SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): April 24, 2000 ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 1-12002 23-2715194 (State or other (Commission (I.R.S. Employer jurisdiction of incorporation) File Number) Identification No.) 20 Soundview Marketplace Port Washington, New York 11050 (Address of principal executive offices) (Zip Code) (516) 767-8830 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report) ITEM 5. Other Events The Registrant, Acadia Realty Trust, hereby makes available as an exhibit to this filing, supplemental information concerning the ownership, operations and portfolio of the Registrant as of March 31, 2000. ITEM 7. Financial Statements and Exhibits. (c) Exhibits. 99 Quarterly Supplemental Disclosure - March 31, 2000 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACADIA REALTY TRUST (Registrant) Date: May 24, 2000 By: /s/ Kenneth F. Bernstein ---------------------------- Name: Kenneth F. Bernstein Title: President 2
[LOGO GRAPHIC OMITTED] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Table of Contents ----------------- Page ---- Section I - Overview Company Information 2 Quarterly Highlights 3 Portfolio Snapshot 4 Organizational Chart 5 Executive Management Team 6 Section II - Net Asset Valuation(1) Net Asset Value Summary 7 Net Asset Value Calculation 8 Section III - Financial Information Market Capitalization 9 Shareholder Information 10 Income Statements 11 Income Statements - by Segment (Retail & Multi-Family) 12 Net Operating Income - Same Property Performance 13 Funds from Operations 14 Page ---- Balance Sheets 15 Selected Operating Ratios 16 Debt Analysis - Wholly Owned and Unconsolidated Subsidiaries 17 Debt Maturity Schedule 19 Section IV - Portfolio information Portfolio Overview - By Region and Property Type 20 Commercial Properties by Region - Summary 21 Commercial Properties by Region - Detail 22 Top 25 Tenants 26 Anchor Tenant Summary 27 Lease Expirations 35 Residential Properties 41 Properties under Redevelopment 42 Unencumbered Properties 43 (1) The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 1999. NAV is computed at the end of each year and will be updated during the year only if a significant change in NAV occurs. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Quarterly Supplementary Disclosure constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability and creditworthiness of prospective tenants, lease rents and the availability of financing; adverse changes in the Company's real estate markets, including, among other things, competition with other companies; risks of real estate development and acquisition; governmental actions and initiatives; and environmental/safety requirements. Page 1 QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Company Information ------------------- Acadia Realty Trust ("Acadia"), is a fully integrated and self-managed real estate investment trust focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership (the "Operating Partnership") which was 71% controlled by Acadia as of March 31, 2000. As of March 31, 2000, Acadia owns or has an ownership interest in fifty-eight properties, consisting of forty-seven neighborhood and community shopping centers, three enclosed malls, two mixed-use properties (one retail/office property which is currently held for sale and one retail/residential property), five multi-family properties and one redevelopment property, all located in the Eastern and Midwestern regions of the United States. Page 2
Corporate Headquarters 20 Soundview Marketplace Research Coverage Donaldson, Lufkin & Jenrette Port Washington, NY 11050-2221 Larry Raiman (212) 892-2380 New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com Investor Relations Jon Grisham Vice President (516) 767-7550 jgrisham@acadiarealty.com QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Quarter Highlights ------------------ o On a per share basis (basic and fully diluted), FFO increased 10% to $0.21 in the first quarter 2000, up from $0.19 in the first quarter 1999. Total FFO for the first quarter 2000 was $7.5 million compared to $7.1 million in the first quarter 1999. Same property net operating income for the first quarter increased 4.5% over first quarter 1999. Net income for the first quarter 2000 was $1.9 million, or $0.07 per share, compared with $765,000, or $0.03 per share for first quarter 1999. o Significant leasing accomplishments during the quarter included the signing of a lease with Ames Department Stores for the 76,000 square foot anchor space at the New Loudon Center in Latham, NY. The Company also signed leases with Home Goods (a TJX Company) for 37,000 square foot of anchor space at the Bloomfield Town Square in Bloomfield, MI and with SteinMart for 36,000 square feet at the Northside Mall in Dothan, AL. o During the quarter, the Company completed several financings and refinancings. Notably, Acadia closed on a $59 million secured non-recourse financing line with the Dime Savings Bank of New York. Approximately $30 million of the line was used to pay off the balance of a maturing $53 million, seven property financing with John Hancock Life Insurance Company ($23 million was paid off earlier in the year). The new floating rate financing, which is secured by five of these seven properties, was 117 basis points below the former John Hancock debt at the time of refinancing. The balance of the loan ($23 million) may be drawn down over the next 12 months on an as-needed basis. The remaining two properties are currently unencumbered. o During the first quarter of 2000, Acadia continued repurchasing its stock. As of March 31, 2000, the Company has repurchased a total of 868,200 shares for $4.4 million. As previously announced, the Company is authorized to repurchase up to $10,000,000 of its currently outstanding common shares on the open market. The program may be discontinued or extended at any time and there is no assurance that the Company will purchase the full amount authorized. Page 3 QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Portfolio Snapshot ------------------ [GRAPHIC OMITTED] - ----------------------------------------------------- 58 retail and multi-family properties Approximately 11 million square feet of GLA 19 Eastern and Midwestern states represented - ------------------------------------------------------ Headquarters - New York Regional Offices - Bloomfield, Hills, MI Columbia, SC Kingston, PA Woonsocket, RI Retail Properties - (Map of properties omitted) Multi-Family Properties - (Map of properties omitted) Page 4 QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Organizational Chart -------------------- [GRAPHIC OMITTED] Page 5 QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Executive Management Team ------------------------- Page 6
Ross Dworman Chairman of the Board and Mr. Dworman is responsible for long-term strategic planning Chief Executive Officer for the Company. Mr. Dworman was President and Chief Executive Officer of RD Capital, Inc. from 1987 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1987, Mr. Dworman was an associate at Odyssey Partners, L.P., a hedge fund engaged in leveraged buy-outs and real estate investment, and from 1981 until 1984, he was a Financial Analyst for Salomon, Inc. Mr. Dworman received his Bachelor of Arts Degree from the University of Pennsylvania. Kenneth F. Bernstein President Mr. Bernstein is responsible for running all day to day activities of the Company including operations, acquisitions and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD Capital, Inc. from 1990 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. In such capacity, he was responsible for overseeing the day-to-day operations of RD Capital and its management companies, Acadia Management Company LLC and Sound View Management LLC. Prior to joining RD Capital, Mr. Bernstein was an associate with the New York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his Bachelor of Arts Degree from the University of Vermont and his Juris Doctorate from Boston University School of Law. ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999(1) PORTFOLIO BREAKDOWN AND NET ASSET VALUE ('NAV') ANALYSIS -------------------------------- Notes: (1) The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 1999. NAV is computed at the end of each year and will be updated during the year only if a significant change in NAV occurs. Private capitalization rates are based on private-basis NOI's. Private-basis NOI's are equal to public-basis NOI's less: (1) straight-line rents, (2) structural reserves of $0.15 per square foot for retail properties and $300 per unit reserve for residential properties and (3) 4% imputed management fees on effective rents. The above capitalization rates are based on those in currently in place and are subject to future changes. A,B,C & D Classifications are determined based on factors including market demographics, location, barriers to entry and strength of tenants. Reference page 10 for additional notes related to portfolio valuation. Page 7
Private Basis % of GLA Cap Rate Range % of GAV % of NAV Retail: Class A 14% 9.00% to 9.50% 30% 37% Class B 37% 9.50% to 10.00% 36% 41% Class C 14% 10.50% to 11.00% 9% 6% Class D 12% 11.50% to 12.00% 5% 1% Mixed-Use 5% 11.00% to 11.50% 5% 3% Residential 18% 9.25% to 9.75% 15% 12% --- ---------------------- --- --- Total 100% 9.60% to 10.10% 100% 100% === ====================== === === Equivalent Public Basis 10.60% to 11.15% ======================= ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999(1) Net Asset Value ('NAV') Calculation ----------------------------------- (amounts in thousands)
Notes ----- Net Operating income (4Q99): Consolidated Properties $ 16,388 Unconsolidated Joint Ventures 590 -------- Total NOI (4Q99) 16,978 Adjustments to 4Q99 NOI (1,400) -------- Adjusted quarterly NOI 15,578 x 4 -------- Adjusted annual NOI 62,312 Less straight-line ("S/L") rents (1,400) -------- PUBLIC BASIS ANNUALIZED NOI (Excluding S/L Rents) (3),(5) 60,912 Structural reserves (2) (2,100) Imputed management fees (4%) (3,600) -------- PRIVATE BASIS ANNUALIZED NOI $ 55,212 -------- CAP RATE RANGE USED FOR VALUATION: (4) Private Basis 9.60% 10.10% Equivalent Public Basis 10.59% 11.14% -------- -------- Gross market value of real estate 575,125 546,653 Value of other net assets (6) 38,000 38,000 Property not yet operational (at cost) 7,000 7,000 -------- -------- GROSS MARKET VALUE OF ASSETS 620,125 591,653 Mortgage debt - Consolidated properties (326,651) (326,651) - Unconsolidated Joint Ventures (17,255) (17,255) Preferred equity (2,212) (2,212) Minority interest in majority owned partnerships (2,500) (2,500) -------- -------- NET MARKET VALUE OF ASSETS 271,507 243,035 Common shares and units outstanding 36,208 36,208 -------- -------- NAV PER COMMON SHARE $ 7.50 $ 6.71 -------- -------- SHARE PRICE - MARCH 21, 2000 $ 5.438 $ 5.438 -------- -------- PRICE / NET ASSET VALUE 73% 81% Notes: (1) The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 1999. NAV is computed at the end of each year and will be updated during the year only if a significant change in NAV occurs. (2) Structural reserves represent a $0.15 per square foot replacement reserve for retail properties and $300 per unit reserve for residential properties. (3) The above values exclude the value of third party management contracts, anticipated profits from redevelopments and any transaction costs associated with liquidating the properties. (4) The above capitalization rates are based on those currently in place and are subject to future changes. (5) Based upon annualization of 4th quarter NOI, adjusted downward for seasonality and certain non-recurring items. (6) Value of other net assets is comprised of the following: Cash and cash equivalents $35,340 Cash in escrow 9,707 Rents receivable, net of allowance and unbilled (straight-line) rent 4,962 Prepaid expenses 2,952 Due from related parties 19 Accounts payable and accrued expenses (6,385) Distributions payable (4,371) Other liabilities (4,224) ------- $38,000 ======= Page 8 QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Total Market Capitalization --------------------------- Weighted Average Outstanding Common Shares and O.P. Units - ---------------------------------------------------------
Percent of Percent of Total Market Total Equity Capitalization ------------ -------------- Total Common Shares Outstanding 69.9% 25,294,463(1) Common O.P. Units 29.0% 10,484,143 ------------- Combined Common Shares and O.P. Units 35,778,606 Market Price as of March 31, 2000 $ 5.250 ------------- Equity Capitalization - Common Shares and O.P. Units 187,837,682 Preferred O.P. Units - at cost(2) 1.2% 2,212,000 ----- ------------- Total Equity Capitalization 100.0% 190,049,682 38.1% ----- Debt Capitalization 308,229,740 61.9% ------------- ----- Total Market Capitalization $ 498,279,422 100.0% ------------- ----- Notes: (1) As of March 31, 2000, the Company had purchased 824,752 shares (net of reissuance of 43,448 shares) under its Stock Repurchase Program. (2) In connection with the 1999 acquisition of the Pacesetter Park Shopping Center, the Company issued 2,212 Preferred O.P. Units which are reflected above at their stated cost of $1,000 per unit. [GRAPHIC OMITTED] Total Market Capitalization Common Shares 26.7% Common O.P. Units 11.0% Preferred O.P. Units 0.4% Fixed-Rate Debt 40.1% Variable-Rate Debt 21.7% Page 9
Common Shares(1) O.P. Units Total -------- ---------- ----- Quarter ended March 31, 2000 25,476,098 10,484,143 35,960,241 Quarter ended March 31, 1999 25,419,215 11,184,143 36,603,358 QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Shareholder Information ----------------------- Twelve Largest Institutional/Non-Retail Shareholders(1) Operating Partnership Unit Information ----------------
Percent of Out- Shareholder Shares Held standing Shares - ----------- ----------- --------------- Yale University 3,366,616 13.3% Rothschild Realty Investors II L.L.C. 3,266,667 12.9% Howard Hughes Medical Institute 2,266,667 9.0% The Board of Trustees of the Leland Stanford Junior University 2,133,333 8.4% Harvard Private Capital Realty, Inc. 2,000,000 7.9% The Vanderbilt University 1,346,647 5.3% TRW Master Trust 1,200,000 4.7% Carnegie Corporation of New York 942,653 3.7% Morgan Stanley Asset Management 452,700 1.8% CS First Boston Inc. 419,000 1.7% Yale University Retirement Plan for Staff Employees 403,994 1.6% First Manhattan Company 394,005 1.6% ---------- ---- Total of Twelve Largest Institutional/Non-Retail Shareholders 18,192,282 71.9% ---------- ---- Total of all Institutional/Non-Retail Shareholders 19,068,518 75.4% ========== ==== (1) Based on Schedule 13D filings with the U.S. Securities and Exchange Commission. [GRAPHIC OMITTED] Total Share/O.P. Unit Ownership (Combined) Institutional/Non-Retail Share & O.P. Unit Holders 26,639,804 Retail Shareholders 6,225,945 Employee/Director O.P. Unitholders 1,748,043 Other O.P. Unitholders 1,164,814 ---------- Total Equity 35,778,606 Page 10
Percent of Total O.P. Units ---------------- Institutional/Non-Retail O.P. Unit Holders 7,571,286 72.2% Employee/Director O.P. Unit Holders 1,748,043 16.7% Other O.P. Unit Holders 1,164,814 11.1% ---------- ----- Total O.P. Units 10,484,143 100.0% ========== ===== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Statements of Operations - Including Joint Venture Activity(1) - -------------------------------------------------------------- (in thousands) (1) Quarterly results for 2000 and 1999 are unaudited. Although 2000 results reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the company's Forms 10K and 10Q for the corresponding periods. Page 11
- ------------------------------------------------------------------------------------------------------------------------ Current Quarter Historic Quarter 3 months 3 months ended March 31, ended March 31, 2000 1999 - ------------------------------------------------------------------------------------------------------------------------ Wholly Owned JV Total Wholly Owned JV Total ------------ -------- -------- ------------ --------- -------- PROPERTY REVENUES Minimum rents $ 18,441 $ 597 $ 19,038 $ 17,353 $ 613 $ 17,966 Percentage rents 751 55 806 787 27 814 Expense reimbursements 3,844 244 4,088 3,458 230 3,688 Other property income 237 17 254 244 14 258 -------- -------- -------- -------- -------- -------- 23,273 913 24,186 21,842 884 22,726 -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 5,300 74 5,374 5,158 82 5,240 Real estate taxes 2,713 149 2,862 2,551 145 2,696 -------- -------- -------- -------- -------- -------- 8,013 223 8,236 7,709 227 7,936 -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 15,260 690 15,950 14,133 657 14,790 OTHER INCOME (EXPENSE) Property management and leasing - Home office (686) -- (686) (723) -- (723) General and administrative (1,293) -- (1,293) (1,466) -- (1,466) Interest income 330 -- 330 246 -- 246 Management income 250 -- 250 156 -- 156 Other income 10 -- 10 6 -- 6 -------- -------- -------- -------- -------- -------- EBIDTA 13,871 690 14,561 12,352 657 13,009 Depreciation and amortization (5,015) (163) (5,178) (4,686) (162) (4,848) Interest expense (6,355) (327) (6,682) (5,424) (312) (5,736) Loss on sale of properties -- -- -- (1,284) -- (1,284) -------- -------- -------- -------- -------- -------- Income before minority interest 2,501 200 2,701 958 183 1,141 Minority interest (827) -- (827) (376) -- (376) -------- -------- -------- -------- -------- -------- NET INCOME $ 1,674 $ 200 $ 1,874 $ 582 $ 183 $ 765 ======== ======== ======== ======== ======== ======== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Statements of Operations - by Segment(1) ---------------------------------------- (in thousands) (1) Quarterly results for 2000 and 1999 are unaudited. Although 2000 results reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Forms 10Q for the corresponding periods. Retail segment includes two mixed use properties with retail components. Page 12
- ----------------------------------------------------------------------------------------------------------------------------------- Current Quarter Historic Quarter 3 months 3 months ended March 31, ended March 31, 2000 1999 - ----------------------------------------------------------------------------------------------------------------------------------- Multi- Multi- Retail Family Corporate Total Retail Family Corporate Total -------- -------- --------- -------- -------- -------- --------- --------- PROPERTY REVENUES Minimum rents $ 15,399 $ 3,639 $ -- $ 19,038 $ 14,419 $ 3,547 $ -- $17,966 Percentage rents 806 -- -- 806 814 -- -- 814 Expense reimbursements 4,088 -- -- 4,088 3,688 -- -- 3,688 Other property income 102 152 -- 254 111 147 -- 258 -------- -------- -------- -------- -------- -------- -------- ------- 20,395 3,791 -- 24,186 19,032 3,694 -- 22,726 -------- -------- -------- -------- -------- -------- -------- ------- PROPERTY EXPENSES Property operating 4,173 1,201 -- 5,374 4,066 1,174 -- 5,240 Real estate taxes 2,638 224 -- 2,862 2,480 216 -- 2,696 -------- -------- -------- -------- -------- -------- -------- ------- 6,811 1,425 -- 8,236 6,546 1,390 -- 7,936 -------- -------- -------- -------- -------- -------- -------- ------- NET OPERATING INCOME - PROPERTIES 13,584 2,366 -- 15,950 12,486 2,304 -- 14,790 OTHER INCOME (EXPENSE) Property management and leasing - Home office -- -- (686) (686) -- -- (723) (723) General and administrative -- -- (1,293) (1,293) -- -- (1,466) (1,466) Interest income -- -- 330 330 -- -- 246 246 Management income -- -- 250 250 -- -- 156 156 Other income -- -- 10 10 -- -- 6 6 -------- -------- -------- -------- -------- -------- -------- ------- EBIDTA 13,584 2,366 (1,389) 14,561 12,486 2,304 (1,781) 13,009 Depreciation and amortization (4,558) (498) (122) (5,178) (4,384) (433) (31) (4,848) Interest expense (5,566) (1,066) (50) (6,682) (4,718) (1,018) -- (5,736) Loss on sale of properties -- -- -- -- (1,284) -- -- (1,284) -------- -------- -------- -------- -------- -------- -------- ------- Loss before minority interest 3,460 802 (1,561) 2,701 2,100 853 (1,812) 1,141 Minority interest in Operating Partnership -- -- (827) (827) -- -- (376) (376) -------- -------- -------- -------- -------- -------- -------- ------- NET INCOME (LOSS) $ 3,460 $ 802 $ (2,388) $ 1,874 $ 2,100 $ 853 $ (2,188) $ 765 ======== ======== ======== ======== ======== ======== ======== ======= QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Net Operating Income (NOI) - Same Store Performance(1) ------------------------------------------------------ (in thousands) (1) The above amounts includes the activity related to the Company's equity in the earnings of unconsolidated subsidiaries. Page 13
Current Year-to-date Historical Year-to-date 3 Month 3 Month Period ended Period ended March 31, March 31, 2000 1999 -------------------- ----------------------- NOI - Consolidated properties $ 15,260 $ 14,133 NOI - Unconsolidated partnerships 690 657 Total NOI 15,950 14,790 -------- -------- Less straight-line rent (295) (330) NOI - Properties Acquired (855) (149) NOI - Properties Sold (15) (167) -------- -------- Same Property NOI $ 14,785 $ 14,144 ======== ======== Growth in Same Property NOI 4.5% QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Funds from Operations (FFO)(1) ------------------------------ (in thousands) (1) Quarterly results for 2000 and 1999 are unaudited. They reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period. Generally, NAREIT defines FFO as net income (computed in accordance with generally accepted accounting principles) before gains (losses) on sales of property, plus depreciation on real estate and amortization of capitalized leasing costs, and after adjustments for unconsolidated partnerships and joint ventures on the same basis. (2) Assumes full conversion of O.P. Units into Common Shares. Page 14
Current Quarter Historic Quarter 3 months 3 months ended March 31, ended March 31, 2000 1999 ------------------------------------------------- Net Income $1,874 $ 765 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 4,737 4,514 Unconsolidated subsidiaries 156 155 Income attributable to Operating Partnership Units 780 376 Loss on sale of properties -- 1,284 ------ ------ Funds from Operations $7,547 $7,094 ====== ====== Funds from Operations per share(2) $ 0.21 $ 0.19 ====== ====== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Consolidated Balance Sheets --------------------------- (in thousands) March 31, December 31, 2000 1999 --------- ------------ ASSETS Real estate Land $ 81,956 $ 81,956 Buildings and improvements 478,512 477,573 Properties under development 11,381 9,992 --------- --------- 571,849 569,521 Less: accumulated depreciation (95,200) (90,932) --------- --------- Net real estate 476,649 478,589 Property held for sale 13,068 13,227 Cash and cash equivalents 13,203 35,340 Cash in escrow 10,419 9,707 Investments in unconsolidated partnerships 7,160 7,463 Rents receivable, net 8,171 8,865 Prepaid expenses 2,647 2,952 Deferred charges, net 13,691 12,374 Other assets 2,323 2,286 --------- --------- $ 547,331 $ 570,803 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $ 308,230 $ 326,651 Accounts payable and accrued expenses 5,827 6,385 Dividends and distributions payable 4,344 4,371 Other liabilities 3,649 4,224 --------- --------- Total liabilities 322,050 341,631 --------- --------- Minority interest in Operating Partnership 73,984 74,462 Minority interests in majority owned partnerships 2,220 2,223 --------- --------- Total minority interests 76,204 76,685 --------- --------- Shareholders' equity: Common shares 26 26 Additional paid-in capital 165,231 168,641 Deficit (16,180) (16,180) --------- --------- Total shareholders' equity 149,077 152,487 --------- --------- $ 547,331 $ 570,803 ========= ========= Page 15 QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Selected Operating Ratios ------------------------- Notes: (1) Results for the quarter ended March 31, 2000 and 1999 are unaudited. Although the 2000 results reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period. The coverage ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to the Company's investment in unconsolidated partnerships. (2) Represents preferred distributions on Preferred Operating partnership Units issued in 4th quarter 1999. (3) Including the Company's pro-rata share of joint venture debt (see page 20), the Debt to Total Market Capitalization as of March 31, 2000 increases to 63%. (4) Reference page 11 for calculation of the March 31, 2000 Total Market Capitalization. Page 16
Quarter ended Quarter ended March 31, 2000 March 31, 1999 -------------- -------------- Coverage Ratios(1) ------------------ Interest Coverage Ratio EBIDTA(2) $ 14,561 $ 13,009 Divided by Interest expense 6,682 5,736 --------- --------- 2.18 x 2.27 x Fixed Charge Coverage Ratio EBIDTA(2) $ 14,561 $ 13,009 Divided by (Interest expense 6,682 5,736 + Preferred Dividends(2)) 50 - --------- --------- 2.16 x 2.27 x Debt Service Coverage Ratio EBIDTA(2) $ 14,561 $ 13,009 Divided by (Interest expense 6,682 5,736 + Principal Amortization) 968 975 --------- --------- 1.90 x 1.94 x Payout Ratios ------------- FFO Payout Ratio - Basic and Diluted Dividends (Shares) & Distributions (O.P. Units) paid - $0.12 per Share/O.P. Unit for each of the 1st quarters in 2000 + 1999 $ 4,294 $ 4,392 FFO 7,547 7,094 --------- --------- 57% 62% Overhead Ratios --------------- G&A/Real Estate Revenues General and Administrative expense $ 1,293 $ 1,466 Real Estate Revenues(1,2) 24,186 22,726 --------- --------- 5% 6% Leverage Ratios --------------- Debt/Total Market Capitalization(3) Debt $ 308,230 $ 288,497 Total Market Capitalization(4) 498,279 480,665 --------- --------- 62% 60% QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Debt Analysis - Wholly Owned Properties
Principal Balance at Property Lender Notes March 31, 2000 - -------- ------ ----- -------------- FIXED-RATE DEBT - --------------- Valmont Plaza Metropolitan Life Insurance Co. 6,100,000 Luzerne Street Plaza Metropolitan Life Insurance Co. 2,000,000 Greenridge Plaza Metropolitan Life Insurance Co. 6,700,000 Crescent Plaza Metropolitan Life Insurance Co. 12,000,000 East End Centre Metropolitan Life Insurance Co. 14,200,000 Bloomfield Town Square Sun America Life Insurance Co. 10,272,465 Walnut Hill Shopping Center Sun America Life Insurance Co. 9,242,230 Atrium Mall Sun America Life Insurance Co. 10,299,193 GHT Apartments Sun America Life Insurance Co. 8,235,340 Colony Apartments Sun America Life Insurance Co. 3,871,311 Gateway Mall Huntoon Hastings Capital Corp. 6,221,896 Branch Shopping Center North Fork Bank 9,978,046 Pittston Plaza Anchor National Life Insurance Co. 3,844,005 Glen Oaks Apartments Lehman Brothers Holdings, Inc. 17,928,886 Mad River Mellon Mortgage Company 7,536,305 Manahawkin K-Mart Northern Life Insurance Co. & Bankers Security Life 5,257,477 Mountainville Shopping Center Morgan Stanley Mortgage Capital 3,082,384 King's Fairground Morgan Stanley Mortgage Capital 861,855 Northside Mall Morgan Stanley Mortgage Capital 3,296,604 Dunmore Plaza Morgan Stanley Mortgage Capital 1,098,358 25th Street Plaza Morgan Stanley Mortgage Capital 7,728,482 Ft. Ogelthorpe (Cloud Springs Plaza) Morgan Stanley Mortgage Capital 2,568,255 Kingston Plaza Morgan Stanley Mortgage Capital 2,204,367 Plaza 15 Morgan Stanley Mortgage Capital 2,094,388 Martintown Plaza Morgan Stanley Mortgage Capital 2,817,669 Birney Mall Morgan Stanley Mortgage Capital 3,266,671 Midway Plaza Morgan Stanley Mortgage Capital 2,420,405 Shillington Plaza Morgan Stanley Mortgage Capital 2,796,151 Shamokin (Ames Plaza) Morgan Stanley Mortgage Capital 984,649 Shamokin Dam (Circle Plaza) Morgan Stanley Mortgage Capital 1,210,633 New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 1,484,051 Stroudsburg (Monroe Plaza) Morgan Stanley Mortgage Capital 3,682,105 Troy Plaza Morgan Stanley Mortgage Capital 2,327,543 Northwood Centre Nomura Asset Capital Corporation 22,263,344 --------------- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 199,875,068 =============== VARIABLE-RATE DEBT - ------------------ Soundview Marketplace General Electric Capital Corp. (1) 7,097,789 Town Line Fleet Bank, N.A. (2) 3,952,161 Smithtown Shopping Center Fleet Bank, N.A. (3) 9,298,281 Merrillville Plaza Sun America Life Insurance Co. (4) 13,889,060 Village Apartments Sun America Life Insurance Co. (4) 9,947,551 Marley Run Apartments KBC Bank (5) 14,440,500 Marketplace of Absecon Fleet Bank, N.A. (6) - 239 Greenwich Avenue First Union National Bank (7) 13,729,330 Berlin Plaza Dime Savings Bank (8) 3,050,847 Towanda (Bradford Towne Center) Dime Savings Bank (8) 5,338,983 Ledgewood Mall Dime Savings Bank (8) 19,372,882 New Louden Center Dime Savings Bank (8) 4,576,271 Honesdale (Route 6 Mall) Dime Savings Bank (8) 3,661,017 --------------- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 108,354,672 --------------- TOTAL/WEIGHTED AVERAGE - ALL DEBT $ 308,229,740 =============== (RESTUBBED TABLE) - ----------- Notes: (1) GECC Commercial Paper rate plus 275 basis points. (2) LIBOR plus 175 basis points. (3) LIBOR plus 178 basis points. (4) LIBOR plus 205 basis points. (5) LIBOR plus 125 basis points. (6) This is a revolving facility for up to $7,400,000 which bears interest at LIBOR plus 150 basis points (175 basis points if the loan to collateral value is > 50%). As of March 31, 2000, no amounts were drawn under this facility. (7) LIBOR plus 165 basis points. (8) LIBOR plus 175 basis points. Page 17
Percent of Months Interest Maturity Total to Property Rate Date Indebtedness Maturity - -------- ---- ---- ------------ -------- FIXED-RATE DEBT - --------------- Valmont Plaza 7.75% 06/01/2000 2.0% 2 Luzerne Street Plaza 7.75% 06/01/2000 0.6% 2 Greenridge Plaza 7.75% 06/01/2000 2.2% 2 Crescent Plaza 7.75% 06/01/2000 3.9% 2 East End Centre 7.75% 06/01/2000 4.6% 2 Bloomfield Town Square 7.75% 01/01/2001 3.3% 9 Walnut Hill Shopping Center 7.75% 01/01/2001 3.0% 9 Atrium Mall 7.75% 01/01/2001 3.3% 9 GHT Apartments 7.75% 01/01/2001 2.7% 9 Colony Apartments 7.75% 01/01/2001 1.3% 9 Gateway Mall 7.50% 09/01/2002 2.0% 29 Branch Shopping Center 7.75% 12/01/2002 3.2% 33 Pittston Plaza 7.93% 01/01/2004 1.2% 46 Glen Oaks Apartments 8.32% 03/01/2004 5.8% 48 Mad River 9.60% 05/23/2005 2.4% 63 Manahawkin K-Mart 7.70% 12/01/2008 1.7% 106 Mountainville Shopping Center 8.84% 11/01/2021 1.0% 263 King's Fairground 8.84% 11/01/2021 0.3% 263 Northside Mall 8.84% 11/01/2021 1.1% 263 Dunmore Plaza 8.84% 11/01/2021 0.4% 263 25th Street Plaza 8.84% 11/01/2021 2.5% 263 Ft. Ogelthorpe (Cloud Springs Plaza) 8.84% 11/01/2021 0.8% 263 Kingston Plaza 8.84% 11/01/2021 0.7% 263 Plaza 15 8.84% 11/01/2021 0.7% 263 Martintown Plaza 8.84% 11/01/2021 0.9% 263 Birney Mall 8.84% 11/01/2021 1.1% 263 Midway Plaza 8.84% 11/01/2021 0.8% 263 Shillington Plaza 8.84% 11/01/2021 0.9% 263 Shamokin (Ames Plaza) 8.84% 11/01/2021 0.3% 263 Shamokin Dam (Circle Plaza) 8.84% 11/01/2021 0.4% 263 New Smyrna Beach Shopping Center 8.84% 11/01/2021 0.5% 263 Stroudsburg (Monroe Plaza) 8.84% 11/01/2021 1.2% 263 Troy Plaza 8.84% 11/01/2021 0.8% 263 Northwood Centre 9.02% 03/11/2022 7.2% 267 ---- ---- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 8.25% 64.8% ==== ==== VARIABLE-RATE DEBT - ------------------ Soundview Marketplace 8.76% 01/01/2002 2.3% 21 Town Line 7.66% 03/15/2002 1.3% 24 Smithtown Shopping Center 7.69% 05/31/2002 3.0% 26 Merrillville Plaza 8.09% 08/01/2002 4.5% 28 Village Apartments 8.05% 10/01/2002 3.2% 30 Marley Run Apartments 7.16% 12/31/2002 4.7% 34 Marketplace of Absecon - 03/01/2003 0.0% 36 239 Greenwich Avenue 7.56% 01/01/2005 4.5% 58 Berlin Plaza 7.94% 04/01/2005 1.0% 61 Towanda (Bradford Towne Center) 7.94% 04/01/2005 1.7% 61 Ledgewood Mall 7.94% 04/01/2005 6.3% 61 New Louden Center 7.94% 04/01/2005 1.5% 61 Honesdale (Route 6 Mall) 7.94% 04/01/2005 1.2% 61 ---- ----- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 7.84% 35.2% ---- ----- TOTAL/WEIGHTED AVERAGE - ALL DEBT 8.10% 100.0% ==== ===== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Debt Analysis - Unconsolidated Partnerships ------------------------------------------- Summary - Wholly-Owned Properties and Unconsolidated Partnerships - --------------------------------------------------------------------------------
Total Acadia Realty Principal Trust Balance at Interest Maturity VARIABLE-RATE DEBT(1) Joint Venture Partner Ownership 03/31/2000 Rate Date - --------------------- --------------------- -------------------------------------------------- Crossroads Shopping Center Heyman-Greenburgh Associates LLC 49.0% $ 34,992,862 7.21% 10/01/2007 RMC Development Company LLC - -------------------------------------------------------------------------------- Notes: - ------ (1) Acadia Realty Trust's 49% ownership represents $17,146,502 of which $5,000,000 was fixed through a interest rate swap transaction. The interest rate for this loan is based upon LIBOR plus 105 basis points. Page 18
Weighted % of Outstanding Avg. Total Balance Int. Rate ---------------------------------------------------------------------- Wholly-Owned Properties Fixed-Rate Debt 61% $ 199,875,068 8.25% Variable-Rate Debt 33% 108,354,672 7.84% ------------- Wholly-Owned Properties - Total Debt 95% 308,229,740 8.10% == ============= ==== Unconsolidated Partnerships Fixed-Rate Debt 2% 5,000,000 7.53% Variable-Rate Debt 4% 12,146,502 7.21% ------------- Unconsolidated Partnerships - Total Debt 5% 17,146,502 7.30% --- ------------- ---- Total Company Debt 100% $ 325,376,242 8.06% == ============= ==== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 2000 $ 169 2nd Quarter 2000 - 3rd Quarter 2000 - 4th Quarter 2000 - ----- $ 169 ===== (1) Does not include debt from unconsolidated subsidiaries. Page 19
Future Debt Maturities(1) - ------------------------- (in thousands) Weighted Average Interest Rate of Maturing Debt Scheduled ----------------------------------------------------- Year Amortization Maturities Total Total Debt Fixed-Rate Debt Variable-Rate Debt ---- ------------ ---------- ----- ---------- --------------- ------------------ 2000 $ 3,101 $ 41,000 $ 44,101 7.75% 7.75% n/a 2001 3,476 41,226 44,702 7.75% 7.75% n/a 2002 3,371 72,307 75,678 7.85% 7.65% 7.90% 2003 2,842 - 2,842 n/a n/a n/a 2004 2,760 20,542 23,302 8.25% 8.25% n/a Thereafter 22,875 94,730 117,605 8.40% 8.96% 7.83% ------- -------- -------- $ 8,425 $269,805 $308,230 ======= ======== ======== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Portfolio by Region and Property Type ------------------------------------- (Square Feet) (1) This center is 49% owned by unconsolidated partnerships. Page 20
Mixed-Use --------- Strip Enclosed Total Region Mall Mall Retail Retail/Apartments Retail/Office Residential Total ------ ---- ---- ------ ----------------- ------------- ----------- ----- Consolidated Properties - New England 951,881 - 951,881 16,834 - - 968,715 New York Region 1,446,050 516,492 1,962,542 - - - 1,962,542 Mid-Atlantic 3,357,983 178,434 3,536,417 - - 831,972 4,368,389 Southeast 760,901 382,299 1,143,200 - 500,012 578,606 2,221,818 Mid-west 703,241 - 703,241 - - - 703,241 South Central Mid-West - - - - - 628,891 628,891 --------- --------- --------- ------ ------- --------- ---------- Total consolidated properties 7,220,056 1,077,225 8,297,281 16,834 500,012 2,039,469 10,853,596 Unconsolidated Partnerships - New York Region (1) 311,027 - 311,027 - - - 311,027 --------- --------- --------- ------ ------- --------- ---------- 7,531,083 1,077,225 8,608,308 16,834 500,012 2,039,469 11,164,623 ========= ========= ========= ====== ======= ========= ========== % of Total Square Feet 67.5% 9.6% 77.1% 0.2% 4.5% 18.3% 100.0% QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Commercial Properties by Region - Summary -----------------------------------------
----------------------------------------------------------------------------- Gross Leasable Area Occupancy ----------------------------------------------------------------------------- Anchors(1) Shops Total Anchors Shops Total ----------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic (2) 2,643,443 892,974 3,536,417 94.21% 86.28% 92.21% Midwest 342,786 360,455 703,241 100.00% 87.15% 93.41% New England 691,348 260,533 951,881 78.83% 80.98% 79.42% New York Region 1,142,286 820,256 1,962,542 89.10% 86.16% 87.87% Southeast 585,181 558,019 1,143,200 85.96% 71.82% 79.06% ----------------------------------------------------------------------------- Total Retail Properties - Wholly Owned 5,405,044 2,892,237 8,297,281 90.64% 83.09% 88.01% ----------------------------------------------------------------------------- Mixed Use - --------- New England(3) 16,834 - 16,834 73.02% 73.02% Southeast 353,541 146,471 500,012 100.00% 85.90% 95.87% ----------------------------------------------------------------------------- Total Mixed Use 370,375 146,471 516,846 98.77% 85.90% 95.12% ----------------------------------------------------------------------------- GRAND TOTAL - Wholly Owned 5,775,419 3,038,708 8,814,127 91.16% 83.22% 88.42% ============================================================================= Unconsolidated Retail Properties - -------------------------------- New York Region 191,363 119,664 311,027 100.00% 95.31% 98.20% ----------------------------------------------------------------------------- Total Unconsolidated Retail Properties 191,363 119,664 311,027 100.00% 95.31% 98.20% ============================================================================= (RESTUBBED TABLE) Notes: General - The above occupancy figures do not include space which is currently leased, but for which rent payment has not yet commenced. (1) The Company considers those tenants who comprise greater than 10% of a center's GLA as anchor tenants. (2) The Company is currently redeveloping the Atrium Mall. The above amounts for the Mid-Atlantic region do not reflect the vacancy, subsequent to March 31, 2000 of the A&P Supermarket and Circuit City spaces for a total of 78,000 square feet at the Atrium Mall as part of that redevelopment. The effect of this would reduce the above occupancy for the region and wholly owned portfolio by 2.2% and 0.9%, respectively. (3) Subsequent to March 31, 2000, the tenant leasing the balance of the retail space at this property (4,541 square feet) commenced paying rent. Page 21
------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Totals ------------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic (2) $ 10,618,996 $ 6,227,924 $ 16,846,920 $ 4.26 $ 8.08 $ 5.17 Midwest 2,154,268 3,989,733 6,144,001 6.28 12.70 9.35 New England 2,730,474 2,196,572 4,927,046 5.01 10.41 6.52 New York Region 8,062,845 10,283,228 18,346,073 7.92 14.55 10.64 Southeast 1,844,805 1,813,292 3,658,097 3.67 4.52 4.05 ------------------------------------------------------------------------------- Total Retail Properties - Wholly Owned 25,411,388 24,510,749 49,922,137 5.19 10.20 6.84 ------------------------------------------------------------------------------- Mixed Use - --------- New England(3) 830,000 - 830,000 67.52 - 67.52 Southeast 4,631,517 1,570,207 6,201,724 13.10 12.48 12.94 ------------------------------------------------------------------------------- Total Mixed Use 5,461,517 1,570,207 7,031,724 14.93 12.48 14.30 ------------------------------------------------------------------------------- GRAND TOTAL - Wholly Owned $ 30,872,905 $ 26,080,956 $ 56,953,861 $ 5.86 $ 10.31 $ 7.31 =============================================================================== Unconsolidated Retail Properties - -------------------------------- New York Region 1,790,546 3,195,977 4,986,523 9.36 28.02 16.33 ------------------------------------------------------------------------------- Total Unconsolidated Retail Properties $ 1,790,546 $ 3,195,977 $ 4,986,523 $ 9.36 $ 28.02 $ 16.33 =============================================================================== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Commercial Properties by Region - Detail -----------------------------------------
-------------------------------------------------------------------------------------------- Gross Leasable Area Occupancy -------------------------------------------------------------------------------------------- Anchors(1) Shops Total Anchors Shops Total -------------------------------------------------------------------------------------------- Retail Properties - Wholly Owned - -------------------------------- Mid-Atlantic ------------ Pennsylvania - ------------- ATRIUM MALL(2) 124,420 54,014 178,434 84.68% 54.51% 75.55% AMES PLAZA 90,410 7,800 98,210 65.39% 100.00% 68.14% BIRNEY PLAZA 135,493 58,406 193,899 100.00% 100.00% 100.00% BLACKMAN PLAZA 104,956 14,250 119,206 100.00% 80.70% 97.69% BRADFORD TOWNE CENTRE 146,499 110,220 256,719 100.00% 77.59% 90.38% CIRCLE PLAZA 92,171 - 92,171 100.00% 100.00% DUNMORE PLAZA 39,680 5,700 45,380 100.00% 66.67% 95.81% EAST END CENTER 176,200 132,227 308,427 100.00% 100.00% 100.00% GREENRIDGE PLAZA 144,736 52,886 197,622 57.57% 93.76% 67.25% KINGSTON PLAZA 51,500 13,324 64,824 100.00% 100.00% 100.00% LUZERNE STREET SHOPPING CENTER 54,618 3,097 57,715 100.00% 100.00% 100.00% MARK PLAZA 157,595 56,226 213,821 100.00% 79.72% 94.67% MONROE PLAZA 128,129 2,440 130,569 100.00% 100.00% 100.00% MOUNTAINVILLE SHOPPING CENTER 68,008 46,793 114,801 100.00% 89.20% 95.60% PITTSTON PLAZA 67,568 12,000 79,568 100.00% 100.00% 100.00% PLAZA 15 81,800 31,730 113,530 100.00% 92.12% 97.80% PLAZA 422 124,113 30,678 154,791 100.00% 32.60% 86.64% ROUTE 6 MALL 119,658 55,824 175,482 100.00% 80.32% 93.74% SHILLINGTON PLAZA 134,607 16,135 150,742 100.00% 100.00% 100.00% TIOGA WEST 113,338 9,000 122,338 100.00% 100.00% 100.00% 25TH STREET SHOPPING CENTER 28,800 102,677 131,477 100.00% 89.09% 91.48% UNION PLAZA 217,992 - 217,992 100.00% 100.00% VALMONT PLAZA 137,817 62,347 200,164 70.09% 94.39% 77.66% -------------------------------------------------------------------------------------------- Total: Pennsylvania 2,540,108 877,774 3,417,882 93.98% 86.04% 91.94% -------------------------------------------------------------------------------------------- Virginia - -------- KINGS FAIRGROUNDS 103,335 15,200 118,535 100.00% 100.00% 100.00% -------------------------------------------------------------------------------------------- Total: Virginia 103,335 15,200 118,535 100.00% 100.00% 100.00% -------------------------------------------------------------------------------------------- Total: Mid-Atlantic 2,643,443 892,974 3,536,417 94.21% 86.28% 92.21% -------------------------------------------------------------------------------------------- (RESTUBBED TABLE) 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 considers those tenants who comprise greater than 10% of a center's GLA as anchor tenants (2) The Company is currently redeveloping the Atrium Mall. The above amounts do not reflect the vacancy, subsequent to March 31, 2000, of the A&P Supermarket and Circuit City spaces for a total of 78,000 square feet at the Atrium Mall as part of that redevelopment. The effect of this would reduce the above occupancy for the property and Mid-Atlantic region by 43.60% and 2.2%, respectively. Page 22
---------------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ---------------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------------------- Retail Properties - Wholly Owned - -------------------------------- Mid-Atlantic ------------ Pennsylvania - ------------- ATRIUM MALL(2) $ 1,332,119 $ 455,634 $ 1,787,753 $ 12.64 $ 15.48 $ 13.26 AMES PLAZA 84,006 31,200 115,206 1.42 4.00 1.72 BIRNEY PLAZA 311,544 247,450 558,994 2.30 4.24 2.88 BLACKMAN PLAZA 204,664 58,000 262,664 1.95 5.04 2.26 BRADFORD TOWNE CENTRE 887,469 521,802 1,409,271 6.06 6.10 6.07 CIRCLE PLAZA 252,289 - 252,289 2.74 - 2.74 DUNMORE PLAZA 89,134 47,975 137,109 2.25 12.62 3.15 EAST END CENTER 1,117,500 1,139,680 2,257,180 6.34 8.62 7.32 GREENRIDGE PLAZA 380,000 423,981 803,981 4.56 8.55 6.05 KINGSTON PLAZA 280,750 132,250 413,000 5.45 9.93 6.37 LUZERNE STREET SHOPPING CENTER 272,150 39,097 311,247 4.98 12.62 5.39 MARK PLAZA 625,776 343,852 969,628 3.97 7.67 4.79 MONROE PLAZA 423,718 30,280 453,998 3.31 12.41 3.48 MOUNTAINVILLE SHOPPING CENTER 225,416 327,607 553,023 3.31 7.85 5.04 PITTSTON PLAZA 492,212 114,125 606,337 7.28 9.51 7.62 PLAZA 15 216,988 145,825 362,813 2.65 4.99 3.27 PLAZA 422 262,030 63,450 325,480 2.11 6.34 2.43 ROUTE 6 MALL 687,951 287,185 975,136 5.75 6.40 5.93 SHILLINGTON PLAZA 367,720 209,600 577,320 2.73 12.99 3.83 TIOGA WEST 373,847 72,000 445,847 3.30 8.00 3.64 25TH STREET SHOPPING CENTER 254,350 1,058,364 1,312,714 8.83 11.57 10.91 UNION PLAZA 938,730 - 938,730 4.31 - 4.31 VALMONT PLAZA 220,000 406,168 626,168 2.28 6.90 4.03 ---------------------------------------------------------------------------------------- Total: Pennsylvania 10,300,363 6,155,525 16,455,888 4.31 8.15 5.24 ---------------------------------------------------------------------------------------- Virginia - -------- KINGS FAIRGROUNDS 318,634 72,400 391,034 3.08 4.76 3.30 ---------------------------------------------------------------------------------------- Total: Virginia 318,634 72,400 391,034 3.08 4.76 3.30 ---------------------------------------------------------------------------------------- Total: Mid-Atlantic 10,618,997 6,227,925 16,846,922 4.26 8.08 5.17 ---------------------------------------------------------------------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Commerical Properties by Region - Detail ----------------------------------------
--------------------------------------------------------------------------------------- Gross Leasable A Occupancy --------------------------------------------------------------------------------------- Anchors(1) Shops Total Anchors(1) Shops Total --------------------------------------------------------------------------------------- Retail Properties - Wholly Owned - -------------------------------- Midwest ------- Illinois - -------- HOBSON WEST PLAZA 42,037 57,913 99,950 100.00% 85.47% 91.58% --------------------------------------------------------------------------------------- Total: Illinois 42,037 57,913 99,950 100.00% 85.47% 91.58% --------------------------------------------------------------------------------------- Indiana - ------- MERRILLVILLE PLAZA 101,357 134,063 235,420 100.00% 90.10% 94.36% --------------------------------------------------------------------------------------- Total: Indiana 101,357 134,063 235,420 100.00% 90.10% 94.36% --------------------------------------------------------------------------------------- Michigan - -------- BLOOMFIELD TOWN SQUARE 137,930 75,973 213,903 100.00% 76.66% 91.71% --------------------------------------------------------------------------------------- Total: Michigan 137,930 75,973 213,903 100.00% 76.66% 91.71% --------------------------------------------------------------------------------------- Ohio - ---- MAD RIVER STATION 61,462 92,506 153,968 100.00% 92.55% 95.52% --------------------------------------------------------------------------------------- Total: Ohio 61,462 92,506 153,968 100.00% 92.55% 95.52% --------------------------------------------------------------------------------------- Total: Midwest 342,786 360,455 703,241 100.00% 87.15% 93.41% --------------------------------------------------------------------------------------- New England ----------- Connecticut - ----------- TOWN LINE PLAZA 157,165 48,587 205,752 100.00% 58.84% 90.28% --------------------------------------------------------------------------------------- Total: Connecticut 157,165 48,587 205,752 100.00% 58.84% 90.28% --------------------------------------------------------------------------------------- Massachusetts - ------------- METHUEN SHOPPING CENTER 116,260 18,234 134,494 26.20% 72.58% 32.49% CRESCENT PLAZA 154,865 61,230 216,095 100.00% 100.00% 100.00% --------------------------------------------------------------------------------------- Total: Massachusetts 271,125 79,464 350,589 68.35% 93.71% 74.10% --------------------------------------------------------------------------------------- Rhode Island - ------------ WALNUT HILL PLAZA 170,900 107,246 278,146 100.00% 83.01% 93.45% --------------------------------------------------------------------------------------- Total: Rhode Island 170,900 107,246 278,146 100.00% 83.01% 93.45% --------------------------------------------------------------------------------------- Vermont - ------- THE GATEWAY SHOPPING CENTER(1) 92,158 25,236 117,394 34.29% 74.91% 43.02% --------------------------------------------------------------------------------------- Total: Vermont 92,158 25,236 117,394 34.29% 74.91% 43.02% --------------------------------------------------------------------------------------- Total: New England 691,348 260,533 951,881 78.83% 80.98% 79.42% --------------------------------------------------------------------------------------- (RESTUBBED TABLE) 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) This property is currently under redevelopment. Page 23
---------------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ---------------------------------------------------------------------------------------- Anchors(1) Shops Total Anchors(1) Shops Total ---------------------------------------------------------------------------------------- Retail Properties - Wholly Owned - -------------------------------- Midwest ------- Illinois - -------- HOBSON WEST PLAZA 170,000 758,697 928,697 4.04 15.33 10.15 ---------------------------------------------------------------------------------------- Total: Illinois 170,000 758,697 928,697 4.04 15.33 10.15 ---------------------------------------------------------------------------------------- Indiana - ------- MERRILLVILLE PLAZA 835,417 1,379,801 2,215,218 8.24 11.42 9.97 ---------------------------------------------------------------------------------------- Total: Indiana 835,417 1,379,801 2,215,218 8.24 11.42 9.97 ---------------------------------------------------------------------------------------- Michigan - -------- BLOOMFIELD TOWN SQUARE 629,380 672,298 1,301,678 4.56 11.54 6.64 ---------------------------------------------------------------------------------------- Total: Michigan 629,380 672,298 1,301,678 4.56 11.54 6.64 ---------------------------------------------------------------------------------------- Ohio - ---- MAD RIVER STATION 519,471 1,178,937 1,698,408 8.45 13.77 11.55 ---------------------------------------------------------------------------------------- Total: Ohio 519,471 1,178,937 1,698,408 8.45 13.77 11.55 ---------------------------------------------------------------------------------------- Total: Midwest 2,154,268 3,989,733 6,144,001 6.28 12.70 9.35 ---------------------------------------------------------------------------------------- New England ----------- Connecticut - ----------- TOWN LINE PLAZA 730,000 367,628 1,097,628 4.64 12.86 5.91 ---------------------------------------------------------------------------------------- Total: Connecticut 730,000 367,628 1,097,628 4.64 12.86 5.91 ---------------------------------------------------------------------------------------- Massachusetts - ------------- METHUEN SHOPPING CENTER 109,656 161,680 271,336 3.60 12.22 6.21 CRESCENT PLAZA 812,385 518,500 1,330,885 5.25 8.47 6.16 ---------------------------------------------------------------------------------------- Total: Massachusetts 922,041 680,180 1,602,221 4.98 9.13 6.17 ---------------------------------------------------------------------------------------- Rhode Island - ------------ WALNUT HILL PLAZA 967,833 931,279 1,899,112 5.66 10.46 7.31 ---------------------------------------------------------------------------------------- Total: Rhode Island 967,833 931,279 1,899,112 5.66 10.46 7.31 ---------------------------------------------------------------------------------------- Vermont - ------- THE GATEWAY SHOPPING CENTER(1) 110,600 217,485 328,085 3.50 11.50 6.50 ---------------------------------------------------------------------------------------- Total: Vermont 110,600 217,485 328,085 3.50 11.50 6.50 ---------------------------------------------------------------------------------------- Total: New England 2,730,474 2,196,572 4,927,046 5.01 10.41 6.52 ---------------------------------------------------------------------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Commerical Properties by Region - Detail ----------------------------------------
--------------------------------------------------------------------------------------- Gross Leasable Area Occupancy --------------------------------------------------------------------------------------- Anchors(1) Shops Total Anchors(1) Shops Total --------------------------------------------------------------------------------------- Retail Properties - Wholly Owned - -------------------------------- New York Region --------------- New Jersey - ---------- ELMWOOD PARK SHOPPING CENTER 27,918 96,226 124,144 100.00% 81.47% 85.64% MARKETPLACE OF ABSECON 44,824 46,875 91,699 100.00% 93.06% 96.45% BERLIN SHOPPING CENTER 127,850 57,728 185,578 100.00% 64.04% 88.81% LEDGEWOOD MALL 234,675 281,817 516,492 100.00% 89.17% 94.09% MANAHAWKIN VILLAGE SHOPPING CENTER 152,053 23,208 175,261 100.00% 100.00% 100.00% -------------------------------------------------------------------------------------- Total: New Jersey 587,320 505,854 1,093,174 100.00% 85.70% 93.38% -------------------------------------------------------------------------------------- New York - -------- SOUNDVIEW MARKETPLACE 66,800 113,820 180,620 100.00% 87.71% 92.26% VILLAGE COMMONS SHOPPING CENTER 25,192 61,963 87,155 100.00% 86.13% 90.14% BRANCH SHOPPING CENTER 83,670 42,142 125,812 100.00% 97.19% 99.06% NEW LOUDEN CENTER 226,543 25,200 251,743 45.06% 100.00% 50.56% TROY PLAZA 100,709 27,770 128,479 100.00% 100.00% 100.00% PACESETTER PARK SHOPPING CENTER 52,052 43,507 95,559 100.00% 61.79% 82.60% -------------------------------------------------------------------------------------- Total: New York 554,966 314,402 869,368 77.57% 86.91% 80.95% -------------------------------------------------------------------------------------- Total: New York Region 1,142,286 820,256 1,962,542 89.10% 86.16% 87.87% Southeast --------- Alabama - ------- MIDWAY PLAZA 105,775 101,763 207,538 79.44% 63.13% 71.44% NORTHSIDE MALL 172,370 209,929 382,299 64.96% 62.34% 63.52% -------------------------------------------------------------------------------------- Total: Alabama 278,145 311,692 589,837 70.47% 62.60% 66.31% -------------------------------------------------------------------------------------- Florida - ------- NEW SMYRNA BEACH SHOPPING CENTER 35,980 65,341 101,321 100.00% 92.18% 94.96% -------------------------------------------------------------------------------------- Total: Florida 35,980 65,341 101,321 100.00% 92.18% 94.96% -------------------------------------------------------------------------------------- Georgia - ------- CLOUD SPRINGS PLAZA 74,260 39,107 113,367 100.00% 88.49% 96.03% -------------------------------------------------------------------------------------- Total: Georgia 74,260 39,107 113,367 100.00% 88.49% 96.03% -------------------------------------------------------------------------------------- South Carolina - -------------- MARTINTOWN PLAZA 91,996 41,896 133,892 100.00% 64.66% 88.94% WESMARK PLAZA 104,800 99,983 204,783 100.00% 83.75% 92.07% -------------------------------------------------------------------------------------- Total: South Carolina 196,796 141,879 338,675 100.00% 78.11% 90.83% -------------------------------------------------------------------------------------- Total: Southeast 585,181 558,019 1,143,200 85.96% 71.82% 79.06% -------------------------------------------------------------------------------------- Total: Retail Properties - Wholly Owned(1) 5,405,044 2,892,237 8,297,281 90.64% 83.09% 88.01% ====================================================================================== [RESTUBBED TABLE] 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 is currently redeveloping the Atrium Mall. The above amounts do not reflect the vacancy, subsequent to December 31, 1999, of the A&P Supermarket and Circuit City spaces for a total of 78,000 square feet at the Atrium Mall as part of that redevelopment. The effect of this would reduce the above occupancy for the wholly owned portfolio by 0.9%. Page 24
------------------------------------------------------------------------------------ Annualized Base Rent Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------------------------ Anchors(1) Shops Total Anchors(1) Shops Total ------------------------------------------------------------------------------------ New Jersey - ---------- ELMWOOD PARK SHOPPING CENTER 120,000 1,576,295 1,696,295 4.30 20.11 15.96 MARKETPLACE OF ABSECON 598,264 663,497 1,261,761 13.35 15.21 14.27 BERLIN SHOPPING CENTER 619,400 261,344 880,744 4.84 7.07 5.34 LEDGEWOOD MALL 1,667,101 2,874,254 4,541,355 7.10 11.44 9.34 MANAHAWKIN VILLAGE SHOPPING CENTER 1,286,874 265,180 1,552,054 8.46 11.43 8.86 ------------------------------------------------------------------------------------ Total: New Jersey 4,291,639 5,640,570 9,932,209 7.31 13.01 9.73 ------------------------------------------------------------------------------------ New York - -------- SOUNDVIEW MARKETPLACE 931,500 1,336,015 2,267,515 13.94 13.38 13.61 VILLAGE COMMONS SHOPPING CENTER 407,055 1,234,825 1,641,880 16.16 23.14 20.90 BRANCH SHOPPING CENTER 1,110,114 899,026 2,009,140 13.27 21.95 16.12 NEW LOUDEN CENTER 826,630 411,090 1,237,720 8.10 16.31 9.72 TROY PLAZA 196,000 285,200 481,200 1.95 10.27 3.75 PACESETTER PARK SHOPPING CENTER 299,908 476,502 776,410 5.76 17.73 9.84 ------------------------------------------------------------------------------------ Total: New York 3,771,207 4,642,658 8,413,865 8.76 16.99 11.96 ------------------------------------------------------------------------------------ Total: New York Region 8,062,846 10,283,228 18,346,074 7.92 14.55 10.64 Southeast --------- Alabama - ------- MIDWAY PLAZA 213,960 325,680 539,640 2.55 5.07 3.64 NORTHSIDE MALL 227,974 474,844 702,818 2.04 3.63 2.89 ------------------------------------------------------------------------------------ Total: Alabama 441,934 800,524 1,242,458 2.25 4.10 3.18 ------------------------------------------------------------------------------------ Florida - ------- NEW SMYRNA BEACH SHOPPING CENTER 267,820 487,764 755,584 7.44 8.10 7.85 ------------------------------------------------------------------------------------ Total: Florida 267,820 487,764 755,584 7.44 8.10 7.85 ------------------------------------------------------------------------------------ Georgia - ------- CLOUD SPRINGS PLAZA 326,030 185,270 511,300 4.39 5.35 4.70 ------------------------------------------------------------------------------------ Total: Georgia 326,030 185,270 511,300 4.39 5.35 4.70 ------------------------------------------------------------------------------------ South Carolina - -------------- MARTINTOWN PLAZA 296,500 161,481 457,981 3.22 5.96 3.85 WESMARK PLAZA 512,520 178,252 690,772 4.89 2.13 3.66 ------------------------------------------------------------------------------------ Total: South Carolina 809,020 339,733 1,148,753 4.11 3.07 3.73 ------------------------------------------------------------------------------------ Total: Southeast 1,844,804 1,813,291 3,658,095 3.67 4.52 4.05 ------------------------------------------------------------------------------------ Total: Retail Properties - Wholly Owned(1) $ 25,411,389 $ 24,510,749 $ 49,922,138 $ 5.19 $ 10.20 $ 6.84 ==================================================================================== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Commerical Properties by Region - Detail ----------------------------------------
------------------------------------------------------------------------------------- Mixed Use Gross Leasable Area Occupancy --------------- ------------------------------------------------------------------------------------- Anchors(1) Shops Total Anchors(1) Shops Total New England ------------------------------------------------------------------------------------- ---------------Connecticut - ----------- 239 GREENWICH AVENUE(1) 16,834 - 16,834 73.02% - 73.02% ------------------------------------------------------------------------------------- Total: Connecticut 16,834 - 16,834 73.02% - 73.02% ------------------------------------------------------------------------------------- Total: New England 16,834 - 16,834 73.02% - 73.02% ------------------------------------------------------------------------------------- Southeast --------- Florida - ------- NORTHWOOD CENTRE 353,541 146,471 500,012 100.00% 85.90% 95.87% ------------------------------------------------------------------------------------- Total: Florida 353,541 146,471 500,012 100.00% 85.90% 95.87% ------------------------------------------------------------------------------------- Total: Southeast 353,541 146,471 500,012 100.00% 85.90% 95.87% ------------------------------------------------------------------------------------- Total: Mixed Use 370,375 146,471 516,846 98.77% 85.90% 95.12% ===================================================================================== Unconsolidated Retail Properties -------------------------------- New York Region --------------- New York - -------- CROSSROADS JOINT VENTURE 138,933 57,116 196,049 100.00% 90.18% 97.14% CROSSROADS II 52,430 62,548 114,978 100.00% 100.00% 100.00% ------------------------------------------------------------------------------------- Total: New York 191,363 119,664 311,027 100.00% 95.31% 98.20% ------------------------------------------------------------------------------------- Total: New York Region 191,363 119,664 311,027 100.00% 95.31% 98.20% ------------------------------------------------------------------------------------- Total: Unconsolidated Retail Properties 191,363 119,664 311,027 100.00% 95.31% 98.20% ===================================================================================== [RESTUB] 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) Subsequent to March 31, 2000, the tenant leasing the balance of the retail space at this property (4,541 square feet) commenced paying rent. Page 25
-------------------------------------------------------------------------------------- Annualized Base Rent Mixed Use Annualized Base Rent per Occupied Square Foot --------------- -------------------------------------------------------------------------------------- Anchors(1) Shops Total Anchors(1) Shops Total New England -------------------------------------------------------------------------------------- ---------------Connecticut - ----------- 239 GREENWICH AVENUE(1) $ 830,000 $ - $ 830,000 $ 67.52 $ - $ 67.52 -------------------------------------------------------------------------------------- Total: Connecticut 830,000 - 830,000 67.52 - 67.52 -------------------------------------------------------------------------------------- Total: New England 830,000 - 830,000 67.52 - 67.52 -------------------------------------------------------------------------------------- Southeast --------- Florida - ------- NORTHWOOD CENTRE 4,631,517 1,570,207 6,201,724 13.10 12.48 12.94 -------------------------------------------------------------------------------------- Total: Florida 4,631,517 1,570,207 6,201,724 13.10 12.48 12.94 -------------------------------------------------------------------------------------- Total: Southeast 4,631,517 1,570,207 6,201,724 13.10 12.48 12.94 -------------------------------------------------------------------------------------- Total: Mixed Use $ 5,461,517 $ 1,570,207 $ 7,031,724 $ 14.93 $ 12.48 $ 14.30 ====================================================================================== Unconsolidated Retail Properties -------------------------------- New York Region --------------- New York - -------- CROSSROADS JOINT VENTURE $ 1,070,250 $ 1,382,152 $ 2,452,402 $ 7.70 $ 26.83 $ 12.88 CROSSROADS II 720,296 1,813,825 2,534,121 13.74 29.00 22.04 -------------------------------------------------------------------------------------- Total: New York 1,790,546 3,195,977 4,986,523 9.36 28.02 16.33 -------------------------------------------------------------------------------------- Total: New York Region 1,790,546 3,195,977 4,986,523 9.36 28.02 16.33 -------------------------------------------------------------------------------------- Total: Unconsolidated Retail Properties $ 1,790,546 $ 3,195,977 $ 4,986,523 $ 9.36 $ 28.02 $ 16.33 ====================================================================================== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Top 25 Retail Tenants Ranked by Annualized Base Rent ----------------------------------------------------- (excludes Joint Venture and MixedUse Properties) (1) Base rents do not include percentage rents, additional rents for property expense reimbursements, and contractual rent escalations due after March 31, 2000. (2) Represents total GLA and annualized base rent for the Company's retail properties excluding mixeduse and joint venture properties. (3) Does not include 76,641 square feet leased to Ames at the New Loudon Shopping Center for which rent has not yet commenced. (4) The Company is currently redeveloping the Atrium Mall. The above amounts do not reflect the vacancy, subsequent to March 31, 2000, of the A&P Supermarket, representing 45,163 square feet and $608,346 of rents, and the Circuit City space, representing 32,631 square feet and $437,828 of rents, in connection with that redevelopment. Although these tenants have ceased operations, they are obligated, and continue, to pay rent pursuant to their leases. (5) Subsidiary of JC Penney. (6) This tenant pays percentage rent only (no minimum rent) at 8 of these locations. Included in the above rent is $576,093 of percentage rent paid for calander 1999. (7) Subsidiary of Cablevision. Page 26
Percentage of Total Represented by Retail Tenant Number of ----------------------------------- Retail Stores in Total Annualized Base Total Annualized Base Ranking Tenant Portfolio GLA Rent(1) Portfolio GLA(2) Rent(2) - ------- ------ --------- ----- --------------- ---------------- --------------- 1 Kmart 9 924,282 $ 3,431,692 11.1% 6.9% 2 Ames(3) 10 738,530 2,211,140 8.9% 4.4% 3 Price Chopper 6 267,197 1,558,720 3.2% 3.1% 4 Grand Union 4 174,570 1,367,778 2.1% 2.7% 5 A&P (Waldbaum's, Superfresh)(4) 2 109,828 1,338,346 1.3% 2.7% 6 Eckerd Drug(5) 16 179,324 1,330,509 2.2% 2.7% 7 T.J. Maxx 7 205,193 1,142,633 2.5% 2.3% 8 Walmart 2 232,540 1,116,575 2.8% 2.2% 9 Shaw's 2 102,617 1,014,684 1.2% 2.0% 10 Acme (Albertson's) 3 109,064 1,004,080 1.3% 2.0% 11 Circuit City(4) 2 65,925 925,157 0.8% 1.9% 12 Redner's Supermarket 2 111,739 837,112 1.3% 1.7% 13 PharMor 2 90,471 796,710 1.1% 1.6% 14 Sears 2 159,640 703,230 1.9% 1.4% 15 Fashion Bug(6) 10 122,950 687,343 1.5% 1.4% 16 Penn Traffic 2 85,896 635,811 1.0% 1.3% 17 Stern's (Federated) 1 74,815 618,075 0.9% 1.2% 18 CVS 6 62,610 599,323 0.8% 1.2% 19 Payless Shoe Source 12 41,209 553,470 0.5% 1.1% 20 JC Penney 2 72,580 546,747 0.9% 1.1% 21 Clearview Cinemas(7) 1 25,400 517,500 0.3% 1.0% 22 Blockbuster Video 4 23,266 495,521 0.3% 1.0% 23 Office Depot 3 83,821 443,481 1.0% 0.9% 24 Walgreens 2 18,978 420,024 0.2% 0.8% 25 King Kullen 1 41,400 414,000 0.5% 0.8% ---- --------- ------------ ---- ---- Total 113 4,123,845 $ 24,709,661 49.7% 49.5% ==== ========= ============ ==== ==== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Anchor Tenant Summary --------------------- (1) This space is contiguous to the Company's property and is not owned by the Company. (2) This property is currently undergoing redevelopment. Page 27
- ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- New England - ------------ Connecticut ----------- TOWN LINE PLAZA, ROCKY HILL (Strip Mall) WALMART (1) 92,500 n/a $ - $ - WALDBAUMS 64,665 03/08/2017 730,000 11.29 (7) 5 YEAR (6 MONTHS) -------- ------------------- Total: TOWN LINE PLAZA 157,165 730,000 11.29 -------- ------------------- Massachusetts ------------- METHUEN SHOPPING CENTER, METHUEN (Strip Mall) DEMOULAS SUPER MARKETS 30,460 01/31/2005 109,656 3.60 (2) 5 YEAR -------- ------------------- Total: METHUEN SHOPPING CENTER 30,460 109,656 3.60 -------- ------------------- CRESCENT PLAZA, BROCKTON (Strip Mall) BRADLEES 104,640 01/31/2009 295,425 2.82 (1) 8 YR & (2) 5 YEAR SHAWS SUPERMARKETS 50,225 12/31/2012 516,960 10.29 (6) 5 YEAR (6 MONTHS) -------- ------------------- Total: CRESCENT PLAZA 154,865 812,385 5.25 -------- ------------------- Rhode Island ------------ WALNUT HILL PLAZA, WOONSOCKET (Strip Mall) A.J. WRIGHT 28,648 04/30/2004 164,726 5.75 (3) 5 YEARS (6 MONTHS) BRUNSWICK INDOOR RECREATION 29,160 04/02/2005 47,383 1.62 -- SEARS 60,700 08/31/2003 258,000 4.25 (6) 5 YEAR (12 MONTHS) SHAWS SUPERMARKETS 52,392 12/31/2013 497,724 9.50 (6) 5 YEAR (9 MONTHS) -------- ------------------- Total: WALNUT HILL PLAZA 170,900 967,833 5.66 -------- ------------------- Vermont ------- THE GATEWAY SHOPPING CENTER, BURLINGTON (Strip Mall)(2) GRAND UNION 31,600 06/30/2005 110,600 3.50 (1) 5 YEAR (1 2 MONTHS) -------- ------------------- Total: THE GATEWAY SHOPPING CENTER 31,600 110,600 3.50 -------- ------------------- Total: New England 544,990 2,730,474 5.01 ======== =================== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Anchor Tenant Summary ---------------------
- ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- New York Region - --------------- New Jersey ---------- ELMWOOD PARK SHOPPING CENTER, ELMWOOD PARK (Strip Mall) GRAND UNION 27,918 04/30/2001 120,000 4.30 - --------- ------------------ Total: ELMWOOD PARK SHOPPING CENTER 27,918 120,000 4.30 --------- ------------------ MARKETPLACE OF ABSECON, ABSECON (Strip Mall) ACME MARKETS 44,824 04/30/2015 598,264 13.35 (8) 5 YEAR (12 MONTHS) --------- ------------------ Total: MARKETPLACE OF ABSECON 44,824 598,264 13.35 --------- ------------------ BERLIN SHOPPING CENTER, BERLIN (Strip Mall) ACME MARKETS 32,040 04/30/2005 320,400 10.00 (2) 5 YEAR (6 MONTHS) KMART 95,810 11/30/2004 299,000 3.12 (5) 5 YEAR (6 MONTHS) --------- ------------------ Total: BERLIN SHOPPING CENTER 127,850 619,400 4.84 --------- ------------------ LEDGEWOOD MALL, LEDGEWOOD (Mall) THE SPORTS AUTHORITY 52,205 05/31/2007 225,000 4.31 (6) 5 YEAR (1 5 MONTHS) STERN'S DEPARTMENT STORES(1) 61,900 01/31/2005 553,500 8.94 (1) 5 YEAR (6 MONTHS) WAL-MART 120,570 03/31/2019 888,601 7.37 (6) 5 YEAR (6 MONTHS) --------- ------------------ Total: LEDGEWOOD MALL 234,675 1,667,101 7.10 --------- ------------------ MANAHAWKIN VILLAGE, MANAHAWKIN (Strip Mail) KMART 112,434 01/31/2019 843,255 7.50 (8) 5 YEAR (12 MONTHS) MANDEE'S 8,000 01/31/2004 80,000 10.00 (4) 5 YEARS (6 MONTHS) HOYTS 31,619 11/30/2018 363,618 11.50 (4) 5 YEAR (6 MONTHS) --------- ------------------ Total: MANAHAWKIN VILLAGE SH CENTER 152,053 1,286,873 8.46 --------- ------------------ (1) The tenant has recently expanded bringing the total space to 74,815 s.f. with rents of $618,075. Page 28
New York -------- SOUNDVIEW MARKETPLACE, PORT WASHINGTON (Strip Mall) KING KULLEN 41,400 09/26/2007 414,000 10.00 (3) 5 YEAR (11 MONTHS) CLEARVIEW CINEMA 25,400 05/31/2010 517,500 20.37 (4) 5 YEAR (12 MONTHS) --------- ------------------ Total: SOUNDVIEW MARKETPLACE 66,800 931,500 13.94 --------- ------------------ SMITHTOWN SHOPPING CENTER, SMITHTOWN (Strip Mall) DAFFY'S 16,125 05/30/2008 262,031 16.25 (4) 5 YEAR (12 MONTHS) WALGREENS EASTERN CO. INC. 9,067 12/31/2021 145,024 15.99 - --------- ------------------ Total: SMITHTOWN SHOPPING CENTER 25,192 407,055 16.16 --------- ------------------ THE BRANCH SHOPPING CENTER, SMITHTOWN (Strip Mall) GRAND UNION 63,000 11/30/2013 837,270 13.29 (1) 1 0 YEAR & (1) 5 YEAR PERGAMENT HOME CENTERS 20,670 10/31/2004 272,844 13.20 (3) 5 YEAR (12 MONTHS) --------- ------------------ Total: RD BRANCH ASSOCIATES L.P. 83,670 1,110,114 13.27 --------- ------------------ NEW LOUDON CENTER, LATHAM (Strip Mall) MARSHALLS 26,015 01/31/2004 104,060 4.00 (1) 5 YEAR (12 MONTHS) PRICE CHOPPER 76,060 05/31/2015 722,570 9.50 (4) 5 YEAR (12 MONTHS) --------- ------------------ Total: NEW LOUDEN CENTER 102,075 826,630 8.10 --------- ------------------ TROY PLAZA, TROY (Strip Mall) AMES 71,665 05/31/2001 140,000 1.95 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 29,044 09/30/2004 56,000 1.93 (2) 5 YEAR --------- ------------------ Total: TROY PLAZA 100,709 196,000 1.95 --------- ------------------ PACESETTER PARK SHOPPING CENTER, POMONA (Strip Center) GRAND UNION 52,052 08/31/2020 299,908 5.76 (2) 10 YEAR --------- ------------------ Total: PACESETTER PARK SHOPPING CENTER 52,052 299,908 5.76 --------- ------------------ Total: New York Region 1,017,818 8,062,845 7.92 ========= ================== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Anchor Tenant Summary --------------------- (1) The Company is currently redeveloping the Atrium Mall. These tenants are in the process of vacating their spaces subsequent to March 31, 2000 in connection with the redevelopment. Page 29
- ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- Mid-Atlantic - ----------- Pennsylvania ------------ ATRIUM MALL, ABINGTON (Mall) CIRCUIT CITY(1) 32,631 01/31/2009 475,688 14.58 Not Operating A&P(1) 45,163 01/31/2009 608,346 13.47 Not Operating TJ MAXX 27,565 01/31/2004 248,085 9.00 (2) 5 YEAR (6 MONTHS) ------- ------------------ Total: ATRIUM MALL 105,359 1,332,119 12.64 ------- ------------------ AMES PLAZA, SHAMOKIN (Strip Mall) AMES 59,116 01/31/2003 84,006 1.42 (2) 5 YEAR (6 MONTHS) ------- ------------------ Total: AMES PLAZA 59,116 84,006 1.42 ------- ------------------ BIRNEY PLAZA, MOOSIC (Strip Mall) BIG LOTS 30,537 01/31/2003 106,880 3.50 (1) 5 YEAR (6 MONTHS) KMART 104,956 10/31/2004 204,664 1.95 (9) 5 YEAR (6 MONTHS) ------- ------------------ Total: BIRNEY PLAZA 135,493 311,544 2.30 ------- ------------------ BLACKMAN PLAZA, WILKESBARRE (Strip Mail) KMART 104,956 10/31/2004 204,664 1.95 (9) 5 YEAR (1 2 MONTHS) ------- ------------------ Total: BLACKMAN PLAZA 104,956 204,664 1.95 ------- ------------------ BRADFORD TOWNE CENTRE, TOWANDA (Strip Mall) KMART 94,841 03/31/2019 474,205 5.00 (10) 5 YEAR (6 MONTHS) PENN TRAFFIC 51,658 09/30/2014 413,264 8.00 (2) 5 YEAR (6 MONTHS) ------- ------------------ Total: BRADFORD TOWNE CENTRE 146,499 887,469 6.06 ------- ------------------ CIRCLE PLAZA, SHAMOKIN DAM (Strip Mall) KMART 92,171 11/07/2004 252,289 2.74 (9) 5 YEAR (1 2 MONTHS) ------- ------------------ Total: CIRCLE PLAZA 92,171 252,289 2.74 ------- ------------------ DUNMORE PLAZA, DUNMORE (Strip Mall) ECKERD DRUGS 13,205 11/30/2004 89,134 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 26,475 11/30/2005 - - (3) 5 YEAR (6 MONTHS) ------- ------------------ Total: DUNMORE PLAZA 39,680 89,134 2.25 ------- ------------------ EAST END CENTER, WILKESBARRE (Strip Mall) AMES 83,000 01/31/2007 436,000 5.25 (6) 5 YEAR (6 MONTHS) PHARMOR 43,200 03/31/2003 324,000 7.50 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 50,000 04/30/2008 357,500 7.15 (4) 5 YEAR (6 MONTHS) ------- ------------------ Total: EAST END CENTER 176,200 1,117,500 6.34 ------- ------------------ QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Anchor Tenant Summary --------------------- Page 30
- ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- Mid-Atlantic (continued) - ----------------------- Pennsylvania ------------ GREENRIDGE PLAZA, SCRANTON (Strip Mall) AMES 83,330 01/31/2007 380,000 4.56 (6) 5 YEAR (6 MONTHS) ------- ------------------ Total: GREENRIDGE PLAZA 83,330 380,000 4.56 ------- ------------------ KINGSTON PLAZA, KINGSTON (Strip Mall) DOLLAR GENERAL 6,500 06/30/2001 35,750 5.50 (2) 3 YEAR (6 MONTHS) PRICE CHOPPER 45,000 12/31/2006 245,000 5.44 (4) 5 YEAR (6 MONTHS) ------- ------------------ Total: KINGSTON PLAZA 51,500 280,750 5.45 ------- ------------------ LUZERNE STREET SHOPPING CENTER. SCRANTON (Strip Mall) ECKERD DRUGS 14,000 04/30/2004 94,500 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 40,618 04/30/2004 177,650 4.37 (4) 5 YEAR (12 MONTHS) ------- ------------------ Total: LUZERNE STREET SHOPPING CENTER 54,618 272,150 4.98 ------- ------------------ MARK PLAZA, EDWARDSVILLE (Strip Mall) KMART 104,956 10/31/2004 204,664 1.95 (10) 5 YEAR (12 MONTHS) REDNER'S MARKET 52,639 05/31/2018 421,112 8.00 (2) 5 YEAR (6 MONTHS) ------- ------------------ Total: MARK PLAZA 157,595 625,776 3.97 ------- ------------------ MONROE PLAZA, STROUDSBURG (Strip Mall) AMES 61,489 01/29/2009 94,434 1.54 (3) 5 YEAR ECKERD DRUGS 13,716 10/31/2002 48,006 3.50 (2) 5 YEAR (6 MONTHS) SHOP-RITE 52,924 10/31/2005 281,278 5.31 (3) 5 & (1) 3 YEAR ------- ------------------ Total: MONROE PLAZA 128,129 423,718 3.31 ------- ------------------ MOUNTAINVILLE SHOPPING CENTER, ALLENTOWN (Strip Mail) ACME MARKETS 32,200 06/30/2004 85,416 2.65 Not Operating ECKERD 15,808 04/30/2004 60,000 3.80 (4) 5 YEAR (6 MONTHS) KLING'S HANDYMAN 20,000 01/31/2002 80,000 4.00 (1) 5 YEAR (6 MONTHS) ------- ------------------ Total: MOUNTAINVILLE SHOPPING CENTER 68,008 225,416 3.31 ------- ------------------ PITTSTON PLAZA, PITTSTON (Strip Mail) ECKERD DRUGS 8,468 06/30/2006 76,212 9.00 (2) 5 YEAR (6 MONTHS) REDNER'S MARKETS 59,100 12/31/2018 416,000 7.04 (2) 5 YEAR ------- ------------------ Total: PITTSTON PLAZA 67,568 492,212 7.28 ------- ------------------ QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Anchor Tenant Summary --------------------- Page 31
- ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- Mid-Atlantic (continued) - ----------------------- Pennsylvania ------------ PLAZA 15, LEWISBURG (Strip Mail) AMES 53,000 04/30/2001 121,900 2.30 (4) 5 YEAR (6 MONTHS) WEIS MARKETS 28,800 12/31/2001 95,088 3.30 (4) 5 YEAR (3 MONTHS) --------- ------------------ Total: PLAZA 15 81,800 216,988 2.65 --------- ----------------- PLAZA 422, LEBANON (Strip Mall) PLAYTIME INC, (Subleased from Giant) 40,783 09/23/2004 132,030 3.24 (5) 5 YEAR AMES 83,330 10/31/2001 130,000 1.56 (4) 5 YEAR (6 MONTHS) --------- ----------------- Total: PLAZA 422 124,113 262,030 2.11 --------- ----------------- ROUTE 6 MALL, HONESDALE (Strip Mall) KMART 119,658 04/30/2020 687,951 5.75 (10) 5 YEAR (AUTOMATIC) --------- ----------------- Total: ROUTE 6 MALL 119,658 687,951 5.75 --------- ----------------- SHILLINGTON PLAZA, READING (Strip Mall) KMART 94,500 07/31/2004 261,000 2.76 (9) 5 YEAR (12 MONTHS) WEIS MARKETS 40,107 08/31/2001 106,720 2.66 (3) 5 YEAR (12 MONTHS) --------- ----------------- Total: SHILLINGTON PLAZA 134,607 367,720 2.73 --------- ----------------- TIOGA WEST,TUNKHANNOCK (Strip Mall) AMES 53,000 05/31/2005 111,300 2.10 (2) 5 YEAR (6 MONTHS) ECKERD DRUGS 12,600 03/31/2000 40,000 3.17 (1) 5 YEAR (6 MONTHS) FASHION BUG (Pays percentage rent only) 13,500 11/30/2009 - - (3) 5 YEAR (6 MONTHS) PENN TRAFFIC 34,238 09/30/2014 222,547 6.50 (1) 5 YEAR & (1) 4 YEAR --------- ----------------- Total: TIOGA WEST 113,338 373,847 3.30 --------- ----------------- 25TH STREET SHOPPING CENTER, EASTON (Strip Mall) CVS 13,400 12/31/2005 127,300 9.50 (1) 5 YEAR (6 MONTHS) PETCO 15,400 01/31/2009 127,050 8.25 (2) 5 YEAR --------- ----------------- Total: 25TH STREET SHOPPING CENTER 28,800 254,350 8.83 --------- ----------------- UNION PLAZA, NEW CASTLE (Strip Mall) AMES 94,000 01/31/2017 493,500 5.25 (2) 5 YEAR PEEBLES 25,052 01/31/2018 - - (3) 3 YEAR (AUTOMATIC) SEARS 98,940 10/25/2011 445,230 4.50 (4) 5 YEAR --------- ----------------- Total: UNION PLAZA 217,992 938,730 4.31 --------- ----------------- VALMONT PLAZA, WEST HAZELTON (Strip Mall) AMES 96,600 01/31/2007 220,000 2.28 (3) 5 YEAR (6 MONTHS) --------- ----------------- Total: VALMONT PLAZA 96,600 220,000 2.28 --------- ----------------- Virginia -------- KINGS FAIRGROUNDS, DANVILLE (Strip Mail) CVS 12,160 02/28/2002 29,184 2.40 (2) 5 YEAR SCHEWEL FURNITURE 60,200 01/31/2001 165,550 2.75 (2) 5 YEAR (3 MONTHS) TRACTOR SUPPLY CO. 30,975 11/30/2008 123,900 4.00 (3) 5 YEAR (6 MONTHS) --------- ----------------- Total: KINGS FAIRGROUNDS 103,335 318,634 3.08 --------- ----------------- Total: Mid-Atlantic 2,490,465 10,618,997 4.26 ========= ================= QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Anchor Tenant Summary --------------------- (1) The tenant has recently expanded bringing the total space to 35,280 s.f. with rents of $349,020. (2) These tenants have vacated their space. Page 32
- ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- Southeast - --------- Alabama ------- MIDWAY PLAZA, OPELIKA (Strip Mail) BEALL'S OUTLET 30,000 04/30/2001 30,000 1.00 - EASTWYNN THEATRES 25,238 06/30/2005 114,580 4.54 (2) 5 YEAR (12 MONTHS) OFFICE DEPOT 28,787 10/31/2007 69,380 2.41 (3) 5 YEAR (AUTOMATIC) ------- ----------------- Total: MIDWAY PLAZA 84,025 213,960 2.55 ------- ----------------- NORTHSIDE MALL, DOTHAN (Mail) WALMART 111,970 01/31/2004 227,974 2.04 (6) 5 YEAR (6 MONTHS) ------- ----------------- Total: NORTHSIDE MALL 111,970 227,974 2.04 ------- ----------------- Florida ------- NEW SMYRNA BEACH SHOPPING CNTR, NEW SMYRNA BEACH (Strip Mall) HARDBODIES FAMILY FITNESS 11,200 08/31/2008 44,800 4.00 - THEATRE MANAGEMENT INC.(1) 24,780 11/30/2005 223,020 9.00 (4) 5 YEAR (6 MONTHS) ------- ----------------- Total: NEW SMYRNA BEACH SHOPPING CNTR 35,980 267,820 7.44 ------- ----------------- Georgia ------- CLOUD SPRINGS PLAZA, FORT OGLETHORPE (StripMall) BIG LOTS 30,000 10/31/2000 99,000 3.30 (1) 5 YEAR FOOD LION 29,000 01/31/2011 181,250 6.25 (4) 5 YEAR W.S. BADCOCK 15,260 09/28/2005 45,780 3.00 (1) 5 YEAR (6 MONTHS) ------- ----------------- Total: CLOUD SPRINGS PLAZA 74,260 326,030 4.39 ------- ----------------- South Carolina -------------- MARTINTOWN PLAZA, NORTH AUGUSTA (Strip Mail) BELK STORE 44,000 01/31/2004 154,000 3.50 (4) 5 YEAR (6 MONTHS) OFFICE DEPOT 29,996 06/30/2008 142,500 4.75 (2) 5 YEAR (12 MONTHS) OLD AMERICA STORES L.P.(2) 18,000 11/30/2008 - - ------- ----------------- Total: MARTINTOWN PLAZA 91,996 296,500 3.22 ------- ----------------- WESMARK PLAZA, SUMTER (Strip Mail) GOODY'S 24,960 05/31/2005 162,240 6.50 (2) 5 YEAR (6 MONTHS) OLD AMERICA STORES L.P.(2) 30,000 01/31/2007 - - STAPLES 21,840 09/30/2005 98,280 4.50 (3) 5 YEAR (6 MONTHS) THEATRE MANAGEMENT INC. 28,000 05/31/2009 252,000 9.00 (2) 5 YEAR (6 MONTHS) ------- ----------------- Total: WESMARK PLAZA 104,800 512,520 4.89 ------- ----------------- Total: Southeast 503,031 1,844,804 3.67 ======= ================= QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Anchor Tenant Summary ---------------------
- ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- Midwest - ------- Illinois -------- HOBSON WEST PLAZA, NAPERVILLE (Strip Mail) EAGLE FOOD CENTERS 42,037 11/30/2007 170,000 4.04 (5) 5 YEAR (6 MONTHS) --------- --------------------- Total: HOBSON WEST PLAZA, 42,037 170,000 4.04 --------- --------------------- Indiana ------- MERRILLVILLE PLAZA, MERILLVILLE (Strip Mall) JC PENNEY 50,000 01/31/2008 450,000 9.00 (2) 5 YEAR (12 MONTHS) OFFICEMAX 26,157 07/31/2008 202,717 7.75 (4) 5 YEAR (6 MONTHS) TJX COMPANIES INC. 25,200 01/31/2004 182,700 7.25 (1) 5 YEAR (6 MONTHS) --------- --------------------- Total: MERRILLVILLE PLAZA 101,357 835,417 8.24 --------- --------------------- Michigan -------- BLOOMFIELD TOWN SQUARE, BLOOMFIELD HILLS (Strip Mall) BURLINGTON COAT FACTORY 43,200 01/31/09 - - Lease was terminated 4/1/00 DRUG EMPORIUM 37,230 10/31/2000 223,380 6.00 (4) 5 YEAR (6 MONTHS) OFFICEMAX 21,500 06/30/2010 172,000 8.00 (3) 5 YEAR (9 MONTHS) TJ MAXX 36,000 03/31/2003 234,000 6.50 (2) 5 YEAR (6 MONTHS) --------- --------------------- Total: BLOOMFIELD TOWN SQUARE 137,930 629,380 4.56 --------- --------------------- Ohio ---- MAD RIVER STATION - RETAIL, DAYTON (Strip Mall) BABIES 'R' US 33,147 02/28/2005 243,630 7.35 (3) 5 YEAR OFFICE DEPOT 25,038 08/31/2005 231,601 9.25 (1) 5 YEAR --------- --------------------- Total: MAD RIVER STATION - RETAIL SPACE 58,185 475,231 8.17 --------- --------------------- MAD RIVER STATION - OFFICE, DAYTON GUARANTY FUNDING 3,277 08/31/2000 44,240 13.50 --------- --------------------- Total: MAD RIVER STATION - OFFICE SPACE 3,277 44,240 13.50 --------- --------------------- Total: Midwest 342,786 2,154,268 6.28 --------- --------------------- Total: Retail Anchor Properties-Wholly Owned 4,899,090 $ 25,411,388 $ 5.19 ========= ===================== (1) The Company has received notification that this Florida State agency intends on vacating their space in June of 2000. Page 33
Mixed Use - --------- New England - ----------- Connecticut ----------- 239 GREENWICH AVE., GREENWCH (Mixed Use - Retail/Apts) RESTORATION HARDWARE INC. 12,293 04/30/2015 $ 830,000 $67.52 (2) 5 YEARS (6 MONTHS) --------- --------------------- Total: 239 GREENWICH AVE. 12,293 830,000 67.52 --------- --------------------- Total: New England 12,293 830,000 67.52 --------- --------------------- Southeast - --------- Florida ------- NORTHWOOD CENTRE, TALLAHASSEE (Mixed Use - Retail/Office) DPR #790:0070 123,387 04/30/2006 1,645,697 13.34 (5) 1 YEAR DEPT OF HEALTH #640:0078(1) 59,150 04/30/2004 847,620 14.33 (10) 1 YEAR (6 MTHS) DCF #590:1998 119,054 07/31/2005 1,963,200 16.49 (1) 6 YEAR & (2) 2 YEAR PUBLIX SUPERMARKET 51,950 06/30/2005 175,000 3.37 (4) 5 YEAR --------- --------------------- Total: NORTHWOOD CENTRE 353,541 4,631,517 13.10 --------- --------------------- Total: Southeast 353,541 4,631,517 13.10 --------- --------------------- Total: Mixed Use 365,834 $ 5,461,517 $14.93 ========= ===================== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Anchor Tenant Summary --------------------- Page 34
- ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Unconsolidated Retail Properties - -------------------------------- New York Region - --------------- New York -------- CROSSROADS SHOPPING CENTER,WHITEPLAINS, (Strip Mall) KMART 100,725 01/31/2012 $ 566,250 $ 5.62 (5) 5 YEAR (9 MONTHS) WALDBAUMS 38,208 12/31/2007 504,000 13.19 (5) 5 YEAR (9 MONTHS) B. DALTON 12,430 05/28/2012 321,813 25.89 (2) 5 YEAR (18 MONTH) MODELL'S 15,000 01/11/2002 204,733 13.65 NONE PERGAMENT 25,000 02/28/2009 193,750 7.75 (2) 5 YEAR (12 MONTHS) ------- -------------------- Total: CROSSROADS SHOPPING CENTER 191,363 1,790,546 9.36 ------- -------------------- Total: New York Region 191,363 1,790,546 9.36 ------- -------------------- Total: Unconsolidated Retail Properties 191,363 $1,790,546 $ 9.36 ======= ==================== QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Lease Expirations ----------------- (1) The Company is currently redeveloping the Atrium Mall. The above amounts include the A&P Supermarket, which comprises 45,163 square feet and $608,346 of rents, and Circuit City, which comprises 32,631 square feet and $437,828 of rents, both which are in the process of vacating the center in connection with that redevelopment. Both leases were originally scheduled to expire in 2009. Page 35
---------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ---------------------------------------------------------------------------------------- Retail Properties Anchor Tenant Expirations 2000 4 113,707 2.32% 366,620 1.44% 3.22 2001 9 401,520 8.20% 945,008 3.72% 2.35 2002 3 45,876 0.94% 157,190 0.62% 3.43 2003 5 229,553 4.69% 1,006,886 3.96% 4.39 2004 21 1,075,075 21.94% 3,555,400 14.01% 3.31 2005 17 513,822 10.49% 2,820,549 11.10% 5.49 2006 2 53,468 1.09% 321,212 1.26% 6.01 2007 8 457,359 9.34% 1,914,380 7.53% 4.19 2008 8 232,453 4.74% 1,583,448 6.23% 6.81 2009(1) 8 393,323 8.03% 1,852,943 7.29% 4.71 2010 2 46,900 0.96% 689,500 2.71% 14.70 2011 2 127,940 2.61% 626,480 2.47% 4.90 2012 1 50,225 1.03% 516,960 2.03% 10.29 2013 2 115,392 2.36% 1,334,994 5.25% 11.57 2014 2 85,896 1.75% 635,811 2.50% 7.40 2015 2 120,884 2.47% 1,320,834 5.20% 10.93 2017 2 158,665 3.24% 1,223,500 4.81% 7.71 2018 4 168,410 3.44% 1,200,731 4.73% 7.13 2019 3 327,845 6.69% 2,206,061 8.68% 6.73 2020 2 171,710 3.50% 987,859 3.89% 5.75 2021 1 9,067 0.17% 145,024 0.57% 15.99 ------------------------------------ ------------------------------------- Total Occupied 108 4,899,090 100.00% $25,411,390 100.00% $ 5.19 - -------------------------------------------------------------------------------- Total Vacant 505,954 --------- Total Square Feet 5,405,044 ========= - -------------------------------------------------------------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Lease Expirations ----------------- Page 36
---------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ---------------------------------------------------------------------------------------- Retail Properties Shop Tenant Expirations Month to Month 54 215,932 8.99% $ 1,355,313 5.53% $ 6.28 2000 69 203,566 8.47% 1,954,683 7.97% 9.60 2001 89 289,141 12.03% 2,997,900 12.23% 10.37 2002 83 342,349 14.25% 3,389,031 13.83% 9.90 2003 73 281,973 11.73% 3,016,385 12.31% 10.70 2004 56 245,698 10.22% 2,880,749 11.75% 11.72 2005 40 204,226 8.50% 2,153,605 8.79% 10.55 2006 16 97,240 4.05% 871,880 3.56% 8.97 2007 12 93,525 3.89% 1,036,131 4.23% 11.08 2008 20 116,162 4.83% 1,458,403 5.95% 12.55 2009 22 156,177 6.50% 1,637,267 6.68% 10.48 2010 4 46,640 1.94% 294,880 1.20% 6.32 2011 3 22,358 0.93% 293,254 1.20% 13.12 2014 2 31,411 1.31% 357,500 1.46% 11.38 2015 1 8,500 0.35% 127,500 0.52% 15.00 2019 1 14,887 0.62% 236,800 0.97% 15.91 2020 1 33,294 1.39% 449,469 1.83% 13.50 ------------------------------------- -------------------------------------- Total Occupied 546 2,403,079 100.00% $24,510,750 100.00% $ 10.20 ---------------------------------------------------------- Total Vacant 489,158 --------- Total Square Feet 2,892,237 ========= ---------------------------------------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Lease Expirations ----------------- (1) The Company is currently redeveloping the Atrium Mall. The above amounts include the A&P Supermarket, which comprises 45,163 square feet and $608,346 of rents, and Circuit City, which comprises 32,631 square feet and $437,828 of rents, both of which are in the process of vacating the center in connection with that redevelopment. Both leases were originally scheduled to expire in 2009. Page 37
---------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ---------------------------------------------------------------------------------------- Retail Properties Total Retail Expirations Month to Month 54 215,932 2.96% $ 1,355,313 2.71% $ 6.28 2000 73 317,273 4.34% 2,321,303 4.65% 7.32 2001 98 690,661 9.46% 3,942,908 7.90% 5.71 2002 86 388,225 5.32% 3,546,221 7.10% 9.13 2003 78 511,526 7.01% 4,023,271 8.06% 7.87 2004 77 1,320,773 18.09% 6,436,149 12.89% 4.87 2005 57 718,048 9.83% 4,974,154 9.96% 6.93 2006 18 150,708 2.06% 1,193,092 2.39% 7.92 2007 20 550,884 7.54% 2,950,511 5.91% 5.36 2008 28 348,615 4.77% 3,041,851 6.09% 8.73 2009(1) 30 549,500 7.53% 3,490,210 6.99% 6.35 2010 6 93,540 1.28% 984,380 1.97% 10.52 2011 5 150,298 2.06% 919,734 1.84% 6.12 2012 1 50,225 0.69% 516,960 1.04% 10.29 2013 2 115,392 1.58% 1,334,994 2.67% 11.57 2014 4 117,307 1.61% 993,311 1.99% 8.47 2015 3 129,384 1.77% 1,448,334 2.90% 11.19 2017 2 158,665 2.17% 1,223,500 2.45% 7.71 2018 4 168,410 2.31% 1,200,731 2.41% 7.13 2019 4 342,732 4.69% 2,442,861 4.89% 7.13 2020 3 205,004 2.81% 1,437,328 2.88% 7.01 2021 1 9,067 0.12% 145,024 0.31% 15.99 ------------------------------------- ------------------------------------- Total Occupied 654 7,302,169 100.00% 49,922,140 100.00% 6.84 ---------------------------------------------------------- Total Vacant 995,112 --------- Total Square Feet 8,297,281 ========= ---------------------------------------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Lease Expirations ----------------- (1) The Company has received notification that the Florida Department of Health intends on vacating their space in June of 2000. This lease, originally set to expire in 2004, comprises 59,150 square feet and $826,917 of annual rent. Page 38
----------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ---------------------------------------------------------------------------------------- Mixed Use Expirations Month to Month 7 22,797 4.64% $ 281,464 4.00% $ 12.35 2000 6 38,485 7.83% 492,165 7.00% 12.79 2001 6 36,259 7.37% 499,362 7.10% 13.77 2003 3 6,627 1.35% 99,050 1.41% 14.95 2004(1) 4 66,911 13.61% 958,218 13.63% 14.32 2005 3 174,873 35.57% 2,169,111 30.85% 12.40 2006 2 133,137 27.08% 1,695,097 24.11% 12.73 2009 1 266 0.05% 7,257 0.10% 27.28 2015 1 12,293 2.50% 830,000 11.80% 67.52 -------------------------------------- --------------------------------------- Total Occupied 33 491,648 100.00% 7,031,724 100.00% 14.30 ---------------------------------------------------------- Total Vacant 25,198 ------- Total Square Feet 516,846 ======= ---------------------------------------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Lease Expirations ----------------- (1) The Company has received notification that the Florida Department of Health intends on vacating their space in June of 2000. This lease, originally set to expire in 2004, comprises 59,150 square feet and $826,917 of annual rent. (2) The Company is currently redeveloping the Atrium Mall. The above amounts include the A&P Supermarket, which comprises 45,163 square feet and $608,346 of rents, and Circuit City, which comprises 32,631 square feet and $437,828 of rents, both of which are in the process of vacating the center in connection with that redevelopment. Both leases were originally scheduled to expire in 2009. Page 39
---------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ---------------------------------------------------------------------------------------- Total Portfiolio Expirations Month to Month 61 238,729 3.06% 1,636,777 2.87% 6.86 2000 79 355,758 4.56% 2,813,468 4.94% 7.91 2001 104 726,920 9.33% 4,442,270 7.80% 6.11 2002 86 388,225 4.98% 3,546,221 6.23% 9.13 2003 81 518,153 6.65% 4,122,321 7.24% 7.96 2004(1) 81 1,387,684 17.80% 7,394,367 12.98% 5.33 2005 60 892,921 11.46% 7,143,265 12.54% 8.00 2006 20 283,845 3.64% 2,888,189 5.07% 10.18 2007 20 550,884 7.07% 2,950,511 5.18% 5.36 2008 28 348,615 4.47% 3,041,851 5.34% 8.73 2009(2) 31 549,766 7.05% 3,497,467 6.14% 6.36 2010 6 93,540 1.20% 984,380 1.73% 10.52 2011 5 150,298 1.93% 919,734 1.61% 6.12 2012 1 50,225 0.64% 516,960 0.91% 10.29 2013 2 115,392 1.48% 1,334,994 2.34% 11.57 2014 4 117,307 1.51% 993,311 1.74% 8.47 2015 4 141,677 1.82% 2,278,334 4.00% 16.08 2017 2 158,665 2.04% 1,223,500 2.15% 7.71 2018 4 168,410 2.16% 1,200,731 2.11% 7.13 2019 4 342,732 4.40% 2,442,861 4.29% 7.13 2020 3 205,004 2.63% 1,437,328 2.52% 7.01 2021 1 9,067 0.12% 145,024 0.27% 15.99 ------------------------------------- ------------------------------------ Total Occupied 687 7,793,817 100.00% 56,953,864 100.00% 7.31 ---------------------------------------------------------- Total Vacant 1,020,310 --------- Total Square Feet 8,814,127 ========= ---------------------------------------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Lease Expirations ----------------- Page 40
---------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ---------------------------------------------------------------------------------------- Joint Ventures Month to Month 3 8,610 2.77% $ 95,700 1.92% 11.11 2000 1 3,162 1.02% 61,928 1.24% 19.59 2001 1 1,650 0.53% 48,675 0.98% 29.50 2002 7 31,517 10.13% 688,070 13.80% 21.83 2003 5 20,241 6.51% 626,518 12.56% 30.95 2004 7 30,516 9.81% 784,249 15.73% 25.70 2005 5 16,015 5.15% 450,675 9.04% 28.14 2006 3 5,260 1.69% 150,818 3.02% 28.67 2007 4 44,238 14.22% 702,099 14.08% 15.87 2008 3 10,201 3.28% 241,883 4.85% 23.71 2009 2 26,462 8.51% 247,844 4.97% 9.37 2012 2 113,155 36.38% 888,063 17.81% 7.85 ------------------------------------- ------------------------------------- Total Occupied 43 311,027 100.00% 4,986,522 100.00% 16.03 ---------------------------------------------------------- Total Vacant 5,610 ------- Total Square Feet 316,637 ======= ---------------------------------------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Residential (Multi-family) Properties ------------------------------------- Page 41
% Leased Property Location Square Feet Units March 31, 2000 -------- -------- ----------- ----- -------------- MID-ATLANTIC Maryland -------- Glen Oaks Apartments Greenbelt 557,772 463 99% Marley Run Apartments Pasadena 274,200 336 94% North Carolina -------------- Village Apartments Winston Salem 578,606 600 77% MIDWEST Missouri -------- Gate House, Holiday House, Tiger Village, Columbia 628,891 874 96% Colony Apartments --------- ----- -- Totals 2,039,469 2,273 92% ========= ===== == QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Properties Under Redevelopment ------------------------------ Page 42
Expected Projected Projected Projected Date of Type of Total Costs Costs Total Return Stabilized Center Center GLA Incurred Remaining Cost on Cost Operatons Anchors ------ ------- ----- -------- --------- --------- --------- ---------- ------- Gateway Mall Strip Center 119,452 $7,131,000 $ 4,869,000 $12,000,000 11.0% 4th Qtr. 2001 Grand Union Elmwood Park Strip Center 155,000 $ - $11,900,000 $11,900,000 11.3% 3rd Qtr. 2002 A & P and Walgreen's Future Redevelopment Properties ------------------------------- Atrium Mall Enclosed Mall 178,434 Methuen Strip Center 134,494 Northside Mall Enclosed Mall 382,299 QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2000 Unencumbered Properties ----------------------- Center Location GLA ------ -------- --- Blackman Plaza WilkesBarre, PA 121,206 Mark Plaza Edwardsville, PA 215,981 Union Plaza New Castle, PA 192,940 Wesmark Plaza Sumter, SC 215,198 Manahawkin Shopping Center Manahawkin, NJ 143,737 (excludes Kmart) Elmwood Park Shopping Center Elmwood, NJ 124,144 Methuen Shopping Center Methuen, CT 129,494 Plaza 422 Lebanon, PA 154,791 Tioga West Tunkhannock, PA 122,338 Pacesetter Park Shopping Center Ramapo, New York 95,559 Hobson West Plaza Naperville, IL 99,950 --------- Total Unencumbered Properties 1,615,338 ========= Page 43