UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
ACADIA REALTY TRUST
(Exact name of registrant as specified in its charter)
|
Maryland
|
1-12002
|
23-2715194
|
|
(State or other
|
(Commission
|
(I.R.S. Employer
|
|
jurisdiction of incorporation)
|
File Number)
|
Identification No.)
|
1311 Mamaroneck Avenue
Suite 260
White Plains, New York 10605
(Address of principal executive offices) (Zip Code)
(914) 288-8100
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425 )
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On February 5, 2013, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and year ended December 31, 2012. A copy of this press release is attached to this report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. In addition, on February 5, 2013, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter and year ended December 31, 2012. A copy of this supplemental information is attached to this report on Form 8-K as Exhibit 99.2 and incorporated herein by reference. The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be furnished solely pursuant to this Item 2.02, and is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference into any filing under the Securities Act of 1933, as amended ("Securities Act") or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a) (2) of the Securities Act.
Item 9.01. Financial Statements and Exhibits.
|
(d) Exhibits
|
||
|
Exhibit Number
|
Description
|
|
|
99.1
|
Press release of the Company dated February 5, 2013.
|
|
|
99.2
|
Financial and Operating Reporting Supplement of the Company
|
|
|
|
for the quarter and year ended December 31, 2012.
|
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: February 8, 2013
|
By:
|
/s/ Jonathan Grisham | |
| Name: Jonathan Grisham | |||
|
Title: Sr. Vice President
and Chief Financial Officer
|
|||
EXHIBIT INDEX
|
Exhibit Number
|
Description
|
|
|
99.1
|
Press release of the Company dated February 5, 2013.
|
|
|
99.2
|
Financial and Operating Reporting Supplement of the Company
|
|
|
|
for the quarter and year ended December 31, 2012.
|
Exhibit 99.1
Acadia Realty Trust Reports Fourth Quarter and Full Year 2012 Operating Results
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--February 5, 2013--Acadia Realty Trust (NYSE: AKR) today reported operating results for the quarter and year ended December 31, 2012. All per share amounts are on a fully diluted basis.
Fourth Quarter and Full Year 2012 Highlights
Earnings
|
|
·
|
Funds from operations (“FFO”) of $0.29 per share for the fourth quarter 2012 and $1.04 for the full year 2012
|
|
|
·
|
Earnings per share (“EPS”) from continuing operations of $0.17 for the fourth quarter 2012 and $0.51 for the full year 2012
|
|
|
·
|
The Company forecasts a 2013 range for FFO per share of $1.17 to $1.25 and EPS of $0.66 to $0.71
|
Core Portfolio – $224 Million of Acquisitions and Strong Portfolio Performance
|
|
·
|
Same store net operating income (“NOI”) for the fourth quarter up 7.6% compared to 2011; up 3.7% for full year 2012 over 2011
|
|
|
·
|
December 31, 2012 portfolio occupancy of 94.2%
|
|
|
·
|
During 2012, Acadia closed on $224.3 million of acquisitions; $101.6 million during the fourth quarter for 13 properties located in Chicago, Washington, D.C., Westport, Connecticut, and Bloomfield, New Jersey
|
|
|
·
|
Current pipeline under contract of $86.6 million
|
Fund Platform – Fund IV Invests on Lincoln Road in South Miami; Funds II and III Profitably Monetize Assets, including Self Storage
|
|
·
|
During 2012, closed on $267.5 million of new Fund assets
|
|
|
·
|
Fund IV closed on its first three property acquisitions during the quarter for an aggregate purchase price of $151.2 million
|
|
|
·
|
During the quarter, Funds II and III sold 12 of 14 self-storage facilities for an aggregate sales price of $261.6 million. The remaining two assets are under contract for sale.
|
|
|
·
|
Fund II sold Canarsie Plaza, located in Brooklyn, New York for $124.0 million during the quarter
|
Balance Sheet – Positioned for Growth with Low Leverage and Strong Liquidity
|
|
·
|
Core portfolio debt net of cash on hand (“Net Debt”) to EBITDA ratio of 4.0x at December 31, 2012; 4.6x including pro-rata share of Opportunity Funds
|
|
|
·
|
Combined Net Debt to total equity and debt capitalization (“Total Market Capitalization”) of 22% at December 31, 2012
|
|
|
·
|
Raised $227.3 million of net equity proceeds during 2012 to fund acquisitions, including $128.6 million during the fourth quarter
|
|
|
·
|
Subsequent to year-end, closed on a new $150 million unsecured line of credit
|
Fourth Quarter and Full Year 2012 Operating Results
FFO and Net Income from Continuing Operations for the quarter ended December 31, 2012 were $14.7 million and $8.7 million, respectively, compared to $10.8 million and $3.5 million, respectively, for the quarter ended December 31, 2011. For the year ended December 31, 2012, FFO and Net Income from Continuing Operations were $48.8 million and $24.0 million, respectively, compared to $42.9 million and $18.7 million, respectively, for the year ended December 31, 2011.
During 2012, the National Association of Real Estate Investment Trusts (“NAREIT”) issued a clarification to the definition of FFO whereby impairment charges for depreciable real estate should be excluded in the calculation of FFO. Accordingly, 2011 FFO has been increased to exclude an impairment charge of $2.6 million, resulting in a change in 2011 FFO per share from $0.97 as originally reported, to $1.04 as reflected below.
- 2 -
Earnings for the quarters and years ended December 31, 2012 and 2011, on a per share basis, were as follows:
|
Quarters ended December 31,
|
Years ended December 31,
|
|||||||||||||||||||||||
|
2012
|
2011
|
Variance
|
2012
|
2011
|
Variance
|
|||||||||||||||||||
|
FFO per share
|
$
|
0.29
|
$
|
0.25
|
$
|
0.04
|
$
|
1.04
|
$
|
1.04
|
$
|
--
|
||||||||||||
|
EPS from continuing
operations
|
$
|
0.17
|
$
|
0.08
|
$
|
0.09
|
$
|
0.51
|
$
|
0.45
|
$
|
0.06
|
||||||||||||
|
EPS from discontinued
operations
|
$
|
0.25
|
$
|
0.11
|
$
|
0.14
|
$
|
0.34
|
$
|
0.80
|
$
|
(0.46
|
) | |||||||||||
|
EPS
|
$
|
0.42
|
$
|
0.19
|
$
|
0.23
|
$
|
0.85
|
$
|
1.25
|
$
|
(0.40
|
) | |||||||||||
The following significant items contributed to the above variances in EPS from continuing operations:
|
Variance
2012 v. 2011
|
||||||||
|
Quarter
|
Year
|
|||||||
|
Income from 2011/2012 acquisitions and redevelopment projects
|
$ | 0.03 | $ | 0.11 | ||||
|
2011 additional mortgage interest income
|
(0.01 | ) | (0.11 | ) | ||||
|
2012 lower mortgage interest expense
|
0.03 | 0.09 | ||||||
|
2011 gain on extinguishment of debt
|
-- | (0.04 | ) | |||||
|
Gain on involuntary conversion of asset
|
0.05 | 0.05 | ||||||
|
Acquisition costs
|
(0.01 | ) | (0.03 | ) | ||||
|
Other items, net
|
-- | (0.01 | ) | |||||
|
Total variance
|
$ | 0.09 | $ | 0.06 | ||||
EPS from discontinued operations of $0.34 for the year ended December 31, 2012 and $0.80 for the year ended December 31, 2011 were primarily attributable to net gains on sales of properties.
Core Portfolio – Strong Operating Results; Exceeds 2012 Acquisition Goal by Closing on $224 Million of Street and High-Density Locations
Acadia’s core portfolio (“Core Portfolio”) is comprised of properties that are owned in whole or in part by Acadia outside of its opportunity funds (the “Funds”).
Occupancy and Same-Store NOI
At December 31, 2012, Acadia’s Core Portfolio occupancy was 94.2%, up 130 basis points from September 30, 2012. Including space currently leased but not yet occupied, the Core Portfolio is 94.4% leased.
- 3 -
Core Portfolio same-store NOI increased 7.6% and 3.7%, respectively, for the fourth quarter and full year 2012 compared to 2011. Excluding the impact of the Re-anchoring Activities as defined below, same-store NOI increased 2.0% and 2.9%, respectively, for these periods.
Rent Spreads on New and Renewal Leases
Year-to-date through December 31, 2012, the Company realized an increase in average rents of 6.2% on 315,000 square feet of executed new and renewal leases in its Core Portfolio. Excluding the effect of the straight-lining of rents, the Company experienced a decrease of 0.9% in average rents in its Core Portfolio.
Core Portfolio Anchor Recycling
Acadia previously announced three key re-anchoring initiatives at the Bloomfield Town Square, located in Bloomfield Hills, Michigan, and two former A&P supermarkets located in the New York metropolitan area (collectively, the “Re-anchoring Activities”). Earlier during 2012, the Company completed the Bloomfield Hills re-anchoring with the opening of a Dick’s Sporting Goods, Ulta and Five Below at the center. During the fourth quarter, LA Fitness opened for business in 45,000 square feet at the Branch Plaza, replacing the majority of space previously occupied by one of the A&P supermarkets. The re-anchoring of the other A&P space at the Crossroads Shopping Center is anticipated to be completed during the second half of 2013.
Acquisition Activity – Investing in Urban/Street Retail and High-Density Markets
During the year ended 2012, Acadia acquired a total of 24 Core Portfolio properties for $224.3 million, including the previously announced $101.6 million fourth quarter acquisitions of the following 13 properties:
|
|
·
|
Bloomfield, New Jersey – Acadia acquired a 129,000 square foot stand-alone Home Depot located in Bloomfield, New Jersey for $12.5 million. Situated in Northern New Jersey, the property is supported by a population in excess of 300,000 within three miles of the property.
|
|
|
·
|
Connecticut Avenue NW, Washington, D.C. – The Company acquired a 42,000 square foot, two property portfolio located in Washington, D.C., within walking distance of Dupont Circle for $23.2 million.
|
|
|
·
|
Main Street, Westport, Connecticut – Acadia completed the acquisition of 181-185 Main Street in Westport, Connecticut for $14.2 million. Westport is considered one of Fairfield County’s affluent “Gold Coast” towns and this property is located at the northernmost anchor of Westport’s Main Street shopping district.
|
|
|
·
|
639 West Diversey Parkway, Chicago, Illinois – Acadia, acquired a 22,000 square foot, two-level property located in the Lincoln Park section of Chicago for $10.7 million including the assumption of $4.4 million of debt. This strategic acquisition now provides Acadia with two blocks of contiguous ownership on the south side of West Diversey Parkway.
|
|
|
·
|
Street Retail Portfolio, Chicago, Illinois – Acadia completed the acquisition of eight street retail properties for $41.1 million. These properties represent the last of the previously announced, 18-property portfolio within Chicago’s key street-retail markets.
|
- 4 -
Acadia also has a current acquisition pipeline of $86.6 million under contract, which is subject to certain closing conditions and, as such, no assurance can be given that closing will be successfully completed.
Investments in Notes Receivable
During the fourth quarter, Acadia invested an aggregate $74.1 million in notes receivable, of which $43.3 million was secured by first mortgages on properties located in New York City and Chicago.
Fund Platform – 2012 Year-to-date Acquisitions Totaling $267.5 Million - Fund IV Closes Initial Acquisitions; Fund II and Fund III Monetize Self-Storage and Other Assets
Fund IV Acquisitions
As previously announced, Acadia completed the closing of Acadia Strategic Opportunity Fund IV LLC (“Fund IV”), which received total capital commitments of $540.6 million, including Acadia’s share of $125.0 million, or 23%. This is the fourth in a series of institutional funds dedicated to making opportunistic and value-add investments in retail real estate. With leverage, Fund IV has up to $1.5 billion of buying power. During the fourth quarter, Fund IV closed on its first three acquisitions for an aggregate $151.2 million as follows:
|
|
·
|
Lincoln Road, Florida – Fund IV, in partnership with Terranova Corporation, acquired a 54,400 square foot, three-property portfolio on Lincoln Road in Miami Beach, Florida for $139.0 million. Acadia, through Fund III, is also partners with Terranova Corporation in its 2011 acquisition of the three-property, 60,700 square foot, portfolio located on Lincoln Road and Lincoln Lane.
|
|
|
·
|
Catonsville, Maryland – Fund IV, in partnership with MCB Holdings, acquired a 58,000 square foot, single-tenant property located in Catonsville, Maryland for $4.7 million. Acadia, through Fund III, previously partnered with MCB Holdings on three other acquisitions located in the Baltimore metropolitan area.
|
|
|
·
|
210 Bowery, Manhattan – Fund IV also acquired a 9,200 square foot, single-tenant property located at 210 Bowery in Manhattan for $7.5 million.
|
Storage Post Portfolio Disposition
During December 2012, as previously announced, subsidiaries of Funds II and III sold 12 of their combined 14 property self-storage portfolio for an aggregate $261.6 million. The Funds combined investment in these 12 assets aggregated approximately $230 million including disposition costs. The remaining two properties, which also include the retail component of Fund II’s Liberty Avenue property in Ozone Park, Queens, are under contract for sale at an aggregate price of $32.3 million.
- 5 -
Other Fund II Disposition
During the quarter, Fund II sold Canarsie Plaza, located in Brooklyn, New York, for $124.0 million. During 2007, Fund II had acquired this property, which was a vacant warehouse building and subsequently developed it into a BJ’s Wholesale Club anchored shopping center. Fund II’s investment in this property, inclusive of disposition costs and net of $24.5 million of lease termination income, was approximately $98 million.
Balance Sheet – Positioned for Growth with Low Leverage and Strong Liquidity; Established New Unsecured Line
Subsequent to year-end, Acadia closed on a new unsecured line of credit, replacing its existing $64.5 million secured line. The current availability of up to $150 million under the facility can be increased to $300 million based on achieving certain thresholds. Interest is based on levels of leverage starting with a rate of LIBOR plus 155 basis points.
In connection with the above Core Portfolio acquisitions and Acadia’s pro-rata share of Fund acquisitions, during the fourth quarter, the Company issued 1.7 million Common Shares under its ATM program, and in a separate transaction, sold 3.5 million Common Shares, for aggregate net proceeds of $128.6 million.
Acadia continues to maintain a solid balance sheet with available liquidity and low leverage as evidenced by the following as of December 31, 2012:
|
|
·
|
The Company had total liquidity of $118.4 million, including $53.9 million of cash on hand and $64.5 million available under an existing line of credit, excluding the Funds’ cash and credit facilities. As previously discussed, this existing line was replaced with a $150 million unsecured facility subsequent to year-end.
|
|
|
·
|
Core Portfolio Net Debt to EBITDA ratio of 4.0x
|
|
|
·
|
Including the Company’s Core Portfolio debt and pro-rata share of the Company’s Fund debt (“Combined”), a Net Debt to EBITDA ratio of 4.6x
|
|
|
·
|
Combined Net Debt to Total Market Capitalization of 22%
|
|
|
·
|
Core Portfolio fixed-charge coverage ratio of 3.7 to 1 and a Combined fixed-charge coverage ratio of 3.3 to 1
|
- 6 -
Outlook - Earnings Guidance for 2013
The Company forecasts its 2013 annual FFO will range from $1.17 to $1.25 per share and 2013 EPS from $0.66 to $0.71. The following table summarizes management’s 2013 guidance (dollars in millions, except per share amounts):
|
2013
|
2012 | |||||||||||
|
Low
|
High
|
Actual
|
||||||||||
|
Core and pro-rata share of Funds portfolio income
|
$
|
66.5
|
$
|
70.5
|
$
|
47.6
|
||||||
|
Asset and property management fee income, net of taxes
|
14.5
|
15.0
|
16.3
|
|||||||||
|
Transactional fee income, net of taxes
|
6.5
|
7.0
|
6.8
|
|||||||||
|
Promote income from Funds, RCP Venture and
|
||||||||||||
|
other income, net of taxes
|
1.0
|
1.5
|
1.5
|
|||||||||
|
General and administrative expense
|
(24.5
|
) |
(24.0
|
) |
(23.4
|
) | ||||||
|
FFO
|
$
|
64.0
|
$
|
70.0
|
$
|
48.8
|
||||||
|
FFO per share
|
$
|
1.17
|
$
|
1.25
|
$
|
1.04
|
||||||
The following is a reconciliation of the calculation of forecasted earnings per diluted share and FFO per diluted share:
|
Guidance Range for 2013
|
Low
|
High
|
|||
|
Earnings per share
|
$ |
0.66
|
$ 0.71
|
||
|
Depreciation of real estate and amortization of leasing costs:
|
|||||
|
Wholly owned and consolidated partnerships
|
0.46
|
0.48
|
|||
|
Unconsolidated partnerships
|
0.04
|
0.05
|
|||
|
Noncontrolling interest in Operating Partnership
|
0.01
|
0.01
|
|||
|
FFO per share
|
$ |
1.17
|
$ 1.25
|
Forecasted new Core Portfolio and Fund investments are anticipated to be key drivers of 2013 earnings growth. In addition, the Company is assuming an increase in same-store NOI for the Core Portfolio between 2% and 3% for the year. This forecast also includes earnings dilution as a result of Fund monetization activities completed during 2012 and anticipated during 2013. Management will discuss its 2013 earnings guidance and related assumptions in further detail on its scheduled year-end investor conference call.
Management Comments
“During 2012, our team successfully navigated economic and retailing crosscurrents along the path to completing $1.0 billion of transactional activity across our dual – core and fund – platforms,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Our core acquisition activity, which emphasizes urban/street retail, continues to not only strengthen our portfolio, but also position it to meet the realities of the new multi-channel retailing environment. With respect to our fund platform, last year, we were active on multiple fronts: acquiring $267 million of new opportunistic/value-add investments, profitably monetizing $446 million of stabilized investments, and successfully raising our fourth institutional fund, which we capitalized with $1.5 billion of discretionary buying power, on a levered basis. It was a productive year, during which we created value for all of our stakeholders.”
- 7 -
Investor Conference Call
Management will conduct a conference call on Wednesday, February 6, 2013 at 12:00 PM ET to review the Company's earnings and operating results. The live conference call can be accessed by dialing 888-771-4371. The pass code is “34037331” or “Acadia Realty”. The call will also be webcast and can be accessed in a listen-only mode at Acadia's web site at www.acadiarealty.com. If you are unable to participate during the live webcast, the call will be archived and available on Acadia's website. Alternatively, to access the replay by phone, dial 888-843-7419, and the passcode will be “34037331#”. The phone replay will be available through Wednesday, February 13, 2013.
About Acadia Realty Trust
Acadia Realty Trust, a fully-integrated equity real estate investment trust, is focused on the acquisition, ownership, management and redevelopment of high-quality retail properties and urban/infill mixed-use properties with a strong retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas along the East Coast and in Chicago. Acadia owns, or has an ownership interest in, these properties through its core portfolio and its opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.
Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding Acadia’s future financial results and its ability to capitalize on potential opportunities arising from continued economic uncertainty. Factors that could cause the Company’s forward-looking statements to differ from its future results include, but are not limited to, those discussed under the headings “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual report on Form 10-K filed with the SEC on February 28, 2012 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) the current global financial environment and its effect on retail tenants; (ii) the Company’s reliance on revenues derived from major tenants; (iii) the Company’s limited control over joint venture investments; (iv) the Company’s partnership structure; (v) real estate and the geographic concentration of the Company’s properties; (vi) market interest rates; (vii) leverage; (viii) liability for environmental matters; (ix) the Company’s growth strategy; (x) the Company’s status as a REIT; (xi) uninsured losses and (xii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company’s website at www.acadiarealty.com. Any forward-looking statements in this press release speak only as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia's expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.
(Financial Highlights Follow)
- 8 -
|
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Years ended December 31, 2012 and 2011
(dollars and Common Shares in thousands, except per share data)
|
||||||||||||||||
|
For the Quarters ended
|
For the Years ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
Revenues
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
|
Minimum rents
|
$
|
27,161
|
$
|
20,434
|
$
|
99,280
|
$
|
79,779
|
||||||||
|
Percentage rents
|
69
|
75
|
417
|
361
|
||||||||||||
|
Mortgage interest income
|
1,863
|
1,936
|
7,879
|
11,429
|
||||||||||||
|
Expense reimbursements
|
7,516
|
5,727
|
24,385
|
21,141
|
||||||||||||
|
Other property income
|
243
|
104
|
1,009
|
694
|
||||||||||||
|
Management fee income
|
289
|
508
|
1,455
|
1,674
|
||||||||||||
|
Total revenues
|
37,141
|
28,784
|
134,425
|
115,078
|
||||||||||||
|
Operating expenses
|
||||||||||||||||
|
Property operating
|
8,540
|
4,783
|
25,889
|
18,968
|
||||||||||||
|
Real estate taxes
|
4,862
|
3,984
|
18,811
|
15,320
|
||||||||||||
|
General and administrative
|
4,605
|
5,935
|
21,532
|
23,066
|
||||||||||||
|
Reserve for notes receivable
|
405
|
--
|
405
|
--
|
||||||||||||
|
Depreciation and amortization
|
9,117
|
6,663
|
32,931
|
25,672
|
||||||||||||
|
Total operating expenses
|
27,529
|
21,365
|
99,568
|
83,026
|
||||||||||||
|
Operating income
|
9,612
|
7,419
|
34,857
|
32,052
|
||||||||||||
|
Equity in (loss) earnings of unconsolidated affiliates
|
(750
|
) |
(1,470
|
) |
1,579
|
1,555
|
||||||||||
|
Other interest income
|
37
|
57
|
148
|
276
|
||||||||||||
|
Gain on involuntary conversion of asset
|
2,368
|
--
|
2,368
|
--
|
||||||||||||
|
Interest expense and other finance costs
|
(7,061
|
) |
(7,259
|
) |
(28,768
|
) |
(29,632
|
) | ||||||||
|
(Loss) gain on extinguishment of debt
|
(198
|
) |
--
|
(198
|
) |
1,268
|
||||||||||
|
Income (loss) from continuing operations before
income taxes
|
4,008
|
(1,253
|
) |
9,986
|
5,519
|
|||||||||||
|
Income tax benefit (provision)
|
1,698
|
(467
|
) |
568
|
(461
|
) | ||||||||||
|
Income (loss) from continuing operations
|
5,706
|
(1,720
|
) |
10,554
|
5,058
|
|||||||||||
- 9 -
|
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Years ended December 31, 2012 and 2011
(dollars and Common Shares in thousands, except per share data)
|
||||||||||||||||
|
For the Quarters ended
|
For the Years ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
Discontinued operations:
|
||||||||||||||||
|
Operating income from discontinued operations
|
3,167
|
1,763
|
10,720
|
8,752
|
||||||||||||
|
Loss on debt extinguishment
|
(2,541
|
) |
--
|
(2,541
|
) |
--
|
||||||||||
|
Impairment of asset
|
--
|
--
|
--
|
(6,925
|
) | |||||||||||
|
Gain on sale of property
|
62,618
|
14,332
|
71,203
|
46,830
|
||||||||||||
|
Income from discontinued operations
|
63,244
|
16,095
|
79,382
|
48,657
|
||||||||||||
|
Net income
|
68,950
|
14,375
|
89,936
|
53,715
|
||||||||||||
|
Loss (income) attributable to noncontrolling interests:
|
||||||||||||||||
|
Continuing operations
|
2,976
|
5,182
|
13,480
|
13,655
|
||||||||||||
|
Discontinued operations
|
(50,650
|
) |
(11,670
|
) |
(63,710
|
) |
(15,815
|
) | ||||||||
|
Net loss (income) attributable to noncontrolling
|
||||||||||||||||
|
interests
|
(47,674
|
) |
(6,488
|
) |
(50,230
|
) |
(2,160
|
) | ||||||||
|
Net income attributable to Common Shareholders
|
$
|
21,276
|
$
|
7,887
|
$
|
39,706
|
$
|
51,555
|
||||||||
|
Supplemental Information
|
||||||||||||||||
|
Income from continuing operations attributable to
|
||||||||||||||||
|
Common Shareholders
|
$
|
8,682
|
$
|
3,462
|
$
|
24,034
|
$
|
18,713
|
||||||||
|
Income from discontinued operations attributable to
|
||||||||||||||||
|
Common Shareholders
|
12,594
|
4,425
|
15,672
|
32,842
|
||||||||||||
|
Net income attributable to Common Shareholders
|
$
|
21,276
|
$
|
7,887
|
$
|
39,706
|
$
|
51,555
|
||||||||
|
Net income attributable to Common Shareholders per
|
||||||||||||||||
|
Common Share – Basic
|
||||||||||||||||
|
Net income per Common Share – Continuing
|
||||||||||||||||
|
operations
|
$
|
0.17
|
$
|
0.08
|
$
|
0.51
|
$
|
0.45
|
||||||||
|
Net income per Common Share – Discontinued
|
||||||||||||||||
|
operations
|
0.25
|
0.11
|
0.34
|
0.80
|
||||||||||||
|
Net income per Common Share
|
$
|
0.42
|
$
|
0.19
|
$
|
0.85
|
$
|
1.25
|
||||||||
|
Weighted average Common Shares
|
50,047
|
41,785
|
45,854
|
40,697
|
||||||||||||
|
Net income attributable to Common Shareholders per
|
||||||||||||||||
|
Common Share – Diluted 2
|
||||||||||||||||
|
Net income per Common Share – Continuing
|
||||||||||||||||
|
operations
|
$
|
0.17
|
$
|
0.08
|
$
|
0.51
|
$
|
0.45
|
||||||||
|
Net income per Common Share – Discontinued
|
||||||||||||||||
|
operations
|
0.25
|
0.11
|
0.34
|
0.80
|
||||||||||||
|
Net income per Common Share
|
$
|
0.42
|
$
|
0.19
|
$
|
0.85
|
$
|
1.25
|
||||||||
|
Weighted average Common Shares
|
50,583
|
42,066
|
46,335
|
40,986
|
||||||||||||
- 10 -
|
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Years ended December 31, 2012 and 2011
(dollars and Common Shares in thousands, except per share data)
|
||||||||||||||||
|
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS 3
|
||||||||||||||||
|
For the Quarters ended
|
For the Years ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
Net income attributable to Common Shareholders
|
$
|
21,276
|
$
|
7,887
|
$
|
39,706
|
$
|
51,555
|
||||||||
|
Depreciation of real estate and amortization of leasing costs
|
||||||||||||||||
|
(net of noncontrolling interests' share):
|
||||||||||||||||
|
Consolidated affiliates
|
6,782
|
4,692
|
23,090
|
18,274
|
||||||||||||
|
Unconsolidated affiliates
|
426
|
477
|
1,581
|
1,549
|
||||||||||||
|
Gain on sale and involuntary conversion of asset (net of
noncontrolling interests' share):
|
||||||||||||||||
|
Consolidated affiliates
|
(14,060
|
) |
(2,356
|
) |
(15,451
|
) |
(31,716
|
) | ||||||||
|
Unconsolidated affiliates
|
--
|
--
|
(609
|
) |
--
|
|||||||||||
|
Impairment of asset 3
|
--
|
--
|
--
|
2,616
|
||||||||||||
|
Income attributable to noncontrolling interests’ in
|
||||||||||||||||
|
Operating Partnership
|
241
|
99
|
510
|
635
|
||||||||||||
|
Distributions – Preferred OP Units
|
4
|
5
|
18
|
18
|
||||||||||||
|
Funds from operations
|
$
|
14,669
|
$
|
10,804
|
$
|
48,845
|
$
|
42,931
|
||||||||
|
Funds from operations per share – Diluted
|
||||||||||||||||
|
Weighted average Common Shares and OP Units 4
|
51,150
|
42,559
|
46,940
|
41,467
|
||||||||||||
|
Funds from operations, per share
|
$
|
0.29
|
$
|
0.25
|
$
|
1.04
|
$
|
1.04
|
||||||||
- 11 -
|
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Years ended December 31, 2012 and 2011
(dollars in thousands)
|
||||||||||||||||
|
RECONCILIATION OF OPERATING INCOME TO NET PROPERTY
OPERATING INCOME (“NOI”) 3
|
||||||||||||||||
|
For the Quarters ended
|
For the Years ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
Operating income
|
$
|
9,612
|
$
|
7,419
|
$
|
34,857
|
$
|
32,052
|
||||||||
|
Add back:
|
||||||||||||||||
|
General and administrative
|
4,605
|
5,935
|
21,532
|
23,066
|
||||||||||||
|
Depreciation and amortization
|
9,117
|
6,663
|
32,931
|
25,672
|
||||||||||||
|
Impairment of asset
|
405
|
--
|
405
|
--
|
||||||||||||
|
Less:
|
||||||||||||||||
|
Management fee income
|
(289
|
) |
(508
|
) |
(1,455
|
) |
(1,674
|
) | ||||||||
|
Mortgage interest income
|
(1,863
|
) |
(1,936
|
) |
(7,879
|
) |
(11,429
|
) | ||||||||
|
Straight line rent and other adjustments
|
(2,549
|
) |
(1,738
|
) |
(10,261
|
) |
(6,644
|
) | ||||||||
|
Consolidated NOI
|
19,038
|
15,835
|
70,130
|
61,043
|
||||||||||||
|
Noncontrolling interest in NOI
|
(2,546
|
) |
(2,174
|
) |
(9,275
|
) |
(8,875
|
) | ||||||||
|
Pro-rata share of NOI
|
16,492
|
13,661
|
60,855
|
52,168
|
||||||||||||
|
Operating Partnerships’ interest in Opportunity Funds
|
(1,947
|
) |
(2,184
|
) |
(7,274
|
) |
(7,573
|
) | ||||||||
|
NOI – Core Portfolio
|
$
|
14,545
|
$
|
11,477
|
$
|
53,581
|
$
|
44,595
|
||||||||
|
SELECTED BALANCE SHEET INFORMATION
|
||||||||
|
As of
|
||||||||
|
December 31,
2012
|
December 31,
2011
|
|||||||
|
(dollars in thousands)
|
||||||||
|
Cash and cash equivalents
|
$
|
91,813
|
$
|
89,812
|
||||
|
Rental property, at cost
|
1,249,140
|
880,377
|
||||||
|
Total assets
|
1,908,440
|
1,653,319
|
||||||
|
Notes payable
|
727,978
|
648,669
|
||||||
|
Total liabilities
|
838,184
|
884,010
|
||||||
- 12 -
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters and Years ended December 31, 2012 and 2011
(dollars and Common Shares in thousands, except per share data)
Notes:
1 For additional information and analysis concerning the Company’s results of operations, reference is made to the Company’s Quarterly Supplemental Disclosure furnished on Form 8-K to the SEC and included on the Company’s website at www.acadiarealty.com.
2 Reflects the potential dilution that could occur if securities or other contracts to issue Common Shares were exercised or converted into Common Shares. The effect of the conversion of Common OP Units is not reflected in the above table as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.
3 The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. FFO and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of depreciated property, depreciation and amortization, and impairment of depreciable real estate. In addition, NOI excludes interest expense. The Company’s method of calculating FFO and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. During 2012, NAREIT issued a clarification to the definition of FFO whereby impairment charges for depreciable real estate are to be excluded in the calculation of FFO. Accordingly, 2011 FFO has been restated to exclude an impairment charge of $2.6 million.
4 In addition to the weighted average Common Shares outstanding, basic and diluted FFO also assume full conversion of a weighted average 566 and 493 OP Units into Common Shares for the quarters ended December 31, 2012 and 2011, respectively and 604 and 480 OP Units into Common Shares for the years ended December 31, 2012 and 2011, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 25 Common Shares for each of the quarters and years ended December 31, 2012 and 2011. In addition, diluted FFO also includes the effect of 511 and 256 employee share options, restricted share units and LTIP units for the quarters ended December 31, 2012 and 2011, respectively and 456 and 264 employee share options, restricted share units and LTIP units for the years ended December 31, 2012 and 2011, respectively.
CONTACT:
Acadia Realty Trust
Jon Grisham, 914-288-8100
- 13 -
Exhibit 99.2
REPORTING SUPPLEMENTAL
Year Ended 2012
Acadia Realty Trust
|
Table of Contents
|
||||
|
Year Ended 2012
|
||||
|
Section I - Financial Information
|
Section II - Opportunity Fund Information
|
|||
|
Company Information
|
3
|
Opportunity Fund Overview
|
23
|
|
|
Total Market Capitalization
|
4
|
Opportunity Fund Properties
|
24
|
|
|
Operating Statements
|
Opportunity Fund Lease Expirations
|
25
|
||
|
Pro-rata Consolidation
|
5
|
Redevelopment Projects - Construction and Design
|
29
|
|
|
Opportunity Funds
|
6
|
RCP Venture Investments
|
30
|
|
|
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")
|
||||
|
and Funds Available for Distribution ("FAD")
|
8
|
|||
|
EBITDA
|
9
|
|||
|
Same Property Net Operating Income
|
10
|
|||
|
Fee Income
|
11
|
Section III - Core Portfolio Information
|
||
|
Balance Sheet - Pro-rata Consolidation
|
12
|
|||
|
Notes Receivable
|
13
|
Core Properties
|
31
|
|
|
Other Information
|
Core Portfolio by State
|
33
|
||
|
2013 Guidance
|
14
|
Core Top Tenants
|
34
|
|
|
Net Asset Valuation Information
|
15
|
Core Lease Expirations
|
35
|
|
|
Selected Financial Ratios
|
16
|
Core New and Renewal Rent Spreads
|
36
|
|
|
Debt Analysis
|
Core Capital Expenditures
|
37
|
||
|
Summary
|
17
|
Portfolio Demographics
|
38
|
|
|
Detail
|
18
|
Important Notes
|
40
|
|
|
Maturities with Extension Options
|
21
|
|||
|
Maturities
|
22
|
|||
|
Visit www.acadiarealty.com for additional investor and portfolio information
|
||||
- 2 -
|
Company Information
|
|||||
|
Acadia Realty Trust, a fully-integrated equity real estate investment trust, is focused on the acquisition, ownership, management and redevelopment of high-quality retail properties and urban/infill mixed-use properties with a strong retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas along the East Coast and in Chicago. Acadia owns, or has an ownership interest in, these properties through its core portfolio and its opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.
|
|||||
|
Contact Information
|
|||||
|
Corporate Headquarters
|
Investor Relations
|
New York Stock Exchange
|
|||
|
1311 Mamaroneck Avenue
|
Jon Grisham
|
Symbol AKR
|
|||
|
Suite 260
|
Senior Vice President,
|
||||
|
White Plains, NY 10605
|
Chief Financial Officer
|
||||
|
www.acadiarealty.com
|
(914) 288-8142
|
||||
|
jgrisham@acadiarealty.com
|
|||||
|
Analyst Coverage
|
|||||
|
Bank of America / Merrill Lynch
|
Cowen and Company
|
KeyBanc Capital Markets, Inc.
|
|||
|
Craig Schmidt - (646) 855-3640
|
Michael Gorman - (646) 562-1381
|
Todd Thomas - (917) 368-2286
|
|||
|
craig.schmidt@baml.com
|
michael.gorman@cowen.com
|
tthomas@keybanccm.com
|
|||
|
Bank of Montreal
|
Green Street Advisors
|
RBC Capital Markets
|
|||
|
Paul Adornato, CFA - (212) 885-4170
|
Cedrik LaChance - (949) 640-8780
|
Rich Moore, CFA - (440) 715-2646
|
|||
|
paul.adornato@bmo.com
|
clachance@greenst.com
|
rich.moore@rbccm.com
|
|||
|
Citigroup - Global Markets
|
J.P. Morgan Securities, Inc.
|
UBS
|
|||
|
Quentin Velleley, CFA - (212) 816-6981
|
Michael W. Mueller, CFA - (212) 622-6689
|
Christy McElroy - (203) 719-7831
|
|||
|
quentin.velleley@citi.com
|
michael.w.mueller@jpmorgan.com
|
christy.mcelroy@ubs.com
|
|||
- 3 -
|
Total Market Capitalization
|
|||
|
(including pro-rata share of Opportunity Fund debt, dollars in thousands)
|
|||
|
Capitalization
|
|||||||||||||||||
|
Percent of
|
Total Market Capitalization
|
based on
|
|||||||||||||||
|
Total Equity
|
$ | % |
Net Debt1
|
||||||||||||||
|
Equity Capitalization
|
|||||||||||||||||
|
Total Common Shares Outstanding
|
99.1 | % | 52,483 | ||||||||||||||
|
Common Operating Partnership ("OP") Units
|
0.9 | % | 452 | ||||||||||||||
|
Combined Common Shares and OP Units
|
52,935 | ||||||||||||||||
|
Share Price at December 31, 2012
|
$25.08 | ||||||||||||||||
|
Equity Capitalization - Common Shares and OP Units
|
$1,327,610 | ||||||||||||||||
|
Preferred OP Units
|
629 | 2 | |||||||||||||||
|
Total Equity Capitalization
|
1,328,239 | 75 | % | 78 | % | ||||||||||||
|
Debt Capitalization
|
|||||||||||||||||
|
Consolidated debt
|
728,085 | ||||||||||||||||
|
Adjustment to reflect pro-rata share of debt
|
(282,503 | ) | |||||||||||||||
|
Total Debt Capitalization
|
445,582 | 25 | % | 22 | % | ||||||||||||
|
Total Market Capitalization
|
$ | 1,773,821 | 100 | % | 100 | % | |||||||||||
|
Weighted Average Outstanding Common Shares and OP Units
|
|||||||||
|
(in thousands)
|
|||||||||
|
|
|
Year-to-date
|
Quarter
|
Year-to-date
|
Quarter
|
|||||||||||||
|
Weighted average Common Shares - Basic EPS
|
45,854 | 50,047 | 40,697 | 41,785 | ||||||||||||
|
Dilutive potential Common Shares
|
456 | 512 | 289 | 281 | ||||||||||||
|
Weighted average Common Shares - Diluted EPS
|
46,310 | 50,559 | 40,986 | 42,066 | ||||||||||||
|
OP Units
|
604 | 566 | 481 | 493 | ||||||||||||
|
Dilutive potential OP Units
|
25 | 25 | - | - | ||||||||||||
|
Weighted average Common Shares and OP Units - Diluted FFO
|
46,939 | 51,150 | 41,467 | 42,559 | ||||||||||||
|
Notes:
|
|||||||||
|
1 Reflects debt net of Core Portfolio and pro-rata share of Opportunity Funds cash balance ("Net Debt"). Cash balance as of December 31, 2012 was $62,929
|
|||||||||
|
2 Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP units multiplied by the Common Share price at quarter end.
|
|||||||||
|
3 Fixed-rate debt includes notional principal fixed through interest rate swap transactions.
|
|||||||||
- 4 -
|
Income Statements - Pro-rata Consolidation1
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Year-to-date ended December 31, 2012
|
Three months ended December 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Core Retail
|
Opportunity Funds |
Total
|
Core Retail
|
Opportunity Funds |
Total
|
|||||||||||||||||||||||||||||||||||||||||||
|
Total
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Wholly
|
Joint
|
Continuing
|
Continuing
|
Discontinued
|
Wholly
|
Joint
|
Continuing
|
Continuing
|
Discontinued
|
|||||||||||||||||||||||||||||||||||||||
|
Owned
|
Ventures 2
|
Operations
|
Operations
|
Operations
|
Owned
|
Ventures 2
|
Operations
|
Operations
|
Operations
|
|||||||||||||||||||||||||||||||||||||||
|
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
PROPERTY REVENUES
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Minimum rents
|
$ | 53,223 | $ | 6,835 | $ | 60,058 | $ | 9,261 | $ | 6,495 | $ | 75,814 | $ | 14,769 | $ | 1,685 | $ | 16,454 | $ | 2,515 | $ | 1,397 | $ | 20,366 | ||||||||||||||||||||||||
|
Percentage rents
|
398 | 64 | 462 | 36 | - | 498 | 69 | 6 | 75 | 7 | - | 82 | ||||||||||||||||||||||||||||||||||||
|
Expense reimbursements - CAM
|
4,988 | 855 | 5,843 | 1,254 | 202 | 7,299 | 2,116 | 362 | 2,478 | 439 | 39 | 2,956 | ||||||||||||||||||||||||||||||||||||
|
Expense reimbursements - Taxes
|
8,041 | 1,110 | 9,151 | 1,471 | 207 | 10,829 | 2,174 | 295 | 2,469 | 358 | 23 | 2,850 | ||||||||||||||||||||||||||||||||||||
|
Other property income
|
155 | 24 | 179 | 272 | 416 | 867 | 109 | 1 | 110 | 71 | 97 | 278 | ||||||||||||||||||||||||||||||||||||
|
Total Property Revenues
|
66,805 | 8,888 | 75,693 | 12,294 | 7,320 | 95,307 | 19,237 | 2,349 | 21,586 | 3,390 | 1,556 | 26,532 | ||||||||||||||||||||||||||||||||||||
|
PROPERTY EXPENSES
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Property operating - CAM
|
6,707 | 1,060 | 7,767 | 1,646 | 187 | 9,600 | 2,915 | 419 | 3,334 | 567 | 45 | 3,946 | ||||||||||||||||||||||||||||||||||||
|
Other property operating (Non-CAM)
|
2,752 | 399 | 3,151 | 1,337 | 1,575 | 6,063 | 673 | 169 | 842 | 395 | 259 | 1,496 | ||||||||||||||||||||||||||||||||||||
|
Real estate taxes
|
9,909 | 1,316 | 11,225 | 2,037 | 610 | 13,872 | 2,545 | 351 | 2,896 | 481 | 146 | 3,523 | ||||||||||||||||||||||||||||||||||||
|
Total Property Expenses
|
19,368 | 2,775 | 22,143 | 5,020 | 2,372 | 29,535 | 6,133 | 939 | 7,072 | 1,443 | 450 | 8,965 | ||||||||||||||||||||||||||||||||||||
|
NET OPERATING INCOME - PROPERTIES
|
47,437 | 6,113 | 53,550 | 7,274 | 4,948 | 65,772 | 13,104 | 1,410 | 14,514 | 1,947 | 1,106 | 17,567 | ||||||||||||||||||||||||||||||||||||
|
OTHER INCOME (EXPENSE)
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Mezzanine interest income
|
5,781 | - | 5,781 | 478 | - | 6,259 | 1,234 | - | 1,234 | 123 | - | 1,357 | ||||||||||||||||||||||||||||||||||||
|
Other interest income
|
209 | - | 209 | (6 | ) | - | 203 | 50 | - | 50 | (12 | ) | - | 38 | ||||||||||||||||||||||||||||||||||
|
Straight-line rent income, net
|
1,321 | 58 | 1,379 | 957 | 272 | 2,608 | 159 | 21 | 180 | 254 | 52 | 486 | ||||||||||||||||||||||||||||||||||||
|
Straight-line ground rent expense
|
- | - | - | (84 | ) | (1 | ) | (85 | ) | - | - | - | (21 | ) | - | (21 | ) | |||||||||||||||||||||||||||||||
|
ASC 805 rent, net
|
1,206 | 140 | 1,346 | 303 | - | 1,649 | 625 | 35 | 660 | 42 | - | 702 | ||||||||||||||||||||||||||||||||||||
|
ASC 805 interest expense
|
(106 | ) | - | (106 | ) | 117 | - | 11 | (35 | ) | - | (35 | ) | 69 | - | 34 | ||||||||||||||||||||||||||||||||
|
Interest expense
|
(14,483 | ) | (4,219 | ) | (18,702 | ) | (3,354 | ) | (943 | ) | (22,999 | ) | (3,883 | ) | (1,012 | ) | (4,895 | ) | (1,031 | ) | (146 | ) | (6,072 | ) | ||||||||||||||||||||||||
|
Amortization of finance costs
|
(321 | ) | (26 | ) | (347 | ) | (406 | ) | (60 | ) | (813 | ) | (92 | ) | (26 | ) | (118 | ) | (47 | ) | - | (165 | ) | |||||||||||||||||||||||||
|
Asset and property management expense
|
(131 | ) | (47 | ) | (178 | ) | (251 | ) | (139 | ) | (568 | ) | (26 | ) | (10 | ) | (36 | ) | (81 | ) | - | (117 | ) | |||||||||||||||||||||||||
|
Other income
|
404 | - | 404 | 1 | - | 405 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
|
Acquisition costs
|
(2,037 | ) | - | (2,037 | ) | (491 | ) | - | (2,528 | ) | (843 | ) | - | (843 | ) | (106 | ) | - | (949 | ) | ||||||||||||||||||||||||||||
|
Reserve for notes receivable
|
(405 | ) | - | (405 | ) | - | - | (405 | ) | (405 | ) | - | (405 | ) | - | - | (405 | ) | ||||||||||||||||||||||||||||||
|
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
|
38,875 | 2,019 | 40,894 | 4,538 | 4,077 | 49,509 | 9,888 | 418 | 10,306 | 1,137 | 1,012 | 12,455 | ||||||||||||||||||||||||||||||||||||
|
FEE INCOME
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Asset and property management fees
|
16,071 | - | 16,071 | 181 | - | 16,252 | 4,475 | - | 4,475 | 101 | - | 4,576 | ||||||||||||||||||||||||||||||||||||
|
Transactional fees3
|
6,699 | - | 6,699 | 101 | - | 6,800 | 1,588 | 1,588 | 58 | - | 1,646 | |||||||||||||||||||||||||||||||||||||
|
Provision for income taxes
|
(151 | ) | - | (151 | ) | 164 | (1 | ) | 12 | 1,697 | - | 1,697 | - | - | 1,697 | |||||||||||||||||||||||||||||||||
|
Total Fee Income
|
22,619 | - | 22,619 | 446 | (1 | ) | 23,064 | 7,760 | - | 7,760 | 159 | - | 7,919 | |||||||||||||||||||||||||||||||||||
|
PROMOTE, RCP AND OTHER INCOME
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Equity in earnings from RCP investments
|
- | - | - | (249 | ) | - | (249 | ) | - | - | - | (181 | ) | - | (181 | ) | ||||||||||||||||||||||||||||||||
|
Promote income - Fund capital transactions
|
196 | - | 196 | - | - | 196 | 196 | - | 196 | - | - | 196 | ||||||||||||||||||||||||||||||||||||
|
Lease termination income
|
- | 12 | 12 | 103 | - | 115 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
|
Gain (loss) on extinguishment of debt
|
- | (147 | ) | (147 | ) | (346 | ) | (340 | ) | (833 | ) | - | (147 | ) | (147 | ) | (346 | ) | (340 | ) | (833 | ) | ||||||||||||||||||||||||||
|
Gain on involuntary conversion of asset
|
2,368 | - | 2,368 | - | - | 2,368 | 2,368 | - | 2,368 | - | - | 2,368 | ||||||||||||||||||||||||||||||||||||
|
Provision for income taxes (RCP)
|
(94 | ) | (1 | ) | (95 | ) | (2 | ) | - | (97 | ) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
|
Total Promote, RCP and Other Income
|
2,470 | (136 | ) | 2,334 | (494 | ) | (340 | ) | 1,500 | 2,564 | (147 | ) | 2,417 | (527 | ) | (340 | ) | 1,550 | ||||||||||||||||||||||||||||||
|
GENERAL AND ADMINISTRATIVE
|
(23,302 | ) | (36 | ) | (23,338 | ) | (52 | ) | (3 | ) | (23,393 | ) | (6,032 | ) | (8 | ) | (6,040 | ) | 604 | (1 | ) | (5,437 | ) | |||||||||||||||||||||||||
|
Depreciation and amortization
|
(16,201 | ) | (1,582 | ) | (17,783 | ) | (3,193 | ) | (1,162 | ) | (22,138 | ) | (4,683 | ) | (426 | ) | (5,109 | ) | (768 | ) | - | (5,877 | ) | |||||||||||||||||||||||||
|
ASC 805 amortization
|
(1,804 | ) | - | (1,804 | ) | (719 | ) | - | (2,523 | ) | (621 | ) | - | (621 | ) | (158 | ) | - | (779 | ) | ||||||||||||||||||||||||||||
|
(Loss) gain on sale of properties
|
(248 | ) | - | (248 | ) | - | 14,460 | 14,212 | - | - | - | - | 11,692 | 11,692 | ||||||||||||||||||||||||||||||||||
|
Income before noncontrolling interests
|
22,409 | 265 | 22,674 | 526 | 17,031 | 40,231 | 8,876 | (163 | ) | 8,713 | 447 | 12,363 | 21,523 | |||||||||||||||||||||||||||||||||||
|
Noncontrolling interest - OP
|
(525 | ) | - | (525 | ) | - | - | (525 | ) | (247 | ) | - | (247 | ) | - | - | (247 | ) | ||||||||||||||||||||||||||||||
|
NET INCOME
|
$ | 21,884 | $ | 265 | $ | 22,149 | $ | 526 | $ | 17,031 | $ | 39,706 | $ | 8,629 | $ | (163 | ) | $ | 8,466 | $ | 447 | $ | 12,363 | $ | 21,276 | |||||||||||||||||||||||
|
Notes:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
1Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating its pro-rata share for each of the above line items.
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods.
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
2Represents the Company's pro-rata share unconsolidated investments which are detailed on pages 31 and 32.
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
3Consists of development, construction, leasing and legal fees.
|
||||||||||||||||||||||||||||||||||||||||||||||||
- 5 -
|
Income Statements - Opportunity Funds1
|
||||||
|
(in thousands)
|
||||||
|
Year-to-date ended December 31, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Continuing
|
Discontinued
|
Continuing
|
Discontinued
|
|
|
Continuing
|
Discontinued
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Operations
|
Operations
|
|
Operations
|
Operations
|
|
Operations
|
Operations
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fund I
|
Fund I
|
Fund I
|
AKR Pro-
|
AKR Pro-
|
|
AKR Pro-
|
Fund II
|
Fund II
|
Fund II
|
AKR Pro-
|
AKR Pro-
|
AKR Pro-
|
Fund III
|
Fund III
|
Fund III
|
AKR Pro-
|
AKR Pro- |
|
AKR Pro-
|
Total
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Continuing
|
Discontinued
|
Consolidated
|
rata share4
|
rata share4
|
|
rata share4
|
Continuing
|
Discontinued
|
Consolidated
|
rata share
|
rata share
|
|
rata share
|
Continuing
|
Discontinued
|
Consolidated
|
rata share
|
rata share
|
|
rata share
|
AKR Pro-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Operations
|
Operations
|
Operations
|
37.78% | 37.78% |
Mervyns I
|
37.78 | % |
Operations
|
Operations
|
Operations
|
20.00% | 20.00% |
Mervyns II
|
20.00% |
Operations
|
Operations
|
Operations
|
19.90% | 19.90% |
Fund IV
|
23.12% |
rata share
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PROPERTY REVENUES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Minimum rents
|
$ | 220 | $ | 390 | $ | 610 | $ | 84 | $ | 147 | $ | - | $ | - | $ | 21,758 | $ | 12,452 | $ | 34,210 | $ | 4,351 | $ | 2,490 | $ | - | $ | - | $ | 24,140 | $ | 19,384 | $ | 43,524 | $ | 4,766 | $ | 3,858 | $ | 259 | $ | 60 | $ | 15,756 | ||||||||||||||||||||||||||||||||||||||||||||
|
Percentage rents
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 177 | - | 177 | 36 | - | - | - | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Expense reimbursements - CAM
|
3 | 52 | 55 | 1 | 20 | - | - | 2,603 | 895 | 3,498 | 520 | 178 | - | - | 3,625 | 21 | 3,646 | 722 | 4 | 48 | 11 | 1,456 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Expense reimbursements - Taxes
|
- | 221 | 221 | - | 83 | - | - | 2,494 | 521 | 3,015 | 498 | 104 | - | - | 4,912 | 98 | 5,010 | 971 | 20 | 9 | 2 | 1,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other property income
|
292 | - | 292 | 110 | - | - | - | 128 | 498 | 626 | 25 | 99 | - | - | 687 | 1,595 | 2,282 | 137 | 317 | - | - | 688 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Property Revenues
|
515 | 663 | 1,178 | 195 | 250 | - | - | 26,983 | 14,366 | 41,349 | 5,394 | 2,871 | - | - | 33,541 | 21,098 | 54,639 | 6,632 | 4,199 | 316 | 73 | 19,614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PROPERTY EXPENSES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Property operating - CAM
|
17 | 58 | 75 | 6 | 22 | - | - | 4,148 | 792 | 4,940 | 828 | 158 | - | - | 4,093 | 32 | 4,125 | 812 | 7 | - | - | 1,833 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other property operating (Non-CAM)
|
319 | 46 | 365 | 120 | 17 | - | - | 2,170 | 2,683 | 4,853 | 424 | 537 | - | - | 3,991 | 5,128 | 9,035 | 793 | 1,021 | - | - | 2,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Real estate taxes
|
21 | 128 | 149 | 8 | 48 | - | - | 3,504 | 990 | 4,494 | 701 | 199 | - | - | 6,655 | 1,821 | 8,476 | 1,322 | 363 | 24 | 6 | 2,647 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Property Expenses
|
357 | 232 | 589 | 134 | 87 | - | - | 9,822 | 4,465 | 14,287 | 1,953 | 894 | - | - | 14,739 | 6,981 | 21,636 | 2,927 | 1,391 | 24 | 6 | 7,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NET OPERATING INCOME - PROPERTIES
|
158 | 431 | 589 | 61 | 163 | - | - | 17,161 | 9,901 | 27,062 | 3,441 | 1,977 | - | - | 18,802 | 14,117 | 33,003 | 3,705 | 2,808 | 292 | 67 | 12,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
OTHER INCOME (EXPENSE)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Mezzanine interest income
|
596 | - | 596 | 225 | - | - | - | - | - | - | - | - | - | - | 1,272 | - | 1,272 | 253 | - | - | - | 478 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other interest income
|
4 | - | 4 | 2 | - | - | - | (74 | ) | - | (74 | ) | (15 | ) | - | - | - | 36 | - | 36 | 7 | - | - | - | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Straight-line rent income, net
|
- | 28 | 28 | - | 11 | - | - | 3,407 | 1,248 | 4,655 | 682 | 249 | - | - | 1,387 | 58 | 1,445 | 275 | 12 | - | - | 1,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Straight-line ground rent
|
- | - | - | - | - | - | - | (416 | ) | - | (416 | ) | (84 | ) | (1 | ) | - | - | - | - | - | - | - | - | - | (85 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ASC 805 rent, net
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,522 | - | 1,522 | 303 | - | - | - | 303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ASC 805 interest expense
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 589 | - | 589 | 117 | - | - | - | 117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Interest expense
|
(1 | ) | (91 | ) | (92 | ) | - | (34 | ) | - | - | (5,948 | ) | (3,670 | ) | (9,618 | ) | (1,190 | ) | (735 | ) | - | - | (10,674 | ) | (874 | ) | (11,548 | ) | (2,124 | ) | (174 | ) | (172 | ) | (40 | ) | (4,297 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Amortization of finance costs
|
(12 | ) | - | (12 | ) | (5 | ) | - | - | - | (914 | ) | (302 | ) | (1,216 | ) | (182 | ) | (60 | ) | - | - | (1,104 | ) | - | (1,104 | ) | (219 | ) | - | - | - | (466 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Asset and property management expense 2
|
19 | (11 | ) | 8 | 1 | - | 7 | - | (3,591 | ) | (554 | ) | (4,145 | ) | (12 | ) | - | (429 | ) | - | (8,614 | ) | (1,069 | ) | (9,683 | ) | (240 | ) | (139 | ) | - | - | (390 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Promote expense2
|
(930 | ) | - | (930 | ) | - | - | 60 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other income
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 7 | - | 7 | 1 | - | - | - | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Acquisition costs
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | (1,946 | ) | - | (1,946 | ) | (388 | ) | - | (453 | ) | (103 | ) | (491 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
OPPORTUNITY FUND INCOME
|
(166 | ) | 357 | 191 | 284 | 140 | 67 | - | 9,625 | 6,623 | 16,248 | 2,640 | 1,430 | (429 | ) | - | 1,277 | 12,232 | 13,593 | 1,690 | 2,507 | (333 | ) | (76 | ) | 8,615 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
FEE INCOME
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Asset and property management fees
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 910 | - | 910 | 181 | - | - | - | 181 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Transactional fees
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 507 | - | 507 | 101 | - | - | - | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Provision for income taxes
|
14 | - | 14 | 5 | - | - | - | (22 | ) | (4 | ) | (26 | ) | (5 | ) | (1 | ) | - | - | 826 | - | 826 | 164 | - | - | - | 163 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Fee Income
|
14 | - | 14 | 5 | - | - | - | (22 | ) | (4 | ) | (26 | ) | (5 | ) | (1 | ) | - | - | 2,243 | - | 2,243 | 446 | - | - | - | 445 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PROMOTE, RCP AND OTHER INCOME
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Equity in earnings from RCP investments
|
- | - | - | - | - | (531 | ) | (200 | ) | - | - | - | - | - | (246 | ) | (49 | ) | - | - | - | - | - | - | - | (249 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Promote income - Fund capital transactions
|
- | - | - | - | - | 43 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Lease termination income
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 517 | - | 517 | 103 | - | - | - | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Gain on extinguishment of debt
|
- | - | - | - | - | - | - | (429 | ) | (1,573 | ) | (2,002 | ) | (86 | ) | (315 | ) | - | - | (1,305 | ) | (128 | ) | (1,433 | ) | (260 | ) | (25 | ) | - | - | (686 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Provision for income taxes (RCP)
|
- | - | - | - | - | (2 | ) | (1 | ) | - | - | - | - | - | (5 | ) | (1 | ) | - | - | - | - | - | - | - | (2 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Promote, RCP and Other Income
|
- | - | - | - | - | (490 | ) | (201 | ) | (429 | ) | (1,573 | ) | (2,002 | ) | (86 | ) | (315 | ) | (251 | ) | (50 | ) | (788 | ) | (128 | ) | (916 | ) | (157 | ) | (25 | ) | - | - | (834 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
GENERAL AND ADMINISTRATIVE
|
(107 | ) | (1 | ) | (108 | ) | (40 | ) | - | (18 | ) | (7 | ) | (258 | ) | (11 | ) | (269 | ) | (52 | ) | (3 | ) | (35 | ) | (6 | ) | 825 | - | 825 | 164 | - | (409 | ) | (111 | ) | (55 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Depreciation and amortization
|
(9 | ) | (73 | ) | (82 | ) | (3 | ) | (28 | ) | - | - | (7,832 | ) | (2,761 | ) | (10,593 | ) | (1,565 | ) | (552 | ) | - | - | (8,160 | ) | (2,925 | ) | (11,085 | ) | (1,625 | ) | (582 | ) | - | - | (4,355 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
ASC 805 amortization
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | (3,607 | ) | - | (3,607 | ) | (719 | ) | - | - | - | (719 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Gain on sale of properties
|
- | 2,885 | 2,885 | - | 1,090 | - | - | - | 3,555 | 3,555 | - | 711 | - | - | - | 63,615 | 63,615 | - | 12,659 | - | - | 14,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Income before noncontrolling interest
|
(268 | ) | 3,168 | 2,900 | 246 | 1,202 | (441 | ) | (208 | ) | 1,084 | 5,829 | 6,913 | 932 | 1,270 | (715 | ) | (56 | ) | (8,210 | ) | 72,794 | 64,668 | (201 | ) | 14,559 | (742 | ) | (187 | ) | 17,557 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NET INCOME
|
$ | (268 | ) | $ | 3,168 | $ | 2,900 | $ | 246 | $ | 1,202 | $ | (441 | ) | $ | (208 | ) | $ | 1,084 | $ | 5,829 | $ | 6,913 | $ | 932 | $ | 1,270 | $ | (715 | ) | $ | (56 | ) | $ | (8,210 | ) | $ | 72,794 | $ | 64,668 | $ | (201 | ) | $ | 14,559 | $ | (742 | ) | $ | (187 | ) | $ | 17,557 | |||||||||||||||||||||||||||||||||||
|
Notes:
|
|
|
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues
|
|
|
and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I, II, III & IV and Mervyn's which are consolidated
|
|
|
with the Company's financial statements.
|
|
|
2 Funds I, II, III & IV and the Mervyn's entities pay various fees and promotes to the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.
|
|
|
3Represents the Company's pro-rata share unconsolidated investments which are detailed on page 24.
|
|
|
4 Represents a 20% promote earned by Acadia in addition to our 22.22% pro-rata share of the remaining 80% after promote (20%+22.22%*80% = 37.78%)
|
|
- 6 -
|
Income Statements - Opportunity Funds1
|
|||||||||||||||||||||||||||||||||||||||
|
(in thousands)
|
|
Three months ended December 31, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Continuing
|
Continuing
|
Discontinued
|
|
Continuing
|
Discontinued
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Operations
|
Operations
|
Operations
|
|
Operations
|
Operations
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fund I
|
Fund I
|
AKR Pro-
|
AKR Pro-
|
Fund II
|
Fund II
|
Fund II
|
AKR Pro-
|
AKR Pro-
|
AKR Pro-
|
Fund III
|
Fund III
|
Fund III
|
AKR Pro-
|
AKR Pro-
|
AKR Pro-
|
Total
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Continuing
|
Consolidated
|
rata share4
|
rata share4
|
Continuing
|
Discontinued
|
Consolidated
|
rata share
|
rata share
|
rata share
|
Continuing
|
Discontinued
|
Consolidated
|
rata share
|
rata share
|
rata share
|
AKR Pro-
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Operations
|
Operations
|
37.78% |
Mervyns I
|
37.78% |
Operations
|
Operations
|
Operations
|
20.00% | 20.00% |
Mervyns II
|
20.00% |
Operations
|
Operations
|
Operations
|
19.90% | 19.90% |
Fund IV
|
23.12% |
rata share
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PROPERTY REVENUES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Minimum rents
|
$ | 57 | $ | 57 | $ | 22 | $ | - | $ | - | $ | 5,969 | $ | 2,771 | $ | 8,740 | $ | 1,194 | $ | 554 | $ | - | $ | - | $ | 6,228 | $ | 4,234 | $ | 10,462 | $ | 1,239 | $ | 843 | $ | 259 | $ | 60 | $ | 3,912 | ||||||||||||||||||||||||||||||||||||||||
|
Percentage rents
|
- | - | - | - | - | - | - | - | - | - | - | - | 35 | - | 35 | 7 | - | - | - | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Expense reimbursements - CAM
|
- | - | - | - | - | 697 | 197 | 894 | 139 | 39 | - | - | 1,451 | - | 1,451 | 289 | - | 48 | 11 | 478 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Expense reimbursements - Taxes
|
- | - | - | - | - | 636 | 115 | 751 | 127 | 23 | - | - | 1,153 | - | 1,153 | 229 | - | 9 | 2 | 381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other property income
|
8 | 8 | 3 | - | - | 102 | 122 | 224 | 20 | 24 | - | - | 240 | 367 | 607 | 48 | 73 | - | - | 168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Property Revenues
|
65 | 65 | 25 | - | - | 7,404 | 3,205 | 10,609 | 1,480 | 640 | - | - | 9,107 | 4,601 | 13,708 | 1,812 | 916 | 316 | 73 | 4,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PROPERTY EXPENSES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Property operating - CAM
|
(2 | ) | (2 | ) | (1 | ) | - | - | 1,152 | 223 | 1,375 | 230 | 45 | - | - | 1,709 | - | 1,709 | 338 | - | - | - | 612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other property operating (Non-CAM)
|
107 | 107 | 40 | - | - | 508 | 305 | 813 | 92 | 61 | - | - | 1,324 | 994 | 2,318 | 263 | 198 | - | - | 654 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Real estate taxes
|
2 | 2 | 1 | - | - | 921 | 206 | 1,127 | 184 | 41 | - | - | 1,460 | 527 | 1,987 | 290 | 105 | 24 | 6 | 627 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Property Expenses
|
107 | 107 | 40 | - | - | 2,581 | 734 | 3,315 | 506 | 147 | - | - | 4,493 | 1,521 | 6,014 | 891 | 303 | 24 | 6 | 1,893 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NET OPERATING INCOME - PROPERTIES
|
(42 | ) | (42 | ) | (15 | ) | - | - | 4,823 | 2,471 | 7,294 | 974 | 493 | - | - | 4,614 | 3,080 | 7,694 | 921 | 613 | 292 | 67 | 3,053 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
OTHER INCOME (EXPENSE)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Mezzanine interest income
|
165 | 165 | 62 | - | - | - | - | - | - | - | - | - | 306 | - | 306 | 61 | - | - | - | 123 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other interest income
|
- | - | - | - | - | (74 | ) | - | (74 | ) | (15 | ) | - | - | - | 17 | - | 17 | 3 | - | - | - | (12 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Straight-line rent income, net
|
- | - | - | - | - | 832 | 262 | 1,094 | 166 | 52 | - | - | 444 | - | 444 | 88 | - | - | - | 306 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Straight-line ground rent
|
- | - | - | - | - | (104 | ) | 2 | (102 | ) | (21 | ) | - | - | - | - | - | - | - | - | - | - | (21 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ASC 805 rent, net
|
- | - | - | - | - | - | - | - | - | - | - | - | 210 | - | 210 | 42 | - | - | - | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ASC 805 interest expense
|
- | - | - | - | - | - | - | - | - | - | - | - | 346 | - | 346 | 69 | - | - | - | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Interest expense
|
- | - | - | - | - | (1,365 | ) | (699 | ) | (2,064 | ) | (273 | ) | (140 | ) | - | - | (3,610 | ) | (28 | ) | (3,638 | ) | (718 | ) | (6 | ) | (172 | ) | (40 | ) | (1,177 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
|
Amortization of finance costs
|
- | - | - | - | - | (262 | ) | - | (262 | ) | (52 | ) | - | - | - | 25 | - | 25 | 5 | - | - | - | (47 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Asset and property management expense2
|
2 | 2 | 1 | - | - | (59 | ) | - | (59 | ) | (12 | ) | - | - | - | (351 | ) | - | (351 | ) | (70 | ) | - | - | - | (81 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Promote expense2
|
(223 | ) | (223 | ) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other income
|
- | - | - | - | - | - | - | - | - | - | - | - | 2 | - | 2 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Acquisition costs
|
- | - | - | - | - | - | - | - | - | - | - | - | (13 | ) | - | (13 | ) | (3 | ) | - | (453 | ) | (103 | ) | (106 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
OPPORTUNITY FUND INCOME
|
(98 | ) | (98 | ) | 48 | - | - | 3,791 | 2,036 | 5,827 | 767 | 405 | - | - | 1,990 | 3,052 | 5,042 | 398 | 607 | (333 | ) | (76 | ) | 2,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
FEE INCOME
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Asset and property management fees
|
- | - | - | - | - | - | - | - | - | - | - | - | 509 | - | 509 | 101 | - | - | - | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Transactional fees
|
- | - | - | - | - | - | - | - | - | - | - | - | 289 | - | 289 | 58 | - | - | - | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Provision for income taxes
|
1 | 1 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Fee Income
|
1 | 1 | - | - | - | - | - | - | - | - | - | - | 798 | - | 798 | 159 | - | - | - | 159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PROMOTE, RCP AND OTHER INCOME
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Equity in earnings from RCP investments
|
- | - | - | (210 | ) | (79 | ) | - | - | - | - | - | (509 | ) | (102 | ) | - | - | - | - | - | - | - | (181 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Promote income - Fund capital transactions
|
- | - | - | 43 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Lease termination income
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Gain on extinguishment of debt
|
- | - | - | - | - | (429 | ) | (1,573 | ) | (2,002 | ) | (86 | ) | (315 | ) | - | - | (1,305 | ) | (128 | ) | (1,433 | ) | (260 | ) | (25 | ) | - | - | (686 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Provision for income taxes (RCP)
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Promote, RCP and Other Income
|
- | - | - | (167 | ) | (79 | ) | (429 | ) | (1,573 | ) | (2,002 | ) | (86 | ) | (315 | ) | (509 | ) | (102 | ) | (1,305 | ) | (128 | ) | (1,433 | ) | (260 | ) | (25 | ) | - | - | (867 | ) | |||||||||||||||||||||||||||||||||||||||||||||
|
GENERAL AND ADMINISTRATIVE
|
(25 | ) | (25 | ) | (9 | ) | (4 | ) | (2 | ) | 1,740 | (3 | ) | 1,737 | 348 | (1 | ) | (10 | ) | (2 | ) | 1,352 | - | 1,352 | 269 | - | - | - | 603 | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
Depreciation and amortization
|
(1 | ) | (1 | ) | - | - | - | (1,759 | ) | - | (1,759 | ) | (352 | ) | - | - | - | (2,089 | ) | - | (2,089 | ) | (416 | ) | - | - | - | (768 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
ASC 805 amortization
|
- | - | - | - | - | - | - | - | - | - | - | - | (792 | ) | - | (792 | ) | (158 | ) | - | - | - | (158 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Gain on sale of properties
|
- | - | - | - | - | - | 3,555 | 3,555 | - | 711 | - | - | - | 55,179 | 55,179 | - | 10,981 | - | - | 11,692 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Income before noncontrolling interest
|
(123 | ) | (123 | ) | 39 | (171 | ) | (81 | ) | 3,343 | 4,015 | 7,358 | 677 | 800 | (519 | ) | (104 | ) | (46 | ) | 58,103 | 58,057 | (8 | ) | 11,563 | (333 | ) | (76 | ) | 12,810 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
NET INCOME
|
$ | (123 | ) | $ | (123 | ) | $ | 39 | $ | (171 | ) | $ | (81 | ) | $ | 3,343 | $ | 4,015 | $ | 7,358 | $ | 677 | $ | 800 | $ | (519 | ) | $ | (104 | ) | $ | (46 | ) | $ | 58,103 | $ | 58,057 | $ | (8 | ) | $ | 11,563 | $ | (333 | ) | $ | (76 | ) | $ | 12,810 | ||||||||||||||||||||||||||||||
|
Notes:
|
|
|
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues
|
|
|
and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I, II, III & IV and Mervyn's
|
|
|
which are consolidated with the Company's financial statements.
|
|
|
2 Funds I, II, III & IV and the Mervyn's entities pay various fees to and promotes the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.
|
|
|
3Represents the Company's pro-rata share unconsolidated investments which are detailed on page 24.
|
|
|
4 Represents a 20% promote earned by Acadia in addition to our 22.22% pro-rata share of the remaining 80% after promote (20%+22.22%*80% = 37.78%)
|
|
- 7 -
|
Funds from Operations ("FFO") 1
|
|
(in thousands)
|
|
2012
|
2011
|
|||||||||||||||||||||||||||
|
Current
|
Current
|
Previous
|
Previous
|
Previous
|
Historic
|
Historic
|
||||||||||||||||||||||
|
Year-to-Date
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Year-to-Date
|
Quarter
|
||||||||||||||||||||||
|
Period ended
|
3 months ended
|
3 months ended
|
3 months ended
|
3 months ended
|
Period ended
|
3 months ended
|
||||||||||||||||||||||
|
Funds from operations ("FFO"):
|
December 31, 2012
|
December 31, 2012
|
September 30, 2012
|
June 30, 2012
|
March 31, 2012
|
December 31, 2011
|
December 31, 2011
|
|||||||||||||||||||||
|
Net Income
|
$ | 39,706 | $ | 21,276 | $ | 7,581 | $ | 6,839 | $ | 4,010 | $ | 51,555 | $ | 7,887 | ||||||||||||||
|
Add back:
|
||||||||||||||||||||||||||||
|
Depreciation of real estate and amortization of leasing costs:
|
||||||||||||||||||||||||||||
|
(net of noncontrolling interest share)
|
||||||||||||||||||||||||||||
|
Consolidated affiliates
|
23,090 | 6,782 | 5,827 | 5,653 | 4,828 | 18,274 | 4,692 | |||||||||||||||||||||
|
Unconsolidated affiliates
|
1,581 | 426 | 374 | 389 | 392 | 1,549 | 477 | |||||||||||||||||||||
|
Gain on sale of properties (net of noncontrolling interest share)
|
||||||||||||||||||||||||||||
|
Consolidated affiliates
|
(13,083 | ) | (11,692 | ) | (1,178 | ) | (213 | ) | - | (31,716 | ) | (2,356 | ) | |||||||||||||||
|
Unconsolidated affiliates
|
(609 | ) | - | - | (609 | ) | - | - | - | |||||||||||||||||||
|
Gain on involuntary conversion of asset
|
(2,368 | ) | (2,368 | ) | - | - | - | 2,616 | - | |||||||||||||||||||
|
Income attributable to noncontrolling interests'
|
||||||||||||||||||||||||||||
|
share in Operating Partnership
|
510 | 241 | 105 | 101 | 63 | 635 | 99 | |||||||||||||||||||||
|
Distributions on Preferred OP Units
|
18 | 4 | 4 | 5 | 5 | 18 | 5 | |||||||||||||||||||||
|
FFO
|
$ | 48,845 | $ | 14,669 | $ | 12,713 | $ | 12,165 | $ | 9,298 | $ | 42,931 | $ | 10,804 | ||||||||||||||
|
Adjusted Funds from operations ("AFFO"):
|
||||||||||||||||||||||||||||
|
Diluted FFO
|
$ | 48,845 | $ | 14,669 | $ | 12,713 | $ | 12,165 | $ | 9,298 | $ | 42,931 | $ | 10,804 | ||||||||||||||
|
Straight line rent, net
|
(2,608 | ) | (486 | ) | (717 | ) | (777 | ) | (628 | ) | (2,203 | ) | (851 | ) | ||||||||||||||
|
Straight-line ground rent expense
|
85 | 21 | 20 | 22 | 22 | 88 | 22 | |||||||||||||||||||||
|
ASC 805 rent, net
|
(1,649 | ) | (702 | ) | (399 | ) | (386 | ) | (162 | ) | 351 | 96 | ||||||||||||||||
|
ASC 805 interest expense
|
(11 | ) | (34 | ) | 16 | 28 | (21 | ) | (73 | ) | (21 | ) | ||||||||||||||||
|
Amortization of discount on convertible debt
|
- | - | - | - | - | 829 | 109 | |||||||||||||||||||||
|
Non real estate depreciation
|
431 | 93 | 108 | 112 | 118 | 465 | 118 | |||||||||||||||||||||
|
Amortization of finance costs
|
926 | 165 | 270 | 284 | 207 | 1,162 | 304 | |||||||||||||||||||||
|
Amortization of cost of management contracts
|
20 | - | - | - | 20 | 190 | 30 | |||||||||||||||||||||
|
Leasing commissions
|
(1,916 | ) | (347 | ) | (947 | ) | (316 | ) | (306 | ) | (1,265 | ) | (188 | ) | ||||||||||||||
|
Tenant improvements
|
(4,274 | ) | (913 | ) | (366 | ) | (1,412 | ) | (1,583 | ) | (7,401 | ) | (1,584 | ) | ||||||||||||||
|
Capital expenditures
|
(1,523 | ) | (444 | ) | (692 | ) | (323 | ) | (64 | ) | (471 | ) | (253 | ) | ||||||||||||||
|
Loss (gain) on extinguishment of debt
|
833 | 833 | - | - | - | (1,268 | ) | - | ||||||||||||||||||||
|
AFFO
|
$ | 39,159 | $ | 12,855 | $ | 10,006 | $ | 9,397 | $ | 6,901 | $ | 33,335 | $ | 8,586 | ||||||||||||||
|
Funds Available for Distribution ("FAD")
|
||||||||||||||||||||||||||||
|
AFFO
|
$ | 39,159 | $ | 12,855 | $ | 10,006 | $ | 9,397 | $ | 6,901 | $ | 33,335 | $ | 8,586 | ||||||||||||||
|
Scheduled principal repayments
|
(4,167 | ) | (996 | ) | (1,268 | ) | (997 | ) | (906 | ) | (2,684 | ) | (731 | ) | ||||||||||||||
|
FAD
|
$ | 34,992 | $ | 11,859 | $ | 8,738 | $ | 8,400 | $ | 5,995 | $ | 30,651 | $ | 7,855 | ||||||||||||||
|
Total weighted average shares and OP Units:
|
||||||||||||||||||||||||||||
|
Basic
|
46,484 | 50,638 | 46,976 | 44,889 | 43,382 | 41,178 | 42,278 | |||||||||||||||||||||
|
Diluted
|
46,940 | 51,150 | 47,410 | 45,317 | 43,792 | 41,167 | 42,559 | |||||||||||||||||||||
|
FFO per share:
|
||||||||||||||||||||||||||||
|
FFO per share - Basic
|
$ | 1.05 | $ | 0.29 | $ | 0.27 | $ | 0.27 | $ | 0.21 | $ | 1.04 | $ | 0.26 | ||||||||||||||
|
FFO per share - Diluted
|
$ | 1.04 | $ | 0.29 | $ | 0.27 | $ | 0.27 | $ | 0.21 | $ | 1.04 | $ | 0.25 | ||||||||||||||
|
AFFO per share - Basic
|
$ | 0.84 | $ | 0.25 | $ | 0.21 | $ | 0.21 | $ | 0.16 | $ | 0.81 | $ | 0.20 | ||||||||||||||
|
AFFO per share - Diluted
|
$ | 0.83 | $ | 0.25 | $ | 0.21 | $ | 0.21 | $ | 0.16 | $ | 0.81 | $ | 0.20 | ||||||||||||||
|
FAD per share - Basic
|
$ | 0.75 | $ | 0.23 | $ | 0.19 | $ | 0.19 | $ | 0.14 | $ | 0.74 | $ | 0.19 | ||||||||||||||
|
FAD per share - Diluted
|
$ | 0.75 | $ | 0.23 | $ | 0.18 | $ | 0.19 | $ | 0.14 | $ | 0.74 | $ | 0.18 | ||||||||||||||
|
Notes:
|
|
|
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 Quarterly Preferred OP Unit distributions are added back for the purposes of calculating diluted FFO. Refer to "Market Capitalization" for weighted-average basic and diluted shares.
|
|
- 8 -
|
EBITDA
|
||||||||||||||||||||||||
|
(in thousands)
|
|
Year-to-Date
|
Current Quarter
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Period ended December 31, 2012
|
Three months ended December 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Core Retail
|
Opportunity Funds |
Core Retail
|
Opportunity Funds | |||||||||||||||||||||||||||||||||||||||||||||
|
Total
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Wholly
|
Joint
|
Continuing
|
Continuing
|
Discontinued
|
TOTAL
|
Wholly
|
Joint
|
Continuing
|
Continuing
|
Discontinued
|
TOTAL
|
|||||||||||||||||||||||||||||||||||||
|
Owned
|
Ventures
|
Operations
|
Operations
|
Operations
|
Owned
|
Ventures
|
Operations
|
Operations
|
Operations
|
|||||||||||||||||||||||||||||||||||||||
|
NET INCOME
|
$ | 21,884 | $ | 265 | $ | 22,149 | $ | 526 | $ | 17,031 | $ | 39,706 | $ | 8,629 | $ | (163 | ) | $ | 8,466 | $ | 447 | $ | 12,363 | $ | 21,276 | |||||||||||||||||||||||
|
Add back:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Depreciation and amortization
|
16,201 | 1,582 | 17,783 | 3,193 | 1,162 | 22,138 | 4,683 | 426 | 5,109 | 768 | - | 5,877 | ||||||||||||||||||||||||||||||||||||
|
ASC 805 amortization
|
1,804 | - | 1,804 | 719 | - | 2,523 | 621 | - | 621 | 158 | - | 779 | ||||||||||||||||||||||||||||||||||||
|
Interest expense
|
14,483 | 4,219 | 18,702 | 3,354 | 943 | 22,999 | 3,883 | 1,012 | 4,895 | 1,031 | 146 | 6,072 | ||||||||||||||||||||||||||||||||||||
|
Amortization of finance costs
|
321 | 26 | 347 | 406 | 60 | 813 | 92 | 26 | 118 | 47 | - | 165 | ||||||||||||||||||||||||||||||||||||
|
ASC 805 interest expense
|
106 | - | 106 | (117 | ) | - | (11 | ) | 35 | - | 35 | (69 | ) | - | (34 | ) | ||||||||||||||||||||||||||||||||
|
Gain on sale of properties
|
248 | - | 248 | - | (14,460 | ) | (14,212 | ) | - | - | - | - | (11,692 | ) | (11,692 | ) | ||||||||||||||||||||||||||||||||
|
Provision for income taxes
|
245 | 1 | 246 | (162 | ) | 1 | 85 | (1,697 | ) | - | (1,697 | ) | - | - | (1,697 | ) | ||||||||||||||||||||||||||||||||
|
Loss on extinguishment of debt
|
- | 147 | 147 | 346 | 340 | 833 | - | 147 | 147 | 346 | 340 | 833 | ||||||||||||||||||||||||||||||||||||
|
Noncontrolling interest - OP
|
525 | - | 525 | - | - | 525 | 247 | - | 247 | - | - | 247 | ||||||||||||||||||||||||||||||||||||
|
EBITDA
|
$ | 55,817 | $ | 6,240 | $ | 62,057 | $ | 8,265 | $ | 5,077 | $ | 75,399 | $ | 16,493 | $ | 1,448 | $ | 17,941 | $ | 2,728 | $ | 1,157 | $ | 21,826 | ||||||||||||||||||||||||
- 9 -
|
Core Portfolio
|
||||||||||||||||||||||||
|
Net Operating Income (NOI) - Same Property Performance 1
|
||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||
|
Quarter
|
Year-to-Date
|
|||||||||||||||||||||||
|
Growth in Same
|
Growth in Same
|
|||||||||||||||||||||||
|
Three months ended
|
Property NOI -
|
Period ended
|
Property NOI -
|
|||||||||||||||||||||
|
Continuing Operations
|
Continuing Operations
|
|||||||||||||||||||||||
|
December 31, 2012
|
December 31, 2011
|
Favorable (unfavorable)
|
December 31, 2012
|
December 31, 2011
|
Favorable (unfavorable)
|
|||||||||||||||||||
|
Reconciliation of total NOI to same property NOI:
|
||||||||||||||||||||||||
|
NOI - Core properties
|
$ | 14,514 | $ | 11,477 | $ | 53,550 | $ | 44,594 | ||||||||||||||||
|
NOI - Properties acquired, in redevelopment
|
||||||||||||||||||||||||
|
and Discontinued Operations
|
(3,338 | ) | (1,092 | ) | (13,245 | ) | (5,701 | ) | ||||||||||||||||
|
Total
|
$ | 11,176 | $ | 10,385 | 7.6 | % | $ | 40,305 | $ | 38,893 | 3.6 | % | ||||||||||||
|
Same property NOI by revenues/expenses:
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Revenues
|
$ | 16,977 | $ | 15,193 | 11.7 | % | $ | 57,969 | $ | 56,473 | 2.6 | % | ||||||||||||
|
Expenses
|
5,801 | 4,808 | -20.7 | % | 17,633 | 17,580 | -0.3 | % | ||||||||||||||||
|
Total Core Portfolio
|
$ | 11,176 | $ | 10,385 | 7.6 | % | $ | 40,336 | $ | 38,893 | 3.7 | % | ||||||||||||
|
Notes:
|
||||||||||||||||||||||||
|
1 The above amounts include the pro-rata activity related to the Company's Core consolidated and unconsolidated investments.
|
||||||||||||||||||||||||
- 10 -
|
Fee income by Opportunity Fund
|
|
(in thousands)
|
|
Fund I
|
Fund II
|
Fund III
|
Fund IV
|
Other
|
Total
|
|||||||||||||||||||
|
Year ended December 31, 2012
|
||||||||||||||||||||||||
|
Asset and property management fees
|
$ | 288 | $ | 4,528 | $ | 6,569 | $ | 4,007 | $ | 679 | $ | 16,071 | ||||||||||||
|
Transactional fees
|
33 | 3,408 | 2,474 | 75 | 709 | 6,699 | ||||||||||||||||||
|
Total management fees
|
$ | 321 | $ | 7,936 | $ | 9,043 | $ | 4,082 | $ | 1,388 | $ | 22,770 | ||||||||||||
|
Fund I
|
Fund II
|
Fund III
|
Fund IV
|
Other
|
Total
|
|||||||||||||||||||
|
Current quarter ended December 31, 2012
|
||||||||||||||||||||||||
|
Asset and property management fees and priority distributions
|
$ | 67 | $ | 1,199 | $ | 1,498 | $ | 1,584 | $ | 127 | $ | 4,475 | ||||||||||||
|
Transactional fees
|
3 | 883 | 385 | 75 | 242 | 1,588 | ||||||||||||||||||
|
Total management fees and priority distributions
|
$ | 70 | $ | 2,082 | $ | 1,883 | $ | 1,659 | $ | 369 | $ | 6,063 | ||||||||||||
|
Fund I
|
Fund II
|
Fund III
|
Fund IV 1
|
Other
|
Total
|
|||||||||||||||||||
|
Previous Quarter ended September 30, 2012
|
||||||||||||||||||||||||
|
Asset and property management fees
|
$ | 67 | $ | 1,059 | $ | 1,676 | $ | 1,949 | $ | 63 | $ | 4,814 | ||||||||||||
|
Transactional fees
|
2 | 1,071 | 1,004 | - | 60 | 2,137 | ||||||||||||||||||
|
Total management fees
|
$ | 69 | $ | 2,130 | $ | 2,680 | $ | 1,949 | $ | 123 | $ | 6,951 | ||||||||||||
|
Fund I
|
Fund II
|
Fund III
|
Fund IV
|
Other
|
Total
|
|||||||||||||||||||
|
Previous Quarter ended June 30, 2012
|
||||||||||||||||||||||||
|
Asset and property management fees
|
$ | 65 | $ | 1,167 | $ | 1,678 | $ | 474 | $ | 219 | $ | 3,603 | ||||||||||||
|
Transactional fees
|
14 | 628 | 581 | - | 244 | 1,467 | ||||||||||||||||||
|
Total management fees
|
$ | 79 | $ | 1,795 | $ | 2,259 | $ | 474 | $ | 463 | $ | 5,070 | ||||||||||||
|
Fund I
|
Fund II
|
Fund III
|
Fund IV
|
Other
|
Total
|
|||||||||||||||||||
|
Previous Quarter ended March 31, 2012
|
||||||||||||||||||||||||
|
Asset and property management fees
|
$ | 89 | $ | 1,103 | $ | 1,717 | $ | - | $ | 270 | $ | 3,179 | ||||||||||||
|
Transactional fees
|
14 | 826 | 504 | - | 163 | 1,507 | ||||||||||||||||||
|
Total management fees
|
$ | 103 | $ | 1,929 | $ | 2,221 | $ | - | $ | 433 | $ | 4,686 | ||||||||||||
|
1 Includes $365 of asset management fee due for the period May 16, 2012 (initial closing date) through June 30, 2012 for investors closed subsequent to June 30, 2012.
|
||||||||||||||||||||||||
- 11 -
|
Pro-Rata Consolidated Balance Sheet
|
|
(in thousands)
|
|
Consolidated
|
Noncontrolling
|
Company's
|
Pro-Rata
|
|||||||||||||||||||||
|
Balance
|
Interest in
|
Interest in
|
Consolidated
|
|||||||||||||||||||||
|
Sheet
|
Consolidated
|
Unconsolidated
|
Balance
|
|||||||||||||||||||||
|
As Reported 1
|
Subsidiaries
|
Subsidiaries
|
Sheet 2
|
Notes
|
||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||
|
Real estate
|
1 The interim consolidated balance sheet is unaudited, although it
|
|||||||||||||||||||||||
|
Land
|
$ | 293,691 | $ | (94,098 | ) | $ | 24,869 | $ | 224,462 |
reflects all adjustments, which in the opinion of management,
|
||||||||||||||
|
Buildings and improvements
|
953,020 | (317,171 | ) | 95,499 | 731,348 |
are necessary for the fair presentation of the consolidated
|
||||||||||||||||||
|
Construction in progress
|
2,429 | (1,107 | ) | 1,301 | 2,623 |
balance sheet for the interim period.
|
||||||||||||||||||
| 1,249,140 | (412,376 | ) | 121,669 | 958,433 | ||||||||||||||||||||
|
Less: accumulated depreciation
|
(187,029 | ) | 38,161 | (13,422 | ) | (162,290 | ) |
2 The Company currently invests in Funds I, II, III & IV and Mervyns I & II
|
||||||||||||||||
|
Net real estate
|
1,062,111 | (374,215 | ) | 108,247 | 796,143 |
which are consolidated with the Company's financial statements.
|
||||||||||||||||||
|
To provide investors with supplemental information, the Company's
|
||||||||||||||||||||||||
|
Net real estate under development
|
246,602 | 3 | (199,988 | ) | 197 | 46,811 |
investments in these joint ventures are reflected above on a pro-rata
|
|||||||||||||||||
|
basis by calculating its ownership percentage for each of the asset
|
||||||||||||||||||||||||
|
Cash and cash equivalents
|
91,813 | (30,184 | ) | 1,300 | 62,929 |
and liability line items. Similarly, the presentation also includes
|
||||||||||||||||||
|
Cash in escrow
|
18,934 | (11,603 | ) | 1,015 | 8,346 |
the Company's pro-rata share of assets and liabilities for
|
||||||||||||||||||
|
Investments in and advances to unconsolidated affiliates
|
221,694 | (166,884 | ) | (45,545 | ) | 9,265 |
unconsolidated investments which are accounted for under the equity
|
|||||||||||||||||
|
Rents receivable, net
|
4,974 | (2,056 | ) | 397 | 3,315 |
method of accounting for the Company's financial statements.
|
||||||||||||||||||
|
Straight-line rents receivable, net
|
22,770 | (11,072 | ) | 1,556 | 13,254 | |||||||||||||||||||
|
Notes Receivable
|
129,278 | (22,492 | ) | 1,080 | 107,866 |
3 The components of Net real estate under development are as follows:
|
||||||||||||||||||
|
Deferred charges, net
|
26,777 | (19,923 | ) | 1,821 | 8,675 |
Fund II
|
$ | 216,357 | ||||||||||||||||
|
Prepaid expenses and other assets
|
29,241 | 25,368 | 1,521 | 56,130 | 4 |
Fund III
|
27,876 | |||||||||||||||||
|
Acquired lease intangibles
|
31,975 | (11,638 | ) | 1,193 | 21,530 | |||||||||||||||||||
|
Accounts receivable from related parties
|
210 | - | - | 210 |
Total Opportunity Funds
|
244,233 | ||||||||||||||||||
|
Assets of discontinued operations
|
22,061 | (16,640 | ) | - | 5,421 |
Core Portfolio
|
2,369 | |||||||||||||||||
|
Total
|
$ | 246,602 | ||||||||||||||||||||||
|
Total Assets
|
$ | 1,908,440 | $ | (841,327 | ) | $ | 72,782 | $ | 1,139,895 | |||||||||||||||
|
4 The components of Prepaid expenses and other assets are as follows:
|
||||||||||||||||||||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
Due from Fund Investors
|
$ | 39,228 | |||||||||||||||||||||
|
Contract deposits
|
5,390 | |||||||||||||||||||||||
|
Mortgage notes payable
|
$ | 727,155 | (372,120 | ) | $ | 89,617 | $ | 444,652 |
Unsettled At-The-Market proceeds
|
4,006 | ||||||||||||||
|
Notes payable
|
930 | - | - | 930 |
Prepaid expenses
|
3,197 | ||||||||||||||||||
|
Valuation of debt at acquisition, net of amortization
|
(107 | ) | (285 | ) | 113 | (279 | ) |
Accrued interest on Notes Receivable
|
1,953 | |||||||||||||||
|
Acquired lease intangibles
|
14,115 | (2,862 | ) | 2,342 | 13,595 |
Other
|
2,356 | |||||||||||||||||
|
Accounts payable and accrued expenses
|
29,309 | (11,952 | ) | 1,938 | 19,295 |
Total
|
$ | 56,130 | ||||||||||||||||
|
Dividends and distributions payable
|
9,674 | - | - | 9,674 | ||||||||||||||||||||
|
Share of losses in excess of inv. in unconsolidated affiliates
|
22,707 | - | (22,515 | ) | 192 | |||||||||||||||||||
|
Accounts payable to related parties
|
- | - | - | - | ||||||||||||||||||||
|
Other liabilities
|
21,303 | (8,678 | ) | 1,287 | 13,912 | |||||||||||||||||||
|
Liabilities of discontinued operations
|
13,098 | (9,706 | ) | - | 3,392 | |||||||||||||||||||
|
Total liabilities
|
838,184 | (405,603 | ) | 72,782 | 505,363 | |||||||||||||||||||
|
Shareholders' equity:
|
||||||||||||||||||||||||
|
Common shares
|
52 | - | - | 52 | ||||||||||||||||||||
|
Additional paid-in capital
|
581,925 | - | - | 581,925 | ||||||||||||||||||||
|
Accumulated other comprehensive income
|
(4,307 | ) | - | - | (4,307 | ) | ||||||||||||||||||
|
Retained earnings
|
45,127 | - | - | 45,127 | ||||||||||||||||||||
|
Total controlling interest
|
622,797 | - | - | 622,797 | ||||||||||||||||||||
|
Non-controlling interest in subsidiary
|
447,459 | (435,724 | ) | - | 11,735 | |||||||||||||||||||
|
Total shareholders' equity
|
1,070,256 | (435,724 | ) | - | 634,532 | |||||||||||||||||||
|
Total Liabilities and Shareholders' Equity
|
$ | 1,908,440 | $ | (841,327 | ) | $ | 72,782 | $ | 1,139,895 | |||||||||||||||
- 12 -
|
Notes Receivable
|
||||||||||||||||||||||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||
|
Balance at
|
Balance at
|
Underlying third-party
|
||||||||||||||||||||||||||||||||||||||||||
|
September 30, 2012
|
Fourth
|
December 31, 2012
|
|
Stated
|
Effective
|
first mortgage
|
||||||||||||||||||||||||||||||||||||||
|
Quarter
|
Accrued
|
Interest
|
Interest
|
Maturity
|
Extension
|
|
||||||||||||||||||||||||||||||||||||||
|
Investment
|
Principal
|
Activity
|
Principal2
|
Interest
|
Total
|
Rate
|
Rate 1
|
Dates
|
Options
|
Amount
|
Maturity Dates
|
|||||||||||||||||||||||||||||||||
|
First mortgage notes
|
$ | 5,669 | $ | 43,250 | $ | 48,919 | $ | 312 | $ | 49,231 | 8.29 | % | 9.59 | % |
2013 to 2014
|
- | n/a | n/a | ||||||||||||||||||||||||||
|
Short-term notes related to acquisitions
|
22,500 | (22,500 | ) | - | - | - | - | - | n/a | - | n/a | n/a | ||||||||||||||||||||||||||||||||
|
Mezzanine notes
|
18,953 | 30,573 | 49,526 | 1,311 | 50,837 | 14.09 | % | 14.77 | % |
2013 to 2020
|
- | 302,923 |
2014 thru 2019
|
|||||||||||||||||||||||||||||||
|
Total notes receivable
|
$ | 47,122 | $ | 51,323 | $ | 98,445 | $ | 1,623 | $ | 100,068 | 11.21 | % | 12.20 | % | ||||||||||||||||||||||||||||||
|
Notes:
|
||||||||||||||||||||||||||||||||||||||||||||
|
1 Inclusive of points and exit fees.
|
||||||||||||||||||||||||||||||||||||||||||||
|
2 Reconciliation of Notes Receivable to the Consolidated Balance Sheet
|
||||||||||||||||||||||||||||||||||||||||||||
|
Total Notes Receivable per above
|
$ | 98,445 | ||||||||||||||||||||||||||||||||||||||||||
|
Fund I first mortgage loan - related to Kroger/Safeway sale
|
12,333 | |||||||||||||||||||||||||||||||||||||||||||
|
Fund III first mortgage investments
|
18,500 | |||||||||||||||||||||||||||||||||||||||||||
|
Total Notes Receivable per Consolidated Balance Sheet
|
$ | 129,278 | ||||||||||||||||||||||||||||||||||||||||||
- 13 -
|
2013 Guidance
|
|||||
|
(in millions except per share amounts, all per share amounts are fully diluted)
|
|||||
|
2013 Guidance
|
2012 Actual
|
||||
|
Overall:
|
|||||
|
Fully diluted Common Shares and OP Units
|
54,600 - 55,800
|
51,150
|
|||
|
Full year Funds from Operations ("FFO") per share
|
$1.17 to $1.25
|
$1.04
|
|||
|
Earnings per Share ("EPS")
|
$0.66 to $0.71
|
$0.85
|
|||
|
FFO Components:
|
|||||
|
Core and pro-rata share of opportunity Fund ("Fund") portfolio income
|
$66.5 to $70.5
|
$47.6
|
|||
|
Asset and property management fee income, net of TRS taxes
|
$14.5 to $15.0
|
$16.3
|
|||
|
Transactional fee income, net of TRS taxes
|
$6.5 to $7.0
|
$6.8
|
|||
|
Promote, RCP and other income, net of TRS taxes
|
$1.0 to $1.5
|
$1.5
|
|||
|
General and administrative expense
|
$(24.5) to $(24.0)
|
$(23.4)
|
|||
|
Total
|
$64.0 to $70.0
|
$48.8
|
|||
- 14 -
|
Net Asset Valuation Information
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CORE
|
FUND I
|
FUND II
|
FUND III
|
FUND IV
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fund Level
|
AKR pro-rata share
|
Fund Level
|
AKR Pro-rata Share
|
Fund Level
|
AKR pro-rata share
|
Fund Level
|
AKR pro-rata share
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Quarterly
|
Annualized (x4)
|
|
% | $ |
Quarterly
|
Annualized (x4)
|
% | $ |
Quarterly
|
Annualized (x4)
|
% | $ |
Quarterly
|
Annualized (x4)
|
% | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Current NOI
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net Operating Income - Continuing Operations
|
$ | 14,514 | $ | 58,056 | -- | $ | 4,823 | $ | 19,292 | 20.00 | % | $ | 3,858 | $ | 4,614 | $ | 18,456 | 19.90 | % | $ | 3,673 | $ | 292 | $ | 1,168 | 23.12 | % | $ | 270 | |||||||||||||||||||||||||||||||||||||||
|
Less: Net Operating Income of pre-stabilized assets
|
33 | 132 | 27 | (175 | ) | (700 | ) | (139 | ) | (292 | ) | (1,168 | ) | (270 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net Operating Income of stabilized assets
|
4,856 | 19,424 | 3,885 | 4,439 | 17,756 | 3,534 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Cost to Date
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Cost basis of pre-stabilized assets
|
$ | - | $ | - | $ | 40,456 | $ | 8,051 | $ |
144,120
|
$ |
33,321
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Discontinued operations, net of debt
|
$ | 23,139 | $ | 4,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Debt
|
$ | 341,044 | $ | - | $ | 216,350 | $ | 42,426 | $ | 224,874 | $ | 40,599 | $ | 93,050 | $ | 21,513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Gross asset value1
|
16,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net Asset Value
|
$ | 16,000 | 37.78 | % | $ | 6,045 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Notes:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1Fund I value is based on property appraisals. Pro-rata share is 20% (AKR promote) + 22% x 80% (AKR remaining share after promote) = 37.78%.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- 15 -
|
Selected Financial Ratios
|
|||||||||||||||
|
(in thousands)
|
|||||||||||||||
|
Three months ended December 31,
|
Period ended December 31, 2012
|
Three months ended December 31,
|
Three months ended September 30,
|
||||||||||||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
2012
|
2012
|
||||||||||||||||||||||
|
COVERAGE RATIOS1
|
LEVERAGE RATIOS
|
||||||||||||||||||||||||||
|
EBITDA2
|
$ | 21,826 | $ | 14,398 | $ | 75,399 | $ | 64,142 |
Debt4
|
$ | 445,582 | $ | 460,664 | ||||||||||||||
|
Divided by Interest expense
|
6,072 | 5,694 | 22,999 | 23,371 |
Total Market Capitalization
|
1,773,821 | 1,646,540 | ||||||||||||||||||||
|
Interest Coverage Ratio
|
3.6 | x | 2.5 | x | 3.3 | x | 2.7 | x |
Debt/Total Market Capitalization
|
25 | % | 28 | % | ||||||||||||||
|
EBITDA
|
$ | 21,826 | $ | 14,398 | $ | 75,399 | $ | 64,142 |
Debt4, 6
|
$ | 382,653 | $ | 394,102 | ||||||||||||||
|
Divided by (Interest expense
|
6,072 | 5,694 | 22,999 | 23,371 |
Total Market Capitalization
|
1,710,892 | 1,579,978 | ||||||||||||||||||||
|
Plus: Preferred Dividends)3
|
4 | 5 | 18 | 18 |
Net Debt/Total Market Capitalization
|
22 | % | 25 | % | ||||||||||||||||||
|
Fixed Charge Coverage Ratio
|
3.6 | x | 2.5 | x | 3.3 | x | 2.7 | x | |||||||||||||||||||
|
Debt + Preferred Equity (Preferred O.P. Units)
|
$ | 446,211 | $ | 461,286 | |||||||||||||||||||||||
|
EBITDA
|
$ | 21,826 | $ | 14,398 | $ | 75,399 | $ | 64,142 |
Total Market Capitalization
|
1,773,821 | 1,646,540 | ||||||||||||||||
|
Divided by (Interest expense
|
6,072 | 5,694 | 22,999 | 23,371 |
Debt+Preferred Equity/Total Market Capitalization
|
25 | % | 28 | % | ||||||||||||||||||
|
Plus: Principal Amortization)
|
996 | 731 | 4,167 | 2,684 | |||||||||||||||||||||||
|
Debt Service Coverage Ratio
|
3.1 | x | 2.2 | x | 2.8 | x | 2.5 | x |
Debt
|
$ | 341,044 | $ | 333,471 | ||||||||||||||
|
EBITDA (Annualized)
|
71,764 | 66,388 | |||||||||||||||||||||||||
|
Payout Ratios
|
Debt/EBITDA - Core Portfolio
|
4.8 | x | 5.0 | x | ||||||||||||||||||||||
|
Dividends (Shares) & Distributions (OP Units) paid
|
$ | 8,757 | $ | 7,507 | $ | 33,250 | $ | 30,025 |
Debt5
|
$ | 287,139 | $ | 275,966 | ||||||||||||||
|
FFO
|
14,669 | 10,804 | 48,845 | 40,315 |
EBITDA (Annualized)
|
71,764 | 66,388 | ||||||||||||||||||||
|
FFO Payout Ratio
|
60 | % | 69 | % | 68 | % | 74 | % |
Net Debt/EBITDA - Core Portfolio
|
4.0 | x | 4.2 | x | ||||||||||||||
|
Dividends (Shares) & Distributions (OP Units) paid
|
$ | 8,757 | $ | 7,507 | $ | 33,250 | $ | 30,025 |
Debt
|
$ | 445,582 | $ | 460,664 | ||||||||||||||
|
AFFO
|
12,855 | 8,586 | 39,159 | 33,335 |
EBITDA (Annualized)
|
82,676 | 77,072 | ||||||||||||||||||||
|
AFFO Payout Ratio
|
68 | % | 87 | % | 85 | % | 90 | % |
Debt/EBITDA - Core Portfolio and Opportunity Funds
|
5.4 | x | 6.0 | x | ||||||||||||||
|
Dividends (Shares) & Distributions (OP Units) paid
|
$ | 8,757 | $ | 7,507 | $ | 33,250 | $ | 30,025 |
Debt6
|
$ | 382,653 | $ | 394,102 | ||||||||||||||
|
FAD
|
11,859 | 7,855 | 34,992 | 30,651 |
EBITDA (Annualized)
|
82,676 | 77,072 | ||||||||||||||||||||
|
FAD Payout Ratio
|
74 | % | 96 | % | 95 | % | 98 | % |
Net Debt/EBITDA - Core Portfolio and Opportunity Funds
|
4.6 | x | 5.1 | x | ||||||||||||||
|
NOI (Annualized)
|
$ | 58,056 | $ | 54,124 | |||||||||||||||||||||||
|
|
Debt
|
341,044 | 333,471 | ||||||||||||||||||||||||
|
Debt Yield - Core Portfolio
|
17.0 | % | 16.2 | % | |||||||||||||||||||||||
|
NOI (Annualized)
|
$ | 58,056 | $ | 54,124 | |||||||||||||||||||||||
|
Debt5
|
287,139 | 275,966 | |||||||||||||||||||||||||
|
Net Debt Yield - Core Portfolio
|
20.2 | % | 19.6 | % | |||||||||||||||||||||||
|
NOI (Annualized)
|
$ | 65,844 | $ | 65,308 | |||||||||||||||||||||||
|
Debt
|
445,582 | 460,664 | |||||||||||||||||||||||||
|
Debt Yield - Core Portfolio and Opportunity Funds
|
14.8 | % | 14.2 | % | |||||||||||||||||||||||
|
NOI (Annualized)
|
$ | 65,844 | $ | 65,308 | |||||||||||||||||||||||
|
Debt6
|
382,653 | 394,102 | |||||||||||||||||||||||||
|
Net Debt Yield - Core Portfolio and Opportunity Funds
|
17.2 | % | 16.6 | % | |||||||||||||||||||||||
Notes:
1Quarterly 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 coverage ratios include the Company's pro-rata share of EBITDA, interest expense and principal amortization related to
both the Company's consolidated and unconsolidated investments in joint ventures.
2See page 9 for a calculation of EBITDA.
3Represents preferred distributions on Preferred Operating partnership Units.
4Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt.
5Reflects debt net of the current Core Portfolio cash balance at end of period.
6Reflects debt net of the current Core Portfolio and pro-rata share of the Opportunity Funds cash balance at end of period.
- 16 -
|
Portfolio Debt - Summary
|
|||||||||||||
|
Reconciliation from Pro-Rata Share of Debt to GAAP Debt per Financial Statement
|
|||||||||||||
|
(in thousands)
|
|||||||||||||
|
Acadia Pro-Rata Share of Debt 2
|
Reconciliation to Consolidated Debt as Reported
|
|||||||||||||||||||||||||||||||||||||
|
Add:
|
Less:
|
Acadia
|
||||||||||||||||||||||||||||||||||||
|
Core Portfolio
|
Opportunity Funds
|
Total
|
Noncontrolling
|
Pro-rata Share of
|
Consolidated
|
|||||||||||||||||||||||||||||||||
|
Principal
|
Interest
|
Principal
|
Interest
|
Principal
|
Interest
|
Fixed vs
|
Interest Share of
|
Unconsolidated
|
Debt
|
|||||||||||||||||||||||||||||
|
Mortgage Notes Payable
|
Balance
|
Rate
|
Balance
|
Rate
|
Balance
|
Rate
|
Variable
|
Consolidated Debt 3
|
Debt 4
|
As Reported
|
||||||||||||||||||||||||||||
|
Fixed-Rate Debt 1
|
$ | 341,044 | 5.5 | % | $ | 41,831 | 4.3 | % | $ | 382,875 | 5.3 | % | 86 | % | $ | 137,845 | $ | (85,521 | ) | $ | 435,199 | |||||||||||||||||
|
Variable-Rate Debt
|
- | N/A | 62,707 | 2.8 | % | 62,707 | 2.8 | % | 14 | % | 234,275 | (4,096 | ) | 292,886 | ||||||||||||||||||||||||
|
Total
|
$ | 341,044 | 5.5 | % | $ | 104,538 | 3.4 | % | $ | 445,582 | 5.0 | % | 100 | % | $ | 372,120 | $ | (89,617 | ) | 728,085 | ||||||||||||||||||
|
ASC 805 purchase price debt allocation
|
(107 | ) | ||||||||||||||||||||||||||||||||||||
|
Total debt as reported
|
$ | 727,978 | ||||||||||||||||||||||||||||||||||||
|
Notes
|
||||||||||||||||||||||||||||||||||||||
|
1 Fixed-rate debt includes notional principal fixed through swap transactions.
|
||||||||||||||||||||||||||||||||||||||
|
2 Represents the Company's pro-rata share of debt based on its percent ownership.
|
||||||||||||||||||||||||||||||||||||||
|
3 Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.
|
||||||||||||||||||||||||||||||||||||||
|
4 Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.
|
||||||||||||||||||||||||||||||||||||||
- 17 -
|
Portfolio Debt - Detail
|
|||||||||||||||||||
|
(in thousands)
|
|||||||||||||||||||
|
Principal Balance at
|
Acadia's Pro-rata Share
|
Interest
|
Maturity
|
Extension
|
|||||||||||||||
|
Property
|
Entity
|
December 31, 2012
|
Percent
|
Amount
|
Rate
|
Date
|
Options
|
||||||||||||
|
CORE PORTFOLIO
|
|||||||||||||||||||
|
Fixed-Rate Debt
|
|||||||||||||||||||
|
Clark Diversey
|
Acadia
|
$ | 4,345 | 100.0 | % | $ | 4,345 | 6.35 | % |
7/1/2014
|
None
|
||||||||
|
New Loudon Center
|
Acadia
|
13,634 | 100.0 | % | 13,634 | 5.64 | % |
9/6/2014
|
None
|
||||||||||
|
Crossroads Shopping Center
|
Crossroads JV
|
59,357 | 49.0 | % | 29,085 | 5.37 | % |
12/1/2014
|
None
|
||||||||||
|
Crescent Plaza
|
Acadia
|
17,025 | 100.0 | % | 17,025 | 4.98 | % |
9/6/2015
|
None
|
||||||||||
|
Pacesetter Park Shopping Center
|
Acadia
|
11,742 | 100.0 | % | 11,742 | 5.12 | % |
11/6/2015
|
None
|
||||||||||
|
Elmwood Park Shopping Center
|
Acadia
|
33,258 | 100.0 | % | 33,258 | 5.53 | % |
1/1/2016
|
None
|
||||||||||
|
Chicago Portfolio
|
Acadia
|
15,835 | 100.0 | % | 15,835 | 5.61 | % |
2/1/2016
|
None
|
||||||||||
|
The Gateway Shopping Center
|
Acadia
|
20,036 | 100.0 | % | 20,036 | 5.44 | % |
3/1/2016
|
None
|
||||||||||
|
Cambridge (Whole Foods)
|
Acadia
|
6,931 | 100.0 | % | 6,931 | 6.26 | % |
5/1/2016
|
None
|
||||||||||
|
Cambridge (Rite Aid)
|
Acadia
|
4,197 | 100.0 | % | 4,197 | 3.68 | % |
5/1/2016
|
1 x 60 mos.
|
||||||||||
|
Brandywine Town Center
|
Brandywine JV
|
166,200 | 22.2 | % | 36,933 | 5.99 | % |
7/1/2016
|
None
|
||||||||||
|
Walnut Hill Plaza
|
Acadia
|
23,194 | 100.0 | % | 23,194 | 6.06 | % |
10/1/2016
|
None
|
||||||||||
|
Rhode Island Place Shopping Center
|
Acadia
|
16,426 | 100.0 | % | 16,426 | 6.35 | % |
12/1/2016
|
None
|
||||||||||
|
Acadia Realty Trust (Convertible Notes)
|
Acadia
|
930 | 100.0 | % | 930 | 3.75 | % |
12/15/2016
|
None
|
||||||||||
|
239 Greenwich Avenue
|
Acadia
|
26,000 | 75.0 | % | 19,500 | 5.42 | % |
2/11/2017
|
None
|
||||||||||
|
639 West Diversey
|
Acadia
|
4,431 | 100.0 | % | 4,431 | 6.65 | % |
3/1/2017
|
None
|
||||||||||
|
Merrillville Plaza
|
Acadia
|
26,151 | 100.0 | % | 26,151 | 5.88 | % |
8/1/2017
|
None
|
||||||||||
|
A & P Shopping Plaza
|
Acadia
|
7,967 | 60.0 | % | 4,780 | 4.20 | % |
9/6/2022
|
None
|
||||||||||
|
Georgetown Portfolio
|
Acadia
|
18,477 | 50.0 | % | 9,239 | 4.72 | % |
11/10/2027
|
None
|
||||||||||
|
Interest rate swaps1
|
Acadia
|
43,372 | 100.0 | % | 43,372 | 4.41 | % |
Various
|
|||||||||||
|
Sub-Total Fixed-Rate Debt
|
519,508 | 341,044 | 5.45 | % | |||||||||||||||
|
Variable-Rate Debt
|
|||||||||||||||||||
|
Various2 (Secured Line of Credit)
|
Acadia
|
- | 100.0 | % | - |
Libor + 125
|
3/1/2013
|
None
|
|||||||||||
|
Branch Plaza
|
Acadia
|
12,526 | 100.0 | % | 12,526 |
Libor + 225
|
9/30/2014
|
1 x 36 mos.
|
|||||||||||
|
Village Commons Shopping Center
|
Acadia
|
9,192 | 100.0 | % | 9,192 |
Libor + 140
|
6/30/2018
|
None
|
|||||||||||
|
West Diversey
|
Acadia
|
15,273 | 100.0 | % | 15,273 |
Libor + 190
|
4/27/2019
|
None
|
|||||||||||
|
4401 N White Plains Road
|
Acadia
|
6,381 | 100.0 | % | 6,381 |
Libor + 190
|
9/1/2022
|
None
|
|||||||||||
|
Interest rate swaps1
|
Acadia
|
(43,372 | ) | 100.0 | % | (43,372 | ) |
Libor + 190
|
|||||||||||
|
Sub-Total Variable-Rate Debt
|
- | - |
Libor + 190
|
||||||||||||||||
|
Total Core Portfolio Debt
|
$ | 519,508 | $ | 341,044 | 5.45 | % | |||||||||||||
- 18 -
|
Debt Analysis (continued)
|
|||||||||||||||||||
|
(in thousands)
|
|||||||||||||||||||
|
Principal Balance at
|
Acadia's Pro-rata Share
|
Interest
|
Maturity
|
Extension
|
|||||||||||||||
|
Property
|
Entity
|
December 31, 2012
|
Percent
|
Amount
|
Rate
|
Date
|
Options
|
||||||||||||
|
OPPORTUNITY FUNDS
|
|||||||||||||||||||
|
Fixed-Rate Debt
|
|||||||||||||||||||
|
Lincoln Park Centre
|
Fund III
|
$ | 19,478 | 19.9 | % | $ | 3,877 | 5.85 | % |
12/1/2013
|
None
|
||||||||
|
Lincoln Road6
|
Fund III
|
19,870 | 18.9 | % | 3,757 | 6.14 | % |
8/11/2014
|
None
|
||||||||||
|
CityPoint
|
Fund II
|
20,000 | 18.8 | % | 3,766 | 7.25 | % |
11/1/2014
|
None
|
||||||||||
|
Arundel Plaza7
|
Fund III
|
9,188 | 17.9 | % | 1,646 | 5.60 | % |
4/1/2015
|
None
|
||||||||||
|
216th Street3
|
Fund II
|
25,500 | 19.8 | % | 5,054 | 5.80 | % |
10/1/2017
|
None
|
||||||||||
|
CityPoint
|
Fund II
|
5,262 | 18.8 | % | 991 | 1.00 | % |
8/23/2019
|
None
|
||||||||||
|
Interest rate swaps1
|
Funds II & III
|
118,577 | 19.2 | % | 22,740 | 2.96 | % |
Various
|
|||||||||||
|
Sub-Total Fixed-Rate Debt
|
217,875 | 41,831 | 4.30 | % | |||||||||||||||
|
Variable-Rate Debt
|
|||||||||||||||||||
|
161st Street3
|
Fund II
|
28,900 | 19.8 | % | 5,728 |
Libor + 600
|
4/1/2013
|
None
|
|||||||||||
|
CityPoint
|
Fund II
|
20,650 | 18.8 | % | 3,888 |
Libor + 250
|
8/12/2013
|
2 x 12 mos.
|
|||||||||||
|
Pelham Manor Shopping Plaza3
|
Fund II
|
33,833 | 19.8 | % | 6,706 |
Libor + 275
|
12/1/2013
|
None
|
|||||||||||
|
Parkway Crossing7
|
Fund III
|
13,758 | 17.9 | % | 2,465 |
Libor + 220
|
1/1/2015
|
2 x 12 mos.
|
|||||||||||
|
640 Broadway
|
Fund III
|
22,750 | 10.0 | % | 2,264 |
Libor + 295
|
7/1/2015
|
1 x 12 mos.
|
|||||||||||
|
Heritage Shops
|
Fund III
|
21,000 | 19.9 | % | 4,179 |
Libor + 225
|
8/10/2015
|
2 x 12 mos.
|
|||||||||||
|
Fordham Place3
|
Fund II
|
82,205 | 19.8 | % | 16,293 |
Libor + 300
|
9/25/2015
|
2 x 12 mos.
|
|||||||||||
|
Cortlandt Towne Center
|
Fund III
|
73,499 | 19.9 | % | 14,626 |
Libor + 190
|
10/26/2015
|
None
|
|||||||||||
|
New Hyde Park Shopping Center
|
Fund III
|
6,484 | 19.9 | % | 1,290 |
Libor + 225
|
11/10/2015
|
2 x 12 mos.
|
|||||||||||
|
Acadia Strategic Opportunity IV LLC4
|
Fund IV
|
93,050 | 23.1 | % | 21,513 |
Libor + 165
|
11/20/2015
|
1 x 12 mos.
|
|||||||||||
|
White City Shopping Center5
|
Fund III
|
38,847 | 16.7 | % | 6,495 |
Libor + 260
|
12/23/2017
|
1 x 36 mos.
|
|||||||||||
|
Interest rate swaps1
|
Funds II & III
|
(118,577 | ) | 19.2 | % | (22,740 | ) |
Libor + 232
|
|||||||||||
|
Sub-Total Variable-Rate Debt
|
316,399 | 62,707 |
Libor + 260
|
||||||||||||||||
|
Total Opportunity Funds Portfolio Debt
|
$ | 534,274 | $ | 104,538 | 3.41 | % | |||||||||||||
- 19 -
|
Debt Analysis - Notes
|
|||||||||||||||||
|
(in thousands)
|
|||||||||||||||||
|
1The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements as follows:
|
|||||||||||||||||
|
Notional
|
Pro-rata
|
Average
|
Maturity
|
||||||||||||||
|
principal
|
Share
|
Swap rate
|
All-in Rate
|
Date
|
|||||||||||||
|
Core Portfolio
|
|||||||||||||||||
| $ | 9,192 | $ | 9,192 | 2.90 | % | 4.80 | % |
7/2/2018
|
|||||||||
| 15,273 | 15,273 | 1.57 | % | 3.47 | % |
5/1/2019
|
|||||||||||
| 12,526 | 12,526 | 3.77 | % | 5.67 | % |
12/1/2022
|
|||||||||||
| 6,381 | 6,381 | 1.75 | % | 3.65 | % |
9/1/2022
|
|||||||||||
| 43,372 | 43,372 | 2.51 | % | 4.41 | % | ||||||||||||
|
Opportunity Funds
|
|||||||||||||||||
| 35,667 | 7,133 | 0.70 | % | 2.95 | % |
5/1/2015
|
|||||||||||
| 32,818 | 6,564 | 0.70 | % | 2.95 | % |
5/1/2015
|
|||||||||||
| 21,000 | 4,179 | 0.52 | % | 2.77 | % |
8/10/2015
|
|||||||||||
| 19,395 | 3,243 | 2.90 | % | 5.50 | % |
12/26/2017
|
|||||||||||
| 9,697 | 1,621 | 3.02 | % | 5.62 | % |
12/26/2017
|
|||||||||||
| 118,577 | 22,740 | 1.15 | % | 2.96 | % | ||||||||||||
|
Total Core Portfolio and Opportunity Funds
|
$ | 161,949 | $ | 66,112 | 2.04 | % | 3.74 | % | |||||||||
|
2This is a revolving facility for up to $64,500 and is collateralized by Bloomfield Town Square, Hobson West Plaza, Marketplace of Absecon,
|
|||||||||||||||||
|
Abington Towne Center, Methuen Shopping Center and Town Line Plaza. Subsequent to December 31, 2012, this secured facility has been replaced
|
|||||||||||||||||
|
with a $150,000 unsecured revolving facility.
|
|||||||||||||||||
|
3Fund II is a 99.1% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 99.1% x 20%, or 19.8%.
|
|||||||||||||||||
|
4Total current availability under this facility is $150,000. Fund IV also has the ability to increase the size of this facility to a total of $235,146.
|
|||||||||||||||||
|
5Fund III is an 84.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 84.0% x 19.9%, or 16.7%.
|
|||||||||||||||||
|
6Fund III is a 95.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 95.0% x 19.9%, or 18.9%.
|
|||||||||||||||||
|
7Fund III is a 90.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 90.0% x 19.9%, or 17.9%.
|
|||||||||||||||||
- 20 -
|
Future Debt Maturities - Including Extension Options
|
||||||||||||||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||||||||
|
Core Portfolio
|
||||||||||||||||||||||||||||||||||||
|
Total Debt Maturities
|
Acadia's Pro-rata Share
|
Weighted Average Interest Rate of Maturing Debt
|
||||||||||||||||||||||||||||||||||
|
Scheduled
|
Scheduled
|
|||||||||||||||||||||||||||||||||||
|
Year
|
Amortization
|
Maturities
|
Total
|
Amortization
|
Maturities
|
Total
|
Total Debt
|
Fixed-Rate Debt
|
Variable-Rate Debt
|
|||||||||||||||||||||||||||
|
2013
|
$ | 5,498 | $ | - | $ | 5,498 | $ | 4,747 | $ | - | $ | 4,747 | n/a | n/a | n/a | |||||||||||||||||||||
|
2014
|
5,595 | 74,406 | 80,001 | 4,805 | 45,280 | 50,085 | 5.47 | % | 5.47 | % | n/a | |||||||||||||||||||||||||
|
2015
|
4,263 | 27,344 | 31,607 | 4,051 | 27,344 | 31,395 | 5.04 | % | 5.04 | % | n/a | |||||||||||||||||||||||||
|
2016
|
2,774 | 276,634 | 279,408 | 2,553 | 147,367 | 149,920 | 5.91 | % | 5.91 | % | n/a | |||||||||||||||||||||||||
|
2017
|
1,796 | 65,940 | 67,736 | 1,564 | 59,440 | 61,004 | 5.15 | % | 5.72 | % | 2.46 | % | ||||||||||||||||||||||||
|
Thereafter
|
7,194 | 48,064 | 55,258 | 4,650 | 39,243 | 43,893 | 3.48 | % | 5.29 | % | 1.95 | % | ||||||||||||||||||||||||
|
Total
|
$ | 27,120 | $ | 492,388 | $ | 519,508 | $ | 22,370 | $ | 318,674 | $ | 341,044 | ||||||||||||||||||||||||
|
Opportunity Funds
|
||||||||||||||||||||||||||||||||||||
|
Total Debt Maturities
|
Acadia's Pro-rata Share
|
Weighted Average Interest Rate of Maturing Debt
|
||||||||||||||||||||||||||||||||||
|
Scheduled
|
Scheduled
|
|||||||||||||||||||||||||||||||||||
|
Year
|
Amortization
|
Maturities
|
Total
|
Amortization
|
Maturities
|
Total
|
Total Debt
|
Fixed-Rate Debt
|
Variable-Rate Debt
|
|||||||||||||||||||||||||||
|
2013
|
$ | 4,367 | $ | 81,450 | $ | 85,817 | $ | 836 | $ | 16,159 | $ | 16,995 | 4.79 | % | 5.85 | % | 4.46 | % | ||||||||||||||||||
|
2014
|
4,176 | 39,179 | 43,355 | 766 | 7,393 | 8,159 | 6.71 | % | 6.71 | % | n/a | |||||||||||||||||||||||||
|
2015
|
4,257 | 100,285 | 104,542 | 739 | 19,563 | 20,302 | 2.53 | % | 5.60 | % | 2.24 | % | ||||||||||||||||||||||||
|
2016
|
3,123 | 114,283 | 117,406 | 550 | 23,627 | 24,177 | 2.10 | % | n/a | 2.10 | % | |||||||||||||||||||||||||
|
2017
|
3,656 | 174,236 | 177,892 | 364 | 27,537 | 27,901 | 3.48 | % | 5.80 | % | 2.96 | % | ||||||||||||||||||||||||
|
Thereafter
|
- | 5,262 | 5,262 | 289 | 6,715 | 7,004 | 2.57 | % | 1.00 | % | 2.81 | % | ||||||||||||||||||||||||
|
Total
|
$ | 19,579 | $ | 514,695 | $ | 534,274 | $ | 3,544 | $ | 100,994 | $ | 104,538 | ||||||||||||||||||||||||
-21-
|
Future Debt Maturities - Not Including Extension Options
|
||||||||||||||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||||||||
|
Core Portfolio
|
||||||||||||||||||||||||||||||||||||
|
Total Debt Maturities
|
Acadia's Pro-rata Share
|
Weighted Average Interest Rate of Maturing Debt
|
||||||||||||||||||||||||||||||||||
|
Scheduled
|
Scheduled
|
|||||||||||||||||||||||||||||||||||
|
Year
|
Amortization
|
Maturities
|
Total
|
Amortization
|
Maturities
|
Total
|
Total Debt
|
Fixed-Rate Debt
|
Variable-Rate Debt
|
|||||||||||||||||||||||||||
|
2013
|
$ | 5,498 | $ | - | $ | 5,498 | $ | 4,747 | $ | - | $ | 4,747 | n/a | n/a | n/a | |||||||||||||||||||||
|
2014
|
5,556 | 86,502 | 92,058 | 4,765 | 57,376 | 62,141 | 5.05 | % | 5.47 | % | 2.46 | % | ||||||||||||||||||||||||
|
2015
|
4,028 | 27,344 | 31,372 | 3,816 | 27,344 | 31,160 | 5.04 | % | 5.04 | % | n/a | |||||||||||||||||||||||||
|
2016
|
2,479 | 280,439 | 282,918 | 2,258 | 151,173 | 153,431 | 5.88 | % | 5.88 | % | n/a | |||||||||||||||||||||||||
|
2017
|
1,477 | 54,549 | 56,026 | 1,245 | 48,049 | 49,294 | 5.72 | % | 5.72 | % | n/a | |||||||||||||||||||||||||
|
Thereafter
|
6,733 | 44,903 | 51,636 | 4,189 | 36,082 | 40,271 | 3.47 | % | 5.56 | % | 1.95 | % | ||||||||||||||||||||||||
|
Total
|
$ | 25,771 | $ | 493,737 | $ | 519,508 | $ | 21,020 | $ | 320,024 | $ | 341,044 | ||||||||||||||||||||||||
|
Opportunity Funds
|
||||||||||||||||||||||||||||||||||||
|
Total Debt Maturities
|
Acadia's Pro-rata Share
|
Weighted Average Interest Rate of Maturing Debt
|
||||||||||||||||||||||||||||||||||
|
Scheduled
|
Scheduled
|
|||||||||||||||||||||||||||||||||||
|
Year
|
Amortization
|
Maturities
|
Total
|
Amortization
|
Maturities
|
Total
|
Total Debt
|
Fixed-Rate Debt
|
Variable-Rate Debt
|
|||||||||||||||||||||||||||
|
2013
|
$ | 4,367 | $ | 102,101 | $ | 106,468 | $ | 521 | $ | 20,363 | $ | 20,884 | 4.37 | % | 5.85 | % | 4.03 | % | ||||||||||||||||||
|
2014
|
4,106 | 39,179 | 43,285 | 433 | 7,713 | 8,146 | 6.71 | % | 6.71 | % | n/a | |||||||||||||||||||||||||
|
2015
|
3,076 | 313,566 | 316,642 | 255 | 63,003 | 63,258 | 2.53 | % | 5.60 | % | 2.44 | % | ||||||||||||||||||||||||
|
2016
|
577 | - | 577 | 96 | - | 96 | n/a | n/a | n/a | |||||||||||||||||||||||||||
|
2017
|
577 | 61,463 | 62,040 | 96 | 11,067 | 11,163 | 4.05 | % | 5.80 | % | 2.81 | % | ||||||||||||||||||||||||
|
Thereafter
|
- | 5,262 | 5,262 | - | 991 | 991 | 1.00 | % | 1.00 | % | n/a | |||||||||||||||||||||||||
|
Total
|
$ | 12,703 | $ | 521,571 | $ | 534,274 | $ | 1,401 | $ | 103,137 | $ | 104,538 | ||||||||||||||||||||||||
-22-
|
Overview of Acadia Strategic Opportunity Funds
|
||||||||||
|
Item
|
FUND I
|
FUND II
|
FUND III
|
FUND IV
|
||||||
|
Date formed
|
September 2001
|
June 2004
|
May 2007
|
May 2012
|
||||||
|
Capital commited
|
$90 million
|
$300 million
|
$475 million
|
$540.6 million
|
||||||
|
(Original was $503 million)
|
||||||||||
|
Capital funded
|
Fully funded
|
Fully funded
|
$341.0 million funded through December 31, 2012
|
$64.6 funded through December 31, 2012
|
||||||
|
Capital returned
|
All original capital and accumulated preference
|
$84.5 million
|
$164.0 million
|
$0 | ||||||
| has been paid. Acadia is entitled to a Promote |
|
|||||||||
|
on all future distributions.
|
||||||||||
|
Fund structure
|
||||||||||
|
Equity Contribution and
|
22.22% - Acadia
|
20% - Acadia
|
20% - Acadia
|
23% - Acadia
|
||||||
|
Cash flow distribution:
|
77.78% - Four institutional investors
|
80% - Six institutional investors
|
80% - 14 institutional investors
|
77% - 17 institutional investors
|
||||||
|
Distributions:
|
20% to Acadia once all partners (including
|
20% to Acadia once all partners (including
|
20% to Acadia once all partners (including
|
20% to Acadia once all partners (including
|
||||||
|
Acadia) have received 9% preferred return and
|
Acadia) have received 8% preferred return and
|
Acadia) have received 6% preferred return and
|
Acadia) have received 6% preferred return and
|
|||||||
|
return of equity
|
return of equity
|
return of equity
|
return of equity
|
|||||||
|
Remaining 80% is distributed to all the partners
|
Remaining 80% is distributed to all the partners
|
Remaining 80% is distributed to all the partners
|
Remaining 80% is distributed to all the partners
|
|||||||
|
(including Acadia).
|
(including Acadia).
|
(including Acadia).
|
(including Acadia).
|
|||||||
| All unfunded capital is anticipated to be used to |
|
|||||||||
|
complete existing projects
|
||||||||||
|
Fees to Acadia
|
Priority distribution fee equal to 1.5% of implied
|
Asset management fee equal to 1.5% of total
|
Asset management fee equal to 1.5% of total
|
Priority distribution fee equal to 1.5% of total
|
||||||
|
capital
|
committed capital
|
committed capital
|
committed capital
|
|||||||
|
Priority distribution fee equal to 4% of gross
|
Property management fee equal to 4% of gross
|
Property management fee equal to 4% of gross
|
Property management fee equal to 4% of gross
|
|||||||
|
property revenues
|
property revenues
|
property revenues
|
property revenues
|
|||||||
|
Market rate leasing fees
|
Market rate leasing fees
|
Market rate leasing fees
|
Market rate leasing fees
|
|||||||
|
Market rate construction/project management fees
|
Market rate construction/project management fees
|
Market rate construction/project management fees
|
Market rate construction/project management fees
|
|||||||
|
Development fee equal to 3% of total project cost
|
Development fee equal to 3% of total project cost
|
|||||||||
-23-
|
Opportunity Fund Retail Properties - Detail
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leased | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ownership |
Gross Leasable Area
|
In Place Occupancy
|
Occupancy
|
Annualized Base Rent
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Anchors
|
%
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Per Sq. Ft.
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Fund I Portfolio Detail
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
VARIOUS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total - Fund I
|
Kroger/Safeway Portfolio (3 Properties)
|
75 | % | 97,500 | - | 97,500 | 69.23 | % | - | 69.23 | % | 69.23 | % | $ | 302,076 | $ | - | $ | 302,076 | $ | 4.48 | $ | - | $ | 4.48 | ||||||||||||||||||||||||||||||||||
|
Fund II Portfolio Detail
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NEW YORK
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
New York
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Pelham Manor Shopping Plaza
|
BJ's Wholesale Club, PetSmart, Storage Post
|
99.1 | % | 169,512 | 58,981 | 228,493 | 100.00 | % | 78.35 | % | 94.41 | % | 94.41 | % | $ | 4,287,282 | $ | 1,600,329 | $ | 5,887,611 | $ | 25.29 | $ | 34.63 | $ | 27.29 | |||||||||||||||||||||||||||||||||
|
Fordham Place - Retail
|
Walgreens, Best Buy, 24 Hour Fitness, Sears
|
99.1 | % | 74,899 | 44,547 | 119,446 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 2,873,228 | 2,646,532 | 5,519,760 | 38.36 | 59.41 | 46.21 | |||||||||||||||||||||||||||||||||||||||
|
Fordham Place - Office
|
NYC Dept of Education, PHI, FEGS, Children's Village
|
99.1 | % | 91,042 | 51,919 | 142,961 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 3,119,120 | 1,708,533 | 4,827,653 | 34.26 | 32.91 | 33.77 | |||||||||||||||||||||||||||||||||||||||
|
216th Street
|
NYC Human Resources Administration
|
99.1 | % | 60,000 | - | 60,000 | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 2,574,000 | 120,000 | 2,694,000 | 42.90 | - | 44.90 | |||||||||||||||||||||||||||||||||||||||
|
161st Street1
|
Various New York City & State agencies
|
99.1 | % | 107,026 | 125,376 | 232,402 | 100.00 | % | 71.48 | % | 84.61 | % | 100.00 | % | 2,836,189 | 2,419,012 | 5,255,201 | 26.50 | 26.99 | 26.72 | |||||||||||||||||||||||||||||||||||||||
|
Total - Fund II
|
502,479 | 280,823 | 783,302 | 100.00 | % | 82.72 | % | 93.80 | % | 98.37 | % | $ | 15,689,819 | $ | 8,494,406 | $ | 24,184,225 | $ | 31.22 | $ | 36.57 | $ | 32.91 | ||||||||||||||||||||||||||||||||||||
|
Fund III Portfolio Detail
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NEW YORK
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
New York
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Cortlandt Towne Center
|
Wal-Mart, Best Buy, A&P
|
100.0 | % | 472,901 | 168,324 | 641,225 | 95.63 | % | 82.72 | % | 92.24 | % | 92.24 | % | $ | 6,185,123 | $ | 3,264,076 | $ | 9,449,199 | $ | 13.68 | $ | 23.44 | $ | 15.98 | |||||||||||||||||||||||||||||||||
|
640 Broadway
|
Swatch
|
50.0 | % | - | 4,409 | 4,409 | - | 73.78 | % | 73.78 | % | 73.78 | % | - | 662,103 | 662,103 | - | 203.54 | 203.54 | ||||||||||||||||||||||||||||||||||||||||
|
New Hyde Park Shopping Center
|
- | 100.0 | % | 16,214 | 15,217 | 31,431 | 100.00 | % | 81.89 | % | 91.23 | % | 96.59 | % | 345,328 | 559,658 | 904,986 | 21.30 | 44.91 | 31.56 | |||||||||||||||||||||||||||||||||||||||
|
NEW ENGLAND
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Massachusetts
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
White City Shopping Center2
|
Shaw's (Supervalu)
|
84.0 | % | 131,839 | 125,449 | 257,288 | 70.91 | % | 80.50 | % | 75.59 | % | 86.77 | % | 1,350,564 | 3,491,109 | 4,841,673 | 14.45 | 34.57 | 24.89 | |||||||||||||||||||||||||||||||||||||||
|
MID-ATLANTIC
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Maryland
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Parkway Crossing3
|
Home Depot, Shop Rite, Big Lots
|
90.0 | % | 192,836 | 67,405 | 260,241 | 100.00 | % | 73.00 | % | 93.01 | % | 93.01 | % | 704,710 | 1,193,271 | 1,897,981 | 3.65 | 24.25 | 7.84 | |||||||||||||||||||||||||||||||||||||||
|
Arundel Plaza
|
Giant Food, Lowe's
|
90.0 | % | 231,920 | 33,196 | 265,116 | 100.00 | % | 78.31 | % | 97.28 | % | 97.28 | % | 905,209 | 540,067 | 1,445,276 | 3.90 | 20.78 | 5.60 | |||||||||||||||||||||||||||||||||||||||
|
SOUTHEAST
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Florida
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Lincoln Road4
|
Starbucks, Sushi Samba
|
95.0 | % | - | 61,443 | 61,443 | - | 48.95 | % | 48.95 | % | 48.95 | % | - | 3,257,573 | 3,257,573 | - | 108.31 | 108.31 | ||||||||||||||||||||||||||||||||||||||||
|
MIDWEST
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Illinois
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Heritage Shops
|
LA Fitness, Loft
|
100.0 | % | 49,878 | 55,707 | 105,585 | 100.00 | % | 55.96 | % | 76.76 | % | 76.76 | % | 1,077,752 | 2,025,813 | 3,103,565 | 21.61 | 64.98 | 38.29 | |||||||||||||||||||||||||||||||||||||||
|
Lincoln Park Centre
|
- | 100.0 | % | - | 62,745 | 62,745 | - | 59.76 | % | 59.76 | % | 59.76 | % | - | 1,607,359 | 1,607,359 | - | 42.87 | 42.87 | ||||||||||||||||||||||||||||||||||||||||
|
Total - Fund III
|
1,095,588 | 593,895 | 1,689,483 | 94.61 | % | 72.38 | % | 86.80 | % | 88.60 | % | $ | 10,568,686 | $ | 16,601,029 | $ | 27,169,715 | $ | 10.20 | $ | 38.62 | $ | 18.53 | ||||||||||||||||||||||||||||||||||||
|
Fund IV Portfolio Detail
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
MID-ATLANTIC
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Maryland
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1701 Belmont Avenue
|
Best Buy
|
90.0 | % | 58,674 | - | 58,674 | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | $ | 936,166 | $ | - | $ | 936,166 | $ | 15.96 | $ | - | $ | 15.96 | |||||||||||||||||||||||||||||||||
|
SOUTHEAST
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Florida
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Lincoln Road
|
- | 95.0 | % | - | 54,453 | 54,453 | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | - | 4,949,953 | 4,949,953 | - | 90.90 | 90.90 | |||||||||||||||||||||||||||||||||||||||
|
Total - Fund IV
|
58,674 | 54,453 | 113,127 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | $ | 936,166 | $ | 4,949,953 | $ | 5,886,119 | $ | 15.96 | $ | 90.90 | $ | 52.03 | ||||||||||||||||||||||||||||||||||||
|
Notes:
|
||
|
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.
|
||
|
The following Fund II, Fund III and Fund IV properties are currently undergoing construction or are in the design phase as further detailed under Redevelopment Projects.
|
||
|
Property
|
Ownership %
|
|
|
Sherman Avenue
|
99.1%
|
|
|
CityPoint
|
94.2%
|
|
|
Sheepshead Bay
|
100.0%
|
|
|
654 Broadway
|
100.0%
|
|
|
Cortlandt Crossing
|
100.0%
|
|
|
Farmingdale
|
100.0%
|
|
|
3104 M Street
|
100.0%
|
|
|
210 Bowery
|
100.0%
|
|
|
1Currently operating, but redevelopment activities have commenced.
|
||
-24-
|
Opportunity Funds Lease Expirations
|
||||||||||||||||||||||||
| No. of Leases |
Gross Leased Area
|
|
|
Annual Base Rent |
|
|||||||||||||||||||
|
FUND I:
|
Expiring
|
Square Footage
|
Percent of Total
|
Amount
|
Percent of Total
|
Avg. per Sq. Ft.
|
||||||||||||||||||
|
Anchor Tenants
|
||||||||||||||||||||||||
|
2014
|
2 | 67,500 | 100.00 | % | $ | 302,076 | 100.00 | % | $ | 4.48 | ||||||||||||||
|
Total
|
2 | 67,500 | 100.00 | % | $ | 302,076 | 100.00 | % | $ | 4.48 | ||||||||||||||
|
Total Vacant
|
30,000 | |||||||||||||||||||||||
|
Total Square Feet
|
97,500 | |||||||||||||||||||||||
-25-
|
Opportunity Funds Lease Expirations
|
||||||||||||||||||||||||
|
No. of Leases
|
Gross Leased Area
|
|
Annual Base Rent
|
|
||||||||||||||||||||
|
FUND II:
|
Expiring
|
Square Footage
|
Percent of Total |
Amount
|
Percent of Total |
Avg. per Sq. Ft.
|
||||||||||||||||||
|
Anchor Tenants
|
||||||||||||||||||||||||
|
2013
|
2 | 127,175 | 25.31 | % | $ | 3,400,361 | 21.67 | % | $ | 26.74 | ||||||||||||||
|
2019
|
1 | 39,705 | 7.90 | % | 1,747,020 | 11.13 | % | 44.00 | ||||||||||||||||
|
2021
|
1 | 19,958 | 3.97 | % | 423,110 | 2.70 | % | 21.20 | ||||||||||||||||
|
2022
|
1 | 47,792 | 9.51 | % | 1,389,120 | 8.85 | % | 29.07 | ||||||||||||||||
|
2023
|
1 | 35,194 | 7.00 | % | 1,126,208 | 7.18 | % | 32.00 | ||||||||||||||||
|
2027
|
1 | 60,000 | 11.94 | % | 2,574,000 | 16.41 | % | 42.90 | ||||||||||||||||
|
2029
|
1 | 43,250 | 8.61 | % | 1,730,000 | 11.03 | % | 40.00 | ||||||||||||||||
|
2033
|
1 | 129,405 | 25.75 | % | 3,300,000 | 21.03 | % | 25.50 | ||||||||||||||||
|
Total
|
9 | 502,479 | 100.00 | % | $ | 15,689,819 | 100.00 | % | $ | 31.22 | ||||||||||||||
|
Total Vacant
|
- | |||||||||||||||||||||||
|
Total Square Feet
|
502,479 | |||||||||||||||||||||||
|
Shop Tenants
|
||||||||||||||||||||||||
|
Month to Month
|
1 | 9,967 | 4.29 | % | $ | 99,670 | 1.17 | % | $ | 10.00 | ||||||||||||||
|
2014
|
1 | 20,581 | 8.86 | % | 565,078 | 6.65 | % | 27.46 | ||||||||||||||||
|
2016
|
2 | 4,649 | 2.00 | % | 173,311 | 2.04 | % | 37.28 | ||||||||||||||||
|
2018
|
2 | 33,321 | 14.34 | % | 1,152,255 | 13.56 | % | 34.58 | ||||||||||||||||
|
2019
|
3 | 4,743 | 2.04 | % | 374,394 | 4.41 | % | 78.94 | ||||||||||||||||
|
2020
|
3 | 16,309 | 7.02 | % | 547,183 | 6.44 | % | 33.55 | ||||||||||||||||
|
2021
|
2 | 9,710 | 4.18 | % | 274,304 | 3.23 | % | 28.25 | ||||||||||||||||
|
2022
|
4 | 27,450 | 11.82 | % | 1,029,857 | 12.12 | % | 37.52 | ||||||||||||||||
|
2023
|
1 | 31,417 | 13.52 | % | 1,131,012 | 13.31 | % | 36.00 | ||||||||||||||||
|
2031
|
2 | 33,444 | 14.40 | % | 1,061,772 | 12.50 | % | 31.75 | ||||||||||||||||
|
2032
|
1 | 30,712 | 13.22 | % | 885,570 | 10.43 | % | 28.83 | ||||||||||||||||
|
2048
|
1 | 10,000 | 4.30 | % | 1,200,000 | 14.13 | % | 120.00 | ||||||||||||||||
|
Total
|
23 | 232,303 | 100.00 | % | $ | 8,494,406 | 100.00 | % | $ | 36.57 | ||||||||||||||
|
Total Vacant
|
48,520 | |||||||||||||||||||||||
|
Total Square Feet
|
280,823 | |||||||||||||||||||||||
|
Total Anchor and Shop Tenants
|
||||||||||||||||||||||||
|
Month to Month
|
1 | 9,967 | 1.36 | % | $ | 99,670 | 0.42 | % | $ | 10.00 | ||||||||||||||
|
2013
|
2 | 127,175 | 17.31 | % | 3,400,361 | 14.06 | % | 26.74 | ||||||||||||||||
|
2014
|
1 | 20,581 | 2.80 | % | 565,078 | 2.34 | % | 27.46 | ||||||||||||||||
|
2016
|
2 | 4,649 | 0.63 | % | 173,311 | 0.72 | % | 37.28 | ||||||||||||||||
|
2018
|
2 | 33,321 | 4.53 | % | 1,152,255 | 4.76 | % | 34.58 | ||||||||||||||||
|
2019
|
4 | 44,448 | 6.05 | % | 2,121,414 | 8.77 | % | 47.73 | ||||||||||||||||
|
2020
|
3 | 16,309 | 2.22 | % | 547,183 | 2.26 | % | 33.55 | ||||||||||||||||
|
2021
|
3 | 29,668 | 4.04 | % | 697,414 | 2.88 | % | 23.51 | ||||||||||||||||
|
2022
|
5 | 75,242 | 10.24 | % | 2,418,977 | 10.00 | % | 32.15 | ||||||||||||||||
|
2023
|
2 | 66,611 | 9.07 | % | 2,257,220 | 9.33 | % | 33.89 | ||||||||||||||||
|
2027
|
1 | 60,000 | 8.17 | % | 2,574,000 | 10.64 | % | 42.90 | ||||||||||||||||
|
2029
|
1 | 43,250 | 5.89 | % | 1,730,000 | 7.15 | % | 40.00 | ||||||||||||||||
|
2031
|
2 | 33,444 | 4.55 | % | 1,061,772 | 4.39 | % | 31.75 | ||||||||||||||||
|
2032
|
1 | 30,712 | 4.18 | % | 885,570 | 3.66 | % | 28.83 | ||||||||||||||||
|
2033
|
1 | 129,405 | 17.61 | % | 3,300,000 | 13.65 | % | 25.50 | ||||||||||||||||
|
2048
|
1 | 10,000 | 1.36 | % | 1,200,000 | 4.96 | % | 120.00 | ||||||||||||||||
|
Total
|
32 | 734,782 | 100.00 | % | $ | 24,184,225 | 100.00 | % | $ | 32.91 | ||||||||||||||
|
Total Vacant
|
48,520 | |||||||||||||||||||||||
|
Total Square Feet
|
783,302 | |||||||||||||||||||||||
-26-
|
Opportunity Funds Lease Expirations
|
||||||||||||||||||||||||
|
No. of Leases
|
Gross Leased Area
|
|
Annual Base Rent
|
|
||||||||||||||||||||
|
FUND III:
|
Expiring
|
Square Footage
|
Percent of Total
|
Amount
|
Percent of Total
|
Avg. per Sq. Ft.
|
||||||||||||||||||
|
Anchor Tenants
|
||||||||||||||||||||||||
|
2013
|
2 | 48,855 | 4.71 | % | $ | 877,689 | 8.30 | % | $ | 17.97 | ||||||||||||||
|
2014
|
2 | 56,379 | 5.44 | % | 908,695 | 8.60 | % | 16.12 | ||||||||||||||||
|
2015
|
3 | 81,465 | 7.86 | % | 571,648 | 5.41 | % | 7.02 | ||||||||||||||||
|
2016
|
2 | 42,775 | 4.13 | % | 557,816 | 5.28 | % | 13.04 | ||||||||||||||||
|
2017
|
2 | 52,131 | 5.03 | % | 957,350 | 9.06 | % | 18.36 | ||||||||||||||||
|
2018
|
3 | 238,706 | 23.03 | % | 2,607,354 | 24.67 | % | 10.92 | ||||||||||||||||
|
2019
|
1 | 179,944 | 17.36 | % | 831,009 | 7.86 | % | 4.62 | ||||||||||||||||
|
2021
|
1 | 35,601 | 3.43 | % | 382,967 | 3.62 | % | 10.76 | ||||||||||||||||
|
2022
|
1 | 65,028 | 6.27 | % | 1,040,448 | 9.84 | % | 16.00 | ||||||||||||||||
|
2023
|
1 | 19,536 | 1.88 | % | 263,736 | 2.50 | % | 13.50 | ||||||||||||||||
|
2025
|
1 | 49,878 | 4.81 | % | 1,077,752 | 10.20 | % | 21.61 | ||||||||||||||||
|
2032
|
2 | 166,275 | 16.04 | % | 492,222 | 4.66 | % | 2.96 | ||||||||||||||||
|
Total
|
21 | 1,036,573 | 100.00 | % | $ | 10,568,686 | 100.00 | % | $ | 10.20 | ||||||||||||||
|
Total Vacant
|
59,015 | (4 | ) | - | ||||||||||||||||||||
|
Total Square Feet
|
1,095,588 | |||||||||||||||||||||||
|
Shop Tenants
|
||||||||||||||||||||||||
|
Month to Month
|
4 | 13,150 | 3.06 | % | $ | 141,124 | 0.85 | % | $ | 10.73 | ||||||||||||||
|
2013
|
26 | 65,505 | 15.24 | % | 2,291,123 | 13.80 | % | 34.98 | ||||||||||||||||
|
2014
|
20 | 71,924 | 16.73 | % | 2,137,278 | 12.87 | % | 29.72 | ||||||||||||||||
|
2015
|
14 | 26,362 | 6.13 | % | 976,774 | 5.88 | % | 37.05 | ||||||||||||||||
|
2016
|
18 | 48,239 | 11.22 | % | 1,786,402 | 10.76 | % | 37.03 | ||||||||||||||||
|
2017
|
9 | 44,332 | 10.31 | % | 1,325,791 | 7.99 | % | 29.91 | ||||||||||||||||
|
2018
|
10 | 35,414 | 8.24 | % | 1,268,293 | 7.64 | % | 35.81 | ||||||||||||||||
|
2019
|
5 | 23,285 | 5.42 | % | 1,863,255 | 11.22 | % | 80.02 | ||||||||||||||||
|
2020
|
3 | 6,175 | 1.44 | % | 140,472 | 0.85 | % | 22.75 | ||||||||||||||||
|
2021
|
6 | 26,563 | 6.18 | % | 981,146 | 5.91 | % | 36.94 | ||||||||||||||||
|
2022
|
8 | 23,770 | 5.53 | % | 1,285,686 | 7.74 | % | 54.09 | ||||||||||||||||
|
2023
|
1 | 17,611 | 4.10 | % | 776,250 | 4.68 | % | 44.08 | ||||||||||||||||
|
2024
|
1 | 8,266 | 1.92 | % | 500,000 | 3.01 | % | 60.49 | ||||||||||||||||
|
2026
|
2 | 9,110 | 2.12 | % | 342,983 | 2.07 | % | 37.65 | ||||||||||||||||
|
2027
|
2 | 6,550 | 1.52 | % | 502,500 | 3.03 | % | 76.72 | ||||||||||||||||
|
2028+
|
2 | 3,600 | 0.84 | % | 281,952 | 1.70 | % | 78.32 | ||||||||||||||||
|
Total
|
131 | 429,856 | 100.00 | % | $ | 16,601,029 | 100.00 | % | $ | 38.62 | ||||||||||||||
|
Total Vacant
|
164,039 | (35 | ) | - | ||||||||||||||||||||
|
Total Square Feet
|
593,895 | |||||||||||||||||||||||
|
Total Anchor and Shop Tenants
|
||||||||||||||||||||||||
|
Month to Month
|
4 | 13,150 | 0.90 | % | $ | 141,124 | 0.52 | % | $ | 10.73 | ||||||||||||||
|
2013
|
28 | 114,360 | 7.80 | % | 3,168,812 | 11.66 | % | 27.71 | ||||||||||||||||
|
2014
|
22 | 128,303 | 8.75 | % | 3,045,973 | 11.21 | % | 23.74 | ||||||||||||||||
|
2015
|
17 | 107,827 | 7.35 | % | 1,548,422 | 5.70 | % | 14.36 | ||||||||||||||||
|
2016
|
20 | 91,014 | 6.21 | % | 2,344,218 | 8.63 | % | 25.76 | ||||||||||||||||
|
2017
|
11 | 96,463 | 6.58 | % | 2,283,141 | 8.40 | % | 23.67 | ||||||||||||||||
|
2018
|
13 | 274,120 | 18.69 | % | 3,875,647 | 14.26 | % | 14.14 | ||||||||||||||||
|
2019
|
6 | 203,229 | 13.86 | % | 2,694,264 | 9.92 | % | 13.26 | ||||||||||||||||
|
2020
|
3 | 6,175 | 0.42 | % | 140,472 | 0.52 | % | 22.75 | ||||||||||||||||
|
2021
|
7 | 62,164 | 4.24 | % | 1,364,113 | 5.02 | % | 21.94 | ||||||||||||||||
|
2022
|
9 | 88,798 | 6.06 | % | 2,326,134 | 8.56 | % | 26.20 | ||||||||||||||||
|
2023
|
2 | 37,147 | 2.53 | % | 1,039,986 | 3.83 | % | 28.00 | ||||||||||||||||
|
2024
|
1 | 8,266 | 0.56 | % | 500,000 | 1.84 | % | 60.49 | ||||||||||||||||
|
2025
|
1 | 49,878 | 3.40 | % | 1,077,752 | 3.97 | % | 21.61 | ||||||||||||||||
|
2026
|
2 | 9,110 | 0.62 | % | 342,983 | 1.26 | % | 37.65 | ||||||||||||||||
|
2027
|
2 | 6,550 | 0.45 | % | 502,500 | 1.85 | % | 76.72 | ||||||||||||||||
|
2028
|
2 | 3,600 | 0.25 | % | 281,952 | 1.04 | % | 78.32 | ||||||||||||||||
|
2032
|
2 | 166,275 | 11.34 | % | 492,222 | 1.81 | % | 2.96 | ||||||||||||||||
|
Total
|
152 | 1,466,429 | 100.00 | % | $ | 27,169,715 | 100.00 | % | $ | 18.53 | ||||||||||||||
|
Total Vacant
|
223,054 | - | ||||||||||||||||||||||
|
Total Square Feet
|
1,689,483 | |||||||||||||||||||||||
-27-
|
Opportunity Funds Lease Expirations
|
||||||||||||||||||||||||
| No. of Leases |
Gross Leased Area
|
|
Annual Base Rent
|
|
||||||||||||||||||||
|
FUND IV:
|
Expiring
|
Square Footage |
Percent of Total
|
Amount
|
Percent of Total
|
Avg. per Sq. Ft.
|
||||||||||||||||||
|
Anchor Tenants
|
||||||||||||||||||||||||
|
2032
|
1 | 58,674 | 100.00 | % | 936,166 | 100.00 | % | 15.96 | ||||||||||||||||
|
Total
|
1 | 58,674 | 100.00 | % | $ | 936,166 | 100.00 | % | $ | 15.96 | ||||||||||||||
|
Total Vacant
|
- | |||||||||||||||||||||||
|
Total Square Feet
|
58,674 | |||||||||||||||||||||||
|
Shop Tenants
|
||||||||||||||||||||||||
|
Month to Month
|
1 | 997 | 1.83 | % | $ | 61,495 | 1.24 | % | $ | 61.68 | ||||||||||||||
|
2013
|
4 | 11,599 | 21.29 | % | 1,051,038 | 21.24 | % | 90.61 | ||||||||||||||||
|
2014
|
2 | 3,278 | 6.02 | % | 419,307 | 8.47 | % | 127.92 | ||||||||||||||||
|
2015
|
2 | 2,726 | 5.01 | % | 318,720 | 6.44 | % | 116.92 | ||||||||||||||||
|
2016
|
1 | 3,625 | 6.66 | % | 328,560 | 6.64 | % | 90.64 | ||||||||||||||||
|
2017
|
1 | 5,288 | 9.71 | % | 204,000 | 4.12 | % | 38.58 | ||||||||||||||||
|
2018
|
2 | 2,547 | 4.68 | % | 279,839 | 5.65 | % | 109.87 | ||||||||||||||||
|
2019
|
2 | 2,588 | 4.75 | % | 438,000 | 8.85 | % | 169.24 | ||||||||||||||||
|
2021
|
2 | 2,835 | 5.21 | % | 415,044 | 8.38 | % | 146.40 | ||||||||||||||||
|
2022
|
5 | 16,009 | 29.40 | % | 1,337,950 | 27.03 | % | 83.57 | ||||||||||||||||
|
2026
|
1 | 2,961 | 5.44 | % | 96,000 | 1.94 | % | 32.42 | ||||||||||||||||
|
Total
|
23 | 54,453 | 100.00 | % | $ | 4,949,953 | 100.00 | % | $ | 90.90 | ||||||||||||||
|
Total Vacant
|
- | |||||||||||||||||||||||
|
Total Square Feet
|
54,453 | |||||||||||||||||||||||
|
Total Anchor and Shop Tenants
|
||||||||||||||||||||||||
|
Month to Month
|
1 | 997 | 0.88 | % | $ | 61,495 | 1.04 | % | $ | 61.68 | ||||||||||||||
|
2013
|
4 | 11,599 | 10.25 | % | 1,051,038 | 17.86 | % | $ | 90.61 | |||||||||||||||
|
2014
|
2 | 3,278 | 2.90 | % | 419,307 | 7.12 | % | $ | 127.92 | |||||||||||||||
|
2015
|
2 | 2,726 | 2.41 | % | 318,720 | 5.41 | % | $ | 116.92 | |||||||||||||||
|
2016
|
1 | 3,625 | 3.20 | % | 328,560 | 5.58 | % | $ | 90.64 | |||||||||||||||
|
2017
|
1 | 5,288 | 4.67 | % | 204,000 | 3.47 | % | $ | 38.58 | |||||||||||||||
|
2018
|
2 | 2,547 | 2.25 | % | 279,839 | 4.75 | % | $ | 109.87 | |||||||||||||||
|
2019
|
2 | 2,588 | 2.29 | % | 438,000 | 7.44 | % | $ | 169.24 | |||||||||||||||
|
2021
|
2 | 2,835 | 2.51 | % | 415,044 | 7.05 | % | $ | 146.40 | |||||||||||||||
|
2022
|
5 | 16,009 | 14.15 | % | 1,337,950 | 22.75 | % | $ | 83.57 | |||||||||||||||
|
2026
|
1 | 2,961 | 2.62 | % | 96,000 | 1.63 | % | $ | 32.42 | |||||||||||||||
|
2032
|
1 | 58,674 | 51.87 | % | 936,166 | 15.90 | % | 15.96 | ||||||||||||||||
|
Total
|
24 | 113,127 | 100.00 | % | $ | 5,886,119 | 100.00 | % | $ | 52.03 | ||||||||||||||
|
Total Vacant
|
- | |||||||||||||||||||||||
|
Total Square Feet
|
113,127 | |||||||||||||||||||||||
-28-
|
Development Activity
|
||||||||||||||||||||||||||||||||||||
|
($ in millions)
|
||||||||||||||||||||||||||||||||||||
|
Estimated Sq.Ft.
|
Acquisition & Development Costs
|
Outstanding |
|
|
||||||||||||||||||||||||||||||||
|
Property
|
Location
|
Upon Completion
|
Leased Rate5
|
Anchors
|
Incurred
|
Estimated Future Range
|
Estimated Total Range
|
Debt
|
||||||||||||||||||||||||||||
|
FUND II
|
||||||||||||||||||||||||||||||||||||
|
Under Construction
|
||||||||||||||||||||||||||||||||||||
|
City Point1
|
Brooklyn, NY
|
675,000 | 37%2 |
Century 21, Armani Exchange
|
$ | 142.9 | $ | 107.1 | $ | 197.1 | $ | 250.0 | $ | 340.0 | $ | 45.9 | ||||||||||||||||||||
|
In Design
|
||||||||||||||||||||||||||||||||||||
|
Sherman Plaza
|
New York, NY
|
TBD
|
- |
TBD
|
$ | 34.7 |
TBD
|
TBD
|
TBD
|
TBD
|
$ | - | ||||||||||||||||||||||||
|
FUND III
|
||||||||||||||||||||||||||||||||||||
|
In Design
|
||||||||||||||||||||||||||||||||||||
|
Sheepshead Bay
|
Brooklyn, NY
|
TBD
|
- |
TBD
|
$ | 22.8 |
TBD
|
TBD
|
TBD
|
TBD
|
$ | - | ||||||||||||||||||||||||
|
723 N. Lincoln Lane3
|
Miami Beach, FL
|
TBD
|
- |
TBD
|
6.7 |
TBD
|
TBD
|
TBD
|
TBD
|
- | 4 | |||||||||||||||||||||||||
|
Cortlandt Crossing
|
Mohegan Lake, NY
|
150,000 - 170,000 | - |
TBD
|
11.2 | 35.8 | 44.8 | 47.0 | 56.0 | - | ||||||||||||||||||||||||||
|
3104 M Street NW
|
Washington, D.C.
|
10,000 | - |
TBD
|
3.0 | 4.0 | 5.5 | 7.0 | 8.5 | - | ||||||||||||||||||||||||||
|
Broad Hollow Commons
|
Farmingdale, NY
|
180,000 - 200,000 | - |
TBD
|
11.1 | 38.9 | 48.9 | 50.0 | 60.0 | - | ||||||||||||||||||||||||||
|
SUBTOTAL - In Design
|
$ | 54.8 |
TBD
|
TBD
|
TBD
|
TBD
|
$ | - | ||||||||||||||||||||||||||||
|
FUND IV
|
||||||||||||||||||||||||||||||||||||
|
In Design
|
||||||||||||||||||||||||||||||||||||
|
210 Bowery
|
New York, NY
|
10,000 | - |
TBD
|
$ | 7.5 | $ | 4.0 | $ | 4.5 | $ | 11.5 | $ | 12.0 | $ | - | ||||||||||||||||||||
|
Notes:
|
|
1 Acquired a leasehold interest in this property. The first 50,000 square feet of the project (Phase 1) has been completed. Construction of the next approximately 625,000 square feet (Phase 2) is underway.
|
|
2 Leased rate calculated on approximately 475,000 rentable square feet.
|
|
3 This property is part of a three-property portfolio. The other two are operating properties.
|
|
4 The loan on Fund III's Lincoln Road Portfolio includes this property as collateral. For the purpose of this schedule, the outstanding debt was not allocated among the Portfolio's three properties.
|
|
5 The leased rate excludes pre-redevelopment tenants.
|
-29-
|
Retailer Controlled Property ("RCP") Venture - Overview
|
|
*** Note - The RCP Venture is not a separate AKR Fund, rather it is a venture
|
|
in which AKR, Funds I and II have invested approximately $63 million in equity. ***
|
|
Item
|
Description
|
|
|
Date formed
|
August 2004
|
|
|
Partnership structure
|
||
|
Equity Contribution:
|
Up to $300 million of total equity
|
|
|
Up to 20% ($60 million) - AKR Fund I ($20 million) and Fund II ($40 million)
|
||
|
80% - Klaff Realty LP and Lubert-Adler
|
||
|
Cash flow distribution:
|
20% - AKR Funds
|
|
|
80% - Four institutional investors
|
||
|
Promote:
|
20% to Klaff once all partners (including Klaff) have received 10% preferred return and return
|
|
|
of equity (50% of first $40 million of AKR Fund equity is not subject to this promote)
|
||
|
Remaining 80% is distributed to all the partners (including Klaff)
|
||
|
RCP Venture - Investments
|
||
|
The following table summarizes the RCP Venture investments from inception through December 31, 2012
|
||
|
Distributions
|
||||||||||||||||||||
|
Years
|
Invested
|
Current
|
From
|
Equity
|
||||||||||||||||
|
Investor
|
Investment
|
acquired
|
capital
|
year-to-date
|
inception
|
Multiple
|
||||||||||||||
|
Mervyns I and Mervyns II
|
Mervyns
|
2004 through
|
$ | 33,605 | $ | - | $ | 49,524 | 1.5 | x | ||||||||||
|
2007
|
||||||||||||||||||||
|
Mervyns II
|
Albertson’s
|
2006 through
|
23,133 | 3,519 | 86,791 | 3.8 | x | |||||||||||||
|
2007
|
||||||||||||||||||||
|
Fund II and Mervyns II
|
Other investments 1
|
2006 through
|
6,476 | 1,898 | 7,036 | 1.1 | x | |||||||||||||
|
2008
|
||||||||||||||||||||
|
Total
|
$ | 63,214 | $ | 5,417 | $ | 143,351 | 2.3 | x | ||||||||||||
|
Notes:
|
|
1Represents investments in Shopko, Marsh and Rex Stores.
|
-30-
|
Core Portfolio Retail Properties - Detail
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Leased
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
| Acadia's |
Gross Leaseable Area
|
In Place Occupancy
|
Occupancy |
Annualized Base Rent
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Property
|
Anchors
|
interest |
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
Total
|
Anchors
|
Shops
|
Total
|
Per Sq. Ft.
|
||||||||||||||||||||||||||||||||||||||
|
NEW YORK
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Connecticut
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
239 Greenwich Avenue
|
- | 75.0 | % | - | 16,834 | 16,834 | - | 100.00 | % | 100.00 | % | 100.00 | % | $ | - | $ | 1,554,663 | $ | 1,554,663 | $ | 92.35 | ||||||||||||||||||||||||||||||
|
181 Main Street
|
- | 100.0 | % | - | 11,350 | 11,350 | - | 100.00 | % | 100.00 | % | 100.00 | % | - | 772,000 | 772,000 | 68.02 | ||||||||||||||||||||||||||||||||||
| - | 28,184 | 28,184 | - | 100.00 | % | 100.00 | % | 100.00 | % | - | 2,326,663 | 2,326,663 | 82.55 | ||||||||||||||||||||||||||||||||||||||
|
New Jersey
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Elmwood Park Shopping Center
|
Walgreens, Pathmark (A&P)
|
100.0 | % | 62,610 | 86,652 | 149,262 | 100.00 | % | 94.61 | % | 96.87 | % | 96.87 | % | 1,581,552 | 2,014,844 | 3,596,396 | 24.87 | |||||||||||||||||||||||||||||||||
|
A & P Shopping Plaza
|
A&P
|
60.0 | % | 49,463 | 13,278 | 62,741 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 950,000 | 393,723 | 1,343,723 | 21.42 | |||||||||||||||||||||||||||||||||
|
60 Orange Street
|
Home Depot
|
98.0 | % | 101,715 | - | 101,715 | 100.00 | % | - | 100.00 | % | 100.00 | % | 907,500 | - | 907,500 | 8.92 | ||||||||||||||||||||||||||||||||||
|
Total - New Jersey
|
213,788 | 99,930 | 313,718 | 100.00 | % | 95.33 | % | 98.51 | % | 98.51 | % | 3,439,052 | 2,408,567 | 5,847,619 | 18.92 | ||||||||||||||||||||||||||||||||||||
|
New York
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Village Commons Shopping Center
|
- | 100.0 | % | - | 87,330 | 87,330 | - | 95.27 | % | 95.27 | % | 100.00 | % | - | 2,552,470 | 2,552,470 | 30.68 | ||||||||||||||||||||||||||||||||||
|
Branch Plaza
|
LA Fitness, CVS
|
100.0 | % | 74,050 | 52,223 | 126,273 | 75.69 | % | 87.61 | % | 80.62 | % | 80.62 | % | 1,196,388 | 1,355,019 | 2,551,407 | 25.06 | |||||||||||||||||||||||||||||||||
|
Amboy Center
|
Stop & Shop (Ahold)
|
100.0 | % | 37,266 | 22,824 | 60,090 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 745,320 | 886,858 | 1,632,178 | 27.16 | |||||||||||||||||||||||||||||||||
|
Bartow Avenue
|
- | 100.0 | % | - | 14,676 | 14,676 | - | 92.75 | % | 92.75 | % | 100.00 | % | - | 420,687 | 420,687 | 30.90 | ||||||||||||||||||||||||||||||||||
|
Pacesetter Park Shopping Center
|
Stop & Shop (Ahold)
|
100.0 | % | 52,052 | 45,531 | 97,583 | 100.00 | % | 86.70 | % | 93.79 | % | 93.79 | % | 428,875 | 722,230 | 1,151,105 | 12.58 | |||||||||||||||||||||||||||||||||
|
LA Fitness
|
LA Fitness
|
100.0 | % | 55,000 | - | 55,000 | 100.00 | % | - | 100.00 | % | 100.00 | % | 1,391,500 | - | 1,391,500 | 25.30 | ||||||||||||||||||||||||||||||||||
|
East 17th Street
|
Barnes & Noble
|
100.0 | % | 19,622 | - | 19,622 | 100.00 | % | - | 100.00 | % | 100.00 | % | 625,000 | - | 625,000 | 31.85 | ||||||||||||||||||||||||||||||||||
|
Crossroads Shopping Center1
|
Kmart, Home Goods, Party City
|
49.0 | % | 201,296 | 108,227 | 309,523 | 81.02 | % | 72.12 | % | 77.91 | % | 77.91 | % | 1,619,273 | 3,520,206 | 5,139,479 | 21.31 | |||||||||||||||||||||||||||||||||
|
Third Avenue
|
Planet Fitness
|
100.0 | % | 21,650 | 18,670 | 40,320 | 100.00 | % | 55.26 | % | 79.28 | % | 79.28 | % | 468,631 | 198,000 | 666,631 | 20.85 | |||||||||||||||||||||||||||||||||
|
Mercer Street
|
- | 100.0 | % | - | 6,225 | 6,225 | - | 100.00 | % | 100.00 | % | 100.00 | % | - | 383,160 | 383,160 | 61.55 | ||||||||||||||||||||||||||||||||||
|
28 Jericho Turnpike
|
Kohl's
|
100.0 | % | 96,363 | - | 96,363 | 100.00 | % | - | 100.00 | % | 100.00 | % | 1,650,000 | - | 1,650,000 | 17.12 | ||||||||||||||||||||||||||||||||||
|
4401 White Plains Road
|
Walgreens
|
100.0 | % | 12,964 | - | 12,964 | 100.00 | % | - | 100.00 | % | 100.00 | % | 625,000 | - | 625,000 | 48.21 | ||||||||||||||||||||||||||||||||||
|
83 Spring Street
|
- | 100.0 | % | - | 3,000 | 3,000 | - | 100.00 | % | 100.00 | % | 100.00 | % | - | 623,884 | 623,884 | 207.96 | ||||||||||||||||||||||||||||||||||
|
Total - New York
|
570,263 | 358,706 | 928,969 | 90.14 | % | 84.32 | % | 87.89 | % | 88.45 | % | 8,749,987 | 10,662,514 | 19,412,501 | 23.78 | ||||||||||||||||||||||||||||||||||||
|
Total New York
|
784,051 | 486,820 | 1,270,871 | 92.83 | % | 87.49 | % | 90.78 | % | 91.19 | % | $ | 12,189,039 | $ | 15,397,744 | $ | 27,586,783 | $ | 23.91 | ||||||||||||||||||||||||||||||||
|
NEW ENGLAND
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Connecticut
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Town Line Plaza2
|
Wal-Mart, Stop & Shop (Ahold)
|
100.0 | % | 163,159 | 43,187 | 206,346 | 100.00 | % | 88.94 | % | 97.69 | % | 97.69 | % | $ | 969,144 | $ | 667,230 | $ | 1,636,374 | $ | 15.69 | |||||||||||||||||||||||||||||
|
Massachusetts
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Methuen Shopping Center
|
Wal-Mart, Market Basket
|
100.0 | % | 120,004 | 10,017 | 130,021 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 799,145 | 228,791 | 1,027,936 | 7.91 | |||||||||||||||||||||||||||||||||
|
Crescent Plaza
|
Home Depot, Shaw's (Supervalu)
|
100.0 | % | 156,985 | 61,152 | 218,137 | 100.00 | % | 78.95 | % | 94.10 | % | 94.10 | % | 1,178,872 | 479,383 | 1,658,255 | 8.08 | |||||||||||||||||||||||||||||||||
|
Cambridge
|
Whole Foods, Rite Aid
|
100.0 | % | 54,226 | - | 54,226 | 100.00 | % | - | 100.00 | % | 100.00 | % | 1,130,470 | - | 1,130,470 | 20.85 | ||||||||||||||||||||||||||||||||||
|
Total - Massachusetts
|
331,215 | 71,169 | 402,384 | 100.00 | % | 81.91 | % | 96.80 | % | 96.80 | % | 3,108,487 | 708,174 | 3,816,661 | 9.80 | ||||||||||||||||||||||||||||||||||||
|
New York
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
New Loudon Center
|
Marshalls, Price Chopper,
|
100.0 | % | 251,058 | 4,615 | 255,673 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 1,828,706 | 130,418 | 1,959,124 | 7.66 | |||||||||||||||||||||||||||||||||
|
Raymour & Flanigan
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Rhode Island
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Walnut Hill Plaza
|
Sears, Shaw's (Supervalu)
|
100.0 | % | 196,710 | 88,007 | 284,717 | 95.53 | % | 76.14 | % | 89.54 | % | 89.54 | % | 1,290,566 | 845,520 | 2,136,086 | 8.38 | |||||||||||||||||||||||||||||||||
|
Vermont
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
The Gateway Shopping Center
|
Shaw's (Supervalu)
|
100.0 | % | 73,184 | 28,471 | 101,655 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 1,353,904 | 615,509 | 1,969,413 | 19.37 | |||||||||||||||||||||||||||||||||
|
Total New England
|
1,015,326 | 235,449 | 1,250,775 | 99.13 | % | 83.59 | % | 96.21 | % | 96.21 | % | $ | 8,550,807 | $ | 2,966,851 | $ | 11,517,658 | $ | 10.41 | ||||||||||||||||||||||||||||||||
|
Notes:
|
|
|
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. Residential and office GLA is excluded.
|
|
|
1The Company has a 49% interest in this unconsolidated investment.
|
|
|
2Anchor 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.
|
|
-31-
|
Core Portfolio Retail Properties - Detail (continued)
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Leased
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Acadia's
|
Gross Leaseable Area
|
Occupancy
|
Occupancy
|
Annualized Base Rent
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Property
|
Anchors
|
interest
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
Total
|
Anchors
|
Shops
|
Total
|
Per Sq. Ft.
|
|||||||||||||||||||||||||||||||||||||
|
MIDWEST
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Illinois
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Hobson West Plaza
|
Garden Fresh Markets
|
100.0 | % | 51,692 | 47,445 | 99,137 | 100.00 | % | 91.99 | % | 96.17 | % | 96.17 | % | $ | 240,000 | $ | 898,122 | $ | 1,138,122 | $ | 11.94 | ||||||||||||||||||||||||||||
|
Clark Diversey
|
- | 100.0 | % | - | 19,265 | 19,265 | - | 100.00 | % | 100.00 | % | 100.00 | % | - | 858,248 | 858,248 | 44.55 | |||||||||||||||||||||||||||||||||
|
West Diversey
|
Trader Joe's, Urban Outfitters
|
100.0 | % | 16,500 | 29,759 | 46,259 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 900,000 | 984,925 | 1,884,925 | 40.75 | ||||||||||||||||||||||||||||||||
|
639 West Diversey
|
- | 100.0 | % | - | 12,557 | 12,557 | - | 100.00 | % | 100.00 | % | 100.00 | % | - | 666,091 | 666,091 | 53.05 | |||||||||||||||||||||||||||||||||
|
930 North Rush Street
|
- | 100.0 | % | - | 2,930 | 2,930 | - | 100.00 | % | 100.00 | % | 100.00 | % | - | 1,113,948 | 1,113,948 | 380.19 | |||||||||||||||||||||||||||||||||
|
Chicago Street Retail Portfolio1
|
- | 100.0 | % | - | 115,287 | 115,287 | - | 88.90 | % | 88.90 | % | 88.90 | % | - | 4,536,341 | 4,536,341 | 44.26 | |||||||||||||||||||||||||||||||||
|
Total - Illinois
|
68,192 | 227,243 | 295,435 | 100.00 | % | 92.69 | % | 94.38 | % | 94.38 | % | 1,140,000 | 9,057,675 | 10,197,675 | 36.57 | |||||||||||||||||||||||||||||||||||
|
Indiana
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Merrillville Plaza
|
JC Penney, Office Max,
|
100.0 | % | 123,369 | 112,455 | 235,824 | 100.00 | % | 82.17 | % | 91.50 | % | 91.50 | % | 1,278,015 | 1,640,275 | 2,918,290 | 13.52 | ||||||||||||||||||||||||||||||||
|
TJ Maxx
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Michigan
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bloomfield Towne Square
|
Best Buy, Home Goods,
|
100.0 | % | 153,839 | 82,837 | 236,676 | 100.00 | % | 91.10 | % | 96.88 | % | 96.88 | % | 1,683,030 | 1,713,594 | 3,396,624 | 14.81 | ||||||||||||||||||||||||||||||||
|
TJ Maxx, Dick's Sporting Goods
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Ohio
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Mad River Station
|
Babies 'R' Us, Office Depot
|
100.0 | % | 58,185 | 67,944 | 126,129 | 100.00 | % | 68.70 | % | 83.14 | % | 83.14 | % | 552,195 | 762,811 | 1,315,006 | 12.54 | ||||||||||||||||||||||||||||||||
|
Total Midwest
|
403,585 | 490,479 | 894,064 | 100.00 | % | 86.69 | % | 92.70 | % | 92.70 | % | $ | 4,653,240 | $ | 13,174,355 | $ | 17,827,595 | $ | 21.51 | |||||||||||||||||||||||||||||||
|
MID-ATLANTIC
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
New Jersey
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Marketplace of Absecon
|
Rite Aid, Dollar Tree
|
100.0 | % | 47,915 | 56,847 | 104,762 | 56.74 | % | 92.08 | % | 75.92 | % | 75.92 | % | $ | 553,022 | $ | 781,475 | $ | 1,334,497 | $ | 16.78 | ||||||||||||||||||||||||||||
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Brandywine Town Center2
|
Lowes, Bed Bath & Beyond,
|
22.2 | % | 827,471 | 48,208 | 875,679 | 96.98 | % | 92.27 | % | 96.72 | % | 96.72 | % | 12,325,537 | 755,435 | 13,080,972 | 15.44 | ||||||||||||||||||||||||||||||||
|
Target, Dick's Sporting Goods
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Market Square Shopping Center2
|
TJ Maxx, Trader Joe's
|
22.2 | % | 42,850 | 59,197 | 102,047 | 100.00 | % | 96.94 | % | 98.22 | % | 100.00 | % | 703,062 | 1,804,778 | 2,507,840 | 25.02 | ||||||||||||||||||||||||||||||||
|
Naamans Road2
|
- | 22.2 | % | - | 19,984 | 19,984 | - | 100.00 | % | 100.00 | % | 100.00 | % | - | 837,541 | 837,541 | 41.91 | |||||||||||||||||||||||||||||||||
|
Total - Delaware
|
870,321 | 127,389 | 997,710 | 97.13 | % | 95.65 | % | 96.94 | % | 97.12 | % | 13,028,599 | 3,397,754 | 16,426,353 | 16.98 | |||||||||||||||||||||||||||||||||||
|
Pennsylvania
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Mark Plaza
|
Kmart
|
100.0 | % | 104,956 | 1,900 | 106,856 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 204,664 | 36,000 | 240,664 | 2.25 | ||||||||||||||||||||||||||||||||
|
Plaza 422
|
Home Depot, Dunham Sports
|
100.0 | % | 139,968 | 16,311 | 156,279 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 643,503 | 152,349 | 795,852 | 5.09 | ||||||||||||||||||||||||||||||||
|
Route 6 Plaza
|
Kmart, Rite Aid
|
100.0 | % | 146,498 | 29,021 | 175,519 | 100.00 | % | 94.83 | % | 99.15 | % | 99.15 | % | 806,351 | 353,761 | 1,160,112 | 6.67 | ||||||||||||||||||||||||||||||||
|
Chestnut Hill3
|
- | 100.0 | % | - | 37,581 | 37,581 | - | 76.19 | % | 76.19 | % | 85.90 | % | - | 513,425 | 513,425 | 17.93 | |||||||||||||||||||||||||||||||||
|
Abington Towne Center4
|
Target, TJ Maxx
|
100.0 | % | 184,616 | 31,753 | 216,369 | 100.00 | % | 65.27 | % | 94.90 | % | 94.90 | % | 283,500 | 671,824 | 955,324 | 20.02 | ||||||||||||||||||||||||||||||||
|
Total - Pennsylvania
|
576,038 | 116,566 | 692,604 | 100.00 | % | 81.58 | % | 96.90 | % | 97.43 | % | 1,938,018 | 1,727,359 | 3,665,377 | 7.14 | |||||||||||||||||||||||||||||||||||
|
District of Columbia
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Rhode Island Place Shopping Center
|
TJ Maxx
|
100.0 | % | 24,996 | 32,533 | 57,529 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 312,450 | 1,310,179 | 1,622,629 | 28.21 | ||||||||||||||||||||||||||||||||
|
1739-53 & 1801-03 Connecticut Avenue
|
- | 100.0 | % | - | 22,907 | 22,907 | - | 92.65 | % | 92.65 | % | 92.65 | % | - | 1,090,701 | 1,090,701 | 51.39 | |||||||||||||||||||||||||||||||||
|
Georgetown Portfolio5
|
- | 50.0 | % | - | 27,666 | 27,666 | - | 96.39 | % | 96.39 | % | 96.39 | % | - | 1,799,387 | 1,799,387 | 67.48 | |||||||||||||||||||||||||||||||||
|
Total - District of Columbia
|
24,996 | 83,106 | 108,102 | 100.00 | % | 96.77 | % | 97.52 | % | 97.52 | % | 312,450 | 4,200,267 | 4,512,717 | 42.81 | |||||||||||||||||||||||||||||||||||
|
Total Mid-Atlantic
|
1,519,270 | 383,908 | 1,903,178 | 96.99 | % | 91.09 | % | 95.80 | % | 96.09 | % | $ | 15,832,089 | $ | 10,106,855 | $ | 25,938,944 | $ | 15.57 | |||||||||||||||||||||||||||||||
|
TOTAL CORE PROPERTIES
|
3,722,232 | 1,596,656 | 5,318,888 | 97.03 | % | 87.53 | % | 94.18 | % | 94.38 | % | $ | 41,225,175 | $ | 41,645,805 | $ | 82,870,980 | $ | 17.43 | |||||||||||||||||||||||||||||||
|
TOTAL CORE PROPERTIES - weighted based on ownership interest8
|
2,920,816 | 1,419,024 | 4,339,840 | 97.54 | % | 86.67 | % | 94.22 | % | 94.44 | % | $ | 29,867,551 | $ | 35,761,878 | $ | 65,629,430 | $ | 16.05 | |||||||||||||||||||||||||||||||
|
REDEVELOPMENT
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
West 54th Street
|
- | 100.0 | % | - | 9,797 | 9,797 | - | 48.06 | % | 48.06 | % | 52.66 | % | - | 1,245,680 | 1,245,680 | 264.56 | |||||||||||||||||||||||||||||||||
|
Notes:
|
|
|
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. Residential and office GLA is excluded.
|
|
|
1Includes 19 properties
|
|
|
2The Company has a 22.2% interest in this unconsolidated investment.
|
|
|
3This consists of two separate buildings.
|
|
|
4Anchor 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.
|
|
|
5Includes six properties (1533 Wisconsin Ave., 3025 M St., 3034 M St., 3146 M St., 3259-61 M St. and 2809 M St.) The Company has a 50% interest in this unconsolidated portfolio.
|
|
-32-
|
Core Portfolio Retail Properties by State - Summary
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Gross Leasable Area
|
Occupancy
|
Annualized Base Rent
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Ownership
|
Percent of
|
Number of
|
||||||||||||||||||||||||||||||||||||||||||||||
|
State
|
%
|
base rent1
|
properties
|
Anchors 2
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
||||||||||||||||||||||||||||||||||||
|
Connecticut
|
90.2 | % | 5.4 | % | 3 | 163,159 | 71,371 | 234,530 | 100.00 | % | 93.31 | % | 97.96 | % | $ | 969,144 | $ | 2,993,893 | $ | 3,963,037 | ||||||||||||||||||||||||||||
|
Delaware
|
22.2 | % | 5.6 | % | 3 | 870,321 | 127,389 | 997,710 | 97.13 | % | 95.65 | % | 96.94 | % | 13,028,599 | 3,397,754 | 16,426,353 | |||||||||||||||||||||||||||||||
|
District of Columbia
|
80.1 | % | 5.5 | % | 8 | 24,996 | 83,106 | 108,102 | 100.00 | % | 96.77 | % | 97.52 | % | 312,450 | 4,200,267 | 4,512,717 | |||||||||||||||||||||||||||||||
|
Illinois
|
100.0 | % | 15.5 | % | 24 | 68,192 | 227,243 | 295,435 | 100.00 | % | 92.69 | % | 94.38 | % | 1,140,000 | 9,057,675 | 10,197,675 | |||||||||||||||||||||||||||||||
|
Indiana
|
100.0 | % | 4.4 | % | 1 | 123,369 | 112,455 | 235,824 | 100.00 | % | 82.17 | % | 91.50 | % | 1,278,015 | 1,640,275 | 2,918,290 | |||||||||||||||||||||||||||||||
|
Massachusetts
|
100.0 | % | 5.8 | % | 3 | 331,215 | 71,169 | 402,384 | 100.00 | % | 81.91 | % | 96.80 | % | 3,108,487 | 708,174 | 3,816,661 | |||||||||||||||||||||||||||||||
|
Michigan
|
100.0 | % | 5.2 | % | 1 | 153,839 | 82,837 | 236,676 | 100.00 | % | 91.10 | % | 96.88 | % | 1,683,030 | 1,713,594 | 3,396,624 | |||||||||||||||||||||||||||||||
|
New Jersey
|
90.5 | % | 10.1 | % | 4 | 261,703 | 156,777 | 418,480 | 92.08 | % | 94.15 | % | 92.85 | % | 3,992,074 | 3,190,042 | 7,182,116 | |||||||||||||||||||||||||||||||
|
New York
|
86.5 | % | 28.6 | % | 14 | 821,321 | 363,321 | 1,184,642 | 93.16 | % | 84.52 | % | 90.51 | % | 10,578,693 | 10,792,932 | 21,371,625 | |||||||||||||||||||||||||||||||
|
Ohio
|
100.0 | % | 2.0 | % | 1 | 58,185 | 67,944 | 126,129 | 100.00 | % | 68.70 | % | 83.14 | % | 552,195 | 762,811 | 1,315,006 | |||||||||||||||||||||||||||||||
|
Pennsylvania
|
100.0 | % | 5.6 | % | 5 | 576,038 | 116,566 | 692,604 | 100.00 | % | 81.58 | % | 96.90 | % | 1,938,018 | 1,727,359 | 3,665,377 | |||||||||||||||||||||||||||||||
|
Rhode Island
|
100.0 | % | 3.3 | % | 1 | 196,710 | 88,007 | 284,717 | 95.53 | % | 76.14 | % | 89.54 | % | 1,290,566 | 845,520 | 2,136,086 | |||||||||||||||||||||||||||||||
|
Vermont
|
100.0 | % | 3.0 | % | 1 | 73,184 | 28,471 | 101,655 | 100.00 | % | 100.00 | % | 100.00 | % | 1,353,904 | 615,509 | 1,969,413 | |||||||||||||||||||||||||||||||
|
Total - Core Portfolio
|
100.0 | % | 69 | 3,722,232 | 1,596,656 | 5,318,888 | 97.03 | % | 87.53 | % | 94.18 | % | $ | 41,225,175 | $ | 41,645,805 | $ | 82,870,980 | ||||||||||||||||||||||||||||||
|
Notes:
|
|
|
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.
|
|
|
1 The Company'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.
|
|
-33-
|
Core Portfolio Top Tenants - Ranked by Annual Base Rent (ABR)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Gross
|
Pro-Rata
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Number of stores
|
Wholly Owned
|
Joint Ventures1
|
Combined
|
Wholly Owned
|
Joint Ventures 1
|
Combined
|
Percentage of Total
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
in Core
|
Total
|
Annualized Base
|
Total
|
Annualized Base
|
Percentage of
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Tenant
|
portfolio
|
GLA
|
Base Rent
|
GLA
|
Base Rent
|
GLA
|
Base Rent
|
GLA
|
Rent 1
|
GLA
|
Rent
|
GLA
|
Base Rent
|
Portfolio GLA
|
Base Rent
|
||||||||||||||||||||||||||||||||||||||||||||
|
Supervalu (Shaws)
|
3 | 175,801 | $ | 2,420,980 | - | $ | - | 175,801 | $ | 2,420,980 | 175,801 | $ | 2,420,980 | - | $ | - | 175,801 | $ | 2,420,980 | 4.1 | % | 3.7 | % | ||||||||||||||||||||||||||||||||||||
|
LA Fitness
|
2 | 100,000 | 2,336,500 | - | - | 100,000 | 2,336,500 | 100,000 | 2,336,500 | - | - | 100,000 | 2,336,500 | 2.3 | % | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Home Depot
|
3 | 312,718 | 2,007,496 | - | - | 312,718 | 2,007,496 | 312,718 | 2,007,496 | - | - | 312,718 | 2,007,496 | 7.2 | % | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Ahold (Stop and Shop)
|
3 | 155,177 | 1,936,339 | - | - | 155,177 | 1,936,339 | 155,177 | 1,936,339 | - | - | 155,177 | 1,936,339 | 3.6 | % | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||
|
A&P
|
2 | 97,236 | 2,096,552 | - | - | 97,236 | 2,096,552 | 77,451 | 1,716,552 | - | - | 77,451 | 1,716,552 | 1.8 | % | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Kohl's
|
1 | 96,363 | 1,650,000 | - | - | 96,363 | 1,650,000 | 96,363 | 1,650,000 | - | - | 96,363 | 1,650,000 | 2.2 | % | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||
|
TJX Companies
|
8 | 190,054 | 1,590,604 | 56,108 | 951,655 | 246,162 | 2,542,259 | 190,054 | 1,264,654 | 19,144 | 351,685 | 209,198 | 1,616,339 | 4.8 | % | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||
|
-- T.J. Maxx
|
5 | 113,196 | 1,085,550 | 31,175 | 428,062 | 144,371 | 1,513,612 | 113,196 | 759,600 | 6,927 | 95,124 | 120,123 | 854,724 | 2.8 | % | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||
|
-- Marshalls
|
1 | 37,212 | 158,151 | - | - | 37,212 | 158,151 | 37,212 | 158,151 | - | - | 37,212 | 158,151 | 0.9 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||
|
-- Homegoods
|
2 | 39,646 | 346,903 | 24,933 | 523,593 | 64,579 | 870,496 | 39,646 | 346,903 | 12,217 | 256,561 | 51,863 | 603,464 | 1.2 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Sears
|
4 | 285,314 | 1,150,615 | 100,725 | 566,250 | 386,039 | 1,716,865 | 285,314 | 1,150,615 | 49,355 | 277,463 | 334,669 | 1,428,078 | 7.7 | % | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||
|
-- Kmart
|
3 | 224,614 | 892,615 | 100,725 | 566,250 | 325,339 | 1,458,865 | 224,614 | 892,615 | 49,355 | 277,463 | 273,969 | 1,170,078 | 6.3 | % | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||
|
-- Sears
|
1 | 60,700 | 258,000 | - | - | 60,700 | 258,000 | 60,700 | 258,000 | - | - | 60,700 | 258,000 | 1.4 | % | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Walgreens
|
3 | 37,499 | 1,366,748 | - | - | 37,499 | 1,366,748 | 37,499 | 1,366,748 | - | - | 37,499 | 1,366,748 | 0.9 | % | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Trader Joe's
|
2 | 16,500 | 900,000 | 11,675 | 275,000 | 28,175 | 1,175,000 | 16,500 | 900,000 | 2,594 | 61,105 | 19,094 | 961,105 | 0.4 | % | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||
|
TD Bank
|
2 | 14,700 | 958,996 | - | - | 14,700 | 958,996 | 14,700 | 958,996 | - | - | 14,700 | 958,996 | 0.3 | % | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Dicks Sporting Goods
|
2 | 48,805 | 695,471 | 50,000 | 700,000 | 98,805 | 1,395,471 | 48,805 | 695,471 | 11,000 | 154,000 | 59,805 | 849,471 | 1.4 | % | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Sleepy's
|
5 | 32,619 | 789,858 | 3,700 | 140,600 | 36,319 | 930,458 | 32,619 | 789,858 | 822 | 31,244 | 33,441 | 821,102 | 0.8 | % | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||
|
JP Morgan Chase Bank
|
6 | 26,209 | 672,649 | 3,745 | 325,000 | 29,954 | 997,649 | 25,309 | 619,501 | 1,835 | 159,250 | 27,144 | 778,751 | 0.6 | % | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Rite Aid
|
2 | 26,633 | 764,030 | - | - | 26,633 | 764,030 | 26,633 | 764,030 | - | - | 26,633 | 764,030 | 0.6 | % | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Citibank
|
4 | 10,486 | 520,494 | 8,470 | 474,138 | 18,956 | 994,632 | 10,486 | 520,494 | 2,797 | 165,331 | 13,283 | 685,825 | 0.3 | % | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Dollar Tree
|
7 | 63,816 | 653,499 | - | - | 63,816 | 653,499 | 63,816 | 653,499 | - | - | 63,816 | 653,499 | 1.5 | % | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Pier 1 Imports
|
3 | 19,255 | 462,466 | 8,818 | 348,576 | 28,073 | 811,042 | 19,255 | 462,466 | 4,321 | 170,802 | 23,576 | 633,268 | 0.5 | % | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Coach
|
2 | 4,541 | 388,573 | 6,810 | 476,700 | 11,351 | 865,273 | 3,406 | 291,430 | 3,405 | 238,350 | 6,811 | 529,780 | 0.2 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Payless Shoesource
|
6 | 18,236 | 465,232 | 3,090 | 114,330 | 21,326 | 579,562 | 18,236 | 465,232 | 1,514 | 56,022 | 19,750 | 521,254 | 0.5 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||
|
TOTAL
|
70 | 1,731,962 | $ | 23,827,102 | 253,141 | $ | 4,372,249 | 1,985,103 | $ | 28,199,351 | 1,710,142 | $ | 22,970,861 | 96,788 | $ | 1,665,251 | 1,806,929 | $ | 24,636,112 | 41.6 | % | 37.5 | % | ||||||||||||||||||||||||||||||||||||
|
Notes:
|
|
|
1Includes the Company's pro-rata share of unconsolidated joint ventures.
|
|
-34-
|
Core Portfolio Lease Expirations
|
||||||||||||||||||||||||
|
Gross Leased Area
|
Annual Base Rent
|
|||||||||||||||||||||||
|
No. of Leases
|
Square
|
Percent
|
Percent
|
Avg. Per
|
||||||||||||||||||||
|
Expiring
|
Footage
|
of Total
|
Amount
|
of Total
|
Sq. Ft.
|
|||||||||||||||||||
|
Anchor Tenants
|
||||||||||||||||||||||||
|
2013
|
11 | 368,426 | 11.01 | % | 4,451,483 | 10.80 | % | 12.08 | ||||||||||||||||
|
2014
|
7 | 308,783 | 9.22 | % | 2,700,557 | 6.55 | % | 8.75 | ||||||||||||||||
|
2015
|
6 | 274,639 | 8.20 | % | 3,835,262 | 9.30 | % | 13.96 | ||||||||||||||||
|
2016
|
7 | 272,962 | 8.15 | % | 2,813,094 | 6.82 | % | 10.31 | ||||||||||||||||
|
2017
|
6 | 311,806 | 9.32 | % | 3,680,367 | 8.93 | % | 11.80 | ||||||||||||||||
|
2018
|
3 | 330,649 | 9.88 | % | 3,764,816 | 9.13 | % | 11.39 | ||||||||||||||||
|
2019
|
6 | 136,521 | 4.08 | % | 1,151,562 | 2.79 | % | 8.44 | ||||||||||||||||
|
2020
|
6 | 329,713 | 9.85 | % | 3,983,034 | 9.66 | % | 12.08 | ||||||||||||||||
|
2021
|
8 | 310,001 | 9.26 | % | 3,622,544 | 8.79 | % | 11.69 | ||||||||||||||||
|
2022
|
2 | 69,837 | 2.09 | % | 1,826,500 | 4.43 | % | 26.15 | ||||||||||||||||
|
2023
|
1 | 48,805 | 1.46 | % | 695,471 | 1.69 | % | 14.25 | ||||||||||||||||
|
2024
|
4 | 200,936 | 6.00 | % | 3,596,228 | 8.72 | % | 17.90 | ||||||||||||||||
|
2027
|
2 | 66,650 | 1.99 | % | 1,413,631 | 3.43 | % | 21.21 | ||||||||||||||||
|
2028
|
4 | 202,935 | 6.06 | % | 2,158,124 | 5.23 | % | 10.63 | ||||||||||||||||
|
2032
|
1 | 101,715 | 3.04 | % | 907,500 | 2.20 | % | 8.92 | ||||||||||||||||
|
2060
|
1 | 12,964 | 0.39 | % | 625,000 | 1.52 | % | 48.21 | ||||||||||||||||
|
Total
|
75 | 3,347,342 | 100.00 | % | $ | 41,225,173 | 100.00 | % | $ | 12.32 | ||||||||||||||
|
Anchor GLA Owned by Tenants
|
254,916 | |||||||||||||||||||||||
|
Total Vacant
|
119,974 | |||||||||||||||||||||||
|
Total Square Feet
|
3,722,232 | |||||||||||||||||||||||
|
Shop Tenants
|
||||||||||||||||||||||||
|
Month to month
|
6 | 17,320 | 1.24 | % | $ | 322,423 | 0.77 | % | $ | 18.62 | ||||||||||||||
|
2013
|
61 | 169,827 | 12.12 | % | 4,136,329 | 9.93 | % | 24.36 | ||||||||||||||||
|
2014
|
63 | 232,356 | 16.58 | % | 7,003,782 | 16.82 | % | 30.14 | ||||||||||||||||
|
2015
|
39 | 170,758 | 12.19 | % | 3,467,059 | 8.33 | % | 20.30 | ||||||||||||||||
|
2016
|
52 | 238,375 | 17.01 | % | 5,685,646 | 13.65 | % | 23.85 | ||||||||||||||||
|
2017
|
43 | 187,309 | 13.37 | % | 6,660,153 | 15.99 | % | 35.56 | ||||||||||||||||
|
2018
|
19 | 72,014 | 5.14 | % | 2,940,239 | 7.06 | % | 40.83 | ||||||||||||||||
|
2019
|
17 | 44,335 | 3.16 | % | 2,270,752 | 5.45 | % | 51.22 | ||||||||||||||||
|
2020
|
16 | 37,212 | 2.66 | % | 1,679,729 | 4.03 | % | 45.14 | ||||||||||||||||
|
2021
|
16 | 84,722 | 6.05 | % | 2,242,561 | 5.38 | % | 26.47 | ||||||||||||||||
|
2022
|
21 | 82,603 | 5.89 | % | 2,929,829 | 7.04 | % | 35.47 | ||||||||||||||||
|
2023
|
3 | 19,512 | 1.39 | % | 420,575 | 1.01 | % | 21.55 | ||||||||||||||||
|
2024
|
3 | 8,642 | 0.62 | % | 342,049 | 0.82 | % | 39.58 | ||||||||||||||||
|
2025
|
1 | 3,120 | 0.22 | % | 29,047 | 0.07 | % | 9.31 | ||||||||||||||||
|
2026
|
1 | 7,600 | 0.54 | % | 640,000 | 1.54 | % | 84.21 | ||||||||||||||||
|
2027
|
2 | 21,859 | 1.56 | % | 550,632 | 1.32 | % | 25.19 | ||||||||||||||||
|
2030
|
1 | 3,745 | 0.27 | % | 325,000 | 0.78 | % | 86.78 | ||||||||||||||||
|
Total
|
364 | 1,401,309 | 100.00 | % | $ | 41,645,805 | 100.00 | % | $ | 29.72 | ||||||||||||||
|
Total Vacant
|
195,347 | |||||||||||||||||||||||
|
Total Square Feet
|
1,596,656 | |||||||||||||||||||||||
|
Gross Leased Area
|
Annual Base Rent
|
|||||||||||||||||||||||
|
No. of Leases
|
Square
|
Percent
|
Percent
|
Avg. Per
|
||||||||||||||||||||
|
Expiring
|
Footage
|
of Total
|
Amount
|
of Total
|
Sq. Ft.
|
|||||||||||||||||||
|
Total Anchor and
|
||||||||||||||||||||||||
|
Shop Tenants
|
||||||||||||||||||||||||
|
Month to month
|
6 | 17,320 | 0.36 | % | $ | 322,423 | 0.39 | % | $ | 18.62 | ||||||||||||||
|
2013
|
72 | 538,253 | 11.33 | % | 8,587,812 | 10.36 | % | 15.95 | ||||||||||||||||
|
2014
|
70 | 541,139 | 11.40 | % | 9,704,339 | 11.71 | % | 17.93 | ||||||||||||||||
|
2015
|
45 | 445,397 | 9.38 | % | 7,302,321 | 8.81 | % | 16.40 | ||||||||||||||||
|
2016
|
59 | 511,337 | 10.77 | % | 8,498,740 | 10.26 | % | 16.62 | ||||||||||||||||
|
2017
|
49 | 499,115 | 10.51 | % | 10,340,520 | 12.48 | % | 20.72 | ||||||||||||||||
|
2018
|
22 | 402,663 | 8.48 | % | 6,705,055 | 8.09 | % | 16.65 | ||||||||||||||||
|
2019
|
23 | 180,856 | 3.81 | % | 3,422,314 | 4.13 | % | 18.92 | ||||||||||||||||
|
2020
|
22 | 366,925 | 7.73 | % | 5,662,763 | 6.83 | % | 15.43 | ||||||||||||||||
|
2021
|
24 | 394,723 | 8.31 | % | 5,865,105 | 7.08 | % | 14.86 | ||||||||||||||||
|
2022
|
23 | 152,440 | 3.21 | % | 4,756,329 | 5.74 | % | 31.20 | ||||||||||||||||
|
2023
|
4 | 68,317 | 1.44 | % | 1,116,046 | 1.35 | % | 16.34 | ||||||||||||||||
|
2024
|
7 | 209,578 | 4.41 | % | 3,938,277 | 4.75 | % | 18.79 | ||||||||||||||||
|
2025
|
1 | 3,120 | 0.07 | % | 29,047 | 0.04 | % | 9.31 | ||||||||||||||||
|
2026
|
1 | 7,600 | 0.16 | % | 640,000 | 0.77 | % | 84.21 | ||||||||||||||||
|
2027
|
4 | 88,509 | 1.86 | % | 1,964,263 | 2.37 | % | 22.19 | ||||||||||||||||
|
2028
|
4 | 202,935 | 4.27 | % | 2,158,124 | 2.60 | % | 10.63 | ||||||||||||||||
|
2030
|
1 | 3,745 | 0.08 | % | 325,000 | 0.39 | % | 86.78 | ||||||||||||||||
|
2032
|
1 | 101,715 | 2.14 | % | 907,500 | 1.10 | % | 8.92 | ||||||||||||||||
|
2060
|
1 | 12,964 | 0.27 | % | 625,000 | 0.75 | % | 48.21 | ||||||||||||||||
|
Total
|
439 | 4,748,651 | 100.00 | % | $ | 82,870,978 | 100.00 | % | $ | 17.43 | ||||||||||||||
|
Anchor GLA Owned by Tenants
|
254,916 | |||||||||||||||||||||||
|
Total Vacant
|
315,321 | |||||||||||||||||||||||
|
Total Square Feet
|
5,318,888 | |||||||||||||||||||||||
-35-
|
Core Portfolio - New and Renewal Rent Spreads 1
|
||||||||||||||||||||||||||||||||||||||||
|
Period ended
|
3 months ended
|
3 months ended
|
3 months ended
|
3 months ended
|
||||||||||||||||||||||||||||||||||||
|
December 31, 2012
|
December 31, 2012 |
September 30, 2012
|
June 30, 2012
|
March 31, 2012
|
||||||||||||||||||||||||||||||||||||
|
Cash2
|
GAAP3
|
Cash2
|
GAAP3
|
Cash2
|
GAAP3
|
Cash2
|
GAAP3
|
Cash2
|
GAAP3
|
|||||||||||||||||||||||||||||||
|
New leases
|
||||||||||||||||||||||||||||||||||||||||
|
Number of new leases executed
|
20 | 20 | 5 | 5 | 8 | 8 | 5 | 5 | 2 | 2 | ||||||||||||||||||||||||||||||
|
GLA
|
97,660 | 97,660 | 56,248 | 56,248 | 20,019 | 20,019 | 16,669 | 16,669 | 4,724 | 4,724 | ||||||||||||||||||||||||||||||
|
New base rent
|
$ | 17.43 | $ | 18.26 | $ | 13.53 | $ | 14.20 | $ | 22.09 | $ | 22.82 | $ | 22.33 | $ | 23.23 | $ | 26.91 | $ | 29.70 | ||||||||||||||||||||
|
Previous base rent (and percentage rent)
|
$ | 18.66 | $ | 17.93 | $ | 14.34 | $ | 14.15 | $ | 23.09 | $ | 21.50 | $ | 27.83 | $ | 26.08 | $ | 19.07 | $ | 19.07 | ||||||||||||||||||||
|
Percentage growth in base rent
|
-6.6 | % | 1.8 | % | -5.6 | % | 0.4 | % | -4.3 | % | 6.1 | % | -19.8 | % | -10.9 | % | 41.1 | % | 55.7 | % | ||||||||||||||||||||
|
Average cost per square foot
|
$ | 22.84 | $ | 22.84 | $ | 15.60 | $ | 15.60 | $ | 22.75 | $ | 22.75 | $ | 38.14 | $ | 38.14 | $ | 55.45 | $ | 55.45 | ||||||||||||||||||||
|
Weighted Average Lease Term (years)
|
9.2 | 9.2 | 10.0 | 10.0 | 7.2 | 7.2 | 9.5 | 9.5 | 8.5 | 8.5 | ||||||||||||||||||||||||||||||
|
Renewal leases
|
||||||||||||||||||||||||||||||||||||||||
|
Number of renewal leases executed
|
35 | 35 | 6 | 6 | 10 | 10 | 6 | 6 | 13 | 13 | ||||||||||||||||||||||||||||||
|
GLA
|
217,771 | 217,771 | 30,417 | 30,417 | 27,903 | 27,903 | 60,957 | 60,957 | 98,494 | 98,494 | ||||||||||||||||||||||||||||||
|
New base rent
|
$ | 16.17 | $ | 16.67 | $ | 19.96 | $ | 20.49 | $ | 26.15 | $ | 26.26 | $ | 13.90 | $ | 14.00 | $ | 13.58 | $ | 14.43 | ||||||||||||||||||||
|
Expiring base rent (and percentage rent)
|
$ | 15.83 | $ | 15.37 | $ | 19.56 | $ | 19.47 | $ | 24.22 | $ | 24.06 | $ | 14.07 | $ | 13.64 | $ | 13.40 | $ | 12.71 | ||||||||||||||||||||
|
Percentage growth in base rent
|
2.1 | % | 8.5 | % | 2.0 | % | 5.2 | % | 8.0 | % | 9.1 | % | -1.2 | % | 2.6 | % | 1.3 | % | 13.5 | % | ||||||||||||||||||||
|
Average cost per square foot
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||||||||
|
Weighted Average Lease Term (years)
|
3.8 | 3.8 | 5.8 | 5.8 | 3.8 | 3.8 | 2.3 | 2.3 | 4.1 | 4.1 | ||||||||||||||||||||||||||||||
|
Total new and renewal Leases
|
||||||||||||||||||||||||||||||||||||||||
|
Number of new and renewal leases executed
|
55 | 55 | 11 | 11 | 18 | 18 | 11 | 11 | 15 | 15 | ||||||||||||||||||||||||||||||
|
GLA commencing
|
315,431 | 315,431 | 86,665 | 86,665 | 47,922 | 47,922 | 77,626 | 77,626 | 103,218 | 103,218 | ||||||||||||||||||||||||||||||
|
New base rent
|
$ | 16.56 | $ | 17.16 | $ | 15.79 | $ | 16.41 | $ | 24.45 | $ | 24.82 | $ | 15.71 | $ | 15.98 | $ | 14.19 | $ | 15.13 | ||||||||||||||||||||
|
Expiring base rent (and percentage rent)
|
$ | 16.71 | $ | 16.16 | $ | 16.17 | $ | 16.02 | $ | 23.75 | $ | 22.99 | $ | 17.02 | $ | 16.31 | $ | 13.66 | $ | 13.00 | ||||||||||||||||||||
|
Percentage growth in base rent
|
-0.9 | % | 6.2 | % | -2.4 | % | 2.4 | % | 3.0 | % | 8.0 | % | -7.7 | % | -2.0 | % | 3.9 | % | 16.4 | % | ||||||||||||||||||||
|
Average cost per square foot
|
$ | 7.07 | $ | 7.07 | $ | 10.12 | $ | 10.12 | $ | 9.50 | $ | 9.50 | $ | 8.19 | $ | 8.19 | $ | 2.54 | $ | 2.54 | ||||||||||||||||||||
|
Weighted Average Lease Term (years)
|
5.5 | 5.5 | 8.5 | 8.5 | 5.2 | 5.2 | 3.8 | 3.8 | 4.3 | 4.3 | ||||||||||||||||||||||||||||||
|
Notes:
|
|
|
1Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's major redevelopment
|
|
|
projects; renewal leases include exercised options.
|
|
|
2Rents have not been calculated on a straight-line basis. Previous/expiring rent is that as of time of expiration and includes any
|
|
|
percentage rent paid as well. New rent is that which is paid at commencement.
|
|
|
3Rents are calculated on a straight-line basis.
|
|
-36-
|
Core Portfolio Capital Expenditures
|
||||||||||||||||||||||||
|
Current Quarter
|
||||||||||||||||||||||||
|
Year-to-Date
|
Current Quarter
|
Previous Quarter
|
Previous Quarter
|
Previous Quarter
|
||||||||||||||||||||
|
Period ended
|
3 months ended
|
3 months ended
|
3 months ended
|
3 months ended
|
Prior Year ended
|
|||||||||||||||||||
|
December 31, 2012
|
December 31, 2012
|
September 30, 2012
|
June 30, 2012
|
March 31, 2012
|
December 31, 2011
|
|||||||||||||||||||
|
Leasing Commissions
|
$ | 1,916 | $ | 347 | $ | 947 | $ | 316 | $ | 306 | $ | 1,265 | ||||||||||||
|
Tenant Improvements
|
4,274 | 913 | 366 | 1,412 | 1,583 | 5,823 | ||||||||||||||||||
|
Capital Expenditures
|
1,523 | 444 | 692 | 323 | 64 | 471 | ||||||||||||||||||
|
Total capital expenditures
|
7,713 | 1,704 | 2,005 | 2,051 | 1,953 | 7,559 | ||||||||||||||||||
|
Re-anchoring costs1
|
11,867 | 2,144 | 1,274 | 4,811 | 3,638 | 1,578 | ||||||||||||||||||
|
Total
|
$ | 19,580 | $ | 3,848 | $ | 3,279 | $ | 6,862 | $ | 5,591 | $ | 9,137 | ||||||||||||
|
Notes:
|
|
|
1 Represents costs associated with the Bloomfield Town Square and The Branch Plaza re-anchorings as discussed by the Company.
|
|
-37-
|
Property Demographics - Core
|
|||||||||||||
|
3-Mile Radius2
|
|||||||||||||
|
Trade Area
|
Base
|
Total
|
Total
|
#
|
Median HH
|
Avg. HH
|
|||||||
|
Property
|
City
|
State
|
(Miles)
|
Rent
|
GLA
|
Pop.
|
HH
|
Income
|
Income
|
||||
|
Core
|
|||||||||||||
|
239 Greenwich Avenue
|
Greenwich
|
CT
|
3
|
1,554,663
|
16,834
|
66,764
|
24,760
|
126,648
|
180,475
|
||||
|
Elmwood Park Shopping Center
|
Elmwood Park
|
NJ
|
3
|
3,596,396
|
149,262
|
254,598
|
84,884
|
59,534
|
70,827
|
||||
|
A & P Shopping Plaza
|
Boonton
|
NJ
|
3
|
1,343,723
|
62,741
|
46,839
|
17,923
|
103,943
|
129,441
|
||||
|
Village Commons Shopping Center
|
Smithtown
|
NY
|
3
|
2,552,470
|
87,330
|
66,766
|
23,288
|
111,019
|
137,242
|
||||
|
The Branch Plaza
|
Smithtown
|
NY
|
3
|
2,551,407
|
126,273
|
66,916
|
23,389
|
110,173
|
136,382
|
||||
|
Amboy Road
|
Staten Island
|
NY
|
3
|
1,632,178
|
60,090
|
147,590
|
54,454
|
87,821
|
103,110
|
||||
|
Bartow Avenue
|
Bronx
|
NY
|
3
|
420,687
|
14,676
|
571,167
|
212,683
|
47,950
|
59,131
|
||||
|
Pacesetter Park Shopping Center
|
Pomona
|
NY
|
3
|
1,151,105
|
97,583
|
35,902
|
11,177
|
106,212
|
124,240
|
||||
|
LA Fitness
|
Staten Island
|
NY
|
3
|
1,391,500
|
55,000
|
121,318
|
43,079
|
78,203
|
90,627
|
||||
|
West 54th Street
|
Manhattan
|
NY
|
3
|
1,245,680
|
9,797
|
1,223,652
|
627,833
|
89,958
|
147,056
|
||||
|
East 17th Street
|
Manhattan
|
NY
|
3
|
625,000
|
19,622
|
1,059,535
|
542,170
|
91,411
|
144,163
|
||||
|
Crossroads Shopping Center
|
White Plains
|
NY
|
3
|
5,139,479
|
309,523
|
108,529
|
42,787
|
93,274
|
125,433
|
||||
|
Third Avenue
|
Yonkers
|
NY
|
3
|
666,631
|
40,320
|
1,218,498
|
437,804
|
35,045
|
51,736
|
||||
|
Mercer Street
|
Manhattan
|
NY
|
3
|
383,160
|
6,225
|
923,759
|
452,623
|
85,085
|
129,584
|
||||
|
4401 White Plains Road
|
White Plains
|
NY
|
3
|
623,884
|
3,000
|
565,820
|
212,940
|
52,461
|
66,174
|
||||
|
Town Line Plaza
|
Rocky Hill
|
CT
|
3
|
1,636,374
|
206,346
|
46,398
|
19,516
|
78,060
|
91,541
|
||||
|
Methuen Shopping Center
|
Methuen
|
MA
|
3
|
1,027,936
|
130,021
|
93,621
|
33,353
|
51,101
|
60,867
|
||||
|
Crescent Plaza
|
Brockton
|
MA
|
3
|
1,658,255
|
218,137
|
98,732
|
35,274
|
57,418
|
66,869
|
||||
|
Cambridge
|
Cambridge
|
MA
|
3
|
1,130,470
|
54,226
|
489,136
|
215,122
|
68,158
|
97,306
|
||||
|
New Loudon Center
|
Latham
|
NY
|
3
|
1,959,124
|
255,673
|
45,708
|
18,694
|
65,042
|
78,848
|
||||
|
Walnut Hill Plaza
|
Woonsocket
|
RI
|
3
|
2,136,086
|
284,717
|
63,856
|
25,805
|
56,673
|
65,553
|
||||
|
The Gateway Shopping Center
|
So. Burlington
|
VT
|
3
|
1,969,413
|
101,655
|
50,684
|
19,217
|
51,090
|
66,456
|
||||
|
Hobson West Plaza
|
Naperville
|
IL
|
3
|
1,138,122
|
99,137
|
124,307
|
43,292
|
107,747
|
133,753
|
||||
|
Clark & Diversey
|
Chicago
|
IL
|
3
|
858,248
|
19,265
|
403,737
|
217,875
|
74,156
|
112,282
|
||||
|
West Diversey
|
Chicago
|
IL
|
3
|
1,884,925
|
46,259
|
406,188
|
218,945
|
74,095
|
112,128
|
||||
|
Chicago Urban/Street Retail Portfolio1
|
Chicago
|
IL
|
3
|
4,536,341
|
115,287
|
434,100
|
230,477
|
76,442
|
111,255
|
||||
|
930 North Rush St
|
Chicago
|
IL
|
3
|
1,113,948
|
2,930
|
322,469
|
180,483
|
80,823
|
123,146
|
||||
|
Merrillville Plaza
|
Hobart
|
IN
|
3
|
2,918,290
|
235,824
|
28,084
|
11,444
|
51,584
|
58,223
|
||||
|
Bloomfield Town Square
|
Bloomfield Hills
|
MI
|
3
|
3,396,624
|
236,676
|
56,262
|
22,488
|
70,867
|
102,286
|
||||
|
Mad River Station
|
Dayton
|
OH
|
3
|
1,315,006
|
126,129
|
63,784
|
27,917
|
58,431
|
70,473
|
||||
|
Marketplace of Absecon
|
Absecon
|
NJ
|
3
|
1,334,497
|
104,762
|
32,818
|
11,478
|
62,164
|
74,221
|
||||
|
Brandywine/Mkt Sq./Naamans Rd 3
|
Wilmington
|
DE
|
3
|
16,426,353
|
997,710
|
506,735
|
195,267
|
73,167
|
91,259
|
||||
|
Mark Plaza
|
Edwardsville
|
PA
|
3
|
240,664
|
106,856
|
88,065
|
37,263
|
37,520
|
47,049
|
||||
|
Plaza 422
|
Lebanon
|
PA
|
3
|
795,852
|
156,279
|
45,898
|
18,145
|
43,042
|
52,403
|
||||
|
Route 6 Plaza
|
Honesdale
|
PA
|
3
|
1,160,112
|
175,519
|
45,996
|
18,427
|
97,614
|
119,789
|
||||
|
Chestnut Hill
|
Philadelphia
|
PA
|
3
|
513,425
|
37,581
|
144,928
|
61,588
|
62,496
|
78,437
|
||||
|
Abington Towne Center
|
Abington
|
PA
|
3
|
955,324
|
216,369
|
89,061
|
35,063
|
76,999
|
95,632
|
||||
|
Georgetown Portfolio
|
Georgetown
|
DC
|
3
|
1,799,387
|
27,666
|
310,075
|
155,858
|
85,815
|
118,080
|
||||
|
28 Jericho Turnpike
|
Westbury
|
NY
|
3
|
1,650,000
|
96,363
|
107,066
|
34,486
|
104,342
|
132,026
|
||||
|
Rhode Island Place Shopping Center
|
Washington
|
DC
|
3
|
1,622,629
|
57,529
|
336,016
|
153,378
|
65,558
|
87,768
|
||||
|
83 Spring Street
|
Manhattan
|
NY
|
3
|
623,884
|
3,000
|
963,271
|
475,088
|
85,441
|
130,755
|
||||
|
60 Orange Street
|
Bloomfield
|
NJ
|
3
|
907,500
|
101,715
|
338,341
|
128,101
|
58,320
|
66,931
|
||||
|
639 West Diversey
|
Chicago
|
IL
|
3
|
666,091
|
12,557
|
403,961
|
219,828
|
77,275
|
92,129
|
||||
|
1739-53 & 1801-03 Connecticut Avenue
|
Washington
|
DC
|
3
|
1,090,701
|
22,907
|
333,711
|
162,783
|
84,576
|
111,570
|
||||
|
181 Main Street
|
Westport
|
CT
|
3
|
772,000
|
11,350
|
46,414
|
17,188
|
160,357
|
196,576
|
||||
|
Total Core 2
|
|||||||||||||
|
Average - Total
|
1,869,234
|
118,194
|
288,824
|
130,125
|
77,225
|
100,916
|
|||||||
|
Weighted Average - Based on base rent
|
238,265
|
106,426
|
77,312
|
100,378
|
|||||||||
|
Notes:
|
|
1 Calculations comprised of nineteen individual properties.
|
|
2 Calculations have been pro-rated based on the Company's ownership % in joint ventures.
|
|
3 Calculations based on 10 miles radius2demographics given the unique position of these assets in the market
|
-38-
|
Property Demographics - Funds
|
|||||||||||||
|
3-Mile Radius2
|
|||||||||||||
|
Trade Area
|
Base
|
Total
|
Total
|
#
|
Median HH
|
Avg. HH
|
|||||||
|
Property
|
City
|
State
|
(Miles)
|
Rent
|
GLA
|
Pop.
|
HH
|
Income
|
Income
|
||||
|
Fund II
|
|||||||||||||
|
Pelham Manor Shopping Plaza
|
Westchester
|
NY
|
3
|
5,887,611
|
228,493
|
374,733
|
141,676
|
57,019
|
73,516
|
||||
|
400 East Fordham Road
|
Bronx
|
NY
|
3
|
5,519,760
|
119,446
|
1,200,592
|
421,615
|
37,257
|
48,075
|
||||
|
216th Street
|
Manhattan
|
NY
|
3
|
2,694,000
|
60,000
|
935,948
|
329,442
|
37,176
|
55,430
|
||||
|
161st Street
|
Bronx
|
NY
|
3
|
5,255,201
|
232,402
|
1,251,086
|
444,325
|
32,321
|
47,196
|
||||
|
Average - Total
|
4,839,143
|
160,085
|
940,590
|
334,265
|
40,943
|
56,054
|
|||||||
|
Weighted Average - Based on base rent
|
926,270
|
329,804
|
41,917
|
56,598
|
|||||||||
|
Fund III
|
|||||||||||||
|
Cortlandt Towne Center
|
Mohegan Lake
|
NY
|
3
|
9,449,199
|
641,225
|
49,183
|
17,702
|
88,812
|
104,358
|
||||
|
640 Broadway
|
Manhattan
|
NY
|
3
|
662,103
|
4,409
|
987,988
|
492,393
|
86,341
|
133,275
|
||||
|
New Hyde Park Shopping Center
|
New Hyde Park
|
NY
|
3
|
904,986
|
31,431
|
195,564
|
70,172
|
101,624
|
129,444
|
||||
|
White City
|
Shrewsbury
|
MA
|
3
|
4,841,673
|
257,288
|
101,062
|
40,736
|
52,003
|
64,348
|
||||
|
Parkway Crossing
|
Parkville
|
MD
|
3
|
1,445,276
|
265,116
|
184,242
|
74,094
|
59,047
|
70,053
|
||||
|
Lincoln Road
|
Miami Beach
|
FL
|
3
|
3,257,573
|
61,443
|
58,267
|
36,318
|
74,282
|
98,785
|
||||
|
Heritage Shops
|
Chicago
|
IL
|
3
|
3,103,565
|
105,585
|
289,135
|
155,570
|
76,609
|
116,432
|
||||
|
Lincoln Park Center
|
Chicago
|
IL
|
3
|
1,607,359
|
62,745
|
438,736
|
235,290
|
77,360
|
116,754
|
||||
|
Arundel Plaza
|
Glen Burnie
|
MD
|
3
|
1,445,276
|
265,116
|
76,060
|
28,613
|
58,913
|
65,941
|
||||
|
Fund III 1
|
|||||||||||||
|
Average - Total
|
2,968,557
|
188,262
|
264,471
|
127,876
|
74,999
|
99,932
|
|||||||
|
Weighted Average - Based on base rent
|
146,750
|
69,847
|
80,336
|
102,300
|
|||||||||
|
Fund IV
|
|||||||||||||
|
1701 Belmont Avenue
|
Catonsville
|
MD
|
3
|
936,166
|
58,674
|
109,807
|
43,674
|
59,150
|
65,356
|
||||
|
Lincoln Road
|
Miami Beach
|
FL
|
3
|
4,949,953
|
54,453
|
58,267
|
36,318
|
74,282
|
98,785
|
||||
|
Fund IV1
|
|||||||||||||
|
Average - Total
|
2,943,060
|
56,564
|
84,037
|
39,996
|
66,716
|
82,071
|
|||||||
|
Weighted Average - Based on base rent
|
66,098
|
37,436
|
71,983
|
93,706
|
|||||||||
|
Total - Core and Funds1
|
|||||||||||||
|
Average - Total
|
2,267,921
|
129,442
|
321,796
|
140,393
|
74,122
|
97,150
|
|||||||
|
Weighted Average - Based on base rent
|
264,033
|
114,148
|
75,645
|
98,203
|
|||||||||
|
Notes:
|
|
1 Does not include the Kroger/Safeway Portfolio.
|
|
2 Calculations have been pro-rated based on the Company's ownership % in joint ventures.
|
-39-
|
Important Notes
|
|
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
|
|
Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.
|
|
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
|
|
The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. However, the Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. In addition, the Company also discloses FFO as adjusted to include the extraordinary gain from its RCP investment in Albertson's. The Company believes that income or gains derived from its RCP investments, including its investment in Albertson's, are private-equity investments and, as such, should be treated as operating income and therefore FFO. The Company believes that this supplement adjustment more appropriately reflects the results of its operations. The Company also provides two other supplemental disclosures of operating performance, adjusted funds from operations ("AFFO") and funds available for distribution ("FAD"). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures. The Company defines FAD as AFFO adjusted for scheduled debt principal payments.
|
|
USE OF EBITDA AND NOI AS NON-GAAP FINANCIAL MEASURES
|
|
EBITDA and NOI are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. The Company’s method of calculating EBITDA and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA and NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.
|
-40-