UNITED STATES 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): May 9, 2002 ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 1-12002 23-2715194 - ------------------------------ ------------ ------------------- (State or other (Commission (I.R.S. Employer jurisdiction of incorporation) File Number) Identification No.) 20 Soundview Marketplace Port Washington, New York 11050 (Address of principal executive offices) (Zip Code) (516) 767-8830 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report)
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. 99.1 Quarterly Supplemental Disclosure - March 31, 2002 ITEM 9. Regulation FD Disclosure The Registrant, Acadia Realty Trust, hereby makes available as an exhibit to this filing, supplemental information concerning the ownership, operations and portfolio of the Registrant as of March 31, 2002. The information included in this Current Report on Form 8-K (including the exhibit hereto) is furnished pursuant to Item 9 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a) (2) of the Securities Act of 1933, as amended. This Report (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACADIA REALTY TRUST (Registrant) Date: May 9, 2002 By: /s/ Perry Kamerman ------------------------------------ Name: Perry Kamerman Title: Sr. Vice President and Chief Financial Officer 2
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Table of Contents Page Section I - Overview Company Information 2 First Quarter 2002 Highlights 3 Portfolio Snapshot 4 Organizational Chart 5 Management Team 6 Section II - Net Asset Valuation Net Asset Value 7 Section III - Financial Information Market Capitalization 9 Shareholder Information 10 Operating Statements - Current v. Historical 11 Operating Statements - By Segment 12 Net Operating Income - Same Property Performance 13 Funds from Operations 14 Balance Sheets 15 Selected Operating Ratios 16 Debt Analysis - Wholly Owned and Unconsolidated Subsidiaries 17 Debt Maturity Schedule 19 Unencumbered Properties 20 Section IV - Portfolio information Portfolio Overview - By Region and Property Type 21 Commercial Properties by Region - Summary 22 Commercial Properties by Region - Detail 23 Top 25 Tenants 27 Anchor Tenant Summary 28 Lease Expirations 32 Residential Properties 36 Properties under Redevelopment 37 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Supplementary Disclosure constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability and creditworthiness of prospective tenants, lease rents and the availability of financing; adverse changes in the Company's real estate markets, including, among other things, competition with other companies; risks of real estate development and acquisition; governmental actions and initiatives; and environmental/safety requirements. Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Company Information Acadia Realty Trust ("Acadia"), is a fully integrated and self-managed real estate investment trust focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership (and its majority-owned subsidiaries) which is currently 87% controlled by Acadia. Acadia currently owns or has an ownership interest in 35 properties, consisting of 32 neighborhood and community shopping centers and three multi-family properties, all located in the Eastern and Midwestern regions of the United States. Two of the above shopping centers are currently under redevelopment. Corporate Headquarters 20 Soundview Marketplace Investor Relations Jon Grisham Port Washington, NY 11050-2221 Vice President (516) 767-8830 ext. 342 jgrisham@acadiarealty.com New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com Page 2
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Quarterly Highlights - -------------------------------------------------------------------------------- "We are now seeing the results of our successful turnaround program. As a result of the completion of our non-core disposition program, we now have a strong portfolio of well-located shopping centers anchored by supermarkets and discount retailers. Our balance sheet is solid with sufficient capital to keep it strong. Even with our recent dividend increase, our payout ratio is below 55%, which is conservative among our peer group. With our core portfolio serving as the foundation for our internal growth and our acquisition joint venture serving as the vehicle for our external growth, we are extremely well-positioned for the future." - Kenneth Bernstein, CEO - -------------------------------------------------------------------------------- o Funds from Operations ("FFO") were $0.37 per share for the quarter ended March 31, 2002, which includes $0.13 of lease termination income. After adjusting for this non-recurring income, first quarter 2002 FFO of $0.24 increased 20%, or $0.04, over first quarter 2001 FFO of $0.20 per share. o Completed the Company's non-core property disposition initiative with the sale of a shopping center in January 2002 and the sale of a 17-property portfolio ("Morgan Stanley Portfolio") in April 2002. In April, the Company sold a 17-property portfolio, which brings the non-core disposition program to a successful conclusion. The portfolio consists of 17 retail properties, which are cross-collateralized in a securitized loan program and in the aggregate contain approximately 2.3 million square feet; 10 located in Pennsylvania and seven in various southeastern states from Virginia to Florida. The properties represented approximately 25% of the Company's total property square footage but less than 5% of Acadia's total net asset value. Acadia will be retaining a senior, preferred interest in the owning entity. This sale followed the January 2002 sale of the Union Plaza, a 218,000 square foot shopping center located in New Castle, Pennsylvania. o Same property NOI increased 2.2% year-over-year. Within the Company's portfolio of operating properties, March 31, 2002 occupancy was 89.4%. This compares with 90.8% as of December 31, 2001 and 91.6% for the quarter ended March 31, 2001. Despite the decline in occupancy, same property net operating income for the portfolio increased 2.2% year over year. This was primarily attributable to scheduled increases in contractual tenant rents and a reduction in property operating expenses due to a comparatively milder winter in 2002, which combined to outweigh the loss of rent associated with occupancy declines. o Increased the dividend 8%, from $0.12 to $0.13, commencing the first quarter 2002. o Completed a "Dutch Auction" share buyback by repurchasing 5,523,974 shares at $6.05 per share. During the first quarter 2002, the Company completed a "Dutch Auction" buyback of its common shares whereby it repurchased approximately 5.5 million shares at a price of $6.05 per share for a total of $33.4 million. The buyback was financed primarily through proceeds from asset sales and two new credit facilities, a $23 million facility with Fleet Bank and a $26 million facility with Dime Savings Bank. To date, the Company has drawn a total of $28.4 million against these two facilities with remaining capacity of $20.6 million available, of which $3 million is conditioned on future leasing achievements at the mortgage properties. Page 3
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Portfolio Snapshot [GRAPIC - MAP OF THE EASTERN UNITED STATES SHOWING LOCATIONS] Page 4
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Management Team ----------------------------------------------------------------------------------------------------- Kenneth F. Bernstein Chief Executive Officer and President ----------------------------------------------------------------------------------------------------- / / / | \ \ / / / | \ \ / / / | \ \ | | | | | | - ------------ ------------------ ------------------- ---------------- ----------------- -------------------- Finance and Acquisitions Leasing and Property Construction Legal Asset Redevelopment Management Management - ------------ ------------------ ------------------- ---------------- ----------------- -------------------- | | | | | | | | | | | | - ------------ ---------------- ------------------- ---------------- ----------------- -------------------- Joel Braun Timothy J. Joseph Joseph Hogan Robert Perry Sr. VP, Bruce Napolitano Sr. VP, Dir. of Masters Kamerman Acquisitions Sr. VP, Dir. of Sr. VP, Property Construction Sr. VP, General Sr. VP, Chief - ------------ Leasing and Management ---------------- Counsel Financial Officer Redevelopment ------------------- ----------------- |-------------------| ---------------- | | | | | | | | | | | | | | ------------------- ------------------- ----------------- -------------- ------------------- Joseph Povinelli Robert Carol Smrek Maggie Hui Jon Grisham VP, Leasing Scholem VP, Counsel VP, Controller VP, Dir. of ------------------- VP, Property ----------------- -------------- Financial Reporting Management | ------------------- ------------------- | | ---------------- Richard Hartmann VP, Assistant Controller ---------------- Page 5
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Executive Management Team Ross Dworman Chairman of the Board Mr. Dworman assists with long-term strategic planning for the Company. Mr. Dworman was President and Chief Executive Officer of RD Capital, Inc. from 1987 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1987, Mr. Dworman was an associate at Odyssey Partners, L.P., a hedge fund engaged in leveraged buy-outs and real estate investment, and from 1981 until 1984, he was a Financial Analyst for Salomon, Inc. Mr. Dworman received his Bachelor of Arts Degree from the University of Pennsylvania. Kenneth F. Bernstein Chief Executive Officer and Mr. Bernstein is responsible for strategic planning as well as President overseeing all day to day activities of the Company including operations, acquisitions and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD Capital, Inc. from 1990 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. In such capacity, he was responsible for overseeing the day-to-day operations of RD Capital and its management companies, Acadia Management Company LLC and Sound View Management LLC. Prior to joining RD Capital, Mr. Bernstein was an associate with the New York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his Bachelor of Arts Degree from the University of Vermont and his Juris Doctorate from Boston University School of Law. Joel Braun Senior Vice President, Mr. Braun is responsible for the sourcing and financial Acquisitions analysis of acquisition properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and Finance for Rosenshein Associates, a regional shopping center developer based in New Rochelle, New York. During this time, Mr. Braun was instrumental in the initiation and formation of Kranzco Realty Trust, a publicly traded REIT. Mr. Braun holds a Bachelor's in Business Administration from Boston University and a Master's Degree in Planning from John Hopkins University. Timothy J. Bruce Senior Vice President, Mr. Bruce joined Acadia Realty Trust in December 1998 as Director of Leasing Senior Vice President, Director of Leasing. Mr. Bruce has more than 14 years of redevelopment and leasing experience. From April 1996 until joining Acadia Realty in December 1998, Mr. Bruce served as Vice President of the Strip Center Leasing Department at Pennsylvania Real Estate Trust where he was responsible for coordinating all leasing activity for the 4.5 million square foot strip center portfolio. From 1985 to 1996, Mr. Bruce was with Equity Properties and Development, L.P. as Senior Vice President, Real Estate. His responsibilities included the management of the day-to-day activities of the Real Estate, Construction, and Merchant Coordination Departments. Mr. Bruce received a Bachelor of Arts Degree from the University of Illinois at Chicago School of Architecture and a Masters of Management from the J. L. Kellogg Graduate School of Business at Northwestern University. Joseph Hogan Senior Vice President, Most recently, Mr. Hogan served as Vice President with Kimco Director of Construction Realty Corporation (NYSE:KIM), where he was responsible for business development and management of all retail and commercial construction projects for Kimco, in addition to outside customers and development companies. Prior to joining Kimco, he was with Konover Construction Company, a subsidiary of Konover & Associates located in West Hartford, Connecticut, where he was responsible for construction projects throughout the eastern half of the United States. Perry Kamerman Senior Vice President, Mr. Kamerman oversees all the financial activities and asset Chief Financial Officer management functions. Previously, he was the Chief Financial Officer of RD Capital, Inc. and its affiliates from 1995 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1994, Mr. Kamerman served as the Controller and the Director of Asset Management for the American Continental Properties Group, an international real estate investment and development firm whose assets exceeded $1 billion. Prior to this, he was an audit manager at E&Y Kenneth Leventhal Real Estate Group. Mr. Kamerman is a Certified Public Accountant and received a Bachelor of Science in Accounting from the City University of New York in 1977. Robert Masters, Esq. Senior Vice President, Prior to joining Acadia in December 1994, Mr. Masters was General Counsel, General Counsel for API Asset Management for over five years, Corporate Secretary Senior Vice President Deputy General Counsel for European American Bank from 1985 to 1990, and Vice President and Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received his Bachelor of Arts from the City University of New York and a J.D. from New York University Law School. Mr. Masters is also a member of the New York Bar. Joseph M. Napolitano, Senior Vice President, Mr. Napolitano is responsible for overseeing the retail CPM Director of Retail property management department for Acadia Realty Trust. Prior Property to joining Acadia in 1995, Mr. Napolitano was employed by Rosen Associates Management Corp. as a Senior Property Manager Management overseeing a national portfolio of community shopping centers, and Roebling Management Co. as a Property Manager responsible for neighborhood and community shopping centers nationally. Mr. Napolitano holds a Bachelor's in Business Administration from Adelphi University, Garden City, NY; and is a Certified Property Manager by the Institute of Property Management (IREM). Mr. Napolitano is also a member of the New York State Association of Realtors (NYSAR) International Council of Shopping Center (ICSC), Commercial Investment Real Estate Institute (CIREI), and the Building Owners and Managers Institute (BOMI). Page 6
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 (1) Net Asset Value ('NAV') (amounts in thousands, except per share amounts) Redevelopments --------------------------------- Notes Total Stabilized Completed In Progress Sold ----- ----- --------------------------------------- Number of Properties 57 31 2 2 22 Net Operating income ("NOI") for the year ended December 31, 2001 Wholly-owned properties (2) $ 55,024 $ 38,595 $ 878 $ 1,278 $14,273 Pro-rata share of unconsolidated joint ventures (2) 2,489 2,489 -- -- -- ----------- ----------- ------ ------- ------- Total NOI 57,513 41,084 878 1,278 14,273 Less adjustments to NOI: Redevelopments in progress (1,278) -- -- (1,278) -- Properties sold - Sold during 2001 (5,222) -- -- -- (5,222) - Sold in January 2002 (3) (562) -- -- -- (562) - Currently under contract for sale (4) (8,489) -- -- -- (8,489) Other adjustments of NOI (5) 643 (237) 880 -- -- ----------- ----------- ------ ------- ------- ADJUSTED PUBLIC BASIS NOI (6) 42,605 40,847 1,758 -- -- Structural reserves (7) (1,498) (1,460) (38) -- -- Imputed management fees (4%) (2,387) (2,294) (93) -- -- ----------- ----------- ------ ------- ------- PRIVATE BASIS NOI $ 38,720 $ 37,093 $1,627 $ -- $ -- =========== =========== ====== ======= ======= CAP RATE RANGES USED FOR VALUATION (Excluding redevelopments in progress): (8) Private Basis 9.75% 10.00% 10.25% 10.50% Equivalent Public Basis 10.73% 11.00% 11.28% 11.55% ----------- ----------- ----------- ----------- Gross market value of real estate (excluding redevelopments in progress) 397,128 387,200 377,756 368,762 Redevelopment properties (9) 27,215 27,215 27,215 27,215 Value of other net assets (10) 67,794 67,794 67,794 67,794 Net proceeds (net of debt) from January 2002 sale and anticipated sale of properties under contract (3,4) 13,150 13,150 13,150 13,150 ----------- ----------- ----------- ----------- GROSS MARKET VALUE OF ASSETS 505,287 495,359 485,915 476,921 Mortgage debt - Consolidated properties (Exlcuding debt related to assets under contract) (4) (218,969) (218,969) (218,969) (218,969) - Unconsolidated Joint Ventures (16,725) (16,725) (16,725) (16,725) Preferred equity and Minority interest in majority owned partnerships (4,700) (4,700) (4,700) (4,700) ----------- ----------- ----------- ----------- NET MARKET VALUE OF ASSETS (before stock buyback) 264,893 254,965 245,521 236,527 Cost of stock buyback (including $200 of associated costs) (33,620) (33,620) (33,620) (33,620) ----------- ----------- ----------- ----------- NET MARKET VALUE OF ASSETS (after stock buyback) 231,273 221,345 211,901 202,907 Outstanding Common Shares and O.P. Units (after stock buyback) 28,386,298 28,386,298 28,386,298 28,386,298 ----------- ----------- ----------- ----------- NAV PER COMMON SHARE (6) $ 8.15 $ 7.80 $ 7.46 $ 7.15 == =========== =========== =========== =========== See the following page for the notes to this schedule Page 7
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2001 Net Asset Value ('NAV') (amounts in thousands, except per share amounts) Notes: (1) The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 2001. NAV is computed at the end of each year and will be updated during the year only if a material change in any determinant of NAV occurs. The computation of NAV as discussed herein is based upon the current capitalization rates for real property. These rates are subject to future changes based on market conditions, which may result in a lower or higher NAV. (2) NOI's exclude an aggreagate $774 of straight-line rents (net of write-offs). (3) In January of 2002, the Company sold the Union Plaza for a net $4.2 million. There was no mortgage debt associated with this property. (4) As of December 31, 2001, the Company had seventeen shopping centers under contract for sale, which were subject to a cross- collateralized, $42,639 securitized loan. Subsequent to year-end, the Company completed this sale. This sale was completed in April 2002. (5) Represents adjustments for major anchor tenant movement during 2001. (6) NAV excludes any transaction costs associated with any actual sales of the properties, other than those listed as "sold or under contract". (7) Structural reserves represent a $0.20 per square foot replacement reserve for retail properties and $300 per unit reserve for residential properties. (8) The above capitalization rates are based on those currently in place and are subject to future changes. (9) Redevelopment properties are valued at their current net book value. (10) Value of other net assets at December 31, 2001 were comprised of the following: Cash and cash equivalents $ 34,138 Cash in escrow 5,246 Rents receivable, net of allowance and unbilled (straight-line) rent 3,252 of $3,862 Note Receivable 34,757 Prepaid expenses 2,308 Other Assets (Less Furn. & Fixt. And other intangible) 1,810 Other items, primarily pro-rata share of net working capital from unconsolidated joint ventures 345 Accounts payable and accrued expenses (5,349) Distributions payable (4,119) Due to related parties (107) Other liabilities (4,487) -------- $ 67,794 ======== Page 8
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Total Market Capitalization Percent of Percent of Total Market Total Equity Capitalization ------------ -------------- Total Common Shares Outstanding 86.0% 24,700,328 (2) Common O.P. Units 13.0% 3,723,080 ------------- Combined Common Shares and O.P. Units 28,423,408 Market Price at March 31, 2002 $ 6.95 ------------- Equity Capitalization - Common Shares and O.P. Units 197,542,686 Preferred O.P. Units - at cost (2) 1.0% 2,212,000 ----- ------------- Total Equity Capitalization 100.0% 199,754,686 43.3% ===== Debt Capitalization 261,403,914 56.7% ------------- ----- Total Market Capitalization $ 461,158,599 100.0% ============= ===== As adjusted for subsequent reduction in outstanding debt (1) Percent of Adjusted Percent of Total Market Adjustment(1) Totals Total Equity Capitalization ----------- ------ ------------ -------------- Total Common Shares Outstanding 24,700,328 86.0% Common O.P. Units 3,723,080 13.0% ------------- Combined Common Shares and O.P. Units 28,423,408 Market Price at March 31, 2002 $ 6.95 ------------- Equity Capitalization - Common Shares and O.P. Units 197,542,686 Preferred O.P. Units - at cost (2) 2,212,000 1.0% ------------- ----- Total Equity Capitalization 199,754,686 100.0% 47.7% ===== Debt Capitalization (42,438,254) 218,965,660 52.3% ------------- ----- Total Market Capitalization $ 418,720,346 100.0% ============= =====
Total Market Capitalization as of Total Market Capitalization as Adjusted March 31, 2002 Above [PIE CHART] [PIE CHART] Variable Rate Debt* 23.1% Variable Rate Debt* 25.4% Fixed-Rate Debt* 33.6% Fixed-Rate Debt* 26.9% Common Shares 37.2% Common Shares 41.0% Common O.P. Units 5.6% Common O.P. Units 6.2% Preferred O.P. Units 0.5% Preferred O.P. Units 0.5% * Fixed-rate debt includes $50 million of notional principal fixed through swap transactions and conversely, variable-rate debt excludes this amount. Weighted Average Outstanding Common Shares and O.P. Units Common Shares O.P. Units Total ------ ---------- ----- Quarter ended March 31, 2002 - Primary and Diluted 26,376,443 4,379,309 30,755,753 Quarter ended March 31, 2001 - Primary and Diluted 28,091,479 6,804,144 34,895,623 Notes: (1) As of March 31, 2002, the Company had seventeen shopping centers under contract for sale, which were subject to a cross-collateralized, $42,638,672 securitized loan. The sale was completed and the debt was assigned to the buyer in April 2002 (2) As of March 31, 2002, the Company had purchased 1,928,432 shares (net of reissuance of 123,173 shares) under its Stock Repurchase (3) In connection with the acquisition of the Pacesetter Park Shopping Center in 1999, the Company issued 2,212 Preferred O.P. Units which are reflected above at their stated cost of $1,000 per unit. Page 9
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Shareholder Information Ten Largest Institutional/Non-Retail Shareholders (1) Percent of Out- Common standing Common Shareholder Shares Held Shares - ----------- ----------- ------ Yale University (2) 8,421,759 34.1% Rothschild Realty Investors II L.L.C 2,275,167 9.2% Stanford University 2,133,333 8.6% Harvard Private Capital Realty, Inc. 2,000,000 8.1% The Vanderbilt University 1,346,647 5.5% Carnegie Corporation of New York 942,653 3.8% CS First Boston Inc. 449,954 1.8% Yale University Retirement Plan 403,994 1.6% First Manhattan Capital Management 350,205 1.4% Barclays Global Investors 198,715 0.8% ---------- ---- Total of Ten Largest Institutional Shareholders 18,522,427 75.0% ========== ==== Total of all Institutional Shareholders 19,605,581 79.4% ========== ==== Total Share/O.P. Unit Ownership (Combined) (2) [PIE CHART] o Institutional Share & O.P. Unit Holders 76% o Retail Shareholders 18% o Employee/Director O.P. Unitholders 4% o Other O.P. Unitholders 2% Operating Partnership Unit Information Percent of Total O.P. Units ------------------- Institutional O.P. Unit Holders 1,980,950 53.2% Employee/Director O.P. Unit Holders 1,088,641 29.2% Other O.P. Unit Holders 653,489 17.6% --------- ----- Total O.P. Units 3,723,080 100.0% ========= ===== (1) Based on Schedule 13F filings with the U.S. Securities and Exchange Commission (2) The Company and Yale University have established a voting trust whereby all shares that Yale University owns in excess of 30% of the Company's outstanding Common Shares, will be voted in the same proportion (excluding Yale) as all other shares voted, Page 10
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Statements of Operations - Including Joint Venture Activity (1) Current vs. Historical Quarter (in thousands) --------------------------------------------- Current Quarter 3 months ended March 31, 2002 --------------------------------------------- Discontinued Wholly Owned JV's(2) Operations (3) Total ------------ ------ -------------- ----- PROPERTY REVENUES Minimum rents $ 12,066 $ 602 $ 2,389 $ 15,057 Percentage rents 319 45 221 585 Expense reimbursements 2,691 209 467 3,367 Other property income 226 10 21 257 -------- ------- -------- -------- 15,302 866 3,098 19,266 -------- ------- -------- -------- PROPERTY EXPENSES Property operating 2,774 98 588 3,460 Real estate taxes 2,040 155 412 2,607 -------- ------- -------- -------- 4,814 253 1,000 6,067 -------- ------- -------- -------- NET OPERATING INCOME - PROPERTIES 10,488 613 2,098 13,199 OTHER INCOME (EXPENSE) Property management and leasing - Home office (875) -- -- (875) General and administrative (1,450) -- -- (1,450) Lease termination income 3,800 -- -- 3,800 Interest income 375 -- 66 441 Management income 331 -- -- 331 Other property management fees (40) -- -- (40) Straight-line rent (net of write-offs) 278 (16) 3 265 Other income 82 -- -- 82 -------- ------- -------- -------- EBIDTA 12,989 597 2,167 15,753 Depreciation and amortization (3,745) (164) (850) (4,759) Interest expense (2,876) (315) (941) (4,132) Impairment of real estate -- -- -- -- Gain on sale of properties -- -- 1,375 1,375 -------- ------- -------- -------- Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal 6,368 118 1,751 8,237 Extraordinary item - Loss on early extinguishment of debt -- -- -- -- Minority interest (1,030) -- (741) (1,771) Cumulative effect of a change in accounting principal (FAS 133) -- -- -- -- -------- ------- -------- -------- NET INCOME $ 5,338 $ 118 $ 1,010 $ 6,466 ======== ======= ======== ========
Historic Quarter 3 months ended March 31, 2002 --------------------------------------------- Discontinued Wholly Owned JV's Operations (3) Total ------------ ------ -------------- ----- PROPERTY REVENUES Minimum rents $ 12,100 $ 609 $ 5,109 $ 17,818 Percentage rents 415 64 317 796 Expense reimbursements 3,264 236 645 4,145 Other property income 186 15 40 241 -------- ------- -------- -------- 15,965 924 6,111 23,000 -------- ------- -------- -------- PROPERTY EXPENSES Property operating 3,750 125 1,503 5,378 Real estate taxes 2,184 152 616 2,952 -------- ------- -------- -------- 5,934 277 2,119 8,330 -------- ------- -------- -------- NET OPERATING INCOME - PROPERTIES 10,031 647 3,992 14,670 OTHER INCOME (EXPENSE) Property management and leasing - Home office (905) -- -- (905) General and administrative (1,189) -- -- (1,189) Lease termination income -- -- -- -- Interest income 133 -- 37 170 Management income 106 -- -- 106 Other property management fees (40) -- (40) Straight-line rent (net of write-offs) 230 (3) 7 234 Other income -- -- -- -- -------- ------- -------- -------- EBIDTA 8,366 644 4,036 13,046 Depreciation and amortization (3,520) (164) (1,444) (5,128) Interest expense (3,703) (328) (1,575) (5,606) Impairment of real estate -- -- -- -- Gain on sale of properties -- -- -- -- -------- ------- -------- -------- Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal 1,143 152 1,017 2,312 Extraordinary item - Loss on early extinguishment of debt (140) -- -- (140) Minority interest (242) -- (198) (440) Cumulative effect of a change in accounting principal (FAS 133) (149) -- -- (149) -------- ------- -------- -------- NET INCOME $ 612 $ 152 $ 819 $ 1,583 ======== ======= ======== ======== (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 for the corresponding periods. (2) The Company currently participates in two JV's. The first is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY. During the 4th quarter of 2001, the Company entered into its second joint venture with 4 of the Company's current institutional shareholders, together committing a total of $90 million for the purposes of acquiring approximately $300 million in real estate. As of March 31, 2002, this JV was actively seeking to acquire real estate, but due to the recent formation, had not yet acquired any properties. (3) Included in discontinued operations is the activity related to a 17 property portfolio that was held for sale as of March 31, 2002 (which was sold in April 2002) as well as the activity from five properties sold subsequent to March 31, 2001. Page 11
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Statements of Operations - Including Joint Venture Activity (1) Activity by Segment (in thousands) ------------------------------------------------------ Current Quarter 3 months ended March 31, 2002 Discontinued Retail Multi-Family Corporate Operations(3) Total ------------------------------------------------------ PROPERTY REVENUES Minimum rents $ 11,037 $ 1,631 $ -- $ 2,389 $ 15,057 Percentage rents 364 -- -- 221 585 Expense reimbursements 2,900 -- -- 467 3,367 Other property income 126 110 -- 21 257 -------- ------- ------- -------- -------- 14,427 1,741 -- 3,098 19,266 -------- ------- ------- -------- -------- PROPERTY EXPENSES Property operating 2,175 697 -- 588 3,460 Real estate taxes 2,118 77 -- 412 2,607 -------- ------- ------- -------- -------- 4,293 774 -- 1,000 6,067 -------- ------- ------- -------- -------- NET OPERATING INCOME - PROPERTIES 10,134 967 -- 2,098 13,199 OTHER INCOME (EXPENSE) Property management and leasing - Home office -- -- (875) -- (875) General and administrative -- -- (1,450) -- (1,450) Lease termination income 3,800 -- -- -- 3,800 Interest income 7 -- 368 66 441 Management income -- -- 331 -- 331 Other property management fees (19) (21) -- -- (40) Straight-line rent (net of write-offs) 262 -- -- 3 265 Other income -- -- 82 -- 82 -------- ------- ------- -------- -------- EBIDTA 14,184 946 (1,544) 2,167 15,753 Depreciation and amortization (3,530) (290) (89) (850) (4,759) Interest expense (2,785) (406) -- (941) (4,132) Impairment of real estate -- -- -- -- -- Gain on sale of properties -- -- -- 1,375 1,375 -------- ------- ------- -------- -------- Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal 7,869 250 (1,633) 1,751 8,237 Extraordinary item - Loss on early extinguishment of debt -- -- -- -- -- Minority interest (1,227) (36) 233 (741) (1,771) Cumulative effect of a change in accounting principal (FAS 133) -- -- -- -- -- -------- ------- ------- -------- -------- NET INCOME $ 6,642 $ 214 $(1,400) $ 1,010 $ 6,466 ======== ======= ======= ======== ========
Historic Quarter 3 months ended March 31, 2002 Discontinued Retail Multi-Family Corporate Operations(3) Total ------------------------------------------------------ PROPERTY REVENUES Minimum rents $ 11,116 $ 1,593 $ -- $ 5,109 $ 17,818 Percentage rents 479 -- -- 317 796 Expense reimbursements 3,500 -- -- 645 4,145 Other property income 85 116 -- 40 241 -------- ------- ------- -------- -------- 15,180 1,709 -- 6,111 23,000 -------- ------- ------- -------- -------- PROPERTY EXPENSES Property operating 3,180 695 -- 1,503 5,378 Real estate taxes 2,251 85 -- 616 2,952 -------- ------- ------- -------- -------- 5,431 780 -- 2,119 8,330 -------- ------- ------- -------- -------- NET OPERATING INCOME - PROPERTIES 9,749 929 -- 3,992 14,670 OTHER INCOME (EXPENSE) Property management and leasing - Home office -- -- (905) -- (905) General and administrative -- -- (1,189) -- (1,189) Lease termination income -- -- -- -- -- Interest income 22 -- 111 37 170 Management income -- -- 106 -- 106 Other property management fees (19) (21) -- -- (40) Straight-line rent (net of write-offs) 227 -- -- 7 234 Other income -- -- -- -- -- -------- ------- ------- -------- -------- EBIDTA 9,979 908 (1,877) 4,036 13,046 Depreciation and amortization (3,330) (266) (88) (1,444) (5,128) Interest expense (3,509) (522) -- (1,575) (5,606) Impairment of real estate -- -- -- -- -- Gain on sale of properties -- -- -- -- -- -------- ------- ------- -------- -------- Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal 3,140 120 (1,965) 1,017 2,312 Extraordinary item - Loss on early extinguishment of debt (140) -- -- (140) Minority interest (617) (9) 383 (198) (440) Cumulative effect of a change in accounting principal (FAS 133) (73) (76) -- -- (149) -------- ------- ------- -------- -------- NET INCOME $ 2,310 $ 35 $(1,582) $ 819 $ 1,583 ======== ======= ======= ======== ======== (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 for the corresponding periods. (2) The Company currently participates in two JV's. The first is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY. During the 4th quarter of 2001, the Company entered into its second joint venture with 4 of the Company's current institutional shareholders, together committing a total of $90 million for the purposes of acquiring approximately $300 million in real estate. As of March 31, 2002, this JV was actively seeking to acquire real estate, but due to the recent formation, had not yet acquired any properties. (3) Included in discontinued operations is the activity related to a 17 property portfolio that was held for sale as of March 31, 2002 (which was sold in April 2002) as well as the activity from fice properties sold subsequent to March 31, 2001. Page 12
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Net Operating Income (NOI) - Same Property Performance (1) (in thousands) Current Quarter Historical Quarter Quarter ended Quarter ended March 31, March 31, 2002 2001 ---- ---- NOI - Wholy owned properties $ 12,586 $ 14,023 NOI - Unconsolidated partnerships 613 647 -------- -------- Total NOI 13,199 14,670 NOI - Properties Acquired -- -- NOI - Redevelopment Properties (755) (602) NOI - Properties Sold (8) (1,899) -------- -------- 12,436 12,169 2.2% Property held for sale as of March 31, 2002 (2) (2,090) (2,093) -------- -------- $ 10,346 $ 10,076 ======== ======== Growth in Same Property NOI - Continuing Operations 2.7% (1) The above amounts includes the activity related to the Company's equity in the earnings of unconsolidated subsidiaries. (2) As of March 31, 2002, the Company had seventeen shopping centers under contract for sale, which were subject to a cross-collateralized and securitized loan. The sale was completed in April 2002. Page 13
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Funds from Operations (FFO) (1) (in thousands) -------------- Current Quarter Historic 3 months ended 3 months ended March 31, 2002 March 31, 2001 -------------- -------------- Net Income (Loss) $ 6,466 $1,583 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 4,339 4,689 Unconsolidated subsidiaries 157 157 Income attributable to Operating Partnership units (2) 1,116 379 Gain on sale of properties (3) (802) -- Extraordinary item - Loss on early extinguishment of debt -- 140 Cumulative effect of a change in accounting principal (FAS 133) -- 149 -------- ------ Funds from Operations (4) $ 11,276 $7,097 ======== ====== Funds from Operations per share (4) $ 0.37 (5) $ 0.20 ======== ====== -------------- (1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods. (2) Does not include distributions paid to Preferred O.P. unitholders. (3) Net of minority interest related to land sale. (4) Assumes full conversion of O.P. Units into Common Shares. (5) FFO for the quarter ended March 31, 2002 includes $3,800 ($0.13 per share) of lease termination income received during the quarter. Page 14
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Consolidated Balance Sheets (in thousands) ------------- March 31, December 31, 2002 2001 (1) --------- --------- ASSETS Real estate Land $ 57,927 $ 57,677 Buildings and improvements 367,128 363,149 --------- --------- 425,055 420,826 Less: accumulated depreciation (81,981) (78,864) --------- --------- Net real estate 343,074 341,962 Cash and cash equivalents 39,262 33,173 Cash in escrow 3,240 2,699 Investments in unconsolidated partnerships 5,135 5,169 Rents receivable, net 5,839 5,905 Note Receivable 3,563 34,757 Prepaid expenses 2,041 1,683 Deferred charges, net 11,964 11,936 Other assets 1,972 1,859 Assets of discontinued operations 47,755 54,796 --------- --------- $ 463,845 $ 493,939 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $ 218,966 $ 218,968 Accounts payable and accrued expenses 4,286 5,024 Dividends and distributions payable 3,745 4,119 Due to related parties 98 107 Other liabilities 3,735 3,863 Liabilities of discontinued operations 43,351 43,944 --------- --------- Total liabilities 274,181 276,025 --------- --------- Minority interest in Operating Partnership 27,146 37,387 Minority interests in majority owned partnerships 1,996 1,429 --------- --------- Total minority interests 29,142 38,816 --------- --------- Shareholders' equity: Common shares 25 29 Additional paid-in capital 166,834 189,378 Accumulated other comprehensive income (489) (1,206) Deficit (5,848) (9,103) --------- --------- Total shareholders' equity 160,522 179,098 --------- --------- $ 463,845 $ 493,939 ========= ========= ------------- (1) Amounts as of December 31, 2001 have been reclassified to reflect net assets of discontinued operations following of the implementation of FAS 144 effective Janaury 1, 2002. Page 15
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Selected Operating Ratios 3 Months Ended March 31, ------------- 2002 2001 -------- -------- Coverage Ratios (1) Interest Coverage Ratio EBIDTA (2) $ 11,953 $ 13,046 Divided by Interest expense 4,132 5,606 -------- -------- 2.89 x 2.33 x Fixed Charge Coverage Ratio EBIDTA (2) $ 11,953 $ 13,046 Divided by (Interest expense 4,132 5,606 + Preferred Dividends 3 ) 50 50 -------- -------- 2.86 x 2.31 x Debt Service Coverage Ratio EBIDTA (2) $ 11,953 $ 13,046 Divided by (Interest expense 4,132 5,606 + Principal Amortization) 1,168 875 -------- -------- 2.26 x 2.01 x Payout Ratios FFO Payout Ratio - Basic and Diluted Dividends (Shares) & Distributions (O.P. Units) paid - $0.12 and $0.13 per Share/O.P. Unit for 1st quarter 2002 and 2001, respectively $ 3,695 $ 4,178 FFO (2) 7,476 7,097 -------- -------- 49% 59% Overhead Ratios G&A/Real Estate Revenues General and Administrative expense $ 1,450 $ 1,189 Real Estate Revenues 19,266 23,000 -------- -------- 8% 5% Leverage Ratios Debt/Total Market Capitalization (4, 5) Debt $218,966 $271,387 Total Market Capitalization 418,720 492,939 -------- -------- 52% 55% ------------- Notes: (1) Quarterly results for 2002 and 2001 are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to the Company's investment in unconsolidated partnerships. (2) EBIDTA and FFO for the year quarter ended March 31, 2002 has been adjusted for non-recurring income of $3,800 representing lease termination income received during the quarter. Gross property revenues already exclude these amounts. The adjustments are as follows: EBIDTA FFO Inclusive of lease termination revenue $ 15,753 $ 11,276 Less lease termination income (3,800) (3,800) -------- -------- As adjusted and used above $ 11,953 $ 7,476 (3) Represents preferred distributions on Preferred Operating partnership Units. (4) As of March 31, 2002, the Company had seventeen shopping centers under contract for sale, which were subject to a cross-collateralized, $42,638,672 securitized loan. The sale was completed and the debt was assigned to the buyer in April 2002. Total Market Capitalization as it appears above, as well as elsewhere in this supplement, has been adjusted to reflect this transaction as of March 31, 2002. (5) Including the Company's pro-rata share of joint venture debt, the Debt to Total Market Capitalization increases to 54% and 57% as of March 31, 2002 and 2001, respectively. Page 16
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE March 31, 2002 Debt Analysis - Wholly Owned Properties Principal Balance at Interest Property Lender Notes March 31, 2002 Rate - -------------------------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT Pittston Plaza Anchor National Life Insurance Co. $ 3,650,478 7.93% Mad River Mellon Mortgage Company 7,268,600 9.60% Gateway Mall Fleet Bank, N.A. (1) 6,181,799 9.88% Manahawkin K-Mart Northern Life Insurance Co. and Reliastar Life Insurance Co. of New York 4,301,491 7.70% Crescent Plaza Metropolitan Life Insurance Co. 8,735,505 8.13% East End Centre Metropolitan Life Insurance Co. 15,998,734 8.13% GHT Apartments Bank of America, N.A. 10,990,733 7.55% Colony Apartments Bank of America, N.A. 5,495,367 7.55% ---------- ---- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT (2) 62,622,707 8.28% ========== ==== VARIABLE-RATE DEBT Smithtown Shopping Center Fleet Bank, N.A. 9,078,849 L + 178 Merrillville Plaza Sun America Life Insurance Co. 13,429,354 L + 205 Village Apartments Sun America Life Insurance Co. 9,617,722 L + 205 Marketplace of Absecon Fleet Bank, N.A. (3) -- L + 150 Soundview Marketplace Fleet Bank, N.A. 8,823,313 L + 175 Greenridge Plaza Metropolitan Life Insurance Co. 6,100,000 L + 200 Luzerne Street Plaza Metropolitan Life Insurance Co. 1,600,000 L + 200 Valmont Plaza Metropolitan Life Insurance Co. 3,100,000 L + 200 239 Greenwich Avenue First Union National Bank 13,481,290 L + 145 Berlin Shopping Center Dime Savings Bank 4,903,134 L + 175 Bradford Towne Center Dime Savings Bank 8,580,485 L + 175 Ledgewood Mall Dime Savings Bank 31,134,901 L + 175 New Louden Center Dime Savings Bank 7,354,701 L + 175 Route 6 Plaza Dime Savings Bank 5,883,761 L + 175 Abington Towne Center Fleet Bank, N.A. (4) L + 175 Branch Shopping Center Fleet Bank, N.A. (4) 12,320,306 L + 175 Methuen Shopping Center Fleet Bank, N.A. (4) L + 175 Walnut Hill Plaza Dime Savings Bank (5) 1,991,892 L + 185 Bloomfield Town Square Dime Savings Bank (5) 13,943,245 L + 185 Town Line Fleet Bank, N.A. 5,000,000 L + 175 -------------- ------- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT (6) 156,342,953 L + 180 -------------- ------- TOTAL/WEIGHTED AVERAGE - ALL DEBT $ 218,965,660 ==============
Rate as of Maturity Property March 31, 2002 Date - ----------------------------------------------------------------------------------------------------- FIXED-RATE DEBT Pittston Plaza 1/1/04 Mad River 5/23/05 Gateway Mall 9/1/07 Manahawkin K-Mart 12/1/08 Crescent Plaza 11/1/10 East End Centre 11/1/10 GHT Apartments 1/1/11 Colony Apartments 1/1/11 TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT VARIABLE-RATE DEBT Smithtown Shopping Center 3.66% 5/31/02 Merrillville Plaza 3.91% 8/1/02 Village Apartments 3.93% 10/1/02 Marketplace of Absecon -- 3/1/03 Soundview Marketplace 3.62% 8/1/03 Greenridge Plaza 3.88% 11/1/03 Luzerne Street Plaza 3.88% 11/1/03 Valmont Plaza 3.88% 11/1/03 239 Greenwich Avenue 3.32% 1/1/05 Berlin Shopping Center 3.63% 4/1/05 Bradford Towne Center 3.63% 4/1/05 Ledgewood Mall 3.63% 4/1/05 New Louden Center 3.63% 4/1/05 Route 6 Plaza 3.63% 4/1/05 Abington Towne Center 3.62% 1/1/07 Branch Shopping Center 3.62% 1/1/07 Methuen Shopping Center 3.62% 1/1/07 Walnut Hill Plaza 3.73% 1/1/07 Bloomfield Town Square 3.73% 1/1/07 Town Line 3.65% 3/15/07 ---- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT (6) 3.67% ---- TOTAL/WEIGHTED AVERAGE - ALL DEBT 4.99% ==== Notes: (1) Subsequent to March 31, 2002, the Company refinanced this debt at an initial rate of LIBOR plus 300 basis points, decreasing to 175 basis points upon completion of construction at this redevelopment property. (2) As of March 31, 2002 the Company had $42,438,254 of securitized, fixed-rate debt associated with a 17-property portfolio which was sold by the Company in April 0f 2002. This debt is included in net assets of discontinued operations as opposed to mortgage debt on the March 31, 2002 balance sheet. Similarly, it is not included in the fixed-rate debt above. (3) This is a revolving facility for up to $7,400,000 which bears interest at LIBOR plus 150 basis points (175 basis points if the loan to collateral value is > 50%). All outstanding amounts were repaid during the second quarter 2001 leaving $7,400,000 available under this facility. (4) There is an additional $7,650,000 currently available under this facility which the Company is required to fully draw down prior to July 1, 2002. An additional $3,000,000 (net of a $150,000 holdback) is available through December 31, 2002 based upon additional lease-up at the collateral properties . (5) There is an additional $10,000,000 (less certain holdbacks totalling $600,000) currently available under this facility which the Company is required to fully draw down prior to December 31, 2002. (6) The Company has hedged $50,000,000 of it's variable-rate debt with two variable to fixed-rate swap agreements with Fleet Bank, N.A. Including the effect from these swaps, weighted-average interest rate on the Company's fixed-rate debt and total debt portfolio is 7.84% and 6.25%, respectively. Details of the swap agreements are as follows: Notional principal All-in Rate Maturity Date - ------------------ ----------- ------------- $30,000,000 6.55% 04/01/2005 20,000,000 6.28% 10/01/2006 ----------- ---- $50,000,000 6.44% =========== ==== Page 17
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE March 31, 2002 Debt Analysis - Unconsolidated Partnerships Total Acadia Realty Principal Trust Balance at Interest Maturity FIXED-RATE DEBT (1) Joint Venture Partner Ownership March 31, 2002 Rate Date - ------------------- --------------------- --------- -------------- ---- ---- Crossroads Shopping Center Heyman-Greenburgh Associates LLC 49.0% $ 33,998,452 7.15% 10/01/2007 RMC Development Company LLC Summary - Wholly-Owned Properties and Unconsolidated Partnerships - --------------------------------------------------------------------------------------------------------------------------------- % of Weighted % of Wholly-Owned % of Outstanding Avg. Wholly-Owned and Unconsolidated Total Balance Int. Rate Only Combined Basis ----- ------- --------- ---- -------------- Wholly-Owned Properties Fixed-Rate Debt (2) 48% $112,622,707 7.46% 51% 55% Variable-Rate Debt (2) 45% 106,342,953 3.67% 49% 45% --- ------------ ---- --- --- Wholly-Owned Properties - Total Debt 93% 218,965,660 5.62% 100% 100% --- ------------ ---- === === Unconsolidated Partnerships Fixed-Rate Debt 7% 16,659,241 7.15% Variable-Rate Debt 0% -- 0.00% --- ------------ ---- Unconsolidated Partnerships - Total Debt 7% 16,659,241 7.15% --- ------------ ---- Total Debt 100% $235,624,901 5.73% === ============ ==== - --------------------------------------------------------------------------------------------------------------------------------- Notes: (1) Acadia Realty Trust's 49% ownership represents $16,659,241, of which $5,000,000 is fixed at 7.53% and the remaining balance is fixed at 6.99% through interest rate swap transactions. (2) Fixed-rate debt includes $50 million of notional principal fixed through swap transactions. Conversely, variable-rate debt excludes this amount. Page 18
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Future Debt Maturities (1) -------------------------- (in thousands) Weighted Average Interest Rate of Maturing Debt ----------------------------------------------------------- Scheduled Year Amortization Maturities Total Total Debt Fixed-Rate Debt Variable-Rate Debt ---- ------------ ---------- ----- ---------- --------------- ------------------ 2002 $ 2,973 $ 38,009 $ 40,982 4.82% 9.88% 3.84% 2003 3,723 19,070 22,793 3.76% n/a 3.76% 2004 3,451 3,454 6,905 7.93% 7.93% n/a 2005 2,387 73,931 76,318 4.11% 9.60% 3.57% 2006 2,085 - 2,085 n/a n/a n/a Thereafter 4,705 65,178 69,883 5.95% 7.89% 3.67% -------- -------- --------- $ 19,324 $ 199,642 $ 218,966 ======== ========= ========= Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 2002 $ 211 2nd Quarter 2002 -- 3rd Quarter 2002 -- 4th Quarter 2002 -- ----- $ 211 ===== (1) Does not include debt from unconsolidated partnerships Page 19
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Unencumbered Properties Center Location GLA ------ -------- --- Blackman Plaza Wilkes-Barre, PA 121,206 Elmwood Park Shopping Center (1) Elmwood, NJ 106,671 Hobson West Plaza Naperville, IL 99,950 Manahawkin Shopping Center (2) Manahawkin, NJ 62,827 Mark Plaza Edwardsville, PA 214,021 Pacesetter Park Shopping Center Ramapo, New York 95,559 Plaza 422 Lebanon, PA 154,791 ------- Total GLA of Unencumbered Properties 855,025 ======= (1) This property is currently under redevelopment and will total approximately 135,000 square feet when completed. (2) Excludes the Kmart portion of the shopping center which is encumbered. Page 20
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Portfolio by Region and Property Type (Square Feet) Properties Total Strip Enclosed Under Retail Region Mall Mall Redevelopment(2) Properties Residential Total % by Region ------ ---- ---- ---------------- ---------- ----------- ----- ----------- Wholly-Owned Properties New England 870,055 -- 15,271 885,326 -- 885,326 12.8% New York Region 1,209,095 515,073 106,929 1,831,097 -- 1,831,097 26.4% Mid-Atlantic 1,982,621 -- -- 1,982,621 578,606 2,561,227 37.0% Southeast -- -- -- -- -- -- Mid-west 712,998 -- -- 712,998 628,891 1,341,889 19.4% --------- ------- ------- --------- --------- --------- ----- Total Wholly-Owned Properties 4,774,769 515,073 122,200 5,412,042 1,207,497 6,619,539 95.5% Unconsolidated Partnerships - New York Region (1) 310,952 -- -- 310,952 -- 310,952 4.5% --------- ------- ------- --------- --------- --------- ----- 5,085,721 515,073 122,200 5,722,994 1,207,497 6,930,491 100.0% ========= ======= ======= ========= ========= ========= ===== % by Property Type 73.4% 7.4% 1.8% 82.6% 17.4% 100.0% (1) This center is 49% owned by unconsolidated partnerships. (2) The Company currently has 2 redevelopment projects as further described in this supplement. (3) As of March 31, 2002, the Company had 17 retail properties under contract for sale. During April 2002, the sale of these properties was completed. As such they are not included in this schedule. Page 21
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Retail Properties by Region - Summary (1) Gross Leasable Area Occupancy ------------------------------------------------------------------ Anchors (2) Shops Total Anchors Shops Total ------------------------------------------------------------------ Wholly-Owned Retail Properties Operating Properties Mid-Atlantic 1,419,060 563,561 1,982,621 90.29% 75.53% 86.09% Midwest 305,549 407,449 712,998 100.00% 83.98% 90.85% New England 569,773 300,282 870,055 100.00% 91.78% 97.16% New York Region 1,107,357 616,811 1,724,168 95.73% 76.20% 88.75% ------------------------------------------------------------------ Total Operating Retail Properties (2) 3,401,739 1,888,103 5,289,842 94.56% 80.16% 89.42% ------------------------------------------------------------------ Redevelopment Properties (3) 26,750 95,450 122,200 43.93% 71.43% 65.41% ------------------------------------------------------------------ Grand Total - Wholly-Owned Retail Properties (2) 3,428,489 1,983,553 5,412,042 94.16% 79.74% 88.88% ------------------------------------------------------------------ Unconsolidated Retail Properties New York Region (4) 191,269 119,683 310,952 92.21% 94.60% 93.13% ------------------------------------------------------------------ Total Unconsolidated Retail Properties 191,269 119,683 310,952 92.21% 94.60% 93.13% ================================================================== ------------------------------------------------------------------ Annualized Base Rent Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------ Anchors Shops Total Anchors Shops Totals ------------------------------------------------------------------ Mid-Atlantic $ 5,469,891 $ 3,608,399 $ 9,078,290 $ 4.87 $ 8.48 $ 5.86 Midwest 2,304,833 4,521,551 6,826,384 7.54 13.21 10.54 New England 4,159,738 2,398,840 6,558,578 8.80 8.70 8.77 New York Region 9,154,531 7,325,298 16,479,829 8.64 15.58 10.77 ------------------------------------------------------------------ Total Operating Retail Properties (2) 21,088,993 17,854,088 38,943,081 7.12 11.80 8.70 ------------------------------------------------------------------ Redevelopment Properties (3) 79,665 1,400,004 1,479,669 6.78 20.53 18.51 ------------------------------------------------------------------ Grand Total - Wholly-Owned Retail Properties (2) 21,168,658 19,254,092 40,422,750 7.12 12.17 8.87 ------------------------------------------------------------------ Unconsolidated Retail Properties New York Region (4) 1,609,927 3,398,264 5,008,191 9.13 30.01 17.29 ------------------------------------------------------------------ Total Unconsolidated Retail Properties $ 1,609,927 $ 3,398,264 $ 5,008,191 $ 9.36 $30.01 $17.29 ================================================================== General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. (1) As of March 31, 2002, the Company had 17 retail properties under contract for sale. During April 2002, the sale of these properties was completed. As such they are not included in this schedule. (2) Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot. (3) The Company currently has 2 redevelopment projects as further described in this supplement. (4) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center. Page 22
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Retail Properties by Region - Detail (1) Gross Leasable Area Occupancy --------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------- Retail Properties - Wholly Owned Mid-Atlantic Pennsylvania ABINGTON TOWNE CENTER (2) 184,616 31,610 216,226 100.00% 83.64% 97.61% BLACKMAN PLAZA 104,956 16,250 121,206 100.00% 43.08% 92.37% BRADFORD TOWNE CENTRE 146,499 110,220 256,719 100.00% 71.69% 87.85% EAST END CENTER 176,200 132,227 308,427 100.00% 69.77% 87.04% GREENRIDGE PLAZA 145,420 52,882 198,302 100.00% 72.52% 92.67% LUZERNE STREET SHOPPING CENTER (3) 54,618 3,097 57,715 100.00% 0.00% 94.63% MARK PLAZA 157,595 56,426 214,021 100.00% 87.59% 96.73% PITTSTON PLAZA 67,568 12,000 79,568 100.00% 100.00% 100.00% PLAZA 422 124,113 30,678 154,791 100.00% 32.60% 86.64% ROUTE 6 MALL 119,658 55,824 175,482 100.00% 97.31% 99.14% VALMONT PLAZA 137,817 62,347 200,164 0.00% 91.18% 28.40% --------------------------------------------------------------- Total : Pennsylvania 1,419,060 563,561 1,982,621 90.29% 75.53% 86.09% --------------------------------------------------------------- Total : Mid-Atlantic 1,419,060 563,561 1,982,621 90.29% 75.53% 86.09% =============================================================== --------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------- Retail Properties - Wholly Owned Mid-Atlantic Pennsylvania ABINGTON TOWNE CENTER (2) 256,500 495,120 751,620 9.50 18.73 14.07 BLACKMAN PLAZA 204,664 56,840 261,504 1.95 8.12 2.34 BRADFORD TOWNE CENTRE 887,469 515,652 1,403,121 6.06 6.53 6.22 EAST END CENTER 1,117,500 890,606 2,008,106 6.34 9.65 7.48 GREENRIDGE PLAZA 659,405 360,224 1,019,629 4.53 9.39 5.55 LUZERNE STREET SHOPPING CENTER (3) 272,150 -- 272,150 4.98 -- 4.98 MARK PLAZA 625,776 367,482 993,258 3.97 7.44 4.80 PITTSTON PLAZA 496,446 120,625 617,071 7.35 10.05 7.76 PLAZA 422 262,030 63,450 325,480 2.11 6.34 2.43 ROUTE 6 MALL 687,951 364,057 1,052,008 5.75 6.70 6.05 VALMONT PLAZA -- 374,343 374,343 -- 6.58 6.58 --------------------------------------------------------------- Total : Pennsylvania 5,469,891 3,608,399 9,078,290 4.87 8.48 5.86 --------------------------------------------------------------- Total : Mid-Atlantic 5,469,891 3,608,399 9,078,290 4.87 8.48 5.86 =============================================================== General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. (1) As of March 31, 2002, the Company had 17 retail properties under contract for sale. During April 2002, the sale of these properties was completed. As such they are not included in this schedule. (2) Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot. (3) The Price Chopper supermarket which leases 40,618 square feet is not operating in the space, but remains obligated under the lease and continues to pay rent. Page 23
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Retail Properties by Region - Detail (1) Gross Leasable Area Occupancy ---------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------- Retail Properties - Wholly Owned Midwest Illinois HOBSON WEST PLAZA 42,037 57,913 99,950 100.00% 94.62% 96.88% ---------------------------------------------------------------------------- Total : Illinois 42,037 57,913 99,950 100.00% 94.62% 96.88% ---------------------------------------------------------------------------- Indiana MERRILLVILLE PLAZA 101,357 134,250 235,607 100.00% 96.30% 97.89% ---------------------------------------------------------------------------- Total : Indiana 101,357 134,250 235,607 100.00% 96.30% 97.89% ---------------------------------------------------------------------------- Michigan BLOOMFIELD TOWN SQUARE 103,970 119,268 223,238 100.00% 65.91% 81.79% ---------------------------------------------------------------------------- Total : Michigan 103,970 119,268 223,238 100.00% 65.91% 81.79% ---------------------------------------------------------------------------- Ohio MAD RIVER STATION (2) 58,185 96,018 154,203 100.00% 82.80% 89.29% ---------------------------------------------------------------------------- Total :Ohio 58,185 96,018 154,203 100.00% 82.80% 89.29% ---------------------------------------------------------------------------- Total: Midwest 305,549 407,449 712,998 100.00% 83.98% 90.85% ============================================================================ New England Connecticut TOWN LINE PLAZA (3) 161,965 44,271 206,236 100.00% 100.00% 100.00% 239 GREENWICH AVENUE (4) 16,834 -- 16,834 100.00% -- 100.00% ---------------------------------------------------------------------------- Total : Connecticut 178,799 44,271 223,070 100.00% 100.00% 100.00% ---------------------------------------------------------------------------- Massachusetts METHUEN SHOPPING CENTER 120,004 10,234 130,238 100.00% 100.00% 100.00% CRESCENT PLAZA (5) 157,878 61,230 219,108 100.00% 97.55% 99.32% ---------------------------------------------------------------------------- Total : Massachusetts 277,882 71,464 349,346 100.00% 97.90% 99.57% ---------------------------------------------------------------------------- Rhode Island WALNUT HILL PLAZA 113,092 184,547 297,639 100.00% 87.43% 92.21% ---------------------------------------------------------------------------- Total : Rhode Island 113,092 184,547 297,639 100.00% 87.43% 92.21% ---------------------------------------------------------------------------- Total: New England 569,773 300,282 870,055 100.00% 91.78% 97.16% ============================================================================
Annualized Base Rent Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------------- Retail Properties - Wholly Owned Midwest Illinois HOBSON WEST PLAZA 170,000 960,934 1,130,934 4.04 17.54 11.68 ------------------------------------------------------------------------------- Total : Illinois 170,000 960,934 1,130,934 4.04 17.54 11.68 ------------------------------------------------------------------------------- Indiana MERRILLVILLE PLAZA 835,417 1,546,154 2,381,571 8.24 11.96 10.33 ------------------------------------------------------------------------------- Total : Indiana 835,417 1,546,154 2,381,571 8.24 11.96 10.33 ------------------------------------------------------------------------------- Michigan BLOOMFIELD TOWN SQUARE 767,849 940,760 1,708,609 7.39 11.97 9.36 ------------------------------------------------------------------------------- Total : Michigan 767,849 940,760 1,708,609 7.39 11.97 9.36 ------------------------------------------------------------------------------- Ohio MAD RIVER STATION (2) 531,567 1,073,703 1,605,270 9.14 13.51 11.66 ------------------------------------------------------------------------------- Total :Ohio 531,567 1,073,703 1,605,270 9.14 13.51 11.66 ------------------------------------------------------------------------------- Total: Midwest 2,304,833 4,521,551 6,826,384 7.54 13.21 10.54 =============================================================================== New England Connecticut TOWN LINE PLAZA (3) 730,000 599,639 1,329,639 11.29 13.54 12.21 239 GREENWICH AVENUE (4) 1,125,165 -- 1,125,165 66.84 -- 66.84 ------------------------------------------------------------------------------- Total : Connecticut 1,855,165 599,639 2,454,804 22.76 13.54 19.52 ------------------------------------------------------------------------------- Massachusetts METHUEN SHOPPING CENTER 736,464 92,308 828,772 6.14 9.02 6.36 CRESCENT PLAZA (5) 812,385 448,500 1,260,885 5.15 7.51 5.79 ------------------------------------------------------------------------------- Total : Massachusetts 1,548,849 540,808 2,089,657 5.57 7.73 6.01 ------------------------------------------------------------------------------- Rhode Island WALNUT HILL PLAZA 755,724 1,258,393 2,014,117 6.68 7.80 7.34 ------------------------------------------------------------------------------- Total : Rhode Island 755,724 1,258,393 2,014,117 6.68 7.80 7.34 ------------------------------------------------------------------------------- Total: New England 4,159,738 2,398,840 6,558,578 8.80 8.70 8.77 =============================================================================== 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. (2) The GLA for this property includes 27,702 square feet of office space. (3) Anchor GLA includes a 97,300 square foot Wal*Mart store which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot. (4) 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. (5) Home Depot, which has leased 104,640 square feet at this center, assumed this space from Bradlees during 2001 following Bradlees' bankruptcy and liquidation. As of this date, they have not yet opened, however they are currently paying rent. As such, this space is currently reflected as occupied. Page 24
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Retail Properties by Region - Detail (1) Gross Leasable Area Occupancy -------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------------------- Retail Properties - Wholly Owned New York Region New Jersey MARKETPLACE OF ABSECON 58,031 46,266 104,297 100.00% 87.65% 94.52% BERLIN SHOPPING CENTER 127,850 59,328 187,178 100.00% 38.31% 80.45% LEDGEWOOD MALL 342,468 172,605 515,073 86.20% 71.00% 81.11% MANAHAWKIN VILLAGE SHOPPING CENTER 144,053 31,175 175,228 100.00% 100.00% 100.00% -------------------------------------------------------------------------------- Total :New Jersey 672,402 309,374 981,776 92.97% 70.14% 85.78% -------------------------------------------------------------------------------- New York SOUNDVIEW MARKETPLACE 66,800 114,322 181,122 100.00% 82.94% 89.23% VILLAGE COMMONS SHOPPING CENTER 25,192 61,963 87,155 100.00% 97.50% 98.22% BRANCH SHOPPING PLAZA 63,000 62,640 125,640 100.00% 75.00% 87.54% NEW LOUDON CENTER 227,911 25,200 253,111 100.00% 100.00% 100.00% PACESETTER PARK SHOPPING CENTER 52,052 43,312 95,364 100.00% 59.13% 81.44% -------------------------------------------------------------------------------- Total :New York 434,955 307,437 742,392 100.00% 82.30% 92.67% -------------------------------------------------------------------------------- Total: New York Region 1,107,357 616,811 1,724,168 95.73% 76.20% 88.75% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total: Retail Properties (before redevelopment properties) 3,401,739 1,888,103 5,289,842 94.56% 80.16% 89.42% -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ----------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ----------------------------------------------------------------------------------- Retail Properties - Wholly Owned New York Region New Jersey MARKETPLACE OF ABSECON 927,574 584,702 1,512,276 15.98 14.42 15.34 BERLIN SHOPPING CENTER 619,400 174,336 793,736 4.84 7.67 5.27 LEDGEWOOD MALL 2,443,306 1,547,142 3,990,448 8.28 12.62 9.55 MANAHAWKIN VILLAGE SHOPPING CENTER 1,238,493 380,562 1,619,055 8.60 12.21 9.24 ----------------------------------------------------------------------------------- Total :New Jersey 5,228,773 2,686,742 7,915,515 8.36 12.38 9.40 ----------------------------------------------------------------------------------- New York SOUNDVIEW MARKETPLACE 1,010,250 1,405,317 2,415,567 15.12 14.82 14.95 VILLAGE COMMONS SHOPPING CENTER 416,119 1,485,635 1,901,754 16.52 24.59 22.22 BRANCH SHOPPING PLAZA 837,240 865,161 1,702,401 13.29 18.42 15.48 NEW LOUDON CENTER 1,348,003 418,050 1,766,053 5.91 16.59 6.98 PACESETTER PARK SHOPPING CENTER 314,146 464,393 778,539 6.04 18.13 10.02 ----------------------------------------------------------------------------------- Total :New York 3,925,758 4,638,556 8,564,314 9.03 18.33 12.45 =================================================================================== Total: New York Region 9,154,531 7,325,298 16,479,829 8.64 15.58 10.77 =================================================================================== Total: Retail Properties (before redevelopment properties) $21,088,993 $17,854,088 $38,943,081 $ 7.12 $11.80 $ 8.70 =================================================================================== General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants. Page 25
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Retail Properties by Region - Detail (1) Gross Leasable Area Occupancy ------------------------------------------------------------------------------------ Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------------------ Redevelopment Properties (2) THE GATEWAY SHOPPING CENTER (Vermont) (3) -- 15,271 15,271 0.00% 72.20% 72.20% ELMWOOD PARK SHOPPING CENTER (New Jersey) 26,750 80,179 106,929 43.93% 71.28% 64.44% ------------------------------------------------------------------------------------ Total: Redevelopment Properties 26,750 95,450 122,200 43.93% 71.43% 65.41% ------------------------------------------------------------------------------------ Total: All Wholly-Owned Retail Properties 3,428,489 1,983,553 5,412,042 94.16% 79.74% 88.88% New York CROSSROADS JOINT VENTURE (4) 138,933 57,116 196,049 100.00% 88.69% 96.70% CROSSROADS II (4) 52,336 62,567 114,903 71.52% 100.00% 87.03% ------------------------------------------------------------------------------------ Total : New York 191,269 119,683 310,952 92.21% 94.60% 93.13% ------------------------------------------------------------------------------------ Total: New York Region 191,269 119,683 310,952 92.21% 94.60% 93.13% ------------------------------------------------------------------------------------ Total: Unconsolidated Retail Properties 191,269 119,683 310,952 92.21% 94.60% 93.13% ==================================================================================== Unconsolidated Retail Properties Annualized Base Rent New York Region Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------------------------ Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------------------ THE GATEWAY SHOPPING CENTER (Vermont) (3) -- 193,286 193,286 -- 17.53 17.53 ELMWOOD PARK SHOPPING CENTER (New Jersey) 79,665 1,206,718 1,286,383 6.78 21.11 18.67 ------------------------------------------------------------------------------------ Total: Redevelopment Properties $ 79,665 $ 1,400,004 $ 1,479,669 $ 6.78 $20.53 $18.51 ------------------------------------------------------------------------------------ Total: All Wholly-Owned Retail Properties $21,168,658 $19,254,092 $40,422,750 $ 7.12 $12.17 $ 8.87 New York CROSSROADS JOINT VENTURE (4) $ 1,070,250 $ 1,504,919 $ 2,575,169 $ 7.70 $29.71 $13.58 CROSSROADS II (4) 539,677 1,893,345 2,433,022 14.42 30.26 24.33 ------------------------------------------------------------------------------------ Total : New York 1,609,927 3,398,264 5,008,191 9.13 30.01 17.29 ------------------------------------------------------------------------------------ Total: New York Region 1,609,927 3,398,264 5,008,191 9.13 30.01 17.29 ------------------------------------------------------------------------------------ Total: Unconsolidated Retail Properties $ 1,609,927 $ 3,398,264 $ 5,008,191 $ 9.13 $30.01 $17.29 ==================================================================================== 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. (2) The Company currently has 2 redevelopment projects as further described in this supplement. (3) The Company has executed a lease agreement with Shaw's Supermarkets, Inc. for a new 72,000 square foot store to be constructed. This is not reflected in the above amounts (4) The Company has a 49% interest in these partnerships which, together, own the Crossroads Shopping Center. Page 26
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Top 25 Retail Tenants - Ranked by Annualized Base Rent (1) (excludes Unconsolidated Partnerships) Percentage of Total Represented by Retail Tenant Number of Retail Stores in Total Annualized Base Total Annualized Base Ranking Tenant Core Portfolio GLA Rent (2) Portfolio GLA (3) Rent (3) ------- ------ -------------- --- -------- ----------------- -------- 1 Kmart 6 632,655 $ 2,713,739 11.7% 6.7% 2 T.J. Maxx 8 238,061 1,802,571 4.4% 4.5% 3 Wal*Mart 2 210,114 1,515,409 3.9% 3.7% 4 Price Chopper (4) 3 168,068 1,295,727 3.1% 3.2% 5 Shaw's (5) 3 102,617 1,141,084 1.9% 2.8% 6 Eckerd Drug (6) 9 102,234 1,128,424 1.9% 2.8% 7 Ames (7) 4 326,301 1,080,122 6.0% 2.7% 8 Acme (Albertson's) 2 76,864 918,664 1.4% 2.3% 9 Pathmark (8) 1 63,000 837,240 1.2% 2.1% 10 Redner's Supermarket 2 111,739 837,112 2.1% 2.1% 11 Restoration Hardware 1 12,293 830,000 0.2% 2.1% 12 A&P (Waldbaum's) 1 64,665 730,000 1.2% 1.8% 13 Fashion Bug (9) 8 89,794 641,571 1.7% 1.6% 14 Macy's 1 73,349 610,745 1.4% 1.5% 15 Clearview Cinemas (10) 1 25,400 596,250 0.5% 1.5% 16 Kay Bee Toys 5 41,025 559,050 0.8% 1.4% 17 JC Penney 2 72,580 546,747 1.3% 1.4% 18 Payless Shoe Source 11 38,467 514,795 0.7% 1.3% 19 Blockbuster Video 4 21,930 459,469 0.4% 1.1% 20 Circuit City 1 33,294 449,469 0.6% 1.1% 21 King Kullen 1 41,400 414,000 0.8% 1.0% 22 Penn Traffic Co. (P&C Foods) 1 51,658 413,264 1.0% 1.0% 23 Ahold (Giant Food Stores) (11) 2 102,873 411,435 1.9% 1.0% 24 Hoyt's 1 31,619 395,238 0.6% 1.0% 25 CVS 3 28,600 392,234 0.5% 1.0% -- --------- ------------ ---- ---- Total 83 2,760,600 $ 21,234,359 51.0% 52.5% == ========= ============ ==== ==== (1) As of March 31, 2002, the Company had 17 retail properties under contract for sale. During April 2002, the sale of these properties was completed and, as such, they are not included in this schedule. (2) Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after March 31, 2002 (3) Represents total GLA and annualized base rent for the Company's core retail properties excluding joint venture properties (4) The tenant is currently not operating the store at the Luzerne Street Shopping Center. They are obligated, and continue, to pay annual minimum rent of $177,650 until the lease expires in April 30, 2004 (5) As of March 31, 2002, Shaw's has signed an agreement to expand their premise at the Gateway Shopping Center in connection with the redevelopment of the entire center. Their former space of 31,600 square feet has been demolished however they continue to pay an annual rental of $126,400 until the new supermarket totalling 72,000 square feet with an annual rent of $1,296,000 is completed. (6) Subsidiary of JC Penney. The stores at the Route 6 Plaza and Berlin Shopping Center have ceased operating but continue to pay annual rent of $106,560 and $29,129, respectively, through January 31, 2011 and November 30, 2002, respectively, pursuant to the leases (7) The tenant is currently operating under Chapter 11 Bankruptcy and, as of March 31, 2002, had rejected the lease at the Valmont Shopping Center (rents and GLA for this lease are not included above). Ames has neither affirmed nor rejected its leases at the remaining locations. (8) The Company has also signed a lease with Pathmark (not reflected above as the tenant has not yet taken occupancy) for 48,770 square feet at the Elmwood Shopping Center in connection with the redevelopment of the center. (9) This tenant pays percentage rent only (no minimum rent) at 4 of these locations. Included in the above rent is $367,368 of percentage rent paid for calendar 2001 (10) Subsidiary of Cablevision (11) Giant has sub-leased their space at one location and remains liable under the lease which expires in September 2004. Page 27
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Anchor Tenant Summary (1) - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned New England Connecticut TOWN LINE PLAZA, ROCKY HILL WAL-MART (2) 97,300 - $ -- $ -- REA AGREEEMENT A&P SUPERFRESH 64,665 03/08/2017 730,000 11.29 (7) 5 YEAR (6 MONTHS) ---------- ----------------------------------- Total: TOWN LINE PLAZA 161,965 730,000 11.29 ---------- ----------------------------------- 239 GREENWICH AVE., GREENWICH CHICO'S FASHION 4,541 01/31/2010 $ 295,165 $ 65.00 (2) 5 YEARS RESTORATION HARDWARE INC. 12,293 04/30/2015 830,000 67.52 (2) 5 YEARS (6 MONTHS) ---------- ----------------------------------- Total: 239 GREENWICH AVE. 16,834 1,125,165 66.84 ---------- ----------------------------------- Massachusetts METHUEN SHOPPING CENTER, METHUEN DEMOULAS SUPER MARKETS 30,460 01/31/2005 109,656 3.60 (2) 5 YEAR WAL-MART 89,544 10/23/2011 626,808 7.00 (8) 5 YEAR (6 MONTHS) ---------- ----------------------------------- Total: METHUEN SHOPPING CENTER 120,004 736,464 6.14 ---------- ----------------------------------- CRESCENT PLAZA, BROCKTON HOME DEPOT (3) 107,653 10/31/2008 295,425 2.74 (1) 8 YR & (2) 5 YEAR SHAWS SUPERMARKETS 50,225 12/31/2012 516,960 10.29 (6) 5 YEAR (6 MONTHS) ---------- ----------------------------------- Total: CRESCENT PLAZA 157,878 812,385 5.15 ---------- ----------------------------------- Rhode Island WALNUT HILL PLAZA, WOONSOCKET SEARS 60,700 08/31/2003 258,000 4.25 (6) 5 YEAR (12 MONTHS) SHAWS SUPERMARKETS 52,392 12/31/2013 497,724 9.50 (6) 5 YEAR (9 MONTHS) ---------- ----------------------------------- Total: WALNUT HILL PLAZA 113,092 755,724 6.68 ---------- ----------------------------------- Total : New England 569,773 4,159,738 8.80 ========== =================================== (1) As of March 31, 2002, the Company had 17 retail properties under contract for sale. During April 2002, the sale of these properties was completed and, as such, they are not included in this schedule. (2) This space is contiguous to the Company's property and is not owned by the Company. (3) Home Depot aquired this lease from the former Bradlees. Although they have not yet opened, they are currently paying rent pursuant to the lease. Page 28
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Anchor Tenant Summary (1) - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned New York Region New Jersey ELMWOOD PARK SHOPPING CENTER, ELMWOOD PARK (2) VALLEY NATIONAL BANK 11,750 05/31/2005 79,665 6.78 (1) 10 YEAR (10 MONTHS) ---------- ----------------------- Total: ELMWOOD PARK SHOPPING CENTER 11,750 79,665 6.78 ---------- ----------------------- MARKETPLACE OF ABSECON, ABSECON ECKERD DRUG 13,207 09/20/2020 329,310 24.93 (4) 5 YEAR (6 MONTHS) ACME MARKETS 44,824 04/30/2015 598,264 13.35 (8) 5 YEAR (12 MONTHS) ---------- ----------------------- Total: MARKETPLACE OF ABSECON 58,031 927,574 15.98 ---------- ----------------------- BERLIN SHOPPING CENTER, BERLIN ACME MARKETS 32,040 04/30/2005 320,400 10.00 (2) 5 YEAR (6 MONTHS) KMART 95,810 11/30/2004 299,000 3.12 (4) 5 YEAR (6 MONTHS) ---------- ----------------------- Total: BERLIN SHOPPING CENTER 127,850 619,400 4.84 ---------- ----------------------- LEDGEWOOD MALL, LEDGEWOOD (Enclosed Mall) CIRCUIT CITY 33,294 01/31/2020 449,469 13.50 (4) 5 YEAR (6 MONTHS) MARSHALL'S 27,228 01/31/2007 326,736 12.00 (4) 5 YEAR (6 MONTHS) THE SPORTS AUTHORITY 52,205 05/31/2007 225,000 4.31 (6) 5 YEAR (15 MONTHS) MACY'S DEPARTMENT STORE (3) 61,900 01/31/2005 553,500 8.94 (4) 5 YEAR (6 MONTHS) WAL*MART 120,570 03/31/2019 888,601 7.37 (6) 5 YEAR (6 MONTHS) ---------- ----------------------- Total: LEDGEWOOD MALL 295,197 2,443,306 8.28 ---------- ----------------------- MANAHAWKIN VILLAGE, MANAHAWKIN KMART 112,434 01/31/2019 843,255 7.50 (8) 5 YEAR (12 MONTHS) HOYTS 31,619 11/30/2018 395,238 12.50 (4) 5 YEAR (6 MONTHS) ---------- ----------------------- Total: MANAHAWKIN VILLAGE SHOPPING CENTER 144,053 1,238,493 8.60 ---------- ----------------------- New York SOUNDVIEW MARKETPLACE, PORT WASHINGTON KING KULLEN 41,400 09/26/2007 414,000 10.00 (3) 5 YEAR (11 MONTHS) CLEARVIEW CINEMA 25,400 05/31/2010 596,250 23.47 (4) 5 YEAR (12 MONTHS) ---------- ----------------------- Total: SOUNDVIEW MARKETPLACE 66,800 1,010,250 15.12 ---------- ----------------------- SMITHTOWN SHOPPING CENTER, SMITHTOWN DAFFY'S 16,125 05/30/2008 262,031 16.25 (4) 5 YEAR (12 MONTHS) WALGREENS 9,067 12/31/2021 154,088 16.99 - ---------- ----------------------- Total: SMITHTOWN SHOPPING CENTER 25,192 416,119 16.52 ---------- ----------------------- THE BRANCH SHOPPING CENTER, SMITHTOWN PATHMARK 63,000 11/30/2013 837,240 13.29 (1) 10 YEAR & (1) 5 YEAR ---------- ----------------------- Total: RD BRANCH ASSOCIATES L.P. 63,000 837,240 13.29 ---------- ----------------------- NEW LOUDON CENTER, LATHAM AMES 76,641 02/28/2020 268,244 3.50 (3) 5 YEAR (12 MONTHS) CLUB PRO 47,805 04/30/2006 215,123 4.50 (1) 5 YEAR (12 MONTHS) MARSHALLS 26,015 01/31/2004 104,060 4.00 (1) 5 YEAR (12 MONTHS) PRICE CHOPPER 77,450 05/31/2015 760,577 9.82 (4) 5 YEAR (12 MONTHS) ---------- ----------------------- Total: NEW LOUDEN CENTER 227,911 1,348,004 5.91 ---------- ----------------------- PACESETTER PARK SHOPPING CENTER, POMONA STOP & SHOP (Ahold subsidiary) 52,052 08/31/2020 314,146 6.04 (2) 10 YEAR ---------- ----------------------- Total: PACESETTER PARK SHOPPING CENTER 52,052 314,146 6.04 ---------- ----------------------- Total: New York Region 1,071,836 9,234,197 8.62 ---------- ----------------------- (1) As of March 31, 2002, the Company had 17 retail properties under contract for sale. During April 2002, the sale of these properties was completed and, as such, they are not included in this schedule. (2) This is a redevelopment property. The Company has signed a lease with Pathmark (not reflected above as the tenant has not yet taken occupancy) for 48,770 square feet at this center. (3) The tenant has additional expansion space bringing the total space to 74,815 s.f. with total rents of $618,075. Page 29
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Anchor Tenant Summary (1) - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned Mid-Atlantic Pennsylvania ABINGTON TOWNE CENTER, ABINGTON 2 T.J. MAXX 27,000 11/30/2010 256,500 9.50 (2) 5 YEAR (6 MONTHS) TARGET 2 157,616 - -- -- CONDOMINIUM AGREEMENT ---------- ------------------------ Total: ABINGTON TOWNE CENTER 184,616 256,500 9.50 ---------- ------------------------ BLACKMAN PLAZA, WILKES-BARRE KMART 104,956 10/31/2004 204,664 1.95 (9) 5 YEAR (12 MONTHS) ---------- ------------------------ Total: BLACKMAN PLAZA 104,956 204,664 1.95 ---------- ------------------------ BRADFORD TOWNE CENTRE, TOWANDA KMART 94,841 03/31/2019 474,205 5.00 (10) 5 YEAR (6 MONTHS) PENN TRAFFIC 51,658 09/30/2014 413,264 8.00 (2) 5 YEAR (6 MONTHS) ---------- ------------------------ Total: BRADFORD TOWNE CENTRE 146,499 887,469 6.06 ---------- ------------------------ EAST END CENTER, WILKES-BARRE AMES 83,000 01/31/2007 436,000 5.25 (6) 5 YEAR (6 MONTHS) PHAR-MOR 43,200 03/31/2003 324,000 7.50 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 50,000 04/30/2008 357,500 7.15 (4) 5 YEAR (6 MONTHS) ---------- ------------------------ Total: EAST END CENTER 176,200 1,117,500 6.34 ---------- ------------------------ GREENRIDGE PLAZA, SCRANTON GIANT FOOD STORES 62,090 04/30/2021 279,405 4.50 (6) 5 YEAR (AUTO) AMES 83,330 01/31/2007 380,000 4.56 (6) 5 YEAR (6 MONTHS) ---------- ------------------------ Total: GREENRIDGE PLAZA 145,420 659,405 4.53 ---------- ------------------------ LUZERNE STREET SHOPPING CENTER. SCRANTON ECKERD DRUGS 14,000 04/30/2004 94,500 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 3 40,618 04/30/2004 177,650 4.37 (4) 5 YEAR (12 MONTHS) ---------- ------------------------ Total: LUZERNE STREET SHOPPING CENTER 54,618 272,150 4.98 ---------- ------------------------ MARK PLAZA, EDWARDSVILLE KMART 104,956 10/31/2004 204,664 1.95 (10) 5 YEAR (12 MONTHS) REDNER'S MARKET 52,639 05/31/2018 421,112 8.00 (2) 5 YEAR (6 MONTHS) ---------- ------------------------ Total: MARK PLAZA 157,595 625,776 3.97 ---------- ------------------------ PITTSTON PLAZA, PITTSTON ECKERD DRUGS 8,468 06/30/2006 80,446 9.50 (2) 5 YEAR (6 MONTHS) REDNER'S MARKETS 59,100 12/31/2018 416,000 7.04 (2) 5 YEAR ---------- ------------------------ Total: PITTSTON PLAZA 67,568 496,446 7.35 ---------- ------------------------ PLAZA 422, LEBANON PLAYTIME INC, (Sub-leased from Giant Food Stores) 40,783 09/23/2004 132,030 3.24 (5) 5 YEAR AMES 83,330 10/31/2006 130,000 1.56 (3) 5 YEAR (6 MONTHS) ---------- ------------------------ Total: PLAZA 422 124,113 262,030 2.11 ---------- ------------------------ ROUTE 6 MALL, HONESDALE KMART 119,658 04/30/2020 687,951 5.75 (10) 5 YEAR (AUTOMATIC) ---------- ------------------------ Total: ROUTE 6 MALL 119,658 687,951 5.75 ---------- ------------------------ VALMONT PLAZA, WEST HAZELTON - - - - Total : Mid-Atlantic 1,281,243 5,469,891 4.87 -------------- ------------------------- (1) As of March 31, 2002, the Company had 17 retail properties under contract for sale. During April 2002, the sale of these properties was completed and, as such, they are not included in this schedule. (2) Target owns the portion of the main building (157,616 square feet) that their store is located in. (3) This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease. Page 30
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Anchor Tenant Summary (1) - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned Midwest Illinois HOBSON WEST PLAZA, NAPERVILLE EAGLE FOOD CENTERS 42,037 11/30/2007 170,000 4.04 (5) 5 YEAR (6 MONTHS) ---------- ---------------------------- Total: HOBSON WEST PLAZA, 42,037 170,000 4.04 ---------- ---------------------------- Indiana MERRILLVILLE PLAZA, MERILLVILLE JC PENNEY 50,000 01/31/2008 450,000 9.00 (2) 5 YEAR (12 MONTHS) OFFICEMAX 26,157 07/31/2008 202,717 7.75 (4) 5 YEAR (6 MONTHS) TJ MAXX 25,200 01/31/2004 182,700 7.25 (2) 5 YEAR (6 MONTHS) ---------- ---------------------------- Total: MERRILLVILLE PLAZA 101,357 835,417 8.24 ---------- ---------------------------- Michigan BLOOMFIELD TOWN SQUARE, BLOOMFIELD HILLS HOME GOODS 39,646 05/31/2010 307,257 7.75 (3) 5 YEAR MARSHALLS 28,324 09/30/2011 226,592 8.00 (3) 5 YEAR (6 MONTHS) TJ MAXX 36,000 03/31/2003 234,000 6.50 (2) 5 YEAR (6 MONTHS) ---------- ---------------------------- Total: BLOOMFIELD TOWN SQUARE 103,970 767,849 7.39 ---------- ---------------------------- Ohio MAD RIVER STATION - RETAIL, DAYTON BABIES 'R' US 33,147 02/28/2005 243,630 7.35 (3) 5 YEAR OFFICE DEPOT 25,038 08/31/2005 287,936 11.50 (1) 5 YEAR (6 MONTH) ---------- ---------------------------- Total: MAD RIVER STATION - RETAIL SPACE 58,185 531,566 9.14 ---------- ---------------------------- Total: Midwest 305,549 2,304,832 7.54 ---------- ---------------------------- Total: Retail Anchor Properties - Wholly Owned 3,228,401 $ 21,168,658 $ 7.12 ========== ============================ Unconsolidated Retail Properties New York Region New York CROSSROADS SHOPPING CENTER,WHITEPLAINS K-MART 100,725 01/31/2012 $ 566,250 $ 5.62 (5) 5 YEAR (9 MONTHS) WALDBAUMS 38,208 12/31/2007 504,000 13.19 (5) 5 YEAR (9 MONTHS) B. DALTON 12,430 05/28/2012 321,813 25.89 (2) 5 YEAR (18 MONTHS) MODELL'S 25,000 02/28/2009 193,750 7.75 (2) 5 YEAR (12 MONTHS) --------- ---------------------------- Total: CROSSROADS SHOPPING CENTER 176,363 1,585,813 8.99 --------- ---------------------------- Total : New York Region 176,363 1,585,813 8.99 --------- ---------------------------- Total: Unconsolidated Retail Properties 176,363 $ 1,585,813 $ 8.99 ========= ============================ (1) As of March 31, 2002, the Company had 17 retail properties under contract for sale. During April 2002, the sale of these properties was completed and, as such, they are not included in this schedule. Page 31
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Lease Expirations (1) --------------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------------- Retail Properties Anchor Tenant Expirations 2003 3 139,900 4.70% 816,000 3.85% 5.83 2004 8 452,338 15.21% 1,399,268 6.61% 3.09 2005 6 194,335 6.54% 1,594,788 7.53% 8.21 2006 3 139,603 4.69% 425,569 2.01% 3.05 2007 6 329,200 11.07% 1,951,736 9.22% 5.93 2008 5 249,935 8.41% 1,567,673 7.41% 6.27 2010 4 96,587 3.25% 1,455,171 6.87% 15.07 2011 2 117,868 3.96% 853,400 4.03% 7.24 2012 1 50,225 1.69% 516,960 2.44% 10.29 2013 2 115,392 3.88% 1,334,964 6.31% 11.57 2014 1 51,658 1.74% 413,264 1.95% 8.00 2015 3 134,567 4.53% 2,188,841 10.34% 16.27 2017 1 64,665 2.17% 730,000 3.45% 11.29 2018 3 143,358 4.82% 1,232,350 5.82% 8.60 2019 3 327,845 11.03% 2,206,061 10.42% 6.73 2020 5 294,852 9.92% 2,049,120 9.68% 6.95 2021 2 71,157 2.39% 433,493 2.06% 6.09 ----------------------------------------------- ---------------------------------------------- Total Occupied 58 2,973,485 100.00% $21,168,658 100.00% $ 7.12 -------------------------------------------------------------------- Anchor GLA Owned by Tenants 254,916 Total Vacant 200,088 -------------------- Total Square Feet 3,428,489 ==================== -------------------------------------------------------------------- (1) As of March 31, 2002, the Company had 17 retail properties under contract for sale. During April 2002, the sale of these properties was completed and, as such, they are not included in this schedule. Page 32
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Lease Expirations (1) --------------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------------- Retail Properties Shop Tenant Expirations Month to Month 12 48,335 3.06% $ 514,890 2.67% $ 10.65 2002 30 79,560 5.03% 920,360 4.78% 11.57 2003 58 160,300 10.14% 2,171,618 11.28% 13.55 2004 58 238,524 15.08% 2,988,770 15.52% 12.53 2005 51 251,119 15.88% 2,801,840 14.55% 11.16 2006 48 167,585 10.60% 2,195,256 11.40% 13.10 2007 31 159,509 10.09% 2,060,801 10.70% 12.92 2008 19 112,532 7.11% 1,352,965 7.03% 12.02 2009 22 107,835 6.82% 1,305,812 6.78% 12.11 2010 15 113,134 7.15% 1,037,332 5.39% 9.17 2011 18 86,539 5.47% 1,151,915 5.98% 13.31 2012 2 2,702 0.17% 76,871 0.40% 28.45 2014 2 26,472 1.67% 167,024 0.87% 6.31 2015 1 9,592 0.61% 184,838 0.96% 19.27 2019 1 14,887 0.94% 236,800 1.23% 15.91 2020 1 3,000 0.18% 87,000 0.46% 29.00 ----------------------------------------- ---------------------------------------------- Total Occupied 369 1,581,625 100.00% $19,254,092 100.00% $ 12.17 -------------------------------------------------------------------- Total Vacant 401,928 -------------------- Total Square Feet 1,983,553 ==================== -------------------------------------------------------------------- Page 33
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Lease Expirations (1) --------------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------------- Retail Properties Total Retail Expirations Month to Month 12 48,335 1.06% $ 514,890 1.27% $ 10.65 2002 30 79,560 1.75% 920,360 2.28% 11.57 2003 61 300,200 6.59% 2,987,618 7.39% 9.95 2004 66 690,862 15.17% 4,388,038 10.86% 6.35 2005 57 445,454 9.78% 4,396,628 10.88% 9.87 2006 51 307,188 6.74% 2,620,825 6.48% 8.53 2007 37 488,709 10.73% 4,012,537 9.93% 8.21 2008 24 362,467 7.96% 2,920,638 7.23% 8.06 2009 22 107,835 2.37% 1,305,812 3.23% 12.11 2010 19 209,721 4.60% 2,492,503 6.17% 11.88 2011 20 204,407 4.49% 2,005,315 4.96% 9.81 2012 3 52,927 1.16% 593,831 1.47% 11.22 2013 2 115,392 2.53% 1,334,964 3.30% 11.57 2014 3 78,130 1.72% 580,288 1.44% 7.43 2015 4 144,159 3.16% 2,373,679 5.87% 16.47 2017 1 64,665 1.42% 730,000 1.81% 11.29 2018 3 143,358 3.15% 1,232,350 3.05% 8.60 2019 4 342,732 7.52% 2,442,861 6.04% 7.13 2020 6 297,852 6.54% 2,136,120 5.28% 7.17 2021 2 71,157 1.56% 433,493 1.05% 6.09 -------------------------------------------- --------------------------------------------------- Total Occupied 427 4,555,110 100.00% 40,422,750 100.00% 8.87 -------------------------------------------------------------------- Anchor GLA Owned by Tenants 254,916 Total Vacant 602,016 -------------------- Total Square Feet 5,412,042 ==================== -------------------------------------------------------------------- Page 34
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Lease Expirations (1) --------------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------------- Unconsolidated Property Month to Month 2 5,377 1.86% $ 178,073 3.56% 33.12 2002 4 5,449 1.88% 181,415 3.62% 33.29 2003 5 20,241 6.99% 648,884 12.96% 32.06 2004 7 30,516 10.54% 836,500 16.70% 27.41 2005 5 16,015 5.53% 466,123 9.31% 29.11 2006 3 7,240 2.50% 218,876 4.37% 30.23 2007 5 52,726 18.21% 978,044 19.53% 18.55 2008 3 10,093 3.49% 267,882 5.35% 26.54 2009 2 26,462 9.14% 247,844 4.95% 9.37 2011 1 2,310 0.80% 72,372 1.45% 31.33 2012 2 113,155 39.06% 912,178 18.20% 8.06 ------------------------------------------ ---------------------------------------------------- Total Occupied 39 289,584 100.00% 5,008,191 100.00% 17.29 -------------------------------------------------------------------- Total Vacant 21,368 -------------------- Total Square Feet 310,952 ==================== -------------------------------------------------------------------- Page 35
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Residential (Multi-family) Properties -------------- % Occupied % Occupied Property Location Square Feet Units March 31, 2002 December 31, 2001 -------- -------- ----------- ------ -------------- ----------------- Mid-Atlantic North Carolina Village Apartments Winston Salem 578,606 600 81% 82% Mid-West Missouri Gate House, Holiday House, Tiger Village, Columbia 628,891 874 98% 94% Colony Apartments (2) ----------- ----- -- -- Totals 1,207,497 1,474 91% 89% =========== ===== == == -------------- (1) As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions Page 36
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2002 Properties Under Redevelopment The Company's redevelopment program focuses on selecting well-located neighborhood and community shopping centers and creating significant value through retenanting and property redevelopment. The Company currently has two properties under redevelopment as follows: Elmwood Park Shopping Center - This center, located in Elmwood Park, New Jersey, is approximately ten miles west of New York City. The redevelopment consists of reanchoring, renovating and expanding the existing 125,000 square foot shopping center by 30,000 square feet. The first phase of the redevelopment is complete. It included the relocation and expansion of a Walgreen's into a 15,000 sqaure foot state-of-the-art drugstore that includes a drive-through pharmacy. Construction is underway on the second phase, which consists of building a new 49,000 Pathmark Supermarket to replace an undersized (28,000 square feet) in-line former Grand Union supermarket. As of March 31, 2002, costs incurred on this project totaled $1.9 million (net of reimbursements). The Company expects remaining redevelopment costs of approximately $6.2 million to complete this project. In conjunction with the supermarket rent commencement, the Operating Partnership is also obligated to issue OP Units of up to $2.8 million to the original owners who contributed the property to the Company in connection with the RDC Transaction in August 1998. Gateway Shopping Center - The redevelopment of the Gateway Shopping Center, a partially enclosed mall located in South Burlington, Vermont, includes the demolition of 90% of the property and the construction of a new anchor supermarket. Following the bankruptcy of the former anchor Grand Union, the lease was assigned to and assumed by Shaw's supermarket. During October 2001, the Company executed a new lease with Shaw's for a new 66,000 square foot store to be constructed. During the current quarter, the Company signed an agreement with Shaw's to expand the planned supermarket by an additional approximate 6,000 square feet. This replaces the 32,000 square foot store formerly occupied by Grand Union. Total costs to date for this project (including the original acquisition of the property in 1999) were $8.8 million. The Company expects remaining redevelopment costs of approximately $8.6 million to complete this project. Page 37