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): July 31, 2006
ACADIA REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland 1-12002 23-2715194
(State or other (Commission (I.R.S. Employer
jurisdiction of incorporation) File Number) Identification No.)
1311 Mamaroneck Avenue
Suite 260
White Plains, New York 10605
(Address of principal executive offices) (Zip Code)
(914) 288-8100
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425 )
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On July 31, 2006, Acadia Realty Trust (the "Company") released a press release
announcing its consolidated financial results for the quarter and six months
ended June 30, 2006. A copy of this press release is attached to this report on
Form 8-K as Exhibit 99.1 and incorporated herein by reference. The information
included in this Item 2.02, including the information included in Exhibit 99.1
attached hereto, is intended to be furnished solely pursuant to this Item 2.02.
and is not deemed to be "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by
reference into any filing under the Securities Act of 1933, as amended
("Securities Act") or the Exchange Act, or otherwise subject to the liabilities
of Sections 11 and 12 (a) (2) of the Securities Act.
Item 7.01 Regulation FD Disclosure
On July 31, 2006, the Company made available supplemental information concerning
the ownership, operations and portfolio of the Company as of and for the quarter
and six months ended June 30, 2006. A copy of this supplemental information is
attached to this report on Form 8-K as Exhibit 99.2 and incorporated herein by
reference. The information contained in this Item 7.01, including the
information included in Exhibit 99.2 attached hereto, is intended to be
furnished solely pursuant to Item 7.01. and is not deemed to be "filed" for
purposes of Section 18 of the Exchange Act, or incorporated by reference into
any filing under the Securities Act or the Exchange Act, or otherwise subject to
the liabilities of Sections 11 and 12 (a) (2) of the Securities Act.
Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits
(a). Financial Statements
Not Applicable
(b). Pro Forma Financial Information
Not Applicable
(c). Exhibits
Exhibit Number Description
-------------- --------------------------------
99.1 Press release of the Company dated July 31, 2006.
99.2 Financial and Operating Reporting Supplement of the Company
for the Quarter and Six Months Ended June 30, 2006.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACADIA REALTY TRUST
(Registrant)
Date: July 31, 2006 By: /s/ Michael Nelsen
----------------------------------
Name: Michael Nelsen
Title: Sr. Vice President
and Chief Financial Officer
Exhibit 99.1
Acadia Realty Trust Reports Second Quarter 2006 Operating Results
NEW YORK--(BUSINESS WIRE)--July 31, 2006--Acadia Realty Trust
(NYSE: AKR - "Acadia" or the "Company"), a real estate investment
trust ("REIT") today reported operating results for the quarter ended
June 30, 2006. All per share amounts discussed below are on a fully
diluted basis.
Second Quarter 2006 Highlights
FFO increases
-- Funds from operations ("FFO") per share of $0.30 for second
quarter 2006 compared to $0.26 for second quarter 2005
-- Earnings per share from continuing operations for 2006 of
$0.14 compared to $0.15 for 2005
Strong portfolio performance
-- Same-store net operating income for the retail portfolio up
2.2% for six months ended June 30, 2006 over same period 2005
-- Including pro-rata share of Joint Venture properties, June 30,
2006 occupancy at 93.5%; Wholly-Owned properties occupancy at
93.2%
Strong balance sheet
-- Maintained conservative dividend payout ratio for second
quarter 2006 of 59% of FFO
-- 31% debt to total market capitalization
-- 2.8 to 1 fixed-charge coverage ratio for the quarter
External growth initiatives on track
-- RCP Venture: $21.2 million invested in Albertson's
-- New York Urban/Infill Redevelopment progress continues
-- Completed core portfolio acquisition in Philadelphia for $16.0
million in connection with asset recycling program
Additional harvesting from the previous Brandywine
recapitalization
-- Completed $166.2 million, 10-year, 6% fixed-rate financing
resulting in cash distribution of $34.2 million to Acadia
Second Quarter Operating Results
FFO, a widely accepted measure of REIT performance, for the
quarter ended June 30, 2006 was $10.3 million, or $0.30 per share,
compared to $8.5 million, or $0.26 per share for second quarter 2005.
The second quarter 2005 results included a $0.8 million, or $0.02 per
share impairment charge related to the sale of the Berlin Shopping
Center. For the six months ended June 30, 2006, FFO was $19.9 million
or $0.59 per share compared to $17.4 million, or $0.52 per share for
the six months ended June 30, 2005.
Earnings per share from continuing operations was $0.14 for the
second quarter 2006 compared to $0.15 for second quarter 2005 and
$0.26 for the six months ended June 30, 2006 compared to $0.27 for the
six months ended June 30, 2005.
Portfolio Activity - Same-Store NOI up 2.2% - Portfolio Occupancy
at 93.5%
Same store net operating income ("NOI") for the retail portfolio
increased 2.2% for the six months ended June 30, 2006 compared with
the same period for 2005, and decreased 0.2% for the quarter ended
June 30, 2006 compared to the same quarter in 2005. The same store NOI
for the six months and quarter ended June 30, 2006 was adversely
impacted by 1.3% and 2.0%, respectively, as a result of re-tenanting
activities at one of the Company's properties located in Bloomfield
Hills, Michigan.
During the second quarter 2006, Acadia executed new and renewal
leases at an average increase of 12.3% over the previous base rents on
a cash basis.
On a year-over-year basis, Acadia's portfolio occupancy remained
consistent. Including its pro-rata share of operating Joint Venture
properties, June 30, 2006 occupancy was 93.5% as compared to 93.7% at
June 30, 2005. Compared to first quarter 2006, June 30, 2006 occupancy
decreased 50 basis points from the March 31, 2006 occupancy of 94.0%.
For Acadia's Wholly-Owned properties, June 30, 2006 occupancy was
93.2% compared to 93.3% as of June 30, 2005 and 93.7% at March 31,
2006.
Balance Sheet - Low Interest Rate Exposure
As of June 30, 2006, 96% of the Company's total mortgage debt,
inclusive of long-term interest rate swaps and adjusted for the
Company's pro-rata share of consolidated joint venture debt, is
fixed-rate. The Company continues to maintain its blended cost of debt
below 6.0%, despite a 2% increase in LIBOR from a year ago.
For 2006, the strength of Acadia's balance sheet was evidenced by
continued strong financial ratios as adjusted for the Company's
pro-rata share of consolidated joint venture debt and interest expense
as follows:
-- Debt to total market capitalization at June 30, 2006 was 31%
-- Fixed-charge coverage ratio (EBITDA / interest expense plus
preferred distributions) was 2.8 to 1 for the second quarter
2006
-- Dividend payout ratio for second quarter 2006 was 59% of FFO
-- As of June 30, 2006, approximately $180 million was available
under existing credit facilities and cash on hand to fund
capital requirements
External Growth Continues with Focus on New York Urban/Infill
Redevelopments, RCP Venture and Other Activities
New York Urban/Infill Redevelopment Program
In the second quarter 2006, Acadia continued to make steady
progress in its New York Urban/Infill Redevelopment Program, which was
launched in conjunction with its partner, P/A Associates. The Program
currently includes a total of seven properties in its redevelopment
pipeline, for which acquisition and development costs are anticipated
to total approximately $354.0 million. The anticipated completion
schedules and costs for these projects are set forth in the Company's
Quarterly Supplement which will be filed on Form 8-K with the SEC.
RCP Venture - New investment in Albertson's
During the second quarter, Acadia made its second investment in
the Retailer Controlled Property Venture ("RCP Venture") in connection
with the acquisition of Albertson's. A total of $21.2 million was
invested by Acadia and its Fund investors in an investment consortium
which includes, among others, its RCP partners - the Klaff and
Lubert-Adler organizations. This follows the RCP investment in
Mervyns, which has already returned approximately 190% of invested
capital to date.
Capital Recycling
During the second quarter, Acadia continued its asset recycling
initiative with the purchase of 8400 and 8625 Germantown Avenue in the
Chestnut Hill section of Philadelphia, Pennsylvania. The strong "main
street" location has tenants including Borders bookstore, Talbot's and
Limited Express. This on-balance sheet acquisition was for $16.0
million with an initial yield in excess of 7%. This is a continuation
of Acadia's initiative of replacing non-core or lower growth assets
with high-quality cash flow from infill/supply constrained properties.
This core portfolio purchase is in addition to the Company's core
purchases of properties in Staten Island, New York, northern New
Jersey and Lincoln Park, Chicago over the previous 12 months.
Harvesting Activities Continues with Refinancing of Brandywine
Portfolio
During the second quarter, Acadia completed a $166.2 million,
10-year, 6% fixed-rate refinancing of the Brandywine Portfolio which
provided distributable proceeds of $34.2 million to Acadia and $36.0
million to the other Fund I investors ("Investors"). The Investors
previously received a return of all of their invested capital and
accumulated preferred return in Fund I following the recapitalization
of the Brandywine Portfolio during the first quarter 2006.
Accordingly, Acadia is now entitled to its 20% Promoted Interest in
addition to its 22% equity interest (effectively 38%) of the remaining
Fund I investments. Acadia is also entitled to a 20% promote, or $7.2
million, on the Investors' $36.0 million distribution, as well as any
future proceeds to the Investors from the Brandywine recapitalization.
Any promote earned as a result of the Brandywine transaction will be
paid from the Investors' 62% share of future cash flow from the
remaining Fund I investments.
Outlook - Earnings Guidance for 2006
The Company currently reaffirms its previously announced 2006
annual FFO and earnings per share forecast. FFO for 2006 is
anticipated to range from $1.14 to $1.19 per share. Earnings per share
for 2006 is still expected to range from $0.59 to $0.64.
Management Comments
Commenting on the results for the second quarter, Kenneth
Bernstein, President and CEO, stated, "Our second quarter results
reflect the continued success of our business plan. The continued
aggressive re-leasing and recycling of our core portfolio combined
with our strong balance sheet position and exciting external growth
initiatives enables us to lay the foundation for future growth. Both
our Urban /Infill platform and our RCP ventures continue to provide
excellent long-term value enhancement. We believe the combination of
solid internal performance with strong external growth potential
should enable us to continue to effectively execute our business
plan."
Investor Conference Call
Management will conduct a conference call on August 1, 2006 at
2:00 PM EDT to review the Company's earnings and operating results.
The live conference call can be accessed by dialing 888-339-2688
(internationally 617-847-3007). The pass-code is "Acadia". The call
will also be webcast and can be accessed in a listen-only mode at
Acadia's web site at acadiarealty.com.
If you are unable to participate during the live webcast, the call
will be archived and available on Acadia's website. Alternatively, to
access the replay by phone, dial 888-286-8010 (internationally
617-801-6888). The pass-code will be 72726845. The phone replay will
be available through Tuesday, August 8, 2006.
Acadia Realty Trust, headquartered in White Plains, NY, is a fully
integrated and self-managed real estate investment trust which
specializes in the acquisition, redevelopment and operation of
shopping centers which are anchored by grocery and value-oriented
retail.
Certain matters in this press release may constitute
forward-looking statements within the meaning of federal securities
law and as such may involve known and unknown risk, uncertainties and
other factors which may cause the actual results, performances or
achievements of Acadia to be materially different from any future
results, performances or achievements expressed or implied by such
forward-looking statements. Factors that could cause or contribute to
such differences include, but are not limited to, those discussed
under the headings "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and "Risk Factors" in the
Company's most recent annual report on Form 10-K filed with the SEC on
March 16, 2006 (the "Form 10-K") and other periodic reports filed with
the SEC, including risks related to: (i) the Company's reliance on
revenues derived from major tenants; (ii) the Company's limited
control over joint venture investments; (iii) the Company's
partnership structure; (iv) real estate and the geographic
concentration of our properties; (v) market interest rates; (vi)
leverage; (vii) liability for environmental matters;(viii) the
Company's growth strategy; (ix) the Company's status as a REIT (x)
uninsured losses and (xi) the loss of key executives. Copies of the
Form 10-K and the other periodic reports Acadia files with the SEC are
available on the Company's website at www.acadia.com. Any
forward-looking statements in this press release speak only as of the
date hereof. Acadia expressly disclaims any obligation or undertaking
to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Acadia's
expectations with regard thereto or change in events, conditions or
circumstances on which any such statement is based.
See the notes to the attached financial tables for a further
discussion of the Company's use of FFO and NOI.
For more information visit Acadia Realty Trust's Web site at
www.acadiarealty.com, which is not to be deemed a part of this press
release.
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Six Months ended June 30, 2006 and 2005
(dollars in thousands, except per share data)
For the For the six
quarters ended months ended
June 30, June 30,
Revenues 2006 (1) 2005 (1) 2006 (1)2005 (1)
-------- -------- ------- --------
Minimum rents $ 17,448 $ 19,134 $ 35,236 37,635
Percentage rents 126 150 311 351
Expense reimbursements 3,480 3,555 7,559 7,929
Other property income 251 175 462 505
Management fee income 1,281 982 2,482 1,557
Interest income 1,907 903 3,653 1,320
-------- -------- ------- --------
Total revenues 24,493 24,899 49,703 49,297
-------- -------- ------- --------
Operating expenses
Property operating 3,602 4,639 7,652 9,459
Real estate taxes 2,460 2,325 5,259 4,887
General and administrative 4,779 3,820 10,086 6,935
Depreciation and amortization 6,506 6,234 12,904 12,506
-------- -------- ------- --------
Total operating expenses 17,347 17,018 35,901 33,787
-------- -------- ------- --------
Operating income 7,146 7,881 13,802 15,510
Equity in earnings of
unconsolidated partnerships 3,028 126 7,140 387
Interest expense (5,654) (4,352) (10,839) (8,285)
Minority interest 327 1,050 (754) 1,251
-------- -------- ------- --------
Income from continuing operations
before income taxes 4,847 4,705 9,349 8,863
-------- -------- ------- --------
Income taxes (363) -- (812) --
-------- -------- ------- --------
Income from continuing operations 4,484 4,705 8,537 8,863
-------- -------- ------- --------
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Six Months ended June 30, 2006 and 2005
(dollars in thousands, except per share data)
For the quarters For the six months
ended ended
June 30, June 30,
2006 (1) 2005 (1) 2006 (1) 2005 (1)
-------- -------- -------- --------
Discontinued operations:
Operating income from discontinued
operations $ 371 $ 400 $ 677 $ 692
Impairment of real estate -- (770) -- (770)
Minority interest (7) 10 (13) 5
-------- -------- -------- --------
Income (loss) from discontinued
operations 364 (360) 664 (73)
-------- -------- -------- --------
Net income $ 4,848 $ 4,345 $ 9,201 $ 8,790
======== ======== ======== ========
Net income per Common Share -
Basic
Net income per Common Share -
Continuing operations $ .14 $ .15 $ .26 $ .28
Net income (loss) per Common Share
- Discontinued operations .01 (.01) .02 --
-------- -------- -------- --------
Net income per Common Share $ .15 $ .14 $ .28 $ .28
======== ======== ======== ========
Weighted average Common Shares 32,509 31,899 32,489 31,883
======== ======== ======== ========
Net income per Common Share -
Diluted (2)
Net income per Common Share -
Continuing operations $ .14 $ .15 $ .26 $ .27
Net income (loss) per Common Share
- Discontinued operations .01 (.01) .02 --
-------- -------- -------- --------
Net income per Common Share $ .15 $ .14 $ .28 $ .27
-------- -------- -------- --------
Weighted average Common Shares 32,811 32,145 32,789 32,142
======== ======== ======== ========
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Six Months ended June 30, 2006 and 2005
(dollars in thousands, except per share data)
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (3)
For the quarters For the six months
ended ended
June 30, June 30,
2006 (1) 2005 (1) 2006 (1) 2005 (1)
-------- -------- -------- --------
Net income $ 4,848 $ 4,345 $ 9,201 $ 8,790
Depreciation of real estate and
amortization of leasing costs
(net of minority interests' share)
Wholly owned and consolidated
partnerships 5,293 3,396 10,327 7,017
Unconsolidated partnerships 438 598 850 1,228
Income attributable to minority
interest in Operating Partnership 104 109 198 187
Gain on sale (net of minority
share and income taxes) (459) -- (831) --
-------- -------- -------- --------
Funds from operations - Basic 10,224 8,448 19,745 17,222
Distributions - Preferred OP Units 63 93 125 180
-------- -------- -------- --------
Funds from operations - Diluted $ 10,287 $ 8,541 $ 19,870 $ 17,402
======== ======== ======== ========
Funds from operations per
share - Basic
Weighted average Common Shares and
OP Units (4) 33,161 32,541 33,141 32,462
-------- -------- -------- --------
Funds from operations per share $ .31 $ .26 $ .60 $ .53
======== ======== ======== ========
Funds from operations per
share - Diluted
Weighted average Common Shares and
OP Units (4) 33,799 33,310 33,778 33,244
======== ======== ======== ========
Funds from operations per share $ .30 $ .26 $ .59 $ .52
======== ======== ======== ========
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
As of June 30, 2006 and December 31, 2005
(dollars in thousands, except per share data)
SELECTED BALANCE SHEET INFORMATION
June 30, December 31,
2006 (1) 2005 (1)
---------------- ---------------
Cash and cash equivalents $55,114 $91,398
Rental property, at cost 649,776 735,218
Total assets 760,989 841,858
Mortgage notes payable 361,889 411,000
Total liabilities 423,290 475,017
Notes:
(1) Effective January 1, 2006, the Company accounts for its Funds I,
II and Mervyn's investments on a fully consolidated basis pursuant
to Emerging Issues Task Force ("EITF") 04-5, "Determining Whether
a General Partner, or the General Partners as a Group, Controls a
Limited Partnership or Similar Entity When the Limited Partners
Have Certain Rights". Historic results for the quarter and six
months ended June 30, 2005 have also been presented on a fully
consolidated basis for purposes of comparability with 2006. In
addition, the Company's investment in the Brandywine Portfolio was
fully consolidated as part of Fund I for the quarter and six
months ended June 30, 2005. As a result of the recapitalization
and conversion of the Brandywine Portfolio interests from Fund I
to GDC Properties Incorporated during January 2006, this
investment is accounted for under the equity method of accounting
for the quarter and six months ended June 30, 2006.
(2) Reflects the potential dilution that could occur if securities or
other contracts to issue Common Shares were exercised or converted
into Common Shares. The effect of the conversion of Common OP
Units is not reflected in the above table as they are exchangeable
for Common Shares on a one-for-one basis. The income allocable to
such units is allocated on this same basis and reflected as
minority interest in the consolidated financial statements. As
such, the assumed conversion of these units would have no net
impact on the determination of diluted earnings per share.
(3) The Company considers funds from operations ("FFO") as defined by
the National Association of Real Estate Investment Trusts
("NAREIT") and net operating income ("NOI") to be appropriate
supplemental disclosures of operating performance for an equity
REIT due to its widespread acceptance and use within the REIT and
analyst communities. FFO and NOI are presented to assist investors
in analyzing the performance of the Company. They are helpful as
they exclude various items included in net income that are not
indicative of the operating performance, such as gains (losses)
from sales of depreciated property and depreciation and
amortization. In addition, NOI excludes interest expense. The
Company's method of calculating FFO and NOI may be different from
methods used by other REITs and, accordingly, may not be
comparable to such other REITs. FFO does not represent cash
generated from operations as defined by generally accepted
accounting principles ("GAAP") and is not indicative of cash
available to fund all cash needs, including distributions. It
should not be considered as an alternative to net income for the
purpose of evaluating the Company's performance or to cash flows
as a measure of liquidity. Consistent with the NAREIT definition,
the Company defines FFO as net income (computed in accordance with
GAAP), excluding gains (losses) from sales of depreciated
property, plus depreciation and amortization, and after
adjustments for unconsolidated partnerships and joint ventures.
Reference is made to the Company's Quarterly Supplemental
Disclosure filed on Form 8-K with the SEC for a reconciliation of
theses non-GAAP financial measures to the most comparable GAAP
financial measures.
(4) In addition to the weighted average Common Shares outstanding,
basic and diluted FFO also assumes full conversion of a weighted
average 651 and 642 OP Units into Common Shares for the quarters
ended June 30, 2006 and 2005, respectively, and 652 and 579 OP
Units into Common Shares for the six months ended June 30, 2006
and 2005, respectively. Diluted FFO also includes the assumed
conversion of Preferred OP Units into 337 and 523 Common Shares
for the quarters and six months ended June 30, 2006 and 2005
respectively.
CONTACT: Acadia Realty Trust
Investor Relations
Jon Grisham, 914-288-8142
Exhibit 99.2
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Table of Contents
Page Page
Section I - Overview Section III - Joint Venture Information
Important Notes 2 Overview - Fund I 26
Company Information 3 Overview - Fund II 27
Portfolio Snapshot 4 Overview - RCP Venture 28
Organizational Chart 5 Fund I Properties - Detail 29
Executive Management Team 6 Top 5 Fund I Tenants 30
Section II - Financial Information Fund I - Current Valuation 31
Market Capitalization 7 Kroger/Safeway Locations 32
Shareholder Information 8 Fund II Properties - Detail 33
Operating Statements - Consolidated 9 Fund II - New York Urban/Infill Projects 34
Operating Statements - Joint Venture Activity 10
Section IV - Parent Portfolio Information
Operating Statements - Activity by Source 13
Properties - Overview 35
Operating Statements - Current v. Historical 14
Properties by Region - Summary 38
Net Operating Income - Same Property Performance 15
Properties by State - Summary 39
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")
and Funds Available for Distribution ("FAD") 16 Properties - Detail 40
Capital Expenditures 17 Leasing Production 43
Consolidated Balance Sheets 18 Top 10 Tenants - Consolidated 44
Selected Operating Ratios 19 Anchor Tenant Detail 45
Debt Analysis - Summary 20 Anchor Lease Expirations - Next 3 Years 51
Debt Analysis - Detail 21 Lease Expirations 52
Debt Maturity Schedule 24 Property Demographics 57
Unencumbered Properties 25 Residential Properties 58
Visit acadiarealty.com for current news as well as additional property details
and financial information
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Important Notes
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this supplemental disclosure may contain
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as
such may involve known and unknown risks, uncertainties and other factors which
may cause the Company's actual results, performance or achievements to be
materially different from future results, performance or achievements expressed
or implied by such forward-looking statements. Forward-looking statements, which
are based on certain assumptions and describe the Company's future plans,
strategies and expectations are generally identifiable by use of the words
"may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend"
or "project" or the negative thereof or other variations thereon or comparable
terminology. Factors which could have a material adverse effect on the
operations and future prospects of the Company include, but are not limited to
those set forth under the heading "Risk Factors" in the Company's Annual Report
on Form 10-K. These risks and uncertainties should be considered in evaluating
any forward-looking statements contained or incorporated by reference herein.
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
The Company considers funds from operations ("FFO") as defined by the National
Association of Real Estate Investment Trusts ("NAREIT") to be an appropriate
supplemental disclosure of operating performance for an equity REIT due to its
widespread acceptance and use within the REIT and analyst communities. FFO is
presented to assist investors in analyzing the performance of the Company. It is
helpful as it excludes various items included in net income that are not
indicative of the operating performance, such as gains (or losses) from sales of
property and depreciation and amortization. However, the Company's method of
calculating FFO may be different from methods used by other REITs and,
accordingly, may not be comparable to such other REITs. FFO does not represent
cash generated from operations as defined by generally accepted accounting
principles ("GAAP") and is not indicative of cash available to fund all cash
needs, including distributions. It should not be considered as an alternative to
net income for the purpose of evaluating the Company's performance or to cash
flows as a measure of liquidity. Consistent with the NAREIT definition, the
Company defines FFO as net income (computed in accordance with GAAP), excluding
gains (or losses) from sales of depreciated property, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint
ventures.
USE OF EBITDA AND NOI AS NON-GAAP FINANCIAL MEASURES
EBITDA and NOI are a widely used financial measures in many industries,
including the REIT industry, and is presented to assist investors and analysts
in analyzing the performance of the Company. It is helpful as it excludes
various items included in net income that are not indicative of operating
performance, such as gains (or losses) from sales of property and depreciation
and amortization and is used in computing various financial ratios as a measure
of operational performance. The Company computes EBITDA as the sum of net income
before extraordinary items plus interest expense, depreciation, income taxes and
amortization, less any gains (losses including impairment charges) on the sale
of income producing properties. The Company's method of calculating EBITDA may
be different from methods used by other REITs and, accordingly, may not be
comparable to such other REITs. EBITDA does not represent cash generated from
operations as defined by GAAP and is not indicative of cash available to fund
all cash needs, including distributions. It should not be considered as an
alternative to net income for the purpose of evaluating the Company's
performance or to cash flows as a measure of liquidity.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Company Information
Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated
and self-managed real estate investment trust which specializes in the
acquisition, redevelopment and operation of shopping centers which are anchored
by grocery and value-oriented retail. Acadia currently owns (or has interests
in) and operates 76 properties totaling approximately 10 million square feet,
located in the Northeast, Mid-Atlantic and Midwest United States.
All of Acadia's assets are held by, and all its operations are conducted
through, Acadia Realty Limited Partnership (and its majority-owned subsidiaries)
which is currently 98% controlled by Acadia.
Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham
Suite 260 Vice President
White Plains, NY 10605 (914) 288-8142
jgrisham@acadiarealty.com
New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com
Analyst Coverage Banc of America Securities Citigroup - Smith Barney
Ross Nussbaum - (212) 847-5668 Jonathan Litt - (212) 816-0231
ross.nussbaum@bofasecurities.com jonathan.litt@citigroup.com
Christine McElroy - (212) 847-5658 Ambika Goel - (212) 816-6981
christine.m.mcelroy@bofasecurities.com Ambika.goel@citigroup.com
J.P. Morgan Securities, Inc.
Michael W. Mueller, CFA (212) 622-6689 Ryan Beck & Co.
michael.w.mueller@jpmorgan.com Sheila McGrath - (973) 549-4084
Josh Bederman (212) 622-6530 sheila.mcgrath@ryanbeck.com
josh.h.bederman@jpmorgan.com
Bank of Montreal
Paul Adornato, CFA - (212) 885-4170
paul.adornato@bmo.com
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Executive Management Team
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 analysis
Chief Investment Officer 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.
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.
Robert Masters, Esq. Senior Vice President, Prior to joining Acadia in December 1994, Mr. Masters was General
General Counsel, Counsel for API Asset Management for over five years, Senior Vice
Corporate Secretary 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 his
J.D. from New York University Law School. Mr. Masters is also a
member of the New York State Bar.
Joseph M. Napolitano, Senior Vice President, Mr. Napolitano is responsible for overseeing the company's
CPM Director of Operations internal operations. Previously, he held the position of Senior
Vice President, Director of Property Management. Prior to joining
Acadia in 1995, Mr. Napolitano was employed by Rosen Associates
Management Corp. as a Senior Property Manager overseeing a
national portfolio of community shopping centers, and Roebling
Management Co. as a Property Manager responsible for neighborhood
and community shopping centers nationally. Mr. Napolitano holds a
Bachelor's in Business Administration from Adelphi University,
Garden City, NY; and is a Certified Property Manager by the
Institute of Property Management (IREM). Mr. Napolitano is also a
member of the New York State Association of Realtors (NYSAR)
International Council of Shopping Center (ICSC), Commercial
Investment Real Estate Institute (CIREI), and the Building Owners
and Managers Institute (BOMI).
Michael Nelsen Senior Vice President, Mr. Nelsen oversees all the financial activities and asset
Chief Financial Officer management functions. Mr. Nelsen was most recently President of
G. Soros Realty, Inc. and Director of Real Estate for Soros
Private Funds Management LLC. His responsibilities included
asset/portfolio management of real estate operations, financial
reporting, financings, asset acquisitions and dispositions.
Previously, he was a partner in the public accounting firm of
David Berdon & Co. Mr. Nelsen has been a Certified Public
Accountant since 1971.
Joseph Povinelli Senior Vice President, Mr. Povinelli joined Acadia in 1999 with 19 years of retail
Director of Leasing leasing experience. Since 1987 Mr. Povinelli had served as
regional real estate representative for Vornado Realty Trust, a
New Jersey based Real estate investment trust, and was
responsible for the day to day leasing activity of approximately
3 million square feet of the strip shopping center portfolio.
Prior to this he served as leasing representative for Net
Properties Management, Great Neck, New York, responsible for
leasing of the strip shopping center and office building
portfolio of the mid-atlantic and southeast regions of the
company. Mr. Povinelli received a Bachelor of Science degree in
Finance and Economics from C.W. Post College of Long Island
University.
Robert Scholem Senior Vice President, Mr. Scholem has been the Director of Property Management since
Director of Property 2003 and a Senior Vice President since August, 2005. Prior to
Management joining the Company in 1998, Mr. Scholem was employed at Rosen
Associates Management Corp. as a Senior Property Manager
overseeing a national portfolio of community shopping centers,
and Staller Associates, Inc. as an Operations Manager responsible
for community shopping centers, office, and industrial buildings
on Long Island, New York. Mr. Scholem holds a Bachelor's in
Business Administration from Guilford College, Greensboro, NC;
and is a Certified Property Manager (CPM(R)) by the Institute of
Real Estate Management. Mr. Scholem is also a licensed
Salesperson by the State of New York as well as a member of LI
Board of Realtors & CIREI, and is a Certified Shopping Center
Manager (CSM) by the International Council of Shopping Centers.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Total Market Capitalization
(including pro-rata share of joint venture debt)
Percent of
Percent of Total Market
(amounts in thousands) Total Equity Capitalization
------------------------------------------------------------------------------------
Equity Capitalization
Total Common Shares Outstanding 97.5% 31,772
Common Operating Partnership ("OP") Units 2.0% 642
-----------
Combined Common Shares and OP Units 32,414
Market Price at June 30, 2006 $ 23.65
-----------
Equity Capitalization - Common Shares and OP Units $ 766,591
Preferred OP Units - at cost (1) 0.5% 4,188
-----------
Total Equity Capitalization 100.0% 770,779 69.2%
=========== ==========
Debt Capitalization
Consolidated debt 359,626
Adjustment to reflect pro-rata share of debt (15,769)
-----------
Total Debt Capitalization 343,857 30.8%
=========== ==========
Total Market Capitalization $ 1,114,636 100.0%
=========== ==========
Weighted Average Outstanding Common Shares and O.P. Units
Common
Shares O.P. Units Total
========================================================================================================================
Basic
Quarter ended June 30, 2006 32,509,360 651,163 33,160,523
Year-to-date June 30, 2006 32,488,896 652,256 33,141,152
Fully Diluted
Quarter ended June 30, 2006 (3) 32,810,794 651,163 33,461,957
Year-to-date June 30, 2006 32,788,571 652,256 33,440,827
========================================================================================================================
Basic
Quarter ended June 30, 2005 31,898,644 642,255 32,540,899
Year-to-date June 30, 2005 31,883,001 578,719 32,461,720
Fully Diluted (3)
Quarter ended June 30, 2005 32,144,529 642,255 32,786,784
Year-to-date June 30, 2005 32,142,268 578,719 32,720,987
1 In connection with the acquisition of the Pacesetter Park Shopping Center
in 1999, the Company issued 2,212 Preferred OP Units, of which 2,024 have
been converted to Common OP Units to date. The remaining Preferred OP Units
are reflected above at their stated cost of $1,000 per unit. Also includes
$4,000 of Preferred OP Units issued to Klaff L.P. related to the
acquisition of management contracts in 2004.
2 Fixed-rate debt includes notional principal fixed through interest rate
swap transactions and conversely, variable-rate debt excludes this amount.
3 For purposes of earnings per share calculations, the assumed conversion of
Preferred OP Units is anti-dilutive and not reflected above. However, for
the purposes of calculating FFO on a fully diluted basis, these stock
equivalents are dilutive and amount to 337,079 for both the quarter and six
months ended June 30, 2006 and 522,679 for both the quarter and six months
ended June 30, 2005.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Shareholder Information
(amounts in thousands)
10 Largest Institutional/Non-Retail Shareholders (1) Percent of Out-
Common standing Common
Shareholder Shares Held Shares
- ------------------------------------------------------ ----------- -----------------
Wellington Management 4,050 12.7%
Third Avenue Management 2,464 7.8%
Yale University 2,279 7.2%
Heitman Real Estate Securities 2,002 6.3%
Cliffwood Partners 1,679 5.3%
Morgan Stanley 1,652 5.2%
Barclay's Global Investors 1,601 5.0%
Vanguard Group 1,526 4.8%
Redding K G & Associated LLC 1,424 4.5%
State Street Corp 829 2.6%
------ ------
Total of 10 Largest Institutional Shareholders 19,506 61.4%
====== ======
Total of all Institutional Shareholders 29,606 93.2%
====== ======
Operating Partnership
Unit Information
Percent
of Total O.P. Units
-------------------
Managment O.P. Unit Holders 338 52.6%
Other O.P. Unit Holders 304 47.4%
---------- ------
Total O.P. Units 642 100.0%
---------- ------
(1) Based on most recent Schedule 13F filing
TOTAL SHARE/O.P. UNIT OWNERSHIP (COMBINED)
Institutional Shareholders 29,606 91.3%
Retail Shareholders 2,166 6.7%
Management-Owned Shares & O.P. Units 338 1.0%
Other O.P. Unitholders 304 0.9%
Total Equity 32,414 100.0%
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Statements of Operations - Consolidated (1)
Current Quarter and Year-to-Date
(in thousands)
YEAR TO DATE CURRENT QUARTER
PERIOD 3 MONTHS
ENDED JUNE 30, ENDED JUNE 30,
2006 2006
------------------------------------------- -----------------------------------------
WHOLLY DISCONTINUED WHOLLY DISCONTINUED
OWNED JV'S OPERATIONS TOTAL OWNED JV'S OPERATIONS TOTAL
----- ---- ---------- ----- ----- ---- ---------- -----
PROPERTY REVENUES
Minimum rents $ 25,459 $ 11,257 $ 2,236 $ 38,952 $ 12,720 $ 5,911 $ 1,152 $ 19,783
-------- -------- -------- -------- -------- ------- -------- --------
Percentage rents 307 10 42 359 122 1 29 152
Expense reimbursements 6,616 1,289 1,101 9,006 3,152 580 558 4,290
Other property income 404 17 48 469 210 1 20 231
-------- -------- -------- -------- -------- ------- -------- --------
32,786 12,573 3,427 48,786 16,204 6,493 1,759 24,456
-------- -------- -------- -------- -------- ------- -------- --------
PROPERTY EXPENSES
Property operating 6,222 1,040 823 8,085 2,948 502 402 3,852
Real estate taxes 4,030 1,084 937 6,051 1,937 453 483 2,873
10,252 2,124 1,760 14,136 4,885 955 885 6,725
-------- -------- -------- -------- -------- ------- -------- --------
NET OPERATING INCOME - PROPERTIES 22,534 10,449 1,667 34,650 11,319 5,538 874 17,731
OTHER INCOME (EXPENSE)
General and administrative (5,118) -- -- (5,118) (2,425) -- -- (2,425)
Property related home office expenses (4,755) (124) -- (4,879) (2,238) (63) -- (2,301)
Equity in earnings of
unconsolidated properties 409 170 -- 579 409 (46) -- 363
Lease termination income -- -- -- -- -- -- -- --
Interest income 3,523 237 -- 3,760 1,860 134 -- 1,994
Asset and property
management income (2) 5,069 -- -- 5,069 2,506 -- -- 2,506
Promote Fee (3) 258 -- -- 258 -- -- -- --
Property management expense (470) (133) -- (603) (395) 105 -- (290)
Straight-line rent income 327 (1,663) -- (1,336) 201 (1,130) -- (929)
Straight-line rents written off -- -- -- -- -- -- -- --
FAS 141 Rent (21) (13) -- (34) (68) (8) -- (76)
Abandoned project costs -- -- -- -- -- -- -- --
Hurricane related income (expenses) -- -- -- -- -- -- -- --
Provision for Income Taxes (775) (35) -- (810) (356) (5) -- (361)
Other income (expense) (8) 173 -- 165 (8) 173 -- 165
-------- -------- -------- -------- -------- ------- -------- --------
EBIDTA 20,973 9,061 1,667 31,701 10,805 4,698 874 16,377
Depreciation and amortization (7,763) (3,905) (561) (12,229) (3,891) (1,984) (278) (6,153)
FAS 141 Amortization (311) (83) -- (394) (157) (41) -- (198)
Interest expense (7,350) (3,292) (429) (11,071) (3,812) (1,744) (225) (5,781)
Loan defeasance (net
of reimbursement) 1,141 (1,467) -- (326) -- -- -- --
FAS 141 Interest 39 727 -- 766 23 15 -- 38
Impairment of real estate -- -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- -- --
Gain on sale of
properties - Mervyns (1) -- 1,249 -- 1,249 -- 785 -- 785
Income taxes on gain on
property sale - Mervyns -- -- -- -- -- -- -- --
-------- -------- -------- -------- -------- ------- -------- --------
Income before minority interest 6,729 2,290 677 9,696 2,968 1,729 371 5,068
Minority interest - OP (135) (50) (13) (198) (66) (31) (7) (104)
Minority interest (122) (175) -- (297) (34) (82) -- (116)
-------- -------- -------- -------- -------- ------- -------- --------
NET INCOME $ 6,472 $ 2,065 $ 664 $ 9,201 $ 2,868 $ 1,616 $ 364 $ 4,848
======== ======== ======== ======== ======== ======= ======== ========
PREVIOUS QUARTER
3 MONTHS
ENDED MARCH 31,
2006
--------------------------------------------
WHOLLY DISCONTINUED
OWNED JV'S OPERATIONS TOTAL
----- ---- ---------- -----
PROPERTY REVENUES
Minimum rents $ 12,739 $ 5,346 $ 1,084 $ 19,169
-------- ------- -------- --------
Percentage rents 185 9 13 207
Expense reimbursements 3,464 709 543 4,716
Other property income 194 16 28 238
-------- ------- -------- --------
16,582 6,080 1,668 24,330
-------- ------- -------- --------
PROPERTY EXPENSES
Property operating 3,274 538 421 4,233
Real estate taxes 2,093 631 454 3,178
5,367 1,169 875 7,411
-------- ------- -------- --------
NET OPERATING INCOME - PROPERTIES 11,215 4,911 793 16,919
OTHER INCOME (EXPENSE)
General and administrative (2,693) -- -- (2,693)
Property related home office expenses (2,517) (61) -- (2,578)
Equity in earnings of unconsolidated properties -- 216 -- 216
Lease termination income -- -- -- --
Interest income 1,663 103 -- 1,766
Asset and property management income (2) 2,563 -- -- 2,563
Promote Fee (3) 258 -- -- 258
Property management expense (75) (238) -- (313)
Straight-line rent income 126 (533) -- (407)
Straight-line rents written off -- -- -- --
FAS 141 Rent 47 (5) -- 42
Abandoned project costs -- -- -- --
Hurricane related income (expenses) -- -- -- --
Provision for Income Taxes (419) (30) -- (449)
Other income (expense) -- -- -- --
-------- ------- -------- --------
EBIDTA 10,168 4,363 793 15,324
Depreciation and amortization (3,872) (1,921) (283) (6,076)
FAS 141 Amortization (154) (42) -- (196)
Interest expense (3,538) (1,548) (204) (5,290)
Loan defeasance (net of reimbursement) 1,141 (1,467) -- (326)
FAS 141 Interest 16 712 -- 728
Impairment of real estate -- -- -- --
Gain on sale of properties -- -- -- --
Gain on sale of properties - Mervyns (1) -- 464 -- 464
Income taxes on gain on property sale - Mervyns -- -- -- --
-------- ------- -------- --------
Income before minority interest 3,761 561 306 4,628
Minority interest - OP (69) (19) (6) (94)
Minority interest (88) (93) -- (181)
-------- ------- -------- --------
NET INCOME $ 3,604 $ 449 $ 300 $ 4,353
======== ======= ======== ========
(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 investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I & II and Mervyns I & II which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV and a 49% JV interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
2 Detail as follows: YTD 2nd Quarter 1st Quarter
Asset management fee Fund I $ - $ (108) $ 108
Asset management fee Fund II 1,800 900 900
Property management/Leasing/Construction/legal fees - Fund I 183 144 39
Property management/Construction/legal fees - Fund II 567 289 278
Klaff related fees 2,043 985 1,058
Other fees 476 296 180
$ 5,069 $ 2,506 $ 2,563
Priority distributions - Fund I 216 216 -
Total Management fees and priority distributions $ 5,285 $ 2,722 $ 2,563
3 Represents amounts distributed to the Company in excess of its pro-rata
share as a result of the performance of the Mervyn's investment.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Statements of Operations - Joint Venture Activity (1)
Current Quarter and Year-to-Date
(in thousands)
YEAR-TO-DATE
PERIOD
ENDED JUNE 30,
2006
------------------------------------------------------------------------------------
AKR PRO- AKR PRO- AKR PRO-
RATA AKR RATA RATA
FUND 1 SHARE PROMOTE MERVYNS 1 SAHRE FUND II SHARE MERVYNS II
-----------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 7,308 $ 2,761 $ 4,547 $ -- $ -- $ 4,293 $ 861 $ --
------- ------- ------- ------- ------- ------- ----- -------
Percentage rents -- -- -- -- -- 5 1 --
Expense reimbursements 267 101 166 -- -- 676 135 --
Other property income 6 2 4 -- -- 9 2 --
------- ------- ------- ------- ------- ------- ----- -------
7,581 2,864 4,717 -- -- 4,983 999 --
------- ------- ------- ------- ------- ------- ----- -------
PROPERTY EXPENSES
Property operating 294 111 183 -- -- 935 187 --
Real estate taxes 412 155 257 -- -- 816 163 --
706 266 440 -- -- 1,751 350 --
------- ------- ------- ------- ------- ------- ----- -------
NET OPERATING INCOME - PROPERTIES 6,875 2,598 4,277 -- -- 3,232 649 --
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- -- -- --
Property related home office expenses (102) (39) (63) (1) -- (110) (22) (1)
Equity in earnings of
Fund I unconsolidated properties 90 19 41 407 67 (191) (38) 407
Lease termination income -- -- -- -- -- -- -- --
Interest income 197 74 123 8 2 65 13 9
Asset and property management income -- -- -- -- -- -- -- --
Promote Fee -- -- -- (332) -- -- -- --
Asset and property management expense (2) (133) (50) (83) -- -- (2,443) -- --
Straight-line rent income (1,744) (659) (1,085) -- -- 64 13 --
Straight-line rents written off -- -- -- -- -- -- -- --
FAS 141 Rent -- -- -- -- -- (448) (90) --
Abandoned project costs -- -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- -- -- --
Provision for income taxes (34) (13) (21) (2) (1) -- -- (2)
Other income -- -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- ----- -------
EBIDTA 5,149 1,930 3,189 80 68 169 525 413
Depreciation and amortization (3) (3,179) (1,202) (1,977) -- -- (1,238) (248) --
FAS 141 Amortization -- -- -- -- -- (415) (83) --
Interest expense (3) (1,240) (438) (772) -- -- (2,493) (498) --
Loan defeasance -- -- -- -- -- -- -- --
FAS 141 Interest 30 12 18 -- -- -- -- --
Impairment of real estate -- -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- -- --
Gain on sale of properties - Mervyn's -- -- -- 2,458 757 -- -- 2,458
Income taxes on gain
on property sale - Mervyn's -- -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- ----- -------
Income before minority interest 760 302 458 2,538 825 (3,977) (304) 2,871
Minority interest - OP -- (6) (9) -- (15) -- 6 --
Minority interest (183) (70) (113) -- -- 41 8 --
------- ------- ------- ------- ------- ------- ----- -------
NET INCOME $ 577 $ 226 $ 336 $ 2,538 $ 810 $(3,936) $(290) $ 2,871
======= ======= ======= ======= ======= ======= ===== =======
YEAR-TO-DATE
PERIOD
ENDED JUNE 30,
2006
---------------------------------------------------------------------
AKR PRO- AKR PRO- AKR PRO-
RATA RATA RATA
SHARE BRANDYWINE JV SHARE CROSSROADS SHARE TOTAL
--------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ -- $ 7,184 $ 1,596 $ 3,043 $ 1,492 $ 11,257
------- ------- ------- ------- -------- --------
Percentage rents -- 42 9 -- -- 10
Expense reimbursements -- 1,202 267 1,265 620 1,289
Other property income -- 1 -- 19 9 17
------- ------- ------- ------- -------- --------
-- 8,429 1,872 4,327 2,121 12,573
------- ------- ------- ------- -------- --------
PROPERTY EXPENSES
Property operating -- 1,476 328 472 231 1,040
Real estate taxes -- 448 100 836 409 1,084
-- 1,924 428 1,308 640 2,124
------- ------- ------- ------- -------- --------
NET OPERATING INCOME - PROPERTIES -- 6,505 1,444 3,019 1,481 10,449
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- --
Property related home office expenses -- -- -- -- -- (124)
Equity in earnings of Fund I unconsolidated properties 81 -- -- -- -- 170
Lease termination income -- -- -- -- -- --
Interest income 1 31 7 35 17 237
Asset and property management income -- -- -- -- -- --
Promote Fee -- -- -- -- -- --
Asset and property management expense (2) -- (435) -- -- -- (133)
Straight-line rent income -- 298 66 4 2 (1,663)
Straight-line rents written off -- -- -- -- -- --
FAS 141 Rent -- 347 77 -- -- (13)
Abandoned project costs -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- --
Provision for income taxes -- -- -- -- -- (35)
Other income -- -- -- 354 173 173
------- ------- ------- ------- -------- --------
EBIDTA 82 6,746 1,594 3,412 1,673 9,061
Depreciation and amortization (3) -- (1,508) (335) (291) (143) (3,905)
FAS 141 Amortization -- -- -- -- -- (83)
Interest expense (3) -- (3,508) (737) (1,728) (847) (3,292)
Loan defeasance -- (6,604) (1,467) -- -- (1,467)
FAS 141 Interest -- 3,138 697 -- -- 727
Impairment of real estate -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- --
Gain on sale of properties - Mervyn's 492 -- -- -- -- 1,249
Income taxes on gain on property sale - Mervyn's -- -- -- -- -- --
------- ------- ------- ------- -------- --------
Income before minority interest 574 (1,736) (248) 1,393 683 2,290
Minority interest - OP (12) -- -- -- (14) (50)
Minority interest -- -- -- -- -- (175)
------- ------- ------- ------- -------- --------
NET INCOME $ 562 $(1,736) $ (248) $ 1,393 $ 669 $ 2,065
======= ======= ======= ======= ======== ========
(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 investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I & II and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV and has a 49% JV interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
(2) Funds I, II and the Mervyn's investment pay asset management, promote and
other fees to the Company. As it is the recipient of such fees, the Company
does not recognize a pro-rata share of these expenses
(3) In addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its increased basis in Crossroads.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Statements of Operations - Joint Venture Activity (1)
Current Quarter and Year-to-Date
(in thousands)
CURRENT QUARTER
3 MONTHS
ENDED JUNE 30,
2006
--------------------------------------------------------------------------------------
AKR PRO- AKR PRO- AKR PRO-
RATA AKR RATA RATA
FUND I SHARE PROMOTE MERVYNS I SHARE FUND II SHARE MERVYNS II
-------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 3,963 $ 1,497 $ 2,466 $ -- $ -- $ 1,976 $ 395 $ --
------- ------- ------- ----- ----- ------- ----- -----
Percentage rents -- -- -- -- -- 5 1 --
Expense reimbursements 76 29 47 -- -- 252 50 --
Other property income (3) (1) (2) -- -- 1 -- --
------- ------- ------- ----- ----- ------- ----- -----
4,036 1,525 2,511 -- -- 2,234 446 --
------- ------- ------- ----- ----- ------- ----- -----
PROPERTY EXPENSES
Property operating 152 57 95 -- -- 386 77 --
Real estate taxes 115 43 72 -- -- 407 81 --
267 100 167 -- -- 793 158 --
------- ------- ------- ----- ----- ------- ----- -----
NET OPERATING INCOME - PROPERTIES 3,769 1,425 2,344 -- -- 1,441 288 --
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- -- -- --
Property related home office expenses (50) (19) (31) (1) -- (64) (13) (1)
Equity in earnings of
Fund I unconsolidated properties 71 27 29 (152) (57) (69) (14) (152)
Lease termination income -- -- -- -- -- -- -- --
Interest income 109 41 68 2 1 57 11 2
Asset and property management income -- -- -- -- -- -- -- --
Promote Fee -- -- -- -- -- -- -- --
Asset and property management expense (2) 105 40 65 -- -- (1,238) -- --
Straight-line rent income (1,180) (446) (734) -- -- 60 12 --
Straight-line rents written off -- -- -- -- -- -- -- --
FAS 141 Rent -- -- -- -- -- (224) (45) --
Abandoned project costs -- -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- -- -- --
Provision for income taxes (4) (2) (2) (2) (1) -- -- (2)
Other income -- -- -- -- -- -- -- --
------- ------- ------- ----- ----- ------- ----- ------
EBIDTA 2,820 1,066 1,739 (153) (57) (37) 239 (153)
Depreciation and amortization (3) (1,608) (608) (1,000) -- -- (643) (129) --
FAS 141 Amortization -- -- -- -- -- (207) (41) --
Interest expense (3) (612) (216) (381) -- -- (1,421) (284) --
Loan defeasance -- -- -- -- -- -- -- --
FAS 141 Interest 15 6 9 -- -- -- -- --
Impairment of real estate -- -- -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- -- -- --
Gain on sale of properties - Mervyn's -- -- -- 1,359 513 -- -- 1,359
Income taxes on gain
on property sale - Mervyn's -- -- -- -- -- -- -- --
------- ------- ------- ----- ----- ------- ----- ------
Income before minority interest 615 248 367 1,206 456 (2,308) (215) 1,206
Minority interest - OP -- (5) (7) -- (9) -- 4 --
Minority interest (89) (34) (55) -- -- 35 7 --
------- ------- ------- ----- ----- ------- ----- ------
NET INCOME $ 526 $ 209 $ 305 $ 1,206 $ 447 $(2,273) $(204) $ 1,206
======= ======= ======= ======= ======= ======= ===== =======
CURRENT QUARTER
3 MONTHS
ENDED JUNE 30,
2006
----------------------------------------------------------------
AKR PRO- AKR PRO- AKR PRO-
RATA RATA RATA
SHARE BRANDYWINE JV SHARE CROSSROADS SHARE TOTAL
----------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ -- 3,615 $ 803 $ 1,529 $ 750 $ 5,911
------- ----- ------- ------- ------- -------
Percentage rents -- -- -- -- -- 1
Expense reimbursements -- 648 144 633 310 580
Other property income -- 1 -- 9 4 1
------- ----- ------- ------- ------- -------
-- 4,264 947 2,171 1,064 6,493
------- ----- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating -- 697 155 241 118 502
Real estate taxes -- 224 50 423 207 453
------- ----- ------- ------- ------- -------
-- 921 205 664 325 955
------- ----- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES -- 3,343 742 1,507 739 5,538
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- --
Property related home office expenses -- -- -- -- -- (63)
Equity in earnings of
Fund I unconsolidated properties (31) -- -- -- -- (46)
Lease termination income -- -- -- -- -- --
Interest income -- 26 6 15 7 134
Asset and property management income -- -- -- -- -- --
Promote Fee -- -- -- -- -- --
Asset and property management expense (2) -- (225) -- -- -- 105
Straight-line rent income -- 136 30 17 8 (1,130)
Straight-line rents written off -- -- -- -- -- --
FAS 141 Rent -- 165 37 -- -- (8)
Abandoned project costs -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- --
Provision for income taxes -- -- -- -- -- (5)
Other income -- -- -- 354 173 173
------- ----- ------- ------- ------- -------
EBIDTA (31) 3,445 815 1,893 927 4,698
Depreciation and amortization (3) -- (784) (174) (148) (73) (1,984)
FAS 141 Amortization -- -- -- -- -- (41)
Interest expense (3) -- (1,965) (437) (869) (426) (1,744)
Loan defeasance -- -- -- -- -- --
FAS 141 Interest -- -- -- -- -- 15
Impairment of real estate -- -- -- -- -- --
Gain on sale of properties -- -- -- -- -- --
Gain on sale of properties - Mervyn's 272 -- -- -- -- 785
Income taxes on gain
on property sale - Mervyn's -- -- -- -- -- --
------- ------ ------- ------- ------- -------
Income before minority interest 241 696 204 876 428 1,729
Minority interest - OP (5) -- -- -- (9) (31)
Minority interest -- -- -- -- -- (82)
------ ------- ------- ------- ------- -------
NET INCOME $ 236 $ 696 $ 204 $ 876 $ 419 $ 1,616
======= ======= ======= ======= ======= =======
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Statements of Operations - Joint Venture Activity (1)
- --------------------------------------------------------------------------------------
Current Quarter and Year-to-Date
- --------------------------------------------------------------------------------------
(in thousands)
----------------------------------
Previous Quarter
3 months
ended March 31,
2006
----------------------------------
AKR AKR AKR
Pro- Pro-
Fund I rata Promote Mervyns rata
share I share
------ ------ ------- -------- ------
PROPERTY REVENUES
Minimum rents $3,345 $1,264 $2,081 $- $-
Percentage rents - - - - -
Expense reimbursements 191 72 119 - -
Other property income 9 3 6 - -
------- ------ ------- ------- ------
3,545 1,339 2,206 - -
------- ------ ------- ------- ------
PROPERTY EXPENSES
Property operating 142 54 88 - -
Real estate taxes 297 112 185 - -
------- ------ ------- ------- ------
439 166 273 - -
------- ------ ------- ------- ------
NET OPERATING INCOME - PROPERTIES 3,106 1,173 1,933 - -
OTHER INCOME (EXPENSE)
General and administrative - - - -
Property related home office expenses (52) (20) (32) - -
Equity in earnings of Fund I unconsolidated properties 19 (8) 12 559 124
Lease termination income - - - - -
Interest income 88 33 55 6 1
Asset and property management income - - - - -
Promote Fee - - - (332) -
Asset and property management expense( 2) (238) (90) (148) - -
Straight-line rent income (564) (213) (351) - -
Straight-line rents written off - - - - -
FAS 141 Rent - - - - -
Abandoned project costs - - - - -
Hurricane related expenses - - - - -
Provision for income taxes (30) (11) (19) - -
Other income - - - - -
------- ------ ------- ---- ------
EBIDTA 2,329 864 1,450 233 125
Depreciation and amortization (3) (1,571) (594) (977) - -
FAS 141 Amortization - - - - -
Interest expense (3) (628) (222) (391) - -
Loan defeasance - - - - -
FAS 141 Interest 15 6 9 - -
Impairment of real estate - - - - -
Gain on sale of properties - - - - -
Gain on sale of properties - Mervyn's - - - 1,099 244
Income taxes on gain on property sale - Mervyn's - - - - -
------- ------ ------- ---- ------
Income before minority interest 145 54 91 1,332 369
Minority interest - OP - (1) (2) - (6)
Minority interest (94) (36) (58) - -
------- ------ ------- ------- ---
NET INCOME $51 $17 $31 $1,332 $363
======= ====== ======= ====== ===
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Statements of Operations - Joint Venture Activity (1)
--------------------------------------------------
Current Quarter and Year-to-Date
--------------------------------------------------
----------------------------------------------------------------------
AKR Pro- AKR Pro- AKR Pro- AKR Pro- AKR Pro-
Fund II rata Mervyns rata Brandywine rata Crossroads rata rata
share II share JV share share Total
----------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $2,317 $466 $- $- 3,569 $793 $1,514 $742 $5,346
Percentage rents - - - - 42 9 - - 9
Expense reimbursements 424 85 - - 554 123 632 310 709
Other property income 8 2 - - - - 10 5 16
------- ---- ------ ---- ------- ----- ---- ---- ----
2,749 553 - - 4,165 925 2,156 1,057 6,080
------- ---- ------ ---- ------- ----- ---- ---- ----
PROPERTY EXPENSES
Property operating 549 110 - - 779 173 231 113 538
Real estate taxes 409 82 - - 224 50 413 202 631
------- ---- ------ ---- ------- ----- ---- ---- ----
958 192 - - 1,003 223 644 315 1,169
------- ---- ------ ---- ------- ----- ---- ---- ----
NET OPERATING INCOME - PROPERTIES 1,791 361 - - 3,162 702 1,512 742 4,911
OTHER INCOME (EXPENSE)
General and administrative - - - - - - - - -
Property related home office expenses (46) (9) - - - - - - (61)
Equity in earnings of Fund I unconsolidated
properties (122) (24) 559 112 - - - - 216
Lease termination income - - - - - - - - -
Interest income 8 2 7 1 5 1 20 10 103
Asset and property management income - - - - - - - - -
Promote Fee - - - - - - - - -
Asset and property management expense(2) (1,205) - - - (210) - - - (238)
Straight-line rent income 4 1 - - 162 36 (13) (6) (533)
Straight-line rents written off - - - - - - - - -
FAS 141 Rent (224) (45) - - 182 40 - - (5)
Abandoned project costs - - - - - - - - -
Hurricane related expenses - - - - - - - - -
Provision for income taxes - - - - - - - - (30)
Other income - - - - - - - - -
------- ---- ------ ---- ------- ----- ---- ---- ----
EBIDTA 206 286 566 113 3,301 779 1,519 746 4,363
Depreciation and amortization (3) (595) (119) - - (724) (161) (143) (70) (1,921)
FAS 141 Amortization (208) (42) - - - - - - (42)
Interest expense (3) (1,072) (214) - - (1,543) (300) (859) (421) (1,548)
Loan defeasance - - - - (6,604)(1,467) - - (1,467)
FAS 141 Interest - - - - 3,138 697 - - 712
Impairment of real estate - - - - - - - - -
Gain on sale of properties - - - - - - - - -
Gain on sale of properties - Mervyn's - - 1,099 220 - - - - 464
Income taxes on gain on property sale - Mervyn's - - - - - - - - -
------- ---- ------ ---- ------- ----- ---- ---- ----
Income before minority interest (1,669) (89) 1,665 333 (2,432) (452) 517 255 561
Minority interest - OP - 2 - (7) - - - (5) (19)
Minority interest 6 1 - - - - - - (93)
------- ---- ------ ---- ------- ----- ---- ---- ----
NET INCOME $(1,663) $(86)$1,665 $326 $(2,432) $(452) $517 $250 $449
======= ==== ====== ==== ======= ===== ==== ==== ====
(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 investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I & II and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV and has a 49% JV interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
(2) Funds I, II and the Mervyn's investment pay asset management, promote and
other fees to the Company. As it is the recipient of such fees, the Company
does not recognize a pro-rata share of these expenses
(3) In addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its increased basis in Crossroads.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Statements of Operations - Activity by Source (1)
----------------------
(in thousands)
----------------------------------------------------------------
Year-to-Date Current Quarter Previous Quarter
Period 3 months 3 months
ended June 30, ended June 30, ended March 31,
2006 2006 2006
-------------------------------- -------------------------------- --------------------------------
Retail Multi- Corporate Total Retail Multi- Corporate Total Retail Multi- Corporate Total
Family Family Family
-------------------------------- -------------------------------- --------------------------------
PROPERTY REVENUES
Minimum rents $35,205 $3,747 $- $38,952 $17,941 $1,842 $- $19,783 $17,264 $1,905 $- $19,169
Percentage rents 359 - - 359 152 - - 152 207 - - 207
Expense reimbursements 9,006 - - 9,006 4,290 - - 4,290 4,716 - - 4,716
Other property income 224 245 - 469 113 118 - 231 111 127 - 238
------- ------ -- ------- ------- ------ -- ------- ------- ------ -- -------
44,794 3,992 - 48,786 22,496 1,960 - 24,456 22,298 2,032 - 24,330
------- ------ -- ------- ------- ------ -- ------- ------- ------ -- -------
PROPERTY EXPENSES
Property operating 6,284 1,801 - 8,085 2,951 901 - 3,852 3,333 900 - 4,233
Real estate taxes 5,836 215 - 6,051 2,773 100 - 2,873 3,063 115 - 3,178
------- ------ -- ------- ------- ------ -- ------- ------- ------ -- -------
12,120 2,016 - 14,136 5,724 1,001 - 6,725 6,396 1,015 - 7,411
------- ------ -- ------- ------- ------ -- ------- ------- ------ -- -------
NET OPERATING INCOME -
PROPERTIES 32,674 1,976 - 34,650 16,772 959 - 17,731 15,902 1,017 - 16,919
OTHER INCOME (EXPENSE)
General and
administrative - - (5,118) (5,118) - - (2,425) (2,425) - - (2,693) (2,693)
Property related home
office expenses - - (4,879) (4,879) - - (2,301) (2,301) - - (2,578) (2,578)
Equity in earnings of
Fund I unconsolidated
properties 578 - - 578 363 - - 363 215 - - 215
Lease termination
income - - - - - - - - - - - -
Interest income - 8 3,752 3,760 - 4 1,990 1,994 - 4 1,762 1,766
Asset and property
management income - - 5,069 5,069 - - 2,506 2,506 - - 2,563 2,563
Promote Fee 258 - - 258 - - - - 258 - - 258
Other property
management fees (532) (71) - (603) (259) (31) - (290) (273) (40) - (313)
Straight-line rent
income (1,336) - - (1,336) (929) - - (929) (407) - - (407)
Straight-line rents
written off - - - - - - - - - - - -
FAS 141 Rent (34) - - (34) (76) - - (76) 42 - - 42
Abandoned project
costs - - - - - - - - - - - -
Hurricane related
expenses - - - - - - - - - - - -
Provision for income
taxes (810) - - (810) (361) - - (361) (449) - - (449)
Other income 165 - - 165 165 - - 165 - - - -
------- ------ -- ------- ------- ------ -- ------- ------- ------ -- -------
EBIDTA 30,963 1,913 (1,176) 31,700 15,675 932 (230) 16,377 15,288 981 (946) 15,323
Depreciation and
amortization (11,242) (753) (234)(12,229) (5,659) (377) (117) (6,153) (5,583) (376) (117) (6,076)
FAS 141 Amortization (393) - - (393) (198) - - (198) (195) - - (195)
Interest expense (10,342) (729) - (11,071) (5,406) (375) - (5,781) (4,936) (354) - (5,290)
Loan defeasance (326) - - (326) - - - - (326) - - (326)
FAS 141 Interest 766 - - 766 38 - - 38 728 - - 728
Impairment of real
estate - - - - - - - - - - - -
Gain on sale of
properties - - - - - - - - - - - -
Gain on sale of
properties -
Mervyn's 1,249 - - 1,249 785 - - 785 464 - - 464
Income taxes on gain
on property sale -
Mervyn's - - - - - - - - - - - -
------- ------ -- ------- ------- ------ -- ------- ------- ------ -- -------
Income before minority
interest 10,675 431 (1,410) 9,696 5,235 180 (347) 5,068 5,440 251 (1,063) 4,628
Minority interest - OP (217) (9) 28 (198) (107) (4) 7 (104) (110) (5) 21 (94)
Minority interest (297) - - (297) (116) - - (116) (181) - - (181)
------- ------ -- ------- ------- ------ -- ------- ------- ------ -- -------
NET INCOME $10,161 $422 $(1,382) $9,201 $5,012 $176 $(340) $4,848 $5,149 $246 $(1,042) $4,353
======= ==== ======= ====== ====== ==== ===== ====== ====== ==== ======= ======
(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 investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I & II and Mervyns I & II which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV and a 49% JV interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Statements of Operations - Current v. Historical (1)
-------------------------------------------------------------------
(in thousands)
--------------------------------- ---------------------------------
Current Quarter Historical Quarter
3 months 3 months
ended June 30, ended June 30,
2006 2005
--------------------------------- ---------------------------------
Discontinued Discontinued
Wholly JV's Operations Total Wholly JV's Operations Total
Owned (2) Owned (2)
--------------------------------- ---------------------------------
PROPERTY REVENUES
Minimum rents $12,720 $5,911 $1,152 $19,783 $11,966 $2,526 $1,213 $15,705
Percentage rents 122 1 29 152 107 10 5 122
Expense reimbursements 3,152 580 558 4,290 2,623 523 576 3,722
Other property income 210 1 20 231 134 11 3 148
------- ------ ------ ------- ------- ------ ------ -------
16,204 6,493 1,759 24,456 14,830 3,070 1,797 19,697
------- ------ ------ ------- ------- ------ ------ -------
PROPERTY EXPENSES
Property operating 2,948 502 402 3,852 2,692 464 417 3,573
Real estate taxes 1,937 453 483 2,873 1,649 343 512 2,504
------- ------ ------ ------- ------- ------ ------ -------
4,885 955 885 6,725 4,341 807 929 6,077
------- ------ ------ ------- ------- ------ ------ -------
NET OPERATING INCOME - PROPERTIES 11,319 5,538 874 17,731 10,489 2,263 868 13,620
OTHER INCOME (EXPENSE)
General and administrative (2,425) - - (2,425) (1,507) - - (1,507)
Property related home office expenses (2,238) (63) - (2,301) (2,190) (27) - (2,217)
Equity in earnings of Fund I unconsolidated
properties 409 (46) - 363 - (2) - (2)
Lease termination income - - - - - - - -
Interest income 1,860 134 - 1,994 941 7 - 948
Asset and property management income 2,506 - - 2,506 2,857 - - 2,857
Promote Fee - - - - - - - -
Property management expense (395) 105 - (290) (55) - - (55)
Straight-line rent income 201 (1,130) - (929) 157 (250) - (93)
Straight-line rents written off - - - - - - - -
FAS 141 Rent (68) (8) - (76) - 25 - 25
Abandoned project costs - - - - - (86) - (86)
Hurricane related expenses - - - - - - - -
Provision for income taxes (356) (5) - (361) - - - -
Other income (expense) (8) 173 - 165 1 - - 1
------- ------ ------ ------- ------- ------ ------ -------
EBIDTA 10,805 4,698 874 16,377 10,693 1,930 868 13,491
Depreciation and amortization (3,891)(1,984) (278) (6,153) (3,674) (710) (304) (4,688)
FAS 141 Amortization (157) (41) - (198) - (27) - (27)
Interest expense (3,812)(1,744) (225) (5,781) (2,509) (823) (161) (3,493)
Loan defeasance - - - - - - - -
FAS 141 Interest 23 15 - 38 - 29 - 29
Impairment of real estate - - - - - - - -
Gain on sale of properties - - - - - - - -
(Loss) gain on sale of properties - - (770) (770)
Gain on sale of properties (Mervyns) - 785 - 785 - - - -
Income taxes on gain on sale (Mervyn's) - - - - - - - -
------- ------ ------ ------- ------- ------ ------ -------
Income before minority interest 2,968 1,729 371 5,068 4,510 399 (367) 4,542
Minority interest - OP (66) (31) (7) (104) (91) (8) 7 (92)
Minority interest (34) (82) - (116) (93) (12) - (105)
------- ------ ------ ------- ------- ------ ------ -------
NET INCOME $2,868 $1,616 $364 $4,848 $4,326 $379 $(360) $4,345
====== ====== ==== ====== ====== ==== ===== ======
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Statements of Operations - Current v. Historical (1)
-----------------------------------------------------------
(in thousands)
---------------------------------- ---------------------------------
Current Year-to-Date Historical Year-to-Date
Period Period
ended June 30, ended June 30,
2006 2005
---------------------------------- ---------------------------------
Discontinued Discontinued
Wholly JV's (2) Operations Total Wholly JV's Operations Total
Owned Owned (2)
---------------------------------- ---------------------------------
PROPERTY REVENUES
Minimum rents $25,459 $11,257 $2,236 $38,952 $23,517 $4,870 $2,463 $30,850
Percentage rents 307 10 42 359 264 20 32 316
Expense reimbursements 6,616 1,289 1,101 9,006 5,957 1,057 1,292 8,306
Other property income 404 17 48 469 352 16 9 377
------- ------- ------ ------- ------- ------ ------ -------
32,786 12,573 3,427 48,786 30,090 5,963 3,796 39,849
------- ------- ------ ------- ------- ------ ------ -------
PROPERTY EXPENSES
Property operating 6,222 1,040 823 8,085 6,308 922 1,125 8,355
Real estate taxes 4,030 1,084 937 6,051 3,553 666 1,022 5,241
------- ------- ------ ------- ------- ------ ------ -------
10,252 2,124 1,760 14,136 9,861 1,588 2,147 13,596
------- ------- ------ ------- ------- ------ ------ -------
NET OPERATING INCOME - PROPERTIES 22,534 10,449 1,667 34,650 20,229 4,375 1,649 26,253
OTHER INCOME (EXPENSE)
General and administrative (5,118) - - (5,118) (3,212) - - (3,212)
Property related home office expenses (4,755) (124) - (4,879) (3,563) (35) - (3,598)
Equity in earnings of Fund I unconsolidated
properties 409 170 - 579 - 17 - 17
Lease termination income - - - - - - - -
Interest income 3,523 237 - 3,760 1,418 8 - 1,426
Asset and property management income 5,069 - - 5,069 4,835 - - 4,835
Promote Fee 258 - - 258 - - - -
Property management expense (470) (133) - (603) (111) - - (111)
Straight-line rent income 327 (1,663) - (1,336) 299 (356) - (57)
Straight-line rents written off - - - - (17) - - (17)
FAS 141 Rent (21) (13) - (34) - 42 - 42
Abandoned project costs - - - - - (86) - (86)
Hurricane related expenses - - - - 479 - - 479
Provision for income taxes (775) (35) - (810) - - - -
Other income (expense) (8) 173 - 165 105 - - 105
------- ------- ------ ------- ------- ------ ------ -------
EBIDTA 20,973 9,061 1,667 31,701 20,462 3,965 1,649 26,076
Depreciation and amortization (7,763) (3,905) (561)(12,229) (7,352)(1,403) (650) (9,405)
FAS 141 Amortization (311) (83) - (394) - (75) - (75)
Interest expense (7,350) (3,292) (429)(11,071) (4,725)(1,644) (304) (6,673)
Loan defeasance 1,141 (1,467) - (326) - - - -
FAS 141 Interest 39 727 - 766 - - - -
Impairment of real estate - - - - - 58 - 58
Gain on sale of properties - - - - - - - -
(Loss) gain on sale of properties - - (770) (770)
Gain on sale of properties (Mervyns) - 1,249 - 1,249 - - - -
Income taxes on gain on sale (Mervyn's) - - - - - - - -
------- ------- ------ ------- ------- ------ ------ -------
Income before minority interest 6,729 2,290 677 9,696 8,385 901 (75) 9,211
Minority interest - OP (135) (50) (13) (198) (152) (17) 2 (167)
Minority interest (122) (175) - (297) (237) (17) - (254)
------- ------- ------ ------- ------- ------ ------ -------
NET INCOME $6,472 $2,065 $664 $9,201 $7,996 $867 $(73) $8,790
====== ====== ==== ====== ====== ==== ==== ======
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I & II and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV and has a 49% JV interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Net Operating Income (NOI) - Same Property Performance (1)
--------------------------------------------------
(in thousands)
Growth in Same Growth in Same
Property NOI - Property NOI -
Continuing Operations Continuing
Operations
Notes: Current Historical Favorable (unfavorable) Current Historical Favorable
Quarter Quarter Year-to- Year-to-Date (unfavorable)
Date
-------------------------------------------------------------------------------------------
3 months 3 months 6 months 6 months
ended ended ended ended
Reconciliation of total NOI to same June 30, June 30, June 30, June 30,
property NOI: 2006 2005 2006 2005
--------------------- ------------------------
NOI - Wholly-owned properties (2) $12,193 $11,357 $24,201 $21,878
NOI - Consolidated and unconsolidated
joint ventures 5,538 2,263 10,449 4,375
Adjustment to reflect 2006 increase in
Fund I ownership percentage (3) (2,201) 669 (4,124) 1,290
------ --- ------ -----
Total NOI 15,530 14,289 30,526 27,543
NOI - Properties Acquired (1,167) - (2,324) -
NOI - Property sold or held for sale (874) (868) (1,667) (1,649)
NOI - Redevelopment Properties (77) 52 (42) 38
------ --- ------ -----
$13,412 $13,473 -0.5% $26,493 $25,932 2.2%
======= ======= === ======= ======= ===
Same property NOI by portfolio component and revenues/expenses:
Retail Properties Retail Properties
Revenues $16,720 $16,600 0.7% $33,469 $33,380 0.3%
Expenses 4,267 4,123 -3.5% 8,952 9,381 4.6%
-------------------------------------- --------------------------------
12,453 12,477 -0.2% 24,517 23,999 2.2%
-------------------------------------- --------------------------------
Residential Residential Properties (2
Properties (2 properties)
properties)
Revenues 1,960 1,890 3.7% 3,992 3,766 6.0%
Expenses 1,001 894 -12.0% 2,016 1,833 0.0%
-------------------------------------- --------------------------------
959 996 -3.7% 1,976 1,933 2.2%
-------------------------------------- --------------------------------
$13,412 $13,473 -0.5% $26,493 $25,932 2.2%
====================================== ================================
(1) The above amounts includes the pro-rata activity related to the Company's
consolidated and unconsolidated joint ventures.
(2) The Company experienced a $248,000 and $312,000 decrease in NOI at its
Bloomfield Hills, MI property for the quarter and six months ended June 30,
2006, respectively, as a result of re-tenanting activities. This represents
a 2.0% and 1.3% adverse impact on same-store retail NOI, respectively, for
these periods.
(3) As a result of the recapitalization of the Brandywine Portfolio which
enabled the Fund I investors to receive all of their invested capital and
preferred return, the Company is entitled to receive a 20% promote
interest. Accordingly, Acadia's effective ownership interest is now 38%
[20% + (80% x 22%)] as compared with 22% for 2005. 2005 NOI has been
adjusted to this same ownership interest to provide a comparable NOI for
the purposes of evaluating same-property performance. 2006 NOI from Fund I
has been decreased from 100% down to 38% for comparability.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Funds from Operations ("FFO")(1) 2006 2005
- ------------------------------------------------------------------ -------------------------- ---------------------
Current Current Previous Historic Historic
Year-to- Quarter Quarter Year-to-Date Quarter
Date
Period 3 months 3 months Period 3 months
ended ended ended ended ended
Funds from operations ("FFO"): Notes June 30, June 30, March June 30, June 30,
2006 2006 31, 2005 2005
2006
- ------------------------------------------------------------------ -------- -------- -------- ------- -------
Net Income $9,201 $4,848 $4,353 $8,790 $4,345
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of minority interest share)
Wholly owned and consolidated subsidiaries 10,327 5,293 5,034 7,017 3,396
Unconsolidated subsidiaries 850 438 412 1,228 598
Income attributable to Operating Partnership units (2) 198 104 94 187 109
Gain on sale of properties (831) (459) (372) - -
-------- -------- -------- -------- --------
FFO - Basic 19,745 10,224 9,521 17,222 8,448
Distributions on Preferred OP Units 125 63 62 180 93
-------- -------- -------- -------- --------
FFO - Diluted $19,870 $10,287 $9,583 $17,402 $8,541
======== ======== ======== ======== ========
Adjusted Funds from operations ("AFFO"):
- ------------------------------------------------------------------
Diluted FFO $19,870 $10,287 $9,583 $17,402 $8,541
Straight line rent, net 1,336 929 407 21 57
Non real-estate depreciation 234 117 117 217 112
Amortization of finance costs 432 213 219 501 313
Amortization of cost of management contracts 463 230 233 366 195
Tenant improvements (641) (430) (211) (626) (296)
Leasing commissions (405) (295) (110) (360) (206)
Capital expenditures (2,329) (1,422) (907) (784) (265)
-------- -------- -------- -------- --------
AFFO $18,960 $9,629 $9,331 $16,737 $8,451
======== ======== ======== ======== ========
Funds Available for Distribution ("FAD")
- ------------------------------------------------------------------
AFFO $18,960 $9,629 $9,331 $16,737 $8,451
Scheduled prinicpal repayments (1,968) (979) (989) (1,233) (620)
-------- -------- -------- -------- --------
FAD $16,992 $8,650 $8,342 $15,504 $7,831
======== ======== ======== ======== ========
Total weighted average shares and OP Units:
Basic 33,141 33,161 33,122 32,462 32,541
======== ======== ======== ======== ========
Diluted 33,778 33,799 33,757 33,244 33,310
======== ======== ======== ======== ========
FFO per share:
FFO per share - Basic (3) $0.60 $0.31 $0.29 $0.53 $0.26
======== ======== ======== ======== ========
FFO per share - Diluted (3) $0.59 $0.30 $0.28 $0.52 $0.26
======== ======== ======== ======== ========
AFFO per share - Basic (3) $0.57 $0.29 $0.28 $0.51 $0.26
======== ======== ======== ======== ========
AFFO per share - Diluted (3) $0.56 $0.28 $0.28 $0.50 $0.25
======== ======== ======== ======== ========
FAD per share - Basic (3) $0.51 $0.26 $0.25 $0.47 $0.24
======== ======== ======== ======== ========
FAD per share - Diluted (3) $0.50 $0.26 $0.25 $0.47 $0.24
======== ======== ======== ======== ========
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management are necessary for a fair presentation of
operating results for the interim periods.
(2) Reflects OP Unitholders interest in OP net income.
(3) Assumes full conversion of O.P. Units into Common Shares. Diluted FFO
assumes conversion of Preferred O.P. Units as well as assumed exercise of
outstanding share options. Quarterly Preferred OP Unit distributions are
added back for the purposes of calculating diluted FFO. Refer to "Market
Capitalization" for weighted-average basic and diluted shares.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Capital Expenditures
---------------------------------
----------------- ------------------
Year-to-Date Current Previous Previous
Quarter Quarter Year
3 months 3 months Year
ended ended ended
June 30, 2006 June 30, 2006 March 31, December 31,
2006 2005
----------------- ------------------ ------------- ----------------
Leasing Commissions: $405 $295 $110 $718
----------------- ------------------ ------------- ----------------
Tenant Improvements: 750 430 320 2,068
----------------- ------------------ ------------- ----------------
Capital Expenditures:
Retail 1,718 1,190 528 577
Residential 371 232 139 1,018
----------------- ------------------ ------------- ----------------
2,089 1,422 667 1,595
----------------- ------------------ ------------- ----------------
Redevelopments 6,437 4,939 1,498 1,803
----------------- ------------------ ------------- ----------------
Total $9,681 $7,086 $2,595 $6,184
================= ================== ============= ================
Expenditures included in deferred
leasing - - - 718
Accrued construction costs as of
period-end - - - 21
----------------- ------------------ ------------- ----------------
Expenditures for real estate and
improvements as reported on the
Company's Statement of Cash
Flows $9,681 $7,086 $2,595 $5,445
================= ================== ============= ================
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Consolidated Balance Sheets
- ----------------------------------------------------------------------------------------------------
(in thousands)
June 30, December 31,
2006 2005
-------------- --------------
ASSETS
Real estate
Land $135,720 $146,240
Buildings and improvements 501,998 584,962
Construction in progress 12,058 4,016
-------------- --------------
649,776 735,218
Less: accumulated depreciation (139,578) (135,891)
-------------- --------------
Net real estate 510,198 599,327
Cash and cash equivalents 55,114 91,398
Cash in escrow 7,500 7,799
Restricted Cash 549 548
Investments in and advances to unconsolidated partnerships 37,658 10,320
Investment in management contracts 2,745 3,178
Preferred equity investment - 19,000
Rents receivable, net of $1,508 and $2,223 allowance, respectively 6,670 8,223
Straight-line rents receivable, net of $910 allowance 1,399 5,282
Notes Receivable 57,801 15,733
Prepaid expenses 4,376 5,199
Deferred charges, net 25,556 24,288
Other assets 18,539 15,786
Acquired lease intangibles 6,785 8,941
Assets of discontinued operations 26,099 26,836
-------------- --------------
$760,989 $841,858
============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $361,889 $411,000
Accounts payable and accrued expenses 8,902 19,018
Dividends and distributions payable 6,161 6,088
Share of losses in excess of investment in unconsolidated partnerships 23,131 10,315
Interest rate swap payable - 180
Other liabilities 9,244 14,195
Liabilities of discontinued operations 13,963 14,221
-------------- --------------
Total liabilities 423,290 475,017
-------------- --------------
Minority interest in Operating Partnership 8,356 9,204
Minority interests in partially owned partnerships 107,766 137,061
-------------- --------------
Total minority interests 116,122 146,265
-------------- --------------
Shareholders' equity:
Common shares 31 31
Additional paid-in capital 223,102 223,199
Accumulated other comprehensive income 1,086 (12)
Deficit (2,642) (2,642)
-------------- --------------
Total shareholders' equity 221,577 220,576
-------------- --------------
$760,989 $841,858
============== ==============
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Selected Operating Ratios
-----------------------------------------------------------------------
3 months ended June 30, 6 months ended June 30,
2006 2005 2006 2005
---------- --------- -------- --------
Coverage Ratios (1)
- -----------------------------------------------------------------------
Interest Coverage Ratio
EBIDTA (2) $16,377 $13,491 $31,701 $26,076
Divided by Interest expense 5,781 3,493 11,071 6,673
---------- --------- -------- --------
2.83 x 3.86 x 2.86 x 3.91 x
Fixed Charge Coverage Ratio
EBIDTA $16,377 $13,491 $31,701 $26,076
Divided by ( Interest expense 5,781 3,493 11,071 6,673
+ Preferred Dividends) (2,3) 63 93 125 180
---------- --------- -------- --------
2.80 x 3.76 x 2.83 x 3.81 x
Debt Service Coverage Ratio
EBIDTA $16,377 $13,491 $31,701 $26,076
Divided by ( Interest expense 5,781 3,493 11,071 6,673
+ Principal Amortization) (4) 979 620 1,968 1,233
---------- --------- -------- --------
2.42 x 3.28 x 2.43 x 3.30 x
Payout Ratios
- -----------------------------------------------------------------------
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $6,098 $5,584 $12,196 $11,139
FFO (2) 10,287 8,541 19,870 17,402
---------- --------- -------- --------
59% 65% 61% 64%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $6,098 $5,584 $12,196 $11,139
AFFO (2) 9,629 8,451 18,960 16,737
---------- --------- -------- --------
63% 66% 64% 67%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $6,098 $5,584 $12,196 $11,139
FAD (2) 8,650 7,831 16,992 15,504
---------- --------- -------- --------
70% 71% 72% 72%
Overhead Ratios
- -----------------------------------------------------------------------
G&A/Real Estate Revenues
General and Administrative expense $2,425 $1,507 $5,118 $3,212
Real Estate Revenues (Includes pro-rata JV) 24,456 19,697 48,786 39,849
---------- --------- -------- --------
10% 8% 10% 8%
General and Administrative expense $2,425 $1,507 $5,118 $3,212
Real Estate Revenues (Includes 100% JV) 30,668 27,909 61,533 55,691
---------- --------- -------- --------
8% 5% 8% 6%
Leverage Ratios
- -----------------------------------------------------------------------
Debt/Total Market Capitalization
Debt (4) $343,857 $262,547
Total Market Capitalization 1,114,636 866,550
---------- ---------
31% 30%
Debt + Preferred Equity (Preferred O.P. Units) $348,045 $268,127
Total Market Capitalization 1,114,636 866,550
---------- ---------
31% 31%
-----------
Notes:
(1) Quarterly results for 2006 and 2005 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 both the Company's
consolidated and unconsolidated investments in joint ventures.
(2) 2005 activity includes the $479 reversal of a 2004 accrual for flood
related damage at the Mark Plaza following settlement with the insurance
carrier during the first quarter of (2005.) Excluding the effects of this
transacations, the impact on the year-to-date 2005 ratios would be as
follows:
EBIDTA FFO AFFO
As reported $ 26,076 $ 17,402 $ 16,737
Adjustment (479) (479) (479)
----- ----- -----
Adjusted 25,597 16,923 16,258
======= ======= ======
Ratios 3.75x 66% 69%
===== =======
(Fixed-charge) (Payouts)
(3) Represents preferred distributions on Preferred Operating partnership
Units.
(4) Includes the Company's pro-rata share of consolidated and unconsolidated
joint venture debt and principal amortization.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Portfolio Debt - Consolidated Summary
Reconciliation from GAAP Debt to Pro-Rata Share of Debt
(amounts in thousands)
Acadia Add: Less: Acadia
------------- -----------
Consolidated Pro-rata Minority Pro-rata
Debt Share of Interest Share of
Share of
Balance % of Unconsolidated Consolidated Outstanding % of
Total Total
As Reported Portfolio Debt (3) Debt (4) Debt (5) Portfolio
(2)
----------------------------------- ----------- ---------- ----------
Mortgage Notes Payable
Fixed-Rate Debt (1) $303,688 84% 68,293 (40,446) $331,535 96%
Variable-Rate Debt (1) 55,938 16% 2,552 (46,168) 12,322 4%
----------- --------- ------------- ----------- ---------- ----------
Total $359,626 100% $70,845 (86,614) $343,857 100%
----------- --------- ------------- ----------- ---------- ----------
Weighted Average Interest Rate
Fixed-Rate Debt 5.87% 5.80%
Variable-Rate Debt 6.81% 6.82%
----------- ----------
Total 6.02% 5.83%
----------- ----------
Notes
-------------------------------------------------
(1) Fixed-rate debt includes notional principal fixed through swap
transactions. Conversely, variable-rate debt excludes this amount.
(2) Represents the unaudited Mortgage Notes Payable balance on a GAAP basis as
reported in the Company's Form 10-Q.
(3) Represents the Company's pro-rata share of unconsolidated partnership debt
based on it's percent ownership.
(4) Represents the Minority Interest owner's pro-rata share of consolidated
partnership debt based on their percent ownership.
(5) Represents the Company's theoretical pro-rata share of debt after
adjustments discussed in Notes 3 and (4.)
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Debt Analysis - Consolidated Debt
(amounts in thousands)
Principal Acadia's Variable
Ownership % of Pro- Balance Pro-rata Interest Rate as Maturity
rata at of
Entity Percent Lender Share of June 30, Share Rate June 30, Date
Porfolio 2006 2006
- ------------------------------------------------------------------------------------------------------------------------
Acadia 100.0% SunAmerica Life Insurance Co. $12,799 $12,799 6.46% 7/1/2007
Acadia 100.0% Bank of America, N.A. 10,523 10,523 7.55% 1/1/2011
Acadia 100.0% Bank of America, N.A. 5,261 5,261 7.55% 1/1/2011
Acadia 75.0% RBS Greenwich Capital 15,784 11,838 5.19% 6/1/2013
Acadia 100.0% RBS Greenwich Capital 15,000 15,000 5.64% 9/6/2014
Acadia 100.0% RBS Greenwich Capital 17,600 17,600 4.98% 9/6/2015
Acadia 100.0% RBS Greenwich Capital 12,500 12,500 5.12% 11/6/2015
Acadia 100.0% Bear Stearns Commercial Mortgage, Inc. 34,600 34,600 5.53% 1/1/2016
Acadia 100.0% Bear Stearns Commercial Mortgage, Inc. 20,500 20,500 5.44% 3/1/2016
Acadia 100.0% Lasalle Bank National Association 3,806 3,806 8.50% 4/11/2028
Acadia 60.0% GMAC Commercial Mortgage Corporation 8,621 5,173 6.40% 11/1/2032
Acadia 100.0% Column Financial, Inc. 10,075 10,075 5.45% 6/11/2013
Fund II 19.2% Bank of China 19,000 3,648 5.26% 9/1/2007
Fund I 28.3% Cortlandt Deposit Corporation 7,425 2,104 6.62% 2/1/2009
Fund I 28.3% Cortlandt Deposit Corporation 7,339 2,080 6.51% 1/15/2009
Fund I The Ohio National Life Insurance
37.8% Company 4,598 1,737 8.20% 6/1/2022
Fund I 37.8% Canada Life Insurance Company 6,845 2,586 8.00% 1/1/2023
Acadia Bank of America, N.A. 91,412 91,412 5.77% Various
------------------ --------
96% 303,688 263,242 5.82%
------------------ --------
Current
LIBOR 5.35%
Acadia Bank of America, N.A. Libor
100.0% + 130 6.65% 6/1/2010
Acadia Bank of America, N.A. Libor
100.0% + 130 6.65% 6/1/2010
Acadia Bank of America, N.A. Libor
100.0% 22,000 22,000 + 130 6.65% 6/1/2010
Acadia Bank of America, N.A. Libor
100.0% + 130 6.65% 6/1/2010
Acadia Bank of America, N.A. Libor
100.0% + 130 6.65% 6/1/2010
Acadia Washington Mutual Bank, F.A. Libor
100.0% 23,356 23,356 + 150 6.85% 4/1/2011
Acadia Bank of America, N.A. Libor
100.0% + 140 6.75% 6/29/2012
Acadia Bank of America, N.A. Libor
100.0% + 140 6.75% 6/29/2012
Acadia Bank of America, N.A. Libor
100.0% 33,585 33,585 + 140 6.75% 6/29/2012
Acadia Bank of America, N.A. Libor
100.0% + 140 6.75% 6/29/2012
Acadia Bank of America, N.A. Libor
100.0% 10,004 10,004 + 140 6.75% 6/29/2012
Fund II RBS Greenwich Capital Libor
19.2% 30,000 5,760 + 140 6.75% 4/1/2008
Fund II Bank of America, N.A. Libor
19.2% 4,900 941 + 125 6.60%12/31/2008
Fund I Bank One, N.A. Libor
37.8% 5,505 2,080 + 200 7.35% 10/5/2007
Fund II Bank of China Libor
19.2% 18,000 3,456 + 175 7.10% 11/1/2007
Fund II Bank of America, N.A. / Bank of New Libor
20.0% York - - + 75 6.10% 3/1/2008
Acadia Bank of America, N.A. (91,412) (91,412)
------------------
Libor
4% 55,938 9,770 + 142 6.77%
------------------ --------
100%$359,626 $273,012 5.86%
============================ ========
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Debt Analysis - Unconsolidated Joint Ventures and Discontinued
Operations
Principal Acadia's Variable
Ownership % of Pro- Balance Pro-rata Interest Rate as Maturity
rata at of
Fixed-Rate Debt Entity PercentLender Share of June 30, Share Rate June 30, Date
Porfolio 2006 2006
- -------------------------- ------------------------------------------------------------ --------------------------
Acadia Brandywine SubsidiaryBrandywine JV UBS Warburg Real
Estate Investments,
22.2% Inc. $61,375 $13,639 5.99% 7/1/2016
Acadia Brandywine Town Brandywine JV Bear Stearns
Center Commercial
22.2% Mortgage, Inc. 31,550 7,011 5.99% 7/1/2016
Acadia Market Square Brandywine JV Bear Stearns
Shopping Center Commercial
22.2% Mortgage, Inc. 24,375 5,417 5.99% 7/1/2016
Acadia Brandywine Brandywine JV Bear Stearns
Condominium Commercial
22.2% Mortgage, Inc. 22,650 5,033 5.99% 7/1/2016
Acadia Brandywine Holdings Brandywine JV Bear Stearns
Commercial
22.2% Mortgage, Inc. 26,250 5,833 5.99% 7/1/2016
Crossroads Shopping Center Crossroads JV JPMorgan
Chase
49.0% Bank 64,000 31,360 5.37% 12/1/2014
-----------------
Sub-Total Fixed-Rate Debt 96% 230,200 68,293 5.71%
----------------- --------
Variable-Rate Debt Current LIBOR 5.35%
- --------------------------
Haygood Shopping Center Fund I JP Morgan Libor
Chase +
Bank,
8 18.9% N.A. 8,040 1,519 150 6.85%8/23/2010
Sterling Heights Shopping Fund I JP Morgan Libor
Center Chase +
Bank,
8 18.9% N.A. 5,471 1,033 185 7.20%8/23/2010
Sub-Total Variable-Rate Libor
Debt 4% 13,511 2,552 + 164 6.99%
--------------------------- --------
Total Unconsolidated Debt 100%$243,711 $70,845 5.75%
=========================== ========
- ------------------------------------------------------------------------------------------------------------------------
Discontinued Operations
Properties held for sale:
- --------------------------
Soundview Marketplace Acadia Bank of Libor
America, +
9 100.0% N.A. $8,276 $8,276 140 6.75%12/1/2008
Bradford Towne Centre Acadia Washington Libor
Mutual +
Bank,
9 100.0% F.A. 5,390 5,390 150 6.85% 4/1/2011
-----------------
Total Discontinued
Operations $13,666 $13,666
=================
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Debt Analysis - Footnotes
Notes:
- ------------------------------------------------------------------
(1) Fund II is a 96% joint venture partner on this investment. As such, Fund
II's pro-rata share of the above debt is 96% x 20%, or 19.2%.
(2) AmCap, Fund I's joint venture partner on this investment, is allocated 25%
of the debt and equity. As such Fund I's pro-rata share of the above debt
is 75% x 37.78%, or 28.3%.
(3) The Company has hedged it's variable-rate debt with variable to fixed-rate
swap agreements as follows:
Notional All-in RateSpreadSwap Forward Maturity
principal rate Start Date
Date
------------------------------------------ ----------
20,000 5.94% 1.41%4.53% n/a 10/1/2006
15,023 5.72% 1.41%4.32% n/a 1/1/2007
11,621 5.51% 1.41%4.11% n/a 1/1/2007
8,657 5.88% 1.41%4.47% n/a 6/1/2007
36,111 5.76% 1.41%4.35% n/a 1/1/2011
--------- ----------------------
$91,412 5.77% 1.41%4.36%
========= ======================
The Company has hedged future variable-rate debt with forward-starting variable to fixed-rate swap
agreements as follows:
$4,640 6.12% 1.41%4.71%10/2/2006 1/1/2010
11,410 6.30% 1.41%4.90%10/2/2006 10/1/2011
8,434 6.55% 1.41%5.14% 6/1/2007 3/1/2012
--------- ----------------------
$24,484 6.35% 1.41%4.94%
========= ======================
(4) This is a revolving facility for up to $65,000.
(5) There is an additional $815 available under this facility.
(6) There is an additional $300 available under this facility through 12/08,
with an additional $1,800 available thereafter based on certain income
hurdles.
(7) This is a revolving facility for up to $70,000.
(8) Fund I is a 50% joint venture partner on this investment. As such, Fund I's
pro-rata share of the above debt is 50% x 37.78%, or 18.9%. 9 Soundview
Marketplace and Bradford Towne Centre are currently under contract for sale
and, accordingly, are classified as discontinued operations. For GAAP
purposes, discontinued operations debt is included as Liabilities of
Discontinued Operations. For purposes of the Supplement, discontinued
operations is not included in the Consolidated Debt balance.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Future Debt Maturities
- ---------------------------------------------------------------------------------
(in thousands) Weighted Average
Interest Rate of
Maturing Debt
--------------------
Consolidated Debt
Scheduled
Year Amortization Maturities Total Total Fixed- Variable-
Debt Rate Rate
Debt Debt
- ------------------------------------------------------------------------------------------------------------------------
2006 $1,339 $- $1,339 n/a n/a n/a
2007 7,329 54,861 62,190 6.34% 5.73% 7.16%
2008 7,168 34,900 42,068 6.73% n/a 6.73%
2009 7,446 - 7,446 n/a n/a n/a
2010 5,561 36,742 42,303 7.01% 7.55% 6.65%
Thereafter 38,161 166,119 204,280 5.87% 5.38% 6.79%
-------------------------------
$67,004 $292,622 $359,626
===============================
Unconsolidated Debt (1)
2006 - - - n/a n/a n/a
2007 409 - 409 n/a n/a n/a
2008 433 - 433 n/a n/a n/a
2009 470 - 470 n/a n/a n/a
2010 487 2,525 3,012 6.99% n/a 6.99%
Thereafter 2,203 64,318 66,521 5.84% 5.84% n/a
-------------------------------
$4,002 $66,843 $70,845
===============================
- ------------------------------------------------------------------------------------------------------------------------
Capitalized interest related to the Company's development projects is as follows:
(in thousands)
1st Quarter 2006 $11
2nd Quarter 2006 25
3rd Quarter 2006 -
4th Quarter 2006 -
------------
Year-to-Date $36
============
(1) The above amounts represent the Company's pro-rata share of unconsolidated
joint venture mortgage debt.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Unencumbered Properties
------------------------------------------------------------------------
Center Location GLA
- ------------------------------------------------------------------------------------------------------------------------
Blackman Plaza Wilkes-Barre, PA 121,341
Greenridge Shopping Center Scranton, PA 191,755
Luzerne Street Shopping Center Scranton, PA 58,035
Mad River Station Dayton, OH 155,832
Mark Plaza Edwardsville, PA 216,047
Pittston Plaza Pittston, PA 79,473
Plaza 422 Lebanon, PA 155,026
Route 6 Plaza Honesdale, PA 175,505
----------
Total GLA of Unencumbered Properties 1,153,014
==========
Total net operating income for the year ended December 31, 2005
associated with unencumbered properties $5,359
==========
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview
--------------------------------------------------------
Item Notes Description
- --------------------------------------------------------
Date formed September 2001
Capital commitment $90 million
Funding All invested capital has been returned with the proceeds from the
Brandywine recapitalization as discussed below.
Acadia and its investors still own approximately 2 million square feet of
properties in Fund I.
Partnership
structure
Equity 22.22% - Acadia
Contribution:
77.78% - Four institutional investors (current significant
shareholders in Acadia as well)
Cash flow distribution:22.22% - Acadia
77.78% - Four institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have received 9%
preferred return and return of equity
Remaining 80% is distributed to all the partners (including Acadia).
In January 4, 2006, the Brandywine portfolio was recapitalized through
the conversion of the
77.8% interest previously held by the institutional investors in Fund I
to GDC Properties. Acadia has retained its
existing 22.2% interest. Due to this transaction, Fund I investors
received a return of all of their invested capital and
preferred return, thus triggering Acadia's additional 20% interest
(promote) in all future Fund I distributions.
Fees to Acadia Asset management fee equal to 1.5% of implied capital ($46.3 million
which excludes Acadia's equity)
Property management fee equal to 4% of gross property revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of 7.5% of hard
costs or allocable costs of Acadia
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
-----------------------------------------------------
Item Notes Description
- -----------------------------------------------------
Date formed June 15, 2004
Capital commitment $300 million
Funding $93.0 funded through June 30, 2006
million
Partnership
structure
Equity 20% - Acadia
Contribution:
80% - Six institutional investors (Three are current
shareholders in Acadia as well)
Cash flow 20% - Acadia
distribution:
80% - Six institutional
investors
Promote: 20% to Acadia once all partners (including Acadia) have received 8%
preferred return and return of equity
Remaining 80% is distributed to all the partners (including Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed capital (For
the first 12 months, calculated on $200 million,
thereafter on $240 million which excludes Acadia's $60 million)
Property management fee equal to 4% of gross property revenues
Market rate leasing
fees
Construction/project management fees equal to the lesser of 7.5% of
hard costs or allocable costs of Acadia
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Retailer Controlled Property ("RCP") Venture -Overview
----------------------------------------------------
*** Note - The RCP Venture is not a separate AKR Fund, rather it is a venture in which AKR,
Funds I and II are anticipated to invest a total of $60 million
equity. ***
Item Notes Description
- ----------------------------------------------------
Date formed January 2004
Targeted investments The Venture has been formed to invest in surplus or distressed
properties owned or controlled by retailers
Current Mervyns Department Stores - All capital has been returned
Investments
Albertson's - $21.2 million
Partnership structure
Equity Up to $300 million of total equity
Contribution:
Up to 20% ($60 million) - AKR Fund I ($20 million) and Fund II ($40
million)
80% - Klaff Realty LP and Lubert-Adler
Cash flow distribution:20% - AKR Funds
80% - Four institutional investors
Promote: 20% to Klaff once all partners (including Klaff) have received 10%
preferred return and return of equity
(50% of first $40 million of AKR Fund equity is not subject to
this promote)
Remaining 80% is distributed to all the partners (including Klaff).
Fees to Acadia Property management fees
Market rate leasing fees and construction/project management
Disposition fees
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
AKR Fund I Properties - Detail
---------------
------------------------------------------------------------------------------------------------------------------
Fund I's Annualized Base Rent
Ownership Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------------------------------------------------------
% Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
------------------------------------------------------------------------------------------------------------------
Midwest
- ---------------
Ohio
- ---------------
Amherst
Marketplace 100% 76,737 3,208 79,945 100.00%100.00%100.00% $795,711 $34,404 $830,115 $10.37 $10.72 $10.38
Granville
Centre 100% 90,047 44,950 134,997 38.81% 54.27% 43.96% 402,085 236,319 638,404 11.51 9.69 10.76
Sheffield
Crossing 100% 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,279 357,363 1,118,642 10.93 9.79 10.54
---------------------------------------------------------------------------------------------------------
Total - Midwest
Region 236,443 91,033 327,476 76.70% 70.43% 74.96% 1,959,075 628,086 2,587,161 10.80 9.80 10.54
---------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
Various
- ---------------
Kroger/Safeway
Portfolio (25
Properties) 75%1,018,100 - 1,018,100 100.00% - 100.00% 8,013,583 - 8,013,583 7.87 - 7.87
---------------------------------------------------------------------------------------------------------
Subtotal - Fund
I Operating
Properties 1,254,543 91,033 1,345,576 95.61% 70.43% 93.90% 9,972,658 628,086 10,600,744 8.31 9.80 8.39
---------------------------------------------------------------------------------------------------------
Fund I
Redevelopment
Properties
- ---------------
Sterling
Heights
Shopping
Center
(Michigan) 50% 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 4.00 9.93 5.02
Tarrytown
Shopping
Center (New
York) 50% 15,497 19,794 35,291 100.00% 73.44% 85.10% 475,000 428,128 903,128 30.65 29.45 30.07
Hitchcock
Plaza (South
Carolina) 20% 135,775 98,111 233,886 0.00% 55.50% 23.28% - 374,490 374,490 - 6.88 6.88
Pine Log Plaza
(South
Carolina) 20% 23,184 11,880 35,064 0.00% 0.00% 0.00% - - - - - -
Haygood
Shopping
Center
(Virginia) 50% 94,303 71,148 165,451 11.96% 90.12% 45.57% 28,500 910,090 938,590 2.53 14.19 12.45
---------------------------------------------------------------------------------------------------------
Subtotal - Fund
I
Redevelopment
Properties 359,159 265,371 624,530 27.06% 55.67% 39.22% 785,100 1,857,942 2,643,042 8.08 12.58 10.79
------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Fund I Grand
Total 1,613,702 356,404 1,970,106 80.35% 59.44% 76.57%$10,757,758 $2,486,028 $13,243,786 $8.30 $11.73 $8.78
---------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants for the purposes of the above table.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
FUND I
Top 5 Tenants - Ranked by Annualized Base Rent
- ------------------------------------------------------------------------
Percentage of Total
Represented by
Tenant
-------------------
Number of
Stores in Total Annualized Total Annualized
Base Base
Ranking Tenant JV GLA Rent (1) Portfolio Rent (2)
Portfolio GLA(2)
- ------------------------------------------------------------------------------------------------------------------------
1 Kroger (3) 13 413,100 $3,009,641 31.2% 30.7%
2 Safeway (4) 13 350,475 3,000,547 26.5% 30.6%
3 Giant Eagle 4 135,896 1,416,289 10.3% 14.4%
4 Walgreens 1 7,749 237,500 0.6% 2.4%
5 Burlington Coat Factory 1 35,200 140,800 2.7% 1.4%
------------------------------------------------
Total 32 942,420 $7,804,776 71.3% 79.6%
================================================
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
(2) Square footage and base rents for the Kroger/Safeway portfolio and other
properties for which Fund I owns less than 100% are pro-rated to reflect
the Funds partial ownership.
(3) Kroger has sub-leased 4 of these locations to supermarket tenants, 2
locations to a non-supermarket tenant and ceased operations at one other
location. Kroger is obligated to pay rent through the full term of all
these leases which expire in 2009.
(4) Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non-supermarket tenant and ceased operations at one other
location. Safeway is obligated to pay rent through the full term of all
these leases which expire in 2009.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Fund I - Valuation *** As of December 31, 2005 ***
- ----------------------------------------------------------
Portfolio:
Total Redevelopment
(excluding Ohio Kroger/Safeway Properties
Brandywine)
------------------------------------------------------
Net Operating Income ("NOI") for the quarter ended Note 1
December 31, 2005 $1,388 $500 $821 $67
NOI related to investements in unconsolidated partnershipsNote 2 748 748
Adjustment for minority interests (586) - (205) (381)
--------- -------------------------------------
1,550 500 616 434
Annualized NOI Line 5
x 4 6,200 2,000 2,464 1,736
Debt as of December 31, 2005 Note 3 38,166 17,182 14,764 6,220
6.00% 6.50% 7.00% 7.50% 8.00%
------------------------------------------------------
Gross asset value Line 6 x
cap
rate $103,333 $95,385 $88,571 $82,667 $77,500
Debt Line 7 (38,166)(38,166) (38,166) (38,166) (38,166)
Remaining Equity and Accumulated Preferred Distribution in Fund I
(5) - - - - -
------------------------------------------------------
65,167 57,219 50,405 44,501 39,334
Additional Mervyn's return (Original capital already returned) 12,500 12,500 12,500 12,500 12,500
------------------------------------------------------
Total Value Subject to Promote 77,667 69,719 62,905 57,001 51,834
------------------------------------------------------
General Partner (Acadia) Promote on Fund I assets x 20% 15,533 13,944 12,581 11,400 10,367
------------------------------------------------------
Remaining value to be allocated pro-rata to Fund I investors
(including Acadia) 62,134 55,775 50,324 45,601 41,467
------------------------------------------------------
Acadia's share x
22.22% 13,806 12,393 11,182 10,132 9,214
------------------------------------------------------
Value of Acadia's interest in remaining Fund I assets Line 14
+ 16 29,340 26,337 23,763 21,533 19,581
Additional promote earned from Brandywine recapitalizationNote 4 7,500 7,500 7,500 7,500 7,500
Acadia's interest in recapitalized Brandywine entity Note 5
(22.22%) 31,000 31,000 31,000 31,000 31,000
------------------------------------------------------
Total value to Acadia $67,840 $64,837 $62,263 $60,033 $58,081
======================================================
Original Acadia invested capital in Fund I $20,000 $20,000 $20,000 $20,000 $20,000
======================================================
Recap of Acadia Promote
- ------------------------------------------------------------------------------------------------------------------------
20% General Partner (Acadia) Promote on Fund I assets $15,533 $13,944 $12,581 $11,400 $10,367
20% General Partner (Acadia) Promote on Brandywine 7,500 7,500 7,500 7,500 7,500
------------------------------------------------------
Total promote $23,033 $21,444 $20,081 $18,900 $17,867
======================================================
Per share $0.69 $0.64 $0.60 $0.57 $0.54
======================================================
- ------------------------------------------------------------------------------------------------------------------------
Reconciled to "Statements of Operations - Joint Venture Activity" 3 See "Debt Analysis - Unconsolidated Debt
as follows: ( Joint Ventures)" in the December 31,
2005 Supplement.
Fund I NOI for 4th quarter 2005 per JV Statements of Amounts adjusted for minority interests'
Operations$3,769 pro-rata share of debt
NOI above 4 This promote is to be paid from future
(1,388) Fund I cash flows
-------
NOI attributable to Brandywine Portfolio 5 In January 2006, the Brandywine Portfolio
$2,381 was recapitalized with the investors
======= engaging in a "cash-out merger" for
Included in "Equity in earnings of Fund I unconsolidated properties" in the their 77.78% interest in the portfolio.
JV Statement The Company merged its 22.22% share forming a new
joint venture with the investors' successor, GDC.
of Operations in the December 31, 2005 Supplement. All Fund I equity and accumulated
preferred distributions were paid from
the proceeds of this transaction.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Kroger/Safeway Portfolio
- --------------------------------------
Kroger locations Safeway
locations
----------------------------------------------------------------------------------
Cary, NC Atlanta, TX
Cincinnati, OH Batesville, AR
Conroe, TX Benton, AR
Great Bend, KS Carthage, TX
Hanrahan, LA Little Rock,
AR
Indianapolis, IN Longview, WA
Irving, TX Mustang, OK
Pratt, KS Roswell, NM
Roanoke, VA Ruidoso, NM
Shreveport, LA San Ramon, CA
Wichita, KS (2 stores) Springerville,
AZ
Tucson, AZ
Tulsa, OK
General note: As all of these leases are triple-net, Acadia has no property
management responsibilities for these locations.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
AKR Fund II Properties - Detail
-----------------
-------------------------------------------------------------------------------------------------------
Fund I's Annualized Base
Rent
Ownership Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
----------------------------------------------------------------------------------------------
%Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
-------------------------------------------------------------------------------------------------------
Fund II
Redevelopment
Properties
- -----------------
400 East Fordham
Road 96%100,703 16,652 117,355 100.00%100.00%100.00% 275,000 371,743 646,743 2.73 22.32 5.51
Pelham Manor
Shopping Center
(1) 96% - 398,775 398,775 - 47.94% 47.94% - 1,282,887 1,282,887 - 6.71 6.71
Sherman Avenue 96%134,773 - 134,773 100.00% - 100.00%1,970,291 - 1,970,291 14.62 - 14.62
161st Street 96%137,334 86,277 223,611 100.00%100.00%100.00%2,334,682 1,537,591 3,872,273 17.00 17.82 17.32
-------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Fund II
Redevelopment
Properties 372,810 501,704 874,514 100.00% 58.62% 76.26%4,579,973 3,192,221 7,772,194 12.29 10.85 11.65
----------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
(1) The redevelopment plan contemplates the demolition of the current
industrial/warehouse buildings and the construction of a retail center.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Fund II - New York Urban/Infill Redevelopment Properties Total cost
- --------------------------------------------------------------
(including Estimated square
Estimated Estimated acquisition footage Estimated
start of cost, upon
Property construction completion in completion cost per Notes
millions) square
foot
- ------------------------------------------------------------------------------------------------------------------------
Liberty Avenue Construction 1st half
commenced 2007 $15.0 125,000 $120 (1)
216th Street Construction 1st half
commenced 2007 24.0 60,000 400
Pelham Manor Shopping Center 3rd quarter 1st half
2006 2008 35.0 325,000 108 (1)
Canarsie Plaza 1st half 2nd half
2007 2008 55.0 300,000 183
161st Street 1st half 2nd half
2007 2008 70.0 225,000 311
400 East Fordham Road 3rd quarter 1st half
2007 2009 100.0 270,000 370
Sherman Avenue 2nd half 2nd half
2007 2009 55.0 175,000 314
------------------------------
$354.0 1,480,000 $239
==============================
(1)The Fund acquired a ground lease interest at this property.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Retail Properties - Summary Listing
-----------------
- -----------------------------------------------------------------------------------------------------------
Property Totals
-----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Base Base
Lease and Lease and
Shopping Location Acquired(A) GLA Option Option Rent Rent psf
Center % Expiraton Expiraton
- -----------------------------------------------------------------------------------------------------------
NEW YORK REGION
- -------------------------------
New York
Soundview Port Washington King Kullen Clearview
Marketplace 2007/2042 Cinema
1998 (A) 183,815 92% 2010/2030 $2,820,134 $16.60
Village Smithtown Daffy's
Commons 2008/2028
Shopping
Center 1998 (A) 87,381 96% 2,049,661 24.44
Walgreens
2021/--
Branch Smithtown Waldbaum's CVS 2010/--
Shopping (A&P)
Plaza 1998 (A) 125,751 100% 2013/2028 2,420,941 19.25
Amboy ShoppingStaten Island Waldbaum's 2028/--
Center 2005 (A) 60,080 96.00% 1,419,565 24.61
Duane Reed 2008/2018
Bartow AvenueThe Bronx 2005 (C) 14,694 51.00% 222,600 29.70
Pacesetter Pomona Stop & Shop (Ahold)
Park Shopping 2020/2040
Center 1999 (A) 96,698 98% 1,148,714 12.08
New Jersey
Elmwood Park Elmwood Park Pathmark Walgreen's
Shopping 2017/2052 2022/2062
Center 1998 (A) 149,085 100% 3,327,108 22.32
Connecticut
239 Greenwich Greenwich Restoration
Avenue Hardware
1998 (A) 16,834 100% 2015/2025 1,235,145 73.37
Coach
2016/2021
NEW ENGLAND REGION
- -------------------------------
Connecticut
Town Line Rocky Hill Stop & Shop Wal-mart
Plaza 1998 (A) 206,298 96% 2023/2063 (not owned) 1,498,202 14.72
Massachusetts
Methuen Methuen DeMoulas Wal-mart
Shopping Market 2011/2051
Center 1998 (A) 130,238 92% 2015/2020 736,464 6.14
Crescent PlazaBrockton Shaw's Home Depot
1984 (A) 218,141 99% 2012/2042 2021/2056 1,679,237 7.79
New York
New Loudon Latham Price Marshalls
Center Chopper 2014/2029
1982 (A) 255,826 100% 2015/2035 1,713,664 6.70
Bon Ton
Department Store
2014/2034
Raymor &
Flanigan Furniture
2019/2034
Rhode Island
Walnut Hill Woonsocket Shaw's Sears
Plaza 1998 (A) 283,235 99% 2013/2028 2008/2033 2,434,915 8.70
Vermont
The Gateway Burlington Shaw's
Shopping 2024/2053
Center 1999 (A) 101,784 97% 1,817,094 18.40
- -----------------------------------------------------------------------------------------------------------
Property Totals
-----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Base Base
Lease and Lease and
Shopping Location Acquired(A) GLA Option Option Rent Rent psf
Center % Expiraton Expiraton
- -----------------------------------------------------------------------------------------------------------
MIDWEST REGION
- -------------------------------
Illinois
Hobson West Naperville Bobak's Market and
Plaza 1998 (A) 98,890 99% Restaurant 2007/2032 1,216,336 12.43
(specialty
grocery)
Clark DiverseyChicago 2006 (A) 19,265 100% 789,751 40.99
Indiana
Merrillville Merrillville TJ Maxx
Plaza 1998 (A) 235,678 94% 2009/2014 2,581,116 11.64
JC Penney
2008/2018
OfficeMax
2008/2028
Michigan
Bloomfield Bloomfield Hills Costco (notTJ
Town Square 1998 (A) 214,866 86% owned) Maxx2009/-- 1,964,058 10.68
Marshall's
2011/2026
Home Goods 2010/2025
Ohio
Mad River Dayton Babies "R"
Station Us
1999 (A) 155,832 80% 2010/2020 1,505,875 12.03
Office Depot
2010/--
MID-ATLANTIC REGION
- -------------------------------
New Jersey
Marketplace ofAbsecon Acme Eckerd Drug
Absecon 1998 (A) 105,097 97% 2015/2055 2020/2040 1,660,947 16.37
Ledgewood MallLedgewood Wal-mart
1983 (A) 517,792 93% 2019/2049 4,412,057 9.16
Macy's
2010/2025
The Sports' Authority
2007/2037
Circuit City
2020/2040
Marshalls
2014/2034
BTS Boonton Boonton 2006 (A) 62,908 100% 1,248,494 19.85
Pennsylvania
Chestnut Hill 2006 (A) 40,570 100% Borders 2010 1,292,372 31.86
Limited
Express
2009
Abington TowneAbington TJ Maxx
Center 1998 (A) 216,355 98% 2010/2020 860,843 15.78
Target (not
owned)
NORTHEASTERN PENNSYLVANIA REGION
- ----------------------------------------------------
Pennsylvania
Blackman PlazaWilkes-Barre Kmart
1968 (C) 121,341 92% 2009/2049 282,374 2.52
Bradford TowneTowanda P&C Foods Kmart
Centre (Penn 2019/2069
Traffic)
1993 (C) 257,123 90% 2014/2024 1,528,293 6.63
Greenridge Scranton Giant Food (Ahold)
Plaza 1986 (C) 191,755 78% 2021/2051 979,656 6.52
Luzerne StreetScranton Eckerd Drug
Shopping 2009/2019
Center 1983 (A) 58,035 88% 301,538 5.92
Mark Plaza Edwardsville Redner's Kmart
Markets 2009/2049
1968 (C) 216,047 95% 2018/2028 1,035,383 5.03
Pittston PlazaPittston Redner's Eckerd Drugs
Market 2006/2016
1994 (C) 79,473 86% 2018/2028 523,235 7.68
Plaza 422 Lebanon Home Depot
1972 (C) 155,026 69% 2028/2058 444,020 4.14
Route 6 Mall Honesdale Weis Kmart
Markets 2020/2070
(not
1994 (C) 175,505 100% owned) 1,110,003 6.32
---------- -----------------------
4,851,418 $48,259,795 $11.31
========== =======================
NEW YORK REGION
===============================
JOINT VENTURE PROPERTIES
- ------------------------------------------
New York
Crossroads White Plains Waldbaum's Kmart
Shopping (A&P) 2012/2032
Center 1998 310,644 98% 2007/2032 $6,059,736 $19.83
(49% JV B. Dalton
interest) 2012/2017
Modell's
2009/2019
MID-ATLANTIC REGION
- -------------------------------
Delaware
Brandywine Wilmington
Town Center
(1) 2003 (A) 807,448 100% 12,321,377 15.26
(Brandywine
JV)
Market Square Wilmington Trader TJ Maxx
Shopping Joe's 2006/2016
Center (specialty
2003 (A) 102,562 100% grocery) 2,147,666 20.94
(Brandywine
JV) 2013/2028
MIDWEST REGION
- -------------------------------
Ohio
Amherst Cleveland Giant Eagle 2021/2041
Marketplace 2002 (A) 79,945 100% 830,115 10.38
(Fund I)
Granville Columbus Lifestyle
Centre Family
Fitness
2002 (A) 134,997 44% 2017/2027 638,404 10.76
(Fund I)
Sheffield Cleveland Giant Eagle 2022/2042
Crossing 2002 (A) 112,534 94% 1,118,642 10.54
(Fund I)
VARIOUS REGIONS
- -------------------------------
Kroger/Safewayvarious 25 Kroger and Safeway
Portfolio 2003 (A)1,018,100 100% supermarkets 8,013,583 7.87
(Fund I) 2009/2049
JV REDEVELOPMENTS
- -------------------------------
Michigan
Sterling Detroit Burlington
Heights Coat
Shopping Factory
Center 2004 (A) 154,838 55% 2024/-- 426,834 5.02
(Fund I)
New York
Tarrytown Westchester Walgreen's
Shopping Drug 2080
Center 2004 (A) 35,291 85% 903,128 30.07
(Fund I)
400 East Bronx Sears
Fordham Road 2004 (A) 117,355 100% 2007/-- 646,743 5.51
(Fund II)
161st Street Bronx 2005 (A) 223,611 100% 3,872,273 17.32
(Fund II)
Sherman AvenueManhattan 2005 (A) 134,773 100% 1,970,291 14.62
(Fund II)
Pelham Manor Westchester/Bronx
Shopping
Plaza 2004 (A) 398,775 48% 1,282,887 6.71
(Fund II)
South Carolina
Hitchcock Aiken
Plaza 2004 (A) 233,886 23% 374,490 6.88
(Fund I)
Pine Log PlazaAiken Farmers
Furniture
2004 (A) 35,064 0% 2009 - -
(Fund I)
Virginia
Haygood Virginia Beach Eckerd Drug
Shopping 2009/--
Center 2004 (A) 165,451 46% 938,590 12.45
---------- -----------------------
(Fund I)
4,065,274 $41,544,759 $12.25
========== =======================
(1) Does not include 150,000 square feet of new space in Phase II of the Brandywine Town Center, which will
be paid for by the Company on an "earnout basis" only if, and when it is leased.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Retail Properties by Region
----------------
------------------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
------------------------------------------------------------------------------------------------------------
Wholly-Owned
Properties
- ----------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals
(1)
------------------------------------------------------------------------------------------------------------
New York Region 351,202 383,136 734,338 100.00% 92.53% 96.10% $6,768,937 $7,874,931 $14,643,868 $19.27 $22.21 $20.75
New England 890,812 304,710 1,195,522 99.51% 92.75% 97.79% 6,646,268 3,233,308 9,879,576 8.42 11.44 9.22
Midwest 392,214 332,317 724,531 99.62% 77.35% 89.41% 3,335,406 4,721,730 8,057,136 8.54 18.37 12.44
Mid-Atlantic 694,499 248,223 942,722 100.00% 82.31% 95.34% 6,144,217 3,330,496 9,474,713 11.44 16.30 12.78
Northeastern
Pennsylvania 954,469 299,836 1,254,305 90.76% 77.99% 87.70% 4,164,493 2,040,009 6,204,502 4.81 8.72 5.64
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total Wholly-
Owned
Properties 3,283,196 1,568,222 4,851,418 97.13% 84.96% 93.20%$27,059,321 $21,200,474 $48,259,795 $9.22 $15.91 $11.31
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Joint Venture
Properties (2)
- ----------------
Operating
Midwest 236,443 91,033 327,476 76.70% 70.43% 74.96% $1,959,075 $628,086 $2,587,161 $10.80 $9.80 $10.54
Mid-Atlantic 823,681 86,329 910,010 100.00%100.00%100.00% 12,506,990 1,962,053 14,469,043 15.18 22.73 15.90
New York Region 200,181 110,463 310,644 100.00% 95.47% 98.39% 2,261,353 3,798,383 6,059,736 11.30 36.02 19.83
Various
(Kroger/Safeway
Portfolio) 1,018,100 - 1,018,100 100.00% 0.00%100.00% 8,013,583 - 8,013,583 7.87 - 7.87
------------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 2,278,405 287,825 2,566,230 97.58% 88.91% 96.61% 24,741,001 6,388,522 31,129,523 11.13 24.96 12.56
------------------------------------------------------------------------------------------------------------
JV Redevelopment
Properties
Mid West 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 4.00 9.93 5.02
Mid-Atlantic 253,262 181,139 434,401 4.45% 65.46% 29.89% 28,500 1,284,580 1,313,080 2.53 10.83 10.11
New York Region 388,307 521,498 909,805 100.00% 59.18% 76.60% 5,054,973 3,620,349 8,675,322 13.02 11.73 12.45
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 731,969 767,075 1,499,044 64.21% 57.60% 60.83% 5,365,073 5,050,163 10,415,236 11.42 11.43 11.42
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total Joint
Venture
Properties 3,010,374 1,054,900 4,065,274 89.47% 66.14% 83.41%$30,106,074 $11,438,685 $41,544,759 $11.18 $16.39 $12.25
============================================================================================================
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants for the purposes of the above table.
(1) Anchor GLA includes a total of 254,916 square feet which is not owned by
the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
(2) Reference the "Properties - Detail" page in this supplemental report for
additional information regarding the Company's percentage interest in the
above individual JV properties.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Retail Properties by State - Summary
-----------------------------------------------------------
-----------------------------------------------------------------------------
Gross Leasable Area Occupancy
---------------------------------------------------
Wholly-Owned Properties Ownership Percent Number of
of
base properties Anchors Shops Total Anchors Shops Total
rent (2)
% (1)
-----------------------------------------------------------------------------
Connecticut 100.0% 4.6% 2 179,993 43,139 223,132 100.00% 83.19% 96.75%
Illinois 100.0% 3.4% 2 51,692 66,463 118,155 100.00% 98.50% 99.16%
Indiana 100.0% 4.3% 1 145,266 90,412 235,678 100.00% 84.50% 94.05%
Massachusetts 100.0% 4.1% 2 281,366 67,013 348,379 98.44% 87.34% 96.31%
Michigan 100.0% 3.3% 1 126,960 87,906 214,866 98.83% 66.39% 85.56%
New Jersey 100.0% 17.9% 4 541,073 293,809 834,882 100.00% 86.47% 95.24%
New York 100.0% 19.8% 7 522,969 301,276 824,245 100.00% 90.50% 96.53%
Ohio 100.0% 2.5% 1 68,296 87,536 155,832 100.00% 64.93% 80.30%
Pennsylvania (Philadelphia region) 100.0% 3.6% 2 216,036 40,889 256,925 100.00% 89.80% 98.38%
Pennsylvania (Northeastern region) 100.0% 10.4% 8 954,469 299,836 1,254,305 90.76% 77.99% 87.70%
Rhode Island 100.0% 4.1% 1 121,892 161,343 283,235 100.00% 97.93% 98.82%
Vermont 100.0% 3.0% 1 73,184 28,600 101,784 100.00% 89.45% 97.04%
------- ---------------------------------------------------
---------------------------------------------------
Total - Wholly-Owned Properties 80.9% 32 3,283,196 1,568,222 4,851,418 97.13% 84.96% 93.20%
--------------------------------------------------------------------
---------------------------------------------------
Joint Venture Properties (3)
- -------------------------------------------
Operating Properties
Ohio 37.8% 1.6% 3 236,443 91,033 327,476 76.70% 70.43% 74.96%
Delaware 22.2% 5.4% 2 823,681 86,329 910,010 100.00%100.00%100.00%
New York 49.0% 5.0% 1 200,181 110,463 310,644 100.00% 95.47% 98.39%
Various (Kroger/Safeway Portfolio) 28.3% 3.8% 25 1,018,100 - 1,018,100 100.00% 0.00%100.00%
------- ---------------------------------------------------
Total - Operating Properties 15.8% 2,278,405 287,825 2,566,230 97.58% 88.91% 96.61%
------- ---------------------------------------------------
JV Redevelopment Properties
Michigan 18.9% 0.1% 1 90,400 64,438 154,838 77.88% 22.70% 54.92%
New York Various 2.8% 7 388,307 521,498 909,805 100.00% 59.18% 76.60%
South Carolina 7.6% 0.0% 2 158,959 109,991 268,950 0.00% 49.51% 20.25%
Virginia 18.9% 0.3% 1 94,303 71,148 165,451 11.96% 90.12% 45.57%
--------------------------------------------------------------------
Total-Redevelopment Properties 3.3% 731,969 767,075 1,499,044 64.21% 57.60% 60.83%
------- ---------------------------------------------------
---------------------------------------------------
Total Joint Venture Properties 19.1% 42 3,010,374 1,054,900 4,065,274 89.47% 66.14% 83.41%
-----------------===================================================
100.0% 74
=================
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants for the purposes of the above table.
(1) The Company's pro-rata share of base rent from joint venture properties has
been included for the purpose of calculating percentage of base rent by
state.
(2) Anchor GLA includes a total of 254,916 square feet which is not owned by
the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
(3) Reference the "Properties - Detail" page in this supplemental report for
additional information regarding the Company's percentage interest in the
above individual JV properties.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Retail Properties by State - Summary
- --------------------------------------------------------------------------
---------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------
Wholly-Owned Properties
Anchors Shops Total Anchors Shops Totals
---------------------------------------------------------
Connecticut $2,172,145 $561,202 $2,733,347 $26.27 $15.64 $23.05
Illinois 225,436 1,780,651 2,006,087 4.36 27.20 17.12
Indiana 1,318,902 1,262,214 2,581,116 9.08 16.52 11.64
Massachusetts 1,855,550 560,151 2,415,701 6.70 9.57 7.20
Michigan 988,349 975,709 1,964,058 7.88 16.72 10.68
New Jersey 6,272,333 4,376,273 10,648,606 11.59 17.23 13.39
New York 5,743,818 6,051,461 11,795,279 10.98 22.19 14.82
Ohio 802,719 703,156 1,505,875 11.75 12.37 12.03
Pennsylvania (Philadelphia region) 1,262,344 890,871 2,153,215 21.61 24.26 22.63
Pennsylvania (Northeastern region) 4,164,493 2,040,009 6,204,502 4.81 8.72 5.64
Rhode Island 935,920 1,498,995 2,434,915 7.68 9.49 8.70
Vermont 1,317,312 499,782 1,817,094 18.00 19.54 18.40
---------------------------------------------------------
---------------------------------------------------------
Total - Wholly-Owned Properties $27,059,321 $21,200,474 $48,259,795 $9.22 $15.91 $11.31
---------------------------------------------------------
---------------------------------------------------------
Joint Venture Properties (3)
- ---------------------------------------------------------------
Operating Properties
Ohio $1,959,075 $628,086 $2,587,161 $10.80 $9.80 $10.54
Delaware 12,506,990 1,962,053 14,469,043 15.18 22.73 15.90
New York 2,261,353 3,798,383 6,059,736 11.30 36.02 19.83
Various (Kroger/Safeway Portfolio) 8,013,583 - 8,013,583 7.87 - 7.87
---------------------------------------------------------
Total - Operating Properties 24,741,001 6,388,522 31,129,523 11.13 24.96 12.56
---------------------------------------------------------
JV Redevelopment Properties
Michigan 281,600 145,234 426,834 4.00 9.93 5.02
New York 5,054,973 3,620,349 8,675,322 13.02 11.73 12.45
South Carolina - 374,490 374,490 - 6.88 6.88
Virginia 28,500 910,090 938,590 2.53 14.19 12.45
---------------------------------------------------------
Total-Redevelopment Properties 5,365,073 5,050,163 10,415,236 11.42 11.43 11.42
---------------------------------------------------------
---------------------------------------------------------
Total Joint Venture Properties $30,106,074 $11,438,685 $41,544,759 $11.18 $16.39 $12.25
=========================================================
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants for the purposes of the above table.
(1) The Company's pro-rata share of base rent from joint venture properties has
been included for the purpose of calculating percentage of base rent by
state.
(2) Anchor GLA includes a total of 254,916 square feet which is not owned by
the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
(3) Reference the "Properties - Detail" page in this supplemental report for
additional information regarding the Company's percentage interest in the
above individual JV properties.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Retail Properties - Detail
---------------------
---------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Occupancy Annualized Base Rent per Occupied Square
Area Foot
---------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total
---------------------------------------------------------------------------------------------------
WHOLLY-OWNED
PROPERTIES:
New York Region
- --------------------
Connecticut
- --------------------
239 Greenwich
Avenue(1) 16,834 - 16,834 100.00% - 100.00%$1,235,145 $- $1,235,145 $73.37 $- $73.37
---------------------------------------------------------------------------------------------------
New Jersey
- --------------------
Elmwood Park
Shopping Center 62,610 86,475 149,085 100.00%100.00%100.00% 1,390,460 1,936,648 3,327,108 22.21 22.40 22.32
---------------------------------------------------------------------------------------------------
New York
- --------------------
Soundview
Marketplace (2) 73,500 110,315 183,815 100.00% 87.42% 92.45% 1,248,850 1,571,284 2,820,134 16.99 16.29 16.60
Village Commons
Shopping Center 25,192 62,189 87,381 100.00% 94.37% 95.99% 428,213 1,621,448 2,049,661 17.00 27.63 24.44
Branch Plaza 74,050 51,701 125,751 100.00%100.00%100.00% 1,101,989 1,318,952 2,420,941 14.88 25.51 19.25
Amboy Road 46,964 13,116 60,080 100.00% 81.70% 96.00% 1,012,015 407,550 1,419,565 21.55 38.04 24.61
Bartow Avenue - 14,694 14,694 0.00% 51.00% 51.00% - 222,600 222,600 - 29.70 29.70
Pacesetter Park
Shopping Center 52,052 44,646 96,698 100.00% 96.35% 98.31% 352,265 796,449 1,148,714 6.77 18.51 12.08
---------------------------------------------------------------------------------------------------
Total - New York 271,758 296,661 568,419 100.00% 90.36% 94.97% 4,143,332 5,938,283 10,081,615 15.25 22.15 18.68
---------------------------------------------------------------------------------------------------
Total - New York
Region 351,202 383,136 734,338 100.00% 92.53% 96.10% 6,768,937 7,874,931 14,643,868 19.27 22.21 20.75
---------------------------------------------------------------------------------------------------
New England
- --------------------
Connecticut
- --------------------
Town Line Plaza(3) 163,159 43,139 206,298 100.00% 83.19% 96.48% 937,000 561,202 1,498,202 14.23 15.64 14.72
---------------------------------------------------------------------------------------------------
Massachusetts
- --------------------
Methuen Shopping
Center 124,381 5,857 130,238 96.48% - 92.14% 736,464 - 736,464 6.14 - 6.14
Crescent Plaza 156,985 61,156 218,141 100.00% 95.71% 98.80% 1,119,086 560,151 1,679,237 7.13 9.57 7.79
---------------------------------------------------------------------------------------------------
Total -
Massachusetts 281,366 67,013 348,379 98.44% 87.34% 96.31% 1,855,550 560,151 2,415,701 6.70 9.57 7.20
---------------------------------------------------------------------------------------------------
New York
- --------------------
New Loudon Center 251,211 4,615 255,826 100.00%100.00%100.00% 1,600,486 113,178 1,713,664 6.37 24.52 6.70
---------------------------------------------------------------------------------------------------
Rhode Island
- --------------------
Walnut Hill Plaza 121,892 161,343 283,235 100.00% 97.93% 98.82% 935,920 1,498,995 2,434,915 7.68 9.49 8.70
---------------------------------------------------------------------------------------------------
Vermont
- --------------------
The Gateway Shopping
Center 73,184 28,600 101,784 100.00% 89.45% 97.04% 1,317,312 499,782 1,817,094 18.00 19.54 18.40
---------------------------------------------------------------------------------------------------
Total - New England
Region 890,812 304,710 1,195,522 99.51% 92.75% 97.79% 6,646,268 3,233,308 9,879,576 8.42 11.44 9.22
---------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
(1) 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21
residential units encompassing 14,434 square feet. Residential activities
are not included above.
(2) This property is currently being marketed for sale.
(3) Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned
by the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
WHOLLY-OWNED PROPERTIES
(continued):
Midwest
- -------------
Illinois
- -------------
Hobson West
Plaza 51,692 47,198 98,890 100.00% 97.89% 98.99% $225,436 $990,900 $1,216,336 $4.36 $21.45 $12.43
Clark and
Diversey - 19,265 19,265 0.00%100.00%100.00% - 789,751 789,751 - 40.99 40.99
-----------------------------------------------------------------------------------------------------------
Total -
Illinois 51,692 66,463 118,155 100.00% 98.50% 99.16% 225,436 1,780,651 2,006,087 4.36 27.20 17.12
-----------------------------------------------------------------------------------------------------------
Indiana
- -------------
Merrillville
Plaza 145,266 90,412 235,678 100.00% 84.50% 94.05% 1,318,902 1,262,214 2,581,116 9.08 16.52 11.64
Michigan
- -------------
Bloomfield
Towne Square 126,960 87,906 214,866 98.83% 66.39% 85.56% 988,349 975,709 1,964,058 7.88 16.72 10.68
Ohio
- -------------
Mad River
Station (1) 68,296 87,536 155,832 100.00% 64.93% 80.30% 802,719 703,156 1,505,875 11.75 12.37 12.03
-----------------------------------------------------------------------------------------------------------
Total -
Midwest
Region 392,214 332,317 724,531 99.62% 77.35% 89.41% 3,335,406 4,721,730 8,057,136 8.54 18.37 12.44
-----------------------------------------------------------------------------------------------------------
Mid-Atlantic
- -------------
New Jersey
- -------------
Marketplace
of Absecon 58,031 47,066 105,097 100.00% 92.28% 96.54% 984,014 676,933 1,660,947 16.96 15.59 16.37
Ledgewood
Mall 370,969 146,823 517,792 100.00% 75.40% 93.02% 2,997,859 1,414,198 4,412,057 8.08 12.77 9.16
A & P
Shopping
Plaza
(Boonton) 49,463 13,445 62,908 100.00%100.00%100.00% 900,000 348,494 1,248,494 18.20 25.92 19.85
-----------------------------------------------------------------------------------------------------------
Total - New
Jersey 478,463 207,334 685,797 100.00% 80.83% 94.20% 4,881,873 2,439,625 7,321,498 10.20 14.56 11.33
-----------------------------------------------------------------------------------------------------------
Pennsylvania
- -------------
Chestnut Hill
(2) 31,420 9,150 40,570 100.00%100.00%100.00% 992,344 300,028 1,292,372 31.58 32.79 31.86
Abington
Towne Center
(3) 184,616 31,739 216,355 100.00% 86.86% 98.07% 270,000 590,843 860,843 10.00 21.43 15.78
-----------------------------------------------------------------------------------------------------------
216,036 40,889 256,925 100.00% 89.80% 98.38% 1,262,344 890,871 2,153,215 21.61 24.26 22.63
-----------------------------------------------------------------------------------------------------------
Total - Mid-
Atlantic
Region 694,499 248,223 942,722 100.00% 82.31% 95.34% 6,144,217 3,330,496 9,474,713 11.44 16.30 12.78
-----------------------------------------------------------------------------------------------------------
Northeastern
Pennsylvania
- -------------
Pennsylvania
- -------------
Blackman
Plaza 111,956 9,385 121,341 100.00% - 92.27% 264,374 18,000 282,374 2.36 - 2.52
Bradford
Towne Centre
(4) 181,103 76,020 257,123 100.00% 64.85% 89.61% 1,102,616 425,677 1,528,293 6.09 8.63 6.63
Greenridge
Plaza 101,060 90,695 191,755 61.44% 97.23% 78.37% 279,405 700,251 979,656 4.50 7.94 6.52
Luzerne
Street
Shopping
Center 43,663 14,372 58,035 100.00% 50.49% 87.74% 223,652 77,886 301,538 5.12 10.73 5.92
Mark Plaza 157,595 58,452 216,047 100.00% 82.29% 95.21% 652,095 383,288 1,035,383 4.14 7.97 5.03
Pittston
Plaza 67,568 11,905 79,473 87.47% 75.51% 85.68% 428,480 94,755 523,235 7.25 10.54 7.68
Plaza 422 145,026 10,000 155,026 71.88% 30.00% 69.18% 407,520 36,500 444,020 3.91 12.17 4.14
Route 6 Plaza 146,498 29,007 175,505 100.00%100.00%100.00% 806,351 303,652 1,110,003 5.50 10.47 6.32
-----------------------------------------------------------------------------------------------------------
Total -
Pennsylvania 954,469 299,836 1,254,305 90.76% 77.99% 87.70% 4,164,493 2,040,009 6,204,502 4.81 8.72 5.64
-----------------------------------------------------------------------------------------------------------
Total -
Northeastern
Pennsylvania
Region 954,469 299,836 1,254,305 90.76% 77.99% 87.70% 4,164,493 2,040,009 6,204,502 4.81 8.72 5.64
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Total -
Wholly-owned
Properties 3,283,196 1,568,222 4,851,418 97.13% 84.96% 93.20%$27,059,321 $21,200,474 $48,259,795 $9.22 $15.91 $11.31
-----------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
(1) The GLA for this property includes 28,205 square feet of office space.
(2) This consists of two separate buildings, both located on Germantown Avenue,
in Chestnut Hill (Philadelphia).
(3) Anchor GLA includes a 157,616 square foot Target store which is not owned
by the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
(4) This property is currently being marketed for sale.
---------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Occupancy Annualized Base Rent per Occupied Square
Area Foot
---------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total
---------------------------------------------------------------------------------------------------
JOINT VENTURE Acadia's
PROPERTIES:
interest
--------
Midwest
- ---------------
Ohio
- ---------------
Amherst
Marketplace
(1) 37.8% 76,737 3,208 79,945 100.00%100.00%100.00% $795,711 $34,404 $830,115 $10.37 $10.72 $10.38
Granville
Centre (1) 37.8% 90,047 44,950 134,997 38.81% 54.27% 43.96% 402,085 236,319 638,404 11.51 9.69 10.76
Sheffield
Crossing (1) 37.8% 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,279 357,363 1,118,642 10.93 9.79 10.54
------------------------------------------------------------------------------------------------------------
Total - Ohio 236,443 91,033 327,476 76.70% 70.43% 74.96% 1,959,075 628,086 2,587,161 10.80 9.80 10.54
------------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
Delaware
- ---------------
Brandywine Town
Center 22.2% 784,831 22,617 807,448 100.00%100.00%100.00% 11,960,434 360,943 12,321,377 15.24 15.96 15.26
Market Square
Shopping
Center 22.2% 38,850 63,712 102,562 100.00%100.00%100.00% 546,556 1,601,110 2,147,666 14.07 25.13 20.94
------------------------------------------------------------------------------------------------------------
Total -
Delaware 823,681 86,329 910,010 100.00%100.00%100.00% 12,506,990 1,962,053 14,469,043 15.18 22.73 15.90
------------------------------------------------------------------------------------------------------------
New York Region
- ---------------
New York
- ---------------
Crossroads
Shopping
Center 49.0% 200,181 110,463 310,644 100.00% 95.47% 98.39% 2,261,353 3,798,383 6,059,736 11.30 36.02 19.83
------------------------------------------------------------------------------------------------------------
Various Regions
- ---------------
Kroger/Safeway
Portfolio (25
Properties)(2) 28.3%1,018,100 - 1,018,100 100.00% - 100.00% 8,013,583 - 8,013,583 7.87 - 7.87
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total - Joint Venture
Operating Properties 2,278,405 287,825 2,566,230 97.58% 88.91% 96.61% 24,741,001 6,388,522 31,129,523 11.13 24.96 12.56
------------------------------------------------------------------------------------------------------------
Joint Venture
Redevelopment
Properties
------------------------------------------------------------------------------------------------------------
Sterling
Heights
Shopping
Center
(Michigan)
(3) 18.9% 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 4.00 9.93 5.02
400 East
Fordham Road
(New York)
(4) 19.2% 100,703 16,652 117,355 100.00%100.00%100.00% 275,000 371,743 646,743 2.73 22.32 5.51
Pelham Manor
Shopping Plaza
(New York)
(4) 19.2% - 398,775 398,775 - 47.94% 47.94% - 1,282,887 1,282,887 - 6.71 6.71
Sherman Avenue
at Broadway
(New York) (4) 19.2% 134,773 - 134,773 100.00% - 100.00% 1,970,291 - 1,970,291 14.62 - 14.62
Tarrytown
Shopping
Center (New
York) (3) 18.9% 15,497 19,794 35,291 100.00% 73.44% 85.10% 475,000 428,128 903,128 30.65 29.45 30.07
161st Street
(New York) (4) 19.2% 137,334 86,277 223,611 100.00%100.00%100.00% 2,334,682 1,537,591 3,872,273 17.00 17.82 17.32
Liberty Avenue
(New York) (5) 19.2% - - - -
216th Street
(New York) (5) 19.2% - - - -
Hitchcock Plaza
(South
Carolina) (6) 7.6% 135,775 98,111 233,886 0.00% 55.50% 23.28% - 374,490 374,490 - 6.88 6.88
Pine Log Plaza
(South
Carolina) (6) 7.6% 23,184 11,880 35,064 0.00% 0.00% 0.00% - - - - - -
Haygood
Shopping
Center
(Virginia)
(3) 18.9% 94,303 71,148 165,451 11.96% 90.12% 45.57% 28,500 910,090 938,590 2.53 14.19 12.45
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 731,969 767,075 1,499,044 64.21% 57.60% 60.83% 5,365,073 5,050,163 10,415,236 11.42 11.43 11.42
------------------------------------------------------------------------------------------------------------
Total - Joint
Venture
Properties 3,010,374 1,054,900 4,065,274 89.47% 66.14% 83.41%$30,106,074 $11,438,685 $41,544,759 $11.18 $16.39 $12.25
============================================================================================================
------------------------------------------------------------------------------------------------------------
Wholly-owned and JV -
Operating Properties
(7) 3,942,113 1,675,923 5,618,037 97.09% 85.17% 93.53%$33,957,224 $23,734,941 $57,692,165 $8.87 $16.63 $10.98
------------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
(1) Fund I
(2) Fund I portfolio of 25 triple-net, anchor-only leases with Kroger and
Safeway supermarkets.
(3) Fund I owns a 50% interest in the property.
(4) Fund II has a 96% interest in the property.
(5) Property is currently under property. construction.
(6) Fund I owns a 20% interest in the property.
(7) Weighted based on ownership interest.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
-------- -------
Year-to- 3 3 months Year
Date months ended ended
ended
Leasing Production Notes:June 30, June March December
2006 30, 31, 31,
2006 2006 2005
------------------------------------------------------------------------------- -------- ------- -------- --------
New leases (1)
Number of new leases commencing 9 8 1 28
GLA 30,098 26,469 3,629 219,770
New base rent $15.96 $14.72 $25.00 $11.20
Previous base rent (and percentage rent) $13.34 $12.43 $20.00 $11.71
Percentage growth in base rent 19.6% 18.4% 25.0% -4.3%
Average cost per square foot $11.27 $10.07 $20.00 $11.57
Renewal leases
Number of renewal leases commencing 17 2 15 52
GLA expiring 165,054 55,580 109,474 348,354
Renewal percentage (2) 60% 16% 83% 70%
New base rent $12.66 $19.28 $12.01 $12.14
Expiring base rent (and percentage rent) $11.88 $19.19 $11.17 $10.86
Percentage growth in base rent 6.5% 0.5% 7.5% 11.8%
Average cost per square foot $0.00 $0.00 $0.00 $0.00
Total new and renewal Leases
Number of new and renewal leases commencing 26 10 16 80
GLA commencing 129,854 35,362 94,492 462,975
New base rent $13.42 $15.87 $12.51 $11.69
Expiring base rent (and percentage rent) $12.22 $14.13 $11.51 $11.26
Percentage growth in base rent (2) 9.8% 12.3% 8.7% 3.8%
Average cost per square foot $2.61 $7.54 $0.77 $5.49
-------- -------
(1) Does not include leased square footage and costs related to first
generation space and the Company's major redevelopment projects.
(2) Rent is presented on a cash basis. Rents have not been averaged over terms.
Previous/expiring rent is that as of time of expiration and includes any
percentage rent paid as well. New rent is that which is initially paid at
commencement.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Top Tenants - Ranked
by Annualized Base Rent
-----------
(Combined basis - Includes pro-rata share of GLA and rent
for JV properties)
Percentage of Total
Wholly-Owned Joint Ventures (2) Combined Represented by
Retail Tenant
-------------------------------------------------------------------------------
Average
Number of Gross
Retail stores in Total Annualized Total Annualized Total Annualized Total AnnualizedAverage Occupancy
Base Base Base Base
Ranking Tenant combined GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio Rent (3) Sales Cost (4)
portfolio GLA( 3) (per
sq.
ft.)
- -----------------------------------------------------------------------------------------------------------------------------------
1 Albertson's 4 220,625 $3,012,896 - $- 220,625 $3,012,896 3.8% 5.1%
-- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.0% 4.0% 475 2.8%
-- Acme 1 44,824 654,704 - - 44,824 654,704 0.8% 1.1% 294 5.5%
2 A&P (Waldbaum's) 4 149,729 2,566,284 18,722 246,960 168,451 2,813,244 2.9% 4.7%
--
A&P/Waldbaum's 4 149,729 2,566,284 18,722 246,960 168,451 2,813,244 2.9% 4.7% 348 5.8%
3 Sears 7 485,111 1,829,484 68,690 330,263 553,801 2,159,747 9.4% 3.6%
-- Kmart 5 424,411 1,571,484 49,355 277,463 473,766 1,848,947 8.1% 3.1% 166 3.7%
-- Sears 2 60,700 258,000 19,335 52,800 80,035 310,800 1.4% 0.5% 231 1.8%
4 T.J. Maxx 10 289,427 2,051,182 6,972 88,190 296,399 2,139,372 5.0% 3.6%
-- T.J. Maxx 4 88,200 726,300 6,972 88,190 95,172 814,490 1.6% 1.4% 281 4.3%
-- Marshalls 3 102,781 731,494 - - 102,781 731,494 1.7% 1.2% 178 5.7%
-- A.J.
Wright's 2 58,800 286,131 - - 58,800 286,131 1.0% 0.5% 144 5.8%
-- Homegoods 1 39,646 307,257 - - 39,646 307,257 0.7% 0.5% 146 6.8%
5 Ahold 3 180,001 1,568,670 - - 180,001 1,568,670 3.1% 2.6%
-- Stop and
Shop 2 117,911 1,289,265 - - 117,911 1,289,265 2.0% 2.2% 346 3.6%
-- Giant 1 62,090 279,405 - - 62,090 279,405 1.1% 0.5% - -
6 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 3.6% 2.5% 336 3.2%
7 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 3.6% 1.7% - -
8 Brook's Drug 6 72,832 995,048 - - 72,832 995,048 1.2% 1.7%
-- Eckerd's 6 72,832 995,048 - - 72,832 995,048 1.2% 1.7% 442 4.6%
9 Pathmark 1 47,773 955,460 - - 47,773 955,460 0.8% 1.6% - -
Redner's
10 Supermarket 2 111,739 875,912 - - 111,739 875,912 1.9% 1.5% 250 4.0%
11 Price Chopper 1 77,450 804,059 - - 77,450 804,059 1.3% 1.3% 672 1.9%
Restoration
12 Hardware 1 9,220 697,200 - - 9,220 697,200 0.2% 1.2% 249 32.6%
13 Kroger( 5) 13 - - 156,069 1,137,042 156,069 1,137,042 2.7% 1.9% - -
14 Safeway (6) 13 - - 132,409 1,133,607 132,409 1,133,607 2.3% 1.9% - -
15 Clearview Cinema 1 25,400 686,250 - - 25,400 686,250 0.4% 1.2% - -
Federated
Department
16 Stores (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.2% 1.1% 205 6.2%
17 Payless Shoes 11 36,076 557,570 1,524 43,273 37,600 600,843 0.6% 1.0% - -
18 JC Penney 2 72,580 591,747 - - 72,580 591,747 1.2% 1.0% 182 5.9%
19 Walgreen's 2 23,904 589,088 - - 23,904 589,088 0.4% 1.0% 342 8.8%
King Kullen
20 Grocery 1 48,100 562,600 - - 48,100 562,600 0.8% 0.9% 548 2.7%
------------------------------------------------------------------------------------------
Total 87 2,344,433 21,519,750 384,386 2,979,335 2,728,819 24,499,085 46.5% 41.1%
==========================================================================================
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
(2) Includes Funds I, II, Crossroads Shopping Center and Brandywine joint
ventures. The above amounts represent the Company's pro-rata share of
square footage and rent.
(3) Represents total GLA and annualized base rent for the Company's retail
properties including its pro-rata share of joint venture properties.
(4) Occupancy cost = Gross rents (base rent, percentage rent and expense
reimbursements) divided by sales. * indicates not all locations are
required to report sales. Amount is left blank if the tenant is not
required to report sales at any of the locations.
(5) Kroger has sub-leased 4 of these locations to supermarket tenants, 2
locations to a non- supermarket tenant and ceased operations at one other
location.
(6) Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non- supermarket tenant and ceased operations at one other
location.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Anchor Detail
--------------------------------
- ------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS
ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for which rent
payment has not yet commenced)
Retail Anchor Properties- Wholly Owned
- -----------------------------------------
New York Region
- -----------------------------------------
Connecticut
----------------------------------------
239 Greenwich Ave., Greenwich
Coach 4,541 1/31/2016 305,544 67.29 (1) 5 Year
Restoration Hardware 12,293 4/30/2015 929,600 75.62 (2) 5 Years
---------- -------------------
Property total 16,834 1,235,144 73.37
---------- -------------------
New Jersey
----------------------------------------
Elmwood Park Shopping Center, Elmwood
Park
Walgreens 14,837 5/31/2022 435,000 29.32 (8) 5 Year
Pathmark 47,773 11/30/2017 955,460 20.00 (7) 5 Year
---------- -------------------
Property total 62,610 1,390,460 22.21
---------- -------------------
New York
----------------------------------------
Soundview Marketplace, Port Washington
King Kullen 48,100 9/26/2007 $562,600 $11.70 (7) 5 Year
Clearview Cinema 25,400 5/31/2010 686,250 27.02 (4) 5 Year
---------- -------------------
Property total 73,500 1,248,850 16.99
---------- -------------------
Village Commons Shopping Center
Daffy's 16,125 1/7/2008 274,125 17.00 (4) 5 Year
Walgreens 9,067 12/31/2021 154,088 16.99 -
---------- -------------------
Property total 25,192 428,213 17.00
---------- -------------------
Branch Plaza
CVS 11,050 5/31/2010 181,026 16.38 -
A&P 63,000 11/30/2013 920,964 14.62 (3) 5 Year
---------- -------------------
Property Total: 74,050 1,101,990 14.88
---------- -------------------
Amboy Shopping Center
Waldbaum's (A&P) 37,266 7/6/2028 745,320 20.00 -
Duane Reed 9,698 8/31/2008 266,695 27.50 (2) 5 Year
---------- -------------------
46,964 1,012,015 21.55
---------- -------------------
Pacesetter Park Shopping Center, Pomona
Stop & Shop (Ahold) 52,052 8/31/2020 352,265 6.77 (2) 10 Year
---------- -------------------
Property total 52,052 352,265 6.77
---------- -------------------
Total: New York Region 351,202 6,768,937 19.27
---------- -------------------
Retail Anchor Properties- Wholly Owned (continued)
- ---------------------------------------------------
New England
- -----------------------------------------
Connecticut
----------------------------------------
Town Line Plaza, Rocky Hill
Wal*Mart( 1) 97,300 - $- $- REA Agreement
Super Stop & Shop (Ahold) 65,859 11/30/2023 937,000 14.23 (8) 5 Year
---------- -------------------
Property total 163,159 937,000 14.23
---------- -------------------
Massachusetts
----------------------------------------
Methuen Shopping Center, Methuen
Demoulas Super Markets 30,460 1/31/2015 109,656 3.60 (1) 5 Year
Wal*Mart 89,544 10/23/2011 626,808 7.00 (8) 5 Year
---------- -------------------
Property total 120,004 736,464 6.14
---------- -------------------
Crescent Plaza, Brockton
Home Depot 106,760 10/31/2021 602,126 5.64 (7) 5 Year
Shaw's (Albertsons) 50,225 12/31/2012 516,960 10.29 (6) 5 Year
---------- -------------------
Property total 156,985 1,119,086 7.13
---------- -------------------
New York
----------------------------------------
New Loudon Center, Latham
Bon Ton 65,365 2/1/2014 261,460 4.00 (4) 5 Year
Marshalls (TJX) 37,212 1/31/2014 158,151 4.25 (3) 5 Year
Price Chopper 77,450 5/31/2015 804,059 10.38 (4) 5 Year
A.C. Moore 21,520 4/30/2009 221,226 10.28 (3) 5 Year
Raymours Furniture Co 49,664 4/30/2019 155,591 3.13 (3) 5 Year
---------- -------------------
Property total 251,211 1,600,487 6.37
---------- -------------------
Rhode Island
----------------------------------------
Walnut Hill Plaza, Woonsocket
Sears 60,700 8/31/2008 258,000 4.25 (5) 5 Year
CVS 8,800 1/31/2009 154,000 17.50 (1) 5 Year
Shaw's (Albertsons) 52,392 12/31/2013 523,920 10.00 (3) 5 Year
---------- -------------------
Property total 121,892 935,920 7.68
---------- -------------------
Vermont
----------------------------------------
Gateway Shopping Center
Shaw's (Albertsons) (5) 5 Yr. & (1)
73,184 3/31/2024 1,317,312 18.00 4 Yr.
---------- -------------------
Property total 73,184 1,317,312 18.00
---------- -------------------
Total : New England 886,435 6,646,269 8.42
---------- -------------------
Midwest
- ---------
Illinois
--------
Hobson West Plaza, Naperville
Bobak's Market and Restaurant 51,692 11/30/2007 225,436 4.36 (5) 5 Year
---------- -------------------
Property total 51,692 225,436 4.36
---------- -------------------
Indiana
----------------------------------------
Merrillville Plaza, Merrillville
JC Penney 50,000 1/31/2008 495,000 9.90 (2) 5 Year
Officemax 26,157 7/31/2008 222,335 8.50 (4) 5 Year
Pier I 9,143 1/31/2009 128,002 14.00 -
David's Bridal 13,266 11/19/2010 190,765 14.38 (2) 5 Year
Toys R Us 21,500 1/31/2014 87,500 4.07 (5) 5 Year
TJ Maxx (TJX) 25,200 1/31/2009 195,300 7.75 (1) 5 Year
---------- -------------------
Property total 145,266 1,318,902 9.08
---------- -------------------
(1) This space is contiguous to the Company's property and is not owned by the
Company.
Retail Anchor Properties- Wholly Owned
(continued)
- -----------------------------------------
Michigan
----------------------------------------
Bloomfield Town Square, Bloomfield
Hills
HomeGoods (TJX) 39,646 5/31/2010 307,257 7.75 (3) 5 Year
Officemax 21,500 6/30/2010 193,500 9.00 (3) 5 Year
Marshalls (TJX) 28,324 9/30/2011 226,592 8.00 (3) 5 Year
TJ Maxx (TJX) 36,000 1/31/2009 261,000 7.25 (1) 5 Year
---------- -------------------
Property total 125,470 988,349 7.88
---------- -------------------
Ohio
--------
Mad River Station, Dayton
Babies 'R' Us 33,147 2/28/2010 260,204 7.85 (2) 5 Year
Pier I 10,111 2/28/2010 227,037 22.45 -
Office Depot 25,038 8/31/2010 315,479 12.60 -
---------- -------------------
Property total 68,296 802,720 11.75
---------- -------------------
Total: Midwest 390,724 3,335,407 8.54
---------- -------------------
Mid-Atlantic
- -----------------------------------------
New Jersey
----------------------------------------
Marketplace of Absecon, Absecon
Eckerd Drug (Brook's) 13,207 8/30/2020 329,310 24.93 (4) 5 Year
Acme Markets (Albertson) 44,824 4/30/2015 654,704 14.61 (8) 5 Year
---------- -------------------
Property total 58,031 984,014 16.96
---------- -------------------
Ledgewood Mall, Ledgewood
Circuit City 33,294 1/31/2020 449,469 13.50 (4) 5 Year
Ashley Furniture 41,806 12/31/2010 212,793 5.09 (2) 5 Year
Barnes & Noble 12,500 1/31/2010 224,000 17.92 (5) 5 Year
Marshalls (TJX) 37,245 9/30/2014 346,751 9.31 (4) 5 Year
The Sports Authority 52,205 5/31/2007 225,000 4.31 (6) 5 Year
Macy's Department Store (3) 5 Year
(Federated) (1) 73,349 1/31/2010 651,245 8.88
Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year
---------- -------------------
Property total 370,969 2,997,859 8.08
---------- -------------------
A&P Shopping Plaza - Boonton
A&P 49,463 10/26/2024 900,000 18.20 (9) 5 Year
---------- -------------------
Property total 49,463 900,000 18.20
---------- -------------------
Pennsylvania
----------------------------------------
Abington Town Center, Abington
TJ Maxx (TJX) 27,000 11/30/2010 $270,000 $10.00 (2) 5 Year
Target( 1) Condominium
157,616 - - - Agreement
---------- -------------------
Property total 184,616 270,000 10.00
---------- -------------------
Chestnut Hill LLC
Express 12,882 1/31/2009 $510,344 $39.62
Borders Books 18,538 1/31/2010 482,000 26.00
---------- -------------------
Property total 31,420 992,344 77.03
---------- -------------------
Total : Mid-Atlantic 694,499 6,144,217 11.44
---------- -------------------
Retail Anchor Properties- Wholly Owned (continued)
- ---------------------------------------------------
Northeast Pennsylvania
- -----------------------------------------
Blackman Plaza, Wilkes-Barre
Eckerd Drug (Brook's) 7,000 7/31/2006 59,710 8.53 -
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
---------- -------------------
Property total 111,956 264,374 2.36
---------- -------------------
Bradford Towne Centre, Towanda
Kmart 94,841 3/31/2019 474,205 5.00 (10) 5 Year
Eckerd Drug (Brook's) 11,840 1/31/2010 118,400 10.00 (3) 5 Year
JC Penney 22,764 11/30/2009 96,747 4.25 (7) 5 Year
P & C Foods (Penn Traffic) 51,658 9/30/2014 413,264 8.00 (2) 5 Year
---------- -------------------
Property total 181,103 1,102,616 6.09
---------- -------------------
Greenridge Plaza, Scranton
Giant Food Stores (Ahold) 62,090 4/30/2021 279,405 4.50 (6) 5 Year
---------- -------------------
Property total 62,090 279,405 4.50
---------- -------------------
Luzerne Street Shopping Center,
Scranton
Price Rite (Wakefern) 29,663 4/30/2015 118,652 4.00 (4) 5 Year
Eckerd Drug (Brook's) 14,000 4/30/2009 105,000 7.50 (2) 5 Year
---------- -------------------
Property total 43,663 223,652 5.12
---------- -------------------
Mark Plaza, Edwardsville
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
Redner's Market 52,639 5/31/2018 447,432 8.50 (2) 5 Year
---------- -------------------
Property total 157,595 652,096 4.14
---------- -------------------
Pittston Plaza, Pittston
Redner's Market 59,100 12/31/2018 428,480 7.25 (2) 5 Year
---------- -------------------
Property total 59,100 428,480 7.25
---------- -------------------
Plaza 422, Lebanon
Home Depot 104,243 12/31/2028 407,520 3.91 (6) 5 Year
---------- -------------------
Property total 104,243 407,520 3.91
---------- -------------------
Route 6 Mall, Honesdale
Eckerd Drugs (Brook's) 11,840 1/31/2011 118,400 10.00 (3) 5 Year
Fashion Bug 15,000 1/31/2016 - - -
Kmart 119,658 4/30/2020 687,948 5.75 (10) 5 Year
---------- -------------------
Property total 146,498 806,348 5.50
---------- -------------------
Total : Northeastern
Pennsylvania 866,248 4,164,491 4.81
---------- -------------------
Total: Retail Anchor Properties - Wholly
Owned Properties 3,189,108 $27,059,321 $9.22
========== ===================
(1) Target owns the portion of the main building (157,616 square feet) that
their store is located in.
Joint Venture Properties
- -----------------------------------------
New York Region
- -----------------------------------------
New York
----------------------------------------
Crossroads Shopping Center, White Plains (49% jv)
Kmart 100,725 1/31/2012 $566,250 $5.62 (4) 5 Year
Waldbaum's (A&P) 38,208 12/31/2007 504,000 13.19 (5) 5 Year
B. Dalton (Barnes & Noble) 12,430 5/28/2012 345,928 27.83 (2) 5 Year
Pier 1 8,818 2/28/2007 278,825 31.62 (2) 5 Year
Pay Half 15,000 12/31/2006 372,600 24.84 -
Modell's 25,000 2/28/2009 193,750 7.75 (2) 5 Year
---------- -------------------
Property total 200,181 2,261,353 11.30
---------- -------------------
400 East Fordham Road (Fund II)
Sears 100,703 7/16/2007 275,000 2.73 -
---------- -------------------
Tarrytown Centre
Walgreen's 15,497 6/30/2080 475,000 30.65 -
---------- -------------------
Sherman Avenue
Pilot Garage 74,000 6/14/2007 375,000 5.07 -
City of New York 60,773 MTM 1,595,291 26.25 -
---------- -------------------
134,773 1,970,291 14.62
---------- -------------------
161st Street
City of New York 137,334 7/18/2006 2,334,682 17.00 -
---------- -------------------
137,334 2,334,682 17.00
---------- -------------------
Total : New York Region 588,488 7,316,326 12.43
---------- -------------------
Mid-Atlantic Region
- -----------------------------------------
Delaware
----------------------------------------
Brandywine Town Center (Brandywine JV)
Annie Sez (Big M) 13,325 1/31/2007 279,825 21.00 (3) 5 Year
Michaels 24,876 2/28/2011 572,148 23.00 (3) 5 Year
Old Navy (The Gap) 24,631 4/30/2011 617,745 25.08 (1) 5 Year
Petsmart 23,963 6/30/2017 455,297 19.00 (5) 5 Year
Thomasville Furniture 18,893 11/30/2011 485,739 25.71 (2) 5 Year
World Market 20,310 1/31/2015 406,200 20.00 -
Access Group 76,458 5/31/2015 1,548,275 20.25 (2) 5 Year
Bed, Bath & Beyond 50,977 1/31/2014 868,426 17.04 (3) 5 Year
Dick's Sporting Goods 50,000 5/31/2013 700,000 14.00 (3) 5 Year
Lowe's Home Centers 140,000 8/31/2018 1,925,000 13.75 (6) 5 Year
Regal Cinemas 65,641 6/1/2017 861,210 13.12 (4) 5 Year
Target 138,000 1/31/2018 800,000 5.80 (4) 10 Year
Kincaid Furniture 14,535 3/31/2010 247,095 17.00 -
Transunion Settlement 39,714 3/31/2013 938,745 23.64 (1) 5 Year
The Bombay Company 8,965 1/31/2015 215,160 24.00 (2) 5 Year
Lane Home Furnishings 21,827 10/31/2015 409,693 18.77 (3) 5 Year
MJM Designer 25,000 9/30/2015 325,000 13.00
Target 27,716 1/31/2011 304,876 11.00
---------- -------------------
Property total 784,831 11,960,434 15.24
---------- -------------------
Market Square Shopping Center
(Brandywine JV)
Trader Joe's 7,675 1/31/2013 149,662 19.50 (3) 5 Year
TJ Maxx (TJX) 31,175 1/31/2011 396,894 12.73 (1) 5 Year
---------- -------------------
Property total 38,850 546,556 14.07
---------- -------------------
Joint Venture Properties (continued)
----------------------------------------
Mid-Atlantic Region (continued)
----------------------------------------
Virginia
----------------------------------------
Haygood Shopping Center (Fund I)
Eckerd Drugs (Brook's) 11,280 11/30/2009 28,500 2.53 -
---------- -------------------
Property Total 11,280 28,500 2.53
---------- -------------------
Total : Mid-Atlantic Region 834,961 12,535,490 15.01
---------- -------------------
Midwest Region
- -----------------------------------------
Ohio
--------
Amherst Marketplace (Fund I)
Riser Foods Company/Pharmacy 10,500 3/31/2012 135,135 12.87 (3) 5 Year
Riser Foods Company/Supermarket 66,237 9/30/2021 630,576 9.52 (4) 5 Year
Giant Eagle - 9/3/2021 30,000 - (4) 5 Year
---------- -------------------
Property total 76,737 795,711 22.39
Granville Centre (Fund I)
Lifestyle Family Fitness, Inc. 34,951 1/31/2017 402,085 11.50 (2) 5 Year
---------- -------------------
Sheffield Crossing (Fund I)
Revco Drug 10,500 5/31/2012 140,700 13.40 (3) 5 Year
Giant Eagle 59,159 5/31/2022 620,579 10.49 (4) 5 Year
---------- -------------------
Property total 69,659 761,279 10.93
---------- -------------------
Michigan
----------------------------------------
Sterling Heights (Fund I)
Burlington Coat Factory 70,400 1/31/2024 281,600 4.00 -
---------- -------------------
Total: Midwest 251,747 2,240,675 8.90
---------- -------------------
Various
----------------------------------------
Kroger/Safeway (Fund I) 1,018,100 2009 8,013,583 7.87
---------- -------------------
Total: Joint Venture Properties 2,693,296 $30,106,074 $11.18
========== ===================
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Anchor Lease Expirations - Next 3 Years
-------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Gross Leased Annualized Base Rent
Area
---------------- --------------------------
Percent Percent Average
Square of of per
Center Anchor footage all Amount all Sq. Ft.
anchors anchors
----------------------------------------------------------------------------------------------------------------------
Wholly Owned
------------------------------
2006
Blackman Plaza Eckerd Drugs (Brook's) 7,000 0.24% 59,710 0.22% 8.53
---------------- --------------------------
Total 2006 7,000 0.24% 59,710 0.22% 8.53
---------------- --------------------------
2007
Ledgewood Mall The Sports Authority 52,205 1.76% 225,000 0.83% 4.31
Soundview Marketplace King Kullen 48,100 1.62% 562,600 2.08% 11.70
Hobson West Plaza Bobak's 51,692 1.75% 225,436 0.83% 4.36
---------------- --------------------------
Total 2007 151,997 5.13% 1,013,036 3.74% 6.66
---------------- --------------------------
2008
Village Commons Shopping Daffy's Inc.
Center 16,125 0.54% 274,125 1.01% 17.00
Merrillville Plaza JC Penny Co. 50,000 1.69% 495,000 1.83% 9.90
Merrillville Plaza Officemax Inc. 26,157 0.88% 222,335 0.82% 8.50
Amboy Shopping Center Duane Reade 9,698 0.33% 266,695 0.99% 27.50
Walnut Hill Plaza Sears 60,700 2.05% 258,000 0.95% 4.25
---------------- --------------------------
Total 2008 162,680 3.26% 1,516,155 2.76% 9.32
---------------- --------------------------
Total - Next 3 Years $321,677 8.63% $2,588,901 6.72% $8.05
================ ==========================
Crossroads Joint Venture
---------------------------------------------------------------------------
2006
Crossroads Shopping Center P.H. Greenburgh 15,000 372,600 - -
Total 2006 15,000 0.00% 372,600 0.00% 24.84
---------------- --------------------------
2007
Crossroads Shopping Center Pier 1 8,818 4.41% 278,825 12.33% 31.62
Crossroads Shopping Center Waldbaum's 38,208 19.09% 504,000 22.29% 13.19
---------------- --------------------------
Total 2007 47,026 23.50% 782,825 34.62% 16.65
---------------- --------------------------
2008 - - - - -
---------------- --------------------------
Total - Next 3 Years $62,026 23.50% $1,155,425 34.62%$18.63
================ ==========================
Brandywine Joint Venture
---------------------------------------------------------------------------
2006
2007
Brandywine Town Center Annie Sez (Big M) 13,325 1.62% 279,825 2.24% 21.00
2008 - - - - -
---------------- --------------------------
Total - Next 3 Years $13,325 1.62% $279,825 2.24%$21.00
================ ==========================
Fund I
------------------------------
2006
2007
2008 - - - - -
---------------- --------------------------
Total - Next 3 Years $- 0.00% $- 0.00% $-
================ ==========================
Fund II
------------------------------
Month-to-month
2006 - -
161st Street New York City 137,334 36.84% 2,334,682 50.99% 17.00
2007
Sherman Avenue Pilot Garage 74,000 19.85% 375,000 8.19% 5.07
400 East Fordham Road Sears 100,703 27.01% 275,000 5.99% 2.73
---------------- --------------------------
Total 2007 174,703 46.86% 650,000 14.18% 3.72
---------------- --------------------------
2008
Sherman Avenue New York City 60,773 16.30% 1,595,291 34.83% 26.25
---------------- --------------------------
Total - Next 3 Years $372,810 100.00% $4,579,973 100.00%$12.29
================ ==========================
(1) Tenant pays rent based on percentage of sales
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Lease Expirations
---------------------------------------
----------------------------------------------------------------------
Gross Leased Area Annualized Base
Rent
------------------------- -------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
----------------------------------------------------------------------
Wholly-Owned
Propeties
Anchor Tenant Expirations
2006 1 7,000 0.24% 59,710 0.22% 8.53
2007 3 151,997 5.13% 1,013,036 3.74% 6.66
2008 5 162,680 5.50% 1,516,155 5.60% 9.32
2009 10 360,221 12.17% 2,080,947 7.69% 5.78
2010 15 394,651 13.35% 4,429,609 16.39% 11.22
2011 2 40,164 1.36% 344,992 1.27% 8.59
2012 2 139,769 4.72% 1,143,768 4.23% 8.18
2013 2 115,392 3.90% 1,444,884 5.34% 12.52
2014 5 212,980 7.19% 1,267,126 4.68% 5.95
2015 5 164,230 5.55% 2,507,015 9.26% 15.27
2016 2 19,541 0.66% 305,544 1.13% 15.64
2017 1 47,773 1.61% 955,460 3.53% 20.00
2018 2 111,739 3.77% 875,912 3.24% 7.84
2019 4 265,075 8.95% 1,518,396 5.61% 5.73
2020 4 218,211 7.37% 1,818,995 6.72% 8.34
2021 3 204,087 6.89% 1,035,619 3.83% 5.07
2022 1 14,837 0.50% 435,000 1.61% 29.32
2023 1 65,859 2.22% 937,000 3.46% 14.23
2024 2 122,647 4.14% 2,217,312 8.19% 18.08
2028 3 141,509 4.78% 1,152,841 4.26% 8.15
---------------------------------- --------------------------
Total Occupied 73 2,960,362 100.00% $27,059,321 100.00% $9.14
==========================
-----------------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 67,918
------------------
Total Square
Feet 3,283,196
==================
-----------------------------------------
Wholly-Owned
Propeties
Shop Tenant Expirations
Month to
Month 16 35,914 2.72% $243,583 1.15% $6.78
2006 33 68,119 5.17% 1,157,448 5.46% 16.99
2007 68 258,072 19.57% 3,695,888 17.44% 14.32
2008 56 179,257 13.59% 3,395,261 16.00% 18.94
2009 62 219,898 16.66% 3,512,143 16.57% 15.97
2010 47 141,239 10.71% 2,041,247 9.63% 14.45
2011 34 120,419 9.13% 2,023,258 9.54% 16.80
2012 7 16,261 1.23% 371,426 1.75% 22.84
2013 13 42,349 3.21% 872,962 4.12% 20.61
2014 20 103,061 7.82% 1,451,100 6.84% 14.08
2015 14 76,305 5.79% 1,180,923 5.57% 15.48
2016 4 11,693 0.89% 250,340 1.18% 21.41
2018 4 6,805 0.52% 270,408 1.28% 39.74
2019 1 - 0.00% 51,205 0.24% -
2020 4 20,945 1.59% 406,728 1.92% 19.42
2021 1 12,487 0.95% 143,935 0.68% 11.53
2022 1 2,205 0.17% 41,895 0.20% 19.00
2026 1 3,629 0.28% 90,724 0.43% 25.00
---------------------------------- --------------------------
Total Occupied 386 1,318,658 100.00% $21,200,474 100.00%$16.08
==========================
-----------------------------------------
Total Vacant 249,564
------------------
Total Square
Feet 1,568,222
==================
-----------------------------------------
Wholly-Owned
Propeties
Total Tenant Expirations
Month to Month 16 $35,914 0.84% $243,583 0.50% $6.78
2006 34 75,119 1.76% 1,217,158 2.52% 16.20
2007 71 410,069 9.58% 4,708,924 9.76% 11.48
2008 61 341,937 7.99% 4,911,416 10.18% 14.36
2009 72 580,119 13.55% 5,593,090 11.60% 9.64
2010 62 535,890 12.52% 6,470,856 13.41% 12.07
2011 36 160,583 3.75% 2,368,250 4.91% 14.75
2012 9 156,030 3.65% 1,515,194 3.14% 9.71
2013 15 157,741 3.69% 2,317,846 4.80% 14.69
2014 25 316,041 7.39% 2,718,226 5.63% 8.60
2015 19 240,535 5.62% 3,687,938 7.64% 15.33
2016 6 31,234 0.73% 555,884 1.15% 17.80
2017 1 47,773 1.12% 955,460 1.98% 20.00
2018 6 118,544 2.77% 1,146,320 2.38% 9.67
2019 5 265,075 6.19% 1,569,601 3.25% 5.92
2020 8 239,156 5.59% 2,225,723 4.61% 9.31
2021 4 216,574 5.06% 1,179,554 2.44% 5.45
2022 2 17,042 0.40% 476,895 0.99% 27.98
2023 1 65,859 1.54% 937,000 1.94% 14.23
2024 2 122,647 2.87% 2,217,312 4.59% 18.08
2026 1 3,629 0.08% 90,724 0.19% 25.00
2028 3 141,509 3.31% 1,152,841 2.39% 8.15
---------------------------------- --------------------------
Total Occupied 459 $4,279,020 100.00% $48,259,795 100.00%$11.28
==========================
-----------------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 317,482
------------------
Total Square
Feet 4,851,418
==================
-----------------------------------------
Fund
I
Anchor Tenant Expirations
2009 26 1,029,380 79.38% $8,042,083 74.75% $7.81
2012 2 21,000 1.62% 275,835 2.56% 13.14
2017 1 34,951 2.70% 402,085 3.74% 11.50
2021 2 66,237 5.11% 660,576 6.14% 9.97
2022 1 59,159 4.56% 620,579 5.77% 10.49
2024 1 70,400 5.43% 281,600 2.62% 4.00
2080 1 15,497 1.20% 475,000 4.42% 30.65
---------------------------------- --------------------------
Total Occupied 34 1,296,624 100.00% $10,757,758 100.00% $8.30
-----------------------------------------
Total Vacant 317,078
------------------
Total Square
Feet 1,613,702
==================
-----------------------------------------
Fund
I
Shop Tenant Expirations
Month to
Month 15 41,901 19.78% $399,713 16.08% $9.54
2006 7 20,425 9.64% 163,944 6.59% 8.03
2007 12 18,819 8.88% 247,989 9.98% 13.18
2008 13 25,702 12.13% 289,572 11.65% 11.27
2009 5 8,851 4.18% 145,703 5.86% 16.46
2010 5 8,886 4.19% 175,638 7.07% 19.77
2011 3 4,725 2.23% 87,645 3.53% 18.55
2013 2 13,120 6.19% 124,820 5.02% 9.51
2014 6 43,623 20.61% 486,016 19.55% 11.14
2015 2 2,798 1.32% 40,745 1.64% 14.56
2016 1 7,752 3.66% 81,396 3.27% 10.50
2018 1 6,957 3.28% 50,004 2.01% 7.19
2019 1 3,141 1.48% 42,000 1.69% 13.37
2020 1 5,157 2.43% 150,843 6.07% 29.25
---------------------------------- --------------------------
Total Occupied 74 211,857 100.00% $2,486,028 100.00%$11.73
-----------------------------------------
Total Vacant 144,547
------------------
Total Square
Feet 356,404
==================
-----------------------------------------
Fund
I
Total Tenant Expirations
Month to Month 15 41,901 2.78% $399,713 3.02% $9.54
2006 7 20,425 1.35% 163,944 1.24% 8.03
2007 12 18,819 1.25% 247,989 1.87% 13.18
2008 13 25,702 1.70% 289,572 2.19% 11.27
2009 31 1,038,231 68.83% 8,187,786 61.80% 7.89
2010 5 8,886 0.59% 175,638 1.33% 19.77
2011 3 4,725 0.31% 87,645 0.66% 18.55
2012 2 21,000 1.39% 275,835 2.08% 13.14
2013 2 13,120 0.87% 124,820 0.94% 9.51
2014 6 43,623 2.89% 486,016 3.67% 11.14
2015 2 2,798 0.19% 40,745 0.31% 14.56
2016 1 7,752 0.51% 81,396 0.61% 10.50
2017 1 34,951 2.32% 402,085 3.04% 11.50
2018 1 6,957 0.46% 50,004 0.38% 7.19
2019 1 3,141 0.21% 42,000 0.32% 13.37
2020 1 5,157 0.34% 150,843 1.14% 29.25
2021 2 66,237 4.39% 660,576 4.99% 9.97
2022 1 59,159 3.92% 620,579 4.69% 10.49
2024 1 70,400 4.67% 281,600 2.13% 4.00
2080 1 15,497 1.03% 475,000 3.59% 30.65
---------------------------------- --------------------------
Total Occupied 108 1,508,481 100.00% $13,243,786 100.00% $8.78
-----------------------------------------
Total Vacant 461,625
------------------
Total Square
Feet 1,970,106
==================
-----------------------------------------
Fund
II
Anchor Tenant Expirations
2006 1 137,334 36.84% 2,334,682 50.98% 17.00
2007 2 174,703 46.86% 650,000 14.19% 3.72
2008 1 60,773 16.30% 1,595,291 34.83% 26.25
---------------------------------- --------------------------
Total Occupied 4 372,810 100.00% $4,579,973 100.00%$12.29
-----------------------------------------
Total Vacant -
------------------
Total Square
Feet 372,810
==================
-----------------------------------------
Fund
II
Shop Tenant Expirations
Month to
Month 5 41,209 14.01% $274,031 8.58% $6.65
2006 4 38,468 13.08% 704,725 22.08% 18.32
2007 9 206,088 70.08% 2,079,261 65.14% 10.09
2009 1 1,314 0.45% 21,600 0.68% 16.44
2010 2 7,012 2.38% 112,604 3.53% 16.06
---------------------------------- --------------------------
Total Occupied 21 294,091 100.00% $3,192,221 100.00%$10.85
-----------------------------------------
Total Vacant 207,613
------------------
Total Square
Feet 501,704
==================
-----------------------------------------
Fund
II
Total Tenant Expirations
Month to
Month 5 41,209 6.18% $274,031 3.53% $6.65
2006 5 175,802 26.36% 3,039,407 39.11% 17.29
2007 11 380,791 57.10% 2,729,261 35.12% 7.17
2008 1 60,773 9.11% 1,595,291 20.51% 26.25
2009 1 1,314 0.20% 21,600 0.28% 16.44
2010 2 7,012 1.05% 112,604 1.45% 16.06
---------------------------------- --------------------------
Total Occupied 25 666,901 100.00% $7,772,194 100.00%$11.65
-----------------------------------------
Total Vacant 207,613
------------------
Total Square
Feet 874,514
==================
-----------------------------------------
Crossroads (JV Property)
Anchor Tenant Expirations
2006 1 15,000 7.49% $372,600 16.48% 24.84
2007 2 47,026 23.49% 782,825 34.62% 16.65
2009 1 25,000 12.49% 193,750 8.56% 7.75
2012 2 113,155 56.53% 912,178 40.34% 8.06
---------------------------------- --------------------------
Total Occupied 6 200,181 100.00% $2,261,353 100.00%$11.30
-----------------------------------------
Total Vacant -
------------------
Total Square
Feet 200,181
==================
-----------------------------------------
Shop Tenant Expirations
Month to
Month 2 3,610 3.42% $113,678 2.99%$31.49
2006 3 5,840 5.54% 189,654 4.99% 32.48
2007 4 4,912 4.66% 186,498 4.91% 37.97
2008 8 31,460 29.82% 1,048,695 27.61% 33.33
2009 6 17,318 16.42% 721,525 19.00% 41.66
2011 2 4,070 3.86% 146,732 3.86% 36.05
2012 2 5,250 4.98% 191,723 5.05% 36.52
2014 4 19,941 18.91% 676,018 17.80% 33.90
2017 1 6,600 6.26% 330,000 8.69% 50.00
2022 1 6,462 6.13% 193,860 5.10% 30.00
---------------------------------- --------------------------
Total Occupied 33 105,463 100.00% $3,798,383 100.00%$36.02
-----------------------------------------
Total Vacant 5,000
------------------
Total Square
Feet 110,463
==================
-----------------------------------------
Crossroads (JV Property)
Total Tenant Expirations
Month to
Month 2 3,610 1.18% $113,678 1.88%$31.49
2006 3 5,840 1.91% 189,654 3.13% 32.48
2007 5 19,912 6.51% 559,098 9.23% 28.08
2008 8 31,460 10.29% 1,048,695 17.31% 33.33
2009 8 64,344 21.05% 1,504,350 24.81% 23.38
2011 2 4,070 1.33% 146,732 2.42% 36.05
2012 3 30,250 9.90% 385,473 6.36% 12.74
2014 4 19,941 6.52% 676,018 11.16% 33.90
2017 1 6,600 2.16% 330,000 5.45% 50.00
2018 2 113,155 37.04% 912,178 15.05% 8.06
2022 1 6,462 2.11% 193,860 3.20% 30.00
---------------------------------- --------------------------
Total Occupied 39 305,644 100.00% $6,059,736 100.00%$19.83
-----------------------------------------
Total Vacant 5,000
------------------
Total Square
Feet 310,644
==================
-----------------------------------------
Brandywine Portfolio (JV
Properties)
Anchor Tenant Expirations
2007 1 13,325 1.62% 279,825 2.24% 21.00
2010 1 14,535 1.76% 247,095 1.98% 17.00
2011 5 127,291 15.45% 2,377,402 19.01% 18.68
2013 3 97,389 11.82% 1,788,407 14.30% 18.36
2014 2 50,977 6.19% 868,426 6.94% 17.04
2015 5 152,560 18.52% 2,904,328 23.21% 19.04
2017 2 89,604 10.88% 1,316,507 10.53% 14.69
2018 2 278,000 33.76% 2,725,000 21.79% 9.80
0.00%
---------------------------------- --------------------------
Total Occupied 21 823,681 100.00% $12,506,990 100.00%$15.18
-----------------------------------------
Total Vacant -
------------------
Total Square
Feet 823,681
==================
-----------------------------------------
Brandywine Portfolio (JV
Properties)
Shop Tenant Expirations
Month to Month 3 28,800 33.35% $739,414 37.69%$25.67
2006 2 7,500 8.69% 104,239 5.31% 13.90
2007 1 8,100 9.38% 208,000 10.60% 25.68
2008 2 9,700 11.24% 236,093 12.03% 24.34
2010 2 11,817 13.69% 184,280 9.39% 15.59
2013 2 6,950 8.05% 151,674 7.73% 21.82
2014 1 4,962 5.75% 143,104 7.29% 28.84
2015 2 8,500 9.85% 195,249 9.95% 22.97
---------------------------------- --------------------------
Total Occupied 15 86,329 100.00% $1,962,053 100.00%$22.73
-----------------------------------------
Total Vacant -
------------------
Total Square
Feet 86,329
==================
-----------------------------------------
Brandywine Portfolio (JV
Properties)
Total Tenant Expirations
Month to
Month 3 28,800 3.16% $739,414 5.11%$25.67
2006 2 7,500 0.82% 104,239 0.72% 13.90
2007 2 21,425 2.35% 487,825 3.37% 22.77
2008 2 9,700 1.07% 236,093 1.63% 24.34
2010 3 26,352 2.90% 431,375 2.98% 16.37
2011 5 127,291 13.99% 2,377,402 16.43% 18.68
2013 5 104,339 11.47% 1,940,081 13.41% 18.59
2014 3 55,939 6.15% 1,011,530 6.99% 18.08
2015 7 161,060 17.70% 3,099,577 21.42% 19.24
2017 2 89,604 9.85% 1,316,507 9.10% 14.69
2018 2 278,000 30.54% 2,725,000 18.84% 9.80
---------------------------------- --------------------------
Total Occupied 36 910,010 100.00% $14,469,043 100.00%$15.90
-----------------------------------------
Total Vacant -
------------------
Total Square
Feet 910,010
==================
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Property Demographics (1)
----------------------------------------------------------
- ---------------------------------------------------------------------------------- ------------------------------------
3-Mile Radius(2)
------------------------------------
Property Trade Total #
Market Area Base Total Total Households Median HH Avg. HH
Classification Property / JV Ownership City State (Miles) Rent GLA Pop. ("HH") Income Income
%
- ---------------------------------------------------------------------------------- -------------------------------------
Primary Brandywine Town Center Wilmington DE
& Mkt Sq./22.22% 3 14,469,043 910,010 40,591 15,566 $70,145 $87,971
Primary Elmwood Park Shopping Elmwood Park NJ
Ctr. 3 3,327,108 149,085 252,916 84,197 $44,191 $61,068
Primary Chestnut Hill PhiladelphiaPA 3 1,292,372 40,570 151,078 62,916 $53,324 $68,942
Primary Abington Towne Center Abington PA 3 860,843 216,355
Primary Granville Center / Columbus OH
37.78% 3 638,404 134,997 113,906 49,527 $53,564 $70,562
Primary Clark & Diversey Chicago IL 3 789,751 19,265 415,680 217,726 $56,930 $84,335
Primary Hobson West Plaza Naperville IL 3 1,216,336 98,890 95,042 32,948 $82,298 $103,749
Primary Methuen Shopping Ctr. Methuen MA 5 736,464 130,238 82,654 30,553 $37,421 $52,107
Primary Crossroads Shopping White PlainsNY
Ctr. / 49% 3 6,059,736 310,644 102,957 39,813 $59,646 $86,839
Primary The Branch Plaza Smithtown NY 3 2,420,941 125,751 71,215 24,266 $98,596 $113,345
Primary Amboy Road Staten NY
Island 3 1,419,565 60,080 155,416 56,011 $75,297 $89,580
Primary Village Commons Smithtown NY
Shopping Ctr. 3 2,049,661 87,381 70,854 24,112 $98,448 $113,332
Primary Bloomfield Town Square Bloomfield MI
Hills 5 1,964,058 214,866 61,631 24,011 $49,857 $83,461
Primary Crescent Plaza Brockton MA 3 1,679,237 218,141 98,955 34,754 $39,202 $52,875
Primary 239 Greenwich Avenue Greenwich CT 5 1,235,145 16,834 66,252 25,070 $90,010
Primary Soundview Marketplace Port NY
Washington 3 2,820,134 183,815 47,060 16,691 $127,975 $188,579
Secondary Town Line Plaza Rocky Hill CT 3 1,498,202 206,298
Secondary New Loudon Center Latham NY 5 1,713,664 255,826 44,153 17,525 $44,596 $58,526
Secondary Pacesetter Park Pomona NY
Shopping Ctr. 3 1,148,714 96,698 27,421 9,004 $99,926 $124,786
Secondary Mad River Station Dayton OH 5 1,505,875 155,832 52,598 21,841 $51,619 $64,051
Secondary Greenridge Plaza Scranton PA 3 979,656 191,755 88,733 36,946 $30,723 $38,790
Secondary Mark Plaza EdwardsvillePA 5 1,035,383 216,047 90,532 38,714 $28,086 $38,397
Secondary Luzerne Street ShoppingScranton PA
Ctr. 3 301,538 58,035 89,062 36,973 $30,970 $39,323
Secondary Blackman Plaza Wilkes-BarrePA 5 282,374 121,341 62,458 26,393 $27,479 $37,619
Secondary Sheffield Crossing / Sheffield OH
37.78% 3 1,118,642 112,534 32,487 12,500 $42,899 $58,754
Secondary Amherst Marketplace / Amherst OH
37.78% 3 830,115 79,945 55,146 21,276 $41,898 $55,263
Sterling Heights Sterling MI
Shopping Center / Heights
18.9% 3 426,834 154,838 97,175 35,730 $67,786 $74,409
Tarrytown Shopping Tarrytown NY
Center / 18.9% 3 903,128 35,291 36,461 13,328 $84,626 $114,725
Hitchcock Plaza / 7.6% Aiken SC 5 374,490 233,886 25,419 18,757 $60,290 $71,076
Pine Log Plaza / 7.6% Aiken SC 5 - 35,064 25,419 18,757 $60,290 $71,076
Haygood Shopping CenterVirginia VA
/ 18.9% Beach 3 938,590 165,451 97,871 37,786 $51,491 $60,530
400 East Fordham Road /The Bronx NY
19.2% 2 646,743 117,355 651,504 223,577 $28,217 $37,631
Sherman Avenue / 19.2% Manhattan NY 2 1,970,291 134,773 529,999 176,116 $29,932 $40,762
Pelham Manor Shopping Westchester NY
Plaza / 19.2% 3 1,282,887 398,775 400,119 149,994 $47,713 $59,780
Bartow Avenue The Bronx NY 3 222,600 14,694 563,289 208,834 $33,199 $44,894
161st Street /19.2% The Bronx NY 2 3,872,273 223,611 712,029 240,973 $22,230 $32,900
Secondary Walnut Hill Plaza Woonsocket RI 5 2,434,915 283,235 59,068 24,020 $32,605 $44,830
Secondary Ledgewood Mall Ledgewood NJ 5 4,412,057 517,792 39,287 14,235 $59,560 $70,312
Primary BTS Boonton LLC Boonton NJ 5 1,248,494 62,908 48,401 18,384 $85,957 $106,652
Secondary Merrillville Plaza Hobart IN 5 2,581,116 235,678 21,008 8,295 $56,061 $65,230
Secondary The Gateway Shopping So. VT
Ctr. Burlington 3 1,817,094 101,784 45,990 19,115 $54,003 $35,139
Secondary Marketplace of Absecon Absecon NJ 3 1,660,947 105,097 31,282 10,754 $57,266 $69,040
Tertiary Pittston Plaza Pittston PA 3 523,235 79,473 40,766 17,194 $28,200 $37,109
Tertiary Plaza 422 Lebanon PA 3 444,020 155,026 44,886 18,014 $31,027 $39,952
Tertiary Route 6 Plaza Honesdale PA 5 1,110,003 175,505
Tertiary Bradford Towne Centre Towanda PA 10 1,528,293 257,123 5,417 2,256 $33,937 $41,666
- ---------------------------------------------------------------------------------- ------------------------------------
81,790,971 7,898,592
--------------------- ------------------------------------
Weighted Average - Based on GLA 111,899 41,313 $49,526 $63,465
------------------------------------
------------------------------------
Weighted Average - Based on base rent( 1) 90,141 33,738 $55,807 $73,226
------------------------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Property Demographics (1)
--------------------------------
- ------------------------------------------------------------------------- ----------------------------------- ----------------------
5-Mile Radius 10-Mile Radius
----------------------------------------------- -----------------------------------
Property
Market Total # Median HH Avg. HH Total # Median HH Avg. HH
Classification Property / Pop. HH Income Income Pop. HH Income Income County MSA
JV
Ownership %
- ---------------------------------------------------------------------------------------------------------------------------
Primary Brandywine Bergen Wilmington-
Town Center Newark, DE
& Mkt
Sq./22.22% 115,509 46,245 $63,181 $82,051 465,744 177,868 $60,297 $82,576
Primary Elmwood Park Bergen Bergen-
Shopping Passaic, NJ
Ctr. 604,387 209,582 $49,412 $67,557 - - - -
Primary Chestnut Philadelphia Philadelphia,
Hill 408,646 161,678 $51,591 $66,118 PA
Primary Abington Bucks Philadelphia,
Towne PA
Center 316,194 123,852 $49,479 $67,255 1,420,838 535,831 40,786 56,068
Primary Granville Franklin Columbus, OH
Center /
37.78% 272,955 115,817 $55,421 $74,050 - - - -
Primary Clark & Chicago, IL
Diversey
Primary Hobson West DuPage Chicago, IL
Plaza 219,460 77,196 $77,091 $96,876 - - - -
Primary Methuen Essex Boston, MA-NH
Shopping
Ctr. 200,868 74,426 $40,606 $55,989 359,120 130,167 53,266 70,380
Primary Crossroads Westchester New York, NY
Shopping
Ctr. / 49% 199,222 73,477 $67,992 $102,645 - - - -
Primary The Branch Suffolk Nassau-
Plaza 205,906 67,405 $89,363 $103,763 - - - - Suffolk, NY
Primary Amboy Road Richmond New York, NY
Primary Village Suffolk Nassau-
Commons Suffolk, NY
Shopping
Ctr. 205,727 67,384 $89,604 $104,007 - - - -
Primary Bloomfield Oakland Detroit, MI
Town Square 165,071 63,680 $56,286 $89,068 693,426 274,676 35,140 88,557
Primary Crescent Plymouth Boston, MA-NH
Plaza 164,499 58,369 $43,599 $56,535 - - - -
Primary 239 Fairfield New Haven-
Greenwich Meriden, CT
Avenue 139,180 50,542 $87,819 - - - -
Primary Soundview Nassau Nassau-
Marketplace 146,553 53,259 $110,828 $158,509 - - - - Suffolk, NY
Secondary Town Line Hartford Hartford, CT
Plaza 43,708 18,392 $60,038 $75,504 553,333 220,597 43,447 63,310
Secondary New Loudon Albany Albany-
Center Schenectady-
146,563 59,410 $41,551 $54,174 613,866 249,577 43,863 57,271 Troy, NY
Secondary Pacesetter Rockland New York, NY
Park
Shopping
Ctr. 134,012 39,338 $81,066 $102,217 - - - -
Secondary Mad River Montgomery Dayton-
Station Springfield,
124,816 50,664 $51,965 $65,750 408,808 161,200 41,890 51,485 OH
Secondary Greenridge Lackawanna Scranton-
Plaza Wilkes
Barre-
128,607 52,993 $32,446 $41,441 206,477 84,001 34,001 43,425 Hazelton, PA
Secondary Mark Plaza Luzerne Scranton-
Wilkes
Barre-
124,503 52,875 $28,794 $39,583 217,525 89,944 29,784 41,155 Hazelton, PA
Secondary Luzerne Lackawanna Scranton-
Street Wilkes
Shopping Barre-
Ctr. 119,331 49,490 $31,439 $39,606 - - - - Hazelton, PA
Secondary Blackman Luzerne Scranton-
Plaza Wilkes
Barre-
118,011 50,151 $38,259 $28,229 209,428 86,555 29,751 41,041 Hazelton, PA
Secondary Sheffield Lorain Cleveland-
Crossing / Lorain-
37.78% 117,051 44,586 $42,879 $58,196 314,596 120,675 50,540 67,635 Elyria
Secondary Amherst Lorain Cleveland-
Marketplace Lorain-
/ 37.78% 98,708 37,877 $38,164 $51,174 212,480 81,076 42,497 56,454 Elyria
Sterling Coordinates
Heights 42.5803,
Shopping 83.0298
Center /
18.9% 257,839 101,330 $64,903 $73,379 - - - -
Tarrytown Westchester New York, NY
Shopping
Center /
18.9% 126,511 45,849 $94,270 $121,002 - - - -
Hitchcock Coordinates
Plaza / 33.5156,
7.6% 45,931 33,112 $49,878 $60,184 84,131 59,713 43,742 52,745 81.7311
Pine Log Coordinates
Plaza / 33.5156,
7.6% 45,931 33,112 $49,878 $60,184 84,131 59,713 43,742 52,745 81.7311
Haygood Coordinates
Shopping 36.8727,
Center / 76.1350
18.9% 222,837 85,740 $52,946 $61,454 686,842 263,114 47,183 56,538
400 East The Bronx New York, NY
Fordham
Road /
19.2% 1,193,183 411,564 30,162 40,477
Sherman Manhattan New York, NY
Avenue /
19.2% - - - -
Pelham Manor Westchester New York, NY
Shopping
Plaza /
19.2% 1,114,822 410,040 $44,052 $56,839
Bartow The Bronx New York, NY
Avenue 1,435,467 511,796 $30,552 $43,522
161st Street The Bronx New York, NY
/19.2%
Secondary Walnut Hill Providence Providence-
Plaza Fall River,
93,988 36,923 $40,811 $54,959 304,956 114,330 47,963 62,524 RI
Secondary Ledgewood Morris Newark, NJ
Mall 107,018 38,479 $74,547 $92,140 263,597 94,154 $76,368$97,665
Primary BTS Boonton Morris Newark, NJ
LLC 99,256 36,973 $84,231 $101,502
Secondary Merrillville Lake Gary, IN
Plaza 84,295 31,487 $48,370 $54,246 41,291 127,991 $41,656$49,747
Secondary The Gateway Chittenden Burlington,
Shopping VT
Ctr. 69,036 27,944 $37,547 $55,060 - - - -
Secondary Marketplace Atlantic Atlantic
of Absecon City-Cape
71,369 24,835 $56,434 $67,432 - - - - May, NJ
Tertiary Pittston Luzerne Scranton-
Plaza Wilkes
Barre-
72,123 30,327 $29,150 $38,323 261,639 108,933 29,878 39,837 Hazelton, PA
Tertiary Plaza 422 Lebanon Harrisburg-
Lebanon-
61,225 24,051 $33,664 $42,971 111,183 42,280 36,875 46,200 Carlisle, PA
Tertiary Route 6 Wayne
Plaza 12,078 4,944 $35,972 $44,544 28,631 11,448 37,277 46,049 N/A
Tertiary Bradford Bradford
Towne
Centre 17,148 6,584$34,707 $42,850 N/A
- ------------------------------------------------------------------------- ----------------------------------- ----------------------
----------------------------------------------- -----------------------------------
Weighted
Average
- Based
on GLA 200,467 75,392 $49,822 $64,579 1,823,301 736,349 $234,137 $31,160
----------------------------------------------------------------- -----------------------------------
----------------------------------------------- -----------------------------------
Weighted
Average
- Based
on base
rent(
1) 167,578 61,356 $54,042 $72,223 1,162,983 483,104 $157,845 $215,234
----------------------------------------------------------------- -----------------------------------
(1) Does not include the Kroger/Safeway Portfolio. Base rent for joint vuntures
has been pro-rated based on the Company's ownership % in the joint venture.
(2) Fordham, Sherman Avenue and 161st Street figures are for a 2 mile radius.
(3) The following table summarizes the Urban / In-fill properties which are
included in the data detailed above.
Urban / in-fill Trade Total 1-Mile Radius
-----------------------------------
Area Base Total Total # Median Avg. HH
Households HH
Property / JV Ownership % City State (Miles) Rent GLA Pop. ("HH") Income Income
- ------------------------------------------------------------------------------------ -----------------------------------
400 East Fordham Road / 19.2% The Bronx NY 2 645,915 117,355 206,850 66,722 $24,205 $33,414
Sherman Avenue / 19.2% Manhattan NY 2 1,337,368 134,773 139,935 48,823 $31,657 $40,618
Pelham Manor Shopping Plaza / 19.2% WestchesterNY 3 1,399,887 398,775 28,559 9,367 $60,205 $73,324
Bartow Avenue The Bronx NY 3 222,600 14,694 71,336 28,062 $36,795 $47,838
161st Street /19.2% The Bronx NY 2 3,870,354 223,611 192,706 65,625 $20,649 $31,017
- ------------------------------------------------------------------------------------------------------------------------
7,476,124 889,208 110,955 37,373 $40,793 $52,040
------------------ -----------------------------------
-----------------------------------
142,315 48,911 $31,148 $41,608
-----------------------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2006
Residential (Multi-family) Properties
- ---------------------------------------- -------------------
% Occupied % Occupied
Property Location Square Feet Units June 30, 2006 March 31, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
Mid-Atlantic
North Carolina
- ----------------------------------------
Village Apartments Winston Salem 578,706 600 89% 91%
Mid-West
Missouri
- ----------------------------------------
Gate House, Holiday House, Tiger Columbia
Village, 625,545 874 95% 98%
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Colony Apartments (1)
Totals 1,204,251 1,474 93% 95%
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(1) As this property has tenants associated with the University of Missouri,
occupancy trends are correlated to semester sessions