Exhibit 99.2
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Table of Contents
-----------------
Page
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Section I - Overview
Important Notes 2
Company Information 3
Portfolio Snapshot 4
Organizational Chart 5
Executive Management Team 6
Section II - Financial Information
Market Capitalization 7
Shareholder Information 8
Operating Statements - Consolidated 9
Operating Statements - Joint Venture Activity 11
Operating Statements - Activity by Source 13
Operating Statements - Current v. Historical 15
Net Operating Income - Same Property Performance 16
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")
and Funds Available for Distribution ("FAD") 17
Capital Expenditures 18
Balance Sheets 19
Selected Operating Ratios 20
Debt Analysis - Summary 21
Debt Analysis - Detail 22
Debt Maturity Schedule 24
Unencumbered Properties 25
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Page
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Section III - Joint Venture Information
Overview - Fund I 26
Overview - Fund II 27
Overview - RCP Venture 28
Fund I Properties - Detail 29
Top 10 Fund I Tenants 30
Fund I - Current Valuation 31
Kroger/Safeway Locations 32
Fund II Properties - Detail 33
Section IV - Parent Portfolio Information
Properties - Overview 34
Properties by Region - Summary 37
Properties by State - Summary 38
Properties - Detail 39
Leasing Production 42
Top 10 Tenants - Consolidated 43
Anchor Tenant Detail 44
Anchor Lease Expirations - Next 3 Years 50
Lease Expirations 51
Property Demographics 59
Residential Properties 60
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Company Information
-------------------
Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated
and self-managed real estate investment trust which specializes in the
acquisition, redevelopment and operation of shopping centers which are anchored
by grocery and value-oriented retail. Acadia currently owns (or has interests
in) and operates 69 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
michael.bilerman@citigroup.com
J.P. Morgan Securities, Inc. ------------------------------
Michael W. Mueller, CFA (212) 622-6689 David Carlisle - (212) 816- 1382
michael.w.mueller@jpmorgan.com david.s.carlisle@citigroup.com
------------------------------- ------------------------------
Josh Bederman (212) 622-6530
josh.h.bederman@jpmorgan.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
-------------------------------
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Executive Management Team
Kenneth F. Bernstein Chief Mr. Bernstein is responsible for strategic planning as well as overseeing all
Executive day to day activities of the Company including operations, acquisitions and
Officer and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD
President 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 Mr. Braun is responsible for the sourcing and financial analysis of acquisition
President, properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and
Chief Finance for Rosenshein Associates, a regional shopping center developer based in
Investment New Rochelle, New York. During this time, Mr. Braun was instrumental in the
Officer initiation and formation of Kranzco Realty Trust, a publicly traded REIT. Mr.
Braun holds a Bachelor's in Business Administration from Boston University and a
Master's Degree in Planning from John Hopkins University.
Joseph Hogan Senior Vice Most recently, Mr. Hogan served as Vice President with Kimco Realty Corporation
President, (NYSE:KIM), where he was responsible for business development and management of
Director of all retail and commercial construction projects for Kimco, in addition to
Construction outside customers and development companies. Prior to joining Kimco, he was with
Konover Construction Company, a subsidiary of Konover & Associates located in
West Hartford, Connecticut, where he was responsible for construction projects
throughout the eastern half of the United States.
Robert Masters, Esq. Senior Vice Prior to joining Acadia in December 1994, Mr. Masters was General Counsel for
President, API Asset Management for over five years, Senior Vice President Deputy General
General Counsel for European American Bank from 1985 to 1990, and Vice President and
Counsel, Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received
Corporate his Bachelor of Arts from the City University of New York and his J.D. from New
Secretary York University Law School. Mr. Masters is also a member of the New York State
Bar.
Joseph M. Napolitano, Senior Vice Mr. Napolitano is responsible for overseeing the company's internal operations.
CPM President, Previously, he held the position of Senior Vice President, Director of Property
Director of Management. Prior to joining Acadia in 1995, Mr. Napolitano was employed by
Operations Rosen Associates Management Corp. as a Senior Property Manager overseeing a
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 Mr. Nelsen oversees all the financial activities and asset management functions.
President, Mr. Nelsen was most recently President of G. Soros Realty, Inc. and Director of
Chief Real Estate for Soros Private Funds Management LLC. His responsibilities
Financial included asset/portfolio management of real estate operations, financial
Officer reporting, financings, asset acquisitions and dispositions. Previously, he was a
partner in the public accounting firm of David Berdon & Co. Mr. Nelsen has been
a Certified Public Accountant since 1971.
Joseph Povinelli Senior Vice Mr. Povinelli joined Acadia in 1999 with 19 years of retail leasing experience.
President, Since 1987 Mr. Povinelli had served as regional real estate representative for
Director of Vornado Realty Trust, a New Jersey based Real estate investment trust, and was
Leasing responsible for the day to day leasing activity of approximately 3 million
square feet of the strip shopping center portfolio. Prior to this he served as
leasing representative for Net Properties Management, Great Neck, New York,
responsible for leasing of the strip shopping center and office building
portfolio of the mid-atlantic and southeast regions of the company. Mr.
Povinelli received a Bachelor of Science degree in Finance and Economics from
C.W. Post College of Long Island University.
Robert Scholem Senior Vice Mr. Scholem has been the Director of Property Management since 2003 and a Senior
President, Vice President since August, 2005. Prior to joining the Company in 1998, Mr.
Director of Scholem was employed at Rosen Associates Management Corp. as a Senior Property
Property Manager overseeing a national portfolio of community shopping centers, and
Management Staller Associates, Inc. as an Operations Manager responsible for community
shopping centers, office, and industrial buildings on Long Island, New York. Mr.
Scholem holds a Bachelor's in Business Administration from Guilford College,
Greensboro, NC; and is a Certified Property Manager (CPM(R)) by the Institute of
Real Estate Management. Mr. Scholem is also a licensed Salesperson by the State
of New York as well as a member of LI Board of Realtors & CIREI, and is a
Certified Shopping Center Manager (CSM) by the International Council of Shopping
Centers.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Total Market Capitalization
---------------------------
(including pro-rata share of joint venture debt)
Percent of
Percent Total Market
of
(amounts in thousands) Total Capitalization
Equity
--------- --------------
Equity Capitalization
- ------------------------------
Total Common Shares
Outstanding 97.2% 31,543
Common Operating Partnership
("OP") Units 2.0% 653
----------
Combined Common Shares and OP
Units 32,196
Market Price at December 30,
2005 $20.05
----------
Equity Capitalization - Common Shares and OP
Units $645,530
Preferred OP Units - at cost
(1) 0.8% 4,884
--------- ----------
Total Equity Capitalization 100.0% 650,414 67.8%
========= ========================
Debt Capitalization
- ------------------------------
Consolidated debt 238,448
Adjustment to reflect pro-rata share of
unconsolidated JV debt 70,114
----------
Total Debt Capitalization 308,562 32.2%
------------------------
Total Market Capitalization $958,976 100.0%
========================
Weighted Average Outstanding Common Shares and O.P. Units
- ---------------------------------------------------------------------
Common
Shares O.P. Total
Units
---------------------------------
=====================================================================
Basic
Quarter ended December 31, 2005 32,017,316 653,360 32,670,676
Year-to-date December 31, 2005 31,948,610 615,160 32,563,770
Fully Diluted
Quarter ended December 31, 2005 32,293,926 653,360 32,947,286
Year-to-date December 31, 2005 (3) 32,214,231 615,160 32,829,391
=====================================================================
Basic
Quarter ended December 31, 2004 30,665,688 392,255 31,057,943
Year-to-date December 31, 2004 29,340,992 598,259 29,939,251
Fully Diluted
Quarter ended December 31, 2004 (3) 31,645,852 392,255 32,038,107
Year-to-date December 31, 2004 (3) 29,912,405 598,259 30,510,664
(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 included in fully diluted EPS
for the above periods EXCEPT for the quarter ended December 31, 2004.
However, for the purposes of calculating FFO on a fully diluted basis for
the quarter and year ended December 31, 2005 and the year ended December
31, 2004, these stock equivalents are dilutive and amount to 429,879,
476,279 and 499,662, respectively.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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 4,021 12.7%
Yale University 2,570 8.1%
Third Avenue Management 2,458 7.8%
Heitman Real Estate Securities 2,036 6.5%
Cliffwood Partners 1,663 5.3%
Morgan Stanley 1,661 5.3%
Vanguard Group 1,378 4.4%
Barclay's Global Investors 1,342 4.3%
Redding K G & Associated LLC 1,203 3.8%
Clarion CRA Securities 869 2.8%
---- ----
Total of 10 Largest Institutional Shareholders 19,201 60.9%
======= =====
Total of all Institutional Shareholders 29,787 94.4%
======= =====
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%
==== ======
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Statements of Operations - Consolidated (1)
-------------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
--------------------------------- ---------------------------------
Year-to-Date Current Quarter
Year 3 months
ended December 31, ended December 31,
2005 2005
--------------------------------- ---------------------------------
Discontinued Discontinued
Wholly JV's operations Total Wholly JV's Operations Total
Owned Owned
--------------------------------- ---------------------------------
PROPERTY REVENUES
Minimum rents $52,409 $9,159 $365 $61,933 $13,435 $1,894 $- $15,329
Percentage rents 747 249 (5) 991 307 44 (5) 346
Expense reimbursements 13,919 2,110 209 16,238 3,828 544 (14) 4,358
Other property income 657 36 (131) 562 65 7 (137) (65)
--------------------------------- ---------------------------------
67,732 11,554 438 79,724 17,635 2,489 (156) 19,968
--------------------------------- ---------------------------------
PROPERTY EXPENSES
Property operating 14,183 1,448 348 15,979 3,972 208 106 4,286
Real estate taxes 9,253 1,312 138 10,703 2,449 247 - 2,696
--------------------------------- ---------------------------------
23,436 2,760 486 26,682 6,421 455 106 6,982
--------------------------------- ---------------------------------
NET OPERATING INCOME - PROPERTIES 44,296 8,794 (48) 53,042 11,214 2,034 (262) 12,986
OTHER INCOME (EXPENSE)
General and administrative (8,006) - - (8,006) (3,208) - - (3,208)
Property related home office expenses (7,386) (95) - (7,481) (1,920) (39) - (1,959)
Equity in earnings of Fund I unconsolidated
properties - 279 - 279 - 76 - 76
Lease termination income - - - - - - - -
Interest income 3,577 102 - 3,679 1,119 37 - 1,156
Asset and property management income (2) 10,513 - - 10,513 2,780 - - 2,780
Promote Fee (3) 979 - - 979 979 - - 979
Property management expense (221) - - (221) (55) - - (55)
Straight-line rent income 546 158 - 704 194 339 - 533
Straight-line rents written off (17) - - (17) - - - -
FAS 141 Rent (217) 20 - (197) (122) (19) - (141)
Abandoned project costs - (86) - (86) - - - -
Hurricane related income (expenses) (4) 479 - - 479 - - - -
Provision for Income Taxes 170 - - 170 261 - - 261
Other income (expense) (175) 734 - 559 (96) 527 - 431
--------------------------------- ---------------------------------
EBIDTA 44,538 9,906 (48) 54,396 11,146 2,955 (262) 13,839
Depreciation and amortization (16,693)(3,000) (90)(19,783) (4,392) (802) - (5,194)
FAS 141 Amortization (70) (144) - (214) (22) (28) - (50)
Interest expense (11,423)(3,592) - (15,015) (3,310)(1,001) - (4,311)
FAS 141 Interest - 116 - 116 - 29 - 29
Impairment of real estate - - (820) (820) - - - -
Gain on sale of properties - - - - - - - -
Gain on sale of properties - Mervyn's( 1) - 4,991 - 4,991 - 1,293 - 1,293
Income taxes on gain on property sale - Mervyn's (2,318) - - (2,318) (783) - - (783)
--------------------------------- ---------------------------------
Income before minority interest 14,034 8,277 (958) 21,353 2,639 2,446 (262) 4,823
Minority interest - OP (267) (163) 17 (413) (53) (48) 4 (97)
Minority interest (265) (49) - (314) (102) (13) - (115)
--------------------------------- ---------------------------------
NET INCOME $13,502 $8,065 $(941)$20,626 $2,484 $2,385 $(258) $4,611
================================= =================================
(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
Shopping Center ("Crossroads").
(2) Detail as follows: YTD 4th 3rd 2nd 1st
Quarter Quarter Quarter Quarter
-------- --------------------------------
Asset management fee Fund I $1,052 $263 $263 $263 $263
Asset management fee Fund II 3,326 900 926 750 750
Property management, leasing and legal fees - Fund I 1,909 490 549 564 306
Property management/Construction/legal fees - Fund II 755 183 273 299 -
Klaff related fees 3,387 944 887 981 575
Other fees 84 - - - 84
-------- --------------------------------
$10,513 $2,780 $2,898 $2,857 $1,978
======== ================================
(3) Represents amounts distributed to the Company in excess of its pro-rata
share as a result of the performance of the Mervyn's investment.
(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.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Statements of Operations -
Consolidated (1)
-------------------------------------
Current Quarter and Year-to-
Date
-----------------------------
(in thousands)
Previous Quarters
3 months 3 months 3 months
ended September 30, ended June 30, ended March 31,
2005 2005 2005
--------------------------------- --------------------------------- ---------------------------------
Discontinued Discontinued Discontinued
Wholly JV's Operations Total Wholly JV's Operations Total Wholly JV's Operations Total
Owned Owned Owned
--------------------------------- --------------------------------- ---------------------------------
PROPERTY REVENUES
Minimum rents $13,352 $2,395 $7 $15,754 $13,032 $2,526 $147 $15,705 $12,590 $2,344 $211 $15,145
Percentage rents 144 185 - 329 112 10 - 122 184 10 - 194
Expense reimbursements 3,097 509 - 3,606 3,096 523 87 3,706 3,898 534 136 4,568
Other property income 236 13 5 254 134 11 1 146 222 5 - 227
--------------------------------- --------------------------------- ---------------------------------
16,829 3,102 12 19,943 16,374 3,070 235 19,679 16,894 2,893 347 20,134
--------------------------------- --------------------------------- ---------------------------------
PROPERTY EXPENSES
Property operating 3,151 318 28 3,497 2,966 464 64 3,494 4,094 458 150 4,702
Real estate taxes 2,363 399 4 2,766 2,093 343 68 2,504 2,348 323 66 2,737
--------------------------------- --------------------------------- ---------------------------------
5,514 717 32 6,263 5,059 807 132 5,998 6,442 781 216 7,439
--------------------------------- --------------------------------- ---------------------------------
NET OPERATING INCOME -
PROPERTIES 11,315 2,385 (20) 13,680 11,315 2,263 103 13,681 10,452 2,112 131 12,695
OTHER INCOME (EXPENSE)
General and administrative (1,586) - - (1,586) (1,507) - - (1,507) (1,705) - - (1,705)
Property related home office
expenses (1,903) (21) - (1,924) (2,190) (27) - (2,217) (1,373) (8) - (1,381)
Equity in earnings of Fund I
unconsolidated properties - 186 - 186 - (2) - (2) - 19 - 19
Lease termination income - - - - - - - - - - - -
Interest income 1,040 57 - 1,097 941 7 - 948 477 1 - 478
Asset and property management
income (2) 2,898 - - 2,898 2,857 - - 2,857 1,978 - - 1,978
Promote Fee (3) - - - - - - - - - - -
Property management expense (55) - - (55) (55) - - (55) (56) - - (56)
Straight-line rent income 53 175 - 228 157 (250) - (93) 142 (106) - 36
Straight-line rents written
off - - - - - - - - (17) - - (17)
FAS 141 Rent (95) (3) - (98) - 25 - 25 - 17 - 17
Abandoned project costs - - - - - (86) - (86) - - - -
Hurricane related income
(expenses) (4) - - - - - - - - 479 - - 479
Provision for Income Taxes (91) - - (91) - - - - - - - -
Other income (expense) (61) 207 - 146 (60) - - (60) 42 - - 42
--------------------------------- --------------------------------- ---------------------------------
EBIDTA 11,515 2,986 (20) 14,481 11,458 1,930 103 13,491 10,419 2,035 131 12,585
Depreciation and
amortization (4,389) (795) - (5,184) (3,933) (710) (45) (4,688) (3,979) (693) (45) (4,717)
FAS 141 Amortization (48) (41) - (89) - (27) - (27) - (48) - (48)
Interest expense (3,084) (947) - (4,031) (2,670) (823) - (3,493) (2,359) (821) - (3,180)
FAS 141 Interest - 29 - 29 - 29 - 29 - 29 - 29
Impairment of real estate - - (50) (50) - - (770) (770) - - - -
Gain on sale of properties - - - - - - - - - - - -
Gain on sale of properties -
Mervyn's( 1) - 3,698 - 3,698 - - - - - - - -
Income taxes on gain on
property sale - Mervyn's (1,535) - - (1,535) - - - - - - - -
--------------------------------- --------------------------------- ---------------------------------
Income before minority
interest 2,459 4,930 (70) 7,319 4,855 399 (712) 4,542 4,081 502 86 4,669
Minority interest - OP (52) (98) 1 (149) (97) (8) 13 (92) (65) (9) (1) (75)
Minority interest 74 (19) - 55 (93) (12) - (105) (144) (5) - (149)
--------------------------------- --------------------------------- ---------------------------------
NET INCOME $2,481 $4,813 $(69) $7,225 $4,665 $379 $(699) $4,345 $3,872 $488 $85 $4,445
================================= ================================= =================================
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Statements of Operations - Joint
Venture Activity (1)
---------------------------------------
Current Quarter and Year-
to-Date
-------------------------
(in thousands)
Year-to-Date Current Quarter
Year 3 months
ended December 31, ended December 31,
2005 2005
----------------------------------------------------- -------------------------------------------------
AKR Pro- AKR Pro- Pro- Pro- AKR Pro- AKR Pro- Pro- Pro-
rata rata rata rata rata rata rata rata
Fund I share Fund II share Crossroads share Total Fund I share Fund II share Crossroads share Total
----------------------------------------------------- -------------------------------------------------
PROPERTY REVENUES
Minimum rents $24,855 $5,524 $3,417 $684 $6,028 $2,951 $9,159 $5,179 $1,151 $23 $5 $1,510 $738 $1,894
Percentage rents 596 133 527 105 22 11 249 180 40 - - 8 4 44
Expense
reimbursements 2,922 650 973 214 2,541 1,246 2,110 647 144 327 84 644 316 544
Other property
income 57 13 4 2 43 21 36 10 2 3 1 8 4 7
----------------------------------------------------- -------------------------------------------------
28,430 6,320 4,921 1,005 8,634 4,229 11,554 6,016 1,337 353 90 2,170 1,062 2,489
----------------------------------------------------- -------------------------------------------------
PROPERTY EXPENSES
Property
operating 3,687 820 764 152 970 476 1,448 1,263 281 (989)(198) 255 125 208
Real estate taxes 1,370 304 1,101 220 1,611 788 1,312 316 70 (124) (25) 413 202 247
----------------------------------------------------- -------------------------------------------------
5,057 1,124 1,865 372 2,581 1,264 2,760 1,579 351 (1,113)(223) 668 327 455
----------------------------------------------------- -------------------------------------------------
NET OPERATING
INCOME -
PROPERTIES 23,373 5,196 3,056 633 6,053 2,965 8,794 4,437 986 1,466 313 1,502 735 2,034
OTHER INCOME
(EXPENSE)
General and
administrative - - - - - - - - - - - - - -
Property related
home office
expenses (303) (71) (118) (24) - - (95) (97) (25) (72) (14) - - (39)
Equity in
earnings of Fund
I unconsolidated
properties (2) 759 238 206 41 - - 279 274 130 (269) (54) - - 76
Lease termination
income - - - - - - - - - - - - - -
Interest income 369 82 105 20 - - 102 92 20 85 17 - - 37
Asset and
property
management
income - - - - - - - - - - - - - -
Promote Fee (1,515) - - - - - - (1,515) - - - - - -
Asset and
property
management
expense( 3) (2,284) - (4,286) - - - - (597) - (1,088) - - - -
Straight-line
rent income 466 103 19 4 101 51 158 1,449 322 3 1 32 16 339
Straight-line
rents written
off (1) - - - - - - (1) - - - - - -
FAS 141 Rent 411 91 (358) (71) - - 20 122 27 (232) (46) - - (19)
Abandoned project
costs - - (430) (86) - - (86) - - - - - - -
Hurricane related
expenses - - - - - - - - - - - - - -
Provision for
income taxes - - - - - - - - - - - - - -
Other income (5) 1,884 544 952 190 - - 734 952 337 952 190 - - 527
----------------------------------------------------- -------------------------------------------------
EBIDTA 23,159 6,183 (854) 707 6,154 3,016 9,906 5,116 1,797 845 407 1,534 751 2,955
Depreciation and
amortization (4) (9,020)(2,005)(1,417) (283) (653) (712)(3,000) (2,309) (513) (601)(120) (144) (169) (802)
FAS 141
Amortization (147) (33) (555) (111) - - (144) (31) (7) (106) (21) - - (28)
Interest expense
(4) (7,098)(1,476)(2,125) (408) (3,633)(1,708)(3,592) (1,778) (376) (997)(199) (869) (426)(1,001)
FAS 141 Interest 528 116 - - - - 116 132 29 - - - - 29
Impairment of
real estate - - - - - - - - - - - - - -
Gain on sale of
properties - - - - - - - - - - - - - -
Gain on sale of
properties -
Mervyn's( 2) 9,008 3,189 9,008 1,802 - - 4,991 250 1,243 250 50 - - 1,293
Income taxes on
gain on property
sale - Mervyn's
(2) - - - - - - - - - - - - - -
----------------------------------------------------- -------------------------------------------------
Income before
minority
interest 16,430 5,974 4,057 1,707 1,868 596 8,277 1,380 2,173 (609) 117 521 156 2,446
Minority interest
- OP - (117) - (34) - (12) (163) - (43) - (2) - (3) (48)
Minority interest (284) (63) 64 14 - - (49) (69) (15) 9 2 - - (13)
----------------------------------------------------- -------------------------------------------------
NET INCOME $16,146 $5,794 $4,121 $1,687 $1,868 $584 $8,065 $1,311 $2,115 $(600)$117 $521 $153 $2,385
===================================================== =================================================
(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
Shopping Center ("Crossroads").
(2) Although the investment in Mervyn's is not through Funds I and II, the
activity from this investment has been included in this line item for
presentation purposes only. Fund I currently invests in 5 properties in
which it has 50% interest in and for which it uses the equity method of
accounting.
(3) Funds I, II and the Mervyn's investment pay asset management, promote and
other fees to the Company. As it is the recepient of such fees, the Company
does not recognize a pro-rata share of these expenses
(4) In addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its increased basis in Crossroads.
(5) Reperesents additional fee income earned from the Company's Mervyn's
investment.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31,
2005
Statements of Operations - Joint Venture
Activity (1)
----------------------------------------------
Current Quarter and Year-to-Date
----------------------------------------------
(in thousands)
-------------------------------
3 months 3 months
ended September 30, ended June 30,
2005 2005
---------------------------------------------------------------------------------------------------------
AKR P ro- AKR Pro-rata Pro- Pro- AKR Pro- AKR
rata rata rata rata
Fund I share Fund II share Crossroads share Total Fund I share Fund II
--------------------------------------------------------------------------
PROPERTY
REVENUES
Minimum rents $5,714 $1,270 $1,957 $391 $1,501 $734 $2,395 $7,401 $1,645 $703
Percentage
rents 328 73 527 105 14 7 185 44 10 -
Expense
reimbursements 606 135 343 69 622 305 509 784 174 148
Other property
income 8 2 (1) - 22 11 13 36 8 (2)
--------------------------------------------------------------------------
6,656 1,480 2,826 565 2,159 1,057 3,102 8,265 1,837 849
--------------------------------------------------------------------------
PROPERTY
EXPENSES
Property
operating 510 113 582 116 181 89 318 875 195 606
Real estate
taxes 354 79 592 118 413 202 399 365 81 310
--------------------------------------------------------------------------
864 192 1,174 234 594 291 717 1,240 276 916
--------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES 5,792 1,288 1,652 331 1,565 766 2,385 7,025 1,561 (67)
OTHER INCOME
(EXPENSE)
General and
administrative - - - - - - - - - -
Property related home office expenses (71) (16) (23) (5) - - (21) (104) (23) (18)
Equity in earnings of Fund I unconsolidated
properties (2) 408 91 475 95 - - 186 (7) (2) -
Lease
termination
income - - - - - - - - - -
Interest income 248 55 12 2 - - 57 25 6 6
Asset and property management income - - - - - - - - - -
Promote Fee - - - - - - - - - -
Asset and property management expense( 3) (585) - (1,262) - - - - (562) - (998)
Straight-line
rent income 801 178 5 1 (9) (4) 175 (1,209) (269) 5
Straight-line
rents written
off - - - - - - - - - -
FAS 141 Rent 117 26 (147) (29) - - (3) 107 24 7
Abandoned
project costs - - - - - - - - - (430)
Hurricane
related
expenses - - - - - - - - - -
Provision for
income taxes - - - - - - - - - -
Other income
(5) 932 207 - - - - 207 - - -
--------------------------------------------------------------------------
EBIDTA 7,642 1,829 712 395 1,556 762 2,986 5,275 1,297 (1,495)
Depreciation
and
amortization
(4) (2,260) (502) (476) (95) (205) (198) (795)(2,257) (502) (177)
FAS 141
Amortization (32) (7) (169) (34) - - (41) (34) (8) (93)
Interest
expense (4) (1,767) (378) (687) (134) (888) (435) (947)(1,805) (349) (253)
FAS 141
Interest 132 29 - - - - 29 132 29 -
Impairment of
real estate - - - - - - - - - -
Gain on sale of
properties - - - - - - - - - -
Gain on sale of properties - Mervyn's( 2) 8,758 1,946 8,758 1,752 - - 3,698 - - -
Income taxes on gain on property sale -
Mervyn's (2) - - - - - - - - - -
--------------------------------------------------------------------------
Income before
minority
interest 12,473 2,917 8,138 1,884 463 129 4,930 1,311 467 (2,018)
Minority
interest - OP - (58) - (37) - (3) (98) - (9) -
Minority
interest (73) (16) (17) (3) - - (19) (75) (17) 24
--------------------------------------------------------------------------
NET INCOME $12,400 $2,843 $8,121 $1,844 $463 $126 $4,813 $1,236 $441 $(1,994)
==========================================================================
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31,
2005
Statements of Operations - Joint Venture
Activity (1)
-----------------------------------------
Current Quarter and Year-to-Date
-----------------------------------------
(in thousands)
--------------------------
Previous Quarters
3 months 3 months
ended June 30, ended March 31,
2005 2005
---------------------------------------------------------------------------------------------------------
Pro-rata Pro- Pro- AKR Pro- AKR Pro-rata Pro- Pro-
rata rata rata rata rata
share Crossroadsshare Total Fund I share Fund II shareCrossroadsshare Total
-------------------------------------------------------------------------------
PROPERTY
REVENUES
Minimum rents $141 $1,510 $740 $2,526 $6,561 $1,458 $734 $147 $1,507 $739 $2,344
Percentage
rents - - - 10 44 10 - - - - 10
Expense
reimbursements 30 651 319 523 885 197 155 31 624 306 534
Other property
income - 7 3 11 3 1 4 1 6 3 5
-------------------------------------------------------------------------------
171 2,168 1,062 3,070 7,493 1,666 893 179 2,137 1,048 2,893
-------------------------------------------------------------------------------
PROPERTY
EXPENSES
Property
operating 121 302 148 464 1,039 231 565 113 232 114 458
Real estate
taxes 62 409 200 343 335 74 323 65 376 184 323
-------------------------------------------------------------------------------
183 711 348 807 1,374 305 888 178 608 298 781
-------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (12) 1,457 714 2,263 6,119 1,361 5 1 1,529 750 2,112
OTHER INCOME
(EXPENSE)
General and
administrative - - - - - - - - - - -
Property related home office expenses (4) - - (27) (31) (7) (5) (1) - - (8)
Equity in earnings of Fund I
unconsolidated properties (2) - - - (2) 84 19 - - - - 19
Lease
termination
income - - - - - - - - - - -
Interest income 1 - - 7 4 1 2 - - - 1
Asset and property management income - - - - - - - - - - -
Promote Fee - - - - - - - - - - -
Asset and property management expense( 3) - - - - (540) - (938) - - - -
Straight-line
rent income 1 36 18 (250) (575) (128) 6 1 42 21 (106)
Straight-line
rents written
off - - - - - - - - - - -
FAS 141 Rent 1 - - 25 65 14 14 3 - - 17
Abandoned
project costs (86) - - (86) - - - - - - -
Hurricane
related
expenses - - - - - - - - - - -
Provision for
income taxes - - - - - - - - - - -
Other income
(5) - - - - - - - - - - -
-------------------------------------------------------------------------------
EBIDTA (99) 1,493 732 1,930 5,126 1,260 (916) 4 1,571 771 2,035
Depreciation
and
amortization
(4) (35) (154) (173) (710)(2,194) (488) (163) (33) (150) (172) (693)
FAS 141
Amortization (19) - - (27) (50) (11) (187) (37) - - (48)
Interest
expense (4) (48) (836) (426) (823)(1,748) (373) (188) (27) (1,040) (421) (821)
FAS 141
Interest - - - 29 132 29 - - - - 29
Impairment of
real estate - - - - - - - - - - -
Gain on sale of
properties - - - - - - - - - - -
Gain on sale of properties - Mervyn's( 2) - - - - - - - - - - -
Income taxes on gain on property sale -
Mervyn's (2) - - - - - - - - - - -
-------------------------------------------------------------------------------
Income before
minority
interest (201) 503 133 399 1,266 417 (1,454) (93) 381 178 502
Minority
interest - OP 4 - (3) (8) - (7) - 1 - (3) (9)
Minority
interest 5 - - (12) (67) (15) 48 10 - - (5)
-------------------------------------------------------------------------------
NET INCOME $(192) $503 $130 $379 $1,199 $395 $(1,406)$(82) $381 $175 $488
===============================================================================
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Statements of Operations - Activity by Source (1)
- ---------------------------------------------------------------
(in thousands)
-------------------------------- --------------------------------
Year-to-Date Current Quarter
Period 3 months
ended December ended December
31, 31,
2005 2005
-------------------------------- --------------------------------
Retail Multi- Corporate Total Retail Multi- Corporate Total
Family Family
-------------------------------- --------------------------------
PROPERTY REVENUES
Minimum rents $54,622 $7,311 $- $61,933 $13,408 $1,921 $- $15,329
Percentage rents 991 - - 991 346 - - 346
Expense reimbursements 16,238 - - 16,238 4,358 - - 4,358
Other property income 199 363 - 562 (147) 82 - (65)
-------------------------------- --------------------------------
72,050 7,674 - 79,724 17,965 2,003 - 19,968
-------------------------------- --------------------------------
PROPERTY EXPENSES
Property operating 12,210 3,769 - 15,979 3,261 1,025 - 4,286
Real estate taxes 10,357 346 - 10,703 2,596 100 - 2,696
-------------------------------- --------------------------------
22,567 4,115 - 26,682 5,857 1,125 - 6,982
-------------------------------- --------------------------------
NET OPERATING INCOME - PROPERTIES 49,483 3,559 - 53,042 12,108 878 - 12,986
OTHER INCOME (EXPENSE)
General and administrative - - (8,006) (8,006) - - (3,208) (3,208)
Property related home office expenses - - (7,481) (7,481) - - (1,959) (1,959)
Equity in earnings of Fund I unconsolidated properties 279 - - 279 76 - - 76
Lease termination income - - - - - - - -
Interest income - 14 3,665 3,679 - 3 1,153 1,156
Asset and property management income - - 10,513 10,513 - - 2,780 2,780
Promote Fee 979 - - 979 979 - - 979
Other property management fees (83) (138) - (221) (21) (34) - (55)
Straight-line rent income 704 - - 704 533 - - 533
Straight-line rents written off (17) - - (17) - - - -
FAS 141 Rent (197) - - (197) (141) - (141)
Abandoned project costs (86) - - (86) - - - -
Hurricane related expenses 479 - - 479 - - - -
Provision for income taxes 170 - - 170 261 - - 261
Other income 559 - - 559 431 - - 431
-------------------------------- --------------------------------
EBIDTA 52,270 3,435 (1,309) 54,396 14,226 847 (1,234) 13,839
Depreciation and amortization (17,867)(1,465) (451)(19,783) (4,704) (372) (118) (5,194)
FAS 141 Amortization (214) - - (214) (50) - - (50)
Interest expense (13,660)(1,355) - (15,015) (3,948) (363) - (4,311)
FAS 141 Interest 116 - - 116 29 29
Impairment of real estate (820) - - (820) - - - -
Gain on sale of properties - - - - - - - -
Gain on sale of properties - Mervyn's( 1) 4,991 - - 4,991 1,293 - - 1,293
Income taxes on gain on property sale - Mervyn's (2,318) - - (2,318) (783) - - (783)
-------------------------------- --------------------------------
Income before minority interest 22,498 615 (1,760) 21,353 6,063 112 (1,352) 4,823
Minority interest - OP (434) (12) 33 (413) (122) (2) 27 (97)
Minority interest (314) - - (314) (115) - - (115)
-------------------------------- --------------------------------
NET INCOME $21,750 $603 $(1,727)$20,626 $5,826 $110 $(1,325) $4,611
================================ ================================
(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
Shopping Center ("Crossroads").
ANNUAL
SUPPLEMENTAL
DISCLOSURE
December 31,
2005
Statements of
Operations -
Activity by
Source (1)
- ----------------
(in thousands)
Previous Quarters
3 months 3 months 3 months
ended September 30, ended June 30, ended March 31,
2005 2005 2005
-------------------------------- -------------------------------- --------------------------------
Retail Multi- Corporate Total Retail Multi- Corporate Total Retail Multi- Corporate Total
Family Family Family
-------------------------------- -------------------------------- --------------------------------
PROPERTY
REVENUES
Minimum rents $13,938 $1,816 $- $15,754 $13,898 $1,807 $- $15,705 $13,378 $1,767 $- $15,145
Percentage
rents 329 - - 329 122 - - 122 194 - - 194
Expense
reimbursements 3,606 - - 3,606 3,706 - - 3,706 4,568 - - 4,568
Other property
income 165 89 - 254 63 83 - 146 118 109 - 227
-------------------------------- -------------------------------- --------------------------------
18,038 1,905 - 19,943 17,789 1,890 - 19,679 18,258 1,876 - 20,134
-------------------------------- -------------------------------- --------------------------------
PROPERTY
EXPENSES
Property
operating 2,422 1,075 - 3,497 2,683 811 - 3,494 3,844 858 - 4,702
Real estate
taxes 2,684 82 - 2,766 2,422 82 - 2,504 2,655 82 - 2,737
-------------------------------- -------------------------------- --------------------------------
5,106 1,157 - 6,263 5,105 893 - 5,998 6,499 940 - 7,439
-------------------------------- -------------------------------- --------------------------------
NET OPERATING
INCOME -
PROPERTIES 12,932 748 - 13,680 12,684 997 - 13,681 11,759 936 - 12,695
OTHER INCOME
(EXPENSE)
General and
administrative - - (1,586) (1,586) - - (1,507) (1,507) - - (1,705) (1,705)
Property
related home
office
expenses - - (1,924) (1,924) - - (2,217) (2,217) - - (1,381) (1,381)
Equity in
earnings of Fund
I unconsolidated
properties 186 - - 186 (2) - - (2) 19 - - 19
Lease
termination
income - - - - - - - - - - - -
Interest income - 6 1,091 1,097 - 5 943 948 - - 478 478
Asset and
property
management
income - - 2,898 2,898 - - 2,857 2,857 - - 1,978 1,978
Promote Fee - - - - - - - - - -
Other property
management
fees (21) (34) - (55) (20) (35) - (55) (21) (35) - (56)
Straight-line
rent income 228 - - 228 (93) - - (93) 36 - - 36
Straight-line
rents written
off - - - - - - - - (17) - - (17)
FAS 141 Rent (98) - (98) 25 - 25 17 - 17
Abandoned
project costs - - - - (86) - - (86) - - - -
Hurricane
related
expenses - - - - - - - - 479 - - 479
Provision for
income taxes (91) - - (91) - - - - - - - -
Other income 146 - - 146 (60) - - (60) 42 - - 42
-------------------------------- -------------------------------- --------------------------------
EBIDTA 13,282 720 479 14,481 12,448 967 76 13,491 12,314 901 (630) 12,585
Depreciation
and
amortization (4,698) (370) (116) (5,184) (4,213) (363) (112) (4,688) (4,252) (360) (105) (4,717)
FAS 141
Amortization (89) - - (89) (27) (27) (48) (48)
Interest
expense (3,657) (374) - (4,031) (3,177) (316) - (3,493) (2,878) (302) - (3,180)
FAS 141
Interest 29 29 29 29 29 29
Impairment of
real estate (50) - - (50) (770) - - (770) - - - -
Gain on sale of
properties - - - - - - - - - - - -
Gain on sale of
properties -
Mervyn's( 1) 3,698 - - 3,698 - - - - - - - -
Income taxes on
gain on
property sale -
Mervyn's (1,535) - - (1,535) - - - - - - - -
-------------------------------- -------------------------------- --------------------------------
Income before
minority
interest 6,980 (24) 363 7,319 4,290 288 (36) 4,542 5,165 239 (735) 4,669
Minority
interest - OP (142) - (7) (149) (87) (6) 1 (92) (83) (4) 12 (75)
Minority
interest 55 - - 55 (105) - - (105) (149) - - (149)
-------------------------------- -------------------------------- --------------------------------
NET INCOME $6,893 $(24) $356 $7,225 $4,098 $282 $(35) $4,345 $4,933 $235 $(723) $4,445
================================ ================================ ================================
ANNUAL SUPPLEMENTAL
DISCLOSURE
December 31, 2005
Statements of Operations - Current
v. Historical (1)
- ----------------------------------
(in thousands)
Current Quarter Historical Current Year-to-Date
Quarter
3 months 3 months Period
ended December 31, ended December 31, ended December 31,
2005 2004 2005
--------------------------------- --------------------------------- ---------------------------------
Discontinued Discontinued Discontinued
Wholly JV's Operations Total Wholly JV's Operations Total Wholly JV's Operations Total
Owned (2) Owned Owned (2)
--------------------------------- --------------------------------- ---------------------------------
PROPERTY REVENUES
Minimum rents $13,435 $1,894 $- $15,329 $12,613 $1,866 $368 $14,847 $52,409 $9,159 $365 $61,933
Percentage rents 307 44 (5) 346 381 23 19 423 747 249 (5) 991
Expense
reimbursements 3,828 544 (14) 4,358 3,296 487 115 3,898 13,919 2,110 209 16,238
Other property
income 65 7 (137) (65) 113 23 40 176 657 36 (131) 562
--------------------------------- --------------------------------- ---------------------------------
17,635 2,489 (156) 19,968 16,403 2,399 542 19,344 67,732 11,554 438 79,724
--------------------------------- --------------------------------- ---------------------------------
PROPERTY EXPENSES
Property operating 3,972 208 106 4,286 3,158 614 146 3,918 14,183 1,448 348 15,979
Real estate taxes 2,449 247 - 2,696 2,313 319 51 2,683 9,253 1,312 138 10,703
--------------------------------- --------------------------------- ---------------------------------
6,421 455 106 6,982 5,471 933 197 6,601 23,436 2,760 486 26,682
--------------------------------- --------------------------------- ---------------------------------
NET OPERATING
INCOME -
PROPERTIES 11,214 2,034 (262) 12,986 10,932 1,466 345 12,743 44,296 8,794 (48) 53,042
OTHER INCOME
(EXPENSE)
General and
administrative (3,208) - - (3,208) (1,244) (74) - (1,318) (8,006) - - (8,006)
Property related
home office
expenses (1,920) (39) - (1,959) (1,638) - - (1,638) (7,386) (95) - (7,481)
Equity in earnings
of Fund I
unconsolidated
properties - 76 - 76 - (23) - (23) - 279 - 279
Lease termination
income - - - - - - - - - - - -
Interest income 1,119 37 - 1,156 553 3 3 559 3,577 102 - 3,679
Asset and property
management income 2,780 - - 2,780 1,663 - - 1,663 10,513 - - 10,513
Promote Fee 979 - - 979 - - - - 979 - - 979
Property
management
expense (55) - - (55) (63) - - (63) (221) - - (221)
Straight-line rent
income 194 339 - 533 250 328 1 579 546 158 - 704
Straight-line
rents written off - - - - (106) - - (106) (17) - - (17)
FAS 141 Rent (122) (19) - (141) - 43 - 43 (217) 20 - (197)
Abandoned project
costs - - - - - - - - - (86) - (86)
Hurricane related
expenses - - - - - - - - 479 - - 479
Provision for
income taxes 261 - - 261 - - - - 170 - - 170
Other income
(expense) (96) 527 - 431 (92) - - (92) (175) 734 - 559
--------------------------------- --------------------------------- ---------------------------------
EBIDTA 11,146 2,955 (262) 13,839 10,255 1,743 349 12,347 44,538 9,906 (48) 54,396
Depreciation and
amortization (4,392) (802) - (5,194) (4,063) (781) (109) (4,953) (16,693)(3,000) (90)(19,783)
FAS 141
Amortization (22) (28) - (50) - (27) - (27) (70) (144) - (214)
Interest expense (3,310)(1,001) - (4,311) (2,929) (698) (103) (3,730) (11,423)(3,592) - (15,015)
FAS 141 Interest - 29 - 29 - 29 - 29 - 116 - 116
Impairment of real
estate - - - - - - - - - - (820) (820)
Gain on sale of
properties - - - - - - 6,696 6,696 - - - -
Gain on sale of
properties
(Mervyn's) (2) - 1,293 - 1,293 - - - - - 4,991 - 4,991
Income taxes on
gain on sale
(Mervyn's) (2) (783) - - (783) - - - - (2,318) - - (2,318)
--------------------------------- --------------------------------- ---------------------------------
Income before
minority interest 2,639 2,446 (262) 4,823 3,263 266 6,833 10,362 14,034 8,277 (958) 21,353
Minority interest
- OP (53) (48) 4 (97) (41) (4) (86) (131) (267) (163) 17 (413)
Minority interest (102) (13) - (115) (153) (2) - (155) (265) (49) - (314)
--------------------------------- --------------------------------- ---------------------------------
NET INCOME $2,484 $2,385 $(258) $4,611 $3,069 $260 $6,747 $10,076 $13,502 $8,065 $(941)$20,626
================================= ================================= =================================
(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.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Statements of Operations - Current v. Historical (1)
- --------------------------------------------------------------------------------------
(in thousands)
---------------------------------
Historical Year-
to-Date
Period
ended December 31,
2004
---------------------------------
Discontinued
Wholly JV's Operations Total
Owned
---------------------------------
PROPERTY REVENUES
Minimum rents $49,764 $7,572 $1,862 $59,198
Percentage rents 947 78 22 1,047
Expense reimbursements 12,983 1,806 616 15,405
Other property income 593 55 45 693
---------------------------------
64,287 9,511 2,545 76,343
---------------------------------
PROPERTY EXPENSES
Property operating 13,317 1,635 775 15,727
Real estate taxes 8,761 1,058 503 10,322
---------------------------------
22,078 2,693 1,278 26,049
---------------------------------
NET OPERATING INCOME - PROPERTIES 42,209 6,818 1,267 50,294
OTHER INCOME (EXPENSE)
General and administrative (5,705) (100) - (5,805)
Property related home office expenses (4,762) - - (4,762)
Equity in earnings of Fund I unconsolidated properties - (44) - (44)
Lease termination income - - - -
Interest income 1,485 23 3 1,511
Asset and property management income 4,763 - - 4,763
Promote Fee - - - -
Property management expense (241) - - (241)
Straight-line rent income 901 104 8 1,013
Straight-line rents written off (156) - (114) (270)
FAS 141 Rent - 116 - 116
Abandoned project costs - - - -
Hurricane related expenses (730) - - (730)
Provision for income taxes 1 - (1) -
Other income (expense) 118 - - 118
---------------------------------
EBIDTA 37,883 6,917 1,163 45,963
Depreciation and amortization (15,470)(2,495) (607)(18,572)
FAS 141 Amortization - (39) - (39)
Interest expense (10,435)(2,699) (1,060)(14,194)
FAS 141 Interest - 115 - 115
Impairment of real estate - - - -
Gain on sale of properties 931 - 6,696 7,627
Gain on sale of properties (Mervyn's) (2) - - - -
Income taxes on gain on sale (Mervyn's) (2) - - - -
---------------------------------
Income before minority interest 12,909 1,799 6,192 20,900
Minority interest - OP (213) (39) (123) (375)
Minority interest (938) (2) - (940)
---------------------------------
NET INCOME $11,758 $1,758 $6,069 $19,585
=================================
(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.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Net Operating Income (NOI) - Same Property Performance
(1)
- --------------------------------------------------------
(in thousands) Growth in Growth in Same
Same
Property NOI Property NOI -
-
Continuing Continuing
Operations Operations
Notes:Current Historical Favorable Current Historical Favorable
Quarter Quarter (unfavorable) Year- Year-to- (unfavorable)
to-Date Date
----------------------------------------------------------------------
3 months 3 months Year Year ended
ended ended ended
Reconciliation of total NOI to same property NOI: December December December December
31, 31, 31, 31,
2005 2004 2005 2004
------------------ ------------------
NOI - Wholly owned properties $10,952 $11,277 $44,248 $43,476
NOI - Joint Ventures (Unconsolidated partnerships) (2) 2,034 1,466 8,794 6,818
------------------ ------------------
Total NOI 12,986 12,743 53,042 50,294
NOI - Properties Acquired (545) - (1,448) -
NOI - Property sold 262 (345) 48 (1,267)
NOI - Redevelopment Properties (63) - (74) -
------------------ ------------------
$12,640 $12,398 2.0% $51,568 $49,027 5.2%
=============================== ================================
Same property NOI by portfolio component and revenues/expenses:
Shopping Center Shopping Center
Portfolio Portfolio
Revenues $17,584 $16,838 4.4% $69,267 $66,284 4.5%
Expenses 5,822 5,408 -7.7% 21,259 20,865 -1.9%
------------------------------- --------------------------------
11,762 11,430 2.9% 48,008 45,419 5.7%
------------------------------- --------------------------------
Residential Residential
Properties (2 Properties (2
properties) properties)
Revenues 2,003 1,904 5.2% 7,674 7,586 1.2%
Expenses 1,125 936 -20.2% 4,114 3,978 -3.4%
------------------------------- --------------------------------
878 968 -9.3% 3,560 3,608 -1.3%
------------------------------- --------------------------------
$12,640 $12,398 2.0% $51,568 $49,027 5.2%
=============================== ================================
(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.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Funds from Operations ("FFO")(1)
- ------------------------------------------------
(in thousands) 2005 2004
Current Current Previous Historic Historic
Year-to- Quarter Quarters Year-to-Quarter
Date Date
Period 3 months 3 months ended 3 months 3 Period 3 months
ended ended ended months ended ended
ended
Funds from operations ("FFO"): Notes December December September June 30, March December December
31, 31, 30, 2005 2005 31, 31, 31,
2005 2005 2005 2004 2004
- ------------------------------------------------ -------- -------- --------- -------- ------- ----------------
Net Income $20,626 $4,611 $7,225 $4,345 $4,445 $19,585 $10,076
Add back:
Depreciation of real estate and amortization of leasing costs:
Wholly owned and consolidated subsidiaries 14,092 3,579 3,497 3,396 3,620 14,411 3,739
Unconsolidated subsidiaries 3,330 968 1,132 600 630 2,329 622
Income attributable to Operating Partnership
units (2) 416 97 149 92 78 375 131
Gain on sale of properties (2,622) (509) (2,113) - - (6,696) (6,696)
-------- -------- --------- -------- ------- ----------------
FFO - Basic 35,842 8,746 9,890 8,433 8,773 30,004 7,872
Distributions on Preferred OP Units 333 79 74 93 87 336 88
-------- -------- --------- -------- ------- ----------------
FFO - Diluted $36,175 $8,825 $9,964 $8,526 $8,860 $30,340 $7,960
======== ======== ========= ======== ======= ================
Adjusted Funds from operations ("AFFO"):
- -------------------------------------------------
Diluted FFO $36,175 $8,825 $9,964 $8,526 $8,860 $30,340 $7,960
Straight line rent, net (687) (533) (228) 93 (19) (743) (473)
Non real-estate depreciation 451 118 116 112 105 328 106
Amortization of finance costs 1,017 319 197 313 188 716 181
Amortization of cost of management contracts 1,360 435 560 195 170 579 147
Tenant improvements (2,068) (795) (647) (296) (330) (2,474) (238)
Leasing commissions (718) (141) (217) (206) (154) (1,109) (252)
Capital expenditures (1,595) (301) (510) (265) (519) (2,631) (402)
-------- -------- --------- -------- ------- ----------------
AFFO $33,935 $7,927 $9,235 $8,472 $8,301 $25,006 $7,029
======== ======== ========= ======== ======= ================
Funds Available for Distribution ("FAD")
- ------------------------------------------------
AFFO $33,935 $7,927 $9,235 $8,472 $8,301 $25,006 $7,029
Scheduled prinicpal repayments (2,642) (713) (696) (620) (613) (4,238) (944)
-------- -------- --------- -------- ------- ----------------
FAD $31,293 $7,214 $8,539 $7,852 $7,688 $20,768 $6,085
======== ======== ========= ======== ======= ================
Total weighted average shares and OP Units:
Basic 32,564 32,671 32,658 32,541 32,382 29,939 31,058
======== ======== ========= ======== ======= ================
Diluted 33,306 33,377 33,355 33,310 33,177 30,993 32,038
======== ======== ========= ======== ======= ================
FFO per share:
FFO per share - Basic (3) $1.10 $0.27 $0.30 $0.26 $0.27 $1.00 $0.25
======== ======== ========= ======== ======= ================
FFO per share - Diluted (3) $1.09 $0.26 $0.30 $0.26 $0.27 $0.98 $0.25
======== ======== ========= ======== ======= ================
AFFO per share - Basic (3) $1.03 $0.24 $0.28 $0.26 $0.25 $0.82 $0.22
======== ======== ========= ======== ======= ================
AFFO per share - Diluted (3) $1.02 $0.24 $0.28 $0.25 $0.25 $0.81 $0.22
======== ======== ========= ======== ======= ================
FAD per share - Basic (3) $0.95 $0.22 $0.26 $0.24 $0.23 $0.68 $0.19
======== ======== ========= ======== ======= ================
FAD per share - Diluted (3) $0.94 $0.22 $0.26 $0.24 $0.23 $0.67 $0.19
======== ======== ========= ======== ======= ================
- -----------------------------------------------------------------------------------------------------------------------
(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.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Capital Expenditures
---------------------------------------------
Year-to- Current Previous Quarters Previous
Date
Quarter Year
3 months 3 months 3 3 Year
months months
ended ended ended ended ended
NotesDecember December September June March December
31, 31, 30, 2005 30, 31, 31,
2005 2005 2005 2005 2004
-------- -------- --------- ------- ----------------
Leasing Commissions: $718 $141 $217 $206 $154 $1,109
-------- -------- --------- ------- ------- --------
Tenant Improvements: 2,068 795 647 296 330 2,474
-------- -------- --------- ------- ------- --------
Capital Expenditures:
Retail 577 55 183 41 298 1,789
Residential 1,018 246 327 224 221 842
-------- -------- --------- ------- ------- --------
1,595 301 510 265 519 2,631
-------- -------- --------- ------- ------- --------
Redevelopments 1,803 72 260 469 1,002 2,053
-------- -------- --------- ------- ------- --------
Total $6,184 $1,309 $1,634 $1,236 $2,005 $8,267
======== ======== ========= ======= ======= ========
Expenditures for real estate and
improvements as reported on the
Company's Statement of Cash Flows $5,445 $7,103
Expenditures included in deferred leasing 718 1,109
Accrued construction costs as of period-end 21 55
-------- --------
costs in Statement of Cash Flows $6,184 $8,267
======== ========
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Consolidated Balance Sheets
---------------------------
(in thousands)
December December
31, 31,
2005 2004
--------- ---------
ASSETS
Real estate
Land $54,963 $52,472
Buildings and improvements 380,053 356,908
Construction in progress 735 5,594
--------- ---------
435,751 414,974
Less: accumulated depreciation (118,309) (105,278)
--------- ---------
Net real estate 317,442 309,696
Cash and cash equivalents 39,612 13,499
Cash in escrow 5,396 4,467
Restricted Cash 512 612
Investments in and advances to unconsolidated partnerships 47,021 27,684
Investment in management contracts 3,178 3,422
Preferred equity investment 19,000 -
Rents receivable, net of $1,924 and $1,931 allowance, respectively 5,802 4,889
Straight-line rents receivable, net of $910 allowance 6,078 5,596
Notes Receivable 15,733 10,087
Prepaid expenses 3,057 2,994
Deferred charges, net 15,880 12,624
Other assets 15,709 4,809
Acquired lease intangibles 4,638 -
Assets of discontinued operations - 5,268
--------- ---------
$499,058 $405,647
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $238,448 $153,361
Accounts payable and accrued expenses 7,319 7,627
Dividends and distributions payable 6,088 5,597
Due to related parties - -
Share of losses in excess of investment in unconsolidated partnerships 10,315 9,304
Interest rate swap payable 180 2,136
Other liabilities 5,396 3,096
Liabilities of discontinued operations - 51
--------- ---------
Total liabilities 267,746 181,172
--------- ---------
Minority interest in Operating Partnership 9,192 5,743
Minority interests in majority owned partnerships 1,532 1,808
--------- ---------
Total minority interests 10,724 7,551
--------- ---------
Shareholders' equity:
Common shares 31 31
Additional paid-in capital 223,199 222,715
Accumulated other comprehensive income - (3,180)
Deficit (2,642) (2,642)
--------- ---------
Total shareholders' equity 220,588 216,924
--------- ---------
$499,058 $405,647
========= =========
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Selected Operating Ratios
- -----------------------------------------------------------------
3 months ended Year ended December
December 31, 31,
----------------- -------------------
2005 2004 2005 2004
--------- --------- -------- --------
Coverage Ratios (1)
- -----------------------------------------------------------------
Interest Coverage Ratio
EBIDTA (2) $13,839 $12,347 $54,396 $45,963
Divided by Interest expense 4,311 3,730 15,015 14,194
--------- --------- -------- --------
3.21 x 3.31 x 3.62 x 3.24 x
Fixed Charge Coverage Ratio
EBIDTA $13,839 $12,347 $54,396 $45,963
Divided by ( Interest expense 4,311 3,730 15,015 14,194
+ Preferred Dividends) (2,3) 79 88 333 336
--------- --------- -------- --------
3.15 x 3.23 x 3.54 x 3.16 x
Debt Service Coverage Ratio
EBIDTA $13,839 $12,347 $54,396 $45,963
Divided by ( Interest expense 4,311 3,730 15,015 14,194
+ Principal Amortization) (4) 713 944 2,642 4,238
--------- --------- -------- --------
2.75 x 2.64 x 3.08 x 2.49 x
Payout Ratios
- -----------------------------------------------------------------
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $6,008 $5,509 $22,749 $19,849
FFO (2) 8,825 7,960 36,175 30,340
--------- --------- -------- --------
68% 69% 63% 65%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $6,008 $5,509 $22,749 $19,849
AFFO (2) 7,927 7,029 33,935 25,006
--------- --------- -------- --------
76% 78% 67% 79%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $6,008 $5,509 $22,749 $19,849
FAD (2) 7,214 6,085 31,293 20,768
--------- --------- -------- --------
83% 91% 73% 96%
Overhead Ratios
- -----------------------------------------------------------------
G&A/Real Estate Revenues
General and Administrative expense $3,208 $1,318 $8,006 $5,805
Real Estate Revenues (Includes pro-rata JV) 19,968 19,344 79,724 76,343
--------- --------- -------- --------
16% 7% 10% 8%
General and Administrative expense $3,208 $1,318 $8,006 $5,805
Real Estate Revenues (Includes 100% JV) 26,018 25,290 110,155 100,030
--------- --------- -------- --------
12% 5% 7% 6%
Leverage Ratios
- ----------------------------------------------------------------- ----------
Debt/Total Market Capitalization
Debt (5)$308,562 $212,189
Total Market Capitalization 958,976 716,929
--------- ---------
32% 30%
Debt + Preferred Equity (Preferred O.P. Units) $313,446 $217,769
Total Market Capitalization 958,976 716,929
--------- ---------
33% 30%
-----------
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 $54,396 $36,175 $33,935 $31,293
Adjustment (479) (479) (479) (479)
--------- --------- ----------------
Adjusted 53,917 35,696 33,456 30,814
========= ========= ================
Ratios 3.51x 64% 68% 74%
=========
(Fixed- (Payouts)
charge)
(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.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Portfolio Debt - Consolidated Summary
(amounts in thousands)
% of
Wholly-Owned % of Weighted
and Wholly- % of Outstanding Avg.
Unconsolidated Owned Total
Notes Combined Basis Only Portfolio Balance Int.
(1) Rate
----------------------------------------------------------
Consolidated Debt
Fixed-Rate Debt (2) 88% 91% 70% $216,788 5.75%
Variable-Rate Debt (2) 12% 9% 7% 21,660 5.80%
-------------------------------- -------------------
Total Consolidated Debt 100% 100% 77% 238,448 5.76%
================================ ===================
Unconsolidated Debt (Joint Ventures)
Fixed-Rate Debt (1) 19% 55,806 5.74%
Variable-Rate Debt (1) 5% 14,308 6.08%
---------- -------------------
Total Unconsolidated Debt 23% 70,114 5.81%
---------- -------------------
Total Debt 100% $308,562 5.77%
========== ===================
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.
ANNUAL SUPPLEMENTAL
DISCLOSURE
December 31, 2005
Debt Analysis - Consolidated Debt
(amounts in thousands)
Principal Variable
Balance at Interest Rate as Maturity
of
Property Lender % of Notes December Rate December Date
Porfolio 31, 2005 31,
2005
------------------------------------------------------------------------------------------------------------
Fixed-Rate Debt
-------------------
Merrillville Plaza SunAmerica Life Insurance Co. $12,936 6.46% 7/1/2007
GHT Apartments Bank of America, N.A. 10,588 7.55% 1/1/2011
Colony Apartments Bank of America, N.A. 5,294 7.55% 1/1/2011
239 Greenwich RBS Greenwich Capital
Avenue 15,894 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
Pacesetter Park Shopping RBS Greenwich Capital
Center 12,500 5.12% 11/6/2015
Elmwood Park Shopping Bear Stearns Commercial Mortgage, Inc.
Center 34,600 5.53% 1/1/2016
Interest rate swaps Bank of America, N.A. (1) 92,376 5.77% Various
---------- -----
Sub-Total Fixed-Rate Debt 91% 216,788 5.75%
---------- -----
Variable-Rate Debt Current LIBOR 4.39%
-------------------
Soundview Bank of America, N.A. L+
Marketplace (2) 8,338 140 5.79%12/1/2008
Bloomfield Town Bank of America, N.A. L+
Square (3) 130 5.69% 6/1/2010
Walnut Hill Plaza Bank of America, N.A. (3) L+ 130 5.69% 6/1/2010
Hobson West Plaza Bank of America, N.A. (3) 22,000 L+ 130 5.69% 6/1/2010
Marketplace of Bank of America, N.A. L+
Absecon (3) 130 5.69% 6/1/2010
Village Apartments Bank of America, N.A. (3) L+ 130 5.69% 6/1/2010
Bradford Towne Washington Mutual Bank, F.A. L+
Center 5,462 150 5.89% 4/1/2011
Ledgewood Mall Washington Mutual Bank, F.A. 23,669 L+ 150 5.89% 4/1/2011
Abington Towne Bank of America, N.A. L+
Center 140 5.79%6/29/2012
Branch Shopping Bank of America, N.A. L+
Center 140 5.79%6/29/2012
Methuen Shopping Bank of America, N.A. L+
Center 44,485 140 5.79%6/29/2012
Gateway Shopping Center Bank of America, N.A. L+ 140 5.79%6/29/2012
Town Line Plaza Bank of America, N.A. L+ 140 5.79%6/29/2012
Village Commons Shopping Bank of America, N.A. L+
Center (4) 10,082 140 5.79%6/29/2012
Interest rate swaps Bank of America, N.A. (92,376)
----------
Sub-Total Variable-Rate L+
Debt 9% 21,660 141 5.80%
---------- ---------- --------
Total Consolidated
Debt 100% $238,448 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
------------------- -------------------------------------------------------------------------
36,778 5.76% 1.41% 4.35% n/a 1/1/2011 1/1/2011
20,000 5.94% 1.41% 4.53% n/a 10/1/2006
15,149 5.73% 1.41% 4.32% n/a 1/1/2007
11,719 5.52% 1.41% 4.11% n/a 1/1/2007
8,730 5.88% 1.41% 4.47% n/a 6/1/2007
------------------- ---------------------------------------
$92,376 5.77% 1.41% 4.36%
=================== =======================================
The Company has hedged future variable-rate debt with forward-starting variable to fixed-rate swap
agreements as follows:
$4,640 6.12% 1.41% 4.71%10/2/2006 1/1/2010 1/1/2010
11,410 6.31% 1.41% 4.90%10/2/2006 10/1/2011 10/1/2011
8,434 6.55% 1.41% 5.14% 6/1/2007 3/1/2012 3/1/2012
------------------- ---------------------------------------
$24,484 6.35% 1.41% 4.94%
=================== =======================================
(2) There is an additional $5,000 available under this facility.
(3) This is a revolving facility for up to $65,000.
(4) There is an additional $969 available under this facility.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Debt Analysis - Unconsolidated Debt (Joint Ventures)
Acadia PrincipalAcadia's Variable
Realty
Lender/ Trust Balance Prorata Interest Rate as Maturity
at of
Fixed-Rate Debt Fund Joint Venture Ownership December Share Rate December Date
Partner 31, 2005 31,
2005
- ------------------------------------------------------------------------------------------ --------------------------
4650 Broadway Avenue Fund Bank of China
II 19.5% $19,000 $3,699 5.26% 9/1/2007
Brandywine Town Center Fund UBS Warburg
I Real Estate
Investments,
Inc./ 22.2% 30,000 6,667 4.69% 2/11/2008
Kroger Portfolio (1) Fund Cortlandt
I Deposit
Corporation/ 16.7% 9,900 1,650 6.62% 2/1/2009
Safeway Portfolio (1) Fund Cortlandt
I Deposit
Corporation/ 16.7% 9,785 1,631 6.51% 1/15/2009
Brandywine Town Center Fund UBS Warburg
I Real Estate
Investments,
Inc./ 22.2% 21,018 4,671 7.01% 7/11/2012
Market Square Shopping Center Fund UBS Warburg
I Real Estate
Investments,
Inc./ 22.2% 15,966 3,548 7.32% 6/11/2012
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 Fund The Ohio
I National
Life
Insurance
Company/ 22.2% 4,667 1,037 8.20% 6/1/2022
Sheffield Crossing Fund Canada Life
I Insurance
Company/ 22.2% 6,944 1,543 8.00% 1/1/2023
----------------- --------
Sub-Total Fixed-Rate Debt 181,280 55,806 5.74%
----------------- --------
Variable-Rate Debt
- --------------------------------------------
Current
LIBOR 4.39%
244-268 161st Street (2) Fund Bank of L+
II America,
N.A. 19.5% 12,066 2,349 150 5.89%1/31/2006
216th Street (2) Fund Bank of L+
II America,
N.A. 19.5% 4,900 954 125 5.64% 3/1/2006
Haygood Shopping Center (3) Fund JP Morgan L+
I Chase Bank,
N.A. 11.1% 8,040 893 150 5.89%8/23/2010
Sterling Heights Shopping Center (3) Fund JP Morgan L+
I Chase Bank,
N.A. 11.1% 4,400 489 185 6.24%8/23/2010
Granville Center Fund Bank One, L+
I N.A./ 22.2% 5,571 1,238 200 6.39%10/5/2007
400 East Fordham Road (2) Fund Bank of China L +
II 19.5% 18,000 3,505 175 6.14%11/1/2007
Acadia Strategic Acqusition Fund II, LLC (4) Fund Bank of L +
II America,
N.A. 20.0% 24,400 4,880 175 6.14% 3/1/2008
-----------------
Sub-Total Variable-Rate Debt 77,377 14,308 L+ 169 6.08%
----------------- --- --------
Total Unconsolidated Debt $258,657 $70,114 5.81%
================= ========
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 II is a 97% joint venture partner on this investment. As such, Fund
II's pro-rata share of the above debt is 97% x 20%, or 19.5%.
(3) 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%.
(4) This is a revolving facility for up to $39,000.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Future Debt Maturities
- ----------------------------------------
(in thousands) Weighted Average Interest
Rate of Maturing Debt
----------------------------------
Consolidated Debt
Scheduled
Year Amortization Maturities Total Total Debt Fixed-Rate Variable-
Debt Rate Debt
- ------------------------------------------------------------------------------------------------
2006 $2,141 $- $2,141 n/a n/a n/a
2007 3,864 12,519 16,383 6.46% 6.46% n/a
2008 4,471 7,976 12,447 5.69% n/a 5.69%
2009 5,328 - 5,328 n/a n/a n/a
2010 1,702 36,743 38,445 6.38% 7.55% 5.59%
Thereafter 47,983 115,721 163,704 5.59% 5.45% 5.74%
----------------------------------
$65,489 $172,959 $238,448
==================================
Unconsolidated Debt (Joint Ventures) (1)
2006 1,020 3,303 4,323 4.18% n/a 4.18%
2007 1,438 8,391 9,829 5.40% 5.26% 5.52%
2008 1,449 11,547 12,996 4.70% 4.69% 4.72%
2009 1,502 - 1,502 n/a n/a n/a
2010 720 1,363 2,083 5.46% n/a 5.46%
Thereafter 4,546 34,835 39,381 5.75% 5.75% n/a
----------------------------------
$10,675 $59,439 $70,114
==================================
- ------------------------------------------------------------------------------------------------
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 14
------------
Year-to-Date $240
============
(1) The above amounts represent the Company's pro-rata share of joint venture
mortgage debt.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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 58,228
Mad River Station Dayton, OH 155,739
Mark Plaza Edwardsville, PA 216,047
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 1,249,835
==========
Total net operating income for the year ended December 31, 2005
associated with unencumbered properties $6,396
==========
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview
- --------------------------------------------------------
Item Notes Description
- --------------------------------------------------------
Date formed September 2001
Capital commitment $90 million
Funding $86.6 funded through December 31, 2005
million
Partnership
structure
Equity 22.22% - Acadia
Contribution:
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).
Subsequent to December 31, 2005, the Brandywine portfolio was recapitalized
through the conversion of the
77.8% interest previously held by the institutional investors in Fund I to GDC
Properties. Acadia has retained its
existing 22.2% interest. Due to this transaction, Fund I investors received a
return of all of their invested capital and
preferred return, thus triggering Acadia's additional 20% interest (promote) in
all future Fund I distributions.
Fees to Acadia 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
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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 December 31, 2005
million
Partnership structure
Equity 20% - Acadia
Contribution:
80% - Six institutional investors (Three are current
shareholders in Acadia as well)
Cash flow distribution: 20% - Acadia
80% - Six institutional
investors
Promote: 20% to Acadia once all partners (including Acadia) have received 8%
preferred return and return of equity
Remaining 80% is distributed to all the partners (including Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed capital (For the
first 12 months, calculated on $200 million,
thereafter on $240 million which excludes Acadia's $60 million)
Property management fee equal to 4% of gross property revenues
Market rate leasing fees
Construction/project management fees equal to the lesser of 7.5% of hard
costs or allocable costs of Acadia
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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 Up to $300 million of total equity
Contribution:
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
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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 44,952 134,999 38.81% 54.28% 43.96% 402,085 268,599 670,684 11.50 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 91,027 327,470 76.70% 70.44% 74.96% 1,959,074 660,366 2,619,440 10.80 10.30 10.67
---------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
Delaware
- ---------------
Brandywine Town
Center (1) 100% 775,932 - 775,932 100.00% - 100.00% 11,822,129 - 11,822,129 15.24 - 15.24
Market Square
Shopping
Center 100% 39,050 63,712 102,762 100.00%100.00%100.00% 515,375 1,623,071 2,138,446 13.20 25.48 20.81
---------------------------------------------------------------------------------------------------------
Total - Mid-
Atlantic 814,982 63,712 878,694 100.00%100.00%100.00% 12,337,504 1,623,071 13,960,575 15.14 25.48 15.89
---------------------------------------------------------------------------------------------------------
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 2,069,525 154,739 2,224,264 97.34% 82.61% 96.31% 22,960,930 2,283,437 25,244,367 11.40 17.86 11.78
---------------------------------------------------------------------------------------------------------
Fund I Redevelopment
Properties
- ------------------------
Sterling
Heights
Shopping
Center
(Michigan) 50% 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 4.00 9.93 5.02
Tarrytown
Shopping
Center (New
York) 50% 15,497 23,433 38,930 100.00% 39.18% 63.39% 476,068 277,286 753,354 30.72 30.20 30.53
Hitchcock
Plaza (South
Carolina) 90% 135,775 98,111 233,886 0.00% 64.25% 26.95% - 427,786 427,786 - 6.79 6.79
Pine Log Plaza
(South
Carolina) 90% 23,184 11,880 35,064 100.00% 73.23% 90.93% 69,552 74,600 144,152 3.00 8.57 4.52
Haygood
Shopping
Center
(Virginia) 50% 78,880 75,119 153,999 65.64% 80.40% 72.84% 85,200 866,672 951,872 1.65 14.35 8.49
---------------------------------------------------------------------------------------------------------
Subtotal - Fund I
Redevelopment
Properties 343,736 272,981 616,717 46.80% 57.12% 51.37% 912,420 1,791,578 2,703,998 5.67 11.49 8.54
- ---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Fund I Grand
Total 2,413,261 427,720 2,840,981 90.14% 66.34% 86.56%$23,873,350 $4,075,015 $27,948,365 $10.97 $14.36 $11.37
---------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space
which is currently leased, but for which rent payment has not yet commenced.
Tenants who comprise greater than 10% of a center's GLA are considered anchor
tenants for the purposes of the above table.
(1) Does not include approximately 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. Subsequent to December 31, 2005, the Brandywine
portfolio was recapitalized through the conversion of the 77.8% interest
previously held by the institutional investors in Fund I to GDC Properties.
Acadia has retained its existing 22.2% interest.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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% 13.2%
2 Kroger (4) 13 595,166 3,250,025 24.9% 13.2%
3 Lowe's 1 140,000 1,925,000 5.9% 7.8%
4 Access Group 1 76,458 1,517,691 3.2% 6.2%
5 Giant Eagle 5 135,896 1,416,289 5.7% 5.7%
Transunion Settlement
6 (5) 1 39,714 911,376 1.7% 3.7%
7 Bed, Bath & Beyond 2 50,977 868,426 2.1% 3.5%
Regal Entertainment
8 Group 1 65,641 861,210 2.8% 3.5%
9 Target 2 169,120 800,000 7.1% 3.2%
10 Dick's Sporting Goods 1 50,000 700,000 2.1% 2.8%
----------------------------------------------------------------
Total 40 1,790,272 $15,498,256 75.0% 62.9%
================================================================
(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
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Fund I - Current Valuation
-------------------------------------------
Portfolio:
Total Redevelopment
Line (excluding Ohio Kroger/Safeway Properties
Brandywine)
------ ------------------------------------------------------------------
1 Net Operating Income ("NOI") for the Note 1
quarter ended December 31, 2005 $1,388 $500 $821 $67
2 NOI related to investements in Note 2
unconsolidated partnerships 748 748
4 Adjustment for minority interests (586) - (205) (381)
------------ ----------------------------------------------
5 1,550 500 616 434
6 Annualized NOI Line 5 x 4 6,200 2,000 2,464 1,736
7 Debt as of December 31, 2005 Note 3 38,166 17,182 14,764 6,220
6.00% 6.50% 7.00% 7.50% 8.00%
------------------------------------------------------------------
8 Gross asset value Line 6 x
cap
rate $103,333 $95,385 $88,571 $82,667 $77,500
9 Debt Line 7 (38,166)(38,166) (38,166) (38,166) (38,166)
10 Remaining Equity and Accumulated Preferred
Distribution in Fund I (5) - - - - -
------------------------------------------------------------------
11 65,167 57,219 50,405 44,501 39,334
12 Additional Mervyn's return (Original
capital already returned) 12,500 12,500 12,500 12,500 12,500
------------------------------------------------------------------
13 Total Value Subject to Promote 77,667 69,719 62,905 57,001 51,834
------------------------------------------------------------------
14 General Partner (Acadia) Promote on Fund I x 20%
assets 15,533 13,944 12,581 11,400 10,367
------------------------------------------------------------------
15 Remaining value to be allocated pro-rata to
Fund I investors (including Acadia) 62,134 55,775 50,324 45,601 41,467
------------------------------------------------------------------
16 Acadia's share x 22.22% 13,806 12,393 11,182 10,132 9,214
------------------------------------------------------------------
17 Value of Acadia's interest in remaining Line 14
Fund I assets + 16 29,340 26,337 23,763 21,533 19,581
18 Additional promote earned from Brandywine Note 4
recapitalization 7,500 7,500 7,500 7,500 7,500
19 Acadia's interest in recapitalized Note 5
Brandywine entity (22.22%) 31,000 31,000 31,000 31,000 31,000
------------------------------------------------------------------
20 Total value to Acadia $67,840 $64,837 $62,263 $60,033 $58,081
==================================================================
21 Original Acadia invested capital in Fund I $20,000 $20,000 $20,000 $20,000 $20,000
==================================================================
Recap of Acadia Promote
---------------------------------------------------------------------------------------------------------------------
20% General Partner (Acadia) Promote on
Fund I assets $15,533 $13,944 $12,581 $11,400 $10,367
20% General Partner (Acadia) Promote on
Brandywine 7,500 7,500 7,500 7,500 7,500
------------------------------------------------------------------
Total promote $23,033 $21,444 $20,081 $18,900 $17,867
==================================================================
Per share $0.69 $0.64 $0.60 $0.57 $0.54
==================================================================
---------------------------------------------------------------------------------------------------------------------
Notes:
------
Reconciled to "Statements of Operations -
1 Joint Venture Activity" as follows:
Fund I NOI for 4th quarter 2005 per JV
Statements of Operations $4,437
NOI above
(1,388)
--------
NOI attributable to Brandywine Portfolio
$3,049
========
Included in "Equity in earnings of Fund I
unconsolidated properties" in the JV
2 Statement of Operations
3 See "Debt Analysis - Unconsolidated Debt (Joint Ventures)". Amounts
adjusted for minority interests' pro- rata share of debt
4 This promote is to be paid from future Fund I cash flows
5 In January 2006, the Brandywine Portfolio was recapitalized with the
investors engaging in a "cash-out merger" for their 77.78% interest in the
portfolio. The Company merged its 22.22% share forming a new joint venture
with the investors' successor, GDC. All Fund I equity and accumulated
preferred distributions were paid from the proceeds of this transaction.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Kroger/Safeway Portfolio
- ----------------------------------------
Kroger Safeway
locations locations
---------------------------
Cary, NC Atlanta, TX
Cincinnati, Batesville, AR
OH
Conroe, TX Benton, AR
Great Bend, Carthage, TX
KS
Hanrahan, LA Little Rock,
AR
Indianapolis, Longview, WA
IN
Irving, TX Mustang, OK
Pratt, KS Roswell, NM
Roanoke, VA Ruidoso, NM
Shreveport, San Ramon, CA
LA
Wichita, KS Springerville,
(2 stores) AZ
Tucson, AZ
Tulsa, OK
ANNUAL
SUPPLEMENTAL
DISCLOSURE
December 31, 2005
AKR Fund II
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 AnchorsShops Total
-------------------------------------------------------------------------------------------------------
Fund II Redevelopment
Properties
- --------------------------
400 East Fordham
Road 97%100,703 16,652 117,355 100.00%100.00%100.00% 275,000 370,915 645,915 2.73 22.27 5.50
Pelham Manor
Shopping Center
(1) 97% - 398,775 398,775 - 51.20% 51.20% - 1,399,887 1,399,887 - 6.86 6.86
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 1,535,672 3,870,354 17.00 17.80 17.31
-------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Fund II Redevelopment
Properties 372,810 501,704 874,514 100.00% 61.21% 77.75%3,947,050 3,306,474 7,253,524 10.59 10.77 10.67
----------------------------------------------------------------------------------------------
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.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Retail Properties - Summary Listing
Property Totals
----------------------
Year Grocery Other Annualized Annualized
Anchor Anchor
Constructed(C) Occupancy Current Current Base Base
Lease and Lease and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
NEW YORK REGION
- -------------------------------------------------
New York
Soundview Marketplace Port King Clearview
Washington Kullen Cinema
1998 (A)183,675 94% 2007/2042 2010/2030 $2,879,800 $16.60
Village Commons Shopping Center Smithtown Daffy's
1998 (A) 87,306 100% 2008/2028 2,141,801 24.53
Walgreens
2021/--
Branch Shopping Plaza Smithtown Waldbaum'sCVS 2010/--
(A&P)
1998 (A)125,724 99% 2013/2028 2,370,544 19.01
Amboy Shopping Center Staten Island 2005 (A) 59,979 100.00% Waldbaum's 2028/-- 1,460,009 24.34
Duane Reed 2008/2018
Bartow Avenue The Bronx 2005 (C) 14,694 51.00% 222,600 29.70
Pacesetter Park Shopping Center Pomona Stop & Shop (Ahold)
1999 (A) 96,698 96% 2020/2040 1,113,383 12.00
New Jersey
Elmwood Park Shopping Center Elmwood Park Pathmark Walgreen's
1998 (A)149,085 98% 2017/2052 2022/2062 3,311,727 22.68
Connecticut
239 Greenwich Avenue Greenwich Restoration
Hardware
1998 (A) 16,834 100% 2015/2025 1,235,145 73.37
Coach
2016/2021
NEW ENGLAND REGION
- -------------------------------------------------
Connecticut
Town Line Plaza Rocky Hill Stop & Wal-mart
Shop (not
1998 (A)206,178 96% 2023/2063 owned) 1,486,207 14.75
Massachusetts
Methuen Shopping Center Methuen DeMoulas Wal-mart
Market 2011/2051
1998 (A)130,238 92% 2015/2020 736,464 6.14
Crescent Plaza Brockton Shaw's Home Depot
1984 (A)218,141 99% 2012/2042 2021/2056 1,665,798 7.73
New York
New Loudon Center Latham Price Marshalls
Chopper 2014/2029
1982 (A)255,826 100% 2015/2035 1,713,664 6.70
Bon Ton Department Store
2014/2034
Raymor & Flanigan Furniture
2019/2034
Rhode Island
Walnut Hill Plaza Woonsocket Shaw's Sears
1998 (A)283,235 99% 2013/2028 2008/2033 2,426,705 8.69
Vermont
The Gateway Shopping Center Burlington 1999 (A)101,792 99% Shaw's 2024/2053 1,818,182 18.13
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Retail Properties - Summary Listing
Property Totals
----------------------
Year Grocery Other Annualized Annualized
Anchor Anchor
Constructed(C) Occupancy Current Current Base Base
Lease and Lease and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
MIDWEST REGION
- ----------------------------------------------------------
Illinois
Hobson West Plaza Naperville Bobak's Market and
1998 (A) 99,044 99% Restaurant 2007/2032 1,196,935 12.23
(specialty grocery)
Indiana
Merrillville Plaza Merrillville TJ Maxx
1998 (A) 235,605 94% 2009/2014 2,576,232 11.62
JC Penney 2008/2018
OfficeMax 2008/2028
Michigan
Bloomfield Town Square Bloomfield Costco TJ
Hills (not Maxx2009/--
1998 (A) 214,866 97% owned) 2,281,763 10.90
Marshall's 2011/2026
Home Goods 2010/2025
Ohio
Mad River Station Dayton Babies "R"
Us
1999 (A) 155,739 82% 2010/2020 1,542,508 12.14
Office Depot 2010/--
MID-ATLANTIC REGION
- ----------------------------------------------------
New Jersey
Marketplace of Absecon Absecon Acme Eckerd Drug
1998 (A) 105,097 97% 2015/2055 2020/2040 1,657,610 16.34
Ledgewood Mall Ledgewood Wal-mart
1983 (A) 517,077 95% 2019/2049 4,425,559 8.98
Macy's
2010/2025
The Sports'
Authority 2007/2037
Circuit City 2020/2040
Marshalls 2014/2034
Pennsylvania
Abington Towne Center Abington TJ Maxx
1998 (A) 216,355 99% 2010/2020 939,999 16.47
Target (not
owned)
NORTHEASTERN PENNSYLVANIA REGION
- -------------------------------------------------------------------------------
Pennsylvania
Blackman Plaza Wilkes-Barre Kmart
1968 (C) 121,341 92% 2009/2049 282,374 2.52
Bradford Towne Centre Towanda P&C Foods
Kmart 2019/2069
(Penn
Traffic)
1993 (C) 256,939 91% 2014/2024 1,582,170 6.76
Greenridge Plaza Scranton Giant Food (Ahold)
1986 (C) 191,755 79% 2021/2051 957,308 6.33
Luzerne Street Shopping Center Scranton Eckerd Drug
1983 (A) 58,228 87% 2009/2019 281,931 5.54
Mark Plaza Edwardsville Redner's Kmart
Markets 2009/2049
1968 (C) 216,047 97% 2018/2028 1,088,303 5.20
Pittston Plaza Pittston Redner's Eckerd Drugs
Market 2006/2016
1994 (C) 79,494 96% 2018/2028 603,215 7.88
Plaza 422 Lebanon Home Depot
1972 (C) 155,026 69% 2028/2058 444,020 4.14
Route 6 Mall Honesdale Weis Kmart
Markets 2020/2070
(not
1994 (C) 175,507 99% owned) 1,081,027 6.21
---------- -------------------
4,727,525 $45,522,983 $10.83
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Retail Properties - Summary Listing
Property Totals
----------------------
Year Grocery Other Annualized Annualized
Anchor Anchor
Constructed(C) Occupancy Current Current Base Base
Lease and Lease and
Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf
% Expiraton Expiraton
- ------------------------------------------------------------------------------------------------------------------------
NEW YORK REGION
- ----------------------------------------------------------
JOINT VENTURE PROPERTIES
- ------------------------------------------------------------------
New York
Crossroads Shopping Center White Plains Waldbaum's Kmart
(A&P) 2012/2032
1998 310,644 100% 2007/2032 $6,053,565 $19.49
(49% JV interest) B. Dalton 2012/2017
Modell's
2009/2019
MID-ATLANTIC REGION
- ----------------------------------------------------------
Delaware
Brandywine Town Center (1) Wilmington 2003 (A) 775,932 100% 11,822,129 15.24
(Fund I)
Market Square Shopping Center Wilmington Trader TJ Maxx
Joe's 2006/2016
(specialty
2003 (A) 102,762 100% grocery) 2,138,446 20.81
(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 Lifestyle
Family
Fitness
2002 (A) 134,999 44% 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) 154,838 55% 2024/-- 426,834 5.02
(Fund I)
New York
Tarrytown Shopping Center Westchester Walgreen's
2004 (A) 38,930 63% Drug 2080 753,354 30.53
(Fund I)
400 East Fordham Road Bronx Sears
2004 (A) 117,355 100% 2007/-- 645,915 5.50
(Fund II)
161st Street Bronx 2005 (A) 223,611 100% 3,870,354 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 51% 1,399,887 6.86
(Fund II)
South Carolina
Hitchcock Plaza Aiken 2004 (A) 233,886 27% 427,786 6.79
(Fund I)
Pine Log Plaza Aiken Farmers
Furniture
2004 (A) 35,064 91% 2009 144,152 4.52
(Fund I)
Virginia
Haygood Shopping Center Virginia Beach Eckerd
Drug
2004 (A) 153,999 73% 2009/-- 951,872 8.49
---------- -------------------
(Fund I)
4,026,139 $41,255,454 $11.96
========== ===================
(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.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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 351,202 382,793 733,995 100.00% 93.38% 96.55% $6,760,316 $7,974,693 $14,735,009 $19.25 $22.31 $20.79
New England 895,475 299,935 1,195,410 98.86% 94.62% 97.79% 6,646,268 3,200,752 9,847,020 8.44 11.28 9.19
Midwest 392,214 313,040 705,254 99.62% 84.73% 93.01% 3,335,406 4,262,032 7,597,438 8.54 16.07 11.58
Mid-Atlantic 613,616 224,913 838,529 100.00% 86.78% 96.45% 4,251,872 2,771,296 7,023,168 9.32 14.20 10.79
Northeastern
Pennsylvania 954,285 300,052 1,254,337 91.64% 80.29% 88.93% 4,239,019 2,081,329 6,320,348 4.85 8.64 5.67
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total Wholly-
Owned
Properties 3,206,792 1,520,733 4,727,525 97.15% 88.28% 94.30%$25,232,881 $20,290,102 $45,522,983 $8.82 $15.11 $10.83
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Joint Venture
Properties
- ----------------
Operating
Midwest (2) 236,443 91,027 327,470 76.70% 70.44% 74.96% $1,959,074 $660,366 $2,619,440 $10.80 $10.30 $10.67
Mid-Atlantic(
2,3) 814,982 63,712 878,694 100.00%100.00%100.00% 12,337,504 1,623,071 13,960,575 15.14 25.48 15.89
New York Region
(4) 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,834,813 6,053,565 11.08 34.72 19.49
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 2,269,706 265,202 2,534,908 97.57% 89.85% 96.76% 25,179,682 6,118,250 31,297,932 11.37 25.68 12.76
------------------------------------------------------------------------------------------------------------
JV Redevelopment
Properties
Mid West (6) 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 4.00 9.93 5.02
Mid-Atlantic (6) 237,839 185,110 422,949 31.52% 71.38% 48.96% 154,752 1,369,058 1,523,810 2.06 10.36 7.36
New York Region
(7) 388,307 525,137 913,444 100.00% 60.23% 77.14% 4,423,118 3,583,760 8,006,878 11.39 11.33 11.36
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 716,546 774,685 1,491,231 74.48% 59.77% 66.84% 4,859,470 5,098,052 9,957,522 9.11 11.01 9.99
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total Joint
Venture
Properties 2,986,252 1,039,887 4,026,139 92.03% 67.44% 85.68%$30,039,152 $11,216,302 $41,255,454 $10.93 $15.99 $11.96
============================================================================================================
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 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. Subsequent to December 31, 2005, the Brandywine
portfolio was recapitalized through the conversion of the 77.8% interest
previously held by the institutional investors in Fund I to GDC Properties.
Acadia has retained its existing 22.2% interest.
(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.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Retail Properties by State - Summary
- --------------------------------
-----------------------------------------------------------------------------------------------------------------
Gross Leasable Area Occupancy Annualized Base Rent
---------------------------------------------------------------------------------------
Wholly-Owned OwnershipPercent Number of
Properties of
- ----------------
base properties Anchors Shops Total Anchors Shops Total Anchors Shops Total
rent (2)
% (1)
-----------------------------------------------------------------------------------------------------------------
Connecticut 100.0% 4.9% 2 178,799 44,213 223,012 100.00% 81.67% 96.37% $2,172,145 $549,207 $2,721,352
Illinois 100.0% 2.2% 1 51,692 47,352 99,044 100.00% 97.57% 98.84% 225,436 971,499 1,196,935
Indiana 100.0% 4.7% 1 145,266 90,339 235,605 100.00% 84.57% 94.08% 1,318,902 1,257,330 2,576,232
Massachusetts 100.0% 4.3% 2 287,223 61,156 348,379 96.44% 95.71% 96.31% 1,855,550 546,712 2,402,262
Michigan 100.0% 4.1% 1 126,960 87,906 214,866 98.83% 95.45% 97.45% 988,349 1,293,414 2,281,763
New Jersey 100.0% 17.0% 3 491,610 279,649 771,259 100.00% 88.86% 95.96% 5,372,332 4,022,564 9,394,896
New York 100.0% 21.5% 7 522,969 300,933 823,902 100.00% 92.60% 97.30% 5,735,197 6,166,604 11,901,801
Ohio 100.0% 2.8% 1 68,296 87,443 155,739 100.00% 67.15% 81.56% 802,719 739,789 1,542,508
Pennsylvania 100.0% 13.1% 9 1,138,901 331,791 1,470,692 93.00% 81.67% 90.44% 4,509,019 2,751,328 7,260,347
Rhode Island 100.0% 4.4% 1 121,892 161,343 283,235 100.00% 97.58% 98.62% 935,920 1,490,785 2,426,705
Vermont 100.0% 3.3% 1 73,184 28,608 101,792 100.00% 94.69% 98.51% 1,317,312 500,870 1,818,182
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Total - Wholly-
Owned
Properties 82.2% 29 3,206,792 1,520,733 4,727,525 97.15% 88.28% 94.30%$25,232,881 $20,290,102 $45,522,983
--------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Joint Venture
Properties
- ----------------
Operating
Properties
Ohio (4) 22.2% 1.1% 3 236,443 91,027 327,470 76.70% 70.44% 74.96% $1,959,074 $660,366 $2,619,440
Delaware (4,5) 22.2% 5.6% 2 814,982 63,712 878,694 100.00%100.00%100.00% 12,337,504 1,623,071 13,960,575
New York (6) 49.0% 5.4% 1 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,834,813 6,053,565
Various
(Kroger/Safeway
Portfolio) (3) 16.5% 2.6% 25 1,018,100 - 1,018,100 100.00% 0.00%100.00% 8,664,352 - 8,664,352
------- ---------------------------------------------------------------------------------------
Total -
Operating
Properties 14.6% 2,269,706 265,202 2,534,908 97.57% 89.85% 96.76% 25,179,682 6,118,250 31,297,932
------- ---------------------------------------------------------------------------------------
JV Redevelopment
Properties
Michigan (7) 11.1% 0.1% 1 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834
New York(7) Various 1.3% 5 388,307 525,137 913,444 100.00% 60.23% 77.14% 4,423,118 3,583,760 8,006,878
South Carolina
(7) 11.1% 0.2% 2 158,959 109,991 268,950 14.58% 65.22% 35.29% 69,552 502,386 571,938
Virginia (7) 11.1% 0.2% 1 78,880 75,119 153,999 65.64% 80.40% 72.84% 85,200 866,672 951,872
--------------------------------------------------------------------------------------------------------
Total-
Redevelopment
Properties 1.8% 716,546 774,685 1,491,231 74.48% 59.77% 66.84% 4,859,470 5,098,052 9,957,522
------- ---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Total Joint
Venture
Properties 16.4% 40 2,986,252 1,039,887 4,026,139 92.03% 67.44% 85.68%$30,039,152 $11,216,302 $41,255,454
-----------------=======================================================================================
98.6% 69
=================
--------------------------
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 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. Subsequent to December 31, 2005, the Brandywine
portfolio was recapitalized through the conversion of the 77.8% interest
previously held by the institutional investors in Fund I to GDC Properties.
Acadia has retained its existing 22.2% interest.
(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.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Retail Properties by State - Summary
- -------------------------------------------------------
---------------------
Annualized Base Rent
per Occupied Square
Foot
---------------------
Wholly-Owned Properties
- -------------------------------------------------
Anchors Shops Totals
---------------------
Connecticut $26.65 $15.21 $23.14
Illinois 4.36 21.03 12.23
Indiana 9.08 16.46 11.62
Massachusetts 6.70 9.34 7.16
Michigan 7.88 15.41 10.90
New Jersey 10.93 16.19 12.69
New York 10.97 22.13 14.85
Ohio 11.75 12.60 12.14
Pennsylvania 5.00 10.15 6.19
Rhode Island 7.68 9.47 8.69
Vermont 18.00 18.49 18.13
---------------------
---------------------
Total - Wholly-Owned Properties $8.82 $15.11 $10.83
---------------------
---------------------
Joint Venture Properties
- -------------------------------------------------
Operating Properties
Ohio (4) $10.80 $10.30 $10.67
Delaware (4,5) 15.14 25.48 15.89
New York (6) 11.08 34.72 19.49
Various (Kroger/Safeway Portfolio) (3) 8.51 - 8.51
---------------------
Total - Operating Properties 11.37 25.68 12.76
---------------------
JV Redevelopment Properties
Michigan (7) 4.00 9.93 5.02
New York(7) 11.39 11.33 11.36
South Carolina (7) 3.00 7.00 6.03
Virginia (7) 1.65 14.35 8.49
---------------------
Total-Redevelopment Properties 9.11 11.01 9.99
---------------------
---------------------
Total Joint Venture Properties $10.93 $15.99 $11.96
=====================
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 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. Subsequent to December 31, 2005, the Brandywine
portfolio was recapitalized through the conversion of the 77.8% interest
previously held by the institutional investors in Fund I to GDC Properties.
Acadia has retained its existing 22.2% interest.
(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.
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
---------------------------------------------------------------------------------------------------
WHOLLY-OWNED
PROPERTIES:
New York Region
- ---------------------
Connecticut
- ---------------------
239 Greenwich
Avenue(1) 16,834 - 16,834 100.00% - 100.00%$1,235,145 $- $1,235,145 $73.37 $- $73.37
---------------------------------------------------------------------------------------------------
New Jersey
- ---------------------
Elmwood Park Shopping
Center 62,610 86,475 149,085 100.00% 96.44% 97.94% 1,390,460 1,921,267 3,311,727 22.21 23.04 22.68
---------------------------------------------------------------------------------------------------
New York
- ---------------------
Soundview Marketplace 73,500 110,175 183,675 100.00% 90.78% 94.47% 1,248,850 1,630,950 2,879,800 16.99 16.31 16.60
Village Commons
Shopping Center 25,192 62,114 87,306 100.00%100.00%100.00% 428,213 1,713,588 2,141,801 17.00 27.59 24.53
Branch Plaza 74,050 51,674 125,724 100.00% 98.05% 99.20% 1,093,368 1,277,176 2,370,544 14.77 25.21 19.01
Amboy Road 46,964 13,015 59,979 100.00%100.00%100.00% 1,012,015 447,994 1,460,009 21.55 34.42 24.34
Bartow Avenue(2) - 14,694 14,694 0.00% 51.00% 51.00% - 222,600 222,600 - 29.70 29.70
Pacesetter Park
Shopping Center 52,052 44,646 96,698 100.00% 91.24% 95.96% 352,265 761,118 1,113,383 6.77 18.68 12.00
---------------------------------------------------------------------------------------------------
Total - New York 271,758 296,318 568,076 100.00% 92.48% 96.08% 4,134,711 6,053,426 10,188,137 15.21 22.09 18.67
---------------------------------------------------------------------------------------------------
Total - New York
Region 351,202 382,793 733,995 100.00% 93.38% 96.55% 6,760,316 7,974,693 14,735,009 19.25 22.31 20.79
---------------------------------------------------------------------------------------------------
New England
- ---------------------
Connecticut
- ---------------------
Town Line Plaza(3) 161,965 44,213 206,178 100.00% 81.67% 96.07% 937,000 549,207 1,486,207 14.49 15.21 14.75
---------------------------------------------------------------------------------------------------
Massachusetts
- ---------------------
Methuen Shopping
Center 130,238 - 130,238 92.14% - 92.14% 736,464 - 736,464 6.14 - 6.14
Crescent Plaza 156,985 61,156 218,141 100.00% 95.71% 98.80% 1,119,086 546,712 1,665,798 7.13 9.34 7.73
---------------------------------------------------------------------------------------------------
Total - Massachusetts287,223 61,156 348,379 96.44% 95.71% 96.31% 1,855,550 546,712 2,402,262 6.70 9.34 7.16
---------------------------------------------------------------------------------------------------
New York
- ---------------------
New Loudon Center 251,211 4,615 255,826 100.00%100.00%100.00% 1,600,486 113,178 1,713,664 6.37 24.52 6.70
---------------------------------------------------------------------------------------------------
Rhode Island
- ---------------------
Walnut Hill Plaza 121,892 161,343 283,235 100.00% 97.58% 98.62% 935,920 1,490,785 2,426,705 7.68 9.47 8.69
---------------------------------------------------------------------------------------------------
Vermont
- ---------------------
The Gateway Shopping
Center 73,184 28,608 101,792 100.00% 94.69% 98.51% 1,317,312 500,870 1,818,182 18.00 18.49 18.13
---------------------------------------------------------------------------------------------------
Total - New England
Region 895,475 299,935 1,195,410 98.86% 94.62% 97.79% 6,646,268 3,200,752 9,847,020 8.44 11.28 9.19
---------------------------------------------------------------------------------------------------
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 redevelopment of Bartow Avenue was completed during 2005. The Company
is currently negotiating with prospective tenants related to the leasing of
the the remaining newly redeveloped space.
(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.
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
---------------------------------------------------------------------------------------------------
WHOLLY-OWNED
PROPERTIES
(continued):
Midwest
- ---------------
Illinois
- ---------------
Hobson West
Plaza 51,692 47,352 99,044 100.00%97.57%98.84% $225,436 $971,499 $1,196,935 $4.36 $21.03 $12.23
Indiana
- ---------------
Merrillville
Plaza 145,266 90,339 235,605 100.00%84.57%94.08% 1,318,902 1,257,330 2,576,232 9.08 16.46 11.62
Michigan
- ---------------
Bloomfield
Towne Square 126,960 87,906 214,866 98.83%95.45%97.45% 988,349 1,293,414 2,281,763 7.88 15.41 10.90
Ohio
- ---------------
Mad River
Station (1) 68,296 87,443 155,739 100.00%67.15%81.56% 802,719 739,789 1,542,508 11.75 12.60 12.14
---------------------------------------------------------------------------------------------------------
Total - Midwest
Region 392,214 313,040 705,254 99.62%84.73%93.01% 3,335,406 4,262,032 7,597,438 8.54 16.07 11.58
---------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
New Jersey
- ---------------
Marketplace of
Absecon 58,031 47,066 105,097 100.00%92.28%96.54% 984,014 673,596 1,657,610 16.96 15.51 16.34
Ledgewood Mall 370,969 146,108 517,077 100.00%83.27%95.27% 2,997,858 1,427,701 4,425,559 8.08 11.74 8.98
---------------------------------------------------------------------------------------------------------
Total - New
Jersey 429,000 193,174 622,174 100.00%85.47%95.49% 3,981,872 2,101,297 6,083,169 9.28 12.73 10.24
---------------------------------------------------------------------------------------------------------
Pennsylvania
- ---------------
Abington Towne
Center (2) 184,616 31,739 216,355 100.00%94.75%99.23% 270,000 669,999 939,999 10.00 22.28 16.47
---------------------------------------------------------------------------------------------------------
Total - Mid-
Atlantic
Region 613,616 224,913 838,529 100.00%86.78%96.45% 4,251,872 2,771,296 7,023,168 9.32 14.20 10.79
---------------------------------------------------------------------------------------------------------
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%70.11%91.16% 1,102,616 479,554 1,582,170 6.09 9.00 6.76
Greenridge
Plaza 101,060 90,695 191,755 61.44%98.31%78.88% 279,405 677,903 957,308 4.50 7.60 6.33
Luzerne Street
Shopping
Center 43,663 14,565 58,228 100.00%49.82%87.45% 223,652 58,279 281,931 5.12 8.03 5.54
Mark Plaza 157,595 58,452 216,047 100.00%88.45%96.88% 652,095 436,208 1,088,303 4.14 8.44 5.20
Pittston Plaza 67,568 11,926 79,494 100.00%75.55%96.33% 508,926 94,289 603,215 7.53 10.46 7.88
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% 800,431 280,596 1,081,027 5.46 10.21 6.21
---------------------------------------------------------------------------------------------------------
Total -
Pennsylvania 954,285 300,052 1,254,337 91.64%80.29%88.93% 4,239,019 2,081,329 6,320,348 4.85 8.64 5.67
---------------------------------------------------------------------------------------------------------
Total -
Northeastern
Pennsylvania
Region 954,285 300,052 1,254,337 91.64%80.29%88.93% 4,239,019 2,081,329 6,320,348 4.85 8.64 5.67
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
TOTAL WHOLLY-
OWNED
PROPERTIES 3,206,792 1,520,733 4,727,525 97.15%88.28%94.30%$25,232,881 $20,290,102 $45,522,983 $8.82 $15.11 $10.83
---------------------------------------------------------------------------------------------------------
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.
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
---------------------------------------------------------------------------------------------------
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 44,952 134,999 38.81% 54.28% 43.96% 402,085 268,599 670,684 11.50 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 91,027 327,470 76.70% 70.44% 74.96% 1,959,074 660,366 2,619,440 10.80 10.30 10.67
------------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
Delaware
- ---------------
Brandywine Town
Center (2) 775,932 - 775,932 100.00% - 100.00% 11,822,129 - 11,822,129 15.24 - 15.24
Market Square
Shopping
Center (2) 39,050 63,712 102,762 100.00%100.00%100.00% 515,375 1,623,071 2,138,446 13.20 25.48 20.81
------------------------------------------------------------------------------------------------------------
Total -
Delaware 814,982 63,712 878,694 100.00%100.00%100.00% 12,337,504 1,623,071 13,960,575 15.14 25.48 15.89
------------------------------------------------------------------------------------------------------------
New York Region
- ---------------
New York
- ---------------
Crossroads
Shopping
Center ( 3) 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,834,813 6,053,565 11.08 34.72 19.49
------------------------------------------------------------------------------------------------------------
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 2,269,706 265,202 2,534,908 97.57% 89.85% 96.76% 25,179,682 6,118,250 31,297,932 11.37 25.68 12.76
------------------------------------------------------------------------------------------------------------
Redevelopment
properties
------------------------------------------------------------------------------------------------------------
Sterling
Heights
Shopping
Center
(Michigan)
(5) 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 4.00 9.93 5.02
400 East
Fordham Road
(New York)
(6) 100,703 16,652 117,355 100.00%100.00%100.00% 275,000 370,915 645,915 2.73 22.27 5.50
Pelham Manor
Shopping Plaza
(New York)
(7) - 398,775 398,775 - 51.20% 51.20% - 1,399,887 1,399,887 - 6.86 6.86
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) 15,497 23,433 38,930 100.00% 39.18% 63.39% 476,068 277,286 753,354 30.72 30.20 30.53
161st Street
(New York) (6) 137,334 86,277 223,611 100.00%100.00%100.00% 2,334,682 1,535,672 3,870,354 17.00 17.80 17.31
Hitchcock Plaza
(South
Carolina) (5) 135,775 98,111 233,886 0.00% 64.25% 26.95% - 427,786 427,786 - 6.79 6.79
Pine Log Plaza
(South
Carolina) (5) 23,184 11,880 35,064 100.00% 73.23% 90.93% 69,552 74,600 144,152 3.00 8.57 4.52
Haygood
Shopping
Center
(Virginia)
(5) 78,880 75,119 153,999 65.64% 80.40% 72.84% 85,200 866,672 951,872 1.65 14.35 8.49
------------------------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 716,546 774,685 1,491,231 74.48% 59.77% 66.84% 4,859,470 5,098,052 9,957,522 9.11 11.01 9.99
------------------------------------------------------------------------------------------------------------
Total - Joint
Venture
Properties 2,986,252 1,039,887 4,026,139 92.03% 67.44% 85.68%$30,039,152 $11,216,302 $41,255,454 $10.93 $15.99 $11.96
============================================================================================================
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. Subsequent to December 31, 2005, the Brandywine
portfolio was recapitalized through the conversion of the 77.8% interest
previously held by the institutional investors in Fund I to GDC Properties.
Acadia has retained its existing 22.2% interest.
(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.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
------------------
Year-to- 3 months 3 months 3 months 3 months Year
Date ended ended ended ended ended
Leasing Production Notes: December December September June 30, March December
31, 2005 31, 2005 30, 2005 2005 31, 31,
2005 2004
----------------------------------------------------- -----------------------------------------------------
New leases (1)
Number of new leases commencing 28 10 8 6 4 34
GLA 219,770 59,945 90,775 46,584 22,466 191,419
New base rent $11.20 $13.65 $7.32 $14.60 $13.28 $12.81
Previous base rent (and percentage rent) $11.71 $11.73 $10.78 $12.90 $12.90 $11.43
Percentage growth in base rent (2) -4.3% 16.4% -32.1% 13.2% 2.9% 12.0%
Average cost per square foot $11.57 $23.39 $7.02 $6.99 $7.96 $20.67
Renewal leases
Number of renewal leases commencing 52 8 15 16 13 59
GLA expiring 348,354 71,231 92,370 99,677 85,076 483,308
Renewal percentage (3) 70% 49% 84% 62% 81% 81%
New base rent $12.14 $11.29 $13.85 $11.94 $10.81 $11.72
Expiring base rent (and percentage rent) $10.86 $10.70 $12.69 $9.70 $9.92 $10.94
Percentage growth in base rent 11.8% 5.5% 9.1% 23.1% 9.0% 7.2%
Average cost per square foot $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total new and renewal Leases
Number of new and renewal leases commencing 80 18 23 22 17 93
GLA commencing 462,975 131,176 168,366 108,384 91,378 674,727
New base rent $11.69 $12.37 $10.33 $13.08 $11.42 $12.03
Expiring base rent (and percentage rent) $11.26 $11.17 $11.66 $11.08 $10.65 $11.08
Percentage growth in base rent (3) 3.8% 10.7% -11.4% 18.1% 7.2% 8.6%
Average cost per square foot $5.49 $10.69 $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 + 11.8%. Adjusting for this
the year-to-date spread on new leases was + 13.8% and new and renewal
leases in total was + 12.6%.
(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.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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
-------------------------------------------------------------------------------
Number of
Retail stores in Total Annualized Total Annualized Total Annualized Total AnnualizedAverage
Base Base Base Base
Ranking Tenant combined GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio Rent (3) Sales
portfolio GLA(3) (per
sq.
ft.)
- -------------------------------------------------------------------------------------------------------------------------
1 Albertson's 4 220,625 $3,012,896 - $- 220,625 $3,012,896 4.0% 5.5%
-- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.2% 4.3% 475
-- Acme 1 44,824 654,704 - - 44,824 654,704 0.8% 1.2% 294
2 Sears 7 485,111 1,829,484 67,482 326,963 552,593 2,156,447 10.0% 4.0%
-- Kmart 5 424,411 1,571,484 49,355 277,463 473,766 1,848,947 8.6% 3.4% 166
-- Sears 2 60,700 258,000 18,127 49,500 78,827 307,500 1.4% 0.6% 231
3 T.J. Maxx 10 289,427 2,051,182 6,972 81,261 296,399 2,132,443 5.4% 3.9%
-- T.J. Maxx 4 88,200 726,300 6,972 81,261 95,172 807,561 1.7% 1.5% 281
-- Marshalls 3 102,781 731,494 - - 102,781 731,494 1.9% 1.3% 178
-- A.J.
Wright's 2 58,800 286,131 - - 58,800 286,131 1.1% 0.5% 144
-- Homegoods 1 39,646 307,257 - - 39,646 307,257 0.7% 0.6% 146
4 A&P (Waldbaum's) 2 100,266 1,666,284 18,722 246,960 118,988 1,913,244 2.2% 3.5%
-- Waldbaum's 3 100,266 1,666,284 18,722 246,960 118,988 1,913,244 2.2% 3.5% 348
5 Ahold 3 178,807 1,568,670 - - 178,807 1,568,670 3.2% 2.9%
-- Stop and
Shop 2 116,717 1,289,265 - - 116,717 1,289,265 2.1% 2.4% 346
-- Giant 1 62,090 279,405 - - 62,090 279,405 1.1% 0.5% -
6 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 3.8% 2.8% 336
7 Brook's Drug 7 81,300 1,069,574 - - 81,300 1,069,574 1.5% 2.0%
-- Eckerd's 7 81,300 1,069,574 - - 81,300 1,069,574 1.5% 2.0% 442
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 2 111,739 875,912 - - 111,739 875,912 2.0% 1.6% 250
Restoration
11 Hardware 1 9,220 697,200 - - 9,220 697,200 0.2% 1.3% 249
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
15 Clearview Cinema 1 25,400 686,250 - - 25,400 686,250 0.5% 1.3% -
Federated
Department
16 Stores (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.3% 1.2% 205
17 JC Penney 2 72,580 591,747 - - 72,580 591,747 1.3% 1.1% 182
18 Walgreen's 2 23,904 589,088 - - 23,904 589,088 0.4% 1.1% 342
King Kullen
19 Grocery 1 48,100 562,600 - - 48,100 562,600 0.9% 1.0% 548
20 Payless Shoes 10 36,076 557,570 1,524 43,273 37,600 600,843 0.7% 1.1% -
------------------------------------------------------------------------------------------
Total 86 2,302,244 20,694,276 330,803 2,142,516 2,633,047 22,836,792 0 0
==========================================================================================
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
(2) 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.
Average
Gross
Occupancy
Ranking Cost (4)
- ----------------------------------------------------------------------
1
2.8%
5.5%
2
3.7%
1.8%
3
4.3%
5.7%
5.8%
6.8%
4
5.8%
5
3.6%
-
6 3.2%
7
4.6%
8 -
9 -
10 4.0%
11 32.6%
12 -
13 -
14 1.9%
15 -
16 6.2%
17 5.9%
18 8.8%
19 2.7%
20 -
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements,
(2) Includes Funds I, II and the Crossroads Shopping Center joint ventures. The
above amounts represent the Company's pro-rata share
(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
(6) Safeway has sub-leased 7 of these locations to supermarket tenants, 1
location to a non- supermarket tenant and ceased operations at
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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 305,544 67.29 (1) 5 Year
Restoration Hardware 12,293 4/30/2015 929,600 75.62 (2) 5 Years
--------- -----------------
Property total 16,834 1,235,144 73.37
--------- -----------------
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
--------- -----------------
Village Commons Shopping Center
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
--------- -----------------
Branch Plaza
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 7/6/2028 745,320 20.00 -
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 6,760,316 19.25
--------- -----------------
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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 (8) 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 (1) 5 Year
Wal*Mart 89,544 10/23/2011 626,808 7.00 (8) 5 Year
--------- ----------------
Property total 120,004 736,464 6.14
--------- ----------------
Crescent Plaza, Brockton
Home Depot 106,760 10/31/2021 602,126 5.64 (6) 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 (3) 5 Year
--------- ----------------
Property total 121,892 935,920 7.68
--------- ----------------
Vermont
----------------------------------------
Gateway Shopping Center
Shaw's (Albertsons) (5) 5 Yr. & (1) 4
73,184 3/31/2024 1,317,312 18.00 Yr.
--------- ----------------
Property total 73,184 1,317,312 18.00
--------- ----------------
Total : New England 885,241 6,646,269 8.43
--------- ----------------
Midwest
- ---------
Illinois
--------
Hobson West Plaza, Naperville
Bobak's Market and Restaurant 51,692 11/30/2007 225,436 4.36 (5) 5 Year
--------- ----------------
Property total 51,692 225,436 4.36
--------- ----------------
Indiana
--------
Merrillville Plaza, Merrillville
JC Penney 50,000 1/31/2008 495,000 9.90 (2) 5 Year
Officemax 26,157 7/31/2008 222,335 8.50 (4) 5 Year
Pier I 9,143 1/31/2009 128,002 14.00 -
David's Bridal 13,266 11/19/2010 190,765 14.38 (2) 5 Year
Toys R Us 21,500 1/31/2014 87,500 4.07 (5) 5 Year
TJ Maxx (TJX) 25,200 1/31/2009 195,300 7.75 (1) 5 Year
--------- ----------------
Property total 145,266 1,318,902 9.08
--------- ----------------
(1) This space is contiguous to the Company's property and is not owned by the
Company.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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 -
--------- -----------------
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 3,335,407 8.54
--------- -----------------
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 9/30/2014 346,751 9.31 (4) 5 Year
The Sports Authority 52,205 5/31/2007 225,000 4.31 (6) 5 Year
Macy's Department Store (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) 27,000 11/30/2010 $270,000 $10.00 (2) 5 Year
Target(1) Condominium
157,616 - - - Agreement
--------- -----------------
Property total 184,616 270,000 10.00
--------- -----------------
Total : Mid-Atlantic 613,616 4,251,873 9.32
--------- -----------------
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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)
%%%%-DO-NOT-MODIFY-THIS-LINE-%%%%_Table_34_Start
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 (3) 5 Year
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 (8) 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 428,480 7.25 (2) 5 Year
---------- ------------------
Property total 67,568 508,926 7.53
---------- ------------------
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 4,239,016 4.85
---------- ------------------
Total: Retail Anchor Properties - Wholly
Owned Properties 3,115,315 $25,232,881 $8.82
========== ==================
(1) Target owns the portion of the main building (157,616 square feet) that
their store is located in.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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 (4) 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 (1) 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 15,497 3/31/2080 476,068 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 588,488 6,641,870 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 (5) 5 Year
Thomasville Furniture 18,893 11/30/2011 476,481 25.22 (2) 5 Year
World Market 20,310 1/31/2015 406,200 20.00 -
Access Group 76,458 5/31/2015 1,517,692 19.85 (2) 5 Year
Bed, Bath & Beyond 50,977 1/31/2014 868,426 17.04 (3) 5 Year
Dick's Sporting Goods 50,000 5/31/2013 700,000 14.00 (3) 5 Year
Lowe's Home Centers 140,000 8/31/2018 1,925,000 13.75 (6) 5 Year
Regal Cinemas 65,641 6/1/2017 861,210 13.12 (4) 5 Year
Target 138,000 1/31/2018 800,000 5.80 (5) 10 Year
Kincaid Furniture 14,535 3/31/2010 247,095 17.00 -
Transunion Settlement 39,714 3/31/2013 911,377 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
New Balance 5,500 129,250 23.50
--------- -----------------
Property total 775,932 11,822,130 15.24
--------- -----------------
Market Square Shopping Center (Fund I)
Trader Joe's 7,675 1/31/2013 149,662 19.50 (3) 5 Year
TJ Maxx (TJX) 31,375 1/31/2006 365,712 11.66 (2) 5 Year
--------- -----------------
Property total 39,050 515,374 13.20
--------- -----------------
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 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)
----------------------------------------
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
---------- -------------------
Virginia
--------
Haygood Shopping Center (Fund I)
Eckerd Drugs (Brook's) 11,280 11/30/2009 28,500 2.53 -
Rose's - Termination
agreement @
40,500 1/31/2006 56,700 1.40 1/31/05
---------- -------------------
Property Total 51,780 85,200 1.65
---------- -------------------
Total : Mid-Atlantic Region 889,946 12,492,256 14.04
---------- -------------------
Midwest Region
- -----------------------------------------
Ohio
--------
Amherst Marketplace (Fund I)
Riser Foods Company/Pharmacy 10,500 3/31/2012 135,135 12.87 (3) 5 Year
Riser Foods Company/Supermarket 66,237 9/30/2021 630,576 9.52 (4) 5 Year
Giant Eagle - 9/3/2021 30,000 - (4) 5 Year
---------- -------------------
Property total 76,737 795,711 22.39
Granville Centre (Fund I)
Lifestyle Family Fitness, Inc. 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 2,748,281 $30,039,152 $10.92
========== ===================
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Anchor Lease Expirations - Next 3 Years
- ----------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
-------------------------------------------
Percent Percent Average
Square of of per
Center Anchor footage all Amount all Sq. Ft.
anchors anchors
- ------------------------------------------------------------------------------------------------------------------------
Wholly Owned
- -----------------------------------------
2006
Pittston Plaza Eckerd Drugs (Brook's) 8,468 0.30% 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 1.06% 140,156 0.56% 4.60
-------------------------------------------
2007
Ledgewood Mall The Sports Authority 52,205 1.83% 225,000 0.89% 4.31
Soundview Marketplace King Kullen 48,100 1.68% 562,600 2.23% 11.70
Hobson West Plaza Bobak's 51,692 1.81% 225,436 0.89% 4.36
-------------------------------------------
Total 2007 151,997 5.32% 1,013,036 4.01% 6.66
-------------------------------------------
2008
Village Commons Shopping Center Daffy's Inc. 16,125 0.56% 274,125 1.09% 17.00
Merrillville Plaza JC Penny Co. 50,000 1.75% 495,000 1.96% 9.90
Merrillville Plaza Officemax Inc. 26,157 0.91% 222,335 0.88% 8.50
Amboy Shopping Center Duane Reade 9,698 0.34% 266,695 1.06% 27.50
Walnut Hill Plaza Sears 60,700 2.12% 258,000 1.02% 4.25
-------------------------------------------
Total 2008 162,680 3.37% 1,516,155 2.96% 9.32
-------------------------------------------
Total - Next 3 Years $345,145 9.75%$2,669,347 7.53% $7.73
===========================================
Joint Venture - Crossroads
- -----------------------------------------------------------------------------
2006 - - - - -
2007
Crossroads Shopping Center Pier 1 8,818 4.41% 278,825 12.57% 31.62
Crossroads Shopping Center Waldbaum's 38,208 19.09% 504,000 22.72% 13.19
-------------------------------------------
Total 2007 47,026 23.50% 782,825 35.29% 16.65
-------------------------------------------
2008 - - - - -
-------------------------------------------
Total - Next 3 Years $47,026 23.50% $782,825 35.29%$16.65
===========================================
Fund I
- -----------------------------------------
2006
Market Square Shopping Center TJ Maxx 31,375 1.44% 365,712 1.53% 11.66
Haygood Shopping Center Rose's 40,500 1.86% 56,700 0.24% 1.40
-------------------------------------------
Total 2006 71,875 3.30% 422,412 1.77% 5.88
-------------------------------------------
2007
Brandywine Town Center Annie Sez (Big M) 13,325 0.61% 279,825 1.17% 21.00
2008 - - - - -
-------------------------------------------
Total - Next 3 Years $85,200 3.91% $702,237 2.94% $8.24
===========================================
Fund II
- -----------------------------------------
Month-to-month
Sherman Avenue New York City 60,773 16.30% 972,368 24.64% 16.00
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 Fordham Road Sears 100,703 27.01% 275,000 6.97% 2.73
-------------------------------------------
Total 2007 174,703 46.86% 640,000 16.22% 3.66
-------------------------------------------
2008 - - - - -
-------------------------------------------
Total - Next 3 Years $372,810 100.00%$3,947,050 100.01%$10.59
===========================================
(1) Tenant pays rent based on percentage of sales
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Lease Expirations
- ---------------------------------------
--------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- --------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
--------------------------------------------------------------------
Wholly-Owned Propeties
Anchor Tenant Expirations
2006 3 30,468 1.07% 140,156 0.56% 4.60
2007 3 151,997 5.31% 1,013,036 4.01% 6.66
2008 5 162,680 5.69% 1,516,155 6.01% 9.32
2009 9 347,155 12.13% 1,570,602 6.22% 4.52
2010 14 376,113 13.14% 3,938,989 15.61% 10.47
2011 3 129,708 4.53% 965,880 3.83% 7.45
2012 1 50,225 1.76% 516,960 2.05% 10.29
2013 2 115,392 4.03% 1,444,884 5.73% 12.52
2014 5 212,980 7.45% 1,267,126 5.02% 5.95
2015 5 164,230 5.74% 2,507,015 9.94% 15.27
2016 1 4,541 0.16% 305,544 1.21% 67.29
2017 1 47,773 1.67% 955,460 3.79% 20.00
2018 2 111,739 3.91% 875,912 3.47% 7.84
2019 4 265,075 9.27% 1,518,396 6.02% 5.73
2020 4 218,211 7.63% 1,818,995 7.21% 8.34
2021 3 177,917 6.22% 1,035,619 4.10% 5.82
2022 1 14,837 0.52% 435,000 1.72% 29.32
2023 1 64,665 2.26% 937,000 3.71% 14.49
2024 1 73,184 2.56% 1,317,312 5.22% 18.00
2028 3 141,509 4.95% 1,152,840 4.57% 8.15
--------------------------------- --------------------------
Total Occupied 71 2,860,399 100.00% $25,232,881 100.00% $8.82
----------------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 91,477
----------------
Total Square Feet 3,206,792
================
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Lease Expirations
- ---------------------------------------
--------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- --------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
--------------------------------------------------------------------
Wholly-Owned Propeties
Shop Tenant Expirations
Month to
Month 20 42,219 3.14% $513,254 2.53%$12.16
2006 63 215,290 16.04% 2,822,888 13.91% 13.11
2007 63 237,533 17.69% 3,372,648 16.64% 14.20
2008 53 175,520 13.07% 3,159,867 15.57% 18.00
2009 57 199,530 14.86% 3,145,141 15.50% 15.76
2010 40 132,514 9.87% 1,651,828 8.14% 12.47
2011 20 83,476 6.22% 1,373,834 6.77% 16.46
2012 7 16,261 1.21% 368,516 1.82% 22.66
2013 13 41,834 3.12% 850,438 4.19% 20.33
2014 18 93,719 6.98% 1,141,296 5.62% 12.18
2015 14 77,670 5.79% 1,171,156 5.77% 15.08
2018 4 6,805 0.51% 270,408 1.33% 39.74
2019 1 - 0.00% 51,205 0.25% -
2020 4 17,945 1.34% 355,728 1.75% 19.82
2022 1 2,205 0.16% 41,895 0.21% 19.00
2030 2 - 0.00% - 0.00% -
---------------------------- --------------------------
Total Occupied 380 1,342,521 100.00% $20,290,102 100.00%$15.11
-----------------------------------
Total Vacant 178,212
-----------
Total Square Feet 1,520,733
===========
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Lease Expirations
- ---------------------------------------
--------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- --------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
--------------------------------------------------------------------
Wholly-Owned Propeties
Total Tenant Expirations
Month to
Month 20 $42,219 1.00% $513,254 1.13%$12.16
2006 66 245,758 5.85% 2,963,044 6.51% 12.06
2007 66 389,530 9.27% 4,385,684 9.63% 11.26
2008 58 338,200 8.03% 4,676,022 10.27% 13.83
2009 66 546,685 13.01% 4,715,743 10.36% 8.63
2010 54 508,627 12.10% 5,590,817 12.28% 10.99
2011 23 213,184 5.07% 2,339,714 5.14% 10.98
2012 8 66,486 1.58% 885,476 1.95% 13.32
2013 15 157,226 3.74% 2,295,322 5.04% 14.60
2014 23 306,699 7.30% 2,408,422 5.29% 7.85
2015 19 241,900 5.76% 3,678,171 8.08% 15.21
2016 1 4,541 0.11% 305,544 0.67% 67.29
2017 1 47,773 1.14% 955,460 2.10% 20.00
2018 6 118,544 2.82% 1,146,320 2.52% 9.67
2019 5 265,075 6.31% 1,569,601 3.45% 5.92
2020 8 236,156 5.62% 2,174,723 4.78% 9.21
2021 3 177,917 4.23% 1,035,619 2.27% 5.82
2022 2 17,042 0.41% 476,895 1.05% 27.98
2023 1 64,665 1.54% 937,000 2.06% 14.49
2024 1 73,184 1.74% 1,317,312 2.89% 18.00
2028 3 141,509 3.37% 1,152,840 2.53% 8.15
2030 2 - 0.00% - 0.00% -
---------------------------- --------------------------
Total Occupied 451 $4,202,920 100.00% $45,522,983 100.00%$10.83
-----------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 269,689
-----------
Total Square Feet 4,727,525
===========
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Lease Expirations
- ---------------------------------------
--------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- --------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
--------------------------------------------------------------------
Fund I
Anchor Tenant Expirations
2006 2 71,875 3.30% $422,412 1.77% 5.88
2007 1 13,325 0.61% 279,825 1.17% 21.00
2009 27 1,052,564 48.38% 8,762,405 36.72% 8.32
2010 2 24,852 1.14% 386,375 1.62% 15.55
2011 3 68,400 3.14% 1,565,625 6.56% 22.89
2012 2 21,000 0.97% 275,835 1.16% 13.14
2013 3 97,389 4.48% 1,761,039 7.38% 18.08
2014 2 50,977 2.34% 868,426 3.64% 17.04
2015 4 161,060 7.40% 3,068,994 12.86% 19.05
2017 3 124,555 5.73% 1,718,592 7.20% 13.80
2018 2 278,000 12.78% 2,725,000 11.41% 9.80
2021 2 66,237 3.04% 660,576 2.77% 9.97
2022 1 59,159 2.72% 620,578 2.60% 10.49
2024 1 70,400 3.24% 281,600 1.18% 4.00
2080 1 15,497 0.71% 476,068 1.99% 30.72
0
-------------------------- --------------------------
Total Occupied 56 2,175,290 99.98% $23,873,350 100.03%$10.97
-----------------------------------
Total Vacant 237,971
-----------
Total Square Feet 2,413,261
===========
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Lease Expirations
- ---------------------------------------
--------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- --------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
--------------------------------------------------------------------
Fund I
Shop Tenant Expirations
Month to
Month 21 77,859 24.73% $496,779 12.19% $6.38
2006 13 56,779 18.03% 1,044,943 25.64% 18.40
2007 15 31,201 9.91% 495,244 12.15% 15.87
2008 14 35,505 11.28% 531,234 13.04% 14.96
2009 6 14,279 4.53% 115,203 2.83% 8.07
2010 7 11,459 3.64% 206,120 5.06% 17.99
2011 2 3,465 1.10% 63,705 1.56% 18.39
2013 4 20,070 6.37% 276,495 6.79% 13.78
2014 7 48,388 15.37% 629,120 15.44% 13.00
2015 5 2,798 0.89% 40,745 1.00% 14.56
2016 1 2,992 0.95% 83,423 2.05% 27.88
2018 1 6,957 2.21% 50,004 1.23% 7.19
2019 1 3,141 1.00% 42,000 1.03% 13.37
2050 1 - 0.00% - 0.00% -
--------------------------- -------------------------
Total Occupied 98 314,893 100.01% $4,075,015 100.00%$12.94
-----------------------------------
Total Vacant 112,827
-----------
Total Square Feet 427,720
===========
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Lease Expirations
- ---------------------------------------
--------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- --------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
--------------------------------------------------------------------
Fund I
Total Tenant Expirations
Month to
Month 21 77,859 3.13% $496,779 1.78% $6.38
2006 15 128,654 5.17% 1,467,355 5.25% 11.41
2007 16 44,526 1.79% 775,069 2.77% 17.41
2008 14 35,505 1.43% 531,234 1.90% 14.96
2009 33 1,066,843 42.82% 8,877,608 31.76% 8.32
2010 9 36,311 1.46% 592,495 2.12% 16.32
2011 5 71,865 2.89% 1,629,330 5.83% 22.67
2012 2 21,000 0.84% 275,835 0.99% 13.14
2013 7 117,459 4.72% 2,037,534 7.29% 17.35
2014 9 99,365 3.99% 1,497,546 5.36% 15.07
2015 9 163,858 6.58% 3,109,739 11.13% 18.98
2016 1 2,992 0.12% 83,423 0.30% 27.88
2017 3 124,555 5.00% 1,718,592 6.15% 13.80
2018 3 284,957 11.44% 2,775,004 9.93% 9.74
2019 1 3,141 0.13% 42,000 0.15% 13.37
2021 2 66,237 2.66% 660,576 2.36% 9.97
2022 1 59,159 2.38% 620,578 2.22% 10.49
2024 1 70,400 2.83% 281,600 1.01% 4.00
2050 1 - 0.00% - 0.00% -
2080 1 15,497 0.62% 476,068 1.70% 30.72
--------------------------- --------------------------
Total Occupied 154 2,490,183 100.00% $27,948,365 100.00%$11.22
-----------------------------------
Total Vacant 350,798
-----------
Total Square Feet 2,840,981
===========
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Lease Expirations
- ---------------------------------------
--------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- --------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
--------------------------------------------------------------------
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 4 38,109 12.41% $217,600 6.58% $5.71
2006 4 38,468 12.53% 704,725 21.31% 18.32
2007 8 204,834 66.69% 2,067,117 62.52% 10.09
2009 3 17,414 5.67% 159,284 4.82% 9.15
2010 2 7,012 2.28% 112,604 3.41% 16.06
2013 1 1,254 0.41% 45,144 1.37% 36.00
--------------------------- -------------------------
Total Occupied 22 307,091 99.99% $3,306,474 100.00%$10.77
-----------------------------------
Total Vacant 194,613
-----------
Total Square Feet 501,704
===========
-----------------------------------
Fund
II
Total Tenant Expirations
Month to
Month 5 98,882 14.54% $1,189,968 16.41%$12.03
2006 5 175,802 25.86% 3,039,407 41.90% 17.29
2007 9 379,537 55.83% 2,707,117 37.32% 7.13
2009 3 17,414 2.56% 159,284 2.20% 9.15
2010 2 7,012 1.03% 112,604 1.55% 16.06
2013 1 1,254 0.18% 45,144 0.62% 36.00
--------------------------- -------------------------
Total Occupied 25 679,901 100.00% $7,253,524 100.00%$10.67
-----------------------------------
Total Vacant 194,613
-----------
Total Square Feet 874,514
===========
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Lease Expirations
- ---------------------------------------
--------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
----------------------- --------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
--------------------------------------------------------------------
Crossroads (JV Property)
Anchor Tenant Expirations
2007 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
Month to
Month 1 2,210 2.00% $60,996 1.59%$27.60
2006 4 7,240 6.55% 242,336 6.32% 33.47
2007 4 4,912 4.45% 185,550 4.84% 37.77
2008 9 31,460 28.50% 1,033,541 26.94% 32.85
2009 7 22,318 20.20% 781,525 20.38% 35.02
2011 2 4,070 3.68% 143,212 3.73% 35.19
2012 2 5,250 4.75% 189,000 4.93% 36.00
2014 4 19,941 18.05% 674,793 17.60% 33.84
2017 1 6,600 5.97% 330,000 8.61% 50.00
2022 1 6,462 5.85% 193,860 5.06% 30.00
---------------------------- -------------------------
Total Occupied 35 110,463 100.00% $3,834,813 100.00%$34.72
-----------------------------------
Total Vacant -
-----------
Total Square Feet 110,463
===========
-----------------------------------
Crossroads (JV Property)
Total Tenant Expirations
Month to
Month 1 2,210 0.71% $60,996 1.01%$27.60
2006 4 7,240 2.33% 242,336 4.00% 33.47
2007 6 51,938 16.72% 968,375 16.00% 18.64
2008 9 31,460 10.13% 1,033,541 17.07% 32.85
2009 8 47,318 15.23% 975,275 16.11% 20.61
2011 2 4,070 1.31% 143,212 2.37% 35.19
2012 4 118,405 38.12% 1,101,177 18.19% 9.30
2014 4 19,941 6.42% 674,793 11.15% 33.84
2017 1 6,600 2.12% 330,000 5.45% 50.00
2018 1 15,000 4.83% 330,000 5.45% 22.00
2022 1 6,462 2.08% 193,860 3.20% 30.00
---------------------------- -------------------------
Total Occupied 41 310,644 100.00% $6,053,565 100.00%$19.49
-----------------------------------
Total Vacant -
-----------
Total Square Feet 310,644
===========
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Property Demographics (1)
- ------------------------------------------------------------
- --------------------------------------------------------------------------------- -------------------------------------
3-Mile Radius(2)
-------------------------------------
Trade Total #
Area Base Total Total Households Median HH Avg. HH
Property / JV Ownership % City State(Miles) Rent GLA Pop. ("HH") Income Income
- --------------------------------------------------------------------------------- --------------------------------------
Brandywine Town Center & Mkt Wilmington DE
Sq./22.22% 3 13,960,575 878,694 40,591 15,566 $70,145 $87,971
Elmwood Park Shopping Ctr. Elmwood ParkNJ 3 3,311,727 149,085 252,916 84,197 $44,191 $61,068
Abington Towne Center Abington PA 3 939,999 216,355
Granville Center / 22.22% Columbus OH 3 670,684 134,999 113,906 49,527 $53,564 $70,562
Hobson West Plaza Naperville IL 3 1,196,935 99,044 95,042 32,948 $82,298 $103,749
Methuen Shopping Ctr. Methuen MA 5 736,464 130,238 82,654 30,553 $37,421 $52,107
Crossroads Shopping Ctr. / 49% White PlainsNY 3 6,053,565 310,644 102,957 39,813 $59,646 $86,839
The Branch Plaza Smithtown NY 3 2,370,544 125,724 71,215 24,266 $98,596 $113,345
Amboy Road Staten NY
Island 3 1,460,009 59,979 155,416 56,011 $75,297 $89,580
Village Commons Shopping Ctr. Smithtown NY 3 2,141,801 87,306 70,854 24,112 $98,448 $113,332
Bloomfield Town Square Bloomfield MI
Hills 5 2,281,763 214,866 61,631 24,011 $49,857 $83,461
Crescent Plaza Brockton MA 3 1,665,798 218,141 98,955 34,754 $39,202 $52,875
239 Greenwich Avenue Greenwich CT 5 1,235,145 16,834 66,252 25,070 $90,010
Soundview Marketplace Port NY
Washington 3 2,879,800 183,675 47,060 16,691 $127,975 $188,579
Town Line Plaza Rocky Hill CT 3 1,486,207 206,178
New Loudon Center Latham NY 5 1,713,664 255,826 44,153 17,525 $44,596 $58,526
Pacesetter Park Shopping Ctr. Pomona NY 3 1,113,383 96,698 27,421 9,004 $99,926 $124,786
Mad River Station Dayton OH 5 1,542,508 155,739 52,598 21,841 $51,619 $64,051
Greenridge Plaza Scranton PA 3 957,308 191,755 88,733 36,946 $30,723 $38,790
Mark Plaza EdwardsvillePA 5 1,088,303 216,047 90,532 38,714 $28,086 $38,397
Luzerne Street Shopping Ctr. Scranton PA 3 281,931 58,228 89,062 36,973 $30,970 $39,323
Blackman Plaza Wilkes-BarrePA 5 282,374 121,341 62,458 26,393 $27,479 $37,619
Sheffield Crossing / 22.22% Sheffield OH 3 1,118,641 112,534 32,487 12,500 $42,899 $58,754
Amherst Marketplace / 22.22% Amherst OH 3 830,115 79,937 55,146 21,276 $41,898 $55,263
Sterling Heights Shopping Center / Sterling MI
11.11% Heights 3 426,834 154,838 97,175 35,730 $67,786 $74,409
Tarrytown Shopping Center / 11.11% Tarrytown NY 3 753,354 38,930 36,461 13,328 $84,626 $114,725
Hitchcock Plaza / 20% Aiken SC 5 427,786 233,886 25,419 18,757 $60,290 $71,076
Pine Log Plaza / 20% Aiken SC 5 144,152 35,064 25,419 18,757 $60,290 $71,076
Haygood Shopping Center / 11.11% Virginia VA
Beach 3 951,872 153,999 97,871 37,786 $51,491 $60,530
400 East Fordham Road / 18.32% The Bronx NY 2 645,915 117,355 651,504 223,577 $28,217 $37,631
Sherman Avenue / 18.32% Manhattan NY 2 1,337,368 134,773 529,999 176,116 $29,932 $40,762
Pelham Manor Shopping Plaza / 18.32%Westchester NY 3 1,399,887 398,775 400,119 149,994 $47,713 $59,780
Bartow Avenue The Bronx NY 3 222,600 14,694 563,289 208,834 $33,199 $44,894
161st Street /18.32% The Bronx NY 2 3,870,354 223,611 712,029 240,973 $22,230 $32,900
Walnut Hill Plaza Woonsocket RI 5 2,426,705 283,235 59,068 24,020 $32,605 $44,830
Ledgewood Mall Ledgewood NJ 5 4,425,559 517,077 39,287 14,235 $59,560 $70,312
Merrillville Plaza Hobart IN 5 2,576,232 235,605 21,008 8,295 $56,061 $65,230
The Gateway Shopping Ctr. So. VT
Burlington 3 1,818,182 101,792 45,990 19,115 $54,003 $35,139
Marketplace of Absecon Absecon NJ 3 1,657,610 105,097 31,282 10,754 $57,266 $69,040
Pittston Plaza Pittston PA 3 603,215 79,494 40,766 17,194 $28,200 $37,109
Plaza 422 Lebanon PA 3 444,020 155,026 44,886 18,014 $31,027 $39,952
Route 6 Plaza Honesdale PA 5 1,081,027 175,507
Bradford Towne Centre Towanda PA 10 1,582,170 256,939 5,417 2,256 $33,937 $41,666
- --------------------------------------------------------------------------------- -------------------------------------
78,114,084 7,735,564
--------------------- -------------------------------------
111,740 41,047 $49,119 $62,960
-------------------------------------
(1) Does not include the Kroger/Safeway Portfolio.
-------------------------------------
(2) Fordham, Sherman Avenue and 161st Street figures are for a 2 mile radius. 83,249 30,173 $55,198 $72,555
-------------------------------------
(3) The following table summarizes the Urban / In-fill properties which are included in the data detailed above.
- ------------------------------------------------------------------------------------------------------------------------
Urban / in-fill Trade Total 1-Mile Radius
-------------------------------------
Area Base Total Total # Median HH Avg. HH
Households
Property / JV Ownership % City State(Miles) Rent GLA Pop. ("HH") Income Income
- --------------------------------------------------------------------------------- --------------------------------------
400 East Fordham Road / 18.32% The Bronx NY 2 645,915 117,355 206,850 66,722 $24,205 $33,414
Sherman Avenue / 18.32% Manhattan NY 2 1,337,368 134,773 139,935 48,823 $31,657 $40,618
Pelham Manor Shopping Plaza / 18.32%Westchester NY 3 1,399,887 398,775 28,559 9,367 $60,205 $73,324
Bartow Avenue The Bronx NY 3 222,600 14,694 71,336 28,062 $36,795 $47,838
161st Street /18.32% The Bronx NY 2 3,870,354 223,611 192,706 65,625 $20,649 $31,017
- -----------------------------------------------------------------------------------------------------------------------
7,476,124 889,208 110,955 37,373 $40,793 $52,040
--------------------- -------------------------------------
-------------------------------------
140,903 48,366 $31,514 $42,123
-------------------------------------
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Property Demographics (1)
- --------------------------------
- ----------------------------------------------------------- ----------------------------------- ------------------------
5-Mile Radius 10-Mile Radius
----------------------------------------------- -----------------------------------
Total # Median HH Avg. HH Total # Median HH Avg. HH
Property / Pop. HH Income Income Pop. HH Income Income County MSA
JV
Ownership %
- ------------------------------------------------------------------------------------------------------------------------
Brandywine Bergen Wilmington-
Town Center Newark, DE
& Mkt
Sq./22.22% 115,509 46,245 $63,181 $82,051 465,744 177,868 $60,297 $82,576
Elmwood Park Bergen Bergen-
Shopping Passaic, NJ
Ctr. 604,387 209,582 $49,412 $67,557 - - - -
Abington Bucks Philadelphia,
Towne PA
Center 316,194 123,852 $49,479 $67,255 1,420,838 535,831 40,786 56,068
Granville Franklin Columbus, OH
Center /
22.22% 272,955 115,817 $55,421 $74,050 - - - -
Hobson West DuPage Chicago, IL
Plaza 219,460 77,196 $77,091 $96,876 - - - -
Methuen Essex Boston, MA-NH
Shopping
Ctr. 200,868 74,426 $40,606 $55,989 359,120 130,167 53,266 70,380
Crossroads WestchesterNew York, NY
Shopping
Ctr. / 49% 199,222 73,477 $67,992 $102,645 - - - -
The Branch Suffolk Nassau-
Plaza 205,906 67,405 $89,363 $103,763 - - - - Suffolk, NY
Amboy Road Richmond New York, NY
Village Suffolk Nassau-
Commons Suffolk, NY
Shopping
Ctr. 205,727 67,384 $89,604 $104,007 - - - -
Bloomfield Oakland Detroit, MI
Town Square 165,071 63,680 $56,286 $89,068 693,426 274,676 35,140 88,557
Crescent Plymouth Boston, MA-NH
Plaza 164,499 58,369 $43,599 $56,535 - - - -
239 Fairfield New Haven-
Greenwich Meriden, CT
Avenue 139,180 50,542 $87,819 - - - -
Soundview Nassau Nassau-
Marketplace 146,553 53,259 $110,828 $158,509 - - - - Suffolk, NY
Town Line Hartford Hartford, CT
Plaza 43,708 18,392 $60,038 $75,504 553,333 220,597 43,447 63,310
New Loudon Albany Albany-
Center Schenectady-
146,563 59,410 $41,551 $54,174 613,866 249,577 43,863 57,271 Troy, NY
Pacesetter Rockland New York, NY
Park
Shopping
Ctr. 134,012 39,338 $81,066 $102,217 - - - -
Mad River Montgomery Dayton-
Station Springfield,
124,816 50,664 $51,965 $65,750 408,808 161,200 41,890 51,485 OH
Greenridge Lackawanna Scranton-
Plaza Wilkes
Barre-
128,607 52,993 $32,446 $41,441 206,477 84,001 34,001 43,425 Hazelton, PA
Mark Plaza Luzerne Scranton-
Wilkes
Barre-
124,503 52,875 $28,794 $39,583 217,525 89,944 29,784 41,155 Hazelton, PA
Luzerne Lackawanna Scranton-
Street Wilkes
Shopping Barre-
Ctr. 119,331 49,490 $31,439 $39,606 - - - - Hazelton, PA
Blackman Luzerne Scranton-
Plaza Wilkes
Barre-
118,011 50,151 $38,259 $28,229 209,428 86,555 29,751 41,041 Hazelton, PA
Sheffield Lorain Cleveland-
Crossing / Lorain-
22.22% 117,051 44,586 $42,879 $58,196 314,596 120,675 50,540 67,635 Elyria
Amherst Lorain Cleveland-
Marketplace Lorain-
/ 22.22% 98,708 37,877 $38,164 $51,174 212,480 81,076 42,497 56,454 Elyria
Sterling Coordinates
Heights 42.5803,
Shopping 83.0298
Center /
11.11% 257,839 101,330 $64,903 $73,379 - - - -
Tarrytown Westchester New York, NY
Shopping
Center /
11.11% 126,511 45,849 $94,270 $121,002 - - - -
Hitchcock Coordinates
Plaza / 20% 33.5156,
45,931 33,112 $49,878 $60,184 84,131 59,713 43,742 52,745 81.7311
Pine Log Coordinates
Plaza / 20% 33.5156,
45,931 33,112 $49,878 $60,184 84,131 59,713 43,742 52,745 81.7311
Haygood Coordinates
Shopping 36.8727,
Center / 76.1350
11.11% 222,837 85,740 $52,946 $61,454 686,842 263,114 47,183 56,538
400 East The Bronx New York, NY
Fordham
Road /
18.32% 1,193,183 411,564 30,162 40,477
Sherman Manhattan New York, NY
Avenue /
18.32% - - - -
Pelham Manor WestchesterNew York, NY
Shopping
Plaza /
18.32% 1,114,822 410,040 $44,052 $56,839
Bartow The Bronx New York, NY
Avenue 1,435,467 511,796 $30,552 $43,522
161st Street The Bronx New York, NY
/18.32%
Walnut Hill Providence Providence-
Plaza Fall River,
93,988 36,923 $40,811 $54,959 304,956 114,330 47,963 62,524 RI
Ledgewood Morris Newark, NJ
Mall 107,018 38,479 $74,547 $92,140 263,597 94,154 $76,368 $97,665
Merrillville Lake Gary, IN
Plaza 84,295 31,487 $48,370 $54,246 41,291 127,991 $41,656 $49,747
The Gateway Chittenden Burlington,
Shopping VT
Ctr. 69,036 27,944 $37,547 $55,060 - - - -
Marketplace Atlantic Atlantic
of Absecon City-Cape
71,369 24,835 $56,434 $67,432 - - - - May, NJ
Pittston Luzerne Scranton-
Plaza Wilkes
Barre-
72,123 30,327 $29,150 $38,323 261,639 108,933 29,878 39,837 Hazelton, PA
Plaza 422 Lebanon Harrisburg-
Lebanon-
61,225 24,051 $33,664 $42,971 111,183 42,280 36,875 46,200 Carlisle, PA
Route 6 Wayne
Plaza 12,078 4,944 $35,972 $44,544 28,631 11,448 37,277 46,049 N/A
Bradford Bradford
Towne
Centre 17,148 6,584 $34,707 $42,850 N/A
- ----------------------------------------------------------- ----------------------------------- ------------------------
----------------------------------------------- -----------------------------------
200,993 75,536 $49,617 $64,389 1,802,527 728,440 $231,885 312,169
----------------------------------------------- -----------------------------------
166,157 60,552 $54,288 $72,985 1,177,010 488,787 $156,593 215,032
-------------------------------------------------- -----------------------------------
(1) Does not include the Kroger/Safeway Portfolio.
(2) Fordham, Sherman Avenue and 161st Street figures are for a 2 mile radius.
ANNUAL SUPPLEMENTAL DISCLOSURE
December 31, 2005
Residential (Multi-family) Properties
- -------------------------------------------------------------------
% %
Occupied Occupied
Property Location Square Feet Units December September
31, 2005 30, 2005
- -----------------------------------------------------------------------------------------------------------------------
Mid-Atlantic
North Carolina
- -------------------------------------------------------------------
Village Apartments Winston
Salem 578,606 600 96% 95%
Mid-West
Missouri
- -------------------------------------------------------------------
Gate House, Holiday House, Tiger Village, Columbia 625,545 874 99% 98%
---------------------------------------
Colony Apartments (1)
Totals 1,204,151 1,474 98% 97%
=======================================
(1) As this property has tenants associated with the University of Missouri,
occupancy trends are correlated to semester sessions