Exhibit 99.2
Table of Contents | ||||
Third Quarter 2013 | ||||
Section I - Financial Information | Section II - Core Portfolio Information | |||
Company Information………………………………………… | 3 | Core Properties……………………………………………………... | 23 | |
Total Market Capitalization…………………………………… | 4 | Core Top Tenants………………………………………………….... | 25 | |
Operating Statements | Core Lease Expirations……………………………………………... | 26 | ||
Pro-rata Consolidation………………………………………… | 5 | Core New and Renewal Rent Spreads……………………………… | 27 | |
Opportunity Funds…………………………………………….. | 6 | Core Capital Expenditures………………………………………...... | 28 | |
Funds from Operations ("FFO"), Adjusted FFO ("AFFO") | Portfolio Demographics…………………………………………...... | 29 | ||
and Funds Available for Distribution ("FAD")………………... | 8 | |||
EBITDA……………………………………………………..... | 9 | |||
Same Property Net Operating Income………………………... | 10 | Section III - Opportunity Fund Information | ||
Fee Income…………………………………………………..... | 11 | |||
Balance Sheet - Pro-rata Consolidation………………………. | 12 | Opportunity Fund Overview………………………………………... | 32 | |
Notes Receivable…………………………………………….... | 13 | Opportunity Fund Properties……………………………………...... | 33 | |
Other Information | Opportunity Fund Lease Expirations……………………………….. | 34 | ||
2013 Transactional Activity……………………………........... | 14 | Development Activity……………………………………………..... | 35 | |
2014 Guidance…………………………………….......………. | 15 | RCP Venture Investments………………………………………....... | 36 | |
Net Asset Valuation Information……………………...........…. | 16 | |||
Selected Financial Ratios………………………………….….. | 17 | |||
Debt Analysis | ||||
Summary……………………………………………………… | 18 | Important Notes…………………………………………………….. | 37 | |
Detail………………………………………………………….. | 19 | |||
Maturities……………………………………………………... | 22 | |||
Visit www.acadiarealty.com for additional investor and portfolio information |
Company Information | |||||
Acadia Realty Trust, a fully-integrated equity real estate investment trust, is focused on the acquisition, ownership, management and redevelopment of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas along the East Coast and in Chicago. Acadia owns, or has an ownership interest in, these properties through its core portfolio and its opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com. | |||||
Contact Information | |||||
Corporate Headquarters | Investor Relations | New York Stock Exchange | |||
1311 Mamaroneck Avenue | Jonathan Grisham | Symbol AKR | |||
Suite 260 | Senior Vice President, | ||||
White Plains, NY 10605 | Chief Financial Officer | ||||
(914) 288-8142 | |||||
jgrisham@acadiarealty.com | |||||
Analyst Coverage | |||||
Bank of America / Merrill Lynch | Cowen and Company | KeyBanc Capital Markets, Inc. | |||
Craig Schmidt - (646) 855-3640 | James Sullivan - (646) 562-1380 | Todd Thomas - (917) 368-2286 | |||
craig.schmidt@baml.com | james.sullivan@cown.com | tthomas@keybanccm.com | |||
Bank of Montreal | Green Street Advisors | RBC Capital Markets | |||
Paul Adornato, CFA - (212) 885-4170 | Cedrik LaChance - (949) 640-8780 | Rich Moore, CFA - (440) 715-2646 | |||
paul.adornato@bmo.com | clachance@greenst.com | rich.moore@rbccm.com | |||
Citigroup - Global Markets | J.P. Morgan Securities, Inc. | UBS | |||
Christy McElroy - (212) 816-6981 | Michael W. Mueller, CFA - (212) 622-6689 | Ross Nussbaum - (212) 713-2484 | |||
christy.mcelroy@citi.com | michael.w.mueller@jpmorgan.com | ross.nussbaum@ubs.com |
Total Market Capitalization | ||||||||||||||||
(including pro-rata share of Opportunity Fund debt, dollars in thousands) | ||||||||||||||||
Capitalization | ||||||||||||||||
Percent of | Total Market Capitalization | based on | ||||||||||||||
Total Equity | $ | % | Net Debt 1 | Total Market Capitalization | ||||||||||||
Equity Capitalization | ||||||||||||||||
Total Common Shares Outstanding | 96.6% | 55,643 | ![]() | |||||||||||||
Common Operating Partnership ("OP") Units | 3.4% | 1,954 | ||||||||||||||
Combined Common Shares and OP Units | 57,597 | |||||||||||||||
Share Price at December 31, 2013 | $ | 24.83 | ||||||||||||||
Equity Capitalization - Common Shares and OP Units | $ | 1,430,134 | ||||||||||||||
Preferred OP Units | 622 | 2 | ||||||||||||||
Total Equity Capitalization | 1,430,756 | 73% | 76% | |||||||||||||
Debt Capitalization | ||||||||||||||||
Consolidated debt | 1,038,129 | |||||||||||||||
Adjustment to reflect pro-rata share of debt | (519,871 | ) | ||||||||||||||
Total Debt Capitalization | 518,258 | 27% | 24% | |||||||||||||
Total Market Capitalization | $ | 1,949,014 | 100% | 100% | ||||||||||||
Weighted Average Outstanding Common Shares and OP Units | ||||||||||||||||
(in thousands) | ||||||||||||||||
December 31, 2013 | Changes in Total Common Shares Outstanding | |||||||||||||||
Year-to-date | Quarter | |||||||||||||||
Weighted average Common Shares - Basic EPS | 54,919 | 55,576 | Balance @ 12/31/2012 | 52,482 | ||||||||||||
Dilutive potential Common Shares | 392 | 350 | Stock Issuance | 3,015 | ||||||||||||
Weighted average Common Shares - Diluted EPS | 55,311 | 55,926 | Other | 146 | ||||||||||||
OP Units | 618 | 620 | ||||||||||||||
Dilutive potential OP Units | 25 | 25 | Balance @ 12/31/13 | 55,643 | ||||||||||||
Weighted average Common Shares and OP Units - Diluted FFO | 55,954 | 56,571 | ||||||||||||||
Notes: | ||||||||||||||||
1 Reflects debt net of Core Portfolio cash balance of | $ | 35,549 | ||||||||||||||
pro-rata share of Funds cash balance of | 10,830 | |||||||||||||||
and restricted cash relating to City Point financing of | 21,647 | |||||||||||||||
for ("Net Debt") totaling - | $ 68,026 | |||||||||||||||
2 Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP units multiplied by the Common Share price at quarter end. | ||||||||||||||||
3 Fixed-rate debt includes notional principal fixed through interest rate swap transactions. |
Income Statements - Pro-rata Consolidation1 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Year-to-date ended December 31, 2013 | Three months ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Core Portfolio | Funds | Total | Core Portfolio | Funds | Total | |||||||||||||||||||||||||||||||||||
Continuing | Discontinued | Continuing | Discontinued | Continuing | Discontinued | Continuing | Discontinued | |||||||||||||||||||||||||||||||||
Operations | Operations | Operations | Operations | Operations | Operations | Operations | Operations | |||||||||||||||||||||||||||||||||
CORE PORTFOLIO AND Fund INCOME | ||||||||||||||||||||||||||||||||||||||||
PROPERTY REVENUES | ||||||||||||||||||||||||||||||||||||||||
Minimum rents | $ | 73,330 | $ | 781 | $ | 10,029 | $ | 2,943 | $ | 87,083 | $ | 19,147 | $ | 175 | $ | 2,753 | $ | 367 | $ | 22,442 | ||||||||||||||||||||
Percentage rents | 345 | — | 78 | — | 423 | 87 | — | 8 | — | 95 | ||||||||||||||||||||||||||||||
Expense reimbursements - CAM | 7,298 | 85 | 1,277 | 247 | 8,907 | 2,054 | 28 | 393 | 48 | 2,523 | ||||||||||||||||||||||||||||||
Expense reimbursements - Taxes | 10,730 | 187 | 1,592 | 332 | 12,841 | 2,243 | 44 | 473 | 49 | 2,809 | ||||||||||||||||||||||||||||||
Other property income | 484 | 3 | 227 | 55 | 769 | 103 | — | 56 | 8 | 167 | ||||||||||||||||||||||||||||||
Total Property Revenues | 92,187 | 1,056 | 13,203 | 3,577 | 110,023 | 23,634 | 247 | 3,683 | 472 | 28,036 | ||||||||||||||||||||||||||||||
PROPERTY EXPENSES | ||||||||||||||||||||||||||||||||||||||||
Property operating - CAM | 8,408 | 85 | 1,267 | 479 | 10,239 | 2,349 | 29 | 451 | 82 | 2,911 | ||||||||||||||||||||||||||||||
Other property operating (Non-CAM) | 3,252 | 22 | 1,096 | 530 | 4,900 | 965 | 14 | 380 | 41 | 1,400 | ||||||||||||||||||||||||||||||
Real estate taxes | 12,910 | 187 | 2,185 | 353 | 15,635 | 2,756 | 43 | 604 | 61 | 3,464 | ||||||||||||||||||||||||||||||
Total Property Expenses | 24,570 | 294 | 4,548 | 1,362 | 30,774 | 6,070 | 86 | 1,435 | 184 | 7,775 | ||||||||||||||||||||||||||||||
NET OPERATING INCOME - PROPERTIES | 67,617 | 762 | 8,655 | 2,215 | 79,249 | 17,564 | 161 | 2,248 | 288 | 20,261 | ||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||||||||||||||||||||||
Interest income | 10,316 | — | 341 | — | 10,657 | 2,245 | — | 31 | — | 2,276 | ||||||||||||||||||||||||||||||
Straight-line rent income | 2,724 | 20 | 586 | 291 | 3,621 | 499 | 5 | 162 | 61 | 727 | ||||||||||||||||||||||||||||||
Straight-line ground rent | — | — | — | (70 | ) | (70 | ) | — | — | — | (8 | ) | (8 | ) | ||||||||||||||||||||||||||
Above/below market rent | 3,282 | (144 | ) | 1,319 | — | 4,457 | 922 | (36 | ) | 911 | — | 1,797 | ||||||||||||||||||||||||||||
Interest expense | (20,176 | ) | (192 | ) | (3,261 | ) | (594 | ) | (24,223 | ) | (5,133 | ) | (41 | ) | (846 | ) | (74 | ) | (6,094 | ) | ||||||||||||||||||||
Amortization of finance costs | (919 | ) | (11 | ) | (423 | ) | (80 | ) | (1,433 | ) | (241 | ) | (3 | ) | (30 | ) | (8 | ) | (282 | ) | ||||||||||||||||||||
Above/below market interest expense | 1,226 | — | 180 | — | 1,406 | 175 | — | 42 | — | 217 | ||||||||||||||||||||||||||||||
Asset and property management expense | (176 | ) | (20 | ) | (228 | ) | 2 | (422 | ) | 10 | (5 | ) | (70 | ) | — | (65 | ) | |||||||||||||||||||||||
Other income/(expense) | 469 | — | 488 | 33 | 990 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Transaction costs | (2,993 | ) | (3 | ) | (475 | ) | (6 | ) | (3,477 | ) | (1,403 | ) | — | (10 | ) | — | (1,413 | ) | ||||||||||||||||||||||
Impairment of asset | (1,500 | ) | — | — | (1,330 | ) | (2,830 | ) | — | — | — | (1,330 | ) | (1,330 | ) | |||||||||||||||||||||||||
CORE PORTFOLIO AND Fund INCOME | 59,870 | 412 | 7,182 | 461 | 67,925 | 14,638 | 81 | 2,438 | (1,071 | ) | 16,086 | |||||||||||||||||||||||||||||
FEE INCOME | ||||||||||||||||||||||||||||||||||||||||
Asset and property management fees | 17,022 | — | 396 | — | 17,418 | 4,155 | — | 78 | — | 4,233 | ||||||||||||||||||||||||||||||
Transactional fees 2 | 6,135 | — | 176 | — | 6,311 | 2,324 | — | 84 | — | 2,408 | ||||||||||||||||||||||||||||||
Income tax benefit (provision) | 130 | — | (27 | ) | (1 | ) | 102 | (26 | ) | — | 13 | — | (13 | ) | ||||||||||||||||||||||||||
Total Fee Income | 23,287 | — | 545 | (1 | ) | 23,831 | 6,453 | — | 175 | — | 6,628 | |||||||||||||||||||||||||||||
PROMOTE, RCP AND OTHER INCOME | ||||||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) from RCP investments | — | — | 131 | — | 131 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Promote income - Fund capital transactions | 1,395 | — | — | — | 1,395 | 1,395 | — | — | — | 1,395 | ||||||||||||||||||||||||||||||
Lease termination income | (63 | ) | — | 180 | — | 117 | (80 | ) | — | 178 | — | 98 | ||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | (309 | ) | (87 | ) | (90 | ) | (131 | ) | (617 | ) | (309 | ) | (87 | ) | (90 | ) | (131 | ) | (617 | ) | ||||||||||||||||||||
Total Promote, RCP and Other Income | 1,023 | (87 | ) | 221 | (131 | ) | 1,026 | 1,006 | (87 | ) | 88 | (131 | ) | 876 | ||||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE | (26,264 | ) | (3 | ) | (102 | ) | (1 | ) | (26,370 | ) | (8,198 | ) | (3 | ) | (47 | ) | (1 | ) | (8,249 | ) | ||||||||||||||||||||
Depreciation and amortization | (27,649 | ) | (82 | ) | (3,879 | ) | (509 | ) | (32,119 | ) | (7,447 | ) | 2 | (1,037 | ) | — | (8,482 | ) | ||||||||||||||||||||||
Gain on sale of properties | — | 4,228 | (280 | ) | 2,365 | 6,313 | — | 4,228 | (280 | ) | 1,589 | 5,537 | ||||||||||||||||||||||||||||
Income before noncontrolling interests | 30,267 | 4,468 | 3,687 | 2,184 | 40,606 | 6,452 | 4,221 | 1,337 | 386 | 12,396 | ||||||||||||||||||||||||||||||
Noncontrolling interest - OP | (370 | ) | (51 | ) | (41 | ) | (29 | ) | (491 | ) | (76 | ) | (50 | ) | (12 | ) | (8 | ) | (146 | ) | ||||||||||||||||||||
NET INCOME | $ | 29,897 | $ | 4,417 | $ | 3,646 | $ | 2,155 | $ | 40,115 | $ | 6,376 | $ | 4,171 | $ | 1,325 | $ | 378 | $ | 12,250 | ||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||||||||
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 its 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. | ||||||||||||||||||||||||||||||||||||||||
2 Consists of development, construction, leasing and legal fees. |
Income Statements - Funds 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing | Continuing | Discontinued | Continuing | Discontinued | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operations | Operations | Operations | Operations | Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund I | AKR Pro- | AKR Pro- | Fund II | Fund II | Fund II | AKR Pro- | AKR Pro- | AKR Pro- | Fund III | AKR Pro- | AKR Pro- | AKR Pro- | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing | rata share 3 | rata share 3 | Continuing | Discontinued | Consolidated | rata share | rata share | rata share | Continuing | rata share | rata share | rata share | AKR Pro- | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operations | 37.78% | Mervyns I | 37.78% | Operations | Operations | Operations | 20.00% | 20.00% | Mervyns II | 20.00% | Operations | 19.90% | 19.90% | Fund IV | 23.12% | rata share | ||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY REVENUES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum rents | $ | 216 | $ | 76 | $ | — | $ | — | $ | 10,430 | $ | 14,726 | $ | 25,156 | $ | 2,087 | $ | 2,943 | $ | — | $ | — | $ | 28,883 | $ | 5,750 | $ | — | $ | 9,155 | $ | 2,116 | 12,972 | |||||||||||||||||||||||||||||||||
Percentage rents | — | — | — | — | — | — | — | — | — | — | — | 332 | 66 | — | 51 | 12 | 78 | |||||||||||||||||||||||||||||||||||||||||||||||||
Expense reimbursements - CAM | 3 | 1 | — | — | 1,114 | 1,236 | 2,350 | 223 | 247 | — | — | 4,452 | 886 | — | 725 | 167 | 1,524 | |||||||||||||||||||||||||||||||||||||||||||||||||
Expense reimbursements - Taxes | — | — | — | — | 364 | 1,662 | 2,026 | 73 | 332 | — | — | 5,931 | 1,181 | — | 1,467 | 338 | 1,924 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other property income | 2 | 1 | — | — | 218 | 276 | 494 | 44 | 55 | — | — | 904 | 179 | — | 10 | 3 | 282 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Property Revenues | 221 | 78 | — | — | 12,126 | 17,900 | 30,026 | 2,427 | 3,577 | — | — | 40,502 | 8,062 | — | 11,408 | 2,636 | 16,780 | |||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY EXPENSES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating - CAM | 13 | 4 | — | — | 1,437 | 2,396 | 3,833 | 287 | 479 | — | — | 4,307 | 856 | — | 520 | 120 | 1,746 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other property operating (Non-CAM) | 140 | 49 | — | — | 1,316 | 2,660 | 3,976 | 263 | 530 | — | — | 3,697 | 737 | — | 201 | 47 | 1,626 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 11 | 3 | — | — | 1,427 | 1,758 | 3,185 | 285 | 353 | — | — | 7,831 | 1,559 | — | 1,460 | 338 | 2,538 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Property Expenses | 164 | 56 | — | — | 4,180 | 6,814 | 10,994 | 835 | 1,362 | — | — | 15,835 | 3,152 | — | 2,181 | 505 | 5,910 | |||||||||||||||||||||||||||||||||||||||||||||||||
NET OPERATING INCOME - PROPERTIES | 57 | 22 | — | — | 7,946 | 11,086 | 19,032 | 1,592 | 2,215 | — | — | 24,667 | 4,910 | — | 9,227 | 2,131 | 10,870 | |||||||||||||||||||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 808 | 291 | — | — | 14 | — | 14 | 3 | — | — | — | 212 | 41 | — | 28 | 6 | 341 | |||||||||||||||||||||||||||||||||||||||||||||||||
Straight-line rent income | — | — | — | — | 682 | 1,452 | 2,134 | 136 | 291 | — | — | 1,654 | 329 | — | 515 | 121 | 877 | |||||||||||||||||||||||||||||||||||||||||||||||||
Straight-line ground rent | — | — | — | — | 7 | (352 | ) | (345 | ) | — | (70 | ) | — | — | — | — | — | — | — | (70 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Above/below market rent | — | — | — | — | — | — | — | — | — | — | — | 2,879 | 574 | — | 3,220 | 745 | 1,319 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (4 | ) | — | — | — | (6,299 | ) | (2,967 | ) | (9,266 | ) | (1,259 | ) | (594 | ) | — | — | (7,138 | ) | (1,421 | ) | — | (2,510 | ) | (581 | ) | (3,855 | ) | ||||||||||||||||||||||||||||||||||||||
Amortization of finance costs | — | — | — | — | (203 | ) | (405 | ) | (608 | ) | (41 | ) | (80 | ) | — | — | (997 | ) | (199 | ) | — | (788 | ) | (183 | ) | (503 | ) | |||||||||||||||||||||||||||||||||||||||
Above/below market interest expense | — | — | — | — | — | — | — | — | — | — | — | 902 | 180 | — | — | — | 180 | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management expense 2 | 8 | 3 | — | — | (121 | ) | 9 | (112 | ) | (24 | ) | 2 | — | — | (558 | ) | (112 | ) | — | (407 | ) | (95 | ) | (226 | ) | |||||||||||||||||||||||||||||||||||||||||
Promote expense 3 | (73 | ) | — | 10 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income/(expense) | (5 | ) | (2 | ) | — | — | (44 | ) | 166 | 122 | (9 | ) | 33 | — | — | 2,501 | 498 | — | 3 | 1 | 521 | |||||||||||||||||||||||||||||||||||||||||||||
Transaction costs | — | — | — | — | (78 | ) | (32 | ) | (110 | ) | (16 | ) | (6 | ) | — | — | (844 | ) | (168 | ) | — | (1,259 | ) | (291 | ) | (481 | ) | |||||||||||||||||||||||||||||||||||||||
Impairment of asset | — | — | — | — | — | — | — | — | — | — | — | — | — | (1,330 | ) | — | — | (1,330 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Fund INCOME | 791 | 314 | 10 | — | 1,904 | 8,957 | 10,861 | 382 | 1,791 | — | — | 23,278 | 4,632 | (1,330 | ) | 8,029 | 1,854 | 7,643 | ||||||||||||||||||||||||||||||||||||||||||||||||
FEE INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management fees | — | — | — | — | — | — | — | — | — | — | — | 1,991 | 396 | — | — | — | 396 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transactional fees | — | — | — | — | — | — | — | — | — | — | — | 885 | 176 | — | — | — | 176 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (provision) | (4 | ) | (2 | ) | — | — | (12 | ) | (3 | ) | (15 | ) | (2 | ) | (1 | ) | — | — | (116 | ) | (23 | ) | — | — | — | (28 | ) | |||||||||||||||||||||||||||||||||||||||
Total Fee Income | (4 | ) | (2 | ) | — | — | (12 | ) | (3 | ) | (15 | ) | (2 | ) | (1 | ) | — | — | 2,760 | 549 | — | — | — | 544 | ||||||||||||||||||||||||||||||||||||||||||
PROMOTE, RCP AND OTHER INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings from RCP investments | — | — | (44 | ) | (17 | ) | 802 | — | 802 | 160 | — | (60 | ) | (12 | ) | — | — | — | — | — | 131 | |||||||||||||||||||||||||||||||||||||||||||||
Lease termination income | 750 | 167 | — | — | — | — | — | — | — | — | — | 22 | 4 | — | 37 | 9 | 180 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | — | 5 | (655 | ) | (650 | ) | 1 | (131 | ) | — | — | (456 | ) | (91 | ) | — | — | — | (221 | ) | |||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes (RCP) | — | — | (2 | ) | — | — | — | — | — | — | (2 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total Promote, RCP and Other Income | 750 | 167 | (46 | ) | (17 | ) | 807 | (655 | ) | 152 | 161 | (131 | ) | (62 | ) | (12 | ) | (434 | ) | (87 | ) | — | 37 | 9 | 90 | |||||||||||||||||||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE | (95 | ) | (31 | ) | (7 | ) | (2 | ) | (82 | ) | (4 | ) | (86 | ) | (17 | ) | (1 | ) | (24 | ) | (4 | ) | (288 | ) | (57 | ) | — | 41 | 9 | (103 | ) | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | (3 | ) | — | — | — | (2,793 | ) | (2,546 | ) | (5,339 | ) | (559 | ) | (509 | ) | — | — | (12,364 | ) | (2,460 | ) | — | (3,719 | ) | (860 | ) | (4,388 | ) | ||||||||||||||||||||||||||||||||||||||
Gain on sale of properties | (1,258 | ) | (280 | ) | — | — | — | 11,823 | 11,823 | — | 2,365 | — | — | — | — | — | — | — | 2,085 | |||||||||||||||||||||||||||||||||||||||||||||||
Income before noncontrolling interest | 181 | 168 | (43 | ) | (19 | ) | (176 | ) | 17,572 | 17,396 | (35 | ) | 3,514 | (86 | ) | (16 | ) | 12,952 | 2,577 | (1,330 | ) | 4,388 | 1,012 | 5,871 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest - OP | (4 | ) | (2 | ) | — | — | 20 | (225 | ) | (205 | ) | 4 | (45 | ) | — | — | (155 | ) | (31 | ) | 16 | (52 | ) | (12 | ) | (70 | ) | |||||||||||||||||||||||||||||||||||||||
NET INCOME | $ | 177 | $ | 166 | $ | (43 | ) | $ | (19 | ) | $ | (156 | ) | $ | 17,347 | $ | 17,191 | $ | (31 | ) | $ | 3,469 | $ | (86 | ) | $ | (16 | ) | $ | 12,797 | $ | 2,546 | $ | (1,314 | ) | $ | 4,336 | $ | 1,000 | 5,801 | ||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I, II, III & IV and Mervyn's which are consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
with the Company's financial statements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 Funds I, II, III & IV and the Mervyn's entities pay various fees and promotes to the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 Represents a 20% promote earned by Acadia in addition to our 22.22% pro-rata share of the remaining 80% after promote (20%+22.22%*80% = 37.78%) |
Income Statements - Funds 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing | Continuing | Discontinued | Continuing | Discontinued | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operations | Operations | Operations | Operations | Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund I | AKR Pro- | AKR Pro- | Fund II | Fund II | Fund II | AKR Pro- | AKR Pro- | AKR Pro- | Fund III | Fund III | Fund III | AKR Pro- | AKR Pro- | AKR Pro- | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing | rata share 3 | rata share 3 | Continuing | Discontinued | Consolidated | rata share | rata share | rata share | Continuing | Discontinued | Consolidated | rata share | rata share | rata share | AKR Pro- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operations | 37.78% | Mervyns I | 37.78% | Operations | Operations | Operations | 20.00% | 20.00% | Mervyns II | 20.00% | Operations | Operations | Operations | 19.90% | 19.90% | Fund IV | 23.12% | rata share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY REVENUES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum rents | $ | 45 | $ | 10 | $ | — | $ | — | $ | 2,766 | $ | 1,833 | $ | 4,599 | $ | 553 | $ | 367 | $ | — | $ | — | $ | 7,106 | $ | — | $ | 7,106 | $ | 1,415 | $ | — | $ | 3,354 | $ | 775 | $ | 3,120 | ||||||||||||||||||||||||||||||||||||
Percentage rents | — | — | — | — | — | — | — | — | — | — | — | 42 | — | 42 | 8 | — | — | — | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense reimbursements - CAM | — | — | — | — | 215 | 238 | 453 | 43 | 48 | — | — | 1,392 | — | 1,392 | 277 | — | 316 | 73 | 441 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense reimbursements - Taxes | — | — | — | — | 137 | 244 | 381 | 27 | 49 | — | — | 1,658 | — | 1,658 | 330 | — | 503 | 116 | 522 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other property income | — | — | — | — | 52 | 39 | 91 | 10 | 8 | — | — | 227 | — | 227 | 45 | — | 3 | 1 | 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Property Revenues | 45 | 10 | — | — | 3,170 | 2,354 | 5,524 | 633 | 472 | — | — | 10,425 | — | 10,425 | 2,075 | — | 4,176 | 965 | 4,155 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY EXPENSES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating - CAM | 6 | 1 | — | — | 387 | 409 | 796 | 77 | 82 | — | — | 1,558 | — | 1,558 | 310 | — | 272 | 63 | 533 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other property operating (Non-CAM) | 26 | 6 | — | — | 424 | 206 | 630 | 85 | 41 | — | — | 1,288 | — | 1,288 | 258 | — | 134 | 31 | 421 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 2 | — | — | — | 347 | 303 | 650 | 69 | 61 | — | — | 2,054 | — | 2,054 | 409 | — | 545 | 126 | 665 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Property Expenses | 34 | 7 | — | — | 1,158 | 918 | 2,076 | 231 | 184 | — | — | 4,900 | — | 4,900 | 977 | — | 951 | 220 | 1,619 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET OPERATING INCOME - PROPERTIES | 11 | 3 | — | — | 2,012 | 1,436 | 3,448 | 402 | 288 | — | — | 5,525 | — | 5,525 | 1,098 | — | 3,225 | 745 | 2,536 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 89 | 20 | — | — | 3 | — | 3 | 1 | — | — | — | 19 | — | 19 | 4 | — | 27 | 6 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Straight-line rent income | — | — | — | — | 206 | 305 | 511 | 41 | 61 | — | — | 454 | — | 454 | 90 | — | 132 | 31 | 223 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Straight-line ground rent | — | — | — | — | 1 | (40 | ) | (39 | ) | — | (8 | ) | — | — | — | — | — | — | — | — | — | (8 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Above/below market rent | — | — | — | — | — | — | — | — | — | — | — | 495 | — | 495 | 99 | — | 3,511 | 812 | 911 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (1 | ) | — | — | — | (1,549 | ) | (370 | ) | (1,919 | ) | (310 | ) | (74 | ) | — | — | (1,744 | ) | — | (1,744 | ) | (347 | ) | — | (818 | ) | (189 | ) | (920 | ) | |||||||||||||||||||||||||||||||||||||||||||
Amortization of finance costs | — | — | — | — | (47 | ) | (42 | ) | (89 | ) | (9 | ) | (8 | ) | — | — | 195 | — | 195 | 39 | — | (258 | ) | (60 | ) | (38 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Above/below market interest expense | — | — | — | — | — | — | — | — | — | — | — | 211 | — | 211 | 42 | — | — | — | 42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management expense 2 | 2 | — | — | — | (31 | ) | — | (31 | ) | (6 | ) | — | — | — | (140 | ) | — | (140 | ) | (28 | ) | — | (155 | ) | (36 | ) | (70 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Promote expense 3 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income/(expense) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction costs | — | — | — | — | — | — | — | — | — | — | — | 24 | — | 24 | 5 | — | (64 | ) | (15 | ) | (10 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of asset | — | — | — | — | — | — | — | — | — | — | — | — | (6,683 | ) | (6,683 | ) | — | (1,330 | ) | — | — | (1,330 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fund INCOME | 101 | 23 | — | — | 595 | 1,289 | 1,884 | 119 | 259 | — | — | 5,039 | (6,683 | ) | (1,644 | ) | 1,002 | (1,330 | ) | 5,600 | 1,294 | 1,367 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FEE INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management fees | — | — | — | — | — | — | — | — | — | — | — | 391 | — | 391 | 78 | — | — | — | 78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactional fees | — | — | — | — | — | — | — | — | — | — | — | 422 | — | 422 | 84 | — | — | — | 84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (provision) | — | — | — | — | — | — | — | — | — | — | — | 65 | — | 65 | 13 | — | — | — | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Fee Income | — | — | — | — | — | — | — | — | — | — | — | 878 | — | 878 | 175 | — | — | — | 175 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROMOTE, RCP AND OTHER INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) from RCP investments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease termination income | 750 | 167 | — | — | — | — | — | — | — | — | — | 15 | — | 15 | 3 | — | 33 | 8 | 178 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | — | 5 | (655 | ) | (650 | ) | 1 | (131 | ) | — | — | (456 | ) | — | (456 | ) | (91 | ) | — | — | — | (221 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes (RCP) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Total Promote, RCP and Other Income | 750 | 167 | — | — | 5 | (655 | ) | (650 | ) | 1 | (131 | ) | — | — | (441 | ) | — | (441 | ) | (88 | ) | — | 33 | 8 | (43 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE | (30 | ) | (7 | ) | — | — | (74 | ) | (3 | ) | (77 | ) | (15 | ) | (1 | ) | (17 | ) | (3 | ) | (113 | ) | — | (113 | ) | (22 | ) | — | (1 | ) | — | (48 | ) | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | (760 | ) | — | (760 | ) | (152 | ) | — | — | — | (2,991 | ) | — | (2,991 | ) | (595 | ) | — | (1,254 | ) | (290 | ) | (1,037 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of properties | (1,258 | ) | (280 | ) | — | — | — | 7,944 | 7,944 | — | 1,589 | — | — | — | — | — | — | — | — | — | 1,309 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before noncontrolling interest | (437 | ) | (97 | ) | — | — | (234 | ) | 8,575 | 8,341 | (47 | ) | 1,716 | (17 | ) | (3 | ) | 2,372 | (6,683 | ) | (4,311 | ) | 472 | (1,330 | ) | 4,378 | 1,012 | 1,723 | ||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest - OP | 5 | 1 | — | — | 25 | (120 | ) | (95 | ) | 5 | (24 | ) | — | — | (30 | ) | 80 | 50 | (6 | ) | 16 | (52 | ) | (12 | ) | (20 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME | $ | (432 | ) | $ | (96 | ) | $ | — | $ | — | $ | (209 | ) | $ | 8,455 | $ | 8,246 | $ | (42 | ) | $ | 1,692 | $ | (17 | ) | $ | (3 | ) | $ | 2,342 | $ | (6,603 | ) | $ | (4,261 | ) | $ | 466 | $ | (1,314 | ) | $ | 4,326 | $ | 1,000 | $ | 1,703 | |||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I, II, III & IV and Mervyn's | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
which are consolidated with the Company's financial statements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 Funds I, II, III & IV and the Mervyn's entities pay various fees to and promotes the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 Represents a 20% promote earned by Acadia in addition to our 22.22% pro-rata share of the remaining 80% after promote (20%+22.22%*80% = 37.78%) |
Funds from Operations ("FFO") 1 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Current | Current | Previous | Previous | Previous | Historic | Historic | ||||||||||||||||||||||
Year-to-Date | Quarter | Quarter | Quarter | Quarter | Year-to-Date | Quarter | ||||||||||||||||||||||
Period ended | 3 months ended | 3 months ended | 3 months ended | 3 months ended | Period ended | 3 months ended | ||||||||||||||||||||||
Funds from operations ("FFO"): | December 31, 2013 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | December 31, 2012 | December 31, 2012 | |||||||||||||||||||||
Net Income | $ | 40,115 | $ | 12,250 | $ | 9,485 | $ | 8,757 | $ | 9,623 | $ | 39,706 | $ | 21,276 | ||||||||||||||
Add back: | ||||||||||||||||||||||||||||
Depreciation of real estate and amortization of leasing costs: | ||||||||||||||||||||||||||||
(net of noncontrolling interest share) | ||||||||||||||||||||||||||||
Consolidated affiliates | 28,752 | 7,607 | 7,558 | 7,043 | 6,544 | 23,090 | 6,782 | |||||||||||||||||||||
Unconsolidated affiliates | 2,680 | 702 | 777 | 650 | 550 | 1,581 | 426 | |||||||||||||||||||||
Gain on sale of properties (net of noncontrolling interest share) | ||||||||||||||||||||||||||||
Consolidated affiliates | (6,378 | ) | (5,602 | ) | — | (776 | ) | — | (13,083 | ) | (11,692 | ) | ||||||||||||||||
Unconsolidated affiliates | — | — | — | — | — | (609 | ) | — | ||||||||||||||||||||
Impairment of asset | 1,500 | — | — | 1,500 | — | — | — | |||||||||||||||||||||
Gain on involuntary conversion of asset | — | — | — | — | — | (2,368 | ) | (2,368 | ) | |||||||||||||||||||
Income attributable to noncontrolling interests' | ||||||||||||||||||||||||||||
share in Operating Partnership | 470 | 141 | 104 | 102 | 124 | 510 | 241 | |||||||||||||||||||||
Distributions on Preferred OP Units 2 | 22 | 6 | 5 | 5 | 5 | 18 | 4 | |||||||||||||||||||||
FFO | $ | 67,161 | $ | 15,104 | $ | 17,929 | $ | 17,281 | $ | 16,846 | $ | 48,845 | $ | 14,669 | ||||||||||||||
Adjusted Funds from operations ("AFFO"): | ||||||||||||||||||||||||||||
Diluted FFO | 67,161 | 15,104 | 17,929 | 17,281 | 16,846 | 48,845 | 14,669 | |||||||||||||||||||||
Straight line rent, net | (3,621 | ) | (727 | ) | (1,094 | ) | (1,130 | ) | (670 | ) | (2,608 | ) | (486 | ) | ||||||||||||||
Straight-line ground rent | 70 | 8 | 20 | 21 | 21 | 85 | 21 | |||||||||||||||||||||
Above/below market rent | (4,457 | ) | (1,797 | ) | (1,063 | ) | (993 | ) | (604 | ) | (1,649 | ) | (702 | ) | ||||||||||||||
Amortization of finance costs | 1,433 | 282 | 489 | 363 | 299 | 926 | 165 | |||||||||||||||||||||
Above/below market interest | (1,406 | ) | (217 | ) | (307 | ) | (406 | ) | (476 | ) | (11 | ) | (34 | ) | ||||||||||||||
Non real estate depreciation | 456 | 126 | 119 | 109 | 102 | 431 | 93 | |||||||||||||||||||||
Amortization of cost of management contracts | — | — | — | — | — | 20 | — | |||||||||||||||||||||
Leasing commissions | (1,676 | ) | (400 | ) | (208 | ) | (421 | ) | (647 | ) | (1,916 | ) | (347 | ) | ||||||||||||||
Tenant improvements | (4,057 | ) | (1,047 | ) | (1,198 | ) | (620 | ) | (1,192 | ) | (4,274 | ) | (913 | ) | ||||||||||||||
Capital expenditures | (2,592 | ) | (1,567 | ) | (424 | ) | (555 | ) | (46 | ) | (1,523 | ) | (444 | ) | ||||||||||||||
Loss (gain) on extinguishment of debt | 617 | 617 | — | — | — | 833 | 833 | |||||||||||||||||||||
AFFO | $ | 51,928 | $ | 10,382 | $ | 13,505 | $ | 13,649 | $ | 13,633 | $ | 39,159 | $ | 12,855 | ||||||||||||||
Funds Available for Distribution ("FAD"): | ||||||||||||||||||||||||||||
AFFO | 51,928 | 10,382 | 13,505 | 13,649 | 13,633 | 39,159 | 12,855 | |||||||||||||||||||||
Scheduled principal repayments | (6,029 | ) | (1,492 | ) | (1,571 | ) | (1,514 | ) | (1,452 | ) | (4,167 | ) | (996 | ) | ||||||||||||||
FAD | $ | 45,899 | $ | 8,890 | $ | 11,934 | $ | 12,135 | $ | 12,181 | $ | 34,992 | $ | 11,859 | ||||||||||||||
Total weighted average shares and OP Units: | ||||||||||||||||||||||||||||
Basic | 55,562 | 56,222 | 56,078 | 55,791 | 54,094 | 46,484 | 50,638 | |||||||||||||||||||||
Diluted | 55,954 | 56,572 | 56,436 | 56,215 | 54,531 | 46,940 | 51,150 | |||||||||||||||||||||
FFO per share: | ||||||||||||||||||||||||||||
FFO per share - Basic | $ | 1.21 | $ | 0.27 | $ | 0.32 | $ | 0.31 | $ | 0.31 | $ | 1.05 | $ | 0.29 | ||||||||||||||
FFO per share - Diluted | $ | 1.20 | $ | 0.27 | $ | 0.32 | $ | 0.31 | $ | 0.31 | $ | 1.04 | $ | 0.29 | ||||||||||||||
AFFO per share - Basic | $ | 0.93 | $ | 0.18 | $ | 0.24 | $ | 0.24 | $ | 0.25 | $ | 0.84 | $ | 0.25 | ||||||||||||||
AFFO per share - Diluted | $ | 0.93 | $ | 0.18 | $ | 0.24 | $ | 0.24 | $ | 0.25 | $ | 0.83 | $ | 0.25 | ||||||||||||||
FAD per share - Basic | $ | 0.83 | $ | 0.16 | $ | 0.21 | $ | 0.22 | $ | 0.23 | $ | 0.75 | $ | 0.23 | ||||||||||||||
FAD per share - Diluted | $ | 0.82 | $ | 0.16 | $ | 0.21 | $ | 0.22 | $ | 0.22 | $ | 0.75 | $ | 0.23 | ||||||||||||||
Notes: | ||||||||||||||||||||||||||||
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 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. |
EBITDA | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-Date | Current Quarter | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended December 31, 2013 | Three months ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Core Portfolio | Funds | Core Portfolio | Funds | |||||||||||||||||||||||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Continuing | Discontinued | Core | Continuing | Discontinued | Continuing | Discontinued | Core | Continuing | Discontinued | |||||||||||||||||||||||||||||||||||||||
Operations | Operations | Portfolio | Operations | Operations | TOTAL | Operations | Operations | Portfolio | Operations | Operations | TOTAL | |||||||||||||||||||||||||||||||||||||
NET INCOME | $ | 29,897 | $ | 4,417 | $ | 34,314 | $ | 3,646 | $ | 2,155 | $ | 40,115 | $ | 6,376 | $ | 4,171 | $ | 10,547 | $ | 1,325 | $ | 378 | $ | 12,250 | ||||||||||||||||||||||||
Add back: | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 27,649 | 82 | 27,731 | 3,879 | 509 | 32,119 | 7,447 | (2 | ) | 7,445 | 1,037 | — | 8,482 | |||||||||||||||||||||||||||||||||||
Interest expense | 20,176 | 192 | 20,368 | 3,261 | 594 | 24,223 | 5,133 | 41 | 5,174 | 846 | 74 | 6,094 | ||||||||||||||||||||||||||||||||||||
Amortization of finance costs | 919 | 11 | 930 | 423 | 80 | 1,433 | 241 | 3 | 244 | 30 | 8 | 282 | ||||||||||||||||||||||||||||||||||||
Above/below market interest | (1,226 | ) | — | (1,226 | ) | (180 | ) | — | (1,406 | ) | (175 | ) | — | (175 | ) | (42 | ) | — | (217 | ) | ||||||||||||||||||||||||||||
Gain on sale of properties | — | (4,228 | ) | (4,228 | ) | 280 | (2,365 | ) | (6,313 | ) | — | (4,228 | ) | (4,228 | ) | 280 | (1,589 | ) | (5,537 | ) | ||||||||||||||||||||||||||||
Impairment of asset | 1,500 | — | 1,500 | — | 1,330 | 2,830 | — | — | — | — | 1,330 | 1,330 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | (130 | ) | — | (130 | ) | 27 | 1 | (102 | ) | 26 | — | 26 | (13 | ) | — | 13 | ||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 309 | 87 | 396 | 90 | 131 | 617 | 309 | 87 | 396 | 90 | 131 | 617 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest - OP | 370 | 51 | 421 | 41 | 29 | 491 | 76 | 50 | 126 | 12 | 8 | 146 | ||||||||||||||||||||||||||||||||||||
EBITDA | $ | 79,464 | $ | 612 | $ | 80,076 | $ | 11,467 | $ | 2,464 | $ | 94,007 | $ | 19,433 | $ | 122 | $ | 19,555 | $ | 3,565 | $ | 340 | $ | 23,460 |
Core Portfolio | |||||||||||||||||||
Same Property Performance 1 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Quarter | Year-to-Date | ||||||||||||||||||
Three months ended | Growth in Same | Period ended | Growth in Same | ||||||||||||||||
Property NOI - | Property NOI - | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | Continuing Operations | December 31, 2013 | December 31, 2012 | Continuing Operations | ||||||||||||||
Revenue | |||||||||||||||||||
Minimum rents | $ | 14,831 | $ | 14,393 | 3.3% | $ | 50,218 | $ | 47,853 | 5.4% | |||||||||
Expense reimbursements | 3,812 | 4,693 | (6.7)% | 14,575 | 13,357 | 2.8% | |||||||||||||
Other property income | 98 | 137 | (0.3)% | 716 | 584 | 0.3% | |||||||||||||
Total Revenue | 18,741 | 19,223 | (3.7)% | 65,509 | 61,794 | 8.5% | |||||||||||||
Expenses | |||||||||||||||||||
Property operating - CAM & Real estate taxes | 4,342 | 5,598 | 9.6% | 16,162 | 16,202 | 0.1% | |||||||||||||
Other property operating (Non-CAM) | 747 | 534 | (1.6)% | 2,397 | 1,777 | -1.4% | |||||||||||||
Total Expenses | 5,089 | 6,132 | 8.0% | 18,559 | 17,979 | -1.3% | |||||||||||||
Same Property NOI - Core properties - Continuing Operations | $ | 13,652 | $ | 13,091 | 4.3% | $ | 46,950 | $ | 43,815 | 7.2% | |||||||||
Other same property information | |||||||||||||||||||
Physical Occupancy | 94.6 | % | 94.2 | % | |||||||||||||||
Leased Occupancy | 96.7 | % | 94.4 | % | |||||||||||||||
Notes: | |||||||||||||||||||
1 The above amounts include the pro-rata activity related to the Company's Core consolidated and unconsolidated investments. |
Fee income by Fund | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Fund I | Fund II | Fund III | Fund IV | Other | Total | |||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||
Asset and property management fees | $ | 268 | $ | 4,044 | $ | 5,669 | $ | 6,441 | $ | 594 | $ | 17,016 | ||||||||||||
Transactional fees | 17 | 3,132 | 2,144 | 709 | 134 | 6,136 | ||||||||||||||||||
Total management fees and priority distributions | 285 | 7,176 | 7,813 | 7,150 | 728 | 23,152 | ||||||||||||||||||
Fund I | Fund II | Fund III | Fund IV | Other | Total | |||||||||||||||||||
Current Quarter ended December 31, 2013 | ||||||||||||||||||||||||
Asset and property management fees and priority distributions | $ | 67 | $ | 836 | $ | 1,436 | $ | 1,635 | $ | 175 | $ | 4,149 | ||||||||||||
Transactional fees | 7 | 976 | 696 | 538 | 108 | 2,325 | ||||||||||||||||||
Total management fees and priority distributions | $ | 74 | $ | 1,812 | $ | 2,132 | $ | 2,173 | $ | 283 | $ | 6,474 | ||||||||||||
Fund I | Fund II | Fund III | Fund IV | Other | Total | |||||||||||||||||||
Previous Quarter ended September 30, 2013 | ||||||||||||||||||||||||
Asset and property management fees | $ | 67 | $ | 1,058 | $ | 1,384 | $ | 1,608 | $ | 124 | $ | 4,241 | ||||||||||||
Transactional fees | 4 | 876 | 352 | 29 | 26 | 1,287 | ||||||||||||||||||
Total management fees | $ | 71 | $ | 1,934 | $ | 1,736 | $ | 1,637 | $ | 150 | $ | 5,528 | ||||||||||||
Fund I | Fund II | Fund III | Fund IV | Other | Total | |||||||||||||||||||
Previous Quarter ended June 30, 2013 | ||||||||||||||||||||||||
Asset and property management fees | $ | 67 | $ | 1,060 | $ | 1,432 | $ | 1,611 | $ | 153 | $ | 4,323 | ||||||||||||
Transactional fees | 3 | 660 | 568 | 124 | — | 1,355 | ||||||||||||||||||
Total management fees | $ 70 | $ 1,720 | $ 2,000 | $ 1,735 | $ 153 | $ 5,678 | ||||||||||||||||||
Fund I | Fund II | Fund III | Fund IV | Other | Total | |||||||||||||||||||
Previous Quarter ended March 31, 2013 | ||||||||||||||||||||||||
Asset and property management fees | $ 67 | $ 1,090 | $ 1,417 | $ 1,587 | $ 142 | $ 4,303 | ||||||||||||||||||
Transactional fees | 3 | 620 | 528 | 18 | — | 1,169 | ||||||||||||||||||
Total management fees and priority distributions | $ 70 | $ 1,710 | $ 1,945 | $ 1,605 | $ 142 | $ 5,472 |
Pro-Rata Consolidated Balance Sheet | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Consolidated | Noncontrolling | Company's | Pro-Rata | |||||||||||||||||
Balance | Interest in | Interest in | Consolidated | |||||||||||||||||
Sheet | Consolidated | Unconsolidated | Balance | |||||||||||||||||
As Reported 1 | Subsidiaries | Subsidiaries | Sheet 2 | Notes | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Real estate | 1 The interim consolidated balance sheet is unaudited, although it | |||||||||||||||||||
Land | $ | 336,251 | $ | (104,911 | ) | $ | 30,353 | $ | 261,693 | reflects all adjustments, which in the opinion of management, | ||||||||||
Buildings and improvements | 1,140,613 | (343,395 | ) | 79,228 | 876,446 | are necessary for the fair presentation of the consolidated | ||||||||||||||
Construction in progress | 4,836 | (2,490 | ) | 1,107 | 3,453 | balance sheet for the interim period. | ||||||||||||||
1,481,700 | (450,796 | ) | 110,688 | 1,141,592 | ||||||||||||||||
Less: accumulated depreciation | (229,538 | ) | 55,981 | (8,709 | ) | (182,266 | ) | 2 The Company currently invests in Funds I, II, III & IV and Mervyns I & II | ||||||||||||
Net real estate | 1,252,162 | (394,815 | ) | 101,979 | 959,326 | which are consolidated with the Company's financial statements. | ||||||||||||||
To provide investors with supplemental information, the Company's | ||||||||||||||||||||
Net real estate under development | 337,353 | 3 | (275,323 | ) | 2,500 | 64,530 | investments in these joint ventures are reflected above on a pro-rata | |||||||||||||
basis by calculating its ownership percentage for each of the asset | ||||||||||||||||||||
Cash and cash equivalents | 79,189 | (36,431 | ) | 3,621 | 46,379 | and liability line items. Similarly, the presentation also includes | ||||||||||||||
Cash in escrow | 19,822 | (11,446 | ) | 918 | 9,294 | the Company's pro-rata share of assets and liabilities for | ||||||||||||||
Restricted cash | 109,795 | (88,148 | ) | — | 21,647 | unconsolidated investments which are accounted for under the equity | ||||||||||||||
Investments in and advances to unconsolidated affiliates | 181,322 | (138,445 | ) | (42,229 | ) | 648 | method of accounting for the Company's financial statements. | |||||||||||||
Rents receivable, net | 6,549 | (2,767 | ) | 769 | 4,551 | |||||||||||||||
Straight-line rents receivable, net | 23,025 | (9,324 | ) | 1,227 | 14,928 | |||||||||||||||
Notes Receivable | 126,656 | — | 215 | 126,871 | 3 The components of Net real estate under development are as follows: | |||||||||||||||
Deferred charges, net | 30,775 | (16,346 | ) | 1,831 | 16,260 | Fund II | $ | 307,886 | ||||||||||||
Prepaid expenses and other assets | 44,212 | 6,359 | 1,265 | 51,836 | 4 | Fund III | 28,599 | |||||||||||||
Acquired lease intangibles | 33,663 | (8,730 | ) | 2,769 | 27,702 | Fund IV | 150 | |||||||||||||
Assets of discontinued operations | 20,434 | (14,817 | ) | — | 5,617 | |||||||||||||||
Total Funds | 336,635 | |||||||||||||||||||
Total Assets | $ | 2,264,957 | $ | (990,233 | ) | $ | 74,865 | $ | 1,349,589 | Core Portfolio | 718 | |||||||||
Total | $ | 337,353 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
4 The components of Prepaid expenses and other assets are as follows: | ||||||||||||||||||||
Mortgage notes payable | $ | 1,037,749 | $ | (595,737 | ) | $ | 75,866 | $ | 517,878 | Due from Fund Investors | $ | 24,812 | ||||||||
Notes payable | 380 | — | — | 380 | Prepaid expenses | 7,803 | ||||||||||||||
Valuation of debt at acquisition, net of amortization | 1,868 | — | 90 | 1,958 | Accrued interest on Notes Receivable | 5,149 | ||||||||||||||
Acquired lease intangibles | 22,394 | (4,560 | ) | 4,666 | 22,500 | Contract deposits | 4,200 | |||||||||||||
Accounts payable and accrued expenses | 38,050 | (14,127 | ) | 1,891 | 25,814 | Other | 9,872 | |||||||||||||
Dividends and distributions payable | 13,455 | — | — | 13,455 | Total | $ | 51,836 | |||||||||||||
Share of losses in excess of inv. in unconsolidated affiliates | 8,701 | — | (8,701 | ) | — | |||||||||||||||
Other liabilities | 18,265 | (5,497 | ) | 1,053 | 13,821 | |||||||||||||||
Liabilities of discontinued operations | 2,507 | (2,002 | ) | — | 505 | |||||||||||||||
Total liabilities | 1,143,369 | (621,923 | ) | 74,865 | 596,311 | |||||||||||||||
Shareholders' equity: | ||||||||||||||||||||
Common shares | 56 | — | — | 56 | ||||||||||||||||
Additional paid-in capital | 665,301 | — | — | 665,301 | ||||||||||||||||
Accumulated other comprehensive income | 1,132 | — | — | 1,132 | ||||||||||||||||
Retained earnings | 37,747 | — | — | 37,747 | ||||||||||||||||
Total controlling interest | 704,236 | — | — | 704,236 | ||||||||||||||||
Noncontrolling interest in subsidiary | 417,352 | (368,310 | ) | — | 49,042 | |||||||||||||||
Total shareholders' equity | 1,121,588 | (368,310 | ) | — | 753,278 | |||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 2,264,957 | $ | (990,233 | ) | $ | 74,865 | $ | 1,349,589 |
Notes Receivable | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Balance at | Underlying third-party | |||||||||||||||||||||||||||
Balance at | Fourth | December 31, 2013 | Stated | Effective | first mortgage | |||||||||||||||||||||||
September 30, 2013 | Quarter | Accrued | Interest | Interest | Maturity | Extension | ||||||||||||||||||||||
Investment | Principal | Activity | Principal | Interest | Total | Rate | Rate 1 | Dates | Options | Amount | Maturity Dates | |||||||||||||||||
First mortgage notes | $ | 33,269 | $ | 27,400 | $ | 60,669 | $ | 425 | $ | 61,094 | 5.87% | 6.22% | 2014 to 2015 | — | n/a | n/a | ||||||||||||
Mezzanine notes | 49,880 | 16,107 | 65,987 | 4,763 | 70,750 | 12.52% | 13.09% | 2016 to 2020 | — | 310,056 | 2014 thru 2019 | |||||||||||||||||
Total notes receivable | $ | 83,149 | $ | 43,507 | $ | 126,656 | $ | 5,188 | $ | 131,844 | 9.33% | 9.80% | ||||||||||||||||
Notes: | ||||||||||||||||||||||||||||
1 Inclusive of points and exit fees. | ||||||||||||||||||||||||||||
2013 Transactional Activity | |||||||||
(in thousands) | |||||||||
Acquisitions: | |||||||||
Property Name | Purchase Price | Ownership % | Month of Transaction | Location | State | Key Tenants | |||
Core Portfolio: | |||||||||
664 N. Michigan Avenue | $ | 86,600 | 100 | % | March | Chicago | IL | Tommy Bahama, Ann Taylor Loft | |
8-12 E. Walton | 22,500 | 100 | % | June | Chicago | IL | Brioni, BHLDN (Urban Outfitters) | ||
3200-3204 M Street | 11,800 | 100 | % | July | Washington | DC | Banana Republic | ||
868 Broadway | 13,500 | 100 | % | December | Manhattan | NY | Dr Martens | ||
313-315 Bowery | 5,500 | 100 | % | December | Manhattan | NY | John Varvatos, Patagonia | ||
120 West Broadway | 37,000 | 100 | % | December | Manhattan | NY | HSBC Bank, Citibank | ||
Funds: | |||||||||
Fund III: | |||||||||
Nostrand Avenue | 18,500 | 100 | % | February | Brooklyn | NY | — | ||
Fund IV: | |||||||||
2819 Kennedy Boulevard | $ | 9,025 | 98 | % | June | North Bergen | NJ | — | |
Promenade at Manassas | 38,000 | 98 | % | June | Manassas | VA | Home Depot, HH Gregg | ||
Paramus Plaza | 18,900 | 50 | % | August | Paramus | NJ | Babies R Us, Ashley Furniture | ||
1151 Third Avenue | 18,000 | 100 | % | October | Manhattan | NY | Lucky Brand | ||
Lake Montclair | 19,250 | 100 | % | October | Prince William County | VA | Food Lion | ||
938 W. North Avenue | 20,000 | 80 | % | November | Chicago | IL | Sephora, Restoration Hardware | ||
Dispositions: | |||||||||
Property Name | Sales Price | Ownership % | Month of Transaction | Location | State | Key Tenants | |||
Core Portfolio: | |||||||||
Boonton | $ | 18,400 | 60 | % | December | Boonton | NJ | A&P | |
Funds: | |||||||||
Fund II: | |||||||||
Pelham Manor Storage | $ | 11,888 | 99 | % | May | Pelham Manor | NY | — | |
Fordham Place | 133,900 | 99 | % | November | Bronx | NY | Walgreens, Best Buy, 24 Hour Fitness | ||
Pelham Manor Shopping Plaza | 58,530 | 99 | % | November | Pelham Manor | NY | BJ's Wholesale Club, PetSmart | ||
Structured Finance Investments: | |||||||||
Investment | Loan Amount | Effective Interest Rate | Month of Transaction | Maturity Date | |||||
Core Portfolio: | |||||||||
First Mortgage | $ | 17,000 | 5.5 | % | December | January, 2014 | |||
First Mortgage | 12,000 | 9.0 | % | December | January, 2015 | ||||
Preferred Equity Investment | 13,000 | 7.9 | % | December | September, 2017 |
2014 Guidance | ||||
(in millions except per share amounts, all per share amounts are fully diluted) | ||||
2014 Guidance | 2013 Actual | |||
Overall: | ||||
Fully diluted Common Shares and OP Units | 58,500 - 59,000 | 55,954 | ||
Full year Funds from Operations ("FFO") per share | $1.30 to $1.40 | $1.20 | ||
Earnings per Share ("EPS") | $0.68 to $0.77 | $0.72 | ||
FFO Components: | ||||
Core and pro-rata share of Fund ("Fund") portfolio income | $80.5 to $85.0 | $70.3 | ||
Asset and property management fee income, net of TRS taxes | $14.5 to $15.0 | $17.6 | ||
Transactional fee income, net of TRS taxes | $6.0 to $6.5 | $6.3 | ||
Promote, RCP and other income, net of TRS taxes | $0.5 to $1.0 | $(0.6) | ||
General and administrative expense | $(25.5) to $(25.0) | $(26.4) | ||
Total | $76.0 to $82.5 | $67.2 |
Net Asset Valuation Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CORE | FUND I | FUND II | FUND III | FUND IV | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund Level | AKR pro-rata share | Fund Level | AKR Pro-rata Share | Fund Level | AKR pro-rata share | Fund Level | AKR pro-rata share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly | Annualized (x4) | % | $ | Quarterly | Annualized (x4) | % | $ | Quarterly | Annualized (x4) | % | $ | Quarterly | Annualized (x4) | % | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Current NOI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income - Continuing Operations | $ | 17,564 | 1 | $ | 70.256 | -- | $ | 2,012 | $ | 8,048 | 20 | % | $ | 1,610 | $ | 5.525 | $ | 22,100 | 19.90% | $ | 4.398 | $ | 3.225 | $ | 12,900 | 23.12% | $ | 2,982 | |||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Income)/ loss from pre-stabilized assets 3 | — | — | — | (346) | (1,384) | (275) | (1,765) | (7,060) | (1,632) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Income)/ loss from development projects 4 | — | — | — | (125) | (500) | (100) | (29) | (116) | (27) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income of stabilized assets | 2,012 | 8,048 | 1,610 | 5,054 | 20,216 | 4,023 | 1,431 | 5,724 | 1,323 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs to Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-stabilized assets 3 | $ | — | $ | — | $ | 96,975 | $ | 19,299 | $ | 178,700 | $ | 41,315 | |||||||||||||||||||||||||||||||||||||||||||||||||
Development projects 4 | 284,500 | 56,900 | 35,400 | 7,045 | 7,800 | 1,803 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Costs to Date | $ | 284,500 | $ | 56,900 | $ | 132.375 | $ | 26.343 | $ | 186.5 | $ | 43.119 | |||||||||||||||||||||||||||||||||||||||||||||||||
NAV Discontinued operations, net of debt | — | — | $ | 19,500 | $ | 3,881 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | $ | 369,258 | $ | — | $ | 327,002 | $ | 60,404 | $ | 250,268 | $ | 41,111 | $ | 182,350 | $ | 35,409 | |||||||||||||||||||||||||||||||||||||||||||||
Gross asset value 2 | 2,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value | $ | 2,500 | 37.78 | % | $ | 945 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Does not include a full quarter of NOI for those assets purchased during the fourth quarter 2013. See "Transactions Activity" page in this supplemental for descriptions of those acquisitions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 AKR pro-rata share of Fund I is the promote of 20% plus its co-investment share of the remainder (22% x 80%) for a total of 37.78%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 Consists of the following projects: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund III: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
640 Broadway | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
654 Broadway | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marcus Ave | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nostrand | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln Park Centre | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund IV: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
719 Lincoln Rd | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1650 Meridian Avenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
838 Lincoln Road |
2819 Kennedy Blvd | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramus Plaza | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1151 Third Avenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 See "Redevelopment Activity" page in this supplemental |
Selected Financial Ratios | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Three months ended December 31, | Period ended December 31, | Three months ended December 31, | Three months ended September 30, | Three months ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2013 | 2012 | |||||||||||||||||||||||
COVERAGE RATIOS 1 | LEVERAGE RATIOS | ||||||||||||||||||||||||||||
Fixed-Charge Coverage Ratios | Debt 4 | $ | 518,258 | $ | 495,291 | $ | 445,582 | ||||||||||||||||||||||
Total Market Capitalization | 1,949,014 | 1,879,027 | 1,773,821 | ||||||||||||||||||||||||||
EBITDA2 divided by: | $ | 19,555 | $ | 17,941 | $ | 80,076 | $ | 62,057 | Debt/Total Market Capitalization | 27 | % | 26 | % | 25 | % | ||||||||||||||
Interest expense | 5,174 | 4,895 | 20,368 | 18,702 | |||||||||||||||||||||||||
Principal Amortization | 1,252 | 731 | 5,107 | 2,684 | Debt 4,6 | $ | 450,232 | $ | 405,029 | $ | 382,653 | ||||||||||||||||||
Preferred Dividends | 6 | 5 | 22 | 18 | Total Market Capitalization | 1,880,988 | 1,788,765 | 1,710,892 | |||||||||||||||||||||
Fixed-Charge Coverage Ratio - Core Portfolio | 3.0x | 3.2x | 3.1x | 2.9x | Net Debt/Total Market Capitalization | 24 | % | 23 | % | 22 | % | ||||||||||||||||||
EBITDA divided by: | $ | 23,460 | $ | 21,826 | $ | 94,007 | $ | 75,399 | Debt + Preferred Equity (Preferred O.P. Units) | $ | 518,880 | $ | 495,910 | $ | 446,211 | ||||||||||||||
Interest expense | 6,094 | 6,072 | 24,223 | 22,999 | Total Market Capitalization | 1,949,014 | 1,879,027 | 1,773,821 | |||||||||||||||||||||
Principal Amortization | 1,492 | 731 | 6,029 | 2,684 | Debt+Preferred Equity/Total Market Capitalization | 27 | % | 26 | % | 25 | % | ||||||||||||||||||
Preferred Dividends | 6 | 5 | 22 | 18 | |||||||||||||||||||||||||
Fixed-Charge Coverage Ratio - Core Portfolio | Debt | $ | 369,258 | $ | 356,846 | $ | 341,044 | ||||||||||||||||||||||
and Funds | 3.1x | 3.2x | 3.1x | 2.9x | EBITDA (Annualized) | 77,732 | 83,312 | 71,764 | |||||||||||||||||||||
Debt/EBITDA - Core Portfolio | 4.8x | 4.3x | 4.8x | ||||||||||||||||||||||||||
Payout Ratios | |||||||||||||||||||||||||||||
Debt 5 | $ | 333,709 | $ | 301,153 | $ | 287,139 | |||||||||||||||||||||||
Dividends (Shares) & Distributions (OP Units) paid | $ | 13,454 | $ | 8,757 | $ | 49,180 | $ | 30,025 | EBITDA (Annualized) | 77,732 | 83,312 | 71,764 | |||||||||||||||||
FFO | 15,104 | 14,669 | 67,161 | 48,845 | Net Debt/EBITDA - Core Portfolio | 4.3x | 3.6x | 4.0x | |||||||||||||||||||||
FFO Payout Ratio | 89 | % | 60 | % | 73 | % | 61 | % | |||||||||||||||||||||
Debt | $ | 518,258 | $ | 495,291 | $ | 445,582 | |||||||||||||||||||||||
Dividends (Shares) & Distributions (OP Units) paid | $ | 13,454 | $ | 8,757 | $ | 49,180 | $ | 30,025 | EBITDA (Annualized) | 91,992 | 95,092 | 82,676 | |||||||||||||||||
AFFO | 10,382 | 12,855 | 51,928 | 39,159 | Debt/EBITDA - Core Portfolio and Funds | 5.6x | 5.2x | 5.4x | |||||||||||||||||||||
AFFO Payout Ratio | 130 | % | 68 | % | 95 | % | 77 | % | |||||||||||||||||||||
Debt6 | $ | 450,232 | $ | 405,029 | $ | 382,653 | |||||||||||||||||||||||
Dividends (Shares) & Distributions (OP Units) paid | $ | 13,454 | $ | 8,757 | $ | 49,180 | $ | 30,025 | EBITDA (Annualized) | 91,992 | 95,092 | 82,676 | |||||||||||||||||
FAD | 8,890 | 11,859 | 45,899 | 34,992 | Net Debt/EBITDA - Core Portfolio and Funds | 4.9x | 4.3x | 4.6x | |||||||||||||||||||||
FAD Payout Ratio | 151 | % | 74 | % | 107 | % | 86 | % | |||||||||||||||||||||
NOI (Annualized) | $ | 70,256 | $ | 67,648 | $ | 58,056 | |||||||||||||||||||||||
Debt | 369,258 | 356,846 | 341,044 | ||||||||||||||||||||||||||
Notes: | Debt Yield - Core Portfolio | 19 | % | 19 | % | 17 | % | ||||||||||||||||||||||
1Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures. 2See page 9 for a calculation of EBITDA. 3Represents preferred distributions on Preferred Operating partnership Units. 4Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt. 5Reflects debt net of the current Core Portfolio cash balance at end of period. 6Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period. | |||||||||||||||||||||||||||||
NOI (Annualized) | $ | 70,256 | $ | 67,648 | $ | 58,056 | |||||||||||||||||||||||
Debt5 | 333,709 | 301,153 | 287,139 | ||||||||||||||||||||||||||
Net Debt Yield - Core Portfolio | 21 | % | 22 | % | 20 | % | |||||||||||||||||||||||
NOI (Annualized) | $ | 79,248 | $ | 76,640 | $ | 65,844 | |||||||||||||||||||||||
Debt | 518,258 | 495,291 | 445,582 | ||||||||||||||||||||||||||
Debt Yield - Core Portfolio and Funds | 15 | % | 15 | % | 15 | % | |||||||||||||||||||||||
NOI (Annualized) | $ | 79,248 | $ | 76,640 | $ | 65,844 | |||||||||||||||||||||||
Debt6 | 450,232 | 405,029 | 382,653 | ||||||||||||||||||||||||||
Net Debt Yield - Core Portfolio and Funds | 18 | % | 19 | % | 17 | % |
Portfolio Debt - Summary | |||||||||||||||||||||||||||||||
Reconciliation from Pro-Rata Share of Debt to GAAP Debt per Financial Statement | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
Acadia Pro-Rata Share of Debt 2 | Reconciliation to Consolidated Debt as Reported | ||||||||||||||||||||||||||||||
Add: | Less: | Acadia | |||||||||||||||||||||||||||||
Core Portfolio | Funds | Total | Noncontrolling | Pro-rata Share of | Consolidated | ||||||||||||||||||||||||||
Principal | Interest | Principal | Interest | Principal | Interest | Fixed vs | Interest Share of | Unconsolidated | Debt | ||||||||||||||||||||||
Mortgage Notes Payable | Balance | Rate | Balance | Rate | Balance | Rate | Variable | Consolidated Debt 3 | Debt 4 | As Reported | |||||||||||||||||||||
Fixed-Rate Debt 1 | $ | 380,623 | 5.4% | $ | 74,433 | 4.6% | $ | 455,056 | 5.2% | 88% | $ | 406,745 | $ | (47,713 | ) | $ | 814,088 | ||||||||||||||
Variable-Rate Debt | (11,365 | ) | N/A | 74,567 | 2.2% | 63,202 | 2.2% | 12% | 188,992 | (28,153 | ) | 224,041 | |||||||||||||||||||
Total | $ | 369,258 | 5.4% | $ | 149,000 | 3.4% | $ | 518,258 | 4.8% | 100% | $ | 595,737 | $ | (75,866 | ) | 1,038,129 | |||||||||||||||
Unamortized premium | 1,868 | ||||||||||||||||||||||||||||||
Total debt as reported | $ | 1,039,997 | |||||||||||||||||||||||||||||
Notes: | |||||||||||||||||||||||||||||||
1 Fixed-rate debt includes notional principal fixed through swap transactions. | |||||||||||||||||||||||||||||||
2 Represents the Company's pro-rata share of debt based on its percent ownership. | |||||||||||||||||||||||||||||||
3 Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership. | |||||||||||||||||||||||||||||||
4 Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership. |
Portfolio Debt - Detail | |||||||||||||||||
(in thousands) | |||||||||||||||||
Principal Balance at | Acadia's Pro-rata Share | Interest | Maturity | Extension | |||||||||||||
Property | Entity | December 31, 2013 | Percent | Amount | Rate | Date | Options | ||||||||||
CORE PORTFOLIO | |||||||||||||||||
Fixed-Rate Debt | |||||||||||||||||
Clark Diversey | Acadia | $ | 4,192 | 100.0% | $ | 4,192 | 6.35% | 7/1/2014 | None | ||||||||
New Loudon Center | Acadia | 13,369 | 100.0% | 13,369 | 5.64% | 9/6/2014 | None | ||||||||||
Crossroads Shopping Center | Crossroads JV | 58,263 | 49.0% | 28,549 | 5.37% | 12/1/2014 | None | ||||||||||
Crescent Plaza | Acadia | 16,747 | 100.0% | 16,747 | 4.98% | 9/6/2015 | None | ||||||||||
Pacesetter Park Shopping Center | Acadia | 11,530 | 100.0% | 11,530 | 5.12% | 11/6/2015 | None | ||||||||||
Elmwood Park Shopping Center | Acadia | 32,744 | 100.0% | 32,744 | 5.53% | 1/1/2016 | None | ||||||||||
Chicago Portfolio | Acadia | 15,558 | 100.0% | 15,558 | 5.61% | 2/1/2016 | None | ||||||||||
The Gateway Shopping Center | Acadia | 19,746 | 100.0% | 19,746 | 5.44% | 3/1/2016 | None | ||||||||||
330-340 River Street | Acadia | 10,904 | 100.0% | 10,904 | 5.35% | 5/1/2016 | 1 x 60 mos. | ||||||||||
Brandywine Town Center | Brandywine JV | 166,200 | 22.2% | 36,933 | 5.99% | 7/1/2016 | None | ||||||||||
Walnut Hill Plaza | Acadia | 22,910 | 100.0% | 22,910 | 6.06% | 10/1/2016 | None | ||||||||||
Rhode Island Place Shopping Center | Acadia | 16,208 | 100.0% | 16,208 | 6.35% | 12/1/2016 | None | ||||||||||
Convertible Notes | Acadia | 380 | 100.0% | 380 | 3.75% | 12/15/2016 | None | ||||||||||
239 Greenwich Avenue | Acadia | 26,000 | 75.0% | 19,500 | 5.42% | 2/11/2017 | None | ||||||||||
639 West Diversey | Acadia | 4,341 | 100.0% | 4,341 | 6.65% | 3/1/2017 | None | ||||||||||
Merrillville Plaza | Acadia | 25,837 | 100.0% | 25,837 | 5.88% | 8/1/2017 | None | ||||||||||
Georgetown Portfolio | Acadia | 18,189 | 50.0% | 9,095 | 4.72% | 12/10/2027 | None | ||||||||||
Interest rate swaps 1 | Acadia | 92,249 | 99.8% | 92,080 | 4.12% | Various | |||||||||||
Sub-Total Fixed-Rate Debt | 555,367 | 380,623 | 5.27% | ||||||||||||||
Variable-Rate Debt | |||||||||||||||||
Unsecured Line of Credit 2 | Acadia | — | 100.0% | — | Libor + 155 | 1/31/2016 | 1 x 12 mos. | ||||||||||
664 N. Michigan 3 | Acadia | — | 100.0% | — | Libor + 165 | 6/28/2018 | 1 x 60 mos. | ||||||||||
Unsecured Term Loan | Acadia | 50,000 | 100.0% | 50,000 | Libor + 140 | 11/25/2018 | None | ||||||||||
4401 N White Plains Road | Acadia | 6,263 | 100.0% | 6,263 | Libor + 190 | 9/1/2022 | None | ||||||||||
28 Jericho Turnpike | Acadia | 16,164 | 100.0% | 16,164 | Libor + 190 | 1/23/2023 | None | ||||||||||
60 Orange Street | Acadia | 8,457 | 98.0% | 8,288 | Libor + 175 | 4/3/2023 | None | ||||||||||
Interest rate swaps 1 | Acadia | (92,249 | ) | 99.8% | (92,080 | ) | Libor + 190 | ||||||||||
Sub-Total Variable-Rate Debt | (11,365 | ) | (11,365 | ) | Libor + 157 | ||||||||||||
Total Core Portfolio Debt | $ | 544,002 | $ | 369,258 | 5.38% | ||||||||||||
Portfolio Debt - Detail (continued) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Principal Balance at | Acadia's Pro-rata Share | Interest | Maturity | Extension | |||||||||||||
Property | Entity | December 31, 2013 | Percent | Amount | Rate | Date | Options | ||||||||||
Funds | |||||||||||||||||
Fixed-Rate Debt | |||||||||||||||||
Lincoln Road 7 | Fund III | $ | 19,454 | 18.9% | 3,679 | 6.14% | 8/11/2014 | None | |||||||||
CityPoint | Fund II | 20,000 | 18.8% | 3,766 | 7.25% | 11/1/2014 | None | ||||||||||
Arundel Plaza 8 | Fund III | 8,975 | 17.9% | 1,608 | 5.60% | 4/1/2015 | None | ||||||||||
216th Street 4 | Fund II | 25,500 | 19.8% | 5,054 | 5.80% | 10/1/2017 | None | ||||||||||
CityPoint | Fund II | 197,000 | 18.8% | 37,092 | 4.75% | 2019 10 | None | ||||||||||
CityPoint 9 | Fund II | 5,262 | 18.8% | 991 | 1.00% | 8/23/2019 | None | ||||||||||
Interest rate swaps 1 | Funds II & III | 116,014 | 19.2% | 22,243 | 3.47% | Various | |||||||||||
Sub-Total Fixed-Rate Debt | $ | 392,205 | $ | 74,433 | 4.60% | ||||||||||||
Variable-Rate Debt | |||||||||||||||||
Liberty Avenue 4 | Fund II | $ | 9,090 | 19.8% | $ | 1,802 | Libor + 325 | 4/30/2014 | None | ||||||||
210 Bowery | Fund IV | 4,600 | 23.1% | 1,064 | Libor + 195 | 6/1/2014 | 1 x 12 mos. | ||||||||||
Parkway Crossing 8 | Fund III | 13,342 | 17.9% | 2,390 | Libor + 220 | 1/1/2015 | 2 x 12 mos. | ||||||||||
640 Broadway | Fund III | 22,750 | 10% | 2,264 | Libor + 295 | 7/1/2015 | 1 x 12 mos. | ||||||||||
Heritage Shops | Fund III | 20,871 | 19.9% | 4,153 | Libor + 225 | 8/10/2015 | 2 x 12 mos. | ||||||||||
CityPoint | Fund II | 20,650 | 18.8% | 3,888 | Libor + 350 | 8/12/2015 | None | ||||||||||
CityPoint | Fund II | 20,000 | 18.8% | 3,766 | Libor + 500 | 8/23/2015 | 1 x 12 mos. | ||||||||||
Cortlandt Towne Center | Fund III | 84,745 | 19.9% | 16,864 | Libor + 165 | 10/26/2015 | None | ||||||||||
New Hyde Park Shopping Center | Fund III | 6,294 | 19.9% | 1,253 | Libor + 225 | 11/10/2015 | 2 x 12 mos. | ||||||||||
Acadia Strategic Opportunity IV LLC 5 | Fund IV | 68,750 | 23.1% | 15,895 | Libor + 165 | 11/20/2015 | 1 x 12 mos. | ||||||||||
Nostrand Avenue | Fund III | 12,567 | 19.9% | 2,501 | Libor + 265 | 2/1/2016 | 2 x 12 mos. | ||||||||||
Promenade at Manassas | Fund IV | 25,000 | 22.8% | 5,696 | Libor + 140 | 11/19/2016 | 1 x 12 mos. | ||||||||||
Lincoln Park Centre | Fund III | 23,000 | 19.9% | 4,578 | Libor + 145 | 12/3/2016 | 2 x 12 mos. | ||||||||||
White City Shopping Center 6 | Fund III | 38,270 | 16.7% | 6,399 | Libor + 260 | 12/23/2017 | 1 x 36 mos. | ||||||||||
161st Street 4 | Fund II | 29,500 | 19.8% | 5,847 | Libor + 250 | 4/1/2018 | None | ||||||||||
Lincoln Road | Fund IV | 84,000 | 22.0% | 18,450 | Libor + 160 | 6/14/2018 | None | ||||||||||
Interest rate swaps 1 | Funds II & III | (116,014 | ) | 19.2% | (22,243 | ) | Libor + 232 | ||||||||||
Sub-Total Variable-Rate Debt | $ | 367,415 | $ | 74,567 | Libor + 200 | ||||||||||||
Total Funds Portfolio Debt | $ | 759,620 | $ | 149,000 | 3.38% | ||||||||||||
Total Debt - Continuing Operations | $ | 1,303,622 | $ | 518,258 | 4.80% | ||||||||||||
Portfolio Debt - Notes | |||||||||||||||||
(in thousands) | |||||||||||||||||
1 The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements as follows: | |||||||||||||||||
Notional | Pro-rata | Average | Maturity | ||||||||||||||
principal | Share | Spread | Swap rate | All-in Rate | Date | ||||||||||||
Core Portfolio | |||||||||||||||||
$ 9,074 | $ | 9,074 | 1.6% | 2.90% | 4.47% | 7/2/2018 | |||||||||||
15,000 | 15,000 | 1.57% | 1.38% | 2.95% | 11/25/2018 | ||||||||||||
6,263 | 6,263 | 1.57% | 1.75% | 3.32% | 9/1/2022 | ||||||||||||
12,291 | 12,291 | 1.57% | 3.77% | 5.34% | 12/1/2022 | ||||||||||||
16,164 | 16,164 | 1.57% | 3.77% | 5.34% | 1/23/2023 | ||||||||||||
15,000 | 15,000 | 1.57% | 2.23% | 3.80% | 3/31/2023 | ||||||||||||
10,000 | 10,000 | 1.57% | 2.15% | 3.73% | 3/31/2023 | ||||||||||||
8,457 | 8,288 | 1.57% | 1.77% | 3.34% | 4/1/2023 | ||||||||||||
92,249 | 92,080 | 1.57% | 2.55% | 4.12% | |||||||||||||
Funds | |||||||||||||||||
34,654 | 6,931 | 2.25% | 0.70% | 2.95% | 5/1/2015 | ||||||||||||
31,886 | 6,377 | 2.25% | 0.70% | 2.95% | 5/1/2015 | ||||||||||||
20,871 | 4,153 | 2.25% | 0.52% | 2.77% | 8/10/2015 | ||||||||||||
19,069 | 3,188 | 2.6% | 2.90% | 5.50% | 12/26/2017 | ||||||||||||
9,534 | 1,594 | 2.6% | 3.02% | 5.62% | 12/26/2017 | ||||||||||||
116,014 | 22,243 | 2.33% | 1.15% | 3.47% | |||||||||||||
Total Core Portfolio and Funds | $ | 208,263 | $ | 114,323 | 1.72% | 2.28% | 4.00% | ||||||||||
2 This is an unsecured revolving facility which has a current capacity up to $150,000 and can be increased to $300,000. | |||||||||||||||||
The interest rate will vary based on levels of leverage. As of December 31, 2013, the interest rate is LIBOR + 155 basis points. | |||||||||||||||||
3 This is a $52.5 million loan of which no amounts were outstanding as of December 31, 2013. $45.0 million was funded subsequent to December 31, 2013. | |||||||||||||||||
4 Fund II is a 99.1% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 99.1% x 20%, or 19.8%. | |||||||||||||||||
5 Total current availability under this facility is $150,000. Fund IV also has the ability to increase the size of this facility to a total of $254,205. | |||||||||||||||||
6 Fund III is an 84.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 84.0% x 19.9%, or 16.7%. | |||||||||||||||||
7 Fund III is a 95.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 95.0% x 19.9%, or 18.9%. | |||||||||||||||||
8 Fund III is a 90.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 90.0% x 19.9%, or 17.9%. | |||||||||||||||||
9 This loan was made in connection with the New Markets Tax Credit and contains a borrower option to purchase the loan at the end of the term. | |||||||||||||||||
10 The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2014. |
Future Debt Maturities1 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Core Portfolio | |||||||||||||||||||||||||||||||||
Total Debt Maturities | Acadia's Pro-rata Share | Weighted Average Interest Rate of Maturing Debt | |||||||||||||||||||||||||||||||
Scheduled | Scheduled | ||||||||||||||||||||||||||||||||
Year | Amortization | Maturities | Total | Amortization | Maturities | Total | Total Debt | Fixed-Rate Debt | Variable-Rate Debt | ||||||||||||||||||||||||
2014 | $ | 5,333 | $ | 74,404 | $ | 79,737 | $ | 4,592 | $ | 45,278 | $ | 49,870 | 5.47 | % | 5.47 | % | n/a | ||||||||||||||||
2015 | 4,002 | 27,344 | 31,346 | 3,838 | 27,344 | 31,182 | 5.04 | % | 5.04 | % | n/a | ||||||||||||||||||||||
2016 | 2,386 | 279,959 | 282,345 | 2,216 | 150,692 | 152,908 | 5.88 | % | 5.88 | % | n/a | ||||||||||||||||||||||
2017 | 1,460 | 54,549 | 56,009 | 1,281 | 48,049 | 49,330 | 5.72 | % | 5.72 | % | n/a | ||||||||||||||||||||||
2018 | 1,247 | 50,000 | 51,247 | 1,059 | 50,000 | 51,059 | 1.57 | % | n/a | 1.57 | % | ||||||||||||||||||||||
Thereafter | 7,944 | 35,374 | 43,318 | 5,947 | 28,962 | 34,909 | 2.99 | % | 4.72 | % | 2.03 | % | |||||||||||||||||||||
Total | $ | 22,372 | $ | 521,630 | $ | 544,002 | $ | 18,933 | $ | 350,325 | $ | 369,258 | |||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||||||
Total Debt Maturities | Acadia's Pro-rata Share | Weighted Average Interest Rate of Maturing Debt | |||||||||||||||||||||||||||||||
Scheduled | Scheduled | ||||||||||||||||||||||||||||||||
Year | Amortization | Maturities | Total | Amortization | Maturities | Total | Total Debt | Fixed-Rate Debt | Variable-Rate Debt | ||||||||||||||||||||||||
2014 | $ | 3,825 | $ | 52,687 | $ | 56,512 | $ | 696 | $ | 10,224 | $ | 10,920 | 5.74 | % | 6.71 | % | 2.98 | % | |||||||||||||||
2015 | 2,800 | 262,402 | 265,202 | 495 | 51,377 | 51,872 | 2.54 | % | 5.60 | % | 2.44 | % | |||||||||||||||||||||
2016 | 707 | 59,397 | 60,104 | 121 | 12,543 | 12,664 | 2.02 | % | n/a | 2.02 | % | ||||||||||||||||||||||
2017 | 577 | 61,463 | 62,040 | 97 | 11,067 | 11,164 | 4.02 | % | 5.80 | % | 2.77 | % | |||||||||||||||||||||
2018 | — | 113,500 | 113,500 | — | 24,297 | 24,297 | 2.00 | % | n/a | 2.00 | % | ||||||||||||||||||||||
Thereafter | — | 202,262 | 202,262 | — | 38,083 | 38,083 | 4.65 | % | 4.65 | % | n/a | ||||||||||||||||||||||
Total | $ | 7,909 | $ | 751,711 | $ | 759,620 | $ | 1,409 | $ | 147,591 | $ | 149,000 | |||||||||||||||||||||
Note: | |||||||||||||||||||||||||||||||||
1 Does not include any applicable extension options | |||||||||||||||||||||||||||||||||
Core Portfolio Retail Properties - Detail | ||||||||||||||||||||||||||||||||||||
Leased | Annualized | |||||||||||||||||||||||||||||||||||
Year | Acadia's | Gross Leaseable Area | In Place Occupancy | Occupancy | Annualized Base Rent PSF | Base Rent | ||||||||||||||||||||||||||||||
Property | Key Tenants | Acquired | interest | Anchors | Shops | Total | Anchors | Shops | Total | Total | Anchors | Shops | Total | Total | ||||||||||||||||||||||
STREET RETAIL | ||||||||||||||||||||||||||||||||||||
Chicago Metro | ||||||||||||||||||||||||||||||||||||
664 N. Michigan Avenue | Tommy Bahama, Ann Taylor Loft | 2013 | 100.0 | % | — | 18,141 | 18,141 | — | 100.0 | % | 100.0 | % | 100.0 | % | $ | — | $ | 232.06 | $ | 232.06 | $ | 4,209,889 | ||||||||||||||
Rush and Walton Streets Collection - 5 properties | Lululemon, Brioni, BHLDN | 2011/12 | 100.0 | % | — | 34,694 | 34,694 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 121.77 | 121.77 | 4,224,798 | ||||||||||||||||||
613-623 West Diversey Parkway | Vitamin Shoppe | 2006 | 100.0 | % | — | 19,265 | 19,265 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 45.52 | 45.52 | 876,977 | ||||||||||||||||||
651-671 West Diversey | Trader Joe's, Urban Outfitters | 2011 | 100.0 | % | 16,500 | 29,759 | 46,259 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 54.55 | 33.50 | 41.01 | 1,896,925 | |||||||||||||||||
Clark Street and W. Diversey Collection - 3 properties | Ann Taylor, Akira, Hanig Shoes | 2011/12 | 100.0 | % | — | 24,420 | 24,420 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 45.95 | 45.95 | 1,122,103 | ||||||||||||||||||
Halstead and Armitage Collection - 9 properties | Intermix, BCBG, Club Monaco | 2011/12 | 100.0 | % | — | 44,658 | 44,658 | — | 90.0 | % | 90.0 | % | 95.1 | % | — | 43.55 | 43.55 | 1,750,306 | ||||||||||||||||||
North Lincoln Park Chicago Collection - 5 properties | Aldo, Carhartt, Chase Bank | 2011/12 | 100.0 | % | — | 35,255 | 35,255 | — | 94.9 | % | 94.9 | % | 94.9 | % | — | 32.22 | 32.22 | 1,077,976 | ||||||||||||||||||
16,500 | 206,192 | 222,692 | 100.0 | % | 97.0 | % | 97.2 | % | 98.2 | % | 54.55 | 71.32 | 70.04 | 15,158,974 | ||||||||||||||||||||||
New York Metro | ||||||||||||||||||||||||||||||||||||
83 Spring Street | Paper Source | 2012 | 100.0 | % | — | 3,000 | 3,000 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 207.96 | 207.96 | 623,884 | ||||||||||||||||||
Mercer Street | 3 X 1 Denim | 2011 | 100.0 | % | — | 3,375 | 3,375 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 116.93 | 116.93 | 394,655 | ||||||||||||||||||
East 17th Street | 2008 | 100.0 | % | 10,382 | — | 10,382 | 100.0 | % | — | 100.0 | % | 100.0 | % | 60.20 | — | 60.20 | 625,000 | |||||||||||||||||||
West 54th Street | Stage Coach Tavern | 2007 | 100.0 | % | — | 5,773 | 5,773 | — | 92.4 | % | 92.4 | % | 100.0 | % | — | 411.60 | 411.60 | 2,195,570 | ||||||||||||||||||
181 Main Street | TD Bank | 2012 | 100.0 | % | — | 11,350 | 11,350 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 74.48 | 74.48 | 845,300 | ||||||||||||||||||
4401 White Plains Road | Walgreens | 2011 | 100.0 | % | 12,964 | — | 12,964 | 100.0 | % | — | 100.0 | % | 100.0 | % | 48.21 | — | 48.21 | 625,000 | ||||||||||||||||||
Bartow Avenue | Sleepy's | 2005 | 100.0 | % | — | 14,676 | 14,676 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 31.33 | 31.33 | 459,779 | ||||||||||||||||||
239 Greenwich Avenue | Restoration Hardware | 1998 | 75.0 | % | — | 16,834 | 16,834 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 92.35 | 92.35 | 1,554,663 | ||||||||||||||||||
Third Avenue | Planet Fitness | 2006 | 100.0 | % | 21,650 | 18,670 | 40,320 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 21.65 | 21.79 | 21.71 | 875,456 | |||||||||||||||||
868 Broadway | Dr Martens | 2013 | 100.0 | % | — | 2,031 | 2,031 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 326.05 | 326.05 | 662,202 | ||||||||||||||||||
313-315 Bowery1 | John Varvatos, Patagonia | 2013 | 100.0 | % | — | 6,600 | 6,600 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 66.00 | 66.00 | 435,600 | ||||||||||||||||||
120 West Broadway | HSBC Bank, Citibank | 2013 | 100.0 | % | — | 13,938 | 13,938 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 128.59 | 128.59 | 1,792,284 | ||||||||||||||||||
44,996 | 96,247 | 141,243 | 100.0 | % | 99.5 | % | 99.7 | % | 100.0 | % | 38.20 | 97.81 | 78.76 | 11,089,393 | ||||||||||||||||||||||
District of Columbia Metro | ||||||||||||||||||||||||||||||||||||
1739-53 & 1801-03 Connecticut Avenue | Ruth Chris Steakhouse, TD Bank | 2012 | 100.0 | % | — | 22,907 | 22,907 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 55.58 | 55.58 | 1,273,085 | ||||||||||||||||||
Rhode Island Place Shopping Center | TJ Maxx | 2012 | 100.0 | % | 24,996 | 32,533 | 57,529 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 12.50 | 40.80 | 28.50 | 1,639,679 | |||||||||||||||||
M Street and Wisonsin Corridor - 7 Properties | Lacoste, Juicy Couture, Coach | 2011 | 50.0 | % | — | 32,324 | 32,324 | — | 93.4 | % | 93.4 | % | 93.4 | % | — | 78.11 | 78.11 | 2,359,131 | ||||||||||||||||||
24,996 | 87,764 | 112,760 | 100.0 | % | 98.3 | % | 98.7 | % | 98.7 | % | 12.50 | 57.50 | 47.39 | 5,271,895 | ||||||||||||||||||||||
Boston Metro | ||||||||||||||||||||||||||||||||||||
330-340 River Street | Whole Foods | 2012 | 100.0 | % | 54,226 | — | 54,226 | 100.0 | % | — | % | 100.0 | % | 100.0 | % | 20.85 | — | 20.85 | 1,130,470 | |||||||||||||||||
54,226 | — | 54,226 | 100.0 | % | — | % | 100.0 | % | 100.0 | % | 20.85 | — | 20.85 | 1,130,470 | ||||||||||||||||||||||
Total Street Retail | 140,718 | 390,203 | 530,921 | 100.0 | % | 97.9 | % | 98.5 | % | 99.0 | % | $ | 28.86 | $ | 74.84 | $ | 62.47 | $ | 32,650,732 | |||||||||||||||||
Acadia Share Total Street Retail | 140,718 | 373,333 | 514,051 | 100.0 | % | 98.0 | % | 98.5 | % | 99.1 | % | $ | 28.86 | $ | 74.72 | $ | 61.98 | $ | 31,399,938 | |||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||||
General note - The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy", but for which rent payment has not yet commenced. Residential and office GLA is excluded. | ||||||||||||||||||||||||||||||||||||
1 The annualized base rent is reflective of the annual base rent paid to Acadia by the master lessee and does not reflect the rent paid by the retail tenants at the property. |
Core Portfolio Retail Properties - Detail (continued) | ||||||||||||||||||||||||||||||||||||
Leased | Annualized | |||||||||||||||||||||||||||||||||||
Year | Acadia's | Gross Leaseable Area | Occupancy | Occupancy | Annualized Base Rent PSF | Base Rent | ||||||||||||||||||||||||||||||
Property | Anchors | Acquired | interest | Anchors | Shops | Total | Anchors | Shops | Total | Total | Anchors | Shops | Total | Total | ||||||||||||||||||||||
SUBURBAN PROPERTIES | ||||||||||||||||||||||||||||||||||||
New Jersey | ||||||||||||||||||||||||||||||||||||
Elmwood Park Shopping Center | Walgreens, Pathmark (A&P) | 1998 | 100.0 | % | 62,610 | 86,460 | 149,070 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | $ | 25.26 | $ | 25.03 | $ | 25.13 | $ | 3,745,668 | |||||||||||||
Marketplace of Absecon | Rite Aid, Dollar Tree | 1998 | 100.0 | % | 46,724 | 57,832 | 104,556 | 100.0 | % | 90.5 | % | 94.8 | % | 94.8 | % | 13.32 | 15.23 | 14.33 | 1,419,610 | |||||||||||||||||
60 Orange Street | Home Depot | 2012 | 98.0 | % | 101,715 | — | 101,715 | 100.0 | % | — | 100.0 | % | 100.0 | % | 6.83 | — | 6.83 | 695,000 | ||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||||||
Village Commons Shopping Center | — | 1998 | 100.0 | % | — | 87,330 | 87,330 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 30.96 | 30.96 | 2,703,356 | ||||||||||||||||||
Branch Plaza | LA Fitness, CVS | 1998 | 100.0 | % | 74,050 | 52,223 | 126,273 | 75.7 | % | 79.6 | % | 77.3 | % | 77.3 | % | 21.35 | 30.49 | 25.24 | 2,464,667 | |||||||||||||||||
Amboy Center | Stop & Shop (Ahold) | 2005 | 100.0 | % | 37,266 | 26,024 | 63,290 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 20.00 | 46.03 | 30.70 | 1,943,124 | |||||||||||||||||
Pacesetter Park Shopping Center | Stop & Shop (Ahold) | 1999 | 100.0 | % | 52,052 | 45,552 | 97,604 | 100.0 | % | 74.6 | % | 88.2 | % | 88.2 | % | 8.48 | 18.23 | 12.33 | 1,060,895 | |||||||||||||||||
LA Fitness | LA Fitness | 2007 | 100.0 | % | 55,000 | — | 55,000 | 100.0 | % | — | 100.0 | % | 100.0 | % | 25.3 | — | 25.3 | 1,391,500 | ||||||||||||||||||
Crossroads Shopping Center | Kmart, Home Goods, Modell's | 1998 | 49.0 | % | 202,727 | 107,972 | 310,699 | 80.4 | % | 80.4 | % | 80.4 | % | 95.5 | % | 9.93 | 43.28 | 21.52 | 5,377,475 | |||||||||||||||||
New Loudon Center | Marshalls, Price Chopper | 1993 | 100.0 | % | 251,058 | 4,615 | 255,673 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 7.28 | 28.26 | 7.66 | 1,959,124 | |||||||||||||||||
28 Jericho Turnpike | Kohl's | 2012 | 100.0 | % | 96,363 | — | 96,363 | 100.0 | % | — | 100.0 | % | 100.0 | % | 17.12 | — | 17.12 | 1,650,000 | ||||||||||||||||||
Connecticut | ||||||||||||||||||||||||||||||||||||
Town Line Plaza1 | Wal-Mart, Stop & Shop (Ahold) | 1998 | 100.0 | % | 163,159 | 43,187 | 206,346 | 100.0 | % | 88.9 | % | 97.7 | % | 97.7 | % | 14.72 | 17.66 | 15.80 | 1,647,277 | |||||||||||||||||
Massachusetts | ||||||||||||||||||||||||||||||||||||
Methuen Shopping Center | Wal-Mart, Market Basket | 1998 | 100.0 | % | 120,004 | 10,017 | 130,021 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 6.66 | 22.84 | 7.91 | 1,027,936 | |||||||||||||||||
Crescent Plaza | Home Depot, Shaw's (Supervalu) | 1993 | 100.0 | % | 156,985 | 61,152 | 218,137 | 100.0 | % | 85.7 | % | 96.0 | % | 96.0 | % | 7.51 | 11.91 | 8.61 | 1,803,083 | |||||||||||||||||
Vermont | ||||||||||||||||||||||||||||||||||||
The Gateway Shopping Center | Shaw's (Supervalu) | 1999 | 100.0 | % | 73,184 | 28,471 | 101,655 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 19.00 | 21.82 | 19.79 | 2,011,840 | |||||||||||||||||
Illinois | ||||||||||||||||||||||||||||||||||||
Hobson West Plaza | Garden Fresh Markets | 1998 | 100.0 | % | 51,692 | 47,445 | 99,137 | 100.0 | % | 88.3 | % | 94.4 | % | 94.4 | % | 4.64 | 20.58 | 11.78 | 1,102,208 | |||||||||||||||||
Indiana | ||||||||||||||||||||||||||||||||||||
Merrillville Plaza | Art Van Furniture, TJ Maxx | 1998 | 100.0 | % | 123,369 | 112,819 | 236,188 | 78.8 | % | 82.9 | % | 80.8 | % | 98.7 | % | 10.78 | 18.33 | 14.48 | 2,762,677 | |||||||||||||||||
Michigan | ||||||||||||||||||||||||||||||||||||
Bloomfield Towne Square | Best Buy, Home Goods, | 1998 | 100.0 | % | 153,839 | 82,837 | 236,676 | 100.0 | % | 94.0 | % | 97.9 | % | 100.0 | % | 10.94 | 22.03 | 14.67 | 3,398,233 | |||||||||||||||||
TJ Maxx, Dick's Sporting Goods | ||||||||||||||||||||||||||||||||||||
Ohio | ||||||||||||||||||||||||||||||||||||
Mad River Station | Babies 'R' Us, Office Depot | 1999 | 100.0 | % | 58,185 | 67,944 | 126,129 | 100.0 | % | 68.7 | % | 83.1 | % | 83.1 | % | 9.49 | 16.24 | 12.50 | 1,310,383 | |||||||||||||||||
Delaware | ||||||||||||||||||||||||||||||||||||
Brandywine Town Center | Lowes, Bed Bath & Beyond, | 2003 | 22.2 | % | 827,496 | 48,608 | 876,104 | 92.1 | % | 91.4 | % | 92.0 | % | 92.0 | % | 15.73 | 20.44 | 15.99 | 12,889,222 | |||||||||||||||||
Target, Dick's Sporting Goods | ||||||||||||||||||||||||||||||||||||
Market Square Shopping Center | TJ Maxx, Trader Joe's | 2003 | 22.2 | % | 42,850 | 59,197 | 102,047 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 17.05 | 32.33 | 25.91 | 2,644,439 |
Naamans Road | — | 2006 | 22.2 | % | — | 19,984 | 19,984 | — | 100 | % | 100 | % | 100 | % | — | 43.41 | 43.41 | 867,517 | ||||||||||||||||||
Pennsylvania | ||||||||||||||||||||||||||||||||||||
Mark Plaza | Kmart | 1993 | 100.0 | % | 104,956 | 1,900 | 106,856 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1.95 | 18.95 | 2.25 | 240,664 | |||||||||||||||||
Plaza 422 | Home Depot, Dunham Sports | 1993 | 100.0 | % | 139,968 | 16,311 | 156,279 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 4.83 | 9.80 | 5.35 | 835,956 | |||||||||||||||||
Route 6 Plaza | Kmart | 1994 | 100.0 | % | 146,568.0 | 29,021 | 175,589 | 100.0 | % | 77.7 | % | 96.3 | % | 99.1 | % | 6.04 | 13.94 | 7.09 | 1,199,706 | |||||||||||||||||
Chestnut Hill | — | 2006 | 100.0 | % | — | 37,646 | 37,646 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 18.50 | 18.50 | 696,461 | ||||||||||||||||||
Abington Towne Center2 | Target, TJ Maxx | 1998 | 100.0 | % | 184,616 | 31,662 | 216,278 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 10.50 | 27.59 | 19.72 | 1,157,028 | |||||||||||||||||
Total Suburban Properties | 3,326,436 | 1,166,209 | 4,492,645 | 95.5 | % | 89.4 | % | 93.9 | % | 96.1 | % | $ | 11.77 | $ | 24.58 | $ | 15.14 | $ | 60,005,049 | |||||||||||||||||
Acadia Share Total Suburban Properties | 2,544,056 | 1,011,749 | 3,555,805 | 96.9 | % | 89.1 | % | 94.7 | % | 96.8 | % | $ | 10.70 | $ | 23.09 | $ | 14.29 | $ | 44,491,801 | |||||||||||||||||
Acadia Share Total Core Properties | 2,684,774 | 1,385,081 | 4,069,855 | 97.1 | % | 91.5 | % | 95.2 | % | 97.1 | % | $ | 11.79 | $ | 38.00 | $ | 20.97 | $ | 75,891,738 | |||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||||
General note - The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy", but for which rent payment has not yet commenced. Residential and office GLA is excluded. | ||||||||||||||||||||||||||||||||||||
1 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 | ||||||||||||||||||||||||||||||||||||
2 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. |
Core Portfolio Top Tenants - Ranked by Annual Base Rent (ABR) | ||||||
Pro-Rata | ||||||
Number of stores | Combined | Percentage of Total | ||||
in Core | Percentage of | |||||
Tenant | portfolio | GLA | Base Rent | Portfolio GLA | Base Rent | |
LA Fitness | 2 | 100,000 | $ 2,336,500 | 2.3% | 3.3% | |
Ann Taylor Loft | 2 | 14,174 | 2,103,946 | 0.3% | 3.0% | |
Stop and Shop (Ahold) | 3 | 155,177 | 1,948,635 | 3.6% | 2.7% | |
Supervalu (Shaw's) | 2 | 123,409 | 1,907,456 | 2.8% | 2.7% | |
Home Depot | 3 | 312,718 | 1,827,600 | 7.2% | 2.6% | |
TJX Companies | 8 | 209,198 | 1,616,339 | 4.8% | 2.3% | |
-- TJ Maxx | 5 | 120,123 | 854,724 | 2.7% | 1.2% | |
-- Marshalls | 1 | 37,212 | 158,151 | 0.9% | 0.2% | |
-- Home Goods | 2 | 51,863 | 603,464 | 1.2% | 0.9% | |
Walgreens | 3 | 37,499 | 1,412,716 | 0.9% | 2.0% | |
Citibank | 5 | 17,283 | 1,239,117 | 0.4% | 1.7% | |
Kmart | 3 | 273,969 | 1,170,078 | 6.3% | 1.7% | |
TD Bank | 2 | 15,560 | 1,028,996 | 0.4% | 1.5% | |
JP Morgan Chase Bank | 6 | 30,344 | 1,028,751 | 0.7% | 1.5% | |
Trader Joe's | 2 | 19,094 | 967,216 | 0.4% | 1.4% | |
Urban Outfitters | 2 | 19,902 | 879,450 | 0.5% | 1.2% | |
Dicks Sporting Goods | 2 | 59,805 | 860,471 | 1.4% | 1.2% | |
Gap (Banana Republic and Old Navy) | 3 | 13,835 | 842,168 | 0.3% | 1.2% | |
HSBC Bank | 2 | 5,686 | 827,079 | 0.1% | 1.2% | |
Sleepy's | 4 | 26,859 | 787,677 | 0.6% | 1.1% | |
Rite Aid | 2 | 26,633 | 764,030 | 0.6% | 1.1% | |
Dollar Tree | 7 | 26,633 | 722,059 | 0.6% | 1.0% | |
Pier 1 Imports | 3 | 24,666 | 702,911 | 0.6% | 1.0% | |
TOTAL | 66 | 1,512,444 | $ 24,973,195 | 34.8% | 35.4% | |
Notes: | ||||||
General Note - Does not include tenants that operate at only at one of Acadia's properties. | ||||||
1 Includes the Company's pro-rata share of unconsolidated joint ventures. |
Core Portfolio Lease Expirations | |||||||||||||||||||||||||||||||||
Anchor Tenants | Shop Tenants | Total Tenants | |||||||||||||||||||||||||||||||
Gross Leased Area | Base Rent | Gross Leased Area | Base Rent | Gross Leased Area | Base Rent | ||||||||||||||||||||||||||||
No. of Leases | Expiring | Percent | Percent | No. of Leases | Expiring | Percent | Percent | No. of Leases | Expiring | Percent | Percent | ||||||||||||||||||||||
Year | Expiring | SF | of Total | PSF | of Total | Expiring | SF | of Total | PSF | of Total | Expiring | SF | of Total | PSF | of Total | ||||||||||||||||||
M to M1 | — | $ | — | — | 4 | 16,291 | 1.1 | % | $ | 13.82 | 0.4 | % | 4 | 16,291 | 0.4 | % | $ | 13.82 | 0.2 | % | |||||||||||||
2014 | 9 | 319,165 | 10.4 | % | 10.54 | 8.7 | % | 62 | 222,069 | 15.6 | % | 30.88 | 12.7 | % | 71 | 541,234 | 12.1 | % | 18.89 | 11.0 | % | ||||||||||||
2015 | 5 | 252,812 | 8.3 | % | 13.45 | 8.8 | % | 35 | 125,937 | 8.8 | % | 25.45 | 5.9 | % | 40 | 378,749 | 8.4 | % | 17.44 | 7.1 | % | ||||||||||||
2016 | 7 | 272,962 | 8.9 | % | 10.58 | 7.5 | % | 54 | 244,417 | 17.2 | % | 25.00 | 11.3 | % | 61 | 517,379 | 11.5 | % | 17.39 | 9.7 | % | ||||||||||||
2017 | 6 | 311,806 | 10.2 | % | 11.80 | 9.6 | % | 45 | 179,885 | 12.6 | % | 39.14 | 13.0 | % | 51 | 491,691 | 11.0 | % | 21.80 | 11.6 | % | ||||||||||||
2018 | 7 | 416,882 | 13.6 | % | 12.94 | 14.0 | % | 59 | 179,464 | 12.6 | % | 35.10 | 11.6 | % | 66 | 596,346 | 13.3 | % | 19.61 | 12.6 | % | ||||||||||||
2019 | 5 | 122,539 | 4.0 | % | 7.80 | 2.5 | % | 16 | 42,086 | 3.0 | % | 58.61 | 4.6 | % | 21 | 164,625 | 3.7 | % | 20.79 | 3.7 | % | ||||||||||||
2020 | 6 | 329,713 | 10.8 | % | 12.12 | 10.4 | % | 20 | 69,902 | 4.9 | % | 36.81 | 4.7 | % | 26 | 399,615 | 8.9 | % | 16.44 | 7.1 | % | ||||||||||||
2021 | 7 | 283,831 | 9.3 | % | 12.95 | 9.6 | % | 18 | 85,620 | 6.0 | % | 36.64 | 5.8 | % | 25 | 369,451 | 8.2 | % | 18.44 | 7.4 | % | ||||||||||||
2022 | 2 | 69,837 | 2.3 | % | 26.15 | 4.7 | % | 24 | 96,325 | 6.8 | % | 48.61 | 8.6 | % | 26 | 166,162 | 3.7 | % | 39.17 | 7.0 | % | ||||||||||||
2023 | 3 | 132,322 | 4.3 | % | 11.63 | 4.0 | % | 17 | 79,958 | 5.6 | % | 45.39 | 6.7 | % | 20 | 212,280 | 4.7 | % | 24.34 | 5.6 | % | ||||||||||||
Thereafter | 13 | 550,807 | 18.0 | % | 14.05 | 20.1 | % | 17 | 82,163 | 5.8 | % | 97.04 | 14.7 | % | 30 | 632,970 | 14.1 | % | 24.83 | 17.0 | % | ||||||||||||
Total | 70 | 3,062,676 | 100.0 | % | $ | 12.56 | 100.0 | % | 371 | 1,424,117 | 100.0 | % | $ | 38.06 | 100.0 | % | 441 | 4,486,793 | 100.0 | % | $ | 20.65 | 100.0 | % | |||||||||
254,916 | Anchor GLA Owned by Tenants | 254,916 | Anchor GLA Owned by Tenants | ||||||||||||||||||||||||||||||
386,600 | Total Vacant | 207,767 | Total Vacant | 594,367 | Total Vacant | ||||||||||||||||||||||||||||
3,704,192 | Total Square Feet | 1,631,884 | Total Square Feet | 5,336,076 | Total Square Feet | ||||||||||||||||||||||||||||
Notes: | |||||||||||||||||||||||||||||||||
1 Leases currently under month to month or in process of renewal |
Core Portfolio - New and Renewal Rent Spreads 1 | ||||||||||||||||||||||||||||||||||||||||
Year ended | 3 months ended | 3 months ended | 3 months ended | 3 months ended | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||||||||||||||||||||||||
GAAP3 | GAAP2 | GAAP3 | GAAP2 | GAAP3 | GAAP2 | GAAP3 | GAAP2 | GAAP3 | GAAP2 | |||||||||||||||||||||||||||||||
New leases | ||||||||||||||||||||||||||||||||||||||||
Number of new leases executed | 18 | 18 | 2 | 2 | 6 | 6 | 7 | 7 | 3 | 3 | ||||||||||||||||||||||||||||||
GLA | 118,323 | 118,323 | 6,034 | 6,034 | 61,813 | 61,813 | 38,800 | 38,800 | 11,676 | 11,676 | ||||||||||||||||||||||||||||||
New base rent | $ | 28.1 | $ | 24.82 | $ | 14.00 | $ | 13.87 | $ | 15.08 | $ | 14.61 | $ | 26.60 | $25.41 | $109.29 | $82.58 | |||||||||||||||||||||||
Previous base rent (and percentage rent) | $ | 21.41 | $ | 21.91 | $ | 13.02 | $ | 13.21 | $ | 13.14 | $ | 13.45 | $ | 20.58 | $21.56 | $72.24 | $72.31 | |||||||||||||||||||||||
Average cost per square foot | $ | 47.70 | $ | 47.70 | $ | 49.74 | $ | 49.74 | $ | 48.27 | $ | 48.27 | $ | 48.78 | $ | 48.78 | $ | 40.05 | $ | 40.05 | ||||||||||||||||||||
Weighted Average Lease Term (years) | 8.8 | 8.8 | 8.8 | 8.8 | 9.1 | 9.1 | 7.4 | 7.4 | 11.9 | 11.9 | ||||||||||||||||||||||||||||||
Percentage growth in base rent | 31.2 | % | 13.3 | % | 7.5 | % | 5.0 | % | 14.8 | % | 8.6 | % | 29.3 | % | 17.9 | % | 51.3 | % | 14.2 | % | ||||||||||||||||||||
Renewal leases | ||||||||||||||||||||||||||||||||||||||||
Number of renewal leases executed | 56 | 56 | 10 | 10 | 20 | 20 | 13 | 13 | 13 | 13 | ||||||||||||||||||||||||||||||
GLA | 221,477 | 221,477 | 29,226 | 29,226 | 92,720 | 92,720 | 24,038 | 24,038 | 75,493 | 75,493 | ||||||||||||||||||||||||||||||
New base rent | $ | 21.58 | $ | 21.01 | $ | 27.65 | $ | 27.03 | $ | 22.27 | $ | 21.38 | $ | 23.67 | $ | 23.30 | $ | 17.71 | $ | 17.50 | ||||||||||||||||||||
Expiring base rent (and percentage rent) | $ | 19.50 | $ | 20.38 | $ | 25.09 | $ | 25.91 | $ | 19.53 | $ | 20.78 | $ | 20.75 | $ | 21.93 | $ | 16.90 | $ | 17.26 | ||||||||||||||||||||
Average cost per square foot | $ | 3.72 | $ | 3.72 | $ | — | $ | — | $ | 8.24 | $ | 8.24 | $ | — | $ | — | $ | 0.79 | $ | 0.79 | ||||||||||||||||||||
Weighted Average Lease Term (years) | 5.1 | 5.1 | 4.1 | 4.10 | 6.6 | 6.6 | 4.0 | 4 | 4.2 | 4.2 | ||||||||||||||||||||||||||||||
Percentage growth in base rent | 10.7 | % | 3.1 | % | 10.2 | % | 4.3 | % | 14.0 | % | 2.9 | % | 14.1 | % | 6.2 | % | 4.8 | % | 1.4 | % | ||||||||||||||||||||
Total new and renewal Leases | ||||||||||||||||||||||||||||||||||||||||
Number of new and renewal leases executed | 74 | 74 | 12 | 12 | 26 | 26 | 20 | 20 | 16 | 16 | ||||||||||||||||||||||||||||||
GLA commencing | 339,800 | 339,800 | 35,260 | 35,260 | 154,533 | 154,533 | 62,838 | 62,838 | 87,169 | 87,169 | ||||||||||||||||||||||||||||||
New base rent | $ | 23.85 | $ | 22.34 | $ | 25.31 | $ | 24.78 | $ | 19.39 | $ | 18.67 | $ | 25.48 | $ | 24.60 | $ | 29.98 | $ | 26.22 | ||||||||||||||||||||
Expiring base rent (and percentage rent) | $ | 20.17 | $ | 20.91 | $ | 23.02 | $ | 23.74 | $ | 16.97 | $ | 17.85 | $ | 20.65 | $ | 21.70 | $ | 24.31 | $ | 24.63 | ||||||||||||||||||||
Average cost per square foot | $ | 19.03 | $ | 19.03 | $ | 8.51 | $ | 8.51 | $ | 24.25 | $ | 24.25 | $ | 30.12 | $ | 30.12 | $ | 6.05 | $ | 6.05 | ||||||||||||||||||||
Weighted Average Lease Term (years) | 6.4 | 6.4 | 4.9 | 4.9 | 7.6 | 7.6 | 6.1 | 6.1 | 5.2 | 5.2 | ||||||||||||||||||||||||||||||
Percentage growth in base rent | 18.3 | % | 6.8 | % | 9.9 | % | 4.4 | % | 14.3 | % | 4.6 | % | 23.4 | % | 13.4 | % | 23.3 | % | 6.4 | % | ||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||||||||
1 Based on lease execution dates. Does not include leased square footage and costs | ||||||||||||||||||||||||||||||||||||||||
related to first generation space and the Company's major redevelopment | ||||||||||||||||||||||||||||||||||||||||
projects; renewal leases include exercised options. | ||||||||||||||||||||||||||||||||||||||||
2 Rents have not been calculated on a straight-line basis. Previous/expiring rent is that as of time | ||||||||||||||||||||||||||||||||||||||||
of expiration and includes any percentage rent paid as well. New rent is that which is paid at commencement. | ||||||||||||||||||||||||||||||||||||||||
3 Rents are calculated on a straight-line basis. |
Core Portfolio Capital Expenditures | ||||||||||||||||||||||||||
Current Quarter | ||||||||||||||||||||||||||
Year-to-Date | Current Quarter | Previous Quarter | Previous Quarter | Previous Quarter | ||||||||||||||||||||||
Period ended | 3 months ended | 3 months ended | 3 months ended | 3 months ended | Prior Year ended | Prior Year ended | ||||||||||||||||||||
December 31, 2013 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||||||||||||
Leasing Commissions | $ | 1,676 | $ | 400 | $ | 208 | $ | 421 | $ | 647 | $ 1,916 | $ 1,265 | ||||||||||||||
Tenant Improvements | 4,057 | 1,047 | 1,198 | 620 | 1,192 | 4,274 | 4,161 | |||||||||||||||||||
Capital Expenditures | 2,592 | 1,567 | 424 | 555 | 46 | 1,523 | 471 | |||||||||||||||||||
Total Capital Expenditures | $ | 8,325 | $ | 3,014 | $ | 1,830 | $ | 1,596 | $ | 1,885 | $ 7,713 | $ 5,897 | ||||||||||||||
Other redevelopment and re-anchoring related activities | 5,953 | 4,358 | 1 | 758 | 1 | 836 | 1 | 3,240 | 2 | |||||||||||||||||
Notes: | ||||||||||||||||||||||||||
1 Consists of $2,278 of costs associated with the re-anchoring of Crossroads, $1,948 of costs associated with the re-tenanting of Merrillville Plaza, | ||||||||||||||||||||||||||
$890 of costs associated with the re-anchoring of Branch Plaza and $836k of costs associated with the installation of a new tenant at a Chicago Street Retail asset. | ||||||||||||||||||||||||||
2 Represents $1,662 of costs associated with the redevelopment of 2914 Third Avenue and $1,578 for Bloomfield Town Square re-anchoring. |
Property Demographics - Core | |||||||||||||||||||||
3-Mile Radius | |||||||||||||||||||||
Base | Total | Total | # | Median HH | Avg. HH | ||||||||||||||||
Property | City | State | Rent | GLA | Pop. | HH | Income | Income | |||||||||||||
Core - Street Retail | |||||||||||||||||||||
664 N. Michigan Avenue | Chicago | IL | $ | 4,209,889 | 18,141 | 295,897 | 163,646 | $ | 74,143 | $ | 115,275 | ||||||||||
Rush and Walton Streets Collection - 5 properties | Chicago | IL | 4,224,798 | 34,694 | 318,704 | 177,639 | 75,198 | 116,139 | |||||||||||||
613-623 West Diversey Parkway | Chicago | IL | 876,977 | 19,265 | 404,680 | 217,820 | 70,480 | 105,904 | |||||||||||||
651-671 West Diversey | Chicago | IL | 1,896,925 | 46,259 | 413,506 | 220,785 | 70,198 | 105,234 | |||||||||||||
Clark Street and W. Diversey Collection - 3 properties | Chicago | IL | 1,122,103 | 24,420 | 406,523 | 217,890 | 70,388 | 105,694 | |||||||||||||
Halsted and Armitage Collection - 9 properties | Chicago | IL | 1,750,306 | 44,658 | 443,549 | 238,098 | 72,697 | 108,583 | |||||||||||||
North Lincoln Park Chicago Collection - 5 properties | Chicago | IL | 1,077,976 | 35,255 | 505,975 | 249,558 | 66,755 | 96,496 | |||||||||||||
83 Spring Street | Manhattan | NY | 623,884 | 3,000 | 981,658 | 479,147 | 85,920 | 121,994 | |||||||||||||
Mercer Street | Manhattan | NY | 394,655 | 3,375 | 942,758 | 457,309 | 85,389 | 121,063 | |||||||||||||
East 17th Street | Manhattan | NY | 625,000 | 10,382 | 1,079,577 | 547,698 | 91,428 | 133,947 | |||||||||||||
West 54th Street | Manhattan | NY | 2,195,570 | 5,773 | 1,249,501 | 636,418 | 91,179 | 137,662 | |||||||||||||
181 Main Street | Westport | CT | 845,300 | 11,350 | 46,401 | 17,290 | 132,350 | 187,954 | |||||||||||||
4401 White Plains Road | Bronx | NY | 625,000 | 12,964 | 571,325 | 214,126 | 52,977 | 65,542 | |||||||||||||
Bartow Avenue | Bronx | NY | 459,779 | 14,676 | 578,872 | 215,091 | 47,890 | 58,583 | |||||||||||||
239 Greenwich Avenue | Greenwich | CT | 1,554,663 | 16,834 | 67,092 | 24,790 | 112,373 | 169,820 | |||||||||||||
Third Avenue | Bronx | NY | 875,456 | 40,320 | 1,239,993 | 443,231 | 35,628 | 49,095 | |||||||||||||
868 Broadway | Manhattan | NY | 662,202 | 2,031 | 1,077,976 | 547,276 | 91,410 | 134,095 | |||||||||||||
313-315 Bowery | Manhattan | NY | 435,600 | 6,600 | 1,032,158 | 506,284 | 85,730 | 122,785 | |||||||||||||
120 West Broadway | Manhattan | NY | 1,792,284 | 13,938 | 878,321 | 422,645 | 85,293 | 121,409 | |||||||||||||
1739-53 & 1801-03 Connecticut Avenue | Washington | DC | 1,273,085 | 22,907 | 338,815 | 164,797 | 81,801 | 108,533 | |||||||||||||
Rhode Island Place Shopping Center | Washington | DC | 1,639,679 | 57,529 | 348,349 | 157,678 | 66,984 | 86,314 | |||||||||||||
M Street and Wisconsin Corridor - 7 properties | Georgetown | DC | 2,359,131 | 32,324 | 321,861 | 160,430 | 87,539 | 114,211 | |||||||||||||
330-340 River Street | Cambridge | MA | 1,130,470 | 54,226 | 492,750 | 214,634 | 65,037 | 91,540 | |||||||||||||
Total Core Street Retail | |||||||||||||||||||||
Average - Total | $ | 694,696 | 11,296 | 461,625 | 228,588 | $ | 65,722 | $ | 95,925 | ||||||||||||
Weighted Average - Based on base rent | 488,512 | 244,446 | $ | 77,386 | $ | 113,577 | |||||||||||||||
Property Demographics - Core (continued) | |||||||||||||||||||||
3-Mile Radius | |||||||||||||||||||||
Base | Total | Total | # | Median HH | Avg. HH | ||||||||||||||||
Property | City | State | Rent | GLA | Pop. | HH | Income | Income | |||||||||||||
Core - Suburban Properties | |||||||||||||||||||||
Elmwood Park Shopping Center | Elmwood Park | NJ | 3,745,668 | 149,070 | 252,982 | 84,585 | 60,290 | 69,299 | |||||||||||||
Marketplace of Absecon | Absecon | NJ | 1,419,610 | 104,556 | 32,668 | 11,471 | 61,717 | 73,395 | |||||||||||||
60 Orange Street | Bloomfield | NJ | 695,000 | 101,715 | 338,909 | 125,166 | 56,211 | 67,492 | |||||||||||||
Village Commons Shopping Center | Smithtown | NY | 2,703,356 | 87,330 | 67,473 | 22,922 | 109,170 | 123,046 | |||||||||||||
Branch Plaza | Smithtown | NY | 2,464,667 | 126,273 | 67,554 | 22,991 | 108,660 | 122,359 | |||||||||||||
Amboy Center | Staten Island | NY | 1,943,124 | 63,290 | 151,900 | 55,451 | 87,868 | 98,504 | |||||||||||||
Pacesetter Park Shopping Center | Pomona | NY | 1,060,895 | 97,604 | 36,144 | 11,216 | 112,281 | 126,247 | |||||||||||||
LA Fitness | Staten Island | NY | 1,391,500 | 55,000 | 128,131 | 45,167 | 79,348 | 89,832 | |||||||||||||
Crossroads Shopping Center | White Plains | NY | 5,377,475 | 310,699 | 109,134 | 42,516 | 96,092 | 118,263 | |||||||||||||
New Loudon Center | Latham | NY | 1,959,124 | 255,673 | 42,827 | 17,479 | 67,391 | 81,548 | |||||||||||||
28 Jericho Turnpike | Westbury | NY | 1,650,000 | 96,363 | 95,953 | 29,144 | 108,872 | 129,163 | |||||||||||||
Town Line Plaza | Rocky Hill | CT | 1,647,277 | 206,346 | 46,399 | 19,437 | 72,685 | 86,521 | |||||||||||||
Methuen Shopping Center | Methuen | MA | 1,027,936 | 130,021 | 99,701 | 34,864 | 50,705 | 60,706 | |||||||||||||
Crescent Plaza | Brockton | MA | 1,803,083 | 218,137 | 98,838 | 34,781 | 57,332 | 64,961 | |||||||||||||
The Gateway Shopping Center | So. Burlington | VT | 2,011,840 | 101,655 | 48,384 | 19,261 | 51,446 | 63,537 | |||||||||||||
Hobson West Plaza | Naperville | IL | 1,102,208 | 99,137 | 94,989 | 34,059 | 103,910 | 126,405 | |||||||||||||
Merrillville Plaza | Hobart | IN | 2,762,677 | 236,188 | 26,123 | 10,805 | 47,909 | 58,578 | |||||||||||||
Bloomfield Towne Square | Bloomfield Hills | MI | 3,398,233 | 236,676 | 56,773 | 22,617 | 62,547 | 94,909 | |||||||||||||
Mad River Station | Dayton | OH | 1,310,383 | 126,129 | 65,307 | 28,938 | 56,592 | 69,153 | |||||||||||||
Mark Plaza | Edwardsville | PA | 240,664 | 106,856 | 86,196 | 36,839 | 37,495 | 45,983 | |||||||||||||
Plaza 422 | Lebanon | PA | 835,956 | 156,279 | 45,792 | 18,157 | 44,301 | 52,611 | |||||||||||||
Route 6 Plaza | Honesdale | PA | 1,199,706 | 175,589 | 6,832 | 2,962 | 37,786 | 44,999 | |||||||||||||
Chestnut Hill | Philadelphia | PA | 696,461 | 37,646 | 147,436 | 62,292 | 58,777 | 77,506 | |||||||||||||
Abington Towne Center | Abington | PA | 1,157,028 | 216,278 | 89,439 | 35,119 | 78,159 | 95,124 | |||||||||||||
Total Core Suburban Properties | |||||||||||||||||||||
Average - Total | $ | 1,816,828 | 145,605 | 93,162 | $ | 34,510 | $ | 71,148 | $ | 85,006 | |||||||||||
Weighted Average - Based on base rent | 94,086 | $ | 34,293 | $ | 75,204 | $ | 90,389 | ||||||||||||||
Brandywine/Mkt Sq./Naamans Rd 1 | Wilmington | DE | $ | 16,401,178 | 998,135 | 507,575 | 193,705 | $ | 72,923 | $ | 88,573 | ||||||||||
Notes: | |||||||||||||||||||||
1 Based on 10 mile radius demographics given the unique trade market for this asset. This has been excluded from the average calculations of 3-mile radius due to its unique trade market. | |||||||||||||||||||||
Property Demographics - Funds | |||||||||||||||||||||
3-Mile Radius | |||||||||||||||||||||
Base | Total | Total | # | Median HH | Avg. HH | ||||||||||||||||
Property | City | State | Rent | GLA | Pop. | HH | Income | Income | |||||||||||||
Fund II | |||||||||||||||||||||
216th Street | Manhattan | NY | 2,574,000 | 60,000 | 963,175 | 337,894 | 37,629 | 48,228 | |||||||||||||
161st Street | Bronx | NY | 6,001,724 | 232,252 | 1,274,128 | 450,383 | 33,329 | 45,066 | |||||||||||||
Liberty Avenue | Queens | NY | 935,207 | 26,125 | 639,405 | 213,464 | 55,561 | 67,368 | |||||||||||||
Fund II | |||||||||||||||||||||
Average - Total | $ | 4,287,862 | 146,126 | 958,903 | 333,914 | $ | 42,173 | $ | 53,554 | ||||||||||||
Weighted Average - Based on base rent | 1,180,796 | 416,619 | $ | 34,620 | $ | 46,015 | |||||||||||||||
Fund III | |||||||||||||||||||||
Cortlandt Towne Center | Mohegan Lake | NY | $ | 9,647,962 | 639,834 | 49,966 | 17,759 | $ | 84,926 | $ | 97,340 | ||||||||||
640 Broadway | Manhattan | NY | 626,366 | 4,145 | 1,006,693 | 496,773 | 86,613 | 124,108 | |||||||||||||
654 Broadway | Manhattan | NY | 550,000 | 2,896 | 1,007,518 | 497,906 | 86,836 | 124,507 | |||||||||||||
New Hyde Park Shopping Center | New Hyde Park | NY | 1,146,158 | 32,661 | 199,698 | 70,745 | 102,010 | 122,658 | |||||||||||||
White City | Shrewsbury | MA | 3,616,053 | 180,379 | 99,189 | 39,649 | 51,215 | 62,391 | |||||||||||||
Parkway Crossing | Parkville | MD | 1,973,625 | 260,241 | 185,935 | 74,271 | 59,022 | 68,972 | |||||||||||||
Lincoln Road | Miami Beach | FL | 2,744,047 | 59,677 | 58,869 | 33,379 | 52,126 | 85,417 | |||||||||||||
Heritage Shops | Chicago | IL | 3,146,145 | 81,730 | 288,116 | 154,272 | 71,414 | 110,831 | |||||||||||||
Lincoln Park Centre | Chicago | IL | 1,747,789 | 62,745 | 431,527 | 230,716 | 73,011 | 109,736 | |||||||||||||
Nostrand Avenue | Brooklyn | NY | 1,479,477 | 40,315 | 544,351 | 203,713 | 51,528 | 65,388 | |||||||||||||
Arundel Plaza | Glen Burnie | MD | 1,444,656 | 265,116 | 77,759 | 29,166 | 59,786 | 64,793 | |||||||||||||
Fund III | |||||||||||||||||||||
Average - Total | $ | 2,556,571 | 148,158 | 359,056 | 168,032 | $ | 70,772 | $ | 94,195 | ||||||||||||
Weighted Average - Based on base rent | 186,927 | 84,332 | $ | 79,667 | $ | 101,390 | |||||||||||||||
Fund IV | |||||||||||||||||||||
1701 Belmont Avenue | Catonsville | MD | $ | 936,166 | 58,674 | 110,450 | 43,613 | $ | 60,575 | $ | 68,732 | ||||||||||
Lincoln Road | Miami Beach | FL | 5,835,738 | 54,864 | 58,869 | 33,379 | 52,126 | 85,417 | |||||||||||||
2819 Kennedy Boulevard | North Bergen | NJ | 505,000 | 41,477 | 526,721 | 241,698 | 78,834 | 110,806 | |||||||||||||
Promenade at Manassas | Manassas | VA | 3,321,395 | 265,442 | 57,996 | 18,940 | 74,390 | 84,467 | |||||||||||||
Paramus Plaza | Paramus | NJ | 1,711,573 | 152,060 | 106,906 | 37,209 | 119,131 | 132,518 | |||||||||||||
1151 Third Avenue | Manhattan | NY | 622,263 | 12,043 | 1,270,132 | 636,996 | 87,522 | 131,326 | |||||||||||||
Lake Montclair | Prince William County | VA | 1,909,698 | 105,850 | 55,900 | 18,373 | 93,338 | 103,028 | |||||||||||||
938 W. North Avenue | Chicago | IL | 928,510 | 35,400 | 453,690 | 239,813 | 72,447 | 108,382 | |||||||||||||
Fund IV | |||||||||||||||||||||
Average - Total | $ | 1,971,293 | 90,726 | 330,083 | 158,753 | $ | 79,795 | $ | 103,085 | ||||||||||||
Weighted Average - Based on base rent | 133,894 | 62,243 | $ | 95,916 | $ | 133,271 | |||||||||||||||
Total - Core and Funds | |||||||||||||||||||||
Average - Total | $ | 1,848,296 | 117,246 | 275,711 | 123,704 | $ | 67,821 | $ | 87,249 | ||||||||||||
Weighted Average - Based on base rent | 156,918 | 61,330 | $ | 70,783 | $ | 88,386 | |||||||||||||||
Overview of Acadia Strategic Opportunity Funds | |||||||||||||||||
As of December 31, 2013 | FUND I | FUND II | FUND III | FUND IV | |||||||||||||
Date formed | September 2001 | June 2004 | May 2007 | May 2012 | |||||||||||||
Capital committed | $86.6 million | $300.0 million | $475.0 million | $540.6 million | |||||||||||||
Capital funded | Fully funded | Fully funded 2 | $357.5 million | $95.9 million | |||||||||||||
As a percentage of commitments | 100% | 100% | 75.3% | 17.7% | |||||||||||||
All unfunded capital is anticipated to be used to complete existing projects | |||||||||||||||||
Distributions | $191.5 million | $131.6 million | $203.5 million | $ | — | ||||||||||||
As a percentage of funded capital | 221.1% | 43.9% | 56.9% | 0.0% | |||||||||||||
All original capital and accumulated preferred return has been paid. Acadia is entitled to a Promote on all future distributions. | |||||||||||||||||
Fund structure | |||||||||||||||||
Equity contribution and | 22.2% - Acadia | 20.0% - Acadia | 19.9% - Acadia | 23.1% - Acadia | |||||||||||||
Cash flow distribution: | 77.8% - Four institutional investors | 80.0% - Six institutional investors | 80.1% - 14 institutional investors | 76.9% - 17 institutional investors | |||||||||||||
Distributions: | 20% to Acadia once all partners (including Acadia) have received cumulative preferred return and return of equity | ||||||||||||||||
Remaining 80% is distributed pro-rata to all the partners (including Acadia) | |||||||||||||||||
Preferred return rate: | 9% | 8% | 6% | 6% | |||||||||||||
Fees/Priority Distributions to Acadia | |||||||||||||||||
Asset management fee/Priority distribution equal to 1.5% of implied capital 1 | |||||||||||||||||
Property management fee/Priority distribution equal to 4% of gross property revenues | |||||||||||||||||
Market rate leasing fees | |||||||||||||||||
Market rate construction/project management fees | |||||||||||||||||
Development fee equal to 3% of total project cost | |||||||||||||||||
Notes: | |||||||||||||||||
1 Committed capital as reduced by capital attributed to sold investments. | |||||||||||||||||
2 During the fourth quarter of 2013, a distribution of $47.1 million was made to the Fund II investors. Until December 2016, this amount is subject to re-contribution to Fund II by the investors, if needed to fund the on-going redevelopment of existing projects. |
Fund Retail Properties - Detail | ||||||||||||||||||||||||||||||||
Leased | ||||||||||||||||||||||||||||||||
Year | Ownership | Gross Leasable Area | In Place Occupancy | Occupancy | Annualized Base Rent PSF | |||||||||||||||||||||||||||
Anchors | Acquired | % | Anchors | Shops | Total | Anchors | Shops | Total | Total | Anchors | Shops | Total | ||||||||||||||||||||
Fund I Portfolio Detail | ||||||||||||||||||||||||||||||||
VARIOUS | ||||||||||||||||||||||||||||||||
Total - Fund I | Kroger/Safeway Portfolio (3 Properties) | 2003 | 75.0% | 97,500 | — | 97,500 | 69.2 | % | — | 69.2 | % | 69.2 | % | $ | 4.48 | — | $ | 4.48 | ||||||||||||||
Fund II Portfolio Detail | ||||||||||||||||||||||||||||||||
NEW YORK | ||||||||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||
Liberty Avenue | CVS | 2005 | 99.1% | 10,880 | 15,245 | 26,125 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | $ | 39.75 | $ | 37.23 | $ | 35.80 | ||||||||||||
216th Street | NYC Human Resources Administration | 2005 | 99.1% | 60,000 | — | 60,000 | 100.0 | % | — | 100.0 | % | 100.0 | % | 42.90 | — | 42.9 | ||||||||||||||||
161st Street 1 | Various New York City & State agencies | 2005 | 99.1% | 107,026 | 125,226 | 232,252 | 100.0 | % | 87.6 | % | 93.3 | % | 93.3 | % | 26.50 | 28.85 | 27.69 | |||||||||||||||
Total - Fund II | 177,906 | 140,471 | 318,377 | 100.0 | % | 89.0 | % | 95.1 | % | 95.1 | % | $ | 32.84 | $ | 29.35 | $ | 31.40 | |||||||||||||||
Fund III Portfolio Detail | ||||||||||||||||||||||||||||||||
NEW YORK | ||||||||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||
Cortlandt Towne Center | Wal-Mart, Best Buy, A&P | 2009 | 100.0% | 472,901 | 166,933 | 639,834 | 95.6 | % | 83.5 | % | 92.5 | % | 92.7 | % | $ | 13.94 | $ | 23.98 | $ | 16.31 | ||||||||||||
654 Broadway | Penguin | 2011 | 100.0% | — | 2,896 | 2,896 | — | 100 | % | 100 | % | 100.0 | % | — | 189.92 | 189.92 | ||||||||||||||||
640 Broadway | Swatch | 2012 | 50.0% | — | 4,145 | 4,145 | — | 61.8 | % | 61.8 | % | 91.8 | % | — | 244.52 | 244.52 | ||||||||||||||||
New Hyde Park Shopping Center | PetSmart | 2011 | 100.0% | 13,507 | 19,154 | 32,661 | 100.0 | % | 71.9 | % | 83.5 | % | 88.5 | % | 35.00 | 48.93 | 42.03 | |||||||||||||||
Nostrand Avenue | — | 2013 | 100.0% | — | 40,315 | 40,315 | — | 82.0 | % | 82.0 | % | 82.0 | % | — | 44.76 | 44.76 | ||||||||||||||||
NEW ENGLAND | ||||||||||||||||||||||||||||||||
Massachusetts | ||||||||||||||||||||||||||||||||
White City Shopping Center | Shaw's (Supervalu) | 2010 | 84.0% | 131,839 | 125,936 | 257,775 | 85.6 | % | 94.4 | % | 89.9 | % | 92.0 | % | 15.54 | 32.44 | 24.21 | |||||||||||||||
MID-ATLANTIC | ||||||||||||||||||||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||
Parkway Crossing | Home Depot, Shop Rite, Big Lots | 2011 | 94.3% | 192,836 | 67,405 | 260,241 | 100.0 | % | 76.9 | % | 94.0 | % | 94.0 | % | 3.65 | 24.49 | 8.07 | |||||||||||||||
Arundel Plaza | Giant Food, Lowe's | 2012 | 94.3% | 231,920 | 33,196 | 265,116 | 100.0 | % | 78.3 | % | 97.3 | % | 97.3 | % | 3.90 | 20.75 | 5.60 | |||||||||||||||
SOUTHEAST | ||||||||||||||||||||||||||||||||
Florida | ||||||||||||||||||||||||||||||||
Lincoln Road | Starbucks, Sushi Samba | 2011 | 95.0% | — | 59,677 | 59,677 | — | 36.2 | % | 36.2 | % | 36.2 | % | — | 127.17 | 127.17 | ||||||||||||||||
MIDWEST | ||||||||||||||||||||||||||||||||
Illinois | ||||||||||||||||||||||||||||||||
Heritage Shops | LA Fitness, Ann Taylor Loft | 2011 | 100.0% | 49,878 | 31,852 | 81,730 | 100.0 | % | 89.7 | % | 96.0 | % | 96.0 | % | 21.61 | 72.37 | 40.10 | |||||||||||||||
Lincoln Park Centre | — | 2012 | 100.0% | — | 62,745 | 62,745 | — | 59.8 | % | 59.8 | % | 86.2 | % | — | 46.61 | 46.61 | ||||||||||||||||
Total - Fund III | 1,092,881 | 614,254 | 1,707,135 | 96.4 | % | 77.5 | % | 89.6 | % | 91.1 | % | $ | 10.65 | $ | 39.70 | $ | 19.69 | |||||||||||||||
Fund IV Portfolio Detail | ||||||||||||||||||||||||||||||||
NEW YORK | ||||||||||||||||||||||||||||||||
New York |
1151 Third Avenue | Lucky Brand | 2013 | 98.6% | — | 12,043 | 12,043 | — | 59.0 | % | 59.0 | % | 59.0 | % | $ | — | $ | 87.61 | $ | 87.61 | |||||||||||||
New Jersey | ||||||||||||||||||||||||||||||||
2819 Kennedy Boulevard | — | 2013 | 98.6% | 39,941 | 1,536 | 41,477 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 10.14 | 65.1 | 12.18 | |||||||||||||||
Paramus Plaza | Babies R Us, Ashley Furninture | 2013 | 50.0% | 76,222 | 75,838 | 152,060 | 100.0 | % | 30.3 | % | 65.2 | % | 65.2 | % | 19.89 | 8.51 | 17.25 | |||||||||||||||
MID-ATLANTIC | ||||||||||||||||||||||||||||||||
Virginia | ||||||||||||||||||||||||||||||||
Promenade at Manassas | Home Depot, HH Gregg | 2013 | 98.6% | 194,038 | 71,404 | 265,442 | 100.0 | % | 93.0 | % | 98.1 | % | 98.1 | % | 9.73 | 21.61 | 12.75 | |||||||||||||||
Lake Montclair | Food Lion | 2013 | 98.6% | 33,000 | 72,850 | 105,850 | 100.0 | % | 95.6 | % | 97.0 | % | 97.0 | % | 9.50 | 22.92 | 18.60 | |||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||
1701 Belmont Avenue | Best Buy | 2012 | 98.6% | 58,674 | — | 58,674 | 100.0 | % | — | 100.0 | % | 100.0 | % | 15.96 | — | 15.96 | ||||||||||||||||
MIDWEST | ||||||||||||||||||||||||||||||||
Illinois | ||||||||||||||||||||||||||||||||
938 W. North Avenue | Restoration Hardware, Sephora | 2013 | 95.0% | — | 35,400 | 35,400 | — | 58.7 | % | 58.7 | % | 58.7 | % | — | 44.66 | 44.66 | ||||||||||||||||
SOUTHEAST | ||||||||||||||||||||||||||||||||
Florida | ||||||||||||||||||||||||||||||||
Lincoln Road | Aldo, Fossil, Spris | 2012 | 95.0% | — | 54,864 | 54,864 | — | 89.3 | % | 89.3 | % | 89.3 | % | — | 119.09 | 119.09 | ||||||||||||||||
Total - Fund IV | 401,875 | 323,935 | 725,810 | 100.0 | % | 73.3 | % | 88.1 | % | 88.1 | % | $ | 12.59 | $ | 45.12 | $ | 24.67 | |||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||
General note - The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy", but for which rent payment has not yet commenced. Residential and office GLA is excluded. | ||||||||||||||||||||||||||||||||
The following Fund II, Fund III and Fund IV properties are currently under redevelopment as further detailed under "Redevelopment Activity." | ||||||||||||||||||||||||||||||||
Property | Fund Ownership % | |||||||||||||||||||||||||||||||
Sherman Avenue | 99.1% | |||||||||||||||||||||||||||||||
City Point | 94.2% | |||||||||||||||||||||||||||||||
Cortlandt Crossing | 100.0% | |||||||||||||||||||||||||||||||
Broad Hollow Commons | 100.0% | |||||||||||||||||||||||||||||||
3104 M Street | 100.0% | |||||||||||||||||||||||||||||||
210 Bowery | 100.0% | |||||||||||||||||||||||||||||||
1 Currently operating, but redevelopment activities have commenced. |
Funds Lease Expirations | |||||||||||||||||||||||||||||||||||||||
Fund I: | |||||||||||||||||||||||||||||||||||||||
Anchor Tenants | |||||||||||||||||||||||||||||||||||||||
Gross Leased Area | Base Rent | ||||||||||||||||||||||||||||||||||||||
No. of Leases | Expiring | Percent | Percent | ||||||||||||||||||||||||||||||||||||
Year | Expiring | SF | of Total | PSF | of Total | ||||||||||||||||||||||||||||||||||
2014 | 2 | 67,500 | 100.0 | % | $ | 4.48 | 100.0 | % | |||||||||||||||||||||||||||||||
Total | 2 | 67,500 | 100.0 | % | $ | 4.48 | 100.0 | % | |||||||||||||||||||||||||||||||
30,000 | Total Vacant | ||||||||||||||||||||||||||||||||||||||
97,500 | Total Square Feet | ||||||||||||||||||||||||||||||||||||||
Fund II: | |||||||||||||||||||||||||||||||||||||||
Anchor Tenants | Shop Tenants | Total Tenants | |||||||||||||||||||||||||||||||||||||
Gross Leased Area | Base Rent | Gross Leased Area | Base Rent | Gross Leased Area | Base Rent | ||||||||||||||||||||||||||||||||||
No. of Leases | Expiring | Percent | Percent | No. of Leases | Expiring | Percent | Percent | No. of Leases | Expiring | Percent | Percent | ||||||||||||||||||||||||||||
Year | Expiring | SF | of Total | PSF | of Total | Expiring | SF | of Total | PSF | of Total | Expiring | SF | of Total | PSF | of Total | ||||||||||||||||||||||||
M to M1 | — | — | $ | — | — | 1 | 9,967 | 8 | % | $ | 10.00 | 2.7 | % | 1 | 9,967 | 3.3 | % | $ | 10.00 | 1.0 | % | ||||||||||||||||||
2014 | 1 | 107,026 | 60.2 | % | 26.50 | 48.5 | % | — | — | — | — | — | 1 | 107,026 | 35.3 | % | 26.50 | 29.8 | % | ||||||||||||||||||||
2015 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2016 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2017 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2018 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2019 | — | — | — | — | — | 1 | 4,575 | 3.7 | % | 27.26 | 3.4 | % | 1 | 4,575 | 1.5 | % | 27.26 | 1.3 | % | ||||||||||||||||||||
2020 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2021 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2022 | — | — | — | — | — | 1 | 4,462 | 3.6 | % | 31 | 3.8 | % | 1 | 4,462 | 1.5 | % | 31 | 1.5 | % | ||||||||||||||||||||
2023 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Thereafter | 3 | 70,880 | 39.8 | % | 42.42 | 51.5 | % | 6 | 105,967 | 84.7 | % | 31.19 | 90.1 | % | 9 | 176,847 | 58.4 | % | 35.69 | 66.4 | % | ||||||||||||||||||
Total | 4 | 177,906 | 100 | % | $ | 32.84 | 100.0 | % | 9 | 124,971 | 100.0 | % | $ | 29.35 | 100.0 | % | 13 | 302,877 | 100.0 | % | $ | 31.40 | 100.0 | % | |||||||||||||||
— | Total Vacant | 15,500 | Total Vacant | 15,500 | Total Vacant | ||||||||||||||||||||||||||||||||||
177,906 | Total Square Feet | 140,471 | Total Square Feet | 318,377 | Total Square Feet | ||||||||||||||||||||||||||||||||||
Fund III: | |||||||||||||||||||||||||||||||||||||||
Anchor Tenants | Shop Tenants | Total Tenants | |||||||||||||||||||||||||||||||||||||
Gross Leased Area | Base Rent | Gross Leased Area | Base Rent | Gross Leased Area | Base Rent | ||||||||||||||||||||||||||||||||||
No. of Leases | Expiring | Percent | Percent | No. of Leases | Expiring | Percent | Percent | No. of Leases | Expiring | Percent | Percent | ||||||||||||||||||||||||||||
Year | Expiring | SF | of Total | PSF | of Total | Expiring | SF | of Total | PSF | of Total | Expiring | SF | of Total | PSF | of Total | ||||||||||||||||||||||||
M to M1 | — | — | — | $ | — | — | 2 | 4,000 | 0.8 | % | $ | 23.27 | 0.5% | 2 | 4,000 | 0.3 | % | $ | 23.27 | 0.3% | |||||||||||||||||||
2014 | 2 | 56,379 | 5.4 | % | 16.12 | 8.5 | % | 19 | 72,196 | 15.2 | % | 30.39 | 11.6 | % | 21 | 128,575 | 8.5 | % | 24.13 | 10.5 | % | ||||||||||||||||||
2015 | 3 | 81,465 | 7.8 | % | 7.02 | 5.3 | % | 14 | 28,773 | 6.0 | % | 37.02 | 5.6 | % | 17 | 110,238 | 7.3 | % | 14.85 | 5.5 | % | ||||||||||||||||||
2016 | 1 | 26,561 | 2.6 | % | 8.00 | 2.0 | % | 23 | 54,548 | 11.5 | % | 37.35 | 10.8 | % | 24 | 81,109 | 5.4 | % | 27.74 | 7.6 | % | ||||||||||||||||||
2017 | 2 | 52,131 | 5.0 | % | 18.36 | 8.9 | % | 14 | 54,065 | 11.4 | % | 27.76 | 7.9 | % | 16 | 106,196 | 7.0 | % | 23.15 | 8.3 | % | ||||||||||||||||||
2018 | 5 | 287,562 | 27.7 | % | 12.54 | 33.5 | % | 24 | 78,628 | 16.6 | % | 33.82 | 14.1 | % | 29 | 366,190 | 24.0 | % | 17.11 | 21.2 | % | ||||||||||||||||||
2019 | 1 | 179,944 | 17.3 | % | 4.62 | 7.7 | % | 10 | 32,005 | 6.7 | % | 71.41 | 12.1 | % | 11 | 211,949 | 14.0 | % | 14.70 | 10.5 | % | ||||||||||||||||||
2020 | — | — | — | % | — | — | 4 | 9,046 | 1.9 | % | 23.88 | 1.1 | % | 4 | 9,046 | 0.6 | % | 23.88 | 0.7 | % | |||||||||||||||||||
2021 | 1 | 35,601 | 3.4 | % | 10.76 | 3.6 | % | 6 | 26,174 | 5.5 | % | 36.53 | 5.1 | % | 7 | 61,775 | 4.1 | % | 21.68 | 4.5 | % | ||||||||||||||||||
2022 | 1 | 65,028 | 6.3 | % | 17.00 | 10.3 | % | 10 | 32,038 | 6.7 | % | 47.16 | 8 | % | 11 | 97,066 | 6.4 | % | 26.95 | 8.8 | % | ||||||||||||||||||
2023 | 2 | 38,836 | 3.7 | % | 15.49 | 5.6 | % | 12 | 43,421 | 9.1 | % | 54.38 | 12.5 | % | 14 | 82,257 | 5.4 | % | 36.02 | 10.0 | % | ||||||||||||||||||
Thereafter | 3 | 216,153 | 20.8 | % | 7.26 | 14.6 | % | 9 | 41,086 | 8.6 | % | 49.07 | 10.7 | % | 12 | 257,239 | 17.0 | % | 13.94 | 12.1 | % | ||||||||||||||||||
Total | 21 | 1,039,660 | 100.0 | % | $ | 10.34 | 100.0 | % | 147 | 475,980 | 100.0 | % | $ | 39.70 | 100 | % | 168 | 1,515,640 | 100.0 | % | $ | 19.56 | 100.0 | % | |||||||||||||||
53,221 | Total Vacant | 138,274 | Total Vacant | 191,495 | Total Vacant | ||||||||||||||||||||||||||||||||||
1,092,881 | Total Square Feet | 614,254 | Total Square Feet | 1,707,135 | Total Square Feet | ||||||||||||||||||||||||||||||||||
Fund IV: | |||||||||||||||||||||||||||||||||||||||
Anchor Tenants | Shop Tenants | Total Tenants | |||||||||||||||||||||||||||||||||||||
Gross Leased Area | Base Rent | Gross Leased Area | Base Rent | Gross Leased Area | Base Rent |
No. of Leases | Expiring | Percent | Percent | No. of Leases | Expiring | Percent | Percent | No. of Leases | Expiring | Percent | Percent | ||||||||||||||||||||||||||||
Year | Expiring | SF | of Total | PSF | of Total | Expiring | SF | of Total | PSF | of Total | Expiring | SF | of Total | PSF | of Total | ||||||||||||||||||||||||
M to M1 | — | — | — | $ | — | — | 3 | 4,962 | 2.1% | $ | 29.50 | 1.4% | 3 | 4,962 | 0.8 | % | $ | 29.50 | 0.9 | % | |||||||||||||||||||
2014 | 1 | 39,941 | 9.9% | 10.14 | 8.0% | 12 | 40,393 | 17.0% | 78.42 | 29.6 | % | 13 | 80,334 | 12.6 | % | 44.47 | 22.8 | % | |||||||||||||||||||||
2015 | — | — | — | — | — | 2 | 6,351 | 2.7 | % | 101.92 | 6.0 | % | 2 | 6,351 | 1.0 | % | 101.92 | 4.1 | % | ||||||||||||||||||||
2016 | — | — | — | 5 | 13,175 | 5.5 | % | 23.07 | 2.8 | % | 5 | 13,175 | 2.1 | % | 23.07 | 1.9 | % | ||||||||||||||||||||||
2017 | 1 | 58,674 | 14.6 | % | 15.96 | 18.5 | % | 4 | 13,438 | 5.7 | % | 46.43 | 5.8 | % | 5 | 72,112 | 11.3 | % | 21.63 | 9.9 | % | ||||||||||||||||||
2018 | — | — | — | — | — | 14 | 40,660 | 17.1 | % | 26.23 | 10.0 | % | 14 | 40,660 | 6.4 | % | 26.23 | 6.8 | % | ||||||||||||||||||||
2019 | 1 | 39,220 | 9.8 | % | 17.75 | 13.8 | % | 9 | 54,938 | 23.2 | % | 23.28 | 11.9 | % | 10 | 94,158 | 14.7 | % | 20.98 | 12.5 | % | ||||||||||||||||||
2020 | 1 | 27,926 | 6.9 | % | 12.00 | 6.6 | % | 4 | 19,900 | 8.4 | % | 21.14 | 3.9 | % | 5 | 47,826 | 7.5 | % | 15.80 | 4.8 | % | ||||||||||||||||||
2021 | 1 | 32,144 | 8.0 | % | 11.50 | 7.3 | % | 3 | 5,235 | 2.2 | % | 92.27 | 4.5 | % | 4 | 37,379 | 5.8 | % | 22.81 | 5.4 | % | ||||||||||||||||||
2022 | 2 | 26,568 | 6.6 | % | 10.14 | 5.3 | % | 5 | 16,009 | 6.7 | % | 108.74 | 16.3 | % | 7 | 42,577 | 6.7 | % | 47.21 | 12.7 | % | ||||||||||||||||||
2023 | 1 | 33,000 | 8.2 | % | 9.50 | 6.2 | % | 3 | 14,063 | 5.9 | % | 27.50 | 3.6 | % | 4 | 47,063 | 7.4 | % | 14.88 | 4.4 | % | ||||||||||||||||||
Thereafter | 2 | 144,402 | 36.0 | % | 12.00 | 34.3 | % | 2 | 8,311 | 3.5 | % | 53.71 | 4.2 | % | 4 | 152,713 | 23.7 | % | 14.27 | 13.8 | % | ||||||||||||||||||
Total | 10 | 401,875 | 100.0 | % | $ | 12.59 | 100.0 | % | 66 | 237,435 | 100.0 | % | $ | 45.12 | 100.0 | % | 76 | 639,310 | 100.0 | % | $ | 24.67 | 100.0 | % | |||||||||||||||
— | Total Vacant | 86,500 | Total Vacant | 86,500 | Total Vacant | ||||||||||||||||||||||||||||||||||
401,875 | Total Square Feet | 323,935 | Total Square Feet | 725,810 | Total Square Feet | ||||||||||||||||||||||||||||||||||
Notes: | |||||||||||||||||||||||||||||||||||||||
1 Leases currently under month to month or in process of renewal |
Development Activity | |||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||
Estimated | Estimated Sq.Ft. | Acquisition & Development Costs | Outstanding | ||||||||||||||||||||||||||||||
Property | Ownership | Location | Completion | Upon Completion | Leased Rate 6 | Key Tenants | Incurred | Estimated Future Range | Estimated Total Range | Debt | |||||||||||||||||||||||
FUND II | |||||||||||||||||||||||||||||||||
City Point 1 | 94.2 | % | Brooklyn, NY | 2015 | 675,000 | 65% 2 | Century 21, CityTarget, Alamo Drafthouse, Armani Exchange | $ | 249.5 | $ | 30.5 | to | $ | 60.5 | 3 | $ | 280.0 | to | $ | 310.0 | 3 | $ | 262.9 | ||||||||||
Sherman Plaza | 99.1 | % | New York, NY | TBD | TBD | — | TBD | 35.0 | TBD | TBD | TBD | TBD | — | ||||||||||||||||||||
$ | 284.5 | TBD | TBD | TBD | TBD | $ | 262.9 | ||||||||||||||||||||||||||
FUND III | |||||||||||||||||||||||||||||||||
723 N. Lincoln Lane 4 | 95.0 | % | Miami Beach, FL | TBD | TBD | — | TBD | $ | 6.7 | TBD | TBD | TBD | TBD | $ | — | ||||||||||||||||||
Cortlandt Crossing | 100.0 | % | Mohegan Lake, NY | 2016 | 150,000 - 170,000 | — | TBD | 12.1 | 34.9 | to | 43.9 | 47.0 | to | 56.0 | — | 5 | |||||||||||||||||
3104 M Street NW | 100.0 | % | Washington, D.C. | TBD | 10,000 | — | TBD | 3.1 | 3.9 | to | 5.4 | 7.0 | to | 8.5 | — | ||||||||||||||||||
Broad Hollow Commons | 100.0 | % | Farmingdale, NY | 2016 | 180,000 - 200,000 | — | TBD | 13.5 | 36.5 | to | 46.5 | 50.0 | to | 60 | — | ||||||||||||||||||
$ | 35.4 | TBD | TBD | TBD | TBD | — | |||||||||||||||||||||||||||
FUND IV | |||||||||||||||||||||||||||||||||
210 Bowery | 100.0 | % | New York, NY | 2016 | 10,000 | — | TBD | $ | 7.8 | $ | 3.7 | to | $ | 4.2 | $ | 11.5 | to | $ | 12.0 | $ | 4.6 | ||||||||||||
Notes: | |||||||||||||||||||||||||||||||||
1 Acquired a leasehold interest in this property. The first 50,000 square feet of the project (Phase 1) has been completed. Construction of the next approximately 625,000 square feet (Phase 2) is underway. | |||||||||||||||||||||||||||||||||
2 Leased rate calculated on approximately 475,000 rentable square feet. | |||||||||||||||||||||||||||||||||
3 Net of anticipated reimbursements from retail tenants and proceeds from residential tower sales. | |||||||||||||||||||||||||||||||||
4 This property is part of a three-property portfolio. The other two are operating properties. | |||||||||||||||||||||||||||||||||
5 The loan on Fund III's Lincoln Road Portfolio includes this property as collateral. For the purpose of this schedule, the outstanding debt was not allocated among the Portfolio's three properties. | |||||||||||||||||||||||||||||||||
6 The leased rate excludes pre-redevelopment tenants. |
Retailer Controlled Property ("RCP") Venture - Overview 1 | ||||||||||||||||||
Item | Description | |||||||||||||||||
Date formed | August 2004 | |||||||||||||||||
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) | ||||||||||||||||||
RCP Venture - Investments | ||||||||||||||||||
The following table summarizes the RCP Venture investments from inception through December 31, 2013 | ||||||||||||||||||
Distributions | ||||||||||||||||||
Years | Invested | Current | From | Equity | ||||||||||||||
Investor | Investment | acquired | capital | year-to-date | inception | Multiple | ||||||||||||
Mervyns I and Mervyns II | Mervyns | 2004 through | $ | 33,605 | $ | 2,726 | $ | 52,250 | 1.6x | |||||||||
2007 | ||||||||||||||||||
Mervyns II | Albertson’s | 2006 through | 23,133 | — | 86,458 | 3.7x | ||||||||||||
2007 | ||||||||||||||||||
Fund II and Mervyns II | Other investments 2 | 2006 through | 6,476 | 801 | 7,055 | 1.1x | ||||||||||||
2008 | ||||||||||||||||||
Total | $ | 63,214 | $ | 3,527 | $ | 145,763 | 2.3x | |||||||||||
Notes: | ||||||||||||||||||
1 The RCP Venture is not a separate AKR Fund, rather it is a venture | ||||||||||||||||||
in which AKR, Funds I and II have invested approximately $63 million in equity. | ||||||||||||||||||
2 Represents investments in Shopko, Marsh and Rex Stores. |
Important Notes
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. However, the Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. In addition, the Company also discloses FFO as adjusted to include the extraordinary gain from its RCP investment in Albertson's. The Company believes that income or gains derived from its RCP investments, including its investment in Albertson's, are private-equity investments and, as such, should be treated as operating income and therefore FFO. The Company believes that this supplement adjustment more appropriately reflects the results of its operations. The Company also provides two other supplemental disclosures of operating performance, adjusted funds from operations ("AFFO") and funds available for distribution ("FAD"). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures. The Company defines FAD as AFFO adjusted for scheduled debt principal payments.
USE OF EBITDA AND NOI AS NON-GAAP FINANCIAL MEASURES
EBITDA and NOI are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude 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.