Exhibit 99.2
ACADIA
REALTY TRUST
1st Quarter 2008
Reporting Supplement
ACADIA
REALTY TRUST
Reporting Supplement
March 31, 2008
Table of Contents
-----------------
Page Page
---- ----
Section I - Overview Section III - Opportunity Fund Information
Important Notes 3 Fund I
Overview 26
Company Information 4 Properties 27
Anchor Detail 28
Portfolio Snapshots Lease Expirations 29
Core Portfolio 5 Kroger/Safeway Detail 30
Combined Portfolios 6 Current Valuation 31
Market Capitalization 7 Fund II
Overview 32
Shareholder Information 8 Properties 33
Anchor Detail 34
Section II - Financial Information Lease Expirations 35
Operating Statements - Pro-rata Consolidation Fund III
Pro-rata Consolidation 9 Overview 36
Fee income 10 Storage Post Properties 37
Opportunity Funds 11 Storage Post Locations 38
Joint Ventures 13
Current v. Prior Year 14 Redevelopment Projects 39
Same Property Net Operating Income 15 RCP Venture 40
RCP Venture Investments 41
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")
and Funds Available for Distribution ("FAD") 16 Section IV - Core Portfolio Information
2008 Guidance 17 Properties 42
Balance Sheets Portfolio by State 44
Consolidated 18
Pro-rata Consolidation 19 Top Tenants 45
Debt Analysis Anchor Tenants 46
Summary 20
Detail 21 Anchor Lease Expirations - Next 4 Years 49
Maturities 24
Lease Expirations 50
Selected Financial Ratios 25
New and Renewal Rent Spreads 52
Capital Expenditures 53
Portfolio Demographics 54
Visit www.acadiarealty.com for additional investor and portfolio information
Page 2
ACADIA
REALTY TRUST
Reporting Supplement
March 31, 2008
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 scheduled 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 are presented to assist investors and analysts
in analyzing the performance of the Company. They are helpful as they excludes
various items included in net income that are not indicative of operating
performance, such as gains (or losses) from sales of property and depreciation
and amortization and is used in computing various financial ratios as a measure
of operational performance. The Company computes EBITDA as the sum of net income
before extraordinary items plus interest expense, depreciation, income taxes and
amortization, less any gains (losses including impairment charges) on the sale
of income producing properties. The Company computes NOI by taking the
difference between Property Revenues and Property Expenses as detailed in this
reporting supplement. The Company's method of calculating EBITDA and NOI may be
different from methods used by other REITs and, accordingly, may not be
comparable to such other REITs. EBITDA and NOI do not represent cash generated
from operations as defined by GAAP and are not indicative of cash available to
fund all cash needs, including distributions. They should not be considered as
an alternative to net income for the purpose of evaluating the Company's
performance or to cash flows as a measure of liquidity.
Page 3
ACADIA
REALTY TRUST
Reporting Supplement
March 31, 2008
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 87 properties totaling approximately 8 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
Bank of Montreal joseph.c.dazio@jpmorgan.com
Paul Adornato, CFA - (212) 885-4170
paul.adornato@bmo.com RBC Capital Markets
Rich Moore, CFA - (216) 378-7625
Citigroup - Smith Barney rich.moore@rbccm.com
Michael Bilerman - (212) 816-1383
michael.bilerman@citi.com Keefe, Bruyette & Woods, Inc.
Ambika Goel - (212) 816-6981 Sheila K. McGrath - (212) 887-7793
ambika.goel@citi.com smcgrath@kbw.com
Page 4
ACADIA
REALTY TRUST
Reporting Supplement
March 31, 2008
Total Market Capitalization
---------------------------
(including pro-rata share of joint venture debt)
(dollars in thousands)
Percent of
Percent of Total Market
Total Equity Capitalization
------------ --------------
Equity Capitalization
- ---------------------
Total Common Shares
Outstanding 98.0% $32,264
Common Operating Partnership
("OP") Units 2.0% 646
------------
Combined Common Shares and OP
Units 32,910
Share Price at March 31, 2008 24.15
------------
Equity Capitalization -
Common Shares and OP Units 794,777
Preferred OP Units (1) 0.0% 605
---------- ------------
Total Equity Capitalization 100.0% 795,382 63.0%
========== ============ ==============
Debt Capitalization
- -------------------
Consolidated debt 665,129
Adjustment to reflect pro-
rata share of debt (197,213)
------------
Total Debt Capitalization 467,916 37.0%
------------ --------------
Total Market Capitalization $1,263,298 100.0%
============ ==============
Weighted Average Outstanding Common Shares and OP Units
-------------------------------------------------------
March 31, 2008 March 31, 2007
Quarter Year-to-date Quarter Year-to-date
---------- ------------ ---------- ------------
Weighted average Common
Shares - Basic EPS 32,460,501 32,460,501 32,154,677 32,154,677
Dilutive potential Common
Shares 496,652 496,652 885,623 885,623
---------- ------------ ---------- ------------
Weighted average Common
Shares - Diluted EPS 32,957,153 32,957,153 33,040,300 33,040,300
OP Units 645,822 645,822 642,272 642,272
Dilutive potential of OP
Units - - 1,251 1,251
---------- ------------ ---------- ------------
Weighted average Common
Shares/OP Units - Diluted
FFO 33,602,975 33,602,975 33,683,823 33,683,823
========== ============ ========== ============
(1) Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP
units x share price at quarter end.
Page 5
ACADIA
REALTY TRUST
Reporting Supplement
March 31, 2008
Shareholder and OP Unit Information
-----------------------------------
(amounts in thousands)
Common Shares (1)
-----------------
Percent of Out-
Common standing Common
Shares Held Shares
------------- ----------------
Wellington Management 3,091 9.6%
ING Bewaar Maatschappij I B.V. 2,915 9.0%
Third Avenue Management 2,582 8.0%
Morgan Stanley 2,418 7.5%
Yale University 2,173 6.7%
Vanguard Group 1,994 6.2%
Barclay's Global Investors 1,880 5.8%
Baron Capital Group 1,810 5.6%
LaSalle Investment Management, Inc. 1,789 5.5%
Heitman Real Estate Securities 1,627 5.0%
------------- ----------------
Total of Ten Largest Institutional
Shareholders 22,279 69.1%
============= ================
Total of all Institutional
Shareholders 31,778 98.5%
============= ================
Operating Partnership Units
OP Units Percent of
Held OP Units
------------- ----------------
Managment O.P. Unit Holders 338 52.3%
Other O.P. Unit Holders 308 47.7%
------------- ----------------
Total O.P. Units 646 100.0%
============= ================
(1) Based on most recent Schedule 13F filing
Page 6
ACADIA
REALTY TRUST
Reporting Supplement
March 31, 2008
Income Statements - Pro-rata Consolidation (1)
----------------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
-----------------------------------------------------------------------------
Year-to-Date
Period
ended March 31,
2008
-----------------------------------------------------------------------------
Core Retail Residential
----------- -----------
Total Core
Total Core Discontinued
Wholly Joint Continuing Operations Opportunity Discontinued
Owned Ventures Operations (4) Funds Operations Total
-----------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 11,308 $ 1,609 $ 12,917 $ 1,304 $ 3,000 $ 918 $ 18,139
Percentage rents 161 25 186 19 - - 205
Expense reimbursements - CAM 1,864 253 2,117 302 77 - 2,496
Expense reimbursements - Taxes 1,890 241 2,131 155 59 - 2,345
Other property income 93 20 113 28 103 75 319
-------- --------- ---------- ------------ ----------- ------------ ---------
15,316 2,148 17,464 1,808 3,239 993 23,504
-------- --------- ---------- ------------ ----------- ------------ ---------
PROPERTY EXPENSES
Property operating - CAM 2,159 279 2,438 379 219 - 3,036
Other property operating 405 95 500 280 189 416 1,385
Real estate taxes 2,096 285 2,381 186 161 50 2,778
-------- --------- ---------- ------------ ----------- ------------ ---------
4,660 659 5,319 845 569 466 7,199
-------- --------- ---------- ------------ ----------- ------------ ---------
NET OPERATING INCOME - PROPERTIES (3) 10,656 1,489 12,145 963 2,670 527 16,305
OTHER INCOME (EXPENSE)
General and administrative (6,604) - (6,604) - (108) - (6,712)
Equity in earnings of unconsolidated
properties 21 - 21 - 2,519 - 2,540
Interest income 2,286 9 2,295 - 169 8 2,472
Fee income (2) 6,798 - 6,798 - - - 6,798
Promote income - Fund operations - - - - 56 - 56
Promote income - Fund capital transactions - - - - - - -
Promote income - RCP - - - - 1,168 - 1,168
Promote expense - - - - (57) - (57)
Property management expense (32) - (32) - (2) (14) (48)
Straight-line rent income 250 27 277 3 (49) - 231
Straight-line rents written off - (10) (10) - - - (10)
FAS 141 rent (112) (17) (129) - (27) - (156)
Provision for income taxes (1,843) - (1,843) - (11) - (1,854)
Swap termination income - - - - - - -
-------- --------- ---------- ------------ ----------- ------------ ---------
EBIDTA 11,420 1,498 12,918 966 6,328 521 20,733
Depreciation and amortization (3,576) (487) (4,063) (110) (1,583) - (5,756)
FAS 141 amortization (255) - (255) - (19) - (274)
Interest expense (4,264) (941) (5,205) - (565) - (5,770)
Loan defeasance - - - - - - -
FAS 141 interest 20 - 20 - - - 20
Gain (loss) on sale of properties - - - - - - -
-------- --------- ---------- ------------ ----------- ------------ ---------
Income before minority interest 3,345 70 3,415 856 4,160 521 8,952
Minority interest - OP (99) 1 (98) (17) (56) (10) (181)
Minority interest 92 - 92 - (120) - (28)
-------- --------- ---------- ------------ ----------- ------------ ---------
NET INCOME $ 3,338 $ 71 $ 3,409 $ 839 $ 3,984 $ 511 $ 8,743
======== ========= ========== ============ =========== ============ =========
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Current Quarter
3 months
ended March 31,
2008
-----------------------------------------------------------------------------
Core Retail Residential
----------- -----------
Total Core
Total Core Discontinued
Wholly Joint Continuing Operations Opportunity Discontinued
Owned Ventures Operations (4) Funds Operations(4) Total
-----------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 11,308 $ 1,609 $ 12,917 $ 1,304 $ 3,000 $ 918 $ 18,139
Percentage rents 161 25 186 19 - 205
Expense reimbursements - CAM 1,864 253 2,117 302 77 2,496
Expense reimbursements - Taxes 1,890 241 2,131 155 59 2,345
Other property income 93 20 113 28 103 75 319
-------- --------- ---------- ------------ ----------- ------------ ---------
15,316 2,148 17,464 1,808 3,239 993 23,504
-------- --------- ---------- ------------ ----------- ------------ ---------
PROPERTY EXPENSES
Property operating - CAM 2,159 279 2,438 379 219 3,036
Other property operating 405 95 500 280 189 416 1,385
Real estate taxes 2,096 285 2,381 186 161 50 2,778
-------- --------- ---------- ------------ ----------- ------------ ---------
4,660 659 5,319 845 569 466 7,199
-------- --------- ---------- ------------ ----------- ------------ ---------
NET OPERATING INCOME - PROPERTIES (3) 10,656 1,489 12,145 963 2,670 527 16,305
OTHER INCOME (EXPENSE)
General and administrative (6,604) - (6,604) - (108) - (6,712)
Equity in earnings of unconsolidated
properties 21 - 21 - 2,519 - 2,540
Interest income 2,286 9 2,295 - 169 8 2,472
Fee income (2) 6,798 - 6,798 - - 6,798
Promote income - Fund operations - - - - 56 56
Promote income - Fund capital transactions - - - - - -
Promote income - RCP - - - - 1,168 1,168
Promote expense - - - - (57) (57)
Property management expense (32) - (32) - (2) (14) (48)
Straight-line rent income 250 27 277 3 (49) - 231
Straight-line rents written off (10) (10) - - - (10)
FAS 141 rent (112) (17) (129) - (27) - (156)
Provision for income taxes (1,843) - (1,843) - (11) - (1,854)
Swap termination income - - - - - - -
-------- --------- ---------- ------------ ----------- ------------ ---------
EBIDTA 11,420 1,498 12,918 966 6,328 521 20,733
Depreciation and amortization (3,576) (487) (4,063) (110) (1,583) (5,756)
FAS 141 amortization (255) - (255) (19) (274)
Interest expense (4,264) (941) (5,205) (565) (5,770)
Loan defeasance - - - - - -
FAS 141 interest 20 - 20 - - 20
Gain (loss) on sale of properties - - - - - - -
-------- --------- ---------- ------------ ----------- ------------ ---------
Income before minority interest 3,345 70 3,415 856 4,160 521 8,952
Minority interest - OP (99) 1 (98) (17) (56) (10) (181)
Minority interest 92 - 92 - (120) - (28)
-------- --------- ---------- ------------ ----------- ------------ ---------
NET INCOME $ 3,338 $ 71 $ 3,409 $ 839 $ 3,984 $ 511 $ 8,743
======== ========= ========== ============ =========== ============ =========
-----------------------------------------------------------------------------
(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% interest in the Brandywine Portfolio and a 49% interest in the
Crossroads Shopping Center ("Crossroads") which are accounted for as
unconsolidated investments in the Company's financial statements.
(2) Details on the following Fee Income page.
(3) Includes majority-owned affiliates of which the minority share of NOI for
239 Greenwich Ave and Boonton Shopping Center aggregated $241 for the
quarter ended March 31, 2008.
(4) Discontinued Operations reflects Ledgewood Mall and one residential
property, which were held for sale as of March 31, 2008.
Page 7
ACADIA
REALTY TRUST
Reporting Supplement
March 31, 2008
Income Statements - Analysis of Management Fee Income
- -----------------------------------------------------
Current Quarter
---------------
(in thousands)
Fund I Fund II Fund III Other Total
-----------------------------------------------
Three months ended March 31, 2008
Asset and property management fees $ - $ 975 $ 1,531 $ 632 $3,138
Transactional fees 92 1,029 1,058 1,481 3,660
-----------------------------------------------
92 2,004 2,589 2,113 6,798
Priority distributions (Asset and property management fees) 217 - - - 217
-----------------------------------------------
Total management fees and priority distributions $ 309 $ 2,004 $ 2,589 $ 2,113 $7,015
===============================================
Page 8
ACADIA
REALTY TRUST
Reporting Supplement
March 31, 2008
Income Statements -Opportunity Funds (1)
- ----------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
--------------------------------------------------------------------------
Year-to-Date
Period
ended March 31, 2008
--------------------------------------------------------------------------
--------------------------------------------------------------------------
AKR AKR
AKR AKR Pro- AKR Pro-
Priority Promote rata Brandywine AKR rata
Distribution (4) share Promote Mervyns Promote share
Fund I $ 217 20.00% 22.22% (4) I 20.00% 22.22%
--------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,571 $ 1,114 $ 291 $ 259 $ 907 $ - $ - $ -
Percentage rents - - - - - - - -
Expense reimbursements - CAM 62 27 7 6 22 - - -
Expense reimbursements - Taxes 65 28 7 7 23 - - -
Other property income 93 40 11 9 33 - - -
-------- ------------ -------- ------ ---------- -------- ------- --------
2,791 1,209 316 281 984 - - -
-------- ------------ -------- ------ ---------- -------- ------- --------
PROPERTY EXPENSES
Property operating - CAM 131 57 15 13 46 - - -
Other property operating 46 20 5 5 16 - - -
Real estate taxes 96 42 11 10 34 - - -
-------- ------------ -------- ------ ---------- -------- ------- --------
273 118 31 28 96 - - -
-------- ------------ -------- ------ ---------- -------- ------- --------
NET OPERATING INCOME - PROPERTIES (5) 2,518 1,091 285 254 888 - - -
OTHER INCOME (EXPENSE)
General and administrative (24) (10) (3) (2) (8) - - -
Equity in earnings of unconsolidated
properties 17 7 2 2 6 5,958 1,192 1,059
Interest income 98 42 11 10 35 3 - 1
Asset and property management income - - - - - - - -
Promote income - Fund Operations - - - - - - - -
Promote income - Fund Transactions - - - - - - - -
Promote income - RCP - - - - - - - -
Promote expense (57) - - - (57) (1,192) - -
Asset and property management expense( 2) (2) (1) (0) (0) (1) - - -
Straight-line rent income (82) (36) (9) (8) (29) - - -
Straight-line rents written off - - - - - - - -
FAS 141 Rent (20) (9) (2) (2) (7) - - -
Provision for income taxes (12) (5) (1) (1) (4) - - -
Swap termination income - - - - - - - -
-------- ------------ -------- ------ ---------- -------- ------- --------
EBIDTA 2,436 1,080 283 251 822 4,769 1,192 1,060
Depreciation and amortization (3) (1,546) (670) (175) (156) (545) - - -
FAS 141 Amortization (6) (3) (1) (1) (2) - - -
Interest expense (287) (124) (33) (29) (101) - - -
Loan defeasance - - - - - - - -
FAS 141 Interest - - - - - - - -
Gain (loss) on sale of properties - - - - - - - -
-------- ------------ -------- ------ ---------- -------- ------- --------
Income before minority interest 597 283 74 66 174 4,769 1,192 1,060
Minority interest - OP - (4) (1) (1) (2) - (24) (21)
Minority interest (153) (66) (17) (15) (54) - - -
-------- ------------ -------- ------ ---------- -------- ------- --------
NET INCOME $ 444 $ 213 $ 56 $ 49 $ 117 $ 4,769 $1,168 $1,039
======== ============ ======== ====== ========== ======== ======= ========
---------------------------------------------------------------------------
Year-to-Date
Period
ended March 31, 2008
---------------------------------------------------------------------------
---------------------------------------------------------------------------
AKR AKR
Pro- Pro- AKR Pro- Total
rata rata rata AKR Pro-
share Mervyns share share AKR rata AKR
Fund II 20.00% II 20.00% Fund III 19.9005% Promote share Combined
---------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,350 $ 470 $ - $ - $ 1,256 $ 250 $ 291 $ 3,000 $ 3,291
Percentage rents - - - - - - - - -
Expense reimbursements - CAM 106 21 - - 5 1 7 77 84
Expense reimbursements - Taxes 7 1 - - 1 - 7 59 66
Other property income 9 2 - - 93 19 11 103 114
-------- ------ ------- ------- -------- -------- ------- -------- --------
2,472 494 - - 1,355 270 316 3,239 3,555
-------- ------ ------- ------- -------- -------- ------- -------- --------
PROPERTY EXPENSES
Property operating - CAM 505 101 - - 12 2 15 219 234
Other property operating 385 77 - - 356 71 5 189 194
Real estate taxes 240 48 - - 142 28 11 161 172
-------- ------ ------- ------- -------- -------- ------- -------- --------
1,130 226 - - 510 101 31 569 600
-------- ------ ------- ------- -------- -------- ------- -------- --------
NET OPERATING INCOME - PROPERTIES (5) 1,342 268 - - 845 169 285 2,670 2,955
OTHER INCOME (EXPENSE)
General and administrative (35) (7) - - (404) (80) (3) (108) (111)
Equity in earnings of unconsolidated
properties (147) (29) 7,368 1,474 - - 1,194 2,519 3,713
Interest income 77 15 69 14 262 52 11 169 180
Asset and property management income - - - - - - - - -
Promote income - Fund Operations - - - - - - - - -
Promote income - Fund Transactions - - - - - - - - -
Promote income - RCP - - - - - - - - -
Promote expense - - - - - - - (57) (57)
Asset and property management expense( 2) (1,232) - - - (1,969) - (0) (2) (2)
Straight-line rent income 108 22 - - 10 2 (9) (49) (58)
Straight-line rents written off - - - - - - - - -
FAS 141 Rent (65) (13) - - 18 4 (2) (27) (29)
Provision for income taxes (1) - - - (1) - (1) (11) (12)
Swap termination income - - - - - - - - -
-------- ------ ------- ------- -------- -------- ------- -------- --------
EBIDTA 47 256 7,437 1,488 (1,239) 147 1,474 5,104 6,578
Depreciation and amortization (3) (718) (144) - - (341) (68) (175) (1,583) (1,758)
FAS 141 Amortization (69) (14) - - - - (1) (19) (20)
Interest expense (895) (179) - - (662) (132) (33) (565) (598)
Loan defeasance - - - - - - - - -
FAS 141 Interest - - - - - - - - -
Gain (loss) on sale of properties - - - - - - - - -
-------- ------ ------- ------- -------- -------- ------- -------- --------
Income before minority interest (1,635) (81) 7,437 1,488 (2,242) (53) 1,266 2,937 4,202
Minority interest - OP - 1 - (30) - 1 (25) (56) (81)
Minority interest 83 17 - - (3) (1) (17) (120) (137)
-------- ------ ------- ------- -------- -------- ------- -------- --------
NET INCOME $(1,552) $ (63) $7,437 $1,458 $(2,245) $ (53) $1,223 $ 2,761 $ 3,984
======== ====== ======= ======= ======== ======== ======= ======== ========
(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.
(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 investors received all of their Fund capital and
preferred return. Accordingly, the Company is now entitled to a promote
distribution on all future Fund I income and distributions. In addition,
the Company is entitled to a promote payment of $7.2 million for the
Brandywine transaction to be paid from the investors share of future Fund I
earnings.
(5) Includes majority-owned affiliates of which the minority share of NOI for
the Kroger/Safeway Portfolio amounts to $2,780 on an annual basis ($7,363 x
37.78% x 100%) and $695 for the first quarter.
Page 9
Reporting
Supplement
March 31, 2008
Income
Statements
-Opportunity
Funds (1)
- ----------------
Current Quarter
and Year-to-
Date
- ----------------
(in thousands)
-------------------------------------------------------------------------------------------------------
Current Quarter
Period
ended March 31, 2008
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
AKR AKR
AKR Pro- AKR Pro-
AKR Priority Promote rata Brandywine AKR rata
Distribution (4) share Promote Mervyns Promote share
Fund I $ 217 20.00% 22.22% (4) I 20.00% 22.22%
------- ------------- -------- ------- ----------- ------- -------- -------
PROPERTY REVENUES
Minimum rents $2,571 $1,114 $291 $259 $907 $- $- $-
Percentage rents - - - - - - - -
Expense reimbursements - CAM 62 27 7 6 22 - - -
Expense reimbursements - Taxes 65 28 7 7 23 - - -
Other property income 93 40 11 9 33 - - -
------- ------------- -------- ------- ----------- ------- -------- -------
2,791 1,209 316 281 984 - - -
------- ------------- -------- ------- ----------- ------- -------- -------
PROPERTY EXPENSES
Property operating - CAM 131 57 15 13 46 - - -
Other property operating 46 20 5 5 16 - - -
Real estate taxes 96 42 11 10 34 - - -
------- ------------- -------- ------- ----------- ------- -------- -------
273 118 31 28 96 - - -
------- ------------- -------- ------- ----------- ------- -------- -------
NET OPERATING INCOME - PROPERTIES (5) 2,518 1,091 285 254 888 - - -
OTHER INCOME (EXPENSE)
General and administrative (24) (10) (3) (2) (8) - - -
Equity in earnings of unconsolidated
properties 17 7 2 2 6 5,958 1,192 1,059
Interest income 98 42 11 10 35 3 - 1
Asset and property management income - - - - - - - -
Promote income - Fund Operations - - - - - - - -
Promote income - Fund Transactions - - - - - - - -
Promote income - RCP - - - - - - - -
Promote expense (57) - - - (57) (1,192) - -
Asset and property management expense( 2) (2) (1) (0) (0) (1) - - -
Straight-line rent income (82) (36) (9) (8) (29) - - -
Straight-line rents written off - - - - - - - -
FAS 141 Rent (20) (9) (2) (2) (7) - - -
Provision for income taxes (12) (5) (1) (1) (4) - - -
Swap termination income - - - - - - - -
------- ------------- -------- ------- ----------- ------- -------- -------
EBIDTA 2,436 1,080 283 251 822 4,769 1,192 1,060
Depreciation and amortization (3) (1,546) (670) (175) (156) (545) - - -
FAS 141 Amortization (6) (3) (1) (1) (2) - - -
Interest expense (287) (124) (33) (29) (101) - - -
Loan defeasance - - - - - - - -
FAS 141 Interest - - - - - - - -
Gain (loss) on sale of properties - - - - - - - -
------- ------------- -------- ------- ----------- ------- -------- -------
Income before minority interest 597 283 74 66 174 4,769 1,192 1,060
Minority interest - OP - (4) (1) (1) (2) - (24) (21)
Minority interest (153) (66) (17) (15) (54) - - -
------- ------------- -------- ------- ----------- ------- -------- -------
NET INCOME $444 $213 $56 $49 $117 $4,769 $1,168 $1,039
======= ============= ======== ======= =========== ======= ======== =======
-------------------------------------------------------------------------------------------------------
AKR AKR
Pro- Pro- AKR Pro- AKR
rata rata rata Total Pro-
share Mervyns share share AKR rata AKR
Fund II 20.00% II 20.00% Fund III 19.9005% Promote share Combined
-------- ------- ------- ------- -------- --------- -------- ------- ---------
PROPERTY REVENUES
Minimum rents $2,350 $470 $- $- $1,256 $250 $291 $3,000 $3,291
Percentage rents - - - - - - - - -
Expense reimbursements - CAM 106 21 - - 5 1 7 77 84
Expense reimbursements - Taxes 7 1 - - 1 - 7 59 66
Other property income 9 2 - - 93 19 11 103 114
-------- ------- ------- ------- -------- --------- -------- ------- ---------
2,472 494 - - 1,355 270 316 3,239 3,555
-------- ------- ------- ------- -------- --------- -------- ------- ---------
PROPERTY EXPENSES
Property operating - CAM 505 101 - - 12 2 15 219 234
Other property operating 385 77 - - 356 71 5 189 194
Real estate taxes 240 48 - - 142 28 11 161 172
-------- ------- ------- ------- -------- --------- -------- ------- ---------
1,130 226 - - 510 101 31 569 600
-------- ------- ------- ------- -------- --------- -------- ------- ---------
NET OPERATING INCOME - PROPERTIES (5) 1,342 268 - - 845 169 285 2,670 2,955
OTHER INCOME (EXPENSE)
General and administrative (35) (7) - - (404) (80) (3) (108) (111)
Equity in earnings of unconsolidated
properties (147) (29) 7,368 1,474 - - 1,194 2,519 3,713
Interest income 77 15 69 14 262 52 11 169 180
Asset and property management income - - - - - - - - -
Promote income - Fund Operations - - - - - - - - -
Promote income - Fund Transactions - - - - - - - - -
Promote income - RCP - - - - - - - - -
Promote expense - - - - - - - (57) (57)
Asset and property management expense( 2) (1,232) - - - (1,969) - (0) (2) (2)
Straight-line rent income 108 22 - - 10 2 (9) (49) (58)
Straight-line rents written off - - - - - - - - -
FAS 141 Rent (65) (13) - - 18 4 (2) (27) (29)
Provision for income taxes (1) - - - (1) - (1) (11) (12)
Swap termination income - - - - - - - - -
-------- ------- ------- ------- -------- --------- -------- ------- ---------
EBIDTA 47 256 7,437 1,488 (1,239) 147 1,474 5,104 6,578
Depreciation and amortization (3) (718) (144) - - (341) (68) (175) (1,583) (1,758)
FAS 141 Amortization (69) (14) - - - - (1) (19) (20)
Interest expense (895) (179) - - (662) (132) (33) (565) (598)
Loan defeasance - - - - - - - - -
FAS 141 Interest - - - - - - - - -
Gain (loss) on sale of properties - - - - - - - - -
-------- ------- ------- ------- -------- --------- -------- ------- ---------
Income before minority interest (1,635) (81) 7,437 1,488 (2,242) (53) 1,266 2,937 4,202
Minority interest - OP - 1 - (30) - 1 (25) (56) (81)
Minority interest 83 17 - - (3) (1) (17) (120) (137)
-------- ------- ------- ------- -------- --------- -------- ------- ---------
NET INCOME $(1,552) $(63) $7,437 $1,458 $(2,245) $(53) $1,223 $2,761 $3,984
======== ======= ======= ======= ======== ========= ======== ======= =========
-------------------------------------------------------------------------------------------------------
(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.
(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
investors received all of their Fund capital and preferred return. Accordingly, the Company
is now entitled to a promote distribution on all future Fund I income and distributions. In
addition, the Company is entitled to a promote payment of $7.2 million for the Brandywine
transaction to be paid from the investors share of future Fund I earnings.
(5 )Includes majority-owned affiliates of which the minority share of NOI for the
Kroger/Safeway Portfolio amounts to $2,780 on an annual basis ($7,363 x 37.78% x 100%) and
$695 for the first quarter.
Page 10
Year-to-Date
Period
Ended March 31,
2008
---------------------------------------------------------------------
Joint Ventures - Core Retail
---------------------------------------------------------------------
AKR Pro- AKR Pro- Total
rata share rata share AKR Pro-
Brandywine 22.22% Crossroads 49.00% rata share
------------ ------------- ------------ ------------- ---------------
PROPERTY REVENUES
Minimum rents $4,043 $898 $1,448 $710 $1,609
Percentage rents 113 25 - - 25
Expense reimbursements - CAM 657 146 219 107 253
Expense reimbursements - Taxes 248 55 380 186 241
Other property income 55 12 17 8 20
------------ ------------- ------------ ------------- ---------------
5,116 1,136 2,064 1,011 2,148
------------ ------------- ------------ ------------- ---------------
PROPERTY EXPENSES
Property operating - CAM 764 170 222 109 279
Other property operating 391 87 16 8 95
Real estate taxes 277 62 455 223 285
------------ ------------- ------------ ------------- ---------------
1,432 319 693 340 659
------------ ------------- ------------ ------------- ---------------
NET OPERATING INCOME - PROPERTIES (5) 3,684 817 1,371 671 1,489
OTHER INCOME (EXPENSE)
General and administrative - - - - -
Equity in earnings of unconsolidated properties - - - - -
Interest income 23 5 9 4 9
Asset and property management income - - - - -
Promote income - - - - -
Promote expense - - - - -
Asset and property management expense( 2) (255) - - - -
Straight-line rent income 146 32 (11) (5) 27
Straight-line rents written off (44) (10) - - (10)
FAS 141 Rent 155 34 (105) (51) (17)
Provision for income taxes - - - - -
Swap termination income - - - - -
------------ ------------- ------------ ------------- ---------------
EBIDTA 3,709 878 1,264 619 1,498
Depreciation and amortization (3) (1,150) (256) (271) (231) (487)
FAS 141 Amortization - - - - -
Interest expense (2,519) (517) (866) (424) (941)
Loan defeasance - - - - -
FAS 141 Interest - - - - -
Gain (loss) on sale of properties - - - - -
------------ ------------- ------------ ------------- ---------------
Income before minority interest 40 105 127 (36) 70
Minority interest - OP - - - 1 1
Minority interest - - - - -
------------ ------------- ------------ ------------- ---------------
NET INCOME $40 $105 $127 $(35) $71
============ ============= ============ ============= ===============
Current Quarter
3 months
Ended March 31,
2008
----------------------------------------------------------------------
Joint Ventures - Core Retail
----------------------------------------------------------------------
AKR Pro- AKR Pro- Total
rata share rata share AKR Pro-
Brandywine JV 22.22% Crossroads 49.00% rata share
------------- ------------- ------------ ------------- ---------------
PROPERTY REVENUES
Minimum rents 4,043 $898 $1,448 $710 $1,609
Percentage rents 113 25 - - 25
Expense reimbursements - CAM 657 146 219 107 253
Expense reimbursements - Taxes 248 55 380 186 241
Other property income 55 12 17 8 20
------------- ------------- ------------ ------------- ---------------
5,116 1,136 2,064 1,011 2,148
------------- ------------- ------------ ------------- ---------------
PROPERTY EXPENSES
Property operating - CAM 764 170 222 109 279
Other property operating 391 87 16 8 95
Real estate taxes 277 62 455 223 285
------------- ------------- ------------ ------------- ---------------
1,432 319 693 340 659
------------- ------------- ------------ ------------- ---------------
NET OPERATING INCOME - PROPERTIES (5) 3,684 817 1,371 671 1,489
`
OTHER INCOME (EXPENSE)
General and administrative - - - - -
Equity in earnings of unconsolidated properties - - - - -
Interest income 23 5 9 4 9
Asset and property management income - - - - -
Promote income - - - - -
Promote expense - - - - -
Asset and property management expense( 2) (255) - - - -
Straight-line rent income 146 32 (11) (5) 27
Straight-line rents written off (44) (10) - - (10)
FAS 141 Rent 155 34 (105) (51) (17)
Provision for income taxes - - - - -
Swap termination income - - - - -
------------- ------------- ------------ ------------- ---------------
EBIDTA 3,709 878 1,264 619 1,498
Depreciation and amortization (3) (1,150) (256) (271) (231) (487)
FAS 141 Amortization - - - - -
Interest expense (2,519) (517) (866) (424) (941)
Loan defeasance - - - - -
FAS 141 Interest - - - - -
Gain (loss) on sale of properties - - - - -
------------- ------------- ------------ ------------- ---------------
Income before minority interest 40 105 127 (36) 70
Minority interest - OP - - - 1 1
Minority interest - - - - -
------------- ------------- ------------ ------------- ---------------
NET INCOME $40 $105 $127 $(35) $71
============= ============= ============ ============= ===============
(1) The Commpany has a 22.2% interest in the Brandywine Portfolio and a 49% interest in the Crossroads Shopping Center
("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements.
Page 11
Reporting Supplement
March 31, 2008
Income Statements - Current v. Prior Year (1)
- ---------------------------------------------
(in thousands)
Current Quarter
3 months
ended March 31,
2008
--------------------------------------------------------------------------------------
Core
Retail Residential
Core Discontinued Opportunity Discontinued
Retail Operations Funds Operations Total
--------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 12,917 $ 1,304 $ 3,000 $ 918 $ 18,139
Percentage rents 186 19 - - 205
Expense reimbursements - CAM 2,117 302 77 - 2,496
Expense reimbursements - Taxes 2,131 155 59 - 2,345
Other property income 113 28 103 75 319
--------------- ---------------- ---------------- ----------------- ------------------
17,464 1,808 3,239 993 23,504
--------------- ---------------- ---------------- ----------------- ------------------
PROPERTY EXPENSES
Property operating - CAM 2,438 379 219 - 3,036
Other property operating 500 280 189 416 1,385
Real estate taxes 2,381 186 161 50 2,778
--------------- ---------------- ---------------- ----------------- ------------------
5,319 845 569 466 7,199
--------------- ---------------- ---------------- ----------------- ------------------
NET OPERATING INCOME - PROPERTIES 12,145 963 2,670 527 16,305
OTHER INCOME (EXPENSE)
General and administrative (6,604) - (108) - (6,712)
Equity in earnings of Fund I
unconsolidated properties 21 - 2,519 - 2,540
Interest income 2,295 - 169 8 2,472
Fee income 6,798 - - - 6,798
Promote income - Fund operations - - 56 - 56
Promote income - Fund capital transactions - - - - -
Promote income - RCP - - 1,168 - 1,168
Promote expense - - (57) - (57)
Property management expense (32) - (2) (14) (48)
Straight-line rent income 277 3 (49) - 231
Straight-line rents written off (10) - - - (10)
FAS 141 Rent (129) - (27) - (156)
Abandoned project costs
Provision for income taxes (1,843) - (11) - (1,854)
Other income (expense) - - - - -
--------------- ---------------- ---------------- ----------------- ------------------
EBIDTA 12,918 966 6,328 521 20,733
Depreciation and amortization (4,063) (110) (1,583) - (5,756)
FAS 141 Amortization (255) - (19) - (274)
Interest expense (5,205) - (565) - (5,770)
Loan defeasance - - - - -
FAS 141 Interest 20 - - - 20
Gain (loss) on sale of properties - - - - -
--------------- ---------------- ---------------- ----------------- ------------------
Income before minority interest 3,415 856 4,160 521 8,952
Minority interest - OP (98) (17) (56) (10) (181)
Minority interest 92 - (120) - (28)
--------------- ---------------- ---------------- ----------------- ------------------
NET INCOME $ 3,409 $ 839 $ 3,984 $ 511 $ 8,743
=============== ================ ================ ================= ==================
Prior Year Quarter
3 months
ended March 31,
2007
----------------------------------------------------------------------------------------
Core Opportunity
Retail Funds Residential
Core Discontinued Opportunity Discontinued Discontinued
Retail Operations Funds Operations Residential Operations Total
----------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 11,875 $ 1,077 $ 2,735 $ 508 $ - $ 1,788 $ 17,983
Percentage rents 128 42 - - - - 170
Expense reimbursements - CAM 1,517 273 61 59 - - 1,910
Expense reimbursements - Taxes 1,899 60 (79) 60 - - 1,940
Other property income 78 5 5 - - 135 223
------------ ------------- ------------ ------------ ----------- ------------ ----------
15,497 1,457 2,722 627 - 1,923 22,226
------------ ------------- ------------ ------------ ----------- ------------ ----------
PROPERTY EXPENSES
Property operating - CAM 2,354 355 168 38 - - 2,915
Other property operating 622 12 121 4 - 881 1,640
Real estate taxes 2,016 69 (6) 65 - 82 2,226
------------ ------------- ------------ ------------ ----------- ------------ ----------
4,992 436 283 107 - 963 6,781
------------ ------------- ------------ ------------ ----------- ------------ ----------
NET OPERATING INCOME - PROPERTIES 10,505 1,021 2,439 520 - 960 15,445
OTHER INCOME (EXPENSE)
General and administrative (5,439) - (84) - - - (5,523)
Equity in earnings of Fund I unconsolidated
properties - - 4,727 - - - 4,727
Interest income 2,821 - 94 - - 5 2,920
Fee income 3,035 - - - - - 3,035
Promote income - Fund operations - - - - - - -
Promote income - Fund capital transactions - - - - - - -
Promote income - RCP - - - - - - -
Promote expense - - - - - - -
Property management expense (31) - 24 (26) - (43) (76)
Straight-line rent income 400 24 253 26 - - 703
Straight-line rents written off (85) - - - - - (85)
FAS 141 Rent 13 - (31) - - - (18)
Abandoned project costs - (13) - (13)
Provision for income taxes (1,878) - - - - - (1,878)
Other income (expense) 165 - - - - - 165
------------ ------------- ------------ ------------ ----------- ------------ ----------
EBIDTA 9,506 1,045 7,409 520 - 922 19,402
Depreciation and amortization (3,658) (435) (1,676) (88) - (380) (6,237)
FAS 141 Amortization 76 (20) - - - 56
Interest expense (5,028) (32) (515) (227) - (295) (6,097)
Loan defeasance (426) - - - - (426)
FAS 141 Interest 20 - 15 - - 35
Gain (loss) on sale of properties - - - - - - -
------------ ------------- ------------ ------------ ----------- ------------ ----------
Income before minority interest 490 578 5,198 220 - 247 6,733
Minority interest - OP (23) (12) (104) (4) - (5) (148)
Minority interest 232 - (98) - - - 134
------------ ------------- ------------ ------------ ----------- ------------ ----------
NET INCOME $ 699 $ 566 $ 4,996 $ 216 $ - $ 242 $ 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
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.
Page 12
Reporting Supplement
March 31, 2008
Net Operating Income (NOI) - Same Property Performance (1)
- ----------------------------------------------------------
(in thousands)
Growth in Same
Property NOI -
Continuing Operations
Notes: Current Quarter Historical Quarter Favorable (unfavorable)
-------------------------------------------------------------------
3 months ended 3 months ended
Reconciliation of total NOI to same property NOI: March 31, March 31,
2008 2007
--------------- ------------------
NOI - Core Retail properties $12,145 $10,505
NOI - Opportunity Fund properties 2,670 2,439
NOI - Residential properties - -
NOI - Discontinued Operations 1,490 2,501
Adjustment to reflect 2006 increase in Fund I ownership
percentage (2) (1,280) (1,363)
--------------- ------------------
Total NOI 15,025 14,082
NOI - Properties Acquired (1,110) (162)
NOI - Discontinued Operations (1,490) (2,501)
NOI - non recurring transactions 40 192
--------------- ------------------
$12,465 $11,611 7.4%
=============== ================== =======================
Same property NOI by portfolio component and revenues/expenses:
Core Retail Properties
Revenues $16,393 $15,376 6.6%
Expenses 5,051 4,791 -5.4%
--------------- ------------------ -----------------------
11,342 10,585 7.2%
--------------- ------------------ -----------------------
Opportunity Fund Properties
Revenues 1,342 1,169 14.8%
Expenses 219 143 -53.1%
--------------- ------------------ -----------------------
1,123 1,026 9.4%
--------------- ------------------ -----------------------
Total Core Retail and Opportunity Funds NOI $12,465 $11,611 7.4%
=============== ================== =======================
(1) The above amounts includes the pro-rata activity related to the Company's consolidated and unconsolidated joint ventures.
(2) As a result of the recapitalization of the Brandywine Portfolio which enabled the Fund I investors to receive all of their
invested capital and preferred return, the Company is entitled to receive a 20% promote interest. Accordingly, Acadia's effective
ownership interest is now 38% [20% + (80% x 22%)]. 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%. 2008 and
2007 NOI from Fund I has been adjusted from 100% down to 38% for comparability.
Page 13
Reporting Supplement
March 31, 2008
Funds from Operations ("FFO") (1)
- --------------------------------------------
2008 2007
------------------------------- ----------------
Current Current Historic
Year-to-Date Quarter Quarter
Year ended 3 months ended 3 months ended
Funds from operations ("FFO"): Notes March 31, 2008 March 31, 2008 March 31, 2007
----------------------------- --------------- --------------- ----------------
Net Income $ 8,743 $ 8,743 $ 6,719
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of minority interest share)
Consolidated subsidiaries 3,566 3,566 4,797
Unconsolidated subsidiaries 500 500 475
Income attributable to OP units (2) 79 79 144
Loss (gain) on sale of properties - - -
Extraordinary item (net of minority interests' share and income taxes) - - (2,883)
Distributions on Preferred OP Units 5 5 8
--------------- --------------- ----------------
FFO 12,893 12,893 9,260
Extraordinary item (net of minority interests' share and income taxes) (4) - - 2,883
--------------- --------------- ----------------
FFO - adjusted for extraordinary item (4) $ 12,893 $ 12,893 $ 12,143
=============== =============== ================
Adjusted Funds from operations ("AFFO"):
----------------------------------------
Diluted FFO $ 12,893 $ 12,893 $ 12,143
Straight line rent, net 231 231 (703)
Non real estate depreciation 227 227 164
Amortization of finance costs 302 302 464
Amortization of cost of management contracts 200 200 173
Tenant improvements (238) (238) (463)
Leasing commissions (126) (126) (72)
Capital expenditures (44) (44) (981)
--------------- --------------- ----------------
AFFO $ 13,446 $ 13,446 $ 10,725
=============== =============== ================
Funds Available for Distribution ("FAD")
----------------------------------------
AFFO $ 13,446 $ 13,446 $ 10,725
Scheduled prinicpal repayments (711) (711) (832)
--------------- --------------- ----------------
FAD $ 12,735 $ 12,735 $ 9,893
=============== =============== ================
Total weighted average shares and OP Units:
Basic 33,106 33,106 32,797
=============== =============== ================
Diluted 33,603 33,603 33,682
=============== =============== ================
FFO per share:
FFO per share - Basic (3) $ 0.39 $ 0.39 $ 0.37
=============== =============== ================
FFO per share - Diluted (3) $ 0.38 $ 0.38 $ 0.36
=============== =============== ================
AFFO per share - Basic (3) $ 0.41 $ 0.41 $ 0.33
=============== =============== ================
AFFO per share - Diluted (3) $ 0.40 $ 0.40 $ 0.32
=============== =============== ================
FAD per share - Basic (3) $ 0.38 $ 0.38 $ 0.30
=============== =============== ================
FAD per share - Diluted (3) $ 0.38 $ 0.38 $ 0.29
=============== =============== ================
- -----------------------------------------------------------------------------------------------------------------------------------
(1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are
necessary for a fair presentation of operating results for the interim periods.
(2) Reflects OP Unitholders interest in OP net income.
(3) Assumes full conversion of O.P. Units into Common Shares. Diluted FFO assumes conversion of Preferred O.P.
Units as well as assumed exercise of outstanding share options. Quarterly Preferred OP Unit distributions are added back
for the purposes of calculating diluted FFO. Refer to "Market Capitalization" for weighted-average basic and diluted
shares.
(4) The extraordinary item represents the Company's share of estimated extraordinary gain related to its investment
in Albertson's. The Albertson's entity has recorded an extraordinary gain in connection with the allocation of purchase
price to assets acquired. The Company considers this as an investment in an operating business as opposed to real
estate. Accordingly, all gains and losses from this investment are included in FFO.
Page 14
Reporting Supplement
March 31, 2008
2008 Guidance - Highlights
--------------------------
(in millions except per share amounts,all per share amounts are fully diluted)
2007
Overall: Actual
- -------- ---------------------------
Full year Funds from Operatons ("FFO") per share $1.25 to $1.35 $1.30
==================== ============================
Earnings per Share ("EPS") $0.66 to $0.76 $0.82
==================== ============================
FFO Components:
- ---------------
Core and pro-rata share of opportunity Fund ("Fund") portfolio income $41.8 to $42.6 $41.8
==================== ============================
Asset and property management fee income (net of taxes) $10.1 $9.2
==================== ===========================
Transactional fee/Promote/RCP income (net of taxes):
-- Transactional fees $14.5 to $15.5 $8.1
-- Promote/RCP income $3.0 to $4.0 $9.8
-------------------- ----------------------------
Total transactional fee and promote/RCP income (net) $17.5 to $19.5 $17.9
==================== ============================
General and administrative expense $26.0 to $27.0 $24.9
==================== ============================
Highlights for the Quarter ended March 31, 2008:
Promote/RCP income $2.3 ($2.2 is from Mervyns investment)
Page 15
Reporting Supplement
March 31, 2008
Consolidated Balance Sheets
---------------------------
(in thousands)
March 31, December 31,
2008 2007
-------------- --------------
ASSETS
Real estate
Land $ 281,070 $ 231,502
Buildings and improvements 605,859 485,177
Construction in progress 101,031 77,608
-------------- --------------
987,960 794,287
Less: accumulated depreciation (125,852) (122,044)
-------------- --------------
Net real estate 862,108 672,243
Cash and cash equivalents 111,290 123,343
Cash in escrow 7,412 6,637
Investments in and advances to unconsolidated affiliates 58,960 40,613
Rents receivable, net of $1,331 and $1,304 allowance, respectively 5,327 4,629
Straight-line rents receivable, net of $910 allowance 7,074 7,306
Notes Receivable 57,698 61,703
Deferred charges, net 21,432 18,879
Prepaid expenses and other assets, net 19,019 16,510
Acquired lease intangibles, net 15,309 16,103
Net assets of discontinued operations 30,926 31,046
-------------- --------------
$ 1,196,555 $ 999,012
============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 666,030 $ 517,903
Acquired lease intangibles, net 5,366 5,651
Accounts payable and accrued expenses 15,752 14,833
Dividends and distributions payable 7,031 14,420
Share of losses in excess of investment in unconsolidated affiliates 20,081 20,007
Other liabilities 19,261 13,564
Net liabilities of discontinued operations 425 787
-------------- --------------
Total liabilities 733,946 587,165
-------------- --------------
Minority interest in Operating Partnership 4,599 4,595
Minority interests in partially owned affiliates 216,961 166,516
-------------- --------------
Total minority interests 221,560 171,111
-------------- --------------
Shareholders' equity:
Common shares 32 32
Additional paid-in capital 227,136 227,890
Accumulated other comprehensive loss (1,779) (953)
Retained earnings 15,660 13,767
-------------- --------------
Total shareholders' equity 241,049 240,736
-------------- --------------
$ 1,196,555 $ 999,012
============== ==============
Page 16
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2008
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 $ 281,070 $ (151,383) $ 7,353 $ 137,040
Buildings and improvements 605,859 (216,397) 52,151 441,613
Construction in progress 101,031 (84,951) 596 16,676
-------------- ------------ --------------- --------------
987,960 (452,731) 60,100 595,329
Less: accumulated depreciation (125,852) 24,455 (7,338) (108,735)
-------------- ------------ --------------- --------------
Net real estate 862,108 (428,276) 52,762 486,594
Cash and cash equivalents 111,290 (20,594) 1,237 91,933
Cash in escrow 7,412 (2,633) 820 5,599
Investments in and advances to unconsolidated affiliates 58,960 (40,404) (9,089) 9,467
Rents receivable, net 5,327 (983) 245 4,589
Straight-line rents receivable, net 7,074 532 1,391 8,997
Intercompany - - -
Notes Receivable 57,698 (2,957) - 54,741
Deferred charges, net 21,432 (10,467) 8,250 19,215
Prepaid expenses and other assets 19,019 13,377 341 32,737
Acquired lease intangibles 15,309 (3,531) 6 11,784
Assets of discontinued operations 30,926 - - 30,926
-------------- ------------ --------------- --------------
Total Assets $ 1,196,555 $ (495,936) $ 55,963 $ 756,582
============== ============ =============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 665,129 (270,238) 73,025 $ 467,916
Valuation of debt at acquisition, net of amortization 901 (66) 1,379 2,214
Acquired lease intangibles 5,366 - - 5,366
Accounts payable and accrued expenses 15,752 (2,413) 700 14,039
Dividends and distributions payable 7,031 - - 7,031
Due to related parties - - -
Share of losses in excess of inv. in unconsolidated affiliates 20,081 - (20,081) -
Interest rate swap payable - - - -
Other liabilities 19,261 (7,916) 940 12,285
Liabilities of discontinued operations 425 - - 425
-------------- ------------ --------------- --------------
Total liabilities 733,946 (280,633) 55,963 509,276
-------------- ------------ --------------- --------------
Minority interest in Operating Partnership 4,599 - - 4,599
Minority interests in partially owned affiliates 216,961 (215,303) - 1,658
-------------- ------------ --------------- --------------
Total minority interests 221,560 (215,303) - 6,257
-------------- ------------ --------------- --------------
Shareholders' equity:
Common shares 32 - - 32
Additional paid-in capital 227,136 - - 227,136
Accumulated other comprehensive income (1,779) - - (1,779)
Deficit 15,660 - - 15,660
-------------- ------------ --------------- --------------
Total shareholders' equity 241,049 - - 241,049
-------------- ------------ --------------- --------------
Total Liabilities and Shareholders' Equity $ 1,196,555 $ (495,936) $ 55,963 $ 756,582
============== ============ =============== ==============
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.
Page 17
Reporting Supplement
March 31, 2008
Portfolio Debt - Consolidated Summary
Reconciliation from Pro-Rata Share of Debt to GAAP Debt
(amounts in thousands)
Acadia Pro-Rata Share of Debt
------------------------------------------------------------------------
Core Portfolio Opportunity Funds Total Fixed
------------------- --------------------- --------------------
Principal Interest Principal Interest Principal Interest vs
Mortgage Notes Payable Balance Rate Balance Rate Balance Rate Variable
- ---------------------------------- -------- ---------- --------- ---------- --------- ----------
Fixed-Rate Debt (1) $ 395,113 5.1% $ 32,400 5.9% $ 427,513 5.2% 91%
Variable-Rate Debt (1) 1,240 4.0% 39,163 4.0% 40,403 3.9% 9%
---------- -------- ---------- --------- ---------- --------- ---------
Total $ 396,353 5.1% $ 71,563 4.8% $ 467,916 5.1% 100%
========== ======== ========== ========= ========== ========= =========
Reconcoliation to Consolidated Debt as Reported
-------------------------------------------------------------------------------
Add: Minority
Interest Less: Pro-rata Acadia
Share of Share of Consolidated
Consolidated Unconsolidated Debt
Mortgage Notes Payable Debt (3) Debt (4) As Reported
- ------------------------------------------------------------------- ---------------- ------------------
Fixed-Rate Debt (1) $ 133,994 $ (68,191) $ 493,316
Variable-Rate Debt (1) 136,244 (4,834) 171,813
------------------------------------------- ---------------- ------------------
Total $ 270,238 $ (73,025) 665,129
=========================================== ================
FAS 141 purchase price
debt allocation 901
------------------
Total debt as reported $ 666,030
==================
Notes
- -----
(1) Fixed-rate debt includes notional principal fixed through swap transactions. Conversely, variable-rate debt
excludes this amount.
(2) Represents the Company's economic pro-rata share of debt.
(3) Represents the Minority Interest pro-rata share of consolidated partnership debt based on its percent
ownership.
(4) Represents the Company's pro-rata share of unconsolidated partnership debt based on percent ownership.
Page 18
Reporting Supplement
March 31, 2008
Debt Analysis - Consolidated Debt
(amounts in thousands)
Principal Acadia's Pro-rata
Balance at share Interest Maturity
Property Notes Entity Lender March 31, 2008 Percent Amount Rate Date
- ----------------------------------------------------------------------------------------------------------------- ------------
CORE PORTFOLIO
- -----------------
Fixed-Rate Debt
- -----------------
Acadia Realty Acadia 3.75% Convertible Notes
Trust $115,000 100.0% $115,000 3.75% 12/20/2011
Chestnut Hill Acadia Column Financial, Inc. 9,791 100.0% 9,791 5.45% 6/11/2013
New Loudon Center Acadia RBS Greenwich Capital 14,702 100.0% 14,702 5.64% 9/6/2014
Crossroads Crossroads JV JPMorgan Chase Bank
Shopping Center 63,793 49.0% 31,259 5.37% 12/1/2014
Crescent Plaza Acadia RBS Greenwich Capital 17,600 100.0% 17,600 4.98% 9/6/2015
Pacesetter Park Acadia RBS Greenwich Capital
Shopping Center 12,500 100.0% 12,500 5.12% 11/6/2015
Elmwood Park Acadia Bear Stearns Commercial
Shopping Center Mortgage, Inc. 34,600 100.0% 34,600 5.53% 1/1/2016
Gateway Shopping Acadia Bear Stearns Commercial
Center Mortgage, Inc. 20,500 100.0% 20,500 5.44% 3/1/2016
Acadia Brandywine Brandywine JV UBS Warburg Real Estate
Subsidiary Investments, Inc. 61,375 22.2% 13,639 5.99% 7/1/2016
Acadia Brandywine Brandywine JV Bear Stearns Commercial
Town Center Mortgage, Inc. 31,550 22.2% 7,011 5.99% 7/1/2016
Acadia Market Brandywine JV Bear Stearns Commercial
Square Shopping Mortgage, Inc.
Center 24,375 22.2% 5,417 5.99% 7/1/2016
Acadia Brandywine Brandywine JV Bear Stearns Commercial
Condominium Mortgage, Inc. 22,650 22.2% 5,033 5.99% 7/1/2016
Acadia Brandywine Brandywine JV Bear Stearns Commercial
Holdings Mortgage, Inc. 26,250 22.2% 5,833 5.99% 7/1/2016
Walnut Hill Plaza Acadia Merrill Lynch Mortgage
Lending, Inc. 23,500 100.0% 23,500 6.06% 8/29/2016
239 Greenwich Acadia Wachovia
Avenue 26,000 75.0% 19,500 5.42% 2/11/2017
Merrillville Acadia Bear Stearns Commercial
Plaza Mortgage, Inc. 26,250 100.0% 26,250 5.88% 8/1/2017
Clark-Diversey Acadia Lasalle Bank National
Association 3,713 100.0% 3,713 8.50% 4/11/2028
Boonton Acadia GMAC Commercial Mortgage
Corporation 8,419 60.0% 5,051 6.40% 11/1/2032
Interest rate Acadia Bank of America, N.A. Various
swaps 1 24,214 100.0% 24,214 6.34%
-------------- --------- --------
Sub-Total Fixed-
Rate Debt 566,782 395,113 5.14%
-------------- --------- --------
Variable-Rate
Debt
- -----------------
Various Acadia Bank of America, N.A. Libor
2 - 100.0% - + 125 12/1/2010
Branch Plaza Acadia Bank of America, N.A. Libor
15,712 100.0% 15,712 + 130 12/1/2011
Village Commons Acadia Bank of America, N.A. Libor
Shopping Center 3 9,742 100.0% 9,742 + 140 6/29/2012
Interest rate Acadia Bank of America, N.A.
swaps 1 (24,214) 100.0% (24,214)
-------------- ---------
Sub-Total
Variable-Rate Libor
Debt 1,240 1,240 + 134
-------------- --------- -------------
Total Core
Portfolio Debt $568,022 $396,353 5.14%
============== ========= ========
Page 19
Reporting Supplement
March 31, 2008
Debt Analysis - Consolidated Debt
(amounts in thousands)
Principal Acadia's Pro-rata
Balance at share Interest Maturity
---------------------
Property Notes Entity Lender March 31, 2008 Percent Amount Rate Date
- ------------------------------------------ -------------------------------------------------------------------------------------
OPPORTUNITY FUNDS
- ---------------------------
Fixed-Rate Debt
- ---------------------------
Sherman Plaza 4 Fund II Bank of China $19,000 19.7% $3,751 5.83% 9/1/2008
Safeway Portfolio Fund I Cortlandt Deposit
5 Corporation 2,318 28.3% 657 6.51% 1/15/2009
Kroger Portfolio Fund I Cortlandt Deposit
5 Corporation 2,475 28.3% 701 6.62% 2/1/2009
Acadia Suffern LLC Fund III GEMSA Loan Services, LP 5,024 18.9% 950 5.37% 12/1/2009
Acadia Storage Company LLC Fund III Wachovia 34,848 18.9% 6,588 5.86% 6/11/2009
Acadia Storage Post Fund III GEMSA Loan Services, LP
Portfolio CO. LLC 41,500 18.9% 7,846 5.30% 3/16/2011
216th Street 4 Fund II Bank of America, N.A. 25,500 19.7% 5,034 5.80% 10/1/2017
Pelham Manor 4 Fund II Bear Sterns Commercial 16,062 19.7% 3,171 7.18% 1/1/2020
Interest rate swap 1 Fund I Bank of America, N.A. 9,800 37.8% 3,702 5.86% 10/29/2010
-------------- ----------- ---------
Sub-Total Fixed-Rate Debt 156,527 32,400 5.86%
-------------- ----------- ---------
Variable-Rate Debt
- ---------------------------
CityPoint Fund II Bank of America, N.A. Libor
6 34,000 4.9% 1,652 + 135 6/13/2008
Granville Center Fund I Bank One, N.A. Libor
2,785 37.8% 1,052 + 200 10/5/2008
Acadia Strategic Fund II Bank of America, N.A. / Libor
Opportunity Fund II, LLC 7 Bank of New York 34,500 20.0% 6,900 + 75 3/1/2009
161st Street Fund II RBS Greenwich Capital Libor
4 30,000 19.7% 5,922 + 140 4/1/2009
Liberty Avenue Fund II PNC Bank, National Libor
4 Association 10,125 19.7% 1,999 + 165 5/18/2009
Fordham Plaza Fund II Eurohypo AG Libor
4 51,163 19.7% 10,100 + 175 10/4/2009
Haygood Shopping Center Fund I JP Morgan Chase Bank, Libor
8 N.A. 11,366 18.9% 2,148 + 150 8/23/2010
Sterling Heights Shopping Fund I JP Morgan Chase Bank, Libor
Center 8 N.A. 5,471 18.9% 1,033 + 185 8/23/2010
Acadia Strategic Fund III Bank of America, N.A. Comm
Opportunity Fund III, LLC Paper
9 42,000 19.9% 8,358+50 10/9/2011
Tarrytown Shopping Center Fund I Anglo Irish Bank Libor
Corporation 9,800 37.8% 3,702 + 165 10/30/2010
Interest rate swap 1 Fund I Bank of America, N.A. (9,800) 37.8% (3,702) 10/29/2010
-------------- -----------
Sub-Total Variable-Rate Debt Libor
221,410 39,163 + 134
-------------- -------------------------
Total Opportunity Funds Portfolio Debt $377,937 $71,563 4.75%
============== =========== =========
Page 20
Reporting Supplement
March 31, 2008
Debt Analysis - Notes
- -----------------------------------------------------------------------------------------------------------------------
(1) The Company has hedged a portion of it's variable-rate debt with variable to fixed-rate swap agreements as follows:
Average Forward Maturity
Notional principal Spread Swap rate All-in Rate Start Date Date
------------------------------- ---------------- ------------- ------------- --------------
$4,640 1.39% 4.71% 6.10% n/a 1/1/2010
11,140 1.39% 4.90% 6.29% n/a 10/1/2011
8,434 1.39% 5.14% 6.53% n/a 3/1/2012
------------------ ------------ ---------------- -------------
Core Portfolio $24,214 1.39% 4.94% 6.34%
================== ============ ================ =============
Opportunity Funds $9,800 1.39% 4.47% 5.86% n/a 10/29/2010
================== ============ ================ =============
(2) This is a revolving facility for up to $74,000 with an additional $13,000 available based on certain income
hurdles and is collateralized by Bloomfield Town Square, Hobson West Plaza, Marketplace of Absecon, Abington Towne
Center, Methuen Shopping Center and Town Line Plaza.
(3) There is an additional $300 available under this facility through 12/08, with an additional $1,800 available
thereafter based on certain income hurdles.
(4) Fund II is a 98.7% joint venture partner on this investment. As such, Acadia's pro- rata share of the above
debt is 98.7% x 20%, or 19.7%.
(5) 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%.
(6) 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%.
(7) This is a revolving facility for up to $70,000. There are three one-year options associated with this revolving
facility.
(8) 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%.
(9) This is a line of credit with an initial amount of $75,000 with the option to increase to a maximum of
$300,000.
Page 21
Reporting Supplement
March 31, 2008
Future Debt Maturities
- ----------------------------------------
(in thousands)
Core Portfolio Weighted Average Interest Rate
Acadia's Pro-rata Share of Maturing Debt
--------------------------------- ---------------------------------------------
Scheduled Scheduled
Year Amortization Maturities Total Amortization Maturities Total Total Debt Fixed-Rate Debt Variable-Rate Debt
- ----------------- ------------ ---------- --------- ------------- ---------- -------- ---------- --------------- ------------------
2008 1,412 - 1,412 1,053 - 1,053 n/a n/a n/a
2009 2,053 - 2,053 1,552 - 1,552 n/a n/a n/a
2010 2,644 - 2,644 2,110 - 2,110 n/a n/a n/a
2011 3,088 129,764 132,852 2,523 129,764 132,287 3.78% 3.75% 4.00%
2012 3,219 9,048 12,267 2,628 9,048 11,676 4.10% n/a 4.10%
Thereafter 19,839 396,955 416,794 15,232 232,443 247,675 5.61% 5.61% n/a
------------ ---------- --------- ------------- ---------- --------
$ 32,255 $ 535,767 $ 568,022 $ 25,098 $ 371,255 $396,353
============ ========== ========= ============= ========== ========
Weighted Average Interest Rate of Pro-rata Share
of Maturing Debt
------------------------------------------------
Opportunity Funds
Total Debt Fixed-Rate Debt Variable-Rate Debt
------------ --------------- -------------------
2008 766 55,697 56,463 161 6,422 6,583 5.19% 5.83% 4.30%
2009 5,339 164,436 169,775 1,461 32,228 33,689 4.47% 5.80% 4.08%
2010 - 26,637 26,637 - 6,883 6,883 4.33% n/a 4.33%
2011 - 83,500 83,500 - 16,203 16,203 4.01% 5.30% 2.80%
2012 - - - - - - n/a n/a n/a
Thereafter - 41,562 41,562 - 8,205 8,205 6.33% 6.33% n/a
------------ ---------- --------- ------------- ---------- --------
$ 6,105 $ 371,832 $ 377,937 $ 1,622 $ 69,941 $ 71,563
============ ========== ========= ============= ========== ========
Page 22
Reporting Supplement
March 31, 2008
Selected Operating Ratios
-------------------------
3 months ended March 31,
2008 2007
------------- -----------
Coverage Ratios (1)
---------------
Interest Coverage Ratio
EBIDTA $20,983 $19,402
Divided by Interest expense 5,770 6,097
------------- -----------
3.64 x 3.18x
Fixed Charge Coverage Ratio
EBIDTA $20,983 $19,402
Divided by ( Interest expense 5,770 6,097
+ Preferred Dividends) (2) 5 8
------------- -----------
3.63 x 3.18x
Debt Service Coverage Ratio
EBIDTA $20,983 $19,402
Divided by ( Interest expense 5,770 6,097
+ Principal Amortization) 711 832
------------- -----------
3.24 x 2.80x
Payout Ratios
-------------
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $7,031 $6,661
FFO 12,893 12,143
------------- -----------
55% 55%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $7,031 $6,661
AFFO 13,446 10,725
------------- -----------
52% 62%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $7,031 $6,661
FAD 12,735 9,893
------------- -----------
55% 67%
Leverage Ratios
---------------
Debt/Total Market Capitalization
Debt (3) $467,916 $426,589
Total Market Capitalization 1,263,298 1,281,369
------------- -----------
37% 33%
Debt + Preferred Equity (Preferred O.P. Units) $468,521 $426,977
Total Market Capitalization 1,263,298 1,281,369
------------- -----------
37% 33%
Notes:
(1) Quarterly results for 2008 and 2007 are unaudited, although they reflect all adjustments, which in the opinion
of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios
include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to both the
Company's consolidated and unconsolidated investments in joint ventures.
(2) Represents preferred distributions on Preferred Operating partnership Units.
(3) Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt and principal
amortization.
Page 23
Reporting Supplement
March 31, 2008
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview
- ------------------------------------------------------------
Item 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 1.5 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
Priority distribution fee equal to 4% of gross property revenues
Market rate leasing fees
Market rate construction/project management fees
Page 24
Reporting
Supplement
March 31, 2008
Fund I
Portfolio
Detail
- --------------
Annualized Base Rent
Ownership Gross Leasable Area Occupancy Annualized Base Rent per Square Foot
--------------------------- -------------- ------- ---------------------------------- --------------------
% Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
--------- --------- ------- --------- ------- ------ ------- ----------- ---------- ----------- ------- ------ -----
Midwest
- --------------
Michigan
- --------------
Sterling
Heights
Shopping
Center
(Michigan) 50% 90,400 64,435 154,835 100.00% 25.18% 68.86% $526,600 $117,919 $644,519 $5.83 $7.27 $6.04
Ohio
- --------------
Granville
Centre 100% 90,047 44,950 134,997 38.81% 42.73% 40.12% 450,336 188,450 638,786 12.88 9.81 11.80
--------- ------- --------- ------- ------ ------- ----------- ---------- ----------- ------- ------ -----
Total Midwest 180,447 109,385 289,832 69.46% 32.39% 55.47% 976,936 306,369 1,283,305 7.79 8.65 7.98
Mid-Atlantic
- --------------
Virginia
- --------------
Haygood
Shopping
Center (1) 50% 95,303 83,230 178,533 100.00% 83.06% 92.10% 636,207 1,136,309 1,772,516 6.68 16.44 10.78
New York
- --------------
New York
- --------------
Tarrytown
Shopping
Center 100% 15,497 19,794 35,291 100.00% 82.33% 90.09% 475,000 496,822 971,822 30.65 30.49 30.57
Various
- --------------
Kroger/Safeway
Portfolio (24
Properties) 75% 987,100 - 987,100 100.00% 0.00% 100.00% 8,842,778 - 8,842,778 8.96 - 8.96
--------- ------- --------- ------- ------ ------- ----------- ---------- ----------- ------- ------ -----
Grand Total 1,278,347 212,409 1,490,756 95.69% 56.90% 90.16% $10,930,921 $1,939,500 $12,870,421 $8.94 $16.05 $9.58
========= ======= ========= ======= ====== ======= =========== ========== =========== ======= ====== =====
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has
not yet commenced.
(1) This property is currently under contract for sale which is anticipated to close during the second quarter of 2008.
Page 25
Reporting Supplement
March 31, 2008
Fund I
Anchor Detail
-------------
Annual Annual
Square Lease Base Base
Region/Property/Tenant Footage Expiration Rent Rent PSF Options
- -------------------------------------------------------------------------------------------------------------
Midwest
-------
Michigan
- --------
Sterling Heights Shopping Center
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 -
--------- ------------- -------------
Total Redevelopment Property 90,400 526,600 5.83
--------- ------------- -------------
Ohio
- ----
Granville Centre
Lifestyle Family Fitness, Inc. 34,951 1/31/2017 $450,336 12.88 (2) 5 Year
--------- ------------- -------------
Total Midwest 125,351 976,936 7.79
--------- ------------- -------------
Mid-Atlantic
------------
Virginia
- --------
Haygood Shopping Center (1)
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 -
--------- ------------- -------------
95,303 636,207 6.68
--------- ------------- -------------
New York
--------
New York
- --------
Tarrytown Centre
Walgreen's 15,497 6/30/2080 475,000 30.65 -
--------- ------------- -------------
Various
- -------
Kroger/Safeway 987,100 2009 8,842,778 8.96 Various
--------- ------------- -------------
Total Anchors 1,223,251 $10,930,921 $8.94
========= ============= =============
General note - The above detail does not include space which is currently leased, but for which rent payment has
not yet commenced.
(1) This property is currently under contract for sale which is anticipated to close in the second quarter of 2008.
Page 26
Reporting Supplement
March 31, 2008
Fund I
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.
---------------------------------------- -----------------------------------
Anchor Tenant Expirations
2009 26 998,380 81.62% $8,871,278 81.15% $8.89
2017 2 64,974 5.31% 720,543 6.59% 11.09
2024 1 70,400 5.76% 281,600 2.58% 4.00
2026 2 74,000 6.05% 582,500 5.33% 7.87
2080 1 15,497 1.27% 475,000 4.35% 30.65
------------- ------------- ------------ ----------- ---------- ------------
Total Occupied 32 1,223,251 100.01% $10,930,921 100.00% $8.94
============= ============= ============ =========== ========== ============
--------------------------------------------------------------
0
Total Vacant 55,096
-------------
Total Square Feet 1,278,347
=============
--------------------------------------------------------------
Shop Tenant Expirations
Month to Month 10 21,710 17.96% $211,249 10.89% $9.73
2008 7 9,429 7.80% 136,589 7.04% 14.49
2009 3 8,580 7.10% 130,120 6.71% 15.17
2010 4 9,278 7.68% 190,407 9.82% 20.52
2011 8 16,796 13.90% 292,896 15.10% 17.44
2012 7 19,579 16.20% 213,629 11.01% 10.91
2013 1 1,607 1.33% 33,747 1.74% 21.00
2014 5 13,443 11.12% 323,123 16.66% 24.04
2015 2 2,798 2.32% 47,312 2.44% 16.91
2016 1 7,752 6.41% 111,230 5.73% 14.35
2017 1 869 0.72% 19,987 1.03% 23.00
2018 2 3,861 3.19% 78,369 4.04% 20.30
2020 1 5,157 4.27% 150,842 7.78% 29.25
------------- ------------- ------------ ----------- ---------- ------------
Total Occupied 52 120,859 100.00% $1,939,500 100.00% $16.05
============= ============= ============ =========== ========== ============
--------------------------------------------------------------
Total Vacant 91,550
-------------
Total Square Feet 212,409
=============
--------------------------------------------------------------
Total Anchor and Shop Tenant Expirations
Month to Month 10 21,710 1.62% $211,249 1.64% $9.73
2008 7 9,429 0.70% 136,589 1.06% 14.49
2009 29 1,006,960 74.92% 9,001,398 69.94% 8.94
2010 4 9,278 0.69% 190,407 1.48% 20.52
2011 8 16,796 1.25% 292,896 2.28% 17.44
2012 7 19,579 1.46% 213,629 1.66% 10.91
2013 1 1,607 0.12% 33,747 0.26% 21.00
2014 5 13,443 1.00% 323,123 2.51% 24.04
2015 2 2,798 0.21% 47,312 0.37% 16.91
2016 1 7,752 0.58% 111,230 0.86% 14.35
2017 3 65,843 4.90% 740,530 5.75% 11.25
2018 2 3,861 0.29% 78,369 0.61% 20.30
2020 1 5,157 0.38% 150,842 1.17% 29.25
2024 1 70,400 5.24% 281,600 2.19% 4.00
2026 2 74,000 5.51% 582,500 4.53% 7.87
2080 1 15,497 1.15% 475,000 3.69% -
------------- ------------- ------------ ----------- ---------- ------------
Total Occupied 84 1,344,110 100.02% $12,870,421 100.00% $9.58
============= ============= ============ =========== ========== ============
--------------------------------------------------------------
Total Vacant 146,646
-------------
Total Square Feet 1,490,756
=============
--------------------------------------------------------------
Page 27
Reporting Supplement
March 31, 2008
Fund I
Kroger/Safeway Portfolio Renewal Ground
- ------------------------- Rent Rent
Gross per per
Leasable Square Square Net
Status Area Foot Foot Rent
- ------------------------- -------------------------- ---------- --------- ---------- ----------
Kroger
- -------------------------
Cary, NC Renewal option exercised 48,000 $4.75 $1.56 $3.19
Irving, TX Renewal option exercised 43,900 4.51 2.28 2.23
Great Bend, KS Purchase option exercised 48,000 - - -
Hanrahan, LA Purchase option exercised 60,000 - - -
Pratt, KS Purchase option exercised 38,000 - - -
Roanoke, VA Purchase option exercised 36,700 - - -
Shreveport, LA Purchase option exercised 45,000 - - -
Wichita, KS Purchase option exercised 50,000 - - -
Wichita, KS Not renewed 40,000 - - -
Cincinnati, OH Not renewed 32,200 - - -
Conroe, TX Not renewed 75,000 - - -
Indianapolis, IN Not renewed 34,000 - - -
Safeway
- -------------------------
Batesville, AR Renewal option exercised 29,000 6.02 2.33 3.69
Benton, AR Renewal option exercised 33,500 4.96 1.88 3.07
Carthage, TX Renewal option exercised 27,700 4.33 0.83 3.51
Little Rock, AR Renewal option exercised 36,000 6.93 3.06 3.88
Longview, WA Renewal option exercised 48,700 4.72 1.60 3.12
Mustang, OK Renewal option exercised 30,200 4.37 0.99 3.38
Ruidoso, NM Renewal option exercised 38,600 6.28 2.04 4.24
San Ramon, CA Renewal option exercised 54,000 5.23 3.37 1.86
Springerville, AZ Renewal option exercised 30,500 5.09 1.02 4.07
Tucson, AZ Renewal option exercised 41,800 4.93 1.72 3.20
Roswell, NM Not renewed 36,300 - - -
Tulsa, OK Not renewed 30,000 - - -
---------- --------- ---------- ----------
Total 987,100 $2.41 $0.92 $1.49
========== ========= ========== ==========
Page 28
Reporting Supplement
As of December 31, 2007
Fund I - Valuation
-------------------
(in thousands, except per share amounts)
Other
Total Kroger/Safeway Properties(1)
-----------------------------------------
Gross asset value $62,500 $31,000 $31,500
Debt (28,419) (7,382) (21,037)
------------ -------------- -------------
Adjusted debt 34,081 23,618 10,463
------------ ============== =============
Additional Mervyn's return (Original capital already returned) 6,400
------------
Total Value Subject to Promote 40,481
------------
General Partner (Acadia) Promote on Fund I assets x 20% 8,096
------------
Remaining value to be allocated pro-rata to Fund I investors
(including Acadia) 32,385
------------
Acadia's share x 22.22% 7,196
------------
Value of Acadia's interest in remaining Fund I assets 15,292
Additional promote earned from Brandywine recapitalization -
------------
Total value to Acadia $15,292
============
Recap of Acadia Promote
--------------------------------------------------------------------------------------
20% General Partner (Acadia) Promote on Fund I assets $8,096
20% General Partner (Acadia) Promote on Brandywine -
------------
Total promote $8,096
============
Per share $0.24
============
--------------------------------------------------------------------------------------
Notes:
- ------
1 Amounts adjusted for minority interests' pro-rata share of debt (See "Debt Analysis - Detail" )
Page 29
Reporting Supplement
March 31, 2008
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
- ----------------------------------------------------------------
Item Description
- --------------------------------------------------------------------------------
Date formed June 2004
Capital commitment $300 million
Funding $192.0 million funded through March 31, 2008
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
Property management fee equal to 4% of gross property revenues
Market rate leasing fees
Market rate construction/project management fees
Page 30
Reporting
Supplement
March 31, 2008
Fund II
Portfolio Detail
- ----------------
Annualized Base Rent
per Occupied Square
Gross Leasable Area Occupancy Annualized Base Rent Foot
---------------------- --------------- ------- -------------------------------- -----------------------
Ownership % Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
----------- ------- ------ ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ --------
Midwest
-------
Illinois
- --------
Oakbrook 100% 112,000 - 112,000 100.00% 0.00% 100.00% $825,000 $- $825,000 $7.37 $- $7.37
New York
--------
New York
- --------
Liberty Avenue 98.6% 10,880 6,208 17,088 100.00% 100.00% 100.00% 394,944 217,901 612,845 36.30 35.10 35.86
216th Street 98.6% 60,000 - 60,000 100.00% 0.00% 100.00% 2,340,000 225,000 2,565,000 39.00 - 42.75
161st Street (1) 98.6% 137,334 86,187 223,521 100.00% 66.57% 87.11% 3,337,222 1,193,501 4,530,723 24.30 20.80 23.27
------- ------ ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ --------
Total New York 208,214 92,395 300,609 100.00% 68.82% 90.42% 6,072,166 1,636,402 7,708,568 29.16 25.74 28.36
------- ------ ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ --------
Grand Total 320,214 92,395 412,609 100.00% 68.82% 93.02% $6,897,166 $1,636,402 $8,533,568 $21.54 $25.74 $22.23
======= ====== ======= ======= ======= ======= ========== ========== ========== ======= ====== ========
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.
The following Fund II properties are currently undergoing redevelopment as further detailed under Redevelopment Projects.
New York Ownership %
- -------- -----------
400 East Fordham
Road 98.6%
Pelham Manor
Shopping Center 98.6%
Sherman Avenue 98.6%
CityPoint 23%
Atlantic Avenue 100%
Canarsie Plaza 98.6%
(1) Currently operating, but will be redeveloped in the future.
Page 31
Reporting Supplement
March 31, 2008
Fund II
Anchor Detail
-------------
Annual Annual
Square Lease Base Base
Region/Property/Tenant Footage Expiration Rent Rent PSF Options
- ------------------------------------------------------------------------------------------------------------------
Midwest
-------
Illinois
- --------
Acadia Oakbrook
Neiman Marcus 112,000 10/31/2011 825,000 7.37 (5) 5 Year
--------------- -------------- -----------
New York
--------
New York
- --------
Liberty Avenue
CVS 10,880 1/31/2032 394,944 36.30 (4) 5 Year
--------------- -------------- -----------
216th Street
New York Dept of Citywide Admin. Services 60,000 9/19/2027 2,340,000 39.00 (1) 15 Year
--------------- -------------- -----------
161st Street
City of New York 137,334 7/18/2011 3,337,222 24.30 -
--------------- -------------- -----------
Total New York 208,214 6,072,166 29.16
--------------- -------------- -----------
Total Anchors 320,214 $6,897,166 $21.54
=============== ============== ===========
General note - The above detail does not include space which is currently leased, but for which rent payment has
not yet commenced.
Page 32
Reporting Supplement
March 31, 2008
Fund II
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.
-------------------------------------------- -------------------------------------
Anchor Tenant Expirations
2011 1 249,334 77.86% $4,162,222 60.34% $16.69
2027 1 60,000 18.74% 2,340,000 33.93% 39.00
2032 1 10,880 3.40% 394,944 5.73% 36.30
--------------- --------------- ------------ ------------ ------------ -----------
Total Occupied 3 320,214 100.00% $6,897,166 100.00% $21.54
=============== =============== ============ ============ ============ ===========
- -----------------------------------------------------------------------
Total Vacant -
---------------
Total Square Feet 320,214
===============
- -----------------------------------------------------------------------
Shop Tenant Expirations
Month to Month 1 6,109 9.61% $6,863 0.42% $1.12
2011 3 24,065 37.85% 613,430 37.49% 25.49
2012 3 27,205 42.78% 573,208 35.03% 21.07
2022 1 - 0.00% 225,000 13.75% -
2027 1 6,208 9.76% 217,901 13.32% 35.10
--------------- --------------- ------------ ------------ ------------ -----------
Total Occupied 9 63,587 100.00% $1,636,402 100.00% $25.73
=============== =============== ============ ============ ============ ===========
- -----------------------------------------------------------------------
Total Vacant 28,808
---------------
Total Square Feet 92,395
===============
- -----------------------------------------------------------------------
Total Anchor and Shop Tenant Expirations
Month to Month 1 6,109 1.59% $6,863 0.08% $1.12
2011 4 273,399 71.24% 4,775,652 55.96% 17.47
2012 3 27,205 7.09% 573,208 6.72% 21.07
2027 2 66,208 17.25% 2,557,901 29.97% 38.63
2022 1 - 0.00% 225,000 2.64% -
2032 1 10,880 2.83% 394,944 4.63% 36.30
--------------- --------------- ------------ ------------ ------------ -----------
Total Occupied 12 383,801 100.00% $8,533,568 100.00% $22.23
=============== =============== ============ ============ ============ ===========
- -----------------------------------------------------------------------
Total Vacant 28,808
---------------
Total Square Feet 412,609
===============
- -----------------------------------------------------------------------
Page 33
Reporting Supplement
March 31, 2008
Acadia Strategic Opportunity Fund III, LLC ("Fund III") - Overview
- ------------------------------------------------------------------
Item Description
- --------------------------------------------------------------------------------
Date formed May 2007
Capital commitment $503 million
Funding $96.5 million funded through December 31, 2007
Partnership structure
Equity Contribution: 20% - Acadia
80% - 14 institutional investors (including a majority of the investors from
prior funds)
Cash flow distribution: 20% - Acadia
80% - 14 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
Market rate construction/project management fees
Acquisitions Sheepshead Bay, Brooklyn, NY and 125 Main Street, Westport, Ct. See
Redevelopment Projects.
Storage Post Portfolio. See Storage Post Porperties.
Page 34
Reporting Supplement
March 31, 2008
Fund III
Storage Post Property Detail
- ----------------------------
Net
Rentable
Square
Operating Properties Location Feet Occupancy
- -----------------------------------------------------------------------------
Stabilized
- ----------
New Rochelle Westchester, New York 42,182
Suffern Suffern, New York 79,000
Yonkers Westchester, New York 100,811
Jersey City Jersey City, New Jersey 76,695
-----------
Subtotal Stabilized 298,688 88.9%
-----------
Currently in Lease-up
- ---------------------
Bruckner Blvd Bronx, New York 90,129
Fordham Road Bronx, New York 84,405
Webster Ave Bronx, New York 36,931
Lawrence Lawrence, New York 97,743
Long Island City Queens, New York 138,765
Linden Linden, New Jersey 84,035
-----------
Subtotal in Lease-up 532,008 64.7%
----------- ----------
Total Operating Properties 830,696 73.4%
==========
Currently under development.
- ----------------------------
Ridgewood Queens, New York 89,900
-----------
Total Storage Post Portfolio 920,596
===========
Page 35
Reporting Supplement
March 31, 2008
Redevelopment Projects
- ---------------------------------------------
Total cost Estimated
to date square Estimated
Estimated (including Estimated Total footage cost per
start of Estimated acquisition future project upon square Notes
Property Anchors/Tenants construction completion cost) cost cost completion foot
- ----------------------------------------------------------------------------------------------------------------------------------
New York Urban/Infill Platform ($ in millions)
- --------------------------------------------- -------------------
Fund II
- --------------------
Liberty Avenue CVS, Storage Post Construction
completed $ 14.1 $ 0.4 $ 14.5 125,000 $ 116 (1)
216th Street City of New York Dept of Construction
General Services completed 27.5 - 27.5 60,000 458
Home Depot Construction
Pelham Manor commenced
Shopping Center 2nd half 2008 40.6 6.9 47.5 320,000 148 (1)
161st Street Various New York City and 1st half 2008 1st half
State Agencies 2009 49.6 15.4 65.0 232,000 280
Fordham Plaza Sears, Walgreens, Best Construction 1st half
Buy commenced 2009 79.4 45.6 125.0 285,000 439
Canarsie Plaza Construction 2nd half
Home Depot commenced 2009 36.7 33.3 70.0 323,000 217
Sherman Avenue 2nd half 2008 2nd half
To be determined 2009 27.6 27.4 55.0 216,000 255
CityPoint (2) To be determined To be determined 40.6 284.4 325.0 600,000 542
Atlantic Avenue To be determined 2nd half 2008 2nd half
2009 9.1 13.9 23.0 110,000 209
---------------------------------------------------
Total Fund II 325.2 427.3 752.5 2,271,000 331
Fund III
- --------------------
Sheepshead Bay To be determined To be determined 20.6 88.4 109.0 240,000 454
---------------------------------------------------
Total New York Urban/Infill Platform $ 345.8 $ 515.7 $ 861.5 2,511,000 $ 343
===================================================
Other Projects
- --------------------
Fund III
- --------------------
125 Main Street
(Westport, CT) To be determined To be determined $ 17.0 $ 6.0 $ 23.0 30,000 $ 767
===================================================
(1)Fund II acquired a ground lease interest at this property.
(2)Fund II, along with P/A Associates, Washington Square Partener and MacFarlane Partners are co-developing CityPoint.
Page 36
Reporting Supplement
March 31, 2008
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 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 four Albertsons add-on investments, Newkirk, Camellia,
Colorado Springs and Visalia
Partnership structure
Equity Contribution: Up to $300 million of total equity
Up to 20% ($60 million) - AKR Fund I ($20 million) and Fund II ($40 million)
80% - Klaff Realty LP and Lubert-Adler
Cash flow distribution: 20% - AKR Funds
80% - Four institutional investors
Promote: 20% to Klaff once all partners (including Klaff) have received 10% preferred return and
return of equity (50% of first $40 million of AKR Fund equity is not subject to this
promote)
Remaining 80% is distributed to all the partners (including Klaff).
Fees to Acadia Property management fees
Market rate leasing fees and construction/project management
Disposition fees
Page 37
Reporting Supplement
March 31, 2008
Retailer Controlled Property ("RCP") Venture - Investments
- ----------------------------------------------------------
The following table summarizes the RCP Venture investments from inception through March 31, 2008:
Year Invested Equity
Investor Investment acquired capital Distributions Multiple
- --------------------------- ------------------------------ ------------------------- ------------------------------
Mervyns I and Mervyns II Mervyns 2004 $ 26,773 $ 45,966 1.7X
Mervyns I and Mervyns II Mervyns add-on investments 2005 1,342 1,342 1.0X
Mervyns II Albertson's 2006 20,717 53,660 2.6X
Mervyns II Albertson's add-on investments 2006/2007 2,765 833 0.3X
Fund II Shopko 2006 1,100 1,100 1.0X
Fund II Marsh 2006 667 - -
Mervyns II Rex 2007 2,701 - -
--------------- --------------- --------
Total $ 56,065 $ 102,901 1.8X
=============== =============== ========
Page 38
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2008
Core Portfolio Retail Properties - Detail
- ----------------------------------------------
Annualized Base Rent
per Occupied Square
Gross Leasable Area Occupancy Annualized Base Rent Foot
------------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total
------------------------------------------------------------------------------------------------------
Acadia's
interest
---------------
New York
- ----------------------
Connecticut
- ----------------------
239 Greenwich
Avenue(1) 75.0% 16,834 - 16,834100.00% -100.00% $1,397,621 $- $1,397,621 $83.02 $- $83.02
------------------------------------------------------------------------------------------------------
New Jersey
- ----------------------
Elmwood Park Shopping
Center 100.0% 62,610 86,881 149,491100.00%100.00%100.00% 1,390,460 2,139,375 3,529,835 22.21 24.62 23.61
A & P Shopping Plaza 60.0% 49,463 13,445 62,908100.00%100.00%100.00% 900,000 352,985 1,252,985 18.20 26.25 19.92
------------------------------------------------------------------------------------------------------
Total - New Jersey 112,073 100,326 212,399100.00%100.00%100.00% 2,290,460 2,492,360 4,782,820 20.44 24.84 22.52
------------------------------------------------------------------------------------------------------
New York
- ----------------------
Village Commons
Shopping Center 100.0% 16,125 71,125 87,250 0.00% 94.56% 77.08% - 2,005,344 2,005,344 - 29.82 29.82
Branch Plaza 100.0% 74,050 51,701 125,751100.00% 96.79% 98.68% 1,111,040 1,370,506 2,481,546 15.00 27.39 20.00
Amboy Road 100.0% 46,964 16,326 63,290100.00%100.00%100.00% 1,012,015 805,303 1,817,318 21.55 49.33 28.71
Bartow Avenue 100.0% - 14,676 14,676 -100.00%100.00% - 455,693 455,693 - 31.04 31.04
Pacesetter Park
Shopping Center 100.0% 52,052 44,646 96,698100.00% 85.77% 93.43% 372,562 742,357 1,114,919 7.16 19.39 12.34
2914 Third Avenue 100.0% 33,500 8,900 42,400100.00% - 79.01% 700,000 - 700,000 20.90 - 20.90
LA Fitness 100.0% 55,000 - 55,000100.00% -100.00% 1,265,000 - 1,265,000 23.00 - 23.00
West 54th Street 100.0% 4,211 5,734 9,945100.00% 81.50% 89.33% 1,349,821 1,275,281 2,625,102 320.55272.89 295.48
Crossroads Shopping
Center 49.0% 200,181 110,443 310,624100.00% 89.61% 96.31% 2,332,935 3,772,216 6,105,151 11.65 38.12 20.41
------------------------------------------------------------------------------------------------------
Total - New York 482,083 323,551 805,634 96.66% 89.70% 93.86% 8,143,373 10,426,700 18,570,073 17.48 35.93 24.56
------------------------------------------------------------------------------------------------------
Total New York 610,990 423,8771,034,867 97.36% 92.14% 95.22% 11,831,454 12,919,060 24,750,514 19.89 33.08 25.12
======================================================================================================
New England
- ----------------------
Connecticut
- ----------------------
Town Line Plaza(2) 100.0% 163,159 43,197 206,356100.00% 96.05% 99.17% 937,000 699,963 1,636,963 14.23 16.87 15.25
------------------------------------------------------------------------------------------------------
Massachusetts
- ----------------------
Methuen Shopping
Center 100.0% 120,004 10,017 130,021100.00%100.00%100.00% 736,464 222,225 958,689 6.14 22.18 7.37
Crescent Plaza 100.0% 156,985 61,156 218,141100.00% 81.40% 94.79% 1,119,086 498,771 1,617,857 7.13 10.02 7.82
------------------------------------------------------------------------------------------------------
Total - Massachusetts 276,989 71,173 348,162100.00% 84.02% 96.73% 1,855,550 720,996 2,576,546 6.70 12.06 7.65
------------------------------------------------------------------------------------------------------
New York
- ----------------------
New Loudon Center 100.0% 251,211 4,615 255,826100.00%100.00%100.00% 1,600,486 113,178 1,713,664 6.37 24.52 6.70
------------------------------------------------------------------------------------------------------
Rhode Island
- ----------------------
Walnut Hill Plaza 100.0% 121,892 162,825 284,717100.00% 95.67% 97.52% 935,920 1,470,016 2,405,936 7.68 9.44 8.66
------------------------------------------------------------------------------------------------------
Vermont
- ----------------------
The Gateway Shopping
Center 100.0% 73,184 28,600 101,784100.00% 84.38% 95.61% 1,317,312 492,882 1,810,194 18.00 20.42 18.60
------------------------------------------------------------------------------------------------------
Total New England 886,435 310,4101,196,845100.00% 92.08% 97.94% 6,646,268 3,497,035 10,143,303 8.42 12.24 9.44
======================================================================================================
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.
Page 39
Core Portfolio
(continued): Acadia's
interest
---------------
Midwest
- ----------------------
Illinois
- ----------------------
Hobson West Plaza 100.0% 51,692 47,216 98,908100.00% 91.09% 95.75% $225,436 $942,001 $1,167,437 $4.36$21.90 $12.33
Clark Diversey 100.0% - 19,265 19,265 -100.00%100.00% - 808,951 808,951 - 41.99 41.99
------------------------------------------------------------------------------------------------------
Total - Illinois 51,692 66,481 118,173100.00% 93.67% 96.44% 225,436 1,750,952 1,976,388 4.36 28.12 17.34
Indiana
- ----------------------
Merrillville Plaza 100.0% 145,266 89,900 235,166100.00% 86.25% 94.74% 1,550,549 1,290,999 2,841,548 10.67 16.65 12.75
Michigan
- ----------------------
Bloomfield Towne
Square 100.0% 152,944 79,237 232,181 99.03% 95.50% 97.83% 1,488,801 1,468,437 2,957,238 9.83 19.41 13.02
Ohio
- ----------------------
Mad River Station (1) 100.0% 68,296 87,542 155,838100.00% 69.12% 82.65% 802,719 821,571 1,624,290 11.75 13.58 12.61
------------------------------------------------------------------------------------------------------
Total Midwest 418,198 323,160 741,358 99.65% 85.40% 93.44% 4,067,505 5,331,959 9,399,464 9.76 19.32 13.57
======================================================================================================
Mid-Atlantic
- ----------------------
New Jersey
- ----------------------
Marketplace of Absecon100.0% 58,031 47,088 105,119100.00% 89.55% 95.32% 984,014 639,845 1,623,859 16.96 15.17 16.21
Ledgewood Mall (5) 100.0% 370,969 146,182 517,151100.00% 55.98% 87.56% 2,997,859 1,078,142 4,076,001 8.08 13.17 9.00
------------------------------------------------------------------------------------------------------
Total - New Jersey 429,000 193,270 622,270100.00% 64.16% 88.87% 3,981,873 1,717,987 5,699,860 9.28 13.85 10.31
------------------------------------------------------------------------------------------------------
Delaware
- ----------------------
Brandywine Town Center 22.2% 839,624 35,284 874,908 97.20%100.00% 97.31% 12,246,723 586,393 12,833,115 15.01 16.62 15.07
Market Square Shopping
Center 22.2% 38,850 63,936 102,786100.00% 74.90% 84.39% 561,516 1,365,809 1,927,325 14.45 28.52 22.22
Naamans Road - Core 22.2% - 19,970 19,970 0.00%100.00%100.00% - 880,287 880,287 - 44.08 44.08
------------------------------------------------------------------------------------------------------
Total - Delaware 878,474 119,190 997,664 97.32% 86.54% 96.04% 12,808,239 2,832,489 15,640,727 14.98 27.46 16.32
------------------------------------------------------------------------------------------------------
Pennsylvania
- ----------------------
Blackman Plaza 100.0% 112,051 13,213 125,264100.00% 28.97% 92.51% 268,519 20,400 288,919 2.40 5.33 2.49
Mark Plaza 100.0% 157,595 58,806 216,401100.00% 74.32% 93.02% 652,095 351,683 1,003,778 4.14 8.05 4.99
Plaza 422 100.0% 132,845 22,304 155,149 78.47% 13.45% 69.12% 407,520 36,500 444,020 3.91 12.17 4.14
Route 6 Plaza 100.0% 146,498 29,007 175,505100.00%100.00%100.00% 806,351 325,984 1,132,335 5.50 11.24 6.45
Chestnut Hill (2) 100.0% 31,420 9,150 40,570100.00%100.00%100.00% 992,344 304,028 1,296,372 31.58 33.23 31.95
Abington Towne Center
(3) 100.0% 184,616 31,739 216,355100.00% 94.75% 99.23% 270,000 699,165 969,165 10.00 23.25 16.98
------------------------------------------------------------------------------------------------------
Total - Pennsylvania 765,025 164,219 929,244 96.26% 72.32% 92.03% 3,396,829 1,737,760 5,134,589 5.87 14.63 7.36
------------------------------------------------------------------------------------------------------
Total Mid-Atlantic 2,072,499 476,6792,549,178 97.49% 72.57% 92.83% 20,186,941 6,288,236 26,475,176 10.84 18.18 11.99
======================================================================================================
Total Core Properties 3,988,1221,534,1265,522,248 98.25% 84.63% 94.47%$42,732,168$28,036,290$70,768,457 $11.66$21.60 $14.26
======================================================================================================
Total Core Properties
-
weighted based on ownership
interest (4) 3,178,7591,379,7164,558,475 98.38% 84.23% 94.10%$30,870,718$23,768,156$54,638,873 $9.87$20.45 $12.74
======================================================================================================
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.
Page 40
Reporting Supplement
March 31, 2008
Core Portfolio Retail Properties by State - Summary
- ---------------------------------------------------
Annualized Base
Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
--------------------------------------------------------------------------------------------------
Percent
of Number
base of
Owner- rent proper-Anchors
ship % (1) ties (2) Shops Total AnchorsShops Total Anchors Shops Total AnchorsShops Totals
-----------------------------------------------------------------------------------------------------------------------
Connect-
icut 75.0% 4.9% 2 179,993 43,197 223,190100.00%96.05%99.24% $2,334,621 $699,963 $3,034,584 $28.23$16.87$24.44
Delaware 22.2% 6.0% 3 878,474 119,190 997,664 97.32%86.54%96.04% 12,808,239 2,832,489 15,640,727 14.98 27.46 16.32
Illinois 100.0% 3.6% 2 51,692 66,481 118,173100.00%93.67%96.44% 225,436 1,750,952 1,976,388 4.36 28.12 17.34
Indiana 100.0% 5.2% 1 145,266 89,900 235,166100.00%86.25%94.74% 1,550,549 1,290,999 2,841,548 10.67 16.65 12.75
Massa-
chusetts 100.0% 4.7% 2 276,989 71,173 348,162100.00%84.02%96.73% 1,855,550 720,996 2,576,546 6.70 12.06 7.65
Michigan 100.0% 5.4% 1 152,944 79,237 232,181 99.03%95.50%97.83% 1,488,801 1,468,437 2,957,238 9.83 19.41 13.02
New Jersey 89.5% 18.4% 4 541,073 293,596 834,669100.00%76.41%91.70% 6,272,333 4,210,347 10,482,680 11.59 18.77 13.70
New York 83.2% 31.6% 10 733,294 328,1661,061,460 97.80%89.85%95.34% 9,743,859 10,539,878 20,283,737 13.59 35.75 20.04
Ohio 100.0% 3.0% 1 68,296 87,542 155,838100.00%69.12%82.65% 802,719 821,571 1,624,290 11.75 13.58 12.61
Pennsyl-
vania 100.0% 9.5% 6 765,025 164,219 929,244 96.26%72.32%92.03% 3,396,829 1,737,760 5,134,589 5.87 14.63 7.36
Rhode
Island 100.0% 4.4% 1 121,892 162,825 284,717100.00%95.67%97.52% 935,920 1,470,016 2,405,936 7.68 9.44 8.66
Vermont 100.0% 3.3% 1 73,184 28,600 101,784100.00%84.38%95.61% 1,317,312 492,882 1,810,194 18.00 20.42 18.60
-----------------------------------------------------------------------------------------------------------------
Total -
Core
Portfolio 100.0% 343,988,1221,534,1265,522,248 98.25%84.63%94.47%$42,732,168$28,036,290$70,768,457 $11.66$21.60$14.26
=================================================================================================================
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment
has not yet commenced.
(1)The Company'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.
Page 41
Reporting Supplement
March 31, 2008
Core Portfolio Top Tenants - Ranked by Annualized Base Rent(2)
- --------------------------------------------------------------
Percentage of Total
Represented by
Wholly Owned Joint Ventures Combined Retail Tenant
--------------------------------------------------------------------------------
Number of
stores in Annualized Annualized Annualized Total Annualized
combined Base Rent Total Base Rent Base Rent Portfolio Base Rent
Ranking Retail Tenant portfolio Total GLA (1) GLA (1) Total GLA (1) GLA 2 (1)
- --------------------------------------------------------------------------------------------------------------------------
1 A&P/Waldbaum's/Pathmark 5 197,502 $3,521,744 18,722 $246,960 216,224 $3,768,704 4.7% 6.9%
2 Albertson's 4 220,625 3,012,896 - - 220,625 3,012,896 4.8% 5.5%
-- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.9% 4.3%
-- Acme 1 44,824 654,704 - - 44,824 654,704 1.0% 1.2%
3 TJX Companies 8 230,627 1,765,051 6,972 88,189 237,599 1,853,240 5.2% 3.4%
-- T.J. Maxx 4 88,200 726,300 6,972 88,189 95,172 814,489 2.1% 1.5%
-- Marshalls 3 102,781 731,494 - - 102,781 731,494 2.3% 1.3%
-- Homegoods 1 39,646 307,257 - - 39,646 307,257 0.9% 0.6%
4 Sears 5 390,270 1,355,279 49,355 277,463 439,625 1,632,742 9.6% 3.0%
-- Kmart 4 329,570 1,097,279 49,355 277,463 378,925 1,374,742 8.3% 2.5%
-- Sears 1 60,700 258,000 - - 60,700 258,000 1.3% 0.5%
5 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 4.6% 2.8%
6 Stage Deli 1 4,211 1,349,821 - - 4,211 1,349,821 0.1% 2.5%
7 Ahold (Stop and Shop) 2 117,911 1,309,562 - - 117,911 1,309,562 2.6% 2.4%
8 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 4.6% 1.8%
9 Circuit City 2 59,278 949,921 - - 59,278 949,921 1.3% 1.7%
10 Price Chopper 1 77,450 804,059 - - 77,450 804,059 1.7% 1.5%
11 Restoration Hardware 1 9,220 780,864 - - 9,220 780,864 0.2% 1.4%
12 Sleepy's 5 35,745 683,429 - - 35,745 683,429 0.8% 1.3%
Federated Department
13 Stores (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.6% 1.2%
14 JC Penney 1 50,000 544,500 - - 50,000 544,500 1.1% 1.0%
15 Payless Shoesource 8 26,225 488,090 1,514 52,994 27,739 541,084 0.6% 1.0%
16 Brooks Drugs 3 32,142 511,565 - - 32,142 511,565 0.7% 0.9%
17 Express 1 12,882 510,344 - - 12,882 510,344 0.3% 0.9%
18 Border's 1 18,538 482,000 - - 18,538 482,000 0.4% 0.9%
19 Hallmark Cards 5 28,863 470,850 - - 28,863 470,850 0.6% 0.9%
20 Walgreens 2 14,837 435,000 - - 14,837 435,000 0.3% 0.8%
-------------------------------------------------------------------------------------------
Total 60 2,020,792$22,151,275 76,563 $665,6062,097,355$22,816,881 46.0% 41.8%
===========================================================================================
(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) Represents total GLA and annualized base rent for the Company's retail properties including its pro-rata share
of Brandywine and Crossroads.
Page 42
Reporting Supplement
March 31, 2008
Core Portfolio Retail Anchor Detail
- -------------------------------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent PSF Options
- ------------------------------------------------------------------------------------------------------------------------
New York
- ----------------------------------------
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
--------------- ------------------------------
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 (A&P) 47,773 11/30/2017 955,460 20.00(7) 5 Year
--------------- ------------------------------
62,610 1,390,460 22.21
--------------- ------------------------------
A&P Shopping Plaza, Boonton
A&P 49,463 10/26/2024 900,000 18.20(9) 5 Year
--------------- ------------------------------
New York
- ----------------------------------------
Branch Plaza, Smithtown
CVS 11,050 5/31/2010 190,076 17.20 -
A&P 63,000 11/30/2013 920,964 14.62(3) 5 Year
--------------- ------------------------------
74,050 1,111,040 15.00
--------------- ------------------------------
Amboy Shopping Center, Staten Island
Waldbaum's (A&P) 37,266 7/6/2028 745,320 20.00 -
Duane Reed 9,698 8/31/2008 266,695 27.50(2) 5 Year
--------------- ------------------------------
46,964 1,012,015 21.55
--------------- ------------------------------
Pacesetter Park Shopping Center, Pomona
Stop & Shop 52,052 8/31/2020 372,562 7.16(2) 10 Year
--------------- ------------------------------
2914 Third Avenue
Dr. J's 33,500 1/31/2021 700,000 20.90
--------------- ------------------------------
LA Fitness, Staten Island
LA Fitness 55,000 1/31/2021 1,265,000 23.00
--------------- ------------------------------
West 54th Street
Stage Deli 4,211 4/30/2011 1,349,821 320.55
--------------- ------------------------------
Crossroads Shopping Center, White Plains
Kmart 100,725 1/31/2012 566,250 $5.62(4) 5 Year
Waldbaum's (A&P) 38,208 12/31/2012 504,000 13.19(5) 5 Year
Barnes & Noble 12,430 5/28/2012 397,760 32.00(2) 5 Year
Pier 1 8,818 2/29/2012 348,575 39.53 -
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
--------------- ------------------------------
200,181 2,332,935 11.65
--------------- ------------------------------
Total New York 594,865 11,831,454 19.89
--------------- ------------------------------
Page 43
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
--------------- ------------------------------
163,159 937,000 14.23
--------------- ------------------------------
(1) This space is contiguous to the
Company's property and is not owned by
the Company.
Massachusetts
- ----------------------------------------
Methuen Shopping Center, Methuen
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
--------------- ------------------------------
120,004 736,464 6.14
--------------- ------------------------------
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
--------------- ------------------------------
156,985 1,119,086 7.13
--------------- ------------------------------
New York
- ----------------------------------------
New Loudon Center, Latham
Bon Ton 65,365 2/1/2014 261,460 4.00(4) 5 Year
Marshalls 37,212 1/31/2014 158,151 4.25(3) 5 Year
Price Chopper 77,450 5/31/2015 804,058 10.38(4) 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(3) 5 Year
--------------- ------------------------------
251,211 1,600,486 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
--------------- ------------------------------
121,892 935,920 7.68
--------------- ------------------------------
Vermont
- ----------------------------------------
Gateway Shopping Center, N. Burlington
Shaw's (Albertsons) (5) 5 Yr. & (1) 4
73,184 3/31/2024 1,317,312 18.00 Yr.
--------------- ------------------------------
Total New England 886,435 6,646,268 8.42
--------------- ------------------------------
Midwest
- ----------------------------------------
Illinois
- ----------------------------------------
Hobson West Plaza, Naperville
Bobak's Market and Restaurant 51,692 11/30/2007 225,436 4.36(4) 5 Year
--------------- ------------------------------
Indiana
- ----------------------------------------
Merrillville Plaza, Merrillville
K & G Fashion Superstore 21,500 10/15/2017 269,647 12.54(2) 5 Year
JC Penney 50,000 1/31/2008 544,500 10.89(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 25,200 1/31/2009 195,300 7.75(1) 5 Year
--------------- ------------------------------
145,266 1,550,549 10.67
--------------- ------------------------------
Michigan
- ----------------------------------------
Bloomfield Town Square, Bloomfield Hills
Circuit City 25,984 1/31/2023 500,452 19.26(3) 5 Year
HomeGoods 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 28,324 9/30/2011 226,592 8.00(3) 5 Year
TJ Maxx 36,000 1/31/2009 261,000 7.25(1) 5 Year
--------------- ------------------------------
151,454 1,488,801 9.85
--------------- ------------------------------
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 -
--------------- ------------------------------
68,296 802,719 11.75
--------------- ------------------------------
Total Midwest 416,708 4,067,505 9.76
--------------- ------------------------------
Page 44
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
--------------- ------------------------------
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 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 (Federated) 73,349 1/31/2010 651,245 8.88(3) 5 Year
Wal*Mart 120,570 3/31/2019 888,601 7.37(6) 5 Year
--------------- ------------------------------
370,969 2,997,859 8.08
--------------- ------------------------------
Delaware
- ----------------------------------------
Brandywine Town Center, Wilmington
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 (1) 2 Year & (10) 35
27,716 1/31/2011 304,876 11.00 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
Christmas Tree Shops 48,000 1/31/2028 540,000 11.25(4) 5 Year
Michaels 24,876 2/28/2011 572,148 23.00(3) 5 Year
Old Navy (The Gap) 24,631 4/30/2011 617,745 25.08(1) 5 Year
Petsmart 23,963 6/30/2017 479,256 20.00(5) 5 Year
Thomasville Furniture 18,893 11/30/2011 494,832 26.19(10) 1 Year
World Market 20,310 1/31/2015 406,200 20.00 -
Transunion Settlement 43,307 3/31/2013 966,877 22.33(5) 1 Year
Drexel Heritage 16,525 12/31/2016 396,600 24.00(2) 5 Year
Lane Home Furnishings 21,827 10/31/2015 409,693 18.77(3) 5 Year
MJM Designer 25,000 9/30/2015 325,000 13.00(3) 5 Year
--------------- ------------------------------
816,124 12,246,721 15.01
--------------- ------------------------------
Market Square Shopping Center Wilmington
Trader Joe's 7,675 1/31/2013 164,629 21.45(3) 5 Year
TJ Maxx 31,175 1/31/2011 396,888 12.73(1) 5 Year
--------------- ------------------------------
38,850 561,517 14.45
--------------- ------------------------------
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
--------------- ------------------------------
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
--------------- ------------------------------
157,595 652,095 4.14
--------------- ------------------------------
Plaza 422, Lebanon
Home Depot 104,243 12/31/2028 407,520 3.91(6) 5 Year
--------------- ------------------------------
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
--------------- ------------------------------
146,498 806,351 5.50
--------------- ------------------------------
Abington Town Center, Abington
TJ Maxx 27,000 11/30/2010 $270,000 $10.00(2) 5 Year
Target(1) Condominium
157,616 - - - Agreement
--------------- ------------------------------
184,616 270,000 10.00
--------------- ------------------------------
Chestnut Hill Shoppes, Philadelphia
Express 12,882 1/31/2009 $510,344 $39.62
Borders Books 18,538 1/31/2010 482,000 26.00(2) 5 Year
--------------- ------------------------------
31,420 992,344 31.58
--------------- ------------------------------
Total Mid-Atlantic 2,020,397 20,186,940 10.84
--------------- ------------------------------
Total Core Portfolio Retail Anchor
Properties 3,918,405 $42,732,167 $11.66
=============== ==============================
(1)Target owns the portion of the main building (157,616 square feet) that their store is located in.
Page 45
Reporting Supplement
March 31, 2008
Core Portfolio Anchor Lease Expirations - Next 4 Years
- -------------------------------------------------------
Gross Leased Area Annualized Base Rent
------------------------- -----------------------------------
Percent of Percent of
all all Average per Sq.
Center Anchor Square footage anchors Amount anchors Ft.
- ------------------------------------------------------------------------------------------------------------------------
2008
Merrillville Plaza OfficeMax 26,157 0.71% 222,335 0.52% 8.50
Amboy Shopping Center Duane Reade 9,698 0.26% 266,695 0.62% 27.50
Walnut Hill Plaza Sears 60,700 1.66% 258,000 0.60% 4.25
------------------------- -----------------------------------
Total 2008 96,555 2.63% 747,030 1.74% 7.74
------------------------- -----------------------------------
2009
Crossroads Shopping Center Modell's 25,000 0.68% 193,750 0.45% 7.75
Chestnut Hill Express 12,882 0.35% 510,344 1.19% 39.62
Bloomfield Town Square TJ Maxx 36,000 0.98% 261,000 0.61% 7.25
Walnut Hill Plaza CVS 8,800 0.24% 154,000 0.36% 17.50
Merrillville Plaza Pier I 9,143 0.25% 128,002 0.30% 14.00
Merrillville Plaza TJ Maxx 25,200 0.69% 195,300 0.46% 7.75
New Loudon Center AC Moore Arts &
Crafts 21,520 0.59% 221,226 0.52% 10.28
Blackman Plaza Kmart 104,956 2.86% 204,664 0.48% 1.95
Mark Plaza Kmart 104,956 2.86% 204,664 0.48% 1.95
------------------------- -----------------------------------
Total 2009 348,457 9.50% 2,072,950 4.85% 5.95
------------------------- -----------------------------------
2010
Chestnut Hill Borders Books 18,538 0.51% 482,000 1.13% 26.00
Methuen Shopping Center Demoulas Supermarket 30,460 0.83% 109,656 0.26% 3.60
Ledgewood Mall Barnes & Noble 12,500 0.34% 224,000 0.52% 17.92
Ledgewood Mall Macy's 73,349 2.00% 651,245 1.52% 8.88
Ledgewood Mall Ashley Furniture 41,806 1.14% 212,793 0.50% 5.09
Mad River Station Babies 'R' Us 33,147 0.90% 260,204 0.61% 7.85
Mad River Station Pier I Imports 10,111 0.28% 227,037 0.53% 22.45
Mad River Station Office Depot Inc. 25,038 0.68% 315,479 0.74% 12.60
Bloomfield Town Square Home Goods Inc. 39,646 1.08% 307,257 0.72% 7.75
Bloomfield Town Square Officemax Inc. 21,500 0.59% 193,500 0.45% 9.00
Branch Plaza CVS Revco Drugs 11,050 0.30% 190,076 0.44% 17.20
Merrillville David's Bridal 13,266 0.36% 190,765 0.45% 14.38
Abington Towne Center TJ Maxx 27,000 0.74% 270,000 0.63% 10.00
------------------------- -----------------------------------
Total 2010 357,411 9.75% 3,634,012 8.50% 10.17
------------------------- -----------------------------------
2011
Route 6 Plaza Rite Aid 11,840 0.32% 118,400 0.28% 10.00
Bloomfield Town Square Marshalls 28,324 0.77% 226,592 0.53% 8.00
Market Square Shopping Center TJ Maxx 31,175 0.85% 396,888 0.93% 12.73
Brandywine Town Center Target Expansion 27,716 0.76% 304,876 0.71% 11.00
Brandywine Town Center Michaels 24,876 0.68% 572,148 1.34% 23.00
Brandywine Town Center Old Navy 24,631 0.67% 617,745 1.45% 25.08
Brandywine Town Center Thomasville
Furniture 18,893 0.52% 494,832 1.16% 26.19
------------------------- -----------------------------------
Total 2009 167,455 4.57% 2,731,481 6.40% 16.31
------------------------- -----------------------------------
Total Core Portfolio Total - Next 4 Years 969,878 26.45% $9,185,473 21.49% $9.47
========================= ===================================
Page 46
Reporting Supplement
March 31, 2008
Core Portfolio 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.
-------------------------------------------- ----------------------------------------
Anchor Tenant Expirations
Month to Month 1 15,000 0.41% $322,600 0.75% $21.51
2008 3 96,555 2.64% 747,030 1.75% 7.74
2009 9 348,457 9.51% 2,072,950 4.85% 5.95
2010 14 357,411 9.76% 3,634,011 8.53% 10.17
2011 8 171,666 4.69% 4,081,302 9.55% 23.77
2012 8 403,847 11.00% 3,410,790 7.98% 8.45
2013 6 266,374 7.27% 3,820,889 8.94% 14.34
2014 6 203,092 5.54% 2,675,940 6.26% 13.18
2015 6 265,869 7.26% 4,178,514 9.78% 15.72
2016 4 43,161 1.18% 816,924 1.91% 18.93
2017 4 158,877 4.34% 2,565,573 6.00% 16.15
2018 3 330,639 9.03% 3,172,431 7.42% 9.59
2019 3 170,234 4.65% 1,044,192 2.44% 6.13
2020 4 218,211 5.96% 1,839,292 4.30% 8.43
2021 2 140,260 3.83% 1,302,126 3.05% 9.28
2022 2 69,837 1.91% 1,700,000 3.98% 24.34
2023 1 25,984 0.71% 500,452 1.17% 19.26
2024 3 188,506 5.15% 3,154,312 7.38% 16.73
2028 4 189,509 5.16% 1,692,840 3.96% 8.93
-------------------------------------------- ----------------------------------------
Total Occupied 91 3,663,489 100.00% $42,732,168 100.00% $11.66
============================================ ========================================
Anchor GLA Owned by Tenants 254,916
Total Vacant 69,717
----------
Total Square Feet 3,988,122
==========
Shop Tenant Expirations
Month to Month 30 61,975 4.77% $1,448,266 5.17% $23.37
2008 45 116,660 8.99% 2,695,017 9.60% 23.10
2009 66 199,750 15.39% 3,952,647 14.10% 19.79
2010 51 168,973 13.02% 2,640,123 9.42% 15.62
2011 45 167,508 12.90% 3,507,827 12.51% 20.94
2012 42 157,971 12.17% 3,107,762 11.08% 19.67
2013 23 100,938 7.77% 1,932,622 6.89% 19.15
2014 17 75,320 5.80% 1,813,310 6.47% 24.07
2015 12 61,234 4.72% 1,165,539 4.16% 19.03
2016 7 37,465 2.89% 921,017 3.29% 24.58
2017 17 54,914 4.23% 2,235,071 7.97% 40.70
2018 8 18,022 1.39% 643,902 2.30% 35.73
2019 1 - 0.00% 51,205 0.18% -
2020 3 6,000 0.46% 144,905 0.52% 24.15
2021 3 30,270 2.33% 244,385 0.87% 8.07
2022 4 20,055 1.54% 518,708 1.85% 25.86
2026 1 8,999 0.69% 296,967 1.06% 33.00
2027 2 9,012 0.69% 442,017 1.58% 49.05
2028 1 3,200 0.25% 275,000 0.98% 85.94
-------------------------------------------- ----------------------------------------
Total Occupied 378 1,298,266 100.00% $28,036,290 100.00% $21.60
============================================ ========================================
Total Vacant 235,860
----------
Total Square Feet 1,534,126
==========
Page 47
Gross Leased Area Annualized Base Rent
-------------------- ----------------------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------------------------------------------- ----------------------------------------
Total Anchor and Shop Tenant
Expirations
Month to Month 31 $76,975 1.55% $1,770,866 2.50% $23.01
2008 48 213,215 4.30% 3,442,047 4.86% 16.14
2009 75 548,207 11.05% 6,025,597 8.51% 10.99
2010 65 526,384 10.61% 6,274,134 8.87% 11.92
2011 53 339,174 6.84% 7,589,129 10.73% 22.38
2012 50 561,818 11.33% 6,518,552 9.21% 11.60
2013 29 367,312 7.40% 5,753,511 8.13% 15.66
2014 23 278,412 5.61% 4,489,250 6.34% 16.12
2015 18 327,103 6.59% 5,344,053 7.55% 16.34
2016 11 80,626 1.62% 1,737,941 2.46% 21.56
2017 21 213,791 4.31% 4,800,644 6.78% 22.45
2018 11 348,661 7.03% 3,816,333 5.39% 10.95
2019 4 170,234 3.43% 1,095,397 1.55% 6.43
2020 7 224,211 4.52% 1,984,197 2.80% 8.85
2021 5 170,530 3.44% 1,546,511 2.19% 9.07
2022 6 89,892 1.81% 2,218,708 3.14% 24.68
2023 1 25,984 0.52% 500,452 0.71% 19.26
2024 3 188,506 3.80% 3,154,312 4.46% 16.73
2026 1 8,999 0.18% 296,967 0.42% 33.00
2027 2 9,012 0.18% 442,017 0.62% 49.05
2028 5 192,709 3.88% 1,967,839 2.78% 10.21
-------------------------------------------- ----------------------------------------
Total Occupied 469 $4,961,755 100.00% $70,768,457 100.00% $14.26
============================================ ========================================
Anchor GLA Owned by Tenants 254,916
Total Vacant 305,577
----------
Total Square Feet 5,522,248
==========
Page 48
Reporting Supplement
March 31, 2008
------------------------ ------------------------- --------------------------
Core Portfolio Year-to-Date 3 months ended Year ended
New and Renewal Rent Spreads (1) March 31, 2008 March 31, 2008 December 31, 2007
------------------------------------------------------------- ------------------------- --------------------------
Cash (2) GAAP (3) Cash (2) GAAP (3) Cash (2) GAAP (3)
------------------------ ------------------------- --------------------------
New leases
Number of new leases commencing 1 1 1 1 20 20
GLA 28,648 28,648 28,648 28,648 98,193 98,193
New base rent $6.50 $6.93 $6.50 $6.93 $19.51 $21.06
Previous base rent (and percentage
rent) $5.75 $5.75 $5.75 $5.75 $13.12 $12.92
Percentage growth in base rent 13.0% 20.5% 13.0% 20.5% 48.7% 63.0%
Average cost per square foot $2.06 $2.06 $2.06 $2.06 $21.25 $21.25
Renewal leases
Number of renewal leases commencing 18 18 18 18 33 33
GLA expiring 161,055 161,055 161,055 161,055 325,424 325,424
Renewal percentage 77% 77% 77% 77% 76% 76%
New base rent $16.30 $16.50 $16.30 $16.50 $11.66 $11.96
Expiring base rent (and percentage
rent) $15.23 $14.75 $15.23 $14.75 $8.36 $8.13
Percentage growth in base rent 7.0% 11.9% 7.0% 11.9% 39.5% 47.1%
Average cost per square foot $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total new and renewal Leases
Number of new and renewal leases
commencing 19 19 19 19 53 53
GLA commencing 151,904 151,904 151,904 151,904 346,066 346,066
New base rent $14.45 $14.70 $14.45 $14.70 $13.89 $14.54
Expiring base rent (and percentage
rent) $13.44 $13.05 $13.44 $13.05 $9.71 $9.49
Percentage growth in base rent 7.5% 12.6% 7.5% 12.6% 43.0% 53.2%
Average cost per square foot $0.39 $0.39 $0.39 $0.39 $6.03 $6.03
------------------------ ------------------------- --------------------------
(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.
Page 49
Reporting Supplement
March 31, 2008
Core Portfolio Capital Expenditures
- -------------------------------------
Current
Year-to-Date Quarter
Period 3 months Year
ended ended ended
March 31, 2008 March 31, 2008 December 31, 2007
-------------------- ----------------- ---------------
Leasing Commissions: $126 $126 $845
-------------------- ----------------- ---------------
Tenant Improvements: 238 238 3,667
-------------------- ----------------- ---------------
Capital Expenditures: 44 44 1,978
-------------------- ----------------- ---------------
Redevelopments - - 1,179
-------------------- ----------------- ---------------
Total $408 $408 $7,669
==================== ================= ===============
Page 50
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2008
Property Demographics (1)
-------------------------------
3-Mile Radius(2) 5-Mile Radius
----------------------------------- --------------------------------
Trade
Property / Area # Median Median
Classi- JV State Cash (2) Total Households HH Avg. HH Total HH Avg. HH
fication Ownership % City (Miles) Base RentTotal GLA Pop. ("HH") Income Income Pop. # HH Income Income
- ---------------------------------------------------------- ----------------------------------- --------------------------------
Core Brandywine Wilmington DE3 15,640,727 997,664 41,222 15,054$83,769$102,192 120,306 46,004$74,110$93,425
Town Center
& Mkt
Sq./22.22%
Core Elmwood ParkElmwood Park NJ3 3,529,835 149,491 257,647 83,959 52,609 62,446 614,727 208,535 57,938 69,562
Shopping
Ctr.
Core Chestnut Philadelphia PA3 1,296,372 40,570 148,084 59,791 53,526 65,990 399,921 157,197 52,171 65,291
Hill
Core Abington Abington PA3 969,165 216,355 91,293 34,692 66,882 82,491 304,127 117,213 59,851 70,401
Towne
Center
Core Clark & Chicago IL3 808,951 19,265 419,461 213,740 58,803 81,579 969,623 410,327 51,138 67,593
Diversey
Core Hobson West Naperville IL3 1,167,437 98,908 98,083 34,231 94,977 114,120 241,153 82,668 93,969113,986
Plaza
Core Methuen Methuen MA5 958,689 130,021 89,957 31,569 41,619 49,981 201,503 72,943 47,894 56,306
Shopping
Ctr.
Core Crossroads White Plains NY3 6,105,151 310,624 105,870 39,349 78,556 85,621 205,109 73,112 93,445108,276
Shopping
Ctr. / 49%
Core The Branch Smithtown NY3 2,481,546 125,751 68,832 23,221 89,522 113,455 199,361 64,663 82,867105,093
Plaza
Core Amboy Road Staten NY3 1,817,318 63,290 156,384 56,991 69,666 90,260 292,132 105,178 66,927 88,388
Island
Core Village Smithtown NY3 2,005,344 87,250 68,832 23,221 89,522 113,455 199,361 64,663 82,867105,093
Commons
Shopping
Ctr.
Core Bloomfield Bloomfield MI5 2,957,238 232,181 62,528 23,953 73,997 102,234 166,443 62,677 79,970105,922
Town Square Hills
Core Crescent Brockton MA3 1,617,857 218,141 99,649 34,369 46,062 56,826 168,246 58,789 46,062 56,826
Plaza
Core 239 Greenwich CT5 1,397,621 16,834 67,165 24,889 97,270 125,159 142,822 51,210 94,119119,232
Greenwich
Avenue /
75%
Core Town Line Rocky Hill CT3 1,636,963 206,356 45,606 19,067 65,917 75,855 153,302 61,023 57,724 68,679
Plaza
Core New Loudon Latham NY5 1,713,664 255,826 41,815 15,619 55,375 66,288 151,655 61,034 47,547 61,261
Center
Core Pacesetter Pomona NY3 1,114,919 96,698 25,618 8,209 89,598 125,526 129,143 36,828 72,841102,767
Park
Shopping
Ctr.
Core 2914 Third The Bronx NY3 700,000 42,400 1,239,853 422,421 26,865 33,419 2,690,8821,034,060 45,279 56,415
Ave
Core LA Fitness, Staten NY3 1,265,000 55,000 127,542 45,026 65,178 83,167 457,912 162,076 60,236 77,922
Staten Island
Island
Core West 54th Manhattan NY3 2,625,102 9,945 582,613 325,406 80,037 96,770 2,424,8481,048,312 55,446 67,194
Street
Core Mad River Dayton OH5 1,624,290 155,838 58,692 25,428 58,119 67,529 135,000 56,693 60,560 71,601
Station
Core Mark Plaza Edwardsville PA5 1,003,778 216,401 87,986 37,409 31,982 39,628 124,868 52,566 34,683 43,184
Core Blackman Wilkes-Barre PA5 288,919 125,264 58,885 24,646 30,982 40,002 111,991 47,249 33,391 41,275
Plaza
Core Bartow The Bronx NY3 455,693 14,676 567,476 209,231 40,253 47,643 1,435,467 511,796 30,552 43,522
Avenue
Core Walnut Hill Woonsocket RI5 2,405,936 284,717 60,322 22,861 42,715 47,867 95,320 35,238 50,142 56,573
Plaza
Core Ledgewood Ledgewood NJ5 4,076,001 517,151 37,052 13,412 80,007 87,773 108,922 38,302 77,480 89,838
Mall
Core A & P Boonton NJ5 1,252,985 62,908 49,442 18,288 87,533 113,042 101,266 36,438 86,509106,011
Shopping
Plaza / 60%
Core MerrillvilleHobart IN5 2,841,548 235,166 26,118 10,066 56,556 64,248 87,796 32,151 54,709 62,531
Plaza
Core The Gateway So. VT3 1,810,194 101,784 46,879 19,366 44,294 55,033 69,993 28,186 47,104 57,514
Shopping Burlington
Ctr.
Core Marketplace Absecon NJ3 1,623,859 105,119 30,732 11,642 52,106 64,775 68,326 26,137 51,610 62,711
of Absecon
Core Plaza 422 Lebanon PA3 444,020 155,149 43,975 17,347 36,874 47,144 61,197 23,615 41,055 51,545
Core Route 6 Honesdale PA5 1,132,335 175,505 7,567 3,014 32,283 43,919 11,899 4,627 34,031 46,300
Plaza
Fund I Granville Columbus OH3 638,786 134,997 112,547 47,337 47,547 53,746 266,313 108,411 53,466 60,719
Center /
37.78%
Fund I Sterling Sterling MI3 644,519 154,835 99,813 36,587 66,886 77,416 264,560 103,403 63,816 74,661
Heights Heights
Shopping
Center /
18.9%
Fund I Tarrytown Tarrytown NY3 971,822 35,291 36,856 13,450 78,415 95,294 123,546 43,654 85,757103,311
Shopping
Center /
37.78%
Fund I Haygood Virginia VA3 1,772,516 178,533 99,119 38,035 52,505 60,732 225,653 86,122 54,074 62,011
Shopping Beach
Center /
18.9%
Fund II-400 East The Bronx NY2 - - 1,205,053 412,674 30,252 38,298 1,997,909 698,322 33,259 40,957
Urban Fordham
In-Fill Road /
19.2%
Fund II-Sherman Manhattan NY2 - - 535,739 175,108 29,260 36,324 2,049,516 721,521 34,366 42,608
Urban Avenue /
In-Fill 19.2%
Fund II-Pelham ManorWestchester NY3 - - 398,727 147,238 48,697 56,116 1,109,022 403,897 44,956 53,542
Urban Shopping
In-Fill Plaza /
19.2%
Fund II-161st StreetThe Bronx NY2 4,530,723 223,521 1,274,483 427,111 25,104 31,477 2,531,473 966,482 37,307 48,034
Urban /19.2%
In-Fill
Fund II-Liberty Queens NY3 612,845 17,088 613,457 201,509 44,915 59,078 613,457 201,509 44,915 59,078
Urban Avenue /
In-Fill 19.2%
Fund II-216th StreetManhattan NY2 2,565,000 60,000 536,119 183,542 30,978 41,481 536,119 183,542 30,978 41,481
Urban / 19.2%
In-Fill
Fund II-Oakbrook/ Oakbrook IL3 825,000 112,000 77,560 29,487 77,130 108,955 288,932 108,039 75,456 97,126
Other 20%
- -------------------------------------------------------------------------------------------------------------------------------
83,329,6686,438,513
-------------------
TOTAL
----------------------------------- --------------------------------
Weighted
Average
- Based
on GLA 125,675 45,018$62,541 $75,678 278,534 104,726$61,842$75,721
----------------------------------- --------------------------------
Weighted
Average
- Based
on base
rent(1) 147,470 58,541$65,236 $79,672 362,034 139,744$61,082$74,940
----------------------------------- --------------------------------
CORE
----------------------------------- --------------------------------
Weighted
Average
- Based
on GLA 76,655 28,486$64,626 $78,061 186,688 69,560$63,194$77,494
----------------------------------- --------------------------------
Weighted
Average
- Based
on base
rent(1) 126,722 51,914$66,246 $80,859 328,987 127,456$61,623$75,583
----------------------------------- --------------------------------
FUND I
----------------------------------- --------------------------------
Weighted
Average
- Based
on GLA 98,569 38,360$57,413 $66,410 241,358 94,433$59,126$68,447
----------------------------------- --------------------------------
Weighted
Average
- Based
on base
rent(1) 80,782 31,504$61,956 $72,969 204,122 78,511$65,970$77,399
----------------------------------- --------------------------------
FUND II
-Urban
In-fill
----------------------------------- --------------------------------
Weighted
Average
- Based
on GLA 1,089,534 365,672$27,403 $35,043 2,024,182 766,727$36,476$47,354
----------------------------------- --------------------------------
Weighted
Average
- Based
on base
rent(1) 976,242 328,128$28,634 $37,000 1,715,040 645,145$35,806$46,732
----------------------------------- --------------------------------
FUND II
-Other
----------------------------------- --------------------------------
Weighted
Average
- Based
on GLA 77,560 29,487$77,130$108,955 288,932 108,039$75,456$97,126
----------------------------------- --------------------------------
Weighted
Average
- Based
on base
rent(1) 77,560 29,487$77,130$108,955 288,932 108,039$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
Page 51