Exhibit 99.2
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Table of Contents
-----------------
Page Page
----- -----
Section I - Overview Section III - Opportunity Fund Information
Important Notes 2 Overview - Fund I 25
Company Information 3 Overview - Fund II 26
Portfolio Snapshot 4 Overview - Fund III 27
Section II - Financial Information Overview - RCP Venture 28
Market Capitalization 5 Fund I Properties - Detail 29
Shareholder Information 6 Top Fund I Tenants 30
Operating Statements - Pro-rata Consolidation 7 Fund I - Current Valuation 31
Operating Statements - Joint Ventures 9 Fund II Properties - Detail 33
Operating Statements - Current v. Prior Year 13 Fund II - New York Urban/Infill Projects 33
Net Operating Income - Same Property Performance 15
Section IV - Portfolio Information
Funds from Operations ("FFO"), Adjusted FFO
("AFFO") and Funds Available for Distribution
("FAD") 16
Portfolio by Region 34
Capital Expenditures 17
Portfolio by State 35
Consolidated Balance Sheets 18
Portfolio - Detail 36
Pro-rata Consolidated Balance Sheet 19
New and Renewal Rent Spreads 39
Selected Operating Ratios 20
Top 10 Tenants - Consolidated 40
Debt Analysis - Summary 21
Anchor Tenant Detail 41
Debt Analysis - Detail 22
Anchor Lease Expirations - Next 3 Years 45
Debt Maturity Schedule 24
Portfolio Lease Expirations 46
Portfolio Demographics 49
Residential Properties 50
1
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 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. In addition, the Company also discloses FFO as
adjusted to include the extraordinary gain from its RCP investment in
Albertson's. The Company believes that income or gains derived from its RCP
investments, including its investment in Albertson's, are private-equity
investments and, as such, should be treated as operating income and therefore
FFO. The Company believes that this supplement adjustment more appropriately
reflects the results of its operations. 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 schedules debt principal payments.
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.
2
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 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 74 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 Keefe, Bruyette & Woods, Inc.
Jonathan Litt - (212) 816-0231 Sheila K. McGrath - (212) 887-7793
jonathan.litt@citigroup.com smcgrath@kbw.com
Ambika Goel - (212) 816-6981
Ambika.goel@citigroup.com
3
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 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% $32,175
Common Operating Partnership ("OP")
Units 2.0% 642
---------------
Combined Common Shares and OP Units 32,817
Share Price at September 30, 2007 27.13
---------------
Equity Capitalization - Common
Shares and OP Units 890,325
Preferred OP Units - at cost (1) 0.0% 188
------------------------------
Total Equity Capitalization 100.0% 890,513 66.7%
=============================================
Debt Capitalization
- -------------------
Consolidated debt 488,052
Adjustment to reflect pro-rata
share of debt (43,471)
---------------
Total Debt Capitalization 444,581 33.3%
------------------------------
Total Market Capitalization $1,335,094 100.0%
==============================
Weighted Average Outstanding Common
Shares and O.P. Units
- -----------------------------------
Common
Shares OP Units Total
---------------------------------------------
Basic
Quarter ended September 30, 2007 32,965,619 663,808 33,629,427
Year-to-date September 30, 2007 32,885,377 662,625 33,548,002
Fully Diluted (3)
Quarter ended September 30, 2007 33,315,524 663,808 33,979,332
Year-to-date September 30, 2007 33,277,544 662,625 33,940,169
=============================================
Basic
Quarter ended September 30, 2006 32,513,398 651,163 33,164,561
Year-to-date September 30, 2006 32,497,153 652,256 33,149,409
Fully Diluted (3)
Quarter ended September 30, 2006 32,836,473 651,163 33,487,636
Year-to-date September 30, 2006 32,804,628 652,256 33,456,884
(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
25,067 and 55,595 Preferred OP Units is dilutive for EPS and is included in
the fully diluted amounts above for the quarter and nine months ending
September30, 2007, respectively. They were anti-dilutive for EPS for the
quarter and nine months ended September 30, 2006 and, accordingly, are not
included for these periods.
4
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Shareholder Information
-----------------------
(amounts in thousands)
10 Largest Institutional Shareholders (1) Percent of Out-
Common standing Common
Shareholder Shares Held Shares
- ----------- -----------------------------------
Wellington Management 3,444 10.7%
Third Avenue Management 2,637 8.2%
Morgan Stanley 2,596 8.1%
Vanguard Group 1,940 6.0%
Lasalle Investment Management Securities LP 1,937 6.0%
Barclay's Global Investors 1,806 5.6%
Yale University 1,786 5.6%
ING Investment Management (Europe) B.V. 1,510 4.7%
Principal Financial Group 1,380 4.3%
BAMCO Inc. NY 1,351 4.2%
-----------------------------------
Total of 10 Largest Institutional
Shareholders 20,387 63.4%
===================================
Total of all Institutional Shareholders 31,637 98.3%
===================================
Operating Partnership
Unit Information
---------------------
Percent of
Total OP 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
5
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Income Statements - Pro-rata Consolidation (1)
- ----------------------------------------------
Current Quarter and Year-to-Date
- --------------------------------
(in thousands)
------------------------------------------------------------------------------------------
Year-to-Date
Period
ended September 30,
2007
------------------------------------------------------------------------------------------
Core Retail
-----------------------------------
Opportunity Discontinued
Wholly Joint
Owned Ventures Total Core Funds Residential Operations (4) Total
------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $35,499 $4,751 $40,250 $8,166 $5,273 $1,553 $55,242
Percentage rents 402 105 507 3 - - 510
Expense reimbursements -
CAM 3,805 551 4,356 238 - 177 4,771
Expense reimbursements -
Taxes 5,393 698 6,091 75 - 211 6,377
Other property income 285 10 295 38 459 19 811
------------------------------------------------------------------------------------------
45,384 6,115 51,499 8,520 5,732 1,960 67,711
------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 5,898 754 6,652 475 - 243 7,370
Other property operating 1,322 193 1,515 364 3,267 (41) 5,105
Real estate taxes 6,024 825 6,849 273 273 221 7,616
------------------------------------------------------------------------------------------
13,244 1,772 15,016 1,112 3,540 423 20,091
------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 32,140 4,343 36,483 7,408 2,192 1,537 47,620
OTHER INCOME (EXPENSE)
General and
administrative (17,501) - (17,501) (221) - - (17,722)
Equity in earnings of
unconsolidated
properties - - - 8,922 - - 8,922
Interest income 7,272 43 7,315 365 15 - 7,695
Fee income (2) 11,850 - 11,850 - - - 11,850
Promote income - - - - - - -
Promote expense - - - - - - -
Property management
expense (94) - (94) 93 (121) (99) (221)
Straight-line rent income 964 99 1,063 753 - 52 1,868
Straight-line rents
written off (20) - (20) - - - (20)
FAS 141 rent (507) 103 (404) (37) - - (441)
Provision for income
taxes (2,577) - (2,577) (17) - - (2,594)
Swap termination income 165 - 165 - - - 165
------------------------------------------------------------------------------------------
EBIDTA 31,692 4,588 36,280 17,266 2,086 1,490 57,122
Depreciation and
amortization (11,575) (684) (12,259) (5,037) (1,118) (263) (18,677)
FAS 141 amortization (384) - (384) (57) - - (441)
Interest expense (12,620) (2,914) (15,534) (1,613) (892) (676) (18,715)
Loan defeasance (426) - (426) - - - (426)
FAS 141 interest 47 - 47 - - 45 92
Gain (loss) on sale of
properties - - - - - (241) (241)
------------------------------------------------------------------------------------------
Income before minority
interest 6,734 990 7,724 10,559 76 355 18,714
Minority interest - OP (184) (13) (197) (216) (1) (7) (421)
Minority interest 237 - 237 (287) - - (50)
------------------------------------------------------------------------------------------
NET INCOME $6,787 $977 $7,764 $10,056 $75 $348 $18,243
==========================================================================================
------------------------------------------------------------------------------------------
Current Quarter
3 months
ended September 30,
2007
------------------------------------------------------------------------------------------
Core Retail
-----------------------------------
Opportunity Discontinued
Wholly Joint
Owned Ventures Total Core Funds Residential Operations (4) Total
------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $12,143 $1,615 $13,758 $2,736 $1,672 $527 $18,693
Percentage rents 122 65 187 - - - 187
Expense reimbursements -
CAM 1,305 190 1,495 102 - 67 1,664
Expense reimbursements -
Taxes 1,977 248 2,225 74 103 2,402
Other property income 153 (4) 149 22 179 - 350
------------------------------------------------------------------------------------------
15,700 2,114 17,814 2,934 1,851 697 23,296
------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 1,870 249 2,119 145 - 73 2,337
Other property operating 547 74 621 129 1,333 (53) 2,030
Real estate taxes 2,212 285 2,497 160 96 78 2,831
------------------------------------------------------------------------------------------
4,629 608 5,237 434 1,429 98 7,198
------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 11,071 1,506 12,577 2,500 422 599 16,098
OTHER INCOME (EXPENSE)
General and
administrative (5,837) - (5,837) (80) - - (5,917)
Equity in earnings of
unconsolidated
properties - - - 3,421 - - 3,421
Interest income 2,372 14 2,386 145 5 - 2,536
Fee income (2) 5,521 - 5,521 - - - 5,521
Promote income - - - - - - -
Promote expense - - - - - - -
Property management
expense (31) - (31) 42 (37) (44) (70)
Straight-line rent income 263 39 302 249 - 9 560
Straight-line rents
written off 126 - 126 - - - 126
FAS 141 rent (249) 34 (215) 13 - - (202)
Provision for income
taxes (316) - (316) (2) - - (318)
Swap termination income - - - - - - -
------------------------------------------------------------------------------------------
EBIDTA 12,920 1,593 14,513 6,288 390 564 21,755
Depreciation and
amortization (3,912) (246) (4,158) (1,649) (369) (87) (6,263)
FAS 141 amortization (144) - (144) (21) - - (165)
Interest expense (4,254) (996) (5,250) (574) (300) (223) (6,347)
Loan defeasance - - - - - - -
FAS 141 interest 20 - 20 - - 15 35
Gain (loss) on sale of
properties - - - - - (241) (241)
------------------------------------------------------------------------------------------
Income before minority
interest 4,630 351 4,981 4,044 (279) 28 8,774
Minority interest - OP (102) (5) (107) (86) 6 (1) (188)
Minority interest 4 - 4 (100) - - (96)
------------------------------------------------------------------------------------------
NET INCOME $4,532 $346 $4,878 $3,858 $(273) $27 $8,490
==========================================================================================
------------------------------------------------------------------------------------------
Previous Quarter
3 months
ended June 30,
2007
------------------------------------------------------------------------------------------
Core Retail
-----------------------------------
Opportunity Discontinued
Wholly Joint
Owned Ventures Total Core Funds Residential Operations (4) Total
------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $11,962 $1,578 $13,540 $2,695 $1,813 $518 $18,566
Percentage rents 142 8 150 3 - - 153
Expense reimbursements -
CAM 943 128 1,071 75 - 51 1,197
Expense reimbursements -
Taxes 1,642 265 1,907 80 - 48 2,035
Other property income 53 10 63 11 145 19 238
------------------------------------------------------------------------------------------
14,742 1,989 16,731 2,864 1,958 636 22,189
------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 1,605 219 1,824 162 - 132 2,118
Other property operating 187 73 260 114 1,053 8 1,435
Real estate taxes 1,993 274 2,267 119 95 78 2,559
------------------------------------------------------------------------------------------
3,785 566 4,351 395 1,148 218 6,112
------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 10,957 1,423 12,380 2,469 810 418 16,077
OTHER INCOME (EXPENSE)
General and
administrative (6,129) - (6,129) (57) - - (6,186)
Equity in earnings of
unconsolidated
properties - - - 774 - - 774
Interest income 2,094 14 2,108 126 5 - 2,239
Fee income (2) 3,294 - 3,294 - - - 3,294
Promote income - - - - - - -
Promote expense - - - - - - -
Property management
expense (32) - (32) 27 (41) (29) (75)
Straight-line rent income 309 28 337 251 - 17 605
Straight-line rents
written off (61) - (61) - - - (61)
FAS 141 rent (237) 35 (202) (19) - - (221)
Provision for income
taxes (383) - (383) (2) - - (385)
Swap termination income - - - - - - -
------------------------------------------------------------------------------------------
EBIDTA 9,812 1,500 11,312 3,569 774 406 16,061
Depreciation and
amortization (3,888) (216) (4,104) (1,712) (369) (88) (6,273)
FAS 141 amortization (316) - (316) (16) - - (332)
Interest expense (4,238) (986) (5,224) (524) (297) (226) (6,271)
Loan defeasance - - - - - - -
FAS 141 interest 7 - 7 - - 15 22
Gain (loss) on sale of
properties - - - - - - -
------------------------------------------------------------------------------------------
Income before minority
interest 1,377 298 1,675 1,317 108 107 3,207
Minority interest - OP (51) (4) (55) (26) (2) (2) (85)
Minority interest 1 - 1 (89) - - (88)
------------------------------------------------------------------------------------------
NET INCOME $1,327 $294 $1,621 $1,202 $106 $105 $3,034
==========================================================================================
------------------------------------------------------------------------------------------
Previous Quarter
3 months
ended March 31,
2007
------------------------------------------------------------------------------------------
Core Retail
-----------------------------------
Opportunity Discontinued
Wholly Joint
Owned Ventures Total Core Funds Residential Operations (4) Total
------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $11,394 $1,558 $12,952 $2,735 $1,788 $508 $17,983
Percentage rents 138 32 170 - - - 170
Expense reimbursements -
CAM 1,557 233 1,790 61 - 59 1,910
Expense reimbursements -
Taxes 1,774 185 1,959 (79) - 60 1,940
Other property income 79 4 83 5 135 - 223
------------------------------------------------------------------------------------------
14,942 2,012 16,954 2,722 1,923 627 22,226
------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 2,423 286 2,709 168 - 38 2,915
Other property operating 588 46 634 121 881 4 1,640
Real estate taxes 1,819 266 2,085 (6) 82 65 2,226
------------------------------------------------------------------------------------------
4,830 598 5,428 283 963 107 6,781
------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 10,112 1,414 11,526 2,439 960 520 15,445
OTHER INCOME (EXPENSE)
General and
administrative (5,535) - (5,535) (84) - - (5,619)
Equity in earnings of
unconsolidated
properties - - - 4,727 - - 4,727
Interest income 2,806 15 2,821 94 5 - 2,920
Fee income (2) 3,035 - 3,035 - - - 3,035
Promote income - - - - - - -
Promote expense - - - - - -
Property management
expense (31) - (31) 24 (43) (26) (76)
Straight-line rent income 392 32 424 253 - 26 703
Straight-line rents
written off (85) - (85) - - - (85)
FAS 141 rent (21) 34 13 (31) - - (18)
Provision for income
taxes (1,878) - (1,878) (13) - - (1,891)
Swap termination income 165 - 165 - - - 165
------------------------------------------------------------------------------------------
EBIDTA 8,960 1,495 10,455 7,409 922 520 19,306
Depreciation and
amortization (3,775) (222) (3,997) (1,676) (380) (88) (6,141)
FAS 141 amortization 76 - 76 (20) - - 56
Interest expense (4,128) (932) (5,060) (515) (295) (227) (6,097)
Loan defeasance (426) - (426) - - - (426)
FAS 141 interest 20 - 20 - - 15 35
Gain (loss) on sale of
properties - - - - - - -
------------------------------------------------------------------------------------------
Income before minority
interest 727 341 1,068 5,198 247 220 6,733
Minority interest - OP (31) (4) (35) (104) (5) (4) (148)
Minority interest 232 - 232 (98) - - 134
------------------------------------------------------------------------------------------
NET INCOME $928 $337 $1,265 $4,996 $242 $216 $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 & III and Mervyns I & II which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine Portfolio 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: YTD 3rd Quarter 2nd Quarter 1st Quarter
------------------------------------------------------------
Asset management fee Fund II $2,700 $900 $900 $900
Asset management fee Fund III 2,250 1,500 750 -
Leasing/Construction/Legal fees - Fund I 142 105 15 22
Property management/Construction/Legal fees - Fund II 3,328 1,395 835 1,098
Property management/Construction/Legal fees - Fund III 30 30 - -
Klaff Portfolio Fees 1,713 338 560 815
Other third party Property
management/Construction/Leasing/Legal fees 1,687 1,253 234 200
------------------------------------------------------------
11,850 5,521 3,294 3,035
Priority distributions - Fund I 741 257 244 240
------------------------------------------------------------
Total Management fees and priority distributions $12,591 $5,778 $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 $224 for the
quarter and $686 for the nine months ended September 30, 2007.
(3) Discontinued Operations reflects two Opportunity Fund properties, Amherst
Marketplace and Sheffield Crossing, which are under contract for sale.
6
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Income Statements - Joint Ventures (2)
- --------------------------------------
Current Quarter and Year-to-Date
- --------------------------------
(in thousands)
----------------------------------------------------------------------------------------------------
Year-to-Date
Period
ended September 30,
2007
----------------------------------------------------------------------------------------------------
Opportunity Funds
----------------------------------------------------------------------------------------------------
AKR 20% AKR 20%
Promote Promote
and AKR and
22.22% 22.22%
Pro-rata Brandywine Pro-rata AKR Pro- AKR Pro-
rata share Promote rata share rata share rata share
Fund I (37.78)% 62.22% (4)Mervyns I (37.78)% Fund II 20.00% Mervyns II 20.00% Fund III
----------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $8,365 $3,160 $5,205 $- $- $6,766 $1,354 $- $- $-
Percentage rents 3 1 2 - - - - - - -
Expense reimbursements -
CAM 350 133 217 - - 327 65 - - -
Expense reimbursements -
Taxes 285 108 177 - - 8 1 - - -
Other property income 26 11 15 - - 154 31 - - -
----------------------------------------------------------------------------------------------------
9,029 3,413 5,616 - - 7,255 1,451 - - -
----------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 516 196 320 - - 1,011 202 - - -
Other property operating 104 39 65 - - 1,094 219 - - 1
Real estate taxes 314 119 195 - - 902 180 - - -
----------------------------------------------------------------------------------------------------
934 354 580 - - 3,007 601 - - 1
----------------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (5) 8,095 3,059 5,036 - - 4,248 850 - - (1)
OTHER INCOME (EXPENSE)
General and
administrative (153) (58) (95) - - (219) (44) (1) - (119)
Equity in earnings of
unconsolidated properties 2,482 923 1,544 1,069 404 (203) (41) 30,434 6,086 -
Interest income 286 108 178 8 3 361 72 16 4 1
Asset and property management
income - - - - - - - - - -
Promote income - - - - - - - - - -
Promote expense (1,227) - - (214) - - - - - -
Asset and property management
expense(2) (6) (3) (3) - - (3,635) - - - (2,813)
Straight-line rent income 793 299 494 - - 59 12 - - -
Straight-line rents
written off - - - - - - - - - -
FAS 141 Rent (12) (6) (6) - - (127) (25) - - -
Provision for income
taxes (14) (6) (8) (4) (2) - - (6) (1) -
Swap termination income - - - - - - - - - -
----------------------------------------------------------------------------------------------------
EBIDTA 10,244 4,316 7,140 859 405 484 824 30,443 6,089 (2,932)
Depreciation and
amortization (3) (4,924) (1,861) (3,063) - - (1,879) (376) - - -
FAS 141 Amortization (3) - (3) - - (267) (54) - - -
Interest expense (1,706) (630) (1,061) - - (2,991) (598) - - -
Loan defeasance - - - - - - - - - -
FAS 141 Interest 45 18 27 - - - - - - -
Gain (loss) on sale of
properties - Mervyn's - - - - - - - - - -
Income before minority
interest 3,656 1,843 3,040 859 405 (4,653) (204) 30,443 6,089 (2,932)
Minority interest - OP - (37) (61) - (7) - 4 - (122) -
Minority interest (349) (132) (217) - - 312 62 - - -
----------------------------------------------------------------------------------------------------
NET INCOME $3,307 $1,674 $2,762 $859 $398 $(4,341) $(138) $30,443 $5,967 $(2,932)
====================================================================================================
---------------------------------------------------------------------------
Joint Ventures - Core Retail
---------------------------------------------------------------------------
AKR Pro- Total AKR Pro- AKR Pro- Total
rata share AKR Pro- rata share rata share AKR Pro-
rata shareBrandywine Crossroads rata
20.00% 22.22% 49.00% Total
---------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $- $9,719 $11,337 $2,519 $4,552 $2,231 $4,751
Percentage rents - 3 434 96 19 9 105
Expense reimbursements -
CAM - 415 1,507 335 440 216 551
Expense reimbursements -
Taxes - 286 599 133 1,154 565 698
Other property income - 57 23 5 11 5 10
---------------------------------------------------------------------------
- 10,480 13,900 3,088 6,176 3,026 6,115
---------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM - 718 2,213 491 538 263 754
Other property operating - 323 697 155 77 38 193
Real estate taxes - 494 761 169 1,340 656 825
---------------------------------------------------------------------------
- 1,535 3,671 815 1,955 957 1,772
---------------------------------------------------------------------------
- 8,945 10,229 2,273 4,221 2,069 4,343
OTHER INCOME (EXPENSE)
General and
administrative (24) (221) - - - - -
- 8,916 - - - - -
Interest income - 365 93 21 45 22 43
- - - - - - -
Promote income - - - - - - -
Promote expense - - - - - - -
- (6) (656) - - - -
Straight-line rent income - 805 393 87 26 12 99
Straight-line rents
written off - - - - - - -
FAS 141 Rent - (37) 466 103 - - 103
Provision for income
taxes - (17) - - - - -
Swap termination income - - - - - - -
---------------------------------------------------------------------------
EBIDTA (24) 18,750 10,525 2,484 4,292 2,103 4,588
Depreciation and
amortization (3) - (5,300) (2,376) (528) (320) (156) (684)
FAS 141 Amortization - (57) - - - - -
Interest expense - (2,289) (7,556) (1,637) (2,606) (1,277) (2,914)
Loan defeasance - - - - - - -
FAS 141 Interest - 45 - - - - -
- - - - - - -
Income before minority
interest (24) 11,149 593 319 1,366 670 990
Minority interest - OP - (223) - - - (13) (13)
Minority interest - (287) - - - - -
---------------------------------------------------------------------------
NET INCOME $(24) $10,639 $593 $319 $1,366 $657 $977
===========================================================================
(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 & III and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine Portfolio 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 & III and the Mervyn's investments pay various fees to the
Company. As it is the recipient of such fees, the Company does not
recognize its pro-rata share of these expenses.
(3) In addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its stepped-up basis in Crossroads.
(4) In connection with the recapitalization of the Brandywine Portfolio in
January 2006, the Company is entitled to $7.2 million of Promote from
future Fund I earnings.
(5) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $2,085 on an annual basis ($7,363 x
37.78% x 75%) and $695 for the third quarter.
----------------------------------------------------------------------------------------------------
Current Quarter
3 months
ended September 30,
2007
----------------------------------------------------------------------------------------------------
Opportunity Funds
----------------------------------------------------------------------------------------------------
AKR 20% AKR 20%
Promote Promote
and AKR and
22.22% 22.22%
Pro-rata Brandywine Pro-rata AKR Pro- AKR Pro-
share Promote rata share rata share rata share
Fund I (37.78)% 62.22% (4)Mervyns I (37.78)% Fund II 20.00% Mervyns II 20.00% Fund III
----------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $2,809 $1,061 $1,748 $- $- $2,269 $454 $- $- $-
Percentage rents - - - - - - - - - -
Expense reimbursements -
CAM 113 43 70 - - 281 56 - - -
Expense reimbursements -
Taxes 171 65 106 32 6 - -
Other property income 2 1 1 - - 99 20 - - -
----------------------------------------------------------------------------------------------------
3,095 1,170 1,925 - - 2,681 536 - - -
----------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 158 60 98 - - 301 60 - - -
Other property operating (6) (2) (4) 410 82 - - 1
Real estate taxes 175 66 109 - - 317 63 - - -
----------------------------------------------------------------------------------------------------
327 124 203 - - 1,028 205 - - 1
----------------------------------------------------------------------------------------------------
2,768 1,046 1,722 - - 1,653 331 - - (1)
OTHER INCOME (EXPENSE)
General and
administrative (33) (12) (21) - - (114) (23) (1) - (119)
2,597 981 1,616 (86) (32) - - 4,279 856 -
Interest income 103 39 64 2 1 200 40 3 1 1
- - - - - - - - - -
Promote income - - - - - - - - - -
Promote expense (1,227) - - 17 - - - - - -
(2) (1) (1) - - (1,231) - - - (1,875)
Straight-line rent income 254 96 158 - - 21 4 - - -
Straight-line rents
written off - - - - - - - - - -
FAS 141 Rent (4) (2) (2) - - 84 17 - - -
Provision for income
taxes (2) (1) (1) - - - - - - -
Swap termination income - - - - - - - - - -
----------------------------------------------------------------------------------------------------
EBIDTA 4,454 2,146 3,535 (67) (31) 613 369 4,281 857 (1,994)
Depreciation and
amortization (3) (1,611) (609) (1,002) - - (625) (125) - - -
FAS 141 Amortization (1) - (1) - - (98) (20) - - -
Interest expense (561) (212) (349) - - (1,180) (236) - - -
Loan defeasance - - - - - - - - - -
FAS 141 Interest 15 6 9 - - - - - - -
- - - - - - - - - -
Income before minority
interest 2,296 1,331 2,192 (67) (31) (1,290) (12) 4,281 857 (1,994)
Minority interest - OP - (27) (44) - 1 - - - (17) -
Minority interest (123) (46) (77) - - 117 23 - - -
----------------------------------------------------------------------------------------------------
NET INCOME $2,173 $1,258 $2,071 $(67) $(30) $(1,173) $11 $4,281 $840 $(1,994)
====================================================================================================
---------------------------------------------------------------------------
Joint Ventures - Core Retail
---------------------------------------------------------------------------
AKR Pro- Total AKR Pro- AKR Pro- Total
rata share AKR Pro- rata share rata share AKR Pro-
20.00% rata shareBrandywine 22.22% Crossroads 49.00% rata Total
---------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $- $3,263 3,922 $871 $1,519 $744 $1,615
Percentage rents - - 257 57 16 8 65
Expense reimbursements -
CAM - 169 464 103 177 87 190
Expense reimbursements -
Taxes 177 224 50 404 198 248
Other property income - 22 - - (9) (4) (4)
---------------------------------------------------------------------------
- 3,631 4,867 1,081 2,107 1,033 2,114
---------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM - 218 707 157 188 92 249
Other property operating - 76 266 59 30 15 74
Real estate taxes - 238 277 62 455 223 285
---------------------------------------------------------------------------
- 532 1,250 278 673 330 608
---------------------------------------------------------------------------
- 3,099 3,617 803 1,434 703 1,506
OTHER INCOME (EXPENSE)
General and
administrative (24) (80) - - - - -
- 3,421 - - - - -
Interest income - 145 37 8 12 6 14
- - - - - - -
Promote income - - - - - - -
Promote expense - - - - - -
- (2) (209) - - - -
Straight-line rent income - 258 137 30 19 9 39
Straight-line rents
written off - - - - - - -
FAS 141 Rent - 13 155 34 - - 34
Provision for income
taxes - (2) - - - - -
Swap termination income - - - - - - -
---------------------------------------------------------------------------
EBIDTA (24) 6,852 3,737 875 1,465 718 1,593
Depreciation and
amortization (3) - (1,736) (878) (195) (104) (51) (246)
FAS 141 Amortization - (21) - - - - -
Interest expense - (797) (2,546) (566) (878) (430) (996)
Loan defeasance - - - - - - -
FAS 141 Interest - 15 - - - - -
- - - - - - -
Income before minority
interest (24) 4,313 313 114 483 237 351
Minority interest - OP - (87) - - - (5) (5)
Minority interest - (100) - - - - -
---------------------------------------------------------------------------
NET INCOME $(24) $4,126 $313 $114 $483 $232 $346
===========================================================================
(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 Portfolio 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 & III and the Mervyn's investments pay various fees to the
Company. As it is the recipient of such fees, the Company does not
recognize its 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) In connection with the recapitalization of the Brandywine Portfolio in
January 2006, the Company is entitled to $7.2 million of Promote from
future Fund I earnings.
(5) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $695 on a quarterly basis ($7,363 x
37.78% x 25%).
----------------------------------------------------------------------------------------------------
Previous Quarter
3 months
ended June 30,
2007
----------------------------------------------------------------------------------------------------
Opportunity Funds
----------------------------------------------------------------------------------------------------
AKR 20% AKR 20%
Promote Promote
and AKR and
22.22% 22.22%
Pro-rata Brandywine Pro-rata AKR Pro- AKR Pro-
share Promote rata share rata share rata share
Fund I (37.78)% 62.22% (4)Mervyns I (37.78)% Fund II 20.00% Mervyns II 20.00% Fund III
----------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $2,766 $1,045 $1,721 $- $- $2,233 $447 $- $- $-
Percentage rents 3 1 2 - - - - - - -
Expense reimbursements -
CAM 116 44 72 - - 50 10 - - -
Expense reimbursements -
Taxes 121 46 75 - - 37 7 - - -
Other property income 20 8 12 - - 48 10 - - -
----------------------------------------------------------------------------------------------------
3,026 1,144 1,882 - - 2,368 474 - - -
----------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 224 85 139 - - 350 70 - - -
Other property operating 43 16 27 - - 394 79 - - -
Real estate taxes 139 53 86 - - 288 58 - - -
----------------------------------------------------------------------------------------------------
406 154 252 - - 1,032 207 - - -
----------------------------------------------------------------------------------------------------
2,620 990 1,630 - - 1,336 267 - - -
OTHER INCOME (EXPENSE)
General and
administrative (47) (18) (29) - - (52) (10) - - -
(135) (51) (84) 1,155 436 (104) (21) 2,465 492 -
Interest income 101 38 63 2 1 114 23 4 1 -
- - - - - - - - - -
Promote income - - - - - - - - - -
Promote expense - - (231) - - - - - -
(2) (1) (1) - - (1,200) - - - (938)
Straight-line rent income 263 99 164 - - 25 5 - - -
Straight-line rents
written off - - - - - - - - - -
FAS 141 Rent (4) (2) (2) - - (77) (15) - - -
Provision for income
taxes 1 - 1 (4) (2) - - (5) (1) -
Swap termination income - - - - - - - - - -
----------------------------------------------------------------------------------------------------
EBIDTA 2,797 1,055 1,742 922 435 42 249 2,464 492 (938)
Depreciation and
amortization (3) (1,675) (633) (1,042) - - (625) (125) - - -
FAS 141 Amortization (1) - (1) - - (76) (15) - - -
Interest expense (561) (212) (349) - - (946) (189) - - -
Loan defeasance - - - - - - - - - -
FAS 141 Interest 15 6 9 - - - - - - -
- - - - - - - - - -
Income before minority
interest 575 216 359 922 435 (1,605) (80) 2,464 492 (938)
Minority interest - OP - (4) (7) - (9) - 2 - (10) -
Minority interest (113) (43) (70) - - 120 24 - - -
----------------------------------------------------------------------------------------------------
NET INCOME $462 $169 $282 $922 $426 $(1,485) $(54) $2,464 $482 $(938)
====================================================================================================
---------------------------------------------------------------------------
Joint Ventures - Core Retail
---------------------------------------------------------------------------
AKR Pro- Total AKR Pro- AKR Pro- Total
rata share AKR Pro- rata share rata share AKR Pro-
Brandywine
20.00% rata share JV 22.22% Crossroads 49.00% rata Total
---------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $- $3,213 3,725 $828 $1,528 $750 $1,578
Percentage rents - 3 31 7 3 1 8
Expense reimbursements -
CAM - 126 473 105 46 23 128
Expense reimbursements -
Taxes - 128 240 53 433 212 265
Other property income - 30 10 2 17 8 10
---------------------------------------------------------------------------
- 3,500 4,479 995 2,027 994 1,989
---------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM - 294 674 149 143 70 219
Other property operating - 122 246 55 37 18 73
Real estate taxes - 197 240 53 452 221 274
-----------------------------------------------------------------
- 613 1,160 257 632 309 566
---------------------------------------------------------------------------
- 2,887 3,319 738 1,395 685 1,423
OTHER INCOME (EXPENSE)
General and
administrative - (57) - - - - -
- 772 - - - - -
Interest income - 126 26 6 16 8 14
- - - - - - -
Promote income - - - - - - -
Promote expense - - - - - -
- (2) (227) - - - -
Straight-line rent income - 268 127 28 - - 28
Straight-line rents
written off - - - - - - -
FAS 141 Rent - (19) 156 35 - - 35
Provision for income
taxes - (2) - - - - -
Swap termination income - - - - - - -
---------------------------------------------------------------------------
EBIDTA - 3,973 3,401 807 1,411 693 1,500
Depreciation and
amortization (3) - (1,800) (735) (163) (109) (53) (216)
FAS 141 Amortization - (16) - - - - -
Interest expense - (750) (2,519) (560) (869) (426) (986)
Loan defeasance - - - - - - -
FAS 141 Interest - 15 - - - - -
- - - - - - -
Income before minority
interest - 1,422 147 84 433 214 298
Minority interest - OP - (28) - - - (4) (4)
Minority interest - (89) - - - - -
---------------------------------------------------------------------------
NET INCOME $- $1,305 $147 $84 $433 $210 $294
===========================================================================
(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 Portfolio 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 & III and the Mervyn's investments pay various fees to the
Company. As it is the recipient of such fees, the Company does not
recognize its 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) In connection with the recapitalization of the Brandywine Portfolio in
January 2006, the Company is entitled to $7.2 million of Promote from
future Fund I earnings.
(5) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $695 on a quarterly basis ($7,363 x
37.78% x 25%).
----------------------------------------------------------------------------------------------------
Previous Quarter
3 months
ended March 31,
2007
----------------------------------------------------------------------------------------------------
Opportunity Funds
----------------------------------------------------------------------------------------------------
AKR 20% AKR 20%
Promote Promote
and AKR and
22.22% 22.22%
Pro-rata Brandywine Pro-rata AKR Pro- AKR Pro-
share Promote rata share rata share rata share
Fund I (37.78)% 62.22% (4)Mervyns I (37.78)% Fund II 20.00% Mervyns II 20.00% Fund III
----------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $2,790 $1,054 $1,736 $- $- $2,264 $453 $- $- $-
Percentage rents - - - - - - - - - -
Expense reimbursements -
CAM 121 46 75 - - (4) (1) - - -
Expense reimbursements -
Taxes (7) (3) (4) - - (61) (12) - -
Other property income 4 2 2 - - 7 1 - - -
----------------------------------------------------------------------------------------------------
2,908 1,099 1,809 - - 2,206 441 - - -
----------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 134 51 83 - - 360 72 - - -
Other property operating 67 25 42 - - 290 58 - -
Real estate taxes - - - - - 297 59 - - -
----------------------------------------------------------------------------------------------------
201 76 125 - - 947 189 - - -
----------------------------------------------------------------------------------------------------
2,707 1,023 1,684 - - 1,259 252 - - -
OTHER INCOME (EXPENSE)
General and
administrative (73) (28) (45) - - (53) (11) - - -
20 (7) 12 - - (99) (20) 23,690 4,738 -
Interest income 82 31 51 4 1 47 9 9 2 -
- - - - - - - - - -
Promote income - - - - - - - - - -
Promote expense - - - - - - - - - -
(2) (1) (1) - - (1,204) - - - -
Straight-line rent income 276 104 172 - - 13 3 - - -
Straight-line rents
written off - - - - - - - - - -
FAS 141 Rent (4) (2) (2) - - (134) (27) - - -
Provision for income
taxes (13) (5) (8) - - - - (1) - -
Swap termination income - - - - - - - - - -
----------------------------------------------------------------------------------------------------
EBIDTA 2,993 1,115 1,863 4 1 (171) 206 23,698 4,740 -
Depreciation and
amortization (3) (1,638) (619) (1,019) - - (629) (126) - - -
FAS 141 Amortization (1) - (1) - - (93) (19) - - -
Interest expense (584) (206) (363) - - (865) (173) - - -
Loan defeasance - - - - - - - - - -
FAS 141 Interest 15 6 9 - - - - - - -
- - - - - - - - - -
Income before minority
interest 785 296 489 4 1 (1,758) (112) 23,698 4,740 -
Minority interest - OP - (6) (10) - 1 - 2 - (95) -
Minority interest (113) (43) (70) - - 75 15 - - -
----------------------------------------------------------------------------------------------------
NET INCOME $672 $247 $409 $4 $2 $(1,683) $(95) $23,698 $4,645 $-
====================================================================================================
---------------------------------------------------------------------------
Joint Ventures - Core Retail
---------------------------------------------------------------------------
AKR Pro- Total AKR Pro- AKR Pro- Total
rata share AKR Pro- rata share rata share AKR Pro-
Brandywine
20.00% rata share JV 22.22% Crossroads 49.00% rata Total
---------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $- $3,243 3,690 $820 $1,505 $737 $1,558
Percentage rents - - 146 32 - - 32
Expense reimbursements -
CAM - 120 570 127 217 106 233
Expense reimbursements -
Taxes - (19) 135 30 317 155 185
Other property income - 5 13 3 3 1 4
---------------------------------------------------------------------------
- 3,349 4,554 1,012 2,042 999 2,012
---------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM - 206 832 185 207 101 286
Other property operating 125 185 41 10 5 46
Real estate taxes - 59 244 54 433 212 266
---------------------------------------------------------------------------
- 390 1,261 280 650 318 598
---------------------------------------------------------------------------
- 2,959 3,293 732 1,392 681 1,414
OTHER INCOME (EXPENSE)
General and
administrative - (84) - - - - -
- 4,723 - - - - -
Interest income - 94 30 7 17 8 15
- - - - - - -
Promote income - - - - - - -
Promote expense - - - - - - -
- (2) (220) - - - -
Straight-line rent income - 279 129 29 7 3 32
Straight-line rents
written off - - - - - - -
FAS 141 Rent - (31) 155 34 - - 34
Provision for income
taxes - (13) - - - - -
Swap termination income - - - - - - -
---------------------------------------------------------------------------
EBIDTA - 7,925 3,387 802 1,416 692 1,495
Depreciation and
amortization (3) - (1,764) (763) (170) (107) (52) (222)
FAS 141 Amortization - (20) - - - - -
Interest expense - (742) (2,491) (511) (859) (421) (932)
Loan defeasance - - - - - - -
FAS 141 Interest - 15 - - - - -
- - - - - - -
Income before minority
interest - 5,414 133 121 450 219 341
Minority interest - OP - (108) - - - (4) (4)
Minority interest - (98) - - - - -
---------------------------------------------------------------------------
NET INCOME $- $5,208 $133 $121 $450 $215 $337
===========================================================================
(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 Portfolio 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 & III and the Mervyn's investments pay various fees to the
Company. As it is the recipient of such fees, the Company does not
recognize its 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) In connection with the recapitalization of the Brandywine Portfolio in
January 2006, the Company is entitled to $7.2 million of Promote from
future Fund I earnings.
(5) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $695 on quarterly basis ($7,363 x
37.78% x 25%).
7
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Income Statements - Current v. Prior Year(1)
- --------------------------------------------
(in thousands)
----------------------------------------------------------------------
Current Quarter
3 months
ended September 30,
2007
----------------------------------------------------------------------
Core Opportunity Discontinued
Retail Funds Residential Operations Total
----------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $13,758 $2,736 $1,672 $527 $18,693
Percentage rents 187 - - - 187
Expense reimbursements -
CAM 1,495 102 - 67 1,664
Expense reimbursements -
Taxes 2,225 74 - 103 2,402
Other property income 149 22 179 - 350
----------------------------------------------------------------------
17,814 2,934 1,851 697 23,296
----------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 2,119 145 - 73 2,337
Other property operating 621 129 1,333 (53) 2,030
Real estate taxes 2,497 160 96 78 2,831
----------------------------------------------------------------------
5,237 434 1,429 98 7,198
----------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES 12,577 2,500 422 599 16,098
OTHER INCOME (EXPENSE)
General and
administrative (5,837) (80) - - (5,917)
Equity in earnings of
Fund I unconsolidated
properties - 3,421 - - 3,421
Interest income 2,386 145 5 - 2,536
Asset and property
management income 5,521 - - - 5,521
Promote income - - - - -
Promote expense - - - - -
Property management
expense (31) 42 (37) (44) (70)
Straight-line rent income 302 249 - 9 560
Straight-line rents
written off 126 - - - 126
FAS 141 Rent (215) 13 - - (202)
Provision for income
taxes (316) (2) - - (318)
Other income (expense) - - - - -
----------------------------------------------------------------------
EBIDTA 14,513 6,288 390 564 21,755
Depreciation and
amortization (4,158) (1,649) (369) (87) (6,263)
FAS 141 Amortization (144) (21) - - (165)
Interest expense (5,250) (574) (300) (223) (6,347)
Loan defeasance - - - - -
FAS 141 Interest 20 - - 15 35
Gain (loss) on sale of
properties (Mervyns) - - - (241) (241)
----------------------------------------------------------------------
Income before minority
interest 4,981 4,044 (279) 28 8,774
Minority interest - OP (107) (86) 6 (1) (188)
Minority interest 4 (100) - - (96)
----------------------------------------------------------------------
NET INCOME $4,878 $3,858 $(273) $27 $8,490
======================================================================
----------------------------------------------------------------------
Prior Year Quarter
3 months
ended September 30,
2006
----------------------------------------------------------------------
Core Opportunity Discontinued
Retail Funds Residential Operations Total
----------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $12,166 $2,647 $1,782 $2,099 $18,694
Percentage rents 191 113 - 11 315
Expense reimbursements -
CAM 1,440 61 - 163 1,664
Expense reimbursements -
Taxes 2,367 140 - 533 3,040
Other property income 65 1 83 134 283
----------------------------------------------------------------------
16,229 2,962 1,865 2,940 23,996
----------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 1,825 115 - 333 2,273
Other property operating 507 74 1,057 378 2,016
Real estate taxes 2,234 242 99 472 3,047
----------------------------------------------------------------------
4,566 431 1,156 1,183 7,336
----------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES 11,663 2,531 709 1,757 16,660
OTHER INCOME (EXPENSE)
General and
administrative (5,572) (102) - - (5,674)
Equity in earnings of
Fund I unconsolidated
properties - 57 - - 57
Interest income 2,099 131 5 - 2,235
Asset and property
management income 3,756 - - - 3,756
Promote income - - - - -
Promote expense - - - - -
Property management
expense 27 151 (41) (80) 57
Straight-line rent income 61 85 - 52 198
Straight-line rents
written off - - - - -
FAS 141 Rent (87) (45) - - (132)
Provision for income
taxes 664 (16) - - 648
Other income (expense) - - - - -
----------------------------------------------------------------------
EBIDTA 12,611 2,792 673 1,729 17,805
Depreciation and
amortization (3,685) (1,606) (380) (550) (6,221)
FAS 141 Amortization (242) (41) - - (283)
Interest expense (4,583) (614) (365) (468) (6,030)
Loan defeasance - - - - -
FAS 141 Interest 23 - - 15 38
Gain (loss) on sale of
properties (Mervyns) - (934) - - (934)
----------------------------------------------------------------------
Income before minority
interest 4,124 (403) (72) 726 4,375
Minority interest - OP (84) 8 1 (14) (89)
Minority interest (62) (102) - - (164)
----------------------------------------------------------------------
NET INCOME $3,978 $(497) $(71) $712 $4,122
======================================================================
(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 & III and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine Portfolio 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.
----------------------------------------------------------------------
Current Year-to-Date
Period
ended September 30,
2007
----------------------------------------------------------------------
Core Opportunity Discontinued
Retail Funds Residential Operations Total
----------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $40,250 $8,166 $5,273 $1,553 $55,242
Percentage rents 507 3 - - 510
Expense reimbursements -
CAM 4,356 238 - 177 4,771
Expense reimbursements -
Taxes 6,091 75 - 211 6,377
Other property income 295 38 459 19 811
----------------------------------------------------------------------
51,499 8,520 5,732 1,960 67,711
----------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 6,652 475 - 243 7,370
Other property operating 1,515 364 3,267 (41) 5,105
Real estate taxes 6,849 273 273 221 7,616
----------------------------------------------------------------------
15,016 1,112 3,540 423 20,091
----------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES 36,483 7,408 2,192 1,537 47,620
OTHER INCOME (EXPENSE)
General and
administrative (17,501) (221) - - (17,722)
Equity in earnings of
Fund I unconsolidated
properties - 8,922 - - 8,922
Interest income 7,315 365 15 - 7,695
Asset and property
management income 11,850 - - - 11,850
Promote income - - - - -
Promote expense - - - - -
Property management
expense (94) 93 (121) (99) (221)
Straight-line rent income 1,063 753 - 52 1,868
Straight-line rents
written off (20) - - - (20)
FAS 141 Rent (404) (37) - - (441)
Provision for income
taxes (2,577) (17) - - (2,594)
Other income (expense) 165 - - - 165
----------------------------------------------------------------------
EBIDTA 36,280 17,266 2,086 1,490 57,122
Depreciation and
amortization (12,259) (5,037) (1,118) (263) (18,677)
FAS 141 Amortization (384) (57) - - (441)
Interest expense (15,534) (1,613) (892) (676) (18,715)
Loan defeasance (426) - - - (426)
FAS 141 Interest 47 - - 45 92
Gain (loss) on sale of
properties (Mervyns) - - - (241) (241)
----------------------------------------------------------------------
Income before minority
interest 7,724 10,559 76 355 18,714
Minority interest - OP (197) (216) (1) (7) (421)
Minority interest 237 (287) - - (50)
----------------------------------------------------------------------
NET INCOME $7,764 $10,056 $75 $348 $18,243
======================================================================
----------------------------------------------------------------------
Prior Year-to-Date
Period
ended September 30,
2006
----------------------------------------------------------------------
Core Opportunity Discontinued
Retail Funds Residential Operations Total
----------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $36,050 $7,853 $5,529 $6,229 $55,661
Percentage rents 506 114 - 54 674
Expense reimbursements -
CAM 4,762 117 - 698 5,577
Expense reimbursements -
Taxes 6,270 301 - 1,595 8,166
Other property income 204 8 328 179 719
----------------------------------------------------------------------
47,792 8,393 5,857 8,755 70,797
----------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 5,693 294 - 1,007 6,994
Other property operating 1,442 230 2,858 850 5,380
Real estate taxes 6,355 643 314 1,788 9,100
----------------------------------------------------------------------
13,490 1,167 3,172 3,645 21,474
----------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES 34,302 7,226 2,685 5,110 49,323
OTHER INCOME (EXPENSE)
General and
administrative (15,377) (226) - - (15,603)
Equity in earnings of
Fund I unconsolidated
properties - 212 - - 212
Interest income 5,638 344 13 - 5,995
Asset and property
management income 8,825 (5) - - 8,820
Promote income 258 - - - 258
Promote expense - - - - -
Property management
expense 98 75 (112) (261) (200)
Straight-line rent income 428 274 - 147 849
Straight-line rents
written off - - - - -
FAS 141 Rent (31) (135) - - (166)
Provision for income
taxes (111) (51) - - (162)
Other income (expense) 165 - - - 165
----------------------------------------------------------------------
EBIDTA 34,195 7,714 2,586 4,996 49,491
Depreciation and
amortization (10,835) (4,816) (1,133) (1,666) (18,450)
FAS 141 Amortization (553) (124) - - (677)
Interest expense (12,788) (1,841) (1,094) (1,363) (17,086)
Loan defeasance (326) - - - (326)
FAS 141 Interest 759 1 - 44 804
Gain (loss) on sale of
properties (Mervyns) - 315 - - 315
----------------------------------------------------------------------
Income before minority
interest 10,452 1,249 359 2,011 14,071
Minority interest - OP (215) (24) (8) (40) (287)
Minority interest (184) (277) - - (461)
----------------------------------------------------------------------
NET INCOME $10,053 $948 $351 $1,971 $13,323
----------------------------------------------------------------------
(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 & III and Mervyn's which are
consolidated with the Company's financial statements. The Company also has
a 22.2% investment in the Brandywine Portfolio 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.
8
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 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
Notes: Current Quarter Historical Favorable Current Year- Historical Favorable
Quarter (unfavorable) to-Date Year-to-Date (unfavorable)
------------------------------------------------------- ---------------------------------------------
3 months ended 3 months ended Year ended Year ended
Reconciliation of total September 30, September 30, September 30, September 30,
NOI to same property
NOI:
2007 2006 2007 2006
------------------------------ ------------------------------
NOI - Core Retail
properties $12,577 $11,663 $36,483 $34,302
NOI - Opportunity Fund
properties 2,500 2,531 7,408 7,226
NOI - Residential
properties 422 709 2,192 2,685
NOI - Discontinued
Operations 599 1,757 1,537 5,110
Adjustment to reflect
2006 increase in Fund I
ownership percentage (2) (1,286) (1,197) (3,921) (3,403)
------------------------------ ------------------------------
Total NOI 14,812 15,463 43,699 45,920
NOI - Properties Acquired (841) (171) (2,882) (322)
NOI - Property sold or
held for sale (599) (1,757) (1,537) (5,110)
NOI - non recurring
transactions 47 (106) 231 (259)
------------------------------ ------------------------------
$13,419 $13,429 -0.1% $39,511 $40,229 -1.8%
============================================= =============================================
Same property NOI by portfolio component and revenues/expenses:
Core Retail Properties Core Retail Properties
Revenues $16,528 $15,963 3.5% $47,779 $47,279 1.1%
Expenses 4,766 4,444 -7.2% 14,028 13,220 -6.1%
--------------------------------------------- ---------------------------------------------
11,762 11,519 2.1% 33,751 34,059 -0.9%
--------------------------------------------- ---------------------------------------------
Opportunity Fund Properties Opportunity Fund Properties
Revenues 1,470 1,471 -0.1% 4,274 4,304 -0.7%
Expenses 235 270 13.0% 706 819 13.8%
--------------------------------------------- ---------------------------------------------
1,235 1,201 2.8% 3,568 3,485 2.4%
--------------------------------------------- ---------------------------------------------
Total Core Retail and
Opportunity Funds NOI 12,997 12,720 2.2% 37,319 37,544 -0.6%
------------------------------ ------------------------------
Residential Properties (2 Residential Properties (2
properties) properties)
Revenues 1,851 1,865 -0.8% 5,732 5,857 -2.1%
Expenses 1,429 1,156 -23.6% 3,540 3,172 -11.6%
--------------------------------------------- ---------------------------------------------
422 709 -40.5% 2,192 2,685 -18.4%
--------------------------------------------- ---------------------------------------------
$13,419 $13,429 -0.1% $39,511 $40,229 -1.8%
============================================= =============================================
(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%)]. The Company is entitled to $7.2 million Promote on
future Fund I earnings and currently receives 100% of Fund I income until
it has been repaid. Once repaid, the Company's share will return to 38%.
2007 and 2006 NOI from Fund I has been adjusted from 100% down to 38% for
comparability.
9
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Funds from Operations
("FFO")(1) 2007 2006
- ------------------------- ----------------------------------------------------- ------------------------------
Current Current Previous Previous Historic Historic
Year-to-Date Quarter Quarter Quarter Year-to-Date Quarter
Period ended 3 months 3 months 3 months Period ended 3 months ended
ended ended ended
Funds from operations Notes September 30, September June 30, March 31, September 30, September 30,
("FFO"): 2007 30, 2007 2007 2007 2006 2006
- -------------------------- -------------- ----------- ------------ ------------- ------------- ----------------
Net Income $18,243 $8,490 $3,034 $6,719 $13,323 $4,122
Add back:
Depreciation of real
estate and amortization
of leasing costs:
(net of minority
interest share)
Wholly owned and
consolidated
subsidiaries 13,825 3,870 5,158 4,797 15,255 4,928
Unconsolidated
subsidiaries 1,337 349 513 475 1,247 397
Income attributable to OP
units (2) 416 188 84 144 287 89
Loss (gain) on sale of
properties 241 241 - - (437) 394
Extraordinary item (net
of minority interests'
share and income taxes) (3,677) (794) - (2,883) - -
Distributions on
Preferred OP Units 18 5 5 8 188 63
-------------- ----------- ------------ ------------- ------------- ----------------
FFO 30,403 12,349 8,794 9,260 29,863 9,993
Extraordinary item (net
of minority interests'
share and income taxes) (4) 3,677 794 - 2,883 - -
-------------- ----------- ------------ ------------- ------------- ----------------
FFO - adjusted
for
extraordinary
item (4) $34,080 $13,143 $8,794 $12,143 $29,863 $9,993
============== =========== ============ ============= ============= ================
Adjusted Funds from
operations ("AFFO"):
- -----------------------
Diluted FFO $34,080 $13,143 $8,794 $12,143 $29,863 $9,993
Straight line rent, net (1,868) (560) (605) (703) 473 (863)
Non real estate
depreciation 523 186 173 164 351 117
Amortization of finance
costs 1,250 428 358 464 625 193
Amortization of cost of
management contracts 550 171 206 173 735 272
Tenant improvements (586) (25) (98) (463) (1,216) (466)
Leasing commissions (364) (173) (119) (72) (607) (202)
Capital expenditures (3,179) (1,757) (441) (981) (2,825) (736)
-------------- ----------- ------------ ------------- ------------- ----------------
AFFO $30,406 $11,413 $8,268 $10,725 $27,399 $8,308
============== =========== ============ ============= ============= ================
Funds Available for
Distribution ("FAD")
- -----------------------
AFFO $30,406 $11,413 $8,268 $10,725 $27,399 $8,308
Scheduled prinicpal
repayments (2,170) (627) (711) (832) (2,995) (1,027)
-------------- ----------- ------------ ------------- ------------- ----------------
FAD $28,236 $10,786 $7,557 $9,893 $24,404 $7,281
============== =========== ============ ============= ============= ================
Total weighted average
shares and OP Units:
Basic 33,548 33,629 33,599 33,414 33,156 33,156
============== =========== ============ ============= ============= ================
Diluted 33,965 33,979 33,894 34,113 33,791 33,815
============== =========== ============ ============= ============= ================
FFO per share:
FFO per share - Basic (3) $1.02 $0.39 $0.26 $0.36 $0.90 $0.30
============== =========== ============ ============= ============= ================
FFO per share - Diluted (3) $1.00 $0.39 $0.26 $0.36 $0.88 $0.30
============== =========== ============ ============= ============= ================
AFFO per share - Basic (3) $0.91 $0.34 $0.25 $0.32 $0.82 $0.25
============== =========== ============ ============= ============= ================
AFFO per share - Diluted (3) $0.90 $0.34 $0.24 $0.31 $0.81 $0.25
============== =========== ============ ============= ============= ================
FAD per share - Basic (3) $0.84 $0.32 $0.22 $0.30 $0.73 $0.22
============== =========== ============ ============= ============= ================
FAD per share - Diluted (3) $0.83 $0.32 $0.22 $0.29 $0.72 $0.22
============== =========== ============ ============= ============= ================
(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.
10
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Capital Expenditures
- --------------------
Year-to-Date Current Previous Previous
Quarter Quarter Quarter
-----------------------------------------
Period 3 months 3 months 3 months
ended ended ended ended
September 30, 2007 September 30, 2007 June 30, 2007 March 31, 2007
-------------------- -------------------- -------------------- --------------------
Leasing Commissions: $364 $173 $119 $72
-------------------- -------------------- -------------------- --------------------
Tenant Improvements: 586 25 98 463
-------------------- -------------------- -------------------- --------------------
Capital Expenditures:
Retail 2,714 1,435 370 909
Residential 465 322 71 72
-------------------- -------------------- -------------------- --------------------
3,179 1,757 441 981
-------------------- -------------------- -------------------- --------------------
Redevelopments 11,638 7,364 2,801 1,473
-------------------- -------------------- -------------------- --------------------
Total $15,767 $9,319 $3,459 $2,989
==================== ==================== ==================== ====================
11
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Consolidated Balance Sheets
---------------------------
(in thousands)
September 30, December 31,
2007 2006
-------------------- --------------------
ASSETS
Real estate
Land $172,932 $149,345
Buildings and improvements 532,768 483,894
Construction in progress 87,470 39,085
-------------------- --------------------
793,170 672,324
Less: accumulated depreciation (156,190) (140,485)
-------------------- --------------------
Net real estate 636,980 531,839
Cash and cash equivalents 127,956 139,571
Cash in escrow 12,070 7,510
Restricted Cash 552 549
Investments in and advances to
unconsolidated affiliates 37,388 31,049
Rents receivable, net of $2,087 and
$2,343 allowance, respectively 5,704 7,190
Straight-line rents receivable, net of
$910 allowance 5,121 4,704
Notes Receivable 36,116 38,322
Prepaid expenses 4,137 1,840
Deferred charges, net 20,596 20,816
Other assets 15,104 39,672
Acquired lease intangibles, net 16,734 11,653
Net assets of discontinued operations 16,537 16,977
-------------------- --------------------
$934,995 $851,692
==================== ====================
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $488,993 $435,192
Acquired lease intangibles, net 5,494 4,919
Accounts payable and accrued expenses 11,401 10,237
Dividends and distributions payable 6,666 6,661
Share of losses in excess of investment
in unconsolidated affiliates 20,788 21,728
Other liabilities 9,816 5,561
Net liabilities of discontinued
operations 12,331 12,538
-------------------- --------------------
Total liabilities 555,489 496,836
-------------------- --------------------
Minority interest in Operating
Partnership 4,785 8,673
Minority interests in partially owned
affiliates 129,135 105,064
-------------------- --------------------
Total minority interests 133,920 113,737
-------------------- --------------------
Shareholders' equity:
Common shares 32 31
Additional paid-in capital 232,092 227,555
Accumulated other comprehensive loss (305) (234)
Retained earnings 13,767 13,767
-------------------- --------------------
Total shareholders' equity 245,586 241,119
-------------------- --------------------
$934,995 $851,692
==================== ====================
12
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Pro-rata Consolidated Balance Sheet
- -----------------------------------
(in thousands)
Consolidated Minority Company's Pro-Rata
Balance Interest in Interest in Consolidated
Sheet Consolidated Unconsolidated Balance
As Reported (1) Subsidiaries Subsidiaries Sheet (2)
------------------------------------------------------------
ASSETS
Real estate
Land $172,932 $(58,817) $7,353 $121,468
Buildings and improvements 532,768 (101,282) 51,830 483,316
Construction in progress 87,470 (71,448) 114 16,136
-------------- -------------- -------------- ---------------
793,170 (231,547) 59,297 620,920
Less: accumulated depreciation (156,190) 21,844 (6,773) (141,119)
-------------- -------------- -------------- ---------------
Net real estate 636,980 (209,703) 52,524 479,801
Cash and cash equivalents 127,956 (8,800) 1,136 120,292
Cash in escrow 12,070 (6,041) 689 6,718
Restricted Cash 552 (23) 312 841
Investments in and advances to unconsolidated affiliates 37,388 (27,631) (6,353) 3,404
Rents receivable, net 5,704 (792) (89) 4,823
Straight-line rents receivable, net 5,121 1,603 1,282 8,006
Intercompany - - -
Notes Receivable 36,116 (8) - 36,108
Prepaid expenses 4,137 (991) 409 3,555
Deferred charges, net 20,596 (5,020) 7,962 23,538
Other assets 15,104 16,433 6 31,543
Acquired lease intangibles 16,734 (3,781) 7 12,960
Assets of discontinued operations 16,537 (10,289) - 6,248
-------------- -------------- -------------- ---------------
Total Assets $934,995 $(255,043) $57,885 $737,837
============== ============== ============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $488,052 (116,597) 73,126 $444,581
Valuation of debt at acquisition, net of amortization 941 (73) 1,450 2,318
Acquired lease intangibles 5,494 - - 5,494
Accounts payable and accrued expenses 11,401 781 3,202 15,384
Dividends and distributions payable 6,666 - - 6,666
Due to related parties - - -
Share of losses in excess of inv. in unconsolidated
affiliates 20,788 - (20,788) -
Interest rate swap payable - - - -
Other liabilities 9,816 (4,006) 895 6,705
Liabilities of discontinued operations 12,331 (7,672) - 4,659
-------------- -------------- -------------- ---------------
Total liabilities 555,489 (127,567) 57,885 485,807
-------------- -------------- -------------- ---------------
Minority interest in Operating Partnership 4,785 - - 4,785
Minority interests in partially owned affiliates 129,135 (127,476) - 1,659
-------------- -------------- -------------- ---------------
Total minority interests 133,920 (127,476) - 6,444
-------------- -------------- -------------- ---------------
Shareholders' equity:
Common shares 32 - - 32
Additional paid-in capital 232,092 - - 232,092
Accumulated other comprehensive income (305) - - (305)
Deficit 13,767 - - 13,767
-------------- -------------- -------------- ---------------
Total shareholders' equity 245,586 - - 245,586
-------------- -------------- -------------- ---------------
Total Liabilities and Shareholders' Equity $934,995 $(255,043) $57,885 $737,837
============== ============== ============== ===============
Notes
- ------------------------------------------------------------
(1) The interim consolidated balance sheet is unaudited, although it reflect
all adjustments, which in the opinion of management, are necessary for the
fair presentation of the consolidated balance sheet for the interim period.
(2) The Company currently invests in Funds I, II & III and Mervyns I & II which
are consolidated with the Company's financial statements. To provide
investors with supplemental information, the Company's investments in these
joint ventures are reflected above on a pro-rata basis by calculating it's
ownership percentage for each of the above asset and liability line items.
Similiarly, the above presentation also includes the Company's share of
assets and liaiblities for unconsolidated investments which are accounted
for under the equity method of accounting pursuant to GAAP.
13
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Selected Operating Ratios
- ---------------------------------------------
3 months ended September 30, 9 months ended September 30,
----------------------------- -----------------------------
2007 2006 2007 2006
------------- --------- -------- ---------
Coverage Ratios (1)
-----------------------
Interest Coverage Ratio
EBIDTA $21,755 $17,805 $57,122 $49,491
Divided by Interest expense 6,347 6,030 18,715 17,086
------------- --------- -------- ---------
3.43 x 2.95x 3.05 x 2.90x
Fixed Charge Coverage Ratio
EBIDTA $21,755 $17,805 $57,122 $49,491
Divided by ( Interest expense 6,347 6,030 18,715 17,086
+ Preferred Dividends) (2) 5 63 18 188
------------- --------- -------- ---------
3.42 x 2.92x 3.05 x 2.87x
Debt Service Coverage Ratio
EBIDTA $21,755 $17,805 $57,122 $49,491
Divided by ( Interest expense 6,347 6,030 18,715 17,086
+ Principal Amortization) 627 1,027 2,170 2,995
------------- --------- -------- ---------
3.12 x 2.52x 2.74 x 2.46x
Payout Ratios
----------------
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $6,666 $6,196 $19,992 $18,392
FFO 13,143 9,993 34,080 29,863
------------- --------- -------- ---------
51% 62% 59% 62%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $6,666 $6,196 $19,992 $18,392
AFFO 11,413 8,308 30,406 27,399
------------- --------- -------- ---------
58% 75% 66% 67%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $6,666 $6,196 $19,992 $18,392
FAD 10,786 7,281 28,236 24,404
------------- --------- -------- ---------
62% 85% 71% 75%
Leverage Ratios
---------------
Debt/Total Market Capitalization
Debt (3) $444,581 $367,599
Total Market Capitalization 1,335,094 1,198,344
------------- ---------
33% 31%
Debt + Preferred Equity (Preferred O.P.
Units) $444,769 $371,787
Total Market Capitalization 1,335,094 1,198,344
------------- ---------
33% 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.
14
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Portfolio Debt - Consolidated Summary
Reconciliation from GAAP Debt to Pro-Rata Share of Debt
(amounts in thousands)
Acadia Add: Less: Acadia
--------------- ---------------
Consolidated Pro-rata Minority Pro-rata
Interest Share
Debt Share of of Share of
Balance % of Total Unconsolidated Consolidated Outstanding % of Total
As Reported (2) Portfolio Debt (3) Debt (4) Debt (5) Portfolio
--------------- --------------- --------------- --------------- --------------- ---------------
Mortgage Notes Payable
Fixed-Rate Debt (1) $406,902 83% 68,293 (52,903) $422,292 95%
Variable-Rate Debt (1) 81,150 17% 4,833 (63,694) 22,289 5%
--------------- --------------- --------------- --------------- --------------- ---------------
Total $488,052 100% $73,126 (116,597) $444,581 100%
--------------- --------------- --------------- --------------- --------------- ---------------
Weighted Average Interest Rate
Fixed-Rate Debt 5.26% 5.25%
Variable-Rate Debt 6.49% 6.50%
--------------- ---------------
Total 5.46% 5.31%
--------------- ---------------
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 $941of FAS141 purchase price debt 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.
15
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Debt Analysis - Consolidated Debt (amounts in thousands)
Principal Acadia's Variable
% of Pro-
Ownership rata Balance at Pro-rata Interest Rate as of Maturity
Share of September September
Property Notes Entity Percent Lender Portfolio 30, 2007 Share Rate 30, 2007 Date
- ----------------------------------------------------------------------------------------------------------------------------------
Fixed-Rate Debt
- ---------------
Acadia Realty Acadia 3.75% Convertible
Trust 1 100.0% Notes $115,000 $115,000 3.75% 12/20/2011
Merrillville Acadia Bear Stearns
Plaza Commercial Mortgage,
2 100.0% Inc. 26,250 26,250 5.88% 8/1/2017
GHT Apartments Acadia 100.0% Bank of America, N.A. 10,354 10,354 7.55% 1/1/2011
Colony Acadia Bank of America, N.A.
Apartments 100.0% 5,177 5,177 7.55% 1/1/2011
239 Greenwich Acadia Wachovia
Avenue 75.0% 26,000 19,500 5.42% 2/11/2017
New Loudon Acadia RBS Greenwich Capital
Center 100.0% 14,800 14,800 5.64% 9/6/2014
Crescent Plaza Acadia 100.0% RBS Greenwich Capital 17,600 17,600 4.98% 9/6/2015
Pacesetter Park Acadia RBS Greenwich Capital
Shopping
Center 100.0% 12,500 12,500 5.12% 11/6/2015
Elmwood Park Acadia Bear Stearns
Shopping Commercial Mortgage,
Center 100.0% Inc. 34,600 34,600 5.53% 1/1/2016
Gateway Acadia Bear Stearns
Shopping Commercial Mortgage,
Center 100.0% Inc. 20,500 20,500 5.44% 3/1/2016
Clark-Diversey Acadia Lasalle Bank National
100.0% Association 3,741 3,741 8.50% 4/11/2028
Boonton Acadia GMAC Commercial
60.0% Mortgage Corporation 8,483 5,090 6.40% 11/1/2032
Chestnut Hill Acadia 100.0% Column Financial, Inc. 9,876 9,876 5.45% 6/11/2013
Walnut Hill Acadia Merrill Lynch Mortgage
Plaza 100.0% Lending, Inc. 23,500 23,500 6.06% 8/29/2016
4650 Broadway Fund II Bank of China
at Sherman
Avenue 3 19.2% 19,000 3,648 5.83% 3/1/2008
216th Street 3 Fund II 19.2% Bank of America, N.A. 25,500 4,896 5.80% 10/1/2017
Kroger Fund I Cortlandt Deposit
Portfolio 4 28.3% Corporation 4,950 1,403 6.62% 2/1/2009
Safeway Fund I Cortlandt Deposit
Portfolio 4 28.3% Corporation 4,893 1,386 6.51% 1/15/2009
Interest rate Acadia Bank of America, N.A. Various
swaps 5 24,178 24,178 6.30%
-------------------- ----------
Sub-Total
Fixed-Rate
Debt 95% 406,902 353,999 5.16%
-------------------- ----------
Variable-Rate Current LIBOR
Debt 5.12%
- ---------------
Bloomfield Town Acadia Bank of America, N.A. Libor +
Square 6 100.0% 125 6.37% 12/1/2010
Hobson West Acadia Bank of America, N.A. Libor +
Plaza 6 100.0% 125 6.37% 12/1/2010
Marketplace of Acadia Bank of America, N.A. Libor +
Absecon 6 100.0% 125 6.37% 12/1/2010
Village Acadia Bank of America, N.A. Libor +
Apartments 6 100.0% - - 125 6.37% 12/1/2010
Abington Towne Acadia Bank of America, N.A. Libor +
Center 6 100.0% 125 6.37% 12/1/2010
Methuen Acadia Bank of America, N.A. Libor +
Shopping
Center 6 100.0% 125 6.37% 12/1/2010
Town Line Plaza 6 Acadia 100.0% Bank of America, N.A. Libor + 140 6.52% 12/1/2010
Ledgewood Mall Acadia Washington Mutual Libor +
7 100.0% Bank, F.A. - - 125 6.37% 3/29/2010
Branch Plaza Acadia 100.0% Bank of America, N.A. 15,835 15,835 Libor + 130 6.42% 12/1/2011
Village Commons Acadia Bank of America, N.A. Libor +
Shopping
Center 8 100.0% 9,820 9,820 140 6.52% 6/29/2012
244-268 161st Fund II RBS Greenwich Capital Libor +
Street 3 19.2% 30,000 5,760 140 6.52% 4/1/2008
Liberty Avenue Fund II PNC Bank, National Libor +
3 19.2% Association 9,822 1,886 165 6.77% 5/18/2009
Granville Fund I Bank One, N.A. Libor +
Center 37.8% 2,851 1,077 200 7.12% 10/5/2007
400 East Fund II Bank of America Libor +
Fordham Road 3 19.2% 18,000 3,456 175 6.87% 11/1/2007
Acadia Fund II Bank of America, N.A. Libor +
Strategic / Bank of New York
Opportunity
Fund II, LLC 10 20.0% 19,000 3,800 75 5.87% 3/1/2008
Interest rate Acadia Bank of America, N.A.
swaps 5 (24,178) (24,178)
--------------------
Sub-Total
Variable-Rate
Debt 5% 81,150 17,456 Libor + 136 6.48%
--------------------------------------------------
Total
Consolidated
Debt -
Continuing
Operations 100% $488,052 $371,455 5.23%
=============================== ==========
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Debt Analysis - Unconsolidated Joint Ventures and Discontinued Operations
Principal Acadia's Variable
% of Pro-
Ownership rata Balance at Pro-rata Interest Rate as of Maturity
Share of September September
Fixed-Rate Debt Entity Percent Lender Portfolio 30, 2007 Share Rate 30, 2007 Date
- --------------- ---------------------------------------------------------------------- ------------------------------
Acadia Brandywine UBS Warburg Real
Brandywine JV Estate Investments,
Subsidiary 22.2% Inc. $61,375 $13,639 5.99% 7/1/2016
Acadia Brandywine Bear Stearns
Brandywine JV Commercial Mortgage,
Town Center 22.2% Inc. 31,550 7,011 5.99% 7/1/2016
Acadia Market Brandywine Bear Stearns
Square JV Commercial Mortgage,
Shopping Inc.
Center 22.2% 24,375 5,417 5.99% 7/1/2016
Acadia Brandywine Bear Stearns
Brandywine JV Commercial Mortgage,
Condominium 22.2% Inc. 22,650 5,033 5.99% 7/1/2016
Acadia Brandywine Bear Stearns
Brandywine JV Commercial Mortgage,
Holdings 22.2% Inc. 26,250 5,833 5.99% 7/1/2016
Crossroads Crossroads JPMorgan Chase Bank
Shopping JV
Center 49.0% 64,000 31,360 5.37% 12/1/2014
--------------------
Sub-Total
Fixed-Rate
Debt 93% 230,200 68,293 5.71%
-------------------- ----------
Variable-Rate
Debt Current LIBOR 5.12%
- ---------------
CityPoint 9 Fund II 4.9% Bank of America, N.A. 34,000 1,652 Libor + 120 6.32% 6/13/2008
Haygood Fund I JP Morgan Chase Bank, Libor +
Shopping N.A.
Center 11 18.9% 11,366 2,148 150 6.62% 8/23/2010
Sterling Fund I JP Morgan Chase Bank, Libor +
Heights N.A.
Shopping
Center 11 18.9% 5,471 1,033 185 6.97% 8/23/2010
--------------------
Sub-Total Libor +
Variable-Rate
Debt 7% 50,837 4,833 147 6.59%
------------------------------- ----------
Total
Unconsolidated
Debt 100% $281,037 $73,126 5.77%
=============================== ==========
- ----------------------------------------------------------------------------------------------------------------------------------
Discontinued
Operations
Properties held
for sale:
- ---------------
Amherst Fund I The Ohio National Life
Marketplace 37.8% Insurance Company 4,426 1,672 8.20% 6/1/2022
Sheffield Fund I Canada Life Insurance
Crossing 37.8% Company 6,601 2,494 8.00% 1/1/2023
--------------------
Total
Discontinued
Operations $11,027 $4,166
====================
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.
(3) Fund II is a 96% joint venture partner on this investment. As such,
Acadia'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 Acadia'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:
Forward
Notional Start Maturity
principal All-in Rate Spread Swap rate Date Date
---------------------------------------------------------------------- ----------
4,568 6.07% 1.36% 4.71% n/a 1/1/2010
11,216 6.25% 1.36% 4.90% n/a 10/1/2011
8,394 6.50% 1.36% 5.14% n/a 3/1/2012
---------- -------------------------------------------
$24,178 6.30% 1.36% 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 22.57% % joint venture partner in CityPoint. As such, Acadia's
pro-rata share of the above debt is 4.86%.
(10) This is a revolving facility for up to $70,000.
(11) Fund I is a 50% joint venture partner on this investment. As such, Acadia's
pro-rata share of the above debt is 50% x 37.78%, or 18.9%.
16
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 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 Debt Variable-Rate Debt
- --------------------------------------------------------------------------------------------------------------
2007 349 20,829 21,178 6.90% n/a 6.90%
2008 6,104 68,000 74,104 6.15% 5.83% 6.27%
2009 6,348 9,822 16,170 6.77% n/a 6.77%
2010 1,978 14,742 16,720 7.55% 7.55% n/a
2011 2,084 129,764 131,848 4.05% 3.75% 6.42%
Thereafter 24,120 203,912 228,032 5.63% 5.59% 6.52%
----------------------------------------
$40,983 $447,069 $488,052
========================================
Unconsolidated Debt(1)
2007 - - - n/a n/a n/a
2008 433 1,653 2,086 6.32% n/a 6.32%
2009 470 - 470 n/a n/a n/a
2010 487 3,153 3,640 6.73% n/a 6.73%
2011 508 - 508 n/a n/a n/a
Thereafter 2,104 64,318 66,422 5.73% 5.73% n/a
----------------------------------------
$4,002 $69,124 $73,126
========================================
17
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 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
18
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
- ------------------------------------------------------------------------------------------------------------------------
Item Notes Description
- ------------------------------------------------------------------------------------------------------------------------
Date formed June 2004
Capital commitment $300 million
Funding $182.0 funded through September 30, 2007 million
Partnership structure
Equity Contribution: 20% - Acadia
80% - Six institutional investors (Three are current
shareholders in Acadia as well)
Cash flow distribution: 20% - Acadia
80% - Six institutional investors
Promote: 20% to Acadia once all partners (including Acadia) have received 8% preferred
return and return of equity
Remaining 80% is distributed to all the partners (including Acadia).
Fees to Acadia Asset management fee equal to 1.5% of total committed capital (For the first 12
months, calculated on $200 million, 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
19
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Acadia Strategic Opportunity Fund III, LLC ("Fund III") - Overview
- ------------------------------------------------------------------------------------------------------------------------
Item Notes Description
- ------------------------------------------------------------------------------------------------------------------------
Date formed May 2007
Capital commitment $500 million
Funding $3.0 funded through September 30, 2007 million
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
20
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 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
21
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Opportunity Fund I Properties - Detail
- --------------------------------------
-------------------------------------------------------------------------------------------------------------------
Fund I's Annualized Base Rent
Ownership Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot
----------------------------------------------------------------------------------------------------------
% Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
=========----------------------------------------------------------------------------------------------------------
Midwest
- ---------------
Ohio
- ---------------
Amherst
Marketplace
(1) 100% 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 100% 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) 100% 69,659 42,875 112,534 100.00% 85.17% 94.35% 807,657 398,363 1,206,020 11.59 10.91 11.36
----------------------------------------------------------------------------------------------------------
Total - Midwest
Region 236,443 91,033 327,476 76.70% 66.72% 73.92% 2,109,188 649,585 2,758,773 11.63 10.69 11.40
----------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ---------------
Various
- ---------------
Kroger/Safeway
Portfolio (25
Properties) 75% 1,018,100 -1,018,100 100.00% 0.00%100.00% 7,362,811 - 7,362,811 7.23 - 7.23
----------------------------------------------------------------------------------------------------------
Haygood
Shopping
Center
(Virginia) 50% 95,303 83,194 178,497 100.00% 84.24% 92.65% 636,207 1,121,943 1,758,150 6.68 16.01 10.63
----------------------------------------------------------------------------------------------------------
New York
- ---------------
Tarrytown
Shopping
Center (New
York) 100% 15,497 19,794 35,291 100.00% 73.44% 85.10% 475,000 439,319 914,319 30.65 30.22 30.44
----------------------------------------------------------------------------------------------------------
Subtotal - Fund
I Operating
Properties 1,365,343194,0211,559,364 95.96% 74.92% 93.35% 10,583,206 2,210,847 12,794,053 8.08 15.21 8.79
----------------------------------------------------------------------------------------------------------
Fund I
Redevelopment
Properties
- ---------------
Sterling
Heights
Shopping
Center
(Michigan) 50% 90,400 64,435 154,835 100.00% 32.44% 71.88% 526,600 150,859 677,459 5.83 7.22 6.09
Hitchcock Plaza
(South
Carolina) 20% 146,507 70,754 217,261 89.19% 65.18% 81.37% 884,310 682,973 1,567,283 6.77 14.81 8.87
----------------------------------------------------------------------------------------------------------
Subtotal - Fund
I
Redevelopment
Properties 236,907135,189 372,096 93.31% 49.58% 77.42% 1,410,910 833,832 2,244,742 6.38 12.44 7.79
-------------------------------------------------------------------------------------------------------------------
Fund I Grand
Total 1,602,250329,2101,931,460 95.57% 64.51% 90.28%$11,994,116$3,044,679$15,038,795 $7.83 $14.34 $8.62
----------------------------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced. Tenants
who comprise greater than 10% of a center's GLA are considered anchor tenants
for the purposes of the above table.
(1) Amherst Marketplace ands Sheffield Crossing are both under contract for
sale.
22
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 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% 25.8%
2 Safeway (4) 13 350,475 2,752,853 26.2% 25.7%
3 Giant Eagle 2 135,896 1,536,352 10.2% 14.3%
4 Walgreens 1 15,497 475,000 1.2% 4.4%
----------------------------------------------------------------------------------------------------
Total 28 914,968 $7,533,460 68.5% 70.2%
====================================================================================================
(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.
23
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 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
1 quarter ended December 31, 2006 $1,375 $529 $692 $154
Adjustments:
To reflect full quarter of
2 consolidation of Tarrytown investment 63 - - 63
3 Adjust Kroger/Safeway Note 1 (128) - (128) -
NOI related to investements in Note 2
4 unconsolidated partnerships 544 544
5 Adjustment for minority interests (413) - (141) (272)
-------------- ----------------------------------------
6 Adjusted quarterly NOI 1,441 529 423 489
7 Annualized NOI Line 6 x 4 5,763 2,116 1,691 1,956
8 Debt as of December 31, 2006 Note 3 29,679 13,878 7,382 8,419
Adjust for Kroger/Safeway and Note 1
9 intercompany debt (1,706) - (7,382) 5,676
-------------- ----------------------------------------
10 Adjusted debt 27,973 13,878 - 14,095
6.00% 6.50% 7.00% 7.50% 8.00%
----------------------------------------------------------------
Gross asset value Line 7 x
11 cap rate $96,043 $88,655 $82,322 $76,834 $72,032
12 Adjusted debt (27,973) (27,973) (27,973) (27,973) (27,973)
Additional value of investment in
13 Hitchcock 7,000 7,000 7,000 7,000 7,000
Remaining Equity and Accumulated
14 Preferred Distribution in Fund I (5) - - - - -
----------------------------------------------------------------
15 75,070 67,682 61,349 55,861 51,059
Additional Mervyn's return (Original
16 capital already returned) 7,600 7,600 7,600 7,600 7,600
----------------------------------------------------------------
17 Total Value Subject to Promote 82,670 75,282 68,949 63,461 58,659
----------------------------------------------------------------
General Partner (Acadia) Promote on x 20%
18 Fund I assets 16,534 15,056 13,790 12,692 11,732
----------------------------------------------------------------
Remaining value to be allocated pro-
rata to Fund I investors (including
19 Acadia) 66,136 60,225 55,159 50,769 46,927
----------------------------------------------------------------
20 Acadia's share x 22.22% 14,695 13,382 12,256 11,281 10,427
----------------------------------------------------------------
Value of Acadia's interest in Line 18 +
21 remaining Fund I assets 20 31,229 28,438 26,046 23,973 22,159
Additional promote earned from Note 4
22 Brandywine recapitalization 7,500 7,500 7,500 7,500 7,500
----------------------------------------------------------------
23 Total value to Acadia $38,729 $35,938 $33,546 $31,473 $29,659
================================================================
Original Acadia invested capital in
24 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 $16,534 $15,056 $13,790 $12,692 $11,732
20% General Partner (Acadia) Promote on
Brandywine 7,500 7,500 7,500 7,500 7,500
----------------------------------------------------------------
Total promote $24,034 $22,556 $21,290 $20,192 $19,232
================================================================
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. *T
(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
24
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Opportunity 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 -112,000100.00% 0.00% 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
216th Street 96% - 60,000 60,000 0.00% 100.00% 100.00% - 2,340,000 2,340,000 - 39.00 39.00
----------------------------------------------------------------------------------------------------------
Subtotal - Fund
II Operating
Properties 112,000 77,088189,088100.00% 91.95% 96.72% 825,000 2,734,944 3,559,944 7.37 38.59 19.47
----------------------------------------------------------------------------------------------------------
Fund II
Redevelopment
Properties
- ---------------
400 East 96%
Fordham Road
(1) - - - - - - - - - - - -
Pelham Manor 96%
Shopping
Center (1) - - - - - - - - - - - -
Sherman Avenue 96%
(1) - - - - - - - - - - - -
161st Street 96% 137,334 86,187223,521100.00% 100.00% 100.00% 3,337,222 1,998,888 5,336,110 24.30 23.19 23.87
----------------------------------------------------------------------------------------------------------
Subtotal - Fund
II
Redevelopment
Properties 137,334 86,187223,521100.00% 100.00% 100.00% 3,337,222 1,998,888 5,336,110 24.30 23.19 23.87
-------------------------------------------------------------------------------------------------------------------
Fund II Grand
Total 249,334 163,275412,609100.00% 96.20% 98.50% $4,162,222 $4,733,832 $8,896,054 $16.69 $30.14 $21.89
----------------------------------------------------------------------------------------------------------
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.
(2) Fund II has also invested in the following projects: CityPoint, a
redevelopment project in downtown Brooklyn, NY and Atlantic Avenue, an
urban/infill investment in Brooklyn, NY. Additionally, Fund II is under
contract to purchase Canarsie Plaza in Brooklyn, NY.
25
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Fund II - New York Urban/Infill Redevelopment Properties
- ------------------------------------------------------------
Total cost Estimated
to date square
(including Estimated Total footage Estimated cost
Estimated start of Estimated acquisition future project upon per square
Property Anchors/Tenants construction completion cost) cost cost completion foot Notes
- ------------------------------------------------------------------------------------------------------------------------------------
(in
millions)
----------
Liberty Avenue CVS, Storage Post Construction
completed $14.0 $1.0 $15.0 125,000 120 (1)
216th Street City of New York Construction
Department of completed
General Services 27.0 - 27.0 60,000 450
Pelham Manor Home Depot Construction 2nd half 2008
Shopping Center commenced 27.5 17.5 45.0 320,000 141 (1)
161st Street Various New York 2nd half 2007 2nd half 2008
City and State
Agencies 49.0 16.0 65.0 232,000 280
400 East Fordham Sears, Walgreens, Construction 1st half 2009
Road Best Buy commenced 50.7 69.3 120.0 285,000 421
Canarsie Plaza Home Depot 2nd half 2007 1st half 2009 21.1 48.9 70.0 323,000 217 (2)
Sherman Avenue To be determined 2nd half 2007 2nd half 2009 27.5 27.5 55.0 175,000 314
CityPoint To be determined To be determined 34.0 291.0 325.0 600,000 542
Atlantic Avenue To be determined 2nd half 2008 2nd half 2009 7.5 15.5 23.0 110,000 209
---------------------------------------------------
$258.3 $486.7 $745.0 2,230,000 $334
===================================================
(1)The Fund acquired a ground lease interest at this property.
26
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Retail Properties by Region
- ---------------------------
------------------------------------------------------------------------------------------
Gross Leasable Area Occupancy
------------------------------------------------------------------------------------------
Anchors (1) Shops Total Anchors Shops Total
------------------------------------------------------------------------------------------
Core Properties
- --------------------
New York Region 613,273 415,776 1,029,049 100.00% 94.13% 97.63%
New England 890,812 306,033 1,196,845 100.00% 86.89% 96.65%
Midwest 392,726 349,138 741,864 94.02% 87.01% 90.72%
Mid-Atlantic 2,072,499 476,633 2,549,132 97.92% 74.58% 93.56%
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total Core
Properties 3,969,310 1,547,580 5,516,890 98.32% 85.07% 94.60%
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Opportunity Fund
Properties (2)
- --------------------
Midwest 348,443 91,033 439,476 84.19% 66.72% 80.57%
Mid-Atlantic 95,303 83,194 178,497 100.00% 84.24% 92.65%
New York Region 15,497 96,882 112,379 100.00% 88.17% 89.80%
Various
(Kroger/Safeway
Portfolio) 1,018,100 - 1,018,100 100.00% 0.00% 100.00%
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total - Opportunity
Fund Properties 1,477,343 271,109 1,748,452 96.27% 79.76% 93.71%
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Redevelopment
Properties
- --------------------
Mid West 90,400 64,435 154,835 100.00% 32.44% 71.88%
Mid-Atlantic 146,507 70,754 217,261 89.19% 65.18% 81.37%
New York Region 137,334 86,187 223,521 100.00% 100.00% 100.00%
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 374,241 221,376 595,617 95.77% 69.21% 85.90%
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square Foot
------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Totals
------------------------------------------------------------------------------------------
Core Properties
- --------------------
New York Region $10,833,359 $13,565,347 $24,398,706 $17.66 $34.66 $24.29
New England 6,755,693 3,401,939 10,157,632 8.51 12.79 9.59
Midwest 3,247,906 5,798,820 9,046,726 8.80 19.09 13.44
Mid-Atlantic 20,377,788 6,434,911 26,812,698 10.89 18.10 12.04
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total Core
Properties $41,214,746 $29,201,017 $70,415,762 $11.30 $22.18 $14.18
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Opportunity Fund
Properties (2)
- --------------------
Midwest 2,934,188 649,585 3,583,773 10.00 10.70 10.12
Mid-Atlantic 636,207 1,121,943 1,758,150 6.68 16.01 10.63
New York Region 475,000 3,174,263 3,649,263 30.65 37.16 36.16
Various
(Kroger/Safeway
Portfolio) 7,362,811 - 7,362,811 7.23 - 7.23
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total - Opportunity
Fund Properties $11,408,206 $4,945,791 $16,353,997 $8.02 $22.87 $9.98
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Redevelopment
Properties
- --------------------
Mid West 526,600 150,859 677,459 5.83 7.22 6.09
Mid-Atlantic 884,310 682,973 1,567,283 6.77 14.81 8.87
New York Region 3,337,222 1,998,888 5,336,110 24.30 23.19 23.87
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties $4,748,132 $2,832,720 $7,580,852 $13.25 $18.49 $14.82
------------------------------------------------------------------------------------------
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 Opportunity Fund properties.
27
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Retail Properties by State - Summary
- -------------------------------------------------------
----------------------------------------------------------------------------------------------------
Gross Leasable Area Occupancy
-----------------------------------------------------------------
Ownership Percent ofNumber of
base rent properties Anchors (2) Shops Total Anchors Shops Total
% (1)
----------------------------------------------------------------------------------------------------
Core Properties
- ------------------------------
Connecticut 75.0% 4.5% 2 179,993 43,197 223,190 100.00% 96.05% 99.24%
Delaware 22.2% 5.5% 3 878,474 119,087 997,561 98.35% 91.21% 97.49%
Illinois 100.0% 3.4% 2 51,692 66,475 118,167 100.00% 96.61% 98.09%
Indiana 100.0% 4.3% 1 145,778 89,900 235,678 84.90% 90.37% 86.99%
Massachusetts 100.0% 4.5% 2 281,366 66,796 348,162 100.00% 96.07% 99.25%
Michigan 100.0% 4.9% 1 126,960 105,221 232,181 98.83% 96.61% 97.82%
New Jersey 0.0% 17.0% 4 541,073 293,653 834,726 100.00% 79.15% 92.67%
New York 0.0% 28.4% 10 735,577 320,065 1,055,642 100.00% 92.38% 97.69%
Ohio 100.0% 2.6% 1 68,296 87,542 155,838 100.00% 64.74% 80.19%
Pennsylvania 100.0% 8.5% 6 765,025 164,219 929,244 96.26% 69.88% 91.60%
Rhode Island 100.0% 3.9% 1 121,892 162,825 284,717 100.00% 80.76% 89.00%
Vermont 100.0% 3.0% 1 73,184 28,600 101,784 100.00% 84.38% 95.61%
-------------------------------------------------------------------------------------
-----------------------------------------------------------------
Total - Core Properties 90.4% 34 3,969,310 1,547,580 5,516,890 98.32% 85.07% 94.60%
-------------------------------------------------------------------------------------
-----------------------------------------------------------------
Opportunity Fund Properties(3)
- ------------------------------
Operating Properties
Illinois 20.0% 0.3% 1 112,000 - 112,000 100.00% 0.00% 100.00%
Ohio 37.8% 1.7% 3 236,443 91,033 327,476 76.70% 66.72% 73.92%
Virginia 18.9% 0.6% 1 95,303 83,194 178,497 100.00% 84.24% 92.65%
New York 49.0% 1.5% 3 15,497 96,882 112,379 100.00% 88.17% 89.80%
Various (Kroger/Safeway
Portfolio) 28.3% 3.5% 25 1,018,100 - 1,018,100 100.00% 0.00% 100.00%
---------------------------------------------------------------------------
-----------------------------------------------------------------
Total - Opportunity Fund
Properties 7.5% 33 1,477,343 271,109 1,748,452 96.27% 79.76% 93.71%
-------------------------------------------------------------------------------------
-----------------------------------------------------------------
Redevelopment Properties
- ------------------------------
Michigan 18.9% 0.2% 1 90,400 64,435 154,835 100.00% 32.44% 71.88%
New York 19.2% 1.7% 5 137,334 86,187 223,521 100.00% 100.00% 100.00%
South Carolina 7.6% 0.2% 1 146,507 70,754 217,261 89.19% 65.18% 81.37%
---------------------------------------------------------------------------
-----------------------------------------------------------------
Total - Redevelopment
Properties 2.1% 7 374,241 221,376 595,617 95.77% 69.21% 85.90%
-------------------------------------------------------------------------------------
100.0% 74
====================
------------------------------------------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square Foot
------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Totals
------------------------------------------------------------------------------------------
Core Properties
- ------------------------------
Connecticut $2,334,621 $689,923 $3,024,544 $28.23 $16.63 $24.36
Delaware 12,999,086 2,840,650 15,839,735 15.05 26.15 16.29
Illinois 225,436 1,790,525 2,015,961 4.36 27.88 17.39
Indiana 1,231,402 1,318,457 2,549,859 9.95 16.23 12.44
Massachusetts 1,964,975 742,184 2,707,159 6.98 11.57 7.83
Michigan 988,349 1,958,349 2,946,698 7.88 19.26 12.97
New Jersey 6,272,333 4,354,681 10,627,014 11.59 18.74 13.74
New York 8,745,764 11,248,820 19,994,584 11.89 38.04 19.39
Ohio 802,719 731,489 1,534,208 11.75 12.91 12.28
Pennsylvania 3,396,829 1,669,285 5,066,114 5.87 14.55 7.30
Rhode Island 935,920 1,372,082 2,308,002 7.68 10.43 9.11
Vermont 1,317,312 484,572 1,801,884 18.00 20.08 18.52
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total - Core Properties $41,214,746 $29,201,017 $70,415,762 $11.30 $22.18 $14.18
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Opportunity Fund Properties(3)
- ------------------------------
Operating Properties
Illinois $825,000 $- $825,000 $7.37 $- $7.37
Ohio 2,109,188 649,585 2,758,773 11.63 10.70 11.40
Virginia 636,207 1,121,943 1,758,150 6.68 16.01 10.63
New York 475,000 3,174,263 3,649,263 30.65 37.16 36.16
Various (Kroger/Safeway
Portfolio) 7,362,811 - 7,362,811 7.23 - 7.23
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total - Opportunity Fund
Properties $11,408,206 $4,945,791 $16,353,997 $8.02 $22.87 $9.98
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Redevelopment Properties
- ------------------------------
Michigan $526,600 $150,859 $677,459 $5.83 $7.22 $6.09
New York 3,337,222 1,998,888 5,336,110 24.30 23.19 23.87
South Carolina 884,310 682,973 1,567,283 6.77 14.81 8.87
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total - Redevelopment
Properties $4,748,132 $2,832,720 $7,580,852 $13.25 $18.49 $14.82
------------------------------------------------------------------------------------------
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 Opportunity Fund properties.
28
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Retail Properties - Detail
- ---------------------------------
Gross Leasable Area Occupancy
------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total
------------------------------------------------------------------------------------------
CORE PROPERTIES: Acadia's
interest
----------
New York Region
- --------------------
Connecticut
- --------------------
239 Greenwich
Avenue(1) 75.0% 16,834 - 16,834 100.00% - 100.00%
------------------------------------------------------------------------------------------
New Jersey
- --------------------
Elmwood Park
Shopping Center 100.0% 62,610 86,881 149,491 100.00% 100.00% 100.00%
A & P Shopping Plaza 60.0% 49,463 13,445 62,908 100.00% 100.00% 100.00%
------------------------------------------------------------------------------------------
Total - New Jersey 112,073 100,326 212,399 100.00% 100.00% 100.00%
------------------------------------------------------------------------------------------
New York
- --------------------
Village Commons
Shopping Center 100.0% 16,125 71,044 87,169 100.00% 97.85% 98.25%
Branch Plaza 100.0% 74,050 51,701 125,751 100.00% 96.79% 98.68%
Amboy Road 100.0% 46,964 13,126 60,090 100.00% 100.00% 100.00%
Bartow Avenue 100.0% - 14,676 14,676 - 86.79% 86.79%
Pacesetter Park
Shopping Center 100.0% 52,052 44,646 96,698 100.00% 85.77% 93.43%
2914 Third Avenue 100.0% 43,500 - 43,500 100.00% - 100.00%
West Shore
Expressway 100.0% 51,494 - 51,494 100.00% - 100.00%
West 54th Street 100.0% - 9,814 9,814 0.00% 72.76% 72.76%
Crossroads Shopping
Center 49.0% 200,181 110,443 310,624 100.00% 90.73% 96.70%
------------------------------------------------------------------------------------------
Total - New York 484,366 315,450 799,816 100.00% 92.27% 96.95%
------------------------------------------------------------------------------------------
Total - New York
Region 613,273 415,776 1,029,049 100.00% 94.13% 97.63%
------------------------------------------------------------------------------------------
New England
- --------------------
Connecticut
- --------------------
Town Line Plaza(2) 100.0% 163,159 43,197 206,356 100.00% 96.05% 99.17%
------------------------------------------------------------------------------------------
Massachusetts
- --------------------
Methuen Shopping
Center 100.0% 124,381 5,640 130,021 100.00% 100.00% 100.00%
Crescent Plaza 100.0% 156,985 61,156 218,141 100.00% 95.71% 98.80%
------------------------------------------------------------------------------------------
Total -
Massachusetts 281,366 66,796 348,162 100.00% 96.07% 99.25%
------------------------------------------------------------------------------------------
New York
- --------------------
New Loudon Center 100.0% 251,211 4,615 255,826 100.00% 100.00% 100.00%
------------------------------------------------------------------------------------------
Rhode Island
- --------------------
Walnut Hill Plaza 100.0% 121,892 162,825 284,717 100.00% 80.76% 89.00%
------------------------------------------------------------------------------------------
Vermont
- --------------------
The Gateway Shopping
Center 100.0% 73,184 28,600 101,784 100.00% 84.38% 95.61%
------------------------------------------------------------------------------------------
Total - New England
Region 890,812 306,033 1,196,845 100.00% 86.89% 96.65%
------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square Foot
------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total
------------------------------------------------------------------------------------------
CORE PROPERTIES:
New York Region
- --------------------
Connecticut
- --------------------
239 Greenwich
Avenue(1) $1,397,621 $- $1,397,621 $83.02 $- $83.02
------------------------------------------------------------------------------------------
New Jersey
- --------------------
Elmwood Park
Shopping Center 1,390,460 2,076,720 3,467,180 22.21 23.90 23.19
A & P Shopping Plaza 900,000 352,985 1,252,985 18.20 26.25 19.92
------------------------------------------------------------------------------------------
Total - New Jersey 2,290,460 2,429,705 4,720,165 20.44 24.22 22.22
------------------------------------------------------------------------------------------
New York
- --------------------
Village Commons
Shopping Center 274,125 2,026,134 2,300,259 17.00 29.15 26.86
Branch Plaza 1,111,040 1,355,082 2,466,122 15.00 27.08 19.87
Amboy Road 1,012,015 525,936 1,537,951 21.55 40.07 25.59
Bartow Avenue - 401,429 401,429 - 31.51 31.51
Pacesetter Park
Shopping Center 372,562 731,559 1,104,121 7.16 19.10 12.22
2914 Third Avenue 844,000 - 844,000 19.40 - 19.40
West Shore
Expressway 1,265,000 - 1,265,000 24.57 - 24.57
West 54th Street - 2,345,221 2,345,221 - 328.41 328.41
Crossroads Shopping
Center 2,266,536 3,750,281 6,016,817 11.32 37.43 20.03
------------------------------------------------------------------------------------------
Total - New York 7,145,278 11,135,642 18,280,920 14.75 38.26 23.58
------------------------------------------------------------------------------------------
Total - New York
Region 10,833,359 13,565,347 24,398,706 17.66 34.66 24.29
------------------------------------------------------------------------------------------
New England
- --------------------
Connecticut
- --------------------
Town Line Plaza(2) 937,000 689,923 1,626,923 14.23 16.63 15.16
------------------------------------------------------------------------------------------
Massachusetts
- --------------------
Methuen Shopping
Center 845,889 112,800 958,689 6.80 20.00 7.37
Crescent Plaza 1,119,086 629,384 1,748,470 7.13 10.75 8.11
------------------------------------------------------------------------------------------
Total -
Massachusetts 1,964,975 742,184 2,707,159 6.98 11.57 7.83
------------------------------------------------------------------------------------------
New York
- --------------------
New Loudon Center 1,600,486 113,178 1,713,664 6.37 24.52 6.70
------------------------------------------------------------------------------------------
Rhode Island
- --------------------
Walnut Hill Plaza 935,920 1,372,082 2,308,002 7.68 10.43 9.11
------------------------------------------------------------------------------------------
Vermont
- --------------------
The Gateway Shopping
Center 1,317,312 484,572 1,801,884 18.00 20.08 18.52
------------------------------------------------------------------------------------------
Total - New England
Region 6,755,693 3,401,939 10,157,632 8.51 12.79 9.59
------------------------------------------------------------------------------------------
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) 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.
CORE PROPERTIES Acadia's
(continued):
interest
----------
Midwest
- --------------------
Illinois
- --------------------
Hobson West Plaza 100.0% 51,692 47,210 98,902 100.00% 95.22% 97.72%
Clark Diversey 100.0% - 19,265 19,265 - 100.00% 100.00%
------------------------------------------------------------------------------------------
Total - Illinois 51,692 66,475 118,167 100.00% 96.61% 98.09%
------------------------------------------------------------------------------------------
Indiana
- --------------------
Merrillville Plaza 100.0% 145,778 89,900 235,678 84.90% 90.37% 86.99%
Michigan
- --------------------
Bloomfield Towne
Square 100.0% 126,960 105,221 232,181 98.83% 96.61% 97.82%
Ohio
- --------------------
Mad River Station(1) 100.0% 68,296 87,542 155,838 100.00% 64.74% 80.19%
------------------------------------------------------------------------------------------
Total - Midwest
Region 392,726 349,138 741,864 94.02% 87.01% 90.72%
------------------------------------------------------------------------------------------
Mid-Atlantic
- --------------------
New Jersey
- --------------------
Marketplace of
Absecon 100.0% 58,031 47,104 105,135 100.00% 89.51% 95.30%
Ledgewood Mall 100.0% 370,969 146,223 517,192 100.00% 61.51% 89.12%
------------------------------------------------------------------------------------------
Total - New Jersey 429,000 193,327 622,327 100.00% 68.33% 90.16%
------------------------------------------------------------------------------------------
Delaware
- --------------------
Brandywine Town
Center 22.2% 839,624 35,284 874,908 98.27% 98.68% 98.29%
Market Square
Shopping Center 22.2% 38,850 63,812 102,662 100.00% 84.33% 90.26%
Naamans Road - Core 22.2% - 19,991 19,991 0.00% 100.00% 100.00%
------------------------------------------------------------------------------------------
Total - Delaware 878,474 119,087 997,561 98.35% 91.21% 97.49%
------------------------------------------------------------------------------------------
Pennsylvania
- --------------------
Blackman Plaza 100.0% 112,051 13,213 125,264 100.00% 28.97% 92.51%
Mark Plaza 100.0% 157,595 58,806 216,401 100.00% 74.32% 93.02%
Plaza 422 100.0% 132,845 22,304 155,149 78.47% 13.45% 69.12%
Route 6 Plaza 100.0% 146,498 29,007 175,505 100.00% 86.21% 97.72%
Chestnut Hill (2) 100.0% 31,420 9,150 40,570 100.00% 100.00% 100.00%
Abington Towne
Center (3) 100.0% 184,616 31,739 216,355 100.00% 94.75% 99.23%
------------------------------------------------------------------------------------------
Total - Pennsylvania 765,025 164,219 929,244 96.26% 69.88% 91.60%
------------------------------------------------------------------------------------------
Total - Mid-Atlantic
Region 2,072,499 476,633 2,549,132 97.92% 74.58% 93.56%
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total - Core
Properties 3,969,310 1,547,580 5,516,890 98.32% 85.07% 94.60%
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total - Core
Properties -
weighted based on
ownership interest(4) 3,159,947 1,393,250 4,553,197 98.25% 84.38% 94.00%
Midwest
- --------------------
Illinois
- --------------------
Hobson West Plaza $225,436 $986,659 $1,212,095 $4.36 $21.95 $12.54
Clark Diversey - 803,866 803,866 - 41.73 41.73
------------------------------------------------------------------------------------------
Total - Illinois 225,436 1,790,525 2,015,961 4.36 27.88 17.39
------------------------------------------------------------------------------------------
Indiana
- --------------------
Merrillville Plaza 1,231,402 1,318,457 2,549,859 9.95 16.23 12.44
Michigan
- --------------------
Bloomfield Towne
Square 988,349 1,958,349 2,946,698 7.88 19.26 12.97
Ohio
- --------------------
Mad River Station
(1) 802,719 731,489 1,534,208 11.75 12.91 12.28
------------------------------------------------------------------------------------------
Total - Midwest
Region 3,247,906 5,798,820 9,046,726 8.80 19.09 13.44
------------------------------------------------------------------------------------------
Mid-Atlantic
- --------------------
New Jersey
- --------------------
Marketplace of
Absecon 984,014 667,620 1,651,634 16.96 15.83 16.48
Ledgewood Mall 2,997,859 1,257,356 4,255,215 8.08 13.98 9.23
------------------------------------------------------------------------------------------
Total - New Jersey 3,981,873 1,924,976 5,906,849 9.28 14.57 10.53
------------------------------------------------------------------------------------------
Delaware
- --------------------
Brandywine Town
Center 12,452,536 586,393 13,038,928 15.09 16.84 15.16
Market Square
Shopping Center 546,550 1,376,250 1,922,800 14.07 25.57 20.75
Naamans Road - Core - 878,007 878,007 - 43.92 43.92
------------------------------------------------------------------------------------------
Total - Delaware 12,999,086 2,840,650 15,839,735 15.05 26.15 16.29
------------------------------------------------------------------------------------------
Pennsylvania
- --------------------
Blackman Plaza 268,519 20,400 288,919 2.40 5.33 2.49
Mark Plaza 652,095 340,076 992,171 4.14 7.78 4.93
Plaza 422 407,520 36,500 444,020 3.91 12.17 4.14
Route 6 Plaza 806,351 277,080 1,083,431 5.50 11.08 6.32
Chestnut Hill (2) 992,344 300,028 1,292,372 31.58 32.79 31.86
Abington Towne
Center (3) 270,000 695,201 965,201 10.00 23.12 16.91
------------------------------------------------------------------------------------------
Total - Pennsylvania 3,396,829 1,669,285 5,066,114 5.87 14.55 7.30
------------------------------------------------------------------------------------------
Total - Mid-Atlantic
Region 20,377,788 6,434,911 26,812,698 10.89 18.10 12.04
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total - Core
Properties $41,214,746 $29,201,017 $70,415,762 $11.30 $22.18 $14.18
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total - Core
Properties -
weighted based on
ownership interest(4) $29,238,718 $24,937,722 $54,176,440 $9.42 $21.21 $12.66
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.
(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.
(4) Weighted based on Acadia's ownership interest in the properties.
OPPORTUNITY FUND
PROPERTIES: Acadia's
interest
----------
FUND I Properties
- --------------------
Ohio
- --------------------
Amherst Marketplace
(4) 37.8% 76,737 3,208 79,945 100.00% 100.00% 100.00%
Granville Centre 37.8% 90,047 44,950 134,997 38.81% 46.74% 41.45%
Sheffield Crossing
(4) 37.8% 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%
------------------------------------------------------------------------------------------
Virginia
- --------------------
Haygood Shopping
Center (1) 18.9% 95,303 83,194 178,497 100.00% 84.24% 92.65%
------------------------------------------------------------------------------------------
Total - Mid-Atlantic
Region 95,303 83,194 178,497 100.00% 84.24% 92.65%
------------------------------------------------------------------------------------------
New York
- --------------------
Tarrytown Shopping
Center 37.8% 15,497 19,794 35,291 100.00% 73.44% 85.10%
------------------------------------------------------------------------------------------
Total - New York
Region 15,497 19,794 35,291 100.00% 73.44% 85.10%
------------------------------------------------------------------------------------------
Various Regions
- --------------------
Kroger/Safeway
Portfilio (2) 28.3% 1,018,100 - 1,018,100 100.00% - 100.00%
------------------------------------------------------------------------------------------
Total - Fund I
Properties 1,365,343 194,021 1,559,364 95.96% 74.92% 93.35%
------------------------------------------------------------------------------------------
FUND II Properties
- --------------------
Illinois
- --------------------
Oakbrook 20.0% 112,000 - 112,000 100.00% - 100.00%
------------------------------------------------------------------------------------------
Total - Midwest
Region 112,000 - 112,000 100.00% - 100.00%
------------------------------------------------------------------------------------------
New York
- --------------------
Liberty Avenue 19.2% - 17,088 17,088 0.00% 63.67% 63.67%
216th Street 19.2% - 60,000 60,000 0.00% 100.00% 100.00%
------------------------------------------------------------------------------------------
Total - New York
Region - 77,088 77,088 0.00% 91.95% 91.95%
------------------------------------------------------------------------------------------
Total - Fund II
Properties 112,000 77,088 189,088 100.00% 91.95% 96.72%
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total - Opportunity Fund
Operating Properties 1,477,343 271,109 1,748,452 96.27% 79.76% 93.71%
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Core & Opportunity Fund -
Operating Properties
weighted based on ownership
interest 3,584,011 1,465,637 5,049,648 97.88% 83.98% 93.84%
------------------------------------------------------------------------------------------
REDEVELOPMENT
PROPERTIES
------------------------------------------------------------------------------------------
Sterling Heights
Shopping Center -
Fund I (1) 18.9% 90,400 64,435 154,835 100.00% 32.44% 71.88%
Hitchcock Plaza -
Fund I (3) 7.6% 146,507 70,754 217,261 89.19% 65.18% 81.37%
400 East Fordham
Road - Fund II 19.2% - - - - - -
Pelham Manor
Shopping Plaza -
Fund II 19.2% - - - - - -
Sherman Avenue at
Broadway - Fund II 19.2% - - - - - -
161st Street - Fund
II 19.2% 137,334 86,187 223,521 100.00% 100.00% 100.00%
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties 374,241 221,376 595,617 95.77% 69.21% 85.90%
OPPORTUNITY FUND
PROPERTIES:
FUND I Properties
- --------------------
Ohio
- --------------------
Amherst Marketplace
(4) $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
(4) 807,657 398,363 1,206,020 11.59 10.91 11.36
------------------------------------------------------------------------------------------
Total - Midwest
Region 2,109,188 649,585 2,758,773 11.63 10.69 11.40
------------------------------------------------------------------------------------------
Virginia
- --------------------
Haygood Shopping
Center (1) 636,207 1,121,943 1,758,150 6.68 16.01 10.63
------------------------------------------------------------------------------------------
Total - Mid-Atlantic
Region 636,207 1,121,943 1,758,150 6.68 16.01 10.63
------------------------------------------------------------------------------------------
New York
- --------------------
Tarrytown Shopping
Center 475,000 439,319 914,319 30.65 30.22 30.44
------------------------------------------------------------------------------------------
Total - New York
Region 475,000 439,319 914,319 30.65 30.22 30.44
------------------------------------------------------------------------------------------
Various Regions
- --------------------
Kroger/Safeway
Portfilio (2) 7,362,811 - 7,362,811 7.23 - 7.23
------------------------------------------------------------------------------------------
Total - Fund I
Properties 10,583,206 2,210,847 12,794,053 8.08 15.21 8.79
------------------------------------------------------------------------------------------
FUND II Properties
- --------------------
Illinois
- --------------------
Oakbrook 825,000 - 825,000 7.37 - 7.37
------------------------------------------------------------------------------------------
Total - Midwest
Region 825,000 - 825,000 7.37 - 7.37
------------------------------------------------------------------------------------------
New York
- --------------------
Liberty Avenue - 394,944 394,944 - 36.30 36.30
216th Street - 2,340,000 2,340,000 - 39.00 39.00
------------------------------------------------------------------------------------------
Total - New York
Region - 2,734,944 2,734,944 - 38.59 38.59
------------------------------------------------------------------------------------------
Total - Fund II
Properties 825,000 2,734,944 3,559,944 - 38.59 19.47
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
$11,408,206 $4,945,791 $16,353,997 $8.02 $22.87 $9.98
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
$32,586,456 $26,086,154 $58,672,610 $9.29 $21.19 $12.38
------------------------------------------------------------------------------------------
REDEVELOPMENT
PROPERTIES
------------------------------------------------------------------------------------------
Sterling Heights
Shopping Center -
Fund I (1) $526,600 $150,859 $677,459 $5.83 $7.22 $6.09
Hitchcock Plaza -
Fund I (3) 884,310 682,973 1,567,283 6.77 14.81 8.87
400 East Fordham
Road - Fund II - - - - - -
Pelham Manor
Shopping Plaza -
Fund II - - - - - -
Sherman Avenue at
Broadway - Fund II - - - - - -
161st Street - Fund
II 3,337,222 1,998,888 5,336,110 24.30 23.19 23.87
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Total -
Redevelopment
Properties $4,748,132 $2,832,720 $7,580,852 $13.25 $18.49 $14.82
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 Ihas a 50% interest in these properties.
(2) Fund I portfolio of 25 triple-net, anchor-only leases with Kroger and
Safeway supermarkets.
(3) Fund I has a 20% interest in the property.
(4) Amherst Marketplace and Sheffield Crossing are under contract for sale.
29
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Cash (2) GAAP (3) Cash (2) GAAP (3) Cash (2) GAAP (3) Cash (2) GAAP (3)
Year-to-Date 3 months ended 3 months ended 3 months ended Year ended
New and Renewal Rent Spreads December 31,
(1) September 30, 2007 September 30, 2007 June 30, 2007 March 31, 2007 2006
------------------------------------------------- -------------------- -------------------- -------------------- ---------------
New leases
Number of new leases
commencing 19 19 5 5 6 6 8 8 18
GLA 71,791 71,791 38,886 38,886 17,234 17,234 15,671 15,671 73,273
New base rent $22.03 $23.97 $18.35 $19.97 $25.94 $27.96 $26.84 $29.53 $15.30
Previous base rent (and
percentage rent) $15.14 $14.97 $10.74 $10.27 $15.81 $15.99 $25.33 $25.49 $11.19
Percentage growth in base
rent 45.5% 60.2% 70.9% 94.4% 64.1% 74.9% 6.0% 15.8% 36.7%
Average cost per square foot $26.96 $26.96 $27.62 $27.62 $40.13 $40.13 $10.85 $10.85 $13.52
Renewal leases
Number of renewal leases
commencing 37 37 11 11 9 9 17 17 47
GLA expiring 266,457 266,457 47,434 47,434 119,549 119,549 99,474 99,474 287,107
Renewal percentage 71% 71% 78% 78% 57% 57% 84% 84% 71%
New base rent $13.93 $14.32 $16.43 $16.97 $10.67 $10.99 $15.48 $15.85 $15.25
Expiring base rent (and
percentage rent) $12.87 $12.51 $15.10 $14.80 $10.19 $9.70 $14.07 $13.79 $13.60
Percentage growth in base
rent 8.2% 14.4% 8.8% 14.7% 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 $0.00 $0.00
Total new and renewal Leases
Number of new and renewal
leases commencing 56 56 16 16 15 15 25 25 65
GLA commencing 260,925 260,925 75,885 75,885 85,377 85,377 99,663 99,663 277,032
New base rent $16.16 $16.98 $17.41 $18.51 $13.75 $14.42 $17.27 $18.00 $15.27
Expiring base rent (and
percentage rent) $13.50 $13.19 $12.87 $12.48 $11.32 $10.97 $15.84 $15.63 $12.96
Percentage growth in base
rent 19.7% 28.7% 35.4% 48.3% 21.4% 31.4% 9.0% 15.2% 17.8%
Average cost per square foot $7.42 $7.42 $14.15 $14.15 $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 calculated on a straight line basis. 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) Rents are calculated on a straight-line basis.
30
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Top Tenants - Ranked by Annualized Base Rent
(Combined basis - Includes pro-rata share of GLA and rent for JV properties)
Core Portfolio Opportunity Funds (2)
--------------------------------------------------------------------------------
Wholly Owned Joint Ventures
-------------------- --------------------
Number of
stores in Annualized
combined Annualized Base Base Rent Annualized Base
Ranking Retail Tenant portfolio Total GLA Rent (1) Total GLA (1) Total GLA Rent (1)
- -------------------------------------------------------------------------------------------------------------------
1 Albertson's 4 220,625 $3,012,896 - $- - $-
-- Shaw's 3 175,801 2,358,192 - - - -
-- Acme 1 44,824 654,704 - - - -
2 A&P (Waldbaum's) 4 149,729 2,566,284 18,722 246,960 - -
--
A&P/Waldbaum's 4 149,729 2,566,284 18,722 246,960 - -
3 T.J. Maxx 8 230,627 1,765,051 6,972 88,189 - -
-- T.J. Maxx 4 88,200 726,300 6,972 88,189 - -
-- Marshalls 3 102,781 731,494 - - - -
-- Homegoods 1 39,646 307,257 - - - -
4 Sears 5 390,270 1,355,279 49,355 277,463 - -
-- Kmart 4 329,570 1,097,279 49,355 277,463 - -
-- Sears 1 60,700 258,000 - - - -
5 Wal-Mart 2 210,114 1,515,409 - - - -
6 Ahold 2 117,911 1,299,264 - - - -
-- Stop and
Shop 2 117,911 1,299,264 - - - -
7 Home Depot 2 211,003 1,009,646 - - - -
8 Pathmark 1 47,773 955,460 - - - -
9 Price Chopper 1 77,450 804,059 - - - -
Restoration
10 Hardware 1 9,220 780,864 - - - -
11 Kroger(5) 12 - - - - 156,069 1,046,225
12 Safeway (6) 13 - - - - 132,409 1,040,028
13 Circuit City 2 59,278 949,921 - - - -
14 Sleepy's 5 35,745 683,429 - - - -
Federated
Department
15 Stores (Macy's) 1 73,349 651,245 - - - -
Payless
16 Shoesource 9 26,225 484,590 1,514 52,994 952 10,473
17 CVS 4 28,600 482,939 - - 3,967 59,504
Limited Brands -
18 Express 1 12,882 510,344 - - - -
19 JC Penney 1 50,000 495,000 - - - -
20 Borders Books 1 18,538 482,000 - - - -
------------------------------------------------------------------------------------------
Total 79 1,969,339 19,803,680 76,563 665,606 293,397 2,156,230
==========================================================================================
Percentage of Total
Combined Represented by Retail Tenant
------------------------------------------------------------
Average Gross
Annualized Base RentTotal PortfolioAnnualized BaseAverage Sales Occupancy Cost
Ranking Retail Tenant Total GLA (1) GLA(3) Rent (3) (per sq. ft.) (4)
- -------------------------------------------------------------------------------------------------------------------
1 Albertson's 220,625 $3,012,896 4.8% 5.4%
-- Shaw's 175,801 2,358,192 3.8% 4.3% 416 3.1%
-- Acme 44,824 654,704 1.0% 1.2% 270 7.3%
2 A&P (Waldbaum's) 168,451 2,813,244 3.6% 5.1%
--
A&P/Waldbaum's 168,451 2,813,244 3.6% 5.1% 351 5.8%
3 T.J. Maxx 237,599 1,853,240 5.1% 3.3%
-- T.J. Maxx 95,172 814,489 2.1% 1.5% 274 4.1%
-- Marshalls 102,781 731,494 2.2% 1.3% 188 6.0%
-- Homegoods 39,646 307,257 0.9% 0.6% 153 6.3%
4 Sears 439,625 1,632,742 9.5% 2.9%
-- Kmart 378,925 1,374,742 8.2% 2.5% 198 4.0%
-- Sears 60,700 258,000 1.3% 0.5% 215 2.8%
5 Wal-Mart 210,114 1,515,409 4.5% 2.7% 293 3.6%
6 Ahold 117,911 1,299,264 2.6% 2.3%
-- Stop and
Shop 117,911 1,299,264 2.6% 2.3% 353 3.6%
7 Home Depot 211,003 1,009,646 4.6% 1.8% - -
8 Pathmark 47,773 955,460 1.0% 1.7% - -
9 Price Chopper 77,450 804,059 1.7% 1.5% 674 1.9%
Restoration
10 Hardware 9,220 780,864 0.2% 1.4% 495 16.6%
11 Kroger(5) 156,069 1,046,225 3.4% 1.9% - -
12 Safeway (6) 132,409 1,040,028 2.9% 1.9% - -
13 Circuit City 59,278 949,921 1.3% 1.7% - -
14 Sleepy's 35,745 683,429 0.8% 1.2% - -
Federated
Department
15 Stores (Macy's) 73,349 651,245 1.6% 1.2% 210 6.7%
Payless
16 Shoesource 28,691 548,057 0.6% 1.0% - -
17 CVS 32,567 542,443 0.7% 1.0% 495 4.4%
Limited Brands -
18 Express 12,882 510,344 0.3% 0.9% - -
19 JC Penney 50,000 495,000 1.1% 0.9% 206 6.5%
20 Borders Books 18,538 482,000 0.4% 0.9% - -
------------------------------------------------------------
Total 2,339,299 22,625,516 50.6% 40.8%
============================================================
(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) Includes Funds I and II. 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.
31
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Anchor Detail
------------------------------
- -------------------------------------------------------------------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent PSF Options
- -------------------------------------------------------------------------------------------------------------------
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- Core Portfilio
- ----------------------------------------
New York Region
- ----------------------------------------
Connecticut
---------------------------------------
239 Greenwich Ave., Greenwich
Coach 4,541 1/31/2016 356,469 78.50(1) 5 Year
Restoration Hardware 12,293 9/30/2014 1,041,152 84.69(2) 5 Years
--------------- ------------------------------
Property total 16,834 1,397,621 83.02
--------------- ------------------------------
New Jersey
---------------------------------------
Elmwood Park Shopping Center, Elmwood
Park
Walgreens 14,837 5/31/2022 435,000 29.32(8) 5 Year
Pathmark 47,773 11/30/2017 955,460 20.00(7) 5 Year
--------------- ------------------------------
Property total 62,610 1,390,460 22.21
--------------- ------------------------------
A&P Shopping Plaza
A&P 49,463 10/26/2024 900,000 18.20(9) 5 Year
--------------- ------------------------------
Property total 49,463 900,000 18.20
--------------- ------------------------------
New York
---------------------------------------
Village Commons Shopping Center
Daffy's 16,125 1/7/2008 274,125 17.00(4) 5 Year
--------------- ------------------------------
Property total 16,125 274,125 17.00
--------------- ------------------------------
Branch Plaza
CVS 11,050 5/31/2010 190,076 17.20 -
A&P 63,000 11/30/2013 920,964 14.62(3) 5 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 9,698 8/31/2008 266,694 27.50(2) 5 Year
--------------- ------------------------------
Property total 46,964 1,012,014 21.55
--------------- ------------------------------
Pacesetter Park Shopping Center,
Pomona
Stop & Shop (Ahold) 52,052 8/31/2020 372,562 7.16(2) 10 Year
--------------- ------------------------------
Property total 52,052 372,562 7.16
--------------- ------------------------------
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
--------------- ------------------------------
Crossroads Shopping Center, White
Plains (49% jv)
Kmart 100,725 1/31/2012 566,250 $5.62(4) 5 Year
Waldbaum's (A&P) 38,208 12/31/2007 504,000 13.19(5) 5 Year
B. Dalton (Barnes & Noble) 12,430 5/28/2012 397,760 32.00(2) 5 Year
Pier 1 8,818 2/29/2012 282,176 32.00 -
Pay Half 15,000 12/31/2007 322,600 21.51 -
Modell's 25,000 2/28/2009 193,750 7.75(2) 5 Year
--------------- ------------------------------
Property total 200,181 2,266,536 11.32
--------------- ------------------------------
Total: New York Region 613,273 10,833,358 17.66
--------------- ------------------------------
Retail Anchor Properties- Core Portfolio
(continued)
- ----------------------------------------
New England
- ----------------------------------------
Connecticut
---------------------------------------
Town Line Plaza, Rocky Hill
Wal*Mart(1) 97,300 - $- $-REA Agreement
Super Stop & Shop (Ahold) 65,859 11/30/2023 937,000 14.23(8) 5 Year
--------------- ------------------------------
Property total 163,159 937,000 14.23
--------------- ------------------------------
Massachusetts
---------------------------------------
Methuen Shopping Center, Methuen
ABIS Sushi 4,377 7/31/2017 109,425 25.00(1) 5 Year
Demoulas Super Markets 30,460 1/31/2015 109,656 3.60(1) 5 Year
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 (Albertsons) 50,225 12/31/2012 516,960 10.29(6) 5 Year
--------------- ------------------------------
Property total 156,985 1,119,086 7.13
--------------- ------------------------------
New York
---------------------------------------
New Loudon Center, Latham
Bon Ton 65,365 2/1/2014 261,460 4.00(3) 5 Year
Marshalls (TJX) 37,212 1/31/2014 158,151 4.25(3) 5 Year
Price Chopper 77,450 5/31/2015 804,059 10.38(3) 5 Year
A.C. Moore 21,520 4/30/2009 221,226 10.28(3) 5 Year
Raymours Furniture Co 49,664 4/30/2019 155,591 3.13(2) 5 Year
--------------- ------------------------------
Property total 251,211 1,600,487 6.37
--------------- ------------------------------
Rhode Island
---------------------------------------
Walnut Hill Plaza, Woonsocket
Sears 60,700 8/31/2008 258,000 4.25(5) 5 Year
CVS 8,800 1/31/2009 154,000 17.50(1) 5 Year
Shaw's (Albertsons) 52,392 12/31/2013 523,920 10.00(3) 5 Year
--------------- ------------------------------
Property total 121,892 935,920 7.68
--------------- ------------------------------
Vermont
---------
Gateway Shopping Center
Shaw's (Albertsons) (5) 5 Yr. & (1)
73,184 3/31/2024 1,317,311 18.00 4 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 Market and Restaurant 51,692 11/30/2007 225,436 4.36(5) 5 Year
--------------- ------------------------------
Property total 51,692 225,436 4.36
--------------- ------------------------------
Indiana
---------
Merrillville Plaza, Merrillville
JC Penney 50,000 1/31/2008 495,000 9.90(2) 5 Year
Officemax 26,157 7/31/2008 222,335 8.50(4) 5 Year
Pier I 9,143 1/31/2009 128,002 14.00 -
David's Bridal 13,266 11/19/2010 190,765 14.38(2) 5 Year
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.
Michigan
---------------------------------------
Bloomfield Town Square, Bloomfield
Hills
HomeGoods (TJX) 39,646 5/31/2010 307,257 7.75(2) 5 Year
Officemax 21,500 6/30/2010 193,500 9.00(3) 5 Year
Marshalls (TJX) 28,324 9/30/2011 226,592 8.00(3) 5 Year
TJ Maxx (TJX) 36,000 1/31/2009 261,000 7.25(1) 5 Year
--------------- ------------------------------
Property total 125,470 988,349 7.88
--------------- ------------------------------
Ohio
---------
Mad River Station, Dayton
Babies 'R' Us 33,147 2/28/2010 260,204 7.85(2) 5 Year
Pier I 10,111 2/28/2010 227,037 22.45 -
Office Depot 25,038 8/31/2010 315,478 12.60 -
--------------- ------------------------------
Property total 68,296 802,719 11.75
--------------- ------------------------------
Total: Midwest 369,224 3,247,906 8.80
--------------- ------------------------------
Retail Anchor Properties- Core Portfilio
(continued)
- ----------------------------------------
Mid-Atlantic
- ----------------------------------------
New Jersey
---------------------------------------
Marketplace of Absecon, Absecon
Eckerd Drug (Brook's) 13,207 8/30/2020 329,310 24.93(4) 5 Year
Acme Markets (Albertson) 44,824 4/30/2015 654,704 14.61(8) 5 Year
--------------- ------------------------------
Property total 58,031 984,014 16.96
--------------- ------------------------------
Ledgewood Mall, Ledgewood
Circuit City 33,294 1/31/2020 449,469 13.50(4) 5 Year
Ashley Furniture 41,806 12/31/2010 212,793 5.09(2) 5 Year
Barnes & Noble 12,500 1/31/2010 224,000 17.92(5) 5 Year
Marshalls (TJX) 37,245 9/30/2014 346,751 9.31(4) 5 Year
The Sports Authority 52,205 5/31/2012 225,000 4.31(5) 5 Year
Macy's Department Store (3) 5 Year
(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
--------------- ------------------------------
Delaware
---------------------------------------
Brandywine Town Center (Brandywine JV)
(22.2% jv)
Lowe's Home Centers 140,000 8/31/2018 1,925,000 13.75(6) 5 Year
Target 138,000 1/31/2018 800,000 5.80(4) 10 Year
Target expansion (6) 2 Year &
27,716 1/31/2011 304,876 11.00 (6) 3 year
Access Group 76,458 5/31/2015 1,578,858 20.65(2) 5 Year
Regal Cinemas 65,641 6/1/2017 861,210 13.12(4) 5 Year
Bed, Bath & Beyond 50,977 1/31/2014 868,426 17.04(3) 5 Year
Dick's Sporting Goods 50,000 5/31/2013 700,000 14.00(3) 5 Year
All other (1) 5 Year -
276,2972/2011 - 1/2028 5,414,166 19.60 (4) 5 Year
--------------- ------------------------------
Property total 825,089 12,452,536 15.09
--------------- ------------------------------
Market Square Shopping Center
(Brandywine JV)
Trader Joe's 7,675 1/31/2013 149,662 19.50(3) 5 Year
TJ Maxx (TJX) 31,175 1/31/2011 396,888 12.73(1) 5 Year
--------------- ------------------------------
Property total 38,850 546,550 14.07
--------------- ------------------------------
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 Market 52,639 5/31/2018 447,431 8.50(2) 5 Year
--------------- ------------------------------
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 (Brook's) 11,840 1/31/2011 118,400 10.00(3) 5 Year
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 (TJX) 27,000 11/30/2010 $270,000 $10.00(2) 5 Year
Target(1) Condominium
157,616 - - - Agreement
--------------- ------------------------------
Property total 184,616 270,000 10.00
--------------- ------------------------------
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 31.58
--------------- ------------------------------
Total : Mid-Atlantic 2,029,362 20,377,788 10.89
--------------- ------------------------------
Total: Retail Anchor Properties - Core
Portolio 3,902,671 $41,214,745 $11.30
=============== ==============================
(1) Target owns the portion of the main building (157,616 square feet) that
their store is located in.
Retail Anchor Properties- Opportunity
Fund Portfilio
- ----------------------------------------
Fund I
Midwest Region
- ----------------------------------------
Ohio
---------
Amherst Marketplace (Fund I)
Giant Eagle/Pharmacy 10,500 3/31/2012 157,500 15.00(3) 5 Year
Giant Eagle/Supermarket 66,237 9/30/2021 693,695 10.47(4) 5 Year
--------------- ------------------------------
Property total 76,737 851,195 11.09
Granville Centre (Fund I)
Lifestyle Family Fitness, Inc. 34,951 1/31/2017 450,336 12.88(2) 5 Year
--------------- ------------------------------
Sheffield Crossing (Fund I)
Revco Drug 10,500 5/31/2012 157,500 15.00(3) 5 Year
Giant Eagle 59,159 5/31/2022 650,157 10.99(4) 5 Year
--------------- ------------------------------
Property total 69,659 807,657 11.59
--------------- ------------------------------
Total: Midwest 181,347 2,109,188 11.63
--------------- ------------------------------
Mid-Atlantic Region
- ----------------------------------------
Virginia
---------
Haygood Shopping Center (Fund I)
Marshalls 30,023 2/28/2017 270,207 9.00 -
Farm Fresh 54,000 8/31/2026 337,500 6.25(15) 5 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 95,303 636,207 6.68
--------------- ------------------------------
New York Region
- ----------------------------------------
New York
---------------------------------------
Tarrytown Centre
Walgreen's 15,497 6/30/2080 475,000 30.65 -
--------------- ------------------------------
Total : New York Region 15,497 475,000 30.65
--------------- ------------------------------
Various
- ----------
Kroger/Safeway (Fund I) 1,018,100 2009 7,362,811 7.23
Total: Fund I Properties 1,310,247 10,583,206 8.08
--------------- ------------------------------
Fund II
Midwest Region
- ----------------------------------------
Illinois
---------
Acadia Oakbrook
Neiman Marcus 112,000 10/31/2011 825,000 7.37(5) 5 Year
--------------- ------------------------------
Total: Midwest 112,000 825,000 7.37
--------------- ------------------------------
Total: Fund II Properties 112,000 825,000 7.37
--------------- ------------------------------
Total: Retail Anchor Properties -
Opportunity Funds 1,422,247 11,408,206 8.02
--------------- ------------------------------
Redevelopment Properties
- ----------------------------------------
Midwest Region
- ----------------------------------------
Michigan
---------------------------------------
Sterling Heights (Fund I)
Rite Aid 20,000 1/31/2026 245,000 12.25(4) 5 Year
Burlington Coat Factory 70,400 1/31/2024 281,600 4.00 -
--------------- ------------------------------
Property total 90,400 526,600 5.83
Total : Mid-Atlantic Region 90,400 526,600 5.83
--------------- ------------------------------
New York Region
- ----------------------------------------
New York
---------------------------------------
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 137,334 3,337,222 24.30
--------------- ------------------------------
Various
---------
Hitchcock Plaza
Warehouse Home Furnishing 19,316 2017 86,922 4.50
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 212,362 7.50
--------------- ------------------------------
Property total 130,670 884,310 6.77
--------------- ------------------------------
Total: Redevelopment
Properties 358,404 $4,748,132 $13.25
=============== ==============================
32
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 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 anchors Amount all anchors Sq. Ft.
- ------------------------------------------------------------------------------------------------------------------------
Core Portfolio
- -------------------------
2007
Crossroads Shopping Pay-Half
Center 15,000 0.43% 322,600 0.78% 21.51
Crossroads Shopping Waldbaum's
Center 38,208 1.09% 504,000 1.22% 13.19
Hobson West Plaza Bobak's 51,692 1.47% 225,436 0.55% 4.36
------------------------------ ---------------------------------------------
Total 2007 104,900 2.99% 1,052,036 2.55% 10.03
------------------------------ ---------------------------------------------
2008
Village Commons Shopping Daffy's Inc.
Center 16,125 0.46% 274,125 0.67% 17.00
Merrillville Plaza JC Penny Co. 50,000 1.42% 495,000 1.20% 9.90
Merrillville Plaza Officemax Inc. 26,157 0.75% 222,335 0.54% 8.50
Amboy Shopping Center Duane Reade 9,698 0.28% 266,695 0.65% 27.50
Walnut Hill Plaza Sears 60,700 1.73% 258,000 0.63% 4.25
------------------------------ ---------------------------------------------
Total 2008 162,680 4.64% 1,516,155 3.69% 9.32
------------------------------ ---------------------------------------------
2009
Crossroads Shopping Modell's
Center 25,000 0.71% 193,750 0.47% 7.75
Chestnut Hill Express 12,882 0.37% 510,344 1.24% 39.62
Bloomfield Town Square TJ Max 36,000 1.03% 261,000 0.63% 7.25
Walnut Hill Plaza CVS 8,800 0.25% 154,000 0.37% 17.50
Merrillville Plaza Pier I 9,143 0.26% 128,002 0.31% 14.00
Merrillville Plaza TJ Max 25,200 0.72% 195,300 0.47% 7.75
New Loudon Center AC Moore Arts &
Crafts 21,520 0.61% 221,226 0.54% 10.28
Blackman Plaza Kmart 104,956 2.99% 204,664 0.50% 1.95
Mark Plaza Kmart 104,956 2.99% 204,664 0.50% 1.95
------------------------------ ---------------------------------------------
Total 2009 348,457 9.93% 2,072,950 5.03% 5.95
------------------------------ ---------------------------------------------
Total Core Portfolio Total - Next 3
Years 616,037 17.56% $4,641,141 11.27% $7.53
============================== =============================================
Opportunity Funds
- -------------------------
Fund I
- -------------------------
2007 - 0.00% $- 0.00% $-
------------------------------ =============================================
2008 - 0.00% - 0.00% -
------------------------------ ---------------------------------------------
2009
Kroger/Safeway portfolio Kroger/Safeway 1,018,100 66.94% 7,362,811 61.39% 7.23
Haygood Shopping Center Eckerd Drugs 11,280 0.74% 28,500 0.24% 2.53
------------------------------ ---------------------------------------------
Total Fund I Total - Next 3
Years 1,029,380 67.68% $7,391,311 61.63% $7.18
============================== =============================================
Fund II
- -------------------------
2007 - 0.00% $- 0.00% $-
------------------------------ =============================================
2008 - 0.00% - 0.00% -
------------------------------ ---------------------------------------------
2009 - 0.00% - 0.00% -
------------------------------ ---------------------------------------------
Total Fund II Total - Next 3
Years - 0.00% $- 0.00% $-
============================== =============================================
Total Opportunity Funds Total - Next 3
Years 1,029,380 67.68% $7,391,311 61.63% $7.18
============================== =============================================
(1) Tenant pays rent based on percentage of sales
33
ACADIA REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 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.
----------------------------------------------------------------------
Core Properties
Anchor Tenant Expirations
Month to Month 2 10,000 0.28% $144,000 0.35% $14.40
2007 3 104,900 2.99% 1,052,036 2.55% 10.03
2008 5 162,680 4.63% 1,516,155 3.68% 9.32
2009 9 348,457 9.93% 2,072,950 5.03% 5.95
2010 14 357,411 10.17% 3,634,011 8.83% 10.17
2011 7 167,455 4.77% 2,722,136 6.60% 16.26
2012 6 313,947 8.94% 2,614,954 6.34% 8.33
2013 5 216,374 6.16% 3,261,423 7.91% 15.07
2014 6 66,188 1.89% 2,675,940 6.49% 40.43
2015 8 274,834 7.83% 4,393,672 10.66% 15.99
2016 4 43,161 1.23% 816,924 1.98% 18.93
2017 4 141,754 4.04% 2,405,351 5.84% 16.97
2018 3 330,639 9.42% 3,172,432 7.70% 9.59
2019 3 170,234 4.85% 1,044,192 2.53% 6.13
2020 4 218,211 6.22% 1,839,292 4.46% 8.43
2021 2 140,260 4.00% 1,302,126 3.16% 9.28
2022 1 14,837 0.42% 435,000 1.06% 29.32
2023 1 51,494 1.47% 1,265,000 3.07% 24.57
2024 3 188,506 5.37% 3,154,312 7.65% 16.73
2028 4 189,509 5.39% 1,692,840 4.11% 8.93
--------------------------------- --------------------------------
Total Occupied 94 3,510,851 100.00% $41,214,746 100.00% $11.74
================================
--------------------------------------------
Anchor GLA Owned by Tenants 254,916
Total Vacant 203,543
------------
Total Square Feet 3,969,310
============
--------------------------------------------
Core Properties
Shop Tenant Expirations
Month to Month 29 68,292 5.19% $1,076,099 3.69% $15.76
2007 14 36,183 2.75% 645,958 2.21% 17.85
2008 66 211,184 16.04% 4,827,989 16.51% 22.86
2009 69 201,585 15.31% 4,096,384 14.03% 20.32
2010 47 142,112 10.79% 2,248,556 7.70% 15.82
2011 45 162,456 12.34% 4,663,444 15.97% 28.71
2012 29 113,464 8.62% 2,375,582 8.14% 20.94
2013 14 48,052 3.65% 1,112,475 3.81% 23.15
2014 18 84,895 6.45% 2,122,921 7.27% 25.01
2015 12 61,234 4.65% 1,161,192 3.98% 18.96
2016 8 38,365 2.91% 945,075 3.24% 24.63
2017 12 41,642 3.16% 1,486,279 5.09% 35.69
2018 4 6,805 0.52% 278,118 0.95% 40.87
2019 1 - 0.00% 51,205 0.18% -
2020 3 6,000 0.46% 142,500 0.49% 23.75
2021 2 30,270 2.30% 244,385 0.84% 8.07
2022 4 20,055 1.52% 485,699 1.66% 24.22
2023 1 25,984 1.97% 500,452 1.71% 19.26
2026 1 8,999 0.68% 296,967 1.02% 33.00
2027 2 9,033 0.69% 439,737 1.51% 48.68
--------------------------------- --------------------------------
Total Occupied 381 1,316,610 100.00% $29,201,017 100.00% $22.15
================================= ================================
--------------------------------------------
Total Vacant 230,970
------------
Total Square Feet 1,547,580
============
--------------------------------------------
Core Properties
Total Tenant Expirations
Month to Month 31 $78,292 1.62% $1,220,099 1.73% $15.58
2007 17 141,083 2.92% 1,697,994 2.41% 12.04
2008 71 373,864 7.74% 6,344,144 9.01% 16.97
2009 78 550,042 11.41% 6,169,334 8.76% 11.22
2010 61 499,523 10.35% 5,882,567 8.35% 11.78
2011 52 329,911 6.83% 7,385,580 10.49% 22.39
2012 35 427,411 8.85% 4,990,536 7.09% 11.68
2013 19 264,426 5.48% 4,373,898 6.21% 16.54
2014 24 151,083 3.13% 4,798,861 6.82% 31.76
2015 20 336,068 6.96% 5,554,864 7.89% 16.53
2016 12 81,526 1.69% 1,761,999 2.50% 21.61
2017 16 183,396 3.80% 3,891,630 5.53% 21.22
2018 7 337,444 6.99% 3,450,550 4.90% 10.23
2019 4 170,234 3.53% 1,095,397 1.56% 6.43
2020 7 224,211 4.64% 1,981,792 2.81% 8.84
2021 4 170,530 3.53% 1,546,511 2.20% 9.07
2022 5 34,892 0.72% 920,699 1.31% 26.39
2023 2 77,478 1.60% 1,765,452 2.51% -
2024 3 188,506 3.90% 3,154,312 4.48% 16.73
2026 1 8,999 0.19% 296,967 0.42% 33.00
2027 2 9,033 0.19% 439,737 0.62% 48.68
2028 4 189,509 3.93% 1,692,839 2.40% 8.93
--------------------------------- --------------------------------
Total Occupied 475 $4,827,461 100.00% $70,415,762 100.00% $14.59
================================
--------------------------------------------
Anchor GLA Owned by Tenants 254,916
Total Vacant 434,513
------------
Total Square Feet 5,516,890
============
--------------------------------------------
Opportunity Fund Properties
Fund I
Anchor Tenant Expirations
2007 - - 0.00% $- 0.00% $-
2009 26 1,029,380 67.68% 7,391,311 61.62% 7.18
2012 2 10,500 0.69% 315,000 2.63% 30.00
2016 2 58,315 3.83% 402,863 3.36% 6.91
2017 5 137,329 9.03% 720,543 6.01% 5.25
2021 2 66,237 4.36% 693,695 5.78% 10.47
2022 1 59,159 3.89% 1,131,604 9.43% 19.13
2024 1 70,400 4.63% 281,600 2.35% 4.00
2026 2 74,000 4.87% 582,500 4.86% 7.87
2080 1 15,497 1.02% 475,000 3.96% 30.65
--------------------------------- --------------------------------
Total Occupied 42 1,520,817 100.00% $11,994,116 100.00% $7.89
--------------------------------------------
Total Vacant 81,433
------------
Total Square Feet 1,602,250
============
--------------------------------------------
Fund I
Shop Tenant Expirations
Month to Month 9 24,197 11.39% 270,723 8.89% $11.19
2007 3 4,019 1.89% 52,112 1.71% 12.97
2008 15 30,682 14.45% 368,444 12.10% 12.01
2009 6 13,701 6.45% 204,053 6.70% 14.89
2010 5 10,278 4.84% 203,392 6.68% 19.79
2011 12 25,184 11.86% 415,703 13.65% 16.51
2012 8 27,079 12.75% 314,042 10.31% 11.60
2013 2 13,120 6.18% 124,820 4.10% 9.51
2014 6 14,403 6.78% 338,293 11.11% 23.49
2015 2 2,798 1.32% 46,721 1.53% 16.70
2016 1 7,752 3.65% 111,230 3.65% 14.35
2017 2 7,523 3.54% 124,788 4.10% 16.59
2018 1 6,957 3.28% 50,004 1.64% 7.19
2019 1 3,141 1.48% 42,000 1.38% 13.37
2020 1 5,157 2.43% 150,842 4.95% 29.25
2021 1 16,384 7.71% 192,512 6.32% -
2022 1 - 0.00% 35,000 1.15% -
------------------------------------------------------------------------------------
Total Occupied 76 212,375 100.00% $3,044,679 100.00% $14.34
--------------------------------------------
Total Vacant 116,835
------------
Total Square Feet 329,210
============
--------------------------------------------
Fund I
Total Tenant Expirations
Month to Month 9 24,197 1.40% $270,723 1.80% $11.19
2007 3 4,019 0.23% 52,112 0.35% 12.97
2008 15 30,682 1.77% 368,444 2.45% 12.01
2009 32 1,043,081 60.19% 7,595,364 50.52% 7.28
2010 5 10,278 0.59% 203,392 1.35% 19.79
2011 12 25,184 1.45% 415,703 2.76% 16.51
2012 10 37,579 2.17% 629,042 4.18% 16.74
2013 2 13,120 0.76% 124,820 0.83% 9.51
2014 6 14,403 0.83% 338,293 2.25% 23.49
2015 2 2,798 0.16% 46,721 0.31% 16.70
2016 3 66,067 3.81% 514,093 3.42% 7.78
2017 7 144,852 8.36% 845,331 5.62% 5.84
2018 1 6,957 0.40% 50,004 0.33% 7.19
2019 1 3,141 0.18% 42,000 0.28% 13.37
2020 1 5,157 0.30% 150,842 1.00% 29.25
2021 3 82,621 4.77% 886,207 5.89% 10.73
2022 2 59,159 3.41% 1,166,604 7.76% 19.72
2024 1 70,400 4.06% 281,600 1.87% 4.00
2026 2 74,000 4.27% 582,500 3.87% 7.87
2080 1 15,497 0.89% 475,000 3.16% -
--------------------------------- --------------------------------
Total Occupied 118 1,733,192 100.00% $15,038,795 100.00% $8.68
--------------------------------------------
Total Vacant 198,268
------------
Total Square Feet 1,931,460
============
--------------------------------------------
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 34,917 22.23% $840,906 17.76% $24.08
2007 - - 0.00% - 0.00% -
2009 - - 0.00% - 0.00% -
2010 - - 0.00% - 0.00% -
2011 2 24,065 15.32% 584,774 12.35% 24.30
2012 3 27,205 17.32% 573,208 12.11% 21.07
2027 1 60,000 38.20% 2,340,000 49.43% 39.00
2032 1 10,880 6.93% 394,944 8.34% 36.30
--------------------------------- --------------------------------
Total Occupied 10 157,067 100.00% $4,733,832 100.00% $30.14
--------------------------------------------
Total Vacant 6,208
------------
Total Square Feet 163,275
============
--------------------------------------------
Fund II
Total Tenant Expirations
Month to Month 3 34,917 8.59% $840,906 9.45% $24.08
2007 - - 0.00% - 0.00% -
2008 - - 0.00% - 0.00% -
2009 - - 0.00% - 0.00% -
2010 - - 0.00% - 0.00% -
2011 4 273,399 67.28% 4,746,996 53.37% 17.36
2012 3 27,205 6.69% 573,208 6.44% 21.07
2027 1 60,000 14.76% 2,340,000 26.30% 39.00
2032 1 10,880 2.68% 394,944 4.44% 36.30
--------------------------------- --------------------------------
Total Occupied 12 406,401 100.00% $8,896,054 100.00% $21.89
--------------------------------------------
Total Vacant 6,208
------------
Total Square Feet 412,609
============
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
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 15,839,735 997,561 41,222 15,054 $83,769 $102,192
Core Elmwood Park Shopping Elmwood Park NJ
Ctr. 3 3,467,180 149,491 257,647 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 Center Abington PA 3 965,201 216,355 91,293 34,692 66,882 82,491
Core Clark & Diversey Chicago IL 3 803,866 19,265 419,461 213,740 58,803 81,579
Core Hobson West Plaza Naperville IL 3 1,212,095 98,902 98,083 34,231 94,977 114,120
Core Methuen Shopping Ctr. Methuen MA 5 958,689 130,021 89,957 31,569 41,619 49,981
Core Crossroads Shopping White Plains NY
Ctr. / 49% 3 6,016,817 310,624 105,870 39,349 78,556 85,621
Core The Branch Plaza Smithtown NY 3 2,466,122 125,751 68,832 23,221 89,522 113,455
Core Amboy Road Staten IslandNY 3 1,537,951 60,090 156,384 56,991 69,666 90,260
Core Village Commons Smithtown NY
Shopping Ctr. 3 2,300,259 87,169 68,832 23,221 89,522 113,455
Core Bloomfield Town Bloomfield MI
Square Hills 5 2,946,698 232,181 62,528 23,953 73,997 102,234
Core Crescent Plaza Brockton MA 3 1,748,470 218,141 99,649 34,369 46,062 56,826
Core 239 Greenwich Avenue Greenwich CT
/ 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 1,104,121 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 IslandNY
Island 3 1,265,000 51,494 127,542 45,026 65,178 83,167
Core West 54th Street Manhattan NY 3 2,345,221 9,814 582,613 325,406 80,037 96,770
Core Mad River Station Dayton OH 5 1,534,208 155,838 58,692 25,428 58,119 67,529
Core Mark Plaza Edwardsville PA 5 992,171 216,401 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 3 401,429 14,676 567,476 209,231 40,253 47,643
Core Walnut Hill Plaza Woonsocket RI 5 2,308,002 284,717 60,322 22,861 42,715 47,867
Core Ledgewood Mall Ledgewood NJ 5 4,255,215 517,192 37,052 13,412 80,007 87,773
Core A & P Shopping Plaza Boonton NJ
/ 60% 5 1,252,985 62,908 49,442 18,288 87,533 113,042
Core Merrillville Plaza Hobart IN 5 2,549,859 235,678 26,118 10,066 56,556 64,248
Core The Gateway Shopping So. VT
Ctr. Burlington 3 1,801,884 101,784 46,879 19,366 44,294 55,033
Core Marketplace of Absecon NJ
Absecon 3 1,651,634 105,135 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 1,083,431 175,505 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 1,206,020 112,534 28,714 10,621 54,485 64,626
Fund I Amherst Marketplace / Amherst OH
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% 3 677,459 154,835 99,813 36,587 66,886 77,416
Fund I Tarrytown Shopping Tarrytown NY
Center / 37.78% 3 914,319 35,291 36,856 13,450 78,415 95,294
Fund I Hitchcock Plaza/ 7.6% Aiken SC 5 1,567,283 217,261 23,976 9,393 50,934 64,402
Fund I Haygood Shopping Virginia VA
Center / 18.9% Beach 3 1,758,150 178,497 99,119 38,035 52,505 60,732
Fund II- Urban 400 East Fordham Road The Bronx NY
In-Fill / 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 Shopping Westchester NY
In-Fill Plaza / 19.2% 3 - - 398,727 147,238 48,697 56,116
Fund II- Urban 161st Street /19.2% The Bronx NY
In-Fill 2 5,336,110 223,521 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- Urban 216th Street / 19.2% Manhattan NY
In-Fill 2 2,340,000 60,000 536,119 183,542 30,978 41,481
Fund II- Other Oakbrook/ 20% Oakbrook IL 3 825,000 112,000 77,560 29,487 77,130 108,955
- -------------- --------------------- -------------------------- ---------- --------- --------- ---------- ---------- -----------
86,987,800 6,842,859
---------- ---------
TOTAL
--------- ---------- ---------- ---------
Weighted Average - Based on GLA 120,156 43,082 $61,830 $74,882
--------- ---------- ---------- ---------
Weighted Average - Based on base rent( 1) 148,306 58,099 $65,050 $79,438
--------- ---------- ---------- ---------
CORE
--------- ---------- ---------- ---------
Weighted Average - Based on GLA 76,792 28,528 $64,614 $78,039
--------- ---------- ---------- ---------
Weighted Average - Based on base rent( 1) 126,718 51,278 $66,376 $81,027
--------- ---------- ---------- ---------
FUND I
--------- ---------- ---------- ---------
Weighted Average - Based on GLA 68,260 26,486 $54,469 $64,749
--------- ---------- ---------- ---------
Weighted Average - Based on base rent( 1) 61,262 23,723 $56,527 $67,210
--------- ---------- ---------- ---------
FUND II -Urban In-fill
--------- ---------- ---------- ---------
Weighted Average - Based on GLA 1,089,534 365,672 $27,403 $35,043
--------- ---------- ---------- ---------
Weighted Average - Based on base rent( 1) 1,028,067 345,455 $27,776 $35,728
--------- ---------- ---------- ---------
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 161st Street and 216th Street figures are for 2 mile radius
5-Mile Radius
----------------------------------------------------------
Total # Median HH Avg. HH
Classification Pop. HH Income Income
- ------------------------------------------- ------------- ----------- ------------- -----------
Core 120,306 46,004 $74,110 $93,425
Core 614,727 208,535 57,938 69,562
Core 399,921 157,197 52,171 65,291
Core 304,127 117,213 59,851 70,401
Core 969,623 410,327 51,138 67,593
Core 241,153 82,668 93,969 113,986
Core 201,503 72,943 47,894 56,306
Core 205,109 73,112 93,445 108,276
Core 199,361 64,663 82,867 105,093
Core 292,132 105,178 66,927 88,388
Core 199,361 64,663 82,867 105,093
Core 166,443 62,677 79,970 105,922
Core 168,246 58,789 46,062 56,826
Core 142,822 51,210 94,119 119,232
Core 153,302 61,023 57,724 68,679
Core 151,655 61,034 47,547 61,261
Core 129,143 36,828 72,841 102,767
Core 2,690,882 1,034,060 45,279 56,415
Core 457,912 162,076 60,236 77,922
Core 2,424,848 1,048,312 55,446 67,194
Core 135,000 56,693 60,560 71,601
Core 124,868 52,566 34,683 43,184
Core 111,991 47,249 33,391 41,275
Core 1,435,467 511,796 30,552 43,522
Core 95,320 35,238 50,142 56,573
Core 108,922 38,302 77,480 89,838
Core 101,266 36,438 86,509 106,011
Core 87,796 32,151 54,709 62,531
Core 69,993 28,186 47,104 57,514
Core 68,326 26,137 51,610 62,711
Core 61,197 23,615 41,055 51,545
Core 11,899 4,627 34,031 46,300
Fund I 266,313 108,411 53,466 60,719
Fund I 110,797 41,494 49,602 59,866
Fund I 98,291 37,263 41,483 52,190
Fund I 264,560 103,403 63,816 74,661
Fund I 123,546 43,654 85,757 103,311
Fund I 44,606 16,968 42,687 55,503
Fund I 225,653 86,122 54,074 62,011
Fund II- Urban In-Fill 1,997,909 698,322 33,259 40,957
Fund II- Urban In-Fill 2,049,516 721,521 34,366 42,608
Fund II- Urban In-Fill 1,109,022 403,897 44,956 53,542
Fund II- Urban In-Fill 2,531,473 966,482 37,307 48,034
Fund II- Urban In-Fill 613,457 201,509 44,915 59,078
Fund II- Urban In-Fill 536,119 183,542 30,978 41,481
Fund II- Other 288,932 108,039 75,456 97,126
- ------------------------------------------- ------------- ----------- ------------- -----------
TOTAL
------------- ----------- ------------- -----------
Weighted Average - Based on GLA 266,479 100,208 $60,790 $74,532
--------------- ----------- ------------- -----------
Weighted Average - Based on base rent( 1) 360,141 138,453 $61,324 $75,281
--------------- ----------- ------------- -----------
CORE
------------- ----------- ------------- -----------
Weighted Average - Based on GLA 186,891 69,647 $63,190 $77,482
--------------- ----------- ------------- -----------
Weighted Average - Based on base rent( 1) 325,213 125,403 $62,184 $76,311
--------------- ----------- ------------- -----------
FUND I
------------- ----------- ------------- -----------
Weighted Average - Based on GLA 165,948 64,480 $52,498 $62,888
--------------- ----------- ------------- -----------
Weighted Average - Based on base rent( 1) 156,106 59,755 $56,318 $67,353
--------------- ----------- ------------- -----------
FUND II -Urban In-fill
------------ ----------- ------------- -----------
Weighted Average - Based on GLA 2,024,182 766,727 $36,476 $47,354
--------------- ----------- ------------- -----------
Weighted Average - Based on base rent( 1) 1,859,115 702,055 $35,844 $46,675
--------------- ----------- ------------- -----------
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 161st Street and 216th Street figures are for 2 mile radius
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2007
Residential (Multi-family) Properties
- -----------------------------------------
% Occupied % Occupied
Property Location Square Feet Units September 30, 2007 June 30, 2007
-------- -------- ----------- ----- ------------------ -------------
Mid-Atlantic
North Carolina
--------------
Village Apartments Winston Salem 578,706 600 94% 89%
Mid-West
Missouri
--------
Gate House, Holiday House, Tiger Village, Columbia 625,545 874 86% 92%
Colony Apartments (1) -------------------------------------------------------------
Totals 1,204,251 1,474 89% 91%
=============================================================
(1) As this property has tenants associated with the University of Missouri, occupancy trends are
correlated to semester sessions