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): July 27, 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 July 27, 2005, the Registrant announced its consolidated financial results
for the quarter and six months ended June 30, 2005. 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 July 27, 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 six months ended June 30, 2005. 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 July 27, 2005
99.2 Financial and Operating Reporting Supplement for the
Quarter and six months ended June 30, 2005
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: July 27, 2005 By: /s/ Michael Nelsen
Name: Michael Nelsen
Title: Sr. Vice President and Chief
Financial Officer
2
Exhibit 99.1
Acadia Realty Trust Reports Second Quarter 2005 Operating Results
NEW YORK--(BUSINESS WIRE)--July 27, 2005--Acadia Realty Trust
(NYSE: AKR - "Acadia" or the "Company"), a real estate investment
trust ("REIT") today reported operating results for the quarter and
six months ended June 30, 2005. All per share amounts discussed below
are on a fully diluted basis.
Second Quarter 2005 Highlights
7.7% FFO per share growth over second quarter 2004 before non-cash
impairment charge
-- Funds from operations ("FFO") of $0.28 per share before a
$0.02 non-cash impairment charge for the second quarter 2005
were up 7.7% over $0.26 for second quarter 2004
-- Earnings per share for the second quarter 2005 from continuing
operations were $0.16 compared with $0.13 for second quarter
2004
Wholly-owned portfolio occupancy increases to 93.3%
-- Occupancy up 90 basis points over second quarter 2004
-- JV operating portfolios combined occupancy remains strong at
96.9%
-- Same-store net operating income for the retail portfolio up
6.3% for the quarter
-- Disposed of non-core Berlin Shopping Center (closed subsequent
to second quarter)
Balance sheet remains strong
-- Maintained conservative dividend payout ratio for 2005 of 65%
of FFO
-- 30% debt to total market capitalization
-- 3.8 to 1 fixed-charge coverage
Continued expansion of external growth platform
-- Urban/Infill redevelopment pipeline expands
-- Acquired Amboy Road Shopping Center in Staten Island, NY
(closed subsequent to second quarter)
-- Acquired redevelopment opportunity in Rockville, Maryland
(closed subsequent to second quarter)
Second Quarter Results
FFO, a widely accepted measure of REIT performance, for the
quarter ended June 30, 2005 was $8.5 million, or $0.26 per share
compared to $8.1 million, or $0.26 per share, for second quarter 2004.
The second quarter 2005 results include a $0.8 million, or $0.02 per
share impairment charge related to the sale of the Berlin Shopping
Center. The sale of this non-core asset, which was a legacy Mark
Centers Trust property, closed subsequent to the quarter. Excluding
this non-cash charge, FFO for the second quarter was $9.3 million, or
$0.28 per share. For the six months ended June 30, 2005 FFO amounted
to $17.4 million, or $0.52 per share as compared to $15.2 million, or
$0.50 per share, for the six months ended June 30, 2004. Excluding the
impairment charge, FFO for the six months ended June 30, 2005 amounted
to $18.2 million, or $0.55 per share.
Earnings per share on a fully diluted basis from continuing
operations was $0.16 for second quarter 2005 compared to $0.13 for
second quarter 2004 and $0.29 for the six months ended June 30, 2005
as compared to $0.24 for the six months ended June 30, 2004.
In comparing results for 2005 and 2004, management fee income
increased $3.3 million, or over 200%, for the six months ended June
30, 2005 primarily due to the launching of Fund II during 2004 and the
acquisition of rights to fees earned under certain management
contracts from Klaff Retail Management Services during 2004 and 2005.
As anticipated, this increase was partially offset by a $1.9 million
increase in general and administrative expenses which were a direct
result of expanding the Company's infrastructure to support this
increased level of activity.
Portfolio Activity - Wholly-Owned Portfolio Occupancy
Reaches_93.3% and Same-Store NOI increases 6.3% for the Quarter and
3.9% Year to Date.
On a year-over-year basis, Acadia increased its portfolio
occupancy by 480 basis points. June 30, 2005 occupancy was 93.3%
compared to 88.5% for June 30, 2004. On a same store basis, 2005
occupancy increased 190 basis points over 2004 occupancy of 91.4%. On
a sequential basis, June 30, 2005 occupancy increased 90 basis points
from that of March 31, 2005 and 30 basis points on a same store basis.
Combined occupancy within the operating joint venture portfolios
was 96.9% for second quarter 2005 compared with 95.0% for second
quarter 2004.
Primarily as a result of increased rents and occupancy gains in
the core portfolio from leasing activities, same store net operating
income ("NOI") for the retail portfolio increased 3.9% for the six
months ended June 30, 2005 over 2004 and 6.3% for the quarter ended
June 30, 2005 over the same quarter last year.
During the second quarter 2005, Acadia executed new and renewal
leases totaling 229,000 square feet at an average increase of 13% over
the previous base rents on a cash basis.
Subsequent to the second quarter Acadia sold the Berlin Shopping
Center to an affiliate of Armstrong Capital for a net sales price of
$4.0 million. This non-core property, which is anchored by a Kmart and
a vacant former Acme Supermarket, requires redevelopment into a
primarily non-retail use. Proceeds from the sale were recycled into
Acadia's purchase of Amboy Road Center in Staten Island, NY.
Balance Sheet - Low Interest Rate Exposure
As of June 30, 2005, 78% 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 5.7%. This
compares to 76% being fixed-rate as of second quarter 2004 at a 5.7%
blended cost of debt. After the anticipated completion of a $17.6
million, 10 year fixed-rate financing at a 4.98% interest rate during
the third quarter, the Company's mortgage debt on its portfolio will
be 85% fixed rate.
For 2005, the strength of Acadia's balance sheet was evidenced by
positive trends in its financial ratios. All financial ratios include
the Company's pro-rata share of unconsolidated joint venture debt and
interest expense:
-- Debt to total market capitalization at June 30, 2005 was 30%,
compared with 38% for 2004
-- Fixed-charge ratio was 3.8 times (EBITDA / interest expense
plus preferred distributions)
-- Dividend payout ratio for 2005 was 65% of FFO and 66% of AFFO
Continued Expansion of External Growth Initiatives
Asset recycling into Staten Island Property
On July 7, and in connection with the sale of the Berlin Shopping
Center, the Company purchased 4343 Amboy Road ("Amboy Road") located
on Staten Island, New York for $16.8 million in cash and Operating
Partnership Units ("OP Units") in Acadia. The property, a 60,083
square foot neighborhood shopping center, is anchored by a strong
performing Waldbaum's supermarket and a Duane Reade drug store. The
property, which has expansion potential, is subject to a 23-year
ground lease. The cap rate based on current net operating income is
approximately 8.0%. The acquisition was made in connection with
Armstrong Capital, purchaser of Acadia's Berlin Shopping Center which
received OP Units for its minority interest in the acquisition.
New York Urban/Infill Continues To Expand
Along with the three previously acquired redevelopments, the
Company anticipates the closing of an additional $50 million
acquisition/redevelopment located in the Bronx during the third
quarter.
RCP Venture - Rockville Maryland /Levitz Redevelopment Added
In 2004 Acadia formed the Retailer Controlled Property Venture
("RCP Venture") with Klaff Realty, L.P. ("Klaff") and Lubert-Adler
Management, Inc. for the purpose of making investments in surplus or
underutilized properties owned or controlled by retailers.
Subsequent to the second quarter, Acadia acquired a 50% equity
interest from its partner in the RCP Venture in the entity which has a
leasehold interest in a former Levitz Furniture store located in
Rockville, Maryland. The remaining term of the leasehold is
approximately 17 years. The 159,000 square foot store, which is
presently leased on a temporary basis pending commencement of
redevelopment activities, is part of the Montrose Crossing Shopping
Center. Current tenants of Montrose Crossing include Giant
Supermarket, Barnes & Noble, Marshalls, Sports Authority and Old Navy.
The property is located on Rockville Pike, a dominant retail corridor
between the cities of Rockville and Bethesda, MD, suburbs of
Washington D.C.
This investment is in addition to Acadia's first quarter 2005 $20
million preferred equity investment in the 30 store Levitz portfolio
and follows several prior transactions with Klaff, and the RCP
partners, including the Company's participation in the acquisition of
Mervyn's. In 2004, the Company had also acquired interests in two
other Klaff-controlled redevelopment projects located in Virginia
Beach, Virginia and Sterling Heights (Detroit), Michigan.
Management Comments
Commenting on today's announcement, Kenneth F. Bernstein, Acadia's
President and Chief Executive Officer said, "All components of our
business plan remained on track during the second quarter. First,
strong leasing drove our solid NOI growth within our portfolio with
the sale of the Berlin center and the acquisition of Amboy Road in
Staten Island further positioning our core portfolio for future
internal growth. Second, our financial ratios remain strong and
well-hedged against potential rate increases. Third, our Urban/Infill
program continues to provide attractive long-term growth opportunities
over the next several years. Complementing this are the various
opportunities such as the Rockville re-development created through our
strong and expanding relationship with the Klaff organization and its
partners."
Outlook - Earnings Guidance for 2005
Excluding the impact from the non-cash impairment charge during
the second quarter, the Company raised the lower end of its previously
announced 2005 FFO and earnings per share forecast. FFO for 2005, on
that same basis, is now anticipated to range from $1.06 to $1.09 per
share and 2005 earnings per share from continuing operations is
expected to range from $0.51 to $0.54.
Investor Conference Call
Management will conduct a conference call July 28, 2005 at 2:00
p.m. ET to review the Company's earnings and operating results.
The live conference call can be accessed by dialing 888-482-0024
(internationally 617-801-9702). No passcode is required.
The call will also be webcast and can be accessed in a listen-only
mode at Acadia's web site at www.acadiarealty.com.
If you are unable to participate during the live webcast, the call
will be archived and available on Acadia's website. Alternatively, to
access the replay by phone, dial 888-286-8010 (internationally
617-801-6888). The passcode will be 65731875. The phone replay will be
available through August 4 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.
Certain matters in this press release may constitute
forward-looking statements within the meaning of federal securities
law and as such may involve known and unknown risk, uncertainties and
other factors which may cause the actual results, performances or
achievements of Acadia to be materially different from any future
results, performances or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements speak only
as of the date of this document. Acadia expressly disclaims any
obligation or undertaking to release publicly any updates or revisions
to any forward-looking statements contained herein to reflect any
change in Acadia's expectations with regard thereto or change in
events, conditions or circumstances on which any such statement is
based. The Company also refers you to the documents filed by the
Company, from time to time, with the Securities and Exchange
Commission, including without limitation the Company's Annual Report
on Form 10-K and the "Management's Discussion and Analysis of
Financial Condition and Results of Operations" incorporated by
reference therein, for a discussion of such risks and uncertainties.
See the notes to the attached financial tables for a further
discussion of the Company's use of FFO.
For more information visit Acadia Realty Trust's Web site at
www.acadiarealty.com
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Six Months ended June 30, 2005 and 2004
(amounts in thousands, except per share data)
STATEMENTS OF INCOME
For the
For the six
quarters months
ended ended
Revenues June 30, June 30,
2005 2004 2005 2004
---------------------------------
Minimums rents $13,188 $12,580 $25,920 $25,173
Percentage rents 112 203 296 420
Expense reimbursements 3,112 2,953 7,026 6,430
Other property income 136 200 463 323
Management fee income 2,857 1,007 4,835 1,552
Interest income 941 485 1,418 600
Other -- 40 -- 196
---------------------------------
Total revenues 20,346 17,468 39,958 34,694
---------------------------------
Operating expenses
Property operating 3,098 3,361 6,866 7,014
Real estate taxes 2,093 1,938 4,441 4,121
General and administrative 3,697 2,422 6,775 4,911
Depreciation and amortization 3,933 3,955 7,912 7,645
---------------------------------
Total operating expenses 12,821 11,676 25,994 23,691
---------------------------------
Operating income 7,525 5,792 13,964 11,003
Equity in earnings of unconsolidated
partnerships 387 506 884 1,050
Interest expense (2,670) (2,446) (5,029) (4,863)
Gain on sale -- 508 -- 508
Minority interest (198) (451) (414) (665)
---------------------------------
Income from continuing operations 5,044 3,909 9,405 7,033
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Six Months ended June 30, 2005 and 2004
(amounts in thousands, except per share data)
STATEMENTS OF INCOME (continued)
For the
For the six
quarters months
ended ended
June 30, June 30,
2005 2004 2005 2004
---------------------------------
Discontinued operations:
Operating income (loss) from
discontinued operations $58 $(151) $144 $(436)
Impairment of real estate (770) -- (770) --
Minority interest 13 6 11 17
---------------------------------
Loss from discontinued operations (699) (145) (615) (419)
---------------------------------
Net income $4,345 $3,764 $8,790 $6,614
=================================
Net income per Common Share - Basic
Net income per Common Share -
Continuing operations $.16 $.13 $.30 $.24
Net loss per Common Share -
Discontinued operations (.02) -- (.02) (.01)
=================================
Net income per Common Share $.14 $.13 $.28 $.23
=================================
Weighted average Common Shares 31,899 29,333 31,883 28,612
=================================
Net income per Common Share -
Diluted (1)
Net income per Common Share -
Continuing operations $.16 $.13 $.29 $.24
Net income (loss) per Common Share -
Discontinued operations (.02) -- (.02) (.01)
=================================
Net income per Common Share $.14 $.13 $.27 $.23
=================================
Weighted average Common Shares 32,145 29,793 32,142 29,177
=================================
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Six Months ended June 30, 2005 and 2004
(amounts in thousands, except per share data)
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (2)
For the
For the six
quarters months
ended ended
June 30, June 30,
2005 2004 2005 2004
--------------------------------
Net income $4,345 $3,764 $8,790 $6,614
Depreciation of real estate and
amortization of leasing costs:
Wholly owned and consolidated
partnerships 3,396 3,567 7,017 7,084
Unconsolidated partnerships 598 569 1,228 1,121
Income attributable to minority
interest in Operating
Partnership 109 72 187 187
--------------------------------
Funds from operations - Basic 8,448 7,972 17,222 15,006
Distributions - Preferred OP Units 93 88 180 160
--------------------------------
Funds from operations - Diluted $8,541 $8,060 $17,402 $15,166
================================
Funds from operations per share -
Basic
Weighted average Common Shares and OP
Units (3) 32,541 29,859 32,462 29,401
================================
Funds from operations per share $ .26 $ .27 $ .53 $ .51
================================
Funds from operations per share -
Diluted
Weighted average Common Shares and OP
Units (1,3) 33,310 30,842 33,244 30,438
================================
Funds from operations per share $ .26 $ .26 $ .52 $ .50
================================
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
As of June 30, 2005 and December 31, 2004
(dollars in thousands, except per share data)
SELECTED BALANCE SHEET INFORMATION
June 30, Dec. 31,
2005 2004
----------------
Cash and cash equivalents $30,088 $13,499
Rental property, at cost 418,145 415,276
Total assets 459,750 396,343
Mortgage notes payable 204,639 153,361
Total liabilities 231,075 171,868
Fixed rate debt: (4) 153,382 146,407
% of outstanding debt 75 % 95 %
Weighted average interest rate 5.9 % 6.1 %
Variable rate debt (4) $51,257 $6,954
% of outstanding debt 25 % 5 %
Weighted average interest rate 4.8 % 3.8 %
Total weighted average interest rate 5.7 % 6.0 %
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 642
and 526 OP Units into Common Shares for the quarters ended June
30, 2005 and 2004, respectively and 579 and 790 OP Units into
Common Shares for the six months ended June 30, 2005 and 2004,
respectively. Diluted FFO also includes the assumed conversion of
Preferred OP Units into 523 Common Shares for each of the quarters
ended June 30, 2005 and 2004, and 523 and 471 Common Shares for
the six months ended June 30, 2005 and 2004, respectively.
(4) Fixed-rate debt includes $93,327 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
June 30, 2005
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
Portfolio Snapshot 4 Overview - RCP Venture 26
Organizational Chart 5 Fund I Properties - Detail 27
Top Tenants 6 Top 10 Fund I Tenants 28
Section II - Financial Information Fund I - Current Valuation of Acadia's Interest 29
Market Capitalization 7 Kroger/Safeway Locations 30
Shareholder Information 8 Fund II Properties - Detail 31
Operating Statements - Consolidated 9 Section IV - Parent Portfolio Information
Operating Statements - Joint Venture Activity 10 Properties - Overview 32
Operating Statements - Activity by Source 12 Properties by Region - Summary 35
Operating Statements - Current v. Historical 13 Properties by State - Summary 36
Net Operating Income - Same Property Performance 14 Properties - Detail 37
Funds from Operations ("FFO"), Adjusted FFO ("AFFO") Leasing Production 40
and Funds Available for Distribution ("FAD") 15
Top 10 Tenants - Consolidated 41
Capital Expenditures 16
Anchor Tenant Detail 42
Balance Sheets 17
Anchor Lease Expirations - Next 3 Years 49
Selected Operating Ratios 18
Lease Expirations 50
Debt Analysis - Summary 19
Property Demographics 58
Debt Analysis - Detail 20
Residential Properties 59
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
June 30, 2005
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
June 30, 2005
Company Information
-------------------
Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated
and self-managed real estate investment trust which specializes in the
acquisition, redevelopment and operation of shopping centers which are anchored
by grocery and value-oriented retail. Acadia currently owns (or has interests
in) and operates 70 properties totaling approximately 10 million square feet,
located in the Northeast, Mid-Atlantic and Midwest United States.
All of Acadia's assets are held by, and all its operations are conducted
through, Acadia Realty Limited Partnership (and its majority-owned subsidiaries)
which is currently 98% controlled by Acadia.
Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham
Suite 260 Vice President
White Plains, NY 10605 (914) 288-8142
jgrisham@acadiarealty.com
New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com
Analyst Coverage Banc of America Securities Citigroup - Smith Barney
Ross Nussbaum - (212) 847-5668 Jonathan Litt - (212) 816-0231
ross.nussbaum@bofasecurities.com jonathan.litt@citigroup.com
Michael Bilerman - (212) 816-1383
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 Ryan Beck & Co.
Sheila McGrath - (973) 549-4084
MaxCor Financial sheila.mcgrath@ryanbeck.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
June 30, 2005
Executive Management Team
- ---------------------------------
Kenneth F. Chief Executive Mr. Bernstein is responsible for strategic planning as well as overseeing all day to
Bernstein Officer and day activities of the Company including operations,
President acquisitions and capital markets. Mr. Bernstein served as the Chief Operating
Officer of RD Capital, Inc. from 1990 until the merger of
RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust.
In such capacity, he was responsible for overseeing the
day-to-day operations of RD Capital and its management companies, Acadia Management
Company LLC and Sound View Management LLC.
Prior to joining RD Capital, Mr. Bernstein was an associate with the New York law
firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein
received his Bachelor of Arts Degree from the University of Vermont and his Juris
Doctorate from Boston University School of Law.
Joel Braun Senior Vice Mr. Braun is responsible for the sourcing and financial analysis of acquisition
President, properties for Acadia. Previously, Mr. Braun was Director
Chief Investment of Acquisitions and Finance for Rosenshein Associates, a regional shopping center
Officer developer based in New Rochelle, New York.
During this time, Mr. Braun was instrumental in the initiation and formation of
Kranzco Realty Trust, a publicly traded REIT. Mr. Braun
holds a Bachelor's in Business Administration from Boston University and a Master's
Degree in Planning from John Hopkins University.
Joseph Hogan Senior Vice Most recently, Mr. Hogan served as Vice President with Kimco Realty Corporation
President, (NYSE:KIM), where he was responsible for
Director of business development and management of all retail and commercial construction
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, Senior Vice Prior to joining Acadia in December 1994, Mr. Masters was General Counsel for API
Esq. President, Asset Management for over five years,
General Counsel, Senior Vice President Deputy General Counsel for European American Bank from 1985 to
1990, and Vice President and Counsel for
Corporate Secretary 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. Senior Vice Mr. Napolitano is responsible for overseeing the company's internal operations.
Napolitano, President, Previously, he held the position of Senior Vice President,
CPM Director of Director of Property Management. Prior to joining Acadia in 1995, Mr. Napolitano was
Operations employed by Rosen Associates Management Corp.
as a Senior Property Manager overseeing a national portfolio of community shopping
centers, and Roebling Management Co. as a Property
Manager responsible for neighborhood and community shopping centers nationally. Mr.
Napolitano holds a Bachelor's in Business
Administration from Adelphi University, Garden City, NY; and is a Certified Property
Manager by the Institute of Property Management
(IREM). Mr. Napolitano is also a member of the New York State Association of
Realtors (NYSAR) International Council of Shopping Center
(ICSC), Commercial Investment Real Estate Institute (CIREI), and the Building Owners
and Managers Institute (BOMI).
Michael Nelsen Senior Vice Mr. Nelsen oversees all the financial activities and asset management functions.
President, Mr. Nelsen was most recently President of
Chief Financial G. Soros Realty, Inc. and Director of Real Estate for Soros Private Funds Management
Officer 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 Senior Vice Mr. Povinelli joined Acadia in 1999 with 19 years of retail leasing experience.
Povinelli President, Since 1987 Mr. Povinelli had served as regional real estate
Director of representative for Vornado Realty Trust, a New Jersey based Real estate investment
Leasing 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
June 30, 2005
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 97.1% 31,445
Common Operating Partnership ("OP") Units 2.0% 642
---------
Combined Common Shares and OP Units 32,087
Market Price at June 30, 2005 $18.65
---------
Equity Capitalization - Common Shares and OP Units $598,423
Preferred OP Units - at cost (1) 0.9% 5,580
--------------------
Total Equity Capitalization 100.0% 604,003 69.7%
=================================
Debt Capitalization
- -------------------
Company's balance sheet 204,640 23.6%
Pro-rata share of joint venture debt 57,907 6.6%
----------------------
Total Debt Capitalization 262,547 30.3%
----------------------
Total Market Capitalization $866,550 100.0%
======================
Weighted Average Outstanding Common Shares and O.P. Units
---------------------------------------------------------
Common
Shares O.P. Total
Units
---------------------------------
=======================================================================================================================
Basic
Quarter ended June 30, 2005 31,898,644 642,255 32,540,899
Year-to-date June 30, 2005 31,883,001 578,719 32,461,720
Fully Diluted (3)
Quarter ended June 30, 2005 32,144,529 642,255 32,786,784
Year-to-date June 30, 2005 32,142,268 578,719 32,720,987
=======================================================================================================================
Basic
Quarter ended March 31, 2004 29,333,184 525,790 29,858,974
Year-to-date June 30, 2004 28,611,625 789,614 29,401,239
Fully Diluted
Quarter ended March 31, 2004 29,793,310 525,790 30,319,100
Year-to-date June 30, 2004 29,177,045 789,614 29,966,659
(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 in 2004.
(2) Fixed-rate debt includes notional principal fixed through interest rate
swap transactions and conversely, variable-rate debt excludes this amount.
(3) For purposes of earnings per share calculations, the assumed conversion of
Preferred OP Units is anti-dilutive and not reflected above. However, for
the purposes of calculating FFO on a fully diluted basis, these stock
equivalents are dilutive and amount to 522,679 for both the quarter and six
months ended June 30, 2005 and 522,679 and 470,677 for the quarter and six
months ended June 30, 2004.
Page 5
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Shareholder Information
-----------------------
(amounts in thousands)
10 Largest Institutional/Non-Retail Shareholders (1) Percent
of Out-
Common standing
Common
Shareholder Shares Shares
Held
- ---------------------------------------------------------------------------------------------------- ---------------
Wellington Management 3,871 12.3%
Yale University 3,158 10.0%
Morgan Stanley 2,039 6.5%
Clarion CRA Securities 1,747 5.6%
Third Avenue Management 1,661 5.3%
Cliffwood Partners 1,471 4.7%
Stanford University 1,411 4.5%
Vanguard Group 1,150 3.7%
State Street Corp 799 2.5%
Barclay's Global Investors 794 2.5%
---------------
Total of 10 Largest Institutional Shareholders 18,101 57.6%
===============
Total of all Institutional Shareholders 30,361 96.6%
===============
Operating Partnership
Unit Information
----------------
Percent
of Total O.P.
Units
---------------
Managment O.P. Unit Holders 338 52.6%
Other O.P. Unit Holders 304 47.4%
------------
Total O.P. Units 642 100.0%
============
Management and Trustee Ownership
--------------------------------
Common Shares (not including options) -
O.P. Units (see above) 338
-----
338
=====
(1) Based on most recent Schedule 13F filing
Page 6
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Statements of Operations -
Consolidated (1)
---------------------------------
Current Quarter and Year-
to-Date
--------------------------
(in thousands)
Year-to-Date Current Quarter Previous Quarter
Period 3 months 3 months
ended June 30, ended June 30, ended March 31,
2005 2005 2005
--------------------------------- ------------------------------- ---------------------------------
Discontinued Discontinued Discontinued
Wholly JV's operations Total Wholly JV's Operations Total Wholly JV's Operations Total
Owned (2) Owned (2) Owned (2)
--------------------------------- --------------------------------- ---------------------------------
PROPERTY REVENUES
Minimum rents $25,622 $4,870 $358 $30,850 $13,032 $2,526 $147 $15,705 $12,590 $2,344 $211 $15,145
Percentage rents 296 20 - 316 112 10 - 122 184 10 - 194
Expense
reimbursements 7,026 1,057 223 8,306 3,112 523 87 3,722 3,914 534 136 4,584
Other property
income 360 16 1 377 136 11 1 148 224 5 - 229
------- ------ ---- ------- ------- ------ ---- ------- ------- ------ ---- -------
33,304 5,963 582 39,849 16,392 3,070 235 19,697 16,912 2,893 347 20,152
------- ------ ---- ------- ------- ------ ---- ------- ------- ------ ---- -------
PROPERTY EXPENSES
Property
operating 7,219 922 214 8,355 3,045 464 64 3,573 4,174 458 150 4,782
Real estate taxes 4,441 666 134 5,241 2,093 343 68 2,504 2,348 323 66 2,737
------- ------ ---- ------- ------- ------ ---- ------- ------- ------ ---- -------
11,660 1,588 348 13,596 5,138 807 132 6,077 6,522 781 216 7,519
------- ------ ---- ------- ------- ------ ---- ------- ------- ------ ---- -------
NET OPERATING
INCOME -
PROPERTIES 21,644 4,375 234 26,253 11,254 2,263 103 13,620 10,390 2,112 131 12,633
OTHER INCOME
(EXPENSE)
General and
administrative (3,212) - - (3,212) (1,507) - - (1,507) (1,705) - - (1,705)
Property related
home office
expenses (3,563) (35) - (3,598) (2,190) (27) - (2,217) (1,373) (8) - (1,381)
Equity in earnings
of Fund I
unconsolidated
properties - 17 - 17 - (2) - (2) - 19 - 19
Lease termination
income - - - - - - - - - - - -
Interest income 1,418 8 - 1,426 941 7 - 948 477 1 - 478
Asset and property
management income
(3) 4,835 - - 4,835 2,857 - - 2,857 1,978 - - 1,978
Property
management
expense (111) - - (111) (55) - - (55) (56) - - (56)
Straight-line
rent income 299 (356) - (57) 157 (250) - (93) 142 (106) - 36
Straight-line
rents written
off (17) - - (17) - - - - (17) - - (17)
FAS 141 Rent - 42 - 42 - 25 - 25 - 17 - 17
Abandoned project
costs - (86) - (86) - (86) - (86) - - - -
Hurricane related
income (expenses)
(4) 479 - - 479 - - - - 479 - - 479
Other income 105 - - 105 1 - - 1 104 - - 104
------- ------ ---- ------- ------- ------ ---- ------- ------- ------ ---- -------
EBIDTA 21,877 3,965 234 26,076 11,458 1,930 103 13,491 10,419 2,035 131 12,585
Depreciation and
amortization (7,912)(1,403) (90) (9,405) (3,933) (710) (45) (4,688) (3,979) (693) (45) (4,717)
FAS 141
Amortization - (75) - (75) - (27) - (27) - (48) - (48)
Interest expense (5,029)(1,644) - (6,673) (2,670) (823) - (3,493) (2,359) (821) - (3,180)
FAS 141 Interest - 58 - 58 - 29 - 29 - 29 - 29
Impairment of
real estate - - - - - - - - - - - -
(Impairment loss)
Gain on sale of
properties - - (770) (770) - - (770) (770) - - - -
------- ------ ---- ------- ------- ------ ---- ------- ------- ------ ---- -------
Income before
minority interest 8,936 901 (626) 9,211 4,855 399 (712) 4,542 4,081 502 86 4,669
Minority interest
- OP (162) (17) 12 (167) (97) (8) 13 (92) (65) (9) (1) (75)
Minority interest (237) (17) - (254) (93) (12) - (105) (144) (5) - (149)
------- ------ ---- ------- ------- ------ ---- ------- ------- ------ ---- -------
NET INCOME $8,537 $867 $(614) $8,790 $4,665 $379 $(699) $4,345 $3,872 $488 $85 $4,445
====== ==== ===== ====== ====== ==== ===== ====== ====== ==== === ======
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's 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: YTD 2nd 1st
Quarter Quarter
------- -------- -------
Asset management fee Fund I $526 $263 $263
Asset management fee Fund II 1,500 750 750
Property management and leasing fees - Fund I 870 564 306
Property management/Construction/legal fees - Fund II 299 299 -
Klaff related fees 1,556 981 575
Other fees 84 - 84
------- ----------------
$4,835 $2,857 $1,978
======= ================
(4) First quarter 2005 activity represents reversal of 2004 accrual for flood
related damage at the Mark Plaza following settlement with the insuarnace
carrier during 2005.
Page 7
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Statements of Operations - Joint
Venture Activity (1)
- --------------------------------------
Current Quarter and Year-to-
Date
- ------------------------------
(in thousands)
Year-to-Date Current
Quarter
Period 3 months
ended June 30, ended June 30,
2005 2005
----------------------------------------------------- ---------------------------------------------------
AKR Pro- AKR Pro- Pro- Pro- AKR Pro- AKR Pro- Pro- Pro-
rata rata rata rata rata rata rata rata
Fund I share Fund II share Crossroads share Total Fund I share Fund II share Crossroadsshare Total
----------------------------------------------------- ---------------------------------------------------
PROPERTY
REVENUES
Minimum rents $13,962 $3,103 $1,437 $288 $3,017 $1,479 $4,870 $7,401 $1,645 $703 $141 $1,510 $740 $2,526
Percentage
rents 88 20 - - - - 20 44 10 - - - - 10
Expense
reimbursements 1,669 371 303 61 1,275 625 1,057 784 174 148 30 651 319 523
Other property
income 39 9 2 1 13 6 16 36 8 (2) - 7 3 11
------ ----- ----- --- ----- ----- ----- ----- ----- --- --- ----------- -----
15,758 3,503 1,742 350 4,305 2,110 5,963 8,265 1,837 849 171 2,168 1,062 3,070
------ ----- ----- --- ----- ----- ----- ----- ----- --- --- ----------- -----
PROPERTY
EXPENSES
Property
operating 1,914 426 1,171 234 534 262 922 875 195 606 121 302 148 464
Real estate
taxes 700 155 633 127 785 384 666 365 81 310 62 409 200 343
------ ----- ----- --- ----- ----- ----- ----- ----- --- --- ----------- -----
2,614 581 1,804 361 1,319 646 1,588 1,240 276 916 183 711 348 807
------ ----- ----- --- ----- ----- ----- ----- ----- --- --- ----------- -----
NET OPERATING
INCOME -
PROPERTIES 13,144 2,922 (62) (11) 2,986 1,464 4,375 7,025 1,561 (67) (12) 1,457 714 2,263
OTHER INCOME (EXPENSE)
General and
administrative - - - - - - - - - - - - - -
Property
related home
office
expenses (135) (30) (23) (5) - - (35) (104) (23) (18) (4) - - (27)
Equity in
earnings of
Fund I
unconsolidated
properties (2) 77 17 - - - - 17 (7) (2) - - - - (2)
Lease
termination
income - - - - - - - - - - - - - -
Interest income 29 7 8 1 - - 8 25 6 6 1 - - 7
Asset and
property
management
income - - - - - - - - - - - - - -
Asset and
property
management
expense(3) (1,102) - (1,936) - - - - (562) - (998) - - - -
Straight-line
rent income (1,784) (397) 11 2 78 39 (356) (1,209) (269) 5 1 36 18 (250)
Straight-line
rents written
off - - - - - - - - - - - - - -
FAS 141 Rent 172 38 21 4 - - 42 107 24 7 1 - - 25
Abandoned
project costs - - (430) (86) - - (86) - - (430) (86) - - (86)
Hurricane
related
expenses - - - - - - - - - - - - - -
Other income - - - - - - - - - - - - - -
------ ----- ----- --- ----- ----- ----- ----- ----- --- --- ----------- -----
EBIDTA 10,401 2,557 (2,411) (95) 3,064 1,503 3,965 5,275 1,297 (1,495) (99) 1,493 732 1,930
Depreciation
and
amortization
(4) (4,451) (990) (340) (68) (304) (345)(1,403) (2,257) (502) (177) (35) (154) (173) (710)
FAS 141
Amortization (84) (19) (280) (56) - - (75) (34) (8) (93) (19) - - (27)
Interest
expense (4) (3,553) (722) (441) (75) (1,876) (847)(1,644) (1,805) (349) (253) (48) (836) (426) (823)
FAS 141
Interest 264 58 - - - - 58 132 29 - - - - 29
Impairment of
real estate - - - - - - - - - - - - - -
Gain on sale of
properties - - - - - - - - - - - - - -
------ ----- ----- --- ----- ----- ----- ----- ----- --- --- ----------- -----
Income before
minority
interest 2,577 884 (3,472) (294) 884 311 901 1,311 467 (2,018) (201) 503 133 399
Minority
interest - OP - (16) - 5 - (6) (17) - (9) - 4 - (3) (8)
Minority
interest (142) (32) 72 15 - - (17) (75) (17) 24 5 - - (12)
------ ----- ----- --- ----- ----- ----- ----- ----- --- --- ----------- -----
NET INCOME $2,435 $836 $(3,400)$(274) $884 $305 $867 $1,236 $441 $(1,994)$(192) $503 $130 $379
====== ==== ======= ===== ==== ==== ==== ====== ==== ======= ===== ==== ==== ====
(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) In addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its increased basis in Crossroads.
Page 8
- -0-
*T
%%%%-DO-NOT-MODIFY-THIS-LINE-%%%%_Table_8_Start
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Statements of Operations - Joint
Venture Activity (1)
- --------------------------------------
Current Quarter and Year-to-
Date
- ------------------------------
(in thousands)
Previous Quarter
3 months
ended March 31,
2005
AKR Pro- AKR Pro- Pro- Pro-
rata rata rata rata
Fund I share Fund II shareCrossroadsshare Total
--------------------------------------------------
PROPERTY
REVENUES
Minimum rents $6,561 $1,458 $734 $147 $1,507 $739 $2,344
Percentage
rents 44 10 - - - - 10
Expense
reimbursements 885 197 155 31 624 306 534
Other property
income 3 1 4 1 6 3 5
--------------------------------------------------
7,493 1,666 893 179 2,137 1,048 2,893
--------------------------------------------------
PROPERTY
EXPENSES
Property
operating 1,039 231 565 113 232 114 458
Real estate
taxes 335 74 323 65 376 184 323
--------------------------------------------------
1,374 305 888 178 608 298 781
--------------------------------------------------
NET OPERATING
INCOME -
PROPERTIES 6,119 1,361 5 1 1,529 750 2,112
OTHER INCOME (EXPENSE)
General and
administrative - - - - - - -
Property
related home
office
expenses (31) (7) (5) (1) - - (8)
Equity in
earnings of
Fund I
unconsolidated
properties (2) 84 19 - - - - 19
Lease
termination
income - - - - - - -
Interest income 4 1 2 - - - 1
Asset and
property
management
income - - - - - - -
Asset and
property
management
expense( 3) (540) - (938) - - - -
Straight-line
rent income (575) (128) 6 1 42 21 (106)
Straight-line
rents written
off - - - - - - -
FAS 141 Rent 65 14 14 3 - - 17
Abandoned
project costs - - - - - - -
Hurricane
related
expenses - - - - - - -
Other income - - - - - - -
--- --------------------------------------------------
EBIDTA 10 5,126 1,260 (916) 4 1,571 771 2,035
Depreciation
and
amortization
(4) (2,194) (488) (163) (33) (150) (172) (693)
FAS 141
Amortization (50) (11) (187) (37) - - (48)
Interest
expense (4) (1,748) (373) (188) (27) (1,040) (421) (821)
FAS 141
Interest 132 29 - - - - 29
Impairment of
real estate - - - - - - -
Gain on sale of
properties - - - - - - -
--- --------------------------------------------------
Income before
minority
interest 1,266 417 (1,454) (93) 381 178 502
Minority
interest - OP - (7) - 1 - (3) (9)
Minority
interest (67) (15) 48 10 - - (5)
- --------------------------------------------------
NET INCOME $1,199 $395 $(1,406)$(82) $381 $175 $488
= ==================================================
Page 9
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Statements of Operations - Activity by Source (1)
- ----------------------------------------------
(in thousands)
Year-to-Date Current Quarter Previous Quarter
Period 3 months 3 months
ended June 30, ended June 30, ended March 31,
2005 2005 2005
-------------------------------- -------------------------------- -------------------------
Retail Multi- Corporate Total Retail Multi- Corporate Total Retail Multi- Corporate Total
Family Family Family
-------------------------------- -------------------------------- --------------------------------
PROPERTY REVENUES
Minimum rents $27,276 $3,574 $- $30,850 $13,898 $1,807 $- $15,705 $13,378 $1,767 $- $15,145
Percentage rents 316 - - 316 122 - - 122 194 - - 194
Expense reimbursements 8,306 - - 8,306 3,722 - - 3,722 4,584 - - 4,584
Other property income 185 192 - 377 65 83 - 148 120 109 - 229
------- ------ - ------- ------- ------ - ------- ------- ------ - -------
36,083 3,766 - 39,849 17,807 1,890 - 19,697 18,276 1,876 - 20,152
------- ------ - ------- ------- ------ - ------- ------- ------ - -------
PROPERTY EXPENSES
Property operating 6,686 1,669 - 8,355 2,762 811 - 3,573 3,924 858 - 4,782
Real estate taxes 5,077 164 - 5,241 2,422 82 - 2,504 2,655 82 - 2,737
------- ------ - ------- ------- ------ - ------- ------- ------ - -------
11,763 1,833 - 13,596 5,184 893 - 6,077 6,579 940 - 7,519
------- ------ - ------- ------- ------ - ------- ------- ------ - -------
NET OPERATING INCOME -
PROPERTIES 24,320 1,933 - 26,253 12,623 997 - 13,620 11,697 936 - 12,633
OTHER INCOME (EXPENSE)
General and
administrative - - (3,212) (3,212) - - (1,507) (1,507) - - (1,705) (1,705)
Property related home
office expenses - - (3,598) (3,598) - - (2,217) (2,217) - - (1,381) (1,381)
Equity in earnings of
Fund I unconsolidated
properties 17 - - 17 (2) - - (2) 19 - - 19
Lease termination
income - - - - - - - - - - - -
Interest income - 5 1,421 1,426 - 5 943 948 - - 478 478
Asset and property
management income - - 4,835 4,835 - - 2,857 2,857 - - 1,978 1,978
Other property
management fees (41) (70) - (111) (20) (35) - (55) (21) (35) - (56)
Straight-line rent
income (57) - - (57) (93) - - (93) 36 - - 36
Straight-line rents
written off (17) - - (17) - - - - (17) - - (17)
FAS 141 Rent 42 - - 42 25 - 25 17 - 17
Abandoned project
costs (86) - - (86) (86) - - (86) - - - -
Hurricane related
expenses 479 - - 479 - - - - 479 - - 479
Other income 105 - - 105 1 - - 1 104 - - 104
------- ------ - ------- ------- ------ - ------- ------- ------ - -------
EBIDTA 24,762 1,868 (554) 26,076 12,448 967 76 13,491 12,314 901 (630) 12,585
Depreciation and
amortization (8,465) (723) (217) (9,405) (4,213) (363) (112) (4,688) (4,252) (360) (105) (4,717)
FAS 141 Amortization (75) - - (75) (27) (27) (48) (48)
Interest expense (6,055) (618) - (6,673) (3,177) (316) - (3,493) (2,878) (302) - (3,180)
FAS 141 Interest 58 - - 58 29 29 29 29
Impairment of real
estate - - - - - - - - - - - -
Gain on sale of
properties (770) - - (770) (770) - - (770) - - - -
------- ------ - ------- ------- ------ - ------- ------- ------ - -------
Income before minority
interest 9,455 527 (771) 9,211 4,290 288 (36) 4,542 5,165 239 (735) 4,669
Minority interest - OP (170) (10) 13 (167) (87) (6) 1 (92) (83) (4) 12 (75)
Minority interest (254) - - (254) (105) - - (105) (149) - - (149)
------- ------ - ------- ------- ------ - ------- ------- ------ - -------
NET INCOME $9,031 $517 $(758) $8,790 $4,098 $282 $(35) $4,345 $4,933 $235 $(723) $4,445
====== ==== ===== ====== ====== ==== ==== ====== ====== ==== ===== ======
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's 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 10
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Statements of Operations - Current v. Historical (1)
- -----------------------------------------------------
(in thousands)
Current Quarter Historical Current Year-to-Date
Quarter
3 months 3 months Period
ended June 30, ended June 30, ended June 30,
2005 2004 2005
--------------------------------- --------------------------------- ---------------------------------
Discontinued Discontinued Discontinued
Wholly JV's Operations Total Wholly JV's Operations Total Wholly JV's Operations Total
Owned (2) Owned Owned (2)
--------------------------------- --------------------------------- ---------------------------------
PROPERTY
REVENUES
Minimum rents $13,032 $2,526 $147 $15,705 $12,408 $2,055 $497 $14,960 $25,622 $4,870 $358 $30,850
Percentage
rents 112 10 - 122 203 4 - 207 296 20 - 316
Expense
reimbursements 3,112 523 87 3,722 2,953 445 176 3,574 7,026 1,057 223 8,306
Other property
income 136 11 1 148 200 7 - 207 360 16 1 377
--------------------------------- --------------------------------- ---------------------------------
16,392 3,070 235 19,697 15,764 2,511 673 18,948 33,304 5,963 582 39,849
--------------------------------- --------------------------------- ---------------------------------
PROPERTY
EXPENSES
Property
operating 3,045 464 64 3,573 3,275 320 166 3,761 7,219 922 214 8,355
Real estate
taxes 2,093 343 68 2,504 1,939 255 178 2,372 4,441 666 134 5,241
--------------------------------- --------------------------------- ---------------------------------
5,138 807 132 6,077 5,214 575 344 6,133 11,660 1,588 348 13,596
--------------------------------- --------------------------------- ---------------------------------
NET OPERATING
INCOME -
PROPERTIES 11,254 2,263 103 13,620 10,550 1,936 329 12,815 21,644 4,375 234 26,253
OTHER INCOME
(EXPENSE)
General and
administrative (1,507) - - (1,507) (1,185) (6) - (1,191) (3,212) - - (3,212)
Property related
home office
expenses (2,190) (27) - (2,217) (1,237) - - (1,237) (3,563) (35) - (3,598)
Equity in
earnings of
Fund I
unconsolidated
properties - (2) - (2) - (18) - (18) - 17 - 17
Lease
termination
income - - - - - - - - - - - -
Interest income 941 7 - 948 485 18 - 503 1,418 8 - 1,426
Asset and
property
management
income 2,857 - - 2,857 1,007 - - 1,007 4,835 - - 4,835
Property
management
expense (55) - - (55) (58) - - (58) (111) - - (111)
Straight-line
rent income 157 (250) - (93) 172 (213) 2 (39) 299 (356) - (57)
Straight-line
rents written
off - - - - (28) - - (28) (17) - - (17)
FAS 141 Rent - 25 - 25 - - - - - 42 - 42
Abandoned
project costs - (86) - (86) - - - - - (86) - (86)
Hurricane
related
expenses - - - - - - - - 479 - - 479
Other income 1 - - 1 40 - - 40 105 - - 105
--------------------------------- --------------------------------- ---------------------------------
EBIDTA 11,458 1,930 103 13,491 9,746 1,717 331 11,794 21,877 3,965 234 26,076
Depreciation and
amortization (3,933) (710) (45) (4,688) (3,955) (577) (166) (4,698) (7,912)(1,403) (90) (9,405)
FAS 141
Amortization - (27) - (27) - - - - - (75) - (75)
Interest
expense (2,670) (823) - (3,493) (2,445) (634) (316) (3,395) (5,029)(1,644) - (6,673)
FAS 141
Interest - 29 - 29 - - - - - 58 - 58
Impairment of
real estate - - - - - - - - - - - -
Gain on sale of
properties - - (770) (770) 508 - - 508 - - (770) (770)
--------------------------------- --------------------------------- ---------------------------------
Income before
minority
interest 4,855 399 (712) 4,542 3,854 506 (151) 4,209 8,936 901 (626) 9,211
Minority
interest - OP (97) (8) 13 (92) (70) (8) 6 (72) (162) (17) 12 (167)
Minority
interest (93) (12) - (105) (373) - - (373) (237) (17) - (254)
--------------------------------- --------------------------------- ---------------------------------
NET INCOME $4,665 $379 $(699) $4,345 $3,411 $498 $(145) $3,764 $8,537 $867 $(614) $8,790
================================= ================================= =================================
(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").
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Statements of Operations - Current v.
Historical (1)
- --------------------------------------------
(in thousands)
---------------------------------
Historical Year-
to-Date
Period
ended June 30,
2004
---------------------------------
Discontinued
Wholly JV's Operations Total
Owned
---------------------------------
PROPERTY REVENUES
Minimum rents $24,712 $4,062 $1,000 $29,774
Percentage rents 420 19 2 441
Expense reimbursements 6,430 858 373 7,661
Other property income 323 16 5 344
---------------------------------
31,885 4,955 1,380 38,220
---------------------------------
PROPERTY EXPENSES
Property operating 6,866 683 416 7,965
Real estate taxes 4,121 487 318 4,926
---------------------------------
10,987 1,170 734 12,891
---------------------------------
NET OPERATING INCOME - PROPERTIES 20,898 3,785 646 25,329
OTHER INCOME (EXPENSE)
General and administrative (2,510) (6) - (2,516)
Property related home office expenses (2,401) - - (2,401)
Equity in earnings of Fund I
unconsolidated properties - (18) - (18)
Lease termination income - - - -
Interest income 600 18 - 618
Asset and property management income 1,552 - - 1,552
Property management expense (120) - - (120)
Straight-line rent income 461 (306) 7 162
Straight-line rents written off (28) - (114) (142)
FAS 141 Rent - - - -
Abandoned project costs - - - -
Hurricane related expenses - - - -
Other income 196 - - 196
---------------------------------
EBIDTA 18,648 3,473 539 22,660
Depreciation and amortization (7,645)(1,150) (332) (9,127)
FAS 141 Amortization - - - -
Interest expense (4,863)(1,273) (643) (6,779)
FAS 141 Interest - - - -
Impairment of real estate - - - -
Gain on sale of properties 508 - - 508
---------------------------------
Income before minority interest 6,648 1,050 (436) 7,262
Minority interest - OP (176) (28) 17 (187)
Minority interest (461) - - (461)
---------------------------------
NET INCOME $6,011 $1,022 $(419) $6,614
=================================
(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").
Page 11
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Net Operating Income (NOI) - Same Property Performance (1)
- ----------------------------------------------------------------
(in thousands) Growth in Growth in
Same Same
Property NOI Property NOI
- -
Continuing Continuing
Operations Operations
Notes:Current Historical Favorable Current Historical Favorable
Quarter Quarter (unfavorable) Year- Year-to- (unfavorable)
to-Date Date
----------------------------------------------------------------------
3 months 3 months 6 months 6 months
ended ended ended ended
Reconciliation of total NOI to same property NOI: June 30, June 30, June 30, June 30,
2005 2004 2005 2004
------- ----------- -------- ----------
NOI - Wholly owned properties $11,357 $10,879 $21,878 $21,544
NOI - Joint Ventures (Unconsolidated partnerships) (2) 2,263 2,133 4,375 4,103
------- ------- ------- -------
Total NOI 13,620 13,012 26,253 25,647
NOI - Properties Acquired (39) - (135) -
NOI - Property sold (103) (329) (234) (646)
NOI - Redevelopment Properties - - - -
------- ------- ------- -------
$13,478 $12,683 6.3% $25,884 $25,001 3.5%
======= ======= === ======= ======= ===
Same property NOI by portfolio component and revenues/expenses:
Shopping Center Shopping Center
Portfolio Portfolio
Revenues $17,307 $16,538 4.6% $34,933 $33,300 4.9%
Expenses 4,826 4,794 -0.7% 10,982 10,258 -7.1%
------- ------- --- ------- ------- ---
12,481 11,744 6.3% 23,951 23,042 3.9%
------- ------- --- ------- ------- ---
Residential Residential
Properties (2 Properties (2
properties) properties)
Revenues 1,890 1,928 -2.0% 3,766 3,852 -2.2%
Expenses 893 989 9.7% 1,833 1,893 3.2%
------- ------- --- ------- ------- ---
997 939 6.2% 1,933 1,959 -1.3%
------- ------- --- ------- ------- ---
$13,478 $12,683 6.3% $25,884 $25,001 3.5%
======= ======= === ======= ======= ===
(1) The above amounts includes the pro-rata activity related to the Company's
joint ventures.
(2) Kroger/Safeway activity grossed-up for 2004 to include 25% minority
interest ($197) to be consistent with 2005 presentation. $197 and $318 for
the quarter and six months ended June 30, 2004, respectively, have been
added to the 2004 NOI - Joint Ventures line item.
Page 12
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Funds from Operations
("FFO")(1)
- -------------------------------
(in thousands) 2005 2004
Current Current Previous Historic Historic
Year-to-Date Quarter Quarter Year-to-Date Quarter
Period ended 3 months ended 3 months ended Period ended 3 months
ended
Funds from operations ("FFO"): Notes June 30, 2005 June 30, 2005 March 31, June 30, June 30, 2005
2005 2005
- ------------------------------- ------------- -------------- ----------- -------------------------
Net Income $8,790 $4,345 $4,445 $6,614 $3,764
Add back:
Depreciation of real estate and
amortization of leasing costs:
Wholly owned and consolidated
subsidiaries 7,017 3,396 3,621 7,084 3,567
Unconsolidated
subsidiaries 1,231 598 633 1,121 569
Income attributable to Operating
Partnership units (2) 184 109 75 187 72
Gain on sale of properties - - - - -
------------- -------------- ----------- -------------------------
FFO - Basic 17,222 8,448 8,774 15,006 7,972
Distributions on Preferred OP
Units 180 93 87 160 88
------------- -------------- ----------- -------------------------
FFO - Diluted $17,402 $8,541 $8,861 $15,166 $8,060
============= ============== =========== =========================
Adjusted Funds from operations ("AFFO"):
----------------------------------------
Diluted FFO $17,402 $8,541 $8,861 $15,166 $8,060
Straight line rent, net 21 57 (36) (20) 67
Non real-estate depreciation 217 112 105 156 78
Amortization of finance costs 501 313 188 293 83
Amortization of cost of management
contracts 366 195 171 423 379
Tenant improvements (626) (296) (330) (1,260) (854)
Leasing commissions (360) (206) (154) (363) (137)
Capital expenditures (784) (265) (519) (1,296) (477)
------------- -------------- ----------- -------------------------
AFFO $16,737 $8,451 $8,286 $13,099 $7,199
============= ============== =========== =========================
Funds Available for Distribution ("FAD")
----------------------------------------
AFFO $16,737 $8,451 $8,286 $13,099 $7,199
Scheduled prinicpal repayments (1,233) (620) (613) (2,245) (1,055)
------------- -------------- ----------- -------------------------
FAD $15,504 $7,831 $7,673 $10,854 $6,144
============= ============== =========== =========================
Total weighted average shares and OP Units:
Basic 32,462 32,541 32,382 29,401 29,859
============= ============== =========== =========================
Diluted 33,244 33,310 33,177 30,438 30,842
============= ============== =========== =========================
FFO per share:
FFO per share - Basic (3) $0.53 $0.26 $0.27 $0.51 $0.27
============= ============== =========== =========================
FFO per share - Diluted (3) $0.52 $0.26 $0.27 $0.50 $0.26
============= ============== =========== =========================
AFFO per share - Basic (3) $0.51 $0.26 $0.25 $0.44 $0.24
============= ============== =========== =========================
AFFO per share - Diluted (3) $0.50 $0.25 $0.25 $0.43 $0.23
============= ============== =========== =========================
FAD per share - Basic (3) $0.47 $0.24 $0.23 $0.36 $0.20
============= ============== =========== =========================
FAD per share - Diluted (3) $0.47 $0.24 $0.23 $0.36 $0.20
============= ============== =========== =========================
- --------------------------------------------------------------------------------------------------------------------
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management are necessary for a fair presentation of
operating results for the interim periods.
(2) Reflects OP Unitholders interest in OP net income.
(3) Assumes full conversion of O.P. Units into Common Shares. Diluted FFO
assumes conversion of Preferred O.P. Units as well as assumed exercise of
outstanding share options. Quarterly Preferred OP Unit distributions are
added back for the purposes of calculating diluted FFO. Refer to "Market
Capitalization" for weighted-average basic and diluted shares.
Page 13
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Capital Expenditures
-------------------------------
Year-to-Date Current Previous
Quarter Year
3 months 3 months Year
ended ended ended
Notes June 30, 2005 June 30, 2005 March 31, 2005 December 31,
2004
---------------- ---------------- ---------------- ----------------
Leasing Commissions: $360 $206 $154 $1,109
---------------- ---------------- ---------------- ----------------
Tenant Improvements: 626 296 330 2,474
---------------- ---------------- ---------------- ----------------
Capital Expenditures:
Retail 339 41 298 1,789
Residential 445 224 221 842
---------------- ---------------- ---------------- ----------------
784 265 519 2,631
---------------- ---------------- ---------------- ----------------
Redevelopments 1,471 469 1,002 2,053
---------------- ---------------- ---------------- ----------------
Total $3,241 $1,236 $2,005 $8,267
================ ================ ================ ================
Expenditures for real estate
and
improvements as reported on
the
Company's Statement of Cash Flows $2,842 $7,103
Expenditures included in deferred leasing 360 1,109
Accrued construction costs as of period-end 39 55
---------------- ----------------
costs in Statement of Cash
Flows $3,241 $8,267
================ ================
Page 14
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2005
Consolidated Balance Sheets
- --------------------------------------------------
(in thousands)
June 30, December
2005 31,
2005 2004
--------- ---------
ASSETS
Real estate
Land $54,163 $52,472
Buildings and improvements 363,089 356,908
Construction in progress 893 5,896
--------- ---------
418,145 415,276
Less: accumulated depreciation (111,693) (105,278)
--------- ---------
Net real estate 306,452 309,998
Cash and cash equivalents 30,088 13,499
Cash in escrow 3,852 4,467
Restricted Cash 510 612
Investments in and advances to
unconsolidated partnerships 34,671 27,439
Investment in management contracts 4,172 3,422
Preferred equity investment 19,500 -
Rents receivable, net of $1,968 and
$1,931 allowance, respectively 5,393 4,889
Straight-line rents receivable, net of
$910 allowance 5,877 5,596
Notes Receivable 16,552 10,087
Prepaid expenses 2,327 2,994
Deferred charges, net 15,433 13,478
Other assets 9,670 3,898
Assets of discontinued operations 5,253 5,268
--------- ---------
$459,750 $396,343
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $204,639 $153,361
Accounts payable and accrued expenses 5,862 7,627
Dividends and distributions payable 5,675 5,597
Due to related parties - -
Share of losses in excess of investment
in unconsolidated partnerships 9,793 9,304
Interest rate swap payable 1,744 2,136
Other liabilities 3,263 3,096
Liabilities of discontinued operations 99 51
--------- ---------
Total liabilities 231,075 171,868
--------- ---------
Minority interest in Operating
Partnership 9,714 5,743
Minority interests in majority owned
partnerships 1,808 1,808
--------- ---------
Total minority interests 11,522 7,551
--------- ---------
Shareholders' equity:
Common shares 31 31
Additional paid-in capital 222,320 222,752
Accumulated other comprehensive income (2,557) (3,180)
Deficit (2,641) (2,679)
--------- ---------
Total shareholders' equity 217,153 216,924
--------- ---------
$459,750 $396,343
========= =========
Page 15
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Selected Operating Ratios
- -----------------------------------------------------------------
3 months ended June 6 months ended
30, June 30,
---------- ---------
2005 2004 2005 2004
--------- --------- -------- --------
Coverage Ratios (1)
---------------
Interest Coverage Ratio
EBIDTA (2) $13,491 $11,794 $26,076 $22,660
Divided by Interest expense 3,493 3,395 6,673 6,779
--------- --------- -------- --------
3.86 x 3.47 x 3.91 x 3.34 x
Fixed Charge Coverage Ratio
EBIDTA $13,491 $11,794 $26,076 $22,660
Divided by ( Interest expense 3,493 3,395 6,673 6,779
+ Preferred Dividends) (2,)(3) 93 88 180 160
--------- --------- -------- --------
3.76 x 3.39 x 3.81 x 3.27 x
Debt Service Coverage Ratio
EBIDTA $13,491 $11,794 $26,076 $22,660
Divided by ( Interest expense 3,493 3,395 6,673 6,779
+ Principal Amortization) (4) 620 1,055 1,233 2,245
--------- --------- -------- --------
3.28 x 2.65 x 3.30 x 2.51 x
Payout Ratios
-------------
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $5,584 $4,778 $11,139 $9,556
FFO (2) 8,541 8,060 17,402 15,166
--------- --------- -------- --------
65% 59% 64% 63%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $5,584 $4,778 $11,139 $9,556
AFFO (2) 8,451 7,199 16,737 13,099
--------- --------- -------- --------
66% 66% 67% 73%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $5,584 $4,778 $11,139 $9,556
FAD (2) 7,831 6,144 15,504 10,854
--------- --------- -------- --------
71% 78% 72% 88%
Overhead Ratios
---------------
G&A/Real Estate Revenues
General and Administrative expense $1,507 $1,191 $3,212 $2,516
Real Estate Revenues (Includes pro-rata JV) 19,697 18,948 39,849 38,220
--------- --------- -------- --------
8% 6% 8% 7%
General and Administrative expense $1,507 $1,191 $3,212 $2,516
Real Estate Revenues (Includes 100% JV) 27,909 24,030 55,691 50,811
--------- --------- -------- --------
5% 5% 6% 5%
Leverage Ratios
---------------
Debt/Total Market Capitalization
Debt (5)$262,547 $255,008
Total Market Capitalization 866,550 668,048
--------- ---------
30% 38%
Debt + Preferred Equity (Preferred O.P. Units) $268,127 $260,588
Total Market Capitalization 866,550 668,048
--------- ---------
31% 39%
----------
Notes:
(1) Quarterly results for 2005and 2004 are unaudited, although they reflect all
adjustments, which in the opinion of management, are necessary for a fair
presentation of operating results for the interim periods. The coverage
ratios include the Company's pro-rata share of EBIDTA, interest expense and
principal amortization related to the Company's joint venture investments
in unconsolidated partnerships.
(2) 2005 activity includes the $479 reversal of a 2004 accrual for flood
related damage at the Mark Plaza following settlement with the insurance
carrier during 2005.
Excluding the effects of this settlement, the impact on the year-to-date 6/30/05 ratios would be as follows:
EBIDTA FFO AFFO FAD
As reported $26,076 $17,402 $16,737 $15,504
Adjustment (479) (479) (479) (479)
--------- --------- ----------------
Adjusted 25,597 16,923 16,258 15,025
========= ========= ================
Ratios 3.75x 66% 69% 74%
=========
(Fixed- (Payouts)
charge)
(3) Represents preferred distributions on Preferred Operating partnership
Units.
(4) Includes the Company's pro-rata share of joint venture principal
amortization.
(5) Includes the Company's pro-rata share of joint venture debt.
Page 16
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Portfolio Debt - Consolidated Summary
(amounts in thousands)
% of
Wholly-Owned % of Weighted
and Wholly- % of Total Outstanding Avg.
Unconsolidated Owned
NotesCombined Basis Only Portfolio Balance Int. Rate
(1)
----------------------------------------------------------------------
Consolidated Debt
Fixed-Rate Debt (2) 78% 75% 58% $153,382 5.94%
Variable-Rate Debt (2) 22% 25% 20% 51,258 4.81%
-- -- -- ------ ----
Total Consolidated Debt 100% 100% 78% 204,640 5.66%
=== === == ======= ====
Unconsolidated Debt (Joint Ventures)
Fixed-Rate Debt (1) 20% 52,193 5.78%
Variable-Rate Debt (1) 2% 5,714 4.48%
- ----- ----
Total Unconsolidated Debt 22% 57,907 5.65%
- ----- ----
Total Debt 100% $262,547 5.66%
=== ======== ====
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 17
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Debt Analysis - Consolidated Debt
(amounts in thousands)
Principal Variable
Balance at InterestRate as Maturity
of
Property Lender % of Notes June 30, Rate June 30, Date
Porfolio 2005 2005
-----------------------------------------------------------------------------------------------------
FIXED-RATE DEBT
------------------
Merrillville Plaza SunAmerica Life Insurance Co. $13,083 6.46% 7/1/2007
GHT Apartments Bank of America, N.A. 10,648 7.55% 1/1/2011
Colony Apartments Bank of America, N.A. 5,324 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 Bank of America, N.A. Various
swaps (1) 93,327 5.77%
----------- -----
TOTAL FIXED-RATE DEBT 75% 153,382 5.94%
----------- -----
VARIABLE-RATE DEBT Current
LIBOR 3.40%
---------------------------------------
Elmwood Park Washington Mutual Bank, F.A. L+
Shopping Center (2) 20,000 150 4.90%11/22/2007
Soundview Bank of America, N.A. L+
Marketplace (3) 8,411 140 4.80% 12/1/2008
Bloomfield Town Bank of America, N.A. L+
Square (4) 130 4.70% 6/1/2010
Walnut Hill Plaza Bank of America, N.A. (4) L+ 130 4.70% 6/1/2010
Hobson West Plaza Bank of America, N.A. (4) 32,000 L+ 130 4.70% 6/1/2010
Marketplace of Bank of America, N.A. L+
Absecon (4) 130 4.70% 6/1/2010
Village ApartmentsBank of America, N.A. (4) L+ 130 4.70% 6/1/2010
Bradford Towne Washington Mutual Bank, F.A. L+
Center 5,534 150 4.90% 4/1/2011
Ledgewood Mall Washington Mutual Bank, F.A. 23,981 L+ 150 4.90% 4/1/2011
Abington Towne Bank of America, N.A. L+
Center 140 4.80% 6/29/2012
Branch Shopping Bank of America, N.A. L+
Center 140 4.80% 6/29/2012
Methuen Shopping Bank of America, N.A. L+
Center 44,485 140 4.80% 6/29/2012
Gateway Shopping Bank of America, N.A. L+
Center 140 4.80% 6/29/2012
Town Line Plaza Bank of America, N.A. L+ 140 4.80% 6/29/2012
Village Commons Bank of America, N.A. L+
Shopping Center (5) 10,174 140 4.80% 6/29/2012
Interest rate Bank of America, N.A.
swaps (93,327)
-----------
TOTAL VARIABLE-RATE DEBT 25% 51,258 L+ 141 4.81%
---------- ----------- --------
TOTAL PORTFOLIO DEBT 100% $204,640 5.66%
========== =========== ========
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 rate Forward Start Maturity Date
Date
-----------------------------------------------------------------------------------------
37,444 5.76% 1.41% 4.35% n/a 1/1/2011
20,000 5.94% 1.41% 4.53% n/a 10/1/2006
15,271 5.73% 1.41% 4.32% n/a 1/1/2007
11,813 5.52% 1.41% 4.11% n/a 1/1/2007
8,799 5.88% 1.41% 4.47% n/a 6/1/2007
---------------------------------------------------------
$93,327 5.77% 1.41% 4.36%
=========================================================
The Company has hedged future variable-rate debt with forward-starting variable to fixed-
rate swap agreements as follows:
$4,640 6.12% 1.41% 4.71%10/2/2006 1/1/2010
11,410 6.31% 1.41% 4.90%10/2/2006 10/1/2011
8,434 6.55% 1.41% 5.14% 6/1/2007 3/1/2012
---------------------------------------------------------
$24,484 6.35% 1.41% 4.94%
=========================================================
(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) There is an additional $5,000 available under this facility.
(4) There is an additional $33,000 available under this facility.
(5) There is an additional $969 available under this facility.
Page 18
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Debt Analysis - Unconsolidated Debt (Joint Ventures)
Acadia PrincipalAcadia's Variable
Realty
Lender/ Trust Balance Prorata InterestRate as Maturity
at of
FIXED-RATE DEBT Joint Venture Partner Ownership June 30, Share Rate June 30, Date
2005 2005
------------------------------------------------------------------------------------------ --------------------------
Crossroads Shopping Center JPMorgan Chase Bank 49.0% $64,000 $31,360 5.37% 12/1/2014
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% 9,900 1,650 6.62% 2/1/2009
Fund I
Safeway Portfolio (1) Cortlandt Deposit Corporation/ 16.7% 9,785 1,631 6.51% 1/15/2009
Fund I
Brandywine Town Center UBS Warburg Real Estate
Investments, Inc./ 22.2% 21,136 4,697 7.01% 7/11/2012
Fund I
Market Square Shopping Center UBS Warburg Real Estate
Investments, Inc./ 22.2% 16,050 3,567 7.32% 6/11/2012
Fund I
Amherst Marketplace The Ohio National Life Insurance Company/
Fund I 22.2% 4,744 1,054 8.20% 6/1/2022
Sheffield Crossing Canada Life Insurance Company/
Fund I 22.2% 7,053 1,567 8.00% 1/1/2023
----------------- --------
TOTAL/WEIGHTED AVERAGE - FIXED-RATE UNCONSOLIDATED DEBT 162,668 52,193 5.78%
----------------- --------
VARIABLE-RATE DEBT
----------------------------------------------------------------
Haygood Shopping Center (2) GECC
Fund I 11.1% 6,055 673 L+ 325 6.65% 9/7/2005
Sterling Heights Shopping Wells Fargo Bank, NA
Center (2)
Fund I 11.1% 4,388 488 L+ 300 6.40% 8/1/2005
Granville Center Bank One, NA/
Fund I 22.2% 5,648 1,255 L+ 200 5.40%10/5/2007
400 East Fordham Road (3) Bank of China
Fund II 18.3% 18,000 3,298 L + 175 3.40%11/1/2010
-----------------
TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE UNCONSOLIDATED DEBT 34,091 5,714 4.48%
----------------- --------
TOTAL/WEIGHTED AVERAGE - ALL UNCONSOLIDATED DEBT $196,759 $57,907 5.65%
================= ========
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 19
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Future Debt Maturities
- ----------------------------------------
(in thousands) Weighted Average Interest Rate of
Maturing Debt
-----------------------------------------
Consolidated Debt
Scheduled
Year AmortizationMaturities Total Total Debt Fixed-Rate Variable-Rate Debt
Debt
- ------------------------------------------------------------------------------------------------------
2005 $864 $- $864 n/a n/a n/a
2006 2,186 - 2,186 n/a n/a n/a
2007 3,865 32,519 36,384 5.33% 6.46% 4.63%
2008 4,458 7,976 12,434 4.51% n/a 4.51%
2009 5,156 - 5,156 n/a n/a n/a
Thereafter 13,778 133,838 147,616 5.03% 6.16% 4.52%
------------ -------- -------------
$30,307 $174,333 $204,640
=========== ========= =============
Unconsolidated Debt (Joint Ventures) (1)
2005 103 1,159 1,262 6.32% n/a 6.32%
2006 1,019 - 1,019 n/a n/a n/a
2007 1,031 1,187 2,218 5.21% n/a 5.21%
2008 1,422 6,667 8,089 4.69% 4.69% n/a
2009 1,469 - 1,469 n/a n/a n/a
Thereafter 5,081 38,769 43,850 5.67% 5.74% 4.94%
----------- --------- -------------
$10,125 $47,782 $57,907
=========== ========= ============
- ------------------------------------------------------------------------------------------------------
Capitalized interest related to the Company's development projects is as
follows:
(in thousands)
1st Quarter 2005 $96
2nd Quarter 2005 101
3rd Quarter 2005 -
4th Quarter 2005 -
------------
Year-to-Date $197
============
(1) The above amounts represent the Company's pro-rata share of joint venture
mortgage debt.
Page 20
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Unencumbered Properties
- -------------------------------------
Center Location GLA
- -------------------------------------------------------------
Blackman Plaza Wilkes-Barre,
PA 121,341
Crescent Plaza Brockton, MA 218,277
Greenridge Shopping Center Scranton, PA 194,785
Luzerne Street Shopping Center Scranton, PA 58,089
Mad River Station Dayton, OH 155,739
Mark Plaza Edwardsville,
PA 213,689
Pacesetter Park Shopping Center Ramapo, New
York 96,698
Pittston Plaza Pittston, PA 79,494
Plaza 422 Lebanon, PA 155,026
Route 6 Plaza Honesdale, PA 175,507
Total GLA of Unencumbered Properties 1,468,645
==========
Total net operating income for the year ended December 31,
2004
associated with unencumbered properties $7,103
==========
Page 21
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview
- ------------------------------------------------------------
Item Notes Description
- --------------------------------------------------------
Date formed September 2001
Capital commitment $90 million
Funding $86.5 funded through June 30, 2005
million
Partnership
structure
Equity 22.22% - Acadia
Contribution:
77.78% - Four institutional investors (current significant
shareholders in Acadia as well)
Cash flow distribution:22.22% - Acadia
77.78% - Four institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have received 9% preferred
return and return of equity
Remaining 80% is distributed to all the partners (including Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed capital ($70 million which
excludes Acadia's $20 million))
Property management fee equal to 4% of gross property revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of 7.5% of hard costs
or allocable costs of Acadia
Page 22
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
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
Pelham Manor Shopping Plaza
Partnership structure
Equity 20% - Acadia
Contribution:
80% - Six institutional investors (Three are current
shareholders in Acadia as well)
Cash flow distribution:20% - Acadia
80% - Six institutional
investors
Promote: 20% to Acadia once all partners (including Acadia) have received 8%
preferred return and return of equity
Remaining 80% is distributed to all the partners (including Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed capital (For the
first 12 months, calculated on $200 million,
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 23
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Retailer Controlled Property ("RCP") Venture - Overview
- ------------------------------------------------------
*** Note - The RCP Venture is not a separate AKR Fund, rather it is a venture in which AKR,
Funds I and II are anticipated to invest a total of $60 million equity. ***
Item Notes Description
- ----------------------------------------------------
Date formed January 2004
Targeted investments The Venture has been formed to invest in surplus or distressed
properties owned or controlled by retailers
Current Investements Mervyn's Department Stores
Partnership structure
Equity Up to $300 million of total equity
Contribution:
Up to 20% ($60 million) - AKR Fund I ($20 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 24
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
AKR Fund I Properties - Detail
- --------------------------------
------------------------------------------------------------------------------------------------------------------
Fund I's Annualized Base Rent
Ownership Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------------------------------------------------------
% Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
------------------------------------------------------------------------------------------------------------------
Midwest
- ---------------
Ohio
- ---------------
Amherst
Marketplace 100% 76,737 3,200 79,937 100.00%100.00%100.00% $795,711 $34,404 $830,115 $10.37 $10.75 $10.38
Granville
Centre 100% 90,047 41,496 131,543 38.81% 58.80% 45.12% 402,085 268,599 670,684 11.51 11.01 11.30
Sheffield
Crossing 100% 69,659 42,875 112,534 100.00% 90.67% 96.45% 761,278 385,647 1,146,925 10.93 9.92 10.57
---------------------------------------------------------------------------------------------------------
Total - Midwest
Region 236,443 87,571 324,014 76.70% 75.91% 76.48% 1,959,074 688,650 2,647,724 10.80 10.36 10.68
---------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
Delaware
- ---------------
Brandywine Town
Center (1) 100% 719,521 - 719,521 100.00% - 100.00% 10,822,195 - 10,822,195 15.04 - 15.04
Market Square
Shopping
Center 100% 39,050 63,712 102,762 100.00%100.00%100.00% 515,375 1,569,534 2,084,909 13.20 24.63 20.29
---------------------------------------------------------------------------------------------------------
Total - Mid-
Atlantic 758,571 63,712 822,283 100.00%100.00%100.00% 11,337,570 1,569,534 12,907,104 14.95 24.63 15.70
---------------------------------------------------------------------------------------------------------
Various
- ---------------
Kroger/Safeway
Portfolio (25
Properties) 75%1,018,100 - 1,018,100 100.00% - 100.00% 8,664,352 - 8,664,352 8.51 - 8.51
---------------------------------------------------------------------------------------------------------
Subtotal - Fund I
Operating Properties 2,013,114 151,283 2,164,397 97.26% 86.05% 96.48% 21,960,996 2,258,184 24,219,180 11.22 17.35 11.60
---------------------------------------------------------------------------------------------------------
Fund I Redevelopment
Properties
- ------------------------
Sterling
Heights
Shopping
Center
(Michigan) 50% 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 139,954 421,554 4.00 9.57 4.96
Tarrytown
Shopping
Center (New
York) 50% 15,462 20,076 35,538 100.00% 41.70% 67.07% 475,000 263,969 738,969 30.72 31.53 31.01
Hitchcock
Plaza (South
Carolina) 90% 135,775 98,563 234,338 36.31% 68.27% 49.75% 342,607 486,810 829,417 6.95 7.23 7.11
Pine Log Plaza
(South
Carolina) 90% 23,184 11,880 35,064 100.00% 73.23% 90.93% 69,552 64,050 133,602 3.00 7.36 4.19
Haygood
Shopping
Center
(Virginia) 50% 78,880 79,349 158,229 65.64% 72.42% 69.04% 85,200 787,379 872,579 1.65 13.70 7.99
---------------------------------------------------------------------------------------------------------
Subtotal - Fund I
Redevelopment
Properties 343,701 274,306 618,007 61.14% 57.04% 59.32% 1,253,959 1,742,162 2,996,121 5.97 11.14 8.17
- ---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Fund I Grand
Total 2,356,815 425,589 2,782,404 91.99% 67.35% 88.23%$23,214,955 $4,000,346 $27,215,301 $10.71 $13.96 $11.09
---------------------------------------------------------------------------------------------------------
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 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.
Page 25
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
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 $3,248,239 20.1% 13.6%
2 Kroger (4) 13 595,166 3,250,025 25.6% 13.6%
3 Lowe's 1 140,000 1,925,000 6.0% 8.0%
4 Access Group 1 75,841 1,501,474 3.3% 6.3%
5 Giant Eagle 2 135,896 1,416,291 5.8% 5.9%
Transunion Settlement
6 (5) 1 39,714 911,376 1.7% 3.8%
7 Bed, Bath & Beyond 1 50,977 868,426 2.2% 3.6%
8 Regal Cinema 1 65,641 861,210 2.8% 3.6%
9 Target 1 138,000 800,000 5.9% 3.3%
10 Dick's Sporting Goods 1 50,000 700,000 2.1% 2.9%
----------------------------------------------------------------
Total 35 1,758,535 $15,482,041 75.6% 64.7%
================================================================
(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 26
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Fund I - Current Valuation of Acadia's Interest
------------------------------------------------------------------------
Notes
------------------------
Debt as of June 30, 2005 (1)$104,616
Equity 86,500
---------
Total Asset Cost 191,116
---------
Fund NOI for the quarter ended June 30, 2005 (2) 3,309
x 4
---------
Annualized NOI 13,236
Current terminal value cap rate range 6.50% 7.00% 7.50% 8.00%
------------------------------------
Value $203,631 $189,086 $176,480 $165,450
Add assets valued at percentage of cost (3) 93,188 81,540 69,891 46,594
------------------------------------
Gross Asset Value (GAV) 296,819 270,625 246,371 212,044
------------------------------------
Profit (GAV - Total Asset Cost) 105,703 79,509 55,255 20,928
Acadia Promote
------------------------------------------------------------------------------------------------------------------
General Partner (Acadia) 20% Promote (4) $21,141 $15,902 $11,051 $4,186
Per share $0.63 $0.48 $0.33 $0.13
------------------------------------------------------------------------------------------------------------------
Total Acadia Profit
General Partner (GP) promote $21,141 $15,902 $11,051 $4,186
Acadia's pro-rata share as an investor - 22% of
remaining profit after GP promote 18,790 14,134 9,822 3,720
------------------------------------------------------------------------------------------------------------------
Total Acadia Profit $39,930 $30,035 $20,873 $7,906
Per share $1.20 $0.90 $0.63 $0.24
------------------------------------------------------------------------------------------------------------------
Notes:
- ------------------------------------------------------------------------------------------------------------------------
Notes:
(1) Joint venture debt per "Debt Analysis - Detial" $196,759
Less Non-Fund I debt:
Crossroads (64,000)
Fordham (18,000)
Kroger/Safeway @25% (4,921)
Haygood and Sterling @ 50% (5,222)
---------
$104,616
=========
(2) Fund I 2nd quarter NOI per "Operating Statement - JV Activity" $7,025
Less Kroger/Safeway 2nd quarter NOI (3,468)
Less Hitchcok and Tarrytown NOI - valued based on cost below (248)
---------
$3,309
=========
(3) The below re-developments are being valued at a range of % of cost as they are not
currently stabilized.
NOI for Hitchcock and Tarrytown have been adjusted out of NOI above.
NOI for Haygood and Sterling are included in "Equity in earnings of Fund I unconsolidated
properties" line item and therefore not included in NOI above.
% of
Cost: 200% 175% 150% 100%
------------------------------------
Kroger/Safeway - valued at current debt balance $29,526 $25,835 $22,145 $14,763
At 100% of cost, the net value is $0 psf as the cost matches the
debt balance included in footnote 1 above. At 200% of cost,
the net value is $15 psf.
Mervyn's (Fund I's share of cost) 24,560 21,490 18,420 12,280
Hitchcock/Pine Log 16,000 14,000 12,000 8,000
Tarrytown 6,500 5,688 4,875 3,250
Haygood 10,400 9,100 7,800 5,200
Sterling 6,200 5,425 4,650 3,100
------------------------------------
$93,188 $81,540 $69,891 $46,594
====================================
(4) Assumes operating cash flow is equal to the limited partners 9% preferred
returns.
Page 27
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
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 28
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
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% 275,000 366,608 641,608 2.73 22.02 5.47
Sherman Avenue 90%134,773 - 134,773 100.00% - 100.00%1,337,368 - 1,337,368 9.92 - 9.92
Pelham Manor
Shopping Center
(1) 90% - 398,775 398,775 - 92.68% 92.68% - 2,403,205 2,403,205 - 6.50 6.50
------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Fund II Redevelopment
Properties 235,476 415,427 650,903 100.00% 92.97% 95.52%1,612,368 2,769,813 4,382,181 6.85 7.17 7.05
---------------------------------------------------------------------------------------------
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 29
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
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 Clearview
Washington Kullen Cinema
1998 (A)183,630 93% 2007/2022 2010/2030 $2,826,915 $16.58
Village Commons Shopping Center Smithtown Daffy's
1998 (A) 87,306 100% 2008/2028 2,133,316 24.43
Walgreens 2021/--
Branch Shopping Plaza Smithtown Waldbaum's (A&P)
1998 (A)125,724 100% 2013/2028 2,384,741 18.97
New Loudon Center Latham Price Marshalls
Chopper 2014/2009
1982 (A)255,826 100% 2015/2035 1,710,117 6.68
Bon Ton
Department
Store 2014/2034
Raymor &
Flanigan Furniture
2019/2034
Pacesetter Park Shopping Center Pomona Stop & Shop
(Ahold)
1999 (A) 96,698 98% 2020/2040 1,094,104 11.59
New Jersey
Elmwood Park Shopping Center Elmwood Park Pathmark Walgreen's
1998 (A)149,085 98% 2017/2052 2022/2062 3,233,839 22.16
Marketplace of Absecon Absecon Acme Eckerd Drug
1998 (A)105,093 97% 2015/2055 2020/2040 1,645,433 16.22
Ledgewood Mall Ledgewood Wal-mart
1983 (A)517,632 86% 2019/2049 4,262,524 9.57
Macy's 2010/2025
The Sports'
Authority
2007/2037
Circuit City
2020/2040
Marshalls
2007/2027
NEW ENGLAND REGION
- ----------------------------------------------
Connecticut
Town Line Plaza Rocky Hill Stop & Wal-mart (not
Shop owned)
1998 (A)206,178 100% 2023/2063 1,579,274 14.50
239 Greenwich Avenue Greenwich Restoration
Hardware
1998 (A) 16,834 100% 2015/2025 1,286,069 76.40
Massachusetts
Methuen Shopping Center Methuen DeMoulas Wal-mart
Market 2011/2051
1998 (A)130,238 100% 2005/2015 828,772 6.36
Crescent Plaza Brockton Shaw's Home Depot
1984 (A)218,277 93% 2012/2042 2021/2056 1,529,375 7.52
Rhode Island
Walnut Hill Plaza Woonsocket Shaw's Sears
1998 (A)286,225 100% 2013/2043 2008/2033 2,462,297 8.60
Vermont
The Gateway Shopping Center Burlington 1999 (A)101,861 95% Shaw's 1,746,828 18.04
MIDWEST REGION 2024/2054
- ----------------------------------------------
Illinois
Hobson West Plaza Naperville Bobak's
Market and
1998 (A) 99,044 100% Restaurant
2007/2032 1,209,049 12.23
(specialty
grocery)
Indiana
Merrillville Plaza Merrillville TJ Maxx
1998 (A)235,605 98% 2009/2014 2,583,071 11.23
JC Penney
2008/2018
OfficeMax
2008/2028
Michigan
Bloomfield Town Square Bloomfield Costco TJ
Hills (not Maxx
1998 (A)217,266 95% owned) 2009/2014 2,821,833 13.68
Marshall's
2011/2026
Home Goods
2010/2025
Ohio
Mad River Station Dayton Babies "R" Us
1999 (A)155,739 80% 2010/2020 1,490,712 12.03
Office Depot
2005/2010
Page 30
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Retail
Properties -
Summary
Listing
-------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Lease Base Base
Lease and and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
MID-ATLANTIC REGION
- ------------------------------------------------------------------
Pennsylvania
Abington Towne Center Abington TJ Maxx
1998 (A) 216,355 99% 2010/2020 923,283 16.18
Target
(not owned)
Blackman Plaza Wilkes-Barre Kmart
1968 (C) 121,341 92% 2009/2049 282,374 2.52
Bradford Towne Centre Towanda P&C Foods Kmart
(Penn 2019/2069
Traffic)
1993 (C) 256,939 89% 2014/2024 1,578,760 6.89
Greenridge Plaza Scranton Giant Food (Ahold)
1986 (C) 194,785 77% 2021/2051 955,473 6.38
Luzerne Street Shopping Center Scranton Eckerd
Drug
1983 (A) 58,089 78% 2009/2019 242,748 5.35
Mark Plaza Edwardsville Redner's Kmart
Markets 2009/2054
1968 (C) 213,689 98% 2018/2028 1,094,524 5.21
Pittston Plaza Pittston Redner's Eckerd
Market Drugs
1994 (C) 79,494 100% 2018/2028 2006/2016 614,171 7.73
Plaza 422 Lebanon Home Depot
1972 (C) 155,026 69% 2021/2056 444,020 4.14
Route 6 Mall Honesdale Weis Kmart
Markets 2020/2070
(not
1994 (C) 175,507 99% owned) 1,078,027 6.20
---------- -------------------
4,659,486 $44,041,649 $10.76
========== ===================
Page 31
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
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
- ------------------------------------------------------------------------------------------------------------------------
- -0-
*T
%%%%-DO-NOT-MODIFY-THIS-LINE-%%%%_Table_33_Start
JOINT VENTURE PROPERTIES
- -----------------------------------------------------------------------
NEW YORK REGION
- -----------------------------------------------------
New York
Crossroads Shopping Center White Plains Waldbaum's Kmart
(A&P) 2012/2037
1998 310,644 100% 2007/2032 $6,027,405 $19.40
(49% JV interest) B. Dalton
2012/2022
Modell's
2009/2019
MID-ATLANTIC REGION
- -----------------------------------------------------
Delaware
Brandywine Town Center (1) Wilmington 2003 (A) 719,521 100% 10,822,195 15.04
(Fund I)
Market Square Shopping Center Wilmington Trader TJ Maxx
Joe's 2006/2016
(specialty
2003 (A) 102,762 100% grocery) 2,084,909 20.29
(Fund I) 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 California
Fitness
2002 (A) 131,543 45% 2017/2027 670,684 11.30
(Fund I)
Sheffield Crossing Cleveland 2002 (A) 112,534 96% Giant Eagle 2022/2042 1,146,925 10.57
(Fund I)
VARIOUS REGIONS
- -----------------------------------------------------
Kroger/Safeway Portfolio various 25 Kroger and Safeway
2003 (A)1,018,100 100% supermarkets 8,664,352 8.51
(Fund I) 2009/2049
JV REDEVELOPMENTS
- -----------------------------------------------------
Michigan
Sterling Heights Shopping Center Detroit Burlington
Coat Factory
2004 (A) 154,838 55% 2024/-- 421,554 4.96
(Fund I)
New York
Tarrytown Shopping Center Westchester Walgreen's
Drug (Under
2004 (A) 35,538 67% construction) 738,969 31.01
(Fund I)
400 East Fordham Road Bronx 2004 (A) 117,355 100% Sears 2007/-- 641,608 5.47
(Fund II)
Sherman Avenue Manhattan 2005 (A) 134,773 100% 1,337,368 9.92
(Fund II)
Pelham Manor Shopping Plaza Westchester/Bronx2004 (A) 398,775 93% 2,403,205 6.50
(Fund II)
South Carolina
Hitchcock Plaza Aiken Kroger Supermarket
2004 (A) 234,338 50% 2007/2032 829,417 7.11
(Fund I)
Pine Log Plaza Aiken 2004 (A) 35,064 91% 133,602 4.19
(Fund I)
Virginia
Haygood Shopping Center Virginia Beach 2004 (A) 158,229 69% 872,579 7.99
---------- -------------------
(Fund I)
3,743,951 $37,624,887 $11.11
========== ===================
(1) 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.
Page 32
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
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 304,238 355,039 659,277 100.00% 94.76% 97.18% $5,789,519 $7,169,465 $12,958,984 $19.03 $21.31 $20.23
New England 895,475 303,130 1,198,605 100.00% 93.40% 98.33% 6,738,576 3,118,087 9,856,663 8.44 11.01 9.12
Midwest 392,214 315,440 707,654 99.62% 85.09% 93.14% 3,272,174 4,832,491 8,104,665 8.37 18.00 12.30
Mid-Atlantic 613,616 225,464 839,080 93.19% 84.26% 90.79% 4,058,874 2,772,366 6,831,240 9.80 14.59 11.31
Northeastern
Pennsylvania 957,315 297,555 1,254,870 91.35% 78.11% 88.21% 4,226,539 2,063,558 6,290,097 4.83 8.88 5.68
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total Wholly-
Owned
Properties 3,162,858 1,496,628 4,659,486 96.01% 87.55% 93.30%$24,085,682 $19,955,967 $44,041,649 $8.66 $15.23 $10.76
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Joint Venture
Properties
- ----------------
Operating
Midwest (2) 236,443 87,571 324,014 76.70% 75.91% 76.48% $1,959,074 $688,650 $2,647,724 $10.80 $10.36 $10.68
Mid-Atlantic(
2,3) 758,571 63,712 822,283 100.00%100.00%100.00% 11,337,570 1,569,534 12,907,104 14.95 24.63 15.70
New York Region
(4) 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,808,653 6,027,405 11.08 34.48 19.40
Various
(Kroger/Safeway
Portfolio) (5) 1,018,100 - 1,018,100 100.00% 0.00%100.00% 8,664,352 - 8,664,352 8.51 - 8.51
------------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 2,213,295 261,746 2,475,041 97.51% 91.94% 96.92% 24,179,748 6,066,837 30,246,585 11.20 25.21 12.61
------------------------------------------------------------------------------------------------------------
JV Redevelopment
Properties
Mid West (6) 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 139,954 421,554 4.00 9.57 4.96
Mid-Atlantic (6) 237,839 189,792 427,631 52.25% 70.32% 60.27% 497,359 1,338,239 1,835,598 4.00 10.03 7.12
New York Region
(7) 250,938 435,503 686,441 100.00% 90.61% 94.04% 2,087,368 3,033,782 5,121,150 8.32 7.69 7.93
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 579,177 689,733 1,268,910 76.94% 78.68% 77.89% 2,866,327 4,511,975 7,378,302 6.43 8.31 7.47
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total Joint
Venture
Properties 2,792,472 951,479 3,743,951 93.24% 82.33% 90.47%$27,046,075 $10,578,812 $37,624,887 $10.39 $13.50 $11.11
============================================================================================================
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced. 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 33
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Retail Properties by State -
Summary
- --------------------------------
-------------------------------------------------------------------------------------------------------------------
Gross Leasable Area Occupancy Annualized Base Rent
-----------------------------------------------------------------------------------------
Wholly-Owned OwnershipPercent Number of
Properties of
- ----------------
base properties Anchors Shops Total Anchors Shops Total Anchors Shops Total
rent (2)
% (1)
-------------------------------------------------------------------------------------------------------------------
Connecticut 100.0% 5.4% 2 178,799 44,213 223,012 100.00%100.00%100.00% $2,223,069 $642,274 $2,865,343
Illinois 100.0% 2.3% 1 51,692 47,352 99,044 100.00% 99.67% 99.84% 225,436 983,613 1,209,049
Indiana 100.0% 4.9% 1 145,266 90,339 235,605 100.00% 93.85% 97.64% 1,293,962 1,289,109 2,583,071
Massachusetts 100.0% 4.4% 2 287,223 61,292 348,515 100.00% 75.53% 95.70% 1,947,858 410,289 2,358,147
Michigan 100.0% 5.3% 1 126,960 90,306 217,266 98.83% 89.44% 94.93% 977,599 1,844,234 2,821,833
New Jersey 100.0% 17.2% 3 491,610 280,200 771,810 91.50% 86.80% 89.79% 5,192,834 3,948,962 9,141,796
New York 100.0% 19.1% 5 476,005 273,179 749,184 100.00% 94.35% 97.94% 4,713,476 5,435,717 10,149,193
Ohio 100.0% 2.8% 1 68,296 87,443 155,739 100.00% 63.66% 79.60% 775,177 715,535 1,490,712
Pennsylvania 100.0% 13.6% 9 1,141,931 329,294 1,471,225 92.75% 79.72% 89.83% 4,483,039 2,730,341 7,213,380
Rhode Island 100.0% 4.6% 1 121,892 164,333 286,225 100.00%100.00%100.00% 935,920 1,526,377 2,462,297
Vermont 100.0% 3.3% 1 73,184 28,677 101,861 100.00% 82.51% 95.08% 1,317,312 429,516 1,746,828
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Total - Wholly-
Owned
Properties 82.9% 27 3,162,858 1,496,628 4,659,486 96.01% 87.55% 93.30%$24,085,682 $19,955,967 $44,041,649
----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
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 $688,650 $2,647,724
Delaware (4,5) 22.2% 5.4% 2 758,571 63,712 822,283 100.00%100.00%100.00% 11,337,570 1,569,534 12,907,104
New York (6) 49.0% 5.6% 1 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,808,653 6,027,405
Various
(Kroger/Safeway
Portfolio) (3) 16.5% 2.7% 25 1,018,100 - 1,018,100 100.00% 0.00%100.00% 8,664,352 - 8,664,352
------- ----------------------------------------------------------------------------------------
Total -
Operating
Properties 14.8% 2,213,295 261,746 2,475,041 97.51% 91.94% 96.92% 24,179,748 6,066,837 30,246,585
------- ----------------------------------------------------------------------------------------
JV Redevelopment
Properties
Michigan (7) 11.1% 0.1% 1 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 139,954 421,554
New York( 7) Various 1.6% 4 250,938 435,503 686,441 100.00% 90.61% 94.04% 2,087,368 3,033,782 5,121,150
South Carolina
(7) 11.1% 0.4% 2 158,959 110,443 269,402 45.60% 68.80% 55.11% 412,159 550,860 963,019
Virginia (7) 11.1% 0.2% 1 78,880 79,349 158,229 65.64% 72.42% 69.04% 85,200 787,379 872,579
---------------------------------------------------------------------------------------------------------
Total-
Redevelopment
Properties 2.3% 579,177 689,733 1,268,910 76.94% 78.68% 77.89% 2,866,327 4,511,975 7,378,302
------- ----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Total Joint
Venture
Properties 17.1% 39 2,792,472 951,479 3,743,951 93.24% 82.33% 90.47%$27,046,075 $10,578,812 $37,624,887
-----------------========================================================================================
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.
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Retail Properties by State - Summary
- ---------------------------------------------------------------------------------------------------------
---------------------
Annualized Base Rent
per Occupied Square
Foot
---------------------
Wholly-Owned Properties
- ---------------------------------------------------------------------------------------------------
Anchors Shops Totals
---------------------
Connecticut $27.28 $14.53 $22.79
Illinois 4.36 20.84 12.23
Indiana 8.91 15.20 11.23
Massachusetts 6.78 8.86 7.07
Michigan 7.79 22.83 13.68
New Jersey 11.54 16.24 13.19
New York 9.90 21.09 13.83
Ohio 11.35 12.85 12.03
Pennsylvania 4.97 10.40 6.20
Rhode Island 7.68 9.29 8.60
Vermont 18.00 18.15 18.04
---------------------
---------------------
Total - Wholly-Owned Properties $8.66 $15.23 $10.76
---------------------
---------------------
Joint Venture Properties
- ---------------------------------------------------------------------------------------------------
Operating Properties
Ohio (4) $10.80 $10.36 $10.68
Delaware (4,5) 14.95 24.63 15.70
New York (6) 11.08 34.48 19.40
Various (Kroger/Safeway Portfolio) (3) 8.51 - 8.51
---------------------
Total - Operating Properties 11.20 25.21 12.61
---------------------
JV Redevelopment Properties
Michigan (7) 4.00 9.57 4.96
New York( 7) 8.32 7.69 7.93
South Carolina (7) 5.69 7.25 6.49
Virginia (7) 1.65 13.70 7.99
---------------------
Total-Redevelopment Properties 6.43 8.31 7.47
---------------------
---------------------
Total Joint Venture Properties $10.39 $13.50 $11.11
=====================
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced. 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.
Page 34
ANNUAL SUPPLEMENTAL
DISCLOSURE
June 30, 2005
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 AnchorsShops Total
---------------------------------------------------------------------------------------------------
WHOLLY-OWNED
PROPERTIES:
New York Region
- ---------------------
Connecticut
- ---------------------
239 Greenwich
Avenue(1) 16,834 - 16,834 100.00% - 100.00%$1,286,069 $- $1,286,069 $76.40 $- $76.40
---------------------------------------------------------------------------------------------------
New Jersey
- ---------------------
Elmwood Park Shopping
Center 62,610 86,475 149,085 100.00% 96.34% 97.88% 1,390,460 1,843,379 3,233,839 22.21 22.13 22.16
---------------------------------------------------------------------------------------------------
New York (2)
- ---------------------
Soundview Marketplace 73,500 110,130 183,630 100.00% 88.06% 92.84% 1,248,850 1,578,065 2,826,915 16.99 16.27 16.58
Village Commons
Shopping Center 25,192 62,114 87,306 100.00%100.00%100.00% 428,213 1,705,103 2,133,316 17.00 27.45 24.43
Branch Plaza 74,050 51,674 125,724 100.00%100.00%100.00% 1,093,368 1,291,373 2,384,741 14.77 24.99 18.97
Pacesetter Park
Shopping Center 52,052 44,646 96,698 100.00% 94.89% 97.64% 342,559 751,545 1,094,104 6.58 17.74 11.59
---------------------------------------------------------------------------------------------------
Total - New York 224,794 268,564 493,358 100.00% 94.25% 96.87% 3,112,990 5,326,086 8,439,076 13.85 21.04 17.66
---------------------------------------------------------------------------------------------------
Total - New York
Region 304,238 355,039 659,277 100.00% 94.76% 97.18% 5,789,519 7,169,465 12,958,984 19.03 21.31 20.23
---------------------------------------------------------------------------------------------------
New England
- ---------------------
Connecticut
- ---------------------
Town Line Plaza(3) 161,965 44,213 206,178 100.00%100.00%100.00% 937,000 642,274 1,579,274 14.49 14.53 14.50
---------------------------------------------------------------------------------------------------
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% 75.53% 93.13% 1,119,086 410,289 1,529,375 7.13 8.86 7.52
---------------------------------------------------------------------------------------------------
Total - Massachusetts287,223 61,292 348,515 100.00% 75.53% 95.70% 1,947,858 410,289 2,358,147 6.78 8.86 7.07
---------------------------------------------------------------------------------------------------
New York
- ---------------------
New Loudon Center 251,211 4,615 255,826 100.00%100.00%100.00% 1,600,486 109,631 1,710,117 6.37 23.76 6.68
---------------------------------------------------------------------------------------------------
Rhode Island
- ---------------------
Walnut Hill Plaza 121,892 164,333 286,225 100.00%100.00%100.00% 935,920 1,526,377 2,462,297 7.68 9.29 8.60
---------------------------------------------------------------------------------------------------
Vermont
- ---------------------
The Gateway Shopping
Center 73,184 28,677 101,861 100.00% 82.51% 95.08% 1,317,312 429,516 1,746,828 18.00 18.15 18.04
---------------------------------------------------------------------------------------------------
Total - New England
Region 895,475 303,130 1,198,605 100.00% 93.40% 98.33% 6,738,576 3,118,087 9,856,663 8.44 11.01 9.12
---------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
(1) 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21
residential units encompassing 14,434 square feet. Residential activities
are not included above.
(2) The 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 35
ANNUAL SUPPLEMENTAL
DISCLOSURE
June 30, 2005
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 AnchorsShops Total
---------------------------------------------------------------------------------------------------
WHOLLY-OWNED PROPERTIES (continued):
Midwest
- -------------
Illinois
- -------------
Hobson West
Plaza 51,692 47,352 99,044 100.00% 99.67% 99.84% $225,436 $983,613 $1,209,049 $4.36 $20.84 $12.23
Indiana
- -------------
Merrillville
Plaza 145,266 90,339 235,605 100.00% 93.85% 97.64% 1,293,962 1,289,109 2,583,071 8.91 15.20 11.23
Michigan
- -------------
Bloomfield
Towne Square 126,960 90,306 217,266 98.83% 89.44% 94.93% 977,599 1,844,234 2,821,833 7.79 22.83 13.68
Ohio
- -------------
Mad River
Station (1) 68,296 87,443 155,739 100.00% 63.66% 79.60% 775,177 715,535 1,490,712 11.35 12.85 12.03
-----------------------------------------------------------------------------------------------------------
Total -
Midwest
Region 392,214 315,440 707,654 99.62% 85.09% 93.14% 3,272,174 4,832,491 8,104,665 8.37 18.00 12.30
-----------------------------------------------------------------------------------------------------------
Mid-Atlantic
- -------------
New Jersey
(2)
- -------------
Marketplace
of Absecon 58,031 47,062 105,093 100.00% 92.28% 96.54% 984,014 661,419 1,645,433 16.96 15.23 16.22
Ledgewood
Mall 370,969 146,663 517,632 88.73% 79.41% 86.09% 2,818,360 1,444,164 4,262,524 8.56 12.40 9.57
-----------------------------------------------------------------------------------------------------------
Total - New
Jersey 429,000 193,725 622,725 90.25% 82.54% 87.85% 3,802,374 2,105,583 5,907,957 9.82 13.17 10.80
-----------------------------------------------------------------------------------------------------------
Pennsylvania
- -------------
Abington
Towne Center
(3) 184,616 31,739 216,355 100.00% 94.75% 99.23% 256,500 666,783 923,283 9.50 22.17 16.18
-----------------------------------------------------------------------------------------------------------
Total - Mid-
Atlantic
Region 613,616 225,464 839,080 93.19% 84.26% 90.79% 4,058,874 2,772,366 6,831,240 9.80 14.59 11.31
-----------------------------------------------------------------------------------------------------------
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% 1,102,616 476,144 1,578,760 6.09 9.86 6.89
Greenridge
Plaza 104,090 90,695 194,785 59.65% 96.63% 76.87% 279,405 676,068 955,473 4.50 7.71 6.38
Luzerne
Street
Shopping
Center 43,663 14,426 58,089 100.00% 12.03% 78.15% 223,652 19,096 242,748 5.12 11.00 5.35
Mark Plaza 157,595 56,094 213,689 100.00% 93.31% 98.24% 652,095 442,429 1,094,524 4.14 8.45 5.21
Pittston
Plaza 67,568 11,926 79,494 100.00%100.00%100.00% 496,446 117,725 614,171 7.35 9.87 7.73
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% 800,431 277,596 1,078,027 5.46 10.10 6.20
-----------------------------------------------------------------------------------------------------------
Total -
Pennsylvania 957,315 297,555 1,254,870 91.35% 78.11% 88.21% 4,226,539 2,063,558 6,290,097 4.83 8.88 5.68
-----------------------------------------------------------------------------------------------------------
Total -
Northeastern
Pennsylvania
Region 957,315 297,555 1,254,870 91.35% 78.11% 88.21% 4,226,539 2,063,558 6,290,097 4.83 8.88 5.68
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
TOTAL WHOLLY-
OWNED
PROPERTIES 3,162,858 1,496,628 4,659,486 96.01% 87.55% 93.30%$24,085,682 $19,955,967 $44,041,649 $8.66 $15.23 $10.76
-----------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
(1) The GLA for this property includes 28,205 square feet of office space.
(2) The Berlin Shopping was sold July 7, 2005 and has been excluded from the
above listing.
(3) Anchor GLA includes a 157,616 square foot Target store which is not owned
by the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
Page 36
ANNUAL SUPPLEMENTAL
DISCLOSURE
June 30, 2005
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 AnchorsShops 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% 402,085 268,599 670,684 11.51 11.01 11.30
Sheffield
Crossing (1) 69,659 42,875 112,534 100.00% 90.67% 96.45% 761,278 385,647 1,146,925 10.93 9.92 10.57
----------------------------------------------------------------------------------------------------------
Total - Ohio 236,443 87,571 324,014 76.70% 75.91% 76.48% 1,959,074 688,650 2,647,724 10.80 10.36 10.68
----------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
Delaware
- ---------------
Brandywine Town
Center (1, 2) 719,521 - 719,521 100.00% - 100.00% 10,822,195 - 10,822,195 15.04 - 15.04
Market Square
Shopping
Center (1) 39,050 63,712 102,762 100.00%100.00%100.00% 515,375 1,569,534 2,084,909 13.20 24.63 20.29
----------------------------------------------------------------------------------------------------------
Total -
Delaware 758,571 63,712 822,283 100.00%100.00%100.00% 11,337,570 1,569,534 12,907,104 14.95 - 15.70
----------------------------------------------------------------------------------------------------------
New York Region
- ---------------
New York
- ---------------
Crossroads
Shopping
Center (3) 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,808,653 6,027,405 11.08 34.48 19.40
----------------------------------------------------------------------------------------------------------
Various Regions
- ---------------
Kroger/Safeway
Portfolio (25
Properties)(4)1,018,100 - 1,018,100 100.00% - 100.00% 8,664,352 - 8,664,352 8.51 - 8.51
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 2,213,295 261,746 2,475,041 97.51% 91.94% 96.92% 24,179,748 6,066,837 30,246,585 11.20 25.21 12.61
----------------------------------------------------------------------------------------------------------
Redevelopment
properties
----------------------------------------------------------------------------------------------------------
Sterling
Heights
Shopping
Center
(Michigan)
(5) 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 139,954 421,554 4.00 9.57 4.96
400 East
Fordham Road
(New York)
(6) 100,703 16,652 117,355 100.00%100.00%100.00% 275,000 366,608 641,608 2.73 22.02 5.47
Pelham Manor
Shopping Plaza
(New York)
(7) - 398,775 398,775 - 92.68% 92.68% - 2,403,205 2,403,205 - 6.50 6.50
Sherman Avenue
(New York) (6) 134,773 - 134,773 100.00% - 100.00% 1,337,368 - 1,337,368 9.92 - 9.92
Tarrytown
Shopping
Center (New
York) (5) 15,462 20,076 35,538 100.00% 41.70% 67.07% 475,000 263,969 738,969 30.72 31.53 31.01
Hitchcock Plaza
(South
Carolina) (5) 135,775 98,563 234,338 36.31% 68.27% 49.75% 342,607 486,810 829,417 6.95 7.23 7.11
Pine Log Plaza
(South
Carolina) (5) 23,184 11,880 35,064 100.00% 73.23% 90.93% 69,552 64,050 133,602 3.00 7.36 4.19
Haygood
Shopping
Center
(Virginia)
(5) 78,880 79,349 158,229 65.64% 72.42% 69.04% 85,200 787,379 872,579 1.65 13.70 7.99
----------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 579,177 689,733 1,268,910 76.94% 78.68% 77.89% 2,866,327 4,511,975 7,378,302 6.43 8.31 7.47
----------------------------------------------------------------------------------------------------------
Total - Joint
Venture
Properties 2,792,472 951,479 3,743,951 93.24% 82.33% 90.47%$27,046,075 $10,578,812 $37,624,887 $10.39 $13.50 $11.11
==========================================================================================================
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
(1) The 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 37
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Year-to-
Date
3 months 3 months Year
ended ended ended
Leasing Production Notes:June 30, June 30, March December
2005 2005 31, 31,
2005 2004
--------------------------------------------------------------------------- -------- -------- ------- --------
New leases (1)
Number of new leases commencing 10 6 4 34
GLA 69,050 46,584 22,466 191,419
New base rent $14.17 $14.60 $13.28 $12.81
Previous base rent (and percentage rent) $12.90 $12.90 $12.90 $11.43
Percentage growth in base rent 9.8% 13.2% 2.9% 12.0%
Average cost per square foot $7.31 $6.99 $7.96 $20.67
Renewal leases
Number of renewal leases commencing 29 16 13 59
GLA expiring 184,753 99,677 85,076 483,308
Renewal percentage (3) 71% 62% 81% 81%
New base rent $11.34 $11.94 $10.81 $11.72
Expiring base rent (and percentage rent) $9.82 $9.70 $9.92 $10.94
Percentage growth in base rent 15.6% 23.1% 9.0% 7.2%
Average cost per square foot $0.00 $0.00 $0.00 $0.00
Total new and renewal Leases
Number of new and renewal leases commencing 39 22 17 93
GLA commencing 199,761 108,384 91,378 674,727
New base rent $12.32 $13.08 $11.42 $12.03
Expiring base rent (and percentage rent) $10.88 $11.08 $10.65 $11.08
Percentage growth in base rent (3) 13.2% 18.1% 7.2% 8.6%
Average cost per square foot $2.53 $3.00 $1.96 $5.86
-------- -------- -------
(1) Does not include leased square footage and costs related to first
generation space and the Company's major redevelopment projects.
(2) 2nd quarter non-renewals Include 15,000 square feet vacated as a result of
the departure of the Kay-Bee store at the Crescent Plaza.
(3) 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 38
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Top Tenants
- Ranked
by
Annualized
Base Rent
-----------
(Combined basis - Includes pro-rata share of GLA and rent for JV properties)
Percentage of Total
Wholly-Owned Joint Ventures (2) Combined Represented by
Retail Tenant
----------------------------------------------------------------------------------
Average
Number of Gross
Retail stores in Total Annualized Total Annualized Total Annualized Total 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 4 220,625 $3,012,896 - $- 220,625 $3,012,896 4.1% 5.7%
-- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.2% 4.5% 475 2.8%
-- Acme 1 44,824 654,704 - - 44,824 654,704 0.8% 1.2% 294 5.5%
2 Sears 7 580,921 2,128,484 67,482 326,963 648,403 2,455,447 12.0% 4.6%
-- Kmart 5 520,221 1,870,484 49,355 277,463 569,576 2,147,947 10.5% 4.1% 166 3.7%
-- Sears 2 60,700 258,000 18,127 49,500 78,827 307,500 1.5% 0.6% 231 1.8%
3 T.J. Maxx 10 289,427 2,037,682 6,972 81,261 296,399 2,118,943 5.5% 4.0%
-- T.J. Maxx 4 88,200 712,800 6,972 81,261 95,172 794,061 1.8% 1.5% 281 4.3%
-- Marshalls 3 102,781 731,494 - - 102,781 731,494 1.9% 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 3.3% 2.9%
-- Stop and
Shop 2 116,717 1,279,559 - - 116,717 1,279,559 2.2% 2.4% 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 3.9% 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 1,161,882 1,253 3,166 92,787 1,165,048 1.7% 2.2%
-- Eckerd's 9 91,534 1,161,882 1,253 3,166 92,787 1,165,048 1.7% 2.2% 442 4.6%
8 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 3.9% 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 2.1% 1.6% 250 4.0%
12 Kroger( 5) 12 - - 132,259 722,228 132,259 722,228 2.4% 1.4% - -
13 Safeway (6) 13 - - 103,844 721,831 103,844 721,831 1.9% 1.4% - -
14 Price Chopper 2 77,450 804,059 - - 77,450 804,059 1.4% 1.5% 672 1.9%
15 Clearview Cinema 1 25,400 686,250 - - 25,400 686,250 0.5% 1.3% - -
Federated
Department
16 Stores (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.4% 1.2% 205 6.2%
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 Payless Shoes 12 36,076 557,570 1,804 46,353 37,880 603,923 0.7% 1.1% - -
---------------------------------------------------------------------------------------------
Total 89 2,374,095 $20,536,978 332,336 $2,148,762 2,706,431 $22,685,740 49.9% 42.9%
=============================================================================================
(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 39
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Anchor Detail
--------------------------------------
- ----------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S
GLA AS ANCHOR TENANTS (The below detail does not include space which is
currently leased, but for which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned
- ------------------------------------------
New York Region
- ------------------------------------------
Connecticut
-----------------------------------------
239 Greenwich Ave., Greenwich
Coach 4,541 1/31/2016 356,469 78.50 (1) 5 Year
Restoration Hardware 12,293 4/30/2015 929,600 75.62 (2) 5 Years
---------- -----------------
Property total 16,834 1,286,069 76.40
---------- -----------------
New Jersey
-----------------------------------------
Elmwood Park Shopping Center, Elmwood Park
Walgreens 14,837 5/31/2022 435,000 29.32 (8) 5 Year
Pathmark 47,773 11/30/2017 955,460 20.00 (7) 5 Year
---------- -----------------
Property total 62,610 1,390,460 22.21
---------- -----------------
New York
-----------------------------------------
Soundview Marketplace, Port Washington
King Kullen 48,100 9/26/2007 $562,600 $11.70 (7) 5 Year
Clearview Cinema 25,400 5/31/2010 686,250 27.02 (4) 5 Year
---------- -----------------
Property total 73,500 1,248,850 16.99
---------- -----------------
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 5/31/2010 172,405 15.60 -
A&P (1) 10 Year & (1) 5
63,000 11/30/2013 920,964 14.62 Year
---------- -----------------
Property Total: 74,050 1,093,369 14.77
---------- -----------------
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 5,789,520 19.03
---------- -----------------
Page 40
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Anchor Detail
--------------------------------------
- ----------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S
GLA AS ANCHOR TENANTS (The below detail does not include space which is
currently leased, but for which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned (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 1/31/2015 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 804,059 10.38 (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 1,600,487 6.37
---------- ----------------
Rhode Island
-----------------------------------------
Walnut Hill Plaza, Woonsocket
Sears 60,700 8/31/2008 258,000 4.25 (5) 5 Year
CVS 8,800 1/31/2009 154,000 17.50 (1) 5 Year
Shaw's (Albertsons) 52,392 12/31/2013 523,920 10.00 (6) 5 Year
---------- ----------------
Property total 121,892 935,920 7.68
---------- ----------------
Vermont
-----------------------------------------
Gateway Shopping Center
Shaw's (Albertsons) (1) 10 Yr., (3)
5 Yr. & (1) 4
73,184 3/31/2024 1,317,311 18.00 Yr.
---------- ----------------
Property total 73,184 1,317,311 18.00
---------- ----------------
Total : New England 895,475 6,738,576 8.44
---------- ----------------
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 41
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Anchor Detail
--------------------------------------
- ----------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S
GLA AS ANCHOR TENANTS (The below detail does not include space which is
currently leased, but for which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned (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 260,204 7.85 (2) 5 Year
Pier I 10,111 2/28/2010 227,037 22.45 -
Office Depot 25,038 8/31/2005 287,936 11.50 (1) 5 Year
---------- ----------------
Property total 68,296 775,177 11.35
---------- ----------------
Total: Midwest 390,724 3,272,174 8.37
---------- ----------------
Mid-Atlantic
- ------------------------------------------
New Jersey
-----------------------------------------
Marketplace of Absecon, Absecon
Eckerd Drug (Brook's) 13,207 8/30/2020 329,310 24.93 (4) 5 Year
Acme Markets (Albertson) 44,824 4/30/2015 654,704 14.61 (8) 5 Year
---------- ----------------
Property total 58,031 984,014 16.96
---------- ----------------
Ledgewood Mall, Ledgewood
Circuit City 33,294 1/31/2020 482,763 14.50 (4) 5 Year
Barnes & Noble 12,500 1/31/2010 224,000 17.92 (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 (Federated) (3) 5 Year
(1) 73,349 1/31/2010 651,245 8.88
Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year
---------- ----------------
Property total 329,163 2,818,360 8.56
---------- ----------------
Pennsylvania
-----------------------------------------
Abington Town Center, Abington
TJ Maxx (TJX) (2) 5 Year (6
27,000 11/30/2010 $256,500 $9.50 Months)
Target(1) Condominium
157,616 - - - Agreement
---------- ----------------
Property total 184,616 256,500 9.50
---------- ----------------
Total : Mid-Atlantic 571,810 4,058,874 9.80
---------- ----------------
Page 42
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Anchor Detail
--------------------------------------
- ----------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S
GLA AS ANCHOR TENANTS (The below detail does not include space which is
currently leased, but for which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned (continued)
- ----------------------------------------------------
Northeast Pennsylvania
- ------------------------------------------
Blackman Plaza, Wilkes-Barre
Eckerd Drug (Brook's) 7,000 7/31/2006 59,710 8.53 -
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
---------- ------------------
Property total 111,956 264,374 2.36
---------- ------------------
Bradford Towne Centre, Towanda
Kmart 94,841 3/31/2019 474,205 5.00 (10) 5 Year
Eckerd Drug (Brook's) 11,840 1/31/2010 118,400 10.00 -
JC Penney 22,580 11/30/2009 96,747 4.28 (7) 5 Year
P & C Foods (Penn Traffic) 51,658 9/30/2014 413,264 8.00 (2) 5 Year
---------- ------------------
Property total 180,919 1,102,616 6.09
---------- ------------------
Greenridge Plaza, Scranton
Giant Food Stores (Ahold) 62,090 4/30/2021 279,405 4.50 (6) 5 Year
---------- ------------------
Property total 62,090 279,405 4.50
---------- ------------------
Luzerne Street Shopping Center, Scranton
Price Rite (Wakefern) 29,663 5/1/2015 118,652 4.00 (4) 5 Year
Eckerd Drug (Brook's) 14,000 4/30/2009 105,000 7.50 (2) 5 Year
---------- ------------------
Property total 43,663 223,652 5.12
---------- ------------------
Mark Plaza, Edwardsville
Kmart 104,956 10/31/2009 204,664 1.95 (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 104,242 12/31/2028 407,517 3.91 (6) 5 Year
---------- ------------------
Property total 104,242 407,517 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 119,658 4/30/2020 687,952 5.75 (10) 5 Year
---------- ------------------
Property total 146,498 800,432 5.46
---------- ------------------
Total : Northeastern Pennsylvania 874,531 4,226,538 4.83
---------- ------------------
Total: Retail Anchor Properties - Wholly
Owned Properties 3,036,778 $24,085,682 $8.66
========== ==================
(1) Target owns the portion of the main building (157,616 square feet) that
their store is located in.
Page 43
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Anchor Detail
--------------------------------------
- ----------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S
GLA AS ANCHOR TENANTS (The below detail does not include space which is
currently leased, but for which rent payment has not yet commenced)
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 330,000 22.00 -
Modell's 25,000 2/28/2009 193,750 7.75 (2) 5 Year
---------- -----------------
Property total 200,181 2,218,752 11.08
---------- -----------------
400 East Fordham Road (Fund II)
Sears 100,703 7/16/2007 275,000 2.73 -
---------- -----------------
Tarrytown Centre
Walgreen's 15,462 3/31/2080 475,000 30.72 -
---------- -----------------
Sherman Avenue
Pilot Garage 74,000 6/14/2007 365,000 4.93 -
City of New York 60,773 MTM 972,368 16.00 -
---------- -----------------
134,773 1,337,368 9.92
---------- -----------------
Total : New York Region 451,119 4,306,120 9.55
---------- -----------------
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 -
Access Group 75,641 5/31/2015 1,501,474 19.85
Bed, Bath & Beyond 50,977 1/31/2014 868,426 17.04 (3) 5 Year
Dick's Sporting Goods 50,000 5/31/2013 700,000 14.00 (3) 5 Year
Lowe's Home Centers 140,000 8/31/2018 1,925,000 13.75 (6) 5 Year
Regal Cinemas 65,641 6/1/2017 821,825 12.52 (4) 5 Year
Target 138,000 1/31/2018 800,000 5.80 (5) 10 Year
Kincaid Furniture 14,535 3/31/2010 247,095 17.00 (2) 5 Year
Transunion Settlement 39,714 3/31/2013 911,376 22.95 (1) 5 Year
The Bombay Company 8,965 1/31/2015 215,160 24.00 (2) 5 Year
Tutor Time 10,317 2/28/2010 139,280 13.50 (3) 5 Year
---------- -----------------
Property total 719,521 10,822,195 15.04
---------- -----------------
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 3/31/2009 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 -
Page 44
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Anchor Detail
--------------------------------------
- ----------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S
GLA AS ANCHOR TENANTS (The below detail does not include space which is
currently leased, but for which rent payment has not yet commenced)
Property Total 51,780 85,200 1.65
---------- -----------------
Total : Mid-Atlantic Region 882,831 11,834,928 13.41
---------- -----------------
Page 45
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Anchor Detail
--------------------------------------
- ----------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S
GLA AS ANCHOR TENANTS (The below detail does not include space which is
currently leased, but for which rent payment has not yet commenced)
Joint Venture Properties (continued)
- ------------------------------------------
Midwest Region
- ------------------------------------------
Ohio
----
Amherst Marketplace (Fund I)
Giant Eagle 76,737 9/3/2021 795,710 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 1/31/2024 281,600 4.00 -
---------- -------------------
Total: Midwest 251,747 2,240,675 8.90
---------- -------------------
Various
-----------------------------------------
Kroger/Safeway (Fund I) 1,018,100 2009 8,664,352 8.51
---------- -------------------
Total: Joint Venture Properties 2,603,797 $27,046,075 $10.39
========== ===================
Page 46
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Anchor Lease Expirations - Next 3
Years
- ---------------------------------------------
- -----------------------------------------------------------------------
Gross Leased Annualized Base Rent
Area
---------------- --------------------------
Percent Percent Average
Square of of per
Center Anchor footage all Amount all Sq. Ft.
anchors anchors
- -----------------------------------------------------------------------
Wholly Owned
- ---------------
Month-to-month
2005
Methuen Osco Drug
Shopping (Brook's)
Center 10,234 0.37% 92,308 0.38% 9.02
Mad River Office
Shopping Depot
Center 25,038 0.90% 287,937 1.20% 11.50
---------------- --------------------------
Total 2005 35,272 1.27% 380,245 1.58% 10.78
---------------- --------------------------
2006
Pittston Plaza Eckerd
Drugs
(Brook's) 8,468 0.30% 80,446 0.33% 9.50
Route 6 Plaza Fashion Bug
(1) 15,000 0.55% - 0.00% -
Blackman Plaza Eckerd
Drugs
(Brook's) 7,000 0.25% 59,710 0.25% 8.53
---------------- --------------------------
Total 2006 30,468 1.10% 140,156 0.58% 4.60
---------------- --------------------------
2007
Ledgewood Mall The Sports
Authority 52,205 1.87% 225,000 0.93% 4.31
Soundview King Kullen
Marketplace 48,100 1.73% 562,600 2.34% 11.70
Hobson West Bobak's
Plaza 51,692 1.86% 225,436 0.94% 4.36
---------------- --------------------------
Total 2007 151,997 5.46% 1,013,036 4.21% 6.66
---------------- --------------------------
Total -
Next 3
Years $217,737 7.83% $1,533,437 6.37% $7.04
================ ==========================
Joint Venture - Crossroads
- --------------------------
2005 - -
2005 - -
2007
Crossroads Pier 1
Shopping
Center 8,818 4.41% 278,825 12.57% 31.62
Crossroads Waldbaum's
Shopping
Center 38,208 19.08% 504,000 22.71% 13.19
---------------- --------------------------
Total 2007 47,026 23.49% 782,825 35.28% 16.65
---------------- --------------------------
Total -
Next 3
Years $47,026 23.49% $782,825 35.28%$16.65
================ ==========================
Fund I
- ---------------
2005 - -
2006
Market Square TJ Maxx
Shopping
Center 31,375 1.45% 365,712 1.58% 11.66
2007
Brandywine TownAnnie Sez
Center (Big M) 13,324 0.61% 279,825 1.21% 21.00
Hitchcock PlazaKroger 49,296 2.28% 342,607 1.47% 6.95
---------------- --------------------------
Total 2007 62,620 2.89% 622,432 2.68% 9.94
---------------- --------------------------
Total -
Next 3
Years $93,995 4.34% $988,144 4.26%$10.51
================ ==========================
Fund II
- ---------------
Month-to-month
Sherman Avenue New York
City 60,773 25.81% 972,368 60.31% 16.00
2005 - -
2006 - -
2007
Sherman Avenue Pilot
Garage 74,000 31.43% 365,000 22.64% 4.93
400 East Sears
Fordham Road 100,703 42.76% 275,000 17.05% 2.73
---------------- --------------------------
Total 2007 174,703 74.19% 640,000 39.69% 3.66
---------------- --------------------------
Total -
Next 3
Years $235,476 100.00% $1,612,368 100.00% $6.85
================ ==========================
(1) Tenant pays rent based on percentage of sales
Page 47
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Lease Expirations
---------------------------------------
-------------------------------------------------------------------
Gross Leased Area Annualized Base
Rent
----------------------- -------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------------------------------------------------------------------
Wholly-Owned
Propeties
Anchor Tenant Expirations
2005 2 35,272 1.27% $380,245 1.58% 10.78
2006 3 30,468 1.10% 140,156 0.58% 4.60
2007 4 151,997 5.46% 1,013,036 4.21% 6.66
2008 4 152,982 5.50% 1,249,460 5.19% 8.17
2009 9 347,155 12.47% 1,570,603 6.52% 4.52
2010 12 278,809 10.02% 3,251,872 13.50% 11.66
2011 3 129,708 4.66% 965,880 4.01% 7.45
2012 1 50,225 1.81% 516,960 2.15% 10.29
2013 2 115,392 4.15% 1,444,884 6.00% 12.52
2014 5 212,980 7.66% 1,267,126 5.26% 5.95
2015 6 194,690 7.00% 2,616,671 10.86% 13.44
2016 1 4,541 0.16% 356,469 1.48% 78.50
2017 1 47,773 1.72% 955,460 3.97% 20.00
2018 2 111,739 4.02% 863,432 3.58% 7.73
2019 4 265,074 9.53% 1,518,396 6.30% 5.73
2020 4 218,211 7.84% 1,842,583 7.65% 8.44
2021 3 177,917 6.40% 1,035,619 4.30% 5.82
2022 1 14,837 0.53% 435,000 1.81% 29.32
2023 1 64,665 2.32% 937,000 3.89% 14.49
2024 1 73,184 2.63% 1,317,310 5.47% 18.00
2028 2 104,243 3.75% 407,520 1.69% 3.91
-------------------------------- --------------------------
Total Occupied 71 2,781,862 100.00% $24,085,682 100.00% $8.66
----------------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 126,080
----------------
Total Square
Feet 3,162,858
================
Page 48
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Lease Expirations
---------------------------------------
-------------------------------------------------------------------
Gross Leased Area Annualized Base
Rent
----------------------- -------------------
Number of Percent PercentAverage
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------------------------------------------------------------------
Wholly-Owned Propeties
Shop Tenant Expirations
Month to
Month 14 30,789 2.35% $289,827 1.45% $9.41
2005 24 82,709 6.31% 1,697,998 8.51% 20.53
2006 56 200,006 15.26% 2,688,254 13.47% 13.44
2007 63 238,035 18.17% 3,336,643 16.73% 14.02
2008 54 179,257 13.68% 3,212,446 16.10% 17.92
2009 55 189,042 14.43% 2,915,733 14.61% 15.42
2010 26 90,717 6.92% 1,006,368 5.04% 11.09
2011 15 64,156 4.90% 1,163,248 5.83% 18.13
2012 6 16,261 1.24% 361,466 1.81% 22.23
2013 13 41,834 3.19% 854,863 4.28% 20.43
2014 18 93,719 7.15% 1,134,290 5.68% 12.10
2015 8 63,672 4.86% 850,501 4.26% 13.36
2019 1 - 0.00% 51,205 0.26% -
2020 4 17,945 1.37% 351,230 1.76% 19.57
2022 1 2,205 0.17% 41,895 0.21% 19.00
---------------------------- --------------------------
Total Occupied 358 1,310,347 100.00% $19,955,967 100.00%$15.23
-----------------------------------
Total Vacant 186,281
-----------
Total Square
Feet 1,496,628
===========
Page 49
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Lease Expirations
---------------------------------------
-------------------------------------------------------------------
Gross Leased Area Annualized Base
Rent
----------------------- -------------------
Number of Percent PercentAverage
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------------------------------------------------------------------
Wholly-Owned Propeties
Total Tenant Expirations
Month to
Month 14 30,789 0.75% $289,827 0.66% $9.41
2005 26 117,981 2.88% 2,078,243 4.72% 17.62
2006 59 230,474 5.63% 2,828,410 6.42% 12.27
2007 67 390,032 9.53% 4,349,679 9.88% 11.15
2008 58 332,239 8.13% 4,461,906 10.14% 13.43
2009 64 536,197 13.10% 4,486,336 10.19% 8.37
2010 38 369,526 9.03% 4,258,240 9.67% 11.52
2011 18 193,864 4.74% 2,129,128 4.83% 10.98
2012 7 66,486 1.62% 878,426 1.99% 13.21
2013 15 157,226 3.84% 2,299,747 5.22% 14.63
2014 23 306,699 7.49% 2,401,416 5.45% 7.83
2015 14 258,362 6.31% 3,467,172 7.87% 13.42
2016 1 4,541 0.11% 356,469 0.81% 78.50
2017 1 47,773 1.17% 955,460 2.17% 20.00
2018 2 111,739 2.73% 863,432 1.96% 7.73
2019 5 265,074 6.48% 1,569,601 3.56% 5.92
2020 8 236,156 5.77% 2,193,813 4.98% 9.29
2021 3 177,917 4.35% 1,035,619 2.35% 5.82
2022 2 17,042 0.42% 476,895 1.08% 27.98
2023 1 64,665 1.58% 937,000 2.13% 14.49
2024 1 73,184 1.79% 1,317,310 2.99% 18.00
2028 2 104,243 2.55% 407,520 0.93% 3.91
---------------------------- --------------------------
Total Occupied 429 4,092,209 100.00% $44,041,649 100.00%$10.76
-----------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 312,361
-----------
Total Square
Feet 4,659,486
===========
Page 50
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
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 1.45% $365,712 1.58% 11.66
2007 2 62,620 2.89% 622,432 2.68% 9.94
2009 28 1,093,064 50.41% 8,819,104 37.99% 8.07
2010 2 24,852 1.15% 386,375 1.66% 15.55
2011 3 68,400 3.15% 1,556,557 6.70% 22.76
2012 2 21,000 0.97% 275,835 1.19% 13.14
2013 3 97,389 4.49% 1,761,039 7.59% 18.08
2014 2 50,977 2.35% 868,426 3.74% 17.04
2015 3 104,650 4.83% 2,117,513 9.12% 20.23
2017 3 124,555 5.74% 1,679,208 7.23% 13.48
2018 2 278,000 12.82% 2,725,000 11.74% 9.80
2021 2 66,237 3.06% 660,576 2.85% 9.97
2022 1 59,159 2.73% 620,578 2.67% 10.49
2024 1 70,400 3.25% 281,600 1.21% 4.00
2080 1 15,462 0.71% 475,000 2.05% 30.72
--------------------------- --------------------------
Total Occupied 56 2,168,140 100.00% $23,214,955 100.00%$10.71
-----------------------------------
Total Vacant 188,675
-----------
Total Square
Feet 2,356,815
===========
Page 51
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
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.
-------------------------------------------------------------------
Shop Tenant Expirations
Month to
Month 22 53,944 18.82% $813,948 20.35%$15.09
2005 13 35,335 12.33% 389,025 9.72% 11.01
2006 10 38,179 13.32% 629,468 15.74% 16.49
2007 14 29,319 10.23% 462,500 11.56% 15.77
2008 13 34,437 12.01% 512,468 12.81% 14.88
2009 5 10,851 3.79% 115,203 2.88% 10.62
2010 1 2,357 0.82% 28,284 0.71% 12.00
2011 2 3,465 1.21% 63,705 1.59% 18.39
2013 4 20,070 7.00% 274,925 6.87% 13.70
2014 7 48,585 16.95% 618,816 15.47% 12.74
2018 1 6,957 2.43% 50,004 1.25% 7.19
2019 1 3,141 1.10% 42,000 1.05% 13.37
--------------------------- -------------------------
Total Occupied 93 286,640 100.00% $4,000,346 100.00%$13.96
-----------------------------------
Total Vacant 138,949
-----------
Total Square
Feet 425,589
===========
Page 52
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
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 53,944 2.20% $813,948 2.99%$15.09
2005 13 35,335 1.44% 389,025 1.43% 11.01
2006 11 69,554 2.83% 995,180 3.66% 14.31
2007 16 91,939 3.75% 1,084,932 3.99% 11.80
2008 13 34,437 1.40% 512,468 1.88% 14.88
2009 33 1,103,915 44.96% 8,934,307 32.84% 8.09
2010 3 27,209 1.11% 414,659 1.52% 15.24
2011 5 71,865 2.93% 1,620,262 5.95% 22.55
2012 2 21,000 0.86% 275,835 1.01% 13.14
2013 7 117,459 4.78% 2,035,964 7.48% 17.33
2014 9 99,562 4.06% 1,487,242 5.46% 14.94
2015 3 104,650 4.26% 2,117,513 7.78% 20.23
2017 3 124,555 5.07% 1,679,208 6.17% 13.48
2018 3 284,957 11.61% 2,775,004 10.20% 9.74
2019 1 3,141 0.13% 42,000 0.15% 13.37
2021 2 66,237 2.70% 660,576 2.43% 9.97
2022 1 59,159 2.41% 620,578 2.28% 10.49
2024 1 70,400 2.87% 281,600 1.03% 4.00
2080 1 15,462 0.63% 475,000 1.75% 30.72
--------------------------- --------------------------
Total Occupied 149 2,454,780 100.00% $27,215,301 100.00%$11.09
-----------------------------------
Total Vacant 327,624
-----------
Total Square
Feet 2,782,404
===========
Page 53
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
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
Month to
Month 1 60,773 25.81% $972,368 60.31%$16.00
2007 1 174,703 74.19% 640,000 39.69% 3.66
--------------------------- -------------------------
Total Occupied 2 235,476 100.00% $1,612,368 100.00% $6.85
-----------------------------------
Total Vacant -
-----------
Total Square
Feet 235,476
===========
-----------------------------------
Fund II
Shop Tenant Expirations
Month to
Month 7 172,614 44.69% $1,031,314 37.23% $5.97
2005 3 24,790 6.42% 156,004 5.63% 6.29
2006 2 14,313 3.71% 285,540 10.31% 19.95
2007 4 150,075 38.86% 1,029,375 37.16% 6.86
2009 3 17,414 4.51% 159,284 5.75% 9.15
2010 2 7,012 1.82% 108,296 3.91% 15.44
--------------------------- -------------------------
Total Occupied 21 386,218 100.00% $2,769,813 100.00% $7.17
-----------------------------------
Total Vacant 29,209
-----------
Total Square
Feet 415,427
===========
-----------------------------------
Fund II
Total Tenant Expirations
Month to
Month 8 233,387 37.54% $2,003,682 45.73% $8.59
2005 18 24,790 3.99% 156,004 3.56% 6.29
2006 10 14,313 2.30% 285,540 6.52% 19.95
2007 14 324,778 52.24% 1,669,375 38.09% 5.14
2009 32 17,414 2.80% 159,284 3.63% 9.15
2010 1 7,012 1.13% 108,296 2.47% 15.44
--------------------------- -------------------------
Total Occupied 83 621,694 100.00% $4,382,181 100.00% $7.05
-----------------------------------
Total Vacant 29,209
-----------
Total Square
Feet 650,903
===========
Page 54
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Lease Expirations
---------------------------------------
-------------------------------------------------------------------
Gross Leased Area Annualized Base
Rent
----------------------- -------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------------------------------------------------------------------
Crossroads (JV Property)
Anchor Tenant Expirations
2007 2 47,026 23.49% $782,825 35.28% 16.65
2009 1 25,000 12.49% 193,750 8.73% 7.75
2012 2 113,155 56.53% 912,177 41.12% 8.06
2018 1 15,000 7.49% 330,000 14.87% 22.00
--------------------------- -------------------------
Total Occupied 6 200,181 100.00% $2,218,752 100.00%$11.08
-----------------------------------
Total Vacant -
-----------
Total Square
Feet 200,181
===========
-----------------------------------
Shop Tenant Expirations
2005 1 2,210 2.00% $60,996 1.60%$27.60
2006 4 7,240 6.55% 239,416 6.29% 33.07
2007 4 4,912 4.45% 185,550 4.87% 37.77
2008 9 31,460 28.50% 1,033,543 27.14% 32.85
2009 7 22,318 20.20% 765,758 20.11% 34.31
2011 2 4,070 3.68% 143,212 3.76% 35.19
2012 2 5,250 4.75% 189,000 4.96% 36.00
2014 4 19,941 18.05% 673,780 17.69% 33.79
2017 1 6,600 5.97% 330,000 8.66% 50.00
2022 1 6,462 5.85% 187,398 4.92% 29.00
--------------------------- -------------------------
Total Occupied 35 110,463 100.00% $3,808,653 100.00%$34.48
-----------------------------------
Total Vacant -
-----------
Total Square
Feet 110,463
===========
-----------------------------------
Crossroads (JV
Property)
Total Tenant Expirations
2005 1 2,210 0.71% $60,996 1.01% 27.60
2006 4 7,240 2.33% 239,416 3.97% 33.07
2007 6 51,938 16.72% 968,375 16.07% 18.64
2008 9 31,460 10.13% 1,033,543 17.15% 32.85
2009 8 47,318 15.23% 959,508 15.92% 20.28
2011 2 4,070 1.31% 143,212 2.38% 35.19
2012 4 118,405 38.12% 1,101,177 18.28% 9.30
2014 4 19,941 6.42% 673,780 11.18% 33.79
2017 1 6,600 2.12% 330,000 5.47% 50.00
2018 1 15,000 4.83% 330,000 5.47% 22.00
2022 1 6,462 2.08% 187,398 3.11% 29.00
--------------------------- -------------------------
Total Occupied 41 310,644 100.00% $6,027,405 100.01%$19.40
-----------------------------------
Total Vacant -
-----------
Total Square
Feet 310,644
===========
Page 55
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Property Demographics (1)
- ------------------------------------------------------
- ---------------------------------------------------------------------------------- ------------------------------------
3-Mile Radius(2)
------------------------------------
Trade Total #
Area Base Total Total Households Median HH Avg. HH
Property / JV Ownership % City State(Miles) Rent GLA Pop. ("HH") Income Income
- ---------------------------------------------------------------------------------- -------------------------------------
Brandywine Town Center & Mkt Wilmington DE
Sq./22.22% 3 12,907,104 822,283 40,167 15,437 $81,275 $98,474
Elmwood Park Shopping Ctr. Elmwood ParkNJ 3 3,233,839 149,085 259,975 86,557 $51,206 $61,319
Abington Towne Center Abington PA 3 923,283 216,355 93,360 36,608 $65,173 $80,281
Granville Center / 22.22% Columbus OH 3 670,684 131,543 114,683 51,558 $46,830 $54,096
Hobson West Plaza Naperville IL 3 1,209,049 99,044 94,003 32,812 $96,226 $111,843
Methuen Shopping Ctr. Methuen MA 5 828,772 130,238 91,936 33,202 $40,495 $50,182
Crossroads Shopping Ctr. / 49% White PlainsNY 3 6,027,405 310,644 104,349 40,090 $76,635 $97,520
The Branch Plaza Smithtown NY 3 2,384,741 125,724 67,386 22,781 $86,500 $98,961
Village Commons Shopping Ctr. Smithtown NY 3 2,133,316 87,306 67,862 22,859 $87,048 $99,163
Bloomfield Town Square Bloomfield MI
Hills 5 2,821,833 217,266 62,541 24,356 $72,545 $102,892
Crescent Plaza Brockton MA 3 1,529,375 218,277 99,840 35,462 $45,142 $52,972
239 Greenwich Avenue Greenwich CT 5 1,286,069 16,834 66,867 25,228 $94,987 $147,352
Soundview Marketplace Port NY
Washington 3 2,826,915 183,630 46,380 16,462 $113,631 $167,275
Town Line Plaza Rocky Hill CT 3 1,579,274 206,178 45,242 19,007 $74,547 $64,079
New Loudon Center Latham NY 5 1,710,117 255,826 41,508 16,246 $55,189 $65,561
Pacesetter Park Shopping Ctr. Pomona NY 3 1,094,104 96,698 25,894 8,469 $88,331 $107,734
Mad River Station Dayton OH 5 1,490,712 155,739 59,585 26,299 $56,285 $67,437
Greenridge Plaza Scranton PA 3 955,473 194,785 88,472 37,357 $32,243 $41,495
Mark Plaza EdwardsvillePA 5 1,094,524 213,689 89,240 38,696 $31,389 $39,511
Luzerne Street Shopping Ctr. Scranton PA 3 242,748 58,089 66,687 27,708 $30,436 $39,697
Blackman Plaza Wilkes-BarrePA 5 282,374 121,341 61,029 26,168 $30,784 $39,130
Sheffield Crossing / 22.22% Sheffield OH 3 1,146,925 112,534 35,452 14,048 $45,762 $54,608
Amherst Marketplace / 22.22% Amherst OH 3 830,115 79,937 52,542 21,012 $44,259 $53,044
Sterling Heights Shopping Center / Sterling MI
11.11% Heights 3 421,554 154,838 97,175 35,730 $67,786 $74,409
Tarrytown Shopping Center / 11.11% Tarrytown NY 3 738,969 35,538 35,238 13,328 $68,960 $98,836
Hitchcock Plaza / 20% Aiken SC 5 829,417 234,338 25,419 10,547 $60,290 $71,076
Pine Log Plaza / 20% Aiken SC 5 133,602 35,064 25,419 10,547 $60,290 $71,076
Haygood Shopping Center / 11.11% Virginia VA
Beach 3 872,579 158,229 95,832 36,598 $52,790 $62,252
400 East Fordham Road / 18.32% The Bronx NY 2 641,608 117,355 651,504 223,577 $33,414 $37,631
Sherman Avenue / 18.32% Manhattan NY 2 1,337,368 134,773 529,999 176,116 $29,932 $40,762
Pelham Manor Shopping Plaza / 18.32% Westchester NY 3 2,403,205 398,775 400,119 149,994 $47,713 $59,780
Walnut Hill Plaza Woonsocket RI 5 2,462,297 286,225 59,961 24,256 $41,751 $49,362
Ledgewood Mall Ledgewood NJ 5 4,262,524 517,632 34,631 12,915 $77,309 $88,598
Merrillville Plaza Hobart IN 5 2,583,071 235,605 18,924 7,566 $54,952 $62,686
The Gateway Shopping Ctr. So. VT
Burlington 3 1,746,828 101,861 46,105 19,252 $43,524 $53,733
Marketplace of Absecon Absecon NJ 3 1,645,433 105,093 30,277 10,476 $51,028 $60,415
Pittston Plaza Pittston PA 3 614,171 79,494 40,640 17,537 $36,785 $45,214
Plaza 422 Lebanon PA 3 444,020 155,026 44,416 18,047 $36,458 $43,830
Route 6 Plaza Honesdale PA 5 1,078,027 175,507 7,395 3,155 $32,818 $42,657
Bradford Towne Centre Towanda PA 10 1,578,760 256,939 5,506 2,344 $38,141 $46,212
- ---------------------------------------------------------------------------------- ------------------------------------
73,002,184 7,385,337
--------------------- ------------------------------------
96,638 36,084 $59,203 $71,723
------------------------------------
------------------------------------
74,372 27,424 $65,245 $80,519
------------------------------------
(1) Does not include the Kroger/Safeway Portfolio.
(2) Fordham and Sherman Avenue figures are for a 2 mile radius.
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Property Demographics (1)
- ------------------------------------
- -------------------------------------------------------------- -------------------------------- ------------------------
5-Mile Radius 10-Mile Radius
----------------------------------- --------------------------------
Total Median Avg. HH Total Median Avg. HH
# HH # HH
Property / JV Ownership % Pop. HH Income Income Pop. HH Income Income County MSA
- ------------------------------------------------------------------------------------------------------------------------
Brandywine Town Center & Bergen Wilmington-
Mkt Sq./22.22% 116,835 47,059 $71,475 $91,032 - - $- $- Newark, DE
Elmwood Park Shopping Ctr. Bergen Bergen-
612,593 212,140 $56,661 $68,670 - - - - Passaic, NJ
Abington Towne Center Bucks Philadelphia,
306,979 120,242 $58,804 $71,480 - - - - PA
Granville Center / 22.22% 267,818 116,119 $52,178 $61,015 - - - - Franklin Columbus, OH
Hobson West Plaza 264,472 93,258 $83,440 $96,333 - - - - DuPage Chicago, IL
Methuen Shopping Ctr. 198,133 73,801 $46,809 $56,761 - - - - Essex Boston, MA-NH
Crossroads Shopping Ctr. / WestchesterNew York, NY
49% 203,088 74,810 $91,173 $122,507 - - - -
The Branch Plaza Suffolk Nassau-
198,575 64,367 $78,576 $90,006 - - - - Suffolk, NY
Village Commons Shopping Suffolk Nassau-
Ctr. 197,398 63,981 $79,019 $90,486 - - - - Suffolk, NY
Bloomfield Town Square 166,366 63,987 $77,660 $106,428 - - - - Oakland Detroit, MI
Crescent Plaza 168,024 60,373 $50,116 $58,235 - - - - Plymouth Boston, MA-NH
239 Greenwich Avenue Fairfield New Haven-
141,499 51,663 $92,448 $141,180 - - - - Meriden, CT
Soundview Marketplace Nassau Nassau-
143,395 52,155 $97,968 $139,340 - - - - Suffolk, NY
Town Line Plaza 151,760 60,763 $56,343 $66,119 - - - - Hartford Hartford, CT
New Loudon Center Albany Albany-
Schenectady-
152,497 63,018 $46,569 $56,589 - - - - Troy, NY
Pacesetter Park Shopping Rockland New York, NY
Ctr. 128,097 37,540 $71,637 $88,824 - - - -
Mad River Station Montgomery Dayton-
Springfield,
130,304 55,583 $58,803 $72,512 - - - - OH
Greenridge Plaza Lackawanna Scranton-
Wilkes
Barre-
126,562 53,080 $34,803 $44,679 - - - - Hazelton, PA
Mark Plaza Luzerne Scranton-
Wilkes
Barre-
124,722 53,562 $34,002 $42,614 - - - - Hazelton, PA
Luzerne Street Shopping Lackawanna Scranton-
Ctr. Wilkes
Barre-
120,838 50,392 $34,650 $44,561 - - - - Hazelton, PA
Blackman Plaza Luzerne Scranton-
Wilkes
Barre-
116,682 50,274 $33,089 $41,383 - - - - Hazelton, PA
Sheffield Crossing / 22.22% Lorain Cleveland-
Lorain-
121,322 47,230 $45,775 $54,558 - - - - Elyria
Amherst Marketplace / Lorain Cleveland-
22.22% Lorain-
97,181 38,366 $40,461 $49,765 - - - - Elyria
Sterling Heights Shopping Coordinates
Center / 11.11% 42.5803,
257,839 101,330 $64,903 $73,379 - - - - 83.0298
Tarrytown Shopping Center / Coordinates
11.11% 41.0799,
119,686 46,393 $76,834 $104,788 - - - - 73.8640
Hitchcock Plaza / 20% Coordinates
33.5156,
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,
45,931 18,554 $49,878 $60,184 84,131 33,423 43,742 52,745 81.7311
Haygood Shopping Center / Coordinates
11.11% 36.8727,
217,586 82,889 $52,974 $62,426 - - - - 76.1350
400 East Fordham Road / The Bronx New York, NY
18.32% - - - -
Sherman Avenue / 18.32% - - - - Manhattan New York, NY
Pelham Manor Shopping Plaza WestchesterNew York, NY
/ 18.32% 1,114,822 410,040 $44,052 $56,839
Walnut Hill Plaza Providence Providence-
Fall River,
94,203 37,077 $48,793 $57,263 - - - - RI
Ledgewood Mall 105,973 38,609 $75,159 $86,345 278,307 100,409 $84,897 $99,923 Morris Newark, NJ
Merrillville Plaza 84,180 31,820 $52,697 $60,610 344,569 130,349 $48,747 $57,323 Lake Gary, IN
The Gateway Shopping Ctr. Chittenden Burlington,
68,034 27,816 $45,474 $56,025 - - - - VT
Marketplace of Absecon Atlantic Atlantic
City-Cape
68,488 23,943 $50,386 $59,385 - - - - May, NJ
Pittston Plaza Luzerne Scranton-
Wilkes
Barre-
72,326 31,010 $38,049 $46,790 - - - - Hazelton, PA
Plaza 422 Lebanon Harrisburg-
Lebanon-
61,325 24,358 $40,383 $48,126 - - - - Carlisle, PA
Route 6 Plaza 11,704 4,849 $33,779 $43,036 - - - - Wayne N/A
Bradford Towne Centre 8,813 3,627 $38,371 $46,994 17,398 6,799 $38,245 $46,336 Bradford N/A
- -------------------------------------------------------------- -------------------------------- ------------------------
----------------------------------- --------------------------------
191,684 72,505 $56,077 $69,337 249,836 92,496 $76,265 $90,424
----------------------------------- --------------------------------
----------------------------------- --------------------------------
172,404 63,303 $63,275 $79,037 251,652 92,810 $66,070 $78,024
----------------------------------- --------------------------------
(1) Does not include the Kroger/Safeway Portfolio.
(2) Fordham and Sherman Avenue figures are for a 2 mile radius.
Page 56
ANNUAL SUPPLEMENTAL DISCLOSURE
June 30, 2005
Residential (Multi-family) Properties
- -----------------------------------------------------------------------------
% %
Occupied Occupied
Property Location Square Units June 30, March 31,
Feet 2005 2004
- ------------------------------------------------------------------------------------------------------------------------
Mid-Atlantic
North Carolina
- -----------------------------------------------------------------------------
Village Apartments Winston
Salem 578,606 600 93% 88%
Mid-West
Missouri
- -----------------------------------------------------------------------------
Gate House, Holiday House, Tiger Village, Columbia 628,891 874 91% 97%
----------------------------------
Colony Apartments (1)
Totals 1,207,497 1,474 92% 93%
==================================
(1) As this property has tenants associated with the University of Missouri,
occupancy trends are correlated to semester sessions
Page 57