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): August 30, 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 June 30, 2000. ITEM 7. Financial Statements and Exhibits. (c) Exhibits. 99 Quarterly Supplemental Disclosure - June 30, 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: August 30, 2000 By: /s/ Kenneth F. Bernstein ---------------------------- Name: Kenneth F. Bernstein Title: President 2
ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Table of Contents Section I - Overview Page ---- 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 Operating Statements - Including Joint Venture Activity 11 Operating Statements - by Segment (Retail & Multi-Family) 12 Operating Statements - Current v. Historic 13 Net Operating Income - Same Property Performance 14 ACADIA NYSE REALTY TRUST AKR ---------------------- Page Funds from Operations 15 Balance Sheets 16 Selected Operating Ratios 17 Debt Analysis - Wholly Owned and Unconsolidated Subsidiaries 18 Debt Maturity Schedule 20 Unencumbered Properties 21 Section IV - Portfolio information Portfolio Overview - By Region and Property Type 22 Commercial Properties by Region - Summary 23 Commercial Properties by Region - Detail 24 Top 25 Tenants 28 Anchor Tenant Summary 29 Lease Expirations 37 Residential Properties 43 Properties under Redevelopment 44 (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 any of the determinants of 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 ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 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 June 30, 2000. As of June 30, 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 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 ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Quarter Highlights o Funds from Operations (FFO) on a per share basis increased 11% to $0.21 (excluding $0.05 of non-recurring FFO) in the second quarter 2000, up from $0.19 in the second quarter 1999 Total FFO for the second quarter 2000 was $9.1 million, compared to $6.8 million in the second quarter 1999. FFO for the second quarter 2000 includes lease termination income of $0.05 per share, or $1.8 million, as a result of the redevelopment project at the Atrium Mall. Adjusted for this non-recurring FFO, on a per share basis (basic and fully diluted), FFO increased 11% to $0.21 in the second quarter 2000, up from $0.19 in the second quarter 1999. FFO for the six months ended June 30, 2000 was $16.7 million, or $0.47 per share compared with $13.9 million, or $0.38 per share for the same period in 1999. Adjusted for the non-recurring FFO as discussed above, FFO for the six months ended June 30, 2000 was $14.9 million, or $0.42 per share. o Same property net operating income for the six months ended June 30, 2000 increased 4% over the same period in 1999 o In connection with the redevelopment of the Atrium Mall, the Company entered into a contract to sell 160,000 square feet of the building to the Target Corporation for $11.5 million In June 2000, the Company entered into a contract to sell approximately 160,000 square feet of the main building at the Atrium Mall, located in the Philadelphia suburb of Abington, PA, to the Target Corporation for $11.5 million. The Company will retain ownership of approximately 50,000 square feet of the building as well as outparcels and related parking areas. Following completion of the redevelopment, the center will be anchored by a Target store and a T.J. Maxx (in the Company's portion of the building) and renamed the Abington Towne Center. Redevelopment activities will also include the complete remodeling of the exterior of the main building, outparcels, parking and pylon signs. Other redevelopment projects anticipated to commence during the balance of fiscal 2000 and 2001 include the Elmwood Park Shopping Center in Elmwood Park, NJ and the Northside Mall in Dothan, AL. o In July 2000, the Company closed on a $10 million non-recourse financing secured by one of the Company's properties Approximately $7.1 million of the proceeds were used to retire debt with a previous lender, with the balance available for working capital. This additional capacity supplements the $30.4 million currently available under existing facilities. The rate on the new variable-rate financing is currently 98 basis points below that of the retired variable-rate debt. o During the second quarter of 2000, Acadia repurchased 149,305 of its shares for the quarter ended June 30, 2000 Since the inception of the program in June of 1999, Acadia has repurchased 1,017,505 of its shares for $5.3 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. Page 3 ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Portfolio Snapshot 58 retail and multi-family properties Approximately 11 million square feet of GLA 19 Eastern and Midwestern states represented Page 4 ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Management Team Page 5
Ross Chairman & CEO Kenneth F. President Acqusitions Retail Leasing Retail Construction and Residential Legal Finance and Management Development Management Asset Management Joel Braun Timothy J. Bruce Joseph Napolitano Joseph W. Hogan Robert Masters Perry Kamerman Sr. VP, Sr. VP, Dir. VP, Property Mgt. Sr. VP, Dir. of Sr. VP, General Sr. VP of Acquisitions of Leasing Construction Counsel Finance Gerard Thibodeaux Joseph Povinelli Robert Scholem Ronald Johnston Greg Sauter Carol Arnold Maggie Hul Jon VP, Southeast VP, Leasing VP, Property VP. Construction VP, VP & VP, VP, VP, Director Leasing Mgt. Residential Counsel Finance Controller of Financial Mgt. Reporting Richard Brock Daniel Evangelista David Bourgery Thomas Donohue Construction On-site Property Leasing Leasing Representative Regional Prop. Mgr. Regional Prop. Mgr Supervisors Managers Representative 2 Individuals ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Executive Management Team Page 6
Ross Dworman Chairman of the Board and Mr. Dworman is responsible for long-term strategic planning for the Company. Chief Executive Officer 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. ACADIA NYSE REALTY TRUST AKR ---------------------- 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. (2) 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 currently in place and are subject to future changes. (3) A,B,C & D Classifications are determined based on factors including market demographics, location, barriers to entry and strength of tenants. Reference page 8 for additional notes related to portfolio valuation. Page 7
Private Basis % of GLA Cap Rate Range(2) % of GAV % of NAV -------- ----------------- -------- -------- Retail 3: 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% ======================== ACADIA NYSE REALTY TRUST AKR ---------------------- ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999(1) Net Asset Value ('NAV') Calculation (amounts in thousands)
Notes Net Operating income ("NOI") for the quarter ended December 31, 1999 : 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 - JUNE 30, 2000 $ 5.688 $ 5.688 ======== ======= PRICE / NET ASSET VALUE 76% 85% 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 any determinant of 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. Page 8
(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 ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Total Market Capitalization Notes: (1) As of June 30, 2000, the Company had purchased 974,057 shares (net of reissuance of 43,448 shares) under its Stock Repurchase Program (2) In connection with the 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 Page 9
Percent of Percent of Total Market Total Equity Capitalization ------------ -------------- Total Common Shares Outstanding 69.8% 25,145,158 1 Common O.P. Units 29.1% 10,484,143 ------------- Combined Common Shares and O.P. Units 35,629,301 Market Price as of June 30, 2000 $ 5.6875 ------------- Equity Capitalization - Common Shares and O.P. Units 202,641,649 Preferred O.P. Units - at cost(2) 1.1% 2,212,000 ---- ------------- Total Equity Capitalization 100.0% 204,853,649 40.0% ====== Debt Capitalization 307,398,162 60.0% ------------- ------ Total Market Capitalization $ 512,251,811 100.0% ============= ====== Weighted Average Outstanding Common Shares and O.P. Units Common Shares 1 O.P. Units Total -------- ---------- ----- Quarter ended June 30, 2000 25,241,794 10,484,143 35,725,937 Year-to-Date June 30, 2000 25,358,946 10,484,143 35,843,089 Quarter ended June 30, 1999 25,510,424 11,084,143 36,594,567 Year-to-Date June 30, 1999 25,465,071 11,084,143 36,549,214 ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 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 13.4% Rothschild Realty Investors II L.L.C. 3,266,667 13.0% Howard Hughes Medical Institute 2,266,667 9.0% The Board of Trustees of the Leland Stanford Junior University 2,133,333 8.5% Harvard Private Capital Realty, Inc. 2,000,000 8.0% The Vanderbilt University 1,346,647 5.4% TRW Master Trust 1,200,000 4.8% 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 354,805 1.4% ----------- ----- Total of Twelve Largest Institutional/Non-Retail Shareholders 18,153,082 72.2% =========== ===== Total of all Institutional/Non-Retail Shareholders 18,967,968 75.4% =========== ===== (1) Based on Schedule 13F filings with the U.S. Securities and Exchange Commission 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% =========== ====== ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Statements of Operations - Including Joint Venture Activity(1) Current Year-to-Date - by Quarter (in thousands)
------------------------------------------------------------ Year-to-Date Current Quarter Six months 3 months ended June 30, ended June 30, 2000 2000 ------------------------------------------------------------- Wholly Owned JV Total Wholly Owned JV ------------ -- ----- ------------ -- PROPERTY REVENUES Minimum rents $ 37,104 $ 1,234 $ 38,338 $ 18,663 $ 637 Percentage rents 1,340 50 1,390 589 (5) Expense reimbursements 7,043 472 7,515 3,199 228 Other property income(2) 2,268 37 2,305 2,031 20 -------- -------- -------- -------- -------- 47,755 1,793 49,548 24,482 880 -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 9,757 166 9,923 4,457 92 Real estate taxes 5,627 298 5,925 2,914 149 -------- -------- -------- -------- -------- 15,384 464 15,848 7,371 241 -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES(2) 32,371 1,329 33,700 17,111 639 OTHER INCOME (EXPENSE) Property management and leasing - Home office (1,566) -- (1,566) (880) -- General and administrative (2,578) -- (2,578) (1,285) -- Interest income 592 -- 592 262 -- Management income 470 -- 470 220 -- Other income 15 -- 15 5 -- -------- -------- -------- -------- -------- EBIDTA(2) 29,304 1,329 30,633 15,433 639 Depreciation and amortization (10,100) (326) (10,426) (5,085) (163) Interest expense (12,616) (652) (13,268) (6,261) (325) Loss on sale of properties -- -- -- -- -- -------- -------- -------- -------- -------- Income before minority interest 6,588 351 6,939 4,087 151 Minority interest (2,101) -- (2,101) (1,274) -- -------- -------- -------- -------- -------- NET INCOME $ 4,487 $ 351 $ 4,838 $ 2,813 $ 151 ======== ======== ======== ======== ======== [RESTUBBED TABLE] 1 Quarterly results for 2000 are unaudited. Although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim 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. 2 Other property income for the quarter ended June 30, 2000 includes $1,757 of lease termination income received from tenants at the Atrium Mall in connection with the redevelopment of the entire property. Page 11
-------------------------------------------------------- Current Quarter Previous Quarter 3 months 3 months ended June 30, ended March 31, 2000 2000 -------------------------------------------------------- Total Wholly Owned JV Total ----- ------------ -- ----- PROPERTY REVENUES Minimum rents $ 19,300 $ 18,441 $ 597 $ 19,038 Percentage rents 584 751 55 806 Expense reimbursements 3,427 3,844 244 4,088 Other property income(2) 2,051 237 17 254 -------- -------- -------- -------- 25,362 23,273 913 24,186 -------- -------- -------- -------- PROPERTY EXPENSES Property operating 4,549 5,300 74 5,374 Real estate taxes 3,063 2,713 149 2,862 -------- -------- -------- -------- 7,612 8,013 223 8,236 -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES(2) 17,750 15,260 690 15,950 OTHER INCOME (EXPENSE) Property management and leasing - Home office (880) (686) -- (686) General and administrative (1,285) (1,293) -- (1,293) Interest income 262 330 -- 330 Management income 220 250 -- 250 Other income 5 10 -- 10 -------- -------- -------- -------- EBIDTA(2) 16,072 13,871 690 14,561 Depreciation and amortization (5,248) (5,015) (163) (5,178) Interest expense (6,586) (6,355) (327) (6,682) Loss on sale of properties -- -- -- -- -------- -------- -------- -------- Income before minority interest 4,238 2,501 200 2,701 Minority interest (1,274) (827) -- (827) -------- -------- -------- -------- NET INCOME $ 2,964 $ 1,674 $ 200 $ 1,874 ======== ======== ======== ======== ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Statements of Operations - by Segment(1) Current Year-to-Date - by Quarter (in thousands)
------------------------------------------------------------------------ Current Year-to-Date Current Quarter 6 months 3 months ended June 30, ended June 30, 2000 2000 ----------------------------------------------------------------------- Retail Multi-Family Corporate Total Retail Multi-Family ------ ------------ --------- ----- ------ ------------ PROPERTY REVENUES Minimum rents $ 31,022 $ 7,316 $ -- $ 38,338 $ 15,623 $ 3,677 Percentage rents 1,390 -- -- 1,390 584 -- Expense reimbursements 7,515 -- -- 7,515 3,427 -- Other property income(2) 2,001 304 -- 2,305 1,899 152 -------- -------- -------- -------- -------- -------- 41,928 7,620 -- 49,548 21,533 3,829 -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 7,393 2,530 -- 9,923 3,220 1,329 Real estate taxes 5,477 448 -- 5,925 2,839 224 -------- -------- -------- -------- -------- -------- 12,870 2,978 -- 15,848 6,059 1,553 -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES(2) 29,058 4,642 -- 33,700 15,474 2,276 OTHER INCOME (EXPENSE) Property management and leasing - Home office -- -- (1,566) (1,566) -- -- General and administrative -- -- (2,578) (2,578) -- -- Interest income -- -- 592 592 -- -- Management income -- -- 470 470 -- -- Other income -- -- 15 15 -- -- -------- -------- -------- -------- -------- -------- EBIDTA(2) 29,058 4,642 (3,067) 30,633 15,474 2,276 Depreciation and amortization (9,201) (1,008) (217) (10,426) (4,643) (510) Interest expense (11,068) (2,150) (50) (13,268) (5,502) (1,084) Loss on sale of properties -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- Income before minority interest 8,789 1,484 (3,334) 6,939 5,329 682 Minority interest in Operating Partnership -- -- (2,101) (2,101) -- -- -------- -------- -------- -------- -------- -------- NET INCOME $ 8,789 $ 1,484 $ (5,435) $ 4,838 $ 5,329 $ 682 ======== ======== ======== ======== ======== ======== [RESTUBBED TABLE] (1) Quarterly results for 2000 are unaudited. Although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim 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. (2) Other property income for the quarter ended June 30, 2000 includes $1,757 of lease termination income received from tenants at the Atrium Mall in connection with the redevelopment of the entire property. Page 12
------------------------------------------------------------------------ Current Quarter Previous Quarter 3 months 3 months ended June 30, ended June 30, 2000 2000 ----------------------------------------------------------------------- Corporate Total Retail Multi-Family Corporate Total --------- ----- ------ ------------ --------- ----- PROPERTY REVENUES Minimum rents $ -- $ 19,300 $ 15,399 $ 3,639 $ -- $ 19,038 Percentage rents -- 584 806 -- -- 806 Expense reimbursements -- 3,427 4,088 -- -- 4,088 Other property income(2) -- 2,051 102 152 -- 254 -------- -------- -------- -------- -------- -------- -- 25,362 20,395 3,791 -- 24,186 -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating -- 4,549 4,173 1,201 -- 5,374 Real estate taxes -- 3,063 2,638 224 -- 2,862 -------- -------- -------- -------- -------- -------- -- 7,612 6,811 1,425 -- 8,236 -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES(2) -- 17,750 13,584 2,366 -- 15,950 OTHER INCOME (EXPENSE) Property management and leasing - Home office (880) (880) -- -- (686) (686) General and administrative (1,285) (1,285) -- -- (1,293) (1,293) Interest income 262 262 -- -- 330 330 Management income 220 220 -- -- 250 250 Other income 5 5 -- -- 10 10 -------- -------- -------- -------- -------- -------- EBIDTA(2) (1,678) 16,072 13,584 2,366 (1,389) 14,561 Depreciation and amortization (95) (5,248) (4,558) (498) (122) (5,178) Interest expense -- (6,586) (5,566) (1,066) (50) (6,682) Loss on sale of properties -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- Income before minority interest (1,773) 4,238 3,460 802 (1,561) 2,701 Minority interest in Operating Partnership (1,274) (1,274) -- -- (827) (827) -------- -------- -------- -------- -------- -------- NET INCOME $ (3,047) $ 2,964 $ 3,460 $ 802 $ (2,388) $ 1,874 ======== ======== ======== ======== ======== ======== ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Statements of Operations - Including Joint Venture Activity(1) Current Quarter and Year-to-Date v. Historical (in thousands)
------------------------------------------------------------------------ Current Quarter Historic Quarter 3 months 3 months ended June 30, ended June 30, 2000 1999 ------------------------------------------------------------------------ Wholly Owned JV Total Wholly Owned JV Total ------------ -- ----- ------------ -- ----- PROPERTY REVENUES Minimum rents $ 18,663 $ 637 $ 19,300 $ 17,500 $ 616 $ 18,116 Percentage rents 589 (5) 584 686 -- 686 Expense reimbursements 3,199 228 3,427 3,037 201 3,238 Other property income(2) 2,031 20 2,051 252 27 279 -------- -------- -------- -------- -------- -------- 24,482 880 25,362 21,475 844 22,319 -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 4,457 92 4,549 4,660 68 4,728 Real estate taxes 2,914 149 3,063 2,564 145 2,709 -------- -------- -------- -------- -------- -------- 7,371 241 7,612 7,224 213 7,437 -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES(2) 17,111 639 17,750 14,251 631 14,882 OTHER INCOME (EXPENSE) Property management and leasing - Home office (880) -- (880) (767) -- (767) General and administrative (1,285) -- (1,285) (1,638) -- (1,638) Interest income 262 -- 262 259 -- 259 Management income 220 -- 220 163 -- 163 Other income 5 -- 5 7 -- 7 -------- -------- -------- -------- -------- -------- EBIDTA(2) 15,433 639 16,072 12,275 631 12,906 Depreciation and amortization (5,085) (163) (5,248) (4,965) (163) (5,128) Interest expense (6,261) (325) (6,586) (5,581) (311) (5,892) Loss on sale of properties -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- Income before minority interest 4,087 151 4,238 1,729 157 1,886 Minority interest (1,274) -- (1,274) (597) -- (597) -------- -------- -------- -------- -------- -------- NET INCOME $ 2,813 $ 151 $ 2,964 $ 1,132 $ 157 $ 1,289 ======== ======== ======== ======== ======== ======== [RESTUBBED TABLE] (1) Quarterly results for 2000 are unaudited. Although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim 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. (2) Other property income for the quarter ended June 30, 2000 includes $1,757 of lease termination income received from tenants at the Atrium Mall in connection with the redevelopment of the entire property. Page 13
----------------------------------------------------------------------- Current Year-to-Date Historic Year-to-Date 6 months 6 months ended June 30, ended June 30, 2000 1999 ----------------------------------------------------------------------- Wholly Owned JV Total Wholly Owned JV Total ------------ -- ----- ------------ -- ----- PROPERTY REVENUES Minimum rents $ 37,104 $ 1,234 $ 38,338 $ 34,853 $ 1,229 $ 36,082 Percentage rents 1,340 50 1,390 1,473 27 1,500 Expense reimbursements 7,043 472 7,515 6,495 431 6,926 Other property income(2) 2,268 37 2,305 496 41 537 -------- -------- -------- -------- -------- -------- 47,755 1,793 49,548 43,317 1,728 45,045 -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 9,757 166 9,923 9,818 150 9,968 Real estate taxes 5,627 298 5,925 5,115 290 5,405 -------- -------- -------- -------- -------- -------- 15,384 464 15,848 14,933 440 15,373 -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES(2) 32,371 1,329 33,700 28,384 1,288 29,672 OTHER INCOME (EXPENSE) Property management and leasing - Home office (1,566) -- (1,566) (1,490) -- (1,490) General and administrative (2,578) -- (2,578) (3,104) -- (3,104) Interest income 592 -- 592 505 -- 505 Management income 470 -- 470 319 -- 319 Other income 15 -- 15 13 -- 13 -------- -------- -------- -------- -------- -------- EBIDTA(2) 29,304 1,329 30,633 24,627 1,288 25,915 Depreciation and amortization (10,100) (326) (10,426) (9,651) (325) (9,976) Interest expense (12,616) (652) (13,268) (11,005) (623) (11,628) Loss on sale of properties -- -- -- (1,284) -- (1,284) -------- -------- -------- -------- -------- -------- Income before minority interest 6,588 351 6,939 2,687 340 3,027 Minority interest (2,101) -- (2,101) (973) -- (973) -------- -------- -------- -------- -------- -------- NET INCOME $ 4,487 $ 351 $ 4,838 $ 1,714 $ 340 $ 2,054 ======== ======== ======== ======== ======== ======== ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 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. (2) Includes the Company's pro-rata share of straight-line rent of unconsolidated partnerships (3) Other property income for the quarter ended June 30, 2000 includes $1,757 of lease termination income received from tenants at the Atrium Mall in connection with the redevelopment of the entire property. Page 14
Current Year-to-date Historical Year-to-date 6 Month 6 Month Period ended Period ended June 30, June 30, 2000 1999 ---- ---- NOI - Consolidated properties $ 32,371 $ 28,384 NOI - Unconsolidated partnerships 1,329 1,288 -------- -------- Total NOI 33,700 29,672 Less straight-line rent(2) (625) (500) Non-recurring income(3) (1,757) - NOI - Properties Acquired (1,789) (542) NOI - Properties Sold (15) (208) -------- -------- Same Property NOI $ 29,514 $ 28,422 ======== ======== Growth in Same Property NOI 3.8% ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Funds from Operations (FFO)(1) (in thousands) (1) Quarterly results for 2000 and 1999 are unaudited. Although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. (2) Does not include distributions paid to Preferred O.P. unitholders for the three and six months ended June 30, 2000. (3) Assumes full conversion of O.P. Units into Common Shares. (4) FFO for the quarter ended June 30, 2000 includes $1,757 ($0.05 per share) of lease termination income received from tenants at the Atrium Mall in connection with the redevelopment of the entire property. Page 15
2000 1999 ---- ---- Year-to-Date Current Quarter Previous Quarter Quarter Ended Year-to-Date June 30, 2000 June 30, 2000 March 31, 2000 June 30, 1999 ------------------------------------------------- --------------------------- Net Income $ 4,838 $ 2,964 $ 1,874 $ 1,289 $ 2,054 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 9,526 4,789 4,737 4,769 9,282 Unconsolidated subsidiaries 316 160 156 156 311 Income attributable to Operating Partnership units(2) 1,996 1,216 780 597 973 Loss on sale of properties -- -- -- -- 1,284 ------- ------- ------- ------- ------- Funds from Operations $16,676 $ 9,129 3 $ 7,547 $ 6,811 $13,904 ======= ======= ======= ======= ======= Funds from Operations per share(4) $ 0.47 $ 0.26 3 $ 0.21 $ 0.19 $ 0.38 ======= ======= ======= ======= ======= ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Consolidated Balance Sheets (in thousands) Page 16
June 30, December 31, 2000 1999 ---- ---- ASSETS Real estate Land $ 81,956 $ 81,956 Buildings and improvements 479,310 477,573 Properties under development 13,371 9,992 --------- --------- 574,637 569,521 Less: accumulated depreciation (99,520) (90,932) --------- --------- Net real estate 475,117 478,589 Property held for sale 12,814 13,227 Cash and cash equivalents 11,949 35,340 Cash in escrow 11,696 9,707 Investments in unconsolidated partnerships 6,890 7,463 Rents receivable, net 9,349 8,865 Prepaid expenses 1,451 2,952 Deferred charges, net 13,701 12,374 Other assets 2,412 2,286 --------- --------- $ 545,379 $ 570,803 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $ 307,398 $ 326,651 Accounts payable and accrued expenses 5,845 6,385 Dividends and distributions payable 4,325 4,371 Other liabilities 3,526 4,224 --------- --------- Total liabilities 321,094 341,631 --------- --------- Minority interest in Operating Partnership 73,942 74,462 Minority interests in majority owned partnerships 2,206 2,223 --------- --------- Total minority interests 76,148 76,685 --------- --------- Shareholders' equity: Common shares 26 26 Additional paid-in capital 164,291 168,641 Deficit (16,180) (16,180) --------- --------- Total shareholders' equity 148,137 152,487 --------- --------- $ 545,379 $ 570,803 ========= ========= ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Selected Operating Ratios
3 Months Ended June 30, Year-to-Date June 30, 2000 1999 2000 1999 ------ ------ ------- ------- Coverage Ratios(1) Interest Coverage Ratio EBIDTA(2) $ 14,315 $ 12,906 $ 28,876 $ 25,915 Divided by Interest expense 6,586 5,892 13,268 11,628 ------ ------ ------- ------- 2.17 x 2.19 x 2.18 x 2.23 x Fixed Charge Coverage Ratio EBIDTA(2) $ 14,315 $ 12,906 $ 28,876 $ 25,915 Divided by ( Interest expense 6,586 5,892 13,268 11,628 + Preferred Dividends(3)) 50 - 100 - --- -- ---- -- 2.16 x 2.19 x 2.16 x 2.23 x Debt Service Coverage Ratio EBIDTA(2) $ 14,315 $ 12,906 $ 28,876 $ 25,915 Divided by ( Interest expense 6,586 5,892 13,268 11,628 + Principal Amortization) 1,032 888 1,999 1,863 ------ ---- ------ ------ 1.88 x 1.90 x 1.89 x 1.92 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 and 2nd quarters in 2000 & 1999 $ 4,275 $ 4,392 $ 8,569 $ 8,784 FFO 7,372 6,811 14,919 13,904 ------ ------ ------- ------- 58% 64% 57% 63% Overhead Ratios G&A/Real Estate Revenues General and Administrative expense $ 1,285 $ 1,638 $ 2,578 $ 3,104 Real Estate Revenues(1) 23,605 22,319 47,791 45,045 ------- ------- ------- ------- 5% 7% 5% 7% Leverage Ratios Debt/Total Market Capitalization(4) Debt $307,398 $ 294,775 Total Market Capitalization(5) 512,252 491,499 -------- -------- 60% 60% Notes: (1) Results for the quarters and six months ended June 30, 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, they are subject to adjustment. The coverage ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to the Company's investment in unconsolidated partnerships. (2) EBIDTA, FFO and Revenues have been adjusted for non-recurring income of $1,757 of lease termination income received from tenants at the Abington Towne Center in connection with the redevelopment of the entire property. The adjustments are as follows: (3) Represents preferred distributions on Preferred Operating partnership Units issued in 4th quarter 1999. (4) Including the Company's pro-rata share of joint venture debt (see page 19), the Debt to Total Market Capitalization as of June 30, 2000 increases to 61% (5) Reference page 9 for calculation of the June 30, 2000 Total Market Capitalization. Page 17
For the Quarter Ended June 30, 2000 For the 6 Months Ended June 30, 2000 EBIDTA Revenues FFO EBIDTA Revenues FFO Inclusive of settlement amounts $ 16,072 $ 25,362 $ 9,129 $ 30,633 $ 49,548 $ 16,676 Less settlement amounts (1,757) (1,757) (1,757) (1,757) (1,757) (1,757) --------- --------- -------- --------- --------- --------- As adjusted and used above $ 14,315 $ 23,605 $ 7,372 $ 28,876 $ 47,791 $ 14,919 ========= ========= ======== ========= ========= ========= ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Debt Analysis - Wholly Owned Properties
Balance at Interest Property Lender Notes June 30, 2000 Rate - ---------------------------------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT Valmont Plaza Metropolitan Life Insurance Co. 6,100,000 7.75% Luzerne Street Plaza Metropolitan Life Insurance Co. 2,000,000 7.75% Greenridge Plaza Metropolitan Life Insurance Co. 6,700,000 7.75% Crescent Plaza Metropolitan Life Insurance Co. 12,000,000 7.75% East End Centre Metropolitan Life Insurance Co. 14,200,000 7.75% Bloomfield Town Square Sun America Life Insurance Co. 10,211,854 7.75% Walnut Hill Shopping Center Sun America Life Insurance Co. 9,197,170 7.75% Atrium Mall Sun America Life Insurance Co. 10,236,949 7.75% GHT Apartments Sun America Life Insurance Co. 8,195,190 7.75% Colony Apartments Sun America Life Insurance Co. 3,852,437 7.75% Gateway Mall Huntoon Hastings Capital Corp. 6,221,896 7.50% Branch Shopping Center North Fork Bank 9,948,876 7.75% Pittston Plaza Anchor National Life Insurance Co. 3,821,454 7.93% Glen Oaks Apartments Lehman Brothers Holdings, Inc. 17,884,079 8.32% Mad River Mellon Mortgage Company 7,495,166 9.60% Manahawkin K-Mart Northern Life Insurance Co. & Bankers Security Life 5,151,083 7.70% Mountainville Shopping Center Morgan Stanley Mortgage Capital 3,070,329 8.84% King's Fairground Morgan Stanley Mortgage Capital 858,484 8.84% Northside Mall Morgan Stanley Mortgage Capital 3,283,711 8.84% Dunmore Plaza Morgan Stanley Mortgage Capital 1,094,062 8.84% 25th Street Plaza Morgan Stanley Mortgage Capital 7,698,256 8.84% Ft. Ogelthorpe (Cloud Springs Plaza) Morgan Stanley Mortgage Capital 2,558,211 8.84% Kingston Plaza Morgan Stanley Mortgage Capital 2,195,746 8.84% Plaza 15 Morgan Stanley Mortgage Capital 2,086,196 8.84% Martintown Plaza Morgan Stanley Mortgage Capital 2,806,649 8.84% Birney Mall Morgan Stanley Mortgage Capital 3,253,895 8.84% Midway Plaza Morgan Stanley Mortgage Capital 2,410,938 8.84% Shillington Plaza Morgan Stanley Mortgage Capital 2,785,215 8.84% Shamokin (Ames Plaza) Morgan Stanley Mortgage Capital 980,798 8.84% Shamokin Dam (Circle Plaza) Morgan Stanley Mortgage Capital 1,205,898 8.84% New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 1,478,246 8.84% Stroudsburg (Monroe Plaza) Morgan Stanley Mortgage Capital 3,667,705 8.84% Troy Plaza Morgan Stanley Mortgage Capital 2,318,441 8.84% Northwood Centre Nomura Asset Capital Corporation 22,196,033 9.02% ------------ ----- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 199,164,967 8.25% ------------ ----- VARIABLE-RATE DEBT Soundview Marketplace General Electric Capital Corp. (1) 7,059,833 9.14% Town Line Fleet Bank, N.A. (2) 4,138,495 8.39% Smithtown Shopping Center Fleet Bank, N.A. (3) 9,270,852 8.42% Merrillville Plaza Sun America Life Insurance Co. (4) 13,847,703 8.43% Village Apartments Sun America Life Insurance Co. (4) 9,915,961 8.34% Marley Run Apartments KBC Bank (5) 14,350,500 7.89% Marketplace of Absecon Fleet Bank, N.A. (6) - - 239 Greenwich Avenue First Union National Bank (7) 13,698,325 8.29% Berlin Plaza Dime Savings Bank (8) 3,046,739 8.44% Towanda (Bradford Towne Center) Dime Savings Bank (8) 5,331,794 8.44% Ledgewood Mall Dime Savings Bank (8) 19,346,797 8.44% New Louden Center Dime Savings Bank (8) 4,570,109 8.44% Honesdale (Route 6 Mall) Dime Savings Bank (8) 3,656,087 8.44% ------------ ----- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 108,233,195 8.38% ------------ ----- TOTAL/WEIGHTED AVERAGE - ALL DEBT $307,398,162 8.29% ============ ===== [RESTUBBED TABLE] Notes: (1) GECC Commercial Paper rate plus 275 basis points. Subsequent to June 30, this loan was refinanced with Fleet Bank, N.A. (total facility $10 million of which $9 million was funded) at a rate of LIBOR + 175 basis points (currently 8.38%). (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 June 30, 2000, no amounts were drawn under this facility. (7) LIBOR plus 145 basis points. (8) LIBOR plus 175 basis points. Page 18
Principal Percent of Months Maturity Total to Property Lender Date Indebtedness Maturity - ----------------------------------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT Valmont Plaza Metropolitan Life Insurance Co. 8/31/00 2.0% 2 Luzerne Street Plaza Metropolitan Life Insurance Co. 8/31/00 0.7% 2 Greenridge Plaza Metropolitan Life Insurance Co. 8/31/00 2.2% 2 Crescent Plaza Metropolitan Life Insurance Co. 8/31/00 3.9% 2 East End Centre Metropolitan Life Insurance Co. 8/31/00 4.6% 2 Bloomfield Town Square Sun America Life Insurance Co. 1/1/01 3.3% 6 Walnut Hill Shopping Center Sun America Life Insurance Co. 1/1/01 3.0% 6 Atrium Mall Sun America Life Insurance Co. 1/1/01 3.3% 6 GHT Apartments Sun America Life Insurance Co. 1/1/01 2.7% 6 Colony Apartments Sun America Life Insurance Co. 1/1/01 1.3% 6 Gateway Mall Huntoon Hastings Capital Corp. 9/1/02 2.0% 26 Branch Shopping Center North Fork Bank 12/1/02 3.2% 29 Pittston Plaza Anchor National Life Insurance Co. 1/1/04 1.2% 43 Glen Oaks Apartments Lehman Brothers Holdings, Inc. 3/1/04 5.8% 45 Mad River Mellon Mortgage Company 5/23/05 2.4% 60 Manahawkin K-Mart Northern Life Insurance Co. & Bankers Security Life 12/1/08 1.7% 103 Mountainville Shopping Center Morgan Stanley Mortgage Capital 11/1/21 1.0% 260 King's Fairground Morgan Stanley Mortgage Capital 11/1/21 0.3% 260 Northside Mall Morgan Stanley Mortgage Capital 11/1/21 1.1% 260 Dunmore Plaza Morgan Stanley Mortgage Capital 11/1/21 0.4% 260 25th Street Plaza Morgan Stanley Mortgage Capital 11/1/21 2.5% 260 Ft. Ogelthorpe (Cloud Springs Plaza) Morgan Stanley Mortgage Capital 11/1/21 0.8% 260 Kingston Plaza Morgan Stanley Mortgage Capital 11/1/21 0.7% 260 Plaza 15 Morgan Stanley Mortgage Capital 11/1/21 0.7% 260 Martintown Plaza Morgan Stanley Mortgage Capital 11/1/21 0.9% 260 Birney Mall Morgan Stanley Mortgage Capital 11/1/21 1.1% 260 Midway Plaza Morgan Stanley Mortgage Capital 11/1/21 0.8% 260 Shillington Plaza Morgan Stanley Mortgage Capital 11/1/21 0.9% 260 Shamokin (Ames Plaza) Morgan Stanley Mortgage Capital 11/1/21 0.3% 260 Shamokin Dam (Circle Plaza) Morgan Stanley Mortgage Capital 11/1/21 0.4% 260 New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 11/1/21 0.5% 260 Stroudsburg (Monroe Plaza) Morgan Stanley Mortgage Capital 11/1/21 1.2% 260 Troy Plaza Morgan Stanley Mortgage Capital 11/1/21 0.8% 260 Northwood Centre Nomura Asset Capital Corporation 3/11/22 7.2% 264 ----- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 64.8% ----- VARIABLE-RATE DEBT Soundview Marketplace General Electric Capital Corp. 1/1/02 2.3% 18 Town Line Fleet Bank, N.A. 3/15/02 1.3% 21 Smithtown Shopping Center Fleet Bank, N.A. 5/31/02 3.0% 23 Merrillville Plaza Sun America Life Insurance Co. 8/1/02 4.5% 25 Village Apartments Sun America Life Insurance Co. 10/1/02 3.2% 27 Marley Run Apartments KBC Bank 12/31/02 4.7% 30 Marketplace of Absecon Fleet Bank, N.A. 3/1/03 0.0% 32 239 Greenwich Avenue First Union National Bank 1/1/05 4.5% 55 Berlin Plaza Dime Savings Bank 4/1/05 1.0% 58 Towanda (Bradford Towne Center) Dime Savings Bank 4/1/05 1.7% 58 Ledgewood Mall Dime Savings Bank 4/1/05 6.3% 58 New Louden Center Dime Savings Bank 4/1/05 1.5% 58 Honesdale (Route 6 Mall) Dime Savings Bank 4/1/05 1.2% 58 TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 35.2% ----- TOTAL/WEIGHTED AVERAGE - ALL DEBT 100.0% ====== ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Debt Analysis - Unconsolidated Partnerships Summary - Wholly-Owned Properties and Unconsolidated Partnerships
VARIABLE-RATE DEBT(1) Joint Venture Partner Ownership June 30, 2000 Rate Date - --------------------- --------------------- --------------------------------------------------------- Crossroads Shopping Center Heyman-Greenburgh Associates LLC 49.0% $ 34,878,530 7.84% 10/1/07 RMC Development Company LLC Notes: (1) Acadia Realty Trust's 49% ownership represents $17,090,480 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 19
% of Outstanding Avg. Total Balance Int. Rate ----------------------------------------- Wholly-Owned Properties Fixed-Rate Debt 61% $ 199,164,967 8.25% Variable-Rate Debt 33% 108,233,195 8.38% --- ------------ ----- Wholly-Owned Properties - Total Debt 95% 307,398,162 8.29% --- ------------ ----- Unconsolidated Partnerships Fixed-Rate Debt 2% 5,000,000 7.53% Variable-Rate Debt 4% 12,090,480 7.84% -- ----------- ----- Unconsolidated Partnerships - Total Debt 5% 17,090,480 7.75% -- ----------- ----- Total Company Debt 100% $ 324,488,642 8.26% ==== ============= ===== ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Future Debt Maturities(1) (in thousands) Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 2000 $ 169 2nd Quarter 2000 72 3rd Quarter 2000 - 4th Quarter 2000 - - ----- $ 241 ===== (1) Does not include debt from unconsolidated subsidiaries Page 20
Weighted Average Interest Rate of Maturing Debt ----------------------------------------------------------- Scheduled Year Amortization Maturities Total Total Debt Fixed-Rate Debt Variable-Rate Debt ---- ------------ ---------- ----- ---------- --------------- ------------------ 2000 $ 2,022 $ 41,000 $ 43,022 7.75% 7.75% n/a 2001 3,439 41,226 44,665 7.75% 7.75% n/a 2002 3,333 72,513 75,846 8.15% 7.65% 8.29% 2003 2,803 - 2,803 n/a n/a n/a 2004 2,720 20,542 23,262 8.25% 8.25% n/a Thereafter 22,865 94,935 117,800 8.68% 8.96% 8.40% --------- --------- --------- $ 37,182 $ 270,216 $ 307,398 ========= ========= ========= ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Unencumbered Properties Center Location GLA ------ -------- --- Blackman Plaza Wilkes-Barre, 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 21 ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Portfolio by Region and Property Type (Square Feet) (1) This center is 49% owned by unconsolidated partnerships (2) The Company is currently redeveloping the Abington Towne Center (formerly the Atrium Mall). As part of the redevelopment, the Company has terminated leases with A&P and Circuit City and has terminated a third lease with Eckerd Drugs during the third quarter of 2000. The Company has also entered into a contract to sell approximately 158,000 square feet of the main building to Target. As a result of this activity, the center is not included as an operating property for the quarter ended June 30, 2000 Page 22
Property Strip Enclosed Under Total Region Mall Mall Redevelopment(2) Retail ------ ---- ---- ---------------- ------ Consolidated Properties - New England 946,987 -- 946,987 New York Region 1,446,138 516,492 1,962,630 Mid-Atlantic 3,357,429 -- 178,434 3,535,863 Southeast 760,901 382,299 1,143,200 Mid-west 703,241 -- 703,241 South Central Mid-West -- -- -- -- ---------- ---------- ---------- ---------- Total consolidated properties 7,214,696 898,791 178,434 8,291,921 Unconsolidated Partnerships - New York Region(1) 311,027 -- -- 311,027 ---------- ---------- ---------- ---------- 7,525,723 898,791 178,434 8,602,948 ========== ========== ========== ========== % of Total Square Feet 67.4% 8.1% 1.6% 77.1% Mixed-Use Region Retail/Apartments Retail/Office Residential Total ------ ----------------- ------------- ----------- ----- Consolidated Properties - New England 16,834 -- -- 963,821 New York Region -- -- -- 1,962,630 Mid-Atlantic -- -- 831,972 4,367,835 Southeast -- 500,012 578,606 2,221,818 Mid-west -- -- -- 703,241 South Central Mid-West -- -- 628,891 628,891 ---------- ---------- ---------- ---------- Total consolidated properties 16,834 500,012 2,039,469 10,848,236 Unconsolidated Partnerships - New York Region(1) -- -- -- 311,027 ---------- ---------- ---------- ---------- 16,834 500,012 2,039,469 11,159,263 ========== ========== ========== ========== % of Total Square Feet 0.2% 4.5% 18.3% 100.0% ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Commercial Properties by Region - Summary Page 23
---------------------------------------------------------------------------------- Gross Leasable Area Occupancy ---------------------------------------------------------------------------------- Anchors(1) Shops Total Anchors Shops Total ---------------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic(2) 2,519,023 838,406 3,357,429 94.68% 88.74% 93.20% Midwest 333,761 369,480 703,241 100.00% 86.69% 93.01% New England(3) 691,348 255,639 946,987 78.83% 79.56% 79.03% New York Region 1,250,079 712,551 1,962,630 90.04% 85.92% 88.54% Southeast(3) 585,181 558,019 1,143,200 77.76% 72.18% 75.04% ---------------------------------------------------------------------------------- Total Retail Properties - Wholly Owned 5,379,392 2,734,095 8,113,487 90.06% 83.49% 87.85% ---------------------------------------------------------------------------------- Mixed Use - --------- New England 16,834 -- 16,834 100.00% 100.00% Southeast 353,541 146,471 500,012 100.00% 85.90% 95.87% ---------------------------------------------------------------------------------- Total Mixed Use 370,375 146,471 516,846 100.00% 85.90% 96.00% ---------------------------------------------------------------------------------- GRAND TOTAL - Wholly Owned 5,749,767 2,880,566 8,630,333 90.70% 83.61% 88.33% ================================================================================== Unconsolidated Retail Properties - -------------------------------- New York Region 191,363 119,664 311,027 100.00% 98.07% 99.26% ---------------------------------------------------------------------------------- Total Unconsolidated Retail Properties 191,363 119,664 311,027 100.00% 98.07% 99.26% ================================================================================== 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 Abington Towne Center (formerly the Atrium Mall). As part of the redevelopment, the Company has terminated leases with A&P and Circuit City and is anticipating terminating a third lease with Eckerd Drugs during the third quarter of 2000. The Company has also entered into a contract to sell approximately 158,000 square feet of the main building to Target. As a result of this activity, the center is not included as an operating property for the quarter ended June 30, 2000 and is not included in the above amounts for the Mid-Atlantic region and wholly owned totals. (3) The Company is in the early stages of redeveloping the Northside Mall (Southeast Region) and the Gateway Shopping Center (New England Region). Occupancy at these properties is 63.5% and 39.9%, respectively. As part of the redevelopment activity, certain tenants have not been renewed and/or currently vacant space is being held vacant. Excluding these two properties, the Grand Total - Wholly Owned occupancy increases to 90.2%. Page 24
---------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ---------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Totals ---------------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic(2) $ 9,286,877 $ 5,769,801 $15,056,678 $ 3.89 $ 7.76 $ 4.81 Midwest 2,411,032 4,042,428 6,453,460 7.22 12.62 9.87 New England(3) 2,746,274 2,154,496 4,900,770 5.04 10.59 6.55 New York Region 9,438,539 9,145,736 18,584,275 8.39 14.94 10.69 Southeast(3) 1,844,805 1,818,492 3,663,297 4.05 4.51 4.27 ---------------------------------------------------------------------------------- Total Retail Properties - Wholly Owned 25,727,527 22,930,953 48,658,480 5.31 10.05 6.83 ---------------------------------------------------------------------------------- Mixed Use - --------- New England 1,125,165 -- 1,125,165 66.84 -- 66.84 Southeast 4,631,517 1,570,207 6,201,724 13.10 12.48 12.94 ---------------------------------------------------------------------------------- Total Mixed Use 5,756,682 1,570,207 7,326,889 15.54 12.48 14.77 ---------------------------------------------------------------------------------- GRAND TOTAL - Wholly Owned $31,484,209 $24,501,160 $55,985,369 $ 6.04 $ 10.17 $ 7.34 ================================================================================== Unconsolidated Retail Properties - -------------------------------- New York Region 1,790,546 3,298,485 5,089,031 9.36 28.11 16.48 ---------------------------------------------------------------------------------- Total Unconsolidated Retail Properties $ 1,790,546 $ 3,298,485 $ 5,089,031 $ 9.36 $ 28.11 $ 16.48 ================================================================================== ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Commercial Properties by Region - Detail
---------------------------------------------------------------------------------- Gross Leasable Area Occupancy ---------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic ------------ Pennsylvania(1) - --------------- 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 46,239 114,247 100.00% 96.76% 98.69% 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% 83.88% 94.87% 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% 91.18% 76.66% ---------------------------------------------------------------------------------- Total: Pennsylvania 2,415,688 823,206 3,238,894 94.46% 88.53% 92.95% ---------------------------------------------------------------------------------- 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 2,519,023 838,406 3,357,429 94.68% 88.74% 93.20% ----------------------------------------------------------------------------------
------------------------------------------------------------------------------ Annualized Base Rent Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------------------ Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------------ Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic ------------ Pennsylvania(1) - --------------- 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 887,469 525,802 1,413,271 6.06 6.15 6.09 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 1,109,530 2,227,030 6.34 8.39 7.22 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 225,416 352,946 578,362 3.31 7.89 5.13 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 687,951 298,557 986,508 5.75 6.38 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 1,063,314 1,317,664 8.83 11.62 10.96 UNION PLAZA 938,730 -- 938,730 4.31 -- 4.31 VALMONT PLAZA 220,000 388,168 608,168 2.28 6.83 3.96 ------------------------------------------------------------------------------ Total: Pennsylvania 8,968,244 5,697,402 14,665,646 3.93 7.82 4.87 ------------------------------------------------------------------------------ Virginia - -------- KINGS FAIRGROUNDS 318,633 72,399 391,032 3.08 4.76 3.30 ------------------------------------------------------------------------------ Total: Virginia 318,633 72,399 391,032 3.08 4.76 3.30 ------------------------------------------------------------------------------ Total: Mid-Atlantic 9,286,877 5,769,801 15,056,678 3.89 7.76 4.81 ------------------------------------------------------------------------------ General notes - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. The Company considers those tenants who comprise greater than 10% of a center's GLA as anchor tenants (1) The Company is currently redeveloping the Abington Towne Center (formerly the Atrium Mall). As part of the redevelopment, the Company has terminated leases with A&P and Circuit City and is anticipating terminating a third lease with Eckerd Drugs during the third quarter of 2000. The Company has also entered into a contract to sell approximately 158,000 square feet of the main building to Target. As a result of this activity, the center is not included as an operating property for the quarter ended June 30, 2000 and is not included in the above amounts for Pennsylvania, the Mid-Atlantic region and wholly owned totals Page 25 ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Commercial Properties by Region - Detail
-------------------------------------------------------------------------------- Gross Leasable Area Occupancy -------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Midwest ------- Illinois - -------- HOBSON WEST PLAZA 42,037 57,913 99,950 100.00% 92.12% 95.43% -------------------------------------------------------------------------------- Total: Illinois 42,037 57,913 99,950 100.00% 92.12% 95.43% -------------------------------------------------------------------------------- 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 132,182 81,721 213,903 100.00% 71.27% 89.02% -------------------------------------------------------------------------------- Total: Michigan 132,182 81,721 213,903 100.00% 71.27% 89.02% -------------------------------------------------------------------------------- Ohio - ---- MAD RIVER STATION 58,185 95,783 153,968 100.00% 91.79% 94.89% -------------------------------------------------------------------------------- Total: Ohio 58,185 95,783 153,968 100.00% 91.79% 94.89% -------------------------------------------------------------------------------- Total: Midwest 333,761 369,480 703,241 100.00% 86.69% 93.01% -------------------------------------------------------------------------------- New England ----------- Connecticut - ----------- TOWN LINE PLAZA 157,165 48,693 205,858 100.00% 58.71% 90.23% -------------------------------------------------------------------------------- Total: Connecticut 157,165 48,693 205,858 100.00% 58.71% 90.23% -------------------------------------------------------------------------------- Massachusetts - ------------- METHUEN SHOPPING CENTER 116,260 13,234 129,494 26.20% 100.00% 33.74% CRESCENT PLAZA 154,865 61,230 216,095 100.00% 95.75% 98.80% -------------------------------------------------------------------------------- Total: Massachusetts 271,125 74,464 345,589 68.35% 96.51% 74.42% -------------------------------------------------------------------------------- Rhode Island - ------------ WALNUT HILL PLAZA 170,900 107,246 278,146 100.00% 81.77% 92.97% -------------------------------------------------------------------------------- Total: Rhode Island 170,900 107,246 278,146 100.00% 81.77% 92.97% -------------------------------------------------------------------------------- Vermont - ------- THE GATEWAY SHOPPING CENTER(1) 92,158 25,236 117,394 34.29% 60.41% 39.90% -------------------------------------------------------------------------------- Total: Vermont 92,158 25,236 117,394 34.29% 60.41% 39.90% -------------------------------------------------------------------------------- Total: New England 691,348 255,639 946,987 78.83% 79.56% 79.03% -------------------------------------------------------------------------------- General notes - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. The Company considers those tenants who comprise greater than 10% of a center's GLA as anchor tenants. (1) This property is currently under redevelopment. Page 26
----------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ----------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ----------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Midwest ------- Illinois - -------- HOBSON WEST PLAZA 170,000 775,549 945,549 4.04 14.54 9.91 ---------------------------------------------------------------------------- Total: Illinois 170,000 775,549 945,549 4.04 14.54 9.91 ---------------------------------------------------------------------------- Indiana - ------- MERRILLVILLE PLAZA 835,417 1,383,222 2,218,639 8.24 11.45 9.99 ---------------------------------------------------------------------------- Total: Indiana 835,417 1,383,222 2,218,639 8.24 11.45 9.99 ---------------------------------------------------------------------------- Michigan - -------- BLOOMFIELD TOWN SQUARE 930,383 672,298 1,602,681 7.04 11.54 8.42 ---------------------------------------------------------------------------- Total: Michigan 930,383 672,298 1,602,681 7.04 11.54 8.42 ---------------------------------------------------------------------------- Ohio - ---- MAD RIVER STATION 475,232 1,211,359 1,686,591 8.17 13.78 11.54 ---------------------------------------------------------------------------- Total: Ohio 475,232 1,211,359 1,686,591 8.17 13.78 11.54 ---------------------------------------------------------------------------- Total: Midwest 2,411,032 4,042,428 6,453,460 7.22 12.62 9.87 ---------------------------------------------------------------------------- New England ----------- Connecticut - ----------- TOWN LINE PLAZA 730,000 373,656 1,103,656 4.64 13.07 5.94 ---------------------------------------------------------------------------- Total: Connecticut 730,000 373,656 1,103,656 4.64 13.07 5.94 ---------------------------------------------------------------------------- Massachusetts - ------------- METHUEN SHOPPING CENTER 109,656 161,680 271,336 3.60 12.22 6.21 CRESCENT PLAZA 812,385 500,500 1,312,885 5.25 8.54 6.15 ---------------------------------------------------------------------------- Total: Massachusetts 922,041 662,180 1,584,221 4.98 9.21 6.16 ---------------------------------------------------------------------------- Rhode Island - ------------ WALNUT HILL PLAZA 967,833 901,175 1,869,008 5.66 10.28 7.23 ---------------------------------------------------------------------------- Total: Rhode Island 967,833 901,175 1,869,008 5.66 10.28 7.23 ---------------------------------------------------------------------------- Vermont - ------- THE GATEWAY SHOPPING CENTER(1) 126,400 217,485 343,885 4.00 14.27 7.34 ---------------------------------------------------------------------------- Total: Vermont 126,400 217,485 343,885 4.00 14.27 7.34 ---------------------------------------------------------------------------- Total: New England 2,746,274 2,154,496 4,900,770 5.04 10.59 6.55 ---------------------------------------------------------------------------- ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Commercial Properties by Region - Detail
---------------------------------------------------------------------------------- Gross Leasable Area Occupancy ---------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- New York Region --------------- New Jersey - ---------- ELMWOOD PARK SHOPPING CENTER 27,918 96,314 124,232 100.00% 91.35% 93.29% 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% 73.32% 91.70% LEDGEWOOD MALL 342,468 174,024 516,492 100.00% 82.94% 94.25% MANAHAWKIN VILLAGE SHOPPING CENTER 152,053 23,208 175,261 100.00% 100.00% 100.00% ---------------------------------------------------------------------------------- Total: New Jersey 695,113 398,149 1,093,262 100.00% 85.77% 93.38% ---------------------------------------------------------------------------------- New York - -------- SOUNDVIEW MARKETPLACE 66,800 113,820 180,620 100.00% 87.03% 91.83% 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% 91.31% 97.09% 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% 86.12% 80.66% ---------------------------------------------------------------------------------- Total: New York Region 1,250,079 712,551 1,962,630 90.04% 85.92% 88.54% ---------------------------------------------------------------------------------- Southeast --------- Alabama - ------- MIDWAY PLAZA 105,775 101,763 207,538 79.44% 67.07% 73.37% NORTHSIDE MALL 172,370 209,929 382,299 64.96% 62.34% 63.52% ---------------------------------------------------------------------------------- Total: Alabama 278,145 311,692 589,837 70.47% 63.88% 66.99% ---------------------------------------------------------------------------------- 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% 83.38% 94.27% ---------------------------------------------------------------------------------- Total: Georgia 74,260 39,107 113,367 100.00% 83.38% 94.27% ---------------------------------------------------------------------------------- South Carolina - -------------- MARTINTOWN PLAZA 91,996 41,896 133,892 80.43% 64.66% 75.50% WESMARK PLAZA 104,800 99,983 204,783 71.37% 83.75% 77.41% ---------------------------------------------------------------------------------- Total: South Carolina 196,796 141,879 338,675 75.61% 78.11% 76.66% ---------------------------------------------------------------------------------- Total: Southeast 585,181 558,019 1,143,200 77.76% 72.18% 75.04% ---------------------------------------------------------------------------------- Total: Retail Properties - Wholly Owned(1) 5,379,392 2,734,095 8,113,487 90.06% 83.49% 87.85% ==================================================================================
-------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot -------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- New York Region --------------- New Jersey - ---------- ELMWOOD PARK SHOPPING CENTER 120,000 1,805,006 1,925,006 4.30 20.52 16.61 MARKETPLACE OF ABSECON 598,264 669,172 1,267,436 13.35 15.34 14.33 BERLIN SHOPPING CENTER 619,400 315,344 934,744 4.84 7.45 5.49 LEDGEWOOD MALL 2,926,038 1,663,462 4,589,500 8.54 11.52 9.43 MANAHAWKIN VILLAGE SHOPPING CENTER 1,286,874 270,344 1,557,218 8.46 11.65 8.89 -------------------------------------------------------------------------------- Total: New Jersey 5,550,576 4,723,328 10,273,904 7.99 13.83 10.06 -------------------------------------------------------------------------------- New York - -------- SOUNDVIEW MARKETPLACE 1,010,250 1,336,015 2,346,265 15.12 13.49 14.15 VILLAGE COMMONS SHOPPING CENTER 407,055 1,246,245 1,653,300 16.16 23.35 21.04 BRANCH SHOPPING CENTER 1,110,114 662,025 1,772,139 13.27 17.20 14.51 NEW LOUDEN CENTER 864,637 411,090 1,275,727 8.47 16.31 10.02 TROY PLAZA 196,000 285,825 481,825 1.95 10.29 3.75 PACESETTER PARK SHOPPING CENTER 299,907 481,208 781,115 5.76 17.90 9.90 -------------------------------------------------------------------------------- Total: New York 3,887,963 4,422,408 8,310,371 9.03 16.33 11.85 -------------------------------------------------------------------------------- Total: New York Region 9,438,539 9,145,736 18,584,275 8.39 14.94 10.69 -------------------------------------------------------------------------------- Southeast --------- Alabama - ------- MIDWAY PLAZA 213,960 342,880 556,840 2.55 5.02 3.66 NORTHSIDE MALL 227,974 474,844 702,818 2.04 3.63 2.89 -------------------------------------------------------------------------------- Total: Alabama 441,934 817,724 1,259,658 2.25 4.11 3.19 -------------------------------------------------------------------------------- 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 326,030 173,270 499,300 4.39 5.31 4.67 -------------------------------------------------------------------------------- Total: Georgia 326,030 173,270 499,300 4.39 5.31 4.67 -------------------------------------------------------------------------------- South Carolina - -------------- MARTINTOWN PLAZA 296,500 161,481 457,981 4.01 5.96 4.53 WESMARK PLAZA 512,521 178,253 690,774 6.85 2.13 4.36 -------------------------------------------------------------------------------- Total: South Carolina 809,021 339,734 1,148,755 5.44 3.07 4.42 -------------------------------------------------------------------------------- Total: Southeast 1,844,805 1,818,492 3,663,297 4.05 4.51 4.27 -------------------------------------------------------------------------------- Total: Retail Properties - Wholly Owned(1) $25,727,527 $22,930,953 $48,658,480 $ 5.31 $ 10.05 $ 6.83 ================================================================================ General notes - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. The Company considers those tenants who comprise greater than 10% of a center's GLA as anchor tenants. (1) The Company is currently redeveloping the Abington Towne Center (formerly the Atrium Mall). As part of the redevelopment, the Company has terminated leases with A&P and Circuit City and is anticipating terminating a third lease with Eckerd Drugs during the third quarter of 2000. The Company has also entered into a contract to sell approximately 158,000 square feet of the main building to Target. As a result of this activity, the center is not included as an operating property for the quarter ended June 30, 2000 and is not included in the above amounts for Pennsylvania, the Mid-Atlantic region and wholly owned totals. Page 27 ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Commercial Properties by Region - Detail
--------------------------------------------------------------------------------- Gross Leasable Area Occupancy --------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------------- Mixed Use --------- New England ----------- Connecticut - ----------- 239 GREENWICH AVENUE 16,834 -- 16,834 100.00% -- 100.00% --------------------------------------------------------------------------------- Total: Connecticut 16,834 -- 16,834 100.00% -- 100.00% --------------------------------------------------------------------------------- Total: New England 16,834 -- 16,834 100.00% -- 100.00% --------------------------------------------------------------------------------- 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 370,375 146,471 516,846 100.00% 85.90% 96.00% ================================================================================= Unconsolidated Retail Properties -------------------------------- New York Region --------------- New York - -------- CROSSROADS JOINT VENTURE 138,933 57,116 196,049 100.00% 95.96% 98.82% 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% 98.07% 99.26% --------------------------------------------------------------------------------- Total: New York Region 191,363 119,664 311,027 100.00% 98.07% 99.26% --------------------------------------------------------------------------------- Total: Unconsolidated Retail Properties 191,363 119,664 311,027 100.00% 98.07% 99.26% ================================================================================= General notes - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. The Company considers those tenants who comprise greater than 10% of a center's GLA as anchor tenants. Page 28
---------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ---------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------------------- Mixed Use --------- New England ----------- Connecticut - ----------- 239 GREENWICH AVENUE $1,125,165 $ -- $1,125,165 $ 66.84 $ -- $ 66.84 ---------------------------------------------------------------------------------- Total: Connecticut 1,125,165 -- 1,125,165 66.84 -- 66.84 ---------------------------------------------------------------------------------- Total: New England 1,125,165 -- 1,125,165 66.84 -- 66.84 ---------------------------------------------------------------------------------- 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 $5,756,682 $1,570,207 $7,326,889 $ 15.54 $ 12.48 $ 14.77 ================================================================================== Unconsolidated Retail Properties -------------------------------- New York Region --------------- New York - -------- CROSSROADS JOINT VENTURE $1,070,250 $1,481,152 $2,551,402 $ 7.70 $ 27.02 $ 13.17 CROSSROADS II 720,296 1,817,333 2,537,629 13.74 29.06 22.07 ---------------------------------------------------------------------------------- Total: New York 1,790,546 3,298,485 5,089,031 9.36 28.11 16.48 ---------------------------------------------------------------------------------- Total: New York Region 1,790,546 3,298,485 5,089,031 9.36 28.11 16.48 ---------------------------------------------------------------------------------- Total: Unconsolidated Retail Properties $1,790,546 $3,298,485 $5,089,031 $ 9.36 $ 28.11 $ 16.48 ================================================================================== ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Top 25 Retail Tenants - Ranked by Annualized Base Rent (excludes Joint Venture and Mixed-Use Properties) (1) Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after June 30, 2000. (2) Represents total GLA and annualized base rent for the Company's retail properties excluding mixed-use 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 Abington Towne Center (formerly the Atrium Mall). The leases with the A&P and Circuit City stores were terminated during the quarter ended June 30, 2000 in connection with that redevelopment and are not included in the above amounts. (5) Subsidiary of JC Penney. Does not include the Eckerd location at the Abington Towne Center which is anticipated to be terminated during the third quarter as part of the redevelopment of the center. The store at the Route 6 Mall has ceased operating but continues to pay rent persuant to the lease. (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 29
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 11.4% 7.1% 2 Ames(3) 10 738,530 2,211,140 9.1% 4.5% 3 Price Chopper 6 267,197 1,596,727 3.3% 3.3% 4 Grand Union 4 174,570 1,383,578 2.2% 2.8% 5 A&P (Waldbaum's, Superfresh)(4) 2 109,828 1,338,346 1.4% 2.8% 6 T.J. Maxx 8 231,208 1,288,861 2.8% 2.6% 7 Eckerd Drug(5) 14 162,356 1,124,680 2.0% 2.3% 8 Walmart 2 232,540 1,116,575 2.9% 2.3% 9 Shaw's 2 102,617 1,014,684 1.3% 2.1% 10 Acme (Albertson's) 3 109,064 1,004,080 1.3% 2.1% 11 Circuit City(4) 2 65,925 925,157 0.8% 1.9% 12 Redner's Supermarket 2 111,739 837,112 1.4% 1.7% 13 PharMor 2 90,471 820,346 1.1% 1.7% 14 Sears 2 159,640 703,230 2.0% 1.4% 15 Fashion Bug(6) 10 122,950 687,343 1.5% 1.4% 16 Penn Traffic 2 85,896 635,811 1.1% 1.3% 17 Stern's (Federated) 1 74,815 618,075 0.9% 1.3% 18 CVS 6 62,610 605,755 0.8% 1.2% 19 Clearview Cinemas(7) 1 25,400 596,250 0.3% 1.2% 20 Payless Shoe Source 12 41,209 553,470 0.5% 1.1% 21 JC Penney 2 72,580 546,747 0.9% 1.1% 22 Blockbuster Video 4 23,266 498,021 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% 0.9% 25 King Kullen 1 41,400 414,000 0.5% 0.9% ------ ----------- ----------- ------ ------ Total 112 4,132,892 $24,815,185 50.9% 51.0% ====== =========== =========== ====== ====== ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 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 30
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF 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) WAL-MART(1) 92,500 12/31/09 $ -- $ -- WALDBAUMS 64,665 3/8/17 730,000 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 1/31/05 109,656 3.60 (2) 5 YEAR ------- ----------------- Total: METHUEN SHOPPING CENTER 30,460 109,656 3.60 ------- ----------------- CRESCENT PLAZA, BROCKTON (Strip Mall) BRADLEES 104,640 1/31/09 295,425 2.82 (1) 8 YR & (2) 5 YEAR SHAWS SUPERMARKETS 50,225 12/31/12 516,960 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 4/30/04 164,726 5.75 (3) 5 YEARS (6 MONTHS) BRUNSWICK INDOOR RECREATION 29,160 4/2/05 47,383 1.62 -- SEARS 60,700 8/31/03 258,000 4.25 (6) 5 YEAR (12 MONTHS) SHAWS SUPERMARKETS 52,392 12/31/13 497,724 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 6/30/05 126,400 4.00 (1) 5 YEAR (12 MONTHS) ------- ----------------- Total: THE GATEWAY SHOPPING CENTER 31,600 126,400 4.00 ------- ----------------- Total: New England 544,990 2,746,274 5.04 ------- ----------------- ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Anchor Tenant Summary (1) The tenant has additional expansion space bringing the total space to 74,815 s.f. with rents of $618,075 Page 31
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF 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 4/30/01 120,000 4.30 -- --------- ----------------- Total: ELMWOOD PARK SHOPPING CENTER 27,918 120,000 4.30 --------- ----------------- MARKETPLACE OF ABSECON, ABSECON (Strip Mall) ACME MARKETS 44,824 4/30/15 598,264 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 4/30/05 320,400 10.00 (2) 5 YEAR (6 MONTHS) KMART 95,810 11/30/04 299,000 3.12 (5) 5 YEAR (6 MONTHS) --------- ----------------- Total: BERLIN SHOPPING CENTER 127,850 619,400 4.84 --------- ----------------- LEDGEWOOD MALL, LEDGEWOOD (Mall) CIRCUIT CITY 33,294 1/31/20 449,469 13.50 (4) 5 YEAR (6 MONTHS) MARSHALL'S 27,228 1/31/02 313,122 11.50 PHARMHOUSE 47,271 5/31/09 496,346 10.50 (2) 5 YEAR THE SPORTS AUTHORITY 52,205 5/31/07 225,000 4.31 (6) 5 YEAR (15 MONTHS) STERN'S DEPARTMENT STORES(1) 61,900 1/31/05 553,500 8.94 (1) 5 YEAR (6 MONTHS) WAL-MART 120,570 3/31/19 888,601 7.37 (6) 5 YEAR (6 MONTHS) --------- ----------------- Total: LEDGEWOOD MALL 342,468 2,926,038 8.54 --------- ----------------- MANAHAWKIN VILLAGE, MANAHAWKIN (Strip Mail) KMART 112,434 1/31/19 843,255 7.50 (8) 5 YEAR (12 MONTHS) MANDEE'S 8,000 1/31/04 80,000 10.00 (4) 5 YEARS (6 MONTHS) HOYTS 31,619 11/30/18 363,618 11.50 (4) 5 YEAR (6 MONTHS) --------- ----------------- Total: MANAHAWKIN VILLAGE SHOPPING CENTER 152,053 1,286,873 8.46 --------- ----------------- New York -------- SOUNDVIEW MARKETPLACE, PORT WASHINGTON (Strip Mall) KING KULLEN 41,400 9/26/07 414,000 10.00 (3) 5 YEAR (11 MONTHS) CLEARVIEW CINEMA 25,400 5/31/10 596,250 23.47 (4) 5 YEAR (12 MONTHS) --------- ----------------- Total: SOUNDVIEW MARKETPLACE 66,800 1,010,250 15.12 --------- ----------------- SMITHTOWN SHOPPING CENTER, SMITHTOWN (Strip Mall) DAFFY'S 16,125 5/30/08 262,031 16.25 (4) 5 YEAR (12 MONTHS) WALGREENS EASTERN CO. INC. 9,067 12/31/21 145,024 15.99 -- --------- ----------------- Total: SMITHTOWN SHOPPING CENTER 25,192 407,055 16.16 --------- ----------------- THE BRANCH SHOPPING CENTER, SMITHTOWN (Strip Mall) GRAND UNION 63,000 11/30/13 837,270 13.29 (1) 10 YEAR & (1) 5 YEAR PERGAMENT HOME CENTERS 20,670 10/31/04 272,844 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 1/31/04 104,060 4.00 (1) 5 YEAR (12 MONTHS) PRICE CHOPPER 76,060 5/31/15 760,577 10.00 (4) 5 YEAR (12 MONTHS) --------- ----------------- Total: NEW LOUDEN CENTER 102,075 864,637 8.47 --------- ----------------- TROY PLAZA, TROY (Strip Mall) AMES 71,665 5/31/01 140,000 1.95 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 29,044 9/30/04 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 8/31/20 299,908 5.76 (2) 10 YEAR --------- ----------------- Total: PACESETTER PARK SHOPPING CENTER 52,052 299,908 5.76 --------- ----------------- Total: New York Region 1,125,611 9,438,539 8.39 --------- ----------------- ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Anchor Tenant Summary Page 32
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF 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) ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Anchor Tenant Summary (1) Formerly the Atrium Mall, the Company is currently redeveloping the entire center. The leases with the two anchors, A&P Supermarket and Circuit City have been terminated as of June 30, 2000 in connection with the redevelopment. Target is to replace these two tenants as part of the redevelopment and will own and occupy 157,616 square feet of the main building. Page 33
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF Required Notice - ----------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- Mid-Atlantic - ------------ Pennsylvania ------------ ABINGTON TOWNE CENTER, ABINGTON (Strip Mall)(1) -- -- -- -- --------- ----------------- AMES PLAZA, SHAMOKIN (Strip Mall) AMES 59,116 1/31/03 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 1/31/03 106,880 3.50 (1) 5 YEAR (6 MONTHS) KMART 104,956 10/31/04 204,664 1.95 (9) 5 YEAR (6 MONTHS) --------- ----------------- Total: BIRNEY PLAZA 135,493 311,544 2.30 --------- ----------------- BLACKMAN PLAZA, WILKES-BARRE (Strip Mall) KMART 104,956 10/31/04 204,664 1.95 (9) 5 YEAR (12 MONTHS) --------- ----------------- Total: BLACKMAN PLAZA 104,956 204,664 1.95 --------- ----------------- BRADFORD TOWNE CENTRE, TOWANDA (Strip Mall) KMART 94,841 3/31/19 474,205 5.00 (10) 5 YEAR (6 MONTHS) PENN TRAFFIC 51,658 9/30/14 413,264 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 11/7/04 252,289 2.74 (9) 5 YEAR (12 MONTHS) --------- ----------------- Total: CIRCLE PLAZA 92,171 252,289 2.74 --------- ----------------- DUNMORE PLAZA, DUNMORE (Strip Mall) ECKERD DRUGS 13,205 11/30/04 89,134 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 26,475 11/30/05 -- -- (3) 5 YEAR (6 MONTHS) --------- ----------------- Total: DUNMORE PLAZA 39,680 89,134 2.25 --------- ----------------- EAST END CENTER, WILKES-BARRE (Strip Mall) AMES 83,000 1/31/07 436,000 5.25 (6) 5 YEAR (6 MONTHS) PHAR-MOR 43,200 3/31/03 324,000 7.50 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 50,000 4/30/08 357,500 7.15 (4) 5 YEAR (6 MONTHS) --------- ----------------- Total: EAST END CENTER 176,200 1,117,500 6.34 --------- ----------------- ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Anchor Tenant Summary Page 34
- --------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF 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 1/31/07 380,000 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 6/30/01 35,750 5.50 (2) 3 YEAR (6 MONTHS) PRICE CHOPPER 45,000 12/31/06 245,000 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 4/30/04 94,500 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 40,618 4/30/04 177,650 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 10/31/04 204,664 1.95 (10) 5 YEAR (12 MONTHS) REDNER'S MARKET 52,639 5/31/18 421,112 8.00 (2) 5 YEAR (6 MONTHS) --------- ----------------- Total: MARK PLAZA 157,595 625,776 3.97 --------- ----------------- MONROE PLAZA, STROUDSBURG (Strip Mall) AMES 61,489 1/29/09 94,434 1.54 (3) 5 YEAR ECKERD DRUGS 13,716 10/31/02 48,006 3.50 (2) 5 YEAR (6 MONTHS) SHOP-RITE 52,924 10/31/05 281,278 5.31 (3) 5 & (1) 3 YEAR --------- ----------------- Total: MONROE PLAZA 128,129 423,718 3.31 --------- ----------------- MOUNTAINVILLE SHOPPING CENTER, ALLENTOWN (Strip Mall) ACME MARKETS 32,200 6/30/04 85,416 2.65 Not Operating - Closed 2/24/00 ECKERD DRUGS 15,808 4/30/04 60,000 3.80 (4) 5 YEAR (6 MONTHS) KLING'S HANDYMAN 20,000 1/31/02 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 6/30/06 76,212 9.00 (2) 5 YEAR (6 MONTHS) REDNER'S MARKETS 59,100 12/31/18 416,000 7.04 (2) 5 YEAR --------- ----------------- Total: PITTSTON PLAZA 67,568 492,212 7.28 --------- ----------------- ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Anchor Tenant Summary Page 35
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF 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 Mall) AMES 53,000 4/30/01 121,900 2.30 (4) 5 YEAR (6 MONTHS) WEIS MARKETS 28,800 12/31/01 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. (Sub-leased from Giant) 40,783 9/23/04 132,030 3.24 (5) 5 YEAR AMES 83,330 10/31/01 130,000 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 4/30/20 687,951 5.75 (10) 5 YEAR (AUTOMATIC) --------- --------------------------- Total: ROUTE 6 MALL 119,658 687,951 5.75 --------- --------------------------- SHILLINGTON PLAZA, READING (Strip Mall) KMART 94,500 7/31/04 261,000 2.76 (9) 5 YEAR (12 MONTHS) WEIS MARKETS 40,107 8/31/01 106,720 2.66 (3) 5 YEAR (12 MONTHS) --------- --------------------------- Total: SHILLINGTON PLAZA 134,607 367,720 2.73 --------- --------------------------- TIOGA WEST,TUNKHANNOCK (Strip Mall) AMES 53,000 5/31/05 111,300 2.10 (2) 5 YEAR (6 MONTHS) ECKERD DRUGS 12,600 3/31/00 40,000 3.17 (1) 5 YEAR (6 MONTHS) FASHION BUG (Pays percentage rent only) 13,500 11/30/09 -- - (3) 5 YEAR (6 MONTHS) PENN TRAFFIC 34,238 9/30/14 222,547 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 12/31/05 127,300 9.50 (1) 5 YEAR (6 MONTHS) PETCO 15,400 1/31/09 127,050 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 1/31/17 493,500 5.25 (2) 5 YEAR PEEBLES 25,052 1/31/18 -- -- (3) 3 YEAR (AUTOMATIC) SEARS 98,940 10/25/11 445,230 4.50 (4) 5 YEAR --------- --------------------------- Total: UNION PLAZA 217,992 938,730 4.31 --------- --------------------------- VALMONT PLAZA, WEST HAZELTON (Strip Mall) AMES 96,600 1/31/07 220,000 2.28 (3) 5 YEAR (6 MONTHS) --------- --------------------------- Total: VALMONT PLAZA 96,600 220,000 2.28 --------- --------------------------- Virginia -------- KINGS FAIRGROUNDS, DANVILLE (Strip Mall) CVS 12,160 2/28/02 29,184 2.40 (2) 5 YEAR SCHEWEL FURNITURE 60,200 1/31/01 165,550 2.75 (2) 5 YEAR (3 MONTHS) TRACTOR SUPPLY CO 30,975 11/30/08 123,899 4.00 (3) 5 YEAR (6 MONTHS) --------- --------------------------- Total: KINGS FAIRGROUNDS 103,335 318,633 3.08 --------- --------------------------- Total : Mid-Atlantic 2,385,106 9,286,877 3.89 --------- --------------------------- ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Anchor Tenant Summary (1) The tenant has recently expanded bringing the total space to 35,280 s.f. with rents of $349,020 Page 36
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF 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 Mall) BEALL'S OUTLET 30,000 4/30/01 30,000 1.00 - EASTWYNN THEATRES 25,238 6/30/05 114,580 4.54 (2)5 YEAR (12 MONTHS) OFFICE DEPOT 28,787 10/31/07 69,380 2.41 (3)5 YEAR (AUTOMATIC) --------- --------------------------- Total: MIDWAY PLAZA 84,025 213,960 2.55 --------- --------------------------- NORTHSIDE MALL, DOTHAN (Mall) WAL-MART 111,970 1/31/04 227,974 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 8/31/08 44,800 4.00 - THEATRE MANAGEMENT INC. (1) 24,780 11/30/05 223,020 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 (Strip Mall) BIG LOTS 30,000 10/31/05 99,000 3.30 - FOOD LION 29,000 1/31/11 181,250 6.25 (4) 5 YEAR W.S. BADCOCK 15,260 9/28/05 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 Mall) BELK STORE 44,000 1/31/04 154,000 3.50 (4)5 YEAR (6 MONTHS) OFFICE DEPOT 29,996 6/30/08 142,500 4.75 (2)5 YEAR (12 MONTHS) --------- --------------------------- Total: MARTINTOWN PLAZA 73,996 296,500 4.01 --------- --------------------------- WESMARK PLAZA, SUMTER (Strip Mall) GOODY'S 24,960 5/31/05 162,240 6.50 (2) 5 YEAR (6 MONTHS) STAPLES 21,840 9/30/05 98,280 4.50 (3) 5 YEAR (6 MONTHS) THEATRE MANAGEMENT INC. 28,000 5/31/09 252,001 9.00 (2) 5 YEAR (6 MONTHS) --------- --------------------------- Total: WESMARK PLAZA 74,800 512,521 6.85 --------- --------------------------- Total: Southeast 455,031 1,844,805 4.05 --------- --------------------------- ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Anchor Tenant Summary (1) The Company has received notification that this Florida State agency intends on vacating their space. It is anticipated that this will occur July 2000. Essentially all of this square footage currently occupied by the Department of Health has been released to other FL Sate agencies at this date. Page 37
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF 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 Mall) EAGLE FOOD CENTERS 42,037 11/30/07 170,000 4.04 (5) 5 YEAR (6 MONTHS) --------- --------------------------- Total: HOBSON WEST PLAZA, 42,037 170,000 4.04 --------- --------------------------- Indiana ------- MERRILLVILLE PLAZA, MERRILLVILLE (Strip Mall) JC PENNEY 50,000 1/31/08 450,000 9.00 (2) 5 YEAR (12 MONTHS) OFFICEMAX 26,157 7/31/08 202,717 7.75 (4) 5 YEAR (6 MONTHS) TJX COMPANIES INC. 25,200 1/31/04 182,700 7.25 (1) 5 YEAR (6 MONTHS) --------- --------------------------- Total: MERRILLVILLE PLAZA 101,357 835,417 8.24 --------- --------------------------- Michigan -------- BLOOMFIELD TOWN SQUARE, BLOOMFIELD HILLS (Strip Mall) HOME GOODS 37,452 1/31/10 290,253 7.75 (3) 5 YEAR DRUG EMPORIUM 37,230 10/31/00 223,380 6.00 (4) 5 YEAR (6 MONTHS) OFFICEMAX 21,500 6/30/10 182,750 8.50 (3) 5 YEAR (9 MONTHS) TJ MAXX 36,000 3/31/03 234,000 6.50 (2) 5 YEAR (6 MONTHS) --------- --------------------------- Total: BLOOMFIELD TOWN SQUARE 132,182 930,383 7.04 --------- --------------------------- Ohio ---- MAD RIVER STATION - RETAIL, DAYTON (Strip Mall) BABIES 'R' US 33,147 2/28/05 243,631 7.35 (3) 5 YEAR OFFICE DEPOT 25,038 8/31/05 231,601 9.25 (1) 5 YEAR (6 MONTH) --------- --------------------------- Total: MAD RIVER STATION - RETAIL SPACE 58,185 475,232 8.17 --------- --------------------------- Total: Midwest 333,761 2,411,032 7.22 --------- --------------------------- Total: Retail Anchor Properties- Wholly Owned 4,844,499 $25,727,527 $ 5.31 ========= =========================== Mixed Use - --------- New England - ----------- Connecticut ----------- 239 GREENWICH AVE., GREENWICH (Mixed Use - Retail/Apts) CHICO'S FASHION 4,541 1/31/10 $295,165 $ 65.00 (2) 5 YEARS RESTORATION HARDWARE INC. 12,293 4/30/15 830,000 67.52 (2) 5 YEARS (6 MONTHS) --------- --------------------------- Total: 239 GREENWICH AVE. 16,834 1,125,165 66.84 --------- --------------------------- Total : New England 16,834 1,125,165 66.84 --------- --------------------------- Southeast - --------- Florida ------- NORTHWOOD CENTRE, TALLAHASSEE (Mixed Use - Retail/Office) DPR #790:0070 123,387 04/30/06 1,645,697 13.34 (5) 1 YEAR DEPT OF HEALTH #640:0078 (1) 59,150 04/30/04 847,620 14.33 (10) 1 YEAR (6 MONTHS) DCF #590:1998 119,054 07/31/05 1,963,200 16.49 (1) 6 YEAR & (2) 2 YEAR PUBLIX SUPERMARKET 51,950 6/30/05 175,000 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 370,375 $5,756,682 $15.54 --------- --------------------------- ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Anchor Tenant Summary Page 38
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF 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,WHITE PLAINS, (Strip Mall) K-MART 100,725 1/31/12 $566,250 $ 5.62 (5) 5 YEAR (9 MONTHS) WALDBAUMS 38,208 12/31/07 504,000 13.19 (5) 5 YEAR (9 MONTHS) B. DALTON 12,430 5/28/12 321,813 25.89 (2) 5 YEAR (18 MONTHS) MODELL'S 15,000 1/11/02 204,733 13.65 - PERGAMENT 25,000 2/28/09 193,750 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 ========= =========================== ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Lease Expirations 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. --------- ------- ------- ------ ------- -------- Retail Properties Anchor Tenant Expirations 2000 1 37,230 0.77% 223,379 0.87% 6.00 2001 9 401,520 8.29% 945,008 3.67% 2.35 2002 4 73,104 1.51% 470,312 1.83% 6.43 2003 5 229,553 4.74% 1,006,886 3.91% 4.39 2004 20 1,047,510 21.62% 3,307,315 12.86% 3.16 2005 18 543,822 11.23% 2,935,349 11.41% 5.40 2006 2 53,468 1.10% 321,212 1.25% 6.01 2007 7 427,359 8.82% 1,914,380 7.44% 4.48 2008 7 214,453 4.43% 1,583,448 6.15% 7.38 2009 7 362,800 7.49% 1,265,255 4.92% 3.49 2010 3 84,352 1.74% 1,069,253 4.16% 12.68 2011 2 127,940 2.64% 626,480 2.44% 4.90 2012 1 50,225 1.04% 516,960 2.01% 10.29 2013 2 115,392 2.38% 1,334,994 5.19% 11.57 2014 2 85,896 1.77% 635,811 2.47% 7.40 2015 2 120,884 2.50% 1,358,841 5.28% 11.24 2017 2 158,665 3.28% 1,223,500 4.76% 7.71 2018 4 168,410 3.48% 1,200,731 4.67% 7.13 2019 3 327,845 6.77% 2,206,061 8.57% 6.73 2020 3 205,004 4.23% 1,437,328 5.59% 7.01 2021 1 9,067 0.17% 145,024 0.55% 15.99 --- --------- ------ ----------- ------ ---------- Total Occupied 105 4,844,499 100.00% $25,727,527 100.00% $ 5.31 Total Vacant 534,893 ---------------- Total Square Feet 5,379,392 ================ ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 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. --------- ------- ------- ------ ------- -------- Retail Properties Shop Tenant Expirations Month to Month 52 213,502 9.35% $ 1,110,310 4.84% $ 5.20 2000 56 181,183 7.94% 1,694,145 7.39% 9.35 2001 88 288,356 12.63% 2,982,454 13.01% 10.34 2002 81 313,121 13.72% 3,083,058 13.44% 9.85 2003 73 280,473 12.29% 2,945,664 12.85% 10.50 2004 58 250,289 10.96% 2,929,035 12.77% 11.70 2005 45 212,861 9.33% 2,252,494 9.82% 10.58 2006 15 87,942 3.85% 748,157 3.26% 8.51 2007 12 93,525 4.10% 1,084,513 4.73% 11.60 2008 20 116,162 5.09% 1,461,140 6.37% 12.58 2009 20 102,706 4.50% 1,059,106 4.62% 10.31 2010 7 55,818 2.45% 385,493 1.68% 6.91 2011 3 22,358 0.98% 293,254 1.28% 13.12 2014 2 31,411 1.38% 357,500 1.56% 11.38 2015 2 18,092 0.79% 307,830 1.34% 17.01 2019 1 14,887 0.64% 236,800 1.05% 15.91 --- --------- ------ ----------- ------ ---------- Total Occupied 535 2,282,686 100.00% $22,930,953 100.00% $ 10.05 Total Vacant 451,409 ---------------- Total Square Feet 2,734,095 ================ ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Lease Expirations Page 41
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 52 213,502 3.00% $ 1,110,310 2.28% $ 5.20 2000 57 218,413 3.06% 1,917,524 3.94% 8.78 2001 97 689,876 9.68% 3,927,462 8.07% 5.69 2002 85 386,225 5.42% 3,553,370 7.30% 9.20 2003 78 510,026 7.16% 3,952,550 8.12% 7.75 2004 78 1,297,799 18.19% 6,236,350 12.82% 4.81 2005 63 756,683 10.62% 5,187,843 10.65% 6.86 2006 17 141,410 1.98% 1,069,369 2.20% 7.56 2007 19 520,884 7.31% 2,998,893 6.16% 5.76 2008 27 330,615 4.64% 3,044,588 6.26% 9.21 2009(1) 27 465,506 6.53% 2,324,361 4.78% 4.99 2010 10 140,170 1.97% 1,454,746 2.99% 10.38 2011 5 150,298 2.11% 919,734 1.89% 6.12 2012 1 50,225 0.70% 516,960 1.06% 10.29 2013 2 115,392 1.62% 1,334,994 2.74% 11.57 2014 4 117,307 1.65% 993,311 2.04% 8.47 2015 4 138,976 1.95% 1,666,671 3.43% 11.99 2017 2 158,665 2.23% 1,223,500 2.51% 7.71 2018 4 168,410 2.36% 1,200,731 2.47% 7.13 2019 4 342,732 4.81% 2,442,861 5.02% 7.13 2020 3 205,004 2.88% 1,437,328 2.95% 7.01 2021 1 9,067 0.13% 145,024 0.32% 15.99 --- --------- ------ ----------- ------ ---------- Total Occupied 640 7,127,185 100.00% 48,658,480 100.00% 6.83 Total Vacant 986,302 ---------------- Total Square Feet 8,113,487 ================ ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Lease Expirations (1) The Company has received notification that the Florida Department of Health intends on vacating their space in 2000. This lease, originally set to expire in 2004, comprises 59,150 square feet and $826,917 of annual rent. Page 42
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 21,457 4.32% $ 268,064 3.66% $ 12.49 2000 5 38,025 7.66% 487,565 6.65% 12.82 2001 6 36,259 7.31% 499,362 6.82% 13.77 2003 3 6,627 1.34% 99,050 1.35% 14.95 2004(1) 4 66,911 13.48% 958,218 13.08% 14.32 2005 4 176,673 35.61% 2,187,111 29.85% 12.38 2006 2 133,137 26.83% 1,695,097 23.14% 12.73 2009 1 266 0.05% 7,257 0.10% 27.28 2010 1 4541 0.92% 295,165 4.03% 65.00 2015 1 12,293 2.48% 830,000 11.32% 67.52 --- --------- ------ ----------- ------ ---------- Total Occupied 34 496,189 100.00% 7,326,889 100.00% 14.77 Total Vacant 20,657 ---------------- Total Square Feet 516,846 ================ ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Lease Expirations (1) The Company has received notification that the Florida Department of Health intends on vacating their space in 2000. This lease, originally set to expire in 2004, comprises 59,150 square feet and $826,917 of annual rent. Page 43
Gross Leased Area Annualized Base Rent -------------------------- ------------------------------------ Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------- ------- ------- ------ ------- -------- Total Portfolio Expirations Month to Month 59 234,959 3.08% 1,378,374 2.46% 5.87 2000 62 256,438 3.36% 2,405,089 4.30% 9.38 2001 103 726,135 9.53% 4,426,824 7.91% 6.10 2002 85 386,225 5.07% 3,553,370 6.35% 9.20 2003 81 516,653 6.78% 4,051,600 7.24% 7.84 2004(1) 82 1,364,710 17.90% 7,194,568 12.85% 5.27 2005 67 933,356 12.24% 7,374,954 13.17% 7.90 2006 19 274,547 3.60% 2,764,466 4.94% 10.07 2007 19 520,884 6.83% 2,998,893 5.36% 5.76 2008 27 330,615 4.34% 3,044,588 5.44% 9.21 2009 28 465,772 6.11% 2,331,618 4.16% 5.01 2010 11 144,711 1.90% 1,749,911 3.13% 12.09 2011 5 150,298 1.97% 919,734 1.64% 6.12 2012 1 50,225 0.66% 516,960 0.92% 10.29 2013 2 115,392 1.51% 1,334,994 2.38% 11.57 2014 4 117,307 1.54% 993,311 1.77% 8.47 2015 5 151,269 1.98% 2,496,671 4.46% 16.50 2017 2 158,665 2.08% 1,223,500 2.19% 7.71 2018 4 168,410 2.21% 1,200,731 2.14% 7.13 2019 4 342,732 4.50% 2,442,861 4.36% 7.13 2020 3 205,004 2.69% 1,437,328 2.57% 7.01 2021 1 9,067 0.12% 145,024 0.26% 15.99 --- --------- ------ ----------- ------ ---------- Total Occupied 674 7,623,374 100.00% 55,985,369 100.00% 7.34 Total Vacant 1,006,959 ---------------- Total Square Feet 8,630,333 ================ ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Lease Expirations Page 44
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 1 3,000 0.97% $ 95,700 1.88% 31.90 2000 1 3,162 1.02% 61,928 1.22% 19.59 2001 1 1,650 0.53% 50,144 0.99% 30.39 2002 7 31,517 10.21% 689,317 13.55% 21.87 2003 5 20,241 6.56% 626,518 12.31% 30.95 2004 7 30,516 9.88% 784,249 15.41% 25.70 2005 6 19,315 6.26% 549,675 10.80% 28.46 2006 3 5,260 1.70% 150,818 2.96% 28.67 2007 4 44,238 14.33% 702,891 13.81% 15.89 2008 3 10,201 3.30% 241,883 4.75% 23.71 2009 2 26,462 8.57% 247,844 4.87% 9.37 2012 2 113,155 36.67% 888,063 17.45% 7.85 --- --------- ------ ----------- ------ ---------- Total Occupied 42 308,717 100.00% 5,089,030 100.00% 16.48 Total Vacant 2,310 ---------------- Total Square Feet 311,027 ================ ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Residential (Multi-family) Properties ------------------------ (1) The decline in occupancy at this center is due to seasonality as this property has tenants associated with the University of Missouri. Page 45
% Leased % Leased Property Location Square Feet Units June 30, 2000 March 31, 2000 -------- -------- ----------- ----- ------------- -------------- MID-ATLANTIC Maryland -------- Glen Oaks Apartments Greenbelt 557,772 463 98% 99% Marley Run Apartments Pasadena 274,200 336 95% 94% North Carolina -------------- Village Apartments Winston Salem 578,606 600 81% 77% MIDWEST Missouri -------- Gate House, Holiday House, Tiger Village, Columbia 628,891 874 90% 96% (1) Colony Apartments --------- --------- --------- Totals 2,039,469 2,273 90% 92% --------- --------- --------- ACADIA NYSE REALTY TRUST AKR ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2000 Properties Under Redevelopment ------------------------------ (1) Although currently 119,452 square feet, this center will be 106,245 following the completion of redevelopment (2) In June 2000, the Company entered into a contract to sell approximately 160,000 square feet of the main building at the Atrium Mall to the Target Corporation for $11.5 million. The Company will retain ownership of approximately 50,000 square feet of the building as well as the outparcels and related parking areas. Following completion of the redevelopment, the center will be anchored by a Target store and T.J. Maxx. The redevelopment will result in a net increase in property value of approximately $3.9 million (net of redevelopment costs and associated downtime). Page 46
Expected Projected Projected Projected Date of Type of Total Costs Costs Total Return Stabilized Center Center GLA Incurred Remaining Cost on Cost Operatons ------ ------ --- -------- --------- ---- ------- --------- Gateway Mall Strip Center 106,245(1) $7,131,000 $ 9,269,000 $16,400,000 10.0% 4th Qtr. 2001 Elmwood Park Strip Center 155,000 $ 103,700 $11,796,300 $11,900,000 11.3% 3rd Qtr. 2002 Atrium Mall Enclosed Mall 178,434 $ 64,800 $ 3,935,200 $ 4,000,000 (2) 4th Qtr. 2001 Northside Mall Enclosed Mall 382,299 $ 653,600 $ 846,400 $ 1,500,000 13.0% 4th Qtr. 2000 Future Redevelopment/Anchor Retenanting Properties - -------------------------------------------------- Methuen Strip Center 134,494