Exhibit 99.2
EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO
Table of Contents |
|
| Supplemental Report – March 31, 2024 | ||
|
|
|
|
|
|
Section I – First Quarter 2024 Earnings Press Release |
|
|
|
|
|
Section II – Financial Information |
|
| Section III – Core Portfolio Information |
|
|
|
|
|
|
|
|
3 |
|
| 29 | ||
4 |
|
| 33 | ||
Operating Statements |
|
|
| 34 | |
5 |
|
| 35 | ||
7 |
|
| 36 | ||
8 |
|
|
|
| |
9 |
|
|
|
| |
Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations ("AFFO") | 11 |
| Section IV – Fund Information |
|
|
12 |
|
|
|
| |
13 |
|
| 37 | ||
14 |
|
| 39 | ||
15 |
|
| 42 | ||
|
|
|
| 43 | |
Other Information |
|
|
|
|
|
16 |
|
|
|
| |
17 |
|
|
|
| |
18 |
|
|
|
| |
19 |
| Section V – Other Information |
|
| |
Debt Analysis |
|
|
|
|
|
23 |
|
| 44 | ||
24 |
|
|
|
| |
26 |
|
|
|
| |
28 |
|
|
|
|
Visit www.acadiarealty.com for additional investor and portfolio information
Supplemental Report – March 31, 2024 | Company Information | |||||
Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its Core Portfolio and through a series of 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 | ||||
411 Theodore Fremd Avenue | Stuart Seeley | Symbol AKR | ||||
Suite 300 | Senior Managing Director of Strategy & Public Markets | |||||
Rye, NY 10580 |
| |||||
Jennifer Han | ||||||
Director, Reporting & Investor Relations | ||||||
|
|
|
|
|
|
|
|
|
|
| (914) 288-8100 |
|
|
|
|
|
| investorrelations@acadiarealty.com |
|
|
Analyst Coverage | ||||||
Bank of America / Merrill Lynch | Citigroup - Global Markets | KeyBanc Capital Markets, Inc. | ||||
Jeff Spector - (646) 855-1363 | Craig Mailman - (212) 816-4471 | Todd Thomas - (917) 368-2286 | ||||
jeff.spector@bofa.com | craig.mailman@citi.com | tthomas@key.com | ||||
Green Street Advisors | Compass Point Research & Trading | J.P. Morgan Securities, Inc. | ||||
Paulina Rojas Schmidt - (949) 640-8780 | Floris van Dijkum - (646) 757-2621 | Michael W. Mueller, CFA - (212) 622-6689 | ||||
projasschmidt@greenstreet.com | fvandijkum@compasspointllc.com | michael.w.mueller@jpmorgan.com | ||||
|
|
|
|
|
|
|
Jefferies | Truist | |||||
Linda Tsai - (212) 778-8011 | Ki Bin Kim, CFA - (212) 303-4124 |
| ||||
ltsai@jefferies.com | kibin.kim@truist.com |
| ||||
|
| 3 |
|
| Market Capitalization |
Supplemental Report – March 31, 2024 | (Including pro-rata share of Fund debt, in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
| Changes in Total Outstanding Common |
|
| Weighted Average |
| |||||||||||||||||||||||||
|
| Total Market |
|
|
|
| Capitalization |
| Shares and OP Units |
|
| Diluted EPS |
|
| Diluted FFO |
| ||||||||||||||||||||||
|
| Capitalization |
|
| % |
| Based on Net |
|
|
| Common |
|
| Common OP Units |
|
| Total |
|
| Quarter |
|
| YTD |
|
| Quarter |
|
| YTD |
| ||||||||
Equity Capitalization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Common Shares |
|
| 103,156 |
|
|
|
|
|
| Balance at 12/31/2023 |
|
| 95,362 |
|
|
| 5,345 |
|
|
| 100,707 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Common Operating Partnership ("OP") Units |
|
| 4,967 |
|
|
|
|
|
| Vesting RS and LTIPs |
|
| 9 |
|
|
| 417 |
|
|
| 426 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Combined Common Shares and OP Units |
|
| 108,123 |
|
|
|
|
|
| OP Conversions |
|
| 795 |
|
|
| (795 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
| Issuance of Shares |
|
| 6,987 |
|
|
| — |
|
|
| 6,987 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Share Price at March 31, 2024 |
| $ | 17.01 |
|
|
|
|
|
| Other |
|
| 3 |
|
|
| — |
|
|
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
| Balance at 3/31/2024 |
|
| 103,156 |
|
|
| 4,967 |
|
|
| 108,123 |
|
|
| 102,128 |
|
|
| 102,128 |
|
|
| 111,051 |
|
|
| 111,051 |
| |
Equity Capitalization - Common Shares and OP Units |
| $ | 1,839,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Preferred OP Units 2 |
|
| 7,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Equity Capitalization |
|
| 1,847,063 |
|
| 58% |
| 58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Debt Capitalization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Consolidated debt 3 |
|
| 1,734,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Adjustment to reflect pro-rata share of debt |
|
| (405,812 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Debt Capitalization |
|
| 1,328,651 |
|
| 42% |
| 42% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Market Capitalization |
| $ | 3,175,714 |
|
| 100% |
| 100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
| 4 |
|
| Consolidated Statements of Operations |
Supplemental Report – March 31, 2024 | (in thousands) |
|
|
|
| |
|
| March 31, 2024 1 |
| |
|
| Quarter |
| |
Revenues |
|
|
| |
Rental income |
| $ | 86,037 |
|
Other |
|
| 5,319 |
|
Total revenues |
|
| 91,356 |
|
Expenses |
|
|
| |
Depreciation and amortization |
|
| 34,940 |
|
General and administrative |
|
| 9,768 |
|
Real estate taxes |
|
| 12,346 |
|
Property operating |
|
| 19,096 |
|
Total expenses |
|
| 76,150 |
|
|
|
|
| |
Loss related to a previously disposed property |
|
| (1,198 | ) |
Operating income |
|
| 14,008 |
|
Equity in losses of unconsolidated affiliates |
|
| (312 | ) |
Interest income |
|
| 5,238 |
|
Realized and unrealized holding losses on investments and other |
|
| (2,051 | ) |
Interest expense |
|
| (23,709 | ) |
Loss from continuing operations before income taxes |
|
| (6,826 | ) |
Income tax provision |
|
| (31 | ) |
Net loss |
|
| (6,857 | ) |
Net loss attributable to redeemable noncontrolling interests |
|
| 2,554 |
|
Net loss attributable to noncontrolling interests |
|
| 7,572 |
|
Net income attributable to Acadia |
| $ | 3,269 |
|
|
|
|
|
|
| March 31, 2024 1 |
| |
|
| Quarter |
| |
Reconciliation of Revenues to Consolidated GAAP Revenues |
|
|
| |
Total Revenues |
| $ | 85,782 |
|
Straight-line rent income |
|
| 129 |
|
Above/below-market rent income |
|
| 1,325 |
|
Asset and property management fees |
|
| 185 |
|
Development, construction, leasing and legal fees |
|
| 66 |
|
Other income |
|
| 3,869 |
|
Consolidated Total Revenues |
| $ | 91,356 |
|
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
Reconciliation of Operating Expenses to Consolidated GAAP Expenses |
|
|
| |
Property operating - CAM and Other |
| $ | 15,725 |
|
Other property operating (Non-CAM) |
|
| 3,219 |
|
Asset and property management expense |
|
| 152 |
|
Consolidated Total Operating Expenses |
| $ | 19,096 |
|
|
|
|
| |
|
|
|
|
5
| Consolidated Statements of Operations - Detail |
Supplemental Report – March 31, 2024 | (in thousands) |
|
|
|
| |
|
| March 31, 2024 1 |
| |
CORE PORTFOLIO AND FUND INCOME |
| Quarter |
| |
REVENUES |
|
|
| |
Minimum rents |
| $ | 66,532 |
|
Percentage rents |
|
| 685 |
|
Expense reimbursements - CAM |
|
| 8,896 |
|
Expense reimbursements - Taxes |
|
| 8,483 |
|
Other property income |
|
| 1,186 |
|
Total Revenues |
|
| 85,782 |
|
|
|
|
| |
EXPENSES |
|
|
| |
Property operating - CAM |
|
| 14,759 |
|
Other property operating (Non-CAM) |
|
| 3,219 |
|
Real estate taxes |
|
| 12,346 |
|
Asset and property management expense |
|
| 152 |
|
Total Expenses |
|
| 30,476 |
|
|
|
|
| |
NET OPERATING INCOME - PROPERTIES |
|
| 55,306 |
|
|
|
|
| |
OTHER INCOME (EXPENSE) |
|
|
| |
Interest income |
|
| 5,238 |
|
Straight-line rent income |
|
| 129 |
|
Above/below-market rent income |
|
| 1,325 |
|
Interest expense 2 |
|
| (21,433 | ) |
Amortization of finance costs |
|
| (1,766 | ) |
Above/below-market interest income |
|
| 12 |
|
Finance lease interest expense |
|
| (522 | ) |
Other income |
|
| 2,867 |
|
CORE PORTFOLIO AND FUND INCOME |
|
| 41,156 |
|
|
|
|
| |
FEE AND OTHER INCOME 3 |
|
|
| |
Asset and property management fees |
|
| 185 |
|
Development, construction, leasing and legal fees |
|
| 66 |
|
Total Fund Fee Income |
|
| 251 |
|
|
|
|
| |
Net promote and other transactional income |
|
| — |
|
Total Fund Fee Income, Net Promote and Other Transactional Income |
|
| 251 |
|
|
|
|
| |
Realized gains on marketable securities, net |
|
| 3,994 |
|
Less: previously recognized unrealized gains on marketable securities sold |
|
| (3,994 | ) |
Unrealized losses on marketable securities |
|
| (2,015 | ) |
Income tax provision |
|
| (31 | ) |
Total Fee and Other Loss |
|
| (1,795 | ) |
|
|
|
| |
General and Administrative |
|
| (9,768 | ) |
|
|
|
| |
Depreciation and amortization |
|
| (34,849 | ) |
Non-real estate depreciation and amortization |
|
| (91 | ) |
Loss related to a previously disposed property |
|
| (1,198 | ) |
(Loss) gain before equity in earnings and noncontrolling interests |
|
| (6,545 | ) |
|
|
|
| |
Equity in losses of unconsolidated affiliates |
|
| (312 | ) |
Noncontrolling interests (including redeemable noncontrolling interests) |
|
| 10,126 |
|
|
|
|
| |
NET INCOME ATTRIBUTABLE TO ACADIA |
| $ | 3,269 |
|
|
|
|
|
6
| Statements of Operations – Pro-Rata Adjustments |
Supplemental Report – March 31, 2024 | (in thousands) |
|
|
|
|
|
|
| ||
|
| Quarter Ended March 31, 2024 |
| |||||
CORE PORTFOLIO AND FUND INCOME |
| Noncontrolling |
|
| Company’s |
| ||
REVENUES |
|
|
|
|
|
| ||
Minimum rents |
| $ | (28,944 | ) |
| $ | 14,697 |
|
Percentage rents |
|
| (190 | ) |
|
| 110 |
|
Expense reimbursements - CAM |
|
| (4,286 | ) |
|
| 1,885 |
|
Expense reimbursements - Taxes |
|
| (3,414 | ) |
|
| 2,122 |
|
Other property income |
|
| (337 | ) |
|
| 68 |
|
Total Revenues |
|
| (37,171 | ) |
|
| 18,882 |
|
|
|
|
|
|
|
| ||
EXPENSES |
|
|
|
|
|
| ||
Property operating - CAM |
|
| (6,847 | ) |
|
| 2,411 |
|
Other property operating (Non-CAM) |
|
| (891 | ) |
|
| 300 |
|
Real estate taxes |
|
| (4,669 | ) |
|
| 3,132 |
|
Asset and property management expense |
|
| (435 | ) |
|
| 584 |
|
Total Expenses |
|
| (12,842 | ) |
|
| 6,427 |
|
NET OPERATING INCOME - PROPERTIES |
|
| (24,329 | ) |
|
| 12,455 |
|
|
|
|
|
|
|
| ||
OTHER INCOME (EXPENSE) |
|
|
|
|
|
| ||
Interest income |
|
| (47 | ) |
|
| 7 |
|
Straight-line rent income |
|
| (337 | ) |
|
| 404 |
|
Above/below-market rent income (expense) |
|
| (644 | ) |
|
| 494 |
|
Interest expense |
|
| 12,331 |
|
|
| (4,739 | ) |
Amortization of finance costs |
|
| 1,017 |
|
|
| (347 | ) |
Above/below-market interest income |
|
| — |
|
|
| 31 |
|
Finance lease interest expense |
|
| 340 |
|
|
| (100 | ) |
Other income (expense) |
|
| (238 | ) |
|
| 29 |
|
CORE PORTFOLIO AND FUND INCOME |
|
| (11,907 | ) |
|
| 8,234 |
|
|
|
|
|
|
|
| ||
FEE AND OTHER INCOME 3 |
|
|
|
|
|
| ||
Asset and property management fees |
|
| 2,695 |
|
|
| 141 |
|
Development, construction, leasing and legal fees |
|
| 1,786 |
|
|
| 65 |
|
Total Fund Fee Income |
|
| 4,481 |
|
|
| 206 |
|
|
|
|
|
|
|
| ||
Net promote and other transactional income |
|
| — |
|
|
| — |
|
Total Fund Fee Income, Net Promote and Other Transactional Income |
|
| 4,481 |
|
|
| 206 |
|
|
|
|
|
|
|
| ||
Realized gains on marketable securities, net |
|
| — |
|
|
| — |
|
Less: previously recognized unrealized gains on marketable securities sold |
|
| — |
|
|
| — |
|
Unrealized gains on marketable securities |
|
| — |
|
|
| — |
|
Income tax provision |
|
| (17 | ) |
|
| (6 | ) |
Total Fee and Other Loss |
|
| 4,464 |
|
|
| 200 |
|
|
|
|
|
|
|
| ||
General and Administrative |
|
| 579 |
|
|
| (238 | ) |
Depreciation and amortization |
|
| 16,270 |
|
|
| (8,508 | ) |
Loss related to a previously disposed property |
|
| 923 |
|
|
| — |
|
(Loss) gain before equity in earnings and noncontrolling interests |
|
| 10,329 |
|
|
| (312 | ) |
|
|
|
|
|
|
| ||
Equity in losses of unconsolidated affiliates |
|
| — |
|
|
| — |
|
Noncontrolling interests (including redeemable noncontrolling interests) 6 |
|
| (203 | ) |
|
| — |
|
|
|
|
|
|
|
| ||
NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA |
| $ | 10,126 |
|
| $ | (312 | ) |
|
|
|
|
|
|
|
| 7 |
|
| Balance Sheet |
Supplemental Report – March 31, 2024 | (in thousands) |
ASSETS |
| Consolidated |
|
| Line Item Details: |
| ||||
Real estate |
|
|
|
|
|
|
|
| ||
Land |
| $ | 871,084 |
|
| The components of Real estate under development, at cost are as follows: |
| |||
Buildings and improvements |
|
| 3,137,273 |
|
| Core |
| $ | 67,698 |
|
Tenant improvements |
|
| 264,548 |
|
| Fund III |
|
| 28,896 |
|
Construction in progress |
|
| 22,884 |
|
| Total |
| $ | 96,594 |
|
Right-of-use assets - finance leases |
|
| 58,637 |
|
|
|
|
|
| |
|
|
| 4,354,426 |
|
|
|
|
|
| |
Less: Accumulated depreciation and amortization |
|
| (854,731 | ) |
|
|
|
|
| |
Operating real estate, net |
|
| 3,499,695 |
|
|
|
|
|
| |
Real estate under development |
|
| 96,594 |
|
| Summary of other assets, net: |
|
|
| |
Net investments in real estate |
|
| 3,596,289 |
|
| Deferred charges, net |
| $ | 30,617 |
|
Notes receivable, net ($1,416 of allowance for credit losses) |
|
| 118,877 |
|
| Accrued interest receivable |
|
| 27,004 |
|
Investments in and advances to unconsolidated affiliates |
|
| 198,702 |
|
| Due from seller |
|
| 2,389 |
|
Lease intangibles, net |
|
| 93,679 |
|
| Prepaid expenses |
|
| 12,802 |
|
Other assets, net |
|
| 119,020 |
|
| Other receivables |
|
| 2,121 |
|
Right-of-use assets - operating leases, net |
|
| 28,348 |
|
| Income taxes receivable |
|
| 1,839 |
|
Cash and cash equivalents |
|
| 18,795 |
|
| Corporate assets, net |
|
| 833 |
|
Restricted cash |
|
| 8,119 |
|
| Deposits |
|
| 574 |
|
Marketable securities |
|
| 27,274 |
|
| Derivative financial instruments |
|
| 40,841 |
|
Straight-line rents receivable, net |
|
| 37,537 |
|
| Total |
| $ | 119,020 |
|
Rents receivable, net |
|
| 13,995 |
|
|
|
|
|
| |
Assets of properties held for sale |
|
| 11,147 |
|
|
|
|
|
| |
Total assets |
| $ | 4,271,782 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
|
|
|
|
|
|
|
| ||
Liabilities: |
|
|
|
|
|
|
|
| ||
Mortgage and other notes payable, net |
|
| 962,468 |
|
|
|
|
|
| |
Unsecured notes payable, net |
|
| 646,524 |
|
| Summary of accounts payable and other liabilities: |
|
|
| |
Unsecured line of credit |
|
| 114,687 |
|
| Lease liability - finance leases, net |
| $ | 32,696 |
|
Accounts payable and other liabilities |
|
| 145,980 |
|
| Accounts payable and accrued expenses |
|
| 58,163 |
|
Lease liability - operating leases |
|
| 30,620 |
|
| Deferred income |
|
| 36,248 |
|
Dividends and distributions payable |
|
| 19,978 |
|
| Tenant security deposits, escrow and other |
|
| 14,181 |
|
Lease intangibles, net |
|
| 72,136 |
|
| Derivative financial instruments |
|
| 4,692 |
|
Distributions in excess of income from, and investments in, unconsolidated affiliates |
|
| 7,858 |
|
| Total |
| $ | 145,980 |
|
Total liabilities |
|
| 2,000,251 |
|
|
|
|
|
| |
Commitments and contingencies |
|
|
|
|
|
|
|
| ||
Redeemable noncontrolling interests |
|
| 45,462 |
|
|
|
|
|
| |
Shareholders' Equity |
|
|
|
|
|
|
|
| ||
Common shares |
|
| 103 |
|
|
|
|
|
| |
Additional paid-in capital |
|
| 2,078,295 |
|
|
|
|
|
| |
Accumulated other comprehensive income |
|
| 46,942 |
|
|
|
|
|
| |
Distributions in excess of accumulated earnings |
|
| (364,440 | ) |
|
|
|
|
| |
Total Acadia shareholders’ equity |
|
| 1,760,900 |
|
|
|
|
|
| |
Noncontrolling interests |
|
| 465,169 |
|
|
|
|
|
| |
Total equity |
|
| 2,226,069 |
|
|
|
|
|
| |
Total liabilities, redeemable noncontrolling interests, and equity |
| $ | 4,271,782 |
|
|
|
|
|
|
| 8 |
|
| Balance Sheet – Pro-rata Adjustments7 |
Supplemental Report – March 31, 2024 | (in thousands) |
ASSETS |
| Noncontrolling |
|
| Company’s |
| ||
Real estate |
|
|
|
|
|
| ||
Land |
| $ | (203,959 | ) |
| $ | 69,033 |
|
Buildings and improvements |
|
| (811,124 | ) |
|
| 268,210 |
|
Tenant improvements |
|
| (55,912 | ) |
|
| 20,809 |
|
Construction in progress |
|
| (5,228 | ) |
|
| 1,670 |
|
Right-of-use assets - finance leases |
|
| (22,571 | ) |
|
| 22,198 |
|
|
|
| (1,098,794 | ) |
|
| 381,920 |
|
Less: Accumulated depreciation and amortization |
|
| 145,906 |
|
|
| (77,423 | ) |
Operating real estate, net |
|
| (952,888 | ) |
|
| 304,497 |
|
Real estate under development |
|
| (21,805 | ) |
|
| (16 | ) |
Net investments in real estate |
|
| (974,693 | ) |
|
| 304,481 |
|
Notes receivable, net ($1,416 of allowance for credit losses) |
|
| 66,046 |
|
|
| — |
|
Investments in and advances to unconsolidated affiliates |
|
| (72,056 | ) |
|
| (122,288 | ) |
Lease intangibles, net |
|
| (41,520 | ) |
|
| 7,061 |
|
Other assets, net |
|
| 13,331 |
|
|
| 8,067 |
|
Right-of-use assets - operating leases, net |
|
| (1,600 | ) |
|
| — |
|
Cash and cash equivalents |
|
| (9,856 | ) |
|
| 6,779 |
|
Restricted cash |
|
| (4,329 | ) |
|
| 2,020 |
|
Marketable securities |
|
| — |
|
|
| — |
|
Straight-line rents receivable, net |
|
| (9,114 | ) |
|
| 5,492 |
|
Rents receivable, net |
|
| (4,745 | ) |
|
| 1,936 |
|
Assets of properties held for sale |
|
| (8,591 | ) |
|
| — |
|
Total assets |
| $ | (1,047,127 | ) |
| $ | 213,548 |
|
|
|
|
|
|
|
| ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
|
|
|
|
|
| ||
Mortgage and other notes payable, net |
| $ | (572,729 | ) |
| $ | 185,695 |
|
Unsecured notes payable, net |
|
| — |
|
|
| — |
|
Unsecured line of credit |
|
| — |
|
|
| — |
|
Accounts payable and other liabilities |
|
| (32,172 | ) |
|
| 21,784 |
|
Lease intangibles, net |
|
| (31,518 | ) |
|
| 5,718 |
|
Lease liability - operating leases |
|
| (1,674 | ) |
|
| 4 |
|
Dividends and distributions payable |
|
| — |
|
|
| — |
|
Lease liability - finance leases |
|
| (20,907 | ) |
|
| 8,026 |
|
Distributions in excess of income from, and investments in, unconsolidated affiliates |
|
| — |
|
|
| (7,679 | ) |
Total liabilities |
|
| (659,000 | ) |
|
| 213,548 |
|
Shareholders' Equity |
|
|
|
|
|
| ||
Common shares |
|
| — |
|
|
| — |
|
Additional paid-in capital |
|
| — |
|
|
| — |
|
Accumulated other comprehensive income |
|
| — |
|
|
| — |
|
Distributions in excess of accumulated earnings |
|
| — |
|
|
| — |
|
Total Acadia shareholders’ equity |
|
| — |
|
|
| — |
|
Noncontrolling interests (including redeemable noncontrolling interests) |
|
| (388,127 | ) |
|
| — |
|
Total equity |
|
| (388,127 | ) |
|
| — |
|
Total liabilities, redeemable noncontrolling interests, and equity |
| $ | (1,047,127 | ) |
| $ | 213,548 |
|
|
|
|
|
|
|
|
| 9 |
|
| Notes to Income Statements, Balance Sheet and Pro-rata Adjustments7 |
Supplemental Report – March 31, 2024 | (in thousands) |
__________
Notes to income statements, balance sheet and pro-rata adjustments:
| 10 |
|
| Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations (“AFFO”) |
Supplemental Report – March 31, 2024 | (in thousands, except per share amounts) |
|
|
|
|
|
|
| |||
| Quarter Ended |
|
| Quarter Ended |
|
| |||
|
| March 31, |
|
| March 31, |
|
| ||
Funds from operations ("FFO"): |
|
|
|
|
|
|
| ||
Net Income (Loss) attributable to Acadia |
| $ | 3,269 |
|
| $ | 13,360 |
|
|
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) |
|
| 27,087 |
|
|
| 26,444 |
|
|
Loss on disposition on real estate properties (net of noncontrolling interest share) |
|
| 275 |
|
|
| — |
|
|
Income attributable to noncontrolling interests' share in Operating Partnership |
|
| 326 |
|
|
| 917 |
|
|
FFO to Common Shareholders and Common OP Unit holders - Diluted |
| $ | 30,957 |
|
| $ | 40,721 |
|
|
|
|
|
|
|
|
| |||
Unrealized holding loss (gain) (net of noncontrolling interest share) |
|
| 2,015 |
|
|
| (66 | ) |
|
Realized gain |
|
| 3,994 |
|
|
| — |
|
|
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1 |
| $ | 36,966 |
|
| $ | 40,655 |
|
|
|
|
|
|
|
|
|
| ||
Adjusted Funds from operations ("AFFO"): |
|
|
|
|
|
|
| ||
FFO |
| $ | 30,957 |
|
| $ | 40,721 |
|
|
Unrealized holding loss (gain) (net of noncontrolling interest share) |
|
| 2,015 |
|
|
| (66 | ) |
|
Realized gain |
|
| 3,994 |
|
|
| — |
|
|
Straight-line rent, net |
|
| (196 | ) |
|
| (193 | ) |
|
Above/below-market rent |
|
| (1,175 | ) |
|
| (2,087 | ) |
|
Amortization of finance costs |
|
| 1,096 |
|
|
| 1,085 |
|
|
Above/below-market interest |
|
| (43 | ) |
|
| (47 | ) |
|
Non-real estate depreciation |
|
| 91 |
|
|
| 87 |
|
|
Stock-based compensation |
|
| 3,938 |
|
|
| 3,776 |
|
|
Leasing commissions |
|
| (560 | ) |
|
| (1,507 | ) |
|
Tenant improvements |
|
| (1,212 | ) |
|
| (4,805 | ) |
|
Maintenance capital expenditures |
|
| (1,640 | ) |
|
| (690 | ) |
|
AFFO to Common Shareholders and Common OP Unit holders |
| $ | 37,265 |
|
| $ | 36,274 |
|
|
|
|
|
|
|
|
| |||
Total weighted-average diluted shares and OP Units |
|
| 111,051 |
|
|
| 102,539 |
|
|
|
|
|
|
|
|
| |||
Diluted FFO per Common share and OP Unit: |
|
|
|
|
|
|
| ||
FFO |
| $ | 0.28 |
|
| $ | 0.40 |
|
|
|
|
|
|
|
|
|
| ||
FFO before Special Items |
| $ | 0.33 |
|
| $ | 0.40 |
|
|
|
|
|
|
|
|
|
|
__________
11
| EBITDA |
Supplemental Report – March 31, 2024 | (in thousands) |
| Quarter Ended March 31, 2024 |
|
| Quarter Ended March 31, 2023 |
| |||||||||||||||||||
| Core |
|
|
|
|
|
|
|
| Core |
|
|
|
|
|
|
| |||||||
| Portfolio |
|
| Funds |
|
| Total |
|
| Portfolio |
|
| Funds |
|
| Total |
| |||||||
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Income (Loss) Attributable to Acadia |
| $ | 7,669 |
|
| $ | (4,400 | ) |
| $ | 3,269 |
|
| $ | 5,160 |
|
| $ | 8,200 |
|
| $ | 13,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Depreciation and amortization |
|
| 20,344 |
|
|
| 6,834 |
|
|
| 27,178 |
|
|
| 20,043 |
|
|
| 6,488 |
|
|
| 26,531 |
|
Interest expense |
|
| 9,452 |
|
|
| 4,389 |
|
|
| 13,841 |
|
|
| 11,653 |
|
|
| 3,506 |
|
|
| 15,159 |
|
Amortization of finance costs |
|
| 624 |
|
|
| 472 |
|
|
| 1,096 |
|
|
| 681 |
|
|
| 404 |
|
|
| 1,085 |
|
Above/below-market interest |
|
| (43 | ) |
|
| — |
|
|
| (43 | ) |
|
| (47 | ) |
|
| — |
|
|
| (47 | ) |
Loss on disposition of properties |
|
| — |
|
|
| 275 |
|
|
| 275 |
|
|
| — |
|
|
| — |
|
|
| — |
|
Unrealized holding loss (gain) on investment in Albertsons and other |
|
| 2,015 |
|
|
| — |
|
|
| 2,015 |
|
|
| (66 | ) |
|
| — |
|
|
| (66 | ) |
Realized gain |
|
| 3,994 |
|
|
| — |
|
|
| 3,994 |
|
|
| — |
|
|
| — |
|
|
| — |
|
Provision for income taxes |
|
| 52 |
|
|
| 2 |
|
|
| 54 |
|
|
| 22 |
|
|
| 17 |
|
|
| 39 |
|
Noncontrolling interest - OP |
|
| 203 |
|
|
| — |
|
|
| 203 |
|
|
| 794 |
|
|
| — |
|
|
| 794 |
|
EBITDA |
| $ | 44,310 |
|
| $ | 7,572 |
|
| $ | 51,882 |
|
| $ | 38,240 |
|
| $ | 18,615 |
|
| $ | 56,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
EBITDA |
| $ | 44,310 |
|
| $ | 7,572 |
|
| $ | 51,882 |
|
| $ | 38,240 |
|
| $ | 18,615 |
|
| $ | 56,855 |
|
Stock based compensation |
|
| 3,938 |
|
|
| — |
|
|
| 3,938 |
|
|
| 3,776 |
|
|
| — |
|
|
| 3,776 |
|
Adjusted EBITDA |
| $ | 48,248 |
|
| $ | 7,572 |
|
| $ | 55,820 |
|
| $ | 42,016 |
|
| $ | 18,615 |
|
| $ | 60,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Core EBITDA excluding realized gains |
| $ | 40,316 |
|
|
|
|
|
|
|
| $ | 38,240 |
|
|
|
|
|
|
|
12
| Core Portfolio – Same Property Performance 1 |
Supplemental Report – March 31, 2024 | (in thousands) |
|
| Quarter Ended |
|
| Change |
| ||||||
|
| March 31, 2024 |
|
| March 31, 2023 |
|
| Favorable/ |
| |||
|
|
|
|
|
|
|
|
|
| |||
Summary |
|
|
|
|
|
|
|
|
| |||
Minimum rents |
| $ | 35,870 |
|
| $ | 33,851 |
|
|
| 6.0 | % |
Expense reimbursements |
|
| 9,069 |
|
|
| 8,691 |
|
|
| 4.3 | % |
Other property income |
|
| 1,204 |
|
|
| 1,240 |
|
|
| (2.9 | )% |
|
|
|
|
|
|
|
|
|
| |||
Total Revenue |
|
| 46,143 |
|
|
| 43,782 |
|
|
| 5.4 | % |
|
|
|
|
|
|
|
|
|
| |||
Expenses |
|
|
|
|
|
|
|
|
| |||
Property operating - CAM & Real estate taxes |
|
| 12,654 |
|
|
| 11,890 |
|
|
| (6.4 | )% |
Other property operating (Non-CAM) |
|
| 1,461 |
|
|
| 1,577 |
|
|
| 7.4 | % |
|
|
|
|
|
|
|
|
|
| |||
Total Expenses |
|
| 14,115 |
|
|
| 13,467 |
|
|
| (4.8 | )% |
|
|
|
|
|
|
|
|
|
| |||
Same Property NOI - Core properties |
| $ | 32,028 |
|
| $ | 30,315 |
|
|
| 5.7 | % |
|
|
|
|
|
|
|
|
|
| |||
Reconciliation of Same Property NOI to Core NOI |
|
|
|
|
|
|
|
|
| |||
NOI of Properties excluded from Same Property NOI |
|
| 3,926 |
|
|
| 5,900 |
|
|
|
| |
Core NOI |
| $ | 35,954 |
|
| $ | 36,215 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
| |||
Other same property information |
|
|
|
|
|
|
|
|
| |||
Physical Occupancy at the end of the period |
|
| 91.8 | % |
|
| 92.8 | % |
|
|
| |
Leased Occupancy at the end of the period |
|
| 94.4 | % |
|
| 94.6 | % |
|
|
|
__________
13
| Fee Income by Fund 1 |
Supplemental Report – March 31, 2024 | (in thousands) |
|
| Fund II |
|
| Fund III |
|
| Fund IV |
|
| Fund V |
|
| Other |
|
| Total |
| ||||||
Quarter Ended March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Asset and property management fees |
| $ | 75 |
|
| $ | 21 |
|
| $ | 865 |
|
| $ | 1,904 |
|
| $ | 156 |
|
| $ | 3,021 |
|
Transactional fees |
|
| 119 |
|
|
| 15 |
|
|
| 283 |
|
|
| 1,447 |
|
|
| 53 |
|
|
| 1,917 |
|
Total fees |
| $ | 194 |
|
| $ | 36 |
|
| $ | 1,148 |
|
| $ | 3,351 |
|
| $ | 209 |
|
| $ | 4,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
14
| Structured Financing Portfolio |
Supplemental Report – March 31, 2024 | (in thousands) |
| December 31, 2023 |
|
| Quarter Ended March 31, 2024 |
|
| Stated |
|
| Effective |
|
|
| |||||||||||||||||||||||||||||
| Principal |
|
| Accrued |
|
| Ending |
|
|
|
|
| Repayments/ |
|
| Current |
|
| Accrued |
|
| Ending |
|
| Interest |
|
| Interest |
|
| Maturity | |||||||||||
Investment |
| Balance |
|
| Interest |
|
| Balance |
|
| Issuances 1 |
|
| Conversions |
|
| Principal |
|
| Interest |
|
| Balance |
|
| Rate |
|
| Rate |
|
| Dates 3 | ||||||||||
First mortgage notes 1,2 |
| $ | 59,801 |
|
| $ | 3,809 |
|
| $ | 63,610 |
|
| $ | — |
|
| $ | — |
|
| $ | 59,801 |
|
| $ | 3,809 |
|
| $ | 63,610 |
|
|
| 5.99 | % |
|
| 6.39 | % |
| Sept-24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Other notes2 |
|
| 133,167 |
|
|
| 32,279 |
|
|
| 165,446 |
|
|
| 66 |
|
|
| (6,000 | ) |
|
| 127,233 |
|
|
| 36,165 |
|
|
| 163,398 |
|
|
| 11.63 | % |
|
| 11.74 | % |
| Sep-24 to Dec-27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Core notes receivable |
| $ | 192,968 |
|
| $ | 36,088 |
|
| $ | 229,056 |
|
| $ | 66 |
|
| $ | (6,000 | ) |
| $ | 187,034 |
|
| $ | 39,974 |
|
| $ | 227,008 |
|
|
| 9.83 | % |
|
| 10.03 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
__________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total Notes Receivable per above |
|
| $ | 187,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Allowance for credit loss |
|
|
| (2,111 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total pro-rata Notes Receivable |
|
| $ | 184,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________
15
| Transactional Activity |
Supplemental Report – March 31, 2024 | (in thousands) |
PROPERTY ACQUISITIONS AND DISPOSITIONS |
| |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Property Name |
| Location |
| Date of |
| Transaction |
|
| Ownership % 1 |
|
| Fund Share |
|
| Acadia Share |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
DISPOSITIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fund IV: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2207 & 2208-2216 Fillmore |
| San Francisco, CA |
| April 3, 2024 |
|
| 14,060 |
|
|
| 90.00 | % |
|
| 12,654 |
|
|
| 2,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
| $ | 14,060 |
|
|
|
|
| $ | 12,654 |
|
| $ | 2,926 |
|
________
16
| 2024 Guidance |
Supplemental Report – March 31, 2024 | (in millions, except per share amounts) |
The Company reaffirmed 2024 guidance for FFO Before Special Items.
|
| 2024 Guidance |
| ||
|
| As of 3/31/2024 |
| As of 12/31/2023 |
|
|
|
|
|
|
|
Net earnings per share attributable to Acadia |
| $0.07-$0.13 |
| $0.09-$0.15 |
|
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) |
| 1.01 |
| 1.01 |
|
Noncontrolling interest in Operating Partnership |
| 0.01 |
| 0.01 |
|
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders |
| $1.09-$1.15 |
| $1.11-$1.17 |
|
Net unrealized holding loss 1,2 |
| 0.02 |
| — |
|
Realized gains and promotes2 |
| 0.13-0.15 |
| 0.13-0.15 |
|
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders |
| $1.24-$1.32 |
| $1.24-$1.32 |
|
________
17
| Net Asset Valuation Information |
Supplemental Report – March 31, 2024 | (in thousands) |
| CORE |
|
| FUND II 3 |
|
| FUND III |
|
| FUND IV |
|
| FUND V |
|
| Total |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Acadia Ownership Percentage |
| N/A |
|
|
| 61.67 | % |
|
| 24.54 | % |
|
| 23.12 | % |
|
| 20.10 | % |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Current Quarter NOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
At Pro-Rata 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Operating Income 2 |
| $ | 35,954 |
|
| N/A5 |
|
| $ | 108 |
|
| $ | 872 |
|
| $ | 5,007 |
|
| $ | 41,941 |
| |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net operating (income) loss from properties sold or assets held for sale |
|
| — |
|
| N/A5 |
|
|
| (5 | ) |
|
| 4 |
|
|
| — |
|
|
| (1 | ) | |
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4 |
|
| (3,908 | ) |
| N/A 5 |
|
|
| (103 | ) |
|
| (186 | ) |
|
| — |
|
|
| (4,197 | ) | |
Net Operating Income of stabilized assets |
| $ | 32,046 |
|
| N/A 5 |
|
| $ | — |
|
| $ | 690 |
|
| $ | 5,007 |
|
| $ | 37,743 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Costs to Date (Pro-Rata) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Assets held for sale |
| $ | — |
|
| N/A 5 |
|
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | — |
| |
Pre-stabilized assets 4 |
|
| — |
|
| N/A 5 |
|
|
| 14,337 |
|
|
| 30,969 |
|
|
| — |
|
|
| 45,306 |
| |
Development and redevelopment projects |
|
| 718,900 |
|
| N/A 5 |
|
|
| 7,100 |
|
|
| 27,800 |
|
|
| — |
|
|
| 753,800 |
| |
Total Costs to Date |
| $ | 718,900 |
|
| N/A 5 |
|
| $ | 21,437 |
|
| $ | 58,769 |
|
| $ | — |
|
| $ | 799,106 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Debt (Pro-Rata) |
| $ | 1,050,689 |
|
| $ | 79,887 |
|
| $ | 8,098 |
|
| $ | 38,006 |
|
| $ | 151,971 |
|
| $ | 1,328,651 |
|
_________
18
| Selected Financial Ratios |
Supplemental Report – March 31, 2024 | (in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
| Quarter Ended March 31, |
|
|
|
| Quarter Ended |
| ||||||||||
COVERAGE RATIOS 1 |
| 2024 |
|
| 2023 |
|
| LEVERAGE RATIOS |
| March 31, 2024 |
|
| December 31, 2023 |
| ||||
Fixed-Charge Coverage Ratios |
|
|
|
|
|
|
| Debt/Market Capitalization Ratios |
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
EBITDA 2 divided by: |
| $ | 44,310 |
|
| $ | 38,240 |
|
| Debt + Preferred Equity (Preferred OP Units) |
| $ | 1,336,542 |
|
| $ | 1,452,214 |
|
Interest expense |
|
| 9,452 |
|
|
| 11,653 |
|
| Total Market Capitalization |
|
| 3,175,714 |
|
|
| 3,163,226 |
|
Principal Amortization |
|
| 2,442 |
|
|
| 877 |
|
| Debt + Preferred Equity/ |
|
|
|
|
|
| ||
Preferred Dividends 3 |
|
| 123 |
|
|
| 123 |
|
| Total Market Capitalization |
|
| 42 | % |
|
| 46 | % |
Fixed-Charge Coverage Ratio - Core Portfolio |
|
| 3.7 | x |
|
| 3.0 | x |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
EBITDA divided by: |
| $ | 51,882 |
|
| $ | 56,855 |
|
| Net debt 6 |
| $ | 1,320,824 |
|
| $ | 1,433,551 |
|
Interest expense |
|
| 13,841 |
|
|
| 15,159 |
|
| Total Market Capitalization |
|
| 3,175,714 |
|
|
| 3,163,226 |
|
Principal Amortization |
|
| 2,832 |
|
|
| 1,242 |
|
| Net Debt + Preferred Equity/ |
|
|
|
|
|
| ||
Preferred Dividends |
|
| 123 |
|
|
| 123 |
|
| Total Market Capitalization |
|
| 42 | % |
|
| 45 | % |
Fixed-Charge Coverage Ratio - Core Portfolio and Funds |
|
| 3.1 | x |
|
| 3.4 | x |
| Debt/EBITDA Ratios |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| Core: |
|
|
|
|
|
| ||||
Payout Ratios |
|
|
|
|
|
|
| Debt |
| $ | 944,643 |
|
| $ | 1,052,475 |
| ||
|
|
|
|
|
|
|
| Net debt 5 |
|
| 932,734 |
|
|
| 1,036,837 |
| ||
Dividends declared (per share/OP Unit) |
| $ | 0.18 |
|
| $ | 0.18 |
|
| EBITDA |
|
| 169,695 |
|
|
| 159,260 |
|
|
|
|
|
|
|
|
| EBITDA excluding Realized Gains (net of noncontrolling share) |
|
| 153,719 |
|
|
| 154,624 |
| ||
Dividends (Shares) & Distributions (OP Units) declared |
| $ | 20,021 |
|
| $ | 18,474 |
|
| Debt/EBITDA - Core Portfolio |
|
| 5.6 | x |
|
| 6.6 | x |
FFO |
|
| 30,957 |
|
|
| 40,721 |
|
| Debt/EBITDA excluding Realized Gains - Core Portfolio |
|
| 6.1 | x |
|
| 6.8 | x |
FFO Payout Ratio 8 |
|
| 65 | % |
|
| 45 | % |
| Net Debt/EBITDA - Core Portfolio |
|
| 5.5 | x |
|
| 6.5 | x |
|
|
|
|
|
|
|
| Net Debt/EBITDA excluding Realized Gains - Core Portfolio |
|
| 6.1 | x |
|
| 6.7 | x | ||
AFFO 7 |
|
| 37,265 |
|
|
| 36,274 |
|
| Core and Funds: |
|
|
|
|
|
| ||
AFFO Payout Ratio |
|
| 54 | % |
|
| 51 | % |
| Debt 4 |
| $ | 1,328,651 |
|
| $ | 1,444,332 |
|
|
|
|
|
|
|
|
| Net debt 6 |
|
| 1,312,933 |
|
|
| 1,425,669 |
| ||
FFO Before Special Items |
|
| 36,966 |
|
|
| 40,655 |
|
| EBITDA |
|
| 199,983 |
|
|
| 201,570 |
|
FFO Before Special Items Payout Ratio |
|
| 54 | % |
|
| 45 | % |
| EBITDA excluding Realized Gains (net of noncontrolling share) |
|
| 184,007 |
|
|
| 196,934 |
|
|
|
|
|
|
|
|
| Debt/EBITDA - Core and Funds |
|
| 6.6 | x |
|
| 7.2 | x | ||
|
|
|
|
|
|
|
| Debt/EBITDA excluding Realized Gains - Core and Funds |
|
| 7.2 | x |
|
| 7.3 | x | ||
|
|
|
|
|
|
|
| Net Debt/EBITDA - Core and Funds |
|
| 6.6 | x |
|
| 7.1 | x | ||
|
|
|
|
|
|
|
| Net Debt/EBITDA excluding Realized Gains - Core and Funds |
|
| 7.1 | x |
|
| 7.2 | x | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19
| Selected Financial Ratios |
Supplemental Report – March 31, 2024 | (in thousands) |
|
| EBITDA |
|
| ADJUSTED EBITDA |
| ||||||||||
|
| EBITDA |
|
| Year Ended |
|
| Quarter Ended |
|
| Year Ended |
| ||||
Reconciliation of EBITDA to Annualized EBITDA |
| March 31, 2024 |
|
| December 31, 2023 |
|
| March 31, 2024 |
|
| December 31, 2023 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Core EBITDA as reported |
| $ | 44,310 |
|
| $ | 159,260 |
|
| $ | 44,310 |
|
| $ | 159,260 |
|
Add back: Stock-based compensation, net of employee equity elections |
|
| — |
|
|
| — |
|
|
| 2,048 |
|
|
| 10,581 |
|
Subtract: Nonrecurring Termination Payment |
|
| (2,515 | ) |
|
| — |
|
|
| (2,515 | ) |
|
| — |
|
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Subtotal |
|
| 41,795 |
|
|
| 159,260 |
|
|
| 43,843 |
|
|
| 169,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Annualized Core EBITDA |
| $ | 167,180 |
|
| $ | 159,260 |
|
| $ | 175,372 |
|
| $ | 169,841 |
|
Add: Nonrecurring Termination Payment |
|
| 2,515 |
|
|
| — |
|
|
| 2,515 |
|
|
| — |
|
Add: Employee election to receive equity in lieu of cash in Q1 |
|
| — |
|
|
| — |
|
|
| 1,890 |
|
|
| — |
|
Annualized Core EBITDA |
|
| 169,695 |
|
|
| 159,260 |
|
|
| 179,777 |
|
|
| 169,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Realized gain |
|
| 3,994 |
|
|
| 4,636 |
|
|
| 3,994 |
|
|
| 4,636 |
|
Annualized realized gain |
|
| 15,976 |
|
|
| 4,636 |
|
|
| 15,976 |
|
|
| 4,636 |
|
Annualized Core EBITDA excluding realized gains |
|
| 153,719 |
|
|
| 154,624 |
|
|
| 163,801 |
|
|
| 165,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Quarter Funds EBITDA as reported |
|
| 7,572 |
|
|
| 42,310 |
|
|
| 7,572 |
|
|
| 42,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Annualized Funds EBITDA |
|
| 30,288 |
|
|
| 42,310 |
|
|
| 30,288 |
|
|
| 42,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
EBITDA Core and Funds |
| $ | 199,983 |
|
| $ | 201,570 |
|
| $ | 210,065 |
|
| $ | 212,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
EBITDA Core and Funds excluding realized gains |
| $ | 184,007 |
|
| $ | 196,934 |
|
| $ | 194,089 |
|
| $ | 207,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20
| Selected Financial Ratios |
Supplemental Report – March 31, 2024 | (in thousands) |
|
| Quarter Ended |
|
Reconciliation of Core Portfolio Debt |
| March 31, 2024 |
|
|
|
|
|
Core Portfolio Debt per Debt Summary |
| $1,050,689 |
|
Incremental Core Debt Attributable to City Point8 |
| (106,046) |
|
Adjusted Core Debt for purposes of computing Debt/EBITDA |
| 944,643 |
|
|
|
|
|
Fund Portfolio Debt per Debt Summary |
| 277,962 |
|
Incremental Core Debt Attributable to City Point8 |
| 106,046 |
|
Adjusted Fund Debt per EBITDA |
| 384,008 |
|
|
|
|
|
Total Core and Fund Debt for purposes of computing Debt/EBITDA |
| $1,328,651 |
|
|
|
|
|
21
| Selected Financial Ratios |
Supplemental Report – March 31, 2024 | (in thousands) |
__________
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 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.
2. See EBITDA page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia.
3. Represents preferred distributions on Preferred Operating Partnership Units.
4. Amount represents the Company's reallocation of its pro-rata portion of the de-leveraging of Fund II's property-level debt in August 2022 associated with the City Point refinancing to align with the inclusion of the associated EBITDA derived from its investment.
5. See Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to Net Income attributable to Acadia.
6. Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period.
7. Reflects debt net of the current Core Portfolio cash balance at end of period.
8. Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt. Excludes capital lease obligations.
22
| Portfolio Debt – Summary |
Supplemental Report – March 31, 2024 | (in thousands) |
|
| Acadia Pro-Rata Share of Debt 2 |
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||||
|
| Core Portfolio |
|
| Funds |
|
| Total |
|
| Reconciliation to Consolidated Debt as Reported |
| ||||||||||||||||||||||||||||||||||||||||
Unsecured Debt |
| Principal |
|
| Interest |
|
| WA Years |
|
| Principal |
|
| Interest |
|
| WA Years |
|
| Principal |
|
| % |
|
| Interest |
|
| WA Years |
|
| Add: |
|
| Less: Pro-rata |
|
| Acadia |
| |||||||||||||
Fixed-Rate Debt 1 |
| $ | 764,687 |
|
|
| 4.3 | % |
|
| 2.6 |
|
| $ | — |
|
|
| — | % |
|
| — |
|
| $ | 764,687 |
|
|
| 58 | % |
|
| 4.3 | % |
|
| 2.6 |
|
| $ | — |
|
| $ | — |
|
| $ | 764,687 |
|
Variable-Rate Debt 5 |
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — | % |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 58 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Mortgage and Other Notes Payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed-Rate Debt 1 |
|
| 276,738 |
|
|
| 4.0 | % |
|
| 2.9 |
|
|
| 185,619 |
|
|
| 5.4 | % |
|
| 1.8 |
|
|
| 462,357 |
|
|
| 35 | % |
|
| 4.6 | % |
|
| 2.5 |
|
|
| 368,297 |
|
|
| (149,384 | ) |
|
| 681,270 |
|
Variable-Rate Debt 5 |
|
| 9,264 |
|
|
| 9.2 | % |
|
| 0.4 |
|
|
| 92,343 |
|
|
| 8.1 | % |
|
| 1.4 |
|
|
| 101,607 |
|
|
| 7 | % |
|
| 8.2 | % |
|
| 1.3 |
|
|
| 208,975 |
|
|
| (22,076 | ) |
|
| 288,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 42 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total |
| $ | 1,050,689 |
|
|
| 4.3 | % |
|
| 2.7 |
|
| $ | 277,962 |
|
|
| 6.3 | % |
|
| 1.7 |
|
| $ | 1,328,651 |
|
|
| 100 | % |
|
| 4.7 | % |
|
| 2.4 |
|
| $ | 577,272 |
|
| $ | (171,460 | ) |
|
| 1,734,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Unamortized premium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 228 |
| |||||||||||
Net unamortized loan costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (7,399 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (11,012 | ) | |||||||||||||
Contingent loan obligation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 15,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 1,336,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 1,723,679 |
|
_________
23
| Portfolio Debt – Detail |
Supplemental Report – March 31, 2024 | (in thousands)
|
|
|
|
| Principal |
|
| Acadia's Pro-rata Share |
|
| Interest |
|
|
| Extension | ||||||
Property |
|
|
| March 31, 2024 |
|
| Percent |
|
| Amount |
|
| Rate |
| Maturity Date |
| Options | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
CORE PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Fixed-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Crossroads Shopping Center |
|
|
| $ | 59,030 |
|
|
| 49.00 | % |
| $ | 28,925 |
|
| 3.94% |
| 10/06/24 |
| None |
555 9th Street |
|
|
|
| 60,000 |
|
|
| 100.00 | % |
|
| 60,000 |
|
| 3.99% |
| 01/01/25 |
| None |
840 N. Michigan |
|
|
|
| 35,625 |
|
|
| 91.85 | % |
|
| 32,722 |
|
| N/A5 |
| 12/10/26 |
| None |
239 Greenwich Avenue |
|
|
|
| 26,000 |
|
|
| 75.00 | % |
|
| 19,500 |
|
| 4.00% |
| 07/10/27 |
| 1x60 mos. |
Georgetown Portfolio (2008 Investment) |
|
|
|
| 14,314 |
|
|
| 50.00 | % |
|
| 7,157 |
|
| 4.72% |
| 12/10/27 |
| None |
State & Washington |
|
|
|
| 21,214 |
|
|
| 100.00 | % |
|
| 21,214 |
|
| 4.40% |
| 09/05/28 |
| None |
North & Kingsbury |
|
|
|
| 10,314 |
|
|
| 100.00 | % |
|
| 10,314 |
|
| 4.01% |
| 11/05/29 |
| None |
151 North State Street |
|
|
|
| 12,114 |
|
|
| 100.00 | % |
|
| 12,114 |
|
| 4.03% |
| 12/01/29 |
| None |
Concord & Milwaukee |
|
|
|
| 2,277 |
|
|
| 100.00 | % |
|
| 2,277 |
|
| 4.40% |
| 06/01/30 |
| None |
California & Armitage |
|
|
|
| 2,115 |
|
|
| 100.00 | % |
|
| 2,115 |
|
| 5.89% |
| 04/15/35 |
| None |
Unsecured interest rate swaps 1 |
|
|
|
| 764,687 |
|
|
| 100.00 | % |
|
| 764,687 |
|
| N/A |
| Various |
|
|
Secured interest rate swaps 1 |
|
|
|
| 202,000 |
|
|
| 39.80 | % |
|
| 80,400 |
|
| N/A |
| Various |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Sub-Total Fixed-Rate Debt |
|
|
|
| 1,209,690 |
|
|
|
|
|
| 1,041,425 |
|
| 4.2% |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Secured Variable-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Gotham Plaza |
|
|
|
| 17,203 |
|
|
| 49.00 | % |
|
| 8,430 |
|
| SOFR+4.00% |
| 06/04/24 |
| None |
Georgetown Portfolio (2016 Investment) |
|
|
|
| 152,000 |
|
|
| 20.00 | % |
|
| 30,400 |
|
| SOFR+2.65% |
| 11/06/26 |
| 2x12 mos. |
3104 M Street 2 |
|
|
|
| 4,174 |
|
|
| 20.00 | % |
|
| 834 |
|
| PRIME |
| 01/01/27 |
| 2x12 mos. |
Sullivan Center |
|
|
|
| 50,000 |
|
|
| 100.00 | % |
|
| 50,000 |
|
| SOFR+1.60% |
| 11/16/28 |
| None |
Secured interest rate swaps 1 |
|
|
|
| (202,000 | ) |
|
| 39.80 | % |
|
| (80,400 | ) |
| N/A |
| Various |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Unsecured Variable-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Unsecured Revolving Credit Facility 3 |
|
|
|
| 114,687 |
|
|
| 100.00 | % |
|
| 114,687 |
|
| SOFR+1.45% |
| 06/29/25 |
| 2x6 mos. |
Unsecured Term Loan |
|
|
|
| 400,000 |
|
|
| 100.00 | % |
|
| 400,000 |
|
| SOFR+1.60% |
| 06/29/26 |
| None |
Unsecured $175 Million Term Loan |
|
|
|
| 175,000 |
|
|
| 100.00 | % |
|
| 175,000 |
|
| SOFR+1.60% |
| 04/06/27 |
| None |
Unsecured $75 Million Term Loan |
|
|
|
| 75,000 |
|
|
| 100.00 | % |
|
| 75,000 |
|
| SOFR+1.95% |
| 07/29/29 |
| None |
Unsecured interest rate swaps 1 |
|
|
|
| (764,687 | ) |
|
| 100.00 | % |
|
| (764,687 | ) |
| N/A |
| Various |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Sub-Total Variable-Rate Debt |
|
|
|
| 21,377 |
|
|
|
|
|
| 9,264 |
|
| 9.2% |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Debt - Core Portfolio |
|
|
| $ | 1,231,067 |
|
|
|
|
| $ | 1,050,689 |
|
| 4.3% |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Fixed-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
2207 Fillmore Street 4 |
| Fund IV |
| $ | 1,120 |
|
|
| 20.81 | % |
| $ | 233 |
|
| 4.50% |
| 10/31/25 |
| None |
650 Bald Hill Road 4 |
| Fund IV |
|
| 15,306 |
|
|
| 20.81 | % |
|
| 3,185 |
|
| 3.75% |
| 06/01/26 |
| None |
Shoppes at South Hills 4 |
| Fund V |
|
| 32,087 |
|
|
| 18.09 | % |
|
| 5,804 |
|
| 5.95% |
| 03/01/28 |
| 1 x 12 mos. |
Broughton Street Portfolio |
| Fund IV |
|
| 25,939 |
|
|
| 23.12 | % |
|
| 5,997 |
|
| 5.62% |
| 06/01/28 |
| None |
Canton Marketplace |
| Fund V |
|
| 36,000 |
|
|
| 20.10 | % |
|
| 7,236 |
|
| 6.29% |
| 06/01/28 |
| None |
Interest rate swaps 1 |
| Funds II, IV & V |
|
| 662,026 |
|
|
| 24.65 | % |
|
| 163,164 |
|
| N/A |
| Various |
|
|
Sub-Total Fixed-Rate Debt |
|
|
|
| 772,478 |
|
|
|
|
|
| 185,619 |
|
| 5.4% |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Variable-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Elk Grove Commons |
| Fund V |
|
| 40,107 |
|
|
| 20.10 | % |
|
| 8,061 |
|
| SOFR+2.10% |
| 07/08/24 |
| 1x6 mos. |
Eden Square 4 |
| Fund IV |
|
| 23,882 |
|
|
| 20.81 | % |
|
| 4,969 |
|
| SOFR+2.35% |
| 09/01/24 |
| None |
Hickory Ridge |
| Fund V |
|
| 27,338 |
|
|
| 20.10 | % |
|
| 5,495 |
|
| SOFR+2.00% |
| 10/05/24 |
| None |
Tri-City Plaza 4 |
| Fund V |
|
| 38,066 |
|
|
| 18.09 | % |
|
| 6,886 |
|
| SOFR+2.00% |
| 10/18/24 |
| 1x12 mos. |
Lincoln Commons |
| Fund V |
|
| 37,987 |
|
|
| 20.10 | % |
|
| 7,635 |
|
| SOFR+1.80% |
| 10/24/24 |
| None |
Landstown Commons |
| Fund V |
|
| 59,559 |
|
|
| 20.10 | % |
|
| 11,971 |
|
| SOFR+1.80% |
| 10/24/24 |
| None |
Palm Coast Landing |
| Fund V |
|
| 25,722 |
|
|
| 20.10 | % |
|
| 5,170 |
|
| SOFR+1.86% |
| 11/01/24 |
| None |
Frederick Crossing 4 |
| Fund V |
|
| 23,502 |
|
|
| 18.09 | % |
|
| 4,251 |
|
| SOFR+1.75% |
| 12/02/24 |
| 1x12 mos. |
Plaza Santa Fe |
| Fund V |
|
| 22,894 |
|
|
| 20.10 | % |
|
| 4,601 |
|
| SOFR+2.00% |
| 12/20/24 |
| None |
Paramus Plaza 4 |
| Fund IV |
|
| 28,003 |
|
|
| 11.56 | % |
|
| 3,237 |
|
| SOFR+2.36% |
| 12/28/24 |
| 2x12 mos. |
Frederick County Square 4 |
| Fund V |
|
| 24,012 |
|
|
| 18.09 | % |
|
| 4,344 |
|
| SOFR+2.51% |
| 01/01/25 |
| 1x12 mos. |
Acadia Strategic Opportunity Fund IV Term Loan |
| Fund IV |
|
| 36,200 |
|
|
| 23.12 | % |
|
| 8,369 |
|
| SOFR+2.56% |
| 03/31/25 |
| None |
Midstate Mall |
| Fund V |
|
| 44,553 |
|
|
| 20.10 | % |
|
| 8,955 |
|
| SOFR+2.50% |
| 04/28/25 |
| 2x12 mos. |
24
| Portfolio Debt – Detail |
Supplemental Report – March 31, 2024 | (in thousands)
|
|
|
|
| Principal |
|
| Acadia's Pro-rata Share |
|
| Interest |
|
|
| Extension | ||||||
Property |
|
|
| March 31, 2024 |
|
| Percent |
|
| Amount |
|
| Rate |
| Maturity Date |
| Options | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
New Towne Center |
| Fund V |
|
| 16,262 |
|
|
| 20.10 | % |
|
| 3,269 |
|
| SOFR+2.20% |
| 05/01/25 |
| 1x12 mos. |
Fairlane Green |
| Fund V |
|
| 32,105 |
|
|
| 20.10 | % |
|
| 6,453 |
|
| SOFR+2.30% |
| 06/05/25 |
| 1x12 mos. |
Trussville Promenade |
| Fund V |
|
| 28,381 |
|
|
| 20.10 | % |
|
| 5,705 |
|
| SOFR+2.30% |
| 06/15/25 |
| 1x12 mos. |
City Point 4 |
| Fund II |
|
| 137,485 |
|
|
| 58.10 | % |
|
| 79,887 |
|
| SOFR+2.61% |
| 08/01/25 |
| 1x12 mos. |
Cypress Creek |
| Fund V |
|
| 32,200 |
|
|
| 20.10 | % |
|
| 6,472 |
|
| SOFR+2.80% |
| 09/01/25 |
| 2x12 mos. |
640 Broadway |
| Fund III |
|
| 33,000 |
|
|
| 24.54 | % |
|
| 8,098 |
|
| SOFR+3.75% |
| 10/01/25 |
| 3x12 mos. |
1964 Union 4 |
| Fund IV |
|
| 1,350 |
|
|
| 20.81 | % |
|
| 281 |
|
| SOFR+2.25% |
| 10/01/25 |
| None |
717 N Michigan Avenue |
| Fund IV |
|
| 46,000 |
|
|
| 23.12 | % |
|
| 10,635 |
|
| SOFR+3.33% |
| 12/09/25 |
| None |
Hiram Pavilion |
| Fund V |
|
| 27,553 |
|
|
| 20.10 | % |
|
| 5,538 |
|
| SOFR+2.30% |
| 03/05/26 |
| 1x12 mos. |
2208-2216 Fillmore Street 4 |
| Fund IV |
|
| 5,286 |
|
|
| 20.81 | % |
|
| 1,100 |
|
| SOFR+2.25% |
| 06/01/26 |
| None |
Monroe Marketplace |
| Fund V |
|
| 25,300 |
|
|
| 20.10 | % |
|
| 5,085 |
|
| SOFR+2.76% |
| 11/12/26 |
| None |
Maple Tree Place |
| Fund V |
|
| 43,400 |
|
|
| 20.10 | % |
|
| 8,723 |
|
| SOFR+2.85% |
| 02/14/27 |
| 2x12 mos. |
Wood Ridge Plaza 4 |
| Fund V |
|
| 34,172 |
|
|
| 18.09 | % |
|
| 6,183 |
|
| SOFR+2.90% |
| 03/21/27 |
| None |
La Frontera Village 4 |
| Fund V |
|
| 55,500 |
|
|
| 18.09 | % |
|
| 10,041 |
|
| SOFR+2.61% |
| 06/10/27 |
| None |
Family Center at Riverdale 4 |
| Fund V |
|
| 38,500 |
|
|
| 17.97 | % |
|
| 6,920 |
|
| SOFR+2.46% |
| 11/01/27 |
| None |
Mohawk Commons 4 |
| Fund V |
|
| 39,650 |
|
|
| 18.09 | % |
|
| 7,173 |
|
| SOFR+2.00% |
| 03/01/28 |
| None |
Interest rate swaps 1 |
| Funds II, IV & V |
|
| (662,026 | ) |
|
| 24.65 | % |
|
| (163,164 | ) |
| N/A |
| Various |
|
|
Sub-Total Variable-Rate Debt |
|
|
|
| 365,943 |
|
|
|
|
|
| 92,343 |
|
| 8.1% |
|
|
|
| |
Total Debt - Funds |
|
|
|
| 1,138,421 |
|
|
|
|
|
| 277,962 |
|
| 6.3% |
|
|
|
| |
Total Debt - Core Portfolio and Funds |
|
|
| $ | 2,369,488 |
|
|
|
|
| $ | 1,328,651 |
|
| 4.7% |
|
|
|
|
_________
25
| Future Debt Maturities 1 |
Supplemental Report – March 31, 2024 | (in thousands) |
Core Portfolio |
| Contractual Debt Maturities |
|
| Acadia's Pro-Rata Share |
|
| Weighted Average Effective Interest Rate | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed- |
|
| ||||||
|
| Scheduled |
|
|
|
|
|
|
|
| Scheduled |
|
|
|
|
|
|
|
| Total |
| Rate |
| Variable- | ||||||
Year |
| Amortization |
|
| Maturities |
|
| Total |
|
| Amortization |
|
| Maturities |
|
| Total |
|
| Debt |
| Debt 2 |
| Rate Debt | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2024 (Remainder) |
| $ | 7,506 |
|
| $ | 75,416 |
|
| $ | 82,922 |
|
| $ | 6,499 |
|
| $ | 36,954 |
|
| $ | 43,453 |
|
| 5.15% |
| 3.94% |
| 9.32% |
2025 |
|
| 2,536 |
|
|
| 174,687 |
|
|
| 177,223 |
|
|
| 2,238 |
|
|
| 174,687 |
|
|
| 176,925 |
|
| 3.94% |
| 3.94% |
| N/A |
2026 |
|
| 2,919 |
|
|
| 582,625 |
|
|
| 585,544 |
|
|
| 2,541 |
|
|
| 458,529 |
|
|
| 461,070 |
|
| 4.65% |
| 4.65% |
| N/A |
2027 |
|
| 2,766 |
|
|
| 216,711 |
|
|
| 219,477 |
|
|
| 2,453 |
|
|
| 200,887 |
|
|
| 203,340 |
|
| 4.23% |
| 4.21% |
| 8.50% |
2028 |
|
| 1,833 |
|
|
| 67,862 |
|
|
| 69,695 |
|
|
| 1,833 |
|
|
| 67,862 |
|
|
| 69,695 |
|
| 4.49% |
| 4.49% |
| N/A |
Thereafter |
|
| 2,497 |
|
|
| 93,709 |
|
|
| 96,206 |
|
|
| 2,497 |
|
|
| 93,709 |
|
|
| 96,206 |
|
| 4.76% |
| 4.76% |
| N/A |
Total |
| $ | 20,057 |
|
| $ | 1,211,010 |
|
| $ | 1,231,067 |
|
| $ | 18,061 |
|
| $ | 1,032,628 |
|
| $ | 1,050,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Funds |
| Contractual Debt Maturities |
|
| Acadia's Pro-Rata Share |
|
| Weighted Average Effective Interest Rate | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed- |
|
| ||||||
|
| Scheduled |
|
|
|
|
|
|
|
| Scheduled |
|
|
|
|
|
|
|
| Total |
| Rate |
| Variable- | ||||||
Year |
| Amortization |
|
| Maturities |
|
| Total |
|
| Amortization |
|
| Maturities |
|
| Total |
|
| Debt |
| Debt 2 |
| Rate Debt | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2024 (Remainder) |
| $ | 5,072 |
|
| $ | 330,613 |
|
| $ | 335,685 |
|
| $ | 972 |
|
| $ | 63,079 |
|
| $ | 64,051 |
|
| 4.50% |
| 3.32% |
| 7.53% |
2025 |
|
| 3,047 |
|
|
| 429,752 |
|
|
| 432,799 |
|
|
| 586 |
|
|
| 142,110 |
|
|
| 142,696 |
|
| 6.93% |
| 5.95% |
| 8.18% |
2026 |
|
| 2,721 |
|
|
| 66,043 |
|
|
| 68,764 |
|
|
| 503 |
|
|
| 13,377 |
|
|
| 13,880 |
|
| 5.85% |
| 5.84% |
| 8.07% |
2027 |
|
| 2,519 |
|
|
| 169,059 |
|
|
| 171,578 |
|
|
| 464 |
|
|
| 31,413 |
|
|
| 31,877 |
|
| 7.14% |
| 6.60% |
| 8.07% |
2028 |
|
| 350 |
|
|
| 129,245 |
|
|
| 129,595 |
|
|
| 66 |
|
|
| 25,392 |
|
|
| 25,458 |
|
| 5.93% |
| 5.93% |
| N/A |
Thereafter |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
| N/A |
| N/A |
| N/A |
Total |
| $ | 13,709 |
|
| $ | 1,124,712 |
|
| $ | 1,138,421 |
|
| $ | 2,591 |
|
| $ | 275,371 |
|
| $ | 277,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26
| Future Debt Maturities – As Extended 1 |
Supplemental Report – March 31, 2024 | (in thousands) |
Core Portfolio |
| Extended Debt Maturities 1 |
|
| Acadia's Pro-Rata Share |
|
| Weighted Average Effective Interest Rate | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed- |
|
| ||||||
|
| Scheduled |
|
|
|
|
|
|
|
| Scheduled |
|
|
|
|
|
|
|
| Total |
| Rate |
| Variable- | ||||||
Year |
| Amortization |
|
| Maturities |
|
| Total |
|
| Amortization |
|
| Maturities |
|
| Total |
|
| Debt |
| Debt 2 |
| Rate Debt | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2024 (Remainder) |
| $ | 7,506 |
|
| $ | 75,416 |
|
| $ | 82,922 |
|
| $ | 6,499 |
|
| $ | 36,954 |
|
| $ | 43,453 |
|
| 5.15% |
| 3.94% |
| 9.32% |
2025 |
|
| 2,536 |
|
|
| 60,000 |
|
|
| 62,536 |
|
|
| 2,238 |
|
|
| 60,000 |
|
|
| 62,238 |
|
| 3.99% |
| 3.99% |
| N/A |
2026 |
|
| 2,919 |
|
|
| 545,312 |
|
|
| 548,231 |
|
|
| 2,541 |
|
|
| 542,816 |
|
|
| 545,357 |
|
| 4.36% |
| 4.36% |
| N/A |
2027 |
|
| 2,766 |
|
|
| 187,401 |
|
|
| 190,167 |
|
|
| 2,453 |
|
|
| 181,201 |
|
|
| 183,654 |
|
| 4.24% |
| 4.24% |
| N/A |
2028 |
|
| 1,833 |
|
|
| 219,862 |
|
|
| 221,695 |
|
|
| 1,833 |
|
|
| 98,262 |
|
|
| 100,095 |
|
| 5.29% |
| 5.29% |
| N/A |
Thereafter |
|
| 2,497 |
|
|
| 123,019 |
|
|
| 125,516 |
|
|
| 2,497 |
|
|
| 113,395 |
|
|
| 115,892 |
|
| 4.66% |
| 4.64% |
| 8.50% |
Total |
| $ | 20,057 |
|
| $ | 1,211,010 |
|
| $ | 1,231,067 |
|
| $ | 18,061 |
|
| $ | 1,032,628 |
|
| $ | 1,050,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Funds |
| Extended Debt Maturities 1 |
|
| Acadia's Pro-Rata Share |
|
| Weighted Average Effective Interest Rate | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed- |
|
| ||||||
|
| Scheduled |
|
|
|
|
|
|
|
| Scheduled |
|
|
|
|
|
|
|
| Total |
| Rate |
| Variable- | ||||||
Year |
| Amortization |
|
| Maturities |
|
| Total |
|
| Amortization |
|
| Maturities |
|
| Total |
|
| Debt |
| Debt 2 |
| Rate Debt | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2024 (Remainder) |
| $ | 5,072 |
|
| $ | 202,017 |
|
| $ | 207,089 |
|
| $ | 972 |
|
| $ | 40,819 |
|
| $ | 41,791 |
|
| 4.06% |
| 3.39% |
| 7.60% |
2025 |
|
| 3,047 |
|
|
| 184,427 |
|
|
| 187,474 |
|
|
| 586 |
|
|
| 38,337 |
|
|
| 38,923 |
|
| 6.62% |
| 3.12% |
| 8.04% |
2026 |
|
| 2,721 |
|
|
| 303,847 |
|
|
| 306,568 |
|
|
| 503 |
|
|
| 110,586 |
|
|
| 111,089 |
|
| 6.52% |
| 5.96% |
| 7.91% |
2027 |
|
| 2,519 |
|
|
| 228,776 |
|
|
| 231,295 |
|
|
| 464 |
|
|
| 43,416 |
|
|
| 43,880 |
|
| 6.60% |
| 6.26% |
| 7.80% |
2028 |
|
| 350 |
|
|
| 131,543 |
|
|
| 131,893 |
|
|
| 66 |
|
|
| 27,936 |
|
|
| 28,002 |
|
| 6.82% |
| 5.92% |
| 9.08% |
Thereafter |
|
| — |
|
|
| 74,102 |
|
|
| 74,102 |
|
|
| — |
|
|
| 14,277 |
|
|
| 14,277 |
|
| 7.28% |
| 5.95% |
| 8.16% |
Total |
| $ | 13,709 |
|
| $ | 1,124,712 |
|
| $ | 1,138,421 |
|
| $ | 2,591 |
|
| $ | 275,371 |
|
| $ | 277,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
.
27
| Swap Interest Rate Summary 1 |
Supplemental Report – March 31, 2024 | (in thousands) |
|
|
|
|
|
|
|
| ||
Core Portfolio |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
|
| Acadia's Pro-rata |
|
| Weighted Average |
|
| ||
Maturity Year |
| Notional Balance |
|
| Fixed Rate on Swap 2 |
|
| ||
|
|
|
|
|
|
|
| ||
2024 (Remainder) |
| $ | — |
|
|
| — |
|
|
2025 |
|
| 25,000 |
|
|
| 2.13 | % |
|
2026 |
|
| 36,400 |
|
|
| 4.14 | % |
|
2027 |
|
| 275,000 |
|
|
| 2.60 | % |
|
2028 |
|
| 150,000 |
|
|
| 2.99 | % |
|
2029 |
|
| 233,687 |
|
|
| 2.63 | % |
|
2030 |
|
| 125,000 |
|
|
| 2.83 | % |
|
2031 |
|
| — |
|
|
| — |
|
|
Total |
| $ | 845,087 |
|
|
| 2.76 | % |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Funds |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
|
| Acadia's Pro-rata |
|
| Weighted Average |
|
| ||
Year |
| Notional Balance |
|
| Fixed Rate on Swap 2 |
|
| ||
|
|
|
|
|
|
|
| ||
2024 (Remainder) |
| $ | 40,496 |
|
|
| 1.20 | % |
|
2025 |
|
| 23,334 |
|
|
| 3.44 | % |
|
2026 |
|
| 24,034 |
|
|
| 4.10 | % |
|
2027 |
|
| 15,070 |
|
|
| 3.39 | % |
|
2028 |
|
| 7,173 |
|
|
| 3.80 | % |
|
2029 |
|
| 53,057 |
|
|
| 3.40 | % |
|
2030 |
|
| — |
|
|
| — |
|
|
2031 |
|
| — |
|
|
| — |
|
|
Total |
| $ | 163,164 |
|
|
| 2.98 | % |
|
|
|
|
|
|
|
|
|
__________
28
| Core Portfolio Retail Properties – Detail 1 |
Supplemental Report – March 31, 2024 |
|
|
|
|
| Year |
| Acadia's |
| Gross Leasable Area (GLA) |
| In Place Occupancy |
| Leased |
| Annualized |
| ABR | ||||||||||||
Property |
| Key Tenants |
| Acquired |
| Interest |
| Street |
| Anchors |
| Shops |
| Total |
| Street |
| Anchors |
| Shops |
| Total |
| Total |
| (ABR) |
| PSF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STREET AND URBAN RETAIL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Chicago Metro |
|
|
|
|
|
|
|
|
|
|
|
|
| ` |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rush and Walton Streets |
| Lululemon, |
| 2011 |
| 100.0% |
| 40,384 |
| — |
| — |
| 40,384 |
| 58.9% |
| —% |
| —% |
| 58.9% |
| 58.9% |
| $6,242,524 |
| $262.64 |
Clark Street and W. Diversey |
| Starbucks, |
| 2011 |
| 100.0% |
| 53,099 |
| — |
| — |
| 53,099 |
| 78.2% |
| —% |
| —% |
| 78.2% |
| 79.9% |
| 1,825,668 |
| 43.94 |
Halsted and Armitage |
| Serena and Lily, |
| 2011 |
| 100.0% |
| 53,220 |
| — |
| — |
| 53,220 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 2,665,119 |
| 50.08 |
North Lincoln Park Chicago |
| Champion, |
| 2011 |
| 100.0% |
| 22,125 |
| — |
| 27,796 |
| 49,921 |
| 27.7 % |
| —% |
| 100.0% |
| 67.9% |
| 67.9% |
| 1,146,138 |
| 33.79 |
State and Washington |
| Nordstrom Rack, |
| 2016 |
| 100.0% |
| 65,401 |
| — |
| — |
| 65,401 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 2,749,189 |
| 42.04 |
151 N. State Street |
| Walgreens |
| 2016 |
| 100.0% |
| 27,385 |
| — |
| — |
| 27,385 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 1,573,000 |
| 57.44 |
North and Kingsbury |
| Old Navy, |
| 2016 |
| 100.0% |
| 41,791 |
| — |
| — |
| 41,791 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 1,931,746 |
| 46.22 |
Concord and Milwaukee |
| — |
| 2016 |
| 100.0% |
| 13,147 |
| — |
| — |
| 13,147 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 474,323 |
| 36.08 |
California and Armitage |
| — |
| 2016 |
| 100.0% |
| — |
| — |
| 18,275 |
| 18,275 |
| —% |
| —% |
| 70.5% |
| 70.5% |
| 70.5% |
| 697,352 |
| 54.09 |
Roosevelt Galleria |
| Petco, Vitamin |
| 2015 |
| 100.0% |
| — |
| — |
| 37,995 |
| 37,995 |
| —% |
| —% |
| 89.7% |
| 89.7% |
| 89.7% |
| 880,649 |
| 25.84 |
Sullivan Center |
| Target |
| 2016 |
| 100.0% |
| 176,181 |
| — |
| — |
| 176,181 |
| 78.9% |
| —% |
| —% |
| 78.9% |
| 82.2% |
| 5,251,599 |
| 37.79 |
|
|
|
|
|
|
|
| 492,733 |
| — |
| 84,066 |
| 576,799 |
| 83.5% |
| —% |
| 88.9% |
| 84.3% |
| 85.4% |
| 25,437,306 |
| 52.33 |
New York Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Soho Collection |
| Zimmermann, Madewell, Faherty, Watches of |
| 2011 |
| 100.0% |
| 36,094 |
| — |
| — |
| 36,094 |
| 74.4% |
| —% |
| —% |
| 74.4% |
| 100.0% |
| 10,033,304 |
| 373.74 |
5-7 East 17th Street |
| — |
| 2008 |
| 100.0% |
| 8,658 |
| — |
| — |
| 8,658 |
| —% |
| —% |
| —% |
| —% |
| 100.0% |
| — |
| — |
200 West 54th Street |
| — |
| 2007 |
| 100.0% |
| 5,862 |
| — |
| — |
| 5,862 |
| 92.3% |
| —% |
| —% |
| 92.3% |
| 92.3% |
| 1,473,833 |
| 272.38 |
61 Main Street |
| Splendid |
| 2014 |
| 100.0% |
| 3,470 |
| — |
| — |
| 3,470 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 322,294 |
| 92.88 |
181 Main Street |
| TD Bank |
| 2012 |
| 100.0% |
| 11,514 |
| — |
| — |
| 11,514 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 1,085,445 |
| 94.27 |
29
| Core Portfolio Retail Properties – Detail 1 |
Supplemental Report – March 31, 2024 |
|
|
|
|
| Year |
| Acadia's |
| Gross Leasable Area (GLA) |
| In Place Occupancy |
| Leased |
| Annualized |
| ABR | ||||||||||||
Property |
| Key Tenants |
| Acquired |
| Interest |
| Street |
| Anchors |
| Shops |
| Total |
| Street |
| Anchors |
| Shops |
| Total |
| Total |
| (ABR) |
| PSF |
4401 White Plains Road |
| Walgreens |
| 2011 |
| 100.0% |
| — |
| 12,964 |
| — |
| 12,964 |
| —% |
| 100.0% |
| —% |
| 100.0% |
| 100.0% |
| 625,000 |
| 48.21 |
Bartow Avenue |
| — |
| 2005 |
| 100.0% |
| — |
| — |
| 14,824 |
| 14,824 |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 100.0% |
| 481,687 |
| 32.49 |
239 Greenwich Avenue |
| Watches of |
| 1998 |
| 75.0% |
| 16,621 |
| — |
| — |
| 16,621 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 1,847,097 |
| 111.13 |
252-256 Greenwich Avenue |
| Veronica Beard, |
| 2014 |
| 100.0% |
| 7,986 |
| — |
| — |
| 7,986 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 1,037,059 |
| 129.86 |
2914 Third Avenue |
| Planet Fitness |
| 2006 |
| 100.0% |
| — |
| 21,650 |
| 18,953 |
| 40,603 |
| —% |
| 100.0% |
| 100.0% |
| 100.0% |
| 100.0% |
| 1,114,907 |
| 27.46 |
868 Broadway |
| Dr. Martens |
| 2013 |
| 100.0% |
| 2,031 |
| — |
| — |
| 2,031 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 859,826 |
| 423.35 |
313-315 Bowery 2 |
| John Varvatos |
| 2013 |
| 100.0% |
| 6,600 |
| — |
| — |
| 6,600 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 527,076 |
| 79.86 |
120 West Broadway |
| Citizens Bank, |
| 2013 |
| 100.0% |
| 13,838 |
| — |
| — |
| 13,838 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 2,462,073 |
| 177.92 |
2520 Flatbush Avenue |
| Bob's Disc. |
| 2014 |
| 100.0% |
| — |
| — |
| 29,114 |
| 29,114 |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 100.0% |
| 1,285,105 |
| 44.14 |
Williamsburg Collection 3 |
| Sephora, SweetGreen, |
| 2022 |
| 100.0% |
| 50,842 |
| — |
| — |
| 50,842 |
| 95.3% |
| —% |
| — |
| 95.3% |
| 95.3% |
| 5,295,126 |
| 109.32 |
991 Madison Avenue |
| Vera Wang, |
| 2016 |
| 100.0% |
| 7,512 |
| — |
| — |
| 7,512 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 3,572,528 |
| 475.58 |
Shops at Grand |
| Stop & Shop (Ahold), Starbucks |
| 2014 |
| 100.0% |
| — |
| 52,336 |
| 47,501 |
| 99,837 |
| —% |
| 100.0% |
| 100.0% |
| 100.0% |
| 100.0% |
| 3,563,628 |
| 35.69 |
Gotham Plaza |
| Bank of America, |
| 2016 |
| 49.0 % |
| — |
| — |
| 25,931 |
| 25,931 |
| —% |
| —% |
| 68.0% |
| 68.0% |
| 76.4% |
| 1,498,180 |
| 85.02 |
|
|
|
|
|
|
|
| 171,028 |
| 86,950 |
| 136,323 |
| 394,301 |
| 87.9% |
| 100.0% |
| 93.9% |
| 92.6% |
| 97.7% |
| 37,084,169 |
| 101.54 |
Los Angeles Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8833 Beverly Blvd |
| Luxury Living |
| 2022 |
| 97.0 % |
| 9,757 |
| — |
| — |
| 9,757 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 1,311,046 |
| 134.37 |
Melrose Place Collection |
| The Row, Chloe, |
| 2019 |
| 100.0 % |
| 14,000 |
| — |
| — |
| 14,000 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 3,083,482 |
| 220.25 |
|
|
|
|
|
|
|
| 23,757 |
| — |
| — |
| 23,757 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 4,394,528 |
| 184.98 |
District of Columbia Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1739-53 & 1801-03 |
| — |
| 2012 |
| 100.0 % |
| 20,669 |
| — |
| — |
| 20,669 |
| 60.9% |
| —% |
| —% |
| 60.9% |
| 60.9% |
| 788,372 |
| 62.61 |
14th Street Collection (3 properties) |
| Verizon |
| 2021 |
| 100.0 % |
| 19,461 |
| — |
| — |
| 19,461 |
| 62.3% |
| —% |
| —% |
| 62.3% |
| 62.3% |
| 1,023,344 |
| 84.41 |
Rhode Island Place |
| Ross Dress |
| 2012 |
| 100.0 % |
| — |
| 25,134 |
| 32,533 |
| 57,667 |
| —% |
| 100.0% |
| 88.5% |
| 93.5% |
| 93.5% |
| 1,908,157 |
| 35.39 |
M Street and Wisconsin Corridor |
| Lululemon, |
| 2011 |
| 26.8 % |
| 260,385 |
| — |
| — |
| 260,385 |
| 89.5% |
| —% |
| —% |
| 89.5% |
| 94.3% |
| 16,768,532 |
| 71.96 |
|
|
|
|
|
|
|
| 300,515 |
| 25,134 |
| 32,533 |
| 358,182 |
| 85.8% |
| 100.0% |
| 88.5% |
| 87.0% |
| 90.5% |
| 20,488,405 |
| 65.74 |
Boston Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
165 Newbury Street |
| Starbucks |
| 2016 |
| 100.0 % |
| 1,050 |
| — |
| — |
| 1,050 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 312,576 |
| 297.69 |
30
| Core Portfolio Retail Properties – Detail 1 |
Supplemental Report – March 31, 2024 |
|
|
|
|
| Year |
| Acadia's |
| Gross Leasable Area (GLA) |
| In Place Occupancy |
| Leased |
| Annualized |
| ABR | ||||||||||||
Property |
| Key Tenants |
| Acquired |
| Interest |
| Street |
| Anchors |
| Shops |
| Total |
| Street |
| Anchors |
| Shops |
| Total |
| Total |
| (ABR) |
| PSF |
|
|
|
|
|
|
|
| 1,050 |
| — |
| — |
| 1,050 |
| 100.0% |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 312,576 |
| 297.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dallas Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henderson Avenue Portfolio (14 properties) |
| Sprouts Market, |
| 2022 |
| 100.0 % |
| 89,751 |
| 31,635 |
| — |
| 121,386 |
| 81.0% |
| 100.0% |
| —% |
| 86.0% |
| 90.4% |
| 4,343,965 |
| 41.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Street and Urban Retail |
|
|
|
|
| 1,078,834 |
| 143,719 |
| 252,922 |
| 1,475,475 |
| 85.0% |
| 100.0% |
| 91.6% |
| 87.6% |
| 90.6% |
| $92,060,948 |
| $71.24 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Street and Urban Retail |
|
|
|
|
| 883,735 |
| 143,719 |
| 239,697 |
| 1,267,152 |
| 84.1% |
| 100.0% |
| 92.9% |
| 87.5% |
| 90.2% |
| $79,401,430 |
| $71.57 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUBURBAN PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elmwood Park Shopping Center |
| Walgreens, Lidl, |
| 1998 |
| 100.0 % |
| — |
| 43,531 |
| 100,438 |
| 143,969 |
| —% |
| 100.0% |
| 88.3% |
| 91.8% |
| 91.8% |
| 3,509,685 |
| 26.55 |
Marketplace of Absecon |
| Walgreens, |
| 1998 |
| 100.0 % |
| — |
| 46,724 |
| 57,832 |
| 104,556 |
| —% |
| 28.3% |
| 80.4% |
| 57.1% |
| 78.3% |
| 996,287 |
| 16.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Village Commons |
| Citibank, |
| 1998 |
| 100.0 % |
| — |
| — |
| 87,128 |
| 87,128 |
| —% |
| —% |
| 88.1% |
| 88.1% |
| 90.1% |
| 2,656,662 |
| 34.61 |
Branch Plaza |
| LA Fitness, |
| 1998 |
| 100.0 % |
| — |
| 76,264 |
| 47,081 |
| 123,345 |
| —% |
| 100.0% |
| 96.9% |
| 98.8% |
| 98.8% |
| 3,554,346 |
| 29.16 |
Amboy Center |
| Stop & Shop (Ahold) |
| 2005 |
| 100.0 % |
| — |
| 37,266 |
| 26,106 |
| 63,372 |
| —% |
| 100.0% |
| 80.8% |
| 92.1% |
| 92.1% |
| 2,049,928 |
| 35.12 |
Crossroads Shopping Center |
| HomeGoods, |
| 1998 |
| 49.0 % |
| — |
| 202,727 |
| 108,801 |
| 311,528 |
| —% |
| 100.0% |
| 70.2% |
| 89.6% |
| 92.2% |
| 8,841,227 |
| 31.68 |
New Loudon Center |
| Price Chopper, |
| 1993 |
| 100.0 % |
| — |
| 242,058 |
| 16,643 |
| 258,701 |
| —% |
| 94.8% |
| 100.0% |
| 95.2% |
| 99.9% |
| 2,270,376 |
| 9.22 |
28 Jericho Turnpike |
| Kohl's |
| 2012 |
| 100.0 % |
| — |
| 96,363 |
| — |
| 96,363 |
| —% |
| 100.0% |
| —% |
| 100.0% |
| 100.0% |
| 1,996,500 |
| 20.72 |
Bedford Green |
| Shop Rite, CVS |
| 2014 |
| 100.0 % |
| — |
| 37,981 |
| 52,608 |
| 90,589 |
| —% |
| 100.0% |
| 55.1% |
| 73.9% |
| 73.9% |
| 2,280,620 |
| 34.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Town Line Plaza 5 |
| Wal-Mart, |
| 1998 |
| 100.0 % |
| — |
| 163,159 |
| 43,187 |
| 206,346 |
| —% |
| 100.0% |
| 79.1% |
| 95.6% |
| 95.6% |
| 1,509,026 |
| 15.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Methuen Shopping Center |
| Wal-Mart, |
| 1998 |
| 100.0 % |
| — |
| 120,004 |
| 10,017 |
| 130,021 |
| —% |
| 100.0% |
| 100.0% |
| 100.0% |
| 100.0% |
| 1,467,751 |
| 11.29 |
Crescent Plaza |
| Home Depot, |
| 1993 |
| 100.0 % |
| — |
| 156,985 |
| 61,017 |
| 218,002 |
| —% |
| 100.0% |
| 95.9% |
| 98.9% |
| 98.9% |
| 2,111,087 |
| 9.80 |
201 Needham Street |
| Michael's |
| 2014 |
| 100.0 % |
| — |
| 20,409 |
| — |
| 20,409 |
| —% |
| 100.0% |
| —% |
| 100.0% |
| 100.0% |
| 711,662 |
| 34.87 |
163 Highland Avenue |
| Staples, Petco |
| 2015 |
| 100.0 % |
| — |
| 40,505 |
| — |
| 40,505 |
| —% |
| 100.0% |
| —% |
| 100.0% |
| 100.0% |
| 1,490,575 |
| 36.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vermont |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Gateway Shopping Center |
| Shaw's (Supervalu), Starbucks |
| 1999 |
| 100.0 % |
| — |
| 73,184 |
| 29,670 |
| 102,854 |
| —% |
| 100.0% |
| 88.6% |
| 96.7% |
| 96.7% |
| 2,274,230 |
| 22.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31
| Core Portfolio Retail Properties – Detail 1 |
Supplemental Report – March 31, 2024 |
|
|
|
|
| Year |
| Acadia's |
| Gross Leasable Area (GLA) |
| In Place Occupancy |
| Leased |
| Annualized |
| ABR | ||||||||||||
Property |
| Key Tenants |
| Acquired |
| Interest |
| Street |
| Anchors |
| Shops |
| Total |
| Street |
| Anchors |
| Shops |
| Total |
| Total |
| (ABR) |
| PSF |
Illinois |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hobson West Plaza |
| Garden Fresh |
| 1998 |
| 100.0 % |
| — |
| 51,692 |
| 47,270 |
| 98,962 |
| —% |
| 100.0% |
| 89.9% |
| 95.2 % |
| 97.7% |
| 1,362,710 |
| 14.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merrillville Plaza |
| Dollar Tree, |
| 1998 |
| 100.0 % |
| — |
| 123,144 |
| 112,782 |
| 235,926 |
| —% |
| 100.0% |
| 81.3% |
| 91.1 % |
| 92.6% |
| 3,056,075 |
| 14.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bloomfield Town Square |
| HomeGoods, |
| 1998 |
| 100.0 % |
| — |
| 153,332 |
| 81,619 |
| 234,951 |
| —% |
| 100.0% |
| 94.5% |
| 98.1 % |
| 98.1% |
| 4,220,646 |
| 18.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Town Center and Other |
| Lowes, |
| 2003 |
| 100.0 % |
| — |
| 678,430 |
| 25,991 |
| 704,421 |
| —% |
| 89.7% |
| 84.2 % |
| 89.5 % |
| 96.7% |
| 10,778,568 |
| 17.10 |
Market Square Shopping Center |
| Trader Joe's, |
| 2003 |
| 100.0 % |
| — |
| 42,850 |
| 59,197 |
| 102,047 |
| —% |
| 100.0% |
| 96.8% |
| 98.1% |
| 98.1% |
| 3,321,484 |
| 33.17 |
Naamans Road |
| Jared Jewelers, |
| 2006 |
| 100.0 % |
| — |
| — |
| 19,850 |
| 19,850 |
| —% |
| —% |
| 63.9% |
| 63.9 % |
| 63.9% |
| 705,101 |
| 55.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark Plaza |
| — |
| 1993 |
| 100.0 % |
| — |
| 104,956 |
| 1,900 |
| 106,856 |
| —% |
| 100.0% |
| 100.0% |
| 100.0% |
| 100.0% |
| 246,274 |
| 2.30 |
Plaza 422 |
| Home Depot |
| 1993 |
| 100.0 % |
| — |
| 139,968 |
| 16,311 |
| 156,279 |
| —% |
| 100.0% |
| 100.0% |
| 100.0% |
| 100.0% |
| 956,954 |
| 6.12 |
Chestnut Hill |
| — |
| 2006 |
| 100.0 % |
| — |
| — |
| 36,492 |
| 36,492 |
| —% |
| —% |
| 100.0% |
| 100.0% |
| 100.0% |
| 986,067 |
| 27.02 |
Abington Towne Center 6 |
| Target, TJ Maxx |
| 1998 |
| 100.0 % |
| — |
| 184,616 |
| 32,255 |
| 216,871 |
| —% |
| 100.0% |
| 100.0% |
| 100.0% |
| 100.0% |
| 1,319,743 |
| 22.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Suburban Properties |
|
|
|
|
| — |
| 2,836,148 |
| 1,074,195 |
| 3,910,343 |
| —% |
| 95.9 % |
| 85.6 % |
| 93.1 % |
| 95.7 % |
| $64,673,584 |
| $19.11 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Suburban Properties |
|
|
|
|
| — |
| 2,732,757 |
| 1,018,706 |
| 3,751,464 |
| —% |
| 95.8% |
| 86.5% |
| 93.2% |
| 95.8% |
| $60,164,558 |
| $18.55 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Core Properties |
|
|
|
|
| 1,078,834 |
| 2,979,867 |
| 1,327,117 |
| 5,385,818 |
| 85.0% |
| 96.1% |
| 86.8% |
| 91.6% |
| 94.3% |
| $156,734,532 |
| $33.51 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Core Properties |
|
|
|
|
| 883,735 |
| 2,876,476 |
| 1,258,404 |
| 5,018,615 |
| 84.1% |
| 96.0% |
| 87.7% |
| 91.8% |
| 94.4% |
| $139,565,988 |
| $32.07 |
__________
32
| Core Portfolio – Top Tenants 1 |
Supplemental Report – March 31, 2024 | (Pro-Rata Basis) |
|
| Number of |
|
| Combined |
|
| Percentage of Total |
| |||||||||||
Tenant |
| Stores |
|
| GLA |
|
| ABR |
|
| GLA |
|
| ABR |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Target |
|
| 3 |
|
|
| 408,895 |
|
| $ | 8,323,009 |
|
|
| 6.9 | % |
|
| 5.5 | % |
Royal Ahold 2 |
|
| 3 |
|
|
| 155,461 |
|
|
| 3,430,677 |
|
|
| 2.6 | % |
|
| 2.3 | % |
TJX Companies 3 |
|
| 9 |
|
|
| 252,043 |
|
|
| 3,105,924 |
|
|
| 4.3 | % |
|
| 2.0 | % |
Walgreens |
|
| 4 |
|
|
| 68,393 |
|
|
| 2,887,312 |
|
|
| 1.2 | % |
|
| 1.9 | % |
PetSmart, Inc. |
|
| 4 |
|
|
| 76,257 |
|
|
| 2,760,241 |
|
|
| 1.3 | % |
|
| 1.8 | % |
Lululemon |
|
| 2 |
|
|
| 7,533 |
|
|
| 2,593,590 |
|
|
| 0.1 | % |
|
| 1.7 | % |
Trader Joe's |
|
| 3 |
|
|
| 40,862 |
|
|
| 2,532,593 |
|
|
| 0.7 | % |
|
| 1.7 | % |
Fast Retailing 4 |
|
| 2 |
|
|
| 32,013 |
|
|
| 2,450,038 |
|
|
| 0.5 | % |
|
| 1.6 | % |
Alo Yoga |
|
| 2 |
|
|
| 22,566 |
|
|
| 2,421,292 |
|
|
| 0.4 | % |
|
| 1.6 | % |
Supervalu Inc. 5 |
|
| 2 |
|
|
| 123,409 |
|
|
| 2,061,142 |
|
|
| 2.1 | % |
|
| 1.4 | % |
Bob's Discount Furniture |
|
| 2 |
|
|
| 68,793 |
|
|
| 2,027,670 |
|
|
| 1.2 | % |
|
| 1.3 | % |
Tapestry 6 |
|
| 2 |
|
|
| 4,250 |
|
|
| 1,788,909 |
|
|
| 0.1 | % |
|
| 1.2 | % |
Watches of Switzerland 7 |
|
| 2 |
|
|
| 13,863 |
|
|
| 1,705,322 |
|
|
| 0.2 | % |
|
| 1.1 | % |
Ulta Salon Cosmetic & Fragrance |
|
| 3 |
|
|
| 31,497 |
|
|
| 1,550,757 |
|
|
| 0.5 | % |
|
| 1.0 | % |
Dick's Sporting Goods, Inc |
|
| 2 |
|
|
| 98,805 |
|
|
| 1,544,276 |
|
|
| 1.7 | % |
|
| 1.0 | % |
Gap 8 |
|
| 2 |
|
|
| 37,895 |
|
|
| 1,363,165 |
|
|
| 0.6 | % |
|
| 0.9 | % |
The Home Depot |
|
| 2 |
|
|
| 187,914 |
|
|
| 1,345,020 |
|
|
| 3.2 | % |
|
| 0.9 | % |
Citibank |
|
| 4 |
|
|
| 16,160 |
|
|
| 1,337,924 |
|
|
| 0.3 | % |
|
| 0.9 | % |
TD Bank |
|
| 2 |
|
|
| 14,700 |
|
|
| 1,285,992 |
|
|
| 0.2 | % |
|
| 0.8 | % |
Michaels Stores, Inc. |
|
| 2 |
|
|
| 45,285 |
|
|
| 1,283,810 |
|
|
| 0.8 | % |
|
| 0.8 | % |
TOTAL |
|
| 57 |
|
|
| 1,706,594 |
|
| $ | 47,798,663 |
|
|
| 28.8 | % |
|
| 31.5 | % |
__________
33
| Core Portfolio – Lease Expirations |
Supplemental Report – March 31, 2024 | (Pro-Rata Basis) |
|
| Street Tenants |
|
| Anchor Tenants |
| ||||||||||||||||||||||||||||||||||
|
|
|
|
| GLA |
|
| ABR |
|
|
|
|
| GLA |
|
| ABR |
| ||||||||||||||||||||||
|
| Leases |
|
| Expiring |
|
| Percent |
|
|
|
|
| Percent |
|
| Leases |
|
| Expiring |
|
| Percent |
|
|
|
|
| Percent |
| ||||||||||
Year |
| Expiring |
|
| SF |
|
| of Total |
|
| PSF |
|
| of Total |
|
| Expiring |
|
| SF |
|
| of Total |
|
| PSF |
|
| of Total |
| ||||||||||
M to M 1 |
|
| 3 |
|
|
| 4,162 |
|
|
| 0.6 | % |
| $ | 53.29 |
|
|
| 0.3 | % |
|
| — |
|
|
| — |
|
|
| — | % |
| $ | — |
|
|
| — | % |
2024 (Remainder) |
|
| 19 |
|
|
| 56,550 |
|
|
| 7.6 | % |
|
| 68.49 |
|
|
| 5.8 | % |
|
| 8 |
|
|
| 339,080 |
|
|
| 13.5 | % |
|
| 11.67 |
|
|
| 10.3 | % |
2025 |
|
| 25 |
|
|
| 97,484 |
|
|
| 13.1 | % |
|
| 108.55 |
|
|
| 15.9 | % |
|
| 9 |
|
|
| 376,598 |
|
|
| 15.0 | % |
|
| 19.14 |
|
|
| 18.8 | % |
2026 |
|
| 29 |
|
|
| 73,897 |
|
|
| 9.9 | % |
|
| 143.27 |
|
|
| 15.9 | % |
|
| 9 |
|
|
| 404,089 |
|
|
| 16.1 | % |
|
| 9.94 |
|
|
| 10.5 | % |
2027 |
|
| 16 |
|
|
| 26,520 |
|
|
| 3.6 | % |
|
| 147.57 |
|
|
| 5.9 | % |
|
| 5 |
|
|
| 155,675 |
|
|
| 6.2 | % |
|
| 21.38 |
|
|
| 8.7 | % |
2028 |
|
| 19 |
|
|
| 193,188 |
|
|
| 26.0 | % |
|
| 65.22 |
|
|
| 18.9 | % |
|
| 11 |
|
|
| 483,822 |
|
|
| 19.3 | % |
|
| 12.43 |
|
|
| 15.7 | % |
2029 |
|
| 20 |
|
|
| 50,477 |
|
|
| 6.8 | % |
|
| 90.93 |
|
|
| 6.9 | % |
|
| 9 |
|
|
| 314,894 |
|
|
| 12.6 | % |
|
| 16.20 |
|
|
| 13.3 | % |
2030 |
|
| 9 |
|
|
| 64,412 |
|
|
| 8.7 | % |
|
| 67.24 |
|
|
| 6.5 | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — | % |
2031 |
|
| 7 |
|
|
| 41,177 |
|
|
| 5.5 | % |
|
| 80.27 |
|
|
| 5.0 | % |
|
| 2 |
|
|
| 50,566 |
|
|
| 2.0 | % |
|
| 16.97 |
|
|
| 2.2 | % |
2032 |
|
| 17 |
|
|
| 56,944 |
|
|
| 7.7 | % |
|
| 111.05 |
|
|
| 9.5 | % |
|
| 2 |
|
|
| 62,382 |
|
|
| 2.5 | % |
|
| 12.53 |
|
|
| 2.0 | % |
2033 |
|
| 20 |
|
|
| 42,859 |
|
|
| 5.8 | % |
|
| 82.92 |
|
|
| 5.3 | % |
|
| 2 |
|
|
| 81,217 |
|
|
| 3.2 | % |
|
| 27.13 |
|
|
| 5.8 | % |
Thereafter |
|
| 6 |
|
|
| 35,396 |
|
|
| 4.8 | % |
|
| 81.04 |
|
|
| 4.3 | % |
|
| 5 |
|
|
| 237,330 |
|
|
| 9.5 | % |
|
| 20.34 |
|
|
| 12.6 | % |
Total |
|
| 190 |
|
|
| 743,067 |
|
|
| 100.0 | % |
| $ | 89.83 |
|
|
| 100.0 | % |
|
| 62 |
|
|
| 2,505,653 |
|
|
| 100.0 | % |
| $ | 15.28 |
|
|
| 100.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Anchor GLA Owned by Tenants |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 254,916 |
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Vacant 2 |
|
|
| 140,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 115,907 |
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Square Feet 2 |
|
|
| 883,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,876,476 |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
| Shop Tenants |
|
| Total Tenants |
| ||||||||||||||||||||||||||||||||||
|
|
|
|
| GLA |
|
| ABR |
|
|
|
|
| GLA |
|
| ABR |
| ||||||||||||||||||||||
|
| Leases |
|
| Expiring |
|
| Percent |
|
|
|
|
| Percent |
|
| Leases |
|
| Expiring |
|
| Percent |
|
|
|
|
| Percent |
| ||||||||||
Year |
| Expiring |
|
| SF |
|
| of Total |
|
| PSF |
|
| of Total |
|
| Expiring |
|
| SF |
|
| of Total |
|
| PSF |
|
| of Total |
| ||||||||||
M to M 1 |
|
| — |
|
|
| — |
|
|
| — | % |
| $ | — |
|
|
| — | % |
|
| 3 |
|
|
| 4,162 |
|
|
| 0.1 | % |
|
| 53.29 |
|
|
| 0.2 | % |
2024 (Remainder) |
|
| 28 |
|
|
| 136,003 |
|
|
| 12.3 | % |
|
| 24.47 |
|
|
| 9.6 | % |
|
| 55 |
|
|
| 531,633 |
|
|
| 12.2 | % |
|
| 20.99 |
|
|
| 8.0 | % |
2025 |
|
| 35 |
|
|
| 108,129 |
|
|
| 9.8 | % |
|
| 30.29 |
|
|
| 9.5 | % |
|
| 69 |
|
|
| 582,211 |
|
|
| 13.4 | % |
|
| 36.18 |
|
|
| 15.1 | % |
2026 |
|
| 40 |
|
|
| 146,127 |
|
|
| 13.2 | % |
|
| 26.30 |
|
|
| 11.1 | % |
|
| 78 |
|
|
| 624,112 |
|
|
| 14.3 | % |
|
| 29.56 |
|
|
| 13.2 | % |
2027 |
|
| 36 |
|
|
| 141,240 |
|
|
| 12.8 | % |
|
| 34.03 |
|
|
| 13.9 | % |
|
| 57 |
|
|
| 323,435 |
|
|
| 7.4 | % |
|
| 37.25 |
|
|
| 8.6 | % |
2028 |
|
| 39 |
|
|
| 155,928 |
|
|
| 14.1 | % |
|
| 36.81 |
|
|
| 16.6 | % |
|
| 69 |
|
|
| 832,938 |
|
|
| 19.1 | % |
|
| 29.23 |
|
|
| 17.4 | % |
2029 |
|
| 17 |
|
|
| 46,714 |
|
|
| 4.2 | % |
|
| 29.32 |
|
|
| 4.0 | % |
|
| 46 |
|
|
| 412,085 |
|
|
| 9.5 | % |
|
| 26.84 |
|
|
| 7.9 | % |
2030 |
|
| 11 |
|
|
| 31,912 |
|
|
| 2.9 | % |
|
| 36.54 |
|
|
| 3.4 | % |
|
| 20 |
|
|
| 96,324 |
|
|
| 2.2 | % |
|
| 57.07 |
|
|
| 3.9 | % |
2031 |
|
| 14 |
|
|
| 81,633 |
|
|
| 7.4 | % |
|
| 26.30 |
|
|
| 6.2 | % |
|
| 23 |
|
|
| 173,376 |
|
|
| 4.0 | % |
|
| 36.40 |
|
|
| 4.5 | % |
2032 |
|
| 25 |
|
|
| 96,152 |
|
|
| 8.7 | % |
|
| 32.98 |
|
|
| 9.2 | % |
|
| 44 |
|
|
| 215,478 |
|
|
| 5.0 | % |
|
| 47.69 |
|
|
| 7.4 | % |
2033 |
|
| 21 |
|
|
| 85,791 |
|
|
| 7.8 | % |
|
| 31.92 |
|
|
| 7.9 | % |
|
| 43 |
|
|
| 209,867 |
|
|
| 4.8 | % |
|
| 40.48 |
|
|
| 6.1 | % |
Thereafter |
|
| 16 |
|
|
| 73,773 |
|
|
| 6.7 | % |
|
| 39.82 |
|
|
| 8.5 | % |
|
| 27 |
|
|
| 346,500 |
|
|
| 8.0 | % |
|
| 30.69 |
|
|
| 7.6 | % |
Total |
|
| 282 |
|
|
| 1,103,402 |
|
|
| 100.0 | % |
| $ | 31.29 |
|
|
| 100.0 | % |
|
| 534 |
|
|
| 4,352,122 |
|
|
| 100.0 | % |
| $ | 32.07 |
|
|
| 100.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Anchor GLA Owned by Tenants |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 254,916 |
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Vacant 2 |
|
|
| 155,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 411,578 |
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Square Feet 2 |
|
|
| 1,258,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5,018,615 |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________
1. Leases currently under month to month or in process of renewal.
2. Totals may not foot due to rounding.
Amounts
34
| Core Portfolio – New and Renewal Rent Spreads 1 |
Supplemental Report – March 31, 2024 |
|
|
| Quarter Ended |
|
| |||||
|
| March 31, 2024 |
|
| |||||
|
| GAAP 2 |
|
| Cash 3 |
|
| ||
New Leases |
|
|
|
|
|
|
| ||
Number of new leases executed |
|
| 2 |
|
|
| 2 |
|
|
GLA |
|
| 3,460 |
|
|
| 3,460 |
|
|
New base rent |
| $ | 40.04 |
|
| $ | 35.74 |
|
|
Previous base rent |
| $ | 29.91 |
|
| $ | 30.90 |
|
|
Average cost per square foot |
| $ | 49.36 |
|
| $ | 49.36 |
|
|
Weighted Average Lease Term (years) |
|
| 10.0 |
|
|
| 10.0 |
|
|
Percentage growth in base rent |
|
| 33.9 | % |
|
| 15.7 | % |
|
|
|
|
|
|
|
|
| ||
Renewal Leases |
|
|
|
|
|
|
| ||
Number of renewal leases executed |
|
| 20 |
|
|
| 20 |
|
|
GLA |
|
| 184,391 |
|
|
| 184,391 |
|
|
New base rent |
| $ | 22.53 |
|
| $ | 22.24 |
|
|
Expiring base rent |
| $ | 20.47 |
|
| $ | 21.19 |
|
|
Average cost per square foot |
| $ | 0.45 |
|
| $ | 0.45 |
|
|
Weighted Average Lease Term (years) |
|
| 4.6 |
|
|
| 4.6 |
|
|
Percentage growth in base rent |
|
| 10.1 | % |
|
| 5.0 | % |
|
|
|
|
|
|
|
|
| ||
Total New and Renewal Leases |
|
|
|
|
|
|
| ||
Number of new and renewal leases executed |
|
| 22 |
|
|
| 22 |
|
|
GLA commencing |
|
| 187,851 |
|
|
| 187,851 |
|
|
New base rent |
| $ | 22.85 |
|
| $ | 22.49 |
|
|
Expiring base rent |
| $ | 20.64 |
|
| $ | 21.37 |
|
|
Average cost per square foot |
| $ | 1.35 |
|
| $ | 1.35 |
|
|
Weighted Average Lease Term (years) |
|
| 4.7 |
|
|
| 4.7 |
|
|
Percentage growth in base rent |
|
| 10.7 | % |
|
| 5.2 | % |
|
|
|
|
|
|
|
|
|
__________
35
| Core Portfolio – Capital Expenditures |
Supplemental Report – March 31, 2024 |
|
|
|
|
|
|
|
|
|
| |||
|
| Quarter to Date |
|
| Year to Date |
| |||||
|
| March 31, 2024 |
| March 31, 2023 |
|
| December 31, 2023 |
| |||
Leasing Commissions |
| $ | 560 |
| $ | 1,507 |
|
| $ | 5,941 |
|
Tenant Improvements |
|
| 1,212 |
|
| 4,805 |
|
|
| 10,594 |
|
Maintenance Capital Expenditures |
|
| 1,640 |
|
| 690 |
|
|
| 8,618 |
|
Total Capital Expenditures |
| $ | 3,412 |
| $ | 7,002 |
|
| $ | 25,153 |
|
|
|
|
|
|
|
|
|
|
36
| Fund Overview |
Supplemental Report – March 31, 2024 |
|
I. KEY METRICS |
| Fund I |
| Fund II |
| Fund III |
| Fund IV |
| Fund V |
| Total | ||||||||||||||||||||||||||||||
General Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Vintage |
|
| Sep-2001 |
|
| Jun-2004 |
|
| May-2007 |
|
| May-2012 |
|
| Aug-2016 |
|
|
| ||||||||||||||||||||||||
Fund Size |
| $ |
| 90.0 |
| Million |
| $ |
| 472.0 |
| Million 2 |
| $ |
| 502.5 |
| Million |
| $ |
| 540.6 |
| Million |
| $ |
| 520.0 |
| Million |
| $ |
| 2,125.1 |
| Million | ||||||
Acadia's Commitment |
| $ |
| 20.0 |
| Million |
| $ |
| 291.2 |
| Million |
| $ |
| 123.3 |
| Million |
| $ |
| 125.0 |
| Million |
| $ |
| 104.5 |
| Million |
| $ |
| 664.0 |
| Million | ||||||
Acadia's Pro-Rata Share |
|
|
| 22.2 |
| % |
|
|
|
| 61.7 |
| % 2 |
|
|
|
| 24.5 |
| % |
|
|
|
| 23.1 |
| % |
|
|
|
| 20.1 |
| % |
|
|
|
| 31.2 |
| % |
|
Acadia's Promoted Share 1 |
|
|
| 37.8 |
| % |
|
|
|
| 69.4 |
| % |
|
|
|
| 39.6 |
| % |
|
|
|
| 38.5 |
| % |
|
|
|
| 36.1 |
| % |
|
|
|
| 45.0 |
| % |
|
Preferred Return |
|
|
| 9.0 |
| % |
|
|
|
| 8.0 |
| % |
|
|
|
| 6.0 |
| % |
|
|
|
| 6.0 |
| % |
|
|
|
| 6.0 |
| % |
|
|
| 6.4 |
| % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Current-Quarter, Fund-Level Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cumulative Contributions 2 |
| $ |
| 86.6 |
| Million |
| $ |
| 559.4 |
| Million |
| $ |
| 448.1 |
| Million |
| $ |
| 506.0 |
| Million |
| $ |
| 459.6 |
| Million |
| $ |
| 2,059.7 |
| Million | ||||||
Cumulative Net Distributions 3 |
| $ |
| 195.4 |
| Million |
| $ |
| 172.9 |
| Million |
| $ |
| 603.5 |
| Million |
| $ |
| 221.4 |
| Million |
| $ |
| 112.6 |
| Million |
| $ |
| 1,305.8 |
| Million | ||||||
Net Distributions/Contributions |
|
|
| 225.6 |
| % |
|
|
|
| 30.9 |
| % |
|
|
|
| 134.7 |
| % |
|
|
|
| 43.8 |
| % |
|
|
|
| 24.5 |
| % |
|
|
|
| 63.4 |
| % |
|
Unfunded Commitment 4 |
| $ |
| 0.0 |
| Million |
| $ |
| 0.0 |
| Million |
| $ |
| 1.9 |
| Million |
| $ |
| 24.0 |
| Million |
| $ |
| 60.4 |
| Million |
| $ |
| 86.3 |
| Million | ||||||
Acquisition Dry Powder 5 |
|
| N/A |
|
|
|
|
| N/A |
|
|
|
|
| N/A |
|
|
|
|
| N/A |
|
|
|
| $ | N/A |
| Million |
| $ | N/A |
| Million | ||||||||
Investment Period Closes |
|
| Closed |
|
|
|
|
| Closed |
|
|
|
|
| Closed |
|
|
|
|
| Closed |
|
|
|
|
| Closed |
|
|
|
|
|
|
|
|
| ||||||
Currently in a Promote Position? (Yes/No) |
|
| No |
|
|
|
|
| No |
|
|
|
|
| No |
|
|
|
|
| No |
|
|
|
|
| No |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Type: |
|
| Applicable to |
|
| Description | ||||||||||||||||||||||||||||||||||||
Asset Management 6 |
|
| Fund I & II |
|
| 0.75% in 2022, 0% in 2023 | ||||||||||||||||||||||||||||||||||||
Asset Management |
|
| Fund III |
|
| Currently 0% | ||||||||||||||||||||||||||||||||||||
Asset Management 6 |
|
| Fund IV |
|
| 1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period | ||||||||||||||||||||||||||||||||||||
Asset Management 7 |
|
| Fund V |
|
| 1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period | ||||||||||||||||||||||||||||||||||||
Property Management |
|
| All funds |
|
| 4.0% of gross property revenues | ||||||||||||||||||||||||||||||||||||
Leasing |
|
| All funds |
|
| Market-rate leasing commissions | ||||||||||||||||||||||||||||||||||||
Construction/Project Management |
|
| All funds |
|
| Market-rate fees | ||||||||||||||||||||||||||||||||||||
Development |
|
| Fund III, IV & V |
|
| 3.0% of total project costs |
37
| Fund Overview |
Supplemental Report – March 31, 2024 |
|
_________
38
| Fund Portfolio Retail Properties – Detail 1 |
Supplemental Report – March 31, 2024 |
|
|
|
|
| Year |
| Fund |
|
| Gross Leasable Area |
|
| In Place Occupancy |
|
| Leased |
|
| Annualized |
|
|
|
| ||||||||||||||||||||||||||||||
Property |
| Key Tenants |
| Acquired |
| Ownership % |
|
| Street |
|
| Anchors |
|
| Shops |
|
| Total |
|
| Street |
|
| Anchors |
|
| Shops |
|
| Total |
|
| Occupancy |
|
| Base Rent (ABR) |
|
| ABR PSF |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Fund II Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
City Point 2 |
| Primark, Target, Sephora, |
| 2007 |
|
| 94.2 | % |
|
| — |
|
|
| 330,448 |
|
|
| 207,649 |
|
|
| 538,097 |
|
|
| — | % |
|
| 100.0 | % |
|
| 38.1 | % |
|
| 76.1 | % |
|
| 85.4 | % |
| $ | 18,076,469 |
|
| $ | 44.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total - Fund II |
|
|
|
|
|
|
|
|
| — |
|
|
| 330,448 |
|
|
| 207,649 |
|
|
| 538,097 |
|
|
| — | % |
|
| 100.0 | % |
|
| 38.1 | % |
|
| 76.1 | % |
|
| 85.4 | % |
| $ | 18,076,469 |
|
| $ | 44.13 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Fund III Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
640 Broadway |
| ─ |
| 2012 |
|
| 100.0 | % |
|
| 4,637 |
|
|
| — |
|
|
| — |
|
|
| 4,637 |
|
|
| 77.6 | % |
|
| — | % |
|
| — | % |
|
| 77.6 | % |
|
| 77.6 | % |
| $ | 850,994 |
|
| $ | 236.58 |
|
Total - Fund III |
|
|
|
|
|
|
|
|
| 4,637 |
|
|
| — |
|
|
| — |
|
|
| 4,637 |
|
|
| 77.6 | % |
|
| — | % |
|
| — | % |
|
| 77.6 | % |
|
| 77.6 | % |
| $ | 850,994 |
|
| $ | 236.58 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Fund IV Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
801 Madison Avenue |
| ─ |
| 2015 |
|
| 100.0 | % |
|
| 2,522 |
|
|
| — |
|
|
| — |
|
|
| 2,522 |
|
|
| 100.0 | % |
|
| — | % |
|
| — | % |
|
| 100.0 | % |
|
| 100.0 | % |
| $ | 300,000 |
|
| $ | 118.95 |
|
210 Bowery |
| ─ |
| 2012 |
|
| 100.0 | % |
|
| 2,538 |
|
|
| — |
|
|
| — |
|
|
| 2,538 |
|
|
| — | % |
|
| — | % |
|
| — | % |
|
| — | % |
|
| — | % |
|
| — |
|
|
| — |
|
27 East 61st Street |
| ─ |
| 2014 |
|
| 100.0 | % |
|
| 4,177 |
|
|
| — |
|
|
| — |
|
|
| 4,177 |
|
|
| — | % |
|
| — | % |
|
| — | % |
|
| — | % |
|
| — | % |
|
| — |
|
|
| — |
|
17 East 71st Street |
| The Row |
| 2014 |
|
| 100.0 | % |
|
| 8,432 |
|
|
| — |
|
|
| — |
|
|
| 8,432 |
|
|
| 100.0 | % |
|
| — | % |
|
| — | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 2,063,935 |
|
|
| 244.77 |
|
1035 Third Avenue 3 |
| ─ |
| 2015 |
|
| 100.0 | % |
|
| 7,634 |
|
|
| — |
|
|
| — |
|
|
| 7,634 |
|
|
| 100.0 | % |
|
| — | % |
|
| — | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 1,222,748 |
|
|
| 160.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Paramus Plaza |
| Marshalls, Hobby Lobby, Skechers |
| 2013 |
|
| 50.0 | % |
|
| — |
|
|
| 87,539 |
|
|
| 65,955 |
|
|
| 153,494 |
|
|
| — | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 3,262,289 |
|
|
| 21.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
BOSTON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Massachusetts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Restaurants at Fort Point |
| Santander Bank |
| 2016 |
|
| 100.0 | % |
|
| 15,711 |
|
|
| — |
|
|
| — |
|
|
| 15,711 |
|
|
| 9.1 | % |
|
| — | % |
|
| — | % |
|
| 9.1 | % |
|
| 9.1 | % |
|
| 199,500 |
|
|
| 140.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
NORTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Rhode Island |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
650 Bald Hill Road |
| Dick's Sporting Goods, |
| 2015 |
|
| 90.0 | % |
|
| — |
|
|
| 55,000 |
|
|
| 105,448 |
|
|
| 160,448 |
|
|
| — | % |
|
| 100.0 | % |
|
| 77.7 | % |
|
| 85.3 | % |
|
| 85.3 | % |
|
| 2,092,896 |
|
|
| 15.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
MID-ATLANTIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Delaware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Eden Square |
| Giant Food, LA Fitness |
| 2014 |
|
| 98.6 | % |
|
| — |
|
|
| 116,003 |
|
|
| 113,168 |
|
|
| 229,171 |
|
|
| — | % |
|
| 100.0 | % |
|
| 81.9 | % |
|
| 91.1 | % |
|
| 98.6 | % |
|
| 3,358,699 |
|
|
| 16.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
SOUTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Georgia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Broughton Street Portfolio |
| H&M, Lululemon, |
| 2014 |
|
| 100.0 | % |
|
| 94,713 |
|
|
| — |
|
|
| — |
|
|
| 94,713 |
|
|
| 91.1 | % |
|
| — | % |
|
| — | % |
|
| 91.1 | % |
|
| 93.1 | % |
|
| 3,223,337 |
|
|
| 37.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
WEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
California |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Union and Fillmore |
| Eileen Fisher, Bonobos |
| 2015 |
|
| 90.0 | % |
|
| 7,183 |
|
|
| — |
|
|
| — |
|
|
| 7,183 |
|
|
| 77.5 | % |
|
| — | % |
|
| — | % |
|
| 77.5 | % |
|
| 77.5 | % |
|
| 665,709 |
|
|
| 119.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total - Fund IV |
|
|
|
|
|
|
|
|
| 142,910 |
|
|
| 258,542 |
|
|
| 284,571 |
|
|
| 686,023 |
|
|
| 78.3 | % |
|
| 100.0 | % |
|
| 84.5 | % |
|
| 89.1 | % |
|
| 91.9 | % |
| $ | 16,389,112 |
|
| $ | 26.82 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Fund V Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
SOUTHWEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
New Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Plaza Santa Fe |
| TJ Maxx, Best Buy, |
| 2017 |
|
| 100.0 | % |
|
| — |
|
|
| 153,983 |
|
|
| 70,169 |
|
|
| 224,152 |
|
|
| — | % |
|
| 100.0 | % |
|
| 86.2 | % |
|
| 95.7 | % |
|
| 95.7 | % |
| $ | 4,097,104 |
|
| $ | 19.10 |
|
39
| Fund Portfolio Retail Properties – Detail 1 |
Supplemental Report – March 31, 2024 |
|
|
|
|
| Year |
| Fund |
|
| Gross Leasable Area |
|
| In Place Occupancy |
|
| Leased |
|
| Annualized |
|
|
|
| ||||||||||||||||||||||||||||||
Property |
| Key Tenants |
| Acquired |
| Ownership % |
|
| Street |
|
| Anchors |
|
| Shops |
|
| Total |
|
| Street |
|
| Anchors |
|
| Shops |
|
| Total |
|
| Occupancy |
|
| Base Rent (ABR) |
|
| ABR PSF |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Texas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Wood Ridge Plaza |
| Kirkland's, Office Depot |
| 2022 |
|
| 90.0 | % |
|
| — |
|
|
| — |
|
|
| 211,617 |
|
|
| 211,617 |
|
|
| — | % |
|
| — | % |
|
| 89.7 | % |
|
| 89.7 | % |
|
| 89.7 | % |
|
| 4,365,051 |
|
|
| 22.99 |
|
La Frontera Village |
| Kohl's, Hobby Lobby, Burlington, Marshalls |
| 2022 |
|
| 90.0 | % |
|
| — |
|
|
| 203,500 |
|
|
| 330,930 |
|
|
| 534,430 |
|
|
| — | % |
|
| 85.0 | % |
|
| 90.7 | % |
|
| 88.5 | % |
|
| 88.8 | % |
|
| 6,645,117 |
|
|
| 14.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
MIDWEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Michigan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
New Towne Center |
| Kohl's, Jo-Ann's, DSW |
| 2017 |
|
| 100.0 | % |
|
| — |
|
|
| 145,389 |
|
|
| 45,141 |
|
|
| 190,530 |
|
|
| — | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 2,410,631 |
|
|
| 12.65 |
|
Fairlane Green |
| TJ Maxx, Michaels, Burlington |
| 2017 |
|
| 100.0 | % |
|
| — |
|
|
| 109,952 |
|
|
| 160,235 |
|
|
| 270,187 |
|
|
| — | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 5,326,056 |
|
|
| 19.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
NORTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Maryland |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Frederick County (2 properties) |
| Kohl's, Best Buy, |
| 2019 |
|
| 90.0 | % |
|
| — |
|
|
| 251,988 |
|
|
| 278,828 |
|
|
| 530,816 |
|
|
| — | % |
|
| 100.0 | % |
|
| 88.1 | % |
|
| 93.7 | % |
|
| 94.8 | % |
|
| 7,696,127 |
|
|
| 15.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Connecticut |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Tri-City Plaza |
| TJ Maxx, HomeGoods, ShopRite |
| 2019 |
|
| 90.0 | % |
|
| — |
|
|
| 129,940 |
|
|
| 172,798 |
|
|
| 302,738 |
|
|
| — | % |
|
| 100.0 | % |
|
| 82.5 | % |
|
| 90.0 | % |
|
| 92.0 | % |
|
| 3,915,091 |
|
|
| 14.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Midstate |
| ShopRite, Best Buy, DSW, PetSmart |
| 2021 |
|
| 100.0 | % |
|
| — |
|
|
| 253,779 |
|
|
| 134,837 |
|
|
| 388,616 |
|
|
| — | % |
|
| 77.2 | % |
|
| 62.2 | % |
|
| 72.0 | % |
|
| 96.9 | % |
|
| 5,958,609 |
|
|
| 21.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Shoppes at South Hills |
| ShopRite, At Home, |
| 2022 |
|
| 90.0 | % |
|
| — |
|
|
| 416,804 |
|
|
| 95,414 |
|
|
| 512,218 |
|
|
| — | % |
|
| 71.7 | % |
|
| 46.1 | % |
|
| 67.0 | % |
|
| 76.1 | % |
|
| 3,941,442 |
|
|
| 11.49 |
|
Mohawk Commons |
| Lowe's, Target |
| 2023 |
|
| 90.0 | % |
|
| — |
|
|
| 330,874 |
|
|
| 68,464 |
|
|
| 399,338 |
|
|
| — | % |
|
| 100.0 | % |
|
| 89.9 | % |
|
| 98.3 | % |
|
| 99.5 | % |
|
| 5,583,596 |
|
|
| 14.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Pennsylvania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Monroe Marketplace |
| Kohl's, Dick's |
| 2021 |
|
| 100.0 | % |
|
| — |
|
|
| 263,376 |
|
|
| 108,276 |
|
|
| 371,652 |
|
|
| — | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 4,418,808 |
|
|
| 11.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Rhode Island |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Lincoln Commons |
| Stop and Shop, Marshalls, |
| 2019 |
|
| 100.0 | % |
|
| — |
|
|
| 194,470 |
|
|
| 267,525 |
|
|
| 461,995 |
|
|
| — | % |
|
| 100.0 | % |
|
| 79.9 | % |
|
| 88.3 | % |
|
| 90.8 | % |
|
| 5,621,839 |
|
|
| 13.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Vermont |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Maple Tree Place 4 |
| Shaw's, Dick's Sporting Goods, Best Buy, Old Navy |
| 2023 |
|
| 100.0 | % |
|
| — |
|
|
| 246,738 |
|
|
| 147,764 |
|
|
| 394,502 |
|
|
| — | % |
|
| 100.0 | % |
|
| 59.8 | % |
|
| 84.9 | % |
|
| 84.9 | % |
|
| 6,567,224 |
|
|
| 19.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
SOUTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Virginia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Landstown Commons |
| Best Buy, Burlington, |
| 2019 |
|
| 100.0 | % |
|
| — |
|
|
| 87,883 |
|
|
| 292,316 |
|
|
| 380,199 |
|
|
| — | % |
|
| 100.0 | % |
|
| 95.8 | % |
|
| 96.8 | % |
|
| 97.2 | % |
|
| 7,603,810 |
|
|
| 20.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Florida |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Palm Coast Landing |
| TJ Maxx, PetSmart, |
| 2019 |
|
| 100.0 | % |
|
| — |
|
|
| 73,241 |
|
|
| 98,558 |
|
|
| 171,799 |
|
|
| — | % |
|
| 100.0 | % |
|
| 94.6 | % |
|
| 96.9 | % |
|
| 96.9 | % |
|
| 3,526,270 |
|
|
| 21.19 |
|
Cypress Creek |
| Hobby Lobby, Total Wine, HomeGoods |
| 2023 |
|
| 100.0 | % |
|
| — |
|
|
| 167,978 |
|
|
| 71,678 |
|
|
| 239,656 |
|
|
| — | % |
|
| 100.0 | % |
|
| 95.1 | % |
|
| 98.5 | % |
|
| 98.5 | % |
|
| 4,948,622 |
|
|
| 20.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
North Carolina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Hickory Ridge |
| Kohl's, Best Buy, Dick's Sporting Goods |
| 2017 |
|
| 100.0 | % |
|
| — |
|
|
| 266,584 |
|
|
| 113,981 |
|
|
| 380,565 |
|
|
| — | % |
|
| 100.0 | % |
|
| 97.5 | % |
|
| 99.3 | % |
|
| 99.3 | % |
|
| 4,757,107 |
|
|
| 12.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Alabama |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Trussville Promenade |
| Wal-Mart, Regal Cinemas |
| 2018 |
|
| 100.0 | % |
|
| — |
|
|
| 366,010 |
|
|
| 97,671 |
|
|
| 463,681 |
|
|
| — | % |
|
| 100.0 | % |
|
| 84.8 | % |
|
| 96.8 | % |
|
| 97.6 | % |
|
| 4,382,333 |
|
|
| 9.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40
| Fund Portfolio Retail Properties – Detail 1 |
Supplemental Report – March 31, 2024 |
|
|
|
|
| Year |
| Fund |
|
| Gross Leasable Area |
|
| In Place Occupancy |
|
| Leased |
|
| Annualized |
|
|
|
| ||||||||||||||||||||||||||||||
Property |
| Key Tenants |
| Acquired |
| Ownership % |
|
| Street |
|
| Anchors |
|
| Shops |
|
| Total |
|
| Street |
|
| Anchors |
|
| Shops |
|
| Total |
|
| Occupancy |
|
| Base Rent (ABR) |
|
| ABR PSF |
| ||||||||||||
Georgia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Canton Marketplace |
| Dick's Sporting Goods, |
| 2021 |
|
| 100.0 | % |
|
| — |
|
|
| 132,569 |
|
|
| 219,419 |
|
|
| 351,988 |
|
|
| — | % |
|
| 100.0 | % |
|
| 90.8 | % |
|
| 94.3 | % |
|
| 94.7 | % |
|
| 5,908,583 |
|
|
| 17.80 |
|
Hiram Pavilion |
| Kohl's, HomeGoods |
| 2018 |
|
| 100.0 | % |
|
| — |
|
|
| 209,423 |
|
|
| 153,252 |
|
|
| 362,675 |
|
|
| — | % |
|
| 100.0 | % |
|
| 98.6 | % |
|
| 99.4 | % |
|
| 100.0 | % |
|
| 4,702,846 |
|
|
| 13.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
WEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
California |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Elk Grove Commons |
| Kohl's, HomeGoods |
| 2018 |
|
| 100.0 | % |
|
| — |
|
|
| 132,489 |
|
|
| 109,589 |
|
|
| 242,078 |
|
|
| — | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 5,327,348 |
|
|
| 22.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Utah |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Family Center at Riverdale |
| Target, Home Goods, |
| 2019 |
|
| 89.4 | % |
|
| — |
|
|
| 231,673 |
|
|
| 140,802 |
|
|
| 372,475 |
|
|
| — | % |
|
| 100.0 | % |
|
| 94.5 | % |
|
| 97.9 | % |
|
| 97.9 | % |
|
| 4,023,618 |
|
|
| 11.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total - Fund V |
|
|
|
|
|
|
|
|
| — |
|
|
| 4,368,643 |
|
|
| 3,389,264 |
|
|
| 7,757,907 |
|
|
| — | % |
|
| 95.3 | % |
|
| 87.7 | % |
|
| 92.0 | % |
|
| 94.3 | % |
| $ | 111,727,231 |
|
| $ | 15.66 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
TOTAL FUND PROPERTIES |
|
|
| 147,547 |
|
|
| 4,957,633 |
|
|
| 3,881,484 |
|
|
| 8,986,664 |
|
|
| 78.3 | % |
|
| 95.8 | % |
|
| 84.8 | % |
|
| 90.8 | % |
|
| 93.6 | % |
| $ | 147,043,806 |
|
| $ | 18.02 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Acadia Share of Total Fund Properties |
|
|
| 34,013 |
|
|
| 1,084,045 |
|
|
| 828,715 |
|
|
| 1,946,772 |
|
|
| 78.3 | % |
|
| 96.5 | % |
|
| 80.2 | % |
|
| 89.2 | % |
|
| 92.7 | % |
| $ | 35,706,097 |
|
| $ | 20.56 |
|
__________
41
| Fund Lease Expirations |
Supplemental Report – March 31, 2024 | (Pro-Rata Basis) |
|
| FUND II |
|
|
|
|
|
|
|
| FUND III |
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
|
|
|
|
| GLA |
|
|
|
|
| ABR |
|
|
|
|
| GLA |
|
|
|
|
| ABR |
| ||||||||||||||||||||||||
|
| Leases |
|
| Expiring |
|
| Percent |
|
|
|
|
|
|
|
| Percent |
|
| Leases |
|
| Expiring |
|
| Percent |
|
|
|
|
|
|
|
| Percent |
| ||||||||||||
Year |
| Expiring |
|
| SF |
|
| of Total |
|
| Amount |
|
| PSF |
|
| of Total |
|
| Expiring |
|
| SF |
|
| of Total |
|
| Amount |
|
| PSF |
|
| of Total |
| ||||||||||||
M to M 1 |
|
| — |
|
|
| — |
|
|
| — | % |
| $ | — |
|
| $ | — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
| $ | — |
|
| $ | — |
|
|
| — | % |
2024 (Remainder) |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
2025 |
|
| 1 |
|
|
| 1,426 |
|
|
| 0.6 | % |
|
| 164,531 |
|
|
| 115.36 |
|
|
| 1.6 | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
2026 |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
2027 |
|
| 3 |
|
|
| 15,292 |
|
|
| 6.4 | % |
|
| 1,155,166 |
|
|
| 75.54 |
|
|
| 11.0 | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
2028 |
|
| 1 |
|
|
| 552 |
|
|
| 0.2 | % |
|
| 107,618 |
|
|
| 195.00 |
|
|
| 1.0 | % |
|
| 1 |
|
|
| 306 |
|
|
| 34.7 | % |
|
| 75,845 |
|
|
| 247.85 |
|
|
| 36.3 | % |
2029 |
|
| 1 |
|
|
| 580 |
|
|
| 0.2 | % |
|
| 89,140 |
|
|
| 153.75 |
|
|
| 0.8 | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
2030 |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| 1 |
|
|
| 177 |
|
|
| 20.0 | % |
|
| 42,148 |
|
|
| 238.21 |
|
|
| 20.2 | % |
2031 |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| 1 |
|
|
| 226 |
|
|
| 25.6 | % |
|
| 55,503 |
|
|
| 245.31 |
|
|
| 26.6 | % |
2032 |
|
| 4 |
|
|
| 78,364 |
|
|
| 32.9 | % |
|
| 1,201,752 |
|
|
| 15.34 |
|
|
| 11.4 | % |
|
| 1 |
|
|
| 173 |
|
|
| 19.7 | % |
|
| 35,338 |
|
|
| 203.68 |
|
|
| 16.9 | % |
2033 |
|
| 3 |
|
|
| 18,877 |
|
|
| 7.9 | % |
|
| 871,403 |
|
|
| 46.16 |
|
|
| 8.3 | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
Thereafter |
|
| 8 |
|
|
| 122,856 |
|
|
| 51.6 | % |
|
| 6,911,577 |
|
|
| 56.26 |
|
|
| 65.8 | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
Total |
|
| 21 |
|
|
| 237,947 |
|
|
| 100.0 | % |
| $ | 10,501,188 |
|
| $ | 44.13 |
|
|
| 100.0 | % |
|
| 4 |
|
|
| 883 |
|
|
| 100.0 | % |
| $ | 208,834 |
|
| $ | 236.58 |
|
|
| 100.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
| 74,651 |
|
| Total Vacant 2 |
|
|
|
|
|
|
|
|
|
|
|
| 255 |
|
| Total Vacant 2 |
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
| 312,597 |
|
| Total Square Feet 2 |
|
|
|
|
|
|
|
|
|
|
|
| 1,138 |
|
| Total Square Feet 2 |
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| FUND IV |
|
|
|
|
|
|
|
| FUND V |
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
|
|
|
|
| GLA |
|
|
|
|
| ABR |
|
|
|
|
| GLA |
|
|
|
|
| ABR |
| ||||||||||||||||||||||||
|
| Leases |
|
| Expiring |
|
| Percent |
|
|
|
|
|
|
|
| Percent |
|
| Leases |
|
| Expiring |
|
| Percent |
|
|
|
|
|
|
|
| Percent |
| ||||||||||||
Year |
| Expiring |
|
| SF |
|
| of Total |
|
| Amount |
|
| PSF |
|
| of Total |
|
| Expiring |
|
| SF |
|
| of Total |
|
| Amount |
|
| PSF |
|
| of Total |
| ||||||||||||
M to M 1 |
|
| — |
|
|
| — |
|
|
| — | % |
| $ | — |
|
| $ | — |
|
|
| — | % |
|
| 4 |
|
|
| 1,536 |
|
|
| 0.1 | % |
| $ | 29,701 |
|
| $ | 19.33 |
|
|
| 0.1 | % |
2024 (Remainder) |
|
| 6 |
|
|
| 15,687 |
|
|
| 13.6 | % |
|
| 392,456 |
|
|
| 25.02 |
|
|
| 12.0 | % |
|
| — |
|
|
| — |
|
|
| — | % |
|
| — |
|
|
| — |
|
|
| — | % |
2025 |
|
| 6 |
|
|
| 2,098 |
|
|
| 1.8 | % |
|
| 481,612 |
|
|
| 229.54 |
|
|
| 14.7 | % |
|
| 171 |
|
|
| 378,820 |
|
|
| 27.4 | % |
|
| 5,494,380 |
|
|
| 14.50 |
|
|
| 25.3 | % |
2026 |
|
| 8 |
|
|
| 13,469 |
|
|
| 11.7 | % |
|
| 251,251 |
|
|
| 18.65 |
|
|
| 7.7 | % |
|
| 93 |
|
|
| 121,975 |
|
|
| 8.8 | % |
|
| 2,324,384 |
|
|
| 19.06 |
|
|
| 10.7 | % |
2027 |
|
| 11 |
|
|
| 7,812 |
|
|
| 6.8 | % |
|
| 221,636 |
|
|
| 28.37 |
|
|
| 6.8 | % |
|
| 93 |
|
|
| 208,404 |
|
|
| 15.1 | % |
|
| 2,825,569 |
|
|
| 13.56 |
|
|
| 13.0 | % |
2028 |
|
| 8 |
|
|
| 5,608 |
|
|
| 4.9 | % |
|
| 173,319 |
|
|
| 30.91 |
|
|
| 5.3 | % |
|
| 88 |
|
|
| 165,694 |
|
|
| 12.0 | % |
|
| 3,167,814 |
|
|
| 19.12 |
|
|
| 14.6 | % |
2029 |
|
| 5 |
|
|
| 16,125 |
|
|
| 14.0 | % |
|
| 356,203 |
|
|
| 22.09 |
|
|
| 10.9 | % |
|
| 54 |
|
|
| 134,751 |
|
|
| 9.7 | % |
|
| 1,942,631 |
|
|
| 14.42 |
|
|
| 8.9 | % |
2030 |
|
| 1 |
|
|
| 346 |
|
|
| 0.3 | % |
|
| 16,278 |
|
|
| 47.00 |
|
|
| 0.5 | % |
|
| 34 |
|
|
| 81,525 |
|
|
| 5.9 | % |
|
| 1,193,740 |
|
|
| 14.64 |
|
|
| 5.5 | % |
2031 |
|
| 8 |
|
|
| 14,337 |
|
|
| 12.4 | % |
|
| 372,500 |
|
|
| 25.98 |
|
|
| 11.4 | % |
|
| 32 |
|
|
| 75,446 |
|
|
| 5.5 | % |
|
| 1,117,089 |
|
|
| 14.81 |
|
|
| 5.1 | % |
2032 |
|
| 7 |
|
|
| 25,319 |
|
|
| 21.9 | % |
|
| 614,515 |
|
|
| 24.27 |
|
|
| 18.8 | % |
|
| 35 |
|
|
| 69,198 |
|
|
| 5.0 | % |
|
| 1,171,894 |
|
|
| 16.94 |
|
|
| 5.4 | % |
2033 |
|
| 5 |
|
|
| 12,850 |
|
|
| 11.1 | % |
|
| 292,137 |
|
|
| 22.73 |
|
|
| 8.9 | % |
|
| 32 |
|
|
| 61,018 |
|
|
| 4.4 | % |
|
| 1,156,934 |
|
|
| 18.96 |
|
|
| 5.3 | % |
Thereafter |
|
| 3 |
|
|
| 1,749 |
|
|
| 1.5 | % |
|
| 98,702 |
|
|
| 56.43 |
|
|
| 3.0 | % |
|
| 25 |
|
|
| 84,354 |
|
|
| 6.1 | % |
|
| 1,301,329 |
|
|
| 15.43 |
|
|
| 6.0 | % |
Total |
|
| 68 |
|
|
| 115,400 |
|
|
| 100.0 | % |
| $ | 3,270,610 |
|
| $ | 28.34 |
|
|
| 100.0 | % |
|
| 661 |
|
|
| 1,382,722 |
|
|
| 100.0 | % |
| $ | 21,725,465 |
|
| $ | 15.71 |
|
|
| 100.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
| 16,290 |
|
| Total Vacant 2 |
|
|
|
|
|
|
|
|
|
|
|
| 118,624 |
|
| Total Vacant 2 |
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
| 131,691 |
|
| Total Square Feet 2 |
|
|
|
|
|
|
|
|
|
|
|
| 1,501,346 |
|
| Total Square Feet 2 |
|
|
|
|
|
|
|
__________
1. Leases currently under month to month or in process of renewal.
2. Totals may not foot due to rounding.
42
| Development and Redevelopment Activity |
Supplemental Report – March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
| Acadia's Pro-rata Share | ||||||||||||||||||||||||||||
Property |
| AKR Pro-rata share |
| Location |
| Estimated Stabilization |
| Est. Sq ft Upon Completion |
|
| Costs prior to development / redevelopment |
|
| Incurred costs since development / redevelopment |
|
| Total Costs to Date |
|
| Estimated Future Range |
|
| Estimated Total Range |
|
| ||||||||||||||
CORE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Henderson - Development 1 & 2 |
| 100.0% |
| Dallas, TX |
| TBD |
|
| 160,000 |
|
| $ | 9.6 |
|
| $ | 7.6 |
|
| $ | 17.2 |
|
| TBD |
| - | TBD |
|
| TBD |
| - | TBD |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Major Redevelopment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
City Center |
| 100.0% |
| San Francisco, CA |
| 2024/2025 |
|
| 241,000 |
|
|
| 155.0 |
|
|
| 52.5 |
|
|
| 207.5 |
|
|
| 2.5 |
| - |
| 5.5 |
|
|
| 210.0 |
| - |
| 213.0 |
|
|
555 9th Street |
| 100.0% |
| San Francisco, CA |
| TBD |
|
| 149,000 |
|
|
| 141.7 |
|
|
| 6.7 |
|
|
| 148.4 |
|
|
| 18.3 |
| - |
| 28.3 |
|
|
| 166.7 |
| - |
| 176.7 |
|
|
651-671 West Diversey |
| 100.0% |
| Chicago, IL |
| TBD |
|
| 46,000 |
|
|
| 29.1 |
|
|
| 0.5 |
|
|
| 29.6 |
|
| TBD |
| - | TBD |
|
| TBD |
| - | TBD |
|
| ||||
Route 6 Mall |
| 100.0% |
| Honesdale, PA |
| TBD |
| TBD |
|
|
| 14.8 |
|
|
| 4.5 |
|
|
| 19.3 |
|
|
| 1.5 |
| - |
| 4.5 |
|
|
| 20.8 |
| - |
| 23.8 |
|
| |
Mad River |
| 100.0% |
| Dayton, OH |
| TBD |
| TBD |
|
|
| 14.3 |
|
|
| 0.4 |
|
|
| 14.7 |
|
|
| 1.5 |
| - |
| 1.9 |
|
|
| 16.2 |
| - |
| 16.6 |
|
| |
840 N. Michigan Avenue |
| 91.9% |
| Chicago, IL |
| TBD |
|
| 87,000 |
|
|
| 152.3 |
|
|
| — |
|
|
| 152.3 |
|
| TBD |
| - | TBD |
|
| TBD |
| - | TBD |
|
| ||||
664 N. Michigan Avenue |
| 100.0% |
| Chicago, IL |
| TBD |
|
| 18,000 |
|
|
| 87.2 |
|
|
| — |
|
|
| 87.2 |
|
| TBD |
| - | TBD |
|
| TBD |
| - | TBD |
|
| ||||
Brandywine Holdings |
| 100.0% |
| Wilmington, DE |
| TBD |
|
| 96,000 |
|
|
| 24.0 |
|
|
| 0.1 |
|
|
| 24.1 |
|
| TBD |
| - | TBD |
|
| TBD |
| - | TBD |
|
| ||||
Westshore Expressway |
| 100.0% |
| Staten Island, NY |
| TBD |
|
| 55,000 |
|
|
| 18.6 |
|
|
| — |
|
|
| 18.6 |
|
| TBD |
| - | TBD |
|
| TBD |
| - | TBD |
|
| ||||
Total Core Redevelopment |
|
|
|
|
|
|
|
|
|
| $ | 637.0 |
|
| $ | 64.7 |
|
| $ | 701.7 |
|
| $ | 23.8 |
|
| $ | 40.2 |
|
| $ | 413.7 |
|
| $ | 430.1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Core Development and Redevelopment |
|
|
|
|
|
|
|
|
|
| $ | 646.6 |
|
| $ | 72.3 |
|
| $ | 718.9 |
|
| $ | 23.8 |
|
| $ | 40.2 |
|
| $ | 413.7 |
|
| $ | 430.1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
FUND III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Broad Hollow Commons |
| 24.5% |
| Farmingdale, NY |
| TBD |
| TBD |
|
| $ | 3.0 |
|
| $ | 4.1 |
|
| $ | 7.1 |
|
| TBD |
| - | TBD |
|
| TBD |
| - | TBD |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Major Redevelopment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
FUND IV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
717 N. Michigan Avenue |
| 23.1% |
| Chicago, IL |
| TBD |
| TBD |
|
|
| 26.9 |
|
|
| 0.9 |
|
|
| 27.8 |
|
| TBD |
| - | TBD |
|
| TBD |
| - | TBD |
|
| |||||
Total Funds Development and Major Development |
|
|
|
|
|
|
|
|
|
| $ | 29.9 |
|
| $ | 5.0 |
|
| $ | 34.9 |
|
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Core and Funds Development and Major Redevelopment |
|
|
|
|
|
|
|
|
|
| $ | 676.5 |
|
| $ | 77.3 |
|
| $ | 753.8 |
|
| $ | 23.8 |
|
| $ | 40.2 |
|
| $ | 413.7 |
|
| $ | 430.1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Pre-Stabilized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
City Point (Fund II) |
| 61.7% |
| Brooklyn, NY |
| 2025/2026 |
|
| 536,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
640 Broadway (Fund III) |
| 24.5% |
| New York, NY |
| 2024/2025 |
|
| 4,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
210 Bowery (Fund IV) |
| 23.1% |
| New York, NY |
| 2024/2025 |
|
| 2,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
801 Madison (Fund IV) |
| 23.1% |
| New York, NY |
| 2024/2025 |
|
| 2,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
27 E 61st Street (Fund IV) |
| 23.1% |
| New York, NY |
| 2024/2025 |
|
| 4,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
1035 Third Avenue (Fund IV) |
| 23.1% |
| New York, NY |
| 2024 |
|
| 7,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43
| Important Notes |
Supplemental Report – March 31, 2024 |
|
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. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding (i) gains (or losses) from sales of depreciated properties; (ii) depreciation and amortization; (iii) impairment of depreciable real estate properties; (iv) gains (losses) from change in control and (v) after adjustments for unconsolidated partnerships and joint ventures. Also consistent with NAREIT’s definition of FFO, the Company has elected to include the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.
The Company also provides another supplemental disclosure of operating performance, adjusted funds from operations (“AFFO”). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, stock-based compensation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.
The Company may also provide from time to time another supplemental disclosure of operating performance, FFO Before Special Items. The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including (i) charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio; (ii) the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons and (iii) any realized income or gains from the Company’s investment in Albertsons.
It should be noted that the Company’s methods of calculating FFO, AFFO or FFO Before Special Items may be different from methods used by other REITs and, accordingly, may not be comparable to such metrics used by other REITs. FFO, AFFO and FFO Before Special Items do not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. None of these measures should 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.
USE OF NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures such as EBITDA, NOI, same-property NOI and lease spreads 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. Same-property NOI includes properties in our Core Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company’s method of calculating EBITDA, NOI and same-property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and same-property 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.
44