,609,030 515,073 499,980 8,624,083 1,765,269 10,389,352 ========= ======= ======= ========= ========= ========== % of Total Square Feet 73.2% 5.0% 4.8% 83.0% 17.0% 100.0% (1) This center is 49% owned by unconsolidated partnerships. (2) The Company currently has 4 redevelopment projects as further described on page 41. Page 22
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 [GRAPHIC OMITTED] Retail Properties by Region - Summary ---------------------------------------------------------------------------- Gross Leasable Area Occupancy ---------------------------------------------------------------------------- Anchors (1) Shops Total Anchors Shops Total ---------------------------------------------------------------------------- Wholly-Owned Retail Properties Mid-Atlantic 2,517,651 843,602 3,361,253 98.36% 85.37% 95.10% Midwest 307,225 409,402 716,627 90.23% 83.51% 86.39% New England 446,756 289,401 736,157 100.00% 92.89% 97.20% New York Region 1,227,346 624,446 1,851,792 100.00% 80.74% 93.51% Southeast 526,936 618,419 1,145,355 87.67% 67.35% 76.70% ---------------------------------------------------------------------------- Total Retail Properties 5,025,914 2,785,270 7,811,184 97.29% 80.84% 91.42% ---------------------------------------------------------------------------- Redevelopment Properties (2) 362,970 137,010 499,980 71.20% 81.73% 74.08% ---------------------------------------------------------------------------- Grand Total - Wholly-Owned Retail Properties 5,388,884 2,922,280 8,311,164 95.53% 80.88% 90.38% ---------------------------------------------------------------------------- Unconsolidated Retail Properties New York Region (3) 191,363 121,556 312,919 100.00% 88.15% 95.40% ---------------------------------------------------------------------------- Total Unconsolidated Retail Properties 191,363 121,556 312,919 100.00% 88.15% 95.40% ============================================================================
[RESTUB] ----------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ----------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Totals ----------------------------------------------------------------------------- Wholly-Owned Retail Properties Mid-Atlantic $ 9,714,174 $ 5,879,823 $ 15,593,997 $ 3.92 $ 8.16 $ 4.88 Midwest 2,078,241 4,340,506 6,418,747 7.50 12.70 10.37 New England 3,423,274 2,363,789 5,787,063 9.80 8.79 9.36 New York Region 10,074,850 7,443,646 17,518,496 8.21 14.76 10.12 Southeast 1,844,620 2,000,917 3,845,537 3.99 4.80 4.38 ----------------------------------------------------------------------------- Total Retail Properties 27,135,159 22,028,681 49,163,840 5.66 9.78 6.98 ----------------------------------------------------------------------------- Redevelopment Properties (2) 572,221 2,121,162 2,693,383 5.68 18.94 12.67 ----------------------------------------------------------------------------- Grand Total - Wholly-Owned Retail Properties 27,707,380 24,149,843 51,857,223 5.66 10.22 7.15 ----------------------------------------------------------------------------- Unconsolidated Retail Properties New York Region (3) 1,790,546 3,096,792 4,887,338 9.36 28.90 16.37 ----------------------------------------------------------------------------- Total Unconsolidated Retail Properties $ 1,790,546 $ 3,096,792 $ 4,887,338 $ 9.36 $ 28.90 $ 16.37 ============================================================================= 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. (1) Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot. (2) The Company currently has 4 redevelopment projects as further described on page 41. (3) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center. Page 23
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 [GRAPHIC OMITTED] Commercial Properties by Region - Detail ---------------------------------------------------------------------------- Gross Leasable Area Occupancy ---------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------- Retail Properties - Wholly Owned Mid-Atlantic Pennsylvania AMES PLAZA 88,354 7,800 96,154 100.00% 0.00% 91.89% BIRNEY PLAZA 135,493 58,406 193,899 100.00% 95.72% 98.71% BLACKMAN PLAZA 104,956 16,250 121,206 100.00% 43.08% 92.37% BRADFORD TOWNE CENTRE 146,499 110,220 256,719 100.00% 71.69% 87.85% CIRCLE PLAZA 92,171 - 92,171 100.00% 100.00% DUNMORE PLAZA 39,680 5,700 45,380 100.00% 100.00% 100.00% EAST END CENTER 176,200 132,227 308,427 100.00% 91.32% 96.28% GREENRIDGE PLAZA 145,420 52,882 198,302 100.00% 85.53% 96.14% KINGSTON PLAZA 51,500 13,324 64,824 100.00% 84.99% 96.91% LUZERNE STREET SHOPPING CENTER (1) 54,618 3,097 57,715 100.00% 100.00% 100.00% MARK PLAZA 157,595 56,426 214,021 100.00% 87.59% 96.73% MONROE PLAZA 128,129 2,440 130,569 100.00% 59.02% 99.23% MOUNTAINVILLE SHOPPING CENTER 68,008 49,239 117,247 100.00% 90.86% 96.16% PITTSTON PLAZA 67,568 12,000 79,568 100.00% 100.00% 100.00% PLAZA 15 81,800 31,730 113,530 100.00% 92.12% 97.80% PLAZA 422 124,113 30,678 154,791 100.00% 32.60% 86.64% ROUTE 6 MALL 119,658 55,824 175,482 100.00% 88.36% 96.30% SHILLINGTON PLAZA 134,607 16,135 150,742 100.00% 100.00% 100.00% TIOGA WEST 113,338 9,000 122,338 100.00% 100.00% 100.00% 25TH STREET SHOPPING CENTER 28,800 102,677 131,477 100.00% 96.22% 97.05% UNION PLAZA 217,992 - 217,992 100.00% 100.00% VALMONT PLAZA (2) 137,817 62,347 200,164 70.09% 91.18% 76.66% ---------------------------------------------------------------------------- Total : Pennsylvania 2,414,316 828,402 3,242,718 98.29% 85.10% 94.92% ---------------------------------------------------------------------------- Virginia KINGS FAIRGROUNDS 103,335 15,200 118,535 100.00% 100.00% 100.00% ---------------------------------------------------------------------------- Total : Virginia 103,335 15,200 118,535 100.00% 100.00% 100.00% ---------------------------------------------------------------------------- Total : Mid-Atlantic 2,517,651 843,602 3,361,253 98.36% 85.37% 95.10% ----------------------------------------------------------------------------
[RESTUB] ----------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ----------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ----------------------------------------------------------------------------- Retail Properties - Wholly Owned Mid-Atlantic Pennsylvania AMES PLAZA 189,263 - 189,263 2.14 - 2.14 BIRNEY PLAZA 311,544 335,250 646,794 2.30 6.00 3.38 BLACKMAN PLAZA 204,664 17,500 222,164 1.95 2.50 1.98 BRADFORD TOWNE CENTRE 887,469 515,352 1,402,821 6.06 6.52 6.22 CIRCLE PLAZA 252,289 - 252,289 2.74 - 2.74 DUNMORE PLAZA 89,134 63,935 153,069 2.25 11.22 3.37 EAST END CENTER 1,117,500 1,052,080 2,169,580 6.34 8.71 7.31 GREENRIDGE PLAZA 659,405 383,283 1,042,688 4.53 8.47 5.47 KINGSTON PLAZA 284,000 116,250 400,250 5.51 10.27 6.37 LUZERNE STREET SHOPPING CENTER (1) 272,150 39,097 311,247 4.98 12.62 5.39 MARK PLAZA 625,776 367,482 993,258 3.97 7.44 4.80 MONROE PLAZA 423,718 18,720 442,438 3.31 13.00 3.41 MOUNTAINVILLE SHOPPING CENTER 225,416 359,082 584,498 3.31 8.03 5.18 PITTSTON PLAZA 496,446 119,125 615,571 7.35 9.93 7.74 PLAZA 15 216,988 147,350 364,338 2.65 5.04 3.28 PLAZA 422 262,030 63,450 325,480 2.11 6.34 2.43 ROUTE 6 MALL 687,951 315,557 1,003,508 5.75 6.40 5.94 SHILLINGTON PLAZA 367,720 212,260 579,980 2.73 13.16 3.85 TIOGA WEST 373,847 72,500 446,347 3.30 8.06 3.65 25TH STREET SHOPPING CENTER 274,450 1,191,682 1,466,132 9.53 12.06 11.49 UNION PLAZA 938,730 - 938,730 4.31 - 4.31 VALMONT PLAZA (2) 220,000 371,868 591,868 2.28 6.54 3.86 ----------------------------------------------------------------------------- Total : Pennsylvania 9,380,490 5,761,823 15,142,313 3.95 8.17 4.92 ----------------------------------------------------------------------------- Virginia KINGS FAIRGROUNDS 333,684 118,000 451,684 3.23 7.76 3.81 ----------------------------------------------------------------------------- Total : Virginia 333,684 118,000 451,684 3.23 7.76 3.81 ----------------------------------------------------------------------------- Total : Mid-Atlantic 9,714,174 5,879,823 15,593,997 3.92 8.16 4.88 ----------------------------------------------------------------------------- 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. (1) The Price Chopper supermarket occupying 40,618 square feet is not operating but continues to pay rent pursuant to their lease. (2) The Ames store occupying 96,600 square feet is not operating but continues to pay rent pursuant to their lease. Page 24
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 [GRAPHIC OMITTED] Commercial Properties by Region - Detail ---------------------------------------------------------------------------- Gross Leasable Area Occupancy ---------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------- Retail Properties - Wholly Owned Midwest Illinois HOBSON WEST PLAZA 42,037 57,913 99,950 100.00% 91.60% 95.13% --------------------------------------------------------------------------- Total : Illinois 42,037 57,913 99,950 100.00% 91.60% 95.13% --------------------------------------------------------------------------- Indiana MERRILLVILLE PLAZA 101,357 134,063 235,420 100.00% 100.00% 100.00% --------------------------------------------------------------------------- Total : Indiana 101,357 134,063 235,420 100.00% 100.00% 100.00% --------------------------------------------------------------------------- Michigan BLOOMFIELD TOWN SQUARE 105,646 118,994 224,640 71.60% 66.30% 68.79% --------------------------------------------------------------------------- Total : Michigan 105,646 118,994 224,640 71.60% 66.30% 68.79% --------------------------------------------------------------------------- Ohio MAD RIVER STATION (1) 58,185 98,432 156,617 100.00% 77.11% 85.61% --------------------------------------------------------------------------- Total :Ohio 58,185 98,432 156,617 100.00% 77.11% 85.61% --------------------------------------------------------------------------- Total: Midwest 307,225 409,402 716,627 90.23% 83.51% 86.39% --------------------------------------------------------------------------- New England Connecticut TOWN LINE PLAZA (2) 161,965 43,893 205,858 100.00% 100.00% 100.00% 239 GREENWICH AVENUE (3) 16,834 - 16,834 100.00% - 100.00% --------------------------------------------------------------------------- Total : Connecticut 178,799 43,893 222,692 100.00% 100.00% 100.00% --------------------------------------------------------------------------- Massachusetts CRESCENT PLAZA (4) 154,865 61,230 216,095 100.00% 95.75% 98.80% --------------------------------------------------------------------------- Total : Massachusetts 154,865 61,230 216,095 100.00% 95.75% 98.80% --------------------------------------------------------------------------- Rhode Island WALNUT HILL PLAZA 113,092 184,278 297,370 100.00% 90.24% 93.95% --------------------------------------------------------------------------- Total : Rhode Island 113,092 184,278 297,370 100.00% 90.24% 93.95% --------------------------------------------------------------------------- Total: New England 446,756 289,401 736,157 100.00% 92.89% 97.20% ---------------------------------------------------------------------------
[RESTUB] ---------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ---------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------- Retail Properties - Wholly Owned Midwest Illinois HOBSON WEST PLAZA 170,000 842,570 1,012,570 4.04 15.88 10.65 ---------------------------------------------------------------------------- Total : Illinois 170,000 842,570 1,012,570 4.04 15.88 10.65 ---------------------------------------------------------------------------- Indiana MERRILLVILLE PLAZA 835,417 1,547,629 2,383,046 8.24 11.54 10.12 ---------------------------------------------------------------------------- Total : Indiana 835,417 1,547,629 2,383,046 8.24 11.54 10.12 ---------------------------------------------------------------------------- Michigan BLOOMFIELD TOWN SQUARE 541,257 929,352 1,470,609 7.16 11.78 9.52 ---------------------------------------------------------------------------- Total : Michigan 541,257 929,352 1,470,609 7.16 11.78 9.52 ---------------------------------------------------------------------------- Ohio MAD RIVER STATION (1) 531,567 1,020,955 1,552,522 9.14 13.45 11.58 ---------------------------------------------------------------------------- Total :Ohio 531,567 1,020,955 1,552,522 9.14 13.45 11.58 ---------------------------------------------------------------------------- Total: Midwest 2,078,241 4,340,506 6,418,747 7.50 12.70 10.37 ---------------------------------------------------------------------------- New England Connecticut TOWN LINE PLAZA (2) 730,000 588,139 1,318,139 11.29 13.40 12.14 239 GREENWICH AVENUE (3) 1,125,165 - 1,125,165 66.84 - 66.84 ---------------------------------------------------------------------------- Total : Connecticut 1,855,165 588,139 2,443,304 22.76 13.40 19.49 ---------------------------------------------------------------------------- Massachusetts CRESCENT PLAZA (4) 812,385 468,000 1,280,385 5.25 7.98 6.00 ---------------------------------------------------------------------------- Total : Massachusetts 812,385 468,000 1,280,385 5.25 7.98 6.00 ---------------------------------------------------------------------------- Rhode Island WALNUT HILL PLAZA 755,724 1,307,650 2,063,374 6.68 7.86 7.39 ---------------------------------------------------------------------------- Total : Rhode Island 755,724 1,307,650 2,063,374 6.68 7.86 7.39 ---------------------------------------------------------------------------- Total: New England 3,423,274 2,363,789 5,787,063 9.80 8.79 9.36 ---------------------------------------------------------------------------- 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. (1) The GLA for this property includes 27,702 square feet of office space. (2) Anchor GLA includes a 97,300 square foot Wal*Mart which is not owned by the Company. This square footage has been adjusted out in 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. (4) Home Depot, which occupies 104,640 square feet at this center, assumed this space from Bradlees during the 1st Quarter 2001 following Bradlees' bankruptcy and liquidation. Page 25
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 [GRAPHIC OMITTED] Commercial Properties by Region - Detail ---------------------------------------------------------------------------- Gross Leasable Area Occupancy ---------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------- Retail Properties - Wholly Owned New York Region New Jersey MARKETPLACE OF ABSECON 58,031 46,875 104,906 100.00% 64.43% 84.11% BERLIN SHOPPING CENTER 127,850 59,328 187,178 100.00% 54.49% 85.58% LEDGEWOOD MALL 342,468 172,605 515,073 100.00% 72.03% 90.63% MANAHAWKIN VILLAGE SHOPPING CENTER 144,053 31,208 175,261 100.00% 100.00% 100.00% ---------------------------------------------------------------------------- Total :New Jersey 672,402 310,016 982,418 100.00% 70.34% 90.64% ---------------------------------------------------------------------------- New York SOUNDVIEW MARKETPLACE 66,800 113,820 180,620 100.00% 94.09% 96.28% VILLAGE COMMONS SHOPPING CENTER 25,192 61,963 87,155 100.00% 97.50% 98.22% BRANCH SHOPPING PLAZA 83,670 42,170 125,840 100.00% 91.31% 97.09% NEW LOUDON CENTER 226,521 25,200 251,721 100.00% 100.00% 100.00% TROY PLAZA 100,709 27,770 128,479 100.00% 100.00% 100.00% PACESETTER PARK SHOPPING CENTER 52,052 43,507 95,559 100.00% 62.37% 82.87% ---------------------------------------------------------------------------- Total :New York 554,944 314,430 869,374 100.00% 91.00% 96.74% ---------------------------------------------------------------------------- Total: New York Region 1,227,346 624,446 1,851,792 100.00% 80.74% 93.51% ---------------------------------------------------------------------------- Southeast Alabama MIDWAY PLAZA 105,775 101,763 207,538 55.58% 71.41% 63.34% NORTHSIDE MALL 111,970 270,329 382,299 100.00% 50.60% 65.07% ---------------------------------------------------------------------------- Total : Alabama 217,745 372,092 589,837 78.42% 56.29% 64.46% ---------------------------------------------------------------------------- Florida NEW SMYRNA BEACH SHOPPING CENTER 35,980 65,341 101,321 100.00% 92.96% 95.46% ---------------------------------------------------------------------------- Total : Florida 35,980 65,341 101,321 100.00% 92.96% 95.46% ---------------------------------------------------------------------------- Georgia CLOUD SPRINGS PLAZA 74,260 39,107 113,367 100.00% 84.40% 94.62% ---------------------------------------------------------------------------- Total : Georgia 74,260 39,107 113,367 100.00% 84.40% 94.62% ---------------------------------------------------------------------------- South Carolina MARTINTOWN PLAZA 91,996 41,896 133,892 80.43% 70.63% 77.36% WESMARK PLAZA 106,955 99,983 206,938 100.00% 83.75% 92.15% ---------------------------------------------------------------------------- Total : South Carolina 198,951 141,879 340,830 90.95% 79.88% 86.34% ---------------------------------------------------------------------------- Total : Southeast 526,936 618,419 1,145,355 87.67% 67.35% 76.70% ---------------------------------------------------------------------------- ============================================================================ Total: Retail Properties 5,025,914 2,785,270 7,811,184 97.29% 80.84% 91.42% ============================================================================
[RESTUB] ---------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ---------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------- Retail Properties - Wholly Owned New York Region New Jersey MARKETPLACE OF ABSECON 927,574 474,574 1,402,148 15.98 15.71 15.89 BERLIN SHOPPING CENTER 619,400 237,344 856,744 4.84 7.34 5.35 LEDGEWOOD MALL 2,949,673 1,557,956 4,507,629 8.61 12.53 9.66 MANAHAWKIN VILLAGE SHOPPING CENTER 1,206,873 359,556 1,566,429 8.38 11.52 8.94 --------------------------------------------------------------------------- Total :New Jersey 5,703,520 2,629,430 8,332,950 8.48 12.06 9.36 --------------------------------------------------------------------------- New York SOUNDVIEW MARKETPLACE 1,010,250 1,453,485 2,463,735 15.12 13.57 14.17 VILLAGE COMMONS SHOPPING CENTER 407,055 1,453,416 1,860,471 16.16 24.06 21.73 BRANCH SHOPPING PLAZA 1,110,114 710,398 1,820,512 13.27 18.45 14.90 NEW LOUDON CENTER 1,348,003 418,050 1,766,053 5.95 16.59 7.02 TROY PLAZA 196,000 292,125 488,125 1.95 10.52 3.80 PACESETTER PARK SHOPPING CENTER 299,908 486,742 786,650 5.76 17.94 9.93 --------------------------------------------------------------------------- Total :New York 4,371,330 4,814,216 9,185,546 7.88 16.83 10.92 --------------------------------------------------------------------------- Total: New York Region 10,074,850 7,443,646 17,518,496 8.21 14.76 10.12 --------------------------------------------------------------------------- Southeast Alabama MIDWAY PLAZA 102,380 307,112 409,492 1.74 4.23 3.11 NORTHSIDE MALL 227,974 661,098 889,072 2.04 4.83 3.57 --------------------------------------------------------------------------- Total : Alabama 330,354 968,210 1,298,564 1.93 4.62 3.42 --------------------------------------------------------------------------- Florida NEW SMYRNA BEACH SHOPPING CENTER 275,100 484,254 759,354 7.65 7.97 7.85 --------------------------------------------------------------------------- Total : Florida 275,100 484,254 759,354 7.65 7.97 7.85 --------------------------------------------------------------------------- Georgia CLOUD SPRINGS PLAZA 340,371 173,370 513,741 4.58 5.25 4.79 --------------------------------------------------------------------------- Total : Georgia 340,371 173,370 513,741 4.58 5.25 4.79 --------------------------------------------------------------------------- South Carolina MARTINTOWN PLAZA 296,500 179,791 476,291 4.01 6.08 4.60 WESMARK PLAZA 602,295 195,292 797,587 5.63 2.33 4.18 --------------------------------------------------------------------------- Total : South Carolina 898,795 375,083 1,273,878 4.97 3.31 4.33 --------------------------------------------------------------------------- Total : Southeast 1,844,620 2,000,917 3,845,537 3.99 4.80 4.38 --------------------------------------------------------------------------- =========================================================================== Total: Retail Properties $ 27,135,159 $ 22,028,681 $ 49,163,840 $ 5.66 $ 9.78 $ 6.98 =========================================================================== 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. Page 26
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 [GRAPHIC OMITTED] Commercial Properties by Region - Detail ---------------------------------------------------------------------------- Gross Leasable Area Occupancy ---------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------- Redevelopment Properties (1) ABINGTON TOWNE CENTER (2) (Pennsylvania) 184,616 31,610 216,226 100.00% 73.64% 96.15% THE GATEWAY SHOPPING CENTER (Vermont) 31,600 15,245 46,845 100.00% 100.00% 100.00% METHUEN SHOPPING CENTER (Massachusetts) 120,004 10,234 130,238 25.38% 100.00% 31.24% ELMWOOD PARK SHOPPING CENTER (New Jersey) 26,750 79,921 106,671 43.93% 79.11% 70.29% ---------------------------------------------------------------------------- Total: Retail Properties - Redevelopment Properties 362,970 137,010 499,980 71.20% 81.73% 74.08% ---------------------------------------------------------------------------- ============================================================================ Total: All Wholly-Owned Retail Properties 5,388,884 2,922,280 8,311,164 95.53% 80.88% 90.38% ============================================================================ [RESTUB] ----------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ----------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ----------------------------------------------------------------------------- Redevelopment Properties (1) ABINGTON TOWNE CENTER (2) (Pennsylvania) 256,500 364,462 620,962 9.50 15.66 12.35 THE GATEWAY SHOPPING CENTER (Vermont) 126,400 225,695 352,095 4.00 14.80 7.52 METHUEN SHOPPING CENTER (Massachusetts) 109,656 92,308 201,964 3.60 9.02 4.96 ELMWOOD PARK SHOPPING CENTER (New Jersey) 79,665 1,438,697 1,518,362 6.78 22.76 20.25 ----------------------------------------------------------------------------- Total: Retail Properties - Redevelopment Properties $ 572,221 $ 2,121,162 $ 2,693,383 $ 5.68 $ 18.94 $ 12.66 ----------------------------------------------------------------------------- ============================================================================= Total: All Wholly-Owned Retail Properties $27,707,380 $24,149,843 $51,857,223 $ 5.66 $ 10.22 $ 7.15 =============================================================================
Unconsolidated Retail Properties ---------------------------------------------------------------------- New York Region Gross Leasable Area Occupancy ---------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------- New York CROSSROADS JOINT VENTURE (3) 138,933 57,116 196,049 100.00% 84.64% 95.53% CROSSROADS II (3) 52,430 64,440 116,870 100.00% 91.26% 95.18% ---------------------------------------------------------------------- Total : New York 191,363 121,556 312,919 100.00% 88.15% 95.40% ---------------------------------------------------------------------- Total: New York Region 191,363 121,556 312,919 100.00% 88.15% 95.40% ---------------------------------------------------------------------- Total: Unconsolidated Retail Properties 191,363 121,556 312,919 100.00% 88.15% 95.40% ====================================================================== [RESTUB] ------------------------------------------------------------------------------------- Annualized Base Rent New York Region Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------------------- New York CROSSROADS JOINT VENTURE (3) $ 1,070,250 $ 1,344,637 $ 2,414,887 $ 7.70 $ 27.81 $ 12.89 CROSSROADS II (3) 720,296 1,752,155 2,472,451 13.74 29.79 22.23 ------------------------------------------------------------------------------------- Total : New York 1,790,546 3,096,792 4,887,338 9.36 28.90 16.37 ------------------------------------------------------------------------------------- Total: New York Region 1,790,546 3,096,792 4,887,338 9.36 28.90 16.37 ------------------------------------------------------------------------------------- Total: Unconsolidated Retail Properties $ 1,790,546 $ 3,096,792 $ 4,887,338 $ 9.36 $ 28.90 $ 16.37 ===================================================================================== 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. (1) The Company currently has 4 redevelopment projects as further described on page 41. (2) Anchor GLA includes a 157,616 square foot Target which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot. (3) The Company has a 49% interest in these partnerships which, together, own the Crossroads Shopping Center. Page 27
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2001 [GRAPHIC OMITTED] Top 25 Retail Tenants - Ranked by Annualized Base Rent (excludes Unconsolidated Partnerships) Percentage of Total Represented by Retail Tenant ---------------------------- Number of Retail Stores in Total Annualized Base Total Annualized Base Ranking Tenant Portfolio GLA Rent (1) Portfolio GLA (2) Rent (2) ------- ------ ---------- ----- --------------- ----------------- --------------- 1 Kmart 9 924,282 $ 3,431,692 11.1% 6.6% 2 Ames (3) 11 815,171 2,479,383 9.8% 4.8% 3 Price Chopper (4) 6 267,197 1,596,727 3.2% 3.1% 4 T.J. Maxx 7 209,737 1,562,365 2.5% 3.0% 5 Eckerd Drug (5) 14 169,563 1,359,224 2.0% 2.6% 6 Shaw's 3 134,217 1,141,084 1.6% 2.2% 7 Walmart 2 232,540 1,116,575 2.8% 2.2% 8 Acme (Albertson's) 2 76,864 918,664 0.9% 1.8% 9 Fashion Bug (6) 11 120,294 876,391 1.4% 1.7% 10 PharMor 2 90,471 843,981 1.1% 1.6% 11 Pathmark 1 63,000 837,270 0.8% 1.6% 12 Redner's Supermarket 2 111,739 837,112 1.3% 1.6% 13 Restoration Hardware 1 12,293 830,000 0.1% 1.6% 14 A&P (Waldbaum's) 1 64,665 730,000 0.8% 1.4% 15 Sears 2 159,640 703,230 1.9% 1.4% 16 Blockbuster Video 5 28,266 683,957 0.3% 1.3% 17 Penn Traffic 2 85,896 635,811 1.0% 1.2% 18 CVS 6 62,610 625,855 0.8% 1.2% 19 Stern's (Federated) (7) 1 73,349 610,745 0.9% 1.2% 20 Clearview Cinemas (8) 1 25,400 596,250 0.3% 1.1% 21 Kay Bee Toys 5 41,025 559,050 0.5% 1.1% 22 JC Penney 2 72,580 546,747 0.9% 1.1% 23 Payless Shoe Source 12 41,209 518,470 0.5% 1.0% 24 Office Depot 3 83,821 499,817 1.0% 1.0% 25 McDonald's Corporation (9) 8 - 455,929 0.0% 0.9% ----- --------- ------------ ----- ----- Total 119 3,965,829 $ 24,996,329 47.7% 48.2% ===== ========= ============ ===== ===== (1) Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after June 30, 2001. (2) Represents total GLA and annualized base rent for the Company's retail properties excluding joint venture properties. (3) The tenant is currently not operating the store at the Valmont Plaza. They are obligated, and continue, to pay annual minimum rent of $220,000 until the lease expires in January 31, 2007. (4) The tenant is currently not operating the store at the Luzerne Street Shopping Center. They are obligated, and continue, to pay annual minimum rent of $177,650 until the lease expires in April 30, 2004. (5) Subsidiary of JC Penney. The store at the Route 6 Mall has ceased operating but continues to pay annual rent of $106,560 through January 31, 2011 pursuant to the lease. (6) This tenant pays percentage rent only (no minimum rent) at 8 of these locations. Included in the above rent is $659,763 of percentage rent paid for calendar 2000. (7) The Company has been notified that this store will be converted to a Macy's. (8) Subsidiary of Cablevision. (9) Restaurants located in shopping center outparcels. Page 28
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Anchor Tenant Summary - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required 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 England Connecticut TOWN LINE PLAZA, ROCKY HILL WAL-MART (1) 97,300 $ - $ - REA AGREEEMENT A&P SUPERFRESH 64,665 03/08/2017 730,000 11.29 (7) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: TOWN LINE PLAZA 161,965 730,000 11.29 ------- -------------------------------- 239 GREENWICH AVE., GREENWICH CHICO'S FASHION 4,541 01/31/2010 $ 295,165 $ 65.00 (2) 5 YEARS RESTORATION HARDWARE INC. 12,293 04/30/2015 830,000 67.52 (2) 5 YEARS (6 MONTHS) ------- -------------------------------- Total: 239 GREENWICH AVE. 16,834 1,125,165 66.84 ------- -------------------------------- Massachusetts METHUEN SHOPPING CENTER, METHUEN (2) DEMOULAS SUPER MARKETS 30,460 01/31/2005 109,654 3.60 (2) 5 YEAR ------- -------------------------------- Total: METHUEN SHOPPING CENTER 30,460 109,654 3.60 ------- -------------------------------- CRESCENT PLAZA, BROCKTON HOME DEPOT 104,640 10/31/2008 295,425 2.82 (1) 8 YR & (2) 5 YEAR SHAWS SUPERMARKETS 50,225 12/31/2012 516,960 10.29 (6) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: CRESCENT PLAZA 154,865 812,385 5.25 ------- -------------------------------- Rhode Island WALNUT HILL PLAZA, WOONSOCKET SEARS 60,700 08/31/2003 258,000 4.25 (6) 5 YEAR (12 MONTHS) SHAWS SUPERMARKETS 52,392 12/31/2013 497,724 9.50 (6) 5 YEAR (9 MONTHS) ------- -------------------------------- Total: WALNUT HILL PLAZA 113,092 755,724 6.68 ------- -------------------------------- Vermont THE GATEWAY SHOPPING CENTER, BURLINGTON SHAWS SUPERMARKETS 31,600 06/30/2005 126,400 4.00 (1) 5 YEAR (12 MONTHS) ------- -------------------------------- Total: THE GATEWAY SHOPPING CENTER 31,600 126,400 4.00 ------- -------------------------------- Total: New England 508,816 3,659,328 8.89 ------- -------------------------------- (1) This space is contiguous to the Company's property and is not owned by the Company. (2) This is a redevelopment property. Wal*Mart has also signed a lease for 89,000 square feet at this center with an estimated occupancy in the 4th quarter of 2001. Page 29
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Anchor Tenant Summary - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required 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 Jersey ELMWOOD PARK SHOPPING CENTER, ELMWOOD PARK (1) VALLEY NATIONAL BANK 11,750 05/31/2005 79,665 6.78 (1) 10 YEAR (10 MONTHS) --------- -------------------------------- Total: ELMWOOD PARK SHOPPING CENTER 11,750 79,665 6.78 --------- -------------------------------- MARKETPLACE OF ABSECON, ABSECON ECKERD DRUG 13,207 09/20/2020 329,310 24.93 (4) 5 YEAR (6 MONTHS) ACME MARKETS 44,824 04/30/2015 598,264 13.35 (8) 5 YEAR (12 MONTHS) --------- -------------------------------- Total: MARKETPLACE OF ABSECON 58,031 927,574 15.98 --------- -------------------------------- BERLIN SHOPPING CENTER, BERLIN ACME MARKETS 32,040 04/30/2005 320,400 10.00 (2) 5 YEAR (6 MONTHS) KMART 95,810 11/30/2004 299,000 3.12 (4) 5 YEAR (6 MONTHS) --------- -------------------------------- Total: BERLIN SHOPPING CENTER 127,850 619,400 4.84 --------- -------------------------------- LEDGEWOOD MALL, LEDGEWOOD (Enclosed Mall) CIRCUIT CITY 33,294 01/31/2020 449,469 13.50 (4) 5 YEAR (6 MONTHS) MARSHALL'S 27,228 01/31/2002 313,122 11.50 - PHARMHOUSE 47,271 05/31/2009 519,981 11.00 (2) 5 YEAR THE SPORTS AUTHORITY 52,205 05/31/2007 225,000 4.31 (6) 5 YEAR (15 MONTHS) STERN'S DEPARTMENT STORES (2) 61,900 01/31/2005 553,500 8.94 (4) 5 YEAR (6 MONTHS) WAL*MART 120,570 03/31/2019 888,601 7.37 (6) 5 YEAR (6 MONTHS) --------- -------------------------------- Total: LEDGEWOOD MALL 342,468 2,949,673 8.61 --------- -------------------------------- MANAHAWKIN VILLAGE, MANAHAWKIN KMART 112,434 01/31/2019 843,255 7.50 (8) 5 YEAR (12 MONTHS) HOYTS 31,619 11/30/2018 363,618 11.50 (4) 5 YEAR (6 MONTHS) --------- -------------------------------- Total: MANAHAWKIN VILLAGE SHOPPING CENTER 144,053 1,206,873 8.38 --------- -------------------------------- New York SOUNDVIEW MARKETPLACE, PORT WASHINGTON KING KULLEN 41,400 09/26/2007 414,000 10.00 (3) 5 YEAR (11 MONTHS) CLEARVIEW CINEMA 25,400 05/31/2010 596,250 23.47 (4) 5 YEAR (12 MONTHS) --------- -------------------------------- Total: SOUNDVIEW MARKETPLACE 66,800 1,010,250 15.12 --------- -------------------------------- SMITHTOWN SHOPPING CENTER, SMITHTOWN DAFFY'S 16,125 05/30/2008 262,031 16.25 (4) 5 YEAR (12 MONTHS) WALGREENS 9,067 12/31/2021 145,024 15.99 - --------- -------------------------------- Total: SMITHTOWN SHOPPING CENTER 25,192 407,055 16.16 --------- -------------------------------- THE BRANCH SHOPPING CENTER, SMITHTOWN PATHMARK 63,000 11/30/2013 837,270 13.29 (1) 10 YEAR & (1) 5 YEAR PERGAMENT HOME CENTERS (3) 20,670 10/31/2004 272,844 13.20 (3) 5 YEAR (12 MONTHS) --------- -------------------------------- Total: RD BRANCH ASSOCIATES L.P. 83,670 1,110,114 13.27 --------- -------------------------------- NEW LOUDON CENTER, LATHAM AMES 76,641 02/28/2020 268,244 3.50 (3) 5 YEAR (12 MONTHS) CLUB PRO 47,805 04/30/2006 215,123 4.50 (1) 5 YEAR (12 MONTHS) MARSHALLS 26,015 01/31/2004 104,060 4.00 (1) 5 YEAR (12 MONTHS) PRICE CHOPPER 76,060 05/31/2015 760,577 10.00 (4) 5 YEAR (12 MONTHS) --------- -------------------------------- Total: NEW LOUDEN CENTER 226,521 1,348,004 5.95 --------- -------------------------------- TROY PLAZA, TROY AMES 71,665 05/31/2006 140,000 1.95 (1) 5 YEAR (6 MONTHS) PRICE CHOPPER 29,044 09/30/2004 56,000 1.93 (2) 5 YEAR --------- -------------------------------- Total: TROY PLAZA 100,709 196,000 1.95 --------- -------------------------------- PACESETTER PARK SHOPPING CENTER, POMONA STOP & SHOP (Ahold subsidiary) 52,052 08/31/2020 299,909 5.76 (2) 10 YEAR --------- -------------------------------- Total: PACESETTER PARK SHOPPING CENTER 52,052 299,909 5.76 --------- -------------------------------- Total: New York Region 1,239,096 10,154,517 8.20 --------- -------------------------------- (1) This is a redevelopment property. The Company will be constructing a 48,000 sf free-standing supermarket to replace the former in-line supermarket. (2) The tenant has additional expansion space bringing the total space to 74,815 s.f. with rents of $618,075. This store will be converted to a Macy's store. (3) This tenant has filed for Bankruptcy and subsequent to June 30, 2001 has liquidated its assets and rejected these leases. Page 30
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Anchor Tenant Summary - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required 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 Mid-Atlantic Pennsylvania ABINGTON TOWNE CENTER, ABINGTON (1) T.J. MAXX (1) 27,000 11/30/2010 256,500 9.50 (2) 5 YEAR (6 MONTHS) TARGET (1) 157,616 - - - CONDOMINIUM AGREEMENT ------- -------------------------------- Total: ABINGTON TOWNE CENTER 184,616 256,500 9.50 ------- -------------------------------- AMES PLAZA, SHAMOKIN AMES 59,116 01/31/2003 84,006 1.42 (2) 5 YEAR (6 MONTHS) BUY-RITE LIQUIDATORS 29,238 08/30/2010 105,257 3.60 (1) 5 YEAR (9 MONTHS) ------- -------------------------------- Total: AMES PLAZA 88,354 189,263 2.14 ------- -------------------------------- BIRNEY PLAZA, MOOSIC BIG LOTS 30,537 01/31/2003 106,880 3.50 (1) 5 YEAR (6 MONTHS) KMART 104,956 10/31/2004 204,664 1.95 (9) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: BIRNEY PLAZA 135,493 311,544 2.30 ------- -------------------------------- BLACKMAN PLAZA, WILKES-BARRE KMART 104,956 10/31/2004 204,664 1.95 (9) 5 YEAR (12 MONTHS) ------- -------------------------------- Total: BLACKMAN PLAZA 104,956 204,664 1.95 ------- -------------------------------- BRADFORD TOWNE CENTRE, TOWANDA KMART 94,841 03/31/2019 474,205 5.00 (10) 5 YEAR (6 MONTHS) PENN TRAFFIC 51,658 09/30/2014 413,264 8.00 (2) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: BRADFORD TOWNE CENTRE 146,499 887,469 6.06 ------- -------------------------------- CIRCLE PLAZA, SHAMOKIN DAM KMART 92,171 11/07/2004 252,289 2.74 (9) 5 YEAR (12 MONTHS) ------- -------------------------------- Total: CIRCLE PLAZA 92,171 252,289 2.74 ------- -------------------------------- DUNMORE PLAZA, DUNMORE ECKERD DRUGS 13,205 11/30/2004 89,134 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER (2) 26,475 11/30/2005 - - (3) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: DUNMORE PLAZA 39,680 89,134 2.25 ------- -------------------------------- EAST END CENTER, WILKES-BARRE AMES 83,000 01/31/2007 436,000 5.25 (6) 5 YEAR (6 MONTHS) PHAR-MOR 43,200 03/31/2003 324,000 7.50 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 50,000 04/30/2008 357,500 7.15 (4) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: EAST END CENTER 176,200 1,117,500 6.34 ------- (1) In connection with the redevelopment of the Abington Towne Center, the Company has sold 157,616 square feet of the main building to Target which will operate a Target store at this location. The Company has retained and is redeveloping the remaining 58,610 square feet of the center. (2) Acadia owns only the land and not the building for this tenant. Page 31
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Anchor Tenant Summary - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required 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 Mid-Atlantic (continued) Pennsylvania GREENRIDGE PLAZA, SCRANTON GIANT FOOD STORES 62,090 04/30/2021 279,405 4.50 (6) 5 YEAR (AUTO) AMES 83,330 01/31/2007 380,000 4.56 (6) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: GREENRIDGE PLAZA 145,420 659,405 4.53 ------- -------------------------------- KINGSTON PLAZA, KINGSTON DOLLAR GENERAL 6,500 06/30/2004 39,000 6.00 (1) 3 YEAR (6 MONTHS) PRICE CHOPPER 45,000 12/31/2006 245,000 5.44 (4) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: KINGSTON PLAZA 51,500 284,000 5.51 ------- -------------------------------- LUZERNE STREET SHOPPING CENTER. SCRANTON ECKERD DRUGS 14,000 04/30/2004 94,500 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER (1) 40,618 04/30/2004 177,650 4.37 (4) 5 YEAR (12 MONTHS) ------- -------------------------------- Total: LUZERNE STREET SHOPPING CENTER 54,618 272,150 4.98 ------- -------------------------------- MARK PLAZA, EDWARDSVILLE KMART 104,956 10/31/2004 204,664 1.95 (10) 5 YEAR (12 MONTHS) REDNER'S MARKET 52,639 05/31/2018 421,112 8.00 (2) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: MARK PLAZA 157,595 625,776 3.97 ------- -------------------------------- MONROE PLAZA, STROUDSBURG AMES 61,489 01/29/2009 94,434 1.54 (3) 5 YEAR ECKERD DRUGS 13,716 10/31/2002 48,006 3.50 (2) 5 YEAR (6 MONTHS) SHOP-RITE 52,924 10/31/2005 281,278 5.31 (3) 5 & (1) 3 YEAR ------- -------------------------------- Total: MONROE PLAZA 128,129 423,718 3.31 ------- -------------------------------- MOUNTAINVILLE SHOPPING CENTER, ALLENTOWN ACME MARKETS (2) 32,200 06/30/2004 85,416 2.65 Not Operating - Closed 2/24/00 ECKERD DRUGS 15,808 04/30/2004 60,000 3.80 (3) 5 YEAR (6 MONTHS) KLING'S HANDYMAN 20,000 01/31/2002 80,000 4.00 (1) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: MOUNTAINVILLE SHOPPING CENTER 68,008 225,416 3.31 ------- -------------------------------- PITTSTON PLAZA, PITTSTON ECKERD DRUGS 8,468 06/30/2006 80,446 9.50 (2) 5 YEAR (6 MONTHS) REDNER'S MARKETS 59,100 12/31/2018 416,000 7.04 (2) 5 YEAR ------- -------------------------------- Total: PITTSTON PLAZA 67,568 496,446 7.35 ------- -------------------------------- (1) This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease. (2) The Company has executed a lease with a replacement tenant Price Rite (a division of Wakefern) which commenced paying rent in July 2001. Pagd 32
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Anchor Tenant Summary - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required 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 Mid-Atlantic (continued) Pennsylvania PLAZA 15, LEWISBURG AMES 53,000 04/30/2006 121,900 2.30 (3) 5 YEAR (6 MONTHS) WEIS MARKETS 28,800 12/31/2001 95,088 3.30 (4) 5 YEAR (3 MONTHS) --------- -------------------------------- Total: PLAZA 15 81,800 216,988 2.65 --------- -------------------------------- PLAZA 422, LEBANON PLAYTIME INC, (Sub-leased from Giant Food Stores) 40,783 09/23/2004 132,030 3.24 (5) 5 YEAR AMES 83,330 10/31/2006 130,000 1.56 (3) 5 YEAR (6 MONTHS) --------- -------------------------------- Total: PLAZA 422 124,113 262,030 2.11 --------- -------------------------------- ROUTE 6 MALL, HONESDALE KMART 119,658 04/30/2020 687,951 5.75 (10) 5 YEAR (AUTOMATIC) --------- -------------------------------- Total: ROUTE 6 MALL 119,658 687,951 5.75 --------- -------------------------------- SHILLINGTON PLAZA, READING KMART 94,500 07/31/2004 261,000 2.76 (9) 5 YEAR (12 MONTHS) WEIS MARKETS 40,107 08/31/2004 106,720 2.66 (2) 5 YEAR (12 MONTHS) --------- -------------------------------- Total: SHILLINGTON PLAZA 134,607 367,720 2.73 --------- -------------------------------- TIOGA WEST,TUNKHANNOCK AMES 53,000 05/31/2005 111,300 2.10 (2) 5 YEAR (6 MONTHS) ECKERD DRUGS 12,600 03/31/2005 40,000 3.17 (2) 5 YEAR (6 MONTHS) FASHION BUG (Pays percentage rent only) 13,500 11/30/2009 - - (3) 5 YEAR (6 MONTHS) PENN TRAFFIC 34,238 09/30/2014 222,547 6.50 (2) 5 YEAR --------- -------------------------------- Total: TIOGA WEST 113,338 373,847 3.30 --------- -------------------------------- 25TH STREET SHOPPING CENTER, EASTON CVS 13,400 12/31/2005 147,400 11.00 (1) 5 YEAR (6 MONTHS) PETCO 15,400 01/31/2009 127,050 8.25 (2) 5 YEAR --------- -------------------------------- Total: 25TH STREET SHOPPING CENTER 28,800 274,450 9.53 --------- -------------------------------- UNION PLAZA, NEW CASTLE AMES 94,000 01/31/2017 493,500 5.25 (2) 5 YEAR PEEBLES (pays percentage rent only) 25,052 01/31/2018 - - (3) 3 YEAR (AUTOMATIC) SEARS 98,940 10/25/2011 445,230 4.50 (4) 5 YEAR --------- -------------------------------- Total: UNION PLAZA 217,992 938,730 4.31 --------- -------------------------------- VALMONT PLAZA, WEST HAZELTON AMES (1) 96,600 01/31/2007 220,000 2.28 (3) 5 YEAR (6 MONTHS) --------- -------------------------------- Total: VALMONT PLAZA 96,600 220,000 2.28 --------- -------------------------------- Virginia KINGS FAIRGROUNDS, DANVILLE CVS 12,160 02/28/2002 29,184 2.40 (2) 5 YEAR SCHEWEL FURNITURE 60,200 01/31/2006 180,600 3.00 (1) 5 YEAR (3 MONTHS) TRACTOR SUPPLY CO. 30,975 11/30/2008 123,900 4.00 (3) 5 YEAR (6 MONTHS) --------- -------------------------------- Total: KINGS FAIRGROUNDS 103,335 333,684 3.23 --------- -------------------------------- Total: Mid-Atlantic 2,661,050 9,970,674 3.98 --------- -------------------------------- (1) This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease. Page 33
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Anchor Tenant Summary - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required 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 Southeast Alabama MIDWAY PLAZA, OPELIKA BEALL'S OUTLET 30,000 04/30/2004 33,000 1.10 - OFFICE DEPOT 28,787 10/31/2007 69,380 2.41 (3) 5 YEAR (AUTOMATIC) ------- -------------------------------- Total: MIDWAY PLAZA 58,787 102,380 1.74 ------- -------------------------------- NORTHSIDE MALL, DOTHAN WAL*MART 111,970 01/31/2004 227,974 2.04 (6) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: NORTHSIDE MALL 111,970 227,974 2.04 ------- -------------------------------- Florida NEW SMYRNA BEACH SHOPPING CNTR, NEW SMYRNA BEACH HARDBODIES FAMILY FITNESS 11,200 08/31/2008 52,080 4.65 - THEATRE MANAGEMENT INC. (1) 24,780 11/30/2005 223,020 9.00 (4) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: NEW SMYRNA BEACH SHOPPING CNTR 35,980 275,100 7.65 ------- -------------------------------- Georgia CLOUD SPRINGS PLAZA, FORT OGLETHORPE BIG LOTS 30,000 10/31/2005 108,000 3.60 - FOOD LION 29,000 01/31/2011 181,250 6.25 (4) 5 YEAR W.S. BADCOCK 15,260 09/28/2005 51,121 3.35 (1) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: CLOUD SPRINGS PLAZA 74,260 340,371 4.58 ------- -------------------------------- South Carolina MARTINTOWN PLAZA, NORTH AUGUSTA BELK'S 44,000 01/31/2004 154,000 3.50 (4) 5 YEAR (6 MONTHS) OFFICE DEPOT 29,996 06/30/2008 142,500 4.75 (2) 5 YEAR (12 MONTHS) ------- -------------------------------- Total: MARTINTOWN PLAZA 73,996 296,500 4.01 ------- -------------------------------- WESMARK PLAZA, SUMTER GOODY'S 24,960 05/31/2005 162,240 6.50 (2) 5 YEAR (6 MONTHS) SIMPSON'S PLAZA HARDWARE 30,000 07/31/2001 54,000 1.80 - STAPLES 21,840 09/30/2005 114,660 5.25 (3) 5 YEAR (6 MONTHS) THEATRE MANAGEMENT INC. 30,155 05/31/2009 271,395 9.00 (2) 5 YEAR (6 MONTHS) ------- -------------------------------- Total: WESMARK PLAZA 106,955 602,295 5.63 ------- -------------------------------- Total: Southeast 461,948 1,844,620 3.99 ------- -------------------------------- (1) The tenant has expanded bringing the total space to 35,280 s.f. with rents of $349,020. Page 34
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Anchor Tenant Summary - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required 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 Midwest Illinois HOBSON WEST PLAZA, NAPERVILLE EAGLE FOOD CENTERS 42,037 11/30/2007 170,000 4.04 (5) 5 YEAR (6 MONTHS) --------- -------------------------------- Total: HOBSON WEST PLAZA, 42,037 170,000 4.04 --------- -------------------------------- Indiana MERRILLVILLE PLAZA, MERILLVILLE JC PENNEY 50,000 01/31/2008 450,000 9.00 (2) 5 YEAR (12 MONTHS) OFFICEMAX 26,157 07/31/2008 202,717 7.75 (4) 5 YEAR (6 MONTHS) TJ MAXX 25,200 01/31/2004 182,700 7.25 (2) 5 YEAR (6 MONTHS) --------- -------------------------------- Total: MERRILLVILLE PLAZA 101,357 835,417 8.24 --------- -------------------------------- Michigan BLOOMFIELD TOWN SQUARE, BLOOMFIELD HILLS HOME GOODS 39,646 05/31/2010 307,257 7.75 (3) 5 YEAR TJ MAXX 36,000 03/31/2003 234,000 6.50 (2) 5 YEAR (6 MONTHS) --------- -------------------------------- Total: BLOOMFIELD TOWN SQUARE 75,646 541,257 7.16 --------- -------------------------------- Ohio MAD RIVER STATION - RETAIL, DAYTON BABIES 'R' US 33,147 02/28/2005 243,630 7.35 (3) 5 YEAR OFFICE DEPOT 25,038 08/31/2005 287,937 11.50 (1) 5 YEAR (6 MONTH) --------- Total: MAD RIVER STATION - RETAIL SPACE 58,185 531,567 9.14 --------- -------------------------------- Total: Midwest 277,225 2,078,241 7.50 --------- -------------------------------- Total: Retail Anchor Properties - Wholly Owned 5,148,135 $ 27,707,380 $ 5.66 ========= ================================ Unconsolidated Retail Properties New York Region New York CROSSROADS SHOPPING CENTER,WHITEPLAINS K-MART 100,725 01/31/2012 $ 566,250 $ 5.62 (5) 5 YEAR (9 MONTHS) WALDBAUMS 38,208 12/31/2007 504,000 13.19 (5) 5 YEAR (9 MONTHS) B. DALTON 12,430 05/28/2012 321,813 25.89 (2) 5 YEAR (18 MONTHS) MODELL'S 15,000 01/11/2002 204,733 13.65 - MODELL'S (1) 25,000 02/28/2009 193,750 7.75 (2) 5 YEAR (12 MONTHS) --------- -------------------------------- Total: CROSSROADS SHOPPING CENTER 191,363 1,790,546 9.36 --------- -------------------------------- Total: New York Region 191,363 1,790,546 9.36 --------- -------------------------------- Total: Unconsolidated Retail Properties 191,363 $ 1,790,546 $ 9.36 ========= ================================ (1) This space was formerly leased to Pergament's which filed for bankruptcy and is in the process of liquidating. Modell's acquired this lease in connection with Pergaments' bankruptcy proceedings. Page 35
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Lease Expirations --------------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------------- Retail Properties Anchor Tenant Expirations 2001 3 91,000 1.86% $ 234,504 0.85% 2.58 2002 4 73,104 1.49% 470,312 1.70% 6.43 2003 5 229,553 4.69% 1,006,886 3.63% 4.39 2004 20 1,055,269 21.58% 3,155,893 11.39% 2.99 2005 17 501,174 10.24% 2,960,207 10.68% 5.91 2006 7 369,468 7.55% 1,113,069 4.02% 3.01 2007 7 427,359 8.73% 1,914,380 6.91% 4.48 2008 8 319,093 6.52% 1,886,153 6.81% 5.91 2009 6 167,815 3.43% 1,012,860 3.66% 6.04 2010 5 125,825 2.57% 1,560,428 5.63% 12.40 2011 2 127,940 2.61% 626,480 2.26% 4.90 2012 1 50,225 1.03% 516,960 1.87% 10.29 2013 2 115,392 2.36% 1,334,994 4.82% 11.57 2014 2 85,896 1.76% 635,811 2.29% 7.40 2015 3 133,177 2.72% 2,188,841 7.90% 16.44 2017 2 158,665 3.24% 1,223,500 4.42% 7.71 2018 4 168,410 3.44% 1,200,731 4.33% 7.13 2019 3 327,845 6.70% 2,206,061 7.96% 6.73 2020 5 294,852 6.03% 2,034,881 7.34% 6.90 2021 2 71,157 1.45% 424,429 1.53% 5.96 -------------------------------- ------------------------------------------ Total Occupied 108 4,893,219 100.00% $27,707,380 100.00% $ 5.66 ---------------------------------------------- Anchor GLA Owned by Tenants 254,916 Total Vacant 240,749 --------- Total Square Feet 5,388,884 ========= ---------------------------------------------- Page 35
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Lease Expirations --------------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------------- Retail Properties Shop Tenant Expirations Month to Month 38 182,624 7.73% $ 905,660 3.75% $ 4.96 2001 42 164,392 6.96% 1,784,076 7.39% 10.85 2002 76 253,461 10.73% 2,494,851 10.33% 9.84 2003 88 312,037 13.21% 3,280,603 13.58% 10.51 2004 77 325,228 13.79% 3,700,516 15.32% 11.38 2005 70 321,259 13.60% 3,341,753 13.84% 10.40 2006 45 184,077 7.79% 1,929,778 7.99% 10.48 2007 18 137,011 5.80% 1,557,956 6.45% 11.37 2008 20 109,635 4.64% 1,317,732 5.46% 12.02 2009 20 98,644 4.18% 1,137,573 4.71% 11.53 2010 18 155,020 6.56% 1,291,369 5.35% 8.33 2011 14 69,202 2.93% 816,838 3.38% 11.80 2014 1 21,500 0.91% 82,500 0.34% 3.84 2015 1 9,592 0.41% 184,838 0.77% 19.27 2019 1 14,887 0.63% 236,800 0.98% 15.91 2020 1 3,000 0.13% 87,000 0.36% 29.00 ------------------------------- ------------------------------------------- Total Occupied 530 2,361,569 100.00% $24,149,843 100.00% $ 10.22 --------------------------------------------- Total Vacant 560,711 --------- Total Square Feet 2,922,280 ========= --------------------------------------------- Page 36
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Lease Expirations --------------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------------- Retail Properties Total Retail Expirations Month to Month 38 182,624 2.52% $ 905,660 1.75% $ 4.96 2001 45 255,392 3.52% 2,018,580 3.89% 7.90 2002 80 326,565 4.50% 2,965,163 5.72% 9.08 2003 93 541,590 7.47% 4,287,489 8.27% 7.92 2004 97 1,380,497 19.03% 6,856,409 13.22% 4.97 2005 87 822,433 11.34% 6,301,960 12.15% 7.66 2006 52 553,545 7.63% 3,042,847 5.87% 5.50 2007 25 564,370 7.78% 3,472,336 6.70% 6.15 2008 28 428,728 5.91% 3,203,885 6.18% 7.47 2009 26 266,459 3.67% 2,150,433 4.15% 8.07 2010 23 280,845 3.87% 2,851,797 5.50% 10.15 2011 16 197,142 2.72% 1,443,318 2.78% 7.32 2012 1 50,225 0.69% 516,960 1.00% 10.29 2013 2 115,392 1.59% 1,334,994 2.57% 11.57 2014 3 107,396 1.48% 718,311 1.39% 6.69 2015 4 142,769 1.97% 2,373,679 4.58% 16.63 2017 2 158,665 2.19% 1,223,500 2.36% 7.71 2018 4 168,410 2.32% 1,200,731 2.32% 7.13 2019 4 342,732 4.72% 2,442,861 4.71% 7.13 2020 6 297,852 4.11% 2,121,881 4.09% 7.12 2021 2 71,157 0.97% 424,429 0.80% 5.96 ------------------------------ ----------------------------------------- Total Occupied 638 7,254,788 100.00% 51,857,223 100.00% 7.15 ---------------------------------------------- Anchor GLA Owned by Tenants 254,916 Total Vacant 801,460 --------- Total Square Feet 8,311,164 ========= ---------------------------------------------- Page 37
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 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. --------------------------------------------------------------------------------------------------- Unconsolidated Property Month to Month 1 3,000 1.00% $ 95,700 1.96% 31.90 2002 7 31,517 10.56% 690,442 14.13% 21.91 2003 5 20,241 6.78% 638,998 13.07% 31.57 2004 7 30,516 10.22% 802,461 16.42% 26.30 2005 5 16,015 5.36% 461,200 9.44% 28.80 2006 3 5,260 1.76% 151,628 3.10% 28.83 2007 3 42,258 14.16% 643,119 13.16% 15.22 2008 3 10,093 3.38% 267,882 5.48% 26.54 2009 2 26,462 8.86% 247,844 5.07% 9.37 2012 2 113,155 37.92% 888,064 18.17% 7.85 ------------------------------ ------------------------------------------- Total Occupied 38 298,517 100.00% 4,887,338 100.00% 16.37 --------------------------------------------- Total Vacant 14,402 -------- Total Square Feet 312,919 ======== --------------------------------------------- Page 38
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Residential (Multi-family) Properties % Occupied % Occupied Property Location Square Feet Units June 30, 2001 March 31, 2001 -------- -------- ----------- ----- ------------- -------------- Mid-Atlantic Maryland Glen Oaks Apartments (1) Greenbelt 557,772 463 99% 99% North Carolina Village Apartments Winston Salem 578,606 600 82% 79% Mid-West Missouri Gate House, Holiday House, Tiger Village, Columbia 628,891 874 92% 96% Colony Apartments (2) --------- ----- -- -- Totals 1,765,269 1,937 91% 91% ========= ===== == == (1) This property is held for sale as of June 30, 2001 (2) As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions Page 39
QUARTERLY SUPPLEMENTAL DISCLOSURE [GRAPHIC OMITTED] JUNE 30, 2001 Properties Under Redevelopment Acadia currently has four properties under redevelopment. Two of these properties are in the latter stages of the redevelopment process and upon the anticipated opening of their new anchors during the 4th quarter of this year, these projects will be completed. The first redevelopment is at the Abington Towne Center in the Philadelphia suburb of Abington, PA. During the fourth quarter 2000, Acadia completed the sale of the top two floors and a portion of the first floor of the main building to Target Corp. for $11.5 million, securing a new anchor for the property. T.J. Maxx, which occupies 27,000 square feet, also opened in November 2000. The Center, which was previously an enclosed multi-level mall, consists of a 203,000 square foot, three story main building (of which 157,000 is owned by Target) and 13,000 square feet of store space in outparcel buildings. The new Target store is expected to open prior to year-end. Costs incurred through second quarter 2001 totaled $2.7 million (net of a $1.3 million reimbursement received from Target during 2001) with approximately $800,000 of additional costs anticipated through completion. In Methuen, MA, the Company has executed a lease with Wal*Mart for the 89,000 square foot anchor space at the Methuen Shopping Center. Wal*Mart replaces the previous anchor, Caldor, whose lease the Company purchased in connection with Caldor's bankruptcy. Wal*Mart's rent represents a 240% increase over the former rents and a 25% yield on Acadia's investment based on the net increase in rents. During 2001, redevelopment activities continued at Acadia's two other redevelopment projects. In Elmwood Park, NJ, Acadia is re-anchoring, renovating and expanding an existing 125,000 square foot center by replacing a 28,000 in-line Grand Union supermarket with a 48,000 square foot freestanding A&P supermarket and expanding an existing Walgreen's drug store. Costs incurred through second quarter 2001 totaled $1.8 million with an additional $10.2 million anticipated through completion in 2002. In Burlington, VT, the Grand Union lease has been assigned to Shaw's supermarket as a result of Grand Union's bankruptcy proceedings. Although Acadia is pleased with the excellent credit represented by Shaw's and their reputation as a solid supermarket operator, these events have temporarily delayed the Company's planned redevelopment and de-malling of the Gateway Shopping Center. The redevelopment, as originally planned, included the recapture of an undersized 32,000 square foot Grand Union lease and construction of a new anchor space. Page 40