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): April 25, 2005
ACADIA REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland 1-12002 23-2715194
(State or other (Commission (I.R.S. Employer
jurisdiction of incorporation) File Number) Identification No.)
1311 Mamaroneck Avenue
Suite 260
White Plains, New York 10605
(Address of principal executive offices) (Zip Code)
(914) 288-8100
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425 )
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Section 2 - Financial Information
Item 2.02 Results of Operations and Financial Condition
On April 25, 2005, the Registrant announced its consolidated financial results
for the quarter ended March 31, 2005. A copy of the Registrant's earnings press
release is furnished as Exhibit 99.1 to this report on Form 8-K. The information
contained in Item 2.02 of this report on Form 8-K, including Exhibit 99.1, shall
not be deemed "filed" with the Securities and Exchange Commission nor
incorporated by reference in any registration statement filed by the Registrant
under the Securities Act of 1933, as amended.
Item 7.01 Regulation FD Disclosure
On April 25, 2005, the Registrant, Acadia Realty Trust, made available
supplemental information concerning the ownership, operations and portfolio of
the Registrant as of and for the quarter ended March 31, 2005. A copy of this
supplemental information is furnished as Exhibit 99.2 to this report on Form
8-K. The information contained in Item 7.01 of this report on Form 8-K,
including Exhibit 99.2, shall not be deemed "filed" with the Securities and
Exchange Commission nor incorporated by reference in any registration statement
filed by the Registrant under the Securities Act of 1933, as amended.
Item 9.01(c) Exhibits
(c) Exhibits
Exhibit Number Description
- -------------- --------------------------------
99.1 Press release dated April 25, 2005
99.2 Financial and Operating Reporting Supplement for the Quarter
Ended March 31, 2005
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACADIA REALTY TRUST
(Registrant)
Date: April 25, 2005 By: /s/ Michael Nelsen
------------------
Name: Michael Nelsen
Title: Sr. Vice President and Chief
Financial Officer
Exhibit 99.1
Acadia Realty Trust Reports First Quarter 2005 Operating Results
NEW YORK--(BUSINESS WIRE)--April 25, 2005--Acadia Realty Trust
(NYSE: AKR - "Acadia" or the "Company"), a real estate investment
trust ("REIT") today reported operating results for the quarter ended
March 31, 2005. All per share amounts discussed below are on a fully
diluted basis.
First Quarter 2005 Highlights
12.5% FFO per share growth over first quarter 2004
-- Funds from operations ("FFO") of $0.27 per share for the first
quarter 2005 were up 12.5% over $0.24 for first quarter 2004
-- Earnings per share for the quarter were $0.14 compared with
$0.10 for first quarter 2004.
Continued expansion of external growth platform
-- Third New York project added to Urban/Infill redevelopment
pipeline
-- Completed a $20 million preferred equity investment in a
Levitz Furniture store anchored portfolio
-- Acquired the balance of Klaff's Retail Management Services
business
Wholly-owned portfolio occupancy increases to 92.4%
-- Occupancy up 490 basis points over first quarter 2004
-- JV operating portfolios combined occupancy remains strong at
96.8%
-- Same-store net operating income for the retail portfolio
up 1.8% for 2005
Balance sheet remains strong
-- Maintained conservative dividend payout ratio for 2005 of 63%
of FFO
-- 31% debt to total market capitalization
-- 3.9 to 1 fixed-charge coverage
-- 89% of debt is fixed-rate
First Quarter Results
FFO, a widely accepted measure of REIT performance, for the
quarter ended March 31, 2005 was $8.9 million, or $0.27 per share,
compared to $7.1 million, or $0.24 per share for first quarter 2004.
2005 FFO included the recovery of approximately $0.5 million of
expenses, or $0.015 per share, related to the settlement of the
Company's insurance claim in connection with flood damage incurred at
the Mark Plaza located in Wilkes-Barre, PA.
Earnings per share on a fully diluted basis was $0.14 for first
quarter 2005 compared to $0.10 for first quarter 2004.
Portfolio Activity - Wholly-Owned Portfolio Occupancy
Reaches 92.4%
On a year-over-year basis, Acadia increased its portfolio
occupancy by 490 basis points. First quarter 2005 occupancy was 92.4%
compared to 87.5% for first quarter 2004. On a same-store basis, first
quarter 2005 occupancy increased 260 basis points over first quarter
2004 occupancy of 89.8%. On a sequential basis, 2005 occupancy
increased 10 basis points from that of year-end 2004.
Combined occupancy within the operating joint venture portfolios
was 96.8% for first quarter 2005 compared with 96.2% for first quarter
2004.
Same store net operating income ("NOI") for the retail portfolio
increased 1.8% for first quarter 2005 over 2004. The favorable
variance was driven primarily by increased rents in the core portfolio
from leasing activities, partially offset by increased snow removal
costs in 2005. Same store NOI before the effect of increased snow
removal costs rose by 3.7%.
During first quarter 2005, Acadia executed new and renewal leases
totaling 145,000 square feet at an average increase of 7.4% over the
previous base rents on a cash basis.
Balance Sheet - Low Interest Rate Exposure
As of March 31, 2005, 89% of the Company's total mortgage debt,
inclusive of long-term interest rate swaps and the Company's pro-rata
share of joint venture debt, is now fixed-rate. This has been
accomplished while maintaining a blended cost of debt of 5.8%. This
compares to 85% being fixed-rate as of first quarter 2004 at a 6.1%
blended cost of debt.
For 2005, the strength of Acadia's balance sheet was evidenced by
positive trends in its financial ratios. All financial ratios include
the Company's pro-rata share of unconsolidated joint venture debt and
interest expense:
-- Debt to total market capitalization at year-end was 31%,
compared with 35% for 2004
-- Fixed-charge ratio was 3.9 times (EBITDA / interest expense
plus preferred distributions)
-- Dividend payout ratio for 2005 was 63% of FFO and 67% of AFFO
Continued Expansion of External Growth Initiatives
New York Urban/Infill Redevelopment Program - Third Acquisition
Completed
As previously announced, the Company acquired 4650 Broadway
located in the Inwood/Washington Heights section of Manhattan. The
investment was made through Acadia Strategic Opportunity Fund II, LLC
("Fund II") with P/A Associates, LLC. This acquisition is the third
addition to the redevelopment pipeline in Acadia's Urban/Infill
Program.
The property was acquired for a purchase price of $25 million. The
140,000 square foot building is located at the intersection of
Broadway and Sherman Avenue across from the Cloisters, a branch of the
Metropolitan Museum of Art, and Fort Tryon Park.
Acadia plans to redevelop the site to include retail, commercial
and residential components totaling over 300,000 square feet. The
Company anticipates that the retail and commercial portion will
comprise approximately 50% of the project and that the residential
component will comprise the other 50%. Acadia plans to start
development of the project in the next 12 to 24 months and anticipates
completion 18 months thereafter. In lieu of directly developing the
mid-rise residential portion of the project, the Company may sell its
rights to this component while retaining ownership of the other
portions of the project. It is anticipated that the project will earn
an unleveraged yield in excess of 10% on total cost upon
stabilization.
This is the latest addition to the Urban/Infill Program
redevelopment pipeline. In September 2004, Acadia acquired the Sears
Building on Fordham Road in The Bronx and in October 2004, Acadia
announced the redevelopment of a 16-acre site in Pelham Manor,
Westchester County, New York into a community shopping center.
RCP Venture - $20 million Levitz Investment
In 2004 Acadia formed the Retailer Controlled Property Venture
("RCP Venture") with Klaff Realty, L.P. ("Klaff") and Lubert-Adler
Management, Inc. for the purpose of making investments in surplus or
underutilized properties owned or controlled by retailers.
During the first quarter of 2005, Acadia made a $20 million
preferred equity investment ("Preferred Equity") in Levitz SL, L.L.C.
("Levitz SL"), an entity in which Klaff is the managing member. Levitz
SL is the owner of 2.5 million square feet of fee and leasehold
interests in 30 locations (the "Properties"). The majority of the
Properties are currently leased to Levitz Furniture Stores. The
remaining locations are in the process of being redeveloped.
The Properties are generally in well-located,
high-barrier-to-entry markets, have strong redevelopment and value
creation potential. The locations are concentrated on the East and
West coasts, with a majority of the value ascribed to six of the
Properties. These Properties are located in California (3), New York
(1), New Jersey (1) and Oregon (1). The Preferred Equity receives a
return of 10%, plus a minimum return of capital of $2 million per
annum. At the end of 12 months, the rate of return will be reset to
the six-month LIBOR plus 644 basis points. The Preferred Equity
represents the 50%-70% position in the capital structure of Levitz SL,
based on Acadia's valuation of the Properties.
During the first quarter 2005, the Company also acquired the
balance of Klaff's rights to the fees earned by Klaff Retail
Management Services ("KRMS") following Acadia's acquisition of 75% of
such rights in January 2004. In addition, Acadia has also acquired
Klaff's rights to certain potential future revenue streams. The
consideration for the acquisition was $4 million in the form of
250,000 restricted Common Operating Partnership Units, at a price of
$16 per unit, which are convertible into Acadia's Common Shares on a
one-for-one basis after a five year lock-up period. As part of this
transaction Acadia will assume all operational and redevelopment
responsibility for the KRMS property portfolio a year earlier than was
contemplated in the January 2004 transaction with Klaff.
Management Comments
Commenting on today's announcement, Kenneth F. Bernstein, Acadia's
President and Chief Executive Officer said, "The three key components
of our business plan continued to drive our performance during the
first quarter. First, continual enhancements to our core portfolio
have enabled us to generate consistent internal growth. Second, our
balance sheet remains strong and well-hedged against potential rate
increases. Third, the recent addition of a third redevelopment to our
Urban/Infill program is planting another seed for future growth to our
highly accretive pipeline, which should help drive our growth over the
next several years. Complementing this long-term growth potential are
the various opportunities created through our strong and expanding
relationship with the Klaff organization and its partners."
Outlook - Earnings Guidance for 2005
The Company currently reaffirms its previously announced 2005 FFO
and earnings per share forecast. FFO for 2005 is anticipated to range
from $1.01 to $1.09 per share and 2005 earnings per share is expected
to range from $0.46 to $0.54.
Investor Conference Call
Kenneth Bernstein, President and CEO, and Michael Nelsen, Sr. Vice
President and CFO, will conduct a conference call April 26, 2005 at
3:00 p.m. ET to review the Company's earnings and operating results.
The live conference call can be accessed by dialing 888-482-0024
(internationally 617-801-9702). No passcode is required.
The call will also be webcast and can be accessed in a listen-only
mode at Acadia's web site at www.acadiarealty.com.
If you are unable to participate during the live webcast, the call
will be archived and available on Acadia's website. Alternatively, to
access the replay by phone, dial 888-286-8010 (internationally
617-801-6888). The passcode will be 44193659. The phone replay will be
available through Tuesday, May 3, 2005.
Acadia Realty Trust, headquartered in White Plains, NY, is a fully
integrated and self-managed real estate investment trust which
specializes in the acquisition, redevelopment and operation of
shopping centers which are anchored by grocery and value-oriented
retail.
Certain matters in this press release may constitute
forward-looking statements within the meaning of federal securities
law and as such may involve known and unknown risk, uncertainties and
other factors which may cause the actual results, performances or
achievements of Acadia to be materially different from any future
results, performances or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements speak only
as of the date of this document. Acadia expressly disclaims any
obligation or undertaking to release publicly any updates or revisions
to any forward-looking statements contained herein to reflect any
change in Acadia's expectations with regard thereto or change in
events, conditions or circumstances on which any such statement is
based. The Company also refers you to the documents filed by the
Company, from time to time, with the Securities and Exchange
Commission, including without limitation the Company's Annual Report
on Form 10-K and the "Management's Discussion and Analysis of
Financial Condition and Results of Operations" incorporated by
reference therein, for a discussion of such risks and uncertainties.
EBITDA is a widely used financial measure in many industries,
including the REIT industry, and is presented to assist investors and
analysts in analyzing the performance of the Company. It is helpful as
it excludes various items included in net income that are not
indicative of operating performance, such as gains (or losses) from
sales of property and depreciation and amortization and is used in
computing various financial ratios as a measure of operational
performance. The Company computes EBITDA as the sum of net income
before extraordinary items plus interest expense, depreciation, income
taxes and amortization, less any gains (losses)(including impairment
charges) on the sale of income producing properties. The Company's
method of calculating EBITDA may be different from methods used by
other REITs and, accordingly, may not be comparable to such other
REITs. EBITDA does not represent cash generated from operations as
defined by GAAP and is not indicative of cash available to fund all
cash needs, including distributions. It should not be considered as an
alternative to net income for the purpose of evaluating the Company's
performance or to cash flows as a measure of liquidity. Refer to the
Company's Financial and Operating Reporting Supplement for the quarter
as posted on its website and included in the Company's filing on Form
8K with the Securities and Exchange Commission for a reconciliation of
EBITDA.
See the notes to the attached financial tables for a further
discussion of the Company's use of FFO.
For more information visit Acadia Realty Trust's Web site at
www.acadiarealty.com
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters Ended March 31, 2005 and 2004
(dollars in thousands, except per share data)
STATEMENTS OF INCOME
For the quarters
ended March 31,
Revenues 2005 2004
------------------
Minimum rents $12,943 $12,797
Percentage rents 184 217
Expense reimbursements 4,050 3,591
Other property income 328 123
Management fee income 1,978 545
Interest income 477 115
Other -- 156
------------------
Total revenues 19,960 17,544
------------------
Operating expenses
Property operating 3,918 3,761
Real estate taxes 2,414 2,248
General and administrative 3,078 2,489
Depreciation and amortization 4,024 3,735
------------------
Total operating expenses 13,434 12,233
------------------
Operating income 6,526 5,311
Equity in earnings of unconsolidated partnerships 497 544
Interest expense (2,359) (2,429)
Minority interest (219) (217)
------------------
Income from continuing operations 4,445 3,209
------------------
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters Ended March 31, 2005 and 2004
(dollars in thousands, except per share data)
STATEMENTS OF INCOME (continued)
For the quarters
ended March 31,
2005 2004
------------------
Discontinued operations:
Operating loss from discontinued operations $ -- $(373)
Minority interest -- 14
------------------
Loss from discontinued operations -- (359)
------------------
Net income $4,445 $2,850
==================
Net income per Common Share - Basic
Net income per Common Share - Continuing operations $.14 $.11
Net loss per Common Share - Discontinued operations -- (.01)
------------------
Net income per Common Share $.14 $.10
==================
Weighted average Common Shares 31,867 27,890
==================
Net income per Common Share - Diluted (1)
Net income per Common Share - Continuing operations $.14 $.11
Net income (loss) per Common Share - Discontinued
operations -- (.01)
------------------
Net income per Common Share $.14 $.10
------------------
Weighted average Common Shares 32,140 28,561
==================
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters Ended March 31, 2005 and 2004
(dollars in thousands, except per share data)
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (2)
For the quarters
ended March 31,
2005 2004
----------------
Net income $4,445 $2,850
Depreciation of real estate and amortization of
leasing costs:
Wholly owned and consolidated partnerships 3,620 3,517
Unconsolidated partnerships 633 552
Income attributable to minority interest in Operating
Partnership 75 115
----------------
Funds from operations - Basic 8,773 7,034
Distributions - Preferred OP Units 87 73
----------------
Funds from operations - Diluted 8,860 7,107
Funds from operations - Discontinued operations (loss) -- (252)
----------------
Funds from operations - Continuing operations $8,860 $7,359
================
Funds from operations per share - Basic
Weighted average Common Shares and OP Units (3) 32,382 28,944
================
Funds from operations per share - Continuing
operations $.27 $.25
Funds from operations per share - Discontinued
operations -- (.01)
----------------
Funds from operations per share $.27 $.24
================
Funds from operations per share - Diluted
Weighted average Common Shares and OP Units (3) 33,177 30,044
================
Funds from operations per share - Continuing
operations $.27 $.25
Funds from operations per share - Discontinued
operations -- (.01)
================
Funds from operations per share $.27 $.24
================
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
As of March 31, 2005 and December 31, 2004
(dollars in thousands, except per share data)
SELECTED BALANCE SHEET INFORMATION
March 31, December 31,
2005 2004
---------- ------------
Cash and cash equivalents $6,011 $13,499
Rental property, at cost 424,119 422,177
Total assets 419,243 396,343
Mortgage notes payable 173,000 153,361
Total liabilities 189,589 171,868
Fixed rate debt: (4) 153,842 146,407
% of outstanding debt 89% 95%
Weighted average interest rate 6.0% 6.1%
Variable rate debt (4) $19,158 $6,954
% of outstanding debt 11% 5%
Weighted average interest rate 4.2% 3.8%
Total weighted average interest rate 5.8% 6.0%
Notes:
(1) Reflects the potential dilution that could occur if securities
or other contracts to issue Common Shares were exercised or converted
into Common Shares.
(2) The Company considers funds from operations ("FFO") as defined
by the National Association of Real Estate Investment Trusts
("NAREIT") to be an appropriate supplemental disclosure of operating
performance for an equity REIT due to its widespread acceptance and
use within the REIT and analyst communities. FFO is presented to
assist investors in analyzing the performance of the Company. It is
helpful as it excludes various items included in net income that are
not indicative of the operating performance, such as gains (losses)
from sales of depreciated property and depreciation and amortization.
However, the Company's method of calculating FFO may be different from
methods used by other REITs and, accordingly, may not be comparable to
such other REITs. FFO does not represent cash generated from
operations as defined by generally accepted accounting principles
("GAAP") and is not indicative of cash available to fund all cash
needs, including distributions. It should not be considered as an
alternative to net income for the purpose of evaluating the Company's
performance or to cash flows as a measure of liquidity. Consistent
with the NAREIT definition, the Company defines FFO as net income
(computed in accordance with GAAP), excluding gains (losses) from
sales of depreciated property, plus depreciation and amortization, and
after adjustments for unconsolidated partnerships and joint ventures.
(3) In addition to the weighted average Common Shares outstanding,
diluted FFO also assumes full conversion of a weighted average 514 and
1,053 OP Units into Common Shares for the quarters ended March 31,
2005 and 2004, respectively. Diluted FFO also includes the assumed
conversion of Preferred OP Units into 523 and 430 Common Shares for
the quarters ended March 31, 2005 and 2004, respectively.
(4) Fixed-rate debt includes $93,689 of notional principal fixed
through swap transactions. Conversely, variable-rate debt excludes
this amount.
CONTACT: Acadia Realty Trust
Jon Grisham, 914-288-8142
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Table of Contents
Page Page
Section I - Overview Section III - Joint Venture Information
Important Notes 2 Overview - Fund I 23
Company Information 3 Overview - Fund II 24
Portfolio Snapshot 4 Overview - RCP Venture 25
Organizational Chart 5 Fund I Properties - Detail 26
Management Team 6 Top 10 Fund I Tenants 27
Section II - Financial Information Kroger/Safeway Locations 28
Market Capitalization 7 Fund I Properties - Detail 29
Shareholder Information 8 Section IV - Parent Portfolio Information
Operating Statements - Consolidated 9 Properties - Overview 30
Operating Statements - Joint Venture Activity 10 Properties by Region - Summary 33
Operating Statements - Activity by Source 11 Properties by State - Summary 34
Operating Statements - Current v. Historical 12 Properties - Detail 35
Net Operating Income - Same Property Performance 13 Leasing Production 36
Funds from Operations ("FFO"), Adjusted FFO ("AFFO") Top 10 Tenants - Consolidated 37
and Funds Available for Distribution ("FAD") 14
Anchor Tenant Detail 38
Capital Expenditures 15
Anchor Lease Expirations - Next 3 Years 46
Balance Sheets 16
Lease Expirations 47
Selected Operating Ratios 17
Property Demographics 55
Debt Analysis - Summary 18
Residential Properties 56
Debt Analysis - Detail 19
Debt Maturity Schedule 21
Unencumbered Properties 22
Visit acadiarealty.com for current news as well as additional property details and financial information
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Important Notes
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this supplemental disclosure may contain
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as
such may involve known and unknown risks, uncertainties and other factors which
may cause the Company's actual results, performance or achievements to be
materially different from future results, performance or achievements expressed
or implied by such forward-looking statements. Forward-looking statements, which
are based on certain assumptions and describe the Company's future plans,
strategies and expectations are generally identifiable by use of the words
"may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend"
or "project" or the negative thereof or other variations thereon or comparable
terminology. Factors which could have a material adverse effect on the
operations and future prospects of the Company include, but are not limited to
those set forth under the heading "Risk Factors" in the Company's Annual Report
on Form 10-K. These risks and uncertainties should be considered in evaluating
any forward-looking statements contained or incorporated by reference herein.
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
The Company considers funds from operations ("FFO") as defined by the National
Association of Real Estate Investment Trusts ("NAREIT") to be an appropriate
supplemental disclosure of operating performance for an equity REIT due to its
widespread acceptance and use within the REIT and analyst communities. FFO is
presented to assist investors in analyzing the performance of the Company. It is
helpful as it excludes various items included in net income that are not
indicative of the operating performance, such as gains (or losses) from sales of
property and depreciation and amortization. However, the Company's method of
calculating FFO may be different from methods used by other REITs and,
accordingly, may not be comparable to such other REITs. FFO does not represent
cash generated from operations as defined by generally accepted accounting
principles ("GAAP") and is not indicative of cash available to fund all cash
needs, including distributions. It should not be considered as an alternative to
net income for the purpose of evaluating the Company's performance or to cash
flows as a measure of liquidity. Consistent with the NAREIT definition, the
Company defines FFO as net income (computed in accordance with GAAP), excluding
gains (or losses) from sales of depreciated property, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint
ventures.
USE OF EBITDA AS NON-GAAP FINANCIAL MEASURE
EBITDA is a widely used financial measure in many industries, including the REIT
industry, and is presented to assist investors and analysts in analyzing the
performance of the Company. It is helpful as it excludes various items included
in net income that are not indicative of operating performance, such as gains
(or losses) from sales of property and depreciation and amortization and is used
in computing various financial ratios as a measure of operational performance.
The Company computes EBITDA as the sum of net income before extraordinary items
plus interest expense, depreciation, income taxes and amortization, less any
gains (losses including impairment charges) on the sale of income producing
properties. The Company's method of calculating EBITDA may be different from
methods used by other REITs and, accordingly, may not be comparable to such
other REITs. EBITDA does not represent cash generated from operations as defined
by GAAP and is not indicative of cash available to fund all cash needs,
including distributions. It should not be considered as an alternative to net
income for the purpose of evaluating the Company's performance or to cash flows
as a measure of liquidity.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Company Information
Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated
and self-managed real estate investment trust which specializes in the
acquisition, redevelopment and operation of shopping centers which are anchored
by grocery and value-oriented retail. Acadia currently owns (or has interests
in) and operates 70 properties totaling approximately 10 million square feet,
located in the Northeast, Mid-Atlantic and Midwest United States.
All of Acadia's assets are held by, and all its operations are conducted
through, Acadia Realty Limited Partnership (and its majority-owned subsidiaries)
which is currently 98% controlled by Acadia.
Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham
Suite 260 Vice President
White Plains, NY 10605 (914) 288-8142
jgrisham@acadiarealty.com
New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com
Analyst Coverage Banc of America Securities Citigroup - Smith Barney
Ross Nussbaum - (212) 847-5668 Jonathan Litt - (212) 816-0231
ross.nussbaum@bofasecurities.com jonathan.litt@citigroup.com
Michael Bilerman - (212) 816-1383
RBC Capital Markets michael.bilerman@citigroup.com
Jay Leupp - (415) 633-8588 David Carlisle - (212) 816-1382
jay.leupp@rbccm.com david.s.carlisle@citigroup.com
David Ronco - (415) 633-8566
david.ronco@rbccm.com Ryan Beck & Co.
Sheila McGrath - (973) 549-4084
MaxCor Financial sheila.mcgrath@ryanbeck.com
Paul Adornato, CFA - (646) 346-7327
padornato@maxf.com J.P. Morgan Securities, Inc.
Michael W. Mueller, CFA (212) 622-6689
michael.w.mueller@jpmorgan.com
Josh Bederman (212) 622-6530
josh.h.bederman@jpmorgan.com
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Portfolio Snapshot (1)
[GRAPHIC OF MAP OMITTED]
(1) This map does not include a 25 property portfolio owned by the Company
comprised entirely of Kroger and Safeway anchor triple-net leases.
(2) The Company's pro-rata share of base rent from unconsolidated properties
has been included for the purpose of calculating percentage of base rent by
state.
[GRAPHIC OMITTED]
[DATA BELOW REPRESENTS PIE CHART]
Illinois 9.02%
Connecticut 4.76%
Indiana 4.92%
Massachusetts 4.82%
Michigan 5.39%
New Jersey 18.88%
New York 18.79%
Ohio 2.84%
Pennsylvania 13.87%
Rhode Island 5.31%
Vermont 3.34%
Delaware 4.73%
South Carolina 0.38%
Korger/Safeway 2.76%
Virginia 0.19%
100.0%
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Organizational Chart
Kenneth Bernstein
President and Chief
Executive Officer
Acquisitions Leasing Operations/ Construction Legal Finance and
Property and Asset
Management Development Management
Joseph
Joel Braun Joseph Povinelli Napolitano Joseph Hogan Robert Masters Michael Nelsen
Sr. VP CIO Sr. VP, Dir of Sr. VP, Director of Sr. VP, Dir. of Sr. VP, General Sr. VP, Chief
Leasing Operations Construction Counsel Financial Officer
Todd Rollins Robert Scholem Larry Schachter Jeff Hogan Carol Smrek Jon Grisham Richard Hartmann
VP, VP, Director of Director of MIS Construction VP, Counsel VP Chief VP, Controller
Asset Management Property Superintendant Accounting Dir. of Lease
Management Karen Yamrus Officer Admin.
Asst. VP, Sr.
Paralegal
Joseph Ginex
Asst. V.P.
Acquisitions
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Executive Management Team
Kenneth F. Bernstein Chief Executive Officer Mr. Bernstein is responsible for strategic planning as well as overseeing all
and President 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 analysis of acquisition
Chief Investment Officer properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and
Finance for Rosenshein Associates, a regional shopping center developer based in
New Rochelle, New York. During this time, Mr. Braun was instrumental in the
initiation and formation of Kranzco Realty Trust, a publicly traded REIT. Mr.
Braun holds a Bachelor's in Business Administration from Boston University and a
Master's Degree in Planning from John Hopkins University.
Joseph Hogan Senior Vice President, Most recently, Mr. Hogan served as Vice President with Kimco Realty Corporation
Director of Construction (NYSE:KIM), where he was responsible for business development and management of
all retail and commercial construction projects for Kimco, in addition to
outside customers and development companies. Prior to joining Kimco, he was with
Konover Construction Company, a subsidiary of Konover & Associates located in
West Hartford, Connecticut, where he was responsible for construction projects
throughout the eastern half of the United States.
Robert Masters, Esq. Senior Vice President, Prior to joining Acadia in December 1994, Mr. Masters was General Counsel for
General Counsel, API Asset Management for over five years, Senior Vice President Deputy General
Corporate Secretary 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 company's internal operations.
CPM Director of Operations Previously, he held the position of Senior Vice President, Director of Property
Management. Prior to joining Acadia in 1995, Mr. Napolitano was employed by
Rosen Associates Management Corp. as a Senior Property Manager overseeing a
national portfolio of community shopping centers, and Roebling Management Co. as
a Property Manager responsible for neighborhood and community shopping centers
nationally. Mr. Napolitano holds a Bachelor's in Business Administration from
Adelphi University, Garden City, NY; and is a Certified Property Manager by the
Institute of Property Management (IREM). Mr. Napolitano is also a member of the
New York State Association of Realtors (NYSAR) International Council of Shopping
Center (ICSC), Commercial Investment Real Estate Institute (CIREI), and the
Building Owners and Managers Institute (BOMI).
Michael Nelsen Senior Vice President, Mr. Nelsen oversees all the financial activities and asset management functions.
Chief Financial Officer Mr. Nelsen was most recently President of G. Soros Realty, Inc. and Director of
Real Estate for Soros Private Funds Management LLC. His responsibilities
included asset/portfolio management of real estate operations, financial
reporting, financings, asset acquisitions and dispositions. Previously, he was a
partner in the public accounting firm of David Berdon & Co. Mr. Nelsen has been
a Certified Public Accountant since 1971.
Joseph Povinelli Senior Vice President, Mr. Povinelli joined Acadia in 1999 with 19 years of retail leasing experience.
Director of Leasing Since 1987 Mr. Povinelli had served as regional real estate representative for
Vornado Realty Trust, a New Jersey based Real estate investment trust, and was
responsible for the day to day leasing activity of approximately 3 million
square feet of the strip shopping center portfolio. Prior to this he served as
leasing representative for Net Properties Management, Great Neck, New York,
responsible for leasing of the strip shopping center and office building
portfolio of the mid-atlantic and southeast regions of the company. Mr.
Povinelli received a Bachelor of Science degree in Finance and Economics from
C.W. Post College of Long Island Universty.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Total Market Capitalization
(including pro-rata share of joint venture debt)
Percent of
Percent of Total Market
(amounts in thousands) Total Equity Capitalization
Equity Capitalization
Total Common Shares Outstanding 96.9% 31,394
Common Operating Partnership ("OP") Units 2.0% 642
Combined Common Shares and OP Units 32,036
Market Price at March 31, 2005 $ 16.08
Equity Capitalization - Common Shares and OP Units $ 515,139
Preferred OP Units - at cost (1) 1.1% 5,580
--- -----
Total Equity Capitalization 100.0% 520,719 69.3%
----- ------- ----
Debt Capitalization
Company's balance sheet 173,000 23.0%
Pro-rata share of joint venture debt 57,959 7.6%
------ ---
Total Debt Capitalization 230,959 30.7%
------- ----
Total Market Capitalization $ 751,678 100.0%
--------- -----
Weighted Average Outstanding Common Shares and O.P. Units
----------------------------------------------------------
Common
Shares O.P. Units Total
==========================================================================
Basic
Quarter ended March 31, 2005 31,867,185 514,477 32,381,662
Fully Diluted (3)
Quarter ended March 31, 2005 32,139,833 514,477 32,654,310
==========================================================================
Basic
Quarter ended March 31, 2004 27,890,065 1,053,437 28,943,502
Fully Diluted
Quarter ended March 31, 2004 28,560,779 1,053,437 29,614,216
[GRAPHIC OMITTED]
[DATA BELOW REPRESENTS GRAPH]
Actual
Common Shares 504,816 67.2%
Common O.P. Units 10,323 1.4%
Preferred O.P. Units 5,580 0.7%
Fixed-Rate Debt 206,073 27.4%
Variable-Rate Debt 24,886 3.3%
751,678 100.0%
(1) In connection with the acquisition of the Pacesetter Park Shopping Center
in 1999, the Company issued 2,212 Preferred OP Units, of which 632 have
been converted to Common OP Units to date. The remaining Preferred OP Units
are reflected above at their stated cost of $1,000 per unit. Also includes
$4,000 of Preferred OP Units issued to Klaff L.P. related to the
acquisition of management contracts.
(2) Fixed-rate debt includes notional principal fixed through interest rate
swap transactions and conversely, variable-rate debt excludes this amount.
(3) For purposes of earnings per share calculations, the assumed conversion of
Preferred OP Units is anti-dilutive and not reflected above. However, for
the purposes of calculating FFO on a fully diluted basis, these stock
equivalents are dilutive and amount to 522,679 and 429,075 for the quarters
ended March 31, 2005 and 2004, rspectively.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Shareholder Information
(amounts in thousands)
10 Largest Institutional/Non-Retail Shareholders (1)
Percent of Out-
Common standing Common
Shareholder Shares Held Shares
- ----------- ----------- ---------------
Wellington Management 3,877 12.3%
Yale University 3,635 11.6%
Morgan Stanley 1,840 5.9%
Clarion CRA Securities 1,747 5.6%
Third Avenue Management 1,661 5.3%
Cliffwood Partners 1,471 4.7%
Stanford University 1,411 4.5%
Vanguard Group 1,210 3.9%
LaSalle Investment Management Securities 864 2.8%
Barclay's Global Investors 787 2.5%
----------- --------
Total of 10 Largest Institutional Shareholders 18,503 58.9%
----------- --------
Total of all Institutional Shareholders 29,455 93.8%
----------- --------
Operating Partnership
Unit Information
Percent
of Total O.P. Units
-------------------
Managment O.P. Unit Holders 338 52.6%
Other O.P. Unit Holders 304 47.4%
----------- --------
Total O.P. Units 642 100.0%
----------- --------
Management and Trustee Ownership
Common Shares (not including options) 955
O.P. Units (see above) 338
------
1,293
(1) Based on most recent Schedule 13F filing
[GRAPHIC OMITTED]
[DATA BELOW REPRESENTS GRAPH}
Total Share/O.P. Unit Ownership (Combined)
Institutional Shareholders 29,455 91.9%
Retail Shareholders 984 3.1%
Management-Owned Shares & O.P. Units 1,293 4.0%
Other O.P. Unitholders 304 0.9%
Total Equity 32,036 100.0%
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Statements of Operations - Consolidated (1)
Current Quarter and Year-to-Date
(in thousands)
Year-to-Date Current Quarter
Period 3 months
ended March 31, ended March 31,
2005 2005
------------------------------------- ---------------------------------
Wholly Owned JV's (2) Total Wholly Ownd JV's (2) Total
------------ -------- ----------- ------------- --------- --------
PROPERTY REVENUES
Minimum rents $ 12,801 $ 2,344 $ 15,145 $ 12,801 $ 2,344 $ 15,145
Percentage rents 184 10 194 184 10 194
Expense reimbursements 4,050 534 4,584 4,050 534 4,584
Other property income 224 5 229 224 5 229
------------ -------- ----------- ------- --------- --------
17,259 2,893 20,152 17,259 2,893 20,152
------------ -------- ----------- ------- --------- --------
PROPERTY EXPENSES
Property operating 4,324 458 4,782 4,324 458 4,782
Real estate taxes 2,414 323 2,737 2,414 323 2,737
------------ -------- ----------- ------- --------- --------
6,738 781 7,519 6,738 781 7,519
------------ -------- ----------- ------- --------- --------
NET OPERATING INCOME - PROPERTIES 10,521 2,112 12,633 10,521 2,112 12,633
OTHER INCOME (EXPENSE)
General and administrative (1,705) -- (1,705) (1,705) -- (1,705)
Property related home office expenses (1,373) (8) (1,381) (1,373) (8) (1,381)
Equity in Fund I unconsolidated properties -- 19 19 -- 19 19
Lease termination income -- -- -- -- -- --
Interest income 477 1 478 477 1 478
Asset and property management income (3) 1,978 -- 1,978 1,978 -- 1,978
Property management expense (56) -- (56) (56) -- (56)
Straight-line rent income 142 (106) 36 142 (106) 36
Straight-line rents written off (17) -- (17) (17) -- (17)
FAS 141 Rent -- 17 17 -- 17 17
Hurricane related income (expenses) (4) 479 -- 479 479 -- 479
Other income 104 -- 104 104 -- 104
------------ -------- ----------- ------- --------- --------
EBIDTA 10,550 2,035 12,585 10,550 2,035 12,585
Depreciation and amortization (4,024) (693) (4,717) (4,024) (693) (4,717)
FAS 141 Amortization -- (48) (48) -- (48) (48)
Interest expense (2,359) (821) (3,180) (2,359) (821) (3,180)
FAS 141 Interest -- 29 29 -- 29 29
Impairment of real estate -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- --
------------ -------- ----------- ------- --------- --------
Income before minority interest 4,167 502 4,669 4,167 502 4,669
Minority interest - OP (66) (9) (75) (66) (9) (75)
Minority interest (144) (5) (149) (144) (5) (149)
------------ -------- ----------- -------- --------- --------
NET INCOME $ 3,957 $ 488 $ 4,445 $ 3,957 $ 488 $ 4,445
============ ========= =========== ============== ========= ========
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's equity in the
earnings of unconsolidated partnerships is re flected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, this agrees with the equity in earnings of
unconsolidated partnerships as reported in the Company's Form 10Q's and 10K
for the corresponding periods.
(2) The Company currently invests in Funds I & II as detailed elsewhere in this
Supplement.The Company also has a 49% JV interest in a 311,000 square foot
shopping center ("Crossroads")
(3) Detail as follows: 1st Quarter
-----------
Asset management fee Fund I $ 263
Asset management fee Fund II 750
Property management and leasing fees
-Fund I 306
Klaff related fees 575
Other fees 84
$ 1,978
(4) Reperesents reversal of 2004 accrual for flood related damage at the Mark
Plaza following settlement with the insuarnace carrier during (2005.)
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Statements of Operations - Current v. Historical 1
- --------------------------------------------------
(in thousands)
----------------------- -----------------------------------
Current Quarter Historical Quarter
3 months 3 months
ended March 31, ended March 31,
2005 2004
----------------------- -----------------------------------
Wholly JV's 2 Total Wholly JV's Discontinued Total
Owned Owned
----------------------- -----------------------------------
PROPERTY REVENUES
Minimum rents $12,801 $2,344 $15,145 $12,504 $1,969 $303 $14,776
Percentage rents 184 10 194 217 15 2 234
Expense reimbursements 4,050 534 4,584 3,591 413 83 4,087
Other property income 224 5 229 124 9 4 137
----------------------- -----------------------------------
17,259 2,893 20,152 16,436 2,406 392 19,234
----------------------- -----------------------------------
PROPERTY EXPENSES
Property operating 4,324 458 4,782 3,699 363 142 4,204
Real estate taxes 2,414 323 2,737 2,248 232 74 2,554
----------------------- -----------------------------------
6,738 781 7,519 5,947 595 216 6,758
----------------------- -----------------------------------
NET OPERATING INCOME - PROPERTIES 10,521 2,112 12,633 10,489 1,811 176 12,476
OTHER INCOME (EXPENSE)
General and administrative (1,705) - (1,705) (1,325) - - (1,325)
Property related home office expenses (1,373) (8) (1,381) (1,164) - - (1,164)
Equity in Fund I unconsolidated properties - 19 19 - - - -
Lease termination income - - - - - - -
Interest income 477 1 478 115 - - 115
Asset and property management income 1,978 - 1,978 545 - - 545
Property management expense (56) - (56) (62) - - (62)
Straight-line rent income 142 (106) 36 292 (93) 2 201
Straight-line rents written off (17) - (17) - - (114) (114)
FAS 141 Rent - 17 17 - 38 - 38
Hurricane related expenses 479 - 479 - - - -
Other income 104 - 104 156 - - 156
----------------------- -----------------------------------
EBIDTA 10,550 2,035 12,585 9,046 1,756 64 10,866
Depreciation and amortization (4,024) (693) (4,717) (3,735) (573) (121) (4,429)
FAS 141 Amortization - (48) (48) - - - -
Interest expense (2,359) (821) (3,180) (2,429) (667) (316) (3,412)
FAS 141 Interest - 29 29 - 28 - 28
Impairment of real estate - - - - - - -
Gain on sale of properties - - - - - - -
----------------------- -----------------------------------
Income before minority interest 4,167 502 4,669 2,882 544 (373) 3,053
Minority interest - OP (66) (9) (75) (109) (20) 14 (115)
Minority interest (144) (5) (149) (88) - - (88)
----------------------- -----------------------------------
NET INCOME $3,957 $488 $4,445 $2,685 $524 $(359) $2,850
======================= ===================================
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are
necessary for a fair presentation of operating results for the interim periods. The Company's equity in the earnings
of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share
for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as
reported in the Company's Form 10Q's and 10K for the corresponding periods.
2 The Company currently invests in Funds I & II as detailed elsewhere in this Supplement.The Company also has a 49% JV
interest in a 311,000 square foot shopping center ("Crossroads").
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Statements of Operations - Joint Venture Activity (1)
Current Quarter and Year-to-Date
(in thousands)
Year-to-Date
Period
ended March 31,
2005
--------------------------------------------------------------------------
AKR Pro-rata AKR Pro-rata Pro-rata Pro-rata
Fund I share Fund II share Crossroads share Total
------ ----- ------- ----- ---------- ----- -----
PROPERTY REVENUES
Minimum rents $ 6,561 $ 1,458 $ 734 $ 147 $ 1,507 $ 739 $ 2,344
------- ------- ------- ------- ------- ------- -------
Percentage rents 44 10 -- -- -- -- 10
Expense reimbursements 885 197 155 31 624 306 534
Other property income 3 1 4 1 6 3 5
------- ------- ------- ------- ------- ------- -------
7,493 1,666 893 179 2,137 1,048 2,893
------- ------- ------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating 1,039 231 565 113 232 114 458
Real estate taxes 335 74 323 65 376 184 323
------- ------- ------- ------- ------- ------- -------
1,374 305 888 178 608 298 781
------- ------- ------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES 6,119 1,361 5 1 1,529 750 2,112
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- -- --
Property related home office expenses (31) (7) (5) (1) -- -- (8)
Equity in Fund I unconsolidated
properties (2) 84 19 -- -- -- -- 19
Lease termination income -- -- -- -- -- -- --
Interest income 4 1 2 -- -- -- 1
Asset and property management income -- -- -- -- -- -- --
Asset and property management expense (3) (540) -- (938) -- -- -- --
Straight-line rent income (575) (128) 6 1 42 21 (106)
Straight-line rents written off -- -- -- -- -- -- --
FAS 141 Rent 65 14 14 3 -- -- 17
Hurricane related expenses -- -- -- -- -- -- --
Other income -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
EBIDTA 5,126 1,260 (916) 4 1,571 771 2,035
Depreciation and amortization (4) (2,194) (488) (163) (33) (150) (172) (693)
FAS 141 Amortization (50) (11) (187) (37) -- -- (48)
Interest expense (4) (1,748) (373) (188) (27) (1,040) (421) (821)
FAS 141 Interest 132 29 -- -- -- -- 29
Impairment of real estate -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
Income before minority interest 1,266 417 (1,454) (93) 381 178 502
Minority interest - OP -- (7) -- 1 -- (3) (9)
Minority interest (67) (15) 48 10 -- -- (5)
------- ------- ------- ------- ------- ------- -------
NET INCOME $ 1,199 $ 395 $(1,406) $ (82) $ 381 $ 175 $ 488
======= ======= ======== ======= ======= ======= =======
Current Quarter
3 months
ended March 31,
2005
--------------------------------------------------------------------------
AKR Pro-rata AKR Pro-rata Pro-rata Pro-rata
Fund I share Fund II share Crossroads share Total
------ ----- ------- ----- ---------- ----- -----
PROPERTY REVENUES
Minimum rents $ 6,561 $ 1,458 $ 734 $ 147 $ 1,507 $ 739 $ 2,344
------- ------- ------- ------- ------- ------- -------
Percentage rents 44 10 -- -- -- -- 10
Expense reimbursements 885 197 155 31 624 306 534
Other property income 3 1 4 1 6 3 5
------- ------- ------- ------- ------- ------- -------
7,493 1,666 893 179 2,137 1,048 2,893
------- ------- ------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating 1,039 231 565 113 232 114 458
Real estate taxes 335 74 323 65 376 184 323
------- ------- ------- ------- ------- ------- -------
1,374 305 888 178 608 298 781
------- ------- ------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES 6,119 1,361 5 1 1,529 750 2,112
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- -- --
Property related home office expenses (31) (7) (5) (1) -- -- (8)
Equity in Fund I unconsolidated
properties (2) 84 19 -- -- -- -- 19
Lease termination income -- -- -- -- -- -- --
Interest income 4 1 2 -- -- -- 1
Asset and property management income -- -- -- -- -- -- --
Asset and property management expense (3) (540) -- (938) -- -- -- --
Straight-line rent income (575) (128) 6 1 42 21 (106)
Straight-line rents written off -- -- -- -- -- -- --
FAS 141 Rent 65 14 14 3 -- -- 17
Hurricane related expenses -- -- -- -- -- -- --
Other income -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
EBIDTA 5,126 1,260 (916) 4 1,571 771 2,035
Depreciation and amortization (4) (2,194) (488) (163) (33) (150) (172) (693)
FAS 141 Amortization (50) (11) (187) (37) -- -- (48)
Interest expense (4) (1,748) (373) (188) (27) (1,040) (421) (821)
FAS 141 Interest 132 29 -- -- -- -- 29
Impairment of real estate -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
Income before minority interest 1,266 417 (1,454) (93) 381 178 502
Minority interest - OP -- (7) -- 1 -- (3) (9)
Minority interest (67) (15) 48 10 -- -- (5)
------- ------- ------- ------- ------- ------- -------
NET INCOME $ 1,199 $ 395 $(1,406) $ (82) $ 381 $ 175 $ 488
======= ======= ======= ======= ======= ======= =======
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's equity in the
earnings of unconsolidated partnerships is reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, this agrees with the equity in earnings of
unconsolidated partnerships as reported in the Company's Form 10Q's and 10K
for the corresponding periods. The Company currently invests in Funds I &
II as detailed elsewhere in this Supplement.The Company also has a 49% JV
interest in a 311,000 square foot shopping center ("Crossroads").
(2) Fund I currently invests in 3 properties in which it has 50% interest in
and for which it uses the equity method of accounting.
(3) Funds I and II pay asset management and property management fees to Acadia
Realty L.P. As such, the Company does not recognize a pro-rata share of
these expenses in its consolidated financial statements.
(4) The Company's JV partner has interest rate swaps, effectively fixing the
interest rate on its pro-rata portion of the mortgage debt from its
investment in Crossroads. Acadia's pro-rata share of its interest expense
has been adjusted to exclude the effect of these swaps. In addition to its
pro-rata share of depreciation, the Company recognizes depreciation on its
increased basis in Crossroads.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Net Operating Income (NOI) - Same Property Performance 1
- ------------------------------------------------------
(in thousands) Growth in Same
Property NOI -
Continuing Operations
Favorable
Notes: Current Quarter Historical Quarter (unfavorable)
----------------------------------------------------------------------
3 months ended 3 months ended
Reconciliation of total NOI to same property NOI: March 31, March 31,
2005 2004
-------------------------------------
NOI - Wholly owned properties $10,521 $10,665
NOI - Joint Ventures (Unconsolidated partnerships) 2,112 1,811
-------------------------------------
Total NOI 12,633 12,476
NOI - Properties Acquired (95) -
NOI - Property sold (20) (176)
NOI - Redevelopment Properties - -
-------------------------------------
$12,518 $12,300 1.8%
===========================================================
Same property NOI by portfolio component and
revenues/expenses:
Shopping Center Portfolio
Revenues $17,848 $16,916 5.5%
Expenses 2 6,369 5,636 -13.0%
-----------------------------------------------------------
2 11,479 11,280 1.8%
-----------------------------------------------------------
Residential Properties (2 properties)
Revenues 1,876 1,924 -2.5%
Expenses 940 904 -4.0%
-----------------------------------------------------------
936 1,020 -8.2%
-----------------------------------------------------------
$12,415 $12,300 0.9%
===========================================================
1 The above amounts includes the pro-rata activity related to the Company's joint ventures.
2 Snow removal costs on a same-store basis increased in 2005 by $225 (net of tenant recoveries). Excluding the effect of
this, same store NOI for the retail portfolio increased by 3.7% in 2005.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Funds from Operations ("FFO") 1
-----------------------------
(in thousands) 2005 2004
-------------- -------------- --------------- --------------
Current Current Historic Historic
Year-to-Date Quarter Year-to-Date Quarter
Period ended 3 months ended Period ended 3 months ended
Funds from operations ("FFO"): Notes March 31, 2005 March 31, 2005 March 31, 2004 March 31, 2004
----------------------------- -------------- -------------- --------------- --------------
Net Income $4,445 $4,445 $2,850 $2,850
Add back:
Depreciation of real estate and amortization of leasing costs:
Wholly owned and consolidated subsidiaries 3,620 3,620 3,517 3,517
Unconsolidated subsidiaries 633 633 552 552
Income attributable to Operating Partnership units 2 75 75 115 115
Gain on sale of properties - - - -
-------------- -------------- --------------- --------------
FFO - Basic 8,773 8,773 7,034 7,034
Distributions on Preferred OP Units 87 87 73 73
-------------- -------------- --------------- --------------
FFO - Diluted $8,860 $8,860 $7,107 $7,107
============== ============== =============== ==============
Adjusted Funds from operations ("AFFO"):
---------------------------------------
Diluted FFO $8,860 $8,860 $7,107 $7,107
Straight line rent, net (19) (19) (87) (87)
Non real-estate depreciation 105 105 78 78
Amortization of finance costs 188 188 210 210
Amortization of cost of management contracts 171 171 44 44
Tenant improvements (330) (330) (406) (406)
Leasing commissions (154) (154) (226) (226)
Capital expenditures (502) (502) (819) (819)
-------------- -------------- --------------- --------------
AFFO $8,319 $8,319 $5,901 $5,901
============== ============== =============== ==============
Funds Available for Distribution ("FAD")
---------------------------------------
AFFO $8,319 $8,319 $5,901 $5,901
Scheduled prinicpal repayments (613) (613) (1,190) (1,190)
-------------- -------------- --------------- --------------
FAD $7,706 $7,706 $4,711 $4,711
============== ============== =============== ==============
Total weighted average shares and OP Units:
Basic 32,382 32,382 28,944 28,944
============== ============== =============== ==============
Diluted 33,177 33,177 30,044 30,044
============== ============== =============== ==============
FFO per share:
FFO per share - Basic 3 $0.27 $0.27 $0.24 $0.24
============== ============== =============== ==============
FFO per share - Diluted 3 $0.27 $0.27 $0.24 $0.24
============== ============== =============== ==============
AFFO per share - Basic 3 $0.25 $0.25 $0.20 $0.20
============== ============== =============== ==============
AFFO per share - Diluted 3 $0.25 $0.25 $0.20 $0.20
============== ============== =============== ==============
FAD per share - Basic 3 $0.24 $0.24 $0.16 $0.16
============== ============== =============== ==============
FAD per share - Diluted 3 $0.23 $0.23 $0.16 $0.16
============== ============== =============== ==============
- ------------------------------------------------------------------------------------------------------------------------------
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a
fair presentation of operating results for the interim periods.
2 Reflects OP Unitholders interest in OP net income.
3 Assumes full conversion of O.P. Units into Common Shares. Diluted FFO assumes conversion of Preferred O.P. Units as well as
assumed exercise of outstanding share options. Quarterly Preferred OP Unit distributions are added back for the purposes of
calculating diluted FFO. Refer to "Market Capitalization" for weighted-average basic and diluted shares.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Capital Expenditures
----------------------------------------------
--------------- ---------------
Year-to-Date Current Previous
Quarter Year
3 months Year
ended ended
Notes March 31, 2005 March 31, 2005 December 31, 2004
--------------- --------------- -----------------
Leasing Commissions: $154 $154 $1,109
--------------- --------------- -----------------
Tenant Improvements: 330 330 2,474
--------------- --------------- -----------------
Capital Expenditures:
Retail 281 281 1,789
Residential 221 221 842
--------------- --------------- -----------------
502 502 2,631
--------------- --------------- -----------------
Redevelopments 1,092 1,092 2,053
--------------- --------------- -----------------
Total $2,078 $2,078 $8,267
=============== =============== =================
Expenditures for real estate and
improvements as reported on the
Company's Statement of Cash Flows $1,924 $1,855 $7,103
Expenditures included in deferred leasing 154 154 1,109
Accrued construction costs as of period-end 69 55
--------------- -----------------
costs in Statement of Cash Flows $2,078 $2,078 $8,267
=============== =============== =================
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2005
Consolidated Balance Sheets
---------------------------
(in thousands)
March 31, December 31,
2005 2004
------------ ------------
ASSETS
Real estate
Land $53,804 $53,804
Buildings and improvements 363,023 362,477
Construction in progress 7,291 5,896
------------ ------------
424,118 422,177
Less: accumulated depreciation (110,709) (107,352)
------------ ------------
Net real estate 313,409 314,825
Cash and cash equivalents 6,011 13,499
Cash in escrow 3,683 4,467
Restricted Cash 509 612
Investments in and advances to unconsolidated partnerships 21,845 18,135
Investment in management contracts 4,391 3,422
Preferred equity investment 20,000 -
Rents receivable, net of $2,052 and $1,931 allowance, respectively 6,334 5,295
Straight-line rents receivable, net of $910 allowance 5,721 5,596
Notes Receivable 12,364 10,086
Prepaid expenses 2,793 3,029
Deferred charges, net 12,980 13,479
Other assets 9,383 3,898
Assets of discontinued operations - -
------------ ------------
$419,423 $396,343
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $173,000 $153,361
Accounts payable and accrued expenses 7,056 7,640
Dividends and distributions payable 5,642 5,597
Due to related parties - -
Interest rate swap payable 475 2,136
Other liabilities 3,416 3,134
Liabilities of discontinued operations - -
------------ ------------
Total liabilities 189,589 171,868
------------ ------------
Minority interest in Operating Partnership 9,745 5,743
Minority interests in majority owned partnerships 1,808 1,808
------------ ------------
Total minority interests 11,553 7,551
------------ ------------
Shareholders' equity:
Common shares 31 31
Additional paid-in capital 222,029 222,752
Accumulated other comprehensive income (1,138) (3,180)
Deficit (2,641) (2,679)
------------ ------------
Total shareholders' equity 218,281 216,924
------------ ------------
$419,423 $396,343
============ ============
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Selected Operating Ratios
-------------------------
3 months ended March 31,
2005 2004
--------- ---------
Coverage Ratios 1
---------------
Interest Coverage Ratio
EBIDTA 2 $12,585 $10,866
Divided by Interest expense 3,180 3,412
--------- ---------
3.96 x 3.18 x
Fixed Charge Coverage Ratio
EBIDTA $12,585 $10,866
Divided by ( Interest expense 3,180 3,412
+ Preferred Dividends) 2,3 87 73
--------- ---------
3.85 x 3.12 x
Debt Service Coverage Ratio
EBIDTA $12,585 $10,866
Divided by ( Interest expense 3,180 3,412
+ Principal Amortization) 4 613 1,190
--------- ---------
3.32 x 2.36 x
Payout Ratios
-------------
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $5,554 $4,778
FFO 2 8,860 7,107
--------- ---------
63% 67%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $5,554 $4,778
AFFO 2 8,319 5,901
--------- ---------
67% 81%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $5,554 $4,778
FAD 2 7,706 4,711
--------- ---------
72% 101%
Overhead Ratios
---------------
G&A/Real Estate Revenues
General and Administrative expense $1,705 $1,325
Real Estate Revenues (Includes pro-rata JV) 20,152 19,234
--------- ---------
8% 7%
General and Administrative expense $1,705 $1,325
Real Estate Revenues (Includes 100% JV) 27,782 25,409
--------- ---------
6% 5%
Leverage Ratios
---------------
Debt/Total Market Capitalization
Debt 5 $230,959 $227,418
Total Market Capitalization 751,678 651,360
--------- ---------
31% 35%
Debt + Preferred Equity (Preferred O.P. Units) $236,539 $232,998
Total Market Capitalization 751,678 651,360
--------- ---------
31% 36%
---------
Notes:
1 Quarterly results for 2005and 2004 are unaudited, although they reflect all adjustments, which in the opinion of
management, are necessary for a fair presentation of operating results for the interim periods. The coverage
ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to the
Company's joint venture investments in unconsolidated partnerships.
2 2005 activity includes the $479 reversal of a 2004 accrual for flood related damage at the Mark Plaza following
settlement with the insurance carrier during 2005.
Excluding the effects of this settlement, the impact on the above ratios would be as follows:
EBIDTA FFO AFFO FAD
As reported $12,585 $8,860 $8,319 $7,706
Adjustment (479) (479) (479) (479)
--------- --------- --------------
Adjusted 12,106 8,381 7,840 7,227
========= =========
Ratios 3.70x 66% 71% 77%
=========
(Fixed- (Payouts)
charge)
3 Represents preferred distributions on Preferred Operating partnership Units.
4 Includes the Company's pro-rata share of joint venture principal amortization.
5 Includes the Company's pro-rata share of joint venture debt.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Portfolio Debt - Consolidated Summary
(amounts in thousands)
% of
Wholly-Owned % of Weighted
and Unconsolidated Wholly-Owned % of Total Outstanding Avg.
Notes Combined Basis 1 Only Portfolio Balance Int. Rate
-------------------------------------------------------------------------------
Consolidated Debt
Fixed-Rate Debt 2 89% 89% 67% $153,842 5.96%
Variable-Rate Debt 2 11% 11% 8% 19,158 4.16%
------------------------------------------------------------------------
Total Consolidated Debt 100% 100% 75% 173,000 5.76%
========================================================================
Unconsolidated Debt (Joint Ventures)
Fixed-Rate Debt 1 23% 52,231 5.78%
Variable-Rate Debt 1 2% 5,728 4.82%
----------------------------------------
Total Unconsolidated Debt 25% 57,959 5.68%
----------------------------------------
Total Debt 100% $230,959 5.74%
========================================
Notes
1 The Company is not required to, nor does it consolidate its share of joint venture activity for the purposes of
preparing its consolidated financial statements under GAAP. This presentation includes a theoretical pro-rata
consolidation of the Company's joint venture debt.
2 Fixed-rate debt includes notional principal fixed through swap transactions. Conversely, variable-rate debt excludes
this amount.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Debt Analysis - Consolidated Debt
(amounts in thousands)
Principal Variable
Balance at Interest Rate as of Maturity Prepayment Prepayment
Property Lender % of Notes March 31, Rate March 31, Date Allowed Penalty
Porfolio 2005 2005
- ---------------------------------------------------------------------------------------------------------------------------------
FIXED-RATE DEBT
- ---------------
Merrillville Plaza SunAmerica Yes No Yr. 1 and
Life 2
Insurance Co. $13,139 6.46% 7/1/2007
GHT Apartments Bank of No Defeasance
America, N.A. 10,676 7.55% 1/1/2011
Colony Apartments Bank of No Defeasance
America, N.A. 5,338 7.55% 1/1/2011
239 Greenwich Avenue RBS Greenwich No Defeasance
Capital 16,000 5.19% 6/1/2013
New Loudon Center RBS Greenwich No Defeasance
Capital 15,000 5.64% 9/6/2014
Interest rate swaps Fleet National Various Swap
Bank 1 93,689 5.80% Yes Settlement
-----------------
TOTAL FIXED-RATE DEBT 89% 153,842 5.96%
-----------------
VARIABLE-RATE DEBT
- ------------------
Elmwood Park Shopping Center Washington
Mutual Bank,
F.A. 2 20,000 L+ 150 4.25%11/22/2007 Yes No
Marketplace of Absecon Bank of
America, N.A. 3 - L+ 150 3/1/2008 Yes No
Soundview Marketplace Bank of
America, N.A. 4 8,442 L+ 140 4.09% 12/1/2008 Yes No
Bradford Towne Center Washington 1% in 1st 18
Mutual Bank, mos.,1/2%
F.A. in 2nd 18
mos., no
penalty
5,570 L+ 150 4.25% 4/1/2011 Yes thereafter
Ledgewood Mall Washington 1% in 1st 18
Mutual Bank, mos.,1/2%
F.A. in 2nd 18
mos., no
penalty
24,137 L+ 150 4.25% 4/1/2011 Yes thereafter
Abington Towne Center Bank of
America, N.A. 5 L+ 140 4.09% 6/29/2012 Yes No
Branch Shopping Center Bank of
America, N.A. 5 L+ 140 4.09% 6/29/2012 Yes No
Methuen Shopping Center Bank of
America, N.A. 5 44,485 L+ 140 4.09% 6/29/2012 Yes No
Gateway Shopping Center Bank of
America, N.A. 5 L+ 140 4.09% 6/29/2012 Yes No
Town Line Plaza Bank of
America, N.A. 5 L+ 140 4.09% 6/29/2012 Yes No
Village Commons Shopping Bank of
Center America, N.A. 5,6 10,213 L+ 140 4.09% 6/29/2012 Yes No
Interest rate swaps Bank of
America, N.A. (93,689)
------------
TOTAL VARIABLE-RATE DEBT 11% 19,158 L+ 144 4.16%
---------- ------------ ------------
TOTAL PORTFOLIO DEBT 100% $173,000 5.76%
========== ============ ============
- ---------------------------------------------------------------------------------------------------------------------------------
Notes:
- ------
1 The Company has hedged it's variable-rate debt with variable to fixed-rate swap agreements as follows:
Notional principal All-in Rate Spread Swap Forward Start Maturity Date
rate Date
- ----------------------------- -------------- ---------- ------------------- ----------------------
37,667 5.79% 1.44% 4.35% 4/1/2005 1/1/2011 1/1/2011
20,000 5.97% 1.44% 4.53% n/a 10/1/2006
15,330 5.76% 1.44% 4.32% n/a 1/1/2007
11,859 5.55% 1.44% 4.11% n/a 1/1/2007
8,833 5.91% 1.44% 4.47% n/a 6/1/2007
- ----------------------------- -------------- ---------- -----
$93,689 5.80% 1.44% 4.36%
============================= ============== ========== =====
The Company has hedged future variable-rate debt with forward-starting
variable to fixed-rate swap agreements as follows:
$4,640 6.15% 1.44% 4.71% 10/2/2006 1/1/2010 1/1/2010
11,410 6.34% 1.44% 4.90% 10/2/2006 10/1/2011 10/1/2011
8,434 6.58% 1.44% 5.14% 6/1/2007 3/1/2012 3/1/2012
- ----------------------------- -------------- ---------- -----
$24,484 6.38% 1.44% 4.94%
============================= ============== ========== =====
2 This is a revolving facility for up to $20,000 which bears interest at LIBOR plus 150 basis points (3.30% all-
in rate floor).
3 This is a revolving facility for up to $7,400 which bears interest at LIBOR plus 150 basis points (175 basis
points if the loan to collateral value is greater than 50%).
4 There is an additional $5,000 available under this facility.
6 There is an additional $969 available under this facility.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Debt Analysis - Unconsolidated Debt (Joint Ventures)
Acadia
Realty Principal Acadia's Variable
Lender/ Trust Balance at Prorata Interest Rate as of Maturity Prepayment Prepayment
FIXED-RATE DEBT Joint Venture Partner Ownership March 31, Share Rate March 31, Date Allowed Penalty
2005 2005
- ------------------- --------------------- --------- --------------------- ----------------------------------------------------
No for debt.
Swap is
Crossroads Shopping currently
Center JPMorgan Chase Bank 49.0% $64,000 $31,360 5.37% 12/1/2014 Yes negative
Heyman-Greenburgh Associates
LLC and
RMC Development
Company LLC
UBS Warburg Real
Brandywine Town Estate Investments,
Center Inc./ 22.2% 30,000 6,667 4.69% 2/11/2008 No Defeasance
Fund I
Cortlandt Deposit Yield
Kroger Portfolio 1 Corporation/ 16.7% 9,900 1,650 6.62% 2/1/2009 Yes Maintenance
Fund I
Cortlandt Deposit Yield
Safeway Portfolio 1 Corporation/ 16.7% 9,785 1,631 6.51% 1/15/2009 Yes Maintenance
Fund I
UBS Warburg Real
Brandywine Town Estate Investments,
Center Inc./ 22.2% 21,191 4,709 7.01% 7/11/2012 No Defeasance
Fund I
UBS Warburg Real
Market Square Estate Investments,
Shopping Center Inc./ 22.2% 16,089 3,575 7.32% 6/11/2012 No Defeasance
Fund I
The Ohio National Life
Amherst Marketplace Insurance Company/
Fund I Yes; >1% or
22.2% 4,776 1,061 8.20% 6/1/2022 Yes Yield Mt.
Canada Life Insurance
Sheffield Crossing Company/
Fund I Yes; >1% or
22.2% 7,099 1,578 8.00% 1/1/2023 Yes Yield Mt.
--------------------- ---------
TOTAL/WEIGHTED AVERAGE - FIXED-RATE UNCONSOLIDATED
DEBT 162,840 52,231 5.78%
--------------------- ---------
VARIABLE-RATE DEBT
- -------------------
Haygood Shopping GECC
Center 2
Fund I 11.1% 6,110 679 L+ 325 5.81% 6/7/2005 Yes
Sterling Heights Wells Fargo Bank, NA
Shopping Center 2
Fund I 11.1% 4,405 489 L+ 300 5.88% 5/1/2005 Yes
Granville Center Bank One, NA/
Fund I 22.2% 5,681 1,262 L+ 200 4.77%10/5/2007 Yes
400 East Fordham Bank of China
Road 3
Fund II 18.3% 18,000 3,298 L + 175 4.48%9/30/2014
--------------------- -----------
TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE
UNCONSOLIDATED DEBT 34,196 5,728 4.82%
--------------------- ---------
TOTAL/WEIGHTED AVERAGE - ALL
UNCONSOLIDATED DEBT $197,036 $57,959 5.68%
===================== ===========
Notes:
- -------------------
1 AmCap, Fund I's joint venture partner on this investment, is allocated 25% of the debt and equity. As such Fund I's pro-rata
share of the above debt is 75% x 22.22%, or 16.7%.
2 Fund I is a 50% joint venture partner on this investment. As such, Fund I's pro-rata share of the above debt is 50% x 22.22%,
or 11%.
3 Fund II is a 91.6% joint venture partner on this investment. As such, Fund II's pro-rata share of the above debt is 91.6% x
20%, or 18.3%.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Future Debt Maturities
- --------------------------------------
(in thousands) Weighted Average Interest Rate of
Maturing Debt
----------------------------------
Consolidated Debt
Scheduled
Year Amortization Maturities Total Total Debt Fixed-Rate Variable-
Debt Rate Debt
- ------------------------- ------------ ---------- --------- ---------- ---------- ------------
2005 $1,244 $- $1,244 n/a n/a n/a
2006 2,188 - 2,188 n/a n/a n/a
2007 3,843 32,519 36,362 5.10% 6.46% 4.25%
2008 4,458 7,976 12,434 4.09% n/a 4.09%
2009 5,156 - 5,156 n/a n/a n/a
Thereafter 13,778 101,838 115,616 4.98% 6.16% 4.16%
------------ ---------- ---------
$30,667 $142,333 $173,000
============ ========== =========
Unconsolidated Debt (Joint Ventures) 1
2005 156 1,160 1,316 5.84% n/a 5.84%
2006 1,019 - 1,019 n/a n/a n/a
2007 1,031 4,485 5,516 4.56% n/a 4.56%
2008 1,422 6,667 8,089 4.69% 4.69% n/a
2009 1,469 - 1,469 n/a n/a n/a
Thereafter 5,079 35,471 40,550 5.74% 5.74% n/a
------------ ---------- ---------
$10,176 $47,783 $57,959
============ ========== =========
- ------------------------- ------------ ---------- --------- ---------- ---------- ------------
Capitalized interest related to the Company's development projects is as follows:
(in thousands)
1st Quarter 2005 $96
2nd Quarter 2005 -
3rd Quarter 2005 -
4th Quarter 2005 -
------------
Year-to-Date $96
============
1 The above amounts represent the Company's pro-rata share of joint venture mortgage debt.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Unencumbered Properties
-----------------------
Center Location GLA
------ -------- ---
Berlin Shopping Center Berlin, NJ 188,688
Blackman Plaza Wilkes-Barre, PA 121,341
Bloomfield Town Square Bloomfield Hills, MI 217,266
Crescent Plaza Brockton, MA 218,277
Greenridge Shopping Center Scranton, PA 194,785
Hobson West Plaza Naperville, IL 99,044
Luzerne Street Shopping Center Scranton, PA 58,089
Mad River Station Dayton, OH 155,739
Mark Plaza Edwardsville, PA 213,689
Pacesetter Park Shopping Center Ramapo, New York 96,646
Pittston Plaza Pittston, PA 79,494
Plaza 422 Lebanon, PA 155,026
Route 6 Plaza Honesdale, PA 175,507
Walnut Hill Plaza Woonsocket, RI 285,829
Total GLA of Unencumbered Properties 2,259,420
===============
Total net operating income for the year ended December 31, 2004
associated with unencumbered properties $12,907
===============
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview
------------------------------------------------------------
Item Notes Description
- -------------------------------------------------------------------------------------------------------------------------
Date formed September 2001
Capital commitment $90 million
Funding $55 million currently funded
1 $15 million estimated future earnout payments related to Brandywine Town Center
2 $20 million allocated for RCP Fund investments
Partnership structure
Equity Contribution: 22.22% - Acadia
77.78% - Four institutional investors (current significant
shareholders in Acadia as well)
Cash flow distribution: 22.22% - Acadia
77.78% - Four institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have received 9% preferred return
and return of equity
Remaining 80% is distributed to all the partners (including Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed capital ($70 million which
excludes Acadia's $20 million))
Property management fee equal to 4% of gross property revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of 7.5% of hard costs or
allocable costs of Acadia
1 See details of this property in Joint Venture Properties - Detail
2 See details of the RCP Venture on the following page
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
----------------------------------------------------------------
Item Notes Description
- ----------------------------- -----------------------------------------------------------------------------------------
Date formed June 15, 2004
Properties owned New York City Urban/Infill redevelopment projects:
Fordham Place
Pekham Manor Shopping Plaza
Partnership structure
Equity Contribution: 20% - Acadia
80% - Six institutional investors (Three are current
shareholders in Acadia as well)
Cash flow distribution: 20% - Acadia
80% - Six institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have received 8% preferred return and
return of equity
Remaining 80% is distributed to all the partners (including Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed capital (For the first 12 months,
calculated on $200 million,
therafter on $240 million which excludes Acadia's $60 million)
Property management fee equal to 4% of gross property revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of 7.5% of hard costs or allocable
costs of Acadia
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Retailer Controlled Property ("RCP") Venture - Overview
-------------------------------------------------------
*** Note - The RCP Venture is not a separate AKR Fund, rather it is a venture in which AKR Funds I and II are
anticipated to invest $20 million and
$40 million of equity, respectively, for a total of $60 million of equity. ***
Item Notes Description
- ---------------------------------------------------------------------------------------------------------------------
Date formed January 2004
Targeted investments The Venture has been formed to invest in surplus or distressed properties owned or
controlled by retailers
Current Investements Mervyn's Department Stores
Partnership structure
Equity Contribution: Up to $300 million of total equity
Up to 20% ($60 million) - AKR Fund I ($20 milion) and Fund II ($40 million)
80% - Klaff Realty LP and Lubert-Adler
Cash flow distribution: 20% - AKR Funds
80% - Four institutional investors
Promote: 20% to Klaff once all partners (including Klaff) have received 10% preferred
return and return of equity
(50% of first $40 million of AKR Fund equity is not subject to this promote)
Remaining 80% is distributed to all the partners (including Klaff).
Fees to Acadia Property management fees
Market rate leasing fees and construction/project management
Disposition fees
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
AKR Fund I Properties - Detail
-------------------------------
---------------------------------------------------------------------------------------------
Fund I's
Ownership Gross Leasable Area Occupancy Annualized Base Rent
------------------------------------------------------------------------------------
% Anchors Shops Total Anchors Shops Total Anchors Shops Total
---------------------------------------------------------------------------------------------
Midwest
-------
Ohio
- ----
Amherst Marketplace 100% 76,737 3,200 79,937 100.00%100.00%100.00% $795,711 $34,404 $830,115
Granville Centre 100% 90,047 41,496 131,543 38.81% 58.80% 45.12% 402,085 268,599 670,684
Sheffield Crossing 100% 69,659 42,875 112,534 100.00% 90.67% 96.45% 761,278 385,647 1,146,925
------------------------------------------------------------------------------------
Total - Midwest Region 236,443 87,571 324,014 76.70% 75.91% 76.48% 1,959,074 688,650 2,647,724
------------------------------------------------------------------------------------
Mid-Atlantic
------------
Delaware
- --------
Brandywine Town Center 1 100% 629,345 - 629,345 100.00% - 100.00% 9,047,022 - 9,047,022
Market Square Shopping Center 100% 39,050 63,712 102,762 100.00%100.00%100.00% 515,375 1,569,534 2,084,909
------------------------------------------------------------------------------------
Total - Mid-Atlantic 668,395 63,712 732,107 100.00%100.00%100.00% 9,562,397 1,569,534 11,131,931
------------------------------------------------------------------------------------
Various
-------
Kroger/Safeway Portfolio (25
Properties) 75% 1,018,100 - 1,018,100 100.00% - 100.00% 8,664,352 - 8,664,352
------------------------------------------------------------------------------------
Subtotal - Fund I Operating
Properties 1,922,938 151,283 2,074,221 97.13% 86.05% 96.33% 20,185,823 2,258,184 22,444,007
------------------------------------------------------------------------------------
Fund I Redevelopment Properties
-------------------------------
Sterling Heights Shopping
Center (Michigan) 50% 98,400 56,197 154,597 71.54% 53.90% 65.13% 281,600 236,804 518,404
Tarrytown Shopping Center
(New York) 50% 15,462 20,415 35,877 0.00% 44.46% 25.30% - 238,841 238,841
Hitchcock Plaza (South
Carolina) 90% 135,775 98,563 234,338 36.31% 79.98% 54.68% 342,607 499,590 842,197
Pine Log Plaza (South
Carolina) 90% 23,184 11,880 35,064 100.00% 92.42% 97.43% 69,552 79,698 149,250
Haygood Shopping Center
(Virginia) 50% 78,880 79,349 158,229 65.64% 74.16% 69.91% 85,200 804,273 889,473
------------------------------------------------------------------------------------
Subtotal - Fund I Redevelopment
Properties 351,701 266,404 618,105 55.35% 70.58% 61.91% 778,959 1,859,206 2,638,165
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Fund I Grand Total 2,274,639 417,687 2,692,326 90.67% 76.18% 88.43%$20,964,782 $4,117,390 $25,082,172
---------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent
payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered
anchor tenants for the purposes of the above table.
1 Does not include approximately 230,000 square feet of new space in Phase II, which will be paid for by the JV on an
"earnout basis" only if, and when it is leased.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
FUND I
Top 10 Tenants - Ranked by Annualized Base Rent
-----------------------------------------------
Percentage of Total
Represented by Tenant
---------------------
Number of
Stores in Total Annualized Base Total Annualized Base
Ranking Tenant JV Portfolio GLA Rent 1 Portfolio GLA 2 Rent 2
- ----------------------------------------------------------------------------------------------------
1 Safeway 3 13 467,300 $3,248,239 20.9% 14.8%
2 Kroger 4 13 595,166 3,250,025 26.6% 14.8%
3 Lowe's 1 140,000 1,925,000 6.3% 8.8%
4 Giant Eagle 2 135,896 1,416,291 6.1% 6.4%
5 Transunion Settlement 5 1 39,714 911,376 1.8% 4.1%
6 Bed, Bath & Beyond 1 50,977 868,426 2.3% 3.9%
7 Regal Cinema 1 65,641 821,825 2.9% 3.7%
8 Target 1 138,000 800,000 6.2% 3.6%
9 Dick's Sporting Goods 1 50,000 700,000 2.2% 3.2%
10 Michaels 1 24,876 547,272 1.1% 2.5%
----------------------------------------------------------------------
Total 35 1,707,570 $14,488,454 76.3% 65.9%
======================================================================
1 Base rents do not include percentage rents (except where noted), additional rents for
property expense reimbursements, and contractual rent escalations due after the date of this report.
2 GLA does not include approximately 230,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the JV on an "earnout basis" only if, and when
it is leased. Square footage and base rents for the Kroger/Safeway portfolio and
other properties for which Fund I owns less than 100% are pro-rated to reflect the Funds partial
ownership.
3 Safeway has sub-leased 7 of these locations to supermarket tenants, 1 location to a non-
supermarket tenant and ceased operations at one other location. Safeway is obligated to pay rent
through the full term of all these leases which expire in 2009.
4 Kroger has sub-leased 4 of these locations to supermarket tenants, 2 locations to a non-
supermarket tenant and ceased operations at one other location. Kroger is obligated to pay rent
through the full term of all these leases which expire in 2009.
5 Subsidiary of Transunion
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Kroger/Safeway Portfolio
- ------------------------
[US MAP OF LOCATIONS OMITTED]
Kroger locations Safeway locations
- --------------------------------------- -------------------------------
Cary, NC Atlanta, TX
Cincinnati, OH Batesville, AR
Conroe, TX Benton, AR
Great Bend, KS Carthage, TX
Hanrahan, LA Little Rock, AR
Indianapolis, IN Longview, WA
Irving, TX Mustang, OK
Pratt, KS Roswell, NM
Roanoke, VA Ruidoso, NM
Shreveport, LA San Ramon, CA
Wichita, KS (2 stores) Springerville, AZ
Tucson, AZ
Tulsa, OK
General note: As all of these leases are triple-net, Acadia has no
property management responsibilities for these locations.
ANNUAL SUPPLEMENTAL
DISCLOSURE
March 31, 2005
AKR Fund II
Properties - Detail
- --------------------
----------------------------------------------------------------------------------------------------
Fund I's Annualized Base
Rent
Ownership Gross Leasable Area Occupancy Annualized Base Rent per Occupied
Square Foot
-------------------------------------------------------------------------------------------
%Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total
----------------------------------------------------------------------------------------------------
Fund II Redevelopment
Properties
- -----------------------------
400 East Fordham
Road 90%100,703 16,652 117,355 100.00%100.00%100.00%275,000 365,804 640,804 2.73 21.97 5.46
Pelham Manor
Shopping Center (1) 90% - 398,775 398,775 0.00% 92.68% 92.68% - 2,403,205 2,403,205 - 6.50 6.50
----------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Fund II Redevelopment
Properties 100,703 415,427 516,130 100.00% 92.97% 94.34%275,000 2,769,009 3,044,009 2.73 7.17 6.25
-------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
(1) The redevelopment plan contemplates the demolition of the current
industrial/warehouse buildings and the construction of a retail center.
ANNUAL
SUPPLEMENTAL
DISCLOSURE
March 31, 2005
Retail Properties
- Summary
Listing
-----------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
-----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Lease Base Base
Lease and and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
NEW YORK REGION
- ------------------------------------------
New York
Soundview Marketplace Port Washington King KullenClearview
2007/2022 Cinema
1998 (A) 184,114 88% 2010/2030 $2,614,087 $16.06
Village Commons Shopping Smithtown Daffy's
Center 1998 (A) 87,306 100% 2008/2028 2,109,869 24.17
Walgreens 2021/--
Branch Shopping Plaza Smithtown Waldbaum's (A&P)
1998 (A) 125,676 100% 2013/2028 2,375,596 18.90
New Loudon Center Latham Price Marshalls
Chopper 2014/2009
1982 (A) 255,826 100% 2015/2035 1,670,110 6.53
Bon Ton Department Store 2014/2034
Raymor & Flanigan Furniture 2019/2034
Pacesetter Park Shopping Pomona Stop & Shop (Ahold)
Center 1999 (A) 96,646 92% 2020/2040 1,066,936 12.04
New Jersey
Elmwood Park Shopping Elmwood Park Pathmark Walgreen's
Center 1998 (A) 149,085 98% 2017/2052 2022/2062 3,228,851 22.13
Marketplace of Absecon Absecon Acme Eckerd Drug
1998 (A) 105,093 94% 2015/2055 2020/2040 1,536,973 15.59
Berlin Shopping Center Berlin Acme Kmart
1994 (A) 188,688 79% 2005/2015 2009/2049 806,722 5.43
Ledgewood Mall Ledgewood Wal-mart
1983 (A) 517,632 87% 2019/2049 4,312,577 9.57
Macy's 2010/2025
The Sports' Authority 2007/2037
Circuit City 2020/2040
Marshalls 2007/2027
NEW ENGLAND REGION
- ------------------------------------------
Connecticut
Town Line Plaza Rocky Hill Stop & ShopWal-mart (not
1998 (A) 206,178 100% 2023/2063 owned) 1,561,226 14.34
239 Greenwich Avenue Greenwich Restoration
Hardware
1998 (A) 16,834 73% 2015/2025 929,600 75.63
Massachusetts
Methuen Shopping Center Methuen DeMoulas Wal-mart
Market 2011/2051
1998 (A) 130,238 100% 2005/2015 828,772 6.36
Crescent Plaza Brockton Shaw's Home Depot
1984 (A) 218,277 100% 2012/2042 2021/2056 1,694,375 7.76
Rhode Island
Walnut Hill Plaza Woonsocket Shaw's Sears
1998 (A) 285,829 96% 2013/2043 2008/2033 2,193,120 8.03
Vermont
The Gateway Shopping Burlington Shaw's 2024/2054
Center 1999 (A) 101,861 95% 1,746,828 18.04
MIDWEST REGION
- ------------------------------------------
Illinois
Hobson West Plaza Naperville Bobak's Market and
1998 (A) 99,044 100% Restaurant 2007/2032 1,198,479 12.12
(specialty grocery)
Indiana
Merrillville Plaza Merrillville TJ Maxx
1998 (A) 235,605 98% 2009/2014 2,576,217 11.20
JC Penney 2008/2018
OfficeMax 2008/2028
Michigan
Bloomfield Town Square Bloomfield Hills Costco (notTJ
1998 (A) 217,266 95% owned) Maxx2009/2014 2,820,483 13.68
Marshall's 2011/2026
Home Goods 2010/2025
Ohio
Mad River Station Dayton Babies "R" Us
1999 (A) 155,739 80% 2010/2020 1,488,011 12.00
Office Depot 2005/2010
MID-ATLANTIC REGION
- ------------------------------------------
Pennsylvania
Abington Towne Center Abington TJ Maxx
1998 (A) 216,355 99% 2010/2020 922,200 16.16
Target (not owned)
Blackman Plaza Wilkes-Barre Kmart
1968 (C) 121,341 92% 2009/2049 282,374 2.52
Bradford Towne Centre Towanda P&C Foods Kmart
(Penn 2019/2069
Traffic)
1993 (C) 256,939 89% 2014/2024 1,578,760 6.89
Greenridge Plaza Scranton Giant Food (Ahold)
1986 (C) 194,785 77% 2021/2051 954,033 6.37
Luzerne Street Shopping Scranton Eckerd Drug
Center 1983 (A) 58,089 78% 2009/2019 239,276 5.27
Mark Plaza Edwardsville Redner's Kmart
Markets 2009/2054
1968 (C) 213,689 98% 2018/2028 1,094,524 5.21
Pittston Plaza Pittston Redner's Eckerd Drugs
Market 2006/2016
1994 (C) 79,494 100% 2018/2028 613,720 7.72
Plaza 422 Lebanon Home Depot
1972 (C) 155,026 69% 2021/2056 444,020 4.14
Route 6 Mall Honesdale Weis Kmart
Markets 2020/2070
(not
1994 (C) 175,507 99% owned) 1,073,043 6.17
---------- -----------------------
4,848,162 $43,960,782 $10.40
========== =======================
JOINT VENTURE PROPERTIES
- -----------------------------------------------------
NEW YORK REGION
- ------------------------------------------
New York
Crossroads Shopping White Plains Waldbaum's Kmart
Center (A&P) 2012/2037
1998 310,644 100% 2007/2032 $6,018,953 $19.38
(49% JV interest) B. Dalton 2012/2022
Modell's 2009/2019
MID-ATLANTIC REGION
- ------------------------------------------
Delaware
Brandywine Town Center Wilmington
(1) 2003 (A) 629,345 100% 9,047,022 14.38
(Fund I)
Market Square Shopping Wilmington Trader TJ Maxx
Center Joe's 2006/2016
(specialty
2003 (A) 102,762 100% grocery) 2,084,909 20.29
(Fund I) 2013/2028
MIDWEST REGION
- ------------------------------------------
Ohio
Amherst Marketplace Cleveland 2002 (A) 79,937 100% Giant Eagle 2021/2041 830,115 10.38
(Fund I)
Granville Centre Columbus California
Fitness
2002 (A) 131,543 45% 2017/2027 670,684 11.30
(Fund I)
Sheffield Crossing Cleveland 2002 (A) 112,534 96% Giant Eagle 2022/2042 1,146,925 10.57
(Fund I)
VARIOUS REGIONS
- ------------------------------------------
Kroger/Safeway Portfolio various 25 Kroger and Safeway
2003 (A)1,018,100 100% supermarkets 8,664,352 8.51
(Fund I) 2009/2049
JV REDEVELOPMENTS
- ------------------------------------------
Michigan
Sterling Heights ShoppingDetroit Burlington
Center Coat Factory
2004 (A) 154,597 65% 2024/-- 518,404 5.15
(Fund I)
New York
Tarrytown Shopping CenterWestchester Walgreen's
Drug (Under
2004 (A) 35,877 25% construction) 238,841 26.31
(Fund I)
400 East Fordham Road Bronx 2004 (A) 117,355 100% Sears 2007/-- 640,804 5.46
(Fund II)
Pelham Manor Shopping Westchester/Bronx
Plaza 2004 (A) 398,775 93% 2,403,205 6.50
(Fund II)
South Carolina
Hitchcock Plaza Aiken Kroger Supermarket
2004 (A) 234,338 55% 2007/2032 842,197 6.57
(Fund I)
Pine Log Plaza Aiken 2004 (A) 35,064 97% 149,250 4.37
(Fund I)
Virginia
Haygood Shopping Center Virginia Beach Rose's
Department
2004 (A) 158,229 70% Store 2009/-- 889,473 8.04
---------- -----------------------
(Fund I)
3,519,100 $34,145,134 $10.74
========== =======================
(1) Does not include 230,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an "earnout
basis" only if, and when it is leased.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Retail
Properties
by Region
- ----------------
------------------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
------------------------------------------------------------------------------------------------------------
Wholly-Owned
Properties
- ----------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals
(1)
------------------------------------------------------------------------------------------------------------
New York Region 304,238 355,423 659,661 98.51% 90.84% 94.37% $5,334,841 $6,990,098 $12,324,939 $17.80 $21.65 $19.80
New England 895,475 302,734 1,198,209 100.00% 94.15% 98.52% 6,698,569 2,995,862 9,694,431 8.39 10.51 8.95
Midwest 392,214 315,440 707,654 99.62% 85.09% 93.14% 3,272,174 4,811,016 8,083,190 8.37 17.92 12.26
Mid-Atlantic 741,466 286,302 1,027,768 94.36% 74.25% 88.76% 4,605,187 2,973,285 7,578,472 8.50 13.99 10.04
Northeastern
Pennsylvania 957,315 297,555 1,254,870 91.35% 78.11% 88.21% 4,226,539 2,053,211 6,279,750 4.83 8.83 5.67
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total Wholly-
Owned
Properties 3,290,708 1,557,454 4,848,162 96.03% 84.84% 92.43%$24,137,310 $19,823,472 $43,960,782 $8.31 $15.00 $10.40
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Joint Venture
Properties
- ----------------
Operating
Midwest (2) 236,443 87,571 324,014 76.70% 75.91% 76.48% $1,959,074 $688,650 $2,647,724 $10.80 $10.36 $10.68
Mid-Atlantic(
2,3) 668,395 63,712 732,107 100.00%100.00%100.00% 9,562,397 1,569,534 11,131,931 14.31 24.63 15.21
New York Region
(4) 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,800,201 6,018,953 11.08 34.40 19.38
Various
(Kroger/Safeway
Portfolio) (5) 1,018,100 - 1,018,100 100.00% 0.00%100.00% 8,664,352 - 8,664,352 8.51 - 8.51
------------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 2,123,119 261,746 2,384,865 97.40% 91.94% 96.81% 22,404,575 6,058,385 28,462,960 10.83 25.18 12.33
------------------------------------------------------------------------------------------------------------
JV Redevelopment
Properties
Mid West (6) 98,400 56,197 154,597 71.54% 53.90% 65.13% 281,600 236,804 518,404 4.00 7.82 5.15 0.136 0.091
Mid-Atlantic (6) 237,839 189,792 427,631 52.25% 78.33% 63.82% 497,359 1,383,561 1,880,920 4.00 9.31 6.89 0.377 0.331
New York Region
(7) 116,165 435,842 552,007 86.69% 90.70% 89.86% 275,000 3,007,850 3,282,850 2.73 7.61 6.62 0.487 0.578
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 452,404 681,831 1,134,235 65.29% 84.22% 76.67% 1,053,959 4,628,215 5,682,174 3.57 8.06 6.53 1.000 1.000
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total Joint
Venture
Properties 2,575,523 943,577 3,519,100 91.76% 86.36% 90.32%$23,458,534 $10,686,600 $34,145,134 $9.93 $13.11 $10.74
============================================================================================================
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced. Tenants
who comprise greater than 10% of a center's GLA are considered anchor tenants
for the purposes of the above table.
(1 )Anchor GLA includes a total of 254,916 square feet which is not owned by the
Company. This square footage has been excluded for calculating annualized base
rent per square foot.
(2)The Company has a 22% interest in Fund I which owns these properties.
(3) Does not include 230,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an "earnout
basis" only if, and when it is leased.
(4) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(5) The Company has a 22% interest in Fund I which has a 75% interest in this
portfolio.
(6)The Company has a 22% interest in Fund I which owns 50% of these properties.
(7)The Company has a 22% interest in Fund I which owns 50% of the Tarrytown
Shopping Center and a 20% interest in Fund II which owns 90% of 400 East Fordham
Road and Pelham Manor Shopping Plaza.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Retail Properties by State -
Summary
- --------------------------------
------------------------------------------------------------------------------
Gross Leasable Area Occupancy
----------------------------------------------------
Wholly-Owned OwnershipPercent Number of
Properties of
- ----------------
base properties Anchors Shops Total Anchors Shops Total
rent (2)
% (1)
------------------------------------------------------------------------------
Connecticut 100.0% 4.8% 2 178,799 44,213 223,012 97.46%100.00% 97.96%
Illinois 100.0% 2.3% 1 51,692 47,352 99,044 100.00% 99.67% 99.84%
Indiana 100.0% 4.9% 1 145,266 90,339 235,605 100.00% 93.85% 97.64%
Massachusetts 100.0% 4.8% 2 287,223 61,292 348,515 100.00%100.00%100.00%
Michigan 100.0% 5.4% 1 126,960 90,306 217,266 98.83% 89.44% 94.93%
New Jersey 100.0% 18.9% 4 619,460 341,038 960,498 93.25% 77.94% 87.82%
New York 100.0% 18.8% 5 476,005 273,563 749,568 100.00% 89.25% 96.08%
Ohio 100.0% 2.8% 1 68,296 87,443 155,739 100.00% 63.66% 79.60%
Pennsylvania 100.0% 13.8% 9 1,141,931 329,294 1,471,225 92.75% 79.72% 89.83%
Rhode Island 100.0% 4.2% 1 121,892 163,937 285,829 100.00% 92.25% 95.55%
Vermont 100.0% 3.3% 1 73,184 28,677 101,861 100.00% 82.51% 95.08%
----------------------------------------------------
----------------------------------------------------
Total - Wholly-
Owned
Properties 84.0% 28 3,290,708 1,557,454 4,848,162 96.03% 84.84% 92.43%
---------------------------------------------------------------------
----------------------------------------------------
Joint Venture
Properties
- ----------------
Operating
Properties
Ohio (4) 22.2% 1.1% 3 236,443 87,571 324,014 76.70% 75.91% 76.48%
Delaware (4,5) 22.2% 4.7% 2 668,395 63,712 732,107 100.00%100.00%100.00%
New York (6) 49.0% 5.6% 1 200,181 110,463 310,644 100.00%100.00%100.00%
Various
(Kroger/Safeway
Portfolio) (3) 16.5% 2.8% 25 1,018,100 - 1,018,100 100.00% 0.00%100.00%
------- ----------------------------------------------------
Total -
Operating
Properties 14.2% 2,123,119 261,746 2,384,865 97.40% 91.94% 96.81%
------- ----------------------------------------------------
JV Redevelopment
Properties
Michigan (7) 11.1% 0.1% 1 98,400 56,197 154,597 71.54% 53.90% 65.13%
New York( 7) Various 1.1% 3 116,165 435,842 552,007 86.69% 90.70% 89.86%
South Carolina 7 11.1% 0.4% 2 158,959 110,443 269,402 45.60% 81.32% 60.24%
Virginia (7) 11.1% 0.2% 1 78,880 79,349 158,229 65.64% 74.16% 69.91%
---------------------------------------------------------------------
Total-
Redevelopment
Properties 1.8% 452,404 681,831 1,134,235 65.29% 84.22% 76.67%
------- ----------------------------------------------------
----------------------------------------------------
Total Joint
Venture
Properties 16.0% 38 2,575,523 943,577 3,519,100 91.76% 86.36% 90.32%
-----------------====================================================
100.0% 66
=================
--------------------------
---------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------
Wholly-Owned
Properties
- ----------------
Anchors Shops Total Anchors Shops Totals
---------------------------------------------------------
Connecticut $1,866,600 $624,226 $2,490,826 $24.26 $14.12 $20.56
Illinois 225,436 973,043 1,198,479 4.36 20.62 12.12
Indiana 1,293,962 1,282,255 2,576,217 8.91 15.12 11.20
Massachusetts 1,947,858 575,289 2,523,147 6.78 9.39 7.24
Michigan 977,599 1,842,884 2,820,483 7.79 22.82 13.68
New Jersey 5,739,147 4,145,976 9,885,123 9.94 15.60 11.72
New York 4,575,260 5,261,338 9,836,598 9.61 21.55 13.66
Ohio 775,177 712,834 1,488,011 11.35 12.81 12.00
Pennsylvania 4,483,039 2,718,911 7,201,950 4.97 10.36 6.19
Rhode Island 935,920 1,257,200 2,193,120 7.68 8.31 8.03
Vermont 1,317,312 429,516 1,746,828 18.00 18.15 18.04
---------------------------------------------------------
---------------------------------------------------------
Total - Wholly-
Owned
Properties $24,137,310 $19,823,472 $43,960,782 $8.31 $15.00 $10.40
---------------------------------------------------------
---------------------------------------------------------
Joint Venture
Properties
- ----------------
Operating
Properties
Ohio (4) $1,959,074 $688,650 $2,647,724 $10.80 $10.36 $10.68
Delaware (4,5) 9,562,397 1,569,534 11,131,931 14.31 24.63 15.21
New York (6) 2,218,752 3,800,201 6,018,953 11.08 34.40 19.38
Various
(Kroger/Safeway
Portfolio) (3) 8,664,352 - 8,664,352 8.51 - 8.51
---------------------------------------------------------
Total -
Operating
Properties 22,404,575 6,058,385 28,462,960 10.83 25.18 12.33
---------------------------------------------------------
JV Redevelopment
Properties
Michigan (7) 281,600 236,804 518,404 4.00 7.82 5.15
New York( 7) 275,000 3,007,850 3,282,850 2.73 7.61 6.62
South Carolina 7 412,159 579,288 991,447 5.69 6.45 6.11
Virginia (7) 85,200 804,273 889,473 1.65 13.67 8.04
---------------------------------------------------------
Total-
Redevelopment
Properties 1,053,959 4,628,215 5,682,174 3.57 8.06 6.53
---------------------------------------------------------
---------------------------------------------------------
Total Joint
Venture
Properties $23,458,534 $10,686,600 $34,145,134 $9.93 $13.11 $10.74
=========================================================
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced. Tenants
who comprise greater than 10% of a center's GLA are considered anchor tenants
for the purposes of the above table.
(1)The Company's pro-rata share of base rent from joint venture properties has
been included for the purpose of calculating percentage of base rent by state.
(2)Anchor GLA includes a total of 254,916 square feet which is not owned by the
Company. This square footage has been excluded for calculating annualized base
rent per square foot.
(3)The Company has a 22% interest in Fund I which has a 75% interest in this
portfolio.
(4)The Company has a 22% interest in Fund I which owns these properties.
(5) Does not include 230,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an "earnout
basis" only if, and when it is leased.
(6) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(7)The Company has a 22% interest in Fund I which owns 50% of the Tarrytown
Shopping Center and a 20% interest in Fund II which owns 90% of 400 East Fordham
Road and Pelham Manor Shopping Plaza.
ANNUAL SUPPLEMENTAL
DISCLOSURE
March 31, 2005
AKR Fund II
Properties - Detail
- --------------------
----------------------------------------------------------------------------------------------------
Fund I's Annualized Base
Rent
Ownership Gross Leasable Area Occupancy Annualized Base Rent per Occupied
Square Foot
-------------------------------------------------------------------------------------------
%Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total
----------------------------------------------------------------------------------------------------
Fund II Redevelopment
Properties
- -----------------------------
400 East Fordham
Road 90%100,703 16,652 117,355 100.00%100.00%100.00%275,000 365,804 640,804 2.73 21.97 5.46
Pelham Manor
Shopping Center (1) 90% - 398,775 398,775 0.00% 92.68% 92.68% - 2,403,205 2,403,205 - 6.50 6.50
----------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Fund II Redevelopment
Properties 100,703 415,427 516,130 100.00% 92.97% 94.34%275,000 2,769,009 3,044,009 2.73 7.17 6.25
-------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
(1) The redevelopment plan contemplates the demolition of the current
industrial/warehouse buildings and the construction of a retail center.
ANNUAL
SUPPLEMENTAL
DISCLOSURE
March 31, 2005
Retail Properties
- Summary
Listing
-----------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
-----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Lease Base Base
Lease and and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
NEW YORK REGION
- ------------------------------------------
New York
Soundview Marketplace Port Washington King KullenClearview
2007/2022 Cinema
1998 (A) 184,114 88% 2010/2030 $2,614,087 $16.06
Village Commons Shopping Smithtown Daffy's
Center 1998 (A) 87,306 100% 2008/2028 2,109,869 24.17
Walgreens 2021/--
Branch Shopping Plaza Smithtown Waldbaum's (A&P)
1998 (A) 125,676 100% 2013/2028 2,375,596 18.90
New Loudon Center Latham Price Marshalls
Chopper 2014/2009
1982 (A) 255,826 100% 2015/2035 1,670,110 6.53
Bon Ton Department Store 2014/2034
Raymor & Flanigan Furniture 2019/2034
Pacesetter Park Shopping Pomona Stop & Shop (Ahold)
Center 1999 (A) 96,646 92% 2020/2040 1,066,936 12.04
New Jersey
Elmwood Park Shopping Elmwood Park Pathmark Walgreen's
Center 1998 (A) 149,085 98% 2017/2052 2022/2062 3,228,851 22.13
Marketplace of Absecon Absecon Acme Eckerd Drug
1998 (A) 105,093 94% 2015/2055 2020/2040 1,536,973 15.59
Berlin Shopping Center Berlin Acme Kmart
1994 (A) 188,688 79% 2005/2015 2009/2049 806,722 5.43
Ledgewood Mall Ledgewood Wal-mart
1983 (A) 517,632 87% 2019/2049 4,312,577 9.57
Macy's 2010/2025
The Sports' Authority 2007/2037
Circuit City 2020/2040
Marshalls 2007/2027
NEW ENGLAND REGION
- ------------------------------------------
Connecticut
Town Line Plaza Rocky Hill Stop & ShopWal-mart (not
1998 (A) 206,178 100% 2023/2063 owned) 1,561,226 14.34
239 Greenwich Avenue Greenwich Restoration
Hardware
1998 (A) 16,834 73% 2015/2025 929,600 75.63
Massachusetts
Methuen Shopping Center Methuen DeMoulas Wal-mart
Market 2011/2051
1998 (A) 130,238 100% 2005/2015 828,772 6.36
Crescent Plaza Brockton Shaw's Home Depot
1984 (A) 218,277 100% 2012/2042 2021/2056 1,694,375 7.76
Rhode Island
Walnut Hill Plaza Woonsocket Shaw's Sears
1998 (A) 285,829 96% 2013/2043 2008/2033 2,193,120 8.03
Vermont
The Gateway Shopping Burlington Shaw's 2024/2054
Center 1999 (A) 101,861 95% 1,746,828 18.04
MIDWEST REGION
- ------------------------------------------
Illinois
Hobson West Plaza Naperville Bobak's Market and
1998 (A) 99,044 100% Restaurant 2007/2032 1,198,479 12.12
(specialty grocery)
Indiana
Merrillville Plaza Merrillville TJ Maxx
1998 (A) 235,605 98% 2009/2014 2,576,217 11.20
JC Penney 2008/2018
OfficeMax 2008/2028
Michigan
Bloomfield Town Square Bloomfield Hills Costco (notTJ
1998 (A) 217,266 95% owned) Maxx2009/2014 2,820,483 13.68
Marshall's 2011/2026
Home Goods 2010/2025
Ohio
Mad River Station Dayton Babies "R" Us
1999 (A) 155,739 80% 2010/2020 1,488,011 12.00
Office Depot 2005/2010
MID-ATLANTIC REGION
- ------------------------------------------
Pennsylvania
Abington Towne Center Abington TJ Maxx
1998 (A) 216,355 99% 2010/2020 922,200 16.16
Target (not owned)
Blackman Plaza Wilkes-Barre Kmart
1968 (C) 121,341 92% 2009/2049 282,374 2.52
Bradford Towne Centre Towanda P&C Foods Kmart
(Penn 2019/2069
Traffic)
1993 (C) 256,939 89% 2014/2024 1,578,760 6.89
Greenridge Plaza Scranton Giant Food (Ahold)
1986 (C) 194,785 77% 2021/2051 954,033 6.37
Luzerne Street Shopping Scranton Eckerd Drug
Center 1983 (A) 58,089 78% 2009/2019 239,276 5.27
Mark Plaza Edwardsville Redner's Kmart
Markets 2009/2054
1968 (C) 213,689 98% 2018/2028 1,094,524 5.21
Pittston Plaza Pittston Redner's Eckerd Drugs
Market 2006/2016
1994 (C) 79,494 100% 2018/2028 613,720 7.72
Plaza 422 Lebanon Home Depot
1972 (C) 155,026 69% 2021/2056 444,020 4.14
Route 6 Mall Honesdale Weis Kmart
Markets 2020/2070
(not
1994 (C) 175,507 99% owned) 1,073,043 6.17
---------- -----------------------
4,848,162 $43,960,782 $10.40
========== =======================
JOINT VENTURE PROPERTIES
- -----------------------------------------------------
NEW YORK REGION
- ------------------------------------------
New York
Crossroads Shopping White Plains Waldbaum's Kmart
Center (A&P) 2012/2037
1998 310,644 100% 2007/2032 $6,018,953 $19.38
(49% JV interest) B. Dalton 2012/2022
Modell's 2009/2019
MID-ATLANTIC REGION
- ------------------------------------------
Delaware
Brandywine Town Center Wilmington
(1) 2003 (A) 629,345 100% 9,047,022 14.38
(Fund I)
Market Square Shopping Wilmington Trader TJ Maxx
Center Joe's 2006/2016
(specialty
2003 (A) 102,762 100% grocery) 2,084,909 20.29
(Fund I) 2013/2028
MIDWEST REGION
- ------------------------------------------
Ohio
Amherst Marketplace Cleveland 2002 (A) 79,937 100% Giant Eagle 2021/2041 830,115 10.38
(Fund I)
Granville Centre Columbus California
Fitness
2002 (A) 131,543 45% 2017/2027 670,684 11.30
(Fund I)
Sheffield Crossing Cleveland 2002 (A) 112,534 96% Giant Eagle 2022/2042 1,146,925 10.57
(Fund I)
VARIOUS REGIONS
- ------------------------------------------
Kroger/Safeway Portfolio various 25 Kroger and Safeway
2003 (A)1,018,100 100% supermarkets 8,664,352 8.51
(Fund I) 2009/2049
JV REDEVELOPMENTS
- ------------------------------------------
Michigan
Sterling Heights ShoppingDetroit Burlington
Center Coat Factory
2004 (A) 154,597 65% 2024/-- 518,404 5.15
(Fund I)
New York
Tarrytown Shopping CenterWestchester Walgreen's
Drug (Under
2004 (A) 35,877 25% construction) 238,841 26.31
(Fund I)
400 East Fordham Road Bronx 2004 (A) 117,355 100% Sears 2007/-- 640,804 5.46
(Fund II)
Pelham Manor Shopping Westchester/Bronx
Plaza 2004 (A) 398,775 93% 2,403,205 6.50
(Fund II)
South Carolina
Hitchcock Plaza Aiken Kroger Supermarket
2004 (A) 234,338 55% 2007/2032 842,197 6.57
(Fund I)
Pine Log Plaza Aiken 2004 (A) 35,064 97% 149,250 4.37
(Fund I)
Virginia
Haygood Shopping Center Virginia Beach Rose's
Department
2004 (A) 158,229 70% Store 2009/-- 889,473 8.04
---------- -----------------------
(Fund I)
3,519,100 $34,145,134 $10.74
========== =======================
(1) Does not include 230,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an "earnout
basis" only if, and when it is leased.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Retail
Properties
by Region
- ----------------
------------------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
------------------------------------------------------------------------------------------------------------
Wholly-Owned
Properties
- ----------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals
(1)
------------------------------------------------------------------------------------------------------------
New York Region 304,238 355,423 659,661 98.51% 90.84% 94.37% $5,334,841 $6,990,098 $12,324,939 $17.80 $21.65 $19.80
New England 895,475 302,734 1,198,209 100.00% 94.15% 98.52% 6,698,569 2,995,862 9,694,431 8.39 10.51 8.95
Midwest 392,214 315,440 707,654 99.62% 85.09% 93.14% 3,272,174 4,811,016 8,083,190 8.37 17.92 12.26
Mid-Atlantic 741,466 286,302 1,027,768 94.36% 74.25% 88.76% 4,605,187 2,973,285 7,578,472 8.50 13.99 10.04
Northeastern
Pennsylvania 957,315 297,555 1,254,870 91.35% 78.11% 88.21% 4,226,539 2,053,211 6,279,750 4.83 8.83 5.67
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total Wholly-
Owned
Properties 3,290,708 1,557,454 4,848,162 96.03% 84.84% 92.43%$24,137,310 $19,823,472 $43,960,782 $8.31 $15.00 $10.40
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Joint Venture
Properties
- ----------------
Operating
Midwest (2) 236,443 87,571 324,014 76.70% 75.91% 76.48% $1,959,074 $688,650 $2,647,724 $10.80 $10.36 $10.68
Mid-Atlantic(
2,3) 668,395 63,712 732,107 100.00%100.00%100.00% 9,562,397 1,569,534 11,131,931 14.31 24.63 15.21
New York Region
(4) 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,800,201 6,018,953 11.08 34.40 19.38
Various
(Kroger/Safeway
Portfolio) (5) 1,018,100 - 1,018,100 100.00% 0.00%100.00% 8,664,352 - 8,664,352 8.51 - 8.51
------------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 2,123,119 261,746 2,384,865 97.40% 91.94% 96.81% 22,404,575 6,058,385 28,462,960 10.83 25.18 12.33
------------------------------------------------------------------------------------------------------------
JV Redevelopment
Properties
Mid West (6) 98,400 56,197 154,597 71.54% 53.90% 65.13% 281,600 236,804 518,404 4.00 7.82 5.15 0.136 0.091
Mid-Atlantic (6) 237,839 189,792 427,631 52.25% 78.33% 63.82% 497,359 1,383,561 1,880,920 4.00 9.31 6.89 0.377 0.331
New York Region
(7) 116,165 435,842 552,007 86.69% 90.70% 89.86% 275,000 3,007,850 3,282,850 2.73 7.61 6.62 0.487 0.578
---------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 452,404 681,831 1,134,235 65.29% 84.22% 76.67% 1,053,959 4,628,215 5,682,174 3.57 8.06 6.53 1.000 1.000
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total Joint
Venture
Properties 2,575,523 943,577 3,519,100 91.76% 86.36% 90.32%$23,458,534 $10,686,600 $34,145,134 $9.93 $13.11 $10.74
============================================================================================================
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced. Tenants
who comprise greater than 10% of a center's GLA are considered anchor tenants
for the purposes of the above table.
(1 )Anchor GLA includes a total of 254,916 square feet which is not owned by the
Company. This square footage has been excluded for calculating annualized base
rent per square foot.
(2)The Company has a 22% interest in Fund I which owns these properties.
(3) Does not include 230,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an "earnout
basis" only if, and when it is leased.
(4) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(5) The Company has a 22% interest in Fund I which has a 75% interest in this
portfolio.
(6)The Company has a 22% interest in Fund I which owns 50% of these properties.
(7)The Company has a 22% interest in Fund I which owns 50% of the Tarrytown
Shopping Center and a 20% interest in Fund II which owns 90% of 400 East Fordham
Road and Pelham Manor Shopping Plaza.
ANNUAL
SUPPLEMENTAL
DISCLOSURE
March 31, 2005
Retail
Properties -
Detail
- ---------------
------------------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
--------------------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
------------------------------------------------------------------------------------------------------------
WHOLLY-OWNED PROPERTIES:
New York Region
- ---------------
Connecticut
- ---------------
239 Greenwich
Avenue(1) 16,834 - 16,834 73.02% - 73.02% $929,600 $- $929,600 $75.63 $- $75.63
------------------------------------------------------------------------------------------------------------
New Jersey
- ---------------
Elmwood Park
Shopping
Center 62,610 86,475 149,085 100.00% 96.34% 97.88% 1,390,460 1,838,391 3,228,851 22.21 22.07 22.13
------------------------------------------------------------------------------------------------------------
New York (2)
- ---------------
Soundview
Marketplace 73,500 110,614 184,114 100.00% 80.68% 88.39% 1,158,850 1,455,237 2,614,087 15.77 16.31 16.06
Village Commons
Shopping
Center 25,192 62,114 87,306 100.00%100.00%100.00% 428,213 1,681,656 2,109,869 17.00 27.07 24.17
Branch Plaza 74,050 51,626 125,676 100.00%100.00%100.00% 1,085,159 1,290,437 2,375,596 14.65 25.00 18.90
Pacesetter Park
Shopping
Center 52,052 44,594 96,646 100.00% 81.98% 91.69% 342,559 724,377 1,066,936 6.58 19.81 12.04
------------------------------------------------------------------------------------------------------------
Total - New
York 224,794 268,948 493,742 100.00% 89.07% 94.04% 3,014,781 5,151,707 8,166,488 13.41 21.51 17.59
------------------------------------------------------------------------------------------------------------
Total - New
York Region 304,238 355,423 659,661 98.51% 90.84% 94.37% 5,334,841 6,990,098 12,324,939 17.80 21.65 19.80
------------------------------------------------------------------------------------------------------------
New England
- ---------------
Connecticut
- ---------------
Town Line
Plaza(3) 161,965 44,213 206,178 100.00%100.00%100.00% 937,000 624,226 1,561,226 14.49 14.12 14.34
------------------------------------------------------------------------------------------------------------
Massachusetts
- ---------------
Methuen
Shopping
Center 130,238 - 130,238 100.00% - 100.00% 828,772 - 828,772 6.36 - 6.36
Crescent Plaza 156,985 61,292 218,277 100.00%100.00%100.00% 1,119,086 575,289 1,694,375 7.13 9.39 7.76
------------------------------------------------------------------------------------------------------------
Total -
Massachusetts 287,223 61,292 348,515 100.00%100.00%100.00% 1,947,858 575,289 2,523,147 6.78 9.39 7.24
------------------------------------------------------------------------------------------------------------
New York
- ---------------
New Loudon
Center 251,211 4,615 255,826 100.00%100.00%100.00% 1,560,479 109,631 1,670,110 6.21 23.76 6.53
------------------------------------------------------------------------------------------------------------
Rhode Island
- ---------------
Walnut Hill
Plaza 121,892 163,937 285,829 100.00% 92.25% 95.55% 935,920 1,257,200 2,193,120 7.68 8.31 8.03
------------------------------------------------------------------------------------------------------------
Vermont
- ---------------
The Gateway
Shopping
Center 73,184 28,677 101,861 100.00% 82.51% 95.08% 1,317,312 429,516 1,746,828 18.00 18.15 18.04
------------------------------------------------------------------------------------------------------------
Total - New
England Region 895,475 302,734 1,198,209 100.00% 94.15% 98.52% 6,698,569 2,995,862 9,694,431 8.39 10.51 8.95
------------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
(1)239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21
residential units encompassing 14,434 square feet. Residential activities are
not included above.
(2)The Company has a property located in the Bronx, NY which is currently under
construction which is not included in the above listing.
(3)Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by
the Company. This square footage has been excluded for calculating annualized
base rent per square foot.
WHOLLY-OWNED PROPERTIES (continued):
Midwest
- ---------------
Illinois
- ---------------
Hobson West
Plaza 51,692 47,352 99,044 100.00% 99.67% 99.84% $225,436 $973,043 $1,198,479 $4.36 $20.62 $12.12
Indiana
- ---------------
Merrillville
Plaza 145,266 90,339 235,605 100.00% 93.85% 97.64% 1,293,962 1,282,255 2,576,217 8.91 15.12 11.20
Michigan
- ---------------
Bloomfield
Towne Square 126,960 90,306 217,266 98.83% 89.44% 94.93% 977,599 1,842,884 2,820,483 7.79 22.82 13.68
Ohio
- ---------------
Mad River
Station (1) 68,296 87,443 155,739 100.00% 63.66% 79.60% 775,177 712,834 1,488,011 11.35 12.81 12.00
------------------------------------------------------------------------------------------------------------
Total - Midwest
Region 392,214 315,440 707,654 99.62% 85.09% 93.14% 3,272,174 4,811,016 8,083,190 8.37 17.92 12.26
------------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
New Jersey
- ---------------
Marketplace of
Absecon 58,031 47,062 105,093 100.00% 86.14% 93.79% 927,574 609,399 1,536,973 15.98 15.03 15.59
Berlin Shopping
Center 127,850 60,838 188,688 100.00% 34.04% 78.73% 619,400 187,322 806,722 4.84 9.05 5.43
Ledgewood Mall 370,969 146,663 517,632 88.73% 82.68% 87.02% 2,801,713 1,510,864 4,312,577 8.51 12.46 9.57
------------------------------------------------------------------------------------------------------------
Total - New
Jersey 556,850 254,563 811,413 92.49% 71.70% 85.97% 4,348,687 2,307,585 6,656,272 8.44 12.64 9.54
------------------------------------------------------------------------------------------------------------
Pennsylvania
- ---------------
Abington Towne
Center (2) 184,616 31,739 216,355 100.00% 94.75% 99.23% 256,500 665,700 922,200 9.50 22.14 16.16
------------------------------------------------------------------------------------------------------------
Total - Mid-
Atlantic
Region 741,466 286,302 1,027,768 94.36% 74.25% 88.76% 4,605,187 2,973,285 7,578,472 8.50 13.99 10.04
------------------------------------------------------------------------------------------------------------
Northeastern
Pennsylvania
- ---------------
Pennsylvania
- ---------------
Blackman Plaza 111,956 9,385 121,341 100.00% - 92.27% 264,374 18,000 282,374 2.36 - 2.52
Bradford Towne
Centre 180,919 76,020 256,939 100.00% 63.54% 89.21% 1,102,616 476,144 1,578,760 6.09 9.86 6.89
Greenridge
Plaza 104,090 90,695 194,785 59.65% 96.63% 76.87% 279,405 674,628 954,033 4.50 7.70 6.37
Luzerne Street
Shopping
Center 43,663 14,426 58,089 100.00% 12.03% 78.15% 223,652 15,624 239,276 5.12 9.00 5.27
Mark Plaza 157,595 56,094 213,689 100.00% 93.31% 98.24% 652,095 442,429 1,094,524 4.14 8.45 5.21
Pittston Plaza 67,568 11,926 79,494 100.00%100.00%100.00% 496,446 117,274 613,720 7.35 9.83 7.72
Plaza 422 145,026 10,000 155,026 71.88% 30.00% 69.18% 407,520 36,500 444,020 3.91 12.17 4.14
Route 6 Plaza 146,498 29,009 175,507 100.00% 94.74% 99.13% 800,431 272,612 1,073,043 5.46 9.92 6.17
------------------------------------------------------------------------------------------------------------
Total -
Pennsylvania 957,315 297,555 1,254,870 91.35% 78.11% 88.21% 4,226,539 2,053,211 6,279,750 4.83 8.83 5.67
------------------------------------------------------------------------------------------------------------
Total -
Northeastern
Pennsylvania
Region 957,315 297,555 1,254,870 91.35% 78.11% 88.21% 4,226,539 2,053,211 6,279,750 4.83 8.83 5.67
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
TOTAL WHOLLY-
OWNED
PROPERTIES 3,290,708 1,557,454 4,848,162 96.03% 84.84% 92.43%$24,137,310 $19,823,472 $43,960,782 $8.31 $15.00 $10.40
------------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has
not yet commenced.
(1)The GLA for this property includes 28,205 square feet of office space.
(2)Anchor GLA includes a 157,616 square foot Target store which is not owned by
the Company. This square footage has been excluded for calculating annualized
base rent per square foot.
JOINT VENTURE PROPERTIES:
Midwest
- ---------------
Ohio
- ---------------
Amherst
Marketplace
(1) 76,737 3,200 79,937 100.00%100.00%100.00% $795,711 $34,404 $830,115 $10.37 $10.75 $10.38
Granville
Centre (1) 90,047 41,496 131,543 38.81% 58.80% 45.12% 402,085 268,599 670,684 11.51 11.01 11.30
Sheffield
Crossing (1) 69,659 42,875 112,534 100.00% 90.67% 96.45% 761,278 385,647 1,146,925 10.93 9.92 10.57
------------------------------------------------------------------------------------------------------------
Total - Ohio 236,443 87,571 324,014 76.70% 75.91% 76.48% 1,959,074 688,650 2,647,724 10.80 10.36 10.68
------------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
Delaware
- ---------------
Brandywine Town
Center (1, 2) 629,345 - 629,345 100.00% - 100.00% 9,047,022 - 9,047,022 14.38 - 14.38
Market Square
Shopping
Center (1) 39,050 63,712 102,762 100.00%100.00%100.00% 515,375 1,569,534 2,084,909 13.20 24.63 20.29
------------------------------------------------------------------------------------------------------------
Total -
Delaware 668,395 63,712 732,107 100.00%100.00%100.00% 9,562,397 1,569,534 11,131,931 14.31 - 15.21
------------------------------------------------------------------------------------------------------------
New York Region
- ---------------
New York
- ---------------
Crossroads
Shopping
Center (3) 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,800,201 6,018,953 11.08 34.40 19.38
------------------------------------------------------------------------------------------------------------
Various Regions
- ---------------
Kroger/Safeway
Portfolio (25
Properties)(4)1,018,100 - 1,018,100 100.00% - 100.00% 8,664,352 - 8,664,352 8.51 - 8.51
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 2,123,119 261,746 2,384,865 97.40% 91.94% 96.81% 22,404,575 6,058,385 28,462,960 10.83 25.18 12.33
------------------------------------------------------------------------------------------------------------
Redevelopment
properties
------------------------------------------------------------------------------------------------------------
Sterling
Heights
Shopping
Center
(Michigan)
(5) 98,400 56,197 154,597 71.54% 53.90% 65.13% 281,600 236,804 518,404 4.00 7.82 5.15
400 East
Fordham Road
(New York)
(6) 100,703 16,652 117,355 100.00%100.00%100.00% 275,000 365,804 640,804 2.73 21.97 5.46
Pelham Manor
Shopping Plaza
(New York)
(7) - 398,775 398,775 - 92.68% 92.68% - 2,403,205 2,403,205 - 6.50 6.50
Tarrytown
Shopping
Center (New
York) (5) 15,462 20,415 35,877 - 44.46% 25.30% - 238,841 238,841 - 26.31 26.31
Hitchcock Plaza
(South
Carolina) (5) 135,775 98,563 234,338 36.31% 79.98% 54.68% 342,607 499,590 842,197 6.95 6.34 6.57
Pine Log Plaza
(South
Carolina) (5) 23,184 11,880 35,064 100.00% 92.42% 97.43% 69,552 79,698 149,250 3.00 7.26 4.37
Haygood
Shopping
Center
(Virginia)
(5) 78,880 79,349 158,229 65.64% 74.16% 69.91% 85,200 804,273 889,473 1.65 13.67 8.04
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 452,404 681,831 1,134,235 65.29% 84.22% 76.67% 1,053,959 4,628,215 5,682,174 3.57 8.06 6.53
------------------------------------------------------------------------------------------------------------
Total - Joint
Venture
Properties 2,575,523 943,577 3,519,100 91.76% 86.36% 90.32%$23,458,534 $10,686,600 $34,145,134 $9.93 $13.11 $10.74
============================================================================================================
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
(1) The Company has a 22% interest in Fund I which owns the property.
(2) Does not include approximately 230,000 square feet of new space in Phase II,
which will be paid for by the JV on an "earnout basis" only if, and when it is
leased.
(3) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(4) This represents a portfolio of 25 triple-net, anchor-only leases with Kroger
and Safeway supermarkets.
(5) The Company has a 22% interest in Fund I which owns 50% the property.
(6) The Company has a 20% interest in Fund II which owns 90% the property.
(7) The Company has a 20% interest in Fund II which owns 90% the property. The
redevelopment plan contemplates the demolition of the current
industrial/warehouse buildings and the construction of a retail center.
ANNUAL SUPPLEMENTAL DISCLOSURE
March
31,
2005
---------- ----------
Year-to-Date
3 months Year ended
ended
Leasing Notes: March 31, March 31, December 31, 2004
Production 2005 2005
--------------- ---------- ---------- ----------------------------
New leases (1)
Number of new leases
commencing 4 4 34
GLA 22,466 22,466 191,419
New base rent $13.28 $13.28 $12.81
Previous base rent
(and percentage rent) $12.90 $12.90 $11.43
Percentage growth in
base rent 2.9% 2.9% 12.0%
Average cost per
square foot $7.96 $7.96 $20.67
Renewal leases
Number of renewal
leases commencing 13 13 59
GLA 85,076 85,076 483,308
Renewal
percentage 81% 81% 81%
New base rent $10.81 $10.81 $11.72
Expiring base rent
(and percentage rent) $9.92 $9.92 $10.94
Percentage growth in
base rent 9.0% 9.0% 7.2%
Average cost per
square foot $0.00 $0.00 $0.00
Total new and renewal Leases
Number of new and
renewal leases
commencing 17 17 93
GLA 107,542 107,542 674,727
New base rent $11.33 $11.33 $12.03
Expiring base rent
(and percentage rent) $10.54 $10.54 $11.08
Percentage
growth in base
rent (2) 7.4% 7.4% 8.6%
Average cost per
square foot $1.66 $1.66 $5.86
---------- ----------
(1) Does not include leased square footage and costs related to first generation
space and the Company's major redevelopment projects.
(3) Rent is presented on a cash basis. Rents have not been averaged over terms.
Previous/expiring rent is that as of time of expiration and includes any
percentage rent paid as well. New rent is that which is initially paid at
commencement.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31,
2005
Top Tenants
- Ranked
by
Annualized
Base Rent
-----------
(Combined basis - Includes pro-rata share of GLA and rent for JV properties)
Percentage of Total
Wholly-Owned Joint Ventures (2) Combined Represented by
Retail Tenant
--------------------------------------------------------------------------------------
Average
Number of Gross
Retail stores in Total Annualized Total Annualized Total Annualized Total AnnualizedAverage Occupancy
Base Base Base Base
Ranking Tenant combined GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio Rent (3) Sales Cost (4)
portfolio GLA(3) (per
sq.
ft.)
- -----------------------------------------------------------------------------------------------------------------------------------
1 Albertson's 5 252,665 $3,276,856 - $- 252,665 $3,276,856 5.0% 6.9%
-- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.5% 5.0% 475 2.8%
-- Acme 2 76,864 918,664 - - 76,864 918,664 1.5% 1.9% 294 5.5%
2 Sears 7 580,921 2,128,484 67,482 326,963 648,403 2,455,447 12.7% 5.2%
-- Kmart 5 520,221 1,870,484 49,355 277,463 569,576 2,147,947 11.2% 4.5% 166 3.7%
-- Sears 2 60,700 258,000 18,127 49,500 78,827 307,500 1.5% 0.6% 231 1.8%
3 T.J. Maxx 10 289,427 2,037,682 6,972 81,261 296,399 2,118,943 5.8% 4.5%
-- T.J.
Maxx 4 88,200 712,800 6,972 81,261 95,172 794,061 1.9% 1.7% 281 4.3%
--
Marshalls 3 102,781 731,494 - - 102,781 731,494 2.0% 1.5% 178 5.7%
-- A.J.
Wright's 2 58,800 286,131 - - 58,800 286,131 1.2% 0.6% 144 5.8%
--
Homegoods 1 39,646 307,257 - - 39,646 307,257 0.8% 0.6% 146 6.8%
4 Ahold 3 178,807 1,558,964 - - 178,807 1,558,964 3.5% 3.3%
-- Stop and
Shop 2 116,717 1,279,559 - - 116,717 1,279,559 2.3% 2.7% 346 3.6%
-- Giant 1 62,090 279,405 - - 62,090 279,405 1.2% 0.6% - -
5 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 4.1% 3.2% 336 3.2%
A&P
6 (Waldbaum's) 2 63,000 920,964 18,722 246,960 81,722 1,167,924 1.6% 2.5%
--
Waldbaum's 2 63,000 920,964 18,722 246,960 81,722 1,167,924 1.6% 2.5% 348 5.8%
7 Brook's Drug 9 91,534 1,161,882 1,253 3,166 92,787 1,165,048 1.8% 2.5%
-- Eckerd's 9 91,534 1,161,882 1,253 3,166 92,787 1,165,048 1.8% 2.5% 442 4.6%
8 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 4.1% 2.1% - -
9 Pathmark 1 47,773 955,460 - - 47,773 955,460 0.9% 2.0% - -
Restoration
10 Hardware 1 12,293 929,600 - - 12,293 929,600 0.2% 2.0% 249 32.6%
Redner's
11 Supermarket 2 111,739 863,432 - - 111,739 863,432 2.2% 1.8% 250 4.0%
12 Kroger(5) 12 - - 132,259 722,228 132,259 722,228 2.6% 1.5% - -
13 Safeway (6) 13 - - 103,844 721,831 103,844 721,831 2.0% 1.5% - -
14 Price Chopper 2 77,450 764,052 - - 77,450 764,052 1.5% 1.6% 672 1.9%
Federated
Department
Stores
15 (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.4% 1.4% 205 6.2%
Clearview
16 Cinema 1 25,400 596,250 - - 25,400 596,250 0.5% 1.3% - -
17 JC Penney 2 72,580 591,747 - - 72,580 591,747 1.4% 1.2% 182 5.9%
18 Walgreen's 2 23,904 589,088 - - 23,904 589,088 0.5% 1.2% 342 8.8%
King Kullen
19 Grocery 1 48,100 562,600 - - 48,100 562,600 0.9% 1.2% 548 2.7%
20 Payless Shoes 12 36,076 561,570 1,804 46,353 37,880 607,923 0.7% 1.3% - -
-------------------------------------------------------------------------------------------------
Total 90 2,406,135 $20,674,931 332,336 $2,148,762 2,738,471 $22,823,693 53.8% 48.1%
=================================================================================================
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations due
after the date of this report.
(2) Includes Funds I, II and the Crossroads Shopping Center joint ventures. The
above amounts represent the Company's pro-rata share of square footage and rent.
(3) Represents total GLA and annualized base rent for the Company's retail
properties including its pro-rata share of joint venture properties.
(4) Occupancy cost = Gross rents (base rent, percentage rent and expense
reimbursements) divided by sales. * indicates not all locations are required to
report sales. Amount is left blank if the tenant is not required to report sales
at any of the locations.
(5) Kroger has sub-leased 4 of these locations to supermarket tenants, 2
locations to a non-supermarket tenant and ceased operations at one other
location.
(6) Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non-supermarket tenant and ceased operations at one other
location.
Base Totals:
GLA Rent
------------------------
Wholly-Owned:Per Detail Property
listing 4,848,162 $43,960,782
------------------------
Fund I Per Fund I Top 10
listing - -
------------------------
AKR's Share 22.22% - -
------------------------
Fund II Per Detail Property
listing 464,517 2,739,608
------------------------
AKR's Share 20.00% 92,903 547,922
------------------------
Crossroads: Per Detail Property
listing 310,644 6,018,953
Acadia's Share at 49% 152,216 2,949,287
------------------------
Grand Total 5,093,281 $47,457,991
========================
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Anchor Detail
---------------------------------
- ----------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA
AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for which
rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned
- ------------------------------------------
New York Region
- ------------------------------------------
Connecticut
-----------------------------------------
239 Greenwich Ave., Greenwich
Restoration Hardware 12,293 4/30/2015 929,600 75.62 (2) 5 Years
---------- -------------------
Property total 12,293 929,600 75.62
---------- -------------------
New Jersey
-----------------------------------------
Elmwood Park Shopping Center, Elmwood
Park
Walgreens 14,837 5/31/2022 435,000 29.32 (8) 5 Year
Pathmark 47,773 11/30/2017 955,460 20.00 (7) 5 Year
---------- -------------------
Property total 62,610 1,390,460 22.21
---------- -------------------
New York
-----------------------------------------
Soundview Marketplace, Port Washington
King Kullen 48,100 9/26/2007 $562,600 $11.70 (7) 5 Year
Clearview Cinema 25,400 5/31/2010 596,250 23.47 (4) 5 Year
---------- -------------------
Property total 73,500 1,158,850 15.77
---------- -------------------
Smithtown Shopping Center, Smithtown
Daffy's 16,125 1/7/2008 274,125 17.00 (4) 5 Year
Walgreens 9,067 12/31/2021 154,088 16.99 -
---------- -------------------
Property total 25,192 428,213 17.00
---------- -------------------
The Branch Shopping Center, Smithtown
CVS 11,050 5/31/2005 164,195 14.86 (1) 5 Year
A&P (1) 10 Year
& (1) 5
63,000 11/30/2013 920,964 14.62 Year
---------- -------------------
Property Total: 74,050 1,085,159 14.65
---------- -------------------
Pacesetter Park Shopping Center, Pomona
Stop & Shop (Ahold) 52,052 8/31/2020 342,559 6.58 (2) 10 Year
---------- -------------------
Property total 52,052 342,559 6.58
---------- -------------------
Total: New York Region 299,697 5,334,841 17.80
---------- -------------------
Retail Anchor Properties- Wholly Owned
(continued)
- ------------------------------------------
New England
- ------------------------------------------
Connecticut
-----------------------------------------
Town Line Plaza, Rocky Hill
Wal*Mart(1) REA
97,300 - $- $- Agreement
Super Stop & Shop (Ahold) 64,665 11/30/2023 937,000 14.49 (7) 5 Year
---------- -------------------
Property total 161,965 937,000 14.49
---------- -------------------
Massachusetts
-----------------------------------------
Methuen Shopping Center, Methuen
Demoulas Super Markets 30,460 1/31/2015 109,656 3.60 (2) 5 Year
Osco Drug (Brook's) 10,234 12/31/2005 92,308 9.02 -
Wal*Mart 89,544 10/23/2011 626,808 7.00 (8) 5 Year
---------- -------------------
Property total 130,238 828,772 6.36
---------- -------------------
Crescent Plaza, Brockton
Home Depot 106,760 10/31/2021 602,126 5.64 (7) 5 Year
Shaw's (Albertsons) 50,225 12/31/2012 516,960 10.29 (6) 5 Year
---------- -------------------
Property total 156,985 1,119,086 7.13
---------- -------------------
New York
-----------------------------------------
New Loudon Center, Latham
Bon Ton 65,365 2/1/2014 261,460 4.00 (4) 5 Year
Marshalls (TJX) 37,212 1/31/2014 158,151 4.25 (3) 5 Year
Price Chopper 77,450 5/31/2015 764,052 9.87 (4) 5 Year
A.C. Moore 21,520 4/30/2009 221,226 10.28 (1) 5 Year
Raymours Furniture Co 49,664 4/30/2019 155,591 3.13 (3) 5 Year
---------- -------------------
Property total 251,211 1,560,480 6.21
---------- -------------------
Rhode Island
-----------------------------------------
Walnut Hill Plaza, Woonsocket
Sears 60,700 8/31/2008 258,000 4.25 (5) 5 Year
CVS 8,800 1/31/2009 154,000 17.50 (1) 5 Year
Shaw's (Albertsons) 52,392 12/31/2013 523,920 10.00 (6) 5 Year
---------- -------------------
Property total 121,892 935,920 7.68
---------- -------------------
Vermont
-----------------------------------------
Gateway Shopping Center
Shaw's (Albertsons) (1) 10 Yr.,
(3) 5 Yr. &
73,184 3/31/2024 1,317,311 18.00 (1) 4 Yr.
---------- -------------------
Property total 73,184 1,317,311 18.00
---------- -------------------
Total : New England 895,475 6,698,569 8.39
---------- -------------------
Midwest
- ---------
Illinois
--------
Hobson West Plaza, Naperville
Bobak's Market and Restaurant 51,692 11/30/2007 225,436 4.36 (5) 5 Year
---------- -------------------
Property total 51,692 225,436 4.36
---------- -------------------
Indiana
--------
Merrillville Plaza, Merrillville
JC Penney 50,000 1/31/2008 495,000 9.90 (2) 5 Year
Officemax 26,157 7/31/2008 222,335 8.50 (4) 5 Year
Pier I 9,143 1/31/2009 128,002 14.00 -
David's Bridal 13,266 11/19/2010 165,825 12.50 (2) 5 Year
Toys R Us 21,500 1/31/2014 87,500 4.07 (5) 5 Year
TJ Maxx (TJX) 25,200 1/31/2009 195,300 7.75 (1) 5 Year
---------- -------------------
Property total 145,266 1,293,962 8.91
---------- -------------------
(1) This space is contiguous to the Company's property and is not
owned by the Company.
Retail Anchor Properties- Wholly Owned
(continued)
- ------------------------------------------
Michigan
-----------------------------------------
Bloomfield Town Square, Bloomfield Hills
HomeGoods (TJX) 39,646 5/31/2010 307,257 7.75 (3) 5 Year
Officemax 21,500 6/30/2010 182,750 8.50 (3) 5 Year
Marshalls (TJX) 28,324 9/30/2011 226,592 8.00 (3) 5 Year
TJ Maxx (TJX) 36,000 1/31/2009 261,000 7.25 (1) 5 Year
---------- -------------------
Property total 125,470 977,599 7.79
---------- -------------------
Ohio
--------
Mad River Station, Dayton
Babies 'R' Us 33,147 2/28/2010 260,204 7.85 (2) 5 Year
Pier I 10,111 2/28/2010 227,037 22.45 -
Office Depot 25,038 8/31/2005 287,936 11.50 (1) 5 Year
---------- -------------------
Property total 68,296 775,177 11.35
---------- -------------------
Total: Midwest 390,724 3,272,174 8.37
---------- -------------------
Mid-Atlantic
- ------------------------------------------
New Jersey
-----------------------------------------
Marketplace of Absecon, Absecon
Eckerd Drug (Brook's) 13,207 8/30/2020 329,310 24.93 (4) 5 Year
Acme Markets (Albertson) 44,824 4/30/2015 598,264 13.35 (8) 5 Year
---------- -------------------
Property total 58,031 927,574 15.98
---------- -------------------
Berlin Shopping Center, Berlin
Acme Markets (Albertson) 32,040 4/30/2005 320,400 10.00 (2) 5 Year
Kmart 95,810 11/30/2009 299,000 3.12 (4) 5 Year
---------- -------------------
Property total 127,850 619,400 4.84
---------- -------------------
Ledgewood Mall, Ledgewood
Circuit City 33,294 1/31/2020 466,116 14.00 (4) 5 Year
Barnes & Noble 12,500 1/31/2010 224,000 17.92 (5) 5 Year
Marshalls (TJX) 37,245 1/31/2007 346,751 9.31 (4) 5 Year
The Sports Authority 52,205 5/31/2007 225,000 4.31 (6) 5 Year
Macy's Department Store (3) 5 Year
(Federated) (1) 73,349 1/31/2010 651,245 8.88
Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year
---------- -------------------
Property total 329,163 2,801,713 8.51
---------- -------------------
Pennsylvania
-----------------------------------------
Abington Town Center, Abington
TJ Maxx (TJX) (2) 5 Year
27,000 11/30/2010 $256,500 $9.50 (6 Months)
Target(1) Condominium
157,616 - - - Agreement
---------- -------------------
Property total 184,616 256,500 9.50
---------- -------------------
Total : Mid-Atlantic 699,660 4,605,187 8.50
---------- -------------------
Retail Anchor Properties- Wholly Owned
(continued)
- ------------------------------------------
Northeast Pennsylvania
- ------------------------------------------
Blackman Plaza, Wilkes-Barre
Eckerd Drug (Brook's) 7,000 7/31/2006 59,710 8.53 -
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
---------- -------------------
Property total 111,956 264,374 2.36
---------- -------------------
Bradford Towne Centre, Towanda
Kmart 94,841 3/31/2019 474,205 5.00 (10) 5 Year
Eckerd Drug (Brook's) 11,840 1/31/2010 118,400 10.00 -
JC Penney 22,580 11/30/2009 96,747 4.28 (7) 5 Year
P & C Foods (Penn Traffic) 51,658 9/30/2014 413,264 8.00 (2) 5 Year
---------- -------------------
Property total 180,919 1,102,616 6.09
---------- -------------------
Greenridge Plaza, Scranton
Giant Food Stores (Ahold) 62,090 4/30/2021 279,405 4.50 (6) 5 Year
---------- -------------------
Property total 62,090 279,405 4.50
---------- -------------------
Luzerne Street Shopping Center, Scranton
Price Rite (Wakefern) 29,663 5/1/2015 118,652 4.00 (4) 5 Year
Eckerd Drug (Brook's) 14,000 4/30/2009 105,000 7.50 (2) 5 Year
---------- -------------------
Property total 43,663 223,652 5.12
---------- -------------------
Mark Plaza, Edwardsville
Kmart 104,956 10/31/2009 204,664 1.95 (9) 5 Year
Redner's Market 52,639 5/31/2018 447,432 8.50 (2) 5 Year
---------- -------------------
Property total 157,595 652,096 4.14
---------- -------------------
Pittston Plaza, Pittston
Eckerd Drugs (Brook's) 8,468 6/30/2006 80,446 9.50 (2) 5 Year
Redner's Market 59,100 12/31/2018 416,000 7.04 (2) 5 Year
---------- -------------------
Property total 67,568 496,446 7.35
---------- -------------------
Plaza 422, Lebanon
Home Depot 104,242 12/31/2028 407,518 3.91 (6) 5 Year
---------- -------------------
Property total 104,242 407,518 3.91
---------- -------------------
Route 6 Mall, Honesdale
Eckerd Drugs (Brook's) 11,840 1/31/2011 112,480 9.50 (3) 5 Year
Fashion Bug 15,000 1/31/2006 - - -
Kmart 119,658 4/30/2020 687,952 5.75 (10) 5 Year
---------- -------------------
Property total 146,498 800,432 5.46
---------- -------------------
Total : Northeastern Pennsylvania 874,531 4,226,539 4.83
---------- -------------------
Total: Retail Anchor Properties - Wholly
Owned Properties 3,160,087 $24,137,310 $8.31
========== ===================
(1)Target owns the portion of the main building (157,616 square feet) that their
store is located in.
Joint Venture Properties
- ------------------------------------------
New York Region
- ------------------------------------------
New York
-----------------------------------------
Crossroads Shopping Center, White Plains
(49% jv)
Kmart 100,725 1/31/2012 $566,250 $5.62 (5) 5 Year
Waldbaum's (A&P) 38,208 12/31/2007 504,000 13.19 (5) 5 Year
B. Dalton (Barnes & Noble) 12,430 5/28/2012 345,927 27.83 (2) 5 Year
Pier 1 8,818 2/28/2007 278,825 31.62 (2) 5 Year
Pay Half 15,000 1/31/2018 330,000 22.00 -
Modell's 25,000 2/28/2009 193,750 7.75 (2) 5 Year
---------- -------------------
Property total 200,181 2,218,752 11.08
---------- -------------------
400 East Fordham Road (Fund II)
Sears 100,703 7/16/2007 275,000 2.73 -
---------- -------------------
Total : New York Region 300,884 2,493,752 8.29
---------- -------------------
Mid-Atlantic Region
- ------------------------------------------
Delaware
-----------------------------------------
Brandywine Town Center (Fund I)
Annie Sez (Big M) 13,324 1/31/2007 279,825 21.00 (3) 5 Year
Michaels 24,876 2/28/2011 547,272 22.00 (3) 5 Year
Old Navy (The Gap) 24,631 4/30/2011 541,872 22.00 (1) 5 Year
Petsmart 23,963 6/30/2017 455,297 19.00 (2) 5 Year
Thomasville Furniture 18,893 11/30/2011 467,413 24.74 (2) 5 Year
World Market 20,044 1/31/2015 400,880 20.00 -
Bed, Bath & Beyond 50,977 1/31/2014 868,426 17.04 (3) 5 Year
Dick's Sporting Goods 50,000 5/31/2013 700,000 14.00 (3) 5 Year
Lowe's Home Centers 140,000 8/31/2018 1,925,000 13.75 (6) 5 Year
The Bombay Company 8,965 1/31/2015 215,160 24.00 (2) 5 Year
Tutor Time 10,317 2/28/2010 139,280 13.50 (3) 5 Year
Regal Cinemas 65,641 6/1/2017 821,825 12.52 (4) 5 Year
Transunion Settlement 39,714 3/31/2013 884,772 22.28 (1) 5 Year
Target 138,000 1/31/2018 800,000 5.80 (5) 10 Year
---------- -------------------
Property total 629,345 9,047,022 14.38
---------- -------------------
Market Square Shopping Center (Fund I)
Trader Joe's 7,675 1/31/2013 149,662 19.50 (3) 5 Year
TJ Maxx (TJX) 31,375 1/31/2006 365,712 11.66 (2) 5 Year
---------- -------------------
Property total 39,050 515,374 13.20
---------- -------------------
South Carolina
-----------------------------------------
Hitchcock Plaza (Fund I)
Kroger 49,296 2/28/2007 342,607 6.95 -
---------- -------------------
Property Total 49,296 342,607 6.95
---------- -------------------
Pine Log Plaza (Fund I)
Farmers Furniture 23,184 9/3/2021 69,552 3.00 (1) 5 Year
---------- -------------------
Virginia
--------
Haygood Shopping Center (Fund I)
Eckerd Drugs (Brook's) 11,280 11/30/2009 28,500 2.53 -
Rose's 40,500 7/1/2009 56,700 1.40 -
---------- -------------------
Property Total 51,780 85,200 1.65
---------- -------------------
Total : Mid-Atlantic Region 792,655 10,059,755 12.69
---------- -------------------
Joint Venture Properties (continued)
- ------------------------------------------
Midwest Region
- ------------------------------------------
Ohio
--------
Amherst Marketplace (Fund I)
Giant Eagle 76,737 9/3/2021 795,710 10.37 (4) 5 Year
---------- -------------------
Granville Centre (Fund I)
California Fitness 34,951 1/31/2017 402,085 11.50 (2) 5 Year
---------- -------------------
Sheffield Crossing (Fund I)
Revco Drug 10,500 5/31/2012 140,700 13.40 (3) 5 Year
Giant Eagle 59,159 5/31/2022 620,580 10.49 (4) 5 Year
---------- -------------------
Property total 69,659 761,280 10.93
---------- -------------------
Michigan
-----------------------------------------
Sterling Heights (Fund I)
Burlington Coat Factory 70,400 12/1/2004 281,600 4.00 -
---------- -------------------
Total: Midwest 251,747 2,240,675 8.90
---------- -------------------
Various
-----------------------------------------
Kroger/Safeway (Fund I) 1,018,100 2009 8,664,352 8.51
---------- -------------------
Total: Joint Venture Properties 2,363,386 $23,458,534 $9.93
========== ===================
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31,
2005
Anchor Lease Expirations - Next 3 Years
---------------------------------------------------------------------
---------------------------------------------------------------------
Gross Leased Annualized Base Rent
Area
---------------- ----------------------------
Percent Percent Average
Square of of per
Center Anchor footage all Amount all Sq. Ft.
anchors anchors
---------------------------------------------------------------------
Wholly Owned
------------------------
2005
Methuen Osco Drug
Shopping (Brook's)
Center 10,234 0.35% 92,308 0.38% 9.02
Ledgewood Macy's
Mall (Federated)
(1) 11,449 0.39% 57,245 0.24% 5.00
Branch PlazaCVS 11,050 0.38% 164,195 0.68% 14.86
Berlin Acme Markets
Shopping
Center 32,040 1.10% 320,400 1.33% 10.00
Mad River Office Depot
Shopping
Center 25,038 0.87% 287,937 1.19% 11.50
---------------- ----------------------------
Total 2005 89,811 3.09% 922,085 3.82% 10.27
---------------- ----------------------------
2006
Pittston Eckerd Drugs
Plaza (Brook's) 8,468 0.29% 80,446 0.33% 9.50
Route 6 Fashion Bug
Plaza 15,000 0.52% - 0.00% -
Blackman Eckerd Drugs
Plaza (Brook's) 7,000 0.24% 59,710 0.25% 8.53
---------------- ----------------------------
Total 2006 30,468 1.05% 140,156 0.58% 4.60
---------------- ----------------------------
2007
Ledgewood The Sports
Mall Authority 52,205 1.79% 225,000 0.94% 4.31
Soundview King Kullen
Marketplace 48,100 1.66% 562,600 2.33% 11.70
Hobson West Bobak's
Plaza 51,692 1.78% 225,436 0.93% 4.36
---------------- ----------------------------
Total 2007 151,997 5.23% 1,013,036 4.20% 6.66
---------------- ----------------------------
Total - Next
3 Years $272,276 9.37% $2,075,277 8.60% $7.62
================ ============================
Joint Venture - Crossroads
----------------------------------------
2005 - -
2005 - -
2007
Crossroads Pier 1
Shopping
Center 8,818 4.41% 278,825 12.57% 31.62
Crossroads Waldbaum's
Shopping
Center 38,208 19.08% 504,000 22.71% 13.19
---------------- ----------------------------
Total 2007 47,026 23.49% 782,825 35.28% 16.65
---------------- ----------------------------
Total - Next
3 Years $47,026 23.49% $782,825 35.28% $16.65
================ ============================
Fund I
------------
2005 - -
2006
Market TJ Maxx
Square
Shopping
Center 31,375 1.52% 365,712 1.69% 11.66
2007
Brandywine Annie Sez
Town Center (Big M) 13,324 0.65% 279,825 1.29% 21.00
Hitchcock Kroger
Plaza 49,296 2.39% 342,607 1.59% 6.95
--------- ----------------------------
Total 2007 62,620 3.04% 622,432 2.88% 9.94
---------------- ----------------------------
Total - Next
3 Years $93,995 4.56% $988,144 4.57% $10.51
================ ============================
Fund II
------------
2005 - -
2006 - -
2007
400 East Sears
Fordham
Road 100,703 100.00% 275,000 100.00% 2.73
---------------- ----------------------------
Total - Next
3 Years $100,703 100.00% $275,000 100.00% $2.73
================ ============================
(1) Tenant has excercised its option to renew subsequent to March 31, 2005
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Lease
Expirations
---------------------------------------
-----------------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- --------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-----------------------------------------------------------------------------
Wholly-Owned
Propeties
Anchor Tenant Expirations
Month to Month 1 11,449 0.39% $57,245 0.24% 5.00
2005 4 78,362 2.70% 864,840 3.58% 11.04
2006 3 30,468 1.05% 140,156 0.58% 4.60
2007 4 151,997 5.23% 1,013,036 4.20% 6.66
2008 4 152,982 5.27% 1,249,460 5.18% 8.17
2009 10 442,965 15.26% 1,869,603 7.75% 4.22
2010 10 256,310 8.82% 2,932,221 12.14% 11.44
2011 3 129,708 4.46% 965,880 4.00% 7.45
2012 1 50,225 1.73% 516,960 2.14% 10.29
2013 2 115,392 3.97% 1,444,884 5.99% 12.52
2014 5 212,980 7.33% 1,267,126 5.25% 5.95
2015 6 194,690 6.70% 2,520,224 10.44% 12.94
2017 1 47,773 1.64% 955,460 3.96% 20.00
2018 2 111,739 3.85% 863,432 3.58% 7.73
2019 4 265,074 9.12% 1,518,396 6.29% 5.73
2020 4 218,211 7.51% 1,825,936 7.56% 8.37
2021 3 177,917 6.12% 1,035,619 4.29% 5.82
2022 1 14,837 0.51% 435,000 1.80% 29.32
2023 1 64,665 2.23% 937,000 3.88% 14.49
2024 1 73,184 2.52% 1,317,312 5.46% 18.00
2028 2 104,243 3.59% 407,520 1.69% 3.91
-------------------------------- ------------------------------------
Total Occupied 72 2,905,171 100.00% $24,137,310 100.00% $8.31
----------------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 130,621
----------------
Total Square
Feet 3,290,708
================
----------------------------------------
Wholly-Owned
Propeties
Shop Tenant Expirations
Month to Month 21 81,207 6.14% $1,200,714 6.06% $14.79
2005 32 103,412 7.82% 1,415,900 7.14% 13.69
2006 57 180,947 13.68% 2,600,613 13.12% 14.37
2007 58 229,190 17.30% 3,178,939 16.04% 13.87
2008 53 169,023 12.77% 3,072,507 15.50% 18.18
2009 53 189,042 14.29% 2,909,032 14.67% 15.39
2010 16 72,632 5.49% 722,263 3.64% 9.94
2011 16 68,956 5.21% 1,221,418 6.16% 17.71
2012 7 16,261 1.23% 358,664 1.81% 22.06
2013 14 43,881 3.32% 875,281 4.42% 19.95
2014 18 93,719 7.08% 1,128,029 5.69% 12.04
2015 6 54,752 4.14% 695,784 3.51% 12.71
2019 1 - 0.00% 51,205 0.26% -
2020 4 17,945 1.36% 351,228 1.77% 19.57
2022 1 2,205 0.17% 41,895 0.21% 19.00
-------------------------------- ------------------------------------
Total Occupied 357 1,323,172 100.00% $19,823,472 100.00% $14.98
----------------------------------------
Total Vacant 234,282
----------------
Total Square
Feet 1,557,454
================
----------------------------------------
Wholly-Owned
Propeties
Total Tenant Expirations
Month to Month 22 92,656 2.19% $1,257,959 2.86% $13.58
2005 36 181,774 4.30% 2,280,740 5.19% 12.55
2006 60 211,415 5.00% 2,740,769 6.23% 12.96
2007 62 381,187 9.02% 4,191,975 9.54% 11.00
2008 57 322,005 7.60% 4,321,967 9.83% 13.42
2009 63 632,007 14.95% 4,778,635 10.87% 7.56
2010 26 328,942 7.78% 3,654,484 8.31% 11.11
2011 19 198,664 4.70% 2,187,298 4.98% 11.01
2012 8 66,486 1.57% 875,624 1.99% 13.17
2013 16 159,273 3.77% 2,320,165 5.28% 14.57
2014 23 306,699 7.25% 2,395,155 5.45% 7.81
2015 12 249,442 5.90% 3,216,008 7.32% 12.89
2017 1 47,773 1.13% 955,460 2.17% 20.00
2018 2 111,739 2.64% 863,432 1.96% 7.73
2019 5 265,074 6.27% 1,569,601 3.57% 5.92
2020 8 236,156 5.59% 2,177,164 4.95% 9.22
2021 3 177,917 4.21% 1,035,619 2.36% 5.82
2022 2 17,042 0.40% 476,895 1.08% 27.98
2023 1 64,665 1.53% 937,000 2.13% 14.49
2024 1 73,184 1.73% 1,317,312 3.00% 18.00
2028 2 104,243 2.47% 407,520 0.93% 3.91
-------------------------------- ------------------------------------
Total Occupied 429 4,228,343 100.00% $43,960,782 100.00% $10.40
----------------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 364,903
----------------
Total Square
Feet 4,848,162
================
----------------------------------------
Fund
I
Anchor Tenant Expirations
2006 1 31,375 1.52% $365,712 1.69% 11.66
2007 2 62,620 3.04% 622,432 2.88% 9.94
2009 28 1,093,064 53.00% 9,469,875 43.81% 8.66
2010 1 10,317 0.49% 139,280 0.64% 13.50
2011 3 68,400 3.32% 1,556,557 7.20% 22.76
2012 2 21,000 1.02% 275,835 1.28% 13.14
2013 3 97,389 4.72% 1,734,434 8.02% 17.81
2014 2 50,977 2.47% 868,426 4.02% 17.04
2015 2 29,009 1.41% 616,040 2.85% 21.24
2017 3 124,555 6.04% 1,679,208 7.77% 13.48
2018 2 278,000 13.48% 2,725,000 12.61% 9.80
2021 2 66,237 3.21% 660,576 3.06% 9.97
2022 1 59,159 2.87% 620,578 2.87% 10.49
2024 1 70,400 3.41% 281,600 1.30% 4.00
-------------------------------- ------------------------------------
Total Occupied 53 2,062,502 100.00% $21,615,553 100.00% $10.48
----------------------------------------
650,771.0000
Total Vacant 212,137
----------------
Total Square
Feet 2,274,639
================
----------------------------------------
Fund
I
Shop Tenant Expirations
Month to Month 23 58,568 18.19% $831,894 20.20% $14.20
2005 17 62,011 19.26% 606,031 14.72% 9.77
2006 10 38,179 11.86% 628,268 15.26% 16.46
2007 14 29,319 9.11% 462,264 11.23% 15.77
2008 14 42,844 13.31% 528,049 12.82% 12.32
2009 5 10,851 3.37% 115,203 2.80% 10.62
2010 1 2,357 0.73% 28,284 0.69% 12.00
2011 2 3,465 1.08% 61,882 1.50% 17.86
2013 4 20,070 6.23% 274,925 6.68% 13.70
2014 5 44,244 13.74% 488,586 11.87% 11.04
2018 1 6,957 2.16% 50,004 1.21% 7.19
2019 1 3,141 0.98% 42,000 1.02% 13.37
-------------------------------- ------------------------------------
Total Occupied 97 322,006 100.00% $4,117,390 100.00% $12.79
----------------------------------------
Total Vacant 95,681
----------------
Total Square
Feet 417,687
================
----------------------------------------
Fund
I
Total Tenant Expirations
Month to Month 23 58,568 2.46% $831,894 3.23% $14.20
2005 17 62,011 2.60% 606,031 2.36% 9.77
2006 11 69,554 2.92% 993,980 3.86% 14.29
2007 16 91,939 3.86% 1,084,696 4.22% 11.80
2008 14 42,844 1.80% 528,049 2.05% 12.32
2009 33 1,103,915 46.29% 9,585,078 37.26% 8.68
2010 2 12,674 0.53% 167,564 0.65% 13.22
2011 5 71,865 3.01% 1,618,439 6.29% 22.52
2012 2 21,000 0.88% 275,835 1.07% 13.14
2013 7 117,459 4.93% 2,009,359 7.81% 17.11
2014 7 95,221 3.99% 1,357,012 5.27% 14.25
2015 2 29,009 1.22% 616,040 2.39% 21.24
2017 3 124,555 5.22% 1,679,208 6.53% 13.48
2018 3 284,957 11.95% 2,775,004 10.78% 9.74
2019 1 3,141 0.13% 42,000 0.16% 13.37
2021 2 66,237 2.78% 660,576 2.57% 9.97
2022 1 59,159 2.48% 620,578 2.41% 10.49
2024 1 70,400 2.95% 281,600 1.09% 4.00
-------------------------------- ------------------------------------
Total Occupied 150 2,384,508 100.00% $25,732,943 100.00% $10.79
----------------------------------------
Total Vacant 307,818
----------------
Total Square
Feet 2,692,326
================
----------------------------------------
Fund
II
Anchor Tenant Expirations
2007 1 100,703 100.00% $275,000 100.00% 2.73
-------------------------------- ------------------------------------
Total Occupied 1 100,703 100.00% $275,000 100.00% $2.73
----------------------------------------
Total Vacant -
----------------
Total Square
Feet 100,703
================
----------------------------------------
Fund
II
Shop Tenant Expirations
Month to Month 6 90,590 23.46% $496,640 17.94% $5.48
2005 4 106,814 27.66% 690,678 24.94% 6.47
2006 2 14,313 3.71% 285,540 10.31% 19.95
2007 4 150,075 38.86% 1,029,375 37.17% 6.86
2009 3 17,414 4.51% 158,480 5.72% 9.10
2010 2 7,012 1.82% 108,296 3.91% 15.44
-------------------------------- ------------------------------------
Total Occupied 21 386,218 100.00% $2,769,009 100.00% $7.17
----------------------------------------
Total Vacant 29,209
----------------
Total Square
Feet 415,427
================
----------------------------------------
Fund
II
Total Tenant Expirations
Month to Month 6 90,590 18.60% $496,640 16.31% $5.48
2005 18 106,814 21.94% 690,678 22.69% 6.47
2006 10 14,313 2.94% 285,540 9.38% 19.95
2007 14 250,778 51.50% 1,304,375 42.85% 5.20
2009 32 17,414 3.58% 158,480 5.21% 9.10
2010 1 7,012 1.44% 108,296 3.56% 15.44
-------------------------------- ------------------------------------
Total Occupied 81 486,921 100.00% $3,044,009 100.00% $6.25
----------------------------------------
Total Vacant 29,209
----------------
Total Square
Feet 516,130
================
----------------------------------------
Crossroads (JV
Property)
Anchor Tenant Expirations
2007 2 47,026 23.49% $782,825 35.28% 16.65
2009 1 25,000 12.49% 193,750 8.73% 7.75
2012 2 113,155 56.53% 912,177 41.12% 8.06
2018 1 15,000 7.49% 330,000 14.87% 22.00
-------------------------------- ------------------------------------
Total Occupied 6 200,181 100.00% $2,218,752 100.00% $11.08
----------------------------------------
Total Vacant -
----------------
Total Square
Feet 200,181
================
----------------------------------------
Shop Tenant Expirations
2005 1 2,210 2.00% $60,996 1.61% $27.60
2006 4 7,240 6.55% 239,416 6.30% 33.07
2007 4 4,912 4.45% 184,626 4.86% 37.59
2008 9 31,460 28.50% 1,027,210 27.03% 32.65
2009 7 22,318 20.20% 765,758 20.15% 34.31
2011 2 4,070 3.68% 143,212 3.77% 35.19
2012 2 5,250 4.75% 189,000 4.97% 36.00
2014 4 19,941 18.05% 672,585 17.70% 33.73
2017 1 6,600 5.97% 330,000 8.68% 50.00
2022 1 6,462 5.85% 187,398 4.93% 29.00
-------------------------------- ------------------------------------
Total Occupied 35 110,463 100.00% $3,800,201 100.00% $34.40
----------------------------------------
Total Vacant -
----------------
Total Square
Feet 110,463
================
----------------------------------------
Crossroads (JV
Property)
Total Tenant Expirations
2005 1 2,210 0.71% $60,996 1.01% 27.60
2006 4 7,240 2.33% 239,416 3.98% 33.07
2007 6 51,938 16.72% 967,451 16.07% 18.63
2008 9 31,460 10.13% 1,027,210 17.07% 32.65
2009 8 47,318 15.23% 959,508 15.94% 20.28
2011 2 4,070 1.31% 143,212 2.38% 35.19
2012 4 118,405 38.12% 1,101,177 18.31% 9.30
2014 4 19,941 6.42% 672,585 11.17% 33.73
2017 1 6,600 2.12% 330,000 5.48% 50.00
2018 1 15,000 4.83% 330,000 5.48% 22.00
2022 1 6,462 2.08% 187,398 3.11% 29.00
-------------------------------- ------------------------------------
Total Occupied 41 310,644 100.00% $6,018,953 100.00% $19.38
----------------------------------------
Total Vacant -
----------------
Total Square
Feet 310,644
================
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Property
Demographics (1)
- ---------------------------------------
- -------------------------------------------------------------------
Trade Total
Area Base Total
Property / JV City State(Miles) Rent GLA
Ownership %
- -------------------------------------------------------------------
Brandywine Town CenterWilmington DE
& Mkt Sq./22.22% 3 11,131,931 732,107
Elmwood Park Shopping Elmwood ParkNJ
Ctr. 3 3,228,851 149,085
Abington Towne Center Abington PA 3 922,200 216,355
Granville Center / Columbus OH
22.22% 3 670,684 131,543
Hobson West Plaza Naperville IL 3 1,198,479 99,044
Methuen Shopping Ctr. Methuen MA 5 828,772 130,238
Crossroads Shopping White PlainsNY
Ctr. / 49% 3 6,018,953 310,644
The Branch Plaza Smithtown NY 3 2,375,596 125,676
Village Commons Smithtown NY
Shopping Ctr. 3 2,109,869 87,306
Bloomfield Town SquareBloomfield MI
Hills 5 2,820,483 217,266
Crescent Plaza Brockton MA 3 1,694,375 218,277
239 Greenwich Avenue Greenwich CT 5 929,600 16,834
Soundview Marketplace Port NY
Washington 3 2,614,087 184,114
Town Line Plaza Rocky Hill CT 3 1,561,226 206,178
New Loudon Center Latham NY 5 1,670,110 255,826
Pacesetter Park Pomona NY
Shopping Ctr. 3 1,066,936 96,646
Mad River Station Dayton OH 5 1,488,011 155,739
Greenridge Plaza Scranton PA 3 954,033 194,785
Mark Plaza EdwardsvillePA 5 1,094,524 213,689
Luzerne Street Scranton PA
Shopping Ctr. 3 239,276 58,089
Blackman Plaza Wilkes-BarrePA 5 282,374 121,341
Sheffield Crossing / Sheffield OH
22.22% 3 1,146,925 112,534
Amherst Marketplace / Amherst OH
22.22% 3 830,115 79,937
Sterling Heights Sterling MI
Shopping Center / Heights
11.11% 3 518,404 154,597
Tarrytown Shopping Tarrytown NY
Center / 11.11% 3 238,841 35,877
Hitchcock Plaza / 20% Aiken SC 5 842,197 234,338
Pine Log Plaza / 20% Aiken SC 5 149,250 35,064
Haygood Shopping Virginia VA
Center / 11.11% Beach 3 889,473 158,229
400 East Fordham Road The Bronx NY
/ 18.32% 2 640,804 117,355
Pelham Manor Shopping Westchester NY
Plaza / 18.32% 3 2,403,205 398,775
Walnut Hill Plaza Woonsocket RI 5 2,193,120 285,829
Ledgewood Mall Ledgewood NJ 5 4,312,577 517,632
Berlin Shopping Ctr. Berlin NJ 3 806,722 188,688
Merrillville Plaza Hobart IN 5 2,576,217 235,605
The Gateway Shopping So. VT
Ctr. Burlington 3 1,746,828 101,861
Marketplace of AbseconAbsecon NJ 3 1,536,973 105,093
Pittston Plaza Pittston PA 3 613,720 79,494
Plaza 422 Lebanon PA 3 444,020 155,026
Route 6 Plaza Honesdale PA 5 1,073,043 175,507
Bradford Towne Centre Towanda PA 10 1,578,760 256,939
- -------------------------------------------------------------------
69,441,564 7,349,162
---------------------
(1) Does not include the Kroger/Safeway Portfolio.
(2) Fordham figures are for a 2 mile radius.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Property Demographics (1)
- ------------------------------------------------------------------------------
- ---------------------- ------------------------------------ -----------------------------------
3-Mile Radius(2) 5-Mile Radius
------------------------------------ -----------------------------------
#
Total HouseholdsMedian HH Avg. HH Total Median Avg. HH
# HH
Property / JV Pop. ("HH") Income Income Pop. HH Income Income
Ownership %
- ---------------------- ------------------------------------------------------------------------
Brandywine Town Center
& Mkt Sq./22.22% 40,167 15,437 $81,275 $98,474 116,835 47,059 $71,475 $91,032
Elmwood Park Shopping
Ctr. 259,975 86,557 $51,206 $61,319 612,593 212,140 $56,661 $68,670
Abington Towne Center 93,360 36,608 $65,173 $80,281 306,979 120,242 $58,804 $71,480
Granville Center /
22.22% 114,683 51,558 $46,830 $54,096 267,818 116,119 $52,178 $61,015
Hobson West Plaza 94,003 32,812 $96,226 $111,843 264,472 93,258 $83,440 $96,333
Methuen Shopping Ctr. 91,936 33,202 $40,495 $50,182 198,133 73,801 $46,809 $56,761
Crossroads Shopping
Ctr. / 49% 104,349 40,090 $76,635 $97,520 203,088 74,810 $91,173 $122,507
The Branch Plaza 67,386 22,781 $86,500 $98,961 198,575 64,367 $78,576 $90,006
Village Commons
Shopping Ctr. 67,862 22,859 $87,048 $99,163 197,398 63,981 $79,019 $90,486
Bloomfield Town Square 62,541 24,356 $72,545 $102,892 166,366 63,987 $77,660 $106,428
Crescent Plaza 99,840 35,462 $45,142 $52,972 168,024 60,373 $50,116 $58,235
239 Greenwich Avenue 66,867 25,228 $94,987 $147,352 141,499 51,663 $92,448 $141,180
Soundview Marketplace 46,380 16,462 $113,631 $167,275 143,395 52,155 $97,968 $139,340
Town Line Plaza 45,242 19,007 $74,547 $64,079 151,760 60,763 $56,343 $66,119
New Loudon Center 41,508 16,246 $55,189 $65,561 152,497 63,018 $46,569 $56,589
Pacesetter Park
Shopping Ctr. 25,894 8,469 $88,331 $107,734 128,097 37,540 $71,637 $88,824
Mad River Station 59,585 26,299 $56,285 $67,437 130,304 55,583 $58,803 $72,512
Greenridge Plaza 88,472 37,357 $32,243 $41,495 126,562 53,080 $34,803 $44,679
Mark Plaza 89,240 38,696 $31,389 $39,511 124,722 53,562 $34,002 $42,614
Luzerne Street
Shopping Ctr. 66,687 27,708 $30,436 $39,697 120,838 50,392 $34,650 $44,561
Blackman Plaza 61,029 26,168 $30,784 $39,130 116,682 50,274 $33,089 $41,383
Sheffield Crossing /
22.22% 35,452 14,048 $45,762 $54,608 121,322 47,230 $45,775 $54,558
Amherst Marketplace /
22.22% 52,542 21,012 $44,259 $53,044 97,181 38,366 $40,461 $49,765
Sterling Heights
Shopping Center /
11.11% 97,175 35,730 $67,786 $74,409 257,839 101,330 $64,903 $73,379
Tarrytown Shopping
Center / 11.11% 35,238 13,328 $68,960 $98,836 119,686 46,393 $76,834 $104,788
Hitchcock Plaza / 20% 25,419 10,547 $60,290 $71,076 45,931 18,554 $49,878 $60,184
Pine Log Plaza / 20% 25,419 10,547 $60,290 $71,076 45,931 18,554 $49,878 $60,184
Haygood Shopping
Center / 11.11% 95,832 36,598 $52,790 $62,252 217,586 82,889 $52,974 $62,426
400 East Fordham Road
/ 18.32% 651,504 223,577 $33,414 $37,631 - - - -
Pelham Manor Shopping
Plaza / 18.32% 400,119 149,994 $47,713 $59,780 1,114,822 410,040 $44,052 $56,839
Walnut Hill Plaza 59,961 24,256 $41,751 $49,362 94,203 37,077 $48,793 $57,263
Ledgewood Mall 34,631 12,915 $77,309 $88,598 105,973 38,609 $75,159 $86,345
Berlin Shopping Ctr. 31,313 11,105 $63,424 $74,188 94,688 34,457 $60,908 $70,450
Merrillville Plaza 18,924 7,566 $54,952 $62,686 84,180 31,820 $52,697 $60,610
The Gateway Shopping
Ctr. 46,105 19,252 $43,524 $53,733 68,034 27,816 $45,474 $56,025
Marketplace of Absecon 30,277 10,476 $51,028 $60,415 68,488 23,943 $50,386 $59,385
Pittston Plaza 40,640 17,537 $36,785 $45,214 72,326 31,010 $38,049 $46,790
Plaza 422 44,416 18,047 $36,458 $43,830 61,325 24,358 $40,383 $48,126
Route 6 Plaza 7,395 3,155 $32,818 $42,657 11,704 4,849 $33,779 $43,036
Bradford Towne Centre 5,506 2,344 $38,141 $46,212 8,813 3,627 $38,371 $46,994
- ---------------------- ------------------------------------ -----------------------------------
------------------------------------ -----------------------------------
87,703 33,127 $59,582 $72,035 193,624 73,168 $57,044 $70,378
------------------------------------ -----------------------------------
------------------------------------ -----------------------------------
72,243 26,705 $64,929 $79,739 173,388 63,619 $63,189 $78,579
------------------------------------ -----------------------------------
(1) Does not include the Kroger/Safeway Portfolio.
(2) Fordham figures are for a 2 mile radius.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Property Demographics (1)
- -------------------------------------------------------------------------------------
- ---------------------- -------------------------------- ----------------------------
10-Mile Radius
--------------------------------
Total Median Avg. HH
# HH
Property / JV Pop. HH Income Income County MSA
Ownership %
- ---------------------- -------------------------------------------------------------
Brandywine Town Center Bergen Wilmington-
& Mkt Sq./22.22% - - $- $- Newark, DE
Elmwood Park Shopping Bergen Bergen-Passaic,
Ctr. - - - - NJ
Abington Towne Center - - - - Bucks Philadelphia, PA
Granville Center / Franklin Columbus, OH
22.22% - - - -
Hobson West Plaza - - - - DuPage Chicago, IL
Methuen Shopping Ctr. - - - - Essex Boston, MA-NH
Crossroads Shopping WestchesterNew York, NY
Ctr. / 49% - - - -
The Branch Plaza Suffolk Nassau-Suffolk,
- - - - NY
Village Commons Suffolk Nassau-Suffolk,
Shopping Ctr. - - - - NY
Bloomfield Town Square - - - - Oakland Detroit, MI
Crescent Plaza - - - - Plymouth Boston, MA-NH
239 Greenwich Avenue Fairfield New Haven-
- - - - Meriden, CT
Soundview Marketplace Nassau Nassau-Suffolk,
- - - - NY
Town Line Plaza - - - - Hartford Hartford, CT
New Loudon Center Albany Albany-
Schenectady-
- - - - Troy, NY
Pacesetter Park Rockland New York, NY
Shopping Ctr. - - - -
Mad River Station Montgomery Dayton-
- - - - Springfield, OH
Greenridge Plaza Lackawanna Scranton-Wilkes
Barre-Hazelton,
- - - - PA
Mark Plaza Luzerne Scranton-Wilkes
Barre-Hazelton,
- - - - PA
Luzerne Street Lackawanna Scranton-Wilkes
Shopping Ctr. Barre-Hazelton,
- - - - PA
Blackman Plaza Luzerne Scranton-Wilkes
Barre-Hazelton,
- - - - PA
Sheffield Crossing / Lorain Cleveland-Lorain-
22.22% - - - - Elyria
Amherst Marketplace / Lorain Cleveland-Lorain-
22.22% - - - - Elyria
Sterling Heights Coordinates
Shopping Center / 42.5803, 83.0298
11.11% - - - -
Tarrytown Shopping Coordinates
Center / 11.11% - - - - 41.0799, 73.8640
Hitchcock Plaza / 20% Coordinates
84,131 33,423 43,742 52,745 33.5156, 81.7311
Pine Log Plaza / 20% Coordinates
84,131 33,423 43,742 52,745 33.5156, 81.7311
Haygood Shopping Coordinates
Center / 11.11% - - - - 36.8727, 76.1350
400 East Fordham Road The Bronx New York, NY
/ 18.32%
Pelham Manor Shopping WestchesterNew York, NY
Plaza / 18.32%
Walnut Hill Plaza Providence Providence-Fall
- - - - River, RI
Ledgewood Mall 278,307 100,409 $84,897 $99,923 Morris Newark, NJ
Berlin Shopping Ctr. Burlington Philadelphia, PA,
- - - - NJ
Merrillville Plaza 344,569 130,349 $48,747 $57,323 Lake Gary, IN
The Gateway Shopping Chittenden Burlington, VT
Ctr. - - - -
Marketplace of Absecon Atlantic Atlantic City-
- - - - Cape May, NJ
Pittston Plaza Luzerne Scranton-Wilkes
Barre-Hazelton,
- - - - PA
Plaza 422 Lebanon Harrisburg-
Lebanon-
- - - - Carlisle, PA
Route 6 Plaza - - - - Wayne N/A
Bradford Towne Centre 17,398 6,799 $38,245 $46,336 Bradford N/A
- ---------------------- -------------------------------- ----------------------------
--------------------------------
249,836 92,496 $76,265 $90,424
--------------------------------
--------------------------------
251,791 92,847 $66,225 $78,206
--------------------------------
(1) Does not include the Kroger/Safeway Portfolio.
(2) Fordham figures are for a 2 mile radius.
ANNUAL SUPPLEMENTAL DISCLOSURE
March 31, 2005
Residential (Multi-family) Properties
- ---------------------------------------------------------------- ---------
% %
Occupied Occupied
Property Location Square Units March 31,December Occupied
Feet 2005 31, 2004
- ----------------------------------------------------------------------------------------------------------- --------
Mid-Atlantic
North Carolina
- ----------------------------------------------------------------
Village Apartments Winston
Salem 578,606 600 88% 84% 525
Mid-West
Missouri
- ----------------------------------------------------------------
Gate House, Holiday House, Tiger Village, Columbia 628,891 874 97% 96% 845
----------------------------------
Colony Apartments (1)
Totals 1,207,497 1,474 93% 91% 1,370
==================================
---------
(1)As this property has tenants associated with the University of Missouri,
occupancy trends are correlated to semester sessions