SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): May 1, 2003 ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 1-12002 23-2715194 (State or other (Commission (I.R.S. Employer jurisdiction of incorporation) File Number) Identification No.) 20 Soundview Marketplace Port Washington, New York 11050 (Address of principal executive offices) (Zip Code) (516) 767-8830 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report)
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits Exhibit Number Description - -------------- ----------- 99.1 Financial and Operating Reporting Supplement for the Quarter Ended March 31, 2003 ITEM 9. Regulation FD Disclosure The Registrant, Acadia Realty Trust, hereby makes available as exhibit 99.1 to this filing, supplemental information concerning the ownership, operations and portfolio of the Registrant as of March 31, 2003. The information contained in this report on Form 8-K, including Exhibit 99.1, is being furnished pursuant to Item 12 of Form 8-K under Item 9 of Form 8-K as directed by the Securities and Exchange Commission in Release No. 34-47583. The information contained in this report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Registrant under the Securities Act of 1933, as amended. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACADIA REALTY TRUST (Registrant) Date: May 1, 2003 By: Michael Nelsen ------------------------- Name: Michael Nelsen Title: Sr. Vice President and Chief Financial Officer 2
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Table of Contents ----------------- Page ---- Section I - Overview Company Information 2 Portfolio Snapshot 3 Organizational Chart 4 Management Team 5 Section II - Financial Information Market Capitalization 6 Shareholder Information 7 Operating Statements - Consolidated 8 Operating Statements - Joint Venture Activity 9 Operating Statements - By Source 10 Net Operating Income - Same Property Performance 11 Funds from Operations ("FFO") and Adjusted FFO 12 Capital Expenditures 13 Balance Sheets 14 Selected Operating Ratios 15 Debt Analysis - Wholly Owned and Joint Ventures 16 Debt Maturity Schedule 18 Unencumbered Properties 19
Page ---- Section III - Joint Venture - Acadia Strategic Opportunity Fund Overview 20 Kroger/Safeway Locations 21 Top 10 Tenants 22 Section IV - Portfolio Information Commercial Properties - Listing 23 Commercial Properties by Region - Summary 26 Commercial Properties by State - Summary 27 Commercial Properties - Detail 28 Leasing Production 31 Top 10 Tenants 32 Anchor Tenant Detail 33 Anchor Lease Expirations - 2003 through 2005 37 Lease Expirations 38 Property Demographics 44 Properties under Redevelopment 45 Residential Properties 46 Kroger /Safeway locations (Joint Venture Properties) 43 See acadiarealty.com for additional property details and financial information as well as current news SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Supplementary Disclosure constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability and creditworthiness of prospective tenants, lease rents and the availability of financing; adverse changes in the Company's real estate markets, including, among other things, competition with other companies; risks of real estate development and acquisition; governmental actions and initiatives; and environmental/safety requirements. Page 1
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Company Information ------------------- Acadia Realty Trust, headquartered on Long Island, 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 62 properties totaling approximately 9 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 90% controlled by Acadia. Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham White Plains, NY 10605 Vice President (914) 288-8100 jgrisham@acadiarealty.com New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com Analyst Coverage J.P. Morgan Securities, Inc. Michael W. Mueller, CFA (212) 622-6689 michael.w.mueller@jpmorgan.com ------------------------------ Mercury Partners LLC Paul Adornato, CFA - (203) 769-2982 padornato@mercuryrealestate.com ------------------------------- RBC Capital Markets: Jay Leupp - (415) 633-8588 jay.leupp@rbccm.com David Ronco - (415) 633-8566 david.ronco@rbccm.com --------------------- Page 2
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Portfolio Snapshot [Graphic Omitted: Map] Headquarters o New York Core Properties Headquarters Regional Offices (3) o Dayton, OH o Wilkes-Barre, PA o Woonsocket, RI Neighborhood and community shopping centers (35) Residential properties (2) Retail Base Rent - by State (2) [Graphic Omitted: Pie Chart] New York 24.6% Delaware 4.8% Connecticut 5.3% Massachusetts 5.2% Rhode Island 4.5% Illinois 2.4% Indiana 5.3% Michigan 3.6% Ohio 4.9% Pennsylvania 16.2% Vermont 3.2% New Jersey 20.2% (1) This map does not include a 25 property portfolio owned by the Company comprised entirely of Kroger and Safeway anchor triple-net leases. (2) The Company's pro-rata share of base rent from unconsolidated properties has been included for the purpose of calulating percentage of base rent by state. Page 3
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Management Team -------------------- Kenneth F. Bernstein President and Chief Executive Officer -------------------- | ---------------- ---------------- ----------------- ---------------- -------------- ---------------- Leasing and Property Finance and Acquisitions Redevelopment Management Construction Legal Asset Management ---------------- ---------------- ----------------- ---------------- -------------- ---------------- | | | | | | ---------------- ---------------- ----------------- ---------------- -------------- ---------------- Joel Braun Joseph Povinelli Joseph Napolitano Joseph Hogan Robert Masters Michael Nelsen Sr. VP, Chief Sr. VP, Dir. Of Sr. VP, Dir Of Sr. VP, Dir. of Sr. VP, General Sr. VP, Chief Investment Officer Leasing Property Management Construction Counsel Financial Officer ---------------- ---------------- ----------------- ---------------- -------------- ---------------- | | | | | | | ---------------- ----------------- --------- -------- ---------- --------- ----------- Joseph Ginex Robert Scholem Karen Carol Maggie Richard Jon Asst. VP, Associate VP, Property Yamrus Smrek Hui Hartmann Grisham Management Asst. VP, VP, VP, VP, Asst. VP, Dir. of Paralegal Counsel Controller Controller Financial Reporting ---------------- ----------------- --------- -------- ---------- --------- ----------- Page 4
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Executive Management Team Ross Dworman Chairman of the Board Mr. Dworman assists with long-term strategic planning for the Company. Mr. Dworman was President and Chief Executive Officer of RD Capital, Inc. from 1987 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1987, Mr. Dworman was an associate at Odyssey Partners, L.P., a hedge fund engaged in leveraged buy-outs and real estate investment, and from 1981 until 1984, he was a Financial Analyst for Salomon, Inc. Mr. Dworman received his Bachelor of Arts Degree from the University of Pennsylvania. Kenneth F. Bernstein Chief Executive Officer and Mr. Bernstein is responsible for strategic planning as well President as overseeing all day to day activities of the Company including operations, acquisitions and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD Capital, Inc. from 1990 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. In such capacity, he was responsible for overseeing the day-to-day operations of RD Capital and its management companies, Acadia Management Company LLC and Sound View Management LLC. Prior to joining RD Capital, Mr. Bernstein was an associate with the New York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his Bachelor of Arts Degree from the University of Vermont and his Juris Doctorate from Boston University School of Law. Joel Braun Senior Vice President, Mr. Braun is responsible for the sourcing and financial Acquisitions analysis of acquisition properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and Finance for Rosenshein Associates, a regional shopping center developer based in New Rochelle, New York. During this time, Mr. Braun was instrumental in the initiation and formation of Kranzco Realty Trust, a publicly traded REIT. Mr. Braun holds a Bachelor's in Business Administration from Boston University and a Master's Degree in Planning from John Hopkins University. 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 Counsel, General Counsel for API Asset Management for over five Corporate Secretary years, Senior Vice President Deputy General Counsel for European American Bank from 1985 to 1990, and Vice President and Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received his Bachelor of Arts from the City University of New York and a J.D. from New York University Law School. Mr. Masters is also a member of the New York Bar. Joseph M. Napolitano, Senior Vice President, Mr. Napolitano is responsible for overseeing the retail CPM Property Management property management department for Acadia Realty Trust. 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 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 Universty. Page 5
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Total Market Capitalization Percent of Percent of Total Market (amounts in thousands) Total Equity Capitalization ------------ -------------- Total Common Shares Outstanding 88.5% 25,431(1) Common Operating Partnership ("OP") Units 10.5% 3,024 -------- Combined Common Shares and OP Units 28,455 Market Price at March 31, 2003 $ 8.02 -------- Equity Capitalization - Common Shares and OP Units 228,209 Preferred OP Units - at cost(2) 1.0% 2,212 ----- -------- Total Equity Capitalization 100.0% 230,421 53.8% ----- Debt Capitalization 197,900 46.2% -------- ----- Total Market Capitalization $428,321 100.0% -------- ----- Weighted Average Outstanding Common Shares and O.P. Units Common Shares O.P. Units Total ------ ---------- ----- - ------------------------------------------------------------------------------------------------------------- Quarter ended March 31, 2003 - Primary 25,377,095 3,058,564 28,435,659 Quarter ended March 31, 2003 - Diluted 25,933,960 3,058,564 28,992,524 - ------------------------------------------------------------------------------------------------------------- Quarter ended March 31, 2002 - Primary 26,376,443 4,379,309 30,755,752 Quarter ended March 31, 2002 - Diluted 26,786,454 4,379,309 31,165,763 [Graphic Omitted: Pie Chart] Total Market Capitalization Common O.P. Units 6% Preferred O.P. Units 1% Fixed-Rate Debt 33% Variable-Rate Debt 13% Common Shares 47% (1) As of March 31, 2003, the Company had purchased 1,931,432 shares (net of reissuance of 123,173 shares) under its Stock Repurchase Program. (2) In connection with the acquisition of the Pacesetter Park Shopping Center in 1999, the Company issued 2,212 Preferred OP Units which are reflected above at their stated cost of $1,000 per unit. (3) Fixed-rate debt includes $87.0 million of notional principal fixed through interest rate swap transactions and conversely, variable-rate debt excludes this amount. Page 6
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Shareholder Information (amounts in thousands) Ten Largest Institutional/Non-Retail Shareholders(1) Percent of Out- Common standing Common Shareholder Shares Held Shares - ------------------------------------------- ----------- --------------- Yale University(2) 8,422 33.1% Stanford University 2,133 8.4% Harvard Private Capital Realty, Inc. 2,000 7.9% The Vanderbilt University 1,347 5.3% Rothschild Realty Investors II L.L.C.(3) 1,160 4.6% Carnegie Corporation of New York 943 3.7% LaSalle Investment Management 495 1.9% Yale University Retirement Plan 404 1.6% First Manhattan Capital Management 338 1.3% ABP 200 0.8% ------- ---- Total of Ten Largest Institutional Shareholders 17,442 68.6% ------- ---- Total of all Institutional Shareholders 18,815 74.0% ------- ---- Operating Partnership Unit Information Percent of Total O.P. Units ------------------- Institutional O.P. Unit Holders 1,295 42.8% Employee/Director O.P. Unit Holders 1,118 37.0% Other O.P. Unit Holders 611 20.2% ----------- ----- Total O.P. Units 3,024 100.0% ----------- ----- Total Share/O.P. Unit Ownership (Combined)(2) [Graphic Omitted: Pie Chart] Institutional Share & O.P. Unit Holders 71% Retail Shareholders 23% Employee/Director O.P. Unitholders 4% Other O.P. Unitholders 2% (1) Based on Schedule 13F filings with the U.S. Securities and Exchange Commission (2) The Company and Yale University have established a voting trust whereby all shares that Yale University owns in excess of 30% of the Company's outstanding Common Shares, will be voted in the same proportion (excluding Yale) as all other shares voted. (3) Based on March 26, 2003 Schedule 13D filing with the U.S. Securities and Exchange Commission Page 7
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Statements of Operations - Including Joint Venture Activity (1) Current vs. Historical Quarter (in thousands) -------------------------------------------------------------------------- Current Quarter 3 months ended March 31, 2003 -------------------------------------------------------------------------- Discontinued Wholly Owned JV's (2) Operations (3) Total ------------ -------- -------------- ----- PROPERTY REVENUES Minimum rents $ 11,856 $ 1,720 $ - $ 13,576 Percentage rents 294 12 - 306 Expense reimbursements 3,717 523 - 4,240 Other property income 151 18 - 169 -------- ------- --- -------- 16,018 2,273 - 18,291 -------- ------- --- -------- PROPERTY EXPENSES Property operating 4,266 361 - 4,627 Real estate taxes 2,197 203 - 2,400 -------- ------- --- -------- 6,463 564 - 7,027 -------- ------- --- -------- NET OPERATING INCOME - PROPERTIES 9,555 1,709 - 11,264 OTHER INCOME (EXPENSE) General and administrative (2,696) - - (2,696) Abandoned project costs - - - - Lease termination income - - - - Interest income 250 20 - 270 Asset and property management income 398 - - 398 Property management expense (88) - - (88) Straight-line rent income 241 (138) - 103 Straight-line rents written off - - - - Other income 1,218 - - 1,218 -------- ------- --- -------- EBIDTA 8,878 1,591 - 10,469 Depreciation and amortization (3,601) (470) - (4,071) Interest expense (2,726) (568) - (3,294) Impairment of real estate - - - - Gain on sale of properties 1,212 - - 1,212 -------- ------- --- -------- Income before minority interest 3,763 553 - 4,316 Minority interest (794) (59) - (853) NET INCOME $ 2,969 $ 494 $ - $ 3,463 ======== ======= === ======= --------------------------------------------------------------------------
--------------------------------------------------------------------------- Historical Quarter 3 months ended March 31, 2002 --------------------------------------------------------------------------- Discontinued Wholly Owned JV's Operations (3) Total ------------ ---- -------------- ----- PROPERTY REVENUES $ 11,557 $ 602 $ 2,898 $ 15,057 Minimum rents 319 45 221 585 Percentage rents 2,525 209 633 3,367 Expense reimbursements 165 10 34 209 Other property income -------- ------- ------- -------- 14,566 866 3,786 19,218 -------- ------- ------- -------- PROPERTY EXPENSES 2,675 98 687 3,460 Property operating 1,920 155 532 2,607 Real estate taxes -------- ------- ------- -------- 4,595 253 1,219 6,067 -------- ------- ------- -------- 9,971 613 2,567 13,151 NET OPERATING INCOME - PROPERTIES OTHER INCOME (EXPENSE) (2,325) - - (2,325) General and administrative - - - - Abandoned project costs 3,800 - - 3,800 Lease termination income 425 - 14 439 Interest income 331 - - 331 Asset and property management income (40) - - (40) Property management expense 272 (16) 9 265 Straight-line rent income - - - - Straight-line rents written off 132 - - 132 Other income -------- ------- ------- -------- 12,566 597 2,590 15,753 EBIDTA (3,585) (164) (1,010) (4,759) Depreciation and amortization (2,761) (315) (1,056) (4,132) Interest expense - - - - Impairment of real estate - - 1,375 1,375 Gain on sale of properties -------- ------- ------- -------- 6,220 118 1,899 8,237 Income before minority interest (992) (17) (762) (1,771) Minority interest $ 5,228 $ 101 $ 1,137 $ 6,466 NET INCOME ======== ======= ======= ======== --------------------------------------------------------------------------- (1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's and 10K for the corresponding periods. Certain 2002 quarterly amounts have been reclassified to conform with the presentation of discontinued operations for the year ended December 31, 2002 (see note 3). (2) The Company currently invests in two JV's. The first is a 22% interest in Acadia Strategic Opportunity Fund ("Acadia Acquisition"). The second JV is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY. See "Statement of Operations - JV's" for additional detail. (3) Discontinued operations represent the activity related to all properties sold since January 1, 2002. All of these properties were sold prior to January 1, 2003. Page 8
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Statements of Operations - Joint Venture Activity(1) Current vs. Historical Quarter (in thousands) ------------------------------------------------------------------------------------------ Current Quarter 3 months ended March 31, 2003 ----------------------------------------------------------------------------------------- Acadia Pro-rata Pro-rata Pro-rata Acquisition share Crossroads share Total ----------- ----- ---------- ----- ----- PROPERTY REVENUES Minimum rents $ 4,735 $ 1,053 $ 1,361 $ 667 $ 1,720 Percentage rents 5 1 22 11 12 Expense reimbursements 976 217 625 306 523 Other property income 45 10 17 8 18 ------- ------- ------- ------- ------- 5,761 1,281 2,025 992 2,273 ------- ------- ------- ------- ------- PROPERTY EXPENSES Property operating 950 211 306 150 361 Real estate taxes 195 43 327 160 203 ------- ------- ------- ------- ------- 1,145 254 633 310 564 ------- ------- ------- ------- ------- NET OPERATING INCOME - PROPERTIES 4,616 1,027 1,392 682 1,709 OTHER INCOME (EXPENSE) General and administrative (1) - - - - Abandoned project costs - - - - - Lease termination income - - - - - Interest income 88 20 - - 20 Asset and property management income - - - - - Asset and property management expense(2) (442) - - - - Straight-line rent income (629) (140) 5 2 (138) Straight-line rents written off - - - - - Other income - - - - - ------- ------- ------- ------- ------- EBIDTA 3,632 907 1,397 684 1,591 Depreciation and amortization(3) (1,366) (304) (139) (166) (470) Interest expense 3 (1,205) (268) (639) (300) (568) Impairment of real estate - - - - - Gain on sale of properties - - - - - ------- ------- ------- ------- ------- Income before minority interest 1,061 335 619 218 553 Minority interest - (36) - (23) (59) ------- ------- ------- ------- ------- NET INCOME $ 1,061 $ 299 $ 619 $ 195 $ 494 ======= ======= ======= ======= ======= -----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------- Historical Quarter 3 months ended March 31, 2002 ----------------------------------------------------------------------------------------- Acadia Pro-rata Pro-rata Pro-rata Acquisition share Crossroads share Total ----------- ----- ---------- ----- ----- PROPERTY REVENUES Minimum rents $ - $ - $ 1,225 $ 602 $ 602 Percentage rents - - 93 45 45 Expense reimbursements - - 427 209 209 Other property income - - 21 10 10 ------- ------- ------- ------- ------- - - 1,766 866 866 ------- ------- ------- ------- ------- PROPERTY EXPENSES Property operating - - 199 98 98 Real estate taxes - - 316 155 155 ------- ------- ------- ------- ------- - - 515 253 253 ------- ------- ------- ------- ------- NET OPERATING INCOME - PROPERTIES - - 1,251 613 613 OTHER INCOME (EXPENSE) General and administrative (339) - - - - Abandoned project costs - - - - - Lease termination income - - - - - Interest income - - - - - Asset and property management income - - - - - Asset and property management expense(2) - - - - - Straight-line rent income - - (32) (16) (16) Straight-line rents written off - - - - - Other income - - - - - ------- ------- ------- ------- ------- EBIDTA (339) - 1,219 597 597 Depreciation and amortization(3) - - (135) (164) (164) Interest expense 3 - - (643) (315) (315) Impairment of real estate - - - - - Gain on sale of properties - - - - - ------- ------- ------- ------- ------- Income before minority interest (339) - 441 118 118 Minority interest - - - (17) (17) ------- ------- ------- ------- ------- NET INCOME $ (339) $ - $ 441 $ 101 $ 101 ======= ======= ======= ======= ======= ----------------------------------------------------------------------------------------- (1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in two JV's. The first is a 22% interest in Acadia Strategic Opportunity Fund (the JV"), which owns, or has an ownership interest in 30 properties totalling approximately 2,044,000 square feet as of March 31, 2003. The second JV investment is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY ("Crossroads"). (2) Acadia Acquisition pays asset management and property management fees to Acadia Realty L.P. As such, the Company does not recognize a pro-rata share of these expenses in its consolidated financial statements. (3) The Company has obtained two interest rate swaps, effectively fixing the interest rate on its pro-rata portion of the mortgage debt from its investment in Crossroads. Acadia's pro-rata share of its interest expense has been adjusted for the effect of these swaps. In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. Page 9
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Statements of Operations - Including Joint Venture Activity(1) Activity by Source (in thousands) -------------------------------------------------------------------------------------------- Current Quarter 3 months ended March 31, 2003 -------------------------------------------------------------------------------------------- Discontinued Retail Multi-Family Corporate Operations(3) Total ------ ------------ --------- ------------- ----- PROPERTY REVENUES Minimum rents $ 11,893 $ 1,683 $ - $ - $ 13,576 Percentage rents 306 - - - 306 Expense reimbursements 4,240 - - - 4,240 Other property income 51 118 - - 169 -------- -------- -------- -------- -------- 16,490 1,801 - - 18,291 -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 3,821 806 - - 4,627 Real estate taxes 2,324 76 - - 2,400 -------- -------- -------- -------- -------- 6,145 882 - - 7,027 -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 10,345 919 - - 11,264 OTHER INCOME (EXPENSE) General and administrative - - (2,696) - (2,696) Abandoned project costs - - - - - Lease termination income - - - - - Interest income - - 270 - 270 Asset and property management income - - 398 - 398 Other property management fees (67) (21) - - (88) Straight-line rent income 103 - - - 103 Straight-line rents written off - - - - - Other income 1,218 - - - 1,218 -------- -------- -------- -------- -------- EBIDTA 11,599 898 (2,028) - 10,469 Depreciation and amortization (3,679) (321) (71) - (4,071) Interest expense (2,910) (384) - - (3,294) Impairment of real estate - - - - - Gain on sale of properties 1,212 - - - 1,212 -------- -------- -------- -------- -------- Income before minority interest 6,222 193 (2,099) - 4,316 Minority interest (1,058) (21) 226 - (853) NET INCOME $ 5,164 $ 172 $ (1,873) $ - $ 3,463 ======== ======== ======== ======== ======== --------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------- Current Quarter 3 months ended March 31, 2002 -------------------------------------------------------------------------------------------- Discontinued Retail Multi-Family Corporate Operations(3) Total ------ ------------ --------- ------------- ----- PROPERTY REVENUES Minimum rents $ 10,528 $ 1,631 $ - $ 2,898 $ 15,057 Percentage rents 364 - 221 585 Expense reimbursements 2,734 - 633 3,367 Other property income 65 110 - 34 209 -------- -------- -------- -------- -------- 13,691 1,741 - 3,786 19,218 -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 2,097 676 - 687 3,460 Real estate taxes 1,998 77 - 532 2,607 -------- -------- -------- -------- -------- 4,095 753 - 1,219 6,067 -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 9,596 988 - 2,567 13,151 OTHER INCOME (EXPENSE) General and administrative - - (2,325) - (2,325) Abandoned project costs - - - - - Lease termination income 3,800 - - - 3,800 Interest income 57 - 368 14 439 Asset and property management income - - 331 - 331 Other property management fees (19) (21) - - (40) Straight-line rent income 256 - - 9 265 Straight-line rents written off - - - - - Other income 50 - 82 - 132 -------- -------- -------- -------- -------- EBIDTA 13,740 967 (1,544) 2,590 15,753 Depreciation and amortization (3,370) (290) (89) (1,010) (4,759) Interest expense (2,670) (406) - (1,056) (4,132) Impairment of real estate - - - - - Gain on sale of properties - - - 1,375 1,375 -------- -------- -------- -------- -------- Income before minority interest 7,700 271 (1,633) 1,899 8,237 Minority interest (1,203) (39) 233 (762) (1,771) NET INCOME $ 6,497 $ 232 $ (1,400) $ 1,137 $ 6,466 ======== ======== ======== ======== ======== -------------------------------------------------------------------------------------------- (1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's and 10K for the corresponding periods. Certain 2002 quarterly amounts have been reclassified to conform with the presentation of discontinued operations for the year ended December 31, 2002 (see note 3). (2) The Company currently invests in two JV's. The first is a 22% interest in Acadia Strategic Opportunity Fund (the JV"), which owns, or has an ownership interest in 30 properties totalling approximately 2,044,000 square feet as of March 31, 2003. The second JV investment is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY ("Crossroads"). (3) Discontinued operations represent the activity related to all properties sold since January 1, 2002. All of these properties were sold prior to January 1, 2003. Page 10
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Net Operating Income (NOI) - Same Property Performance(1) (in thousands) Growth in Same Property NOI - Continuing Operations Current Year-to-Date Historical Year-to-Date Favorable (unfavorable) ------------------------------------------------------------------------------ Reconciliation of total NOI to same property NOI: Three months ended Three months ended March 31, March 31, 2003 2002 ---- ---- NOI - Wholly owned properties $ 9,555 $ 12,538 NOI - Joint Ventures (Unconsolidated partnerships) 1,709 613 ------- -------- Total NOI 11,264 13,151 NOI - Properties Acquired (1,134) - NOI - Redevelopment Properties (855) (309) NOI - Properties Sold / Held for sale ("Discontinued Operations") - (2,564) ------- -------- $ 9,275 $ 10,278 -9.8% ======= ======== === Same property NOI by portfolio component and revenues/expenses: Shopping Center Portfolio Revenues $ 14,184 $ 13,240 7.1% Expenses 5,784 3,946 -46.6% -------- -------- ---- 8,400 9,294 -9.6% -------- -------- ---- Residential Properties (2 properties) Revenues 1,798 1,737 3.5% Expenses 837 753 -11.2% -------- -------- ---- 961 984 -2.3% -------- -------- ---- $ 9,361 $ 10,278 -8.9% ======== ======== ==== (1) The above amounts includes the pro-rata activity related to the Company's joint ventures. Page 11
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Funds from Operations (FFO)(1) (in thousands) -------------------------- Current Historic Quarter Quarter 3 months ended 3 months ended Funds from operations (FFO): Notes March 31, 2003 March 31, 2002 -------------- Net Income $ 3,463 $ 6,466 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 3,399 4,339 Unconsolidated subsidiaries 459 157 Income attributable to Operating Partnership units (2) 438 1,116 Impairment of real estate - - Loss on sale of properties (3) - 155 ------- -------- 7,759 12,233 Less: FFO related to discontinued operations (4) - (1,508) ------- -------- FFO - Continuing Operations (6) $ 7,759 $ 10,725 ======= ======== Adjusted Funds from operations (AFFO): FFO $ 7,759 Straight line rent (103) Non real-estate depreciation 71 Amortization of finance costs 142 Tenant improvements (346) Leasing commissions (45) Capital expenditures (746) ------- AFFO - Continuing operations $ 6,732 ======= FFO per share - Basic FFO per share (5,6) $ 0.27 $ 0.40 ======= ======== FFO per share - Continuing operations (5,6) $ 0.27 $ 0.35 ======= ======== FFO per share - Diluted FFO per share (5,6) $ 0.27 $ 0.40 ======= ======== FFO per share - Continuing operations (5,6) $ 0.27 $ 0.35 ======= ======== AFFO per share - Basic (5,6) $ 0.24 ======= AFFO per share - Diluted (5,6) $ 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) First quarter 2002 FFO has been restated to include the $957gain from the sale of undepreciated property (net of minority interest of $573). 2003 FFO includes a $659,000 gain on the sale of undepreciated property. (4) Discontinued operations represent the activity related to all properties sold since January 1, 2001. (5) 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. Preferred distributions of $50 are added back for the purposes of calculating diluted FFO. Refer to "Market Capitalization" for weighted-average basic and diluted shares. (6) FFO for the quarter ended March 31, 2002 includes $3,800 ($0.13 per share) of lease termination income received during the period and FFO for the quarter ended March 31, 2003 includes a $1,218 ($0.04 per share) lump sum rent payment in connection with a tenant's assignment of an anchor lease at the Branch Plaza. Page 12
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Capital Expenditures Three months ended March 31, 2003 -------------- Leasing Commissions: $ 45 ------ Tenant Improvements: 346 ------ Capital Expenditures: Retail 405 Residential 341 ------ 746 ------ Redevelopments: 1,031 ------ Total expenditures for real estate and improvements as reported on the Company's Statement of Cash Flows $2,168 ====== (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 expiry and includes any percentage rent paid as well. New rent is that which is initially paid at commencement. Page 13
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Consolidated Balance Sheets (in thousands) ---------------- March 31, December 31, 2003 2002 --------- --------- ASSETS Real estate Land $ 54,890 $ 54,890 Buildings and improvements 353,520 352,359 Construction in progress 7,637 6,629 --------- --------- 416,047 413,878 Less: accumulated depreciation (88,257) (85,062) --------- --------- Net real estate 327,790 328,816 Cash and cash equivalents 31,320 45,168 Cash in escrow 3,896 3,447 Investments in unconsolidated partnerships 12,783 6,164 Rents receivable, net of $1,463 and $1,374 allowance, respectively 2,795 2,567 Straight-line rents receivable, net of $910 allowance 4,632 4,392 Notes Receivable 5,196 6,795 Prepaid expenses 2,413 2,042 Deferred charges, net 10,248 10,360 Other assets 1,112 1,184 --------- --------- $ 402,185 $ 410,935 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $ 197,900 $ 202,361 Accounts payable and accrued expenses 5,320 8,528 Dividends and distributions payable 4,176 3,744 Due to related parties 132 174 Deferred gain on sale of properties - 1,212 Interest rate swap payable 5,574 5,470 Other liabilities 2,735 2,998 --------- --------- Total liabilities 215,837 224,487 --------- --------- Minority interest in Operating Partnership 21,796 22,746 Minority interests in majority owned partnerships 2,240 2,379 --------- --------- Total minority interests 24,036 25,125 --------- --------- Shareholders' equity: Common shares 25 25 Additional paid-in capital 171,877 170,851 Accumulated other comprehensive income (6,911) (6,874) Deficit (2,679) (2,679) --------- --------- Total shareholders' equity 162,312 161,323 --------- --------- $ 402,185 $ 410,935 ========= ========= ---------------- Page 14
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Selected Operating Ratios Quarter ended December 31, ---------------------- 2003 2002 --------- --------- Coverage Ratios 1 Interest Coverage Ratio EBIDTA 2 $ 10,469 $ 11,953 Divided by Interest expense 3,294 4,132 --------- --------- 3.18 x 2.89 x Fixed Charge Coverage Ratio EBIDTA $ 10,469 $ 11,953 Divided by (Interest expense 3,294 4,132 + Preferred Dividends) 3 50 50 --------- --------- 3.13 x 2.86 x Debt Service Coverage Ratio EBIDTA $ 10,469 $ 11,953 Divided by (Interest expense 3,294 4,132 + Principal Amortization) 4 1,294 1,168 --------- --------- 2.28 x 2.26 x Payout Ratios FFO Payout Ratio - Basic and Diluted Dividends (Shares) & Distributions (O.P. Units) paid - $0.14.5 per Share/O.P. Unit for 2003 and $0.13 for 2002. $ 4,126 $ 3,695 FFO 2 7,759 8,433 --------- --------- 53% 44% Overhead Ratios G&A/Real Estate Revenues General and Administrative expense $ 2,696 $ 2,325 Real Estate Revenues 18,291 19,218 --------- --------- 15% 12% Leverage Ratios Debt/Total Market Capitalization 5 Debt $ 197,900 $ 218,966 Total Market Capitalization 428,321 418,720 --------- --------- 46% 52% Debt + Preferred Equity (Preferred O.P. Units) $ 200,112 $ 221,178 Total Market Capitalization 428,321 418,720 --------- --------- 47% 53% ---------------------- Notes: (1) Quarterly results for 2003 and 2002 are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to the Company's joint venture investments in unconsolidated partnerships. (2) EBIDTA and FFO for the quarter ended March 31, 2002 have been adjusted for non-recurring income of $3,800 representing lease termination income received from a single tenant during the period. Included in EBIDTA and FFO for the quarter ended March 31, 2003 is $1,212 of profit particpation received from Pathmark representing Acadia's profit participation in a tenant's assignment of a lease at the Branch Plaza. Gross property revenues already exclude these amounts. The adjustments are as follows: Quarter ended March 31, 2003 Quarter ended March 31, 2002 EBIDTA FFO EBIDTA FFO Gross amounts $ 10,469 $ 7,759 $ 15,753 $ 12,233 Adjustment for material non-recurring items - - (3,800) (3,800) -------- ------- -------- -------- As adjusted and used above $ 10,469 $ 7,759 $ 11,953 $ 8,433 ======== ======= ======== ======== (3) Represents preferred distributions on Preferred Operating partnership Units. (4) Includes the Company's pro-rata share of joint venture principal amortization. $273 of the above amortization is from the self-liquidating amortization related to the Kroger/Safeway portfolio. On the JV level, this consists of $34,450 of debt which self-amortizes over seven years. (5) Including the Company's pro-rata share of joint venture debt, the Debt to Total Market Capitalization increases to 51% and 54% as of March 31, 2003 and 2002, respectively. Page 15
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE March 31, 2003 Debt Analysis - Consolidated Debt (amounts in thousands) Principal Balance at Property Lender Notes March 31, 2003 - ------------------------------------------------------------------------------------------------------------------------------------ FIXED-RATE DEBT Pittston Plaza Anchor National Life Insurance Co. $ - Merrillville Plaza Sun America Life Insurance Co. 13,590 Crescent Plaza Metropolitan Life Insurance Co. 8,619 East End Centre Metropolitan Life Insurance Co. 15,785 GHT Apartments Bank of America, N.A. 10,893 Colony Apartments Bank of America, N.A. 5,446 -------- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 54,333 ======== VARIABLE-RATE DEBT Soundview Marketplace Fleet Bank, N.A. 8,699 Marketplace of Absecon Fleet Bank, N.A. (1) - Greenridge Plaza Metropolitan Life Insurance Co. 5,965 Luzerne Street Plaza Metropolitan Life Insurance Co. 1,565 239 Greenwich Avenue First Union National Bank 13,357 Berlin Shopping Center Washington Mutual, Inc. 1,810 Bradford Towne Center Washington Mutual, Inc. 7,399 Ledgewood Mall Washington Mutual, Inc. 30,461 New Louden Center Washington Mutual, Inc. 7,195 Route 6 Plaza Washington Mutual, Inc. 4,761 Village Apartments Sun America Life Insurance Co. 9,385 Abington Towne Center Fleet Bank, N.A. (2) Branch Shopping Center Fleet Bank, N.A. (2) 12,142 Methuen Shopping Center Fleet Bank, N.A. (2) Walnut Hill Plaza Washington Mutual, Inc. (3) 6,924 Bloomfield Town Square Washington Mutual, Inc. (3) 13,601 Town Line Fleet Bank, N.A. (4) 4,923 Gateway Shopping Center Fleet Bank, N.A. (5) 6,300 Smithtown Shopping Center Fleet Bank, N.A. 9,080 Elmwood Park Shopping Center Washington Mutual, Inc. (6) - TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT (7) 143,567 --------- TOTAL/WEIGHTED AVERAGE - ALL DEBT $ 197,900 ========= - ------------------------------------------------------------------------------------------------------------------------------------
Variable Interest Rate as of Maturity Property Rate March 31, 2003 Date - ------------------------------------------------------------------------------------------------------------------------------------ FIXED-RATE DEBT Pittston Plaza 7.93% 1/1/2004 Merrillville Plaza 6.46% 7/1/2007 Crescent Plaza 8.13% 11/1/2010 East End Centre 8.13% 11/1/2010 GHT Apartments 7.55% 1/1/2011 Colony Apartments 7.55% 1/1/2011 TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 7.54% VARIABLE-RATE DEBT Soundview Marketplace L + 175 3.09% 8/1/2003 Marketplace of Absecon L + 150 - 3/1/2004 Greenridge Plaza L + 200 3.35% 11/1/2003 Luzerne Street Plaza L + 200 3.35% 11/1/2003 239 Greenwich Avenue L + 145 2.79% 1/1/2005 Berlin Shopping Center L + 175 3.13% 4/1/2005 Bradford Towne Center L + 175 3.13% 4/1/2005 Ledgewood Mall L + 175 3.13% 4/1/2005 New Louden Center L + 175 3.13% 4/1/2005 Route 6 Plaza L + 175 3.13% 4/1/2005 Village Apartments L + 173 3.11% 10/1/2005 Abington Towne Center L + 175 3.09% 1/1/2007 Branch Shopping Center L + 175 3.09% 1/1/2007 Methuen Shopping Center L + 175 3.09% 1/1/2007 Walnut Hill Plaza L + 185 3.23% 1/1/2007 Bloomfield Town Square L + 185 3.23% 1/1/2007 Town Line L + 175 3.05% 3/15/2007 Gateway Shopping Center L + 300 4.30% 5/1/2007 Smithtown Shopping Center L + 175 3.08% 6/1/2007 Elmwood Park Shopping Center L + 170 - 11/22/2007 ------- ---- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT L + 182 3.16% ------- ---- TOTAL/WEIGHTED AVERAGE - ALL DEBT 4.36% ==== - ------------------------------------------------------------------------------------------------------------------------------------ Notes: (1) This is a revolving facility for up to $7,400 which bears interest at LIBOR plus 150 basis points (175 basis points if the loan to collateral value is > 50%). (2) There is an additional $7,650 currently available under this facility which the Company is required to fully draw down prior to December 2003. An additional $3,000 (net of a $150 holdback) is available through December 2004 based upon additional lease-up at the collateral properties. (3) There is an additional $5,000 (less certain holdbacks totalling $600) currently available under this facility which the Company is required to fully draw down prior to December 21, 2003. (4) There is an additional $2,000 currently available under this facility. (5) The initial rate of LIBOR plus 300 basis points decreases to 175 basis points upon completion of construction of this redevelopment property. There is an additional $3,000 available under this facility. (6) This is a revolving facility for up to $20,000 which bears interest at LIBOR plus 170 basis points (3.30% all-in rate floor). (7) The Company has hedged $87,027 of it's variable-rate debt with five variable to fixed-rate swap agreements with Fleet Bank, N.A. as follows: Notional principal All-in Rate Maturity Date ------------------ ----------- ------------- $ 30,000 6.55% 4/1/2005 20,000 6.28% 10/1/2006 15,757 6.17% 1/1/2007 12,190 5.86% 1/1/2007 -------- 9,080 6.22% 6/1/2007 $ 87,027 6.29% -------- Page 16
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE March 31, 2003 Debt Analysis - Unconsolidated Debt (Joint Ventures) Acadia Realty Principal Acadia's Lender/ Trust Balance at Prorata FIXED-RATE DEBT Joint Venture Partner Ownership March 31, 2003 Share - -------------- --------------------- ---------------------------------------------------- Crossroads Shopping Center(1) Bank of New York/ 49.0% $ 33,427 $ 16,379 Heyman-Greenburgh Associates LLC and RMC Development Company LLC Brandywine Town Center UBS Warburg Real Estate Investments, Inc./ 22.2% 30,000 6,667 Acadia Strategic Opportunity Fund Kroger Portfolio Cortlandt Deposit Corporation/ 22.2% 14,850 3,300 Acadia Strategic Opportunity Fund Safeway Portfolio Cortlandt Deposit Corporation/ 22.2% 14,678 3,262 Acadia Strategic Opportunity Fund Brandywine Town Center UBS Warburg Real Estate Investments, Inc./ 22.2% 21,618 4,804 Acadia Strategic Opportunity Fund Market Square Shopping Center UBS Warburg Real Estate Investments, Inc./ 22.2% 16,393 3,643 Acadia Strategic Opportunity Fund Amherst Marketplace The Ohio National Life Insurance Company/ Acadia Strategic Opportunity Fund 22.2% 5,000 1,111 Sheffield Crossing Canada Life Insurance Company/ Acadia Strategic Opportunity Fund 22.2% 7,418 1,648 --------- -------- TOTAL/WEIGHTED AVERAGE - FIXED-RATE UNCONSOLIDATED DEBT 143,384 40,814 --------- -------- VARIABLE-RATE DEBT Granville Center Bank One, NA/ Acadia Strategic Opportunity Fund 22.2% 5,934 1,319 --------- -------- TOTAL/WEIGHTED AVERAGE - ALL UNCONSOLIDATED DEBT $ 149,318 $ 42,133 ========= ======== ----------------------------------------------------
Variable Lender/ Interest Rate as of Maturity FIXED-RATE DEBT Joint Venture Partner Rate March 31, 2003 Date - -------------- --------------------- ---------------------------------------------------- Crossroads Shopping Center(1) Bank of New York/ 7.15% 10/1/2007 Heyman-Greenburgh Associates LLC and RMC Development Company LLC Brandywine Town Center UBS Warburg Real Estate Investments, Inc./ 4.69% 2/11/2008 Acadia Strategic Opportunity Fund Kroger Portfolio Cortlandt Deposit Corporation/ 6.62% 2/1/2009 Acadia Strategic Opportunity Fund Safeway Portfolio Cortlandt Deposit Corporation/ 6.51% 1/15/2009 Acadia Strategic Opportunity Fund Brandywine Town Center UBS Warburg Real Estate Investments, Inc./ 7.01% 7/11/2012 Acadia Strategic Opportunity Fund Market Square Shopping Center UBS Warburg Real Estate Investments, Inc./ 7.32% 6/11/2012 Acadia Strategic Opportunity Fund Amherst Marketplace The Ohio National Life Insurance Company/ Acadia Strategic Opportunity Fund 8.20% 6/1/2022 Sheffield Crossing Canada Life Insurance Company/ Acadia Strategic Opportunity Fund 8.00% 1/1/2023 TOTAL/WEIGHTED AVERAGE - FIXED-RATE UNCONSOLIDATED DEBT 6.72% VARIABLE-RATE DEBT Granville Center Bank One, NA/ Acadia Strategic Opportunity Fund L + 200 3.30% 10/5/2007 TOTAL/WEIGHTED AVERAGE - ALL UNCONSOLIDATED DEBT 6.61% ==== ---------------------------------------------------- Summary - Consolidated and Unconsolidated Debt - ------------------------------------------------------------------------------------------------------------------------------------ % of Weighted % of Wholly-Owned % of Outstanding Avg. Wholly-Owned and Unconsolidated Total Balance Int. Rate Only Combined Basis ------------------------------------------------------------------------------------- Consolidated Debt Fixed-Rate Debt(2) 59% $ 141,360 6.77% 71% 76% Variable-Rate Debt(2) 23% 56,540 3.16% 29% 24% --- --------- ---- --- --- Total Consolidated Debt 82% 197,900 5.74% 100% 100% --- --------- ---- --- --- Unconsolidated Debt (Joint Ventures) Fixed-Rate Debt 17% 40,814 6.72% Variable-Rate Debt 1% 1,319 3.30% --- --------- ---- Total Unconsolidated Debt 18% 42,133 6.61% --- --------- ---- Total Debt 100% $ 240,033 5.89% === ========= ==== - ------------------------------------------------------------------------------------------------------------------------------------ Notes: (1) Although this is variable debt, Acadia has effectively fixed it's pro-rata share of debt through two swap transactions. $5,000 is fixed at 7.53% and the remaining balance is fixed at 6.99%. (2) Fixed-rate debt includes $87,027 of notional principal fixed through swap transactions. Conversely, variable-rate debt excludes this amount. Page 17
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Future Debt Maturities Weighted Average Interest Rate of Maturing Debt ---------------------- ----------------------------------------------- (in thousands) Consolidated Debt Scheduled Year Amortization Maturities Total Total Debt Fixed-Rate Debt Variable-Rate Debt ---- ------------ ---------- ----- ---------- --------------- ------------------ 2003 $ 2,743 $ 16,083 $ 18,826 3.21% n/a 3.21% 2004 3,591 - 3,591 n/a n/a n/a 2005 2,580 70,977 73,557 3.06% n/a 3.06% 2006 2,154 - 2,154 n/a n/a n/a 2007 1,056 61,009 62,065 3.93% 6.46% 3.28% Thereafter 2,508 35,199 37,707 7.89% 7.89% n/a -------- --------- --------- $ 14,632 $ 183,268 $ 197,900 ======== ========= ========= Unconsolidated Debt (Joint Ventures)(1) 2003 $ 352 $ - $ 352 n/a n/a n/a 2004 1,599 - 1,599 n/a n/a n/a 2005 1,645 - 1,645 n/a n/a n/a 2006 1,692 - 1,692 n/a n/a n/a 2007 1,517 16,033 17,550 6.86% 7.15% 3.30% Thereafter 5,185 14,110 19,295 5.98% 5.98% n/a -------- --------- --------- $ 11,990 $ 30,143 $ 42,133 ======== ========= ========= - --------------------------------------------------------------------------------- Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 2003 $ 187 (1) The above amounts represent the Company's pro-rata share of joint venture mortgage debt. Page 18
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Unencumbered Properties Center Location GLA ------ -------- --- Blackman Plaza Wilkes-Barre, PA 121,206 Hobson West Plaza Naperville, IL 99,950 Mad River Station Dayton, OH 154,114 Mark Plaza Edwardsville, PA 214,021 Pacesetter Park Shopping Center Ramapo, New York 95,559 Plaza 422 Lebanon, PA 154,791 Total GLA of Unencumbered Properties 839,641 ------- Total net operating income for the year ended December 31, 2002 associated with unencumbered properties $ 4,335 ======= Page 19
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Acadia Strategic Opportunity Fund - Overview Item Notes Description - ----------------------------------------------------------------------------------------- Date formed September 2001 Properties owned Ohio (1) Amherst Marketplace (1) Granville Centre (1) Sheffield Crossing Delaware (1) Brandywine Town Center (1) Market Square Shopping Center Various (2) 25 Kroger/Safeway locations Partnership structure Equity Contribution: 22.22% - Acadia 77.78% - Four institutional investors (current significant shareholders in Acadia as well) Cash flow distribution: 22.22% - Acadia 77.78% - Four institutional investors Promote: 20% to Acadia once all partners (including Acadia) have received 9% preferred return and return of equity Remaining 80% is distributed to all the partners (including Acadia). Fees to Acadia Asset management fee equal to 1.5% of total committed capital ($70 million which excludes Acadia's $20 million)) Property management fee equal to 4% of gross property revenues Market rate leasing fees Construction/project management fees equal to the lesser of 7.5% of hard costs or allocable costs of Acadia Mortgage Debt (3) $116 million as of March 31, 2003 95% ($110 million) fixed-rate and 5% floating ($6 million) at a total blended rate of 6.3% as of March 31, 2003 (1) See details of these properties including occupancy, tenants, expirations and demographics in Section IV of this supplement (2) See enclosed map in this section for these locations (1) See details of this debt in Section II of this supplement Page 20
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Kroger/Safeway Portfolio [Graphic Omitted: Map] 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 Page 21
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 ACADIA STRATEGIC OPPORTUNITY FUND Top 10 Tenants - Ranked by Annualized Base Rent Percentage of Total Represented by Tenant --------------------- Number of Stores in Total Annualized Base Total Annualized Base Ranking Tenant JV Portfolio GLA Rent(1) Portfolio GLA(2) Rent(2) - ------- ------ ------------ --- ------- ---------------- ------- 1 Safeway(2) 13 467,300 $ 3,743,629 22.9% 18.3% 2 Kroger(2) 12 550,800 3,730,794 27.0% 18.2% 3 Lowe's 1 140,000 1,750,000 6.9% 8.5% 4 Giant Eagle 2 125,396 1,251,154 6.1% 6.1% 5 Transunion Settlement(3) 1 39,714 858,930 1.9% 4.2% 6 Regal Cinema 1 65,641 821,825 3.2% 4.0% 7 Target 1 138,000 800,000 6.8% 3.9% 8 Bed, Bath & Beyond 1 45,114 736,260 2.2% 3.6% 9 Dick's Sporting Goods 1 50,000 700,000 2.4% 3.4% 10 Big Bear 1 55,096 589,527 2.7% 2.9% -- --------- ----------- ---- ---- Total 34 1,677,061 $14,982,119 82.1% 73.2% == ========= =========== ==== ==== (1) Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after March 31, 2003. (2) GLA does not include approximately 240,000 square feet of new space in Phase II of the Brandywine Town Center, which will be paid for by the JV on an "earnout basis" only if, and when it is leased. Base rents for the Kroger/Safeway portfolio include 75% of the total rents. The remaining 25% is allocated to AmCap, the joint venture partner in this portfolio. (3) Subsidiary of Transunion Page 22
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Retail Properties - Summary Listing - ----------------------------------------------------------------------------------------------------------------------------------- Year Grocery Anchor Constructed(C) Occupancy Current Lease and Shopping Center Location Acquired(A) GLA % Option Expiraton - ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK REGION - --------------- New York Soundview Marketplace Port Washington 1998 (A) 184,030 88% King Kullen 2007/2022 Village Commons Shopping Center Smithtown 1998 (A) 87,211 96% Branch Shopping Plaza Smithtown 1998 (A) 125,640 92% Waldbaum's (A&P) 2013/2028 New Loudon Center Latham 1982 (A) 253,111 70% Price Chopper 2015/2035 Pacesetter Park Shopping Center Pomona 1999 (A) 95,615 85% Stop & Shop (Ahold) 2020/2040 New Jersey Elmwood Park Shopping Center Elmwood Park 1998 (A) 149,038 96% Pathmark 2017/2052 Marketplace of Absecon Absecon 1998 (A) 104,297 95% Acme 2015/2055 Berlin Shopping Center Berlin 1994 (A) 187,178 80% Acme 2005/2015 Ledgewood Mall Ledgewood 1983 (A) 513,355 85% /2037 NEW ENGLAND REGION - ------------------ Connecticut Town Line Plaza Rocky Hill 1998 (A) 206,178 100% A&P Superfresh 2017/2052 239 Greenwich Avenue Greenwich 1998 (A) 16,834 100% Massachusetts Methuen Shopping Center Methuen 1998 (A) 130,238 100% DeMoulas Market 2005/2015 Crescent Plaza Brockton 1984 (A) 218,235 98% Shaw's 2012/2042 Rhode Island Walnut Hill Plaza Woonsocket 1998 (A) 297,639 95% Shaw's 2013/2043 Vermont The Gateway Shopping Center Burlington 1999 (A) 84,044 99% Shaw's (rent not yet commenced) (Currently under redevelopment)
- ---------------------------------------------------------------------------------------------------------------- Other Anchor Annualized Annualized Current Lease and Base Base Shopping Center Option Expiraton Rent Rent psf - ---------------------------------------------------------------------------------------------------------------- NEW YORK REGION - --------------- New York Soundview Marketplace Clearview Cinema 2010/2030 $ 2,498,483 $ 15.45 Village Commons Shopping Center Daffy's 2008/2028 1,936,527 23.02 Branch Shopping Plaza 2,005,138 17.35 New Loudon Center Marshalls 2004/2009 1,523,762 8.63 Pacesetter Park Shopping Center 863,574 10.67 New Jersey Elmwood Park Shopping Center Walgreen's 2022/2062 3,122,359 21.75 Marketplace of Absecon Eckerd Drug 2020/2040 1,503,246 15.23 Berlin Shopping Center Kmart 2004/2029 797,040 5.29 Ledgewood Mall Wal-mart 2019/2049 4,089,766 9.38 NEW ENGLAND REGION - ------------------ Connecticut Town Line Plaza Wal-mart (not owned) 1,337,848 12.29 239 Greenwich Avenue Restoration Hardware 2015/2025 1,154,682 68.59 Massachusetts Methuen Shopping Center Wal-mart 2011/2051 828,772 6.36 Crescent Plaza Home Depot 2021/2056 1,637,184 7.65 Rhode Island Walnut Hill Plaza Sears 2003/2033 2,135,192 7.57 Vermont The Gateway Shopping Center 1,511,686 18.21 (Currently under redevelopment) Page 23
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Retail Properties - Summary Listing - ------------------------------------------------------------------------------------------------------------------------------------ Year Grocery Anchor Constructed(C) Occupancy Current Lease and Shopping Center Location Acquired(A) GLA % Option Expiraton - ------------------------------------------------------------------------------------------------------------------------------------ MIDWEST REGION Illinois Hobson West Plaza Naperville 1998 (A) 99,038 99% Eagle Food Centers 2007/2032 Indiana Merrillville Plaza Merrillville 1998 (A) 235,601 99% Michigan Bloomfield Town Square Bloomfield Hills 1998 (A) 216,489 84% Costco (not owned) Ohio Mad River Station Dayton 1999 (A) 153,652 85% MID-ATLANTIC REGION Pennsylvania Abington Towne Center Abington 1998 (A) 216,352 97% Blackman Plaza Wilkes-Barre 1968 (C) 121,386 92% Bradford Towne Centre Towanda 1993 (C) 256,939 88% P&C Foods (Penn Traffic) 2014/2024 East End Center Wilkes-Barre 1986 (C) 308,268 57% Price Chopper 2008/2028 Greenridge Plaza Scranton 1986 (C) 198,362 53% Giant Food (Ahold) 2021/2051 Luzerne Street Shopping Center Scranton 1983 (A) 57,988 94% Price Chopper 2004/2024 Mark Plaza Edwardsville 1968 (C) 214,036 91% Redner's Markets 2018/2028 Pittston Plaza Pittston 1994 (C) 79,488 98% Redner's Market 2018/2028 Plaza 422 Lebanon 1972 (C) 154,791 87% Route 6 Mall Honesdale 1994 (C) 175,505 99% Weis Markets (not owned) --------- 5,140,538 =========
- ----------------------------------------------------------------------------------------------------- Other Anchor Annualized Annualized Current Lease and Base Base Shopping Center Option Expiraton Rent Rent psf - ----------------------------------------------------------------------------------------------------- MIDWEST REGION Illinois Hobson West Plaza 1,123,033 11.46 Indiana Merrillville Plaza TJ Maxx 2004/2014 2,513,627 10.76 JC Penney 2008/2018 OfficeMax 2008/2028 Michigan Bloomfield Town Square TJ Maxx2009/2014 1,715,020 9.39 Marshall's 2011/2026 Home Goods 2010/2025 Ohio Mad River Station Babies "R" Us 2005/2020 1,577,425 12.07 Office Depot 2005/2010 MID-ATLANTIC REGION Pennsylvania Abington Towne Center TJ Maxx 2010/2020 743,700 14.32 Target (not owned) Blackman Plaza Kmart 2004/2049 261,504 2.34 Bradford Towne Centre Kmart 2019/2069 1,416,821 6.24 East End Center 1,370,024 7.74 Greenridge Plaza 639,589 6.09 Luzerne Street Shopping Center Eckerd Drug 2004/2019 272,150 4.98 Mark Plaza Kmart 2004/2054 920,558 4.71 Pittston Plaza Eckerd Drugs 2006/2016 599,674 7.69 Plaza 422 Giant Food 325,480 2.43 2004/2029 Ames 2006/2021 Route 6 Mall Kmart 2020/2070 1,061,248 6.10 ------------ ------- $ 41,485,112 $ 9.79 ============ ======= Page 24
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Retail Properties - Summary Listing - ----------------------------------------------------------------------------------------------------------------------------------- Year Grocery Anchor Constructed(C) Occupancy Current Lease and Shopping Center Location Acquired(A) GLA % Option Expiraton - ----------------------------------------------------------------------------------------------------------------------------------- JOINT VENTURE PROPERTIES NEW YORK REGION New York Crossroads Shopping Center White Plains 1998 310,919 99% Waldbaum's (A&P) 2007/2032 (49% JV interest) MID-ATLANTIC REGION Delaware Brandywine Town Center(1) Wilmington 2003 (A) 613,957 100% (22% JV interest) Market Square Shopping Center Wilmington 2003 (A) 87,760 90% Trader Joe's (gourmet grocery) (22% JV interest) MIDWEST REGION Ohio Amherst Marketplace Cleveland 2002 (A) 79,937 100% Giant Eagle 2021/2041 (22% JV interest) Granville Centre Columbus 2002 (A) 131,269 92% Big Bear (Penn Traffic) 2020/2050 (22% JV interest) Sheffield Crossing Cleveland 2002 (A) 112,634 94% Giant Eagle 2022/2042 (22% JV interest) --------- 1,336,476 =========
- -------------------------------------------------------------------------------------------------------- Other Anchor Annualized Annualized Current Lease and Base Base Shopping Center Option Expiraton Rent Rent psf - -------------------------------------------------------------------------------------------------------- JOINT VENTURE PROPERTIES NEW YORK REGION New York Crossroads Shopping Center Kmart 2012/2037 $ 5,460,040 $ 17.75 (49% JV interest) B. Dalton 2012/2022 Pay Half 2018/-- Modell's 2009/2019 MID-ATLANTIC REGION Delaware Brandywine Town Center(1) 8,344,456 13.59 (22% JV interest) Market Square Shopping Center TJ Maxx 1,451,053 18.28 (22% JV interest) MIDWEST REGION Ohio Amherst Marketplace 799,107 10.00 (22% JV interest) Granville Centre California Fitness 2017/2027 1,299,290 10.79 (22% JV interest) Sheffield Crossing 1,103,610 10.38 (22% JV interest) ------------ ------- $ 18,457,556 $ 14.12 ============ ======= (1) Does not include 240,000 square feet of new space in Phase II of the Brandywine Town Center, which will be paid for by the Company on an "earnout basis" only if, and when it is leased. Page 25
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Retail Properties by Region ------------------------------------------------------------------------------ Gross Leasable Area Occupancy ------------------------------------------------------------------------------ Wholly-Owned Properties Anchors(1) Shops Total Anchors Shops Total ------------------------------------------------------------------------------ Operating Properties New York Region 1,032,614 666,861 1,699,475 88.00% 80.82% 85.18% New England 568,880 300,244 869,124 100.00% 93.44% 97.73% Midwest 305,549 399,231 704,780 100.00% 85.01% 91.51% Mid-Atlantic 1,281,243 501,872 1,783,115 83.65% 78.71% 82.26% ------------------------------------------------------------------------------ Total Operating Retail Properties 3,188,286 1,868,208 5,056,494 89.54% 83.18% 87.19% ------------------------------------------------------------------------------ Redevelopment Properties(2) 72,000 12,044 84,044 100.00% 91.55% 98.79% ------------------------------------------------------------------------------ Total - Wholly-Owned Properties 3,260,286 1,880,252 5,140,538 89.77% 83.23% 87.38% ============================================================================== ------------------------------------------------------------------------------ Joint Venture Properties Midwest(3) 225,943 97,897 323,840 100.00% 82.38% 94.67% Mid-Atlantic(3,4) 641,532 60,185 701,717 100.00% 86.04% 98.80% New York Region(5) 191,363 119,556 310,919 100.00% 97.21% 98.93% ------------------------------------------------------------------------------ Total Joint Venture Properties 1,058,838 277,638 1,336,476 100.00% 89.56% 97.83% ==============================================================================
--------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------------------- Wholly-Owned Properties Anchors Shops Total Anchors Shops Totals --------------------------------------------------------------------------------- Operating Properties New York Region $ 9,218,206 $ 9,121,689 $ 18,339,895 $ 10.14 $ 16.92 $ 12.67 New England 4,495,956 2,597,722 7,093,678 9.53 9.26 9.43 Midwest 2,349,833 4,579,272 6,929,105 7.69 13.49 10.74 Mid-Atlantic 4,329,891 3,280,857 7,610,748 4.74 8.31 5.81 --------------------------------------------------------------------------------- Total Operating Retail Properties 20,393,886 19,579,540 39,973,426 7.84 12.60 9.62 --------------------------------------------------------------------------------- Redevelopment Properties(2) 1,296,000 215,686 1,511,686 18.00 19.56 18.21 --------------------------------------------------------------------------------- Total - Wholly-Owned Properties $ 21,689,886 $ 19,795,226 $ 41,485,112 $ 8.12 $ 12.65 $ 9.79 ================================================================================= --------------------------------------------------------------------------------- Joint Venture Properties Midwest(3) $ 2,377,901 $ 824,106 $ 3,202,007 $ 10.52 $ 10.22 $ 10.44 Mid-Atlantic(3,4) 8,685,012 1,110,497 9,795,509 13.54 21.44 14.13 New York Region(5) 1,939,927 3,520,113 5,460,040 10.14 30.29 17.75 --------------------------------------------------------------------------------- Total Joint Venture Properties $ 13,002,840 $ 5,454,716 $ 18,457,556 $ 12.28 $ 21.94 $ 14.12 ================================================================================= General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. (1) Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. (2) The Company currently has one redevelopment project as further described in this supplement. (3) The Company has a 22% interest in Acadia Strategic Opportunity Fund which owns these properties. (4) Does not include 240,000 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. (5) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center. Page 26
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Retail Properties by State - Summary ------------------------------------------------------------------------------------------- Gross Leasable Area Occupancy -------------------------------------------------------- Wholly-Owned Properties Ownership Percent of Number of % base rent(1) properties Anchors(2) Shops Total Anchors Shops Total ------------------------------------------------------------------------------------------- Operating Properties NEW YORK REGION New Jersey 100% 20.2% 4 590,959 362,909 953,868 92.00% 78.60% 86.90% New York 100% 18.8% 5 441,655 303,952 745,607 82.65% 83.48% 82.98% NEW ENGLAND REGION Connecticut 100% 5.3% 2 178,799 44,213 223,012 100.00% 100.00% 100.00% Massachusetts 100% 5.2% 2 276,989 71,484 348,473 100.00% 94.27% 98.82% Rhode Island 100% 4.5% 1 113,092 184,547 297,639 100.00% 91.55% 94.76% MIDWEST REGION Illinois 100% 2.4% 1 42,037 57,001 99,038 100.00% 98.15% 98.94% Indiana 100% 5.3% 1 101,357 134,244 235,601 100.00% 98.50% 99.15% Michigan 100% 3.6% 1 103,970 112,519 216,489 100.00% 69.95% 84.38% Ohio 100% 3.4% 1 58,185 95,467 153,652 100.00% 75.94% 85.05% MID-ATLANTIC REGION Pennsylvania 100% 16.2% 10 1,281,243 501,872 1,783,115 83.65% 78.71% 82.26% -------------------------------------------------------- Total Operating Retail Properties 85.0% 28 3,188,286 1,868,208 5,056,494 89.54% 83.18% 87.19% -------------------------------------------------------- Redevelopment Properties(3) Vermont 100% 3.2% 1 72,000 12,044 84,044 100.00% 91.55% 98.79% -------------------------------------------------------- Grand Total - Wholly-Owned Properties 88.2% 29 3,260,286 1,880,252 5,140,538 89.77% 83.23% 87.38% ======================================================== -------------------------------------------------------- Joint Venture Properties(4) Ohio(5) 22% 1.5% 3 225,943 97,897 323,840 100.00% 82.38% 94.67% Delaware(5,6) 22% 4.6% 2 641,532 60,185 701,717 100.00% 86.04% 98.80% New York(7) 49% 5.7% 1 191,363 119,556 310,919 100.00% 97.21% 98.93% -------------------------------------------------------- Total Joint Venture Properties 11.8% 6 1,058,838 277,638 1,336,476 100.00% 89.56% 97.83% ======================================================== 100.0% 35 -----------------------------------
----------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------- Wholly-Owned Properties Anchors Shops Total Anchors Shops Totals ----------------------------------------------------------------------- Operating Properties NEW YORK REGION New Jersey $5,380,740 $ 4,131,671 $ 9,512,411 $ 9.90 $ 14.48 $ 11.48 New York 3,837,466 4,990,018 8,827,484 10.51 19.67 14.27 NEW ENGLAND REGION Connecticut 1,884,682 607,848 2,492,530 23.13 13.75 19.83 Massachusetts 1,855,550 610,406 2,465,956 6.70 9.06 7.16 Rhode Island 755,724 1,379,468 2,135,192 6.68 8.16 7.57 MIDWEST REGION Illinois 170,000 953,033 1,123,033 4.04 17.03 11.46 Indiana 880,417 1,633,210 2,513,627 8.69 12.35 10.76 Michigan 767,849 947,171 1,715,020 7.39 12.03 9.39 Ohio 531,567 1,045,858 1,577,425 9.14 14.43 12.07 MID-ATLANTIC REGION Pennsylvania 4,329,891 3,280,857 7,610,748 4.74 8.31 5.81 --------------------------------------------------------------------- Total Operating Retail Properties 20,393,886 19,579,540 39,973,426 7.84 12.60 9.62 --------------------------------------------------------------------- Redevelopment Properties(3) Vermont 1,296,000 215,686 1,511,686 18.00 19.56 18.21 --------------------------------------------------------------------- Grand Total - Wholly-Owned Properties $21,689,886 $ 19,795,226 $41,485,112 $ 8.12 $ 12.65 $ 9.79 ===================================================================== --------------------------------------------------------------------- Joint Venture Properties(4) Ohio(5) $2,377,901 $ 824,106 $ 3,202,007 $ 10.52 $ 10.22 $ 10.44 Delaware(5,6) 8,685,012 1,110,497 9,795,509 13.54 21.44 14.13 New York(7) 1,939,927 3,520,113 5,460,040 10.14 30.29 17.75 --------------------------------------------------------------------- Total Joint Venture Properties $13,002,840 $ 5,454,716 $18,457,556 $ 12.28 $ 21.94 $ 14.12 ===================================================================== General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. (1) The Company's pro-rata share of base rent from joint venture properties has been included for the purpose of calculating percentage of base rent by state. (2) Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. (3) The Company currently has one redevelopment project as further described in this supplement. (4) Does not include approximately 1 million square feet relating to a portfolio of 25 supermarket triple-net leases acquired by ASOF in January of 2003. (5) The Company has a 22% interest in Acadia Strategic Opportunity Fund which owns these properties. (6) Does not include 240,000 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. (7) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center. Page 27
[graphic omitted Acadia Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Retail Properties - Detail Gross Leasable Area Occupancy -------------------------------------- ---------------------------------- Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------------ WHOLLY-OWNED: New York Region New York Soundview Marketplace 73,500 110,530 184,030 100.00% 79.77% 87.85% Village Commons Shopping Center 25,192 62,019 87,211 100.00% 95.00% 96.44% Branch Plaza 63,000 62,640 125,640 100.00% 83.91% 91.98% New Loudon Center 227,911 25,200 253,111 66.37% 100.00% 69.72% Pacesetter Park Shopping Center 52,052 43,563 95,615 100.00% 66.29% 84.64% ------------------------------------------------------------------------------ Total - New York 441,655 303,952 745,607 82.65% 83.48% 82.98% ------------------------------------------------------------------------------ New Jersey Elmwood Park Shopping Center 62,610 86,428 149,038 100.00% 93.63% 96.31% Marketplace of Absecon 58,031 46,266 104,297 100.00% 87.96% 94.66% Berlin Shopping Center 127,850 59,328 187,178 100.00% 38.31% 80.45% Ledgewood Mall 342,468 170,887 513,355 86.20% 82.45% 84.95% ------------------------------------------------------------------------------ Total - New Jersey 590,959 362,909 953,868 92.00% 78.60% 86.90% ------------------------------------------------------------------------------ Total - New York Region 1,032,614 666,861 1,699,475 88.00% 80.82% 85.18% New England ------------------------------------------------------------------------------ Connecticut Town Line Plaza 1 161,965 44,213 206,178 100.00% 100.00% 100.00% 239 Greenwich Avenue 2 16,834 - 16,834 100.00% - 100.00% ------------------------------------------------------------------------------ Total - Connecticut 178,799 44,213 223,012 100.00% 100.00% 100.00% ------------------------------------------------------------------------------ Massachusetts Methuen Shopping Center 120,004 10,234 130,238 100.00% 100.00% 100.00% Crescent Plaza 156,985 61,250 218,235 100.00% 93.31% 98.12% ------------------------------------------------------------------------------ Total - Massachusetts 276,989 71,484 348,473 100.00% 94.27% 98.82% ------------------------------------------------------------------------------ Rhode Island Walnut Hill Plaza 113,092 184,547 297,639 100.00% 91.55% 94.76% ------------------------------------------------------------------------------ Total - New England Region 568,880 300,244 869,124 100.00% 93.44% 97.73% ------------------------------------------------------------------------------
[RESTUBBED TABLE] Annualized Base Rent per Occupied Square Foot ----------------------------------------- ----------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------------------- WHOLLY-OWNED: New York Region New York Soundview Marketplace $ 1,158,850 $ 1,339,633 $ 2,498,483 $ 15.77 $ 15.19 $ 15.45 Village Commons Shopping Center 416,119 1,520,408 1,936,527 16.52 25.81 23.02 Branch Plaza 837,240 1,167,898 2,005,138 13.29 22.22 17.35 New Loudon Center 1,101,272 422,490 1,523,762 7.28 16.77 8.63 Pacesetter Park Shopping Center 323,985 539,589 863,574 6.22 18.69 10.67 ------------------------------------------------------------------------------- Total - New York 3,837,466 4,990,018 8,827,484 10.51 19.67 14.27 ------------------------------------------------------------------------------- New Jersey Elmwood Park Shopping Center 1,390,460 1,731,899 3,122,359 22.21 21.40 21.75 Marketplace of Absecon 927,574 575,672 1,503,246 15.98 14.15 15.23 Berlin Shopping Center 619,400 177,640 797,040 4.84 7.82 5.29 Ledgewood Mall 2,443,306 1,646,460 4,089,766 8.28 11.69 9.38 ------------------------------------------------------------------------------- Total - New Jersey 5,380,740 4,131,671 9,512,411 9.90 14.48 11.48 ------------------------------------------------------------------------------- Total - New York Region 9,218,206 9,121,689 18,339,895 10.14 16.92 12.67 ------------------------------------------------------------------------------- New England Connecticut Town Line Plaza 1 730,000 607,848 1,337,848 11.29 13.75 12.29 239 Greenwich Avenue 2 1,154,682 - 1,154,682 68.59 - 68.59 ------------------------------------------------------------------------------- Total - Connecticut 1,884,682 607,848 2,492,530 23.13 13.75 19.83 ------------------------------------------------------------------------------- Massachusetts Methuen Shopping Center 736,464 92,308 828,772 6.14 9.02 6.36 Crescent Plaza 1,119,086 518,098 1,637,184 7.13 9.07 7.65 ------------------------------------------------------------------------------- Total - Massachusetts 1,855,550 610,406 2,465,956 6.70 9.06 7.16 ------------------------------------------------------------------------------- Rhode Island Walnut Hill Plaza 755,724 1,379,468 2,135,192 6.68 8.16 7.57 ------------------------------------------------------------------------------- Total - New England Region 4,495,956 2,597,722 7,093,678 9.53 9.26 9.43 ------------------------------------------------------------------------------- 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 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. (2) 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. Page 28
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Retail Properties - Detail Gross Leasable Area Occupancy --------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------------- WHOLLY-OWNED (continued): Midwest Illinois Hobson West Plaza 42,037 57,001 99,038 100.00% 98.15% 98.94% Indiana Merrillville Plaza 101,357 134,244 235,601 100.00% 98.50% 99.15% Michigan Bloomfield Towne Square 103,970 112,519 216,489 100.00% 69.95% 84.38% Ohio Mad River Station(1) 58,185 95,467 153,652 100.00% 75.94% 85.05% --------------------------------------------------------------------------------- Total - Midwest Region 305,549 399,231 704,780 100.00% 85.01% 91.51% --------------------------------------------------------------------------------- Mid-Atlantic Pennsylvania Abington Towne Center(2) 184,616 31,736 216,352 100.00% 78.53% 96.85% Blackman Plaza 104,956 16,430 121,386 100.00% 42.60% 92.23% Bradford Towne Centre 146,499 110,440 256,939 100.00% 72.91% 88.36% East End Center 176,200 132,068 308,268 28.38% 96.21% 57.44% Greenridge Plaza 145,420 52,942 198,362 42.70% 81.12% 52.95% Luzerne Street Shopping Center(3) 54,618 3,370 57,988 100.00% 0.00% 94.19% Mark Plaza 157,595 56,441 214,036 100.00% 67.02% 91.30% Pittston Plaza 67,568 11,920 79,488 100.00% 87.38% 98.11% Plaza 422 124,113 30,678 154,791 100.00% 32.60% 86.64% Route 6 Plaza 119,658 55,847 175,505 100.00% 97.27% 99.13% --------------------------------------------------------------------------------- Total - Pennsylvania 1,281,243 501,872 1,783,115 83.65% 78.71% 82.26% --------------------------------------------------------------------------------- Total - Mid-Atlantic Region 1,281,243 501,872 1,783,115 83.65% 78.71% 82.26% --------------------------------------------------------------------------------- --------------------------------------------------------------------------------- TOTAL RETAIL PROPERTIES (before redevelopments) 3,188,286 1,868,208 5,056,494 89.54% 83.18% 87.19% --------------------------------------------------------------------------------- Redevelopment Properties The Gateway Shopping Center (Vermont)(4) 72,000 12,044 84,044 100.00% 91.55% 98.79% --------------------------------------------------------------------------------- TOTAL WHOLLY-OWNED PROPERTIES 3,260,286 1,880,252 5,140,538 89.77% 83.23% 87.38% =================================================================================
Retail Properties - Detail Annualized Base Rent Annualized Base Rent per Occupied Square Foot -------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------------------- WHOLLY-OWNED (continued): Midwest Illinois Hobson West Plaza 170,000 953,033 1,123,033 4.04 17.03 11.46 Indiana Merrillville Plaza 880,417 1,633,210 2,513,627 8.69 12.35 10.76 Michigan Bloomfield Towne Square 767,849 947,171 1,715,020 7.39 12.03 9.39 Ohio Mad River Station(1) 531,567 1,045,858 1,577,425 9.14 14.43 12.07 -------------------------------------------------------------------------------- Total - Midwest Region 2,349,833 4,579,272 6,929,105 7.69 13.49 10.74 -------------------------------------------------------------------------------- Mid-Atlantic Pennsylvania Abington Towne Center(2) 256,500 487,200 743,700 9.50 19.55 14.32 Blackman Plaza 204,664 56,840 261,504 1.95 8.12 2.34 Bradford Towne Centre 887,469 529,352 1,416,821 6.06 6.57 6.24 East End Center 357,500 1,012,524 1,370,024 7.15 7.97 7.74 Greenridge Plaza 279,405 360,184 639,589 4.50 8.39 6.09 Luzerne Street Shopping Center(3) 272,150 - 272,150 4.98 - 4.98 Mark Plaza 625,776 294,782 920,558 3.97 7.79 4.71 Pittston Plaza 496,446 103,228 599,674 7.35 9.91 7.69 Plaza 422 262,030 63,450 325,480 2.11 6.34 2.43 Route 6 Plaza 687,951 373,297 1,061,248 5.75 6.87 6.10 -------------------------------------------------------------------------------- Total - Pennsylvania 4,329,891 3,280,857 7,610,748 4.74 8.31 5.81 -------------------------------------------------------------------------------- Total - Mid-Atlantic Region 4,329,891 3,280,857 7,610,748 4.74 8.31 5.81 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- TOTAL RETAIL PROPERTIES (before redevelopments) $20,393,886 $19,579,540 $39,973,426 $ 7.84 $12.60 $ 9.62 -------------------------------------------------------------------------------- Redevelopment Properties The Gateway Shopping Center (Vermont)(4) 1,296,000 215,686 1,511,686 18.00 19.56 18.21 -------------------------------------------------------------------------------- TOTAL WHOLLY-OWNED PROPERTIES $21,689,886 $19,795,226 $41,485,112 $ 8.12 $12.65 $ 9.79 ================================================================================ 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 GLA for this property includes 27,702 square feet of office space. (2) Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. (3) The Price Chopper supermarket which leases 40,618 square feet is not operating in the space, but remains obligated under the lease and continues to pay rent. (4) Construction is being completed on a 72,000 square foot Shaw's supermarket. The tenant has already commenced paying rent during the quarter ended March 31, 2003. Page 29
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Retail Properties - Detail Gross Leasable Area Occupancy --------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------------- JOINT VENTURE:(1) Midwest Ohio Amherst Marketplace(2) 76,737 3,200 79,937 100.00% 100.00% 100.00% Granville Centre(2) 90,047 41,222 131,269 100.00% 73.58% 91.70% Sheffield Crossing(2) 59,159 53,475 112,634 100.00% 88.11% 94.36% --------------------------------------------------------------------------------- Total - Midwest Region 225,943 97,897 323,840 100.00% 82.38% 94.67% --------------------------------------------------------------------------------- Mid-Atlantic Delaware Brandywine Town Center(2,3) 610,157 3,800 613,957 100.00% 100.00% 100.00% Market Square Shopping Center(2) 31,375 56,385 87,760 100.00% 85.10% 90.43% --------------------------------------------------------------------------------- Total - Mid-Atlantic 641,532 60,185 701,717 100.00% 86.04% 98.80% --------------------------------------------------------------------------------- New York Region New York Crossroads Shopping Center(4) 191,363 119,556 310,919 100.00% 97.21% 98.93% --------------------------------------------------------------------------------- Total - Joint Venture Properties 1,058,838 277,638 1,336,476 100.00% 89.56% 97.83% ================================================================================= Annualized Base Rent Annualized Base Rent per Occupied Square Foot -------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------------------- JOINT VENTURE:(1) Midwest Ohio Amherst Marketplace(2) $ 765,711 $ 33,396 $ 799,107 $ 9.98 $10.44 $10.00 Granville Centre(2) 991,612 307,678 1,299,290 11.01 10.14 10.79 Sheffield Crossing(2) 620,578 483,032 1,103,610 10.49 10.25 10.38 -------------------------------------------------------------------------------- Total - Midwest Region 2,377,901 824,106 3,202,007 10.52 10.22 10.44 -------------------------------------------------------------------------------- Mid-Atlantic Delaware Brandywine Town Center(2,3) 8,319,300 25,156 8,344,456 13.63 6.62 13.59 Market Square Shopping Center(2) 365,712 1,085,341 1,451,053 11.66 22.62 18.28 -------------------------------------------------------------------------------- Total - Mid-Atlantic 8,685,012 1,110,497 9,795,509 13.54 21.44 14.13 -------------------------------------------------------------------------------- New York Region New York Crossroads Shopping Center(4) 1,939,927 3,520,113 5,460,040 10.14 30.29 17.75 -------------------------------------------------------------------------------- Total - Joint Venture Properties $13,002,840 $5,454,716 $18,457,556 $12.28 $21.94 $14.12 ================================================================================ General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. (1) In January of 2003, the Acadia Strategic Opportunity Fund ("ASOF") acquired approximatly 2 million additional square feet in two separate transactions. Approximately 1 million square feet relates to a portfolio of 25 supermarket triple-net leases which is not reflected above. (2) The Company has a 22% interest in ASOF which owns the property. (3) Does not include approximately 240,000 square feet of new space in Phase II, which will be paid for by the JV on an "earnout basis" only if, and when it is leased. Page 30
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Three months ended Leasing Production March 31, 2003 ------------------ -------------- New leases(1) Number of new leases commencing 15 GLA 37,396 New base rent $16.97 Previous base rent (and percentage rent) $14.79 Percentage growth in base rent(2) 14.7% Average cost per square foot $3.12 Renewal leases Number of renewal leases commencing 15 GLA 93,288 Renewal percentage 72% New base rent $10.92 Expiring base rent (and percentage rent) $10.79 Percentage growth in base rent(2) 1.2% Average cost per square foot $0.00 Total new and renewal Leases Number of renewal leases commencing 30 GLA 130,684 New base rent $12.65 Expiring base rent (and percentage rent) $11.93 Percentage growth in base rent(2) 6.0% Average cost per square foot $0.89 (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 expiry and includes any percentage rent paid as well. New rent is that which is initially paid at commencement. Page 31
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Top 10 Tenants - Ranked by Annualized Base Rent (excludes Joint Venture Properties) Percentage of Total Represented by Retail Tenant ---------------------------- Average Number of Gross Retail Stores in Total Annualized Base Total Annualized Base Average Occupancy Ranking Tenant Portfolio GLA Rent(1) Portfolio GLA(2) Rent(2) Sales (per sq. ft.) Cost(3) - ------- ------ --------- --- ------- ---------------- ------- ------------------- ------- 1 Shaw's(4) 3 174,617 $ 2,310,685 3.4% 5.6% $ 501 2.4% 2 Kmart(5) 5 520,221 1,870,484 10.1% 4.5% 176 2.9% 3 T.J. Maxx 8 238,061 1,802,571 4.6% 4.3% 279 3.8% 4 A&P/ Waldbaum's(5) 2 127,665 1,567,240 2.5% 3.8% 244 5.3% 5 Wal-Mart 2 210,114 1,515,409 4.1% 3.7% - - 6 Price Chopper(6) 3 168,068 1,295,727 3.3% 3.1% 501 1.9% 7 Eckerd Drug(7) 8 89,620 1,054,296 1.7% 2.5% 408 4.0% 8 Pathmark 1 47,773 955,460 0.9% 2.3% - - 9 Acme (Albertson's) 2 76,864 918,664 1.5% 2.2% 369 4.2% 10 Redner's Supermarket 2 111,739 837,112 2.2% 2.0% 253 3.8% -- --------- ----------- ---- ---- Total 36 1,764,742 $14,127,648 34.3% 34.1% == ========= =========== ==== ==== (1) Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after March 31, 2003. (2) Represents total GLA and annualized base rent for the Company's retail properties excluding joint venture properties. (3) Occupancy cost = Gross rents (base rent, percentage rent and expenses reimbursements) divided by sales. Amount is left blank if the tenant is not required to report sales to the Company. (4) The Company is constucting a 72,000 square foot Shaw's in connection with the redevelopment of the entire Gateway Shopping Center. Although the new store is anticipated to be completed in the third quarter of 2003, rent commenced for the new space in March of 2003. (5) The Company is a 49% partner in a property which is anchored by a 100,725 square foot Kmart with an annual rent of $566,250 and a 38,208 square foot Waldbaum's with an annual rent of $504,000. These tenants are not included in the above amounts as this partnership does not report on a consolidated basis with the Company. (6) The tenant is currently not operating the store at the Luzerne Street Shopping Center. They are obligated, and continue, to pay annual minimum rent of $177,650 until the lease expires in April 30, 2004. (7) Subsidiary of JC Penney. The stores at the Route 6 Plaza and Berlin Shopping Center have ceased operating but continue to pay annual rent of $106,560 and $29,129, respectively, through January 31, 2011 and November 30, 2004, respectively, pursuant to the leases. Page 32
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Anchor Detail - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual Options/Required (Type of Center) Footage Expiration Rent Rent PSF Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned New York Region New York Soundview Marketplace, Port Washington King Kullen 48,100 9/26/2007 562,600 11.70 (7) 5 Year (12 Months) Clearview Cinema 25,400 5/31/2010 596,250 23.47 (4) 5 Year (12 Months) ------- ------------------- Property total 73,500 1,158,850 15.77 ------- ------------------- Smithtown Shopping Center, Smithtown Daffy's 16,125 1/7/2008 262,031 16.25 (4) 5 Year (12 Months) Walgreen's 9,067 12/31/2021 154,088 16.99 - ------- ------------------- Property total 25,192 416,119 16.52 ------- ------------------- The Branch Shopping Center, Smithtown Waldbaum's (A&P) 63,000 11/30/2013 837,240 13.29 (1) 10 Year & (1) 5 Year ------- ------------------- Property Total: 63,000 837,240 13.29 ------- ------------------- New Loudon Center, Latham Club Pro 47,805 4/30/2006 236,635 4.95 (1) 5 Year (12 Months) Marshall's 26,015 1/31/2004 104,060 4.00 (1) 5 Year (12 Months) Price Chopper 77,450 5/31/2015 760,577 9.82 (4) 5 Year (12 Months) ------- ------------------- Property total 151,270 1,101,272 7.28 ------- ------------------- Pacesetter Park Shopping Center, Pomona Stop & Shop (Ahold subsidiary) 52,052 8/31/2020 323,985 6.22 (2) 10 Year ------- ------------------- Property total 52,052 323,985 6.22 ------- ------------------- New Jersey Elmwood Park Shopping Center, Elmwood Park Walgreen's 14,837 5/31/2022 435,000 29.32 (8) 5 Year (12 Months) Pathmark 47,773 11/30/2017 955,460 20.00 (7) 5 Year (12 Months) ------- ------------------- Property total 62,610 1,390,460 22.21 ------- ------------------- Marketplace of Absecon, Absecon Eckerd Drug 13,207 8/30/2020 329,310 24.93 (4) 5 Year (6 Months) Acme Markets 44,824 4/30/2015 598,264 13.35 (8) 5 Year (12 Months) ------- ------------------- Property total 58,031 927,574 15.98 ------- ------------------- Berlin Shopping Center, Berlin Acme Markets 32,040 4/30/2005 320,400 10.00 (2) 5 Year (6 Months) Kmart 95,810 11/30/2004 299,000 3.12 (4) 5 Year (6 Months) ------- ------------------- Property total 127,850 619,400 4.84 ------- ------------------- Ledgewood Mall, Ledgewood (Enclosed Mall) Circuit City 33,294 1/31/2020 449,469 13.50 (4) 5 Year (6 Months) Marshall's 27,228 1/31/2007 326,736 12.00 (4) 5 Year (6 Months) The Sports Authority 52,205 5/31/2007 225,000 4.31 (6) 5 Year (15 Months) Macy's Department Store(1) 61,900 1/31/2005 553,500 8.94 (4) 5 Year (6 Months) Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year (6 Months) ------- ------------------- Property total 295,197 2,443,306 8.28 ------- ------------------- Total: New York Region 908,702 9,218,206 10.14 ------- ------------------- (1) The tenant has additional expansion space bringing the total space to 74,815 s.f. with total rents of $618,075. Page 33
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Anchor Detail - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual Options/Required (Type of Center) Footage Expiration Rent Rent PSF Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned (continued) New England Connecticut Town Line Plaza, Rocky Hill Wal*Mart(1) 97,300 - $ - $ - REA Agreement A&P Superfresh 64,665 3/8/2017 730,000 11.29 (7) 5 Year (6 Months) ------- --------------------- Property total 161,965 730,000 11.29 ------- --------------------- 239 Greenwich Ave., Greenwich Chico's Fashion 4,541 1/31/2010 $ 324,682 $71.50 (2) 5 Years Restoration Hardware 12,293 4/30/2015 830,000 67.52 (2) 5 Years (6 Months) ------- --------------------- Property total 16,834 1,154,682 68.59 ------- --------------------- Massachusetts Methuen Shopping Center, Methuen Demoulas Super Markets 30,460 1/31/2005 109,656 3.60 (2) 5 Year Wal*Mart 89,544 10/23/2011 626,808 7.00 (8) 5 Year (6 Months) ------- --------------------- 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 (1 Year) Shaws Supermarkets 50,225 12/31/2012 516,960 10.29 (6) 5 Year (6 Months) ------- --------------------- Property total 156,985 1,119,086 7.13 ------- --------------------- Rhode Island Walnut Hill Plaza, Woonsocket Sears 60,700 8/31/2003 258,000 4.25 (6) 5 Year (12 Months) Shaws Supermarkets 52,392 12/31/2013 497,724 9.50 (6) 5 Year (9 Months) ------- --------------------- Property total 113,092 755,724 6.68 ------- --------------------- Vermont Gateway Shopping Center Shaws Supermarkets 72,000 3/31/2024 1,296,000 18.00 (1) 10 Yr., (3) ------- 5 Yr. & (1) 4 Yr. ------- --------------------- Property total 72,000 1,296,000 18.00 ------- --------------------- ------- --------------------- Total: New England 640,880 5,791,956 10.66 ------- --------------------- Midwest Illinois Hobson West Plaza, Naperville Eagle Food Centers 42,037 11/30/2007 170,000 4.04 (5) 5 Year (6 Months) ------- --------------------- Property total 42,037 170,000 4.04 ------- --------------------- Indiana Merrillville Plaza, Merrillville JC Penney 50,000 1/31/2008 495,000 9.90 (2) 5 Year (12 Months) OfficeMax 26,157 7/31/2008 202,717 7.75 (4) 5 Year (6 Months) TJ Maxx 25,200 1/31/2004 182,700 7.25 (2) 5 Year (6 Months) ------- --------------------- Property total 101,357 880,417 8.69 ------- --------------------- Michigan Bloomfield Town Square, Bloomfield Hills Home goods 39,646 5/31/2010 307,257 7.75 (3) 5 Year Marshall's 28,324 9/30/2011 226,592 8.00 (3) 5 Year (6 Months) TJ Maxx 36,000 1/31/2009 234,000 6.50 (1) 5 Year (6 Months) ------- --------------------- Property total 103,970 767,849 7.39 ------- --------------------- Ohio Mad River Station, Dayton Babies 'R' Us 33,147 2/28/2005 243,630 7.35 (3) 5 Year Office Depot 25,038 8/31/2005 287,937 11.50 (1) 5 Year (6 Months) ------- --------------------- Property total 58,185 531,567 9.14 ------- --------------------- Total: Midwest 305,549 2,349,833 7.69 ------- --------------------- (1) This space is contiguous to the Company's property and is not owned by the Company. Page 34
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Anchor Detail - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual Options/Required (Type of Center) Footage Expiration Rent Rent PSF Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned (continued) Mid-Atlantic Pennsylvania Abington Town Center, Abington TJ Maxx 27,000 11/30/2010 256,500 9.50 (2) 5 Year (6 Months) Target(1) 157,616 - - - Condominium Agreement --------- --------------------- Property total 184,616 256,500 9.50 --------- --------------------- Blackman Plaza, Wilkes-Barre Kmart 104,956 10/31/2004 204,664 1.95 (9) 5 Year (12 Months) --------- --------------------- Property total 104,956 204,664 1.95 --------- --------------------- Bradford Towne Centre, Towanda Kmart 94,841 3/31/2019 474,205 5.00 (10) 5 Year (6 Months) P & C Foods (Penn Traffic) 51,658 9/30/2014 413,264 8.00 (2) 5 Year (6 Months) --------- --------------------- Property total 146,499 887,469 6.06 --------- --------------------- East End Center, Wilkes-Barre Price Chopper 50,000 4/30/2008 357,500 7.15 (4) 5 Year (6 Months) --------- --------------------- Property total 50,000 357,500 7.15 --------- --------------------- Greenridge Plaza, Scranton Giant Food Stores (Ahold) 62,090 4/30/2021 279,405 4.50 (6) 5 Year (Auto) --------- --------------------- Property total 62,090 279,405 4.50 --------- --------------------- Luzerne Street Shopping Center, Scranton Eckerd Drugs 14,000 4/30/2004 94,500 6.75 (3) 5 Year (6 Months) Price Chopper(2) 40,618 4/30/2004 177,650 4.37 (4) 5 Year (12 Months) --------- --------------------- Property total 54,618 272,150 4.98 --------- --------------------- Mark Plaza, Edwardsville Kmart 104,956 10/31/2004 204,664 1.95 (10) 5 Year (12 Months) Redner's Market 52,639 5/31/2018 421,112 8.00 (2) 5 Year (6 Months) --------- --------------------- Property total 157,595 625,776 3.97 --------- --------------------- Pittston Plaza, Pittston Eckerd Drugs 8,468 6/30/2006 80,446 9.50 (2) 5 Year (6 Months) Redner's Market 59,100 12/31/2018 416,000 7.04 (2) 5 Year --------- --------------------- Property total 67,568 496,446 7.35 --------- --------------------- Plaza 422, Lebanon Giant Food Stores(2) 40,783 12/31/2003 132,030 3.24 (5) 5 Year Ames 83,330 10/31/2006 130,000 1.56 (3) 5 Year (6 Months) --------- --------------------- Property total 124,113 262,030 2.11 --------- --------------------- Route 6 Mall, Honesdale Kmart 119,658 4/30/2020 687,951 5.75 (10) 5 Year (Automatic) --------- --------------------- Property total 119,658 687,951 5.75 --------- --------------------- Total: Mid-Atlantic 1,071,713 4,329,891 4.74 --------- --------------------- Total: Retail Anchor Properties - Wholly Owned Properties 2,926,844 $21,689,886 $8.12 ========= ====================== (1) Target owns the portion of the main building (157,616 square feet) that their store is located in. 2 This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease. Page 35
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Anchor Detail - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual Options/Required (Type of Center) Footage Expiration Rent Rent PSF Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Joint Venture Properties New York Region New York Crossroads Shopping Center, White Plains Kmart 100,725 1/31/2012 $ 566,250 $ 5.62 (5) 5 Year (9 Months) Waldbaum's (A&P) 38,208 12/31/2007 504,000 13.19 (5) 5 Year (9 Months) B. Dalton 12,430 5/28/2012 345,927 27.83 (2) 5 Year (18 Months) Pay Half 15,000 1/31/2018 330,000 22.00 - Modell's 25,000 2/28/2009 193,750 7.75 (2) 5 Year (12 Months) --------- --------------------- Property total 191,363 1,939,927 10.14 --------- --------------------- Total: New York Region 191,363 1,939,927 10.14 --------- --------------------- Mid-Atlantic Region Delaware Brandywine Town Center Annie Sez 13,324 1/31/2007 $ 266,500 $20.00 (3) 5 Year (9 Months) Kay-Bee Toys 20,138 7/31/2012 382,622 19.00 (2) 5 Year (9 Months) Michaels 24,876 2/28/2011 497,520 20.00 (3) 5 Year (9 Months) Old Navy 24,631 4/30/2011 541,872 22.00 (1) 5 Year (6 Months) Petsmart 23,963 6/30/2017 455,297 19.00 (2) 5 Year (Automatic) Thomasville Furniture 18,893 11/30/2011 449,842 23.81 (2) 5 Year (9 Months) Bed, Bath & Beyond 50,977 1/31/2014 794,890 15.59 (3) 5 Year (6 Months) Dick's Sporting Goods 50,000 5/31/2013 700,000 14.00 (3) 5 Year (6 Months) Lowe's Home Centers 140,000 8/31/2018 1,750,000 12.50 (6) 5 Year (Automatic) Regal Cinemas 65,641 6/1/2017 821,825 12.52 (4) 5 Year (4 Months) Transunion Settlement 39,714 3/31/2013 858,930 21.63 (1) 5 Year (9 Months) Target 138,000 1/31/2018 800,000 5.80 (5) 10 Year (12 Months) --------- --------------------- Property total 610,157 8,319,298 13.63 --------- --------------------- Market Square Shopping Center TJ Maxx 31,375 1/31/2006 365,712 11.66 (2) 5 Year (9 Months) --------- --------------------- --------- --------------------- Total: Mid-Atlantic Region 641,532 8,685,010 13.54 --------- --------------------- Midwest Region Ohio Amherst Marketplace Giant Eagle 66,237 9/3/2021 630,576 9.52 (4) 5 Year (6 Months) CVS(1) 10,500 3/31/2012 135,135 12.87 (3) 5 Year (6 Months) --------- --------------------- Property total 76,737 765,711 9.98 --------- --------------------- Granville Centre Big Bear Supermarket (Penn Traffic) 55,096 1/28/2020 589,527 10.70 (6) 5 Year California Fitness 34,951 1/31/2017 402,085 11.50 (2) 5 Year --------- --------------------- Property total 90,047 991,612 11.01 --------- --------------------- Sheffield Crossing Giant Eagle 59,159 5/31/2022 620,580 10.49 (4) 5 Year (6 Months) --------- --------------------- Property total 59,159 620,580 10.49 --------- --------------------- Total: Midwest 225,943 2,377,903 10.52 --------- --------------------- Total: Joint Venture Properties 1,058,838 $13,002,840 $12.28 ========= ====================== (1) This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease. Page 36
[Graphic Omitted: ACADIA Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Anchor Lease Expirations - Next 3 Years - ------------------------------------------------------------------------------------------------------------------------------------ Gross Leased Area Annualized Base Rent ----------------- -------------------- Percent Percent Average Square of of per Center Anchor footage all anchors Amount all anchors Sq. Ft. - ------------------------------------------------------------------------------------------------------------------------------------ 2003 Plaza 422 Giant Food Stores(1) 40,783 1.53% $ 132,030 0.61% $ 3.24 -------- ----- ---------- ----- ------ 2004 New Louden Center Marshalls 26,015 0.97% 104,061 0.48% 4.00 Merrillville Plaza T.J. Maxx 25,200 0.94% 182,700 0.84% 7.25 Luzerne Street Shopping Center Eckerd Drug 14,000 0.52% 94,500 0.44% 6.75 Luzerne Street Shopping Center Price Chopper(1) 40,618 1.52% 177,650 0.82% 4.37 Blackman Plaza K-Mart 104,956 3.93% 204,664 0.94% 1.95 Mark Plaza K-Mart 104,956 3.93% 204,664 0.94% 1.95 Berlin Shopping Center K-Mart 95,810 3.59% 299,000 1.38% 3.12 -------- ----- ---------- ----- ------ Total 2004 411,555 15.40% 1,267,239 5.84% 3.08 -------- ----- ---------- ----- ------ 2005 Methuen Shopping Center Demoulas Supermarket 30,460 1.14% 109,656 0.51% 3.60 Ledgewood Mall Macy's(2) 61,900 2.32% 553,500 2.55% 8.94 Mad River Shopping Center Babies 'R' Us 33,147 1.24% 243,630 1.12% 7.35 Berlin Shopping Center Acme Markets 32,040 1.20% 320,400 1.48% 10.00 Mad River Shopping Center Office Depot 25,038 0.94% 287,937 1.33% 11.50 -------- ----- ---------- ----- ------ Total 2005 182,585 6.83% 1,515,123 6.99% 8.30 -------- ----- ---------- ----- ------ Total - Next 3 Years $634,923 23.76% $2,914,392 13.44% $ 4.59 ======== ===== ========== ===== ====== (1) This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease. (2) The tenant has additional expansion space bringing the total space to 74,815 s.f. with total rents of $618,075. Page 37
[graphic omitted Acadia Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 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 2003 1 40,783 1.53% 132,030 0.61% 3.24 2004 7 411,555 15.40% 1,267,239 5.84% 3.08 2005 5 182,585 6.83% 1,515,123 6.99% 8.30 2006 3 139,603 5.22% 447,081 2.06% 3.20 2007 4 169,570 6.35% 1,284,336 5.92% 7.57 2008 5 202,982 7.60% 1,575,248 7.26% 7.76 2009 1 36,000 1.35% 234,000 1.08% 6.50 2010 4 96,587 3.61% 1,484,688 6.85% 15.37 2011 2 117,868 4.41% 853,400 3.93% 7.24 2012 1 50,225 1.88% 516,960 2.38% 10.29 2013 2 115,392 4.32% 1,334,964 6.15% 11.57 2014 1 51,658 1.93% 413,264 1.91% 8.00 2015 3 134,567 5.04% 2,188,841 10.09% 16.27 2017 2 112,438 4.21% 1,685,460 7.77% 14.99 2018 2 111,739 4.18% 837,112 3.86% 7.49 2019 2 215,411 8.06% 1,362,806 6.28% 6.33 2020 4 218,211 8.17% 1,790,715 8.26% 8.21 2021 3 177,917 6.66% 1,035,619 4.77% 5.82 2022 1 14,837 0.56% 435,000 2.01% 29.32 2024 1 72,000 2.69% 1,296,000 5.98% 18.00 ------------------------------------ --------------------------------------- Total Occupied 54 2,671,928 100.00% $21,689,886 100.00% $ 8.12 Anchor GLA Owned by Tenants 254,916 Total Vacant 333,442 --------- Total Square Feet 3,260,286 ========= Page 38
[graphic omitted Acadia Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 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 Shop Tenant Expirations Month to Month 10 33,012 2.10% $ 180,855 0.91% $ 5.48 2003 41 101,232 6.47% 1,331,560 6.73% 13.15 2004 58 242,340 15.49% 3,003,420 15.17% 12.39 2005 50 253,773 16.22% 2,886,358 14.58% 11.37 2006 46 156,923 10.03% 2,046,162 10.34% 13.04 2007 50 204,214 13.05% 2,799,944 14.14% 13.71 2008 32 165,865 10.60% 2,272,850 11.48% 13.70 2009 23 116,978 7.48% 1,386,815 7.01% 11.86 2010 15 115,134 7.36% 1,056,899 5.34% 9.18 2011 16 77,149 4.93% 1,251,061 6.32% 16.22 2012 7 22,549 1.44% 463,812 2.34% 20.57 2013 5 13,378 0.85% 294,625 1.49% 22.02 2014 2 26,472 1.69% 167,024 0.84% 6.31 2015 2 15,616 1.00% 285,826 1.44% 18.30 2020 2 17,945 1.15% 326,120 1.66% 18.17 2022 1 2,205 0.14% 41,895 0.21% 19.00 ------------------------------------- --------------------------------------- Total Occupied 360 1,564,785 100.00% $19,795,226 100.00% $ 12.65 Total Vacant 315,467 --------- Total Square Feet 1,880,252 ========= Page 39
[graphic omitted Acadia Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 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 Total Tenant Expirations Month to Month 10 33,012 0.78% $ 180,855 0.44% $ 5.48 2003 42 142,015 3.35% 1,463,590 3.53% 10.31 2004 65 653,895 15.43% 4,270,659 10.29% 6.53 2005 55 436,358 10.32% 4,401,481 10.59% 10.09 2006 49 296,526 7.00% 2,493,243 6.01% 8.41 2007 54 373,784 8.82% 4,084,280 9.85% 10.93 2008 37 368,847 8.71% 3,848,098 9.28% 10.43 2009 24 152,978 3.61% 1,620,815 3.91% 10.60 2010 19 211,721 5.00% 2,541,587 6.13% 12.00 2011 18 195,017 4.60% 2,104,461 5.07% 10.79 2012 8 72,774 1.72% 980,772 2.36% 13.48 2013 7 128,770 3.04% 1,629,589 3.93% 12.66 2014 3 78,130 1.84% 580,288 1.40% 7.43 2015 5 150,183 3.54% 2,474,667 5.97% 16.48 2017 2 112,438 2.65% 1,685,460 4.06% 14.99 2018 2 111,739 2.64% 837,112 2.02% 7.49 2019 2 215,411 5.08% 1,362,806 3.29% 6.33 2020 6 236,156 5.57% 2,116,835 5.10% 8.96 2021 3 177,917 4.20% 1,035,619 2.50% 5.82 2022 1 17,042 0.40% 476,895 1.15% 27.98 2024 1 72,000 1.70% 1,296,000 3.12% 18.00 ------------------------------------- -------------------------------------- Total Occupied 413 4,236,713 100.00% 41,485,112 100.00% 9.79 Anchor GLA Owned by Tenants 254,916 Total Vacant 648,909 --------- Total Square Feet 5,140,538 ========= Page 40
[graphic omitted Acadia Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 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. -------------------------------------------------------------------------------------------- Joint Venture Properties Anchor Tenant Expirations 2006 1 31,375 2.96% 365,712 2.81% 11.66 2007 2 51,532 4.87% 770,500 5.93% 14.95 2009 1 25,000 2.36% 193,750 1.49% 7.75 2011 3 68,400 6.46% 1,489,234 11.45% 21.77 2012 4 143,793 13.58% 1,429,935 11.00% 9.94 2013 2 89,714 8.47% 1,558,930 11.99% 17.38 2014 1 50,977 4.81% 794,890 6.11% 15.59 2017 3 124,555 11.76% 1,679,208 12.91% 13.48 2018 3 293,000 27.68% 2,880,000 22.16% 9.83 2020 1 55,096 5.20% 589,527 4.53% 10.70 2021 1 66,237 6.26% 630,576 4.85% 9.52 2022 1 59,159 5.59% 620,578 4.77% 10.49 ------------------------------------ --------------------------------------- Total Occupied 23 1,058,838 100.00% $13,002,840 100.00% $ 12.28 Total Vacant - --------- Total Square Feet 1,058,838 ========= Page 41
[graphic omitted Acadia Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 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. -------------------------------------------------------------------------------------------- Joint Venture Properties Shop Tenant Expirations Month to Month 3 8,766 3.53% $ 101,333 1.86% $ 11.56 2003 6 26,838 10.79% 585,378 10.73% 21.81 2004 11 55,238 22.21% 1,461,386 26.79% 26.46 2005 7 20,555 8.27% 506,925 9.29% 24.66 2006 8 20,444 8.22% 391,258 7.17% 19.14 2007 10 26,369 10.60% 675,311 12.38% 25.61 2008 8 27,719 11.15% 602,099 11.04% 21.72 2009 3 5,362 2.16% 172,102 3.16% 32.10 2011 2 4,265 1.72% 97,787 1.79% 22.93 2012 3 15,750 6.33% 322,073 5.90% 20.45 2013 3 20,795 8.36% 259,662 4.76% 12.49 2018 1 6,957 2.80% 50,004 0.92% 7.19 2019 1 3,141 1.26% 42,000 0.77% 13.37 2022 1 6,462 2.60% 187,398 3.44% 29.00 ------------------------------------ --------------------------------------- Total Occupied 67 248,661 100.00% $ 5,454,716 100.00% $ 21.94 Total Vacant 28,977 -------- Total Square Feet 277,638 ======== Page 42
[graphic omitted Acadia Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 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. -------------------------------------------------------------------------------------------- Joint Venture Properties Total Tenant Expirations Month to Month 3 8,766 0.67% $ 101,333 0.55% $ 11.56 2003 6 26,838 2.05% 585,378 3.17% 21.81 2004 11 55,238 4.22% 1,461,386 7.92% 26.46 2005 7 20,555 1.57% 506,925 2.75% 24.66 2006 9 51,819 3.96% 756,970 4.10% 14.61 2007 12 77,901 5.96% 1,445,811 7.83% 18.56 2008 8 27,719 2.12% 602,099 3.26% 21.72 2009 4 30,362 2.32% 365,852 1.98% 12.05 2011 5 72,665 5.56% 1,587,021 8.60% 21.84 2012 7 159,543 12.20% 1,752,008 9.49% 10.98 2013 5 110,509 8.45% 1,818,592 9.85% 16.46 2014 1 50,977 3.90% 794,890 4.31% 15.59 2017 3 124,555 9.53% 1,679,208 9.10% 13.48 2018 4 299,957 22.95% 2,930,004 15.87% 9.77 2019 1 3,141 0.24% 42,000 0.23% 13.37 2020 1 55,096 4.21% 589,527 3.19% 10.70 2021 1 66,237 5.07% 630,576 3.42% 9.52 2022 2 65,621 5.02% 807,976 4.38% 12.31 ------------------------------------ -------------------------------------- Total Occupied 90 1,307,499 100.00% 18,457,556 100.00% 14.12 Total Vacant 28,977 --------- Total Square Feet 1,336,476 ========= Page 43
[graphic omitted Acadia Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Property Demographics Trade Total Area Base Total Property / JV Ownership % City State (Miles) Rent GLA - -------------------------------------------------------------------------------------------------------------------- Brandywine Town Center & Mkt Sq./22.22% Wilmington DE 3 10,338,937 956,112 Elmwood Park Shopping Ctr. Elmwood Park NJ 3 3,122,359 149,038 Abington Towne Center Abington PA 3 743,700 216,352 Granville Center / 22.22% Columbus OH 3 1,299,290 131,269 Hobson West Plaza Naperville IL 3 1,123,033 99,038 Methuen Shopping Ctr. Methuen MA 5 828,772 130,238 Crossroads Shopping Ctr. / 49% White Plains NY 3 5,460,040 310,919 The Branch Plaza Smithtown NY 3 2,005,138 125,640 Village Commons Shopping Ctr. Smithtown NY 3 1,936,527 87,211 Bloomfield Town Square Bloomfield Hills MI 5 1,715,020 216,489 Crescent Plaza Brockton MA 3 1,637,184 218,235 239 Greenwich Avenue Greenwich CT 5 1,154,682 16,834 Soundview Marketplace Port Washington NY 3 2,498,483 184,030 Town Line Plaza Rocky Hill CT 3 1,337,848 206,178 New Loudon Center Latham NY 5 1,523,762 253,111 Pacesetter Park Shopping Ctr. Pomona NY 3 863,574 95,615 Mad River Station Dayton OH 5 1,577,425 153,652 Greenridge Plaza Scranton PA 3 639,589 198,362 Mark Plaza Edwardsville PA 5 920,558 214,036 Luzerne Street Shopping Ctr. Scranton PA 3 272,150 57,988 East End Center Wilkes-Barre PA 5 1,370,024 308,268 Blackman Plaza Wilkes-Barre PA 5 261,504 121,386 Sheffield Crossing / 22.22% Sheffield OH 3 1,103,610 112,634 Amherst Marketplace / 22.22% Amherst OH 3 799,107 79,937 Walnut Hill Plaza Woonsocket RI 5 2,135,192 297,639 Ledgewood Mall Ledgewood NJ 5 4,089,766 513,355 Berlin Shopping Ctr. Berlin NJ 3 797,040 187,178 Merrillville Plaza Hobart IN 5 2,513,627 235,601 The Gateway Shopping Ctr. So. Burlington VT 3 1,511,686 84,044 Marketplace of Absecon Absecon NJ 3 1,503,246 104,297 Pittston Plaza Pittston PA 3 599,674 79,488 Plaza 422 Lebanon PA 3 325,480 154,791 Route 6 Plaza Honesdale PA 5 1,061,248 175,505 Bradford Towne Centre Towanda PA 10 1,416,821 256,939 ------------------------------------------------------------- 60,486,096 6,731,409 ------------------------------------------------------------- [RESTUBBED TABLE] 3-Mile Radius 5-Mile Radius - ------------------------------------------------- ------------------------------------------------ # Total Households Median HH Avg. HH Total # Median HH Avg. HH Pop. ("HH") Income Income Pop. HH Income Income - ----------------------------------------------------------------------------------------------------- 40,591 15,566 $70,145 $87,971 115,509 46,245 $63,181 $59,045 252,916 84,197 $44,191 $61,068 604,387 209,582 $49,412 $67,557 90,807 35,613 $55,130 $74,846 316,194 123,852 $49,479 $67,255 112,286 49,559 $45,721 $56,925 265,455 113,546 $46,746 $59,386 95,042 32,948 $82,298 $103,749 219,460 77,196 $77,091 $96,876 82,654 30,553 $37,421 $52,017 200,868 74,426 $40,606 $55,989 102,957 39,813 $59,646 $86,839 199,222 73,477 $67,992 $102,645 66,533 22,196 $80,908 $97,724 195,670 63,278 $74,644 $88,242 66,271 22,034 $82,794 $100,446 183,612 59,340 $76,842 $91,507 61,631 24,011 $49,857 $83,461 165,071 62,680 $56,286 $89,068 98,955 34,754 $39,202 $52,875 164,499 58,369 $43,599 $56,535 66,991 25,410 $70,619 $113,557 140,966 51,265 $65,356 $108,235 42,480 15,035 $88,897 $123,512 137,254 49,982 $82,830 $115,646 43,708 18,392 $60,038 $75,504 148,879 59,310 $49,080 $68,253 44,153 17,525 $44,595 $58,526 146,563 59,410 $41,551 $54,174 39,938 13,037 $71,075 $92,040 134,683 40,424 $64,652 $84,328 58,108 25,182 $50,359 $62,777 133,120 55,823 $50,541 $63,278 88,733 36,946 $30,723 $38,790 128,607 52,993 $32,446 $41,441 90,532 38,714 $28,086 $38,397 124,503 52,875 $28,794 $39,583 89,062 36,973 $30,970 $39,323 119,331 49,490 $31,439 $39,606 52,381 21,864 $28,656 $39,768 118,978 50,532 $28,517 $39,139 62,458 26,393 $27,479 $37,619 118,011 50,151 $28,229 $38,259 32,599 12,608 $41,912 $50,765 117,103 44,793 $41,567 $50,186 54,629 21,303 $40,830 $48,704 99,027 38,334 $37,223 $45,538 59,068 24,020 $32,605 $44,830 93,988 36,923 $40,811 $54,959 39,321 14,812 $72,358 $90,603 92,079 33,550 $71,399 $89,911 29,619 10,417 $55,284 $65,695 90,611 32,636 $54,209 $65,720 21,008 8,295 $56,061 $65,230 84,295 31,487 $48,370 $54,246 45,990 19,115 $35,139 $54,003 69,036 27,944 $37,547 $55,060 30,343 10,516 $44,240 $53,982 68,091 23,902 $42,882 $54,526 40,766 17,194 $28,200 $37,109 72,123 30,327 $29,150 $38,323 44,886 18,014 $31,027 $39,952 61,225 24,051 $33,664 $42,971 8,434 3,520 $33,818 $42,503 12,078 4,944 $35,972 $44,544 5,417 2,256 $33,937 $41,666 8,567 3,463 $34,547 $42,463 - ---------------------------------------------------------------------------------------------------- 58,873 22,704 $ 51,900 $ 67,543 138,200 52,810 $ 50,861 $ 63,636 - ---------------------------------------------------------------------------------------------------- 67,898 25,114 $ 55,128 $ 72,642 160,926 59,021 $ 54,378 $ 70,906 - ----------------------------------------------------------------------------------------------------
[RESTUBBED TABLE] 10-Mile Radius - -------------------------------------------------- Total # Median HH Avg. HH Pop. HH Income Income County MSA - ----------------------------------------------------------------------------------------------------- - - $ - $ - Bergen Wilmington-Newark, DE - - - - Bergen Bergen-Passaic, NJ - - - - Bucks Philadelphia, PA - - - - Franklin Columbus, OH - - - - DuPage Chicago, IL - - - - Essex Boston, MA-NH - - - - Westchester New York, NY - - - - Suffolk Nassau-Suffolk, NY - - - - Suffolk Nassau-Suffolk, NY - - - - Oakland Detroit, MI - - - - Plymouth Boston, MA-NH - - - - Fairfield New Haven-Meriden, CT - - - - Nassau Nassau-Suffolk, NY - - - - Hartford Hartford, CT - - - - Albany Albany-Schenectady-Troy, NY - - - - Rockland New York, NY - - - - Montgomery Dayton-Springfield, OH - - - - Lackawanna Scranton-Wilkes Barre-Hazelton, PA - - - - Luzerne Scranton-Wilkes Barre-Hazelton, PA - - - - Lackawanna Scranton-Wilkes Barre-Hazelton, PA - - - - Luzerne Scranton-Wilkes Barre-Hazelton, PA - - - - Luzerne Scranton-Wilkes Barre-Hazelton, PA - - - - Lorain Cleveland-Lorain-Elyria - - - - Lorain Cleveland-Lorain-Elyria - - - - Providence Providence-Fall River, RI 263,597 94,154 $76,368 $97,665 Morris Newark, NJ - - - - Burlington Philadelphia, PA, NJ 209,428 86,555 $29,751 $41,041 Lake Gary, IN - - - - Chittenden Burlington, VT - - - - Atlantic Atlantic City-Cape May, NJ - - - - Luzerne Scranton-Wilkes Barre-Hazelton, PA - - - - Lebanon Harrisburg-Lebanon-Carlisle, PA - - - - Wayne N/A 17,148 6,584 $34,707 $42,850 Bradford N/A - ------------------------------------------------------------------------------------------------------ 187,958 70,006 $ 54,808 $ 70,401 - ----------------------------------------------- 203,083 76,303 $ 54,398 $ 70,235 - ----------------------------------------------- Page 44
[graphic omitted Acadia Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Properties Under Redevelopment Gateway Shopping Center The Company's redevelopment program focuses on selecting well-located neighborhood and community shopping centers and creating significant value through retenanting and property redevelopment. At the beginning of 2003, the Company had one ongoing redevelopment project at the Gateway Shopping Center is on schedule and projected to be completed in the second half of 2003. The redevelopment of the Gateway Shopping Center, a partially enclosed mall located in South Burlington, Vermont, includes the demolition of 90% of the property and the construction of a new anchor supermarket. Following the bankruptcy of the former anchor Grand Union, the lease was assigned to and assumed by Shaw's supermarket. Construction of a new 72,000 square foot Shaw's supermarket is currently underway. This will replace the 32,000 square foot store formerly occupied by Grand Union. Total costs to date for this project (including the original acquisition of the property in 1999) were $11.0 million. The Company expects remaining redevelopment costs of approximately $6.9 million to complete this project, which it anticipates completing in the second half of 2003. Page 45
[graphic omitted Acadia Logo] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Residential (Multi-family) Properties % Occupied % Occupied Property Location Square Feet Units March 31, 2003 December 31, 2002 -------- -------- ----------- ----- ---------------- ----------------- Mid-Atlantic North Carolina Village Apartments Winston Salem 578,606 600 84% 88% Mid-West Missouri Gate House, Holiday House, Tiger Village, Columbia 628,891 874 95% 91% Colony Apartments(1) ---------- ------ Totals 1,207,497 1,474 91% 90% ----------- ------- (1) As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions Page 46