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 13, 2008
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) |
(IRS 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 13, 2008, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and year ended December 31, 2007. 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 13, 2008, 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, 2007. 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, Pro Forma Financial Information and Exhibits
(a) Financial Statements
Not Applicable
(b) Pro Forma Financial Information
Not Applicable
(c) Shell Company Transactions
Not Applicable
|
(d) Exhibits |
||
|
Exhibit Number |
Description |
|
|
99.1 |
Press release of the Company dated February 13, 2008. |
|
|
99.2 |
Financial and Operating Reporting Supplement of the Company for the Quarter and Year Ended December 31, 2007. |
|
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 15, 2008 |
By: |
/s/ Michael Nelsen |
||
|
Name: |
Michael Nelsen |
||||
|
Title: |
Sr. Vice President and Chief Financial Officer |
||||
EXHIBIT INDEX
|
Exhibit Number |
Description |
|
|
99.1 |
Press release of the Company dated February 13, 2008. |
|
|
99.2 |
Financial and Operating Reporting Supplement of the Company for the Quarter and Year Ended December 31, 2007. |
Exhibit 99.1
Acadia Realty Trust Reports Fourth Quarter and Full Year 2007 Operating Results
NEW YORK--(BUSINESS WIRE)--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, 2007. All per share amounts discussed below are on a fully diluted basis. In addition, funds from operations (“FFO”) for the year ended December 31, 2007 are adjusted as discussed below.
Fourth Quarter and Full Year 2007 Highlights
FFO up 9%, EPS from continuing operations up 13% for the year 2007 over 2006
- Funds from operations (“FFO”) per share of $0.29 for the fourth quarter 2007 compared to $0.31 for fourth quarter 2006 and FFO of $1.30 for the year ended December 31, 2007 compared to $1.19 for the year ended December 31, 2006
- Earnings per share (“EPS”) from continuing operations for fourth quarter 2007 of $0.10 compared to $0.12 for fourth quarter 2006 and EPS from continuing operations of $0.54 for the year ended December 31, 2007 compared to $0.48 for the year ended December 31, 2006
Strong balance sheet with increased liquidity
- Total liquidity at December 31, 2007, excluding Acadia’s opportunity funds, of $196 million consisting of $103 million of cash on hand and $93 million available on existing lines of credit
- Increased quarterly dividend 5% to $0.84 on annualized basis
- Maintained strong balance sheet ratios for the quarter
Fourth quarter 2007 portfolio occupancy up 40 basis points over previous quarter
- December 31, 2007 occupancy at 94.2% versus 93.8% in the third quarter 2007
- Same store net operating income increased 2.9% for the fourth quarter 2007 compared to fourth quarter 2006
Successfully continued non-core recycling initiative
- Disposed of residential complex located in Columbia, Missouri
- Declared a special capital gain dividend of $0.2225 per Common Share
Commenced investment activities for Fund III
- Closed on first two investments in recently launched Fund III during 2007
- Entered into agreement to acquire approximately 1.2 million square foot self-storage portfolio
- Total acquisition and development costs for these investments aggregate approximately $300 million
Fourth Quarter and Full Year 2007 Operating Results
For the quarter ended December 31, 2007, FFO was $10.0 million, or $0.29 per share, compared to $10.3 million, or $0.31 per share for the quarter ended December 31, 2006. For the year ended December 31, 2007, FFO was $44.0 million or $1.30 per share compared to $40.2 million, or $1.19 per share for the year ended December 31, 2006. FFO for 2007 is adjusted to include the extraordinary gain from the Company’s RCP investments as discussed in Note 4 to the Financial Highlights included herein.
EPS from continuing operations was $0.10 for the fourth quarter 2007 compared to $0.12 for the fourth quarter 2006 and $0.54 for the year ended December 31, 2007 compared to $0.48 for the year ended December 31, 2006.
EPS was $0.27 for the fourth quarter 2007 compared to $0.78 for the fourth quarter 2006 and $0.82 for the year ended December 31, 2007 compared to $1.18 for the year ended December 31, 2006.
Following are the key factors in comparing full year EPS for 2007 and 2006:
- Income from continuing operations increased $2.4 million primarily as a result of 2007 property acquisitions, increases in fee and promote income earned from the Company’s opportunity funds. Fee and promote income are earned from the Company’s consolidated opportunity funds. The fee and promote income, which is eliminated in consolidation, results in a greater allocation to the Company of earnings from the opportunity funds in the form of a reduction in the minorities’ interest in earnings from such funds. These were partially offset by an increase in general and administrative expense and depreciation and amortization.
- Income from discontinued operations decreased $17.9 million primarily due to a greater number of property sales and related gains in 2006.
- Income from extraordinary item increased $3.7 million for 2007 as a result of the Company’s investment in Albertson’s through its RCP Venture.
Retail Portfolio Performance – Occupancy Increases to 94.2%
Acadia’s portfolio occupancy (includes pro-rata share of joint venture operating properties) was 94.2% for the quarter ended December 31, 2007. This represents an increase of 40 basis points from 93.8% occupancy at September 30, 2007 and 20 basis points over December 31, 2006 occupancy. For the quarter ended December 31, 2007, same store net operating income (“NOI”) increased 2.9% from fourth quarter 2006. For the year ended December 31, 2007, same store NOI increased approximately 0.6%, compared with the same period in 2006.
During the fourth quarter of 2007, Acadia realized an average rent increase of 22.4% on new and renewal leases totaling 102,000 square feet representing 2% of the portfolio’s gross leasable area. Including the effect of the straight-lining of rents, the Company realized average rent increases of 26.4% on new and renewal leases.
During the quarter, Acadia completed the sale of a wholly-owned multi-family property located in Columbia, Missouri in connection with its non-core recycling program. This initiative has also included the sale of five properties since the fourth quarter of 2006. Consistent with Acadia’s focus on recycling into high-barrier, supply-constrained markets, it has replaced certain of these assets in tax efficient transactions including properties in the Bronx, Staten Island, Manhattan and Philadelphia. In connection with this program, the Company also declared a special capital gain dividend of $0.2225 per Common Share during December of 2007.
Strong Balance Sheet - Available Liquidity
Acadia continues to maintain a solid financial position at December 31, 2007 as evidenced by the following:
- Cash on hand, excluding Acadia’s opportunity funds, of $103 million and availability of approximately $93 million on existing lines of credit totaling $196 million at December 31, 2007
- Fixed-charge coverage ratio of 2.9 to 1 for the fourth quarter 2007
- Debt to total market capitalization of 34%
- Excluding the special dividend of $0.2225 declared in December 2007, dividend payout ratio for the fourth quarter 2007 of 72% of FFO; year-to-date 2007 payout ratio is 62%
- 93% of the Company’s total mortgage debt is fixed-rate, inclusive of long-term interest rate swaps and pro-rata share of consolidated joint venture debt
External Growth Initiatives - Acadia Fund III launched and Urban/Infill Pipeline Expanded during 2007
Fund III
During the second quarter 2007, Acadia closed on its third discretionary investment fund, Acadia Strategic Opportunity Fund III LLC ("Fund III"). Fund III is capitalized with commitments of $503 million of discretionary institutional capital, which will enable the fund to acquire or develop approximately $1.5 billion of assets on a leveraged basis.
During the fourth quarter, the Company, through Fund III, closed on two investments: Sheepshead Bay, located in Brooklyn, New York and Westport, Connecticut and entered into an agreement to acquire a self-storage portfolio. The total acquisition and redevelopment costs for these investments are estimated to be in excess of $300 million; $208 million in acquisition costs with additional anticipated development costs totaling $107 million and utilizing approximately $100 million of Fund III equity capital including $20 million of Company equity capital.
New York Urban/Infill Redevelopment Pipeline Expanded
Sheepshead Bay - During the fourth quarter, the Company, through Fund III, closed on its tenth New York Urban/Infill Redevelopment project with P/A Associates. The project is located in Sheepshead Bay, Brooklyn, New York, a well-established residential community with significant retailer demand. The preliminary redevelopment plan for this project is to demolish the existing site and develop a retail center with up to 240,000 square feet.
Canarsie - Also in the fourth quarter, the Company, and its partners at P/A Associates received all the necessary approvals and acquired a 530,000 square foot warehouse building in Canarsie, Brooklyn, for approximately $21.0 million. As was previously discussed, the development plan for this property includes the demolition of a portion of the warehouse and the construction of a 320,000 square foot mixed-use project consisting of retail and self-storage. This acquisition is the final new investment of Fund II.
The Company currently has ten projects totaling over 2.4 million square feet. A schedule of estimated timing, cost, square footage and anchor tenants of this pipeline is included in the Company’s quarterly supplement as posted on its website. The current status of this portfolio is as follows:
- The development of 216th Street in New York and Liberty Avenue in Ozone Park, Queens is complete and the properties are open and operating
- Four projects are currently under construction. Pelham Manor Shopping Center is expected to be completed during the second half of 2008 and Fordham Place is scheduled to be completed in the first half of 2009
- 161st Street, located in the Bronx, New York, is operating while proceeding with tenant relocations and/or expirations
- Three projects are currently in design phase
Self-Storage Investment
During December, Acadia, through Fund III, and in conjunction with its current self-storage partner, Storage Post, entered into an agreement to acquire a portfolio of ten self-storage properties from Storage Post’s existing institutional investors.
The portfolio, totaling approximately 1.2 million square feet and located throughout New York and New Jersey, is currently 70% occupied with significant lease-up potential. Fund III has contracted to acquire the portfolio for approximately $160 million. The portfolio will continue to be operated by Storage Post, who will remain an equity partner.
In January 2008, Acadia, through Fund III, entered into an agreement to acquire an additional Storage Post self-storage project currently under construction for approximately $11 million from the same seller. The Company anticipates closing on all 11 projects in the first quarter 2008.
Currently, Acadia, in partnership with Storage Post, has four redevelopments with a self-storage component: Liberty Avenue, Pelham Manor, Canarsie and Atlantic Avenue.
Main Street Development in Westport, Connecticut
During the fourth quarter, the Company closed on a second Fund III investment located on Main Street in Westport, Connecticut. This property will be fully renovated to include up to 30,000 square feet of retail. This project, which currently includes a 2,400 square foot Brooks Brothers, is consistent with the Company’s “Main Street” development program including Greenwich Avenue in Greenwich, Connecticut.
Fund I
During the fourth quarter 2007, Fund I completed the sale of two shopping centers located near Cleveland, Ohio in connection with the monetization of its assets, .
Outlook - Earnings Guidance for 2008
On a fully diluted basis, the Company currently forecasts its 2008 annual FFO will range from $1.25 to $1.35 per share. 2008 earnings per share is expected to range from $0.66 to $0.76.
Following are management’s assumptions for estimated 2008 FFO:
- Core and pro-rata share of opportunity fund portfolio income of $41.8 million to $42.6 million assuming 1% to 3% same-store NOI growth and after dilution from both non-core asset sales and reduced interest rates earned on short-term investment of working capital (2007 income was approximately $41.8 million)
- General and administrative expense of $26.0 to $27.0 million (2007 was approximately $24.9 million)
- Asset and property management fee income totaling approximately $10.1 million, net of taxable REIT subsidiary (“TRS”) taxes (2007 was approximately $9.2 million)
- Transactional fee, promote and RCP income, net of TRS taxes, of approximately $17.5 to $19.4 million (2007 was approximately $17.9 million)
Management will discuss Acadia’s 2008 earnings guidance in further detail on its fourth quarter earnings conference call.
The following is a reconciliation of the calculation of FFO per diluted share and earnings per diluted share:
|
Guidance Range for 2008 |
Low | High | |||
| Earnings per diluted share | $ | 0.66 | $ | 0.76 | |
| Depreciation of real estate and amortization of leasing costs: | |||||
| Wholly owned and consolidated partnerships | 0.52 | 0.52 | |||
| Unconsolidated partnerships | 0.05 | 0.05 | |||
| Minority interest in Operating Partnership | 0.02 | 0.02 | |||
| Funds from operations | $ | 1.25 | $ | 1.35 | |
Management Comments
“We are quite pleased with our fourth quarter and full year 2007 results”, stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “With a solid core portfolio, a healthy balance sheet with significant liquidity and our newly launched Fund III, we are well-positioned to capitalize on the opportunities that are beginning to present themselves. While the short-term dilution from our non-core dispositions and cash on hand may temporarily slow our earnings growth, these are prudent and opportunistic measures that should enable us to continue to create long-term shareholder value.”
Investor Conference Call
Management will conduct a conference call on Thursday, February 14, 2008 at 2:00 PM ET to review the Company's earnings and operating results. The live conference call can be accessed by dialing 1-866-510-0707 (internationally 617-597-5376). 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 88893201. The phone replay will be available through Thursday, February 21, 2008.
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 properties, including neighborhood/community shopping centers and mixed-use properties with retail components.
Certain matters in this press release 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 which 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 earnings, estimates regarding the timing of completion of, and costs relating to, our real estate redevelopment projects. 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 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and “Risk Factors” in the Company’s most recent annual report on Form 10-K filed with the SEC on March 1, 2007 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) the Company’s reliance on revenues derived from major tenants; (ii) the Company’s limited control over joint venture investments; (iii) the Company’s partnership structure; (iv) real estate and the geographic concentration of our properties; (v) market interest rates; (vi) leverage; (vii) liability for environmental matters;(viii) the Company’s growth strategy; (ix) the Company’s status as a REIT (x) uninsured losses and (xi) 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.
| ACADIA REALTY TRUST AND SUBSIDIARIES | |||||||||||||||
|
Financial Highlights (1) |
|||||||||||||||
| For the Quarters and Years ended December 31, 2007 and 2006 | |||||||||||||||
|
(dollars in thousands, except per share data) |
|||||||||||||||
|
For the quarters ended |
For the years ended |
||||||||||||||
| December 31, | December 31, | ||||||||||||||
| Revenues | 2007 | 2006 | 2007 | 2006 | |||||||||||
| Minimum rents | $ | 19,262 | $ | 16,794 | $ | 72,051 | $ | 63,629 | |||||||
| Percentage rents | 220 | 204 | 625 | 1,192 | |||||||||||
| Expense reimbursements | 3,672 | 3,774 | 13,318 | 14,538 | |||||||||||
| Other property income | 362 | 347 | 1,031 | 857 | |||||||||||
| Management fee income | 660 | 1,371 | 4,064 | 5,625 | |||||||||||
| Interest income | 2,641 | 2,334 | 10,315 | 8,311 | |||||||||||
| Other |
-- |
507 | 165 | 1,648 | |||||||||||
| Total revenues | 26,817 | 25,331 | 101,569 | 95,800 | |||||||||||
| Operating expenses | |||||||||||||||
| Property operating | 4,800 | 3,877 | 15,881 | 12,857 | |||||||||||
| Real estate taxes | 2,503 | 2,733 | 9,678 | 10,095 | |||||||||||
| General and administrative | 6,732 | 3,910 | 23,058 | 19,782 | |||||||||||
| Depreciation and amortization | 8,153 | 7,307 | 27,506 | 25,361 | |||||||||||
| Total operating expenses | 22,188 | 17,827 | 76,123 | 68,095 | |||||||||||
| Operating income | 4,629 | 7,504 | 25,446 | 27,705 | |||||||||||
| Equity in earnings of unconsolidated affiliates | 2,362 | (561 | ) | 6,619 | 2,559 | ||||||||||
| Interest expense | (6,112 | ) | (5,511 | ) | (22,775 | ) | (20,377 | ) | |||||||
| Minority interest | 2,414 | 1,753 | 9,063 | 5,227 | |||||||||||
| Income from continuing operations before income taxes | 3,293 | 3,185 | 18,353 | 15,114 | |||||||||||
| Income taxes | (52 | ) | 682 | (297 | ) | 508 | |||||||||
| Income from continuing operations | 3,241 | 3,867 | 18,056 | 15,622 | |||||||||||
| ACADIA REALTY TRUST AND SUBSIDIARIES | |||||||||||||||
|
Financial Highlights (1) |
|||||||||||||||
| For the Quarters and Years ended December 31, 2007 and 2006 | |||||||||||||||
|
(dollars in thousands, except per share data) |
|||||||||||||||
|
For the quarters ended |
For the years ended |
||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2007 | 2006 | 2007 | 2006 | ||||||||||||
| Discontinued operations: | |||||||||||||||
| Operating income from discontinued operations | 389 | 1,280 | 377 | 2,879 | |||||||||||
| Gain on sale | 5,513 | 20,974 | 5,271 | 20,974 | |||||||||||
| Minority interest | (116 | ) | (431 | ) | (111 | ) | (462 | ) | |||||||
| Income from discontinued operations | 5,786 | 21,823 | 5,537 | 23,391 | |||||||||||
| Net income before extraordinary item | 9,027 | 25,690 | 23,593 | 39,013 | |||||||||||
| 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 income | $ | 9,027 | $ | 25,690 | $ | 27,270 | $ | 39,013 | |||||||
| Net income per Common Share – Basic | |||||||||||||||
| Net income per Common Share – Continuing operations | $ | 0.10 | $ | 0.12 | $ | 0.55 | $ | 0.48 | |||||||
| Net income per Common Share – Discontinued operations | 0.17 | 0.67 | 0.17 | 0.72 | |||||||||||
| Net income per Common Share – Extraordinary item | -- | -- | 0.11 | -- | |||||||||||
| Net income per Common Share | $ | 0.27 | $ | 0.79 | $ | 0.83 | $ | 1.20 | |||||||
| Weighted average Common Shares | 32,973 | 32,515 | 32,907 | 32,502 | |||||||||||
| Net income per Common Share – Diluted 2 | |||||||||||||||
| Net income per Common Share – Continuing operations | $ | 0.10 | $ | 0.12 | $ | 0.54 | $ | 0.48 | |||||||
| Net income per Common Share – Discontinued operations | 0.17 | 0.66 | 0.17 | 0.70 | |||||||||||
| Net income per Common Share – Extraordinary item | -- | -- | 0.11 | -- | |||||||||||
| Net income per Common Share | $ | 0.27 | $ | 0.78 | $ | 0.82 | $ | 1.18 | |||||||
| Weighted average Common Shares | 33,328 | 33,187 | 33,309 | 33,153 | |||||||||||
| ACADIA REALTY TRUST AND SUBSIDIARIES | |||||||||||||||
|
Financial Highlights (1) |
|||||||||||||||
| For the Quarters and Years ended December 31, 2007 and 2006 | |||||||||||||||
|
(dollars in thousands, except per share data) |
|||||||||||||||
| RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (3) AND ADJUSTED FUNDS FROM OPERATIONS | |||||||||||||||
|
For the quarters ended |
For the years ended |
||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2007 | 2006 | 2007 | 2006 | ||||||||||||
| Net income | $ | 9,027 | $ | 25,690 | $ | 27,270 | $ | 39,013 | |||||||
|
Depreciation of real estate and amortization of leasing costs
(net of minority interests' share) |
|||||||||||||||
| Wholly owned and consolidated affiliates |
5,844 |
4,950 | 19,669 | 20,206 | |||||||||||
| Unconsolidated affiliates |
399 |
559 | 1,736 | 1,806 | |||||||||||
| Income attributable to minority interest in Operating Partnership |
198 |
516 | 614 | 803 | |||||||||||
| Distributions – Preferred OP Units |
11 |
67 | 29 | 255 | |||||||||||
| Loss (gain) on sale (net of minority interests' share and income taxes) |
(5,513 |
) |
(21,437 | ) | (5,271 | ) | (21,875 | ) | |||||||
| Extraordinary item (net of minority interests' share and income taxes) |
-- |
-- | (3,677 | ) | -- | ||||||||||
| Funds from operations |
9,966 |
10,345 | 40,370 | 40,208 | |||||||||||
| Add back: Extraordinary item, net 4 |
-- |
-- | 3,677 | -- | |||||||||||
| Funds from operations, adjusted for extraordinary item | $ | 9,966 | $ | 10,345 | $ | 44,047 | $ | 40,208 | |||||||
| Funds from operations per share – Diluted | |||||||||||||||
| Weighted average Common Shares and OP Units 5 |
33,992 |
33,829 | 33,972 | 33,800 | |||||||||||
| Funds from operations, adjusted, per share | $ | 0.29 | $ | 0.31 | $ | 1.30 | $ | 1.19 | |||||||
| ACADIA REALTY TRUST AND SUBSIDIARIES | |||||||||||||||
|
Financial Highlights (1) |
|||||||||||||||
| For the Quarters and Years ended December 31, 2007 and 2006 | |||||||||||||||
|
(dollars in thousands) |
|||||||||||||||
| RECONCILIATION OF OPERATING INCOME TO NET PROPERTY OPERATING INCOME ("NOI") | |||||||||||||||
|
For the quarters ended |
For the years ended |
||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2007 | 2006 | 2007 | 2006 | ||||||||||||
| Operating income | $ | 4,629 | $ | 7,504 | $ | 25,446 | $ | 27,705 | |||||||
| Add back: | |||||||||||||||
| General and administrative | 6,732 | 3,910 | 23,058 | 19,782 | |||||||||||
| Depreciation and amortization | 8,153 | 7,307 | 27,506 | 25,361 | |||||||||||
| Less: | |||||||||||||||
| Management fee income | (660 | ) | (1,371 | ) | (4,064 | ) | (5,625 | ) | |||||||
| Interest income | (2,641 | ) | (2,334 | ) | (10,315 | ) | (8,311 | ) | |||||||
| Straight line rent and other adjustments | (820 | ) | (153 | ) | (2,035 | ) | 7 | ||||||||
| Consolidated NOI | 15,393 | 14,863 | 59,596 | 58,919 | |||||||||||
| Minority interest in NOI | 195 | (547 | ) | 1,064 | (1,613 | ) | |||||||||
| Pro-rata share of NOI | $ | 15,588 | $ | 14,316 | $ | 60,660 | $ | 57,306 | |||||||
| SELECTED BALANCE SHEET INFORMATION | ||||||
| As of | ||||||
|
December 31,
2007 |
December 31,
2006 |
|||||
| Cash and cash equivalents | $ | 123,343 | $ | 139,571 | ||
| Rental property, at cost | 854,074 | 650,051 | ||||
| Total assets | 999,012 | 851,692 | ||||
| Notes payable | 517,903 | 419,507 | ||||
| Total liabilities | 587,165 | 496,836 | ||||
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.
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 provide 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 664 and 642 OP Units into Common Shares for the quarters ended December 31, 2007 and 2006, respectively, and 663 and 647 OP Units into Common Shares for the years ended December 31, 2007 and 2006, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 25 and 337 Common Shares for the quarters ended December 31, 2007 and 2006, respectively, and the conversion of Preferred OP Units into 67 and 337 Common Shares for the years ended December 31, 2007 and 2006, respectively.
CONTACT:
Acadia Realty Trust
Debra Miley, 914-288-8140
Media
Relations
Exhibit 99.2
Acadia Realty Trust
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Table of Contents
- -------------------------------------------------
Page Page
---------- ----------
Section I - Overview Section III - Opportunity Fund Information
Important Notes 2 Overview - Fund I 27
Company Information 3 Overview - Fund II 28
Portfolio Snapshot 4 Overview - Fund III 29
Section II - Financial Information Overview - RCP Venture 30
Market Capitalization 5 Fund I Properties - Detail 31
Shareholder Information 6 Top Fund I Tenants 32
Operating Statements - Pro-rata Consolidation 7 Fund I - Current Valuation 33
Operating Statements - Joint Ventures 10 Fund II Properties - Detail 34
Operating Statements - Current v. Prior Year 15 Fund II - New York Urban/Infill Projects 35
Net Operating Income - Same Property Performance 17
Section IV - Portfolio Information
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")
and Funds Available for Distribution ("FAD") 18
Portfolio by Region 36
Capital Expenditures 19
Portfolio by State 37
Consolidated Balance Sheets 20
Portfolio - Detail 38
Pro-rata Consolidated Balance Sheet 21
Storage Post Property Locations 41
Selected Operating Ratios 22
New and Renewal Rent Spreads 42
Debt Analysis - Summary 23
Top 10 Tenants - Consolidated 43
Debt Analysis - Detail 24
Anchor Tenant Detail 44
Debt Maturity Schedule 26
Anchor Lease Expirations - Next 3 Years 48
Portfolio Lease Expirations 49
Portfolio Demographics 52
Visit www.acadiarealty.com for additional investor and porfolio information
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
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 is presented to assist investors and analysts
in analyzing the performance of the Company. It is helpful as it 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. *T
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
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 76 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 Debra Miley
Suite 260 Director - Marketing & Communications
White Plains, NY 10605 (914) 288-8148
dmiley@acadiarealty.com
New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com
Analyst Coverage Banc of America Securities J.P. Morgan Securities, Inc.
Christine McElroy - (212) 847-5658 Michael W. Mueller, CFA (212) 622-6689
christine.m.mcelroy@bofasecurities.com michael.w.mueller@jpmorgan.com
Joseph Dazio, CFA - (212) 622-6416
joseph.c.dazio@jpmorgan.com
Bank of Montreal RBC Capital Markets
Paul Adornato, CFA - (212) 885-4170 Rich Moore, CFA - (216) 378-7625
paul.adornato@bmo.com rich.moore@rbccm.com
Citigroup - Smith Barney Keefe, Bruyette & Woods, Inc.
Michael Bilerman - (212) 816-1383 Sheila K. McGrath - (212) 887-7793
michael.bilerman@citi.com smcgrath@kbw.com
Ambika Goel - (212) 816-6981
ambika.goel@citi.com
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Total Market Capitalization
---------------------------
(including pro-rata share of joint venture debt)
Percent of
Percent of Total Market
(amounts in thousands) Total Equity Capitalization
--------------------------------------------------
Equity Capitalization
- ---------------------
Total Common Shares Outstanding 98.0% $32,184
Common Operating Partnership ("OP") Units 2.0% 642
---------------
Combined Common Shares and OP Units 32,826
Share Price at December 31, 2007 25.61
---------------
Equity Capitalization - Common Shares and OP Units 840,674
Preferred OP Units - at cost (1) 0.0% 188
-----------------------------------
Total Equity Capitalization 100.0% 840,862 65.7%
==================================================
Debt Capitalization
- -------------------
Consolidated debt 516,982
Adjustment to reflect pro-rata share of debt (77,636)
---------------
Total Debt Capitalization 439,346 34.3%
------------------------------
Total Market Capitalization $1,280,208 100.0%
==============================
Weighted Average Outstanding Common Shares and O.P. Units
---------------------------------------------------------
Common
Shares OP Units Total
------- -------- -----
====================================================================================================
Basic
Quarter ended December 31 , 2007 32,972,503 663,808 33,636,311
Year ended December 31, 2007 32,907,338 662,923 33,570,261
Fully Diluted (3)
Quarter ended December 31, 2007 33,327,965 663,808 33,991,773
Year ended December 31, 2007 33,309,129 662,625 33,971,754
====================================================================================================
Basic
Quarter ended December 31, 2006 32,514,803 642,272 33,157,075
Year ended December 31, 2006 32,501,602 647,223 33,148,825
Fully Diluted (3)
Quarter ended December 31, 2006 33,186,718 642,272 33,828,990
Year ended December 31, 2006 33,152,996 647,223 33,800,219
(1) In connection with the acquisition of the Pacesetter Park Shopping Center
in 1999, the Company issued 2,212 Preferred OP Units, of which 2,024 have
been converted to Common OP Units to date. The remaining Preferred OP Units
are reflected above at their stated cost of $1,000 per unit.
(2) Fixed-rate debt includes notional principal fixed through interest rate
swap transactions and conversely, variable-rate debt excludes this amount.
(3) For purposes of earnings per share calculations, the assumed conversion of
25,067 and 66,763 Preferred OP Units is dilutive for EPS and is included in
the fully diluted amounts above for the quarter and year ending December
31, 2007, respectively. The assumed conversion of 337,079 Preferred OP
Units was dilutive for EPS and was included in the fully diluted amounts
for the quarter and year ended December 31, 2006.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Shareholder Information
-------------------------
(amounts in thousands)
10 Largest Institutional Shareholders (1) Percent of Out-
Common standing Common
Shareholder Shares Held Shares
- ----------- ------------------------------
Wellington Management 3,441 10.7%
ING Investment Management (Europe) B.V. 2,700 8.4%
Third Avenue Management 2,633 8.2%
Morgan Stanley 2,375 7.4%
BAMCO Inc. NY 2,360 7.3%
Barclay's Global Investors UK Holdings 1,877 5.8%
Vanguard Group 1,876 5.8%
Heitman Real Estate Securities 1,819 5.7%
Barclay's Global Investors NA/CA 1,806 5.6%
Yale University 1,786 5.5%
------------------------------
Total of 10 Largest Institutional Shareholders 22,673 70.4%
==============================
Total of all Institutional Shareholders 31,637 98.3%
==============================
Operating Partnership
Unit Information
---------------------
Percent
of Total OP
Units
---------------
Managment O.P. Unit Holders 338 52.6%
Other O.P. Unit Holders 304 47.4%
-------------------------
Total O.P. Units 642 100.0%
=========================
(1) Based on most recent Schedule 13F filing
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Income Statements - Pro- rata Consolidation (1)
- -----------------------------------------------
Current Quarter and Year-to-Date
- --------------------------------
(in thousands)
Year-to-Date
Year
ended December 31,
2007
------------------------------------------------------------------------------------------------------
Core Retail
Opportunity
Funds Residential
Joint Opportunity Discontinued Discontinued
Wholly Owned Ventures Total Core Funds Operations Residential Operations (4) Total
------------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 48,179 $ 6,399 $ 54,578 $ 10,937 $ 1,812 $ 3,370 $ 3,688 $ 74,385
Percentage rents 622 117 739 3 - - - 742
Expense reimbursements -
CAM 5,379 801 6,180 354 212 - - 6,746
Expense reimbursements -
Taxes 7,251 958 8,209 150 247 - - 8,606
Other property income 634 27 661 16 10 168 431 1,286
------------------------------------------------------------------------------------------------------
62,065 8,302 70,367 11,460 2,281 3,538 4,119 91,765
------------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 8,292 1,125 9,417 692 286 - - 10,395
Other property operating 2,180 320 2,500 479 (27) 1,743 2,640 7,335
Real estate taxes 8,139 1,110 9,249 415 269 210 163 10,306
------------------------------------------------------------------------------------------------------
18,611 2,555 21,166 1,586 528 1,953 2,803 28,036
------------------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 43,454 5,747 49,201 9,874 1,753 1,585 1,316 63,729
OTHER INCOME (EXPENSE)
General and administrative (24,653) - (24,653) (286) - - - (24,939)
Equity in earnings of
unconsolidated properties - - - 9,421 - - - 9,421
Interest income 9,774 43 9,817 463 - 9 9 10,298
Fee income (2) 17,264 - 17,264 - - - - 17,264
Promote income - - - - - - - -
Promote expense - - - - - - - -
Property management
expense (126) - (126) 91 (103) (56) (102) (296)
Straight-line rent income 1,282 190 1,472 1,099 58 - - 2,629
Straight-line rents
written off (23) (7) (30) - - - - (30)
FAS 141 rent (756) 137 (619) (51) - - - (670)
Provision for income taxes (2,590) - (2,590) (37) - - - (2,627)
Swap termination income 165 - 165 - - - - 165
------------------------------------------------------------------------------------------------------
EBIDTA 43,791 6,110 49,901 20,574 1,708 1,538 1,223 74,944
Depreciation and
amortization (16,755) (1,345) (18,100) (6,781) (263) (614) (659) (26,417)
FAS 141 amortization (528) - (528) (73) - - - (601)
Interest expense (16,919) (3,910) (20,829) (2,332) (785) 1 (893) (24,838)
Loan defeasance (426) - (426) - - - - (426)
FAS 141 interest 67 - 67 - 45 - - 112
Gain (loss) on sale of
properties - - - - 7,515 - (2,244) 5,271
------------------------------------------------------------------------------------------------------
Income before minority
interest 9,230 855 10,085 11,388 8,220 925 (2,573) 28,045
Minority interest - OP (247) (12) (259) (230) (161) (19) 51 (618)
Minority interest 225 - 225 (382) - - - (157)
------------------------------------------------------------------------------------------------------
NET INCOME $ 9,208 $ 843 $ 10,051 $ 10,776 $ 8,059 $ 906 $ (2,522)$ 27,270
======================================================================================================
Current Quarter
3 months
ended December 31,
2007
-----------------------------------------------------------------------------------------------------
Core Retail
Opportunity
Funds Residential
Wholly Joint Opportunity Discontinued Discontinued
Owned Ventures Total Core Funds Operations (4) Residential Operations (4) Total
-----------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 12,680 $ 1,648 $ 14,328 $ 2,771 $ 259 $ 891 $ 894 $ 19,143
Percentage rents 220 12 232 - - - - 232
Expense reimbursements -
CAM 1,574 250 1,824 116 35 - - 1,975
Expense reimbursements -
Taxes 1,858 260 2,118 75 36 - - 2,229
Other property income 349 17 366 (22) (9) 49 91 475
-----------------------------------------------------------------------------------------------------
16,681 2,187 18,868 2,940 321 940 985 24,054
-----------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 2,394 371 2,765 217 43 - - 3,025
Other property operating 858 127 985 115 14 482 634 2,230
Real estate taxes 2,115 285 2,400 142 48 54 46 2,690
-----------------------------------------------------------------------------------------------------
5,367 783 6,150 474 105 536 680 7,945
-----------------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 11,314 1,404 12,718 2,466 216 404 305 16,109
OTHER INCOME (EXPENSE)
General and administrative (7,440) - (7,440) (65) - - - (7,505)
Equity in earnings of
unconsolidated properties - - - 499 - - - 499
Interest income 2,502 - 2,502 98 - 3 - 2,603
Fee income (2) 5,414 - 5,414 - - - - 5,414
Promote income - - - - - - - -
Promote expense - - - - - - - -
Property management
expense (32) - (32) (2) (4) (13) (24) (75)
Straight-line rent income 318 91 409 346 6 - - 761
Straight-line rents
written off (3) (7) (10) - - - - (10)
FAS 141 rent (249) 34 (215) (14) - - - (229)
Provision for income taxes (13) - (13) (20) - - - (33)
Swap termination income - - - - - - - -
-----------------------------------------------------------------------------------------------------
EBIDTA 11,811 1,522 13,333 3,308 218 394 281 17,534
Depreciation and
amortization (5,180) (373) (5,553) (1,744) - (155) - (7,452)
FAS 141 amortization (144) - (144) (16) - - - (160)
Interest expense (4,299) (996) (5,295) (719) (109) - - (6,123)
Loan defeasance - - - - - - - -
FAS 141 interest 20 - 20 - - - - 20
Gain (loss) on sale of
properties - - - - 7,515 - (2,003) 5,512
-----------------------------------------------------------------------------------------------------
Income before minority
interest 2,208 153 2,361 829 7,624 239 (1,722) 9,331
Minority interest - OP (58) 1 (57) (19) (150) (5) 34 (197)
Minority interest (12) - (12) (95) - - - (107)
-----------------------------------------------------------------------------------------------------
NET INCOME $ 2,138 $ 154 $ 2,292 $ 715 $ 7,474 $ 234 $ (1,688)$ 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
Mervyns I & II which are consolidated with the Company's financial statements. The Company also has a 22.2% investment
in the Brandywine Portfolio and a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted
for as unconsolidated investments in the Company's financial statements.
(2 )Detail as follows: YTD 4th 3rd 2nd 1st
Quarter Quarter Quarter Quarter
--------------------------------------------------
Asset management fee Fund II $3,600 $900 $900 $900 $900
Asset management fee Fund
III 3,750 1,500 1,500 750 -
Leasing/Construction/Legal fees - Fund I 189 47 105 15 22
Property management/Construction/Legal fees - Fund II 5,573 2,245 1,395 835 1,098
Property management/Construction/Legal fees - Fund III 92 62 30 - -
Klaff Portfolio Fees 2,057 344 338 560 815
Other third party Property management/Construction/Leasing/Legal fees 2,003 316 1,253 234 200
--------------------------------------------------
17,264 5,414 5,521 3,294 3,035
Priority distributions -
Fund I 961 220 257 244 240
--------------------------------------------------
Total Management fees and priority distributions $18,225 $5,634 $5,778 $3,538 $3,275
----------========================================
(3) Includes majority-owned affiliates of which the minority share of NOI for 239 Greenwich Ave and Boonton Shopping
Center aggregated $260 for the quarter and $947 for the year ended December 31, 2007.
(4) Discontinued Operations reflects two Opportunity Fund properties, Amherst Marketplace and Sheffield Crossing, and
one residential property, all of which were sold in the 4th quarter.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Income Statements - Pro- rata Consolidation (1)
- -----------------------------------------------
Current Quarter and Year-to-Date
- --------------------------------
(in thousands)
Previous Quarter
3 months
ended September 30,
2007
-------------------------------------------------------------------------------------------------------
Core Retail
Opportunity
Funds Residential
Joint Opportunity Discontinued Discontinued
Wholly Owned Ventures Total Core Funds Operations (4) Residential Operations (4) Total
-------------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 12,143 $ 1,615 $ 13,758 $ 2,736 $ 527 $ 843 $ 829 $ 18,693
Percentage rents 122 65 187 - - - - 187
Expense reimbursements -
CAM 1,305 190 1,495 102 67 - - 1,664
Expense reimbursements -
Taxes 1,977 248 2,225 74 103 - - 2,402
Other property income 153 (4) 149 22 - 36 143 350
-------------------------------------------------------------------------------------------------------
15,700 2,114 17,814 2,934 697 879 972 23,296
-------------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 1,870 249 2,119 145 73 - - 2,337
Other property operating 547 74 621 129 (53) 486 847 2,030
Real estate taxes 2,212 285 2,497 160 78 50 46 2,831
-------------------------------------------------------------------------------------------------------
4,629 608 5,237 434 98 536 893 7,198
-------------------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 11,071 1,506 12,577 2,500 599 343 79 16,098
OTHER INCOME (EXPENSE)
General and administrative (5,741) - (5,741) (80) - - - (5,821)
Equity in earnings of
unconsolidated properties - - - 3,421 - - - 3,421
Interest income 2,372 14 2,386 145 - 2 3 2,536
Fee income (2) 5,521 - 5,521 - - - - 5,521
Promote income - - - - - - - -
Promote expense - - - - - - - -
Property management
expense (31) - (31) 42 (44) (14) (23) (70)
Straight-line rent income 263 39 302 249 9 - - 560
Straight-line rents
written off 126 - 126 - - - - 126
FAS 141 rent (249) 34 (215) 13 - - - (202)
Provision for income taxes (316) - (316) (2) - - - (318)
Swap termination income - - - - - - - -
-------------------------------------------------------------------------------------------------------
EBIDTA 13,016 1,593 14,609 6,288 564 331 59 21,851
Depreciation and
amortization (3,912) (342) (4,254) (1,649) (87) (152) (217) (6,359)
FAS 141 amortization (144) - (144) (21) - - - (165)
Interest expense (4,254) (996) (5,250) (574) (223) - (300) (6,347)
Loan defeasance - - - - - - - -
FAS 141 interest 20 - 20 - 15 - - 35
Gain (loss) on sale of
properties - - - - - - (241) (241)
-------------------------------------------------------------------------------------------------------
Income before minority
interest 4,726 255 4,981 4,044 269 179 (699) 8,774
Minority interest - OP (107) (5) (112) (81) (5) (4) 14 (188)
Minority interest 4 - 4 (100) - - - (96)
-------------------------------------------------------------------------------------------------------
NET INCOME $ 4,623 $ 250 $ 4,873 $ 3,863 $ 264 $ 175 $ (685)$ 8,490
=======================================================================================================
Previous Quarter
3 months
ended June 30,
2007
--------------------------------------------------------------------------------------------------------
Core Retail
Opportunity
Funds Residential
Joint Opportunity Discontinued Discontinued
Wholly Owned Ventures Total Core Funds Operations (4) Residential Operations (4) Total
--------------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 11,962 $ 1,578 $ 13,540 $ 2,695 $ 518 $ 819 $ 994 $ 18,566
Percentage rents 142 8 150 3 - - - 153
Expense reimbursements -
CAM 943 128 1,071 75 51 - - 1,197
Expense reimbursements -
Taxes 1,642 265 1,907 80 48 - - 2,035
Other property income 53 10 63 11 19 29 116 238
--------------------------------------------------------------------------------------------------------
14,742 1,989 16,731 2,864 636 848 1,110 22,189
--------------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 1,605 219 1,824 162 132 - - 2,118
Other property operating 187 73 260 114 8 429 624 1,435
Real estate taxes 1,993 274 2,267 119 78 49 46 2,559
--------------------------------------------------------------------------------------------------------
3,785 566 4,351 395 218 478 670 6,112
--------------------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 10,957 1,423 12,380 2,469 418 370 440 16,077
OTHER INCOME (EXPENSE)
General and administrative (6,033) - (6,033) (57) - - - (6,090)
Equity in earnings of
unconsolidated properties - - - 774 - - - 774
Interest income 2,094 14 2,108 126 - 2 3 2,239
Fee income (2) 3,294 - 3,294 - - - - 3,294
Promote income - - - - - - - -
Promote expense - - - - - - - -
Property management
expense (32) - (32) 27 (29) (14) (27) (75)
Straight-line rent income 309 28 337 251 17 - - 605
Straight-line rents
written off (61) - (61) - - - - (61)
FAS 141 rent (237) 35 (202) (19) - - - (221)
Provision for income taxes (383) - (383) (2) - - - (385)
Swap termination income - - - - - - - -
--------------------------------------------------------------------------------------------------------
EBIDTA 9,908 1,500 11,408 3,569 406 358 416 16,157
Depreciation and
amortization (3,888) (312) (4,200) (1,712) (88) (150) (219) (6,369)
FAS 141 amortization (316) - (316) (16) - - - (332)
Interest expense (4,238) (986) (5,224) (524) (226) 1 (298) (6,271)
Loan defeasance - - - - - - - -
FAS 141 interest 7 - 7 - 15 - - 22
Gain (loss) on sale of
properties - - - - - - - -
--------------------------------------------------------------------------------------------------------
Income before minority
interest 1,473 202 1,675 1,317 107 209 (101) 3,207
Minority interest - OP (51) (4) (55) (26) (2) (4) 2 (85)
Minority interest 1 - 1 (89) - - - (88)
--------------------------------------------------------------------------------------------------------
NET INCOME $ 1,423 $ 198 $ 1,621 $ 1,202 $ 105 $ 205 $ (99) $ 3,034
========================================================================================================
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Income Statements - Pro- rata Consolidation (1)
- -----------------------------------------------
Current Quarter and Year-to-Date
- --------------------------------
(in thousands)
Previous Quarter
3 months
ended March 31,
2007
-------------------------------------------------------------------------------------------------------
Core Retail
Opportunity
Funds Residential
Wholly Joint Opportunity Discontinued Discontinued
Owned Ventures Total Core Funds Operations (4) Residential Operations (4) Total
-------------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 11,394 $ 1,558 $ 12,952 $ 2,735 $ 508 $ 817 $ 971 $ 17,983
Percentage rents 138 32 170 - - - - 170
Expense reimbursements -
CAM 1,557 233 1,790 61 59 - - 1,910
Expense reimbursements -
Taxes 1,774 185 1,959 (79) 60 - - 1,940
Other property income 79 4 83 5 - 54 81 223
-------------------------------------------------------------------------------------------------------
14,942 2,012 16,954 2,722 627 871 1,052 22,226
-------------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 2,423 286 2,709 168 38 - - 2,915
Other property operating 588 46 634 121 4 346 535 1,640
Real estate taxes 1,819 266 2,085 (6) 65 57 25 2,226
-------------------------------------------------------------------------------------------------------
4,830 598 5,428 283 107 403 560 6,781
-------------------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 10,112 1,414 11,526 2,439 520 468 492 15,445
OTHER INCOME (EXPENSE)
General and administrative (5,439) - (5,439) (84) - - - (5,523)
Equity in earnings of
unconsolidated properties - - - 4,727 - - - 4,727
Interest income 2,806 15 2,821 94 - 2 3 2,920
Fee income (2) 3,035 - 3,035 - - - - 3,035
Promote income - - - - - - - -
Promote expense - - - - - - -
Property management
expense (31) - (31) 24 (26) (15) (28) (76)
Straight-line rent income 392 32 424 253 26 - - 703
Straight-line rents
written off (85) - (85) - - - - (85)
FAS 141 rent (21) 34 13 (31) - - - (18)
Provision for income taxes (1,878) - (1,878) (13) - - - (1,891)
Swap termination income 165 - 165 - - - - 165
-------------------------------------------------------------------------------------------------------
EBIDTA 9,056 1,495 10,551 7,409 520 455 467 19,402
Depreciation and
amortization (3,775) (318) (4,093) (1,676) (88) (157) (223) (6,237)
FAS 141 amortization 76 - 76 (20) - - - 56
Interest expense (4,128) (932) (5,060) (515) (227) - (295) (6,097)
Loan defeasance (426) - (426) - - - - (426)
FAS 141 interest 20 - 20 - 15 - - 35
Gain (loss) on sale of
properties - - - - - - - -
-------------------------------------------------------------------------------------------------------
Income before minority
interest 823 245 1,068 5,198 220 298 (51) 6,733
Minority interest - OP (31) (4) (35) (104) (4) (6) 1 (148)
Minority interest 232 - 232 (98) - - - 134
-------------------------------------------------------------------------------------------------------
NET INCOME $ 1,024 $ 241 $ 1,265 $ 4,996 $ 216 $ 292 $ (50)$ 6,719
=======================================================================================================
Year-to-Date
Year
ended December 31,
2007
------------------------------------------------------------------------------------------
Opportunity Funds
------------------------------------------------------------------------------------------
AKR 20% AKR 20%
Promote and AKR Promote and
22.22% 22.22%
Fund I Pro-rata Brandywine Pro-rata
Discontinued Total rata share Promote rata share
Fund I Operations Fund I (37.78)% 62.22% (4) Mervyns I (37.78)%
------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 9,060 $ 1,812 $ 10,872 $ 4,107 $ 6,764 $ - $ -
Percentage rents 3 - 3 1 2 - -
Expense reimbursements - CAM 258 212 470 178 292 - -
Expense reimbursements - Taxes 137 247 384 145 239 - -
Other property income 13 10 23 10 13 - -
------------------------------------------------------------------------------------------
9,471 2,281 11,752 4,441 7,310 - -
------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 401 286 687 261 426 - -
Other property operating 178 (27) 151 57 94 - -
Real estate taxes 186 269 455 172 283 - -
------------------------------------------------------------------------------------------
765 528 1,293 490 803 - -
------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 8,706 1,753 10,459 3,951 6,507 - -
OTHER INCOME (EXPENSE)
General and administrative (179) - (179) (68) (111) (8) (3)
Equity in earnings of unconsolidated
properties 2,686 - 2,686 1,000 1,671 474 179
Interest income 342 - 342 129 213 11 4
Asset and property management income - - - - - - -
Promote income - - - - - - -
Promote expense (3,282) - (3,282) - - (92) -
Asset and property management expense (2) 91 (103) (12) (5) (7) - -
Straight-line rent income 997 58 1,055 398 657 - -
Straight-line rents written off - - - - - - -
FAS 141 Rent (16) - (16) (8) (8) - -
Provision for income taxes (27) - (27) (11) (16) (15) (6)
Swap termination income - - - - - - -
------------------------------------------------------------------------------------------
EBIDTA 9,318 1,708 11,026 5,386 8,906 370 174
Depreciation and amortization (3) (6,218) (263) (6,481) (2,450) (4,031) - -
FAS 141 Amortization (4) - (4) - (4) - -
Interest expense (1,472) (785) (2,257) (838) (1,404) - -
Loan defeasance - - - - - - -
FAS 141 Interest - 45 45 18 27 - -
Gain (loss) on sale of properties - 7,515 7,515 2,839 4,676 - -
------------------------------------------------------------------------------------------
Income before minority interest 1,624 8,220 9,844 4,955 8,170 370 174
Minority interest - OP 161 (161) - (98) (164) - (2)
Minority interest (463) - (463) (175) (288) - -
------------------------------------------------------------------------------------------
NET INCOME $ 1,322 $ 8,059 $ 9,381 $ 4,682 $ 7,718 $ 370 $ 172
==========================================================================================
-------------------------------------------------------------------------------------------
Opportunity Funds
-------------------------------------------------------------------------------------------
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 $ 9,309 $ 1,863 $ - $ - $ 77 $ 15 $ 12,749
Percentage rents - - - - - - 3
Expense reimbursements - CAM 476 95 - - 3 1 566
Expense reimbursements - Taxes 66 13 - - 1 - 397
Other property income 12 3 - - - - 26
-------------------------------------------------------------------------------------------
9,863 1,974 - - 81 16 13,741
-------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 1,451 290 - - 3 1 978
Other property operating 1,506 301 - - 3 - 452
Real estate taxes 1,141 228 - - 3 1 684
-------------------------------------------------------------------------------------------
4,098 819 - - 9 2 2,114
-------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 5,765 1,155 - - 72 14 11,627
OTHER INCOME (EXPENSE)
General and administrative (307) (62) (10) (2) (198) (40) (286)
Equity in earnings of unconsolidated
properties (203) (41) 33,034 6,606 - - 9,415
Interest income 496 99 26 6 63 12 463
Asset and property management income - - - - - - -
Promote income - - - - - - -
Promote expense - - - - - - -
Asset and property management expense(2) (4,840) - - - (4,691) - (12)
Straight-line rent income 502 101 - - 7 1 1,157
Straight-line rents written off - - - - - - -
FAS 141 Rent (192) (38) - - 15 3 (51)
Provision for income taxes - - (20) (4) - - (37)
Swap termination income - - - - - - -
-------------------------------------------------------------------------------------------
EBIDTA 1,221 1,214 33,030 6,606 (4,732) (10) 22,276
Depreciation and amortization (3) (2,790) (558) - - (27) (5) (7,044)
FAS 141 Amortization (336) (68) - - (3) (1) (73)
Interest expense (4,153) (830) (107) (21) (123) (24) (3,117)
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - 45
Gain (loss) on sale of properties - - - - - - 7,515
-------------------------------------------------------------------------------------------
Income before minority interest (6,058) (242) 32,923 6,585 (4,885) (40) 19,602
Minority interest - OP - 5 - (132) - - (391)
Minority interest 407 81 - - - - (382)
-------------------------------------------------------------------------------------------
NET INCOME $ (5,651)$ (156)$ 32,923 $ 6,453 $ (4,885)$ (40)$ 18,829
===========================================================================================
----------------------------------------------------------------------
Joint Ventures - Core Retail
----------------------------------------------------------------------
AKR Pro- AKR Pro- Total
rata share rata share AKR Pro-
Brandywine 22.22% Crossroads 49.00% rata Total
----------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 15,390 $ 3,420 $ 6,077 $ 2,978 $ 6,399
Percentage rents 486 108 19 9 117
Expense reimbursements - CAM 1,921 427 763 374 801
Expense reimbursements - Taxes 866 192 1,564 766 958
Other property income 86 19 17 8 27
----------------------------------------------------------------------
18,749 4,166 8,440 4,135 8,302
----------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 2,896 643 984 482 1,125
Other property operating 779 173 300 147 320
Real estate taxes 1,038 231 1,795 879 1,110
----------------------------------------------------------------------
4,713 1,047 3,079 1,508 2,555
----------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 14,036 3,119 5,361 2,627 5,747
OTHER INCOME (EXPENSE)
General and administrative - - - - -
Equity in earnings of unconsolidated properties - - - - -
Interest income 64 15 57 28 43
Asset and property management income - - - - -
Promote income - - - - -
Promote expense - - - - -
Asset and property management expense(2) (906) - - - -
Straight-line rent income 817 181 20 9 190
Straight-line rents written off - - (14) (7) (7)
FAS 141 Rent 620 137 - - 137
Provision for income taxes - - - - -
Swap termination income - - - - -
----------------------------------------------------------------------
EBIDTA 14,631 3,452 5,424 2,657 6,110
Depreciation and amortization (3) (3,269) (726) (477) (625) (1,351)
FAS 141 Amortization - - - - -
Interest expense (10,102) (2,203) (3,484) (1,707) (3,910)
Loan defeasance - - - - -
FAS 141 Interest - - - - -
Gain (loss) on sale of properties - - - - -
----------------------------------------------------------------------
Income before minority interest 1,260 523 1,463 325 849
Minority interest - OP - - - (6) (6)
Minority interest - - - - -
----------------------------------------------------------------------
NET INCOME $ 1,260 $ 523 $ 1,463 $ 319 $ 843
======================================================================
(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.
(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 addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its stepped-up basis in Crossroads.
(4) In connection with the recapitalization of the Brandywine Portfolio in
January 2006, the Company is entitled to $7.2 million of Promote from
future Fund I earnings.
(5) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $2,780 on an annual basis ($7,363 x
37.78% x 100%) and $695 for the fourth quarter.
Current Quarter
3 months
ended December 31,
2007
---------------------------------------------------------------------------------------------
Opportunity Funds
---------------------------------------------------------------------------------------------
AKR 20% AKR 20%
Promote and AKR Promote and
22.22% 22.22%
Fund I Pro-rata Brandywine Pro-rata
Discontinued Total share Promote rata share
Fund I Operations Fund I (37.78)% 62.22% (4) Mervyns I (37.78)%
---------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,248 $ 259 $ 2,507 $ 947 $ 1,559 $ - $ -
Percentage rents - - - - - - -
Expense reimbursements - CAM 85 35 120 45 75 - -
Expense reimbursements - Taxes 63 36 99 37 62
Other property income 6 (9) (3) (1) (2) - -
-------------------------------------------------------------------------------------------
2,402 321 2,723 1,028 1,694 - -
-------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 128 43 171 65 106 - -
Other property operating 33 14 47 18 29
Real estate taxes 93 48 141 53 88 - -
-------------------------------------------------------------------------------------------
254 105 359 136 223 - -
-------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 2,148 216 2,364 892 1,471 - -
OTHER INCOME (EXPENSE)
General and administrative (26) (26) (10) (16) (8) (3)
Equity in earnings of unconsolidated
properties 204 204 77 127 (595) (225)
Interest income 56 56 21 35 3 1
Asset and property management income - - - - - -
Promote income - - - - - -
Promote expense (2,055) (2,055) - - 122 -
Asset and property management
expense (2) (2) (4) (6) (2) (4) - -
Straight-line rent income 256 6 262 99 163 - -
Straight-line rents written off - - - - - -
FAS 141 Rent (4) (4) (2) (2) - -
Provision for income taxes (13) (13) (5) (8) (11) (4)
Swap termination income - - - - - - -
-------------------------------------------------------------------------------------------
EBIDTA 564 218 782 1,070 1,766 (489) (231)
Depreciation and amortization (3) (1,557) - (1,557) (588) (969) - -
FAS 141 Amortization (1) - (1) - (1) - -
Interest expense (442) (109) (551) (208) (343) - -
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - -
Gain (loss) on sale of properties - 7,515 7,515 2,839 4,676 - -
-------------------------------------------------------------------------------------------
Income before minority interest (1,436) 7,624 6,188 3,113 5,129 (489) (231)
Minority interest - OP 150 (150) - (62) (103) - 5
Minority interest (114) - (114) (43) (71) - -
-------------------------------------------------------------------------------------------
NET INCOME $ (1,400)$ 7,474 $ 6,074 $ 3,008 $ 4,955 $ (489)$ (226)
===========================================================================================
-------------------------------------------------------------------------------------------
Opportunity Funds
-------------------------------------------------------------------------------------------
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 $ 2,543 $ 509 $ - $ - $ 77 $ 15 $ 3,030
Percentage rents - - - - - - -
Expense reimbursements - CAM 149 30 - - 3 1 151
Expense reimbursements - Taxes 58 12 - - 1 - 111
Other property income (142) (28) - - - - (31)
-------------------------------------------------------------------------------------------
2,608 523 - - 81 16 3,261
-------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 440 88 - - 3 1 260
Other property operating 412 82 - - 2 - 129
Real estate taxes 239 48 - - 3 1 190
-------------------------------------------------------------------------------------------
1,091 218 - - 8 2 579
-------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 1,517 305 - - 73 14 2,682
OTHER INCOME (EXPENSE)
General and administrative (88) (18) (9) (2) (79) (16) (65)
Equity in earnings of unconsolidated
properties - - 2,600 520 - - 499
Interest income 135 27 10 2 62 12 98
Asset and property management income - - - - - - -
Promote income - - - - - - -
Promote expense - - - - - - -
Asset and property management expense(2) (1,205) - - - (1,878) - (6)
Straight-line rent income 443 89 - - 7 1 352
Straight-line rents written off - - - - - - -
FAS 141 Rent (65) (13) - - 15 3 (14)
Provision for income taxes - - (14) (3) - - (20)
Swap termination income - - - - - - -
-------------------------------------------------------------------------------------------
EBIDTA 737 390 2,587 517 (1,800) 14 3,526
Depreciation and amortization (3) (911) (182) - - (27) (5) (1,744)
FAS 141 Amortization (69) (14) - - (3) (1) (16)
Interest expense (1,162) (232) (107) (21) (123) (24) (828)
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - -
Gain (loss) on sale of properties - - - - - - 7,515
-------------------------------------------------------------------------------------------
Income before minority interest (1,405) (38) 2,480 496 (1,953) (16) 8,453
Minority interest - OP - 1 - (10) - - (169)
Minority interest 95 19 - - - - (95)
-------------------------------------------------------------------------------------------
NET INCOME $ (1,310)$ (18)$ 2,480 $ 486 $ (1,953)$ (16)$ 8,189
===========================================================================================
----------------------------------------------------------------------
Joint Ventures - Core Retail
----------------------------------------------------------------------
AKR Pro- AKR Pro- Total
rata share rata share AKR Pro-
Brandywine 22.22% Crossroads 49.00% rata Total
----------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents 4,053 $ 901 $ 1,525 $ 747 $ 1,648
Percentage rents 52 12 - - 12
Expense reimbursements - CAM 414 92 323 158 250
Expense reimbursements - Taxes 267 59 410 201 260
Other property income 63 14 6 3 17
----------------------------------------------------------------------
4,849 1,078 2,264 1,109 2,187
----------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 683 152 446 219 371
Other property operating 82 18 223 109 127
Real estate taxes 277 62 455 223 285
----------------------------------------------------------------------
1,042 232 1,124 551 783
----------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 3,807 846 1,140 558 1,404
OTHER INCOME (EXPENSE)
General and administrative - - - - -
Equity in earnings of unconsolidated properties - - - - -
Interest income (29) (6) 12 6 -
Asset and property management income - - - - -
Promote income - - - - -
Promote expense - - - -
Asset and property management expense (2) (250) - - - -
Straight-line rent income 424 94 (6) (3) 91
Straight-line rents written off - - (14) (7) (7)
FAS 141 Rent 154 34 - - 34
Provision for income taxes - - - - -
Swap termination income - - - - -
----------------------------------------------------------------------
EBIDTA 4,106 968 1,132 554 1,522
Depreciation and amortization (3) (893) (198) (157) (175) (373)
FAS 141 Amortization - - - - -
Interest expense (2,546) (566) (878) (430) (996)
Loan defeasance - - - - -
FAS 141 Interest - - - - -
Gain (loss) on sale of properties - - - - -
----------------------------------------------------------------------
Income before minority interest 667 204 97 (51) 153
Minority interest - OP - - - 1 1
Minority interest - - - - -
----------------------------------------------------------------------
NET INCOME $ 667 $ 204 $ 97 $ (50)$ 154
======================================================================
(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 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.
(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 addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its increased basis in Crossroads.
(4) In connection with the recapitalization of the Brandywine Portfolio in
January 2006, the Company was entitled to $7.2 million of Promote from
future Fund I earnings.
(5) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $695 on a quarterly basis ($7,363 x
37.78% x 25%).
Previous Quarter
3 months
ended September 30,
2007
------------------------------------------------------------------------------------------
Opportunity Funds
------------------------------------------------------------------------------------------
AKR 20% AKR 20%
Promote and AKR Promote and
Fund I 22.22% 22.22%
Pro-rata Brandywine Pro-rata
Discontinued Total share Promote rata share
Fund I Operations Fund I (37.78)% 62.22% (4) Mervyns I (37.78)%
--------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,282 $ 527 $ 2,809 $ 1,061 $ 1,748 $ - $ -
Percentage rents - - - - - -
Expense reimbursements - CAM 46 67 113 43 70 - -
Expense reimbursements - Taxes 68 103 171 65 106
Other property income 2 - 2 1 1 - -
------------------------------------------------------------------------------------------
2,398 697 3,095 1,170 1,925 - -
------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 85 73 158 60 98 - -
Other property operating 47 (53) (6) (2) (4)
Real estate taxes 97 78 175 66 109 - -
------------------------------------------------------------------------------------------
229 98 327 124 203 - -
------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 2,169 599 2,768 1,046 1,722 - -
OTHER INCOME (EXPENSE)
General and administrative (33) (33) (12) (21) - -
Equity in earnings of unconsolidated
properties 2,597 2,597 981 1,616 (86) (32)
Interest income 103 103 39 64 2 1
Asset and property management income - - - - - -
Promote income - - - - - -
Promote expense (1,227) (1,227) - - 17 -
Asset and property management expense(2) 42 (44) (2) (1) (1) - -
Straight-line rent income 245 9 254 96 158 - -
Straight-line rents written off - - - - - -
FAS 141 Rent (4) (4) (2) (2) - -
Provision for income taxes (2) (2) (1) (1) - -
Swap termination income - - - - - - -
------------------------------------------------------------------------------------------
EBIDTA 3,890 564 4,454 2,146 3,535 (67) (31)
Depreciation and amortization (3) (1,524) (87) (1,611) (610) (1,001) - -
FAS 141 Amortization (1) (1) - (1) - -
Interest expense (338) (223) (561) (212) (349) - -
Loan defeasance - - - - - -
FAS 141 Interest - 15 15 6 9 - -
Gain (loss) on sale of properties - - - - - - -
------------------------------------------------------------------------------------------
Income before minority interest 2,027 269 2,296 1,330 2,193 (67) (31)
Minority interest - OP 5 (5) - (26) (44) - 1
Minority interest (123) - (123) (46) (77) - -
------------------------------------------------------------------------------------------
NET INCOME $ 1,909 $ 264 $ 2,173 $ 1,258 $ 2,072 $ (67)$ (30)
==========================================================================================
------------------------------------------------------------------------------------------
Opportunity Funds
------------------------------------------------------------------------------------------
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 $ 2,269 $ 454 $ - $ - $ - $ - $ 3,263
Percentage rents - - - - - - -
Expense reimbursements - CAM 281 56 - - - - 169
Expense reimbursements - Taxes 32 6 - - 177
Other property income 99 20 - - - - 22
------------------------------------------------------------------------------------------
2,681 536 - - - - 3,631
------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 301 60 - - - - 218
Other property operating 410 82 - - 1 - 76
Real estate taxes 317 63 - - - - 238
------------------------------------------------------------------------------------------
1,028 205 - - 1 - 532
------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 1,653 331 - - (1) - 3,099
OTHER INCOME (EXPENSE)
General and administrative (114) (23) (1) - (119) (24) (80)
Equity in earnings of unconsolidated
properties - - 4,279 856 - - 3,421
Interest income 200 40 3 1 1 - 145
Asset and property management income - - - - - - -
Promote income - - - - - - -
Promote expense - - - - - - -
Asset and property management expense(
2) (1,231) - - - (1,875) - (2)
Straight-line rent income 21 4 - - - - 258
Straight-line rents written off - - - - - - -
FAS 141 Rent 84 17 - - - - 13
Provision for income taxes - - - - - - (2)
Swap termination income - - - - - - -
------------------------------------------------------------------------------------------
EBIDTA 613 369 4,281 857 (1,994) (24) 6,852
Depreciation and amortization (3) (625) (125) - - - - (1,736)
FAS 141 Amortization (98) (20) - - - - (21)
Interest expense (1,180) (236) - - - - (797)
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - 15
Gain (loss) on sale of properties - - - - - - -
------------------------------------------------------------------------------------------
Income before minority interest (1,290) (12) 4,281 857 (1,994) (24) 4,313
Minority interest - OP - - - (17) - - (86)
Minority interest 117 23 - - - - (100)
------------------------------------------------------------------------------------------
NET INCOME $ (1,173)$ 11 $ 4,281 $ 840 $ (1,994)$ (24)$ 4,127
==========================================================================================
-----------------------------------------------------------------------
Joint Ventures - Core Retail
-----------------------------------------------------------------------
AKR Pro- AKR Pro- Total
rata share rata share AKR Pro-
Brandywine 22.22% Crossroads 49.00% rata Total
-----------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents 3,922 $ 871 $ 1,519 $ 744 $ 1,615
Percentage rents 257 57 16 8 65
Expense reimbursements - CAM 464 103 177 87 190
Expense reimbursements - Taxes 224 50 404 198 248
Other property income - - (9) (4) (4)
-----------------------------------------------------------------------
4,867 1,081 2,107 1,033 2,114
-----------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 707 157 188 92 249
Other property operating 266 59 30 15 74
Real estate taxes 277 62 455 223 285
-----------------------------------------------------------------------
1,250 278 673 330 608
-----------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 3,617 803 1,434 703 1,506
OTHER INCOME (EXPENSE)
General and administrative - - - - -
Equity in earnings of unconsolidated properties - - - - -
Interest income 37 8 12 6 14
Asset and property management income - - - - -
Promote income - - - - -
Promote expense - - - -
Asset and property management expense (2) (209) - - - -
Straight-line rent income 137 30 19 9 39
Straight-line rents written off - - - - -
FAS 141 Rent 155 34 - - 34
Provision for income taxes - - - - -
Swap termination income - - - - -
-----------------------------------------------------------------------
EBIDTA 3,737 875 1,465 718 1,593
Depreciation and amortization (3) (878) (195) (104) (149) (344)
FAS 141 Amortization - - - - -
Interest expense (2,546) (566) (878) (430) (996)
Loan defeasance - - - - -
FAS 141 Interest - - - - -
Gain (loss) on sale of properties - - - - -
-----------------------------------------------------------------------
Income before minority interest 313 114 483 139 253
Minority interest - OP - - - (3) (3)
Minority interest - - - - -
-----------------------------------------------------------------------
NET INCOME $ 313 $ 114 $ 483 $ 136 $ 250
=======================================================================
(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 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.
(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 addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its increased basis in Crossroads.
(4) In connection with the recapitalization of the Brandywine Portfolio in
January 2006, the Company is entitled to $7.2 million of Promote from
future Fund I earnings.
(5) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $695 on a quarterly basis ($7,363 x
37.78% x 25%).
Previous Quarter
3 months
ended June 30,
2007
------------------------------------------------------------------------------------------
Opportunity Funds
------------------------------------------------------------------------------------------
AKR 20% AKR 20%
Promote and AKR Promote and
22.22% 22.22%
Fund I Pro-rata Brandywine Pro-rata
Discontinued Total share Promote rata share
Fund I Operations Fund I (37.78)% 62.22% (4) Mervyns I (37.78)%
--------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,248 $ 518 $ 2,766 $ 1,045 $ 1,721 $ - $ -
Percentage rents 3 3 1 2 - -
Expense reimbursements - CAM 65 51 116 44 72 - -
Expense reimbursements - Taxes 73 48 121 46 75 - -
Other property income 1 19 20 8 12 - -
------------------------------------------------------------------------------------------
2,390 636 3,026 1,144 1,882 - -
------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 92 132 224 85 139 - -
Other property operating 35 8 43 16 27 - -
Real estate taxes 61 78 139 53 86 - -
------------------------------------------------------------------------------------------
188 218 406 154 252 - -
------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 2,202 418 2,620 990 1,630 - -
OTHER INCOME (EXPENSE)
General and administrative (47) (47) (18) (29) - -
Equity in earnings of unconsolidated
properties (135) (135) (51) (84) 1,155 436
Interest income 101 101 38 63 2 1
Asset and property management income - - - - - -
Promote income - - - - - -
Promote expense - - - - (231) -
Asset and property management expense(2) 27 (29) (2) (1) (1) - -
Straight-line rent income 246 17 263 99 164 - -
Straight-line rents written off - - - - - -
FAS 141 Rent (4) (4) (2) (2) - -
Provision for income taxes 1 1 - 1 (4) (2)
Swap termination income - - - - - - -
------------------------------------------------------------------------------------------
EBIDTA 2,391 406 2,797 1,055 1,742 922 435
Depreciation and amortization (3) (1,587) (88) (1,675) (633) (1,042) - -
FAS 141 Amortization (1) (1) - (1) - -
Interest expense (335) (226) (561) (212) (349) - -
Loan defeasance - - - - - -
FAS 141 Interest - 15 15 6 9 - -
Gain (loss) on sale of properties - - - - - - -
------------------------------------------------------------------------------------------
Income before minority interest 468 107 575 216 359 922 435
Minority interest - OP 2 (2) - (4) (7) - (9)
Minority interest (113) - (113) (43) (70) - -
------------------------------------------------------------------------------------------
NET INCOME $ 357 $ 105 $ 462 $ 169 $ 282 $ 922 $ 426
==========================================================================================
-------------------------------------------------------------------------------------------
Opportunity Funds
-------------------------------------------------------------------------------------------
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 $ 2,233 $ 447 $ - $ - $ - $ - $ 3,213
Percentage rents - - - - - - 3
Expense reimbursements - CAM 50 10 - - - - 126
Expense reimbursements - Taxes 37 7 - - - - 128
Other property income 48 10 - - - - 30
-------------------------------------------------------------------------------------------
2,368 474 - - - - 3,500
-------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 350 70 - - - - 294
Other property operating 394 79 - - - - 122
Real estate taxes 288 58 - - - - 197
-------------------------------------------------------------------------------------------
1,032 207 - - - - 613
-------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 1,336 267 - - - - 2,887
OTHER INCOME (EXPENSE)
General and administrative (52) (10) - - - - (57)
Equity in earnings of unconsolidated
properties (104) (21) 2,465 492 - - 772
Interest income 114 23 4 1 - - 126
Asset and property management income - - - - - - -
Promote income - - - - - - -
Promote expense - - - - - - -
Asset and property management expense(
2) (1,200) - - - (938) - (2)
Straight-line rent income 25 5 - - - - 268
Straight-line rents written off - - - - - - -
FAS 141 Rent (77) (15) - - - - (19)
Provision for income taxes - - (5) (1) - - (2)
Swap termination income - - - - - - -
-------------------------------------------------------------------------------------------
EBIDTA 42 249 2,464 492 (938) - 3,973
Depreciation and amortization (3) (625) (125) - - - - (1,800)
FAS 141 Amortization (76) (15) - - - - (16)
Interest expense (946) (189) - - - - (750)
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - 15
Gain (loss) on sale of properties - - - - - - -
-------------------------------------------------------------------------------------------
Income before minority interest (1,605) (80) 2,464 492 (938) - 1,422
Minority interest - OP - 2 - (10) - - (28)
Minority interest 120 24 - - - - (89)
-------------------------------------------------------------------------------------------
NET INCOME $ (1,485)$ (54)$ 2,464 $ 482 $ (938)$ - $ 1,305
===========================================================================================
----------------------------------------------------------------------
Joint Ventures - Core Retail
----------------------------------------------------------------------
AKR Pro- AKR Pro- Total
rata share rata share AKR Pro-
Brandywine JV 22.22% Crossroads 49.00% rata Total
----------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents 3,725 $ 828 $ 1,528 $ 750 $ 1,578
Percentage rents 31 7 3 1 8
Expense reimbursements - CAM 473 105 46 23 128
Expense reimbursements - Taxes 240 53 433 212 265
Other property income 10 2 17 8 10
----------------------------------------------------------------------
4,479 995 2,027 994 1,989
----------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 674 149 143 70 219
Other property operating 246 55 37 18 73
Real estate taxes 240 53 452 221 274
-------------------------------------------------------
1,160 257 632 309 566
----------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 3,319 738 1,395 685 1,423
OTHER INCOME (EXPENSE)
General and administrative - - - - -
Equity in earnings of unconsolidated properties - - - - -
Interest income 26 6 16 8 14
Asset and property management income - - - - -
Promote income - - - - -
Promote expense - - - -
Asset and property management expense (2) (227) - - - -
Straight-line rent income 127 28 - - 28
Straight-line rents written off - - - - -
FAS 141 Rent 156 35 - - 35
Provision for income taxes - - - - -
Swap termination income - - - - -
----------------------------------------------------------------------
EBIDTA 3,401 807 1,411 693 1,500
Depreciation and amortization (3) (735) (163) (109) (151) (314)
FAS 141 Amortization - - - - -
Interest expense (2,519) (560) (869) (426) (986)
Loan defeasance - - - - -
FAS 141 Interest - - - - -
Gain (loss) on sale of properties - - - - -
----------------------------------------------------------------------
Income before minority interest 147 84 433 116 200
Minority interest - OP - - - (2) (2)
Minority interest - - - - -
----------------------------------------------------------------------
NET INCOME $ 147 $ 84 $ 433 $ 114 $ 198
======================================================================
(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 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.
(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 addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its increased basis in Crossroads.
(4) In connection with the recapitalization of the Brandywine Portfolio in
January 2006, the Company is entitled to $7.2 million of Promote from
future Fund I earnings.
(5) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $695 on a quarterly basis ($7,363 x
37.78% x 25%).
Previous Quarter
3 months
ended March 31,
2007
--------------------------------------------------------------------------------------------
Opportunity Funds
--------------------------------------------------------------------------------------------
AKR 20% AKR 20%
Promote and AKR Promote and
22.22% 22.22%
Fund I Pro-rata Brandywine Pro-rata
Discontinued Total share Promote rata share
Fund I Operations Fund I (37.78)% 62.22% (4) Mervyns I (37.78)%
--------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,282 $ 508 $ 2,790 $ 1,054 $ 1,736 $ -$ -
Percentage rents - - - - - -
Expense reimbursements - CAM 62 59 121 46 75 - -
Expense reimbursements - Taxes (67) 60 (7) (3) (4) - -
Other property income 4 - 4 2 2 - -
------------------------------------------------------------------------------------------
2,281 627 2,908 1,099 1,809 - -
------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 96 38 134 51 83 - -
Other property operating 63 4 67 25 42 - -
Real estate taxes (65) 65 - - - - -
----------------------------------- -------------------------
94 107 201 76 125 - -
------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 2,187 520 2,707 1,023 1,684 - -
OTHER INCOME (EXPENSE)
General and administrative (73) (73) (28) (45) - -
Equity in earnings of unconsolidated
properties 20 20 (7) 12 - -
Interest income 82 82 31 51 4 1
Asset and property management income - - - - - -
Promote income - - - - - -
Promote expense - - - - - -
Asset and property management expense(2) 24 (26) (2) (1) (1) - -
Straight-line rent income 250 26 276 104 172 - -
Straight-line rents written off - - - - - -
FAS 141 Rent (4) (4) (2) (2) - -
Provision for income taxes (13) (13) (5) (8) - -
Swap termination income - - - - - - -
------------------------------------------------------------------------------------------
EBIDTA 2,473 520 2,993 1,115 1,863 4 1
Depreciation and amortization (3) (1,550) (88) (1,638) (619) (1,019) - -
FAS 141 Amortization (1) (1) - (1) - -
Interest expense (357) (227) (584) (206) (363) - -
Loan defeasance - - - - - -
FAS 141 Interest - 15 15 6 9 - -
Gain (loss) on sale of properties - - - - - - -
------------------------------------------------------------------------------------------
Income before minority interest 565 220 785 296 489 4 1
Minority interest - OP 4 (4) - (6) (10) - 1
Minority interest (113) - (113) (43) (70) - -
------------------------------------------------------------------------------------------
NET INCOME $ 456 $ 216 $ 672 $ 247 $ 409 $ 4$ 2
==========================================================================================
------------------------------------------------------------------------------------------
Opportunity Funds
------------------------------------------------------------------------------------------
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 $ 2,264 $ 453 $ - $ - $ -$ - $ 3,243
Percentage rents - - - - - - -
Expense reimbursements - CAM (4) (1) - - - - 120
Expense reimbursements - Taxes (61) (12) - - - (19)
Other property income 7 1 - - - - 5
------------------------------------------------------------------------------------------
2,206 441 - - - - 3,349
------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 360 72 - - - - 206
Other property operating 290 58 - - 125
Real estate taxes 297 59 - - - - 59
------------------------------------------------------------------------------------------
947 189 - - - - 390
------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 1,259 252 - - - - 2,959
OTHER INCOME (EXPENSE)
General and administrative (53) (11) - - - - (84)
Equity in earnings of unconsolidated
properties (99) (20) 23,690 4,738 - - 4,723
Interest income 47 9 9 2 - - 94
Asset and property management income - - - - - - -
Promote income - - - - - - -
Promote expense - - - - - - -
Asset and property management expense(
2) (1,204) - - - - - (2)
Straight-line rent income 13 3 - - - - 279
Straight-line rents written off - - - - - - -
FAS 141 Rent (134) (27) - - - - (31)
Provision for income taxes - - (1) - - - (13)
Swap termination income - - - - - - -
------------------------------------------------------------------------------------------
EBIDTA (171) 206 23,698 4,740 - - 7,925
Depreciation and amortization (3) (629) (126) - - - - (1,764)
FAS 141 Amortization (93) (19) - - - - (20)
Interest expense (865) (173) - - - - (742)
Loan defeasance - - - - - - -
FAS 141 Interest - - - - - - 15
Gain (loss) on sale of properties - - - - - - -
------------------------------------------------------------------------------------------
Income before minority interest (1,758) (112) 23,698 4,740 - - 5,414
Minority interest - OP - 2 - (95) - - (108)
Minority interest 75 15 - - - - (98)
------------------------------------------------------------------------------------------
NET INCOME $ (1,683)$ (95)$ 23,698 $ 4,645 $ -$ - $ 5,208
==========================================================================================
----------------------------------------------------------------------
Joint Ventures - Core Retail
----------------------------------------------------------------------
AKR Pro- AKR Pro- Total
rata share rata share AKR Pro-
Brandywine JV 22.22% Crossroads 49.00% rata Total
----------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents 3,690 $ 820 $ 1,505 $ 737 $ 1,558
Percentage rents 146 32 - - 32
Expense reimbursements - CAM 570 127 217 106 233
Expense reimbursements - Taxes 135 30 317 155 185
Other property income 13 3 3 1 4
----------------------------------------------------------------------
4,554 1,012 2,042 999 2,012
----------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 832 185 207 101 286
Other property operating 185 41 10 5 46
Real estate taxes 244 54 433 212 266
----------------------------------------------------------------------
1,261 280 650 318 598
----------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (5) 3,293 732 1,392 681 1,414
`
OTHER INCOME (EXPENSE)
General and administrative - - - - -
Equity in earnings of unconsolidated properties - - - - -
Interest income 30 7 17 8 15
Asset and property management income - - - - -
Promote income - - - - -
Promote expense - - - - -
Asset and property management expense (2) (220) - - - -
Straight-line rent income 129 29 7 3 32
Straight-line rents written off - - - - -
FAS 141 Rent 155 34 - - 34
Provision for income taxes - - - - -
Swap termination income - - - - -
----------------------------------------------------------------------
EBIDTA 3,387 802 1,416 692 1,495
Depreciation and amortization (3) (763) (170) (107) (150) (320)
FAS 141 Amortization - - - - -
Interest expense (2,491) (511) (859) (421) (932)
Loan defeasance - - - - -
FAS 141 Interest - - - - -
Gain (loss) on sale of properties - - - - -
----------------------------------------------------------------------
Income before minority interest 133 121 450 121 243
Minority interest - OP - - - (2) (2)
Minority interest - - - - -
----------------------------------------------------------------------
NET INCOME $ 133 $ 121 $ 450 $ 119 $ 241
======================================================================
(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 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.
(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 addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its increased basis in Crossroads.
(4) In connection with the recapitalization of the Brandywine Portfolio in
January 2006, the Company is entitled to $7.2 million of Promote from
future Fund I earnings.
(5) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $695 on quarterly basis ($7,363 x
37.78% x 25%).
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Income Statements - Current v. Prior Year (1)
- ---------------------------------------------
(in thousands)
Current Quarter
3 months
ended December 31,
2007
---------------------------------------------------------------------------------------------------
Core Opportunity
Retail Funds Residential
Core Discontinued Opportunity Discontinued Discontinued
Retail Operations Funds Operations Residential Operations Total
---------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 14,328 $ -$ 2,771 $ 259 $ 891 $ 894 $ 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) 49 91 475
---------------------------------------------------------------------------------------------------
18,868 - 2,940 321 940 985 24,054
---------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 2,765 - 217 43 - - 3,025
Other property operating 985 - 115 14 482 634 2,230
Real estate taxes 2,400 - 142 48 54 46 2,690
---------------------------------------------------------------------------------------------------
6,150 - 474 105 536 680 7,945
---------------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES 12,718 - 2,466 216 404 305 16,109
OTHER INCOME (EXPENSE)
General and administrative (7,440) - (65) - - - (7,505)
Equity in earnings of Fund I
unconsolidated properties - - 499 - - - 499
Interest income 2,502 - 98 - 3 - 2,603
Fee income 5,414 - - - - - 5,414
Promote income - - - - - - -
Promote expense - - - - - - -
Property management expense (32) - (2) (4) (13) (24) (75)
Straight-line rent income 409 - 346 6 - - 761
Straight-line rents written
off (10) - - - - - (10)
FAS 141 Rent (215) - (14) - - - (229)
Abandoned project costs -
Provision for income taxes (13) - (20) - - - (33)
Other income (expense) - - - - - - -
---------------------------------------------------------------------------------------------------
EBIDTA 13,333 - 3,308 218 394 281 17,534
Depreciation and amortization (5,553) - (1,744) - (155) - (7,452)
FAS 141 Amortization (144) - (16) - - - (160)
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 7,624 239 (1,722) 9,331
Minority interest - OP (57) - (19) (150) (5) 34 (197)
Minority interest (12) - (95) - - - (107)
---------------------------------------------------------------------------------------------------
NET INCOME $ 2,292 $ -$ 715 $ 7,474 $ 234 $ (1,688)$ 9,027
===================================================================================================
Prior Year Quarter
3 months
ended December 31,
2006
---------------------------------------------------------------------------------------------------
Core Opportunity
Retail Funds Residential
Core Discontinued Opportunity Discontinued Discontinued
Retail Operations Funds Operations Residential Operations Total
---------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 12,732 $ 1,055 $ 2,761 $ 509 $ 814 $ 957 $ 18,828
Percentage rents 217 4 4 - - - 225
Expense reimbursements - CAM 1,824 175 43 55 - - 2,097
Expense reimbursements - Taxes 1,933 338 184 72 - - 2,527
Other property income 359 71 3 - 31 33 497
---------------------------------------------------------------------------------------------------
17,065 1,643 2,995 636 845 990 24,174
---------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 2,154 184 140 53 - - 2,531
Other property operating 1,018 524 58 44 578 510 2,732
Real estate taxes 2,348 322 244 76 49 52 3,091
---------------------------------------------------------------------------------------------------
5,520 1,030 442 173 627 562 8,354
---------------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES 11,545 613 2,553 463 218 428 15,820
OTHER INCOME (EXPENSE)
General and administrative (4,024) (72) - - (4,096)
Equity in earnings of Fund I
unconsolidated properties - (175) - - (175)
Interest income 2,177 16 152 3 3 2,351
Fee income 2,769 - - - 2,769
Promote income 97 - - - 97
Promote expense - - - - -
Property management expense 22 (52) 25 (27) (13) (22) (67)
Straight-line rent income 525 (7) 82 26 - - 626
Straight-line rents written
off (113) - - - - (113)
FAS 141 Rent (245) (31) - - - (276)
Abandoned project costs (136) - (136)
Provision for income taxes 548 4 - - - 552
Other income (expense) 507 - - - - - 507
---------------------------------------------------------------------------------------------------
EBIDTA 13,808 570 2,402 462 208 409 17,859
Depreciation and amortization (4,512) 820 (1,747) (94) (157) (220) (5,910)
FAS 141 Amortization (117) (38) - - - (155)
Interest expense (5,053) (149) (645) (230) (54) (303) (6,434)
Loan defeasance - - - - - -
FAS 141 Interest 23 - 15 - - 38
Gain (loss) on sale of
properties - 20,974 (1) - - - 20,973
---------------------------------------------------------------------------------------------------
Income before minority
interest 4,149 22,215 (29) 153 (3) (114) 26,371
Minority interest - OP (85) (430) (3) (3) - 2 (519)
Minority interest (67) - (95) - - - (162)
---------------------------------------------------------------------------------------------------
NET INCOME $ 3,997 $ 21,785 $ (127)$ 150 $ (3)$ (112)$ 25,690
===================================================================================================
(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
Year
ended December 31,
2007
---------------------------------------------------------------------------------------------------
Core Opportunity
Retail Funds Residential
Core Discontinued Opportunity Discontinued Discontinued
Retail Operations Funds Operations Residential Operations Total
---------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 54,578 $ -$ 10,937 $ 1,812 $ 3,370 $ 3,688 $ 74,385
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 10 168 431 1,286
---------------------------------------------------------------------------------------------------
70,367 - 11,460 2,281 3,538 4,119 91,765
---------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 9,417 - 692 286 - - 10,395
Other property operating 2,500 - 479 (27) 1,743 2,640 7,335
Real estate taxes 9,249 - 415 269 210 163 10,306
---------------------------------------------------------------------------------------------------
21,166 - 1,586 528 1,953 2,803 28,036
---------------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES 49,201 - 9,874 1,753 1,585 1,316 63,729
OTHER INCOME (EXPENSE)
General and administrative (24,653) - (286) - - - (24,939)
Equity in earnings of Fund
I unconsolidated
properties - - 9,421 - - - 9,421
Interest income 9,817 - 463 - 9 9 10,298
Fee income 17,264 - - - - - 17,264
Promote income - - - - - - -
Promote expense - - - - - - -
Property management expense (126) - 91 (103) (56) (102) (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)
Abandoned project costs - -
Provision for income taxes (2,590) - (37) - - - (2,627)
Other income (expense) 165 - - - - - 165
---------------------------------------------------------------------------------------------------
EBIDTA 49,901 - 20,574 1,708 1,538 1,223 74,944
Depreciation and
amortization (18,100) - (6,781) (263) (614) (659) (26,417)
FAS 141 Amortization (528) - (73) - - - (601)
Interest expense (20,829) - (2,332) (785) 1 (893) (24,838)
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 8,220 925 (2,573) 28,045
Minority interest - OP (259) - (230) (161) (19) 51 (618)
Minority interest 225 - (382) - - - (157)
---------------------------------------------------------------------------------------------------
NET INCOME $ 10,051 $ -$ 10,776 $ 8,059 $ 906 $ (2,522)$ 27,270
===================================================================================================
Prior Year-to-Date
Year
ended December 31,
2006
---------------------------------------------------------------------------------------------------
Core Opportunity
Retail Funds Residential
Core Discontinued Opportunity Discontinued Discontinued
Retail Operations Funds Operations Residential Operations Total
---------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 48,778 $ 5,812 $ 10,614 $ 1,981 $ 3,373 $ 3,926 $ 74,484
Percentage rents 723 58 118 - - - 899
Expense reimbursements - CAM 6,586 740 160 188 - - 7,674
Expense reimbursements - Taxes 8,203 1,683 485 322 - - 10,693
Other property income 563 119 11 132 185 206 1,216
---------------------------------------------------------------------------------------------------
64,853 8,412 11,388 2,623 3,558 4,132 94,966
---------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 7,847 968 434 276 - - 9,525
Other property operating 2,460 1,343 288 74 1,681 2,266 8,112
Real estate taxes 8,703 1,857 887 330 193 221 12,191
---------------------------------------------------------------------------------------------------
19,010 4,168 1,609 680 1,874 2,487 29,828
---------------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES 45,843 4,244 9,779 1,943 1,684 1,645 65,138
OTHER INCOME (EXPENSE)
General and administrative (19,401) - (298) - - - (19,699)
Equity in earnings of Fund I
unconsolidated properties - - 37 - - - 37
Interest income 7,815 16 496 - 9 10 8,346
Fee income 11,594 - (5) - - - 11,589
Promote income 355 - - - - - 355
Promote expense - - - - - - -
Property management expense 120 (239) 100 (101) (50) (97) (267)
Straight-line rent income 953 39 356 127 - - 1,475
Straight-line rents written
off (113) - - - - - (113)
FAS 141 Rent (276) - (166) - - - (442)
Abandoned project costs - (136) - - - (136)
Provision for income taxes 437 - (47) - - - 390
Other income (expense) 672 - - - - - 672
---------------------------------------------------------------------------------------------------
EBIDTA 47,999 4,060 10,116 1,969 1,643 1,558 67,345
Depreciation and amortization (15,347) (540) (6,563) (400) (633) (877) (24,360)
FAS 141 Amortization (670) (162) - - - (832)
Interest expense (17,841) (817) (2,486) (926) (243) (1,207) (23,520)
Loan defeasance (326) - - - - - (326)
FAS 141 Interest 782 - 1 59 - - 842
Gain (loss) on sale of
properties - 20,974 314 - - - 21,288
---------------------------------------------------------------------------------------------------
Income before minority
interest 14,597 23,677 1,220 702 767 (526) 40,437
Minority interest - OP (297) (466) (27) (14) (15) 10 (809)
Minority interest (251) 8 (372) - - - (615)
---------------------------------------------------------------------------------------------------
NET INCOME $ 14,049 $ 23,219 $ 821 $ 688 $ 752 $ (516)$ 39,013
---------------------------------------------------------------------------------------------------
(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.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Net Operating Income (NOI) - Same Property Performance (1)
- ----------------------------------------------------------
(in thousands)
Property NOI - Property NOI -
Continuing Continuing
Operations Operations
Historical Favorable Current Year- Historical Year- Favorable
Notes: Current Quarter Quarter (unfavorable) to-Date to-Date (unfavorable)
----------------------------------------------------------------------------------------------------
3 months ended 3 months ended Year ended Year ended
Reconciliation of total NOI to
same property NOI: December 31, December 31, December 31, December 31,
2007 2006 2007 2006
------------------------------- -------------------------------
NOI - Core Retail properties $ 12,718 $ 11,545 $ 49,201 $ 45,843
NOI - Opportunity Fund
properties 2,466 2,553 9,874 9,779
NOI - Residential properties 404 218 1,585 1,684
NOI - Discontinued Operations 521 1,504 3,069 7,832
Adjustment to reflect 2006
increase in Fund I ownership
percentage (2) (1,237) (1,280) (5,135) (4,474)
------------------------------- -------------------------------
Total NOI 14,872 14,540 58,594 60,664
NOI - Properties Acquired (796) (87) (3,491) (416)
NOI - Property sold or held
for sale (521) (1,504) (3,069) (7,832)
NOI - non recurring
transactions (124) (77) (15) (612)
------------------------------- -------------------------------
$ 13,431 $ 12,872 4.3% $ 52,019 $ 51,804 0.4%
============================================= =============================================
Same property NOI by portfolio
component and
revenues/expenses:
Core Retail Properties Core Retail Properties
Revenues $ 17,382 $ 16,923 2.7% $ 65,332 $ 64,265 1.7%
Expenses 5,473 5,460 -0.2% 19,610 18,846 -4.1%
--------------------------------------------- ---------------------------------------------
11,909 11,463 3.9% 45,722 45,419 0.7%
--------------------------------------------- ---------------------------------------------
Opportunity Fund Properties Opportunity Fund Properties
Revenues 1,387 1,420 -2.3% 5,636 5,721 -1.5%
Expenses 270 229 -17.9% 924 1,020 9.4%
--------------------------------------------- ---------------------------------------------
1,117 1,191 -6.2% 4,712 4,701 0.2%
--------------------------------------------- ---------------------------------------------
Total Core Retail and
Opportunity Funds NOI 13,026 12,654 2.9% 50,434 50,120 0.6%
------------------------------- -------------------------------
Residential Property (1 Residential Property (1
property) property)
Revenues 940 844 11.4% 3,538 3,558 -0.6%
Expenses 535 626 14.5% 1,953 1,874 -4.2%
--------------------------------------------- ---------------------------------------------
405 218 85.8% 1,585 1,684 -5.9%
--------------------------------------------- ---------------------------------------------
$ 13,431 $ 12,872 4.3% $ 52,019 $ 51,804 0.4%
============================================= =============================================
(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 is entitled to $7.2 million Promote on
future Fund I earnings and currently receives 100% of Fund I income until
it has been repaid. Once repaid, the Company's share will return to 38%.
2007 and 2006 NOI from Fund I has been adjusted from 100% down to 38% for
comparability.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Funds from Operations ("FFO")(1)
- --------------------------------
Funds from Operations
("FFO")(1) 2007 2006
- --------------------------------- ------------------------------------------------------------ ---------------------------
Current Current Current Previous Previous Historic Historic
Year-to-Date Quarter Quarter Quarter Quarter Year-to-Date Quarter
Year ended 3 months 3 months 3 months 3 months Period ended 3 months ended
ended ended ended ended
Funds from operations ("FFO"): Notes December 31, December September June 30, March 31, December 31, December 31,
2007 31, 2007 30, 2007 2007 2007 2006 2006
- --------------------------------- --------------- ---------- ----------- ---------- ---------- ------------ --------------
Net Income $ 27,270 $ 9,027 $ 8,490 $ 3,034 $ 6,719 $ 39,013 $ 25,690
Add back:
Depreciation of real estate and
amortization of leasing costs:
(net of minority interest
share)
Wholly owned and consolidated
subsidiaries 19,669 5,844 3,870 5,158 4,797 20,206 4,950
Unconsolidated subsidiaries 1,736 399 349 513 475 1,806 559
Income attributable to OP units (2) 614 198 188 84 144 803 516
Loss (gain) on sale of
properties (5,271) (5,513) 242 - - (21,875) (21,437)
Extraordinary item (net of
minority interests' share and
income taxes) (3,677) - (794) - (2,883) - -
Distributions on Preferred OP
Units 29 11 5 5 8 255 67
--------------- ---------- ----------- ---------- ---------- ------------ --------------
FFO 40,370 9,966 12,350 8,794 9,260 40,208 10,345
Extraordinary item (net of
minority interests' share and
income taxes) (4) 3,677 - 794 - 2,883 - -
--------------- ---------- ----------- ---------- ---------- ------------ --------------
FFO - adjusted for
extraordinary item (4)$ 44,047 $ 9,966 $13,144 $ 8,794 $ 12,143 $ 40,208 $ 10,345
=============== ========== =========== ========== ========== ============ ==============
Adjusted Funds from operations
("AFFO"):
- ---------------------------------
Diluted FFO $ 44,047 $ 9,966 $13,144 $ 8,794 $ 12,143 $ 40,208 $ 10,345
Straight line rent, net (1,107) 761 (560) (605) (703) (1,475) (1,948)
Non real estate depreciation 738 215 186 173 164 468 117
Amortization of finance costs 1,655 405 428 358 464 895 270
Amortization of cost of
management contracts 1,905 1,355 171 206 173 1,518 783
Tenant improvements (2,010) (1,424) (25) (98) (463) (1,817) (601)
Leasing commissions (963) (599) (173) (119) (72) (894) (287)
Capital expenditures (3,426) (247) (1,757) (441) (981) (3,190) (365)
--------------- ---------- ----------- ---------- ---------- ------------ --------------
AFFO $ 40,839 $ 10,432 $11,414 $ 8,268 $ 10,725 $ 35,713 $ 8,314
=============== ========== =========== ========== ========== ============ ==============
Funds Available for Distribution
("FAD")
- ---------------------------------
AFFO $ 40,839 $ 10,432 $11,414 $ 8,268 $ 10,725 $ 35,713 $ 8,314
Scheduled prinicpal repayments (2,637) (467) (627) (711) (832) (4,066) (1,071)
--------------- ---------- ----------- ---------- ---------- ------------ --------------
FAD $ 38,202 $ 9,965 $10,787 $ 7,557 $ 9,893 $ 31,647 $ 7,243
=============== ========== =========== ========== ========== ============ ==============
Total weighted average shares
and OP Units:
Basic 33,570 33,636 33,629 33,599 33,414 33,149 33,157
=============== ========== =========== ========== ========== ============ ==============
Diluted 33,972 33,992 33,979 33,894 34,113 33,800 33,829
=============== ========== =========== ========== ========== ============ ==============
FFO per share:
FFO per share - Basic (3)$ 1.31 $ 0.30 $ 0.39 $ 0.26 $ 0.36 $ 1.21 $ 0.31
=============== ========== =========== ========== ========== ============ ==============
FFO per share - Diluted (3)$ 1.30 $ 0.29 $ 0.39 $ 0.26 $ 0.36 $ 1.19 $ 0.31
=============== ========== =========== ========== ========== ============ ==============
AFFO per share - Basic (3)$ 1.22 $ 0.31 $ 0.34 $ 0.25 $ 0.32 $ 1.07 $ 0.25
=============== ========== =========== ========== ========== ============ ==============
AFFO per share - Diluted (3)$ 1.20 $ 0.31 $ 0.34 $ 0.24 $ 0.31 $ 1.06 $ 0.25
=============== ========== =========== ========== ========== ============ ==============
FAD per share - Basic (3)$ 1.14 $ 0.30 $ 0.32 $ 0.22 $ 0.30 $ 0.95 $ 0.22
=============== ========== =========== ========== ========== ============ ==============
FAD per share - Diluted (3)$ 1.12 $ 0.29 $ 0.32 $ 0.22 $ 0.29 $ 0.94 $ 0.21
=============== ========== =========== ========== ========== ============ ==============
(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.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Capital Expenditures
----------------------------------------------
Year-to-Date Current Previous Previous Previous
Quarter Quarter Quarter Quarter
---------------------------------------------------------
Period 3 months 3 months 3 months 3 months
ended ended ended ended ended
December 31, 2007 December 31, 2007 September 30, 2007 June 30, 2007 March 31, 2007
------------------- ------------------ -------------------- ----------------- ------------------
Leasing Commissions: $ 963 $ 599 $ 173 $ 119 $ 72
------------------- ------------------ -------------------- ----------------- ------------------
Tenant Improvements: 2,666 1,424 681 98 463
------------------- ------------------ -------------------- ----------------- ------------------
Capital Expenditures:
Retail 2,083 24 780 370 909
Residential 688 223 322 71 72
------------------- ------------------ -------------------- ----------------- ------------------
2,771 247 1,102 441 981
------------------- ------------------ -------------------- ----------------- ------------------
Redevelopments 13,773 4,964 4,535 2,801 1,473
------------------- ------------------ -------------------- ----------------- ------------------
Total $ 20,173 $ 7,234 $ 6,491 $ 3,459 $ 2,989
=================== ================== ==================== ================= ==================
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Consolidated Balance Sheets
- ---------------------------------------------
(in thousands)
December 31, December 31,
2007 2006
------------- -------------
ASSETS
Real estate
Land $ 235,550 $ 145,916
Buildings and improvements 540,760 465,050
Construction in progress 77,764 39,085
------------- -------------
854,074 650,051
Less: accumulated depreciation (155,480) (135,085)
------------- -------------
Net real estate 698,594 514,966
Cash and cash equivalents 123,343 139,571
Cash in escrow 6,637 5,321
Investments in and advances to unconsolidated
affiliates 40,613 31,049
Rents receivable, net of $2,167 and $2,277
allowance, respectively 5,986 7,165
Straight-line rents receivable, net of $910
allowance 7,463 4,704
Notes Receivable 61,703 38,322
Deferred charges, net 21,825 20,749
Prepaid expenses and other assets, net 16,745 41,959
Acquired lease intangibles, net 16,103 11,653
Net assets of discontinued operations - 36,233
------------- -------------
$ 999,012 $ 851,692
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 517,903 $ 419,507
Acquired lease intangibles, net 5,651 4,919
Accounts payable and accrued expenses 15,289 9,883
Dividends and distributions payable 14,420 6,661
Share of losses in excess of investment in
unconsolidated affiliates 20,007 21,728
Other liabilities 13,895 5,379
Net liabilities of discontinued operations - 28,759
------------- -------------
Total liabilities 587,165 496,836
------------- -------------
Minority interest in Operating Partnership 4,595 8,673
Minority interests in partially owned affiliates 166,516 105,064
------------- -------------
Total minority interests 171,111 113,737
------------- -------------
Shareholders' equity:
Common shares 32 31
Additional paid-in capital 227,890 227,555
Accumulated other comprehensive loss (953) (234)
Retained earnings 13,767 13,767
------------- -------------
Total shareholders' equity 240,736 241,119
------------- -------------
$ 999,012 $ 851,692
============= =============
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
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 $ 235,550 $ (111,682) $ 7,353 $ 131,221
Buildings and improvements 540,760 (140,552) 52,194 452,402
Construction in progress 77,764 (45,550) 414 32,628
-------------- -------------- -------------- ---------------
854,074 (297,784) 59,961 616,251
Less: accumulated depreciation (155,480) 23,309 (7,048) (139,219)
-------------- -------------- -------------- ---------------
Net real estate 698,594 (274,475) 52,913 477,032
Cash and cash equivalents 123,343 (15,795) 1,264 108,812
Cash in escrow 6,637 (1,546) 757 5,848
Investments in and advances to unconsolidated affiliates 40,613 (29,284) (8,892) 2,437
Rents receivable, net 5,986 (1,001) 209 5,194
Straight-line rents receivable, net 7,463 258 1,416 9,137
Intercompany - - -
Notes Receivable 61,703 - - 61,703
Deferred charges, net 21,825 (7,718) 8,312 22,419
Prepaid expenses and other assets 16,745 14,370 321 31,436
Acquired lease intangibles 16,103 (3,701) 6 12,408
Assets of discontinued operations - - - -
-------------- -------------- -------------- ---------------
Total Assets $ 999,012 $ (318,892) $ 56,306 $ 736,426
============== ============== ============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 516,982 $ (150,762) $ 73,126 $ 439,346
Valuation of debt at acquisition, net of amortization 921 (70) 1,414 2,265
Acquired lease intangibles 5,651 (278) - 5,373
Accounts payable and accrued expenses 15,289 1,287 699 17,275
Dividends and distributions payable 14,420 - - 14,420
Due to related parties - - -
Share of losses in excess of inv. in unconsolidated
affiliates 20,007 - (20,007) -
Interest rate swap payable - - - -
Other liabilities 13,895 (4,204) 1,074 10,765
Liabilities of discontinued operations - - - -
-------------- -------------- -------------- ---------------
Total liabilities 587,165 (154,027) 56,306 489,444
Minority interest in Operating Partnership 4,595 - - 4,595
Minority interests in partially owned affiliates 166,516 (164,865) - 1,651
-------------- -------------- -------------- ---------------
Total minority interests 171,111 (164,865) - 6,246
Shareholders' equity:
Common shares 32 - - 32
Additional paid-in capital 227,890 - - 227,890
Accumulated other comprehensive income (953) - - (953)
Deficit 13,767 - - 13,767
-------------- -------------- -------------- ---------------
Total shareholders' equity 240,736 - - 240,736
-------------- -------------- -------------- ---------------
Total Liabilities and Shareholders' Equity $ 999,012 $ (318,892) $ 56,306 $ 736,426
============== ============== ============== ===============
Notes
- ----------------------------------------------------------------------
(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.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Selected Operating Ratios
- ---------------------------------
3 months ended December 31, Years ended December 31,
2007 2006 2007 2006
----------- ------------- ---------- -----------
Coverage Ratios (1)
- -------------------------------------
Interest Coverage Ratio
EBIDTA $ 17,534 $ 17,859 $ 74,944 $ 67,345
Divided by Interest expense 6,123 6,434 24,838 23,520
----------- ------------- ---------- -----------
2.86 x 2.78 x 3.02 x 2.86
Fixed Charge Coverage Ratio
EBIDTA $ 17,534 $ 17,859 $ 74,944 $ 67,345
Divided by ( Interest expense 6,123 6,434 24,838 23,520
+ Preferred
Dividends) (2) 11 67 29 255
----------- ------------- ---------- -----------
2.86 x 2.75 x 3.01 x 2.83
Debt Service Coverage Ratio
EBIDTA $ 17,534 $ 17,859 $ 74,944 $ 67,345
Divided by ( Interest expense 6,123 6,434 24,838 23,520
+ Principal
Amortization) 467 1,071 2,637 4,066
----------- ------------- ---------- -----------
2.66 x 2.38 x 2.73 x 2.44
Payout Ratios
- -------------------------------------
FFO Payout Ratio
Dividends (Shares) & Distributions
(O.P. Units) paid $ 7,155 (4) $ 6,661 $ 27,147 (4) $ 25,053
FFO 9,966 10,345 44,047 40,208
----------- ------------- ---------- -----------
72% 64% 62% 62%
AFFO Payout Ratio
Dividends (Shares) & Distributions
(O.P. Units) paid $ 7,155 (5) $ 6,661 $ 27,147 (5) $ 25,053
AFFO 10,432 8,314 40,839 35,713
----------- ------------- ---------- -----------
69% 80% 66% 70%
FAD Payout Ratio
Dividends (Shares) & Distributions
(O.P. Units) paid $ 7,155 (6) $ 6,661 $ 27,147 (6) $ 25,053
FAD 9,965 7,243 38,202 31,647
----------- ------------- ---------- -----------
72% 92% 71% 79%
Leverage Ratios
- -------------------------------------
Debt/Total Market Capitalization
Debt (3) $ 439,346 $ 425,635
Total Market Capitalization 1,280,208 1,240,846
----------- -------------
34% 34%
Debt + Preferred Equity (Preferred
O.P. Units) $ 439,534 $ 429,823
Total Market Capitalization 1,280,208 1,240,846
----------- -------------
34% 35%
Notes:
(1) Quarterly results for 2007 and 2006 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) Including a special dividend of $7,265 related to taxable gains arising
from the completion of 2007 dispostion initatives, FFO Payout ratio would
be 145% and 78% for the fourth quarter and year ended December 31, 2007,
respectively.
(5) Including a special dividend of $7,265 related to taxable gains arising
from the completion of 2007 dispostion initatives, AFFO Payout ratio would
be 138% and 84% for the fourth quarter and year ended December 31, 2007,
respectively.
(6) Including a special dividend of $7,265 related to taxable gains arising
from the completion of 2007 dispostion initatives, FAD Payout ratio would
be 145% and 90% for the fourth quarter and year ended December 31, 2007,
respectively.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Portfolio Debt - Consolidated Summary
Reconciliation from GAAP Debt to Pro-Rata Share of Debt
(amounts in thousands)
Add: Less:
--------------- ---------------
Minority Acadia Pro-
Acadia Pro-rata Share Interest Share rata Share
Consolidated of of of % of
Debt Balance As % of Total Unconsolidated Consolidated Outstanding Total
Reported (2) Portfolio Debt (3) Debt (4) Debt (5) Portfolio
---------------------------------------------- --------------- ------------ ---------
Mortgage Notes Payable
Fixed-Rate Debt (1) $ 400,922 78% 68,293 (58,988) $ 410,227 93%
Variable-Rate Debt (1) 116,060 22% 4,833 (91,774) 29,119 7%
---------------- ----------- --------------- --------------- ------------ ---------
Total $ 516,982 100% $ 73,126 (150,762) $ 439,346 100%
---------------- ----------- --------------- --------------- ------------ ---------
Weighted Average Interest Rate
Fixed-Rate Debt 5.18% 5.16%
Variable-Rate Debt 5.97% 5.99%
---------------- ------------
Total 5.36% 5.22%
---------------- ------------
Notes
- ----------------------------------------------------------------------
(1) Fixed-rate debt includes notional principal fixed through swap
transactions. Conversely, variable-rate debt excludes this amount.
(2) Represents the Mortgage Notes Payable balance as reported in the Company's
Form 10-K. Does not include $921 of FAS141 purchase price debt allocation
amounts.
(3) Represents the Company's pro-rata share of unconsolidated partnership debt
based on percent ownership.
(4) Represents the Minority Interest pro-rata share of consolidated partnership
debt based on its percent ownership.
(5) Represents the Company's theoretical pro-rata share of debt after
adjustments discussed in Notes 3 and 4.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Debt Analysis - Consolidated Debt
(amounts in thousands)
Ownership
Property Notes Entity Percent Lender
- ----------------------------------------------------------------------
Fixed-Rate Debt
- --------------------
Acadia Realty Trust 1 Acadia 100.0%3.75% Convertible Notes
Merrillville Plaza Acadia Bear Stearns Commercial
100.0% Mortgage, Inc.
239 Greenwich Avenue Acadia 75.0%Wachovia
New Loudon Center Acadia 100.0%RBS Greenwich Capital
Crescent Plaza Acadia 100.0%RBS Greenwich Capital
Pacesetter Park Acadia RBS Greenwich Capital
Shopping Center 100.0%
Elmwood Park Acadia Bear Stearns Commercial
Shopping Center 100.0% Mortgage, Inc.
Gateway Shopping Acadia Bear Stearns Commercial
Center 100.0% Mortgage, Inc.
Clark-Diversey Acadia Lasalle Bank National
100.0% Association
Boonton Acadia GMAC Commercial Mortgage
60.0% Corporation
Chestnut Hill Acadia 100.0%Column Financial, Inc.
Walnut Hill Plaza Acadia Merrill Lynch Mortgage
100.0% Lending, Inc.
4650 Broadway at Fund II Bank of China
Sherman Avenue 2 19.2%
216th Street 2 Fund II 19.2%Bank of America, N.A.
Kroger Portfolio Fund I Cortlandt Deposit
3 28.3% Corporation
Safeway Portfolio Fund I Cortlandt Deposit
3 28.3% Corporation
Interest rate swaps 4 Acadia 82.0%Bank of America, N.A.
Sub-Total Fixed-Rate
Debt
Variable-Rate Debt
- --------------------
Bloomfield Town Acadia Bank of America, N.A.
Square 5 100.0%
Hobson West Plaza 5 Acadia 100.0%Bank of America, N.A.
Marketplace of Acadia Bank of America, N.A.
Absecon 5 100.0%
Village Apartments 5 Acadia 100.0%Bank of America, N.A.
Abington Towne Acadia Bank of America, N.A.
Center 5 100.0%
Methuen Shopping Acadia Bank of America, N.A.
Center 5 100.0%
Town Line Plaza 5 Acadia 100.0%Bank of America, N.A.
Ledgewood Mall Acadia Washington Mutual Bank,
6 100.0% F.A.
Branch Plaza Acadia 100.0%Bank of America, N.A.
Village Commons Acadia Bank of America, N.A.
Shopping Center 7 100.0%
Tarrytown Shopping Fund I Anglo Irish Bank
Center 37.8% Corporation
244-268 161st Street 2 Fund II 19.2%RBS Greenwich Capital
Liberty Avenue Fund II PNC Bank, National
2 19.2% Association
Granville Center Fund I 37.8%Bank One, N.A.
400 East Fordham Fund II Eurohypo AG
Road 2 19.2%
Acadia Strategic Fund II Bank of America, N.A. /
Opportunity Fund Bank of New York
II, LLC 8 20.0%
Acadia Strategic Fund III Bank of America, N.A.
Opportunity Fund
III, LLC 9 20.0%
Interest rate swaps 4 Acadia 82.0%Bank of America, N.A.
Sub-Total Variable-Rate Debt
Total Consolidated Debt - Continuing Operations
Principal Acadia's Variable
% of Pro- Rate as
rata Balance at Pro-rata Interest of Maturity
December
Share of December 31, 31,
Property Notes Portfolio 2007 Share Rate 2007 Date
- ------------------------------------------------------------------------------------------------------
Fixed-Rate Debt
- --------------------
Acadia Realty Trust 1 $ 115,000 $ 115,000 3.75% 12/20/2011
Merrillville Plaza 26,250 26,250 5.88% 8/1/2017
239 Greenwich Avenue 26,000 19,500 5.42% 2/11/2017
New Loudon Center 14,752 14,752 5.64% 9/6/2014
Crescent Plaza 17,600 17,600 4.98% 9/6/2015
Pacesetter Park
Shopping Center 12,500 12,500 5.12% 11/6/2015
Elmwood Park
Shopping Center 34,600 34,600 5.53% 1/1/2016
Gateway Shopping
Center 20,500 20,500 5.44% 3/1/2016
Clark-Diversey 3,727 3,727 8.50% 4/11/2028
Boonton 8,451 5,071 6.40% 11/1/2032
Chestnut Hill 9,834 9,834 5.45% 6/11/2013
Walnut Hill Plaza 23,500 23,500 6.06% 8/29/2016
4650 Broadway at
Sherman Avenue 2 19,000 3,648 5.83% 3/1/2008
216th Street 2 25,500 4,896 5.80% 10/1/2017
Kroger Portfolio 3 4,950 1,403 6.62% 2/1/2009
Safeway Portfolio 3 4,893 1,386 6.51% 1/15/2009
Interest rate swaps 4 33,865 27,767 6.18% Various
--------------------------- ---------
Sub-Total Fixed-Rate
Debt 93% 400,922 341,934 5.06%
--------------------------- ---------
Variable-Rate Debt Current LIBOR 4.60%
- --------------------
Bloomfield Town Libor +
Square 5 125 5.85% 12/1/2010
Hobson West Plaza 5 Libor + 125 5.85% 12/1/2010
Marketplace of Libor +
Absecon 5 125 5.85% 12/1/2010
Village Apartments 5 - - Libor + 125 5.85% 12/1/2010
Abington Towne Libor +
Center 5 125 5.85% 12/1/2010
Methuen Shopping Libor +
Center 5 125 5.85% 12/1/2010
Town Line Plaza 5 Libor + 140 6.00% 12/1/2010
Ledgewood Mall 6 - - Libor + 125 5.85% 3/29/2010
Branch Plaza 15,773 15,773 Libor + 130 5.90% 12/1/2011
Village Commons Libor +
Shopping Center 7 9,781 9,781 140 6.00% 6/29/2012
Tarrytown Shopping Libor +
Center 9,800 3,702 165 6.25% 10/30/2010
244-268 161st Street 2 30,000 5,760 Libor + 140 6.00% 4/1/2008
Liberty Avenue 2 9,990 1,918 Libor + 165 6.25% 5/18/2009
Granville Center 2,818 1,065 Libor + 200 6.60% 10/5/2008
400 East Fordham Libor +
Road 2 37,263 7,154 175 6.35% 10/4/2009
Acadia Strategic Libor +
Opportunity Fund
II, LLC 8 34,500 6,900 75 5.35% 3/1/2008
Acadia Strategic Comm Paper +50
Opportunity Fund
III, LLC 9 - - 4.75% 10/9/2011
Interest rate swaps 4 (33,865) (27,767)
---------------------------
Sub-Total Variable- Libor +
Rate Debt 7% 116,060 24,286 137 5.97%
---------------------------------------------------------
Total Consolidated
Debt - Continuing
Operations 100%$ 516,982 $ 366,220 5.12%
===================================== ========
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Debt Analysis - Unconsolidated Joint
Ventures and Discontinued Operations
Ownership
Fixed-Rate Debt Entity Percent Lender
- -------------------- ---------------------------------------------
Acadia Brandywine Brandywine UBS Warburg Real Estate
Subsidiary JV 22.2% Investments, Inc.
Acadia Brandywine Brandywine Bear Stearns Commercial
Town Center JV 22.2% Mortgage, Inc.
Acadia Market Square Brandywine Bear Stearns Commercial
Shopping Center JV 22.2% Mortgage, Inc.
Acadia Brandywine Brandywine Bear Stearns Commercial
Condominium JV 22.2% Mortgage, Inc.
Acadia Brandywine Brandywine Bear Stearns Commercial
Holdings JV 22.2% Mortgage, Inc.
Crossroads Shopping Crossroads JPMorgan Chase Bank
Center JV 49.0%
Sub-Total Fixed-Rate
Debt
Variable-Rate Debt
- --------------------
CityPoint 10 Fund II 4.9%Bank of America, N.A.
Haygood Shopping Fund I JP Morgan Chase Bank,
Center 11 18.9% N.A.
Sterling Heights Fund I JP Morgan Chase Bank,
Shopping Center 11 18.9% N.A.
Sub-Total Variable-Rate Debt
Total Unconsolidated Debt
Principal Acadia's Variable
% of Pro- Rate as
rata Balance at Pro-rata Interest of Maturity
Fixed-Rate Debt December
Share of December 31, 31,
Portfolio 2007 Share Rate 2007 Date
- -------------------- ------------------------------------- ---------------------------
Acadia Brandywine
Subsidiary $ 61,375$ 13,639 5.99% 7/1/2016
Acadia Brandywine
Town Center 31,550 7,011 5.99% 7/1/2016
Acadia Market Square
Shopping Center 24,375 5,417 5.99% 7/1/2016
Acadia Brandywine
Condominium 22,650 5,033 5.99% 7/1/2016
Acadia Brandywine
Holdings 26,250 5,833 5.99% 7/1/2016
Crossroads Shopping
Center 64,000 31,360 5.37% 12/1/2014
---------------------------
Sub-Total Fixed-Rate
Debt 93% 230,200 68,293 5.71%
--------------------------- ---------
Variable-Rate Debt Current LIBOR 4.60%
- --------------------
CityPoint 10 34,000 1,652Libor + 120 5.80% 6/13/2008
Haygood Shopping Libor +
Center 11 11,366 2,148 150 6.10% 8/23/2010
Sterling Heights Libor +
Shopping Center 11 5,471 1,033 185 6.45% 8/23/2010
---------------------------
Sub-Total Variable- Libor +
Rate Debt 7% 50,837 4,833 147 6.07%
------------------------------------- --------
Total Unconsolidated
Debt 100%$ 281,037$ 73,126 5.73%
===================================== ========
Notes:
- ----------------------------------------------------------------------
(1) Represents $100,000 of 3.75% convertible notes issued in December 2006 and
an additional $15,000 issued in January, 2007.
(2) Fund II is a 96% joint venture partner on this investment. As such,
Acadia's pro-rata share of the above debt is 96% x 20%, or 19.2%.
(3) 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%.
(4) The Company has hedged a portion of it's variable-rate debt with variable
to fixed-rate swap agreements as follows:
Notional All-in Rate Spread Swap rate Forward Start Date Maturity Date
principal
- -------------------------------------------------------------------------------------
$ 4,548 6.08% 1.37% 4.71% n/a 1/1/2010
11,163 6.27% 1.37% 4.90% n/a 10/1/2011
8,354 6.51% 1.37% 5.14% n/a 3/1/2012
9,800 5.84% 1.37% 4.47% n/a 10/29/2010
- ------------- -------------------------------------
$ 33,865 6.18% 1.37% 4.81%
============= =====================================
(5) This is a revolving facility for up to $74,000 with an additional $13,000
available based on certain income hurdles.
(6) This is a revolving facility for up to $30,000.
(7) There is an additional $300 available under this facility through 12/08,
with an additional $1,800 available thereafter based on certain income
hurdles.
(8) This is a revolving facility for up to $70,000. There are three one-year
options associated with this revolving facility.
(9) This is a line of credit with an initial amount of $75,000 with the option
to increase to a maximum of $300,000.
(10) 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%.
(11) 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%.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Future Debt Maturities
- ---------------------------------
(in thousands)
Consolidated Debt Acadia's Pro-rata Share Weighted Average Interest Rate of
Maturing Debt
---------------------------------- ----------------------------------------
Scheduled Scheduled
Year Amortization Maturities Total AmortizationMaturities Total Total Fixed- Variable-Rate Debt
Debt Rate
Debt
- ----------------------------------------------------- ---------------------------------- ----------------------------------------
2008 6,002 86,197 92,199 2,348 17,327 19,675 5.72% 5.83% 5.69%
2009 6,103 47,253 53,356 2,520 9,072 11,592 6.44% n/a 6.44%
2010 1,715 9,800 11,515 1,655 3,702 5,357 6.25% n/a 6.25%
2011 2,106 129,764 131,870 2,042 129,764 131,806 3.99% 3.75% 5.90%
2012 2,191 9,048 11,239 2,124 9,048 11,172 6.00% n/a 6.00%
Thereafter 16,436 200,367 216,803 13,597 173,021 186,618 5.59% 5.59% n/a
--------------------------------- ----------------------------------
$ 34,553 $ 482,429 $516,982 $ 24,286 $ 341,934 $ 366,220
================================= ==================================
Weighted Average Interest Rate of Pro-
rata Share of Maturing Debt
-----------------------------------------
Unconsolidated Debt
Total Fixed- Variable-Rate Debt
Debt Rate
Debt
----------------------------------------
2008 904 34,000 34,904 433 1,653 2,086 5.80% n/a 5.80%
2009 1,009 - 1,009 470 - 470 n/a n/a n/a
2010 1,014 16,693 17,707 487 3,153 3,640 6.21% n/a 6.21%
2011 1,028 - 1,028 504 - 504 n/a n/a n/a
2012 1,094 - 1,094 536 - 536 n/a n/a n/a
Thereafter 3,207 222,088 225,295 1,572 64,318 65,890 5.73% 5.73% n/a
--------------------------------- ----------------------------------
$ 8,256 $ 272,781 $281,037 $ 4,002 $ 69,124 $ 73,126
================================= ==================================
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview
- ----------------------------------------------------------------------------------------------------------
Item Notes 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 2 million square feet of
properties in Fund I.
Partnership
structure
Equity 22.22% - Acadia
Contribution:
77.78% - Four institutional investors (current significant
shareholders in Acadia as well)
Cash flow distribution: 22.22% - Acadia
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 ($46.3 million
which excludes Acadia's equity)
Priority distribution fee equal to 4% of gross property revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of 7.5% of hard costs
or allocable costs of Acadia
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
- ----------------------------------------------------------------------------------------------------------
Item Notes Description
- ----------------------------------------------------------------------------------------------------------
Date formed June 2004
Capital commitment $300 million
Funding $182.0 funded through December 31, 2007
million
Partnership structure
Equity 20% - Acadia
Contribution:
80% - Six institutional investors (Three are current
shareholders in Acadia as well)
Cash flow distribution: 20% - Acadia
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 (For the first 12
months, calculated on $200 million, thereafter on $240 million which excludes
Acadia's $60 million)
Property management fee equal to 4% of gross property revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of 7.5% of hard costs
or allocable costs of Acadia
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Acadia Strategic Opportunity Fund III, LLC ("Fund III") - Overview
- ----------------------------------------------------------------------------------------------------------
Item Notes Description
- ----------------------------------------------------------------------------------------------------------
Date formed May 2007
Capital commitment $503 million
Funding $52.9 million funded through December 31, 2007
Partnership structure
Equity 20% - Acadia
Contribution:
80% - 14 institutional investors (including a majority of the investors from
prior funds)
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
Construction/project management fees equal to the lesser of 7.5% of hard costs
or allocable costs of Acadia
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
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 Notes 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 Mervyns Department Stores - All capital has been returned
Investments
Albertson's - All capital has been returned
ShopKo - All capital has been returned
Rex, Marsh Supermarkets and four Albertsons add-on investments, Newkirk,
Camellia, Colorado Springs and Visalia
Partnership structure
Equity Up to $300 million of total equity
Contribution:
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
QUARTERLY SUPPLEMENTAL
DISCLOSURE
December 31, 2007
Opportunity Fund I Properties
- Detail
-----------------------------
Fund I's
Ownership Gross Leasable Area Occupancy
--------------------------- -------------- -------
% Anchors Shops Total Anchors Shops Total
--------- --------- ------- --------- ------- ------ -------
Midwest
- -----------------------------
Ohio
- -----------------------------
Granville Centre 100% 90,047 44,950 134,997 38.81% 46.74% 41.45%
--------- ------- --------- ------- ------ -------
Total - Midwest Region 90,047 44,950 134,997 38.81% 46.74% 41.45%
--------- ------- --------- ------- ------ -------
Mid-Atlantic
- -----------------------------
Various
- -----------------------------
Kroger/Safeway Portfolio (25
Properties) 75% 1,018,100 - 1,018,100 100.00% 0.00% 100.00%
--------- ------- --------- ------- ------ -------
Haygood Shopping Center
(Virginia) 50% 95,303 83,230 178,533 100.00% 84.21% 92.64%
--------- ------- --------- ------- ------ -------
New York
- -----------------------------
Tarrytown Shopping Center
(New York) 100% 15,497 19,794 35,291 100.00% 73.44% 85.10%
--------- ------- --------- ------- ------ -------
Subtotal - Fund I Operating
Properties 1,218,947 147,974 1,366,921 95.48% 71.39% 92.87%
--------- ------- --------- ------- ------ -------
Fund I Redevelopment
Properties
- ----------------------------- ---------
Sterling Heights Shopping
Center (Michigan) 50% 90,400 64,435 154,835 100.00% 25.14% 68.85%
Hitchcock Plaza (South
Carolina) 20% 146,507 70,754 217,261 89.19% 65.18% 81.37%
--------- ------- --------- ------- ------ -------
Subtotal - Fund I
Redevelopment Properties 236,907 135,189 372,096 93.31% 46.10% 76.16%
- ----------------------------- --------- --------- ------- --------- ------- ------ -------
--------- ------- --------- ------- ------ -------
Fund I Grand Total 1,455,854 283,163 1,739,017 95.13% 59.31% 89.30%
--------- ------- --------- ------- ------ -------
QUARTERLY SUPPLEMENTAL
DISCLOSURE
December 31, 2007
Opportunity Fund I Properties
- Detail
-----------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square Foot
---------------------------------- --------------------------
Anchors Shops Total Anchors Shops Total
----------- ---------- ----------- ------- ------ -----------
Midwest
- -----------------------------
Ohio
- -----------------------------
Granville Centre 450,336 212,750 663,086 12.88 10.13 11.85
----------- ---------- ----------- ------- ------ -----------
Total - Midwest Region 450,336 212,750 663,086 12.89 10.12 11.85
----------- ---------- ----------- ------- ------ -----------
Mid-Atlantic
- -----------------------------
Various
- -----------------------------
Kroger/Safeway Portfolio (25
Properties) 7,362,811 - 7,362,811 7.23 - 7.23
----------- ---------- ----------- ------- ------ -----------
Haygood Shopping Center
(Virginia) 636,207 1,131,322 1,767,529 6.68 16.14 10.69
----------- ---------- ----------- ------- ------ -----------
New York
- -----------------------------
Tarrytown Shopping Center
(New York) 475,000 442,164 917,164 30.65 30.42 30.54
----------- ---------- ----------- ------- ------ -----------
Subtotal - Fund I Operating
Properties 8,924,354 1,786,236 10,710,590 7.67 16.91 8.44
----------- ---------- ----------- ------- ------ -----------
Fund I Redevelopment
Properties
- -----------------------------
Sterling Heights Shopping
Center (Michigan) 526,600 114,619 641,219 5.83 7.08 6.02
Hitchcock Plaza (South
Carolina) 740,310 646,632 1,386,942 5.67 14.02 7.85
----------- ---------- ----------- ------- ------ -----------
Subtotal - Fund I
Redevelopment Properties 1,266,910 761,251 2,028,161 5.73 12.22 7.16
- ----------------------------- ----------- ---------- ----------- ------- ------ -----------
----------- ---------- ----------- ------- ------ -----------
Fund I Grand Total $10,191,264 $2,547,487 $12,738,751 $7.36 $15.17 $8.20
----------- ---------- ----------- ------- ------ -----------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced. Tenants
who comprise greater than 10% of a center's GLA are considered anchor tenants
for the purposes of the above table.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
FUND I
Top Tenants - Ranked by Annualized Base
Rent
--------------------------------------------------------
Percentage of Total
Represented by Tenant
--------------------------------------------
Number of
Stores in Total Annualized Base Total Annualized Base
Ranking Tenant JV Portfolio GLA Rent 1 Portfolio GLA Rent 2
2
- ---------- --------------------------------------------- -------------- --------------- -------------- -----------------------------
1 Kroger 3 12 413,100 $2,769,256 36.1% 32.3%
2 Safeway 4 13 350,475 2,752,853 30.6% 32.1%
3 Walgreens 1 15,497 475,000 1.4% 5.5%
4 Farm Fresh 1 27,000 168,750 2.4% 2.0%
5 Burlington Coat Factory 1 35,200 140,800 3.1% 1.6%
-------------- -------------- --------------- -------------- -----------------------------
Total 28 841,272 $6,306,658 73.5% 73.5%
============== ============== =============== ============== =============================
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 Square footage and base rents for the Kroger/Safeway portfolio and other
properties for which Fund I owns less than 100% are pro-rated to reflect
the Funds partial ownership.
3 Kroger has sub-leased 4 of these locations to supermarket tenants, 2
locations to a non-supermarket tenant and ceased operations at one other
location. Kroger is obligated to pay rent through the full term of all
these leases which expire in 2009. Base rent as reflected above is net of
25% minority interest.
4 Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non-supermarket tenant and ceased operations at one other
location. Safeway is obligated to pay rent through the full term of all
these leases which expire in 2009. Base rent as reflected above is net of
25% minority interest.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Fund I - Valuation
-------------------------------------------------------------
Other
Total Kroger/Safeway Properties 1
--------------------------------------------
Gross asset value $ 62,500 $ 31,000 $ 31,500
Debt (28,419) (7,382) (21,037)
--------------------------------------------
Adjusted debt 34,081 23,618 10,463
---------------=============================
Additional Mervyn's return (Original capital already
returned) 6,400
---------------
Total Value Subject to Promote 40,481
---------------
General Partner (Acadia) Promote on Fund I assets x 20% 8,096
---------------
Remaining value to be allocated pro-rata to Fund I investors
(including Acadia) 32,385
---------------
Acadia's share x 22.22% 7,196
---------------
Value of Acadia's interest in remaining Fund I assets 15,292
Additional promote earned from Brandywine recapitalization -
---------------
Total value to Acadia $ 15,292
===============
Recap of Acadia Promote
-----------------------------------------------------------------------------------------
20% General Partner (Acadia) Promote on Fund I assets $ 8,096
20% General Partner (Acadia) Promote on Brandywine -
---------------
Total promote $ 8,096
===============
Per share $ 0.24
===============
-----------------------------------------------------------------------------------------
Notes:
- ------
1 Amounts adjusted for minority interests' pro-rata share of
debt (See "Debt Analysis - Detail" )
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Opportunity Fund II Properties - Detail
- ------------------------------------------------------------------------------------------------------------------------------------
Fund II's Annualized Base Rent
Ownership Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------- ----------------- ------- -------------------------------- ---------------------
% 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 Region
- -------------------
New York
- -------------------
Liberty Avenue 96% 10,880 6,208 17,088 100.00% 100.00% 100.00% 394,944 217,901 612,845 36.30 35.10 35.86
216th Street 96% 60,000 - 60,000 100.00% 0.00% 100.00% 2,340,000 225,000 2,565,000 39.00 - 42.75
------- ------ ------- ------- --------- ------- ---------- ---------- ---------- ------- ------ ------
Subtotal - Fund II
Operating
Properties 182,880 6,208 189,088 100.00% 0.00% 100.00% 3,559,944 442,901 4,002,845 19.47 - 21.17
------- ------ ------- ------- --------- ------- ---------- ---------- ---------- ------- ------ ------
Fund II
Redevelopment
Properties
- -------------------
400 East Fordham
Road 1 96% - - - - - - - - - - - -
Pelham Manor
Shopping Center 1 96% - - - - - - - - - - - -
Sherman Avenue 1 96% - - - - - - - - - - - -
CityPoint - Fund II
1 23% - - - - - - - - - - - -
Atlantic Ave.- Fund
II 1 100% - - - - - - - - - - - -
Canarsie Plaza -
Fund II 1 96% - - - - - - - - - - - -
161st Street 96% 137,334 86,187 223,521 100.00% 66.57% 87.11% 3,337,222 1,193,501 4,530,723 24.30 20.80 23.27
------- ------ ------- ------- --------- ------- ---------- ---------- ---------- ------- ------ ------
Subtotal - Fund II
Redevelopment
Properties 137,334 86,187 223,521 100.00% 66.57% 87.11% 3,337,222 1,193,501 4,530,723 24.30 20.80 23.27
- ---------------------------- ------- ------ ------- ------- --------- ------- ---------- ---------- ---------- ------- ------ ------
------- ------ ------- ------- --------- ------- ---------- ---------- ---------- ------- ------ ------
Fund II Grand
Total 320,214 92,395 412,609 100.00% 62.10% 93.02% $6,897,166 $1,636,402 $8,533,568 $21.54 $28.52 $22.23
------- ------ ------- ------- --------- ------- ---------- ---------- ---------- ------- ------ ------
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 properties are currently undergoing redevelopment.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Fund II and Fund III - New York Urban/Infill
Redevelopment Properties Total cost
- ----------------------------------------------------
to date Estimated Total
Estimated Estimated (including future project Estimated Estimated
start of square cost
footage
upon
Property Anchors/Tenants construction completion acquisition cost cost completion per Notes
cost) square
foot
- ------------------------------------------------------------------------------------------------------------------------
(in millions)
-----------------
Fund II
- ----------------------
Liberty Avenue CVS, Storage Construction completed
Post $14.0 $0.5 $14.5 125,000 $116 (1)
216th Street City of New Construction completed
York
Department of
General
Services 27.5 - 27.5 60,000 458
Pelham Manor Shopping Home Depot Construction 2nd half
Center commenced 2008 33.5 11.5 45.0 320,000 141 (1)
161st Street Various New 1st half 1st half
York City and 2008 2009
State
Agencies 49.6 15.4 65.0 232,000 280
400 East Fordham Road Sears, Construction 1st half
Walgreens, commenced 2009
Best Buy 69.6 50.4 120.0 285,000 421
Canarsie Plaza Home Depot Construction 1st half
commenced 2009 32.2 37.8 70.0 323,000 217
Sherman Avenue To be 2nd half 2nd half
determined 2008 2009 27.6 27.4 55.0 216,000 255
CityPoint (2) To be To be
determined determined 40.6 284.4 325.0 600,000 542
Atlantic Avenue To be 2nd half 2nd half
determined 2008 2009 8.1 14.9 23.0 110,000 209
--------------------------------------------------
Total Fund II 302.7 442.3 745.0 2,271,000 328
Fund III
- ----------------------
Sheepshead Bay To be To be
determined determined 20.4 88.6 109.0 240,000 454
--------------------------------------------------
Total Fund II and
Fund III $323.1 $530.9 $854.0 2,511,000 $340
==================================================
(1) Fund II acquired a ground lease interest at this property.
(2) Fund II, along with P/A Associates, Washington Square Partener and
MacFarlane Partners are co-developing CityPoint.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Retail Properties by Region
- ---------------------------
----------------------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
----------------------------------------------------------------------------------------------------------------
Anchors(1) Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals
----------------------------------------------------------------------------------------------------------------
Core Properties
- ----------------
New York Region 610,990 420,596 1,031,586 100.00% 92.29% 96.86% $12,039,180 $12,614,981 $24,654,161 $19.70 $32.50 $24.67
New England 886,435 310,410 1,196,845 100.00% 87.08% 96.65% 6,646,268 3,520,935 10,167,203 8.42 13.03 9.60
Midwest 418,710 323,167 741,877 99.65% 86.46% 93.90% 4,018,005 5,437,353 9,455,358 9.63 19.46 13.57
Mid-Atlantic 2,063,534 485,536 2,549,070 97.91% 75.49% 93.64% 20,177,594 6,731,952 26,909,545 10.83 18.37 12.07
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Total Core
Properties 3,979,669 1,539,709 5,519,378 98.88% 84.72% 94.93% $42,881,047 $28,305,221 $71,186,267 $11.65 $21.70 $14.28
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Opportunity Fund
Properties (2)
- ----------------
Midwest 202,047 44,950 246,997 72.73% 46.74% 68.00% 1,275,336 212,750 1,488,086 8.68 10.13 8.86
Mid-Atlantic 95,303 83,230 178,533 100.00% 84.21% 92.64% 636,207 1,131,322 1,767,529 6.68 16.14 10.69
New York Region 86,377 26,002 112,379 100.00% 79.78% 95.32% 3,209,944 885,065 4,095,009 37.16 42.66 38.23
Various
(Kroger/Safeway
Portfolio) 1,018,100 - 1,018,100 100.00% 0.00% 100.00% 7,362,811 - 7,362,811 7.23 - 7.23
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Total -
Opportunity
Fund Properties 1,401,827 154,182 1,556,009 96.07% 72.54% 93.74% $12,484,298 $2,229,137 $14,713,435 $9.27 $19.93 $10.09
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Redevelopment
Properties
- ----------------
Mid West 90,400 64,435 154,835 100.00% 25.14% 68.85% 526,600 114,619 641,219 5.83 7.08 6.02
Mid-Atlantic 146,507 70,754 217,261 89.19% 65.18% 81.37% 740,310 646,632 1,386,942 5.67 14.02 7.85
New York Region 137,334 86,187 223,521 100.00% 66.57% 87.11% 3,337,222 1,193,501 4,530,723 24.30 20.80 23.27
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 374,241 221,376 595,617 95.77% 54.07% 80.27% $4,604,132 $1,954,752 $6,558,884 $12.85 $16.33 $13.72
----------------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced. Tenants
who comprise greater than 10% of a center's GLA are considered anchor tenants
for the purposes of the above table.
(1) 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.
(2) Reference the "Properties - Detail" page in this supplemental report for
additional information regarding the Company's percentage interest in the
above individual Opportunity Fund properties.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Retail Properties by State - Summary
- ----------------------------------------------------------------------------------------------
-------------------------------
Ownership Percent Number of
of base rent % (1) properties
-------------------------------
Core Properties
- ----------------------------------------------------------------------------------------
Connecticut 75.0% 4.5% 2
Delaware 22.2% 5.6% 3
Illinois 100.0% 3.5% 2
Indiana 100.0% 4.7% 1
Massachusetts 100.0% 4.5% 2
Michigan 100.0% 4.9% 1
New Jersey 0.0% 17.0% 4
New York 0.0% 28.9% 10
Ohio 100.0% 2.7% 1
Pennsylvania 100.0% 8.6% 6
Rhode Island 100.0% 3.9% 1
Vermont 100.0% 3.0% 1
---------------------
Total - Core Properties 91.8% 34
---------------------
Opportunity Fund Properties (3)
- ----------------------------------------------------------------------------------------
Operating Properties
Illinois 20.0% 0.3% 1
Ohio 37.8% 0.4% 1
Virginia 18.9% 0.6% 1
New York 49.0% 1.6% 3
Various (Kroger/Safeway Portfolio) 28.3% 3.5% 25
-------------
Total - Opportunity Fund Properties 6.3% 31
---------------------
Redevelopment Properties
- ----------------------------------------------------------------------------------------
Michigan 18.9% 0.2% 1
New York 17.8% 1.5% 9
South Carolina 7.6% 0.2% 1
-------------
Total - Redevelopment Properties 1.8% 11
---------------------
100.0% 76
===================
-----------------------------
---------------------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------------------------------------------------------------
Anchors(2) Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals
---------------------------------------------------------------------------------------------------------------
Core Properties
- ----------------
Connecticut 179,993 43,197 223,190 100.00% 96.05% 99.24% $ 2,334,621 $ 693,354 $ 3,027,975 $ 28.23 $16.71 $24.38
Delaware 869,509 128,031 997,540 98.33% 90.93% 97.38% 12,798,892 3,151,397 15,950,288 14.97 27.07 16.42
Illinois 51,692 66,481 118,173 100.00% 96.61% 98.09% 225,436 1,844,727 2,070,163 4.36 28.72 17.86
Indiana 145,778 89,907 235,685 100.00% 90.37% 96.33% 1,501,049 1,331,154 2,832,203 10.30 16.38 12.48
Massachusetts 276,989 71,173 348,162 100.00% 96.31% 99.25% 1,855,550 855,109 2,710,659 6.70 12.47 7.84
Michigan 152,944 79,237 232,181 99.03% 95.50% 97.83% 1,488,801 1,463,230 2,952,031 9.83 19.34 13.00
New Jersey 541,073 293,612 834,685 100.00% 78.90% 92.58% 6,272,333 4,295,786 10,568,119 11.59 18.54 13.68
New York 733,294 324,885 1,058,179 100.00% 90.02% 96.94% 9,951,585 10,288,596 20,240,181 13.57 35.18 19.73
Ohio 68,296 87,542 155,838 100.00% 66.57% 81.22% 802,719 798,242 1,600,961 11.75 13.70 12.65
Pennsylvania 765,025 164,219 929,244 96.26% 72.32% 92.03% 3,396,829 1,724,332 5,121,161 5.87 14.52 7.34
Rhode Island 121,892 162,825 284,717 100.00% 80.78% 89.01% 935,920 1,373,706 2,309,626 7.68 10.44 9.11
Vermont 73,184 28,600 101,784 100.00% 84.38% 95.61% 1,317,312 485,588 1,802,900 18.00 20.12 18.53
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Total - Core
Properties 3,979,669 1,539,709 5,519,378 98.88% 84.72% 94.93% $42,881,047 $28,305,221 $71,186,267 $ 11.65 $21.70 $14.28
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Opportunity Fund
Properties (3)
- ----------------
Operating
Properties
Illinois 112,000 - 112,000 100.00% 0.00% 100.00% $ 825,000 $ - $ 825,000 $ 7.37 $ - $ 7.37
Ohio 90,047 44,950 134,997 38.81% 46.74% 41.45% 450,336 212,750 663,086 12.89 10.13 11.85
Virginia 95,303 83,230 178,533 100.00% 84.21% 92.64% 636,207 1,131,322 1,767,529 6.68 16.14 10.69
New York 86,377 26,002 112,379 100.00% 79.78% 95.32% 3,209,944 885,065 4,095,009 37.16 42.66 38.23
Various
(Kroger/Safeway
Portfolio) 1,018,100 - 1,018,100 100.00% 0.00% 100.00% 7,362,811 - 7,362,811 7.23 - 7.23
---------------------------------------------------------------------------------------------------------------
Total -
Opportunity
Fund
Properties 1,401,827 154,182 1,556,009 96.07% 72.54% 93.74% $12,484,298 $ 2,229,137 $14,713,435 $ 9.27 $19.93 $10.09
------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Redevelopment
Properties
- ----------------
Michigan 90,400 64,435 154,835 100.00% 25.14% 68.85% $ 526,600 $ 114,619 $ 641,219 $ 5.83 $ 7.08 $ 6.02
New York 137,334 86,187 223,521 100.00% 66.57% 87.11% 3,337,222 1,193,501 4,530,723 24.30 20.80 23.27
South Carolina 146,507 70,754 217,261 89.19% 65.18% 81.37% 740,310 646,632 1,386,942 5.67 14.02 7.85
---------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 374,241 221,376 595,617 95.77% 54.07% 80.27% $ 4,604,132 $ 1,954,752 $ 6,558,884 $ 12.85 $16.33 $13.72
------------------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced. Tenants
who comprise greater than 10% of a center's GLA are considered anchor tenants
for the purposes of the above table.
(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.
(3) Reference the "Properties - Detail" page in this supplemental report for
additional information regarding the Company's percentage interest in the
above individual Opportunity Fund properties.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Retail Properties - Detail
- ------------------------------------------------------------------------------------------------------------------------
Gross Leasable Occupancy
Area
--------------------------------------------------
Anchors Shops Total Anchors Shops Total
--------------------------------------------------
CORE PROPERTIES: Acadia's
interest
--------
New York Region
- ------------------------------------------------------------
Connecticut
- ------------------------------------------------------------
239 Greenwich Avenue( 1) 75.0% 16,834 - 16,834 100.00% - 100.00%
--------------------------------------------------
New Jersey
- ------------------------------------------------------------
Elmwood Park Shopping Center 100.0% 62,610 86,881 149,491 100.00% 100.00% 100.00%
A & P Shopping Plaza 60.0% 49,463 13,445 62,908 100.00% 100.00% 100.00%
--------------------------------------------------
Total - New Jersey 112,073 100,326 212,399 100.00% 100.00% 100.00%
--------------------------------------------------
New York
- ------------------------------------------------------------
Village Commons Shopping Center 100.0% 16,125 71,044 87,169 100.00% 97.85% 98.25%
Branch Plaza 100.0% 74,050 51,701 125,751 100.00% 96.79% 98.68%
Amboy Road 100.0% 46,964 13,126 60,090 100.00% 100.00% 100.00%
Bartow Avenue 100.0% - 14,676 14,676 - 86.79% 86.79%
Pacesetter Park Shopping Center 100.0% 52,052 44,646 96,698 100.00% 85.77% 93.43%
2914 Third Avenue 100.0% 33,500 8,900 42,400 100.00% - 79.01%
West Shore Expressway 100.0% 55,000 - 55,000 100.00% - 100.00%
West 54th Street 100.0% 4,211 5,734 9,945 100.00% 68.47% 81.82%
Crossroads Shopping Center 49.0% 200,181 110,443 310,624 100.00% 90.73% 96.70%
--------------------------------------------------
Total - New York 482,083 320,270 802,353 100.00% 89.88% 95.96%
--------------------------------------------------
Total - New York Region 610,990 420,596 1,031,586 100.00% 92.29% 96.86%
--------------------------------------------------
New England
- ------------------------------------------------------------
Connecticut
- ------------------------------------------------------------
Town Line Plaza( 2) 100.0% 163,159 43,197 206,356 100.00% 96.05% 99.17%
--------------------------------------------------
Massachusetts
- ------------------------------------------------------------
Methuen Shopping Center 100.0% 120,004 10,017 130,021 100.00% 100.00% 100.00%
Crescent Plaza 100.0% 156,985 61,156 218,141 100.00% 95.71% 98.80%
--------------------------------------------------
Total - Massachusetts 276,989 71,173 348,162 100.00% 96.31% 99.25%
--------------------------------------------------
New York
- ------------------------------------------------------------
New Loudon Center 100.0% 251,211 4,615 255,826 100.00% 100.00% 100.00%
--------------------------------------------------
Rhode Island
- ------------------------------------------------------------
Walnut Hill Plaza 100.0% 121,892 162,825 284,717 100.00% 80.78% 89.01%
--------------------------------------------------
Vermont
- ------------------------------------------------------------
The Gateway Shopping Center 100.0% 73,184 28,600 101,784 100.00% 84.38% 95.61%
--------------------------------------------------
Total - New England Region 886,435 310,410 1,196,845 100.00% 87.08% 96.65%
--------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square
Foot
-------------------------------------------------------
Anchors Shops Total Anchors Shops Total
-------------------------------------------------------
CORE PROPERTIES:
New York Region
- ----------------------------------------------------------------
Connecticut
- ----------------------------------------------------------------
239 Greenwich Avenue( 1) $1,397,621 $- $1,397,621 $83.02 $- $83.02
-------------------------------------------------------
New Jersey
- ----------------------------------------------------------------
Elmwood Park Shopping Center 1,390,460 2,086,578 3,477,038 22.21 24.02 23.26
A & P Shopping Plaza 900,000 352,985 1,252,985 18.20 26.25 19.92
-------------------------------------------------------
Total - New Jersey 2,290,460 2,439,563 4,730,023 20.44 24.32 22.27
-------------------------------------------------------
New York
- ----------------------------------------------------------------
Village Commons Shopping Center 274,125 2,031,307 2,305,432 17.00 29.22 26.92
Branch Plaza 1,111,040 1,367,744 2,478,784 15.00 27.33 19.98
Amboy Road 1,012,015 525,936 1,537,951 21.55 40.07 25.59
Bartow Avenue - 401,429 401,429 - 31.51 31.51
Pacesetter Park Shopping Center 372,562 737,915 1,110,477 7.16 19.27 12.29
2914 Third Avenue 700,000 - 700,000 20.90 - 20.90
West Shore Expressway 1,265,000 - 1,265,000 23.00 - 23.00
West 54th Street 1,349,821 1,319,732 2,669,553 320.55 336.15 328.07
Crossroads Shopping Center 2,266,536 3,791,355 6,057,891 11.32 37.84 20.17
-------------------------------------------------------
Total - New York 8,351,099 10,175,418 18,526,517 17.32 35.35 24.06
-------------------------------------------------------
Total - New York Region 12,039,180 12,614,981 24,654,161 19.70 32.50 24.67
-------------------------------------------------------
New England
- ----------------------------------------------------------------
Connecticut
- ----------------------------------------------------------------
Town Line Plaza( 2) 937,000 693,354 1,630,354 14.23 16.71 15.19
-------------------------------------------------------
Massachusetts
- ----------------------------------------------------------------
Methuen Shopping Center 736,464 222,225 958,689 6.14 22.18 7.37
Crescent Plaza 1,119,086 632,884 1,751,970 7.13 10.81 8.13
-------------------------------------------------------
Total - Massachusetts 1,855,550 855,109 2,710,659 6.70 12.47 7.84
-------------------------------------------------------
New York
- ----------------------------------------------------------------
New Loudon Center 1,600,486 113,178 1,713,664 6.37 24.52 6.70
-------------------------------------------------------
Rhode Island
- ----------------------------------------------------------------
Walnut Hill Plaza 935,920 1,373,706 2,309,626 7.68 10.44 9.11
-------------------------------------------------------
Vermont
- ----------------------------------------------------------------
The Gateway Shopping Center 1,317,312 485,588 1,802,900 18.00 20.12 18.53
-------------------------------------------------------
Total - New England Region 6,646,268 3,520,935 10,167,203 8.42 13.03 9.60
-----------------------------------------------------
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.
Gross Leasable Occupancy
Area
--------------------------------------------------
Anchors Shops Total Anchors Shops Total
--------------------------------------------------
CORE PROPERTIES (continued): Acadia's
interest
--------
Midwest
- --------------------------------------------------------
Illinois
- --------------------------------------------------------
Hobson West Plaza 100.0% 51,692 47,216 98,908 100.00% 95.22% 97.72%
Clark Diversey 100.0% - 19,265 19,265 - 100.00% 100.00%
------------------------------------------------------
Total - Illinois 51,692 66,481 118,173 100.00% 96.61% 98.09%
------------------------------------------------------
Indiana
- --------------------------------------------------------
Merrillville Plaza 100.0% 145,778 89,907 235,685 100.00% 90.37% 96.33%
Michigan
- --------------------------------------------------------
Bloomfield Towne Square 100.0% 152,944 79,237 232,181 99.03% 95.50% 97.83%
Ohio
- --------------------------------------------------------
Mad River Station (1) 100.0% 68,296 87,542 155,838 100.00% 66.57% 81.22%
------------------------------------------------------
Total - Midwest Region 418,710 323,167 741,877 99.65% 86.46% 93.90%
------------------------------------------------------
Mid-Atlantic
- --------------------------------------------------------
New Jersey
- --------------------------------------------------------
Marketplace of Absecon 100.0% 58,031 47,104 105,135 100.00% 89.51% 95.30%
Ledgewood Mall 100.0% 370,969 146,182 517,151 100.00% 61.00% 88.98%
------------------------------------------------------
Total - New Jersey 429,000 193,286 622,286 100.00% 67.95% 90.04%
------------------------------------------------------
Delaware
- --------------------------------------------------------
Brandywine Town Center 22.2% 830,659 44,249 874,908 98.25% 98.94% 98.28%
Market Square Shopping Center 22.2% 38,850 63,812 102,662 100.00% 82.53% 89.14%
Naamans Road - Core 22.2% - 19,970 19,970 0.00% 100.00% 100.00%
------------------------------------------------------
Total - Delaware 869,509 128,031 997,540 98.33% 90.93% 97.38%
------------------------------------------------------
Pennsylvania
- --------------------------------------------------------
Blackman Plaza 100.0% 112,051 13,213 125,264 100.00% 28.97% 92.51%
Mark Plaza 100.0% 157,595 58,806 216,401 100.00% 74.32% 93.02%
Plaza 422 100.0% 132,845 22,304 155,149 78.47% 13.45% 69.12%
Route 6 Plaza 100.0% 146,498 29,007 175,505 100.00% 100.00% 100.00%
Chestnut Hill (2) 100.0% 31,420 9,150 40,570 100.00% 100.00% 100.00%
Abington Towne Center (3) 100.0% 184,616 31,739 216,355 100.00% 94.75% 99.23%
------------------------------------------------------
Total - Pennsylvania 765,025 164,219 929,244 96.26% 72.32% 92.03%
------------------------------------------------------
Total - Mid-Atlantic Region 2,063,534 485,536 2,549,070 97.91% 75.49% 93.64%
------------------------------------------------------
------------------------------------------------------
Total - Core Properties 3,979,669 1,539,709 5,519,378 98.88% 84.72% 94.93%
------------------------------------------------------
------------------------------------------------------
Total - Core Properties -
weighted based on ownership interest (4) 3,177,279 1,378,423 4,555,701 98.95% 83.96% 94.42%
------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square
Foot
-------------------------------------------------------
Anchors Shops Total Anchors Shops Total
-------------------------------------------------------
CORE PROPERTIES (continued):
Midwest
- --------------------------------------------------------------
Illinois
- --------------------------------------------------------------
Hobson West Plaza $225,436 $1,040,861 $1,266,297 $4.36 $23.15 $13.10
Clark Diversey - 803,866 803,866 - 41.73 41.73
---------------------------------------------------------
Total - Illinois 225,436 1,844,727 2,070,163 4.36 28.72 17.86
---------------------------------------------------------
Indiana
- --------------------------------------------------------------
Merrillville Plaza 1,501,049 1,331,154 2,832,203 10.30 16.38 12.48
Michigan
- --------------------------------------------------------------
Bloomfield Towne Square 1,488,801 1,463,230 2,952,031 9.83 19.34 13.00
Ohio
- --------------------------------------------------------------
Mad River Station (1) 802,719 798,242 1,600,961 11.75 13.70 12.65
---------------------------------------------------------
Total - Midwest Region 4,018,005 5,437,353 9,455,358 9.63 19.46 13.57
---------------------------------------------------------
Mid-Atlantic
- --------------------------------------------------------------
New Jersey
- --------------------------------------------------------------
Marketplace of Absecon 984,014 639,845 1,623,859 16.96 15.18 16.21
Ledgewood Mall 2,997,859 1,216,378 4,214,237 8.08 13.64 9.16
---------------------------------------------------------
Total - New Jersey 3,981,873 1,856,223 5,838,096 9.28 14.13 10.42
---------------------------------------------------------
Delaware
- --------------------------------------------------------------
Brandywine Town Center 12,237,376 801,553 13,038,928 14.99 18.31 15.16
Market Square Shopping Center 561,516 1,469,557 2,031,073 14.45 27.90 22.19
Naamans Road - Core - 880,287 880,287 - 44.08 44.08
---------------------------------------------------------
Total - Delaware 12,798,892 3,151,397 15,950,288 14.97 27.07 16.42
---------------------------------------------------------
Pennsylvania
- --------------------------------------------------------------
Blackman Plaza 268,519 20,400 288,919 2.40 5.33 2.49
Mark Plaza 652,095 351,683 1,003,778 4.14 8.05 4.99
Plaza 422 407,520 36,500 444,020 3.91 12.17 4.14
Route 6 Plaza 806,351 318,580 1,124,931 5.50 10.98 6.41
Chestnut Hill (2) 992,344 300,028 1,292,372 31.58 32.79 31.86
Abington Towne Center (3) 270,000 697,141 967,141 10.00 23.18 16.95
---------------------------------------------------------
Total - Pennsylvania 3,396,829 1,724,332 5,121,161 5.87 14.52 7.34
---------------------------------------------------------
Total - Mid-Atlantic Region 20,177,594 6,731,952 26,909,545 10.83 18.37 12.07
--------------------------------------------------------
---------------------------------------------------------
Total - Core Properties $42,881,047 $28,305,221 $71,186,267 $11.65 $21.70 $14.28
---------------------------------------------------------
---------------------------------------------------------
Total - Core Properties -
weighted based on ownership interest (4) $31,060,730 $23,779,279 $54,840,009 $9.88 $20.55 $12.75
---------------------------------------------------------
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.
Gross Leasable Occupancy
Area
--------------------------------------------------
Anchors Shops Total Anchors Shops Total
--------------------------------------------------
OPPORTUNITY FUND PROPERTIES: Acadia's
interest
--------
FUND I Properties
- --------------------------------------------------------
Ohio
- --------------------------------------------------------
Granville Centre 37.8% 90,047 44,950 134,997 38.81% 46.74% 41.45%
------------------------------------------------------
Total - Midwest Region 90,047 44,950 134,997 38.81% 46.74% 41.45%
------------------------------------------------------
Virginia
- --------------------------------------------------------
Haygood Shopping Center (1) 18.9% 95,303 83,230 178,533 100.00% 84.21% 92.64%
------------------------------------------------------
Total - Mid-Atlantic Region 95,303 83,230 178,533 100.00% 84.21% 92.64%
------------------------------------------------------
New York
- --------------------------------------------------------
Tarrytown Shopping Center 37.8% 15,497 19,794 35,291 100.00% 73.44% 85.10%
------------------------------------------------------
Total - New York Region 15,497 19,794 35,291 100.00% 73.44% 85.10%
------------------------------------------------------
Various Regions
- --------------------------------------------------------
Kroger/Safeway Portfilio (2) 28.3% 1,018,100 - 1,018,100 100.00% - 100.00%
------------------------------------------------------
Total - Fund I Properties 1,218,947 147,974 1,366,921 95.48% 71.39% 92.87%
------------------------------------------------------
FUND II Properties
- --------------------------------------------------------
Illinois
- --------------------------------------------------------
Oakbrook 20.0% 112,000 - 112,000 100.00% - 100.00%
------------------------------------------------------
Total - Midwest Region 112,000 - 112,000 100.00% - 100.00%
------------------------------------------------------
New York
- --------------------------------------------------------
Liberty Avenue 19.2% 10,880 6,208 17,088 100.00% 100.00% 100.00%
216th Street 19.2% 60,000 - 60,000 100.00% - 100.00%
------------------------------------------------------
Total - New York Region 70,880 6,208 77,088 100.00% 100.00% 100.00%
------------------------------------------------------
Total - Fund II Properties 182,880 6,208 189,088 100.00% 100.00% 100.00%
------------------------------------------------------
------------------------------------------------------
Total - Opportunity Fund Operating Properties 1,401,827 154,182 1,556,009 96.07% 72.54% 93.74%
------------------------------------------------------
------------------------------------------------------
Core & Opportunity Fund - Operating Properties weighted based on
ownership interest 3,559,662 1,419,806 4,979,467 98.48% 83.48% 94.21%
------------------------------------------------------
REDEVELOPMENT PROPERTIES
- ------------------------------------------------------------------------------------------------------------------------
Sterling Heights Shopping Center - Fund I (1) 18.9% 90,400 64,435 154,835 100.00% 25.14% 68.85%
Hitchcock Plaza - Fund I (3) 7.6% 146,507 70,754 217,261 89.19% 65.18% 81.37%
400 East Fordham Road - Fund II 19.2% - - - - - -
Pelham Manor Shopping Plaza - Fund II 19.2% - - - - - -
Sherman Avenue at Broadway - Fund II 19.2% - - - - - -
CityPoint - Fund II (4) 4.9% - - - - - -
Atlantic Ave.- Fund II 20.0% - - - - - -
Canarsie Plaza - Fund II 19.2% - - - - - -
Westport - Fund III 20.0% - - - - - -
Sheepshead Bay - Fund III 19.2% - - - - - -
161st Street - Fund II 19.2% 137,334 86,187 223,521 100.00% 66.57% 87.11%
------------------------------------------------------
------------------------------------------------------
Total - Redevelopment Properties 374,241 221,376 595,617 95.77% 54.07% 80.27%
------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square
Foot
-------------------------------------------------------
Anchors Shops Total Anchors Shops Total
-------------------------------------------------------
OPPORTUNITY FUND PROPERTIES:
FUND I Properties
- ----------------------------------------------------------------
Ohio
- ----------------------------------------------------------------
Granville Centre 450,336 212,750 663,086 12.88 10.13 11.85
-------------------------------------------------------
Total - Midwest Region 450,336 212,750 663,086 12.89 10.12 11.85
-------------------------------------------------------
Virginia
- ----------------------------------------------------------------
Haygood Shopping Center (1) 636,207 1,131,322 1,767,529 6.68 16.14 10.69
-------------------------------------------------------
Total - Mid-Atlantic Region 636,207 1,131,322 1,767,529 6.68 16.14 10.69
--------------------------------------------------------
New York
- ----------------------------------------------------------------
Tarrytown Shopping Center 475,000 442,164 917,164 30.65 30.42 30.54
-------------------------------------------------------
Total - New York Region 475,000 442,164 917,164 30.65 30.42 30.54
-------------------------------------------------------
Various Regions
- ----------------------------------------------------------------
Kroger/Safeway Portfilio (2) 7,362,811 - 7,362,811 7.23 - 7.23
-------------------------------------------------------
Total - Fund I Properties 8,924,354 1,786,236 10,710,590 7.67 16.91 8.44
-------------------------------------------------------
FUND II Properties
- ----------------------------------------------------------------
Illinois
- ----------------------------------------------------------------
Oakbrook 825,000 - 825,000 7.37 - 7.37
-------------------------------------------------------
Total - Midwest Region 825,000 - 825,000 7.37 - 7.37
-------------------------------------------------------
New York
- ----------------------------------------------------------------
Liberty Avenue 394,944 217,901 612,845 36.30 35.10 35.86
216th Street 2,340,000 225,000 2,565,000 39.00 - 42.75
-------------------------------------------------------
Total - New York Region 2,734,944 442,901 3,177,845 38.59 71.34 41.22
-------------------------------------------------------
Total - Fund II Properties 3,559,944 442,901 4,002,845 19.47 71.34 21.17
-------------------------------------------------------
-------------------------------------------------------
Total - Opportunity Fund Operating Properties $12,484,298 $2,229,137 $14,713,435 $9.27 $19.93 $10.09
-------------------------------------------------------
-------------------------------------------------------
Core & Opportunity Fund - Operating Properties weighted based on
ownership interest $34,306,953 $24,325,492 $58,632,445 $9.79 $20.52 $12.50
-------------------------------------------------------
REDEVELOPMENT PROPERTIES
- ------------------------------------------------------------------------------------------------------------------------
Sterling Heights Shopping Center - Fund I (1) $526,600 $114,619 $641,219 $5.83 $7.08 $6.02
Hitchcock Plaza - Fund I (3) 740,310 646,632 1,386,942 5.67 14.02 7.85
400 East Fordham Road - Fund II - - - - - -
Pelham Manor Shopping Plaza - Fund II - - - - - -
Sherman Avenue at Broadway - Fund II - - - - - -
CityPoint - Fund II (4) - - - - - -
Atlantic Ave.- Fund II - - - - - -
Canarsie Plaza - Fund II - - - - - -
Westport - Fund III - - - - - -
Sheepshead Bay - Fund III - - - - - -
161st Street - Fund II 3,337,222 1,193,501 4,530,723 24.30 20.80 23.27
-------------------------------------------------------
-------------------------------------------------------
Total - Redevelopment Properties $4,604,132 $1,954,752 $6,558,884 $12.85 $16.33 $13.72
-------------------------------------------------------
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) Fund I has a 50% interest in these properties.
(2) Fund I portfolio of 25 triple-net, anchor-only leases with Kroger and
Safeway supermarkets.
Storage Post Properties
Location Square
Feet
- ----------------------------
New York:
Bruckner Blvd
(Bronx) 115,000
Fordham Road
(Bronx) 102,000
Webster Ave
(Bronx) 51,000
Lawrence 135,000
Long Island City
(Queens) 210,000
New Rochelle
(Westchester) 65,000
Ridgewood
(Queens) 125,000
Suffern 103,000
Yonkers
(Westchester) 125,000
New Jersey:
Jersey City 99,000
Linden 105,000
----------
Total Storage
Post 1,235,000
==========
- ----------------------------
- ----------------------------
Acadia properties with a
self storage component
Location Square
Feet
- ----------------------------
Liberty (Queens) 98,500
Canarsie
(Brooklyn) 91,540
Atlantic Ave.
(Brooklyn) 114,480
Pelham Manor
(Westchester) 89,076
----------
Total Acadia 393,596
==========
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Cash (2) GAAP (3) Cash (2) GAAP (3) Cash (2)GAAP (3) Cash (2) GAAP (3) Cash (2)GAAP (3)
Year-to-Date 3 months ended 3 months ended 3 months ended 3 months ended Year ended
New and Renewal December 31, 2007 December 31, 2007 September 30, June 30, 2007 March 31, 2007 December 31,
Rent Spreads (1) 2007 2006
- ------------------- ------------------ ------------------ ---------------- ------------------ ---------------- -------------
New leases
Number of new
leases commencing 23 23 4 4 5 5 6 6 8 8 18
GLA 101,019 101,019 29,228 29,228 38,886 38,886 17,234 17,234 15,671 15,671 73,273
New base rent $ 19.25 $ 20.77 $ 12.42 $ 12.89 $ 18.35 $ 19.97 $ 25.94 $ 27.96 $ 26.84 $ 29.53 $ 15.30
Previous base rent
(and percentage
rent) $ 12.99 $ 12.79 $ 7.70 $ 7.46 $ 10.74 $ 10.27 $ 15.81 $ 15.99 $ 25.33 $ 25.49 $ 11.19
Percentage growth
in base rent 48.2% 62.3% 61.3% 72.8% 70.9% 94.4% 64.1% 74.9% 6.0% 15.8% 36.7%
Average cost per
square foot $ 20.63 $ 20.63 $ 5.06 $ 5.06 $ 27.62 $ 27.62 $ 40.13 $ 40.13 $ 10.85 $ 10.85 $ 13.52
Renewal leases
Number of renewal
leases commencing 43 43 6 6 11 11 9 9 17 17 47
GLA expiring 348,505 348,505 82,048 82,048 47,434 47,434 119,549 119,549 99,474 99,474 287,107
Renewal percentage 75% 75% 89% 89% 78% 78% 57% 57% 84% 84% 71%
New base rent $ 12.23 $ 12.51 $ 7.83 $ 7.83 $ 16.43 $ 16.97 $ 10.67 $ 10.99 $ 15.48 $ 15.85 $ 15.25
Expiring base rent
(and percentage
rent) $ 11.34 $ 11.06 $ 7.38 $ 7.29 $ 15.10 $ 14.80 $ 10.19 $ 9.70 $ 14.07 $ 13.79 $ 13.60
Percentage growth
in base rent 7.8% 13.1% 6.1% 7.4% 8.8% 14.7% 4.7% 13.3% 10.0% 14.9% 12.2%
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
Total new and
renewal Leases
Number of new and
renewal leases
commencing 66 66 10 10 16 16 15 15 25 25 65
GLA commencing 363,175 363,175 102,251 102,251 75,885 75,885 85,377 85,377 99,663 99,663 277,032
New base rent $ 14.18 $ 14.81 $ 9.14 $ 9.28 $ 17.41 $ 18.51 $ 13.75 $ 14.42 $ 17.27 $ 18.00 $ 15.27
Expiring base rent
(and percentage
rent) $ 11.80 $ 11.54 $ 7.47 $ 7.34 $ 12.87 $ 12.48 $ 11.32 $ 10.97 $ 15.84 $ 15.63 $ 12.96
Percentage growth
in base rent 20.2% 28.3% 22.4% 26.4% 35.4% 48.3% 21.4% 31.4% 9.0% 15.2% 17.8%
Average cost per
square foot $ 5.74 $ 5.74 $ 1.45 $ 1.45 $ 14.15 $ 14.15 $ 8.10 $ 8.10 $ 1.71 $ 1.71 $ 3.57
------------------ ------------------ ---------------- ------------------ ----------------
(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.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Top Tenants - Ranked by Annualized Base Rent
- -----------------------------------------------------------------------------------------------------------
(Combined basis - Includes pro-rata share of GLA and rent for JV properties)
Core Portfolio Opportunity Funds (2)
--------------------------------------- ---------------------
Wholly Owned Joint Ventures
--------------------- -----------------
Number of
Retail stores in Total Annualized Total Annualized Total Annualized
Base Base Base
Ranking Tenant combined GLA Rent (1) GLA Rent (1) GLA Rent (1)
portfolio
- ---------------------- -------------------------------------------------------------------------------------------------
1 A&P (Waldbaum's) 5 197,502 $ 3,521,744 18,722 $246,960 - -
--
A&P/Waldbaum's/Pathmark 5 197,502 3,521,744 18,722 246,960 - -
2 Albertson's 4 220,625 3,012,896 - - - -
-- Shaw's 3 175,801 2,358,192 - - - -
-- Acme 1 44,824 654,704 - - - -
3 T.J. Maxx 8 230,627 1,765,051 6,972 88,189 - -
-- T.J. Maxx 4 88,200 726,300 6,972 88,189 - -
-- Marshalls 3 102,781 731,494 - - - -
-- Homegoods 1 39,646 307,257 - - - -
4 Sears 5 390,270 1,355,279 49,355 277,463 - -
-- Kmart 4 329,570 1,097,279 49,355 277,463 - -
-- Sears 1 60,700 258,000 - - - -
5 Wal-Mart 2 210,114 1,515,409 - - - -
6 Ahold 2 117,911 1,299,264 - - - -
-- Stop and Shop 2 117,911 1,299,264 - - - -
7 Home Depot 2 211,003 1,009,646 - - - -
8 Circuit City 2 59,278 949,921 - - - -
9 Price Chopper 1 77,450 804,059 - - - -
10 Restoration Hardware 1 9,220 780,864 - - - -
11 Kroger( 5) 12 - - - - 156,069 1,046,225
12 Safeway (6) 13 - - - - 132,409 1,040,028
13 Sleepy's 5 35,745 683,429 - - - -
Federated Department
14 Stores (Macy's) 1 73,349 651,245 - - - -
15 Walgreens 2 14,837 435,000 5,855 179,455
16 CVS 4 28,600 482,939 - - 2,176 78,989
17 Payless Shoesource 9 26,225 488,090 1,514 52,994 952 10,473
18 Limited Brands - Express 1 12,882 510,344 - - - -
19 JC Penney 1 50,000 495,000 - - - -
20 Border's 1 18,538 482,000 - - - -
---------- --------- ----------- ------ ---------- ------- ----------
Total 81 1,984,176 $20,242,180 76,563 $665,606 297,461 2,355,170
========== ========= =========== ====== ========== ======= ==========
Percentage of Total
Combined Represented by Retail
Tenant
--------------------- ----------------------
Average
Gross
Total Annualized Total Annualized Average Occupancy
Base Base
Ranking GLA Rent (1) Portfolio Rent (3) Sales (per Cost (4)
GLA( 3) sq. ft.)
- ------- ------------------------------------------------------------------
1 216,224 $ 3,768,704 4.7% 6.7%
216,224 3,768,704 4.7% 6.7% 351 5.8%
2 220,625 3,012,896 4.8% 5.3%
175,801 2,358,192 3.8% 4.2% 416 3.1%
44,824 654,704 1.0% 1.2% 270 7.3%
3 237,599 1,853,240 5.1% 3.3%
95,172 814,489 2.1% 1.4% 274 4.1%
102,781 731,494 2.2% 1.3% 188 6.0%
39,646 307,257 0.9% 0.5% 153 6.3%
4 439,625 1,632,742 9.5% 2.9%
378,925 1,374,742 8.2% 2.4% 198 4.0%
60,700 258,000 1.3% 0.5% 215 2.8%
5 210,114 1,515,409 4.5% 2.7% 293 3.6%
6 117,911 1,299,264 2.5% 2.3%
117,911 1,299,264 2.5% 2.3% 353 3.6%
7 211,003 1,009,646 4.6% 1.8% - -
8 59,278 949,921 1.3% 1.7% - -
9 77,450 804,059 1.7% 1.4% 674 1.9%
10 9,220 780,864 0.2% 1.4% 495 16.6%
11 156,069 1,046,225 3.4% 1.9% - -
12 132,409 1,040,028 2.9% 1.8% - -
13 35,745 683,429 0.8% 1.2% - -
14 73,349 651,245 1.6% 1.2% 210 6.7%
15 20,692 614,455 0.4% 1.1% 210 6.7%
16 30,776 561,928 0.7% 1.0% 495 4.4%
17 28,691 551,557 0.6% 1.0% - -
18 12,882 510,344 0.3% 0.9% - -
19 50,000 495,000 1.1% 0.9% 206 6.5%
--------- ----------
20 18,538 482,000 0.4% 0.9%
--------- ----------- ---------- -----------
2,358,200 $23,262,956 50.9% 41.2%
========= =========== ========== ===========
(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) Includes Funds I and II. The above amounts represent the Company's pro-rata
share of square footage and rent.
(3) Represents total GLA and annualized base rent for the Company's retail
properties including its pro-rata share of joint venture properties.
(4) Occupancy cost = Gross rents (base rent, percentage rent and expense
reimbursements) divided by sales. * indicates not all locations are
required to report sales. Amount is left blank if the tenant is not
required to report sales at any of the locations.
(5) Kroger has sub-leased 4 of these locations to supermarket tenants, 2
locations to a non-supermarket tenant and ceased operations at one other
location.
(6) Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non-supermarket tenant and ceased operations at one other
location.
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Anchor Detail
--------------------------------
- ---------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent PSF Options
- ---------------------------------------------------------------------------------------------------
(The below detail does not include space which is currently leased, but for which rent payment has not yet commenced)
Retail Anchor Properties- Core Portfilio
- ---------------------------------------
New York Region
- ---------------------------------------
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
--------- ------------------
Property total 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 47,773 11/30/2017 955,460 20.00 (7) 5 Year
--------- ------------------
Property total 62,610 1,390,460 22.21
--------- ------------------
A&P Shopping Plaza
A&P 49,463 10/26/2024 900,000 18.20 (9) 5 Year
--------- ------------------
Property total 49,463 900,000 18.20
--------- ------------------
New York
--------------------------------------
Village Commons Shopping Center
Daffy's 16,125 1/7/2008 274,125 17.00 (4) 5 Year
--------- ------------------
Property total 16,125 274,125 17.00
--------- ------------------
Branch Plaza
CVS 11,050 5/31/2010 190,076 17.20 -
A&P 63,000 11/30/2013 920,964 14.62 (3) 5 Year
--------- ------------------
Property Total: 74,050 1,111,040 15.00
--------- ------------------
Amboy Shopping Center
Waldbaum's 37,266 7/6/2028 745,320 20.00 -
Duane Reed 9,698 8/31/2008 266,695 27.50 (2) 5 Year
--------- ------------------
Property total 46,964 1,012,015 21.55
--------- ------------------
Pacesetter Park Shopping Center, Pomona
Stop & Shop 52,052 8/31/2020 372,562 7.16 (2) 10 Year
--------- ------------------
Property total 52,052 372,562 7.16
--------- ------------------
2914 Third Avenue
Dr. J's 33,500 1/31/2021 700,000 20.90
--------- ------------------
Property total 33,500 700,000 20.90
--------- ------------------
LA Fitness, Staten Island
LA Fitness 55,000 1/31/2021 1,265,000 23.00
--------- ------------------
55,000 1,265,000 23.00
--------- ------------------
West 54th Street
Stage Deli 4,211 4/30/2011 1,349,821 320.55
--------- ------------------
4,211 1,349,821 320.55
--------- ------------------
Crossroads Shopping Center, White Plains (49% jv)
Kmart 100,725 1/31/2012 566,250 $5.62 (4) 5 Year
Waldbaum's 38,208 12/31/2007 504,000 13.19 (5) 5 Year
B. Dalton (Barnes & Noble) 12,430 5/28/2012 397,760 32.00 (2) 5 Year
Pier 1 8,818 2/29/2012 282,176 32.00 -
Pay Half 15,000 12/31/2007 322,600 21.51 -
Modell's 25,000 2/28/2009 193,750 7.75 (2) 5 Year
--------- ------------------
Property total 200,181 2,266,536 11.32
--------- ------------------
Total: New York Region 610,990 12,039,180 19.70
--------- ------------------
Retail Anchor Properties- Core Portfolio (continued)
- ------------------------------------------------------------
New England
- ---------------------------------------
Connecticut
--------------------------------------
Town Line Plaza, Rocky Hill
Wal*Mart( 1) 97,300 - $- $- REA Agreement
Super Stop & Shop 65,859 11/30/2023 937,000 14.23 (8) 5 Year
--------- ------------------
Property total 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 1/31/2015 109,656 3.60 (1) 5 Year
Wal*Mart 89,544 1/31/2012 626,808 7.00 (8) 5 Year
--------- ------------------
Property total 120,004 736,464 6.14
--------- ------------------
Crescent Plaza, Brockton
Home Depot 106,760 10/31/2021 602,126 5.64 (7) 5 Year
Shaw's (Albertsons) 50,225 12/31/2012 516,960 10.29 (6) 5 Year
--------- ------------------
Property total 156,985 1,119,086 7.13
--------- ------------------
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 158,151 4.25 (3) 5 Year
Price Chopper 77,450 5/31/2015 804,058 10.38 (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
--------- ------------------
Property total 251,211 1,600,486 6.37
--------- ------------------
Rhode Island
--------------------------------------
Walnut Hill Plaza, Woonsocket
Sears 60,700 8/31/2008 258,000 4.25 (5) 5 Year
CVS 8,800 1/31/2009 154,000 17.50 (1) 5 Year
Shaw's (Albertsons) 52,392 12/31/2013 523,920 10.00 (3) 5 Year
--------- ------------------
Property total 121,892 935,920 7.68
--------- ------------------
Vermont
--------------------------------------
Gateway Shopping Center
Shaw's (Albertsons) (5) 5 Yr. & (1) 4
73,184 3/31/2024 1,317,312 18.00 Yr.
--------- ------------------
Property total 73,184 1,317,312 18.00
--------- ------------------
Total : New England 886,435 6,646,268 8.42
--------- ------------------
Midwest
- -------
Illinois
--------------------------------------
Hobson West Plaza, Naperville
Bobak's Market and Restaurant 51,692 11/30/2007 225,436 4.36 (4) 5 Year
--------- ------------------
Property total 51,692 225,436 4.36
--------- ------------------
Indiana
--------------------------------------
Merrillville Plaza, Merrillville
K & G Fashion Superstore 22,012 10/15/2017 269,647 12.25 (2) 5 Year
JC Penney 50,000 1/31/2008 495,000 9.90 (2) 5 Year
Officemax 26,157 7/31/2008 222,335 8.50 (4) 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 (1) 5 Year
--------- ------------------
Property total 145,778 1,501,049 10.30
--------- ------------------
Michigan
--------------------------------------
Bloomfield Town Square, Bloomfield Hills
Circuit City 25,984 1/31/2023 500,452 19.26 (3) 5 Year
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
--------- ------------------
Property total 151,454 1,488,801 9.85
--------- ------------------
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 -
--------- ------------------
Property total 68,296 802,719 11.75
--------- ------------------
Total: Midwest 417,220 4,018,005 9.63
--------- ------------------
Retail Anchor Properties- Core Portfilio (continued)
- ------------------------------------------------------------
Mid-Atlantic
- ---------------------------------------
New Jersey
--------------------------------------
Marketplace of Absecon, Absecon
Eckerd Drug (Brook's) 13,207 8/30/2020 329,310 24.93 (4) 5 Year
Acme Markets (Albertson) 44,824 4/30/2015 654,704 14.61 (8) 5 Year
--------- ------------------
Property total 58,031 984,014 16.96
--------- ------------------
Ledgewood Mall, Ledgewood
Circuit City 33,294 1/31/2020 449,469 13.50 (4) 5 Year
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 (3) 5 Year
(Federated) 73,349 1/31/2010 651,245 8.88
Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year
--------- ------------------
Property total 370,969 2,997,859 8.08
--------- ------------------
Delaware
--------------------------------------
Brandywine Town Center (Brandywine JV) (22.2% jv)
Lowe's Home Centers 140,000 8/31/2018 1,925,000 13.75 (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) 2 Year & (10) 35 year
Access Group 76,458 5/31/2015 1,578,857 20.65 (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 868,426 17.04 (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 479,256 20.00 (5) 5 Year
Thomasville Furniture 18,893 11/30/2011 485,487 25.70 (10) 1 Year
World Market 20,310 1/31/2015 406,200 20.00 -
Transunion Settlement 43,307 3/31/2013 966,877 22.33 (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 (3) 5 Year
MJM Designer 25,000 9/30/2015 325,000 13.00 (3) 5 Year
--------- ------------------
Property total 816,124 12,237,375 14.99
--------- ------------------
Market Square Shopping Center (Brandywine JV)
Trader Joe's 7,675 1/31/2013 164,629 21.45 (3) 5 Year
TJ Maxx 31,175 1/31/2011 396,888 12.73 (1) 5 Year
--------- ------------------
Property total 38,850 561,517 14.45
--------- ------------------
Pennsylvania
--------------------------------------
Blackman Plaza, Wilkes-Barre
Eckerd Drug (Brook's) 7,095 7/31/2016 63,855 9.00 -
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
--------- ------------------
Property total 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
--------- ------------------
Property total 157,595 652,095 4.14
--------- ------------------
Plaza 422, Lebanon
Home Depot 104,243 12/31/2028 407,520 3.91 (6) 5 Year
--------- ------------------
Property total 104,243 407,520 3.91
--------- ------------------
Route 6 Mall, Honesdale
Eckerd Drugs (Brook's) 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
--------- ------------------
Property total 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) Condominium
157,616 - - - Agreement
--------- ------------------
Property total 184,616 270,000 10.00
--------- ------------------
Chestnut Hill LLC
Express 12,882 1/31/2009 $510,344 $39.62
Borders Books 18,538 1/31/2010 482,000 26.00 (2) 5 Year
--------- ------------------
Property total 31,420 992,344 31.58
--------- ------------------
Total : Mid-Atlantic 2,020,397 20,177,594 10.83
--------- ------------------
Total: Retail Anchor Properties - Core
Portolio 3,935,042 $42,881,047 $11.65
========= ==================
(1) Target owns the portion of the main building (157,616 square feet) that
their store is located in.
Retail Anchor Properties- Opportunity Fund Portfilio
- ----------------------------------------------------
Fund I
------
Midwest Region
- --------------
Ohio
----
Granville Centre
Lifestyle Family Fitness, Inc. 34,951 1/31/2017 450,336 12.88 (2) 5 Year
---------
Total: Midwest 34,951 450,336 12.88
--------- ------------------
Mid-Atlantic Region
- ---------------------------------------
Virginia
--------------------------------------
Haygood Shopping Center
Marshalls 30,023 2/28/2017 270,207 9.00 -
Farm Fresh 54,000 8/31/2026 337,500 6.25 (15) 5 Year
Eckerd Drugs (Brook's) 11,280 11/30/2009 28,500 2.53 -
--------- ------------------
Property Total 95,303 636,207 6.68
--------- ------------------
Total : Mid-Atlantic Region 95,303 636,207 6.68
--------- ------------------
New York Region
- ---------------------------------------
New York
--------------------------------------
Tarrytown Centre
Walgreen's 15,497 6/30/2080 475,000 30.65 -
--------- ------------------
Total : New York Region 15,497 475,000 30.65
--------- ------------------
Various
- ---------------------------------------
Kroger/Safeway 1,018,100 2009 7,362,811 7.23
Total: Fund I Properties 1,163,851 8,924,354 7.67
--------- ------------------
Fund II
-------
Midwest Region
- --------------
Illinois
--------------------------------------
Acadia Oakbrook
Neiman Marcus 112,000 10/31/2011 825,000 7.37 (5) 5 Year
--------- ------------------
Total: Midwest 112,000 825,000 7.37
--------- ------------------
New York Region
- ---------------------------------------
New York
--------------------------------------
Liberty Avenue
CVS 10,880 1/31/2032 394,944 36.30 (4) 5 Year
--------- ------------------
Property Total 10,880 394,944 36.30
--------- ------------------
216th Street
New York Dept of Citywide Admin. (1) 15 Year
Services 60,000 9/19/2027 2,340,000 39.00
--------- ------------------
Property Total 60,000 2,340,000 39.00
--------- ------------------
Total : New York Region 70,880 2,734,944 38.59
--------- ------------------
`
Total: Fund II Properties 182,880 3,559,944 19.47
--------- ------------------
Total: Retail Anchor Properties -
Opportunity Funds 1,346,731 12,484,298 9.27
--------- ------------------
Redevelopment Properties
- ---------------------------------------
Midwest Region
- ---------------------------------------
Michigan
--------------------------------------
Sterling Heights
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 -
--------- ------------------
Property total 90,400 526,600 5.83
Total : Midwest Region 90,400 526,600 5.83
--------- ------------------
New York Region
- ---------------------------------------
New York
--------------------------------------
161st Street
City of New York 137,334 7/18/2011 3,337,222 24.30 -
--------- ------------------
137,334 3,337,222 24.30
--------- ------------------
Total : New York Region 137,334 3,337,222 24.30
--------- ------------------
Various
--------------------------------------
Hitchcock Plaza
Warehouse Home Furnishing 19,316 2017 86,922 4.50
Steinmart Inc. 30,000 2016 190,500 6.35
Bed, Bath & Beyond 23,000 2017 - -
Ross Dress for Less 30,039 2017 250,526 8.34
TJ Maxx 28,315 2016 212,362 7.50
--------- ------------------
Property total 130,670 740,310 5.67
--------- ------------------
Total: Redevelopment Properties 358,404 $4,604,132 $12.85
========= ==================
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Anchor Lease Expirations - Next 3 Years
=======================================================-----------------------------
Gross Leased Area Annualized Base Rent
---------------------- ----------------------------
Percent Percent Average
Square of of per
Center Anchor footage all anchors Amount all Sq. Ft.
anchors
- ------------------------------------------------------------------------------------
Core Portfolio
- -----------------
2008
Village Commons Daffy's Inc.
Shopping Center 16,125 0.44% $ 274,125 0.64% $17.00
Merrillville JC Penny Co.
Plaza 50,000 1.36% 495,000 1.15% 9.90
Merrillville Officemax Inc.
Plaza 26,157 0.71% 222,335 0.52% 8.50
Amboy Shopping Duane Reade
Center 9,698 0.26% 266,695 0.62% 27.50
Walnut Hill Plaza Sears 60,700 1.65% 258,000 0.60% 4.25
--------- ------- ---------- --------- -------
Total 2008 162,680 4.42% 1,516,155 3.53% 9.32
--------- ------- ---------- --------- -------
2009
Crossroads Modell's
Shopping Center 25,000 0.68% 193,750 0.45% 7.75
Chestnut Hill Express 12,882 0.35% 510,344 1.19% 39.62
Bloomfield Town TJ Max
Square 36,000 0.98% 261,000 0.61% 7.25
Walnut Hill Plaza CVS 8,800 0.24% 154,000 0.36% 17.50
Merrillville Pier I
Plaza 9,143 0.25% 128,002 0.30% 14.00
Merrillville TJ Max
Plaza 25,200 0.68% 195,300 0.46% 7.75
New Loudon Center AC Moore Arts
& Crafts 21,520 0.58% 221,226 0.52% 10.28
Blackman Plaza Kmart 104,956 2.85% 204,664 0.48% 1.95
Mark Plaza Kmart 104,956 2.85% 204,664 0.48% 1.95
--------- ------- ---------- --------- -------
Total 2009 348,457 9.46% 2,072,950 4.85% 5.95
--------- ------- ---------- --------- -------
2010
Chestnut Hill Borders Books 18,538 0.50% 482,000 1.12% 26.00
Methuen Shopping Demoulas
Center Supermarket 30,460 0.83% 109,656 0.26% 3.60
Ledgewood Mall Barnes & Noble 12,500 0.34% 224,000 0.52% 17.92
Ledgewood Mall Macy's 73,349 1.99% 651,245 1.52% 8.88
Ledgewood Mall Ashley
Furniture 41,806 1.14% 212,793 0.50% 5.09
Mad River Station Babies 'R' Us 33,147 0.90% 260,204 0.61% 7.85
Mad River Station Pier I Imports 10,111 0.27% 424,416 0.99% 41.98
Mad River Station Office Depot
Inc. 25,038 0.68% 315,479 0.74% 12.60
Bloomfield Town Home Goods
Square Inc. 39,646 1.08% 307,257 0.72% 7.75
Bloomfield Town Officemax Inc.
Square 21,500 0.58% 193,500 0.45% 9.00
Branch Plaza CVS Revco
Drugs 11,050 0.30% 190,076 0.44% 17.20
Merrillville David's Bridal 13,266 0.36% 190,765 0.44% 14.38
Abington Towne TJ Max
Center 27,000 0.73% 270,000 0.63% 10.00
--------- ------- ---------- --------- -------
Total 2010 357,411 9.70% 3,831,391 8.94% 10.72
--------- ------- ---------- --------- -------
Total Core Total - Next 3
Portfolio Years 868,548 23.58% $7,420,496 17.32% $ 8.54
========= ======= ========== ========= =======
Opportunity Funds
- -----------------
Fund I
- -----------------
2008 - 0.00% $ - 0.00% $ -
--------- ------- ========== ========= =======
2009
Kroger/Safeway Kroger/Safeway
portfolio 1,018,100 73.51% 7,362,811 72.25% 7.23
Haygood Shopping Eckerd Drugs
Center 11,280 0.81% 28,500 0.28% 2.53
--------- ------- ---------- --------- -------
Total 2009 1,029,380 74.32% 7,391,311 72.53% 7.18
--------- ------- ---------- --------- -------
2010 - 0.00% - 0.00% -
--------- ------- ---------- --------- -------
Total Fund I Total - Next 3
Years 1,029,380 74.32% 7,391,311 72.53% $ 7.18
========= ======= ========== ========= =======
Fund II
- -----------------
2008 - 0.00% $ - 0.00% $ -
--------- ------- ========== ========= =======
2009 - 0.00% - 0.00% -
--------- ------- ---------- --------- -------
2010 - 0.00% - 0.00% -
--------- ------- ---------- --------- -------
Total Fund II Total - Next 3
Years - 0.00% $ - 0.00% $ -
========= ======= ========== ========= =======
Total Opportunity Total - Next 3
Funds Years 1,029,380 74.32% $7,391,311 72.53% $ 7.18
========= ======= ========== ========= =======
(1) Tenant pays rent based on percentage of sales
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
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.
--------------------------------------------------------------------
Core Properties
Anchor Tenant Expirations
Month to Month 2 53,208 1.45% $ 826,600 1.93% $15.54
2008 5 162,680 4.42% 1,516,155 3.54% 9.32
2009 9 348,457 9.47% 2,072,950 4.83% 5.95
2010 14 357,411 9.72% 3,634,011 8.46% 10.17
2011 8 171,666 4.66% 4,071,957 9.50% 23.72
2012 7 365,639 9.94% 2,840,390 6.62% 7.77
2013 5 216,374 5.88% 3,276,389 7.64% 15.14
2014 6 203,092 5.52% 2,675,940 6.24% 13.18
2015 7 265,869 7.22% 4,178,514 9.74% 15.72
2016 4 43,161 1.17% 816,924 1.91% 18.93
2017 4 159,389 4.33% 2,565,573 5.98% 16.10
2018 3 330,639 8.98% 3,172,430 7.40% 9.59
2019 3 170,234 4.63% 1,044,192 2.44% 6.13
2020 4 218,211 5.93% 1,839,292 4.29% 8.43
2021 2 140,260 3.81% 1,302,126 3.04% 9.28
2022 2 69,837 1.90% 1,700,000 3.96% 24.34
2023 1 25,984 0.71% 500,452 1.17% 19.26
2024 3 188,506 5.12% 3,154,312 7.36% 16.73
2028 4 189,509 5.14% 1,692,840 3.95% 8.93
----------------------------- ----------------------------
Total Occupied 93 3,680,126 100.00% $42,881,047 100.00% $11.65
============================
------------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 44,627
----------
Total Square Feet 3,979,669
==========
------------------------------------
Core Properties
Shop Tenant Expirations
Month to Month 33 49,018 3.76% $ 953,691 3.37% $19.46
2008 66 211,184 16.19% 4,837,647 17.11% 22.91
2009 69 201,543 15.45% 4,102,777 14.49% 20.36
2010 51 168,731 12.94% 2,625,460 9.28% 15.56
2011 44 158,245 12.13% 3,343,802 11.81% 21.13
2012 35 139,083 10.66% 2,693,147 9.51% 19.36
2013 15 49,952 3.83% 1,186,352 4.19% 23.75
2014 18 84,895 6.51% 2,130,058 7.53% 25.09
2015 13 70,199 5.38% 1,379,520 4.87% 19.65
2016 8 38,365 2.94% 945,075 3.34% 24.63
2017 16 52,069 3.99% 2,135,136 7.54% 41.01
2018 4 6,805 0.52% 278,118 0.98% 40.87
2019 1 - 0.00% 51,205 0.18% -
2020 3 6,000 0.46% 144,905 0.51% 24.15
2021 2 30,270 2.32% 244,385 0.86% 8.07
2022 4 20,055 1.54% 514,959 1.82% 25.68
2026 1 8,999 0.69% 296,967 1.05% 33.00
2027 2 9,012 0.69% 442,017 1.56% 49.05
----------------------------- ----------------------------
Total Occupied 385 1,304,425 100.00% $28,305,221 100.00% $21.70
============================= ============================
------------------------------------
Total Vacant 235,284
----------
Total Square Feet 1,539,709
==========
Core Properties
Total Tenant Expirations
Month to Month 35 $ 102,226 2.05% $ 1,780,291 2.50% $17.42
2008 71 373,864 7.50% 6,353,802 8.93% 16.99
2009 78 550,000 11.03% 6,175,727 8.68% 11.23
2010 65 526,142 10.56% 6,259,471 8.79% 11.90
2011 52 329,911 6.62% 7,415,759 10.41% 22.48
2012 42 504,722 10.13% 5,533,537 7.77% 10.96
2013 20 266,326 5.34% 4,462,741 6.27% 16.76
2014 24 287,987 5.78% 4,805,998 6.75% 16.69
2015 20 336,068 6.74% 5,558,034 7.81% 16.54
2016 12 81,526 1.64% 1,761,999 2.48% 21.61
2017 20 211,458 4.24% 4,700,709 6.60% 22.23
2018 7 337,444 6.77% 3,450,548 4.85% 10.23
2019 4 170,234 3.42% 1,095,397 1.54% 6.43
2020 7 224,211 4.50% 1,984,197 2.79% 8.85
2021 4 170,530 3.42% 1,546,511 2.17% 9.07
2022 6 89,892 1.80% 2,214,959 3.11% 24.64
2023 1 25,984 0.52% 500,452 0.70% 19.26
2024 3 188,506 3.78% 3,154,312 4.43% 16.73
2026 1 8,999 0.18% 296,967 0.42% 33.00
2027 2 9,012 0.18% 442,017 0.62% 49.05
2028 4 189,509 3.80% 1,692,839 2.38% 8.93
----------------------------- ----------------------------
Total Occupied 478 $4,984,551 100.00% $71,186,267 100.00% $14.28
============================
------------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 279,911
----------
Total Square Feet 5,519,378
==========
------------------------------------
Opportunity Fund Properties
Fund I Anchor Tenant Expirations
2008 - - 0.00% $ - 0.00% $ -
2009 26 1,029,380 74.33% 7,391,311 72.53% 7.18
2012 - - 0.00% - 0.00% -
2016 2 58,315 4.21% 402,863 3.95% 6.91
2017 5 137,329 9.92% 1,057,990 10.38% 7.70
2021 - - 0.00% - 0.00% -
2024 1 70,400 5.08% 281,600 2.76% 4.00
2026 2 74,000 5.34% 582,500 5.72% 7.87
2080 1 15,497 1.12% 475,000 4.66% 30.65
----------------------------- ----------------------------
Total Occupied 37 1,384,921 100.00% $10,191,264 100.00% $ 7.36
------------------------------------
Total Vacant 70,933
----------
Total Square Feet 1,455,854
==========
Fund I Shop Tenant Expirations
Month to Month 12 22,343 13.30% $ 264,995 10.40% $11.86
2008 13 22,353 13.31% 294,617 11.57% 13.18
2009 4 12,120 7.22% 118,800 4.66% 9.80
2010 5 10,278 6.12% 206,317 8.10% 20.07
2011 11 23,176 13.80% 399,252 15.67% 17.23
2012 7 23,660 14.07% 296,175 11.63% 12.52
2014 6 14,403 8.58% 340,647 13.37% 23.65
2015 2 2,798 1.67% 47,312 1.86% 16.91
2016 1 7,752 4.62% 111,230 4.37% 14.35
2017 2 7,523 4.48% 124,788 4.90% 16.59
2020 1 5,157 3.07% 150,842 5.92% 29.25
2021 1 16,384 9.76% 192,512 7.56% -
----------------------------- ----------------------------
Total Occupied 65 167,947 100.00% $ 2,547,487 100.00% $15.17
------------------------------------
Total Vacant 115,216
----------
Total Square Feet 283,163
==========
Fund I
Total Tenant Expirations
Month to Month 12 22,343 1.44% $ 264,995 2.08% $11.86
2008 13 22,353 1.44% 294,617 2.31% 13.18
2009 30 1,041,500 67.07% 7,510,111 58.98% 7.21
2010 5 10,278 0.66% 206,317 1.62% 20.07
2011 11 23,176 1.49% 399,252 3.13% 17.23
2012 7 23,660 1.52% 296,175 2.32% 12.52
2014 6 14,403 0.93% 340,647 2.67% 23.65
2015 2 2,798 0.18% 47,312 0.37% 16.91
2016 3 66,067 4.25% 514,093 4.04% 7.78
2017 7 144,852 9.33% 1,182,778 9.28% 8.17
2020 1 5,157 0.33% 150,842 1.18% 29.25
2021 1 16,384 1.06% 192,512 1.51% 11.75
2024 1 70,400 4.53% 281,600 2.21% 4.00
2026 2 74,000 4.77% 582,500 4.57% 7.87
2080 1 15,497 1.00% 475,000 3.73% -
----------------------------- ----------------------------
Total Occupied 102 1,552,868 100.00% $12,738,751 100.00% $ 8.20
------------------------------------
Total Vacant 186,149
----------
Total Square Feet 1,739,017
==========
------------------------------------
Fund II
Anchor Tenant
Expirations
2011 1 249,334 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 3 320,214 100.00% $ 6,897,166 100.00% $21.54
------------------------------------
Total Vacant -
----------
Total Square Feet 320,214
==========
------------------------------------
Fund II
Shop Tenant Expirations
Month to Month 1 6,109 9.61% $ 35,520 2.17% $ 5.81
2011 2 24,065 37.85% 584,773 35.74% 24.30
2012 3 27,205 42.78% 573,208 35.03% 21.07
2022 1 - 0.00% 225,000 13.75% -
2027 1 6,208 9.76% 217,901 13.32% 35.10
----------------------------- ----------------------------
Total Occupied 8 63,587 100.00% $ 1,636,402 100.00% $25.73
-
------------------------------------
Total Vacant 28,808
----------
Total Square Feet 92,395
==========
------------------------------------
Fund II
Total Tenant Expirations
Month to Month 1 6,109 1.59% $ 35,520 0.42% $ 5.81
2011 3 273,399 71.24% 4,746,995 55.62% 17.36
2012 3 27,205 7.09% 573,208 6.72% 21.07
2027 2 66,208 17.25% 2,557,901 29.97% 38.63
2022 1 - 0.00% 225,000 2.64% -
2032 1 10,880 2.83% 394,944 4.63% 36.30
----------------------------- ----------------------------
Total Occupied 11 383,801 100.00% $ 8,533,568 100.00% $22.23
------------------------------------
Total Vacant 28,808
----------
Total Square Feet 412,609
==========
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2007
Property Demographics (1)
- ----------------------------------------------------------------------------------------------------
3-Mile Radius(2)
-------------------------------------
Trade Cash (2) #
Area Base Total Total Households Median Avg. HH
HH
Classification Property / City State (Miles) Rent GLA Pop. ("HH") Income Income
JV
Ownership %
- --------------------------------------------------------------------------------- -------------------------------------
Core Brandywine Wilmington DE
Town Center
& Mkt
Sq./22.22% 3 15,950,288 997,540 41,222 15,054 $83,769 $102,192
Core Elmwood Park Elmwood Park NJ
Shopping
Ctr. 3 3,477,038 149,491 257,647 83,959 52,609 62,446
Core Chestnut Philadelphia PA
Hill 3 1,292,372 40,570 148,084 59,791 53,526 65,990
Core Abington Abington PA
Towne
Center 3 967,141 216,355 91,293 34,692 66,882 82,491
Core Clark & Chicago IL
Diversey 3 803,866 19,265 419,461 213,740 58,803 81,579
Core Hobson West Naperville IL
Plaza 3 1,266,297 98,908 98,083 34,231 94,977 114,120
Core Methuen Methuen MA
Shopping
Ctr. 5 958,689 130,021 89,957 31,569 41,619 49,981
Core Crossroads White Plains NY
Shopping
Ctr. / 49% 3 6,057,891 310,624 105,870 39,349 78,556 85,621
Core The Branch Smithtown NY
Plaza 3 2,478,784 125,751 68,832 23,221 89,522 113,455
Core Amboy Road Staten NY
Island 3 1,537,951 60,090 156,384 56,991 69,666 90,260
Core Village Smithtown NY
Commons
Shopping
Ctr. 3 2,305,432 87,169 68,832 23,221 89,522 113,455
Core Bloomfield Bloomfield MI
Town Square Hills 5 2,952,031 232,181 62,528 23,953 73,997 102,234
Core Crescent Brockton MA
Plaza 3 1,751,970 218,141 99,649 34,369 46,062 56,826
Core 239 Greenwich CT
Greenwich
Avenue /
75% 5 1,397,621 16,834 67,165 24,889 97,270 125,159
Core Town Line Rocky Hill CT
Plaza 3 1,630,354 206,356 45,606 19,067 65,917 75,855
Core New Loudon Latham NY
Center 5 1,713,664 255,826 41,815 15,619 55,375 66,288
Core Pacesetter Pomona NY
Park
Shopping
Ctr. 3 1,110,477 96,698 25,618 8,209 89,598 125,526
Core 2914 Third The Bronx NY
Ave 3 700,000 42,400 1,239,853 422,421 26,865 33,419
Core LA Fitness, Staten NY
Staten Island
Island 3 1,265,000 55,000 127,542 45,026 65,178 83,167
Core West 54th Manhattan NY
Street 3 2,669,553 9,945 582,613 325,406 80,037 96,770
Core Mad River Dayton OH
Station 5 1,600,961 155,838 58,692 25,428 58,119 67,529
Core Mark Plaza Edwardsville PA 5 1,003,778 216,401 87,986 37,409 31,982 39,628
Core Blackman Wilkes-Barre PA
Plaza 5 288,919 125,264 58,885 24,646 30,982 40,002
Core Bartow The Bronx NY
Avenue 3 401,429 14,676 567,476 209,231 40,253 47,643
Core Walnut Hill Woonsocket RI
Plaza 5 2,309,626 284,717 60,322 22,861 42,715 47,867
Core Ledgewood Ledgewood NJ
Mall 5 4,214,237 517,151 37,052 13,412 80,007 87,773
Core A & P Boonton NJ
Shopping
Plaza / 60% 5 1,252,985 62,908 49,442 18,288 87,533 113,042
Core Merrillville Hobart IN
Plaza 5 2,832,203 235,685 26,118 10,066 56,556 64,248
Core The Gateway So. VT
Shopping Burlington
Ctr. 3 1,802,900 101,784 46,879 19,366 44,294 55,033
Core Marketplace Absecon NJ
of Absecon 3 1,623,859 105,135 30,732 11,642 52,106 64,775
Core Plaza 422 Lebanon PA 3 444,020 155,149 43,975 17,347 36,874 47,144
Core Route 6 Honesdale PA
Plaza 5 1,124,931 175,505 7,567 3,014 32,283 43,919
Fund I Granville Columbus OH
Center /
37.78% 3 663,086 134,997 112,547 47,337 47,547 53,746
Fund I Sterling Sterling MI
Heights Heights
Shopping
Center /
18.9% 3 641,219 154,835 99,813 36,587 66,886 77,416
Fund I Tarrytown Tarrytown NY
Shopping
Center /
37.78% 3 917,164 35,291 36,856 13,450 78,415 95,294
Fund I Hitchcock Aiken SC
Plaza/ 7.6% 5 1,386,942 217,261 23,976 9,393 50,934 64,402
Fund I Haygood Virginia VA
Shopping Beach
Center /
18.9% 3 1,767,529 178,533 99,119 38,035 52,505 60,732
Fund II- Urban In- 400 East The Bronx NY
Fill Fordham
Road /
19.2% 2 - - 1,205,053 412,674 30,252 38,298
Fund II- Urban In- Sherman Manhattan NY
Fill Avenue /
19.2% 2 - - 535,739 175,108 29,260 36,324
Fund II- Urban In- Pelham Manor Westchester NY
Fill Shopping
Plaza /
19.2% 3 - - 398,727 147,238 48,697 56,116
Fund II- Urban In- 161st Street The Bronx NY
Fill /19.2% 2 4,530,723 223,521 1,274,483 427,111 25,104 31,477
Fund II- Urban In- Liberty Queens NY
Fill Avenue /
19.2% 3 612,845 17,088 613,457 201,509 44,915 59,078
Fund II- Urban In- 216th Street Manhattan NY
Fill / 19.2% 2 2,565,000 60,000 536,119 183,542 30,978 41,481
Fund II- Other Oakbrook/ Oakbrook IL
20% 3 825,000 112,000 77,560 29,487 77,130 108,955
- ------------------------------------------------------------------------------------------------------------------------
85,095,775 6,652,904
--------------------
5-Mile Radius
------------------------------------
Total Median Avg. HH
# HH
Classification Property / JV City State Pop. HH Income Income
Ownership %
- ------------------------------------------------------------------------------------------
Core Brandywine Town Wilmington DE
Center & Mkt
Sq./22.22% 120,306 46,004 $74,110 $ 93,425
Core Elmwood Park Elmwood Park NJ
Shopping Ctr. 614,727 208,535 57,938 69,562
Core Chestnut Hill Philadelphia PA 399,921 157,197 52,171 65,291
Core Abington Towne Abington PA
Center 304,127 117,213 59,851 70,401
Core Clark & Diversey Chicago IL 969,623 410,327 51,138 67,593
Core Hobson West Plaza Naperville IL 241,153 82,668 93,969 113,986
Core Methuen Shopping Methuen MA
Ctr. 201,503 72,943 47,894 56,306
Core Crossroads Shopping White Plains NY
Ctr. / 49% 205,109 73,112 93,445 108,276
Core The Branch Plaza Smithtown NY 199,361 64,663 82,867 105,093
Core Amboy Road Staten NY
Island 292,132 105,178 66,927 88,388
Core Village Commons Smithtown NY
Shopping Ctr. 199,361 64,663 82,867 105,093
Core Bloomfield Town Bloomfield MI
Square Hills 166,443 62,677 79,970 105,922
Core Crescent Plaza Brockton MA 168,246 58,789 46,062 56,826
Core 239 Greenwich Greenwich CT
Avenue / 75% 142,822 51,210 94,119 119,232
Core Town Line Plaza Rocky Hill CT 153,302 61,023 57,724 68,679
Core New Loudon Center Latham NY 151,655 61,034 47,547 61,261
Core Pacesetter Park Pomona NY
Shopping Ctr. 129,143 36,828 72,841 102,767
Core 2914 Third Ave The Bronx NY 2,690,882 1,034,060 45,279 56,415
Core LA Fitness, Staten Staten NY
Island Island 457,912 162,076 60,236 77,922
Core West 54th Street Manhattan NY 2,424,848 1,048,312 55,446 67,194
Core Mad River Station Dayton OH 135,000 56,693 60,560 71,601
Core Mark Plaza Edwardsville PA 124,868 52,566 34,683 43,184
Core Blackman Plaza Wilkes-Barre PA 111,991 47,249 33,391 41,275
Core Bartow Avenue The Bronx NY 1,435,467 511,796 30,552 43,522
Core Walnut Hill Plaza Woonsocket RI 95,320 35,238 50,142 56,573
Core Ledgewood Mall Ledgewood NJ 108,922 38,302 77,480 89,838
Core A & P Shopping Boonton NJ
Plaza / 60% 101,266 36,438 86,509 106,011
Core Merrillville Plaza Hobart IN 87,796 32,151 54,709 62,531
Core The Gateway So. VT
Shopping Ctr. Burlington 69,993 28,186 47,104 57,514
Core Marketplace of Absecon NJ
Absecon 68,326 26,137 51,610 62,711
Core Plaza 422 Lebanon PA 61,197 23,615 41,055 51,545
Core Route 6 Plaza Honesdale PA 11,899 4,627 34,031 46,300
Fund I Granville Center / Columbus OH
37.78% 266,313 108,411 53,466 60,719
Fund I Sterling Heights Sterling MI
Shopping Center / Heights
18.9% 264,560 103,403 63,816 74,661
Fund I Tarrytown Shopping Tarrytown NY
Center / 37.78% 123,546 43,654 85,757 103,311
Fund I Hitchcock Plaza/ Aiken SC
7.6% 44,606 16,968 42,687 55,503
Fund I Haygood Shopping Virginia VA
Center / 18.9% Beach 225,653 86,122 54,074 62,011
Fund II- Urban 400 East Fordham The Bronx NY
In-Fill Road / 19.2% 1,997,909 698,322 33,259 40,957
Fund II- Urban Sherman Avenue / Manhattan NY
In-Fill 19.2% 2,049,516 721,521 34,366 42,608
Fund II- Urban Pelham Manor Westchester NY
In-Fill Shopping Plaza /
19.2% 1,109,022 403,897 44,956 53,542
Fund II- Urban 161st Street /19.2% The Bronx NY
In-Fill 2,531,473 966,482 37,307 48,034
Fund II- Urban Liberty Avenue / Queens NY
In-Fill 19.2% 613,457 201,509 44,915 59,078
Fund II- Urban 216th Street / Manhattan NY
In-Fill 19.2% 536,119 183,542 30,978 41,481
Fund II- Other Oakbrook/ 20% Oakbrook IL 288,932 108,039 75,456 97,126
- ------------------------------------------------------------------------------------------
TOTAL
---------------------------------- ---------------------------------
Weighted Average - Based on GLA 122,334 43,847 $62,158 $ 75,301 270,877 101,855 $61,213 $75,053
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Weighted Average - Based on base rent(1) 146,348 58,176 $65,457 $ 79,928 362,055 139,806 $61,561 $75,547
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CORE
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Weighted Average - Based on GLA 76,605 28,468 $64,622 $ 78,051 186,618 69,537 $63,191 $77,486
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Weighted Average - Based on base rent(1) 125,817 51,633 $66,509 $ 81,163 329,657 127,768 $62,170 $76,268
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FUND I
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Weighted Average - Based on GLA 76,089 29,631 $55,460 $ 65,805 182,063 71,088 $54,172 $64,546
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Weighted Average - Based on base rent(1) 76,620 29,930 $60,550 $ 71,646 191,478 73,747 $63,408 $74,825
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FUND II -Urban In-fill
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Weighted Average - Based on GLA 1,089,534 365,672 $27,403 $ 35,043 2,024,182 766,727 $36,476 $47,354
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Weighted Average - Based on base rent(1) 976,242 328,128 $28,634 $ 37,000 1,715,040 645,145 $35,806 $46,732
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FUND II -Other
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Weighted Average - Based on GLA 77,560 29,487 $77,130 $108,955 288,932 108,039 $75,456 $97,126
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Weighted Average - Based on base rent(1) 77,560 29,487 $77,130 $108,955 288,932 108,039 $75,456 $97,126
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(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