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): February 28, 2005
ACADIA REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland 1-12002 23-2715194
(State or other (Commission (I.R.S. Employer
jurisdiction of incorporation) File Number) Identification No.)
1311 Mamaroneck Avenue
Suite 260
White Plains, New York 10605
(Address of principal executive offices) (Zip Code)
(914) 288-8100
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425 )
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Section 2 -- Financial Information
Item 2.02 Results of Operations and Financial Condition
On February 28, 2005, the Registrant announced its consolidated financial
results for the quarter and year ended December 31, 2004. A copy of the
Registrant's earnings press release is furnished as Exhibit 99.1 to this report
on Form 8-K. The information contained in Item 2.02 of this report on Form 8-K,
including Exhibit 99.1, shall not be deemed "filed" with the Securities and
Exchange Commission nor incorporated by reference in any registration statement
filed by the Registrant under the Securities Act of 1933, as amended.
Item 7.01 Regulation FD Disclosure
On February 28, 2005, the Registrant, Acadia Realty Trust, made available
supplemental information concerning the ownership, operations and portfolio of
the Registrant as of and for the quarter and year ended December 31, 2004. A
copy of this supplemental information is furnished as Exhibit 99.2 to this
report on Form 8-K. The information contained in Item 7.01 of this report on
Form 8-K, including Exhibit 99.2, shall not be deemed "filed" with the
Securities and Exchange Commission nor incorporated by reference in any
registration statement filed by the Registrant under the Securities Act of 1933,
as amended.
Item 9.01(c) Exhibits
(c) Exhibits
Exhibit Number Description
- -------------- --------------------------------
99.1 Press release dated February 28, 2005
99.2 Financial and Operating Reporting Supplement for the
Quarter and Year Ended December 31, 2004
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACADIA REALTY TRUST
(Registrant)
Date: February 28, 2005 By: /s/ Michael Nelsen
Name: Michael Nelsen
Title: Sr. Vice President and Chief Financial Officer
2
Exhibit 99.1
Acadia Realty Trust Reports Fourth
Quarter and Year-End 2004 Operating Results
NEW YORK--(BUSINESS WIRE)--Feb. 28, 2005--Acadia Realty Trust
(NYSE:AKR - "Acadia" or the "Company"), a real estate investment trust
("REIT") today reported operating results for the quarter and year
ended December 31, 2004. All per share amounts discussed below are on
a fully diluted basis.
Fourth Quarter and Year-to-Date 2004 Highlights
13.6% FFO growth over fourth quarter 2003
-- Funds from operations ("FFO") per share for the fourth quarter
of $0.25 and $0.98 for the year were consistent with guidance
-- Earnings per share for the quarter and year were $ 0.32 and
$0.65, respectively
Portfolio occupancy increases 320 basis points to 92.3% from third
quarter 2004
-- Same-store net operating income up 3.9% for 2004
-- Rent spreads on new and renewal leases which commenced during
2004 increased 9% over the previous rents on a cash basis
Balance sheet ratios remain strong - Dividend increased
-- Dividend increased by 7.8% commencing with fourth quarter
dividend
-- Maintained conservative dividend payout ratio for 2004 of 66%
of FFO
-- 30% debt to total market capitalization
-- 3.2 to 1 fixed-charge coverage
-- 94% of debt is fixed-rate
Continued expansion of external growth platform during 2004
-- Formed second acquisition fund ("Fund II") with $300 million
of committed discretionary capital
-- New York Urban/Infill program launched; second redevelopment
project added to pipeline during fourth quarter
-- Formation of Retailer Controlled Property Venture ("RCP
Venture") with Klaff/Lubert-Adler leads to Mervyn's investment
Fourth Quarter and Year-End Operating Results - In-Line with
Guidance
FFO, a widely accepted measure of REIT performance, for the
quarter ended December 31, 2004 was $8.0 million, or $0.25 per share,
compared to $6.5 million, or $0.22 per share for the fourth quarter
2003. FFO for the year ended December 31, 2004 was $30.3 million, or
$0.98 per share compared to $0.95 per share for the same period in
2003. 2004 FFO included a charge during the third quarter of
approximately $0.7 million, or $0.02 per share, related to flood
damage incurred at the Mark Plaza located in Wilkes-Barre, PA as
previously announced by the Company. 2003 FFO included $1.2 million,
or $0.04 per share of additional rents received during the first
quarter related to the assignment of an anchor lease.
Earnings per share on a fully diluted basis was $0.32 for fourth
quarter 2004 compared to a loss of $0.02 for fourth quarter 2003.
Fourth quarter 2004 included a gain of $0.21 from the disposition of a
non-core property. Fourth quarter 2003 included a non-cash write-off
of $0.10 of unamortized tenant improvement costs related to the buyout
and termination of the former anchor at the Town Line Plaza
redevelopment project. For the year ended December 31, 2004 and 2003,
earnings per share was $0.65 and $0.29, respectively.
Portfolio Activity - Portfolio Occupancy reaches 92.3%
On a year-over-year basis, Acadia increased its portfolio
occupancy by 470 basis points. Year-end 2004 occupancy was 92.3%
compared to 87.6% at year-end 2003 and 86.3% for 2002. On a same-store
basis, year-end 2004 occupancy increased 250 basis points over 2003
occupancy of 89.8%. On a sequential basis, year-end 2004 occupancy
increased 320 basis points from that of third quarter 2004.
Same store net operating income ("NOI") for the retail portfolio
increased 3.9% for annual 2004 over 2003. The favorable variance was
driven primarily from increased rents in the core portfolio from
leasing and redevelopment activities. Fourth quarter 2004 NOI was up
4.1% over fourth quarter 2003.
During 2004, Acadia executed new and renewal leases totaling
640,000 square feet, or 9% of the retail portfolio (including joint
venture properties except Kroger/Safeway Portfolio), at an average
increase of 9% over the previous base rents on a cash basis.
Opportunistic Non-Core Disposition
During the fourth quarter, Acadia disposed of the East End Centre
located in Wilkes-Barre, Pennsylvania for approximately $12.4 million
at an effective 5.6% capitalization rate. In connection with the
transaction, the Company extinguished $23.8 million of 8.13%
fixed-rate mortgage debt which was scheduled to mature in 2010 and
cross-collateralized by the East End Centre and Crescent Plaza.
Balance Sheet - Solid Platform for Growth
Locking in long-term low-rate debt
During the fourth quarter, Acadia further reduced its interest
rate exposure by locking in interest rates and extending the maturity
for ten years on $64.0 million of joint venture debt, of which $31.4
million represents the Company's pro-rata share. In addition, the
Company reduced its outstanding floating rate debt by $47.6 million.
As a result, 94% of the Company's total mortgage debt, inclusive of
long-term interest rate swaps and the Company's pro-rata share of
joint venture debt is now fixed-rate. This has been accomplished while
maintaining a blended cost of debt of 5.9% as of year-end 2004, as
compared to 85% being fixed-rate as of the beginning of the year at a
6.1% blended cost of debt.
During the fourth quarter Acadia completed a follow-on offering of
1.9 million shares which provided $28.3 million of proceeds. These
proceeds were used to further de-leverage the balance sheet by
retiring $11.4 million of above-market fixed-rate debt. The remaining
$16.9 million was temporarily used to reduce the Company's borrowings
under its lines of credit and will be utilized to fund future
investment activity including Fund II acquisitions, anticipated
mezzanine/preferred equity investments and other potential investment
opportunities.
For 2004, the strength of Acadia's balance sheet was evidenced by
positive trends in its financial ratios as well as sufficient working
capital to fund all of its foreseeable internal and external capital
requirements. All financial ratios include the Company's pro-rata
share of unconsolidated joint venture debt and interest expense:
-- Debt to total market capitalization at year-end was 30%
compared with 39% for 2003 and 49% for 2002
-- For 2004, 94% of the Company's total mortgage debt, inclusive
of the effect of interest rate swaps, was fixed-rate. This
contrasts with 85% for 2003 and 74% as of the end of 2002
-- Fixed-charge ratio was 3.2 times (EBITDA / interest expense
plus preferred distributions)
-- Dividend payout ratio for 2004 was 66% of FFO
-- $33 million currently available under existing credit
facilities to fund anticipated capital requirements
Dividend Increase - 7.8% Increase for Fourth Quarter 2004 -
Follows 11.5% Increase in First Quarter 2003 and 8% Increase in 2002
During the fourth quarter, Acadia's Board of Trustees approved an
increase in Acadia's quarterly dividend to $0.1725 per share, which
represents a 7.8% increase over the $0.16 quarterly dividend paid by
Acadia during 2004. This represents a $0.05 increase on an annual
basis, $0.64 to $0.69, and was effective for the dividend paid January
14, 2005. Acadia has now increased its dividend by more than 44% on a
cumulative basis over the past three years. Even after the recent
dividend increase, Acadia expects to maintain its historically
conservative payout ratio for 2005.
Multiple External Growth Initiatives Launched in 2004 Creating
Multi-year Growth Potential - Second NY/Urban Infill Redevelopment
Acquired During Fourth Quarter
Fund II - Formation of Second Acquisition Fund
During 2004, Acadia launched its second discretionary acquisition
fund, Acadia Strategic Opportunity Fund II, LLC ("Fund II") raising
$300 million of committed discretionary capital, to acquire
approximately $900 million of real estate assets on a leveraged basis.
New York Urban/Infill Redevelopment Program Launched
In the third quarter, the Company announced the launching of its
New York Urban/Infill Redevelopment Program (through Fund II) with PA
Associates with the acquisition of 400 East Fordham Road in The Bronx,
NY. During the fourth quarter, Acadia announced its second urban
infill project located in Pelham Manor, NY. The Company entered into a
95-year ground lease for a 16-acre site which will be redeveloped into
a multi-anchor community retail center. Total costs to complete this
redevelopment are estimated at $30 to $35 million.
It is anticipated that both of these projects will earn an
unleveraged yield in excess of 10% upon stabilization.
RCP Venture Formed - Mervyn's acquisition closed
Acadia also formed the Retailer Controlled Property Venture ("RCP
Venture") during 2004 with Klaff Realty, L.P. ("Klaff") and Klaff's
long-time partner Lubert-Adler Management, Inc. for the purpose of
making investments in surplus or underutilized properties owned or
controlled by retailers.
During the third quarter, Acadia completed its first investment
through the RCP Venture. $23.2 million was invested by Funds I and II
(of which approximately $5.0 million was the Company's share) into an
affiliate of Lubert-Adler/Klaff, which is part of the investment
consortium, along with Sun Capital Partners, Inc. and Cerberus Capital
Management, L.P., that acquired the 257 store Mervyn's department
store chain from the Target Corporation for $1.2 billion.
Outlook - Earnings Guidance for 2005
On a fully diluted basis, the Company currently forecasts its 2005
FFO will range from $1.01 to $1.09 per share. 2005 earnings per share
is expected to range from $0.46 to $0.54. While other factors may
impact earnings, Acadia's 2005 earnings guidance is based on the
following assumptions:
- Same Property Occupancy and NOI
The Company's same property portfolio (including joint venture
properties on a pro-rata basis) is expected to experience stable
growth of approximately 3% to 4% for 2005 with expected portfolio
occupancy increasing approximately 1% over 2004. This may be offset by
the impact of potential tenant credit issues for which the Company is
forecasting reserves ranging from $0.01 to $0.03.
- Acquisitions
The Company expects to generate $0.02 to $0.06 of FFO from
external growth initiatives. The low end of this guidance should be
achieved solely from completed transactions and identified investments
expected to close during the first quarter of 2005.
- Fee Income and General and Administrative Expense
Fee income is projected to increase primarily as a result of a
full year of asset management fees from Fund II together with other
fees. The increase in fees is expected to be offset by a related
increase in general and administrative expenses, as well as additional
Sarbanes- Oxley related costs. These activities are expected to
provide $0.00 to $0.02 of FFO growth.
The following is a reconciliation of the calculation of FFO per
diluted share and earnings per diluted share:
Guidance Range for 2005 Low High
- ----------------------- ---------------
Earnings per diluted share $0.46 $0.54
Depreciation of real estate and amortization
of leasing costs:
Wholly owned and consolidated partnerships 0.47 0.47
Unconsolidated partnerships 0.08 0.08
--------------
Funds from operations $1.01 $1.09
==============
Management Comments
Commenting on the results for the quarter and year, Kenneth
Bernstein, President and CEO, stated, "We are quite pleased with our
fourth quarter and full year performance. In 2004, our team was
successful in driving the three key components of our business plan.
First, we continued to enhance the value of our core portfolio,
driving our occupancy to a five-year high while also improving the
quality of our cash flows through redevelopment and selective
disposition. Second, we further enhanced the strength and flexibility
of our balance sheet. At year end our debt to total market cap was 30%
and our fixed-charge coverage ratio was 3.2 times. Our dividend payout
ratio for the year was healthy at 66% even after raising our dividend
a cumulative 44% over three years. Third, we continued to expand our
highly opportunistic but disciplined acquisition program with the
formation of Fund II and the launching of the RCP Venture and the New
York Urban/Infill Redevelopment Program. These initiatives should
provide a highly accretive pipeline, which should help drive our
growth over the next several years. Looking ahead, the fundamentals of
our business plan remain sound and compelling. The potential for
internal growth through redevelopments coupled with a strong balance
sheet and an exciting external growth platform should enable us to
continue to create strong shareholder value going forward."
Investor Conference Call
Kenneth Bernstein, President and CEO, and Michael Nelsen, Sr. Vice
President and CFO, will conduct a conference call February 28, 2005 at
2:00 p.m. EST to review the Company's earnings and operating results.
The live conference call can be accessed by dialing 888-339-2688
(internationally 617-847-3007). There is no passcode for the live
call.
The call will also be webcast and can be accessed in a listen-only
mode at Acadia's web site at www.acadiarealty.com.
If you are unable to participate during the live webcast, the call
will be archived and available on Acadia's website. Alternatively, to
access the replay by phone, dial 888-286-8010 (internationally
617-801-6888). The replay passcode will be 48929829. The phone replay
will be available through Sunday, March 6th, 2005.
Acadia Realty Trust, headquartered in White Plains, NY, is a fully
integrated and self-managed real estate investment trust which
specializes in the acquisition, redevelopment and operation of
shopping centers which are anchored by grocery and value-oriented
retail. Acadia currently owns (or has interests in) and operates 69
properties totaling approximately 9.6 million square feet, located
primarily in the Northeast, Mid-Atlantic and Midwest United States.
Certain matters in this press release may constitute
forward-looking statements within the meaning of federal securities
law and as such may involve known and unknown risk, uncertainties and
other factors which may cause the actual results, performances or
achievements of Acadia to be materially different from any future
results, performances or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements speak only
as of the date of this document. Acadia expressly disclaims any
obligation or undertaking to release publicly any updates or revisions
to any forward-looking statements contained herein to reflect any
change in Acadia's expectations with regard thereto or change in
events, conditions or circumstances on which any such statement is
based. The Company also refers you to the documents filed by the
Company, from time to time, with the Securities and Exchange
Commission, including without limitation the Company's Annual Report
on Form 10-K and the "Management's Discussion and Analysis of
Financial Condition and Results of Operations" incorporated by
reference therein, for a discussion of such risks and uncertainties.
EBITDA is a widely used financial measure in many industries,
including the REIT industry, and is presented to assist investors and
analysts in analyzing the performance of the Company. It is helpful as
it excludes various items included in net income that are not
indicative of operating performance, such as gains (or losses) from
sales of property and depreciation and amortization and is used in
computing various financial ratios as a measure of operational
performance. The Company computes EBITDA as the sum of net income
before extraordinary items plus interest expense, depreciation, income
taxes and amortization, less any gains (losses)(including impairment
charges) on the sale of income producing properties. The Company's
method of calculating EBITDA may be different from methods used by
other REITs and, accordingly, may not be comparable to such other
REITs. EBITDA does not represent cash generated from operations as
defined by GAAP and is not indicative of cash available to fund all
cash needs, including distributions. It should not be considered as an
alternative to net income for the purpose of evaluating the Company's
performance or to cash flows as a measure of liquidity. Refer to the
Company's Financial and Operating Reporting Supplement for the quarter
as posted on its website and included in the Company's filing on Form
8K with the Securities and Exchange Commission for a reconciliation of
EBITDA.
See the notes to the attached financial tables for a further
discussion of the Company's use of FFO.
For more information visit Acadia Realty Trust's Web site at
www.acadiarealty.com
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Years ended December 31, 2004 and 2003
(dollars in thousands, except per share data)
STATEMENTS OF INCOME
For the quarters For the years
ended December 31, ended December 31,
Revenues 2004 2003 2004 2003
---------------------------------------
Minimum rents $13,063 $ 12,485 $51,469 $ 48,912
Percentage rents 385 450 952 988
Expense reimbursements 3,404 3,827 13,350 13,222
Other property income 144 266 643 748
Management fee income 1,663 540 4,763 1,971
Interest income 556 144 1,469 788
Other -- -- 210 1,218
---------------------------------------
Total revenues 19,215 17,712 72,856 67,847
---------------------------------------
Operating expenses
Property operating 3,528 4,332 14,908 14,726
Real estate taxes 2,379 2,418 9,025 8,469
General and administrative 2,993 2,803 10,578 10,734
Depreciation and amortization 4,108 6,504 15,650 17,374
---------------------------------------
Total operating expenses 13,008 16,057 50,161 51,303
---------------------------------------
Operating income 6,207 1,655 22,695 16,544
Equity in earnings of
unconsolidated partnerships 264 634 1,797 2,411
Interest expense (2,817) (2,500) (10,336) (9,954)
Gain on sale -- 932 1,187
Minority interest (199) (46) (1,197) (1,433)
---------------------------------------
Income (loss) from continuing
operations 3,455 (257) 13,891 8,755
---------------------------------------
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Years ended December 31, 2004 and 2003
(dollars in thousands, except per share data)
STATEMENTS OF INCOME (continued)
For the quarters For the years
ended December 31, ended December 31,
2004 2003 2004 2003
---------------------------------------
Discontinued operations:
Operating income (loss) from
discontinued operations $ 10 $ (229) $ (886) $ (988)
Gain on sale of property 6,696 -- 6,696 --
Minority interest (85) 9 (116) 86
---------------------------------------
Income (loss) from discontinued
operations 6,621 (220) 5,694 (902)
---------------------------------------
Net income (loss) $10,076 $ (477) $19,585 $ 7,853
=======================================
Net income (loss) per Common
Share - Basic
Net income (loss) per Common
Share - Continuing operations $ .11 $ (.01) $ .47 $ .33
Net income (loss) per Common
Share - Discontinued
operations .22 (.01) .20 (.03)
---------------------------------------
Net income (loss) per Common
Share $ .33 $ (.02) $ .67 $ .30
=======================================
Weighted average Common Shares 30,666 27,432 29,341 26,640
=======================================
Net income (loss) per Common
Share - Diluted (1)
Net income (loss) per Common
Share - Continuing operations $ .11 $ (.01) $ .46 $ .32
Net income (loss) per Common
Share - Discontinued
operations .21 (.01) .19 (.03)
---------------------------------------
Net income (loss) per Common
Share $ .32 $ (.02) $ .65 $ .29
---------------------------------------
Weighted average Common Shares 31,646 28,306 29,912 27,230
=======================================
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Years ended December 31, 2004 and 2003
(dollars in thousands, except per share data)
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (2)
For the quarters For the years
ended December 31, ended December 31,
2004 2003 2004 2003
---------------------------------------
Net income (loss) $10,076 $ (477) $19,585 $ 7,853
Depreciation of real estate and
amortization of leasing costs:
Wholly owned and
consolidated partnerships 3,739 6,416 14,411 16,957
Unconsolidated partnerships 622 550 2,329 2,107
Income attributable to minority
interest in Operating
Partnership 131 (11) 375 747
Gain on sale of properties (6,696) -- (6,696) --
---------------------------------------
Funds from operations - Basic 7,872 6,478 30,004 27,664
Distributions - Preferred OP
Units 88 36 335 185
---------------------------------------
Funds from operations - Diluted 7,960 6,514 30,339 27,849
Funds from operations -
Discontinued operations 74 (101) (461) (455)
---------------------------------------
Funds from operations -
Continuing operations $ 7,886 $ 6,615 $30,800 $ 28,304
=======================================
Funds from operations per share
- Basic
Weighted average Common Shares
and OP Units (3) 31,058 28,572 29,939 28,508
=======================================
Funds from operations per share
- Continuing operations $ .25 $ .23 $ 1.02 $ .99
Funds from operations per share
- Discontinued operations -- -- (.02) (.02)
---------------------------------------
Funds from operations per
share $ .25 $ .23 $ 1.00 $ .97
=======================================
Funds from operations per share
- Diluted
Weighted average Common Shares
and OP Units (3) 32,038 29,741 31,010 29,392
=======================================
Funds from operations per share
- Continuing operations $ .25 $ .22 $ .99 $ .96
Funds from operations per share
- Discontinued operations -- -- (.01) (.01)
=======================================
Funds from operations per
share $ .25 $ .22 $ .98 $ .95
=======================================
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
As of December 31, 2004 and 2003
(dollars in thousands, except per share data)
SELECTED BALANCE SHEET INFORMATION
December 31, December 31,
2004 2003
---- ----
Cash and cash equivalents $ 13,499 $ 14,663
Rental property, at cost 422,177 414,138
Total assets 396,343 388,184
Mortgage notes payable 153,361 174,847
Total liabilities 171,868 208,765
Fixed rate debt: (4) 146,407 140,836
% of outstanding debt 95 % 81 %
Weighted average interest rate 6.1 % 6.4 %
Variable rate debt (4) $ 6,954 $ 34,011
% of outstanding debt 5 % 19 %
Weighted average interest rate 3.8 % 2.9 %
Total weighted average interest rate 6.0 % 5.8 %
Notes:
(1) Reflects the potential dilution that could occur if securities
or other contracts to issue Common Shares were exercised or converted
into Common Shares.
(2) The Company considers funds from operations ("FFO") as defined
by the National Association of Real Estate Investment Trusts
("NAREIT") to be an appropriate supplemental disclosure of operating
performance for an equity REIT due to its widespread acceptance and
use within the REIT and analyst communities. FFO is presented to
assist investors in analyzing the performance of the Company. It is
helpful as it excludes various items included in net income that are
not indicative of the operating performance, such as gains (losses)
from sales of depreciated property and depreciation and amortization.
However, the Company's method of calculating FFO may be different from
methods used by other REITs and, accordingly, may not be comparable to
such other REITs. FFO does not represent cash generated from
operations as defined by generally accepted accounting principles
("GAAP") and is not indicative of cash available to fund all cash
needs, including distributions. It should not be considered as an
alternative to net income for the purpose of evaluating the Company's
performance or to cash flows as a measure of liquidity. Consistent
with the NAREIT definition, the Company defines FFO as net income
(computed in accordance with GAAP), excluding gains (losses) from
sales of depreciated property, plus depreciation and amortization, and
after adjustments for unconsolidated partnerships and joint ventures.
(3) In addition to the weighted average Common Shares outstanding,
diluted FFO also assumes full conversion of a weighted average 392 and
1,140 OP Units into Common Shares for the quarters ended December 31,
2004 and 2003, respectively and 598 and 1,868 OP Units into Common
Shares for the years ended December 31, 2004 and 2003, respectively.
Diluted FFO also includes the assumed conversion of Preferred OP Units
into 523 and 295 Common Shares for the quarters ended December 31,
2004 and 2003, respectively and 500 and 295 Common Shares for the
years ended December 31, 2004 and 2003, respectively.
(4) Fixed-rate debt includes $86,156 of notional principal fixed
through swap transactions. Conversely, variable-rate debt excludes
this amount.
CONTACT: Acadia Realty Trust
Investor Relations
Jon Grisham, 914-288-8142
Exhibit 99.2
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Table of Contents
-----------------
Page Page
---- ----
Section I -- Overview Section III -- Joint Venture Information
Important Notes 2 Overview -- Fund I 24
Company Information 3 Overview -- Fund II 25
Overview -- RCP Venture 27
Fund I Properties -- Detail 28
Management Team 4 Top 10 Fund I Tenants 29
Section II -- Financial Information Kroger/Safeway Locations 30
Market Capitalization 5 Fund I Properties -- Detail 31
Shareholder Information 6 Section IV -- Parent Portfolio Information
Operating Statements -- Consolidated 7 Properties -- Overview 32
Operating Statements -- Joint Venture Activity 9 Properties by Region -- Summary 33
Operating Statements -- Activity by Source 11 Properties by State -- Summary 36
Operating Statements -- Current v. Historical 13 Properties -- Detail 38
Net Operating Income -- Same Property Performance 14 Leasing Production 40
Funds from Operations ("FFO"), Adjusted FFO ("AFFO") Top 10 Tenants -- Consolidated 41
and Funds Available for Distribution ("FAD") 15
Anchor Tenant Detail 42
Capital Expenditures 16
Anchor Lease Expirations -- Next 3 Years 48
Balance Sheets 17
Lease Expirations 49
Selected Operating Ratios 18
Property Demographics 57
Debt Analysis -- Summary 19
Residential Properties 58
Debt Analysis -- Detail 20
Debt Maturity Schedule 22
Unencumbered Properties 23
Visit acadiarealty.com for current news as well as additional property details and financial information
Page 1
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Important Notes
---------------
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this supplemental disclosure may contain
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as
such may involve known and unknown risks, uncertainties and other factors which
may cause the Company's actual results, performance or achievements to be
materially different from future results, performance or achievements expressed
or implied by such forward-looking statements. Forward-looking statements, which
are based on certain assumptions and describe the Company's future plans,
strategies and expectations are generally identifiable by use of the words
"may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend"
or "project" or the negative thereof or other variations thereon or comparable
terminology. Factors which could have a material adverse effect on the
operations and future prospects of the Company include, but are not limited to
those set forth under the heading "Risk Factors" in the Company's Annual Report
on Form 10-K. These risks and uncertainties should be considered in evaluating
any forward-looking statements contained or incorporated by reference herein.
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
The Company considers funds from operations ("FFO") as defined by the National
Association of Real Estate Investment Trusts ("NAREIT") to be an appropriate
supplemental disclosure of operating performance for an equity REIT due to its
widespread acceptance and use within the REIT and analyst communities. FFO is
presented to assist investors in analyzing the performance of the Company. It is
helpful as it excludes various items included in net income that are not
indicative of the operating performance, such as gains (or losses) from sales of
property and depreciation and amortization. However, the Company's method of
calculating FFO may be different from methods used by other REITs and,
accordingly, may not be comparable to such other REITs. FFO does not represent
cash generated from operations as defined by generally accepted accounting
principles ("GAAP") and is not indicative of cash available to fund all cash
needs, including distributions. It should not be considered as an alternative to
net income for the purpose of evaluating the Company's performance or to cash
flows as a measure of liquidity. Consistent with the NAREIT definition, the
Company defines FFO as net income (computed in accordance with GAAP), excluding
gains (or losses) from sales of depreciated property, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint
ventures.
USE OF EBITDA AS NON-GAAP FINANCIAL MEASURE
EBITDA is a widely used financial measure in many industries, including the REIT
industry, and is presented to assist investors and analysts in analyzing the
performance of the Company. It is helpful as it excludes various items included
in net income that are not indicative of operating performance, such as gains
(or losses) from sales of property and depreciation and amortization and is used
in computing various financial ratios as a measure of operational performance.
The Company computes EBITDA as the sum of net income before extraordinary items
plus interest expense, depreciation, income taxes and amortization, less any
gains (losses including impairment charges) on the sale of income producing
properties. The Company's method of calculating EBITDA may be different from
methods used by other REITs and, accordingly, may not be comparable to such
other REITs. EBITDA does not represent cash generated from operations as defined
by GAAP and is not indicative of cash available to fund all cash needs,
including distributions. It should not be considered as an alternative to net
income for the purpose of evaluating the Company's performance or to cash flows
as a measure of liquidity.
Page 2
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Company Information
Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated
and self-managed real estate investment trust which specializes in the
acquisition, redevelopment and operation of shopping centers which are anchored
by grocery and value-oriented retail. Acadia currently owns (or has interests
in) and operates 69 properties totaling approximately 9.6 million square feet,
located in the Northeast, Mid-Atlantic and Midwest United States.
All of Acadia's assets are held by, and all its operations are conducted
through, Acadia Realty Limited Partnership (and its majority-owned subsidiaries)
which is currently 99% controlled by Acadia.
Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham
Suite 260 Vice President
White Plains, NY 10605 (914) 288-8142
jgrisham@acadiarealty.com
New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com
Analyst Coverage Banc of America Securities Citigroup -- Smith Barney
Ross Nussbaum -- (212) 847-5668 Jonathan Litt -- (212) 816-0231
ross.nussbaum@bofasecurities.com jonathan.litt@citigroup.com
Michael Bilerman -- (212) 816-1383
RBC Capital Markets michael.bilerman@citigroup.com
Jay Leupp -- (415) 633-8588 David Carlisle -- (212) 816-1382
jay.leupp@rbccm.com david.s.carlisle@citigroup.com
David Ronco -- (415) 633-8566
david.ronco@rbccm.com Advest, Inc.
Sheila McGrath -- (908) 598-1180
MaxCor Financial sheila.mcgrath@advest.com
Paul Adornato, CFA -- (646) 346-7327
padornato@maxf.com J.P. Morgan Securities, Inc.
Michael W. Mueller, CFA (212) 622-6689
michael.w.mueller@jpmorgan.com
Josh Bederman (212) 622-6530
josh.h.bederman@jpmorgan.com
Page 3
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Executive Management Team
-------------------------
Kenneth F. Bernstein Chief Executive Officer Mr. Bernstein is responsible for strategic planning as well as overseeing all day to
and President 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 analysis of acquisition
Chief Investment Officer properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and Finance
for Rosenshein Associates, a regional shopping center developer based in New
Rochelle, New York. During this time, Mr. Braun was instrumental in the initiation
and formation of Kranzco Realty Trust, a publicly traded REIT. Mr. Braun holds a
Bachelor's in Business Administration from Boston University and a Master's Degree in
Planning from John Hopkins University.
Joseph Hogan Senior Vice President, Most recently, Mr. Hogan served as Vice President with Kimco Realty Corporation
Director of Construction (NYSE:KIM), where he was responsible for business development and management of all
retail and commercial construction projects for Kimco, in addition to outside
customers and development companies. Prior to joining Kimco, he was with Konover
Construction Company, a subsidiary of Konover & Associates located in West Hartford,
Connecticut, where he was responsible for construction projects throughout the
eastern half of the United States.
Robert Masters, Esq. Senior Vice President, Prior to joining Acadia in December 1994, Mr. Masters was General Counsel for API
General Counsel, Asset Management for over five years, Senior Vice President Deputy General Counsel
Corporate Secretary 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 company's internal operations.
CPM Director of Operations Previously, he held the position of Senior Vice President, Director of Property
Management. Prior to joining Acadia in 1995, Mr. Napolitano was employed by Rosen
Associates Management Corp. as a Senior Property Manager overseeing a national
portfolio of community shopping centers, and Roebling Management Co. as a Property
Manager responsible for neighborhood and community shopping centers nationally. Mr.
Napolitano holds a Bachelor's in Business Administration from Adelphi University,
Garden City, NY; and is a Certified Property Manager by the Institute of Property
Management (IREM). Mr. Napolitano is also a member of the New York State Association
of Realtors (NYSAR) International Council of Shopping Center (ICSC), Commercial
Investment Real Estate Institute (CIREI), and the Building Owners and Managers
Institute (BOMI).
Michael Nelsen Senior Vice President, Mr. Nelsen oversees all the financial activities and asset management functions. Mr.
Chief Financial Officer Nelsen was most recently President of G. Soros Realty, Inc. and Director of Real
Estate for Soros Private Funds Management LLC. His responsibilities included
asset/portfolio management of real estate operations, financial reporting,
financings, asset acquisitions and dispositions. Previously, he was a partner in the
public accounting firm of David Berdon & Co. Mr. Nelsen has been a Certified Public
Accountant since 1971.
Joseph Povinelli Senior Vice President, Mr. Povinelli joined Acadia in 1999 with 19 years of retail leasing experience. Since
Director of Leasing 1987 Mr. Povinelli had served as regional real estate representative for Vornado
Realty Trust, a New Jersey based Real estate investment trust, and was responsible
for the day to day leasing activity of approximately 3 million square feet of the
strip shopping center portfolio. Prior to this he served as leasing representative
for Net Properties Management, Great Neck, New York, responsible for leasing of the
strip shopping center and office building portfolio of the mid-atlantic and southeast
regions of the company. Mr. Povinelli received a Bachelor of Science degree in
Finance and Economics from C.W. Post College of Long Island Universty.
Page 4
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Total Market Capitalization
---------------------------
(including pro-rata share of joint venture debt)
Percent of
Percent of Total Market
(amounts in thousands) Total Equity Capitalization
-----------------------------------
Equity Capitalization
- ---------------------
Total Common Shares Outstanding 97.7% 31,341
Common Operating Partnership ("OP") Units 1.2% 392
----------
Combined Common Shares and OP Units 31,733
Market Price at December 31, 2004 $15.73
----------
Equity Capitalization - Common Shares and OP Units $499,160
Preferred OP Units - at cost (1) 1.1% 5,580
---------------------
Total Equity Capitalization 100.0% 504,740 70.4%
===================================
Debt Capitalization
- -------------------
Company's balance sheet 153,361 21.4%
Pro-rata share of joint venture debt 58,828 8.1%
------------------------
Total Debt Capitalization 212,189 29.6%
------------------------
Total Market Capitalization $716,929 100.0%
========================
Weighted Average Outstanding Common Shares and O.P. Units
---------------------------------------------------------
Common
Shares O.P. Units Total
------- ---------- -----
========================================================================================================================
Basic
Quarter ended December 31, 2004 30,665,688 392,255 31,057,943
Year ended December 31, 2004 29,340,992 598,259 29,939,251
Fully Diluted (3)
Quarter ended December 31, 2004 31,645,852 392,255 32,038,107
Year ended December 31, 2004 29,912,405 598,259 30,510,664
========================================================================================================================
Basic
Quarter ended December 31, 2003 27,431,982 1,140,217 28,572,199
Year ended December 31, 2003 26,639,832 1,868,013 28,507,845
Fully Diluted
Quarter ended December 31, 2003 28,305,567 1,140,217 29,445,784
Year ended December 31, 2003 27,229,546 1,868,014 29,097,560
(1) In connection with the acquisition of the Pacesetter Park Shopping Center in
1999, the Company issued 2,212 Preferred OP Units, of which 632 have been
converted to Common OP Units to date. The remaining Preferred OP Units are
reflected above at their stated cost of $1,000 per unit. Also includes $4,000 of
Preferred OP Units issued to Klaff L.P. related to the acquisition of management
contracts.
(2) Fixed-rate debt includes notional principal fixed through interest rate swap
transactions and conversely, variable-rate debt excludes this amount.
(3) For purposes of 2004 earnings per share calculations, the assumed conversion
of Preferred OP Units is anti-dilutive and not reflected above. However, for the
purposes of calculating FFO on a fully diluted basis, these stock equivalents
are dilutive and amount to 522,679 and 499,662 for the quarter and year ended
December 31, 2004.
Page 5
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Shareholder Information
-----------------------
(amounts in thousands)
10 Largest Institutional/Non-Retail
Shareholders (1) Percent of Out-
Common standing Common
Shareholder Shares Held Shares
- ----------------------- --------------------------------
Yale University 4,634 14.8%
Wellington Management 3,877 12.4%
Morgan Stanley 1,843 5.9%
Clarion CRA Securities 1,747 5.6%
Cliffwood Partners 1,471 4.7%
Stanford University 1,411 4.5%
Vanguard Group 1,210 3.9%
Third Avenue Management 1,023 3.3%
LaSalle Investment Management
Securities 864 2.8%
Barclay's Global
Investors 787 2.5%
------------------------
Total of 10 Largest Institutional
Shareholders 18,867 60.2%
========================
Total of all Institutional
Shareholders 29,384 93.8%
========================
Operating Partnership
Unit Information
----------------
Percent
of Total O.P. Units
------------------------
Managment O.P. Unit
Holders 338 86.2%
Other O.P. Unit Holders 54 13.8%
------------------------
Total O.P. Units 392 100.0%
========================
Management and Trustee Ownership
--------------------------------
Common Shares (not
including options) 479
O.P. Units (see above) 338
----------------
817
================
(1) Based on most recent Schedule 13F filing
Page 6
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Statements of Operations - Consolidated (1)
-------------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
Year-to-Date Current Quarter
Year 3 months
ended December 31, ended December 31,
2004 2004
----------------------------------- -----------------------------------
Wholly JV's Discontinued Total Wholly JV's Discontinued Total
Owned (2) Owned (2)
----------------------------------- -----------------------------------
PROPERTY REVENUES
Minimum rents $50,561 $7,572 $1,065 $59,198 $12,811 $1,866 $170 $14,847
Percentage rents 952 78 17 1,047 385 23 15 423
Expense reimbursements 13,349 1,806 250 15,405 3,404 487 7 3,898
Other property income 625 55 21 701 144 23 17 184
----------------------------------- -----------------------------------
65,487 9,511 1,353 76,351 16,744 2,399 209 19,352
----------------------------------- -----------------------------------
PROPERTY EXPENSES
Property operating 13,781 1,635 411 15,827 3,358 614 46 4,018
Real estate taxes 9,024 1,058 240 10,322 2,379 319 (15) 2,683
----------------------------------- -----------------------------------
22,805 2,693 651 26,149 5,737 933 31 6,701
----------------------------------- -----------------------------------
NET OPERATING INCOME - PROPERTIES 42,682 6,818 702 50,202 11,007 1,466 178 12,651
OTHER INCOME (EXPENSE)
General and administrative (5,705) (100) - (5,805) (1,628) (74) - (1,702)
Property related home office expenses (4,762) - - (4,762) (1,254) - - (1,254)
Equity in Fund I unconsolidated properties - (44) - (44) - (23) - (23)
Lease termination income - - - - - - - -
Interest income 1,488 23 - 1,511 556 3 - 559
Asset and property management income (3) 4,763 - - 4,763 1,663 - - 1,663
Property management expense (241) - - (241) (63) - - (63)
Straight-line rent income 906 104 3 1,013 251 328 - 579
Straight-line rents written off (154) - (116) (270) (106) - - (106)
FAS 141 Rent - 116 - 116 - 43 - 43
Hurricane related expenses (730) - - (730) - - - -
Other income 210 - - 210 - - - -
----------------------------------- -----------------------------------
EBIDTA 38,457 6,917 589 45,963 10,426 1,743 178 12,347
Depreciation and amortization (15,650)(2,495) (427)(18,572) (4,108) (781) (64) (4,953)
FAS 141 Amortization - (39) - (39) - (27) - (27)
Interest expense (10,446)(2,699) (1,049)(14,194) (2,928) (698) (104) (3,730)
FAS 141 Interest - 115 - 115 - 29 - 29
Impairment of real estate - - - - - - - -
Gain on sale of properties 931 - 6,696 7,627 - - 6,696 6,696
----------------------------------- -----------------------------------
Income before minority interest 13,292 1,799 5,809 20,900 3,390 266 6,706 10,362
Minority interest - OP (273) (39) (63) (375) (42) (4) (85) (131)
Minority interest (938) (2) - (940) (153) (2) - (155)
----------------------------------- -----------------------------------
NET INCOME $12,081 $1,758 $5,746 $19,585 $3,195 $260 $6,621 $10,076
=================================== ===================================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation of
operating results for the interim periods. The Company's equity in the earnings
of unconsolidated partnerships is reflected separately for revenues and expenses
by calculating it's pro-rata share for each of the above line items. In total,
this agrees with the equity in earnings of unconsolidated partnerships as
reported in the Company's Form 10Q's and 10K for the corresponding periods.
(2) The Company currently invests in Funds I & II as detailed elsewhere in this
Supplement.The Company also has a 49% JV interest in a 311,000 square foot
shopping center ("Crossroads")
(3) Detail as follows:
4th 3rd 2nd 1st
YTD Quarter Quarter Quarter Quarter
------- --------------------------------
Asset management fee Fund I $1,050 262 $263 $263 $262
Asset management fee Fund II (Formed June 2004) 1,631 750 756 125 -
Property management and leasing fees - Fund I 663 140 161 223 139
Property management fees - Other 534 184 141 97 112
Other fees - Klaff Portfolio 885 327 218 308 32
------- --------------------------------
$4,763 $1,663 $1,539 $1,016 $545
======= ================================
Page 7
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Statements of Operations - Consolidated (1)
-------------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
Previous Quarters
3 months 3 months 3 months
ended September 30, ended June 30, ended March 31,
2004 2004 2004
----------------------------------- ----------------------------------- -----------------------------------
Wholly JV's Discontinued Total Wholly JV's Discontinued Total Wholly JV's Discontinued Total
Owned (2) Owned (2) Owned (2)
----------------------------------- ----------------------------------- -----------------------------------
PROPERTY REVENUES
Minimum rents $12,639 $1,705 $294 $14,638 $12,607 $2,032 $298 $14,937 $12,504 $1,969 $303 $14,776
Percentage
rents 147 36 - 183 203 4 - 207 217 15 2 234
Expense
reimbursements 3,312 461 73 3,846 3,042 445 87 3,574 3,591 413 83 4,087
Other property
income 157 16 - 173 200 7 - 207 124 9 4 137
----------------------------------- ----------------------------------- -----------------------------------
16,255 2,218 367 18,840 16,052 2,488 385 18,925 16,436 2,406 392 19,234
----------------------------------- ----------------------------------- -----------------------------------
PROPERTY EXPENSES
Property
operating 3,363 338 143 3,844 3,361 320 80 3,761 3,699 363 142 4,204
Real estate
taxes 2,394 252 67 2,713 2,003 255 114 2,372 2,248 232 74 2,554
----------------------------------- ----------------------------------- -----------------------------------
5,757 590 210 6,557 5,364 575 194 6,133 5,947 595 216 6,758
----------------------------------- ----------------------------------- -----------------------------------
NET OPERATING
INCOME -
PROPERTIES 10,498 1,628 157 12,283 10,688 1,913 191 12,792 10,489 1,811 176 12,476
OTHER INCOME (EXPENSE)
General and
administrative (1,567) (20) - (1,587) (1,185) (6) - (1,191) (1,325) - - (1,325)
Property
related home
office
expenses (1,107) - - (1,107) (1,237) - - (1,237) (1,164) - - (1,164)
Equity in Fund
I
unconsolidated
properties - (3) - (3) - (18) - (18) - - - -
Lease
termination
income - - - - - - - - - - - -
Interest income 332 2 - 334 485 18 - 503 115 - - 115
Asset and
property
management
income (3) 1,539 - - 1,539 1,016 - - 1,016 545 - - 545
Property
management
expense (58) - - (58) (58) - - (58) (62) - - (62)
Straight-line
rent income 190 82 - 272 173 (213) 1 (39) 292 (93) 2 201
Straight-line
rents written
off (20) - (2) (22) (28) - - (28) - - (114) (114)
FAS 141 Rent - 12 12 23 - 23 - 38 - 38
Hurricane
related
expenses (730) - - (730) - - - - - - - -
Other income 23 - - 23 31 - - 31 156 - - 156
----------------------------------- ----------------------------------- -----------------------------------
EBIDTA 9,100 1,701 155 10,956 9,885 1,717 192 11,794 9,046 1,756 64 10,866
Depreciation
and
amortization (3,807) (569) (121) (4,497) (4,000) (572) (121) (4,693) (3,735) (573) (121) (4,429)
FAS 141
Amortization (7) (7) (5) - (5) - - - -
Interest
expense (2,643) (671) (314) (3,628) (2,446) (663) (315) (3,424) (2,429) (667) (316) (3,412)
FAS 141
Interest 29 29 29 - 29 - 28 - 28
Impairment of
real estate - - - - - - - - - - - -
Gain on sale of
properties 423 - - 423 508 - - 508 - - - -
----------------------------------- ----------------------------------- -----------------------------------
Income before
minority
interest 3,073 483 (280) 3,276 3,947 506 (244) 4,209 2,882 544 (373) 3,053
Minority
interest - OP (54) (7) 4 (57) (68) (8) 4 (72) (109) (20) 14 (115)
Minority
interest (324) - - (324) (373) - - (373) (88) - - (88)
----------------------------------- ----------------------------------- -----------------------------------
NET INCOME $2,695 $476 $(276) $2,895 $3,506 $498 $(240) $3,764 $2,685 $524 $(359) $2,850
=================================== =================================== ==================================
Page 8
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Statements of Operations - Joint Venture Activity (1)
-----------------------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
Year-to-Date Current Quarter
Year 3 months
ended December 31, ended December 31,
2004 2004
-------------------------------------------------------------------------------------------------------
AKR Pro- AKR Pro- Pro- Pro-rata AKR Pro- AKR Pro- Pro- Pro-
rata rata rata rata rata rata rata
Fund I share Fund II shareCrossroads share Total Fund I share Fund II shareCrossroadsshare Total
-------------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $21,133 $4,696 $737 $147 $5,571 $2,729 $7,425 $4,626 $1,028 $737 $147 $1,407 $691 $1,866
Percentage rents 312 69 - - 18 9 78 105 23 - - - - 23
Expense
reimbursements 2,744 611 131 26 2,385 1,169 1,780 576 128 131 26 680 333 487
Other property
income 87 20 - - 72 35 55 52 12 - - 23 11 23
-------------------------------------------------------------------------------------------------------
24,276 5,396 868 173 8,046 3,942 9,338 5,359 1,191 868 173 2,110 1,035 2,399
-------------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property
operating 4,219 939 482 96 1,225 600 1,539 1,274 285 482 96 476 233 614
Real estate taxes 1,214 269 296 59 1,490 730 999 344 76 296 59 376 184 319
-------------------------------------------------------------------------------------------------------
5,433 1,208 778 155 2,715 1,330 2,538 1,618 361 778 155 852 417 933
-------------------------------------------------------------------------------------------------------
NET OPERATING
INCOME -
PROPERTIES 18,843 4,188 90 18 5,331 2,612 6,800 3,741 830 90 18 1,258 618 1,466
OTHER INCOME
(EXPENSE)
General and
administrative (315) (70) (149) (30) - - (70) (197) (44) (149) (30) - - (74)
Property related
home office
expenses - - - - - - - - - - - - - -
Equity in Fund I
unconsolidated
properties (2) (197) (44) - - - - (44) (103) (23) - - - - (23)
Lease termination
income - - - - - - - - - - - - - -
Interest income 97 22 3 1 - - 22 8 2 3 1 - - 3
Asset and
property
management
income - - - - - - - - - - - - - -
Asset and
property
management
expense( 3) (3,208) - (938) - - - - (519) - (938) - - - -
Straight-line
rent income 197 44 5 1 121 59 103 1,181 262 5 1 132 65 328
Straight-line
rents written
off - - - - - - - - - - - - - -
FAS 141 Rent 519 115 7 1 - - 188 42 7 1 - - 43
Hurricane related
expenses - - - - - - - - - - - - - -
Other income - - - - - - - - - - - - - -
-------------------------------------------------------------------------------------------------------
EBIDTA 15,936 4,255 (982) (9) 5,452 2,671 6,811 4,299 1,069 (982) (9) 1,390 683 1,743
Depreciation and
amortization (4) (7,582)(1,693) (147) (29) (779) (773) (2,466) (2,227) (495) (147) (29) (325) (257) (781)
FAS 141
Amortization (86) (19) (100) (20) - - (31) (7) (100) (20) - - (27)
Interest expense
(4) (6,890)(1,483) (241) (38) (2,740)(1,178) (2,661) (1,849) (392) (241) (38) (796) (268) (698)
FAS 141 Interest 523 115 - - - - 132 29 - - - - 29
Impairment of
real estate - - - - - - - - - - - - - -
Gain on sale of
properties - - - - - - - - - - - - - -
-------------------------------------------------------------------------------------------------------
Income before
minority
interest 1,901 1,175 (1,470) (96) 1,933 720 1,684 324 204 (1,470) (96) 269 158 266
Minority interest
- OP - (25) - 1 - (15) (40) - (3) - 1 - (2) (4)
Minority interest (35) (8) 28 6 - - (8) (35) (8) 28 6 - - (2)
-------------------------------------------------------------------------------------------------------
NET INCOME $1,866 $1,142 $(1,442)$(89) $1,933 $705 $1,636 $289 $193 $(1,442)$(89) $269 $156 $260
=======================================================================================================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation of
operating results for the interim periods. The Company's equity in the earnings
of unconsolidated partnerships is reflected separately for revenues and expenses
by calculating it's pro-rata share for each of the above line items. In total,
this agrees with the equity in earnings of unconsolidated partnerships as
reported in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I & II as detailed elsewhere in this
Supplement.The Company also has a 49% JV interest in a 311,000 square foot
shopping center ("Crossroads").
(2) Fund I currently invests in 3 properties in which it has 50% interest in and
for which it uses the equity method of accounting.
(3) Funds I and II pay asset management and property management fees to Acadia
Realty L.P. As such, the Company does not recognize a pro-rata share of these
expenses in its consolidated financial statements.
(4) The Company had two interest rate swaps, effectively fixing the interest
rate on its pro-rata portion of the mortgage debt from its investment in
Crossroads. Acadia's pro-rata share of its interest expense has been adjusted
for the effect of these swaps. These swaps were terminated during the fourth
quarter of 2004. In addition to its pro-rata share of depreciation, the Company
recognizes depreciation on its increased basis in Crossroads.
Page 9
Previous Quarters
3 months 3 months 3 months
ended September 30, ended June 30, ended March 31,
2004 2004 2004
------------------------------------ ------------------------------------ ------------------------------------
AKR Pro- Pro- Pro- Acadia Pro- Pro- Pro- Acadia Pro- Pro- Pro-
Funds rata Cross- rata rata Funds rata Cross- rata rata Funds rata Cross- rata rata
I & II share roads share Total I & II share roads share Total I & II share roads share Total
------------------------------------ ------------------------------------ ------------------------------------
PROPERTY REVENUES
Minimum rents $4,701 $1,045 $1,353 $660 $1,705 $6,121 $1,360 $1,368 $672 $2,032 $5,685 $1,263 $1,443 $706 $1,969
Percentage
rents 123 27 18 9 36 17 4 - - 4 67 15 - - 15
Expense
reimbursements 727 162 610 299 461 790 176 549 269 445 651 145 546 268 413
Other property
income 28 6 20 10 16 4 1 12 6 7 3 1 17 8 9
------------------------------------ ------------------------------------ ------------------------------------
5,579 1,240 2,001 978 2,218 6,932 1,541 1,929 947 2,488 6,406 1,424 2,006 982 2,406
------------------------------------ ------------------------------------ ------------------------------------
PROPERTY EXPENSES
Property
operating 884 196 290 142 338 1,037 230 183 90 320 1,024 228 276 135 363
Real estate
taxes 308 68 376 184 252 294 65 387 190 255 268 60 351 172 232
------------------------------------ ------------------------------------ ------------------------------------
1,192 264 666 326 590 1,331 295 570 280 575 1,292 288 627 307 595
------------------------------------ ------------------------------------ ------------------------------------
NET OPERATING
INCOME -
PROPERTIES 4,387 976 1,335 652 1,628 5,601 1,246 1,359 667 1,913 5,114 1,136 1,379 675 1,811
OTHER INCOME (EXPENSE)
General and
administrative (90) (20) - - (20) (28) (6) - - (6) - - - - -
Property
related home
office
expenses - - - - - - - - - - - - - - -
Equity in Fund
I
unconsolidated
properties (2) (14) (3) - - (3) (80) (18) - - (18) - - - - -
Lease
termination
income - - - - - - - - - - - - - - -
Interest income 7 2 - - 2 80 18 - - 18 2 - - - -
Asset and
property
management
income - - - - - - - - - - - - - - -
Asset and
property
management
expense(3) (1,657) - - - - (516) - - - - (516) - - - -
Straight-line
rent income 498 111 (59) (29) 82 (976) (217) 9 4 (213) (506) (112) 39 19 (93)
Straight-line
rents written
off - - - - - - - - - - - - - - -
FAS 141 Rent 58 12 - - 12 104 23 - - 23 169 38 - - 38
Hurricane
related
expenses - - - - - - - - - - - - - - -
Other income - - - - - - - - - - - - - - -
------------------------------------ ------------------------------------ ------------------------------------
EBIDTA 3,189 1,078 1,276 623 1,701 4,185 1,046 1,368 671 1,717 4,263 1,062 1,418 694 1,756
Depreciation
and
amortization
(4) (1,785) (397) (152)(172) (569) (1,797) (399) (153)(173) (572) (1,773) (402) (149)(171) (573)
FAS 141
Amortization (33) (7) - - (7) (22) (5) - - (5) - - - - -
Interest
expense (4) (1,716) (367) (649)(304) (671) (1,694) (362) (643)(301) (663) (1,631) (362) (652)(305) (667)
FAS 141
Interest 132 29 - - 29 132 29 - - 29 127 28 - - 28
Impairment of
real estate - - - - - - - - - - - - - - -
Gain on sale of
properties - - - - - - - - - - - - - - -
------------------------------------ ------------------------------------ ------------------------------------
Income before
minority
interest (213) 336 475 147 483 804 309 572 197 506 986 326 617 218 544
Minority
interest - OP - (5) - (2) (7) - (5) - (3) (8) - (12) - (8) (20)
Minority
interest - - - - - - - - - - - - - - -
------------------------------------ ------------------------------------ ------------------------------------
NET INCOME $(213) $331 $475 $145 $476 $804 $304 $572 $194 $498 $986 $314 $617 $210 $524
==================================== ==================================== ====================================
Page 10
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Statements of Operations - Activity by Source (1)
-------------------------------------------------
(in thousands)
Year-to-Date Current Quarter
Year 3 months
ended December 31, ended December 31,
2004 2004
-------------------------------------------- --------------------------------------------
Retail Multi- CorporateDiscontinued Total Retail Multi- CorporateDiscontinued Total
Family Family
-------------------------------------------- --------------------------------------------
PROPERTY REVENUES
Minimum rents $50,954 $7,179 $- $1,065 $59,198 $12,873 $1,804 $- $170 $14,847
Percentage rents 1,030 - - 17 1,047 408 - - 15 423
Expense reimbursements 15,155 - - 250 15,405 3,891 - - 7 3,898
Other property income 275 405 - 21 701 67 100 - 17 184
-------------------------------------------- --------------------------------------------
67,414 7,584 - 1,353 76,351 17,239 1,904 - 209 19,352
-------------------------------------------- --------------------------------------------
PROPERTY EXPENSES
Property operating 11,765 3,651 - 411 15,827 3,120 852 - 46 4,018
Real estate taxes 9,756 326 - 240 10,322 2,616 82 - (15) 2,683
-------------------------------------------- --------------------------------------------
21,521 3,977 - 651 26,149 5,736 934 - 31 6,701
-------------------------------------------- --------------------------------------------
NET OPERATING INCOME -
PROPERTIES 45,893 3,607 - 702 50,202 11,503 970 - 178 12,651
OTHER INCOME (EXPENSE)
General and administrative - - (5,805) - (5,805) - - (1,702) - (1,702)
Property related home
office expenses - - (4,762) - (4,762) - - (1,254) - (1,254)
Equity in Fund I
unconsolidated properties (44) - - - (44) (23) - - - (23)
Lease termination income - - - - - - - - - -
Interest income (12) 12 1,511 - 1,511 (9) 9 559 - 559
Asset and property
management income - - 4,763 - 4,763 - - 1,663 - 1,663
Other property management
fees (84) (157) - - (241) (21) (42) - - (63)
Straight-line rent income 1,010 - - 3 1,013 579 - - - 579
Straight-line rents written
off (154) - - (116) (270) (106) - - - (106)
FAS 141 Rent 116 - - - 116 43 - - 43
Hurricane related expenses (730) - - - (730) - - - - -
Other income - - 210 - 210 - - - - -
-------------------------------------------- --------------------------------------------
EBIDTA 45,995 3,462 (4,083) 589 45,963 11,966 937 (734) 178 12,347
Depreciation and
amortization (16,384)(1,433) (328) (427)(18,572) (4,406) (377) (106) (64) (4,953)
FAS 141 Amortization (39) - - - (39) (27) - (27)
Interest expense (11,627)(1,518) - (1,049)(14,194) (3,244) (382) - (104) (3,730)
FAS 141 Interest 115 - - - 115 29 - 29
Impairment of real estate - - - - - - - - - -
Gain on sale of properties 931 - - 6,696 7,627 - - - 6,696 6,696
-------------------------------------------- --------------------------------------------
Income before minority
interest 18,991 511 (4,411) 5,809 20,900 4,318 178 (840) 6,706 10,362
Minority interest - OP (407) (12) 107 (63) (375) (55) (2) 11 (85) (131)
Minority interest (940) - - - (940) (155) - - - (155)
-------------------------------------------- --------------------------------------------
NET INCOME $17,644 $499 $(4,304) $5,746 $19,585 $4,108 $176 $(829) $6,621 $10,076
============================================ ==========================================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation of
operating results for the interim periods. The Company's equity in the earnings
of unconsolidated partnerships is reflected separately for revenues and expenses
by calculating it's pro-rata share for each of the above line items. In total,
this agrees with the equity in earnings of unconsolidated partnerships as
reported in the Company's Form 10Q's and 10K for the corresponding periods.
Page 11
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Statements of Operations - Activity by Source (1)
-------------------------------------------------
(in thousands)
Previous Quarters
3 months 3 months
ended September 30, ended June 30,
2004 2004
Retail Multi- CorporateDiscontinued Total Retail Multi- CorporateDiscontinued Total
Family Family
-------------------------------------------- --------------------------------------------
PROPERTY REVENUES
Minimum rents $12,618 $1,726 $- $294 $14,638 $12,818 $1,821 $- $298 $14,937
Percentage rents 183 - - - 183 207 - - - 207
Expense reimbursements 3,773 - - 73 3,846 3,487 - - 87 3,574
Other property income 68 105 - - 173 103 104 - - 207
-------------------------------------------- --------------------------------------------
16,642 1,831 - 367 18,840 16,615 1,925 - 385 18,925
-------------------------------------------- --------------------------------------------
-
PROPERTY EXPENSES
Property operating 2,633 1,068 - 143 3,844 2,773 908 - 80 3,761
Real estate taxes 2,564 82 - 67 2,713 2,177 81 - 114 2,372
-------------------------------------------- --------------------------------------------
5,197 1,150 - 210 6,557 4,950 989 - 194 6,133
-------------------------------------------- --------------------------------------------
NET OPERATING INCOME -
PROPERTIES 11,445 681 - 157 12,283 11,665 936 - 191 12,792
OTHER INCOME (EXPENSE)
General and administrative - - (1,587) - (1,587) - - (1,191) - (1,191)
Property related home office
expenses - - (1,107) - (1,107) - - (1,237) - (1,237)
Equity in Fund I unconsolidated
properties (3) - - - (3) (18) - - - (18)
Lease termination income - - - - - - - - - -
Interest income (1) 1 334 - 334 (1) 1 503 - 503
Asset and property management
income - - 1,539 - 1,539 - - 1,016 - 1,016
Other property management fees (21) (37) - - (58) (21) (37) - - (58)
Straight-line rent income 272 - - - 272 (40) - - 1 (39)
Straight-line rents written off (20) - - (2) (22) (28) - - - (28)
FAS 141 Rent 12 - - - 12 23 - - - 23
Hurricane related expenses (730) - - - (730) - - - - -
Other income - - 23 - 23 - - 31 - 31
-------------------------------------------- --------------------------------------------
EBIDTA 10,954 645 (798) 155 10,956 11,580 900 (878) 192 11,794
Depreciation and amortization (3,954) (356) (66) (121) (4,497) (4,144) (350) (78) (121) (4,693)
FAS 141 Amortization (7) - - - (7) (5) - - - (5)
Interest expense (2,927) (387) - (314) (3,628) (2,736) (373) - (315) (3,424)
FAS 141 Interest 29 - - - 29 29 - - - 29
Impairment of real estate - - - - - - - - - -
Gain on sale of properties 423 - - - 423 508 - - - 508
-------------------------------------------- --------------------------------------------
Income before minority interest 4,518 (98) (864) (280) 3,276 5,232 177 (956) (244) 4,209
Minority interest - OP (78) 2 15 4 (57) (90) (3) 17 4 (72)
Minority interest (324) - - - (324) (373) - - - (373)
-------------------------------------------- --------------------------------------------
NET INCOME $4,116 $(96) $(849) $(276) $2,895 $4,769 $174 $(939) $(240) $3,764
============================================ ============================================
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Statements of Operations - Activity by Source (1)
-------------------------------------------------
(in thousands)
3 months
ended March 31,
2004
Retail Multi- CorporateDiscontinued Total
Family
--------------------------------------------
PROPERTY REVENUES
Minimum rents $12,645 $1,828 $- $303 $14,776
Percentage rents 232 - - 2 234
Expense
reimbursements 4,004 - - 83 4,087
Other property
income 37 96 - 4 137
--------------------------------------------
16,918 1,924 - 392 19,234
--------------------------------------------
PROPERTY EXPENSES
Property
operating 3,239 823 - 142 4,204
Real estate
taxes 2,399 81 - 74 2,554
--------------------------------------------
5,638 904 - 216 6,758
--------------------------------------------
NET OPERATING
INCOME -
PROPERTIES 11,280 1,020 - 176 12,476
OTHER INCOME (EXPENSE)
General and
administrative - - (1,325) - (1,325)
Property related
home office
expenses - - (1,164) - (1,164)
Equity in Fund I
unconsolidated
properties - - - - -
Lease
termination
income - - - - -
Interest income (1) 1 115 - 115
Asset and
property
management
income - - 545 - 545
Other property
management fees (21) (41) - - (62)
Straight-line
rent income 199 - - 2 201
Straight-line
rents written
off - - - (114) (114)
FAS 141 Rent 38 - - - 38
Hurricane
related
expenses - - - - -
Other income - - 156 - 156
--------------------------------------------
EBIDTA 11,495 980 (1,673) 64 10,866
Depreciation and
amortization (3,880) (350) (78) (121) (4,429)
FAS 141
Amortization - - - - -
Interest expense (2,720) (376) - (316) (3,412)
FAS 141 Interest 28 - - - 28
Impairment of
real estate - - - - -
Gain on sale of
properties - - - - -
--------------------------------------------
Income before
minority
interest 4,923 254 (1,751) (373) 3,053
Minority
interest - OP (184) (9) 64 14 (115)
Minority
interest (88) - - - (88)
--------------------------------------------
NET INCOME $4,651 $245 $(1,687) $(359) $2,850
============================================
Page 12
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Statements of Operations - Current v. Historical (1)
----------------------------------------------------
(in thousands)
----------------------------------- -----------------------------------
Current Quarter Historical Quarter
3 months 3 months
ended December 31, ended December 31,
2004 2003
----------------------------------- -----------------------------------
Wholly JV's Discontinued Total Wholly JV's Discontinued Total
Owned (2) Owned
----------------------------------- -----------------------------------
PROPERTY REVENUES
Minimum rents $12,811 $1,866 $170 $14,847 $12,314 $1,645 $299 $14,258
Percentage rents 385 23 15 423 450 23 17 490
Expense reimbursements 3,404 487 7 3,898 3,827 629 87 4,543
Other property income 144 23 17 184 266 5 2 273
----------------------------------- -----------------------------------
16,744 2,399 209 19,352 16,857 2,302 405 19,564
----------------------------------- -----------------------------------
PROPERTY EXPENSES
Property operating 3,358 614 46 4,018 4,113 451 105 4,669
Real estate taxes 2,379 319 (15) 2,683 2,418 234 84 2,736
----------------------------------- -----------------------------------
5,737 933 31 6,701 6,531 685 189 7,405
----------------------------------- -----------------------------------
NET OPERATING INCOME - PROPERTIES 11,007 1,466 178 12,651 10,326 1,617 216 12,159
OTHER INCOME (EXPENSE)
General and administrative (1,628) (74) - (1,702) (2,803) (13) - (2,816)
Property related home office expenses (1,254) - - (1,254) - - - -
Equity in Fund I unconsolidated properties - (23) - (23) - - - -
Lease termination income - - - - - - - -
Interest income 556 3 - 559 144 - - 144
Asset and property management income 1,663 - - 1,663 540 - - 540
Property management expense (63) - - (63) (62) - - (62)
Straight-line rent income 251 328 - 579 171 206 34 411
Straight-line rents written off (106) - - (106) (157) - (33) (190)
FAS 141 Rent - 43 - 43 - 38 - 38
Hurricane related expenses - - - - - - - -
Other income (3) - - - - - - - -
----------------------------------- -----------------------------------
EBIDTA 10,426 1,743 178 12,347 8,159 1,848 217 10,224
Depreciation and amortization (4,108) (781) (64) (4,953) (6,504) (565) (128) (7,197)
FAS 141 Amortization - (27) - (27) - - - -
Interest expense (2,928) (698) (104) (3,730) (2,500) (679) (318) (3,497)
FAS 141 Interest - 29 - 29 - 30 - 30
Impairment of real estate - - - - - - - -
Gain on sale of properties - - 6,696 6,696 - - - -
----------------------------------- -----------------------------------
Income before minority interest 3,390 266 6,706 10,362 (845) 634 (229) (440)
Minority interest - OP (42) (4) (85) (131) 27 (25) 9 11
Minority interest (153) (2) - (155) (48) - - (48)
----------------------------------- -----------------------------------
NET INCOME $3,195 $260 $6,621 $10,076 $(866) $609 $(220) $(477)
=================================== ===================================
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Statements of Operations - Current v. Historical (1)
----------------------------------------------------
(in thousands)
-----------------------------------------------------------------------
Current Year-to-Date Historical Year-to-Date
Year Year
ended December 31, ended December 31,
2004 2003
-----------------------------------------------------------------------
Wholly JV's Disconitnued Total Wholly JV's Discontinued Total
Owned (2) Owned
-----------------------------------------------------------------------
PROPERTY REVENUES - -
Minimum rents $50,561 $7,572 $1,065 $59,198 $48,041 $7,123 $1,256 $56,420
Percentage rents 952 78 17 1,047 988 41 24 1,053
Expense reimbursements 13,349 1,806 250 15,405 13,222 2,097 317 15,636
Other property income 625 55 21 701 748 45 1 794
-----------------------------------------------------------------------
65,487 9,511 1,353 76,351 62,999 9,306 1,598 73,903
-----------------------------------------------------------------------
PROPERTY EXPENSES
Property operating 13,781 1,635 411 15,827 14,196 1,403 409 16,008
Real estate taxes 9,024 1,058 240 10,322 8,469 895 330 9,694
-----------------------------------------------------------------------
22,805 2,693 651 26,149 22,665 2,298 739 25,702
-----------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES 42,682 6,818 702 50,202 40,334 7,008 859 48,201
OTHER INCOME (EXPENSE)
General and administrative (5,705) (100) - (5,805)(10,734) (14) - (10,748)
Property related home office expenses (4,762) - - (4,762) - - - -
Equity in Fund I unconsolidated properties - (44) - (44) - - - -
Lease termination income - - - - - - - -
Interest income 1,488 23 - 1,511 788 21 - 809
Asset and property management income 4,763 - - 4,763 1,971 - - 1,971
Property management expense (241) - - (241) (267) - - (267)
Straight-line rent income 906 104 3 1,013 871 (57) - 814
Straight-line rents written off (154) - (116) (270) (263) - (35) (298)
FAS 141 Rent - 116 - 116 - 138 - 138
Hurricane related expenses (730) - - (730) - - - -
Other income (3) 210 - - 210 1,218 - - 1,218
-----------------------------------------------------------------------
EBIDTA 38,457 6,917 589 45,963 33,918 7,096 824 41,838
Depreciation and amortization (15,650)(2,495) (427) (18,572)(17,374)(2,161) (535)(20,070)
FAS 141 Amortization - (39) - (39) - - - -
Interest expense (10,446)(2,699) (1,049) (14,194) (9,954)(2,634) (1,277)(13,865)
FAS 141 Interest - 115 - 115 - 110 - 110
Impairment of real estate - - - - - - - -
Gain on sale of properties 931 - 6,696 7,627 1,187 - - 1,187
-----------------------------------------------------------------------
Income before minority interest 13,292 1,799 5,809 20,900 7,777 2,411 (988) 9,200
Minority interest - OP (273) (39) (63) (375) (679) (154) 86 (747)
Minority interest (938) (2) - (940) (600) - - (600)
-----------------------------------------------------------------------
NET INCOME $12,081 $1,758 $5,746 $19,585 $6,498 $2,257 $(902) $7,853
=======================================================================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation of
operating results for the interim periods. The Company's equity in the earnings
of unconsolidated partnerships is reflected separately for revenues and expenses
by calculating it's pro-rata share for each of the above line items. In total,
this agrees with the equity in earnings of unconsolidated partnerships as
reported in the Company's Form 10Q's and 10K for the corresponding periods.
(2) The Company currently invests in Funds I & II as detailed elsewhere in this
Supplement.The Company also has a 49% JV interest in a 311,000 square foot
shopping center ("Crossroads").
(3) The 2003 activity represents a lump sum additional rent payment received
from a tenant in connection with the re-anchoring of the Branch Plaza in
Smithtown, NY.
Page 13
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Net Operating Income (NOI) - Same Property Performance (1)
----------------------------------------------------------
(in thousands)
Growth in Same Growth in Same
Property NOI - Property NOI -
Continuing Operations Continuing
Operations
Current Year- Historical Year- Favorable Current Quarter Historical Quarter Favorable
to-Date to-Date (unfavorable) (unfavorable)
--------------------------------------------------------------------------------------------------
Reconciliation of total NOI
to same property NOI:
Year ended Year ended 3 months ended 3 months ended
December 31, December 31, December 31, December 31,
2004 2003 2004 2003
-------------------------------- ----------------------------------
NOI - Wholly owned properties $43,384 $41,193 $11,185 $10,542
NOI - Joint Ventures
(Unconsolidated partnerships) 6,818 7,008 1,466 1,617
-------------------------------- ----------------------------------
Total NOI 50,202 48,201 12,651 12,159
NOI - Properties Acquired (3,686) (3,526) (41) -
NOI - Property sold (702) (859) (178) (216)
NOI - Redevelopment Properties (1,527) (1,211) - -
-------------------------------- ----------------------------------
$44,287 $42,605 3.9% $12,432 $11,943 4.1%
================================ ====== ================================== =====
Same property NOI by portfolio component and revenues/expenses:
Shopping Center Portfolio Shopping Center Portfolio
Revenues $60,757 $59,197 2.6% $16,947 $17,289 -2.0%
Expenses (3) 20,076 20,020 -0.3% 5,483 6,283 12.7%
------------------------------------------------ ------------------------------------------------------
40,681 39,177 3.8% 11,464 11,006 4.2%
------------------------------------------------ ------------------------------------------------------
Residential Properties (2 Residential Properties (2
properties) properties)
Revenues 7,583 7,300 3.9% 1,904 1,878 1.4%
Expenses 3,977 3,872 -2.7% 936 941 0.5%
------------------------------------------------ ------------------------------------------------------
3,606 3,428 5.2% 968 937 3.3%
------------------------------------------------ ------------------------------------------------------
$44,287 $42,605 3.9% $12,432 $11,943 4.1%
================================================ ======================================================
(1) The above amounts includes the pro-rata activity related to the Company's
joint ventures.
Page 14
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Funds from Operations ("FFO")(1)
--------------------------------
(in thousands)
2004 2003
Current Current Previous Quarters Historic Historic
Year-to-Date Quarter Year-to- Quarter
Date
Year 3 months 3 months 3 months 3 months Year 3 months ended
ended ended ended ended ended ended ended
Funds from operations ("FFO"):Notes December 31, December 31, September 30, June 30, March 31, December 31, December 31,
2004 2004 2004 2004 2004 2003 2003
- ------------------------------ ------------------------------------------------------------------------------------------------
Net Income $19,585 $10,076 $2,895 $3,764 $2,850 $7,853 $(477)
Add back:
Depreciation of real estate and
amortization of leasing costs:
Wholly owned and consolidated
subsidiaries 14,411 3,739 3,588 3,567 3,517 16,957 6,416
Unconsolidated
subsidiaries 2,329 622 586 569 552 2,107 550
Income attributable to
Operating Partnership units (2) 375 131 57 72 115 717 (41)
Gain on sale of properties (6,696) (6,696) - - - - -
------------------------------------------------------------------------------------------------
FFO - Basic 30,004 7,872 7,126 7,972 7,034 27,634 6,448
Distributions on Preferred OP Units 336 88 88 88 72 186 36
------------------------------------------------------------------------------------------------
FFO -
Diluted $30,340 $7,960 $7,214 $8,060 $7,106 $27,820 $6,484
================================================================================================
Adjusted Funds from operations ("AFFO"):
- ----------------------------------------
Diluted FFO $30,340 $7,960 $7,214 $8,060 $7,106 $27,820 $6,484
Straight line rent, net (743) (473) (250) 67 (87) (516) (221)
Non real-estate depreciation 328 106 66 78 78 321 86
Amortization of finance costs 716 181 242 83 210 685 154
Amortization of cost of management
contracts 579 147 9 379 44 - -
Tenant improvements (2,474) (238) (976) (854) (406) (1,201) (521)
Leasing commissions (1,109) (252) (494) (137) (226) (93) (39)
Capital expenditures (2,631) (402) (933) (477) (819) (4,006) (1,053)
------------------------------------------------------------------------------------------------
AFFO $25,006 $7,029 $4,878 $7,199 $5,900 $23,010 $4,890
================================================================================================
Funds Available for Distribution ("FAD")
- ----------------------------------------
AFFO $25,006 $7,029 $4,878 $7,199 $5,900 $23,010 $4,890
Scheduled prinicpal repayments (4,238) (944) (1,049) (1,055) (1,190) (4,894) (1,248)
------------------------------------------------------------------------------------------------
FAD $20,768 $6,085 $3,829 $6,144 $4,710 $18,116 $3,642
================================================================================================
Total weighted average shares and OP Units:
Basic 29,939 31,058 29,680 29,654 28,741 28,457 28,475
================================================================================================
Diluted 30,993 32,038 30,796 30,718 30,126 29,364 29,692
================================================================================================
FFO per share:
FFO per share - Basic (3,4) $1.00 $0.25 $0.24 $0.27 $0.24 $0.97 $0.23
================================================================================================
FFO per share - Diluted (3,4) $0.98 $0.25 $0.23 $0.26 $0.24 $0.95 $0.22
================================================================================================
AFFO per share - Basic (3,4) $0.82 $0.22 $0.16 $0.24 $0.20 $0.80 $0.17
================================================================================================
AFFO per share - Diluted (3,4) $0.81 $0.22 $0.16 $0.23 $0.20 $0.78 $0.16
================================================================================================
FAD per share - Basic (3,4) $0.68 $0.19 $0.13 $0.20 $0.16 $0.63 $0.13
================================================================================================
FAD per share - Diluted (3,4) $0.67 $0.19 $0.12 $0.20 $0.16 $0.62 $0.12
================================================================================================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management are necessary for a fair presentation of
operating results for the interim periods.
(2) Reflects OP Unitholders interest in OP net income.
(3) Assumes full conversion of O.P. Units into Common Shares. Diluted FFO
assumes conversion of Preferred O.P. Units as well as assumed exercise of
outstanding share options. Quarterly Preferred OP Unit distributions are added
back for the purposes of calculating diluted FFO. Refer to "Market
Capitalization" for weighted-average basic and diluted shares.
(4) FFO for the year ended December 31, 2003 includes a $1,218 ($0.04 per share)
lump sum rent payment in connection with a tenant's assignment of an anchor
lease at the Branch Plaza.
Page 15
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Capital Expenditures
--------------------------------------
Year-to-Date Current Previous Previous
Quarters
Quarter Year
Year 3 months 3 months 3 months 3 months Year
ended ended ended ended ended ended
Notes December 31, December September June 30, March December
2004 31, 2004 30, 2004 2004 31, 31,
2004 2003
----------------------------------------------------------
Leasing Commissions: $1,109 $252 $494 $137 $226 $93
----------------------------------------------------------
Tenant Improvements: 2,474 238 976 854 406 1,201
----------------------------------------------------------
Capital Expenditures:
Retail 1,789 207 612 288 682 2,628
Residential (1) 842 195 321 189 137 1,378
----------------------------------------------------------
2,631 402 933 477 819 4,006
----------------------------------------------------------
Redevelopments 2,053 1,211 289 424 129 8,665
----------------------------------------------------------
Total $8,267 $2,103 $2,692 $1,892 $1,580 $13,965
==========================================================
Expenditures for real estate and
improvements as reported on the
Company's Statement of Cash Flows $7,103 $1,837 $1,970 $1,743 $1,340 $13,531
Expenditures included in deferred
leasing 1,109 252 494 137 226 215
Accrued construction costs as of period-end 55 14 228 12 14 219
----------------------------------------------------------
costs in Statement of Cash Flows $8,267 $2,103 $2,692 $1,892 $1,580 $13,965
==========================================================
(1) Retail capital expenditures included $1,836 for the year ended December 31.
2003 related to the complete redesign of the facade at the Bloomfield Town
Square.
Page 16
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Consolidated Balance Sheets
---------------------------
(in thousands)
December 31, December 31,
2004 2003
-------------- --------------
ASSETS
Real estate
Land $53,804 $53,804
Buildings and improvements 362,477 354,476
Construction in progress 5,896 5,858
-------------- --------------
422,177 414,138
Less: accumulated depreciation (107,352) (93,670)
-------------- --------------
Net real estate 314,825 320,468
Cash and cash equivalents 13,499 13,504
Cash in escrow 4,467 3,342
Restricted Cash 612 1,159
Investments in and advances to unconsolidated partnerships 17,327 13,630
Investment in management contracts 3,422 -
Rents receivable, net of $1,931 and $1,406 allowance,
respectively 5,295 5,315
Straight-line rents receivable, net of $910 allowance 5,596 4,842
Notes Receivable 9,969 3,586
Prepaid expenses 3,029 2,976
Deferred charges, net 13,479 11,140
Due from Affiliates 925 -
Other assets 3,898 1,731
Assets of discontinued operations - 6,491
-------------- --------------
$396,343 $388,184
============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $153,361 $174,847
Accounts payable and accrued expenses 7,640 5,639
Dividends and distributions payable 5,597 4,619
Due to related parties - 48
Interest rate swap payable 2,136 4,044
Other liabilities 3,134 3,712
Liabilities of discontinued operations - 15,856
-------------- --------------
Total liabilities 171,868 208,765
-------------- --------------
Minority interest in Operating Partnership 5,743 7,875
Minority interests in majority owned partnerships 1,808 1,810
-------------- --------------
Total minority interests 7,551 9,685
-------------- --------------
Shareholders' equity:
Common shares 31 27
Additional paid-in capital 222,752 177,891
Accumulated other comprehensive income (3,180) (5,505)
Deficit (2,679) (2,679)
-------------- --------------
Total shareholders' equity 216,924 169,734
-------------- --------------
$396,343 $388,184
============== ==============
Page 17
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Selected Operating Ratios
3 months ended Year ended December
December 31, 31,
----------- ------------------
2004 2003 2004 2003
--------- --------- -------- --------
Coverage Ratios (1)
---------------
Interest Coverage Ratio
EBIDTA $12,347 $10,224 $45,963 $41,838
Divided by Interest expense 3,730 3,497 14,194 13,865
--------- --------- -------- --------
3.31 x 2.92 x 3.24 x 3.02
Fixed Charge Coverage Ratio
EBIDTA $12,347 $10,224 $45,963 $41,838
Divided by (Interest expense 3,730 3,497 14,194 13,865
+ Preferred Dividends) (2) 88 36 335 185
--------- --------- -------- --------
3.23 x 2.89 x 3.16 x 2.98
Debt Service Coverage Ratio
EBIDTA $12,347 $10,224 $45,963 $41,838
Divided by (Interest expense 3,730 3,497 14,194 13,865
+ Principal Amortization) (3) 944 1,248 4,238 4,894
--------- --------- -------- --------
2.64 x 2.15 x 2.49 x 2.23
Payout Ratios
--------------
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $5,509 $4,584 $19,849 $16,992
FFO (4) 7,872 6,448 30,004 27,634
--------- --------- -------- --------
70% 71% 66% 61%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $5,509 $4,584 $19,849 $16,992
AFFO 6,941 4,854 24,670 22,824
--------- --------- -------- --------
79% 94% 80% 74%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $5,509 $4,584 $19,849 $16,992
FAD 5,997 3,606 20,432 17,930
--------- --------- -------- --------
92% 127% 97% 95%
Overhead Ratios
---------------
G&A/Real Estate Revenues
General and Administrative expense $1,702 $2,816 $5,805 $10,748
Real Estate Revenues (Includes pro-rata JV) 19,352 19,564 76,351 73,903
--------- --------- -------- --------
9% 14% 8% 15%
General and Administrative expense $1,702 $2,816 $5,805 $10,748
Real Estate Revenues (Includes 100% JV) 25,290 23,162 100,030 97,162
--------- --------- -------- --------
7% 12% 6% 11%
Leverage Ratios
----------------
Debt/Total Market Capitalization
Debt (5)$212,189 $230,584
Total Market Capitalization 716,929 589,014
--------- ---------
30% 39%
Debt + Preferred Equity (Preferred O.P. Units) $217,769 $232,164
Total Market Capitalization 716,929 589,014
--------- ---------
30% 39%
----------- ---------
Notes:
(1) Quarterly results for 2004 and 2003 are unaudited, although they reflect
all adjustments, which in the opinion of management, are necessary for a
fair presentation of operating results for the interim periods. The
coverage ratios include the Company's pro- rata share of EBIDTA, interest
expense and principal amortization related to the Company's joint venture
investments in unconsolidated partnerships.
(2) Represents preferred distributions on Preferred Operating partnership
Units.
(3) Includes the Company's pro-rata share of joint venture principal
amortization.
(4) FFO for the year ended ended December 31, 2003 includes a $1,218 ($0.04 per
share) lump sum rent payment in connection with a tenant's assignment of an
anchor lease at the Branch Plaza.
(5) Includes the Company's pro-rata share of joint venture debt.
Page 18
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Portfolio Debt - Consolidated Summary
(amounts in thousands)
% of
Wholly-Owned % of Weighted
and Unconsolidated Wholly- % of Total Outstanding Avg.
Owned
Notes Combined Basis (1) Only Portfolio Balance Int.
Rate
------------------------------------------------------------------------
Consolidated Debt
Fixed-Rate Debt (2) 94% 95% 69% $146,407 6.06%
Variable-Rate Debt (2) 6% 5% 3% 6,954 3.80%
------------------------------------------------------------------
Total Consolidated Debt 100% 100% 72% 153,361 5.95%
==================================================================
Unconsolidated Debt (Joint Ventures)
Fixed-Rate Debt (1) 25% 53,087 5.79%
Variable-Rate Debt (1) 3% 5,741 4.30%
-------------------------------
Total Unconsolidated Debt 28% 58,828 5.64%
-------------------------------
Total Debt 100% $212,189 5.87%
===============================
Notes
(1) The Company is not required to, nor does it consolidate its share of joint
venture activity for the purposes of preparing its consolidated financial
statements under GAAP. This presentation includes a theoretical pro-rata
consolidation of the Company's joint venture debt.
(2) Fixed-rate debt includes notional principal fixed through swap
transactions. Conversely, variable-rate debt excludes this amount.
Page 19
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Debt Analysis - Consolidated Debt
(amounts in thousands)
Principal Variable
Balance at Interest Rate as Maturity
of
Property Lender % of NotesDecember Rate December Date
Porfolio 31, 2004 31,
2004
-----------------------------------------------------------------------------------------------------------------------
FIXED-RATE DEBT
-------------------
Merrillville Plaza SunAmerica Life Insurance Co. $13,189 6.46% 7/1/2007
GHT Apartments Bank of America, N.A. 10,708 7.55% 1/1/2011
Colony Apartments Bank of America, N.A. 5,354 7.55% 1/1/2011
239 Greenwich RBS Greenwich Capital
Avenue 16,000 5.19% 6/1/2013
New Loudon Center RBS Greenwich Capital 15,000 5.64% 9/6/2014
Interest rate swapsFleet National Bank (1) 86,156 5.95% Various
---------- -----
TOTAL FIXED-RATE
DEBT 95% 146,407 6.06%
---------- -----
VARIABLE-RATE DEBT
-------------------
Elmwood Park Washington Mutual Bank, F.A. L+
Shopping Center (2) - 150 11/22/2007
Marketplace of Fleet National Bank L+
Absecon (3) - 150 3/1/2008
Soundview Fleet National Bank L+
Marketplace (4) 8,473 140 3.79% 12/1/2008
Bradford Towne Washington Mutual Bank, F.A. L+
Center 5,606 150 3.82% 4/1/2011
Ledgewood Mall Washington Mutual Bank, F.A. 24,294 L+ 150 3.82% 4/1/2011
Abington Towne Fleet National Bank L+
Center (5) 140 3.79% 6/29/2012
Branch Shopping Fleet National Bank L+
Center (5) 140 3.79% 6/29/2012
Methuen Shopping Fleet National Bank L+
Center (5) 44,485 140 3.79% 6/29/2012
Gateway Shopping Fleet National Bank L+
Center (5) 140 3.79% 6/29/2012
Town Line Plaza Fleet National Bank (5) L+ 140 3.79% 6/29/2012
Village Commons Fleet National Bank L+
Shopping Center (5,6) 10,252 140 3.82% 6/29/2012
Interest rate swapsFleet National Bank (86,156)
----------
TOTAL VARIABLE-RATE L+
DEBT 5% 6,954 143 3.80%
---------- ---------- --------
TOTAL PORTFOLIO
DEBT 100% $153,361 5.95%
========== ========== ========
- ------------------------------------------------------------------------------------------------------------------------
Notes:
-------------------
(1) The Company has hedged it's variable-rate debt with variable to fixed-rate
swap agreements as follows:
Notional principal All-in Rate Spread Swap Forward Maturity
rate Start Date
Date
------------------------------------------------------------------------------------ ----------
$30,000 6.23% 1.43%4.80% n/a 4/1/2005
20,000 5.96% 1.43%4.53% n/a 10/1/2006
15,387 5.75% 1.43%4.32% n/a 1/1/2007
11,903 5.54% 1.43%4.11% n/a 1/1/2007
8,866 5.90% 1.43%4.47% n/a 6/1/2007
--------------------------------------------------------------------------
$86,156 5.95% 1.43%4.52%
==========================================================================
The Company has hedged future variable-rate debt with forward-starting
variable to fixed-rate swap agreements as follows:
$4,640 6.14% 1.43%4.71%10/2/2006 1/1/2010 1/1/2010
37,667 5.78% 1.43%4.35% 4/1/2005 1/1/2011 1/1/2011
11,410 6.33% 1.43%4.90%10/2/2006 10/1/2011 10/1/2011
8,434 6.57% 1.43%5.14% 6/1/2007 3/1/2012 3/1/2012
--------------------------------------------------------------------------
$62,151 6.01% 1.43%4.58%
==========================================================================
(2) This is a revolving facility for up to $20,000 which bears interest at
LIBOR plus 150 basis points (3.30% all- in rate floor).
(3) This is a revolving facility for up to $7,400 which bears interest at LIBOR
plus 150 basis points (175 basis points if the loan to collateral value is
greater than 50%).
(4) There is an additional $5,000 available under this facility.
(5) The spread on this facility effective January 1, 2005 is 140 basis points
("bps"). The spread was 105 bps prior to this.
(6) There is an additional $969 available under this facility.
Page 20
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Debt Analysis - Unconsolidated Debt (Joint
Ventures)
Acadia Principal Acadia's Variable
Realty
Lender/ Trust Balance Prorata Interest Rate as Maturity
at of
FIXED-RATE DEBT Joint Venture Partner Ownership December Share Rate December Date
31, 2004 31,
2004
- ------------------------------------------------------------------------------------------- --------------------------
Crossroads Shopping Center Bank of New York/ 49.0% $64,000 $31,360 5.37% 10/1/2007
Heyman-Greenburgh Associates LLC and
RMC Development Company LLC
Brandywine Town Center UBS Warburg Real Estate Investments,
Inc./ 22.2% 30,000 6,667 4.69% 2/11/2008
Fund I
Kroger Portfolio (1) Cortlandt Deposit Corporation/ 16.7% 12,375 2,063 6.62% 2/1/2009
Fund I
Safeway Portfolio (1) Cortlandt Deposit Corporation/ 16.7% 12,232 2,039 6.51% 1/15/2009
Fund I
Brandywine Town Center UBS Warburg Real Estate Investments,
Inc./ 22.2% 21,253 4,723 7.01% 7/11/2012
Fund I
Market Square Shopping UBS Warburg Real Estate Investments,
Center Inc./ 22.2% 16,134 3,585 7.32% 6/11/2012
Fund I
Amherst Marketplace The Ohio National Life Insurance
Company/
Fund I 22.2% 4,797 1,066 8.20% 6/1/2022
Sheffield Crossing Canada Life Insurance Company/
Fund I 22.2% 7,128 1,584 8.00% 1/1/2023
----------------- --------
TOTAL/WEIGHTED AVERAGE - FIXED-RATE UNCONSOLIDATED DEBT 167,919 53,087 5.79%
----------------- --------
VARIABLE-RATE DEBT
- --------------------------
Haygood Shopping Center GECC
(2)
Fund I 11.1% 6,164 685 L+ 325 4.86% 6/7/2005
Sterling Heights Shopping Wells Fargo Bank, NA
Center (2)
Fund I 11.1% 4,416 491 L+ 300 4.82% 5/1/2005
Granville Center Bank One, NA/
Fund I 22.2% 5,703 1,267 L+ 200 3.69%10/5/2007
400 East Fordham Road (3) Bank of China
Fund II 18.3% 18,000 3,298 L + 175 4.35%9/30/2014
----------------- --------
TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE UNCONSOLIDATED DEBT 34,283 5,741 4.30%
----------------- --------
TOTAL/WEIGHTED AVERAGE - ALL UNCONSOLIDATED DEBT $202,202 $58,828 5.64%
================= ========
Notes:
- --------------------------
(1) AmCap, Fund I's joint venture partner on this investment, is allocated 25%
of the debt and equity. As such Fund I's pro-rata share of the above debt
is 75% x 22.22%, or 16.7%.
(2) Fund I is a 50% joint venture partner on this investment. As such, Fund I's
pro-rata share of the above debt is 50% x 22.22%, or 11%.
(3) Fund II is a 91.6% joint venture partner on this investment. As such, Fund
II's pro-rata share of the above debt is 91.6% x 20%, or 18.3%.
Page 21
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Future Debt Maturities
----------------------------------------------------------------
(in thousands) Weighted Average Interest Rate
of Maturing Debt
-----------------------
Consolidated Debt
Scheduled
Year Amortization Maturities Total Total Fixed- Variable-
Debt Rate Rate
Debt Debt
- ------------------------------------------------------------------------------------------------------------------------
2005 $1,605 $- $1,605 n/a n/a n/a
2006 2,188 - 2,188 n/a n/a n/a
2007 3,843 12,519 16,362 6.46% 6.46% n/a
2008 4,458 7,976 12,434 3.79% n/a 3.79%
2009 5,156 - 5,156 n/a n/a n/a
Thereafter 13,778 101,838 115,616 4.77% 6.16% 3.81%
------------------------------------------------------------------
$31,028 $122,333 $153,361
==================================================================
Unconsolidated Debt (Joint Ventures) (1)
2005 1,426 1,162 2,588 5.34% n/a 5.34%
2006 1,452 - 1,452 n/a n/a n/a
2007 1,487 4,485 5,972 4.35% n/a 4.35%
2008 1,499 6,667 8,166 4.69% 4.69% n/a
2009 1,540 - 1,540 n/a n/a n/a
Thereafter 3,639 35,471 39,110 5.74% 5.74% n/a
------------------------------------------------------------------
$11,043 $47,785 $58,828
==================================================================
- ------------------------------------------------------------------------------------------------------------------------
Capitalized interest related to the Company's development projects is as follows:
(in thousands)
1st Quarter 2004 $93
2nd Quarter 2004 74
3rd Quarter 2004 69
4th Quarter 2004 68
---------------------------------
Year-to-Date $304
=================================
Page 22
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Unencumbered Properties
---------------------------------------------------------
Center Location GLA
------ -------- ---
Berlin Shopping Center Berlin, NJ 188,688
Blackman Plaza Wilkes-Barre, PA 121,341
Bloomfield Town Square Bloomfield Hills, MI 222,320
Crescent Plaza Brockton, MA 218,277
Greenridge Shopping Center Scranton, PA 194,760
Hobson West Plaza Naperville, IL 99,044
Luzerne Street Shopping Center Scranton, PA 57,988
Mad River Station Dayton, OH 151,063
Mark Plaza Edwardsville, PA 214,036
Pacesetter Park Shopping Center Ramapo, New York 96,646
Pittston Plaza Pittston, PA 79,494
Plaza 422 Lebanon, PA 155,026
Route 6 Plaza Honesdale, PA 175,507
Walnut Hill Plaza Woonsocket, RI 285,829
Total GLA of Unencumbered Properties 2,260,019
============
Total net operating income for the year ended December 31, 2004
associated with unencumbered properties $12,907
============
Page 23
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview
----------------------------------------------------------
Item Notes Description
- ------------------------------------------------------------------------------------------------------------------------------------
Date formed September 2001
Capital commitment $90 million
Funding $55 million currently funded
(1)$15 million estimated future earnout payments related to Brandywine Town Center
(2)$20 million allocated for RCP Fund investments
Partnership structure
Equity Contribution: 22.22% - Acadia
77.78% - Four institutional investors (current significant
shareholders in Acadia as well)
Cash flow distribution: 22.22% - Acadia
77.78% - Four institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have received 9% preferred return and
return of equity
Remaining 80% is distributed to all the partners (including Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed capital ($70 million which excludes
Acadia's $20 million))
Property management fee equal to 4% of gross property revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of 7.5% of hard costs or allocable
costs of Acadia
(1) See details of this property in Joint Venture Properties - Detail
(2) See details of the RCP Venture on the following page
Page 24
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
------------------------------------------------------------------
Item Notes Description
- ------------------------------------------------------------------------------------------------------------------------------------
Date formed June 15, 2004
Properties owned New York City Urban/Infill redevelopment projects:
Fordham Place
Pekham Manor Shopping Plaza
Partnership structure
Equity Contribution: 20% - Acadia
80% - Six institutional investors (Three are current
shareholders in Acadia as well)
Cash flow distribution: 20% - Acadia
80% - Six institutional
investors
Promote: 20% to Acadia once all partners (including Acadia) have received 8% preferred return and return
of equity
Remaining 80% is distributed to all the partners (including Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed capital (For the first 12 months,
calculated on $200 million, therafter on $240 million which excludes Acadia's $60 million)
Property management fee equal to 4% of gross property revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of 7.5% of hard costs or allocable
costs of Acadia
Page 25
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Retailer Controlled Property ("RCP") Venture - Overview
--------------------------------------------------------
*** Note - The RCP Venture is not a separate AKR Fund, rather it is a
venture in which AKR Funds I and II are anticipated to invest $20 million and
$40 million of equity, respectively, for a total of $60 million of equity. ***
Item Notes Description
- ------------------------------------------------------------------------------
Date formed January 2004
Targeted investments The Venture has been formed to invest in surplus or distressed properties owned or controlled by
retailers
Current Investements Mervyn's Department Stores
Partnership structure
Equity Contribution: Up to $300 million of total
equity
Up to 20% ($60 million) - AKR Fund I ($20 milion) and Fund II ($40 million)
80% - Klaff Realty LP and Lubert-Adler
Cash flow distribution: 20% - AKR Funds
80% - Four institutional
investors
Promote: 20% to Klaff once all partners (including Klaff) have received 10% preferred return and return
of equity (50% of first $40 million of AKR Fund equity is not subject to this promote)
Remaining 80% is distributed to all the partners (including Klaff).
Fees to Acadia Property management fees
Market rate leasing fees and construction/project management
Disposition fees
Page 27
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
AKR Fund I Properties - Detail
------------------------------------------------------
------------------------------------------------------------------------------
Fund I's
Ownership Gross Leasable Area Occupancy
---------------------------------------------------------------
% Anchors Shops Total Anchors Shops
------------------------------------------------------------------------------
Midwest
- ------------------------------------------------------
Ohio
- ------------------------------------------------------
Amherst Marketplace 100% 76,737 3,200 79,937 100.00% 100.00%
Granville Centre 100% 90,047 41,496 131,543 38.81% 58.80%
Sheffield Crossing 100% 69,659 42,875 112,534 100.00% 90.67%
---------------------------------------------------------------
Total - Midwest Region 236,443 87,571 324,014 76.70% 75.91%
---------------------------------------------------------------
Mid-Atlantic
- ------------------------------------------------------
Delaware
- ------------------------------------------------------
Brandywine Town Center (1) 100% 619,028 - 619,028 100.00% -
Market Square Shopping Center 100% 39,050 63,712 102,762 100.00% 100.00%
---------------------------------------------------------------
Total - Mid-Atlantic 658,078 63,712 721,790 100.00% 100.00%
----------------------------------------------------------------
Various
- ------------------------------------------------------
Kroger/Safeway Portfolio (25 Properties) 75% 1,018,100 - 1,018,100 100.00% -
----------------------------------------------------------------
Subtotal - Fund I Operating Properties 1,912,621 151,283 2,063,904 97.12% 86.05%
---------------------------------------------------------------
Fund I Redevelopment Properties
- ------------------------------------------------------
Sterling Heights Shopping Center (Michigan) 50% 98,400 56,197 154,597 71.54% 53.90%
Tarrytown Shopping Center (New York) 50% 15,462 20,415 35,877 0.00% 44.46%
Hitchcock Plaza (South Carolina) 90% 135,775 97,788 233,563 36.31% 82.25%
Pine Log Plaza (South Carolina) 90% 23,184 11,880 35,064 100.00% 92.42%
Haygood Shopping Center (Virginia) 50% 78,880 82,724 161,604 65.64% 73.00%
---------------------------------------------------------------
Subtotal - Fund I Redevelopment Properties 351,701 269,004 620,705 55.35% 71.06%
-----------------------------------------------------------------------------
------------------------------------------------------------------------------
Fund I Grand Total 2,264,322 420,287 2,684,609 90.63% 76.46%
-----------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants for the purposes of the above table.
(1) Does not include approximately 240,000 square feet of new space in Phase
II, which will be paid for by the JV on an "earnout basis" only if, and
when it is leased.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
AKR Fund I Properties - Detail
------------------------------------------------------
------------------------------------------------------------------------------
Annualized Base Rent
Occupancy Annualized Base Rent per Occupied Square Foot
-----------------------------------------------------------------------------
Total Anchors Shops Total Anchors Shops Total
-----------------------------------------------------------------------------
Midwest
- ------------------------------------------------------
Ohio
- ------------------------------------------------------
Amherst Marketplace 100.00% $795,711 $34,404 $830,115 $10.37 $10.75 $10.38
Granville Centre 45.12% 402,085 267,625 669,710 11.51 10.97 11.28
Sheffield Crossing 96.45% 761,278 384,651 1,145,929 10.93 9.89 10.56
-----------------------------------------------------------------------------
Total - Midwest Region 76.48% 1,959,074 686,680 2,645,754 10.80 10.33 10.68
-----------------------------------------------------------------------------
Mid-Atlantic
- ------------------------------------------------------
Delaware
- ------------------------------------------------------
Brandywine Town Center (1) 100.00% 8,907,742 - 8,907,742 14.39 - 14.39
Market Square Shopping Center 100.00% 515,375 1,565,203 2,080,578 13.20 24.57 20.25
-----------------------------------------------------------------------------
Total - Mid-Atlantic 100.00% 9,423,117 1,565,203 10,988,320 14.32 24.57 15.22
-----------------------------------------------------------------------------
Various
- ------------------------------------------------------
Kroger/Safeway Portfolio (25 Properties) 100.00% 9,315,123 - 9,315,123 9.15 - 9.15
-----------------------------------------------------------------------------
Subtotal - Fund I Operating Properties 96.31% 20,697,314 2,251,883 22,949,197 11.14 17.30 11.55
-----------------------------------------------------------------------------
Fund I Redevelopment Properties
- ------------------------------------------------------
Sterling Heights Shopping Center (Michigan) 65.13% 281,600 236,804 518,404 4.00 7.82 5.15
Tarrytown Shopping Center (New York) 25.30% - 236,879 236,879 - 26.10 26.10
Hitchcock Plaza (South Carolina) 55.54% 342,607 524,790 867,397 6.95 6.52 6.69
Pine Log Plaza (South Carolina) 97.43% 69,552 79,698 149,250 3.00 7.26 4.37
Haygood Shopping Center (Virginia) 69.41% 85,200 821,220 906,420 1.65 13.60 8.08
----------------------------------------------------------------------------
Subtotal - Fund I Redevelopment Properties 62.16% 778,959 1,899,391 2,678,350 4.00 9.94 6.94
----------------------------------------------------------------------------
------------------------------------------------------------------------------
Fund I Grand Total 88.41%$21,476,273 $4,151,274 $25,627,547 $10.47 $12.92 $10.80
-----------------------------------------------------------------------------
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
(1) Does not include approximately 240,000 square feet of new space in Phase
II, which will be paid for by the JV on an "earnout basis" only if, and
when it is leased.
Page 28
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
FUND I
Top 10 Tenants - Ranked by Annualized Base Rent
-------------------------------------------------------------------
Percentage of Total
Represented by
Tenant
-------------------
Number of
Stores in Total Annualized Total Annualized
Base Base
Ranking Tenant JV Portfolio GLA Rent (1) Portfolio Rent (2)
GLA(2)
- ------------------------------------------------------------------------------------------------------------------------
1 Safeway (3) 13 467,300 $3,495,932 21.0% 15.6%
2 Kroger (4) 13 595,166 3,798,756 26.7% 17.0%
3 Lowe's 1 140,000 1,925,000 6.3% 8.6%
4 Giant Eagle 2 135,896 1,416,291 6.1% 6.3%
5 Transunion Settlement (5) 1 39,714 884,771 1.8% 4.0%
6 Bed, Bath & Beyond 1 50,977 868,426 2.3% 3.9%
7 Regal Cinema 1 65,641 821,825 2.9% 3.7%
8 Target 1 138,000 800,000 6.2% 3.6%
9 Dick's Sporting Goods 1 50,000 700,000 2.2% 3.1%
10 Michaels 1 24,876 547,272 1.1% 2.4%
----------------------------------------------------------------------------
Total 35 1,707,570 $15,258,273 76.7% 68.2%
============================================================================
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
(2) GLA does not include approximately 230,000 square feet of new space in
Phase II of the Brandywine Town Center, which will be paid for by the JV on
an "earnout basis" only if, and when it is leased. Square footage and base
rents for the Kroger/Safeway portfolio and other properties for which Fund
I owns less than 100% are pro-rated to reflect the Funds partial ownership.
(3) Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non-supermarket tenant and ceased operations at one other
location. Safeway is obligated to pay rent through the full term of all
these leases which expire in 2009.
(4) Kroger has sub-leased 4 of these locations to supermarket tenants, 2
locations to a non-supermarket tenant and ceased operations at one other
location. Kroger is obligated to pay rent through the full term of all
these leases which expire in 2009.
(5) Subsidiary of Transunion
Page 29
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Kroger/Safeway Portfolio
- -------------------------
Kroger locations Safeway locations
-------------------------------------------------------
Cary, NC Atlanta, TX
Cincinnati, OH Batesville, AR
Conroe, TX Benton, AR
Great Bend, KS Carthage, TX
Hanrahan, LA Little Rock, AR
Indianapolis, IN Longview, WA
Irving, TX Mustang, OK
Pratt, KS Roswell, NM
Roanoke, VA Ruidoso, NM
Shreveport, LA San Ramon, CA
Wichita, KS (2 stores) Springerville, AZ
Tucson, AZ
Tulsa, OK
General note: As all of these leases are triple- net, Acadia has no
property management responsibilities for these locations.
Page 30
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
AKR Fund II Properties - Detail
--------------------------------
------------------------------------------------------------------------------------------------------
Fund I's Annualized
Base Rent
Ownership Gross Leasable Area Occupancy Annualized Base Rent per Occupied
Square Foot
---------------------------------------------------------------------------------------------
%Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
------------------------------------------------------------------------------------------------------
Fund II
Redevelopment
Properties
- ------------------
400 East Fordham
Road 90%100,703 16,652 117,355 100.00%100.00%100.00%275,000 364,094 639,094 2.73 21.86 5.45
Pelham Manor
Shopping Center
(1) 90% - 412,275 412,275 0.00% 88.91% 88.91% - 2,303,205 2,303,205 - 6.28 6.28
------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Fund II
Redevelopment
Properties 100,703 428,927 529,630 100.00% 89.34% 91.37%275,000 2,667,299 2,942,299 2.73 6.96 6.08
---------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
(1) The redevelopment plan contemplates the demolition of the current
industrial/warehouse buildings and the construction of a retail center.
Page 31
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Retail Properties - Summary Listing
------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Lease Base Base
Lease and and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
NEW YORK REGION
- ----------------------------
New York
Soundview Marketplace Port King Kullen Clearview $2,660,387 $15.99
Washington 1998 (A) 184,516 90% 2007/2022 Cinema
2010/2030
Village Commons Shopping Smithtown 1998 (A) 87,306 100% Daffy's
Center 2008/2028 2,099,980 24.05
Walgreens
2021/--
Branch Shopping Plaza Smithtown 1998 (A) 125,676 100% Waldbaum's 2,373,784 18.89
(A&P)
2013/2028
New Loudon Center Latham 1982 (A) 255,089 100% Price Marshalls 1,662,334 6.52
Chopper 2004/2009
2015/2035
Bon Ton
Department
Store
2014/2034
Raymor &
Flanigan
Furniture
2019/2034
Pacesetter Park Shopping Pomona 1999 (A) 96,646 89% Stop & Shop
Center (Ahold)
2020/2040 979,293 11.43
New Jersey
Elmwood Park Shopping Elmwood Park 1998 (A) 149,085 100% Pathmark Walgreen's
Center 2017/2052 2022/2062 3,320,579 22.27
Marketplace of Absecon Absecon 1998 (A) 105,093 94% Acme Eckerd Drug
2015/2055 2020/2040 1,533,063 15.55
Berlin Shopping Center Berlin 1994 (A) 188,688 79% Acme Kmart
2005/2015 2009/2049 805,391 5.42
Ledgewood Mall Ledgewood 1983 (A) 517,632 87% Wal-mart
2019/2049 4,239,827 9.41
Macy's
2010/2025
The Sports'
Authority
2007/2037
Circuit City
2020/2040
Marshalls
2007/2027
NEW ENGLAND REGION
- ----------------------------
Connecticut
Town Line Plaza Rocky Hill 1998 (A) 206,178 100% Stop & Shop Wal-mart (not
2023/2063 owned) 1,561,226 14.34
239 Greenwich Avenue Greenwich 1998 (A) 16,834 100% Restoration
Hardware
2015/2025 1,254,282 74.51
Chico's
Fashion
2010/2020 (1)
Massachusetts
Methuen Shopping Center Methuen 1998 (A) 130,238 100% DeMoulas Wal-mart
Market 2011/2051
2005/2015 828,772 6.36
Crescent Plaza Brockton 1984 (A) 218,277 100% Shaw's Home Depot
2012/2042 2021/2056 1,694,375 7.76
Rhode Island
Walnut Hill Plaza Woonsocket 1998 (A) 285,829 99% Shaw's Sears
2013/2043 2008/2033 2,266,710 8.01
Vermont
The Gateway Shopping Burlington 1999 (A) 101,861 91% Shaw's
Center 2024/2054 1,699,417 18.23
MIDWEST REGION
- ----------------------------
Illinois
Bobak's
Hobson West Plaza Naperville 1998 (A) 99,044 100% Market and
Restaurant
2007/2032 1,234,018 12.48
(specialty
grocery)
Indiana
Merrillville Plaza Merrillville 1998 (A) 235,605 98% TJ Maxx
2009/2014 2,552,243 11.09
JC Penney
2008/2018
OfficeMax
2008/2028
Michigan
Bloomfield Town Square Bloomfield 1998 (A) 222,320 96% Costco TJ
Hills (not owned) Maxx 2,442,675 11.43
Marshall's
2009/2014
2011/2026
Home Goods
2010/2025
Ohio
Mad River Station Dayton 1999 (A) 151,063 82% Babies "R" Us
2010/2020 1,476,275 11.98
Office Depot
2005/2010
(1) Chico's excercised an option to terminate its lease at this location
subsequent to year-end.The lease was for 4,571 square feet at $71 persquare
foot.
Page 32
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Retail Properties - Summary Listing
------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Lease Base Base
Lease and and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
Pennsylvania
Abington Towne Center Abington 1998 (A) 216,355 99% TJ Maxx 2010/2020 920,340 16.13
Target (not owned)
Blackman Plaza Wilkes-Barre 1968 (C) 121,341 92% Kmart 2009/2049 282,374 2.52
Bradford Towne Centre Towanda P&C Foods (Penn Traffic) Kmart 2019/2069
1993 (C) 256,939 89% 2014/2024 1,557,535 6.79
Greenridge Plaza Scranton 1986 (C) 194,760 78% Giant Food (Ahold) 2021/2051 969,527 6.41
Luzerne Street Shopping Scranton Eckerd Drug 2009/2019
Center 1983 (A) 57,988 27% 120,624 7.67
Mark Plaza Edwardsville 1968 (C) 214,036 98% Redner's Markets 2018/2028 Kmart 2009/2054 1,035,972 4.93
Pittston Plaza Pittston 1994 (C) 79,494 100% Redner's Market 2018/2028 Eckerd Drugs 2006/2016 613,720 7.72
Plaza 422 Lebanon 1972 (C) 155,026 69% Home Depot 2021/2056 444,020 4.14
Route 6 Mall Honesdale 1994 (C) 175,507 99% Weis Markets (not owned) Kmart 2020/2070 1,072,283 6.16
----------- ---------------------
4,848,426 $43,701,026 $10.36
=========== =====================
Page 33
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Retail Properties - Summary Listing
------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Lease Base Base
Lease and and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
JOINT VENTURE PROPERTIES
- ----------------------------
NEW YORK REGION
- ----------------------------
New York
Crossroads Shopping Center White Plains 1998 310,644 100% Waldbaum's Kmart 2012/2037 $5,888,177 $19.00
(49% JV interest) (A&P) 2007/2032 B. Dalton 2012/2022
Modell's 2009/2019
MID-ATLANTIC REGION
- ----------------------------
Delaware
Brandywine Town Center (1) Wilmington 2003 (A) 619,028 100% 8,907,742 14.39
(Fund I)
Market Square Shopping Wilmington Trader Joe's TJ Maxx 2006/2016
Center 2003 (A) 102,762 100% (specialty 2,080,578 20.25
(Fund I) grocery)
2013/2028
MIDWEST REGION
- ----------------------------
Ohio
Amherst Marketplace Cleveland 2002 (A) 79,937 100% Giant Eagle 2021/2041 830,115 10.38
(Fund I)
Granville Centre Columbus 2002 (A) 131,543 45% California Fitness
2017/2027 669,710 11.28
(Fund I)
Sheffield Crossing Cleveland 2002 (A) 112,534 96% Giant Eagle 2022/2042 1,145,929 10.56
(Fund I)
VARIOUS REGIONS
- ----------------------------
Kroger/Safeway Portfolio various 25 Kroger and Safeway
2003 (A) 1,018,100 100% supermarkets 9,315,123 9.15
(Fund I) 2009/2049
JV REDEVELOPMENTS
- ----------------------------
Michigan
Sterling Heights Shopping Detroit Burlington Coat Factory
2024/--
Center 2004 (A) 154,597 65% 518,404 5.15
(Fund I)
New York
Tarrytown Shopping Center Westchester Walgreen's Drug (Under
2004 (A) 35,877 25% construction) 236,879 26.10
(Fund I)
400 East Fordham Road Bronx 2004 (A) 117,355 100% Sears 2007/-- 639,094 5.45
(Fund II)
Pelham Manor Shopping Plaza Westchester 2004 (A) 412,275 89%
/Bronx 2,303,205 6.28
(Fund II)
South Carolina
Hitchcock Plaza Aiken 2004 (A) 233,563 56% Kroger 867,397 6.69
(Fund I) Supermarket
2007/2032
Pine Log Plaza Aiken 2004 (A) 35,064 97% 149,250 4.37
(Fund I)
Virginia
Haygood Shopping Center Virginia 2004 (A) 161,604 69%
Beach ----------- Rose's Department Store 906,420 8.08
2009/-- ---------------------
(Fund I)
3,524,883 $34,458,023 $10.88
=========== =====================
(1) Does not include 240,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an
"earnout basis" only if, and when it is leased.
Page 34
ANNUAL SUPPLEMENTAL
DISCLOSURE
December 31, 2004
Retail Properties by
Region
-------------------------
-----------------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
-----------------------------------------------------------------------------------------------------------
Wholly-Owned Properties
- -------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals
(1)
-----------------------------------------------------------------------------------------------------------
New York Region 304,238 355,825 660,063 100.00% 91.82% 95.59% $5,659,523 $7,028,782 $12,688,305 $18.60 $21.51 $20.11
New England 895,475 301,997 1,197,472 100.00% 96.24% 99.05% 6,698,569 3,014,265 9,712,834 8.39 10.37 8.92
Midwest 392,214 315,818 708,032 99.62% 87.11% 94.04% 3,225,943 4,479,268 7,705,211 8.26 16.28 11.57
Mid-Atlantic 741,466 286,302 1,027,768 94.36% 74.25% 88.76% 4,540,687 2,957,934 7,498,621 8.38 13.91 9.94
Northeastern Pennsylvania 968,270 286,821 1,255,091 87.26% 81.56% 85.95% 4,107,887 1,988,168 6,096,055 4.86 8.50 5.65
-----------------------------------------------------------------------------------------------------------
Total Wholly-Owned
Properties 3,301,663 1,546,763 4,848,426 94.95% 86.57% 92.28%$24,232,609 $19,468,417 $43,701,026 $8.41 $14.54 $10.36
-----------------------------------------------------------------------------------------------------------
Joint Venture Properties
- -------------------------
Operating
Midwest (2) 236,443 87,571 324,014 76.70% 75.91% 76.48% $1,959,074 $686,680 $2,645,754 $10.80 $10.33 $10.68
Mid-Atlantic( 2,3) 658,078 63,712 721,790 100.00%100.00%100.00% 9,423,117 1,565,203 10,988,320 14.32 24.57 15.22
New York Region (4) 200,181 110,463 310,644 100.00% 99.32% 99.76% 2,233,752 3,654,425 5,888,177 11.16 33.31 19.00
Various (Kroger/Safeway
Portfolio) (5) 1,018,100 - 1,018,100 100.00% 0.00%100.00% 9,315,123 - 9,315,123 9.15 - 9.15
-----------------------------------------------------------------------------------------------------------
Total - Operating
Properties 2,112,802 261,746 2,374,548 97.39% 91.65% 96.76% 22,931,066 5,906,308 28,837,374 11.14 24.62 12.55
-----------------------------------------------------------------------------------------------------------
JV Redevelopment
Properties
Mid West (6) 98,400 56,197 154,597 71.54% 53.90% 65.13% 281,600 236,804 518,404 4.00 7.82 5.15
Mid-Atlantic (6) 237,839 192,392 430,231 52.25% 78.90% 64.17% 497,359 1,425,708 1,923,067 4.00 9.39 6.97
New York Region (7) 116,165 449,342 565,507 86.69% 87.30% 87.18% 275,000 2,904,178 3,179,178 2.73 7.40 6.45
-----------------------------------------------------------------------------------------------------------
Total - Redevelopment
Properties 452,404 697,931 1,150,335 65.29% 82.30% 75.61% 1,053,959 4,566,690 5,620,649 3.57 7.95 6.46
-----------------------------------------------------------------------------------------------------------
Total Joint Venture
Properties 2,565,206 959,677 3,524,883 91.73% 84.85% 89.86%$23,985,025 $10,472,998 $34,458,023 $10.19 $12.86 $10.88
===========================================================================================================
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 for the purposes of the above table.
(1) Anchor GLA includes a total of 254,916 square feet which is not owned by
the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
(2) The Company has a 22% interest in Fund I which owns these properties.
(3) Does not include 230,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an
"earnout basis" only if, and when it is leased.
(4) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(5) The Company has a 22% interest in Fund I which has a 75% interest in this
portfolio.
(6) The Company has a 22% interest in Fund I which owns 50% of these
properties.
(7) The Company has a 22% interest in Fund I which owns 50% of the Tarrytown
Shopping Center and a 20% interest in Fund II which owns 90% of 400 East
Fordham Road and Pelham Manor Shopping Plaza.
Page 35
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Retail Properties by State - Summary
------------------------------------
---------------------------------------------------------------------------------------------------------------
Gross Leasable Area Occupancy Annualized Base Rent
---------------------------------------------------------------------------------
Wholly-Owned Ownership Percent of Number of
Properties base rent properties
Anchors (2) Shops Total Anchors Shops Total Anchors Shops
% (1)
---------------------------------------------------------------------------------------------------------------
Connecticut 100.0% 5.4% 2 178,799 44,213 223,012 100.00%100.00%100.00% $2,191,282 $624,226
Illinois 100.0% 2.4% 1 51,692 47,352 99,044 100.00% 99.67% 99.84% 225,436 1,008,582
Indiana 100.0% 4.9% 1 145,266 90,339 235,605 100.00% 93.85% 97.64% 1,293,962 1,258,281
Massachusetts 100.0% 4.8% 2 287,223 61,292 348,515 100.00%100.00%100.00% 1,947,858 575,289
Michigan 100.0% 4.7% 1 126,960 95,360 222,320 98.83% 92.51% 96.12% 977,599 1,465,076
New Jersey 100.0% 19.0% 4 619,460 341,038 960,498 93.25% 78.87% 88.15% 5,674,647 4,224,213
New York 100.0% 18.8% 5 476,005 273,228 749,233 100.00% 89.35% 96.11% 4,575,260 5,200,518
Ohio 100.0% 2.8% 1 68,296 82,767 151,063 100.00% 66.34% 81.56% 728,946 747,329
Pennsylvania 100.0% 13.5% 9 1,152,886 318,560 1,471,446 89.30% 82.87% 87.91% 4,364,387 2,652,008
Rhode Island 100.0% 4.4% 1 121,892 163,937 285,829 100.00% 98.35% 99.05% 935,920 1,330,790
Vermont 100.0% 3.3% 1 73,184 28,677 101,861 100.00% 69.79% 91.49% 1,317,312 382,105
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
Total - Wholly-
Owned
Properties 83.9% 28 3,301,663 1,546,763 4,848,426 94.95% 86.57% 92.28%$24,232,609 $19,468,417
------------------------------------------------------------------------------------------------------
Joint Venture
Properties
- ----------------
Operating
Properties
Ohio (4) 22.2% 1.1% 3 236,443 87,571 324,014 76.70% 75.91% 76.48% $1,959,074 $686,680
Delaware (4,5) 22.2% 4.7% 2 658,078 63,712 721,790 100.00%100.00%100.00% 9,423,117 1,565,203
New York (6) 49.0% 5.5% 1 200,181 110,463 310,644 100.00% 99.32% 99.76% 2,233,752 3,654,425
Various
(Kroger/Safeway
Portfolio) (3) 16.5% 3.0% 25 1,018,100 - 1,018,100 100.00% 0.00%100.00% 9,315,123 -
----------- ---------------------------------------------------------------------------------
Total -
Operating
Properties 14.3% 2,112,802 261,746 2,374,548 97.39% 91.65% 96.76% 22,931,066 5,906,308
----------- ---------------------------------------------------------------------------------
JV Redevelopment
Properties
Michigan (7) 11.1% 0.1% 1 98,400 56,197 154,597 71.54% 53.90% 65.13% 281,600 236,804
New York( 7) Various 1.1% 3 116,165 449,342 565,507 86.69% 87.30% 87.18% 275,000 2,904,178
South Carolina
(7) 11.1% 0.4% 2 158,959 109,668 268,627 45.60% 83.35% 61.01% 412,159 604,488
Virginia (7) 11.1% 0.2% 1 78,880 82,724 161,604 65.64% 73.00% 69.41% 85,200 821,220
------------------------------------------------------------------------------------------------------
Total-
Redevelopment
Properties 1.8% 452,404 697,931 1,150,335 65.29% 82.30% 75.61% 1,053,959 4,566,690
----------- ---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
Total Joint
Venture
Properties 16.1% 38 2,565,206 959,677 3,524,883 91.73% 84.85% 89.86%$23,985,025 $10,472,998
---------------------=================================================================================
100.0% 66
=====================
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants for the purposes of the above table.
(1) The Company's pro-rata share of base rent from joint venture properties has
been included for the purpose of calculating percentage of base rent by
state.
(2) Anchor GLA includes a total of 254,916 square feet which is not owned by
the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
(3) The Company has a 22% interest in Fund I which has a 75% interest in this
portfolio.
(4) The Company has a 22% interest in Fund I which owns these properties.
(5) Does not include 230,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an
"earnout basis" only if, and when it is leased.
(6) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(7) The Company has a 22% interest in Fund I which owns 50% of the Tarrytown
Shopping Center and a 20% interest in Fund II which owns 90% of 400 East
Fordham Road and Pelham Manor Shopping Plaza.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Retail Properties by State - Summary
-------------------------------------
---------------------------------
Annualized Base Rent
per Occupied Square
Foot
---------------------------------
Wholly-Owned Properties
-----------------------
Total Anchors Shops Totals
---------------------------------
Connecticut $2,815,508 $26.89 $14.12 $22.40
Illinois 1,234,018 4.36 21.37 12.48
Indiana 2,552,243 8.91 14.84 11.09
Massachusetts 2,523,147 6.78 9.39 7.24
Michigan 2,442,675 7.79 16.61 11.43
New Jersey 9,898,860 9.82 15.70 11.69
New York 9,775,778 9.61 21.30 13.58
Ohio 1,476,275 10.67 13.61 11.98
Pennsylvania 7,016,395 5.01 10.05 6.18
Rhode Island 2,266,710 7.68 8.25 8.01
Vermont 1,699,417 18.00 19.09 18.23
---------------------------------
---------------------------------
Total - Wholly-Owned Properties $43,701,026 $8.41 $14.54 $10.36
---------------------------------
---------------------------------
Joint Venture Properties
------------------------
Operating Properties
Ohio (4) $2,645,754 $10.80 $10.33 $10.68
Delaware (4,5) 10,988,320 14.32 24.57 15.22
New York (6) 5,888,177 11.16 33.31 19.00
Various (Kroger/Safeway Portfolio) (3) 9,315,123 9.15 - 9.15
---------------------------------
Total - Operating Properties 28,837,374 11.14 24.62 12.55
---------------------------------
JV Redevelopment Properties
Michigan (7) 518,404 4.00 7.82 5.15
New York( 7) 3,179,178 2.73 7.40 6.45
South Carolina (7) 1,016,647 5.69 6.61 6.20
Virginia (7) 906,420 1.65 13.60 8.08
---------------------------------
Total-Redevelopment Properties 5,620,649 3.57 7.95 6.46
---------------------------------
---------------------------------
Total Joint Venture Properties $34,458,023 $10.19 $12.86 $10.88
=================================
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 for the purposes of the above table.
(1) The Company's pro-rata share of base rent from joint venture properties has
been included for the purpose of calculating percentage of base rent by
state.
(2) Anchor GLA includes a total of 254,916 square feet which is not owned by
the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
(3) The Company has a 22% interest in Fund I which has a 75% interest in this
portfolio.
(4) The Company has a 22% interest in Fund I which owns these properties.
(5) Does not include 230,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an
"earnout basis" only if, and when it is leased.
(6) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(7) The Company has a 22% interest in Fund I which owns 50% of the Tarrytown
Shopping Center and a 20% interest in Fund II which owns 90% of 400 East
Fordham Road and Pelham Manor Shopping Plaza.
Page 36
ANNUAL SUPPLEMENTAL
DISCLOSURE
December 31, 2004
Retail Properties -
Detail
---------------------
---------------------------------------------------------------------------------------------------------------
Annualized Base
Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
---------------------------------------------------------------------------------------------------------------
WHOLLY-OWNED
PROPERTIES:
New York Region
- ---------------------
Connecticut
- ---------------------
239 Greenwich Avenue(1) 16,834 - 16,834 100.00% - 100.00%$1,254,282 $- $1,254,282 $74.51 $- $74.51
---------------------------------------------------------------------------------------------------------------
New Jersey
- ---------------------
Elmwood Park Shopping
Center 62,610 86,475 149,085 100.00%100.00%100.00% 1,390,460 1,930,119 3,320,579 22.21 22.32 22.27
---------------------------------------------------------------------------------------------------------------
New York (2)
- ---------------------
Soundview Marketplace 73,500 111,016 184,516 100.00% 83.63% 90.15% 1,158,850 1,501,537 2,660,387 15.77 16.17 15.99
Village Commons
Shopping Center 25,192 62,114 87,306 100.00%100.00%100.00% 428,213 1,671,767 2,099,980 17.00 26.91 24.05
Branch Plaza 74,050 51,626 125,676 100.00%100.00%100.00% 1,085,159 1,288,625 2,373,784 14.65 24.96 18.89
Pacesetter Park
Shopping Center 52,052 44,594 96,646 100.00% 75.48% 88.69% 342,559 636,734 979,293 6.58 18.92 11.43
---------------------------------------------------------------------------------------------------------------
Total - New York 224,794 269,350 494,144 100.00% 89.19% 94.11% 3,014,781 5,098,663 8,113,444 13.41 21.22 17.45
---------------------------------------------------------------------------------------------------------------
Total - New York
Region 304,238 355,825 660,063 100.00% 91.82% 95.59% 5,659,523 7,028,782 12,688,305 18.60 21.51 20.11
---------------------------------------------------------------------------------------------------------------
New England
- ---------------------
Connecticut
- ---------------------
Town Line Plaza( 3) 161,965 44,213 206,178 100.00%100.00%100.00% 937,000 624,226 1,561,226 14.49 14.12 14.34
---------------------------------------------------------------------------------------------------------------
Massachusetts
- ---------------------
Methuen Shopping
Center 130,238 - 130,238 100.00% - 100.00% 828,772 - 828,772 6.36 - 6.36
Crescent Plaza 156,985 61,292 218,277 100.00%100.00%100.00% 1,119,086 575,289 1,694,375 7.13 9.39 7.76
---------------------------------------------------------------------------------------------------------------
Total - Massachusetts 287,223 61,292 348,515 100.00%100.00%100.00% 1,947,858 575,289 2,523,147 6.78 9.39 7.24
---------------------------------------------------------------------------------------------------------------
New York
- ---------------------
New Loudon Center 251,211 3,878 255,089 100.00%100.00%100.00% 1,560,479 101,855 1,662,334 6.21 26.26 6.52
---------------------------------------------------------------------------------------------------------------
Rhode Island
- ---------------------
Walnut Hill Plaza 121,892 163,937 285,829 100.00% 98.35% 99.05% 935,920 1,330,790 2,266,710 7.68 8.25 8.01
---------------------------------------------------------------------------------------------------------------
Vermont
- ---------------------
The Gateway Shopping
Center 73,184 28,677 101,861 100.00% 69.79% 91.49% 1,317,312 382,105 1,699,417 18.00 19.09 18.23
---------------------------------------------------------------------------------------------------------------
Total - New England
Region 895,475 301,997 1,197,472 100.00% 96.24% 99.05% 6,698,569 3,014,265 9,712,834 8.39 10.37 8.92
---------------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
(1) 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21
residential units encompassing 14,434 square feet. Residential activities
are not included above. Chico's, which occupies 4,541 square feet and pays
annual rent of $324,682, excercised its right to terminate its lease in
February of 2005.
(2) The Company has a property located in the Bronx, NY which is currently
under construction which is not included in the above listing.
(3) Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned
by the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
Page 37
ANNUAL SUPPLEMENTAL
DISCLOSURE
December 31, 2004
Retail Properties -
Detail
---------------------
---------------------------------------------------------------------------------------------------------------
Annualized Base
Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
---------------------------------------------------------------------------------------------------------------
WHOLLY-OWNED PROPERTIES
(continued):
Midwest
- -------------------------
Illinois
- -------------------------
Hobson West Plaza 51,692 47,352 99,044 100.00% 99.67% 99.84% $225,436 $1,008,582 $1,234,018 $4.36 $21.37 $12.48
Indiana
- -------------------------
Merrillville Plaza 145,266 90,339 235,605 100.00% 93.85% 97.64% 1,293,962 1,258,281 2,552,243 8.91 14.84 11.09
Michigan
- -------------------------
Bloomfield Towne Square 126,960 95,360 222,320 98.83% 92.51% 96.12% 977,599 1,465,076 2,442,675 7.79 16.61 11.43
Ohio
- -------------------------
Mad River Station (1) 68,296 82,767 151,063 100.00% 66.34% 81.56% 728,946 747,329 1,476,275 10.67 13.61 11.98
-----------------------------------------------------------------------------------------------------------
Total - Midwest Region 392,214 315,818 708,032 99.62% 87.11% 94.04% 3,225,943 4,479,268 7,705,211 8.26 16.28 11.57
-----------------------------------------------------------------------------------------------------------
Mid-Atlantic
- -------------------------
New Jersey
- -------------------------
Marketplace of Absecon 58,031 47,062 105,093 100.00% 86.14% 93.79% 927,574 605,489 1,533,063 15.98 14.94 15.55
Berlin Shopping Center 127,850 60,838 188,688 100.00% 34.04% 78.73% 619,400 185,991 805,391 4.84 8.98 5.42
Ledgewood Mall 370,969 146,663 517,632 88.73% 82.68% 87.02% 2,737,213 1,502,614 4,239,827 8.32 12.39 9.41
-----------------------------------------------------------------------------------------------------------
Total - New Jersey 556,850 254,563 811,413 92.49% 71.70% 85.97% 4,284,187 2,294,094 6,578,281 8.32 12.57 9.43
-----------------------------------------------------------------------------------------------------------
Pennsylvania
- -------------------------
Abington Towne Center (2) 184,616 31,739 216,355 100.00% 94.75% 99.23% 256,500 663,840 920,340 9.50 22.07 16.13
-----------------------------------------------------------------------------------------------------------
Total - Mid-Atlantic
Region 741,466 286,302 1,027,768 94.36% 74.25% 88.76% 4,540,687 2,957,934 7,498,621 8.38 13.91 9.94
-----------------------------------------------------------------------------------------------------------
Northeastern Pennsylvania
- -------------------------
Pennsylvania
- -------------------------
Blackman Plaza 111,956 9,385 121,341 100.00% - 92.27% 264,374 18,000 282,374 2.36 - 2.52
Bradford Towne Centre 180,919 76,020 256,939 100.00% 63.54% 89.21% 1,102,616 454,919 1,557,535 6.09 9.42 6.79
Greenridge Plaza 104,090 90,670 194,760 59.65% 98.31% 77.65% 279,405 690,122 969,527 4.50 7.74 6.41
Luzerne Street Shopping
Center 54,618 3,370 57,988 25.63% 51.51% 27.13% 105,000 15,624 120,624 7.50 9.00 7.67
Mark Plaza 157,595 56,441 214,036 100.00% 92.74% 98.09% 652,095 383,877 1,035,972 4.14 7.33 4.93
Pittston Plaza 67,568 11,926 79,494 100.00%100.00%100.00% 496,446 117,274 613,720 7.35 9.83 7.72
Plaza 422 145,026 10,000 155,026 71.88% 30.00% 69.18% 407,520 36,500 444,020 3.91 12.17 4.14
Route 6 Plaza 146,498 29,009 175,507 100.00% 94.74% 99.13% 800,431 271,852 1,072,283 5.46 9.89 6.16
-----------------------------------------------------------------------------------------------------------
Total - Pennsylvania 968,270 286,821 1,255,091 87.26% 81.56% 85.95% 4,107,887 1,988,168 6,096,055 4.86 8.50 5.65
-----------------------------------------------------------------------------------------------------------
Total - Northeastern
Pennsylvania Region 968,270 286,821 1,255,091 87.26% 81.56% 85.95% 4,107,887 1,988,168 6,096,055 4.86 8.50 5.65
-----------------------------------------------------------------------------------------------------------
TOTAL WHOLLY-OWNED
PROPERTIES 3,301,663 1,546,763 4,848,426 94.95% 86.57% 92.28%$24,232,609 $19,468,417 $43,701,026 $8.41 $14.54$10.36
-----------------------------------------------------------------------------------------------------------
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.
(1) The GLA for this property includes 28,205 square feet of office space.
(2) Anchor GLA includes a 157,616 square foot Target store which is not owned
by the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
Page 38
ANNUAL SUPPLEMENTAL
DISCLOSURE
December 31, 2004
Retail Properties -
Detail
---------------------
---------------------------------------------------------------------------------------------------------------
Annualized Base
Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
---------------------------------------------------------------------------------------------------------------
JOINT VENTURE
PROPERTIES:
Midwest
- -------------------
Ohio
- -------------------
Amherst Marketplace
(1) 76,737 3,200 79,937 100.00%100.00%100.00% $795,711 $34,404 $830,115 $10.37 $10.75 $10.38
Granville Centre
(1) 90,047 41,496 131,543 38.81% 58.80% 45.12% 402,085 267,625 669,710 11.51 10.97 11.28
Sheffield Crossing
(1) 69,659 42,875 112,534 100.00% 90.67% 96.45% 761,278 384,651 1,145,929 10.93 9.89 10.56
----------------------------------------------------------------------------------------------------------
Total - Ohio 236,443 87,571 324,014 76.70% 75.91% 76.48% 1,959,074 686,680 2,645,754 10.80 10.33 10.68
----------------------------------------------------------------------------------------------------------
Mid-Atlantic
- -------------------
Delaware
- -------------------
Brandywine Town
Center (1, 2) 619,028 - 619,028 100.00% - 100.00% 8,907,742 - 8,907,742 14.39 - 14.39
Market Square
Shopping Center
(1) 39,050 63,712 102,762 100.00%100.00%100.00% 515,375 1,565,203 2,080,578 13.20 24.57 20.25
----------------------------------------------------------------------------------------------------------
Total - Delaware 658,078 63,712 721,790 100.00%100.00%100.00% 9,423,117 1,565,203 10,988,320 14.32 24.57 15.22
----------------------------------------------------------------------------------------------------------
New York Region
- -------------------
New York
- -------------------
Crossroads Shopping
Center (3) 200,181 110,463 310,644 100.00% 99.32% 99.76% 2,233,752 3,654,425 5,888,177 11.16 33.31 19.00
----------------------------------------------------------------------------------------------------------
Various Regions
- -------------------
Kroger/Safeway
Portfolio (25
Properties)(4) 1,018,100 - 1,018,100 100.00% - 100.00% 9,315,123 - 9,315,123 9.15 - 9.15
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Total - Operating
Properties 2,112,802 261,746 2,374,548 97.39% 91.65% 96.76% 22,931,066 5,906,308 28,837,374 11.14 24.62 12.55
----------------------------------------------------------------------------------------------------------
Redevelopment
properties
----------------------------------------------------------------------------------------------------------
Sterling Heights
Shopping Center
(Michigan) (5) 98,400 56,197 154,597 71.54% 53.90% 65.13% 281,600 236,804 518,404 4.00 7.82 5.15
400 East Fordham
Road (New York)
(6) 100,703 16,652 117,355 100.00%100.00%100.00% 275,000 364,094 639,094 2.73 21.86 5.45
Pelham Manor
Shopping Plaza
(New York) (7) - 412,275 412,275 - 88.91% 88.91% - 2,303,205 2,303,205 - 6.28 6.28
Tarrytown Shopping
Center (New York)
(5) 15,462 20,415 35,877 - 44.46% 25.30% - 236,879 236,879 - 26.10 26.10
Hitchcock Plaza
(South Carolina)
(5) 135,775 97,788 233,563 36.31% 82.25% 55.54% 342,607 524,790 867,397 6.95 6.52 6.69
Pine Log Plaza
(South Carolina)
(5) 23,184 11,880 35,064 100.00% 92.42% 97.43% 69,552 79,698 149,250 3.00 7.26 4.37
Haygood Shopping
Center (Virginia)
(5) 78,880 82,724 161,604 65.64% 73.00% 69.41% 85,200 821,220 906,420 1.65 13.60 8.08
----------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 452,404 697,931 1,150,335 65.29% 82.30% 75.61% 1,053,959 4,566,690 5,620,649 3.57 7.95 6.46
----------------------------------------------------------------------------------------------------------
Total - Joint
Venture
Properties 2,565,206 959,677 3,524,883 91.73% 84.85% 89.86%$23,985,025 $10,472,998 $34,458,023 $10.19 $12.86 $10.88
==========================================================================================================
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.
(1) The Company has a 22% interest in Fund I which owns the property.
(2) Does not include approximately 230,000 square feet of new space in Phase
II, which will be paid for by the JV on an "earnout basis" only if, and
when it is leased.
(3) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(4) This represents a portfolio of 25 triple-net, anchor-only leases with
Kroger and Safeway supermarkets.
(5) The Company has a 22% interest in Fund I which owns 50% the property.
(6) The Company has a 20% interest in Fund II which owns 90% the property.
(7) The Company has a 20% interest in Fund II which owns 90% the property. The
redevelopment plan contemplates the demolition of the current
industrial/warehouse buildings and the construction of a retail center.
Page 39
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
---------------------------
Year ended 3 months ended 3 months ended 3 months 3 months Year ended
ended ended
Leasing Production Notes: December 31, December 31, September 30, June 30, March December
2004 2004 2004 2004 31, 31, 2003
2004
--------------------------------- ----------------------------------------------------------------------
New leases (1)
Number of new leases commencing 34 9 11 7 7 32
GLA 191,419 47,663 33,749 91,025 18,982 174,798
New base rent $12.81 $19.56 $18.17 $6.86 $14.85 $10.38
Previous base rent (and
percentage rent) $11.43 $17.94 $12.71 $6.74 $15.34 $8.38
Percentage growth in base rent 12.0% 9.0% 43.0% 1.8% -3.2% 23.9%
Average cost per square foot $20.67 $5.81 $21.48 $31.41 $5.04 $5.92
Renewal leases
Number of renewal leases
commencing 59 14 22 10 13 53
GLA 483,308 49,134 199,499 152,273 82,402 410,193
Renewal percentage 81% 70% 98% 71% 76% 81%
New base rent $11.72 $23.36 $13.45 $6.28 $10.66 $9.20
Expiring base rent (and
percentage rent) $10.94 $22.72 $12.24 $5.76 $10.32 $8.80
Percentage growth in base rent 7.2% 2.8% 9.9% 9.0% 3.3% 4.5%
Average cost per square foot $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total new and renewal Leases
Number of new and renewal leases
commencing 93 23 33 17 20 85
GLA 674,727 96,797 233,248 243,298 101,384 584,991
New base rent $12.03 $21.49 $14.13 $6.50 $11.44 $9.55
Expiring base rent (and
percentage rent) $11.08 $20.37 $12.31 $6.13 $11.26 $8.67
Percentage growth in base rent (2) 8.6% 5.5% 14.8% 6.0% 1.6% 10.1%
Average cost per square foot $5.86 $2.86 $3.11 $11.75 $0.94 $1.77
---------------------------
(1) Does not include leased square footage and costs related to first
generation space and the Company's major redevelopment projects.
(2) Rent is presented on a cash basis. Rents have not been averaged over terms.
Previous/expiring rent is that as of time of expiration and includes any
percentage rent paid as well. New rent is that which is initially paid at
commencement.
Page 40
ANNUAL SUPPLEMENTAL
DISCLOSURE
December 31, 2004
Top Tenants - Ranked
by Annualized
Base Rent
-----------
(Combined basis - Includes pro-rata share
of GLA and rent for JV properties)
Percentage of Total
Wholly- Joint Ventures (2) Combined Represented by
Owned Retail Tenant
---------- ------------------------------------------------------------
Average
Number of Gross
Retail stores in Total Annualized Total Annualized Total Annualized Total Annualized Average Occupancy
Base Base Base Base
Ranking Tenant combined GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio Rent (3) Sales Cost (4)
portfolio GLA( 3) (per
sq.
ft.)
- ------------------------------------------------------------------------------------------------------------------------------------
1 Albertson's 5 252,665 $3,276,856 - $- 252,665 $3,276,856 4.5% 6.3%
-- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.1% 4.5% 475 2.8%
-- Acme 2 76,864 918,664 - - 76,864 918,664 1.4% 1.8% 294 5.5%
2 Sears 7 580,921 2,128,484 67,482 326,963 648,403 2,455,447 11.6% 4.7%
-- Kmart 5 520,221 1,870,484 49,355 277,463 569,576 2,147,947 10.2% 4.1% 166 3.7%
-- Sears 2 60,700 258,000 18,127 49,500 78,827 307,500 1.4% 0.6% 231 1.8%
3 T.J. Maxx 10 289,427 2,037,682 6,972 81,261 296,399 2,118,943 5.3% 4.1%
-- T.J. Maxx 4 88,200 712,800 6,972 81,261 95,172 794,061 1.7% 1.5% 281 4.3%
-- Marshalls 3 102,781 731,494 - - 102,781 731,494 1.8% 1.4% 178 5.7%
-- A.J.
Wright's 2 58,800 286,131 - - 58,800 286,131 1.1% 0.5% 144 5.8%
-- Homegoods 1 39,646 307,257 - - 39,646 307,257 0.7% 0.6% 146 6.8%
4 Ahold 3 178,807 1,558,964 - - 178,807 1,558,964 3.2% 3.0%
-- Stop and
Shop 2 116,717 1,279,559 - - 116,717 1,279,559 2.1% 2.5% 346 3.6%
-- Giant 1 62,090 279,405 - - 62,090 279,405 1.1% 0.5% - -
5 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 3.8% 2.9% 336 3.2%
6 A&P (Waldbaum's) 2 63,000 920,964 18,722 246,960 81,722 1,167,924 1.5% 2.2%
-- Waldbaum's 2 63,000 920,964 18,722 246,960 81,722 1,167,924 1.5% 2.2% 348 5.8%
7 Brook's Drug 9 91,534 1,136,774 1,253 3,166 92,787 1,139,940 1.7% 2.2%
-- Eckerd's 9 91,534 1,136,774 1,253 3,166 92,787 1,139,940 1.7% 2.2% 442 4.6%
8 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 3.8% 1.9% - -
9 Pathmark 1 47,773 955,460 - - 47,773 955,460 0.9% 1.8% - -
Restoration
10 Hardware 1 12,293 929,600 - - 12,293 929,600 0.2% 1.8% 249 32.6%
Redner's
11 Supermarket 2 111,739 863,432 - - 111,739 863,432 2.0% 1.7% 250 4.0%
12 Kroger( 5) 13 - - 132,259 844,168 132,259 844,168 2.4% 1.6% - -
13 Safeway (6) 13 - - 103,844 776,874 103,844 776,874 1.9% 1.5% - -
14 Price Chopper 2 77,450 764,052 - - 77,450 764,052 1.4% 1.5% 672 1.9%
Federated
Department
15 Stores (Macy's) 1 73,349 610,745 - - 73,349 610,745 1.3% 1.2% 205 6.2%
16 Clearview Cinema 1 25,400 596,250 - - 25,400 596,250 0.5% 1.1% - -
17 JC Penney 2 72,580 591,747 - - 72,580 591,747 1.3% 1.1% 182 5.9%
18 Walgreen's 2 23,904 589,088 - - 23,904 589,088 0.4% 1.1% 342 8.8%
King Kullen
19 Grocery 1 48,100 562,600 - - 48,100 562,600 0.9% 1.1% 548 2.7%
20 Blockbuster 5 21,930 501,197 714 10,817 22,644 512,014 0.4% 1.0% - -
---------------------------------------------------------------------------------------------
Total 84 2,391,989 $20,548,950 331,246 $2,290,209 2,723,235 $22,839,159 48.7% 43.8%
=============================================================================================
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
(2) Includes Funds I, II and the Crossroads Shopping Center joint ventures. The
above amounts represent the Company's pro-rata share of square footage and
rent.
(3) Represents total GLA and annualized base rent for the Company's retail
properties including its pro-rata share of joint venture properties.
(4) Occupancy cost = Gross rents (base rent, percentage rent and expense
reimbursements) divided by sales. * indicates not all locations are
required to report sales. Amount is left blank if the tenant is not
required to report sales at any of the locations.
(5) Kroger has sub-leased 4 of these locations to supermarket tenants, 2
locations to a non-supermarket tenant and ceased operations at one other
location.
(6) Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non-supermarket tenant and ceased operations at one other
location.
Page 41
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Anchor Detail
------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent PSF Options
- ------------------------------------------------------------------------------------------------------------------------
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)
Connecticut
- -------------------------------------------------------
239 Greenwich Ave., Greenwich
Chico's Fashion (1) 4,541 1/31/2010 324,682 71.50 (2) 5 Years
Restoration Hardware 12,293 4/30/2015 929,600 75.62 (2) 5 Years
------------- -------------------------
Property total 16,834 1,254,282 74.51
------------- -------------------------
New
Jersey
- -------
Elmwood Park Shopping Center, Elmwood Park
Walgreens 14,837 5/31/2022 435,000 29.32 (8) 5 Year
Pathmark 47,773 11/30/2017 955,460 20.00 (7) 5 Year
------------- -------------------------
Property total 62,610 1,390,460 22.21
------------- -------------------------
New
York
- -------
Soundview Marketplace, Port Washington
King Kullen 48,100 9/26/2007 $562,600 $11.70 (7) 5 Year
Clearview Cinema 25,400 5/31/2010 596,250 23.47 (4) 5 Year
------------- -------------------------
Property total 73,500 1,158,850 15.77
------------- -------------------------
Smithtown Shopping Center, Smithtown
Daffy's 16,125 1/7/2008 274,125 17.00 (4) 5 Year
Walgreens 9,067 12/31/2021 154,088 16.99 -
------------- -------------------------
Property total 25,192 428,213 17.00
------------- -------------------------
The Branch Shopping Center, Smithtown
CVS 11,050 5/31/2005 164,195 14.86 (1) 5 Year
A&P (1) 10 Year &
63,000 11/30/2013 920,964 14.62 (1) 5 Year
------------- -------------------------
Property Total: 74,050 1,085,159 14.65
------------- -------------------------
Pacesetter Park Shopping Center, Pomona
Stop & Shop (Ahold) 52,052 8/31/2020 342,559 6.58 (2) 10 Year
------------- -------------------------
Property total 52,052 342,559 6.58
------------- -------------------------
Total: New York Region 304,238 5,659,523 18.60
------------- -------------------------
(1) Chico's excercised its right to terminate its lease in February of 2005.
Page 42
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Anchor Detail
------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent PSF Options
- --------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A
CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is
currently leased, but for which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned (continued)
- --------------------------------------------------
New
England
- ---------
Connecticut
-------------------------------------------------
Town Line Plaza, Rocky Hill
Wal*Mart(1) 97,300 - $- $- REA Agreement
Super Stop & Shop (Ahold) 64,665 11/30/2023 937,000 14.49 (7) 5 Year
---------- ----------------------
Property total 161,965 937,000 14.49
---------- ----------------------
Massachusetts
-------------------------------------------------
Methuen Shopping Center, Methuen
Demoulas Super Markets 30,460 1/31/2005 109,656 3.60 (2) 5 Year
Osco Drug (Brook's) 10,234 12/31/2005 92,308 9.02 -
Wal*Mart 89,544 10/23/2011 626,808 7.00 (8) 5 Year
---------- ----------------------
Property total 130,238 828,772 6.36
---------- ----------------------
Crescent Plaza, Brockton
Home Depot 106,760 10/31/2021 602,126 5.64 (7) 5 Year
Shaw's (Albertsons) 50,225 12/31/2012 516,960 10.29 (6) 5 Year
---------- ----------------------
Property total 156,985 1,119,086 7.13
---------- ----------------------
New York
--------
New Loudon Center, Latham
Bon Ton 65,365 2/1/2014 261,460 4.00 (4) 5 Year
Marshalls (TJX) 37,212 1/31/2014 158,151 4.25 (3) 5 Year
Price Chopper 77,450 5/31/2015 764,052 9.87 (4) 5 Year
A.C. Moore 21,520 4/30/2009 221,226 10.28 (1) 5 Year
Raymours Furniture Co 49,664 4/30/2019 155,591 3.13 (3) 5 Year
---------- ----------------------
Property total 251,211 1,560,480 6.21
---------- ----------------------
Rhode Island
-------------------------------------------------
Walnut Hill Plaza, Woonsocket
Sears 60,700 8/31/2008 258,000 4.25 (5) 5 Year
CVS 8,800 1/31/2009 154,000 17.50 (1) 5 Year
Shaw's (Albertsons) 52,392 12/31/2013 523,920 10.00 (6) 5 Year
---------- ----------------------
Property total 121,892 935,920 7.68
---------- ----------------------
Vermont
--------
Gateway Shopping Center
Shaw's (Albertsons) (1) 10 Yr., (3) 5 Yr. &
73,184 3/31/2024 1,317,312 18.00 (1) 4 Yr.
---------- ----------------------
Property total 73,184 1,317,312 18.00
---------- ----------------------
Total : New England 895,475 6,698,570 8.39
---------- ----------------------
Midwest
- -------
Illinois
--------
Hobson West Plaza, Naperville
Bobak's Market and Restaurant 51,692 11/30/2007 225,436 4.36 (5) 5 Year
---------- ----------------------
Property total 51,692 225,436 4.36
---------- ----------------------
Indiana
--------
Merrillville Plaza, Merrillville
JC Penney 50,000 1/31/2008 495,000 9.90 (2) 5 Year
Officemax 26,157 7/31/2008 222,335 8.50 (4) 5 Year
Pier I 9,143 1/31/2009 128,002 14.00 -
David's Bridal 13,266 11/19/2010 165,825 12.50 (2) 5 Year
Toys R Us 21,500 1/31/2014 87,500 4.07 (5) 5 Year
TJ Maxx (TJX) 25,200 1/31/2009 195,300 7.75 (1) 5 Year
---------- ----------------------
Property total 145,266 1,293,962 8.91
---------- ----------------------
(1) This space is contiguous to the Company's property and is not owned by the
Company.
Page 43
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Anchor Detail
------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent PSF Options
- --------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A
CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is
currently leased, but for which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned
(continued)
- -----------------------------------------
Michigan
--------
Bloomfield Town Square, Bloomfield
Hills
HomeGoods (TJX) 39,646 5/31/2010 307,257 7.75 (3) 5 Year
Officemax 21,500 6/30/2010 182,750 8.50 (3) 5 Year
Marshalls (TJX) 28,324 9/30/2011 226,592 8.00 (3) 5 Year
TJ Maxx (TJX) 36,000 1/31/2009 261,000 7.25 (1) 5 Year
------------ -----------------
Property total 125,470 977,599 7.79
------------ -----------------
Ohio
--------
Mad River Station, Dayton
Babies 'R' Us 33,147 2/28/2010 243,630 7.35 (2) 5 Year
Pier I 10,111 2/28/2010 197,379 19.52 -
Office Depot 25,038 8/31/2005 287,937 11.50 (1) 5 Year
------------ -----------------
Property total 68,296 728,946 10.67
------------ -----------------
Total: Midwest 390,724 3,225,943 8.26
------------ -----------------
Mid-
Atlantic
- ---------
New
Jersey
--------
Marketplace of Absecon, Absecon
Eckerd Drug (Brook's) 13,207 8/30/2020 329,310 24.93 (4) 5 Year
Acme Markets (Albertson) 44,824 4/30/2015 598,264 13.35 (8) 5 Year
------------ -----------------
Property total 58,031 927,574 15.98
------------ -----------------
Berlin Shopping Center, Berlin
Acme Markets (Albertson) 32,040 4/30/2005 320,400 10.00 (2) 5 Year
Kmart 95,810 11/30/2009 299,000 3.12 (4) 5 Year
------------ -----------------
Property total 127,850 619,400 4.84
------------ -----------------
Ledgewood Mall, Ledgewood
Circuit City 33,294 1/31/2020 466,116 14.00 (4) 5 Year
Barnes & Noble 12,500 1/31/2010 200,000 16.00 (5) 5 Year
Marshalls (TJX) 37,245 1/31/2007 346,751 9.31 (4) 5 Year
The Sports Authority 52,205 5/31/2007 225,000 4.31 (6) 5 Year
Macy's Department Store (3) 5 Year
(Federated) (1) 73,349 1/31/2010 610,745 8.33
Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year
------------ -----------------
Property total 329,163 2,737,213 8.32
------------ -----------------
Pennsylvania
----------------------------------------
Abington Town Center, Abington
TJ Maxx (TJX) (2) 5 Year
27,000 11/30/2010 $256,500 $9.50 (6 Months)
Target(1) Condominium
157,616 - - - Agreement
------------ -----------------
Property total 184,616 256,500 9.50
------------ -----------------
Total : Mid-Atlantic 699,660 4,540,687 8.38
------------ -----------------
Page 44
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Anchor Detail
------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent PSF Options
- --------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A
CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is
currently leased, but for which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned
(continued)
- ----------------------------------------------
Northeast Pennsylvania
- ----------------------------------------------
Blackman Plaza, Wilkes-Barre
Eckerd Drug (Brook's) 7,000 7/31/2006 59,710 8.53 -
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
------------ ------------------
Property total 111,956 264,374 2.36
------------ ------------------
Bradford Towne Centre, Towanda
Kmart (10) 5
94,841 3/31/2019 474,205 5.00 Year
Eckerd Drug (Brook's) 11,840 1/31/2010 118,400 10.00 -
JC Penney 22,580 11/30/2009 96,747 4.28 (7) 5 Year
P & C Foods (Penn Traffic) 51,658 9/30/2014 413,264 8.00 (2) 5 Year
------------ ------------------
Property total 180,919 1,102,616 6.09
------------ ------------------
Greenridge Plaza, Scranton
Giant Food Stores (Ahold) 62,090 4/30/2021 279,405 4.50 (6) 5 Year
------------ ------------------
Property total 62,090 279,405 4.50
------------ ------------------
Luzerne Street Shopping Center, Scranton
Eckerd Drug (Brook's) 14,000 4/30/2009 105,000 7.50 (2) 5 Year
------------ ------------------
Property total 14,000 105,000 7.50
------------ ------------------
Mark Plaza, Edwardsville
Kmart 104,956 10/31/2009 204,664 1.95 (9) 5 Year
Redner's Market 52,639 5/31/2018 447,432 8.50 (2) 5 Year
------------ ------------------
Property total 157,595 652,096 4.14
------------ ------------------
Pittston Plaza, Pittston
Eckerd Drugs (Brook's) 8,468 6/30/2006 80,446 9.50 (2) 5 Year
Redner's Market 59,100 12/31/2018 416,000 7.04 (2) 5 Year
------------ ------------------
Property total 67,568 496,446 7.35
------------ ------------------
Plaza 422, Lebanon
Home Depot 104,243 12/31/2028 407,520 3.91 (6) 5 Year
------------ ------------------
Property total 104,243 407,520 3.91
------------ ------------------
Route 6 Mall, Honesdale
Eckerd Drugs (Brook's) 11,840 1/31/2011 112,480 9.50 (3) 5 Year
Fashion Bug 15,000 1/31/2006 - - -
Kmart (10) 5
119,658 4/30/2020 687,950 5.75 Year
------------ ------------------
Property total 146,498 800,430 5.46
------------ ------------------
Total : Northeastern Pennsylvania 844,869 4,107,887 4.86
------------ ------------------
Total: Retail Anchor Properties - Wholly Owned
Properties 3,134,966 $24,232,610 $8.41
============ ==================
(1) Target owns the portion of the main building (157,616 square feet) that
their store is located in.
Page 45
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Anchor Detail
------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent PSF Options
- --------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A
CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is
currently leased, but for which rent payment has not yet commenced)
Joint Venture Properties
- -------------------------------------------------------
New York Region
- -------------------------------------------------------
New York
- --------
Crossroads Shopping Center, White Plains (49% jv)
Kmart 100,725 1/31/2012 $566,250 $5.62 (5) 5 Year
Waldbaum's (A&P) 38,208 12/31/2007 504,000 13.19 (5) 5 Year
B. Dalton (Barnes & Noble) 12,430 5/28/2012 345,927 27.83 (2) 5 Year
Pier 1 8,818 2/28/2007 278,825 31.62 (2) 5 Year
Pay Half 15,000 1/31/2018 345,000 23.00 -
Modell's 25,000 2/28/2009 193,750 7.75 (2) 5 Year
------------- ----------------
Property total 200,181 2,233,752 11.16
------------- ----------------
400 East Fordham Road (Fund II)
Sears 100,703 7/16/2007 275,000 2.73 -
------------- ----------------
Total : New York Region 300,884 2,508,752 8.34
------------- ----------------
Mid-Atlantic Region
- -------------------------------------------------------
Delaware
- --------
Brandywine Town Center (Fund I)
Annie Sez (Big M) 13,324 1/31/2007 279,825 21.00 (3) 5 Year
Michaels 24,876 2/28/2011 547,272 22.00 (3) 5 Year
Old Navy (The Gap) 24,631 4/30/2011 541,872 22.00 (1) 5 Year
Petsmart 23,963 6/30/2017 455,297 19.00 (2) 5 Year
Thomasville Furniture 18,893 11/30/2011 467,413 24.74 (2) 5 Year
World Market 20,044 1/31/2015 400,880 20.00 -
Bed, Bath & Beyond 50,977 1/31/2014 868,426 17.04 (3) 5 Year
Dick's Sporting Goods 50,000 5/31/2013 700,000 14.00 (3) 5 Year
Lowe's Home Centers 140,000 8/31/2018 1,925,000 13.75 (6) 5 Year
The Bombay Company 8,965 1/31/2015 215,160 24.00 (2) 5 Year
Regal Cinemas 65,641 6/1/2017 821,825 12.52 (4) 5 Year
Transunion Settlement 39,714 3/31/2013 884,771 22.28 (1) 5 Year
Target (5) 10
138,000 1/31/2018 800,000 5.80 Year
------------- ----------------
Property total 619,028 8,907,741 14.39
------------- ----------------
Market Square Shopping Center (Fund I)
Trader Joe's 7,675 1/31/2013 149,662 19.50 (3) 5 Year
TJ Maxx (TJX) 31,375 1/31/2006 365,712 11.66 (2) 5 Year
------------- ----------------
Property total 39,050 515,374 13.20
------------- ----------------
South Carolina
- -------------------------------------------------------
Hitchcock Plaza (Fund I)
Kroger 49,296 2/28/2007 342,607 6.95 -
------------- ----------------
Property Total 49,296 342,607 6.95
------------- ----------------
Pine Log Plaza (Fund I)
Farmers Furniture 23,184 9/3/2021 69,552 3.00 (1) 5 Year
------------- ----------------
Virginia
- --------
Haygood Shopping Center (Fund I)
Eckerd Drugs (Brook's) 11,280 11/30/2009 28,500 2.53 -
Rose's 40,500 7/1/2009 56,700 1.40 -
------------- ----------------
Property Total 51,780 85,200 1.65
------------- ----------------
Total : Mid-Atlantic Region 782,338 9,920,474 12.68
------------- ----------------
Page 46
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Anchor Detail
------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent PSF Options
- --------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A
CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is
currently leased, but for which rent payment has not yet commenced)
Joint Venture Properties (continued)
- -----------------------------------------------------
Midwest
Region
- --------
Ohio
- --------
Amherst Marketplace (Fund I)
Giant Eagle 76,737 9/3/2021 795,711 10.37 (4) 5 Year
---------- -------------------
Granville Centre (Fund I)
California Fitness 34,951 1/31/2017 402,085 11.50 (2) 5 Year
---------- -------------------
Sheffield Crossing (Fund I)
Revco Drug 10,500 5/31/2012 140,700 13.40 (3) 5 Year
Giant Eagle 59,159 5/31/2022 620,580 10.49 (4) 5 Year
---------- -------------------
Property total 69,659 761,280 10.93
---------- -------------------
Michigan
- --------
Sterling Heights (Fund I)
Burlington Coat Factory 70,400 12/1/2004 281,600 4.00 -
---------- -------------------
Total: Midwest 251,747 2,240,676 8.90
---------- -------------------
Various
- --------
Kroger/Safeway (Fund I) 1,018,100 2009 9,315,123 9.15
---------- -------------------
Total: Joint Venture Properties 2,353,069 $23,985,025 $10.19
========== ===================
Page 47
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Anchor Lease Expirations - Next 3 Years
------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
---------------------------- -------------------------
Percent Percent Average
Square of of per
Center Anchor footage all anchors Amount all anchors Sq. Ft.
--------------------------------------------------------------------------------------------------------------------------------
Wholly Owned
-------------------------------
2005
Methuen Shopping Center Demoulas Supermarket 30,460 1.06% 109,656 0.45% 3.60
Methuen Shopping Center Osco Drug (Brook's) 10,234 0.36% 92,308 0.38% 9.02
Ledgewood Mall Barnes & Noble (1) 12,500 0.43% 200,000 0.83% 16.00
Ledgewood Mall Macy's (Federated) 73,349 2.55% 610,745 2.52% 8.33
Branch Plaza CVS 11,050 0.38% 164,195 0.68% 14.86
Berlin Shopping Center Acme Markets 32,040 1.11% 320,400 1.32% 10.00
Mad River Shopping Center Office Depot 25,038 0.87% 287,937 1.19% 11.50
---------------------------- ----------------------------------
Total 2005 194,671 6.76% 1,785,241 7.37% 9.17
---------------------------- -----------------------------------
2006
Pittston Plaza Eckerd Drugs (Brook's) 8,468 0.29% 80,446 0.33% 9.50
Route 6 Plaza Fashion Bug 15,000 0.53% - 0.00% -
Blackman Plaza Eckerd Drugs (Brook's) 7,000 0.24% 59,710 0.25% 8.53
---------------------------- ----------------------------------
Total 2006 30,468 1.06% 140,156 0.58% 4.60
---------------------------- -----------------------------------
2007
Ledgewood Mall The Sports Authority 52,205 1.82% 225,000 0.93% 4.31
Soundview Marketplace King Kullen 48,100 1.67% 562,600 2.32% 11.70
Hobson West Plaza Bobak's 51,692 1.79% 225,436 0.93% 4.36
---------------------------- -----------------------------------
Total 2007 151,997 5.28% 1,013,036 4.18% 6.66
---------------------------- ----------------------------------
Total - Next 3 Years $377,136 13.10% $2,938,433 12.13% $7.79
============================ ==================================
Joint Venture - Crossroads
-------------------------------
2005
Crossroads Shopping Center Pay-Half 15,000 7.49% 345,000 15.44% 23.00
2005 - -
2007
Crossroads Shopping Center Pier 1 8,818 4.41% 278,825 12.48% 31.62
Crossroads Shopping Center Waldbaum's 38,208 19.08% 504,000 22.57% 13.19
---------------------------- ----------------------------------
Total 2007 47,026 23.49% 782,825 35.05% 16.65
---------------------------- ----------------------------------
Total - Next 3 Years $62,026 30.98% $1,127,825 50.49% $18.18
============================ ==================================
Fund I
-------------------------------
2005 - -
2006
Market Square Shopping Center TJ Maxx 31,375 1.53% 365,712 1.70% 11.66
2007
Brandywine Town Center Annie Sez (Big M) 13,324 0.65% 279,825 1.30% 21.00
Hitchcock Plaza Kroger 49,296 2.40% 342,607 1.60% 6.95
---------------- ----------------------------------
Total 2007 62,620 3.05% 622,432 2.90% 9.94
---------------------------- -----------------------------------
Total - Next 3 Years $93,995 4.58% $988,144 4.60% $10.51
============================ ==================================
Fund II
-------------------------------
2005 - -
2006 - -
2007
400 East Fordham Road Sears 100,703 100.00% 275,000 100.00% 2.73
---------------------------- ----------------------------------
Total - Next 3 Years $100,703 100.00% $275,000 100.00% $2.73
============================ ==================================
(1) Tenant has excercised its option to renew subsequent to December 31, 2004
Page 48
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Lease
Expirations
---------------------------------------
----------------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base
Rent
-------------------------- -----------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
----------------------------------------------------------------------------------------------------
Wholly-Owned Propeties
Anchor Tenant Expirations
Month to Month 4 116,309 4.04% $920,401 3.80% 7.91
2005 4 78,362 2.72% 864,840 3.57% 11.04
2006 3 30,468 1.06% 140,156 0.58% 4.60
2007 4 151,997 5.28% 1,013,036 4.18% 6.66
2008 4 152,982 5.31% 1,249,460 5.16% 8.17
2009 10 442,965 15.37% 1,869,603 7.72% 4.22
2010 9 186,451 6.47% 2,392,673 9.85% 12.83
2011 3 129,708 4.50% 965,880 3.99% 7.45
2012 1 50,225 1.74% 516,960 2.13% 10.29
2013 2 115,392 4.01% 1,444,884 5.96% 12.52
2014 5 212,980 7.40% 1,267,126 5.23% 5.95
2015 4 134,567 4.67% 2,291,916 9.46% 17.03
2017 1 47,773 1.66% 955,460 3.94% 20.00
2018 2 111,739 3.88% 863,432 3.56% 7.73
2019 4 265,075 9.20% 1,518,396 6.27% 5.73
2020 4 218,211 7.58% 1,825,935 7.54% 8.37
2021 3 177,917 6.18% 1,035,619 4.27% 5.82
2022 1 14,837 0.52% 435,000 1.80% 29.32
2023 1 64,665 2.25% 937,000 3.87% 14.49
2024 1 73,184 2.54% 1,317,312 5.44% 18.00
2028 2 104,243 3.62% 407,520 1.68% 3.91
-------------------------------------------- ---------------------------------------
Total Occupied 72 2,880,050 100.00% $24,232,609 100.00% $8.41
---------------------------------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 166,697
---------------
Total Square Feet 3,301,663
===============
Page 49
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Lease
Expirations
---------------------------------------
----------------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base
Rent
-------------------------- -----------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
----------------------------------------------------------------------------------------------------
Wholly-Owned Propeties
Shop Tenant Expirations
Month to Month 27 84,629 6.32% $1,274,771 6.55% $15.06
2005 38 148,660 11.10% 1,686,367 8.66% 11.34
2006 56 176,947 13.22% 2,543,633 13.07% 14.38
2007 56 227,499 16.98% 3,045,110 15.62% 13.39
2008 54 176,961 13.22% 3,098,677 15.92% 17.51
2009 51 175,901 13.14% 2,629,530 13.51% 14.95
2010 14 63,425 4.74% 592,894 3.05% 9.35
2011 15 65,309 4.88% 1,171,850 6.02% 17.94
2012 8 19,429 1.45% 460,483 2.37% 23.70
2013 13 43,881 3.28% 870,929 4.47% 19.85
2014 18 92,982 6.94% 1,120,253 5.75% 12.05
2015 4 43,194 3.23% 554,700 2.85% 12.84
2019 1 - 0.00% 51,205 0.26% -
2020 4 17,945 1.34% 326,120 1.68% 18.17
2022 1 2,205 0.16% 41,895 0.22% 19.00
------------------------------------------- ---------------------------------------
Total Occupied 360 1,338,967 100.00% $19,468,417 100.00% $14.54
--------------------------------------------------------
Total Vacant 207,796
------------------
Total Square Feet 1,546,763
==================
Page 50
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Lease
Expirations
---------------------------------------
----------------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base
Rent
-------------------------- -----------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
----------------------------------------------------------------------------------------------------
Wholly-Owned Propeties
Total Tenant Expirations
Month to Month 31 200,938 4.76% $2,195,172 5.02% $10.92
2005 42 227,022 5.38% 2,551,207 5.84% 11.24
2006 59 207,415 4.92% 2,683,789 6.14% 12.94
2007 60 379,496 8.99% 4,058,146 9.29% 10.69
2008 58 329,943 7.84% 4,348,137 9.96% 13.18
2009 61 618,866 14.67% 4,499,133 10.30% 7.27
2010 23 249,876 5.92% 2,985,567 6.83% 11.95
2011 18 195,017 4.62% 2,137,730 4.89% 10.96
2012 9 69,654 1.65% 977,443 2.24% 14.03
2013 15 159,273 3.78% 2,315,813 5.30% 14.54
2014 23 305,962 7.25% 2,387,379 5.46% 7.80
2015 8 177,761 4.21% 2,846,616 6.51% 16.01
2017 1 47,773 1.13% 955,460 2.19% 20.00
2018 2 111,739 2.65% 863,432 1.98% 7.73
2019 5 265,075 6.28% 1,569,601 3.59% 5.92
2020 8 236,156 5.60% 2,152,055 4.92% 9.11
2021 3 177,917 4.22% 1,035,619 2.37% 5.82
2022 2 17,042 0.40% 476,895 1.09% 27.98
2023 1 64,665 1.53% 937,000 2.14% 14.49
2024 1 73,184 1.73% 1,317,312 3.01% 18.00
2028 2 104,243 2.47% 407,520 0.93% 3.91
------------------------------------------- ---------------------------------------
Total Occupied 432 4,219,017 100.00% $43,701,026 100.00% $10.36
--------------------------------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 374,493
------------------
Total Square Feet 4,848,426
==================
Page 51
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Lease
Expirations
---------------------------------------
----------------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base
Rent
-------------------------- -----------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
----------------------------------------------------------------------------------------------------
Fund I
Anchor Tenant Expirations
2006 1 31,375 1.53% $365,712 1.70% 11.66
2007 2 62,620 3.05% 622,432 2.90% 9.94
2009 28 1,093,064 53.27% 9,469,875 44.10% 8.66
2011 3 68,400 3.33% 1,556,557 7.25% 22.76
2012 2 21,000 1.02% 275,835 1.28% 13.14
2013 3 97,389 4.75% 1,734,434 8.08% 17.81
2014 2 50,977 2.48% 868,426 4.04% 17.04
2015 2 29,009 1.41% 616,040 2.87% 21.24
2017 3 124,555 6.07% 1,679,208 7.82% 13.48
2018 2 278,000 13.55% 2,725,000 12.69% 9.80
2021 2 66,237 3.23% 660,576 3.08% 9.97
2022 1 59,159 2.88% 620,578 2.89% 10.49
2024 1 70,400 3.43% 281,600 1.31% 4.00
------------------------------------------- ---------------------------------------
Total Occupied 52 2,052,185 100.00% $21,476,273 100.01% $10.47
--------------------------------------------------------
Total Vacant 212,137
------------------
Total Square Feet 2,264,322
==================
Page 52
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Lease
Expirations
---------------------------------------
----------------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base
Rent
-------------------------- -----------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
----------------------------------------------------------------------------------------------------
Fund I
Shop Tenant Expirations
Month to Month 22 52,808 16.43% $824,723 19.87% $15.62
2005 19 67,111 20.88% 649,873 15.65% 9.68
2006 10 38,179 11.88% 628,268 15.13% 16.46
2007 14 29,319 9.12% 467,469 11.26% 15.94
2008 14 42,844 13.33% 523,015 12.60% 12.21
2009 5 10,851 3.38% 112,245 2.70% 10.34
2010 1 2,357 0.73% 28,284 0.68% 12.00
2011 2 3,465 1.08% 61,882 1.49% 17.86
2013 4 20,070 6.25% 274,925 6.62% 13.70
2014 5 44,244 13.77% 488,586 11.77% 11.04
2018 1 6,957 2.16% 50,004 1.20% 7.19
2019 1 3,141 0.98% 42,000 1.01% 13.37
------------------------------------------- ---------------------------------------
Total Occupied 98 321,346 100.00% $4,151,274 100.00% $12.92
--------------------------------------------------------
Total Vacant 98,941
------------------
Total Square Feet 420,287
==================
Page 53
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Lease
Expirations
---------------------------------------
----------------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base
Rent
-------------------------- -----------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
----------------------------------------------------------------------------------------------------
Fund I
Total Tenant Expirations
Month to Month 22 52,808 2.22% $824,723 3.22% $15.62
2005 19 67,111 2.83% 649,873 2.54% 9.68
2006 11 69,554 2.93% 993,980 3.88% 14.29
2007 16 91,939 3.87% 1,089,901 4.25% 11.85
2008 14 42,844 1.81% 523,015 2.04% 12.21
2009 33 1,103,915 46.51% 9,582,120 37.38% 8.68
2010 1 2,357 0.10% 28,284 0.11% 12.00
2011 5 71,865 3.03% 1,618,439 6.32% 22.52
2012 2 21,000 0.88% 275,835 1.08% 13.14
2013 7 117,459 4.95% 2,009,359 7.84% 17.11
2014 7 95,221 4.01% 1,357,012 5.30% 14.25
2015 2 29,009 1.22% 616,040 2.40% 21.24
2017 3 124,555 5.25% 1,679,208 6.55% 13.48
2018 3 284,957 12.01% 2,775,004 10.83% 9.74
2019 1 3,141 0.13% 42,000 0.16% 13.37
2021 2 66,237 2.79% 660,576 2.58% 9.97
2022 1 59,159 2.49% 620,578 2.42% 10.49
2024 1 70,400 2.97% 281,600 1.10% 4.00
------------------------------------------- ---------------------------------------
Total Occupied 150 2,373,531 100.00% $25,627,547 100.00% $10.80
--------------------------------------------------------
Total Vacant 311,078
------------------
Total Square Feet 2,684,609
==================
Page 54
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Lease
Expirations
---------------------------------------
----------------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base
Rent
-------------------------- -----------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
----------------------------------------------------------------------------------------------------
Fund II
Anchor Tenant Expirations
2007 1 100,703 100.00% $275,000 100.00% 2.73
------------------------------------------- ---------------------------------------
Total Occupied 1 100,703 100.00% $275,000 100.00% $2.73
--------------------------------------------------------
Total Vacant -
------------------
Total Square Feet 100,703
==================
--------------------------------------------------------
Fund II
Shop Tenant Expirations
Month to Month 5 74,590 19.46% $296,640 11.12% $3.98
2005 3 119,814 31.27% 790,678 29.64% 6.60
2006 2 14,313 3.73% 285,540 10.71% 19.95
2007 4 150,075 39.16% 1,029,375 38.59% 6.86
2009 3 17,414 4.54% 158,480 5.94% 9.10
2010 2 7,012 1.83% 106,586 4.00% 15.20
------------------------------------------- ---------------------------------------
Total Occupied 19 383,218 100.00% $2,667,299 100.00% $6.96
--------------------------------------------------------
Total Vacant 45,709
------------------
Total Square Feet 428,927
==================
--------------------------------------------------------
Fund II
Total Tenant Expirations
Month to Month 5 74,590 15.41% $296,640 10.09% $3.98
2005 18 119,814 24.76% 790,678 26.87% 6.60
2006 10 14,313 2.96% 285,540 9.70% 19.95
2007 14 250,778 51.82% 1,304,375 44.33% 5.20
2009 32 17,414 3.60% 158,480 5.39% 9.10
2010 1 7,012 1.45% 106,586 3.62% 15.20
------------------------------------------- ---------------------------------------
Total Occupied 80 483,921 100.00% $2,942,299 100.00% $6.08
--------------------------------------------------------
Total Vacant 45,709
------------------
Total Square Feet 529,630
==================
Page 55
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Lease
Expirations
---------------------------------------
----------------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base
Rent
-------------------------- -----------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
----------------------------------------------------------------------------------------------------
Crossroads (JV Property)
Anchor Tenant Expirations
Month to Month 1 15,000 7.49% $345,000 15.44% 23.00
2007 2 47,026 23.49% 782,825 35.05% 16.65
2009 1 25,000 12.49% 193,750 8.67% 7.75
2012 2 113,155 56.53% 912,177 40.84% 8.06
------------------------------------------- ---------------------------------------
Total Occupied 6 200,181 100.00% $2,233,752 100.00% $11.16
--------------------------------------------------------
Total Vacant -
------------------
Total Square Feet 200,181
==================
--------------------------------------------------------
Shop Tenant Expirations
Month to Month 1 5,995 5.46% $158,568 4.34% $26.45
2005 1 2,210 2.01% 60,996 1.67% 27.60
2006 4 7,240 6.60% 239,416 6.55% 33.07
2007 4 4,912 4.48% 180,230 4.93% 36.69
2008 8 25,465 23.21% 831,972 22.77% 32.67
2009 7 22,318 20.34% 697,408 19.08% 31.25
2011 2 4,070 3.71% 143,212 3.92% 35.19
2012 3 5,250 4.79% 186,390 5.10% 35.50
2014 3 19,191 17.49% 638,835 17.48% 33.29
2017 1 6,600 6.02% 330,000 9.03% 50.00
2022 1 6,462 5.89% 187,398 5.13% 29.00
------------------------------------------- ---------------------------------------
Total Occupied 35 109,713 100.00% $3,654,425 100.00% $33.31
--------------------------------------------------------
Total Vacant 750
------------------
Total Square Feet 110,463
==================
--------------------------------------------------------
Crossroads (JV Property)
Total Tenant Expirations
Month to month 2 20,995 6.77% $503,568 8.55% 23.99
2005 1 2,210 0.71% 60,996 1.04% 27.60
2006 4 7,240 2.34% 239,416 4.07% 33.07
2007 6 51,938 16.76% 963,055 16.36% 18.54
2008 8 25,465 8.22% 831,972 14.13% 32.67
2009 8 47,318 15.27% 891,158 15.13% 18.83
2011 2 4,070 1.31% 143,212 2.43% 35.19
2012 5 118,405 38.21% 1,098,567 18.66% 9.28
2014 3 19,191 6.19% 638,835 10.85% 33.29
2017 1 6,600 2.13% 330,000 5.60% 50.00
2022 1 6,462 2.09% 187,398 3.18% 29.00
------------------------------------------- ---------------------------------------
Total Occupied 41 309,894 100.00% $5,888,177 100.00% $19.00
--------------------------------------------------------
Total Vacant 750
------------------
Total Square Feet 310,644
==================
Page 56
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Property Demographics (1)
-----------------------------------------
- ----------------------------------------------------------------------------------------- ------------------------------
3-Mile Radius(2)
------------------------------
Trade Total #
Area Base Total Total Households Median HH
Property / JV Ownership % City State(Miles) Rent GLA Pop. ("HH") Income
- ----------------------------------------------------------------------------------------- ------------------------------
Brandywine Town Center & Mkt Sq./22.22% Wilmington DE 3 10,988,320 721,790 40,167 15,437 $81,275
Elmwood Park Shopping Ctr. Elmwood Park NJ 3 3,320,579 149,085 259,975 86,557 $51,206
Abington Towne Center Abington PA 3 920,340 216,355 93,360 36,608 $65,173
Granville Center / 22.22% Columbus OH 3 669,710 131,543 114,683 51,558 $46,830
Hobson West Plaza Naperville IL 3 1,234,018 99,044 94,003 32,812 $96,226
Methuen Shopping Ctr. Methuen MA 5 828,772 130,238 91,936 33,202 $40,495
Crossroads Shopping Ctr. / 49% White Plains NY 3 5,888,177 310,644 104,349 40,090 $76,635
The Branch Plaza Smithtown NY 3 2,373,784 125,676 67,386 22,781 $86,500
Village Commons Shopping Ctr. Smithtown NY 3 2,099,980 87,306 67,862 22,859 $87,048
Bloomfield Town Square Bloomfield MI
Hills 5 2,442,675 222,320 62,541 24,356 $72,545
Crescent Plaza Brockton MA 3 1,694,375 218,277 99,840 35,462 $45,142
239 Greenwich Avenue Greenwich CT 5 1,254,282 16,834 66,867 25,228 $94,987
Soundview Marketplace Port NY
Washington 3 2,660,387 184,516 46,380 16,462 $113,631
Town Line Plaza Rocky Hill CT 3 1,561,226 206,178 45,242 19,007 $74,547
New Loudon Center Latham NY 5 1,662,334 255,089 41,508 16,246 $55,189
Pacesetter Park Shopping Ctr. Pomona NY 3 979,293 96,646 25,894 8,469 $88,331
Mad River Station Dayton OH 5 1,476,275 151,063 59,585 26,299 $56,285
Greenridge Plaza Scranton PA 3 969,527 194,760 88,472 37,357 $32,243
Mark Plaza Edwardsville PA 5 1,035,972 214,036 89,240 38,696 $31,389
Luzerne Street Shopping Ctr. Scranton PA 3 120,624 57,988 66,687 27,708 $30,436
Blackman Plaza Wilkes-Barre PA 5 282,374 121,341 61,029 26,168 $30,784
Sheffield Crossing / 22.22% Sheffield OH 3 1,145,929 112,534 35,452 14,048 $45,762
Amherst Marketplace / 22.22% Amherst OH 3 830,115 79,937 52,542 21,012 $44,259
Sterling Heights Shopping Center / 11.11%Sterling MI
Heights 3 518,404 154,597 97,175 35,730 $67,786
Tarrytown Shopping Center / 11.11% Tarrytown NY 3 236,879 35,877 35,238 13,328 $68,960
Hitchcock Plaza / 20% Aiken SC 5 867,397 233,563 25,419 10,547 $60,290
Pine Log Plaza / 20% Aiken SC 5 149,250 35,064 25,419 10,547 $60,290
Haygood Shopping Center / 11.11% Virginia BeachVA 3 906,420 161,604 95,832 36,598 $52,790
400 East Fordham Road / 18.32% The Bronx NY 2 639,094 117,355 651,504 223,577 $33,414
Pelham Manor Shopping Plaza / 18.32% Westchester NY 3 2,303,205 412,275 400,119 149,994 $47,713
Walnut Hill Plaza Woonsocket RI 5 2,266,710 285,829 59,961 24,256 $41,751
Ledgewood Mall Ledgewood NJ 5 4,239,827 517,632 34,631 12,915 $77,309
Berlin Shopping Ctr. Berlin NJ 3 805,391 188,688 31,313 11,105 $63,424
Merrillville Plaza Hobart IN 5 2,552,243 235,605 18,924 7,566 $54,952
The Gateway Shopping Ctr. So. BurlingtonVT 3 1,699,417 101,861 46,105 19,252 $43,524
Marketplace of Absecon Absecon NJ 3 1,533,063 105,093 30,277 10,476 $51,028
Pittston Plaza Pittston PA 3 613,720 79,494 40,640 17,537 $36,785
Plaza 422 Lebanon PA 3 444,020 155,026 44,416 18,047 $36,458
Route 6 Plaza Honesdale PA 5 1,072,283 175,507 7,395 3,155 $32,818
Bradford Towne Centre Towanda PA 10 1,557,535 256,939 5,506 2,344 $38,141
- ----------------------------------------------------------------------------------------- ------------------------------
68,843,926 7,355,209
---------------------- ------------------------------
88,356 33,370 $59,540
------------------------------
------------------------------
72,673 26,825 $65,141
------------------------------
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Property Demographics (1)
--------------------------------
- ----------------------------------------- ----------------------------------- -------------------------------- ---------------------
5-Mile Radius 10-Mile Radius
--------- ----------------------------------- --------------------------------
Avg. HH Total Median Avg. HH Total Median Avg. HH
# HH # HH
Property / JV Ownership % Income Pop. HH Income Income Pop. HH Income Income County MSA
- ----------------------------------------- ----------------------------------- -------------------------------- ---------------------
Brandywine Town Center & Mkt Bergen Wilmington-
Sq./22.22% $98,474 116,835 47,059 $71,475 $91,032 - - $- $- Newark, DE
Elmwood Park Shopping Ctr. Bergen Bergen-
$61,319 612,593 212,140 $56,661 $68,670 - - - - Passaic, NJ
Abington Towne Center Bucks Philadelphia,
$80,281 306,979 120,242 $58,804 $71,480 - - - - PA
Granville Center / 22.22% $54,096 267,818 116,119 $52,178 $61,015 - - - - Franklin Columbus, OH
Hobson West Plaza $111,843 264,472 93,258 $83,440 $96,333 - - - - DuPage Chicago, IL
Methuen Shopping Ctr. $50,182 198,133 73,801 $46,809 $56,761 - - - - Essex Boston, MA-NH
Crossroads Shopping Ctr. / 49% $97,520 203,088 74,810 $91,173 $122,507 - - - - WestchesterNew York, NY
The Branch Plaza Suffolk Nassau-
$98,961 198,575 64,367 $78,576 $90,006 - - - - Suffolk, NY
Village Commons Shopping Ctr. Suffolk Nassau-
$99,163 197,398 63,981 $79,019 $90,486 - - - - Suffolk, NY
Bloomfield Town Square $102,892 166,366 63,987 $77,660 $106,428 - - - - Oakland Detroit, MI
Crescent Plaza $52,972 168,024 60,373 $50,116 $58,235 - - - - Plymouth Boston, MA-NH
239 Greenwich Avenue Fairfield New Haven-
$147,352 141,499 51,663 $92,448 $141,180 - - - - Meriden, CT
Soundview Marketplace Nassau Nassau-
$167,275 143,395 52,155 $97,968 $139,340 - - - - Suffolk, NY
Town Line Plaza $64,079 151,760 60,763 $56,343 $66,119 - - - - Hartford Hartford, CT
New Loudon Center Albany Albany-
Schenectady-
$65,561 152,497 63,018 $46,569 $56,589 - - - - Troy, NY
Pacesetter Park Shopping Ctr. $107,734 128,097 37,540 $71,637 $88,824 - - - - Rockland New York, NY
Mad River Station Montgomery Dayton-
Springfield,
$67,437 130,304 55,583 $58,803 $72,512 - - - - OH
Greenridge Plaza Lackawanna Scranton-
Wilkes
Barre-
$41,495 126,562 53,080 $34,803 $44,679 - - - - Hazelton, PA
Mark Plaza Luzerne Scranton-
Wilkes
Barre-
$39,511 124,722 53,562 $34,002 $42,614 - - - - Hazelton, PA
Luzerne Street Shopping Ctr. Lackawanna Scranton-
Wilkes
Barre-
$39,697 120,838 50,392 $34,650 $44,561 - - - - Hazelton, PA
Blackman Plaza Luzerne Scranton-
Wilkes
Barre-
$39,130 116,682 50,274 $33,089 $41,383 - - - - Hazelton, PA
Sheffield Crossing / 22.22% Lorain Cleveland-
Lorain-
$54,608 121,322 47,230 $45,775 $54,558 - - - - Elyria
Amherst Marketplace / 22.22% Lorain Cleveland-
Lorain-
$53,044 97,181 38,366 $40,461 $49,765 - - - - Elyria
Sterling Heights Shopping Center Coordinates
/ 11.11% 42.5803,
$74,409 257,839 101,330 $64,903 $73,379 - - - - 83.0298
Tarrytown Shopping Center / Coordinates
11.11% 41.0799,
$98,836 119,686 46,393 $76,834 $104,788 - - - - 73.8640
Hitchcock Plaza / 20% Coordinates
33.5156,
$71,076 45,931 18,554 $49,878 $60,184 84,131 33,423 43,742 52,745 81.7311
Pine Log Plaza / 20% Coordinates
33.5156,
$71,076 45,931 18,554 $49,878 $60,184 84,131 33,423 43,742 52,745 81.7311
Haygood Shopping Center / 11.11% Coordinates
36.8727,
$62,252 217,586 82,889 $52,974 $62,426 - - - - 76.1350
400 East Fordham Road / 18.32% $37,631 - - - - The Bronx New York, NY
Pelham Manor Shopping Plaza / WestchesterNew York, NY
18.32% $59,780 1,114,822 410,040 $44,052 $56,839
Walnut Hill Plaza Providence Providence-
Fall River,
$49,362 94,203 37,077 $48,793 $57,263 - - - - RI
Ledgewood Mall $88,598 105,973 38,609 $75,159 $86,345 278,307 100,409 $84,897 $99,923 Morris Newark, NJ
Berlin Shopping Ctr. Burlington
$74,188 94,688 34,457 $60,908 $70,450 - - - - Philadelphia,
PA, NJ
Merrillville Plaza $62,686 84,180 31,820 $52,697 $60,610 344,569 130,349 $48,747 $57,323 Lake Gary, IN
The Gateway Shopping Ctr. Chittenden Burlington,
$53,733 68,034 27,816 $45,474 $56,025 - - - - VT
Marketplace of Absecon Atlantic Atlantic
City-Cape
$60,415 68,488 23,943 $50,386 $59,385 - - - - May, NJ
Pittston Plaza Luzerne Scranton-
Wilkes
Barre-
$45,214 72,326 31,010 $38,049 $46,790 - - - - Hazelton, PA
Plaza 422 Lebanon Harrisburg-
Lebanon-
$43,830 61,325 24,358 $40,383 $48,126 - - - - Carlisle, PA
Route 6 Plaza $42,657 11,704 4,849 $33,779 $43,036 - - - - Wayne N/A
Bradford Towne Centre $46,212 8,813 3,627 $38,371 $46,994 17,398 6,799 $38,245 $46,336 Bradford N/A
- ----------------------------------------- ----------------------------------- -------------------------------- ---------------------
--------- ----------------------------------- --------------------------------
$72,000 195,470 73,838 $57,015 $70,349 249,771 92,470 $76,232 $90,383
--------- ----------------------------------- --------------------------------
--------- ----------------------------------- --------------------------------
$80,114 174,167 63,847 $63,340 $78,865 251,940 92,913 $66,210 $78,190
--------- ----------------------------------- --------------------------------
Page 57
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2004
Residential (Multi-family) Properties
-------------------------------------
% Occupied % Occupied
Property Location Square Feet Units December 31, 2004 September 30, 2004
- -----------------------------------------------------------------------------------------------------------------------------------
Mid-Atlantic
North Carolina
- --------------------------------------------
Village Apartments Winston Salem 578,606 600 84% 89%
Mid-West
Missouri
- --------------------------------------------
Gate House, Holiday House, Tiger Village, Columbia 628,891 874 96% 97%
-------------------------------------------------------
Colony Apartments (1)
Totals 1,207,497 1,474 91% 94%
=======================================================
----------------------
(1) As this property has tenants associated with the University of Missouri,
occupancy trends are correlated to semester sessions.
Page 58