Acadia Realty Trust [NYSE]
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Table of Contents
Page Page
Section I - Overview Section III - Joint Venture Information
Important Notes 2 Overview - Fund I 26
Company Information 3 Overview - Fund II 27
Portfolio Snapshot 4 Overview - RCP Venture 28
Organizational Chart 5 Fund I Properties - Detail 29
Executive Management Team 6 Top 10 Fund I Tenants 30
Section II - Financial Information Fund I - Current Valuation 31
Market Capitalization 7 Kroger/Safeway Locations 33
Shareholder Information 8 Fund II Properties - Detail 34
Operating Statements - Consolidated 9 Section IV - Parent Portfolio Information
Operating Statements - Joint Venture Activity 11 Properties - Overview 35
Operating Statements - Activity by Source 13 Properties by Region - Summary 38
Operating Statements - Current v. Historical 15 Properties by State - Summary 39
Net Operating Income - Same Property Performance 16 Properties - Detail 40
Funds from Operations ("FFO"), Adjusted FFO ("AFFO") Leasing Production 43
and Funds Available for Distribution ("FAD") 17
Top 10 Tenants - Consolidated 44
Capital Expenditures 18
Anchor Tenant Detail 45
Balance Sheets 19
Anchor Lease Expirations - Next 3 Years 51
Selected Operating Ratios 20
Lease Expirations 52
Debt Analysis - Summary 21
Property Demographics 60
Debt Analysis - Detail 22
Residential Properties 61
Debt Maturity Schedule 24
Unencumbered Properties 25
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
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.
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Company Information
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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 71 properties totaling approximately 10 million
square feet, located in the Northeast, Mid-Atlantic and Midwest United States.
All of Acadia's assets are held by, and all its operations are conducted
through, Acadia Realty Limited Partnership (and its majority-owned subsidiaries)
which is currently 98% controlled by Acadia.
Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham
Suite 260 Vice President
White Plains, NY 10605 (914) 288-8142
jgrisham@acadiarealty.com
New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com
Analyst Coverage Banc of America Securities Citigroup - Smith Barney
Ross Nussbaum - (212) 847-5668 Jonathan Litt - (212) 816-0231
ross.nussbaum@bofasecurities.com jonathan.litt@citigroup.com
Michael Bilerman - (212) 816-1383
RBC Capital Markets michael.bilerman@citigroup.com
Jay Leupp - (415) 633-8588 David Carlisle - (212) 816-1382
jay.leupp@rbccm.com david.s.carlisle@citigroup.com
David Ronco - (415) 633-8566
david.ronco@rbccm.com Ryan Beck & Co.
Sheila McGrath - (973) 549-4084
Harris Nesbitt sheila.mcgrath@ryanbeck.com
Paul Adornato, CFA - (212) 885-4170
paul.adornato@harrisnesbitt.com J.P. Morgan Securities, Inc.
Michael W. Mueller, CFA (212) 622-6689
michael.w.mueller@jpmorgan.com
Josh Bederman (212) 622-6530
josh.h.bederman@jpmorgan.com
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Portfolio Snapshot
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[MAP OF UNITED STATES GRAPHIC OMITTED]
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Organizational Chart
--------------------
Kenneth Bernstein
President and Chief Executive Officer
- -----------------------------------------------------------------------------------------------------------------------------------
Acquisitions Leasing Operations Construction Legal Finance and
Property and Accounting
Management Development
- -----------------------------------------------------------------------------------------------------------------------------------
Joel Braun
Sr. V.P., CIO Joseph Povinelli Robert Scholem Joseph Joseph Hogan Robert Masters Michael Nelsen
Sr. V.P., Dir.of Sr. VP, Director Napolitano Sr. VP, Dir of Sr. VP, General Sr. VP, Chief
Leasing Property Sr. VP, Construction Counsel Financial Officer
Management Director of
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Frank Shea Todd Larry Jeff Hogan Carol Smrek Jon Richard
VP, Leasing Rollins Schachter Construction VP, Counsel Grisham Hartmann
VP, Director Superintendant VP, Chief VP,
Management of MIS Accounting Controller
Officer Dir. Lease
Admin.
- -----------------------------------------------------------------------------------------------------------------------------------
Karen Yamrus
Asst. VP, Sr.
Paralegal
- -----------------------------------------------------------------------------------------------------------------------------------
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Executive Management Team
-------------------------
Kenneth F. Bernstein Chief Executive Officer and Mr. Bernstein is responsible for strategic planning as well
President as overseeing all 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
Chief Investment Officer analysis of acquisition 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
Director of Construction Realty Corporation (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, General Counsel for API Asset Management for over five
Corporate Secretary years, Senior Vice President Deputy General 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
CPM Director of Operations internal 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
Chief Financial Officer management functions. 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
Director of Leasing leasing experience. 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.
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
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 97.2% 31,541
Common Operating Partnership ("OP") Units 2.0% 653
---------
Combined Common Shares and OP Units 32,194
Market Price at September 30, 2005 $ 17.99
---------
Equity Capitalization -
Common Shares and OP Units $ 579,170
Preferred OP Units - at cost (1) 0.8% 4,884
----- ---------
Total Equity Capitalization 100.0% 584,054 67.8%
===== ========= ===========
Debt Capitalization
- -------------------
Consolidated debt 206,798
Adjustment to reflect pro-rata
share of unconsolidated JV debt 71,217
---------
Total Debt Capitalization 278,015 32.2%
--------- ===========
Total Market Capitalization $ 862,069 100.0%
========= ===========
Weighted Average Outstanding Common Shares and O.P. Units
---------------------------------------------------------
Common
Shares O.P. Units Total
=====================================================================================
Basic
Quarter ended September 30, 2005 32,008,982 648,652 32,657,634
Year-to-date September 30, 2005 31,925,456 602,286 32,527,742
Fully Diluted
Quarter ended September 30, 2005 32,706,201 648,652 33,354,853
Year-to-date September 30, 2005 (3) 32,187,414 602,286 32,789,700
=====================================================================================
Basic
Quarter ended September 31, 2004 29,459,175 425,713 29,884,888
Year-to-date September 30, 2004 28,896,204 667,428 29,563,632
Fully Diluted
Quarter ended September 31, 2004 (3) 29,953,528 425,713 30,379,241
Year-to-date September 30, 2004 (3) 29,505,592 667,428 30,173,020
(1) In connection with the acquisition of the Pacesetter Park Shopping Center
in 1999, the Company issued 2,212 Preferred OP Units, of which 1,328 have
been converted to Common OP Units to date. The remaining Preferred OP Units
are reflected above at their stated cost of $1,000 per unit. Also includes
$4,000 of Preferred OP Units issued to Klaff L.P. related to the
acquisition of management contracts in 2004.
(2) Fixed-rate debt includes notional principal fixed through interest rate
swap transactions and conversely, variable-rate debt excludes this amount.
(3) For purposes of earnings per share calculations, the assumed conversion of
Preferred OP Units is anti-dilutive and not reflected above, with the
exception of the quarter ended September 30, 2005. However, for the
purposes of calculating FFO on a fully diluted basis, these stock
equivalents are dilutive and amount to 491,746 for the nine months ended
September 30, 2005, and 522,679 and 491,933 for the quarter and nine months
ended September 30, 2004, respectively.
TOTAL MARKET CAPITALIZATION
[PIE CHART OMITTED]
COMMON SHARES 66%
COMMON O.P. UNITS 1%
PREFERRED O.P. UNITS 1%
FIXED RATE DEBT(2) 26%
VARIABLE-RATE DEBT 6%
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Shareholder Information
-----------------------
(amounts in thousands)
10 Largest Institutional/Non-Retail Shareholders (1)
Percent of Out-
Common standing Common
Shareholder Shares Held Shares
- ----------------------------------------- ----------- ---------------
Wellington Management 3,871 12.3%
Yale University 2,991 9.5%
Morgan Stanley 2,032 6.4%
Third Avenue Management 1,982 6.3%
Cliffwood Partners 1,550 4.9%
Stanford University 1,411 4.5%
Vanguard Group 1,327 4.2%
Barclay's Global Investors 1,172 3.7%
Clarion CRA Securities 1,155 3.7%
Kensington Investment Group 853 2.7%
------ -----
Total of 10 Largest Institutional Shareholders 18,344 58.2%
====== =====
Total of all Institutional Shareholders 28,541 90.5%
====== =====
Operating Partnership
Unit Information
Percent
of Total O.P. Units
-------------------
Managment O.P. Unit Holders 338 51.8%
Other O.P. Unit Holders 315 48.2%
--- -----
Total O.P. Units 653 100.0%
=== =====
Management and Trustee Ownership
Common Shares (not including options) 955
O.P. Units (see above) 338
-----
1,293
=====
(1) Based on most recent Schedule 13F filing
[PIE CHART OMITTED]
TOTAL SHARE/O.P. UNIT OWNERSHIP (COMBINED)
INSTITUTIONAL SHAREHOLDERS 95%
RETAILER SHAREHOLDERS < 1%
MANAGEMENT-OWNED SHARES AND O.P. UNITS 4%
OTHER O.P. UNITHOLDERS < 1%
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Statements of Operations - Joint Venture Activity (1)
Current Quarter and Year-to-Date
(in thousands)
--------------------------------------------- --------------------------------------------
Year-to-Date Current Quarter
Period 3 months
ended September 30, ended September 30,
2005 2005
------------------------------------------- ---------------------------------------------
Discontinued Discontinued
Wholly Owned JV's(2) operations Total Wholly Owned JV's(2) Operations Total
------------ --------- ------------ ------ ------------- ------- ------------ ------
PROPERTY REVENUES
Minimum rents $ 38,974 $ 7,265 $ 365 $ 46,604 $ 13,352 $ 2,395 $ 7 $ 15,754
Percentage rents 440 205 -- 645 144 185 -- 329
Expense reimbursements 10,139 1,566 223 11,928 3,113 509 -- 3,622
Other property income 598 29 6 633 238 13 5 256
-------- ------- -------- -------- -------- -------- ------ --------
50,151 9,065 594 59,810 16,847 3,102 12 19,961
-------- ------- -------- -------- -------- -------- ------ --------
PROPERTY EXPENSES
Property operating 10,450 1,240 242 11,932 3,231 318 28 3,577
Real estate taxes 6,804 1,065 138 8,007 2,363 399 4 2,766
-------- ------- -------- -------- -------- -------- ------ --------
17,254 2,305 380 19,939 5,594 717 32 6,343
-------- ------- -------- -------- -------- -------- ------ --------
NET OPERATING INCOME - PROPERTIES 32,897 6,760 214 39,871 11,253 2,385 (20) 13,618
OTHER INCOME (EXPENSE)
General and administrative (4,798) -- -- (4,798) (1,586) -- -- (1,586)
Property related home office expenses (5,466) (56) -- (5,522) (1,903) (21) -- (1,924)
Equity in earnings of Fund I
unconsolidated properties -- 203 -- 203 -- 186 -- 186
Lease termination income -- -- -- -- -- -- -- --
Interest income 2,458 65 -- 2,523 1,040 57 -- 1,097
Asset and property management income (3) 7,733 -- -- 7,733 2,898 -- -- 2,898
Property management expense (166) -- -- (166) (55) -- -- (55)
Straight-line rent income 352 (181) -- 171 53 175 -- 228
Straight-line rents written off (17) -- -- (17) -- -- -- --
FAS 141 Rent (95) 39 -- (56) (95) (3) -- (98)
Abandoned project costs -- (86) -- (86) -- -- -- --
Hurricane related income (expenses) (4) 479 -- -- 479 -- -- -- --
Provision for Income Taxes (91) -- -- (91) (91) -- -- (91)
Other income 106 207 -- 313 1 207 -- 208
-------- ------- -------- -------- -------- -------- ------ --------
EBIDTA 33,392 6,951 214 40,557 11,515 2,986 (20) 14,481
Depreciation and amortization (12,301) (2,198) (90) (14,589) (4,389) (795) -- (5,184)
FAS 141 Amortization (48) (116) -- (164) (48) (41) -- (89)
Interest expense (8,113) (2,591) -- (10,704) (3,084) (947) -- (4,031)
FAS 141 Interest -- 87 -- 87 -- 29 -- 29
Impairment of real estate -- -- (820) (820) -- -- (50) (50)
Gain on sale of properties (Mervyn's) (2) -- 3,698 -- 3,698 -- 3,698 -- 3,698
Income taxes on gain on sale (Mervyn's) (2) (1,535) -- -- (1,535) (1,535) -- -- (1,535)
-------- ------- -------- -------- -------- -------- ------ --------
Income before minority interest 11,395 5,831 (696) 16,530 2,459 4,930 (70) 7,319
Minority interest - OP (214) (115) 13 (316) (52) (98) 1 (149)
Minority interest (163) (36) -- (199) 74 (19) -- 55
-------- ------- -------- -------- -------- -------- ------ --------
NET INCOME $ 11,018 $ 5,680 $ (683) $ 16,015 $ 2,481 $ 4,813 $ (69) $ 7,225
======== ======= ======== ======== ======== ======== ====== ========
(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 Funds I &
II as detailed elsewhere in this Supplement, as well in the Mervyn's
investment .The Company also has a 49% JV interest in the Crossroads
Shoping Center (Crossroads").
(2) The Company currently invests in Funds I & II and Mervyn's as detailed
elsewhere in this Supplement.The Company also has a 49% JV interest in the
Crossroads Shopping Center.
(3) Detail as follows: YTD 3rd Quarter 2nd Quarter 1st Quarter
Asset management fee Fund I $ 789 $ 263 $ 263 $ 263
Asset management fee Fund II 2,426 926 750 750
Property management and leasing fees
Fund I 1,419 I 549 564 306
Property management/Construction/legal
Fund II 572 273 299 -
Klaff related fees 2,443 887 981 575
Other fees 84 - - 84
------- ------- ------- -------
$ 7,733 $ 2,898 $ 2,857 $ 1,978
======= ======= ======= =======
(4) First quarter 2005 activity represents reversal of 2004 accrual for flood
related damage at the Mark Plaza following settlement with the insurance
carrier during (2005.)
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Statements of Operations - Joint Venture Activity (1)
Current Quarter and Year-to-Date
(in thousands)
--------------------------------------------- -----------------------------------------
Year-to-Date Current Quarter
Period 3 months
ended September 30, ended September 30,
2005 2005
------------------------------------------- -------------------------------------------
Discontinued Discontinued
Wholly Owned JV's(2) operations Total Wholly Owned JV's(2) Operations Total
------------ ------- ------------ ----- ------------ ------- ------------ ------
PROPERTY REVENUES
Minimum rents $ 13,032 $ 2,526 $ 147 $ 15,705 $ 12,590 $ 2,344 $ 211 $ 15,145
Percentage rents 112 10 -- 122 184 10 -- 194
Expense reimbursements 3,112 523 87 3,722 3,914 534 136 4,584
-------- -------- -------- -------- -------- -------- -------- --------
Other property income 136 11 1 148 224 5 -- 229
-------- -------- -------- -------- -------- -------- -------- --------
16,392 3,070 235 19,697 16,912 2,893 347 20,152
PROPERTY EXPENSES
Property operating 3,045 464 64 3,573 4,174 458 150 4,782
Real estate taxes 2,093 343 68 2,504 2,348 323 66 2,737
-------- -------- -------- -------- -------- -------- -------- --------
5,138 807 132 6,077 6,522 781 216 7,519
-------- -------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 11,254 2,263 103 13,620 10,390 2,112 131 12,633
OTHER INCOME (EXPENSE)
General and administrative (1,507) -- -- (1,507) (1,705) -- -- (1,705)
Property related home office expenses (2,190) (27) -- (2,217) (1,373) (8) -- (1,381)
Equity in earnings of Fund I unconsolidated -- (2) -- (2) -- 19 -- 19
properties
Lease termination income -- -- -- -- -- -- -- --
Interest income 941 7 -- 948 477 1 -- 478
Asset and property management income (3) 2,857 -- -- 2,857 1,978 -- -- 1,978
Property management expense (55) -- -- (55) (56) -- -- (56)
Straight-line rent income 157 (250) -- (93) 142 (106) -- 36
Straight-line rents written off -- -- -- -- (17) -- -- (17)
FAS 141 Rent -- 25 -- 25 -- 17 -- 17
Abandoned project costs -- (86) -- (86) -- -- -- --
Hurricane related income (expenses) (4) -- -- -- -- 479 -- -- 479
Provision for Income Taxes -- -- -- -- -- -- -- --
Other income 1 -- -- 1 104 -- -- 104
-------- -------- -------- -------- -------- -------- -------- --------
EBIDTA 11,458 1,930 103 13,491 10,419 2,035 131 12,585
Depreciation and amortization (3,933) (710) (45) (4,688) (3,979) (693) (45) (4,717)
FAS 141 Amortization -- (27) -- (27) -- (48) -- (48)
Interest expense (2,670) (823) -- (3,493) (2,359) (821) -- (3,180)
FAS 141 Interest -- 29 -- 29 -- 29 -- 29
Impairment of real estate -- -- (770) (770) -- -- -- --
Gain on sale of properties (Mervyn's) (2) -- -- -- -- -- -- -- --
Income taxes on gain on sale (Mervyn's) (2) -- -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
Income before minority interest 4,855 399 (712) 4,542 4,081 502 86 4,669
Minority interest - OP (97) (8) 13 (92) (65) (9) (1) (75)
Minority interest (93) (12) -- (105) (144) (5) -- (149)
-------- -------- -------- -------- -------- -------- -------- --------
NET INCOME $ 4,665 $ 379 $ (699) $ 4,345 $ 3,872 $ 488 $ 85 $ 4,445
======== ======== ========= ======== ======== ======== ======== ========
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Statements of Operations - Joint Venture Activity (1)
Current Quarter and Year-to-Date
(in thousands)
-----------------------------------------------------------------------------------
Year-to-date
Period
ended September 30,
2005
-----------------------------------------------------------------------------------
AKR Pro-rata AKR Pro-rata Pro-rata Pro-rata
Fund I share Fund II share Crossroads share Total
-------- ------- -------- -------- -------- -------- --------
PROPERTY REVENUES
Minimum rents $ 19,676 $ 4,373 $ 3,394 $ 679 $ 4,518 $ 2,213 $ 7,265
Percentage rents 416 93 527 105 14 7 205
Expense reimbursements 2,275 506 646 130 1,897 930 1,566
Other property income 47 11 1 1 35 17 29
-------- ------- -------- -------- -------- -------- --------
22,414 4,983 4,568 915 6,464 3,167 9,065
-------- ------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 2,424 539 1,753 350 715 351 1,240
Real estate taxes 1,054 234 1,225 245 1,198 586 1,065
-------- ------- -------- -------- -------- -------- --------
3,478 773 2,978 595 1,913 937 2,305
-------- ------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 18,936 4,210 1,590 320 4,551 2,230 6,760
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- -- --
Property related home office expenses (206) (46) (46) (10) -- -- (56)
Equity in earnings of Fund I
unconsolidated properties(2) 485 108 475 95 -- -- 203
Lease termination income -- -- -- -- -- -- --
Interest income 277 62 20 3 -- -- 65
Asset and property management income -- -- -- -- -- -- --
Asset and property management expense (3) (1,687) -- (3,198) -- -- -- --
Straight-line rent income (983) (219) 16 3 69 35 (181)
Straight-line rents written off -- -- -- -- -- -- --
FAS 141 Rent 289 64 (126) (25) -- -- 39
Abandoned project costs -- -- (430) (86) -- -- (86)
Hurricane related expenses -- -- -- -- -- -- --
Provision for income taxes -- -- -- -- -- -- --
Other income 932 207 -- -- -- -- 207
-------- ------- -------- -------- -------- -------- --------
EBIDTA 18,043 4,386 (1,699) 300 4,620 2,265 6,951
Depreciation and amortization (4) (6,711) (1,492) (816) (163) (509) (543) (2,198)
FAS 141 Amortization (116) (26) (449) (90) -- -- (116)
Interest expense (4) (5,320) (1,100) (1,128) (209) (2,764) (1,282) (2,591)
FAS 141 Interest 396 87 -- -- -- -- 87
Impairment of real estate -- -- -- -- -- -- --
Gain on sale of properties
(Mervyn's) (2) 8,758 1,946 8,758 1,752 -- -- 3,698
Income taxes on gain on sale
(Mervyn's) (2) -- -- -- -- -- -- --
-------- ------- -------- -------- -------- -------- --------
Income before minority interest 15,050 3,801 4,666 1,590 1,347 440 5,831
Minority interest - OP -- (74) -- (32) -- (9) (115)
Minority interest (215) (48) 55 12 -- -- (36)
-------- ------- -------- -------- -------- -------- --------
NET INCOME $ 14,835 $ 3,679 $ 4,721 $ 1,570 $ 1,347 $ 431 $ 5,680
======== ======= ======== ======== ======== ======== ========
(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 Funds I &
II as detailed elsewhere in this Supplement, as well in the Mervyn's
investment .The Company also has a 49% JV interest in the Crossroads
Shoping Center (Crossroads").
(2) Although the investment in Mervyn's is not through Funds I and II, the
activity from this investement ahas been included in this line item for
presentation purposes only. This line item includes $18,466 of income and
gain at the Mervyn's investment level for the third quarter. 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) 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) In addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its increased basis in Crossroads.
-----------------------------------------------------------------------------------
Current Quarter
3 Months
ended September 30,
2005
-----------------------------------------------------------------------------------
AKR Pro-rata AKR Pro-rata Pro-rata Pro-rata
Fund I share Fund II share Crossroads share Total
--------- ---------- --------- --------- ---------- ---------- -----------
PROPERTY REVENUES
Minimum rents $ 5,714 $ 1,270 $ 1,957 $ 391 $ 1,501 $ 734 $ 2,395
Percentage rents 328 73 527 105 14 7 185
Expense reimbursements 606 135 343 69 622 305 509
Other property income 8 2 (1) -- 22 11 13
-------- -------- -------- -------- -------- -------- --------
6,656 1,480 2,826 565 2,159 1,057 3,102
-------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 510 113 582 116 181 89 318
Real estate taxes 354 79 592 118 413 202 399
-------- -------- -------- -------- -------- -------- --------
864 192 1,174 234 594 291 717
-------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 5,792 1,288 1,652 331 1,565 766 2,385
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- -- --
Property related home office expenses (71) (16) (23) (5) -- -- (21)
Equity in earnings of Fund I
unconsolidated properties(2) 408 91 475 95 -- -- 186
Lease termination income -- -- -- -- -- -- --
Interest income 248 55 12 2 -- -- 57
Asset and property management income -- -- -- -- -- -- --
Asset and property management expense (3) (585) -- (1,262) -- -- -- --
Straight-line rent income 801 178 5 1 (9) (4) 175
Straight-line rents written off -- -- -- -- -- -- --
FAS 141 Rent 117 26 (147) (29) -- -- (3)
Abandoned project costs -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- -- --
Provision for income taxes -- -- -- -- -- -- --
Other income 932 207 -- -- -- -- 207
-------- -------- -------- -------- -------- -------- --------
EBIDTA 7,642 1,829 712 395 1,556 762 2,986
Depreciation and amortization (4) (2,260) (502) (476) (95) (205) (198) (795)
FAS 141 Amortization (32) (7) (169) (34) -- -- (41)
Interest expense (4) (1,767) (378) (687) (134) (888) (435) (947)
FAS 141 Interest 132 29 -- -- -- -- 29
Impairment of real estate -- -- -- -- -- -- --
Gain on sale of properties
(Mervyn's) (2) 8,758 1,946 8,758 1,752 -- -- 3,698
Income taxes on gain on sale
(Mervyn's) (2) -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Income before minority interest 12,473 2,917 8,138 1,884 463 129 4,930
Minority interest - OP -- (58) -- (37) -- (3) (98)
Minority interest (73) (16) (17) (3) -- -- (19)
-------- -------- -------- -------- -------- -------- --------
NET INCOME $ 12,400 $ 2,843 $ 8,121 $ 1,844 $ 463 $ 126 $ 4,813
======== ======== ======== ======== ======== ======== ========
(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 Funds I &
II as detailed elsewhere in this Supplement, as well in the Mervyn's
investment .The Company also has a 49% JV interest in the Crossroads
Shoping Center (Crossroads").
(2) Although the investment in Mervyn's is not through Funds I and II, the
activity from this investement ahas been included in this line item for
presentation purposes only. This line item includes $18,466 of income and
gain at the Mervyn's investment level for the third quarter. 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) 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) In addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its increased basis in Crossroads.
Page 11
Acadia Realty Trust [NYSE]
------
AKR
- --------------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Statements of Operations - Joint Venture Activity (1)
Current Quarter and Year-to-Date
(in thousands)
Previous Quarters
-----------------------------------------------------------------------------------
3 months
ended June 30,
2005
-----------------------------------------------------------------------------------
AKR Pro-rata AKR Pro-rata Pro-rata Pro-rata
Fund I share Fund II share Crossroads share Total
------- --------- --------- ---------- ---------- ---------- -----------
PROPERTY REVENUES
Minimum rents $ 7,401 $ 1,645 $ 703 $ 141 $ 1,510 $ 740 $ 2,526
Percentage rents 44 10 -- -- -- -- 10
Expense reimbursements 784 174 148 30 651 319 523
Other property income 36 8 (2) -- 7 3 11
-------- -------- -------- -------- -------- -------- --------
8,265 1,837 849 171 2,168 1,062 3,070
-------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 875 195 606 121 302 148 464
Real estate taxes 365 81 310 62 409 200 343
-------- -------- -------- -------- -------- -------- --------
1,240 276 916 183 711 348 807
-------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 7,025 1,561 (67) (12) 1,457 714 2,263
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- -- --
Property related home office expenses (104) (23) (18) (4) -- -- (27)
Equity in earnings of Fund I
unconsolidated properties(2) (7) (2) -- -- -- -- (2)
Lease termination income -- -- -- -- -- -- --
Interest income 25 6 6 1 -- -- 7
Asset and property management income -- -- -- -- -- -- --
Asset and property management expense (3) (562) -- (998) -- -- -- --
Straight-line rent income (1,209) (269) 5 1 36 18 (250)
Straight-line rents written off -- -- -- -- -- -- --
FAS 141 Rent 107 24 7 1 -- -- 25
Abandoned project costs -- -- (430) (86) -- -- (86)
Hurricane related expenses -- -- -- -- -- -- --
Provision for income taxes -- -- -- -- -- -- --
Other income -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
EBIDTA 5,275 1,297 (1,495) (99) 1,493 732 1,930
Depreciation and amortization (4) (2,257) (502) (177) (35) (154) (173) (710)
FAS 141 Amortization (34) (8) (93) (19) -- -- (27)
Interest expense (4) (1,805) (349) (253) (48) (836) (426) (823)
FAS 141 Interest 132 29 -- -- -- -- 29
Impairment of real estate -- -- -- -- -- -- --
Gain on sale of properties
(Mervyn's) (2) -- -- -- -- -- -- --
Income taxes on gain on sale
(Mervyn's) (2) -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Income before minority interest 1,311 467 (2,018) (201) 503 133 399
Minority interest - OP -- (9) -- 4 -- (3) (8)
Minority interest (75) (17) 24 5 -- -- (12)
-------- -------- -------- -------- -------- -------- --------
NET INCOME $ 1,236 $ 441 $ (1,994) $ (192) $ 503 $ 130 $ 379
======== ======== ======== ======== ======== ======== ========
Previous Quarters
-----------------------------------------------------------------------------------
3 months
ended March 31,
2005
-----------------------------------------------------------------------------------
AKR Pro-rata AKR Pro-rata Pro-rata Pro-rata
Fund I share Fund II share Crossroads share Total
--------- ---------- ----------- --------- ---------- --------- -----------
PROPERTY REVENUES
Minimum rents $ 6,561 $ 1,458 $ 734 $ 147 $ 1,507 $ 739 $ 2,344
Percentage rents 44 10 -- -- -- -- 10
Expense reimbursements 885 197 155 31 624 306 534
Other property income 3 1 4 1 6 3 5
-------- -------- -------- -------- -------- -------- --------
7,493 1,666 893 179 2,137 1,048 2,893
-------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 1,039 231 565 113 232 114 458
Real estate taxes 335 74 323 65 376 184 323
-------- -------- -------- -------- -------- -------- --------
1,374 305 888 178 608 298 781
-------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 6,119 1,361 5 1 1,529 750 2,112
OTHER INCOME (EXPENSE)
General and administrative -- -- -- -- -- -- --
Property related home office expenses (31) (7) (5) (1) -- -- (8)
Equity in earnings of Fund I
unconsolidated properties(2) 84 19 -- -- -- -- 19
Lease termination income -- -- -- -- -- -- --
Interest income 4 1 2 -- -- -- 1
Asset and property management income -- -- -- -- -- -- --
Asset and property management expense (3) (540) -- (938) -- -- -- --
Straight-line rent income (575) (128) 6 1 42 21 (106)
Straight-line rents written off -- -- -- -- -- -- --
FAS 141 Rent 65 14 14 3 -- -- 17
Abandoned project costs -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- -- -- --
Provision for income taxes -- -- -- -- -- -- --
Other income -- -- -- -- -- -- --
EBIDTA 5,126 1,260 (916) 4 1,571 771 2,035
-------- -------- -------- -------- -------- -------- --------
Depreciation and amortization (4) (2,194) (488) (163) (33) (150) (172) (693)
FAS 141 Amortization (50) (11) (187) (37) -- -- (48)
Interest expense (4) (1,748) (373) (188) (27) (1,040) (421) (821)
FAS 141 Interest 132 29 -- -- -- -- 29
Impairment of real estate -- -- -- -- -- -- --
Gain on sale of properties
(Mervyn's) (2) -- -- -- -- -- -- --
Income taxes on gain on sale
(Mervyn's) (2) -- -- -- -- -- -- --
Income before minority interest 1,266 417 (1,454) (93) 381 178 502
-------- -------- -------- -------- -------- -------- --------
Minority interest - OP -- (7) -- 1 -- (3) (9)
Minority interest (67) (15) 48 10 -- -- (5)
-------- -------- -------- -------- -------- -------- --------
NET INCOME $ 1,199 $ 395 $ (1,406) $ (82) $ 381 $ 175 $ 488
======== ======== ========= ======== ======== ======== ========
Page 12
Acadia Realty Trust [NYSE]
------
AKR
- --------------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Statements of Operations - Activity by Source (1)
(in thousands)
---------------------------------------- -------------------------------------------
Year-to-date Current Quarter
Period 3 months
ended September 30, ended Sept ember 30,
2005 2005
----------------------------------------- ------------------------------------------
Retail Multi-Family Corporate Total Retail Multi-Family Corporate Total
-------- ------------ ---------- ------ -------- ------------ --------- ------
PROPERTY REVENUES
Minimum rents $ 41,214 $ 5,390 $ -- $ 46,604 $ 13,938 $ 1,816 $ -- $ 15,754
Percentage rents 645 -- -- 645 329 -- -- 329
Expense reimbursements 11,928 -- -- 11,928 3,622 -- -- 3,622
Other property income 352 281 -- 633 167 89 -- 256
-------- -------- ------ -------- -------- -------- -------- --------
54,139 5,671 -- 59,810 18,056 1,905 -- 19,961
-------- -------- ------ -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 9,188 2,744 -- 11,932 2,502 1,075 -- 3,577
Real estate taxes 7,761 246 -- 8,007 2,684 82 -- 2,766
-------- -------- ------ -------- -------- -------- -------- --------
16,949 2,990 -- 19,939 5,186 1,157 -- 6,343
-------- -------- ------ -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 37,190 2,681 -- 39,871 12,870 748 -- 13,618
OTHER INCOME (EXPENSE)
General and administrative -- -- (4,798) (4,798) -- -- (1,586) (1,586)
Property related home office expenses -- -- (5,522) (5,522) -- -- (1,924) (1,924)
Equity in earnings of Fund I
unconsolidated properties 203 -- -- 203 186 -- -- 186
Lease termination income -- -- -- -- -- -- -- --
Interest income -- 11 2,512 2,523 -- 6 1,091 1,097
Asset and property management income -- -- 7,733 7,733 -- -- 2,898 2,898
Other property management fees (62) (104) -- (166) (21) (34) -- (55)
Straight-line rent income 171 -- -- 171 228 -- -- 228
Straight-line rents written off (17) -- -- (17) -- -- -- --
FAS 141 Rent (56) -- -- (56) (98) -- (98) 25
Abandoned project costs (86) -- -- (86) -- -- -- --
Hurricane related expenses 479 -- -- 479 -- -- -- --
Provision for income taxes (91) -- -- (91) (91) -- -- (91)
Other income 313 -- -- 313 208 -- -- 208
-------- -------- ------ -------- -------- -------- -------- --------
EBIDTA 38,044 2,588 (75) 40,557 13,282 720 479 14,481
Depreciation and amortization (13,163) (1,093) (333) (14,589) (4,698) (370) (116) (5,184)
FAS 141 Amortization (164) -- -- (164) (89) -- -- (89)
Interest expense (9,712) (992) -- (10,704) (3,657) (374) -- (4,031)
FAS 141 Interest 87 -- -- 87 29 29 29 29
Impairment of real estate (820) -- -- (820) (50) -- -- (50)
Gain on sale of properties (Mervyn's) (1) 3,698 -- -- 3,698 3,698 -- -- 3,698
Income taxes on gain on sale (Mervyn's) (1) (1,535) -- -- (1,535) (1,535) -- -- (1,535)
-------- -------- ------ -------- -------- -------- -------- --------
Income before minority interest 16,435 503 (408) 16,530 6,980 (24) 363 7,319
Minority interest - OP (312) (10) 6 (316) (142) -- (7) (149)
Minority interest (199) -- -- (199) 55 -- -- 55
-------- -------- ------ -------- -------- -------- -------- --------
NET INCOME $ 15,924 $ 493 $ (402) $ 16,015 $ 6,893 $ (24) $ 356 $ 7,225
======== ======== ====== ======== ======== ======== ======== ========
(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 Funds I &
II as detailed elsewhere in this Supplement, as well in the Mervyn's
investment .The Company also has a 49% JV interest in the Crossroads
Shoping Center (Crossroads").
Page 13
Acadia Realty Trust [NYSE]
------
AKR
- --------------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Statements of Operations - Activity by Source (1)
(in thousands)
Previous Quarter
--------------------------------------------------------------------------------------
3 months 3 months
ended June 30, ended March 31,
2005 2005
----------------------------------------- ------------------------------------------
Retail Multi-Family Corporate Total Retail Multi-Family Corporate Total
-------- ------------ ---------- ------ -------- ------------ --------- ------
PROPERTY REVENUES
Minimum rents $ 13,898 $ 1,807 $ -- $ 15,705 $ 13,378 $ 1,767 $ -- $ 15,145
Percentage rents 122 -- -- 122 194 -- -- 194
Expense reimbursements 3,722 -- -- 3,722 4,584 -- -- 4,584
Other property income 65 83 -- 148 120 109 -- 229
-------- -------- -------- -------- -------- -------- -------- --------
17,807 1,890 -- 19,697 18,276 1,876 -- 20,152
-------- -------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 2,762 811 -- 3,573 3,924 858 -- 4,782
Real estate taxes 2,422 82 -- 2,504 2,655 82 -- 2,737
-------- -------- -------- -------- -------- -------- -------- --------
5,184 893 -- 6,077 6,579 940 -- 7,519
-------- -------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 12,623 997 -- 13,620 11,697 936 -- 12,633
OTHER INCOME (EXPENSE)
General and administrative -- -- (1,507) (1,507) -- -- (1,705) (1,705)
Property related home office expenses -- -- (2,217) (2,217) -- -- (1,381) (1,381)
Equity in earnings of Fund I
unconsolidated properties (2) -- -- (2) 19 -- -- 19
Lease termination income -- -- -- -- -- -- -- --
Interest income -- 5 943 948 -- -- 478 478
Asset and property management income -- -- 2,857 2,857 -- -- 1,978 1,978
Other property management fees (20) (35) -- (55) (21) (35) -- (56)
Straight-line rent income (93) -- -- (93) 36 -- -- 36
Straight-line rents written off -- -- -- -- (17) -- -- (17)
FAS 141 Rent -- 25 17 -- 17
Abandoned project costs (86) -- -- (86) -- -- -- --
Hurricane related expenses -- -- -- -- 479 -- -- 479
Provision for income taxes -- -- -- -- -- -- -- --
Other income 1 -- -- 1 104 -- -- 104
-------- -------- -------- -------- -------- -------- -------- --------
EBIDTA 12,448 967 76 13,491 12,314 901 (630) 12,585
Depreciation and amortization (4,213) (363) (112) (4,688) (4,252) (360) (105) (4,717)
FAS 141 Amortization (27) (27) (48) (48)
Interest expense (3,177) (316) -- (3,493) (2,878) (302) -- (3,180)
FAS 141 Interest 29 29
Impairment of real estate (770) -- -- (770) -- -- -- --
Gain on sale of properties (Mervyn's) (1) -- -- -- -- -- -- -- --
Income taxes on gain on sale (Mervyn's) (1) -- -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
Income before minority interest 4,290 288 (36) 4,542 5,165 239 (735) 4,669
Minority interest - OP (87) (6) 1 (92) (83) (4) 12 (75)
Minority interest (105) -- -- (105) (149) -- -- (149)
-------- -------- -------- -------- -------- -------- -------- --------
NET INCOME $ 4,098 $ 282 $ (35) $ 4,345 $ 4,933 $ 235 $ (723) $ 4,445
======== ======== ========= ======== ======== ======== ======== =======
Page 14
Acadia Realty Trust [NYSE]
------
AKR
- --------------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Statements of Operations - Current v. Historical (1)
(in thousands)
--------------------------------------------- --------------------------------------------
Current Quarter Historical Quarter
3 months 3 months
ended September 30, ended September 30,
2005 2004
--------------------------------------------- -------------------------------------------
Wholly Discontinued Wholly Discontinued
Owned JV's(2) Operations Total Owned JV's Operations Total
-------- --------- ----------- -------- --------- --------- ----------- ---------
PROPERTY REVENUES
Minimum rents $ 13,352 $ 2,395 $ 7 $ 15,754 $ 12,442 $ 1,717 $ 491 $ 14,650
Percentage rents 144 185 -- 329 147 36 -- 183
Expense reimbursements 3,113 509 -- 3,622 3,256 461 129 3,846
Other property income 238 13 5 256 157 16 -- 173
-------- -------- -------- -------- -------- -------- -------- --------
16,847 3,102 12 19,961 16,002 2,230 620 18,852
-------- -------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 3,231 318 28 3,577 3,200 338 211 3,749
Real estate taxes 2,363 399 4 2,766 2,327 252 134 2,713
-------- -------- -------- -------- -------- -------- -------- --------
5,594 717 32 6,343 5,527 590 345 6,462
-------- -------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 11,253 2,385 (20) 13,618 10,475 1,640 275 12,390
OTHER INCOME (EXPENSE)
General and administrative (1,586) -- -- (1,586) (1,567) (20) -- (1,587)
Property related home office
expenses (1,903) (21) -- (1,924) (1,107) -- -- (1,107)
Equity in earnings of Fund I
unconsolidate- properties -- 186 -- 186 -- (3) -- (3)
Lease termination income -- -- -- -- -- -- -- --
Interest income 1,040 57 -- 1,097 318 2 -- 320
Asset and property management income 2,898 -- -- 2,898 1,562 -- -- 1,562
Property management expense (55) -- -- (55) (58) -- -- (58)
Straight-line rent income 53 175 -- 228 191 82 (1) 272
Straight-line rents written off -- -- -- -- (22) -- -- (22)
FAS 141 Rent (95) (3) -- (98) -- -- -- --
Abandoned project costs -- -- -- -- -- -- -- --
Hurricane related expenses -- -- -- -- (730) -- -- (730)
Provision for income taxes (91) -- -- (91) -- -- -- --
Other income (expense) 1 207 -- 208 (81) -- -- (81)
-------- -------- -------- -------- -------- -------- -------- --------
EBIDTA 11,515 2,986 (20) 14,481 8,981 1,701 274 10,956
Depreciation and amortization (4,389) (795) -- (5,184) (3,762) (576) (166) (12,301)
FAS 141 Amortization (48) (41) -- (89) -- -- -- --
Interest expense (3,084) (947) -- (4,031) (2,643) (642) (314) (8,113)
FAS 141 Interest -- 29 -- 29 -- -- -- --
Impairment of real estate -- -- (50) (50) -- -- -- --
Gain on sale of properties
(Mervyn's) (2) -- 3,698 -- 3,698 -- -- -- --
Income taxes on gain on
sale (Mervyn's)(2) (1,535) -- -- (1,535) 423 -- -- 423
-------- -------- -------- -------- -------- -------- -------- --------
Income before minority interest 2,459 4,930 (70) 7,319 2,999 483 (206) 3,276
Minority interest - OP (52) (98) 1 (149) (54) (7) 4 (57)
Minority interest 74 (19) -- 55 (324) -- -- (324)
-------- -------- -------- -------- -------- -------- -------- --------
NET INCOME $ 2,481 $ 4,813 $ (69) $ 7,225 $ 2,621 $ 476 $ (202) $ 2,895
======== ======== ======== ======== ======== ======== ======== ========
--------------------------------------------- --------------------------------------------
Current Year-to-date Historical Quarter
Period Period
ended September 30, ended September 30,
2005 2004
--------------------------------------------- -------------------------------------------
Wholly Discontinued Wholly Discontinued
Owned JV's(2) Operations Total Owned JV's Operations Total
-------- --------- ----------- -------- --------- --------- ----------- ---------
PROPERTY REVENUES
PROPERTY REVENUES
Minimum rents $ 38,974 $ 7,265 $ 365 $ 46,604 $ 37,153 $ 5,779 $ 1,492 $ 44,424
Percentage rents 440 205 -- 645 567 55 2 624
Expense reimbursements 10,139 1,566 223 11,928 9,686 1,319 502 11,507
Other property income 598 29 6 633 480 32 5 517
-------- -------- -------- -------- -------- -------- -------- --------
50,151 9,065 594 59,810 47,886 7,185 2,001 57,072
-------- -------- -------- -------- -------- -------- -------- --------
PROPERTY EXPENSES
Property operating 10,450 1,240 242 11,932 10,160 1,021 628 11,809
Real estate taxes 6,804 1,065 138 8,007 6,448 739 452 7,639
-------- -------- -------- -------- -------- -------- -------- --------
17,254 2,305 380 19,939 16,608 1,760 1,080 19,448
-------- -------- -------- -------- -------- -------- -------- --------
NET OPERATING INCOME - PROPERTIES 32,897 6,760 214 39,871 31,278 5,425 921 37,624
OTHER INCOME (EXPENSE)
General and administrative (4,798) -- -- (4,798) (4,077) (26) -- (4,103)
Property related home office
expenses (5,466) (56) -- (5,522) (3,508) -- -- (3,508)
Equity in earnings of Fund I
unconsolidate- properties -- 203 -- 203 -- (21) -- (21)
Lease termination income -- -- -- -- -- -- -- --
Interest income 2,458 65 -- 2,523 918 20 -- 938
Asset and property management income 7,733 -- -- 7,733 3,123 -- -- 3,123
Property management expense (166) -- -- (166) (178) -- -- (178)
Straight-line rent income 352 (181) -- 171 652 (224) 6 434
Straight-line rents written off (17) -- -- (17) (50) -- (114) (164)
FAS 141 Rent (95) 39 -- (56) -- -- -- --
Abandoned project costs -- (86) -- (86) -- -- -- --
Hurricane related expenses 479 -- -- 479 (730) -- -- (730)
Provision for income taxes (91) -- -- (91) -- -- -- --
Other income (expense) 106 207 -- 313 201 -- -- 201
-------- -------- -------- -------- -------- -------- -------- --------
EBIDTA 33,392 6,951 214 40,557 27,629 5,174 813 33,616
Depreciation and amortization (2,198) (90) (14,589) (11,407) (1,726) (498) (13,631)
FAS 141 Amortization (48) (116) -- (164) -- -- -- --
Interest expense (2,591) -- (10,704) (7,506) (1,915) (957)
FAS 141 Interest -- 87 -- 87 -- -- -- --
Impairment of real estate -- -- (820) (820) -- -- -- --
Gain on sale of properties
(Mervyn's) (2) -- 3,698 -- 3,698 -- -- -- --
Income taxes on gain on
sale (Mervyn's)(2) (1,535) -- -- (1,535) 931 -- -- 931
-------- -------- -------- -------- -------- -------- -------- --------
Income before minority interest 11,395 5,831 (696) 16,530 9,647 1,533 (642) 10,538
Minority interest - OP (214) (115) 13 (316) (226) (35) 17 (244)
Minority interest (163) (36) -- (199) (785) -- -- (785)
-------- -------- -------- -------- -------- -------- -------- --------
NET INCOME $ 11,018 $ 5,680 $ (683) $ 16,015 $ 8,636 $ 1,498 $ (625)$ 9,509
(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 Funds I & II and Mervyn's as detailed
elsewhere in this Supplement.The Company also has a 49% JV interest in the
Crossroads Shopping Center.
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Net Operating Income (NOI) - Same Property
Performance (1)
- ---------------------------------------------
(in thousands) Growth in Same Growth in Same
Property NOI - Property NOI -
Continuing Continuing
Operations Operations
Notes: Current Historical Favorable Current Year- Historical Favorable
Quarter Quarter (unfavorable) to-Date Year-to-Date (unfavorable)
----------------------------------------------------------------------------------------------
3 months ended 3 months ended 9 months 9 months
ended ended
Reconciliation of total September 30, September 30, September 30, September 30,
NOI to same property NOI:
2005 2004 2005 2004
----------------------------- --------------------------
NOI - Wholly owned
properties $11,233 $10,750 $33,111 $32,199
NOI - Joint Ventures
(Unconsolidated
partnerships) (2) 2,385 1,640 6,760 5,743
----------------------------- --------------------------
Total NOI 13,618 12,390 39,871 37,942
NOI - Properties Acquired (632) - (693) -
NOI - Property sold (20) (275) (214) (921)
NOI - Redevelopment
Properties (46) - (46) -
----------------------------- --------------------------
$12,920 $12,115 6.6% $38,918 $37,021 5.1%
========================================= ========================================
Same property NOI by portfolio
component and revenues/expenses:
Shopping Center Portfolio Shopping Center Portfolio
Revenues $16,970 $16,498 2.9% $51,903 $49,799 4.2%
Expenses 4,799 5,064 5.2% 15,663 15,546 -0.8%
----------------------------------------- ----------------------------------------
12,171 11,434 6.4% 36,240 34,253 5.8%
----------------------------------------- ----------------------------------------
Residential Properties (2 properties) Residential Properties (2 properties)
Revenues 1,905 1,830 4.1% 5,671 5,682 -0.2%
Expenses 1,156 1,149 -0.6% 2,989 2,914 -2.6%
----------------------------------------- ----------------------------------------
749 681 10.0% 2,682 2,768 -3.1%
----------------------------------------- ----------------------------------------
$12,920 $12,115 6.6% $38,922 $37,021 5.1%
========================================= ========================================
(1) The above amounts includes the pro-rata activity related to the Company's
joint ventures.
(2) Kroger/Safeway activity grossed-up for 2004 to include 25% minority
interest ($197) to be consistent with 2005 presentation. $197 and $318 for
the quarter and six months ended June 30, 2004, respectively, have been
added to the 2004 NOI - Joint Ventures line item.
Page 16
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Funds from Operations ("FFO")(1)
- ----------------------------------
(in thousands) --------------------------- 2005 ------------------ ------------ 2004 --------
Current Current Previous Historic Historic
Year-to-Date Quarter Quarters Year-to-Date Quarter
Period ended 3 months ended 3 months 3 months Period ended 3 months
ended ended ended
Funds from operations Notes September 30, September 30, June 30, March 31, September 30, September 30,
("FFO"): 2005 2005 2005 2005 2004 2004
- -------------------------- ------------- ------------- ------------ ----------- --------------------------
Net Income $16,015 $7,225 $4,345 $4,445 $9,509 $2,895
Add back:
Depreciation of real
estate and amortization of
leasing costs:
Wholly owned and
consolidated subsidiaries 10,514 3,497 3,396 3,621 10,672 3,588
Unconsolidated
subsidiaries 2,343 1,115 598 630 1,707 586
Income attributable to
Operating Partnership units (2) 336 149 109 78 244 57
Gain on sale of properties (2,113) (2,113) - - - -
------------- ------------- ------------ ----------- --------------------------
FFO - Basic 27,095 9,873 8,448 8,774 22,132 7,126
Distributions on Preferred
OP Units 254 74 93 87 248 88
------------- ------------- ------------ ----------- --------------------------
FFO - Diluted $27,349 $9,947 $8,541 $8,861 $22,380 $7,214
============= ============= ============ =========== ==========================
Adjusted Funds from
operations ("AFFO"):
====================
Diluted FFO $27,349 $9,947 $8,541 $8,861 $22,380 $7,214
Straight line rent, net 76 283 (171) (36) (270) (250)
Non real-estate depreciation 333 116 112 105 222 66
Amortization of finance
costs 698 197 313 188 535 242
Amortization of cost of
management contracts 926 560 195 171 432 9
Tenant improvements (1,273) (647) (296) (330) (2,236) (976)
Leasing commissions (577) (217) (206) (154) (857) (494)
Capital expenditures (1,294) (510) (265) (519) (2,229) (933)
------------- ------------- ------------ ----------- --------------------------
AFFO $26,238 $9,729 $8,223 $8,286 $17,977 $4,878
============= ============= ============ =========== ==========================
Funds Available for
Distribution ("FAD")
====================
AFFO $26,238 $9,729 $8,223 $8,286 $17,977 $4,878
Scheduled prinicpal
repayments (1,929) (696) (620) (613) (3,294) (1,049)
------------- ------------- ------------ ----------- --------------------------
FAD $24,309 $9,033 $7,603 $7,673 $14,683 $3,829
============= ============= ============ =========== ==========================
Total weighted average
shares and OP Units:
Basic 32,527 32,658 32,541 32,382 29,563 29,885
============= ============= ============ =========== ==========================
Diluted 33,281 33,355 33,310 33,177 30,665 31,144
============= ============= ============ =========== ==========================
FFO per share:
FFO per share - Basic (3) $0.83 $0.30 $0.26 $0.27 $0.75 $0.24
============= ============= ============ =========== ==========================
FFO per share - Diluted (3) $0.82 $0.30 $0.26 $0.27 $0.73 $0.23
============= ============= ============ =========== ==========================
AFFO per share - Basic (3) $0.80 $0.30 $0.25 $0.25 $0.60 $0.16
============= ============= ============ =========== ==========================
AFFO per share - Diluted (3) $0.79 $0.29 $0.25 $0.25 $0.59 $0.16
============= ============= ============ =========== ==========================
FAD per share - Basic (3) $0.74 $0.27 $0.23 $0.23 $0.49 $0.13
============= ============= ============ =========== ==========================
FAD per share - Diluted (3) $0.73 $0.27 $0.23 $0.23 $0.48 $0.12
============= ============= ============ =========== ==========================
(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.
Page 17
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Capital Expenditures
--------------------
Year-to-Date Current Previous Quarters Previous
Quarter Year
3 months 3 months 3 months Year
ended ended ended ended
Notes September 30, September 30, June 30, 2005 March 31, 2005 December 31,
2005 2005 2004
--------------- ------------- ------------- --------------- ---------------
Leasing Commissions: $577 $217 $206 $154 $1,109
--------------- ------------- ------------- --------------- ---------------
Tenant Improvements: 1,273 647 296 330 2,474
--------------- ------------- ------------- --------------- ---------------
Capital Expenditures:
Retail 522 183 41 298 1,789
Residential 772 327 224 221 842
--------------- ------------- ------------- --------------- ---------------
1,294 510 265 519 2,631
--------------- ------------- ------------- --------------- ---------------
Redevelopments 1,731 260 469 1,002 2,053
--------------- ------------- ------------- --------------- ---------------
Total $4,875 $1,634 $1,236 $2,005 $8,267
=============== ============= ============= =============== ===============
Expenditures for real estate and
improvements as reported on the
Company's Statement of Cash Flows $4,259 $7,103
Expenditures included in deferred
leasing 577 1,109
Accrued construction costs as of
period-end 39 55
--------------- ---------------
costs in Statement of Cash Flows $4,875 $8,267
=============== ===============
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Consolidated Balance Sheets
---------------------------
(in thousands)
September 30, 2005 December 31,
2005 2004
-------------------- --------------------
ASSETS
Real estate
Land $57,965 $52,472
Buildings and improvements 375,775 356,908
Construction in progress 1,120 5,896
-------------------- --------------------
434,860 415,276
Less: accumulated depreciation (114,993) (105,278)
-------------------- --------------------
Net real estate 319,867 309,998
Cash and cash equivalents 8,157 13,499
Cash in escrow 4,503 4,467
Restricted Cash 510 612
Investments in and advances to
unconsolidated partnerships 45,201 27,439
Investment in management contracts 3,613 3,422
Preferred equity investment 19,500 -
Rents receivable, net of $1,937 and
$1,931 allowance, respectively 5,725 4,889
Straight-line rents receivable, net of
$910 allowance 5,884 5,596
Notes Receivable 14,922 10,087
Prepaid expenses 4,866 2,994
Deferred charges, net 15,919 13,478
Other assets 13,217 3,898
Acquired lease intangibles 4,444 -
Assets of discontinued operations - 5,268
-------------------- --------------------
$466,328 $396,343
==================== ====================
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $206,798 $153,361
Accounts payable and accrued expenses 6,473 7,627
Dividends and distributions payable 5,676 5,597
Due to related parties - -
Share of losses in excess of investment
in unconsolidated partnerships 10,080 9,304
Interest rate swap payable 374 2,136
Other liabilities 5,336 3,096
Liabilities of discontinued operations - 51
-------------------- --------------------
Total liabilities 234,737 171,868
-------------------- --------------------
Minority interest in Operating
Partnership 9,274 5,743
Minority interests in majority owned
partnerships 1,510 1,808
-------------------- --------------------
Total minority interests 10,784 7,551
-------------------- --------------------
Shareholders' equity:
Common shares 31 31
Additional paid-in capital 224,179 222,752
Accumulated other comprehensive income (762) (3,180)
Deficit (2,641) (2,679)
-------------------- --------------------
Total shareholders' equity 220,807 216,924
-------------------- --------------------
$466,328 $396,343
==================== ====================
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Selected Operating Ratios
-------------------------
3 months ended September 30, 9 months ended September 30,
2005 2004 2005 2004
------------- --------------- ----------------- ----------------
Coverage Ratios (1)
---------------
Interest Coverage Ratio
EBIDTA 2 $14,481 $10,956 $40,557 $33,616
Divided by Interest expense 4,031 3,599 10,704 10,378
------------- --------------- ----------------- ----------------
3.59 x 3.04 x 3.79 x 3.24 x
Fixed Charge Coverage Ratio
EBIDTA $14,481 $10,956 $40,557 $33,616
Divided by (Interest expense 4,031 3,599 10,704 10,378
+ Preferred Dividends) (2,3) 74 88 254 248
------------- --------------- ----------------- ----------------
3.53 x 2.97 x 3.70 x 3.16 x
Debt Service Coverage Ratio
EBIDTA $14,481 $10,956 $40,557 $33,616
Divided by (Interest expense 4,031 3,599 10,704 10,378
+ Principal Amortization) (4) 696 1,049 1,929 3,294
------------- --------------- ----------------- ----------------
3.06 x 2.36 x 3.21 x 2.46 x
Payout Ratios
-------------
FFO Payout Ratio
Dividends (Shares) & Distributions
(O.P. Units) paid $5,602 $4,783 $16,741 $14,339
FFO (2) 9,947 7,214 27,349 22,380
------------- --------------- ----------------- ----------------
56% 66% 61% 64%
AFFO Payout Ratio
Dividends (Shares) & Distributions
(O.P. Units) paid $5,602 $4,783 $16,741 $14,339
AFFO (2) 9,729 4,878 26,238 17,977
------------- --------------- ----------------- ----------------
58% 98% 64% 80%
FAD Payout Ratio
Dividends (Shares) & Distributions
(O.P. Units) paid $5,602 $4,783 $16,741 $14,339
FAD (2) 9,033 3,829 24,309 14,683
------------- --------------- ----------------- ----------------
62% 125% 69% 98%
Overhead Ratios
---------------
G&A/Real Estate Revenues
General and Administrative expense $1,586 $1,587 $4,798 $4,103
Real Estate Revenues (Includes pro-
rata JV) 19,961 18,852 59,810 57,072
------------- --------------- ----------------- ----------------
8% 8% 8% 7%
General and Administrative expense $1,586 $1,587 $4,798 $4,103
Real Estate Revenues
(Includes 100% JV) 28,500 22,734 84,191 75,071
------------- --------------- ----------------- ----------------
6% 7% 6% 5%
Leverage Ratios
---------------
Debt/Total Market Capitalization
Debt (5) $278,015 $265,142
Total Market Capitalization 862,069 708,679
------------- ---------------
32% 37%
Debt + Preferred Equity
(Preferred O.P. Units) $282,899 $270,722
Total Market Capitalization 862,069 708,679
------------- ---------------
33% 38%
Notes:
(1) Quarterly results for 2005and 2004 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) 2005 activity includes the $479 reversal of a 2004 accrual for flood
related damage at the Mark Plaza following settlement with the insurance
carrier during the first quarter of 2005. Excluding the effects of this
transacations, the impact on the year-to-date 2005 ratios would be as
follows:
EBIDTA FFO AFFO FAD
As reported $40,557 $27,349 $26,238 $24,309
Adjustment (479) (479) (479) (479)
------------- --------------- -------------------------
Adjusted 40,078 26,870 25,759 23,830
============= =============== =========================
Ratios 3.75x 62% 65% 70%
=============
(Fixed-charge) (Payouts)
(3) Represents preferred distributions on Preferred Operating partnership
Units.
(4) Includes the Company's pro-rata share of joint venture principal
amortization.
(5) Includes the Company's pro-rata share of joint venture debt.
Page 20
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Portfolio Debt - Consolidated Summary
(amounts in thousands)
% of
Wholly-Owned % of
and Wholly- Weighted
Unconsolidated Owned % of Total Outstanding Avg.
Notes Combined Basis(1) Only Portfolio Balance Int. Rate
----------------------------------------------------------------------
Consolidated Debt
Fixed-Rate Debt (2) 81% 82% 61% $170,330 5.84%
Variable-Rate Debt (2) 19% 18% 13% 36,468 5.37%
--------------------------------------- ----------------------
Total Consolidated Debt 100% 100% 74% 206,798 5.75%
======================================= ======================
Unconsolidated Debt (Joint Ventures)
Fixed-Rate Debt 1 21% 55,853 5.74%
Variable-Rate Debt (1) 6% 15,364 4.84%
------------- ----------------------
Total Unconsolidated Debt 26% 71,217 5.55%
------------- ----------------------
Total Debt 100% $278,015 5.70%
============= ======================
Notes
(1) The Company is not required to, nor does it 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 notional principal fixed through swap
transactions. Conversely, variable-rate debt excludes this amount.
Page 21
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Debt Analysis - Consolidated Debt
(amounts in thousands)
Principal Variable
Balance at Interest Rate as Maturity
of
Property Lender % of Notes September Rate September Date
Porfolio 30, 2005 30, 2005
- ---------------------------------------------------------------------------------------------------------
Fixed-Rate Debt
- --------------------
Merrillville Plaza SunAmerica Life Insurance Co. $12,999 6.46% 7/1/2007
GHT Apartments Bank of America, N.A. 10,619 7.55% 1/1/2011
Colony Apartments Bank of America, N.A. 5,309 7.55% 1/1/2011
239 Greenwich AvenueRBS Greenwich Capital 15,949 5.19% 6/1/2013
New Loudon Center RBS Greenwich Capital 15,000 5.64% 9/6/2014
Crescent Plaza RBS Greenwich Capital 17,600 4.98% 9/6/2015
Interest rate swaps Bank of America, N.A. (1) 92,854 5.76% Various
---------- -----
Sub-Total Fixed-Rate Debt 82% 170,330 5.84%
---------- -----
Variable-Rate Debt Current LIBOR 3.97%
- --------------------
Elmwood Park Washington Mutual Bank, F.A. L+
Shopping Center (2) 5,000 150 5.47%11/22/2007
Soundview Bank of America, N.A. L+
Marketplace (3) 8,380 140 5.37% 12/1/2008
Bloomfield Town Bank of America, N.A. L+
Square (4) 130 5.27% 6/1/2010
Walnut Hill Plaza Bank of America, N.A. (4) L+ 130 5.27% 6/1/2010
Hobson West Plaza Bank of America, N.A. (4) 32,000 L+ 130 5.27% 6/1/2010
Marketplace of Bank of America, N.A. L+
Absecon (4) 130 5.27% 6/1/2010
Village Apartments Bank of America, N.A. (4) L+ 130 5.27% 6/1/2010
Bradford Towne Washington Mutual Bank, F.A. L+
Center 5,498 150 5.47% 4/1/2011
Ledgewood Mall Washington Mutual Bank, F.A. 23,825 L+ 150 5.47% 4/1/2011
Abington Towne Bank of America, N.A. L+
Center 140 5.37% 6/29/2012
Branch Shopping Bank of America, N.A. L+
Center 140 5.37% 6/29/2012
Methuen Shopping Bank of America, N.A. L+
Center 44,485 140 5.37% 6/29/2012
Gateway Shopping Bank of America, N.A. L+
Center 140 5.37% 6/29/2012
Town Line Plaza Bank of America, N.A. L+ 140 5.37% 6/29/2012
Village Commons Bank of America, N.A. L+
Shopping Center (5) 10,134 140 5.37% 6/29/2012
Interest rate swaps Bank of America, N.A. (92,854)
----------
Sub-Total Variable-Rate Debt 18% 36,468 L+ 140 5.37%
---------- ---------- ---------
Total Consolidated
Debt 100% $206,798 5.75%
========== ========== =========
- ---------------------------------------------------------------------------------------------------------
Notes:
======
(1) The Company has hedged it's variable-rate debt with variable to fixed-rate
swap agreements as follows:
Notional principal All-in Rate Spread Swap Forward Start Maturity Date
rate Date
- ----------------------------------------------------------------------------------------------
37,111 5.75% 1.40% 4.35% n/a 1/1/2011
20,000 5.93% 1.40% 4.53% n/a 10/1/2006
15,211 5.72% 1.40% 4.32% n/a 1/1/2007
11,767 5.51% 1.40% 4.11% n/a 1/1/2007
8,765 5.87% 1.40% 4.47% n/a 6/1/2007
- -----------------------------------------------------------
$92,854 5.76% 1.40% 4.36%
===========================================================
The Company has hedged future variable-rate debt with forward-starting
variable to fixed-rate swap agreements as follows:
$4,640 6.11% 1.40% 4.71%10/2/2006 1/1/2010
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
- -----------------------------------------------------------
$24,484 6.34% 1.40% 4.94%
===========================================================
(2) This is a revolving facility for up to $20,000.
(3) There is an additional $5,000 available under this facility.
(4) This is a revolving facility for up to $65,000.
(5) There is an additional $969 available under this facility.
Page 22
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Debt Analysis - Unconsolidated Debt (Joint Ventures)
Acadia
Realty Principal Acadia's Variable
Lender/ Trust Balance at Prorata Interest Rate as of Maturity
Fixed-Rate Debt Joint Venture Partner Ownership September Share Rate September Date
30, 2005 30, 2005
- --------------------------------------------------------------------------------------- ----------------------------
4650 Broadway Avenue Bank of China 19.5% $19,000 $3,699 5.26% 9/1/2007
Fund II
Brandywine Town Center UBS Warburg Real Estate
Investments, Inc./ 22.2% 30,000 6,667 4.69% 2/11/2008
Fund I
Kroger Portfolio (1) Cortlandt Deposit
Corporation/ 16.7% 9,900 1,650 6.62% 2/1/2009
Fund I
Safeway Portfolio (1) Cortlandt Deposit
Corporation/ 16.7% 9,785 1,631 6.51% 1/15/2009
Fund I
Brandywine Town Center UBS Warburg Real Estate
Investments, Inc./ 22.2% 21,079 4,684 7.01% 7/11/2012
Fund I
Market Square Shopping Center UBS Warburg Real Estate
Investments, Inc./ 22.2% 16,010 3,558 7.32% 6/11/2012
Fund I
Crossroads Shopping Center JPMorgan Chase Bank 49.0% 64,000 31,360 5.37% 12/1/2014
Heyman-Greenburgh
Associates LLC and RMC
Development Company LLC
Amherst Marketplace The Ohio National Life
Insurance Company/ Fund I 22.2% 4,711 1,047 8.20% 6/1/2022
Sheffield Crossing Canada Life Insurance
Company/Fund I 22.2% 7,007 1,557 8.00% 1/1/2023
------------------- --------
Sub-Total Fixed-Rate Debt 181,492 55,853 5.74%
------------------- --------
Variable-Rate Debt
- -------------------------------
244-268 161st Street Bank of America, N.A.
Fund II 19.5% 12,066 2,349 L+ 150 5.47%11/30/2005
Haygood Shopping Center (2) JP Morgan Chase Bank, N.A.
Fund I 11.1% 8,040 893 L+ 150 5.47% 8/23/2010
Sterling Heights Shopping JP Morgan Chase Bank, N.A.
Center (2) Fund I 11.1% 4,400 489 L+ 185 5.82% 8/23/2010
Granville Center Bank One, N.A./
Fund I 22.2% 5,615 1,248 L+ 200 5.97% 10/5/2007
400 East Fordham Road (3) Bank of China
Fund II 19.5% 18,000 3,505 L + 175 3.97% 11/1/2007
Acadia Strategic Acqusition Bank of America, N.A.
Fund II, LLC (4) Fund II 20.0% 34,400 6,880 L + 75 4.72% 3/1/2008
-------------------
Sub-Total Variable-Rate Debt 82,521 15,364 4.84%
------------------- --------
Total Unconsolidated Debt $264,013 $71,217 5.55%
=================== =========
Notes:
(1) AmCap, Fund I's joint venture partner on this investment, is allocated 25%
of the debt and equity. As such Fund I's pro-rata share of the above debt
is 75% x 22.22%, or 16.7%.
(2) 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%.
(3) Fund II is a 97.35% joint venture partner on this investment. As such, Fund
II's pro-rata share of the above debt is 97.35% x 20%, or 19.5%.
(4) This is a revolving facility for up to $39,000.
Page 23
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Future Debt Maturities
----------------------
(in thousands)
Weighted Average Interest Rate of Maturing Debt
------------------------------------------------
Consolidated Debt
Scheduled
Year AmortizationMaturities Total Total Debt Fixed-Rate Variable-Rate Debt
Debt
- ------------------------------------------------------------------------------------------------------
2005 $423 $- $423 n/a n/a n/a
2006 2,186 - 2,186 n/a n/a n/a
2007 3,865 17,519 21,384 6.11% 6.46% 5.25%
2008 4,458 7,976 12,434 5.09% n/a 5.09%
2009 5,156 - 5,156 n/a n/a n/a
Thereafter 13,778 151,437 165,215 5.38% 5.81% 5.10%
---------------------------------
$29,866 $176,932 $206,798
=================================
Unconsolidated Debt (Joint Ventures) (1)
2005 57 2,349 2,406 4.18% n/a 4.18%
2006 1,019 - 1,019 n/a n/a n/a
2007 1,031 8,391 9,422 5.40% 5.26% 5.52%
2008 1,425 13,547 14,972 4.71% 4.69% 4.72%
2009 1,478 - 1,478 n/a n/a n/a
Thereafter 5,086 36,834 41,920 5.73% 5.74% 5.46%
---------------------------------
$10,096 $61,121 $71,217
=================================
- ------------------------------------------------------------------------------------------------------
Capitalized interest related to the Company's development projects is as follows:
(in thousands)
1st Quarter 2005 $96
2nd Quarter 2005 101
3rd Quarter 2005 29
4th Quarter 2005 -
------------
Year-to-Date $226
============
(1) The above amounts represent the Company's pro-rata share of joint venture
mortgage debt.
Page 24
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Unencumbered Properties
-----------------------
Center Location GLA
- -------------------------------------------------------------
Blackman Plaza Wilkes-Barre, PA 121,341
Greenridge Shopping Center Scranton, PA 191,755
Luzerne Street Shopping Center Scranton, PA 58,089
Mad River Station Dayton, OH 155,739
Mark Plaza Edwardsville, PA 210,689
Pacesetter Park Shopping
Center Ramapo, New York 96,698
Pittston Plaza Pittston, PA 79,494
Plaza 422 Lebanon, PA 155,026
Route 6 Plaza Honesdale, PA 175,507
----------
Total GLA of Unencumbered Properties 1,244,338
==========
Total net operating income for the
year ended December 31, 2004
associated with unencumbered properties $5,436
==========
Page 25
Acadia Realty Trust [NYSE]
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AKR
- --------------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview
- ------------------------------------------------------------
Item Notes Description
- -----------------------------------------------------------------------
Date formed September 2001
Capital commitment $90 million
Funding $86.6 millionfunded through September 30, 2005
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
Page 26
Acadia Realty Trust [NYSE]
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AKR
- --------------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
- ----------------------------------------------------------------
Item Notes Description
- --------------------------------------------------------------------
Date formed June 15, 2004
Capital commitment $300 million
Funding $67.0 funded through September 30, 2005 million
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
Page 27
Acadia Realty Trust [NYSE]
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AKR
- --------------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Retailer Controlled Property ("RCP") Venture - Overview
- -------------------------------------------------------
*** Note - The RCP Venture is not a separate AKR Fund, rather it is a venture in which AKR, Funds I and II are
anticipated to invest a total of $60 million equity. ***
Item Notes Description
- --------------------------------------------------------------------------
Date formed January 2004
Targeted investments The Venture has been formed to invest in surplus or distressed properties owned or
controlled by retailers
Current Investements Mervyn's Department Stores
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
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
AKR Fund I Properties - Detail
------------------------------
------------------------------------------------------------------------------------------------------------------
Fund I's Annualized Base Rent
Ownership Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------------------------------------------------------
% Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
------------------------------------------------------------------------------------------------------------------
Midwest
-------
Ohio
- ----
Amherst
Marketplace 100% 76,737 3,200 79,937 100.00%100.00%100.00% $795,711 $34,404 $830,115 $10.37 $10.75 $10.38
Granville
Centre 100% 90,047 41,496 131,543 38.81% 58.80% 45.12% 402,085 268,599 670,684 11.51 11.01 11.30
Sheffield
Crossing 100% 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,278 357,363 1,118,641 10.93 9.79 10.54
---------------------------------------------------------------------------------------------------------
Total - Midwest
Region 236,443 87,571 324,014 76.70% 73.22% 75.76% 1,959,074 660,366 2,619,440 10.80 10.30 10.67
---------------------------------------------------------------------------------------------------------
Mid-Atlantic
------------
Delaware
- --------
Brandywine Town
Center (1) 100% 770,432 - 770,432 100.00% - 100.00% 11,683,810 - 11,683,810 15.17 - 15.17
Market Square
Shopping
Center 100% 39,050 63,712 102,762 100.00%100.00%100.00% 515,375 1,578,202 2,093,577 13.20 24.77 20.37
---------------------------------------------------------------------------------------------------------
Total - Mid-
Atlantic 809,482 63,712 873,194 100.00%100.00%100.00% 12,199,185 1,578,202 13,777,387 15.07 24.77 15.78
---------------------------------------------------------------------------------------------------------
Various
-------
Kroger/Safeway
Portfolio (25
Properties) 75%1,018,100 - 1,018,100 100.00% - 100.00% 8,664,352 - 8,664,352 8.51 - 8.51
---------------------------------------------------------------------------------------------------------
Subtotal - Fund I
Operating Properties 2,064,025 151,283 2,215,308 97.33% 84.50% 96.45% 22,822,611 2,238,568 25,061,179 11.36 17.51 11.73
---------------------------------------------------------------------------------------------------------
Fund I Redevelopment
Properties
--------------------
Sterling
Heights
Shopping
Center
(Michigan) 50% 97,700 56,082 153,782 72.06% 26.09% 55.30% 281,600 140,554 422,154 4.00 9.61 4.96
Tarrytown
Shopping
Center (New
York) 50% 15,462 23,433 38,895 100.00% 39.18% 63.36% 475,000 275,716 750,716 30.72 30.03 30.46
Hitchcock
Plaza (South
Carolina) 90% 135,775 98,563 234,338 0.00% 68.27% 28.71% - 472,986 472,986 - 7.03 7.03
Pine Log Plaza
(South
Carolina) 90% 23,184 11,880 35,064 100.00% 73.23% 90.93% 69,552 64,850 134,402 3.00 7.45 4.22
Haygood
Shopping
Center
(Virginia) 50% 78,880 79,349 158,229 65.64% 80.18% 72.93% 85,200 812,175 897,375 1.65 12.77 7.78
---------------------------------------------------------------------------------------------------------
Subtotal - Fund I
Redevelopment
Properties 351,001 269,307 620,308 45.82% 60.68% 52.27% 911,352 1,766,281 2,677,633 5.67 10.81 8.26
- ---------------------------------------------------------------------------------------------------------------------------------
Fund I Grand
Total 2,415,026 420,590 2,835,616 89.84% 69.25% 86.79%$23,733,963 $4,004,849 $27,738,812 $10.94 $13.75 $11.27
---------------------------------------------------------------------------------------------------------
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Acadia Realty Trust [NYSE]
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
FUND I
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 $3,248,239 19.6% 13.3%
2 Kroger (4) 13 595,166 3,250,025 25.0% 13.3%
3 Lowe's 1 140,000 1,925,000 5.9% 7.9%
4 Access Group 1 75,841 1,517,691 3.2% 6.2%
5 Giant Eagle 3 135,896 1,416,289 5.7% 5.8%
Transunion Settlement
6 (5) 1 39,714 911,376 1.7% 3.7%
7 Bed, Bath & Beyond 1 50,977 868,426 2.1% 3.5%
8 Regal Cinema 1 65,641 861,210 2.8% 3.5%
9 Target 1 138,000 800,000 5.8% 3.3%
10 Dick's Sporting Goods 1 50,000 700,000 2.1% 2.9%
-----------------------------------------------------
Total 36 1,758,535 $15,498,256 73.9% 63.3%
=====================================================
(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 150,000 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 30
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Fund I - Current Valuation
--------------------------
Stabilized Properties
Brandywine and Ohio Portfolios
------------------------------
Notes
--------
NOI for stabilized assets for the quarter ended
September 30, 2005 $4,141
Adjustment for seasonality (500)
-----------
Adjusted quarterly NOI 3,641
Annualized NOI 14,564
Current terminal value cap rate range 6.00% 6.50% 7.00% 7.50% 8.00%
---------------------------------------------------
Gross asset value $242,733 $224,062 $208,057 $194,187 $182,050
Debt (1) (84,422) (84,422) (84,422) (84,422) (84,422)
Equity in Stabilized Portfolios (50,549) (50,549) (50,549) (50,549) (50,549)
---------------------------------------------------
Profit (GAV - Total Asset Cost) 107,762 89,091 73,086 59,216 47,079
Acadia Promote on Stabilized Properties
- --------------------------------------------------------------------------------------------------------------
General Partner (Acadia) 20% Promote $21,552 $17,818 $14,617 $11,843 $9,416
Per share $0.65 $0.53 $0.44 $0.35 $0.28
- --------------------------------------------------------------------------------------------------------------
Return of Fund I Equity from Stabilized Properties
- --------------------------------------------------------------------------------------------------------------
Total Return from Stabilized Portfolios
(GAV - Debt) $158,311 $139,640 $123,635 $109,765 $97,628
Total outstanding Fund I equity, including
unpaid preferred return $91,983 $91,983 $91,983 $91,983 $91,983
---------------------------------------------------
Percentage of total Fund I Equity returned 172% 152% 134% 119% 106%
- --------------------------------------------------------------------------------------------------------------
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Acadia Realty Trust [NYSE]
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Fund I - Current Valuation
--------------------------
Non-Stabilized Properties
Remaining Fund I Investments
----------------------------
Projected annual 2006 NOI for remaining Fund I assets $3,200
Current terminal value cap rate range 6.00% 6.50% 7.00% 7.50% 8.00%
---------------------------------------------------
Gross asset value $53,333 $49,231 $45,714 $42,667 $40,000
Mervyn's (Assuming 2x return) 25,000 25,000 25,000 25,000 25,000
Debt (2) (20,984) (20,984) (20,984) (20,984) (20,984)
Equity in non-stabilized properties (36,045) (36,045) (36,045) (36,045) (36,045)
---------------------------------------------------
Profit (GAV - Total Asset Cost) 21,304 17,202 13,685 10,638 7,971
Acadia Promote
- --------------------------------------------------------------------------------------------------------------
General Partner (Acadia) 20% Promote $4,261 $3,440 $2,737 $2,128 $1,594
Per share $0.13 $0.10 $0.08 $0.06 $0.05
- --------------------------------------------------------------------------------------------------------------
Notes:
- --------------------------------------------------------------------------------------------------------------
See "Debt Analysis - Detail"
Per "Debt
Pro-rated debt based on Fund I's JV interest Analysis -
Detail" % $
-------------------------------
Kroger/Safeway Portfolio $19,685 75% $14,764
Haygood Shopping Center 8,040 50% 4,020
Sterling Heights Shopping Center 4,400 50% 2,200
----------- ----------
$32,125 $20,984
=========== ==========
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Acadia Realty Trust [NYSE]
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Kroger/Safeway Portfolio
US MAP OMITTED
Kroger locations Safeway locations
- ----------------------------------------
Cary, NC Atlanta, TX
Cincinnati, OH Batesville, AR
Conroe, TX Benton, AR
Great Bend, KS Carthage, TX
Hanrahan, LA Little Rock, AR
Indianapolis, IN Longview, WA
Irving, TX Mustang, OK
Pratt, KS Roswell, NM
Roanoke, VA Ruidoso, NM
Shreveport, LA San Ramon, CA
Wichita, KS (2 Springerville, AZ
stores) Tucson, AZ
Tulsa, OK
General note: As all of these leases are triple-net, Acadia has no property
management responsibilities for these locations.
Page 33
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
AKR Fund II
Properties - Detail
-------------------
--------------------------------------------------------------------------------------------------------
Annualized Base
Fund I's Rent per Occupied
Ownership Gross Leasable Area Occupancy Annualized Base Rent Square Foot
-----------------------------------------------------------------------------------------------
%Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total
--------------------------------------------------------------------------------------------------------
Fund II Redevelopment Properties
- --------------------------------
400 East Fordham Road 97%100,703 16,652 117,355 100.00%100.00%100.00% 275,000 369,128 644,128 2.73 22.17 5.49
Pelham Manor Shopping
Center (1) 97% - 398,775 398,775 - 87.21% 87.21% - 2,147,201 2,147,201 - 6.17 6.17
Sherman Avenue 97%134,773 - 134,773 100.00% - 100.00%1,337,368 - 1,337,368 9.92 - 9.92
161st Street 97%137,334 86,277 223,611 100.00%100.00%100.00%2,334,682 1,535,671 3,870,353 17.00 17.80 17.31
--------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Fund II Redevelopment
Properties 372,810 501,704 874,514 100.00% 89.83% 94.17%3,947,050 4,052,000 7,999,050 10.59 8.99 9.71
-----------------------------------------------------------------------------------------------
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.
(1) The redevelopment plan contemplates the demolition of the current
industrial/warehouse buildings and the construction of a retail center.
Page 34
Acadia Realty Trust [NYSE]
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Retail Properties - Summary Listing
-----------------------------------
Property Totals
----------------------
Year Grocery Anchor Other Anchor Annualized Annualized
Constructed(C) Occupancy Current Lease and Current Lease and Base Base
Shopping Center Location Acquired(A) GLA % Option Expiraton Option Expiraton Rent Rent psf
- -----------------------------------------------------------------------------------------------------------------------
NEW YORK REGION
- ---------------
New York
Soundview Port King Kullen Clearview Cinema
Marketplace Washington 1998 (A)183,630 94% 2007/2022 2010/2030 $2,861,455 $16.50
Village Commons Smithtown Daffy's 2008/2028
Shopping
Center 1998 (A) 87,306 100% 2,135,008 24.45
Walgreens 2021/--
Branch Shopping Smithtown Waldbaum's (A&P) 2013/2028
Plaza 1998 (A)125,724 99% 2,353,090 18.87
Amboy Shopping Staten Waldbaum's 2014/2028
Center Island 2005 (A) 59,979 100.00% 1,456,908 24.29
Duane Reed 2008/2018
Pacesetter Park Pomona Stop & Shop (Ahold) 2020/2040
Shopping
Center 1999 (A) 96,698 95% 1,106,992 12.03
New Jersey
Elmwood Park Elmwood Park Pathmark 2017/2052Walgreen's 2022/2062
Shopping
Center 1998 (A)149,085 98% 3,276,322 22.45
Connecticut
239 Greenwich Greenwich Restoration Hardware
Avenue 1998 (A) 16,834 100% 2015/2025 1,286,069 76.40
NEW ENGLAND REGION
- ------------------
Connecticut
Town Line Plaza Rocky Hill Stop & Shop Wal-mart (not owned)
1998 (A)206,178 96% 2023/2063 1,475,144 14.64
Massachusetts
Methuen Methuen DeMoulas Market Wal-mart 2011/2051
Shopping 2005/2015
Center 1998 (A)130,238 100% 828,772 6.36
Crescent Plaza Brockton 1984 (A)218,104 99% Shaw's 2012/2042 Home Depot 2021/2056 1,665,798 7.73
New York
New Loudon Latham Price Chopper Marshalls 2014/2009
Center 1982 (A)255,826 100% 2015/2035 1,710,117 6.68
Bon Ton Department Store 2014/2034
Raymor & Flanigan Furniture 2019/2034
Rhode Island
Walnut Hill Woonsocket Shaw's 2013/2043 Sears 2008/2033
Plaza 1998 (A)283,235 99% 2,379,849 8.49
Vermont
The Gateway Burlington Shaw's 2024/2054
Shopping
Center 1999 (A)101,792 97% 1,777,446 18.08
MIDWEST REGION
- --------------
Illinois
Hobson West Naperville Bobak's Market and Restaurant 2007/2032
Plaza 1998 (A) 99,044 100% 1,217,633 12.31
(specialty grocery)
Indiana
Merrillville Merrillville TJ Maxx 2009/2014
Plaza 1998 (A)235,605 91% 2,467,475 11.46
JC Penney 2008/2018
OfficeMax 2008/2028
Michigan
Bloomfield Town Bloomfield Costco (not owned)TJ Maxx2009/2014
Square Hills 1998 (A)217,266 96% 2,279,964 10.89
Marshall's 2011/2026
Home Goods 2010/2025
Ohio
Mad River Dayton Babies "R" Us
Station 1999 (A)155,739 82% 2010/2020 1,520,371 11.97
Office Depot 2005/2010
Page 35
Acadia Realty Trust [NYSE]
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Retail Properties - Summary Listing
-----------------------------------
MID-ATLANTIC REGION
- -------------------
New Jersey
Marketplace of Absecon Acme Eckerd Drug
Absecon 1998 (A) 105,093 97% 2015/2055 2020/2040 1,648,263 16.25
Ledgewood Mall Ledgewood 1983 (A) 517,012 93% Wal-mart 2019/2049 4,387,287 9.08
Macy's 2010/2025
The Sports' Authority 2007/2037
Circuit City 2020/2040
Marshalls 2007/2027
Pennsylvania
Abington Towne CenterAbington 1998 (A) 216,355 99% TJ Maxx 2010/2020 924,459 16.20
Target (not owned)
NORTHEASTERN PENNSYLVANIA REGION
- --------------------------------
Pennsylvania
Blackman Plaza Wilkes-Barre 1968 (C) 121,341 92% Kmart 2009/2049 282,374 2.52
Bradford Towne CentreTowanda P&C Foods Kmart 2019/2069
(Penn
Traffic)
1993 (C) 256,939 89% 2014/2024 1,580,960 6.90
Greenridge Plaza Scranton 1986 (C) 191,755 78% Giant Food (Ahold) 2021/2051 955,473 6.38
Luzerne Street Scranton Eckerd Drug
Shopping Center 1983 (A) 58,089 78% 2009/2019 242,748 5.35
Mark Plaza Edwardsville Redner's Kmart 2009/2054
Markets
1968 (C) 210,689 95% 2018/2028 1,051,524 5.26
Pittston Plaza Pittston Redner's Eckerd Drugs
Market 2006/2016
1994 (C) 79,494 96% 2018/2028 590,735 7.71
Plaza 422 Lebanon 1972 (C) 155,026 69% Home Depot 2021/2056 444,020 4.14
Route 6 Mall Honesdale Weis Kmart 2020/2070
Markets
(not
1994 (C) 175,507 99% owned) 1,078,027 6.20
---------- -----------------------
4,709,583 $44,984,283 $10.79
========== =======================
Page 36
Acadia Realty Trust [NYSE]
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Retail Properties - Summary Listing
-----------------------------------
JOINT VENTURE PROPERTIES
- ------------------------
NEW YORK REGION
- ---------------
New York
Crossroads Shopping Center White Plains Waldbaum's Kmart
(A&P) 2012/2037
1998 310,644 100% 2007/2032 $6,036,468 $19.43
(49% JV interest) B. Dalton 2012/2022
Modell's 2009/2019
MID-ATLANTIC REGION
- -------------------
Delaware
Brandywine Town Center (1) Wilmington 2003 (A) 770,432 100% 11,683,810 15.17
(Fund I)
Market Square Shopping Center Wilmington Trader TJ Maxx
Joe's 2006/2016
(specialty
2003 (A) 102,762 100% grocery) 2,093,577 20.37
(Fund I) 2013/2028
MIDWEST REGION
- --------------
Ohio
Amherst Marketplace Cleveland 2002 (A) 79,937 100% Giant Eagle 2021/2041 830,115 10.38
(Fund I)
Granville Centre Columbus California
Fitness
2002 (A) 131,543 45% 2017/2027 670,684 11.30
(Fund I)
Sheffield Crossing Cleveland 2002 (A) 112,534 94% Giant Eagle 2022/2042 1,118,641 10.54
(Fund I)
VARIOUS REGIONS
- ---------------
Kroger/Safeway Portfolio various 25 Kroger and Safeway
2003 (A)1,018,100 100% supermarkets 8,664,352 8.51
(Fund I) 2009/2049
JV REDEVELOPMENTS
- -----------------
Michigan
Sterling Heights Shopping Center Detroit Burlington
Coat Factory
2004 (A) 153,782 55% 2024/-- 422,154 4.96
(Fund I)
New York
Tarrytown Shopping Center Westchester Walgreen's
Drug (Under
2004 (A) 38,895 63% construction) 750,716 30.46
(Fund I)
400 East Fordham Road Bronx 2004 (A) 117,355 100% Sears 2007/-- 644,128 5.49
(Fund II)
161st Street Bronx 2005 (A) 223,611 100% 3,870,353 17.31
(Fund II)
Sherman Avenue Manhattan 2005 (A) 134,773 100% 1,337,368 9.92
(Fund II)
Pelham Manor Shopping Plaza Westchester/Bronx2004 (A) 398,775 87% 2,147,201 6.17
(Fund II)
South Carolina
Hitchcock Plaza Aiken Kroger Supermarket
2004 (A) 234,338 29% 2007/2032 472,986 7.03
(Fund I)
Pine Log Plaza Aiken 2004 (A) 35,064 91% 134,402 4.22
(Fund I)
Virginia
Haygood Shopping Center Virginia Beach 2004 (A) 158,229 73% 897,375 7.78
---------- -------------------
(Fund I)
4,020,774 $41,774,330 $11.62
========== ===================
(1) Does not include 150,000 square feet of new space in Phase II of the
Brandywine Town Center, which will be paid for by the Company on an
"earnout basis" only if, and when it is leased.
Page 37
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Retail Properties by Region
- ---------------------------
------------------------------------------------------------------------------------------------------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
------------------------------------------------------------------------------------------------------------
Wholly-Owned
Properties
------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals
(1)
------------------------------------------------------------------------------------------------------------
New York Region 351,202 368,054 719,256 100.00% 94.84% 97.36% $6,811,240 $7,664,604 $14,475,844 $19.39 $21.96 $20.67
New England 895,475 299,898 1,195,373 100.00% 94.31% 98.57% 6,738,576 3,098,550 9,837,126 8.44 10.96 9.10
Midwest 392,214 315,440 707,654 99.62% 82.38% 91.94% 3,310,466 4,174,977 7,485,443 8.47 16.07 11.51
Mid-Atlantic 613,616 224,844 838,460 100.00% 82.67% 95.35% 4,238,372 2,721,637 6,960,009 9.29 14.64 10.84
Northeastern
Pennsylvania 954,285 294,555 1,248,840 91.64% 74.52% 87.61% 4,226,539 1,999,322 6,225,861 4.83 9.11 5.69
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total Wholly-
Owned
Properties 3,206,792 1,502,791 4,709,583 97.47% 86.32% 93.91%$25,325,193 $19,659,090 $44,984,283 $8.82 $15.16 $10.79
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Joint Venture
Properties
- ----------------
Operating
Midwest (2) 236,443 87,571 324,014 76.70% 73.22% 75.76% $1,959,074 $660,366 $2,619,440 $10.80 $10.30 $10.67
Mid-Atlantic(
2,3) 809,482 63,712 873,194 100.00%100.00%100.00% 12,199,185 1,578,202 13,777,387 15.07 24.77 15.78
New York Region
(4) 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,817,716 6,036,468 11.08 34.56 19.43
Various
(Kroger/Safeway
Portfolio) (5) 1,018,100 - 1,018,100 100.00% 0.00%100.00% 8,664,352 - 8,664,352 8.51 - 8.51
------------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 2,264,206 261,746 2,525,952 97.57% 91.04% 96.89% 25,041,363 6,056,284 31,097,647 11.34 25.42 12.71
------------------------------------------------------------------------------------------------------------
JV Redevelopment
Properties
Mid West (6) 97,700 56,082 153,782 72.06% 26.09% 55.30% 281,600 140,554 422,154 4.00 9.61 4.96
Mid-Atlantic (6) 237,839 189,792 427,631 31.52% 73.56% 50.18% 154,752 1,350,011 1,504,763 2.06 9.67 7.01
New York Region
(7) 388,272 525,137 913,409 100.00% 87.57% 92.86% 4,422,050 4,327,716 8,749,766 11.39 9.41 10.32
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 723,811 771,011 1,494,822 73.73% 79.65% 76.78% 4,858,402 5,818,281 10,676,683 9.10 9.47 9.30
------------------------------------------------------------------------------------------------------------
Total Joint
Venture
Properties 2,988,017 1,032,757 4,020,774 91.79% 82.54% 89.41%$29,899,765 $11,874,565 $41,774,330 $10.90 $13.93 $11.62
============================================================================================================
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 Fund I which owns these properties.
(3) Does not include 230,000 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 Fund I which has a 75% interest in this
portfolio.
(6) The Company has a 22% interest in Fund I which owns 50% of these
properties.
(7) The Company has a 22% interest in Fund I which owns 50% of the Tarrytown
Shopping Center and a 20% interest in Fund II which owns 97% of 400 East
Fordham Road, Pelham Manor Shopping Plaza, Sherman Ave and 161st St.
Page 38
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Retail Properties by State - Summary
------------------------------------
Gross Leasable Area Occupancy
---------------------------------------------------
Wholly-Owned Properties OwnershipPercent Number of
----------------------- of
base properties Anchors Shops Total Anchors Shops Total
rent (2)
% (1)
-----------------------------------------------------------------------------
Connecticut 100.0% 5.0% 2 178,799 44,213 223,012 100.00% 81.67% 96.37%
Illinois 100.0% 2.2% 1 51,692 47,352 99,044 100.00% 99.67% 99.84%
Indiana 100.0% 4.5% 1 145,266 90,339 235,605 100.00% 77.54% 91.39%
Massachusetts 100.0% 4.5% 2 287,223 61,119 348,342 100.00% 95.71% 99.25%
Michigan 100.0% 4.2% 1 126,960 90,306 217,266 98.83% 92.91% 96.37%
New Jersey 100.0% 16.9% 3 491,610 279,580 771,190 100.00% 85.53% 94.75%
New York 100.0% 21.2% 6 522,969 286,194 809,163 100.00% 94.47% 98.04%
Ohio 100.0% 2.8% 1 68,296 87,443 155,739 100.00% 67.15% 81.56%
Pennsylvania 100.0% 13.0% 9 1,138,901 326,294 1,465,195 93.00% 76.49% 89.32%
Rhode Island 100.0% 4.3% 1 121,892 161,343 283,235 100.00% 98.23% 98.99%
Vermont 100.0% 3.2% 1 73,184 28,608 101,792 100.00% 87.81% 96.57%
---------------------------------------------------
---------------------------------------------------
Total - Wholly-Owned Properties 81.9% 28 3,206,792 1,502,791 4,709,583 97.47% 86.32% 93.91%
--------------------------------------------------------------------
Joint Venture Properties
------------------------
Operating Properties
Ohio (4) 22.2% 1.1% 3 236,443 87,571 324,014 76.70% 73.22% 75.76%
Delaware (4,5) 22.2% 5.6% 2 809,482 63,712 873,194 100.00%100.00%100.00%
New York (6) 49.0% 5.4% 1 200,181 110,463 310,644 100.00%100.00%100.00%
Various (Kroger/Safeway Portfolio) (3) 16.5% 2.6% 25 1,018,100 - 1,018,100 100.00% 0.00%100.00%
------- ---------------------------------------------------
Total - Operating Properties 14.6% 2,264,206 261,746 2,525,952 97.57% 91.04% 96.89%
------- ---------------------------------------------------
JV Redevelopment Properties
Michigan (7) 11.1% 0.1% 1 97,700 56,082 153,782 72.06% 26.09% 55.30%
New York( 7) Various 1.6% 5 388,272 525,137 913,409 100.00% 87.57% 92.86%
South Carolina (7) 11.1% 0.2% 2 158,959 110,443 269,402 14.58% 68.80% 36.81%
Virginia (7) 11.1% 0.2% 1 78,880 79,349 158,229 65.64% 80.18% 72.93%
--------------------------------------------------------------------
Total-Redevelopment Properties 2.1% 723,811 771,011 1,494,822 73.73% 79.65% 76.78%
------- ---------------------------------------------------
---------------------------------------------------
Total Joint Venture Properties 16.7% 40 2,988,017 1,032,757 4,020,774 91.79% 82.54% 89.41%
-----------------===================================================
98.6% 68
=================
-------------------------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square
Foot
-------------------------------------------------------------------------
Wholly-Owned
Properties
- ----------------
Anchors Shops Total Anchors Shops Totals
-------------------------------------------------------------------------
Connecticut $2,223,069 $538,144 $2,761,213 $27.28 $14.90 $23.48
Illinois 225,436 992,197 1,217,633 4.36 21.02 12.31
Indiana 1,293,962 1,173,513 2,467,475 8.91 16.75 11.46
Massachusetts 1,947,858 546,712 2,494,570 6.78 9.35 7.22
Michigan 988,349 1,291,615 2,279,964 7.88 15.39 10.89
New Jersey 5,372,332 3,939,540 9,311,872 10.93 16.48 12.74
New York 5,735,197 5,888,373 11,623,570 10.97 21.78 14.65
Ohio 802,719 717,652 1,520,371 11.75 12.22 11.97
Pennsylvania 4,483,039 2,667,281 7,150,320 4.97 10.69 6.21
Rhode Island 935,920 1,443,929 2,379,849 7.68 9.11 8.49
Vermont 1,317,312 460,134 1,777,446 18.00 18.32 18.08
-------------------------------------------------------------------------
Total - Wholly-
Owned Properties $25,325,193 $19,659,090 $44,984,283 $8.82 $15.16 $10.79
-------------------------------------------------------------------------
Joint Venture Properties
- -------------------------
Operating Properties
Ohio (4) $1,959,074 $660,366 $2,619,440 $10.80 $10.30 $10.67
Delaware (4,5) 12,199,185 1,578,202 13,777,387 15.07 24.77 15.78
New York (6) 2,218,752 3,817,716 6,036,468 11.08 34.56 19.43
Various
(Kroger/Safeway
Portfolio) (3) 8,664,352 - 8,664,352 8.51 - 8.51
-------------------------------------------------------------------------
Total - Operating
Properties 25,041,363 6,056,284 31,097,647 11.34 25.42 12.71
-------------------------------------------------------------------------
JV Redevelopment Properties
Michigan (7) 281,600 140,554 422,154 4.00 9.61 4.96
New York( 7) 4,422,050 4,327,716 8,749,766 11.39 9.41 10.32
South Carolina
(7) 69,552 537,836 607,388 3.00 7.08 6.12
Virginia (7) 85,200 812,175 897,375 1.65 12.77 7.78
-------------------------------------------------------------------------
Total-
Redevelopment
Properties 4,858,402 5,818,281 10,676,683 9.10 9.47 9.30
-------------------------------------------------------------------------
Total Joint
Venture
Properties $29,899,765 $11,874,565 $41,774,330 $10.90 $13.93 $11.62
=========================================================================
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) The Company has a 22% interest in Fund I which has a 75% interest in this
portfolio.
(4) The Company has a 22% interest in Fund I which owns these properties.
(5) Does not include 150,000 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 Fund I which owns 50% of the Tarrytown
Shopping Center and a 20% interest in Fund II which owns 97% of 400 East
Fordham Road, Sherman Ave., 161st St. and Pelham Manor Shopping Plaza.
Page 39
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
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 AnchorsShops Total
---------------------------------------------------------------------------------------------------
WHOLLY-OWNED
PROPERTIES:
New York Region
---------------
Connecticut
- -----------
239 Greenwich
Avenue(1) 16,834 - 16,834 100.00% - 100.00%$1,286,069 $- $1,286,069 $76.40 $- $76.40
---------------------------------------------------------------------------------------------------
New Jersey
- ----------
Elmwood Park
Shopping Center 62,610 86,475 149,085 100.00% 96.34% 97.88% 1,390,460 1,885,862 3,276,322 22.21 22.64 22.45
---------------------------------------------------------------------------------------------------
New York (2)
- ------------
Soundview Marketplace 73,500 110,130 183,630 100.00% 90.77% 94.46% 1,248,850 1,612,605 2,861,455 16.99 16.13 16.50
Village Commons
Shopping Center 25,192 62,114 87,306 100.00%100.00%100.00% 428,213 1,706,795 2,135,008 17.00 27.48 24.45
Branch Plaza 74,050 51,674 125,724 100.00% 98.05% 99.20% 1,093,368 1,259,722 2,353,090 14.77 24.86 18.87
Amboy Road 46,964 13,015 59,979 100.00%100.00%100.00% 1,012,015 444,893 1,456,908 21.55 34.18 24.29
Pacesetter Park
Shopping Center 52,052 44,646 96,698 100.00% 89.58% 95.19% 352,265 754,727 1,106,992 6.77 18.87 12.03
---------------------------------------------------------------------------------------------------
Total - New York 271,758 281,579 553,337 100.00% 94.38% 97.14% 4,134,711 5,778,742 9,913,453 15.21 21.74 18.44
---------------------------------------------------------------------------------------------------
Total - New York
Region 351,202 368,054 719,256 100.00% 94.84% 97.36% 6,811,240 7,664,604 14,475,844 19.39 21.96 20.67
---------------------------------------------------------------------------------------------------
New England
-----------
Connecticut
- -----------
Town Line Plaza( 3) 161,965 44,213 206,178 100.00% 81.67% 96.07% 937,000 538,144 1,475,144 14.49 14.90 14.64
---------------------------------------------------------------------------------------------------
Massachusetts
- -------------
Methuen Shopping
Center 130,238 - 130,238 100.00% - 100.00% 828,772 - 828,772 6.36 - 6.36
Crescent Plaza 156,985 61,119 218,104 100.00% 95.71% 98.80% 1,119,086 546,712 1,665,798 7.13 9.35 7.73
---------------------------------------------------------------------------------------------------
Total - Massachusetts287,223 61,119 348,342 100.00% 95.71% 99.25% 1,947,858 546,712 2,494,570 6.78 9.35 7.22
---------------------------------------------------------------------------------------------------
New York
- --------
New Loudon Center 251,211 4,615 255,826 100.00%100.00%100.00% 1,600,486 109,631 1,710,117 6.37 23.76 6.68
---------------------------------------------------------------------------------------------------
Rhode Island
- ------------
Walnut Hill Plaza 121,892 161,343 283,235 100.00% 98.23% 98.99% 935,920 1,443,929 2,379,849 7.68 9.11 8.49
---------------------------------------------------------------------------------------------------
Vermont
- -------
The Gateway Shopping
Center 73,184 28,608 101,792 100.00% 87.81% 96.57% 1,317,312 460,134 1,777,446 18.00 18.32 18.08
---------------------------------------------------------------------------------------------------
Total - New England
Region 895,475 299,898 1,195,373 100.00% 94.31% 98.57% 6,738,576 3,098,550 9,837,126 8.44 10.96 9.10
---------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
(1) 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21
residential units encompassing 14,434 square feet. Residential activities
are not included above.
(2) The Company has a property located in the Bronx, NY which is currently
under construction which is not included in the above listing.
(3) 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.
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Acadia Realty Trust [NYSE]
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Retail Properties - Detail
- --------------------------
WHOLLY-OWNED PROPERTIES (continued):
Midwest
-------
Illinois
- --------
Hobson West
Plaza 51,692 47,352 99,044 100.00%99.67%99.84% $225,436 $992,197 $1,217,633 $4.36 $21.02 $12.31
Indiana
- -------
Merrillville
Plaza 145,266 90,339 235,605 100.00%77.54%91.39% 1,293,962 1,173,513 2,467,475 8.91 16.75 11.46
Michigan
- --------
Bloomfield
Towne Square 126,960 90,306 217,266 98.83%92.91%96.37% 988,349 1,291,615 2,279,964 7.88 15.39 10.89
Ohio
- ----
Mad River
Station (1) 68,296 87,443 155,739 100.00%67.15%81.56% 802,719 717,652 1,520,371 11.75 12.22 11.97
---------------------------------------------------------------------------------------------------------
Total - Midwest
Region 392,214 315,440 707,654 99.62%82.38%91.94% 3,310,466 4,174,977 7,485,443 8.47 16.07 11.51
---------------------------------------------------------------------------------------------------------
Mid-Atlantic
- -------------
New Jersey
- ----------
Marketplace of
Absecon 58,031 47,062 105,093 100.00%92.28%96.54% 984,014 664,249 1,648,263 16.96 15.30 16.25
Ledgewood Mall 370,969 146,043 517,012 100.00%76.95%93.49% 2,997,858 1,389,429 4,387,287 8.08 12.36 9.08
---------------------------------------------------------------------------------------------------------
Total
New Jersey 429,000 193,105 622,105 100.00%80.69%94.00% 3,981,872 2,053,678 6,035,550 9.28 13.18 10.32
---------------------------------------------------------------------------------------------------------
Pennsylvania
- ------------
Abington Towne
Center (2) 184,616 31,739 216,355 100.00%94.75%99.23% 256,500 667,959 924,459 9.50 22.21 16.20
---------------------------------------------------------------------------------------------------------
Total
Mid-Atlantic
Region 613,616 224,844 838,460 100.00%82.67%95.35% 4,238,372 2,721,637 6,960,009 9.29 14.64 10.84
---------------------------------------------------------------------------------------------------------
Northeastern
Pennsylvania
-------------
Pennsylvania
- ------------
Blackman Plaza 111,956 9,385 121,341 100.00% - 92.27% 264,374 18,000 282,374 2.36 - 2.52
Bradford Towne
Centre 180,919 76,020 256,939 100.00%63.54%89.21% 1,102,616 478,344 1,580,960 6.09 9.90 6.90
Greenridge
Plaza 101,060 90,695 191,755 61.44%96.63%78.08% 279,405 676,068 955,473 4.50 7.71 6.38
Luzerne Street
Shopping
Center 43,663 14,426 58,089 100.00%12.03%78.15% 223,652 19,096 242,748 5.12 11.00 5.35
Mark Plaza 157,595 53,094 210,689 100.00%79.75%94.90% 652,095 399,429 1,051,524 4.14 9.43 5.26
Pittston Plaza 67,568 11,926 79,494 100.00%75.55%96.33% 496,446 94,289 590,735 7.35 10.46 7.71
Plaza 422 145,026 10,000 155,026 71.88%30.00%69.18% 407,520 36,500 444,020 3.91 12.17 4.14
Route 6 Plaza 146,498 29,009 175,507 100.00%94.74%99.13% 800,431 277,596 1,078,027 5.46 10.10 6.20
---------------------------------------------------------------------------------------------------------
Total -
Pennsylvania 954,285 294,555 1,248,840 91.64%74.52%87.61% 4,226,539 1,999,322 6,225,861 4.83 9.11 5.69
---------------------------------------------------------------------------------------------------------
Total -
Northeastern
Pennsylvania
Region 954,285 294,555 1,248,840 91.64%74.52%87.61% 4,226,539 1,999,322 6,225,861 4.83 9.11 5.69
---------------------------------------------------------------------------------------------------------
TOTAL WHOLLY-
OWNED
PROPERTIES 3,206,792 1,502,791 4,709,583 97.47%86.32%93.91%$25,325,193 $19,659,090 $44,984,283 $8.82 $15.16 $10.79
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
(1) The GLA for this property includes 28,205 square feet of office space.
(2)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.
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Retail Properties - Detail
- --------------------------
JOINT VENTURE PROPERTIES:
Midwest
-------
Ohio
- ----
Amherst
Marketplace (1) 76,737 3,200 79,937 100.00%100.00%100.00% $795,711 $34,404 $830,115 $10.37 $10.75 $10.38
Granville
Centre (1) 90,047 41,496 131,543 38.81% 58.80% 45.12% 402,085 268,599 670,684 11.51 11.01 11.30
Sheffield
Crossing (1) 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,278 357,363 1,118,641 10.93 9.79 10.54
------------------------------------------------------------------------------------------------------------
Total - Ohio 236,443 87,571 324,014 76.70% 73.22% 75.76% 1,959,074 660,366 2,619,440 10.80 10.30 10.67
------------------------------------------------------------------------------------------------------------
Mid-Atlantic
------------
Delaware
- --------
Brandywine
Town Center
(1, 2) 770,432 - 770,432 100.00% - 100.00% 11,683,810 - 11,683,810 15.17 - 15.17
Market Square
Shopping
Center (1) 39,050 63,712 102,762 100.00%100.00%100.00% 515,375 1,578,202 2,093,577 13.20 24.77 20.37
------------------------------------------------------------------------------------------------------------
Total -
Delaware 809,482 63,712 873,194 100.00%100.00%100.00% 12,199,185 1,578,202 13,777,387 15.07 - 15.78
------------------------------------------------------------------------------------------------------------
New York Region
---------------
New York
- --------
Crossroads
Shopping
Center ( 3) 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,817,716 6,036,468 11.08 34.56 19.43
------------------------------------------------------------------------------------------------------------
Various Regions
---------------
Kroger/Safeway
Portfolio (25
Properties)(
4) 1,018,100 - 1,018,100 100.00% - 100.00% 8,664,352 - 8,664,352 8.51 - 8.51
------------------------------------------------------------------------------------------------------------
Total -
Operating
Properties 2,264,206 261,746 2,525,952 97.57% 91.04% 96.89% 25,041,363 6,056,284 31,097,647 11.34 25.42 12.71
------------------------------------------------------------------------------------------------------------
Redevelopment
properties
------------------------------------------------------------------------------------------------------------
Sterling
Heights
Shopping
Center
(Michigan)
(5) 97,700 56,082 153,782 72.06% 26.09% 55.30% 281,600 140,554 422,154 4.00 9.61 4.96
400 East
Fordham Road
(New York)
(6) 100,703 16,652 117,355 100.00%100.00%100.00% 275,000 369,128 644,128 2.73 22.17 5.49
Pelham Manor
Shopping
Plaza (New
York) (7) - 398,775 398,775 - 87.21% 87.21% - 2,147,201 2,147,201 - 6.17 6.17
Sherman Avenue
(New York)
(6) 134,773 - 134,773 100.00% - 100.00% 1,337,368 - 1,337,368 9.92 - 9.92
Tarrytown
Shopping
Center (New
York) (5) 15,462 23,433 38,895 100.00% 39.18% 63.36% 475,000 275,716 750,716 30.72 30.03 30.46
161st Street
(New York)
(6) 137,334 86,277 223,611 100.00%100.00%100.00% 2,334,682 1,535,671 3,870,353 17.00 17.80 17.31
Hitchcock
Plaza (South
Carolina)
(5) 135,775 98,563 234,338 0.00% 68.27% 28.71% - 472,986 472,986 - 7.03 7.03
Pine Log Plaza
(South
Carolina)
(5) 23,184 11,880 35,064 100.00% 73.23% 90.93% 69,552 64,850 134,402 3.00 7.45 4.22
Haygood
Shopping
Center
(Virginia)
(5) 78,880 79,349 158,229 65.64% 80.18% 72.93% 85,200 812,175 897,375 1.65 12.77 7.78
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 723,811 771,011 1,494,822 73.73% 79.65% 76.78% 4,858,402 5,818,281 10,676,683 9.10 9.47 9.30
------------------------------------------------------------------------------------------------------------
Total - Joint
Venture
Properties 2,988,017 1,032,757 4,020,774 91.79% 82.54% 89.41%$29,899,765 $11,874,565 $41,774,330 $10.90 $13.93 $11.62
============================================================================================================
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
(1) The Company has a 22% interest in Fund I which owns the property.
(2) Does not include approximately 150,000 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.
(3) The Company has a 49% interest in two partnerships which, together, own the
Crossroads Shopping Center.
(4) This represents a portfolio of 25 triple-net, anchor-only leases with
Kroger and Safeway supermarkets.
(5) The Company has a 22% interest in Fund I which owns 50% the property.
(6) The Company has a 20% interest in Fund II which owns 97% the property.
(7) The Company has a 20% interest in Fund II which owns 97% the property. The
redevelopment plan contemplates the demolition of the current
industrial/warehouse buildings and the construction of a retail center.
Page 42
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Year-to-Date
3 months 3 months 3 months Year ended
ended ended ended
Leasing Production Notes: September 30, September June 30, March 31, December 31,
2005 30, 2005 2005 2005 2004
------------------------------------------ -------------- ----------- ---------- --------- ---------------
New leases (1)
Number of new leases commencing 18 8 6 4 34
GLA 159,825 90,775 46,584 22,466 191,419
New base rent $10.28 $7.32 $14.60 $13.28 $12.81
Previous base rent (and percentage rent) $11.70 $10.78 $12.90 $12.90 $11.43
Percentage growth in base rent (2) -12.1% -32.1% 13.2% 2.9% 12.0%
Average cost per square foot $7.14 $7.02 $6.99 $7.96 $20.67
Renewal leases
Number of renewal leases commencing 44 15 16 13 59
GLA expiring 277,123 92,370 99,677 85,076 483,308
Renewal percentage (3) 75% 84% 62% 81% 81%
New base rent $12.28 $13.85 $11.94 $10.81 $11.72
Expiring base rent (and percentage rent) $10.89 $12.69 $9.70 $9.92 $10.94
Percentage growth in base rent 12.8% 9.1% 23.1% 9.0% 7.2%
Average cost per square foot $0.00 $0.00 $0.00 $0.00 $0.00
Total new and renewal Leases
Number of new and renewal leases commencing 62 23 22 17 93
GLA commencing 368,127 168,366 108,384 91,378 674,727
New base rent $11.41 $10.33 $13.08 $11.42 $12.03
Expiring base rent (and percentage rent) $11.24 $11.66 $11.08 $10.65 $11.08
Percentage growth in base rent (3) 1.5% -11.4% 18.1% 7.2% 8.6%
Average cost per square foot $3.10 $3.78 $3.00 $1.96 $5.86
(1) Does not include leased square footage and costs related to first
generation space and the Company's major redevelopment projects.
(2) During the 3rd quarter, Ashley Furniture at the Ledgewood Mall took
occupancy of 41,806 square feet at the Ledgewood Mall at a rent of $5.09
psf. The predecessor tenant, Phar-Mor, had paid rent of $11.00 psf prior to
leaving during 2002. Excluding this one lease, the leasing spread on the
remaining new leases commencing during the quarter was + 17.2% and the
spread and new and renewal leases in total was + 11.9%.
(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 43
Acadia Realty Trust [NYSE]
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Top Tenants - Ranked by Annualized Base
Rent
----------------------------------------
(Combined basis - Includes pro-rata share of GLA and rent for JV properties)
Percentage of Total
Wholly-Owned Joint Ventures (2) Combined Represented by
Retail Tenant
----------------------------------------------------------------------------------
Average
Number of Gross
Retail stores in Total Annualized Total Annualized Total Annualized Total AnnualizedAverage Occupancy
Base Base Base Base
Ranking Tenant combined GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio Rent (3) Sales Cost (4)
portfolio GLA( 3) (per sq.
ft.)
- ----------------------------------------------------------------------------------------------------------------------------------
1 Albertson's 4 220,625 $3,012,896 - $- 220,625 $3,012,896 4.0% 5.6%
-- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.2% 4.4% 475 2.8%
-- Acme 1 44,824 654,704 - - 44,824 654,704 0.8% 1.2% 294 5.5%
2 Sears 7 485,111 1,829,484 67,482 326,963 552,593 2,156,447 10.1% 4.0%
-- Kmart 5 424,411 1,571,484 49,355 277,463 473,766 1,848,947 8.6% 3.4% 166 3.7%
-- Sears 2 60,700 258,000 18,127 49,500 78,827 307,500 1.4% 0.6% 231 1.8%
3 T.J. Maxx 10 289,427 2,037,682 6,972 81,261 296,399 2,118,943 5.4% 3.9%
-- T.J.
Maxx 4 88,200 712,800 6,972 81,261 95,172 794,061 1.7% 1.5% 281 4.3%
--
Marshalls 3 102,781 731,494 - - 102,781 731,494 1.9% 1.4% 178 5.7%
-- A.J.
Wright's 2 58,800 286,131 - - 58,800 286,131 1.1% 0.5% 144 5.8%
--
Homegoods 1 39,646 307,257 - - 39,646 307,257 0.7% 0.6% 146 6.8%
4 Ahold 3 178,807 1,568,670 - - 178,807 1,568,670 3.3% 2.9%
-- Stop and
Shop 2 116,717 1,289,265 - - 116,717 1,289,265 2.1% 2.4% 346 3.6%
-- Giant 1 62,090 279,405 - - 62,090 279,405 1.1% 0.5% - -
5 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 3.8% 2.8% 336 3.2%
A&P
6 (Waldbaum's) 2 100,266 1,666,284 18,722 246,960 118,988 1,913,244 2.2% 3.6%
--
Waldbaum's 3 100,266 1,666,284 18,722 246,960 118,988 1,913,244 2.2% 3.6% 348 5.8%
7 Brook's Drug 8 91,534 1,161,882 - - 91,534 1,161,882 1.7% 2.2%
-- Eckerd's 8 91,534 1,161,882 - - 91,534 1,161,882 1.7% 2.2% 442 4.6%
8 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 3.8% 1.9% - -
9 Pathmark 1 47,773 955,460 - - 47,773 955,460 0.9% 1.8% - -
Redner's
10 Supermarket 2 111,739 863,432 - - 111,739 863,432 2.0% 1.6% 250 4.0%
Restoration
11 Hardware 1 9,220 697,200 - - 9,220 697,200 0.2% 1.3% 249 32.6%
12 Kroger( 5) 13 - - 132,259 722,228 132,259 722,228 2.4% 1.3% - -
13 Safeway (6) 13 - - 103,844 721,831 103,844 721,831 1.9% 1.3% - -
14 Price Chopper 2 77,450 804,059 - - 77,450 804,059 1.4% 1.5% 672 1.9%
Clearview
15 Cinema 1 25,400 686,250 - - 25,400 686,250 0.5% 1.3% - -
Federated
Department
Stores
16 (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.3% 1.2% 205 6.2%
17 JC Penney 2 72,580 591,747 - - 72,580 591,747 1.3% 1.1% 182 5.9%
18 Walgreen's 2 23,904 589,088 - - 23,904 589,088 0.4% 1.1% 342 8.8%
King Kullen
19 Grocery 1 48,100 562,600 - - 48,100 562,600 0.9% 1.0% 548 2.7%
20 Payless Shoes 11 36,076 557,570 1,524 43,273 37,600 600,843 0.7% 1.1% - -
--------------------------------------------------------------------------------------------
Total 88 2,312,478 $20,760,604 330,803 $2,142,516 2,643,281 $22,903,120 48.2% 42.5%
============================================================================================
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
(2) Includes Funds I, II and the Crossroads Shopping Center joint ventures. The
above amounts represent the Company's pro-rata share of square footage and
rent.
(3) Represents total GLA and annualized base rent for the Company's retail
properties including its pro-rata share of joint venture properties.
(4) Occupancy cost = Gross rents (base rent, percentage rent and expense
reimbursements) divided by sales. * indicates not all locations are
required to report sales. Amount is left blank if the tenant is not
required to report sales at any of the locations.
(5) Kroger has sub-leased 4 of these locations to supermarket tenants, 2
locations to a non-supermarket tenant and ceased operations at one other
location.
(6) Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non-supermarket tenant and ceased operations at one other
location.
Page 44
Acadia Realty Trust [NYSE]
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Anchor Detail
-------------
- ----------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S
GLA AS ANCHOR TENANTS
(The below detail does not include space which is currently leased, but for
which rent payment has not yet commenced)
Retail Anchor Properties- Wholly Owned
- --------------------------------------
New York Region
- ---------------
Connecticut
-----------
239 Greenwich Ave., Greenwich
Coach 4,541 1/31/2016 356,469 78.50 (1) 5 Year
Restoration Hardware 12,293 4/30/2015 929,600 75.62 (2) 5 Years
--------- -----------------
Property total 16,834 1,286,069 76.40
--------- -----------------
New Jersey
----------
Elmwood Park Shopping Center, Elmwood
Park
Walgreens 14,837 5/31/2022 435,000 29.32 (8) 5 Year
Pathmark 47,773 11/30/2017 955,460 20.00 (7) 5 Year
--------- -----------------
Property total 62,610 1,390,460 22.21
--------- -----------------
New York
--------
Soundview Marketplace, Port Washington
King Kullen 48,100 9/26/2007 $562,600 $11.70 (7) 5 Year
Clearview Cinema 25,400 5/31/2010 686,250 27.02 (4) 5 Year
--------- -----------------
Property total 73,500 1,248,850 16.99
--------- -----------------
Smithtown Shopping Center, Smithtown
Daffy's 16,125 1/7/2008 274,125 17.00 (4) 5 Year
Walgreens 9,067 12/31/2021 154,088 16.99 -
--------- -----------------
Property total 25,192 428,213 17.00
--------- -----------------
The Branch Shopping Center, Smithtown
CVS 11,050 5/31/2010 172,405 15.60 -
A&P (1) 10 Year & (1)
63,000 11/30/2013 920,964 14.62 5 Year
--------- -----------------
Property Total: 74,050 1,093,369 14.77
--------- -----------------
Amboy Shopping Center
Waldbaum's (A&P) 37,266 12/31/2014 745,320 20.00 (3) 5 Year
Duane Reed 9,698 8/31/2008 266,695 27.50 (2) 5 Year
--------- -----------------
46,964 1,012,015 21.55
--------- -----------------
Pacesetter Park Shopping Center,
Pomona
Stop & Shop (Ahold) 52,052 8/31/2020 352,265 6.77 (2) 10 Year
--------- -----------------
Property total 52,052 352,265 6.77
--------- -----------------
Total: New York Region 351,202 6,811,241 19.39
--------- -----------------
Page 45
Acadia Realty Trust [NYSE]
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Anchor Detail
-------------
- ----------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------
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
---------- ----------------
Property total 161,965 937,000 14.49
---------- ----------------
Massachusetts
---------------------------------------
Methuen Shopping Center, Methuen
Demoulas Super Markets 30,460 1/31/2015 109,656 3.60 (2) 5 Year
Osco Drug (Brook's) 10,234 12/31/2005 92,308 9.02 -
Wal*Mart 89,544 10/23/2011 626,808 7.00 (8) 5 Year
---------- ----------------
Property total 130,238 828,772 6.36
---------- ----------------
Crescent Plaza, Brockton
Home Depot 106,760 10/31/2021 602,126 5.64 (7) 5 Year
Shaw's (Albertsons) 50,225 12/31/2012 516,960 10.29 (6) 5 Year
---------- ----------------
Property total 156,985 1,119,086 7.13
---------- ----------------
New York
---------------------------------------
New Loudon Center, Latham
Bon Ton 65,365 2/1/2014 261,460 4.00 (4) 5 Year
Marshalls (TJX) 37,212 1/31/2014 158,151 4.25 (3) 5 Year
Price Chopper 77,450 5/31/2015 804,059 10.38 (4) 5 Year
A.C. Moore 21,520 4/30/2009 221,226 10.28 (1) 5 Year
Raymours Furniture Co 49,664 4/30/2019 155,591 3.13 (3) 5 Year
---------- ----------------
Property total 251,211 1,600,487 6.37
---------- ----------------
Rhode Island
---------------------------------------
Walnut Hill Plaza, Woonsocket
Sears 60,700 8/31/2008 258,000 4.25 (5) 5 Year
CVS 8,800 1/31/2009 154,000 17.50 (1) 5 Year
Shaw's (Albertsons) 52,392 12/31/2013 523,920 10.00 (6) 5 Year
---------- ----------------
Property total 121,892 935,920 7.68
---------- ----------------
Vermont
---------------------------------------
Gateway Shopping Center
Shaw's (Albertsons) (1) 10 Yr., (3) 5
73,184 3/31/2024 1,317,311 18.00 Yr. & (1) 4 Yr.
---------- ----------------
Property total 73,184 1,317,311 18.00
---------- ----------------
Total : New England 895,475 6,738,576 8.44
---------- ----------------
Midwest
- ---------
Illinois
--------
Hobson West Plaza, Naperville
Bobak's Market and Restaurant 51,692 11/30/2007 225,436 4.36 (5) 5 Year
---------- ----------------
Property total 51,692 225,436 4.36
---------- ----------------
Indiana
---------------------------------------
Merrillville Plaza, Merrillville
JC Penney 50,000 1/31/2008 495,000 9.90 (2) 5 Year
Officemax 26,157 7/31/2008 222,335 8.50 (4) 5 Year
Pier I 9,143 1/31/2009 128,002 14.00 -
David's Bridal 13,266 11/19/2010 165,825 12.50 (2) 5 Year
Toys R Us 21,500 1/31/2014 87,500 4.07 (5) 5 Year
TJ Maxx (TJX) 25,200 1/31/2009 195,300 7.75 (1) 5 Year
---------- ----------------
Property total 145,266 1,293,962 8.91
---------- ----------------
(1) This space is contiguous to the Company's property and is not owned by the
Company.
Page 46
Acadia Realty Trust [NYSE]
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Anchor Detail
-------------
- ----------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------
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)
- --------------------------------------------------
Michigan
--------
Bloomfield Town Square, Bloomfield
Hills
HomeGoods (TJX) 39,646 5/31/2010 307,257 7.75 (3) 5 Year
Officemax 21,500 6/30/2010 193,500 9.00 (3) 5 Year
Marshalls (TJX) 28,324 9/30/2011 226,592 8.00 (3) 5 Year
TJ Maxx (TJX) 36,000 1/31/2009 261,000 7.25 (1) 5 Year
---------- ----------------
Property total 125,470 988,349 7.88
---------- ----------------
Ohio
----
Mad River Station, Dayton
Babies 'R' Us 33,147 2/28/2010 260,204 7.85 (2) 5 Year
Pier I 10,111 2/28/2010 227,037 22.45 -
Office Depot 25,038 8/31/2010 315,479 12.60 -
---------- ----------------
Property total 68,296 802,720 11.75
---------- ----------------
Total: Midwest 390,724 3,310,467 8.47
---------- ----------------
Mid-Atlantic
- ------------
New Jersey
----------
Marketplace of Absecon, Absecon
Eckerd Drug (Brook's) 13,207 8/30/2020 329,310 24.93 (4) 5 Year
Acme Markets (Albertson) 44,824 4/30/2015 654,704 14.61 (8) 5 Year
---------- ----------------
Property total 58,031 984,014 16.96
---------- ----------------
Ledgewood Mall, Ledgewood
Circuit City 33,294 1/31/2020 449,469 13.50 (4) 5 Year
Ashley Furniture 41,806 12/31/2010 212,793 5.09 (2) 5 Year
Barnes & Noble 12,500 1/31/2010 224,000 17.92 (5) 5 Year
Marshalls (TJX) 37,245 1/31/2007 346,751 9.31 (4) 5 Year
The Sports Authority 52,205 5/31/2007 225,000 4.31 (6) 5 Year
Macy's Department Store (Federated) (3) 5 Year
(1) 73,349 1/31/2010 651,245 8.88
Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year
---------- ----------------
Property total 370,969 2,997,859 8.08
---------- ----------------
Pennsylvania
------------
Abington Town Center, Abington
TJ Maxx (TJX) (2) 5 Year (6
27,000 11/30/2010 $256,500 $9.50 Months)
Target( 1) Condominium
157,616 - - - Agreement
---------- ----------------
Property total 184,616 256,500 9.50
---------- ----------------
Total : Mid-Atlantic 613,616 4,238,373 9.29
---------- ----------------
Page 47
Acadia Realty Trust [NYSE]
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Anchor Detail
-------------
- ----------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------
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)
- --------------------------------------------------
Northeast Pennsylvania
- ----------------------
Blackman Plaza, Wilkes-Barre
Eckerd Drug (Brook's) 7,000 7/31/2006 59,710 8.53 -
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
---------- ------------------
Property total 111,956 264,374 2.36
---------- ------------------
Bradford Towne Centre, Towanda
Kmart 94,841 3/31/2019 474,205 5.00 (10) 5 Year
Eckerd Drug (Brook's) 11,840 1/31/2010 118,400 10.00 -
JC Penney 22,580 11/30/2009 96,747 4.28 (7) 5 Year
P & C Foods (Penn Traffic) 51,658 9/30/2014 413,264 8.00 (2) 5 Year
---------- ------------------
Property total 180,919 1,102,616 6.09
---------- ------------------
Greenridge Plaza, Scranton
Giant Food Stores (Ahold) 62,090 4/30/2021 279,405 4.50 (6) 5 Year
---------- ------------------
Property total 62,090 279,405 4.50
---------- ------------------
Luzerne Street Shopping Center,
Scranton
Price Rite (Wakefern) 29,663 4/30/2015 118,652 4.00 (4) 5 Year
Eckerd Drug (Brook's) 14,000 4/30/2009 105,000 7.50 (2) 5 Year
---------- ------------------
Property total 43,663 223,652 5.12
---------- ------------------
Mark Plaza, Edwardsville
Kmart 104,956 10/31/2009 204,664 1.95 (9) 5 Year
Redner's Market 52,639 5/31/2018 447,432 8.50 (2) 5 Year
---------- ------------------
Property total 157,595 652,096 4.14
---------- ------------------
Pittston Plaza, Pittston
Eckerd Drugs (Brook's) 8,468 6/30/2006 80,446 9.50 (2) 5 Year
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
---------- ------------------
Property total 104,243 407,520 3.91
---------- ------------------
Route 6 Mall, Honesdale
Eckerd Drugs (Brook's) 11,840 1/31/2011 112,480 9.50 (3) 5 Year
Fashion Bug 15,000 1/31/2006 - - -
Kmart 119,658 4/30/2020 687,947 5.75 (10) 5 Year
---------- ------------------
Property total 146,498 800,427 5.46
---------- ------------------
Total : Northeastern Pennsylvania 874,532 4,226,536 4.83
---------- ------------------
Total: Retail Anchor Properties - Wholly
Owned Properties 3,125,549 $25,325,193 $8.82
========== ==================
(1) Target owns the portion of the main building (157,616 square feet) that
their store is located in.
Page 48
Acadia Realty Trust [NYSE]
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Anchor Detail
-------------
- ----------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------
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 (49% jv)
Kmart 100,725 1/31/2012 $566,250 $5.62 (5) 5 Year
Waldbaum's (A&P) 38,208 12/31/2007 504,000 13.19 (5) 5 Year
B. Dalton (Barnes & Noble) 12,430 5/28/2012 345,927 27.83 (2) 5 Year
Pier 1 8,818 2/28/2007 278,825 31.62 (2) 5 Year
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
--------- -----------------
Property total 200,181 2,218,752 11.08
--------- -----------------
400 East Fordham Road (Fund II)
Sears 100,703 7/16/2007 275,000 2.73 -
--------- -----------------
Tarrytown Centre
Walgreen's 15,462 3/31/2080 475,000 30.72 -
--------- -----------------
Sherman Avenue
Pilot Garage 74,000 6/14/2007 365,000 4.93 -
City of New York 60,773 MTM 972,368 16.00 -
--------- -----------------
134,773 1,337,368 9.92
--------- -----------------
161st Street
City of New York 137,334 7/18/2006 2,334,682 17.00 -
--------- -----------------
137,334 2,334,682 17.00
--------- -----------------
Total : New York Region 588,453 6,640,802 11.29
--------- -----------------
Mid-Atlantic Region
- ----------------------------------------
Delaware
---------------------------------------
Brandywine Town Center (Fund I)
Annie Sez (Big M) 13,325 1/31/2007 279,825 21.00 (3) 5 Year
Michaels 24,876 2/28/2011 547,272 22.00 (3) 5 Year
Old Navy (The Gap) 24,631 4/30/2011 541,872 22.00 (1) 5 Year
Petsmart 23,963 6/30/2017 455,297 19.00 (2) 5 Year
Thomasville Furniture 18,893 11/30/2011 467,413 24.74 (2) 5 Year
World Market 20,310 1/31/2015 406,200 20.00 -
Access Group 76,458 5/31/2015 1,517,691 19.85
Bed, Bath & Beyond 50,977 1/31/2014 868,426 17.04 (3) 5 Year
Dick's Sporting Goods 50,000 5/31/2013 700,000 14.00 (3) 5 Year
Lowe's Home Centers 140,000 8/31/2018 1,925,000 13.75 (6) 5 Year
Regal Cinemas 65,641 6/1/2017 861,210 13.12 (4) 5 Year
Target 138,000 1/31/2018 800,000 5.80 (5) 10 Year
Kincaid Furniture 14,535 3/31/2010 247,095 17.00 (2) 5 Year
Transunion Settlement 39,714 3/31/2013 911,376 22.95 (1) 5 Year
The Bombay Company 8,965 1/31/2015 215,160 24.00 (2) 5 Year
Lane Home Furnishings 21,827 10/31/2015 409,693 18.77
Tutor Time 10,317 2/28/2010 139,280 13.50 (3) 5 Year
Moe's 3,000 7/31/2015 66,000 22.00
MJM Designer 25,000 9/30/2015 325,000 13.00
--------- -----------------
Property total 770,432 11,683,810 15.17
--------- -----------------
Market Square Shopping Center (Fund I)
Trader Joe's 7,675 1/31/2013 149,663 19.50 (3) 5 Year
TJ Maxx (TJX) 31,375 1/31/2006 365,712 11.66 (2) 5 Year
--------- -----------------
Property total 39,050 515,375 13.20
--------- -----------------
South Carolina
---------------------------------------
Hitchcock Plaza (Fund I)
Pine Log Plaza (Fund I)
Farmers Furniture 23,184 3/31/2009 69,552 3.00 (1) 5 Year
--------- -----------------
Page 49
Acadia Realty Trust [NYSE]
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Anchor Detail
-------------
- ----------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------------
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 (continued)
- ------------------------------------
Mid-Atlantic Region (continued)
- -------------------------------
Virginia
--------
Haygood Shopping Center (Fund I)
Eckerd Drugs (Brook's) 11,280 11/30/2009 28,500 2.53 -
Rose's - Termination agreement @ 1/31/05
40,500 1/31/2005 56,700 1.40
---------- -------------------
Property Total 51,780 85,200 1.65
---------- -------------------
Total : Mid-Atlantic Region 884,446 12,353,937 13.97
---------- -------------------
Midwest Region
- --------------
Ohio
----
Amherst Marketplace (Fund I)
Giant Eagle 76,737 9/3/2021 795,711 10.37 (4) 5 Year
---------- -------------------
Granville Centre (Fund I)
California Fitness 34,951 1/31/2017 402,085 11.50 (2) 5 Year
---------- -------------------
Sheffield Crossing (Fund I)
Revco Drug 10,500 5/31/2012 140,700 13.40 (3) 5 Year
Giant Eagle 59,159 5/31/2022 620,578 10.49 (4) 5 Year
---------- -------------------
Property total 69,659 761,278 10.93
---------- -------------------
Michigan
--------
Sterling Heights (Fund I)
Burlington Coat Factory 70,400 1/31/2024 281,600 4.00 -
---------- -------------------
Total: Midwest 251,747 2,240,674 8.90
---------- -------------------
Various
-------
Kroger/Safeway (Fund I) 1,018,100 2009 8,664,352 8.51
---------- -------------------
Total: Joint Venture Properties 2,742,746 $29,899,765 $10.90
========== ===================
Page 50
Acadia Realty Trust [NYSE]
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Anchor Lease Expirations - Next 3 Years
---------------------------------------
-------------------------------------------------------------------------
Gross Leased Annualized Base Rent
Area
---------------- --------------------------
Percent Percent Average
Square of of per
Center Anchor footage all anchors Amount all Sq. Ft.
anchors
-------------------------------------------------------------------------
Wholly Owned
------------
Month-to-month
2005
Methuen Shopping
Osco Drug Center(Brook's) 10,234 0.36% 92,308 0.36% 9.02
---------------- --------------------------
2006
Pittston Plaza
Eckerd Drugs (Brook's) 8,468 0.29% 80,446 0.32% 9.50
Route 6 Plaza
Fashion Bug (1) 15,000 0.52% - 0.00% -
Blackman Plaza
Eckerd Drugs (Brook's) 7,000 0.24% 59,710 0.24% 8.53
---------------- --------------------------
Total 2006 30,468 1.05% 140,156 0.56% 4.60
---------------- --------------------------
2007
Ledgewood Mall
The Sports Authority 52,205 1.82% 225,000 0.89% 4.31
Soundview King Kullen
Marketplace 48,100 1.68% 562,600 2.22% 11.70
Hobson West Bobak's
Plaza 51,692 1.80% 225,436 0.89% 4.36
---------------- --------------------------
Total 2007 151,997 5.30% 1,013,036 4.00% 6.66
---------------- --------------------------
Total - Next 3 Years $192,699 6.71% $1,245,500 4.92% $6.46
================ ==========================
Joint Venture - Crossroads
--------------------------
2005 - -
2006 - -
2007
Crossroads
Pier 1 Shopping Center 8,818 4.41% 278,825 12.57% 31.62
Crossroads Waldbaum's
Shopping Center 38,208 19.09% 504,000 22.72% 13.19
---------------- --------------------------
Total 2007 47,026 23.50% 782,825 35.29% 16.65
---------------- --------------------------
Total - Next 3 Years $47,026 23.50% $782,825 35.29%$16.65
================ ==========================
Fund I
----------------
2005 - -
2006
Market Square TJ Maxx
Shopping Center 31,375 1.45% 365,712 1.54% 11.66
Haygood ShoppingRose's
Center 40,500 1.87% 56,700 0.24% 1.40
2007
Brandywine Town Annie Sez
Center (Big M) 13,325 0.61% 279,825 1.18% 21.00
---------------- --------------------------
Total -
Next 3
Years $85,200 3.93% $702,237 2.96% $8.24
================ ==========================
Fund II
-------
Month-to-month
Sherman Avenue New York
City 60,773 16.30% 972,368 24.64% 16.00
2005 - -
2006 - -
161st Street New York
City 137,334 36.84% 2,334,682 59.15% 17.00
2007
Sherman Avenue Pilot
Garage 74,000 19.85% 365,000 9.25% 4.93
400 East FordhamSears
Road 100,703 27.01% 275,000 6.97% 2.73
---------------- --------------------------
Total 2007 174,703 46.86% 640,000 16.22% 3.66
---------------- --------------------------
Total - Next 3 Years $372,810 100.00% $3,947,050 40.86%$10.59
================ ==========================
(1) Tenant pays rent based on percentage of sales
Page 51
Acadia Realty Trust [NYSE]
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Lease Expirations
-----------------
-------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- ---------------------
Number of Percent PercentAverage
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------------------------------------------------------------------
Wholly-Owned Propeties
Anchor Tenant Expirations
2005 1 10,234 0.36% $92,308 0.36% 9.02
2006 3 30,468 1.06% 140,156 0.55% 4.60
2007 3 151,997 5.29% 1,013,036 4.00% 6.66
2008 5 162,680 5.67% 1,516,155 5.99% 9.32
2009 9 347,155 12.09% 1,570,602 6.20% 4.52
2010 14 376,113 13.11% 3,900,549 15.41% 10.37
2011 3 129,708 4.52% 965,880 3.81% 7.45
2012 1 50,225 1.75% 516,960 2.04% 10.29
2013 2 115,392 4.02% 1,444,884 5.71% 12.52
2014 5 212,980 7.42% 1,267,126 5.00% 5.95
2015 5 164,230 5.72% 2,507,015 9.90% 15.27
2016 1 4,541 0.16% 356,469 1.41% 78.50
2017 1 47,773 1.66% 955,460 3.77% 20.00
2018 2 111,739 3.89% 863,432 3.41% 7.73
2019 4 265,075 9.23% 1,518,396 6.00% 5.73
2020 4 218,211 7.60% 1,818,995 7.18% 8.34
2021 3 177,917 6.20% 1,035,619 4.09% 5.82
2022 1 14,837 0.52% 435,000 1.72% 29.32
2023 1 64,665 2.25% 937,000 3.70% 14.49
2024 1 73,184 2.55% 1,317,311 5.20% 18.00
2028 3 141,509 4.93% 1,152,840 4.55% 8.15
-------------------------------- --------------------------
Total Occupied 72 2,870,633 100.00% $25,325,193 100.00% $8.82
Anchor GLA Owned by Tenants 254,916
Total Vacant 81,243
----------------
Total Square Feet 3,206,792
================
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Lease Expirations
-----------------
-------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- ---------------------
Number of Percent PercentAverage
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------------------------------------------------------------------
Wholly-Owned Propeties
Shop Tenant Expirations
Month to Month 19 49,740 3.88% $604,274 3.07%$12.15
2005 9 20,933 1.63% 296,007 1.51% 14.14
2006 58 202,816 15.81% 2,766,439 14.07% 13.64
2007 62 226,475 17.65% 3,337,376 16.99% 14.74
2008 56 179,265 13.97% 3,249,350 16.53% 18.13
2009 55 189,042 14.73% 2,921,635 14.86% 15.45
2010 31 112,977 8.80% 1,313,627 6.68% 11.63
2011 16 67,148 5.23% 1,219,595 6.20% 18.16
2012 6 16,261 1.27% 361,466 1.84% 22.23
2013 13 41,834 3.26% 847,441 4.31% 20.26
2014 18 83,719 6.52% 1,135,171 5.77% 13.56
2015 8 63,672 4.96% 843,235 4.29% 13.24
2018 4 6,805 0.53% 267,306 1.36% 39.28
2019 1 - 0.00% 51,205 0.26% -
2020 4 17,945 1.40% 351,228 1.79% 19.57
2022 1 2,205 0.17% 41,895 0.21% 19.00
2025 1 2,400 0.19% 51,840 0.26% 21.60
2030 2 - 0.00% - 0.00% -
---------------------------- --------------------------
Total Occupied 364 1,283,237 100.00% $19,659,090 100.00%$15.32
Total Vacant 219,554
-----------
Total Square Feet 1,502,791
===========
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Lease Expirations
-----------------
-------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- ---------------------
Number of Percent PercentAverage
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------------------------------------------------------------------
Wholly-Owned Propeties
Total Tenant Expirations
Month to Month 19 49,740 1.20% $604,274 1.34%$12.15
2005 10 31,167 0.75% 388,315 0.86% 12.46
2006 61 233,284 5.62% 2,906,595 6.46% 12.46
2007 65 378,472 9.11% 4,350,412 9.67% 11.49
2008 61 341,945 8.22% 4,765,505 10.61% 13.94
2009 64 536,197 12.91% 4,492,237 9.99% 8.38
2010 45 489,090 11.77% 5,214,176 11.59% 10.66
2011 19 196,856 4.74% 2,185,475 4.86% 11.10
2012 7 66,486 1.60% 878,426 1.95% 13.21
2013 15 157,226 3.79% 2,292,325 5.10% 14.58
2014 23 296,699 7.14% 2,402,297 5.34% 8.10
2015 13 227,902 5.49% 3,350,250 7.45% 14.70
2016 1 4,541 0.11% 356,469 0.79% 78.50
2017 1 47,773 1.15% 955,460 2.12% 20.00
2018 6 118,544 2.85% 1,130,738 2.51% 9.54
2019 5 265,075 6.38% 1,569,601 3.49% 5.92
2020 8 236,156 5.69% 2,170,223 4.82% 9.19
2021 3 177,917 4.28% 1,035,619 2.30% 5.82
2022 2 17,042 0.41% 476,895 1.06% 27.98
2023 1 64,665 1.56% 937,000 2.08% 14.49
2024 1 73,184 1.76% 1,317,311 2.93% 18.00
2025 1 2,400 0.06% 51,840 0.12% 21.60
2028 3 141,509 3.41% 1,152,840 2.56% 8.15
2030 2 - 0.00% - 0.00% -
---------------------------- --------------------------
Total Occupied 436 4,153,870 100.00% $44,984,283 100.00%$10.83
Anchor GLA Owned by Tenants 254,916
Total Vacant 300,797
-----------
Total Square Feet 4,709,583
===========
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Lease Expirations
-----------------
-------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- ---------------------
Number of Percent PercentAverage
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------------------------------------------------------------------
Fund I
Anchor Tenant Expirations
2006 2 71,875 3.31% $422,412 1.78% 5.88
2007 1 13,325 0.61% 279,825 1.18% 21.00
2009 27 1,052,564 48.52% 8,762,404 36.92% 8.32
2010 2 24,852 1.15% 386,375 1.63% 15.55
2011 3 68,400 3.15% 1,556,557 6.56% 22.76
2012 2 21,000 0.97% 275,835 1.16% 13.14
2013 3 97,389 4.49% 1,761,039 7.42% 18.08
2014 2 50,977 2.35% 868,426 3.66% 17.04
2015 6 155,560 7.17% 2,939,744 12.39% 18.90
2017 3 124,555 5.74% 1,718,592 7.24% 13.80
2018 2 278,000 12.81% 2,725,000 11.48% 9.80
2021 2 66,237 3.05% 660,576 2.78% 9.97
2022 1 59,159 2.73% 620,578 2.61% 10.49
2024 1 70,400 3.24% 281,600 1.19% 4.00
2080 1 15,462 0.71% 475,000 2.00% 30.72
--------------------------- ------------------------------------
Total Occupied 58 2,169,755 100.00% $23,733,963 100.00% $10.94
Total Vacant 245,271
-----------
Total Square
Feet 2,415,026
===========
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Lease Expirations
-----------------
-------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- ---------------------
Number of Percent PercentAverage
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------------------------------------------------------------------
Fund I
Shop Tenant Expirations
Month to Month 25 66,052 22.26% $898,027 22.42%$13.60
2005 7 17,745 5.98% 159,487 3.98% 8.99
2006 10 38,179 12.87% 628,268 15.69% 16.46
2007 15 34,819 11.73% 475,448 11.87% 13.65
2008 13 34,437 11.60% 509,601 12.72% 14.80
2009 5 10,851 3.66% 115,203 2.88% 10.62
2010 2 3,060 1.03% 64,890 1.62% 21.21
2011 2 3,465 1.17% 63,705 1.59% 18.39
2013 4 20,070 6.76% 274,925 6.86% 13.70
2014 7 48,388 16.31% 625,321 15.61% 12.92
2015 2 4,087 1.38% 97,970 2.45% 23.97
2016 1 5,504 1.85% - 0.00% -
2018 1 6,957 2.34% 50,004 1.25% 7.19
2019 1 3,141 1.06% 42,000 1.05% 13.37
2050 1 - 0.00% - 0.00% -
--------------------------- -------------------------
Total Occupied 96 296,755 100.00% $4,004,849 100.00%$13.50
Total Vacant 123,835
-----------
Total Square
Feet 420,590
===========
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Lease Expirations
-----------------
-------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- ---------------------
Number of Percent PercentAverage
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------------------------------------------------------------------
Fund I
Total Tenant Expirations
Month to Month 25 66,052 2.68% $898,027 3.24% $13.60
2005 7 17,745 0.72% 159,487 0.57% 8.99
2006 12 110,054 4.46% 1,050,680 3.79% 9.55
2007 16 48,144 1.95% 755,273 2.72% 15.69
2008 13 34,437 1.40% 509,601 1.84% 14.80
2009 32 1,063,415 43.12% 8,877,607 32.00% 8.35
2010 4 27,912 1.13% 451,265 1.63% 16.17
2011 5 71,865 2.91% 1,620,262 5.84% 22.55
2012 2 21,000 0.85% 275,835 0.99% 13.14
2013 7 117,459 4.76% 2,035,964 7.34% 17.33
2014 9 99,365 4.03% 1,493,747 5.39% 15.03
2015 8 159,647 6.47% 3,037,714 10.95% 19.03
2016 1 5,504 0.22% - 0.00% -
2017 3 124,555 5.05% 1,718,592 6.20% 13.80
2018 3 284,957 11.55% 2,775,004 10.00% 9.74
2019 1 3,141 0.13% 42,000 0.15% 13.37
2021 2 66,237 2.69% 660,576 2.38% 9.97
2022 1 59,159 2.40% 620,578 2.24% 10.49
2024 1 70,400 2.85% 281,600 1.02% 4.00
2050 1 - 0.00% - 0.00% -
2080 1 15,462 0.63% 475,000 1.71% 30.72
--------------------------- ------------------------------------
Total Occupied 154 2,466,510 100.00% $27,738,812 100.00% $11.25
-----------------------------------
Total Vacant 369,106
-----------
Total Square
Feet 2,835,616
===========
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Lease Expirations
-----------------
-------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- ---------------------
Number of Percent PercentAverage
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------------------------------------------------------------------
Fund II
Anchor Tenant Expirations
Month to Month 1 60,773 16.30% $972,368 24.64% $16.00
2006 1 137,334 36.84% $2,334,682 59.15% $17.00
2007 1 174,703 46.86% 640,000 16.21% 3.66
--------------------------- ------------------------------------
Total Occupied 3 372,810 100.00% $3,947,050 100.00% $10.59
Total Vacant -
-----------
Total Square Feet 372,810
===========
Fund II
Shop Tenant Expirations
Month to Month 8 165,723 36.77% $864,914 21.35% $5.22
2005 1 16,000 3.55% 100,000 2.47% 6.25
2006 4 38,468 8.54% 704,725 17.39% 18.32
2007 8 204,834 45.44% 2,067,117 51.01% 10.09
2009 3 17,414 3.86% 159,284 3.93% 9.15
2010 2 7,012 1.56% 110,816 2.73% 15.80
2013 1 1,254 0.28% 45,144 1.11% 36.00
--------------------------- ------------------------------------
Total Occupied 27 450,705 100.00% $4,052,000 100.00% $8.99
Total Vacant 50,999
-----------
Total Square
Feet 501,704
===========
Fund II
Total Tenant Expirations
Month to Month 9 226,496 27.50% $1,837,282 22.97% $8.11
2005 1 16,000 1.94% 100,000 1.25% 6.25
2006 5 175,802 21.35% 3,039,407 38.00% 17.29
2007 9 379,537 46.10% 2,707,117 33.84% 7.13
2009 3 17,414 2.11% 159,284 1.99% 9.15
2010 2 7,012 0.85% 110,816 1.39% 15.80
2013 1 1,254 0.15% 45,144 0.56% 36.00
--------------------------- ------------------------------------
Total Occupied 30 823,515 100.00% $7,999,050 100.00% $9.71
Total Vacant 50,999
-----------
Total Square
Feet 874,514
===========
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Lease Expirations
-----------------
-------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- ---------------------
Number of Percent PercentAverage
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------------------------------------------------------------------
Crossroads (JV Property)
Anchor Tenant Expirations
2007 2 47,026 23.49% $782,825 35.28% 16.65
2009 1 25,000 12.49% 193,750 8.73% 7.75
2012 2 113,155 56.53% 912,177 41.12% 8.06
2018 1 15,000 7.49% 330,000 14.87% 22.00
--------------------------- -------------------------
Total Occupied 6 200,181 100.00% $2,218,752 100.00%$11.08
Total Vacant -
-----------
Total Square Feet 200,181
===========
Shop Tenant Expirations
2005 1 2,210 2.00% $60,996 1.60%$27.60
2006 4 7,240 6.55% 241,428 6.32% 33.35
2007 4 4,912 4.45% 185,550 4.86% 37.77
2008 9 31,460 28.50% 1,033,542 27.08% 32.85
2009 7 22,318 20.20% 772,810 20.24% 34.63
2011 2 4,070 3.68% 143,212 3.75% 35.19
2012 2 5,250 4.75% 189,000 4.95% 36.00
2014 4 19,941 18.05% 673,780 17.65% 33.79
2017 1 6,600 5.97% 330,000 8.64% 50.00
2022 1 6,462 5.85% 187,398 4.91% 29.00
--------------------------- -------------------------
Total Occupied 35 110,463 100.00% $3,817,716 100.00%$34.56
Total Vacant -
-----------
Total Square
Feet 110,463
===========
Crossroads (JV Property)
Total Tenant Expirations
2005 1 2,210 0.71% $60,996 1.01% 27.60
2006 4 7,240 2.33% 241,428 4.00% 33.35
2007 6 51,938 16.72% 968,375 16.04% 18.64
2008 9 31,460 10.13% 1,033,542 17.12% 32.85
2009 8 47,318 15.23% 966,560 16.01% 20.43
2011 2 4,070 1.31% 143,212 2.37% 35.19
2012 4 118,405 38.12% 1,101,177 18.25% 9.30
2014 4 19,941 6.42% 673,780 11.16% 33.79
2017 1 6,600 2.12% 330,000 5.47% 50.00
2018 1 15,000 4.83% 330,000 5.47% 22.00
2022 1 6,462 2.08% 187,398 3.10% 29.00
--------------------------- -------------------------
Total Occupied 41 310,644 100.00% $6,036,468 100.00%$19.43
Total Vacant -
-----------
Total Square Feet 310,644
===========
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Property Demographics (1)
-------------------------
3-Mile Radius(2)
------------------------------------
Trade Total #
Area Base Total Total HouseholdsMedian HH Avg. HH
Property / JV City State(Miles) Rent GLA Pop. ("HH") Income Income
Ownership %
- ------------------------------------------------------------------- -------------------------------------
Brandywine Town CenterWilmington DE
& Mkt Sq./22.22% 3 13,777,387 873,194 40,167 15,437 $81,275 $98,474
Elmwood Park Shopping Elmwood ParkNJ
Ctr. 3 3,276,322 149,085 259,975 86,557 $51,206 $61,319
Abington Towne Center Abington PA 3 924,459 216,355 93,360 36,608 $65,173 $80,281
Granville Center / Columbus OH
22.22% 3 670,684 131,543 114,683 51,558 $46,830 $54,096
Hobson West Plaza Naperville IL 3 1,217,633 99,044 94,003 32,812 $96,226 $111,843
Methuen Shopping Ctr. Methuen MA 5 828,772 130,238 91,936 33,202 $40,495 $50,182
Crossroads Shopping White PlainsNY
Ctr. / 49% 3 6,036,468 310,644 104,349 40,090 $76,635 $97,520
The Branch Plaza Smithtown NY 3 2,353,090 125,724 67,386 22,781 $86,500 $98,961
Village Commons Smithtown NY
Shopping Ctr. 3 2,135,008 87,306 67,862 22,859 $87,048 $99,163
Bloomfield Town SquareBloomfield MI
Hills 5 2,279,964 217,266 62,541 24,356 $72,545 $102,892
Crescent Plaza Brockton MA 3 1,665,798 218,104 99,840 35,462 $45,142 $52,972
239 Greenwich Avenue Greenwich CT 5 1,286,069 16,834 66,867 25,228 $94,987 $147,352
Soundview Marketplace Port NY
Washington 3 2,861,455 183,630 46,380 16,462 $113,631 $167,275
Town Line Plaza Rocky Hill CT 3 1,475,144 206,178 45,242 19,007 $74,547 $64,079
New Loudon Center Latham NY 5 1,710,117 255,826 41,508 16,246 $55,189 $65,561
Pacesetter Park Pomona NY
Shopping Ctr. 3 1,106,992 96,698 25,894 8,469 $88,331 $107,734
Mad River Station Dayton OH 5 1,520,371 155,739 59,585 26,299 $56,285 $67,437
Greenridge Plaza Scranton PA 3 955,473 191,755 88,472 37,357 $32,243 $41,495
Mark Plaza EdwardsvillePA 5 1,051,524 210,689 89,240 38,696 $31,389 $39,511
Luzerne Street Scranton PA
Shopping Ctr. 3 242,748 58,089 66,687 27,708 $30,436 $39,697
Blackman Plaza Wilkes-BarrePA 5 282,374 121,341 61,029 26,168 $30,784 $39,130
Sheffield Crossing / Sheffield OH
22.22% 3 1,118,641 112,534 35,452 14,048 $45,762 $54,608
Amherst Marketplace / Amherst OH
22.22% 3 830,115 79,937 52,542 21,012 $44,259 $53,044
Sterling Heights Sterling MI
Shopping Center / Heights
11.11% 3 422,154 153,782 97,175 35,730 $67,786 $74,409
Tarrytown Shopping Tarrytown NY
Center / 11.11% 3 750,716 38,895 35,238 13,328 $68,960 $98,836
Hitchcock Plaza / 20% Aiken SC 5 472,986 234,338 25,419 10,547 $60,290 $71,076
Pine Log Plaza / 20% Aiken SC 5 134,402 35,064 25,419 10,547 $60,290 $71,076
Haygood Shopping Virginia VA
Center / 11.11% Beach 3 897,375 158,229 95,832 36,598 $52,790 $62,252
400 East Fordham Road The Bronx NY
/ 18.32% 2 644,128 117,355 651,504 223,577 $33,414 $37,631
Sherman Avenue / Manhattan NY
18.32% 2 1,337,368 134,773 529,999 176,116 $29,932 $40,762
Pelham Manor Shopping Westchester NY
Plaza / 18.32% 3 2,147,201 398,775 400,119 149,994 $47,713 $59,780
Walnut Hill Plaza Woonsocket RI 5 2,379,849 283,235 59,961 24,256 $41,751 $49,362
Ledgewood Mall Ledgewood NJ 5 4,387,287 517,012 34,631 12,915 $77,309 $88,598
Merrillville Plaza Hobart IN 5 2,467,475 235,605 18,924 7,566 $54,952 $62,686
The Gateway Shopping So. VT
Ctr. Burlington 3 1,777,446 101,792 46,105 19,252 $43,524 $53,733
Marketplace of AbseconAbsecon NJ 3 1,648,263 105,093 30,277 10,476 $51,028 $60,415
Pittston Plaza Pittston PA 3 590,735 79,494 40,640 17,537 $36,785 $45,214
Plaza 422 Lebanon PA 3 444,020 155,026 44,416 18,047 $36,458 $43,830
Route 6 Plaza Honesdale PA 5 1,078,027 175,507 7,395 3,155 $32,818 $42,657
Bradford Towne Centre Towanda PA 10 1,580,960 256,939 5,506 2,344 $38,141 $46,212
- ------------------------------------------------------------------- ------------------------------------
72,767,000 7,428,667
--------------------- ------------------------------------
96,249 35,938 $59,386 $71,952
------------------------------------
74,432 27,408 $65,313 $80,524
------------------------------------
Property Demographics (1)
-------------------------
- ------------------------------------------------------------------------ -------------------------------- ------------------------
5-Mile Radius 10-Mile Radius
------------------------------------- --------------------------------
Total Median Avg. HH Total Median Avg. HH
# HH # HH
Property / JV City State Pop. HH Income Income Pop. HH Income Income County MSA
Ownership %
- -----------------------------------------------------------------------------------------------------------------------------------
Brandywine Town Wilmington DE Bergen Wilmington-
Center & Mkt Newark, DE
Sq./22.22% 116,835 47,059 $71,475 $91,032 - - $- $-
Elmwood Park Elmwood Park NJ Bergen Bergen-
Shopping Ctr. 612,593 212,140 $56,661 $68,670 - - - - Passaic, NJ
Abington Towne Abington PA Bucks Philadelphia,
Center 306,979 120,242 $58,804 $71,480 - - - - PA
Granville CenterColumbus OH Franklin Columbus, OH
/ 22.22% 267,818 116,119 $52,178 $61,015 - - - -
Hobson West Naperville IL DuPage Chicago, IL
Plaza 264,472 93,258 $83,440 $96,333 - - - -
Methuen ShoppingMethuen MA Essex Boston, MA-NH
Ctr. 198,133 73,801 $46,809 $56,761 - - - -
Crossroads White Plains NY WestchesterNew York, NY
Shopping Ctr. /
49% 203,088 74,810 $91,173 $122,507 - - - -
The Branch PlazaSmithtown NY Suffolk Nassau-
198,575 64,367 $78,576 $90,006 - - - - Suffolk, NY
Village Commons Smithtown NY Suffolk Nassau-
Shopping Ctr. 197,398 63,981 $79,019 $90,486 - - - - Suffolk, NY
Bloomfield Town Bloomfield MI Oakland Detroit, MI
Square Hills 166,366 63,987 $77,660 $106,428 - - - -
Crescent Plaza Brockton MA 168,024 60,373 $50,116 $58,235 - - - - Plymouth Boston, MA-NH
239 Greenwich Greenwich CT Fairfield New Haven-
Avenue 141,499 51,663 $92,448 $141,180 - - - - Meriden, CT
Soundview Port NY Nassau Nassau-
Marketplace Washington 143,395 52,155 $97,968 $139,340 - - - - Suffolk, NY
Town Line Plaza Rocky Hill CT 151,760 60,763 $56,343 $66,119 - - - - Hartford Hartford, CT
New Loudon Latham NY Albany Albany-
Center Schenectady-
152,497 63,018 $46,569 $56,589 - - - - Troy, NY
Pacesetter Park Pomona NY Rockland New York, NY
Shopping Ctr. 128,097 37,540 $71,637 $88,824 - - - -
Mad River Dayton OH Montgomery Dayton-
Station Springfield,
130,304 55,583 $58,803 $72,512 - - - - OH
Greenridge PlazaScranton PA Lackawanna Scranton-
Wilkes
Barre-
126,562 53,080 $34,803 $44,679 - - - - Hazelton, PA
Mark Plaza Edwardsville PA Luzerne Scranton-
Wilkes
Barre-
124,722 53,562 $34,002 $42,614 - - - - Hazelton, PA
Luzerne Street Scranton PA Lackawanna Scranton-
Shopping Ctr. Wilkes
Barre-
120,838 50,392 $34,650 $44,561 - - - - Hazelton, PA
Blackman Plaza Wilkes-Barre PA Luzerne Scranton-
Wilkes
Barre-
116,682 50,274 $33,089 $41,383 - - - - Hazelton, PA
Sheffield Sheffield OH Lorain Cleveland-
Crossing / Lorain-
22.22% 121,322 47,230 $45,775 $54,558 - - - - Elyria
Amherst Amherst OH Lorain Cleveland-
Marketplace / Lorain-
22.22% 97,181 38,366 $40,461 $49,765 - - - - Elyria
Sterling HeightsSterling MI Coordinates
Shopping Center Heights 42.5803,
/ 11.11% 257,839 101,330 $64,903 $73,379 - - - - 83.0298
Tarrytown Tarrytown NY Coordinates
Shopping Center 41.0799,
/ 11.11% 119,686 46,393 $76,834 $104,788 - - - - 73.8640
Hitchcock Plaza Aiken SC Coordinates
/ 20% 33.5156,
45,931 18,554 $49,878 $60,184 84,131 33,423 43,742 52,745 81.7311
Pine Log Plaza /Aiken SC Coordinates
20% 33.5156,
45,931 18,554 $49,878 $60,184 84,131 33,423 43,742 52,745 81.7311
Haygood ShoppingVirginia BeachVA Coordinates
Center / 11.11% 36.8727,
217,586 82,889 $52,974 $62,426 - - - - 76.1350
400 East FordhamThe Bronx NY The Bronx New York, NY
Road / 18.32% - - - -
Sherman Avenue /Manhattan NY Manhattan New York, NY
18.32% - - - -
Pelham Manor Westchester NY WestchesterNew York, NY
Shopping Plaza
/ 18.32% 1,114,822 410,040 $44,052 $56,839
Walnut Hill Woonsocket RI Providence Providence-
Plaza Fall River,
94,203 37,077 $48,793 $57,263 - - - - RI
Ledgewood Mall Ledgewood NJ 105,973 38,609 $75,159 $86,345 278,307 100,409 $84,897 $99,923 Morris Newark, NJ
Merrillville Hobart IN Lake Gary, IN
Plaza 84,180 31,820 $52,697 $60,610 344,569 130,349 $48,747 $57,323
The Gateway So. BurlingtonVT Chittenden Burlington,
Shopping Ctr. 68,034 27,816 $45,474 $56,025 - - - - VT
Marketplace of Absecon NJ Atlantic Atlantic
Absecon City-Cape
68,488 23,943 $50,386 $59,385 - - - - May, NJ
Pittston Plaza Pittston PA Luzerne Scranton-
Wilkes
Barre-
72,326 31,010 $38,049 $46,790 - - - - Hazelton, PA
Plaza 422 Lebanon PA Lebanon Harrisburg-
Lebanon-
61,325 24,358 $40,383 $48,126 - - - - Carlisle, PA
Route 6 Plaza Honesdale PA 11,704 4,849 $33,779 $43,036 - - - - Wayne N/A
Bradford Towne Towanda PA Bradford
Centre 8,813 3,627 $38,371 $46,994 17,398 6,799 $38,245 $46,336 N/A
------------------------------------- --------------------------------
191,231 72,348 $56,210 $69,526 249,818 92,491 $76,260 $90,418
------------------------------------- --------------------------------
172,097 63,140 $63,284 $78,967 250,003 92,104 $66,210 $78,179
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Acadia Realty Trust [NYSE]
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AKR
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QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2005
Residential (Multi-family) Properties
- -----------------------------------------------------------------------------
% %
Occupied Occupied
Property Location Square Units SeptemberJune 30,
Feet 30, 2005 2005
- ------------------------------------------------------------------------------------------------------------------------
Mid-Atlantic
North Carolina
--------------
Village Apartments Winston Salem 578,606 600 95% 93%
Mid-West
Missouri
--------
Gate House, Holiday House, Tiger Village, Columbia 628,891 874 98% 91%
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Colony Apartments (1)
Totals 1,207,497 1,474 97% 92%
==================================
(1) As this property has tenants associated with the University of Missouri,
occupancy trends are correlated to semester sessions
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