SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): November 20, 2001 ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 1-12002 23-2715194 (State or other (Commission (I.R.S. Employer jurisdiction of incorporation) File Number) Identification No.) 20 Soundview Marketplace Port Washington, New York 11050 (Address of principal executive offices) (Zip Code) (516) 767-8830 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report)
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. 99.1 Quarterly Supplemental Disclosure - September 30, 2001 ITEM 9. Regulation FD Disclosure The Registrant, Acadia Realty Trust, hereby makes available as an exhibit to this filing, supplemental information concerning the ownership, operations and portfolio of the Registrant as of September 30, 2001. The information included in this Current Report on Form 8-K (including the exhibit hereto) is furnished pursuant to Item 9 and shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a) (2) of the Securities Act of 1933, as amended. This Report (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACADIA REALTY TRUST (Registrant) Date: November 20, 2001 By: /s/ Perry Kamerman -------------------------------- Name: Perry Kamerman Title: Senior Vice President and Chief Financial Officer 2
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Table of Contents ----------------- Page Page ---- ---- Section I - Overview Company Information 2 Balance Sheets 16 Quarterly Highlights 3 Selected Operating Ratios 17 Portfolio Snapshot 4 Debt Analysis - Wholly Owned and Unconsolidated Subsidiaries 18 Organizational Chart 5 Debt Maturity Schedule 20 Executive Management Team 6 Unencumbered Properties 21 Section II - Net Asset Valuation(1) Section IV - Portfolio information Net Asset Value Summary 7 Portfolio Overview - By Region and Property Type 22 Net Asset Value Calculation 8 Commercial Properties by Region - Summary 23 Section III - Financial Information Commercial Properties by Region - Detail 24 Market Capitalization 9 Top 25 Tenants 28 Shareholder Information 10 Anchor Tenant Summary 29 Operating Statements - Including Joint Venture Activity 11 Lease Expirations 36 Operating Statements - Current v. Historical 12 Residential Properties 40 Operating Statements - by Segment (Retail & Multi-Family) 13 Properties under Redevelopment 41 Net Operating Income - Same Property Performance 14 Funds from Operations 15 (1) The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 2000. NAV is computed at the end of each year and will be updated during the year if, based on management's assessment, a significant change in any of the determinants of NAV occurs. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Supplementary Disclosure constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability and creditworthiness of prospective tenants, lease rents and the availability of financing; adverse changes in the Company's real estate markets, including, among other things, competition with other companies; risks of real estate development and acquisition; governmental actions and initiatives; and environmental/safety requirements.
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Company Information ------------------- Acadia Realty Trust ("Acadia"), is a fully integrated and self-managed real estate investment trust focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership (the "Operating Partnership") which was 84% controlled by Acadia as of September 30, 2001. As of September 30, 2001, Acadia owns or has an ownership interest in fifty-four properties, consisting of fourty-eight neighborhood and community shopping centers, one enclosed mall, one mixed-use property (a retail/residential property) and four multi-family properties, all located in the Eastern and Midwestern regions of the United States. Four of the above shopping centers are currently under redevelopment. Corporate Headquarters 20 Soundview Marketplace Research Coverage Credit Suisse First Boston Port Washington, NY 11050-2221 Larry Raiman (212) 892-2380 New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com Investor Relations Jon Grisham Vice President (516) 767-7550 jgrisham@acadiarealty.com
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Highlights ---------- o FFO for the third quarter ended September 30, 2001 was $7.3 million, or $0.21 per share (both basic and fully diluted), compared with recurring FFO of $7.2 million, or $0.20 per share for the quarter ended September 30, 2000. FFO for third quarter 2000 included non-recurring lease termination income of $200,000, or $0.01 per share, in connection with the redevelopment project at the Abington Towne Center. FFO for the nine months ended September 30, 2001 was $21.7 million, or $0.63 per share. This compares with recurring FFO of $22.0 million, or $0.62 per share for the same period in 2000. FFO for the nine months ended September 30, 2000 included non-recurring lease termination income of $2.0 million, or $0.05 per share, associated with the above-mentioned project. o Within the Company's core portfolio, occupancy (including the Crossroads joint venture property) was 92.9%, which was unchanged from second quarter 2001. The core portfolio, as previously defined by the Company, is comprised of 30 community and neighborhood shopping centers that are predominantly supermarket or discount retailer anchored and situated in high quality locations with, in many cases, limited competition in the local retail market. o During the third quarter and into October 2001, Acadia made significant strides at three of its redevelopment properties. Accomplishments included the grand opening of a 158,000 square foot Target store at the Abington Towne Center in suburban Philadelphia. Acadia had previously sold this portion of the property to Target Corporation in December 2000. Wal*Mart opened a store in 89,000 square feet at the redevelopment and reanchoring project at the Methuen Shopping Center in Methuen, Massachusetts. Wal*Mart replaces the previous anchor, Caldor, whose lease was acquired by the Company in connection with Caldor's bankruptcy. At a third redevelopment project in South Burlington, Vermont, the Company executed a lease for a 66,000 square foot Shaw's supermarket, which replaces a former 32,000 undersized Grand Union supermarket at the center. Additional leasing activity within the core portfolio also included the opening of a 30,000 square foot Marshalls store at the Bloomfield Towne Square in Bloomfield Hills, Michigan. o The Company continued its progress with the non-core disposition program with the sale of two more retail properties. Following these completed sales and two additional properties currently under contract for sale, the Company will have executed on approximately 75% of the net value of its planned dispositions. Acadia completed the sale of the Wesmark Plaza, a 207,000 square foot shopping center located in Sumter, South Carolina. The Company also sold the Tioga West shopping center, a 122,000 square foot center anchored by an Ames department store and Penn Traffic supermarket. Additionally, Acadia signed two sales contracts during the third quarter to sell a non-core shopping center, the Union Plaza, which is also anchored by an Ames store, and a 463-unit apartment complex located in Greenbelt, Maryland. o During the third quarter the Company completed two interest rate swap transactions. These agreements effectively fix the interest rate on $50 million of the Company's variable-rate debt at a blended rate of 6.4% for a weighted average term of approximately four years. o As previously announced in early October, Acadia formed a new joint venture during the third quarter with four of its key institutional investors. Under the terms of the joint venture agreement, Acadia and the investors will contribute $20 million and $70 million, respectively, and will seek to acquire up to $300 million of real estate assets, focusing on neighborhood and community shopping centers. Acadia will earn a pro-rata return on its invested equity and fees for construction, leasing and asset management services. Acadia also has the opportunity to earn additional amounts based on certain investment return thresholds. o Commenting on the results for the quarter, Kenneth Bernstein, Chief Executive Officer, noted, "While we are focused on the continuing softening economy and its potential impact on the Company, we remain pleased with the performance of our core portfolio and our team's progress in implementing our key initiatives. The defensive profile of our necessity-based, supermarket and discount retailer anchored shopping centers has enabled our same property net operating income for our core portfolio to continue to grow and our occupancy at these centers to remain stable. However, we think it is prudent to remain cautious and anticipate a further weakening in the economy in the future. Nevertheless, we believe that the contributions to earnings from our redevelopment pipeline as well as lower cost debt should help to counterbalance the possible effects from the economic downturn. Additionally, the success of our non-core disposition program continues to improve the quality of our earnings and the strength of our balance sheet. Most importantly, our new joint venture, in partnership with some of our current key institutional investors, enables Acadia to take advantage of the investment opportunities that are beginning to present themselves in the current environment."
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Portfolio Snapshot ------------------ Dayton, OH Wilkes-Barre, PA [MAP OMITTED] Woonsocket, RI Headquarters - New York Headquarters Regional Offices Retail Properties Multi-Family Properties - ------------------------------------------------- 50 retail and 4 multi-family properties Approximately 10.4 million square feet of GLA 19 Eastern and Midwestern states represented - -------------------------------------------------
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Management Team --------------- Ross Dworman Chairman | | Kenneth F. Bernstein Chief Executive Officer and President | | | | ----------------------------------------------------------------------------------------------------------------------- | | | | | | | | Acquisitions Leasing Retail Construction | | Management and | | | Development Joel Braun Timothy J. Bruce Joseph Napolitano | Sr. VP, Sr. VP, Dir. of Sr. VP, Retail Joseph Hogan Acquisitions Leasing and Management Sr. VP, Dir. of | Redevelopment | Construction | | | | | | | | | | | | | | | | | | | | | Joseph Povinelli Robert Scholem | | VP, Leasing VP, Property | | | Management | | | | | | | | | | | | | | | | | | | | | | | | | | | Regional Construction Joseph Ginex Regional Leasing Management Supervision Associate 4 Representatives 4 Managers 2 Supervisors | | | Onsite Management 2 Managers
[RESTUBBED] ------------------------------------------------------------------------ | | | | | | | Finance and Legal Asset | Management | | Robert Masters Perry Kamerman Sr. VP, General Sr. VP, Chief Counsel --Financial Officer---- | | | | | | | | Carol Smrek Arnold Maggie Hui Jon Grisham VP, Counsel Wachsberger VP, Controller VP, Dir. of ----------------------| | VP, Finance Financial Reporting | | | | | | | | | Karen Yamrus Richard Hartmann Sr. Lease Admin. Mardi Cezveci Asst. VP, Sr. Assistant Controller 2 Individuals Mgmt. Information Paralegal Systems
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Executive Management Team ------------------------- Ross Dworman Chairman of the Board Mr. Dworman assists with long-term strategic planning for the Company. Mr. Dworman was President and Chief Executive Officer of RD Capital, Inc. from 1987 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1987, Mr. Dworman was an associate at Odyssey Partners, L.P., a hedge fund engaged in leveraged buy-outs and real estate investment, and from 1981 until 1984, he was a Financial Analyst for Salomon, Inc. Mr. Dworman received his Bachelor of Arts Degree from the University of Pennsylvania. Kenneth F. Bernstein Chief Executive Officer and Mr. Bernstein is responsible for strategic planning as well as President overseeing all day to day activities of the Company including operations, acquisitions and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD Capital, Inc. from 1990 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. In such capacity, he was responsible for overseeing the day-to-day operations of RD Capital and its management companies, Acadia Management Company LLC and Sound View Management LLC. Prior to joining RD Capital, Mr. Bernstein was an associate with the New York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his Bachelor of Arts Degree from the University of Vermont and his Juris Doctorate from Boston University School of Law. Joel Braun Senior Vice President, Mr. Braun is responsible for the sourcing and financial Acquisitions analysis of acquisition properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and Finance for Rosenshein Associates, a regional shopping center developer based in New Rochelle, New York. During this time, Mr. Braun was instrumental in the initiation and formation of Kranzco Realty Trust, a publicly traded REIT. Mr. Braun holds a Bachelor's in Business Administration from Boston University and a Master's Degree in Planning from John Hopkins University. Timothy J. Bruce Senior Vice President, Mr. Bruce joined Acadia Realty Trust in December 1998 as Senior Director of Leasing Vice President, Director of Leasing. Mr. Bruce has more than 14 years of redevelopment and leasing experience. From April 1996 until joining Acadia Realty in December 1998, Mr. Bruce served as Vice President of the Strip Center Leasing Department at Pennsylvania Real Estate Trust where he was responsible for coordinating all leasing activity for the 4.5 million square foot strip center portfolio. From 1985 to 1996, Mr. Bruce was with Equity Properties and Development, L.P. as Senior Vice President, Real Estate, his responsibilities included the management of the day-to-day activities of the Real Estate, Construction, and Merchant Coordination Departments. Mr. Bruce received a Bachelor of Arts Degree from the University of Illinois at Chicago School of Architecture and a Masters of Management from the J. L. Kellogg Graduate School of Business at Northwestern University. Joseph Hogan Senior Vice President, Most recently, Mr. Hogan served as Vice President with Kimco Director of Construction Realty Corporation (NYSE:KIM), where he was responsible for business development and management of all retail and commercial construction projects for Kimco, in addition to outside customers and development companies. Prior to joining Kimco, he was with Konover Construction Company, a subsidiary of Konover & Associates located in West Hartford, Connecticut, where he was responsible for construction projects throughout the eastern half of the United States. Perry Kamerman Senior Vice President, Mr. Kamerman oversees all the financial activities and asset Chief Financial Officer management functions. Previously, he was the Chief Financial Officer of RD Capital, Inc. and its affiliates from 1995 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1994, Mr. Kamerman served as the Controller and the Director of Asset Management for the American Continental Properties Group, an international real estate investment and development firm whose assets exceeded $1 billion. Prior to this, he was an audit manager at E&Y Kenneth Leventhal Real Estate Group. Mr. Kamerman is a Certified Public Accountant and received a Bachelor of Science in Accounting from the City University of New York in 1977. Robert Masters, Esq. Senior Vice President, Prior to joining Acadia in December 1994, Mr. Masters was General Counsel, General Counsel for API Asset Management for over five years, Corporate Secretary Senior Vice President Deputy General Counsel for European American Bank from 1985 to 1990, and Vice President and Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received his Bachelor of Arts from the City University of New York and a J.D. from New York University Law School. Mr. Masters is also a member of the New York Bar. Joseph M. Napolitano, Senior Vice President, Mr. Napolitano is responsible for overseeing the retail CPM Director of Retail property management department for Acadia Realty Trust. Property Management Prior to joining Acadia in 1995, Mr. Napolitano was employed by Rosen Associates Management Corp. as a Senior Property Manager overseeing a national portfolio of community shopping centers, and Roebling Management Co. as a Property Manager responsible for neighborhood and community shopping centers nationally. Mr. Napolitano holds a Bachelor's in Business Administration from Adelphi University, Garden City, NY; and is a Certified Property Manager by the Institute of Property Management (IREM). Mr. Napolitano is also a member of the New York State Association of Realtors (NYSAR) International Council of Shopping Center (ICSC), Commercial Investment Real Estate Institute (CIREI), and the Building Owners and Managers Institute (BOMI).
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2000 PORTFOLIO BREAKDOWN AND NET ASSET VALUE ('NAV') ANALYSIS -------------------------------- Private Basis Number of Composite Properties % of GLA Cap Rate Range(B) % of GAV % of NAV % of Debt ---------- -------- ----------------- -------- -------- --------- Core Retail Portfolio Stabilized 26 46% 9.50% to 10.50% 63% 65% 62% Redevelopments(C) 4 5% n/a -- n/a 7% 12% 2% ---------- -------- ----- ------ -------- -------- --------- Total Core Portfolio 30 51% 9.50% to 10.50% 70% 77% 64% ---------- -------- ----- ------ -------- -------- --------- Non-Core Portfolio(D) Retail 22 30% 12.00% to 13.00% 14% 11% 16% Residential 5 19% 8.50% to 9.50% 16% 12% 20% ----------- -------- ------ ------ -------- -------- --------- Total Non-Core Portfolio(A) 27 49% 10.00% to 11.00% 30% 23% 36% ----------- -------- ------ ------ -------- -------- --------- Total Portfolio 57 100% 9.75% to 10.75% 100% 100% 100% =========== ======== ====== ====== ======== ======== ========= Equivalent Public Basis 10.76% to 11.87% ====== ====== Notes: (A) The Company's core portfolio ("Core Portfolio") is comprised of 26 stabilized and four redevelopment retail properties located in the Northeast, Midwest and Mid-Atlantic regions. The remaining 22 retail and four multi-family assets are considered non-core ("Non-Core Portfolio") and are either currently being marketed or are slated for future disposition (see note D for update on non-core dispositions). (B) Private capitalization rates are based on private-basis NOI's. Private-basis NOI's are equal to public-basis NOI's less: (1) straight-line rents, (2) structural reserves of $0.15 per square foot for retail properties and $300 per unit reserve for residential properties and (3) 4% imputed management fees on effective rents. The above capitalization rates are based on those currently in place and are subject to future changes. (C) Redevelopment properties (see discussion of these properties in this supplement) are valued at 110% of net book value. (D) The above valuation has not been adjusted in this 2001 Supplement to reflect the disposition of: i) the Marley Run Apartment complex which was sold during June 2001 for a gross sales price of $27,400,000. The associated debt as of December 31, 2000 was $14,230,000. ii) the Wesmark Plaza which was sold during August 2001 for a gross sales price of $5,750,000 with no associated debt. iii) the Tioga West shopping center which was sold during October 2001 for a gross sales price of $3,200,000 with no associated debt. Reference the following page for additional notes related to the portfolio valuation.
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2000(1) Net Asset Value ('NAV') Calculation ----------------------------------- (amounts in thousands) All Notes Properties ----- ---------- Number of Properties 57 Net Operating income ("NOI") for the quarter ended December 31, 2000 ("Quarterly NOI"): Consolidated Properties (2) $ 15,476 Unconsolidated Joint Ventures (2) 686 ---------- Total Quarterly NOI 16,162 Less adjustments to Quarterly NOI: (a) Current quarter disposition (926) (b) Redevelopment properties (512) (c) Other adjustments to quarterly NOI (574) ---------- Adjusted quarterly NOI 14,150 x4 ---------- PUBLIC BASIS ANNUALIZED NOI (Excluding S/L rents, dispostions and redevelopments) (4,7) 56,600 Structural reserves (3) (1,872) Imputed management fees (4%) (3,447) ---------- PRIVATE BASIS ANNUALIZED NOI (Excluding S/L rents, dispostions and redevelopments) $ 51,281 ========== CAP RATE RANGES USED FOR VALUATION (Excluding Redevelopments): (5) Private Basis 10.75% 9.75% Equivalent Public Basis 11.87% 10.76% ----- ----- Gross market value of real estate (excluding redevelopments) 477,033 525,959 Redevelopment properties (6) 35,000 35,000 Value of other net assets (8) 21,186 21,186 --------- -------- GROSS MARKET VALUE OF ASSETS 533,219 582,145 Mortgage debt - Consolidated properties (277,113) (277,113) - Unconsolidated Joint Ventures (16,974) (16,974) Preferred equity and Minority interest in majority owned partnerships (4,712) (4,712) --------- -------- NET MARKET VALUE OF ASSETS 234,420 283,346 Common shares and units outstanding as of December 31, 2000 34,955 34,955 --------- -------- NAV PER COMMON SHARE (4) $ 6.71 $ 8.11 ========= ========
Core Properties Non-Core Properties --------------------------------------------- ------------------------------------------------------------------ 26 4 22 5 Stabilized Redevelopments Retail Residential Sold in 2000 ---------- -------------- ------ ----------- ------------ $ 8,886 $ 512 $2,826 $ 2,326 $ 926 686 - - - - ---------- -------------- ------ ----------- ------------ 9,572 512 2,826 2,326 926 (926) (512) (414) - (163) 3 - ---------- -------------- ------ ----------- ------------ 9,158 - 2,663 2,329 - x4 - x4 x4 - ---------- -------------- ------ ----------- ------------ 36,632 - 10,652 9,316 - (722) - (468) (682) - (2,165) - (659) (623) - ---------- -------------- ------ ----------- ------------ $ 33,745 $ - $9,525 $ 8,011 $ - ========== ============== ====== =========== ============ (9) ................................................................................ Notes: (1) The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 2000. NAV is computed at the end of each year and will be updated during the year only if a significant change in any determinant of NAV occurs. (2) NOI's exclude an aggreagate $321 of straight-line rents and $35 of non-recurring items. (3) Structural reserves represent a $0.15 per square foot replacement reserve for retail properties and $300 per unit reserve for residential properties. (4) The above values exclude the value of third party management contracts, anticipated profits from redevelopments and any transaction costs associated with liquidating the properties. Transaction costs associated with the disposition of non-core properties are estimated to range from $0.10 to $0.15 per share (5) The above capitalization rates are based on those currently in place and are subject to future changes. (6) Redevelopment properties are valued at 110% of their net book value (7) Based upon annualization of 4th quarter NOI, adjusted downward for seasonality and certain non-recurring items. (8) Value of other net assets at December 31, 2000 is comprised of the following: Cash and cash equivalents $ 22,167 Cash in escrow 5,213 Rents receivable, net of allowance and unbilled (straight-line) rent of $4,098 5,569 Prepaid expenses 2,905 Other Assets (Less Furn. & Fixt. And other intangible) 1,568 Due to related parties (111) Accounts payable and accrued expenses (7,705) Distributions payable (4,241) Other liabilities (4,179) -------- $ 21,186 ======== (9) The above valuation has not been adjusted in this 2001 Supplement to reflect the 2001 dispositions of i) the Marley Run apartment complex sold during June 2001 for a gross sales price of $27,400,000 (the associated debt as of December 31, 2000 was $14,230,000) and ii) the Wesmark Plaza in August 2001 for a gross sales price of $5,750,000 (no associated debt) and iii) the Tioga West shopping center which was sold during October 2001 for a gross sales price of $3,200,000 (no associated debt). ................................................................................
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Total Market Capitalization --------------------------- Percent of Percent of Total Market Total Equity Capitalization ------------ -------------- Total Common Shares Outstanding 82.8% 28,448,699(1) Common O.P. Units 16.3% 5,625,950 ------------ Combined Common Shares and O.P. Units 34,074,649 Market Price as September 30, 2001 $ 6.49 ------------ Equity Capitalization - Common Shares and O.P. Units 221,144,472 Preferred O.P. Units - at cost (2) 0.9% 2,212,000 ---- ------------ Total Equity Capitalization 100.0% 223,356,472 47.0% ====== Debt Capitalization 251,897,322 53.0% ------------ ---- Total Market Capitalization $475,253,794 100.0% ============ ===== Weighted Average Outstanding Common Shares and O.P. Units - --------------------------------------------------------- Common Shares(1) O.P. Units Total ------- ---------- ----- Quarter ended September 30, 2001 - Primary and Diluted 28,488,712 5,628,091 34,116,803 Year-to-date September 30, 2001 - Primary and Diluted 28,224,716 6,227,938 34,452,654 Quarter ended September 30, 2000 - Primary and Diluted 26,789,666 8,754,294 35,543,960 Year-to-date September 30, 2000 - Primary and Diluted 25,839,334 9,903,318 35,742,652 Notes: (1) As of September 30, 2001, the Company had purchased 1,840,042 shares (net of reissuance of 86,063 shares) under its Stock Repurchase Program (2) In connection with the acquisition of the Pacesetter Park Shopping Center, the Company issued 2,212 Preferred O.P. Units which are reflected above at their stated cost of $1,000 per unit Total Market Capitalization Variable- Rate Debt * 16.4% Common Shares 38.8% [GRAPHIC OMITTED] Fixed-Rate Debt * 36.6% Preferred O.P. Units 0.5% Common O.P. Units 7.7% * Fixed-rate debt includes $50 million of notional principal fixed through swap transactions and conversely, variable-rate debt excludes this amount.
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Shareholder Information ----------------------- Twelve Largest Institutional/Non-Retail Shareholders(1) Percent of Out- Shareholder Shares Held standing Shares - ----------------------------------------------------- ----------- ---------------- Yale University 6,155,092 21.6% Rothschild Realty Investors II L.L.C. 3,266,667 11.5% Howard Hughes Medical Institute 2,266,667 8.0% Stanford University 2,133,333 7.5% Harvard Private Capital Realty, Inc. 2,000,000 7.0% The Vanderbilt University 1,346,647 4.7% TRW Master Trust 1,200,000 4.2% Carnegie Corporation of New York 942,653 3.3% Brown University 687,823 2.4% CS First Boston Inc. 426,000 1.5% Yale University Retirement Plan 403,994 1.4% First Manhattan Capital Management 348,555 1.2% ----------- ---- Total of Twelve Largest Institutional/Non-Retail Shareholders 21,177,431 74.4% =========== ==== Total of all Institutional/Non-Retail Shareholders 22,223,769 78.1% =========== ==== Operating Partnership Unit Information ---------------- Percent of Total O.P. Units ------------------- Institutional/Non-Retail O.P. Unit Holders 2,972,488 52.8% Employee/Director O.P. Unit Holders 1,722,662 30.6% Other O.P. Unit Holders 930,800 16.5% -------- ----- Total O.P. Units 5,625,950 100.0% ========== ===== (1) Based on Schedule 13F filings with the U.S. Securities and Exchange Commission Total Share/O.P. Unit Ownership (Combined) [GRAPHIC OMITTED] 74% Institutional/Non-Retail Share & O.P. Unit Holders 18% Retail Shareholders 5% Employee/Director O.P. Unitholders 3% Other O.P. Unitholders
QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Statements of Operations - Including Joint Venture Activity 1 Current Year-to-Date - by Quarter (in thousands) -------------------------------------------------------- Year-to-Date 9 months ended September 30, 2001 -------------------------------------------------------- Wholly Owned JV Total ------------ ------ -------- PROPERTY REVENUES Minimum rents $ 50,191 $1,816 $ 52,007 Percentage rents 1,381 70 1,451 Expense reimbursements 10,305 752 11,057 Other property income 554 37 591 ------------ ------ -------- 62,431 2,675 65,106 ------------ ------ -------- PROPERTY EXPENSES Property operating 12,981 330 13,311 Real estate taxes 8,458 456 8,914 ------------ ------ ------ 21,439 786 22,225 ------------ ------ ------- NET OPERATING INCOME - PROPERTIES 40,992 1,889 42,881 OTHER INCOME (EXPENSE) Property management and leasing - Home office (2,791) - (2,791) General and administrative (3,697) - (3,697) Interest income 667 - 667 Management income 401 - 401 Straight-line rent (net of write-offs) 604 (19) 585 Other income 17 - 17 ------------ ------ -------- EBIDTA 36,193 1,870 38,063 Depreciation and amortization (14,737) (492) (15,229) Interest expense (14,441) (964) (15,405) Adjustment of carrying value of property held for sale (14,756) - (14,756) Gain on sale of properties 8,280 - 8,280 ------------ ------ -------- Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal 539 414 953 Extraordinary item - Loss on early extinguishment of debt (140) - (140) Minority interest (550) - (550) Cumulative effect of a change in accounting principal (FAS 133) (149) - (149) ------------ ------ -------- NET INCOME $ (300) $ 414 $ 114 ============ ====== ========
[RESTUBBED TABLE] -------------------------------------------------------- Current Quarter 3 months ended September 30, 2001 -------------------------------------------------------- Wholly Owned JV Total ------------ ----- ------- PROPERTY REVENUES Minimum rents $ 16,351 $ 598 $ 16,949 Percentage rents 290 6 296 Expense reimbursements 3,258 255 3,513 Other property income 162 8 170 ------------ ----- -------- 20,061 867 20,928 ------------ ----- -------- PROPERTY EXPENSES Property operating 4,013 102 4,115 Real estate taxes 2,840 152 2,992 ------------ ----- -------- 6,853 254 7,107 ------------ ----- -------- NET OPERATING INCOME - PROPERTIES 13,208 613 13,821 OTHER INCOME (EXPENSE) Property management and leasing - Home office (804) - (804) General and administrative (1,156) - (1,156) Interest income 261 - 261 Management income 151 - 151 Straight-line rent (net of write-offs) 40 (9) 31 Other income - - - ------------ ----- -------- EBIDTA 11,700 604 12,304 Depreciation and amortization (4,837) (164) (5,001) Interest expense (4,382) (315) (4,697) Adjustment of carrying value of property held for sale (14,756) - (14,756) Gain on sale of properties 1,245 - 1,245 ------------ ----- -------- Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal (11,030) 125 (10,905) Extraordinary item - Loss on early extinguishment of debt - - - Minority interest 1,636 - 1,636 Cumulative effect of a change in accounting principal (FAS 133) - - - ------------ ----- -------- NET INCOME $ (9,394) $ 125 $ (9,269) ============ ===== =========
[RESTUBBED TABLE] ---------------------------------------------------- Previous Quarters 3 months ended June 30, 2001 ---------------------------------------------------- Wholly Owned JV Total ------------ ----- -------- PROPERTY REVENUES Minimum rents $ 16,631 $ 609 $ 17,240 Percentage rents 359 - 359 Expense reimbursements 3,138 261 3,399 Other property income 162 14 176 ------------ ----- -------- 20,290 884 21,174 ------------ ----- -------- PROPERTY EXPENSES Property operating 3,675 103 3,778 Real estate taxes 2,818 152 2,970 ------------ ----- -------- 6,493 255 6,748 ------------ ----- -------- NET OPERATING INCOME - PROPERTIES 13,797 629 14,426 OTHER INCOME (EXPENSE) Property management and leasing - Home office (1,082) - (1,082) General and administrative (1,352) - (1,352) Interest income 240 - 240 Management income 144 - 144 Straight-line rent (net of write-offs) 327 (7) 320 Other income 17 - 17 ------------ ----- -------- EBIDTA 12,091 622 12,713 Depreciation and amortization (4,936) (164) (5,100) Interest expense (4,781) (321) (5,102) Adjustment of carrying value of property held for sale - - - Gain on sale of properties 7,035 - 7,035 ------------ ----- -------- Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal 9,409 137 9,546 Extraordinary item - Loss on early extinguishment of debt - - - Minority interest (1,746) - (1,746) Cumulative effect of a change in accounting principal (FAS 133) - - - ------------ -- -------- NET INCOME $ 7,663 $ 137 $ 7,800 ============ ===== ========
[RESTUBBED TABLE] ---------------------------------------------------- Previous Quarters 3 months ended March 31, 2001 ---------------------------------------------------- Wholly Owned JV Total ------------ ----- -------- PROPERTY REVENUES Minimum rents $ 17,209 $ 609 $ 17,818 Percentage rents 732 64 796 Expense reimbursements 3,909 236 4,145 Other property income 230 15 245 ------------ ----- 22,080 924 23,004 ------------ ----- -------- PROPERTY EXPENSES Property operating 5,293 125 5,418 Real estate taxes 2,800 152 2,952 ------------ ----- 8,093 277 8,370 ------------ ----- -------- NET OPERATING INCOME - PROPERTIES 13,987 647 14,634 OTHER INCOME (EXPENSE) Property management and leasing - Home office (905) - (905) General and administrative (1,189) - (1,189) Interest income 166 - 166 Management income 106 - 106 Straight-line rent (net of write-offs) 237 (3) 234 Other income - - - ------------ - EBIDTA 12,402 644 13,046 Depreciation and amortization (4,964) (164) (5,128) Interest expense (5,278) (328) (5,606) Adjustment of carrying value of property held for sale - - - Gain on sale of properties - - - ------------ ----- -------- Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal 2,160 152 2,312 Extraordinary item - Loss on early extinguishment of debt (140) - (140) Minority interest (440) - (440) Cumulative effect of a change in accounting principal (FAS 133) (149) - (149) ------------ ----- -------- NET INCOME $ 1,431 $ 152 $ 1,583 ============ ===== ======== 1 Quarterly results for 2001 are unaudited. Although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's for the corresponding periods.
QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Statements of Operations - Including Joint Venture Activity 1 Current Quarter and Year-to-Date v. Historical (in thousands) --------------------------------------- Current Quarter 3 months ended September 30, 2001 --------------------------------------- Wholly Owned JV Total ------------ -- ----- PROPERTY REVENUES Minimum rents $ 16,351 $ 598 $ 16,949 Percentage rents 290 6 296 Expense reimbursements 3,258 255 3,513 Other property income 162 8 170 -------- -------- -------- 20,061 867 20,928 -------- -------- -------- PROPERTY EXPENSES Property operating 4,013 102 4,115 Real estate taxes 2,840 152 2,992 -------- -------- -------- 6,853 254 7,107 -------- -------- -------- NET OPERATING INCOME - PROPERTIES 13,208 613 13,821 OTHER INCOME (EXPENSE) Property management and leasing - Home office (804) -- (804) General and administrative (1,156) -- (1,156) Interest income 261 -- 261 Management income 151 -- 151 Straight-line rent (net of write-offs) 40 (9) 31 Other income 2 -- -- -- -------- -------- -------- EBIDTA 11,700 604 12,304 Depreciation and amortization (4,837) (164) (5,001) Interest expense (4,382) (315) (4,697) Adjustment of carrying value of property held for sale (14,756) -- (14,756) Gain on sale of properties 1,245 -- 1,245 -------- -------- -------- Income before extraordinary item, minority interest and (11,030) 125 (10,905) cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt -- -- -- Minority interest 1,636 -- 1,636 Cumulative effect of a change in accounting principal (FAS 133) -- -- -- -------- -------- -------- NET INCOME $ (9,394) $ 125 $ (9,269) ======== ======== ========
--------------------------------------- Historic Quarter 3 months ended September 30, 2000 --------------------------------------- Wholly Owned JV Total ------------ -- ----- PROPERTY REVENUES Minimum rents $ 18,161 $ 611 $ 18,772 Percentage rents 401 7 408 Expense reimbursements 3,498 212 3,710 Other property income 494 21 515 -------- -------- -------- 22,554 851 23,405 -------- -------- -------- PROPERTY EXPENSES Property operating 4,810 98 4,908 Real estate taxes 2,991 150 3,141 -------- -------- -------- 7,801 248 8,049 -------- -------- -------- NET OPERATING INCOME - PROPERTIES 14,753 603 15,356 OTHER INCOME (EXPENSE) Property management and leasing - Home office (758) -- (758) General and administrative (1,168) -- (1,168) Interest income 296 -- 296 Management income 232 -- 232 Straight-line rent (net of write-offs) 207 2 209 Other income 2 200 -- 200 -------- -------- -------- EBIDTA 13,762 605 14,367 Depreciation and amortization (5,164) (163) (5,327) Interest expense (6,334) (340) (6,674) Adjustment of carrying value of property held for sale -- -- -- Gain on sale of properties (839) -- (839) -------- -------- -------- Income before extraordinary item, minority interest and 1,425 102 1,527 cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt -- -- -- Minority interest (422) -- (422) Cumulative effect of a change in accounting principal (FAS 133) -- -- -- -------- -------- -------- NET INCOME $ 1,003 $ 102 $ 1,105 ======== ======== ========
-------------------------------------- Current Year-to-Date 9 months ended September 30, 2001 -------------------------------------- Wholly Owned JV Total ------------ -- ----- PROPERTY REVENUES Minimum rents $ 50,191 $ 1,816 $ 52,007 Percentage rents 1,381 70 1,451 Expense reimbursements 10,305 752 11,057 Other property income 554 37 591 -------- -------- -------- 62,431 2,675 65,106 -------- -------- -------- PROPERTY EXPENSES Property operating 12,981 330 13,311 Real estate taxes 8,458 456 8,914 -------- -------- -------- 21,439 786 22,225 -------- -------- -------- NET OPERATING INCOME - PROPERTIES 40,992 1,889 42,881 OTHER INCOME (EXPENSE) Property management and leasing - Home office (2,791) -- (2,791) General and administrative (3,697) -- (3,697) Interest income 667 -- 667 Management income 401 -- 401 Straight-line rent (net of write-offs) 604 (19) 585 Other income 2 17 -- 17 -------- -------- -------- EBIDTA 36,193 1,870 38,063 Depreciation and amortization (14,737) (492) (15,229) Interest expense (14,441) (964) (15,405) Adjustment of carrying value of property held for sale (14,756) -- (14,756) Gain on sale of properties 8,280 -- 8,280 -------- -------- -------- Income before extraordinary item, minority interest and 539 414 953 cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt (140) -- (140) Minority interest (550) -- (550) Cumulative effect of a change in accounting principal (FAS 133) (149) -- (149) -------- -------- -------- NET INCOME $ (300) $ 414 $ 114 ======== ======== ========
-------------------------------------- Historic Year-to-Date 9 months ended September 30, 2000 -------------------------------------- Wholly Owned JV Total ------------ -- ----- PROPERTY REVENUES Minimum rents $ 54,652 $ 1,833 $ 56,485 Percentage rents 1,741 57 1,798 Expense reimbursements 10,541 684 11,225 Other property income 1,005 58 1,063 -------- -------- -------- 67,939 2,632 70,571 -------- -------- -------- PROPERTY EXPENSES Property operating 14,567 264 14,831 Real estate taxes 8,618 448 9,066 -------- -------- -------- 23,185 712 23,897 -------- -------- -------- NET OPERATING INCOME - PROPERTIES 44,754 1,920 46,674 OTHER INCOME (EXPENSE) Property management and leasing - Home office (2,324) -- (2,324) General and administrative (3,746) -- (3,746) Interest income 888 -- 888 Management income 702 -- 702 Straight-line rent (net of write-offs) 820 14 834 Other income 2 1,972 -- 1,972 -------- -------- -------- EBIDTA 43,066 1,934 45,000 Depreciation and amortization (15,264) (489) (15,753) Interest expense (18,950) (992) (19,942) Adjustment of carrying value of property held for sale -- -- -- Gain on sale of properties (839) -- (839) -------- -------- -------- Income before extraordinary item, minority interest and 8,013 453 8,466 cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt -- -- -- Minority interest (2,523) -- (2,523) Cumulative effect of a change in accounting principal (FAS 133) -- -- -- -------- -------- -------- NET INCOME $ 5,490 $ 453 $ 5,943 ======== ======== ======== 1 Quarterly results for 2001 and 2000 are unaudited. Although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Forms 10K and 10Q for the corresponding periods. 2 Other income for the quarter and nine months ended September 30, 2000 includes $200 and $1,957 of lease termination income, respectively, received from former tenants at the Abington Towne Center in connection with the redevelopment of the entire property.
QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Statements of Operations - by Segment 1 Current Year-to-Date - by Quarter (in thousands) ---------------------------------------------- Year-to-Date 9 months ended September 30, 2001 ---------------------------------------------- Multi- Retail Family Corporate Total ------ ------ --------- ----- PROPERTY REVENUES Minimum rents $ 41,869 $ 10,138 $ -- $ 52,007 Percentage rents 1,451 -- -- 1,451 Expense reimbursements 11,057 -- -- 11,057 Other property income 110 481 -- 591 -------- -------- -------- -------- 54,487 10,619 -- 65,106 -------- -------- -------- -------- PROPERTY EXPENSES Property operating 9,326 3,985 -- 13,311 Real estate taxes 8,307 607 -- 8,914 -------- -------- -------- -------- 17,633 4,592 -- 22,225 -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 36,854 6,027 -- 42,881 OTHER INCOME (EXPENSE) Property management and leasing - Home office -- -- (2,791) (2,791) General and administrative -- -- (3,697) (3,697) Interest income -- -- 667 667 Management income -- -- 401 401 Straight-line rent (net of write-offs) 585 -- -- 585 Other income -- -- 17 17 -------- -------- -------- -------- EBIDTA 37,439 6,027 (5,403) 38,063 Depreciation and amortization (13,490) (1,474) (265) (15,229) Interest expense (12,444) (2,961) -- (15,405) Adjustment of carrying value of property held for sale (14,756) -- -- (14,756) Gain on sale of properties 1,245 6,946 89 8,280 -------- -------- -------- -------- Income before extraordinary item, minority interest and (2,006) 8,538 (5,579) 953 cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt -- -- (140) (140) Minority interest in Operating Partnership -- -- (550) (550) Cumulative effect of a change in accounting principal (FAS 133) -- -- (149) (149) -------- -------- -------- -------- NET INCOME $ (2,006) $ 8,538 $ (6,418) $ 114 ======== ======== ======== ========
----------------------------------------------- Current Quarter 3 months ended September 30, 2001 ----------------------------------------------- Multi- Retail Family Corporate Total ------ ------- --------- ----- PROPERTY REVENUES Minimum rents $ 13,960 $ 2,989 $ -- $ 16,949 Percentage rents 296 -- -- 296 Expense reimbursements 3,513 -- -- 3,513 Other property income 28 142 -- 170 -------- -------- -------- -------- 17,797 3,131 -- 20,928 -------- -------- -------- -------- PROPERTY EXPENSES Property operating 2,796 1,319 -- 4,115 Real estate taxes 2,816 176 -- 2,992 -------- -------- -------- -------- 5,612 1,495 -- 7,107 -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 12,185 1,636 -- 13,821 OTHER INCOME (EXPENSE) Property management and leasing - Home office -- -- (804) (804) General and administrative -- -- (1,156) (1,156) Interest income -- -- 261 261 Management income -- -- 151 151 Straight-line rent (net of write-offs) 31 -- -- 31 Other income -- -- -- -- -------- -------- -------- -------- EBIDTA 12,216 1,636 (1,548) 12,304 Depreciation and amortization (4,486) (441) (74) (5,001) Interest expense (3,867) (830) -- (4,697) Adjustment of carrying value of property held for sale (14,756) -- -- (14,756) Gain on sale of properties 1,245 -- -- 1,245 -------- -------- -------- -------- Income before extraordinary item, minority interest and (9,648) 365 (1,622) (10,905) cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt -- -- -- -- Minority interest in Operating Partnership -- -- 1,636 1,636 Cumulative effect of a change in accounting principal (FAS 133) -- -- -- -- -------- -------- -------- -------- NET INCOME $ (9,648) $ 365 $ 14 $ (9,269) ======== ======== ======== ========
------------------------------------------------ Previous Quarters 3 months ended June 30, 2001 ------------------------------------------------ Multi- Retail Family Corporate Total ------ ------ --------- ----- PROPERTY REVENUES Minimum rents $ 13,864 $ 3,376 $ -- $ 17,240 Percentage rents 359 -- -- 359 Expense reimbursements 3,399 -- -- 3,399 Other property income (10) 186 -- 176 -------- -------- -------- -------- 17,612 3,562 -- 21,174 -------- -------- -------- -------- PROPERTY EXPENSES Property operating 2,445 1,333 -- 3,778 Real estate taxes 2,767 203 -- 2,970 -------- -------- -------- -------- 5,212 1,536 -- 6,748 -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 12,400 2,026 -- 14,426 OTHER INCOME (EXPENSE) Property management and leasing - Home office -- -- (1,082) (1,082) General and administrative -- -- (1,352) (1,352) Interest income -- -- 240 240 Management income -- -- 144 144 Straight-line rent (net of write-offs) 320 -- -- 320 Other income -- -- 17 17 -------- -------- -------- -------- EBIDTA 12,720 2,026 (2,033) 12,713 Depreciation and amortization (4,519) (486) (95) (5,100) Interest expense (4,110) (992) -- (5,102) Adjustment of carrying value of property held for sale Gain on sale of properties -- 6,946 89 7,035 -------- -------- -------- -------- Income before extraordinary item, minority interest and 4,091 7,494 (2,039) 9,546 cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt -- -- -- -- Minority interest in Operating Partnership -- -- (1,746) (1,746) Cumulative effect of a change in accounting principal (FAS 133) -- -- -- -- -------- -------- -------- -------- NET INCOME $ 4,091 $ 7,494 $ (3,785) $ 7,800 ======== ======== ======== ========
----------------------------------------------- Previous Quarters 3 months ended March 31, 2001 ----------------------------------------------- Multi- Retail Family Corporate Total ------ ----------- --------- ----- PROPERTY REVENUES Minimum rents $ 14,045 $ 3,773 $ -- $ 17,818 Percentage rents 796 -- -- 796 Expense reimbursements 4,145 -- -- 4,145 Other property income 92 153 -- 245 -------- -------- -------- -------- 19,078 3,926 -- 23,004 -------- -------- -------- -------- PROPERTY EXPENSES Property operating 4,085 1,333 -- 5,418 Real estate taxes 2,724 228 -- 2,952 -------- -------- -------- -------- 6,809 1,561 -- 8,370 -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 12,269 2,365 -- 14,634 OTHER INCOME (EXPENSE) Property management and leasing - Home office -- -- (905) (905) General and administrative -- -- (1,189) (1,189) Interest income -- -- 166 166 Management income -- -- 106 106 Straight-line rent (net of write-offs) 234 -- -- 234 Other income -- -- -- -- -------- -------- -------- -------- EBIDTA 12,503 2,365 (1,822) 13,046 Depreciation and amortization (4,485) (547) (96) (5,128) Interest expense (4,467) (1,139) -- (5,606) Adjustment of carrying value of property held for sale Gain on sale of properties -- -- -- -- -------- -------- -------- -------- Income before extraordinary item, minority interest and 3,551 679 (1,918) 2,312 cumulative effect of a change in accounting principal Extraordinary item - Loss on early extinguishment of debt -- -- (140) (140) Minority interest in Operating Partnership -- -- (440) (440) Cumulative effect of a change in accounting principal (FAS 133) -- -- (149) (149) -------- -------- -------- -------- NET INCOME $ 3,551 $ 679 $ (2,647) $ 1,583 ======== ======== ======== ======== 1 Quarterly results for 2001 are unaudited. Although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's for the corresponding periods.
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Net Operating Income (NOI) - Same Property Performance (1) ------------------------------------------------------ (in thousands) Current Year-to-date Historical Year-to-date 9 month 9 month period ended period ended September 30, September 30, 2001 2000 -------- -------- NOI - Consolidated properties $ 40,992 $ 44,754 NOI - Unconsolidated partnerships 1,889 1,920 -------- -------- Total NOI 42,881 46,674 NOI - Properties Acquired - - NOI - Redevelopment Properties (1,405) (1,864) NOI - Properties Sold (1,557) (5,322) -------- -------- Same Property NOI $ 39,919 $ 39,488 ======== ======== Growth in Same Property NOI 1.1% (1) The above amounts includes the activity related to the Company's equity in the earnings of unconsolidated subsidiaries.
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Funds from Operations (FFO) (1) --------------------------- (in thousands) 2001 ------------------------------------------------------------------------- Year-to-date Current Quarter Previous Quarters 9 months ended 3 months ended 3 months ended 3 months ended September 30, 2001 September 30, 2001 June 30, 2001 March 31, 2001 ------------------ ------------------ ----------------- -------------- Net Income (Loss) $ 114 $ (9,269) $ 7,800 $ 1,583 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 13,976 4,579 4,708 4,689 Unconsolidated subsidiaries 470 157 156 157 Income attributable to Operating Partnership units (2) 347 (1,707) 1,675 379 Adjustment of carrying value of property held for sale 14,756 14,756 - - (Gain) Loss on sale of properties (8,280) (1,245) (7,035) - Extraordinary item - Loss on early extinguishment of debt 140 - - 140 Cumulative effect of a change in accounting principal (FAS 133) 149 - - 149 -------- ------- ------- ------- Funds from Operations (3) $ 21,672 $ 7,271 $ 7,304 $ 7,097 ======== ======= ======= ======= Funds from Operations per share (3) $ 0.629 $ 0.213 $ 0.213 $ 0.203 ======== ======= ======= =======
[RESTUBBED] 2000 --------------------------------------- Historic 9 months ended 3 months ended September 30, 2000 September 30, 2000 ------------------ ------------------ Net Income (Loss) $ 5,943 $ 1,105 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 14,414 4,888 Unconsolidated subsidiaries 469 153 Income attributable to Operating Partnership units (2) 2,365 369 Adjustment of carrying value of property held for sale - - (Gain) Loss on sale of properties 839 839 Extraordinary item - Loss on early extinguishment of debt - - Cumulative effect of a change in accounting principal (FAS 133) - - -------- ------- Funds from Operations (3) $ 24,030 $ 7,354 ======== ======= Funds from Operations per share (3) $ 0.67(4) $ 0.21(4) ======== ======= (1) Quarterly results for 2001 and 2000 are unaudited. Although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods, they are subject to adjustment. (2) Does not include distributions paid to Preferred O.P. unitholders. (3) Assumes full conversion of O.P. Units into Common Shares. (4) FFO for the quarter and nine months ended September 30, 2000 includes $200 ($0.01 per share) and $1,957 ($0.05 per share), respectively, of lease termination income received from former tenants at the Abington Towne Center in connection with the redevelopment of the entire property.
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Consolidated Balance Sheets --------------------------- (in thousands) September 30, December 31, 2001 2000 --------- --------- ASSETS Real estate Land $ 64,845 $ 69,206 Buildings and improvements 430,163 444,933 --------- --------- 495,008 514,139 Less: accumulated depreciation (109,985) (102,461) --------- --------- Net real estate 385,023 411,678 Property held for sale 30,964 49,445 Cash and cash equivalents 24,883 22,167 Cash in escrow 5,124 5,213 Investments in unconsolidated partnerships 4,763 6,784 Rents receivable, net 7,557 9,667 Prepaid expenses 4,256 2,905 Due from related parties - - Deferred charges, net 13,352 13,026 Other assets 2,389 2,726 --------- --------- $ 478,311 $ 523,611 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $ 251,897 $ 277,112 Accounts payable and accrued expenses 6,348 7,495 Dividends and distributions payable 4,140 4,241 Due to related parties 479 111 Other liabilities 5,365 4,179 --------- --------- Total liabilities 268,229 293,138 --------- --------- Minority interest in Operating Partnership 38,733 48,959 Minority interests in majority owned partnerships 1,441 2,197 --------- --------- Total minority interests 40,174 51,156 --------- --------- Shareholders' equity: Common shares 29 28 Additional paid-in capital 181,361 188,392 Accumulated other comprehensive income (2,379) - Deficit (9,103) (9,103) --------- --------- Total shareholders' equity 169,908 179,317 --------- --------- $ 478,311 $ 523,611 ========= =========
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Selected Operating Ratios ------------------------- 3 Months Ended September 30, 9 Months Ended Septemebr 30, --------------------------- ---------------------------- 2001 2000 2001 2000 -------- -------- -------- -------- Coverage Ratios (1) ------------------- Interest Coverage Ratio EBIDTA (2) $ 12,304 $ 14,167 $ 38,063 $ 43,043 Divided by Interest expense 4,697 6,674 15,405 19,942 -------- -------- -------- -------- 2.62 x 2.12 x 2.47 x 2.16 x Fixed Charge Coverage Ratio EBIDTA (2) $ 12,304 $ 14,167 $ 38,063 $ 43,043 Divided by (Interest expense 4,697 6,674 15,405 19,942 + Preferred Dividends (3)) 50 50 149 149 -------- -------- -------- -------- 2.59 x 2.11 x 2.45 x 2.14 x Debt Service Coverage Ratio EBIDTA (2) $ 12,304 $ 14,167 $ 38,063 $ 43,043 Divided by (Interest expense 4,697 6,674 15,405 19,942 + Principal Amortization) 962 974 2,748 2,973 -------- -------- -------- -------- 2.17 x 1.85 x 2.10 x 1.88 x Payout Ratios ------------- FFO Payout Ratio - Basic and Diluted Dividends (Shares) & Distributions (O.P. Units) paid - $0.12 per Share/O.P. Unit for each of the 1st through 3rd quarters in 2001 & 2000 $ 4,090 $ 4,245 $ 12,363 $ 12,814 FFO (2) 7,271 7,154 21,672 22,073 -------- -------- -------- -------- 56% 59% 57% 58% Overhead Ratios --------------- G&A/Real Estate Revenues General and Administrative expense $ 1,156 $ 1,168 $ 3,697 $ 3,746 Real Estate Revenues (2) 20,928 23,405 65,106 70,571 -------- -------- -------- -------- 6% 5% 6% 5% Leverage Ratios --------------- Debt/Total Market Capitalization (4) Debt $251,897 $308,392 Total Market Capitalization (5) 475,254 516,190 -------- -------- 53% 60% Notes: (1) Quarterly results for 2001 and 2000 are unaudited. Although the 2001 results reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The coverage ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to the Company's investment in unconsolidated partnerships. (2) EBIDTA and FFO for the quarter and nine months ended September 30, 2000 have been adjusted for non-recurring income of $200 and $1,957, respectively, of lease termination income received from former tenants at the Abington Towne Center in connection with the redevelopment of the entire property. Gross property revenues already exclude these amounts. The adjustments are as follows: For the Quarter Ended For the nine Months Ended September 30, 2000 September 30, 2000 EBIDTA FFO EBIDTA FFO Inclusive of lease termination revenue $ 14,367 $ 7,354 $ 45,000 $ 24,030 Less lease termination revenue (200) (200) (1,957) (1,957) -------- ------- -------- -------- As adjusted and used above $ 14,167 $ 7,154 $ 43,043 $ 22,073 ======== ======= ======== ======== (3) Represents preferred distributions on Preferred Operating partnership Units. (4) Including the Company's pro-rata share of joint venture debt, the Debt to Total Market Capitalization increases to 55% and 61% as of September 30, 2001 and 2000, respectively. (5) The calculation of the September 30, 2001 Total Market Capitalization appears elsewhere in this supplement.
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2001 Debt Analysis - Wholly Owned Properties Principal Balance at Rate as of September 30, Interest September 30, Maturity Property Lender Notes 2001 Rate 2001 Date - ---------------------------------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT - --------------- Gateway Mall Huntoon Hastings Capital Corp. $ 6,205,257 9.88% 09/01/2002 Pittston Plaza Anchor National Life Insurance Co. 3,701,765 7.93% 01/01/2004 Glen Oaks Apartments Lehman Brothers Holdings, Inc. 17,645,567 8.32% 03/01/2004 Mad River Mellon Mortgage Company 7,340,400 9.60% 05/23/2005 Manahawkin K-Mart Northern Life Insurance Co. and Reliastar Life Insurance Co. of New York 4,544,243 7.70% 12/01/2008 Crescent Plaza Metropolitan Life Insurance Co. 8,795,730 8.13% 11/01/2010 East End Centre Metropolitan Life Insurance Co. 16,109,033 8.13% 11/01/2010 GHT Apartments Bank of America, N.A. 11,040,312 7.55% 01/01/2011 Colony Apartments Bank of America, N.A. 5,520,156 7.55% 01/01/2011 Mountainville Shopping Center Morgan Stanley Mortgage Capital (1) 3,005,905 8.84% 11/01/2021 King's Fairground Morgan Stanley Mortgage Capital (1) 840,471 8.84% 11/01/2021 Northside Mall Morgan Stanley Mortgage Capital (1) 3,214,810 8.84% 11/01/2021 Dunmore Plaza Morgan Stanley Mortgage Capital (1) 1,071,106 8.84% 11/01/2021 25th Street Plaza Morgan Stanley Mortgage Capital (1) 7,536,725 8.84% 11/01/2021 Cloud Springs Plaza Morgan Stanley Mortgage Capital (1) 2,504,532 8.84% 11/01/2021 Kingston Plaza Morgan Stanley Mortgage Capital (1) 2,149,673 8.84% 11/01/2021 Plaza 15 Morgan Stanley Mortgage Capital (1) 2,042,422 8.84% 11/01/2021 Martintown Plaza Morgan Stanley Mortgage Capital (1) 2,747,758 8.84% 11/01/2021 Birney Plaza Morgan Stanley Mortgage Capital (1) 3,185,619 8.84% 11/01/2021 Midway Plaza Morgan Stanley Mortgage Capital (1) 2,360,350 8.84% 11/01/2021 Shillington Plaza Morgan Stanley Mortgage Capital (1) 2,726,774 8.84% 11/01/2021 Ames Plaza Morgan Stanley Mortgage Capital (1) 960,218 8.84% 11/01/2021 Circle Plaza Morgan Stanley Mortgage Capital (1) 1,180,595 8.84% 11/01/2021 New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital (1) 1,447,229 8.84% 11/01/2021 Monroe Plaza Morgan Stanley Mortgage Capital (1) 3,590,746 8.84% 11/01/2021 Troy Plaza Morgan Stanley Mortgage Capital (1) 2,269,793 8.84% 11/01/2021 ------------ ----- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 123,737,189 8.48% ------------ ----- VARIABLE-RATE DEBT - ------------------ Town Line Fleet Bank, N.A. 4,065,929 L + 175 5.32% 03/15/2002 Smithtown Shopping Center Fleet Bank, N.A. 9,133,707 L + 178 5.35% 05/31/2002 Merrillville Plaza Sun America Life Insurance Co. 13,600,936 L + 205 5.73% 08/01/2002 Village Apartments Sun America Life Insurance Co. 9,737,859 L + 205 5.84% 10/01/2002 Marketplace of Absecon Fleet Bank, N.A. (2) - L + 150 - 03/01/2003 Soundview Marketplace Fleet Bank, N.A. 8,881,689 L + 175 5.33% 08/01/2003 Greenridge Plaza Metropolitan Life Insurance Co. 6,100,000 L + 200 5.67% 11/01/2003 Luzerne Street Plaza Metropolitan Life Insurance Co. 1,600,000 L + 200 5.67% 11/01/2003 Valmont Plaza Metropolitan Life Insurance Co. 3,100,000 L + 200 5.67% 11/01/2003 239 Greenwich Avenue First Union National Bank 13,543,300 L + 145 5.02% 01/01/2005 Berlin Shopping Center Dime Savings Bank 4,948,874 L + 175 5.38% 04/01/2005 Bradford Towne Center Dime Savings Bank 8,660,529 L + 175 5.38% 04/01/2005 Ledgewood Mall Dime Savings Bank 31,425,350 L + 175 5.38% 04/01/2005 New Louden Center Dime Savings Bank 7,423,311 L + 175 5.38% 04/01/2005 Route 6 Plaza Dime Savings Bank 5,938,649 L + 175 5.38% 04/01/2005 ------------ -------- ----- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT (3) 128,160,133 L + 180 5.43% ------------ -------- ----- TOTAL/WEIGHTED AVERAGE - ALL DEBT $251,897,322 6.93% ============ ===== Notes: - ----- (1) This loan allows for full repayment, without penalty, commencing October 31, 2006. Commencing on this date (the "Reset Date"), the interest rate is to be adjusted to a U.S. Treasury rate + 500 basis points (the treasury rate being the interpolated yield on treasuries most nearly approximating the period from the the Reset Date to the maturity date, November 1, 2001). (2) This is a revolving facility for up to $7,400,000 which bears interest at LIBOR plus 150 basis points (175 basis points if the loan to collateral value is > 50%). All outstanding amounts were repaid during the second quarter 2001 leaving $7,400,000 available under this facility. (3) The Company has hedged $50,000,000 of it's variable-rate debt with two variable to fixed-rate swap agreements with Fleet Bank, N.A. Including the effect from these swaps, weighted-average interest rate on the Company's fixed-rate debt and total debt portfolio is 7.89% and 7.13%, respectively. Detail of the swap agreements is as follows: Notional principal All-in Rate Maturity Date ------------------ ----------- ------------- $ 30,000,000 6.55% 04/01/2005 20,000,000 6.28% 10/01/2006 ------------ ---- ---------- $ 50,000,000 6.44% ============ ====
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2001 Debt Analysis - Unconsolidated Partnerships ------------------------------------------- Total Acadia Realty Principal Trust Balance at Interest Maturity FIXED-RATE DEBT (1) Joint Venture Partner Ownership September 30, 2001 Rate Date - ---------------- --------------------- -------------------------------------------------------------- Crossroads Shopping Center Heyman-Greenburgh Associates LLC 49.0% $ 34,264,824 7.15% 10/01/2007 RMC Development Company LLC Summary - Wholly-Owned Properties and Unconsolidated Partnerships % of Weighted % of Outstanding Wholly-Owned Avg. Total Balance Only Int. Rate --------------------------------------------------- Wholly-Owned Properties Fixed-Rate Debt (2) 65% $173,737,189 69% 7.89% Variable-Rate Debt (2) 29% 78,160,133 31% 5.43% --- ------------ --- ---- Wholly-Owned Properties - Total Debt 94% 251,897,322 100% 7.13% === ============ === ---- Unconsolidated Partnerships Fixed-Rate Debt 6% 16,789,764 7.15% Variable-Rate Debt 0% - 0.00% --- ------------ ---- Unconsolidated Partnerships - Total Debt 6% 16,789,764 7.15% --- ------------ ---- Total Debt 100% $268,687,086 7.13% === ============ ==== Notes: - ----- (1) Acadia Realty Trust's 49% ownership represents $16,789,764, of which $5,000,000 is fixed at 7.53% and the remaining balance is fixed at 6.99% through interest rate swap transactions. (2) Fixed-rate debt includes $50 million of notional principal fixed through swap transactions. Conversely, variable-rate debt excludes this amount.
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Future Debt Maturities(1) ---------------------- (in thousands) Weighted Average Interest Rate of Maturing Debt ------------------------------------------------- Scheduled Year Amortization Maturities Total Total Debt Fixed-Rate Debt Variable-Rate Debt ---- ------------ ---------- ----- ---------- --------------- ------------------ 2001 $ 1,002 $ - $ 1,002 n/a n/a n/a 2002 4,011 42,142 46,153 6.24% 9.88% 5.62% 2003 3,821 19,158 22,979 5.52% n/a 5.52% 2004 3,531 20,542 24,073 8.25% 8.25% n/a 2005 2,700 74,912 77,612 5.69% 9.60% 5.31% Thereafter 7,017 73,061 80,078 8.38% 8.38% n/a -------- --------- --------- $ 22,082 $ 229,815 $ 251,897 ======== ========= ========= Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 2001 $ 52 2nd Quarter 2001 57 3rd Quarter 2001 83 4th Quarter 2001 - ----- $ 192 ===== (1) Does not include debt from unconsolidated partnerships
[LOGO} QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Unencumbered Properties ----------------------- Center Location GLA ------ -------- --- Abington Towne Center(1) Abington, PA 216,226 Blackman Plaza Wilkes-Barre, PA 121,206 Bloomfield Town Square Bloomfield, MI 224,583 Branch Plaza Smithtown, NY 125,840 Elmwood Park Shopping Center Elmwood, NJ 134,589 Hobson West Plaza Naperville, IL 99,950 Manahawkin Shopping Center(2) Manahawkin, NJ 62,827 Mark Plaza Edwardsville, PA 214,021 Methuen Shopping Center Methuen, CT 129,494 Pacesetter Park Shopping Center Ramapo, New York 95,559 Plaza 422 Lebanon, PA 154,791 Union Plaza(3) New Castle, PA 217,992 Walnut Hill Plaza Woonsocket, RI 297,370 --------- Total GLA of Unencumbered Properties 2,094,448 ========= (1) A portion of this property (157,616 square feet) is owned by the Target Corp. (2) Excludes the Kmart portion of the shopping center which is encumbered (3) This property is currently under contract to be sold.
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Portfolio by Region and Property Type ------------------------------------- (Square Feet) Properties Strip Enclosed Under Total Region Mall Mall Redevelopment(2) Retail Residential Total ------ ---- ---- --------------- ------ ----------- ----- Wholly-Owned Properties New England 736,157 - 177,083 913,240 - 913,240 New York Region 1,338,076 515,073 106,671 1,959,820 - 1,959,820 Mid-Atlantic 3,240,515 - 216,226 3,456,741 1,136,378 4,593,119 Southeast 938,417 - - 938,417 - 938,417 Mid-west 716,402 - - 716,402 628,891 1,345,293 --------- ------- ------- --------- --------- --------- Total Wholly-Owned Properties 6,969,567 515,073 499,980 7,984,620 1,765,269 9,749,889 Unconsolidated Partnerships - New York Region(1) 310,919 - - 310,919 - 310,919 --------- ------- ------- --------- --------- ---------- 7,280,486 515,073 499,980 8,295,539 1,765,269 10,060,808 ========= ======= ======= ========= ========= ========== % of Total Square Feet 72.4% 5.1% 5.0% 82.5% 17.5% 100.0% (1) This center is 49% owned by unconsolidated partnerships (2) The Company currently has 4 redevelopment projects as further described on page 41
QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 [LOGO] Retail Properties by Region - Summary ------------------------------------- ------------------------------------------------------------------------------- Gross Leasable Area Occupancy ------------------------------------------------------------------------------- Anchors(1) Shops Total Anchors Shops Total ------------------------------------------------------------------------------- Wholly-Owned Retail Properties ------------------------------ Mid-Atlantic 2,405,913 834,602 3,240,515 94.27% 83.63% 91.53% Midwest 307,225 409,177 716,402 100.00% 85.01% 91.44% New England 446,756 289,401 736,157 100.00% 91.55% 96.68% New York Region 1,228,736 624,413 1,853,149 98.32% 78.15% 91.52% Southeast 419,981 518,436 938,417 81.86% 66.15% 73.18% ------------------------------------------------------------------------------- Total Retail Properties 4,808,611 2,676,029 7,484,640 95.12% 80.03% 89.73% ------------------------------------------------------------------------------- Redevelopment Properties(2) 362,970 137,010 499,980 71.20% 76.02% 72.52% ------------------------------------------------------------------------------- Grand Total - Wholly-Owned Retail Properties 5,171,581 2,813,039 7,984,620 93.44% 79.84% 88.65% ------------------------------------------------------------------------------- Unconsolidated Retail Properties -------------------------------- New York Region(3) 191,363 119,556 310,919 100.00% 89.63% 96.01% ------------------------------------------------------------------------------- Total Unconsolidated Retail Properties 191,363 119,556 310,919 100.00% 89.63% 96.01% ===============================================================================
[RESTUBBED TABLE] ------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Totals ------------------------------------------------------------------------------- Wholly-Owned Retail Properties ------------------------------ Mid-Atlantic $ 9,203,911 $ 5,753,365 $ 14,957,276 $ 4.06 $ 8.24 $ 5.04 Midwest 2,318,241 4,483,116 6,801,357 7.55 12.89 10.38 New England 3,423,274 2,276,959 5,700,233 9.80 8.59 9.28 New York Region 9,816,244 7,392,579 17,208,823 8.13 15.15 10.15 Southeast 1,190,245 1,878,001 3,068,246 3.46 5.48 4.47 ------------------------------------------------------------------------------- Total Retail Properties 25,951,915 21,784,020 47,735,935 5.80 10.17 7.21 ------------------------------------------------------------------------------- Redevelopment Properties(2) 572,221 1,952,240 2,524,461 5.68 18.74 12.32 ------------------------------------------------------------------------------- Grand Total - Wholly-Owned Retail Properties 26,524,136 23,736,260 50,260,396 5.79 10.57 7.37 ------------------------------------------------------------------------------- Unconsolidated Retail Properties -------------------------------- New York Region(3) 1,790,546 3,102,629 4,893,175 9.36 28.95 16.39 ------------------------------------------------------------------------------- Total Unconsolidated Retail Properties $ 1,790,546 $ 3,102,629 $ 4,893,175 $ 9.36 $ 28.95 $ 16.39 =============================================================================== General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. (1) Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot. (2) The Company currently has 4 redevelopment projects as further described on page 41 (3) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center.
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] SEPTEMBER 30, 2001 Commercial Properties by Region - Detail ---------------------------------------- ------------------------------------------------------------------------------------ Gross Leasable Area Occupancy ------------------------------------------------------------------------------------ Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------------------ Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic ------------ Pennsylvania - ------------ AMES PLAZA 88,354 7,800 96,154 100.00% 0.00% 91.89% BIRNEY PLAZA 135,493 58,406 193,899 100.00% 95.72% 98.71% BLACKMAN PLAZA 104,956 16,250 121,206 100.00% 43.08% 92.37% BRADFORD TOWNE CENTRE 146,499 110,220 256,719 100.00% 71.69% 87.85% CIRCLE PLAZA 92,171 - 92,171 100.00% 100.00% DUNMORE PLAZA 39,680 5,700 45,380 100.00% 100.00% 100.00% EAST END CENTER 176,200 132,227 308,427 100.00% 91.32% 96.28% GREENRIDGE PLAZA 145,420 52,882 198,302 100.00% 72.52% 92.67% KINGSTON PLAZA 51,500 13,324 64,824 100.00% 84.99% 96.91% LUZERNE STREET SHOPPING CENTER (1) 54,618 3,097 57,715 100.00% 47.47% 97.18% MARK PLAZA 157,595 56,426 214,021 100.00% 87.59% 96.73% MONROE PLAZA 128,129 2,440 130,569 100.00% 41.86% 98.91% MOUNTAINVILLE SHOPPING CENTER 69,608 49,239 118,847 100.00% 90.86% 96.21% PITTSTON PLAZA 67,568 12,000 79,568 100.00% 100.00% 100.00% PLAZA 15 81,800 31,730 113,530 100.00% 92.12% 97.80% PLAZA 422 124,113 30,678 154,791 100.00% 32.60% 86.64% ROUTE 6 MALL 119,658 55,824 175,482 100.00% 97.31% 99.14% SHILLINGTON PLAZA 134,607 16,135 150,742 100.00% 100.00% 100.00% 25TH STREET SHOPPING CENTER 28,800 102,677 131,477 100.00% 93.47% 94.90% UNION PLAZA (2) 217,992 - 217,992 100.00% 100.00% VALMONT PLAZA 137,817 62,347 200,164 0.00% 91.18% 28.40% ------------------------------------------------------------------------------------ Total: Pennsylvania 2,302,578 819,402 3,121,980 94.01% 84.11% 91.42% ------------------------------------------------------------------------------------ Virginia - -------- KINGS FAIRGROUNDS 103,335 15,200 118,535 100.00% 57.89% 94.60% ------------------------------------------------------------------------------------ Total: Virginia 103,335 15,200 118,535 100.00% 57.89% 94.60% ------------------------------------------------------------------------------------ Total: Mid-Atlantic 2,405,913 834,602 3,240,515 94.27% 83.63% 91.53% ------------------------------------------------------------------------------------
[RESTUBBED TABLE] [LOGO] Commercial Properties by Region - Detail --------------------------------------------------------------------------- ---------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic ------------ Pennsylvania - ------------ AMES PLAZA 189,263 - 189,263 2.14 - 2.14 BIRNEY PLAZA 311,544 335,250 646,794 2.30 6.00 3.38 BLACKMAN PLAZA 204,664 17,500 222,164 1.95 2.50 1.98 BRADFORD TOWNE CENTRE 887,469 516,852 1,404,321 6.06 6.54 6.23 CIRCLE PLAZA 252,289 - 252,289 2.74 - 2.74 DUNMORE PLAZA 89,134 63,935 153,069 2.25 11.22 3.37 EAST END CENTER 1,117,500 1,054,130 2,171,630 6.34 8.73 7.31 GREENRIDGE PLAZA 659,405 363,424 1,022,829 4.53 9.48 5.57 KINGSTON PLAZA 284,000 117,050 401,050 5.51 10.34 6.38 LUZERNE STREET SHOPPING CENTER (1) 272,150 18,890 291,040 4.98 12.85 5.19 MARK PLAZA 625,776 367,482 993,258 3.97 7.44 4.80 MONROE PLAZA 423,718 18,720 442,438 3.31 18.33 3.43 MOUNTAINVILLE SHOPPING CENTER 309,000 363,387 672,387 4.44 8.12 5.88 PITTSTON PLAZA 496,446 119,125 615,571 7.35 9.93 7.74 PLAZA 15 216,988 147,833 364,821 2.65 5.06 3.29 PLAZA 422 262,030 63,450 325,480 2.11 6.34 2.43 ROUTE 6 MALL 687,951 369,977 1,057,928 5.75 6.81 6.08 SHILLINGTON PLAZA 367,720 212,260 579,980 2.73 13.16 3.85 25TH STREET SHOPPING CENTER 274,450 1,190,232 1,464,682 9.53 12.40 11.74 UNION PLAZA (2) 938,730 - 938,730 4.31 - 4.31 VALMONT PLAZA - 371,868 371,868 - 6.54 6.54 --------------------------------------------------------------------------- Total: Pennsylvania 8,870,227 5,711,365 14,581,592 4.10 8.29 5.11 --------------------------------------------------------------------------- Virginia - -------- KINGS FAIRGROUNDS 333,684 42,000 375,684 3.23 4.77 3.35 --------------------------------------------------------------------------- Total: Virginia 333,684 42,000 375,684 3.23 4.77 3.35 --------------------------------------------------------------------------- Total: Mid-Atlantic 9,203,911 5,753,365 14,957,276 4.06 8.24 5.04 --------------------------------------------------------------------------- General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. (1) The Price Chopper supermarket occupying 40,618 square feet is not operating but continues to pay rent pursuant to their lease. (2) This property is currently under contract for sale and is reflected as held for sale in the Company's September 30, 2001 financial statements. Ames filed to reject their lease in 94,000 square feet at this property subsequent to the third quarter 2001. Provisions have been set forth in the contract dealing with Ames and the Company anticipates completing the sale by the first quarter of 2002. This space is reflected as occupied as of September 30, 2001.
[LOGO] QUARTERLY SUPPLEMENTAL DISCOLSURE SEPTEMBER 30, 2001 Commercial Properties by Region - Detail --------------------------------------------------------------------------- ---------------------------------------- Gross Leaseable Area Occupancy --------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Midwest ------- Illinois - -------- HOBSON WEST PLAZA 42,037 57,913 99,950 100.00% 94.02% 96.54% --------------------------------------------------------------------------- Total: Illinois 42,037 57,913 99,950 100.00% 94.02% 96.54% --------------------------------------------------------------------------- Indiana - ------- MERRILLVILLE PLAZA 101,357 134,063 235,420 100.00% 98.50% 99.15% --------------------------------------------------------------------------- Total: Indiana 101,357 134,063 235,420 100.00% 98.50% 99.15% --------------------------------------------------------------------------- Michigan - -------- BLOOMFIELD TOWN SQUARE 105,646 118,749 224,395 100.00% 70.62% 84.45% --------------------------------------------------------------------------- Total: Michigan 105,646 118,749 224,395 100.00% 70.62% 84.45% --------------------------------------------------------------------------- Ohio - ---- MAD RIVER STATION (1) 58,185 98,452 156,637 100.00% 78.69% 86.61% --------------------------------------------------------------------------- Total: Ohio 58,185 98,452 156,637 100.00% 78.69% 86.61% --------------------------------------------------------------------------- Total: Midwest 307,225 409,177 716,402 100.00% 85.01% 91.44% --------------------------------------------------------------------------- New England ----------- Connecticut - ----------- TOWN LINE PLAZA (2) 161,965 43,893 205,858 100.00% 100.00% 100.00% 239 GREENWICH AVENUE (3) 16,834 - 16,834 100.00% - 100.00% --------------------------------------------------------------------------- Total: Connecticut 178,799 43,893 222,692 100.00% 100.00% 100.00% --------------------------------------------------------------------------- Massachusetts - ------------- CRESCENT PLAZA (4) 154,865 61,230 216,095 100.00% 97.55% 99.31% --------------------------------------------------------------------------- Total: Massachusetts 154,865 61,230 216,095 100.00% 97.55% 99.31% --------------------------------------------------------------------------- Rhode Island - ------------ WALNUT HILL PLAZA 113,092 184,278 297,370 100.00% 87.55% 92.28% --------------------------------------------------------------------------- Total: Rhode Island 113,092 184,278 297,370 100.00% 87.55% 92.28% --------------------------------------------------------------------------- Total: New England 446,756 289,401 736,157 100.00% 91.55% 96.68% ---------------------------------------------------------------------------
[RESTUBBED TABLE] [LOGO] Commercial Properties by Region - Detail --------------------------------------------------------------------------- ---------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Midwest ------- Illinois - -------- HOBSON WEST PLAZA 170,000 879,696 1,049,696 4.04 16.16 10.88 ------------------------------------------------------------------------- Total: Illinois 170,000 879,696 1,049,696 4.04 16.16 10.88 ------------------------------------------------------------------------- Indiana - ------- MERRILLVILLE PLAZA 835,417 1,550,974 2,386,391 8.24 11.75 10.22 ------------------------------------------------------------------------- Total: Indiana 835,417 1,550,974 2,386,391 8.24 11.75 10.22 ------------------------------------------------------------------------- Michigan - -------- BLOOMFIELD TOWN SQUARE 781,257 1,013,876 1,795,133 7.40 12.09 9.47 ------------------------------------------------------------------------- Total: Michigan 781,257 1,013,876 1,795,133 7.40 12.09 9.47 ------------------------------------------------------------------------- Ohio - ---- MAD RIVER STATION (1) 531,567 1,038,570 1,570,137 9.14 13.41 11.57 ------------------------------------------------------------------------- Total: Ohio 531,567 1,038,570 1,570,137 9.14 13.41 11.57 ------------------------------------------------------------------------- Total: Midwest 2,318,241 4,483,116 6,801,357 7.55 12.89 10.38 ------------------------------------------------------------------------- New England ----------- Connecticut - ----------- TOWN LINE PLAZA (2) 730,000 589,259 1,319,259 11.29 13.42 12.15 239 GREENWICH AVENUE (3) 1,125,165 - 1,125,165 66.84 - 66.84 ------------------------------------------------------------------------- Total: Connecticut 1,855,165 589,259 2,444,424 22.76 13.42 19.49 ------------------------------------------------------------------------- Massachusetts - ------------- CRESCENT PLAZA (4) 812,385 448,500 1,260,885 5.25 7.51 5.88 ------------------------------------------------------------------------- Total: Massachusetts 812,385 448,500 1,260,885 5.25 7.51 5.88 ------------------------------------------------------------------------- Rhode Island - ------------ WALNUT HILL PLAZA 755,724 1,239,200 1,994,924 6.68 7.68 7.27 ------------------------------------------------------------------------- Total: Rhode Island 755,724 1,239,200 1,994,924 6.68 7.68 7.27 ------------------------------------------------------------------------- Total: New England 3,423,274 2,276,959 5,700,233 9.80 8.59 9.28 ------------------------------------------------------------------------- General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. (1) The GLA for this property includes 27,702 square feet of office space. (2) Anchor GLA includes a 97,300 square foot Wal*Mart which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot. (3) 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21 residential units encompassing 14,434 square feet. Residential activities are not included above. (4) Home Depot, which has leased 104,640 square feet at this center, assumed this space from Bradlees during the 1st Quarter 2001 following Bradlees' bankruptcy and liquidation.
[LOGO] QUARTERLY SUPPLEMENTAL DISCOLSURE SEPTEMBER 30, 2001 Commercial Properties by Region - Detail --------------------------------------------------------------------------- ---------------------------------------- Gross Leaseable Area Occupancy --------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- New York Region --------------- New Jersey - ---------- MARKETPLACE OF ABSECON 58,031 46,875 104,906 100.00% 64.43% 84.11% BERLIN SHOPPING CENTER 127,850 59,328 187,178 100.00% 54.49% 85.58% LEDGEWOOD MALL 342,468 172,605 515,073 100.00% 71.00% 90.28% MANAHAWKIN VILLAGE SHOPPING CENTER 144,053 31,175 175,228 100.00% 100.00% 100.00% ----------------------------------------------------------------------- Total: New Jersey 672,402 309,983 982,385 100.00% 69.76% 90.46% ----------------------------------------------------------------------- New York - -------- SOUNDVIEW MARKETPLACE 66,800 113,820 180,620 100.00% 83.30% 89.48% VILLAGE COMMONS SHOPPING CENTER 25,192 61,963 87,155 100.00% 97.50% 98.22% BRANCH SHOPPING PLAZA 83,670 42,170 125,840 75.30% 87.48% 79.38% NEW LOUDON CENTER 227,911 25,200 253,111 100.00% 100.00% 100.00% TROY PLAZA 100,709 27,770 128,479 100.00% 100.00% 100.00% PACESETTER PARK SHOPPING CENTER 52,052 43,507 95,559 100.00% 61.16% 82.32% ----------------------------------------------------------------------- Total: New York 556,334 314,430 870,764 96.29% 86.41% 92.72% ----------------------------------------------------------------------- Total: New York Region 1,228,736 624,413 1,853,149 98.32% 78.15% 91.52% ----------------------------------------------------------------------- Southeast --------- Alabama - ------- MIDWAY PLAZA 105,775 101,763 207,538 55.58% 71.41% 63.34% NORTHSIDE MALL 111,970 270,329 382,299 100.00% 50.60% 65.07% ----------------------------------------------------------------------- Total: Alabama 217,745 372,092 589,837 78.42% 56.29% 64.46% ----------------------------------------------------------------------- Florida - ------- NEW SMYRNA BEACH SHOPPING CENTER 35,980 65,341 101,321 68.87% 92.96% 84.41% ----------------------------------------------------------------------- Total: Florida 35,980 65,341 101,321 68.87% 92.96% 84.41% ----------------------------------------------------------------------- Georgia - ------- CLOUD SPRINGS PLAZA 74,260 39,107 113,367 100.00% 84.40% 94.62% ----------------------------------------------------------------------- Total: Georgia 74,260 39,107 113,367 100.00% 84.40% 94.62% ----------------------------------------------------------------------- South Carolina - -------------- MARTINTOWN PLAZA 91,996 41,896 133,892 80.43% 94.80% 84.93% ----------------------------------------------------------------------- Total: South Carolina 91,996 41,896 133,892 80.43% 94.80% 84.93% ----------------------------------------------------------------------- Total: Southeast 419,981 518,436 938,417 81.86% 66.15% 73.18% ----------------------------------------------------------------------- ----------------------------------------------------------------------- Total: Retail Properties (before redevelopment properties) 4,808,611 2,676,029 7,484,640 95.12% 80.03% 89.73% -----------------------------------------------------------------------
[RESTUBBED TABLE] [LOGO] Commercial Properties by Region - Detail --------------------------------------------------------------------------- ---------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- New York Region --------------- New Jersey - ---------- MARKETPLACE OF ABSECON 927,574 475,227 1,402,801 15.98 15.74 15.90 BERLIN SHOPPING CENTER 619,400 237,344 856,744 4.84 7.34 5.35 LEDGEWOOD MALL 2,949,673 1,529,476 4,479,149 8.61 12.48 9.63 MANAHAWKIN VILLAGE SHOPPING CENTER 1,206,873 378,321 1,585,194 8.38 12.14 9.05 ---------------------------------------------------------------------- Total: New Jersey 5,703,520 2,620,368 8,323,888 8.48 12.12 9.37 ---------------------------------------------------------------------- New York - -------- SOUNDVIEW MARKETPLACE 1,010,250 1,450,504 2,460,754 15.12 15.30 15.23 VILLAGE COMMONS SHOPPING CENTER 407,055 1,454,923 1,861,978 16.16 24.08 21.75 BRANCH SHOPPING PLAZA 837,270 679,562 1,516,832 13.29 18.42 15.18 NEW LOUDON CENTER 1,348,003 418,050 1,766,053 5.91 16.59 6.98 TROY PLAZA 196,000 294,625 490,625 1.95 10.61 3.82 PACESETTER PARK SHOPPING CENTER 314,146 474,547 788,693 6.04 17.83 10.03 ---------------------------------------------------------------------- Total: New York 4,112,724 4,772,211 8,884,935 7.68 17.56 11.00 ---------------------------------------------------------------------- Total: New York Region 9,816,244 7,392,579 17,208,823 8.13 15.15 10.15 ---------------------------------------------------------------------- Southeast --------- Alabama - ------- MIDWAY PLAZA 102,380 328,440 430,820 1.74 4.52 3.28 NORTHSIDE MALL 227,974 661,098 889,072 2.04 4.83 3.57 ---------------------------------------------------------------------- Total: Alabama 330,354 989,538 1,319,892 1.93 4.72 3.47 ---------------------------------------------------------------------- Florida - ------- NEW SMYRNA BEACH SHOPPING CENTER 223,020 485,104 708,124 9.00 7.99 8.28 ---------------------------------------------------------------------- Total: Florida 223,020 485,104 708,124 9.00 7.99 8.28 ---------------------------------------------------------------------- Georgia - ------- CLOUD SPRINGS PLAZA 340,371 173,370 513,741 4.58 5.25 4.79 ---------------------------------------------------------------------- Total: Georgia 340,371 173,370 513,741 4.58 5.25 4.79 ---------------------------------------------------------------------- South Carolina - -------------- MARTINTOWN PLAZA 296,500 229,989 526,489 4.01 5.79 4.63 ---------------------------------------------------------------------- Total: South Carolina 296,500 229,989 526,489 4.01 5.79 4.63 ---------------------------------------------------------------------- Total: Southeast 1,190,245 1,878,001 3,068,246 3.46 5.48 4.47 ---------------------------------------------------------------------- ---------------------------------------------------------------------- Total: Retail Properties (before redevelopment properties) $ 25,951,915 $ 21,784,020 $ 47,735,935 $ 5.80 $ 10.17 $ 7.21 ---------------------------------------------------------------------- General note - The above occupancy and net 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.
QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 [LOGO] Commercial Properties by Region - Detail --------------------------------------------------------------------------- ---------------------------------------- Gross Leasable Area Occupancy --------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------- Redevelopment Properties(1) ABINGTON TOWNE CENTER (Pennsylvania)(2) 184,616 31,610 216,226 100.00% 81.57% 97.31% THE GATEWAY SHOPPING CENTER (Vermont) 31,600 15,245 46,845 100.00% 73.76% 91.46% METHUEN SHOPPING CENTER (Massachusetts)(3) 120,004 10,234 130,238 25.38% 100.00% 31.24% ELMWOOD PARK SHOPPING CENTER (New Jersey) 26,750 79,921 106,671 43.93% 71.18% 64.35% ----------------------------------------------------------------------------- Total: Retail Properties - Redevelopment Properties 362,970 137,010 499,980 71.20% 76.02% 72.52% ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- Total: All Wholly-Owned Retail Properties 5,171,581 2,813,039 7,984,620 93.44% 79.84% 88.65% ----------------------------------------------------------------------------- Check 88.65%
Unconsolidated Retail Properties -------------------------------- ----------------------------------------------------------------------------- New York Region --------------- Gross Leasable Area Occupancy ----------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ----------------------------------------------------------------------------- New York CROSSROADS JOINT VENTURE (4) 138,933 57,116 196,049 100.00% 84.64% 95.53% CROSSROADS II (4) 52,430 62,440 114,870 100.00% 94.19% 96.84% ----------------------------------------------------------------------------- Total: New York 191,363 119,556 310,919 100.00% 89.63% 96.01% ----------------------------------------------------------------------------- Total: New York Region 191,363 119,556 310,919 100.00% 89.63% 96.01% ----------------------------------------------------------------------------- Total: Unconsolidated Retail Properties 191,363 119,556 310,919 100.00% 89.63% 96.01% =============================================================================
[RESTUBBED TABLE] [LOGO] ----------------------------------------------------------------------- Commercial Properties by Region - Detail Annualized Base Rent ---------------------------------------- Annualized Base Rent per Occupied Square Foot ----------------------------------------------------------------------- Redevelopment Properties(1) ABINGTON TOWNE CENTER (Pennsylvania)(2) 256,500 463,012 719,512 9.50 17.96 13.63 THE GATEWAY SHOPPING CENTER (Vermont) 126,400 195,695 322,095 4.00 17.40 7.52 METHUEN SHOPPING CENTER (Massachusetts)(3) 109,656 92,308 201,964 3.60 9.02 4.96 ELMWOOD PARK SHOPPING CENTER (New Jersey) 79,665 1,201,225 1,280,890 6.78 21.12 18.66 ----------------------------------------------------------------------- Total: Retail Properties - Redevelopment Properties $ 572,221 $ 1,952,240 $ 2,524,461 $ 5.68 $ 18.74 $ 12.32 ----------------------------------------------------------------------- ----------------------------------------------------------------------- Total: All Wholly-Owned Retail Properties $ 26,524,136 $ 23,736,260 $ 50,260,396 $ 5.79 $ 10.57 $ 7.37 ----------------------------------------------------------------------- $ 7.37 [RESTUBBED TABLE] Unconsolidated Retail Properties -------------------------------- ------------------------------------------------------------------------------- Annualized Base Rent New York Region Annualized Base Rent per Occupied Square Foot --------------- ------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------------- New York - -------- CROSSROADS JOINT VENTURE (4) $ 1,070,250 $ 1,344,637 $ 2,414,887 $ 7.70 $ 27.81 $ 12.89 CROSSROADS II (4) 720,296 1,757,992 2,478,288 13.74 29.89 22.28 ------------------------------------------------------------------------------- Total: New York 1,790,546 3,102,629 4,893,175 9.36 28.95 16.39 ------------------------------------------------------------------------------- Total: New York Region 1,790,546 3,102,629 4,893,175 9.36 28.95 16.39 ------------------------------------------------------------------------------- Total: Unconsolidated Retail Properties $ 1,790,546 $ 3,102,629 $ 4,893,175 $ 9.36 $ 28.95 $ 16.39 =============================================================================== General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. (1) The Company currently has 4 redevelopment projects as further described on page 41 (2) Anchor GLA includes a 157,616 square foot Target which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot. (3) Wal*Mart opened in 89,000 square feet subsequent to the third quarter 2001 (October 29, 2001). This occupancy is not reflected as of September 30, 2001. (4) The Company has a 49% interest in these partnerships which, together, own the Crossroads Shopping Center.
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] SEPTEMBER 30, 2001 Top 25 Retail Tenants - Ranked by Annualized Base Rent ------------------------------------------------------ (excludes Unconsolidated Partnerships) Percentage of Total Represented by Retail Tenant --------------------------------- Number of Retail Stores in Total Annualized Base Total Annualized Base Ranking Tenant Portfolio GLA Rent(1) Portfolio GLA(2) Rent(2) ------- ------ --------- --- ------ --------------- ------- 1 Kmart 9 924,282 $ 3,431,692 11.6% 6.8% 2 Ames(3) 9 665,571 2,148,083 8.3% 4.3% 3 T.J. Maxx 8 239,737 1,802,365 3.0% 3.6% 4 Price Chopper(4) 6 268,587 1,596,727 3.4% 3.2% 5 Eckerd Drug(5) 13 156,963 1,325,144 2.0% 2.6% 6 Shaw's(6) 3 134,217 1,141,084 1.7% 2.3% 7 Walmart(7) 2 232,540 1,116,575 2.9% 2.2% 8 Acme (Albertson's) 2 76,864 918,664 1.0% 1.8% 9 Fashion Bug(8) 10 111,294 912,200 1.4% 1.8% 10 PharMor(9) 2 90,471 843,981 1.1% 1.7% 11 Pathmark 1 63,000 837,270 0.8% 1.7% 12 Redner's Supermarket 2 111,739 837,112 1.4% 1.7% 13 Restoration Hardware 1 12,293 830,000 0.2% 1.7% 14 A&P (Waldbaum's) 1 64,665 730,000 0.8% 1.5% 15 Sears 2 159,640 703,230 2.0% 1.4% 16 CVS(10) 6 62,610 625,855 0.8% 1.2% 17 Macy's 1 73,349 610,745 0.9% 1.2% 18 Clearview Cinemas(11) 1 25,400 596,250 0.3% 1.2% 19 Kay Bee Toys 5 41,025 559,050 0.5% 1.1% 20 JC Penney 2 72,580 546,747 0.9% 1.1% 21 Payless Shoe Source 11 38,209 507,470 0.5% 1.0% 22 Office Depot 3 83,821 499,817 1.0% 1.0% 23 McDonald's(12) 8 - 455,929 0.0% 0.9% 24 Circuit City 1 33,294 449,469 0.4% 0.9% 25 Blockbuster Video 4 21,930 443,860 0.3% 0.9% -- ------- -------- ---- ---- Total 113 3,764,081 $ 24,469,319 47.1% 48.7% === ========= ============ ===== ===== (1) Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after September 30, 2001 (2) Represents total GLA and annualized base rent for the Company's retail properties excluding joint venture properties (3) The tenant is currently operating under Chapter 11 Bankruptcy and, as of September 30, 2001, had not affirmed or rejected the lease at any of these remaining locations. Subsequent to September 30, 2001, Ames filed to reject the lease for 94,000 square feet at the Union Plaza for which the tenant pays $493,500 in annual rent. The above table, which is as of September 30, 2001, includes this location. The Union Plaza is currently under contract for sale (provisions have been set forth in the contract for Ames) and the Company anticipates the sale to close by the first quarter of 2002. (4) The tenant is currently not operating the store at the Luzerne Street Shopping Center. They are obligated, and continue, to pay annual minimum rent of $177,650 until the lease expires in April 30, 2004 (5) Subsidiary of JC Penney. The store at the Route 6 Mall has ceased operating but continues to pay annual rent of $106,560 through January 31, 2011 pursuant to the lease (6) Subsequent to September 30, 2001, Shaw's signed an agreement to expand their premise at the Gateway Shopping Center in connection with the redevelopment of the entire center. Their current space of 31,600 square feet for which they pay an annual rental of $126,400 (this lease is reflected in the above table as of September 30, 2001) will be expanded to 66,328 square feet with an annual rent of $1,193,904. (7) Subsequent to September 30, 2001, Wal*Mart opened in a third location in 89,000 square feet at the Methuen Shopping Center with an annual rent of $626,808. This is not reflected in the above table as of September 30, 2001. (8) This tenant pays percentage rent only (no minimum rent) at 7 of these locations. Included in the above rent is $637,997 of percentage rent paid for calendar 2000 (9) The tenant is currently operating under Chapter 11 Bankruptcy and has not affirmed or rejected the lease at any of its locations. (10) The tenant is currently not operating the store at the Kings Fairgrounds Shopping Center. They are obligated, and continue, to pay annual minimum rent of $29,184 until the lease expires in February 28, 2002 (11) Subsidiary of Cablevision (12) Restaurants located in shopping center outparcels
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMEBER 30, 2001 Anchor Tenant Summary Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - -------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned New England Connecticut - ----------- TOWN LINE PLAZA, ROCKY HILL WAL-MART(1) 97,300 - - $ - REA AGREEEMENT A&P SUPERFRESH 64,665 03/08/2017 730,000 11.29 (7) 5 YEAR (6 MONTHS) ------- -------------------- Total: TOWN LINE PLAZA 161,965 730,000 11.29 ------- -------------------- 239 GREENWICH AVE., GREENWICH CHICO'S FASHION 4,541 01/31/2010 295,165 $ 65.00 (2) 5 YEARS RESTORATION HARDWARE INC. 12,293 04/30/2015 830,000 67.52 (2) 5 YEARS (6 MONTHS) ------- -------------------- Total: 239 GREENWICH AVE. 16,834 1,125,165 66.84 ------- -------------------- Massachusetts - ------------- METHUEN SHOPPING CENTER, METHUEN(2) DEMOULAS SUPER MARKETS 30,460 01/31/2005 109,656 3.60 (2) 5 YEAR ------- -------------------- Total: METHUEN SHOPPING CENTER 30,460 109,656 3.60 ------- -------------------- CRESCENT PLAZA, BROCKTON HOME DEPOT 3 104,640 10/31/2008 295,425 2.82 (1) 8 YR & (2) 5 YEAR SHAWS SUPERMARKETS 50,225 12/31/2012 516,960 10.29 (6) 5 YEAR (6 MONTHS) ------- -------------------- Total: CRESCENT PLAZA 154,865 812,385 5.25 ------- -------------------- Rhode Island - ------------ WALNUT HILL PLAZA, WOONSOCKET SEARS 60,700 08/31/2003 258,000 4.25 (6) 5 YEAR (12 MONTHS) SHAWS SUPERMARKETS 52,392 12/31/2013 497,724 9.50 (6) 5 YEAR (9 MONTHS) ------- -------------------- Total: WALNUT HILL PLAZA 113,092 755,724 6.68 ------- -------------------- Vermont - ------- THE GATEWAY SHOPPING CENTER, BURLINGTON SHAWS SUPERMARKETS(4) 31,600 06/30/2005 126,400 4.00 (1) 5 YEAR (12 MONTHS) ------- -------------------- Total: THE GATEWAY SHOPPING CENTER 31,600 126,400 4.00 ------- -------------------- Total: New England 508,816 3,659,330 8.89 ------- -------------------- (1) This space is contiguous to the Company's property and is not owned by the Company. (2) As of September 30, 2001, Wal*Mart had signed a lease for 89,000 square feet at this center. This tenant took occupancy during the fourth quarter of 2001. (3) Home Depot aquired this lease from the former Bradlees. Estimated occupancy is during the first half of 2002. (4) Subsequent to September 30, 2001, Shaws signed an agreement to expand their premise at the Gateway Mall in connection with the redevelopment of the entire center. Their current space of 31,600 square feet for which they pay an annual rental of $126,400 will be expanded to 66,328 square feet with an annual rent of $1,193,904.
[LOGO] Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned New York Region New Jersey - ---------- ELMWOOD PARK SHOPPING CENTER, ELMWOOD PARK(1) VALLEY NATIONAL BANK 11,750 05/31/2005 79,665 6.78 (1) 10 YEAR (10 MONTHS) --------- ------------------ Total: ELMWOOD PARK SHOPPING CENTER 11,750 79,665 6.78 --------- ------------------ MARKETPLACE OF ABSECON, ABSECON ECKERD DRUG 13,207 09/20/2020 329,310 24.93 (4) 5 YEAR (6 MONTHS) ACME MARKETS 44,824 04/30/2015 598,264 13.35 (8) 5 YEAR (12 MONTHS) --------- ------------------ Total: MARKETPLACE OF ABSECON 58,031 927,574 15.98 --------- ------------------ BERLIN SHOPPING CENTER, BERLIN ACME MARKETS 32,040 04/30/2005 320,400 10.00 (2) 5 YEAR (6 MONTHS) KMART 95,810 11/30/2004 299,000 3.12 (4) 5 YEAR (6 MONTHS) --------- ------------------ Total: BERLIN SHOPPING CENTER 127,850 619,400 4.84 --------- ------------------ LEDGEWOOD MALL, LEDGEWOOD (Enclosed Mall) CIRCUIT CITY 33,294 01/31/2020 449,469 13.50 (4) 5 YEAR (6 MONTHS) MARSHALL'S 27,228 01/31/2002 313,122 11.50 - PHARMHOUSE 47,271 05/31/2009 519,981 11.00 (2) 5 YEAR THE SPORTS AUTHORITY 52,205 05/31/2007 225,000 4.31 (6) 5 YEAR (15 MONTHS) MACY'S DEPARTMENT STORE 2 61,900 01/31/2005 553,500 8.94 (4) 5 YEAR (6 MONTHS) WAL*MART 120,570 03/31/2019 888,601 7.37 (6) 5 YEAR (6 MONTHS) --------- ------------------ Total: LEDGEWOOD MALL 342,468 2,949,673 8.61 --------- ------------------ MANAHAWKIN VILLAGE, MANAHAWKIN KMART 112,434 01/31/2019 843,255 7.50 (8) 5 YEAR (12 MONTHS) HOYTS 31,619 11/30/2018 363,618 11.50 (4) 5 YEAR (6 MONTHS) --------- ------------------ Total: MANAHAWKIN VILLAGE SHOPPING CENTER 144,053 1,206,873 8.38 --------- ------------------ New York - -------- SOUNDVIEW MARKETPLACE, PORT WASHINGTON KING KULLEN 41,400 09/26/2007 414,000 10.00 (3) 5 YEAR (11 MONTHS) CLEARVIEW CINEMA 25,400 05/31/2010 596,250 23.47 (4) 5 YEAR (12 MONTHS) --------- ------------------ Total: SOUNDVIEW MARKETPLACE 66,800 1,010,250 15.12 --------- ------------------ SMITHTOWN SHOPPING CENTER, SMITHTOWN DAFFY'S 16,125 05/30/2008 262,031 16.25 (4) 5 YEAR (12 MONTHS) WALGREENS 9,067 12/31/2021 145,024 15.99 - --------- ------------------ Total: SMITHTOWN SHOPPING CENTER 25,192 407,055 16.16 --------- ------------------ THE BRANCH SHOPPING CENTER, SMITHTOWN PATHMARK 63,000 11/30/2013 837,270 13.29 (1) 10 YEAR & (1) 5 YEAR --------- ------------------ Total: RD BRANCH ASSOCIATES L.P. 63,000 837,270 13.29 --------- ------------------ NEW LOUDON CENTER, LATHAM AMES 76,641 02/28/2020 268,244 3.50 (3) 5 YEAR (12 MONTHS) CLUB PRO 47,805 04/30/2006 215,123 4.50 (1) 5 YEAR (12 MONTHS) MARSHALLS 26,015 01/31/2004 104,060 4.00 (1) 5 YEAR (12 MONTHS) PRICE CHOPPER 77,450 05/31/2015 760,577 9.82 (4) 5 YEAR (12 MONTHS) --------- ------------------ Total: NEW LOUDEN CENTER 227,911 1,348,004 5.91 --------- ------------------ TROY PLAZA, TROY AMES 71,665 05/31/2006 140,000 1.95 (1) 5 YEAR (6 MONTHS) PRICE CHOPPER 29,044 09/30/2004 56,000 1.93 (2) 5 YEAR --------- ------------------ Total: TROY PLAZA 100,709 196,000 1.95 --------- ------------------ PACESETTER PARK SHOPPING CENTER, POMONA STOP & SHOP (Ahold subsidiary) 52,052 08/31/2020 314,145 6.04 (2) 10 YEAR Total: PACESETTER PARK SHOPPING CENTER 52,052 314,145 6.04 --------- ------------------ Total: New York Region 1,219,816 9,895,909 8.11 --------- ------------------ (1) This is a redevelopment property. The Company will be constructing a 48,000 sf free-standing supermarket to replace the former in-line supermarket. (2) The tenant has additional expansion space bringing the total space to 74,815 s.f. with rents of $618,075.
[LOGO] Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned Mid-Atlantic Pennsylvania - ------------ ABINGTON TOWNE CENTER, ABINGTON(1) T.J. MAXX 27,000 11/30/2010 256,500 9.50 (2) 5 YEAR (6 MONTHS) TARGET(1) 157,616 - - - CONDOMINIUM AGREEMENT ------- ------------------ Total: ABINGTON TOWNE CENTER 184,616 256,500 9.50 ------- ------------------ AMES PLAZA, SHAMOKIN AMES 59,116 01/31/2003 84,006 1.42 (2) 5 YEAR (6 MONTHS) BUY-RITE LIQUIDATORS 29,238 08/30/2010 105,257 3.60 (1) 5 YEAR (9 MONTHS) ------- ------------------ Total: AMES PLAZA 88,354 189,263 2.14 ------- ------------------ BIRNEY PLAZA, MOOSIC BIG LOTS 30,537 01/31/2003 106,880 3.50 (1) 5 YEAR (6 MONTHS) KMART 104,956 10/31/2004 204,664 1.95 (9) 5 YEAR (6 MONTHS) ------- ------------------ Total: BIRNEY PLAZA 135,493 311,544 2.30 ------- ------------------ BLACKMAN PLAZA, WILKES-BARRE KMART 104,956 10/31/2004 204,664 1.95 (9) 5 YEAR (12 MONTHS) ------- ------------------ Total: BLACKMAN PLAZA 104,956 204,664 1.95 ------- ------------------ BRADFORD TOWNE CENTRE, TOWANDA KMART 94,841 03/31/2019 474,205 5.00 (10) 5 YEAR (6 MONTHS) PENN TRAFFIC 51,658 09/30/2014 413,264 8.00 (2) 5 YEAR (6 MONTHS) ------- ------------------ Total: BRADFORD TOWNE CENTRE 146,499 887,469 6.06 ------- ------------------ CIRCLE PLAZA, SHAMOKIN DAM KMART 92,171 11/07/2004 252,289 2.74 (9) 5 YEAR (12 MONTHS) ------- ------------------ Total: CIRCLE PLAZA 92,171 252,289 2.74 ------- ------------------ DUNMORE PLAZA, DUNMORE ECKERD DRUGS 13,205 11/30/2004 89,134 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER(2) 26,475 11/30/2005 - - (3) 5 YEAR (6 MONTHS) ------- ------------------ Total: DUNMORE PLAZA 39,680 89,134 2.25 ------- ------------------ EAST END CENTER, WILKES-BARRE AMES 83,000 01/31/2007 436,000 5.25 (6) 5 YEAR (6 MONTHS) PHAR-MOR 43,200 03/31/2003 324,000 7.50 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 50,000 04/30/2008 357,500 7.15 (4) 5 YEAR (6 MONTHS) ------- ------------------ Total: EAST END CENTER 176,200 1,117,500 6.34 ------- (1) In connection with the redevelopment of the Abington Towne Center, the Company has sold 157,616 square feet of the main building to Target which operates a Target store at this location. The Company has retained and is redeveloping the remaining 58,610 square feet of the center. (2) Acadia owns only the land and not the building for this tenant.
[LOGO] Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned Mid-Atlantic (continued) Pennsylvania - ------------ GREENRIDGE PLAZA, SCRANTON GIANT FOOD STORES 62,090 04/30/2021 279,405 4.50 (6) 5 YEAR (AUTO) AMES 83,330 01/31/2007 380,000 4.56 (6) 5 YEAR (6 MONTHS) ------- ---------------- Total: GREENRIDGE PLAZA 145,420 659,405 4.53 ------- ---------------- KINGSTON PLAZA, KINGSTON DOLLAR GENERAL 6,500 06/30/2004 39,000 6.00 (1) 3 YEAR (6 MONTHS) PRICE CHOPPER 45,000 12/31/2006 245,000 5.44 (4) 5 YEAR (6 MONTHS) ------- ---------------- Total: KINGSTON PLAZA 51,500 284,000 5.51 ------- ---------------- LUZERNE STREET SHOPPING CENTER. SCRANTON ECKERD DRUGS 14,000 04/30/2004 94,500 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 1 40,618 04/30/2004 177,650 4.37 (4) 5 YEAR (12 MONTHS) ------- ---------------- Total: LUZERNE STREET SHOPPING CENTER 54,618 272,150 4.98 ------- ---------------- MARK PLAZA, EDWARDSVILLE KMART 104,956 10/31/2004 204,664 1.95 (10) 5 YEAR (12 MONTHS) REDNER'S MARKET 52,639 05/31/2018 421,112 8.00 (2) 5 YEAR (6 MONTHS) ------- ---------------- Total: MARK PLAZA 157,595 625,776 3.97 ------- ---------------- MONROE PLAZA, STROUDSBURG AMES 61,489 01/29/2009 94,434 1.54 (3) 5 YEAR ECKERD DRUGS 13,716 10/31/2002 48,006 3.50 (2) 5 YEAR (6 MONTHS) SHOP-RITE 52,924 10/31/2005 281,278 5.31 (3) 5 & (1) 3 YEAR ------- ---------------- Total: MONROE PLAZA 128,129 423,718 3.31 ------- ---------------- MOUNTAINVILLE SHOPPING CENTER, ALLENTOWN PRICE RITE 33,800 07/31/2011 169,000 5.00 (4) 5 YEAR (12 MONTHS) ECKERD DRUGS 15,808 04/30/2004 60,000 3.80 (3) 5 YEAR (6 MONTHS) KLING'S HANDYMAN 20,000 01/31/2005 80,000 4.00 - ------- ---------------- Total: MOUNTAINVILLE SHOPPING CENTER 69,608 309,000 4.44 ------- ---------------- PITTSTON PLAZA, PITTSTON ECKERD DRUGS 8,468 06/30/2006 80,446 9.50 (2) 5 YEAR (6 MONTHS) REDNER'S MARKETS 59,100 12/31/2018 416,000 7.04 (2) 5 YEAR ------- ---------------- Total: PITTSTON PLAZA 67,568 496,446 7.35 ------- ---------------- (1) This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease.
[LOGO] Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned Mid-Atlantic (continued) Pennsylvania - ------------ PLAZA 15, LEWISBURG AMES 53,000 04/30/2006 121,900 2.30 (3) 5 YEAR (6 MONTHS) WEIS MARKETS 28,800 12/31/2001 95,088 3.30 (4) 5 YEAR (3 MONTHS) --------- ------------------ Total: PLAZA 15 81,800 216,988 2.65 --------- ------------------ PLAZA 422, LEBANON PLAYTIME INC, (Sub-leased from Giant Food Stores) 40,783 09/23/2004 132,030 3.24 (5) 5 YEAR AMES 83,330 10/31/2006 130,000 1.56 (3) 5 YEAR (6 MONTHS) --------- ------------------ Total: PLAZA 422 124,113 262,030 2.11 --------- ------------------ ROUTE 6 MALL, HONESDALE KMART 119,658 04/30/2020 687,951 5.75 (10) 5 YEAR (AUTOMATIC) --------- ------------------ Total: ROUTE 6 MALL 119,658 687,951 5.75 --------- ------------------ SHILLINGTON PLAZA, READING KMART 94,500 07/31/2004 261,000 2.76 (9) 5 YEAR (12 MONTHS) WEIS MARKETS 40,107 08/31/2004 106,720 2.66 (2) 5 YEAR (12 MONTHS) --------- ------------------ Total: SHILLINGTON PLAZA 134,607 367,720 2.73 --------- ------------------ 25TH STREET SHOPPING CENTER, EASTON CVS 13,400 12/31/2005 147,400 11.00 (1) 5 YEAR (6 MONTHS) PETCO 15,400 01/31/2009 127,050 8.25 (2) 5 YEAR --------- ------------------ Total: 25TH STREET SHOPPING CENTER 28,800 274,450 9.53 --------- ------------------ UNION PLAZA, NEW CASTLE AMES(1) 94,000 01/31/2017 493,500 5.25 (2) 5 YEAR PEEBLES (pays percentage rent only) 25,052 01/31/2017 - - (3) 3 YEAR (AUTOMATIC) SEARS 98,940 10/25/2011 445,230 4.50 (4) 5 YEAR --------- ------------------ Total: UNION PLAZA 217,992 938,730 4.31 --------- ------------------ VALMONT PLAZA, WEST HAZELTON - - - - Virginia - -------- KINGS FAIRGROUNDS, DANVILLE CVS(2) 12,160 02/28/2002 29,184 2.40 (2) 5 YEAR SCHEWEL FURNITURE 60,200 01/31/2006 180,600 3.00 (1) 5 YEAR (3 MONTHS) TRACTOR SUPPLY CO. 30,975 11/30/2008 123,900 4.00 (3) 5 YEAR (6 MONTHS) --------- ------------------ Total: KINGS FAIRGROUNDS 103,335 333,684 3.23 --------- ------------------ Total: Mid-Atlantic 2,452,712 9,460,411 4.12 --------- ------------------ (1) The tenant is currently operating under Chapter 11 Bankruptcy and, subsequent to September 30, 2001, filed to reject this lease. The Union Plaza is currently under contract for sale (provisions have been set forth in the contract for Ames) and the Company anticipates the sale to close during the fourth quarter of 2001. (2) This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease.
[LOGO] Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned Southeast Alabama - ------- MIDWAY PLAZA, OPELIKA BEALL'S OUTLET 30,000 04/30/2004 33,000 1.10 - OFFICE DEPOT 28,787 10/31/2007 69,380 2.41 (3) 5 YEAR (AUTOMATIC) ------- ------------------ Total: MIDWAY PLAZA 58,787 102,380 1.74 ------- ------------------ NORTHSIDE MALL, DOTHAN WAL*MART 111,970 01/31/2004 227,974 2.04 (6) 5 YEAR (6 MONTHS) ------- ------------------ Total: NORTHSIDE MALL 111,970 227,974 2.04 ------- ------------------ Florida - ------- NEW SMYRNA BEACH SHOPPING CNTR, NEW SMYRNA BEACH THEATRE MANAGEMENT INC.(1) 24,780 11/30/2005 223,020 9.00 (4) 5 YEAR (6 MONTHS) ------- ------------------ Total: NEW SMYRNA BEACH SHOPPING CNTR 24,780 223,020 9.00 ------- ------------------ Georgia - ------- CLOUD SPRINGS PLAZA, FORT OGLETHORPE BIG LOTS 30,000 10/31/2005 108,000 3.60 - FOOD LION 29,000 01/31/2011 181,250 6.25 (4) 5 YEAR W.S. BADCOCK 15,260 09/28/2005 51,121 3.35 (1) 5 YEAR (6 MONTHS) ------- ------------------ Total: CLOUD SPRINGS PLAZA 74,260 340,371 4.58 ------- ------------------ South Carolina - -------------- MARTINTOWN PLAZA, NORTH AUGUSTA BELK'S 44,000 01/31/2004 154,000 3.50 (4) 5 YEAR (6 MONTHS) OFFICE DEPOT 29,996 06/30/2008 142,500 4.75 (2) 5 YEAR (12 MONTHS) ------- ------------------ Total: MARTINTOWN PLAZA 73,996 296,500 4.01 ------- ------------------ Total: Southeast 343,793 1,190,245 3.46 ------- ------------------ (1) The tenant has expanded bringing the total space to 35,280 s.f. with rents of $349,020. Retail Anchor Properties- Wholly Owned
[LOGO] Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned Midwest Illinois - -------- HOBSON WEST PLAZA, NAPERVILLE EAGLE FOOD CENTERS 42,037 11/30/2007 170,000 4.04 (5) 5 YEAR (6 MONTHS) --------- -------------------- Total: HOBSON WEST PLAZA, 42,037 170,000 4.04 --------- -------------------- Indiana - ------- MERRILLVILLE PLAZA, MERILLVILLE JC PENNEY 50,000 01/31/2008 450,000 9.00 (2) 5 YEAR (12 MONTHS) OFFICEMAX 26,157 07/31/2008 202,717 7.75 (4) 5 YEAR (6 MONTHS) TJ MAXX 25,200 01/31/2004 182,700 7.25 (2) 5 YEAR (6 MONTHS) --------- -------------------- Total: MERRILLVILLE PLAZA 101,357 835,417 8.24 --------- -------------------- Michigan - -------- BLOOMFIELD TOWN SQUARE, BLOOMFIELD HILLS HOME GOODS 39,646 05/31/2010 307,257 7.75 (3) 5 YEAR MARSHALLS 30,000 01/31/2012 240,000 8.00 (3) 5 YEAR (6 MONTHS) TJ MAXX 36,000 03/31/2003 234,000 6.50 (2) 5 YEAR (6 MONTHS) --------- -------------------- Total: BLOOMFIELD TOWN SQUARE 105,646 781,257 7.40 --------- -------------------- Ohio - ---- MAD RIVER STATION - RETAIL, DAYTON BABIES 'R' US 33,147 02/28/2005 243,630 7.35 (3) 5 YEAR OFFICE DEPOT 25,038 08/31/2005 287,937 11.50 (1) 5 YEAR (6 MONTH) --------- -------------------- Total: MAD RIVER STATION - RETAIL SPACE 58,185 531,567 9.14 --------- -------------------- Total: Midwest 307,225 2,318,241 7.55 --------- -------------------- Total: Retail Anchor Properties - Wholly Owned 4,832,362 $ 26,524,136 $ 5.79 ========= ==================== Unconsolidated Retail Properties New York Region New York - -------- CROSSROADS SHOPPING CENTER,WHITEPLAINS K-MART 100,725 01/31/2012 $ 566,250 $ 5.62 (5) 5 YEAR (9 MONTHS) WALDBAUMS 38,208 12/31/2007 504,000 13.19 (5) 5 YEAR (9 MONTHS) B. DALTON 12,430 05/28/2012 321,813 25.89 (2) 5 YEAR (18 MONTHS) MODELL'S 15,000 01/11/2002 204,733 13.65 - MODELL'S(1) 25,000 02/28/2009 193,750 7.75 (2) 5 YEAR (12 MONTHS) --------- -------------------- Total: CROSSROADS SHOPPING CENTER 191,363 1,790,546 9.36 --------- -------------------- Total: New York Region 191,363 1,790,546 9.36 --------- -------------------- Total: Unconsolidated Retail Properties 191,363 $ 1,790,546 $ 9.36 ========= ==================== (1) This space was formerly leased to Pergament's. Modell's acquired this lease in connection with Pergaments' bankruptcy proceedings earlier in the year.
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Lease Expirations ----------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Retail Properties Anchor Tenant Expirations 2001 1 28,800 0.63% $ 95,088 0.36% 3.30 2002 3 53,104 1.16% 390,312 1.47% 7.35 2003 5 229,553 5.01% 1,006,886 3.80% 4.39 2004 19 1,034,599 22.60% 2,883,049 10.87% 2.79 2005 14 408,774 8.93% 2,612,007 9.85% 6.39 2006 7 369,468 8.07% 1,113,069 4.20% 3.01 2007 6 330,759 7.23% 1,694,380 6.39% 5.12 2008 7 307,893 6.73% 1,834,073 6.91% 5.96 2009 4 124,160 2.71% 741,465 2.80% 5.97 2010 5 125,825 2.75% 1,560,428 5.88% 12.40 2011 3 161,740 3.53% 795,480 3.00% 4.92 2012 2 80,225 1.75% 756,960 2.85% 9.44 2013 2 115,392 2.52% 1,334,994 5.03% 11.57 2014 1 51,658 1.13% 413,264 1.56% 8.00 2015 3 134,567 2.94% 2,188,841 8.25% 16.27 2017 3 183,717 4.01% 1,223,500 4.61% 6.66 2018 3 143,358 3.13% 1,200,731 4.53% 8.38 2019 3 327,845 7.16% 2,206,061 8.32% 6.73 2020 5 294,852 6.44% 2,049,120 7.73% 6.95 2021 2 71,157 1.57% 424,429 1.59% 5.96 ------------------------------------- --------------------------------------- Total Occupied 98 4,577,446 100.00% $26,524,137 100.00% $ 5.79 Anchor GLA Owned by Tenants 254,916 Total Vacant 339,219 --------- Total Square Feet 5,171,581 =========
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Lease Expirations ----------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Retail Properties Shop Tenant Expirations Month to Month 28 113,174 5.04% $ 658,244 2.77% $ 5.82 2001 21 77,001 3.43% 1,024,118 4.31% 13.30 2002 78 272,595 12.14% 2,561,504 10.79% 9.40 2003 88 311,337 13.86% 3,254,786 13.71% 10.45 2004 80 319,948 14.24% 3,676,236 15.49% 11.49 2005 68 320,768 14.28% 3,304,777 13.92% 10.30 2006 52 203,382 9.05% 2,247,295 9.47% 11.05 2007 18 137,011 6.10% 1,560,340 6.57% 11.39 2008 20 109,635 4.88% 1,346,418 5.67% 12.28 2009 20 98,644 4.39% 1,196,754 5.04% 12.13 2010 18 155,020 6.90% 1,292,876 5.45% 8.34 2011 16 73,807 3.29% 937,249 3.95% 12.70 2014 2 26,472 1.18% 167,024 0.70% 6.31 2015 1 9,592 0.43% 184,838 0.78% 19.27 2019 1 14,887 0.66% 236,800 1.00% 15.91 2020 1 3,000 0.13% 87,000 0.38% 29.00 ------------------------------------- --------------------------------------- Total Occupied 512 2,246,273 100.00% $23,736,259 100.00% $ 10.57 -------------------------------------------------------------------- Total Vacant 566,766 ----------------- Total Square Feet 2,813,039 =================
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Lease Expirations ----------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Retail Properties Total Retail Expirations Month to Month 28 113,174 1.66% $ 658,244 1.31% $ 5.82 2001 22 105,801 1.55% 1,119,206 2.23% 10.58 2002 81 325,699 4.77% 2,951,816 5.87% 9.06 2003 93 540,890 7.93% 4,261,672 8.48% 7.88 2004 99 1,354,547 19.85% 6,559,285 13.05% 4.84 2005 82 729,542 10.69% 5,916,784 11.77% 8.11 2006 59 572,850 8.39% 3,360,364 6.69% 5.87 2007 24 467,770 6.86% 3,254,720 6.48% 6.96 2008 27 417,528 6.12% 3,180,491 6.33% 7.62 2009 24 222,804 3.27% 1,938,219 3.86% 8.70 2010 23 280,845 4.12% 2,853,304 5.68% 10.16 2011 19 235,547 3.45% 1,732,729 3.45% 7.36 2012 2 80,225 1.18% 756,960 1.51% 9.44 2013 2 115,392 1.69% 1,334,994 2.66% 11.57 2014 3 78,130 1.14% 580,288 1.15% 7.43 2015 4 144,159 2.11% 2,373,679 4.72% 16.47 2017 3 183,717 2.69% 1,223,500 2.43% 6.66 2018 3 143,358 2.10% 1,200,731 2.39% 8.38 2019 4 342,732 5.02% 2,442,861 4.86% 7.13 2020 6 297,852 4.36% 2,136,120 4.25% 7.17 2021 2 71,157 1.05% 424,429 0.83% 5.96 ------------------------------------- --------------------------------------- Total Occupied 610 6,823,719 100.00% 50,260,396 100.00% 7.37 -------------------------------------------------------------------- Anchor GLA Owned by Tenants 254,916 Total Vacant 905,985 ----------- Total Square Feet 7,984,620 =========== --------------------------------------------------------------------
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Lease Expirations ----------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Unconsolidated Propert Month to Month 1 3,000 1.00% $ 95,700 1.96% 31.90 2002 7 31,517 10.56% 690,442 14.11% 21.91 2003 5 20,241 6.78% 638,998 13.06% 31.57 2004 7 30,516 10.22% 808,298 16.52% 26.49 2005 5 16,015 5.36% 461,200 9.43% 28.80 2006 3 5,260 1.76% 151,628 3.10% 28.83 2007 3 42,258 14.16% 643,119 13.14% 15.22 2008 3 10,093 3.38% 267,882 5.47% 26.54 2009 2 26,462 8.86% 247,844 5.07% 9.37 2012 2 113,155 37.92% 888,064 18.14% 7.85 ------------------------------------- --------------------------------------- Total Occupied 38 298,517 100.00% 4,893,175 100.00% 16.39 -------------------------------------------------------------------- Total Vacant 12,402 ----------- Total Square Feet 310,919 ===========
QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Residential (Multi-family) Properties % Occupied % Occupied Property Location Square Feet Units September 30, 2001 June 30, 2001 -------- -------- ----------- ----- ------------------ ------------- Mid-Atlantic Maryland Glen Oaks Apartments (1) Greenbelt 557,772 463 98% 99% North Carolina Village Apartments Winston Salem 578,606 600 84% 82% Mid-West Missouri Gate House, Holiday House, Tiger Village, Columbia 628,891 874 93% 92% ---------- ---- --- --- Colony Apartments (2) Totals 1,765,269 1,937 92% 91% ========== ====== === === (1) This property is held for sale as of September 30, 2001 (2) As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions
QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2001 Properties Under Redevelopment The Company's redevelopment program focuses on selecting well-located neighborhood and community shopping centers and creating significant value through retenanting and property redevelopment. The Company currently has four properties under redevelopment. Two of these projects are expected to be substantially complete by the end of 2001 as follows: Abington Towne Center - The Company has completed the first phase of redevelopment of this previously enclosed multi-level mall located in the Philadelphia suburb of Abington, Pennsylvania. In 2000, the Company sold approximately 157,000 square feet representing the top two floors and the rear portion of the ground level and the related parking area to the Target Corp. that completed the build-out of the space and opened the store for business during October 2001. The Company has "de-malled" the balance of the center consisting of approximately 46,000 square feet of the main building and 13,000 square feet of store space in outparcel buildings that it will continue to own and operate. Costs incurred on this redevelopment project (net of reimbursements from Target) through September 30, 2001 totaled $3.0 million with approximately $500,000 of costs remaining to complete the redevelopment of this property. Methuen Shopping Center - This center, located in Methuen, Massachusetts (part of the Boston metropolitan statistical area) was formerly anchored by a Caldor discount department store. The Company purchased this lease in bankruptcy and has executed a lease with Wal*Mart for an 89,000 square foot department store which opened for business in October 2001. Projected costs to complete this project are approximately $400,000. The remaining two properties under redevelopment are as follows: Elmwood Park Shopping Center - This center, located in Elmwood Park, New Jersey, is approximately ten miles west of New York City. The redevelopment consists of reanchoring, renovating and expanding the existing 125,000 square foot shopping center by 10,000 square feet. Demolition of the main parcel and former office tower has been completed. A new freestanding 48,000 square foot supermarket will be constructed to replace an undersized (28,000 square feet) in-line former Grand Union supermarket. The project also includes the expansion of an existing Walgreens drug store. As of September 30, 2001, costs incurred on this project totaled $3.1 million. The Company expects remaining redevelopment costs of approximately $8.9 million to complete this project. In conjunction with the supermarket rent commencement, the Operating Partnership is also currently obligated to issue OP Units equal to $2.8 million to the original owners who contributed the property to the Company in connection with the RDC Transaction in August 1998. Gateway Shopping Center - The redevelopment of the Gateway Shopping Center, a partially enclosed mall located in South Burlington, Vermont, includes the demolition of 90% of the property and the construction of a new anchor supermarket. Following the bankruptcy of the former anchor Grand Union, the lease was assigned to and assumed by Shaw's supermarket. During October 2001, the Company executed a new lease with Shaw's for a new 66,000 square foot store to be constructed. This replaces the 32,000 square foot store formerly occupied by Grand Union. Total costs to date for this project (including the original acquisition of the property in 1999) were $7.8 million. The Company expects remaining redevelopment costs of approximately $8.8 million to complete this project.