Exhibit 99.1
ACADIA
REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Table of Contents
----------------- Page Page
---- ----
Section I - Overview Section III - Joint Venture Information
Important Notes 2 Overview - Fund I 23
Company Information 3 Overview - Fund II 24
Portfolio Snapshot 4 Overview - RCP Venture 25
Organizational Chart 5 Joint Venture Properties - Detail 26
Management Team 6 Kroger/Safeway Locations 27
Section II - Financial Information Top 10 Joint Venture Tenants 28
Market Capitalization 7 Section IV - Portfolio Information
Shareholder Information 8 Properties - Overview 29
Operating Statements - Consolidated 9 Properties by Region - Summary 32
Operating Statements - Joint Venture Activity 10 Properties by State - Summary 33
Operating Statements - Activity by Source 11 Properties - Detail 34
Operating Statements - Current v. Historical 12 Leasing Production 37
Net Operating Income - Same Property Performance 13 Top 10 Tenants - Consolidated 38
Funds from Operations ("FFO"), Adjusted FFO ("AFFO") Anchor Tenant Detail 39
and Funds Available for Distribution ("FAD") 14
Anchor Lease Expirations - 2003 through 2005 44
Capital Expenditures 15
Lease Expirations 45
Balance Sheets 16
Property Demographics 50
Selected Operating Ratios 17
Residential Properties 51
Debt Analysis - Summary 18
Debt Analysis - Detail 19
Debt Maturity Schedule 21
Unencumbered Properties 22
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Page 1
ACADIA
REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Important Notes
---------------
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this supplemental disclosure may contain
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as
such may involve known and unknown risks, uncertainties and other factors which
may cause the Company's actual results, performance or achievements to be
materially different from future results, performance or achievements expressed
or implied by such forward-looking statements. Forward-looking statements, which
are based on certain assumptions and describe the Company's future plans,
strategies and expectations are generally identifiable by use of the words
"may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend"
or "project" or the negative thereof or other variations thereon or comparable
terminology. Factors which could have a material adverse effect on the
operations and future prospects of the Company include, but are not limited to
those set forth under the heading "Risk Factors" in the Company's Annual Report
on Form 10-K. These risks and uncertainties should be considered in evaluating
any forward-looking statements contained or incorporated by reference herein.
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
The Company considers funds from operations ("FFO") as defined by the National
Association of Real Estate Investment Trusts ("NAREIT") to be an appropriate
supplemental disclosure of operating performance for an equity REIT due to its
widespread acceptance and use within the REIT and analyst communities. FFO is
presented to assist investors in analyzing the performance of the Company. It is
helpful as it excludes various items included in net income that are not
indicative of the operating performance, such as gains (or losses) from sales of
property and depreciation and amortization. However, the Company's method of
calculating FFO may be different from methods used by other REITs and,
accordingly, may not be comparable to such other REITs. FFO does not represent
cash generated from operations as defined by generally accepted accounting
principles ("GAAP") and is not indicative of cash available to fund all cash
needs, including distributions. It should not be considered as an alternative to
net income for the purpose of evaluating the Company's performance or to cash
flows as a measure of liquidity. Consistent with the NAREIT definition, the
Company defines FFO as net income (computed in accordance with GAAP), excluding
gains (or losses) from sales of depreciated property, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint
ventures.
USE OF EBITDA AS NON-GAAP FINANCIAL MEASURE
EBITDA is a widely used financial measure in many industries, including the REIT
industry, and is presented to assist investors and analysts in analyzing the
performance of the Company. It is helpful as it excludes various items included
in net income that are not indicative of operating performance, such as gains
(or losses) from sales of property and depreciation and amortization and is used
in computing various financial ratios as a measure of operational performance.
The Company computes EBITDA as the sum of net income before extraordinary items
plus interest expense, depreciation, income taxes and amortization, less any
gains (losses including impairment charges) on the sale of income producing
properties. The Company's method of calculating EBITDA may be different from
methods used by other REITs and, accordingly, may not be comparable to such
other REITs. EBITDA does not represent cash generated from operations as defined
by GAAP and is not indicative of cash available to fund all cash needs,
including distributions. It should not be considered as an alternative to net
income for the purpose of evaluating the Company's performance or to cash flows
as a measure of liquidity.
Page 2
ACADIA
REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Company Information
-------------------
Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated
and self-managed real estate investment trust which specializes in the
acquisition, redevelopment and operation of shopping centers which are anchored
by grocery and value-oriented retail. Acadia currently owns (or has interests
in) and operates 67properties totaling approximately 9.3 million square feet,
located in the Northeast, Mid-Atlantic and Midwest United States.
All of Acadia's assets are held by, and all its operations are conducted
through, Acadia Realty Limited Partnership (and its majority-owned subsidiaries)
which is currently 98% controlled by Acadia.
Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham
Suite 260 Vice President
White Plains, NY 10605 (914) 288-8142
jgrisham@acadiarealty.com
New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com
Analyst Coverage MaxCor Financial Citigroup - Smith Barney
Paul Adornato, CFA - (646) 346-7327 Jonathan Litt - (212) 816-0231
padornato@maxf.com jonathan.litt@citigroup.com
David Carlisle - (212) 816-1382
RBC Capital Markets david.s.carlisle@citigroup.com
Jay Leupp - (415) 633-8588
jay.leupp@rbccm.com J.P. Morgan Securities, Inc.
David Ronco - (415) 633-8566 Michael W. Mueller, CFA (212) 622-6689
david.ronco@rbccm.com michael.w.mueller@jpmorgan.com
Josh Bederman (212) 622-6530
Advest, Inc. josh.h.bederman@jpmorgan.com
Sheila McGrath - (908) 598-1180
sheila.mcgrath@advest.com
Page 3
ACADIA
REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Executive Management Team
-------------------------
Kenneth F. Bernstein Chief Executive Officer and Mr. Bernstein is responsible for strategic planning as well as overseeing all
President day to day activities of the Company including operations, acquisitions and
capital markets. Mr. Bernstein served as the Chief Operating Officer of RD
Capital, Inc. from 1990 until the merger of RD Capital with Mark Centers Trust
in August of 1998, forming Acadia Realty Trust. In such capacity, he was
responsible for overseeing the day-to-day operations of RD Capital and its
management companies, Acadia Management Company LLC and Sound View Management
LLC. Prior to joining RD Capital, Mr. Bernstein was an associate with the New
York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received
his Bachelor of Arts Degree from the University of Vermont and his Juris
Doctorate from Boston University School of Law.
Joel Braun Senior Vice President, Mr. Braun is responsible for the sourcing and financial analysis of acquisition
Chief Investment Officer properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and
Finance for Rosenshein Associates, a regional shopping center developer based in
New Rochelle, New York. During this time, Mr. Braun was instrumental in the
initiation and formation of Kranzco Realty Trust, a publicly traded REIT. Mr.
Braun holds a Bachelor's in Business Administration from Boston University and a
Master's Degree in Planning from John Hopkins University.
Joseph Hogan Senior Vice President, Most recently, Mr. Hogan served as Vice President with Kimco Realty Corporation
Director of Construction (NYSE:KIM), where he was responsible for business development and management of
all retail and commercial construction projects for Kimco, in addition to
outside customers and development companies. Prior to joining Kimco, he was
with Konover Construction Company, a subsidiary of Konover & Associates located
in West Hartford, Connecticut, where he was responsible for construction
projects throughout the eastern half of the United States.
Robert Masters, Esq. Senior Vice President, Prior to joining Acadia in December 1994, Mr. Masters was General Counsel for
General Counsel, API Asset Management for over five years, Senior Vice President Deputy General
Corporate Secretary Counsel for European American Bank from 1985 to 1990, and Vice President and
Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received
his Bachelor of Arts from the City University of New York and a J.D. from New
York University Law School. Mr. Masters is also a member of the New York Bar.
Joseph M. Napolitano, Senior Vice President, Mr. Napolitano is responsible for overseeing the company's internal operations.
CPM Director of Operations Previously, he held the position of Senior Vice President, Director of Property
Management. Prior to joining Acadia in 1995, Mr. Napolitano was employed by
Rosen Associates Management Corp. as a Senior Property Manager overseeing a
national portfolio of community shopping centers, and Roebling Management Co. as
a Property Manager responsible for neighborhood and community shopping centers
nationally. Mr. Napolitano holds a Bachelor's in Business Administration from
Adelphi University, Garden City, NY; and is a Certified Property Manager by the
Institute of Property Management (IREM). Mr. Napolitano is also a member of the
New York State Association of Realtors (NYSAR) International Council of
Shopping Center (ICSC), Commercial Investment Real Estate Institute (CIREI), and
the Building Owners and Managers Institute (BOMI).
Michael Nelsen Senior Vice President, Mr. Nelsen oversees all the financial activities and asset management functions.
Chief Financial Officer Mr. Nelsen was most recently President of G. Soros Realty, Inc. and Director of
Real Estate for Soros Private Funds Management LLC. His responsibilities
included asset/portfolio management of real estate operations, financial
reporting, financings, asset acquisitions and dispositions. Previously, he was a
partner in the public accounting firm of David Berdon & Co. Mr. Nelsen has been
a Certified Public Accountant since 1971.
Joseph Povinelli Senior Vice President, Mr. Povinelli joined Acadia in 1999 with 19 years of retail leasing experience.
Director of Leasing Since 1987 Mr. Povinelli had served as regional real estate representative for
Vornado Realty Trust, a New Jersey based Real estate investment trust, and was
responsible for the day to day leasing activity of approximately 3 million
square feet of the strip shopping center portfolio. Prior to this he served as
leasing representative for Net Properties Management, Great Neck, New York,
responsible for leasing of the strip shopping center and office building
portfolio of the mid-atlantic and southeast regions of the company. Mr.
Povinelli received a Bachelor of Science degree in Finance and Economics from
C.W. Post College of Long Island Universty.
Page 4
ACADIA
REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Total Market Capitalization
---------------------------
(including pro-rata share of joint venture debt)
Percent of
Percent of Total Market
(amounts in thousands) Total Equity Capitalization
------------ --------------
Equity Capitalization
- ---------------------
Total Common Shares Outstanding 96.9% 29,144
Common Operating Partnership ("OP") Units 1.7% 511
----------
Combined Common Shares and OP Units 29,655
Market Price at June 30, 2004 $ 13.74
Equity Capitalization - Common Shares and
OP Units $ 407,460
Preferred OP Units - at cost(1) 1.4% 5,580
---- ----------
Total Equity Capitalization 100.0% 413,040 61.8%
------ ---------- -----
Debt Capitalization
- -------------------
Company's balance sheet 214,738 32.1%
Pro-rata share of joint venture debt 40,270 6.1%
---------- ----
Total Debt Capitalization 255,008 38.2%
---------- -----
Total Market Capitalization $ 668,048 100.0%
---------- ------
Weighted Average Outstanding Common Shares and O.P. Units
---------------------------------------------------------
Common
Shares O.P. Units Total
------ ---------- -----
==============================================================================
Basic
Quarter ended June 30, 2004 29,127,898 525,790 29,653,689
Six months ended June 30, 2004 28,407,496 789,614 29,197,110
Fully Diluted
Quarter ended June 30, 2004 30,191,880 525,790 30,717,671
Six months ended June 30, 2004 29,632,310 789,614 30,421,924
==============================================================================
Basic
Quarter ended June 30, 2003 26,387,010 2,074,017 28,461,027
Six months ended June 30, 2003 25,884,843 2,563,571 28,448,414
Fully Diluted
Quarter ended June 30, 2003 27,175,713 2,074,017 29,249,730
Six months ended June 30, 2003 26,557,627 2,563,571 29,121,198
(1) In connection with the acquisition of the Pacesetter Park Shopping Center
in 1999, the Company issued 2,212 Preferred OP Units, of which 632 have
been converted to Common OP Units to date. The remaining Preferred OP Units
are reflected above at their stated cost of $1,000 per unit. Also includes
$4,000 of Preferred OP Units issued to Klaff related to the new RCP Venture
Page 5
ACADIA
REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Shareholder Information
-----------------------
(amounts in thousands)
10 Largest Institutional/Non-Retail Shareholders(1) Percent of Out-
Common standing Common
Shareholder Shares Held Shares
- ---------------------------------------------- ----------- ---------------
Yale University 4,634 15.9%
Wellington Management 2,708 9.3%
Cliffwood Partners 1,879 6.4%
Stanford University 1,411 4.8%
Clarion CRA Securities 1,328 4.6%
Urdang Investment Management 1,008 3.5%
Vanguard Group 904 3.1%
TIAA/CREF 725 2.5%
ABP 570 2.0%
The Vanderbilt University 500 1.7%
----------- ---------------
Total of 10 Largest Institutional Shareholders 15,667 53.8%
----------- ---------------
Total of all Institutional Shareholders 22,976 78.8%
----------- ---------------
Operating Partnership
Unit Information
----------------
Percent
of Total O.P. Units
-------------------
Managment O.P. Unit Holders 334 65.4%
Other O.P. Unit Holders 177 34.6%
----- ------
Total O.P. Units 511 100.0%
Management and Trustee Ownership
--------------------------------
Common Shares (not including options) 479
O.P. Units (see above) 334
-----
813
-----
(1) Based on most recent Schedule 13F filing
Page 6
ACADIA
REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Statements of Operations - Consolidated (1)
-------------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
------------------------------- -------------------------------
Year-to-Date Current Quarter Previous Quarter
Six months 3 months 3 months
ended June 30, ended June 30, ended March 31,
2004 2004 2004
------------------------------- ------------------------------- -------------------------------
Wholly Owned JV's(2) Total Wholly Owned JV's(2) Total Wholly Owned JV's(2) Total
------------ -------- --------- ------------ -------- --------- ------------ -------- ---------
PROPERTY REVENUES
Minimum rents $ 25,712 $ 4,062 $ 29,774 $ 12,905 $ 2,055 $ 14,960 $ 12,807 $ 2,007 $ 14,814
Percentage rents 422 19 441 203 4 207 219 15 234
Expense reimbursements 6,803 858 7,661 3,129 445 3,574 3,674 413 4,087
Other property income 328 16 344 200 7 207 128 9 137
------------ -------- --------- ------------ -------- --------- ------------ -------- ---------
33,265 4,955 38,220 16,437 2,511 18,948 16,828 2,444 19,272
------------ -------- --------- ------------ -------- --------- ------------ -------- ---------
PROPERTY EXPENSES
Property operating 7,282 683 7,965 3,441 320 3,761 3,841 363 4,204
Real estate taxes 4,439 487 4,926 2,117 255 2,372 2,322 232 2,554
------------ -------- --------- ------------ -------- --------- ------------ -------- ---------
11,721 1,170 12,891 5,558 575 6,133 6,163 595 6,758
------------ -------- --------- ------------ -------- --------- ------------ -------- ---------
NET OPERATING INCOME - PROPERTIES 21,544 3,785 25,329 10,879 1,936 12,815 10,665 1,849 12,514
OTHER INCOME (EXPENSE)
General and administrative (2,510) (6) (2,516) (1,185) (6) (1,191) (1,325) - (1,325)
Property related home office
expenses (2,401) - (2,401) (1,237) - (1,237) (1,164) - (1,164)
Equity in Fund I unconsolidated
properties - (18) (18) - (18) (18) - - -
Lease termination income - - - - - - - - -
Interest income 600 18 618 485 18 503 115 - 115
Asset and property management
income (3) 1,552 - 1,552 1,007 - 1,007 545 - 545
Property management expense (120) - (120) (58) - (58) (62) - (62)
Straight-line rent income 468 (306) 162 174 (213) (39) 294 (93) 201
Straight-line rents written off (142) - (142) (28) - (28) (114) - (114)
Other income 196 - 196 40 - 40 156 - 156
------------ -------- --------- ------------ -------- --------- ------------ -------- ---------
EBIDTA 19,187 3,473 22,660 10,077 1,717 11,794 9,110 1,756 10,866
Depreciation and amortization (7,977) (1,150) (9,127) (4,121) (577) (4,698) (3,856) (573) (4,429)
Interest expense (5,506) (1,273) (6,779) (2,761) (634) (3,395) (2,745) (639) (3,384)
Impairment of real estate - - - - - - - - -
Gain on sale of properties 508 - 508 508 - 508 - - -
------------ -------- --------- ------------ -------- --------- ------------ -------- ---------
Income before minority interest 6,212 1,050 7,262 3,703 506 4,209 2,509 544 3,053
Minority interest (620) (28) (648) (437) (8) (445) (183) (20) (203)
------------ -------- --------- ------------ -------- --------- ------------ -------- ---------
NET INCOME $ 5,592 $ 1,022 $ 6,614 $ 3,266 $ 498 $ 3,764 $ 2,326 $ 524 $ 2,850
============ ======== ========= ============ ======== ========= ============ ======== =========
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's equity in the
earnings of unconsolidated partnerships is reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, this agrees with the equity in earnings of
unconsolidated partnerships as reported in the Company's Form 10Q's and 10K
for the corresponding periods.
(2) The Company currently invests in two JV's with operating properties. The
first is a 22% interest in Acadia Strategic Opportunity Fund ("AKR Fund
I"), which owns, or has an ownership interest in 34 properties totalling
approximately 2.6 million square feet. The second JV investment is a 49%
interest in a 311,000 square foot shopping center located in White Plains,
NY ("Crossroads").
(3) Detail as follows: YTD 2nd Quarter 1st Quarter
Asset management fee Fund I $ 525 $ 263 $ 262
Asset management fee Fund II (Formed June 15, 2004) 125 125 -
Property management and leasing fees - Fund I 571 320 251
Property management and leasing fees - Klaff Portfolio 331 299 32
--------- ---------- ----------
$ 1,552 $ 1,007 $ 545
========= ========== ==========
Page 7
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Statements of Operations - Joint Venture Activity (1)
- -------------------------------------------------------------------------------------
Current Quarter and Year-to-Date
- -------------------------------------------------------------------------------------
(in thousands)
-----------------------------------
Year-to- Date
June 30, 2004
-----------------------------------
Acadia Pro- Pro-
rata rata
Acquisition share Crossroads share
-----------------------------------
PROPERTY REVENUES
Minimum rents $12,079 $2,684 $2,811 $1,378
Percentage rents 84 19 - -
Expense reimbursements 1,441 321 1,095 537
Other property income 7 2 29 14
-----------------------------------
13,611 3,026 3,935 1,929
-----------------------------------
PROPERTY EXPENSES
Property operating 2,061 458 459 225
Real estate taxes 562 125 738 362
-----------------------------------
2,623 583 1,197 587
-----------------------------------
NET OPERATING INCOME - PROPERTIES 10,988 2,443 2,738 1,342
OTHER INCOME (EXPENSE)
General and administrative (28) (6) - -
Property related home office expenses - - - -
Equity in Fund I unconsolidated properties (2) (80) (18) - -
Lease termination income - - - -
Interest income 82 18 - -
Asset and property management income - - - -
Asset and property management expense( 3) (1,032) - - -
Straight-line rent income (1,482) (329) 48 23
Straight-line rents written off - - - -
Other income - - - -
-----------------------------------
EBIDTA 8,448 2,108 2,786 1,365
Depreciation and amortization (4) (3,592) (806) (302) (344)
Interest expense (4) (3,066) (667) (1,295) (606)
Impairment of real estate - - - -
Gain on sale of properties - - - -
-----------------------------------
Income before minority interest 1,790 635 1,189 415
Minority interest - (17) - (11)
-----------------------------------
NET INCOME $1,790 $618 $1,189 $404
===================================
QUARTERLY SUPPLEMENTAL
DISCLOSURE
June 30, 2004
Statements of Operations -
Joint Venture Activity (1)
-------------------------------
Current Quarter and Year-to-
Date
-------------------------------
(in thousands)
--------------------------------
Current Quarter Previous Quarter
3 months 3 months
ended June 30, ended March 31,
2004
2004
------- ---------------------------------------- ----------------------------------------
Pro- Acadia Pro- Pro- Pro- Acadia Pro- Pro- Pro-
rata rata rata rata rata rata rata
Total Acquisition share Crossroads share Total Acquisition share Crossroads share Total
------- ---------------------------------------- ----------------------------------------
PROPERTY REVENUES
Minimum rents $4,062 $6,225 $1,383 $1,368 $672 $2,055 $5,854 $1,301 $1,443 $706 $2,007
Percentage rents 19 17 4 - - 4 67 15 - - 15
Expense reimbursements 858 790 176 549 269 445 651 145 546 268 413
Other property income 16 4 1 12 6 7 3 1 17 8 9
----- ----- ----- ----- --- ----- ----- ----- ----- --- -----
4,955 7,036 1,564 1,929 947 2,511 6,575 1,462 2,006 982 2,444
----- ----- ----- ----- --- ----- ----- ----- ----- --- -----
PROPERTY EXPENSES
Property operating 683 1,037 230 183 90 320 1,024 228 276 135 363
Real estate taxes 487 294 65 387 190 255 268 60 351 172 232
----- ----- ----- ----- --- ----- ----- ----- ----- --- -----
1,170 1,331 295 570 280 575 1,292 288 627 307 595
----- ----- ----- ----- --- ----- ----- ----- ----- --- -----
NET OPERATING INCOME -
PROPERTIES 3,785 5,705 1,269 1,359 667 1,936 5,283 1,174 1,379 675 1,849
OTHER INCOME (EXPENSE)
General and administrative (6) (28) (6) - - (6) - - - - -
Property related home office
expenses - - - - - - - - - - -
Equity in Fund I unconsolidated
properties (2) (18) (80) (18) - - (18) - - - - -
Lease termination income - - - - - - - - - - -
Interest income 18 80 18 - - 18 2 - - - -
Asset and property management
income - - - - - - - - - - -
Asset and property management
expense( 3) - (516) - - - - (516) - - - -
Straight-line rent income (306) (976) (217) 9 4 (213) (506) (112) 39 19 (93)
Straight-line rents written off - - - - - - - - - - -
Other income - - - - - - - - - - -
----- ----- ----- ----- --- ----- ----- ----- ----- --- -----
EBIDTA 3,473 4,185 1,046 1,368 671 1,717 4,263 1,062 1,418 694 1,756
Depreciation and amortization
(4) (1,150) (1,819) (404) (153)(173) (577) (1,773) (402) (149)(171) (573)
Interest expense (4) (1,273) (1,562) (333) (643)(301) (634) (1,504) (334) (652)(305) (639)
Impairment of real estate - - - - - - - - - - -
Gain on sale of properties - - - - - - - - - - -
----- ----- ----- ----- --- ----- ----- ----- ----- --- -----
Income before minority interest 1,050 804 309 572 197 506 986 326 617 218 544
Minority interest (28) - (5) - (3) (8) - (12) - (8) (20)
----- ----- ----- ----- --- ----- ----- ----- ----- --- -----
NET INCOME $1,022 $804 $304 $572 $194 $498 $986 $314 $617 $210 $524
====== ==== ==== ==== ==== ==== ==== ==== ==== ==== ====
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods.
The Company's equity in the earnings of unconsolidated partnerships is
reflected separately for revenues and expenses by calculating it's
pro-rata share for each of the above line items. In total, this agrees
with the equity in earnings of unconsolidated partnerships as reported
in the Company's Form 10Q's and 10K for the corresponding periods.
The Company currently invests in two JV's with operating properties. The
first is a 22% interest in Acadia Strategic Opportunity Fund ("AKR
Fund I"), which owns, or has an ownership interest in 34 properties
totalling approximately 2.6 million square feet. The second JV
investment is a 49% interest in a 311,000 square foot shopping center
located in White Plains, NY
(2) AKR Fund I currently invests in 3 properties in which it has 50% interest
in and for which it uses the equity method of accounting.
(3) AKR Funds I and II pay asset management and property management fees to
Acadia Realty L.P. As such, the Company does not recognize a pro- rata
share of these expenses in its consolidated financial statements.
(4) The Company has obtained two interest rate swaps, effectively fixing the
interest rate on its pro-rata portion of the mortgage debt from its
investment in Crossroads. Acadia's pro-rata share of its interest expense
has been adjusted for the effect of these swaps. In addition to its
pro-rata share of depreciation, the Company recognizes depreciation on its
increased basis in Crossroads.
Page 8
Statements of Operations - Activity by Source (1)
- -------------------------------------------------
(in thousands)
Year-to-Date Current Quarter Previous Quarter
Six months 3 months 3 months
ended June 30, ended June 30, ended March 31,
2004 2004 2004
Retail Multi- Corporate Total Retail Multi- Corporate Total Retail Multi- Corporate Total
Family Family Family
------ ----- ------ ------ ----- ------ ------ ----- ------
PROPERTY REVENUES
Minimum rents $26,125 $3,649 $- $29,774 $13,139 $1,821 $- $14,960 $12,986 $1,828 $- $14,814
Percentage rents 441 - - 441 207 - - 207 234 - - 234
Expense reimbursements 7,661 - - 7,661 3,574 - - 3,574 4,087 - - 4,087
Other property income 139 205 - 344 99 108 - 207 40 97 - 137
------ ----- ------ ------ ----- ------ ------ ----- ------
34,366 3,854 - 38,220 17,019 1,929 - 18,948 17,347 1,925 - 19,272
------ ----- ------ ------ ----- ------ ------ ----- ------
PROPERTY EXPENSES
Property operating 6,180 1,785 - 7,965 2,799 962 - 3,761 3,381 823 - 4,204
Real estate taxes 4,764 162 - 4,926 2,291 81 - 2,372 2,473 81 - 2,554
------ ----- ------ ------ ----- ------ ------ ----- ------
10,944 1,947 - 12,891 5,090 1,043 - 6,133 5,854 904 - 6,758
------ ----- ------ ------ ----- ------ ------ ----- ------
NET OPERATING INCOME -
PROPERTIES 23,422 1,907 - 25,329 11,929 886 - 12,815 11,493 1,021 - 12,514
------ ----- ------ ------ ----- ------ ------ ----- ------
OTHER INCOME (EXPENSE)
General and
administrative - - (2,516) (2,516) - - (1,191) (1,191) - - (1,325) (1,325)
Property related home
office expenses - - (2,401) (2,401) - - (1,237) (1,237) - - (1,164) (1,164)
Equity in Fund I
unconsolidated
properties (18) - - (18) (18) - - (18) - - - -
Lease termination
income - - - - - - - - - - - -
Interest income - - 618 618 - - 503 503 - - 115 115
Asset and property
management income - - 1,552 1,552 - - 1,007 1,007 - - 545 545
Other property
management fees (42) (78) - (120) (21) (37) - (58) (21) (41) - (62)
Straight-line rent
income 162 - - 162 (39) - - (39) 201 - - 201
Straight-line rents
written off (142) - - (142) (28) - - (28) (114) - - (114)
Other income - - 196 196 - - 40 40 - - 156 156
------ ----- ------ ------ ----- ------ ------ ----- ------
EBIDTA 23,382 1,829 (2,551) 22,660 11,823 849 (878) 11,794 11,559 980 (1,673) 10,866
Depreciation and
amortization (8,271) (700) (156) (9,127) (4,270) (350) (78) (4,698) (4,001) (350) (78) (4,429)
Interest expense (6,030) (749) - (6,779) (3,022) (373) - (3,395) (3,008) (376) - (3,384)
Impairment of real
estate - - - - - - - - - - - -
Gain on sale of
properties 508 - - 508 508 - - 508 - - - -
------ ----- ------ ------ ----- ------ ------ ----- ------
Income before minority
interest 9,589 380 (2,707) 7,262 5,039 126 (956) 4,209 4,550 254 (1,751) 3,053
Minority interest (718) (11) 81 (648) (460) (2) 17 (445) (258) (9) 64 (203)
------ ----- ------ ------ ----- ------ ------ ----- ------
NET INCOME $8,871 $369 $(2,626) $6,614 $4,579 $124 $(939) $3,764 $4,292 $245 $(1,687) $2,850
====== ==== ======= ====== ====== ==== ===== ====== ====== ==== ======= ======
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's equity in the
earnings of unconsolidated partnerships is reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, this agrees with the equity in earnings of
unconsolidated partnerships as reported in the Company's Form 10Q's and 10K
for the corresponding periods.
Page 9
Statements of Operations - Current v. Historical (1)
- ----------------------------------------------------
(in thousands)
Current Historical Current Year- Historical
Quarter Quarter to-Date Year-to-
Date
3 months 3 months 6 months 6 months
ended ended ended ended
June June June June
30, 30, 30, 30,
2004 2003 2004 2003
----------------------- -------------------------- ----------------------- --------------------------
Wholly JV's Total Wholly JV's Total Wholly JV's Total Wholly JV's Total
Owned (2) Owned Owned (2) Owned
----------------------- -------------------------- ----------------------- --------------------------
PROPERTY REVENUES
Minimum rents $12,905 $2,055 $14,960 $12,389 $2,093 $14,482 $25,712 $4,062 $29,774 $24,245 $3,813 $28,058
Percentage rents 203 4 207 95 (11) 84 422 19 441 389 1 390
Expense reimbursements 3,129 445 3,574 2,896 455 3,351 6,803 858 7,661 6,613 978 7,591
Other property income 200 7 207 147 12 159 328 16 344 298 30 328
------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------
16,437 2,511 18,948 15,527 2,549 18,076 33,265 4,955 38,220 31,545 4,822 36,367
------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------
PROPERTY EXPENSES
Property operating 3,441 320 3,761 3,330 292 3,622 7,282 683 7,965 7,596 653 8,249
Real estate taxes 2,117 255 2,372 1,812 227 2,039 4,439 487 4,926 4,009 430 4,439
------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------
5,558 575 6,133 5,142 519 5,661 11,721 1,170 12,891 11,605 1,083 12,688
------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------
NET OPERATING INCOME -
PROPERTIES 10,879 1,936 12,815 10,385 2,030 12,415 21,544 3,785 25,329 19,940 3,739 23,679
OTHER INCOME (EXPENSE)
General and
administrative (1,185) (6) (1,191) (2,449) (1) (2,450) (2,510) (6) (2,516) (5,145) (1) (5,146)
Property related home
office expenses (1,237) - (1,237) - - - (2,401) - (2,401) -
Equity in Fund I
unconsolidated
properties - (18) (18) - - - - (18) (18) - - -
Lease termination
income - - - - - - - - - - - -
Interest income 485 18 503 164 - 164 600 18 618 414 20 434
Asset and property
management income 1,007 - 1,007 545 - 545 1,552 - 1,552 943 - 943
Property management
expense (58) - (58) (59) - (59) (120) - (120) (147) - (147)
Straight-line rent
income 174 (213) (39) 229 (221) 8 468 (306) 162 470 (359) 111
Straight-line rents
written off (28) - (28) - - - (142) - (142) - - -
Other income (3) 40 - 40 - - - 196 - 196 1,218 - 1,218
------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------
EBIDTA 10,077 1,717 11,794 8,815 1,808 10,623 19,187 3,473 22,660 17,693 3,399 21,092
Depreciation and
amortization (4,121) (577) (4,698) (3,888) (565) (4,453) (7,977)(1,150) (9,127) (7,489) (1,035) (8,524)
Interest expense (2,761) (634) (3,395) (2,805) (648) (3,453) (5,506)(1,273) (6,779) (5,531) (1,216) (6,747)
Impairment of real
estate - - - - - - - - - - - -
Gain on sale of
properties 508 - 508 - - - 508 - 508 1,212 - 1,212
------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------
Income before minority
interest 3,703 506 4,209 2,122 595 2,717 6,212 1,050 7,262 5,885 1,148 7,033
Minority interest (437) (8) (445) (231) (43) (274) (620) (28) (648) (1,025) (102) (1,127)
------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------
NET INCOME $3,266 $498 $3,764 $1,891 $552 $2,443 $5,592 $1,022 $6,614 $4,860 $1,046 $5,906
====== ==== ====== ====== ==== ====== ====== ====== ====== ====== ====== ======
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's equity in the
earnings of unconsolidated partnerships is reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, this agrees with the equity in earnings of
unconsolidated partnerships as reported in the Company's Form 10Q's and 10K
for the corresponding periods.
(2) The Company currently invests in two JV's with operating properties. The
first is a 22% interest in Acadia Strategic Opportunity Fund ("AKR Fund
I"), which owns, or has an ownership interest in 34 properties totalling
approximately 2.6 million square feet. The second JV investment is a 49%
interest in a 311,000 square foot shopping center located in White Plains,
NY ("Crossroads").
(3) The 2003 activity represents a lump sum additional rent payment received
from a tenant in connection with the re- anchoring of the Branch Plaza in
Smithtown, NY.
Page 10
Net Operating Income (NOI) - Same Property Performance (1)
- -------------------------------------------------
(in thousands) Growth in Same Growth in Same
Property NOI - Property NOI -
Continuing Continuing
Operations Operations
Current Historical Favorable Current Historical Favorable
Quarter Quarter (unfavorable) Year- Year-to- (unfavorable)
to-Date Date
-------------------------------- -------------------------------------
Reconciliation of total NOI to same property NOI:
3 months 3 months Six Six months
ended ended months ended
ended
June 30, June 30, June 30, June 30,
2004 2003 2004 2003
------- ------- ------- -------
NOI - Wholly owned properties $10,879 $10,385 $21,544 $19,940
NOI - Joint Ventures (Unconsolidated
partnerships) 1,936 2,030 3,785 3,739
------- ------- ------- -------
Total NOI 12,815 12,415 25,329 23,679
NOI - Properties Acquired (50) - (2,186) (2,021)
NOI - Redevelopment Properties - - (694) (459)
------- ------- ------- -------
$12,765 $12,415 2.8% $22,449 $21,199 5.9%
======= ======= === ======= ======= ===
Same property NOI by portfolio component and
revenues/expenses:
Shopping Center Shopping Center
Portfolio Portfolio
Revenues $16,958 $16,249 4.4% $30,839 $29,803 3.5%
Expenses 5,078 4,597 -10.5% 10,295 10,327 0.3%
------ ------ --- ------ ------ ---
11,880 11,652 2.0% 20,544 19,476 5.5%
------ ------ --- ------ ------ ---
Residential Residential
Properties (2 Properties (2
properties) properties)
Revenues 1,928 1,784 8.1% 3,852 3,581 7.6%
Expenses 1,043 1,021 -2.2% 1,947 1,858 -4.8%
------ ------ --- ------ ------ ---
885 763 16.0% 1,905 1,723 10.6%
------ ------ --- ------ ------ ---
$12,765 $12,415 2.8% $22,449 $21,199 5.9%
======= ======= === ======= ======= ===
(1) The above amounts includes the pro-rata activity related to the Company's
joint ventures.
Page 11
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Retail Properties - Detail
--------------------------
-------------------------------------------------------------------------------------
Gross Leasable Area Occupancy
-------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total
-------------------------------------------------------------------------------------
WHOLLY-OWNED PROPERTIES (continued):
Midwest
-------
Illinois
--------
Hobson West Plaza 42,037 57,007 99,044 100.00% 97.88% 98.78%
Indiana
-------
Merrillville Plaza 101,357 134,246 235,603 100.00% 98.20% 98.97%
Michigan
--------
Bloomfield Towne Square 103,970 113,296 217,266 100.00% 92.38% 96.03%
Ohio
----
Mad River Station (1) 58,185 97,536 155,721 100.00% 63.26% 76.99%
-------------------------------------------------------------------------------------
Total - Midwest Region 305,549 402,085 707,634 100.00% 88.04% 93.20%
-------------------------------------------------------------------------------------
Mid-Atlantic
------------
Pennsylvania
------------
Abington Towne Center (2) 184,616 31,739 216,355 100.00% 88.46% 98.31%
Blackman Plaza 104,956 16,385 121,341 100.00% 42.72% 92.27%
Bradford Towne Centre 146,499 110,440 256,939 100.00% 74.90% 89.21%
East End Center 176,200 129,658 305,858 28.38% 80.84% 50.62%
Greenridge Plaza 129,122 60,513 189,635 48.09% 85.07% 59.89%
Luzerne Street Shopping Center 54,618 3,370 57,988 25.63% - 24.14%
Mark Plaza 157,595 56,441 214,036 100.00% 79.45% 94.58%
Pittston Plaza 67,568 11,926 79,494 100.00% 100.00% 100.00%
Plaza 422 145,026 10,000 155,026 71.88% 30.00% 69.18%
Route 6 Plaza 119,658 55,849 175,507 100.00% 97.27% 99.13%
-------------------------------------------------------------------------------------
Total - Pennsylvania 1,285,858 486,321 1,772,179 78.64% 79.82% 78.97%
-------------------------------------------------------------------------------------
Total - Mid-Atlantic Region 1,285,858 486,321 1,772,179 78.64% 79.82% 78.97%
-------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
TOTAL WHOLLY-OWNED PROPERTIES 3,266,122 1,879,173 5,145,295 90.14% 85.56% 88.47%
-------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which
rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered
anchor tenants for the purposes of the above table.
(1) The GLA for this property includes 28,205 square feet of office space.
(2) Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage
has been excluded for calculating annualized base rent per square foot.
(3) The Company has a property located in the Bronx, NY which is currently under construction which is not included
in the above listing.
Funds from Operations ("FFO")( 1)
- -----------------------------------------------------------------------
(in thousands) 2004 2003
Current Current Previous Historic Historic
Year-to- Quarter Quarter Year-to- Quarter
Date Date
6 months 3 3 months 6 months 3 months
ended months ended ended ended
ended
Funds from operations ("FFO"): Notes June 30, June March June 30, June 30,
2004 30, 31, 2003 2003
2004 2004
- ----------------------------------------------------------------------- -------- ------- -------- ----------------
Net Income $6,614 $3,764 $2,850 $5,906 $2,443
Add back:
Depreciation of real estate and amortization of leasing costs:
Wholly owned and consolidated subsidiaries 7,084 3,567 3,517 6,970 3,571
Unconsolidated subsidiaries 1,121 569 552 1,010 551
Income attributable to Operating Partnership units (2) 187 72 115 641 203
Gain on sale of properties - - - - -
-------- ------- -------- ----------------
FFO - Basic 15,006 7,972 7,034 14,527 6,768
Distributions on Preferred OP Units 160 88 72 100 50
-------- ------- -------- ----------------
FFO - Diluted $15,166 $8,060 $7,106 $14,627 $6,818
======== ======= ======== ================
Adjusted Funds from operations ("AFFO"):
- -----------------------------------------------------------------------
Diluted FFO $15,166 $8,060 $7,106 $14,627 $6,818
Straight line rent, net (20) 67 (87) (111) (8)
Non real-estate depreciation 156 78 78 147 76
Amortization of finance costs 293 83 210 388 246
Amortization of cost of management contracts 423 379 44 - -
Tenant improvements (1,260) (854) (406) (506) (160)
Leasing commissions (363) (137) (226) (54) (9)
Capital expenditures (1,296) (477) (819) (1,628) (882)
-------- ------- -------- ----------------
AFFO $13,099 $7,199 $5,900 $12,863 $6,081
======== ======= ======== ================
Funds Available for Distribution ("FAD")
- -----------------------------------------------------------------------
AFFO $13,099 $7,199 $5,900 $12,863 $6,081
Scheduled prinicpal repayments (2,245) (1,055) (1,190) (2,410) (1,185)
-------- ------- -------- ----------------
FAD $10,854 $6,144 $4,710 $10,453 $4,896
======== ======= ======== ================
Total weighted average shares and OP Units:
Basic 29,197 29,654 28,741 28,448 28,461
======== ======= ======== ================
Diluted 30,422 30,718 30,126 29,121 29,250
======== ======= ======== ================
FFO per share:
FFO per share - Basic (3,4) $0.51 $0.27 $0.24 $0.51 $0.24
======== ======= ======== ================
FFO per share - Diluted (3,4) $0.50 $0.26 $0.24 $0.50 $0.23
======== ======= ======== ================
AFFO per share - Basic (3,4) $0.44 $0.24 $0.20 $0.45 $0.21
======== ======= ======== ================
AFFO per share - Diluted (3,4) $0.43 $0.23 $0.20 $0.44 $0.21
======== ======= ======== ================
FAD per share - Basic (3,4) $0.37 $0.20 $0.16 $0.36 $0.17
======== ======= ======== ================
FAD per share - Diluted (3,4) $0.36 $0.20 $0.16 $0.36 $0.17
======== ======= ======== ================
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management are necessary for a fair presentation of
operating results for the interim periods.
(2) Reflects OP Unitholders interest in OP net income.
(3) Assumes full conversion of O.P. Units into Common Shares. Diluted FFO
assumes conversion of Preferred O.P. Units as well as assumed exercise of
outstanding share options. Quarterly Preferred OP Unit distributions are
added back for the purposes of calculating diluted FFO. Refer to "Market
Capitalization" for weighted-average basic and diluted shares.
(4) FFO for the six months ended June 30, 2003 includes a $1,218 ($0.04 per
share) lump sum rent payment in connection with a tenant's assignment of an
anchor lease at the Branch Plaza.
Page 12
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Capital Expenditures
- -----------------------------------------------------------------
Year-to-Date Current Previous Previous
Quarter Quarter Year
Six months 3 3 months Year
months
ended ended ended ended
Notes June 30, 2004 June March December
30, 31, 31,
2004 2004 2003
------------- ------- -------- --------
Leasing Commissions: $363 $137 $226 $93
------------- ------- -------- --------
Tenant Improvements: 1,260 854 406 1,201
------------- ------- -------- --------
Capital Expenditures:
Retail 970 288 682 2,628
Residential (1) 326 189 137 1,378
------------- ------- -------- --------
1,296 477 819 4,006
------------- ------- -------- --------
Redevelopments 553 424 129 8,665
------------- ------- -------- --------
Total $3,472 $1,892 $1,580 $13,965
============= ======= ======== ========
Expenditures for real estate and
improvements as reported on the
Company's Statement of Cash Flows $3,083 $1,743 $1,340 $13,531
Expenditures included in deferred leasing 363 137 226 215
Accrued construction costs as of period-end 26 12 14 219
------------- ------- -------- --------
costs in Statement of Cash Flows $3,472 $1,892 $1,580 $13,965
============= ======= ======== ========
(1) Retail capital expenditures included $1,836 for the year ended December 31.
2003 related to the complete redesign of the facade at the Bloomfield Town
Square.
Page 13
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Consolidated Balance Sheets
- ---------------------------------------------------------------------------------
(in thousands)
June 30, December 31,
2004 2003
------------- -------------------
ASSETS
Real estate
Land $54,890 $54,890
Buildings and improvements 370,951 366,879
Construction in progress 4,895 5,859
------------- -------------------
430,736 427,628
Less: accumulated depreciation (107,742) (101,090)
------------- -------------------
Net real estate 322,994 326,538
Cash and cash equivalents 32,352 14,663
Cash in escrow 3,745 3,342
Investments in and advances to unconsolidated partnerships 20,958 13,630
Investment in management contracts 3,577 -
Rents receivable, net of $1,719 and $1,510 allowance, respectively 5,775 5,431
Straight-line rents receivable, net of $910 allowance 5,210 4,963
Notes Receivable 10,043 3,586
Prepaid expenses 1,745 3,127
Due from related parties - -
Deferred charges, net 13,137 11,173
Other assets 3,340 1,731
------------- -------------------
$422,876 $388,184
============= ===================
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $214,738 $190,444
Accounts payable and accrued expenses 5,553 5,804
Dividends and distributions payable 4,866 4,619
Due to related parties 52 48
Interest rate swap payable 2,129 4,044
Other liabilities 2,924 3,806
------------- -------------------
Total liabilities 230,262 208,765
------------- -------------------
Minority interest in Operating Partnership 7,401 7,875
Minority interests in majority owned partnerships 1,774 1,810
------------- -------------------
Total minority interests 9,175 9,685
------------- -------------------
Shareholders' equity:
Common shares 29 27
Additional paid-in capital 189,937 177,891
Accumulated other comprehensive income (2,206) (4,928)
Unearned Compensation (1,642) (577)
Deficit (2,679) (2,679)
------------- -------------------
Total shareholders' equity 183,439 169,734
------------- -------------------
$422,876 $388,184
============= ===================
Page 14
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Selected Operating Ratios
- ---------------------------------------------------------------------------
3 months ended June 6 months ended June
30, 30,
2004 2003 2004 2003
--------- --------- -------- --------
Coverage Ratios (1)
- ---------------------------------------------------------------------------
Interest Coverage Ratio
EBIDTA $11,794 $10,623 $22,660 $21,092
Divided by Interest expense 3,395 3,453 6,779 6,747
--------- --------- -------- --------
3.47 x 3.08 x 3.34 x 3.13
Fixed Charge Coverage Ratio
EBIDTA $11,794 $10,623 $22,660 $21,092
Divided by ( Interest expense 3,395 3,453 6,779 6,747
+ Preferred Dividends) (2) 88 50 160 100
--------- --------- -------- --------
3.39 x 3.03 x 3.27 x 3.08
Debt Service Coverage Ratio
EBIDTA $11,794 $10,623 $22,660 $21,092
Divided by ( Interest expense 3,395 3,453 6,779 6,747
+ Principal Amortization) (3) 1,055 1,185 2,245 2,410
--------- --------- -------- --------
2.65 x 2.29 x 2.51 x 2.30
Payout Ratios
- ---------------------------------------------------------------------------
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units)
paid - $0.16 for 2004, $0.145 for 2003 $4,778 $4,141 $9,556 $8,267
FFO 7,972 6,768 15,006 14,527
--------- --------- -------- --------
60% 61% 64% 57%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) $4,778 $4,141 $9,556 $8,267
AFFO 7,111 6,031 12,939 12,763
--------- --------- -------- --------
67% 69% 74% 65%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) $4,778 $4,141 $9,556 $8,267
FAD 6,056 4,846 10,694 10,353
--------- --------- -------- --------
79% 85% 89% 80%
Overhead Ratios
- ---------------------------------------------------------------------------
G&A/Real Estate Revenues
General and Administrative expense $1,191 $2,450 $2,516
Real Estate Revenues (Includes pro-rata JV) 18,948 18,076 38,220
--------- --------- --------
6% 14% 7%
General and Administrative expense $1,191 $2,450 $2,516
Real Estate Revenues (Includes 100% JV) 24,030 23,280 50,811
--------- --------- --------
5% 11% 5%
Leverage Ratios
- ---------------------------------------------------------------------------
Debt/Total Market Capitalization (4)
Debt $255,008 $240,077
Total Market Capitalization 668,048 503,613
--------- ---------
38% 48%
Debt + Preferred Equity (Preferred O.P. Units) $260,588 $242,289
Total Market Capitalization 668,048 503,613
--------- ---------
39% 48%
Notes:
(1) Quarterly results for 2004 and 2003 are unaudited, although they reflect
all adjustments, which in the opinion of management, are necessary for a
fair presentation of operating results for the interim periods. The
coverage ratios include the Company's pro- rata share of EBIDTA, interest
expense and principal amortization related to the Company's joint venture
investments in unconsolidated partnerships.
(2) Represents preferred distributions on Preferred Operating partnership
Units.
(3) Includes the Company's pro-rata share of joint venture principal
amortization.
(4) FFO for the six months ended ended June 30, 2003 includes a $1,218 ($0.04
per share) lump sum rent payment in connection with a tenant's assignment
of an anchor lease at the Branch Plaza. Excluding this amount, the payout
ratios for the six months ended June 30, 2003 were: FFO 62%, AFFO 72% and
FAD 91%.
(5) Includes the Company's pro-rata share of joint venture debt.
Page 15
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Portfolio Debt - Consolidated Summary
(amounts in thousands)
% of
Wholly-Owned % of Weighted
and Wholly- % of Outstanding Avg.
Unconsolidated Owned Total
Notes Combined Basis Only Portfolio Balance Int.
(1) Rate
----------------------------------------------------------
Consolidated Debt
Fixed-Rate Debt (2) 76% 73% 61% $155,802 6.60%
Variable-Rate Debt (2) 24% 27% 23% 58,936 2.54%
-- -- -- -- ------ ----
Total Consolidated Debt 100% 100% 84% 214,738 5.49%
=== === == ======= ====
Unconsolidated Debt (Joint Ventures)
Fixed-Rate Debt (1) 14% 37,798 6.72%
Variable-Rate Debt (1) 1% 2,472 3.80%
- ----- ----
Total Unconsolidated Debt 16% 40,270 6.54%
-- ------ ----
Total Debt 100% $255,008 5.65%
=== ======== ====
Notes
(1) The Company is not required to, and does not consolidate its share of joint
venture activity for the purposes of preparing its consolidated financial
statements under GAAP. This presentation includes a theoretical pro-rata
consolidation of the Company's joint venture debt.
(2) Fixed-rate debt includes $86,545 of notional principal fixed through swap
transactions. Conversely, variable-rate debt excludes this amount.
Page 16
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Debt Analysis - Consolidated Debt
(amounts in thousands)
Principal Variable
Balance at Interest Rate as Maturity Prepayment
of
Property Lender % of Notes June 30, Rate June 30, Date Allowed
Porfolio 2004 2004
-----------------------------------------------------------------------------------------------------------------------
FIXED-RATE DEBT
--------------------
Merrillville Plaza SunAmerica Life Insurance Yes
Co. $13,327 6.46% 7/1/2007
Crescent Plaza Metropolitan Life Insurance Yes
Co. 8,444 8.13% 11/1/2010
East End Centre Metropolitan Life Insurance Yes
Co. 15,466 8.13% 11/1/2010
GHT Apartments Bank of America, N.A. 10,764 7.55% 1/1/2011 No
Colony Apartments Bank of America, N.A. 5,382 7.55% 1/1/2011 No
239 Greenwich Avenue RBS Greenwich Capital 16,000 5.19% 6/1/2013 No
Interest rate swaps Fleet National Bank (1) 86,419 6.29% Various Yes
---------- -----
TOTAL FIXED-RATE
DEBT 73% 155,802 6.60%
---------- -----
VARIABLE-RATE DEBT
--------------------
Village Apartments Sun America Life Insurance L+ Yes
Co. 9,058 173 2.84% 10/1/2005
Walnut Hill Plaza Washington Mutual Bank, F.A. (2) 6,672 L+ 185 2.98% 1/1/2007 Yes
Bloomfield Town Washington Mutual Bank, F.A. L+ Yes
Square (2) 13,106 185 2.98% 1/1/2007
Elmwood Park Washington Mutual Bank, F.A. L+ Yes
Shopping Center (3) 12,500 150 2.63%11/22/2007
Marketplace of Fleet National Bank L+ Yes
Absecon (4) 7,000 150 2.68% 3/1/2008
Soundview Fleet National Bank L+ Yes
Marketplace (5) 8,535 140 2.51% 12/1/2008
Bradford Towne Washington Mutual Bank, F.A. L+ Yes
Center 5,976 150 2.63% 4/1/2011
Ledgewood Mall Washington Mutual Bank, F.A. 25,896 L+ 150 2.63% 4/1/2011 Yes
New Loudon Center Washington Mutual Bank, F.A. 7,968 L+ 150 2.63% 4/1/2011 Yes
Abington Towne Fleet National Bank L+ Yes
Center (6) 105 2.18% 6/29/2012
Branch Shopping Fleet National Bank L+ Yes
Center (6) 105 2.18% 6/29/2012
Methuen Shopping Fleet National Bank L+ Yes
Center (6) 39,713 105 2.18% 6/29/2012
Gateway Shopping Fleet National Bank L+ Yes
Center (6) 105 2.18% 6/29/2012
Town Line Plaza Fleet National Bank (6) L+ 105 2.18% 6/29/2012 Yes
Village Commons Fleet National Bank L+ Yes
Shopping Center (6,7) 8,931 105 2.18% 6/29/2012
Interest rate swaps Fleet National Bank (86,419)
----------
TOTAL VARIABLE-RATE L+
DEBT 27% 58,936 141 2.54%
---------- ---------- --------
TOTAL PORTFOLIO DEBT 100% $214,738 5.49%
========== ========== ========
- --------------------------------------------------------------------------------
Notes:
------
(1) The Company has hedged $86,419 of it's variable-rate debt with five
variable to fixed-rate swap agreements as follows:
Notional principal All-in Rate Spread Swap Forward Maturity
------------------ ----------- ------ rate Start Date
Date
---- ------- --------
$30,000 6.55% 1.75% 4.80% n/a 4/1/2005
20,000 6.28% 1.75% 4.53% n/a 10/1/2006
15,499 6.17% 1.85% 4.32% n/a 1/1/2007
11,989 5.86% 1.75% 4.11% n/a 1/1/2007
8,931 6.22% 1.75% 4.47% n/a 6/1/2007
----- ---- ---- ----
$86,419 6.29% 1.77% 4.52%
======= ==== ==== ====
The Company has hedged $62,151 of future variable-rate debt with three
forward-starting variable to fixed-rate swap agreements as follows:
$4,640 6.11% 1.40% 4.71% 10/2/2006 1/1/2010
37,667 5.85% 1.50% 4.35% 4/1/2005 1/1/2011
11,410 6.30% 1.40% 4.90% 10/2/2006 10/1/2011
8,434 6.54% 1.40% 5.14% 6/1/2007 3/1/2012
----- ---- ---- ----
$62,151 6.04% 1.46% 4.58%
======= ==== ==== ====
(2) There is an additional $5,000 (less certain holdbacks totalling $600)
currently available under this facility which the Company is required to
fully draw down prior to December 2004.
(3) This is a revolving facility for up to $20,000 which bears interest at
LIBOR plus 150 basis points (3.30% all- in rate floor). On July 1, 2004,
this balance was paid down in its entirety.
(4) This is a revolving facility for up to $7,400 which bears interest at LIBOR
plus 150 basis points (175 basis points if the loan to collateral value is
greater than 50%). On July 1, 2004, this balance was paid down in its
entirety.
(5) There is an additional $5,000 available under this facility.
(6) The current spread of 105 basis points "(bps") is in effect through
December 31, 2004 and thereafter increase to a 140 bps through maturity.
There is an additional $6,187 currently available under this facility. The
total facility amortizes
(7) There is an additional $3,169 available under this facility.
Page 17
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Debt Analysis - Unconsolidated Debt
(Joint Ventures)
Acadia Principal Acadia's Variable
Realty
Lender/ Trust Balance Prorata Interest Rate as Maturity
at of
FIXED-RATE DEBT Joint Venture Partner Ownership June 30, Share Rate June 30, Date
--------------- --------------------- --------- - ---- --------- -------- ----
2004 2004
---- ----
Crossroads Shopping Center (1) Bank of New York/ 49.0% $32,632 $15,990 7.16% 10/1/2007
Heyman-Greenburgh
Associates LLC and
RMC Development Company LLC
Brandywine Town Center UBS Warburg Real Estate
Investments, Inc./ 22.2% 30,000 6,667 4.69% 2/11/2008
AKR Fund I
Kroger Portfolio (2) Cortlandt Deposit
Corporation/ 16.7% 12,375 2,063 6.62% 2/1/2009
AKR Fund I
Safeway Portfolio (2) Cortlandt Deposit
Corporation/ 16.7% 12,232 2,039 6.51% 1/15/2009
AKR Fund I
Brandywine Town Center UBS Warburg Real Estate
Investments, Inc./ 22.2% 21,363 4,747 7.01% 7/11/2012
AKR Fund I
Market Square Shopping Center UBS Warburg Real Estate
Investments, Inc./ 22.2% 16,212 3,603 7.32% 6/11/2012
Acadia Strategic
Opportunity Fund
Amherst Marketplace The Ohio National Life
Insurance Company/
AKR Fund I 22.2% 4,868 1,082 8.20% 6/1/2022
Sheffield Crossing Canada Life Insurance
Company/
AKR Fund I 22.2% 7,230 1,607 8.00% 1/1/2023
-------- --------- --------
TOTAL/WEIGHTED AVERAGE - FIXED-RATE UNCONSOLIDATED DEBT 136,912 37,798 6.72%
-------- --------- --------
VARIABLE-RATE DEBT
-----------------------------------
Haygood Shopping Center (3) GECC
AKR Fund I 11.1% 6,270 697 L+ 325 4.63% 6/7/2005
Sterling Heights Shopping Center Wells Fargo Bank, NA
(3)
AKR Fund I 11.1% 4,416 491 L+ 300 4.38% 5/1/2005
Granville Center Bank One, NA/
AKR Fund I 22.2% 5,780 1,284 L+ 200 3.13%10/5/2007
-------- --------- --------
TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE UNCONSOLIDATED DEBT 16,466 2,472 3.80%
------- --------- --------
TOTAL/WEIGHTED AVERAGE - ALL UNCONSOLIDATED DEBT $153,378 $40,270 6.54%
======== ========= ========
Notes:
------
(1) Although this is variable debt, Acadia has effectively fixed its pro-rata
share of debt through two swap transactions. $5,000 is fixed at 7.53% and
the remaining balance is fixed at 6.99%.
(2) AmCap, AKR Fund I's joint venture partner on this investment, is allocated
25% of the debt and equity. As such Fund I's pro-rata share of the above
debt is 75% x 22.22%, or 16.7%.
(3) AKR Fund I is a 50% joint venture partner on this investment. As such, Fund
I's pro-rata share of the above debt is 50% x 22.22%, or 11%.
Page 18
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Future Debt Maturities
- --------------------------------------------------------
(in thousands) Weighted Average Interest Rate
of Maturing Debt
--------------------------------------
Consolidated Debt
Scheduled
Year Amortization Maturities Total Total Debt Fixed- Variable-Rate Debt
---- ------------ ---------- ----- ---------- -------------------
Rate
Debt
----
2004 $1,500 $- $1,500 n/a n/a n/a
2005 3,691 8,714 12,405 2.84% n/a 2.84%
2006 4,271 - 4,271 n/a n/a n/a
2007 4,365 43,202 47,567 3.89% 6.46% 2.84%
2008 5,012 14,976 19,988 2.59% n/a 2.59%
Thereafter 19,086 109,921 129,007 4.53% 7.12% 2.43%
-------------------------------------------
$37,925 $176,813 $214,738
===========================================
Unconsolidated Debt (Joint Ventures) (1)
2004 279 - 279 n/a n/a n/a
2005 1,386 1,161 2,547 4.52% n/a 4.52%
2006 1,418 - 1,418 n/a n/a n/a
2007 1,245 16,033 17,278 6.86% 7.16% 3.13%
2008 1,018 6,667 7,685 4.69% 4.69% n/a
Thereafter 3,620 7,443 11,063 7.14% 7.14% n/a
-------------------------------------------
$8,966 $31,304 $40,270
===========================================
- --------------------------------------------------------------------------------
Capitalized interest related to the Company's development projects is
as follows:
(in thousands)
1st Quarter 2004 $93
2nd Quarter 2004 74
3rd Quarter 2004 -
4th Quarter 2004 -
-----------------
Year-to-Date $167
=================
(1) The above amounts represent the Company's pro-rata share of joint venture
mortgage debt.
Page 19
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Unencumbered Properties
- ---------------------------------------------------------
Center Location GLA
- -------------------------------------------------------------------------------------------
Berlin Shopping Center Berlin, NJ 188,755
Blackman Plaza Wilkes-Barre, PA 121,341
Greenridge Shopping Center Scranton, PA 189,635
Hobson West Plaza Naperville, IL 99,044
Luzerne Street Shopping Center Scranton, PA 57,988
Mad River Station Dayton, OH 155,721
Mark Plaza Edwardsville, PA 214,036
Pacesetter Park Shopping Center Ramapo, New York 96,522
Pittston Plaza Pittston, PA 79,494
Plaza 422 Lebanon, PA 155,026
Route 6 Plaza Honesdale, PA 175,507
------------
Total GLA of Unencumbered Properties 1,533,069
============
Total net operating income for the year ended December 31, 2003
associated with unencumbered properties $7,294
============
Page 20
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview
- ----------------------------------------------------------------------------------------------------------------------
Item Notes Description
- ------------------------------------------------------------------------------------------------------------------------
Date formed September 2001
Capital commitment $90 million
Funding $55 million currently funded
$15 million estimated future earnout payments related to
(1) Brandywine Town Center
(2) $20 million allocated for RCP Fund investments
Partnership structure
Equity Contribution: 22.22% - Acadia
77.78% - Four institutional investors (current significant
shareholders in Acadia as well)
Cash flow distribution: 22.22% - Acadia
77.78% - Four institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have
received 9% preferred return and return of equity
Remaining 80% is distributed to all the partners (including
Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed
capital ($70 million which excludes Acadia's $20 million))
Property management fee equal to 4% of gross property
revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of
7.5% of hard costs or allocable costs of Acadia
Mortgage Debt (3) $115.4 million
90% ($104.3 million) fixed-rate and 10% floating ($11.1
million) at a total blended rate of 6.2%
(1) See details of this property in Joint Venture Properties - Detail
(2) See details of the RCP Venture on the following page
(3) See details of this debt in Section II of this supplement
Page 21
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
- --------------------------------------------------------------------------------
Item Notes Description
- --------------------------------------------------------------------------------
Date formed June 15, 2004
Properties owned Currently none
Partnership structure
Equity Contribution: 20% - Acadia
80% - Six institutional investors (Three are current
shareholders in Acadia as well)
Cash flow distribution: 20% - Acadia
80% - Six institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have received
8% preferred return and return of equity
Remaining 80% is distributed to all the partners (including
Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed capital
(For the first 12 months, calculated on $200 million,
therafter on $240 million which excludes Acadia's $60 million)
Property management fee equal to 4% of gross property revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of 7.5%
of hard costs or allocable costs of Acadia
Mortgage Debt Currently none
Page 22
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Retailer Controlled Property ("RCP") Venture - Overview
- --------------------------------------------------------------------------------
*** Note - The RCP Venture is not a separate AKR Fund, rather it is a venture
in which AKR Funds I and II are anticipated to invest $20 million and $40
million of equity, respectively, for a total of $60 million of equity. ***
Item Notes Description
- --------------------------------------------------------------------------------
Date formed January 2004
Targeted investments The Venture has been formed to invest in surplus or distressed properties owned
or controlled by retailers
Partnership structure
Equity Contribution: Up to $300 million of total equity
Up to 20% ($60 million) - AKR Fund I ($20 milion) and Fund II ($40 million)
80% - Klaff Realty LP and Lubert-Adler
Cash flow distribution: 20% - AKR Funds
80% - Four institutional investors
Promote: 20% to Klaff once all partners (including Klaff) have received 10% preferred
return and return of equity
(50% of first $40 million of AKR Fund equity is not subject to this promote)
Remaining 80% is distributed to all the partners (including Klaff).
Fees to Acadia Property management fees
Market rate leasing fees and construction/project management
Disposition fees
Page 23
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
AKR Fund I Properties - Detail
- -------------------------------
Fund I's
Ownership Gross Leasable Occupancy
Area
---------------------------------------------------
% Anchors Shops Total Anchors Shops Total
-------------------------------------------------------------------------
Midwest
- --------------
Ohio
- --------------
Amherst
Marketplace 100% 76,737 3,200 79,937 100.00%100.00%100.00%
Granville
Centre 100% 90,047 41,496 131,543 38.81% 51.57% 42.84%
Sheffield
Crossing 100% 59,159 53,655 112,814 100.00% 88.11% 94.35%
---------------------------------------------------
Total -
Midwest
Region 225,943 98,351 324,294 75.61% 73.08% 74.85%
---------------------------------------------------
Mid-Atlantic
- --------------
Delaware
- --------------
Brandywine
Town Center
(1) 100% 610,157 - 610,157 96.70% - 96.70%
Market Square
Shopping
Center 100% 31,375 56,387 87,762 100.00%100.00%100.00%
---------------------------------------------------
Total - Mid-
Atlantic 641,532 56,387 697,919 96.86%100.00% 97.12%
---------------------------------------------------
Various
- --------------
Kroger/Safeway
Portfolio (25
Properties)(
2) 75%1,018,100 - 1,018,100 100.00% - 100.00%
---------------------------------------------------
Subtotal -
Fund I
Operating
Properties 1,885,575 154,738 2,040,313 96.01% 82.89% 95.02%
---------------------------------------------------
Fund I
Redevelopment
Properties
- --------------
Sterling
Heights
Shopping
Center
(Michigan)
(3) 50% 98,400 56,082 154,482 71.54% 54.01% 65.18%
Tarrytown
Shopping
Center (New
York) (3) 50% 25,288 9,687 34,975 0.00% 93.69% 25.95%
Hitchcock
Plaza (South
Carolina)( 3) 90% 170,928 60,635 231,563 49.41% 79.47% 57.28%
Haygood
Shopping
Center
(Virginia)
(3) 50% 67,600 94,004 161,604 59.91% 92.95% 79.13%
---------------------------------------------------
Subtotal -
Fund I
Redevelopment
Properties 362,216 220,408 582,624 53.93% 79.37% 63.55%
---------------------------------------------------
Fund I Grand
Total 2,247,791 375,146 2,622,937 89.23% 80.82% 88.03%
===================================================
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
AKR Fund I Properties - Detail
- -------------------------------
-------------------------------------------------------------------
Annualized
Base Rent
Annualized Base Rent per Occupied Square
Foot
-------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total
-------------------------------------------------------------------
Midwest
- --------------
Ohio
- --------------
Amherst
Marketplace $765,711 $33,396 $799,107 $9.98 $10.44 $10.00
Granville
Centre 402,085 267,625 669,710 11.51 12.51 11.89
Sheffield
Crossing 620,578 526,136 1,146,714 10.49 11.13 10.77
-------------------------------------------------------------------
Total -
Midwest
Region 1,788,374 827,157 2,615,531 10.47 11.51 10.78
-------------------------------------------------------------------
Mid-Atlantic
- --------------
Delaware
- --------------
Brandywine
Town Center
(1) 8,309,236 - 8,309,236 14.08 - 14.08
Market Square
Shopping
Center 365,712 1,259,210 1,624,922 11.66 22.33 18.52
-------------------------------------------------------------------
Total - Mid-
Atlantic 8,674,948 1,259,210 9,934,158 13.96 22.33 14.66
-------------------------------------------------------------------
Various
- --------------
Kroger/Safeway
Portfolio (25
Properties)(
2) 9,965,897 - 9,965,897 9.79 - 9.79
-------------------------------------------------------------------
Subtotal -
Fund I
Operating
Properties 20,429,219 2,086,367 22,515,586 11.28 16.27 11.61
-------------------------------------------------------------------
Fund I
Redevelopment
Properties
- --------------
Sterling
Heights
Shopping
Center
(Michigan)
(3) 281,600 236,204 517,804 4.00 7.80 5.14
Tarrytown
Shopping
Center (New
York) (3) - 236,879 236,879 - 26.10 26.10
Hitchcock
Plaza (South
Carolina)( 3) 342,607 372,125 714,732 4.06 7.72 5.39
Haygood
Shopping
Center
(Virginia)
(3) 56,700 742,295 798,995 1.40 8.50 6.25
-------------------------------------------------------------------
Subtotal -
Fund I
Redevelopment
Properties 680,907 1,587,503 2,268,410 3.49 9.08 6.13
-------------------------------------------------------------------
Fund I Grand
Total $21,110,126 $3,673,870 $24,783,996 10.53 12.12 10.73
===================================================================
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants for the purposes of the above table.
(1) Does not include approximately 240,000 square feet of new space in Phase
II, which will be paid for by the JV on an "earnout basis" only if, and
when it is leased.
(2) AKR Fund I has a 75% economic interest in this portfolio of 25
Kroger/Safeway triple-net leases.
(3) AKR Fund I has a 50% interest in these properties.
Page 24
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
ACADIA STRATEGIC OPPORTUNITY FUND
Top 10 Tenants - Ranked by Annualized Base Rent
- --------------------------------------------------------------------
Percentage of Total
Represented by
Tenant
-------------------
Number of
Stores in Total Annualized Total Annualized
Base Base
Ranking Tenant JV Portfolio GLA Rent (1) Portfolio Rent (2)
GLA (2)
- ------------------------------------------------------------------------------------------------------------------------
1 Safeway (3) 13 467,300 $3,495,932 21.5% 16.3%
2 Kroger (4) 13 595,166 3,798,756 27.4% 17.7%
3 Lowe's 1 140,000 1,925,000 6.5% 9.0%
4 Giant Eagle 2 135,896 1,386,289 6.3% 6.5%
5 Transunion Settlement (5) 1 39,714 884,771 1.8% 4.1%
6 Bed, Bath & Beyond 1 45,114 868,426 2.1% 4.0%
7 Regal Cinema 1 65,641 821,825 3.0% 3.8%
8 Target 1 138,000 800,000 6.4% 3.7%
9 Dick's Sporting Goods 1 50,000 700,000 2.3% 3.3%
10 Michaels 1 24,876 547,272 1.1% 2.6%
- ------ ------- --- ---
Total 35 1,701,707 $15,228,271 78.4% 71.0%
== ========= =========== ==== ====
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
(2) GLA does not include approximately 240,000 square feet of new space in
Phase II of the Brandywine Town Center, which will be paid for by the JV on
an "earnout basis" only if, and when it is leased. Square footage and base
rents for the Kroger/Safeway portfolio and other properties for which Fund
I owns less than 100% are pro-rated to reflect the Funds partial ownership.
(3) Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non-supermarket tenant and ceased operations at one other
location. Safeway is obligated to pay rent through the full term of all
these leases which expire in 2009.
(4) Kroger has sub-leased 4 of these locations to supermarket tenants, 2
locations to a non-supermarket tenant and ceased operations at one other
location. Kroger is obligated to pay rent through the full term of all
these leases which expire in 2009.
(5) Subsidiary of Transunion
Page 25
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Retail Properties - Summary Listing
------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Lease Base Base
Lease and and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
NEW YORK REGION
- ----------------------------
New York
Soundview Marketplace Port King Kullen Clearview
Washington 2007/2022 Cinema
1998 (A)182,865 93% 2010/2030 $2,685,008 $15.84
Village Commons Shopping Smithtown Daffy's
Center 1998 (A) 87,306 96% 2008/2028 2,049,045 24.34
Walgreens
2021/--
Branch Shopping Plaza Smithtown Waldbaum's
(A&P)
1998 (A)125,676 96% 2013/2028 2,245,855 18.67
New Loudon Center Latham Price Marshalls
Chopper 2004/2009
1982 (A)254,530 100% 2015/2035 1,662,859 6.53
Bon Ton
Department
Store
2014/2034
Raymor &
Flanigan
Furniture
2019/2034
Pacesetter Park Shopping Pomona Stop & Shop
Center (Ahold)
1999 (A) 96,522 83% 2020/2040 885,107 10.99
New Jersey
Elmwood Park Shopping CenterElmwood Park Pathmark Walgreen's
1998 (A)149,085 100% 2017/2052 2022/2062 3,301,633 22.15
Marketplace of Absecon Absecon Acme Eckerd Drug
1998 (A)105,251 94% 2015/2055 2020/2040 1,530,747 15.50
Berlin Shopping Center Berlin Acme Kmart
1994 (A)188,755 79% 2005/2015 2009/2049 792,503 5.33
Ledgewood Mall Ledgewood Wal-mart
1983 (A)517,923 87% 2019/2049 4,299,315 9.59
Macy's
2005/2025
The Sports'
Authority
2007/2037
Circuit City
2020/2040
Marshalls
2007/2027
NEW ENGLAND REGION
- ----------------------------
Connecticut
Town Line Plaza Rocky Hill Stop & Shop Wal-mart (not
1998 (A)206,178 100% 2023/2063 owned) 1,555,061 14.28
239 Greenwich Avenue Greenwich Restoration
Hardware
1998 (A) 16,834 100% 2015/2025 1,254,282 74.51
Chico's
Fashion
2010/2020
Massachusetts
Methuen Shopping Center Methuen DeMoulas Wal-mart
Market 2011/2051
1998 (A)130,238 100% 2005/2015 828,772 6.36
Crescent Plaza Brockton Shaw's Home Depot
1984 (A)218,277 100% 2012/2042 2021/2056 1,693,430 7.76
Rhode Island
Walnut Hill Plaza Woonsocket Shaw's Sears
1998 (A)285,829 99% 2013/2043 2008/2033 2,155,145 7.63
Vermont
The Gateway Shopping Center Burlington Shaw's
1999 (A)100,213 85% 2024/2054 1,565,632 18.42
MIDWEST REGION
- ----------------------------
Illinois
Hobson West Plaza Naperville Bobak's
Market and
Restaurant
1998 (A) 99,044 99% 2007/2032 1,155,173 11.81
(specialty
grocery)
Indiana
Merrillville Plaza Merrillville TJ Maxx
1998 (A)235,603 99% 2009/2014 2,595,261 11.13
JC Penney
2008/2018
OfficeMax
2008/2028
Michigan
Bloomfield Town Square Bloomfield Costco (notTJ
Hills 1998 (A)217,266 96% owned) Maxx 2009/2014 2,065,643 9.90
Marshall's
2011/2026
Home Goods
2010/2025
Ohio
Mad River Station Dayton Babies "R" Us
1999 (A)155,721 77% 2005/2020 1,427,021 11.90
Office Depot
2005/2010
Page 26
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Retail Properties - Summary Listing
------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Lease Base Base
Lease and and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
MID-ATLANTIC REGION
- ----------------------------------
Pennsylvania
Abington Towne Center Abington TJ Maxx
1998 (A) 216,355 98% 2010/2020 846,924 15.38
Target
(not
owned)
Blackman Plaza Wilkes-Barre Kmart
1968 (C) 121,341 92% 2009/2049 261,504 2.34
Bradford Towne Centre Towanda P&C Foods Kmart
(Penn 2019/2069
Traffic)
1993 (C) 256,939 89% 2014/2024 1,421,531 6.20
East End Center Wilkes-Barre Price
Chopper
1986 (C) 305,858 51% 2008/2028 960,940 6.21
Greenridge Plaza Scranton Giant Food
(Ahold)
1986 (C) 189,635 60% 2021/2051 743,446 6.55
Luzerne Street Shopping Center Scranton Eckerd
Drug
1983 (A) 57,988 24% 2009/2019 105,000 7.50
Mark Plaza Edwardsville Redner's Kmart
Markets 2009/2054
1968 (C) 214,036 95% 2018/2028 985,485 4.87
Pittston Plaza Pittston Redner's Eckerd
Market Drugs
1994 (C) 79,494 100% 2018/2028 2006/2016 612,262 7.70
Plaza 422 Lebanon Home Depot
1972 (C) 155,026 69% 2021/2056 444,020 4.14
Route 6 Mall Honesdale Weis Kmart
Markets 2020/2070
(not
1994 (C) 175,507 99% owned) 1,063,283 6.11
---------- -------------------
5,145,295 $43,191,887 $10.25
========== ===================
Page 27
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Retail Properties - Summary Listing
------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Property Totals
----------------------
Year Grocery Other Anchor Annualized Annualized
Anchor
Constructed(C) Occupancy Current Current Lease Base Base
Lease and and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
JOINT VENTURE PROPERTIES
- -----------------------------------------
(excludes jont venture owned Kroger/Safeway
Portfolio)
NEW YORK REGION
- -----------------------------------------
New York
Crossroads Shopping Center White Waldbaum's Kmart
Plains (A&P) 2012/2037
1998 309,848 96% 2007/2032 $5,380,096 $17.99
(49% JV interest) B. Dalton
2012/2022
Modell's
2009/2019
MID-ATLANTIC REGION
- -----------------------------------------
Delaware
Brandywine Town Center (1) Wilmington 2003 (A) 610,157 97% 8,309,236 14.08
(22% JV interest)
Market Square Shopping Center Wilmington Trader Joe'sTJ Maxx
(specialty 2006/2016
2003 (A) 87,762 100% grocery) 1,624,922 18.52
(22% JV interest) 2013/2028
MIDWEST REGION
- -----------------------------------------
Ohio
Amherst Marketplace Cleveland Giant Eagle
2002 (A) 79,937 100% 2021/2041 799,107 10.00
(22% JV interest)
Granville Centre Columbus California
Fitness
2002 (A) 131,543 43% 2017/2027 669,710 11.89
(22% JV interest)
Sheffield Crossing Cleveland Giant Eagle
2002 (A) 112,814 94% 2022/2042 1,146,714 10.77
(22% JV interest)
JV REDEVELOPMENTS
- -----------------------------------------
Michigan
Sterling Heights Shopping Center Detroit Burlington
Coat Factory
2004 (A) 154,482 65% 2024/-- 517,804 5.14
New York
Tarrytown Shopping Center Westchester Walgreen's
Drug (Under
2004 (A) 34,975 26% construction) 236,879 26.10
South Carolina
Hitchcock Plaza Aiken Kroger
Supermarket
2004 (A) 231,563 57% 2007/2032 714,732 5.39
Virginia
Haygood Shopping Center Virginia Rose's
Beach Department
2004 (A) 161,604 79% Store 2009/-- 798,995 6.25
---------- -------------------
1,914,685 $20,198,195 $12.71
========== ===================
(1) Does not include 240,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an
"earnout basis" only if, and when it is leased.
(2) Kmart has notified the Company of its intention to exercise its option to
renew the lease for this space upon the expiration of the current lease
term.
Page 28
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Retail Properties by Region
- ---------------------------
(excludes joint venture
owned Kroger/Safeway
Portfolio)
-------------------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
-------------------------------------------------------------------------------------------------------------
Wholly-Owned
Properties
- ----------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals
(1)
-------------------------------------------------------------------------------------------------------------
New York Region 1,033,835 674,078 1,707,913 95.43% 84.16%90.98% $9,578,328 $9,873,744 $19,452,072 $9.71 $17.41 $12.52
New England 640,880 316,689 957,569 100.00% 94.19%98.08% 6,124,752 2,927,570 9,052,322 11.27 9.81 10.75
Midwest 305,549 402,085 707,634 100.00% 88.04%93.20% 2,409,051 4,834,047 7,243,098 7.88 13.66 10.98
Mid-Atlantic 1,285,858 486,321 1,772,179 78.64% 79.82%78.97% 4,334,550 3,109,845 7,444,395 5.63 8.01 6.43
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Total Wholly-
Owned
Properties 3,266,122 1,879,173 5,145,295 90.14% 85.56%88.47%$22,446,681 $20,745,206 $43,191,887 $8.61 $12.90 $10.25
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Joint Venture
Properties
- ----------------
Operating
Midwest (2) 225,943 98,351 324,294 75.61% 73.08%74.85% $1,788,374 $827,157 $2,615,531 10.47 11.51 10.78
Mid-Atlantic(
2,3) 641,532 56,387 697,919 96.86%100.00%97.12% 8,674,948 1,259,210 9,934,158 13.96 22.33 14.66
New York Region
(4) 191,363 118,485 309,848 100.00% 90.83%96.49% 1,939,927 3,440,169 5,380,096 10.14 31.96 17.99
-------------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 1,058,838 273,223 1,332,061 92.89% 86.33%91.55% 12,403,249 5,526,536 17,929,785 12.61 23.43 14.70
-------------------------------------------------------------------------------------------------------------
JV Redevelopment
Properties
Mid West (5) 98,400 56,082 154,482 71.54% 54.01%65.18% $281,600 $236,204 $517,804 4.00 7.80 5.14
Mid-Atlantic (5) 238,528 154,639 393,167 52.39% 87.66%66.26% 399,307 1,114,420 1,513,727 3.20 8.22 5.81
New York Region
(5) 25,288 9,687 34,975 0.00% 93.69%25.95% - 236,879 236,879 26.10 26.10
-------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 362,216 220,408 582,624 53.93% 79.37%63.55% $680,907 $1,587,503 $2,268,410 3.49 9.08 6.13
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Total Joint
Venture
Properties 1,421,054 493,631 1,914,685 82.96% 83.22%83.03%$13,084,156 $7,114,039 $20,198,195 $11.10 $17.32 $12.71
=============================================================================================================
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants for the purposes of the above table.
(1) Anchor GLA includes a total of 254,916 square feet which is not owned by
the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
(2) The Company has a 22% interest in AKR Fund I which owns these properties.
(3) Does not include 240,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an
"earnout basis" only if, and when it is leased.
(4) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(5) The Company has a 22% interest in AKR Fund I which owns 50% of these
properties.
Page 29
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Retail Properties by State - Summary
- ---------------------------------------------------------
(excludes jont venture owned
Kroger/Safeway Portfolio)
-------------------------------------------------------------------------------
Gross Leasable Area Occupancy
-----------------------------------------------------
Wholly-Owned Properties Ownership Percent Number of
of
base properties Anchors Shops Total Anchors Shops Total
rent (2)
% (1)
-------------------------------------------------------------------------------
NEW YORK REGION
New Jersey 100% 20.3% 4 590,959 370,055 961,014 92.00% 81.38% 87.91%
New York 100% 19.5% 5 442,876 304,023 746,899 100.00% 87.53% 94.93%
NEW ENGLAND REGION
Connecticut 100% 5.7% 2 178,799 44,213 223,012 100.00%100.00%100.00%
Massachusetts 100% 5.2% 2 276,989 71,526 348,515 100.00%100.00%100.00%
Rhode Island 100% 4.4% 1 113,092 172,737 285,829 100.00% 98.15% 98.88%
Vermont 100% 3.2% 1 72,000 28,213 100,213 100.00% 46.12% 84.83%
MIDWEST REGION
Illinois 100% 2.4% 1 42,037 57,007 99,044 100.00% 97.88% 98.78%
Indiana 100% 5.3% 1 101,357 134,246 235,603 100.00% 98.20% 98.97%
Michigan 100% 4.2% 1 103,970 113,296 217,266 100.00% 92.38% 96.03%
Ohio 100% 2.9% 1 58,185 97,536 155,721 100.00% 63.26% 76.99%
MID-ATLANTIC REGION
Pennsylvania 100% 15.2% 10 1,285,858 486,321 1,772,179 78.64% 79.82% 78.97%
--------b------- ------------------------------------------------------
-----------------------------------------------------
Total - Wholly-Owned Properties 88.4% 29 3,266,122 1,879,173 5,145,295 90.14% 85.56% 88.47%
---------------- ------------------------------------------------------
-----------------------------------------------------
Joint Venture Properties (3)
- -----------------------------------------
Operating Properties
Ohio (4) 22% 1.2% 3 225,943 98,351 324,294 75.61% 73.08% 74.85%
Delaware (4,5) 22% 4.5% 2 641,532 56,387 697,919 96.86%100.00% 97.12%
New York (6) 49% 5.4% 1 191,363 118,485 309,848 100.00% 90.83% 96.49%
------- -----------------------------------------------------
Total - Operating Properties 11.1% 1,058,838 273,223 1,332,061 92.89% 86.33% 91.55%
------- -----------------------------------------------------
JV Redevelopment Properties
Michigan (7) 11% 0.1% 1 98,400 56,082 154,482 71.54% 54.01% 65.18%
New York( 7) 11% 0.1% 1 25,288 9,687 34,975 0.00% 93.69% 25.95%
South Carolina (7) 11% 0.2% 1 170,928 60,635 231,563 49.41% 79.47% 57.28%
Virginia (7) 11% 0.2% 1 67,600 94,004 161,604 59.91% 92.95% 79.13%
-------- ------- -------------------------------------------------------
Total-Redevelopment Properties 0.5% 362,216 220,408 582,624 53.93% 79.37% 63.55%
------- -----------------------------------------------------
-----------------------------------------------------
Total Joint Venture Properties 11.6% 10 1,421,054 493,631 1,914,685 82.96% 83.22% 83.03%
--------- ------- =====================================================
100.0% 39
=================
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Retail Properties by State - Summary
- ---------------------------------------------------------------------------
(excludes jont venture owned Kroger/Safeway Portfolio)
--------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square
Foot
--------------------------------------------------------
Wholly-Owned Properties
- ----------------------------------------------------------------
Anchors Shops Total Anchors Shops Totals
--------------------------------------------------------
NEW YORK REGION
New Jersey $5,397,387 $4,526,811 $9,924,198 $9.93 $15.03 $11.75
New York 4,180,941 5,346,933 9,527,874 9.44 20.09 13.44
NEW ENGLAND REGION
Connecticut 2,191,282 618,061 2,809,343 26.89 13.98 22.35
Massachusetts 1,855,550 666,652 2,522,202 6.70 9.32 7.24
Rhode Island 781,920 1,373,225 2,155,145 6.91 8.10 7.63
Vermont 1,296,000 269,632 1,565,632 18.00 20.72 18.42
MIDWEST REGION
Illinois 170,000 985,173 1,155,173 4.04 17.66 11.81
Indiana 912,635 1,682,626 2,595,261 9.00 12.76 11.13
Michigan 794,849 1,270,794 2,065,643 7.64 12.14 9.90
Ohio 531,567 895,454 1,427,021 9.14 14.51 11.90
MID-ATLANTIC REGION
Pennsylvania 4,334,550 3,109,845 7,444,395 5.63 8.01 6.43
----------- ---------------------------------------------
--------------------------------------------------------
Total - Wholly-Owned Properties 22,446,681 20,745,206 43,191,887 8.61 12.90 10.25
--------------------------------------------------------
--------------------------------------------------------
Joint Venture Properties (3)
- ----------------------------------------------------------------
Operating Properties
Ohio (4) $1,788,374 $827,157 $2,615,531 $10.47 $11.51 $10.78
Delaware (4,5) 8,674,948 1,259,210 9,934,158 13.96 22.33 14.66
New York (6) 1,939,927 3,440,169 5,380,096 10.14 31.96 17.99
--------------------------------------------------------
Total - Operating Properties 12,403,249 5,526,536 17,929,785 12.61 23.43 14.70
--------------------------------------------------------
JV Redevelopment Properties
Michigan (7) 281,600 236,204 517,804 4.00 7.80 5.14
New York( 7) - 236,879 236,879 - 26.10 26.10
South Carolina (7) 342,607 372,125 714,732 4.06 7.72 5.39
Virginia (7) 56,700 742,295 798,995 1.40 8.50 6.25
--------------------------------------------------------
Total-Redevelopment Properties 680,907 1,587,503 2,268,410 3.49 9.08 6.13
--------------------------------------------------------
--------------------------------------------------------
Total Joint Venture Properties $13,084,156 $7,114,039 $20,198,195 $11.10 $17.32 $12.71
========================================================
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants for the purposes of the above table.
(1) The Company's pro-rata share of base rent from joint venture properties
has been included for the purpose of calculating percentage of base rent by
state.
(2) Anchor GLA includes a total of 254,916 square feet which is not owned
by the Company. This square footage has been excluded for calculating annualized
base rent per square foot.
(3) Does not include approximately 1 million square feet relating to a
portfolio of 25 supermarket triple-net leases acquired by ASOF in January of
2003.
(4) The Company has a 22% interest in AKR Fund I which owns these
properties.
(5) Does not include 240,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an "earnout
basis" only if, and when it is leased.
(6) The Company has a 49% interest in two partnerships which, together, own
the Crossroads Shopping Center.
(7) The Company has a 22% interest in AKR Fund I which owns 50% of these
properties.
Page 30
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Retail Properties - Detail
- ------------------------------
---------------------------------------------------------------------------------------------------------------------
Annualized
Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied
Square Foot
---------------------------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
---------------------------------------------------------------------------------------------------------------------
WHOLLY-OWNED
PROPERTIES:
New York
Region
- --------------
New York (1)
- --------------
Soundview
Marketplace 73,500 109,365 182,865 100.00% 87.77% 92.69%$1,158,850 $1,526,158 $2,685,008 $15.77 $15.90 $15.84
Village
Commons
Shopping
Center 25,192 62,114 87,306 100.00% 94.98% 96.43% 428,213 1,620,832 2,049,045 17.00 27.47 24.34
Branch Plaza 63,000 62,676 125,676 100.00% 91.40% 95.71% 920,964 1,324,891 2,245,855 14.62 23.13 18.67
New Loudon
Center 229,132 25,398 254,530 100.00%100.00%100.00% 1,339,779 323,080 1,662,859 5.85 12.72 6.53
Pacesetter
Park Shopping
Center 52,052 44,470 96,522 100.00% 63.99% 83.41% 333,135 551,972 885,107 6.40 19.40 10.99
---------------------------------------------------------------------------------------------------------------------
Total - New
York 442,876 304,023 746,899 100.00% 87.53% 94.93% 4,180,941 5,346,933 9,527,874 9.44 20.09 13.44
---------------------------------------------------------------------------------------------------------------------
New Jersey
- --------------
Elmwood Park
Shopping
Center 62,610 86,475 149,085 100.00%100.00%100.00% 1,390,460 1,911,173 3,301,633 22.21 22.10 22.15
Marketplace of
Absecon 58,031 47,220 105,251 100.00% 86.19% 93.80% 927,574 603,173 1,530,747 15.98 14.82 15.50
Berlin
Shopping
Center 127,850 60,905 188,755 100.00% 34.11% 78.74% 619,400 173,103 792,503 4.84 8.33 5.33
Ledgewood Mall 342,468 175,455 517,923 86.20% 87.32% 86.58% 2,459,953 1,839,362 4,299,315 8.33 12.01 9.59
---------------------------------------------------------------------------------------------------------------------
Total - New
Jersey 590,959 370,055 961,014 92.00% 81.38% 87.91% 5,397,387 4,526,811 9,924,198 9.93 15.03 11.75
---------------------------------------------------------------------------------------------------------------------
Total - New
York Region 1,033,835 674,078 1,707,913 95.43% 84.16% 90.98% 9,578,328 9,873,744 19,452,072 9.71 17.41 12.52
---------------------------------------------------------------------------------------------------------------------
New England
- --------------
Connecticut
- --------------
Town Line
Plaza( 2) 161,965 44,213 206,178 100.00%100.00%100.00% 937,000 618,061 1,555,061 14.49 13.98 14.28
239 Greenwich
Avenue( 3) 16,834 - 16,834 100.00% - 100.00% 1,254,282 - 1,254,282 74.51 - 74.51
---------------------------------------------------------------------------------------------------------------------
Total -
Connecticut 178,799 44,213 223,012 100.00%100.00%100.00% 2,191,282 618,061 2,809,343 26.89 13.98 22.35
---------------------------------------------------------------------------------------------------------------------
Massachusetts
- --------------
Methuen
Shopping
Center 120,004 10,234 130,238 100.00%100.00%100.00% 736,464 92,308 828,772 6.14 9.02 6.36
Crescent Plaza 156,985 61,292 218,277 100.00%100.00%100.00% 1,119,086 574,344 1,693,430 7.13 9.37 7.76
---------------------------------------------------------------------------------------------------------------------
Total -
Massachusetts 276,989 71,526 348,515 100.00%100.00%100.00% 1,855,550 666,652 2,522,202 6.70 9.32 7.24
---------------------------------------------------------------------------------------------------------------------
Rhode Island
- --------------
Walnut Hill
Plaza 113,092 172,737 285,829 100.00% 98.15% 98.88% 781,920 1,373,225 2,155,145 6.91 8.10 7.63
---------------------------------------------------------------------------------------------------------------------
Vermont
- --------------
The Gateway
Shopping
Center 72,000 28,213 100,213 100.00% 46.12% 84.83% 1,296,000 269,632 1,565,632 18.00 20.72 18.42
---------------------------------------------------------------------------------------------------------------------
Total - New
England
Region 640,880 316,689 957,569 100.00% 94.19% 98.08% 6,124,752 2,927,570 9,052,322 11.27 9.81 10.75
---------------------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants for the purposes of the above table.
(1) Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned
by the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
(2) 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21
residential units encompassing 14,434 square feet. Residential activities
are not included above.
Page 31
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Retail Properties - Detail
--------------------------
--------------------------------------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square Foot
----------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total
--------------------------------------------------------------------------------------
WHOLLY-OWNED PROPERTIES (continued):
Midwest
-------
Illinois
--------
Hobson West Plaza $170,000 $985,173 $1,155,173 $4.04 $17.66 $11.81
Indiana
-------
Merrillville Plaza 912,635 1,682,626 2,595,261 9.00 12.76 11.13
Michigan
--------
Bloomfield Towne Square 794,849 1,270,794 2,065,643 7.64 12.14 9.90
Ohio
----
Mad River Station (1) 531,567 895,454 1,427,021 9.14 14.51 11.90
--------------------------------------------------------------------------------------
Total - Midwest Region 2,409,051 4,834,047 7,243,098 7.88 13.66 10.98
--------------------------------------------------------------------------------------
Mid-Atlantic
------------
Pennsylvania
------------
Abington Towne Center (2) 256,500 590,424 846,924 9.50 21.03 15.38
Blackman Plaza 204,664 56,840 261,504 1.95 8.12 2.34
Bradford Towne Centre 887,469 534,062 1,421,531 6.06 6.46 6.20
East End Center 357,500 603,440 960,940 7.15 5.76 6.21
Greenridge Plaza 279,405 464,041 743,446 4.50 9.01 6.55
Luzerne Street Shopping Center 105,000 - 105,000 7.50 - 7.50
Mark Plaza 652,095 333,390 985,485 4.14 7.43 4.87
Pittston Plaza 496,446 115,816 612,262 7.35 9.71 7.70
Plaza 422 407,520 36,500 444,020 3.91 12.17 4.14
Route 6 Plaza 687,951 375,332 1,063,283 5.75 6.91 6.11
--------------------------------------------------------------------------------------
Total - Pennsylvania 4,334,550 3,109,845 7,444,395 5.63 8.01 6.43
--------------------------------------------------------------------------------------
Total - Mid-Atlantic Region 4,334,550 3,109,845 7,444,395 5.08 8.01 6.43
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
TOTAL WHOLLY-OWNED PROPERTIES $22,446,681 $20,745,206 $43,191,887 $8.35 $12.90 $10.25
--------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which
rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered
anchor tenants for the purposes of the above table.
(1) The GLA for this property includes 28,205 square feet of office space.
(2) Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage
has been excluded for calculating annualized base rent per square foot.
(3) The Company has a property located in the Bronx, NY which is currently under construction which is not included
in the above listing.
Page 32
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Retail Properties - Detail
--------------------------
-------------------------------------------------------------------------------------
Gross Leasable Area Occupancy
-------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total
-------------------------------------------------------------------------------------
JOINT VENTURE PROPERTIES: (1)
Midwest
-------
Ohio
----
Amherst Marketplace (2) 76,737 3,200 79,937 100.00% 100.00% 100.00%
Granville Centre (2) 90,047 41,496 131,543 38.81% 51.57% 42.84%
Sheffield Crossing (2) 59,159 53,655 112,814 100.00% 88.11% 94.35%
-------------------------------------------------------------------------------------
Total - Ohio 225,943 98,351 324,294 75.61% 73.08% 74.85%
-------------------------------------------------------------------------------------
Mid-Atlantic
------------
Delaware
--------
Brandywine Town Center (2,4) 610,157 - 610,157 96.70% - 96.70%
Market Square Shopping Center
(2) 31,375 56,387 87,762 100.00% 100.00% 100.00%
-------------------------------------------------------------------------------------
Total - Delaware 641,532 56,387 697,919 96.86% 100.00% 97.12%
-------------------------------------------------------------------------------------
New York Region
---------------
New York
--------
Crossroads Shopping Center ( 5) 191,363 118,485 309,848 100.00% 90.83% 96.49%
-------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
Total - Operating Properties 1,058,838 273,223 1,332,061 92.89% 86.33% 91.55%
-------------------------------------------------------------------------------------
Redevelopment properties
Sterling Heights Shopping
Center (Michigan) (6) 98,400 56,082 154,482 71.54% 54.01% 65.18%
Tarrytown Shopping
Center (New York) (6) 25,288 9,687 34,975 0.00% 93.69% 25.95%
Hitchcock Plaza (South Carolina)(6) 170,928 60,635 231,563 49.41% 79.47% 57.28%
Haygood Shopping Center
(Virginia) (6) 67,600 94,004 161,604 59.91% 92.95% 79.13%
-------------------------------------------------------------------------------------
Total - Redevelopment
Properties 362,216 220,408 582,624 53.93% 79.37% 63.55%
-------------------------------------------------------------------------------------
Total - Joint Venture
Properties 1,421,054 493,631 1,914,685 82.96% 83.22% 83.03%
=====================================================================================
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which
rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are
considered anchor tenants for the purposes of the above table.
(1) In January of 2003, the AKR Fund I acquired approximately 2 million additional square feet in two separate
transactions. Approximately 1 million square feet relates to a portfolio of 25 supermarket triple-net leases
which is not reflected above. See Section III of this supplement for additional detail on this portfolio.
(2) The Company has a 22% interest in AKR Fund I which owns the property.
(3) These properties, for which redevelopment is currently ongoing, were acquired in 2004.
(4) Does not include approximately 240,000 square feet of new space in Phase II, which will be paid for by the JV on
an "earnout basis" only if, and when it is leased.
(5) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center.
(6) The Company has a 22% interest in AKR Fund I which owns 50% the property.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Retail Properties - Detail
--------------------------
JOINT VENTURE PROPERTIES: (1)
Midwest
-------
Ohio
----
Amherst Marketplace (2) $765,711 $33,396 $799,107 $9.98 $10.44 $10.00
Granville Centre (2) 402,085 267,625 669,710 11.51 12.51 11.89
Sheffield Crossing (2) 620,578 526,136 1,146,714 10.49 11.13 10.77
--------------------------------------------------------------------------------------
Total - Ohio 1,788,374 827,157 2,615,531 10.47 11.51 10.78
--------------------------------------------------------------------------------------
Mid-Atlantic
------------
Delaware
--------
Brandywine Town Center (2,4) 8,309,236 - 8,309,236 14.08 - 14.08
Market Square Shopping Center(2) 365,712 1,259,210 1,624,922 11.66 22.33 18.52
--------------------------------------------------------------------------------------
Total - Delaware 8,674,948 1,259,210 9,934,158 13.96 22.33 14.66
--------------------------------------------------------------------------------------
New York Region
---------------
New York
--------
Crossroads Shopping Center ( 5) 1,939,927 3,440,169 5,380,096 10.14 31.96 17.99
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Total - Operating Properties 12,403,249 5,526,536 17,929,785 12.61 23.43 14.70
--------------------------------------------------------------------------------------
Redevelopment properties
Sterling Heights Shopping
Center (Michigan) (6) 281,600 236,204 517,804 4.00 7.80 5.14
Tarrytown Shopping Center
(New York) (6) - 236,879 236,879 - 26.10 26.10
Hitchcock Plaza (South
Carolina) (6) 342,607 372,125 714,732 4.06 7.72 5.39
Haygood Shopping Center
(Virginia) (6) 56,700 742,295 798,995 1.40 8.50 6.25
--------------------------------------------------------------------------------------
Total - Redevelopment
Properties 680,907 1,587,503 2,268,410 3.49 9.08 6.13
--------------------------------------------------------------------------------------
Total - Joint Venture
Properties $13,084,156 $7,114,039 $20,198,195 $11.10 $17.32 $12.71
======================================================================================
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which
rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are
considered anchor tenants for the purposes of the above table.
(1) In January of 2003, the AKR Fund I acquired approximately 2 million additional square feet in two separate
transactions. Approximately 1 million square feet relates to a portfolio of 25 supermarket triple-net leases
which is not reflected above. See Section III of this supplement for additional detail on this portfolio.
(2) The Company has a 22% interest in AKR Fund I which owns the property.
(3) These properties, for which redevelopment is currently ongoing, were acquired in 2004.
(4) Does not include approximately 240,000 square feet of new space in Phase II, which will be paid for by the JV on
an "earnout basis" only if, and when it is leased.
(5) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center.
(6) The Company has a 22% interest in AKR Fund I which owns 50% the property.
Page 33
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Six months ended 3 months ended 3 months ended Year ended
Leasing Production Notes: June 30, 2004 June 30, 2004 March 31, 2004 December 31, 2003
------------------------------------------- ----------------------------------------------------------------------
New leases (1)
Number of new leases commencing 46 7 7 32
GLA 284,805 91,025 18,982 174,798
New base rent $8.24 $6.86 $14.85 $10.38
Previous base rent (and percentage rent) $8.22 $6.74 $15.34 $8.38
Percentage growth in base rent 0.2% 1.8% -3.2% 23.9%
Average cost per square foot $14.01 $31.41 $5.04 $5.92
Renewal leases
Number of renewal leases commencing 76 10 13 53
GLA 644,868 152,273 82,402 410,193
Renewal percentage 73% 71% 76% 81%
New base rent $7.82 $6.28 $10.66 $9.20
Expiring base rent (and percentage rent) $7.36 $5.76 $10.32 $8.80
Percentage growth in base rent 6.2% 9.0% 3.3% 4.5%
Average cost per square foot $0.00 $0.00 $0.00 $0.00
Total new and renewal Leases
Number of new and renewal leases commencing 122 17 20 85
GLA 929,673 243,298 101,384 584,991
New base rent $7.95 $6.50 $11.44 $9.55
Expiring base rent (and percentage rent) $7.63 $6.13 $11.26 $8.67
Percentage growth in base rent (2) 4.2% 6.0% 1.6% 10.1%
Average cost per square foot $4.29 $11.75 $0.94 $1.77
(1) Does not include leased square footage and costs related to first generation space and the Company's major
redevelopment projects.
(3) Rent is presented on a cash basis. Rents have not been averaged over terms. Previous/expiring rent is that as of time
of expiration and includes any percentage rent paid as well. New rent is that which is initially paid at commencement.
Page 34
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Top Tenants - Ranked by Annualized Base Rent
-----------------------------------------------------------------------------------
(Combined basis - Includes pro-rata share of GLA and rent for JV properties)
Acadia Strategic
Wholly-Owned Opportunity Fund
100% 22%
------------------------------------------------------------------
Number of
stores in
Retail combined Total Annualized Base Total Annualized Base
Ranking Tenant portfolio GLA Rent (1) GLA Rent (1)
-----------------------------------------------------------------------------------------------------------------------
1 Albertson's (Shaw's and Acme) 5 251,481 $3,255,544 - $-
2 Kmart 6 520,221 1,870,484
3 T.J. Maxx 9 249,258 1,896,262 6,972 81,261
4 Ahold (Giant, Stop & Shop) 3 178,807 1,549,540 - -
5 Wal-Mart 2 210,114 1,515,409 - -
6 A&P/ Waldbaum's 2 63,000 920,964 - -
7 Home Depot 2 211,003 1,125,426 - -
8 Price Chopper 2 127,450 1,118,077 - -
9 Eckerd Drug( 4) 8 89,620 1,064,796 - -
10 Pathmark 1 47,773 955,460 - -
11 Restoration Hardware 1 12,293 929,600 - -
12 Redner's Supermarket 2 111,739 863,432 - -
13 Kroger( 5) 13 - - 132,259 844,168
14 Safeway (6) 13 - - 103,844 776,874
15 Macy's 1 73,349 610,745 - -
16 Clearview Cinema 1 25,400 596,250 - -
17 JC Penney 2 72,580 591,747 - -
18 Walgreen's 2 23,904 589,088 - -
19 KB Toys 5 41,025 583,900 - -
20 King Kullen Grocery 1 48,100 562,600 - -
-----------------------------------------------------------------------------------
Total 81 2,357,117 $20,599,324 243,076 $1,702,303
===================================================================================
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Top Tenants - Ranked by Annualized Base Rent
-----------------------------------------------------------------------------------
(Combined basis - Includes pro-rata share of GLA and rent for JV properties)
(Combined basis - Includes pro-rata share of GLA and rent for JV properties)
Crossroads Shopping Center
49% Combined
-----------------------------------------------------------------
Retail Total Annualized Base Total Annualized Base
Ranking Tenant GLA Rent (1) GLA Rent (1)
-----------------------------------------------------------------------------------------------------
1 Albertson's (Shaw's and Acme) - $- 251,481 $3,255,544
2 Kmart 49,355 277,463 569,576 2,147,947
3 T.J. Maxx - - 256,230 1,977,523
4 Ahold (Giant, Stop & Shop) - - 178,807 1,549,540
5 Wal-Mart - - 210,114 1,515,409
6 A&P/ Waldbaum's 18,722 246,960 81,722 1,167,924
7 Home Depot - - 211,003 1,125,426
8 Price Chopper - - 127,450 1,118,077
9 Eckerd Drug( 4) - - 89,620 1,064,796
10 Pathmark - - 47,773 955,460
11 Restoration Hardware - - 12,293 929,600
12 Redner's Supermarket - - 111,739 863,432
13 Kroger( 5) - - 132,259 844,168
14 Safeway (6) - - 103,844 776,874
15 Macy's - - 73,349 610,745
16 Clearview Cinema - - 25,400 596,250
17 JC Penney - - 72,580 591,747
18 Walgreen's - - 23,904 589,088
19 KB Toys - - 41,025 583,900
20 King Kullen Grocery - - 48,100 562,600
-----------------------------------------------------------------
Total 68,077 $524,423 2,668,270 $22,826,050
=================================================================
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Top Tenants - Ranked by Annualized Base Rent
-----------------------------------------------------------------------------------
(Combined basis - Includes pro-rata share of GLA and rent for JV properties)
Percentage of Total
Represented by Retail Tenant
--------------------------------------------
Average
Gross
Retail Total Annualized Base Average Occupancy
Ranking Tenant Portfolio GLA( 2) Rent (2) Sales (per sq. ft.) Cost (3)
-----------------------------------------------------------------------------------------------------------------------
1 Albertson's (Shaw's and Acme) 3.4% 4.8% $474 * 2.6%
2 Kmart 7.6% 3.2% 193 3.7%
3 T.J. Maxx 3.4% 2.9% 277 * 5.8%
4 Ahold (Giant, Stop & Shop) 2.4% 2.3% 333 3.3%
5 Wal-Mart 2.8% 2.3% 329 * 3.2%
6 A&P/ Waldbaum's 1.1% 1.7% 362 * 5.6%
7 Home Depot 2.8% 1.7% - -
8 Price Chopper 1.7% 1.7% 504 2.1%
9 Eckerd Drug( 4) 1.2% 1.6% 431 * 4.0%
10 Pathmark 0.6% 1.4% - -
11 Restoration Hardware 0.2% 1.4% 242 33.6%
12 Redner's Supermarket 1.5% 1.3% 249 4.3%
13 Kroger( 5) 1.8% 1.3% - -
14 Safeway (6) 1.4% 1.2% - -
15 Macy's 1.0% 0.9% 208 6.0%
16 Clearview Cinema 0.3% 0.9% - -
17 JC Penney 1.0% 0.9% 163 6.6%
18 Walgreen's 0.3% 0.9% 333 8.1%
19 KB Toys 0.5% 0.9% 206 9.2%
20 King Kullen Grocery 0.6% 0.8% 699 2.1%
--------------------------------------------
Total 35.7% 33.9%
============================================
Page 35
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Anchor Detail
-------------
(excludes jont venture owned Kroger/Safeway Portfolio)
- -------------------------------------------------------------------------------------------------------------------------------
Annual
Property/Tenant Name Annual Base
(Type of Center) Square Lease Base Rent
Footage Expiration Rent PSF Options/Required Notice
- -------------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned
- --------------------------------------
New York Region
- ---------------
New York
--------
Soundview Marketplace, Port Washington
King Kullen 48,100 9/26/2007 $562,600 $11.70 (7) 5 Year (12 Months)
Clearview Cinema 25,400 5/31/2010 596,250 23.47 (4) 5 Year (12 Months)
---------- -------------------
Property total 73,500 1,158,850 15.77
---------- -------------------
Smithtown Shopping Center, Smithtown
Daffy's 16,125 1/7/2008 274,125 17.00 (4) 5 Year (12 Months)
Walgreens 9,067 12/31/2021 154,088 16.99 -
---------- -------------------
Property total 25,192 428,213 17.00
---------- -------------------
The Branch Shopping Center, Smithtown
A&P (1) 10 Year & (1) 5
63,000 11/30/2013 920,964 14.62 Year
---------- -------------------
Property Total: 63,000 920,964 14.62
---------- -------------------
New Loudon Center, Latham
Bon Ton 65,365 2/1/2014 261,460 4.00 (4) 5 Year (12 Months)
Marshalls (TJX) 37,212 1/31/2004 158,151 4.25 (3) 5 Year (12 Months)
Price Chopper 77,450 5/31/2015 760,577 9.82 (4) 5 Year (12 Months)
Raymours Furniture Co 49,105 4/30/2019 159,591 3.25 (3) 5 Year (9 Months)
---------- -------------------
Property total 229,132 1,339,779 5.85
---------- -------------------
Pacesetter Park Shopping Center, Pomona
Stop & Shop (Ahold) 52,052 8/31/2020 333,135 6.40 (2) 10 Year
---------- -------------------
Property total 52,052 333,135 6.40
---------- -------------------
New Jersey
----------
Elmwood Park Shopping Center, Elmwood Park
Walgreens 14,837 5/31/2022 435,000 29.32 (8) 5 Year (12 Months)
Pathmark 47,773 11/30/2017 955,460 20.00 (7) 5 Year (12 Months)
---------- -------------------
Property total 62,610 1,390,460 22.21
---------- -------------------
Marketplace of Absecon, Absecon
Eckerd Drug (JC Penney) 13,207 8/30/2020 329,310 24.93 (4) 5 Year (6 Months)
Acme Markets (Albertson) 44,824 4/30/2015 598,264 13.35 (8) 5 Year (12 Months)
---------- -------------------
Property total 58,031 927,574 15.98
---------- -------------------
Berlin Shopping Center, Berlin
Acme Markets (Albertson) 32,040 4/30/2005 320,400 10.00 (2) 5 Year (6 Months)
Kmart 95,810 11/30/2009 299,000 3.12 (4) 5 Year (6 Months)
---------- -------------------
Property total 127,850 619,400 4.84
---------- -------------------
Ledgewood Mall, Ledgewood
Circuit City 33,294 1/31/2020 466,116 14.00 (4) 5 Year (6 Months)
Marshalls (TJX) 27,228 1/31/2007 326,736 12.00 (4) 5 Year (6 Months)
The Sports Authority 52,205 5/31/2007 225,000 4.31 (6) 5 Year (15 Months)
Macy's Department Store (Federated) (1) 61,900 1/31/2005 553,500 8.94 (4) 5 Year (6 Months)
Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year (6 Months)
---------- -------------------
Property total 295,197 2,459,953 8.33
---------- -------------------
Total: New York Region 986,564 9,578,328 9.71
---------- -------------------
(1) The tenant has additional expansion space bringing the total space to 74,815 s.f. with total rents of $618,075.
Page 36
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Anchor Detail
-------------
(excludes jont venture owned Kroger/Safeway Portfolio)
- -------------------------------------------------------------------------------------------------------------------------------
Annual
Property/Tenant Name Annual Base
(Type of Center) Square Lease Base Rent
Footage Expiration Rent PSF Options/Required Notice
- -------------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned (continued)
- --------------------------------------------------
New England
- -----------
Connecticut
-----------
Town Line Plaza, Rocky Hill
Wal*Mart( 1) 97,300 - $- $- REA Agreement
Super Stop & Shop (Ahold) 64,665 11/30/2023 937,000 14.49 (7) 5 Year (6 Months)
---------- -------------------
Property total 161,965 937,000 14.49
---------- -------------------
239 Greenwich Ave., Greenwich
Chico's Fashion 4,541 1/31/2010 324,682 71.50 (2) 5 Years
Restoration Hardware 12,293 4/30/2015 929,600 75.62 (2) 5 Years (6 Months)
---------- -------------------
Property total 16,834 1,254,282 74.51
---------- -------------------
Massachusetts
-------------
Methuen Shopping Center, Methuen
Demoulas Super Markets 30,460 1/31/2005 109,656 3.60 (2) 5 Year
Wal*Mart 89,544 10/23/2011 626,808 7.00 (8) 5 Year (6 Months)
---------- -------------------
Property total 120,004 736,464 6.14
---------- -------------------
Crescent Plaza, Brockton
Home Depot 106,760 10/31/2021 602,126 5.64 (7) 5 Year (1 Year)
Shaw's (Albertsons) 50,225 12/31/2012 516,960 10.29 (6) 5 Year (6 Months)
---------- -------------------
Property total 156,985 1,119,086 7.13
---------- -------------------
Rhode Island
------------
Walnut Hill Plaza, Woonsocket
Sears 60,700 8/31/2008 258,000 4.25 (5) 5 Year (12 Months)
Shaw's (Albertsons) 52,392 12/31/2013 523,920 10.00 (6) 5 Year (9 Months)
---------- -------------------
Property total 113,092 781,920 6.91
---------- -------------------
Vermont
-------
Gateway Shopping Center
Shaw's (Albertsons) (1) 10 Yr., (3) 5 Yr. &
72,000 3/31/2024 1,296,000 18.00 (1) 4 Yr.
---------- -------------------
Property total 72,000 1,296,000 18.00
---------- -------------------
Total : New England 640,880 6,124,752 11.27
---------- -------------------
Midwest
- ----------
Illinois
--------
Hobson West Plaza, Naperville
Bobak's Market and Restaurant 42,037 11/30/2007 170,000 4.04 (5) 5 Year (6 Months)
---------- -------------------
Property total 42,037 170,000 4.04
---------- -------------------
Indiana
--------
Merrillville Plaza, Merrillville
JC Penney 50,000 1/31/2008 495,000 9.90 (2) 5 Year (12 Months)
OfficeMax 26,157 7/31/2008 222,335 8.50 (4) 5 Year (6 Months)
TJ Maxx (TJX) 25,200 1/31/2009 195,300 7.75 (1) 5 Year (6 Months)
---------- -------------------
Property total 101,357 912,635 9.00
---------- -------------------
Michigan
--------
Bloomfield Town Square, Bloomfield Hills
HomeGoods (TJX) 39,646 5/31/2010 307,257 7.75 (3) 5 Year
Marshalls (TJX) 28,324 9/30/2011 226,592 8.00 (3) 5 Year (6 Months)
TJ Maxx (TJX) 36,000 1/31/2009 261,000 7.25 (1) 5 Year (6 Months)
---------- -------------------
Property total 103,970 794,849 7.64
---------- -------------------
Ohio
----
Mad River Station, Dayton
Babies 'R' Us 33,147 2/28/2005 243,630 7.35 (3) 5 Year
Office Depot 25,038 8/31/2005 287,937 11.50 (1) 5 Year (6 Months)
---------- -------------------
Property total 58,185 531,567 9.14
---------- -------------------
Total: Midwest 305,549 2,409,051 7.88
---------- -------------------
(1) This space is contiguous to the Company's property and is not owned by the Company.
Page 37
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Anchor Detail
-------------
(excludes jont venture owned Kroger/Safeway Portfolio)
- -------------------------------------------------------------------------------------------------------------------------------
Annual
Property/Tenant Name Annual Base
(Type of Center) Square Lease Base Rent
Footage Expiration Rent PSF Options/Required Notice
- -------------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned (continued)
- --------------------------------------------------
Mid-Atlantic
- ------------
Pennsylvania
------------
Abington Town Center, Abington
TJ Maxx (TJX) 27,000 11/30/2010 $256,500 $9.50 (2) 5 Year (6 Months)
Target( 1) 157,616 - - - Condominium Agreement
---------- -------------------
Property total 184,616 256,500 9.50
---------- -------------------
Blackman Plaza, Wilkes-Barre
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year (12 Months)
---------- -------------------
Property total 104,956 204,664 1.95
---------- -------------------
Bradford Towne Centre, Towanda
Kmart 94,841 3/31/2019 474,205 5.00 (10) 5 Year (6 Months)
P & C Foods (Penn Traffic) 51,658 9/30/2014 413,264 8.00 (2) 5 Year (6 Months)
---------- -------------------
Property total 146,499 887,469 6.06
---------- -------------------
East End Center, Wilkes-Barre
Price Chopper 50,000 4/30/2008 357,500 7.15 (4) 5 Year (6 Months)
---------- -------------------
Property total 50,000 357,500 7.15
---------- -------------------
Greenridge Plaza, Scranton
Giant Food Stores (Ahold) 62,090 4/30/2021 279,405 4.50 (6) 5 Year (Auto)
---------- -------------------
Property total 62,090 279,405 4.50
---------- -------------------
Luzerne Street Shopping Center, Scranton
Eckerd Drug (JC Penney) 14,000 4/30/2009 105,000 7.50 (2) 5 Year (6 Months)
---------- -------------------
Property total 14,000 105,000 7.50
---------- -------------------
Mark Plaza, Edwardsville
Kmart 104,956 10/31/2009 204,664 1.95 (9) 5 Year (12 Months)
Redner's Market 52,639 5/31/2018 447,432 8.50 (2) 5 Year (6 Months)
---------- -------------------
Property total 157,595 652,096 4.14
---------- -------------------
Pittston Plaza, Pittston
Eckerd Drugs 8,468 6/30/2006 80,446 9.50 (2) 5 Year (6 Months)
Redner's Market 59,100 12/31/2018 416,000 7.04 (2) 5 Year
---------- -------------------
Property total 67,568 496,446 7.35
---------- -------------------
Plaza 422, Lebanon
Home Depot 104,243 12/31/2028 407,520 3.91 (6) 5 Year (12 Months)
---------- -------------------
Property total 104,243 407,520 3.91
---------- -------------------
Route 6 Mall, Honesdale
Kmart 119,658 4/30/2020 687,950 5.75 (10) 5 Year (Automatic)
---------- -------------------
Property total 119,658 687,950 5.75
---------- -------------------
Total : Mid-Atlantic 1,011,225 4,334,550 5.08
---------- -------------------
Total: Retail Anchor Properties - Wholly Owned Properties 2,944,218 $22,446,681 $8.35
========== ===================
(1 )Target owns the portion of the main building (157,616 square feet) that their store is located in.
Page 38
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Anchor Detail
-------------
(excludes jont venture owned Kroger/Safeway Portfolio)
- -------------------------------------------------------------------------------------------------------------------------------
Annual
Property/Tenant Name Annual Base
(Type of Center) Square Lease Base Rent
Footage Expiration Rent PSF Options/Required Notice
- -------------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for which rent payment has not yet commenced)
Joint Venture Properties
- ------------------------
New York Region
- ---------------
New York
--------
Crossroads Shopping Center, White Plains
Kmart 100,725 1/31/2012 $566,250 $5.62 (5) 5 Year (9 Months)
Waldbaum's (A&P) 38,208 12/31/2007 504,000 13.19 (5) 5 Year (9 Months)
B. Dalton (Barnes & Noble) 12,430 5/28/2012 345,927 27.83 (2) 5 Year (18 Months)
Pay Half 15,000 1/31/2018 330,000 22.00 -
Modell's 25,000 2/28/2009 193,750 7.75 (2) 5 Year (12 Months)
---------- -------------------
Property total 191,363 1,939,927 10.14
---------- -------------------
Total : New York Region 191,363 1,939,927 10.14
---------- -------------------
Mid-Atlantic Region
- -------------------
Delaware
--------
Brandywine Town Center
Annie Sez (Big M) 13,324 1/31/2007 279,825 21.00 (3) 5 Year (9 Months)
Michaels 24,876 2/28/2011 547,272 22.00 (3) 5 Year (9 Months)
Old Navy (The Gap) 24,631 4/30/2011 541,872 22.00 (1) 5 Year (6 Months)
Petsmart 23,963 6/30/2017 455,297 19.00 (2) 5 Year (Automatic)
Thomasville Furniture 18,893 11/30/2011 484,947 25.67 (2) 5 Year (9 Months)
Bed, Bath & Beyond 50,977 1/31/2014 868,426 17.04 (3) 5 Year (6 Months)
Dick's Sporting Goods 50,000 5/31/2013 700,000 14.00 (3) 5 Year (6 Months)
Lowe's Home Centers 140,000 8/31/2018 1,925,000 13.75 (6) 5 Year (Automatic)
Regal Cinemas 65,641 6/1/2017 821,825 12.52 (4) 5 Year (4 Months)
Transunion Settlement 39,714 3/31/2013 884,771 22.28 (1) 5 Year (9 Months)
Target 138,000 1/31/2018 800,000 5.80 (5) 10 Year (12 Months)
---------- -------------------
Property total 590,019 8,309,235 14.08
---------- -------------------
Market Square Shopping Center
TJ Maxx (TJX) 31,375 1/31/2006 365,713 11.66 (2) 5 Year (9 Months)
---------- -------------------
South Carolina
--------------
Hitchcock Plaza (Strip Mall)
Kroger 49,296 342,607 6.95
---------- -------------------
Property Total 49,296 342,607 6.95
---------- -------------------
Virginia
--------
Haygood Shopping Center
Rose's 40,500 7/1/2009 56,700 1.40
---------- -------------------
Property Total 40,500 56,700 1.40
---------- -------------------
---------- -------------------
Total : Mid-Atlantic Region 711,190 9,074,255 12.76
---------- -------------------
Midwest Region
- --------------
Ohio
----
Amherst Marketplace
Giant Eagle 66,237 9/3/2021 630,576 9.52 (4) 5 Year (6 Months)
Giant Eagle( 1) 10,500 3/31/2012 135,135 12.87 (3) 5 Year (6 Months)
---------- -------------------
Property total 76,737 765,711 9.98
---------- -------------------
Granville Centre
California Fitness 34,951 1/31/2017 402,085 11.50 (2) 5 Year
---------- -------------------
Property total 34,951 402,085 11.50
---------- -------------------
Sheffield Crossing
Giant Eagle 59,159 5/31/2022 620,578 10.49 (4) 5 Year (6 Months)
---------- -------------------
Property total 59,159 620,578 10.49
---------- -------------------
Page 39
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Anchor Detail
-------------
(excludes jont venture owned Kroger/Safeway Portfolio)
- -------------------------------------------------------------------------------------------------------------------------------
Annual
Property/Tenant Name Annual Base
(Type of Center) Square Lease Base Rent
Footage Expiration Rent PSF Options/Required Notice
- -------------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for which rent payment has not yet commenced)
Michigan
--------
Sterling Heights
Burlington Coat Factory 70,400 12/1/2004 246,400 3.50
---------- -------------------
Property Total 70,400 281,600 4.00
---------- -------------------
Total: Midwest 241,247 2,069,974 8.58
---------- -------------------
Total: Joint Venture Properties 1,143,800 $13,084,156 $11.44
========== ===================
(1) This lease has been assumed by Giant Eagle which is in the process of expanding their store.
Page 40
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Anchor Lease Expirations - Next 3 Years
---------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
--------------------------- ---------------------------------------
Percent Percent Average
Square of of per
Center Anchor footage all anchors Amount all anchors Sq. Ft.
-----------------------------------------------------------------------------------------------------------------------
2004 - - - - -
2005
Methuen Shopping Center Demoulas Supermarket 30,460 1.13% 109,656 0.49% 3.60
Ledgewood Mall Macy's (2) 61,900 2.30% 553,500 2.47% 8.94
Mad River Shopping Center Babies 'R' Us 33,147 1.23% 243,630 1.09% 7.35
Berlin Shopping Center Acme Markets 32,040 1.19% 320,400 1.43% 10.00
Mad River Shopping Center Office Depot 25,038 0.93% 287,937 1.28% 11.50
--------------------------- ---------------------------------------
Total 2005 182,585 6.78% 1,515,123 6.76% 8.30
--------------------------- ---------------------------------------
2006
Pittston Plaza Eckerd Drug 8,468 0.31% 80,446 0.36% 9.50
--------------------------- ---------------------------------------
Total - Next 3 Years $191,053 7.09% $1,595,569 7.12% $8.35
=========================== =======================================
(1) The tenant has additional expansion space bringing the total space to 74,815 s.f. with total rents of $618,075.
Page 41
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Lease Expirations
-----------------
-----------------------------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
------------------------------ ------------------------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-----------------------------------------------------------------------------------------
Wholly-Owned Propeties
Anchor Tenant Expirations
2005 5 182,585 6.79% 1,515,123 6.75% 8.30
2006 1 8,468 0.31% 80,446 0.36% 9.50
2007 4 169,570 6.31% 1,284,336 5.72% 7.57
2008 5 202,982 7.55% 1,606,960 7.16% 7.92
2009 7 380,922 14.16% 1,269,628 5.66% 3.33
2010 4 96,587 3.59% 1,484,688 6.61% 15.37
2011 2 117,868 4.38% 853,400 3.80% 7.24
2012 1 50,225 1.87% 516,960 2.30% 10.29
2013 2 115,392 4.29% 1,444,884 6.44% 12.52
2014 3 154,235 5.74% 832,875 3.71% 5.40
2015 3 134,567 5.00% 2,288,441 10.20% 17.01
2017 1 47,773 1.78% 955,460 4.26% 20.00
2018 2 111,739 4.15% 863,432 3.85% 7.73
2019 3 264,516 9.84% 1,522,397 6.78% 5.76
2020 4 218,211 8.11% 1,816,512 8.09% 8.32
2021 3 177,917 6.62% 1,035,619 4.61% 5.82
2022 1 14,837 0.55% 435,000 1.94% 29.32
2023 1 64,665 2.40% 937,000 4.17% 14.49
2024 1 72,000 2.68% 1,296,000 5.77% 18.00
2028 2 104,243 3.88% 407,520 1.82% 3.91
-------------------------------------------- ------------------------------------------
Total Occupied 55 2,689,302 100.00% $22,446,681 100.00% $8.35
-----------------------------------------------------
Anchor GLA Owned by Tenants 254,916
Total Vacant 321,904
---------------
Total Square Feet 3,266,122
===============
-----------------------------------------------------
Page 42
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Lease Expirations
-----------------
Wholly-Owned Propeties
Shop Tenant Expirations
Month to Month 12 26,168 1.63% $335,312 1.62% $12.81
2004 24 83,781 5.22% 880,494 4.24% 10.51
2005 49 250,605 15.62% 2,866,262 13.82% 11.44
2006 54 191,603 11.94% 2,354,942 11.35% 12.29
2007 56 240,659 14.98% 3,140,669 15.14% 13.05
2008 55 226,388 14.11% 3,176,554 15.31% 14.03
2009 46 217,449 13.55% 2,852,201 13.75% 13.12
2010 16 116,612 7.27% 982,260 4.73% 8.42
2011 16 77,149 4.81% 1,272,903 6.14% 16.50
2012 6 19,429 1.21% 422,545 2.04% 21.75
2013 13 43,917 2.74% 868,843 4.19% 19.78
2014 10 57,560 3.59% 669,506 3.23% 11.63
2015 3 33,194 2.07% 554,700 2.67% 16.71
2020 2 17,945 1.12% 326,120 1.57% 18.17
2022 1 2,205 0.14% 41,895 0.20% 19.00
--------------------------------------- ------------------------------------------
Total Occupied 363 1,604,664 100.00% $20,745,206 100.00% $12.90
-----------------------------------------------------
Total Vacant 274,509
---------------
Total Square Feet 1,879,173
===============
-----------------------------------------------------
Page 43
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Lease Expirations
---------------------------------------
---------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
--------------------------- --------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
---------------------------------------------------------------------------------------------
Wholly-Owned Propeties
Total Tenant Expirations
Month to Month 12 26,168 0.61% $335,312 0.78% $12.81
2004 24 83,781 1.95% 880,494 2.04% $10.51
2005 54 433,190 10.09% 4,381,385 10.14% 10.11
2006 55 200,071 4.66% 2,435,388 5.64% 12.17
2007 60 410,229 9.55% 4,425,005 10.24% 10.79
2008 60 429,370 9.99% 4,783,514 11.09% 11.14
2009 53 598,371 13.94% 4,121,829 9.54% 6.89
2010 20 213,199 4.97% 2,466,948 5.71% 11.57
2011 18 195,017 4.54% 2,126,303 4.92% 10.90
2012 7 69,654 1.62% 939,505 2.18% 13.49
2013 15 159,309 3.71% 2,313,727 5.36% 14.52
2014 13 211,795 4.93% 1,502,381 3.48% 7.09
2015 6 167,761 3.91% 2,843,141 6.58% 16.95
2017 1 47,773 1.11% 955,460 2.21% 20.00
2018 2 111,739 2.60% 863,432 2.00% 7.73
2019 3 264,516 6.16% 1,522,397 3.52% 5.76
2020 6 236,156 5.50% 2,142,632 4.96% 9.07
2021 3 177,917 4.14% 1,035,619 2.40% 5.82
2022 2 17,042 0.40% 476,895 1.10% 27.98
2023 1 64,665 1.51% 937,000 2.17% 14.49
2024 1 72,000 1.68% 1,296,000 3.00% 18.00
2028 2 104,243 2.43% 407,520 0.94% 3.91
------- -------- ------- ----------- ------- -------
Total Occupied 418 4,293,966 100.00% $43,191,887 100.00% $10.25
Anchor GLA Owned by Tenants 254,916
Total Vacant 596,413
----------
Total Square Feet 5,145,295
==========
Page 44
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Lease Expirations
---------------------------------------
---------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
--------------------------- --------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
---------------------------------------------------------------------------------------------
Crossroads (JV Property)
Anchor Tenant
Expirations
2007 1 38,208 19.97% 504,000 25.98% 13.19
2009 1 25,000 13.06% 193,750 9.99% 7.75
2012 2 113,155 59.13% 912,177 47.02% 8.06
2018 1 15,000 7.84% 330,000 17.01% 22.00
----------------------------------------------------------------------------
Total
Occupied 5 191,363 100.00% $1,939,927 100.00%$10.14
------------------------------
Total Vacant
-------------
Total Square
Feet 191,363
=============
Shop Tenant
Expirations
2004 3 11,256 10.46% 380,218 11.05% 33.78
2005 4 14,255 13.24% 404,113 11.75% 28.35
2006 4 7,240 6.73% 236,555 6.88% 32.67
2007 5 17,030 15.82% 593,510 17.25% 34.85
2008 7 19,605 18.22% 653,241 18.99% 33.32
2009 4 12,842 11.93% 332,337 9.66% 25.88
2011 2 4,070 3.78% 133,972 3.89% 32.92
2012 2 5,250 4.89% 186,390 5.42% 35.50
2014 2 9,616 8.93% 332,435 9.66% 34.57
2022 1 6,462 6.00% 187,398 5.45% 29.00
--------------------------------------------------------------------
Total
Occupied 34 107,626 100.00% $3,440,169 100.00%$31.96
Total Vacant 10,859
-----------
Total Square Feet 118,485
===========
Page 45
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Lease Expirations
---------------------------------------
---------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
--------------------------- --------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
---------------------------------------------------------------------------------------------
Crossroads (JV
Property)
Total Tenant
Expirations
2004 3 11,256 3.76% 380,218 7.07% 33.78
2005 4 14,255 4.77% 404,113 7.51% 28.35
2006 4 7,240 2.42% 236,555 4.40% 32.67
2007 6 55,238 18.47% 1,097,510 20.40% 19.87
2008 7 19,605 6.56% 653,241 12.14% 33.32
2009 5 37,842 12.66% 526,087 9.78% 13.90
2011 2 4,070 1.36% 133,972 2.49% 32.92
2012 4 118,405 39.60% 1,098,567 20.42% 9.28
2014 2 9,616 3.22% 332,435 6.18% 34.57
2018 1 15,000 5.02% 330,000 6.13% 22.00
2022 1 6,462 2.16% 187,398 3.48% 29.00
-----------------------------------------------------------------------------------
Total Occupied 39 298,989 100.00% $5,380,096 100.00%$17.99
Total Vacant 10,859
----------
Total Square Feet 309,848
==========
Page 46
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Property Demographics
- -----------------------------------------
- ------------------------------------------------------------------------------------------
Trade Total
Area Base Total
Property / JV Ownership % City State (Miles) Rent GLA
- ------------------------------------------------------------------------------------------
Brandywine Town Center & Mkt Sq./22.22% Wilmington DE 3 9,934,158 697,919
Elmwood Park Shopping Ctr. Elmwood Park NJ 3 3,301,633 149,085
Abington Towne Center Abington PA 3 846,924 216,355
Granville Center / 22.22% Columbus OH 3 669,710 131,543
Hobson West Plaza Naperville IL 3 1,155,173 99,044
Methuen Shopping Ctr. Methuen MA 5 828,772 130,238
Crossroads Shopping Ctr. / 49% White Plains NY 3 5,380,096 309,848
The Branch Plaza Smithtown NY 3 2,245,855 125,676
Village Commons Shopping Ctr. Smithtown NY 3 2,049,045 87,306
Bloomfield Town Square Bloomfield MI
Hills 5 2,065,643 217,266
Crescent Plaza Brockton MA 3 1,693,430 218,277
239 Greenwich Avenue Greenwich CT 5 1,254,282 16,834
Soundview Marketplace Port WashingtonNY 3 2,685,008 182,865
Town Line Plaza Rocky Hill CT 3 1,555,061 206,178
New Loudon Center Latham NY 5 1,662,859 254,530
Pacesetter Park Shopping Ctr. Pomona NY 3 885,107 96,522
Mad River Station Dayton OH 5 1,427,021 155,721
Greenridge Plaza Scranton PA 3 743,446 189,635
Mark Plaza Edwardsville PA 5 985,485 214,036
Luzerne Street Shopping Ctr. Scranton PA 3 105,000 57,988
East End Center Wilkes-Barre PA 5 960,940 305,858
Blackman Plaza Wilkes-Barre PA 5 261,504 121,341
Sheffield Crossing / 22.22% Sheffield OH 3 1,146,714 112,814
Amherst Marketplace / 22.22% Amherst OH 3 799,107 79,937
Sterling Heights Shopping Center / 11.11%Sterling MI
Heights 3 517,804 154,482
Tarrytown Shopping Center / 11.11% Tarrytown NY 3 236,879 34,975
Hitchcock Plaza / 11.11% Aiken SC 5 714,732 231,563
Haygood Shopping Center / 11.11% Virginia Beach VA 3 798,995 161,604
Walnut Hill Plaza Woonsocket RI 5 2,155,145 285,829
Ledgewood Mall Ledgewood NJ 5 4,299,315 517,923
Berlin Shopping Ctr. Berlin NJ 3 792,503 188,755
Merrillville Plaza Hobart IN 5 2,595,261 235,603
The Gateway Shopping Ctr. So. Burlington VT 3 1,565,632 100,213
Marketplace of Absecon Absecon NJ 3 1,530,747 105,251
Pittston Plaza Pittston PA 3 612,262 79,494
Plaza 422 Lebanon PA 3 444,020 155,026
Route 6 Plaza Honesdale PA 5 1,063,283 175,507
Bradford Towne Centre Towanda PA 10 1,421,531 256,939
- ------------------------------------------------------------------------------------------
63,390,082 7,059,980
----------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Property Demographics
- -----------------------------------------
- ----------------------------------------- --------------------------------------
3-Mile Radius
--------------------------------------
#
Total Households Median HH Avg. HH
Property / JV Ownership % Pop. ("HH") Income Income
- ----------------------------------------- --------------------------------------
Brandywine Town Center & Mkt Sq./22.22% 40,167 15,437 $81,275 $98,474
Elmwood Park Shopping Ctr. 259,975 86,557 $51,206 $61,319
Abington Towne Center 93,360 36,608 $65,173 $80,281
Granville Center / 22.22% 114,683 51,558 $46,830 $54,096
Hobson West Plaza 94,003 32,812 $96,226 $111,843
Methuen Shopping Ctr. 91,936 33,202 $40,495 $50,182
Crossroads Shopping Ctr. / 49% 104,349 40,090 $76,635 $97,520
The Branch Plaza 67,386 22,781 $86,500 $98,961
Village Commons Shopping Ctr. 67,862 22,859 $87,048 $99,163
Bloomfield Town Square 62,541 24,356 $72,545 $102,892
Crescent Plaza 99,840 35,462 $45,142 $52,972
239 Greenwich Avenue 66,867 25,228 $94,987 $147,352
Soundview Marketplace 46,380 16,462 $113,631 $167,275
Town Line Plaza 45,242 19,007 $74,547 $64,079
New Loudon Center 41,508 16,246 $55,189 $65,561
Pacesetter Park Shopping Ctr. 25,894 8,469 $88,331 $107,734
Mad River Station 59,585 26,299 $56,285 $67,437
Greenridge Plaza 88,472 37,357 $32,243 $41,495
Mark Plaza 89,240 38,696 $31,389 $39,511
Luzerne Street Shopping Ctr. 66,687 27,708 $30,436 $39,697
East End Center 46,209 19,469 $32,717 $41,505
Blackman Plaza 61,029 26,168 $30,784 $39,130
Sheffield Crossing / 22.22% 35,452 14,048 $45,762 $54,608
Amherst Marketplace / 22.22% 52,542 21,012 $44,259 $53,044
Sterling Heights Shopping Center / 11.11% 97,175 35,730 $67,786 $74,409
Tarrytown Shopping Center / 11.11% 35,238 13,328 $68,960 $98,836
Hitchcock Plaza / 11.11% 25,419 10,547 $60,290 $71,076
Haygood Shopping Center / 11.11% 95,832 36,598 $52,790 $62,252
Walnut Hill Plaza 59,961 24,256 $41,751 $49,362
Ledgewood Mall 34,631 12,915 $77,309 $88,598
Berlin Shopping Ctr. 31,313 11,105 $63,424 $74,188
Merrillville Plaza 18,924 7,566 $54,952 $62,686
The Gateway Shopping Ctr. 46,105 19,252 $43,524 $53,733
Marketplace of Absecon 30,277 10,476 $51,028 $60,415
Pittston Plaza 40,640 17,537 $36,785 $45,214
Plaza 422 44,416 18,047 $36,458 $43,830
Route 6 Plaza 7,395 3,155 $32,818 $42,657
Bradford Towne Centre 5,506 2,344 $38,141 $46,212
- ----------------------------------------- --------------------------------------
--------------------------------------
59,480 22,983 $59,422 $71,851
--------------------------------------
--------------------------------------
68,239 25,200 $64,834 $79,696
--------------------------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Property Demographics
- --------------------------------
- -------------------------------- --------------------------------- -------------------------------- ------------------------
5-Mile Radius 10-Mile Radius
--------------------------------- --------------------------------
Total Median Avg. HH Total Median Avg. HH
# HH # HH
Property / JV Ownership % Pop. HH Income Income Pop. HH Income Income County MSA
- -------------------------------- --------------------------------- -------------------------------- ------------------------
Brandywine Town Center & Mkt Bergen Wilmington-
Sq./22.22% 116,835 47,059 $71,475 $91,032 - - $- $- Newark, DE
Elmwood Park Shopping Ctr. Bergen Bergen-
612,593 212,140 $56,661 $68,670 - - - - Passaic, NJ
Abington Towne Center Bucks Philadelphia,
306,979 120,242 $58,804 $71,480 - - - - PA
Granville Center / 22.22% 267,818 116,119 $52,178 $61,015 - - - - Franklin Columbus, OH
Hobson West Plaza 264,472 93,258 $83,440 $96,333 - - - - DuPage Chicago, IL
Methuen Shopping Ctr. 198,133 73,801 $46,809 $56,761 - - - - Essex Boston, MA-NH
Crossroads Shopping Ctr. / 49% 203,088 74,810 $91,173 $122,507 - - - - WestchesterNew York, NY
The Branch Plaza Suffolk Nassau-
198,575 64,367 $78,576 $90,006 - - - - Suffolk, NY
Village Commons Shopping Ctr. Suffolk Nassau-
197,398 63,981 $79,019 $90,486 - - - - Suffolk, NY
Bloomfield Town Square 166,366 63,987 $77,660 $106,428 - - - - Oakland Detroit, MI
Crescent Plaza 168,024 60,373 $50,116 $58,235 - - - - Plymouth Boston, MA-NH
239 Greenwich Avenue Fairfield New Haven-
141,499 51,663 $92,448 $141,180 - - - - Meriden, CT
Soundview Marketplace Nassau Nassau-
143,395 52,155 $97,968 $139,340 - - - - Suffolk, NY
Town Line Plaza 151,760 60,763 $56,343 $66,119 - - - - Hartford Hartford, CT
New Loudon Center Albany Albany-
Schenectady-
152,497 63,018 $46,569 $56,589 - - - - Troy, NY
Pacesetter Park Shopping Ctr. 128,097 37,540 $71,637 $88,824 - - - - Rockland New York, NY
Mad River Station Montgomery Dayton-
Springfield,
130,304 55,583 $58,803 $72,512 - - - - OH
Greenridge Plaza Lackawanna Scranton-
Wilkes
Barre-
126,562 53,080 $34,803 $44,679 - - - - Hazelton, PA
Mark Plaza Luzerne Scranton-
Wilkes
Barre-
124,722 53,562 $34,002 $42,614 - - - - Hazelton, PA
Luzerne Street Shopping Ctr. Lackawanna Scranton-
Wilkes
Barre-
120,838 50,392 $34,650 $44,561 - - - - Hazelton, PA
East End Center Luzerne Scranton-
Wilkes
Barre-
114,991 49,565 $33,939 $42,506 - - - - Hazelton, PA
Blackman Plaza Luzerne Scranton-
Wilkes
Barre-
116,682 50,274 $33,089 $41,383 - - - - Hazelton, PA
Sheffield Crossing / 22.22% Lorain Cleveland-
Lorain-
121,322 47,230 $45,775 $54,558 - - - - Elyria
Amherst Marketplace / 22.22% Lorain Cleveland-
Lorain-
97,181 38,366 $40,461 $49,765 - - - - Elyria
Sterling Heights Shopping Center Coordinates
/ 11.11% 42.5803,
257,839 101,330 $64,903 $73,379 - - - - 83.0298
Tarrytown Shopping Center / Coordinates
11.11% 41.0799,
119,686 46,393 $76,834 $104,788 - - - - 73.8640
Hitchcock Plaza / 11.11% Coordinates
33.5156,
45,931 18,554 $49,878 $60,184 84,131 33,423 43,742 52,745 81.7311
Haygood Shopping Center / 11.11% Coordinates
36.8727,
217,586 82,889 $52,974 $62,426 - - - - 76.1350
Walnut Hill Plaza Providence Providence-
Fall River,
94,203 37,077 $48,793 $57,263 - - - - RI
Ledgewood Mall 105,973 38,609 $75,159 $86,345 278,307 100,409 $84,897 $99,923 Morris Newark, NJ
Berlin Shopping Ctr. Burlington Philadelphia,
94,688 34,457 $60,908 $70,450 - - - - PA, NJ
Merrillville Plaza 84,180 31,820 $52,697 $60,610 344,569 130,349 $48,747 $57,323 Lake Gary, IN
The Gateway Shopping Ctr. Chittenden Burlington,
68,034 27,816 $45,474 $56,025 - - - - VT
Marketplace of Absecon Atlantic Atlantic
City-Cape
68,488 23,943 $50,386 $59,385 - - - - May, NJ
Pittston Plaza Luzerne Scranton-
Wilkes
Barre-
72,326 31,010 $38,049 $46,790 - - - - Hazelton, PA
Plaza 422 Lebanon Harrisburg-
Lebanon-
61,325 24,358 $40,383 $48,126 - - - - Carlisle, PA
Route 6 Plaza 11,704 4,849 $33,779 $43,036 - - - - Wayne N/A
Bradford Towne Centre 8,813 3,627 $38,371 $46,994 17,398 6,799 $38,245 $46,336 Bradford N/A
- -------------------------------- --------------------------------- -------------------------------- ------------------------
--------------------------------- --------------------------------
142,669 54,788 $57,698 $71,056 246,693 91,246 $74,630 $88,452
--------------------------------- --------------------------------
--------------------------------- --------------------------------
166,471 61,090 $63,105 $78,483 255,190 94,070 $66,059 $77,972
--------------------------------- --------------------------------
Page 47
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2004
Residential (Multi-family) Properties
- -----------------------------------------------------------------------------
% %
Occupied Occupied
Location Square Units June 30, March 31,
Property Feet 2004 2004
- -----------------------------------------------------------------------------
Mid-Atlantic
North Carolina
- -----------------------------------------------------------------------------
Village Apartments Winston
Salem 578,606 600 93% 92%
Mid-West
Missouri
- -----------------------------------------------------------------------------
Gate House, Holiday House, Tiger Village, Columbia 628,891 874 94% 94%
--------- ----- ------- -------
Colony Apartments (1)
Totals 1,207,497 1,474 93% 93%
======== ====== ======== =======
(1) As this property has tenants associated with the University of
Missouri, occupancy trends are correlated to semester sessions
Page 48