UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of
Report (Date of Earliest Event Reported): February 11, 2009
ACADIA
REALTY TRUST
(Exact
name of registrant as specified in its charter)
|
Maryland |
1-12002 |
23-2715194 |
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
|
1311 Mamaroneck Avenue |
|
Suite 260 |
|
White Plains, New York 10605 |
|
(Address of principal executive offices) (Zip Code) |
(914) 288-8100
(Registrant’s
telephone number, including area code)
(Former
name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On February 11, 2009, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and year ended December 31, 2008. A copy of this press release is attached to this report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. In addition, on February 11, 2009, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter and year ended December 31, 2008. A copy of this supplemental information is attached to this report on Form 8-K as Exhibit 99.2 and incorporated herein by reference. The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be furnished solely pursuant to this Item 2.02, and is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference into any filing under the Securities Act of 1933, as amended ("Securities Act") or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a) (2) of the Securities Act.
Item
9.01 Financial Statements and Exhibits.
| (d) Exhibits | ||
|
Exhibit Number |
Description |
|
| 99.1 | Press release of the Company dated February 11, 2009. | |
| 99.2 | Financial and Operating Reporting Supplement of the Company for the quarter and year ended December 31, 2008. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
ACADIA REALTY TRUST |
|||||
| (Registrant) | |||||
| Date: |
February 13, 2009 |
By: |
/s/ Michael Nelsen |
||
| Name: |
Michael Nelsen |
||||
| Title: |
Sr. Vice President |
||||
EXHIBIT INDEX
|
Exhibit Number |
Description |
|
| 99.1 | Press release of the Company dated February 11, 2009. | |
| 99.2 | Financial and Operating Reporting Supplement of the Company for the quarter and year ended December 31, 2008. | |
Exhibit 99.1
Acadia Realty Trust Reports Fourth Quarter and Full Year 2008 Operating Results
NEW YORK--(BUSINESS WIRE)--February 11, 2009--Acadia Realty Trust (NYSE: AKR – “Acadia” or the “Company”), a real estate investment trust (“REIT”), today reported operating results for the quarter and year ended December 31, 2008. All per share amounts discussed below are on a fully diluted basis.
Fourth Quarter 2008 Highlights
Earnings – 2008 fourth quarter FFO of $0.12 and EPS of $(0.12)
- Funds from operations (“FFO”) per share of $0.12 for the fourth quarter 2008 compared to $0.29 for fourth quarter 2007, as adjusted, and FFO of $1.16 for the year ended December 31, 2008 compared to $1.26 for the year ended December 31, 2007, as adjusted
- Adjusting to disregard the shares issued in connection with the payment of a special dividend in January 2009, 2008 FFO of $1.20 was in the upper half of previous guidance
- (Loss) earnings per share (“EPS”) from continuing operations for fourth quarter 2008 of $(0.12) compared to $0.09 for fourth quarter 2007 and EPS of $0.58 for the year ended December 31, 2008 compared to $0.50 for the year ended December 31, 2007
Balance sheet – Strong liquidity and limited exposure to maturities
- Cash on hand and availability under current facilities totaling $117 million at December 31, 2008
- No loan maturities (including extension options) in core portfolio until December 2011
- Purchased $8.0 million in principal amount of the Company’s outstanding convertible debt at a 25% discount
- Continued regular $0.21 quarterly cash dividend
- Declared a $0.55 special dividend payable 90% in shares and 10% in cash as a result of non-core property dispositions
Core portfolio – Necessity-based retail profile
- Same store net operating income up 1.2% for the quarter and 2.3% for the year ended December 31, 2008 compared to same periods in 2007
- Year-end 2008 occupancy at 93.5% versus 93.8% at September 30, 2008
Opportunity Funds – Current access to capital
- Subsequent to year-end, Fund III acquired the Cortlandt Towne Center, a 640,000 square foot shopping center located in Westchester County, NY, for $78 million
- Approximately $400 million of Fund III unfunded investor capital commitments available
Fourth Quarter and Full Year 2008 Operating Results
In accordance with Generally Accepted Accounting Principles (“GAAP”), all previously reported Common Shares, FFO and EPS amounts have been adjusted to reflect the special dividend paid on January 30, 2009, which resulted in the issuance of approximately 1.3 million additional Acadia Common Shares.
For the quarter ended December 31, 2008, FFO was $4.2 million, compared to $10.0 million for the quarter ended December 31, 2007. For the year ended December 31, 2008, FFO was $40.5 million compared to $44.0 million for the year ended December 31, 2007.
FFO, EPS from continuing operations and EPS for the quarters and years ended December 31, 2008 and 2007 were as follows:
| Fourth quarter | Year ended December 31, | |||||||||||||
| 2008 | 2007 | Variance | 2008 | 2007 | Variance | |||||||||
| FFO | $0.12 | $0.291 | $(0.17) | $1.16 | $1.261 |
$(0.10 |
) |
|||||||
| EPS from continuing operations |
$(0.12 |
) |
$0.09 | $(0.21) | $0.58 | $0.50 | $0.08 | |||||||
| EPS |
$(0.12 |
) |
$0.26 | $(0.38) | $0.80 | $0.80 |
-- |
|||||||
1 FFO for 2007 was adjusted as previously disclosed to include the extraordinary gain from the Company’s RCP Venture investments as discussed in Note 4 to the Financial Highlights included herein.
The following key factors contributed to the $0.21 decrease in EPS from continuing operations for the fourth quarter 2008 compared with the fourth quarter 2007:
Increases:
- $0.06 gain on the purchase of $8.0 million in principal amount of the Company’s outstanding convertible debt as described below
- $0.07 increase in interest income from additional 2008 mezzanine financing investments
Decreases:
- $0.13 decrease associated with the previously announced impairment of a mezzanine loan
- $0.05 decrease related to additional straight-line rent reserves
- $0.08 decrease reflecting the write-off of both accounts receivable and tenant improvements at three locations due to Circuit City’s bankruptcy
- $0.03 decline in transactional fee income earned from the Company’s opportunity funds (the “Funds”). The fees earned from the Funds are eliminated in consolidation, and recognized through a reduction in minority interest expense
EPS for the year ended December 31, 2008 equaled 2007 resulting primarily from:
- EPS from continuing operations for 2008 increased $0.08, resulting primarily from increases in lease termination income, net of minority interests’ share, of $0.14, transactional fee income earned from the Funds of $0.12 and interest income of $0.05, partially offset by $0.04 of additional general and administrative expenses and the above mentioned fourth quarter activity.
- Income from discontinued operations increased $0.03 primarily as a result of the gain recognized from the sale of a property during 2008.
- Income from extraordinary item for 2007 of $0.11 related to the Company’s investment in Albertson’s through its RCP Venture.
During the fourth quarter of 2008, the Company purchased $8.0 million in principal amount of its outstanding $115.0 million convertible debt at a discount of approximately 25%, which resulted in a $2.0 million gain.
Strong Balance Sheet – Available Liquidity
The Company believes its conservative balance sheet makes it well-positioned to capitalize on potential opportunities arising from the current economic turmoil. This strength is evidenced by:
- Excluding the Funds’ cash and credit facilities, as of December 31, 2008, the Company had total liquidity of $117 million, including $75 million of cash and $42 million available under existing lines of credit
- Approximately $400 million of Fund III unfunded investor capital commitments available, including $80 million committed by the Company
- 98% of the Company’s core portfolio debt is fixed-rate and the average rate is 5.0%. Including the Company’s pro-rata share of Fund debt, 89% is fixed-rate
- No core portfolio mortgage debt maturing until December 2011 (including extension options)
- Fixed-charge coverage ratio of 2.9 to 1 for the year ended December 31, 2008
- Excluding the special dividend of $0.55 declared in December 2008, dividend payout ratio of 70% for 2008
Retail Portfolio Performance Remained Solid
For 2008, the core portfolio performed near the high end of the Company’s expectations as same store net operating income (“NOI”) increased 1.2% for the fourth quarter 2008 from the fourth quarter 2007 and 2.3% for the year as compared to 2007.
The Company is acutely aware of the impact of the current recession on consumer spending and on its retail tenants. The Company’s portfolio consists of assets primarily anchored by necessity and value-based retail tenants including supermarkets, drugstores and discount retailers located in high barrier-to-entry and supply constrained markets. However, to the extent that the current economic conditions continue and/or worsen, the portfolio would be adversely affected.
Acadia’s core portfolio occupancy, including the Company’s pro-rata share of its joint venture properties, but excluding the Funds, was 93.5% as of December 31, 2008. This represents a decrease of 30 basis points from 93.8% occupancy at September 30, 2008 and a decrease of 90 basis points from December 31, 2007 occupancy of 94.4%.
Acadia’s combined portfolio occupancy, including its pro-rata share of its joint venture properties and its Funds, was 93.3% as of December 31, 2008. This represents a decrease of 30 basis points from 93.6% occupancy at September 30, 2008 and a decrease of 90 basis points from December 31, 2007 occupancy of 94.2%.
During the fourth quarter of 2008, the Company realized an average rent increase of 2% in its core portfolio on three new and fourteen renewal leases totaling 50,000 square feet, representing 1% of the core portfolio’s gross leasable area. Including the effect of the straight-lining of rents, the Company realized average rent increases of 7% on new and renewal leases with respect to its core portfolio. These total results were adversely impacted by one new 12,000 square foot lease which had a 20% decrease in rent. The average rent increase for new and renewal leases, excluding the effect of this lease, would have been 12% and, including the effect of the straight-lining of rents, 18% for the quarter.
External Growth Initiatives
Fund III
Through 2008, Fund III has deployed approximately $100 million of its $503 million of committed equity in four investments. Acadia’s Operating Partnership has a 19.9% ownership interest in Fund III.
Subsequent to year-end, Fund III purchased Cortlandt Towne Center for $78 million. The property is a 640,000 square foot shopping center located in Westchester County, NY, a trade area with high barriers to entry for regional and national retailers. The asset is anchored by quality national tenants including Wal-Mart, A&P Food Market, Marshalls, Barnes & Noble and Best Buy. With category-dominant retailers that have had strong historic sales performance at this location, the Cortlandt Towne Center has proven to be the premier retail center in the market.
Outlook - Earnings Guidance for 2009
The Company forecasts its 2009 annual FFO will range from $1.05 to $1.19 per share and 2009 EPS from $0.51 to $0.65. These amounts reflect the FASB Staff Position 14-1 “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)” (“FSP 14-1”) which is effective in 2009. The adoption of this pronouncement will result in an additional annual non-cash interest charge of $2.2 million, or $0.06 per share. Reference is made to the Company’s Form 10-Q as filed for the quarter ended September 30, 2008 for further discussion.
The table below summarizes management’s assumptions for estimated 2009 FFO and presents FFO before and after making the interest adjustment in accordance with FSP 14-1. Management believes that presenting forecasted 2009 FFO before adjusting for FSP 14-1 provides useful information to investors, as it allows them to evaluate 2008 reported FFO to forecasted 2009 FFO on a comparable basis. All per share amounts in the table below have been adjusted to take into account the special dividend paid on January 30, 2009 as discussed above, which resulted in dilution of $0.04 to $0.05 in the Company’s 2009 forecast.
| 2009 | 2008 | |||||||||||
| Low | High | Actual | ||||||||||
| (dollars in millions) | ||||||||||||
| Core and pro-rata share of opportunity fund portfolio income1 | $ | 38.9 | $ | 41.2 | $ | 38.9 | ||||||
| Asset and property management fee income, net of TRS taxes | 11.1 | 11.1 | 10.2 | |||||||||
| Transactional fee income, net of TRS taxes | 9.4 | 10.3 | 8.3 | |||||||||
| Promote, RCP and other income, net of TRS taxes | 5.4 | 6.6 | 9.5 | |||||||||
| General and administrative expense | (26.0 | ) | (25.5 | ) | (26.4 | ) | ||||||
| 38.8 | 43.7 | 40.5 | ||||||||||
| Non-cash interest pursuant to FSP 14-1 | (2.2 | ) | (2.2 | ) |
(2.1 |
)2 |
||||||
| $ | 36.6 | $ | 41.5 | $ | 38.4 | |||||||
| FFO per share before FSP 14-1 interest adjustment | $ | 1.11 | $ | 1.25 | $ | 1.16 | ||||||
| FFO per share after FSP 14-1 interest adjustment | $ | 1.05 | $ | 1.19 | $ | 1.10 | ||||||
1 Assumes a decline in same-store net operating income ranging from -2% to -5%.
2 FSP-14-1 is effective for fiscal years beginning after December 15, 2008, and is applied retrospectively to all periods presented.
The following is a reconciliation of the calculation of FFO per diluted share and earnings per diluted share:
|
Guidance Range for 2009 |
Low |
High |
||||
| Earnings per diluted share | $ | 0.51 | $ | 0.65 | ||
| Depreciation of real estate and amortization of leasing costs: | ||||||
| Wholly owned and consolidated partnerships | 0.49 | 0.49 | ||||
| Unconsolidated partnerships | 0.04 | 0.04 | ||||
| Minority interest in Operating Partnership | 0.01 | 0.01 | ||||
| Funds from operations | $ | 1.05 | $ | 1.19 | ||
Management will discuss Acadia’s 2009 earnings guidance in further detail on its fourth quarter earnings conference call.
Management Comments
“Given the significant turmoil in the capital markets and the unprecedented disruption of the economy and its affect on consumer spending, in 2008 we focused on maintaining the stability of our portfolio and strength of our balance sheet” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “This included minimizing our exposure to debt maturities and recourse debt, and ensuring we had more than enough liquidity, both on balance sheet and through our opportunity funds. We also focused on positioning our portfolio by shifting our assets to high barrier-to-entry and supply constrained markets. Looking forward to 2009, we will remain highly focused on maintaining these foundations as well as capitalize on opportunities that may arise from the continued disruption in the real estate markets.”
Investor Conference Call
Management will conduct a conference call on Thursday, February 12, 2009 at 12:00 ET to review the Company's earnings and operating results. The live conference call can be accessed by dialing 1-866-543-6403 (internationally 617-213-8896). The pass code is “Acadia”. The call will also be webcast and can be accessed in a listen-only mode at Acadia's web site at www.acadiarealty.com. If you are unable to participate during the live webcast, the call will be archived and available on Acadia's website. Alternatively, to access the replay by phone, dial 888-286-8010 (internationally 617-801-6888), and the passcode will be 43786413. The phone replay will be available through Thursday, February 19, 2009.
Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of retail and mixed-use properties including neighborhood and community shopping centers located in dense urban and suburban markets in major metropolitan areas.
Certain matters in this press release, including statements relating to our future operating results, may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risk, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding our future financial results and our ability to capitalize on potential opportunities arising from the current economic turmoil. Factors that could cause our forward-looking statements to differ from our future results include, but are not limited to, those discussed under the headings “Risk Factors” and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company’s most recent annual report on Form 10-K filed with the SEC on February 29, 2008 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) the current global financial crisis and its effect on retail tenants, including several recent bankruptcies of major retailers; (ii) the Company’s reliance on revenues derived from major tenants; (iii) the Company’s limited control over joint venture investments; (iv) the Company’s partnership structure; (v) real estate and the geographic concentration of our properties; (vi) market interest rates; (vii) leverage; (viii) liability for environmental matters;(ix) the Company’s growth strategy; (x) the Company’s status as a REIT (xi) uninsured losses and (xii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company’s website at www.acadiarealty.com. Any forward-looking statements in this press release speak only as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia's expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.
|
|
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|
ACADIA REALTY TRUST AND SUBSIDIARIES |
||||||||||||||||
|
Financial Highlights 1 |
||||||||||||||||
|
For the Quarters and Years ended December 31, 2008 and 2007 |
||||||||||||||||
|
(dollars in thousands, except per share data) |
||||||||||||||||
| For the quarters ended | For the years ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| Revenues | 2008 | 2007 | 2008 | 2007 | ||||||||||||
| Minimum rents | $ | 20,172 | $ | 18,371 | $ | 80,166 | $ | 68,680 | ||||||||
| Percentage rents | 244 | 220 | 598 | 625 | ||||||||||||
| Expense reimbursements | 4,716 | 3,672 | 16,855 | 13,318 | ||||||||||||
| Lease termination (expense) income | (16 | ) |
-- |
23,961 | -- | |||||||||||
| Other property income | 308 | 311 | 1,191 | 855 | ||||||||||||
| Management fee income | 533 | 660 | 3,434 | 4,064 | ||||||||||||
| Interest income | 5,153 | 2,642 | 14,534 | 10,315 | ||||||||||||
| Other | -- | -- | -- | 165 | ||||||||||||
| Total revenues | 31,110 | 25,876 | 140,739 | 98,022 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Property operating | 9,068 | 4,305 | 24,945 | 14,080 | ||||||||||||
| Real estate taxes | 3,053 | 2,450 | 12,151 | 9,470 | ||||||||||||
| General and administrative | 5,414 | 6,733 | 24,545 | 23,058 | ||||||||||||
| Depreciation and amortization | 12,477 | 7,998 | 34,964 | 26,892 | ||||||||||||
| Total operating expenses | 30,012 | 21,486 | 96,605 | 73,500 | ||||||||||||
| Operating income | 1,098 | 4,390 | 44,134 | 24,522 | ||||||||||||
| Gain on sale of land | -- | -- | 763 | -- | ||||||||||||
| Equity in (losses) earnings of unconsolidated affiliates | (4,462 | ) | 2,362 | 19,906 | 6,619 | |||||||||||
| Interest expense and other finance costs | (6,233 | ) | (6,112 | ) | (26,890 | ) | (22,775 | ) | ||||||||
| Impairment of notes receivable | (4,392 | ) | -- | (4,392 | ) | -- | ||||||||||
| Gain on extinguishment of debt | 1,958 | -- | 1,958 | -- | ||||||||||||
| Minority interest | 8,895 | 2,419 | (12,217 | ) | 9,082 | |||||||||||
| (Loss) income from continuing operations before | ||||||||||||||||
| income taxes | (3,136 | ) | 3,059 | 23,262 | 17,448 | |||||||||||
| Income taxes | (971 | ) | (52 | ) | (3,362 | ) | (297 | ) | ||||||||
| (Loss) income from continuing operations | (4,107 | ) | 3,007 | 19,900 | 17,151 | |||||||||||
|
ACADIA REALTY TRUST AND SUBSIDIARIES |
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|
Financial Highlights 1 |
||||||||||||||||
|
For the Quarters and Years ended December 31, 2008 and 2007 |
||||||||||||||||
|
(dollars in thousands, except per share data) |
||||||||||||||||
| For the quarters ended | For the years ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| Discontinued operations: | ||||||||||||||||
| Operating income from discontinued operations | 14 | 628 | 618 | 1,301 | ||||||||||||
| Gain on sale of property |
-- |
5,513 | 7,182 | 5,271 | ||||||||||||
| Minority interest | -- | (121 | ) | (152 | ) | (130 | ) | |||||||||
| Income from discontinued operations | 14 | 6,020 | 7,648 | 6,442 | ||||||||||||
| Net (loss) income before extraordinary item | (4,093 | ) | 9,027 | 27,548 | 23,593 | |||||||||||
| Extraordinary item: | ||||||||||||||||
| Share of extraordinary gain from investment in | ||||||||||||||||
| unconsolidated affiliate | -- | -- | -- | 30,200 | ||||||||||||
| Minority interest | -- | -- | -- | (24,167 | ) | |||||||||||
| Income taxes | -- | -- | -- | (2,356 | ) | |||||||||||
| Income from extraordinary item | -- | -- | -- | 3,677 | ||||||||||||
| Net (loss) income | $ | (4,093 | ) | $ | 9,027 | $ | 27,548 | $ | 27,270 | |||||||
| Net (loss) income per Common Share – Basic 6 | ||||||||||||||||
| Net (loss) income per Common Share – Continuing | ||||||||||||||||
| operations | $ | (0.12 | ) | $ | 0.09 | $ | 0.59 | $ | 0.51 | |||||||
| Net income per Common Share – Discontinued | ||||||||||||||||
| operations | -- | 0.18 | 0.22 | 0.19 | ||||||||||||
| Net income per Common Share – Extraordinary item | -- | -- | -- | 0.11 | ||||||||||||
| Net (loss) income per Common Share | $ | (0.12 | ) | $ | 0.27 | $ | 0.81 | $ | 0.81 | |||||||
| Weighted average Common Shares 6 | 33,850 | 33,667 | 33,813 | 33,600 | ||||||||||||
| Net (loss) income per Common Share – Diluted 2,6 | ||||||||||||||||
| Net (loss) income per Common Share – Continuing | ||||||||||||||||
| operations | $ | (0.12 | ) | $ | 0.09 | $ | 0.58 | $ | 0.50 | |||||||
| Net income per Common Share – Discontinued | ||||||||||||||||
| operations | -- | 0.17 | 0.22 | 0.19 | ||||||||||||
| Net income per Common Share – Extraordinary item | -- | -- | -- | 0.11 | ||||||||||||
| Net (loss) income per Common Share | $ | (0.12 | ) | $ | 0.26 | $ | 0.80 | $ | 0.80 | |||||||
| Weighted average Common Shares 6 | 33,850 | 34,307 | 34,267 | 34,282 | ||||||||||||
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ACADIA REALTY TRUST AND SUBSIDIARIES |
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|
Financial Highlights 1 |
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|
For the Quarters and Years ended December 31, 2008 and 2007 |
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|
(dollars in thousands, except per share data) |
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RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS AND ADJUSTED |
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|
FUNDS FROM OPERATIONS 3 |
||||||||||||||||
| For the quarters ended | For the years ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| Net (loss) income | $ | (4,093 | ) | $ | 9,027 | $ | 27,548 | $ | 27,270 | |||||||
|
Depreciation of real estate and amortization of leasing costs |
||||||||||||||||
| (net of minority interests' share): | ||||||||||||||||
| Consolidated affiliates | 7,986 | 5,844 | 18,519 | 19,669 | ||||||||||||
| Unconsolidated affiliates | 365 | 399 | 1,688 | 1,736 | ||||||||||||
| (Gain) loss on sale (net of minority interests' share): | ||||||||||||||||
| Consolidated affiliates |
-- |
(5,513 | ) | (7,182 | ) | (5,271 | ) | |||||||||
| Unconsolidated affiliates | -- | -- | (565 | ) | -- | |||||||||||
| Income attributable to minority interest in Operating | ||||||||||||||||
| Partnership | (97 | ) | 198 | 449 | 614 | |||||||||||
| Distributions – Preferred OP Units | 19 | 11 | 35 | 29 | ||||||||||||
| Extraordinary item (net of minority interests' share and | ||||||||||||||||
| income taxes) | -- | -- | -- | (3,677 | ) | |||||||||||
| Funds from operations | 4,180 | 9,966 | 40,492 | 40,370 | ||||||||||||
| Add back: Extraordinary item, net 4 | -- | -- | -- | 3,677 | ||||||||||||
| Funds from operations, adjusted for extraordinary item | $ | 4,180 | $ | 9,966 | $ | 40,492 | $ | 44,047 | ||||||||
| Funds from operations per share – Diluted | ||||||||||||||||
| Weighted average Common Shares and OP Units 5,6 | 34,805 | 34,949 | 34,940 | 34,924 | ||||||||||||
| Funds from operations, adjusted, per share 6 | $ | 0.12 | $ | 0.29 | $ | 1.16 | $ | 1.26 | ||||||||
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ACADIA REALTY TRUST AND SUBSIDIARIES |
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|
Financial Highlights 1 |
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|
For the Quarters and Years ended December 31, 2008 and 2007 |
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|
(dollars in thousands) |
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RECONCILIATION OF OPERATING INCOME TO NET PROPERTY |
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|
OPERATING INCOME (“NOI”) |
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| For the quarters ended | For the years ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| Operating income | $ | 1,098 | $ | 4,390 | $ | 44,134 | $ | 24,522 | ||||||||
| Add back: | ||||||||||||||||
| General and administrative | 5,414 | 6,733 | 24,545 | 23,058 | ||||||||||||
| Depreciation and amortization | 12,477 | 7,998 | 34,964 | 26,892 | ||||||||||||
| Less: | ||||||||||||||||
| Management fee income |
(533 |
) |
(660 |
) |
(3,434 | ) |
(4,064 |
) |
||||||||
| Interest income | (5,153 | ) | (2,642 | ) | (14,534 | ) | (10,315 | ) | ||||||||
| Lease termination income | 16 |
-- |
(23,961 | ) | -- | |||||||||||
| Straight line rent and other adjustments | (1,531 | ) | (2,142 | ) | (3,499 | ) | (2,006 | ) | ||||||||
| Consolidated NOI | 11,788 | 13,677 | 58,215 | 58,087 | ||||||||||||
| Minority interest in NOI | 2,916 | 1,507 | 353 | 988 | ||||||||||||
| Pro-rata share of NOI | $ | 14,704 | $ | 15,184 | $ | 58,568 | $ | 59,075 | ||||||||
| SELECTED BALANCE SHEET INFORMATION | ||||||||||||
| As of | ||||||||||||
|
December 31,
2008 |
December 31,
2007 |
|||||||||||
| Cash and cash equivalents | $ | 86,691 | $ | 123,343 | ||||||||
| Rental property, at cost | 1,106,873 | 833,694 | ||||||||||
| Total assets | 1,291,556 | 999,012 | ||||||||||
| Notes payable | 761,868 | 517,903 | ||||||||||
| Total liabilities | 855,752 | 587,165 | ||||||||||
|
Notes: |
|
1 For additional information and analysis concerning the Company’s results of operations, reference is made to the Company’s Quarterly Supplemental Disclosure furnished on Form 8-K to the SEC and included on the Company’s website at www.acadiarealty.com. |
|
|
|
2 Reflects the potential dilution that could occur if securities or other contracts to issue Common Shares were exercised or converted into Common Shares. The effect of the conversion of Common OP Units is not reflected in the above table as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as minority interest in the consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. |
|
ACADIA REALTY TRUST AND SUBSIDIARIES |
| Financial Highlights |
|
For the Quarters and Years ended December 31, 2008 and 2007 |
| (dollars in thousands, except per share data) |
|
Notes (continued): |
| 3 The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of depreciated property and depreciation and amortization. In addition, NOI excludes interest expense. The Company’s method of calculating FFO and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. |
| 4 The extraordinary item represents the Company’s share of estimated extraordinary gain related to its investment in Albertson’s. The Albertson’s entity has recorded an extraordinary gain in connection with the allocation of purchase price to assets acquired. The Company considers this as an investment in an operating business as opposed to real estate. Accordingly, all gains and losses from this investment are included in FFO, which management believes provides a more accurate reflection of the operating performance of the Company. |
| 5 In addition to the weighted average Common Shares outstanding, basic and diluted FFO also assumes full conversion of a weighted average 648 and 642 OP Units into Common Shares for the quarters ended December 31, 2008 and 2007, respectively, and 647 and 642 OP Units into Common Shares for the years ended December 31, 2008 and 2007, respectively. Diluted FFO also includes the assumed the conversion of Preferred OP Units into 25 Common Shares for the quarters ended December 31, 2008 and 2007, respectively, and the conversion of Preferred OP Units into 25 and 67 Common Shares for years ended December 31, 2008 and 2007, respectively. In addition, diluted FFO also includes the effect of employee share options of 282 and 615 Common Shares for the quarters ended December 31, 2008 and 2007, respectively, and 455 and 615 Common Shares for the years ended December 31, 2008 and 2007, respectively. |
| 6 Weighted average share, EPS and FFO amounts for the periods presented have been retroactively adjusted for the effect of approximately 1.3 million Common Shares issued pursuant to the special dividend paid in January 2009. |
CONTACT:
Acadia Realty Trust
Jon Grisham, 914-288-8100
Exhibit 99.2
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Table of Contents
- ----------------------------------------
Page Page
----- -----
Section I - Overview Section III - Opportunity Fund
Information
Important Notes 3 Fund I
Overview 34
Company Information 4 Properties 35
Anchor Detail 36
Portfolio Snapshots Lease Expirations 37
Core Portfolio 5 Kroger/Safeway Detail 38
Combined Portfolios 6 Current Valuation 39
Market Capitalization 7 Fund II
Overview 40
Shareholder Information 8 Properties 41
Anchor Detail 42
Section II - Financial Information Lease Expirations 43
Operating Statements - Pro-rata Fund III
Consolidation
Pro-rata Consolidation 9 Overview 44
Fee income 12 Storage Post Properties 45
Opportunity Funds 13 Storage Post Locations 46
Joint Ventures 18
Current v. Prior Year 20 Redevelopment Projects - Operating 47
Redevelopment Projects -
Construction and Design 48
Same Property Net Operating Income 22
RCP Venture 49
Funds from Operations ("FFO"), Adjusted RCP Venture Investments 50
FFO ("AFFO") and Funds Available for
Distribution ("FAD") 23
Section IV - Core Portfolio
Information
2009 Guidance 24
Properties 51
Balance Sheets
Consolidated 25 Portfolio by State 53
Pro-rata Consolidation 26
Top Tenants 54
Notes Reveivable 27
Anchor Tenants 55
Debt Analysis
Summary Anchor Lease Expirations - Next 4
28 Years 58
Detail 29
Maturities 32 Lease Expirations 59
Selected Financial Ratios 33 New and Renewal Rent Spreads 61
Capital Expenditures 62
Portfolio Demographics 63
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Important Notes
- --------------------------------------------------------------------------------
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this supplemental disclosure may contain
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as
such may involve known and unknown risks, uncertainties and other factors which
may cause the Company's actual results, performance or achievements to be
materially different from future results, performance or achievements expressed
or implied by such forward-looking statements. Forward-looking statements,
which are based on certain assumptions and describe the Company's future plans,
strategies and expectations are generally identifiable by use of the words
"may," "will," "should," "expect," "anticipate," "estimate," "believe,"
"intend" or "project" or the negative thereof or other variations thereon or
comparable terminology. Factors which could have a material adverse effect on
the operations and future prospects of the Company include, but are not limited
to those set forth under the heading "Risk Factors" in the Company's Annual
Report on Form 10-K. These risks and uncertainties should be considered in
evaluating any forward-looking statements contained or incorporated by
reference herein.
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
The Company considers funds from operations ("FFO") as defined by the National
Association of Real Estate Investment Trusts ("NAREIT") to be an appropriate
supplemental disclosure of operating performance for an equity REIT due to its
widespread acceptance and use within the REIT and analyst communities. FFO is
presented to assist investors in analyzing the performance of the Company. It
is helpful as it excludes various items included in net income that are not
indicative of the operating performance, such as gains (or losses) from sales
of property and depreciation and amortization. However, the Company's method of
calculating FFO may be different from methods used by other REITs and,
accordingly, may not be comparable to such other REITs. FFO does not represent
cash generated from operations as defined by generally accepted accounting
principles ("GAAP") and is not indicative of cash available to fund all cash
needs, including distributions. It should not be considered as an alternative
to net income for the purpose of evaluating the Company's performance or to
cash flows as a measure of liquidity. Consistent with the NAREIT definition,
the Company defines FFO as net income (computed in accordance with GAAP),
excluding gains (or losses) from sales of depreciated property, plus
depreciation and amortization, and after adjustments for unconsolidated
partnerships and joint ventures. In addition, the Company also discloses FFO as
adjusted to include the extraordinary gain from its RCP investment in
Albertson's. The Company believes that income or gains derived from its RCP
investments, including its investment in Albertson's, are private-equity
investments and, as such, should be treated as operating income and therefore
FFO. The Company believes that this supplement adjustment more appropriately
reflects the results of its operations. The Company also provides two other
supplemental disclosures of operating performance, adjusted funds from
operations ("AFFO") and funds available for distribution ("FAD"). The Company
defines AFFO as FFO adjusted for straight line rent, non-real estate
depreciation, amortization of finance costs and costs of management contracts,
tenant improvements, leasing commissions and capital expenditures. The Company
defines FAD as AFFO adjusted for scheduled debt principal payments.
USE OF EBITDA AND NOI AS NON-GAAP FINANCIAL MEASURES
EBITDA and NOI are a widely used financial measures in many industries,
including the REIT industry, and are presented to assist investors and analysts
in analyzing the performance of the Company. They are helpful as they excludes
various items included in net income that are not indicative of operating
performance, such as gains (or losses) from sales of property and depreciation
and amortization and is used in computing various financial ratios as a measure
of operational performance. The Company computes EBITDA as the sum of net
income before extraordinary items plus interest expense, depreciation, income
taxes and amortization, less any gains (losses including impairment charges) on
the sale of income producing properties. The Company computes NOI by taking the
difference between Property Revenues and Property Expenses as detailed in this
reporting supplement. The Company's method of calculating EBITDA and NOI may be
different from methods used by other REITs and, accordingly, may not be
comparable to such other REITs. EBITDA and NOI do not represent cash generated
from operations as defined by GAAP and are not indicative of cash available to
fund all cash needs, including distributions. They should not be considered as
an alternative to net income for the purpose of evaluating the Company's
performance or to cash flows as a measure of liquidity.
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Company Information
-------------------
Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated and self-managed real estate investment trust
which specializes in the acquisition, redevelopment and operation of shopping centers which are anchored by grocery and
value-oriented retail. Acadia currently owns (or has interests in) and operates 85 properties totaling approximately 8
million square feet, located in the Northeast, Mid-Atlantic and Midwest United States.
All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership (and
its majority-owned subsidiaries) which is currently 98% controlled by Acadia.
Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham
Suite 260 Senior Vice President,
White Plains, NY 10605 Chief Accounting Officer
(914) 288-8148
jgrisham@acadiarealty.com
---------------------------------
New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com
Analyst Coverage Bank of Montreal J.P. Morgan Securities, Inc.
Paul Adornato, CFA - (212) 885-4170 Michael W. Mueller, CFA (212) 622-6689
paul.adornato@bmo.com michael.w.mueller@jpmorgan.com
------------------------------ ----------------------------------------------
Citigroup - Smith Barney RBC Capital Markets
Michael Bilerman - (212) 816-1383 Rich Moore, CFA - (216) 378-7625
michael.bilerman@citi.com rich.moore@rbccm.com
------------------------------ ----------------------------------------------
Keefe, Bruyette & Woods, Inc.
Sheila K. McGrath - (212) 887-7793
smcgrath@kbw.com
------------------
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Total Market
Capitalization
- -------------------------
(including pro-rata share
of joint venture debt) Market Capitalization
(dollars in thousands) as of December 31, 2008
-------------------------------------------------------
Percent of
Percent of Total Market
Total Equity Capitalization
--------------- -----------------------
Equity Capitalization
- -------------------------
Total Common Shares
Outstanding 98.0% $ 32,357
Common Operating
Partnership ("OP") Units 2.0% 648
---------------
Combined Common Shares
and OP Units 33,005
Share Price 14.27
---------------
Equity Capitalization -
Common Shares and OP
Units 470,981
Preferred OP Units (1) 358
---------------
Total Equity
Capitalization 471,339 47.9%
--------------- ------------
Debt Capitalization
- -------------------------
Consolidated debt 761,729
Adjustment to reflect
pro-rata share of debt (248,595)
---------------
Total Debt Capitalization 513,134 52.1%
--------------- ------------
Total Market
Capitalization $ 984,473 100.0%
=============== ============
Weighted Average Outstanding Common Shares and OP Units
-------------------------------------------------------
December 31, 2008 December 31, 2007
Year-to- Year-to-
Quarter date Quarter date
-------------- ------------- ----------- ----------
Weighted average Common
Shares - Basic EPS 33,850,271 33,812,738 33,666,978 33,599,584
Dilutive potential Common
Shares - 454,649 640,060 682,635
-------------- ------------- ----------- ----------
Weighted average Common
Shares - Diluted EPS 33,850,271 34,267,387 34,307,038 34,282,219
OP Units 647,656 647,200 642,272 642,272
Dilutive potential of OP
Units 306,729 25,067 - -
--------------- ------------- ----------- ----------
Weighted average Common
Shares/OP Units -
Diluted FFO 34,804,656 34,939,654 34,949,310 34,924,491
=============== ============= =========== ==========
(1)Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP
units x share price at quarter end.
(2)Fixed-rate debt includes notional principal fixed through interest rate swap
transactions and conversely, variable-rate debt excludes this amount.
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Shareholder and OP Unit Information
- -----------------------------------
(amounts in thousands)
Common Shares (1)
-----------------
Percent of Out-
Common standing Common
Shares Held Shares
--------------- --------------
Morgan Stanley 3,162 9.8%
Barclay's Global Investors 2,363 7.3%
Vanguard Group 2,323 7.2%
Goldman Sachs Group 2,269 7.0%
Baron Capital Group 1,833 5.7%
Yale University 1,766 5.5%
Cohen & Steers inc. 1,704 5.3%
Wellington Management 1,662 5.1%
Principal Financial Group 1,536 4.7%
Heitman Real Estate Securities LLC 1,366 4.2%
--------------- --------------
Total of Ten Largest Institutional Shareholders 19,984 61.8%
=============== ==============
Total of all Institutional Shareholders 31,865 98.5%
=============== ==============
Operating Partnership Units
---------------------------
OP Units Percent of
Held OP Units
--------------- --------------
Managment O.P. Unit Holders 338 52.2%
Other O.P. Unit Holders 310 47.8%
--------------- --------------
Total O.P. Units 648 100.0%
=============== ==============
(1) Based on most recent Schedule 13F filing
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Income Statements - Pro-rata
Consolidation (1)
- -----------------------------------
Current Quarter and Year-to-Date
- -----------------------------------
(in thousands)
Year-to-Date
Year
ended December 31,
2008
------------------------------------------------------------------------------------------------
Core Retail Opportunity Residential
Total Core Total Core Funds
Wholly Joint Continuing Discontinued Discontinued
Owned Ventures Operations Operations Operations (4) Total
------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $50,382 $6,331 $56,713 $- $9,262 $1,212 $67,187
Percentage rents 597 63 660 - - - 660
Expense reimbursements - CAM 6,455 916 7,371 - 499 - 7,870
Expense reimbursements - Taxes 7,740 787 8,527 - 169 - 8,696
Other property income 239 33 272 - 232 109 613
------------------------------------------------------------------------------------------------
65,413 8,130 73,543 - 10,162 1,321 85,026
------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 8,361 1,131 9,492 - 593 - 10,085
Other property operating 2,226 541 2,767 - 1,660 626 5,053
Real estate taxes 8,968 868 9,836 - 788 65 10,689
------------------------------------------------------------------------------------------------
19,555 2,540 22,095 - 3,042 691 25,828
------------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES
(3) 45,858 5,590 51,448 - 7,120 630 59,198
OTHER INCOME (EXPENSE)
General and administrative (25,894) - (25,894) - (490) - (26,384)
Equity in earnings of
unconsolidated properties 21 - 21 - 1,392 - 1,413
Equity in earnings from RCP
investments - - - - 3,300 - 3,300
Interest income 13,403 22 13,425 - 298 11 13,734
Fee income (2) 20,316 - 20,316 - - - 20,316
Promote income - Fund capital
transactions 1,044 - 1,044 - 117 - 1,161
Promote income - RCP - - - - 532 - 532
Priority distributions 476 - 476 - - - 476
Promote expense - - - - - - -
Property management expense (128) - (128) - (3) (23) (154)
Straight-line rent income 688 211 899 - 755 - 1,654
Straight-line rents written off (1,471) (350) (1,821) - (169) - (1,990)
FAS 141 rent (324) 138 (186) - (1,311) - (1,497)
Gain on extinguishment of debt 1,958 - 1,958 - - - 1,958
Impairment of notes receivable (4,392) - (4,392) - - - (4,392)
Provision for income taxes (3,351) - (3,351) - (7) - (3,358)
Lease termination income 143 1 144 - 4,672 - 4,816
------------------------------------------------------------------------------------------------
EBIDTA 48,347 5,612 53,959 - 16,205 618 70,782
Depreciation and amortization (19,461) (1,672) (21,133) - (4,622) - (25,755)
FAS 141 amortization (942) - (942) - (64) - (1,006)
Interest expense (18,364) (3,775) (22,139) - (2,127) - (24,266)
Loan defeasance - - - - - - -
FAS 141 interest 783 - 783 - - - 783
Gain (loss) on sale of properties 763 - 763 - - 7,182 7,945
------------------------------------------------------------------------------------------------
Income before minority interest 11,126 165 11,291 - 9,392 7,800 28,482
Minority interest - OP (398) - (398) - - (152) (550)
Minority interest 76 - 76 - (460) - (384)
------------------------------------------------------------------------------------------------
NET INCOME $10,804 $165 $10,969 $- $8,931 $7,648 $27,548
================================================================================================
Current Quarter
3 months
ended December 31,
2008
------------------------------------------------------------------------------------------------
Core Retail Opportunity Residential
Total Core Total Core Funds
Wholly Joint Continuing Discontinued Discontinued
Owned Ventures Operations Operations Operations (4) Total
------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $12,741 $1,638 $14,379 $- $2,383 $9 $16,771
Percentage rents 243 22 265 - - - 265
Expense reimbursements - CAM 1,595 317 1,912 - 198 - 2,110
Expense reimbursements - Taxes 1,994 30 2,024 - 57 - 2,081
Other property income 13 12 25 - 58 - 83
------------------------------------------------------------------------------------------------
16,586 2,019 18,605 - 2,696 9 21,310
------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 2,384 396 2,780 - 147 - 2,927
Other property operating 635 163 798 - 546 (5) 1,339
Real estate taxes 2,134 (20) 2,114 - 212 - 2,326
------------------------------------------------------------------------------------------------
5,153 539 5,692 - 905 (5) 6,592
------------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES
(3) 11,433 1,480 12,913 - 1,791 14 14,718
OTHER INCOME (EXPENSE)
General and administrative (6,056) - (6,056) - (41) - (6,097)
Equity in earnings of unconsolidated
properties - - - - (7) - (7)
Equity in earnings from RCP
investments - - - - (801) - (801)
Interest income 4,757 4 4,761 - 83 - 4,844
Fee income (2) 4,395 - 4,395 - - - 4,395
Promote income - Fund capital
transactions - - - - - - -
Promote income - RCP - - - - (641) - (641)
Priority distributions 112 - 112 - - - 112
Promote expense - - - - - - -
Property management expense (32) - (32) - 0 - (32)
Straight-line rent income 350 32 382 - 146 - 528
Straight-line rents written off (1,436) (273) (1,709) - (169) - (1,878)
FAS 141 rent 38 35 73 - (686) - (613)
Gain on extinguishment of debt 1,958 1,958 1,958
Impairment of notes receivable (4,392) (4,392) (4,392)
Provision for income taxes (969) - (969) - 1 - (968)
Lease termination income 6 1 7 - (3) - 4
------------------------------------------------------------------------------------------------
EBIDTA 10,164 1,279 11,443 - (327) 14 11,130
Depreciation and amortization (7,564) (365) (7,929) - (1,198) (9,127)
FAS 141 amortization (214) - (214) (15) (229)
Interest expense (4,745) (944) (5,689) (341) (6,030)
Loan defeasance - - - - - -
FAS 141 interest 9 - 9 - - 9
Gain (loss) on sale of properties - - - - - - -
------------------------------------------------------------------------------------------------
Income before minority interest (2,350) (30) (2,380) - (1,882) 14 (4,248)
Minority interest - OP 97 - 97 - - - 97
Minority interest (2) - (2) - 60 - 58
------------------------------------------------------------------------------------------------
NET INCOME $(2,255) $(30) $(2,285) $- $(1,822) $14 $(4,093)
================================================================================================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I. II & III and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% interest in the Brandywine Portfolio and a 49% interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
(2) Details on the following Fee Income page.
(3) Includes majority-owned affiliates of which the minority share of NOI for
239 Greenwich Ave and Boonton Shopping Center aggregated $233 for the
quarter and $952 for the year ended December 31, 2008.
(4) Discontinued Operations reflects one residential property which was sold in
the second quarter 2008.
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Income Statements - Pro-rata Consolidation (1)
Current Quarter and Year-to-Date
(in thousands)
Previous Quarter
3 months
ended September 30,
2008
----------------------------------------------------------------------------------
Core Retail Opportunity Residential
Total Core Total Core Funds
Wholly Joint Continuing Discontinued Discontinued
Owned Ventures Operations Operations Operations (4) Total
----------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 12,503 $ 1,550 $ 14,053 $ - $ 2,191 $ - $ 16,244
Percentage rents 116 12 128 - - - 128
Expense reimbursements - CAM 1,332 186 1,518 - 174 - 1,692
Expense reimbursements - Taxes 1,903 253 2,156 - 37 - 2,193
Other property income 67 - 67 - 57 - 124
-------- -------- -------- -------- -------- -------- --------
15,921 2,001 17,922 - 2,458 - 20,380
-------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating - CAM 1,781 256 2,037 - 119 - 2,156
Other property operating 254 129 383 - 459 - 842
Real estate taxes 2,270 299 2,569 - 219 - 2,788
-------- -------- -------- -------- -------- -------- --------
4,305 684 4,989 - 797 - 5,786
-------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES (3) 11,616 1,317 12,933 - 1,661 - 14,594
OTHER INCOME (EXPENSE)
General and administrative (6,658) - (6,658) - (275) - (6,933)
Equity in earnings of unconsolidated properties - - - - (51) - (51)
Equity in earnings from RCP investments - - - - 1,368 - 1,368
Interest income 4,515 4 4,519 - 41 - 4,560
Fee income (2) 4,247 - 4,247 - - - 4,247
Promote income - Fund capital transactions - - - - - - -
Promote income - RCP - - - - (114) - (114)
Priority distributions 111 - 111 - - - 111
Promote expense - - - - - - -
Property management expense (32) - (32) - (1) - (33)
Straight-line rent income (155) 119 (36) - 274 - 238
Straight-line rents written off (35) (16) (51) - - - (51)
FAS 141 rent (124) 35 (89) - (593) - (682)
Gain on extinguishment of debt
Impairment of notes receivable
Provision for income taxes (190) - (190) - 0 - (190)
Lease termination income 137 - 137 - (225) - (88)
-------- -------- -------- -------- -------- -------- --------
EBIDTA 13,432 1,459 14,891 - 2,085 - 16,976
Depreciation and amortization (4,126) (438) (4,564) - (1,063) (5,627)
FAS 141 amortization (234) - (234) (15) (249)
Interest expense (5,100) (950) (6,050) (684) (6,734)
Loan defeasance - - - - - -
FAS 141 interest 734 - 734 - - 734
Gain (loss) on sale of properties - - - - - - -
-------- -------- -------- -------- -------- -------- --------
Income before minority interest 4,706 71 4,777 - 322 - 5,098
Minority interest - OP (104) - (104) - - - (104)
Minority interest (7) - (7) - (0) - (7)
-------- -------- -------- -------- -------- -------- --------
NET INCOME $ 4,595 $ 71 $ 4,666 $ - $ 321 $ - $ 4,987
======== ======== ======== ======== ======== ======== ========
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation of
operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the above
line items. In total, net income agrees with net income as reported in the
Company's Form 10Q's and 10K for the corresponding periods. The Company
currently invests in Funds I. II & III and Mervyn's which are consolidated with
the Company's financial statements. The Company also has a 22.2% interest in
the Brandywine Portfolio and a 49% interest in the Crossroads Shopping Center
("Crossroads") which are accounted for as unconsolidated investments in the
Company's financial statements.
(2)Details on the following Fee Income page.
(3)Includes majority-owned affiliates of which the minority share of NOI for 239
Greenwich Ave and Boonton Shopping Center aggregated $233 for the quarter and
$952 for the year ended December 31, 2008.
(4)Discontinued Operations reflects one residential property which was sold in
the second quarter 2008.
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Income Statements - Pro-rata Consolidation (1)
Current Quarter and Year-to-Date
(in thousands)
Previous Quarter
3 months
ended June 30,
2008
----------------------------------------------------------------------------------
Core Retail Opportunity Residential
Total Core Total Core Funds
Wholly Joint Continuing Discontinued Discontinued
Owned Ventures Operations Operations Operations (4) Total
----------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 12,526 $ 1,532 $ 14,058 $ - $ 2,091 $ 285 $ 16,434
Percentage rents 58 4 62 - - - 62
Expense reimbursements - CAM 1,362 160 1,522 - 60 - 1,582
Expense reimbursements - Taxes 1,798 263 2,061 - 27 - 2,088
Other property income 38 1 39 - 28 34 101
-------- -------- -------- -------- -------- -------- --------
15,782 1,960 17,742 - 2,205 319 20,266
-------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating - CAM 1,658 200 1,858 - 128 1,986
Other property operating 652 154 806 - 474 215 1,495
Real estate taxes 2,282 304 2,586 - 210 15 2,811
-------- -------- -------- -------- -------- -------- --------
4,592 658 5,250 - 813 230 6,293
-------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES (3) 11,190 1,302 12,492 - 1,393 89 13,974
OTHER INCOME (EXPENSE)
General and administrative (6,572) - (6,572) - (70) - (6,642)
Equity in earnings of unconsolidated properties - - - - 1,467 - 1,467
Equity in earnings from RCP investments - - - - 200 - 200
Interest income 1,835 5 1,840 - 20 3 1,863
Fee income (2) 4,968 - 4,968 - - 4,968
Promote income - Fund capital transactions 1,044 - 1,044 - 117 1,161
Promote income - RCP - - - - 96 96
Priority distributions 118 - 118 - - 118
Promote expense - - - - - -
Property management expense (32) - (32) - (1) (9) (42)
Straight-line rent income 240 33 273 - 371 - 644
Straight-line rents written off - - - - - -
FAS 141 rent (126) 34 (92) - (9) - (101)
Gain on extinguishment of debt
Impairment of notes receivable
Provision for income taxes (349) - (349) - 0 - (349)
Lease termination income - - - - 4,900 - 4,900
-------- -------- -------- -------- -------- -------- --------
EBIDTA 12,316 1,374 13,690 - 8,484 83 22,257
Depreciation and amortization (4,085) (382) (4,467) - (1,019) (5,486)
FAS 141 amortization (239) - (239) (15) (254)
Interest expense (4,255) (940) (5,195) (581) (5,776)
Loan defeasance - - - - - -
FAS 141 interest 20 - 20 - - 20
Gain (loss) on sale of properties 763 - 763 - - 7,182 7,945
-------- -------- -------- -------- -------- -------- --------
Income before minority interest 4,520 52 4,572 - 6,868 7,265 18,705
Minority interest - OP (220) - (220) - - (142) (362)
Minority interest (7) - (7) - (424) - (431)
-------- -------- -------- -------- -------- -------- --------
NET INCOME $ 4,293 $ 52 $ 4,345 $ - $ 6,443 $ 7,123 $ 17,911
======== ======== ======== ======== ======== ======== ========
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation of
operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the above
line items. In total, net income agrees with net income as reported in the
Company's Form 10Q's and 10K for the corresponding periods. The Company
currently invests in Funds I. II & III and Mervyn's which are consolidated with
the Company's financial statements. The Company also has a 22.2% interest in
the Brandywine Portfolio and a 49% interest in the Crossroads Shopping Center
("Crossroads") which are accounted for as unconsolidated investments in the
Company's financial statements.
(2)Details on the following Fee Income page.
(3)Includes majority-owned affiliates of which the minority share of NOI for 239
Greenwich Ave and Boonton Shopping Center aggregated $233 for the quarter and
$952 for the year ended December 31, 2008.
(4)Discontinued Operations reflects one residential property which was sold in
the second quarter 2008.
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Income Statements - Pro-rata Consolidation (1)
Current Quarter and Year-to-Date
(in thousands)
Previous Quarter
3 months
ended March 31,
2008
------------------------------------------------------------------------------------------------
Core Retail Opportunity Residential
Total Core Total Core Funds
Wholly Joint Continuing Discontinued Discontinued
Owned Ventures Operations Operations Operations (4) Total
------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 12,612 $ 1,611 $ 14,223 $ - $ 2,597 $ 918 $ 17,738
Percentage rents 180 25 205 - - 205
Expense reimbursements - CAM 2,166 253 2,419 - 67 2,486
Expense reimbursements - Taxes 2,045 241 2,286 - 49 2,335
Other property income 121 20 141 - 89 75 305
-------- -------- -------- -------- -------- -------- --------
17,124 2,150 19,274 - 2,802 993 23,069
-------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating - CAM 2,538 279 2,817 - 198 3,015
Other property operating 685 95 780 - 181 416 1,377
Real estate taxes 2,282 285 2,567 - 146 50 2,763
-------- -------- -------- -------- -------- -------- --------
5,505 659 6,164 - 526 466 7,156
-------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES (3) 11,619 1,491 13,110 - 2,276 527 15,913
OTHER INCOME (EXPENSE)
General and administrative (6,608) - (6,608) - (104) - (6,712)
Equity in earnings of unconsolidated properties 21 - 21 - (17) - 4
Equity in earnings from RCP investments - - - - 2,533 - 2,533
Interest income 2,296 9 2,305 - 154 8 2,467
Fee income (2) 6,706 - 6,706 - - 6,706
Promote income - Fund capital transactions - - - - - -
Promote income - RCP - - - - 1,192 1,192
Priority distributions 135 - 135 - - 135
Promote expense - - - - - -
Property management expense (32) - (32) - (2) (14) (48)
Straight-line rent income 253 27 280 - (36) - 244
Straight-line rents written off (61) (61) - - - (61)
FAS 141 rent (112) 34 (78) - (24) - (102)
Gain on extinguishment of debt
Impairment of notes receivable
Provision for income taxes (1,843) - (1,843) - (9) - (1,852)
Lease termination income - - - - - - -
-------- -------- -------- -------- -------- -------- --------
EBIDTA 12,435 1,500 13,935 - 5,964 521 20,420
Depreciation and amortization (3,686) (487) (4,173) - (1,341) (5,514)
FAS 141 amortization (255) - (255) (18) (273)
Interest expense (4,264) (941) (5,205) (520) (5,725)
Loan defeasance - - - - - -
FAS 141 interest 20 - 20 - - 20
Gain (loss) on sale of properties - - - - - - -
-------- -------- -------- -------- -------- -------- --------
Income before minority interest 4,250 72 4,322 - 4,084 521 8,927
Minority interest - OP (171) - (171) - - (10) (181)
Minority interest 92 - 92 - (96) - (4)
-------- -------- -------- -------- -------- -------- --------
NET INCOME $ 4,171 $ 72 $ 4,243 $ - $ 3,989 $ 511 $ 8,743
======== ======== ======== ======== ======== ======== ========
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation of
operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the above
line items. In total, net income agrees with net income as reported in the
Company's Form 10Q's and 10K for the corresponding periods. The Company
currently invests in Funds I. II & III and Mervyn's which are consolidated with
the Company's financial statements. The Company also has a 22.2% interest in
the Brandywine Portfolio and a 49% interest in the Crossroads Shopping Center
("Crossroads") which are accounted for as unconsolidated investments in the
Company's financial statements.
(2)Details on the following Fee Income page.
(3)Includes majority-owned affiliates of which the minority share of NOI for 239
Greenwich Ave and Boonton Shopping Center aggregated $233 for the quarter and
$952 for the year ended December 31, 2008.
(4)Discontinued Operations reflects one residential property which was sold in
the second quarter 2008.
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Income Statements - Analysis of Management Fee Income
Current Quarter
(in thousands)
Fund I Fund II Fund III Other Total
---------------------------------------------------------------
Year ended December 31, 2008
Asset and property management fees $ - $ 3,890 $ 6,068 $ 1,627 $ 11,585
Transactional fees 190 4,725 2,006 1,810 8,731
---------------------------------------------------------------
190 8,615 8,074 3,437 20,316
Priority distributions (Asset and property management fees) 476 - - - 476
---------------------------------------------------------------
Total management fees and priority distributions $ 666 $ 8,615 $ 8,074 $ 3,437 $ 20,792
===============================================================
Fund I Fund II Fund III Other Total
---------------------------------------------------------------
Three months ended December 31, 2008
Asset and property management fees $ - $ 990 $ 1,514 $ 300 $ 2,804
Transactional fees 15 1,276 67 233 1,591
---------------------------------------------------------------
15 2,266 1,581 533 4,395
Priority distributions (Asset and property management fees) 112 - - - 112
---------------------------------------------------------------
Total management fees and priority distributions $ 127 $ 2,266 $ 1,581 $ 533 $ 4,507
===============================================================
Fund I Fund II Fund III Other Total
---------------------------------------------------------------
Three months ended September 30, 2008
Asset and property management fees $ - $ 968 $ 1,511 $ 324 $ 2,803
Transactional fees 28 1,404 (160) 172 1,444
---------------------------------------------------------------
28 2,372 1,351 496 4,247
Priority distributions (Asset and property management fees) 111 - - - 111
---------------------------------------------------------------
Total management fees and priority distributions $ 139 $ 2,372 $ 1,351 $ 496 $ 4,358
===============================================================
Fund I Fund II Fund III Other Total
---------------------------------------------------------------
Three months ended June 30, 2008
Asset and property management fees $ - $ 957 $ 1,512 $ 417 $ 2,886
Transactional fees 55 1,016 1,041 (30) 2,082
---------------------------------------------------------------
55 1,973 2,553 387 4,968
Priority distributions (Asset and property management fees) 118 - - - 118
---------------------------------------------------------------
Total management fees and priority distributions $ 173 $ 1,973 $ 2,553 $ 387 $ 5,086
===============================================================
Fund I Fund II Fund III Other Total
---------------------------------------------------------------
Three months ended March 31, 2008
Asset and property management fees $ - $ 975 $ 1,531 $ 586 $ 3,092
Transactional fees 92 1,029 1,058 1,435 3,614
---------------------------------------------------------------
92 2,004 2,589 2,021 6,706
Priority distributions (Asset and property management fees) 135 - - - 135
---------------------------------------------------------------
Total management fees and priority distributions $ 227 $ 2,004 $ 2,589 $ 2,021 $ 6,841
===============================================================
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Income Statements -Opportunity Funds (1)
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
Year-to-Date
Year
ended December 31, 2008
AKR
AKR AKR Pro- Brandywine AKR AKR Pro-
Total Promote rata share Promote Promote rata share
Fund I 20.00% 22.22% PAID IN FULL Mervyns I 20.00% 22.22%
------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 10,281 $ 2,056 $ 1,828 $ 1,122 $ - $ - $ -
Percentage rents - - - - - - -
Expense
reimbursements - CAM 214 43 38 24 - - -
Expense
reimbursements - Taxes 276 55 49 27 - - -
Other property income 99 20 18 33 - - -
--- --- --- --- -- -- --
10,870 2,174 1,932 1,206 - - -
------- ------ ------ ------ -- -- --
PROPERTY EXPENSES
Property operating - CAM 462 92 82 54 - - -
Other property operating 182 36 32 19 5 1 1
Real estate taxes 430 86 76 42 - - -
---- --- --- --- -- -- --
1,074 215 191 115 5 1 1
------ ---- ---- ---- -- -- --
NET OPERATING INCOME
- PROPERTIES (3) 9,796 1,959 1,741 1,092 (5) (1) (1)
OTHER INCOME (EXPENSE)
General and
administrative (373) (75) (66) (11) (8) (2) (1)
Equity in earnings of
unconsolidated properties 3,278 539 583 299 - - -
Equity in earnings from
RCP investments - - - - 2,676 532 476
Interest income 194 39 34 38 4 - 1
Asset and property
management income - - - - - - -
Promote income - Fund
Transactions - 117 - - - - -
Promote income - RCP - - - - - - -
Priority distributions - - - - - - -
Promote expense (2,134) - - - (533) - -
Asset and property
management expense (2) (8) (2) (1) (1) - - -
Straight-line rent income (439) (88) (78) (36) - - -
Straight-line rents
written off - - - - - - -
FAS 141 Rent (26) (5) (5) (7) - - -
Gain on extinguishment
of debt - - - - - - -
Impairment of notes
receivable - - - - - - -
Provision for
income taxes (17) (3) (3) (4) (4) 2 (1)
Lease termination income - - - - - - -
-- -- -- -- -- -- --
EBIDTA 10,271 2,481 2,205 1,370 2,130 532 474
Depreciation
and amortization (6,159) (1,232) (1,095) (677) - - -
FAS 141 Amortization (9) (2) (2) (2) - - -
Interest expense (1,045) (209) (186) (124) - - -
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - -
Gain (loss) on sale
of properties - - - - - - -
-- -- -- -- -- -- --
Income before
minority interest 3,058 1,038 923 567 2,130 532 474
Minority interest - OP - - - - - - -
Minority interest (547) (109) (97) (65) - - -
----- ----- ---- ---- -- -- --
NET INCOME $ 2,511 $ 929 $ 826 $ 502 $ 2,130 $ 532 $ 474
======== ====== ====== ====== ======== ====== ======
------------------------------------------------------------------------------------
AKR Pro- AKR Pro- AKR Pro- Total
rata share rata share rata share AKR Pro-
Fund II 20.00% Mervyns II 20.00% Fund III 19.9005% rata share
------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 10,460 $ 2,092 $ - $ - $ 10,876 $ 2,164 $ 9,262
Percentage rents - - - - - - -
Expense
reimbursements - CAM 1,953 390 - - 20 4 499
Expense
reimbursements - Taxes 181 36 - - 14 2 169
Other property income 37 7 - - 770 154 232
--- -- -- -- ---- ---- ---
12,631 2,525 - - 11,680 2,324 10,162
------- ------ -- -- ------- ------ ------
PROPERTY EXPENSES
Property operating - CAM 1,794 359 - - 30 6 593
Other property operating 4,200 840 5 1 3,665 730 1,660
Real estate taxes 1,613 322 - - 1,315 261 788
------ ---- -- -- ------ ---- ---
7,607 1,521 5 1 5,010 997 3,042
------ ------ -- -- ------ ---- -----
NET OPERATING INCOME
- PROPERTIES (3) 5,024 1,004 (5) (1) 6,670 1,327 7,120
OTHER INCOME (EXPENSE)
General and
administrative (565) (113) (204) (41) (909) (181) (490)
Equity in earnings of
unconsolidated properties (147) (29) - - - - 1,392
Equity in earnings from
RCP investments - - 14,108 2,823 - - 3,832
Interest income 169 34 77 15 686 137 298
Asset and property
management income - - - - - - -
Promote income - Fund
Transactions - - - - - - 117
Promote income - RCP - - - - - - -
Priority distributions - - - - - - -
Promote expense - - - - - - -
Asset and property
management expense (2) (4,983) - - - (8,312) - (3)
Straight-line rent income 4,736 948 - - 40 8 755
Straight-line rents
written off (846) (169) - - - - (169)
FAS 141 Rent (260) (52) - - (6,249) (1,242) (1,311)
Gain on extinguishment
of debt - - - - - - -
Impairment of notes
receivable - - - - - - -
Provision for
income taxes 17 4 (6) (1) (1) - (7)
Lease termination income 23,361 4,672 - - - - 4,672
------- ------ -- -- -- -- -----
EBIDTA 26,506 6,299 13,970 2,795 (8,075) 49 16,205
Depreciation
and amortization (5,347) (1,070) - - (2,751) (548) (4,622)
FAS 141 Amortization (276) (56) - - (15) (3) (64)
Interest expense (4,787) (957) - - (3,273) (652) (2,127)
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - -
Gain (loss) on sale
of properties - - - - - - -
-- -- -- -- -- -- -
Income before
minority interest 16,096 4,216 13,970 2,795 (14,114) (1,154) 9,392
Minority interest - OP - - - - - - -
Minority interest (1,337) (267) - - 394 78 (460)
------- ----- -- -- ---- --- -----
NET INCOME $ 14,759 $ 3,949 $ 13,970 $ 2,795 $(13,720) $ (1,076) $ 8,931
========= ======== ========= ======== ========== ========= =======
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I. II & III and Mervyn's which are
consolidated with the Company's financial statements.
(2) Funds I, II & III and the Mervyn's investments pay various fees to the
Company. As it is the recipient of such fees, the Company does not
recognize its pro-rata share of these expenses.
(3) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $2,125 for the year ended December
31, 2008 ($8,499 x 25%).
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Income Statements -Opportunity Funds (1)
Current Quarter and Year-to-Date
(in thousands)
Current Quarter
Period
ended December 31, 2008
AKR
Brandywine
AKR AKR Pro- Promote (3) AKR AKR Pro-
Total Promote rata share PAID IN FULL Promote rata share
Fund I 20.00% 22.22% $ - Mervyns I 20.00% 22.22%
---------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,586 $ 517 $ 460 $ - $ - $ - $ -
Percentage rents - - - - - - -
Expense reimbursements - CAM 85 17 15 - - - -
Expense reimbursements - Taxes 88 18 16 - - - -
Other property income 2 0 0 - - - -
------- ------- ------- --- ------- ------- -------
2,761 552 491 - - - -
------- ------- ------- --- ------- ------- -------
PROPERTY EXPENSES
Property operating - CAM 154 31 27 - - - -
Other property operating 71 14 13 - - - -
Real estate taxes 130 26 23 - - - -
------- ------- ------- --- ------- ------- -------
355 71 63 - - - -
------- ------- ------- --- ------- ------- -------
NET OPERATING INCOME - PROPERTIES (4) 2,406 481 428 - - - -
OTHER INCOME (EXPENSE)
General and administrative (45) (9) (8) - (3) (1) (1)
Equity in earnings of unconsolidated properties (19) (4) (3) - - - -
Equity in earnings from RCP investments - - - - (3,202) (641) (569)
Interest income 27 5 5 - - - -
Asset and property management income - - - - - - -
Promote income - Fund Transactions - - - - - -
Promote income - RCP - - - - - - -
Priority distributions - - - - - - -
Promote expense (27) - - - 641 - -
Asset and property management expense (2) (2) (0) (0) - - - -
Straight-line rent income (146) (29) (26) - - - -
Straight-line rents written off - - - - - - -
FAS 141 Rent (2) (0) (0) - - - -
Gain on extinguishment of debt - - - - - - -
Impairment of notes receivable - - - - - - -
Provision for income taxes - - - - - 1 (0)
Lease termination income - - - - - - -
------- ------- ------- --- ------- ------- -------
EBIDTA 2,192 444 394 - (2,564) (641) (570)
Depreciation and amortization (1,541) (308) (274) - - - -
FAS 141 Amortization (1) (0) (0) - - - -
Interest expense (236) (47) (42) - - - -
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - -
Gain (loss) on sale of properties - - - - - - -
------- ------- ------- --- ------- ------- -------
Income before minority interest 414 88 78 - (2,564) (641) (570)
Minority interest - OP - - - - - - -
Minority interest (127) (25) (23) - - - -
------- ------- ------- --- ------- ------- -------
NET INCOME $ 287 $ 63 $ 56 $ - $(2,564) $ (641) $ (570)
======= ======= ======= === ======= ======= =======
AKR Pro- AKR Pro- AKR Pro- Total
rata share rata share rata share AKR Pro-
Fund II 20.00% Mervyns II 20.00% Fund III 19.9005% rata share
-------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 3,434 $ 687 $ - $ - $ 3,614 $ 719 $ 2,383
Percentage rents - - - - - - -
Expense reimbursements - CAM 826 165 - - 5 1 198
Expense reimbursements - Taxes 112 22 - - 11 2 57
Other property income 22 4 - - 267 53 58
------- ------- ------- ------- ------- ------- -------
4,394 878 - - 3,897 775 2,696
------- ------- ------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating - CAM 442 88 - - 5 1 147
Other property operating 1,126 225 - - 1,475 294 546
Real estate taxes 362 72 - - 459 91 212
------- ------- ------- ------- ------- ------- -------
1,930 385 - - 1,939 386 905
------- ------- ------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES (4) 2,464 493 - - 1,958 389 1,791
OTHER INCOME (EXPENSE)
General and administrative (73) (15) (8) (2) (29) (6) (41)
Equity in earnings of unconsolidated properties - - - - - - (7)
Equity in earnings from RCP investments - - (1,161) (232) - - (1,442)
Interest income 29 6 2 - 337 67 83
Asset and property management income - - - - - - -
Promote income - Fund Transactions - - - - - - -
Promote income - RCP - - - - - - -
Priority distributions - - - - - - -
Promote expense - - - - - - -
Asset and property management expense (2) (1,277) - - - (2,281) - 0
Straight-line rent income 994 199 - - 10 2 146
Straight-line rents written off (846) (169) - - - - (169)
FAS 141 Rent (65) (13) - - (3,379) (672) (686)
Gain on extinguishment of debt - - - - - - -
Impairment of notes receivable - - - - - - -
Provision for income taxes - - (2) - - - 1
Lease termination income (16) (3) - - - - (3)
------- ------- ------- ------- ------- ------- -------
EBIDTA 1,210 498 (1,169) (234) (3,384) (220) (327)
Depreciation and amortization (2,166) (433) - - (918) (183) (1,198)
FAS 141 Amortization (69) (14) - - (5) (1) (15)
Interest expense (1,427) (285) - - 166 33 (341)
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - -
Gain (loss) on sale of properties - - - - - - -
------- ------- ------- ------- ------- ------- -------
Income before minority interest (2,452) (234) (1,169) (234) (4,141) (371) (1,882)
Minority interest - OP - - - - - - -
Minority interest 290 58 - - 252 50 60
------- ------- ------- ------- ------- ------- -------
NET INCOME $(2,162) $ (176) $(1,169) $ (234) $(3,889) $ (321) $(1,822)
======= ======= ======= ======= ======= ======= =======
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I. II & III and Mervyn's which are
consolidated with the Company's financial statements.
(2) Funds I, II & III and the Mervyn's investments pay various fees to the
Company. As it is the recipient of such fees, the Company does not
recognize its pro-rata share of these expenses.
(3) In connection with the recapitalization of the Brandywine Portfolio in
January 2006, the investors received all of their Fund capital and
preferred return. Accordingly, the Company is now entitled to a promote
distribution on all future Fund I income and distributions. In addition,
the Company is entitled to a promote payment of $7.2 million for the
Brandywine transaction to be paid from the investors share of future Fund I
earnings.The remaining $0.3 million of the $7.2 million promote was paid in
the three months ended June 30, 2008.
(4) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $533 for the fourth quarter ($2,132
x 25%).
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Income Statements -Opportunity Funds (1)
Current Quarter and Year-to-Date
(in thousands)
Previous Quarter
Period
ended September 30, 2008
AKR
Brandywine
AKR AKR Pro- Promote (3) AKR AKR Pro-
Total Promote rata share PAID IN FULL Promote rata share
Fund I 20.00% 22.22% $ - Mervyns I 20.00% 22.22%
----------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,609 $ 522 $ 464 $ - $ - $ - $ -
Percentage rents - - - - - - -
Expense reimbursements - CAM 44 9 8 - - - -
Expense reimbursements - Taxes 74 15 13 - - - -
Other property income 2 0 0 - - - -
------- ------- ------- --- ------- ------- -------
2,729 546 485 - - - -
------- ------- ------- --- ------- ------- -------
PROPERTY EXPENSES
Property operating - CAM 88 18 16 - - - -
Other property operating 32 6 6 - - - -
Real estate taxes 106 21 19 - - - -
------- ------- ------- --- ------- ------- -------
226 45 40 - - - -
------- ------- ------- --- ------- ------- -------
NET OPERATING INCOME - PROPERTIES (4) 2,503 501 445 - - - -
OTHER INCOME (EXPENSE)
General and administrative (270) (54) (48) - (5) (1) (1)
Equity in earnings of unconsolidated properties (136) (27) (24) - - - -
Equity in earnings from RCP investments - - - - (566) (114) (100)
Interest income 37 7 7 - 1 - 0
Asset and property management income - - - - - - -
Promote income - Fund Transactions - - - - - -
Promote income - RCP - - - - - - -
Priority distributions - - - - - - -
Promote expense 24 - - - 114 - -
Asset and property management expense (2) (2) (0) (0) - - - -
Straight-line rent income (135) (27) (24) - - - -
Straight-line rents written off - - - - - - -
FAS 141 Rent (2) (0) (0) - - - -
Gain on extinguishment of debt - - - - - - -
Impairment of notes receivable - - - - - - -
Provision for income taxes - - - - (1) 1 (0)
Lease termination income - - - - - - -
------- ------- ------- --- ------- ------- -------
EBIDTA 2,019 399 355 - (457) (114) (101)
Depreciation and amortization (1,534) (307) (273) - - - -
FAS 141 Amortization (1) (0) (0) - - - -
Interest expense (260) (52) (46) - - - -
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - -
Gain (loss) on sale of properties - - - - - - -
------- ------- ------- --- ------- ------- -------
Income before minority interest 224 40 36 - (457) (114) (101)
Minority interest - OP - - - - - - -
Minority interest (141) (28) (25) - - - -
------- ------- ------- --- ------- ------- -------
NET INCOME $ 83 $ 12 $ 10 $ - $ (457) $ (114) $ (101)
======= ======= ======= === ======= ======= =======
AKR Pro- AKR Pro- AKR Pro- Total
rata share rata share rata share AKR Pro-
Fund II 20.00% Mervyns II 20.00% Fund III 19.9005% rata share
-----------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,425 $ 485 $ - $ - $ 3,620 $ 720 $ 2,191
Percentage rents - - - - - - -
Expense reimbursements - CAM 781 156 - - 5 1 174
Expense reimbursements - Taxes 43 9 - - 1 - 37
Other property income 21 4 - - 260 52 57
------- ------- ------- ------- ------- ------- -------
3,270 654 - - 3,886 773 2,458
------- ------- ------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating - CAM 423 85 - - 3 1 119
Other property operating 1,091 218 - - 1,151 229 459
Real estate taxes 461 92 - - 439 87 219
------- ------- ------- ------- ------- ------- -------
1,975 395 - - 1,593 317 797
------- ------- ------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES (4) 1,295 259 - - 2,293 456 1,661
OTHER INCOME (EXPENSE)
General and administrative (340) (68) (195) (39) (322) (64) (275)
Equity in earnings of unconsolidated properties - - - - - - (51)
Equity in earnings from RCP investments - - 7,338 1,468 - - 1,253
Interest income 45 9 4 1 83 17 41
Asset and property management income - - - - - - -
Promote income - Fund Transactions - - - - - - -
Promote income - RCP - - - - - - -
Priority distributions - - - - - - -
Promote expense - - - - - - -
Asset and property management expense (2) (1,257) - - - (2,060) - (1)
Straight-line rent income 1,614 323 - - 10 2 274
Straight-line rents written off - - - - - - -
FAS 141 Rent (65) (13) - - (2,911) (579) (593)
Gain on extinguishment of debt - - - - - - -
Impairment of notes receivable - - - - - - -
Provision for income taxes - - - - - - 0
Lease termination income (1,123) (225) - - - - (225)
------- ------- ------- ------- ------- ------- -------
EBIDTA 169 285 7,147 1,430 (2,907) (168) 2,085
Depreciation and amortization (1,575) (315) - - (849) (169) (1,063)
FAS 141 Amortization (69) (14) - - (5) (1) (15)
Interest expense (1,353) (271) - - (1,582) (315) (684)
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - -
Gain (loss) on sale of properties - - - - - - -
------- ------- ------- ------- ------- ------- -------
Income before minority interest (2,828) (315) 7,147 1,430 (5,343) (653) 322
Minority interest - OP - - - - - - -
Minority interest 121 24 - - 144 29 (0)
------- ------- ------- ------- ------- ------- -------
NET INCOME $(2,707) $ (291) $ 7,147 $ 1,430 $(5,199) $ (624) $ 321
======= ======= ======= ======= ======= ======= =======
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I. II & III and Mervyn's which are
consolidated with the Company's financial statements.
(2) Funds I, II & III and the Mervyn's investments pay various fees to the
Company. As it is the recipient of such fees, the Company does not
recognize its pro-rata share of these expenses.
(3) In connection with the recapitalization of the Brandywine Portfolio in
January 2006, the investors received all of their Fund capital and
preferred return. Accordingly, the Company is now entitled to a promote
distribution on all future Fund I income and distributions. In addition,
the Company is entitled to a promote payment of $7.2 million for the
Brandywine transaction to be paid from the investors share of future Fund I
earnings.The remaining $0.3 million of the $7.2 million promote was paid in
the three months ended June 30, 2008.
(4) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $544 for the third quarter ($2,177
x 25%).
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Income Statements -Opportunity Funds (1)
Current Quarter and Year-to-Date
(in thousands)
Previous Quarter
Period
ended June 30, 2008
AKR
Brandywine
AKR AKR Pro- Promote (3) AKR AKR Pro-
Total Promote rata share PAID IN FULL Promote rata share
Fund I 20.00% 22.22% $ 324 Mervyns I 20.00% 22.22%
--------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,515 $ 503 $ 447 $ 216 $ - $ - $ -
Percentage rents - - - - - - -
Expense reimbursements - CAM 23 5 4 2 - - -
Expense reimbursements - Taxes 49 10 9 4 - - -
Other property income 2 0 0 0 - - -
------- ------- ------- ------- ------- ------- -------
2,589 518 460 222 - - -
------- ------- ------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating - CAM 89 18 16 8 - - -
Other property operating 33 7 6 3 5 1 1
Real estate taxes 98 20 17 8 - - -
------- ------- ------- ------- ------- ------- -------
220 44 39 19 5 1 1
------- ------- ------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES (4) 2,369 474 421 204 (5) (1) (1)
OTHER INCOME (EXPENSE)
General and administrative (34) (7) (6) (3) - - -
Equity in earnings of unconsolidated properties 3,416 566 607 293 - - -
Equity in earnings from RCP investments - - - - 486 96 87
Interest income 32 6 6 3 - - -
Asset and property management income - - - - - - -
Promote income - Fund Transactions - 117 - - - - -
Promote income - RCP - - - - - - -
Priority distributions - - - - - - -
Promote expense (2,074) - - - (96) - -
Asset and property management expense (2) (2) (0) (0) (0) - - -
Straight-line rent income (76) (15) (14) (7) - - -
Straight-line rents written off - - - - - - -
FAS 141 Rent (2) (0) (0) (0) - - -
Gain on extinguishment of debt - - - - - - -
Impairment of notes receivable - - - - - - -
Provision for income taxes (5) (1) (1) (0) (3) 0 (1)
Lease termination income - - - - - - -
------- ------- ------- ------- ------- ------- -------
EBIDTA 3,624 1,140 1,013 490 382 96 85
Depreciation and amortization (1,538) (308) (273) (132) - - -
FAS 141 Amortization (1) (0) (0) (0) - - -
Interest expense (262) (52) (47) (23) - - -
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - -
Gain (loss) on sale of properties - - - - - - -
------- ------- ------- ------- ------- ------- -------
Income before minority interest 1,823 779 693 335 382 96 85
Minority interest - OP - - - - - - -
Minority interest (126) (25) (22) (11) - - -
------- ------- ------- ------- ------- ------- -------
NET INCOME $ 1,697 $ 754 $ 670 $ 324 $ 382 $ 96 $ 85
======= ======= ======= ======= ======= ======= =======
AKR Pro- AKR Pro- AKR Pro- Total
rata share rata share rata share AKR Pro-
Fund II 20.00% Mervyns II 20.00% Fund III 19.9005% rata share
------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,251 $ 450 $ - $ - $ 2,386 $ 475 $ 2,091
Percentage rents - - - - - - -
Expense reimbursements - CAM 240 48 - - 5 1 60
Expense reimbursements - Taxes 19 4 - - 1 - 27
Other property income (15) (3) - - 150 30 28
-------- -------- -------- -------- -------- -------- --------
2,495 499 - - 2,542 506 2,205
-------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating - CAM 424 85 - - 10 2 128
Other property operating 1,598 320 5 1 683 136 474
Real estate taxes 550 110 - - 275 55 210
-------- -------- -------- -------- -------- -------- --------
2,572 515 5 1 968 193 813
-------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES (4) (77) (16) (5) (1) 1,574 313 1,393
OTHER INCOME (EXPENSE)
General and administrative (117) (23) (1) - (154) (31) (70)
Equity in earnings of unconsolidated properties - - - - - - 1,467
Equity in earnings from RCP investments - - 563 113 - - 296
Interest income 18 4 2 - 4 1 20
Asset and property management income - - - - - - -
Promote income - Fund Transactions - - - - - - 117
Promote income - RCP - - - - - - -
Priority distributions - - - - - - -
Promote expense - - - - - - -
Asset and property management expense (2) (1,217) - - - (2,002) - (1)
Straight-line rent income 2,020 404 - - 10 2 371
Straight-line rents written off - - - - - - -
FAS 141 Rent (65) (13) - - 23 5 (9)
Gain on extinguishment of debt - - - - - - -
Impairment of notes receivable - - - - - - -
Provision for income taxes 18 4 (4) (1) - - 0
Lease termination income 24,500 4,900 - - - - 4,900
-------- -------- -------- -------- -------- -------- --------
EBIDTA 25,080 5,260 555 111 (545) 290 8,484
Depreciation and amortization (888) (178) - - (643) (128) (1,019)
FAS 141 Amortization (69) (14) - - (5) (1) (15)
Interest expense (1,112) (222) - - (1,195) (238) (581)
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - -
Gain (loss) on sale of properties - - - - - - -
-------- -------- -------- -------- -------- -------- --------
Income before minority interest 23,011 4,846 555 111 (2,388) (77) 6,868
Minority interest - OP - - - - - - -
Minority interest (1,831) (366)(6) - - 1 - (424)
-------- -------- -------- -------- -------- -------- --------
NET INCOME $ 21,180 $ 4,480 $ 555 $ 111 $ (2,387) $ (77) $ 6,443
======== ======== ======== ======== ======== ======== ========
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I. II & III and Mervyn's which are
consolidated with the Company's financial statements.
(2) Funds I, II & III and the Mervyn's investments pay various fees to the
Company. As it is the recipient of such fees, the Company does not
recognize its pro-rata share of these expenses.
(3) In connection with the recapitalization of the Brandywine Portfolio in
January 2006, the investors received all of their Fund capital and
preferred return. Accordingly, the Company is now entitled to a promote
distribution on all future Fund I income and distributions. In addition,
the Company is entitled to a promote payment of $7.2 million for the
Brandywine transaction to be paid from the investors share of future Fund I
earnings.The remaining $0.3 million of the $7.2 million promote was paid in
the three months ended June 30, 2008.
(4) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $516 for the second quarter ($2,063
x 25%).
(5) Includes a $3,307 gain related to the sale of the Haygood Shopping Center.
(6) Reflects the minority interest's share of the $4.9 million lease
termination income.
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Income Statements -Opportunity Funds (1)
Current Quarter and Year-to-Date
(in thousands)
Previous Quarter
Period
ended March 31, 2008
AKR AKR Pro- AKR AKR AKR Pro-
Total Promote rata share Brandywine Promote rata share
Fund I 20.00% 22.22% Promote (3) Mervyns I 20.00% 22.22%
----------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,571 $ 514 $ 457 $ 906 $ - $ - $ -
Percentage rents - - - - - - -
Expense reimbursements - CAM 62 12 11 22 - - -
Expense reimbursements - Taxes 65 13 12 23 - - -
Other property income 93 19 17 33 - - -
------- ------- ------- ------- ------- ------- -------
2,791 558 496 984 - - -
------- ------- ------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating - CAM 131 26 23 46 - - -
Other property operating 46 9 8 16 - - -
Real estate taxes 96 19 17 34 - - -
------- ------- ------- ------- ------- ------- -------
273 55 49 96 - - -
------- ------- ------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES (4) 2,518 504 448 888 - - -
OTHER INCOME (EXPENSE)
General and administrative (24) (5) (4) (8) - - -
Equity in earnings of unconsolidated properties 17 3 3 6 - - -
Equity in earnings from RCP investments - - - - 5,958 1,192 1,059
Interest income 98 20 17 35 3 - 1
Asset and property management income - - - - - - -
Promote income - Fund Transactions - - - - - - -
Promote income - RCP - - - - - - -
Priority distributions - - - - - - -
Promote expense (57) - - - (1,192) - -
Asset and property management expense (2) (2) (0) (0) (1) - - -
Straight-line rent income (82) (16) (15) (29) - - -
Straight-line rents written off - - - - - - -
FAS 141 Rent (20) (4) (4) (7) - - -
Gain on extinguishment of debt - - - - - - -
Impairment of notes receivable - - - - - - -
Provision for income taxes (12) (2) (2) (4) - - -
Lease termination income - - - - - - -
------- ------- ------- ------- ------- ------- -------
EBIDTA 2,436 499 443 880 4,769 1,192 1,060
Depreciation and amortization (3) (1,546) (309) (275) (545) - - -
FAS 141 Amortization (6) (1) (1) (2) - - -
Interest expense (287) (57) (51) (101) - - -
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - -
Gain (loss) on sale of properties - - - - - - -
------- ------- ------- ------- ------- ------- -------
Income before minority interest 597 131 116 232 4,769 1,192 1,060
Minority interest - OP - - - - - - -
Minority interest (153) (31) (27) (54) - - -
------- ------- ------- ------- ------- ------- -------
NET INCOME $ 444 $ 100 $ 89 $ 178 $ 4,769 $ 1,192 $ 1,060
======= ======= ======= ======= ======= ======= =======
-------------------------------------------------------------------------
AKR Pro- AKR Pro- AKR Pro- Total
rata share rata share rata share AKR Pro-
Fund II 20.00% Mervyns II 20.00% Fund III 19.9005% rata share
--------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,350 $ 470 $ - $ - $ 1,256 $ 250 $ 2,597
Percentage rents - - - - - - -
Expense reimbursements - CAM 106 21 - - 5 1 67
Expense reimbursements - Taxes 7 1 - - 1 - 49
Other property income 9 2 - - 93 19 89
------- ------- ------- ------- ------- ------- -------
2,472 494 - - 1,355 270 2,802
------- ------- ------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating - CAM 505 101 - - 12 2 198
Other property operating 385 77 - - 356 71 181
Real estate taxes 240 48 - - 142 28 146
------- ------- ------- ------- ------- ------- -------
1,130 226 - - 510 101 526
------- ------- ------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES (4) 1,342 268 - - 845 169 2,276
OTHER INCOME (EXPENSE)
General and administrative (35) (7) - - (404) (80) (104)
Equity in earnings of unconsolidated properties (147) (29) - - - - (17)
Equity in earnings from RCP investments - - 7,368 1,474 - - 3,725
Interest income 77 15 69 14 262 52 154
Asset and property management income - - - - - - -
Promote income - Fund Transactions - - - - - - -
Promote income - RCP - - - - - - -
Priority distributions - - - - - - -
Promote expense - - - - - - -
Asset and property management expense (2) (1,232) - - - (1,969) - (2)
Straight-line rent income 108 22 - - 10 2 (36)
Straight-line rents written off - - - - - - -
FAS 141 Rent (65) (13) - - 18 4 (24)
Gain on extinguishment of debt - - - - - - -
Impairment of notes receivable - - - - - - -
Provision for income taxes (1) - - - (1) - (9)
Lease termination income - - - - - - -
------- ------- ------- ------- ------- ------- -------
EBIDTA 47 256 7,437 1,488 (1,239) 147 5,964
Depreciation and amortization (3) (718) (144) - - (341) (68) (1,341)
FAS 141 Amortization (69) (14) - - - - (18)
Interest expense (895) (179) - - (662) (132) (520)
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - -
Gain (loss) on sale of properties - - - - - - -
------- ------- ------- ------- ------- ------- -------
Income before minority interest (1,635) (81) 7,437 1,488 (2,242) (53) 4,084
Minority interest - OP - - - - - - -
Minority interest 83 17 - - (3) (1) (96)
------- ------- ------- ------- ------- ------- -------
NET INCOME $(1,552) $ (64) $ 7,437 $ 1,488 $(2,245) $ (54) $ 3,989
======= ======= ======= ======= ======= ======= =======
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I. II & III and Mervyn's which are
consolidated with the Company's financial statements.
(2) Funds I, II & III and the Mervyn's investments pay various fees to the
Company. As it is the recipient of such fees, the Company does not
recognize its pro-rata share of these expenses.
(3) In connection with the recapitalization of the Brandywine Portfolio in
January 2006, the investors received all of their Fund capital and
preferred return. Accordingly, the Company is now entitled to a promote
distribution on all future Fund I income and distributions. In addition,
the Company is entitled to a promote payment of $7.2 million for the
Brandywine transaction to be paid from the investors share of future Fund I
earnings.
(4) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $532 for the first quarter ($2,127
x 25%).
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Income Statements - Joint Ventures (1)
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
Year-to-Date
Year
Ended December 31,
2008
------------------------------------------------------------------
Joint Ventures - Core Retail
------------------------------------------------------------------
AKR Pro- AKR Pro- Total
rata share rata share AKR Pro-
Brandywine 22.22% Crossroads 49.00% rata share
--------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 16,076 $ 3,574 $ 5,616 $ 2,753 $ 6,331
Percentage rents 245 54 19 9 63
Expense reimbursements - CAM 2,158 480 889 436 916
Expense reimbursements - Taxes 1,000 222 1,152 565 787
Other property income 59 13 43 20 33
-------- -------- -------- -------- --------
19,538 4,343 7,719 3,783 8,130
-------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating - CAM 2,969 660 960 471 1,131
Other property operating 1,166 260 573 281 541
Real estate taxes 1,141 254 1,253 614 868
-------- -------- -------- -------- --------
5,276 1,174 2,786 1,366 2,540
-------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 14,262 3,169 4,933 2,417 5,590
OTHER INCOME (EXPENSE) - - - - -
General and administrative - - - - -
Equity in earnings of unconsolidated properties - - - - -
Equity in earnings from RCP investments - - - - -
Interest income 45 9 27 13 22
Asset and property management income - - - - -
Promote income - - - - -
Priority distributions - - - - -
Promote expense - - - - -
Asset and property management expense (2) (977) - - - -
Straight-line rent income 628 138 146 73 211
Straight-line rents written off (849) (189) (330) (161) (350)
FAS 141 Rent 626 138 - - 138
Gain on extinguishment of debt - - - - -
Impairment of notes receivable - - - - -
Provision for income taxes - - - - -
Lease termination income - - 3 1 1
-------- -------- -------- -------- --------
EBIDTA 13,735 3,265 4,779 2,343 5,612
Depreciation and amortization (2) (4,318) (960) (651) (712) (1,672)
FAS 141 Amortization - - - - -
Interest expense (10,130) (2,080) (3,461) (1,695) (3,775)
Loan defeasance - - - - -
FAS 141 Interest - - - - -
Gain (loss) on sale of properties - - - - -
-------- -------- -------- -------- --------
Income before minority interest (713) 225 667 (64) 165
Minority interest - OP - - - - -
Minority interest - - - - -
-------- -------- -------- -------- --------
NET INCOME $ (713) $ 225 $ 667 $ (64) $ 165
======== ======== ======== ======== ========
-----------------------------------------------------------------------
Current Quarter
3 months
Ended December 31,
2008
-----------------------------------------------------------------------
Joint Ventures - Core Retail
-----------------------------------------------------------------------
AKR Pro- AKR Pro- Total
rata share rata share AKR Pro-
Brandywine JV 22.22% Crossroads 49.00% rata share
------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 4,071 $ 905 $ 1,493 $ 732 $ 1,638
Percentage rents 100 22 - - 22
Expense reimbursements - CAM 569 126 389 191 317
Expense reimbursements - Taxes 249 55 (51) (25) 30
Other property income 4 1 23 11 12
-------- -------- -------- -------- --------
4,993 1,109 1,854 909 2,019
-------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating - CAM 852 189 423 207 396
Other property operating 237 53 224 110 163
Real estate taxes 293 65 (174) (85) (20)
-------- -------- -------- -------- --------
1,382 307 473 232 539
-------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 3,611 802 1,381 677 1,480
OTHER INCOME (EXPENSE)
General and administrative - - - - -
Equity in earnings of unconsolidated properties - - - - -
Equity in earnings from RCP investments - - - - -
Interest income 5 1 6 3 4
Asset and property management income - - - - -
Promote income - - - - -
Priority distributions - - - - -
Promote expense - - - - -
Asset and property management expense (2) (236) - - - -
Straight-line rent income 56 12 40 20 32
Straight-line rents written off (735) (163) (225) (110) (273)
FAS 141 Rent 157 35 - - 35
Gain on extinguishment of debt - - - - -
Impairment of notes receivable - - - - -
Provision for income taxes - - - - -
Lease termination income - - 3 1 1
-------- -------- -------- -------- --------
EBIDTA 2,858 687 1,205 591 1,279
Depreciation and amortization (2) (917) (204) (128) (161) (365)
FAS 141 Amortization - - - - -
Interest expense (2,546) (523) (860) (421) (944)
Loan defeasance - - - - -
FAS 141 Interest - - - - -
Gain (loss) on sale of properties - - - - -
-------- -------- -------- -------- --------
Income before minority interest (605) (40) 217 9 (30)
Minority interest - OP - - - - -
Minority interest - - - - -
-------- -------- -------- -------- --------
NET INCOME $ (605) $ (40) $ 217 $ 9 $ (30)
======== ======== ======== ======== ========
(1) The Company has a 22.2% interest in the Brandywine Portfolio and a 49%
interest in the Crossroads Shopping Center ("Crossroads") which are
accounted for as unconsolidated investments in the Company's financial
statements.
(2) In addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its stepped-up basis in Crossroads.
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Income Statements - Joint Ventures (1)
Current Quarter and Year-to-Date
(in thousands)
------------------------------------------------------------------
Previous Quarter
3 months
Ended September 30,
2008
------------------------------------------------------------------
Joint Ventures - Core Retail
------------------------------------------------------------------
AKR Pro- AKR Pro- Total
rata share rata share AKR Pro-
Brandywine JV 22.22% Crossroads 49.00% rata share
------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 4,021 $ 893 $ 1,339 $ 656 $ 1,550
Percentage rents 13 3 19 9 12
Expense reimbursements - CAM 511 114 147 72 186
Expense reimbursements - Taxes 261 58 397 195 253
Other property income - - - - -
------- ------- ------- ------- -------
4,806 1,068 1,902 932 2,001
------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating - CAM 779 173 169 83 256
Other property operating 314 70 120 59 129
Real estate taxes 293 65 478 234 299
------- ------- ------- ------- -------
1,386 308 767 376 684
------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES 3,420 760 1,135 556 1,317
OTHER INCOME (EXPENSE)
General and administrative - - - - -
Equity in earnings of unconsolidated properties - - - - -
Equity in earnings from RCP investments - - - - -
Interest income 6 1 6 3 4
Asset and property management income - - - - -
Promote income - - - - -
Priority distributions - - - - -
Promote expense - - - - -
Asset and property management expense (2) (240) - - - -
Straight-line rent income 231 51 138 68 119
Straight-line rents written off (70) (16) - - (16)
FAS 141 Rent 159 35 - - 35
Gain on extinguishment of debt - - - - -
Impairment of notes receivable - - - - -
Provision for income taxes - - - - -
Swap termination income - - - - -
------- ------- ------- ------- -------
EBIDTA 3,506 831 1,279 627 1,459
Depreciation and amortization (2) (1,273) (283) (116) (155) (438)
FAS 141 Amortization - - - - -
Interest expense (2,546) (523) (872) (427) (950)
Loan defeasance - - - - -
FAS 141 Interest - - - - -
Gain (loss) on sale of properties - - - - -
------- ------- ------- ------- -------
Income before minority interest (313) 25 291 45 71
Minority interest - OP - - - - -
Minority interest - - - - -
------- ------- ------- ------- -------
NET INCOME $ (313) $ 25 $ 291 $ 45 $ 71
======= ======= ======= ======= =======
---------------------------------------------------------------
Previous Quarter
3 months
Ended June 30,
2008
---------------------------------------------------------------
Joint Ventures - Core Retail
---------------------------------------------------------------
AKR Pro- AKR Pro- Total
rata share rata share AKR Pro-
Brandywine JV 22.22% Crossroads 49.00% rata share
--------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 3,941 $ 876 $ 1,336 $ 655 $ 1,532
Percentage rents 19 4 - - 4
Expense reimbursements - CAM 421 94 134 66 160
Expense reimbursements - Taxes 242 54 426 209 263
Other property income - - 3 1 1
------- ------- ------- ------- -------
4,623 1,028 1,899 931 1,960
------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating - CAM 574 128 146 72 200
Other property operating 224 50 213 104 154
Real estate taxes 278 62 494 242 304
------- ------- ------- ------- -------
1,076 240 853 418 658
------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES 3,547 788 1,046 513 1,302
OTHER INCOME (EXPENSE)
General and administrative - - - - -
Equity in earnings of unconsolidated properties - - - - -
Equity in earnings from RCP investments - - - - -
Interest income 11 2 6 3 5
Asset and property management income - - - - -
Promote income - - - - -
Priority distributions - - - - -
Promote expense - - - - -
Asset and property management expense (2) (246) - - - -
Straight-line rent income 195 43 (21) (10) 33
Straight-line rents written off - - - - -
FAS 141 Rent 155 34 - - 34
Gain on extinguishment of debt - - - - -
Impairment of notes receivable - - - - -
Provision for income taxes - - - - -
Swap termination income - - - - -
------- ------- ------- ------- -------
EBIDTA 3,662 867 1,031 506 1,374
Depreciation and amortization (2) (978) (217) (136) (165) (382)
FAS 141 Amortization - - - - -
Interest expense (2,519) (517) (863) (423) (940)
Loan defeasance - - - - -
FAS 141 Interest - - - - -
Gain (loss) on sale of properties - - - - -
------- ------- ------- ------- -------
Income before minority interest 165 133 32 (82) 52
Minority interest - OP - - - - -
Minority interest - - - - -
------- ------- ------- ------- -------
NET INCOME $ 165 $ 133 $ 32 $ (82) $ 52
======= ======= ======= ======= =======
---------------------------------------------------------------------
Previous Quarter
3 months
Ended March 31,
2008
---------------------------------------------------------------------
Joint Ventures - Core Retail
---------------------------------------------------------------------
AKR Pro- AKR Pro- Total
rata share rata share AKR Pro-
Brandywine JV 22.22% Crossroads 49.00% rata share
----------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 4,043 $ 900 $ 1,448 $ 710 $ 1,611
Percentage rents 113 25 - - 25
Expense reimbursements - CAM 657 146 219 107 253
Expense reimbursements - Taxes 248 55 380 186 241
Other property income 55 12 17 8 20
------- ------- ------- ------- -------
5,116 1,138 2,064 1,011 2,150
------- ------- ------- ------- -------
PROPERTY EXPENSES
Property operating - CAM 764 170 222 109 279
Other property operating 391 87 16 8 95
Real estate taxes 277 62 455 223 285
------- ------- ------- ------- -------
1,432 319 693 340 659
------- ------- ------- ------- -------
NET OPERATING INCOME - PROPERTIES 3,684 819 1,371 671 1,491
OTHER INCOME (EXPENSE)
General and administrative - - - - -
Equity in earnings of unconsolidated properties - - - - -
Equity in earnings from RCP investments - - - - -
Interest income 23 5 9 4 9
Asset and property management income - - - - -
Promote income - - - - -
Priority distributions - - - - -
Promote expense - - - - -
Asset and property management expense (2) (255) - - - -
Straight-line rent income 146 32 (11) (5) 27
Straight-line rents written off (44) (10) (105) (51) (61)
FAS 141 Rent 155 34 - - 34
Gain on extinguishment of debt - - - - -
Impairment of notes receivable - - - - -
Provision for income taxes - - - - -
Swap termination income - - - - -
------- ------- ------- ------- -------
EBIDTA 3,709 880 1,264 619 1,500
Depreciation and amortization (2) (1,150) (256) (271) (231) (487)
FAS 141 Amortization - - - - -
Interest expense (2,519) (517) (866) (424) (941)
Loan defeasance - - - - -
FAS 141 Interest - - - - -
Gain (loss) on sale of properties - - - - -
------- ------- ------- ------- -------
Income before minority interest 40 107 127 (36) 72
Minority interest - OP - - - - -
Minority interest - - - - -
------- ------- ------- ------- -------
NET INCOME $ 40 $ 107 $ 127 $ (36) $ 72
======= ======= ======= ======= =======
(1) The Company has a 22.2% interest in the Brandywine Portfolio and a 49%
interest in the Crossroads Shopping Center ("Crossroads") which are
accounted for as unconsolidated investments in the Company's financial
statements.
(2) In addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its stepped-up basis in Crossroads.
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Income Statements - Current v. Prior Year (1)
- -----------------------------------------
(in thousands)
----------------------------------------------------------------
Current Quarter
3 months
ended December 31,
2008
----------------------------------------------------------------
Core
Retail Residential
Core Discontinued Opportunity Discontinued
Retail Operations Funds Operations Total
----------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 14,379 $ - $ 2,383 $ 9 $ 16,771
Percentage rents 265 - - - 265
Expense reimbursements - CAM 1,912 - 198 - 2,110
Expense reimbursements - Taxes 2,024 - 57 - 2,081
Other property income 25 - 58 - 83
-------- -------- -------- -------- --------
18,605 - 2,696 9 21,310
-------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating - CAM 2,780 - 147 - 2,927
Other property operating 798 - 546 (5) 1,339
Real estate taxes 2,114 - 212 - 2,326
-------- -------- -------- -------- --------
5,692 - 905 (5) 6,592
-------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 12,913 - 1,791 14 14,718
OTHER INCOME (EXPENSE)
General and administrative (6,056) - (41) - (6,097)
Equity in earnings of Fund I unconsolidated properties - - (7) - (7)
Equity in earnings from RCP investments - - (801) - (801)
Interest income 4,761 - 83 - 4,844
Fee income 4,395 - - - 4,395
Promote income - Fund capital transactions - - - - -
Promote income - RCP - - (641) - (641)
Priority distributions 112 - - - 112
Promote expense - - - - -
Property management expense (32) - 0 - (32)
Straight-line rent income 382 - 146 - 528
Straight-line rents written off (1,709) - (169) - (1,878)
FAS 141 Rent 73 - (686) - (613)
Gain on extinguishment of debt 1,958 - - - 1,958
Impairment of notes receivable (4,392) - - - (4,392)
Provision for income taxes (969) - 1 - (968)
Lease termination income 7 - (3) - 4
-------- -------- -------- -------- --------
EBIDTA 11,443 - (327) 14 11,130
Depreciation and amortization (7,929) - (1,198) - (9,127)
FAS 141 Amortization (214) - (15) - (229)
Interest expense (5,689) - (341) - (6,030)
Loan defeasance - - - - -
FAS 141 Interest 9 - - - 9
Gain (loss) on sale of properties - - - - -
-------- -------- -------- -------- --------
Income before minority interest (2,380) - (1,882) 14 (4,248)
Minority interest - OP 97 - - - 97
Minority interest (2) - 60 - 58
-------- -------- -------- -------- --------
NET INCOME $ (2,285) $ - $ (1,822) $ 14 $ (4,093)
======== ======== ======== ======== ========
--------------------------------------------------------------------------------
Prior Year Quarter
3 months
ended December 31,
2007
--------------------------------------------------------------------------------
Core Opportunity
Retail Funds Residential
Core Discontinued Opportunity Discontinued Discontinued
Retail Operations Funds Operations Operations Total
--------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 14,328 $ - $ 2,771 $ 259 $ 1,785 $ 19,143
Percentage rents 232 - - - - 232
Expense reimbursements - CAM 1,824 - 116 35 - 1,975
Expense reimbursements - Taxes 2,118 - 75 36 - 2,229
Other property income 366 - (22) (9) 140 475
-------- -------- -------- -------- -------- --------
18,868 - 2,940 321 1,925 24,054
-------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating - CAM 2,765 - 217 43 - 3,025
Other property operating 985 - 115 14 1,116 2,230
Real estate taxes 2,400 - 142 48 100 2,690
-------- -------- -------- -------- -------- --------
6,150 - 474 105 1,216 7,945
-------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 12,718 - 2,466 216 709 16,109
OTHER INCOME (EXPENSE)
General and administrative (7,440) - (65) - - (7,505)
Equity in earnings of Fund I unconsolidated properties - - 204 - - 204
Equity in earnings from RCP investments - - 295 - - 295
Interest income 2,502 - 98 - 3 2,603
Fee income 5,414 - - - - 5,414
Promote income - Fund capital transactions - - - - - -
Promote income - RCP - - - - - -
Priority distributions - - - - - -
Promote expense - - - - - -
Property management expense (32) - (2) (4) (37) (75)
Straight-line rent income 409 - 346 6 - 761
Straight-line rents written off (10) - - - - (10)
FAS 141 Rent (215) - (14) - - (229)
Gain on extinguishment of debt - - - - - -
Impairment of notes receivable - - - - - -
Provision for income taxes (13) - (20) - - (33)
Lease termination income - - - - - -
-------- -------- -------- -------- -------- --------
EBIDTA 13,333 - 3,308 218 675 17,534
Depreciation and amortization (5,553) - (1,744) - (155) (7,452)
FAS 141 Amortization (144) (16) - - (160) (942)
Interest expense (5,295) - (719) (109) - (6,123)
Loan defeasance - - - - -
FAS 141 Interest 20 - - - 20
Gain (loss) on sale of properties - - - 7,515 (2,003) 5,512
-------- -------- -------- -------- -------- --------
Income before minority interest 2,361 - 829 7,624 (1,483) 9,331
Minority interest - OP (57) - (19) (150) 29 (197)
Minority interest (12) - (95) - - (107)
-------- -------- -------- -------- -------- --------
NET INCOME $ 2,292 $ - $ 715 $ 7,474 $ (1,454) $ 9,027
-------- -------- -------- -------- -------- ========
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I, II & III and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine Portfolio and has a 49% JV interest in
the Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
-----------------------------------------------------------------
Current Year-to-Date
Period
ended December 31,
2008
-----------------------------------------------------------------
Core
Retail Residential
Core Discontinued Opportunity Discontinued
Retail Operations Funds Operations Total
-----------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 56,713 $ - $ 9,262 $ 1,212 $ 67,187
Percentage rents 660 - - - 660
Expense reimbursements - CAM 7,371 - 499 - 7,870
Expense reimbursements - Taxes 8,527 - 169 - 8,696
Other property income 272 - 232 109 613
-------- -------- -------- -------- --------
73,543 - 10,162 1,321 85,026
-------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating - CAM 9,492 - 593 - 10,085
Other property operating 2,767 - 1,660 626 5,053
Real estate taxes 9,836 - 788 65 10,689
-------- -------- -------- -------- --------
22,095 - 3,042 691 25,828
-------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 51,448 - 7,120 630 59,198
OTHER INCOME (EXPENSE)
General and administrative (25,894) - (490) - (26,384)
Equity in earnings of Fund I unconsolidated properties 21 - 1,392 - 1,413
Equity in earnings from RCP investments - - 3,300 - 3,300
Interest income 13,425 - 298 11 13,734
Fee income 20,316 - - - 20,316
Promote income - Fund capital transactions 1,044 - 117 - 1,161
Promote income - RCP - - 532 - 532
Priority distributions 476 - - - 476
Promote expense - - - - -
Property management expense (128) - (3) (23) (154)
Straight-line rent income 899 - 755 - 1,654
Straight-line rents written off (1,821) - (169) - (1,990)
FAS 141 Rent (186) - (1,311) - (1,497)
Gain on extinguishment of debt 1,958 - - - 1,958
Impairment of notes receivable (4,392) - - - (4,392)
Provision for income taxes (3,351) - (7) - (3,358)
Lease termination income 144 - 4,672 - 4,816
-------- -------- -------- -------- --------
EBIDTA 53,959 - 16,205 618 70,782
Depreciation and amortization (21,133) - (4,622) - (25,755)
FAS 141 Amortization - (64) - (1,006) (528)
Interest expense (22,139) - (2,127) - (24,266)
Loan defeasance - - - - -
FAS 141 Interest 783 - - - 783
Gain (loss) on sale of properties 763 - - 7,182 7,945
-------- -------- -------- -------- --------
Income before minority interest 11,291 - 9,392 7,800 28,482
Minority interest - OP (398) - - (152) (550)
Minority interest 76 - (460) - (384)
-------- -------- -------- -------- --------
NET INCOME $ 10,969 $ - $ 8,931 $ 7,648 $ 27,548
======== ======== ======== ======== ========
-----------------------------------------------------------------------------------
Prior Year-to-Date
Period
ended December 31,
2007
-----------------------------------------------------------------------------
Core Opportunity
Retail Funds Residential
Core Discontinued Opportunity Discontinued Discontinued
Retail Operations Funds Operations Operations Total
-----------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 54,578 $ - $ 10,937 $ 1,812 $ 7,059 $ 74,386
Percentage rents 739 - 3 - - 742
Expense reimbursements - CAM 6,180 - 354 212 - 6,746
Expense reimbursements - Taxes 8,209 - 150 247 - 8,606
Other property income 661 - 16 10 600 1,287
-------- -------- -------- -------- -------- --------
70,367 - 11,460 2,281 7,659 91,767
-------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating - CAM 9,417 - 692 286 - 10,395
Other property operating 2,500 - 479 (27) 4,384 7,336
Real estate taxes 9,249 - 415 269 372 10,305
-------- -------- -------- -------- -------- --------
21,166 - 1,586 528 4,756 28,036
-------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 49,201 - 9,874 1,753 2,903 63,731
OTHER INCOME (EXPENSE)
General and administrative (24,653) - (286) - - (24,939)
Equity in earnings of Fund I unconsolidated properties - - 2,636 - - 2,636
Equity in earnings from RCP investments - 6,785 - - 6,785
Interest income 9,817 - 463 - 17 10,297
Fee income 17,264 - - - - 17,264
Promote income - Fund capital transactions - - - - -
Promote income - RCP - - - - -
Priority distributions - - - - -
Promote expense - - - - - -
Property management expense (126) - 91 (103) (158) (296)
Straight-line rent income 1,472 - 1,099 58 - 2,629
Straight-line rents written off (30) - - - - (30)
FAS 141 Rent (619) - (51) - - (670)
Gain on extinguishment of debt - - - - - -
Impairment of notes receivable - - - - - -
Provision for income taxes (2,590) - (37) - - (2,627)
Lease termination income 165 - - - - 165
-------- -------- -------- -------- -------- --------
EBIDTA 49,901 - 20,574 1,708 2,762 74,945
Depreciation and amortization (18,100) - (6,781) (263) (1,273) (26,417)
FAS 141 Amortization (73) - - (601)
Interest expense (20,829) - (2,332) (785) (893) (24,839)
Loan defeasance (426) - - - - (426)
FAS 141 Interest 67 - - 45 - 112
Gain (loss) on sale of properties - - - 7,515 (2,244) 5,271
-------- -------- -------- -------- -------- --------
Income before minority interest 10,085 - 11,388 8,220 (1,648) 28,045
Minority interest - OP (211) (48) (230) (161) 32 (618)
Minority interest 225 - (382) - - (157)
-------- -------- -------- -------- -------- --------
NET INCOME $ 10,099 $ (48) $ 10,776 $ 8,059 $ (1,616) $ 27,270
-------- -------- -------- -------- -------- --------
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I, II & III and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine Portfolio and has a 49% JV interest in
the Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Net Operating Income (NOI) - Same Property Performance (1)
(in thousands) Growth in Same
Property NOI -
Continuing Operations
Notes: Current Quarter Historical Quarter Favorable (unfavorable)
----------------------------------------------------------------------------------
Three Three
months ended months ended
Reconciliation of total NOI to same December 31, December 31,
property NOI: 2008 2007
---- ----
NOI - Core Retail properties $ 12,913 $ 12,718
NOI - Opportunity Fund properties 1,791 2,466
NOI - Discontinued Operations 14 925
Adjustment to reflect 2006 increase in Fund I
ownership percentage (2) - (1,470)
-- ----------
Total NOI 14,718 14,639
NOI - Properties Acquired (722) (19)
NOI - Discontinued Operations (14) (925)
-------- ---------
$ 13,982 $ 13,695 2.1%
======== ========= =====
Same property NOI by portfolio
component and revenues/expenses:
Core Retail Properties
Revenues $ 18,436 $ 18,799 -1.9%
Expenses 5,633 6,149 8.4%
------ ------ -----
12,803 12,650 1.2%
------- ------- -----
Opportunity Fund Properties
Revenues 1,575 1,357 16.1%
Expenses 396 312 -26.9%
---- ---- -----
1,179 1,045 12.7%
--------- --------- -----
Total Core Retail and Opportunity Funds NOI $ 13,982 $ 13,695 2.1%
========= ========= =====
Growth in Same
Property NOI -
Current Historical Continuing Operations
Year-to-Date Year-to-Date Favorable (unfavorable)
------------------------------------------------------------------------
Year ended Year ended
Reconciliation of total NOI to same December 31, December 31,
property NOI: 2008 2007
---- ----
NOI - Core Retail properties $ 51,448 $ 49,201
NOI - Opportunity Fund properties 7,120 9,874
NOI - Discontinued Operations 630 4,656
Adjustment to reflect 2006 increase in Fund I
ownership percentage (1,092) (5,522)
--------- --------
Total NOI 58,106 58,209
NOI - Properties Acquired (2,504) (113)
NOI - Discontinued Operations (630) (4,656)
-------- --------
$ 54,972 $ 53,440 2.9%
======== ======== =====
Same property NOI by portfolio
component and revenues/expenses:
Core Retail Properties
$ 72,013 $ 70,143 2.7%
21,665 20,903 -3.6%
------- -------- -----
50,348 49,240 2.3%
------- -------- -----
Opportunity Fund Properties
5,835 5,187 12.5%
1,211 987 -22.7%
------ -------- ------
4,624 4,200 10.1%
------ -------- -----
Total Core Retail and Opportunity Funds NOI $ 54,972 $ 53,440 2.9%
======== ========
(1) The above amounts includes the pro-rata activity related to the Company's
consolidated and unconsolidated joint ventures.
(2) As a result of the recapitalization of the Brandywine Portfolio which
enabled the Fund I investors to receive all of their invested capital and
preferred return, the Company is entitled to receive a 20% promote
interest. Accordingly, Acadia's effective ownership interest is now 38%
[20% + (80% x 22%)]. The Company was entitled to $7.2 million Promote on
future Fund I earnings and received 100% of Fund I income until it was
repaid. The balance was repaid in the second quarter of 2008 and the
Company's share returned to 38%. 2008 and 2007 NOI from Fund I have been
adjusted from 100% down to 38% for comparability.
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Funds from Operations ("FFO") (1) (2008)
-----------------------------
------------------------------------------------------------------------------
Current Current Prior Prior Prior
Year-to-Date Quarter Quarter Quarter Quarter
Year ended 3 months ended 3 months ended 3 months ended 3 months ended
Funds from operations ("FFO"): Notes December 31, December 31, September 30, June 30, March 31,
------------------------------ 2008 2008 2008 2008 2008
------------ --------------- --------------- -------------- ---------------
Net Income $ 27,548 $ (4,093) $ 4,987 $ 17,911 $ 8,743
Add back:
Depreciation of real estate
and amortization of leasing costs:
(net of minority interest share)
Consolidated subsidiaries 18,519 7,986 3,996 2,970 3,567
Unconsolidated subsidiaries 1,688 365 439 384 500
(Gain) loss on sale of properties
(net of minority interest share)
Consolidated subsidiaries (7,182) - - (7,182) -
Unconsolidated subsidiaries (565) - 23 (588) -
Income attributable to OP units (2) 449 (97) 104 362 80
Extraordinary item (net of
minority interests' share and
income taxes) - - -
Distributions on Preferred OP Units 35 19 6 5 5
-------- --- -- -- --
FFO 40,492 4,180 9,555 13,862 12,895
Extraordinary item (net of
minority interests' share and
income taxes) (4) - - - - -
-------- ------- -------- --------- --------
FFO - adjusted for
extraordinary item (4) $ 40,492 $ 4,180 $ 9,555 $ 13,862 $ 12,895
======== ======= ======== ========= =========
Adjusted Funds from
operations ("AFFO"):
Diluted FFO $ 40,492 $ 4,180 $ 9,555 $ 13,862 $ 12,895
Straight line rent, net (1,654) (528) (238) (644) (244)
Non real estate depreciation 845 179 210 229 227
Amortization of finance costs 1,235 332 339 262 302
Amortization of cost of
management contracts 927 100 528 189 110
Tenant improvements (2,043) (1,071) (426) (308) (238)
Leasing commissions (651) (301) (84) (140) (126)
Capital expenditures (896) (27) (747) (78) (44)
-------- ------- -------- --------- --------
AFFO $ 38,255 $ 2,864 $ 9,137 $ 13,373 $ 12,882
======== ======= ======== ========= ========
Funds Available for
Distribution ("FAD")
AFFO $ 38,255 $ 2,864 $ 9,137 $ 13,373 $ 12,882
Scheduled prinicpal repayments (2,781) (710) (681) (679) (711)
-------- ------- -------- --------- --------
FAD $ 35,474 $ 2,154 $ 8,456 $ 12,694 $ 12,171
======== ======= ======== ========= ========
Total weighted average shares
and OP Units:
Basic 34,460 34,498 34,493 34,454 34,393
======== ======= ======= ======= ========
Diluted 34,940 34,805 35,038 35,024 34,890
======== ======= ======= ======= ========
FFO per share:
FFO per share - Basic (3) $ 1.17 $ 0.12 $ 0.28 $ 0.40 $ 0.37
======== ======= ======= ======= ========
FFO per share - Diluted (3) $ 1.16 $ 0.12 $ 0.27 $ 0.40 $ 0.37
======== ======= ======= ======= ========
AFFO per share - Basic (3) $ 1.11 $ 0.08 $ 0.26 $ 0.39 $ 0.37
======== ======= ======= ======= ========
AFFO per share - Diluted (3) $ 1.09 $ 0.08 $ 0.26 $ 0.38 $ 0.37
======== ======= ======= ======= ========
FAD per share - Basic (3) $ 1.03 $ 0.06 $ 0.24 $ 0.37 $ 0.35
======== ======= ======= ======= ========
FAD per share - Diluted (3) $ 1.02 $ 0.06 $ 0.24 $ 0.36 $ 0.35
======== ======= ======= ======= ========
(2007)
-----------------------------------------------
Historic Historic
Year-to-Date Quarter
Year ended 3 months ended
December 31, December 31,
2007 2007
--------------------- ---------------------
Net Income $ 27,270 $ 9,027
Add back:
Depreciation of real estate
and amortization of leasing costs:
(net of minority interest share)
Consolidated subsidiaries 19,669 5,844
Unconsolidated subsidiaries 1,736 399
(Gain) loss on sale of properties
(net of minority interest share)
Consolidated subsidiaries (5,271) (5,513)
Unconsolidated subsidiaries - -
Income attributable to OP units 614 198
Extraordinary item (net of
minority interests' share and
income taxes) (3,677) -
Distributions on Preferred OP Units 29 11
--------- --------
FFO 40,370 9,966
Extraordinary item (net of
minority interests' share and
income taxes) (4) 3,677 -
--------- --------
FFO - adjusted for
extraordinary item (4) $ 44,047 $ 9,966
========= ========
Adjusted Funds from
operations ("AFFO"):
Diluted FFO $ 44,047 $ 9,966
Straight line rent, net (2,629) (761)
Non real estate depreciation 738 215
Amortization of finance costs 1,655 405
Amortization of cost of
management contracts 1,905 1,355
Tenant improvements (3,667) (1,353)
Leasing commissions (845) (339)
Capital expenditures (1,978) (473)
--------- --------
AFFO $ 39,226 $ 9,015
========= ========
Funds Available for
Distribution ("FAD")
AFFO $ 39,226 $ 9,015
Scheduled prinicpal repayments (2,637) (467)
--------- --------
FAD $ 36,589 $ 8,548
========= ========
Total weighted average shares
and OP Units:
Basic 34,242 34,309
========= ========
Diluted 34,924 34,949
========= ========
FFO per share:
FFO per share - Basic $ 1.29 $ 0.29
========= ========
FFO per share - Diluted $ 1.26 $ 0.29
========= ========
AFFO per share - Basic $ 1.14 $ 0.26
========= ========
AFFO per share - Diluted $ 1.12 $ 0.26
========= ========
FAD per share - Basic $ 1.07 $ 0.25
========= ========
FAD per share - Diluted $ 1.05 $ 0.24
========= ========
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management are necessary for a fair presentation of
operating results for the interim periods.
(2) Reflects OP Unitholders interest in OP net income.
(3) Assumes full conversion of O.P. Units into Common Shares. Diluted FFO
assumes conversion of Preferred O.P. Units as well as assumed exercise of
outstanding share options. Quarterly Preferred OP Unit distributions are
added back for the purposes of calculating diluted FFO. Refer to "Market
Capitalization" for weighted-average basic and diluted shares.
(4) The extraordinary item represents the Company's share of estimated
extraordinary gain related to its investment in Albertson's. The
Albertson's entity has recorded an extraordinary gain in connection with
the allocation of purchase price to assets acquired. The Company considers
this as an investment in an operating business as opposed to real estate.
Accordingly, all gains and losses from this investment are included in FFO.
Acadia Realty Trust
Reporting Supplement
December 31, 2008
2009 Guidance - Highlights
(in millions except per share amounts, all per share amounts are fully diluted)
2009 Guidance
Overall: Low/High 2008 Actual
------------------ ---------
Full year Funds from Operatons ("FFO") per share (1) $1.05 to $1.19 $ 1.10
================== =========
Earnings per Share ("EPS") (1) $0.51 to $0.65 $ 0.74
================== =========
FFO Components:
Core and pro-rata share of opportunity Fund ("Fund") portfolio income $38.9 to $41.2 $ 38.9
================== =========
Asset and property management fee income, net of TRS taxes $ 11.1 $ 10.2
================== =========
Transactional fee income, net of TRS taxes $9.4 to $10.3 $ 8.3
================== =========
Promote, RCP and other income, net of TRS taxes $5.4 to $6.6 $ 9.5
================== =========
General and administrative expense $(26.0) to $(25.5) $ (26.4)
================== =========
Total $38.8 to $43.7 $ 40.5
================== =========
Non-cash interest pursuant to FSP 14-1 $(2.2) $ (2.1)
================== =========
Net $36.6 to $41.5 $ 38.4
================== =========
- -----------------------------------------------------------------------------------------------------------
1 Projected 2009 and 2008 actual results are presented after giving
effect to FASB Staff Position 14-1 "Accounting for Convertible Debt
Instruments That May Be Settled in Cash upon Conversion (Including
Partial Cash Settlement)" ("FSP 14-1"). The adoption of this
pronouncement in 2009 will result in an additional annual non-cash
interest charge of $2.2 million, or $0.06 per share. Before the
adoption of FSP 14-1, Projected 2009 and 2008 actual results are as
follows:
Full year FFO per share before FSP 14-1 interest adjustment $1.11 to $1.25 $1.16
================== =========
Full year EPS before FSP 14-1 interest adjustment $0.57 to $0.71 $0.80
================== =========
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Consolidated Balance Sheets
---------------------------
(in thousands)
December 31, December 31,
2008 2007
---------- ----------
ASSETS
Real estate
Land $ 294,132 $ 232,121
Buildings and improvements 742,318 523,809
Construction in progress 70,423 77,764
---------- ----------
1,106,873 833,694
Less: accumulated depreciation (174,809) (150,494)
---------- ----------
Net real estate 932,064 683,200
Cash and cash equivalents 86,691 123,343
Cash in escrow 6,794 6,637
Investments in and advances to unconsolidated affiliates 54,978 44,654
Rents receivable, net of $2,126 and $1,304 allowance, respectively 3,643 5,986
Straight-line rents receivable, net of $2,600 and $910 allowance, respectively 8,518 7,463
Notes Receivable 85,587 57,662
Preferred Equity Investment 40,000 -
Deferred charges, net 22,072 21,825
Prepaid expenses and other assets, net 31,733 16,544
Acquired lease intangibles, net 19,476 16,103
Net assets of discontinued operations - 15,595
---------- ----------
$1,291,556 $ 999,012
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 654,868 $ 402,903
Notes payable 107,000 115,000
Acquired lease intangibles, net 6,506 5,651
Accounts payable and accrued expenses 22,236 15,205
Dividends and distributions payable 25,514 14,420
Share of losses in excess of investment in unconsolidated affiliates 20,633 20,007
Other liabilities 18,995 13,750
Net liabilities of discontinued operations - 229
---------- ----------
Total liabilities 855,752 587,165
---------- ----------
Minority interest in Operating Partnership 5,667 4,595
Minority interests in partially owned affiliates 208,839 166,516
---------- ----------
Total minority interests 214,506 171,111
---------- ----------
Shareholders' equity:
Common shares 32 32
Additional paid-in capital 212,007 227,890
Accumulated other comprehensive loss (4,508) (953)
Retained earnings 13,767 13,767
---------- ----------
Total shareholders' equity 221,298 240,736
---------- ----------
$1,291,556 $ 999,012
========== ==========
Acadia Realty Trust
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2008
Pro-rata Consolidated Balance Sheet
(in thousands)
Consolidated Minority Company's Pro-Rata
Balance Interest in Interest in Consolidated
Sheet Consolidated Unconsolidated Balance
As Reported 1 Subsidiaries Subsidiaries Sheet 2
----------- ----------- ----------- -----------
ASSETS
Real estate
Land $ 294,132 $ (158,964) $ 6,830 $ 141,998
Buildings and improvements 742,318 (284,215) 49,508 507,611
Construction in progress 70,423 (58,077) 1,083 13,429
----------- ----------- ----------- -----------
1,106,873 (501,256) 57,421 663,038
Less: accumulated depreciation (174,809) 31,478 (7,880) (151,211)
----------- ----------- ----------- -----------
Net real estate 932,064 (469,778) 49,541 511,827
Cash and cash equivalents 86,691 (8,914) 1,246 79,023
Cash in escrow 6,794 (2,824) 801 4,771
Investments in and advances to unconsolidated affiliates 54,978 (38,275) (8,477) 8,227
Rents receivable, net 3,643 (480) (111) 3,052
Straight-line rents receivable, net 8,518 (1,652) 1,512 8,378
Intercompany - - - -
Notes Receivable 85,587 (10,914) - 74,673
Preferred equity investment 40,000 - - 40,000
Deferred charges, net 22,072 (10,788) 7,763 19,047
Prepaid expenses and other assets 31,733 14,503 735 46,971
Acquired lease intangibles 19,476 (7,386) 5 12,095
Assets of discontinued operations - - - -
----------- ----------- ----------- -----------
Total Assets $ 1,291,556 $ (536,508) $ 53,015 $ 808,064
=========== =========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 654,729 $ (319,114) $ 70,518 $ 406,134
Notes payable 107,000 - - 107,000
Valuation of debt at acquisition, net of amortization 139 (56) 1,274 1,357
Acquired lease intangibles 6,506 - - 6,506
Accounts payable and accrued expenses 22,236 (4,221) 702 18,717
Dividends and distributions payable 25,514 - - 25,514
Due to related parties - - - -
Share of losses in excess of inv. in unconsolidated affiliates 20,633 - (20,633) -
Other liabilities 18,995 (5,937) 1,154 14,212
Liabilities of discontinued operations - - - -
----------- ----------- ----------- -----------
Total liabilities 855,752 (329,328) 53,015 579,440
Minority interest in Operating Partnership 5,667 - - 5,667
Minority interests in partially owned affiliates 208,839 (207,180) - 1,659
----------- ----------- ----------- -----------
Total minority interests 214,506 (207,180) - 7,326
Shareholders' equity:
Common shares 32 - - 32
Additional paid-in capital 212,007 - - 212,007
Accumulated other comprehensive income (4,508) - - (4,508)
Retained earnings 13,767 - - 13,767
Total shareholders' equity 221,298 - - 221,298
----------- ----------- ----------- -----------
Total Liabilities and Shareholders' Equity $ 1,291,556 $ (536,508) $ 53,015 $ 808,064
=========== =========== =========== ===========
1 The interim consolidated balance sheet is unaudited, although it reflect
all adjustments, which in the opinion of management, are necessary for the
fair presentation of the consolidated balance sheet for the interim period.
2 The Company currently invests in Funds I, II & III and Mervyns I & II which
are consolidated with the Company's financial statements. To provide
investors with supplemental information, the Company's investments in these
joint ventures are reflected above on a pro-rata basis by calculating it's
ownership percentage for each of the above asset and liability line items.
Similiarly, the above presentation also includes the Company's share of
assets and liaiblities for unconsolidated investments which are accounted
for under the equity method of accounting pursuant to GAAP.
Acadia Realty Trust
Reporting Supplement
December 31, 2008
Notes Receivable (1) Weighted Averages
---------------------------------------------------------------------------
(amounts in thousands) At December 31, 2008 Stated Effective Extension Underlying third-party
Accrued Interest interest Maturity options first mortgage
Investment Principal interest Total rate rate (2) date (years) Amount (3) Maturity dates
- ------------------------------------------------------------------------------------------------------------------------------------
Georgetown -
5 property portfolio $ 8,000 $ 810 $ 8,810 9.75% 10.25% 11/2010 2 x 1 year $ 8,576 2009 through 2012
Georgetown -
18 property portfolio 40,000 2,092 42,092 13.00% 13.50% 6/2010 2 x 1 year 114,590 2011 through 2016
---------------------------------------------------- -----------
Sub-total -
Georgetown 48,000 2,902 50,902 12.46% 12.96% 123,166 Vast majority is 2016
72nd Street 33,848 3,230 37,078 13.00% 20.85% 7/2011 1 year 185,000 2011 w/ 1 year extension
First mortgage notes 15,443 1,861 17,304 10.52% 10.52% 2009 0.4 years n/a n/a
Other mezzanine notes 15,401 1,476 16,877 14.07% 14.07% 2011 - - 2012
----------------------------------------------------
Total notes
receivable $ 112,692 $ 9,469 $ 122,161 12.58% 15.15%
====================================================
(1) The above activity does not include a $10 million Fund III first mortage
investment
(2) The effective rate includes upfront points and exit fees
(3) The first mortgage amount for 72nd street represents the construction when
fully drawn
Reporting Supplement
December 31, 2008
Portfolio Debt - Summary
Reconciliation from Pro-Rata Share of Debt to GAAP Debt
(amounts in thousands)
Acadia Pro-Rata Share of Debt (2) Reconcoliation to Consolidated Debt as
Reported
-------------------------------------------------------------------- ----------------------------------------
Add: Less: Pro-rata Acadia
Core Portfolio Opportunity Funds Total Fixed Minority Share of Consolidated
------------------- ------------------- ---------- Interest Unconsolidated Debt
Principal Interest Principal Interest Principal Interest vs Share of Debt (4) As Reported
Mortgage Balance Rate Balance Rate Balance Rate Variable Consolidated
Notes Debt (3)
Payable
- --------------------- -------- ---------- -------- ---------- -------- -------- ------------ -------------- ------------
Fixed-Rate $ 422,149 5.1% $ 34,540 5.9% $ 456,689 5.2% 89% $ 143,697 $(67,889) $ 532,497
Debt (1)
Variable- 10,435 1.7% 46,009 1.9% 56,444 2.1% 11% 175,417 (2,629) 229,232
Rate Debt
(1)
---------- ------ ---------- --- ---------- -------- --- ------------ -------- ------------
Total $ 432,584 5.0 % $ 80,550 3.8% $ 513,134 4.8% 100% $ 319,114 $(70,518) 761,729
========== ====== ========== === ========== === === ============ ========
FAS 141 139
purchase
price
debt
allocation
------------
Total debt $ 761,868
as
reported
============
- -----------
Notes
- -----------
(1) Fixed-rate debt includes notional principal fixed through swap transactions. Conversely, variable-rate debt excludes
this amount.
(2 )Represents the Company's economic pro-rata share of debt.
(3 )Represents the Minority Interest pro-rata share of consolidated partnership debt based on its percent ownership.
(4 )Represents the Company's pro-rata share of unconsolidated partnership debt based on percent ownership.
Reporting Supplement
December 31, 2008
Debt Analysis
(amounts in thousands)
Acadia's
Pro-
Principal rata
Balance share Interest Maturity Extension
at ------------------
Property Notes Entity Lender December Percent Amount Rate Date Options
31, 2008
-----------------------------------------------------------------------------------------------------------------------------------
CORE PORTFOLIO
-----------------------
Fixed-Rate Debt
-----------------------
Acadia Realty Trust Acadia 3.75% Convertible Notes $107,000 100.0 % $107,000 3.75 % 12/20/2011 None
Chestnut Hill Acadia Column Financial, Inc. 9,663 100.0 % 9,663 5.45 % 6/11/2013 None
New Loudon Center Acadia RBS Greenwich Capital 14,554 100.0 % 14,554 5.64 % 9/6/2014 None
Crossroads Shopping Crossroads JV JPMorgan Chase Bank 63,176 49.0 % 30,956 5.37 % 12/1/2014 None
Center
Crescent Plaza Acadia RBS Greenwich Capital 17,600 100.0 % 17,600 4.98 % 9/6/2015 None
Pacesetter Park Acadia RBS Greenwich Capital 12,485 100.0 % 12,485 5.12 % 11/6/2015 None
Shopping Center
Elmwood Park Shopping Acadia Bear Stearns Commercial 34,600 100.0 % 34,600 5.53 % 1/1/2016 None
Center Mortgage, Inc.
Gateway Shopping Center Acadia Bear Stearns Commercial 20,500 100.0 % 20,500 5.44 % 3/1/2016 None
Mortgage, Inc.
Acadia Brandywine Brandywine JV Bear Stearns Commercial 61,375 22.2 % 13,639 5.99 % 7/1/2016 None
Subsidiary Mortgage, Inc.
Acadia Brandywine Town Brandywine JV Bear Stearns Commercial 31,550 22.2 % 7,011 5.99 % 7/1/2016 None
Center Mortgage, Inc.
Acadia Market Square Brandywine JV Bear Stearns Commercial 24,375 22.2 % 5,417 5.99 % 7/1/2016 None
Shopping Center Mortgage, Inc.
Acadia Brandywine Brandywine JV Bear Stearns Commercial 22,650 22.2 % 5,033 5.99 % 7/1/2016 None
Condominium Mortgage, Inc.
Acadia Brandywine Brandywine JV Bear Stearns Commercial 26,250 22.2 % 5,833 5.99 % 7/1/2016 None
Holdings Mortgage, Inc.
Walnut Hill Plaza Acadia Merrill Lynch Mortgage 23,500 100.0 % 23,500 6.06 % 10/1/2016 None
Lending, Inc.
239 Greenwich Avenue Acadia Wachovia 26,000 75.0 % 19,500 5.42 % 2/11/2017 None
Merrillville Plaza Acadia Bear Stearns Commercial 26,250 100.0 % 26,250 5.88 % 8/1/2017 None
Mortgage, Inc.
Boonton Acadia J.P. Morgan Chase 8,322 60.0 % 4,993 6.40 % 11/1/2032 None
Commercial Mortgage
Securities Corp.
Interest rate swaps 1 Acadia Bank of America, N.A. 63,615 100.0 % 63,615 5.28 % Various
-------- -------- -------
Sub-Total Fixed-Rate 593,465 422,149 5.09 %
Debt
-------- -------- -------
Variable-Rate Debt
-----------------------
Various 2 Acadia Bank of America, N.A. 48,900 100.0 % 48,900 Libor + 125 12/1/2010 (2) 12
mos.
Branch Plaza Acadia Bank of America, N.A. 15,526 100.0 % 15,526 Libor + 130 12/1/2011 (1) 12
mos.
Village Commons 3 Acadia Bank of America, N.A. 9,624 100.0 % 9,624 Libor + 140 6/29/2012
Shopping Center
Interest rate swaps 1 Acadia Bank of America, N.A. (63,615) 100.0 % (63,615)
-------- --------
Sub-Total Variable-Rate 10,435 10,435 Libor + 128
Debt
-------- -------- ------- -------
Total Core Portfolio $603,900 $432,584 5.01 %
Debt
Reporting Supplement
December 31, 2008
Debt Analysis
(amounts in thousands)
Reporting Supplement
December 31, 2008
Debt Analysis
(amounts in thousands)
Principal Acadia's
Balance Pro-
at rata
share Interest Maturity Extension
-------- --------
Property Notes Entity Lender December Percent Amount Rate Date Options
31, 2008
- ------------------------- ----------------------------------------------------------------------------------------------------------
OPPORTUNITY
FUNDS
- ------------
Fixed-Rate
Debt
- ------------
Sherman 4 Fund Bank of China $ 19,000 19.7% $ 3,751 5.83% 1/15/2009 None
Plaza II
Safeway 5 Fund Cortlandt Deposit Corporation 2,318 28.3% 657 6.51% 1/15/2009 None
Portfolio I
Kroger 5 Fund Cortlandt Deposit Corporation 2,475 28.3% 701 6.62% 2/1/2009 None
Portfolio I
Storage Post Fund GEMSA Loan Services, LP 4,944 18.9% 935 5.37% 12/1/2009 None
- Suffern III
Storage Post 6 Fund Wachovia 34,322 18.9% 6,489 5.86% 6/11/2009 None
- Various III
Storage Post 7 Fund GEMSA Loan Services, LP 41,500 18.9% 7,846 5.30% 3/16/2011 (2) 12
- Various III mos.
216th Street 4 Fund Bank of America, N.A. 25,500 19.7% 5,034 5.80% 10/1/2017 None
II
Pelham Manor 4 Fund Bear Sterns Commercial 25,284 19.7% 4,991 7.18% 1/1/2020 None
II
Atlantic Fund Bear Sterns Commercial 3,265 13.3% 435 7.14% 1/1/2020 None
Avenue II
Interest 1 Fund Bank of America, N.A. 9,800 37.8% 3,702 5.80% 10/29/2010
rate swap I
--------- -------- --------
Sub-Total 168,408 34,540 5.94%
Fixed-Rate
Debt
--------- -------- --------
Variable-
Rate Debt
- ------------
CityPoint 8 Fund Bank of America, N.A. 34,000 4.9 % 1,652 Libor + 250 8/13/2009 (2) 6
II mos.
Acadia 9 Fund Bank of America, N.A. / Bank of New York 34,681 20.0% 6,936 Libor + 100 3/1/2009 None
Strategic II
Opportunity
Fund II,
LLC
161(st) 4 Fund RBS Greenwich Capital 30,000 19.7% 5,922 Libor + 140 4/1/2009 (2) 12
Street II mos.
Liberty 4 Fund PNC Bank, National Association 11,423 19.7% 2,255 Libor + 165 5/18/2009 (2) 12
Avenue II mos.
Fordham 4 Fund Eurohypo AG 80,443 19.7% 15,879 Libor + 175 10/4/2009 (3) 6
Plaza II mos.
Sterling 10 Fund JP Morgan Chase Bank, N.A. 5,173 18.9% 977 Libor + 185 8/23/2010 None
Heights I
Shopping
Center
Acadia 11 Fund Bank of America, N.A. 62,250 19.9% 12,388 Comm Paper +45 10/9/2011 None
Strategic III
Opportunity
Fund III,
LLC
Tarrytown Fund Anglo Irish Bank Corporation 9,800 37.8% 3,702 Libor + 165 10/30/2010 (2) 12
Shopping I mos.
Center
Interest 1 Fund Bank of America, N.A. (9,800) 37.8% (3,702) 10/29/2010
rate swap I
-------- -------
Sub-Total 257,970 46,009 Libor + 146
Variable-
Rate Debt
-------- ------- ------- ---
Total Opportunity Funds $426,378 $80,550 3.81%
Portfolio Debt
Reporting Supplement
December 31, 2008
Debt Analysis - Notes
- -----------------------------------------------------------------------------------------------------------------------------------
(1) The Company has hedged a portion of it's variable-rate debt with variable to fixed-rate swap agreements as follows:
Average Maturity
Notional Spread Swap rate All-in Rate Date
principal
------------------------------------------------------------ ---------------------------------------
$ 4,469 1.33 % 4.71 % 6.04 % 1/1/2010
10,952 1.33 % 4.90 % 6.23 % 10/1/2011
8,194 1.33 % 5.14 % 6.47 % 3/1/2012
15,000 1.33 % 3.79 % 5.12 % 11/30/2012
15,000 1.33 % 3.41 % 4.74 % 11/30/2012
10,000 1.33 % 2.65 % 3.98 % 11/30/2012
---------- ---- ---- ----
Core Portfolio $ 63,615 1.33 % 3.95 % 5.28 %
========== ==== ==== ====
Opportunity Funds $ 9,800 1.33 % 4.47 % 5.80 % 10/29/2010
========== ==== ==== ====
Total Core Portfolio and $ 73,415 1.33 % 4.02 % 5.35 %
Opportunity Funds ========== ==== ==== ====
(2) This is a revolving facility for up to $72,250 and is collateralized by Bloomfield Town Square, Hobson West Plaza, Marketplace
of Absecon, Abington Towne Center, Methuen Shopping Center and Town Line Plaza.
(3) There is an additional $300 available under this facility through 12/08, with an additional $1,800 available thereafter based
on certain income hurdles.
(4) Fund II is a 98.7% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 98.7% x 20%,
or 19.7%.
(5) AmCap, Fund I's joint venture partner on this investment, is allocated 25% of the debt and equity. As such Acadia's pro-rata
share of the above debt is 75% x 37.78%, or 28.3%.
(6) The loan is collateralized by Storage Post locations - Starr Avenue, New Rochele, Yonkers and Bruckner Blvd.
(7) The loan is collateralized by Storage Post locations - Linden, Webster Avenue, Jersey City, Fordham Road and Lawrence.
(8) Fund II is a 22.57% % joint venture partner in CityPoint. As such, Acadia's pro-rata share of the above debt is 4.86%.
(9) This is a revolving facility for up to $70,000. There are three one-year options associated with this revolving facility.
(10) Fund I is a 50% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 50% x 37.78%,
or 18.9%.
(11) This is a line of credit with a capacity of $245,000.
Reporting Supplement
December 31, 2008
Future Debt Maturities
- ---------------------------------------
(in thousands)
porting Supplement
December 31, 2008
Future Debt Maturities
- ---------------------------------------
(in thousands)
Core Portfolio Acadia's Pro-rata Share Weighted Average Interest Rate of
Maturing Debt
-------------------------------- -----------------------------------
Scheduled Scheduled
Year Amortization Maturities Total Amortization Maturities Total Total Debt Fixed-Rate Variable-
Debt Rate Debt
- ------------------------- ------------ ---------- --------- ------------ ---------- -------- ----------- ----------- -----------
2009 $ 1,999 $ - $ 1,999 $ 1,494 $ - $ 1,494 n/a n/a n/a
2010 2,553 48,900 51,453 2,019 48,900 50,919 1.69% n/a 1.69%
2011 2,940 121,785 124,725 2,376 121,785 124,161 3.51% 3.75% 1.74%
2012 3,089 9,060 12,149 2,498 9,060 11,558 1.84% n/a 1.84%
2013 3,248 8,777 12,025 2,618 8,777 11,395 5.45% 5.45% n/a
Thereafter 12,576 388,973 401,549 9,220 223,837 233,057 5.72% 5.72% n/a
------------ ---------- --------- ------------ ---------- --------
$ 26,405 $ 577,495 $ 603,900 $ 20,225 $ 412,359 $432,584
============ ========== ========= ============ ========== ========
Weighted Average Interest Rate of Pro-
rata Share of Maturing Debt
--------------------------------------
Opportunity Funds
Total Debt Fixed-Rate Variable-
Debt Rate Debt
----------- ----------- -----------
2009 $ 5,411 $ 248,195 $ 253,606 $ 1,475 $ 43,702 $ 45,177 2.96% 5.81% 1.99%
2010 - 14,973 14,973 - 4,679 4,679 2.13% n/a 2.13%
2011 - 103,750 103,750 - 20,234 20,234 2.42% 5.30% 0.60%
2012 - - - - - - n/a n/a n/a
2013 - - - - - - n/a n/a n/a
Thereafter - 54,049 54,049 - 10,460 10,460 6.51% 6.51% n/a
------------ ---------- --------- ------------ ---------- --------
$ 5,411 $ 420,967 $ 426,378 $ 1,475 $ 79,075 $ 80,550
============ ========== ========= ============ ========== ========
Reporting Supplement
December 31, 2008
Selected Operating Ratios
- ---------------------------------
Three months ended December Years ended December 31,
31,
2008 2007 2008 2007
---------- ------------- ------------ ----------
Coverage Ratios (1)
- ---------------------------------
Interest Coverage Ratio
EBIDTA $ 11,130 $ 17,534 $ 70,782 $ 74,945
Divided by Interest expense 6,030 6,123 24,266 24,839
---------- ------------- ------------ ----------
1.85 x 2.86 x 2.92 x 3.02 x
Fixed Charge Coverage Ratio
EBIDTA $ 11,130 $ 17,534 $ 70,782 $ 74,945
Divided by ( Interest expense 6,030 6,123 24,266 24,839
+ Preferred (2) 19 11 35 29
Dividends)
---------- ------------- ------------ ----------
1.84 x 2.86 x 2.91 x 3.01 x
Debt Service Coverage Ratio
EBIDTA $ 11,130 $ 17,534 $ 70,782 $ 74,945
Divided by ( Interest expense 6,030 6,123 24,266 24,839
+ Principal 710 467 2,781 2,637
Amortization)
---------- ------------- ------------ ----------
1.65 x 2.66 x 2.62 x 2.73 x
Payout Ratios (4)
- ---------------------------------
FFO Payout Ratio
Dividends (Shares) & Distributions $ 7,050 $ 7,155 $ 28,180 $ 27,147
(O.P. Units) paid
FFO 4,180 9,966 40,492 44,047
---------- ------------- ------------ ----------
169% 72% 70% 62%
AFFO Payout Ratio
Dividends (Shares) & Distributions $ 7,050 $ 7,155 $ 28,180 $ 27,147
(O.P. Units) paid
AFFO 2,864 9,015 38,255 39,226
---------- ------------- ------------ ----------
246% 79% 74% 69%
FAD Payout Ratio
Dividends (Shares) & Distributions $ 7,050 $ 7,155 $ 28,180 $ 27,147
(O.P. Units) paid
FAD 2,154 8,548 35,474 36,589
---------- ------------- ------------ ----------
327% 84% 79% 74%
Leverage Ratios
- ---------------------------------
Debt/Total Market Capitalization
Debt (3) $ 513,134 $ 439,346
Total Market Capitalization 984,473 1,280,208
---------- -------------
52% 34%
Debt + Preferred Equity (Preferred $ 513,492 $ 439,534
O.P. Units)
Total Market Capitalization 984,473 1,280,208
---------- -------------
52% 34%
Notes:
(1) Quarterly results for 2008 and 2007 are unaudited, although they reflect all adjustments, which in the
opinion of management, are necessary for a fair presentation of operating results for the interim periods. The
coverage ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization
related to both the Company's consolidated and unconsolidated investments in joint ventures.
(2 )Represents preferred distributions on Preferred Operating partnership Units.
(3) Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt and principal
amortization.
(4) Does not include a special dividend of $18,464 related to taxable gains arising from the completion of 2008
dispostion initatives.
Reporting Supplement
December 31, 2008
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview
- --------------------------------------------------------------------------------------------------------------
Item Description
- --------------------------------------------------------------------------------------------------------------
Date formed September 2001
Capital commitment $90 million
Funding All invested capital has been returned with the proceeds from the Brandywine
recapitalization as discussed
below. Acadia and its investors still own approximately 1.3 million square feet of
properties in Fund I.
Partnership structure
Equity Contribution: 22.22% - Acadia
77.78% - Four institutional investors
Cash flow 22.22% - Acadia
distribution:
77.78% - Four institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have received 9% preferred
return and return of equity
Remaining 80% is distributed to all the partners (including Acadia).
In January 4, 2006, the Brandywine portfolio was recapitalized through the
conversion of the 77.8%
interest previously held by the institutional investors in Fund I to GDC
Properties. Acadia has retained its
existing 22.2% interest. Due to this transaction, Fund I investors received a
return of all of their invested
capital and preferred return, thus triggering Acadia's additional 20% interest
(promote) in all future Fund I
distributions.
Fees to Acadia Priority distribution fee equal to 1.5% of implied capital
Priority distribution fee equal to 4% of gross property revenues
Market rate leasing fees
Market rate construction/project management fees
Reporting Supplement
December 31, 2008
Fund I
Portfolio
Detail
- --------------
Annualized Base Rent
Ownership Gross Leasable Area Occupancy Annualized Base Rent per Square Foot
---------------------------------------------------------------------------------------------------------
% Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
-------------------------------------------------------------------------------------------------------------------
Midwest
- --------------
Michigan
- --------------
Sterling 50 % 90,400 64,435 154,835 100.00% 6.36% 61.03% $ 526,600 $ 48,200 $ 574,800 $ 5.83 $11.76 $ 6.08
Heights
Shopping
Center
(Michigan)
Ohio
- --------------
Granville 100% 90,047 44,950 134,997 38.81% 36.06% 37.89% 450,336 163,747 614,083 12.88 10.10 12.00
Centre
--------- ------- --------- ------- ------ ------- ----------- -------- ----------- ------- ------ ------
Total Midwest 180,447 109,385 289,832 69.46% 18.56% 50.25% 976,936 211,947 1,188,883 7.79 10.44 8.16
New York
- --------------
New York
- --------------
Tarrytown 100% 15,497 19,794 35,291 100.00% 82.33% 90.09% 475,000 503,068 978,068 30.65 30.87 30.76
Shopping
Center
Various
- --------------
Kroger/Safeway 75 % 987,100 - 987,100 100.00% 0.00% 100.00% 8,842,778 - 8,842,778 8.96 - 8.96
Portfolio (24
Properties)
--------- ------- --------- ------- ------ ------- ----------- -------- ----------- ------- ------ ------
Grand Total 1,183,044 129,179 1,312,223 95.34% 28.34% 88.75% $10,294,714 $715,015 $11,009,729 $ 9.13 $19.53 $ 9.45
========= ======= ========= ======= ====== ======= =========== ======== =========== ======= ====== ======
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment
Reporting Supplement
December 31, 2008
Fund I
Anchor Detail
- ----------------------------------------
Annual Annual
Square Lease Base Base
Region/Property/Tenant Footage Expiration Rent Rent Options
PSF
- -----------------------------------------------------------------------------------------------------
Midwest
- ----------------------------------------
Michigan
- ----------------------------------------
Sterling Heights Shopping Center
Rite Aid 20,000 1/31/2026 $ 245,000 $ 12.25 (4) 5 Year
Burlington Coat Factory 70,400 1/31/2024 281,600 4.00 -
----------- ----------- -------
Total Redevelopment Property 90,400 526,600 5.83
----------- ----------- -------
Ohio
- ----------------------------------------
Granville Centre
Lifestyle Family Fitness, Inc. 34,951 1/31/2017 $ 450,336 12.88 (2) 5 Year
----------- ----------- -------
Total Midwest 125,351 976,936 7.79
----------- ----------- -------
New York
- ----------------------------------------
New York
- ----------------------------------------
Tarrytown Centre
Walgreen's 15,497 6/30/2080 475,000 30.65 -
----------- ----------- -------
Various
- ----------------------------------------
Kroger/Safeway 987,100 2009 8,842,778 8.96 Various
----------- ----------- -------
Total Anchors 1,127,948 $10,294,714 $ 9.13
=========== =========== =======
General note - The above detail does not include space which is currently leased, but for which rent
payment has not yet commenced.
Reporting Supplement
December 31, 2008
Fund I
Lease Expirations
- -------------------------
Gross Leased Area Annualized Base Rent
--------------------------- ----------------------------
Number Percent Percent Average
of
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
--------------------------- ----------------------------
Anchor Tenant Expirations
2009 24 987,100 87.52% $ 8,842,778 85.90% $ 8.96
2017 1 34,951 3.10% 450,336 4.37% 12.88
2024 1 70,400 6.24% 281,600 2.74% 4.00
2026 1 20,000 1.77% 245,000 2.38% 12.25
2080 1 15,497 1.37% 475,000 4.61% 30.65
-------- --------- -------- ----------- -------- -------
Total Occupied 28 1,127,948 100.00% $10,294,714 100.00% $ 9.13
======== ========= ======== =========== ======== =======
- --------------------------------------------
Total Vacant 55,096
---------
Total Square 1,183,044
Feet
=========
- --------------------------------------------
Shop Tenant Expirations
Month to Month 5 13,317 36.36% $ 116,583 16.30% $ 8.75
2010 1 2,547 6.96% 83,516 11.68% 32.79
2011 3 4,465 12.20% 79,474 11.12% 17.80
2012 2 2,920 7.98% 61,344 8.58% 21.01
2014 2 4,341 11.86% 144,886 20.26% 33.38
2018 2 3,861 10.55% 78,369 10.96% 20.30
2020 1 5,157 14.09% 150,843 21.10% 29.25
-------- --------- -------- ----------- -------- -------
Total Occupied 16 36,608 100.00% $ 715,015 100.00% $ 19.53
======== ========= ======== =========== ======== =======
- --------------------------------------------
Total Vacant 92,571
---------
Total Square 129,179
Feet
=========
- --------------------------------------------
Total Anchor and Shop
Tenant Expirations
Month to Month 5 13,317 1.14% $ 116,583 1.06% $ 8.75
2009 24 987,100 84.77% 8,842,778 80.31% 8.96
2010 1 2,547 0.22% 83,516 0.76% 32.79
2011 3 4,465 0.38% 79,474 0.72% 17.80
2012 2 2,920 0.25% 61,344 0.56% 21.01
2014 2 4,341 0.37% 144,886 1.32% 33.38
2017 1 34,951 3.00% 450,336 4.09% 12.88
2018 2 3,861 0.33% 78,369 0.71% 20.30
2020 1 5,157 0.44% 150,843 1.37% 29.25
2024 1 70,400 6.05% 281,600 2.56% 4.00
2026 1 20,000 1.72% 245,000 2.23% 12.25
2080 1 15,497 1.33% 475,000 4.31% -
-------- --------- -------- ----------- -------- -------
Total Occupied 44 1,164,556 100.00% $11,009,729 100.00% $ 9.45
======== ========= ======== =========== ======== =======
- --------------------------------------------
Total Vacant 147,667
---------
Total Square 1,312,223
Feet
Reporting Supplement
12/31/2008
Fund I Renewal Ground
Kroger/Safeway Portfolio Rent Rent
- -------------------------
Gross per per
Leasable Square Square Net
Status Area Foot Foot Rent
- ----------------------------------------------------------------------------------
Kroger
- -------------------------
Cary, NC Renewal option exercised 48,000 $ 4.75 $ 1.56 $ 3.19
Irving, TX Renewal option exercised 43,900 4.51 2.28 2.23
Great Bend, KS (1) Purchase option 48,000 - - -
exercised
Hanrahan, LA (1) Purchase option 60,000 - - -
exercised
Pratt, KS (1) Purchase option 38,000 - - -
exercised
Roanoke, VA (1) Purchase option 36,700 - - -
exercised
Shreveport, LA (1) Purchase option 45,000 - - -
exercised
Wichita, KS (1) Purchase option 50,000 - - -
exercised
Wichita, KS Not renewed 40,000 - - -
Cincinnati, OH Renewal option exercised 32,200 3.69 2.33 1.36
Conroe, TX In renewal negotiations 75,000 - - -
Indianapolis, IN Renewal option exercised 34,000 4.00 1.50 2.50
Safeway
- -------------------------
Batesville, AR Renewal option exercised 29,000 6.02 2.33 3.69
Benton, AR Renewal option exercised 33,500 4.96 1.88 3.07
Carthage, TX Renewal option exercised 27,700 4.33 0.83 3.51
Little Rock, AR Renewal option exercised 36,000 6.93 3.06 3.88
Longview, WA Renewal option exercised 48,700 4.72 1.60 3.12
Mustang, OK Renewal option exercised 30,200 4.37 0.99 3.38
Ruidoso, NM Renewal option exercised 38,600 6.28 2.04 4.24
San Ramon, CA Renewal option exercised 54,000 5.23 3.37 1.86
Springerville, AZ Renewal option exercised 30,500 5.09 1.02 4.07
Tucson, AZ Renewal option exercised 41,800 4.93 1.72 3.20
Roswell, NM In renewal negotiations 36,300 - - -
Tulsa, OK Renewal option exercised 30,000 - - -
--------- ------- ------ ------
Total 987,100 $ 2.67 $ 1.05 $ 1.62
========= ======= ====== ======
(1 )On February 2, 2009, Kroger exercised its option to purchase these locations
for $14.6 million. Fund I's share of the proceeds was $8.1 million.
Reporting Supplement
As of December 31, 2008 (1)
Fund I - Valuation
-------------------------------------------------------------
(in millions, except per share amounts)
Total
----------------
Gross asset value $ 46
Debt (20)
----------------
Adjusted debt 26
----------------
Additional Mervyn's return (Original capital already 6
returned)
----------------
Total Value Subject to Promote 32
----------------
General Partner (Acadia) Promote on Fund I assets x 20% 6
----------------
Remaining value to be allocated pro-rata to Fund I investors 26
(including Acadia)
----------------
Acadia's share x 22.22% 6
----------------
Value of Acadia's interest in remaining Fund I assets 12
Additional promote earned from Brandywine recapitalization -
----------------
Total value to Acadia $ 12
================
Recap of Acadia Promote
------------------------------------------------------------------------------------------------
20% General Partner (Acadia) Promote on Fund I assets $ 6
20% General Partner (Acadia) Promote on Brandywine -
----------------
Total promote $ 6
================
Per share $ 0.18
================
------------------------------------------------------------------------------------------------
Notes:
- ------
1 Fund I valuation is based on September 30, 2008 property appraisals
Reporting Supplement
December 31, 2008
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
- ----------------------------------------------------------------
Item Description
- --------------------------------------------------------------------------------------------------------
Date formed June 2004
Capital commitment $300 million
Funding $192.0 millionfunded through December 31, 2008
Partnership structure
Equity Contribution: 20% - Acadia
80% - Six institutional investors
Cash flow 20% - Acadia
distribution:
80% - Six institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have received 8%
preferred return and return of equity
Remaining 80% is distributed to all the partners (including Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed capital
Property management fee equal to 4% of gross property revenues
Market rate leasing fees
Market rate construction/project management fees
Reporting Supplement
December 31, 2008
Fund II
Portfolio Detail
- ---------------------------------------
Annualized Base Rent
per Occupied Square
Gross Leasable Area Occupancy Annualized Base Rent Foot
-----------------------------------------------------------------------------------------------------
Ownership Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
%
---------------------------------------------------------------------------------------------------------------
Midwest
- --------------------
Illinois
- --------------------
Oakbrook 100 % 112,000 - 112,000 100.00% 0.00% 100.00% $ 825,000 $ - $ 825,000 $ 7.37 $ - $ 7.37
New York
- --------------------
New York
- --------------------
Liberty Avenue 98.6% 10,880 15,245 26,125 100.00% 69.99% 82.49% 394,944 385,895 780,839 36.30 36.17 36.23
216th Street 98.6% 60,000 - 60,000 100.00% 0.00% 100.00% 2,340,000 225,000 2,565,000 39.00 - 42.75
161st Street (1) 98.6% 137,334 86,187 223,521 100.00% 66.58% 87.11% 3,337,222 1,193,501 4,530,723 24.30 20.80 23.27
------- ------- ------- ------- ------ ------- ---------- ---------- ---------- ------- ------ ------
Total New York 208,214 101,432 309,646 100.00% 67.09% 89.22% 6,072,166 1,804,396 7,876,562 29.16 26.51 28.51
------- ------- ------- ------- ------ ------- ---------- ---------- ---------- ------- ------ ------
Grand Total 320,214 101,432 421,646 100.00% 67.09% 92.08% $6,897,166 $1,804,396 $8,701,562 $ 21.54 $26.51 $22.41
======= ======= ======= ======= ====== ======= ========== ========== ========== ======= ====== ======
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has
not yet commenced.
The following Fund II properties are currently undergoing redevelopment as further detailed under Redevelopment Projects.
New York Ownership %
- --------------------- -----------------
400 East Fordham Road 98.6%
Pelham Manor Shopping 98.6%
Center
Sherman Avenue 98.6%
CityPoint 23%
Atlantic Avenue 100%
Canarsie Plaza 98.6%
(1) Currently operating, but will be redeveloped in the future.
Reporting Supplement
December 31, 2008
Fund II
Anchor Detail
- ----------------------------------------------
Annual Annual
Square Lease Base Base
Region/Property/Tenant Footage Expiration Rent Rent PSF Options
- ---------------------------------------------------------------------------------------------------------------------
Midwest
-------
Illinois
- --------
Acadia Oakbrook
Neiman Marcus 112,000 10/31/2011 825,000 7.37 (5) 5 Year
------------- --------------- --------
New York
--------
New York
- --------
Liberty Avenue
CVS 10,880 1/31/2032 394,944 36.30 (4) 5 Year
------------- --------------- --------
216th Street
New York Dept of Citywide Admin. Services 60,000 9/19/2027 2,340,000 39.00 (1) 15 Year
------------- --------------- --------
161st Street
City of New York 137,334 7/18/2011 3,337,222 24.30 -
------------- --------------- --------
Total New York 208,214 6,072,166 29.16
------------- --------------- --------
Total Anchors 320,214 $ 6,897,166 $ 21.54
============= =============== ========
General note - The above detail does not include space which is currently leased, but for which rent payment has not
yet commenced.
Reporting Supplement
December 31, 2008
Fund II
Lease Expirations
- ------------------
Gross Leased Area Annualized Base Rent
----------------------------- ---------------------------
Number Percent Percent Average
of
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
----------------------------- ---------------------------
Anchor Tenant Expirations
2011 2 249,334 77.86% $4,162,222 60.34% $ 16.69
2027 1 60,000 18.74% 2,340,000 33.93% 39.00
2032 1 10,880 3.40% 394,944 5.73% 36.30
-------- ----------- -------- ---------- -------- -------
Total Occupied 4 320,214 100.00% $6,897,166 100.00% $ 21.54
======== =========== ======== ========== ======== =======
- -------------------------------------------------
Total Vacant -
-----------
Total Square Feet 320,214
===========
- -------------------------------------------------
Shop Tenant Expirations
Month to Month 1 6,109 8.98% $ 35,520 1.97% $ 5.81
2011 3 24,065 35.36% 584,773 32.41% 24.30
2012 3 27,205 39.98% 573,208 31.77% 21.07
2013 1 4,462 6.56% 167,994 9.31% 37.65
2022 1 - 0.00% 225,000 12.47% -
2027 1 6,208 9.12% 217,901 12.08% 35.10
-------- ----------- -------- ---------- -------- -------
Total Occupied 10 68,049 100.00% $1,804,396 100.00% $ 26.51
======== =========== ======== ========== ======== =======
- -------------------------------------------------
Total Vacant 33,383
-----------
Total Square Feet 101,432
===========
- -------------------------------------------------
Total Anchor and Shop Tenant
Expirations
Month to Month 1 6,109 1.57% $ 35,520 0.41% $ 5.81
2011 5 273,399 70.42% 4,746,995 54.54% 17.36
2012 3 27,205 7.01% 573,208 6.59% 21.07
2013 1 4,462 1.15% 167,994 1.93% 37.65
2027 2 66,208 17.05% 2,557,901 29.40% 38.63
2022 1 - 0.00% 225,000 2.59% -
2032 1 10,880 2.80% 394,944 4.54% 36.30
-------- ----------- -------- ---------- -------- -------
Total Occupied 14 388,263 100.00% $8,701,562 100.00% $ 22.41
======== =========== ======== ========== ======== =======
- -------------------------------------------------
Total Vacant 33,383
-----------
Total Square Feet 421,646
===========
Reporting Supplement
December 31, 2008
Acadia Strategic Opportunity Fund III, LLC ("Fund III") - Overview
- --------------------------------------------------------------------------------
Item Description
- --------------------------------------------------------------------------------
Date formed May 2007
Capital commitment $503 million
Funding $96.5 million funded through December 31, 2008
Partnership structure
Equity Contribution: 20% - Acadia
80% - 14 institutional investors
Cash flow distribution: 20% - Acadia
80% - 14 institutional investors
Promote: 20% to Acadia once all partners (including
Acadia) have received 6% preferred return and
return of equity
Remaining 80% is distributed to all the partners
(including Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total
committed capital
Development fee equal to 3% of total project
cost
Property management fee equal to 4% of gross
property revenues
Market rate leasing fees
Market rate construction/project management fees
Acquisitions Sheepshead Bay, Brooklyn, NY and 125 Main
Street, Westport, Ct. See Redevelopment
Projects.
Storage Post Portfolio. See Storage Post
Properties.
Reporting Supplement
December 31, 2008
Fund III
Storage Post Property Detail
- ------------------------------
Net
Rentable
Square
Operating Properties Location Feet Occupancy
- --------------------------------------------------------------------------------
Stabilized
- ----------
New Rochelle Westchester, New York 42,182
Suffern Suffern, New York 79,000
Yonkers Westchester, New York 100,811
Jersey City Jersey City, New Jersey 76,695
-----------
Subtotal Stabilized 298,688 84.7%
----------- ---------
Currently in Lease-up
- ---------------------
Bruckner Blvd Bronx, New York 90,129
Fordham Road Bronx, New York 84,405
Webster Ave Bronx, New York 36,931
Lawrence Lawrence, New York 97,743
Long Island City Queens, New York 138,765
Linden Linden, New Jersey 84,035
-----------
Subtotal in Lease-up 532,008 67.8%
----------- ---------
Total Operating Properties 830,696 73.9%
=========
Currently under development.
- ---------------------------
Ridgewood Queens, New York 89,900
-----------
Total Storage Post Portfolio 920,596
===========
Reporting Supplement
December 31, 2008
New York Urban/Infill: Development costs - Construction Complete
- ----------------------------------------------------------------
Estimated Total cost
Estimated square to date Estimated Total Debt as of
completion footage upon (including future project December 31,
Property Anchors/Tenants of Construction completion acquisition cost) cost cost 2008 % Leased (2)
- ------------------------------------------------------------------------------------------------------------------------------------
Fund II ($ in millions)
- ------- ---------------
Construction complete
- ---------------------
Retail - 98%
Fordham Plaza Sears, Walgreens, Office - 33%
Best Buy, 24
Hour Fitness 1st half 2009 285,000 $112.8 $12.2 $125.0 $80.4
Pelham Manor
Shopping Center BJ's Wholesale
(1) Club 2nd half 2009 320,000 57.8 - 57.8 25.3 74%
216th Street City of New York
Dept of General
Services Completed 60,000 27.7 - 27.7 25.5 100%
Liberty Avenue (1) CVS, Storage Post Completed 125,000 14.9 - 14.9 11.4 100%
161st Street (3) Various New York
City and State
Agencies To be determined 232,000 52.9 12.1 65.0 30.0 88%
------------ ----------------- ---------- --------- ------------
Retail - 84%
Total 1,022,000 $266.1 $24.3 $290.4 $172.6 Office - 71%
------------ ----------------- ---------- --------- ------------
(1) Fund II acquired a ground lease interest at this property.
(2) Percentage leased excludes the storage component at Pelham Manor and Liberty Avenue.
(3) 161st Street is currently cash flowing with an occupancy rate of 88%. Redevelopment plans for this property are to be
determined.
Reporting Supplement
December 31, 2008
New York Urban/Infill: Development costs - Construction/Design
- --------------------------------------------------------------
Estimated Total cost
Estimated square to date Estimated Total Debt as of
completion footage upon (including future project December 31,
Property Anchors/Tenants of Construction completion acquisition cost) cost cost 2008
- ------------------------------------------------------------------------------------------------------------------------------------
Fund II ($ in millions)
- ------- ---------------
Under Construction
- ------------------
Atlantic Avenue Storage Post 2nd half 2009 110,000 $12.6 $10.4 $23.0 $3.3
------------- ----------------- --------- --------- -------------
In Design
- ---------
Canarsie Plaza (1) To be determined To be determined 323,000 23.4 26.6 50.0 -
Sherman Avenue To be determined To be determined 216,000 29.6 25.4 55.0 19.0
CityPoint (2) Target To be determined 418,750 42.3 186.5 228.8 8.2
------------- ----------------- --------- --------- -------------
Sub-total 957,750 95.3 238.5 333.8 27.2
------------- ----------------- --------- --------- -------------
Total Construction/Design 1,067,750 $107.9 $248.9 $356.8 $30.5
------------- ----------------- --------- --------- -------------
Fund III
- --------
In Design
- ---------
Sheepshead Bay To be determined To be determined 240,000 $21.9 $87.1 $109.0 $-
125 Main Street (Westport, CT) To be determined To be determined 30,000 17.4 5.6 23.0 -
------------- ----------------- --------- --------- -------------
Total Design 270,000 $39.3 $92.7 $132.0 $-
------------- ----------------- --------- --------- -------------
(1) Cost to date is net of lease termination income from Home Depot.
(2) Fund II, along with P/A Associates, Washington Square Partner and MacFarlane Partners are co-developing the retail and office
components at CityPoint. Amounts represent Fund II's pro-rata share.
Reporting Supplement
December 31, 2008
Retailer Controlled Property ("RCP") Venture - Overview
- -------------------------------------------------------
*** Note - The RCP Venture is not a separate AKR Fund, rather it is a venture in
which AKR, Funds I and II are anticipated to invest a total of $60 million
equity. ***
Item Description
- --------------------------------------------------------------------------------
Date formed January 2004
Targeted investments The Venture has been formed to invest in surplus
or distressed properties owned or controlled by
retailers
Current Investments Mervyns Department Stores - All capital has been
returned
Albertson's - All capital has been returned
ShopKo - All capital has been returned
Rex, Marsh Supermarkets, four Albertsons add-on
investments, Newkirk, Camellia, Colorado Springs
and Visalia.
three Marsh add-on investments, Ameristop, Lil
Cricket and C-Stores and a Mervyns add-on, Napa,
CA.
Partnership structure
Equity Contribution: Up to $300 million of total equity
Up to 20% ($60 million) - AKR Fund I ($20 million)
and Fund II ($40 million)
80% - Klaff Realty LP and Lubert-Adler
Cash flow distribution: 20% - AKR Funds
80% - Four institutional investors
Promote: 20% to Klaff once all partners (including Klaff)
have received 10% preferred return and return of
equity (50% of first $40 million of AKR Fund
equity is not subject to this promote)
Remaining 80% is distributed to all the partners
(including Klaff).
Fees to Acadia Property management fees
Market rate leasing fees and construction/project
management
Disposition fees
Reporting Supplement
December 31, 2008
Retailer Controlled Property ("RCP") Venture - Investments
- ----------------------------------------------------------
The following table summarizes the RCP Venture investments from inception through December 31, 2008:
Year Invested Equity
Investor Investment acquired capital Distributions Multiple
- -------------------------- -------------------------------- --------- ----------- ------------- ----------
Mervyns I and Mervyns II Mervyns 2004 $23,906 $45,966 1.9X
Mervyns II Mervyns Realco 2007 2,155 - -
Mervyns I and Mervyns II Mervyns add-on investments 2005 3,086 1,342 0.4X
Mervyns II Albertson's 2006 20,717 63,833 3.1X
Mervyns II Albertson's add-on investments 2006/2007 2,765 827 0.3X
Fund II Shopko 2006 1,100 1,100 1.0X
Fund II Marsh 2006 667 - -
Fund II Marsh add-on investments 2008 2,000 1,010 0.5X
Mervyns II Rex 2007 2,701 - -
----------- ------------- ---------
Total $59,097 $114,078 1.9X
=========== ============= =========
- -----------------------------------------------------------------------------------------------------------
In connection with its RCP Venture, in September 2004, Acadia Mervyns Investors I, LLC ("Mervyns I") and
Acadia Mervyns Investors II, LLC ("Mervyns II") participated in the acquisition of the Mervyns Department
Store chain consisting of 262 stores ("REALCO") and its retail operation ("OPCO") from Target Corporation
for a total price of $1.2 billion. Mervyns I and II invested $23.2 million for approximately a 5.2%
interest in REALCO and a 2.5% interest in OPCO, equally split between Mervyns I and II.
To date, through a series of transactions, REALCO has disposed of a significant portion of the portfolio.
Furthermore, during November 2007, Mervyns I and II sold their interest in OPCO and, as a result, have no
further direct OPCO exposure.
- -----------------------------------------------------------------------------------------------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2008
Core Portfolio Retail Properties - Detail
-----------------------------------------
Annualized Base Rent
per Occupied Square
Gross Leasable Area Occupancy Annualized Base Rent Foot
----------------------------- --------------- ------- ----------------------------------- ---------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Acadia's
interest
----------------
New York
- -------------
Connecticut
- -----------
239 Greenwich
Avenue( 1) 75.0% 16,834 - 16,834 100.00% - 100.00% $1,397,621 $- $1,397,621 $83.02 $- $83.02
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
New Jersey
- ----------
Elmwood Park
Shopping
Center 100.0% 62,610 86,881 149,491 100.00% 100.00% 100.00% 1,390,460 2,189,727 3,580,187 22.21 25.20 23.95
A & P
Shopping
Plaza 60.0% 49,463 13,445 62,908 100.00% 100.00% 100.00% 900,000 359,316 1,259,316 18.20 26.72 20.02
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total - New
Jersey 112,073 100,326 212,399 100.00% 100.00% 100.00% 2,290,460 2,549,043 4,839,503 20.44 25.41 22.78
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
New York
- --------
Village
Commons
Shopping
Center 100.0% 3,891 83,346 87,237 0.00% 90.57% 86.53% - 2,291,546 2,291,546 - 30.36 30.36
Branch Plaza 100.0% 74,050 51,701 125,751 100.00% 100.00% 100.00% 1,212,640 1,478,771 2,691,411 16.38 28.60 21.40
Amboy Road 100.0% 46,964 16,326 63,290 100.00% 100.00% 100.00% 1,052,068 811,136 1,863,204 22.40 49.68 29.44
Bartow Avenue 100.0% - 14,676 14,676 - 76.29% 76.29% - 336,665 336,665 - 30.06 30.06
Pacesetter
Park
Shopping
Center 100.0% 52,052 44,382 96,434 100.00% 85.68% 93.41% 383,168 754,474 1,137,642 7.36 19.84 12.63
2914 Third
Avenue 100.0% 33,500 8,900 42,400 100.00% 100.00% 100.00% 550,000 325,028 875,028 16.42 36.52 20.64
LA Fitness 100.0% 55,000 - 55,000 100.00% - 100.00% 1,265,000 - 1,265,000 23.00 - 23.00
West 54th
Street 100.0% 4,211 5,784 9,995 100.00% 94.50% 96.82% 1,349,829 1,509,782 2,859,611 320.55 276.22 295.51
East 17th
Street 100.0% 19,622 - 19,622 100.00% 0.00% 100.00% 625,000 - 625,000 31.85 - 31.85
Crossroads
Shopping
Center 49.0% 210,114 100,600 310,714 100.00% 86.61% 95.66% 2,533,929 3,443,033 5,976,962 12.06 39.52 20.11
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total - New
York 499,404 325,715 825,119 99.22% 90.33% 95.71% 8,971,634 10,950,435 19,922,069 18.11 37.22 25.23
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total New
York 628,311 426,041 1,054,352 99.38% 92.61% 96.64% 12,659,715 13,499,478 26,159,193 20.27 34.21 25.67
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
New England
-----------
Connecticut
- -----------
Town Line
Plaza( 2) 100.0% 163,159 43,187 206,346 100.00% 100.00% 100.00% 937,000 733,620 1,670,620 14.23 16.99 15.32
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Massachusetts
- -------------
Methuen
Shopping
Center 100.0% 120,004 10,017 130,021 100.00% 100.00% 100.00% 736,464 222,225 958,689 6.14 22.18 7.37
Crescent
Plaza 100.0% 156,985 61,156 218,141 100.00% 81.40% 94.79% 1,178,872 519,157 1,698,029 7.51 10.43 8.21
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total -
Massachusetts 276,989 71,173 348,162 100.00% 84.02% 96.73% 1,915,336 741,382 2,656,718 6.91 12.40 7.89
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
New York
- --------
New Loudon
Center 100.0% 251,211 4,615 255,826 100.00% 100.00% 100.00% 1,598,532 115,173 1,713,705 6.36 24.96 6.70
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Rhode Island
- ------------
Walnut Hill
Plaza 100.0% 121,892 162,825 284,717 100.00% 91.45% 95.11% 935,920 1,382,515 2,318,435 7.68 9.28 8.56
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Vermont
- -------
The Gateway
Shopping
Center 100.0% 73,184 28,600 101,784 100.00% 84.38% 95.61% 1,353,904 511,252 1,865,156 18.50 21.19 19.17
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total New
England 886,435 310,400 1,196,835 100.00% 90.41% 97.51% 6,740,692 3,483,942 10,224,634 8.54 12.41 9.56
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has
not yet commenced.
(1) 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21 residential units encompassing 14,434 square feet.
Residential activities are not included above.
(2) Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded
for calculating annualized base rent per square foot.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2008
Core Portfolio Retail Properties - Detail
-----------------------------------------
Core Portfolio Acadia's
(continued): interest
----------------
Midwest
-------
Illinois
- --------
Hobson West
Plaza 100.0% 51,692 47,446 99,138 100.00% 93.66% 96.97% $225,436 $986,903 $1,212,339 $4.36 $22.21 $12.61
Clark
Diversey 100.0% - 19,265 19,265 - 100.00% 100.00% - 820,501 820,501 - 42.59 42.59
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total -
Illinois 51,692 66,711 118,403 100.00% 95.49% 97.46% 225,436 1,807,404 2,032,840 4.36 28.37 17.62
Indiana
- -------
Merrillville
Plaza 100.0% 145,266 89,901 235,167 100.00% 86.26% 94.75% 1,563,627 1,293,348 2,856,975 10.76 16.68 12.82
Michigan
- --------
Bloomfield
Towne Square 100.0% 152,944 79,237 232,181 82.04% 95.50% 86.63% 988,348 1,469,118 2,457,466 7.88 19.41 12.22
Ohio
- ----
Mad River
Station (1) 100.0% 68,296 87,544 155,840 100.00% 67.79% 81.91% 802,719 814,074 1,616,793 11.75 13.72 12.67
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total Midwest 418,198 323,393 741,591 93.43% 85.43% 89.94% 3,580,130 5,383,944 8,964,074 9.16 19.49 13.44
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Mid-Atlantic
- ------------
New Jersey
- ----------
Marketplace
of Absecon 100.0% 58,031 46,687 104,718 100.00% 97.24% 98.77% 984,014 721,117 1,705,131 16.96 15.88 16.49
Ledgewood
Mall 100.0% 370,969 146,182 517,151 91.03% 53.93% 80.54% 2,548,390 1,068,822 3,617,212 7.55 13.56 8.68
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total - New
Jersey 429,000 192,869 621,869 92.24% 64.41% 83.61% 3,532,404 1,789,939 5,322,343 8.93 14.41 10.24
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Delaware
- --------
Brandywine
Town Center 22.2% 839,624 35,284 874,908 97.20% 98.68% 97.26% 12,586,503 586,393 13,172,895 15.42 16.84 15.48
Market Square
Shopping
Center 22.2% 42,850 59,936 102,786 100.00% 87.92% 92.96% 671,888 1,551,074 2,222,962 15.68 29.43 23.27
Naamans Road 22.2% - 19,970 19,970 0.00% 54.94% 54.94% - 583,320 583,320 - 53.17 53.17
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total -
Delaware 882,474 115,190 997,664 97.34% 85.50% 95.97% 13,258,391 2,720,787 15,979,177 15.44 27.63 16.69
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Pennsylvania
- ------------
Blackman
Plaza 100.0% 112,051 13,213 125,264 100.00% 28.97% 92.51% 268,519 20,400 288,919 2.40 5.33 2.49
Mark Plaza 100.0% 157,595 58,806 216,401 100.00% 49.48% 86.27% 652,095 220,106 872,201 4.14 7.56 4.67
Plaza 422 100.0% 139,968 16,311 156,279 100.00% 25.32% 92.21% 612,939 36,500 649,439 4.38 8.84 4.51
Route 6 Plaza 100.0% 146,498 29,021 175,519 100.00% 100.00% 100.00% 806,351 325,984 1,132,335 5.50 11.23 6.45
Chestnut Hill
(2) 100.0% 31,420 9,150 40,570 100.00% 100.00% 100.00% 992,344 304,028 1,296,372 31.58 33.23 31.95
Abington
Towne Center
(3) 100.0% 184,616 31,742 216,358 100.00% 89.80% 98.50% 270,000 673,343 943,343 10.00 23.62 17.00
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total -
Pennsylvania 772,148 158,243 930,391 100.00% 65.55% 94.14% 3,602,248 1,580,361 5,182,609 5.86 15.24 7.22
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total Mid-
Atlantic 2,083,622 466,302 2,549,924 97.28% 70.01% 92.29% 20,393,043 6,091,087 26,484,129 10.91 18.66 12.06
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total Core
Properties 4,016,566 1,526,136 5,542,702 97.81% 83.74% 93.93% $43,373,580 $28,458,451 $71,832,030 $11.81 $22.27 $14.51
========= ========= ========= ======= ======= ======= =========== =========== =========== ======= ====== ======
Total Core
Properties -
weighted based on
ownership interest
(4) 3,199,026 1,379,857 4,578,883 97.82% 83.45% 93.49% 31,059,494 24,442,550 55,502,044 $9.93 $21.23 $12.97
========= ========= ========= ======= ======= ======= =========== =========== =========== ======= ====== ======
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has
not yet commenced.
(1) The GLA for this property includes 28,205 square feet of office space.
(2) This consists of two separate buildings.
(3) Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded
for calculating annualized base rent per square foot.
(4) Weighted based on Acadia's ownership interest in the properties.
Reporting Supplement
December 31, 2008
Core Portfolio Retail Properties by State - Summary
- ---------------------------------------------------
Gross Leasable Area Occupancy
--------------------------------------------------------
Ownership Percent of Number of
% base rent (1) properties Anchors (2) Shops Total Anchors Shops Total
------------ ------------- ---------- ----------- --------- --------- -------- ------- -------
Connecticut 75.0% 4.9% 2 179,993 43,187 223,180 100.00% 100.00% 100.00%
Delaware 22.2% 6.2% 3 882,474 115,190 997,664 97.34% 85.50% 95.97%
Illinois 100.0% 3.7% 2 51,692 66,711 118,403 100.00% 95.49% 97.46%
Indiana 100.0% 5.1% 1 145,266 89,901 235,167 100.00% 86.26% 94.75%
Massachusetts 100.0% 4.8% 2 276,989 71,173 348,162 100.00% 84.02% 96.73%
Michigan 100.0% 4.4% 1 152,944 79,237 232,181 82.04% 95.50% 86.63%
New Jersey 89.6% 17.4% 4 541,073 293,195 834,268 93.85% 76.59% 87.78%
New York 84.7% 33.6% 11 750,615 330,330 1,080,945 99.48% 90.47% 96.73%
Ohio 100.0% 2.9% 1 68,296 87,544 155,840 100.00% 67.79% 81.91%
Pennsylvania 100.0% 9.4% 6 772,148 158,243 930,391 100.00% 65.55% 94.14%
Rhode Island 100.0% 4.2% 1 121,892 162,825 284,717 100.00% 91.45% 95.11%
Vermont 100.0% 3.4% 1 73,184 28,600 101,784 100.00% 84.38% 95.61%
------------- ---------- ----------- --------- --------- -------- ------- -------
Total - Core Portfolio 100.0% 35 4,016,566 1,526,136 5,542,702 97.81% 83.74% 93.93%
============= ========== =========== ========= ========= ======== ======= =======
Reporting Supplement
December 31, 2008
Core Portfolio Retail Properties by State - Summary
- ---------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square Foot
------------------------------------------- ----------------------------------------
Anchors Shops Total Anchors Shops Totals
--------------- ------------- ------------- ------------- ------------- ------------
Connecticut $2,334,621 $733,620 $3,068,241 $28.23 $16.99 $24.37
Delaware 13,258,391 2,720,787 15,979,177 15.44 27.63 16.69
Illinois 225,436 1,807,404 2,032,840 4.36 28.37 17.62
Indiana 1,563,627 1,293,348 2,856,975 10.76 16.68 12.82
Massachusetts 1,915,336 741,382 2,656,718 6.91 12.40 7.89
Michigan 988,348 1,469,118 2,457,466 7.88 19.41 12.22
New Jersey 5,822,864 4,338,982 10,161,846 11.47 19.32 13.88
New York 10,570,166 11,065,608 21,635,774 14.16 37.03 20.69
Ohio 802,719 814,074 1,616,793 11.75 13.72 12.67
Pennsylvania 3,602,248 1,580,361 5,182,609 5.86 15.24 7.22
Rhode Island 935,920 1,382,515 2,318,435 7.68 9.28 8.56
Vermont 1,353,904 511,252 1,865,156 18.50 21.19 19.17
--------------- ------------- ------------- ------------- ------------- ------------
Total - Core Portfolio $43,373,580 $28,458,451 $71,832,030 $11.81 $22.27 $14.51
=============== ============= ============= ============= ============= ============
General note - The above occupancy and rent amounts do not include space which is currently leased, but for
which rent payment has not yet commenced.
(1) The Company's pro-rata share of base rent from joint venture properties has been included for the
purpose of calculating percentage of base rent by state.
(2) Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square
footage has been excluded for calculating annualized base rent per square foot.
Reporting Supplement
December 31, 2008
Core Portfolio Top Tenants - Ranked by Annualized Base Rent (2)
---------------------------------------------------------------
Percentage of Total
Represented by
Wholly Owned Joint Ventures Combined Retail Tenant
Number of --------------------- -------------------- --------------------- --------------------
stores in Annualized Annualized Annualized Total Annualized
Retail combined Total Base Total Base Total Base Portfolio Base
Ranking Tenant portfolio GLA Rent (1) GLA Rent (1) GLA Rent (1) GLA (2) Rent (1)
- -------- ------------------------ --------- --------- ----------- --------- ---------- --------- ----------- --------- ----------
1 A&P/Waldbaum's/Pathmark 5 197,502 $3,613,840 18,722 $246,960 216,224 $3,860,800 4.7% 7.0%
2 Supervalu (Shaws) 4 220,625 3,049,488 - - 220,625 3,049,488 4.8% 5.5%
3 TJX Companies 9 230,627 1,765,051 19,144 344,750 249,771 2,109,801 5.5% 3.8%
-- T.J. Maxx 4 88,200 726,300 6,927 88,189 95,127 814,489 2.1% 1.5%
-- Marshalls 3 102,781 731,494 - - 102,781 731,494 2.2% 1.3%
-- Homegoods 2 39,646 307,257 12,217 256,561 51,863 563,818 1.1% 1.0%
4 Sears 5 390,270 1,355,279 49,355 277,463 439,625 1,632,742 9.6% 2.9%
-- Kmart 4 329,570 1,097,279 49,355 277,463 378,925 1,374,742 8.3% 2.5%
-- Sears 1 60,700 258,000 - - 60,700 258,000 1.3% 0.5%
5 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 4.6% 2.7%
6 Stage Deli 1 4,211 1,349,829 - - 4,211 1,349,829 0.1% 2.4%
7 Ahold (Stop and Shop) 2 117,911 1,320,168 - - 117,911 1,320,168 2.6% 2.4%
8 Home Depot 2 211,003 1,069,432 - - 211,003 1,069,432 4.6% 1.9%
9 Barnes & Noble 3 32,122 849,000 6,091 194,902 38,213 1,043,902 0.8% 1.9%
10 Sleepy's 5 40,119 847,674 - - 40,119 847,674 0.9% 1.5%
11 Price Chopper 1 77,450 802,105 - - 77,450 802,105 1.7% 1.4%
12 Restoration Hardware 1 9,220 780,864 - - 9,220 780,864 0.2% 1.4%
Federated Department
13 Stores (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.6% 1.2%
14 JC Penney 1 50,000 544,500 - - 50,000 544,500 1.1% 1.0%
15 Payless Shoesource 8 26,225 484,013 1,514 52,994 27,739 537,007 0.6% 1.0%
16 Rite Aid 3 32,142 511,565 - - 32,142 511,565 0.7% 0.9%
17 Express 1 12,882 510,344 - - 12,882 510,344 0.3% 0.9%
18 Border's 1 18,538 482,000 - - 18,538 482,000 0.4% 0.9%
19 Hallmark Cards 5 28,863 477,528 - - 28,863 477,528 0.6% 0.9%
20 Redner's Market's 1 52,639 447,432 - - 52,639 447,432 1.1% 0.8%
--------- --------- ----------- --------- ---------- --------- ----------- --------- ----------
Total 61 2,035,812 $22,426,766 94,826 $1,117,069 2,130,638 $23,543,835 46.5% 42.6%
========= ========= =========== ========= ========== ========= =========== ========= ==========
(1) Base rents do not include percentage rents (except where noted), additional rents for property expense
reimbursements, and contractual rent escalations due after the date of this report.
(2) Represents total GLA and annualized base rent for the Company's retail properties including its pro-rata share of
Brandywine and Crossroads.
Reporting Supplement
December 31, 2008
Core Portfolio Retail Anchor Detail
- ------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent PSF Options
- ------------------------------------------ ----------------- ------------- ------------- ------------- ----------------------
New York
--------
Connecticut
- -----------
239 Greenwich Ave., Greenwich
Coach 4,541 1/31/2016 356,469 78.50 (1) 5 Year
Restoration Hardware 12,293 9/30/2014 1,041,152 84.69 (2) 5 Years
----------------- ------------- -------------
16,834 1,397,621 83.02
----------------- ------------- -------------
New Jersey
- ----------
Elmwood Park Shopping Center, Elmwood Park
Walgreens 14,837 5/31/2022 435,000 29.32 (8) 5 Year
Pathmark (A&P) 47,773 11/30/2017 955,460 20.00 (7) 5 Year
----------------- ------------- -------------
62,610 1,390,460 22.21
----------------- ------------- -------------
A&P Shopping Plaza, Boonton
A&P 49,463 10/26/2024 900,000 18.20 (9) 5 Year
----------------- ------------- -------------
New York
- --------
Branch Plaza, Smithtown
CVS 11,050 5/31/2010 199,580 18.06 -
A&P 63,000 11/30/2013 1,013,060 16.08 (3) 5 Year
----------------- ------------- -------------
74,050 1,212,640 16.38
----------------- ------------- -------------
Amboy Shopping Center, Staten Island
King Kullen 37,266 7/6/2028 745,320 20.00 -
Duane Reade 9,698 8/31/2013 306,748 31.63 (1) 5 Year
----------------- ------------- -------------
46,964 1,052,068 22.40
----------------- ------------- -------------
Pacesetter Park Shopping Center, Pomona
Stop & Shop 52,052 8/31/2020 383,168 7.36 (2) 10 Year
----------------- ------------- -------------
2914 Third Avenue
Dr. J's 33,500 1/31/2021 550,000 16.42
----------------- ------------- -------------
LA Fitness, Staten Island
LA Fitness 55,000 1/31/2021 1,265,000 23.00
----------------- ------------- -------------
West 54th Street
Stage Deli 4,211 3/31/2013 1,349,829 320.55
----------------- ------------- -------------
East 17th Street
Barnes & Noble 19,622 4/30/2011 625,000 31.85 (1) 5 Year
----------------- ------------- -------------
Crossroads Shopping Center, White Plains
Kmart 100,725 1/31/2012 566,250 $5.62 (4) 5 Year
Waldbaum's (A&P) 38,208 12/31/2012 504,000 13.19 (4) 5 Year
Barnes & Noble 12,430 5/28/2012 397,760 32.00 (2) 5 Year
Pier 1 8,818 2/29/2012 348,576 39.53 -
Modell's 25,000 2/28/2009 193,750 7.75 (2) 5 Year
Home Goods 24,933 11/30/2018 523,593 21.00 (3) 5 Year
----------------- ------------- -------------
210,114 2,533,929 12.06
----------------- ------------- -------------
Total New York 624,420 12,659,715 20.27
----------------- ------------- -------------
Retail Anchor Properties- Core Portfolio (continued)
- ----------------------------------------------------
New England
-----------
Connecticut
- -----------
Town Line Plaza, Rocky Hill
Wal*Mart( 1) 97,300 - $- $- REA Agreement
Super Stop & Shop (Ahold) 65,859 11/30/2024 937,000 14.23 (8) 5 Year
----------------- ------------- -------------
163,159 937,000 14.23
----------------- ------------- -------------
(1) This space is contiguous to the Company's property and is not owned by the Company.
Massachusetts
- -------------
Methuen Shopping Center, Methuen
Demoulas Super Markets 30,460 1/31/2010 109,656 3.60 (1) 5 Year
Wal*Mart 89,544 1/31/2012 626,808 7.00 (8) 5 Year
----------------- ------------- -------------
120,004 736,464 6.14
----------------- ------------- -------------
Crescent Plaza, Brockton
Home Depot 106,760 10/31/2021 661,912 6.20 (7) 5 Year
Supervalu 50,225 12/31/2012 516,960 10.29 (6) 5 Year
----------------- ------------- -------------
156,985 1,178,872 7.51
----------------- ------------- -------------
New York
- --------
New Loudon Center, Latham
Bon Ton 65,365 2/1/2014 261,460 4.00 (4) 5 Year
Marshalls 37,212 1/31/2014 158,150 4.25 (3) 5 Year
Price Chopper 77,450 5/31/2015 802,105 10.36 (4) 5 Year
A.C. Moore 21,520 4/30/2009 221,226 10.28 (3) 5 Year
Raymours Furniture Co 49,664 4/30/2019 155,591 3.13 (3) 5 Year
----------------- ------------- -------------
251,211 1,598,532 6.36
----------------- ------------- -------------
Rhode Island
- ------------
Walnut Hill Plaza, Woonsocket
Sears 60,700 8/31/2013 258,000 4.25 (4) 5 Year
CVS 8,800 1/31/2009 154,000 17.50 (1) 5 Year
Supervalu 52,392 12/31/2013 523,920 10.00 (3) 5 Year
----------------- ------------- -------------
121,892 935,920 7.68
----------------- ------------- -------------
Vermont
- -------
Gateway Shopping Center, N. Burlington
Supervalu 73,184 3/31/2024 1,353,904 18.50 (5) 5 Yr. & (1) 4 Yr.
----------------- ------------- -------------
Total New England 886,435 6,740,692 8.54
----------------- ------------- -------------
Midwest
- -------
Illinois
- --------
Hobson West Plaza, Naperville
Garden Fresh Markets 51,692 11/30/2012 225,436 4.36 (4) 5 Year
----------------- ------------- -------------
Indiana
- -------
Merrillville Plaza, Merrillville
K & G Fashion Superstore 21,500 10/15/2017 269,647 12.54 (2) 5 Year
JC Penney 50,000 1/31/2013 544,500 10.89 (1) 5 Year
Officemax 26,157 8/31/2013 235,413 9.00 (3) 5 Year
Pier I 9,143 1/31/2009 128,002 14.00 -
David's Bridal 13,266 11/19/2010 190,765 14.38 (2) 5 Year
TJ Maxx 25,200 1/31/2009 195,300 7.75
----------------- ------------- -------------
145,266 1,563,627 10.76
----------------- ------------- -------------
Michigan
- --------
Bloomfield Town Square, Bloomfield Hills
HomeGoods 39,646 5/31/2010 307,257 7.75 (2) 5 Year
Officemax 21,500 6/30/2010 193,500 9.00 (3) 5 Year
Marshalls 28,324 9/30/2011 226,592 8.00 (3) 5 Year
TJ Maxx 36,000 1/31/2009 261,000 7.25 (1) 5 Year
----------------- ------------- -------------
125,470 988,349 7.88
----------------- ------------- -------------
Ohio
- ----
Mad River Station, Dayton
Babies 'R' Us 33,147 2/28/2010 260,204 7.85 (2) 5 Year
Pier I 10,111 2/28/2010 227,037 22.45 -
Office Depot 25,038 8/31/2010 315,478 12.60 -
----------------- ------------- -------------
68,296 802,719 11.75
----------------- ------------- -------------
Total Midwest 390,724 3,580,131 9.16
----------------- ------------- -------------
Retail Anchor Properties- Core Portfilio (continued)
- ----------------------------------------------------
Mid-Atlantic
- ------------
New Jersey
- ----------
Marketplace of Absecon, Absecon
Rite Aid 13,207 8/30/2020 329,310 24.93 (4) 5 Year
Supervalu 44,824 4/30/2015 654,704 14.61
----------------- ------------- -------------
58,031 984,014 16.96
----------------- ------------- -------------
Ledgewood Mall, Ledgewood
Ashley Furniture 41,806 12/31/2010 212,793 5.09 (2) 5 Year
Barnes & Noble 12,500 1/31/2010 224,000 17.92 (5) 5 Year
Marshalls 37,245 9/30/2014 346,751 9.31 (4) 5 Year
The Sports Authority 52,205 5/31/2012 225,000 4.31 (5) 5 Year
Macy's Department Store (Federated) 73,349 1/31/2010 651,245 8.88 (3) 5 Year
Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year
----------------- ------------- -------------
337,675 2,548,390 7.55
----------------- ------------- -------------
Delaware
- --------
Brandywine Town Center, Wilmington
Lowe's Home Centers 140,000 8/31/2018 2,117,500 15.13 (6) 5 Year
Target 138,000 1/31/2018 800,000 5.80 (4) 10 Year
Target expansion 27,716 1/31/2011 304,876 11.00 (1) 7 Year & (10) 5 year
Access Group 76,458 5/31/2015 1,610,205 21.06 (2) 5 Year
Regal Cinemas 65,641 6/1/2017 861,210 13.12 (4) 5 Year
Bed, Bath & Beyond 50,977 1/31/2014 955,495 18.74 (3) 5 Year
Dick's Sporting Goods 50,000 5/31/2013 700,000 14.00 (3) 5 Year
Christmas Tree Shops 48,000 1/31/2028 540,000 11.25 (4) 5 Year
Michaels 24,876 2/28/2011 572,148 23.00 (3) 5 Year
Old Navy (The Gap) 24,631 4/30/2011 617,745 25.08 (1) 5 Year
Petsmart 23,963 6/30/2017 479,257 20.00 (5) 5 Year
Thomasville Furniture 18,893 12/31/2011 494,832 26.19 (10) 1 Year
World Market 20,310 1/31/2015 406,200 20.00
Transunion Settlement 43,307 3/31/2013 995,742 22.99 (5) 1 Year
Drexel Heritage 16,525 12/31/2016 396,600 24.00 (2) 5 Year
Lane Home Furnishings 21,827 10/31/2015 409,693 18.77
MJM Designer 25,000 9/30/2015 325,000 13.00 (4) 5 Year
----------------- ------------- -------------
816,124 12,586,503 15.42
----------------- ------------- -------------
Market Square Shopping Center Wilmington
Trader Joe's 11,675 1/31/2019 275,000 23.55 (3) 5 Year
TJ Maxx 31,175 1/31/2011 396,888 12.73 (1) 5 Year
----------------- ------------- -------------
42,850 671,888 15.68
----------------- ------------- -------------
Pennsylvania
- ------------
Blackman Plaza, Wilkes-Barre
Rite Aid 7,095 7/31/2016 63,855 9.00 -
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
----------------- ------------- -------------
112,051 268,519 2.40
----------------- ------------- -------------
Mark Plaza, Edwardsville
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
Redner's Market 52,639 5/31/2018 447,431 8.50 (2) 5 Year
----------------- ------------- -------------
157,595 652,095 4.14
----------------- ------------- -------------
Plaza 422, Lebanon
Home Depot 104,243 12/31/2028 407,520 3.91 (6) 5 Year
Dunham's 35,725 1/31/2016 205,419 5.75 (3) 5 Year
----------------- ------------- -------------
139,968 612,939 4.38
----------------- ------------- -------------
Route 6 Mall, Honesdale
Rite Aid 11,840 1/31/2011 118,400 10.00 (3) 5 Year
Fashion Bug 15,000 1/31/2016 - - -
Kmart 119,658 4/30/2020 687,951 5.75 (10) 5 Year
----------------- ------------- -------------
146,498 806,351 5.50
----------------- ------------- -------------
Abington Town Center, Abington
TJ Maxx 27,000 11/30/2010 $270,000 $10.00 (2) 5 Year
Target( 1) 157,616 - - - Condominium Agreement
----------------- ------------- -------------
184,616 270,000 10.00
----------------- ------------- -------------
Chestnut Hill Shoppes, Philadelphia
Express 12,882 1/31/2009 $510,344 $39.62
Borders Books 18,538 1/31/2010 482,000 26.00 (2) 5 Year
----------------- ------------- -------------
31,420 992,344 31.58
----------------- ------------- -------------
Total Mid-Atlantic 2,026,828 20,393,043 10.91
----------------- ------------- -------------
Total Core Portfolio Retail Anchor
Properties 3,928,407 $43,373,580 $11.81
================= ============= =============
(1) Target owns the portion of the main building (157,616 square feet) that their store is located in.
Reporting Supplement
December 31, 2008
Core Portfolio Anchor Lease Expirations - Next 4 Years
- ----------------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
---------------------- ----------------------------------
Percent Percent Average
Square of of per
Center Anchor footage all anchors Amount all anchors Sq. Ft.
- ----------------------------- ----------------------- ---------- -------------------------- ----------- ----------
2009
Crossroads Shopping Center Modell's 25,000 0.68% 193,750 0.45% 7.75
Chestnut Hill Express 12,882 0.35% 510,344 1.18% 39.62
Bloomfield Town Square TJ Maxx 36,000 0.98% 261,000 0.60% 7.25
Walnut Hill Plaza CVS 8,800 0.24% 154,000 0.36% 17.50
Merrillville Plaza Pier I 9,143 0.25% 128,002 0.30% 14.00
Merrillville Plaza TJ Maxx 25,200 0.69% 195,300 0.45% 7.75
New Loudon Center AC Moore Arts & Crafts 21,520 0.59% 221,226 0.51% 10.28
Blackman Plaza Kmart 104,956 2.86% 204,664 0.47% 1.95
Mark Plaza Kmart 104,956 2.86% 204,664 0.47% 1.95
---------- ----------- ----------- ----------- ----------
Total 2009 348,457 9.50% 2,072,950 4.79% 5.95
---------- ----------- ----------- ----------- ----------
2010
Chestnut Hill Borders Books 18,538 0.50% 482,000 1.11% 26.00
Methuen Shopping Center Demoulas Supermarket 30,460 0.83% 109,656 0.25% 3.60
Ledgewood Mall Barnes & Noble 12,500 0.34% 224,000 0.52% 17.92
Ledgewood Mall Macy's 73,349 2.00% 651,245 1.50% 8.88
Ledgewood Mall Ashley Furniture 41,806 1.14% 212,793 0.49% 5.09
Mad River Station Babies 'R' Us 33,147 0.90% 260,204 0.60% 7.85
Mad River Station Pier I Imports 10,111 0.28% 227,037 0.52% 22.45
Mad River Station Office Depot Inc. 25,038 0.68% 315,479 0.73% 12.60
Bloomfield Town Square Home Goods Inc. 39,646 1.08% 307,257 0.71% 7.75
Bloomfield Town Square Officemax Inc. 21,500 0.59% 193,500 0.45% 9.00
Branch Plaza CVS 11,050 0.30% 199,580 0.46% 18.06
Merrillville David's Bridal 13,266 0.36% 190,765 0.44% 14.38
Abington Towne Center TJ Maxx 27,000 0.73% 270,000 0.62% 10.00
---------- ----------- ----------- ----------- ----------
Total 2010 357,411 9.73% 3,643,516 8.40% 10.19
---------- ----------- ----------- ----------- ----------
2011
Route 6 Plaza Rite Aid 11,840 0.32% 118,400 0.27% 10.00
Bloomfield Town Square Marshalls 28,324 0.77% 226,592 0.52% 8.00
Market Square Shopping Center TJ Maxx 31,175 0.85% 396,888 0.92% 12.73
Brandywine Town Center Target Expansion 27,716 0.75% 304,876 0.70% 11.00
Brandywine Town Center Michaels 24,876 0.68% 572,148 1.32% 23.00
Brandywine Town Center Old Navy 24,631 0.67% 617,745 1.42% 25.08
Brandywine Town Center Thomasville Furniture 18,893 0.51% 494,832 1.14% 26.19
---------- ----------- ----------- ----------- ----------
Total 2011 167,455 4.55% 2,731,481 6.29% 16.31
---------- ----------- ----------- ----------- ----------
2012
Crossroads Shopping Center Kmart 100,725 2.74% 566,250 1.31% 5.62
Crossroads Shopping Center Peir 1 Imports 8,818 0.24% 348,576 0.80% 39.53
Crossroads Shopping Center Barnes & Noble 12,430 0.34% 397,760 0.92% 32.00
Crossroads Shopping Center Waldbaum's (A&P) 38,208 1.04% 504,000 1.16% 13.19
Methuen Shopping Center Wal*Mart 89,544 2.44% 628,808 1.45% 7.00
Ledgewood Mall The Sports Authority 52,205 1.42% 225,000 0.52% 4.31
Hobson Plaza Garden Fresh Markets 51,692 1.41% 225,436 0.52% 4.36
Crescent Plaza Supervalu 50,225 1.37% 516,960 1.19% 10.29
---------- ----------- ----------- ----------- ----------
Total 2012 403,847 4.36% 3,412,790 4.19% 8.45
---------- ----------- ----------- ----------- ----------
Total Core Portfolio Total - Next 4 Years 1,277,170 28.14% $11,860,737 23.67% $9.29
========== =========== =========== =========== ==========
Reporting Supplement
December 31, 2008
Core Portfolio 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.
----------------------------------------- -------------------------------------
Anchor Tenant Expirations
2009 9 348,457 9.49% 2,072,949 4.78% 5.95
2010 14 357,411 9.73% 3,643,515 8.40% 10.19
2011 5 187,077 5.09% 3,356,481 7.74% 17.94
2012 8 403,847 11.00% 3,410,790 7.86% 8.45
2013 8 355,254 9.67% 4,577,383 10.55% 12.88
2014 6 203,092 5.53% 2,763,009 6.37% 13.60
2015 7 265,869 7.24% 4,207,907 9.70% 15.83
2016 5 78,886 2.15% 1,022,342 2.36% 12.96
2017 4 158,877 4.32% 2,565,573 5.92% 16.15
2018 6 359,783 9.79% 5,238,354 12.08% 14.56
2019 4 181,909 4.95% 1,319,192 3.04% 7.25
2020 3 184,917 5.03% 1,400,429 3.23% 7.57
2021 2 140,260 3.82% 1,211,912 2.79% 8.64
2022 2 69,837 1.90% 1,700,000 3.92% 24.34
2024 3 188,506 5.13% 3,190,904 7.36% 16.93
2028 4 189,509 5.16% 1,692,840 3.90% 8.93
--------------- ------------ ------------ ----------- ----------- -------------
Total Occupied 90 3,673,491 100.00% $43,373,580 100.00% $11.81
=============== ============ ============ =========== =========== =============
- ----------------------------------------------------------
Anchor GLA Owned by Tenants 254,916
Total Vacant 88,159
------------
Total Square Feet 4,016,566
============
- ----------------------------------------------------------
Shop Tenant Expirations
Month to Month 26 65,717 5.11% $1,253,477 4.40% $19.07
2009 66 201,780 15.66% 3,988,705 14.02% 19.77
2010 51 157,443 12.24% 2,592,557 9.11% 16.47
2011 47 166,715 12.96% 3,431,869 12.06% 20.59
2012 44 160,513 12.48% 3,238,335 11.38% 20.17
2013 47 163,496 12.71% 3,690,333 12.97% 22.57
2014 17 84,750 6.59% 1,957,020 6.88% 23.09
2015 16 69,788 5.42% 1,518,216 5.33% 21.75
2016 6 35,065 2.73% 837,816 2.94% 23.89
2017 16 53,372 4.15% 2,207,150 7.76% 41.35
2018 19 50,268 3.91% 1,962,875 6.90% 39.05
2019 3 5,904 0.46% 102,206 0.36% 17.31
2020 3 6,000 0.47% 146,070 0.51% 24.35
2021 3 30,270 2.35% 244,385 0.86% 8.07
2022 4 20,055 1.56% 518,708 1.82% 25.86
2023 1 3,232 0.25% 51,712 0.18% 16.00
2027 2 9,012 0.70% 442,017 1.55% 49.05
2028 1 3,200 0.25% 275,000 0.97% 85.94
--------------- ------------ ------------ ----------- ----------- -------------
Total Occupied 372 1,286,580 100.00% $28,458,451 100.00% $22.12
=============== ============ ============ =========== =========== =============
- ----------------------------------------------------------
Total Vacant 239,556
------------
Total Square Feet 1,526,136
============
- ----------------------------------------------------------
Gross Leased Area Annualized Base Rent
------------------------- -------------------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
----------------------------------------- -------------------------------------
Total Anchor and Shop Tenant Expirations
Month to Month 26 $65,717 1.32% $1,253,477 1.75% $19.07
2009 75 550,237 11.09% 6,061,654 8.44% 11.02
2010 65 514,854 10.38% 6,236,072 8.68% 12.11
2011 52 353,792 7.13% 6,788,350 9.44% 19.19
2012 52 564,360 11.38% 6,649,125 9.26% 11.78
2013 55 518,750 10.45% 8,267,716 11.51% 15.94
2014 23 287,842 5.80% 4,720,029 6.57% 16.40
2015 23 335,657 6.77% 5,726,123 7.97% 17.06
2016 11 113,951 2.30% 1,860,158 2.59% 16.32
2017 20 212,249 4.28% 4,772,723 6.64% 22.49
2018 25 410,051 8.27% 7,201,229 10.03% 17.56
2019 7 187,813 3.79% 1,421,398 1.98% 7.57
2020 6 190,917 3.85% 1,546,499 2.15% 8.10
2021 5 170,530 3.44% 1,456,297 2.03% 8.54
2022 6 89,892 1.81% 2,218,708 3.09% 24.68
2023 1 3,232 0.07% 51,712 0.07% 16.00
2024 3 188,506 3.80% 3,190,904 4.44% 16.93
2027 2 9,012 0.18% 442,017 0.62% 49.05
2028 5 192,709 3.89% 1,967,839 2.74% 10.21
--------------- ------------ ------------ ----------- ----------- -------------
Total Occupied 462 $4,960,071 100.00% $71,832,030 100.00% $14.48
=============== ============ ============ =========== =========== =============
- ----------------------------------------------------------
Anchor GLA Owned by Tenants 254,916
Total Vacant 327,715
------------
Total Square Feet 5,542,702
============
- ----------------------------------------------------------
Reporting Supplement
December 31, 2008
Core Portfolio Year-to-Date 3 months ended 3 months ended 3 months ended 3 months ended Year ended
New and Renewal Rent Spreads (1) December 31, December 31, September 30, June 30, March 31, December 31,
2008 2008 2008 2008 2008 2007
- ------------------------------------------------- --------------- --------------- --------------- --------------- ---------------
Cash GAAP Cash GAAP Cash GAAP Cash GAAP Cash GAAP Cash GAAP
(2) (3) (2) (3) (2) (3) (2) (3) (2) (3) (2) (3)
------- ------- ------- --------------- ------- ------- ------- ------- ------- ------- -------
New leases
Number of new leases commencing 14 14 3 3 7 7 3 3 1 1 20 20
GLA 63,612 63,612 14,280 14,280 16,870 16,870 3,814 3,814 28,648 28,648 98,193 98,193
New base rent $21.95 $23.79 $21.47 $21.66 $37.71 $41.73 $70.14 $79.06 $6.50 $6.93 $19.51 $21.06
Previous base rent (and
percentage rent) $19.76 $19.24 $27.56 $26.90 $28.69 $27.60 $56.22 $54.90 $5.75 $5.75 $13.12 $12.92
Percentage growth in base rent 11.1% 23.7% -22.1% -19.5% 31.4% 51.2% 24.8% 44.0% 13.0% 20.5% 48.7% 63.0%
Average cost per square foot $9.31 $9.31 $24.20 $24.20 $5.09 $5.09 $26.70 $26.70 $2.06 $2.06 $21.25 $21.25
Renewal leases
Number of renewal leases
commencing 60 60 14 14 17 17 11 11 18 18 33 33
GLA expiring 439,645 439,645 81,397 81,397 158,215 158,215 38,978 38,978 161,055 161,055 325,424 325,424
Renewal percentage 72% 72% 44% 44% 89% 89% 38% 38% 77% 77% 76% 76%
New base rent $16.82 $17.16 $21.94 $22.72 $14.41 $14.67 $31.71 $32.97 $16.30 $16.50 $11.66 $11.96
Expiring base rent (and
percentage rent) $15.31 $14.70 $18.89 $18.55 $12.86 $12.20 $30.64 $28.69 $15.23 $14.75 $8.36 $8.13
Percentage growth in base rent 9.9% 16.8% 16.1% 22.5% 12.1% 20.2% 3.5% 14.9% 7.0% 11.9% 39.5% 47.1%
Average cost per square foot $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total new and renewal Leases
Number of new and renewal leases
commencing 74 74 17 17 24 24 14 14 19 19 53 53
GLA commencing 378,149 378,149 50,097 50,097 157,588 157,588 18,560 18,560 151,904 151,904 346,066 346,066
New base rent $17.68 $18.28 $21.81 $22.42 $16.90 $17.57 $39.61 $42.44 $14.45 $14.70 $13.89 $14.54
Expiring base rent (and
percentage rent) $16.06 $15.46 $21.36 $20.93 $14.55 $13.85 $35.90 $34.08 $13.44 $13.05 $9.71 $9.49
Percentage growth in base rent 10.1% 18.2% 2.1% 7.1% 16.1% 26.8% 10.3% 24.5% 7.5% 12.6% 43.0% 53.2%
Average cost per square foot $1.57 $1.57 $6.90 $6.90 $0.54 $0.54 $5.49 $5.49 $0.39 $0.39 $6.03 $6.03
(1) Does not include leased square footage and costs related to first generation space and the Company's major redevelopment
projects.
(2) Rents have not been calculated on a straight line basis. Previous/expiring rent is that as of time of expiration and includes
any percentage rent paid as well. New rent is that which is paid at commencement.
(3) Rents are calculated on a straight-line basis.
Reporting Supplement
December 31, 2008
Core Portfolio Capital Expenditures
- -------------------------------------
------------------- ----------------- ------------------ ------------- ---------------
Year-to-Date Current Previous Previous Previous
Quarter Quarter Quarter Quarter
Year 3 months 3 months 3 months 3 months
ended ended ended ended ended
December 31, 2008 December 31, 2008 September 30, 2008 June 30, 2008 March 31, 2008
------------------- ----------------- ------------------ ------------- ---------------
Leasing Commissions: $651 $301 $84 $140 $126
Tenant Improvements: 2,043 1,071 426 308 238
Capital Expenditures: 896 27 747 78 44
Redevelopments - - - - -
------------------- ----------------- ------------------ ------------- ---------------
Total $3,590 $1,399 $1,257 $526 $408
=================== ================= ================== ============= ===============
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2008
Property Demographics (1)
-----------------------------------------------------
- ------------------------------------------------------------ ---------------------------------- -----------------------------------
3-Mile Radius(2) 5-Mile Radius
---------------------------------- -----------------------------------
Prop-
erty/ #
Class- JV Trade Cash (2) House- Median Median
ifi- Owner- Area Base Total Total holds HH Avg. HH Total # HH Avg. HH
cation ship% City State (Miles) Rent GLA Pop. ("HH") Income Income Pop. HH Income Income
- ------ -------- --------- ----- ------- ---------- --------- --------- ------- ------- -------- --------- --------- ------- -------
Core Brandy- Wilm- DE
wine ington
Town
Center
& Mkt
Sq./
22.22% 3 15,979,177 997,664 41,222 15,054 $83,769 $102,192 120,306 46,004 $74,110 $93,425
Core Elmwood Elmwood NJ
Park Park
Shop-
ping
Ctr. 3 3,580,187 149,491 257,647 83,959 52,609 62,446 614,727 208,535 57,938 69,562
Core Chestnut Phil- PA
Hill adelphia 3 1,296,372 40,570 148,084 59,791 53,526 65,990 399,921 157,197 52,171 65,291
Core Abington Abington PA
Towne
Center 3 943,343 216,358 91,293 34,692 66,882 82,491 304,127 117,213 59,851 70,401
Core Clark & Chicago IL
Diver-
sey 3 820,501 19,265 419,461 213,740 58,803 81,579 969,623 410,327 51,138 67,593
Core Hobson Naper- IL
West ville
Plaza 3 1,212,339 99,138 98,083 34,231 94,977 114,120 241,153 82,668 93,969 113,986
Core Methuen Methuen MA
Shop-
ping
Ctr. 5 958,689 130,021 89,957 31,569 41,619 49,981 201,503 72,943 47,894 56,306
Core Cross- White NY
roads Plains
Shopping
Ctr./
49% 3 5,976,962 310,714 105,870 39,349 78,556 85,621 205,109 73,112 93,445 108,276
Core The Smith- NY
Branch town
Plaza 3 2,691,411 125,751 68,832 23,221 89,522 113,455 199,361 64,663 82,867 105,093
Core Amboy Staten NY
Road Island 3 1,863,204 63,290 156,384 56,991 69,666 90,260 292,132 105,178 66,927 88,388
Core Village Smith- NY
Commons town
Shopping
Ctr. 3 2,291,546 87,237 68,832 23,221 89,522 113,455 199,361 64,663 82,867 105,093
Core Bloom- Bloom- MI
field field
Town Hills
Square 5 2,457,466 232,181 62,528 23,953 73,997 102,234 166,443 62,677 79,970 105,922
Core Crescent Brockton MA
Plaza 3 1,698,029 218,141 99,649 34,369 46,062 56,826 168,246 58,789 46,062 56,826
Core 239 Greenwich CT
Green-
wich
Avenue
/75% 5 1,397,621 16,834 67,165 24,889 97,270 125,159 142,822 51,210 94,119 119,232
Core Town Rocky CT
Line Hill
Plaza 3 1,670,620 206,346 45,606 19,067 65,917 75,855 153,302 61,023 57,724 68,679
Core New Latham NY
Loudon
Center 5 1,713,705 255,826 41,815 15,619 55,375 66,288 151,655 61,034 47,547 61,261
Core Pace- Pomona NY
setter
Park
Shopping
Ctr. 3 1,137,642 96,434 25,618 8,209 89,598 125,526 129,143 36,828 72,841 102,767
Core 2914 The Bronx NY
Third
Ave 3 875,028 42,400 1,239,853 422,421 26,865 33,419 2,690,882 1,034,060 45,279 56,415
Core LA Staten NY
Fitness, Island
Staten
Island 3 1,265,000 55,000 127,542 45,026 65,178 83,167 457,912 162,076 60,236 77,922
Core West Manhattan NY
54th
Street 3 2,859,611 9,995 582,613 325,406 80,037 96,770 2,424,848 1,048,312 55,446 67,194
Core East Manhattan NY
17th
Street 3 625,000 19,622 1,027,933 495,157 64,629 116,133 2,512,412 1,086,434 53,903 96,755
Core Mad Dayton OH
River
Station 5 1,616,793 155,840 58,692 25,428 58,119 67,529 135,000 56,693 60,560 71,601
Core Mark Edwards- PA
Plaza ville 5 872,201 216,401 87,986 37,409 31,982 39,628 124,868 52,566 34,683 43,184
Core Blackman Wilkes- PA
Plaza Barre 5 288,919 125,264 58,885 24,646 30,982 40,002 111,991 47,249 33,391 41,275
Core Bartow The Bronx NY
Avenue 3 336,665 14,676 567,476 209,231 40,253 47,643 1,435,467 511,796 30,552 43,522
Core Walnut Woon- RI
Hill socket
Plaza 5 2,318,435 284,717 60,322 22,861 42,715 47,867 95,320 35,238 50,142 56,573
Core Ledge- Ledgewood NJ
wood
Mall 5 3,617,212 517,151 37,052 13,412 80,007 87,773 108,922 38,302 77,480 89,838
Core A & P Boonton NJ
Shop-
ping
Plaza
/60% 5 1,259,316 62,908 49,442 18,288 87,533 113,042 101,266 36,438 86,509 106,011
Core Merrill- Hobart IN
ville
Plaza 5 2,856,975 235,167 26,118 10,066 56,556 64,248 87,796 32,151 54,709 62,531
Core The So. VT
Gate- Burling-
way ton
Shopping
Ctr. 3 1,865,156 101,784 46,879 19,366 44,294 55,033 69,993 28,186 47,104 57,514
Core Market- Absecon NJ
place
of
Absecon 3 1,705,131 104,718 30,732 11,642 52,106 64,775 68,326 26,137 51,610 62,711
Core Plaza Lebanon PA
422 3 649,439 156,279 43,975 17,347 36,874 47,144 61,197 23,615 41,055 51,545
Core Route 6 Honesdale PA
Plaza 5 1,132,335 175,519 7,567 3,014 32,283 43,919 11,899 4,627 34,031 46,300
Fund I Gran- Columbus OH
ville
Center /
37.78% 3 614,083 134,997 112,547 47,337 47,547 53,746 266,313 108,411 53,466 60,719
Fund I Ster- Sterling MI
ling Heights
Heights
Shop-
ping
Center
/18.9% 3 574,800 154,835 99,813 36,587 66,886 77,416 264,560 103,403 63,816 74,661
Fund I Tarry- Tarrytown NY
town
Shop-
ping
Center /
37.78% 3 978,068 35,291 36,856 13,450 78,415 95,294 123,546 43,654 85,757 103,311
Fund 400 East The Bronx NY
II- Fordham
Urban Road /
In- 19.2%
Fill 2 - - 1,205,053 412,674 30,252 38,298 1,997,909 698,322 33,259 40,957
Fund Sherman Manhattan NY
II- Avenue
Urban / 19.2%
In-
Fill 2 - - 535,739 175,108 29,260 36,324 2,049,516 721,521 34,366 42,608
Fund Pelham West- NY
II- Manor chester
Urban Shop-
In- ping
Fill Plaza /
19.2% 3 - - 398,727 147,238 48,697 56,116 1,109,022 403,897 44,956 53,542
Fund 161st The Bronx NY
II- Street
Urban /19.2%
In-
Fill 2 4,530,723 223,521 1,274,483 427,111 25,104 31,477 2,531,473 966,482 37,307 48,034
Fund Liberty Queens NY
II- Avenue
Urban / 19.2%
In-
Fill 3 780,839 26,125 613,457 201,509 44,915 59,078 613,457 201,509 44,915 59,078
Fund 216th Manhattan NY
II- Street
Urban / 19.2%
In-
Fill 2 2,565,000 60,000 536,119 183,542 30,978 41,481 536,119 183,542 30,978 41,481
Fund Oak- Oakbrook IL
II- brook/
Other 20% 3 825,000 112,000 77,560 29,487 77,130 108,955 288,932 108,039 75,456 97,126
- ------ -------- --------- ----- ------- ---------- -------------------- ------- ------- ------------------ --------- ------- -------
82,700,543 6,289,471
---------- ---------
TOTAL
--------- ------- ------- -------- --------- --------- ------- -------
Weighted Average - Based on GLA 129,943 46,846 $62,804 $76,200 287,481 108,455 $62,011 $76,149
--------- ------- ------- -------- --------- --------- ------- -------
Weighted Average - Based on base rent( 1) 162,024 65,395 $65,283 $80,197 399,652 155,913 $60,832 $75,002
--------- ------- ------- -------- --------- --------- ------- -------
CORE
--------- ------- ------- -------- --------- --------- ------- -------
Weighted Average - Based on GLA 80,027 30,141 $64,622 $78,189 194,929 73,165 $63,159 $77,559
--------- ------- ------- -------- --------- --------- ------- -------
Weighted Average - Based on base rent( 1) 141,647 58,952 $66,212 $81,281 367,730 144,138 $61,319 $75,566
--------- ------- ------- -------- --------- --------- ------- -------
FUND I
--------- ------- ------- -------- --------- --------- ------- -------
Weighted Average - Based on GLA 98,267 38,539 $60,108 $69,528 249,981 98,997 $61,900 $71,982
--------- ------- ------- -------- --------- --------- ------- -------
Weighted Average - Based on base rent( 1) 71,215 28,060 $66,567 $78,986 191,759 73,950 $71,851 $85,014
--------- ------- ------- -------- --------- --------- ------- -------
FUND II -Urban In-fill
--------- ------- ------- -------- --------- --------- ------- -------
Weighted Average - Based on GLA 1,075,639 360,881 $27,914 $35,744 1,983,010 750,231 $36,723 $47,696
--------- ------- ------- -------- --------- --------- ------- -------
Weighted Average - Based on base rent( 1) 968,505 325,428 $28,981 $37,471 1,691,545 635,683 $36,000 $46,995
--------- ------- ------- -------- --------- --------- ------- -------
FUND II -Other
--------- ------- ------- -------- --------- --------- ------- -------
Weighted Average - Based on GLA 77,560 29,487 $77,130 $108,955 288,932 108,039 $75,456 $97,126
--------- ------- ------- -------- --------- --------- ------- -------
Weighted Average - Based on base rent( 1) 77,560 29,487 $77,130 $108,955 288,932 108,039 $75,456 $97,126
--------- ------- ------- -------- --------- --------- ------- -------
(1) Does not include the Kroger/Safeway Portfolio. Base rent for joint ventures has been pro-rated based on the Company's ownership
% in the joint venture.
(2 )West 54th Street, Sherman 161st Street and 216th Street figures are for 2 mile radius