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): April 26, 2007
ACADIA REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland 1-12002 23-2715194
(State or other (Commission (I.R.S. Employer
jurisdiction of incorporation) File Number) Identification No.)
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 April 26, 2007, Acadia Realty Trust (the "Company") issued a press release
announcing its consolidated financial results for the quarter ended March 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 April 26,
2007, the Company made available supplemental information concerning the
ownership, operations and portfolio of the Company as of and for the quarter
ended March 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 99.1and 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 April 26, 2007.
99.2 Financial and Operating Reporting Supplement of the Company
for the Quarter Ended March 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: April 30, 2007 By: /s/ Michael Nelsen
------------------
Name: Michael Nelsen
Title: Sr. Vice President
and Chief Financial Officer
2
Exhibit 99.1
Acadia Realty Trust Reports First Quarter 2007 Operating Results
NEW YORK--(BUSINESS WIRE)--April 26, 2007--Acadia Realty Trust
(NYSE: AKR - "Acadia" or the "Company"), a real estate investment
trust ("REIT"), today reported operating results for the quarter ended
March 31, 2007. All per share amounts discussed below are on a fully
diluted basis.
First Quarter 2007 Highlights
Earnings - 2007 first quarter FFO up 29% and EPS up 54%
-- Funds from operations ("FFO") per share of $0.36 for the first
quarter 2007 compared to $0.28 for first quarter 2006
-- Earnings per share ("EPS") for 2007 of $0.20 compared to $0.13
for 2006
Core Portfolio - Continued asset recycling
-- Completed acquisitions in both Manhattan and Staten Island,
New York in connection with core portfolio asset recycling
program
New York Urban/Infill Redevelopment Initiative - Addition to
pipeline under contract
-- Entered into agreement for the purchase of leasehold interest
in The Gallery at Fulton Street in downtown Brooklyn for
approximately $120.0 million
-- Commenced construction at Fordham Plaza during first quarter
2007
RCP Venture -Albertson's investment returns 192% of invested
capital
-- Received distributions totaling approximately $44.4 million
during quarter of which Acadia's share, after allocation to
minority interests, amounted to approximately $8.9 million
First Quarter Operating Results
For the quarter ended March 31, 2007, FFO, a widely accepted
measure of REIT performance, was $12.1 million, or $0.36 per share,
compared to $9.6 million, or $0.28 per share for the quarter ended
March 31, 2006. EPS was $0.20 for first quarter 2007 compared to $0.13
for first quarter 2006. Included in the first quarter 2007 operating
results was $2.9 million of income, net of income taxes and minority
interest, from Acadia's investment in Albertson's through its Retailer
Controlled Property ("RCP") Venture.
Portfolio Activity -Continued asset recycling with two New York
City acquisitions
During the first quarter of 2007, Acadia furthered its goal of
continually upgrading the quality of its core asset base with the
completion of two acquisitions through its 1031 exchange program. The
Staten Island acquisition enabled Acadia to defer, for income tax
purposes, a $15.8 million gain from the fourth quarter 2006 sale of a
non-core asset. The Manhattan acquisition established a new forward
1031 exchange position. Details of the two acquisitions are as
follows:
200 West 54th Street, Manhattan, NY
Acadia acquired the retail commercial condominium spanning 7th
Avenue between 53rd and 54th Streets along with a contiguous medical
office unit for $36.6 million in cash. The property is approximately
10,000 square feet and includes 165 feet of frontage on 7th Avenue.
The location is in a prime commercial and retail neighborhood in
Manhattan, five blocks south of Central Park, three blocks south of
Carnegie Hall, and borders Times Square to the north. The largest
tenant in the property is the Stage Delicatessen, a New York landmark
and tourist attraction which has operated out of this location for
more than 70 years.
145 East Service Road, Staten Island, NY
Acadia also acquired, for $17.0 million, a 52,000 square foot
building located on Route 440 (West Shore Expressway), near the
intersection of Route 440 and the Staten Island Expressway (I-278).
The entire property, which is currently being renovated, is net-leased
to LA Fitness, which currently operates approximately 150 fitness
centers throughout the United States and is considered a leader in the
fitness industry. Completion of the build-out is anticipated during
the third quarter of 2007.
Core portfolio performance
Including its pro-rata share of joint venture operating
properties, Acadia's portfolio occupancy was 94.0% for the quarter
ended March 31, 2007, which is unchanged from December 31, 2006
occupancy levels. Same store net operating income ("NOI") for the
retail portfolio decreased approximately $0.1 million, or 0.8%, for
first quarter 2007 compared with first quarter 2006. A 0.4% increase
from revenues was offset by 1.2% increase in winter-related expenses
for 2007. During the first quarter of 2007, Acadia executed new leases
at an average rent increase of 6% and renewal leases at an average
rent increase of 10% from the previous rents on a cash basis.
Including the effect of the straight-lining of rents, new and renewal
leases had an average rent increase of 16% and 15%, respectively.
Balance Sheet - Portfolio debt is now 94% fixed-rate
In connection with the underwriter's over-allotment option related
to the $100.0 million issuance of 3.75% convertible notes during 2006,
Acadia issued an additional $15.0 million of these notes during
January 2007. During the first quarter 2007, Acadia paid down $21.3
million of floating-rate debt and refinanced a $30.0 million revolving
and fully available line of credit, which bears interest at LIBOR plus
1.25% and matures in 2010. In addition, Acadia refinanced a $15.7
million mortgage with $26.0 million of fixed-rate debt at 5.4%.
The following reflects the Company's ongoing focus on maintaining
a strong balance sheet:
-- Fixed-charge coverage ratio (EBITDA / interest expense plus
preferred distributions) of 3.0 to 1 for the first quarter
2007
-- Debt to total market capitalization of 33%
-- Dividend payout ratio for the first quarter 2007 of 55% of FFO
-- Approximately $160 million available under existing credit
facilities
-- 94% of the Company's total mortgage debt is now fixed-rate,
inclusive of long-term interest rate swaps and adjusted for
its pro-rata share of consolidated joint venture debt
External Growth Continues with Focus on New York Urban/Infill
Redevelopments and RCP Venture
New York Urban/Infill Redevelopment Program
As previously announced during the first quarter of 2007, Acadia,
through its Fund II New York Urban-Infill Redevelopment Initiative
with P/A Associates ("Acadia P/A") and Paul Travis of Washington
Square Partners (collectively, "Acadia P/A-Travis"), entered into an
agreement for the purchase of the leasehold interest in The Gallery at
Fulton Street and adjacent parking garage in downtown Brooklyn for
approximately $120 million. The fee position in the property is owned
by the City of New York and the agreement includes an option to
purchase this fee position at a later date. Acadia P/A-Travis is
partnering with MacFarlane Partners ("MacFarlane"), a leading national
minority-owned real estate management firm, to co-develop the project.
Plans for the property include the demolition of the existing
structure and the development of a 1.6 million square foot mixed-use
complex. The proposed development calls for the construction of a
combination of retail, office and residential components, all of which
are currently allowed as of right. The new lease with the City of New
York is subject to approval at a hearing of the Mayor's Office of
Contracts.
Acadia P/A-Travis, a majority partner, together with MacFarlane,
will develop and operate the retail component, which is anticipated to
total 475,000 square feet of prime retail space. Acadia P/A-Travis
will also participate in the development of the office component with
MacFarlane, which is expected to include approximately 125,000 square
feet of Class A office space. MacFarlane plans to develop and operate
approximately 1,000 residential units with underground parking. Acadia
P/A-Travis does not plan on participating in the development of, or
having an ownership interest in, the residential component of the
project.
At the Company's Liberty Avenue project, an 11,000 square foot CVS
and a 98,000 square foot self-storage facility opened for business
during the first quarter of 2007. Leasing efforts are ongoing for the
remaining 16,000 square feet of retail space. Also during the first
quarter 2007, Acadia commenced construction activities at its Fordham
Plaza project located in The Bronx.
To date, the New York Urban/Infill program includes a total of
eight projects for which acquisition and development costs are
anticipated to total approximately $695.0 million. Construction is
near completion at Liberty Avenue as discussed above and is ongoing at
three additional locations.
RCP Venture -Albertson's Investment Returns 192% of Invested
Capital
Also as previously announced, the Company received, through its
investment in the RCP Venture, a cash distribution totaling
approximately $44.4 million from its ownership position in Albertson's
during the first quarter of 2007. Acadia's share of this distribution,
after allocation to minority interests, amounted to approximately $8.9
million. The distribution resulted from cash proceeds obtained by
Albertson's in connection with its disposition of certain operating
stores and a refinancing of the remaining assets held by the entity.
The distribution in excess of invested capital resulted in an
extraordinary gain of $23.7 million of which Acadia's share, net of
minority interests and income taxes, amounted to $2.9 million.
Outlook - Earnings Guidance for 2007
The Company currently reaffirms its previously announced 2007 FFO
and earnings per share forecast. On a fully diluted basis, FFO for
2007 is anticipated to range from $1.30 to $1.35 per share. 2007 EPS
is expected to range from $0.65 to $0.70.
Management Comments
Commenting on the results for the first quarter, Kenneth F.
Bernstein, President and CEO, stated, "We are extremely pleased with
our first quarter results. The key components of our business are
continuing to provide strong earnings growth and value creation. Our
core portfolio was further enhanced with the addition of two New York
City properties, replacing the five properties that we sold in the
fourth quarter of 2006. On the external front, we continue to utilize
our discretionary investment fund vehicles to enhance shareholder
returns. With the addition of the Albee Square, Brooklyn redevelopment
as our eighth New York Urban/Infill redevelopment, we are building an
exciting portfolio of unique retail/mixed-use properties that should
help fuel future significant growth for the next several years."
Investor Conference Call
Management will conduct a conference call on Friday, April 27,
2007 at 2:00 PM ET to review the Company's earnings and operating
results. The live conference call can be accessed by dialing
888-419-5570 (internationally 617-896-9871). 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).
The pass-code will be 58903997. The phone replay will be available
through Friday, May 4, 2007.
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.
For more information visit Acadia Realty Trust's Web site at
www.acadiarealty.com, which is not to be deemed a part of this press
release
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters ended March 31, 2007 and 2006
(dollars in thousands, except per share data)
For the quarters ended
March 31,
Revenues 2007 2006
----------- ---------
Minimum rents $ 18,854 $ 17,287
Percentage rents 138 185
Expense reimbursements 3,342 3,877
Other property income 264 209
Management fee income 1,075 1,201
Interest income 2,860 1,746
Other 165 1,141
----------- ---------
Total revenues 26,698 25,646
----------- ---------
Operating expenses
Property operating 4,906 3,867
Real estate taxes 2,198 2,700
General and administrative 5,448 5,307
Depreciation and amortization 6,537 6,230
----------- ---------
Total operating expenses 19,089 18,104
----------- ---------
Operating income 7,609 7,542
Equity in earnings of unconsolidated affiliates 130 2,971
Interest expense (6,147) (5,185)
Minority interest 2,288 (1,076)
----------- ---------
Income from continuing operations before income
taxes 3,880 4,252
Income taxes (44) (449)
----------- ---------
Income from continuing operations 3,836 3,803
----------- ---------
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters ended March 31, 2007 and 2006
(dollars in thousands, except per share data)
For the quarters ended
March 31,
2007 2006
----------- ---------
Discontinued operations:
Operating income from discontinued operations $ -- $ 561
Minority interest -- (11)
----------- ---------
Income from discontinued operations -- 550
----------- ---------
Net income before extraordinary item 3,836 4,353
----------- ---------
Extraordinary item:
Share of extraordinary gain from investment in
unconsolidated affiliate 23,690 --
Minority interest (18,959) --
Income taxes (1,848) --
----------- ---------
Income from extraordinary item 2,883 --
----------- ---------
Net income $ 6,719 $ 4,353
=========== =========
Net income per Common Share - Basic
Net income per Common Share - Continuing
operations $ .12 $ .12
Net income per Common Share - Discontinued
operations -- .01
Net income per Common Share - Extraordinary item .09 --
----------- ---------
Net income per Common Share $ .21 $ .13
=========== =========
Weighted average Common Shares 32,753 32,468
=========== =========
Net income per Common Share - Diluted (1)
Net income per Common Share - Continuing
operations $ .11 $ .12
Net income per Common Share - Discontinued
operations -- .01
Net income per Common Share - Extraordinary item .09 --
----------- ---------
Net income per Common Share $ .20 $ .13
=========== =========
Weighted average Common Shares 33,274 32,766
=========== =========
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters ended March 31, 2007 and 2006
(dollars in thousands, except per share data)
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (2)
For the quarters ended
March 31,
2007 2006
------------- --------
Net income $ 6,719 $ 4,353
Depreciation of real estate and amortization of
leasing costs
(net of minority interests' share)
Wholly owned and consolidated affiliates 4,797 5,034
Unconsolidated affiliates 475 412
Income attributable to minority interest in
Operating Partnership 144 94
Distributions - Preferred OP Units 8 62
Gain on sale (net of minority interests' share
and income taxes) -- (372)
Extraordinary item (net of minority interests'
share and income taxes) (2,883) --
------------- --------
Funds from operations 9,260 9,583
Add back: Extraordinary item, net (3) 2,883 --
------------- --------
Funds from operations, adjusted for
extraordinary item $ 12,143 $ 9,583
============= ========
Funds from operations per share - Diluted
Weighted average Common Shares and OP Units (4) 34,113 33,757
============= ========
Funds from operations, adjusted, per share $ .36 $ .28
============= ========
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
As of March 31, 2007 and December 31, 2006
(dollars in thousands, except per share data)
SELECTED BALANCE SHEET INFORMATION
March 31, December 31,
2007 2006
---------------- ------------
Cash and cash equivalents $111,643 $139,571
Rental property, at cost 738,572 677,238
Total assets 841,931 851,692
Mortgage notes payable 452,265 447,402
Total liabilities 505,703 496,836
Notes:
(1) 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.
(2) 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. Reference is made to the Company's Quarterly
Supplemental Disclosure filed on Form 8-K with the SEC for a
reconciliation of the other non-GAAP financial measures used in this
press release (i.e. "net operating income" and "EBITDA") to the most
comparable GAAP financial measures.
(3) 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.
(4) In addition to the weighted average Common Shares outstanding,
basic and diluted FFO also assumes full conversion of a weighted
average 660 and 654 OP Units into Common Shares for the quarters ended
March 31, 2007 and 2006, respectively. Diluted FFO also includes the
assumed conversion of Preferred OP Units into 179 and 337 Common
Shares for the quarters ended March 31, 2007 and 2006, respectively.
CONTACT: Acadia Realty Trust
Investor Relations
Jon Grisham, VP, 914-288-8142
Exhibit 99.2
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Table of Contents
- ----------------------------------------
Page Page
--------------- ---------------
Section I - Overview Section III - Joint Venture Information
Important Notes 2 Overview - Fund I 25
Company Information 3 Overview - Fund II 26
Portfolio Snapshot 4 Overview - RCP Venture 27
Organizational Chart 5 Fund I Properties - Detail 28
Executive Management Team 6 Top 5 Fund I Tenants 29
Section II - Financial Information Fund I - Current Valuation 30
Market Capitalization 7 Kroger/Safeway Locations 31
Shareholder Information 8 Fund II Properties - Detail 32
Operating Statements - Consolidated 9 Fund II - New York Urban/Infill Projects 33
Operating Statements - Joint Venture
Activity 10
Section IV - Parent Portfolio
Information
Operating Statements - Activity by
Source 12
Properties - Overview 34
Operating Statements - Current v.
Historical 13
Properties by Region - Summary 37
Net Operating Income - Same Property
Performance 14
Properties by State - Summary 38
Funds from Operations ("FFO"), Adjusted
FFO ("AFFO")
and Funds Available for Distribution Properties - Detail
("FAD") 15 39
Capital Expenditures 16 Leasing Production 42
Consolidated Balance Sheets 17 Top 10 Tenants - Consolidated 43
Pro-rata Consolidated Balance Sheet 18
Selected Operating Ratios 19 Anchor Tenant Detail 44
Debt Analysis - Summary 20 Anchor Lease Expirations - Next 3 Years 49
Debt Analysis - Detail 21 Lease Expirations 50
Debt Maturity Schedule 23 Property Demographics 55
Unencumbered Properties 24 Residential Properties 56
Visit acadiarealty.com for current news as well as
additional property details and financial information
Page 1
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 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. 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 repayments.
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.
Page 2
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 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 73 properties totaling approximately 10 million square feet,
located in the Northeast, Mid-Atlantic and Midwest United States.
All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership (and its
majority-owned subsidiaries) which is currently 98% controlled by Acadia.
Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham
Suite 260 Vice President
White Plains, NY 10605 (914) 288-8142
jgrisham@acadiarealty.com
New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com
Analyst Coverage Banc of America Securities J.P. Morgan Securities, Inc.
Ross Nussbaum - (212) 847-5668 Michael W. Mueller, CFA (212) 622-6689
ross.nussbaum@bofasecurities.com michael.w.mueller@jpmorgan.com
---------------------------------------------------------------------------------------------
Christine McElroy - (212) 847- Joseph Dazio, CFA - (212) 622-6416
5658
christine.m.mcelroy@bofasecurities.com 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
Jonathan Litt - (212) 816-0231
jonathan.litt@citigroup.com
---------------------------------
Ambika Goel - (212) 816-6981
Ambika.goel@citigroup.com
---------------------------------
Page 3
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Executive Management Team
- -----------------------------------
Kenneth F. Bernstein Chief Executive Mr. Bernstein is responsible for strategic planning as well as overseeing the
Officer and day to day activities of the Company including operations, acquisitions and
President capital markets. Mr. Bernstein served as the Chief Operating Officer of RD
Capital, Inc. from 1990 until the creation of Acadia Realty Trust through the
merger of RD Capital with Mark Centers Trust in August of 1998. Prior to
joining RD Capital, Mr. Bernstein was an associate with the New York law firm
of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his Bachelor
of Arts Degree from the University of Vermont and his Juris Doctorate from
Boston University School of Law. He is an active member of the International
Council of Shopping Centers (ICSC), National Association of ReaL Estate
Investment Trusts (NAREIT), Urban Land Institute (ULU), and the Real Estate
Roundtable. Mr. Bernstein is also a member of the Young President's
Organization (YPO), where he is chairman of the Real Estate Network. He is a
member of the Board of Trustees of BRT Realty (NYSE: BRT).
Joel Braun Executive Vice Mr. Braun is responsible for the sourcing and financial analysis of acquisition
President, properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and
Chief Investment Finance for Rosenshein Associates, a regional shopping center developer based
Officer in New Rochelle, New York. During this time, Mr. Braun was instrumental in the
initiation and formation of Kranzco Realty Trust, a publicly traded REIT. Mr.
Braun holds a Bachelor's in Business Administration from Boston University and
a Master's Degree in Planning from John Hopkins University.
Joseph Hogan Senior Vice Most recently, Mr. Hogan served as Vice President with Kimco Realty Corporation
President, (NYSE:KIM), where he was responsible for business development and management of
Director of all retail and commercial construction projects for Kimco, in addition to
Construction outside customers and development companies. Prior to joining Kimco, he was
with Konover Construction Company, a subsidiary of Konover & Associates located
in West Hartford, Connecticut, where he was responsible for construction
projects throughout the eastern half of the United States.
Robert Masters, Esq. Senior Vice Prior to joining Acadia in December 1994, Mr. Masters was General Counsel for
President, API Asset Management for over five years, Senior Vice President Deputy General
General Counsel, Counsel for European American Bank from 1985 to 1990, and Vice President and
Corporate Secretary Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received
his Bachelor of Arts from the City University of New York and his J.D. from New
York University Law School. Mr. Masters is also a member of the New York State
Bar.
Joseph M. Senior Vice Mr. Napolitano is responsible for overseeing the company's internal operations.
Napolitano, CPM President, Previously, he held the position of Senior Vice President, Director of Property
Director of Management. Prior to joining Acadia in 1995, Mr. Napolitano was employed by
Operations Rosen Associates Management Corp. as a Senior Property Manager overseeing a
Chief Administrative national portfolio of community shopping centers, and Roebling Management Co.
Officer as a Property Manager responsible for neighborhood and community shopping
centers nationally. Mr. Napolitano holds a Bachelor's in Business
Administration from Adelphi University, Garden City, NY; and is a Certified
Property Manager by the Institute of Property Management (IREM). Mr. Napolitano
is also a member of the New York State Association of Realtors (NYSAR)
International Council of Shopping Center (ICSC), Commercial Investment Real
Estate Institute (CIREI), and the Building Owners and Managers Institute
(BOMI).
Michael Nelsen Senior Vice Mr. Nelsen oversees all the financial activities and asset management functions.
President, Mr. Nelsen was most recently President of G. Soros Realty, Inc. and Director of
Chief Financial Real Estate for Soros Private Funds Management LLC. His responsibilities
Officer included asset/portfolio management of real estate operations, financial
reporting, financings, asset acquisitions and dispositions. Previously, he was
a partner in the public accounting firm of David Berdon & Co. Mr. Nelsen has
been a Certified Public Accountant since 1971.
Joseph Povinelli Senior Vice Mr. Povinelli joined Acadia in 1999 with 19 years of retail leasing experience.
President, Since 1987 Mr. Povinelli had served as regional real estate representative for
Director of Leasing Vornado Realty Trust, a New Jersey based Real estate investment trust, and was
responsible for the day to day leasing activity of approximately 3 million
square feet of the strip shopping center portfolio. Prior to this he served as
leasing representative for Net Properties Management, Great Neck, New York,
responsible for leasing of the strip shopping center and office building
portfolio of the mid-atlantic and southeast regions of the company. Mr.
Povinelli received a Bachelor of Science degree in Finance and Economics from
C.W. Post College of Long Island University.
Robert Scholem Senior Vice Mr. Scholem has been the Director of Property Management since 2003 and a Senior
President, Vice President since August, 2005. Prior to joining the Company in 1998, Mr.
Director of Property Scholem was employed at Rosen Associates Management Corp. as a Senior Property
Management Manager overseeing a national portfolio of community shopping centers, and
Staller Associates, Inc. as an Operations Manager responsible for community
shopping centers, office, and industrial buildings on Long Island, New York.
Mr. Scholem holds a Bachelor's in Business Administration from Guilford
College, Greensboro, NC; and is a Certified Property Manager (CPM(R)) by the
Institute of Real Estate Management. Mr. Scholem is also a licensed Salesperson
by the State of New York as well as a member of LI Board of Realtors & CIREI,
and is a Certified Shopping Center Manager (CSM) by the International Council
of Shopping Centers.
Page 4
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 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% 32,131
Common Operating Partnership ("OP") Units 2.0% 642
--------------------
Combined Common Shares and OP Units 32,773
Market Price at March 30, 2007 $26.07
--------------------
Equity Capitalization - Common Shares and OP Units $854,392
Preferred OP Units - at cost (1) 0.0% 388
-----------------------------------
Total Equity Capitalization 100.0% 854,780 66.7%
==================================================
Debt Capitalization
- -------------------
Consolidated debt 450,373
Adjustment to reflect pro-rata share of debt (23,784)
--------------------
Total Debt Capitalization 426,589 33.3%
-----------------------------------
Total Market Capitalization $1,281,369 100.0%
===================================
Weighted Average Outstanding Common Shares and O.P. Units
---------------------------------------------------------
Common
Shares O.P. Units Total
--------------------------------------------------
=========================================================================================================
Basic
Quarter ended March 31, 2007 32,753,337 660,219 33,413,556
Fully Diluted (3)
Quarter ended March 31, 2007 33,274,066 660,219 33,934,285
=========================================================================================================
Basic
Quarter ended March 31, 2006 32,468,204 653,360 33,121,564
Fully Diluted (3)
Quarter ended March 31, 2006 32,766,119 653,360 33,419,479
(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. Also includes
4,000 of Preferred OP Units issued to Klaff L.P. related to the acquisition
of management contracts in 2004, of which 3,800 have been converted to
Common Shares to date.
(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
178,933 Preferred OP Units is dilutive for EPS and is included in the fully
diluted amounts above for the quarter ending March 31, 2007. They were
anti-dilutive for EPS for the quarter ended March 31, 2006.
Page 5
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Shareholder Information
------------------------------
(amounts in thousands)
10 Largest Institutional/Non-Retail Shareholders (1) Percent of Out-
Common standing Common
Shareholder Shares Held Shares
- ------------------------------ ---------------------------------------
Wellington Management 3,387 12.2%
Third Avenue Management 2,556 7.7%
Yale University 2,154 6.8%
Morgan Stanley 1,922 5.9%
Barclay's Global Investors 1,832 5.0%
Vanguard Group 1,592 5.1%
Cliffwood Partners 1,569 4.9%
KG Redding & Associates 1,404 4.8%
Principal Financial Group 1,097 3.5%
State Street Corp. 960 2.9%
---------------------------------------
Total of 10 Largest
Institutional Shareholders 18,473 57.5%
=======================================
Total of all Institutional
Shareholders 31,619 98.4%
=======================================
Operating Partnership
Unit Information
- ------------------------------------------------------------
Percent
of Total O.P. 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
Page 6
QUARTERLY SUPPLEMENTAL
DISCLOSURE
March 31, 2007
Statements of Operations -
Consolidated (1)
- ------------------------------
Current Quarter and Year-to-
Date
- ------------------------------
(in thousands)
-------------------------------------------- --------------------------------------------
Year to Date Current Quarter
Period ended March 31, 2007 3 months ended March 31, 2007
-------------------------------------------- --------------------------------------------
Discontinued Discontinued
Wholly JV's operations Total Wholly JV's Operations Total
Owned Owned
-------------------------------------------- --------------------------------------------
PROPERTY REVENUES
Minimum rents $13,182 $5,485 $- $18,667 $13,182 $5,485 $- $18,667
Percentage rents 138 32 - 170 138 32 - 170
Expense reimbursements 3,292 517 - 3,809 3,292 517 - 3,809
Other property income 253 12 - 265 253 12 - 265
-------------------------------------------- --------------------------------------------
16,865 6,046 - 22,911 16,865 6,046 - 22,911
-------------------------------------------- --------------------------------------------
PROPERTY EXPENSES
Property operating 3,892 663 - 4,555 3,892 663 - 4,555
Real estate taxes 1,901 325 - 2,226 1,901 325 - 2,226
-------------------------------------------- --------------------------------------------
5,793 988 - 6,781 5,793 988 - 6,781
-------------------------------------------- --------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 11,072 5,058 - 16,130 11,072 5,058 - 16,130
OTHER INCOME (EXPENSE)
General and administrative (2,907) - - (2,907) (2,907) - - (2,907)
Property related home office
expenses (2,628) (84) - (2,712) (2,628) (84) - (2,712)
Equity in earnings of
unconsolidated properties - 4,723 - 4,723 - 4,723 - 4,723
Lease termination income - - - - - - - -
Interest income 2,811 109 - 2,920 2,811 109 - 2,920
Asset and property management
income (2) 3,035 - - 3,035 3,035 - - 3,035
Promote Fee - - - - - - - -
Property management expense (74) (2) - (76) (74) (2) - (76)
Straight-line rent income 392 (374) - 18 392 (374) - 18
Straight-line rents written
off (85) - - (85) (85) - - (85)
FAS 141 Rent (21) 3 - (18) (21) 3 - (18)
Abandoned project costs - - - - - - - -
Hurricane related income
(expenses) - - - - - - - -
Provision for Income Taxes (1,878) (13) - (1,891) (1,878) (13) - (1,891)
Swap termination income 165 - - 165 165 - - 165
-------------------------------------------- --------------------------------------------
EBIDTA 9,882 9,420 - 19,302 9,882 9,420 - 19,302
Depreciation and amortization (4,155) (1,986) - (6,141) (4,155) (1,986) - (6,141)
FAS 141 Amortization 76 (20) - 56 76 (20) - 56
Interest expense (4,849) (1,674) - (6,523) (4,849) (1,674) - (6,523)
Loan defeasance (net of
reimbursement) - - - - - - -
FAS 141 Interest 20 15 - 35 20 15 - 35
Impairment of real estate - - - - - - - -
Gain on sale of properties - - - - - - - -
Gain (loss) on sale of
properties - Mervyns - - - - - - - -
Income taxes on gain on
property sale - Mervyns - - - - - - - -
-------------------------------------------- --------------------------------------------
Income before minority
interest 974 5,755 - 6,729 974 5,755 - 6,729
Minority interest - OP (32) (112) - (144) (32) (112) - (144)
Minority interest 232 (98) - 134 232 (98) - 134
-------------------------------------------- --------------------------------------------
NET INCOME $1,174 $5,545 $- $6,719 $1,174 $5,545 $- $6,719
============================================ ============================================
(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 Mervyns I & II which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV 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 1st Quarter
------------------------------
Asset management fee Fund II $900 $900
Property
management/Leasing/Construction/legal
fees - Fund I 131 131
Property management/Construction/legal
fees - Fund II 989 989
Klaff related fees 815 815
Other fees 200 200
------------------------------
$3,035 $3,035
Priority distributions - Fund I 240 240
------------------------------
Total Management fees and priority
distributions $3,275 $3,275
==============================
(3 )Includes majority-owned affiliates of which the minority share of NOI for
239 Greenwich Ave and Boonton Shopping Center aggregated $230 for the
quarter.
Page 7
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Statements of Operations - Joint Venture
Activity (1)
- ----------------------------------------
Current Quarter and Year-to-Date
- ----------------------------------------
(in thousands)
------------------------------------------------------------------------------------------------------------
Year-to-Date
Period
ended March 31, 2007
------------------------------------------------------------------------------------------------------------
AKR Pro- AKR
rata
share Brandywine AKR AKR AKR AKR AKR AKR Pro-
and Pro- Pro- Pro- Pro- Pro-
20%
Promote Mervynsrata rata Mervyns rata Brandywinerata rata
Fund I (4) Promote I shareFund II share II share JV shareCrossroads share rataTotal
------------------------------------------------------------------------------------------------------------
PROPERTY
REVENUES
Minimum rents $3,475 $1,313 $2,162 $- $- $2,264 $453 $- $- $3,690 $820 $1,505 $737 $5,485
Percentage
rents - - - - - - - - - 146 32 - - 32
Expense
reimbursements 114 43 71 - - (64) (13) - - 705 157 528 259 517
Other property
income 4 2 2 - - 6 1 - - 13 3 9 4 12
------------------------------------------------------------------------------------------------------------
3,593 1,358 2,235 - - 2,206 441 - - 4,554 1,012 2,042 1,000 6,046
------------------------------------------------------------------------------------------------------------
PROPERTY
EXPENSES
Property
operating 201 76 125 - - 650 130 - - 1,017 226 217 106 663
Real estate
taxes - - - - - 297 59 - - 244 54 433 212 325
------------------------------------------------------------------------------------------------------------
201 76 125 - - 947 189 - - 1,261 280 650 318 988
------------------------------------------------------------------------------------------------------------
NET OPERATING
INCOME -
PROPERTIES (4) 3,392 1,282 2,110 - - 1,259 252 - - 3,293 732 1,392 682 5,058
OTHER INCOME
(EXPENSE)
General and
administrative - - - - - - - - - - - - - -
Property
related home
office
expenses (73) (28) (45) - - (53) (11) - - - - - - (84)
Equity in
earnings of
unconsolidated
properties 20 (7) 12 - - (99) (20)23,690 4,738 - - - - 4,723
Lease
termination
income - - - - - - - - - - - - - -
Interest income 82 31 51 4 1 47 9 9 2 30 7 17 8 109
Asset and
property
management
income - - - - - - - - - - - - - -
Promote Fee - - - - - - - - - - - - - -
Asset and
property
management
expense(2) (2) (1) (1) - - (1,204) - - - (220) - - - (2)
Straight-line
rent income (409) (155) (254) - - 13 3 - - 129 29 7 3 (374)
Straight-line
rents written
off - - - - - - - - - - - - - -
FAS 141 Rent (4) (2) (2) - - (134) (27) - - 155 34 - - 3
Abandoned
project costs - - - - - - - - - - - - - -
Hurricane
related
expenses - - - - - - - - - - - - - -
Provision for
income taxes (13) (5) (8) - - - - (1) - - - - - (13)
Swap
termination
income - - - - - - - - - - - - - -
------------------------------------------------------------------------------------------------------------
EBIDTA 2,993 1,115 1,863 4 1 (171) 206 23,698 4,740 3,387 802 1,416 693 9,420
Depreciation
and
amortization
(3) (1,638) (619) (1,019) - - (629) (126) - - (763) (170) (107) (52) (1,986)
FAS 141
Amortization (1) - (1) - - (93) (19) - - - - - - (20)
Interest
expense (584) (206) (363) - - (865) (173) - - (2,491) (511) (859) (421) (1,674)
Loan defeasance - - - - - - - - - - - - - -
FAS 141
Interest 15 6 9 - - - - - - - - - - 15
Impairment of
real estate - - - - - - - - - - - - - -
Gain on sale of
properties - - - - - - - - - - - - - -
Gain (loss) on
sale of
properties -
Mervyn's - - - - - - - - - - - - - -
------------------------------------------------------------------------------------------------------------
Income taxes on
gain on
property sale
- Mervyn's - - - - - - - - - - - - - -
Income before
minority
interest 785 296 489 4 1 (1,758) (112)23,698 4,740 133 121 450 220 5,755
Minority
interest - OP - (6) (10) - 1 - 2 - (95) - - - (4) (112)
Minority
interest (113) (43) (70) - - 75 15 - - - - - - (98)
------------------------------------------------------------------------------------------------------------
NET INCOME $672 $247 $409 $4 $2 $(1,683) $(95)$23,698$4,645 $133 $121 $450 $216 $5,545
============================================================================================================
(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 JV 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 and the Mervyn's investment pay asset management, promote and
other fees to the Company. As it is the recipient of such fees, the Company
does not recognize a 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) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $695 on an annual basis ($7,363 x
37.78% x 25%).
Page 8
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Statements of Operations - Joint Venture Activity (1)
- -----------------------------------------------------
Current Quarter and Year-to-Date
- --------------------------------
(in thousands)
Current Quarter
3 months
ended March 31, 2007
--------------------------------------------------------------------------------------------------------------
AKR Pro- AKR
rata
share Brandywine AKR AKR AKR AKR AKR AKR Pro-
and Pro- Pro- Pro- Pro- Pro-
20% Mervynsrata rata Mervyns rata Brandywinerata rata
Fund I Promote Promote I shareFund II share II share JV shareCrossroads share rataTotal
--------------------------------------------------------------------------------------------------------------
PROPERTY
REVENUES
Minimum rents $3,475 $1,313 $2,162 $- $- $2,264 $453 $- $- 3,690 $820 $1,505 $737 $5,485
Percentage
rents - - - - - - - - - 146 32 - - 32
Expense
reimbursements 114 43 71 - - (64) (13) - - 705 157 528 259 517
Other property
income 4 2 2 - - 6 1 - - 13 3 9 4 12
--------------------------------------------------------------------------------------------------------------
3,593 1,358 2,235 - - 2,206 441 - - 4,554 1,012 2,042 1,000 6,046
--------------------------------------------------------------------------------------------------------------
PROPERTY
EXPENSES
Property
operating 201 76 125 - - 650 130 - - 1,017 226 217 106 663
Real estate
taxes - - - - - 297 59 - - 244 54 433 212 325
--------------------------------------------------------------------------------------------------------------
201 76 125 - - 947 189 - - 1,261 280 650 318 988
--------------------------------------------------------------------------------------------------------------
NET OPERATING
INCOME -
PROPERTIES (4) 3,392 1,282 2,110 - - 1,259 252 - - 3,293 732 1,392 682 5,058
OTHER INCOME
(EXPENSE)
General and
administrative - - - - - - - - - - - - -
Property
related home
office
expenses (73) (28) (45) - - (53) (11) - - - - - - (84)
Equity in
earnings of
unconsolidated
properties 20 (7) 12 - - (99) (20) 23,690 4,738 - - - - 4,723
Lease
termination
income - - - - - - - - - - - - - -
Interest income 82 31 51 4 1 47 9 9 2 30 7 17 8 109
Asset and
property
management
income - - - - - - - - - - - - - -
Promote Fee - - - - - - - - - - - - - -
Asset and
property
management
expense(2) (2) (1) (1) - - (1,204) - - - (220) - - - (2)
Straight-line
rent income (409) (155) (254) - - 13 3 - - 129 29 7 3 (374)
Straight-line
rents written
off - - - - - - - - - - - - - -
FAS 141 Rent (4) (2) (2) - - (134) (27) - - 155 34 - - 3
Abandoned
project costs - - - - - - - - - - - - - -
Hurricane
related
expenses - - - - - - - - - - - - - -
Provision for
income taxes (13) (5) (8) - - - - (1) - - - - - (13)
Swap
termination
income - - - - - - - - - - - - - -
--------------------------------------------------------------------------------------------------------------
EBIDTA 2,993 1,115 1,863 4 1 (171) 206 23,698 4,740 3,387 802 1,416 693 9,420
Depreciation
and
amortization
(3) (1,638) (619) (1,019) - - (629) (126) - - (763) (170) (107) (52) (1,986)
FAS 141
Amortization (1) - (1) - - (93) (19) - - - - - - (20)
Interest
expense (584) (206) (363) - - (865) (173) - - (2,491) (511) (859) (421) (1,674)
Loan defeasance - - - - - - - - - - - - - -
FAS 141
Interest 15 6 9 - - - - - - - - - - 15
Impairment of
real estate - - - - - - - - - - - - - -
Gain on sale of
properties - - - - - - - - - - - - - -
Gain (loss) on
sale of
properties -
Mervyn's - - - - - - - - - - - - -
Income taxes on
gain on
property sale
- Mervyn's - - - - - - - - - - - - - -
--------------------------------------------------------------------------------------------------------------
Income before
minority
interest 785 296 489 4 1 (1,758) (112) 23,698 4,740 133 121 450 220 5,755
Minority
interest - OP - (6) (10) - 1 - 2 - (95) - - - (4) (112)
Minority
interest (113) (43) (70) - - 75 15 - - - - - - (98)
--------------------------------------------------------------------------------------------------------------
NET INCOME $672 $247 $409 $4 $2 $(1,683) $(95)$23,698 $4,645 $133 $121 $450 $216 $5,545
==============================================================================================================
(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 JV 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 and the Mervyn's investment pay asset management, promote and
other fees to the Company. As it is the recipient of such fees, the Company
does not recognize a 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) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $695 on an annual basis ($7,363 x
37.78% x 25%).
Page 9
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Statements of Operations - Activity by Source (1)
- -------------------------------------------------
(in thousands)
------------------------------------------------------- ------------------------------------------------------
Year-to-Date Current Quarter
Period 3 months
ended March 31, 2007 ended March 31, 2007
------------------------------------------------------- ------------------------------------------------------
Retail Multi-Family Corporate Total Retail Multi-Family Corporate Total
------------------------------------------------------- ------------------------------------------------------
PROPERTY REVENUES
Minimum rents $16,879 $1,788 $- $18,667 $16,879 $1,788 $- $18,667
Percentage rents 170 - - 170 170 - - 170
Expense
reimbursements 3,809 - - 3,809 3,809 - - 3,809
Other property
income 130 135 - 265 130 135 - 265
------------------------------------------------------
20,988 1,923 - 22,911 20,988 1,923 - 22,911
------------------------------------------------------- ------------------------------------------------------
PROPERTY EXPENSES
Property operating 3,674 881 - 4,555 3,674 881 - 4,555
Real estate taxes 2,144 82 - 2,226 2,144 82 - 2,226
------------------------------------------------------
5,818 963 - 6,781 5,818 963 - 6,781
------------------------------------------------------- ------------------------------------------------------
NET OPERATING INCOME
- PROPERTIES 15,170 960 - 16,130 15,170 960 - 16,130
OTHER INCOME
(EXPENSE)
General and
administrative - - (2,907) (2,907) - - (2,907) (2,907)
Property related
home office
expenses - - (2,712) (2,712) - - (2,712) (2,712)
Equity in earnings
of Fund I
unconsolidated
properties 4,723 - - 4,723 4,723 - - 4,723
Lease termination
income - - - - - - - -
Interest income - 5 2,915 2,920 - 5 2,915 2,920
Asset and property
management income - - 3,035 3,035 - - 3,035 3,035
Promote Fee - - - - - - - -
Other property
management fees (33) (43) - (76) (33) (43) - (76)
Straight-line rent
income 18 - - 18 18 - - 18
Straight-line rents
written off (85) - - (85) (85) - - (85)
FAS 141 Rent (18) - - (18) (18) - - (18)
Abandoned project
costs - - - - - - - -
Hurricane related
expenses - - - - - - - -
Provision for income
taxes (1,891) - - (1,891) (1,891) - - (1,891)
Swap termination
income 165 - - 165 165 - - 165
------------------------------------------------------- ------------------------------------------------------
EBIDTA 18,049 922 331 19,302 18,049 922 331 19,302
Depreciation and
amortization (5,597) (380) (164) (6,141) (5,597) (380) (164) (6,141)
FAS 141 Amortization 56 - - 56 56 - - 56
Interest expense (6,228) (295) - (6,523) (6,228) (295) - (6,523)
Loan defeasance - - - - - - - -
FAS 141 Interest 35 - - 35 35 - - 35
Impairment of real
estate - - - - - - - -
Gain on sale of
properties - - - - - - - -
Gain (loss) on sale
of properties -
Mervyn's - - - - - - - -
Income taxes on gain
on property sale -
Mervyn's - - - - - - - -
------------------------------------------------------- ------------------------------------------------------
Income before
minority interest 6,315 247 167 6,729 6,315 247 167 6,729
Minority interest -
OP (136) (5) (3) (144) (136) (5) (3) (144)
Minority interest 134 - - 134 134 - - 134
------------------------------------------------------- ------------------------------------------------------
NET INCOME $6,313 $242 $164 $6,719 $6,313 $242 $164 $6,719
======================================================= ======================================================
(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 Mervyns I & II which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV and a 49% JV interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
Page 10
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Statements of Operations - Current v. Historical (1)
- ----------------------------------------------------
(in thousands)
------------------------------------------------------ ------------------------------------------------------
Current Quarter Historical Quarter
3 months 3 months
ended March 31, 2007 ended March 31, 2006
------------------------------------------------------ ------------------------------------------------------
Discontinued Discontinued
Wholly Owned JV's (2) Operations Total Wholly Owned JV's (2) Operations Total
------------------------------------------------------ ------------------------------------------------------
PROPERTY REVENUES
Minimum rents $13,182 $5,485 $- $18,667 $12,251 $5,346 $1,572 $19,169
Percentage rents 138 32 - 170 185 9 13 207
Expense
reimbursements 3,292 517 - 3,809 3,262 709 745 4,716
Other property
income 253 12 - 265 191 16 31 238
------------------------------------------------------ ------------------------------------------------------
16,865 6,046 - 22,911 15,889 6,080 2,361 24,330
------------------------------------------------------ ------------------------------------------------------
PROPERTY EXPENSES
Property operating 3,892 663 - 4,555 3,102 538 593 4,233
Real estate taxes 1,901 325 - 2,226 1,994 631 553 3,178
------------------------------------------------------ ------------------------------------------------------
5,793 988 - 6,781 5,096 1,169 1,146 7,411
------------------------------------------------------ ------------------------------------------------------
NET OPERATING INCOME
- PROPERTIES 11,072 5,058 - 16,130 10,793 4,911 1,215 16,919
OTHER INCOME
(EXPENSE)
General and
administrative (2,907) - - (2,907) (2,693) - - (2,693)
Property related
home office
expenses (2,628) (84) - (2,712) (2,517) (61) - (2,578)
Equity in earnings
of Fund I
unconsolidated
properties - 4,723 - 4,723 - 215 - 215
Lease termination
income - - - - - - - -
Interest income 2,811 109 - 2,920 1,663 103 - 1,766
Asset and property
management income 3,035 - - 3,035 2,563 - - 2,563
Promote Fee - - - - 258 - - 258
Property management
expense (74) (2) - (76) (64) (238) (11) (313)
Straight-line rent
income 392 (374) - 18 114 (533) 12 (407)
Straight-line rents
written off (85) - - (85) - - - -
FAS 141 Rent (21) 3 - (18) 47 (5) - 42
Abandoned project
costs - - - - - - - -
Hurricane related
expenses - - - - - - - -
Provision for income
taxes (1,878) (13) - (1,891) (419) (30) - (449)
Swap termination
income 165 - - 165 - - - -
------------------------------------------------------ ------------------------------------------------------
EBIDTA 9,882 9,420 - 19,302 9,745 4,362 1,216 15,323
Depreciation and
amortization (4,155) (1,986) - (6,141) (3,704) (1,921) (451) (6,076)
FAS 141 Amortization 76 (20) - 56 (154) (41) - (195)
Interest expense (4,849) (1,674) - (6,523) (3,538) (1,548) (204) (5,290)
Loan defeasance - - - - 1,141 (1,467) - (326)
FAS 141 Interest 20 15 - 35 16 712 - 728
Impairment of real
estate - - - - - - - -
Gain on sale of
properties - - - - - - - -
Gain (loss) on sale
of properties
(Mervyns) - - - - - 464 - 464
Income taxes on gain
on sale (Mervyn's) - - - - - - - -
------------------------------------------------------ ------------------------------------------------------
Income before
minority interest 974 5,755 - 6,729 3,506 561 561 4,628
Minority interest -
OP (32) (112) - (144) (64) (19) (11) (94)
Minority interest 232 (98) - 134 (88) (93) - (181)
------------------------------------------------------ ------------------------------------------------------
NET INCOME $1,174 $5,545 $- $6,719 $3,354 $449 $550 $4,353
====================================================== ======================================================
(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 JV 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.
Page 11
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Net Operating Income (NOI) - Same
Property Performance (1)
- ---------------------------------
(in thousands) Growth in Same
Property NOI -
Continuing
Operations
Notes: Current Quarter Historical Favorable
Quarter (unfavorable)
-------------------------------------------------------
3 months ended 3 months ended
Reconciliation of total NOI to March 31, March 31,
same property NOI:
2007 2006
------------------------------
NOI - Wholly-owned properties $11,072 $12,008
NOI - Consolidated and
unconsolidated joint ventures 5,058 4,911
Adjustment to reflect 2006
increase in Fund I ownership
percentage (2) (1,898) (1,915)
------------------------------
Total NOI 14,232 15,004
NOI - Properties Acquired (628) (29)
NOI - Property sold or held
for sale - (1,215)
NOI - Redevelopment properties - -
------------------------------
$13,604 $13,760 -1.1%
=============================================
Same property NOI by portfolio
component and revenues/expenses:
Retail Properties
Revenues $17,660 $17,607 0.3%
Expenses 5,017 4,864 -3.2%
---------------------------------------------
12,643 12,743 -0.8%
---------------------------------------------
Residential Properties (2
properties)
Revenues 1,923 2,031 -5.3%
Expenses 962 1,014 5.1%
---------------------------------------------
961 1,017 -5.5%
---------------------------------------------
$13,604 $13,760 -1.1%
=============================================
(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%)]. 2007 and 2006 NOI from Fund I has been decreased from
100% down to 38% for comparability.
Page 12
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Funds from Operations ("FFO")( 1) 2007 2006
- ---------------------------------------- ----------------------------------- ---------------
--------------- ---------------
Current Current Historic
Year-to-Date Quarter Quarter
Period ended 3 months ended 3 months ended
Funds from operations ("FFO"): Notes March 31, 2007 March 31, 2007 March 31, 2006
- ---------------------------------------- --------------- --------------- ---------------
Net Income $6,719 $6,719 $4,353
Add back:
Depreciation of real estate and
amortization of leasing costs:
(net of minority interest share)
Wholly owned and consolidated
subsidiaries 4,797 4,797 5,034
Unconsolidated subsidiaries 475 475 412
Income attributable to Operating
Partnership units (2) 144 144 94
Loss (gain) on sale of properties - - (372)
Extraordinary item (net of minority
interests' share and income taxes) (2,883) (2,883)
Distributions on Preferred OP Units 8 8 62
--------------- --------------- ---------------
FFO 9,260 9,260 9,583
Extraordinary item (net of minority
interests' share and income taxes) (4) 2,883 2,883 -
--------------- --------------- ---------------
FFO - adjusted for
extraordinary item (4) $12,143 $12,143 $9,583
=============== =============== ===============
Adjusted Funds from operations ("AFFO"):
- ----------------------------------------
Diluted FFO $12,143 $12,143 $9,583
Straight line rent, net (18) (18) 407
Non real-estate depreciation 164 164 117
Amortization of finance costs 464 464 219
Amortization of cost of management
contracts 173 173 233
Tenant improvements (719) (719) (320)
Leasing commissions (72) (72) (110)
Capital expenditures (981) (981) (667)
--------------- --------------- ---------------
AFFO $11,154 $11,154 $9,462
=============== =============== ===============
Funds Available for Distribution ("FAD")
- ----------------------------------------
AFFO $11,154 $11,154 $9,462
Scheduled prinicpal repayments (832) (832) (989)
--------------- --------------- ---------------
FAD $10,322 $10,322 $8,473
=============== =============== ===============
Total weighted average shares and OP
Units:
Basic 33,414 33,414 33,122
=============== =============== ===============
Diluted 34,113 34,113 33,757
=============== =============== ===============
FFO per share:
FFO per share - Basic (3) $0.36 $0.36 $0.29
=============== =============== ===============
FFO per share - Diluted (3) $0.36 $0.36 $0.28
=============== =============== ===============
AFFO per share - Basic (3) $0.33 $0.33 $0.28
=============== =============== ===============
AFFO per share - Diluted (3) $0.33 $0.33 $0.28
=============== =============== ===============
FAD per share - Basic (3) $0.31 $0.31 $0.25
=============== =============== ===============
FAD per share - Diluted (3) $0.30 $0.30 $0.25
=============== =============== ===============
(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.
Page 13
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Capital Expenditures
-----------------------------------------
---------------- ----------------
Year-to-Date Current Previous
Quarter Year
-------------------
3 months Year
ended ended
March 31, 2007 March 31, 2007 December 31, 2006
---------------- ---------------- -------------------
Leasing Commissions: $72 $72 $894
---------------- ---------------- -------------------
Tenant Improvements: 719 719 1,817
---------------- ---------------- -------------------
Capital Expenditures:
Retail 909 909 2,382
Residential 72 72 808
---------------- ---------------- -------------------
981 981 3,190
---------------- ---------------- -------------------
Redevelopments 9,310 9,310 24,774
---------------- ---------------- -------------------
Total $11,082 $11,082 $30,675
================ ================ ===================
Page 14
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Consolidated Balance Sheets
---------------------------
(in thousands)
March 31, December 31,
2007 2006
--------------- ---------------
ASSETS
Real estate
Land $174,038 $152,930
Buildings and improvements 541,374 497,638
Construction in progress 23,160 26,670
--------------- ---------------
738,572 677,238
Less: accumulated depreciation (147,370) (142,071)
--------------- ---------------
Net real estate 591,202 535,167
Cash and cash equivalents 111,643 139,571
Cash in escrow 6,987 7,639
Restricted Cash 2,185 549
Investments in and advances to
unconsolidated affiliates 13,625 31,049
Investment in management contracts 1,726 1,839
Rents receivable, net of $2,523 and
$2,343 allowance, respectively 5,710 7,658
Straight-line rents receivable, net of
$910 allowance 5,204 5,291
Notes Receivable 32,766 38,322
Prepaid expenses 2,026 1,865
Deferred charges, net 36,326 33,255
Other assets 18,436 37,834
Acquired lease intangibles 14,095 11,653
--------------- ---------------
$841,931 $851,692
=============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $452,266 $447,402
Acquired lease intangibles 4,494 4,919
Accounts payable and accrued expenses 8,984 10,548
Dividends and distributions payable 6,661 6,661
Share of losses in excess of investment
in unconsolidated affiliates 21,622 21,728
Other liabilities 11,677 5,578
--------------- ---------------
Total liabilities 505,704 496,836
--------------- ---------------
Minority interest in Operating
Partnership 4,911 8,673
Minority interests in partially owned
affiliates 86,476 105,064
--------------- ---------------
Total minority interests 91,387 113,737
--------------- ---------------
Shareholders' equity:
Common shares 32 31
Additional paid-in capital 231,073 227,555
Accumulated other comprehensive loss (232) (234)
Retained earnings 13,967 13,767
--------------- ---------------
Total shareholders' equity 244,840 241,119
--------------- ---------------
$841,931 $851,692
=============== ===============
Page 15
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 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 $174,038 $(56,790) $7,192 $124,440
Buildings and improvements 541,374 (106,738) 50,470 485,106
Construction in progress 23,160 (18,517) 769 5,412
--------------- --------------- --------------- ---------------
738,572 (182,045) 58,431 614,958
Less: accumulated depreciation (147,370) 20,312 (6,322) (133,380)
--------------- --------------- --------------- ---------------
Net real estate 591,202 (161,733) 52,109 481,578
Cash and cash equivalents 111,643 (6,535) 1,115 106,223
Cash in escrow 6,987 (1,090) 872 6,769
Restricted Cash 2,185 (23) 305 2,467
Investments in and advances to
unconsolidated affiliates 13,625 (7,795) (2,346) 3,484
Investment in management contracts 1,726 - - 1,726
Rents receivable, net 5,710 (1,194) (268) 4,248
Straight-line rents receivable, net 5,204 1,235 1,196 7,635
Notes Receivable 32,766 (1,233) - 31,533
Prepaid expenses 2,026 (781) 203 1,448
Deferred charges, net 36,326 (16,206) 1,409 21,529
Other assets 18,436 (153) 160 18,443
Acquired lease intangibles 14,095 (4,080) 41 10,056
--------------- --------------- --------------- ---------------
Total Assets $841,931 $(199,588) $54,796 $697,139
=============== =============== =============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $450,373 (94,855) 71,071 $426,589
Valuation of debt at acquisition, net of
amortization 1,893 (656) 1,520 2,757
Acquired lease intangibles 4,494 - - 4,494
Accounts payable and accrued expenses 8,984 (12,813) 1,242 (2,587)
Dividends and distributions payable 6,661 - - 6,661
Share of losses in excess of inv. in
unconsolidated affiliates 21,622 - (21,622) -
Other liabilities 11,677 (5,445) 2,585 8,817
--------------- --------------- --------------- ---------------
Total liabilities 505,704 (113,769) 54,796 446,731
--------------- --------------- --------------- ---------------
Minority interest in Operating
Partnership 4,911 - - 4,911
Minority interests in partially owned
affiliates 86,476 (85,819) - 657
--------------- --------------- --------------- ---------------
Total minority interests 91,387 (85,819) - 5,568
--------------- --------------- --------------- ---------------
Shareholders' equity:
Common shares 32 - - 32
Additional paid-in capital 231,073 - - 231,073
Accumulated other comprehensive income (232) - - (232)
Deficit 13,967 - - 13,967
--------------- --------------- --------------- ---------------
Total shareholders' equity 244,840 - - 244,840
--------------- --------------- --------------- ---------------
Total Liabilities and Shareholders'
Equity $841,931 $(199,588) $54,796 $697,139
=============== =============== =============== ===============
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 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.
Page 16
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Selected Operating Ratios
- ----------------------------------------
3 months ended March 31,
2007 2006
--------------- ---------------
Coverage Ratios (1)
- ----------------------------------------
Interest Coverage Ratio
EBIDTA $19,302 $15,323
Divided by Interest expense 6,523 5,290
--------------- ---------------
2.96 x 2.90 x
Fixed Charge Coverage Ratio
EBIDTA $19,302 $15,323
Divided by ( Interest expense 6,523 5,290
+ Preferred Dividends) (2) 8 62
--------------- ---------------
2.96 x 2.86 x
Debt Service Coverage Ratio
EBIDTA $19,302 $15,323
Divided by ( Interest expense 6,523 5,290
+ Principal
Amortization) 832 989
--------------- ---------------
2.62 x 2.44 x
Payout Ratios
- ----------------------------------------
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P.
Units) paid $6,661 $6,098
FFO 12,143 9,583
--------------- ---------------
55% 64%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P.
Units) paid $6,661 $6,098
AFFO 11,154 9,462
--------------- ---------------
60% 64%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P.
Units) paid $6,661 $6,098
FAD 10,322 8,473
--------------- ---------------
65% 72%
Overhead Ratios
- ----------------------------------------
G&A/Real Estate Revenues
General and Administrative expense $2,907 $2,693
Real Estate Revenues (Includes pro-rata
JV) 22,911 24,330
--------------- ---------------
13% 11%
General and Administrative expense $2,907 $2,693
Real Estate Revenues (Includes 100% JV) 29,260 30,865
--------------- ---------------
10% 9%
Leverage Ratios
- ----------------------------------------
Debt/Total Market Capitalization
Debt (3) $426,589 $332,624
Total Market Capitalization 1,281,369 1,100,091
--------------- ---------------
33% 30%
Debt + Preferred Equity (Preferred O.P.
Units) $426,977 $336,812
Total Market Capitalization 1,281,369 1,100,091
--------------- ---------------
33% 31%
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.
Page 17
QUARTERLY SUPPLEMENTAL
DISCLOSURE
March 31, 2007
Portfolio Debt - Consolidated Summary
Reconciliation from GAAP Debt to Pro-Rata Share of Debt
(amounts in thousands)
Acadia Add: Less: Acadia
--------------- ---------------
Consolidated Pro-rata Minority Pro-rata
Debt Share of Interest Share Share of
of
Balance % of Total Unconsolidated Consolidated Outstanding % of Total
As Reported (2) Portfolio Debt (3) Debt (4) Debt (5) Portfolio
--------------- --------------- --------------- --------------- --------------- ---------------
Mortgage Notes Payable
Fixed-Rate Debt (1) $371,022 82% 68,293 (39,275) $400,040 94%
Variable-Rate Debt (1) 79,351 18% 2,778 (55,580) 26,549 6%
--------------- --------------- --------------- --------------- --------------- ---------------
Total $450,373 100% $71,071 (94,855) $426,589 100%
--------------- --------------- --------------- --------------- --------------- ---------------
Weighted Average Interest
Rate
Fixed-Rate Debt 5.25% 5.24%
Variable-Rate Debt 6.79% 6.62%
--------------- ---------------
Total 5.52% 5.33%
--------------- ---------------
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-Q. Does not include $1,893 of FAS141 purchase price 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.
Page 18
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Debt Analysis - Consolidated Debt
(amounts in thousands)
Principal Acadia's Variable
% of Pro-
Ownership rata Balance at Pro-rata Interest Rate as of Maturity
Share of March 31, March 31,
Property Notes Entity Percent Lender Porfolio 2007 Share Rate 2007 Date
- ----------------------------------------------------------------------------------------------------------------------------------
Fixed-Rate Debt
- ---------------
N/A 1 Acadia 100.0% 3.75% Convertible
Notes $115,000 $115,000 3.75% 12/20/2011
Merrillville Acadia 100.0% SunAmerica Life
Plaza Insurance Co. 12,591 12,591 6.46% 7/1/2007
GHT Apartments Acadia 100.0% Bank of America, N.A. 10,422 10,422 7.55% 1/1/2011
Colony Acadia 100.0% Bank of America, N.A.
Apartments 5,210 5,210 7.55% 1/1/2011
239 Greenwich Acadia 75.0% RBS Greenwich Capital
Avenue 26,000 19,500 5.42% 2/11/2017
New Loudon Acadia 100.0% RBS Greenwich Capital
Center 14,892 14,892 5.64% 9/6/2014
Crescent Plaza Acadia 100.0% RBS Greenwich Capital 17,600 17,600 4.98% 9/6/2015
Pacesetter Park Acadia 100.0% RBS Greenwich Capital
Shopping
Center 12,500 12,500 5.12% 11/6/2015
Elmwood Park Acadia 100.0% Bear Stearns
Shopping Commercial Mortgage,
Center Inc. 34,600 34,600 5.53% 1/1/2016
Gateway Acadia 100.0% Bear Stearns
Shopping Commercial Mortgage,
Center Inc. 20,500 20,500 5.44% 3/1/2016
Clark-Diversey Acadia 100.0% Lasalle Bank National
Association 3,767 3,767 8.50% 4/11/2028
Boonton Acadia 60.0% GMAC Commercial
Mortgage Corporation 8,533 5,120 6.40% 11/1/2032
Chestnut Hill Acadia 100.0% Column Financial,
Inc. 9,955 9,955 5.45% 6/11/2013
Walnut Hill Acadia 100.0% Merrill Lynch
Plaza Mortgage Lending,
Inc. 23,500 23,500 6.06% 8/29/2016
4650 Broadway 2 Fund II 19.2% Bank of China
Avenue 19,000 3,648 5.26% 9/1/2007
Kroger 3 Fund I 28.3% Cortlandt Deposit
Portfolio Corporation 4,950 1,403 6.62% 2/1/2009
Safeway 3 Fund I 28.3% Cortlandt Deposit
Portfolio Corporation 4,893 1,386 6.51% 1/15/2009
Amherst Fund I 37.8% The Ohio National
Marketplace Life Insurance
Company 4,489 1,696 8.20% 6/1/2022
Sheffield Fund I 37.8% Canada Life Insurance
Crossing Company 6,691 2,528 8.00% 1/1/2023
Interest rate 4 Acadia Bank of America, N.A. Various
swaps 15,929 15,929 6.25%
-------------------- ----------
Sub-Total
Fixed-Rate
Debt 93% 371,022 331,747 5.15%
-------------------- ----------
Variable-Rate Debt Current LIBOR 5.32%
- --------------------
Bloomfield Town 5 Acadia 100.0% Bank of America, N.A. Libor +
Square 125 6.57% 12/1/2010
Hobson West 5 Acadia 100.0% Bank of America, N.A. Libor +
Plaza 125 6.57% 12/1/2010
Marketplace of 5 Acadia 100.0% Bank of America, N.A. Libor +
Absecon 125 6.57% 12/1/2010
Village 5 Acadia 100.0% Bank of America, N.A. Libor +
Apartments - - 125 6.57% 12/1/2010
Abington Towne 5 Acadia 100.0% Bank of America, N.A. Libor +
Center 125 6.57% 12/1/2010
Methuen 5 Acadia 100.0% Bank of America, N.A. Libor +
Shopping
Center 125 6.57% 12/1/2010
Town Line Plaza 5 Acadia 100.0% Bank of America, N.A. Libor + 140 6.72% 12/1/2010
Ledgewood Mall 6 Acadia 100.0% Washington Mutual Libor +
Bank, F.A. - - 125 6.57% 3/29/2010
Branch Plaza Acadia 100.0% Bank of America, N.A. 15,938 15,938 Libor + 130 6.62% 12/1/2011
Village Commons 7 Acadia 100.0% Bank of America, N.A. Libor +
Shopping
Center 9,886 9,886 140 6.72% 6/29/2012
244-268 161st 2 Fund II 19.2% RBS Greenwich Capital Libor +
Street 30,000 5,760 140 6.72% 4/1/2008
216th Street 2 Fund II 19.2% Bank of America, N.A. 10,738 2,062 Libor + 125 6.57% 12/31/2008
Liberty Avenue 2 Fund II 19.2% PNC Bank, National Libor +
Association 7,812 1,500 165 6.97% 5/18/2009
Granville Fund I 37.8% Bank One, N.A. Libor +
Center 2,906 1,098 200 7.32% 10/5/2007
400 East 2 Fund II 19.2% Bank of China Libor +
Fordham Road 18,000 3,456 175 7.07% 11/1/2007
Acadia 8 Fund II 20.0% Bank of America, N.A. Libor +
Strategic / Bank of New York
Opportunity
Fund II, LLC - - 75 6.07% 3/1/2008
Interest rate 4 Acadia Bank of America, N.A.
swaps (15,929) (15,929)
--------------------
Sub-Total Libor +
Variable-Rate
Debt 7% 79,351 23,771 126 6.58%
-------------------- ----------
Total
Consolidated
Debt 100% $450,373 $355,518 5.26%
============================= ==========
Page 19
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Debt Analysis - Unconsolidated Joint Ventures
Principal Acadia's Variable
Ownership % of Pro-
rata Balance at Pro-rata Interest Rate as of Maturity
Fixed-Rate Debt Entity Percent Lender Share of March 31, Share Rate March 31, Date
Porfolio 2007 2007
- --------------- ---------------------------------------------------------------------- ------------------------------
Acadia UBS Warburg Real
Brandywine Brandywine Estate Investments,
Subsidiary JV 22.2% Inc. $61,375 $13,639 5.99% 7/1/2016
Acadia Bear Stearns
Brandywine Brandywine Commercial
Town Center JV 22.2% Mortgage, Inc. 31,550 7,011 5.99% 7/1/2016
Acadia Market
Square Bear Stearns
Shopping Brandywine Commercial
Center JV 22.2% Mortgage, Inc. 24,375 5,417 5.99% 7/1/2016
Acadia Bear Stearns
Brandywine Brandywine Commercial
Condominium JV 22.2% Mortgage, Inc. 22,650 5,033 5.99% 7/1/2016
Acadia Bear Stearns
Brandywine Brandywine Commercial
Holdings JV 22.2% Mortgage, Inc. 26,250 5,833 5.99% 7/1/2016
Crossroads
Shopping Crossroads
Center JV 49.0% JPMorgan Chase Bank 64,000 31,360 5.37% 12/1/2014
--------------------
Sub-Total
Fixed-Rate
Debt 96% 230,200 68,293 5.71%
-------------------- ----------
Variable-Rate Debt Current LIBOR 5.32%
- --------------------
Haygood 9,238 1,745 Libor + 150 6.82% 8/23/2010
Shopping JP Morgan Chase
Center 9 Fund I 18.9% Bank, N.A.
Sterling
Heights
Shopping JP Morgan Chase
Center 9 Fund I 18.9% Bank, N.A. 5,471 1,033 Libor + 185 7.17% 8/23/2010
--------------------
Sub-Total
Variable-Rate
Debt 4% 14,709 2,778 Libor + 163 6.95%
------------------------------ ----------
Total
Unconsolidated
Debt 100% $244,909 $71,071 5.76%
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, Fund
II'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 Fund I'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 Forward Start
principal All-in Rate Spread Swap rate Date Maturity Date
--------------- ------------------------------------------------------------ -------------
4,607 6.12% 1.41% 4.71% n/a 1/1/2010
11,322 6.30% 1.41% 4.90% n/a 10/1/2011
--------------- ---------------------------------------------
$15,929 6.25% 1.41% 4.84%
=============== =============================================
The Company has hedged future variable-rate debt with forward-starting variable to fixed-rate swap
agreements as follows:
$8,434 6.55% 1.41% 5.14% 6/1/2007 3/1/2012
--------------- ---------------------------------------------
$8,434 6.55% 1.41% 5.14%
=============== =============================================
(5) This is a revolving facility for up to $75,000 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.
(9) Fund I is a 50% joint venture partner on this investment. As such, Fund I's
pro-rata share of the above debt is 50% x 37.78%, or 18.9%.
Page 20
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Future Debt Maturities
- -----------------------------------
(in thousands) Weighted Average Interest Rate of Maturing Debt
---------------------------------------------
Consolidated Debt
Scheduled
Variable-Rate
Year Amortization Maturities Total Total Debt Fixed-Rate Debt Debt
- --------------------------------------------------------------------------------------------------------------
2007 1,279 52,348 53,627 6.28% 5.73% 7.10%
2008 6,505 40,739 47,244 6.68% n/a 6.68%
2009 6,783 7,813 14,596 6.97% n/a 6.97%
2010 2,448 14,742 17,190 7.55% 7.55% n/a
2011 2,594 129,764 132,358 4.08% 3.75% 6.62%
Thereafter 31,462 153,896 185,358 5.58% 5.51% 6.72%
---------------------------------------------
$51,071 $399,302 $450,373
=============================================
Unconsolidated Debt (1)
2007 409 - 409 n/a n/a n/a
2008 433 - 433 n/a n/a n/a
2009 470 - 470 n/a n/a n/a
2010 487 2,751 3,238 6.95% n/a 6.95%
2011 508 - 508 n/a n/a n/a
Thereafter 1,695 64,318 66,013 5.73% 5.73% n/a
---------------------------------------------
$4,002 $67,069 $71,071
=============================================
Capitalized interest related to the Company's development projects is as follows:
(in thousands)
1st Quarter 2007 $12
2nd Quarter 2007
3rd Quarter 2007
4th Quarter 2007
---------------
Year-to-Date $12
===============
(1) The above amounts represent the Company's pro-rata share of unconsolidated
joint venture mortgage debt.
Page 21
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Unencumbered Properties
- ----------------------------------------
Center Location GLA
- --------------------------------------------------------------------------------
Blackman Plaza Wilkes-Barre, PA 125,264
Mad River Station Dayton, OH 155,838
Mark Plaza Edwardsville, PA 216,401
Plaza 422 Lebanon, PA 154,878
Route 6 Plaza Honesdale, PA 175,505
--------------------
Total GLA of Unencumbered Properties 827,886
====================
Total net operating income for the year ended December 31,
2006 associated with unencumbered properties $4,172
====================
Page 22
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview
- ------------------------------------------------------------------------------------------------------------------------
Item NotesDescription
- ------------------------------------------------------------------------------------------------------------------------
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 Contribution: 22.22% - Acadia
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
Page 23
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
- ------------------------------------------------------------------------------------------------------------------------
Item NotesDescription
- ------------------------------------------------------------------------------------------------------------------------
Date formed June 15, 2004
Capital commitment $300 million
Funding $125.3 million funded through March 31, 2007
Partnership structure
Equity Contribution: 20% - Acadia
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
Page 24
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 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 NotesDescription
- ------------------------------------------------------------------------------------------------------------------------
Date formed January 2004
Targeted investments The Venture has been formed to invest in surplus or distressed properties owned or
controlled by retailers
Current Investments Mervyns Department Stores - All capital has been returned
Albertson's - All capital has been returned
ShopKo, Marsh Supermarkets and three Albertsons add-on investments, Newkirk and Camellia
and Colorado Springs
Partnership structure
Equity Contribution: Up to $300 million of total equity
Up to 20% ($60 million) - AKR Fund I ($20 million) and Fund II ($40 million)
80% - Klaff Realty LP and Lubert-Adler
Cash flow distribution: 20% - AKR Funds
80% - Four institutional investors
Promote: 20% to Klaff once all partners (including Klaff) have received 10% preferred return and
return of equity (50% of first $40 million of AKR Fund equity is not subject to this
promote)
Remaining 80% is distributed to all the partners (including Klaff).
Fees to Acadia Property management fees
Market rate leasing fees and construction/project management
Disposition fees
Page 25
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
AKR Fund I Properties - Detail
- ------------------------------
--------------------------------------------------------------------------------------------------------------------
Fund I's Annualized
Base Rent
Gross
Leasable Annualized per Occupied
Ownership Area Occupancy Base Rent Square Foot
-----------------------------------------------------------------------------------------------------------
% Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
--------------------------------------------------------------------------------------------------------------------
Midwest
- ---------------
Ohio
- ---------------
Amherst
Marketplace 100% 76,737 3,208 79,945 100.00%100.00%100.00% $851,195 $38,472 $889,667 $11.09 $11.99 $11.13
Granville
Centre 100% 90,047 44,950 134,997 38.81% 50.74% 42.78% 450,336 236,150 686,486 12.89 10.35 11.89
Sheffield
Crossing 100% 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,279 392,363 1,153,642 10.93 10.74 10.87
-----------------------------------------------------------------------------------------------------------
Total - Midwest
Region 236,443 91,033 327,476 76.70% 68.69% 74.47% 2,062,810 666,985 2,729,795 11.38 10.66 11.19
-----------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
Various
- ---------------
Kroger/Safeway
Portfolio (25
Properties) 75% 1,018,100 - 1,018,100 100.00% - 100.00% 7,362,811 - 7,362,811 7.23 - 7.23
-----------------------------------------------------------------------------------------------------------
Haygood
Shopping
Center
(Virginia) 50% 95,303 83,194 178,497 100.00% 84.20% 92.64% 636,207 1,096,557 1,732,764 6.68 15.65 10.48
-----------------------------------------------------------------------------------------------------------
New York
- ---------------
Tarrytown
Shopping
Center (New
York) 100% 15,497 19,794 35,291 100.00% 73.44% 85.10% 475,000 434,457 909,457 30.65 29.89 30.28
-----------------------------------------------------------------------------------------------------------
Subtotal - Fund
I Operating
Properties 1,365,343 194,021 1,559,364 95.96% 75.83% 93.46% 10,536,828 2,197,999 12,734,827 8.04 14.94 8.74
-----------------------------------------------------------------------------------------------------------
Fund I Redevelopment
Properties
- ------------------------
Sterling
Heights
Shopping
Center
(Michigan) 50% 90,400 64,435 154,835 100.00% 13.63% 64.06% 526,600 81,140 607,740 5.83 9.24 6.13
Hitchcock and
Pinelog Plaza
(South
Carolina) 20% 169,691 86,402 256,093 100.00% 47.72% 82.36% 1,130,587 501,322 1,631,909 6.66 12.16 7.74
-----------------------------------------------------------------------------------------------------------
Subtotal - Fund I
Redevelopment
Properties 260,091 150,837 410,928 100.00% 33.16% 75.46% 1,657,187 582,462 2,239,649 6.37 11.65 7.22
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Fund I Grand
Total 1,625,434 344,858 1,970,292 96.61% 57.16% 89.71%$12,194,015 $2,780,461 $14,974,476 $7.77 $14.10 $8.47
-----------------------------------------------------------------------------------------------------------
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.
Page 26
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
FUND I
Top 5 Tenants - Ranked by Annualized Base Rent
- --------------------------------------------------
Percentage of Total
Represented by Tenant
-----------------------------------
Number of
Stores in Total Annualized Base Total Annualized Base
Portfolio
Ranking Tenant JV Portfolio GLA Rent (1) GLA(2) Rent (2)
- --------------------------------------------------------------------------------------------------------------
1 Kroger (3) 12 413,100 $2,769,256 30.7% 26.0%
2 Safeway (4) 13 350,475 2,752,853 26.1% 25.8%
3 Giant Eagle 2 135,896 1,506,773 10.1% 14.1%
4 Walgreens 1 15,497 475,000 1.2% 4.5%
5 Lifestyle Family Fitness Center 1 34,951 450,336 2.6% 4.2%
------------------------------------------------------------------------
Total 29 949,919 $7,954,217 70.7% 74.6%
========================================================================
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
(2) 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.
Page 27
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Fund I - Valuation **** As Of December 31, 2006 ****
Portfolio:
Redevelopment
Line Total Ohio Kroger/Safeway Properties(1)
- ------ --------------------------------------------------
1 Net Operating Income $1,375 $529 $692 $154
("NOI") for the quarter
ended December 31, 2006
Adjustments:
2 To reflect full quarter 63 - - 63
of consolidation of
Tarrytown investment
3 Adjust Kroger/Safeway Note 1 (128) - (128) -
4 NOI related to Note 2 544 544
investements in
unconsolidated
partnerships
5 Adjustment for minority (413) - (141) (272)
interests
---------- ----------------------------------------
6 Adjusted quarterly NOI 1,441 529 423 489
7 Annualized NOI Line 6 x 4 5,763 2,116 1,691 1,956
8 Debt as of December 31, Note 3
2006 28,823 14,086 7,382 7,355
9 Adjust for Note 1 (1,706) - (7,382) 5,676
Kroger/Safeway and
intercompany debt
---------- ----------------------------------------
10 Adjusted debt 27,117 14,086 - 13,031
6.00% 6.50% 7.00% 7.50% 8.00%
------------------------------------------------------------
11 Gross asset value Line 7 x $96,043 $88,655 $82,322 $76,834 $72,032
cap rate
12 Adjusted debt (27,117) (27,117) (27,117) (27,117) (27,117)
13 Additional value of 7,000 7,000 7,000 7,000 7,000
investment in Hitchcock
14 Remaining Equity and
Accumulated Preferred
Distribution in Fund I
(5) - - - - -
------------------------------------------------------------
15 75,926 68,538 62,205 56,717 51,915
16 Additional Mervyn's 7,600 7,600 7,600 7,600 7,600
return (Original
capital already
returned)
------------------------------------------------------------
17 Total Value Subject to 83,526 76,138 69,805 64,317 59,515
Promote
------------------------------------------------------------
18 General Partner (Acadia) x 20% 16,705 15,228 13,961 12,863 11,903
Promote on Fund I
assets
------------------------------------------------------------
19 Remaining value to be 66,820 60,910 55,844 51,454 47,612
allocated pro-rata to
Fund I investors
(including Acadia)
------------------------------------------------------------
20 Acadia's share x 22.22% 14,847 13,534 12,409 11,433 10,579
------------------------------------------------------------
21 Value of Acadia's Line 18 + 31,553 28,762 26,370 24,296 22,482
interest in remaining 20
Fund I assets
22 Additional promote Note 4 7,500 7,500 7,500 7,500 7,500
earned from Brandywine
recapitalization
------------------------------------------------------------
23 Total value to Acadia $39,053 $36,262 $33,870 $31,796 $29,982
============================================================
24 Original Acadia invested $10,774 $10,774 $10,774 $10,774 $10,774
capital in Fund I
============================================================
Recap of Acadia Promote
-----------------------------------------------------------------------------------------------
20% General Partner $16,705 $15,228 $13,961 $12,863 $11,903
(Acadia) Promote on
Fund I assets
20% General Partner 7,500 7,500 7,500 7,500 7,500
(Acadia) Promote on
Brandywine
------------------------------------------------------------
Total promote $24,205 $22,728 $21,461 $20,363 $19,403
============================================================
Per share $0.73 $0.68 $0.64 $0.61 $0.58
============================================================
Notes:
- ----------
1 Adjusted for value based on projected net renewal 3 See "Debt Analysis - Unconsolidated Debt (Joint
NOI upon completion of original term in 2009 Ventures)" in the December 31, 2006 Supplement. Amounts
adjusted for minority interests' pro-rata share of debt
2 Included in "Equity in earnings of Fund I 4 This promote is to be paid from future Fund I cash flows
unconsolidated properties" in the JV Statement of
Operations in the December 31, 2006 Supplement.
Page 28
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
AKR Fund II Properties - Detail (2)
- -----------------------------------
--------------------------------------------------------------------------------------------------------------
Fund I's Annualized
Base Rent
Gross Leasable per Occupied
Ownership Area Occupancy Annualized Base Rent Square Foot
-----------------------------------------------------------------------------------------------------
% Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
--------------------------------------------------------------------------------------------------------------
Midwest
- ---------------
Illinois
- ---------------
Oakbrook 100% 112,000 - 112,000 100.00% - 100.00% $825,000 $- $825,000 $7.37 $- $7.37
-----------------------------------------------------------------------------------------------------
Subtotal - Fund
II Operating
Properties 112,000 - 112,000 100.00% - 100.00% 825,000 - 825,000 7.37 - 7.37
-----------------------------------------------------------------------------------------------------
Fund II
Redevelopment
Properties
- ---------------
400 East
Fordham Road 96% 100,703 16,652 117,355 0.00%100.00% 14.19% - 381,736 381,736 - 22.92 22.92
Pelham Manor
Shopping
Center (1) 96% - 398,775 398,775 - 27.08% 27.08% - 756,000 756,000 - 7.00 7.00
Sherman Avenue 96% 134,773 - 134,773 100.00% - 100.00% 1,970,291 - 1,970,291 14.62 - 14.62
161st Street 96% 137,334 86,277 223,611 100.00%100.00%100.00% 3,337,222 1,842,274 5,179,496 24.30 21.35 23.16
-----------------------------------------------------------------------------------------------------
Subtotal - Fund
II
Redevelopment
Properties 372,810 501,704 874,514 72.99% 42.04% 55.23% 5,307,513 2,980,010 8,287,523 19.51 14.13 17.16
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Fund II Grand
Total 484,810 501,704 986,514 79.23% 42.04% 60.32%$6,132,513 $2,980,010 $9,112,523 $15.97 $14.13 $15.31
-----------------------------------------------------------------------------------------------------
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 redevelopment plan contemplates the demolition of the current
industrial/warehouse buildings and the construction of a retail center.
(2) Fund II has also invested in the Liberty and 216th Street projects, both of
which are under "ground-up" construction.
Page 29
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Fund II - New York Urban/Infill
Redevelopment Properties Total cost
- -------------------------------
(including Estimated square
Estimated cost
Estimated start of Estimated acquisition cost, footage upon per square
Property Anchors/Tenants construction completion in millions) completion foot Notes
- ----------------------------------------------------------------------------------------------------------------------------------
Liberty Avenue CVS, Storage Post Construction 1st half 2007 $15.0 125,000 120 (1)
commenced
216th Street City of New York Construction 2nd half 2007 25.0 60,000 417
Department of commenced
General Services
Pelham Manor Home Depot Construction 2nd half 2008 45.0 320,000 141 (1)
Shopping Center commenced
161st Street Various New York 1st half 2007 2nd half 2008 65.0 232,000 280
City and State
Agencies
400 East Fordham Sears, Walgreens, Construction 1st half 2009 120.0 285,000 421
Road Best Buy commenced
Canarsie Plaza Home Depot 2nd half 2007 1st half 2009 70.0 323,000 217
Sherman Avenue To be determined 2nd half 2007 2nd half 2009 55.0 175,000 314
Albee Square To be determined To be determined 300.0 600,000 500
---------------------------------------------
$695.0 2,120,000 $328
=============================================
(1)The Fund acquired a ground lease interest at this property.
Page 30
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Retail Properties - Summary Listing
- ----------------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------------------
Year Grocery Anchor Other Anchor Annualized Annualized
Current Lease Current Lease
Constructed(C) Occupancy and and Base Base
Shopping Center Location Option Option
Acquired(A) GLA % Expiraton Expiraton Rent Rent psf
- ----------------------------------------------------------------------------------------------------------------------------------
NEW YORK REGION
- ---------------
New York
Village CommonsSmithtown
Shopping Daffy's
Center 1998 (A) 87,169 93% 2008/2028 2,186,651 26.99
Branch ShoppingSmithtown Waldbaum's
Plaza (A&P)
1998 (A) 125,751 100% 2013/2028 CVS 2010/-- 2,467,835 19.62
Amboy Shopping Staten Island Waldbaum's
Center 2005 (A) 60,090 98.12% 2028/-- 1,485,096 25.19
Duane Reed 2008/2018
Bartow Avenue The Bronx 2005 (C) 14,668 66.99% Sleepy's 2009 284,620 28.97
Pacesetter ParkPomona Stop & Shop
Shopping (Ahold)
Center 1999 (A) 96,698 91% 2020/2040 1,050,156 11.93
2914 Third The Bronx
Avenue 2006 (A) 43,500 100% Dr. J's 2021/- 1,400,000 32.18
West 54th Manhattan
Street 2007 (A) 6,514 88% 2,177,304 380.65
New Jersey
Elmwood Park Elmwood Park
Shopping Pathmark Walgreen's
Center 1998 (A) 149,085 100% 2017/2052 2022/2062 3,438,718 23.07
Boonton Boonton 2006 (A) 62,908 100% A&P 2024 1,252,985 19.92
Connecticut
239 Greenwich Greenwich Restoration
Avenue Hardware
1998 (A) 16,834 100% 2015/2025 1,286,069 76.40
Coach 2016/2021
NEW ENGLAND
REGION
- ---------------
Connecticut
Town Line PlazaRocky Hill Stop & Shop Wal-mart (not
1998 (A) 206,356 99% 2023/2063 owned) 1,626,923 15.16
Massachusetts
Methuen Methuen
Shopping DeMoulas Market Wal-mart
Center 1998 (A) 130,021 97% 2015/2020 2011/2051 849,264 6.76
Crescent Plaza Brockton Shaw's Home Depot
1984 (A) 218,141 95% 2012/2042 2021/2056 1,609,257 7.73
New York
New Loudon Latham Price Chopper Marshalls
Center 1982 (A) 255,826 100% 2015/2035 2014/2029 1,713,664 6.70
Bon Ton Department Store
2014/2034
Raymor & Flanigan Furniture
2019/2034
Rhode Island
Walnut Hill Woonsocket Shaw's
Plaza 1998 (A) 285,418 99% 2013/2028 Sears 2008/2033 2,461,957 8.73
Vermont
The Gateway Burlington
Shopping Shaw's
Center 1999 (A) 101,784 96% 2024/2053 1,799,570 18.49
Page 31
MIDWEST REGION
- ---------------
Illinois
Hobson West Bobak's Market and Restaurant
Plaza Naperville 1998 (A) 98,902 98% 2007/2032 1,201,939 12.44
(specialty
grocery)
Clark Diversey Chicago 2006 (A) 19,265 100% 799,323 41.49
Indiana
Merrillville TJ Maxx
Plaza Merrillville 1998 (A) 235,678 96% 2009/2014 2,631,670 11.62
JC Penney
2008/2018
OfficeMax
2008/2028
Michigan
Bloomfield Town Bloomfield Costco (not
Square Hills 1998 (A) 232,366 87% owned) TJ Maxx2009/-- 2,450,631 12.17
Marshall's
2011/2026
Home Goods
2010/2025
Ohio
Mad River Babies "R" Us
Station Dayton 1999 (A) 155,838 80% 2010/2020 1,529,711 12.24
Office Depot
2010/--
MID-ATLANTIC
REGION
- ---------------
New Jersey
Marketplace of Eckerd Drug
Absecon Absecon 1998 (A) 105,135 95% Acme 2015/2055 2020/2040 1,647,983 16.45
Ledgewood Mall Wal-mart
Ledgewood 1983 (A) 518,950 88% 2019/2049 4,246,680 9.25
Macy's
2010/2025
The Sports'
Authority
2007/2037
Circuit City
2020/2040
Marshalls
2014/2034
Pennsylvania
Blackman Plaza Wilkes-Barre 1968 (C) 125,264 93% Kmart 2009/2049 288,919 2.49
Mark Plaza Redner's
Markets
Edwardsville 1968 (C) 216,401 94% 2018/2028 Kmart 2009/2049 1,008,371 4.97
Plaza 422 Home Depot
Lebanon 1972 (C) 154,878 69% 2028/2058 444,020 4.14
Route 6 Mall Weis Markets
Honesdale 1994 (C) 175,505 100% (not owned) Kmart 2020/2070 1,116,431 6.36
Chestnut Hill Philadelphia 2006 (A) 40,570 100% Borders 2010 1,292,372 31.86
Limited Express
2009
Abington Towne TJ Maxx
Center Abington 1998 (A) 216,355 99% 2010/2020 954,677 16.73
---------- -----------------------------
Target (not
owned)
4,155,870 94% $46,702,796 $12.81
==================== =============================
Page 31
NEW YORK REGION
- ---------------
JOINT VENTURE
PROPERTIES
- ---------------
New York
Crossroads Waldbaum's
Shopping (A&P)
Center White Plains 1998 310,644 98% 2007/2032 Kmart 2012/2032 $6,017,920 $19.87
(49% JV B. Dalton
interest) 2012/2017
Modell's
2009/2019
Tarrytown
Shopping Walgreen's Drug
Center Westchester 2004 (A) 35,291 85% 2080 909,457 30.28
(Fund I)
MID-ATLANTIC
REGION
- ---------------
Delaware
Brandywine Town
Center (1) Wilmington 2003 (A) 816,808 98% 12,319,387 15.36
(Brandywine JV)
Market Square Trader Joe's
Shopping (specialty TJ Maxx
Center Wilmington 2003 (A) 102,562 87% grocery) 2006/2016 1,777,784 19.98
(Brandywine JV) 2013/2028
Virginia
Haygood
Shopping Eckerd Drug
Center Virginia Beach 2004 (A) 178,497 93% Farm Fresh 2026 2009/-- 1,732,764 10.48
(Fund I)
MIDWEST REGION
- ---------------
Illinois
Neiman Marcus
Acadia Oakbrook Oakbrook 2005 (A) 112,000 100% 2011/2029 825,000 7.37
Ohio
Amherst Giant Eagle
Marketplace Cleveland 2002 (A) 79,945 100% 2021/2041 889,667 11.13
(Fund I)
Lifestyle
Granville Family Fitness
Centre Columbus 2002 (A) 134,997 43% 2017/2027 686,486 11.89
(Fund I)
Sheffield Giant Eagle
Crossing Cleveland 2002 (A) 112,534 94% 2022/2042 1,153,642 10.87
(Fund I)
VARIOUS REGIONS
- ---------------
Kroger/Safeway 25 Kroger and Safeway
Portfolio various 2003 (A) 1,018,100 100% supermarkets 7,362,811 7.23
(Fund I) 2009/2049
JV REDEVELOPMENTS
- ---------------
Michigan
Sterling
Heights Burlington Coat
Shopping Factory
Center Detroit 2004 (A) 154,835 64% 2024/-- 607,740 6.13
(Fund I)
New York
400 East
Fordham Road Bronx 2004 (A) 117,355 14% Sears 381,736 22.92
(Fund II)
161st Street Bronx 2005 (A) 223,611 100% 5,179,496 23.16
(Fund II)
Sherman Avenue Manhattan 2005 (A) 134,773 100% 1,970,291 14.62
(Fund II)
Pelham Manor Westchester/
Shopping Plaza Bronx 2004 (A) 398,775 27% 756,000 7.00
(Fund II)
Delaware
Naamans Rd. Wilmington 2006 (C) 19,991 70% Tweeters 521,787 37.28
South Carolina
Hitchcock and Bed, Bath &
Pinelog Plaza Aiken 2004 (A) 256,093 82% Beyond 1,631,909 7.74
(Fund I) Old Navy
Club Fitness
4,206,811 85% $44,723,877 $12.53
==================== ==============================
(1) Does not include 50,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an
"earnout basis" only if, and when it is leased.
Page 32
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Retail Properties by Region
- -----------------------------------
-------------------------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot
-------------------------------------------------------------------------------------------------------------------
Wholly-Owned
Properties
- ---------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals
(1)
-------------------------------------------------------------------------------------------------------------------
New York Region 361,598 301,619 663,217 100.00% 92.83% 96.74% $7,726,922 $9,302,512 $17,029,434 $21.37 $33.22 $26.54
New England 890,812 306,734 1,197,546 99.51% 93.65% 98.01% 6,646,268 3,414,367 10,060,635 8.42 11.89 9.35
Midwest 392,214 349,835 742,049 99.62% 79.47% 90.12% 3,335,405 5,277,869 8,613,274 8.54 18.99 12.88
Mid-Atlantic 1,189,888 363,170 1,553,058 97.94% 69.02% 91.18% 7,378,702 3,620,751 10,999,453 7.32 14.45 8.74
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Total Wholly-
Owned
Properties 2,834,512 1,321,358 4,155,870 98.93% 82.94% 93.85%$25,087,297 $21,615,499 $46,702,796 $9.84 $19.72 $12.81
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Joint Venture Properties (2)
- -----------------------------------
Operating
Midwest 348,443 91,033 439,476 84.19% 68.69% 80.98% 2,887,810 666,985 3,554,795 $9.84 $10.67 $9.99
Mid-Atlantic 923,777 174,090 1,097,867 98.43% 84.64% 96.24% 13,040,752 2,789,184 15,829,935 14.34 18.93 14.98
New York Region 215,678 130,257 345,935 100.00% 90.03% 96.25% 2,686,352 4,241,025 6,927,377 12.46 36.17 20.81
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 -
Operating
Properties 2,505,998 395,380 2,901,378 97.22% 82.74% 95.25% 25,977,725 7,697,194 33,674,918 10.66 23.53 12.19
-------------------------------------------------------------------------------------------------------------------
JV Redevelopment Properties
Mid West 90,400 64,435 154,835 100.00% 13.63% 64.06% 526,600 81,140 607,740 5.83 9.24 6.13
Mid-Atlantic 169,691 106,393 276,084 100.00% 51.91% 81.47% 1,130,587 1,023,109 2,153,696 6.66 18.53 9.58
New York Region 372,810 501,704 874,514 72.99% 42.04% 55.23% 5,307,513 2,980,010 8,287,523 19.51 14.13 17.16
-------------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 632,901 672,532 1,305,433 84.09% 40.88% 61.83% 6,964,700 4,084,259 11,048,959 13.09 14.86 13.69
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Total Joint
Venture
Properties 3,138,899 1,067,912 4,206,811 94.57% 56.38% 84.88%$32,942,425 $11,781,453 $44,723,877 $11.10 $19.57 $12.53
===================================================================================================================
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 JV properties.
Page 33
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Retail Properties by State - Summary
- --------------------------------------------------
Gross Leasable Area Occupancy
----------------------------------------------------
Wholly-Owned Percent
Properties Ownership of Number of
- --------------
base
rent Anchors
% (1) properties (2) Shops Total Anchors Shops Total
------------------------------------------------------------------------------
Connecticut 100.0% 5.0% 2 179,993 43,197 223,190 100.00%96.05% 99.24%
Illinois 100.0% 3.4% 2 51,692 66,475 118,167 100.00%96.61% 98.09%
Indiana 100.0% 4.5% 1 145,266 90,412 235,678 100.00%89.86% 96.11%
Massachusetts 100.0% 4.2% 2 281,366 66,796 348,162 98.44%85.10% 95.88%
Michigan 100.0% 4.2% 1 126,960 105,406 232,366 98.83%71.97% 86.65%
New Jersey 100.0% 18.0% 4 541,073 295,005 836,078 100.00%78.07% 92.26%
New York 100.0% 21.8% 8 483,902 206,314 690,216 100.00%89.52% 96.87%
Ohio 100.0% 2.6% 1 68,296 87,542 155,838 100.00%64.74% 80.19%
Pennsylvania 100.0% 8.7% 6 760,888 168,085 928,973 96.78%71.55% 92.22%
Rhode Island 100.0% 4.2% 1 121,892 163,526 285,418 100.00%97.95% 98.83%
Vermont 100.0% 3.1% 1 73,184 28,600 101,784 100.00%84.38% 95.61%
------- ----------------------------------------------------
Total -
Wholly-Owned
Properties 79.6% 29 2,834,512 1,321,358 4,155,870 98.93%82.94% 93.85%
---------------------------------------------------------------------
Joint Venture Properties (3)
- ------------------------------
Operating
Properties
Illinois 20.0% 0.3% 1 112,000 - 112,000 100.00% - 100.00%
Ohio 37.8% 1.8% 3 236,443 91,033 327,476 76.70%68.69% 74.47%
Delaware 22.2% 5.3% 2 828,474 90,896 919,370 98.25%85.04% 96.94%
Virginia 18.9% 0.6% 1 95,303 83,194 178,497 100.00%84.20% 92.64%
New York 49.0% 5.0% 2 215,678 130,257 345,935 100.00%90.03% 96.25%
Various
(Kroger/
Safeway
Portfolio) 28.3% 3.6% 25 1,018,100 - 1,018,100 100.00% 0.00%100.00%
------- ----------------------------------------------------
Total -
Operating
Properties 16.5% 2,505,998 395,380 2,901,378 97.22%82.74% 95.25%
------- ----------------------------------------------------
JV Redevelopment Properties
Michigan 18.9% 0.2% 1 90,400 64,435 154,835 100.00%13.63% 64.06%
New York Various 3.3% 6 372,810 501,704 874,514 72.99%42.04% 55.23%
Delaware 22.2% 0.2% 1 - 19,991 19,991 0.00%70.01% 70.01%
South Carolina 7.6% 0.2% 2 169,691 86,402 256,093 100.00%47.72% 82.36%
----------------------------------------------------
Total-
Redevelopment
Properties 3.9% 632,901 672,532 1,305,433 84.09%40.88% 61.83%
------- ----------------------------------------------------
Total Joint
Venture
Properties 20.4% 44 3,138,899 1,067,912 4,206,811 94.57%56.38% 84.88%
-----------------====================================================
100.0% 73
=================
March 31, 2007
-------------------------------------------------------------------------
Annualized Base Rent
per Occupied Square
Annualized Base Rent Foot
-------------------------------------------------------------------------
Wholly-Owned
Properties
- --------------
Anchors Shops Total Anchors Shops Totals
-------------------------------------------------------------------------
Connecticut $2,223,069 $689,923 $2,912,992 $26.88 $16.63 $23.46
Illinois 225,436 1,775,826 2,001,262 4.36 27.65 17.27
Indiana 1,318,901 1,312,769 2,631,670 9.08 16.16 11.62
Massachusetts 1,855,550 602,971 2,458,521 6.70 10.61 7.36
Michigan 988,349 1,462,282 2,450,631 7.88 19.28 12.17
New Jersey 6,272,333 4,314,033 10,586,366 11.59 18.73 13.72
New York 5,750,879 7,014,447 12,765,326 11.88 37.98 19.09
Ohio 802,719 726,992 1,529,711 11.75 12.83 12.24
Pennsylvania 3,396,829 1,707,961 5,104,790 5.87 14.20 7.30
Rhode Island 935,920 1,526,037 2,461,957 7.68 9.53 8.73
Vermont 1,317,312 482,258 1,799,570 18.00 19.98 18.49
-------------------------------------------------------------------------
Total -
Wholly-Owned
Properties $25,087,297 $21,615,499 $46,702,796 $9.84 $19.72 $12.81
-------------------------------------------------------------------------
Joint Venture Properties (3)
- ------------------------------
Operating
Properties
Illinois $825,000 $- $825,000 $7.37 $- $7.37
Ohio 2,062,810 666,985 2,729,795 11.38 10.67 11.19
Delaware 12,404,545 1,692,627 14,097,171 15.24 21.90 15.82
Virginia 636,207 1,096,557 1,732,764 6.68 15.65 10.48
New York 2,686,352 4,241,025 6,927,377 12.46 36.17 20.81
Various
(Kroger/
Safeway
Portfolio) 7,362,811 - 7,362,811 7.23 - 7.23
-------------------------------------------------------------------------
Total -
Operating
Properties 25,977,725 7,697,194 33,674,918 10.66 23.53 12.19
-------------------------------------------------------------------------
JV Redevelopment Properties
Michigan 526,600 81,140 607,740 5.83 9.24 6.13
New York 5,307,513 2,980,010 8,287,523 19.51 14.13 17.16
Delaware - 521,787 521,787 - 37.28 37.28
South Carolina 1,130,587 501,322 1,631,909 6.66 12.16 7.74
-------------------------------------------------------------------------
Total-
Redevelopment
Properties 6,964,700 4,084,259 11,048,959 13.09 14.86 13.69
-------------------------------------------------------------------------
Total Joint
Venture
Properties $32,942,425 $11,781,453 $44,723,877 $11.10 $19.57 $12.53
=========================================================================
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 JV properties.
Page 34
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Retail Properties - Detail
- ----------------- ------------------------------------------------------------------------------------------------------
Annualized
Base Rent
Gross Leasable per Occupied
Area Occupancy Annualized Base Rent Square Foot
------------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
------------------------------------------------------------------------------------------------------
WHOLLY-OWNED PROPERTIES:
New York Region
- -----------------
Connecticut
- -----------------
239 Greenwich
Avenue(1) 16,834 - 16,834 100.00% - 100.00%$1,286,069 $- $1,286,069 $76.40 $- $76.40
------------------------------------------------------------------------------------------------------
New Jersey
- -----------------
Elmwood Park
Shopping Center 62,610 86,475 149,085 100.00%100.00%100.00% 1,390,460 2,048,258 3,438,718 22.21 23.69 23.07
A & P Shopping
Plaza (Boonton) 49,463 13,445 62,908 100.00%100.00%100.00% 900,000 352,985 1,252,985 18.20 26.25 19.92
------------------------------------------------------------------------------------------------------
Total - New
Jersey 112,073 99,920 211,993 100.00%100.00%100.00% 2,290,460 2,401,243 4,691,703 20.44 24.03 22.13
------------------------------------------------------------------------------------------------------
New York
- -----------------
Village Commons
Shopping Center 16,125 71,044 87,169 100.00% 91.33% 92.93% 274,125 1,912,526 2,186,651 17.00 29.48 26.99
Branch Plaza 74,050 51,701 125,751 100.00%100.00%100.00% 1,101,989 1,365,846 2,467,835 14.88 26.42 19.62
Amboy Road 46,964 13,126 60,090 100.00% 91.39% 98.12% 1,012,015 473,081 1,485,096 21.55 39.44 25.19
Bartow Avenue - 14,668 14,668 - 66.99% 66.99% - 284,620 284,620 - 28.97 28.97
Pacesetter Park
Shopping Center 52,052 44,646 96,698 100.00% 80.51% 91.00% 362,264 687,892 1,050,156 6.96 19.14 11.93
2914 Third Avenue 43,500 - 43,500 100.00% - 100.00% 1,400,000 - 1,400,000 32.18 - 32.18
West 54th Street - 6,514 6,514 0.00% 87.81% 87.81% - 2,177,304 2,177,304 - 380.65 380.65
------------------------------------------------------------------------------------------------------
Total - New York 232,691 201,699 434,390 100.00% 89.28% 95.02% 4,150,393 6,901,269 11,051,662 17.84 38.33 26.77
------------------------------------------------------------------------------------------------------
Total - New York
Region 361,598 301,619 663,217 100.00% 92.83% 96.74% 7,726,922 9,302,512 17,029,434 21.37 33.22 26.54
------------------------------------------------------------------------------------------------------
New England
- -----------------
Connecticut
- -----------------
Town Line
Plaza(2) 163,159 43,197 206,356 100.00% 96.05% 99.17% 937,000 689,923 1,626,923 14.23 16.63 15.16
------------------------------------------------------------------------------------------------------
Massachusetts
- -----------------
Methuen Shopping
Center 124,381 5,640 130,021 96.48%100.00% 96.63% 736,464 112,800 849,264 6.14 20.00 6.76
Crescent Plaza 156,985 61,156 218,141 100.00% 83.73% 95.44% 1,119,086 490,171 1,609,257 7.13 9.57 7.73
------------------------------------------------------------------------------------------------------
Total -
Massachusetts 281,366 66,796 348,162 98.44% 85.10% 95.88% 1,855,550 602,971 2,458,521 6.70 10.61 7.36
------------------------------------------------------------------------------------------------------
New York
- -----------------
New Loudon Center 251,211 4,615 255,826 100.00%100.00%100.00% 1,600,486 113,178 1,713,664 6.37 24.52 6.70
------------------------------------------------------------------------------------------------------
Rhode Island
- -----------------
Walnut Hill Plaza 121,892 163,526 285,418 100.00% 97.95% 98.83% 935,920 1,526,037 2,461,957 7.68 9.53 8.73
------------------------------------------------------------------------------------------------------
Vermont
- -----------------
The Gateway
Shopping Center 73,184 28,600 101,784 100.00% 84.38% 95.61% 1,317,312 482,258 1,799,570 18.00 19.98 18.49
------------------------------------------------------------------------------------------------------
Total - New
England Region 890,812 306,734 1,197,546 99.51% 93.65% 98.01% 6,646,268 3,414,367 10,060,635 8.42 11.89 9.35
------------------------------------------------------------------------------------------------------
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.
Page 35
WHOLLY-OWNED PROPERTIES (continued):
Midwest
- -------------
Illinois
- -------------
Hobson West
Plaza 51,692 47,210 98,902 100.00% 95.22% 97.72% $225,436 $976,503 $1,201,939 $4.36 $21.72 $12.44
Clark
Diversey - 19,265 19,265 - 100.00%100.00% - 799,323 799,323 - 41.49 41.49
-----------------------------------------------------------------------------------------------------------
Total -
Illinois 51,692 66,475 118,167 100.00% 96.61% 98.09% 225,436 1,775,826 2,001,262 4.36 27.65 17.27
-----------------------------------------------------------------------------------------------------------
Indiana
- -------------
Merrillville
Plaza 145,266 90,412 235,678 100.00% 89.86% 96.11% 1,318,901 1,312,769 2,631,670 9.08 16.16 11.62
Michigan
- -------------
Bloomfield
Towne Square 126,960 105,406 232,366 98.83% 71.97% 86.65% 988,349 1,462,282 2,450,631 7.88 19.28 12.17
Ohio
- -------------
Mad River
Station (1) 68,296 87,542 155,838 100.00% 64.74% 80.19% 802,719 726,992 1,529,711 11.75 12.83 12.24
-----------------------------------------------------------------------------------------------------------
Total -
Midwest
Region 392,214 349,835 742,049 99.62% 79.47% 90.12% 3,335,405 5,277,869 8,613,274 8.54 18.99 12.88
-----------------------------------------------------------------------------------------------------------
Mid-Atlantic
- -------------
New Jersey
- -------------
Marketplace
of Absecon 58,031 47,104 105,135 100.00% 89.51% 95.30% 984,014 663,969 1,647,983 16.96 15.75 16.45
Ledgewood
Mall 370,969 147,981 518,950 100.00% 59.62% 88.49% 2,997,859 1,248,821 4,246,680 8.08 14.15 9.25
-----------------------------------------------------------------------------------------------------------
Total - New
Jersey 429,000 195,085 624,085 100.00% 66.84% 89.63% 3,981,873 1,912,790 5,894,663 9.28 14.67 10.54
-----------------------------------------------------------------------------------------------------------
Pennsylvania
- -------------
Blackman
Plaza 112,051 13,213 125,264 100.00% 28.97% 92.51% 268,519 20,400 288,919 2.40 5.33 2.49
Mark Plaza 157,595 58,806 216,401 100.00% 76.87% 93.71% 652,095 356,276 1,008,371 4.14 7.88 4.97
Plaza 422 128,708 26,170 154,878 80.99% 11.46% 69.24% 407,520 36,500 444,020 3.91 12.17 4.14
Route 6 Plaza 146,498 29,007 175,505 100.00%100.00%100.00% 806,351 310,080 1,116,431 5.50 10.69 6.36
Chestnut Hill
(2) 31,420 9,150 40,570 100.00%100.00%100.00% 992,344 300,028 1,292,372 31.58 32.79 31.86
Abington
Towne Center
(3) 184,616 31,739 216,355 100.00% 94.75% 99.23% 270,000 684,677 954,677 10.00 22.77 16.73
-----------------------------------------------------------------------------------------------------------
760,888 168,085 928,973 96.78% 71.55% 92.22% 3,396,829 1,707,961 5,104,790 5.87 14.20 7.30
-----------------------------------------------------------------------------------------------------------
Total - Mid-
Atlantic
Region 1,189,888 363,170 1,553,058 97.94% 69.02% 91.18% 7,378,702 3,620,751 10,999,453 7.32 14.45 8.74
-----------------------------------------------------------------------------------------------------------
Total -
Wholly-owned
Properties 2,834,512 1,321,358 4,155,870 98.93% 82.94% 93.85%$25,087,297 $21,615,499 $46,702,796 $9.84 $19.72 $12.81
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, both located on Germantown Avenue,
in Chestnut Hill (Philadelphia).
(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.
Page 36
JOINT VENTURE PROPERTIES:
Acadia's interest
Midwest
- ---------------
Illinois
- ---------------
Oakbrook (7) 20.0% 112,000 - 112,000 100.00% - 100.00% $825,000 $- $825,000 $7.37 $- $7.37
------------------------------------------------------------------------------------------------------------
Ohio
- ---------------
Amherst
Marketplace
(1) 37.8% 76,737 3,208 79,945 100.00%100.00%100.00% 851,195 38,472 889,667 11.09 11.99 11.13
Granville
Centre (1) 37.8% 90,047 44,950 134,997 38.81% 50.74% 42.78% 450,336 236,150 686,486 12.89 10.35 11.89
Sheffield
Crossing (1) 37.8% 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,279 392,363 1,153,642 10.93 10.74 10.87
------------------------------------------------------------------------------------------------------------
Total - Ohio 236,443 91,033 327,476 76.70% 68.69% 74.47% 2,062,810 666,985 2,729,795 11.38 10.66 11.19
------------------------------------------------------------------------------------------------------------
Total - Midwest
Region 348,443 91,033 439,476 84.19% 68.69% 80.98% 2,887,810 666,985 3,554,795 9.84 10.67 9.99
------------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
Delaware
- ---------------
Brandywine Town
Center 22.2% 789,624 27,184 816,808 98.16%100.00% 98.22% 11,857,995 461,393 12,319,387 15.30 16.97 15.36
Market Square
Shopping
Center 22.2% 38,850 63,712 102,562 100.00% 78.65% 86.74% 546,550 1,231,234 1,777,784 14.07 24.57 19.98
------------------------------------------------------------------------------------------------------------
Total -
Delaware 828,474 90,896 919,370 98.25% 85.04% 96.94% 12,404,545 1,692,627 14,097,171 15.24 21.90 15.82
------------------------------------------------------------------------------------------------------------
Virginia
- ---------------
Haygood
Shopping
Center
(Virginia) (3) 18.9% 95,303 83,194 178,497 100.00% 84.20% 92.64% 636,207 1,096,557 1,732,764 6.68 15.65 10.48
------------------------------------------------------------------------------------------------------------
Total - Mid-
Atlantic
Region 923,777 174,090 1,097,867 98.43% 84.64% 96.24% 13,040,752 2,789,184 15,829,935 14.34 18.93 14.98
------------------------------------------------------------------------------------------------------------
New York Region
- ---------------
New York
- ---------------
Crossroads
Shopping
Center 49.0% 200,181 110,463 310,644 100.00% 93.00% 97.51% 2,211,352 3,806,568 6,017,920 11.05 37.05 19.87
Tarrytown
Shopping
Center (New
York) (1) 37.8% 15,497 19,794 35,291 100.00% 73.44% 85.10% 475,000 434,457 909,457 30.65 29.89 30.28
------------------------------------------------------------------------------------------------------------
Total - New
York Region 215,678 130,257 345,935 100.00% 90.03% 96.25% 2,686,352 4,241,025 6,927,377 12.46 36.17 20.81
------------------------------------------------------------------------------------------------------------
Various Regions
- ---------------
Kroger/Safeway
Portfolio (25
Properties)(2) 28.3%1,018,100 - 1,018,100 100.00% - 100.00% 7,362,811 - 7,362,811 7.23 - 7.23
------------------------------------------------------------------------------------------------------------
Total - Joint
Venture
Operating
Properties 2,505,998 395,380 2,901,378 97.22% 82.74% 95.25% 25,977,725 7,697,194 33,674,918 10.66 23.53 12.19
------------------------------------------------------------------------------------------------------------
Joint Venture Redevelopment Properties
------------------------------------------------------------------------------------------------------------
Sterling
Heights
Shopping
Center
(Michigan) (3) 18.9% 90,400 64,435 154,835 100.00% 13.63% 64.06% 526,600 81,140 607,740 5.83 9.24 6.13
400 East
Fordham Road
(New York) (4) 19.2% 100,703 16,652 117,355 0.00%100.00% 14.19% - 381,736 381,736 - 22.92 22.92
Pelham Manor
Shopping Plaza
(New York) (4) 19.2% - 398,775 398,775 - 27.08% 27.08% - 756,000 756,000 - 7.00 7.00
Sherman Avenue
at Broadway
(New York) (4) 19.2% 134,773 - 134,773 100.00% - 100.00% 1,970,291 - 1,970,291 14.62 - 14.62
161st Street
(New York) (4) 19.2% 137,334 86,277 223,611 100.00%100.00%100.00% 3,337,222 1,842,274 5,179,496 24.30 21.35 23.16
Liberty Avenue
(New York) (5) 19.2% - - - -
216th Street
(New York) (5) 19.2% - - - -
Naamans Rd
(Delaware) 22.2% - 19,991 19,991 0.00% 70.01% 70.01% - 521,787 521,787 - 37.28 37.28
Hitchcock &
Pinelog Plaza
(South
Carolina) (6) 7.6% 169,691 86,402 256,093 100.00% 47.72% 82.36% 1,130,587 501,322 1,631,909 6.66 12.16 7.74
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 632,901 672,532 1,305,433 84.09% 40.88% 61.83% 6,964,700 4,084,259 11,048,959 13.09 14.86 13.69
------------------------------------------------------------------------------------------------------------
Total - Joint
Venture
Properties 3,138,899 1,067,912 4,206,811 94.57% 56.38% 84.88%$32,942,425 $11,781,453 $44,723,877 $11.10 $19.57 $12.53
============================================================================================================
Wholly-owned
and JV -
Operating
Properties (8) 3,540,752 1,453,268 4,994,020 98.47% 82.97% 93.95%$32,257,366 $24,480,083 $56,737,449 $9.25 $20.30 $12.09
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 property. (5) Property is currently under construction.
(2) Fund I portfolio of 25 triple-net, anchor-only (6) Fund I owns a 20% interest in the property.
leases with Kroger and Safeway supermarkets.
(3) Fund I owns a 50% interest in these (7) Fund II property.
properties.
(4) Fund II has a 96% interest in the property. (8) Weighted based on ownership interest.
Page 37
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Cash (2) GAAP (3) Cash (2) GAAP (3)
Year-to-Date 3 months ended Year ended
Leasing Production (1) December 31,
March 31, 2007 March 31, 2007 2006
------------------------ --------------- --------------- ---------------
New leases
Number of new leases
commencing 8 8 8 8 18
GLA 15,671 15,671 15,671 15,671 73,273
New base rent $26.84 $29.53 $26.84 $29.53 $15.30
Previous base rent (and
percentage rent) $25.33 $25.49 $25.33 $25.49 $11.19
Percentage growth in
base rent 6.0% 15.8% 6.0% 15.8% 36.7%
Average cost per square
foot $10.85 $10.85 $10.85 $10.85 $13.52
Renewal leases
Number of renewal leases
commencing 17 17 17 17 47
GLA expiring 99,474 99,474 99,474 99,474 287,107
Renewal percentage 84% 84% 84% 84% 71%
New base rent $15.48 $15.85 $15.48 $15.85 $15.25
Expiring base rent (and
percentage rent) $14.07 $13.79 $14.07 $13.79 $13.60
Percentage growth in
base rent 10.0% 14.9% 10.0% 14.9% 12.2%
Average cost per square
foot $0.00 $0.00 $0.00 $0.00 $0.00
Total new and renewal
Leases
Number of new and
renewal leases
commencing 25 25 25 25 65
GLA commencing 99,663 99,663 99,663 99,663 277,032
New base rent $17.27 $18.00 $17.27 $18.00 $15.27
Expiring base rent (and
percentage rent) $15.84 $15.63 $15.84 $15.63 $12.96
Percentage growth in
base rent 9.0% 15.2% 9.0% 15.2% 17.8%
Average cost per square
foot $1.71 $1.71 $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 averaged over terms. 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) Rent is presented on a straight-line basis.
Page 38
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Top Tenants - Ranked by Annualized
Base Rent
- -----------------------------------
(Combined basis - Includes pro-rata share of GLA and rent for JV properties)
Percentage of Total
Wholly- Joint Ventures (2) Combined Represented by
Owned Retail Tenant
---------- ----------------------------------------------------------
Average
Number of Gross
Retail stores in Total Annualized Total Annualized Total Annualized Total AnnualizedAverageOccupancy
Base Base Base Base
Ranking Tenant combined GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio Rent (3) Sales Cost (4)
portfolio GLA(3) (per sq. ft.)
- ----------------------------------------------------------------------------------------------------------------------------------
1 Albertson's 4 220,625 $3,012,896 - $- 220,625 $3,012,896 4.691% 5.5%
-- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.738% 4.3% 416 3.1%
-- Acme 1 44,824 654,704 - - 44,824 654,704 0.953% 1.2% 270 7.3%
2 A&P (Waldbaum's) 4 149,729 2,566,284 18,722 246,960 168,451 2,813,244 3.582% 5.2%
--
A&P/Waldbaum's 4 149,729 2,566,284 18,722 246,960 168,451 2,813,244 3.582% 5.2% 351 5.8%
3 T.J. Maxx 9 259,275 1,929,777 6,972 88,190 266,247 2,017,967 5.662% 3.7%
-- T.J. Maxx 4 88,200 726,300 6,972 88,190 95,172 814,490 2.024% 1.5% 274 4.1%
-- Marshalls 3 102,781 731,494 - - 102,781 731,494 2.186% 1.3% 188 6.0%
-- A.J. Wrights 1 28,648 164,726 - - 28,648 164,726 0.609% 0.3% 131 6.7%
-- Homegoods 1 39,646 307,257 - - 39,646 307,257 0.843% 0.6% 153 6.3%
4 Sears 5 390,270 1,355,279 49,355 277,463 439,625 1,632,742 9.348% 3.0%
-- Kmart 4 329,570 1,097,279 49,355 277,463 378,925 1,374,742 8.058% 2.5% 198 4.0%
-- Sears 1 60,700 258,000 - - 60,700 258,000 1.291% 0.5% 215 2.8%
5 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 4.468% 2.8% 293 3.6%
6 Ahold 2 117,911 1,299,264 - - 117,911 1,299,264 2.507% 2.4%
-- Stop and
Shop 2 117,911 1,299,264 - - 117,911 1,299,264 2.507% 2.4% 353 3.6%
7 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 4.487% 1.9% - -
8 Pathmark 1 47,773 955,460 - - 47,773 955,460 1.016% 1.8% - -
9 Price Chopper 1 77,450 804,059 - - 77,450 804,059 1.647% 1.5% 674 1.9%
Restoration
10 Hardware 1 9,220 697,200 - - 9,220 697,200 0.196% 1.3% 495 16.6%
11 Kroger(5) 12 - - 156,069 1,046,225 156,069 1,046,225 3.319% 1.9% - -
12 Safeway (6) 13 - - 132,409 1,040,028 132,409 1,040,028 2.816% 1.9% - -
13 Sleepy's 5 35,745 683,429 - - 35,745 683,429 0.760% 1.3% - -
Federated
Department
14 Stores (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.560% 1.2% 210 6.7%
Payless
15 Shoesource 9 26,225 484,590 1,524 43,273 27,749 527,863 0.590% 1.0% - -
16 CVS 4 28,600 473,888 3,967 53,156 32,567 527,044 0.693% 1.0% 495 4.4%
Limited Brands -
17 Express 1 12,882 510,344 - - 12,882 510,344 0.274% 0.9% - -
18 JC Penney 1 50,000 495,000 - - 50,000 495,000 1.063% 0.9% 206 6.5%
19 Borders Books 1 18,538 482,000 - - 18,538 482,000 0.394% 0.9% - -
20 Circuit City 1 33,294 449,469 - - 33,294 449,469 0.708% 0.8% - -
------------------------------------------------------------------------------------------
Total 79 1,972,003 19,375,239 369,018 2,795,295 2,341,021 22,170,534 49.781% 40.6%
==========================================================================================
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
(2) Includes Funds I, II, Crossroads Shopping Center and Brandywine joint
ventures. 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.
Page 39
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Anchor Detail
-------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent PSF Options
- ----------------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned
- ----------------------------------------
New York Region
- ----------------------------------------
Connecticut
---------------------------------------
239 Greenwich Ave., Greenwich
Coach 4,541 1/31/2016 356,469 78.50 (1) 5 Year
Restoration Hardware 12,293 4/30/2015 929,600 75.62 (2) 5 Years
--------------- ------------------------------
Property total 16,834 1,286,069 76.40
--------------- ------------------------------
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 - Boonton
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 (3) 5 Year
--------------- ------------------------------
Property total 16,125 274,125 17.00
--------------- ------------------------------
Branch Plaza
CVS 11,050 5/31/2010 181,026 16.38 -
A&P 63,000 11/30/2013 920,964 14.62 (3) 5 Year
--------------- ------------------------------
Property Total: 74,050 1,101,990 14.88
--------------- ------------------------------
Amboy Shopping Center
Waldbaum's (A&P) 37,266 7/6/2028 745,320 20.00 -
Duane Reed 9,698 8/31/2008 266,694 27.50 (2) 5 Year
--------------- ------------------------------
Property total 46,964 1,012,014 21.55
--------------- ------------------------------
Pacesetter Park Shopping Center,
Pomona
Stop & Shop (Ahold) 52,052 8/31/2020 362,264 6.96 (2) 10 Year
--------------- ------------------------------
Property total 52,052 362,264 6.96
--------------- ------------------------------
2914 Third Avenue
Lot Stores 10,000 MTM 700,000 70.00
Dr. J's 33,500 1/31/2021 700,000 20.90
--------------- ------------------------------
Property total 43,500 1,400,000 32.18
--------------- ------------------------------
Total: New York Region 361,598 7,726,922 21.37
--------------- ------------------------------
Page 40
Retail Anchor Properties- Wholly Owned
(continued)
- ----------------------------------------
New England
- ----------------------------------------
Connecticut
---------------------------------------
Town Line Plaza, Rocky Hill
Wal*Mart(1) 97,300 - $- $- REA Agreement
Super Stop & Shop (Ahold) 65,859 11/30/2023 937,000 14.23 (8) 5 Year
--------------- ------------------------------
Property total 163,159 937,000 14.23
--------------- ------------------------------
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 (3) 5 Year
Marshalls (TJX) 37,212 1/31/2014 158,151 4.25 (3) 5 Year
Price Chopper 77,450 5/31/2015 804,059 10.38 (3) 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 (2) 5 Year
--------------- ------------------------------
Property total 251,211 1,600,487 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) 73,184 3/31/2024 1,317,311 18.00 (5) 5 Yr. & (1) 4 Yr.
--------------- ------------------------------
Property total 73,184 1,317,311 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 (5) 5 Year
--------------- ------------------------------
Property total 51,692 225,436 4.36
--------------- ------------------------------
Indiana
--------
Merrillville Plaza, Merrillville
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
Toys R Us 21,500 1/31/2014 87,500 4.07 (5) 5 Year
TJ Maxx (TJX) 25,200 1/31/2009 195,300 7.75 (1) 5 Year
--------------- ------------------------------
Property total 145,266 1,318,902 9.08
--------------- ------------------------------
(1) This space is contiguous to the Company's property and is not owned by the Company.
Page 41
Retail Anchor Properties- Wholly Owned (continued)
- -------------------------------------------------------
Michigan
--------
Bloomfield Town Square,
Bloomfield Hills
HomeGoods (TJX) 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 (TJX) 28,324 9/30/2011 226,592 8.00 (3) 5 Year
TJ Maxx (TJX) 36,000 1/31/2009 261,000 7.25 (1) 5 Year
--------------- ------------------------------
Property total 125,470 988,349 7.88
--------------- ------------------------------
Ohio
--------
Mad River Station, Dayton
Babies 'R' Us 33,147 2/28/2010 260,204 7.85 (2) 5 Year
Pier I 10,111 2/28/2010 227,037 22.45 -
Office Depot 25,038 8/31/2010 315,477 12.60 -
--------------- ------------------------------
Property total 68,296 802,718 11.75
--------------- ------------------------------
Total: Midwest 390,724 3,335,405 8.54
--------------- ------------------------------
Mid-Atlantic
- ----------------------------------------
New Jersey
---------------------------------------
Marketplace of Absecon, Absecon
Eckerd Drug (Brook's) 13,207 8/30/2020 329,310 24.93 (3) 5 Year
Acme Markets (Albertson) 44,824 4/30/2015 654,704 14.61 (7) 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 (TJX) 37,245 9/30/2014 346,751 9.31 (4) 5 Year
The Sports Authority 52,205 5/31/2007 225,000 4.31 (6) 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
--------------- ------------------------------
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 (TJX) 27,000 11/30/2010 $270,000 $10.00 (2) 5 Year
Target(1) 157,616 - - - Condominium 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
--------------- ------------------------------
Property total 31,420 992,344 77.03
--------------- ------------------------------
Total : Mid-Atlantic 1,165,423 7,378,702 7.32
--------------- ------------------------------
Total: Retail Anchor Properties - Wholly
Owned Properties 2,804,180 $25,087,297 $9.84
=============== ==============================
(1)Target owns the portion of the main building (157,616 square feet) that their store is located in.
Page 42
Joint Venture Properties
- ----------------------------------------
New York Region
- ----------------------------------------
New York
--------
Crossroads Shopping Center, White
Plains (49% jv)
Kmart 100,725 1/31/2012 $566,250 $5.62 (3) 5 Year
Waldbaum's (A&P) 38,208 12/31/2007 504,000 13.19 (5) 5 Year
B. Dalton (Barnes & Noble) 12,430 5/28/2012 345,927 27.83 (2) 5 Year
Pier 1 8,818 2/28/2007 278,825 31.62 (1) 5 Year
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 2,211,352 11.05
--------------- ------------------------------
400 East Fordham Road (Fund II)
Sears - - - - -
--------------- ---------------
Tarrytown Centre
Walgreen's 15,497 6/30/2080 475,000 30.65 -
--------------- ------------------------------
Sherman Avenue
Pilot Garage 74,000 6/14/2007 375,000 5.07 -
City of New York 60,773 MTM 1,595,291 26.25 -
--------------- ------------------------------
134,773 1,970,291 14.62
--------------- ------------------------------
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 487,785 7,993,865 16.39
--------------- ------------------------------
Mid-Atlantic Region
- ---------------------------------------
Delaware
--------
Brandywine Town Center
(Brandywine JV)
Drexel Heritage 16,525 12/31/2016 396,600 24.00 (2) 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 455,297 19.00 (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 -
Access Group 76,458 5/31/2015 1,548,275 20.25 (2) 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
Lowe's Home Centers 140,000 8/31/2018 1,925,000 13.75 (6) 5 Year
Regal Cinemas 65,641 6/1/2017 861,210 13.12 (4) 5 Year
Target 138,000 1/31/2018 800,000 5.80 (4) 10 Year
Transunion Settlement 43,307 3/31/2013 966,877 22.33 (5) 1 Year
The Bombay Company 8,965 1/31/2015 215,160 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
Target 27,716 1/31/2011 304,876 11.00 (6) 2 Year & (6) 3 year
--------------- ------------------------------
Property total 777,089 11,857,994 15.26
--------------- ------------------------------
Market Square Shopping Center
(Brandywine JV)
Trader Joe's 7,675 1/31/2013 149,662 19.50 (3) 5 Year
TJ Maxx (TJX) 31,175 1/31/2011 396,888 12.73 (1) 5 Year
--------------- ------------------------------
Property total 38,850 546,550 14.07
--------------- ------------------------------
Page 43
Joint Venture Properties (continued)
---------------------------------------
Mid-Atlantic Region (continued)
---------------------------------------
Virginia
--------
Haygood Shopping Center (Fund I)
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 911,242 13,040,751 14.31
--------------- ------------------------------
Midwest Region
- ----------------------------------------
Illinois
--------
Acadia Oakbrook
Neiman Marcus 112,000 10/31/2011 825,000 7.37 (5) 5 Year
--------------- ------------------------------
Ohio
--------
Amherst Marketplace (Fund I)
Riser Foods Company/Pharmacy 10,500 3/31/2012 157,500 15.00 (3) 5 Year
Riser Foods Company/Supermarket 66,237 9/30/2021 693,695 10.47 (4) 5 Year
--------------- ------------------------------
Property total 76,737 851,195 11.09
Granville Centre (Fund I)
Lifestyle Family Fitness, Inc. 34,951 1/31/2017 450,336 12.88 (2) 5 Year
--------------- ------------------------------
Sheffield Crossing (Fund I)
Revco Drug 10,500 5/31/2012 140,700 13.40 (3) 5 Year
Giant Eagle 59,159 5/31/2022 620,579 10.49 (4) 5 Year
--------------- ------------------------------
Property total 69,659 761,279 10.93
--------------- ------------------------------
Michigan
--------
Sterling Heights (Fund I)
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 383,747 3,414,410 8.90
--------------- ------------------------------
Various
--------
Hitchcock and Pinelog Plaza
Farmer's Furniture 23,184 3/31/2009 69,552 3.00
Club Fitness 35,153 2014 263,648 7.50
Steinmart Inc. 30,000 2016 190,500 6.35
Bed, Bath & Beyond 23,000 2017 144,000 6.26
Ross Dress for Less 30,039 2017 250,526 8.34
TJX Company 28,315 2016 212,362 7.50
--------------- ------------------------------
Property total 169,691 1,130,588 6.66
Kroger/Safeway (Fund I) 1,018,100 2009 8,013,583 7.87
--------------- ------------------------------
Total: Joint Venture Properties 2,970,565 $33,593,197 $11.32
=============== ==============================
Page 44
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 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 anchors Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------------------
Wholly Owned
- ---------------------------------
2007
Ledgewood Mall The Sports Authority 52,205 2.08% 225,000 0.90% 4.31
Hobson West Plaza Bobak's 51,692 2.06% 225,436 0.90% 4.36
--------------------------- -------------------------------------
Total 2007 103,897 4.14% 450,436 1.80% 4.34
--------------------------- -------------------------------------
2008
Village Commons Shopping Center Daffy's Inc. 16,125 0.64% 274,125 1.09% 17.00
Merrillville Plaza JC Penny Co. 50,000 2.00% 495,000 1.97% 9.90
Merrillville Plaza Officemax Inc. 26,157 1.04% 222,335 0.89% 8.50
Amboy Shopping Center Duane Reade 9,698 0.39% 266,695 1.06% 27.50
Walnut Hill Plaza Sears 60,700 2.42% 258,000 1.03% 4.25
--------------------------- -------------------------------------
Total 2008 162,680 6.49% 1,516,155 6.04% 9.32
--------------------------- -------------------------------------
2009
Chestnut Hill Express 12,882 0.51% 510,344 2.03% 39.62
Bloomfield Town Square TJ Max 36,000 1.44% 261,000 1.04% 7.25
Walnut Hill Plaza CVS 8,800 0.35% 154,000 0.61% 17.50
Merrillville Plaza Pier I 9,143 0.36% 128,002 0.51% 14.00
Merrillville Plaza TJ Max 25,200 1.01% 195,300 0.78% 7.75
New Loudon Center AC Moore Arts & Crafts 21,520 0.86% 221,226 0.88% 10.28
Blackman Plaza Kmart 104,956 4.19% 204,664 0.82% 1.95
Mark Plaza Kmart 104,956 4.19% 204,664 0.82% 1.95
--------------------------- -------------------------------------
Total 2009 323,457 12.91% 1,879,200 7.49% 100.30
--------------------------- -------------------------------------
Total - Next 3 Years 590,034 23.54% $3,845,791 15.33% $6.52
=========================== =====================================
Crossroads Joint Venture
- ---------------------------------
2007
Crossroads Shopping Center Pier 1 8,818 4.41% 278,825 12.61% 31.62
Crossroads Shopping Center Pay-Half 15,000 7.49% 322,600 14.59% 21.51
Crossroads Shopping Center Waldbaum's 38,208 19.09% 504,000 22.79% 13.19
--------------------------- -------------------------------------
Total 2007 62,026 30.99% 1,105,425 49.99% 17.82
--------------------------- -------------------------------------
2008 - 0.00% - 0.00% -
--------------------------- -------------------------------------
2009
Crossroads Shopping Center Modell's 25,000 12.49% 193,750 8.76% 7.75
--------------------------- -------------------------------------
Total - Next 3 Years 87,026 43.48% $1,299,175 58.75% $14.93
=========================== =====================================
Brandywine Joint Venture
- ---------------------------------
2007 - 0.00% - 0.00% -
--------------------------- -------------------------------------
2008 - 0.00% - 0.00% -
--------------------------- -------------------------------------
2009
14,535 0.00% 247,095 0.00% 17.00
--------------------------- --------------------------
Total - Next 3 Years 14,535 0.00% $247,095 0.00% $-
=========================== =====================================
Fund I
- ---------------------------------
2008 - 0.00% - 0.00% -
--------------------------- -------------------------------------
2008
Hitchcock and Pinelog Plaza Farmer's Furniture 23,184 1.48% 69,552 0.54% 3.00
--------------------------- --------------------------
Total 2008 23,184 0 69,552 0.54% 3.00
--------------------------- -------------------------------------
2009
Haygood Shopping Center Eckerd Drugs 11,280 0.72% 28,500 0.22% 2.53
--------------------------- -------------------------------------
Total - Next 3 Years 34,464 2.20% $98,052 0.76% $2.85
=========================== =====================================
Fund II
- ---------------------------------
2007
Sherman Avenue Pilot Garage 74,000 16.15% 375,000 6.11% 5.07
0.00% -0.01% -
----------- -----------------------
Total 2007 74,000 16.15% 375,000 6.10% 5.07
--------------------------- -------------------------------------
2008
- 0.00% - 0.00% -
--------------------------- -------------------------------------
2009 - 0.00% - 0.00% -
--------------------------- -------------------------------------
Total - Next 3 Years 74,000 16.15% $375,000 6.10% $5.07
=========================== =====================================
(1) Tenant pays rent based on percentage of sales
Page 45
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 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.
--------------------------------------------------------------------------------------------------
Wholly-Owned Properties
Anchor Tenant Expirations
Month to Month 1 11,449 0.46% $57,245 0.23% $5.00
2007 2 103,897 4.15% 450,436 1.80% 4.34
2008 5 162,680 6.49% 1,516,155 6.04% 9.32
2009 8 323,457 12.91% 1,879,200 7.49% 5.81
2010 13 345,962 13.81% 3,567,714 14.22% 10.31
2011 2 40,164 1.60% 344,992 1.38% 8.59
2012 2 139,769 5.58% 1,143,768 4.56% 8.18
2013 2 115,392 4.61% 1,444,884 5.76% 12.52
2014 4 161,322 6.44% 853,862 3.40% 5.29
2015 4 134,567 5.37% 2,388,363 9.52% 17.75
2016 3 26,636 1.06% 420,324 1.68% 15.78
2017 1 47,773 1.91% 955,460 3.81% 20.00
2018 1 52,639 2.10% 447,432 1.78% 8.50
2019 3 170,234 6.79% 1,044,191 4.16% 6.13
2020 4 218,211 8.71% 1,828,993 7.29% 8.38
2021 1 106,760 4.26% 2,002,126 7.98% 18.75
2022 1 14,837 0.59% 435,000 1.73% 29.32
2023 - - 0.00% - 0.00% -
2024 3 188,506 7.52% 3,154,312 12.57% 16.73
2028 3 141,509 5.64% 1,152,840 4.60% 8.15
--------------------------------------------- ----------------------------------------
Total Occupied 63 2,505,764 100.00% $25,087,297 100.00% $10.01
========================================
Anchor GLA Owned by
Tenants 254,916
Total Vacant 73,832
-------------------
Total Square Feet 2,834,512
===================
Wholly-Owned Properties
Shop Tenant Expirations
Month to Month 23 103,869 9.55% $1,725,803 7.98% $16.62
2007 32 129,246 11.88% 2,060,593 9.53% 15.94
2008 53 162,704 14.95% 3,413,322 15.80% 20.98
2009 56 175,294 16.11% 3,154,226 14.59% 17.99
2010 41 124,029 11.40% 1,897,392 8.78% 15.30
2011 39 129,246 11.88% 3,674,832 17.00% 28.43
2012 14 39,287 3.61% 1,166,066 5.39% 29.68
2013 11 39,536 3.63% 883,814 4.09% 22.35
2014 12 51,347 4.72% 1,025,567 4.74% 19.97
2015 9 50,524 4.64% 886,130 4.10% 17.54
2016 8 38,550 3.54% 947,450 4.38% 24.58
2018 4 6,805 0.63% 275,825 1.28% 40.53
2019 1 - 0.00% 51,205 0.24% -
2020 2 6,000 0.55% 142,500 0.66% 23.75
2021 1 26,170 2.41% 143,935 0.67% -
2022 2 5,493 0.50% 166,839 0.77% 30.37
--------------------------------------------- ----------------------------------------
Total Occupied 308 1,088,100 100.00% $21,615,499 100.00% $19.98
========================================
Total Vacant 233,258
-------------------
Total Square Feet 1,321,358
===================
Page 46
Wholly-Owned Properties
Total Tenant Expirations
Month to Month 24 $115,318 3.21% $1,783,048 3.82% $15.46
2007 34 233,143 6.49% 2,511,029 5.38% 10.77
2008 58 325,384 9.05% 4,929,477 10.55% 15.15
2009 64 498,751 13.87% 5,033,426 10.76% 10.09
2010 54 469,991 13.08% 5,465,106 11.70% 11.63
2011 41 169,410 4.71% 4,019,824 8.61% 23.73
2012 16 179,056 4.98% 2,309,834 4.95% 12.90
2013 13 154,928 4.31% 2,328,698 4.99% 15.03
2014 16 212,669 5.92% 1,879,429 4.02% 8.84
2015 13 185,091 5.15% 3,274,493 7.01% 17.69
2016 11 65,186 1.81% 1,367,774 2.93% 20.98
2017 1 47,773 1.33% 955,460 2.05% 20.00
2018 5 59,444 1.65% 723,257 1.55% 12.17
2019 4 170,234 4.74% 1,095,396 2.35% 6.43
2020 6 224,211 6.24% 1,971,493 4.22% 8.79
2021 2 132,930 3.70% 2,146,061 4.60% 16.14
2022 3 20,330 0.57% 601,839 1.29% 29.60
2023 - - 0.00% - 0.00% -
2024 3 188,506 5.25% 3,154,312 6.75% 16.73
2028 3 141,509 3.94% 1,152,840 2.47% 8.15
--------------------------------------------- ----------------------------------------
Total Occupied 371 $3,593,864 100.00% $46,702,796 100.00% $13.03
========================================
Anchor GLA Owned by
Tenants 254,916
Total Vacant 307,090
-------------------
Total Square Feet 4,155,870
===================
Fund I
Anchor Tenant Expirations
2007 - - 0.00% $- 0.00% $-
2009 27 1,052,564 67.02% 8,111,635 63.16% 7.71
2012 2 21,000 1.34% 298,200 2.32% 14.20
2014 1 35,153 2.24% 263,648 2.05% 7.50
2016 2 58,315 3.71% 402,863 3.14% 6.91
2017 4 118,013 7.52% 1,115,068 8.68% 9.45
2021 2 66,237 4.22% 693,695 5.40% 10.47
2022 1 59,159 3.77% 620,578 4.83% 10.49
2024 1 70,400 4.48% 281,600 2.19% 4.00
2026 2 74,000 4.71% 582,500 4.53% 7.87
2050 1 15,497 0.99% 475,000 3.70% 30.65
--------------------------------------------- ----------------------------------------
Total Occupied 43 1,570,338 100.00% $12,844,787 100.00% $8.18
650,772
Total Vacant 55,096
-------------------
Total Square Feet 1,625,434
===================
Fund I
Shop Tenant Expirations
Month to Month 11 24,697 12.54% 253,539 9.12% $10.27
2007 13 22,139 11.24% 267,332 9.61% 12.08
2008 14 28,162 14.32% 336,747 12.11% 11.96
2009 6 13,701 6.96% 199,683 7.18% 14.57
2010 6 13,478 6.84% 220,300 7.92% 16.35
2011 11 23,042 11.70% 379,185 13.64% 16.46
2012 1 1,974 1.00% 35,532 1.28% 18.00
2013 2 13,120 6.66% 124,820 4.49% 9.51
2014 5 14,403 7.31% 335,799 12.08% 23.31
2015 2 2,798 1.42% 45,936 1.65% 16.42
2016 1 7,752 3.94% 111,230 4.00% 14.35
2018 1 6,957 3.53% 50,004 1.80% 7.19
2019 1 3,141 1.60% 42,000 1.51% 13.37
2020 1 5,157 2.62% 150,842 5.43% 29.25
2021 1 16,384 8.32% 192,512 6.92% 11.75
2022 1 - 0.00% 35,000 1.26% -
-----------------------------------------------------------------------------------------------------------------------
Total Occupied 77 196,905 100.00% $2,780,461 100.00% $14.12
Total Vacant 147,953
-------------------
Total Square Feet 344,858
===================
Page 47
Fund I
Total Tenant Expirations
Month to Month 11 24,697 1.40% $253,539 1.62% $10.27
2007 13 22,139 1.25% 267,332 1.71% 12.08
2008 14 28,162 1.59% 336,747 2.16% 11.96
2009 33 1,066,265 60.34% 8,311,318 53.18% 7.79
2010 6 13,478 0.76% 220,300 1.41% 16.35
2011 11 23,042 1.30% 379,185 2.43% 16.46
2012 3 22,974 1.30% 333,732 2.14% 14.53
2013 2 13,120 0.74% 124,820 0.80% 9.51
2014 6 49,556 2.80% 599,447 3.84% 12.10
2015 2 2,798 0.16% 45,936 0.29% 16.42
2016 3 66,067 3.74% 514,093 3.29% 7.78
2017 4 118,013 6.68% 1,115,068 7.14% 9.45
2018 1 6,957 0.39% 50,004 0.32% 7.19
2019 1 3,141 0.18% 42,000 0.27% 13.37
2020 1 5,157 0.29% 150,842 0.97% 29.25
2021 3 82,621 4.68% 886,207 5.67% 10.73
2022 1 59,159 3.35% 620,578 3.97% 10.49
2024 1 70,400 3.98% 281,600 1.80% 4.00
2026 2 74,000 4.19% 582,500 3.73% 7.87
2050 1 15,497 0.88% 475,000 3.04% 30.65
2080 1 - 0.00% 35,000 0.22% -
--------------------------------------------- ----------------------------------------
Total Occupied 120 1,767,243 100.00% $15,625,248 100.00% $8.84
650,772
Total Vacant 203,049
-------------------
Total Square Feet 1,970,292
===================
Fund II
Anchor Tenant Expirations
2007 1 74,000 16.15% 375,000 6.11% 5.07
2008 1 134,773 29.42% 1,595,291 26.01% 11.84
2011 2 249,334 54.43% 4,162,222 67.88% 16.69
--------------------------------------------- ----------------------------------------
Total Occupied 4 458,107 100.00% $6,132,513 100.00% $13.39
Total Vacant 26,703
-------------------
Total Square Feet 484,810
===================
Fund II
Shop Tenant Expirations
Month to Month 5 74,113 31.81% $523,196 17.56% $7.06
2007 6 143,531 61.60% 2,146,866 72.04% 14.96
2009 1 1,314 0.56% 21,600 0.72% 16.44
2010 2 7,012 3.01% 117,136 3.93% 16.71
2011 1 7,046 3.02% 171,212 5.75% 24.30
--------------------------------------------- ----------------------------------------
Total Occupied 15 233,016 100.00% $2,980,010 100.00% $12.79
Total Vacant 268,688
-------------------
Total Square Feet 501,704
===================
Fund II
Total Tenant Expirations
Month to Month 5 74,113 10.72% $523,196 5.74% $7.06
2007 7 217,531 31.48% 2,521,866 27.67% 11.59
2008 1 134,773 19.50% 1,595,291 17.51% 11.84
2009 1 1,314 0.19% 21,600 0.24% 16.44
2010 2 7,012 1.01% 117,136 1.29% 16.71
2011 3 256,380 37.10% 4,333,434 47.55% 16.90
--------------------------------------------- ----------------------------------------
Total Occupied 19 691,123 100.00% $9,112,523 100.00% $13.19
Total Vacant 295,391
-------------------
Total Square Feet 986,514
===================
Page 48
Crossroads (JV Property)
Anchor Tenant Expirations
2007 3 62,026 30.98% 1,105,425 49.99% 17.82
2009 1 25,000 12.49% 193,750 8.76% 7.75
2012 2 113,155 56.53% 912,177 41.25% 8.06
--------------------------------------------- ----------------------------------------
Total Occupied 6 200,181 100.00% $2,211,352 100.00% $11.05
Total Vacant -
-------------------
Total Square Feet 200,181
===================
Shop Tenant Expirations
Month to Month 2 1,650 1.66% $159,262 4.18% $96.52
2007 3 3,262 3.27% 124,788 3.28% 38.26
2008 9 31,460 31.58% 1,074,188 28.22% 34.14
2009 6 17,318 17.38% 733,130 19.26% 42.33
2011 3 5,470 5.49% 205,854 5.41% 37.63
2012 2 5,250 5.27% 194,490 5.11% 37.05
2014 4 19,941 20.02% 698,266 18.34% 35.02
2015 1 2,210 2.22% 72,930 1.92% 33.00
2017 1 6,600 6.62% 349,800 9.19% 53.00
2022 1 6,462 6.49% 193,860 5.09% 30.00
--------------------------------------------- ----------------------------------------
Total Occupied 32 99,623 100.00% $3,806,568 100.00% $38.21
Total Vacant 10,840
-------------------
Total Square Feet 110,463
===================
Crossroads (JV Property)
Total Tenant Expirations
Month to Month 2 1,650 0.55% $159,262 2.65% $96.52
2007 3 3,262 1.09% 124,788 2.07% 38.26
2008 9 31,460 10.49% 1,074,188 17.85% 34.14
2009 9 79,344 26.47% 1,838,555 30.56% 23.17
2011 3 5,470 1.82% 205,854 3.42% 37.63
2012 3 30,250 10.09% 388,240 6.45% 12.83
2014 4 19,941 6.65% 698,266 11.60% 35.02
2015 1 2,210 0.74% 72,930 1.21% 33.00
2017 1 6,600 2.20% 349,800 5.81% 53.00
2018 2 113,155 37.74% 912,177 15.16% 8.06
2022 1 6,462 2.16% 193,860 3.22% 30.00
--------------------------------------------- ----------------------------------------
Total Occupied 38 299,804 100.00% $6,017,920 100.00% $20.07
Total Vacant 10,840
-------------------
Total Square Feet 310,644
===================
Brandywine Portfolio (JV
Properties)
Anchor Tenant Expirations
2010 - - 0.00% - 0.00% -
2011 5 127,291 15.60% 2,377,144 19.16% 18.67
2013 3 100,982 12.38% 1,816,540 14.64% 17.99
2014 2 50,977 6.25% 868,426 7.00% 17.04
2015 5 152,560 18.70% 2,904,328 23.42% 19.04
2016 1 16,525 2.03% 396,600 3.20% 24.00
2017 2 89,604 10.98% 1,316,507 10.61% 14.69
2018 2 278,000 34.06% 2,725,000 21.97% 9.80
0.00%
--------------------------------------------- ----------------------------------------
Total Occupied 20 815,939 100.00% $12,404,545 100.00% $15.20
Total Vacant 12,535
-------------------
Total Square Feet 828,474
===================
Page 49
Brandywine Portfolio (JV
Properties)
Shop Tenant Expirations
Month to Month 3 3,800 4.16% $26,414 1.19% $6.95
2007 2 8,567 9.38% 208,000 9.39% 24.28
2008 1 6,100 6.68% 157,868 7.13% 25.88
2010 2 11,817 12.94% 184,280 8.32% 15.59
2011 2 22,500 24.66% 519,658 23.47% 23.10
2013 2 6,950 7.61% 153,286 6.92% 22.06
2014 1 4,962 5.44% 147,421 6.66% 29.71
2015 2 8,500 9.31% 195,250 8.82% 22.97
2017 1 4,996 5.47% 224,820 10.15% 45.00
2021 1 4,100 4.49% 100,450 4.54% 24.50
2026 1 8,999 9.86% 296,967 13.41% 33.00
--------------------------------------------- ----------------------------------------
Total Occupied 18 91,291 100.00% $2,214,414 100.00% $24.26
Total Vacant 19,596
-------------------
Total Square Feet 110,887
===================
Brandywine Portfolio (JV
Properties)
Total Tenant Expirations
Month to Month 3 3,800 0.42% $26,414 0.18% $6.95
2007 2 8,567 0.94% 208,000 1.42% -
2008 1 6,100 0.67% 157,868 1.08% 25.88
2010 2 11,817 1.30% 184,280 1.26% 15.59
2011 7 149,791 16.51% 2,896,802 19.82% 19.34
2013 5 107,932 11.90% 1,969,826 13.47% 18.25
2014 3 55,939 6.17% 1,015,847 6.95% 18.16
2015 7 161,060 17.75% 3,099,578 21.20% 19.24
2016 1 16,525 1.82% 396,600 2.71% 24.00
2017 3 94,600 10.43% 1,541,326 10.54% 16.29
2018 2 278,000 30.65% 2,725,000 18.65% 9.80
2021 1 4,100 0.45% 100,450 0.68% 24.50
2026 1 8,999 0.99% 296,967 2.04% 33.00
--------------------------------------------- ----------------------------------------
Total Occupied 38 907,230 100.00% $14,618,958 100.00% $16.11
Total Vacant 32,131
-------------------
Total Square Feet 939,361
===================
Total Joint Ventures
MtoM 21 104,260 2.84% 962,411 2.12%
2007 25 251,499 6.86% 3,121,986 6.88%
2008 25 200,495 5.47% 3,164,094 6.97%
2009 43 1,146,923 31.29% 10,171,473 22.42%
2010 10 32,307 0.88% 521,716 1.15%
2011 24 434,683 11.86% 7,815,275 17.22%
2012 6 53,224 1.45% 721,972 1.59%
2013 7 121,052 3.30% 2,094,646 4.62%
2014 13 125,436 3.42% 2,313,560 5.10%
2015 10 166,068 4.53% 3,218,444 7.09%
2016 3 66,067 1.80% 514,093 1.13%
28 963,386 26.28% 10,754,979 23.70%
215 3,665,400 99.98% 45,374,649 99.99%
Page 50
3-Mile Radius(2)
-------------------------------------
Trade Cash (2) #
Median
Area Base Total Total Households HH Avg. HH
Property / JV
Classification Ownership % City State(Miles) Rent GLA Pop. ("HH") Income Income
- ------------------------------------------------------------------------------- -------------------------------------
Core Brandywine Town Wilmington DE
Center & Mkt
Sq./22.22% 3 14,618,958 939,361 41,222 15,054 $83,769 $102,192
Core Elmwood Park Elmwood ParkNJ
Shopping Ctr. 3 3,438,718 149,085 257,647 83,959 52,609 62,446
Core Chestnut Hill PhiladelphiaPA 3 1,292,372 40,570 148,084 59,791 53,526 65,990
Core Abington Towne Abington PA
Center 3 954,677 216,355 91,293 34,692 66,882 82,491
Core Clark & Diversey Chicago IL 3 799,323 19,265 419,461 213,740 58,803 81,579
Core Hobson West Plaza Naperville IL 3 1,201,939 98,902 98,083 34,231 94,977 114,120
Core Methuen Shopping Methuen MA
Ctr. 5 849,264 130,021 89,957 31,569 41,619 49,981
Core Crossroads Shopping White PlainsNY
Ctr. / 49% 3 6,017,920 310,644 105,870 39,349 78,556 85,621
Core The Branch Plaza Smithtown NY 3 2,467,835 125,751 68,832 23,221 89,522 113,455
Core Amboy Road Staten NY
Island 3 1,485,096 60,090 156,384 56,991 69,666 90,260
Core Village Commons Smithtown NY
Shopping Ctr. 3 2,186,651 87,169 68,832 23,221 89,522 113,455
Core Bloomfield Town Bloomfield MI
Square Hills 5 2,450,631 232,366 62,528 23,953 73,997 102,234
Core Crescent Plaza Brockton MA 3 1,609,257 218,141 99,649 34,369 46,062 56,826
Core 239 Greenwich AvenueGreenwich CT
/ 75% 5 1,286,069 16,834 67,165 24,889 97,270 125,159
Core Town Line Plaza Rocky Hill CT 3 1,626,923 206,356 45,606 19,067 65,917 75,855
Core New Loudon Center Latham NY 5 1,713,664 255,826 41,815 15,619 55,375 66,288
Core Pacesetter Park Pomona NY
Shopping Ctr. 3 1,050,156 96,698 25,618 8,209 89,598 125,526
Core 2914 Third Ave The Bronx NY 3 1,400,000 43,500 1,239,853 422,421 26,865 33,419
Core West 54th Street Manhattan NY 3 2,177,304 6,514 582,613 325,406 80,037 96,770
Core Mad River Station Dayton OH 5 1,529,711 155,838 58,692 25,428 58,119 67,529
Core Mark Plaza EdwardsvillePA 5 1,008,371 216,401 87,986 37,409 31,982 39,628
Core Blackman Plaza Wilkes-BarrePA 5 288,919 125,264 58,885 24,646 30,982 40,002
Core Bartow Avenue The Bronx NY 3 284,620 14,668 567,476 209,231 40,253 47,643
Core Walnut Hill Plaza Woonsocket RI 5 2,461,957 285,418 60,322 22,861 42,715 47,867
Core Ledgewood Mall Ledgewood NJ 5 4,246,680 518,950 37,052 13,412 80,007 87,773
Core BTS Boonton LLC / Boonton NJ
60% 5 1,252,985 62,908 49,442 18,288 87,533 113,042
Core Merrillville Plaza Hobart IN 5 2,631,670 235,678 26,118 10,066 56,556 64,248
Core The Gateway ShoppingSo. VT
Ctr. Burlington 3 1,799,570 101,784 46,879 19,366 44,294 55,033
Core Marketplace of Absecon NJ
Absecon 3 1,647,983 105,135 30,732 11,642 52,106 64,775
Core Plaza 422 Lebanon PA 3 444,020 154,878 43,975 17,347 36,874 47,144
Core Route 6 Plaza Honesdale PA 5 1,116,431 175,505 7,567 3,014 32,283 43,919
Fund I Granville Center / Columbus OH
37.78% 3 686,486 134,997 112,547 47,337 47,547 53,746
Fund I Sheffield Crossing /Sheffield OH
37.78% 3 1,153,642 112,534 28,714 10,621 54,485 64,626
Fund I Amherst Marketplace Amherst OH
/ 37.78% 3 889,667 79,945 53,342 20,470 45,506 55,396
Fund I Sterling Heights Sterling MI
Shopping Center / Heights
18.9% 3 607,740 154,835 99,813 36,587 66,886 77,416
Fund I Tarrytown Shopping Tarrytown NY
Center / 37.78% 3 909,457 35,291 36,856 13,450 78,415 95,294
Fund I Hitchcock Plaza/ Aiken SC
7.6% 5 1,631,909 256,093 23,976 9,393 50,934 64,402
Fund I Haygood Shopping Virginia VA
Center / 18.9% Beach 3 1,732,764 178,497 99,119 38,035 52,505 60,732
Fund II- Urban400 East Fordham The Bronx NY
In-Fill Road / 19.2% 2 381,736 117,355 1,205,053 412,674 30,252 38,298
Fund II- UrbanSherman Avenue / Manhattan NY
In-Fill 19.2% 2 1,970,291 134,773 535,739 175,108 29,260 36,324
Fund II- UrbanPelham Manor Westchester NY
In-Fill Shopping Plaza /
19.2% 3 756,000 398,775 398,727 147,238 48,697 56,116
Fund II- Urban161st Street /19.2% The Bronx NY
In-Fill 2 5,179,496 223,611 1,274,483 427,111 25,104 31,477
Fund II- OtherOakbrook/ 20% Oakbrook IL 3 825,000 112,000 77,560 29,487 77,130 108,955
- ---------------------------------------------------------------------------------------------------------------------
84,063,862 7,344,581
---------------------
TOTAL
-------------------------------------
Weighted Average - Based on GLA 155,535 55,447 $60,047 $72,543
-------------------------------------
Weighted Average - Based on base rent(1) 159,093 61,565 $64,366 $78,343
-------------------------------------
CORE
-------------------------------------
Weighted Average - Based on GLA 76,354 28,325 $64,397 $77,721
-------------------------------------
Weighted Average - Based on base rent(1) 137,030 54,603 $65,706 $79,968
-------------------------------------
FUND I
-------------------------------------
Weighted Average - Based on GLA 66,454 25,789 $54,325 $64,735
-------------------------------------
Weighted Average - Based on base rent(1) 61,400 23,815 $56,412 $67,088
-------------------------------------
FUND II -Urban In-fill
-------------------------------------
Weighted Average - Based on GLA 751,975 258,716 $37,194 $44,375
-------------------------------------
Weighted Average - Based on base rent(1) 1,015,767 341,004 $28,481 $35,191
-------------------------------------
FUND II -Other
-------------------------------------
Weighted Average - Based on GLA 77,560 29,487 $77,130 $108,955
-------------------------------------
Weighted Average - Based on base rent(1) 77,560 29,487 $77,130 $108,955
5-Mile Radius
------------------------------------
Trade Cash (2)
Median
Area Base Total Total # HH Avg. HH
Property / JV
Classification Ownership % City State(Miles) Rent GLA Pop. HH Income Income
- ------------------------------------------------------------------------------- ------------------------------------
Core Brandywine Town Wilmington DE
Center & Mkt
Sq./22.22% 3 14,618,958 939,361 120,306 46,004 $74,110 $93,425
Core Elmwood Park Elmwood ParkNJ
Shopping Ctr. 3 3,438,718 149,085 614,727 208,535 57,938 69,562
Core Chestnut Hill PhiladelphiaPA 3 1,292,372 40,570 399,921 157,197 52,171 65,291
Core Abington Towne Abington PA
Center 3 954,677 216,355 304,127 117,213 59,851 70,401
Core Clark & Diversey Chicago IL 3 799,323 19,265 969,623 410,327 51,138 67,593
Core Hobson West Plaza Naperville IL 3 1,201,939 98,902 241,153 82,668 93,969 113,986
Core Methuen Shopping Methuen MA
Ctr. 5 849,264 130,021 201,503 72,943 47,894 56,306
Core Crossroads Shopping White PlainsNY
Ctr. / 49% 3 6,017,920 310,644 205,109 73,112 93,445 108,276
Core The Branch Plaza Smithtown NY 3 2,467,835 125,751 199,361 64,663 82,867 105,093
Core Amboy Road Staten NY
Island 3 1,485,096 60,090 292,132 105,178 66,927 88,388
Core Village Commons Smithtown NY
Shopping Ctr. 3 2,186,651 87,169 199,361 64,663 82,867 105,093
Core Bloomfield Town Bloomfield MI
Square Hills 5 2,450,631 232,366 166,443 62,677 79,970 105,922
Core Crescent Plaza Brockton MA 3 1,609,257 218,141 168,246 58,789 46,062 56,826
Core 239 Greenwich AvenueGreenwich CT
/ 75% 5 1,286,069 16,834 142,822 51,210 94,119 119,232
Core Town Line Plaza Rocky Hill CT 3 1,626,923 206,356 153,302 61,023 57,724 68,679
Core New Loudon Center Latham NY 5 1,713,664 255,826 151,655 61,034 47,547 61,261
Core Pacesetter Park Pomona NY
Shopping Ctr. 3 1,050,156 96,698 129,143 36,828 72,841 102,767
Core 2914 Third Ave The Bronx NY 3 1,400,000 43,500 2,690,882 1,034,060 45,279 56,415
Core West 54th Street Manhattan NY 3 2,177,304 6,514 2,424,848 1,048,312 55,446 67,194
Core Mad River Station Dayton OH 5 1,529,711 155,838 135,000 56,693 60,560 71,601
Core Mark Plaza EdwardsvillePA 5 1,008,371 216,401 124,868 52,566 34,683 43,184
Core Blackman Plaza Wilkes-BarrePA 5 288,919 125,264 111,991 47,249 33,391 41,275
Core Bartow Avenue The Bronx NY 3 284,620 14,668 1,435,467 511,796 30,552 43,522
Core Walnut Hill Plaza Woonsocket RI 5 2,461,957 285,418 95,320 35,238 50,142 56,573
Core Ledgewood Mall Ledgewood NJ 5 4,246,680 518,950 108,922 38,302 77,480 89,838
Core BTS Boonton LLC / Boonton NJ
60% 5 1,252,985 62,908 101,266 36,438 86,509 106,011
Core Merrillville Plaza Hobart IN 5 2,631,670 235,678 87,796 32,151 54,709 62,531
Core The Gateway ShoppingSo. VT
Ctr. Burlington 3 1,799,570 101,784 69,993 28,186 47,104 57,514
Core Marketplace of Absecon NJ
Absecon 3 1,647,983 105,135 68,326 26,137 51,610 62,711
Core Plaza 422 Lebanon PA 3 444,020 154,878 61,197 23,615 41,055 51,545
Core Route 6 Plaza Honesdale PA 5 1,116,431 175,505 11,899 4,627 34,031 46,300
Fund I Granville Center / Columbus OH
37.78% 3 686,486 134,997 266,313 108,411 53,466 60,719
Fund I Sheffield Crossing /Sheffield OH
37.78% 3 1,153,642 112,534 110,797 41,494 49,602 59,866
Fund I Amherst Marketplace Amherst OH
/ 37.78% 3 889,667 79,945 98,291 37,263 41,483 52,190
Fund I Sterling Heights Sterling MI
Shopping Center / Heights
18.9% 3 607,740 154,835 264,560 103,403 63,816 74,661
Fund I Tarrytown Shopping Tarrytown NY
Center / 37.78% 3 909,457 35,291 123,546 43,654 85,757 103,311
Fund I Hitchcock Plaza/ Aiken SC
7.6% 5 1,631,909 256,093 44,606 16,968 42,687 55,503
Fund I Haygood Shopping Virginia VA
Center / 18.9% Beach 3 1,732,764 178,497 225,653 86,122 54,074 62,011
Fund II- Urban400 East Fordham The Bronx NY
In-Fill Road / 19.2% 2 381,736 117,355 1,997,909 698,322 33,259 40,957
Fund II- UrbanSherman Avenue / Manhattan NY
In-Fill 19.2% 2 1,970,291 134,773 2,049,516 721,521 34,366 42,608
Fund II- UrbanPelham Manor Westchester NY
In-Fill Shopping Plaza /
19.2% 3 756,000 398,775 1,109,022 403,897 44,956 53,542
Fund II- Urban161st Street /19.2% The Bronx NY
In-Fill 2 5,179,496 223,611 2,531,473 966,482 37,307 48,034
Fund II- OtherOakbrook/ 20% Oakbrook IL 3 825,000 112,000 288,932 108,039 75,456 97,126
- --------------------------------------------------------------------------------------------------------------------
84,063,862 7,344,581
---------------------
TOTAL
-------------------------------------
Weighted Average - Based on GLA 367,230 135,853 $59,095 $72,309
-------------------------------------
Weighted Average - Based on base rent(1) 388,653 149,186 $61,019 $74,664
-------------------------------------
CORE
-------------------------------------
Weighted Average - Based on GLA 183,595 68,400 $63,110 $77,316
-------------------------------------
Weighted Average - Based on base rent(1) 340,849 131,574 $61,872 $75,706
-------------------------------------
FUND I
-------------------------------------
Weighted Average - Based on GLA 161,000 62,543 $52,098 $62,587
-------------------------------------
Weighted Average - Based on base rent(1) 155,910 59,709 $56,265 $67,299
-------------------------------------
FUND II -Urban In-fill
-------------------------------------
Weighted Average - Based on GLA 1,736,964 636,208 $39,798 $48,760
-------------------------------------
Weighted Average - Based on base rent(1) 2,262,557 844,573 $37,119 $46,920
-------------------------------------
FUND II -Other
-------------------------------------
Weighted Average - Based on GLA 288,932 108,039 $75,456 $97,126
-------------------------------------
Weighted Average - Based on base rent(1) 288,932 108,039 $75,456 $97,126
-------------------------------------
(1) Does not include the Kroger/Safeway Portfolio. Base rent for joint ventures
has been pro-rated based on the Company's ownership % in the joint venture.
(2) West 54th Street, Sherman and 161st Street figures are for 2 mile radius
Page 51
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2007
Residential (Multi-family) Properties
% Occupied % Occupied
Property Location Square Feet Units March 31, 2007 September 30, 2006
- ------------------------------------------------------------------------------------------------------------------------
Mid-Atlantic
North Carolina
- ------------------------------
Village Apartments Winston Salem 578,706 600 86% 86%
Mid-West
Missouri
- ------------------------------
Gate House, Holiday House, Columbia
Tiger Village, 625,545 874 89% 92%
----------------------------------------------------------------------
Colony Apartments (1)
Totals 1,204,251 1,474 88% 90%
======================================================================
(1) As this property has tenants associated with the University of Missouri,
occupancy trends are correlated to semester sessions
Page 52