SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): May 18, 2001 ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 1-12002 23-2715194 (State or other (Commission (I.R.S. Employer jurisdiction of incorporation) File Number) Identification No.) 20 Soundview Marketplace Port Washington, New York 11050 (Address of principal executive offices) (Zip Code) (516) 767-8830 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report)
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. 99.1 Quarterly Supplemental Disclosure - March 31, 2001 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 March 31, 2001. 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: May 18, 2001 By: /s/ Kenneth F. Bernstein Name: Kenneth F. Bernstein Title: Chief Executive Officer and President 2
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Table of Contents Page ---- Section I - Overview Company Information 2 Quarterly Highlights 3 Portfolio Snapshot 4 Organizational Chart 5 Executive Management Team 6 Section II - Net Asset Valuation(1) Net Asset Value Summary 7 Net Asset Value Calculation 8 Section III - Financial Information Market Capitalization 9 Shareholder Information 10 Operating Statements - Including Joint Venture Activity 11 Operating Statements - by Segment (Retail & Multi-Family) 12 Net Operating Income - Same Property Performance 13 Funds from Operations 14 Page ---- Balance Sheets 15 Selected Operating Ratios 16 Debt Analysis - Wholly Owned and Unconsolidated Subsidiaries 17 Debt Maturity Schedule 19 Unencumbered Properties 20 Section IV - Portfolio information Portfolio Overview - By Region and Property Type 21 Commercial Properties by Region - Summary 22 Commercial Properties by Region - Detail 23 Top 25 Tenants 27 Anchor Tenant Summary 28 Lease Expirations 36 Residential Properties 40 Properties under Redevelopment 41 (1) The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 2000. NAV is computed at the end of each year and will be updated during the year only if a significant change in any of the determinants of NAV occurs. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Annual 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
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Company Information Acadia Realty Trust ("Acadia"), is a fully integrated and self-managed real estate investment trust focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership (the "Operating Partnership") which was 81% controlled by Acadia as of March 31, 2001. As of March 31, 2001, Acadia owns or has an ownership interest in fifty-seven properties, consisting of fifty neighborhood and community shopping centers, one enclosed mall, one mixed-use property (a retail/residential property) and five multi-family properties, all located in the Eastern and Midwestern regions of the United States. Four of the above shopping centers are currently under redevelopment. Corporate Headquarters 20 Soundview Marketplace Research Coverage Credit Suisse First Boston Port Washington, NY 11050-2221 Larry Raiman (212) 892-2380 New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com Investor Relations Jon Grisham Vice President (516) 767-7550 jgrisham@acadiarealty.com Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Highlights o FFO for the quarter ended March 31, 2001 was $7.1 million, or $0.20 per share (both basic and fully diluted), compared with $7.6 million, or $0.21 per share, for the quarter ended March 31, 2000. Net income for the first quarter 2001 was $1.6 million, or $0.06 per share, compared with $1.9 million, or $0.07 per share for first quarter 2000. o Overall portfolio occupancy (including the Company's joint venture property) increased 60 basis points to 90.3% for the first quarter 2001, compared to 89.7% for year-end 2000. o Significant leasing and redevelopment accomplishments during the quarter included Home Depot taking over 105,000 square feet which was formerly occupied by Bradlees at the Crescent Plaza located in Brockton, Massachusetts. Upon opening, Home Depot will join the existing anchors, a Shaws supermarket and CVS drugstore at the center, resulting in a 99% occupancy rate at the shopping center. o Since the inception of the program in June 1999, Acadia has repurchased a total of 1.8 million shares for $10.1 million. As previously announced, the Company is authorized to repurchase up to a total of $20 million of its currently outstanding common shares on the open market. The program may be discontinued or extended at any time and there is no assurance that the Company will purchase the full amount authorized. Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Portfolio Snapshot Dayton, OH Wilkes-Barre, PA [MAP OMITTED] Woonsocket, RI Headquarters - New York Columbia, SC Headquarters Regional Offices Retail Properties Multi -Family Properties - ------------------------------------------------- 52 retail and 5 multi-family properties Approximately 10.7 million square feet of GLA 19 Eastern and Midwestern states represented - ------------------------------------------------- Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Management Team Ross Dworman Chairman | | Kenneth F. Bernstein Chief Executive Officer and President | | | | ----------------------------------------------------------------------------------------------------------------------- | | | | | | | | Acquisitions Retail Leasing Retail Construction and | | Management Development | | | Joel Braun Timothy J. Bruce Joseph Napolitano Joseph W. Hogan Sr. VP, Acquisitions Sr. VP, Dir. of Leasing Sr. VP, Retail Mgt. Sr. VP, Dir. of Construction and Redevelopment | | | | | | | | ------------------------------------- ------------------------------------ | | | | | | | | | | | | | | | | | | | Gerard Thibodeaux Joseph Povinelli | Robert Scholem | Ronald Johnston VP, Southeast Leasing VP, Leasing | VP, Property Mgt.-- | VP, Construction | | | | | --------------------------- | | | Construction | | | | | Supervisors Richard Brock Daniel Evangelista | David Bourgery | Kathleen Covert | 2 Individuals Sr. Leasing Rep. Sr. Leasing Rep. | Regional Prop. Mgr.-- Regional Prop. Mgr.-- | | | | | | | | | | | | | | | Harry Harmon Karalynn Maurer | Peter Crumback | Julia Namutka | Leasing Rep. Leasing Rep. | Regional Prop. Mgr.-- Regional Prop. Mgr.-- | | | | | | | | | Edward Cartas | Thomas Donohue | Onsite Property Mgrs. | CAD -- Regional Prop. Mgr.-- 2 Individuals --
[RESTUBBED] ------------------------------------------------------------------------ | | | | | | | | | | | | Residential Finance and Management Legal Asset Management | | | | | | | Robert Masters Perry Kamerman | Sr. VP, General Counsel -------------------Sr. VP, Chief Financial | | | Officer | | | | | | | --------------------------------------------------------------- | | | | | | | Greg Sauter Carol Smrek | Arnold Wachsberger Maggie Hul Jon Grisham | VP, Residential Mgt. VP & Counsel | VP, Finance VP, Controller VP, Dir. of | | | | | Financial Reporting | On-site Property | | | | | Managers | | | | | Karen Yamrus Joseph Ginex Richard Hartmann | Mardi Cezveci Asst. VP, Sr. Paralegal Associate Assistant Controller | Mgmt Information | | | Systems | | | Paralegals | | 2 Individuals | | Accountants Senior Lease Admin. 4 Individuals 2 Individuals Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Executive Management Team Ross Dworman Chairman of the Board Mr. Dworman assists with long-term strategic planning for the Company. Mr. Dworman was President and Chief Executive Officer of RD Capital, Inc. from 1987 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1987, Mr. Dworman was an associate at Odyssey Partners, L.P., a hedge fund engaged in leveraged buy-outs and real estate investment, and from 1981 until 1984, he was a Financial Analyst for Salomon, Inc. Mr. Dworman received his Bachelor of Arts Degree from the University of Pennsylvania. Kenneth F. Bernstein Chief Executive Officer and Mr. Bernstein is responsible for strategic planning as well as President overseeing all day to day activities of the Company including operations, acquisitions and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD Capital, Inc. from 1990 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. In such capacity, he was responsible for overseeing the day-to-day operations of RD Capital and its management companies, Acadia Management Company LLC and Sound View Management LLC. Prior to joining RD Capital, Mr. Bernstein was an associate with the New York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his Bachelor of Arts Degree from the University of Vermont and his Juris Doctorate from Boston University School of Law. Joel Braun Senior Vice President, Mr. Braun is responsible for the sourcing and financial analysis of Acquisitions 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, Mr. Bruce joined Acadia Realty Trust in December 1998 as Senior Vice Director of Leasing 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, Most recently, Mr. Hogan served as Vice President with Kimco Realty Director of Construction 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, Mr. Kamerman oversees all the financial activities and asset management Chief Financial Officer 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, Prior to joining Acadia in December 1994, Mr. Masters was General General Counsel, Counsel for API Asset Management for over five years, Senior Vice Corporate Secretary President Deputy General Counsel for European American Bank from 1985 to 1990, and Vice President and Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received his Bachelor of Arts from the City University of New York and a J.D. from New York University Law School. Mr. Masters is also a member of the New York Bar. Joseph M. Napolitano, Senior Vice President, Mr. Napolitano is responsible for overseeing the retail property CPM Director of Retail management department for Acadia Realty Trust. Prior to joining Acadia Property Management 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). Page 1
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2000 PORTFOLIO BREAKDOWN AND NET ASSET VALUE ('NAV') ANALYSIS Private Basis Number of Composite Properties % of GLA Cap Rate Range(B) % of GAV % of NAV % of Debt ---------- -------- ---------------- -------- -------- --------- Core Retail Portfolio Stabilized 26 46% 9.50% to 10.50% 63% 65% 62% Redevelopments(C) 4 5% n/a -- n/a 7% 12% 2% ---------------------------- ------------- ------------ ----------- ----------- ----------- Total Core Portfolio 30 51% 9.50% to 10.50% 70% 77% 64% ---------------------------- ------------- ------------ ----------- ----------- ----------- Non-Core Portfolio Retail 22 30% 12.00% to 13.00% 14% 11% 16% Residential 5 19% 8.50% to 9.50% 16% 12% 20% ---------------------------- ------------- ------------ ----------- ----------- ----------- Total Non-Core Portfolio(A) 27 49% 10.00% to 11.00% 30% 23% 36% ---------------------------- ------------- ------------ ----------- ----------- ----------- Total Portfolio 57 100% 9.75% to 10.75% 100% 100% 100% ============================ ============= ============ =========== ============ ============ Equivalent Public Basis 10.76% to 11.87% ============= ============ Notes: (A) The Company's core portfolio ("Core Portfolio") is comprised of 26 stabilized and four redevelopment retail properties located in the Northeast, Midwest and Mid-Atlantic regions. The remaining 22 retail and five multi-family assets are considered non-core ("Non-Core Portfolio') and are either currently being marketed or are slated for future disposition. (B) Private capitalization rates are based on private-basis NOI's. Private-basis NOI's are equal to public-basis NOI's less: (1) straight-line rents, (2) structural reserves of $0.15 per square foot for retail properties and $300 per unit reserve for residential properties and (3) 4% imputed management fees on effective rents. The above capitalization rates are based on those currently in place and are subject to future changes. (C) Redevelopment properties (reference page 41) are valued at 110% of net book value. Reference page 8 for additional notes related to portfolio valuation. Page 1
[LOGO] ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 2000(1) Net Asset Value ('NAV') Calculation ----------------------------------- (amounts in thousands) All Notes Properties ----- ---------- Number of Properties 57 Net Operating income ("NOI") for the quarter ended December 31, 2000 ("Quarterly NOI"): Consolidated Properties (2) $ 15,476 Unconsolidated Joint Ventures (2) 686 -------- Total Quarterly NOI 16,162 Less adjustments to Quarterly NOI: (a) Current quarter disposition (926) (b) Redevelopment properties (512) (c) Other adjustments to quarterly NOI (574) -------- Adjusted quarterly NOI 14,150 x 4 -------- PUBLIC BASIS ANNUALIZED NOI (Excluding S/L rents, dispostions and redevelopments) (4,7) 56,600 Structural reserves (3) (1,872) Imputed management fees (4%) (3,447) -------- PRIVATE BASIS ANNUALIZED NOI (Excluding S/L rents, dispostions and redevelopments) $ 51,281 ======== CAP RATE RANGES USED FOR VALUATION (Excluding Redevelopments): (5) Private Basis 10.75% 9.75% Equivalent Public Basis 11.87% 10.76% ----- ----- Gross market value of real estate (excluding redevelopments) 477,033 525,959 Redevelopment properties (6) 35,000 35,000 Value of other net assets (8) 21,186 21,186 --------- --------- GROSS MARKET VALUE OF ASSETS 533,219 582,145 Mortgage debt - Consolidated properties (277,113) (277,113) - Unconsolidated Joint Ventures (16,974) (16,974) Preferred equity and Minority interest in majority owned partnerships (4,712) (4,712) --------- --------- NET MARKET VALUE OF ASSETS 234,420 283,346 Common shares and units outstanding as of December 31, 2000 34,955 34,955 --------- --------- NAV PER COMMON SHARE (4) $ 6.71 $ 8.11 ========= =========
Core Properties -------------------------- Number of Properties 26 4 Net Operating income ("NOI") for the quarter ended December 31, 2000 ("Quarterly NOI"): Stabilized Redevelopments ---------- -------------- Consolidated Properties $ 8,886 $ 512 Unconsolidated Joint Ventures 686 - --------- ----- Total Quarterly NOI 9,572 512 Less adjustments to Quarterly NOI: (a) Current quarter disposition (b) Redevelopment properties (512) (c) Other adjustments to quarterly NOI (414) - --------- ----- Adjusted quarterly NOI 9,158 - x 4 - --------- ----- PUBLIC BASIS ANNUALIZED NOI (Excluding S/L rents, dispostions and redevelopments) 36,632 - Structural reserves (722) - Imputed management fees (4%) (2,165) - --------- ----- PRIVATE BASIS ANNUALIZED NOI (Excluding S/L rents, dispostions and redevelopments) $ 33,745 $ - ========= ===== Non-Core Properties ---------------------------------------- Number of Properties 22 5 Net Operating income ("NOI") for the quarter ended December 31, 2000 ("Quarterly NOI"): Retail Residential Sold in 2000 ------ ----------- ------------ Consolidated Properties $ 2,826 $ 2,326 $ 926 Unconsolidated Joint Ventures - - - -------- ------- ------ Total Quarterly NOI 2,826 2,326 926 Less adjustments to Quarterly NOI: (a) Current quarter disposition (926) (b) Redevelopment properties (c) Other adjustments to quarterly NOI (163) 3 - -------- ------- ------ Adjusted quarterly NOI 2,663 2,329 - x 4 x 4 - -------- ------- ------ PUBLIC BASIS ANNUALIZED NOI (Excluding S/L rents, dispostions and redevelopments) 10,652 9,316 - Structural reserves (468) (682) - Imputed management fees (4%) (659) (623) - -------- ------- ------ PRIVATE BASIS ANNUALIZED NOI (Excluding S/L rents, dispostions and redevelopments) $ 9,525 $ 8,011 $ - ======= ======= ======
Notes: (1) The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 2000. NAV is computed at the end of each year and will be updated during the year only if a significant change in any determinant of NAV occurs. (2) NOI's exclude an aggreagate $321 of straight-line rents and $35 of non-recurring items. (3) Structural reserves represent a $0.15 per square foot replacement reserve for retail properties and $300 per unit reserve for residential properties. (4) The above values exclude the value of third party management contracts, anticipated profits from redevelopments and any transaction costs associated with liquidating the properties. Transaction costs associated with the disposition of non-core properties are estimated to range from $0.10 to $0.15 per share (5) The above capitalization rates are based on those currently in place and are subject to future changes. (6) Redevelopment properties (reference page 41) are valued at 110% of their net book value (7) Based upon annualization of 4th quarter NOI, adjusted downward for seasonality and certain non-recurring items. (8) Value of other net assets is comprised of the following: Cash and cash equivalents $ 22,167 Cash in escrow 5,213 Rents receivable, net of allowance and unbilled (straight-line) rent of $4,098 5,569 Prepaid expenses 2,905 Other Assets (Less Furn. & Fixt. And other intangible) 1,568 Due to related parties (111) Accounts payable and accrued expenses (7,705) Distributions payable (4,241) Other liabilities (4,179) -------- $ 21,186 ======== Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Total Market Capitalization Percent of Percent of Total Market Total Equity Capitalization ------------ -------------- Total Common Shares Outstanding 79.8% 28,011,672(1) Common O.P. Units 19.3% 6,804,144 ------------ Combined Common Shares and O.P. Units 34,815,816 Market Price as of March 31, 2001 $ 6.30 ------------ Equity Capitalization - Common Shares and O.P. Units 219,339,641 Preferred O.P. Units - at cost(2) 1.0% 2,212,000 ----- ------------ Total Equity Capitalization 100.0% 221,551,641 45.0% ===== Debt Capitalization 271,386,942 55.0% ------------ ----- Total Market Capitalization $492,938,583 100.0% ============ ===== Weighted Average Outstanding Common Shares and O.P. Units Common Shares(1) O.P. Units Total ------ ---------- ----- Quarter ended March 31, 2001 - Primary and Diluted 28,091,479 6,804,144 34,895,623 Quarter ended March 31, 2000 - Primary and Diluted 25,476,098 10,484,143 35,960,241 Notes: (1) As of March 31, 2001, the Company had purchased 1,787,542 shares (net of reissuance of 86,063 shares) under its Stock Repurchase Program (2) In connection with the acquisition of the Pacesetter Park Shopping Center in 1999, the Company issued 2,212 Preferred O.P. Units which are reflected above at their stated cost of $1,000 per unit Total Market Capitalization Variable- Rate Debt 29.7% Fixed-Rate Debt 25.3% [GRAPHIC OMITTED] Preferred O.P. Units 0.4% Common O.P. Units 8.8% Common Shares 35.8% Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Shareholder Information Twelve Largest Institutional/Non-Retail Shareholders(1) Percent of Out- Shareholder Shares Held standing Shares - --------------------------------------- ----------- --------------- Yale University 6,155,092 22.0% Rothschild Realty Investors II L.L.C. 3,266,667 11.7% Howard Hughes Medical Institute 2,266,667 8.1% The Board of Trustees of the Leland Stanford Junior University 2,133,333 7.6% Harvard Private Capital Realty, Inc. 2,000,000 7.1% The Vanderbilt University 1,346,647 4.8% TRW Master Trust 1,200,000 4.3% Carnegie Corporation of New York 942,653 3.4% Brown University 687,823 2.5% CS First Boston Inc. 419,000 1.5% Morgan Stanley Asset Management 412,700 1.5% Yale University Retirement Plan 403,994 1.4% ----------- ---- Total of Twelve Largest Institutional/Non-Retail Shareholders 21,234,576 75.8% =========== ==== Total of all Institutional/Non-Retail Shareholders 22,024,423 78.6% =========== ==== Operating Partnership Unit Information Percent of Total O.P. Units ------------------- Institutional/Non-Retail O.P. Unit Holders 4,113,048 60.4% Employee/Director O.P. Unit Holders 1,747,990 25.7% Other O.P. Unit Holders 943,106 13.9% --------- ----- Total O.P. Units 6,804,144 100.0% ========= ===== (1) Based on Schedule 13F filings with the U.S. Securities and Exchange Commission Total Share/O.P. Unit Ownership (Combined) 17% 5% 3% [GRAPHIC OMITTED] 75% [ ] Institutional/Non-Retail Share & O.P. Unit Holders [ ] Retail Shareholders [ ] Employee/Director O.P. Unitholders [ ] Other O.P. Unitholders Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Statements of Operations - Including Joint Venture Activity(1) Current Quarter (in thousands) Current Quarter Historic Quarter 3 months 3 months ended March 31, ended March 31, 2001 2000 ------------------------------------------------------------------------- Wholly Owned JV Total Wholly Owned JV Total ------------ -- ----- ------------ -- ----- PROPERTY REVENUES Minimum rents $ 17,446 $ 606 $ 18,052 $ 18,441 $ 597 $ 19,038 Percentage rents 732 64 796 751 55 806 Expense reimbursements 3,909 236 4,145 3,844 244 4,088 Other property income 230 15 245 237 17 254 -------- ------ -------- -------- ------ -------- 22,317 921 23,238 23,273 913 24,186 -------- ------ -------- -------- ------ -------- PROPERTY EXPENSES Property operating 5,293 125 5,418 5,300 74 5,374 Real estate taxes 2,800 152 2,952 2,713 149 2,862 -------- ------ -------- -------- ------ -------- 8,093 277 8,370 8,013 223 8,236 -------- ------ -------- -------- ------ -------- NET OPERATING INCOME - PROPERTIES 14,224 644 14,868 15,260 690 15,950 OTHER INCOME (EXPENSE) Property management and leasing - Home office (905) - (905) (686) - (686) General and administrative (1,189) - (1,189) (1,293) - (1,293) Interest income 166 - 166 330 - 330 Management income 106 - 106 250 - 250 Other income - - - 10 - 10 -------- ------ -------- -------- ------ -------- EBIDTA 12,402 644 13,046 13,871 690 14,561 Depreciation and amortization (4,964) (164) (5,128) (5,015) (163) (5,178) Interest expense (5,278) (328) (5,606) (6,355) (327) (6,682) -------- ------ -------- -------- ------ -------- Income before extraordinary item, minority interest and 2,160 152 2,312 2,501 200 2,701 cumulative effect of a change in accouting principal Extraordinary item - Loss on early extinguishment of debt (140) - (140) - - - Minority interest (440) - (440) (827) - (827) Cumulative effect of a change in accounting principal (FAS 133) (149) - (149) - - - -------- ------ -------- -------- ------ -------- NET INCOME $ 1,431 $ 152 $ 1,583 $ 1,674 $ 200 $ 1,874 ======== ====== ======== ======== ====== ======== (1) Quarterly results for 2001 and 2000 are unaudited. Although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Forms 10K and 10Q for the corresponding periods. Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Statements of Operations - by Segment(1) Current Quarter (in thousands) Current Quarter 3 months ended March 31, 2000 --------------------------------------------------------------- Retail Multi-Family Corporate Total ------ ------------ --------- ----- PROPERTY REVENUES Minimum rents $ 14,279 $ 3,773 $ - $ 18,052 Percentage rents 796 - - 796 Expense reimbursements 4,145 - - 4,145 Other property income 92 153 - 245 -------- ------- -------- -------- 19,312 3,926 - 23,238 -------- ------- -------- -------- PROPERTY EXPENSES Property operating 4,085 1,333 - 5,418 Real estate taxes 2,724 228 - 2,952 -------- ------- -------- -------- 6,809 1,561 - 8,370 -------- ------- -------- -------- NET OPERATING INCOME - PROPERTIES 12,503 2,365 - 14,868 OTHER INCOME (EXPENSE) Property management and leasing - Home office - - (905) (905) General and administrative - - (1,189) (1,189) Interest income - - 166 166 Management income - - 106 106 Other income - - - - -------- ------- -------- -------- EBIDTA 12,503 2,365 (1,822) 13,046 Depreciation and amortization (4,485) (547) (96) (5,128) Interest expense (4,467) (1,139) - (5,606) -------- ------- -------- -------- Income before extraordinary item, minority interest and 3,551 679 (1,918) 2,312 cumulative effect of a change in accouting principal Extraordinary item - Loss on early extinguishment of debt - - (140) (140) Minority interest in Operating Partnership - - (440) (440) Cumulative effect of a change in accounting principal (FAS 133) - - (149) (149) -------- ------- -------- -------- NET INCOME $ 3,551 $ 679 $ (2,647) $ 1,583 ======== ======= ======== ======== (1) Quarterly results for 2001 and 2000 are unaudited. Although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Forms 10K and 10Q for the corresponding periods. Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Net Operating Income (NOI) - Same Property Performance(1) (in thousands) Current Year-to-date Historical Year-to-date 3 month 3 month period ended period ended March 31, March 31, 2001 2000 ---- ---- NOI - Consolidated properties $ 14,224 $ 15,260 NOI - Unconsolidated partnerships 644 690 -------- -------- Total NOI 14,868 15,950 Less straight-line rent(2) (234) (301) NOI - Properties Acquired - - NOI - Redevelopment Properties (200) (319) NOI - Properties Sold - (1,046) -------- -------- Same Property NOI $ 14,434 $ 14,284 ======== ======== Growth in Same Property NOI 1.1% (1) The above amounts includes the activity related to the Company's equity in the earnings of unconsolidated subsidiaries. (2) Includes the Company's pro-rata share of straight-line rent of unconsolidated partnerships Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Funds from Operations (FFO)(1) (in thousands) Current Quarter Historic Quarter Quarter Ended Quarter Ended March 31, 2001 March 31, 2000 ------------------ ------------------ Net Income $ 1,583 $ 1,874 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 4,689 4,737 Unconsolidated subsidiaries 157 156 Income attributable to Operating Partnership units(2) 379 780 Extraordinary item - Loss on early extinguishment of debt 140 - Cumulative effect of a change in accounting principal (FAS 133) 149 - -------- ------- Funds from Operations(3) $ 7,097 $ 7,547 ======== ======= Funds from Operations per share(3) $ 0.20 $ 0.21 ======== ======= (1) Quarterly results for 2001 and 2000 are unaudited. Although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. (2) Does not include distributions paid to Preferred O.P. unitholders. (3) Assumes full conversion of O.P. Units into Common Shares. Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Consolidated Balance Sheets (in thousands) March 31, December 31, 2001 2000 ---- ---- ASSETS Real estate Land $ 69,206 $ 69,206 Buildings and improvements 447,286 444,933 ---------- ---------- 516,492 514,139 Less: accumulated depreciation (106,520) (102,461) ---------- ---------- Net real estate 409,972 411,678 Property held for sale 49,144 49,445 Cash and cash equivalents 15,705 22,167 Cash in escrow 5,737 5,213 Investments in unconsolidated partnerships 5,802 6,784 Rents receivable, net 9,047 9,667 Prepaid expenses 2,757 2,905 Due from related parties - - Deferred charges, net 12,668 13,026 Other assets 2,739 2,726 ---------- ---------- $ 513,571 $ 523,611 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $ 271,387 $ 277,112 Accounts payable and accrued expenses 6,582 7,495 Dividends and distributions payable 4,228 4,241 Due to related parties 124 111 Other liabilities 4,420 4,179 ---------- ---------- Total liabilities 286,741 293,138 ---------- ---------- Minority interest in Operating Partnership 48,521 48,959 Minority interests in majority owned partnerships 2,208 2,197 ---------- ---------- Total minority interests 50,729 51,156 ---------- ---------- Shareholders' equity: Common shares 28 28 Additional paid-in capital 185,772 188,392 Accumulated other comprehensive income (596) - Deficit (9,103) (9,103) ---------- ---------- Total shareholders' equity 176,101 179,317 ---------- ---------- $ 513,571 $ 523,611 ========== ========== Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Selected Operating Ratios 3 Months Ended March 31, 2001 2000 --------- --------- Coverage Ratios(1) Interest Coverage Ratio EBIDTA $ 13,046 $ 14,561 Divided by Interest expense 5,606 6,682 --------- --------- 2.33 x 2.18 x Fixed Charge Coverage Ratio EBIDTA $ 13,046 $ 14,561 Divided by (Interest expense 5,606 6,682 + Preferred Dividends(2) 50 50 --------- --------- 2.31 x 2.16 x Debt Service Coverage Ratio EBIDTA $ 13,046 $ 14,561 Divided by (Interest expense 5,606 6,682 + Principal Amortization) 875 968 --------- --------- 2.01 x 1.90 x Payout Ratios FFO Payout Ratio - Basic and Diluted Dividends (Shares) & Distributions (O.P. Units) paid - $0.12 per Share/O.P. Unit $ 4,178 $ 4,294 FFO 7,097 7,547 --------- --------- 59% 57% Overhead Ratios G&A/Real Estate Revenues General and Administrative expense $ 1,189 $ 1,293 Real Estate Revenues 23,238 24,186 --------- --------- 5% 5% Leverage Ratios Debt/Total Market Capitalization(3) Debt $ 271,387 $ 308,230 Total Market Capitalization(4) 492,939 498,279 --------- --------- 55% 62% Notes: (1) Results for the quarters ended March 31, 2001 and 2000 are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The coverage ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to the Company's investment in unconsolidated partnerships. (2) Represents preferred distributions on Preferred Operating partnership Units (3) Including the Company's pro-rata share of joint venture debt (see page 18), the Debt to Total Market Capitalization increases to 57% and 63% as of March 31, 2001 and 2000, respectively. (4) Reference page 9 for calculation of the March 31, 2001 Total Market Capitalization. Page 1
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- Debt Analysis - Wholly Owned Properties AKR Principal Balance at Interest Property Lender Notes March 31, 2001 Rate - ------------------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT Gateway Mall Huntoon Hastings Capital Corp. 1 6,221,896 7.50% Pittston Plaza Anchor National Life Insurance Co. 3,751,064 7.93% Glen Oaks Apartments Lehman Brothers Holdings, Inc. 17,743,948 8.32% Mad River Mellon Mortgage Company 7,408,847 9.60% Manahawkin K-Mart Northern Life Insurance Co. and Reliastar Life Insurance Co. of New York 4,777,856 7.70% Crescent Plaza Metropolitan Life Insurance Co. 8,853,563 8.13% East End Centre Metropolitan Life Insurance Co. 16,214,953 8.13% GHT Apartments Bank of America, N.A. 11,081,326 7.55% Colony Apartments Bank of America, N.A. 5,540,663 7.55% Mountainville Shopping Center Morgan Stanley Mortgage Capital 2 3,032,528 8.84% King's Fairground Morgan Stanley Mortgage Capital 2 847,915 8.84% Northside Mall Morgan Stanley Mortgage Capital 2 3,243,284 8.84% Dunmore Plaza Morgan Stanley Mortgage Capital 2 1,080,593 8.84% 25th Street Plaza Morgan Stanley Mortgage Capital 2 7,603,479 8.84% Cloud Springs Plaza Morgan Stanley Mortgage Capital 2 2,526,715 8.84% Kingston Plaza Morgan Stanley Mortgage Capital 2 2,168,713 8.84% Plaza 15 Morgan Stanley Mortgage Capital 2 2,060,512 8.84% Martintown Plaza Morgan Stanley Mortgage Capital 2 2,772,095 8.84% Birney Plaza Morgan Stanley Mortgage Capital 2 3,213,835 8.84% Midway Plaza Morgan Stanley Mortgage Capital 2 2,381,256 8.84% Shillington Plaza Morgan Stanley Mortgage Capital 2 2,750,925 8.84% Ames Plaza Morgan Stanley Mortgage Capital 2 968,723 8.84% Circle Plaza Morgan Stanley Mortgage Capital 2 1,191,052 8.84% New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 2 1,460,047 8.84% Monroe Plaza Morgan Stanley Mortgage Capital 2 3,622,550 8.84% Troy Plaza Morgan Stanley Mortgage Capital 2 2,289,897 8.84% ----------- ---- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 124,808,235 8.36% ----------- ---- VARIABLE-RATE DEBT Town Line Fleet Bank, N.A. 4,095,826 L + 175 Smithtown Shopping Center Fleet Bank, N.A. 9,188,565 L + 178 Merrillville Plaza Sun America Life Insurance Co. 13,724,817 L + 205 Village Apartments Sun America Life Insurance Co. 9,824,014 L + 205 Marley Run Apartments KBC Bank 14,165,250 L + 125 Marketplace of Absecon Fleet Bank, N.A. 3 3,500,000 L + 150 Soundview Marketplace Fleet Bank, N.A. 8,937,644 L + 175 Greenridge Plaza Metropolitan Life Insurance Co. 6,100,000 L + 200 Luzerne Street Plaza Metropolitan Life Insurance Co. 1,600,000 L + 200 Valmont Plaza Metropolitan Life Insurance Co. 3,100,000 L + 200 239 Greenwich Avenue First Union National Bank 13,605,310 L + 145 Berlin Shopping Center Dime Savings Bank 4,977,736 L + 175 Bradford Towne Center Dime Savings Bank 8,711,037 L + 175 Ledgewood Mall Dime Savings Bank 31,608,621 L + 175 New Louden Center Dime Savings Bank 7,466,604 L + 175 Route 6 Plaza Dime Savings Bank 5,973,283 L + 175 ------------- ------- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 146,578,707 L + 173 ------------- ------- TOTAL/WEIGHTED AVERAGE - ALL DEBT $ 271,386,942 =============
Rate as of March 31, Maturity Property Lender 2001 Date - --------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT Gateway Mall Huntoon Hastings Capital Corp. 9/1/02 Pittston Plaza Anchor National Life Insurance Co. 1/1/04 Glen Oaks Apartments Lehman Brothers Holdings, Inc. 3/1/04 Mad River Mellon Mortgage Company 5/23/05 Manahawkin K-Mart Northern Life Insurance Co. and Reliastar Life Insurance Co. of New York 12/1/08 Crescent Plaza Metropolitan Life Insurance Co. 11/1/10 East End Centre Metropolitan Life Insurance Co. 11/1/10 GHT Apartments Bank of America, N.A. 1/1/11 Colony Apartments Bank of America, N.A. 1/1/11 Mountainville Shopping Center Morgan Stanley Mortgage Capital 11/1/21 King's Fairground Morgan Stanley Mortgage Capital 11/1/21 Northside Mall Morgan Stanley Mortgage Capital 11/1/21 Dunmore Plaza Morgan Stanley Mortgage Capital 11/1/21 25th Street Plaza Morgan Stanley Mortgage Capital 11/1/21 Cloud Springs Plaza Morgan Stanley Mortgage Capital 11/1/21 Kingston Plaza Morgan Stanley Mortgage Capital 11/1/21 Plaza 15 Morgan Stanley Mortgage Capital 11/1/21 Martintown Plaza Morgan Stanley Mortgage Capital 11/1/21 Birney Plaza Morgan Stanley Mortgage Capital 11/1/21 Midway Plaza Morgan Stanley Mortgage Capital 11/1/21 Shillington Plaza Morgan Stanley Mortgage Capital 11/1/21 Ames Plaza Morgan Stanley Mortgage Capital 11/1/21 Circle Plaza Morgan Stanley Mortgage Capital 11/1/21 New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 11/1/21 Monroe Plaza Morgan Stanley Mortgage Capital 11/1/21 Troy Plaza Morgan Stanley Mortgage Capital 11/1/21 TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT VARIABLE-RATE DEBT Town Line Fleet Bank, N.A. 6.81% 3/15/02 Smithtown Shopping Center Fleet Bank, N.A. 6.84% 5/31/02 Merrillville Plaza Sun America Life Insurance Co. 7.58% 8/1/02 Village Apartments Sun America Life Insurance Co. 8.45% 10/1/02 Marley Run Apartments KBC Bank 6.53% 12/31/02 Marketplace of Absecon Fleet Bank, N.A. 6.74% 3/1/03 Soundview Marketplace Fleet Bank, N.A. 7.03% 8/1/03 Greenridge Plaza Metropolitan Life Insurance Co. 7.42% 11/1/03 Luzerne Street Plaza Metropolitan Life Insurance Co. 7.42% 11/1/03 Valmont Plaza Metropolitan Life Insurance Co. 7.42% 11/1/03 239 Greenwich Avenue First Union National Bank 6.51% 1/1/05 Berlin Shopping Center Dime Savings Bank 7.06% 4/1/05 Bradford Towne Center Dime Savings Bank 7.06% 4/1/05 Ledgewood Mall Dime Savings Bank 7.06% 4/1/05 New Louden Center Dime Savings Bank 7.06% 4/1/05 Route 6 Plaza Dime Savings Bank 7.06% 4/1/05 ---- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 7.10% ---- TOTAL/WEIGHTED AVERAGE - ALL DEBT 7.68% ==== Notes: (1) Commencing May 5, 2001 and through the maturity date of this loan (9/1/2002), the interest rate will be 9.875%. (2) This loan allows for full repayment, without penalty, commencing October 31, 2006. Commencing on this date (the "Reset Date"), the interest rate is to be adjusted to a U.S. Treasury rate + 500 basis points (the treasury rate being the interpolated yield on treasuries most nearly approximating the period from the the Reset Date to the maturity date, November 1, 2001). (3) 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%). Subsequent to March 31, 2001, all outstanding amounts were repaid leaving $7,400,000 available under this facility. Page 1
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Debt Analysis - Unconsolidated Partnerships Total Acadia Realty Principal Trust Balance at Interest FIXED-RATE DEBT(1) Joint Venture Partner Ownership March 31, 2001 Rate - ----------------- --------------------- ----------------------------------------------------------- Crossroads Shopping Center Heyman-Greenburgh Associates LLC 49.0% $ 34,518,980 7.15% RMC Development Company LLC Summary - Wholly-Owned Properties and Unconsolidated Partnerships - ------------------------------------------------------------------------------------------------------------------------------------ Weighted % of Outstanding Avg. Total Balance Int. Rate ----------------------------------------------------------- Wholly-Owned Properties Fixed-Rate Debt 43% $ 124,808,235 8.36% Variable-Rate Debt 51% 146,578,707 7.10% --- ------------- ---- Wholly-Owned Properties - Total Debt 94% 271,386,942 7.68% --- ------------- ---- Unconsolidated Partnerships Fixed-Rate Debt 6% 16,914,300 7.15% Variable-Rate Debt 0% - 0.00% --- ------------- ---- Unconsolidated Partnerships - Total Debt 6% 16,914,300 7.15% --- ------------- ---- Total Debt 100% $ 288,301,242 7.65% === ============= ==== - ------------------------------------------------------------------------------------------------------------------------------------ Notes: (1) Acadia Realty Trust's 49% ownership represents $16,914,300, of which $5,000,000 is fixed at 7.53% and $11,914,300 fixed at 6.99% through interest rate swap transactions. Page 2
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Future Debt Maturities(1) (in thousands) Weighted Average Interest Rate of Maturing Debt ----------------------------------------------------------------- Scheduled Year Amortization Maturities Total Total Debt Fixed-Rate Debt Variable-Rate Debt ---- ------------ ---------- --------- ---------- --------------- ------------------ 2001 $ 2,876 $ - $ 2,876 n/a n/a n/a 2002 3,945 55,928 59,873 7.29% 7.50% 7.26% 2003 3,516 22,728 26,244 7.17% n/a 7.17% 2004 3,268 20,542 23,810 8.25% 8.25% n/a 2005 2,651 75,962 78,613 7.19% 9.60% 6.96% Thereafter 7,147 72,824 79,971 8.38% 8.38% n/a -------- --------- --------- $ 23,403 $ 247,984 $ 271,387 ======== ========= ========= Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 2001 $ 52 2nd Quarter 2001 - 3rd Quarter 2001 - 4th Quarter 2001 - - ---- $ 52 ==== (1) Does not include debt from unconsolidated partnerships Page 1
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Unencumbered Properties Center Location GLA ------ -------- --- Abington Towne Center(1) Abington, PA 216,226 Blackman Plaza Wilkes-Barre, PA 121,206 Bloomfield Town Square Bloomfield, MI 224,583 Branch Plaza Smithtown, NY 125,840 Elmwood Park Shopping Center Elmwood, NJ 134,589 Hobson West Plaza Naperville, IL 99,950 Manahawkin Shopping Center(2) Manahawkin, NJ 62,827 Mark Plaza Edwardsville, PA 214,021 Methuen Shopping Center Methuen, CT 129,494 Pacesetter Park Shopping Center Ramapo, New York 95,559 Plaza 422 Lebanon, PA 154,791 Tioga West Tunkhannock, PA 122,338 Union Plaza New Castle, PA 217,992 Walnut Hill Plaza Woonsocket, RI 297,370 Wesmark Plaza Sumter, SC 206,938 --------- Total GLA of Unencumbered Properties 2,423,724 ========= (1) A portion of this property (157,616 square feet) is owned by the Target Corp. (2) Excludes the Kmart portion of the shopping center which is encumbered Page 1
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Portfolio by Region and Property Type (Square Feet) Properties Strip Enclosed Under Total Region Mall Mall Redevelopment(2) Retail Residential Total ------ ----- -------- ---------------- ---------- ----------- ----- Wholly-Owned Properties New England 736,157 - 176,339 912,496 - 912,496 New York Region 1,336,741 512,073 134,589 1,983,403 - 1,983,403 Mid-Atlantic 3,361,253 - 216,226 3,577,479 831,972 4,409,451 Southeast 1,145,355 - - 1,145,355 578,606 1,723,961 Mid-west 713,921 - - 713,921 628,891 1,342,812 --------- ------- ------- --------- --------- ---------- Total Wholly-Owned Properties 7,293,427 512,073 527,154 8,332,654 2,039,469 10,372,123 Unconsolidated Partnerships - New York Region(1) 310,919 - - 310,919 - 310,919 --------- ------- ------- --------- --------- ---------- 7,604,346 512,073 527,154 8,643,573 2,039,469 10,683,042 ========= ======= ======= ========= ========= ========== % of Total Square Feet 71.2% 4.8% 4.9% 80.9% 19.1% 100.0% (1) This center is 49% owned by unconsolidated partnerships (2) The Company currently has 4 redevelopment projects as further described on page 41 Page 1
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Retail Properties by Region - Summary ----------------------------------------------------------------------- Gross Leasable Area Occupancy ----------------------------------------------------------------------- Anchors(1) Shops Total Anchors Shops Total ----------------------------------------------------------------------- Wholly-Owned Retail Properties Mid-Atlantic 2,517,651 843,602 3,361,253 98.36% 84.15% 94.79% Midwest 307,225 406,696 713,921 90.23% 86.32% 88.01% New England 446,756 289,401 736,157 100.00% 92.89% 97.20% New York Region 1,227,368 621,446 1,848,814 96.10% 83.27% 91.79% Southeast 526,936 618,419 1,145,355 87.67% 67.37% 76.71% ----------------------------------------------------------------------- Total Retail Properties 5,025,936 2,779,564 7,805,500 96.34% 81.45% 91.04% ----------------------------------------------------------------------- Redevelopment Properties(2) 390,144 137,010 527,154 73.39% 83.56% 76.04% ----------------------------------------------------------------------- Grand Total - Wholly-Owned Retail Properties 5,416,080 2,916,574 8,332,654 94.69% 81.55% 90.09% ----------------------------------------------------------------------- Unconsolidated Retail Properties New York Region(3) 191,363 119,556 310,919 100.00% 91.01% 96.54% ----------------------------------------------------------------------- Total Unconsolidated Retail Properties 191,363 119,556 310,919 100.00% 91.01% 96.54% ======================================================================= ----------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ----------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Totals ----------------------------------------------------------------------------- Wholly-Owned Retail Properties Mid-Atlantic $ 9,706,690 $ 5,698,021 $ 15,404,711 $ 3.92 $ 8.03 $ 4.83 Midwest 2,078,241 4,421,339 6,499,580 7.50 12.59 10.34 New England 3,423,274 2,341,179 5,764,453 9.80 8.71 9.32 New York Region 9,836,093 7,389,899 17,225,992 8.34 14.28 10.15 Southeast 1,841,620 2,031,479 3,873,099 3.99 4.88 4.41 ----------------------------------------------------------------------------- Total Retail Properties 26,885,918 21,881,917 48,767,835 5.67 9.67 6.96 ----------------------------------------------------------------------------- Redevelopment Properties(2) 692,221 2,115,757 2,807,978 5.38 18.48 11.55 ----------------------------------------------------------------------------- Grand Total - Wholly-Owned Retail Properties 27,578,139 23,997,674 51,575,813 5.66 10.09 7.11 ----------------------------------------------------------------------------- Unconsolidated Retail Properties New York Region(3) 1,790,546 3,138,795 4,929,341 9.36 28.85 16.42 ----------------------------------------------------------------------------- Total Unconsolidated Retail Properties $ 1,790,546 $ 3,138,795 $ 4,929,341 $ 9.36 $ 28.85 $ 16.42 ============================================================================= 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 250,116 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 4 redevelopment projects as further described on page 41 (3) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center. Page 1
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Commercial Properties by Region - Detail --------------------------------------------------------------------- Gross Leasable Area Occupancy --------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------- Retail Properties - Wholly Owned Mid-Atlantic Pennsylvania AMES PLAZA 88,354 7,800 96,154 100.00% 0.00% 91.89% BIRNEY PLAZA 135,493 58,406 193,899 100.00% 95.72% 98.71% BLACKMAN PLAZA 104,956 16,250 121,206 100.00% 43.08% 92.37% BRADFORD TOWNE CENTRE 146,499 110,220 256,719 100.00% 71.69% 87.85% CIRCLE PLAZA 92,171 - 92,171 100.00% 100.00% DUNMORE PLAZA 39,680 5,700 45,380 100.00% 100.00% 100.00% EAST END CENTER 176,200 132,227 308,427 100.00% 91.32% 96.28% GREENRIDGE PLAZA 145,420 52,882 198,302 100.00% 85.53% 96.14% KINGSTON PLAZA 51,500 13,324 64,824 100.00% 84.99% 96.91% LUZERNE STREET SHOPPING CENTER(1) 54,618 3,097 57,715 100.00% 100.00% 100.00% MARK PLAZA 157,595 56,426 214,021 100.00% 67.04% 91.31% MONROE PLAZA 128,129 2,440 130,569 100.00% 100.00% 100.00% MOUNTAINVILLE SHOPPING CENTER(2) 68,008 49,239 117,247 100.00% 90.86% 96.16% PITTSTON PLAZA 67,568 12,000 79,568 100.00% 100.00% 100.00% PLAZA 15 81,800 31,730 113,530 100.00% 92.12% 97.80% PLAZA 422 124,113 30,678 154,791 100.00% 32.60% 86.64% ROUTE 6 MALL 119,658 55,824 175,482 100.00% 91.04% 97.15% SHILLINGTON PLAZA 134,607 16,135 150,742 100.00% 100.00% 100.00% TIOGA WEST 113,338 9,000 122,338 100.00% 100.00% 100.00% 25TH STREET SHOPPING CENTER 28,800 102,677 131,477 100.00% 95.05% 96.13% UNION PLAZA 217,992 - 217,992 100.00% 100.00% VALMONT PLAZA(3) 137,817 62,347 200,164 70.09% 91.18% 76.66% --------------------------------------------------------------------- Total: Pennsylvania 2,414,316 828,402 3,242,718 98.29% 83.86% 94.60% --------------------------------------------------------------------- Virginia KINGS FAIRGROUNDS 103,335 15,200 118,535 100.00% 100.00% 100.00% --------------------------------------------------------------------- Total: Virginia 103,335 15,200 118,535 100.00% 100.00% 100.00% --------------------------------------------------------------------- Total: Mid-Atlantic 2,517,651 843,602 3,361,253 98.36% 84.15% 94.79% ---------------------------------------------------------------------
--------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------- Retail Properties - Wholly Owned Mid-Atlantic Pennsylvania AMES PLAZA 189,263 - 189,263 2.14 - 2.14 BIRNEY PLAZA 311,544 335,250 646,794 2.30 6.00 3.38 BLACKMAN PLAZA 204,664 17,500 222,164 1.95 2.50 1.98 BRADFORD TOWNE CENTRE 887,469 515,352 1,402,821 6.06 6.52 6.22 CIRCLE PLAZA 252,289 - 252,289 2.74 - 2.74 DUNMORE PLAZA 89,134 63,935 153,069 2.25 11.22 3.37 EAST END CENTER 1,117,500 1,051,455 2,168,955 6.34 8.71 7.30 GREENRIDGE PLAZA 659,405 378,783 1,038,188 4.53 8.37 5.45 KINGSTON PLAZA 280,750 116,250 397,000 5.45 10.27 6.32 LUZERNE STREET SHOPPING CENTER(1) 272,150 18,890 291,040 4.98 6.10 5.04 MARK PLAZA 625,776 292,082 917,858 3.97 7.72 4.70 MONROE PLAZA 423,718 30,280 453,998 3.31 12.41 3.48 MOUNTAINVILLE SHOPPING CENTER(2) 225,416 359,082 584,498 3.31 8.03 5.18 PITTSTON PLAZA 492,212 117,125 609,337 7.28 9.76 7.66 PLAZA 15 216,988 146,350 363,338 2.65 5.01 3.27 PLAZA 422 262,030 63,450 325,480 2.11 6.34 2.43 ROUTE 6 MALL 687,951 333,557 1,021,508 5.75 6.56 5.99 SHILLINGTON PLAZA 367,720 212,260 579,980 2.73 13.16 3.85 TIOGA WEST 373,847 72,000 445,847 3.30 8.00 3.64 25TH STREET SHOPPING CENTER 274,450 1,130,152 1,404,602 9.53 11.58 11.11 UNION PLAZA 938,730 - 938,730 4.31 - 4.31 VALMONT PLAZA(3) 220,000 371,868 591,868 2.28 6.54 3.86 --------------------------------------------------------------------- Total: Pennsylvania 9,373,006 5,625,621 14,998,627 3.95 8.10 4.89 --------------------------------------------------------------------- Virginia KINGS FAIRGROUNDS 333,684 72,400 406,084 3.23 4.76 3.43 --------------------------------------------------------------------- Total: Virginia 333,684 72,400 406,084 3.23 4.76 3.43 --------------------------------------------------------------------- Total: Mid-Atlantic 9,706,690 5,698,021 15,404,711 3.92 8.03 4.83 --------------------------------------------------------------------- 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 Price Chopper supermarket occupying 40,618 square feet is not operating but continues to pay rent pursuant to their lease. (2) The Acme supermarket occupying 32,200 square feet is not operating but continues to pay rent pursuant to their lease. (3) The Ames store occupying 96,600 square feet is not operating but continues to pay rent pursuant to their lease. Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Commercial Properties by Region - Detail -------------------------------------------------------------------- Gross Leaseable Area Occupancy -------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------- Retail Properties - Wholly Owned Midwest Illinois HOBSON WEST PLAZA 42,037 57,913 99,950 100.00% 91.60% 95.13% -------------------------------------------------------------------- Total: Illinois 42,037 57,913 99,950 100.00% 91.60% 95.13% -------------------------------------------------------------------- Indiana MERRILLVILLE PLAZA 101,357 134,063 235,420 100.00% 100.00% 100.00% -------------------------------------------------------------------- Total: Indiana 101,357 134,063 235,420 100.00% 100.00% 100.00% -------------------------------------------------------------------- Michigan BLOOMFIELD TOWN SQUARE 105,646 118,937 224,583 71.60% 73.65% 72.69% -------------------------------------------------------------------- Total: Michigan 105,646 118,937 224,583 71.60% 73.65% 72.69% -------------------------------------------------------------------- Ohio MAD RIVER STATION(1) 58,185 95,783 153,968 100.00% 79.72% 87.38% -------------------------------------------------------------------- Total: Ohio 58,185 95,783 153,968 100.00% 79.72% 87.38% -------------------------------------------------------------------- Total: Midwest 307,225 406,696 713,921 90.23% 86.32% 88.01% -------------------------------------------------------------------- New England Connecticut TOWN LINE PLAZA(2) 161,965 43,893 205,858 100.00% 100.00% 100.00% 239 GREENWICH AVENUE(3) 16,834 - 16,834 100.00% - 100.00% -------------------------------------------------------------------- Total: Connecticut 178,799 43,893 222,692 100.00% 100.00% 100.00% -------------------------------------------------------------------- Massachusetts CRESCENT PLAZA(4) 154,865 61,230 216,095 100.00% 95.75% 98.80% -------------------------------------------------------------------- Total: Massachusetts 154,865 61,230 216,095 100.00% 95.75% 98.80% -------------------------------------------------------------------- Rhode Island WALNUT HILL PLAZA 113,092 184,278 297,370 100.00% 90.24% 93.95% -------------------------------------------------------------------- Total: Rhode Island 113,092 184,278 297,370 100.00% 90.24% 93.95% -------------------------------------------------------------------- Total: New England 446,756 289,401 736,157 100.00% 92.89% 97.20% --------------------------------------------------------------------
[RESTUB] ----------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ----------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ----------------------------------------------------------------------- Retail Properties - Wholly Owned Midwest Illinois HOBSON WEST PLAZA 170,000 833,079 1,003,079 4.04 15.70 10.55 ----------------------------------------------------------------------- Total: Illinois 170,000 833,079 1,003,079 4.04 15.70 10.55 ----------------------------------------------------------------------- Indiana MERRILLVILLE PLAZA 835,417 1,570,227 2,405,644 8.24 11.71 10.22 ----------------------------------------------------------------------- Total: Indiana 835,417 1,570,227 2,405,644 8.24 11.71 10.22 ----------------------------------------------------------------------- Michigan BLOOMFIELD TOWN SQUARE 541,257 930,533 1,471,790 7.16 10.62 9.02 ----------------------------------------------------------------------- Total: Michigan 541,257 930,533 1,471,790 7.16 10.62 9.02 ----------------------------------------------------------------------- Ohio MAD RIVER STATION(1) 531,567 1,087,500 1,619,067 9.14 14.24 12.03 ----------------------------------------------------------------------- Total: Ohio 531,567 1,087,500 1,619,067 9.14 14.24 12.03 ----------------------------------------------------------------------- Total: Midwest 2,078,241 4,421,339 6,499,580 7.50 12.59 10.34 ----------------------------------------------------------------------- New England Connecticut TOWN LINE PLAZA(2) 730,000 588,139 1,318,139 10.51 13.40 11.63 239 GREENWICH AVENUE(3) 1,125,165 - 1,125,165 66.84 - 66.84 ----------------------------------------------------------------------- Total: Connecticut 1,855,165 588,139 2,443,304 21.50 13.40 18.77 ----------------------------------------------------------------------- Massachusetts CRESCENT PLAZA(4) 812,385 464,250 1,276,635 5.25 7.92 5.98 ----------------------------------------------------------------------- Total: Massachusetts 812,385 464,250 1,276,635 5.25 7.92 5.98 ----------------------------------------------------------------------- Rhode Island WALNUT HILL PLAZA 755,724 1,288,790 2,044,514 6.68 7.75 7.32 ----------------------------------------------------------------------- Total: Rhode Island 755,724 1,288,790 2,044,514 6.68 7.75 7.32 ----------------------------------------------------------------------- Total: New England 3,423,274 2,341,179 5,764,453 9.80 8.71 9.32 ----------------------------------------------------------------------- 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 GLA for this property includes 27,702 square feet of office space. (2) Anchor GLA includes a 97,300 square foot Wal*Mart 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. (4) Home Depot, which occupies 104,640 square feet at this center, assumed this space from Bradlees during the 1st Quarter 2001 following Bradlees' bankruptcy and liquidation. Page 2
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Commercial Properties by Region - Detail -------------------------------------------------------------------- Gross Leaseable Area Occupancy -------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------- Retail Properties - Wholly Owned New York Region New Jersey MARKETPLACE OF ABSECON 58,031 46,875 104,906 100.00% 64.43% 84.11% BERLIN SHOPPING CENTER 127,850 59,328 187,178 100.00% 54.49% 85.58% LEDGEWOOD MALL 342,468 169,605 512,073 100.00% 81.85% 93.99% MANAHAWKIN VILLAGE SHOPPING CENTER 144,053 31,208 175,261 100.00% 100.00% 100.00% -------------------------------------------------------------------- Total: New Jersey 672,402 307,016 979,418 100.00% 75.75% 92.40% -------------------------------------------------------------------- New York SOUNDVIEW MARKETPLACE 66,800 113,820 180,620 100.00% 94.09% 96.28% VILLAGE COMMONS SHOPPING CENTER 25,192 61,963 87,155 100.00% 97.50% 98.22% BRANCH SHOPPING PLAZA 83,670 42,170 125,840 100.00% 91.31% 97.09% NEW LOUDON CENTER 226,543 25,200 251,743 78.89% 100.00% 81.00% TROY PLAZA 100,709 27,770 128,479 100.00% 100.00% 100.00% PACESETTER PARK SHOPPING CENTER 52,052 43,507 95,559 100.00% 59.62% 81.62% -------------------------------------------------------------------- Total: New York 554,966 314,430 869,396 91.38% 90.62% 91.11% -------------------------------------------------------------------- Total: New York Region 1,227,368 621,446 1,848,814 96.10% 83.27% 91.79% -------------------------------------------------------------------- Southeast Alabama MIDWAY PLAZA 105,775 101,763 207,538 55.58% 73.94% 64.58% NORTHSIDE MALL 111,970 270,329 382,299 100.00% 50.60% 65.07% -------------------------------------------------------------------- Total: Alabama 217,745 372,092 589,837 78.42% 56.99% 64.90% -------------------------------------------------------------------- Florida NEW SMYRNA BEACH SHOPPING CENTER 35,980 65,341 101,321 100.00% 92.96% 95.46% -------------------------------------------------------------------- Total: Florida 35,980 65,341 101,321 100.00% 92.96% 95.46% -------------------------------------------------------------------- Georgia CLOUD SPRINGS PLAZA 74,260 39,107 113,367 100.00% 84.40% 94.62% -------------------------------------------------------------------- Total: Georgia 74,260 39,107 113,367 100.00% 84.40% 94.62% -------------------------------------------------------------------- South Carolina MARTINTOWN PLAZA 91,996 41,896 133,892 80.43% 64.66% 75.50% WESMARK PLAZA 106,955 99,983 206,938 100.00% 83.75% 92.15% -------------------------------------------------------------------- Total: South Carolina 198,951 141,879 340,830 90.95% 78.11% 85.61% -------------------------------------------------------------------- Total: Southeast 526,936 618,419 1,145,355 87.67% 67.37% 76.71% -------------------------------------------------------------------- ==================================================================== Total: Retail Properties 5,025,936 2,779,564 7,805,500 96.34% 81.45% 91.04% ====================================================================
[RESTUB] -------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot -------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------------- Retail Properties - Wholly Owned New York Region New Jersey MARKETPLACE OF ABSECON 927,574 470,750 1,398,324 15.98 15.59 15.85 BERLIN SHOPPING CENTER 619,400 243,344 862,744 4.84 7.53 5.39 LEDGEWOOD MALL 2,926,038 1,564,759 4,490,797 8.54 11.27 9.33 MANAHAWKIN VILLAGE SHOPPING CENTER 1,206,873 358,216 1,565,089 8.38 11.48 8.93 -------------------------------------------------------------------------- Total: New Jersey 5,679,885 2,637,069 8,316,954 8.45 11.34 9.19 -------------------------------------------------------------------------- New York SOUNDVIEW MARKETPLACE 1,010,250 1,453,485 2,463,735 15.12 13.57 14.17 VILLAGE COMMONS SHOPPING CENTER 407,055 1,417,175 1,824,230 16.16 23.46 21.31 BRANCH SHOPPING PLAZA 1,110,114 709,269 1,819,383 13.27 18.42 14.89 NEW LOUDON CENTER 1,132,881 418,050 1,550,931 6.34 16.59 7.61 TROY PLAZA 196,000 290,625 486,625 1.95 10.47 3.79 PACESETTER PARK SHOPPING CENTER 299,908 464,226 764,134 5.76 17.90 9.80 -------------------------------------------------------------------------- Total: New York 4,156,208 4,752,830 8,909,038 8.20 16.68 11.25 -------------------------------------------------------------------------- Total: New York Region 9,836,093 7,389,899 17,225,992 8.34 14.28 10.15 -------------------------------------------------------------------------- Southeast Alabama MIDWAY PLAZA 99,380 356,274 455,654 1.69 4.73 3.40 NORTHSIDE MALL 227,974 661,098 889,072 2.04 4.83 3.57 -------------------------------------------------------------------------- Total: Alabama 327,354 1,017,372 1,344,726 1.92 4.80 3.51 -------------------------------------------------------------------------- Florida NEW SMYRNA BEACH SHOPPING CENTER 275,100 482,004 757,104 7.65 7.94 7.83 -------------------------------------------------------------------------- Total: Florida 275,100 482,004 757,104 7.65 7.94 7.83 -------------------------------------------------------------------------- Georgia CLOUD SPRINGS PLAZA 340,371 173,370 513,741 4.58 5.25 4.79 -------------------------------------------------------------------------- Total: Georgia 340,371 173,370 513,741 4.58 5.25 4.79 -------------------------------------------------------------------------- South Carolina MARTINTOWN PLAZA 296,500 164,791 461,291 4.01 6.08 4.56 WESMARK PLAZA 602,295 193,942 796,237 5.63 2.32 4.18 -------------------------------------------------------------------------- Total: South Carolina 898,795 358,733 1,257,528 4.97 3.24 4.31 -------------------------------------------------------------------------- Total: Southeast 1,841,620 2,031,479 3,873,099 3.99 4.88 4.41 -------------------------------------------------------------------------- ========================================================================== Total: Retail Properties $ 26,885,918 $21,881,917 $48,767,835 $ 5.67 $ 9.67 $ 6.96 ========================================================================== 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. Page 3
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Commercial Properties by Region - Detail -------------------------------------------------------------------- Gross Leaseable Area Occupancy -------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------- Redevelopment Properties(1) ABINGTON TOWNE CENTER(2) (Pennsylvania) 184,616 31,610 216,226 100.00% 81.57% 97.31% THE GATEWAY SHOPPING CENTER (Vermont) 31,600 15,245 46,845 100.00% 100.00% 100.00% METHUEN SHOPPING CENTER (Massachusetts) 119,260 10,234 129,494 25.54% 100.00% 31.42% ELMWOOD PARK SHOPPING CENTER (New Jersey) 54,668 79,921 134,589 72.56% 79.11% 76.45% -------------------------------------------------------------------- Total: Retail Properties - Redevelopment Properties 390,144 137,010 527,154 73.39% 83.56% 76.04% -------------------------------------------------------------------- ==================================================================== Total: All Wholly-Owned Retail Properties 5,416,080 2,916,574 8,332,654 94.69% 81.55% 90.09% ==================================================================== [RESTUB] -------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot -------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------------- Redevelopment Properties(1) ABINGTON TOWNE CENTER(2) (Pennsylvania) 256,500 363,566 620,066 9.50 14.10 11.75 THE GATEWAY SHOPPING CENTER (Vermont) 126,400 225,695 352,095 4.00 14.80 7.52 METHUEN SHOPPING CENTER (Massachusetts) 109,656 92,308 201,964 3.60 9.02 4.96 ELMWOOD PARK SHOPPING CENTER (New Jersey) 199,665 1,434,188 1,633,853 5.03 22.68 15.88 -------------------------------------------------------------------------- Total: Retail Properties - Redevelopment Properties $ 692,221 $ 2,115,757 $ 2,807,978 $ 5.38 $ 18.48 $ 11.55 -------------------------------------------------------------------------- ========================================================================== Total: All Wholly-Owned Retail Properties $ 27,578,139 $23,997,674 $51,575,813 $ 5.66 $ 10.09 $ 7.11 ==========================================================================
-------------------------------------------------------------------- Gross Leaseable Area Occupancy -------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total -------------------------------------------------------------------- Unconsolidated Retail Properties New York Region New York CROSSROADS JOINT VENTURE(2) 138,933 57,116 196,049 100.00% 84.64% 95.53% CROSSROADS II(2) 52,430 62,440 114,870 100.00% 96.83% 98.28% -------------------------------------------------------------------- Total: New York 191,363 119,556 310,919 100.00% 91.01% 96.54% -------------------------------------------------------------------- Total: New York Region 191,363 119,556 310,919 100.00% 91.01% 96.54% -------------------------------------------------------------------- Total: Unconsolidated Retail Properties 191,363 119,556 310,919 100.00% 91.01% 96.54% ==================================================================== [RESTUB] ------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------- Unconsolidated Retail Properties New York Region New York CROSSROADS JOINT VENTURE(2) $ 1,070,250 $ 1,337,313 $ 2,407,563 $ 7.70 $ 27.66 $ 12.86 CROSSROADS II(2) 720,296 1,801,482 2,521,778 13.74 29.80 22.34 ------------------------------------------------------------------------- Total: New York 1,790,546 3,138,795 4,929,341 9.36 28.85 16.42 ------------------------------------------------------------------------- Total: New York Region 1,790,546 3,138,795 4,929,341 9.36 28.85 16.42 ------------------------------------------------------------------------- Total: Unconsolidated Retail Properties $ 1,790,546 $ 3,138,795 $ 4,929,341 $ 9.36 $ 28.85 $ 16.42 ========================================================================= 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 4 redevelopment projects as further described on page 41 (2) Anchor GLA includes a 157,616 square foot Target which is not owned by the Company. This square footage has been adjusted out in calculating annualized base rent per square foot. Page 4
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Top 25 Retail Tenants - Ranked by Annualized Base Rent (excludes Unconsolidated Partnerships) Percentage of Total Percentage of Total Represented by Retail Tenant Number of ----------------------------------- Retail Stores in Total Annualized Base Total Annualized Base Ranking Tenant Portfolio GLA Rent(1) Portfolio GLA(2) Rent(2) - ------- ------ --------- --- --------------- --------------- --------------- 1 Kmart 9 924,282 $ 3,431,692 11.1% 6.7% 2 Ames(3) 11 815,171 2,479,383 9.8% 4.8% 3 Price Chopper(4) 6 267,197 1,596,727 3.2% 3.1% 4 T.J. Maxx 7 209,737 1,562,365 2.5% 3.0% 5 Eckerd Drug(5) 14 169,563 1,354,990 2.0% 2.6% 6 Shaw's 3 134,217 1,141,084 1.6% 2.2% 7 Walmart 2 232,540 1,116,575 2.8% 2.2% 8 Acme (Albertson's)(6) 3 109,064 1,004,080 1.3% 1.9% 9 Fashion Bug(7) 11 120,294 876,391 1.4% 1.7% 10 Pathmark 1 63,000 837,270 0.8% 1.6% 11 Redner's Supermarket 2 111,739 837,112 1.3% 1.6% 12 Restoration Hardware 1 12,293 830,000 0.1% 1.6% 13 PharMor 2 90,471 820,346 1.1% 1.6% 14 A&P (Waldbaum's) 1 64,665 730,000 0.8% 1.4% 15 Sears 2 159,640 703,230 1.9% 1.4% 16 Blockbuster Video 5 28,266 683,957 0.3% 1.3% 17 Penn Traffic 2 85,896 635,811 1.0% 1.2% 18 Stern's (Federated)(8) 1 73,349 610,745 0.9% 1.2% 19 CVS 6 62,610 625,855 0.8% 1.2% 20 Clearview Cinemas(9) 1 25,400 596,250 0.3% 1.2% 21 Kay Bee Toys 5 41,025 559,050 0.5% 1.1% 22 JC Penney 2 72,580 546,747 0.9% 1.1% 23 Payless Shoe Source 12 41,209 514,970 0.5% 1.0% 24 Office Depot 3 83,821 499,817 1.0% 1.0% 25 Circuit City 1 33,294 449,469 0.4% 0.9% ---- ---------- ------------ ----- ----- Total 113 4,031,323 $ 25,043,916 48.4% 48.6% ==== ========== ============ ===== ===== (1) Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after March 31, 2000 (2) Represents total GLA and annualized base rent for the Company's retail properties excluding mixed-use and joint venture properties (3) The tenant is currently not operating the store at the Valmont Plaza. They are obligated, and continue, to pay annual minimum rent of $220,000 until the lease expires in January 31, 2007 (4) The tenant is currently not operating the store at the Luzerne Street Shopping Center. They are obligated, and continue, to pay annual minimum rent of $177,650 until the lease expires in April 30, 2004 (5) Subsidiary of JC Penney. The store at the Route 6 Mall has ceased operating but continues to pay annual rent of $106,560 through January 31, 2011 pursuant to the lease (6) The tenant is currently not operating the store at the Mountainville Shopping Center. They are obligated, and continue, to pay annual minimum rent of $85,416 until the lease expires in June 30, 2004 (7) This tenant pays percentage rent only (no minimum rent) at 8 of these locations. Included in the above rent is $659,763 of percentage rent paid for calander 2000 (8) The Company has been notified that this store will be converted to a Macy's (9) Subsidiary of Cablevision Page 1
[LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2001 Anchor Tenant Summary - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned New England Connecticut TOWN LINE PLAZA, ROCKY HILL WAL-MART(1) 97,300 - $ - $ - A&P SUPERFRESH 64,665 3/8/17 730,000 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 1/31/10 $ 295,165 $ 65.00 (2) 5 YEARS RESTORATION HARDWARE INC. 12,293 4/30/15 830,000 67.52 (2) 5 YEARS (6 MONTHS) ------- ----------------------- Total: 239 GREENWICH AVE. 16,834 1,125,165 66.84 ------- ----------------------- Massachusetts METHUEN SHOPPING CENTER, METHUEN(2) DEMOULAS SUPER MARKETS 30,460 1/31/05 109,656 3.60 (2) 5 YEAR ------- ----------------------- Total: METHUEN SHOPPING CENTER 30,460 109,656 3.60 ------- ----------------------- CRESCENT PLAZA, BROCKTON HOME DEPOT 104,640 10/31/08 295,425 2.82 (1) 8 YR & (2) 5 YEAR SHAWS SUPERMARKETS 50,225 12/31/12 516,960 10.29 (6) 5 YEAR (6 MONTHS) ------- ----------------------- Total: CRESCENT PLAZA 154,865 812,385 5.25 ------- ----------------------- Rhode Island WALNUT HILL PLAZA, WOONSOCKET SEARS 60,700 8/31/03 258,000 4.25 (6) 5 YEAR (12 MONTHS) SHAWS SUPERMARKETS 52,392 12/31/13 497,724 9.50 (6) 5 YEAR (9 MONTHS) ------- ----------------------- Total: WALNUT HILL PLAZA 113,092 755,724 6.68 ------- ----------------------- Vermont THE GATEWAY SHOPPING CENTER, BURLINGTON SHAWS SUPERMARKETS 31,600 6/30/05 126,400 4.00 (1) 5 YEAR (12 MONTHS) ------- ----------------------- Total: THE GATEWAY SHOPPING CENTER 31,600 126,400 4.00 ------- ----------------------- Total: New England 508,816 3,659,330 8.89 ------- ----------------------- (1) This space is contiguous to the Company's property and is not owned by the Company. (2) This is a redevelopment property. Page 1
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Anchor Tenant Summary --------------------- - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- New York Region - --------------- New Jersey ---------- ELMWOOD PARK SHOPPING CENTER, ELMWOOD PARK (1) GRAND UNION (2) 27,918 4/30/01 120,000 4.30 - VALLEY NATIONAL BANK 11,750 5/31/05 79,665 6.78 (1) 10 YEAR (10 MONTHS) ----------- ------------------------- Total: ELMWOOD PARK SHOPPING CENTER 39,668 199,665 5.03 ----------- ------------------------- MARKETPLACE OF ABSECON, ABSECON ECKERD DRUG 13,207 9/20/20 329,310 24.93 (4) 5 YEAR (6 MONTHS) ACME MARKETS 44,824 4/30/15 598,264 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 4/30/05 320,400 10.00 (2) 5 YEAR (6 MONTHS) KMART 95,810 11/30/04 299,000 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 1/31/20 449,469 13.50 (4) 5 YEAR (6 MONTHS) MARSHALL'S 27,228 1/31/02 313,122 11.50 PHARMHOUSE 47,271 5/31/09 496,346 10.50 (2) 5 YEAR THE SPORTS AUTHORITY 52,205 5/31/07 225,000 4.31 (6) 5 YEAR (15 MONTHS) STERN'S DEPARTMENT STORES (3) 61,900 1/31/05 553,500 8.94 (4) 5 YEAR (6 MONTHS) WAL-MART 120,570 3/31/19 888,601 7.37 (6) 5 YEAR (6 MONTHS) ----------- ------------------------- Total: LEDGEWOOD MALL 342,468 2,926,038 8.54 ----------- ------------------------- MANAHAWKIN VILLAGE, MANAHAWKIN KMART 112,434 1/31/19 843,255 7.50 (8) 5 YEAR (12 MONTHS) HOYTS 31,619 11/30/18 363,618 11.50 (4) 5 YEAR (6 MONTHS) ----------- ------------------------- Total: MANAHAWKIN VILLAGE SHOPPING CENTER 144,053 1,206,873 8.38 ----------- ------------------------- New York -------- SOUNDVIEW MARKETPLACE, PORT WASHINGTON KING KULLEN 41,400 9/26/07 414,000 10.00 (3) 5 YEAR (11 MONTHS) CLEARVIEW CINEMA 25,400 5/31/10 596,250 23.47 (4) 5 YEAR (12 MONTHS) ------------ ------------------------- Total: SOUNDVIEW MARKETPLACE 66,800 1,010,250 15.12 ------------ ------------------------- SMITHTOWN SHOPPING CENTER, SMITHTOWN DAFFY'S 16,125 5/30/08 262,031 16.25 (4) 5 YEAR (12 MONTHS) WALGREENS 9,067 12/31/21 145,024 15.99 - ------------ ------------------------- Total: SMITHTOWN SHOPPING CENTER 25,192 407,055 16.16 ------------ ------------------------- THE BRANCH SHOPPING CENTER, SMITHTOWN PATHMARK 63,000 11/30/13 837,270 13.29 (1) 10 YEAR & (1) 5 YEAR PERGAMENT HOME CENTERS (4) 20,670 10/31/04 272,844 13.20 (3) 5 YEAR (12 MONTHS) ------------ ------------------------- Total: RD BRANCH ASSOCIATES L.P. 83,670 1,110,114 13.27 ------------ ------------------------- NEW LOUDON CENTER, LATHAM AMES 76,641 2/28/20 268,244 3.50 (3) 5 YEAR (12 MONTHS) MARSHALLS 26,015 1/31/04 104,060 4.00 (1) 5 YEAR (12 MONTHS) PRICE CHOPPER 76,060 5/31/15 760,577 10.00 (4) 5 YEAR (12 MONTHS) ------------ ------------------------- Total: NEW LOUDEN CENTER 178,716 1,132,881 6.34 ------------ ------------------------- TROY PLAZA, TROY AMES 71,665 5/31/06 140,000 1.95 (1) 5 YEAR (6 MONTHS) PRICE CHOPPER 29,044 9/30/04 56,000 1.93 (2) 5 YEAR ------------ ------------------------- Total: TROY PLAZA 100,709 196,000 1.95 ------------ ------------------------- PACESETTER PARK SHOPPING CENTER, POMONA STOP & SHOP (Ahold subsidiary) 52,052 8/31/20 299,909 5.76 (2) 10 YEAR ------------ ------------------------- Total: PACESETTER PARK SHOPPING CENTER 52,052 299,909 5.76 ------------ ------------------------- Total: New York Region 1,219,209 10,035,759 8.23 ------------ ------------------------- (1) This property is currently undergoing redevelopment. (2) Grand Union filed Chapter 11 on October 2, 2000. This lease is scheduled to expire April 30, 2001. The Company is constructing a 48,000 sf free-standing supermarket to replace the in-line Grand Union store. (3) The tenant has additional expansion space bringing the total space to 74,815 s.f. with rents of $618,075. This store will be converted to a Macy's store. (4) This tenant has filed for Bankruptcy and is in the process of liquidating. Page 2
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Anchor Tenant Summary --------------------- - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- Mid-Atlantic - ------------ Pennsylvania ------------ ABINGTON TOWNE CENTER, ABINGTON (1) T.J. MAXX (1) 27,000 1/31/04 256,500 9.50 TARGET (1) 157,616 - - - ------------ --------------------------- Total: ABINGTON TOWNE CENTER 184,616 256,500 9.50 ------------ --------------------------- AMES PLAZA, SHAMOKIN AMES 59,116 1/31/03 84,006 1.42 (2) 5 YEAR (6 MONTHS) BUY-RITE LIQUIDATORS 29,238 8/30/10 105,257 3.60 (1) 5 YEAR (9 MONTHS) ------------ --------------------------- Total: AMES PLAZA 88,354 189,263 2.14 ------------ --------------------------- BIRNEY PLAZA, MOOSIC BIG LOTS 30,537 1/31/03 106,880 3.50 (1) 5 YEAR (6 MONTHS) KMART 104,956 10/31/04 204,664 1.95 (9) 5 YEAR (6 MONTHS) ------------ --------------------------- Total: BIRNEY PLAZA 135,493 311,544 2.30 ------------ --------------------------- BLACKMAN PLAZA, WILKES-BARRE KMART 104,956 10/31/04 204,664 1.95 (9) 5 YEAR (12 MONTHS) ------------ --------------------------- Total: BLACKMAN PLAZA 104,956 204,664 1.95 ------------ --------------------------- BRADFORD TOWNE CENTRE, TOWANDA KMART 94,841 3/31/19 474,205 5.00 (10) 5 YEAR (6 MONTHS) PENN TRAFFIC 51,658 9/30/14 413,264 8.00 (2) 5 YEAR (6 MONTHS) ------------ --------------------------- Total: BRADFORD TOWNE CENTRE 146,499 887,469 6.06 ------------ --------------------------- CIRCLE PLAZA, SHAMOKIN DAM KMART 92,171 11/7/04 252,289 2.74 (9) 5 YEAR (12 MONTHS) ------------ --------------------------- Total: CIRCLE PLAZA 92,171 252,289 2.74 ------------ --------------------------- DUNMORE PLAZA, DUNMORE ECKERD DRUGS 13,205 11/30/04 89,134 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER (2) 26,475 11/30/05 - - (3) 5 YEAR (6 MONTHS) ------------ --------------------------- Total: DUNMORE PLAZA 39,680 89,134 2.25 ------------ --------------------------- EAST END CENTER, WILKES-BARRE AMES 83,000 1/31/07 436,000 5.25 (6) 5 YEAR (6 MONTHS) PHAR-MOR 43,200 3/31/03 324,000 7.50 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 50,000 4/30/08 357,500 7.15 (4) 5 YEAR (6 MONTHS) ------------ --------------------------- Total: EAST END CENTER 176,200 1,117,500 6.34 ------------ --------------------------- (1) In connection with the redevelopment of the Abington Towne Center, the Company has sold 157,616 square feet of the main building to Target which will operate a Target store at this location. The Company has retained and is redeveloping the remaining 58,610 square feet of the center. (2) Acadia owns only the land and not the building for this tenant. Page 3
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Anchor Tenant Summary --------------------- - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned Mid-Atlantic (continued) Pennsylvania ------------ GREENRIDGE PLAZA, SCRANTON (1) GIANT FOOD STORES 62,090 4/30/21 279,405 4.50 (6) 5 YEAR (AUTO) AMES 83,330 1/31/07 380,000 4.56 (6) 5 YEAR (6 MONTHS) ------------- --------------------------- Total: GREENRIDGE PLAZA 145,420 659,405 4.53 ------------- --------------------------- KINGSTON PLAZA, KINGSTON DOLLAR GENERAL 6,500 6/30/04 35,750 5.50 (1) 3 YEAR (6 MONTHS) PRICE CHOPPER 45,000 12/31/06 245,000 5.44 (4) 5 YEAR (6 MONTHS) ------------- --------------------------- Total: KINGSTON PLAZA 51,500 280,750 5.45 ------------- --------------------------- LUZERNE STREET SHOPPING CENTER. SCRANTON ECKERD DRUGS 14,000 4/30/04 94,500 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER (2) 40,618 4/30/04 177,650 4.37 (4) 5 YEAR (12 MONTHS) ------------- --------------------------- Total: LUZERNE STREET SHOPPING CENTER 54,618 272,150 4.98 ------------- -------------------------- MARK PLAZA, EDWARDSVILLE KMART 104,956 10/31/04 204,664 1.95 (10) 5 YEAR (12 MONTHS) REDNER'S MARKET 52,639 5/31/18 421,112 8.00 (2) 5 YEAR (6 MONTHS) ------------- --------------------------- Total: MARK PLAZA 157,595 625,776 3.97 ------------- --------------------------- MONROE PLAZA, STROUDSBURG AMES 61,489 1/29/09 94,434 1.54 (3) 5 YEAR ECKERD DRUGS 13,716 10/31/02 48,006 3.50 (2) 5 YEAR (6 MONTHS) SHOP-RITE 52,924 10/31/05 281,278 5.31 (3) 5 & (1) 3 YEAR ------------- --------------------------- Total: MONROE PLAZA 128,129 423,718 3.31 ------------- --------------------------- MOUNTAINVILLE SHOPPING CENTER, ALLENTOWN ACME MARKETS (2) 32,200 6/30/04 85,416 2.65 Not Operating-Closed 2/24/00 ECKERD DRUGS 15,808 4/30/04 60,000 3.80 (3) 5 YEAR (6 MONTHS) KLING'S HANDYMAN 20,000 1/31/02 80,000 4.00 (1) 5 YEAR (6 MONTHS) ------------- --------------------------- Total: MOUNTAINVILLE SHOPPING CENTER 68,008 225,416 3.31 ------------- --------------------------- PITTSTON PLAZA, PITTSTON ECKERD DRUGS 8,468 6/30/06 76,212 9.00 (2) 5 YEAR (6 MONTHS) REDNER'S MARKETS 59,100 12/31/18 416,000 7.04 (2) 5 YEAR ------------- --------------------------- Total: PITTSTON PLAZA 67,568 492,212 7.28 ------------- --------------------------- (1) The Company has signed a lease with Giant (Ahold subsidiary) for 61,406 square feet which is not reflected above as the tenant has not yet opened for business. (2) This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease. Page 4
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Anchor Tenant Summary --------------------- - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned Mid-Atlantic (continued) Pennsylvania PLAZA 15, LEWISBURG AMES 53,000 4/30/06 121,900 2.30 (3) 5 YEAR (6 MONTHS) WEIS MARKETS 28,800 12/31/01 95,088 3.30 (4) 5 YEAR (3 MONTHS) ------------- --------------------------- Total: PLAZA 15 81,800 216,988 2.65 ------------- --------------------------- PLAZA 422, LEBANON PLAYTIME INC, (Sub-leased from Giant Food Stores) 40,783 9/23/04 132,030 3.24 (5) 5 YEAR AMES 83,330 10/31/06 130,000 1.56 (3) 5 YEAR (6 MONTHS) ------------- --------------------------- Total: PLAZA 422 124,113 262,030 2.11 ------------- --------------------------- ROUTE 6 MALL, HONESDALE KMART 119,658 4/30/20 687,951 5.75 (10) 5 YEAR (AUTOMATIC) ------------- --------------------------- Total: ROUTE 6 MALL 119,658 687,951 5.75 ------------- --------------------------- SHILLINGTON PLAZA, READING KMART 94,500 7/31/04 261,000 2.76 (9) 5 YEAR (12 MONTHS) WEIS MARKETS 40,107 8/31/01 106,720 2.66 (3) 5 YEAR (12 MONTHS) ------------- --------------------------- Total: SHILLINGTON PLAZA 134,607 367,720 2.73 ------------- --------------------------- TIOGA WEST,TUNKHANNOCK AMES 53,000 5/31/05 111,300 2.10 (2) 5 YEAR (6 MONTHS) ECKERD DRUGS 12,600 3/31/05 40,000 3.17 (2) 5 YEAR (6 MONTHS) FASHION BUG (Pays percentage rent only) 13,500 11/30/09 - - (3) 5 YEAR (6 MONTHS) PENN TRAFFIC 34,238 9/30/14 222,547 6.50 (2) 5 YEAR ------------- --------------------------- Total: TIOGA WEST 113,338 373,847 3.30 ------------- --------------------------- 25TH STREET SHOPPING CENTER, EASTON CVS 13,400 12/31/05 147,400 11.00 (1) 5 YEAR (6 MONTHS) PETCO 15,400 1/31/09 127,050 8.25 (2) 5 YEAR ------------- --------------------------- Total: 25TH STREET SHOPPING CENTER 28,800 274,450 9.53 ------------- --------------------------- UNION PLAZA, NEW CASTLE AMES 94,000 1/31/17 493,500 5.25 (2) 5 YEAR PEEBLES (pays percentage rent only) 25,052 1/31/18 - - (3) 3 YEAR (AUTOMATIC) SEARS 98,940 10/25/11 445,230 4.50 (4) 5 YEAR ------------- --------------------------- Total: UNION PLAZA 217,992 938,730 4.31 ------------- --------------------------- VALMONT PLAZA, WEST HAZELTON AMES (1) 96,600 1/31/07 220,000 2.28 (3) 5 YEAR (6 MONTHS) ------------- --------------------------- Total: VALMONT PLAZA 96,600 220,000 2.28 ------------- --------------------------- Virginia -------- KINGS FAIRGROUNDS, DANVILLE CVS 12,160 2/28/02 29,184 2.40 (2) 5 YEAR SCHEWEL FURNITURE 60,200 1/31/06 180,600 3.00 (1) 5 YEAR (3 MONTHS) TRACTOR SUPPLY CO. 30,975 11/30/08 123,900 4.00 (3) 5 YEAR (6 MONTHS) ------------- --------------------------- Total: KINGS FAIRGROUNDS 103,335 333,684 3.23 ------------- --------------------------- Total : Mid-Atlantic 2,661,050 9,963,190 3.98 ------------- --------------------------- (1) This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease. Page 5
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Anchor Tenant Summary --------------------- - ------------------------------------------------------------------------------------------------------------------------------------ Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- Southeast - --------- Alabama ------- MIDWAY PLAZA, OPELIKA BEALL'S OUTLET 30,000 4/30/04 33,000 1.10 - OFFICE DEPOT 28,787 10/31/07 69,380 2.41 (3) 5 YEAR (AUTOMATIC) ------------- --------------------------- Total: MIDWAY PLAZA 58,787 102,380 1.74 ------------- --------------------------- NORTHSIDE MALL, DOTHAN WAL*MART 111,970 1/31/04 227,974 2.04 (6) 5 YEAR (6 MONTHS) ------------- --------------------------- Total: NORTHSIDE MALL 111,970 227,974 2.04 ------------- --------------------------- Florida ------- NEW SMYRNA BEACH SHOPPING CNTR, NEW SMYRNA BEACH HARDBODIES FAMILY FITNESS 11,200 8/31/08 52,080 4.65 - THEATRE MANAGEMENT INC. (1) 24,780 11/30/05 223,020 9.00 (4) 5 YEAR (6 MONTHS) ------------- ---------------------------- Total: NEW SMYRNA BEACH SHOPPING CNTR 35,980 275,100 7.65 ------------- ---------------------------- Georgia ------- CLOUD SPRINGS PLAZA, FORT OGLETHORPE BIG LOTS 30,000 10/31/05 108,000 3.60 - FOOD LION 29,000 1/31/11 181,250 6.25 (4) 5 YEAR W.S. BADCOCK 15,260 9/28/05 51,121 3.35 (1) 5 YEAR (6 MONTHS) ------------- ---------------------------- Total: CLOUD SPRINGS PLAZA 74,260 340,371 4.58 ------------- ---------------------------- South Carolina -------------- MARTINTOWN PLAZA, NORTH AUGUSTA BELK'S 44,000 1/31/04 154,000 3.50 (4) 5 YEAR (6 MONTHS) OFFICE DEPOT 29,996 6/30/08 142,500 4.75 (2) 5 YEAR (12 MONTHS) ------------- ---------------------------- Total: MARTINTOWN PLAZA 73,996 296,500 4.01 ------------- ---------------------------- WESMARK PLAZA, SUMTER GOODY'S 24,960 5/31/05 162,240 6.50 (2) 5 YEAR (6 MONTHS) SIMPSON'S PLAZA HARDWARE 30,000 7/31/01 54,000 1.80 - STAPLES 21,840 9/30/05 114,660 5.25 (3) 5 YEAR (6 MONTHS) THEATRE MANAGEMENT INC. 30,155 5/31/09 271,395 9.00 (2) 5 YEAR (6 MONTHS) ------------- ---------------------------- Total: WESMARK PLAZA 106,955 602,295 5.63 ------------- ---------------------------- Total : Southeast 461,948 1,844,620 3.99 ------------- ---------------------------- (1) The tenant has expanded bringing the total space to 35,280 s.f. with rents of $349,020. Page 6
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Anchor Tenant Summary Property/Tenant Name Square Lease Annual Annual (Type of Center) Footage Expiration Rent Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------------ THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned Midwest Illinois HOBSON WEST PLAZA, NAPERVILLE EAGLE FOOD CENTERS 42,037 11/30/07 170,000 4.04 (5) 5 YEAR (6 MONTHS) --------- ---------------------- Total: HOBSON WEST PLAZA, 42,037 170,000 4.04 --------- ---------------------- Indiana MERRILLVILLE PLAZA, MERILLVILLE JC PENNEY 50,000 1/31/08 450,000 9.00 (2) 5 YEAR (12 MONTHS) OFFICEMAX 26,157 7/31/08 202,717 7.75 (4) 5 YEAR (6 MONTHS) TJ MAXX 25,200 1/31/04 182,700 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 5/31/10 307,257 7.75 (3) 5 YEAR TJ MAXX 36,000 3/31/03 234,000 6.50 (2) 5 YEAR (6 MONTHS) --------- ---------------------- Total: BLOOMFIELD TOWN SQUARE 75,646 541,257 7.16 --------- ---------------------- Ohio MAD RIVER STATION - RETAIL, DAYTON BABIES 'R' US 33,147 2/28/05 243,630 7.35 (3) 5 YEAR OFFICE DEPOT 25,038 8/31/05 284,936 11.38 (1) 5 YEAR (6 MONTH) --------- ---------------------- Total: MAD RIVER STATION - RETAIL SPACE 58,185 528,566 9.08 --------- ---------------------- Total: Midwest 277,225 2,075,240 7.49 --------- ---------------------- Total: Retail Anchor Properties - Wholly Owned 5,128,248 $ 27,578,139 $ 5.66 ========= ====================== Unconsolidated Retail Properties New York Region New York CROSSROADS SHOPPING CENTER,WHITEPLAINS K-MART 100,725 1/31/12 $ 566,250 $ 5.62 (5) 5 YEAR (9 MONTHS) WALDBAUMS 38,208 12/31/07 504,000 13.19 (5) 5 YEAR (9 MONTHS) B. DALTON 12,430 5/28/12 321,813 25.89 (2) 5 YEAR (18 MONTHS) MODELL'S 15,000 1/11/02 204,733 13.65 - PERGAMENTS(1) 25,000 2/28/09 193,750 7.75 (2) 5 YEAR (12 MONTHS) --------- ---------------------- Total: CROSSROADS SHOPPING CENTER 191,363 1,790,546 9.36 --------- ---------------------- Total: New York Region 191,363 1,790,546 9.36 --------- ---------------------- Total: Unconsolidated Retail Properties 191,363 $ 1,790,546 $ 9.36 ========= ====================== (1) This tenant has filed for Bankruptcy and is in the process of liquidating. Subsequent to March 31, 2001, Modell's acquired this lease in connection with Pergaments' bankruptcy proceedings. Page 8
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Lease Expirations ------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ------------------------------------------------------------------------------- Retail Properties Anchor Tenant Expirations 2001 4 126,825 2.60% $ 375,808 1.36% 2.96 2002 4 73,104 1.50% 470,312 1.71% 6.43 2003 5 229,553 4.71% 1,006,886 3.65% 4.39 2004 21 1,074,362 22.05% 3,384,839 12.27% 3.15 2005 17 501,174 10.28% 2,960,207 10.73% 5.91 2006 6 321,663 6.60% 893,712 3.24% 2.78 2007 7 427,359 8.77% 1,914,380 6.94% 4.48 2008 8 319,093 6.55% 1,886,153 6.84% 5.91 2009 5 167,815 3.44% 989,225 3.59% 5.89 2010 4 98,825 2.03% 1,303,928 4.73% 13.19 2011 2 127,940 2.63% 626,480 2.27% 4.90 2012 1 50,225 1.03% 516,960 1.87% 10.29 2013 2 115,392 2.37% 1,334,994 4.84% 11.57 2014 3 98,189 2.01% 1,465,811 5.32% 14.93 2015 2 120,884 2.48% 1,358,841 4.93% 11.24 2017 2 158,665 3.26% 1,223,500 4.44% 7.71 2018 4 168,410 3.46% 1,200,731 4.35% 7.13 2019 3 327,845 6.73% 2,206,061 8.00% 6.73 2020 5 294,852 6.05% 2,034,881 7.38% 6.90 2021 2 71,157 1.45% 424,430 1.54% 5.96 ------------------------------ -------------------------------- Total Occupied 107 4,873,332 100.00% $27,578,139 100.00% $ 5.66 --------------------------------------------- Anchor GLA Owned by Tenants 254,916 Total Vacant 287,832 --------- Total Square Feet 5,416,080 ========= --------------------------------------------- Page 1
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Lease Expirations ------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ------------------------------------------------------------------------------- Retail Properties Shop Tenant Expirations Month to Month 39 192,079 8.08% $ 1,185,178 4.94% $ 6.17 2001 66 249,166 10.48% 2,281,658 9.51% 9.16 2002 80 288,300 12.13% 2,890,139 12.04% 10.02 2003 87 309,213 13.01% 3,236,290 13.49% 10.47 2004 68 306,895 12.91% 3,474,203 14.48% 11.32 2005 69 314,659 13.24% 3,309,761 13.79% 10.52 2006 36 159,863 6.73% 1,562,829 6.51% 9.78 2007 14 96,225 4.05% 1,157,074 4.82% 12.02 2008 20 109,635 4.61% 1,317,732 5.49% 12.02 2009 20 98,644 4.15% 1,136,613 4.74% 11.52 2010 18 155,020 6.52% 1,291,369 5.38% 8.33 2011 9 48,342 2.03% 568,198 2.37% 11.75 2014 1 21,500 0.90% 82,500 0.34% 3.84 2015 1 9,592 0.40% 180,330 0.75% 18.80 2019 1 14,887 0.63% 236,800 0.99% 15.91 2020 1 3,000 0.13% 87,000 0.36% 29.00 ------------------------------ -------------------------------- Total Occupied 530 2,377,020 100.00% $23,997,674 100.00% $ 10.09 --------------------------------------------- Total Vacant 539,554 --------- Total Square Feet 2,916,574 ========= --------------------------------------------- Page 2
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Lease Expirations ------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ------------------------------------------------------------------------------- Retail Properties Total Retail Expirations Month to Month 39 192,079 2.65% $ 1,185,178 2.30% $ 6.17 2001 70 375,991 5.19% 2,657,466 5.15% 7.07 2002 84 361,404 4.98% 3,360,451 6.52% 9.30 2003 92 538,766 7.43% 4,243,176 8.23% 7.88 2004 89 1,381,257 19.05% 6,859,042 13.30% 4.97 2005 86 815,833 11.25% 6,269,968 12.16% 7.69 2006 42 481,526 6.64% 2,456,541 4.76% 5.10 2007 21 523,584 7.22% 3,071,454 5.96% 5.87 2008 28 428,728 5.91% 3,203,885 6.21% 7.47 2009 25 266,459 3.68% 2,125,838 4.12% 7.98 2010 22 253,845 3.50% 2,595,297 5.03% 10.22 2011 11 176,282 2.43% 1,194,678 2.32% 6.78 2012 1 50,225 0.69% 516,960 1.00% 10.29 2013 2 115,392 1.59% 1,334,994 2.59% 11.57 2014 4 119,689 1.65% 1,548,311 3.00% 12.94 2015 3 130,476 1.80% 1,539,171 2.98% 11.80 2017 2 158,665 2.19% 1,223,500 2.37% 7.71 2018 4 168,410 2.32% 1,200,731 2.33% 7.13 2019 4 342,732 4.73% 2,442,861 4.74% 7.13 2020 6 297,852 4.11% 2,121,881 4.11% 7.12 2021 2 71,157 0.99% 424,430 0.82% 5.96 ------------------------------ -------------------------------- Total Occupied 637 7,250,352 100.00% 51,575,813 100.00% 7.11 --------------------------------------------- Anchor GLA Owned by Tenants 254,916 Total Vacant 827,386 --------- Total Square Feet 8,332,654 ========= --------------------------------------------- Page 3
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Lease Expirations ------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ------------------------------------------------------------------------------- Unconsolidated Property Month to Month 1 3,000 1.00% $ 95,700 1.94% 31.90 2001 1 1,650 0.55% 50,144 1.02% 30.39 2002 7 31,517 10.50% 690,442 14.01% 21.91 2003 5 20,241 6.74% 631,675 12.81% 31.21 2004 7 30,516 10.17% 802,461 16.28% 26.30 2005 5 16,015 5.34% 461,200 9.36% 28.80 2006 3 5,260 1.75% 151,628 3.08% 28.83 2007 3 42,258 14.08% 642,303 13.03% 15.20 2008 3 10,093 3.36% 267,882 5.43% 26.54 2009 2 26,462 8.82% 247,844 5.03% 9.37 2012 2 113,155 37.69% 888,062 18.01% 7.85 ------------------------------ -------------------------------- Total Occupied 39 300,167 100.00% 4,929,341 100.00% 16.42 --------------------------------------------- Total Vacant 10,752 ------- Total Square Feet 310,919 ======= --------------------------------------------- Page 4
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Residential (Multi-family) Properties -------------- % Occupied % Occupied Property Location Square Feet Units March 31, 2001 December 31, 2000 -------- -------- ----------- ----- -------------- ----------------- MID-ATLANTIC Maryland Glen Oaks Apartments(1) Greenbelt 557,772 463 99% 100% Marley Run Apartments(1) Pasadena 274,200 336 97% 96% North Carolina Village Apartments Winston Salem 578,606 600 79% 79% MIDWEST Missouri Gate House, Holiday House, Tiger Village, Columbia 628,891 874 96% 96%(2) Colony Apartments --------- ----- -- -- Totals 2,039,469 2,273 92% 92% ========= ===== == == -------------- (1) These properties are held for sale as of March 31, 2001 (2) As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions Page 1
QUARTERLY SUPPLEMENTAL DISCLOSURE [LOGO] NYSE MARCH 31, 2001 ---- AKR Properties Under Redevelopment As previously discussed during 2000, Acadia has four properties currently under redevelopment. The Company has completed the first phase of redevelopment of the Abington Towne Center in the Philadelphia suburb of Abington, PA. During the fourth quarter 2000, Acadia completed the sale of the top two floors and a portion of the first floor of the main building to Target Corp. for $11.5 million, securing a new anchor for the property. T.J. Maxx, which occupies 27,000 square feet, also opened in November 2000. The Center, which was previously an enclosed multi-level mall, consists of a 206,000 square foot, three story main building (of which 160,000 is owned by Target) and 14,000 square feet of store space in outparcel buildings. The new Target store is expected to open prior to the end of 2001. Costs incurred through first quarter 2001 totaled $2.7 million (net of a $900,000 reimbursement received from Target during 2001) with approximately $1.0 million of additional costs anticipated through completion. During 2001, redevelopment activities continued at the Elmwood Park and Methuen Shopping Centers. In Elmwood Park, NJ, Acadia is re-anchoring, renovating and expanding an existing 125,000 square foot center by replacing a 28,000 in-line Grand Union supermarket with a 48,000 square foot freestanding A&P supermarket and expanding an existing Walgreen's drug store. Costs incurred through first quarter 2001 totaled $643,000 with an additional $11.4 million anticipated through completion in 2002. In Methuen, MA, the Company is finalizing negotiations with a national discount department store to replace the previous anchor, Caldor, whose lease the Company purchased in bankruptcy. In Burlington, VT, the Grand Union lease has been assigned to Shaw's supermarket as a result of Grand Unions bankruptcy proceedings. Although Acadia is pleased with the excellent credit represented by Shaw's and their reputation as a solid supermarket operator, these events have temporarily delayed the Company's planned redevelopment and de-malling of the Gateway Shopping Center. The redevelopment, as originally planned, included the recapture of an undersized 32,000 square foot Grand Union lease and construction of a new anchor space. Page 1