EXHIBIT 99.2
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Table of Contents
-----------------
Page Page
---- ----
Section I - Overview Section III - Joint Venture Information
Important Notes 2 Overview - Fund I 22
Company Information 3 Overview - Fund II 23
Portfolio Snapshot 4 Overview - Fund III 24
Section II - Financial Information Overview - RCP Venture 25
Market Capitalization 5 Fund I Properties - Detail 26
Shareholder Information 6 Top Fund I Tenants 27
Operating Statements - Consolidated 7 Fund I - Current Valuation 28
Operating Statements - Joint Venture's 8 Fund II Properties - Detail 29
Operating Statements - by activity 11 Fund II - New York Urban/Infill Projects 30
Operating Statements - Current v. Historical 12
Section IV - Portfolio Information
Net Operating Income - Same Property Performance 13
Portfolio overview 31
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")
and Funds Available for Distribution ("FAD") 14 Properties by Region 34
Capital Expenditures 15 Properties by State 35
Consolidated Balance Sheets 16 Properties - Detail 36
Selected Operating Ratios 17 Leasing Production and rent spreads 39
Debt Analysis - Summary 18 Top 10 Tenants - Consolidated 40
Debt Analysis - Detail 19 Anchor Tenant Detail 41
Debt Maturity Schedule 21 Anchor Lease Expirations - Next 3 Years 46
Lease Expirations 47
Property Demographics 52
Residential Properties 53
Visit acadiarealty.com for current news as well as additional property details and financial information
Page 1
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
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. The Company also provides two other supplemental disclosures of
operating performance, adjusted funds from operations ("AFFO") and funds
available for distribution ("FAD"). The Company defines AFFO as FFO adjusted for
straight line rent, non-real estate depreciation, amortization of finance costs
and costs of management contracts, tenant improvements, leasing commissions and
capital expenditures. The Company defines FAD as AFFO adjusted for scheduled
debt principal repayments.
USE OF EBITDA AND NOI AS NON-GAAP FINANCIAL MEASURES
EBITDA and NOI are a widely used financial measures 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 computes NOI by taking the
difference between Property Revenues and Property Expenses as detailed in this
reporting supplement. The Company's method of calculating EBITDA and NOI may be
different from methods used by other REITs and, accordingly, may not be
comparable to such other REITs. EBITDA and NOI do not represent cash generated
from operations as defined by GAAP and are not indicative of cash available to
fund all cash needs, including distributions. They should not be considered as
an alternative to net income for the purpose of evaluating the Company's
performance or to cash flows as a measure of liquidity.
Page 2
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
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 73 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 Debra Miley
Suite 260 Director - Marketing & Communications
White Plains, NY 10605 (914) 288-8148
dmiley@acadiarealty.com
New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com
Analyst Coverage Banc of America Securities J.P. Morgan Securities, Inc.
Christine McElroy - (212) 847-5658 Michael W. Mueller, CFA (212) 622-6689
christine.m.mcelroy@bofasecurities.com michael.w.mueller@jpmorgan.com
Joseph Dazio, CFA - (212) 622-6416
joseph.c.dazio@jpmorgan.com
Bank of Montreal RBC Capital Markets
Paul Adornato, CFA - (212) 885-4170 Rich Moore, CFA - (216) 378-7625
paul.adornato@bmo.com rich.moore@rbccm.com
Citigroup - Smith Barney
Jonathan Litt - (212) 816-0231
jonathan.litt@citigroup.com
Ambika Goel - (212) 816-6981
Ambika.goel@citigroup.com
Page 3
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Total Market Capitalization
----------------------------
(including pro-rata share of joint venture debt)
Percent of
Percent of Total Market
(amounts in thousands) Total Equity Capitalization
------------------- --------------
Equity Capitalization
- -----------------------------------------
Total Common Shares Outstanding 98.0% 32,169
Common Operating Partnership ("OP") Units 2.0% 642
----------
Combined Common Shares and OP Units 32,811
Market Price at June 30, 2007 $ 25.95
----------
Equity Capitalization - Common Shares and OP Units $ 851,445
Preferred OP Units - at cost (1) 0.0% 188
------------ ----------
Total Equity Capitalization 100.0% 851,633 66.4%
============ ========== =======
Debt Capitalization
- -----------------------------------------
Consolidated debt 474,527
Adjustment to reflect pro-rata share of debt (43,783)
----------
Total Debt Capitalization 430,744 33.6%
---------- -------
Total Market Capitalization $1,282,377 100.0%
========== =======
Weighted Average Outstanding Common Shares and O.P. Units
---------------------------------------------------------
Common
Shares O.P. Units Total
------ ---------- ------
================================================================================
Basic
Quarter ended June 30, 2007 32,934,843 663,808 33,598,651
Year-to-date June 30, 2007 32,844,592 662,023 33,506,615
Fully Diluted (3)
Quarter ended June 30, 2007 33,295,430 663,808 33,959,238
Year-to-date June 30, 2007 33,272,717 662,023 33,934,740
================================================================================
Basic
Quarter ended June 30, 2006 32,509,360 651,163 33,160,523
Year-to-date June 30, 2006 32,488,896 652,256 33,141,152
Fully Diluted (3)
Quarter ended June 30, 2006 32,810,794 651,163 33,461,957
Year-to-date June 30, 2006 32,788,571 652,256 33,440,827
(1 )In connection with the acquisition of the Pacesetter Park Shopping Center in
1999, the Company issued 2,212 Preferred OP Units, of which 2,024 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.
(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
12,858 and 83,392 Preferred OP Units is dilutive for EPS and is included in the
fully diluted amounts above for the quarter and six months ending June 30, 2007,
respectively. They were anti-dilutive for EPS for the quarter and six months
ended June 30, 2006.
Page 4
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Shareholder Information
-----------------------
(amounts in thousands)
10 Largest Institutional/Non-Retail Shareholders (1)
Percent of Out-
Common standing Common
Shareholder Shares Held Shares
- --------------------------- ----------- ----------------
Wellington Management 3,338 10.4%
Lasalle Investment Management Securities LP 2,785 8.7%
Third Avenue Management 2,671 8.3%
Morgan Stanley 2,216 6.9%
Vanguard Group 1,819 5.7%
Yale University 1,788 5.6%
Barclay's Global Investors 1,736 5.4%
KG Redding & Associates 1,324 4.1%
Principal Financial Group 1,184 3.7%
Cliffwood Partners 1,117 3.5%
----------- ----------------
Total of 10 Largest Institutional Shareholders 19,978 62.1%
=========== ================
Total of all Institutional Shareholders 31,657 98.4%
=========== ================
Operating Partnership
Unit Information
----------------
Percent
of Total O.P. Units
--------------------
Managment O.P. Unit Holders 338 52.6%
Other O.P. Unit Holders 304 47.4%
---------------- -----------
Total O.P. Units 642 100.0%
================ ===========
(1) Based on most recent Schedule 13F filing
Page 5
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Statements of Operations - Consolidated (1)
- -------------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
--------------------------------- --------------------------------
Year to Date Current Quarter Previous Quarter
Period 3 months 3 months
ended June 30, ended June 30, ended March 31,
2007 2007 2007
--------------------------------- -------------------------------- -----------------------------------
Dis- Dis- Dis-
Wholly continued Wholly continued Wholly continued
Owned JV's operations Total Owned JV's operations Total Owned JV's operations Total
----- ----- ---------- ----- -------- ----- ------ ----- -------- ---- ------- --------
PROPERTY REVENUES
Minimum rents $26,957 $ 9,591 $ - $ 36,548 $13,775 $ 4,791 $ - $18,566 $13,182 $ 4,800 $ - $17,982
Percentage rents 280 43 - 323 142 11 - 153 138 32 - 170
Expense reimbursements 5,840 1,161 - 7,001 2,548 644 - 3,192 3,292 517 - 3,809
Other property income 488 52 - 540 235 40 - 275 253 12 - 265
-------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- --------
33,565 10,847 - 44,412 16,700 5,486 - 22,186 16,865 5,361 - 22,226
-------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- --------
PROPERTY EXPENSES
Property operating 6,737 1,368 - 8,105 2,845 705 - 3,550 3,892 663 - 4,555
Real estate taxes 3,989 796 - 4,785 2,088 471 - 2,559 1,901 325 - 2,226
-------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- --------
10,726 2,164 - 12,890 4,933 1,176 - 6,109 5,793 988 - 6,781
-------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- --------
NET OPERATING INCOME
- PROPERTIES (3) 22,839 8,683 - 31,522 11,767 4,310 - 16,077 11,072 4,373 - 15,445
OTHER INCOME (EXPENSE)
General and
administrative (6,109) - - (6,109) (3,202) - - (3,202) (2,907) - - (2,907)
Property related home
office expenses (5,555) (141) - (5,696) (2,927) (57) - (2,984) (2,628) (84) - (2,712)
Equity in earnings of
unconsolidated properties - 5,495 - 5,495 - 772 - 772 - 4,723 - 4,723
Lease termination income - - - - - - - - - - - -
Interest income 4,910 249 - 5,159 2,099 140 - 2,239 2,811 109 - 2,920
Asset and property
management income (2) 6,329 - - 6,329 3,294 - - 3,294 3,035 - - 3,035
Promote Fee - - - - - - - - - - - -
Property management
expense (147) (4) - (151) (73) (2) - (75) (74) (2) - (76)
Straight-line rent income 701 607 - 1,308 309 296 - 605 392 311 - 703
Straight-line rents
written off (146) - - (146) (61) - - (61) (85) - - (85)
FAS 141 Rent (258) 19 - (239) (237) 16 - (221) (21) 3 - (18)
Abandoned project costs - - - - - - - - - - - -
Hurricane related
income (expenses) - - - - - - - - - - - -
Provision for
Income Taxes (2,261) (15) - (2,276) (383) (2) - (385) (1,878) (13) - (1,891)
Swap termination income 165 - - 165 - - - - 165 - - 165
-------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- --------
EBIDTA 20,468 14,893 - 35,361 10,586 5,473 - 16,059 9,882 9,420 - 19,302
Depreciation and
amortization (8,412) (4,002) - (12,414) (4,257) (2,016) - (6,273) (4,155) (1,986) - (6,141)
FAS 141 Amortization (240) (36) - (276) (316) (16) - (332) 76 (20) - 56
Interest expense (8,958) (3,410) - (12,368) (4,535) (1,736) - (6,271) (4,423) (1,674) - (6,097)
Loan defeasance
(net of reimbursement) (426) - - (426) - - - - (426) - - (426)
FAS 141 Interest 27 30 - 57 7 15 - 22 20 15 - 35
Impairment of real estate - - - - - - - - - - - -
Gain on sale of properties - - - - - - - - - - - -
Gain (loss) on sale of
properties - Mervyns - - - - - - - - - - - -
Income taxes on gain
on property sale
- Mervyns - - - - - - - - - - - -
-------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- --------
Income before minority
interest 2,459 7,475 - 9,934 1,485 1,720 - 3,205 974 5,755 - 6,729
Minority interest - OP (83) (144) - (227) (51) (32) - (83) (32) (112) - (144)
Minority interest 233 (187) - 46 1 (89) - (88) 232 (98) - 134
-------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- --------
NET INCOME $ 2,609 $ 7,144 $ - $ 9,753 $ 1,435 $ 1,599 $ - $ 3,034 $ 1,174 $ 5,545 $ - $ 6,719
======== ======== ====== ========= ======== ======== ====== ======== ======== ======== ======= ========
-------------------------------------- --------------------------------- -------------------------------
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation of
operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the above
line items. In total, net income agrees with net income as reported in the
Company's Form 10Q's and 10K for the corresponding periods. The Company
currently invests in Funds I & II and Mervyns I & II which are consolidated with
the Company's financial statements. The Company also has a 22.2% investment in
the Brandywine JV and a 49% JV interest in the Crossroads Shopping Center
("Crossroads") which are accounted for as unconsolidated investments in the
Company's financial statements.
(2) Detail as follows: 2nd 1st
YTD Quarter Quarter
-------- -------- --------
Asset management fee Fund II $ 1,800 $ 900 $ 900
Asset management fee Fund III 750 750 -
Property
management/Leasing/Construction/legal
fees - Fund I 146 15 131
Property management/Construction/legal
fees - Fund II 1,824 835 989
Klaff related fees 1,375 560 815
Other fees 434 234 200
-------- -------- --------
$ 6,329 $ 3,294 $ 3,035
Priority distributions - Fund I 484 244 240
-------- -------- --------
Total Management fees and priority
distributions $ 6,813 $ 3,538 $ 3,275
======== ======== ========
(3) Includes majority-owned affiliates of which the minority share of NOI for
239 Greenwich Ave and Boonton Shopping Center aggregated $232 for the quarter
and $462 for the six months ended June 30, 2007.
Page 6
Statements of Operations - Joint Venture Activity (1)
- -----------------------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
----------------------------------------------------------------------------------------------------------------------
Year-to-Date
Period
ended June 30,
2007
----------------------------------------------------------------------------------------------------------------------
AKR
Pro-
rata
share
and AKR AKR AKR AKR AKR AKR AKR AKR
20% Brandy- Pro- Pro- Pro- Pro- Brandy- Pro- Pro- Pro-
Fund Promote wine Mervyns rata Fund rata Mervyns rata Fund rata wine rata Cross- rata rata
I (4) Promote I share II share II share III share JV share roads share Total
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
PROPERTY
REVENUES
Minimum rents $ 5,556 $ 2,099 $ 3,457 $ - $ - $ 4,497 $ 900 $ - $ - $ - $ - $ 7,415 $ 1,648 $3,033 $1,487 $9,591
Percentage
rents 3 1 2 - - - - - - - - 177 39 3 1 43
Expense
reimburse-
ments 351 133 218 - - 23 4 - - - - 1,418 315 1,001 491 1,161
Other
property
income 24 10 14 - - 40 8 - - - - 23 5 32 15 52
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
5,934 2,243 3,691 - - 4,560 912 - - - - 9,033 2,007 4,069 1,994 10,847
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
PROPERTY
EXPENSES
Property
operating 468 177 291 - - 1,380 276 - - - - 1,937 430 397 194 1,368
Real estate
taxes 139 53 86 - - 585 117 - - - - 484 107 885 433 796
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
607 230 377 - - 1,965 393 - - - - 2,421 537 1,282 627 2,164
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
NET OPERATING
INCOME -
PROPERTIES
(4) 5,327 2,013 3,314 - - 2,595 519 - - - - 6,612 1,470 2,787 1,367 8,683
OTHER INCOME
(EXPENSE)
General and
administra-
tive - - - - - - - - - - - - - - - -
Property
related home
office
expenses (120) (46) (74) - - (105) (21) - - - - - - - - (141)
Equity in
earnings of
unconsol-
idated
properties (115) (58) (72) 1,155 436 (203) (41) 26,155 5,230 - - - - - - 5,495
Lease
termination
income - - - - - - - - - - - - - - - -
Interest
income 183 69 114 6 2 161 32 13 3 - - 56 13 33 16 249
Asset and
property
management
income - - - - - - - - - - - - - - - -
Promote Fee - - - - - - - - - - - - - - - -
Asset and
property
management
expense(2) (4) (2) (2) - - (2,404) - - - (938) - (447) - - - (4)
Straight-line
rent income 539 203 336 - - 38 8 - - - - 256 57 7 3 607
Straight-line
rents written
off - - - - - - - - - - - - - - - -
FAS 141 Rent (8) (4) (4) - - (211) (42) - - - - 311 69 - - 19
Abandoned
project
costs - - - - - - - - - - - - - - - -
Hurricane
related
expenses - - - - - - - - - - - - - - - -
Provision for
income taxes (12) (5) (7) (4) (2) - - (6) (1) - - - - - - (15)
Swap
termination
income - - - - - - - - - - - - - - - -
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
EBIDTA 5,790 2,170 3,605 1,157 436 (129) 455 26,162 5,232 (938) - 6,788 1,609 2,827 1,386 14,893
Depreciation
and
amortiz-
ation
(3) (3,313) (1,252) (2,061) - - -(1,254) (251) - - - - (1,498) (333) (216) (105) (4,002)
FAS 141
Amortiz-
ation (2) - (2) - - (169) (34) - - - - - - - - (36)
Interest
expense (1,145) (418) (712) - - (1,811) (362) - - - - (5,010) (1,071)(1,728) (847) (3,410)
Loan
defeasance - - - - - - - - - - - - - - - -
FAS 141
Interest 30 12 18 - - - - - - - - - - - - 30
Impairment of
real estate - - - - - - - - - - - - - - - -
Gain on sale
of
properties - - - - - - - - - - - - - - - -
Gain (loss)
on
sale of
properties -
Mervyn's - - - - - - - - - - - - - - - -
Income taxes
on gain on
property
sale -
Mervyn's - - - - - - - - - - - - - - - -
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
Income before
minority
interest 1,360 512 848 1,157 436 (3,363) (192) 26,162 5,232 (938) - 280 205 883 434 7,475
Minority
interest - OP - (10) (17) - (8) - 4 - (105) - - - - - (8) (144)
Minority
interest (226) (86) (140) - - 195 39 - - - - - - - - (187)
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
NET INCOME $ 1,134 $ 416 $ 691 $ 1,157 $ 428 $(3,168) $(149) $26,162 $5,127 $(938) $ - $ 280 $ 205 $ 883 $ 426 $7,144
======= ======= ======= ======= ===== ======== ====== ======= ====== ===== ====== ======= ======= ====== ====== ======
----------------------------------------------------------------------------------------------------------------------
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinio-n of management, are necessary for a fair presentatio n
of operating results for the interim periods. The Company 's investments in
consolidated and unconsolidated =joint ventures are reflected separately
for revenues and expe-nses by calculating it's pro-rata share for each of
the above line items. In total, net income agrees with net income as
reported in the Company's Form 10Q's and 10K for the corresponding periods.
The Company currently invests in Funds I & II and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV and has a 49% JV interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
(2) Funds I, II and the Mervyn's investment pay asset management, promote and
other fees to the Company. As it is the recipient of such fees, the Company
does not recognize a pro-rata share of these expenses
(3) In addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its increased basis in Crossroads.
(4) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $1,391 on an annual basis ($7,363 x
37.78% x 50%) and $695 for the second quarter.
Page 7
----------------------------------------------------------------------------------------------------------------------
Current Quarter
3 months
ended June 30,
2007
----------------------------------------------------------------------------------------------------------------------
AKR
Pro-
rata
share
and AKR AKR AKR AKR AKR AKR AKR AKR
20% Brandy- Pro- Pro- Pro- Pro- Brandy- Pro- Pro- Pro-
Fund Promote wine Mervyns rata Fund rata Mervyns rata Fund rata wine rata Cross- rata rata
I (4) Promote I share II share II share III share JV share roads share Total
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
PROPERTY
REVENUES
Minimum rents $ 2,766 $ 1,045 $ 1,721 $ - $ - $ 2,233 $ 447 $ - $ - $ - $ - $ 3,725 $ 828 $1,528 $ 750 $4,791
Percentage
rents 3 1 2 - - - - - - - - 31 7 3 1 11
Expense
reimburse-
ments 237 90 147 - - 87 17 - - - - 713 158 473 232 644
Other property
income 20 8 12 - - 34 7 - - - - 10 2 23 11 40
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
3,026 1,144 1,882 - - 2,354 471 - - - - 4,479 995 2,027 994 5,486
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
PROPERTY
EXPENSES
Property
operating 267 101 166 - - 730 146 - - - - 920 204 180 88 705
Real estate
taxes 139 53 86 - - 288 58 - - - - 240 53 452 221 471
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
406 154 252 - - 1,018 204 - - - - 1,160 257 632 309 1,176
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
NET OPERATING
INCOME -
PROPERTIES
(4) 2,620 990 1,630 - - 1,336 267 - - - - 3,319 738 1,395 685 4,310
OTHER INCOME
(EXPENSE)
General and
administra-
tive - - - - - - - - - - - - - - - -
Property
related home
office
expenses (47) (18) (29) - - (52) (10) - - - - - - - - (57)
Equity in
earnings of
unconsol-
idated
properties (135) (51) (84) 1,155 436 (104) (21) 2,465 492 - - - - - - 772
Lease
termination
income - - - - - - - - - - - - - - - -
Interest
income 101 38 63 2 1 114 23 4 1 - - 26 6 16 8 140
Asset and
property
management
income - - - - - - - - - - - - - - - -
Promote Fee - - - - - - - - - - - - - - - -
Asset and
property
management
expense (2) (2) (1) (1) - - (1,200) - - - (938) - (227) - - - (2)
Straight-line
rent income 263 99 164 - - 25 5 - - - - 127 28 - - 296
Straight-line
rents written
off - - - - - - - - - - - - - - - -
FAS 141 Rent (4) (2) (2) - - (77) (15) - - - - 156 35 - - 16
Abandoned
project costs - - - - - - - - - - - - - - - -
Hurricane
related
expenses - - - - - - - - - - - - - - - -
Provision for
income taxes 1 - 1 (4) (2) - - (5) (1) - - - - - - (2)
Swap
termination
income - - - - - - - - - - - - - - - -
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
EBIDTA 2,797 1,055 1,742 1,153 435 42 249 2,464 492 (938) - 3,401 807 1,411 693 5,473
Depreciation
and
amortization
(3) (1,675) (633) (1,042) - - (625) (125) - - - - (735) (163) (109) (53) (2,016)
FAS 141
Amortization (1) - (1) - - (76) (15) - - - - - - - - (16)
Interest
expense (561) (212) (349) - - (946) (189) - - - - (2,519) (560) (869) (426) (1,736)
Loan
defeasance - - - - - - - - - - - - - - - -
FAS 141
Interest 15 6 9 - - - - - - - - - - - - 15
Impairment of
real estate - - - - - - - - - - - - - - - -
Gain on sale
of properties - - - - - - - - - - - - - - - -
Gain (loss) on
sale of
properties -
Mervyn's - - - - - - - - - - - - - - - -
Income taxes
on gain on
property sale
- Mervyn's - - - - - - - - - - - - - - - -
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
Income before
minority
interest 575 216 359 1,153 435 (1,605) (80) 2,464 492 (938) - 147 84 433 214 1,720
Minority
interest - OP - (4) (7) - (9) - 2 - (10) - - - - - (4) (32)
Minority
interest (113) (43) (70) - - 120 24 - - - - - - - - (89)
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
NET INCOME $ 462 $ 169 $ 282 $ 1,153 $ 426 $(1,485) $(54) $ 2,464 $ 482 $(938) $ - $ 147 $ 84 $ 433 $ 210 $1,599
======= ======= ======= ======= ===== ======== ====== ======= ====== ===== ====== ======= ======= ====== ====== ======
----------------------------------------------------------------------------------------------------------------------
(1) Quarterly results are unaudited, although they reflect all
adjustments, which in the opinion of management, are
necessary for a fair presentation of operating results for
the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected
separately for revenues and expenses by calculating it's
pro-rata share for each of the above line items. In total,
net income agrees with net income as reported in the
Company's Form 10Q's and 10K for the corresponding periods.
The Company currently invests in Funds I & II and Mervyn's
which are consolidated with the Company's financial
statements. The Company also has a 22.2% investment in the
Brandywine JV and has a 49% JV interest in the Crossroads
Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial
statements.
(2) Funds I, II and the Mervyn's investment pay asset
management, promote and other fees to the Company. As it is
the recipient of such fees, the Company does not recognize a
pro-rata share of these expenses
(3) In addition to its pro-rata share of depreciation, the
Company recognizes depreciation on its increased basis in
Crossroads.
(4) Includes majority-owned affiliates of which the minority
share of NOI for the Kroger/Safeway Portfolio amounts to
$695 on an annual basis ($7,363 x 37.78% x 25%).
Page 8
Prior Quarter
3 months
ended March 31,
2007
----------------------------------------------------------------------------------------------------------------------
AKR
Pro-
rata
share
and AKR AKR AKR AKR AKR AKR AKR AKR
20% Brandy- Pro- Pro- Pro- Pro- Brandy- Pro- Pro- Pro-
Fund Promote wine Mervyns rata Fund rata Mervyns rata Fund rata wine rata Cross- rata rata
I (4) Promote I share II share II share III share JV share roads share Total
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
PROPERTY
REVENUES
Minimum rents $ 2,790 $ 1,054 $ 1,736 $ - $ - $ 2,264 $ 453 $ - $ - $ - $ - $ 3,690 $ 820 $1,505 $ 737 $4,800
Percentage
rents - - - - - - - - - - - 146 32 - - 32
Expense
reimburse-
ments 114 43 71 - - (64) (13) - - - - 705 157 528 259 517
Other property
income 4 2 2 - - 6 1 - - - - 13 3 9 4 12
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
2,908 1,099 1,809 - - 2,206 441 - - - - 4,554 1,012 2,042 1,000 5,361
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
PROPERTY
EXPENSES
Property
operating 201 76 125 - - 650 130 - - - - 1,017 226 217 106 663
Real estate
taxes - - - - - 297 59 - - - - 244 54 433 212 325
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
201 76 125 - - 947 189 - - - - 1,261 280 650 318 988
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
NET OPERATING
INCOME -
PROPERTIES
(4) 2,707 1,023 1,684 - - 1,259 252 - - - - 3,293 732 1,392 682 4,373
`
OTHER INCOME
(EXPENSE)
General and
administra-
tive - - - - - - - - - - - - - - - -
Property
related home
office
expenses (73) (28) (45) - - (53) (11) - - - - - - - - (84)
Equity in
earnings of
unconsol-
idated
properties 20 (7) 12 - - (99) (20) 23,690 4,738 - - - - - - 4,723
Lease
termination
income - - - - - - - - - - - - - - - -
Interest
income 82 31 51 4 1 47 9 9 2 - - 30 7 17 8 109
Asset and
property
management
income - - - - - - - - - - - - - - - -
Promote Fee - - - - - - - - - - - - - - - -
Asset and
property
management
expense (2) (2) (1) (1) - - (1,204) - - - - - (220) - - - (2)
Straight-line
rent income 276 104 172 - - 13 3 - - - - 129 29 7 3 311
Straight-line
rents
written off - - - - - - - - - - - - - - - -
FAS 141 Rent (4) (2) (2) - - (134) (27) - - - - 155 34 - - 3
Abandoned
project
costs - - - - - - - - - - - - - - - -
Hurricane
related
expenses - - - - - - - - - - - - - - - -
Provision for
income taxes (13) (5) (8) - - - - (1) - - - - - - - (13)
Swap
termination
income - - - - - - - - - - - - - - - -
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
EBIDTA 2,993 1,115 1,863 4 1 (171) 206 23,698 4,740 - - 3,387 802 1,416 693 9,420
Depreciation
and
amortization
(3) (1,638) (619) (1,019) - - (629) (126) - - - - (763) (170) (107) (52) (1,986)
FAS 141
Amortization (1) - (1) - - (93) (19) - - - - - - - - (20)
Interest
expense (584) (206) (363) - - (865) (173) - - - - (2,491) (511) (859) (421) (1,674)
Loan
defeasance - - - - - - - - - - - - - - - -
FAS 141
Interest 15 6 9 - - - - - - - - - - - - 15
Impairment of
real estate - - - - - - - - - - - - - - - -
Gain on sale
of properties - - - - - - - - - - - - - - - -
Gain (loss)
on sale of
properties -
Mervyn's - - - - - - - - - - - - - - - -
Income taxes
on gain on
property
sale -
Mervyn's - - - - - - - - - - - - - - - -
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
Income before
minority
interest 785 296 489 4 1 (1,758) (112) 23,698 4,740 - - 133 121 450 220 5,755
Minority
interest -
OP - (6) (10) - 1 - 2 - (95) - - - - - (4) (112)
Minority
interest (113) (43) (70) - - 75 15 - - - - - - - - (98)
------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------
NET INCOME $ 672 $ 247 $ 409 $ 4 $ 2 $(1,683) $ (95) $23,698 $4,645 $ - $ - $ 133 $ 121 $ 450 $ 216 $5,545
======= ======= ======= ======= ===== ======== ====== ======= ====== ===== ====== ======= ======= ====== ====== ======
----------------------------------------------------------------------------------------------------------------------
(1) Quarterly results are unaudited, although they reflect all
adjustments, which in the opinion of management, are
necessary for a fair presentation of operating results for
the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected
separately for revenues and expenses by calculating it's
pro-rata share for each of the above line items. In total,
net income agrees with net income as reported in the
Company's Form 10Q's and 10K for the corresponding periods.
The Company currently invests in Funds I & II and Mervyn's
which are consolidated with the Company's financial
statements. The Company also has a 22.2% investment in the
Brandywine JV and has a 49% JV interest in the Crossroads
Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial
statements.
(2) Funds I, II and the Mervyn's investment pay asset
management, promote and other fees to the Company. As it is
the recipient of such fees, the Company does not recognize a
pro-rata share of these expenses
(3) In addition to its pro-rata share of depreciation, the
Company recognizes depreciation on its increased basis in
Crossroads.
(4) Includes majority-owned affiliates of which the minority
share of NOI for the Kroger/Safeway Portfolio amounts to
$695 on an annual basis ($7,363 x 37.78% x 25%).
Page 9
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Statements of Operations - by activity (1)
- ------------------------------------------
(in thousands)
-------------------------------------------------------------------------------------------------------------
Year-to-Date Current Quarter Prior Quarter
Period 3 months 3 months
ended June 30, ended June 30, ended March 31,
2007 2007 2007
------------------------------------- ----------------------------------- -----------------------------------
Multi- Multi- Multi-
Retail Family Corporate Total Retail Family Corporate Total Retail Family Corporate Total
--------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- --------
PROPERTY
REVENUES
Minimum rents $ 32,947 $ 3,601 $ - $ 36,548 $ 16,753 $ 1,813 $ - $ 18,566 $ 16,194 $ 1,788 $ - $ 17,982
Percentage
rents 323 - - 323 153 - - 153 170 - - 170
Expense
reimbursements 7,001 - - 7,001 3,192 - - 3,192 3,809 - - 3,809
Other property
income 260 280 - 540 130 145 - 275 130 135 - 265
--------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- --------
40,531 3,881 - 44,412 20,228 1,958 - 22,186 20,303 1,923 - 22,226
--------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- --------
PROPERTY
EXPENSES
Property
operating 6,171 1,934 - 8,105 2,497 1,053 - 3,550 3,674 881 - 4,555
Real estate
taxes 4,608 177 - 4,785 2,464 95 - 2,559 2,144 82 - 2,226
--------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- --------
10,779 2,111 - 12,890 4,961 1,148 - 6,109 5,818 963 - 6,781
--------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- --------
NET OPERATING
INCOME -
PROPERTIES 29,752 1,770 - 31,522 15,267 810 - 16,077 14,485 960 - 15,445
OTHER INCOME
(EXPENSE)
General and
administrative - - (6,109) (6,109) - - (3,202) (3,202) - - (2,907) (2,907)
Property
related home
office
expenses - - (5,696) (5,696) - - (2,984) (2,984) - - (2,712) (2,712)
Equity in
earnings of
Fund I
unconsolidated
properties 5,495 - - 5,495 772 - - 772 4,723 - - 4,723
Lease
termination
income - - - - - - - - - - - -
Interest income (5) 10 5,154 5,159 (5) 5 2,239 2,239 - 5 2,915 2,920
Asset and
property
management
income - - 6,329 6,329 - - 3,294 3,294 - - 3,035 3,035
Promote Fee - - - - - - - - - - - -
Other property
management
fees (67) (84) - (151) (34) (41) - (75) (33) (43) - (76)
Straight-line
rent income 1,308 - - 1,308 605 - - 605 703 - - 703
Straight-line
rents written
off (146) - - (146) (61) - - (61) (85) - - (85)
FAS 141 Rent (239) - - (239) (221) - - (221) (18) - - (18)
Abandoned
project costs - - - - - - - - - - - -
Hurricane
related
expenses - - - - - - - - - - - -
Provision for
income taxes (2,276) - - (2,276) (385) - - (385) (1,891) - - (1,891)
Swap
termination
income 165 - - 165 - - - - 165 - - 165
--------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- --------
EBIDTA 33,987 1,696 (322) 35,361 15,938 774 (653) 16,059 18,049 922 331 19,302
Depreciation
and
amortization (11,328) (749) (337) (12,414) (5,731) (369) (173) (6,273) (5,597) (380) (164) (6,141)
FAS 141
Amortization (276) - - (276) (332) - - (332) 56 - - 56
Interest
expense (11,776) (592) - (12,368) (5,974) (297) - (6,271) (5,802) (295) - (6,097)
Loan defeasance (426) - - (426) - - - - (426) - - (426)
FAS 141
Interest 57 - - 57 22 - - 22 35 - - 35
Impairment of
real estate - - - - - - - - - - - -
Gain on sale of
properties - - - - - - - - - - - -
Gain (loss) on
sale of
properties -
Mervyn's - - - - - - - - - - - -
Income taxes on
gain on
property sale
- Mervyn's - - - - - - - - - - - -
--------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- --------
Income before
minority
interest 10,238 355 (659) 9,934 3,923 108 (826) 3,205 6,315 247 167 6,729
Minority
interest - OP (233) (7) 13 (227) (97) (2) 16 (83) (136) (5) (3) (144)
Minority
interest 46 - - 46 (88) - - (88) 134 - - 134
--------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- --------
NET INCOME $ 10,051 $ 348 $ (646) $ 9,753 $ 3,738 $ 106 $ (810) $ 3,034 $ 6,313 $ 242 $ 164 $ 6,719
========= ======= ========= ========= ======== ======= ========= ======== ======== ======= ========= ========
-------------------------------------------------------------------------------------------------------------
(1) Quarterly results are unaudited, although they reflect all
adjustments, which in the opinion of management, are
necessary for a fair presentation of operating results for
the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected
separately for revenues and expenses by calculating it's
pro-rata share for each of the above line items. In total,
net income agrees with net income as reported in the
Company's Form 10Q's and 10K for the corresponding periods.
The Company currently invests in Funds I & II and Mervyns I
& II which are consolidated with the Company's financial
statements. The Company also has a 22.2% investment in the
Brandywine JV and a 49% JV interest in the Crossroads
Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial
statements.
Page 10
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Statements of Operations - Current v. Historical (1)
- ----------------------------------------------------
(in thousands)
--------------------------------------- ---------------------------------------
Current Quarter Historical Quarter
3 months 3 months
ended June 30, ended June 30,
2007 2006
--------------------------------------- ---------------------------------------
Wholly Discontinued Wholly Discontinued
Owned JV's Operations Total Owned JV's Operations Total
-------- -------- ------------ -------- -------- -------- ------------ --------
PROPERTY
REVENUES
Minimum rents $ 13,775 $ 4,791 $ - $ 18,566 $ 13,611 $ 4,609 $ 1,563 $ 19,783
Percentage
rents 142 11 - 153 122 1 29 152
Expense
reimbursements 2,548 644 - 3,192 3,045 580 665 4,290
Other property
income 235 40 - 275 209 1 21 231
-------- -------- ------------ -------- -------- -------- ------------ --------
16,700 5,486 - 22,186 16,987 5,191 2,278 24,456
-------- -------- ------------ -------- -------- -------- ------------ --------
PROPERTY
EXPENSES
Property
operating 2,845 705 - 3,550 2,898 502 452 3,852
Real estate
taxes 2,088 471 - 2,559 1,832 453 588 2,873
-------- -------- ------------ -------- -------- -------- ------------ --------
4,933 1,176 - 6,109 4,730 955 1,040 6,725
-------- -------- ------------ -------- -------- -------- ------------ --------
NET OPERATING
INCOME -
PROPERTIES 11,767 4,310 - 16,077 12,257 4,236 1,238 17,731
OTHER INCOME
(EXPENSE)
General and
administrative (3,202) - - (3,202) (2,357) - - (2,357)
Property
related home
office
expenses (2,927) (57) - (2,984) (2,238) (63) - (2,301)
Equity in
earnings of
Fund I
unconsolidated
properties - 772 - 772 - (46) - (46)
Lease
termination
income - - - - - - - -
Interest income 2,099 140 - 2,239 1,860 134 - 1,994
Asset and
property
management
income 3,294 - - 3,294 2,506 - - 2,506
Promote Fee - - - - - - - -
Property
management
expense (73) (2) - (75) 18 105 (72) 51
Straight-line
rent income 309 296 - 605 (1,128) 172 27 (929)
Straight-line
rents written
off (61) - - (61) - - - -
FAS 141 Rent (237) 16 - (221) (68) (8) - (76)
Abandoned
project costs - - - - - - - -
Hurricane
related
expenses - - - - - - - -
Provision for
income taxes (383) (2) - (385) (356) (5) - (361)
Other income
(expense) - - - - (8) 173 - 165
-------- -------- ------------ -------- -------- -------- ------------ --------
EBIDTA 10,586 5,473 - 16,059 10,486 4,698 1,193 16,377
Depreciation
and
amortization (4,257) (2,016) - (6,273) (3,721) (1,984) (448) (6,153)
FAS 141
Amortization (316) (16) - (332) (157) (41) - (198)
Interest
expense (4,535) (1,736) - (6,271) (3,812) (1,744) (225) (5,781)
Loan defeasance - - - - - - - -
FAS 141
Interest 7 15 - 22 23 15 - 38
Impairment of
real estate - - - - - - - -
Gain on sale of
properties - - - - - - - -
Gain (loss) on
sale of
properties
(Mervyns) - - - - - 785 - 785
Income taxes on
gain on sale
(Mervyn's) - - - - - - - -
-------- -------- ------------ -------- -------- -------- ------------ --------
Income before
minority
interest 1,485 1,720 - 3,205 2,819 1,729 520 5,068
Minority
interest - OP (51) (32) - (83) (63) (31) (10) (104)
Minority
interest 1 (89) - (88) (34) (82) - (116)
-------- -------- ------------ -------- -------- -------- ------------ --------
NET INCOME $ 1,435 $ 1,599 $ - $ 3,034 $ 2,722 $ 1,616 $ 510 $ 4,848
======== ======== ============ ======== ======== ======== ============ ========
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I & II and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV and has a 49% JV interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
Page 11
Current Year-to-Date Historical Year-to-Date
Period Period
ended June 30, ended June 30,
2007 2006
---------------------------------------- ---------------------------------------
Wholly Discontinued Wholly Discontinued
Owned JV's Operations Total Owned JV's Operations Total
-------- -------- ------------ -------- -------- -------- ------------ --------
PROPERTY
REVENUES
Minimum rents $ 26,957 $ 9,591 $ - $ 36,548 $ 26,527 $ 9,270 $ 3,155 $ 38,952
Percentage
rents 280 43 - 323 307 10 42 359
Expense
reimbursements 5,840 1,161 - 7,001 6,308 1,289 1,409 9,006
Other property
income 488 52 - 540 404 17 48 469
-------- -------- ------------ -------- -------- -------- ------------ --------
33,565 10,847 - 44,412 33,546 10,586 4,654 48,786
-------- -------- ------------ -------- -------- -------- ------------ --------
PROPERTY
EXPENSES
Property
operating 6,737 1,368 - 8,105 6,043 1,040 1,002 8,085
Real estate
taxes 3,989 796 - 4,785 3,826 1,084 1,141 6,051
-------- -------- ------------ -------- -------- -------- ------------ --------
10,726 2,164 - 12,890 9,869 2,124 2,143 14,136
-------- -------- ------------ -------- -------- -------- ------------ --------
NET OPERATING
INCOME -
PROPERTIES 22,839 8,683 - 31,522 23,677 8,462 2,511 34,650
OTHER INCOME
(EXPENSE)
General and
administrative (6,109) - - (6,109) (5,050) - - (5,050)
Property
related home
office
expenses (5,555) (141) - (5,696) (4,755) (124) - (4,879)
Equity in
earnings of
Fund I
unconsolidated
properties - 5,495 - 5,495 - 170 - 170
Lease
termination
income - - - - - - - -
Interest income 4,910 249 - 5,159 3,523 237 - 3,760
Asset and
property
management
income 6,329 - - 6,329 5,069 - - 5,069
Promote Fee - - - - 258 - - 258
Property
management
expense (147) (4) - (151) - (133) (129) (262)
Straight-line
rent income 701 607 - 1,308 (1,687) 324 27 (1,336)
Straight-line
rents written
off (146) - - (146) - - - -
FAS 141 Rent (258) 19 - (239) (21) (13) - (34)
Abandoned
project costs - - - - - - - -
Hurricane
related
expenses - - - - - - - -
Provision for
income taxes (2,261) (15) - (2,276) (775) (35) - (810)
Other income
(expense) 165 - - 165 (8) 173 - 165
-------- -------- ------------ -------- -------- -------- ------------ --------
EBIDTA 20,468 14,893 - 35,361 20,231 9,061 2,409 31,701
Depreciation
and
amortization (8,412) (4,002) - (12,414) (7,425) (3,905) (899) (12,229)
FAS 141
Amortization (240) (36) - (276) (311) (83) - (394)
Interest
expense (8,958) (3,410) - (12,368) (7,350) (3,292) (429) (11,071)
Loan defeasance (426) - - (426) 1,141 (1,467) - (326)
FAS 141
Interest 27 30 - 57 39 727 - 766
Impairment of
real estate - - - - - - - -
Gain on sale of
properties - - - - - - - -
Gain (loss) on
sale of
properties
(Mervyns) - - - - - 1,249 - 1,249
Income taxes on
gain on sale
(Mervyn's) - - - - - - - -
-------- -------- ------------ -------- -------- -------- ------------ --------
Income before
minority
interest 2,459 7,475 - 9,934 6,325 2,290 1,081 9,696
Minority
interest - OP (83) (144) - (227) (127) (50) (21) (198)
Minority
interest 233 (187) - 46 (122) (175) - (297)
-------- -------- ------------ -------- -------- -------- ------------ --------
NET INCOME $ 2,609 $ 7,144 $ - $ 9,753 $ 6,076 $ 2,065 $ 1,060 $ 9,201
======== ======== ============ ======== ======== ======== ============ ========
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation
of operating results for the interim periods. The Company's investments in
consolidated and unconsolidated joint ventures are reflected separately for
revenues and expenses by calculating it's pro-rata share for each of the
above line items. In total, net income agrees with net income as reported
in the Company's Form 10Q's and 10K for the corresponding periods. The
Company currently invests in Funds I & II and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine JV and has a 49% JV interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
Page 12
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Net Operating Income (NOI) -
Same Property Performance (1)
------------------------------
(in thousands)
Growth in Same Growth in Same
Property NOI Property NOI
- Continuing - Continuing
Operations Operations
Current Historical Favorable Current Year- Historical Favorable
Notes: Quarter Quarter (unfavorable) to-Date Year-to-Date (unfavorable)
---------------------------------------------------- ------------------------------------------
Reconciliation of total 3 months ended 3 months ended Year ended Year ended
NOI to same property June 30, June 30, June 30, June 30,
NOI: 2007 2006 2007 2006
-------------- -------------- ------------- -------------
NOI - Wholly-owned
properties $ 11,767 $ 13,495 $ 22,839 $ 26,188
NOI - Consolidated and
unconsolidated joint
ventures 4,310 4,236 8,683 8,462
Adjustment to reflect
2006 increase in Fund
I ownership percentage (2) (1,189) (2,274) (2,402) (4,129)
-------------- -------------- ------------- -------------
Total NOI 14,888 15,457 29,120 30,521
NOI - Properties
Acquired (1,251) (71) (1,879) (100)
NOI - Property sold or
held for sale - (1,236) - (2,511)
NOI - Redevelopment
properties - - - -
-------------- -------------- ------------- -------------
$ 13,637 $ 14,150 -3.6% $ 27,241 $ 27,910 -2.4%
============== ============== ============== ============= ============= ==============
Same property NOI by
portfolio component
and revenues/expenses:
Retail Properties Retail Properties
Revenues $ 17,698 $ 17,802 -0.6% $ 35,358 $ 35,409 -0.1%
Expenses 4,871 4,613 -5.6% 9,888 9,477 -4.3%
-------------- -------------- -------------- ------------- ------------- --------------
12,827 13,189 -2.8% 25,470 25,932 -1.8%
-------------- -------------- -------------- ------------- ------------- --------------
Residential Properties Residential Properties
(2 properties) (2 properties)
Revenues 1,958 1,961 -0.2% 3,881 3,992 -2.8%
Expenses 1,148 1,000 -14.8% 2,110 2,014 -4.8%
-------------- -------------- -------------- ------------- ------------- --------------
810 961 -15.7% 1,771 1,978 -10.5%
-------------- -------------- -------------- ------------- ------------- --------------
$ 13,637 $ 14,150 -3.6% $ 27,241 $ 27,910 -2.4%
============== ============== ============== ============= ============= ==============
(1) The above amounts includes the pro-rata activity related to the Company's
consolidated and unconsolidated joint ventures.
(2) As a result of the recapitalization of the Brandywine Portfolio which
enabled the Fund I investors to receive all of their invested capital and
preferred return, the Company is entitled to receive a 20% promote
interest. Accordingly, Acadia's effective ownership interest is now 38%
[20% + (80% x 22%)]. 2007 and 2006 NOI from Fund I has been decreased from
100% down to 38% for comparability.
Page 13
QUARTERLY SUPPLEMENTAL
DISCLOSURE
June 30, 2007
Funds from Operations ("FFO") (1) 2007 2006
- --------------------------------- ---------------------------------------------- ------------------------------
Current Current Previous Historic Historic
Year-to-Date Quarter Quarter Year-to-Date Quarter
Period ended 3 months ended 3 months ended Period ended 3 months ended
Funds from operations ("FFO"): Notes June 30, 2007 June 30, 2007 March 31, 2007 June 30, 2006 June 30, 2006
- -------------------------------- -------------- --------------- --------------- -------------- ---------------
Net Income $ 9,753 $ 3,034 $ 6,719 $ 9,201 $ 4,848
Add back:
Depreciation of real estate and
amortization of leasing costs:
(net of minority interest
share)
Wholly owned and
consolidated subsidiaries 9,955 5,158 4,797 10,327 5,293
Unconsolidated subsidiaries 988 513 475 850 438
Income attributable to Operating
Partnership units (2) 228 84 144 198 104
Loss (gain) on sale of
properties - - - (831) (459)
Extraordinary item (net of
minority interests' share and
income taxes) (2,883) - (2,883) - -
Distributions on Preferred OP
Units 13 5 8 125 63
-------------- --------------- --------------- -------------- ---------------
FFO 18,054 8,794 9,260 19,870 10,287
Extraordinary item (net of
minority interests' share and
income taxes) (4) 2,883 - 2,883 - -
-------------- --------------- --------------- -------------- ---------------
FFO - adjusted for
extraordinary item (4) $ 20,937 $ 8,794 $ 12,143 $ 19,870 $ 10,287
============== =============== =============== ============== ===============
Adjusted Funds from operations
("AFFO"):
- --------------------------------
Diluted FFO $ 20,937 $ 8,794 $ 12,143 $ 19,870 $ 10,287
Straight line rent, net (1,308) (605) (703) 1,336 929
Non real-estate depreciation 337 173 164 234 117
Amortization of finance costs 822 358 464 432 213
Amortization of cost of
management contracts 379 206 173 463 230
Tenant improvements (766) (144) (622) (641) (430)
Leasing commissions (260) (188) (72) (405) (295)
Capital expenditures (1,357) (376) (981) (2,329) (1,422)
-------------- --------------- --------------- -------------- ---------------
AFFO $ 18,784 $ 8,218 $ 10,566 $ 18,960 $ 9,629
============== =============== =============== ============== ===============
Funds Available for Distribution
("FAD")
- --------------------------------
AFFO $ 18,784 $ 8,218 $ 10,566 $ 18,960 $ 9,629
Scheduled prinicpal repayments (1,543) (711) (832) (1,968) (979)
-------------- --------------- --------------- -------------- ---------------
FAD $ 17,241 $ 7,507 $ 9,734 $ 16,992 $ 8,650
============== =============== =============== ============== ===============
Total weighted average shares
and OP Units:
Basic 33,507 33,599 33,414 33,141 33,161
============== =============== =============== ============== ===============
Diluted 33,960 33,894 34,113 33,778 33,799
============== =============== =============== ============== ===============
FFO per share:
FFO per share - Basic (3) $ 0.62 $ 0.26 $ 0.36 $ 0.60 $ 0.31
============== =============== =============== ============== ===============
FFO per share - Diluted (3) $ 0.62 $ 0.26 $ 0.36 $ 0.59 $ 0.30
============== =============== =============== ============== ===============
AFFO per share - Basic (3) $ 0.56 $ 0.24 $ 0.32 $ 0.57 $ 0.29
============== =============== =============== ============== ===============
AFFO per share - Diluted (3) $ 0.55 $ 0.24 $ 0.31 $ 0.56 $ 0.28
============== =============== =============== ============== ===============
FAD per share - Basic (3) $ 0.51 $ 0.22 $ 0.29 $ 0.51 $ 0.26
============== =============== =============== ============== ===============
FAD per share - Diluted (3) $ 0.51 $ 0.22 $ 0.29 $ 0.50 $ 0.26
============== =============== =============== ============== ===============
- --------------------------------------------------------------------------------------------------------------------
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management are necessary for a fair presentation of
operating results for the interim periods.
(2) Reflects OP Unitholders interest in OP net income.
(3) Assumes full conversion of O.P. Units into Common Shares. Diluted FFO
assumes conversion of Preferred O.P. Units as well as assumed exercise of
outstanding share options. Quarterly Preferred OP Unit distributions are
added back for the purposes of calculating diluted FFO. Refer to "Market
Capitalization" for weighted-average basic and diluted shares.
(4) The extraordinary item represents the Company's share of estimated
extraordinary gain related to its investment in Albertson's. The
Albertson's entity has recorded an extraordinary gain in connection with
the allocation of purchase price to assets acquired. The Company considers
this as an investment in an operating business as opposed to real estate.
Accordingly, all gains and losses from this investment are included in FFO.
Page 14
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Capital Expenditures
---------------------
---------------------------
Year-to-Date Current Previous Previous
Quarter Quarter Year
-------------- -----------------
Period 3 months 3 months Year
ended ended ended ended
June 30, 2007 June 30, 2007 March 31, 2007 December 31, 2006
------------- ------------- -------------- -----------------
Leasing Commissions: $ 260 $ 188 $ 72 $ 894
------------- ------------- -------------- -----------------
Tenant Improvements: 766 144 622 1,817
------------- ------------- -------------- -----------------
Capital Expenditures:
Retail 1,214 305 909 2,382
Residential 143 71 72 808
------------- ------------- -------------- -----------------
1,357 376 981 3,190
------------- ------------- -------------- -----------------
Redevelopments 22,794 13,387 9,407 24,774
------------- ------------- -------------- -----------------
Total $ 25,177 $ 14,095 $ 11,082 $ 30,675
============= ============= ============== =================
---------------------------
Page 15
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Consolidated Balance Sheets
- ---------------------------------------------
(in thousands)
June 30, December 31,
2007 2006
------------ ------------
ASSETS
Real estate
Land $ 176,517 $ 152,930
Buildings and improvements 543,845 497,638
Construction in progress 91,441 26,670
------------ ------------
811,803 677,238
Less: accumulated depreciation (152,647) (142,071)
------------ ------------
Net real estate 659,156 535,167
Cash and cash equivalents 120,759 139,571
Cash in escrow 7,281 7,639
Restricted Cash 2,206 549
Investments in and advances to unconsolidated
affiliates 15,878 31,049
Investment in management contracts 1,580 1,839
Rents receivable, net of $2,523 and $2,343
allowance, respectively 4,825 7,658
Straight-line rents receivable, net of $910
allowance 4,410 5,291
Notes Receivable 28,066 38,322
Prepaid expenses 3,330 1,865
Deferred charges, net 22,178 33,255
Other assets 10,689 37,834
Acquired lease intangibles 17,336 11,653
------------ ------------
$ 897,694 $ 851,692
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 476,399 $ 447,402
Acquired lease intangibles 5,683 4,919
Accounts payable and accrued expenses 5,615 10,548
Dividends and distributions payable 6,665 6,661
Share of losses in excess of investment in
unconsolidated affiliates 21,663 21,728
Other liabilities 8,766 5,578
------------ ------------
Total liabilities 524,791 496,836
------------ ------------
Minority interest in Operating Partnership 4,707 8,673
Minority interests in partially owned
affiliates 124,909 105,064
------------ ------------
Total minority interests 129,616 113,737
------------ ------------
Shareholders' equity:
Common shares 32 31
Additional paid-in capital 229,042 227,555
Accumulated other comprehensive loss 246 (234)
Retained earnings 13,967 13,767
------------ ------------
Total shareholders' equity 243,287 241,119
------------ ------------
$ 897,694 $ 851,692
============ ============
Page 15
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Selected Operating Ratios
-------------------------
3 months ended June 30, 6 months ended June 30,
--------------- ---------------
2007 2006 2007 2006
------------ ------------ ------------ ------------
Coverage Ratios (1)
---------------
Interest Coverage Ratio
EBIDTA $ 16,059 $ 16,377 $ 35,361 $ 31,701
Divided by Interest expense 6,271 5,781 12,368 11,071
------------ ------------ ------------ ------------
2.56 x 2.83 x 2.86 x 2.86 x
Fixed Charge Coverage Ratio
EBIDTA $ 16,059 $ 16,377 $ 35,361 $ 31,701
Divided by (Interest expense 6,271 5,781 12,368 11,071
+ Preferred Dividends) (2) 5 63 13 125
------------ ------------ ------------ ------------
2.56 x 2.80 x 2.86 x 2.83 x
Debt Service Coverage Ratio
EBIDTA $ 16,059 $ 16,377 $ 35,361 $ 31,701
Divided by (Interest expense 6,271 5,781 12,368 11,071
+ Principal Amortization) 711 979 1,543 1,968
------------ ------------ ------------ ------------
2.30 x 2.42 x 2.54 x 2.43 x
Payout Ratios
-------------
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P.
Units) paid $ 6,665 $ 6,098 $ 13,326 $ 12,196
FFO 8,794 10,287 20,937 19,870
------------ ------------ ------------ ------------
76% 59% 64% 61%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P.
Units) paid $ 6,665 $ 6,098 $ 13,326 $ 12,196
AFFO 8,218 9,629 18,784 18,960
------------ ------------ ------------ ------------
81% 63% 71% 64%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P.
Units) paid $ 6,665 $ 6,098 $ 13,326 $ 12,196
FAD 7,507 8,650 17,241 16,992
------------ ------------ ------------ ------------
89% 70% 77% 72%
Overhead Ratios
---------------
G&A/Real Estate Revenues
General and Administrative expense $ 3,202 $ 2,357 $ 6,109 $ 5,050
Real Estate Revenues (Includes pro-rata JV) 22,186 24,456 44,412 48,786
------------ ------------ ------------ ------------
14% 10% 14% 10%
General and Administrative expense $ 3,202 $ 2,357 $ 6,109 $ 5,050
Real Estate Revenues (Includes 100% JV) 28,586 30,668 57,161 61,533
------------ ------------ ------------ ------------
11% 8% 11% 8%
------------
Leverage Ratios
---------------
Debt/Total Market Capitalization
Debt (3) $ 430,744 $ 343,857
Total Market Capitalization 1,282,377 1,114,636
------------ ------------
34% 31%
Debt + Preferred Equity (Preferred O.P.
Units) $ 430,932 $ 348,045
Total Market Capitalization 1,282,377 1,114,636
------------ ------------
34% 31%
------------
Notes:
(1) Quarterly results for 2007 and 2006 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 both the Company's
consolidated and unconsolidated investments in joint ventures.
(2) Represents preferred distributions on Preferred Operating partnership
Units.
(3) Includes the Company's pro-rata share of consolidated and unconsolidated
joint venture debt and principal amortization.
Page 16
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Portfolio Debt - Consolidated Summary
Reconciliation from GAAP Debt to Pro-Rata Share of Debt
(amounts in thousands)
Add: Less:
---- -----
Acadia Minority Acadia
Consolidated Pro-rata Interest Pro-rata
Debt % of Share of Share of Share of % of
Balance Total Unconsolidated Consolidated Outstanding Total
As Reported (2) Portfolio Debt (3) Debt (4) Debt (5) Portfolio
--------------- ---------- -------------- ------------ ----------- ---------
Mortgage Notes Payable
Fixed-Rate Debt (1) $ 379,078 80% 68,293 (39,211) $ 408,160 95%
Variable-Rate Debt (1) 95,449 20% 3,180 (76,045) 22,584 5%
--------------- ---------- -------------- ------------ ----------- ---------
Total $ 474,527 100% $ 71,473 (115,256) $ 430,744 100%
--------------- ---------- -------------- ------------ ----------- ---------
Weighted Average Interest Rate
Fixed-Rate Debt 5.28% 5.27%
Variable-Rate Debt 6.73% 6.73%
----- -----
Total 5.57% 5.34%
----- -----
Notes
- -----
(1) Fixed-rate debt includes notional principal fixed through swap
transactions. Conversely, variable-rate debt excludes this amount.
(2) Represents the Mortgage Notes Payable balance as reported in the Company's
Form 10-Q. Does not include $1,893 of FAS141 purchase price allocation
amounts.
(3) Represents the Company's pro-rata share of unconsolidated partnership debt
based on percent ownership.
(4) Represents the Minority Interest pro-rata share of consolidated partnership
debt based on its percent ownership.
(5) Represents the Company's theoretical pro-rata share of debt after
adjustments discussed in Notes 3 and 4.
Page 17
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Debt Analysis - Consolidated Debt
(amounts in thousands)
Principal Acadia's
Ownership % of Pro- Balance at Pro-rata
rata
Property Notes Entity Percent Lender Share of June 30, Share
Portfolio 2007
- -------------------------------------------------------------------------------------- ----------- ------------
Fixed-Rate Debt
- -----------------------
Acadia Realty Trust 1 Acadia 100.0% 3.75% Convertible Notes $115,000 $115,000
Merrillville Plaza Acadia SunAmerica Life Insurance
2 100.0% Co. 12,544 12,544
GHT Apartments Acadia 100.0% Bank of America, N.A. 10,388 10,388
Colony Apartments Acadia 100.0% Bank of America, N.A. 5,194 5,194
239 Greenwich Avenue Acadia 75.0% Wachovia 26,000 19,500
New Loudon Center Acadia 100.0% RBS Greenwich Capital 14,846 14,846
Crescent Plaza Acadia 100.0% RBS Greenwich Capital 17,600 17,600
Pacesetter Park Shopping Acadia RBS Greenwich Capital
Center 100.0% 12,500 12,500
Elmwood Park Shopping Acadia Bear Stearns Commercial
Center 100.0% Mortgage, Inc. 34,600 34,600
Gateway Shopping Center Acadia Bear Stearns Commercial
100.0% Mortgage, Inc. 20,500 20,500
Clark-Diversey Acadia Lasalle Bank National
100.0% Association 3,754 3,754
Boonton Acadia GMAC Commercial Mortgage
60.0% Corporation 8,513 5,108
Chestnut Hill Acadia 100.0% Column Financial, Inc. 9,916 9,916
Walnut Hill Plaza Acadia Merrill Lynch Mortgage
100.0% Lending, Inc. 23,500 23,500
4650 Broadway Avenue Fund Bank of China
3 II 19.2% 19,000 3,648
Kroger Portfolio Fund I Cortlandt Deposit
4 28.3% Corporation 4,950 1,403
Safeway Portfolio Fund I Cortlandt Deposit
4 28.3% Corporation 4,893 1,386
Amherst Marketplace Fund I The Ohio National Life
37.8% Insurance Company 4,452 1,682
Sheffield Crossing Fund I Canada Life Insurance
37.8% Company 6,637 2,507
Interest rate swaps 5 Acadia Bank of America, N.A. 24,291 24,291
----------- ------------
Sub-Total Fixed-Rate
Debt 95% 379,078 339,867
----------- ------------
Variable-Rate Debt
- -----------------------
Bloomfield Town Square 6 Acadia 100.0% Bank of America, N.A.
Hobson West Plaza 6 Acadia 100.0% Bank of America, N.A.
Marketplace of Absecon 6 Acadia 100.0% Bank of America, N.A.
Village Apartments 6 Acadia 100.0% Bank of America, N.A. - -
Abington Towne Center 6 Acadia 100.0% Bank of America, N.A.
Methuen Shopping Center 6 Acadia 100.0% Bank of America, N.A.
Town Line Plaza 6 Acadia 100.0% Bank of America, N.A.
Ledgewood Mall Acadia Washington Mutual Bank,
7 100.0% F.A. - -
Branch Plaza Acadia 100.0% Bank of America, N.A. 15,876 15,876
Village Commons Acadia Bank of America, N.A.
Shopping Center 8 100.0% 9,846 9,846
244-268 161st Street Fund RBS Greenwich Capital
3 II 19.2% 30,000 5,760
216th Street Fund Bank of America, N.A.
3 II 19.2% 17,106 3,284
Liberty Avenue Fund PNC Bank, National
3 II 19.2% Association 9,649 1,853
Granville Center Fund I 37.8% Bank One, N.A. 2,873 1,085
400 East Fordham Road Fund Bank of America
3 II 19.2% 18,000 3,456
Albee Retail Fund Bank of America, N.A.
Development 9 II 13.7% 10,880 1,488
Albee Office Fund Bank of America, N.A.
Development 10 II 9.1% 510 47
Acadia Strategic Fund Bank of America, N.A./
Opportunity Fund II, II Bank of New York
LLC 11 20.0% 5,000 1,000
Interest rate swaps 5 Acadia Bank of America, N.A. (24,291) (24,291)
----------- ------------
Sub-Total Variable-Rate
Debt 5% 95,449 19,404
----------- ------------
Total Consolidated Debt 100% $474,527 $359,271
=========== =========== ============
18
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Debt Analysis - Consolidated Debt
(amounts in thousands)
Variable
Ownership Interest Rate as of Maturity
Property Notes Entity Percent Lender Rate June 30, Date
2007
- -----------------------------------------------------------------------------------------------------------------------------
Fixed-Rate Debt
- -----------------------
Acadia Realty Trust 1 Acadia 100.0% 3.75% Convertible Notes 3.75% 12/20/2011
Merrillville Plaza Acadia SunAmerica Life Insurance
2 100.0% Co. 6.46% 7/1/2007
GHT Apartments Acadia 100.0% Bank of America, N.A. 7.55% 1/1/2011
Colony Apartments Acadia 100.0% Bank of America, N.A. 7.55% 1/1/2011
239 Greenwich Avenue Acadia 75.0% Wachovia 5.42% 2/11/2017
New Loudon Center Acadia 100.0% RBS Greenwich Capital 5.64% 9/6/2014
Crescent Plaza Acadia 100.0% RBS Greenwich Capital 4.98% 9/6/2015
Pacesetter Park Shopping Acadia RBS Greenwich Capital
Center 100.0% 5.12% 11/6/2015
Elmwood Park Shopping Acadia Bear Stearns Commercial
Center 100.0% Mortgage, Inc. 5.53% 1/1/2016
Gateway Shopping Center Acadia Bear Stearns Commercial
100.0% Mortgage, Inc. 5.44% 3/1/2016
Clark-Diversey Acadia Lasalle Bank National
100.0% Association 8.50% 4/11/2028
Boonton Acadia GMAC Commercial Mortgage
60.0% Corporation 6.40% 11/1/2032
Chestnut Hill Acadia 100.0% Column Financial, Inc. 5.45% 6/11/2013
Walnut Hill Plaza Acadia Merrill Lynch Mortgage
100.0% Lending, Inc. 6.06% 8/29/2016
4650 Broadway Avenue Fund Bank of China
3 II 19.2% 5.26% 9/1/2007
Kroger Portfolio Fund I Cortlandt Deposit
4 28.3% Corporation 6.62% 2/1/2009
Safeway Portfolio Fund I Cortlandt Deposit
4 28.3% Corporation 6.51% 1/15/2009
Amherst Marketplace Fund I The Ohio National Life
37.8% Insurance Company 8.20% 6/1/2022
Sheffield Crossing Fund I Canada Life Insurance
37.8% Company 8.00% 1/1/2023
Interest rate swaps 5 Acadia Bank of America, N.A. 6.33% Various
----------
Sub-Total Fixed-Rate
Debt 5.18%
----------
Variable-Rate Debt Current LIBOR 5.32%
- -----------------------
Bloomfield Town Square 6 Acadia 100.0% Bank of America, N.A. Libor + 125 6.57% 12/1/2010
Hobson West Plaza 6 Acadia 100.0% Bank of America, N.A. Libor + 125 6.57% 12/1/2010
Marketplace of Absecon 6 Acadia 100.0% Bank of America, N.A. Libor + 125 6.57% 12/1/2010
Village Apartments 6 Acadia 100.0% Bank of America, N.A. Libor + 125 6.57% 12/1/2010
Abington Towne Center 6 Acadia 100.0% Bank of America, N.A. Libor + 125 6.57% 12/1/2010
Methuen Shopping Center 6 Acadia 100.0% Bank of America, N.A. Libor + 125 6.57% 12/1/2010
Town Line Plaza 6 Acadia 100.0% Bank of America, N.A. Libor + 140 6.72% 12/1/2010
Ledgewood Mall Acadia Washington Mutual Bank, Libor +
7 100.0% F.A. 125 6.57% 3/29/2010
Branch Plaza Acadia 100.0% Bank of America, N.A. Libor + 130 6.62% 12/1/2011
Village Commons Acadia Bank of America, N.A. Libor +
Shopping Center 8 100.0% 140 6.72% 6/29/2012
244-268 161st Street Fund RBS Greenwich Capital Libor +
3 II 19.2% 140 6.72% 4/1/2008
216th Street Fund Bank of America, N.A. Libor +
3 II 19.2% 125 6.57% 12/31/2008
Liberty Avenue Fund PNC Bank, National Libor +
3 II 19.2% Association 165 6.97% 5/18/2009
Granville Center Fund I 37.8% Bank One, N.A. Libor + 200 7.32% 10/5/2007
400 East Fordham Road Fund Bank of America Libor +
3 II 19.2% 175 7.07% 11/1/2007
Albee Retail Fund Bank of America, N.A. Libor +
Development 9 II 13.7% 120 6.52% 6/13/2008
Albee Office Fund Bank of America, N.A. Libor +
Development 10 II 9.1% 120 6.52% 6/13/2008
Acadia Strategic Fund Bank of America, N.A./ Libor +
Opportunity Fund II, II Bank of New York
LLC 11 20.0% 75 6.07% 3/1/2008
Interest rate swaps 5 Acadia Bank of America, N.A.
Sub-Total Variable-Rate Libor +
Debt 138 6.70%
-------- ------- ----------
Total Consolidated Debt 5.26%
==========
19
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Debt Analysis - Unconsolidated Joint Ventures
Principal Acadia's
Ownership % of Pro-rata Balance at Pro-rata
Fixed-Rate Debt Entity Percent Lender Share of June 30, 2007 Share
Portfolio
- ----------------------- ------------------------------------------------------------------------------------------
Acadia Brandywine Brandywine UBS Warburg Real Estate
Subsidiary JV 22.2% Investments, Inc. $61,375 $13,639
Acadia Brandywine Brandywine Bear Stearns Commercial
Town Center JV 22.2% Mortgage, Inc. 31,550 7,011
Acadia Market Square Brandywine Bear Stearns Commercial
Shopping Center JV 22.2% Mortgage, Inc. 24,375 5,417
Acadia Brandywine Brandywine Bear Stearns Commercial
Condominium JV 22.2% Mortgage, Inc. 22,650 5,033
Acadia Brandywine Brandywine Bear Stearns Commercial
Holdings JV 22.2% Mortgage, Inc. 26,250 5,833
Crossroads Shopping Crossroads JPMorgan Chase Bank
Center JV 49.0% 64,000 31,360
------------- ---------------
Sub-Total Fixed-Rate
Debt 96% 230,200 68,293
------------- ---------------
Variable-Rate Debt
- -----------------------
Haygood Shopping Center Fund I JP Morgan Chase Bank,
12 18.9% N.A. 11,366 2,147
Sterling Heights Fund I JP Morgan Chase Bank,
Shopping Center 12 18.9% N.A. 5,471 1,033
------------- ---------------
Sub-Total Variable-Rate
Debt 4% 16,837 3,180
-------------- ------------- ---------------
Total Unconsolidated
Debt 100% $247,037 $71,473
============== ============= ===============
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Debt Analysis - Unconsolidated Joint Ventures
Variable
Ownership Interest Rate as of Maturity
Fixed-Rate Debt Entity Percent Lender Rate June 30, 2007 Date
- ----------------------- --------------------------------------------- ----------------------------------------
Acadia Brandywine Brandywine UBS Warburg Real Estate
Subsidiary JV 22.2% Investments, Inc. 5.99% 7/1/2016
Acadia Brandywine Town Brandywine Bear Stearns Commercial
Center JV 22.2% Mortgage, Inc. 5.99% 7/1/2016
Acadia Market Square Brandywine Bear Stearns Commercial
Shopping Center JV 22.2% Mortgage, Inc. 5.99% 7/1/2016
Acadia Brandywine Brandywine Bear Stearns Commercial
Condominium JV 22.2% Mortgage, Inc. 5.99% 7/1/2016
Acadia Brandywine Brandywine Bear Stearns Commercial
Holdings JV 22.2% Mortgage, Inc. 5.99% 7/1/2016
Crossroads Shopping Crossroads JPMorgan Chase Bank
Center JV 49.0% 5.37% 12/1/2014
Sub-Total Fixed-Rate
Debt 5.71%
------------
Variable-Rate Debt Current LIBOR 5.32%
- -----------------------
Haygood Shopping Center Fund I JP Morgan Chase Bank, Libor + 150 6.82% 8/23/2010
12 18.9% N.A.
Sterling Heights Fund I JP Morgan Chase Bank, Libor + 185 7.17% 8/23/2010
Shopping Center 12 18.9% N.A.
Sub-Total Variable-Rate Libor + 161 6.93%
Debt
--------------
Total Unconsolidated 5.76%
Debt
==============
Notes:
- --------------------
(1) Represents $100,000 of 3.75% convertible notes issued in December 2006 and
an additional $15,000 issued in January, 2007.
(2) On July 2, 2007, the Merrillville loan was refinanced with a $26,250 loan
from Bear Sterns Commercial Mortgage, Inc. The ten year loan bears interest
at 5.88%.
(3) Fund II is a 96% joint venture partner on this investment. As such, Fund
II's pro-rata share of the above debt is 96% x 20%, or 19.2%.
(4) 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 37.78%, or 28.3%.
(5) The Company has hedged a portion of it's variable-rate debt with variable
to fixed-rate swap agreements as follows:
Notional principal All-in Rate Spread Swap rate Forward Start Maturity Date
Date
---------------------- -------------------- ------------- ------------ ------------- ---------------
4,588 6.09% 1.38% 4.71% n/a 1/1/2010
11,269 6.28% 1.38% 4.90% n/a 10/1/2011
8,434 6.52% 1.38% 5.14% n/a 3/1/2012
------------ -------------------- ------------- ------------
$24,291 6.33% 1.38% 4.95%
============ ==================== ============= ============
(6) This is a revolving facility for up to $75,000 with an additional $13,000
available based on certain income hurdles.
(7) This is a revolving facility
for up to $30,000.
(8) There is an additional $300 available under this facility through 12/08, with an additional
$1,800 available thereafter based on certain income hurdles.
(9) Fund II is a 96% joint venture partner with a 95% investment in a 75% share of Albee Retail Development. As such, Fund II's
pro-rata share of the above debt is 75% x 95% x 96% x 20%, or 13.7%.
(10) Fund II is a 96% joint venture partner with a 95% investment in a 50% share of Albee Office Development. As such, Fund
II's pro-rata share of the above debt is 50% x 95% x 96% x 20%, or 9.1%.
(11) This is a revolving facility
for up to $70,000.
(12) 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 37.78%, or 18.9%.
20
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Future Debt Maturities
- ------------------------------------------------
(in thousands) Weighted Average Interest Rate of Maturing Debt
-----------------------------------------------------
Consolidated Debt
Scheduled
Year Amortization Maturities Total Total Debt Fixed-Rate Variable-Rate Debt
Debt
- ------------------------------ ----------------- --------------- ------------- --------------- ------------- -----------------
2007 831 52,348 53,179 6.28% 5.73% 7.10%
2008 6,505 63,496 70,001 6.59% n/a 6.59%
2009 6,783 9,649 16,432 6.97% n/a 6.97%
2010 2,448 14,742 17,190 7.55% 7.55% n/a
2011 2,594 129,764 132,358 4.08% 3.75% 6.62%
Thereafter 31,471 153,896 185,367 5.58% 5.51% 6.72%
----------------- --------------- -------------
$50,632 $423,895 $474,527
================= =============== =============
Unconsolidated Debt (1)
2007 - - - n/a n/a n/a
2008 433 - 433 n/a n/a n/a
2009 470 - 470 n/a n/a n/a
2010 487 3,153 3,640 6.93% n/a 6.93%
2011 508 - 508 n/a n/a n/a
Thereafter 2,104 64,318 66,422 5.73% 5.73% n/a
----------------- --------------- -------------
$4,002 $67,471 $71,473
================= =============== =============
21
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview
- -------------------------------------------------------------------
Item Notes Description
- --------------------------------------------------------------------------------
Date formed September 2001
Capital commitment $90 million
Funding All invested capital has been returned with the proceeds from the Brandywine
recapitalization as discussed below.
Acadia and its investors still own approximately 2 million square feet of
properties in Fund I.
Partnership structure
Equity Contribution: 22.22% - Acadia
77.78% - Four institutional investors (current significant shareholders in
Acadia as well)
Cash flow distribution: 22.22% - Acadia
77.78% - Four institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have received 9% preferred
return and return of equity
Remaining 80% is distributed to all the partners (including Acadia).
In January 4, 2006, 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 Priority distribution fee equal to 1.5% of implied capital ($46.3 million
which excludes Acadia's equity)
Priority distribution 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
22
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
- -------------------------------------------------------------------
Item Notes Description
- --------------------------------------------------------------------------------
Date formed June 2004
Capital commitment $300 million
Funding $167.5 millionfunded through June 30, 2007
Partnership structure
Equity Contribution: 20% - Acadia
80% - Six institutional investors (Three are current shareholders in Acadia as well)
Cash flow distribution: 20% - Acadia
80% - Six institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have received 8%
preferred return and return of equity
Remaining 80% is distributed to all the partners (including Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed capital (For the first 12 months,
calculated on $200 million, 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
23
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Acadia Strategic Opportunity Fund III, LLC ("Fund III") - Overview
- -------------------------------------------------------------------
Item Notes Description
- --------------------------------------------------------------------------------
Date formed May 2007
Capital commitment $500 million
Funding 0
Partnership structure
Equity Contribution: 20% - Acadia
80% - 13 institutional investors (including a majority of the investors from prior funds)
Cash flow distribution: 20% - Acadia
80% - 13 institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have received 6% 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
Development fee equal to 3% of total project cost
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
24
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
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 Investments Mervyns Department Stores - All capital has been returned
Albertson's - All capital has been returned
ShopKo - All capital has been returned
Rex, Marsh Supermarkets and three Albertsons add-on investments, Newkirk and Camellia and
Colorado Springs
Partnership structure
Equity Contribution: Up to $300 million of total equity
Up to 20% ($60 million) - AKR Fund I ($20 million) and Fund II ($40 million)
80% - Klaff Realty LP and Lubert-Adler
Cash flow distribution: 20% - AKR Funds
80% - Four institutional investors
Promote: 20% to Klaff once all partners (including Klaff) have received 10% preferred return and
return of equity
(50% of first $40 million of AKR Fund equity is not subject to this promote)
Remaining 80% is distributed to all the partners (including Klaff).
Fees to Acadia Property management fees
Market rate leasing fees and construction/project management
Disposition fees
25
QUARTERLY SUPPLEMENTAL
DISCLOSURE
June 30, 2007
AKR Fund I Properties - Detail
- -------------------------------
Fund I's
Ownership Gross Leasable Area Occupancy
-------------------------------- ---------------------------------------
% Anchors Shops Total Anchors Shops Total
=========== --------- --------- ---------- ------------- ---------- ------------
Midwest
- -------------------------------
Ohio
- -------------------------------
Amherst Marketplace 100% 76,737 3,208 79,945 100.00% 100.00% 100.00%
Granville Centre 100% 90,047 44,950 134,997 38.81% 46.74% 41.45%
Sheffield Crossing 100% 69,659 42,875 112,534 100.00% 85.17% 94.35%
--------- --------- ---------- ------------- ---------- ------------
Total - Midwest Region 236,443 91,033 327,476 76.70% 66.72% 73.92%
--------- --------- ---------- ------------- ---------- ------------
Mid-Atlantic
- -------------------------------
Various
- -------------------------------
Kroger/Safeway Portfolio (25
Properties) 75% 1,018,100 - 1,018,100 100.00% - 100.00%
--------- --------- ---------- ------------- ---------- ------------
Haygood Shopping Center
(Virginia) 50% 95,303 83,194 178,497 100.00% 83.19% 92.17%
--------- --------- ---------- ------------- ---------- ------------
New York
- -------------------------------
Tarrytown Shopping Center (New
York) 100% 15,497 19,794 35,291 100.00% 73.44% 85.10%
--------- --------- ---------- ------------- ---------- ------------
Subtotal - Fund I Operating
Properties 1,365,343 194,021 1,559,364 95.96% 74.47% 93.29%
--------- --------- ---------- ------------- ---------- ------------
Fund I Redevelopment Properties
- -------------------------------
Sterling Heights Shopping
Center (Michigan) 50% 90,400 64,435 154,835 100.00% 13.63% 64.06%
Hitchcock Plaza (South
Carolina) 20% 146,507 74,522 221,029 89.19% 52.42% 76.79%
--------- --------- ---------- ------------- ---------- ------------
Subtotal - Fund I
Redevelopment Properties 236,907 138,957 375,864 93.31% 34.43% 71.55%
- ------------------------------- --------- --------- ---------- ------------- ---------- ------------
--------- --------- ---------- ------------- ---------- ------------
Fund I Grand Total 1,602,250 332,978 1,935,228 95.57% 57.76% 89.07%
--------- --------- ---------- ------------- ---------- ------------
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.
QUARTERLY SUPPLEMENTAL
DISCLOSURE
June 30, 2007
AKR Fund I Properties - Detail
- -------------------------------
Annualized Base Rent Annualized Base Rent per Occupied
Square Foot
------------------------------------- ---------------------------------------
Anchors Shops Total Anchors Shops Total
----------- ---------- ----------- ---------- ----------- ----------
Midwest
- -------------------------------
Ohio
- -------------------------------
Amherst Marketplace $ 851,195 $ 38,472 $ 889,667 $11.09 $11.99 $11.13
Granville Centre 450,336 212,750 663,086 12.88 10.13 11.85
Sheffield Crossing 807,657 395,363 1,203,020 11.59 10.83 11.33
----------- ---------- ----------- ---------- ----------- ----------
Total - Midwest Region 2,109,188 646,585 2,755,773 11.63 10.64 11.38
----------- ---------- ----------- ---------- ----------- ----------
Mid-Atlantic
- -------------------------------
Various
- -------------------------------
Kroger/Safeway Portfolio (25
Properties) 7,362,811 - 7,362,811 7.23 - 7.23
----------- ---------- ----------- ---------- ----------- ----------
Haygood Shopping Center
(Virginia) 636,207 1,093,906 1,730,113 6.68 15.81 10.52
----------- ---------- ----------- ---------- ----------- ----------
New York
- -------------------------------
Tarrytown Shopping Center (New
York) 475,000 434,457 909,457 30.65 29.89 30.28
----------- ---------- ----------- ---------- ----------- ----------
Subtotal - Fund I Operating
Properties 10,583,206 2,174,948 12,758,154 8.08 15.05 8.77
----------- ---------- ----------- ---------- ----------- ----------
Fund I Redevelopment Properties
- -------------------------------
Sterling Heights Shopping
Center (Michigan) 526,600 81,140 607,740 5.83 9.24 6.13
Hitchcock Plaza (South
Carolina) 864,028 563,772 1,427,800 6.61 14.43 8.41
----------- ---------- ----------- ---------- ----------- ----------
Subtotal - Fund I Redevelopment
Properties 1,390,628 644,912 2,035,540 6.29 13.48 7.57
- ---------------------------------------- ----------- ---------- ----------- ---------- ----------- ----------
----------- ---------- ----------- ---------- ----------- ----------
Fund I Grand Total $11,973,834 $2,819,860 $14,793,694 $ 7.82 $14.66 $ 8.58
----------- ---------- ----------- ---------- ----------- ----------
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.
26
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
FUND I
Top Tenants - Ranked by Annualized Base Rent
- ------------------------------------------------------------
Percentage of Total
Represented by Tenant
----------------------------------------------
Number of
Stores in Total Annualized Base Total Annualized Base
Ranking Tenant JV Portfolio GLA Rent (1) Portfolio GLA(2) Rent (2)
- ---------- -------------------------- ---------------- -------------- --------------- --------------- ------------------------------
1 Kroger (3) 12 413,100 $ 2,769,256 30.9% 26.0%
2 Safeway (4) 13 350,475 2,752,853 26.2% 25.9%
3 Giant Eagle 2 135,896 1,536,352 10.2% 14.4%
4 Walgreens 1 15,497 475,000 1.2% 4.5%
---------------- -------------- --------------- --------------- ------------------------------
Total 28 914,968 $ 7,533,460 68.4% 70.8%
================ ============== =============== =============== ==============================
(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) 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) 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. Base rent as reflected above is net of 25% minority interest.
(4) 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. Base rent as reflected above is net of 25% minority interest.
27
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Fund I - Valuation **** As Of December 31, 2006 ****
----------------------------------------------------
Portfolio:
Redevelopment
Line Total Ohio Kroger/Safeway Properties(1)
---- ---------------------------------------------
Net Operating Income ("NOI") for the quarter ended December
1 31, 2006 $ 1,375 $ 529 $ 692 $ 154
Adjustments:
To reflect full quarter of consolidation of Tarrytown
2 investment 63 - - 63
3 Adjust Kroger/Safeway Note 1 (128) - (128) -
NOI related to investements in unconsolidated Note 2
4 partnerships 544 544
5 Adjustment for minority interests (413) - (141) (272)
--------- ------------------------------------
6 Adjusted quarterly NOI 1,441 529 423 489
Annualized NOI Line 6
7 x 4 5,763 2,116 1,691 1,956
8 Debt as of December 31, 2006 Note 3 29,763 13,962 7,382 8,419
9 Adjust for Kroger/Safeway and intercompany debt Note 1 (1,706) - (7,382) 5,676
--------- ------------------------------------
10 Adjusted debt 28,057 13,962 - 14,095
6.00% 6.50% 7.00% 7.50% 8.00%
------------------------------------------------------
Gross asset value Line 7
x cap
11 rate $ 96,043 $ 88,655 $ 82,322 $ 76,834 $ 72,032
12 Adjusted debt (28,057) (28,057) (28,057) (28,057) (28,057)
13 Additional value of investment in Hitchcock 7,000 7,000 7,000 7,000 7,000
Remaining Equity and Accumulated Preferred Distribution in
14 Fund I (5) - - - - -
------------------------------------------------------
15 74,986 67,598 61,265 55,777 50,975
Additional Mervyn's return (Original capital already
16 returned) 7,600 7,600 7,600 7,600 7,600
------------------------------------------------------
17 Total Value Subject to Promote 82,586 75,198 68,865 63,377 58,575
------------------------------------------------------
18 General Partner (Acadia) Promote on Fund I assets x 20% 16,517 15,040 13,773 12,675 11,715
------------------------------------------------------
Remaining value to be allocated pro-rata to Fund I
19 investors (including Acadia) 66,068 60,158 55,092 50,702 46,860
------------------------------------------------------
Acadia's share x
20 22.22% 14,680 13,367 12,241 11,266 10,412
------------------------------------------------------
Value of Acadia's interest in remaining Fund I Line 18
21 assets + 20 31,197 28,407 26,014 23,941 22,127
Additional promote earned from Brandywine Note 4
22 recapitalization 7,500 7,500 7,500 7,500 7,500
------------------------------------------------------
23 Total value to Acadia $ 38,697 $ 35,907 $ 33,514 $ 31,441 $ 29,627
======================================================
24 Original Acadia invested capital in Fund I $ 10,774 $ 10,774 $ 10,774 $ 10,774 $ 10,774
======================================================
Recap of Acadia Promote
-----------------------------------------------------------------------------------------------------------------
20% General Partner (Acadia) Promote on Fund I assets $ 16,517 $ 15,040 $ 13,773 $ 12,675 $ 11,715
20% General Partner (Acadia) Promote on Brandywine 7,500 7,500 7,500 7,500 7,500
------------------------------------------------------
Total promote $ 24,017 $ 22,540 $ 21,273 $ 20,175 $ 19,215
======================================================
Per share $ 0.72 $ 0.68 $ 0.64 $ 0.61 $ 0.58
======================================================
-----------------------------------------------------------------------------------------------------------------
Notes:
------
(1) Adjusted for value based on projected net renewal NOI upon completion of
original term in 2009
(2) Included in "Equity in earnings of Fund I unconsolidated properties" in the
JV Statement of Operations in the December 31, 2006 Supplement.
(3) See "Debt Analysis - Unconsolidated Debt (Joint Ventures)" in the December
31, 2006 Supplement. Amounts adjusted for minority interests' pro-rata
share of debt
(4) This promote is to be paid from future Fund I cash flows
28
QUARTERLY
SUPPLEMENTAL
DISCLOSURE
June 30, 2007
AKR Fund II
Properties -
Detail (2)
- --------------
--------- ------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------
Fund II'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
- --------------
Illinois
- --------------
Oakbrook 100% 112,000 - 112,000 100.00% - 100.00% $ 825,000 $ - $ 825,000 $ 7.37 $ - $ 7.37
New York
Region
- --------------
New York
- --------------
Liberty Avenue 96% - 17,088 17,088 0.00% 63.67% 63.67% - 394,944 394,944 - 36.30 36.30
------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------
Subtotal -
Fund II
Operating
Properties 112,000 17,088 129,088 100.00% 63.67% 95.19% 825,000 394,944 1,219,944 7.37 - 9.93
------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------
Fund II
Redevelopment
Properties
- --------------
400 East
Fordham Road
(1) 96% - - - - - - - - - - - -
Pelham Manor
Shopping
Center (1) 96% - - - - - - - - - - - -
Sherman Avenue
(1) 96% - - - - - - - - - - - -
161st Street 96% 137,334 86,277 223,611 100.00% 100.00% 100.00% 3,337,222 1,884,734 5,221,956 24.30 21.85 23.35
------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------
Subtotal -
Fund II
Redevelopment
Properties 137,334 86,277 223,611 100.00% 100.00% 100.00% 3,337,222 1,884,734 5,221,956 24.30 21.85 23.35
--------- ------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------
------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------
Fund II Grand
Total 249,334 103,365 352,699 100.00% 93.99% 98.24% $4,162,222 $2,279,678 $6,441,900 $ 16.69 $23.46 $18.59
------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------
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 properties are currently undergoing redevelopment construction.
(2) Fund II has also invested in three other projects as follows:
The 216th Street project, which is undergoing "ground-up" construction.
Albee Square, a redevelopment project in downtown Brooklyn, NY.
Atlantic Avenue, an urban/infill investment in Brooklyn, NY.
29
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Fund II - New York Urban/Infill Redevelopment Properties
- ------------------------------------------------------------
Total Estimated
project square
Estimated
cost footage Estimated
Total cost future upon cost
to date cost
Estimated (including (in per
start of Estimated acquisition millions) square
construction completion cost) completion foot Notes
Property Anchors/Tenants-------------- ------------- ------------- ---------- -------------------------
- ----------------- ---------------
Liberty Avenue CVS, Storage Construction
Post $ 14.0 $ 2.0 $ 16.0 125,000 128 (1)
216th Street City of New
York
Department of
General Construction 2nd half
Services commenced 2007 24.7 1.3 26.0 60,000 433
Pelham Manor Home Depot Construction 2nd half
Shopping Center commenced 2008 13.0 32.0 45.0 320,000 141 (1)
161st Street Various New 2nd half 2nd half
York City and 2007 2008
State
Agencies 48.1 16.9 65.0 232,000 280
400 East Fordham Sears, Construction 1st half
Road Walgreens, commenced 2009
Best Buy 45.8 74.2 120.0 285,000 421
Canarsie Plaza Home Depot 2nd half 1st half
2007 2009 5.6 64.4 70.0 323,000 217 (2)
Sherman Avenue To be 2nd half 2nd half
determined 2007 2009 26.3 28.7 55.0 175,000 314
Albee Square To be To be
determined determined 29.0 296.0 325.0 600,000 542
Atlantic Avenue To be 2nd half 2nd half
determined 2008 2009 5.5 17.5 23.0 110,000 209
------------ ---------- -------- ---------- -------
$212.0 $ 533.0 $ 745.0 2,230,000 $ 334
============ ========== ======== ========== =======
(1) The Fund acquired a ground lease interest at this property.
(2) Under contract.
30
QUARTERLY
SUPPLEMENTAL
DISCLOSURE
June 30, 2007
Portfilio
Overview
-------------
- ----------------------------------------- ------------- ----------- ------- -------------------------------- -----------
Property Totals
-----------------------
Year Anchor Annualized Annualized
Constructed(C) Occupancy Current Base Base
Lease and
Shopping Center Location Acquired(A) GLA Option Rent Rent psf
% Expiration
- ----------------------------------------- ------------- ----------- ------- -------------------------------- -----------
NEW YORK REGION
- -----------------------------------------
New York
Village Commons Shopping Center Smithtown Daffy's
1998 (A) 87,169 95% 2008/2028 2,243,319 27.18
Branch Shopping Plaza Smithtown Waldbaum's
(A&P)
1998 (A) 125,751 100% 2013/2028 2,493,201 19.83
CVS 2010/--
Amboy Shopping Center Staten Island Waldbaum's
2005 (A) 60,090 100.00% 2028/-- 1,535,659 25.56
Duane Reed
2008/2018
Bartow Avenue The Bronx Sleepy's
2005 (C) 14,668 66.19% 2009 284,620 29.32
Pacesetter Park Shopping Center Pomona Stop & Shop
(Ahold)
1999 (A) 96,698 93% 2020/2040 1,093,823 12.11
2914 Third Avenue The Bronx Dr. J's
2006 (A) 43,500 100% 2021/- 844,000 19.40
West 54th Street Manhattan Stage Deli
2007 (A) 9,814 73% 2011/- 2,341,117 327.84
LA Fitness Staten Island Staten Island 2007 (A) 51,494 100% LA Fitness 1,265,000 24.57
New Jersey
Elmwood Park Shopping Center Elmwood Park Pathmark
1998 (A) 149,085 100% 2017/2052 3,443,898 23.10
Walgreen's
2022/2062
Boonton Boonton 2006 (A) 62,908 100% A&P 2024 1,252,985 19.92
Connecticut
239 Greenwich Avenue Greenwich Restoration
Hardware
1998 (A) 16,834 100% 2015/2025 1,397,621 83.02
Coach
2016/2021
NEW ENGLAND REGION
- -------------------------------------------------------
Connecticut
Town Line Plaza Rocky Hill Stop & Shop
1998 (A) 206,356 99% 2023/2063 1,626,923 15.16
Wal-mart
(not
owned)
Massachusetts
Methuen Shopping Center Methuen DeMoulas
Market
1998 (A) 130,021 100% 2015/2020 958,689 7.37
Wal-mart
2011/2051
Crescent Plaza Brockton Shaw's
1984 (A) 218,141 95% 2012/2042 1,609,257 7.73
Home Depot
2021/2056
New York
New Loudon Center Latham Price
Chopper
1982 (A) 255,826 100% 2015/2035 1,713,664 6.70
Marshalls
2014/2029
Bon Ton Department
Store 2014/2034
Raymor & Flanigan
Furniture 2019/2034
Rhode Island
Walnut Hill Plaza Woonsocket Shaw's
1998 (A) 284,717 89% 2013/2028 2,302,888 9.09
Sears
2008/2033
Vermont
The Gateway Shopping Center Burlington Shaw's
1999 (A) 101,784 96% 2024/2053 1,799,752 18.49
31
QUARTERLY
SUPPLEMENTAL
DISCLOSURE
June 30, 2007
Portfilio
Overview
-------------
- ----------------------------------------- ------------- ----------- ------- -------------------------------- -----------
Property Totals
-----------------------
Year Anchor Annualized Annualized
Constructed(C) Occupancy Current Base Base
Lease and
Shopping Center Location Acquired(A) GLA Option Rent Rent psf
% Expiration
- ----------------------------------------- ------------- ----------- ------- -------------------------------- -----------
MIDWEST REGION
- ----------------------------------------------------------------
Illinois
Hobson West Plaza Naperville Bobak's
Market and
Restaurant
1998 (A) 98,902 98% 2007/2032 1,208,451 12.50
(specialty
grocery)
Clark Diversey Chicago 2006 (A) 19,265 100% 800,401 41.55
Indiana
Merrillville Plaza Merrillville TJ Maxx
1998 (A) 235,678 87% 2009/2014 2,545,802 12.42
JC Penney
2008/2018
OfficeMax
2008/2028
Michigan
Bloomfield Town Square Bloomfield Costco (not
Hills 1998 (A) 232,366 87% owned) 2,450,631 12.17
TJ
Maxx2009/--
Marshall's
2011/2026
Home Goods
2010/2025
Ohio
Mad River Station Dayton Babies "R"
Us
1999 (A) 155,838 80% 2010/2020 1,530,017 12.24
Office Depot
2010/--
MID-ATLANTIC REGION
- ----------------------------------------------------------------
New Jersey
Marketplace of Absecon Absecon Acme
1998 (A) 105,135 95% 2015/2055 1,648,847 16.46
Eckerd Drug
2020/2040
Ledgewood Mall Ledgewood Wal-mart
1983 (A) 517,192 89% 2019/2049 4,251,995 9.23
Macy's
2010/2025
The Sports'
Authority
2007/2037
Circuit City
2020/2040
Marshalls
2014/2034
Pennsylvania
Blackman Plaza Wilkes-Barre Kmart
1968 (C) 125,264 93% 2009/2049 288,919 2.49
Mark Plaza Edwardsville Redner's
Markets
1968 (C) 216,401 93% 2018/2028 987,672 4.91
Kmart
2009/2049
Plaza 422 Lebanon Home Depot
1972 (C) 155,149 69% 2028/2058 444,020 4.14
Route 6 Mall Honesdale Weis Markets
1994 (C) 175,505 100% (not owned) 1,116,431 6.36
Kmart
2020/2070
Chestnut Hill Philadelphia 2006 (A) 40,570 100% Borders 2010 1,292,372 31.86
Limited
Express
2009
Abington Towne Center Abington TJ Maxx
1998 (A) 216,355 99% 2010/2020 955,839 16.75
--------- ----------- ------
Target (not
owned)
4,208,476 93% $47,727,813 $13.05
========= ==== =========== ======
32
QUARTERLY
SUPPLEMENTAL
DISCLOSURE
June 30, 2007
Portfilio
Overview
-------------
- ----------------------------------------- ------------- ----------- ------- -------------------------------- -----------
Property Totals
-----------------------
Year Anchor Annualized Annualized
Constructed(C) Occupancy Current Base Base
Lease and
Shopping Center Location Acquired(A) GLA Option Rent Rent psf
% Expiration
- ----------------------------------------- ------------- ----------- ------- -------------------------------- -----------
NEW YORK REGION
- -------------------------------------------------------------
JOINT VENTURE PROPERTIES
- -------------------------------------------------------------
New York
Crossroads Shopping Center White Waldbaum's
Plains (A&P)
1998 310,624 98% 2007/2032 $6,096,266 $20.13
(49% JV interest) Kmart
2012/2032
B. Dalton
2012/2017
Modell's
2009/2019
Tarrytown Shopping Center Westchester Walgreen's
2004 (A) 35,291 85% Drug 2080 909,457 30.28
(Fund I)
Liberty Avenue (Fund II) Queens 2005 (A) 17,088 64% CVS 394,944 36.30
MID-ATLANTIC REGION
- -------------------------------------------------------------
Delaware
Brandywine Town Center (1) Wilmington 2003 (A) 816,808 98% Target 12,373,930 15.42
(Brandywine JV) Lowes
Market Square Shopping Center Wilmington Trader Joe's
(specialty
grocery)
2003 (A) 102,662 90% 2013/2028 1,918,384 20.70
(Brandywine JV) TJ Maxx
2006/2016
Virginia
Haygood Shopping Center Virginia Farm Fresh
Beach 2004 (A) 178,497 92% 2026 1,730,113 10.52
(Fund I) Eckerd Drug
2009/--
MIDWEST REGION
- -------------------------------------------------
Illinois
Acadia Oakbrook Oakbrook Neiman
Marcus
2005 (A) 112,000 100% 2011/2029 825,000 7.37
Ohio
Amherst Marketplace Cleveland Giant Eagle
2002 (A) 79,945 100% 2021/2041 889,667 11.13
(Fund I)
Granville Centre Columbus Lifestyle
Family
Fitness
2002 (A) 134,997 41% 2017/2027 663,086 11.85
(Fund I)
Sheffield Crossing Cleveland Giant Eagle
2002 (A) 112,534 94% 2022/2042 1,203,020 11.33
(Fund I)
VARIOUS REGIONS
- -------------------------------------------------
Kroger/Safeway Portfolio various 25 Kroger and
Safeway
2003 (A) 1,018,100 100% supermarkets 7,362,811 7.23
(Fund I) 2009/2049
JV REDEVELOPMENTS
- -------------------------------------------------
Michigan
Sterling Heights Shopping Center Detroit Burlington
Coat Factory
2004 (A) 154,835 64% 2024/-- 607,740 6.13
(Fund I)
New York
400 East Fordham Road Bronx 2004 (A) - 0% (2) - -
(Fund II)
161st Street Bronx 2005 (A) 223,611 100% 5,221,956 23.35
(Fund II)
Sherman Avenue Manhattan 2005 (A) - 0% (2) - -
(Fund II)
Pelham Manor Shopping Plaza Westchester 2004 (A) - 0% (2) - -
(Fund II)
Delaware
Naamans Rd. Wilmington 2006 (C) 19,991 70% Tweeters 521,787 37.28
South Carolina
Hitchcock Plaza Aiken Bed, Bath &
2004 (A) 221,029 77% Beyond 1,427,800 8.41
(Fund I) SteinMart
Old Navy
3,538,012 93% $42,145,961 $12.84
========= ==== =========== ======
(1) Does not include 50,000 square feet of new space in Phase II of the Brandywine Town Center, which will be paid for
by the Company on an "earnout basis" only if, and when it is leased.
(2) Currently in redevelopment
33
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
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 413,092 304,919 718,011 100.00% 93.89% 97.41% $8,556,525 $9,638,718 $18,195,243 $20.71 $33.67 $26.02
New England 890,812 306,033 1,196,845 100.00% 84.51% 96.04% 6,755,693 3,255,480 10,011,173 8.51 12.59 9.52
Midwest 392,214 349,835 742,049 94.14% 79.47% 87.22% 3,247,906 5,287,396 8,535,302 8.80 19.02 13.19
Mid-Atlantic 1,194,025 357,546 1,551,571 97.60% 70.16% 91.28% 7,378,702 3,607,393 10,986,095 7.32 14.38 8.73
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total Wholly-
Owned
Properties 2,890,143 1,318,333 4,208,476 98.22% 81.45% 92.96% $25,938,826 $21,788,987 $47,727,813 $10.04 $20.29 $13.05
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Joint Venture
Properties (2)
- ----------------
Operating
Midwest 348,443 91,033 439,476 84.19% 66.72% 80.57% 2,934,188 646,585 3,580,773 $10.00 $10.65 $10.11
Mid-Atlantic 923,777 174,190 1,097,967 98.43% 86.23% 96.49% 13,095,295 2,927,133 16,022,427 14.40 19.49 15.12
New York Region 215,678 147,325 363,003 100.00% 86.97% 94.71% 2,738,185 4,662,482 7,400,667 12.70 36.39 21.53
Various
(Kroger/Safeway
Portfolio) 1,018,100 - 1,018,100 100.00% 0.00% 100.00% 7,362,811 - 7,362,811 7.23 - 7.23
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total -
Operating
Properties 2,505,998 412,548 2,918,546 97.22% 82.19% 95.10% 26,130,479 8,236,200 34,366,678 10.73 24.29 12.38
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
JV Redevelopment
Properties
Mid West 90,400 64,435 154,835 100.00% 13.63% 64.06% 526,600 81,140 607,740 5.83 9.24 6.13
Mid-Atlantic 146,507 94,513 241,020 89.19% 56.14% 76.23% 864,028 1,085,559 1,949,587 6.61 20.46 10.61
New York Region 137,334 86,277 223,611 100.00% 100.00% 100.00% 3,337,222 1,884,734 5,221,956 24.30 21.85 23.35
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total -
Redevelopment
Properties 374,241 245,225 619,466 95.77% 60.40% 81.77% 4,727,850 3,051,433 7,779,283 13.19 20.60 15.36
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total Joint
Venture
Properties 2,880,239 657,773 3,538,012 97.03% 74.07% 92.76% $30,858,329 $11,287,633 $42,145,961 $11.04 $23.17 $12.84
========= ========= ========= ======= ======= ======= =========== =========== =========== ======= ====== ======
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)Reference the "Properties - Detail" page in this supplemental report for additional information regarding the Company's
percentage interest in the above individual JV properties.
34
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Retail Properties by State - Summary
- -----------------------------------------------------
--------- ------- ---------- --------- --------- --------- ------- ------- -------
Gross Leasable Area Occupancy
----------------------------- --------------- -------
Wholly-Owned Properties Ownership Percent Number of
of
- ------------------------------------
base properties Anchors Shops Total Anchors Shops Total
rent (2)
% (1)
--------- ------- ---------- --------- --------- --------- ------- ------- -------
Connecticut 100.0% 5.1% 2 179,993 43,197 223,190 100.00% 96.05% 99.24%
Illinois 100.0% 3.4% 2 51,692 66,475 118,167 100.00% 96.61% 98.09%
Indiana 100.0% 4.3% 1 145,266 90,412 235,678 85.20% 89.86% 86.99%
Massachusetts 100.0% 4.3% 2 281,366 66,796 348,162 100.00% 85.10% 97.14%
Michigan 100.0% 4.1% 1 126,960 105,406 232,366 98.83% 71.97% 86.65%
New Jersey 100.0% 17.9% 4 541,073 293,247 834,320 100.00% 79.12% 92.66%
New York 100.0% 23.3% 9 535,396 209,614 745,010 100.00% 91.11% 97.50%
Ohio 100.0% 2.6% 1 68,296 87,542 155,838 100.00% 64.74% 80.19%
Pennsylvania 100.0% 8.6% 6 765,025 164,219 929,244 96.26% 72.32% 92.03%
Rhode Island 100.0% 3.9% 1 121,892 162,825 284,717 100.00% 80.78% 89.01%
Vermont 100.0% 3.0% 1 73,184 28,600 101,784 100.00% 84.38% 95.61%
------- --------- --------- --------- ------- ------- -------
--------- --------- --------- ------- ------- -------
Total - Wholly-Owned Properties 80.5% 30 2,890,143 1,318,333 4,208,476 98.22% 81.45% 92.96%
------- ---------- --------- --------- --------- ------- ------- -------
--------- --------- --------- ------- ------- -------
Joint Venture Properties (3)
- ------------------------------------
Operating Properties
Illinois 20.0% 0.3% 1 112,000 - 112,000 100.00% - 100.00%
Ohio 37.8% 1.8% 3 236,443 91,033 327,476 76.70% 66.72% 73.92%
Delaware 22.2% 5.4% 2 828,474 90,996 919,470 98.25% 89.01% 97.33%
Virginia 18.9% 0.6% 1 95,303 83,194 178,497 100.00% 83.19% 92.17%
New York 49.0% 5.0% 3 215,678 147,325 363,003 100.00% 86.97% 94.71%
Various (Kroger/Safeway Portfolio) 28.3% 3.5% 25 1,018,100 - 1,018,100 100.00% 0.00% 100.00%
------- --------- --------- --------- ------- ------- -------
Total - Operating Properties 16.5% 2,505,998 412,548 2,918,546 97.22% 82.19% 95.10%
------- --------- --------- --------- ------- ------- -------
JV Redevelopment Properties
Michigan 18.9% 0.2% 1 90,400 64,435 154,835 100.00% 13.63% 64.06%
New York Various 2.4% 5 137,334 86,277 223,611 100.00% 100.00% 100.00%
Delaware 22.2% 0.2% 1 - 19,991 19,991 0.00% 70.01% 70.01%
South Carolina 7.6% 0.2% 1 146,507 74,522 221,029 89.19% 52.42% 76.79%
--------- --------- --------- ------- ------- -------
Total-Redevelopment Properties 3.0% 374,241 245,225 619,466 95.77% 60.40% 81.77%
------- --------- --------- --------- ------- ------- -------
--------- --------- --------- ------- ------- -------
Total Joint Venture Properties 19.5% 43 2,880,239 657,773 3,538,012 97.03% 74.07% 92.76%
------- ---------- ========= ========= ========= ======= ======= =======
100.0% 73
======= ==========
--------- ------- ----------
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent
payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants
for the purposes of the above table.
(1) 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) Reference the "Properties - Detail" page in this supplemental report for additional information regarding the
Company's percentage interest in the above individual JV properties.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Retail Properties by State - Summary
- --------------------------------------------------------------
------------ ----------- ----------- ------- ------ ------
Annualized Base Rent
Annualized Base Rent per Occupied Square
Foot
------------------------------------ ---------------------
Wholly-Owned Properties
- --------------------------------------------------------------
Anchors Shops Total Anchors Shops Totals
------------ ----------- ----------- ------- ------ ------
Connecticut $ 2,334,621 $ 689,923 $ 3,024,544 $28.23 $16.63 $24.36
Illinois 225,436 1,783,416 2,008,852 4.36 27.77 17.33
Indiana 1,231,402 1,314,400 2,545,802 9.95 16.18 12.42
Massachusetts 1,964,975 602,971 2,567,946 6.98 10.61 7.59
Michigan 988,349 1,462,282 2,450,631 7.88 19.28 12.17
New Jersey 6,272,333 4,325,392 10,597,725 11.59 18.64 13.71
New York 6,468,930 7,345,473 13,814,403 12.08 38.46 19.02
Ohio 802,719 727,298 1,530,017 11.75 12.83 12.24
Pennsylvania 3,396,829 1,688,424 5,085,253 5.87 14.22 7.29
Rhode Island 935,920 1,366,968 2,302,888 7.68 10.39 9.09
Vermont 1,317,312 482,440 1,799,752 18.00 19.99 18.49
------------ ----------- ----------- ------- ------ ------
------------ ----------- ----------- ------- ------ ------
Total - Wholly-Owned Properties $25,938,826 $21,788,987 $47,727,813 $10.04 $20.29 $13.05
------------ ----------- ----------- ------- ------ ------
------------ ----------- ----------- ------- ------ ------
Joint Venture Properties (3)
- --------------------------------------------------------------
Operating Properties
Illinois $ 825,000 $ - $ 825,000 $ 7.37 $ - $ 7.37
Ohio 2,109,188 646,585 2,755,773 11.63 10.65 11.38
Delaware 12,459,088 1,833,227 14,292,314 15.31 22.63 15.97
Virginia 636,207 1,093,906 1,730,113 6.68 15.81 10.52
New York 2,738,185 4,662,482 7,400,667 12.70 36.39 21.53
Various (Kroger/Safeway Portfolio) 7,362,811 - 7,362,811 7.23 - 7.23
------------ ----------- ----------- ------- ------ ------
Total - Operating Properties 26,130,479 8,236,200 34,366,678 10.73 24.29 12.38
------------ ----------- ----------- ------- ------ ------
JV Redevelopment Properties
Michigan 526,600 81,140 607,740 5.83 9.24 6.13
New York 3,337,222 1,884,734 5,221,956 24.30 21.85 23.35
Delaware - 521,787 521,787 - 37.28 37.28
South Carolina 864,028 563,772 1,427,800 6.61 14.43 8.41
------------ ----------- ----------- ------- ------ ------
Total-Redevelopment Properties 4,727,850 3,051,433 7,779,283 13.19 20.60 15.36
------------ ----------- ----------- ------- ------ ------
------------ ----------- ----------- ------- ------ ------
Total Joint Venture Properties $30,858,329 $11,287,633 $42,145,961 $11.04 $23.17 $12.84
============ =========== =========== ======= ====== ======
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) Reference the "Properties - Detail" page in this supplemental report for additional information regarding the
Company's percentage interest in the above individual JV properties.
35
QUARTERLY
SUPPLEMENTAL
DISCLOSURE
June 30, 2007
Retail Properties
- Detail
- ----------------- ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
Annualized Base Rent
Gross Leasable Occupancy Annualized Base Rent per Occupied Square
Area Foot
--------------- --------- --------------- ------- ------------------------------- --------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
WHOLLY-OWNED
PROPERTIES:
New York Region
- -----------------
Connecticut
- -----------------
239 Greenwich
Avenue(1) 16,834 - 16,834 100.00% - 100.00% $1,397,621 $- $1,397,621 $83.02 $- $83.02
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
New Jersey
- -----------------
Elmwood Park
Shopping Center 62,610 86,475 149,085 100.00% 100.00% 100.00% 1,390,460 2,053,438 3,443,898 22.21 23.75 23.10
A & P Shopping
Plaza (Boonton) 49,463 13,445 62,908 100.00% 100.00% 100.00% 900,000 352,985 1,252,985 18.20 26.25 19.92
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
Total - New
Jersey 112,073 99,920 211,993 100.00% 100.00% 100.00% 2,290,460 2,406,423 4,696,883 20.44 24.08 22.16
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
New York
- -----------------
Village Commons
Shopping Center 16,125 71,044 87,169 100.00% 93.46% 94.67% 274,125 1,969,194 2,243,319 17.00 29.66 27.18
Branch Plaza 74,050 51,701 125,751 100.00% 100.00% 100.00% 1,111,040 1,382,161 2,493,201 15.00 26.73 19.83
Amboy Road 46,964 13,126 60,090 100.00% 100.00% 100.00% 1,012,015 523,644 1,535,659 21.55 39.89 25.56
Bartow Avenue - 14,668 14,668 - 66.19% 66.19% - 284,620 284,620 - 29.32 29.32
Pacesetter Park
Shopping Center 52,052 44,646 96,698 100.00% 85.77% 93.43% 362,264 731,559 1,093,823 6.96 19.10 12.11
2914 Third Avenue 43,500 - 43,500 100.00% - 100.00% 844,000 - 844,000 19.40 - 19.40
LA Fitness,
Staten Island 51,494 - 51,494 100.00% - 100.00% 1,265,000 - 1,265,000 24.57 - 24.57
West 54th Street - 9,814 9,814 0.00% 72.76% 72.76% - 2,341,117 2,341,117 -327.84 327.84
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
Total - New York 284,185 204,999 489,184 100.00% 90.91% 96.19% 4,868,444 7,232,295 12,100,739 17.13 38.81 25.72
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
Total - New York
Region 413,092 304,919 718,011 100.00% 93.89% 97.41% 8,556,525 9,638,718 18,195,243 20.71 33.67 26.02
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
New England
- -----------------
Connecticut
- -----------------
Town Line
Plaza(2) 163,159 43,197 206,356 100.00% 96.05% 99.17% 937,000 689,923 1,626,923 14.23 16.63 15.16
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
Massachusetts
- -----------------
Methuen Shopping
Center 124,381 5,640 130,021 100.00% 100.00% 100.00% 845,889 112,800 958,689 6.80 20.00 7.37
Crescent Plaza 156,985 61,156 218,141 100.00% 83.73% 95.44% 1,119,086 490,171 1,609,257 7.13 9.57 7.73
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
Total -
Massachusetts 281,366 66,796 348,162 100.00% 85.10% 97.14% 1,964,975 602,971 2,567,946 6.98 10.61 7.59
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
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 121,892 162,825 284,717 100.00% 80.78% 89.01% 935,920 1,366,968 2,302,888 7.68 10.39 9.09
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
Vermont
- -----------------
The Gateway
Shopping Center 73,184 28,600 101,784 100.00% 84.38% 95.61% 1,317,312 482,440 1,799,752 18.00 19.99 18.49
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
Total - New
England Region 890,812 306,033 1,196,845 100.00% 84.51% 96.04% 6,755,693 3,255,480 10,011,173 8.51 12.59 9.52
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
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) 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.
36
QUARTERLY
SUPPLEMENTAL
DISCLOSURE
June 30, 2007
Retail Properties
- Detail
- ----------------- ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
Annualized Base Rent
Gross Leasable Occupancy Annualized Base Rent per Occupied Square
Area Foot
--------------- --------- --------------- ------- ------------------------------- --------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
WHOLLY-OWNED PROPERTIES
(continued):
Midwest
- ------------
Illinois
- ------------
Hobson West
Plaza 51,692 47,210 98,902 100.00% 95.22% 97.72% $225,436 $983,015 $1,208,451 $4.36 $21.87 $12.50
Clark
Diversey - 19,265 19,265 - 100.00% 100.00% - 800,401 800,401 - 41.55 41.55
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Total -
Illinois 51,692 66,475 118,167 100.00% 96.61% 98.09% 225,436 1,783,416 2,008,852 4.36 27.77 17.33
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Indiana
- ------------
Merrillville
Plaza 145,266 90,412 235,678 85.20% 89.86% 86.99% 1,231,402 1,314,400 2,545,802 9.95 16.18 12.42
Michigan
- ------------
Bloomfield
Towne
Square 126,960 105,406 232,366 98.83% 71.97% 86.65% 988,349 1,462,282 2,450,631 7.88 19.28 12.17
Ohio
- ------------
Mad River
Station (1) 68,296 87,542 155,838 100.00% 64.74% 80.19% 802,719 727,298 1,530,017 11.75 12.83 12.24
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Total -
Midwest
Region 392,214 349,835 742,049 94.14% 79.47% 87.22% 3,247,906 5,287,396 8,535,302 8.80 19.02 13.19
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Mid-Atlantic
- ------------
New Jersey
- ------------
Marketplace
of Absecon 58,031 47,104 105,135 100.00% 89.51% 95.30% 984,014 664,833 1,648,847 16.96 15.77 16.46
Ledgewood
Mall 370,969 146,223 517,192 100.00% 61.51% 89.12% 2,997,859 1,254,136 4,251,995 8.08 13.94 9.23
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Total - New
Jersey 429,000 193,327 622,327 100.00% 68.33% 90.16% 3,981,873 1,918,969 5,900,842 9.28 14.53 10.52
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Pennsylvania
- ------------
Blackman
Plaza 112,051 13,213 125,264 100.00% 28.97% 92.51% 268,519 20,400 288,919 2.40 5.33 2.49
Mark Plaza 157,595 58,806 216,401 100.00% 74.32% 93.02% 652,095 335,577 987,672 4.14 7.68 4.91
Plaza 422 132,845 22,304 155,149 78.47% 13.45% 69.12% 407,520 36,500 444,020 3.91 12.17 4.14
Route 6
Plaza 146,498 29,007 175,505 100.00% 100.00% 100.00% 806,351 310,080 1,116,431 5.50 10.69 6.36
Chestnut
Hill (2) 31,420 9,150 40,570 100.00% 100.00% 100.00% 992,344 300,028 1,292,372 31.58 32.79 31.86
Abington
Towne
Center (3) 184,616 31,739 216,355 100.00% 94.75% 99.23% 270,000 685,839 955,839 10.00 22.81 16.75
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
765,025 164,219 929,244 96.26% 72.32% 92.03% 3,396,829 1,688,424 5,085,253 5.87 14.22 7.29
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Total - Mid-
Atlantic
Region 1,194,025 357,546 1,551,571 97.60% 70.16% 91.28% 7,378,702 3,607,393 10,986,095 7.32 14.38 8.73
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Total -
Wholly-owned
Properties 2,890,143 1,318,333 4,208,476 98.22% 81.45% 92.96% $25,938,826 $21,788,987 $47,727,813 $10.04 $20.29 $13.05
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
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) This consists of two separate buildings, both located on Germantown Avenue, in Chestnut Hill
(Philadelphia).
(3) 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.
37
QUARTERLY
SUPPLEMENTAL
DISCLOSURE
June 30, 2007
Retail Properties
- Detail
- ----------------- ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
Annualized Base Rent
Gross Leasable Occupancy Annualized Base Rent per Occupied Square
Area Foot
--------------- --------- --------------- ------- ------------------------------- --------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total
------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------
JOINT VENTURE Acadia's
PROPERTIES:
interest
---------------
Midwest
- --------------
Illinois
- --------------
Oakbrook (7) 20.0% 112,000 - 112,000 100.00% - 100.00% $825,000 $- $825,000 $7.37 $- $7.37
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Ohio
- --------------
Amherst
Marketplace
(1) 37.8% 76,737 3,208 79,945 100.00% 100.00% 100.00% 851,195 38,472 889,667 11.09 11.99 11.13
Granville
Centre (1) 37.8% 90,047 44,950 134,997 38.81% 46.74% 41.45% 450,336 212,750 663,086 12.88 10.13 11.85
Sheffield
Crossing (1) 37.8% 69,659 42,875 112,534 100.00% 85.17% 94.35% 807,657 395,363 1,203,020 11.59 10.83 11.33
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Total - Ohio 236,443 91,033 327,476 76.70% 66.72% 73.92% 2,109,188 646,585 2,755,773 11.63 10.64 11.38
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Total -
Midwest
Region 348,443 91,033 439,476 84.19% 66.72% 80.57% 2,934,188 646,585 3,580,773 10.00 10.65 10.11
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Mid-Atlantic
- --------------
Delaware
- --------------
Brandywine
Town Center 22.2% 789,624 27,184 816,808 98.16% 100.00% 98.22% 11,912,538 461,393 12,373,930 15.37 16.97 15.42
Market Square
Shopping
Center 22.2% 38,850 63,812 102,662 100.00% 84.33% 90.26% 546,550 1,371,834 1,918,384 14.07 25.49 20.70
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Total -
Delaware 828,474 90,996 919,470 98.25% 89.01% 97.33% 12,459,088 1,833,227 14,292,314 15.31 22.63 15.97
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Virginia
- --------------
Haygood
Shopping
Center
(Virginia)
(3) 18.9% 95,303 83,194 178,497 100.00% 83.19% 92.17% 636,207 1,093,906 1,730,113 6.68 15.81 10.52
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Total - Mid-
Atlantic
Region 923,777 174,190 1,097,967 98.43% 86.23% 96.49% 13,095,295 2,927,133 16,022,427 14.40 19.49 15.12
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
New York
Region
- --------------
New York
- --------------
Crossroads
Shopping
Center 49.0% 200,181 110,443 310,624 100.00% 93.00% 97.51% 2,263,185 3,833,081 6,096,266 11.31 37.32 20.13
Tarrytown
Shopping
Center (New
York) (1) 37.8% 15,497 19,794 35,291 100.00% 73.44% 85.10% 475,000 434,457 909,457 30.65 29.89 30.28
Liberty Avenue
(New York)
(4) 19.2% - 17,088 17,088 0.00% 63.67% 63.67% - 394,944 394,944 - 36.30 36.30
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Total - New
York Region 215,678 147,325 363,003 100.00% 86.97% 94.71% 2,738,185 4,662,482 7,400,667 12.70 36.39 21.53
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Various
Regions
- --------------
Kroger/Safeway
Portfolio (25
Properties)(
2) 28.3% 1,018,100 - 1,018,100 100.00% - 100.00% 7,362,811 - 7,362,811 7.23 - 7.23
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Total - Joint
Venture Operating
Properties 2,505,998 412,548 2,918,546 97.22% 82.19% 95.10% 26,130,479 8,236,200 34,366,678 10.73 24.29 12.38
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Joint Venture Redevelopment
Properties
- ----------------------------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Sterling
Heights
Shopping
Center
(Michigan)
(3) 18.9% 90,400 64,435 154,835 100.00% 13.63% 64.06% 526,600 81,140 607,740 5.83 9.24 6.13
400 East
Fordham Road
(New York)
(4)(5) 19.2% - - - - - - - - - - - -
Pelham Manor
Shopping
Plaza (New
York) (4)(5) 19.2% - - - - - - - - - - - -
Sherman Avenue
at Broadway
(New York)
(4)(5) 19.2% - - - - - - - - - - - -
161st Street
(New York)
(4) 19.2% 137,334 86,277 223,611 100.00% 100.00% 100.00% 3,337,222 1,884,734 5,221,956 24.30 21.85 23.35
216th Street
(New York) 5 19.2% - - - - - - - - - - - -
Naamans Rd
(Delaware) 22.2% - 19,991 19,991 0.00% 70.01% 70.01% - 521,787 521,787 - 37.28 37.28
Hitchcock
Plaza (South
Carolina) (6) 7.6% 146,507 74,522 221,029 89.19% 52.42% 76.79% 864,028 563,772 1,427,800 6.61 14.43 8.41
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Total -
Redevelopment
Properties 374,241 245,225 619,466 95.77% 60.40% 81.77% 4,727,850 3,051,433 7,779,283 13.19 20.60 15.36
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Total - Joint
Venture Properties 2,880,239 657,773 3,538,012 97.03% 74.07% 92.76% $30,858,329 $11,287,633 $42,145,961 $11.04 $23.17 $12.84
========= ========= ========= ======= ======= ======= =========== =========== =========== ====== ====== ======
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
Wholly-owned and JV
- Operating
Properties (8) 3,596,383 1,450,255 5,046,638 97.90% 81.61% 93.22% $33,163,934 $24,689,596 $57,853,530 $9.42 $20.86 $12.30
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------
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) Fund I property.
(2) Fund I portfolio of 25 triple-net, anchor-only leases with Kroger and
Safeway supermarkets.
(3) Fund I owns a 50% interest in these properties.
(4) Fund II has a 96% interest in the property.
(5) Property is currently in redevelopment construction.
(6) Fund I owns a 20% interest in the property.
(7) Fund II property.
(8) Weighted based on ownership interest.
38
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
-------------- -------------- ------------
Cash GAAP Cash GAAP Cash GAAP
(2) (3) (2) (3) (2) (3)
Year- 3 3 months Year
to- months ended ended
Date ended
Leasing Production (1) June June March December
30, 30, 31, 31,
2007 2007 2007 2006
----------------------------------------------------- ------- ------- ------ --------
New leases
Number of new leases commencing 14 14 6 6 8 8 18
GLA 32,905 32,905 17,234 17,234 15,67115,671 73,273
New base rent $26.37 $28.71 $25.94 $27.96 $26.84$29.53 $15.30
Previous base rent (and percentage rent) $20.34 $20.51 $15.81 $15.99 $25.33$25.49 $11.19
Percentage growth in base rent 29.6% 39.9% 64.1% 74.9% 6.0% 15.8% 36.7%
Average cost per square foot $26.19 $26.19 $40.13 $40.13 $10.85$10.85 $13.52
Renewal leases
Number of renewal leases commencing 26 26 9 9 17 17 47
GLA expiring 219,023219,023 119,549119,549 99,47499,474 287,107
Renewal percentage 69% 69% 57% 57% 84% 84% 71%
New base rent $13.33 $13.67 $10.67 $10.99 $15.48$15.85 $15.25
Expiring base rent (and percentage rent) $12.33 $11.96 $10.19 $9.70 $14.07$13.79 $13.60
Percentage growth in base rent 8.1% 14.3% 4.7% 13.3% 10.0% 14.9% 12.2%
Average cost per square foot $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total new and renewal Leases
Number of new and renewal leases commencing 40 40 15 15 25 25 65
GLA commencing 185,040185,040 85,377 85,377 99,66399,663 277,032
New base rent $15.64 $16.35 $13.75 $14.42 $17.27$18.00 $15.27
Expiring base rent (and percentage rent) $13.76 $13.48 $11.32 $10.97 $15.84$15.63 $12.96
Percentage growth in base rent 13.7% 21.3% 21.4% 31.4% 9.0% 15.2% 17.8%
Average cost per square foot $4.66 $4.66 $8.10 $8.10 $1.71 $1.71 $3.57
-------------- -------------- ------------
(1) Does not include leased square footage and costs related to first
generation space and the Company's major redevelopment projects.
(2) 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 paid at commencement.
(3) Rent is presented on a straight-line basis.
39
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
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 Combined Represented by
(2) Retail Tenant
--------------------------------------------------------------------------
Average
Number of Gross
Retail stores in Total Annualized Total Annualized Total Annualized Total AnnualizedAverage Occupancy
Base Base Base Base
Ranking Tenant combined GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio Rent (3) Sales Cost (4)
portfolio GLA(3) (per
sq.
ft.)
- ------- -----------------------------------------------------------------------------------------------------------------------
1 Albertson's 4 220,625$3,012,896 - $- 220,625$3,012,896 4.8% 5.5%
-- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.8% 4.3% 416 3.1%
-- Acme 1 44,824 654,704 - - 44,824 654,704 1.0% 1.2% 270 7.3%
2 A&P (Waldbaum's) 4 149,729 2,566,284 18,722 246,960 168,451 2,813,244 3.6% 5.1%
--
A&P/Waldbaum's 4 149,729 2,566,284 18,722 246,960 168,451 2,813,244 3.6% 5.1% 351 5.8%
3 T.J. Maxx 8 230,627 1,765,051 6,972 88,189 237,599 1,853,240 5.1% 3.4%
-- T.J. Maxx 4 88,200 726,300 6,972 88,189 95,172 814,489 2.1% 1.5% 274 4.1%
-- Marshalls 3 102,781 731,494 - - 102,781 731,494 2.2% 1.3% 188 6.0%
-- Homegoods 1 39,646 307,257 - - 39,646 307,257 0.9% 0.6% 153 6.3%
4 Sears 5 390,270 1,355,279 49,355 277,463 439,625 1,632,742 9.5% 3.0%
-- Kmart 4 329,570 1,097,279 49,355 277,463 378,925 1,374,742 8.2% 2.5% 198 4.0%
-- Sears 1 60,700 258,000 - - 60,700 258,000 1.3% 0.5% 215 2.8%
5 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 4.5% 2.7% 293 3.6%
6 Ahold 2 117,911 1,299,264 - - 117,911 1,299,264 2.5% 2.4%
-- Stop and
Shop 2 117,911 1,299,264 - - 117,911 1,299,264 2.5% 2.4% 353 3.6%
7 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 4.6% 1.8% - -
8 Pathmark 1 47,773 955,460 - - 47,773 955,460 1.0% 1.7% - -
9 Price Chopper 1 77,450 804,059 - - 77,450 804,059 1.7% 1.5% 674 1.9%
Restoration
10 Hardware 1 9,220 780,864 - - 9,220 780,864 0.2% 1.4% 495 16.6%
11 Kroger(5) 12 - -156,069 1,046,225 156,069 1,046,225 3.4% 1.9% - -
12 Safeway (6) 13 - -132,409 1,040,028 132,409 1,040,028 2.9% 1.9% - -
13 Sleepy's 5 35,745 683,429 - - 35,745 683,429 0.8% 1.2% - -
Federated
Department
14 Stores (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.6% 1.2% 210 6.7%
Payless
15 Shoesource 8 26,225 484,590 1,514 52,994 27,739 537,584 0.6% 1.0% - -
16 CVS 4 28,600 482,939 3,967 59,504 32,567 542,443 0.7% 1.0% 495 4.4%
Limited Brands -
17 Express 1 12,882 510,344 - - 12,882 510,344 0.3% 0.9% - -
18 JC Penney 1 50,000 495,000 - - 50,000 495,000 1.1% 0.9% 206 6.5%
19 Borders Books 1 18,538 482,000 - - 18,538 482,000 0.4% 0.9% - -
20 Circuit City 1 33,294 449,469 - - 33,294 449,469 0.7% 0.8% - -
-------------------------------------------------------------------------------------
Total 77 1,943,355 19,303,228 369,008 2,811,363 2,312,3632 2,114,591 49.9% 40.1%
=====================================================================================
(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, Crossroads Shopping Center and Brandywine 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.
40
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
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 (1) 5
4,541 1/31/2016 356,469 78.50 Year
Restoration Hardware (2) 5
12,293 9/30/2014 1,041,152 84.69 Years
------- --------- ------
Property total 16,834 1,397,621 83.02
------- --------- ------
New Jersey
----------------------------------------------------------------------------
Elmwood Park Shopping Center, Elmwood Park
Walgreens (8) 5
14,837 5/31/2022 435,000 29.32 Year
Pathmark (7) 5
47,773 11/30/2017 955,460 20.00 Year
------- --------- ------
Property total 62,610 1,390,460 22.21
------- --------- ------
A&P Shopping Plaza - Boonton
A&P (9) 5
49,463 10/26/2024 900,000 18.20 Year
------- --------- ------
Property total 49,463 900,000 18.20
------- --------- ------
New York
----------------------------------------------------------------------------
Village Commons Shopping Center
Daffy's (3) 5
16,125 1/7/2008 274,125 17.00 Year
------- --------- ------
Property total 16,125 274,125 17.00
------- --------- ------
Branch Plaza
CVS 11,050 5/31/2010 190,076 17.20 -
A&P (3) 5
63,000 11/30/2013 920,964 14.62 Year
------- --------- ------
Property Total: 74,050 1,111,040 15.00
------- --------- ------
Amboy Shopping Center
Waldbaum's (A&P) 37,266 7/6/2028 745,320 20.00 -
Duane Reed (2) 5
9,698 8/31/2008 266,694 27.50 Year
------- --------- ------
Property total 46,964 1,012,014 21.55
------- --------- ------
Pacesetter Park Shopping Center, Pomona
Stop & Shop (Ahold) (2) 10
52,052 8/31/2020 362,264 6.96 Year
------- --------- ------
Property total 52,052 362,264 6.96
------- --------- ------
2914 Third Avenue
Dr. J's 33,500 1/31/2021 700,000 20.90
Other 10,000 144,000 14.40
------- --------- ------
Property total 43,500 844,000 19.40
------- --------- ------
LA Fitness, Staten Island
LA Fitness 51,494 1/31/2021 1,265,000 24.57
------- --------- ------
51,494 1,265,000 24.57
------- --------- ------
Total: New York Region 413,092 8,556,524 20.71
------- --------- ------
41
Retail Anchor Properties- Wholly Owned (continued)
- ----------------------------------------------------------------------------------
New England
- ---------------------------------------------------------------------------
Connecticut
--------------------------------------------------------------------------
Town Line Plaza, Rocky Hill
Wal*Mart(1) REA
97,300 - $- $- Agreement
Super Stop & (8) 5 Year
Shop (Ahold) 65,859 11/30/2023 937,000 14.23
------- --------- -----
Property
total 163,159 937,000 14.23
------- --------- -----
Massachusetts
--------------------------------------------------------------------------
Methuen Shopping Center, Methuen
< ABIS Sushi 4,377 109,425 25.00 (1) 5 Year
Demoulas (1) 5 Year
Super
Markets 30,460 1/31/2015 109,656 3.60
Wal*Mart 89,544 1/31/2012 626,808 7.00 (8) 5 Year
------- --------- -----
Property
total 124,381 845,889 6.80
------- --------- -----
Crescent Plaza, Brockton
Home Depot 106,760 10/31/2021 602,126 5.64 (7) 5 Year
Shaw's (6) 5 Year
(Albertsons) 50,225 12/31/2012 516,960 10.29
------- --------- -----
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 (3) 5 Year
Marshalls (3) 5 Year
(TJX) 37,212 1/31/2014 158,151 4.25
Price Chopper 77,450 5/31/2015 804,059 10.38 (3) 5 Year
A.C. Moore 21,520 4/30/2009 221,226 10.28 (3) 5 Year
Raymours (2) 5 Year
Furniture Co 49,664 4/30/2019 155,591 3.13
------- --------- -----
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 (3) 5 Year
(Albertsons) 52,392 12/31/2013 523,920 10.00
------- --------- -----
Property
total 121,892 935,920 7.68
------- --------- -----
Vermont
--------------------------------------------------------------------------
Gateway Shopping Center
Shaw's (5) 5 Yr.
(Albertsons) & (1) 4
73,184 3/31/2024 1,317,311 18.00 Yr.
------- --------- -----
Property
total 73,184 1,317,311 18.00
------- --------- -----
Total : New
England 890,812 6,755,693 8.51
------- --------- -----
Midwest
- --------------------------------------------------------------
Illinois
-------------------------------------------------------------
Hobson West Plaza, Naperville
Bobak's (5) 5 Year
Market and
Restaurant 51,692 11/30/2007 225,436 4.36
------- --------- -----
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 (2) 5 Year
Bridal 13,266 11/19/2010 190,765 14.38
TJ Maxx (TJX) 25,200 1/31/2009 195,300 7.75 (1) 5 Year
------- --------- -----
Property
total 123,766 1,231,402 9.95
------- --------- -----
(1) This space is contiguous to the Company's property and is not owned by the
Company.
42
Retail Anchor Properties- Wholly Owned (continued)
- ------------------------------------------------------------------------------
Michigan
--------------------------------------------------------------------
Bloomfield Town Square, Bloomfield Hills
HomeGoods (2) 5 Year
(TJX) 39,646 5/31/2010 307,257 7.75
Officemax 21,500 6/30/2010 193,500 9.00 (3) 5 Year
Marshalls (3) 5 Year
(TJX) 28,324 9/30/2011 226,592 8.00
TJ Maxx (1) 5 Year
(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' (2) 5 Year
Us 33,147 2/28/2010 260,204 7.85
Pier I 10,111 2/28/2010 227,037 22.45 -
Office Depot 25,038 8/31/2010 315,478 12.60 -
--------- ----------- ------
Property
total 68,296 802,719 11.75
--------- ----------- ------
Total:
Midwest 369,224 3,247,906 8.80
--------- ----------- ------
Mid-Atlantic
- ---------------------------------------------------------------------
New Jersey
--------------------------------------------------------------------
Marketplace of Absecon, Absecon
Eckerd Drug (3) 5 Year
(Brook's) 13,207 8/30/2020 329,310 24.93
Acme Markets (7) 5 Year
(Albertson) 44,824 4/30/2015 654,704 14.61
--------- ----------- ------
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 (2) 5 Year
Furniture 41,806 12/31/2010 212,793 5.09
Barnes & (5) 5 Year
Noble 12,500 1/31/2010 224,000 17.92
Marshalls (4) 5 Year
(TJX) 37,245 9/30/2014 346,751 9.31
The Sports (6) 5 Year
Authority 52,205 5/31/2007 225,000 4.31
Macy's (3) 5 Year
Department
Store
(Federated) 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
--------------------------------------------------------------------
Blackman Plaza, Wilkes-Barre
Eckerd Drug
(Brook's) 7,095 7/31/2016 63,855 9.00 -
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
--------- ----------- ------
Property
total 112,051 268,519 2.40
--------- ----------- ------
Mark Plaza, Edwardsville
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
Redner's (2) 5 Year
Market 52,639 5/31/2018 447,431 8.50
--------- ----------- ------
Property
total 157,595 652,095 4.14
--------- ----------- ------
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 (3) 5 Year
(Brook's) 11,840 1/31/2011 118,400 10.00
Fashion Bug 15,000 1/31/2016 - - -
Kmart 119,658 4/30/2020 687,951 5.75 (10) 5 Year
--------- ----------- ------
Property
total 146,498 806,351 5.50
--------- ----------- ------
Abington Town Center, Abington
TJ Maxx (2) 5 Year
(TJX) 27,000 11/30/2010 $270,000 $10.00
Target(1) Condominium
157,616 - - - Agreement
--------- ----------- ------
Property
total 184,616 270,000 10.00
--------- ----------- ------
Chestnut Hill LLC
Express 12,882 1/31/2009 $510,344 $39.62
Borders
Books 18,538 1/31/2010 482,000 26.00
--------- ----------- ------
Property
total 31,420 992,344 77.03
--------- ----------- ------
Total : Mid-
Atlantic 1,165,423 7,378,702 7.32
--------- ----------- ------
Total: Retail Anchor Properties - Wholly Owned Properties 2,838,551 $25,938,825 $10.04
========= =========== ======
(1) Target owns the portion of the main building (157,616 square feet) that
their store is located in.
43
Joint Venture Properties
- -------------------------------------------------------------------------
New York Region
- -------------------------------------------------------------------------
New York
------------------------------------------------------------------------
Crossroads Shopping Center, White Plains (49% jv)
Kmart (3) 5
100,725 1/31/2012 $566,250 $5.62 Year
Waldbaum's (A&P) (5) 5
38,208 12/31/2007 504,000 13.19 Year
B. Dalton (Barnes & Noble) (2) 5
12,430 5/28/2012 397,760 32.00 Year
Pier 1 (1) 5
8,818 2/28/2007 278,825 31.62 Year
Pay Half 15,000 12/31/2007 322,600 21.51 -
Modell's (2) 5
25,000 2/28/2009 193,750 7.75 Year
------- ---------- -----
Property total 200,181 2,263,185 11.31
------- ---------- -----
400 East Fordham Road (Fund II)
- - - - -
------- ----------
Tarrytown Centre
Walgreen's 15,497 6/30/2080 475,000 30.65 -
------- ---------- -----
Sherman Avenue
- - - -
------- ---------- -----
- - -
------- ---------- -----
161st Street
City of New York 137,334 7/18/2011 3,337,222 24.30 -
------- ---------- -----
137,334 3,337,222 24.30
------- ---------- -----
Total : New York Region 353,012 6,075,407 17.21
------- ---------- -----
Mid-Atlantic Region
- -------------------------------------------------------------------------
Delaware
------------------------------------------------------------------------
Brandywine Town Center (Brandywine JV)
Lowe's Home Centers (6) 5
140,000 8/31/2018 1,925,000 13.75 Year
Target (4) 10
138,000 1/31/2018 800,000 5.80 Year
Target expansion (6) 2
Year
& (6)
3
27,716 1/31/2011 304,876 11.00 year
Access Group (2) 5
76,458 5/31/2015 1,578,857 20.65 Year
Regal Cinemas (4) 5
65,641 6/1/2017 861,210 13.12 Year
Bed, Bath & Beyond (3) 5
50,977 1/31/2014 868,426 17.04 Year
Dick's Sporting Goods (3) 5
50,000 5/31/2013 700,000 14.00 Year
All other (1) 5
Year
- (3)
228,2972/2011 - 10/2015 4,874,166 21.35 5Year
------- ---------- -----
Property total 777,089 11,912,535 15.33
------- ---------- -----
Market Square Shopping Center (Brandywine JV)
Trader Joe's (3) 5
7,675 1/31/2013 149,662 19.50 Year
TJ Maxx (TJX) (1) 5
31,175 1/31/2011 396,888 12.73 Year
------- ---------- -----
Property total 38,850 546,550 14.07
------- ---------- -----
44
Joint Venture Properties (continued)
--------------------------------------------------------------------------
Mid-Atlantic Region (continued)
--------------------------------------------------------------------------
Virginia
--------------------------------------------------------------------------
Haygood Shopping Center (Fund I)
Marshalls 30,023 2/28/2017 270,207 9.00 -
Farm Fresh (15)
5
54,000 8/31/2026 337,500 6.25 Year
Eckerd Drugs
(Brook's) 11,280 11/30/2009 28,500 2.53 -
--------- ----------- ------
Property Total 95,303 636,207 6.68
--------- ----------- ------
Total : Mid-
Atlantic Region 911,242 13,095,292 14.37
--------- ----------- ------
Midwest Region
- ---------------------------------------------------------------------------
Illinois
--------------------------------------------------------
Acadia Oakbrook
Neiman Marcus (5) 5
112,000 10/31/2011 825,000 7.37 Year
--------- ----------- ------
Ohio
--------------------------------------------------------
Amherst Marketplace (Fund I)
Giant (3) 5
Eagle/Pharmacy 10,500 3/31/2012 157,500 15.00 Year
Giant (4) 5
Eagle/Supermarket 66,237 9/30/2021 693,695 10.47 Year
--------- ----------- ------
Property total 76,737 851,195 11.09
Granville Centre (Fund I)
Lifestyle Family (2) 5
Fitness, Inc. 34,951 1/31/2017 450,336 12.88 Year
--------- ----------- ------
Sheffield Crossing (Fund I)
Revco Drug (3) 5
10,500 5/31/2012 157,500 15.00 Year
Giant Eagle (4) 5
59,159 5/31/2022 650,157 10.99 Year
--------- ----------- ------
Property total 69,659 807,657 11.59
--------- ----------- ------
Michigan
--------------------------------------------------------------------------
Sterling Heights (Fund I)
Rite Aid (4) 5
20,000 1/31/2026 245,000 12.25 Year
Burlington Coat
Factory 70,400 1/31/2024 281,600 4.00 -
--------- ----------- ------
Property total 90,400 526,600 5.83
Total: Midwest 383,747 3,460,788 9.02
--------- ----------- ------
Various
--------------------------------------------------------------------------
Hitchcock Plaza
Warehouse Home
Furnishing 19,316 2017 66,640 3.45
Steinmart Inc. 30,000 2016 190,500 6.35
Bed, Bath & Beyond 23,000 2017 144,000 6.26
Ross Dress for
Less 30,039 2017 250,526 8.34
TJX Company 28,315 2016 212,365 7.50
--------- ----------- ------
Property total 130,670 864,031 6.61
Kroger/Safeway
(Fund I) 1,018,100 2009 7,362,811 7.23
--------- ----------- ------
Total: Joint
Venture
Properties 2,796,771 $30,858,329 $11.04
========= =========== ======
45
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
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
--------------------------------------------------------
2007
Hobson West Plaza Bobak's 51,692 2.00% 225,436 0.87% 4.36
--------- ------- ---------- -------- -------
Total 2007 51,692 2.00% 225,436 0.87% 4.36
--------- ------- ---------- -------- -------
2008
Village Commons Shopping Center Daffy's Inc. 16,125 0.62% 274,125 1.06% 17.00
Merrillville Plaza JC Penny Co. 50,000 1.94% 495,000 1.91% 9.90
Merrillville Plaza Officemax Inc. 26,157 1.01% 222,335 0.86% 8.50
Amboy Shopping Center Duane Reade 9,698 0.38% 266,695 1.03% 27.50
Walnut Hill Plaza Sears 60,700 2.35% 258,000 0.99% 4.25
--------- ------- ---------- -------- -------
Total 2008 162,680 6.30% 1,516,155 5.85% 9.32
--------- ------- ---------- -------- -------
2009
Chestnut Hill Express 12,882 0.50% 510,344 1.97% 39.62
Bloomfield Town Square TJ Max 36,000 1.39% 261,000 1.01% 7.25
Walnut Hill Plaza CVS 8,800 0.34% 154,000 0.59% 17.50
Merrillville Plaza Pier I 9,143 0.35% 128,002 0.49% 14.00
Merrillville Plaza TJ Max 25,200 0.98% 195,300 0.75% 7.75
New Loudon Center AC Moore Arts
& Crafts 21,520 0.83% 221,226 0.85% 10.28
Blackman Plaza Kmart 104,956 4.06% 204,664 0.79% 1.95
Mark Plaza Kmart 104,956 4.06% 204,664 0.79% 1.95
--------- ------- ---------- -------- -------
Total 2009 323,457 12.51% 1,879,200 7.24% 100.30
--------- ------- ---------- -------- -------
Total - Next 3
Years 537,829 20.81% $3,620,791 13.96% $6.73
========= ======= ========== ======== =======
Crossroads Joint Venture
-----------------------------------------------------------------------
2007
Crossroads Shopping Center Pier 1 8,818 4.41% 278,825 12.32% 31.62
Crossroads Shopping Center Pay-Half 15,000 7.49% 322,600 14.25% 21.51
Crossroads Shopping Center Waldbaum's 38,208 19.09% 504,000 22.27% 13.19
--------- ------- ---------- -------- -------
Total 2007 62,026 30.99% 1,105,425 48.84% 17.82
--------- ------- ---------- -------- -------
2008 - 0.00% - 0.00% -
--------- ------- ---------- -------- -------
2009
Crossroads Shopping Center Modell's 25,000 12.49% 193,750 8.56% 7.75
--------- ------- ---------- -------- -------
Total - Next 3
Years 87,026 43.48% $1,299,175 57.40% $14.93
========= ======= ========== ======== =======
Brandywine Joint Venture
-----------------------------------------------------------------------
2007 - 0.00% - 0.00% -
--------- ------- ---------- -------- -------
2008 - 0.00% - 0.00% -
--------- ------- ---------- -------- -------
2009
- 0.00% - 0.00% -
--------- ------- ---------- --------
Total - Next 3
Years - 0.00% $- 0.00% $-
========= ======= ========== ======== =======
Fund I
--------------------------------------------------------
2008 - 0.00% - 0.00% -
--------- ------- ---------- -------- -------
2008
0.00% 0.00% -
------- --------
Total 2008 - - - 0.00% -
--------- ------- ---------- -------- -------
2009
Kroger/Safeway portfolio Kroger/Safeway 1,018,100 64.99% 7,362,811 61.49% 7.23
Haygood Shopping Center Eckerd Drugs 11,280 0.72% 28,500 0.24% 2.53
--------- ------- ---------- -------- -------
Total - Next 3
Years 1,029,380 65.71% $7,391,311 61.73% $7.18
========= ======= ========== ======== =======
Fund II
--------------------------------------------------------
2007
0.00% 0.00% -
------- -------- -------
Total 2007 - 0.00% - 0.00% -
--------- ------- ---------- -------- -------
2008
- 0.00% - 0.00% -
--------- ------- ---------- -------- -------
2009 - 0.00% - 0.00% -
--------- ------- ---------- -------- -------
Total - Next 3
Years - 0.00% $- 0.00% $-
========= ======= ========== ======== =======
(1) Tenant pays rent based on percentage of sales
46
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
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 Properties
Anchor Tenant Expirations
Month to Month 1 10,000 0.39% $144,000 0.56% $14.40
2007 1 51,692 2.00% 225,436 0.87% 4.36
2008 5 162,680 6.30% 1,516,155 5.85% 9.32
2009 8 323,457 12.52% 1,879,200 7.24% 5.81
2010 14 357,411 13.83% 3,634,009 14.00% 10.17
2011 2 40,164 1.55% 344,992 1.33% 8.59
2012 3 191,974 7.43% 1,368,768 5.28% 7.13
2013 2 115,392 4.47% 1,444,884 5.57% 12.52
2014 4 152,115 5.89% 1,807,514 6.97% 11.88
2015 3 122,274 4.73% 1,458,763 5.62% 11.93
2016 3 26,636 1.03% 420,324 1.62% 15.78
2017 2 52,150 2.02% 1,064,885 4.11% 20.42
2018 1 52,639 2.04% 447,432 1.72% 8.50
2019 3 170,234 6.59% 1,044,192 4.03% 6.13
2020 4 218,211 8.45% 1,828,994 7.05% 8.38
2021 2 140,260 5.43% 1,302,126 5.02% 9.28
2022 1 14,837 0.57% 435,000 1.68% 29.32
2023 1 51,494 1.99% 1,265,000 4.88% -
2024 3 188,506 7.30% 3,154,312 12.16% 16.73
2028 3 141,509 5.47% 1,152,840 4.44% 8.15
-------- --------- ------- ----------- ------- -------
Total Occupied 66 2,583,635 100.00% $25,938,826 100.00% $10.04
=========== ======= =======
--------------------------------------------------------------- -------- ---------
Anchor GLA Owned by Tenants 254,916
Total Vacant 51,592
---------
Total Square Feet 2,890,143
=========
--------------------------------------------------------------- -------- ---------
Wholly-Owned Properties
Shop Tenant Expirations
Month to Month 19 34,174 3.36% $512,951 2.35% $15.01
2007 30 25,878 2.54% 1,347,420 6.18% 52.07
2008 55 169,624 16.65% 3,537,155 16.24% 20.85
2009 63 184,267 18.10% 3,349,348 15.37% 18.18
2010 44 129,245 12.69% 2,025,766 9.30% 15.67
2011 41 136,246 13.38% 3,994,827 18.33% 29.32
2012 19 82,264 8.08% 1,530,054 7.02% 18.60
2013 11 38,012 3.73% 847,818 3.89% 22.30
2014 13 59,992 5.89% 1,269,905 5.83% 21.17
2015 9 50,524 4.96% 891,309 4.09% 17.64
2016 8 38,550 3.79% 949,700 4.36% 24.64
2017 5 21,991 2.16% 668,913 3.07% 30.42
2018 4 6,805 0.67% 275,825 1.27% 40.53
2019 1 - 0.00% 51,205 0.24% -
2020 4 6,000 0.59% 142,500 0.65% 23.75
2021 1 26,170 2.57% 143,935 0.66% -
2022 2 5,493 0.54% 166,839 0.77% 30.37
2027 1 3,037 0.30% 83,517 0.38% 27.50
-------- --------- ------- ----------- ------- -------
Total Occupied 330 1,018,272 100.00% $21,788,987 100.00% $21.37
======== ========= ======= =========== ======= =======
--------------------------------------------------------------- -------- ---------
Total Vacant 300,061
---------
Total Square Feet 1,318,333
=========
47
Wholly-Owned Properties
Total Tenant Expirations
Month to Month 20 $44,174 1.23% $656,951 1.38% $14.87
2007 31 77,570 2.15% 1,572,856 3.30% 20.28
2008 60 332,304 9.23% 5,053,310 10.59% 15.21
2009 71 507,724 14.10% 5,228,548 10.95% 10.30
2010 58 486,656 13.51% 5,659,775 11.86% 11.63
2011 43 176,410 4.90% 4,339,819 9.09% 24.60
2012 22 274,238 7.61% 2,898,822 6.07% 10.57
2013 13 153,404 4.26% 2,292,702 4.80% 14.95
2014 17 212,107 5.89% 3,077,419 6.45% 14.51
2015 12 172,798 4.80% 2,350,072 4.92% 13.60
2016 11 65,186 1.81% 1,370,024 2.87% 21.02
2017 7 74,141 2.06% 1,733,798 3.63% 23.39
2018 5 59,444 1.65% 723,257 1.52% 12.17
2019 4 170,234 4.73% 1,095,397 2.30% 6.43
2020 8 224,211 6.22% 1,971,494 4.13% 8.79
2021 3 166,430 4.62% 1,446,061 3.03% 8.69
2022 3 20,330 0.56% 601,839 1.26% 29.60
2023 1 51,494 1.43% 1,265,000 2.65% -
2024 3 188,506 5.23% 3,154,312 6.61% 16.73
2027 1 3,037 0.08% 83,517 0.17% 27.50
2028 3 141,509 3.93% 1,152,840 2.42% 8.15
--- ---------- ------- ----------- ------- ------
Total Occupied 396 $3,601,907 100.00% $47,727,813 100.00% $13.25
=========== ======= ======
---------------------------------------------------------------- --- ----------
Anchor GLA Owned by Tenants 254,916
Total Vacant 351,653
----------
Total Square Feet 4,208,476
==========
---------------------------------------------------------------- --- ----------
Fund
I
Anchor Tenant Expirations
2007 - - 0.00% $- 0.00% $-
2009 26 1,029,380 65.72% 7,391,311 61.74% 7.18
2012 2 21,000 1.34% 315,000 2.63% 15.00
2014 - 35,153 2.24% - 0.00% -
2016 2 58,315 3.72% 402,863 3.36% 6.91
2017 5 137,329 8.77% 1,181,708 9.87% 8.60
2021 2 66,237 4.23% 693,695 5.79% 10.47
2022 1 59,159 3.78% 650,157 5.43% 10.99
2024 1 70,400 4.49% 281,600 2.35% 4.00
2026 2 74,000 4.72% 582,500 4.86% 7.87
2080 1 15,497 0.99% 475,000 3.97% 30.65
--- ---------- ------- ----------- ------- ------
Total Occupied 42 1,566,470 100.00% $11,973,834 100.00% $7.64
---------------------------------------------------------------- --- ----------
Total Vacant 35,780
----------
Total Square Feet 1,602,250
==========
---------------------------------------------------------------- --- ----------
Fund
I
Shop Tenant Expirations
Month to Month 9 20,997 10.92% 198,723 7.05% $9.46
2007 8 11,739 6.10% 157,832 5.60% 13.45
2008 14 28,162 14.66% 339,803 12.05% 12.07
2009 6 13,701 7.12% 199,683 7.08% 14.57
2010 5 10,278 5.34% 200,300 7.10% 19.49
2011 12 25,184 13.09% 414,452 14.70% 16.46
2012 6 12,554 6.53% 220,923 7.83% 17.60
2013 2 13,120 6.82% 124,820 4.43% 9.51
2014 6 14,403 7.49% 335,800 11.91% 23.31
2015 2 2,798 1.45% 45,936 1.63% 16.42
2016 1 7,752 4.03% 111,230 3.94% 14.35
2018 1 6,957 3.62% 50,004 1.77% 7.19
2019 1 3,141 1.63% 42,000 1.49% 13.37
2020 1 5,157 2.68% 150,842 5.35% 29.25
2021 1 16,384 8.52% 192,512 6.83% 11.75
2022 1 - 0.00% 35,000 1.24% -
---------------------------------------------------------- --- ---------- ------- ------------ ------- ------
Total Occupied 76 192,327 100.00% $2,819,860 100.00% $14.66
---------------------------------------------------------------- --- ----------
Total Vacant 140,651
----------
Total Square Feet 332,978
==========
48
Fund
I
Total Tenant Expirations
Month to Month 9 20,997 1.19% $198,723 1.34% $9.46
2007 8 11,739 0.67% 157,832 1.07% 13.45
2008 14 28,162 1.60% 339,803 2.30% 12.07
2009 32 1,043,081 59.30% 7,590,994 51.32% 7.28
2010 5 10,278 0.58% 200,300 1.35% 19.49
2011 12 25,184 1.43% 414,452 2.80% 16.46
2012 8 33,554 1.91% 535,923 3.62% 15.97
2013 2 13,120 0.75% 124,820 0.84% 9.51
2014 6 49,556 2.82% 335,800 2.27% 6.78
2015 2 2,798 0.16% 45,936 0.31% 16.42
2016 3 66,067 3.76% 514,093 3.48% 7.78
2017 5 137,329 7.81% 1,181,708 7.99% 8.60
2018 1 6,957 0.40% 50,004 0.34% 7.19
2019 1 3,141 0.18% 42,000 0.28% 13.37
2020 1 5,157 0.29% 150,842 1.02% 29.25
2021 3 82,621 4.70% 886,207 5.99% 10.73
2022 2 59,159 3.36% 685,157 4.63% 11.58
2024 1 70,400 4.00% 281,600 1.90% 4.00
2026 2 74,000 4.21% 582,500 3.94% 7.87
2080 1 15,497 0.88% 475,000 3.21% -
--- --------- ------- ----------- ------- ------
Total Occupied 118 1,758,797 100.00% $14,793,694 100.00% $8.41
--------------------------------------------------------------------- --- ---------
Total Vacant 176,431
---------
Total Square Feet 1,935,228
=========
--------------------------------------------------------------------- --- ---------
Fund
II
Anchor Tenant Expirations
2007 - - 0.00% - 0.00% -
2008 - - 0.00% - 0.00% -
2011 2 249,334 100.00% 4,162,222 100.00% 16.69
--- --------- ------- ----------- ------- ------
Total Occupied 2 249,334 100.00% $4,162,222 100.00% $16.69
--------------------------------------------------------------------- --- ---------
Total Vacant -
---------
Total Square Feet 249,334
=========
--------------------------------------------------------------------- --- ---------
Fund
II
Shop Tenant Expirations
Month to Month 3 24,472 25.19% $382,579 16.78% $15.63
2007 1 27,554 28.36% 757,735 33.24% 27.50
2009 - - 0.00% - 0.00% -
2010 - - 0.00% - 0.00% -
2011 1 7,046 7.25% 171,212 7.51% 24.30
2012 3 27,205 28.00% 573,208 25.14% 21.07
2032 1 10,880 11.20% 394,944 17.32% 36.30
--- --------- ------- ----------- ------- ------
Total Occupied 9 97,157 100.00% $2,279,678 100.00% $23.46
--------------------------------------------------------------------- --- ---------
Total Vacant 6,208
---------
Total Square Feet 103,365
=========
--------------------------------------------------------------------- --- ---------
Fund
II
Total Tenant Expirations
Month to Month 3 24,472 7.06% $382,579 5.94% $15.63
2007 1 27,554 7.95% 757,735 11.76% 27.50
2008 - - 0.00% - 0.00% -
2009 - - 0.00% - 0.00% -
2010 - - 0.00% - 0.00% -
2011 3 256,380 74.00% 4,333,434 67.27% 16.90
2012 3 27,205 7.85% 573,208 8.90% 21.07
2032 1 10,880 3.14% 394,944 6.13% 36.30
--- --------- ------- ----------- ------- ------
Total Occupied 11 346,491 100.00% $6,441,900 100.00% $18.59
--------------------------------------------------------------------- --- ---------
Total Vacant 6,208
---------
Total Square Feet 352,699
=========
49
Crossroads (JV Property)
Anchor Tenant Expirations
2007 3 62,026 30.98% 1,105,425 48.84% 17.82
2009 1 25,000 12.49% 193,750 8.56% 7.75
2012 2 113,155 56.53% 964,010 42.60% 8.52
-- ------- ------- ----------- ------- ------
Total Occupied 6 200,181 100.00% $2,263,185 100.00% $11.31
------------------------------------------------------------------------ -- -------
Total Vacant -
-------
Total Square Feet 200,181
=======
------------------------------------------------------------------------ -- -------
Shop Tenant Expirations
Month to Month 1 750 0.73% $32,472 0.85% $43.30
2007 2 2,512 2.45% 92,316 2.41% 36.75
2008 9 31,460 30.62% 1,080,862 28.20% 34.36
2009 6 17,318 16.86% 737,760 19.24% 42.60
2011 3 5,470 5.33% 205,854 5.37% 37.63
2012 2 6,900 6.72% 265,440 6.92% 38.47
2013 1 3,090 3.01% 108,150 2.82% 35.00
2014 4 19,941 19.41% 693,637 18.10% 34.78
2015 1 2,210 2.15% 72,930 1.90% 33.00
2017 1 6,600 6.43% 349,800 9.13% 53.00
2022 1 6,462 6.29% 193,860 5.06% 30.00
-- ------- ------- ----------- ------- ------
Total Occupied 31 102,713 100.00% $3,833,081 100.00% $37.32
------------------------------------------------------------------------ -- -------
Total Vacant 7,730
-------
Total Square Feet 110,443
=======
------------------------------------------------------------------------ -- -------
Crossroads (JV Property)
Total Tenant Expirations
Month to Month 1 750 0.25% $32,472 0.53% $43.30
2007 2 2,512 0.83% 92,316 1.51% 36.75
2008 9 31,460 10.39% 1,080,862 17.73% 34.36
2009 9 79,344 26.19% 1,843,185 30.24% 23.23
2011 3 5,470 1.81% 205,854 3.38% 37.63
2012 3 31,900 10.53% 459,190 7.53% 14.39
2013 1 3,090 1.02% 108,150 1.77% 35.00
2014 4 19,941 6.58% 693,637 11.38% 34.78
2015 1 2,210 0.73% 72,930 1.20% 33.00
2017 1 6,600 2.18% 349,800 5.74% 53.00
2018 2 113,155 37.36% 964,010 15.81% 8.52
2022 1 6,462 2.13% 193,860 3.18% 30.00
-- ------- ------- ----------- ------- ------
Total Occupied 37 302,894 100.00% $6,096,266 100.00% $20.13
------------------------------------------------------------------------ -- -------
Total Vacant 7,730
-------
Total Square Feet 310,624
=======
------------------------------------------------------------------------ -- -------
Brandywine Portfolio (JV Properties)
Anchor Tenant Expirations
2010 - - 0.00% - 0.00% -
2011 5 127,291 15.60% 2,377,144 19.08% 18.67
2013 3 100,982 12.38% 1,816,540 14.58% 17.99
2014 2 50,977 6.25% 868,426 6.97% 17.04
2015 5 152,560 18.70% 2,934,911 23.57% 19.24
2016 1 16,525 2.03% 396,600 3.18% 24.00
2017 2 89,604 10.98% 1,340,467 10.75% 14.96
2018 2 278,000 34.06% 2,725,000 21.87% 9.80
0.00%
-- ------- ------- ----------- ------- ------
Total Occupied 20 815,939 100.00% $12,459,088 100.00% $15.27
------------------------------------------------------------------------ -- -------
Total Vacant 12,535
-------
Total Square Feet 828,474
=======
50
Brandywine Portfolio (JV Properties)
Shop Tenant Expirations
Month to Month 1 3,800 4.02% $26,414 1.12% $6.95
2007 2 8,100 8.57% 208,000 8.83% 25.68
2008 1 6,100 6.45% 157,868 6.70% 25.88
2010 2 11,817 12.50% 184,280 7.83% 15.59
2011 2 22,500 23.80% 519,657 22.07% 23.10
2012 1 3,700 3.92% 140,600 5.97% 38.00
2013 2 6,950 7.35% 153,287 6.51% 22.06
2014 1 4,962 5.25% 147,421 6.26% 29.71
2015 2 8,500 8.99% 195,250 8.29% 22.97
2017 1 4,996 5.29% 224,820 9.55% 45.00
2021 1 4,100 4.34% 100,450 4.27% 24.50
2026 1 8,999 9.52% 296,967 12.61% 33.00
-- ------- ------- ----------- ------- ------
Total Occupied 17 94,524 100.00% $2,355,014 100.00% $24.91
------------------------------------------------------------------------ -- -------
Total Vacant 16,463
-------
Total Square Feet 110,987
=======
------------------------------------------------------------------------ -- -------
Brandywine Portfolio (JV Properties)
Total Tenant Expirations
Month to Month 1 3,800 0.42% $26,414 0.18% $6.95
2007 2 8,100 0.89% 208,000 1.40% -
2008 1 6,100 0.67% 157,868 1.07% 25.88
2010 2 11,817 1.30% 184,280 1.24% 15.59
2011 7 149,791 16.45% 2,896,801 19.55% 19.34
2012 1 3,700 0.41% 140,600 0.95% 38.00
2013 5 107,932 11.85% 1,969,827 13.30% 18.25
2014 3 55,939 6.14% 1,015,847 6.86% 18.16
2015 7 161,060 17.69% 3,130,161 21.13% 19.43
2016 1 16,525 1.82% 396,600 2.68% 24.00
2017 3 94,600 10.39% 1,565,286 10.57% 16.55
2018 2 278,000 30.53% 2,725,000 18.39% 9.80
2021 1 4,100 0.45% 100,450 0.67% 24.50
2026 1 8,999 0.99% 296,967 2.01% 33.00
-- ------- ------- ----------- ------- ------
Total Occupied 37 910,463 100.00% $14,814,101 100.00% $16.27
------------------------------------------------------------------------ -- -------
Total Vacant 28,998
-------
Total Square Feet 939,461
=======
51
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2006
Property Demographics (1)
-------------------------
- ----------------------------------------------------------------------------------------------------------------------------
3-Mile Radius(2)
----------------------------------------
Trade Cash (2) #
Property / JV Area Base Total Total Households Median HH Avg. HH
Classification Ownership % City State (Miles) Rent GLA Pop. ("HH") Income Income
- ---------------------------------------------------------------------------------- ----------------------------------------
Core Brandywine Town Wilmington DE
Center & Mkt
Sq./22.22% 3 14,814,101 939,461 41,222 15,054 $ 83,769 $102,192
Core Elmwood Park Elmwood Park NJ
Shopping Ctr. 3 3,443,898 149,085 257,647 83,959 52,609 62,446
Core Chestnut Hill Philadelphia PA 3 1,292,372 40,570 148,084 59,791 53,526 65,990
Core Abington Towne Abington PA
Center 3 955,839 216,355 91,293 34,692 66,882 82,491
Core Clark & Diversey Chicago IL 3 800,401 19,265 419,461 213,740 58,803 81,579
Core Hobson West Plaza Naperville IL 3 1,208,451 98,902 98,083 34,231 94,977 114,120
Core Methuen Shopping Methuen MA
Ctr. 5 958,689 130,021 89,957 31,569 41,619 49,981
Core Crossroads White Plains NY
Shopping Ctr. /
49% 3 6,096,266 310,624 105,870 39,349 78,556 85,621
Core The Branch Plaza Smithtown NY 3 2,493,201 125,751 68,832 23,221 89,522 113,455
Core Amboy Road Staten NY
Island 3 1,535,659 60,090 156,384 56,991 69,666 90,260
Core Village Commons Smithtown NY
Shopping Ctr. 3 2,243,319 87,169 68,832 23,221 89,522 113,455
Core Bloomfield Town Bloomfield MI
Square Hills 5 2,450,631 232,366 62,528 23,953 73,997 102,234
Core Crescent Plaza Brockton MA 3 1,609,257 218,141 99,649 34,369 46,062 56,826
Core 239 Greenwich Greenwich CT
Avenue / 75% 5 1,397,621 16,834 67,165 24,889 97,270 125,159
Core Town Line Plaza Rocky Hill CT 3 1,626,923 206,356 45,606 19,067 65,917 75,855
Core New Loudon Center Latham NY 5 1,713,664 255,826 41,815 15,619 55,375 66,288
Core Pacesetter Park Pomona NY
Shopping Ctr. 3 1,093,823 96,698 25,618 8,209 89,598 125,526
Core 2914 Third Ave The Bronx NY 3 844,000 43,500 1,239,853 422,421 26,865 33,419
Core LA Fitness, Staten Staten NY
Island Island 3 1,265,000 51,494 127,542 45,026 65,178 83,167
Core West 54th Street Manhattan NY 3 2,341,117 9,814 582,613 325,406 80,037 96,770
Core Mad River Station Dayton OH 5 1,530,017 155,838 58,692 25,428 58,119 67,529
Core Mark Plaza Edwardsville PA 5 987,672 216,401 87,986 37,409 31,982 39,628
Core Blackman Plaza Wilkes-Barre PA 5 288,919 125,264 58,885 24,646 30,982 40,002
Core Bartow Avenue The Bronx NY 3 284,620 14,668 567,476 209,231 40,253 47,643
Core Walnut Hill Plaza Woonsocket RI 5 2,302,888 284,717 60,322 22,861 42,715 47,867
Core Ledgewood Mall Ledgewood NJ 5 4,251,995 517,192 37,052 13,412 80,007 87,773
Core BTS Boonton LLC / Boonton NJ
60% 5 1,252,985 62,908 49,442 18,288 87,533 113,042
Core Merrillville Plaza Hobart IN 5 2,545,802 235,678 26,118 10,066 56,556 64,248
Core The Gateway So. VT
Shopping Ctr. Burlington 3 1,799,752 101,784 46,879 19,366 44,294 55,033
Core Marketplace of Absecon NJ
Absecon 3 1,648,847 105,135 30,732 11,642 52,106 64,775
Core Plaza 422 Lebanon PA 3 444,020 155,149 43,975 17,347 36,874 47,144
Core Route 6 Plaza Honesdale PA 5 1,116,431 175,505 7,567 3,014 32,283 43,919
Fund I Granville Center / Columbus OH
37.78% 3 663,086 134,997 112,547 47,337 47,547 53,746
Fund I Sheffield Crossing Sheffield OH
/ 37.78% 3 1,203,020 112,534 28,714 10,621 54,485 64,626
Fund I Amherst Amherst OH
Marketplace /
37.78% 3 889,667 79,945 53,342 20,470 45,506 55,396
Fund I Sterling Heights Sterling MI
Shopping Center / Heights
18.9% 3 607,740 154,835 99,813 36,587 66,886 77,416
Fund I Tarrytown Shopping Tarrytown NY
Center / 37.78% 3 909,457 35,291 36,856 13,450 78,415 95,294
Fund I Hitchcock Plaza/ Aiken SC
7.6% 5 1,427,800 221,029 23,976 9,393 50,934 64,402
Fund I Haygood Shopping Virginia VA
Center / 18.9% Beach 3 1,730,113 178,497 99,119 38,035 52,505 60,732
Fund II - Urban 400 East Fordham The Bronx NY
In-Fill Road / 19.2% 2 - - 1,205,053 412,674 30,252 38,298
Fund II - Urban Sherman Avenue / Manhattan NY
In-Fill 19.2% 2 - - 535,739 175,108 29,260 36,324
Fund II - Urban Pelham Manor Westchester NY
In-Fill Shopping Plaza /
19.2% 3 - - 398,727 147,238 48,697 56,116
Fund II - Urban 161st Street The Bronx NY
In-Fill /19.2% 2 5,221,956 223,611 1,274,483 427,111 25,104 31,477
Fund II - Urban Liberty Avenue / Queens NY
In-Fill 19.2% 3 394,944 17,088 613,457 201,509 44,915 59,078
Fund II - Other Oakbrook/ 20% Oakbrook IL 3 825,000 112,000 77,560 29,487 77,130 108,955
- ----------------------------------------------------------------------------------------------------------------------------
82,510,963 6,728,388
--------------------
TOTAL
----------------------------------------
Weighted Average - Based on GLA 117,079 42,055 $ 61,910 $ 74,939
----------------------------------------
Weighted Average - Based on base rent (1) 145,204 57,167 $ 65,263 $ 79,561
----------------------------------------
CORE
----------------------------------------
Weighted Average - Based on GLA 77,156 28,667 $ 64,411 $ 77,784
----------------------------------------
Weighted Average - Based on base rent (1) 126,681 51,343 $ 66,322 $ 80,845
----------------------------------------
FUND I
----------------------------------------
Weighted Average - Based on GLA 68,078 26,416 $ 54,454 $ 64,747
----------------------------------------
Weighted Average - Based on base rent (1) 61,142 23,692 $ 56,479 $ 67,148
----------------------------------------
FUND II -Urban In-fill
----------------------------------------
Weighted Average - Based on GLA 1,227,555 411,095 $ 26,510 $ 33,436
----------------------------------------
Weighted Average - Based on base rent (1) 1,274,483 427,111 $ 25,104 $ 31,477
----------------------------------------
FUND II -Other
----------------------------------------
Weighted Average - Based on GLA 77,560 29,487 $ 77,130 $108,955
----------------------------------------
Weighted Average - Based on base rent (1) 77,560 29,487 $ 77,130 $108,955
----------------------------------------
(1) Does not include the Kroger/Safeway Portfolio. Base rent for joint ventures has been pro-rated based on the Company's ownership
% in the joint venture.
(2) West 54th Street, Sherman and 161st Street figures are for 2 mile radius
QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2006
Property Demographics (1)
-------------------------
- ----------------------------------------------------------------------------------------------------------------------------
5-Mile Radius
----------------------------------------
Trade Cash (2)
Property / JV Area Base Total Total # Median HH Avg. HH
Classification Ownership % City State (Miles) Rent GLA Pop. HH Income Income
- ---------------------------------------------------------------------------------- ----------------------------------------
Core Brandywine Town Wilmington DE
Center & Mkt
Sq./22.22% 3 14,814,101 939,461 120,306 46,004 $74,110 $ 93,425
Core Elmwood Park Elmwood Park NJ
Shopping Ctr. 3 3,443,898 149,085 614,727 208,535 57,938 69,562
Core Chestnut Hill Philadelphia PA 3 1,292,372 40,570 399,921 157,197 52,171 65,291
Core Abington Towne Abington PA
Center 3 955,839 216,355 304,127 117,213 59,851 70,401
Core Clark & Diversey Chicago IL 3 800,401 19,265 969,623 410,327 51,138 67,593
Core Hobson West Plaza Naperville IL 3 1,208,451 98,902 241,153 82,668 93,969 113,986
Core Methuen Shopping Methuen MA
Ctr. 5 958,689 130,021 201,503 72,943 47,894 56,306
Core Crossroads White Plains NY
Shopping Ctr. /
49% 3 6,096,266 310,624 205,109 73,112 93,445 108,276
Core The Branch Plaza Smithtown NY 3 2,493,201 125,751 199,361 64,663 82,867 105,093
Core Amboy Road Staten NY
Island 3 1,535,659 60,090 292,132 105,178 66,927 88,388
Core Village Commons Smithtown NY
Shopping Ctr. 3 2,243,319 87,169 199,361 64,663 82,867 105,093
Core Bloomfield Town Bloomfield MI
Square Hills 5 2,450,631 232,366 166,443 62,677 79,970 105,922
Core Crescent Plaza Brockton MA 3 1,609,257 218,141 168,246 58,789 46,062 56,826
Core 239 Greenwich Greenwich CT
Avenue / 75% 5 1,397,621 16,834 142,822 51,210 94,119 119,232
Core Town Line Plaza Rocky Hill CT 3 1,626,923 206,356 153,302 61,023 57,724 68,679
Core New Loudon Center Latham NY 5 1,713,664 255,826 151,655 61,034 47,547 61,261
Core Pacesetter Park Pomona NY
Shopping Ctr. 3 1,093,823 96,698 129,143 36,828 72,841 102,767
Core 2914 Third Ave The Bronx NY 3 844,000 43,500 2,690,882 1,034,060 45,279 56,415
Core LA Fitness, Staten Staten NY
Island Island 3 1,265,000 51,494 457,912 162,076 60,236 77,922
Core West 54th Street Manhattan NY 3 2,341,117 9,814 2,424,848 1,048,312 55,446 67,194
Core Mad River Station Dayton OH 5 1,530,017 155,838 135,000 56,693 60,560 71,601
Core Mark Plaza Edwardsville PA 5 987,672 216,401 124,868 52,566 34,683 43,184
Core Blackman Plaza Wilkes-Barre PA 5 288,919 125,264 111,991 47,249 33,391 41,275
Core Bartow Avenue The Bronx NY 3 284,620 14,668 1,435,467 511,796 30,552 43,522
Core Walnut Hill Plaza Woonsocket RI 5 2,302,888 284,717 95,320 35,238 50,142 56,573
Core Ledgewood Mall Ledgewood NJ 5 4,251,995 517,192 108,922 38,302 77,480 89,838
Core BTS Boonton LLC / Boonton NJ
60% 5 1,252,985 62,908 101,266 36,438 86,509 106,011
Core Merrillville Plaza Hobart IN 5 2,545,802 235,678 87,796 32,151 54,709 62,531
Core The Gateway So. VT
Shopping Ctr. Burlington 3 1,799,752 101,784 69,993 28,186 47,104 57,514
Core Marketplace of Absecon NJ
Absecon 3 1,648,847 105,135 68,326 26,137 51,610 62,711
Core Plaza 422 Lebanon PA 3 444,020 155,149 61,197 23,615 41,055 51,545
Core Route 6 Plaza Honesdale PA 5 1,116,431 175,505 11,899 4,627 34,031 46,300
Fund I Granville Center / Columbus OH
37.78% 3 663,086 134,997 266,313 108,411 53,466 60,719
Fund I Sheffield Crossing Sheffield OH
/ 37.78% 3 1,203,020 112,534 110,797 41,494 49,602 59,866
Fund I Amherst Amherst OH
Marketplace /
37.78% 3 889,667 79,945 98,291 37,263 41,483 52,190
Fund I Sterling Heights Sterling MI
Shopping Center / Heights
18.9% 3 607,740 154,835 264,560 103,403 63,816 74,661
Fund I Tarrytown Shopping Tarrytown NY
Center / 37.78% 3 909,457 35,291 123,546 43,654 85,757 103,311
Fund I Hitchcock Plaza/ Aiken SC
7.6% 5 1,427,800 221,029 44,606 16,968 42,687 55,503
Fund I Haygood Shopping Virginia VA
Center / 18.9% Beach 3 1,730,113 178,497 225,653 86,122 54,074 62,011
Fund II - Urban 400 East Fordham The Bronx NY
In-Fill Road / 19.2% 2 - - 1,997,909 698,322 33,259 40,957
Fund II - Urban Sherman Avenue / Manhattan NY
In-Fill 19.2% 2 - - 2,049,516 721,521 34,366 42,608
Fund II - Urban Pelham Manor Westchester NY
In-Fill Shopping Plaza /
19.2% 3 - - 1,109,022 403,897 44,956 53,542
Fund II - Urban 161st Street The Bronx NY
In-Fill /19.2% 2 5,221,956 223,611 2,531,473 966,482 37,307 48,034
Fund II - Urban Liberty Avenue / Queens NY
In-Fill 19.2% 3 394,944 17,088 613,457 201,509 44,915 59,078
Fund II - Other Oakbrook/ 20% Oakbrook IL 3 825,000 112,000 288,932 108,039 75,456 97,126
- ----------------------------------------------------------------------------------------------------------------------------
82,510,963 6,728,388
--------------------
TOTAL
----------------------------------------
Weighted Average - Based on GLA 265,217 99,890 $ 60,931 $ 74,653
----------------------------------------
Weighted Average - Based on base rent (1) 358,666 138,185 $ 61,466 $ 75,333
----------------------------------------
CORE
----------------------------------------
Weighted Average - Based on GLA 187,566 69,887 $ 63,074 $ 77,313
----------------------------------------
Weighted Average - Based on base rent (1) 325,235 125,543 $ 62,083 $ 76,087
----------------------------------------
FUND I
----------------------------------------
Weighted Average - Based on GLA 165,450 64,285 $ 52,458 $ 62,858
----------------------------------------
Weighted Average - Based on base rent (1) 155,845 59,646 $ 56,323 $ 67,353
----------------------------------------
FUND II -Urban In-fill
----------------------------------------
Weighted Average - Based on GLA 2,395,307 912,174 $ 37,847 $ 48,818
----------------------------------------
Weighted Average - Based on base rent (1) 2,531,473 966,482 $ 37,307 $ 48,034
----------------------------------------
FUND II -Other
----------------------------------------
Weighted Average - Based on GLA 288,932 108,039 $ 75,456 $ 97,126
----------------------------------------
Weighted Average - Based on base rent (1) 288,932 108,039 $ 75,456 $ 97,126
----------------------------------------
(1) Does not include the Kroger/Safeway Portfolio. Base rent for joint ventures has been pro-rated based on the Company's ownership
% in the joint venture.
(2) West 54th Street, Sherman and 161st Street figures are for 2 mile radius
52
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2007
Residential (Multi-family) Properties
- -------------------------------------
% Occupied % Occupied
Property Location Square Feet Units June 30, 2007 March 31, 2007
-------- -------- ----------- ------------ --------------- ----------------
Mid-Atlantic
North Carolina
--------------
Village Apartments Winston
Salem 578,706 600 89% 86%
Mid-West
Missouri
- --------------------------------
Gate House, Holiday House, Tiger Columbia
Village, Colony Apartments (1) 625,545 874 92% 89%
----------- ------------ --- ---
Totals 1,204,251 1,474 91% 88%
=========== ============ === ===
(1) As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions
53