UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 15, 2002
ACADIA REALTY TRUST
(Exact name of registrant as specified in its charter)
| Maryland | 1-12002 | 23-2715194 | ||
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| (State or other | (Commission | (I.R.S. Employer | ||
| jurisdiction of incorporation) | File Number) | Identification No.) |
20
Soundview Marketplace
Port Washington, New York 11050
(Address of principal executive offices) (Zip Code)
(516)
767-8830
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits.
99.1 Quarterly Supplemental Disclosure – June 30, 2002
ITEM 9. Regulation FD Disclosure
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, 2002. The information included in this Current Report on Form 8-K (including the exhibit hereto) is furnished pursuant to Item 9 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a) (2) of the Securities Act of 1933, as amended. This Report (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
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 15, 2002 | By: /s/ Perry Kamerman |
| Name: Perry Kamerman | |
| Title: Sr. Vice President and | |
| Chief Financial Officer |
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QUARTERLY
SUPPLEMENTAL DISCLOSURE |
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Table
of Contents
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Section
I - Overview
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Page
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| Company Information | 2 | |||
| Portfolio Snapshot | 3 | |||
| Organizational Chart | 4 | |||
| Management Team | 5 | |||
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Section
II - Net Asset Valuation
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Section
IV - Portfolio Information
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| Net Asset Value | 6 | |||
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Section
III - Financial Information
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| Market Capitalization | 8 | |||
| Shareholder Information | 9 | |||
| Operating Statements - Current Year-to-Date - by Quarter | 10 | |||
| Operating Statements - Current v. Historical | 11 | |||
| Operating Statements - By Segment | 12 | |||
| Net Operating Income - Same Property Performance | 13 | |||
| Funds from Operations | 14 | |||
| Balance Sheets | 15 | |||
| Residential Properties |
See acadiarealty.com for additional property details and financial information as well as current news
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this Supplementary Disclosure constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability and creditworthiness of prospective tenants, lease rents and the availability of financing; adverse changes in the Company's real estate markets, including, among other things, competition with other companies; risks of real estate development and acquisition; governmental actions and initiatives; and environmental/safety requirements.
Page 1
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QUARTERLY SUPPLEMENTAL
DISCLOSURE |
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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 (and its majority-owned subsidiaries) which is currently 87% controlled by Acadia.
Acadia currently owns or has an ownership interest in 35 properties, consisting of 32 neighborhood and community shopping centers and three multi-family properties, all located in the Eastern and Midwestern regions of the United States. Two of the above shopping centers are currently under redevelopment.
| Corporate Headquarters | 20 Soundview Marketplace Port Washington, NY 11050-2221 | Investor Relations | Jon Grisham
Vice President (516) 767-8830 ext. 342 jgrisham@acadiarealty.com |
| New York Stock Exchange | Symbol AKR | Web Site | www.acadiarealty.com |
| Analyst Coverage | CIBC World Markets Michael Mueller 212-667-8163 |
2
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QUARTERLY SUPPLEMENTAL
DISCLOSURE |
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 |
Retail
Base Rent by State1
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3
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QUARTERLY SUPPLEMENTAL
DISCLOSURE Management Team |
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4
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QUARTERLY SUPPLEMENTAL
DISCLOSURE |
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| Ross Dworman |
Chairman
of the Board |
Mr. Dworman assists with long-term strategic planning for the Company. Mr. Dworman was President and Chief Executive Officer of RD Capital, Inc. from 1987 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1987, Mr. Dworman was an associate at Odyssey Partners, L.P., a hedge fund engaged in leveraged buy-outs and real estate investment, and from 1981 until 1984, he was a Financial Analyst for Salomon, Inc. Mr. Dworman received his Bachelor of Arts Degree from the University of Pennsylvania. | ||
| Kenneth F. Bernstein |
Chief
Executive Officer and President |
Mr. Bernstein is responsible for strategic planning as well as overseeing all day to day activities of the Company including operations, acquisitions and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD Capital, Inc. from 1990 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. In such capacity, he was responsible for overseeing the day-to-day operations of RD Capital and its management companies, Acadia Management Company LLC and Sound View Management LLC. Prior to joining RD Capital, Mr. Bernstein was an associate with the New York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his Bachelor of Arts Degree from the University of Vermont and his Juris Doctorate from Boston University School of Law. |
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| Joel Braun |
Senior
Vice President, Acquisitions |
Mr. Braun is responsible for the sourcing and financial analysis of acquisition properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and Finance for Rosenshein Associates, a regional shopping center developer based in New Rochelle, New York. During this time, Mr. Braun was instrumental in the initiation and formation of Kranzco Realty Trust, a publicly traded REIT. Mr. Braun holds a Bachelor's in Business Administration from Boston University and a Master's Degree in Planning from John Hopkins University. | ||
| Timothy J. Bruce |
Senior
Vice President, Director of Leasing |
Mr. Bruce joined Acadia Realty Trust in December 1998 as Senior Vice President, Director of Leasing. Mr. Bruce has more than 14 years of redevelopment and leasing experience. From April 1996 until joining Acadia Realty in December 1998, Mr. Bruce served as Vice President of the Strip Center Leasing Department at Pennsylvania Real Estate Trust where he was responsible for coordinating all leasing activity for the 4.5 million square foot strip center portfolio. From 1985 to 1996, Mr. Bruce was with Equity Properties and Development, L.P. as Senior Vice President, Real Estate. His responsibilities included the management of the day-to-day activities of the Real Estate, Construction, and Merchant Coordination Departments. Mr. Bruce received a Bachelor of Arts Degree from the University of Illinois at Chicago School of Architecture and a Masters of Management from the J. L. Kellogg Graduate School of Business at Northwestern University. | ||
| Joseph Hogan |
Senior
Vice President, Director of Construction |
Most recently, Mr. Hogan served as Vice President with Kimco Realty Corporation (NYSE:KIM), where he was responsible for business development and management of all retail and commercial construction projects for Kimco, in addition to outside customers and development companies. Prior to joining Kimco, he was with Konover Construction Company, a subsidiary of Konover & Associates located in West Hartford, Connecticut, where he was responsible for construction projects throughout the eastern half of the United States. | ||
| Perry Kamerman |
Senior
Vice President, Chief Financial Officer |
Mr. Kamerman oversees all the financial activities and asset management functions. Previously, he was the Chief Financial Officer of RD Capital, Inc. and its affiliates from 1995 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1994, Mr. Kamerman served as the Controller and the Director of Asset Management for the American Continental Properties Group, an international real estate investment and development firm whose assets exceeded $1 billion. Prior to this, he was an audit manager at E&Y Kenneth Leventhal Real Estate Group. Mr. Kamerman is a Certified Public Accountant and received a Bachelor of Science in Accounting from the City University of New York in 1977. | ||
| Robert Masters, Esq. | Senior
Vice President, General Counsel, Corporate Secretary |
Prior to joining Acadia in December 1994, Mr. Masters was General Counsel for API Asset Management for over five years, Senior Vice President Deputy General Counsel for European American Bank from 1985 to 1990, and Vice President and Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received his Bachelor of Arts from the City University of New York and a J.D. from New York University Law School. Mr. Masters is also a member of the New York Bar. | ||
| Joseph
M. Napolitano, CPM |
Senior
Vice President, Director of Retail Property Management |
Mr. Napolitano is responsible for overseeing the retail property management department for Acadia Realty Trust. Prior to joining Acadia in 1995, Mr. Napolitano was employed by Rosen Associates Management Corp. as a Senior Property Manager overseeing a national portfolio of community shopping centers, and Roebling Management Co. as a Property Manager responsible for neighborhood and community shopping centers nationally. Mr. Napolitano holds a Bachelor's in Business Administration from Adelphi University, Garden City, NY; and is a Certified Property Manager by the Institute of Property Management (IREM). Mr. Napolitano is also a member of the New York State Association of Realtors (NYSAR) International Council of Shopping Center (ICSC), Commercial Investment Real Estate Institute (CIREI), and the Building Owners and Managers Institute (BOMI). |
5
ANNUAL SUPPLEMENTAL DISCLOSURE Net
Asset Value ('NAV') |
|
Redevelopments |
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| Notes | Total | Stabilized |
Completed |
In
Progress |
Sold |
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| Number of Properties | 57 | 31 | 2 | 2 | 22 | |||||||||||
| Net Operating income ("NOI") for the year ended December 31, 2001 | ||||||||||||||||
| Wholly-owned properties | 2 | $ | 55,024 | $ | 38,595 | $ | 878 | $ | 1,278 | $ | 14,273 | |||||
| Pro-rata
share of unconsolidated joint ventures |
2 | 2,489 | 2,489 | — | — | — | ||||||||||
| Total NOI | 57,513 | 41,084 | 878 | 1,278 | 14,273 | |||||||||||
| Less adjustments to NOI: | ||||||||||||||||
| Redevelopments in progress | (1,278 | ) | — | — | (1,278 | ) | — | |||||||||
| Properties sold | ||||||||||||||||
| – Sold during 2001 | (5,222 | ) | — | — | — | (5,222 | ) | |||||||||
| – Sold in January 2002 | 3 | (562 | ) | — | — | — | (562 | ) | ||||||||
| –Currently under contract for sale | 4 | (8,489 | ) | — | — | — | (8,489 | ) | ||||||||
| Other adjustments of NOI | 5 | 643 | (237 | ) | 880 | — | — | |||||||||
| ADJUSTED PUBLIC BASIS NOI | 6 | 42,605 | 40,847 | 1,758 | — | — | ||||||||||
| Structural reserves | 7 | (1,498 | ) | (1,460 | ) | (38 | ) | — | — | |||||||
| Imputed management fees (4%) | (2,387 | ) | (2,294 | ) | (93 | ) | — | — | ||||||||
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| PRIVATE BASIS NOI | $ | 38,720 | $ | 37,093 | $ | 1,627 | $ | — | $ | — | ||||||
| CAP RATE RANGES USED FOR VALUATION (Excluding redevelopments in progress): | 8 | |||||||||||||||
| Private Basis | 9.25 | % | 9.50 | % | 9.75 | % | 10.00 | % | 10.25 | % | ||||||
| Equivalent Public Basis | 10.18 | % | 10.45 | % | 10.73 | % | 11.00 | % | 11.28 | % | ||||||
| Gross market value of real estate (excluding redevelopments in progress) | 418,595 | 407,579 | 397,128 | 387,200 | 377,756 | |||||||||||
| Redevelopment properties | 9 | 27,215 | 27,215 | 27,215 | 27,215 | 27,215 | ||||||||||
| Value of other net assets | 10 | 67,794 | 67,794 | 67,794 | 67,794 | 67,794 | ||||||||||
| Net proceeds (net of debt) from January 2002 sale and anticipated sale of properties under contract | 3,4 | 13,150 | 13,150 | 13,150 | 13,150 | 13,150 | ||||||||||
| GROSS MARKET VALUE OF ASSETS | 526,754 | 515,738 | 505,287 | 495,359 | 485,915 | |||||||||||
| Mortgage debt - Consolidated properties (Exlcuding debt related to assets under contract) | 4 | (218,969 | ) | (218,969 | ) |
(218,969 | ) | (218,969 | ) | (218,969 | ) | |||||
| – Unconsolidated Joint Ventures | (16,725 | ) | (16,725 | ) |
(16,725 | ) | (16,725 | ) | (16,725 | ) | ||||||
| Preferred equity and Minority interest in majority owned partnerships | (4,700 | ) | (4,700 | ) |
(4,700 | ) | (4,700 | ) | (4,700 | ) | ||||||
| NET MARKET VALUE OF ASSETS (before stock buyback) | 286,360 | 275,344 | 264,893 | 254,965 | 245,521 | |||||||||||
| Cost of stock buyback (including related fees and expenses) | (33,620 | ) | (33,620 | ) | (33,620 | ) | (33,620 | ) | (33,620 | ) | ||||||
| NET MARKET VALUE OF ASSETS (after stock buyback) | 252,740 | 241,724 | 231,273 | 221,345 | 211,901 | |||||||||||
| Outstanding Common Shares and O.P. Units (after stock buyback) | 28,386,298 | 28,386,298 | 28,386,298 | 28,386,298 | 28,386,298 | |||||||||||
| NAV PER COMMON SHARE | 6 | $ 8.90 | $ 8.52 | $ 8.15 | $ 7.80 | $ 7.46 | ||||||||||
See the following page for the
notes to this schedule
6
ANNUAL SUPPLEMENTAL DISCLOSURE Net Asset Value ('NAV') |
|
Notes:
1 The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 2001. NAV is computed at the end of each year and will be updated during the year only if a material change in any determinant of NAV occurs. The computation of NAV as discussed herein is based upon the current capitalization rates for real property. These rates are subject to future changes based on market conditions, which may result in a lower or higher NAV. As of June 30, 2002, the capitalization rate range has been shifted downward by a total of 50 basis points to more accurately reflect the rates in effect as of this date.
2 NOI's exclude an aggreagate $774 of straight-line rents (net of write-offs).
3In January of 2002, the Company sold the Union Plaza for a net $4.2 million. There was no mortgage debt associated with this property.
4As of December 31, 2001, the Company had seventeen shopping centers under contract for sale, which were subject to a cross-collateralized, $42,639 securitized loan. Subsequent to year-end, the Company completed this sale. This sale was completed in April 2002.
5Represents adjustments for major anchor tenant movement during 2001.
6NAV excludes any transaction costs associated with any actual sales of the properties, other than those listed as "sold or under contract".
7Structural reserves represent a $0.20 per square foot replacement reserve for retail properties and $300 per unit reserve for residential properties.
8As of June 30, 2002, the capitalization rate range has been shifted downward by a total of 50 basis points (resulting in an increase in NAV) to more accurately reflect the rates in effect as of this date. These rates are subject to future changes.
9Redevelopment properties are valued at their current net book value.
10 Value of other net assets at December 31, 2001 were comprised of the following:
| Cash and cash equivalents | $ |
34,138 | |
| Cash in escrow | 5,246 | ||
| Rents receivable, net of allowance and unbilled (straight-line) rent of $3,862 | 3,252 | ||
| Note Receivable | 34,757 | ||
| Prepaid expenses | 2,308 | ||
| Other Assets (Less Furn. & Fixt. And other intangible) | 1,810 | ||
| Other items, primarily pro-rata share of net working capital from unconsolidated joint ventures | 345 | ||
| Accounts payable and accrued expenses | (5,349 | ) | |
| Distributions payable | (4,119 | ) | |
| Due to related parties | (107 | ) | |
| (4,487 | ) | ||
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$ |
67,794 | ||
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7
QUARTERLY SUPPLEMENTAL
DISCLOSURE |
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| Percent
of Total Equity |
Percent of Total Market Capitalization |
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| Total Common Shares Outstanding | 86.5% | 24,800,328 | 1 |
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| Common O.P. Units | 12.6% | 3,623,080 | |||
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| Combined Common Shares and O.P. Units | 28,423,408 | ||||
| Market Price at June 30, 2002 | $ | 8.15 | |||
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| Equity Capitalization – Common Shares and O.P. Units | 231,650,775 | ||||
| Preferred O.P. Units – at cost 2 | 0.9% | 2,212,000 | |||
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| Total Equity Capitalization | 100.0% | 233,862,775 | 52.5% | ||
| Debt Capitalization | 211,348,001 | 47.5% | |||
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| Total Market Capitalization | $ | 445,210,776 | 100.0% | ||
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Weighted Average Outstanding Common Shares and O.P. Units
| Common Shares |
O.P. Units | Total | ||||
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| Quarter ended June 30, 2002 | –Primary and diluted | 24,775,053 | 3,648,355 | 28,423,408 | ||
| Six months ended June 30, 2002 | –Primary and diluted | 25,571,325 | 4,011,813 | 29,583,138 | ||
| Quarter ended June 30, 2001 | –Primary and diluted | 28,089,593 | 6,264,502 | 34,354,095 | ||
| Six months ended June 30, 2001 | –Primary and diluted | 28,090,531 | 6,532,832 | 34,623,363 |
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Total
Market Capitalization as of
June 30, 2002 |
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Notes:
1As of June 30, 2002, the Company had purchased 1,928,432 shares (net of reissuance of 123,173 shares) under its Stock Repurchase Program. Also, during the first quarter of 2002, the Company completed a tender offer for a total of 5,523,974 Common Shares. Of this amount, 1,387,653 Common Shares were the result of the conversion of O.P. units into Common shares on a one-for-one basis.
2 In connection with the acquisition of the Pacesetter Park Shopping Center in 1999, the Company issued 2,212 Preferred O.P. Units which are reflected above at their stated cost of $1,000 per unit.
3 Fixed-rate debt includes $87.3 million of notional principal fixed through swap transactions and conversely, variable-rate debt excludes this amount.
8
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QUARTERLY SUPPLEMENTAL DISCLOSURE |
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| Ten Largest Institutional/Non-Retail Shareholders 1 | Common Shares Held |
Percent of Out-standing Common Shares | |||
| Shareholder | |||||
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| Yale University 2 | 8,421,759 | 34.0 | % | ||
| Stanford University | 2,133,333 | 8.6 | % | ||
| Harvard Private Capital Realty, Inc. | 2,000,000 | 8.1 | % | ||
| Rothschild Realty Investors II L.L.C. | 1,723,267 | 6.9 | % | ||
| The Vanderbilt University | 1,346,647 | 5.4 | % | ||
| Carnegie Corporation of New York | 942,653 | 3.8 | % | ||
| Yale University Retirement Plan | 403,994 | 1.6 | % | ||
| First Manhattan Capital Management | 350,205 | 1.4 | % | ||
| Barclays Global Investors | 216,399 | 0.9 | % | ||
| State Street Funds Management | 180,699 | 0.7 | % | ||
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| Total of Ten Largest Institutional Shareholders | 17,718,956 | 71.4 | % | ||
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| Total of all Institutional Shareholders | 18,821,540 | 75.9 | % | ||
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| Operating Partnership Unit Information | |||||
| Percent of Total O.P. Units |
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| Institutional O.P. Unit Holders | 1,880,950 | 51.9 | % | ||
| Employee/Director O.P. Unit Holders | 1,088,641 | 30.0 | % | ||
| Other O.P. Unit Holders | 653,489 | 18.0 | % | ||
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| Total O.P. Units | 3,623,080 | 100.0 | % | ||
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1Based on Schedule 13F filings with the U.S. Securities and Exchange Commission
2The Company and Yale University have established a voting trust whereby all shares that Yale University owns in excess of 30% of the Company’s outstanding Common Shares, will be voted in the same proportion (excluding Yale) as all other shares voted.
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QUARTERLY SUPPLEMENTAL
DISCLOSURE JUNE 30, 2002 |
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| Year-to-Date | Current Quarter | Previous Quarter | |||||||||||||||||||||||||||||||||||
| 6 months ended June 30, 2002 |
3 months ended June 30, 2002 |
3 months ended March 31, 2002 |
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| Wholly Owned | JV’s 2 | Discontinued Operations 3 |
Total | Wholly Owned | JV’s 2 | Discontinued Operations 3 |
Total | Wholly Owned | JV’s | Discontinued Operations 3 |
Total | ||||||||||||||||||||||||||
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| PROPERTY REVENUES | |||||||||||||||||||||||||||||||||||||
| Minimum rents | $ | 24,238 | $ | 1,215 | $ | 2,982 | $ | 28,435 | $ | 12,172 | $ | 613 | $ | 593 | $ | 13,378 | $ | 12,066 | $ | 602 | $ | 2,389 | $ | 15,057 | |||||||||||||
| Percentage rents | 444 | 57 | 335 | 836 | 125 | 12 | 114 | 251 | 319 | 45 | 221 | 585 | |||||||||||||||||||||||||
| Expense reimbursements | 5,568 | 416 | 632 | 6,616 | 2,877 | 207 | 165 | 3,249 | 2,691 | 209 | 467 | 3,367 | |||||||||||||||||||||||||
| Other property income | 337 | 19 | 182 | 538 | 159 | 9 | 161 | 329 | 178 | 10 | 21 | 209 | |||||||||||||||||||||||||
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| 30,587 | 1,707 | 4,131 | 36,425 | 15,333 | 841 | 1,033 | 17,207 | 15,254 | 866 | 3,098 | 19,218 | ||||||||||||||||||||||||||
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| PROPERTY EXPENSES | |||||||||||||||||||||||||||||||||||||
| Property operating | 5,403 | 185 | 799 | 6,387 | 2,629 | 87 | 211 | 2,927 | 2,774 | 98 | 588 | 3,460 | |||||||||||||||||||||||||
| Real estate taxes | 4,330 | 310 | 479 | 5,119 | 2,290 | 155 | 67 | 2,512 | 2,040 | 155 | 412 | 2,607 | |||||||||||||||||||||||||
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| 9,733 | 495 | 1,278 | 11,506 | 4,919 | 242 | 278 | 5,439 | 4,814 | 253 | 1,000 | 6,067 | ||||||||||||||||||||||||||
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| NET OPERATING INCOME – PROPERTIES | 20,854 | 1,212 | 2,853 | 24,919 | 10,414 | 599 | 755 | 11,768 | 10,440 | 613 | 2,098 | 13,151 | |||||||||||||||||||||||||
| OTHER INCOME (EXPENSE) | |||||||||||||||||||||||||||||||||||||
| General and administrative | (5,127 | ) | — | — | (5,127 | ) | (2,802 | ) | — | — | (2,802 | ) | (2,325 | ) | — | — | (2,325 | ) | |||||||||||||||||||
| Lease termination income | 3,945 | — | — | 3,945 | 145 | — | — | 145 | 3,800 | — | — | 3,800 | |||||||||||||||||||||||||
| Interest income | 935 | — | 21 | 956 | 510 | — | 7 | 517 | 425 | — | 14 | 439 | |||||||||||||||||||||||||
| Management income | 641 | — | — | 641 | 310 | — | — | 310 | 331 | — | — | 331 | |||||||||||||||||||||||||
| Other property management fees | (80 | ) | — | — | (80 | ) | (40 | ) | — | — | (40 | ) | (40 | ) | — | — | (40 | ) | |||||||||||||||||||
| Straight-line rent (net of write-offs) | 357 | (25 | ) | 3 | 335 | 79 | (9 | ) | — | 70 | 278 | (16 | ) | 3 | 265 | ||||||||||||||||||||||
| Other income | 291 | — | — | 291 | 159 | — | — | 159 | 132 | — | — | 132 | |||||||||||||||||||||||||
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| EBIDTA | 21,816 | 1,187 | 2,877 | 25,880 | 8,775 | 590 | 762 | 10,127 | 13,041 | 597 | 2,115 | 15,753 | |||||||||||||||||||||||||
| Depreciation and amortization | (7,578 | ) | (330 | ) | (1,126 | ) | (9,034 | ) | (3,833 | ) | (166 | ) | (276 | ) | (4,275 | ) | (3,745 | ) | (164 | ) | (850 | ) | (4,759 | ) | |||||||||||||
| Interest expense | (5,652 | ) | (633 | ) | (1,181 | ) | (7,466 | ) | (2,776 | ) | (318 | ) | (240 | ) | (3,334 | ) | (2,876 | ) | (315 | ) | (941 | ) | (4,132 | ) | |||||||||||||
| Impairment of real estate | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
| Gain on sale of properties | — | — | 3,362 | 3,362 | — | — | 1,987 | 1,987 | — | — | 1,375 | 1,375 | |||||||||||||||||||||||||
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| Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal | 8,586 | 224 | 3,932 | 12,742 | 2,166 | 106 | 2,233 | 4,505 | 6,420 | 118 | 1,699 | 8,237 | |||||||||||||||||||||||||
| Extraordinary item – Loss on early extinguishment of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
| Minority interest | (1,404 | ) | (31 | ) | (1,019 | ) | (2,454 | ) | (383 | ) | (14 | ) | (286 | ) | (683 | ) | (1,021 | ) | (17 | ) | (733 | ) | (1,771 | ) | |||||||||||||
| Cumulative effect of a change in accounting principal (FAS 133) | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
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| NET INCOME | $ | 7,182 | $ | 193 | $ | 2,913 | $ | 10,288 | $ | 1,783 | $ | 92 | $ | 1,947 | $ | 3,822 | $ | 5,399 | $ | 101 | $ | 966 | $ | 6,466 | |||||||||||||
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1Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's for the corresponding periods. Certain first quarter 2002 amounts have been reclassified to conform with the second quarter 2002 presentation.
2The Company currently participates in two JV's. The first is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY. During the 4th quarter of 2001, the Company entered into its second joint venture with 4 of the Company's current institutional shareholders, together committing a total of $90 million for the purposes of acquiring approximately $300 million in real estate. As of June 30, 2002, this JV was actively seeking to acquire real estate, but due to the recent formation, had not yet acquired any properties.
3Discontinued operations represent the activity related to all properties sold since January 1, 2001.
10
|
QUARTERLY SUPPLEMENTAL DISCLOSURE Statements
of Operations – Including Joint Venture Activity1 |
|
| Current Quarter 3 months |
Historic Quarter 3 months |
Current Year-to-Date 6 months |
Historic Year-to-Date 6 months |
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| Discontinued Operations 3 |
Discontinued Operations 3 |
Discontinued Operations 3 |
Discontinued Operations 3 |
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| Wholly Owned | JV’s 2 | Total | Wholly Owned | JV's | Total | Wholly Owned | JV’s 2 | Total | Wholly Owned | JV’s | Total | |||||||||||||||||||||||||||||||||||||
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| PROPERTY REVENUES | ||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum rents | $ | 12,172 | $ | 613 | $ | 593 | $ | 13,378 | $ | 11,955 | $ | 609 | $ | 4,675 | $ | 17,239 | $ | 24,238 | $ | 1,215 | $ | 2,982 | $ | 28,435 | $ | 24,057 | $ | 1,218 | $ | 9,783 | $ | 35,058 | ||||||||||||||||
| Percentage rents | 125 | 12 | 114 | 251 | 98 | — | 261 | 359 | 444 | 57 | 335 | 836 | 513 | 64 | 578 | 1,155 | ||||||||||||||||||||||||||||||||
| Expense reimbursements | 2,877 | 207 | 165 | 3,249 | 2,645 | 261 | 493 | 3,399 | 5,568 | 416 | 632 | 6,616 | 5,908 | 497 | 1,139 | 7,544 | ||||||||||||||||||||||||||||||||
| Other property income | 159 | 9 | 161 | 329 | 75 | 14 | 87 | 176 | 337 | 19 | 182 | 538 | 258 | 29 | 130 | 417 | ||||||||||||||||||||||||||||||||
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| 15,333 | 841 | 1,033 | 17,207 | 14,773 | 884 | 5,516 | 21,173 | 30,587 | 1,707 | 4,131 | 36,425 | 30,736 | 1,808 | 11,630 | 44,174 | |||||||||||||||||||||||||||||||||
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| PROPERTY EXPENSES | ||||||||||||||||||||||||||||||||||||||||||||||||
| Property operating | 2,629 | 87 | 211 | 2,927 | 2,436 | 103 | 1,204 | 3,743 | 5,403 | 185 | 799 | 6,387 | 6,187 | 228 | 2,707 | 9,122 | ||||||||||||||||||||||||||||||||
| Real estate taxes | 2,290 | 155 | 67 | 2,512 | 2,233 | 152 | 585 | 2,970 | 4,330 | 310 | 479 | 5,119 | 4,416 | 304 | 1,202 | 5,922 | ||||||||||||||||||||||||||||||||
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| 4,919 | 242 | 278 | 5,439 | 4,669 | 255 | 1,789 | 6,713 | 9,733 | 495 | 1,278 | 11,506 | 10,603 | 532 | 3,909 | 15,044 | |||||||||||||||||||||||||||||||||
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| NET OPERATING INCOME –- PROPERTIES | 10,414 | 599 | 755 | 11,768 | 10,104 | 629 | 3,727 | 14,460 | 20,854 | 1,212 | 2,853 | 24,919 | 20,133 | 1,276 | 7,721 | 29,130 | ||||||||||||||||||||||||||||||||
| OTHER INCOME (EXPENSE) | ||||||||||||||||||||||||||||||||||||||||||||||||
| General and administrative | (2,802 | ) | — | — | (2,802 | ) | (2,434 | ) | — | — | (2,434 | ) | (5,127 | ) | — | — | (5,127 | ) | (4,528 | ) | — | — | (4,528 | ) | ||||||||||||||||||||||||
| Lease termination income | 145 | — | — | 145 | — | — | — | — | 3,945 | — | — | 3,945 | — | — | — | — | ||||||||||||||||||||||||||||||||
| Interest income | 510 | — | 7 | 517 | 208 | — | 32 | 240 | 935 | — | 21 | 956 | 344 | — | 66 | 410 | ||||||||||||||||||||||||||||||||
| Management income | 310 | — | — | 310 | 144 | — | — | 144 | 641 | — | — | 641 | 250 | — | — | 250 | ||||||||||||||||||||||||||||||||
| Other property management fees | (40 | ) | — | — | (40 | ) | (35 | ) | — | — | (35 | ) | (80 | ) | — | — | (80 | ) | (74 | ) | — | — | (74 | ) | ||||||||||||||||||||||||
| Straight-line rent (net of write-offs) | 79 | (9 | ) | — | 70 | 321 | (7 | ) | 7 | 321 | 357 | (25 | ) | 3 | 335 | 549 | (10 | ) | 15 | 554 | ||||||||||||||||||||||||||||
| Other income | 159 | — | — | 159 | 17 | — | — | 17 | 291 | — | — | 291 | 17 | — | — | 17 | ||||||||||||||||||||||||||||||||
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| EBIDTA | 8,775 | 590 | 762 | 10,127 | 8,325 | 622 | 3,766 | 12,713 | 21,816 | 1,187 | 2,877 | 25,880 | 16,691 | 1,266 | 7,802 | 25,759 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | (3,833 | ) | (166 | ) | (276 | ) | (4,275 | ) | (3,562 | ) | (164 | ) | (1,374 | ) | (5,100 | ) | (7,578 | ) | (330 | ) | (1,126 | ) | (9,034 | ) | (7,082 | ) | (328 | ) | (2,818 | ) | (10,228 | ) | ||||||||||||||||
| Interest expense | (2,776 | ) | (318 | ) | (240 | ) | (3,334 | ) | (3,322 | ) | (321 | ) | (1,459 | ) | (5,102 | ) | (5,652 | ) | (633 | ) | (1,181 | ) | (7,466 | ) | (7,025 | ) | (649 | ) | (3,034 | ) | (10,708 | ) | ||||||||||||||||
| Impairment of real estate | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Gain on sale of properties | — | — | 1,987 | 1,987 | — | — | 7,035 | 7,035 | — | — | 3,362 | 3,362 | — | — | 7,035 | 7,035 | ||||||||||||||||||||||||||||||||
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| Income before extraordinary item, minority interest and cumulative effect of a change in accounting principal | 2,166 | 106 | 2,233 | 4,505 | 1,441 | 137 | 7,968 | 9,546 | 8,586 | 224 | 3,932 | 12,742 | 2,584 | 289 | 8,985 | 11,858 | ||||||||||||||||||||||||||||||||
| Extraordinary item – Loss on early extinguishment of debt | — | — | — | — | — | — | — | — | — | — | — | — | (140 | ) | — | — | (140 | ) | ||||||||||||||||||||||||||||||
| Minority interest | (383 | ) | (14 | ) | (286 | ) | (683 | ) | (251 | ) | (25 | ) | (1,470 | ) | (1,746 | ) | (1,404 | ) | (31 | ) | (1,019 | ) | (2,454 | ) | (488 | ) | (30 | ) | (1,668 | ) | (2,186 | ) | ||||||||||||||||
| Cumulative effect of a change in accounting principal (FAS 133) | — | — | — | — | — | — | — | — | — | — | — | — | (149 | ) | — | — | (149 | ) | ||||||||||||||||||||||||||||||
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| NET INCOME | $ | 1,783 | $ | 92 | $ | 1,947 | $ | 3,822 | $ | 1,190 | $ | 112 | $ | 6,498 | $ | 7,800 | $ | 7,182 | $ | 193 | $ | 2,913 | $ | 10,288 | $ | 1,807 | $ | 259 | $ | 7,317 | $ | 9,383 | ||||||||||||||||
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1Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company’s equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it’s pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q’s for the corresponding periods. Certain 2001 and first quarter 2002 amounts have been reclassified to conform with the second quarter 2002 presentaion.
2The Company currently participates in two JV’s. The first is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY. During the 4th quarter of 2001, the Company entered into its second joint venture with 4 of the Company's current institutional shareholders, together committing a total of $90 million for the purposes of acquiring approximately $300 million in real estate. As of June 30, 2002, this JV was actively seeking to acquire real estate, but due to the recent formation, had not yet acquired any properties.
3Discontinued operations represent the activity related to all properties sold since January 1, 2001.
11
|
QUARTERLY SUPPLEMENTAL
DISCLOSURE Statements
of Operations – Including Joint Venture Activity1 (in thousands) |
|
|
|
Year-to-Date 6 months |
|
Current Quarter 3 months |
|
Previous Quarter 3 months |
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| Retail | Multi-Family | Corporate | Discontinued Operations 3 |
Total | Retail | Multi-Family | Corporate | Discontinued Operations 3 |
Total | Retail | Multi-Family | Corporate | Discontinued Operations 3 |
Total | |||||||||||||||||||||||||||||||
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| PROPERTY REVENUES | |||||||||||||||||||||||||||||||||||||||||||||
| Minimum rents | $ | 22,174 | $ | 3,279 | $ | — | $ | 2,982 | $ | 28,435 | $ | 11,137 | $ | 1,648 | $ | — | $ | 593 | $ | 13,378 | $ | 11,037 | $ | 1,631 | $ | — | $ | 2,389 | $ | 15,057 | |||||||||||||||
| Percentage rents | 501 | — | — | 335 | 836 | 137 | — | — | 114 | 251 | 364 | — | 221 | 585 | |||||||||||||||||||||||||||||||
| Expense reimbursements | 5,984 | — | — | 632 | 6,616 | 3,084 | — | — | 165 | 3,249 | 2,900 | — | 467 | 3,367 | |||||||||||||||||||||||||||||||
| Other property income | 161 | 195 | — | 182 | 538 | 83 | 85 | — | 161 | 329 | 78 | 110 | — | 21 | 209 | ||||||||||||||||||||||||||||||
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| 28,820 | 3,474 | — | 4,131 | 36,425 | 14,441 | 1,733 | — | 1,033 | 17,207 | 14,379 | 1,741 | — | 3,098 | 19,218 | |||||||||||||||||||||||||||||||
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| PROPERTY EXPENSES | |||||||||||||||||||||||||||||||||||||||||||||
| Property operating | 4,106 | 1,482 | — | 799 | 6,387 | 1,910 | 806 | — | 211 | 2,927 | 2,196 | 676 | — | 588 | 3,460 | ||||||||||||||||||||||||||||||
| Real estate taxes | 4,487 | 153 | — | 479 | 5,119 | 2,369 | 76 | — | 67 | 2,512 | 2,118 | 77 | — | 412 | 2,607 | ||||||||||||||||||||||||||||||
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| 8,593 | 1,635 | — | 1,278 | 11,506 | 4,279 | 882 | — | 278 | 5,439 | 4,314 | 753 | — | 1,000 | 6,067 | |||||||||||||||||||||||||||||||
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| NET OPERATING INCOME – PROPERTIES | 20,227 | 1,839 | — | 2,853 | 24,919 | 10,162 | 851 | — | 755 | 11,768 | 10,065 | 988 | — | 2,098 | 13,151 | ||||||||||||||||||||||||||||||
| OTHER INCOME (EXPENSE) | |||||||||||||||||||||||||||||||||||||||||||||
| General and administrative | — | — | (5,127 | ) | — | (5,127 | ) | — | — | (2,802 | ) | — | (2,802 | ) | — | — | (2,325 | ) | — | (2,325 | ) | ||||||||||||||||||||||||
| Lease termination income | 3,945 | — | — | — | 3,945 | 145 | — | — | — | 145 | 3,800 | — | — | — | 3,800 | ||||||||||||||||||||||||||||||
| Interest income | 10 | — | 925 | 21 | 956 | 5 | — | 505 | 7 | 517 | 5 | — | 420 | 14 | 439 | ||||||||||||||||||||||||||||||
| Management income | — | — | 641 | — | 641 | — | — | 310 | — | 310 | — | — | 331 | — | 331 | ||||||||||||||||||||||||||||||
| Other property management fees | (38 | ) | (42 | ) | — | — | (80 | ) | (19 | ) | (21 | ) | — | — | (40 | ) | (19 | ) | (21 | ) | — | — | (40 | ) | |||||||||||||||||||||
| Straight-line rent (net of write-offs) | 332 | — | — | 3 | 335 | 70 | — | — | — | 70 | 262 | — | — | 3 | 265 | ||||||||||||||||||||||||||||||
| Other income | 209 | — | 82 | — | 291 | 159 | — | — | — | 159 | 50 | — | 82 | — | 132 | ||||||||||||||||||||||||||||||
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| EBIDTA | 24,685 | 1,797 | (3,479 | ) | 2,877 | 25,880 | 10,522 | 830 | (1,987 | ) | 762 | 10,127 | 14,163 | 967 | (1,492 | ) | 2,115 | 15,753 | |||||||||||||||||||||||||||
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| Depreciation and amortization | (7,150 | ) | (586 | ) | (172 | ) | (1,126 | ) | (9,034 | ) | (3,620 | ) | (296 | ) | (83 | ) | (276 | ) | (4,275 | ) | (3,530 | ) | (290 | ) | (89 | ) | (850 | ) | (4,759 | ) | |||||||||||||||
| Interest expense | (5,467 | ) | (818 | ) | — | (1,181 | ) | (7,466 | ) | (2,682 | ) | (412 | ) | — | (240 | ) | (3,334 | ) | (2,785 | ) | (406 | ) | — | (941 | ) | (4,132 | ) | ||||||||||||||||||
| Impairment of real estate | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Gain on sale of properties | — | — | — | 3,362 | 3,362 | — | — | — | 1,987 | 1,987 | — | — | — | 1,375 | 1,375 | ||||||||||||||||||||||||||||||
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| Income before extraordinary item, minority interest and | |||||||||||||||||||||||||||||||||||||||||||||
| cumulative effect of a change in accounting principal | 12,068 | 393 | (3,651 | ) | 3,932 | 12,742 | 4,220 | 122 | (2,070 | ) | 2,233 | 4,505 | 7,848 | 271 | (1,581 | ) | 1,699 | 8,237 | |||||||||||||||||||||||||||
| Extraordinary item – Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Minority interest | (1,871 | ) | (55 | ) | 491 | (1,019 | ) | (2,454 | ) | (647 | ) | (16 | ) | 266 | (286 | ) | (683 | ) | (1,224 | ) | (39 | ) | 225 | (733 | ) | (1,771 | ) | ||||||||||||||||||
| Cumulative effect of a change in accounting principal (FAS 133) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
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| NET INCOME | $ | 10,197 | $ | 338 | $ | (3,160 | $ | 2,913 | $ | 10,288 | $ | 3,573 | $ | 106 | $ | (1,804 | $ | 1,947 | $ | 3,822 | $ | 6,624 | $ | 232 | $ | (1,356 | ) | $ | 966 | $ | 6,466 | ||||||||||||||
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1Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company’s equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it’s pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q’s for the corresponding periods. Certain first quarter 2002 amounts have been reclassified to conform with the second quarter 2002 presentation.
2The Company currently participates in two JV’s. The first is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY. During the 4th quarter of 2001, the Company entered into its second joint venture with 4 of the Company’s current institutional shareholders, together committing a total of $90 million for the purposes of acquiring approximately $300 million in real estate. As of June 30, 2002, this JV was actively seeking to acquire real estate, but due to the recent formation, had not yet acquired any properties.
3Discontinued operations represent the activity related to all properties sold since January 1, 2001.
12
|
QUARTERLY SUPPLEMENTAL
DISCLOSURE Net
Operating Income (NOI) — Same Property Performance 1 |
|
| Current Year-to-Date | Historical Year-to-Date | ||||||
| Six months ended June 30, 2002 |
Six months ended June 30, 2001 |
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| NOI – Wholy owned properties | $ | 23,707 | $ | 27,854 | |||
| NOI – Unconsolidated partnerships | 1,212 | 1,276 | |||||
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| Total NOI | 24,919 | 29,130 | |||||
| NOI – Properties Acquired | — | — | |||||
| NOI – Redevelopment Properties | (1,450 | ) | (1,249 | ) | |||
| NOI – Properties Sold (“Discontinued Operations”) | (2,853 | ) | (7,721 | ) | |||
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| $ | 20,616 | $ | 20,160 | ||||
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|
Growth
in Same Property NOI – Continuing Operations
|
2.3 | % |
1 The above amounts includes the activity related to the Company's equity in the earnings of unconsolidated subsidiaries.
13
|
QUARTERLY SUPPLEMENTAL
DISCLOSURE |
|
| 2002 | 2001 | ||||||||||||||||||
| |
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| Year-to-Date | Current Quarter |
Previous Quarter |
Historic Year-to-Date |
Historic Quarter |
|||||||||||||||
| 6
months ended June 30, 2002 |
3
months ended June 30, 2002 |
3 months
ended March 31, 2002 |
6 months
ended June 30, 2001 |
3 months
ended June 30, 2001 |
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| Net Income (Loss) | $ | 10,288 | $ | 3,822 | $ | 6,466 | $ | 9,383 | $ | 7,800 | |||||||||
| Add back: | |||||||||||||||||||
| Depreciation of real estate and | |||||||||||||||||||
| amortization of leasing costs: | |||||||||||||||||||
| Wholly owned and consolidated subsidiaries | 8,140 | 3,801 | 4,339 | 9,397 | 4,708 | ||||||||||||||
| Unconsolidated subsidiaries | 316 | 159 | 157 | 313 | 156 | ||||||||||||||
| Income attributable to Operating Partnership units 2 | 1,704 | 588 | 1,116 | 2,054 | 1,675 | ||||||||||||||
| Gain on sale of properties 3 | (2,789 | ) | (1,987 | ) | (802 | ) | (7,035 | ) | (7,035 | ) | |||||||||
| Extraordinary item – Loss on early extinguishment of debt | — | — | — | 140 | — | ||||||||||||||
| Cumulative effect of a change in accounting principal (FAS 133) | — | — | — | 149 | — | ||||||||||||||
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||||||||||
| 17,659 | 6,383 | 11,276 | 14,401 | 7,304 | |||||||||||||||
| Less: FFO related to discontinued operations 4 | (1,724 | ) | (517 | ) | (1,207 | ) | (4,712 | ) | (2,279 | ) | |||||||||
| |
|
|
|
|
|
|
|
|
|
||||||||||
| Funds from Operations — Continuing Operations 5,6 | $ | 15,935 | $ | 5,866 | $ | 10,069 | $ | 9,689 | $ | 5,025 | |||||||||
| |
|
|
|
|
|
|
|
|
|
||||||||||
| Funds from Operations per share 5 | $ | 0.591 | 6 | $ | 0.224 | $ | 0.367 | $ | 0.416 | $ | 0.213 | ||||||||
| |
|
|
|
|
|
|
|
|
|
||||||||||
| Funds from Operations per share — Continuing operations 5 | $ | 0.533 | $ | 0.206 | $ | 0.327 | $ | 0.280 | $ | 0.146 | |||||||||
| |
|
|
|
|
|
|
|
|
|
||||||||||
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods.
2 Does not include distributions paid to Preferred O.P. unitholders.
3 First quarter 2002 amount is net of minority interest related to land sale.
4 Discontinued operations represent the activity related to all properties sold since January 1, 2001.
5 Assumes full conversion of O.P. Units into Common Shares.
6 FFO for the 6 months ended June 30, 2002 includes $3,945 ($0.13 per share) of lease termination income received during the period.
14
QUARTERLY SUPPLEMENTAL
DISCLOSURE |
|
| June 30, 2002 |
December 31, 20011 |
|||||
|
|
|
|||||
| ASSETS | ||||||
| Real estate | ||||||
| Land | $ | 57,927 | $ | 57,677 | ||
| Buildings and improvements | 357,980 | 356,023 | ||||
| Construction in progress | 10,624 | 7,126 | ||||
|
|
|
|||||
| 426,531 | 420,826 | |||||
| Less: accumulated depreciation | (85,103 | ) | (78,864 | ) | ||
|
|
|
|||||
| Net real estate | 341,428 | 341,962 | ||||
| Cash and cash equivalents | 37,116 | 33,173 | ||||
| Cash in escrow | 3,723 | 2,699 | ||||
| Investments in unconsolidated partnerships | 4,386 | 5,169 | ||||
| Rents receivable, net | 6,318 | 5,905 | ||||
| Notes Receivable | 9,903 | 34,757 | ||||
| Prepaid expenses | 1,421 | 1,683 | ||||
| Deferred charges, net | 11,848 | 11,426 | ||||
| Other assets | 2,136 | 1,859 | ||||
| Assets of discontinued operations | — | 55,306 | ||||
|
|
|
|||||
| $ | 418,279 | $ | 493,939 | |||
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Mortgage notes payable | $ | 211,348 | $ | 218,968 | ||
| Accounts payable and accrued expenses | 4,176 | 5,024 | ||||
| Dividends and distributions payable | 3,745 | 4,119 | ||||
| Due to related parties | 156 | 107 | ||||
| Deferred gain on sale of properties | 6,262 | — | ||||
| Other liabilities | 4,383 | 3,863 | ||||
| Liabilities of discontinued operations | — | 43,944 | ||||
|
|
|
|||||
| Total liabilities | 230,070 | 276,025 | ||||
|
|
|
|||||
| Minority interest in Operating Partnership | 26,534 | 37,387 | ||||
| Minority interests in majority owned partnerships | 2,042 | 1,429 | ||||
|
|
|
|||||
| Total minority interests | 28,576 | 38,816 | ||||
|
|
|
|||||
| Shareholders’ equity: | ||||||
| Common shares | 25 | 29 | ||||
| Additional paid-in capital | 167,563 | 189,378 | ||||
| Accumulated other comprehensive income | (2,705 | ) | (1,206 | ) | ||
| Deficit | (5,250 | ) | (9,103 | ) | ||
|
|
|
|||||
| Total shareholders’ equity | 159,633 | 179,098 | ||||
|
|
|
|||||
| $ | 418,279 | $ | 493,939 | |||
|
|
|
|||||
1Amounts as of December 31, 2001 have been reclassified to reflect net assets of discontinued operations following the implementation of FAS 144 effective January 1, 2002.
15
QUARTERLY SUPPLEMENTAL
DISCLOSURE |
|
| Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| 2002 | 2001 | 2002 | 2001 | ||||||||||||||
|
|
|
|
|
||||||||||||||
| Coverage Ratios 1 | |||||||||||||||||
| Interest Coverage Ratio | |||||||||||||||||
| EBIDTA 2 | $ | 9,982 | $ | 12,713 | $ | 21,935 | $ | 25,759 | |||||||||
| Divided by Interest expense | 3,334 | 5,102 | 7,466 | 10,708 | |||||||||||||
|
|
|
|
|
||||||||||||||
| 2.99 | x | 2.49 | x | 2.94 | x | 2.41 | x | ||||||||||
|
|
|
|
|
||||||||||||||
| Fixed Charge Coverage Ratio | |||||||||||||||||
| EBIDTA 2 | $ | 9,982 | $ | 12,713 | $ | 21,935 | $ | 25,759 | |||||||||
| Divided by ( Interest expense | 3,334 | 5,102 | 7,466 | 10,708 | |||||||||||||
| + Preferred Dividends 3 ) | 50 | 50 | 100 | 100 | |||||||||||||
|
|
|
|
|
||||||||||||||
| 2.95 | x | 2.47 | x | 2.90 | x | 2.38 | x | ||||||||||
| Debt Service Coverage Ratio | |||||||||||||||||
| EBIDTA 2 | $ | 9,982 | $ | 12,713 | $ | 21,935 | $ | 25,759 | |||||||||
| Divided by ( Interest expense | 3,334 | 5,102 | 7,466 | 10,708 | |||||||||||||
| + Principal Amortization) | 1,001 | 911 | 2,169 | 1,786 | |||||||||||||
|
|
|
|
|
||||||||||||||
| 2.30 | x | 2.11 | x | 2.28 | x | 2.06 | x | ||||||||||
| Payout Ratios | |||||||||||||||||
| FFO Payout Ratio – Basic and Diluted | |||||||||||||||||
| Dividends
(Shares) & Distributions (O.P. Units)
paid – $0.13 per Share/O.P. Unit per quarter in 2002, $0.12 per quarter in 2001. |
$ | 3,695 | $ | 4,094 | $ | 7,390 | $ | 8,273 | |||||||||
| FFO 2 | 6,238 | 7,304 | 13,714 | 14,401 | |||||||||||||
|
|
|
|
|
||||||||||||||
| 59 | % | 56 | % | 54 | % | 57 | % | ||||||||||
| Overhead Ratios | |||||||||||||||||
| G&A/Real Estate Revenues | |||||||||||||||||
| General and Administrative expense | $ | 2,802 | $ | 2,434 | $ | 5,127 | $ | 4,528 | |||||||||
| Real Estate Revenues | 17,207 | 21,173 | 36,425 | 44,174 | |||||||||||||
|
|
|
|
|
||||||||||||||
| 16 | % | 11 | % | 14 | % | 10 | % | ||||||||||
| Leverage Ratios | |||||||||||||||||
| Debt/Total Market Capitalization 4 | |||||||||||||||||
| Debt | $ | 211,348 | $ | 252,860 | |||||||||||||
| Total Market Capitalization | 445,211 | 493,230 | |||||||||||||||
|
|
|
||||||||||||||||
| 47 | % | 51 | % | ||||||||||||||
| Debt + Preferred Equity (Preferred O.P. Units) | $ | 213,560 | $ | 255,072 | |||||||||||||
| Total Market Capitalization | 445,211 | 493,230 | |||||||||||||||
|
|
|
||||||||||||||||
| 48 | % | 52 | % | ||||||||||||||
Notes:
1Quarterly results for 2002 and 2001 are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to the Company's investment in unconsolidated partnerships.
2 EBIDTA and FFO for the six months ended June 30, 2002 have been adjusted for non-recurring income of $3,945 representing lease termination income received during the period. Gross property revenues already exclude these amounts. The adjustments are as follows:
| Quarter ended June 30, 2002 | Six months ended June 30, 2002 | ||||||||||||
|
|
|
||||||||||||
| EBIDTA | FFO | EBIDTA | FFO | ||||||||||
| Inclusive of lease termination revenue | $ | 10,127 | $ | 6,383 | $ | 25,880 | $ | 17,659 | |||||
| Less lease termination income | (145 | ) | (145 | ) | (3,945 | ) | (3,945 | ) | |||||
|
|
|
|
|
||||||||||
| As adjusted and used above | $ | 9,982 | $ | 6,238 | $ | 21,935 | $ | 13,714 | |||||
|
|
|
|
|
||||||||||
3 Represents preferred distributions on Preferred Operating partnership Units.
4Including the Company's pro-rata share of joint venture debt, the Debt to Total Market Capitalization increases to 49% and 53% as of June 30, 2002 and 2001, respectively.
16
| QUARTERLY
SUPPLEMENTAL DISCLOSURE June 30, 2002 Debt Analysis – Wholly Owned Properties |
|
| Property | Lender |
Notes | Principal Balance at June 30, 2002 |
Interest Rate |
Rates
as of June 30, 2002 |
Maturity Date |
|||||||
|
|
|
|
|
|
|
|
|||||||
| FIXED-RATE DEBT | |
||||||||||||
| |
|||||||||||||
| Pittston Plaza | Anchor National Life Insurance Co. | $ |
3,624,065
|
7.93%
|
01/01/2004
|
||||||||
| Merrillville Plaza | Sun America Life Insurance Co. |
13,749,975
|
6.46%
|
07/01/2007
|
|||||||||
| Manahawkin K-Mart | Northern Life Insurance Co. and | ||||||||||||
| Reliastar Life Insurance Co. of New York |
4,176,576
|
7.70%
|
12/01/2008
|
||||||||||
| Crescent Plaza | Metropolitan Life Insurance Co. |
8,714,882
|
8.13%
|
11/01/2010
|
|||||||||
| East End Centre | Metropolitan Life Insurance Co. |
15,960,963
|
8.13%
|
11/01/2010
|
|||||||||
| GHT Apartments | Bank of America, N.A. |
10,968,672
|
7.55%
|
01/01/2011
|
|||||||||
| Colony Apartments | Bank of America, N.A. |
5,484,336
|
7.55%
|
01/01/2011
|
|||||||||
|
|
|
||||||||||||
| TOTAL/WEIGHTED AVERAGE – FIXED-RATE DEBT |
62,679,469
|
7.57%
|
|||||||||||
|
|
|
||||||||||||
| VARIABLE-RATE DEBT | |||||||||||||
| Village Apartments | Sun America Life Insurance Co. |
9,552,064
|
L + 205
|
4.08
|
%
|
10/01/2002
|
|||||||
| Marketplace of Absecon | Fleet Bank, N.A. | 1 |
—
|
L + 150
|
—
|
03/01/2003
|
|||||||
| Soundview Marketplace | Fleet Bank, N.A. |
8,793,185
|
L + 175
|
3.59
|
%
|
08/01/2003
|
|||||||
| Greenridge Plaza | Metropolitan Life Insurance Co. |
6,075,817
|
L + 200
|
3.92
|
%
|
11/01/2003
|
|||||||
| Luzerne Street Plaza | Metropolitan Life Insurance Co. |
1,593,657
|
L + 200
|
3.92
|
%
|
11/01/2003
|
|||||||
| Valmont Plaza | Metropolitan Life Insurance Co. |
3,087,710
|
L + 200
|
3.92
|
%
|
11/01/2003
|
|||||||
| 239 Greenwich Avenue | First Union National Bank |
13,450,285
|
L + 145
|
3.29
|
%
|
01/01/2005
|
|||||||
| Berlin Shopping Center | Washington Mutual, Inc. |
4,877,946
|
L + 175
|
3.63
|
%
|
04/01/2005
|
|||||||
| Bradford Towne Center | Washington Mutual, Inc. |
8,536,405
|
L + 175
|
3.63
|
%
|
04/01/2005
|
|||||||
| Ledgewood Mall | Washington Mutual, Inc. |
30,974,954
|
L + 175
|
3.63
|
%
|
04/01/2005
|
|||||||
| New Louden Center | Washington Mutual, Inc. |
7,316,918
|
L + 175
|
3.63
|
%
|
04/01/2005
|
|||||||
| Route 6 Plaza | Washington Mutual, Inc. |
5,853,535
|
L + 175
|
3.63
|
%
|
04/01/2005
|
|||||||
| Abington Towne Center | Fleet Bank, N.A. | 2 |
L + 175
|
3.59
|
%
|
01/01/2007
|
|||||||
| Branch Shopping Center | Fleet Bank, N.A. | 2 |
12,275,766
|
L + 175
|
3.59
|
%
|
01/01/2007
|
||||||
| Methuen Shopping Center | Fleet Bank, N.A. | 2 |
L + 175
|
3.59
|
%
|
01/01/2007
|
|||||||
| Walnut Hill Plaza | Washington Mutual, Inc. | 3 |
1,979,673
|
L + 185
|
3.73
|
%
|
01/01/2007
|
||||||
| Bloomfield Town Square | Washington Mutual, Inc. | 3 |
13,857,714
|
L + 185
|
3.73
|
%
|
01/01/2007
|
||||||
| Town Line | Fleet Bank, N.A. |
4,980,685
|
L + 175
|
3.59
|
%
|
03/15/2007
|
|||||||
| Gateway Mall | Fleet Bank, N.A. | 4 |
6,300,000
|
L + 300
|
4.84
|
%
|
05/01/2007
|
||||||
| Smithtown Shopping Center | Fleet Bank, N.A. |
9,162,218
|
L + 175
|
3.59
|
%
|
06/01/2007
|
|||||||
|
|
|
|
|||||||||||
| TOTAL/WEIGHTED AVERAGE – VARIABLE-RATE DEBT | 5 |
148,668,532
|
L + 182
|
3.70
|
%
|
||||||||
|
|
|
|
|||||||||||
| TOTAL/WEIGHTED AVERAGE – ALL DEBT | $ |
211,348,001
|
4.85
|
%
|
|||||||||
|
|
|
||||||||||||
Notes:
1 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%). All outstanding amounts were repaid during the second quarter 2001 leaving $7,400,000 available under this facility.
2 There is an additional $7,650,000 currently available under this facility which the Company is required to fully draw down prior to December 31, 2002. An additional $3,000,000 (net of a $150,000 holdback) is available through December 31, 2002 based upon additional lease-up at the collateral properties.
3 There is an additional $10,000,000 (less certain holdbacks totalling $600,000) currently available under this facility which the Company is required to fully draw down prior to December 31, 2002.
4 The initial rate of LIBOR plus 300 basis points decreases to 175 basis points upon completion of construction of this redevelopment property.
5 The Company has hedged $87,334,676 of its variable-rate debt with five variable to fixed-rate swap agreements with Fleet Bank, N.A. as follows:
| Notional principal | All-in Rate | Maturity Date | ||||||
|
|
|
|
||||||
| $ | 30,000,000 | 6.55% | 04/01/2005 | |||||
| 20,000,000 | 6.28% | 10/01/2006 | ||||||
| 15,884,594 | 6.17% | 01/01/2007 | ||||||
| 12,288,082 | 5.86% | 01/01/2007 | (Swap had an effective date of July 10, 2002) | |||||
| 9,162,000 | 6.22% | 06/01/2007 | ||||||
|
|
|
|||||||
| $ | 87,334,676 | 6.29% | ||||||
|
|
|
17
| QUARTERLY
SUPPLEMENTAL DISCLOSURE June 30, 2002 Debt Analysis - Unconsolidated Partnerships |
|
| FIXED-RATE DEBT 1 | Joint Venture Partner | Acadia
Realty Trust Ownership |
Total Principal Balance at June 30, 2002 |
Interest Rate | Maturity Date | ||||||
|
|
|
|
|
|
|
||||||
| Crossroads Shopping Center | Heyman-Greenburgh Associates LLC | 49.0% | $ | 33,860,502 | 7.15% | 10/01/2007 | |||||
| RMC Development Company LLC |
Summary – Wholly-Owned Properties and Unconsolidated Partnerships
| % of Total |
Outstanding Balance |
Weighted Avg. Int. Rate |
% of Wholly-Owned Only |
% of Wholly-Owned and Unconsolidated Combined Basis |
||||||||
|
|
|
|
|
|
||||||||
| Wholly-Owned Properties | ||||||||||||
| Fixed-Rate Debt 2 | 66% | $ | 150,014,145 | 6.82% | 71% | 73% | ||||||
| Variable-Rate Debt 2 | 27% | 61,333,856 | 3.70% | 29% | 27% | |||||||
|
|
|
|
|
|
||||||||
| Wholly-Owned Properties – Total Debt | 93% | 211,348,001 | 5.92% | 100% | 100% | |||||||
|
|
|
|
|
|
||||||||
| Unconsolidated Partnerships | |
|||||||||||
| Fixed-Rate Debt | 7% | 16,591,646 | 7.15% | |||||||||
| Variable-Rate Debt | 0% | — | 0.00% | |||||||||
|
|
|
|
||||||||||
| Unconsolidated Partnerships – Total Debt | 7% | 16,591,646 | 7.15% | |||||||||
|
|
|
|
||||||||||
| Total Debt | 100% | $ | 227,939,647 | 6.01% | ||||||||
|
|
|
|
Notes:
1 Acadia Realty Trust's 49% ownership represents $16,591,646, of which $5,000,000 is fixed at 7.53% and the remaining balance is fixed at 6.99% through interest rate swap transactions.
2 Fixed-rate debt includes $87 million of notional principal fixed through swap transactions. Conversely, variable-rate debt excludes this amount.
18
| QUARTERLY
SUPPLEMENTAL DISCLOSURE |
|
| Weighted Average Interest Rate of Maturing Debt | |||||||||||||||||||
| Year | Scheduled Amortization |
Maturities | Total | Total Debt | Fixed-Rate Debt | Variable-Rate Debt | |||||||||||||
| 2002 | $ | 1,958 | $ | 9,486 | $ | 11,444 | 4.08 | % | n/a | 4.08 | % | ||||||||
| 2003 | 3,916 | 19,070 | 22,986 | 3.77 | % | n/a | 3.77 | % | |||||||||||
| 2004 | 3,762 | 3,454 | 7,216 | 7.93 | % | 7.93 | % | n/a | |||||||||||
| 2005 | 2,836 | 67,208 | 70,044 | 3.56 | % | n/a | 3.56 | % | |||||||||||
| 2006 | 2,651 | — | 2,651 | n/a | n/a | n/a | |||||||||||||
| Thereafter | 5,002 | 92,005 | 97,007 | 5.72 | % | 7.51 | % | 3.80 | % | ||||||||||
| $ | 20,125 | $ | 191,223 | $ | 211,348 | ||||||||||||||
Capitalized interest related to the Company's development projects is as follows:
| (in thousands) | |||||
| 1st Quarter 2002 | $ | 211 | |||
| 2nd Quarter 2002 | 245 | ||||
| 3rd Quarter 2002 | — | ||||
| 4th Quarter 2002 | — | ||||
| $ | 456 | ||||
|
|
1Does not include debt from unconsolidated partnerships.
19
| QUARTERLY
SUPPLEMENTAL DISCLOSURE |
|
| Center | Location | GLA | |||||
| Blackman Plaza | Wilkes-Barre, PA | 121,206 | |||||
| Elmwood Park Shopping Center 1 | Elmwood, NJ | 106,671 | |||||
| Hobson West Plaza | Naperville, IL | 99,950 | |||||
| Mad River Station | Dayton, OH | 154,114 | |||||
| Manahawkin Shopping Center 2 | Manahawkin, NJ | 62,827 | |||||
| Mark Plaza | Edwardsville, PA | 214,021 | |||||
| Pacesetter Park Shopping Center | Ramapo, New York | 95,559 | |||||
| Plaza 422 | Lebanon, PA | 154,791 | |||||
| Total GLA of Unencumbered Properties | 1,009,139 | ||||||
| Total net operating income for the quarter ended June 30, 2002 associated with unencumbered properties 1 | $ | 1,603,000 | |||||
1 This property is currently under redevelopment and will total approximately 150,000 square feet when completed. The above NOI does not include future rents for the Pathmark supermarket currently under construction (annual supermarket rent will be $955,200).
2 Excludes the Kmart portion of the shopping center which is encumbered.
20
|
QUARTERLY SUPPLEMENTAL
DISCLOSURE |
|
| Region | Strip Mall |
Enclosed Mall |
Properties Under Redevelopment 2 |
Total Retail Properties |
Residential | Total | % by Region | ||||||||
|
|
|
|
|
|
|
|
|
||||||||
| Wholly-Owned Properties | |||||||||||||||
| New England | 870,055 | — | 15,271 | 885,326 | — | 885,326 | 12.8 | % | |||||||
| New York Region | 1,209,095 | 515,121 | 103,969 | 1,828,185 | — | 1,828,185 | 26.4 | % | |||||||
| Mid-Atlantic | 1,982,621 | — | — | 1,982,621 | 578,606 | 2,561,227 | 37.0 | % | |||||||
| Mid-west | 712,000 | — | — | 712,000 | 628,891 | 1,340,891 | 19.4 | % | |||||||
|
|
|
|
|
|
|
|
|||||||||
|
Total Wholly-Owned Properties
|
4,773,771 | 515,121 | 119,240 | 5,408,132 | 1,207,497 | 6,615,629 | 95.5 | % | |||||||
| Unconsolidated Partnerships – | |||||||||||||||
| New York Region 1 | 310,952 | — | — | 310,952 | — | 310,952 | 4.5 | % | |||||||
|
|
|
|
|
|
|
|
|||||||||
| 5,084,723 | 515,121 | 119,240 | 5,719,084 | 1,207,497 | 6,926,581 | 100.0 | % | ||||||||
|
|
|
|
|
|
|
|
1 The Company owns 49% of this property through unconsolidated partnerships.
2 The Company currently has two redevelopment projects as further described in this supplement. Upon completion these properties will total approximatly 264,000 square feet.
21
|
QUARTERLY SUPPLEMENTAL
DISCLOSURE |
|
| Gross Leasable Area | Occupancy | Annualized Base Rent | Annualized
Base Rent per Occupied Square Foot |
||||||||||||||||||||||
| |
|
|
|
||||||||||||||||||||||
| Consolidated Properties | |||||||||||||||||||||||||
| Anchors 1 | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Totals | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
| Operating Properties | |||||||||||||||||||||||||
| Mid-Atlantic | 1,419,060 | 563,561 | 1,982,621 | 90.29 | % | 74.70 | % | 85.86 | % | 5,469,891 | 3,475,120 | 8,945,011 | 4.87 | 8.26 | 5.79 | ||||||||||
| Midwest | 305,549 | 406,451 | 712,000 | 100.00 | % | 83.24 | % | 90.43 | % | 2,304,833 | 4,473,321 | 6,778,154 | 7.54 | 13.22 | 10.53 | ||||||||||
| New England | 569,773 | 300,282 | 870,055 | 100.00 | % | 93.42 | % | 97.73 | % | 4,159,738 | 2,487,109 | 6,646,847 | 8.80 | 8.87 | 8.83 | ||||||||||
| New York Region | 1,107,357 | 616,859 | 1,724,216 | 95.73 | % | 76.21 | % | 88.75 | % | 9,178,912 | 7,612,838 | 16,791,750 | 8.66 | 16.19 | 10.97 | ||||||||||
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| Total Operating Retail Properties | 3,401,739 | 1,887,153 | 5,288,892 | 94.56 | % | 80.01 | % | 89.37 | % | 21,113,374 | 18,048,388 | 39,161,762 | 7.13 | 11.95 | 8.76 | ||||||||||
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| Redevelopment Properties 2 | |||||||||||||||||||||||||
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| Total Redevelopment Properties | 26,587 | 92,653 | 119,240 | 100.00 | % | 76.95 | % | 82.09 | % | 514,665 | 1,596,214 | 2,110,879 | 19.36 | 22.39 | 21.56 | ||||||||||
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||||||||||||||
| Grand Total – Consolidated Properties | 3,428,326 | 1,979,806 | 5,408,132 | 94.60 | % | 79.87 | % | 89.21 | % | 21,628,039 | 19,644,602 | 41,272,641 | 7.24 | 12.42 | 9.03 | ||||||||||
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| Unconsolidated Properties | |||||||||||||||||||||||||
| New York Region3 | 191,269 | 119,683 | 310,952 | 92.21 | % | 94.60 | % | 93.13 | % $ | 1,609,927 | $ | 3,399,104 | $ | 5,009,031 | $ | 9.13 | $ | 30.02 | $ | 17.30 | |||||
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||||||||||||||
| Total Unconsolidated Retail Properties | 191,269 | 119,683 | 310,952 | 92.21 | % | 94.60 | % | 93.13 | % $ | 1,609,927 | $ | 3,399,104 | $ | 5,009,031 | $ | 9.13 | $ | 30.02 | $ | 17.30 | |||||
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||||||||||||||
General note – The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants.
1 Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot.
2 The Company currently has two redevelopment projects as further described in this supplement.
3 The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center.
22
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2002 |
|
| Gross Leasable Area | Occupancy | Annualized Base Rent | Annualized
Base Rent per Occupied Square Foot |
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| Consolidated Properties | Ownership % |
Percent
of base rent |
Number
of properties |
Anchors2 | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Totals | ||||||||||||||||||||||||||||
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| Operating Properties | |||||||||||||||||||||||||||||||||||||||||||
| MID-ATLANTIC | |||||||||||||||||||||||||||||||||||||||||||
| Pennsylvania | 20.5 | % | 11 | 1,419,060 | 563,561 | 1,982,621 | 90.29 | % | 74.70 | % | 85.86 | % | $5,469,891 | $3,475,120 | $8,945,011 | $ 4.87 | $ 8.26 | $ 5.79 | |||||||||||||||||||||||||
| MIDWEST | |||||||||||||||||||||||||||||||||||||||||||
| Illinois | 2.5 | % | 1 | 42,037 | 57,004 | 99,041 | 100.00 | % | 96.40 | % | 97.93 | % | 170,000 | 902,510 | 1,072,510 | 4.04 | 16.42 | 11.06 | |||||||||||||||||||||||||
| Indiana | 5.5 | % | 1 | 101,357 | 134,250 | 235,607 | 100.00 | % | 96.30 | % | 97.89 | % | 835,417 | 1,554,603 | 2,390,020 | 8.24 | 12.02 | 10.36 | |||||||||||||||||||||||||
| Michigan | 3.9 | % | 1 | 103,970 | 119,268 | 223,238 | 100.00 | % | 65.91 | % | 81.79 | % | 767,849 | 940,760 | 1,708,609 | 7.39 | 11.97 | 9.36 | |||||||||||||||||||||||||
| Ohio | 3.7 | % | 1 | 58,185 | 95,929 | 154,114 | 100.00 | % | 78.70 | % | 86.74 | % | 531,567 | 1,075,448 | 1,607,015 | 9.14 | 14.25 | 12.02 | |||||||||||||||||||||||||
| NEW ENGLAND | |||||||||||||||||||||||||||||||||||||||||||
| Connecticut | 5.6 | % | 2 | 178,799 | 44,271 | 223,070 | 100.00 | % | 100.00 | % | 100.00 | % | 1,855,165 | 599,639 | 2,454,804 | 22.76 | 13.54 | 19.52 | |||||||||||||||||||||||||
| Massachusetts | 4.8 | % | 2 | 277,882 | 71,464 | 349,346 | 100.00 | % | 97.90 | % | 99.57 | % | 1,548,849 | 541,378 | 2,090,227 | 5.57 | 7.74 | 6.01 | |||||||||||||||||||||||||
| Rhode Island | 4.8 | % | 1 | 113,092 | 184,547 | 297,639 | 100.00 | % | 90.10 | % | 93.86 | % | 755,724 | 1,346,092 | 2,101,816 | 6.68 | 8.10 | 7.52 | |||||||||||||||||||||||||
| NEW YORK REGION | |||||||||||||||||||||||||||||||||||||||||||
| New Jersey | 18.1 | % | 4 | 672,402 | 309,422 | 981,824 | 92.97 | % | 70.14 | % | 85.78 | % | 5,228,773 | 2,705,692 | 7,934,465 | 8.36 | 12.47 | 9.42 | |||||||||||||||||||||||||
| New York | 20.3 | % | 5 | 434,955 | 307,437 | 742,392 | 100.00 | % | 82.32 | % | 92.68 | % | 3,950,139 | 4,907,146 | 8,857,285 | 9.08 | 19.39 | 12.87 | |||||||||||||||||||||||||
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| Total Operating Retail Properties | 29 | 3,401,739 | 1,887,153 | 5,288,892 | 94.56 | % | 80.01 | % | 89.37 | % | 21,113,374 | 18,048,388 | 39,161,762 | 7.13 | 11.95 | 8.76 | |||||||||||||||||||||||||||
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| Redevelopment Properties 3 | |||||||||||||||||||||||||||||||||||||||||||
| Vermont | 0.4 | % | 1 | — | 15,271 | 15,271 | 0.00 | % | 72.20 | % | 72.20 | % | – | 193,286 | 193,286 | – | 17.53 | 17.53 | |||||||||||||||||||||||||
| New Jersey | 4.4 | % | 1 | 26,587 | 77,382 | 103,969 | 100.00 | % | 77.89 | % | 83.54 | % | 514,665 | 1,402,928 | 1,917,593 | 19.36 | 23.28 | 22.08 | |||||||||||||||||||||||||
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| Total Redevelopment Properties | 26,587 | 92,653 | 119,240 | 100.00 | % | 76.95 | % | 82.09 | % | 514,665 | 1,596,214 | 2,110,879 | 19.36 | 22.39 | 21.56 | ||||||||||||||||||||||||||||
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| Grand Total – Consolidated Properties | 31 | 3,428,326 | 1,979,806 | 5,408,132 | 94.60 | % | 79.87 | % | 89.21 | % | 21,628,039 | $ | 19,644,602 | $ | 41,272,641 | $ | 7.24 | $ | 12.42 | $ | 9.03 | ||||||||||||||||||||||
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| Unconsolidated Properties | |||||||||||||||||||||||||||||||||||||||||||
| New York 4 | 49 | % | 5.6 | % | 1 | 191,269 | 119,683 | 310,952 | 92.21 | % | 94.60 | % | 93.13 | % | $ | 1,609,927 | $ | 3,399,104 | $ | 5,009,031 | $ | 9.13 | $ | 30.02 | $ | 17.30 | |||||||||||||||||
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| Total Unconsolidated Retail Properties | 1 | 191,269 | 119,683 | 310,952 | 92.21 | % | 94.60 | % | 93.13 | % | $ | 1,609,927 | $ | 3,399,104 | $ | 5,009,031 | $ | 9.13 | $ | 30.02 | $ | 17.30 | |||||||||||||||||||||
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| 100.0 | % | 32 | |||||||||||||||||||||||||||||||||||||||||
General note – The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants.
1 The Company's pro-rata share of base rent from unconsolidated properties has been included for the purpose of calulating percentage of base rent by state.
2 Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot.
3 The Company currently has two redevelopment projects as further described in this supplement.
4 The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center.
23
QUARTERLY SUPPLEMENTAL
DISCLOSURE |
|
| Gross Leasable Area | Occupancy | Annualized Base Rent | Annualized
Base Rent per Occupied Square Foot |
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| Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | ||||||||||||||||||||||||||
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| Retail Properties – Consolidated | |||||||||||||||||||||||||||||||||||||
| Mid-Atlantic | |||||||||||||||||||||||||||||||||||||
| Pennsylvania | |||||||||||||||||||||||||||||||||||||
| ABINGTON TOWNE CENTER 1 | 184,616 | 31,610 | 216,226 | 100.00 | % | 83.64 | % | 97.61 | % | 256,500 | 496,016 | 752,516 | 9.50 | 18.76 | 14.08 | ||||||||||||||||||||||
| BLACKMAN PLAZA | 104,956 | 16,250 | 121,206 | 100.00 | % | 43.08 | % | 92.37 | % | 204,664 | 56,840 | 261,504 | 1.95 | 8.12 | 2.34 | ||||||||||||||||||||||
| BRADFORD TOWNE CENTRE | 146,499 | 110,220 | 256,719 | 100.00 | % | 71.69 | % | 87.85 | % | 887,469 | 515,652 | 1,403,121 | 6.06 | 6.53 | 6.22 | ||||||||||||||||||||||
| EAST END CENTER | 176,200 | 132,227 | 308,427 | 100.00 | % | 67.35 | % | 86.00 | % | 1,117,500 | 862,431 | 1,979,931 | 6.34 | 9.68 | 7.46 | ||||||||||||||||||||||
| GREENRIDGE PLAZA | 145,420 | 52,882 | 198,302 | 100.00 | % | 72.52 | % | 92.67 | % | 659,405 | 360,224 | 1,019,629 | 4.53 | 9.39 | 5.55 | ||||||||||||||||||||||
| LUZERNE STREET SHOPPING CENTER 2 | 54,618 | 3,097 | 57,715 | 100.00 | % | 0.00 | % | 94.63 | % | 272,150 | — | 272,150 | 4.98 | — | 4.98 | ||||||||||||||||||||||
| MARK PLAZA | 157,595 | 56,426 | 214,021 | 100.00 | % | 87.59 | % | 96.73 | % | 625,776 | 367,482 | 993,258 | 3.97 | 7.44 | 4.80 | ||||||||||||||||||||||
| PITTSTON PLAZA | 67,568 | 12,000 | 79,568 | 100.00 | % | 87.50 | % | 98.11 | % | 496,446 | 102,625 | 599,071 | 7.35 | 9.77 | 7.67 | ||||||||||||||||||||||
| PLAZA 422 | 124,113 | 30,678 | 154,791 | 100.00 | % | 32.60 | % | 86.64 | % | 262,030 | 63,450 | 325,480 | 2.11 | 6.34 | 2.43 | ||||||||||||||||||||||
| ROUTE 6 MALL | 119,658 | 55,824 | 175,482 | 100.00 | % | 97.31 | % | 99.14 | % | 687,951 | 366,057 | 1,054,008 | 5.75 | 6.74 | 6.06 | ||||||||||||||||||||||
| VALMONT PLAZA | 137,817 | 62,347 | 200,164 | 0.00 | % | 91.18 | % | 28.40 | % | — | 284,343 | 284,343 | — | 5.00 | 5.00 | ||||||||||||||||||||||
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| Total: Pennsylvania | 1,419,060 | 563,561 | 1,982,621 | 90.29 | % | 74.70 | % | 85.86 | % | 5,469,891 | 3,475,120 | 8,945,011 | 4.87 | 8.26 | 5.79 | ||||||||||||||||||||||
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| Total : Mid-Atlantic | 1,419,060 | 563,561 | 1,982,621 | 90.29 | % | 74.70 | % | 85.86 | % | 5,469,891 | 3,475,120 | 8,945,011 | 4.87 | 8.26 | 5.79 | ||||||||||||||||||||||
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General note – The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants.
1 Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot.
2 The Price Chopper supermarket which leases 40,618 square feet is not operating in the space, but remains obligated under the lease and continues to pay rent.
24
|
QUARTERLY SUPPLEMENTAL DISCLOSURE Retail Properties by Region - Detail Retail Properties - Consolidated Midwest |
|
Gross
Leasable Area |
Occupancy |
Annualized
Base Rent |
Annualized
Base Rent per Occupied Square Foot |
|||||||||||||||||||||||||||||||||
| Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | |||||||||||||||||||||||||
| Illinois | |
|||||||||||||||||||||||||||||||||||
| HOBSON WEST PLAZA | 42,037 | 57,004 | 99,041 | 100.00 | % | 96.40 | % | 97.93 | % | 170,000 | 902,510 | 1,072,510 | 4.04 | 16.42 | 11.06 | |||||||||||||||||||||
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| Total : Illinois | 42,037 | 57,004 | 99,041 | 100.00 | % | 96.40 | % | 97.93 | % | 170,000 | 902,510 | 1,072,510 | 4.04 | 16.42 | 11.06 | |||||||||||||||||||||
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| Indiana | ||||||||||||||||||||||||||||||||||||
| MERRILLVILLE PLAZA | 101,357 | 134,250 | 235,607 | 100.00 | % | 96.30 | % | 97.89 | % | 835,417 | 1,554,603 | 2,390,020 | 8.24 | 12.02 | 10.36 | |||||||||||||||||||||
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| Total: Indiana | 101,357 | 134,250 | 235,607 | 100.00 | % | 96.30 | % | 97.89 | % | 835,417 | 1,554,603 | 2,390,020 | 8.24 | 12.02 | 10.36 | |||||||||||||||||||||
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| Michigan | ||||||||||||||||||||||||||||||||||||
| BLOOMFIELD TOWN SQUARE | 103,970 | 119,268 | 223,238 | 100.00 | % | 65.91 | % | 81.79 | % | 767,849 | 940,760 | 1,708,609 | 7.39 | 11.97 | 9.36 | |||||||||||||||||||||
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|
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| Total: Michigan | 103,970 | 119,268 | 223,238 | 100.00 | % | 65.91 | % | 81.79 | % | 767,849 | 940,760 | 1,708,609 | 7.39 | 11.97 | 9.36 | |||||||||||||||||||||
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| Ohio | ||||||||||||||||||||||||||||||||||||
| MAD RIVER STATION 1 | 58,185 | 95,929 | 154,114 | 100.00 | % | 78.70 | % | 86.74 | % | 531,567 | 1,075,448 | 1,607,015 | 9.14 | 14.25 | 12.02 | |||||||||||||||||||||
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| Total: Ohio | 58,185 | 95,929 | 154,114 | 100.00 | % | 78.70 | % | 86.74 | % | 531,567 | 1,075,448 | 1,607,015 | 9.14 | 14.25 | 12.02 | |||||||||||||||||||||
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| Total: Midwest | 305,549 | 406,451 | 712,000 | 100.00 | % | 83.24 | % | 90.43 | % | 2,304,833 | 4,473,321 | 6,778,154 | 7.54 | 13.22 | 10.53 | |||||||||||||||||||||
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| New England | ||||||||||||||||||||||||||||||||||||
| Connecticut | ||||||||||||||||||||||||||||||||||||
| TOWN LINE PLAZA 2 | 161,965 | 44,271 | 206,236 | 100.00 | % | 100.00 | % | 100.00 | % | 730,000 | 599,639 | 1,329,639 | 11.29 | 13.54 | 12.21 | |||||||||||||||||||||
| 239 GREENWICH AVENUE 3 | 16,834 | — | 16,834 | 100.00 | % | —- | 100.00 | % | 1,125,165 | — | 1,125,165 | 66.84 | — | 66.84 | ||||||||||||||||||||||
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| Total : Connecticut | 178,799 | 44,271 | 223,070 | 100.00 | % | 100.00 | % | 100.00 | % | 1,855,165 | 599,639 | 2,454,804 | 22.76 | 13.54 | 19.52 | |||||||||||||||||||||
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| Massachusetts | ||||||||||||||||||||||||||||||||||||
| METHUEN SHOPPING CENTER | 120,004 | 10,234 | 130,238 | 100.00 | % | 100.00 | % | 100.00 | % | 736,464 | 92,308 | 828,772 | 6.14 | 9.02 | 6.36 | |||||||||||||||||||||
| CRESCENT PLAZA 4 | 157,878 | 61,230 | 219,108 | 100.00 | % | 97.55 | % | 99.32 | % | 812,385 | 449,070 | 1,261,455 | 5.15 | 7.52 | 5.80 | |||||||||||||||||||||
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|
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| Total : Massachusetts | 277,882 | 71,464 | 349,346 | 100.00 | % | 97.90 | % | 99.57 | % | 1,548,849 | 541,378 | 2,090,227 | 5.57 | 7.74 | 6.01 | |||||||||||||||||||||
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| Rhode Island | ||||||||||||||||||||||||||||||||||||
| WALNUT HILL PLAZA | 113,092 | 184,547 | 297,639 | 100.00 | % | 90.10 | % | 93.86 | % | 755,724 | 1,346,092 | 2,101,816 | 6.68 | 8.10 | 7.52 | |||||||||||||||||||||
| Total : Rhode Island | 113,092 | 184,547 | 297,639 | 100.00 | % | 90.10 | % | 93.86 | % | 755,724 | 1,346,092 | 2,101,816 | 6.68 | 8.10 | 7.52 | |||||||||||||||||||||
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| Total: New England | 569,773 | 300,282 | 870,055 | 100.00 | % | 93.42 | % | 97.73 | % | 4,159,738 | 2,487,109 | 6,646,847 | 8.80 | 8.87 | 8.83 | |||||||||||||||||||||
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General note – The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center’s GLA are considered anchor tenants.
1 The GLA for this property
includes 27,702 square feet of office space.
2 Anchor GLA includes a 97,300
square foot Wal*Mart store which is not owned by the Company. This square footage
has been adjusted out in calculating annualized base rent per square foot.
3 239 Greenwich Avenue contains
16,834 square feet of retail GLA and 21 residential units encompassing 14,434
square feet. Residential activities are not included above.
4 Home Depot, which has leased
104,640 square feet at this center, assumed this space from Bradlees during
2001 following Bradlees’ bankruptcy and liquidation. As of this date,
they have not yet opened,
however they are currently paying rent. As such, this space is currently
reflected as occupied.
25
|
QUARTERLY SUPPLEMENTAL DISCLOSURE Retail Properties by Region - Detail Retail Properties - Consolidated New York Region |
|
Annualized
Base Rent |
|||||||||||||||||||||||||||||||||||
Gross
Leasable Area |
Occupancy |
Annualized
Base Rent |
per
Occupied Square Foot |
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| |
|||||||||||||||||||||||||||||||||||
| Anchor | Shops | Total | Anchor | Shops | Total | Anchor | Shops | Total | Anchor | Shops | Total | ||||||||||||||||||||||||
| New Jersey | |||||||||||||||||||||||||||||||||||
| MARKETPLACE OF ABSECON | 58,031 | 46,266 | 104,297 | 100.00 | % | 87.65 | % | 94.52 | % | 927,574 | 587,653 | 1,515,227 | 15.98 | 14.49 | 15.37 | ||||||||||||||||||||
| BERLIN SHOPPING CENTER | 127,850 | 59,328 | 187,178 | 100.00 | % | 38.31 | % | 80.45 | % | 619,400 | 177,016 | 796,416 | 4.84 | 7.79 | 5.29 | ||||||||||||||||||||
| LEDGEWOOD MALL | 342,468 | 172,653 | 515,121 | 86.20 | % | 71.00 | % | 81.11 | % | 2,443,306 | 1,558,372 | 4,001,678 | 8.28 | 12.71 | 9.58 | ||||||||||||||||||||
| MANAHAWKIN VILLAGE SHOPPING CENTER | 144,053 | 31,175 | 175,228 | 100.00 | % | 100.00 | % | 100.00 | % | 1,238,493 | 382,651 | 1,621,144 | 8.60 | 12.27 | 9.25 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
| Total: New Jersey | 672,402 | 309,422 | 981,824 | 92.97 | % | 70.14 | % | 85.78 | % | 5,228,773 | 2,705,692 | 7,934,465 | 8.36 | 12.47 | 9.42 | ||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
| New York | |||||||||||||||||||||||||||||||||||
| SOUNDVIEW MARKETPLACE | 66,800 | 114,322 | 181,122 | 100.00 | % | 79.57 | % | 87.10 | % | 1,010,250 | 1,406,661 | 2,416,911 | 15.12 | 15.46 | 15.32 | ||||||||||||||||||||
| VILLAGE COMMONS SHOPPING CENTER | 25,192 | 61,963 | 87,155 | 100.00 | % | 97.50 | % | 98.22 | % | 416,119 | 1,496,945 | 1,913,064 | 16.52 | 24.78 | 22.35 | ||||||||||||||||||||
| BRANCH PLAZA | 63,000 | 62,640 | 125,640 | 100.00 | % | 81.26 | % | 90.66 | % | 837,240 | 1,113,326 | 1,950,566 | 13.29 | 21.87 | 17.13 | ||||||||||||||||||||
| NEW LOUDON CENTER | 227,911 | 25,200 | 253,111 | 100.00 | % | 100.00 | % | 100.00 | % | 1,369,515 | 422,490 | 1,792,005 | 6.01 | 16.77 | 7.08 | ||||||||||||||||||||
| PACESETTER PARK SHOPPING CENTER | 52,052 | 43,312 | 95,364 | 100.00 | % | 59.13 | % | 81.44 | % | 317,015 | 467,724 | 784,739 | 6.09 | 18.26 | 10.10 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
| Total: New York | 434,955 | 307,437 | 742,392 | 100.00 | % | 82.32 | % | 92.68 | % | 3,950,139 | 4,907,146 | 8,857,285 | 9.08 | 19.39 | 12.87 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
| Total: New York Region | 1,107,357 | 616,859 | 1,724,216 | 95.73 | % | 76.21 | % | 88.75 | % | 9,178,912 | 7,612,838 | 16,791,750 | 8.66 | 16.19 | 10.97 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
| Total: Retail Properties (before redevelopment properties) | 3,401,739 | 1,887,153 | 5,288,892 | 94.56 | % | 80.01 | % | 89.37 | % | $ | 21,113,374 | $ | 18,048,388 | $ | 39,161,762 | $ | 7.13 | $ | 11.95 | $ | 8.76 | ||||||||||||||
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||||||||||||||||||||||||
General note – The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants.
26
|
QUARTERLY SUPPLEMENTAL DISCLOSURE Retail Properties by
Region - Detail |
|
| Redevelopment Properties1 | |||||||||||||||||||||||||||||||||||||
| Gross Leasable Area | Occupancy | Annualized Base Rent | Annualized Base
Rent per Occupied Square Foot |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | ||||||||||||||||||||||||||
|
|
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|
||||||||||||||
| THE GATEWAY SHOPPING CENTER (Vermont)2 | — | 15,271 | 15,271 | 0.00 | % | 72.20 | % | 72.20 | % | — | 193,286 | 193,286 | — | 17.53 | 17.53 | ||||||||||||||||||||||
| ELMWOOD PARK SHOPPING CENTER (New Jersey) | 26,567 | 77,382 | 103,969 | 100.00 | % | 77.89 | % | 83.54 | % | 514,665 | 1,402,928 | 1,917,593 | 19.36 | 23.28 | 22.08 | ||||||||||||||||||||||
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|
||||||||||||||
| Total: Redevelopment Properties | 26,587 | 92,653 | 119,240 | 100.00 | % | 76.95 | % | 82.09 | % | $ | 514,665 | $ | 1,596,214 | $ | 2,110,879 | $ | 19.36 | $ | 22.39 | $ | 21.56 | ||||||||||||||||
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|
|
||||||||||||||
| Total: All Consolidated Retail Properties | 3,428,326 | 1,979,806 | 5,408,132 | 94.50 | % | 79.87 | % | 89.21 | % | $ | 21,628,039 | $ | 19,844,602 | $ | 41,272,641 | $ | 7.24 | $ | 12.42 | $ | 9.03 | ||||||||||||||||
|
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||||||||||||||
| Unconsolidated Retail Properties | |||||||||||||||||||||||||||||||||||||
| New York Region | Gross Leasable Area | Occupancy | Annualized Base Rent | Annualized Base
Rent per Occupied Square Foot |
|||||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | ||||||||||||||||||||||||||
|
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|
||||||||||||||
| New York | |||||||||||||||||||||||||||||||||||||
| CROSSROADS JOINT VENTURE 3 | 138,933 | 57,116 | 196,049 | 100.00 | % | 88.69 | % | 96.70 | % | $ | 1,070,250 | $ | 1,504,919 | $ | 2,575,169 | $ | 7.70 | $ | 29.71 | $ | 13.58 | ||||||||||||||||
| CROSSROADS II 3 | 52,336 | 62,567 | 114,903 | 71.52 | % | 100.00 | % | 87.03 | % | 539,677 | 1,894,185 | 2,433,862 | 14.42 | 30.27 | 24.34 | ||||||||||||||||||||||
|
|
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|
|
|
|
|
|
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|
|
|
|
|
|
||||||||||||||
| Total : New York | 191,269 | 119,683 | 310,952 | 92.21 | % | 94.60 | % | 93.13 | % | 1,609,927 | 3,399,104 | 5,009,031 | 9.13 | 30.02 | 17.30 | ||||||||||||||||||||||
|
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|
|
|
||||||||||||||
| Total: New York Region | 191,269 | 119,683 | 310,952 | 92.21 | % | 94.60 | % | 93.13 | % | 1,609,927 | 3,399,104 | 5,009,031 | 9.13 | 30.02 | 17.30 | ||||||||||||||||||||||
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|
||||||||||||||
| Total: Unconsolidated Retail Properties | 191,269 | 119,683 | 310,952 | 92.21 | % | 94.60 | % | 93.13 | % | $ | 1,609,927 | $ | 3,399,104 | $ | 5,009,031 | $ | 9.13 | $ | 30.02 | $ | 17.30 | ||||||||||||||||
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||||||||||||||
General note – The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants.
1 The Company currently has two redevelopment projects as further described in this supplement.
2 The Company has executed a lease agreement with Shaw's Supermarkets, Inc. for a new 72,000 square foot store to be constructed. This is not reflected in the above amounts.
3The Company has a 49% interest in these partnerships which, together, own the Crossroads Shopping Center.
27
|
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE
30, 2002 |
|
1Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after June 30, 2002
2Represents total GLA and annualized base rent for the Company's core retail properties excluding joint venture properties
3Occupancy cost = Gross rents (base rent, percentage rent and expenses reimbursements) divided by sales. Amount is left blank if the tenant is not required to report sales to the Company.
4The Company is a 49% partner in a property which is anchored by a 100,725 square foot Kmart with an annual rent of $566,250 which is not included in the above amounts as this partnership is not reported on a consolidated basis with the Company.
5The tenant is currently not operating the store at the Luzerne Street Shopping Center. They are obligated, and continue, to pay annual minimum rent of $177,650 until the lease expires in April 30, 2004
6As of June 30, 2002, Shaw's has signed an agreement to expand their premise at the Gateway Shopping Center in connection with the redevelopment of the entire center. Their former space of 31,600 square feet has been demolished, however they continue to pay an annual rental of $126,400 until the new supermarket totalling 72,000 square feet with an annual rent of $1,296,000 is completed.
7Subsidiary of JC Penney. The stores at the Route 6 Plaza and Berlin Shopping Center have ceased operating but continue to pay annual rent of $106,560 and $29,129, respectively, through January 31, 2011 and November 30, 2002, respectively, pursuant to the leases.
8The tenant is currently operating under Chapter 11 Bankruptcy and, as of June 30, 2002, had rejected the lease at the Valmont Shopping Center (rents and GLA for this lease are not included above). Ames has neither affirmed nor rejected its leases at the remaining locations.
9The Company has also signed
a lease with Pathmark (not reflected above as the tenant has not yet taken occupancy)
for 47,760 square feet at an annual rent of $955,200 at the Elmwood Shopping
Center in
connection with the redevelopment of the center.
28
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE
30, 2002 |
|
29
QUARTERLY SUPPLEMENTAL
DISCLOSURE |
|
| Property/Tenant
Name (Type of Center) |
Square Footage |
Lease Expiration |
Annual Rent |
Annual Rent PSF |
Options/Required Notice |
||||||
| THE COMPANY CONSIDERS
THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR
TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) |
|||||||||||
| Retail Anchor Properties – Consolidated | |||||||||||
| New England | |||||||||||
| Connecticut | |||||||||||
| TOWN LINE PLAZA, ROCKY HILL | |||||||||||
| WAL-MART 1 |
97,300 |
— |
$ —
|
$ —
|
REA AGREEEMENT | ||||||
| A&P SUPERFRESH |
64,665 |
03/08/2017 |
730,000 |
11.29 |
(7) 5 YEAR (6 MONTHS) | ||||||
| |
|||||||||||
| Total: TOWN LINE PLAZA |
161,965 |
730,000 |
11.29 |
||||||||
| |
|
||||||||||
| 239 GREENWICH AVE., GREENWICH | |||||||||||
| CHICO'S FASHION |
4,541 |
01/31/2010 |
$ 295,165
|
$ 65.00
|
(2) 5 YEARS | ||||||
| RESTORATION HARDWARE INC. |
12,293 |
04/30/2015 |
830,000 |
67.52 |
(2) 5 YEARS (6 MONTHS) | ||||||
| |
|
||||||||||
| Total: 239 GREENWICH AVE. |
16,834 |
1,125,165 |
66.84 |
||||||||
| |
|
||||||||||
| Massachusetts | |||||||||||
| METHUEN SHOPPING CENTER, METHUEN | |||||||||||
| DEMOULAS SUPER MARKETS |
30,460 |
01/31/2005 |
109,656 |
3.60 |
(2) 5 YEAR | ||||||
| WAL-MART |
89,544 |
10/23/2011 |
626,808 |
7.00 |
(8) 5 YEAR (6 MONTHS) | ||||||
| Total: METHUEN SHOPPING CENTER |
120,004 |
736,464 |
6.14 |
||||||||
| CRESCENT PLAZA, BROCKTON | |||||||||||
| HOME DEPOT 2 |
107,653 |
10/31/2008 |
295,425 |
2.74 |
(1) 8 YR & (2) 5 YEAR | ||||||
| SHAWS SUPERMARKETS |
50,225 |
12/31/2012 |
516,960 |
10.29 |
(6) 5 YEAR (6 MONTHS) | ||||||
| |
|
||||||||||
| Total: CRESCENT PLAZA |
157,878 |
812,385 |
5.15 |
||||||||
| |
|
||||||||||
| Rhode Island | |||||||||||
| WALNUT HILL PLAZA, WOONSOCKET | |||||||||||
| SEARS |
60,700 |
08/31/2003 |
258,000 |
4.25 |
(6) 5 YEAR (12 MONTHS) | ||||||
| SHAWS SUPERMARKETS |
52,392 |
12/31/2013 |
497,724 |
9.50 |
(6) 5 YEAR (9 MONTHS) | ||||||
| |
|
||||||||||
| Total: WALNUT HILL PLAZA |
113,092 |
755,724 |
6.68 |
||||||||
| |
|
||||||||||
| Total : New England |
569,773 |
4,159,738 |
8.80 |
||||||||
| |
|
||||||||||
| 1 This space is contiguous to the Company's property and is not owned by the Company. | |
| 2 Home Depot aquired this lease from the former Bradlees. Although they have not yet opened, they are currently paying rent pursuant to the lease. |
30
| Retail Anchor Properties – Consolidated | |||||||||||
| New York Region | |||||||||||
| New Jersey | |||||||||||
| ELMWOOD PARK SHOPPING CENTER, ELMWOOD PARK 1 | |
|
|
|
|||||||
| WALGREEN'S |
14,837 |
05/31/2022 |
435,000 |
29.32 |
(8) 5 YEAR (12 MONTHS) | ||||||
| VALLEY NATIONAL BANK |
11,750 |
05/31/2005 |
79,665 |
6.78 |
(1) 10 YEAR (10 MONTHS) | ||||||
| Total: ELMWOOD PARK SHOPPING CENTER |
26,587 |
|
514,665 |
19.36 |
|||||||
| MARKETPLACE OF ABSECON, ABSECON | |
|
|
|
|||||||
| ECKERD DRUG | 13,207 |
08/30/2020 |
329,310
|
24.93 |
(4) 5 YEAR (6 MONTHS) | ||||||
| ACME MARKETS |
44,824 |
04/30/2015 |
598,264 |
13.35 |
(8) 5 YEAR (12 MONTHS) | ||||||
| Total: MARKETPLACE OF ABSECON |
58,031 |
|
927,574 |
15.98 |
|||||||
| BERLIN SHOPPING CENTER, BERLIN | |
|
|
|
|||||||
| ACME MARKETS | 32,040 |
04/30/2005 |
320,400
|
10.00 |
(2) 5 YEAR (6 MONTHS) | ||||||
| KMART |
95,810 |
11/30/2004 |
299,000 |
3.12 |
(4) 5 YEAR (6 MONTHS) | ||||||
| Total: BERLIN SHOPPING CENTER |
127,850 |
|
619,400 |
4.84 |
|||||||
| |
|
||||||||||
| LEDGEWOOD MALL, LEDGEWOOD (Enclosed Mall) | |
|
|
|
|||||||
| CIRCUIT CITY | 33,294 |
01/31/2020 |
449,469
|
13.50 |
(4) 5 YEAR (6 MONTHS) | ||||||
| MARSHALL'S |
27,228 |
01/31/2007 |
326,736 |
12.00 |
(4) 5 YEAR (6 MONTHS) | ||||||
| THE SPORTS AUTHORITY | 52,205 |
05/31/2007 |
225,000
|
4.31 |
(6) 5 YEAR (15 MONTHS) | ||||||
| MACY'S DEPARTMENT STORE 2 |
61,900 |
01/31/2005 |
553,500 |
8.94 |
(4) 5 YEAR (6 MONTHS) | ||||||
| WAL*MART | 120,570
|
03/31/2019 |
888,601
|
7.37 |
(6) 5 YEAR (6 MONTHS) | ||||||
| |
|
||||||||||
| Total: LEDGEWOOD MALL |
295,197 |
|
2,443,306 |
8.28 |
|||||||
| MANAHAWKIN VILLAGE, MANAHAWKIN | |
|
|
|
|||||||
| KMART | 112,434
|
01/31/2019 |
843,255
|
7.50 |
(8) 5 YEAR (12 MONTHS) | ||||||
| HOYTS |
31,619 |
11/30/2018 |
395,238 |
12.50 |
(4) 5 YEAR (6 MONTHS) | ||||||
| |
|
||||||||||
| Total: MANAHAWKIN VILLAGE SHOPPING CENTER |
144,053 |
|
1,238,493 |
8.60 |
|||||||
| New York | |
|
|
|
|||||||
| SOUNDVIEW MARKETPLACE, PORT WASHINGTON | |
|
|
|
|||||||
| KING KULLEN |
41,400 |
09/26/2007 |
414,000 |
10.00 |
(3) 5 YEAR (11 MONTHS) | ||||||
| CLEARVIEW CINEMA | 25,400 |
05/31/2010 |
596,250
|
23.47 |
(4) 5 YEAR (12 MONTHS) | ||||||
| Total: SOUNDVIEW MARKETPLACE |
66,800 |
|
1,010,250 |
15.12 |
|||||||
| SMITHTOWN SHOPPING CENTER, SMITHTOWN | |
|
|
|
|||||||
| DAFFY'S | 16,125 |
05/30/2008 |
262,031
|
16.25 |
(4) 5 YEAR (12 MONTHS) | ||||||
| WALGREENS |
9,067 |
12/31/2021 |
154,088 |
16.99 |
— | ||||||
| Total: SMITHTOWN SHOPPING CENTER |
25,192 |
|
416,119 |
16.52 |
|||||||
| THE BRANCH SHOPPING CENTER, SMITHTOWN | |
|
|
|
|||||||
| PATHMARK | 63,000 |
11/30/2013 |
837,240
|
13.29 |
(1) 10 YEAR & (1) 5 YEAR | ||||||
| Total: RD BRANCH ASSOCIATES L.P. |
63,000 |
|
837,240 |
13.29 |
|||||||
| NEW LOUDON CENTER, LATHAM | |
|
|
|
|||||||
| AMES | 76,641 |
02/28/2020 |
268,244
|
3.50 |
(3) 5 YEAR (12 MONTHS) | ||||||
| CLUB PRO |
47,805 |
04/30/2006 |
236,635 |
4.95 |
(1) 5 YEAR (12 MONTHS) | ||||||
| MARSHALLS | 26,015 |
01/31/2004 |
104,060
|
4.00 |
(1) 5 YEAR (12 MONTHS) | ||||||
| PRICE CHOPPER |
77,450 |
05/31/2015 |
760,577 |
9.82 |
(4) 5 YEAR (12 MONTHS) | ||||||
| Total: NEW LOUDEN CENTER |
227,911 |
|
1,369,516 |
6.01 |
|||||||
| PACESETTER PARK SHOPPING CENTER, POMONA | |
|
|
|
|||||||
| STOP & SHOP (Ahold subsidiary) | 52,052 |
08/31/2020 |
317,015
|
6.09 |
(2) 10 YEAR | ||||||
| Total: PACESETTER PARK SHOPPING CENTER |
52,052 |
|
317,015
|
6.09 |
|||||||
| Total: New York Region |
1,086,673
|
|
9,693,578
|
8.92
|
|||||||
| 1 This is a redevelopment property. The Company has signed a lease with Pathmark (not reflected above as the tenant has not yet taken occupancy) for 48,770 square feet at this center. | |
| 2 The tenant has additional expansion space bringing the total space to 74,815 s.f. with total rents of $618,075. |
31
| Retail Anchor Properties – Consolidated | |||||||||||
| Mid-Atlantic | |||||||||||
| Pennsylvania | |||||||||||
| ABINGTON TOWNE CENTER, ABINGTON | |||||||||||
| T.J. MAXX | 27,000 | 11/30/2010 | 256,500 | 9.50 | (2) 5 YEAR (6 MONTHS) | ||||||
| TARGET 1 | 157,616 | — | — | — | CONDOMINIUM AGREEMENT | ||||||
| Total: ABINGTON TOWNE CENTER | 184,616 | 256,500 | 9.50 | ||||||||
| BLACKMAN PLAZA, WILKES-BARRE | |||||||||||
| KMART | 104,956 | 10/31/2004 | 204,664 | 1.95 | (9) 5 YEAR (12 MONTHS) | ||||||
| |
|
||||||||||
| Total: BLACKMAN PLAZA | 104,956 | 204,664 | 1.95 | ||||||||
| BRADFORD TOWNE CENTRE, TOWANDA | |||||||||||
| KMART | 94,841 | 03/31/2019 | 474,205 | 5.00 | (10) 5 YEAR (6 MONTHS) | ||||||
| PENN TRAFFIC | 51,658 | 09/30/2014 | 413,264 | 8.00 | (2) 5 YEAR (6 MONTHS) | ||||||
| Total: BRADFORD TOWNE CENTRE | 146,499 | 887,469 | 6.06 | ||||||||
| EAST END CENTER, WILKES-BARRE | |||||||||||
| AMES | 83,000 | 01/31/2007 | 436,000 | 5.25 | (6) 5 YEAR (6 MONTHS) | ||||||
| PHAR-MOR | 43,200 | 03/31/2003 | 324,000 | 7.50 | (3) 5 YEAR (6 MONTHS) | ||||||
| PRICE CHOPPER | 50,000 | 04/30/2008 | 357,500 | 7.15 | (4) 5 YEAR (6 MONTHS) | ||||||
| Total: EAST END CENTER | 176,200 | 1,117,500 | 6.34 | ||||||||
| GREENRIDGE PLAZA, SCRANTON | |||||||||||
| GIANT FOOD STORES | 62,090 | 04/30/2021 | 279,405 | 4.50 | (6) 5 YEAR (AUTO) | ||||||
| AMES | 83,330 | 01/31/2007 | 380,000 | 4.56 | (6) 5 YEAR (6 MONTHS) | ||||||
| Total: GREENRIDGE PLAZA | 145,420 | 659,405 | 4.53 | ||||||||
| LUZERNE STREET SHOPPING CENTER, SCRANTON | |||||||||||
| ECKERD DRUGS | 14,000 | 04/30/2004 | 94,500 | 6.75 | (3) 5 YEAR (6 MONTHS) | ||||||
| PRICE CHOPPER 2 | 40,618 | 04/30/2004 | 177,650 | 4.37 | (4) 5 YEAR (12 MONTHS) | ||||||
| Total: LUZERNE STREET SHOPPING CENTER | 54,618 | 272,150 | 4.98 | ||||||||
| MARK PLAZA, EDWARDSVILLE | |||||||||||
| KMART | 104,956 | 10/31/2004 | 204,664 | 1.95 | (10) 5 YEAR (12 MONTHS) | ||||||
| REDNER'S MARKET | 52,639 | 05/31/2018 | 421,112 | 8.00 | (2) 5 YEAR (6 MONTHS) | ||||||
| Total: MARK PLAZA | 157,595 | 625,776 | 3.97 | ||||||||
| PITTSTON PLAZA, PITTSTON | |||||||||||
| ECKERD DRUGS | 8,468 | 06/30/2006 | 80,446 | 9.50 | (2) 5 YEAR (6 MONTHS) | ||||||
| REDNER'S MARKETS | 59,100 | 12/31/2018 | 416,000 | 7.04 | (2) 5 YEAR | ||||||
| Total: PITTSTON PLAZA | 67,568 | 496,446 | 7.35 | ||||||||
| PLAZA 422, LEBANON | |||||||||||
| PLAYTIME INC, (Sub-leased from Giant Food Stores) | 40,783 | 09/23/2004 | 132,030 | 3.24 | (5) 5 YEAR | ||||||
| AMES | 83,330 | 10/31/2006 | 130,000 | 1.56 | (3) 5 YEAR (6 MONTHS) | ||||||
| Total: PLAZA 422 | 124,113 | 262,030 | 2.11 | ||||||||
| ROUTE 6 MALL, HONESDALE | |||||||||||
| KMART | 119,658 | 04/30/2020 | 687,951 | 5.75 | (10) 5 YEAR (AUTOMATIC) | ||||||
| Total: ROUTE 6 MALL | 119,658 | 687,951 | 5.75 | ||||||||
| VALMONT PLAZA, WEST HAZELTON | — | — | — | — | |||||||
| Total : Mid-Atlantic | 1,281,243 | 5,469,891 | 4.87 | ||||||||
| 1 Target owns the portion of the main building (157,616 square feet) that their store is located in. | |
| 2 This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease. |
32
| Retail Anchor Properties – Consolidated | |||||||||||||||||
| Midwest | |||||||||||||||||
| Illinois | |||||||||||||||||
| HOBSON WEST PLAZA, NAPERVILLE | |||||||||||||||||
| EAGLE FOOD CENTERS | 42,037 | 11/30/2007 | 170,000 | 4.04 | (5) 5 YEAR (6 MONTHS) | ||||||||||||
| Total: HOBSON WEST PLAZA | 42,037 | 170,000 | 4.04 | ||||||||||||||
| Indiana | |||||||||||||||||
| MERRILLVILLE PLAZA, MERILLVILLE | |||||||||||||||||
| JC PENNEY | 50,000 | 01/31/2008 | 450,000 | 9.00 | (2) 5 YEAR (12 MONTHS) | ||||||||||||
| OFFICEMAX | 26,157 | 07/31/2008 | 202,717 | 7.75 | (4) 5 YEAR (6 MONTHS) | ||||||||||||
| TJ MAXX | 25,200 | 01/31/2004 | 182,700 | 7.25 | (2) 5 YEAR (6 MONTHS) | ||||||||||||
| Total: MERRILLVILLE PLAZA | 101,357 | 835,417 | 8.24 | ||||||||||||||
| Michigan | |||||||||||||||||
| BLOOMFIELD TOWN SQUARE, BLOOMFIELD HILLS | |||||||||||||||||
| HOME GOODS | 39,646 | 05/31/2010 | 307,257 | 7.75 | (3) 5 YEAR | ||||||||||||
| MARSHALLS | 28,324 | 09/30/2011 | 226,592 | 8.00 | (3) 5 YEAR (6 MONTHS) | ||||||||||||
| TJ MAXX | 36,000 | 03/31/2003 | 234,000 | 6.50 | (2) 5 YEAR (6 MONTHS) | ||||||||||||
| Total: BLOOMFIELD TOWN SQUARE | 103,970 | 767,849 | 7.39 | ||||||||||||||
| Ohio | |||||||||||||||||
| MAD RIVER STATION - RETAIL, DAYTON | |||||||||||||||||
| BABIES 'R' US | 33,147 | 02/28/2005 | 243,630 | 7.35 | (3) 5 YEAR | ||||||||||||
| OFFICE DEPOT | 25,038 | 08/31/2005 | 287,936 | 11.50 | (1) 5 YEAR (6 MONTH) | ||||||||||||
| Total: MAD RIVER STATION - RETAIL SPACE | 58,185 | 531,566 | 9.14 | ||||||||||||||
| Total: Midwest | 305,549 | 2,304,832 | 7.54 | ||||||||||||||
| Total: Retail Anchor Properties – Consolidated | 3,243,238 | $ 21,628,039 | $ 7.24 | ||||||||||||||
| Unconsolidated Retail Properties | |||||||||||||||||
| New York Region | |||||||||||||||||
| New York | |||||||||||||||||
| CROSSROADS SHOPPING CENTER, WHITEPLAINS | |||||||||||||||||
| K-MART | 100,725 | 01/31/2012 | $ 566,250 | 5.62 | (5) 5 YEAR (9 MONTHS) | ||||||||||||
| WALDBAUMS | 38,208 | 12/31/2007 | 504,000 | 13.19 | (5) 5 YEAR (9 MONTHS) | ||||||||||||
| B. DALTON | 12,430 | 05/28/2012 | 345,927 | 27.83 | (2) 5 YEAR (18 MONTHS) | ||||||||||||
| MODELL'S | 25,000 | 02/28/2009 | 193,750 | 7.75 | (2) 5 YEAR (12 MONTHS) | ||||||||||||
| Total: CROSSROADS SHOPPING CENTER | 176,363 | 1,609,927 | 9.13 | ||||||||||||||
| Total: New York Region | 176,363 | 1,609,927 | 9.13 | ||||||||||||||
| Total: Unconsolidated Retail Properties | 176,363 | $ 1,609,927 | $ 9.13 | ||||||||||||||
33
|
QUARTERLY SUPPLEMENTAL DISCLOSURE |
|
| Center |
Anchor | Gross
Leased Area |
Annualized Base Rent | ||||||||||||
| Square footage |
Percent of all anchors |
Amount |
Percent of all anchors |
Average per Sq. Ft. |
|||||||||||
| 2003 |
|||||||||||||||
| East End Centre | Phar-Mor 1 | $ |
43,200
| 1.45 | % | $ | 324,000 | 1.50 | % | $ |
7.50 |
||||
| Bloomfield Town Square | T.J. Maxx | 36,000 |
1.20 | % | 234,000
|
1.08 | % | 6.50 |
|||||||
| Walnut Hill Plaza | Sears | 60,700 |
2.04 | % | 258,000
|
1.19 | % | 4.25 |
|||||||
| |
|
|
|
|
|||||||||||
| Total 2003 |
139,900 |
4.69 | % |
816,000 |
3.77 | % |
5.83 |
||||||||
| |
|
|
|
|
|||||||||||
| 2004 | |||||||||||||||
| New Louden Center | Marshalls |
26,015 |
0.87 | % |
104,060 |
0.48 | % |
4.00 |
|||||||
| Merrillville Plaza | T.J. Maxx | 25,200 |
0.84 | % | 182,700
|
0.84 | % | 7.25 |
|||||||
| Luzerne Street Shopping Center | Eckerd Drug |
14,000 |
0.47 | % |
94,500 |
0.44 | % |
6.75 |
|||||||
| Luzerne Street Shopping Center | Price Chopper 2 | 40,618 |
1.36 | % | 177,650
|
0.82 | % | 4.37 |
|||||||
| Plaza 422 | Playtime, Inc. 3 |
40,783 |
1.36 | % |
132,030 |
0.61 | % |
3.24 |
|||||||
| Blackman Plaza | K-Mart | 104,956
|
3.51 | % | 204,664
|
0.95 | % | 1.95 |
|||||||
| Mark Plaza | K-Mart |
104,956 |
3.51 | % |
204,664 |
0.95 | % |
1.95 |
|||||||
| Berlin Shopping Center | K-Mart | 95,810 |
3.22 | % | 299,000
|
1.38 | % | 3.12
|
|||||||
| |
|
|
|
|
|||||||||||
| Total 2004 |
452,338 |
15.14 | % |
1,399,268 |
6.47 | % |
3.09 |
||||||||
| |
|
|
|
|
|||||||||||
| 2005 | |||||||||||||||
| Methuen | Demoulas Supermarket |
30,460 |
1.02 | % |
109,656 |
0.51 | % |
3.60 |
|||||||
| Ledgewood | Macy's 4 | 61,900 |
2.07 | % | 553,500
|
2.55 | % | 8.94 |
|||||||
| Acadia Mad River | Babies 'R' Us |
33,147 |
1.11 | % |
243,631 |
1.13 | % |
7.35 |
|||||||
| Berlin | Acme Markets | 32,040 |
1.07 | % | 320,400
|
1.48 | % | 10.00 |
|||||||
| Elmwood | Valley National Bank |
11,750 |
0.39 | % |
79,664 |
0.37 | % |
6.78 |
|||||||
| Acadia Mad River | Office Depot | 25,038 |
0.84 | % | 287,937
|
1.33 | % | 11.50 |
|||||||
| |
|
|
|
|
|||||||||||
| Total 2005 | 194,335
|
6.50 | % | 1,594,788 |
7.37 | % | 8.21 |
||||||||
| |
|
|
|
|
|||||||||||
| Total - Next 3 Years | $ | 786,573
|
26.33 | % | $ | 3,810,056 |
17.61 | % | $ | 4.84 |
|||||
| |
|
|
|
|
|||||||||||
1 This tenant is currently operating under Chapter 11 bankruptcy.
2 This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease.
3 This space is sub-leased from Giant Food Stores.
4 The tenant has additional expansion space bringing the total space to 74,815 s.f. with total rents of $618,075.
34
QUARTERLY SUPPLEMENTAL
DISCLOSURE |
|
| Gross Leased Area | Annualized Base Rent | ||||||||||||||
| Number of Leases Expiring |
Square Footage |
Percent of Total |
Amount |
Percent of Total |
Average per Sq. Ft. |
||||||||||
| Retail Properties | |||||||||||||||
| Anchor Tenant Expirations | |||||||||||||||
| 2003 | 3 |
139,900 |
4.69 |
% |
$ | 816,000 |
3.77 |
% |
$ |
5.83 |
|||||
| 2004 | 8 |
452,338 |
15.14 |
% |
1,399,268 |
6.47 |
% |
3.09 |
|||||||
| 2005 |
6 |
194,335 |
6.50 |
% |
1,594,788 |
7.37 |
% |
8.21 |
|||||||
| 2006 | 3 |
139,603 |
4.67 |
% |
447,081 |
2.07 |
% |
3.20 |
|||||||
| 2007 |
6 |
329,200 |
11.02 |
% |
1,951,736 |
9.02 |
% |
5.93 |
|||||||
| 2008 | 5 |
249,935 |
8.36 |
% |
1,567,673 |
7.25 |
% |
6.27 |
|||||||
| 2010 |
4 |
96,587 |
3.23 |
% |
1,455,171 |
6.73 |
% |
15.07 |
|||||||
| 2011 | 2 |
117,868 |
3.94 |
% |
853,400 |
3.95 |
% |
7.24 |
|||||||
| 2012 |
1 |
50,225 |
1.68 |
% |
516,960 |
2.39 |
% |
10.29 |
|||||||
| 2013 | 2 |
115,392 |
3.86 |
% |
1,334,964 |
6.17 |
% |
11.57 |
|||||||
| 2014 |
1 |
51,658 |
1.73 |
% |
413,264 |
1.91 |
% |
8.00 |
|||||||
| 2015 | 3 |
134,567 |
4.50 |
% |
2,188,841 |
10.12 |
% |
16.27 |
|||||||
| 2017 | 1 |
64,665 |
2.16 |
% |
730,000 |
3.38 |
% |
11.29 |
|||||||
| 2018 | 3 |
143,358 |
4.80 |
% |
1,232,350 |
5.70 |
% |
8.60 |
|||||||
| 2019 |
3 |
327,845 |
10.97 |
% |
2,206,061 |
10.20 |
% |
6.73 |
|||||||
| 2020 | 5 |
294,852 |
9.87 |
% |
2,051,989 |
9.49 |
% |
6.96 |
|||||||
| 2021 |
2 |
71,157 |
2.38 |
% |
433,493 |
2.00 |
% |
6.09 |
|||||||
| 2022 | 1 |
14,837 |
0.50 |
% |
435,000 |
2.01 |
% |
29.32 |
|||||||
| Total Occupied | 59 |
2,988,322 |
100.00 |
% |
$ | 21,628,039 |
100.00 |
% |
$ | 7.24 |
|||||
| Anchor GLA Owned by Tenants | 254,916 |
|
|
|
|||||||||||
| Total Vacant | 185,088 |
|
|
|
|||||||||||
| |
|
|
|
||||||||||||
| Total Square Feet | 3,428,326 |
|
|
|
|||||||||||
| |
|
|
|
||||||||||||
35
QUARTERLY
SUPPLEMENTAL DISCLOSURE Lease Expirations |
|
| Gross Leased Area | Annualized Base Rent | ||||||||||||||
| Number of Leases Expiring |
Square Footage |
Percent of Total |
Amount |
Percent of Total |
Average per Sq. Ft. |
||||||||||
| Retail Properties | |||||||||||||||
| Shop Tenant Expirations | |||||||||||||||
| Month
to Month |
12 |
51,071 |
3.22 |
% |
$ | 662,865 |
3.37 |
% |
$ | 12.98 |
|||||
| 2002 |
17 |
47,823 |
3.02 |
% |
587,300 |
2.99 |
% |
12.28 |
|||||||
| 2003 |
58 |
158,264 |
9.98 |
% |
2,130,366 |
10.84 |
% |
13.46 |
|||||||
| 2004 |
57 |
229,391 |
14.47 |
% |
2,873,140 |
14.63 |
% |
12.53 |
|||||||
| 2005 |
51 |
251,119 |
15.84 |
% |
2,808,916 |
14.30 |
% |
11.19 |
|||||||
| 2006 |
49 |
168,833 |
10.65 |
% |
2,227,711 |
11.34 |
% |
13.19 |
|||||||
| 2007 |
38 |
175,970 |
11.10 |
% |
2,421,501 |
12.33 |
% |
13.76 |
|||||||
| 2008 |
21 |
121,132 |
7.64 |
% |
1,375,865 |
7.00 |
% |
11.36 |
|||||||
| 2009 |
23 |
116,978 |
7.38 |
% |
1,432,579 |
7.29 |
% |
12.25 |
|||||||
| 2010 |
15 |
113,134 |
7.14 |
% |
1,040,012 |
5.29 |
% |
9.19 |
|||||||
| 2011 |
18 |
86,539 |
5.46 |
% |
1,156,057 |
5.88 |
% |
13.36 |
|||||||
| 2012 |
4 |
7,022 |
0.44 |
% |
149,983 |
0.76 |
% |
21.36 |
|||||||
| 2013 |
1 |
3,922 |
0.25 |
% |
98,050 |
0.50 |
% |
25.00 |
|||||||
| 2014 |
2 |
26,472 |
1.67 |
% |
167,024 |
0.85 |
% |
6.31 |
|||||||
| 2015 |
1 |
9,592 |
0.61 |
% |
189,442 |
0.96 |
% |
19.75 |
|||||||
| 2019 |
1 |
14,887 |
0.94 |
% |
236,800 |
1.21 |
% |
15.91 |
|||||||
| 2020 |
1 |
3,000 |
0.19 |
% |
87,000 |
0.46 |
% |
29.00 |
|||||||
| Total Occupied | 369 |
1,585,149 |
100.00 |
% |
$ | 19,644,602 |
100.00 |
% |
$ | 12.42 |
|||||
| Total Vacant | |
394,657 |
|
|
|
||||||||||
| |
|
|
|
|
|||||||||||
| Total Square Feet | |
1,979,806 |
|
|
|
||||||||||
| |
|
|
|
|
|||||||||||
36
QUARTERLY
SUPPLEMENTAL DISCLOSURE Lease Expirations |
|
| Gross Leased Area | Annualized Base Rent | ||||||||||||||
| Number of Leases Expiring |
Square Footage |
Percent of Total |
Amount |
Percent of Total |
Average per Sq. Ft. |
||||||||||
| Retail Properties | |||||||||||||||
| Total Retail
Expirations |
|||||||||||||||
| Month
to Month |
12 |
51,071 |
1.12 |
% |
$ | 662,856 |
1.61 |
% |
$ | 12.98 |
|||||
| 2002 |
17 |
47,823 |
1.05 |
% |
587,300 |
1.42 |
% |
12.28 |
|||||||
| 2003 |
61 |
298,164 |
6.52 |
% |
2,946,366 |
7.14 |
% |
9.88 |
|||||||
| 2004 |
65 |
681,729 |
14.91 |
% |
4,272,408 |
10.35 |
% |
6.27 |
|||||||
| 2005 |
57 |
445,454 |
9.74 |
% |
4,403,704 |
10.67 |
% |
9.89 |
|||||||
| 2006 |
52 |
308,436 |
6.74 |
% |
2,674,792 |
6.48 |
% |
8.67 |
|||||||
| 2007 |
44 |
505,170 |
11.05 |
% |
4,373,237 |
10.60 |
% |
8.66 |
|||||||
| 2008 |
26 |
371,067 |
8.11 |
% |
2,943,538 |
7.13 |
% |
7.93 |
|||||||
| 2009 |
23 |
116,978 |
2.56 |
% |
1,432,579 |
3.47 |
% |
12.25 |
|||||||
| 2010 |
19 |
209,721 |
4.59 |
% |
2,495,183 |
6.05 |
% |
11.90 |
|||||||
| 2011 |
20 |
204,407 |
4.47 |
% |
2,009,457 |
4.87 |
% |
9.83 |
|||||||
| 2012 |
5 |
57,247 |
1.25 |
% |
666,943 |
1.62 |
% |
11.65 |
|||||||
| 2013 |
3 |
119,314 |
2.61 |
% |
1,433,014 |
3.47 |
% |
12.01 |
|||||||
| 2014 |
3 |
78,130 |
1.71 |
% |
580,288 |
1.41 |
% |
7.43 |
|||||||
| 2015 |
4 |
144,159 |
3.15 |
% |
2,378,283 |
5.76 |
% |
16.50 |
|||||||
| 2017 |
1 |
64,665 |
1.41 |
% |
730,000 |
1.77 |
% |
11.29 |
|||||||
| 2018 |
3 |
143,358 |
3.13 |
% |
1,232,350 |
2.99 |
% |
8.60 |
|||||||
| 2019 |
4 |
342,732 |
7.49 |
% |
2,442,861 |
5.92 |
% |
7.13 |
|||||||
| 2020 |
6 |
297,852 |
6.51 |
% |
2,138,989 |
5.18 |
% |
7.18 |
|||||||
| 2021 |
2 |
71,157 |
1.56 |
% |
433,493 |
1.03 |
% |
6.09 |
|||||||
| 2022 |
1 |
14,837 |
0.32 |
% |
435,000 |
1.05 |
% |
29.32 |
|||||||
| Total Occupied | 428 |
4,573,471 |
100.00 |
% |
$ | 41,272,641 |
100.00 |
% |
$ | 9.03 |
|||||
| Anchor GLA Owned by Tenants | 254,916 |
|
|
|
|||||||||||
| Total Vacant | |
579,745 |
|
|
|
||||||||||
| |
|
|
|
|
|||||||||||
| Total Square Feet | |
5,408,132 |
|
|
|
||||||||||
| |
|
|
|
|
|||||||||||
37
QUARTERLY
SUPPLEMENTAL DISCLOSURE Lease Expirations |
|
| Gross Leased Area | Annualized Base Rent | ||||||||||||||
| Number of Leases Expiring |
Square Footage |
Percent of Total |
Amount |
Percent of Total |
Average per Sq. Ft. |
||||||||||
| Unconsolidated
Property
|
|||||||||||||||
| Month to Month | 2 |
5,377 |
1.86 |
% |
$ | 178,073 |
3.56 |
% |
$ | 33.12 |
|||||
| 2002 |
4 |
5,449 |
1.88 |
% |
181,415 |
3.62 |
% |
33.29 |
|||||||
| 2003 |
5 |
20,241 |
6.99 |
% |
648,884 |
12.95 |
% |
32.06 |
|||||||
| 2004 |
7 |
30,516 |
10.54 |
% |
836,500 |
16.70 |
% |
27.41 |
|||||||
| 2005 |
5 |
16,015 |
5.53 |
% |
466,123 |
9.31 |
% |
29.11 |
|||||||
| 2006 |
3 |
7,240 |
2.50 |
% |
218,876 |
4.37 |
% |
30.23 |
|||||||
| 2007 |
5 |
52,726 |
18.21 |
% |
978,884 |
19.54 |
% |
18.57 |
|||||||
| 2008 |
3 |
10,093 |
3.49 |
% |
267,882 |
5.35 |
% |
26.54 |
|||||||
| 2009 |
2 |
26,462 |
9.14 |
% |
247,844 |
4.95 |
% |
9.37 |
|||||||
| 2011 |
1 |
2,310 |
0.80 |
% |
72,372 |
1.44 |
% |
31.33 |
|||||||
| 2012 |
2 |
113,155 |
39.06 |
% |
912,178 |
18.21 |
% |
8.06 |
|||||||
| Total Occupied | 39 |
289,584 |
100.00 |
% |
$ | 5,009,031 |
100.00 |
% |
$ | 17.30 |
|||||
| Total Vacant | |
21,368 |
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| Total Square Feet | |
310,952 |
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38
| QUARTERLY
SUPPLEMENTAL DISCLOSURE June 30, 2002 Property Demographics |
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| 3-Mile Radius | 5-Mile Radius | 10-Mile Radius | |||||||||||||||||||||||||||||||||||||
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| Port- folio Rank |
Property Market Classification |
Property |
City |
State |
Trade Area (Miles) |
Total GLA |
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| Total Pop. |
# Households ("HH") |
|
Median HH Income |
|
Avg. HH Income |
Total Pop. |
# HH |
|
Median HH Income |
|
Avg. HH Income |
Total Pop. |
# HH |
Median HH Income |
Avg. HH Income |
County |
MSA |
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| 1 | Primary | Elmwood Park Shopping Ctr. | Elmwood Park | NJ | 3 | 103,969 | 252,916 | 84,197 | $ | 44,191 | $ | 61,066 | 604,387 | 209,582 | $ | 49,412 | $ | 67,557 | — | — | — | — | Bergen | Bergen-Passaic, NJ | |||||||||||||||
| 2 | Primary | Abington Towne Center | Abington | PA | 3 | 216,226 | 90,807 | 35,613 | $ | 55,130 | $ | 74,846 | 316,914 | 123,652 | $ | 49,479 | $ | 67,255 | — | — | — | — | Bucks | Philadelphia, PA | |||||||||||||||
| 3 | Primary | Hobson West Plaza | Naperville | IL | 3 | 99,041 | 95,042 | 32,948 | $ |
82,298 | $ | 103,749 | 219,460 | 77,196 |
$ |
77,091 | $ |
96,876 | — | — | — | — | DuPage | Chicago, IL | |||||||||||||||
| 4 | Primary | Methuen Shopping Ctr. | Methuen | MA | 5 | 130,238 | 82,654 | 30,553 | $ | 37,421 | $ | 52,017 | 200,868 | 74,426 | $ | 40,606 | $ | 55,989 | — | — | — | — | Essex | Boston, MA-NH | |||||||||||||||
| 5 | Primary | Crossroads Shopping Ctr. | White Plains | NY | 3 | 310,952 | 102,957 | 39,813 | $ | 59,646 | $ | 86,839 | 199,222 | 73,477 | $ | 67,992 | $ | 102,645 | — | — | — | — | Westchester | New York, NY | |||||||||||||||
| 6 | Primary | The Branch Plaza | Smithtown | NY | 3 | 125,640 | 66,533 | 22,196 | $ | 80,908 | $ | 97,724 | 195,670 | 63,278 | $ | 74,644 | $ | 88,242 | — | — | — | — | Suffolk | Nassau-Suffolk, NY | |||||||||||||||
| 7 | Primary | Village Commons Shopping Ctr. | Smithtown | NY | 3 | 87,155 | 66,271 | 22,034 | $ | 82,794 | $ | 100,446 | 183,612 | 59,340 | $ | 76,842 | $ | 91,507 | — | — | — | — | Suffolk | Nassau-Suffolk, NY | |||||||||||||||
| 8 | Primary | Bloomfield Town Square | Bloomfield Hills | MI | 5 | 223,238 | 61,631 | 24,011 | $ | 49,857 | $ | 83,461 | 165,071 | 62,680 | $ | 56,286 | $ | 89,068 | — | — | — | — | Oakland | Detroit, MI | |||||||||||||||
| 9 | Primary | Crescent Plaza | Brockton | MA | 3 | 219,108 | 98,955 | 34,754 | $ | 39,202 | $ | 52,875 | 164,499 | 58,369 | $ | 43,599 | $ | 56,535 | — | — | — | — | Plymouth | Boston, MA-NH | |||||||||||||||
| 10 | Primary | 239 Greenwich Avenue | Greenwich | CT | 5 | 16,834 | 66,991 | 25,410 | $ | 70,619 | $ | 113,557 | 140,966 | 51,265 | $ | 65,356 | $ | 108,235 | — | — | — | — | Fairfield | New Haven-Meriden, CT | |||||||||||||||
| 11 | Primary | Soundview Marketplace | Port Washington | NY | 3 | 181,122 | 42,480 | 15,035 | $ | 88,897 | $ | 123,512 | 137,254 | 49,982 | $ | 82,830 | $ | 115,646 | — | — | — | — | Nassau | Nassau-Suffolk, NY | |||||||||||||||
| 1 | Secondary | Town Line Plaza | Rocky Hill | CT | 3 | 206,236 | 43,708 | 18,392 | $ | 60,038 | $ | 75,504 | 148,879 | 59,310 | $ | 49,080 | $ | 68,253 | — | — | — | — | Hartford | Hartford, CT | |||||||||||||||
| 2 | Secondary | New Loudon Center | Latham | NY | 5 | 253,111 | 44,153 | 17,525 | $ | 44,595 | $ | 58,526 | 146,563 | 59,410 | $ | 41,551 | $ | 54,174 | — | — | — | — | Albany | Albany-Schenectady-Troy, NY | |||||||||||||||
| 3 | Secondary | Pacesetter Park Shopping Ctr. | Pomona | NY | 3 | 95,364 | 39,938 | 13,037 | $ | 71,075 | $ | 92,040 | 134,683 | 40,424 | $ | 64,652 | $ | 84,328 | — | — | — | — | Rockland | New York, NY | |||||||||||||||
| 4 | Secondary | Mad River Station | Dayton | OH | 5 | 154,114 | 58,108 | 25,182 | $ | 50,359 | $ | 62,777 | 133,120 | 55,823 | $ | 50,541 | $ | 63,278 | — | — | — | — | Montgomery | Dayton-Springfield, OH | |||||||||||||||
| 5 | Secondary | Greenridge Plaza | Scranton | PA | 3 | 198,302 | 88,733 | 36,946 | $ | 30,723 | $ | 38,790 | 128,607 | 52,993 | $ | 32,446 | $ | 41,441 | — | — | — | — | Lackawanna | Scranton-Wilkes Barre-Hazelton, PA | |||||||||||||||
| 6 | Secondary | Mark Plaza | Edwardsville | PA | 5 | 214,021 | 90,532 | 38,714 | $ | 28,086 | $ | 38,397 | 124,503 | 52,875 | $ | 28,794 | $ | 39,583 | — | — | — | — | Luzerne | Scranton-Wilkes Barre-Hazelton, PA | |||||||||||||||
| 7 | Secondary | Luzerne Street Shopping Ctr. | Scranton | PA | 3 | 57,715 | 89,062 | 36,973 | $ | 30,970 | $ | 39,323 | 119,331 | 49,490 | $ | 31,439 | $ | 39,606 | — | — | — | — | Lackawanna | Scranton-Wilkes Barre-Hazelton, PA | |||||||||||||||
| 8 | Secondary | East End Center | Wilkes-Barre | PA | 5 | 308,427 | 52,381 | 21,864 | $ | 28,656 | $ | 39,768 | 118,978 | 50,532 | $ | 28,517 | $ | 39,139 | — | — | — | — | Luzerne | Scranton-Wilkes Barre-Hazelton, PA | |||||||||||||||
| 9 | Secondary | Blackman Plaza | Wilkes-Barre | PA | 5 | 121,206 | 62,458 | 26,393 | $ | 27,479 | $ | 37,619 | 118,011 | 50,151 | $ | 28,229 | $ | 38,259 | — | — | — | — | Luzerne | Scranton-Wilkes Barre-Hazelton, PA | |||||||||||||||
| 10 | Secondary | Walnut Hill Plaza | Woonsocket | RI | 5 | 297,639 | 59,068 | 24,020 | $ | 32,605 | $ | 44,830 | 93,988 | 36,923 | $ | 40,811 | $ | 54,959 | — | — | — | — | Providence | Providence-Fall River, RI | |||||||||||||||
| 11 | Secondary | Ledgewood Mall | Ledgewood | NJ | 5 | 515,121 | 39,321 | 14,812 | $ | 72,358 | $ | 90,603 | 92,079 | 33,550 | $ | 71,399 | $ | 89,911 | 263,597 | 94,154 | $ | 76,368 | $ | 97,665 | Morris | Newark, NJ | |||||||||||||
| 12 | Secondary | Berlin Shopping Ctr. | Berlin | NJ | 3 | 187,178 | 29,619 | 10,417 | $ | 55,284 | $ | 65,695 | 90,611 | 32,636 | $ | 54,209 | $ | 65,720 | — | — | — | — | Burlington | Philadelphia, PA, NJ | |||||||||||||||
| 13 | Secondary | Merrillville Plaza | Hobart | IN | 5 | 235,607 | 21,008 | 8,295 | $ | 56,061 | $ | 65,230 | 84,295 | 31,487 | $ | 48,370 | $ | 54,246 | 209,428 | 86,555 | $ | 29,751 | $ | 41,041 | Lake | Gary, IN | |||||||||||||
| 14 | Secondary | The Gateway Shopping Ctr. | So. Burlington | VT | 3 | 15,271 | 45,990 | 19,115 | $ | 35,139 | $ | 54,003 | 69,036 | 27,944 | $ | 37,547 | $ | 55,060 | — | — | — | — | Chittenden | Burlington, VT | |||||||||||||||
| 15 | Secondary | Marketplace of Absecon | Absecon | NJ | 3 | 104,297 | 30,343 | 10,516 | $ | 44,240 | $ | 53,982 | 68,091 | 23,902 | $ | 42,882 | $ | 54,526 | — | — | — | — | Atlantic | Atlantic City-Cape May, NJ | |||||||||||||||
| 16 | Secondary | Manahawkin Village Shopping Ctr. | Manahawkin | NJ | 5 | 175,228 | 22,922 | 7,921 | $ | 51,070 | $ | 58,910 | 37,117 | 13,677 | $ | 50,465 | $ | 58,933 | — | — | — | — | Ocean | Monmouth-Ocean, NJ | |||||||||||||||
| 1 | Tertiary | Pittston Plaza | Pittston | PA | 3 | 79,568 | 40,765 | 17,194 | $ | 28,200 | $ | 37,109 | 72,123 | 30,327 | $ | 29,150 | $ | 38,323 | — | — | — | — | Luzerne | Scranton-Wilkes Barre-Hazelton, PA | |||||||||||||||
| 2 | Tertiary | Plaza 422 | Lebanon | PA | 3 | 154,791 | 44,886 | 18,014 | $ | 31,027 | $ | 39,952 | 61,225 | 24,051 | $ | 33,664 | $ | 42,971 | — | — | — | — | Lebanon | Harrisburg-Lebanon-Carlisle, PA | |||||||||||||||
| 3 | Tertiary | Valmont Plaza | West Hazelton | PA | 3 | 200,164 | 34,785 | 14,957 | $ | 28,517 | $ | 37,736 | 47,189 | 19,865 | $ | 29,871 | $ | 40,148 | — | — | — | — | Luzerne | Scranton-Wilkes Barre-Hazelton, PA | |||||||||||||||
| 4 | Tertiary | Route 6 Plaza | Honesdale | PA | 5 | 175,482 | 8,434 | 3,520 | $ | 33,818 | $ | 42,503 | 12,078 | 4,944 | $ | 35,972 | $ | 44,544 | — | — | — | — | Wayne | N/A | |||||||||||||||
| 5 | Tertiary | Bradford Towne Centre | Towanda | PA | 10 | 256,719 | 5,417 | 2,256 | $ | 33,937 | $ | 41,666 | 8,567 | 3,463 | $ | 34,547 | $ | 42,463 | 17,148 | 6,584 | $ | 34,707 | $ | 42,850 | Bradford | N/A | |||||||||||||
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| Weighted Averages | 5,719,084 | 57,973 | 22,339 | $ | 46,746 | $ | 63,867 | 130,935 | 49,594 | $ | 48,691 | $ | 64,136 | ||||||||||||||||||||||||||
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39
| QUARTERLY
SUPPLEMENTAL DISCLOSURE June 30, 2002 Properties Under Redevelopment |
|
The Company's redevelopment program focuses on selecting well-located neighborhood and community shopping centers and creating significant value through retenanting and property redevelopment.
The Company currently has two properties under redevelopment as follows:
Elmwood Park Shopping Center – This center, located in Elmwood Park, New Jersey, is approximately ten miles west of New York City. The redevelopment consists of reanchoring, renovating and expanding the existing 125,000 square foot shopping center by 30,000 square feet. The first phase of the redevelopment is complete. It included the relocation and expansion of a Walgreen's into a 15,000 square foot state-of-the-art drugstore that includes a drive-through pharmacy. Construction is underway on the second phase, which consists of building a new 49,000 Pathmark Supermarket to replace an undersized (28,000 square feet) in-line former Grand Union supermarket. As of June 30, 2002, costs incurred on this project totaled $6.8 million (this excludes $3.8 million in reimbursements). The Company expects remaining redevelopment costs of approximately $5.1 million to complete this project. In conjunction with the supermarket rent commencement, the Operating Partnership is also obligated to issue OP Units of up to $2.8 million to the original owners who contributed the property to the Company in connection with the RDC Transaction in August 1998.
Gateway Shopping Center – The redevelopment of the Gateway Shopping Center, a partially enclosed mall located in South Burlington, Vermont, includes the demolition of 90% of the property and the construction of a new anchor supermarket. Following the bankruptcy of the former anchor Grand Union, the lease was assigned to and assumed by Shaw's supermarket. The Company has executed a new lease with Shaw’s for a new 72,000 square foot store to be constructed. This replaces the 32,000 square foot store formerly occupied by Grand Union. Total costs to date for this project (including the original acquisition of the property in 1999) were $9.4 million. The Company expects remaining redevelopment costs of approximately $8.0 million to complete this project.
40
| QUARTERLY
SUPPLEMENTAL DISCLOSURE June 30, 2002 Residential (Multi-family) Properties |
|
| % Occupied | % Occupied | |||||||||||||||
| Property | Location | Square Feet | Units | June 30, 2002 | March 31, 2002 | |||||||||||
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| Mid-Atlantic | ||||||||||||||||
| North Carolina | ||||||||||||||||
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| Village Apartments | Winston Salem | 578,606
|
600 |
82% | 82% | |||||||||||
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| Mid-West | |
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| Missouri | |
|
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| |
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| Gate House, Holiday House, Tiger Village, | Columbia | 628,891
|
874 |
91% | 94% | |||||||||||
| Colony Apartments2 |
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| Totals | 1,207,497
|
1,474
|
87% | 89% | ||||||||||||
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| 1 As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions | ||||||||||||||||
41