Exhibit 99.2
ACADIA
REALTY TRUST
Focused.
Disciplined.
Value-Driven.
Third Quarter 2008
Reporting Supplement
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Table of Contents
-----------------
Page Page
---- ----
Section I - Overview Section III - Opportunity Fund Information
Important Notes 3 Fund I
Overview 31
Company Information 4 Properties 32
Anchor Detail 33
Portfolio Snapshots Lease Expirations 34
Core Portfolio 5 Kroger/Safeway Detail 35
Combined Portfolios 6 Current Valuation 36
Market Capitalization 7 Fund II
Overview 37
Shareholder Information 8 Properties 38
Anchor Detail 39
Section II - Financial Information Lease Expirations 40
Operating Statements - Pro-rata Consolidation Fund III
Pro-rata Consolidation 9 Overview 41
Fee income 11 Storage Post Properties 42
Opportunity Funds 12 Storage Post Locations 43
Joint Ventures 16
Current v. Prior Year 18 Redevelopment Projects 44
Same Property Net Operating Income 20 RCP Venture 45
RCP Venture Investments 46
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")
and Funds Available for Distribution Section IV - Core Portfolio Information
("FAD") 21
2008 Guidance 22 Properties 47
Balance Sheets Portfolio by State 49
Consolidated 23
Pro-rata Consolidation 24 Top Tenants 50
Debt Analysis Anchor Tenants 51
Summary 25
Detail 26 Anchor Lease Expirations - Next 4 Years 54
Maturities 29
Lease Expirations 55
Selected Financial Ratios 30
New and Renewal Rent Spreads 57
Capital Expenditures 58
Portfolio Demographics 59
Visit www.acadiarealty.com for additional investor and portfolio information
Page 2
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 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
September 30, 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 85 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 Jon Grisham
Suite 260 Senior Vice President,
White Plains, NY 10605 Chief Accounting Officer
(914) 288-8148
jgrisham@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
-------------------------------------- ------------------------------
Bank of Montreal RBC Capital Markets
Paul Adornato, CFA - (212) 885-4170 Rich Moore, CFA - (216) 378-7625
paul.adornato@bmo.com rich.moore@rbccm.com
--------------------- --------------------
Citigroup - Smith Barney Keefe, Bruyette & Woods, Inc.
Michael Bilerman - (212) 816-1383 Sheila K. McGrath - (212) 887-7793
michael.bilerman@citi.com smcgrath@kbw.com
------------------------- ----------------
Page 4
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Total Market Capitalization -------------------------------------- ---------------------------------------
--------------------------- September 30, 2008 Market
(including pro-rata share of joint venture debt) Market Capitalization Capitalization using
(dollars in thousands) as of September 30, 2008 October 28, 2008 Share Price
-------------------------------------- ---------------------------------------
Percent of Percent of
Percent of Total Market Percent of Total Market
Total Equity Capitalization Total Equity Capitalization
------------ -------------- ------------ --------------
Equity Capitalization
---------------------
Total Common Shares Outstanding 98.0%$ 32,353 98.0% $ 32,353
Common Operating Partnership ("OP") Units 2.0% 648 2.0% 648
------------ -----------
Combined Common Shares and OP Units 33,001 33,001
Share Price 25.28 15.91
------------ -----------
Equity Capitalization - Common Shares and OP Units 834,265 525,046
Preferred OP Units (1) 634 0.0% 399
------------ ----------- -----------
Total Equity Capitalization 834,899 62.2% 100.0% 525,445 50.8%
------------ ----------- =========== ----------- --------
Debt Capitalization
-------------------
Consolidated debt 744,549 744,549
Adjustment to reflect pro-rata share of debt (236,323) (236,323)
------------ -----------
Total Debt Capitalization 508,226 37.8% 508,226 49.2%
------------ ----------- ----------- --------
Total Market Capitalization $ 1,343,125 100.0% $1,033,671 100.0%
============ =========== =========== ========
-------------------------------------- ---------------------------------------
Weighted Average Outstanding Common Shares and OP Units
-------------------------------------------------------
September 30, 2008 September 30, 2007
Quarter Year-to-date Quarter Year-to-date
------- ------------ ------- ------------
Weighted average Common Shares - Basic EPS 32,558,072 32,512,840 32,372,388 32,289,576
Dilutive potential Common Shares 520,634 537,379 584,379 671,760
----------- ----------- ----------- -----------
Weighted average Common Shares - Diluted EPS 33,078,706 33,050,219 32,956,767 32,961,336
OP Units 647,656 647,047 642,272 642,272
Dilutive potential of OP Units 25,067 - - 25,067
----------- ----------- ----------- -----------
Weighted average Common Shares/OP Units - Diluted FFO 33,751,429 33,697,266 33,599,039 33,628,675
=========== =========== =========== ===========
(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
September 30, 2008
Shareholder and OP Unit Information
- -----------------------------------
(amounts in thousands)
Common Shares (1)
----------------- Percent of Out-
Common standing Common
Shares Held Shares
------------- ---------------
Morgan Stanley 3,264 10.1%
ING Bewaar Maatschappij I B.V. 2,865 8.9%
Third Avenue Management 2,562 7.9%
Yale University 2,285 7.1%
Vanguard Group 2,222 6.9%
Goldman Sachs Group 2,032 6.3%
Wellington Management 1,984 6.1%
Barclay's Global Investors 1,938 6.0%
Weiss Multi-Strategy Advisors 1,898 5.9%
Baron Capital Group 1,836 5.7%
------------- ---------------
Total of Ten Largest Institutional
Shareholders 22,886 70.7%
============= ===============
Total of all Institutional Shareholders 31,865 98.5%
============= ===============
Operating Partnership Units
---------------------------
OP Units Percent of
Held OP Units
------------- ---------------
Managment O.P. Unit Holders 338 52.2%
Other O.P. Unit Holders 310 47.8%
------------- ---------------
Total O.P. Units 648 100.0%
============= ===============
(1) Based on most recent Schedule 13F filing
Page 6
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Income Statements - Pro-rata Consolidation (1)
- ------------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
Year-to-Date
Period
ended September 30,
2008
-------------------------------------------------------------------------------------------
Core Retail Opportunity Residential
----------- Funds -----------
Total Core Total Core -----
Wholly Joint Continuing Discontinued Discontinued
Owned Ventures Operations Operations (4) Operations Total
-------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 34,266 $ 4,693 $ 38,959 $ 3,375 $ 6,879 $ 1,203 $ 50,416
Percentage rents 257 41 298 97 - - 395
Expense reimbursements - CAM 4,184 599 4,783 676 301 - 5,760
Expense reimbursements -
Taxes 5,274 757 6,031 472 112 - 6,615
Other property income 184 21 205 42 174 109 530
---------- ---------- ------------ -------------- ------------- ------------ ----------
44,165 6,111 50,276 4,662 7,466 1,312 63,716
---------- ---------- ------------ -------------- ------------- ------------ ----------
PROPERTY EXPENSES
Property operating - CAM 5,095 735 5,830 882 446 - 7,158
Other property operating 1,152 378 1,530 439 1,115 631 3,715
Real estate taxes 6,260 888 7,148 574 576 65 8,363
---------- ---------- ------------ -------------- ------------- ------------ ----------
12,507 2,001 14,508 1,895 2,136 696 19,235
---------- ---------- ------------ -------------- ------------- ------------ ----------
NET OPERATING INCOME -
PROPERTIES (3) 31,658 4,110 35,768 2,767 5,329 616 44,480
OTHER INCOME (EXPENSE)
General and administrative (19,838) - (19,838) - (449) - (20,287)
Equity in earnings of
unconsolidated properties 21 - 21 - 1,399 - 1,420
Equity in earnings from RCP
investments - - - - 4,101 - 4,101
Interest income 8,528 18 8,546 - 215 11 8,772
Fee income (2) 16,039 - 16,039 - - - 16,039
Promote income - Fund capital
transactions 1,044 - 1,044 - 117 - 1,161
Promote income - RCP - - - - 1,173 - 1,173
Priority distributions 364 - 364 - - - 364
Promote expense - - - - - - -
Property management expense (96) - (96) - (3) (23) (122)
Straight-line rent income 325 179 504 13 609 - 1,126
Straight-line rents written
off (35) (77) (112) - - - (112)
FAS 141 rent (362) 103 (259) - (625) - (884)
Provision for income taxes (2,382) - (2,382) - (8) - (2,390)
Lease termination income 137 - 137 - 4,675 - 4,812
---------- ---------- ------------ -------------- ------------- ------------ ----------
EBIDTA 35,403 4,333 39,736 2,780 16,533 604 59,652
Depreciation and
amortization (11,609) (1,307) (12,916) (288) (3,424) - (16,628)
FAS 141 amortization (728) - (728) - (49) - (777)
Interest expense (13,619) (2,831) (16,450) - (1,786) - (18,236)
Loan defeasance - - - - - - -
FAS 141 interest 774 - 774 - - - 774
Gain (loss) on sale of
properties 763 - 763 - - 7,182 7,945
---------- ---------- ------------ -------------- ------------- ------------ ----------
Income before minority
interest 10,984 195 11,179 2,492 11,274 7,786 32,731
Minority interest - OP (446) - (446) (49) - (152) (647)
Minority interest 78 - 78 - (520) - (442)
---------- ---------- ------------ -------------- ------------- ------------ ----------
NET INCOME $ 10,616 $ 195 $ 10,811 $ 2,443 $ 10,753 $ 7,634 $ 31,641
========== ========== ============ ============== ============= ============ ==========
(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 $238 for the
quarter and $719 for the nine months ended September 30, 2008.
(4) Discontinued Operations reflects Ledgewood Mall, which was held for sale as
of September 30, 2008, and one residential property which was sold in the
second quarter 2008.
Page 7
Current Quarter
3 months
ended September 30,
2008
--------------------------------------------------------------------------------------------
Core Retail Opportunity Residential
----------- Funds -----------
Total Core Total Core -----
Wholly Joint Continuing Discontinued Discontinued
Owned Ventures Operations Operations (4) Operations (4) Total
-------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 11,472 $1,550 $ 13,022 $ 1,031 $ 2,191 $ - $ 16,244
Percentage rents 75 12 87 41 - - 128
Expense reimbursements - CAM 1,166 186 1,352 166 174 - 1,692
Expense reimbursements -
Taxes 1,741 253 1,994 162 37 - 2,193
Other property income 60 - 60 7 57 - 124
---------- --------- ------------ -------------- ------------- -------------- ---------
14,514 2,001 16,515 1,407 2,458 - 20,380
---------- --------- ------------ -------------- ------------- -------------- ---------
PROPERTY EXPENSES
Property operating - CAM 1,545 256 1,801 236 119 - 2,156
Other property operating 241 129 370 13 459 - 842
Real estate taxes 2,068 299 2,367 202 219 - 2,788
---------- --------- ------------ -------------- ------------- -------------- ---------
3,854 684 4,538 451 797 - 5,786
---------- --------- ------------ -------------- ------------- -------------- ---------
NET OPERATING INCOME -
PROPERTIES (3) 10,660 1,317 11,977 956 1,661 - 14,594
OTHER INCOME (EXPENSE)
General and administrative (6,658) - (6,658) - (275) - (6,933)
Equity in earnings of
unconsolidated properties - - - - (51) - (51)
Equity in earnings from RCP
investments - - - - 1,368 - 1,368
Interest income 4,417 4 4,421 - 41 - 4,462
Fee income (2) 4,345 - 4,345 - - - 4,345
Promote income - Fund capital
transactions - - - - - - -
Promote income - RCP - - - - (114) - (114)
Priority distributions 111 - 111 - - - 111
Promote expense - - - - - - -
Property management expense (32) - (32) - (1) - (33)
Straight-line rent income (163) 119 (44) 8 274 - 238
Straight-line rents written
off (35) (16) (51) - - - (51)
FAS 141 rent (124) 35 (89) - (593) - (682)
Provision for income taxes (190) - (190) - 0 - (190)
Lease termination income 137 - 137 - (225) - (88)
---------- --------- ------------ -------------- ------------- -------------- ---------
EBIDTA 12,468 1,459 13,927 964 2,085 - 16,976
Depreciation and
amortization (4,030) (438) (4,468) (96) (1,063) (5,627)
FAS 141 amortization (234) - (234) (15) (249)
Interest expense (5,100) (950) (6,050) (684) (6,734)
Loan defeasance - - - - - -
FAS 141 interest 734 - 734 - - 734
Gain (loss) on sale of
properties - - - - - - -
---------- --------- ------------ -------------- ------------- -------------- ---------
Income before minority
interest 3,838 71 3,909 868 322 - 5,098
Minority interest - OP (87) - (87) (17) - - (104)
Minority interest (7) - (7) - (0) - (7)
---------- --------- ------------ -------------- ------------- -------------- ---------
NET INCOME $ 3,744 $ 71 $ 3,815 $ 851 $ 321 $ - $ 4,987
========== ========= ============ ============== ============= ============== =========
(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 $238 for the
quarter and $719 for the nine months ended September 30, 2008.
(4) Discontinued Operations reflects Ledgewood Mall, which was held for sale as
of September 30, 2008, and one residential property which was sold in the
second quarter 2008.
Page 8
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Income Statements - Pro-rata Consolidation (1)
- ------------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
Previous Quarter
3 months
ended June 30,
2008
--------------------------------------------------------------------------------------------
Core Retail Opportunity Residential
----------- Funds -----------
Total Core Total Core -----
Wholly Joint Continuing Discontinued Discontinued
Owned Ventures Operations Operations (4) Operations (4) Total
-------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 11,486 $1,532 $ 13,018 $ 1,040 $ 2,091 $ 285 $ 16,434
Percentage rents 21 4 25 37 - - 62
Expense reimbursements - CAM 1,154 160 1,314 208 60 - 1,582
Expense reimbursements -
Taxes 1,643 263 1,906 155 27 - 2,088
Other property income 31 1 32 7 28 34 101
---------- --------- ------------ ------------ ------------- -------------- ---------
14,335 1,960 16,295 1,447 2,205 319 20,266
---------- --------- ------------ ------------ ------------- -------------- ---------
PROPERTY EXPENSES
Property operating - CAM 1,391 200 1,591 267 128 1,986
Other property operating 506 154 660 146 474 215 1,495
Real estate taxes 2,096 304 2,400 186 210 15 2,811
---------- --------- ------------ ------------ ------------- -------------- ---------
3,993 658 4,651 599 813 230 6,293
---------- --------- ------------ ------------ ------------- -------------- ---------
NET OPERATING INCOME -
PROPERTIES (3) 10,342 1,302 11,644 848 1,393 89 13,974
OTHER INCOME (EXPENSE)
General and administrative (6,572) - (6,572) - (70) - (6,642)
Equity in earnings of
unconsolidated properties - - - - 1,467 - 1,467
Equity in earnings from RCP
investments - - - - 200 - 200
Interest income 1,825 5 1,830 - 20 3 1,853
Fee income (2) 4,978 - 4,978 - - 4,978
Promote income - Fund capital
transactions 1,044 - 1,044 - 117 1,161
Promote income - RCP - - - - 96 96
Priority distributions 118 - 118 - - 118
Promote expense - - - - - -
Property management expense (32) - (32) - (1) (9) (42)
Straight-line rent income 238 33 271 2 371 - 644
Straight-line rents written
off - - - - - -
FAS 141 rent (126) 34 (92) - (9) - (101)
Provision for income taxes (349) - (349) - 0 - (349)
Lease termination income - - - - 4,900 - 4,900
---------- --------- ------------ ------------ ------------- -------------- ---------
EBIDTA 11,466 1,374 12,840 850 8,484 83 22,257
Depreciation and
amortization (4,003) (382) (4,385) (82) (1,019) (5,486)
FAS 141 amortization (239) - (239) (15) (254)
Interest expense (4,255) (940) (5,195) (581) (5,776)
Loan defeasance - - - - - -
FAS 141 interest 20 - 20 - - 20
Gain (loss) on sale of
properties 763 - 763 - - 7,182 7,945
---------- --------- ------------ ------------ ------------- -------------- ---------
Income before minority
interest 3,752 52 3,804 768 6,868 7,265 18,705
Minority interest - OP (205) - (205) (15) - (142) (362)
Minority interest (7) - (7) - (424) - (431)
---------- --------- ------------ ------------ ------------- -------------- ---------
NET INCOME $ 3,540 $ 52 $ 3,592 $ 753 $ 6,443 $7,123 $ 17,911
========== ========= ============ ============ ============= ============== =========
(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 $238 for the
quarter and $719 for the nine months ended September 30, 2008.
(4) Discontinued Operations reflects Ledgewood Mall, which was held for sale as
of September 30, 2008, and one residential property which was sold in the
second quarter 2008.
Page 9
Previous Quarter
3 months
ended March 31,
2008
--------------------------------------------------------------------------------------------
Core Retail Opportunity Residential
----------- Funds -----------
Total Core Total Core -----
Wholly Joint Continuing Discontinued Discontinued
Owned Ventures Operations Operations (4) Operations (4) Total
-------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 11,308 $1,611 $ 12,919 $ 1,304 $ 2,597 $ 918 $ 17,738
Percentage rents 161 25 186 19 - 205
Expense reimbursements - CAM 1,864 253 2,117 302 67 2,486
Expense reimbursements -
Taxes 1,890 241 2,131 155 49 2,335
Other property income 93 20 113 28 89 75 305
---------- ---------- ------------ -------------- ------------- -------------- ---------
15,316 2,150 17,466 1,808 2,802 993 23,069
---------- ---------- ------------ -------------- ------------- -------------- ---------
PROPERTY EXPENSES
Property operating - CAM 2,159 279 2,438 379 198 3,015
Other property operating 405 95 500 280 181 416 1,377
Real estate taxes 2,096 285 2,381 186 146 50 2,763
---------- ---------- ------------ -------------- ------------- -------------- ---------
4,660 659 5,319 845 526 466 7,156
---------- ---------- ------------ -------------- ------------- -------------- ---------
NET OPERATING INCOME -
PROPERTIES (3) 10,656 1,491 12,147 963 2,276 527 15,913
OTHER INCOME (EXPENSE)
General and administrative (6,608) - (6,608) - (104) - (6,712)
Equity in earnings of
unconsolidated properties 21 - 21 - (17) - 4
Equity in earnings from RCP
investments - - - - 2,533 - 2,533
Interest income 2,286 9 2,295 - 154 8 2,457
Fee income (2) 6,716 - 6,716 - - 6,716
Promote income - Fund capital
transactions - - - - - -
Promote income - RCP - - - - 1,192 1,192
Priority distributions 135 - 135 - - 135
Promote expense - - - - - -
Property management expense (32) - (32) - (2) (14) (48)
Straight-line rent income 250 27 277 3 (36) - 244
Straight-line rents written
off (61) (61) - - - (61)
FAS 141 rent (112) 34 (78) - (24) - (102)
Provision for income taxes (1,843) - (1,843) - (9) - (1,852)
Lease termination income - - - - - - -
---------- ---------- ------------ -------------- ------------- -------------- ---------
EBIDTA 11,469 1,500 12,969 966 5,964 521 20,420
Depreciation and
amortization (3,576) (487) (4,063) (110) (1,341) (5,514)
FAS 141 amortization (255) - (255) (18) (273)
Interest expense (4,264) (941) (5,205) (520) (5,725)
Loan defeasance - - - - - -
FAS 141 interest 20 - 20 - - 20
Gain (loss) on sale of
properties - - - - - - -
---------- ---------- ------------ -------------- ------------- -------------- ---------
Income before minority
interest 3,394 72 3,466 856 4,084 521 8,927
Minority interest - OP (154) - (154) (17) - (10) (181)
Minority interest 92 - 92 - (96) - (4)
---------- ---------- ------------ -------------- ------------- -------------- ---------
NET INCOME $ 3,332 $ 72 $ 3,404 $ 839 $ 3,989 $ 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 $238 for the
quarter and $719 for the nine months ended September 30, 2008.
(4) Discontinued Operations reflects Ledgewood Mall, which was held for sale as
of September 30, 2008, and one residential property which was sold in the
second quarter 2008.
Page 10
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Income Statements - Analysis of Management Fee Income
- -----------------------------------------------------
Current Quarter
---------------
(in thousands)
Fund I Fund II Fund III Other Total
----------- ------------ ------------- ------------- ------------
Nine months ended September 30, 2008
Asset and property management fees $ - $ 2,900 $ 4,554 $ 1,327 $ 8,781
Transactional fees 175 3,449 1,939 1,695 7,258
----------- ------------ ------------- ------------- ------------
175 6,349 6,493 3,022 16,039
Priority distributions (Asset and property management fees) 364 - - - 364
----------- ------------ ------------- ------------- ------------
Total management fees and priority distributions $ 539 $ 6,349 $ 6,493 $ 3,022 $ 16,403
=========== ============ ============= ============= ============
Fund I Fund II Fund III Other Total
----------- ------------ ------------- ------------- ------------
Three months ended September 30, 2008
Asset and property management fees $ - $ 968 $ 1,511 $ 324 $ 2,803
Transactional fees 28 1,404 (160) 270 1,542
----------- ------------ ------------- ------------- ------------
28 2,372 1,351 594 4,345
Priority distributions (Asset and property management fees) 111 - - - 111
----------- ------------ ------------- ------------- ------------
Total management fees and priority distributions $ 139 $ 2,372 $ 1,351 $ 594 $ 4,456
=========== ============ ============= ============= ============
Fund I Fund II Fund III Other Total
----------- ------------ ------------- ------------- ------------
Three months ended June 30, 2008
Asset and property management fees $ - $ 957 $ 1,512 $ 417 $ 2,886
Transactional fees 55 1,016 1,041 (20) 2,092
----------- ------------ ------------- ------------- ------------
55 1,973 2,553 397 4,978
Priority distributions (Asset and property management fees) 118 - - - 118
----------- ------------ ------------- ------------- ------------
Total management fees and priority distributions $ 173 $ 1,973 $ 2,553 $ 397 $ 5,096
=========== ============ ============= ============= ============
Fund I Fund II Fund III Other Total
----------- ------------ ------------- ------------- ------------
Three months ended March 31, 2008
Asset and property management fees $ - $ 975 $ 1,531 $ 586 $ 3,092
Transactional fees 92 1,029 1,058 1,445 3,624
----------- ------------ ------------- ------------- ------------
92 2,004 2,589 2,031 6,716
Priority distributions (Asset and property management fees) 135 - - - 135
----------- ------------ ------------- ------------- ------------
Total management fees and priority distributions $ 227 $ 2,004 $ 2,589 $ 2,031 $ 6,851
Page 11
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Income Statements - Opportunity Funds (1)
-----------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
---------------------------------------------------------------------------------------------------------------------
Year-to-Date
Period
ended September 30, 2008
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
AKR AKR AKR AKR AKR AKR
Pro- Brandywine Pro- Pro- Pro- Pro- Total
AKR rata Promote AKR rata rata rata rata AKR Pro-
Total Promote share PAID IN Mervyns Promote share Fund share Mervyns share Fund share rata
Fund I 20.00% 22.22% FULL I 20.00% 22.22% II 20.00% II 20.00% III 19.9005% share
---------------------------------------------------------------------------------------------------------------------
PROPERTY
REVENUES
Minimum rents $ 7,695 $1,539 $1,368 $1,122 $ - $ - $ - $ 7,026 $1,405 $ - $ - $ 7,262 $1,445 $ 6,879
Percentage
rents - - - - - - - - - - - - - -
Expense
reimbursements
- CAM 129 26 23 24 - - - 1,127 225 - - 15 3 301
Expense
reimbursements
- Taxes 188 38 33 27 - - - 69 14 - - 3 - 112
Other property
income 97 19 17 33 - - - 15 3 - - 503 101 174
-------- ------- ------- ------- -------- ------- ------- -------- ------- -------- ------- -------- ------- ------
8,109 1,622 1,441 1,206 - - - 8,237 1,647 - - 7,783 1,549 7,466
-------- ------- ------- ------- -------- ------- ------- -------- ------- -------- ------- -------- ------- ------
PROPERTY
EXPENSES
Property
operating -
CAM 308 62 55 54 - - - 1,352 271 - - 25 5 446
Other property
operating 111 22 20 19 5 1 1 3,074 615 5 1 2,190 436 1,115
Real estate
taxes 300 60 53 42 - - - 1,251 250 - - 856 170 576
-------- ------- ------- ------- -------- ------- ------- -------- ------- -------- ------- -------- ------- ------
719 144 128 115 5 1 1 5,677 1,136 5 1 3,071 611 2,136
-------- ------- ------- ------- -------- ------- ------- -------- ------- -------- ------- -------- ------- ------
NET OPERATING
INCOME -
PROPERTIES (3) 7,390 1,478 1,314 1,092 (5) (1) (1) 2,560 511 (5) (1) 4,712 938 5,329
OTHER INCOME
(EXPENSE)
General and
administrative (328) (66) (58) (11) (5) (1) (1) (492) (98) (196) (39) (880) (175) (449)
Equity in
earnings of
unconsolidated
properties 3,297 (4) 542 586 299 - - - (147) (29) - - - - 1,399
Equity in
earnings from
RCP
investments - - - - 5,878 1,174 1,045 - - 15,269 3,055 - - 5,274
Interest income 167 33 30 38 4 - 1 140 28 75 15 349 70 215
Asset and
property
management
income - - - - - - - - - - - - - -
Promote income
- Fund
Transactions - 117 - - - - - - - - - - - 117
Promote income
- RCP - - - - - - - - - - - - - -
Priority
distributions - - - - - - - - - - - - - -
Promote expense (2,107) - - - (1,174) - - - - - - - - -
Asset and
property
management
expense( 2) (6) (1) (1) (1) - - - (3,706) - - - (6,031) - (3)
Straight-line
rent income (293) (59) (52) (36) - - - 3,742 749 - - 30 6 609
Straight-line
rents written
off - - - - - - - - - - - - - -
FAS 141 Rent (24) (5) (4) (7) - - - (195) (39) - - (2,870) (570) (625)
Provision for
income taxes (17) (3) (3) (4) (4) 1 (1) 17 4 (4) (1) (1) - (8)
Lease
termination
income - - - - - - - 23,377 4,675 - - - - 4,675
-------- ------- ------- ------- -------- ------- ------- -------- ------- -------- ------- -------- ------- ------
EBIDTA 8,079 2,037 1,811 1,370 4,694 1,173 1,043 25,296 5,801 15,139 3,029 (4,691) 269 16,533
Depreciation
and
amortization (4,618) (924) (821) (677) - - - (3,181) (637) - - (1,833) (365) (3,424)
FAS 141
Amortization (8) (2) (1) (2) - - - (207) (42) - - (10) (2) (49)
Interest
expense (809) (162) (144) (124) - - - (3,360) (672) - - (3,439) (685) (1,786)
Loan defeasance - - - - - - - - - - - - - -
FAS 141
Interest - - - - - - - - - - - - - -
Gain (loss) on
sale of
properties - - - - - - - - - - - - - -
-------- ------- ------- ------- -------- ------- ------- -------- ------- -------- ------- -------- ------- ------
Income before
minority
interest 2,644 950 845 567 4,694 1,173 1,043 18,548 4,450 15,139 3,029 (9,973) (783) 11,274
Minority
interest - OP - - - - - - - - - - - - - -
Minority
interest (420) (84) (75) (65) - - - (1,627) (325) - - 142 28 (520)
-------- ------- ------- ------- -------- ------- ------- -------- ------- -------- ------- -------- ------- ------
NET INCOME $ 2,224 $ 866 $ 770 $ 502 $ 4,694 $1,173 $1,043 $16,921 $4,125 $15,139 $3,029 $(9,831) $ (755) $10,753
======== ======= ======= ======= ======== ======= ======= ======== ======= ======== ======= ======== ======= ======
---------------------------------------------------------------------------------------------------------------------
(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) Includes majority-owned affiliates of which the minority share of
NOI for the Kroger/Safeway Portfolio amounts to $2,085 on an
annual basis ($7,363 x 37.78% x 75%).
(4) Includes a $3,307 gain related to the sale of the Haygood
Shopping Center.
Page 12
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Income Statements - Opportunity Funds (1)
-----------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
---------------------------------------------------------------------------------------------------------------------
Current Quarter
Period
ended September 30, 2008
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
AKR
AKR Brandywine AKR AKR AKR AKR
Pro- Promote(3) Pro- Pro- Pro- Pro- Total
AKR rata PAID IN AKR rata rata rata rata AKR Pro-
Total Promote share FULL Mervyns Promote share Fund share Mervyns share Fund share rata
Fund I 20.00% 22.22% $ - I 20.00% 22.22% II 20.00% II 20.00% III 19.9005% share
---------------------------------------------------------------------------------------------------------------------
PROPERTY
REVENUES
Minimum rents $ 2,609 $ 522 $ 464 $ - $ - $ - $ - $ 2,425 $ 485 $ - $ - $ 3,620 $ 720 $ 2,191
Percentage
rents - - - - - - - - - - - - - -
Expense
reimbursements
- CAM 44 9 8 - - - - 781 156 - - 5 1 174
Expense
reimbursements
- Taxes 74 15 13 - - - - 43 9 - - 1 - 37
Other property
income 2 0 0 - - - - 21 4 - - 260 52 57
-------- ------- ------- ------- ------- ------- ------- -------- ------- ------- ------- -------- --------- --------
2,729 546 485 - - - - 3,270 654 - - 3,886 773 2,458
-------- ------- ------- ------- ------- ------- ------- -------- ------- ------- ------- -------- --------- --------
PROPERTY
EXPENSES
Property
operating -
CAM 88 18 16 - - - - 423 85 - - 3 1 119
Other property
operating 32 6 6 - - - - 1,091 218 - - 1,151 229 459
Real estate
taxes 106 21 19 - - - - 461 92 - - 439 87 219
-------- ------- ------- ------- ------- ------- ------- -------- ------- ------- ------- -------- --------- --------
226 45 40 - - - - 1,975 395 - - 1,593 317 797
-------- ------- ------- ------- ------- ------- ------- -------- ------- ------- ------- -------- --------- --------
NET OPERATING
INCOME -
PROPERTIES (4) 2,503 501 445 - - - - 1,295 259 - - 2,293 456 1,661
OTHER INCOME
(EXPENSE)
General and
administrative (270) (54) (48) - (5) (1) (1) (340) (68) (195) (39) (322) (64) (275)
Equity in
earnings of
unconsolidated
properties (136) (27) (24) - - - - - - - - - - (51)
Equity in
earnings from
RCP
investments - - - - (566) (114) (100) - - 7,338 1,468 - - 1,253
Interest income 37 7 7 - 1 - 0 45 9 4 1 83 17 41
Asset and
property
management
income - - - - - - - - - - - - - -
Promote income
- Fund
Transactions - - - - - - - - - - - - -
Promote income
- RCP - - - - - - - - - - - - - -
Priority
distributions - - - - - - - - - - - - - -
Promote expense 24 - - - 114 - - - - - - - - -
Asset and
property
management
expense( 2) (2) (0) (0) - - - - (1,257) - - - (2,060) - (1)
Straight-line
rent income (135) (27) (24) - - - - 1,614 323 - - 10 2 274
Straight-line
rents written
off - - - - - - - - - - - - - -
FAS 141 Rent (2) (0) (0) - - - - (65) (13) - - (2,911) (579) (593)
Provision for
income taxes - - - - (1) 1 (0) - - - - - - 0
Lease
termination
income - - - - - - - (1,123) (225) - - - - (225)
-------- ------- ------- ------- ------- ------- ------- -------- ------- ------- ------- -------- --------- --------
EBIDTA 2,019 399 355 - (457) (114) (101) 169 285 7,147 1,430 (2,907) (168) 2,085
Depreciation
and
amortization (1,534) (307) (273) - - - - (1,575) (315) - - (849) (169) (1,063)
FAS 141
Amortization (1) (0) (0) - - - - (69) (14) - - (5) (1) (15)
Interest
expense (260) (52) (46) - - - - (1,353) (271) - - (1,582) (315) (684)
Loan defeasance - - - - - - - - - - - - - -
FAS 141
Interest - - - - - - - - - - - - - -
Gain (loss) on
sale of
properties - - - - - - - - - - - - - -
-------- ------- ------- ------- ------- ------- ------- -------- ------- ------- ------- -------- --------- --------
Income before
minority
interest 224 40 36 - (457) (114) (101) (2,828) (315) 7,147 1,430 (5,343) (653) 322
Minority
interest - OP - - - - - - - - - - - - - -
Minority
interest (141) (28) (25) - - - - 121 24 - - 144 29 (0)
-------- ------- ------- ------- ------- ------- ------- -------- ------- ------- ------- -------- --------- --------
NET INCOME $ 83 $ 12 $ 10 $ - $(457) $ (114) $ (101) $(2,707) $ (291) $7,147 $1,430 $(5,199) $ (624) $ 321
======== ======= ======= ======= ======= ======= ======= ======== ======= ======= ======= ======== ========= ========
---------------------------------------------------------------------------------------------------------------------
(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 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.The
remaining $0.3 million of the $7.2 million promote was paid in
the three months ended June 30, 2008.
(4) Includes majority-owned affiliates of which the minority share of
NOI for the Kroger/Safeway Portfolio amounts to $695 for the
third quarter ($7,363 x 37.78% x 25%).
Page 13
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Income Statements - Opportunity Funds (1)
-----------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
---------------------------------------------------------------------------------------------------------------------
Previous Quarter
Period
ended June 30, 2008
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
AKR
AKR Brandywine AKR AKR AKR AKR
Pro- Promote(3) Pro- Pro- Pro- Pro- Total
AKR rata PAID IN AKR rata rata rata rata AKR Pro-
Total Promote share FULL Mervyns Promote share Fund share Mervyns share Fund share rata
Fund I 20.00% 22.22% $ 324 I 20.00% 22.22% II 20.00% II 20.00% III 19.9005% share
---------------------------------------------------------------------------------------------------------------------
PROPERTY
REVENUES
Minimum rents $ 2,515 $ 503 $ 447 $ 216 $ - $ - $ - $ 2,251 $ 450 $ - $ - $ 2,386 $ 475 $ 2,091
Percentage
rents - - - - - - - - - - - - - -
Expense
reimbursements
- CAM 23 5 4 2 - - - 240 48 - - 5 1 60
Expense
reimbursements
- Taxes 49 10 9 4 - - - 19 4 - - 1 - 27
Other property
income 2 0 0 0 - - - (15) (3) - - 150 30 28
-------- ------- ------- ------ ------- ------ ------- -------- ------- ------- ----- -------- --------- --------
2,589 518 460 222 - - - 2,495 499 - - 2,542 506 2,205
-------- ------- ------- ------ ------- ------ ------- -------- ------- ------- ----- -------- --------- --------
PROPERTY
EXPENSES
Property
operating -
CAM 89 18 16 8 - - - 424 85 - - 10 2 128
Other property
operating 33 7 6 3 5 1 1 1,598 320 5 1 683 136 474
Real estate
taxes 98 20 17 8 - - - 550 110 - - 275 55 210
-------- ------- ------- ------ ------- ------ ------- -------- ------- ------- ----- -------- --------- --------
220 44 39 19 5 1 1 2,572 515 5 1 968 193 813
-------- ------- ------- ------ ------- ------ ------- -------- ------- ------- ----- -------- --------- --------
NET OPERATING
INCOME -
PROPERTIES (4) 2,369 474 421 204 (5) (1) (1) (77) (16) (5) (1) 1,574 313 1,393
OTHER INCOME
(EXPENSE)
General and
administrative (34) (7) (6) (3) - - - (117) (23) (1) - (154) (31) (70)
Equity in
earnings of
unconsolidated
properties 3,416 (5) 566 607 293 - - - - - - - - - 1,467
Equity in
earnings from
RCP
investments - - - - 486 96 87 - - 563 113 - - 296
Interest income 32 6 6 3 - - - 18 4 2 - 4 1 20
Asset and
property
management
income - - - - - - - - - - - - - -
Promote income
- Fund
Transactions - 117 - - - - - - - - - - - 117
Promote income
- RCP - - - - - - - - - - - - - -
Priority
distributions - - - - - - - - - - - - - -
Promote expense (2,074) - - - (96) - - - - - - - - -
Asset and
property
management
expense( 2) (2) (0) (0) (0) - - - (1,217) - - - (2,002) - (1)
Straight-line
rent income (76) (15) (14) (7) - - - 2,020 404 - - 10 2 371
Straight-line
rents written
off - - - - - - - - - - - - - -
FAS 141 Rent (2) (0) (0) (0) - - - (65) (13) - - 23 5 (9)
Provision for
income taxes (5) (1) (1) (0) (3) 0 (1) 18 4 (4) (1) - - 0
Lease
termination
income - - - - - - - 24,500 4,900 - - - - 4,900
-------- ------- ------- ------ ------- ------ ------- -------- ------- ------- ----- -------- --------- --------
EBIDTA 3,624 1,140 1,013 490 382 96 85 25,080 5,260 555 111 (545) 290 8,484
Depreciation
and
amortization (1,538) (308) (273) (132) - - - (888) (178) - - (643) (128) (1,019)
FAS 141
Amortization (1) (0) (0) (0) - - - (69) (14) - - (5) (1) (15)
Interest
expense (262) (52) (47) (23) - - - (1,112) (222) - - (1,195) (238) (581)
Loan defeasance - - - - - - - - - - - - - -
FAS 141
Interest - - - - - - - - - - - - - -
Gain (loss) on
sale of
properties - - - - - - - - - - - - - -
-------- ------- ------- ------ ------- ------ ------- -------- ------- ------- ----- -------- --------- --------
Income before
minority
interest 1,823 779 693 335 382 96 85 23,011 4,846 555 111 (2,388) (77) 6,868
Minority
interest - OP - - - - - - - - - - - - - -
Minority
interest (126) (25) (22) (11) - - - (1,831) (366)(6) - - 1 - (424)
-------- ------- ------- ------ ------- ------ ------- -------- ------- ------- ----- -------- --------- --------
NET INCOME $ 1,697 $ 754 $ 670 $ 324 $382 $ 96 $ 85 $21,180 $4,480 $555 $111 $(2,387) $ (77) $ 6,443
======== ======= ======= ====== ======= ====== ======= ======== ======= ======= ===== ======== ========= ========
---------------------------------------------------------------------------------------------------------------------
(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 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.The
remaining $0.3 million of the $7.2 million promote was paid in
the three months ended June 30, 2008.
(4) Includes majority-owned affiliates of which the minority share of
NOI for the Kroger/Safeway Portfolio amounts to $695 for the
second quarter ($7,363 x 37.78% x 25%).
(5) Includes a $3,307 gain related to the sale of the Haygood
Shopping Center.
(6) Reflects the minority interest's share of the $4.9 million lease
termination income.
Page 14
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Income Statements - Opportunity Funds (1)
-----------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
---------------------------------------------------------------------------------------------------------------------
Previous Quarter
Period
ended March 31, 2008
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
AKR AKR AKR AKR AKR
Pro- AKR Pro- Pro- Pro- Pro- Total
AKR rata Brandywine AKR rata rata rata rata AKR Pro-
Total Promote share Promote Mervyns Promote share Fund share Mervyns share Fund share rata
Fund I 20.00% 22.22% (3) I 20.00% 22.22% II 20.00% II 20.00% III 19.9005% share
---------------------------------------------------------------------------------------------------------------------
PROPERTY
REVENUES
Minimum rents $ 2,571 $ 514 $ 457 $ 906 $ - $ - $ - $ 2,350 $ 470 $ - $ - $ 1,256 $ 250 $2,597
Percentage
rents - - - - - - - - - - - - - -
Expense
reimbursements
- CAM 62 12 11 22 - - - 106 21 - - 5 1 67
Expense
reimbursements
- Taxes 65 13 12 23 - - - 7 1 - - 1 - 49
Other property
income 93 19 17 33 - - - 9 2 - - 93 19 89
-------- ------- ------- ------- -------- ------- ------- -------- ------- ------- ------- -------- --------- -------
2,791 558 496 984 - - - 2,472 494 - - 1,355 270 2,802
-------- ------- ------- ------- -------- ------- ------- -------- ------- ------- ------- -------- --------- -------
PROPERTY
EXPENSES
Property
operating -
CAM 131 26 23 46 - - - 505 101 - - 12 2 198
Other property
operating 46 9 8 16 - - - 385 77 - - 356 71 181
Real estate
taxes 96 19 17 34 - - - 240 48 - - 142 28 146
-------- ------- ------- ------- -------- ------- ------- -------- ------- ------- ------- -------- --------- -------
273 55 49 96 - - - 1,130 226 - - 510 101 526
-------- ------- ------- ------- -------- ------- ------- -------- ------- ------- ------- -------- --------- -------
NET OPERATING
INCOME -
PROPERTIES (4) 2,518 504 448 888 - - - 1,342 268 - - 845 169 2,276
OTHER INCOME
(EXPENSE)
General and
administrative (24) (5) (4) (8) - - - (35) (7) - - (404) (80) (104)
Equity in
earnings of
unconsolidated
properties 17 3 3 6 - - - (147) (29) - - - - (17)
Equity in
earnings from
RCP
investments - - - - 5,958 1,192 1,059 - - 7,368 1,474 - - 3,725
Interest income 98 20 17 35 3 - 1 77 15 69 14 262 52 154
Asset and
property
management
income - - - - - - - - - - - - - -
Promote income
- Fund
Transactions - - - - - - - - - - - - - -
Promote income
- RCP - - - - - - - - - - - - - -
Priority
distributions - - - - - - - - - - - - - -
Promote expense (57) - - - (1,192) - - - - - - - - -
Asset and
property
management
expense( 2) (2) (0) (0) (1) - - - (1,232) - - - (1,969) - (2)
Straight-line
rent income (82) (16) (15) (29) - - - 108 22 - - 10 2 (36)
Straight-line
rents written
off - - - - - - - - - - - - - -
FAS 141 Rent (20) (4) (4) (7) - - - (65) (13) - - 18 4 (24)
Provision for
income taxes (12) (2) (2) (4) - - - (1) - - - (1) - (9)
Lease
termination
income - - - - - - - - - - - - - -
-------- ------- ------- ------- -------- ------- ------- -------- ------- ------- ------- -------- --------- -------
EBIDTA 2,436 499 443 880 4,769 1,192 1,060 47 256 7,437 1,488 (1,239) 147 5,964
Depreciation
and
amortization
(3) (1,546) (309) (275) (545) - - - (718) (144) - - (341) (68) (1,341)
FAS 141
Amortization (6) (1) (1) (2) - - - (69) (14) - - - - (18)
Interest
expense (287) (57) (51) (101) - - - (895) (179) - - (662) (132) (520)
Loan defeasance - - - - - - - - - - - - - -
FAS 141
Interest - - - - - - - - - - - - - -
Gain (loss) on
sale of
properties - - - - - - - - - - - - - -
-------- ------- ------- ------- -------- ------- ------- -------- ------- ------- ------- -------- --------- -------
Income before
minority
interest 597 131 116 232 4,769 1,192 1,060 (1,635) (81) 7,437 1,488 (2,242) (53) 4,084
Minority
interest - OP - - - - - - - - - - - - - -
Minority
interest (153) (31) (27) (54) - - - 83 17 - - (3) (1) (96)
-------- ------- ------- ------- -------- ------- ------- -------- ------- ------- ------- -------- --------- -------
NET INCOME $ 444 $ 100 $ 89 $ 178 $ 4,769 $1,192 $1,060 $(1,552) $ (64) $ 7,437 $1,488 $(2,245) $ (54) $3,989
======== ======= ======= ======= ======== ======= ======= ======== ======= ======= ======= ======== ========= =======
---------------------------------------------------------------------------------------------------------------------
(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 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.
(4 )Includes majority-owned affiliates of which the minority share
of NOI for the Kroger/Safeway Portfolio amounts to $695 for the
first quarter ($7,363 x 37.78% x 25%).
Page 15
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Income Statements - Joint Ventures (1)
- --------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
------------------------------------------------------ ---------------------------------------------------------
Year-to-Date Current Quarter
Period 3 months
Ended September 30, Ended September 30,
2008 2008
------------------------------------------------------ ---------------------------------------------------------
Joint Ventures - Core Retail Joint Ventures - Core Retail
------------------------------------------------------ ---------------------------------------------------------
AKR Pro- AKR Pro- Total AKR Pro- AKR Pro- Total
rata share rata share AKR Pro- rata share rata share AKR Pro-
Brandywine 22.22% Crossroads 49.00% rata share Brandywine JV 22.22% Crossroads 49.00% rata share
------------------------------------------------------ ---------------------------------------------------------
PROPERTY REVENUES
Minimum rents $12,005 $ 2,669 $ 4,123 $ 2,021 $ 4,693 $ 4,021 $ 893 $1,339 $ 656 $1,550
Percentage rents 145 32 19 9 41 13 3 19 9 12
Expense
reimbursements -
CAM 1,589 354 500 245 599 511 114 147 72 186
Expense
reimbursements -
Taxes 751 167 1,203 590 757 261 58 397 195 253
Other property
income 55 12 20 9 21 - - - - -
---------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
14,545 3,234 5,865 2,874 6,111 4,806 1,068 1,902 932 2,001
---------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
PROPERTY EXPENSES
Property operating
- CAM 2,117 471 537 264 735 779 173 169 83 256
Other property
operating 929 207 349 171 378 314 70 120 59 129
Real estate taxes 848 189 1,427 699 888 293 65 478 234 299
---------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
3,894 867 2,313 1,134 2,001 1,386 308 767 376 684
---------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
NET OPERATING
INCOME -
PROPERTIES 10,651 2,367 3,552 1,740 4,110 3,420 760 1,135 556 1,317
OTHER INCOME
(EXPENSE)
General and
administrative - - - - - - - - - -
Equity in earnings
of unconsolidated
properties - - - - - - - - - -
Equity in earnings
from RCP
investments - - - - - - - - - -
Interest income 40 8 21 10 18 6 1 6 3 4
Asset and property
management income - - - - - - - - - -
Promote income - - - - - - - - - -
Priority
distributions - - - - - - - - - -
Promote expense - - - - - - - - - -
Asset and property
management
expense( 2) (741) - - - - (240) - - - -
Straight-line rent
income 572 126 106 53 179 231 51 138 68 119
Straight-line rents
written off (114) (26) (105) (51) (77) (70) (16) - - (16)
FAS 141 Rent 469 103 - - 103 159 35 - - 35
Provision for
income taxes - - - - - - - - - -
Swap termination
income - - - - - - - - - -
---------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
EBIDTA 10,877 2,578 3,574 1,752 4,333 3,506 831 1,279 627 1,459
Depreciation and
amortization (2) (3,401) (756) (523) (551) (1,307) (1,273) (283) (116) (155) (438)
FAS 141
Amortization - - - - - - - - - -
Interest expense (7,584) (1,557) (2,601) (1,274) (2,831) (2,546) (523) (872) (427) (950)
Loan defeasance - - - - - - - - - -
FAS 141 Interest - - - - - - - - - -
Gain (loss) on sale
of properties - - - - - - - - - -
---------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
Income before
minority interest (108) 265 450 (73) 195 (313) 25 291 45 71
Minority interest -
OP - - - - - - - - - -
Minority interest - - - - - - - - - -
---------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
NET INCOME $ (108) $ 265 $ 450 $ (73) $ 195 $ (313) $ 25 $ 291 $ 45 $ 71
========== ========== ========== ========== ========== ============= ========== ========== ========== ==========
------------------------------------------------------ ---------------------------------------------------------
(1) The Company 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) In addition to its pro-rata share of depreciation, the
Company recognizes depreciation on its stepped-up basis in
Crossroads.
Page 16
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Income Statements - Joint Ventures (1)
- --------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
--------------------------------------------------------- ---------------------------------------------------------
Previous Quarter Previous Quarter
3 months 3 months
Ended June 30, Ended March 31,
2008 2008
--------------------------------------------------------- ---------------------------------------------------------
Joint Ventures - Core Retail Joint Ventures - Core Retail
--------------------------------------------------------- ---------------------------------------------------------
AKR Pro- AKR Pro- Total AKR Pro- AKR Pro- Total
rata share rata share AKR Pro- rata share rata share AKR Pro-
Brandywine JV 22.22% Crossroads 49.00% rata share Brandywine JV 22.22% Crossroads 49.00% rata share
--------------------------------------------------------- ---------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 3,941 $ 876 $1,336 $ 655 $1,532 $ 4,043 $ 900 $1,448 $ 710 $1,611
Percentage rents 19 4 - - 4 113 25 - - 25
Expense
reimbursements -
CAM 421 94 134 66 160 657 146 219 107 253
Expense
reimbursements -
Taxes 242 54 426 209 263 248 55 380 186 241
Other property
income - - 3 1 1 55 12 17 8 20
------------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
4,623 1,028 1,899 931 1,960 5,116 1,138 2,064 1,011 2,150
------------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
PROPERTY EXPENSES
Property
operating - CAM 574 128 146 72 200 764 170 222 109 279
Other property
operating 224 50 213 104 154 391 87 16 8 95
Real estate taxes 278 62 494 242 304 277 62 455 223 285
------------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
1,076 240 853 418 658 1,432 319 693 340 659
------------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
NET OPERATING
INCOME -
PROPERTIES 3,547 788 1,046 513 1,302 3,684 819 1,371 671 1,491
`
OTHER INCOME
(EXPENSE)
General and
administrative - - - - - - - - - -
Equity in
earnings of
unconsolidated
properties - - - - - - - - - -
Equity in
earnings from
RCP investments - - - - - - - - - -
Interest income 11 2 6 3 5 23 5 9 4 9
Asset and
property
management
income - - - - - - - - - -
Promote income - - - - - - - - - -
Priority
distributions - - - - - - - - - -
Promote expense - - - - - - - - - -
Asset and
property
management
expense( 2) (246) - - - - (255) - - - -
Straight-line
rent income 195 43 (21) (10) 33 146 32 (11) (5) 27
Straight-line
rents written
off - - - - - (44) (10) (105) (51) (61)
FAS 141 Rent 155 34 - - 34 155 34 - - 34
Provision for
income taxes - - - - - - - - - -
Swap termination
income - - - - - - - - - -
------------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
EBIDTA 3,662 867 1,031 506 1,374 3,709 880 1,264 619 1,500
Depreciation and
amortization (2) (978) (217) (136) (165) (382) (1,150) (256) (271) (231) (487)
FAS 141
Amortization - - - - - - - - - -
Interest expense (2,519) (517) (863) (423) (940) (2,519) (517) (866) (424) (941)
Loan defeasance - - - - - - - - - -
FAS 141 Interest - - - - - - - - - -
Gain (loss) on
sale of
properties - - - - - - - - - -
------------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
Income before
minority
interest 165 133 32 (82) 52 40 107 127 (36) 72
Minority interest
- OP - - - - - - - - - -
Minority interest - - - - - - - - - -
------------- ---------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ----------
NET INCOME $ 165 $ 133 $ 32 $ (82) $ 52 $ 40 $ 107 $ 127 $ (36) $ 72
============= ========== ========== ========== ========== ============= ========== ========== ========== ==========
--------------------------------------------------------- ---------------------------------------------------------
(1) The Company 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) In addition to its pro-rata share of depreciation, the
Company recognizes depreciation on its stepped-up basis in
Crossroads.
Page 17
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Income Statements - Current v. Prior Year (1)
- -----------------------------------------
(In Thousands)
---------------------------------------------------- ---------------------------------------------------------------
Current Quarter Prior Year Quarter
3 months 3 months
ended September 30, ended September 30,
2008 2007
---------------------------------------------------- ---------------------------------------------------------------
Core Core Opportunity
Retail Residential Retail Funds Residential
Dis- Dis- Dis- Dis- Dis-
Core continued Opportunity continued Core continued Opportunity continued continued
Retail Operations Funds Operations Total Retail Operations Funds Operations Operations Total
---------------------------------------------------- ---------------------------------------------------------------
PROPERTY
REVENUES
Minimum rents $13,022 $1,031 $ 2,191 $ - $16,244 $12,684 $1,073 $ 2,736 $ 527 $1,673 $18,693
Percentage
rents 87 41 - - 128 139 48 - - - 187
Expense
reimbursements
- CAM 1,352 166 174 - 1,692 1,280 215 102 67 - 1,664
Expense
reimbursements
- Taxes 1,994 162 37 - 2,193 2,048 177 74 103 - 2,402
Other property
income 60 7 57 - 124 135 14 22 - 179 350
-------- ---------- ----------- ----------- -------- -------- ---------- ----------- ----------- --------- --------
16,515 1,407 2,458 - 20,380 16,286 1,527 2,934 697 1,852 23,296
-------- ---------- ----------- ----------- -------- -------- ---------- ----------- ----------- --------- --------
PROPERTY
EXPENSES
Property
operating -
CAM 1,801 236 119 - 2,156 1,819 300 145 73 - 2,337
Other property
operating 370 13 459 - 842 551 70 129 (53) 1,333 2,030
Real estate
taxes 2,367 202 219 - 2,788 2,281 216 160 78 96 2,831
-------- ---------- ----------- ----------- -------- -------- ---------- ----------- ----------- --------- --------
4,538 451 797 - 5,786 4,651 586 434 98 1,429 7,198
-------- ---------- ----------- ----------- -------- -------- ---------- ----------- ----------- --------- --------
NET OPERATING
INCOME -
PROPERTIES 11,977 956 1,661 - 14,594 11,635 941 2,500 599 423 16,098
OTHER INCOME
(EXPENSE)
General and
administrative (6,658) - (275) - (6,933) (5,741) - (80) - - (5,821)
Equity in
earnings of
Fund I
unconsolidated
properties - - (51) - (51) - - 2,597 - - 2,597
Equity in
earnings from
RCP investments - - 1,368 - 1,368 - - 824 - - 824
Interest income 4,421 - 41 - 4,462 2,386 - 145 - 5 2,536
Fee income 4,345 - - - 4,345 5,521 - - - - 5,521
Promote income -
Fund capital
transactions - - - - - - - - - - -
Promote income
- RCP - - (114) - (114) - - - - - -
Priority
distributions 111 - - - 111 - - - - - -
Promote expense - - - - - - - - - - -
Property
management
expense (32) - (1) - (33) (31) - 42 (44) (37) (70)
Straight-line
rent income (44) 8 274 - 238 300 2 249 9 - 560
Straight-line
rents written
off (51) - - - (51) 126 - - - - 126
FAS 141 Rent (89) - (593) - (682) (215) - 13 - - (202)
Provision for
income taxes (190) - 0 - (190) (316) - (2) - - (318)
Leae
termination
income 137 - (225) - (88) - - - - - -
-------- ---------- ----------- ----------- -------- -------- ---------- ----------- ----------- --------- --------
EBIDTA 13,927 964 2,085 - 16,976 13,665 943 6,288 564 391 21,851
Depreciation
and
amortization (4,468) (96) (1,063) - (5,627) (3,812) (442) (1,649) (87) (369) (6,359)
FAS 141
Amortization (234) - (15) - (249) (144) (21) - - (165)
Interest
expense (6,050) - (684) - (6,734) (5,250) - (574) (223) (300) (6,347)
Loan defeasance - - - - - - - - - -
FAS 141
Interest 734 - - - 734 20 - 15 - 35
Gain (loss) on
sale of
properties - - - - - - - - - (241) (241)
-------- ---------- ----------- ----------- -------- -------- ---------- ----------- ----------- --------- --------
Income before
minority
interest 3,909 868 322 - 5,098 4,479 501 4,044 269 (519) 8,774
Minority
interest - OP (87) (17) - - (104) (102) (10) (81) (5) 10 (188)
Minority
interest (7) - (0) - (7) 4 - (100) - - (96)
-------- ---------- ----------- ----------- -------- -------- ---------- ----------- ----------- --------- --------
NET INCOME $ 3,815 $ 851 $ 321 $ - $ 4,987 $ 4,381 $ 491 $ 3,863 $ 264 $ (509) $ 8,490
======== ========== =========== =========== ======== ======== ========== =========== =========== ========= ========
---------------------------------------------------- ---------------------------------------------------------------
(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 18
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Income Statements - Current v. Prior Year (1)
- -----------------------------------------
(In Thousands)
---------------------------------------------------- ---------------------------------------------------------------
Current Year-to-Date Prior Year-to-Date
Period Period
ended September 30, ended September 30,
2008 2007
---------------------------------------------------- ---------------------------------------------------------------
Core Core Opportunity Resi-
Retail Residential Retail Funds dential
Dis- Dis- Dis- Dis- Dis-
Core continued Opportunity continued Core continued Opportunity continued continued
Retail Operations Funds Operations Total Retail Operations Funds Operations Operations Total
---------------------------------------------------- ---------------------------------------------------------------
PROPERTY
REVENUES
Minimum rents $ 38,959 $3,375 $ 6,879 $1,203 $ 50,416 $ 37,024 $ 3,226 $ 8,166 $1,553 $ 5,273 $55,242
Percentage
rents 298 97 - - 395 381 126 3 - - 510
Expense
reimbursements
- CAM 4,783 676 301 - 5,760 3,684 672 238 177 - 4,771
Expense
reimbursements
- Taxes 6,031 472 112 - 6,615 5,686 405 75 211 - 6,377
Other property
income 205 42 174 109 530 267 27 38 19 460 811
---------- ---------- ----------- ----------- --------- --------- ---------- ----------- ----------- -------- -------
50,276 4,662 7,466 1,312 63,716 47,042 4,456 8,520 1,960 5,733 67,711
---------- ---------- ----------- ----------- --------- --------- ---------- ----------- ----------- -------- -------
PROPERTY
EXPENSES
Property
operating -
CAM 5,830 882 446 - 7,158 5,737 915 475 243 - 7,370
Other property
operating 1,530 439 1,115 631 3,715 1,336 179 364 (41) 3,268 5,106
Real estate
taxes 7,148 574 576 65 8,363 6,363 486 273 221 272 7,615
---------- ---------- ----------- ----------- --------- --------- ---------- ----------- ----------- -------- -------
14,508 1,895 2,136 696 19,235 13,436 1,580 1,112 423 3,540 20,091
---------- ---------- ----------- ----------- --------- --------- ---------- ----------- ----------- -------- -------
NET OPERATING
INCOME -
PROPERTIES 35,768 2,767 5,329 616 44,480 33,606 2,876 7,408 1,537 2,193 47,620
OTHER INCOME
(EXPENSE)
General and
administrative (19,838) - (449) - (20,287) (17,501) - (221) - - (17,722)
Equity in
earnings
of Fund I
unconsolidated
properties 21 - 1,399 - 1,420 - - 2,432 - - 2,432
Equity in
earnings from
RCP
investments - - 4,101 - 4,101 - 6,490 - - 6,490
Interest income 8,546 - 215 11 8,772 7,310 5 365 - 15 7,695
Fee income 16,039 - - - 16,039 11,850 - - - - 11,850
Promote income
- Fund capital
transactions 1,044 - 117 - 1,161 - - - - -
Promote income
- RCP - - 1,173 - 1,173 - - - - -
Priority
distributions 364 - - - 364 - - - - -
Promote expense - - - - - - - - - - -
Property
management
expense (96) - (3) (23) (122) (94) - 93 (99) (121) (221)
Straight-line
rent income 504 13 609 - 1,126 1,035 28 753 52 - 1,868
Straight-line
rents written
off (112) - - - (112) (20) - - - - (20)
FAS 141 Rent (259) - (625) - (884) (404) - (37) - - (441)
Provision for
income taxes (2,382) - (8) - (2,390) (2,577) - (17) - - (2,594)
Leae
termination
income 137 - 4,675 - 4,812 165 - - - - 165
---------- ---------- ----------- ----------- --------- --------- ---------- ----------- ----------- -------- -------
EBIDTA 39,736 2,780 16,533 604 59,652 33,370 2,909 17,266 1,490 2,087 57,122
Depreciation
and
amortization (12,916) (288) (3,424) - (16,628) (10,937) (1,322) (5,037) (263) (1,118)(18,677)
FAS 141
Amortization (728) - (49) - (777) (384) (57) - - (441)
Interest
expense (16,450) - (1,786) - (18,236) (15,495) (38) (1,613) (676) (893)(18,715)
Loan defeasance - - - - - (426) - - - - (426)
FAS 141
Interest 774 - - - 774 47 - - 45 - 92
Gain (loss) on
sale of
properties 763 - - 7,182 7,945 - - - - (241) (241)
---------- ---------- ----------- ----------- --------- --------- ---------- ----------- ----------- -------- -------
Income before
minority
interest 11,179 2,492 11,274 7,786 32,731 6,175 1,549 10,559 596 (165) 18,714
Minority
interest - OP (446) (49) - (152) (647) (171) (31) (211) (11) 3 (421)
Minority
interest 78 - (520) - (442) 237 - (287) - - (50)
---------- ---------- ----------- ----------- --------- --------- ---------- ----------- ----------- -------- -------
NET INCOME $ 10,811 $2,443 $10,753 $7,634 $ 31,641 $ 6,241 $ 1,518 $10,061 $ 585 $ (162)$ 18,243
========== ========== =========== =========== ========= ========= ========== =========== =========== ======== =======
---------------------------------------------------- ---------------------------------------------------------------
(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 19
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Net Operating Income (NOI) - Same Property Performance (1)
- ----------------------------------------------------
(in thousands) Growth in Same Growth in Same
Property NOI - Property NOI -
Continuing Continuing
Operations Current Historical Operations
Current Historical Favorable Year-to- Year-to- Favorable
Notes: Quarter Quarter (unfavorable) Date Date (unfavorable)
-------------------------------------------- -----------------------------------
Three Three Nine Nine
months months months months
ended ended ended ended
Reconciliation of total NOI to same property NOI: September September September September
30, 30, 30, 30,
2008 2007 2008 2007
--------- ---------- --------- ----------
NOI - Core Retail properties $11,977 $11,635 $35,768 $33,606
NOI - Opportunity Fund properties 1,661 2,500 5,329 7,408
NOI - Discontinued Operations 956 1,963 3,383 6,606
Adjustment to reflect 2006 increase in Fund I
ownership percentage (2) - (1,316) (1,092) (4,052)
--------- ---------- --------- ----------
Total NOI 14,594 14,782 43,388 43,568
NOI - Properties Acquired (566) (118) (1,782) (92)
NOI - Discontinued Operations (956) (1,963) (3,383) (6,606)
--------- ---------- --------- ----------
$13,072 $12,701 2.9% $38,223 $36,870 3.7%
========= ========== ============== ========= ========== ==============
Same property NOI by portfolio component and
revenues/expenses:
Core Retail Core Retail
Properties Properties
Revenues $16,360 $16,256 0.6% $48,917 $46,887 4.3%
Expenses 4,564 4,655 2.0% 14,138 13,173 -7.3%
--------- ---------- -------------- --------- ---------- --------------
11,796 11,601 1.7% 34,779 33,714 3.2%
--------- ---------- -------------- --------- ---------- --------------
Opportunity Fund Opportunity Fund
Properties Properties
Revenues 1,570 1,387 13.2% 4,259 3,831 11.2%
Expenses 294 287 -2.4% 815 675 -20.7%
--------- ---------- -------------- --------- ---------- --------------
1,276 1,100 15.9% 3,444 3,156 9.1%
--------- ---------- -------------- --------- ---------- --------------
Total Core Retail and Opportunity Funds NOI $13,072 $12,701 2.9% 38,223 36,870 3.7%
========= ========== ============== --------- ----------
(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 was entitled to $7.2 million Promote on
future Fund I earnings and received 100% of Fund I income until it was
repaid. The balance was repaid in the second quarter of 2008 and the
Company's share returned to 38%. 2008 and 2007 NOI from Fund I have been
adjusted from 100% down to 38%
Page 20
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Funds from Operations ("FFO")( 1) 2008 2007
- --------------------------------------------- -------------------------------------------------- -----------------------------
-------------- -------------- --------- ----------
Current Current Prior Prior Historic Historic
Year-to-Date Quarter Quarter Quarter Year-to-Date Quarter
Period 3 months 3 months 3 months Period 3 months
ended ended ended ended ended ended
Funds from operations ("FFO"): Notes September 30, September 30, June 30, March 31, September 30, September 30,
------------------------------ 2008 2008 2008 2008 2007 2007
-------------- -------------- --------- ---------- -------------- --------------
Net Income $31,641 $ 4,987 $17,911 $ 8,743 $18,243 $ 8,490
Add back:
Depreciation of real estate and amortization
of leasing costs:
(net of minority interest share)
Consolidated subsidiaries 10,532 3,996 2,970 3,566 13,825 3,870
Unconsolidated subsidiaries 1,323 439 384 500 1,337 349
(Gain) loss on sale of properties (net of
minority interest share)
Consolidated subsidiaries (7,182) - (7,182) - 241 241
Unconsolidated subsidiaries (565) 23 (588) -
Income attributable to OP units (2) 546 104 362 80 416 188
Extraordinary item (net of minority
interests' share and income taxes) - - - (3,677) (794)
Distributions on Preferred OP Units 16 6 5 5 18 5
-------------- -------------- --------- ---------- -------------- --------------
FFO 36,311 9,555 13,862 12,894 30,403 12,349
Extraordinary item (net of minority
interests' share and income taxes) (4) - - - - 3,677 794
-------------- -------------- --------- ---------- -------------- --------------
FFO - adjusted for extraordinary item (4) $36,311 $ 9,555 $13,862 $12,894 $34,080 $13,143
============== ============== ========= ========== ============== ==============
Adjusted Funds from operations ("AFFO"):
- ---------------------------------------------
Diluted FFO $36,311 $ 9,555 $13,862 $12,894 $34,080 $13,143
Straight line rent, net 1,126 238 644 244 (1,868) (560)
Non real estate depreciation 666 210 229 227 523 186
Amortization of finance costs 903 339 262 302 1,250 428
Amortization of cost of management contracts 827 528 189 110 550 171
Tenant improvements (972) (426) (308) (238) (2,314) (758)
Leasing commissions (350) (84) (140) (126) (506) (216)
Capital expenditures (869) (747) (78) (44) (1,505) (1,098)
-------------- -------------- --------- ---------- -------------- --------------
AFFO $37,642 $ 9,613 $14,660 $13,369 $30,210 $11,296
============== ============== ========= ========== ============== ==============
Funds Available for Distribution ("FAD")
- ---------------------------------------------
AFFO $37,642 $ 9,613 $14,660 $13,369 $30,210 $11,296
Scheduled prinicpal repayments (2,071) (681) (679) (711) (2,170) (627)
-------------- -------------- --------- ---------- -------------- --------------
FAD $35,571 $ 8,932 $13,981 $12,658 $28,040 $10,669
============== ============== ========= ========== ============== ==============
Total weighted average shares and OP Units:
Basic 33,160 33,206 33,167 33,106 33,014 32,932
============== ============== ========= ========== ============== ==============
Diluted 33,697 33,751 33,737 33,603 33,599 33,629
============== ============== ========= ========== ============== ==============
FFO per share:
FFO per share - Basic (3) $ 1.09 $ 0.29 $ 0.42 $ 0.39 $ 1.03 $ 0.40
============== ============== ========= ========== ============== ==============
FFO per share - Diluted (3) $ 1.08 $ 0.28 $ 0.41 $ 0.38 $ 1.01 $ 0.39
============== ============== ========= ========== ============== ==============
AFFO per share - Basic (3) $ 1.13 $ 0.29 $ 0.44 $ 0.40 $ 0.91 $ 0.34
============== ============== ========= ========== ============== ==============
AFFO per share - Diluted (3) $ 1.12 $ 0.28 $ 0.43 $ 0.40 $ 0.90 $ 0.34
============== ============== ========= ========== ============== ==============
FAD per share - Basic (3) $ 1.07 $ 0.27 $ 0.42 $ 0.38 $ 0.85 $ 0.32
============== ============== ========= ========== ============== ==============
FAD per share - Diluted (3) $ 1.06 $ 0.26 $ 0.41 $ 0.38 $ 0.83 $ 0.32
============== ============== ========= ========== ============== ==============
-------------- -------------- --------- ----------
- --------------------------------------------------- --------------------------------------------------------------------------------
(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.
Page 21
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
2008 Guidance - Highlights
--------------------------
(in millions except per share amounts,
all per share amounts are fully diluted)
2008 Guidance
2007
Overall: Original Updated Actual
-------- --------------- --------------------- ---------------
Full year Funds from Operatons ("FFO") per share $1.25 to $1.35 $1.30 to $1.35 $1.30
===================================== ===============
Earnings per Share ("EPS") $0.66 to $0.76 $1.05 to $1.15 $0.82
===================================== ===============
FFO Components:
---------------
Core and pro-rata share of opportunity Fund ("Fund") portfolio income $41.8 to $42.6 $42.0 to $43.0 $41.8
===================================== ===============
Asset and property management fee income (net of taxes) $10.1 $10.0 $9.2
===================================== ===============
Transactional fee/Promote/RCP income (net of taxes):
-- Transactional fees $14.5 to $15.5 $10.5 to $11.5 $8.1
-- Promote/RCP income $3.0 to $4.0 $3.0 to $4.0 $9.8
------------------------------------- ---------------
Total transactional fee and promote/RCP income (net) $17.5 to $19.5 $13.5 to $15.5 $17.9
===================================== ===============
Lease termination income (net of minority interests) - $4.5
=====================================
General and administrative expense $26.0 to $27.0 $26.0 to $27.0 $24.9
===================================== ===============
- ----------------------------------------------------------------------------------------------------------------------------------
Quarterly Highlights
Quarter ended March 31, 2008:
Promote/RCP income $2.3 $2.2 is from Mervyns investment
===============
Quarter ended June 30, 2008:
Promote/RCP income $1.2 Fund I promte income
===============
Lease termination income Lease termination income from Home Depot at
$4.5 Canarsie
===============
Page 22
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Consolidated Balance Sheets
---------------------------
(in thousands)
September 30, December 31,
2008 2007
------------- ------------
ASSETS
Real estate
Land $ 289,171 $ 231,502
Buildings and improvements 701,554 485,177
Construction in progress 51,470 77,608
------------- ------------
1,042,195 794,287
Less: accumulated depreciation (136,242) (122,044)
------------- ------------
Net real estate 905,953 672,243
Cash and cash equivalents 61,476 123,343
Cash in escrow 31,232 6,637
Investments in and advances to
unconsolidated affiliates 60,726 44,654
Rents receivable, net of $1,032 and $1,304
allowance, respectively 4,270 4,629
Straight-line rents receivable, net of $910
allowance 7,731 7,306
Lease Termination Fee Receivable - -
Notes Receivable 87,498 57,662
Preferred Equity Investment 40,000 -
Deferred charges, net 21,521 18,879
Prepaid expenses and other assets, net 35,930 16,510
Acquired lease intangibles, net 22,752 16,103
Net assets of discontinued operations 14,506 31,046
------------- ------------
$1,293,595 $ 999,012
============= ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 744,697 $ 517,903
Acquired lease intangibles, net 4,974 5,651
Accounts payable and accrued expenses 18,544 14,833
Dividends and distributions payable 7,050 14,420
Share of losses in excess of investment in
unconsolidated affiliates 20,232 20,007
Other liabilities 17,191 13,564
Net liabilities of discontinued operations 2,036 787
------------- ------------
Total liabilities 814,724 587,165
------------- ------------
Minority interest in Operating Partnership 6,124 4,595
Minority interests in partially owned
affiliates 219,504 166,516
------------- ------------
Total minority interests 225,628 171,111
------------- ------------
Shareholders' equity:
Common shares 32 32
Additional paid-in capital 229,353 227,890
Accumulated other comprehensive loss (961) (953)
Retained earnings 24,819 13,767
------------- ------------
Total shareholders' equity 253,243 240,736
------------- ------------
$1,293,595 $ 999,012
============= ============
Page 23
ACADIA
REALTY TRUST
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 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 $ 289,171 $ (156,578) $ 6,830 $ 139,423
Buildings and improvements 701,554 (284,027) 49,718 467,245
Construction in progress 51,470 (42,601) 852 9,721
---------------- ------------- ---------------- -------------------
1,042,195 (483,206) 57,400 616,389
Less: accumulated depreciation (136,242) 28,810 (7,632) (115,064)
---------------- ------------- ---------------- -------------------
Net real estate 905,953 (454,396) 49,768 501,325
Cash and cash equivalents 61,476 (15,239) 1,194 47,431
Cash in escrow 31,232 (2,328) 494 29,398
Investments in and advances to unconsolidated
affiliates 60,726 (42,391) (8,454) 9,882
Rents receivable, net 4,270 (1,004) 189 3,455
Straight-line rents receivable, net 7,731 (134) 1,472 9,069
Notes Receivable 87,498 (10,981) - 76,517
Preferred equity investment 40,000 - - 40,000
Deferred charges, net 21,521 (11,740) 7,762 17,543
Prepaid expenses and other assets 35,930 16,370 708 53,008
Acquired lease intangibles 22,752 (10,266) 5 12,491
Assets of discontinued operations 14,506 - - 14,506
---------------- ------------- ---------------- -------------------
Total Assets $ 1,293,595 $ (532,109) $ 53,138 $ 814,625
================ ============= ================ ===================
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 744,549 $ (306,958) $ 70,634 $ 508,226
Valuation of debt at acquisition, net of
amortization 148 (59) 1,309 1,398
Acquired lease intangibles 4,974 - - 4,974
Accounts payable and accrued expenses 18,544 (925) 529 18,148
Dividends and distributions payable 7,050 - - 7,050
Share of losses in excess of inv. in
unconsolidated affiliates 20,232 - (20,145) 87
Other liabilities 17,191 (6,321) 811 11,681
Liabilities of discontinued operations 2,036 - - 2,036
---------------- ------------- ---------------- -------------------
Total liabilities 814,724 (314,263) 53,138 553,600
---------------- ------------- ---------------- -------------------
Minority interest in Operating Partnership 6,124 - - 6,124
Minority interests in partially owned affiliates 219,504 (217,846) - 1,658
---------------- ------------- ---------------- -------------------
Total minority interests 225,628 (217,846) - 7,782
---------------- ------------- ---------------- -------------------
Shareholders' equity:
Common shares 32 - - 32
Additional paid-in capital 229,353 - - 229,353
Accumulated other comprehensive income (961) - - (961)
Retained earnings 24,819 - - 24,819
---------------- ------------- ---------------- -------------------
Total shareholders' equity 253,243 - - 253,243
---------------- ------------- ---------------- -------------------
Total Liabilities and Shareholders' Equity $ 1,293,595 $ (532,109) $ 53,138 $ 814,625
================ ============= ================ ===================
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 24
ACADIA
REALTY TRUST
Reporting Supplement
September 30, 2008
Portfolio Debt - Consolidated Summary
Reconciliation from Pro-Rata Share of Debt to GAAP Debt
(amounts in thousands)
Reconcoliation to Consolidated Debt as
Acadia Pro-Rata Share of Debt (2) Reported
-------------------------------------------------------------------- ----------------------------------------
Add:
Minority
Core Portfolio Opportunity Funds Total Interest Less: Pro-rata Acadia
-------------------- -------------------- ---------- Fixed Share of Share of Consolidated
Principal Interest Principal Interest Principal Interest vs Consolidated Unconsolidated Debt
Mortgage Notes Payable Balance Rate Balance Rate Balance Rate Variable Debt (3) Debt (4) As Reported
- ------------------------------------------ ------------------- ------------------- -------- ------------ -------------- ------------
Fixed-Rate Debt (1) $390,497 5.1% $33,509 5.9% $424,006 5.2% 83% $139,007 $(67,994) $495,019
Variable-Rate Debt (1) 39,425 5.2% 44,795 5.4% 84,220 5.1% 17% 167,950 (2,640) 249,530
---------- --------- ---------- -------- ---------- -------- ------- ------------ -------------- ------------
Total $429,922 5.1% $78,304 5.4% $508,226 5.2% 100% $306,958 $(70,634) 744,549
========== ========= ========== ======== ========== ======== ======= ============ ==============
FAS 141 purchase price
debt allocation 148
------------
Total debt as reported $744,697
============
- ----------------------
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 25
Reporting Supplement
September 30, 2008
Debt Analysis -
Consolidated Debt
(amounts in thousands)
Principal Acadia's Pro-
Balance at rata share
September Interest Extension
Property Notes Entity Lender 30, 2008 Percent Amount Rate Maturity Date Options
- ----------------------------------- -------------------------------------------------------------------------------------------
CORE PORTFOLIO
- --------------------
Fixed-Rate Debt
- --------------------
Acadia Realty Trust Acadia 3.75% Convertible Notes $115,000 100.0% $115,000 3.75% 12/20/2011 None
Chestnut Hill Acadia Column Financial, Inc. 9,707 100.0% 9,707 5.45% 6/11/2013 None
New Loudon Center Acadia RBS Greenwich Capital 14,606 100.0% 14,606 5.64% 9/6/2014 None
Crossroads Shopping Crossroads JPMorgan Chase Bank None
Center JV 63,391 49.0% 31,062 5.37% 12/1/2014
Crescent Plaza Acadia RBS Greenwich Capital 17,600 100.0% 17,600 4.98% 9/6/2015 None
Pacesetter Park Acadia RBS Greenwich Capital None
Shopping Center 12,500 100.0% 12,500 5.12% 11/6/2015
Elmwood Park Acadia Bear Stearns Commercial None
Shopping Center Mortgage, Inc. 34,600 100.0% 34,600 5.53% 1/1/2016
Gateway Shopping Acadia Bear Stearns Commercial None
Center Mortgage, Inc. 20,500 100.0% 20,500 5.44% 3/1/2016
Acadia Brandywine Brandywine Bear Stearns Commercial None
Subsidiary JV Mortgage, Inc. 61,375 22.2% 13,639 5.99% 7/1/2016
Acadia Brandywine Brandywine Bear Stearns Commercial None
Town Center JV Mortgage, Inc. 31,550 22.2% 7,011 5.99% 7/1/2016
Acadia Market Square Brandywine Bear Stearns Commercial None
Shopping Center JV Mortgage, Inc. 24,375 22.2% 5,416 5.99% 7/1/2016
Acadia Brandywine Brandywine Bear Stearns Commercial None
Condominium JV Mortgage, Inc. 22,650 22.2% 5,033 5.99% 7/1/2016
Acadia Brandywine Brandywine Bear Stearns Commercial None
Holdings JV Mortgage, Inc. 26,250 22.2% 5,833 5.99% 7/1/2016
Walnut Hill Plaza Acadia Merrill Lynch Mortgage None
Lending, Inc. 23,500 100.0% 23,500 6.06% 10/1/2016
239 Greenwich Avenue Acadia Wachovia 26,000 75.0% 19,500 5.42% 2/11/2017 None
Merrillville Plaza Acadia Bear Stearns Commercial None
Mortgage, Inc. 26,250 100.0% 26,250 5.88% 8/1/2017
Boonton Acadia J.P. Morgan Chase None
Commercial Mortgage
Securities Corp. 8,356 60.0% 5,014 6.40% 11/1/2032
Interest rate swaps 1 Acadia Bank of America, N.A. 23,726 100.0% 23,726 6.28% Various
----------- --------- --------
Sub-Total Fixed-Rate
Debt 561,936 390,497 5.10%
----------- --------- --------
Variable-Rate Debt
- --------------------
Various Acadia Bank of America, N.A. Libor (2) 12
2 37,900 100.0% 37,900 + 125 12/1/2010 mos.
Branch Plaza Acadia Bank of America, N.A. Libor (1) 12
15,588 100.0% 15,588 + 130 12/1/2011 mos.
Village Commons Acadia Bank of America, N.A. Libor
Shopping Center 3 9,663 100.0% 9,663 + 140 6/29/2012
Interest rate swaps 1 Acadia Bank of America, N.A. (23,726) 100.0% (23,726)
----------- ---------
Sub-Total Variable- Libor
Rate Debt 39,425 39,425 + 129
----------- ----------------------
Total Core Portfolio
Debt $601,361 $429,922 5.11%
=========== ========= ========
Page 26
Reporting Supplement
September 30, 2008
Debt Analysis - Consolidated Debt
(amounts in thousands)
Principal Acadia's Pro-
Balance at rata share
September Interest Extension
Property Notes Entity Lender 30, 2008 Percent Amount Rate Maturity Date Options
- ----------------------------------- -------------------------------------------------------------------------------------------
OPPORTUNITY FUNDS
- ------------------------
Fixed-Rate Debt
- ------------------------
Sherman Plaza 4 Fund II Bank of China $19,000 19.7% $3,751 5.83% Demand None
Safeway Portfolio Fund I Cortlandt Deposit
5 Corporation 2,318 28.3% 657 6.51% 1/15/2009 None
Kroger Portfolio Fund I Cortlandt Deposit
5 Corporation 2,475 28.3% 702 6.62% 2/1/2009 None
Storage Post - Suffern Fund III GEMSA Loan Services, LP 4,975 18.9% 941 5.37% 12/1/2009 None
Storage Post - Various 6 Fund III Wachovia 34,521 18.9% 6,526 5.86% 6/11/2009 None
Storage Post - Various Fund III GEMSA Loan Services, LP (2) 12
7 41,500 18.9% 7,846 5.30% 3/16/2011 mos.
216th Street 4 Fund II Bank of America, N.A. 25,500 19.7% 5,034 5.80% 10/1/2017 None
Pelham Manor 4 Fund II Bear Sterns Commercial 20,895 19.7% 4,125 7.18% 1/1/2020 None
Atlantic Avenue Fund II Bear Sterns Commercial 1,689 13.3% 225 7.14% 1/1/2020 None
Interest rate swap 1 Fund I Bank of America, N.A. 9,800 37.8% 3,702 5.81% 10/29/2010
------------ -------- --------
Sub-Total Fixed-Rate
Debt 162,673 33,509 5.90%
------------ -------- --------
Variable-Rate Debt
- ------------------------
CityPoint 8 Fund II Bank of America, N.A. 34,000 4.9% 1,652Libor + 250 8/13/2009(2) 6 mos.
Granville Center 12 Fund I Bank One, N.A. 2,719 37.8% 1,027Libor + 200 10/5/2008 None
Acadia Strategic Fund II Bank of America, N.A. /
Opportunity Fund II, Bank of New York
LLC 9 34,681 20.0% 6,936Libor + 100 3/1/2009 None
161st Street Fund II RBS Greenwich Capital (2) 12
4 30,000 19.7% 5,922Libor + 140 4/1/2009 mos.
Liberty Avenue Fund II PNC Bank, National (2) 12
4 Association 11,295 19.7% 2,230Libor + 165 5/18/2009 mos.
Fordham Plaza 4 Fund II Eurohypo AG 69,160 19.7% 13,652Libor + 175 10/4/2009(3) 6 mos.
Sterling Heights Fund I JP Morgan Chase Bank,
Shopping Center 10 N.A. 5,232 18.9% 988Libor + 185 8/23/2010 None
Acadia Strategic Fund III Bank of America, N.A.
Opportunity Fund III, Comm
LLC 11 62,250 19.9% 12,388 Paper +110 10/9/2011 None
Tarrytown Shopping Fund I Anglo Irish Bank (2) 12
Center Corporation 9,800 37.8% 3,702Libor + 165 10/30/2010 mos.
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 249,337 44,795Libor + 145
------------ ------------------------
Total Opportunity Funds Portfolio Debt $412,010 $78,304 5.42%
============ ======== ========
Page 27
Reporting Supplement
September 30, 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 Maturity
Notional principal Spread Swap rate All-in Date
Rate
---------------------------------------------------------- -------------------------------
$4,487 1.34% 4.71% 6.05% 1/1/2010
11,005 1.34% 4.90% 6.23% 10/1/2011
8,234 1.34% 5.14% 6.48% 3/1/2012
---------- --------------------------------------- ----------
Core Portfolio $23,726 1.34% 4.95% 6.28%
========== ======================================= ==========
Opportunity Funds $9,800 1.34% 4.47% 5.81% 10/29/2010
========== ======================================= ==========
Total Core Portfolio and
Opportunity Funds $33,526 1.34% 4.81% 6.14%
========== ======================================= ==========
(2) This is a revolving facility for up to $72,250 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%.
Subsequent to September 30, 2008, the maturity date of the loan was
extended to January 15, 2009.
(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) The loan is collateralized by Storage Post locations - Starr Avenue, New
Rochele, Yonkers and Bruckner Blvd.
(7) The loan is collateralized by Storage Post locations - Linden, Webster
Avenue, Jersey City, Fordham Road and Lawrence.
(8) 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%.
(9) This is a revolving facility for up to $70,000. There are three one-year
options associated with this revolving facility.
(10) 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%.
(11) This is a line of credit with an initial amount of $125,000 with the option
to increase to a maximum of $245,000.
(12) This loan was paid off on October 3, 2008.
Page 28
Reporting Supplement
September 30, 2008
Future Debt Maturities
- -----------------------------------
(in thousands)
Core Portfolio Weighted Average Interest Rate of
Acadia's Pro-rata Share Maturing Debt
------------------------------- -----------------------------------
Scheduled Scheduled
Year Amortization Maturities Total AmortizationMaturities Total Total Fixed-Rate Variable-Rate
Debt Debt Debt
- ---------------------------------------------- --------- ------------------------------- -----------------------------------
2008 $446 $- $446 $322 $- $322 n/a n/a n/a
2009 1,998 - 1,998 1,493 - 1,493 n/a n/a n/a
2010 2,574 37,900 40,474 2,040 37,900 39,940 5.18% n/a 5.18%
2011 2,987 129,764 132,751 2,423 129,764 132,187 3.92% 3.75% 5.23%
2012 3,134 9,048 12,182 2,543 9,048 11,591 5.33% n/a 5.33%
Thereafter 15,946 397,564 413,510 11,966 232,423 244,389 5.71% 5.71% n/a
------------------------- --------- -------------------------------
$27,085 $574,276 $601,361 $20,787 $409,135 $429,922
========================= ========= ===============================
Weighted Average Interest Rate of
Pro-rata Share of Maturing Debt
------------------------------------
Opportunity Funds
Total Fixed-Rate Variable-Rate
Debt Debt Debt
-----------------------------------
2008 $241 $21,697 $21,938 $50 $4,770 $4,820 5.85% 5.83% 5.93%
2009 5,422 217,784 223,206 1,477 37,699 39,176 5.54% 5.80% 5.47%
2010 - 15,032 15,032 - 4,690 4,690 5.62% n/a 5.62%
2011 - 103,750 103,750 - 20,234 20,234 4.47% 5.30% 3.95%
2012 - - - - - - n/a n/a n/a
Thereafter - 48,084 48,084 - 9,384 9,384 6.44% 6.44% n/a
------------------------- --------- -------------------------------
$5,663 $406,347 $412,010 $1,527 $76,777 $78,304
========================= ========= ===============================
Page 29
Reporting Supplement
September 30, 2008
Selected Operating Ratios
- --------------------------------
Three months ended September 30, Nine months ended September 30,
2008 2007 2008 2007
--------------- --------------- ------------ ------------
Coverage Ratios (1)
- --------------------------------
Interest Coverage Ratio
EBIDTA $16,976 $21,851 $59,652 $57,122
Divided by Interest expense 6,734 6,347 18,236 18,715
--------------- --------------- ------------ ------------
2.52 x 3.44x 3.27 x 3.05x
Fixed Charge Coverage Ratio
EBIDTA $16,976 $21,851 $59,652 $57,122
Divided by ( Interest expense 6,734 6,347 18,236 18,715
+ Preferred Dividends) (2) 6 5 16 18
--------------- --------------- ------------ ------------
2.52 x 3.44x 3.27 x 3.05x
Debt Service Coverage Ratio
EBIDTA $16,976 $21,851 $59,652 $57,122
Divided by ( Interest expense 6,734 6,347 18,236 18,715
+ Principal Amortization) 681 627 2,071 2,170
--------------- --------------- ------------ ------------
2.29 x 3.13x 2.94 x 2.74x
Payout Ratios
- --------------------------------
FFO Payout Ratio
Dividends (Shares) &
Distributions (O.P. Units) paid $7,050 $6,666 $21,130 $19,992
FFO 9,555 13,143 36,311 34,080
--------------- --------------- ------------ ------------
74% 51% 58% 59%
AFFO Payout Ratio
Dividends (Shares) &
Distributions (O.P. Units) paid $7,050 $6,666 $21,130 $19,992
AFFO 9,613 11,296 37,642 30,210
--------------- --------------- ------------ ------------
73% 59% 56% 66%
FAD Payout Ratio
Dividends (Shares) &
Distributions (O.P. Units) paid $7,050 $6,666 $21,130 $19,992
FAD 8,932 10,669 35,571 28,040
--------------- --------------- ------------ ------------
79% 62% 59% 71%
Leverage Ratios
- --------------------------------
Debt/Total Market Capitalization
Debt (3) $508,226 $444,581
Total Market Capitalization 1,033,671 1,355,094
--------------- ---------------
49% 33%
Debt + Preferred Equity
(Preferred O.P. Units) $508,625 $444,769
Total Market Capitalization 1,033,671 1,335,094
--------------- ---------------
49% 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 30
Reporting Supplement
September 30, 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
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 31
Reporting
Supplement
September 30, 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 64,435 154,835100.00% 6.36% 61.03% $ 526,600 $ 48,200 $ 574,800 $ 5.83 $11.76 $ 6.08
Ohio
- ------------------
Granville Centre 100 % 90,047 44,950 134,997 38.81% 36.06% 37.89% 450,336 163,747 614,083 12.88 10.10 12.00
-------------------------------------------------------------------------------------------------------
Total Midwest 180,447 109,385 289,832 69.46% 18.56% 50.25% 976,936 211,947 1,188,883 7.79 10.44 8.16
New York
- ------------------
New York
- ------------------
Tarrytown Shopping
Center 100 % 15,497 19,794 35,291100.00% 82.33% 90.09% 475,000 501,812 976,812 30.65 30.79 30.72
Various
- ------------------
Kroger/Safeway
Portfolio (24
Properties) 75 % 987,100 - 987,100100.00% 0.00% 100.00% 8,842,778 - 8,842,778 8.96 - 8.96
-------------------------------------------------------------------------------------------------------
Grand Total 1,183,044 129,179 1,312,223 95.34% 28.34% 88.75% $10,294,714 $713,759 $11,008,473 $ 9.13 $19.50 $ 9.45
=======================================================================================================
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.
Page 32
Reporting Supplement
September 30, 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
--------------- ------------------------------
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 1,127,948 $10,294,714 $9.13
=============== ==============================
General note - The above detail does not include space which is currently
leased, but for which rent payment has not yet commenced.
Page 33
Reporting Supplement
September 30, 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 24 987,100 87.52% $8,842,778 85.90% $8.96
2017 1 34,951 3.10% 450,336 4.37% 12.88
2024 1 70,400 6.24% 281,600 2.74% 4.00
2026 1 20,000 1.77% 245,000 2.38% 12.25
2080 1 15,497 1.37% 475,000 4.61% 30.65
---------------------------------------- ---------------------------------------------
Total Occupied 28 1,127,948 100.00% $10,294,714 100.00% $9.13
======================================== =============================================
- -------------------------------------------------------
Total Vacant 55,096
---------------
Total Square Feet 1,183,044
===============
- -------------------------------------------------------
Shop Tenant Expirations
Month to Month 5 13,317 36.36% $116,583 16.33% $8.75
2010 1 2,547 6.96% 83,516 11.70% 32.79
2011 3 4,465 12.20% 79,474 11.13% 17.80
2012 2 2,920 7.98% 60,088 8.42% 20.58
2014 2 4,341 11.86% 144,886 20.30% 33.38
2018 2 3,861 10.55% 78,369 10.98% 20.30
2020 1 5,157 14.09% 150,843 21.13% 29.25
---------------------------------------- ---------------------------------------------
Total Occupied 16 36,608 100.00% $713,759 100.00% $19.50
======================================== =============================================
- -------------------------------------------------------
Total Vacant 92,571
---------------
Total Square Feet 129,179
===============
- -------------------------------------------------------
Total Anchor and Shop Tenant
Expirations
Month to Month 5 13,317 1.14% $116,583 1.06% $8.75
2009 24 987,100 84.77% 8,842,778 80.32% 8.96
2010 1 2,547 0.22% 83,516 0.76% 32.79
2011 3 4,465 0.38% 79,474 0.72% 17.80
2012 2 2,920 0.25% 60,088 0.55% 20.58
2014 2 4,341 0.37% 144,886 1.32% 33.38
2017 1 34,951 3.00% 450,336 4.09% 12.88
2018 2 3,861 0.33% 78,369 0.71% 20.30
2020 1 5,157 0.44% 150,843 1.37% 29.25
2024 1 70,400 6.05% 281,600 2.56% 4.00
2026 1 20,000 1.72% 245,000 2.23% 12.25
2080 1 15,497 1.33% 475,000 4.31% -
---------------------------------------- ---------------------------------------------
Total Occupied 44 1,164,556 100.00% $11,008,473 100.00% $9.45
======================================== =============================================
- -------------------------------------------------------
Total Vacant 147,667
---------------
Total Square Feet 1,312,223
===============
Reporting Supplement
September 30, 2008
Fund I Renewal Ground
Kroger/Safeway Portfolio 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 35
Reporting Supplement
As of September 30, 2008 (1)
Fund I - Valuation
------------------------------------------------------------
(in thousands, except per share amounts)
Other
Total Kroger/Safeway Properties 2
--------------------------------------------
Gross asset value $45,475 $26,775 $18,700
Debt (18,730) (3,595) (15,135)
--------------------------------------------
Adjusted debt 26,745 23,180 3,565
--------------==============================
Additional Mervyn's return (Original capital already
returned) 4,700
--------------
Total Value Subject to Promote 31,445
--------------
General Partner (Acadia) Promote on Fund I assets x 20% 6,289
--------------
Remaining value to be allocated pro-rata to Fund I investors
(including Acadia) 25,156
--------------
Acadia's share x 22.22% 5,590
--------------
Value of Acadia's interest in remaining Fund I assets 11,879
Additional promote earned from Brandywine recapitalization -
--------------
Total value to Acadia $11,879
==============
Recap of Acadia Promote
-------------------------------------------------------------------------------------
20% General Partner (Acadia) Promote on Fund I assets $6,289
20% General Partner (Acadia) Promote on Brandywine -
--------------
Total promote $6,289
==============
Per share $0.18
==============
Notes:
- ----------
1 Fund I valuation has been updated as of September 30, 2008 based on recent property appraisals
2 Amounts adjusted for minority interests' pro-rata share of debt (See "Debt Analysis - Detail")
Page 36
Reporting Supplement
September 30, 2008
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
- --------------------------------------------------------------------------------
Item Description
- --------------------------------------------------------------------------------
Date formed June 2004
Capital commitment $300 million
Funding $192.0 funded through September 30, 2008 million
Partnership structure
Equity Contribution: 20% - Acadia
80% - Six institutional investors
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 37
Reporting Supplement
September 30, 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 15,245 26,125 100.00% 69.99% 82.49% 394,944 385,895 780,839 36.30 36.17 36.23
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% 66.58% 87.11% 3,337,222 1,193,501 4,530,723 24.30 20.80 23.27
--------------------------------------------------------------------------------------------------------
Total New York 208,214 101,432 309,646 100.00% 67.09% 89.22% 6,072,166 1,804,396 7,876,562 29.16 26.51 28.51
--------------------------------------------------------------------------------------------------------
Grand Total 320,214 101,432 421,646 100.00% 67.09% 92.08% $6,897,166 $1,804,396 $8,701,562 $21.54 $26.51 $ 22.41
========================================================================================================
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 38
Reporting Supplement
September 30, 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 39
Reporting Supplement
September 30, 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 2 249,334 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 4 320,214 100.00% $6,897,166 100.00% $21.54
======================================== =============================================
- --------------------------------------------------
Total Vacant -
--------------
Total Square Feet 320,214
==============
- --------------------------------------------------
Shop Tenant
Expirations
Month to Month 1 6,109 8.98% $35,520 1.97% $5.81
2011 3 24,065 35.36% 584,773 32.41% 24.30
2012 3 27,205 39.98% 573,208 31.77% 21.07
2013 1 4,462 6.56% 167,994 9.31% 37.65
2022 1 - 0.00% 225,000 12.47% -
2027 1 6,208 9.12% 217,901 12.08% 35.10
---------------------------------------- ---------------------------------------------
Total Occupied 10 68,049 100.00% $1,804,396 100.00% $26.51
======================================== =============================================
- --------------------------------------------------
Total Vacant 33,383
--------------
Total Square Feet 101,432
==============
- --------------------------------------------------
Total Anchor and
Shop Tenant
Expirations
Month to Month 1 6,109 1.57% $35,520 0.41% $5.81
2011 5 273,399 70.42% 4,746,995 54.54% 17.36
2012 3 27,205 7.01% 573,208 6.59% 21.07
2013 1 4,462 1.15% 167,994 1.93% 37.65
2027 2 66,208 17.05% 2,557,901 29.40% 38.63
2022 1 - 0.00% 225,000 2.59% -
2032 1 10,880 2.80% 394,944 4.54% 36.30
---------------------------------------- ---------------------------------------------
Total Occupied 14 388,263 100.00% $8,701,562 100.00% $22.41
======================================== =============================================
- --------------------------------------------------
Total Vacant 33,383
--------------
Total Square Feet 421,646
==============
Page 40
Reporting Supplement
September 30, 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 September 30, 2008
Partnership structure
Equity Contribution: 20% - Acadia
80% - 14 institutional investors
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 Properties.
Page 41
- -0-
*T
Reporting Supplement
September 30, 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 86.9%
----------- -----------
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 68.5%
----------- -----------
Total Operating Properties 830,696 75.1%
===========
Currently under development.
- -------------------------------
Ridgewood Queens, New York 89,900
-----------
Total Storage Post Portfolio 920,596
===========
Page 42
Reporting Supplement
September 30, 2008
Redevelopment Projects
- ------------------------------
Total cost Estimated
Estimated to date Estimated Total square Estimated
Estimated completion (including future project footage cost
start upon per
Property Anchors/Tenants of of acquisition cost cost completionsquareNotes
construction Construction cost) foot
- ------------------------------------------------------------------------------------------------------------------------
New York Urban/Infill Platform ($ in millions)
- --------------------------------------------- ----------------
Fund II
- ------------------------------
Liberty Avenue CVS, Storage Construction
Post completed $14.7 $- $14.7 125,000 $118 (1)
216th Street City of New
York Dept of
General Construction
Services completed 28.3 - 28.3 60,000 472
Fordham Plaza (2) Sears,
Walgreens,
Best Buy, 24 Construction 1st half
Hour Fitness commenced 2009 104.4 20.6 125.0 285,000 439
Pelham Manor Shopping Center BJ's Wholesale Construction 1st half
Club commenced 2009 43.5 4.0 47.5 320,000 148 (1)
161st Street (3) Various New
York City and
State To be To be
Agencies determined determined 52.9 12.1 65.0 232,000 280
Canarsie Plaza To be To be To be
determined determined determined 21.4 28.6 50.0 323,000 155
Sherman Avenue To be 2nd half 2009 2nd half
determined 2010 29.0 26.0 55.0 216,000 255
CityPoint (4) Target To be To be
determined determined 41.1 283.9 325.0 600,000 542
Atlantic Avenue Storage Post Construction 2nd half
commenced 2009 11.5 11.5 23.0 110,000 209
-------------------------------------------
Total Fund II 346.8 386.7 733.5 2,271,000 323
Fund III
- ------------------------------
Sheepshead Bay To be To be To be
determined determined determined 21.6 87.4 109.0 240,000 454
125 Main Street (Westport, CT) To be To be To be
determined determined determined 17.4 5.6 23.0 30,000 767
-------------------------------------------
39.0 93.0 132.0 270,000 489
Total New York Urban/Infill Platform $385.8 $479.7 $865.5 2,541,000$340.6
===========================================
(1)Fund II acquired a ground lease interest at this property.
(2)The retail component of Fordham Plaza is expected to be completed in the 2nd half of 2008. It is anticipated that
retailers will open in the 4th quarter 2008 and 1st quarter 2009.
(3)161st Street is currently cash flowing with an occupancy rate of 87%. Redevelopment plans for this property are to be
determined.
(4)Fund II, along with P/A Associates, Washington Square Partner and MacFarlane Partners are co-developing CityPoint.
Page 44
Reporting Supplement
September 30, 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, four Albertsons add-on
investments, Newkirk, Camellia, Colorado Springs and
Visalia.
three Marsh add-on investments, Ameristop, Lil Cricket
and C-Stores and a Mervyns add-on, Napa, CA.
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 45
Reporting Supplement
September 30, 2008
Retailer Controlled Property ("RCP") Venture - Investments
- -----------------------------------------------------------
The following table summarizes the RCP Venture investments from inception through September 30, 2008:
Year Invested Equity
Investor Investment acquired capital Distributions Multiple
- ------------------------------ --------------------------- -------- ------------ ------------- -------------------
Mervyns I and Mervyns II Mervyns 2004 $23,906 $45,966 1.9X
Mervyns II Mervyns Realco 2007 2,155 - -
Mervyns I and Mervyns II Mervyns add-on investments 2005 3,119 1,342 0.4X
Mervyns II Albertson's 2006 20,717 61,560 3.0X
Mervyns II Albertson's add-on X
investments 2006/2007 2,765 833 0.3
Fund II Shopko 2006 1,100 1,100 1.0X
Fund II Marsh 2006 667 - -
Fund II Marsh add-on investments 2008 2,000 1,010 0.5X
Mervyns II Rex 2007 2,701 - -
------------ ------------- --------
Total $59,130 $111,811 1.9X
============ ============= ========
- ------------------------------------------------------------------------------------------------------------------------
In connection with its RCP Venture, in September 2004, Acadia Mervyns Investors
I, LLC ("Mervyns I") and Acadia Mervyns Investors II, LLC ("Mervyns II")
participated in the acquisition of the Mervyns Department Store chain consisting
of 262 stores ("REALCO") and its retail operation ("OPCO") from Target
Corporation for a total price of $1.2 billion. Mervyns I and II invested $23.2
million for approximately a 5.2% interest in REALCO and a 2.5% interest in OPCO,
equally split between Mervyns I and II.
To date, through a series of transactions, REALCO has disposed of a significant
portion of the portfolio. Furthermore, during November 2007, Mervyns I and II
sold their interest in OPCO and, as a result, have no further direct OPCO
exposure.
Page 46
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 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 Anchors Shops 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 2,156,904 3,547,364 22.21 24.83 23.73
A & P Shopping Plaza 60.0% 49,463 13,445 62,908100.00%100.00%100.00% 900,000 354,933 1,254,933 18.20 26.40 19.95
------------------------------------------------------------------------------------------------------
Total - New Jersey 112,073 100,326 212,399100.00%100.00%100.00% 2,290,460 2,511,837 4,802,297 20.44 25.04 22.61
------------------------------------------------------------------------------------------------------
New York
- ----------------------
Village Commons
Shopping Center 100.0% 8,025 79,212 87,237 0.00% 95.30% 86.53% - 2,283,379 2,283,379 - 30.25 30.25
Branch Plaza 100.0% 74,050 51,701 125,751100.00% 96.79% 98.68% 1,120,544 1,429,703 2,550,247 15.13 28.57 20.55
Amboy Road 100.0% 46,964 16,326 63,290100.00%100.00%100.00% 1,052,068 811,136 1,863,204 22.40 49.68 29.44
Bartow Avenue 100.0% - 14,676 14,676 - 76.29% 76.29% - 336,665 336,665 - 30.06 30.06
Pacesetter Park
Shopping Center 100.0% 52,052 44,301 96,353100.00% 85.66% 93.41% 383,168 750,937 1,134,105 7.36 19.79 12.60
2914 Third Avenue 100.0% 33,500 8,900 42,400100.00%100.00%100.00% 550,000 325,028 875,028 16.42 36.52 20.64
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 5,784 9,995100.00% 94.50% 96.82% 1,452,475 1,491,835 2,944,310 344.92 272.94 304.26
East 17th Street 100.0% 19,622 - 19,622100.00% 0.00%100.00% 625,000 - 625,000 31.85 - 31.85
Crossroads Shopping
Center 49.0% 210,114 100,600 310,714 88.13% 84.64% 87.00% 2,010,336 3,425,963 5,436,299 10.86 40.24 20.11
------------------------------------------------------------------------------------------------------
Total - New York 503,538 321,500 825,038 93.45% 90.36% 92.25% 8,458,591 10,854,646 19,313,237 17.98 37.36 25.38
------------------------------------------------------------------------------------------------------
Total New York 632,445 421,8261,054,271 94.79% 92.65% 93.93% 12,146,672 13,366,483 25,513,155 20.26 34.20 25.76
------------------------------------------------------------------------------------------------------
New England
- ----------------------
Connecticut
- ----------------------
Town Line Plaza(2) 100.0% 163,159 43,187 206,346100.00%100.00%100.00% 937,000 726,513 1,663,513 14.23 16.82 15.26
------------------------------------------------------------------------------------------------------
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% 1,119,086 503,605 1,622,691 7.13 10.12 7.85
------------------------------------------------------------------------------------------------------
Total - Massachusetts 276,989 71,173 348,162100.00% 84.02% 96.73% 1,855,550 725,830 2,581,380 6.70 12.14 7.66
------------------------------------------------------------------------------------------------------
New York
- ----------------------
New Loudon Center 100.0% 251,211 4,615 255,826100.00%100.00%100.00% 1,598,532 113,178 1,711,710 6.36 24.52 6.69
------------------------------------------------------------------------------------------------------
Rhode Island
- ----------------------
Walnut Hill Plaza 100.0% 121,892 162,825 284,717100.00% 91.45% 95.11% 935,920 1,360,165 2,296,085 7.68 9.13 8.48
------------------------------------------------------------------------------------------------------
Vermont
- ----------------------
The Gateway Shopping
Center 100.0% 73,184 28,600 101,784100.00% 84.38% 95.61% 1,353,904 511,198 1,865,102 18.50 21.18 19.17
------------------------------------------------------------------------------------------------------
Total New England 886,435 310,4001,196,835100.00% 90.41% 97.51% 6,680,906 3,436,884 10,117,790 8.47 12.25 9.46
------------------------------------------------------------------------------------------------------
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 47
Core Portfolio
(continued): Acadia's
interest
---------------
Midwest
- ----------------------
Illinois
- ----------------------
Hobson West Plaza 100.0% 51,692 47,446 99,138100.00% 93.66% 96.97% $225,436 $983,467 $1,208,903 $4.36 $22.13 $12.58
Clark Diversey 100.0% - 19,265 19,265 -100.00%100.00% - 813,616 813,616 - 42.23 42.23
------------------------------------------------------------------------------------------------------
Total - Illinois 51,692 66,711 118,403100.00% 95.49% 97.46% 225,436 1,797,083 2,022,519 4.36 28.21 17.53
Indiana
- ----------------------
Merrillville Plaza 100.0% 145,266 89,901 235,167100.00% 86.26% 94.75% 1,563,627 1,286,787 2,850,414 10.76 16.59 12.79
Michigan
- ----------------------
Bloomfield Towne
Square 100.0% 152,944 79,237 232,181 99.03% 95.50% 97.83% 1,488,800 1,468,680 2,957,480 9.83 19.41 13.02
Ohio
- ----------------------
Mad River Station (1) 100.0% 68,296 87,542 155,838100.00% 69.12% 82.65% 802,719 828,377 1,631,096 11.75 13.69 12.66
------------------------------------------------------------------------------------------------------
Total Midwest 418,198 323,391 741,589 99.65% 85.79% 93.60% 4,080,582 5,380,927 9,461,509 9.79 19.40 13.63
------------------------------------------------------------------------------------------------------
Mid-Atlantic
- ----------------------
New Jersey
- ----------------------
Marketplace of Absecon100.0% 58,031 46,687 104,718100.00% 90.31% 95.68% 984,014 667,560 1,651,574 16.96 15.83 16.48
Ledgewood Mall (5) 100.0% 370,969 146,182 517,151100.00% 53.93% 86.98% 2,997,859 1,068,822 4,066,681 8.08 13.56 9.04
------------------------------------------------------------------------------------------------------
Total - New Jersey 429,000 192,869 621,869100.00% 62.74% 88.44% 3,981,873 1,736,382 5,718,255 9.28 14.35 10.40
------------------------------------------------------------------------------------------------------
Delaware
- ----------------------
Brandywine Town Center 22.2% 839,624 35,284 874,908 97.20%100.00% 97.31% 12,586,503 586,393 13,172,895 15.42 16.62 15.47
Market Square Shopping
Center 22.2% 42,850 59,785 102,635100.00% 84.86% 91.18% 671,888 1,475,374 2,147,262 15.68 29.08 22.94
Naamans Road 22.2% - 19,970 19,970 0.00% 74.98% 74.98% - 655,467 655,467 - 43.78 43.78
------------------------------------------------------------------------------------------------------
Total - Delaware 882,474 115,039 997,513 97.34% 87.79% 96.24% 13,258,391 2,717,234 15,975,624 15.44 26.91 16.64
------------------------------------------------------------------------------------------------------
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% 59.69% 89.05% 652,095 276,238 928,333 4.14 7.87 4.82
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 31,742 216,358100.00% 89.80% 98.50% 270,000 669,427 939,427 10.00 23.49 16.93
------------------------------------------------------------------------------------------------------
Total - Pennsylvania 765,025 164,222 929,247 96.26% 66.12% 90.94% 3,396,829 1,632,577 5,029,406 5.87 15.03 7.32
------------------------------------------------------------------------------------------------------
Total Mid-Atlantic 2,076,499 472,1302,548,629 97.49% 70.02% 92.40% 20,637,093 6,086,193 26,723,285 11.05 18.41 12.16
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Total Core Properties 4,013,5771,527,7475,541,324 97.84% 83.75% 93.96%$43,545,253$28,270,487$71,815,739 $11.86 $22.10 $14.50
======================================================================================================
Total Core Properties -
weighted based on ownership
interest (4) 3,196,0371,381,5864,577,623 98.26% 83.39% 93.77% 31,498,200 24,267,808 55,766,008 $10.03 $21.06 $12.99
======================================================================================================
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.
(5) This property is under contract for sale.
Page 48
Reporting Supplement
September 30, 2008
Core Portfolio Retail Properties by State - Summary
- ---------------------------------------------------
Annualized Base
Rent
per Occupied Square
Gross Leasable Area Occupancy Annualized Base Rent Foot
----------------------------------------------------------------------------------------------------
Percent
of Number
Owner base of
ship rent prop- Anchors
% (1) erties (2) Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Totals
-----------------------------------------------------------------------------------------------------------------------
Connecticut75.0% 4.9% 2 179,993 43,187 223,180100.00%100.00%100.00% $2,334,621 $726,513 $3,061,134 $28.23$16.82$24.32
Delaware 22.2% 6.1% 3 882,474 115,039 997,513 97.34% 87.79% 96.24% 13,258,391 2,717,234 15,975,624 15.44 26.91 16.64
Illinois 100.0% 3.6% 2 51,692 66,711 118,403100.00% 95.49% 97.46% 225,436 1,797,083 2,022,519 4.36 28.21 17.53
Indiana 100.0% 5.1% 1 145,266 89,901 235,167100.00% 86.26% 94.75% 1,563,627 1,286,787 2,850,414 10.76 16.59 12.79
Massa
chusetts 100.0% 4.6% 2 276,989 71,173 348,162100.00% 84.02% 96.73% 1,855,550 725,830 2,581,380 6.70 12.14 7.66
Michigan 100.0% 5.3% 1 152,944 79,237 232,181 99.03% 95.50% 97.83% 1,488,800 1,468,680 2,957,480 9.83 19.41 13.02
New Jersey 89.5% 18.0% 4 541,073 293,195 834,268100.00% 75.49% 91.39% 6,272,333 4,248,219 10,520,552 11.59 19.19 13.80
New York 85.6% 32.9% 11 754,749 326,1151,080,864 95.63% 90.50% 94.08% 10,057,123 10,967,824 21,024,947 13.93 37.16 20.68
Ohio 100.0% 2.9% 1 68,296 87,542 155,838100.00% 69.12% 82.65% 802,719 828,377 1,631,096 11.75 13.69 12.66
Pennsyl-
vania 100.0% 9.1% 6 765,025 164,222 929,247 96.26% 66.12% 90.94% 3,396,829 1,632,577 5,029,406 5.87 15.03 7.32
Rhode
Island 100.0% 4.1% 1 121,892 162,825 284,717100.00% 91.45% 95.11% 935,920 1,360,165 2,296,085 7.68 9.13 8.48
Vermont 100.0% 3.3% 1 73,184 28,600 101,784100.00% 84.38% 95.61% 1,353,904 511,198 1,865,102 18.50 21.18 19.17
-----------------------------------------------------------------------------------------------------------------
Total -
Core
Portfolio 100.0% 354,013,5771,527,7475,541,324 97.84% 83.75% 93.96%$43,545,253$28,270,487$71,815,739 $11.86$22.10$14.50
=================================================================================================================
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 49
Reporting Supplement
September 30, 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
Retail combined Total Base Total Base Total Base Portfolio Base
Ranking Tenant portfolio GLA Rent (1) GLA Rent (1) GLA Rent (1) GLA (2) Rent (1)
- --------------------------------------------------------------------------------------------------------------------------
1 A&P/Waldbaum's/Pathmark 5 197,502 $3,521,744 18,722 $246,960 216,224 $3,768,704 4.7% 6.8%
2 Supervalu 4 220,625 3,049,488 - - 220,625 3,049,488 4.8% 5.5%
3 TJX Companies 8 230,627 1,765,050 6,972 88,189 237,599 1,853,239 5.2% 3.3%
-- 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 2.2% 1.3%
-- Homegoods 1 39,646 307,256 - - 39,646 307,256 0.9% 0.6%
4 Sears 5 390,270 1,355,279 49,355 277,463 439,625 1,632,742 9.6% 2.9%
-- 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% 2.7%
6 Stage Deli 1 4,211 1,452,475 - - 4,211 1,452,475 0.1% 2.6%
7 Ahold (Stop and Shop) 2 117,911 1,320,168 - - 117,911 1,320,168 2.6% 2.4%
8 Barnes & Noble 3 32,122 849,000 6,091 194,902 38,213 1,043,902 0.8% 1.9%
9 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 4.6% 1.8%
10 Circuit City 2 59,278 949,921 - - 59,278 949,921 1.3% 1.7%
11 Sleepy's 5 40,119 836,110 - - 40,119 836,110 0.9% 1.5%
12 Price Chopper 1 77,450 802,105 - - 77,450 802,105 1.7% 1.4%
13 Restoration Hardware 1 9,220 780,864 - - 9,220 780,864 0.2% 1.4%
Federated Department
14 Stores (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.6% 1.2%
15 JC Penney 1 50,000 544,500 - - 50,000 544,500 1.1% 1.0%
16 Payless Shoesource 8 26,225 488,090 1,514 52,994 27,739 541,084 0.6% 1.0%
17 Brooks Drugs 3 32,142 511,565 - - 32,142 511,565 0.7% 0.9%
18 Express 1 12,882 510,344 - - 12,882 510,344 0.3% 0.9%
19 Border's 1 18,538 482,000 - - 18,538 482,000 0.4% 0.9%
20 Hallmark Cards 5 28,863 477,528 - - 28,863 477,528 0.6% 0.9%
-------------------------------------------------------------------------------------------
Total 60 2,096,999$23,606,500 76,563 $665,6062,173,561$24,272,106 47.5% 43.5%
===========================================================================================
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
(2) Represents total GLA and annualized base rent for the Company's retail
properties including its pro-rata share of Brandywine and Crossroads.
Page 50
Reporting Supplement
September 30, 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 199,580 18.06 -
A&P 63,000 11/30/2013 920,964 14.62 (3) 5 Year
--------------- ------------------------------
74,050 1,120,544 15.13
--------------- ------------------------------
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 306,748 31.63 (2) 5 Year
--------------- ------------------------------
46,964 1,052,068 22.40
--------------- ------------------------------
Pacesetter Park Shopping Center, Pomona
Stop & Shop 52,052 8/31/2020 383,168 7.36 (2) 10 Year
--------------- ------------------------------
2914 Third Avenue
Dr. J's 33,500 1/31/2021 550,000 16.42
--------------- ------------------------------
LA Fitness, Staten Island
LA Fitness 55,000 1/31/2021 1,265,000 23.00
--------------- ------------------------------
West 54th Street
Stage Deli 4,211 3/31/2013 1,452,475 344.92
--------------- ------------------------------
East 17th Street
Barnes & Noble 19,622 4/30/2011 625,000 31.85 (1) 5 Year
--------------- ------------------------------
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 (4) 5 Year
Barnes & Noble 12,430 5/28/2012 397,760 32.00 (2) 5 Year
Pier 1 8,818 2/29/2012 348,576 39.53 -
Modell's 25,000 2/28/2009 193,750 7.75 (2) 5 Year
--------------- ------------------------------
185,181 2,010,336 10.86
--------------- ------------------------------
Total New York 599,487 12,146,672 20.26
--------------- ------------------------------
Page 51
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 11/30/2024 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 1/31/2010 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
Supervalu 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 802,105 10.36 (4) 5 Year
A.C. Moore 21,520 4/30/2009 221,225 10.28 (3) 5 Year
Raymours Furniture Co 49,664 4/30/2019 155,591 3.13 (3) 5 Year
--------------- ------------------------------
251,211 1,598,532 6.36
--------------- ------------------------------
Rhode Island
- ----------------------------------------
Walnut Hill Plaza, Woonsocket
Sears 60,700 8/31/2013 258,000 4.25 (4) 5 Year
CVS 8,800 1/31/2009 154,000 17.50 (1) 5 Year
Supervalu 52,392 12/31/2013 523,920 10.00 (3) 5 Year
--------------- ------------------------------
121,892 935,920 7.68
--------------- ------------------------------
Vermont
- ----------------------------------------
Gateway Shopping Center, N. Burlington
Supervalu (5) 5 Yr. & (1) 4
73,184 3/31/2024 1,353,904 18.50 Yr.
--------------- ------------------------------
Total New England 886,435 6,680,906 8.47
--------------- ------------------------------
Midwest
- ----------------------------------------
Illinois
- ----------------------------------------
Hobson West Plaza, Naperville
Garden Fresh Markets 51,692 11/30/2012 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 1/31/2013 544,500 10.89 (1) 5 Year
Officemax 26,157 8/31/2013 235,413 9.00 (3) 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 1,563,627 10.76
--------------- ------------------------------
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 315,477 12.60 -
--------------- ------------------------------
68,296 802,718 11.75
--------------- ------------------------------
Total Midwest 416,708 4,080,582 9.79
--------------- ------------------------------
Page 52
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
Supervalu 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 2,117,500 15.13 (6) 5 Year
Target 138,000 1/31/2018 800,000 5.80 (4) 10 Year
Target expansion (1) 7 Year & (10) 5
27,716 1/31/2011 304,876 11.00 year
Access Group 76,458 5/31/2015 1,610,204 21.06 (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 955,495 18.74 (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 479,257 20.00 (5) 5 Year
Thomasville Furniture 18,893 12/31/2011 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 995,742 22.99 (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 (4) 5 Year
--------------- ------------------------------
816,124 12,586,502 15.42
--------------- ------------------------------
Market Square Shopping Center Wilmington
Trader Joe's 11,675 1/31/2019 275,000 23.55 (3) 5 Year
TJ Maxx 31,175 1/31/2011 396,888 12.73 (1) 5 Year
--------------- ------------------------------
42,850 671,888 15.68
--------------- ------------------------------
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 447,432 8.50 (2) 5 Year
--------------- ------------------------------
157,595 652,096 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 2,024,397 20,637,093 11.05
--------------- ------------------------------
Total Core Portfolio Retail Anchor
Properties 3,927,027 $43,545,253 $11.86
=============== ==============================
(1) Target owns the portion of the main building (157,616 square feet) that
their store is located in.
Page 53
Reporting Supplement
September 30, 2008
Core Portfolio Anchor Lease Expirations - Next 4 Years
- ----------------------------------------------------------------------
Gross Leased Area Annualized Base Rent
------------------------------ ---------------------------------------------
Percent Percent Average
Square of of per
Center Anchor footage all anchors Amount all anchors Sq. Ft.
- ------------------------------------------------------------------------------------------------------------------------
2008
Total 2008 - 0.00% - 0.00% -
------------------------------ ---------------------------------------------
2009
Crossroads Shopping Modell's
Center 25,000 0.67% 193,750 0.44% 7.75
Chestnut Hill Express 12,882 0.35% 510,344 1.17% 39.62
Bloomfield Town Square TJ Maxx 36,000 0.97% 261,000 0.60% 7.25
Walnut Hill Plaza CVS 8,800 0.24% 154,000 0.35% 17.50
Merrillville Plaza Pier I 9,143 0.25% 128,002 0.29% 14.00
Merrillville Plaza TJ Maxx 25,200 0.68% 195,300 0.45% 7.75
New Loudon Center AC Moore Arts &
Crafts 21,520 0.58% 221,226 0.51% 10.28
Blackman Plaza Kmart 104,956 2.82% 204,664 0.47% 1.95
Mark Plaza Kmart 104,956 2.82% 204,664 0.47% 1.95
------------------------------ ---------------------------------------------
Total 2009 348,457 9.38% 2,072,950 4.75% 5.95
------------------------------ ---------------------------------------------
2010
Chestnut Hill Borders Books 18,538 0.50% 482,000 1.11% 26.00
Methuen Shopping Center Demoulas
Supermarket 30,460 0.82% 109,656 0.25% 3.60
Ledgewood Mall Barnes & Noble 12,500 0.34% 224,000 0.51% 17.92
Ledgewood Mall Macy's 73,349 1.97% 651,245 1.50% 8.88
Ledgewood Mall Ashley
Furniture 41,806 1.12% 212,793 0.49% 5.09
Mad River Station Babies 'R' Us 33,147 0.89% 260,204 0.60% 7.85
Mad River Station Pier I Imports 10,111 0.27% 227,037 0.52% 22.45
Mad River Station Office Depot
Inc. 25,038 0.67% 315,479 0.72% 12.60
Bloomfield Town Square Home Goods Inc. 39,646 1.07% 307,257 0.71% 7.75
Bloomfield Town Square Officemax Inc. 21,500 0.58% 193,500 0.44% 9.00
Branch Plaza CVS 11,050 0.30% 199,580 0.46% 18.06
Merrillville David's Bridal 13,266 0.36% 190,765 0.44% 14.38
Abington Towne Center TJ Maxx 27,000 0.73% 270,000 0.62% 10.00
------------------------------ ---------------------------------------------
Total 2010 357,411 9.62% 3,643,516 8.37% 10.19
------------------------------ ---------------------------------------------
2011
Route 6 Plaza Rite Aid 11,840 0.32% 118,400 0.27% 10.00
Bloomfield Town Square Marshalls 28,324 0.76% 226,592 0.52% 8.00
Market Square Shopping TJ Maxx
Center 31,175 0.84% 396,888 0.91% 12.73
Brandywine Town Center Target
Expansion 27,716 0.75% 304,876 0.70% 11.00
Brandywine Town Center Michaels 24,876 0.67% 572,148 1.31% 23.00
Brandywine Town Center Old Navy 24,631 0.66% 617,745 1.42% 25.08
Brandywine Town Center Thomasville
Furniture 18,893 0.51% 494,832 1.14% 26.19
------------------------------ ---------------------------------------------
Total 2011 167,455 4.51% 2,731,481 6.27% 16.31
------------------------------ ---------------------------------------------
Total Core Portfolio Total - Next 4
Years 873,323 23.51% $8,447,947 19.39% $9.67
============================== =============================================
Page 54
Reporting Supplement
September 30, 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 - - 0.00% $- 0.00% $-
2008 - - 0.00% - 0.00% -
2009 9 348,457 9.37% 2,072,950 4.76% 5.95
2010 14 357,411 9.61% 3,643,515 8.37% 10.19
2011 9 191,288 5.14% 4,808,955 11.04% 25.14
2012 8 403,847 10.86% 3,410,790 7.83% 8.45
2013 8 355,254 9.55% 4,485,286 10.29% 12.63
2014 6 203,092 5.46% 2,763,009 6.35% 13.60
2015 7 265,869 7.15% 4,207,907 9.66% 15.83
2016 4 43,161 1.16% 816,924 1.88% 18.93
2017 4 158,877 4.27% 2,565,573 5.89% 16.15
2018 3 330,639 8.89% 3,364,932 7.73% 10.18
2019 4 181,909 4.89% 1,319,192 3.03% 7.25
2020 4 218,211 5.87% 1,849,898 4.25% 8.48
2021 2 140,260 3.77% 1,152,126 2.65% 8.21
2022 2 69,837 1.88% 1,700,000 3.90% 24.34
2023 1 25,984 0.70% 500,452 1.15% 19.26
2024 3 188,506 5.07% 3,190,904 7.33% 16.93
2028 4 236,505 6.36% 1,692,840 3.89% 7.16
----------------------------- ---------------------------------------------
Total
Occupied 92 3,719,107100.00% $43,545,253 100.00% $11.71
============================= =============================================
Anchor GLA Owned by
Tenants 254,916
Total Vacant 39,554
------------
Total Square Feet 4,013,577
============
Shop Tenant Expirations
Month to
Month 12 23,243 1.80% $411,649 1.46% $17.71
2008 25 73,957 5.74% 1,565,390 5.54% 21.17
2009 67 204,685 15.89% 3,981,238 14.09% 19.45
2010 51 158,428 12.30% 2,586,103 9.15% 16.32
2011 45 154,866 12.02% 3,241,840 11.47% 20.93
2012 44 160,513 12.46% 3,229,095 11.42% 20.12
2013 37 143,565 11.15% 3,094,538 10.95% 21.55
2014 17 84,750 6.58% 1,951,525 6.90% 23.03
2015 15 68,761 5.34% 1,478,991 5.23% 21.51
2016 7 35,965 2.79% 862,450 3.05% 23.98
2017 15 48,225 3.74% 1,970,010 6.97% 40.85
2018 18 48,608 3.77% 1,926,875 6.82% 39.64
2019 2 5,054 0.39% 51,206 0.18% 10.13
2020 3 6,000 0.47% 142,500 0.50% 23.75
2021 3 30,270 2.35% 244,385 0.86% 8.07
2022 4 20,055 1.56% 518,708 1.83% 25.86
2026 1 8,999 0.70% 296,967 1.05% 33.00
2027 2 9,012 0.70% 442,017 1.56% 49.05
2028 1 3,200 0.25% 275,000 0.97% 85.94
----------------------------- ---------------------------------------------
Total
Occupied 369 1,288,156100.00% $28,270,487 100.00% $21.95
============================= =============================================
- -----------------------------------
Total Vacant 239,591
------------
Total Square Feet 1,527,747
============
Page 55
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 12 $23,243 0.46% $411,649 0.57% $17.71
2008 25 73,957 1.48% 1,565,390 2.18% 21.17
2009 76 553,142 11.05% 6,054,188 8.43% 10.95
2010 65 515,839 10.30% 6,229,618 8.67% 12.08
2011 54 346,154 6.91% 8,050,795 11.22% 23.26
2012 52 564,360 11.27% 6,639,885 9.25% 11.77
2013 45 498,819 9.96% 7,579,824 10.55% 15.20
2014 23 287,842 5.75% 4,714,534 6.56% 16.38
2015 22 334,630 6.68% 5,686,898 7.92% 16.99
2016 11 79,126 1.58% 1,679,374 2.34% 21.22
2017 19 207,102 4.14% 4,535,583 6.32% 21.90
2018 21 379,247 7.57% 5,291,807 7.37% 13.95
2019 6 186,963 3.73% 1,370,398 1.91% 7.33
2020 7 224,211 4.48% 1,992,398 2.77% 8.89
2021 5 170,530 3.41% 1,396,511 1.94% 8.19
2022 6 89,892 1.80% 2,218,708 3.09% 24.68
2023 1 25,984 0.52% 500,452 0.70% 19.26
2024 3 188,506 3.76% 3,190,904 4.44% 16.93
2026 1 8,999 0.18% 296,967 0.41% 33.00
2027 2 9,012 0.18% 442,017 0.62% 49.05
2028 5 239,705 4.79% 1,967,839 2.74% 8.21
----------------------------- ---------------------------------------------
Total
Occupied 461 $5,007,263100.00% $71,815,739 100.00% $14.34
============================= =============================================
- -----------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 279,145
------------
Total Square Feet 5,541,324
============
Page 56
Reporting Supplement
September 30, 2008
Core Portfolio Year-to-Date 3 months ended 3 months ended 3 months ended Year ended
New and Renewal Rent Spreads (1) September 30, 2008 September 30, 2008 June 30, 2008 March 31, 2008 December 31, 2007
------------------------------------------------------ ----------------- ------------------- ----------------- ----------------
Cash (2) GAAP (3) Cash (2) GAAP (3) Cash (2) GAAP (3) Cash (2)GAAP (3) Cash (2)GAAP (3)
------------------ ----------------- ----------------
New leases
Number of new leases commencing 11 11 7 7 3 3 1 1 20 20
GLA 49,332 49,332 16,870 16,870 3,814 3,814 28,648 28,648 98,193 98,193
New base rent $22.09 $24.41 $37.71 $41.73 $70.14 $79.06 $6.50 $6.93 $19.51 $21.06
Previous base rent (and percentage
rent) $17.50 $17.02 $28.69 $27.60 $56.22 $54.90 $5.75 $5.75 $13.12 $12.92
Percentage growth in base rent 26.3% 43.4% 31.4% 51.2% 24.8% 44.0% 13.0% 20.5% 48.7% 63.0%
Average cost per square foot $5.00 $5.00 $5.09 $5.09 $26.70 $26.70 $2.06 $2.06 $21.25 $21.25
Renewal leases
Number of renewal leases commencing 46 46 17 17 11 11 18 18 33 33
GLA expiring 358,248 358,248 158,215 158,215 38,978 38,978 161,055 161,055 325,424 325,424
Renewal percentage 78% 78% 89% 89% 38% 38% 77% 77% 76% 76%
New base rent $16.16 $16.45 $14.41 $14.67 $31.71 $32.97 $16.30 $16.50 $11.66 $11.96
Expiring base rent (and percentage
rent) $14.85 $14.20 $12.86 $12.20 $30.64 $28.69 $15.23 $14.75 $8.36 $8.13
Percentage growth in base rent 8.8% 15.8% 12.1% 20.2% 3.5% 14.9% 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 $0.00 $0.00 $0.00 $0.00
Total new and renewal Leases
Number of new and renewal leases
commencing 57 57 24 24 14 14 19 19 53 53
GLA commencing 328,052 328,052 157,588 157,588 18,560 18,560 151,904 151,904 346,066 346,066
New base rent $17.05 $17.64 $16.90 $17.57 $39.61 $42.44 $14.45 $14.70 $13.89 $14.54
Expiring base rent (and percentage
rent) $15.25 $14.62 $14.55 $13.85 $35.90 $34.08 $13.44 $13.05 $9.71 $9.49
Percentage growth in base rent 11.8% 20.7% 16.1% 26.8% 10.3% 24.5% 7.5% 12.6% 43.0% 53.2%
Average cost per square foot $0.75 $0.75 $0.54 $0.54 $5.49 $5.49 $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 57
Reporting Supplement
September 30, 2008
Core Portfolio Capital Expenditures
- -------------------------------------
---------------------- -------------------- ----------------- --------------------
Year-to-Date Current Current Previous
Quarter Quarter Quarter
Period 3 months 3 months 3 months
ended ended ended ended
September 30, 2008 September 30, 2008 June 30, 2008 March 31, 2008
---------------------- -------------------- ----------------- --------------------
Leasing Commissions: $350 $84 $140 $126
Tenant Improvements: 972 426 308 238
Capital Expenditures: 869 747 78 44
Redevelopments - - - -
---------------------- -------------------- ----------------- --------------------
Total $2,191 $1,257 $526 $408
====================== ==================== ================= ====================
Page 58
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2008
Property Demographics (1)
---------------------------------
3-Mile Radius(2) 5-Mile Radius
---------------------------------- --------------------------------
Trade Cash (2) #
Area Base Total Total HouseholdsMedian Avg. HH Total Median Avg. HH
HH # HH
Classi- Property /
fication JV
Ownership % City State(Miles) Rent GLA Pop. ("HH") Income Income Pop. HH Income Income
- ------------------------------------------------------------- ---------------------------------- --------------------------------
Core Brandywine WilmingtonDE
Town Center
& Mkt
Sq./22.22% 3 15,975,624 997,513 41,222 15,054$83,769$102,192 120,306 46,004$74,110$93,425
Core Elmwood ParkElmwood NJ
Shopping Park
Ctr. 3 3,547,364 149,491 257,647 83,959 52,609 62,446 614,727 208,535 57,938 69,562
Core Chestnut Phila- PA
Hill delphia 3 1,296,372 40,570 148,084 59,791 53,526 65,990 399,921 157,197 52,171 65,291
Core Abington Abington PA
Towne
Center 3 939,427 216,358 91,293 34,692 66,882 82,491 304,127 117,213 59,851 70,401
Core Clark & Chicago IL
Diversey 3 813,616 19,265 419,461 213,740 58,803 81,579 969,623 410,327 51,138 67,593
Core Hobson West NapervilleIL
Plaza 3 1,208,903 99,138 98,083 34,231 94,977 114,120 241,153 82,668 93,969113,986
Core Methuen Methuen MA
Shopping
Ctr. 5 958,689 130,021 89,957 31,569 41,619 49,981 201,503 72,943 47,894 56,306
Core Crossroads White NY
Shopping Plains
Ctr. / 49% 3 5,436,299 310,714 105,870 39,349 78,556 85,621 205,109 73,112 93,445108,276
Core The Branch Smithtown NY
Plaza 3 2,550,247 125,751 68,832 23,221 89,522 113,455 199,361 64,663 82,867105,093
Core Amboy Road Staten NY
Island 3 1,863,204 63,290 156,384 56,991 69,666 90,260 292,132 105,178 66,927 88,388
Core Village Smithtown NY
Commons
Shopping
Ctr. 3 2,283,379 87,237 68,832 23,221 89,522 113,455 199,361 64,663 82,867105,093
Core Bloomfield BloomfieldMI
Town Square Hills 5 2,957,480 232,181 62,528 23,953 73,997 102,234 166,443 62,677 79,970105,922
Core Crescent Brockton MA
Plaza 3 1,622,691 218,141 99,649 34,369 46,062 56,826 168,246 58,789 46,062 56,826
Core 239 Greenwich CT
Greenwich
Avenue /
75% 5 1,397,621 16,834 67,165 24,889 97,270 125,159 142,822 51,210 94,119119,232
Core Town Line Rocky HillCT
Plaza 3 1,663,513 206,346 45,606 19,067 65,917 75,855 153,302 61,023 57,724 68,679
Core New Loudon Latham NY
Center 5 1,711,710 255,826 41,815 15,619 55,375 66,288 151,655 61,034 47,547 61,261
Core Pacesetter Pomona NY
Park
Shopping
Ctr. 3 1,134,105 96,353 25,618 8,209 89,598 125,526 129,143 36,828 72,841102,767
Core 2914 Third The Bronx NY
Ave 3 875,028 42,400 1,239,853 422,421 26,865 33,419 2,690,8821,034,060 45,279 56,415
Core LA Fitness, Staten NY
Staten Island
Island 3 1,265,000 55,000 127,542 45,026 65,178 83,167 457,912 162,076 60,236 77,922
Core West 54th Manhattan NY
Street 3 2,944,310 9,995 582,613 325,406 80,037 96,770 2,424,8481,048,312 55,446 67,194
Core East 17th Manhattan NY
Street 3 625,000 19,622 1,027,933 495,157 64,629 116,133 2,512,4121,086,434 53,903 96,755
Core Mad River Dayton OH
Station 5 1,631,096 155,838 58,692 25,428 58,119 67,529 135,000 56,693 60,560 71,601
Core Mark Plaza Edwards- PA
ville 5 928,333 216,401 87,986 37,409 31,982 39,628 124,868 52,566 34,683 43,184
Core Blackman Wilkes- PA
Plaza Barre 5 288,919 125,264 58,885 24,646 30,982 40,002 111,991 47,249 33,391 41,275
Core Bartow The Bronx NY
Avenue 3 336,665 14,676 567,476 209,231 40,253 47,643 1,435,467 511,796 30,552 43,522
Core Walnut Hill WoonsocketRI
Plaza 5 2,296,085 284,717 60,322 22,861 42,715 47,867 95,320 35,238 50,142 56,573
Core Ledgewood Ledgewood NJ
Mall 5 4,066,681 517,151 37,052 13,412 80,007 87,773 108,922 38,302 77,480 89,838
Core A & P Boonton NJ
Shopping
Plaza / 60% 5 1,254,933 62,908 49,442 18,288 87,533 113,042 101,266 36,438 86,509106,011
Core MerrillvilleHobart IN
Plaza 5 2,850,414 235,167 26,118 10,066 56,556 64,248 87,796 32,151 54,709 62,531
Core The Gateway So. VT
Shopping Burlington
Ctr. 3 1,865,102 101,784 46,879 19,366 44,294 55,033 69,993 28,186 47,104 57,514
Core Marketplace Absecon NJ
of Absecon 3 1,651,574 104,718 30,732 11,642 52,106 64,775 68,326 26,137 51,610 62,711
Core Plaza 422 Lebanon PA 3 444,020 155,149 43,975 17,347 36,874 47,144 61,197 23,615 41,055 51,545
Core Route 6 Honesdale PA
Plaza 5 1,132,335 175,505 7,567 3,014 32,283 43,919 11,899 4,627 34,031 46,300
Fund I Granville Columbus OH
Center /
37.78% 3 614,083 134,997 112,547 47,337 47,547 53,746 266,313 108,411 53,466 60,719
Fund I Sterling Sterling MI
Heights Heights
Shopping
Center /
18.9% 3 574,800 154,835 99,813 36,587 66,886 77,416 264,560 103,403 63,816 74,661
Fund I Tarrytown Tarrytown NY
Shopping
Center /
37.78% 3 976,812 35,291 36,856 13,450 78,415 95,294 123,546 43,654 85,757103,311
Fund II-400 East The Bronx NY
Urban Fordham
In-Fill Road /
19.2% 2 - - 1,205,053 412,674 30,252 38,298 1,997,909 698,322 33,259 40,957
Fund II-Sherman Manhattan NY
Urban Avenue /
In-Fill 19.2% 2 - - 535,739 175,108 29,260 36,324 2,049,516 721,521 34,366 42,608
Fund II-Pelham ManorWest- NY
Urban Shopping chester
In-Fill Plaza /
19.2% 3 - - 398,727 147,238 48,697 56,116 1,109,022 403,897 44,956 53,542
Fund II-161st StreetThe Bronx NY
Urban /19.2%
In-Fill 2 4,530,723 223,521 1,274,483 427,111 25,104 31,477 2,531,473 966,482 37,307 48,034
Fund II-Liberty Queens NY
Urban Avenue /
In-Fill 19.2% 3 780,839 26,125 613,457 201,509 44,915 59,078 613,457 201,509 44,915 59,078
Fund II-216th StreetManhattan NY
Urban / 19.2%
In-Fill 2 2,565,000 60,000 536,119 183,542 30,978 41,481 536,119 183,542 30,978 41,481
Fund II-Oakbrook/ Oakbrook IL
Other 20% 3 825,000 112,000 77,560 29,487 77,130 108,955 288,932 108,039 75,456 97,126
- ---------------------------------------------------------------------------------------------------------------------------------
82,682,9966,288,093
-------------------
TOTAL
---------------------------------- --------------------------------
Weighted Average - Based on GLA 129,962 46,853$62,808 $76,204 287,528 108,473$62,015$76,152
---------------------------------- --------------------------------
Weighted Average - Based on base rent(1) 161,850 65,478$65,485 $80,493 401,383 156,784$60,992$75,241
---------------------------------- --------------------------------
CORE
---------------------------------- --------------------------------
Weighted Average - Based on GLA 80,037 30,144$64,627 $78,195 194,960 73,177$63,163$77,563
---------------------------------- --------------------------------
Weighted Average - Based on base rent(1) 141,560 59,069$66,418 $81,585 369,681 145,100$61,485$75,813
---------------------------------- --------------------------------
FUND I
---------------------------------- --------------------------------
Weighted Average - Based on GLA 98,267 38,539$60,108 $69,528 249,981 98,997$61,900$71,982
---------------------------------- --------------------------------
Weighted Average - Based on base rent(1) 71,238 28,070$66,559 $78,975 191,804 73,970$71,842$85,002
---------------------------------- --------------------------------
FUND II -Urban In-
fill
---------------------------------- --------------------------------
Weighted Average - Based on GLA 1,075,639 360,881$27,914 $35,744 1,983,010 750,231$36,723$47,696
---------------------------------- --------------------------------
Weighted Average - Based on
base rent(1) 968,505 325,428$28,981 $37,471 1,691,545 635,683$36,000$46,995
---------------------------------- --------------------------------
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 59