Exhibit 99.2
ACADIA
REALTY TRUST
Focused.
Disciplined.
Value-Driven.
First Quarter 2009
Reporting Supplement
Reporting Supplement
March 31, 2009
Table of Contents
- ----------------------------------------------------------
Page Page
---- ----
Section I - Overview Section III - Opportunity Fund Information
Important Notes 3 Fund I
Overview 28
Company Information 4 Properties 29
Anchor Detail 30
Portfolio Snapshots Lease Expirations 31
Core Portfolio 5 Current Valuation 32
Market Capitalization 6 Fund II
Overview 33
Shareholder Information 7 Properties 34
Anchor Detail 35
Section II - Financial Information Lease Expirations 36
Operating Statements Fund III
Pro-rata Consolidation 8 Overview 37
EBITDA 9 Properties 38
Funds from Operations ("FFO"), Adjusted FFO ("AFFO") Storage Post Properties 39
and Funds Available for Distribution ("FAD") 10 Storage Post Locations 40
2009 Guidance 11
Fee income 12 Redevelopment Projects - Operating 41
Opportunity Funds 13 Redevelopment Projects - Construction and Design 42
Joint Ventures 15
Current v. Prior Year 16 RCP Venture 43
RCP Venture Investments 44
Same Property Net Operating Income 17
Section IV - Core Portfolio Information
Balance Sheets
Consolidated 18 Properties 45
Pro-rata Consolidation 19
Portfolio by State 47
Notes Reveivable 20
Top Tenants 48
Debt Analysis
Summary 21 Anchor Tenants 49
Detail 22
Maturities 25 Anchor Lease Expirations - Next 4 Years 52
Maturities with Extension Options 26
Lease Expirations 53
Selected Financial Ratios 27
New and Renewal Rent Spreads 55
Capital Expenditures 56
Portfolio Demographics 57
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Visit www.acadiarealty.com for additional investor and portfolio information
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Reporting Supplement
March 31, 2009
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.
Reporting Supplement
March 31, 2009
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) 288-8142
jgrisham@acadiarealty.com
-------------------------------
New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com
Analyst Coverage Bank of Montreal J.P. Morgan Securities, Inc.
Paul Adornato, CFA - (212) 885-4170 Michael W. Mueller, CFA (212) 622-6689
paul.adornato@bmo.com michael.w.mueller@jpmorgan.com
--------------------------------------- ---------------------------------------------
Citigroup - Smith Barney RBC Capital Markets
Michael Bilerman - (212) 816-1383 Rich Moore, CFA - (216) 378-7625
michael.bilerman@citi.com rich.moore@rbccm.com
--------------------------------------- ---------------------------------------------
Keefe, Bruyette & Woods, Inc.
Sheila K. McGrath - (212) 887-7793
smcgrath@kbw.com
--------------------------------------
Adjusted for Issuance of 5.75 million Common Shares
Reporting Supplement (using April 27, 2009 share price)
------------------------------------------------------------
March 31, 2009 Market Capitalization
Market Capitalization including the hypothetical
Total Market Capitalization including repayment of
- ----------------------------------------- subsequent debt with
(including pro-rata share of joint Market repayment of available
venture debt) Capitalization $33 million cash of
(dollars in thousands) as of March 31, 2009 on credit lines $142.4 million ("Net Debt")
-------------------------------------- ---------------------- ----------------------------
Percent Percent of Percent Percent of Percent Percent of
of Total of Total of Total
Total Market Total Market Total Market
Equity Capitalization Equity Capitalization Equity Capitalization
------- -------------- ------- -------------- --------- ---------------
Equity Capitalization
- -----------------------------------------
Total Common Shares Outstanding 98.0% $33,907 98.3% $39,657 98.3% $39,657
Common Operating Partnership ("OP") Units 1.9% 674 1.7% 674 1.7% 674
-------- ---------- --------
Combined Common Shares and OP Units 34,581 40,331 40,331
Share Price 3/31/2009 10.61 13.75 (3 ) 13.75 (3 )
-------- ---------- --------
Equity Capitalization - Common Shares and
OP Units 366,904 554,551 554,551
Preferred OP Units (1) 266 345 345
-------- ---------- --------
Total Equity Capitalization 367,170 40.7% 554,896 52.6% 554,896 58.6%
-------- ------------- ---------- ------------- -------- -------------
Debt Capitalization
- -----------------------------------------
Consolidated debt 864,454 864,454 864,454
Adjustment to reflect pro-rata share of
debt (330,504) (330,504) (330,504)
Subsequent repayment on credit lines - (33,000)(4 ) -
-------- ---------- --------
Total Debt Capitalization 533,950 59.3% 500,950 47.4% 533,950
-------- ------------- ---------- -------------
Less debt paid with available cash (142,442)(5 )
--------
Total Net Debt Capitalization 391,508 41.4%
-------- -------------
Total Market Capitalization $901,120 100.0% $1,055,846 100.0% $946,404 100.0%
======== ============= ========== ============= ======== =============
(1) Represents 188 Series A Preferred OP Units convertible into 25,067 Common
OP units x share price at quarter end.
(2) Fixed-rate debt includes notional principal fixed through interest rate
swap transactions and conversely, variable-rate debt excludes this amount.
(3) Reflects Common Share price on April 27, 2009.
(4) Reflects the subsequent repayment of $33 million of outstanding credit
lines.
(5) Reflects the current cash balance as of 3/31/09 and net preceeds from the
Common Share offering.
Weighted Average Outstanding Common Shares and OP Units
----------------------------------------------------------
March 31, 2009 March 31, 2008
Quarter Year-to-date Quarter Year-to-date
---------------------------------------------------------
Weighted average Common Shares - Basic EPS 33,902,958 33,902,958 33,747,797 33,747,797
Dilutive potential Common Shares 147,488 147,488 496,652 496,652
---------------------------- ----------------------------
Weighted average Common Shares - Diluted EPS 34,050,446 34,050,446 34,244,449 34,244,449
OP Units 671,732 671,732 645,822 645,822
Dilutive potential of OP Units - - - -
---------------------------- ----------------------------
Weighted average Common Shares/OP Units - Diluted FFO 34,722,178 34,722,178 34,890,271 34,890,271
============================ ============================
Reporting Supplement
March 31, 2009
Shareholder and OP Unit Information
- -----------------------------------
(amounts in thousands)
Common Shares (1)
----------------- Percent of
Outstanding
Common Common
Shares Held Shares
--------------- -------------
Morgan Stanley 3,420 10.1%
Barclay's Global Investors 2,668 7.9%
Vanguard Group 2,513 7.4%
Invesco Ltd. 2,117 6.2%
Cohen & Steers inc. 1,883 5.6%
Goldman Sachs Group 1,761 5.2%
Yale University 1,691 5.0%
Principal Financial Group 1,592 4.7%
Wellington Management 1,294 3.8%
State Street Corp. 1,238 3.7%
ING Clarion Real Estate Securities 1,227 3.6%
Heitman Real Estate Securities LLC 1,217 3.6%
--------------- -------------
Total of Ten Largest Institutional Shareholders 22,621 66.7%
=============== =============
Total of all Institutional Shareholders 32,942 97.2%
=============== =============
Operating Partnership Units
---------------------------
OP Units Percent of
Held OP Units
--------------- --------------
Managment O.P. Unit Holders 370 54.9%
Other O.P. Unit Holders 304 45.1%
--------------- --------------
Total O.P. Units 674 100.0%
=============== ==============
(1) Based on most recent Schedule 13F filing
Reporting Supplement
March 31, 2009
Income Statements - Pro-rata Consolidation(1)
- ---------------------------------------------
Current Quarter and Year-to-Date
- ------------------------------------------------------------------------------------------------------------------------------------
(in thousands) Year-to-Date
Period
ended March 31,
2009
Core Retail Opportunity Funds Total
--------------------------------------------------------------------------------------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures (2)Operations Operations Operations Operations (3)
--------------------------------------------------------------------------------------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
PROPERTY REVENUES
Minimum rents $ 12,556 $ 1,616 $ 14,172 $ -$ 2,587 $ 18 $ 16,777
Percentage rents 201 9 210 - - - 210
Expense reimbursements - CAM 2,163 248 2,411 - 174 - 2,585
Expense reimbursements - Taxes 1,938 252 2,190 - 127 - 2,317
Other property income 25 - 25 - 55 - 80
--------------------------------------------------------------------------------------
16,883 2,125 19,008 - 2,943 18 21,969
--------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 2,777 317 3,094 - 204 - 3,298
Other property operating 547 87 634 - 622 1 1,256
Real estate taxes 2,301 298 2,599 - 302 - 2,901
--------------------------------------------------------------------------------------
5,625 702 6,327 - 1,128 1 7,456
--------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES 11,258 1,423 12,681 - 1,814 17 14,513
OTHER INCOME (EXPENSE)
Interest income 4,797 2 4,799 - 72 - 4,871
Straight-line rent income 125 4 129 - 24 - 153
Straight-line rents written off - - - - 30 24 54
FAS 141 rent (96) 35 (61) - (470) - (531)
Interest expense (5,166) (931) (6,097) - (564) - (6,661)
FAS 141 interest 9 - 9 - 2 (2) 9
Asset and property management expense (32) - (32) - (1) - (33)
Promote expense - - - - - - -
Impairment of notes receivable - - - - - - -
--------------------------------------------------------------------------------------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME 10,895 533 11,428 - 907 39 12,375
--------------------------------------------------------------------------------------
FEE INCOME
Asset and property management fees 2,793 - 2,793 - - - 2,793
Priority distributions 111 - 111 - - - 111
Transactional fees 2,168 - 2,168 - - - 2,168
Loan defeasance - - - - - - -
Provision for income taxes (804) - (804) - 0 - (804)
--------------------------------------------------------------------------------------
FEE INCOME 4,268 - 4,268 - 0 - 4,269
--------------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments - - - - (713) - (713)
Promote income - RCP - - - - - - -
Promote income - Fund capital transactions - - - - 657 - 657
Equity in earnings of unconsolidated
properties - - - - (10) - (10)
Forfeited properety sale contract deposit 1,730 - 1,730 - - - 1,730
Lease termination income 205 1 206 - - - 206
Gain on extinguishment of debt 3,150 - 3,150 - - - 3,150
Provision for income taxes 277 - 277 - - - 277
--------------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME 5,362 1 5,363 - (66) - 5,297
--------------------------------------------------------------------------------------
GENERAL AND ADMINISTRATIVE (6,746) - (6,746) - (36) - (6,782)
--------------------------------------------------------------------------------------
Depreciation and amortization (3,928) (372) (4,300) - (1,005) - (5,305)
FAS 141 amortization (227) - (227) - (85) - (312)
Gain on sale of properties - - - - - 1,253 1,253
--------------------------------------------------------------------------------------
Income before minority interest 9,624 162 9,786 - (285) 1,292 10,794
Noncontrolling interest - OP (132) - (132) - - (19) (151)
Noncontrolling interests (9) - (9) - (12) (323) (344)
--------------------------------------------------------------------------------------
NET INCOME $ 9,483 $ 162 $ 9,645 $ -$ (296)$ 950 $ 10,299
======================================================================================
--------------------------------------------------------------------------------------
Current Quarter
3 months
ended March 31,
2009
Core Retail Opportunity Funds Total
--------------------------------------------------------------------------------------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures (2)Operations Operations Operations Operations (3)
--------------------------------------------------------------------------------------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
PROPERTY REVENUES
Minimum rents $ 12,556 $ 1,616 $ 14,172 $ -$ 2,587 $ 18 $ 16,777
Percentage rents 201 9 210 - - - 210
Expense reimbursements - CAM 2,163 248 2,411 - 174 - 2,585
Expense reimbursements - Taxes 1,938 252 2,190 - 127 - 2,317
Other property income 25 - 25 - 55 - 80
--------------------------------------------------------------------------------------
16,883 2,125 19,008 - 2,943 18 21,969
--------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 2,777 317 3,094 - 204 - 3,298
Other property operating 547 87 634 - 622 1 1,256
Real estate taxes 2,301 298 2,599 - 302 - 2,901
--------------------------------------------------------------------------------------
5,625 702 6,327 - 1,128 1 7,456
--------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES 11,258 1,423 12,681 - 1,814 17 14,513
OTHER INCOME (EXPENSE)
Interest income 4,797 2 4,799 - 72 - 4,871
Straight-line rent income 125 4 129 - 24 - 153
Straight-line rents written off - - - - 30 24 54
FAS 141 rent (96) 35 (61) - (470) - (531)
Interest expense (5,166) (931) (6,097) (564) - (6,661)
FAS 141 interest 9 - 9 2 (2) 9
Asset and property management expense (32) - (32) - (1) - (33)
Promote expense - - - - - - -
Impairment of notes receivable - - - - - - -
--------------------------------------------------------------------------------------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME 10,895 533 11,428 - 907 39 12,375
--------------------------------------------------------------------------------------
FEE INCOME
Asset and property management fees 2,793 - 2,793 - - - 2,793
Priority distributions 111 - 111 - - - 111
Transactional fees 2,168 2,168 - - 2,168
Loan defeasance - - - - - -
Provision for income taxes (804) - (804) - 0 - (804)
--------------------------------------------------------------------------------------
FEE INCOME 4,268 - 4,268 - 0 - 4,269
--------------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments - - - - (713) - (713)
Promote income - RCP - - - - - - -
Promote income - Fund capital transactions - - - - 657 - 657
Equity in earnings of unconsolidated
properties - - - - (10) - (10)
Forfeited properety sale contract deposit 1,730 - 1,730 - - - 1,730
Lease termination income 205 1 206 - - - 206
Gain on extinguishment of debt 3,150 3,150 - - 3,150
Provision for income taxes 277 - 277 - - - 277
--------------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME 5,362 1 5,363 - (66) - 5,297
--------------------------------------------------------------------------------------
GENERAL AND ADMINISTRATIVE (6,746) - (6,746) - (36) - (6,782)
--------------------------------------------------------------------------------------
Depreciation and amortization (3,928) (372) (4,300) - (1,005) - (5,305)
FAS 141 amortization (227) - (227) (85) - (312)
Gain on sale of properties - - - - - 1,253 1,253
--------------------------------------------------------------------------------------
Income before minority interest 9,624 162 9,786 - (285) 1,292 10,794
Noncontrolling interest - OP (132) - (132) - - (19) (151)
Noncontrolling interests (9) - (9) - (12) (323) (344)
--------------------------------------------------------------------------------------
NET INCOME $ 9,483 $ 162 $ 9,645 $ -$ (296)$ 950 $ 10,299
======================================================================================
(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 which are accounted for as unconsolidated investments in the
Company's financial statements.
(2) The noncontrolling interest's share of NOI for 239 Greenwich Ave and
Boonton Shopping Center aggregated $311 for the quarter ended March 31,
2009.
(3) Discontinued Operations reflects six Kroger locations which was sold in
January 2009.
Reporting Supplement
March 31, 2009
Income Statements - EBITDA
- ---------------------------
Current Quarter and Year-to-Date
- --------------------------------
-----------------------------------------------------------------------------------------
Year-to-Date
Period
ended March 31,
2009
Core Retail Opportunity Funds Total
-----------------------------------------------------------------------------------------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures (2) Operations Operations Operations Operations
-----------------------------------------------------------------------------------------
NET INCOME $ 9,483 $ 162 $ 9,645 $ - $ (296) $ 950 $ 10,299
Add back:
Depreciation and amortization 3,928 372 4,300 - 1,005 - 5,305
FAS 141 amortization 227 - 227 - 85 - 312
Interest expense 5,166 931 6,097 - 564 - 6,661
FAS 141 interest (9) - (9) - (2) 2 (9)
Gain on sale of properties - - - - - (1,253) (1,253)
Provision for income taxes 527 - 527 - (0) - 527
Noncontrolling interest - OP 132 - 132 - - 19 151
Noncontrolling interests 9 - 9 - 12 323 344
-----------------------------------------------------------------------------------------
EBIDTA $ 19,463 $ 1,465 $ 20,928 $ - $ 1,367 $ 41 $ 22,337
=========================================================================================
----------------------------------------------------------------------------------------
Current Quarter
3 months
ended March 31,
2009
Core Retail Opportunity Funds Total
----------------------------------------------------------------------------------------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures (2) Operations Operations Operations Operations
----------------------------------------------------------------------------------------
NET INCOME $ 9,483 $ 162 $ 9,645 $ - $ (296) $ 950 $ 10,299
Add back:
Depreciation and amortization 3,928 372 4,300 - 1,005 - 5,305
FAS 141 amortization 227 - 227 - 85 - 312
Interest expense 5,166 931 6,097 - 564 - 6,661
FAS 141 interest (9) - (9) - (2) 2 (9)
Gain on sale of properties - - - - - (1,253) (1,253)
Provision for income taxes 527 - 527 - (0) - 527
Noncontrolling interest - OP 132 - 132 - - 19 151
Noncontrolling interests 9 - 9 - 12 323 344
----------------------------------------------------------------------------------------
EBIDTA $ 19,463 $ 1,465 $ 20,928 $ - $ 1,367 $ 41 $ 22,337
========================================================================================
Reporting Supplement
March 31, 2009
Funds from Operations ("FFO")(1) 2008 2007
-------------------------------- ------------------------------ --------------
------------------------------
Current Current Prior
Year-to-Date Quarter Quarter
Year ended 3 months ended 3 months ended
Funds from operations ("FFO"): Notes March 31, 2009 March 31, 2009 March 31, 2008
------------------------------ -------------- -------------- --------------
Net Income $ 10,299 $ 10,299 $ 8,238
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)
Consolidated subsidiaries 4,370 4,370 3,566
Unconsolidated subsidiaries 372 372 500
(Gain) loss on sale of properties (net of noncontrollling interest share) -
Consolidated subsidiaries (929) (929) -
Unconsolidated subsidiaries - - -
Income attributable to noncontrolling interests' share in Operating Partnership 151 151 -
Extraordinary item (net of noncontrolling interests' share and income taxes) - -
Distributions on Preferred OP Units 5 5 5
-------------- --------------- --------------
FFO $ 14,268 $ 14,268 $ 12,309
============== =============== ==============
Adjusted Funds from operations ("AFFO"):
----------------------------------------
Diluted FFO $ 14,268 $ 14,268 $ 12,309
Straight line rent, net (153) (153) 231
Non real estate depreciation 182 182 227
Amortization of finance costs 285 285 302
Amortization of cost of management contracts 58 58 200
Tenant improvements (544) (544) (238)
Leasing commissions (187) (187) (126)
Capital expenditures (9) (9) (44)
-------------- --------------- --------------
AFFO $ 13,900 $ 13,900 $ 12,861
============== =============== ==============
Funds Available for Distribution ("FAD")
----------------------------------------
AFFO $ 13,900 $ 13,900 $ 12,861
Scheduled prinicpal repayments (398) (398) (711)
-------------- --------------- --------------
FAD $ 13,502 $ 13,502 $ 12,150
============== =============== ==============
Total weighted average shares and OP Units:
Basic 34,575 34,575 33,603
============== =============== ==============
Diluted 34,722 34,722 33,603
============== =============== ==============
FFO per share:
FFO per share - Basic (3)$ 0.41 $ 0.41 $ 0.37
============== =============== ==============
FFO per share - Diluted (3)$ 0.41 $ 0.41 $ 0.37
============== =============== ==============
AFFO per share - Basic (3)$ 0.40 $ 0.40 $ 0.38
============== =============== ==============
AFFO per share - Diluted (3)$ 0.40 $ 0.40 $ 0.38
============== =============== ==============
FAD per share - Basic (3)$ 0.39 $ 0.39 $ 0.36
============== =============== ==============
FAD per share - Diluted (3)$ 0.39 $ 0.39 $ 0.36
============== =============== ==============
(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.
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.
Reporting Supplement
March 31, 2009
2009 Guidance - Highlights
--------------------------
(in millions except per share amounts, all per share amounts are fully diluted)
Original Revised
2009 Guidance 2009 Guidance
Overall: Low/High Low/High (2) 2008 Actual
-------- -------------------- -------------------- -----------------
Full year Funds from Operations ("FFO") per share(1) $1.05 to $1.19 $0.96 to $1.09 $1.10
==================== ==================== =================
Earnings per Share ("EPS") (1) $0.51 to $0.65 $0.47 to $0.60 $0.74
==================== ==================== =================
FFO Components:
---------------
Core and pro-rata share of opportunity Fund ("Fund") portfolio
income $38.9 to $41.2 $38.9 to $41.2 $38.9
==================== ==================== =================
Asset and property management fee income, net of TRS taxes $11.1 $11.1 $10.2
==================== ==================== =================
Transactional fee income, net of TRS taxes $9.4 to $10.3 $9.4 to $10.3 $8.3
==================== ==================== =================
Promote, RCP and other income, net of TRS taxes $5.4 to $6.6 $5.4 to $6.6 $9.5
==================== ==================== =================
General and administrative expense $(26.0) to $(25.5) $(26.0) to $(25.5) $(26.4)
==================== ==================== =================
Total $38.8 to $43.7 $38.8 to $43.7 $40.5
==================== ==================== =================
Non-cash interest pursuant to FSP 14-1 $(2.2) $(2.2) $(2.1)
==================== ==================== =================
Net $36.6 to $41.5 $36.6 to $41.5 $38.4
==================== ==================== =================
(1) Projected 2009 and 2008 actual results are presented after giving effect to
FASB Staff Position 14-1 "Accounting for Convertible Debt Instruments That
May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)"
("FSP 14-1"). The adoption of this pronouncement in 2009 will result in an
additional annual non-cash interest charge of $2.2 million, or $0.06 per
share. Before the adoption of FSP 14-1, Projected 2009 and 2008 actual
results are as follows:
Full year FFO per share before FSP 14-1 interest adjustment $1.11 to $1.25 $1.02 to $1.15 $1.16
==================== ==================== =================
Full year EPS before FSP 14-1 interest adjustment $0.57 to $0.71 $0.53 to $0.66 $0.80
==================== ==================== =================
(2) Based solely on the effect of the Common Shares issued during April 2009,
the Company has updated its 2009 guidance for EPS to be $0.04 to $0.05
lower and FFO per share to be $0.09 to $0.10 lower than each of the low and
high ends of its previous guidance ranges.
Reporting Supplement
March 31, 2009
Income Statements - Fee income by Opportunity Fund
--------------------------------------------------
(in thousands)
Fund I Fund II Fund III Other Total
---------------------------------------------------------------
Period ended March 31, 2009
Asset and property management fees $ - $ 982 $ 1,511 $ 300 $ 2,793
Transactional fees 35 1,305 371 457 2,168
---------------------------------------------------------------
35 2,287 1,882 757 4,961
Priority distributions (Asset and property management fees) 111 - - - 111
---------------------------------------------------------------
Total management fees and priority distributions $ 146 $ 2,287 $ 1,882 $ 757 $ 5,072
===============================================================
Fund I Fund II Fund III Other Total
---------------------------------------------------------------
Three months ended December 31, 2009
Asset and property management fees $ - $ - $ - $ - $ -
Transactional fees -
---------------------------------------------------------------
- - - - -
Priority distributions (Asset and property management fees) -
---------------------------------------------------------------
Total management fees and priority distributions $ - $ - $ - $ - $ -
===============================================================
Fund I Fund II Fund III Other Total
---------------------------------------------------------------
Three months ended September 30, 2009
Asset and property management fees $ - $ - $ - $ - $ -
Transactional fees -
---------------------------------------------------------------
- - - - -
Priority distributions (Asset and property management fees) -
---------------------------------------------------------------
Total management fees and priority distributions $ - $ - $ - $ - $ -
===============================================================
Fund I Fund II Fund III Other Total
---------------------------------------------------------------
Three months ended June 30, 2009
Asset and property management fees $ - $ - $ - $ - $ -
Transactional fees -
---------------------------------------------------------------
- - - - -
Priority distributions (Asset and property management fees) -
---------------------------------------------------------------
Total management fees and priority distributions $ - $ - $ - $ - $ -
===============================================================
Fund I Fund II Fund III Other Total
---------------------------------------------------------------
Three months ended March 31, 2009
Asset and property management fees $ - $ 982 $ 1,511 $ 300 $ 2,793
Transactional fees 35 1,305 371 457 2,168
---------------------------------------------------------------
35 2,287 1,882 757 4,961
Priority distributions (Asset and property management fees) 111 - - - 111
---------------------------------------------------------------
Total management fees and priority distributions $ 146 $ 2,287 $ 1,882 $ 757 $ 5,072
===============================================================
Reporting Supplement
March 31, 2009
Income Statements -OpportunityFunds (1)
- ----------------------------------------
Current Quarter and Year-to-Date
- ----------------------------------
(in thousands)
--------------------------------------------------------------------------------------------------
Year-to-Date
Period
ended March 31, 2009
--------------------------------------------------------------------------------------------------
Continuing Discontinued
Operations Operatiosn
Fund I Fund I Fund I AKR AKR Pro- AKR Pro- AKR
Continuing DiscontinuedConsolidated Promote rata share rata share Promote
Operations Operations Operations 20.00% 22.22% 22.22% Mervyns I 20.00%
--------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,070 $ 82 $ 2,152 $ 430 $ 364 $ 18 $ - $ -
Percentage rents - - - - - - - -
Expense reimbursements - CAM 64 - 64 13 11 - - -
Expense reimbursements - Taxes 80 - 80 16 14 - - -
Other property income 2 - 2 0 0 - - -
--------------------------------------------------------------------------------------------------
2,216 82 2,298 460 390 18 - -
--------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 125 3 128 26 22 1 - -
Other property operating 70 - 70 14 12 - - -
Real estate taxes 112 - 112 22 20 - - -
--------------------------------------------------------------------------------------------------
307 3 310 62 54 1 - -
--------------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES
(3) 1,909 79 1,988 398 336 17 - -
OTHER INCOME (EXPENSE)
Interest income 15 - 15 3 3 - - -
Straight-line rent income (147) 106 (41) (8) (31) 24 - -
Straight-line rents written off - - - - - - - -
FAS 141 rent (2) - (2) (0) (0) - - -
Interest expense (167) (7) (174) (35) (29) (2) - -
FAS 141 interest - - - - - - - -
Property management expense (2) - (2) (0) (0) - - -
Promote expense (890) - (890) - - - - -
Impairment of notes receivable - - - - - - - -
--------------------------------------------------------------------------------------------------
OPPORTUNITY FUND INCOME 716 178 894 357 278 39 - -
FEE INCOME
Asset and property management
fees - - - - - - - -
Priority distributions - - - - - - - -
Transactional fees - - - - - -
Loan defeasance - - - - - - - -
Provision for income taxes - - - - - - 1 0
--------------------------------------------------------------------------------------------------
FEE INCOME - - - - - - 1 0
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP
investments - - - - - - (1,565) -
Promote income - RCP - - - - - - - -
Promote income - Fund capital
transactions - - - - - - - -
Equity in earnings of
unconsolidated properties (27) - (27) (5) (5) - - -
Receipt of forfeited deposit - - - - - - - -
Lease termination income - - - - - - - -
Gain on extinguishment of debt - - - - - - - -
Provision for income taxes - - - - - - - -
--------------------------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME (27) - (27) (5) (5) - (1,565) -
--------------------------------------------------------------------------------------------------
GENERAL AND ADMINISTRATIVE (45) - (45) (9) (8) - - -
Depreciation and amortization (1,149) - (1,149) (230) (204) - - -
FAS 141 amortization (1) - (1) (0) (0) - - -
Gain on sale of properties - 5,637 5,637 1,127 (251) 1,253 - -
--------------------------------------------------------------------------------------------------
Income before minority interest (506) 5,815 5,309 1,240 (190) 1,292 (1,564) 0
Minority interest - OP - - - - - - - -
Minority interest (115) (1,454) (1,569) (314) 44 (323) - -
--------------------------------------------------------------------------------------------------
NET INCOME $ (621)$ 4,361 $ 3,740 $ 926 $ (146)$ 969 $ (1,564)$ 0
==================================================================================================
---------------------------------------------------------------------------------------------------
Year-to-Date
Period
ended March 31, 2009
---------------------------------------------------------------------------------------------------
AKR Pro- AKR Pro- AKR Pro- AKR Pro- Total
rata share rata share rata share rata share AKR Pro-
22.22% Fund II 20.00% Mervyns II 20.00% Fund III 19.9005% rata share
---------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ - $ 4,024 $ 805 $ - $ - $ 4,957 $ 987 $ 2,605
Percentage rents - - - - - - - -
Expense reimbursements - CAM - 513 103 - - 236 47 174
Expense reimbursements - Taxes - 140 28 - - 349 69 127
Other property income - 27 5 - - 248 49 55
---------------------------------------------------------------------------------------------------
- 4,704 941 - - 5,790 1,152 2,961
---------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM - 545 109 - - 236 47 204
Other property operating - 1,314 263 - - 1,671 333 622
Real estate taxes - 383 77 - - 920 183 302
---------------------------------------------------------------------------------------------------
- 2,242 449 - - 2,827 563 1,129
---------------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) - 2,462 492 - - 2,963 589 1,832
OTHER INCOME (EXPENSE)
Interest income - 3 1 1 - 327 65 72
Straight-line rent income - 148 30 - - 44 9 24
Straight-line rents written off - 272 54 - - - - 54
FAS 141 rent - (65) (13) - - (2,292) (456) (470)
Interest expense - (894) (179) - - (1,604) (319) (564)
FAS 141 interest - - - - - - - -
Property management expense - (1,292) - - - (2,162) - (1)
Promote expense - - - - - - - -
Impairment of notes receivable - - - - - - - -
---------------------------------------------------------------------------------------------------
OPPORTUNITY FUND INCOME - 634 385 1 - (2,724) (112) 947
FEE INCOME
Asset and property management
fees - - - - - - - -
Priority distributions - - - - - - - -
Transactional fees
Loan defeasance - - - - - - - -
Provision for income taxes 0 - - - - - - 0
---------------------------------------------------------------------------------------------------
FEE INCOME 0 - - - - - - 0
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP
investments (348) (10) (2) (1,816) (363) - - (713)
Promote income - RCP - - - - - - - -
Promote income - Fund capital
transactions - - - - - - - -
Equity in earnings of
unconsolidated properties - - - - - - - (10)
Receipt of forfeited deposit - - - - - - - -
Lease termination income - - - - - - - -
Gain on extinguishment of debt - - - - - - - -
Provision for income taxes - - - - - - - -
---------------------------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME (348) (10) (2) (1,816) (363) - - (723)
---------------------------------------------------------------------------------------------------
GENERAL AND ADMINISTRATIVE - (59) (12) - - (37) (7) (36)
Depreciation and amortization - (1,656) (331) - - (1,207) (240) (1,005)
FAS 141 amortization - (69) (14) - - (355) (71) (85)
Gain on sale of properties - - - - - - - 2,129
---------------------------------------------------------------------------------------------------
Income before minority interest (348) (1,160) 26 (1,815) (363) (4,323) (430) 1,227
Minority interest - OP - - - - - - - -
Minority interest - 42 8 - - 152 30 (555)
---------------------------------------------------------------------------------------------------
NET INCOME $ (348)$ (1,118)$ 34 $ (1,815)$ (363)$ (4,171)$ (400)$ 672
===================================================================================================
(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 noncontrolling share of
NOI for the Kroger/Safeway Portfolio amounts to $428 for the quarter ended
March 31, 2009.
Reporting Supplement
March 31, 2009
Income Statements -Opportunity Funds (1)
- -----------------------------------------
Current Quarter and Year-to-Date
- ----------------------------------
(in thousands)
--------------------------------------------------------------------------------------------------
Current Quarter
Period
ended March 31, 2009
--------------------------------------------------------------------------------------------------
Continuing Discontinued
Operations Operatiosn
Fund I Fund I Fund I AKR AKR Pro- AKR Pro- AKR
Continuing Discontinued Con- Promote rata share rata share Promote
solidated
Operations Operations Operations 20.00% 22.22% 22.22% Mervyns I 20.00%
--------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,070 $ 82 $ 2,152 $ 430 $ 364 $ 18 $ - $ -
Percentage rents - - - - - - - -
Expense reimbursements - CAM 64 - 64 13 11 - - -
Expense reimbursements - Taxes 80 - 80 16 14 - - -
Other property income 2 - 2 0 0 - - -
--------------------------------------------------------------------------------------------------
2,216 82 2,298 460 390 18 - -
--------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 125 3 128 26 22 1 - -
Other property operating 70 - 70 14 12 - - -
Real estate taxes 112 - 112 22 20 - - -
--------------------------------------------------------------------------------------------------
307 3 310 62 54 1 - -
--------------------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES
(4) 1,909 79 1,988 398 336 17 - -
OTHER INCOME (EXPENSE)
Interest income 15 - 15 3 3 - - -
Straight-line rent income (147) 106 (41) (8) (31) 24 - -
Straight-line rents written off - - - - - - - -
FAS 141 rent (2) - (2) (0) (0) - - -
Interest expense (167) (7) (174) (35) (29) (2) - -
FAS 141 interest - - - - - - - -
Asset and property management
expense (2) - (2) (0) (0) - - -
Promote expense (890) - (890) - - - - -
Impairment of notes receivable - - - - - - - -
--------------------------------------------------------------------------------------------------
OPPORTUNITY FUND INCOME 716 178 894 357 278 39 - -
FEE INCOME
Asset and property management fees - - - - - - - -
Priority distributions - - - - - - - -
Transactional fees - - -
Loan defeasance - - - - - - - -
Provision for income taxes - - - - - - 1 0
--------------------------------------------------------------------------------------------------
FEE INCOME - - - - - - 1 0
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP
investments - - - - - - (1,565) -
Promote income - RCP - - - - - - - -
Promote income - Fund capital
transactions - - - - - -
Equity in earnings of
unconsolidated properties (27) - (27) (5) (5) - - -
Receipt of forfeited deposit - - - - - - - -
Lease termination income - - - - - - - -
Gain on extinguishment of debt - - - - - - - -
Provision for income taxes - - - - - - - -
--------------------------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME (27) - (27) (5) (5) - (1,565) -
--------------------------------------------------------------------------------------------------
GENERAL AND ADMINISTRATIVE (45) - (45) (9) (8) - - -
Depreciation and amortization (1,149) - (1,149) (230) (204) - - -
FAS 141 amortization (1) - (1) (0) (0) - - -
Gain on sale of properties - 5,637 5,637 1,127 (251) 1,253 - -
--------------------------------------------------------------------------------------------------
Income before minority interest (506) 5,815 5,309 1,240 (190) 1,292 (1,564) 0
Minority interest - OP - - - - - - - -
Minority interest (115) (1,454) (1,569) (314) 44 (323) - -
--------------------------------------------------------------------------------------------------
NET INCOME $ (621)$ 4,361 $ 3,740 $ 926 $ (146)$ 969 $ (1,564)$ 0
==================================================================================================
---------------------------------------------------------------------------------------------------
Current Quarter
Period
ended March 31, 2009
---------------------------------------------------------------------------------------------------
AKR Pro- AKR Pro- AKR Pro- AKR Pro- Total
rata share rata share rata share rata share AKR Pro-
22.22% Fund II 20.00% Mervyns II 20.00% Fund III 19.9005% rata share
---------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ - $ 4,024 $ 805 $ - $ - $ 4,957 $ 987 $ 2,605
Percentage rents - - - - - - - -
Expense reimbursements - CAM - 513 103 - - 236 47 174
Expense reimbursements - Taxes - 140 28 - - 349 69 127
Other property income - 27 5 - - 248 49 55
------------------------------------- -------------------------------------------------------------
- 4,704 941 - - 5,790 1,152 2,961
------------------------------------- -------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM - 545 109 - - 236 47 204
Other property operating - 1,314 263 - - 1,671 333 622
Real estate taxes - 383 77 - - 920 183 302
------------------------------------- -------------------------------------------------------------
- 2,242 449 - - 2,827 563 1,129
------------------------------------- -------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES
(4) - 2,462 492 - - 2,963 589 1,832
OTHER INCOME (EXPENSE)
Interest income - 3 1 1 - 327 65 72
Straight-line rent income - 148 30 - - 44 9 24
Straight-line rents written off - 272 54 - - - - 54
FAS 141 rent - (65) (13) - - (2,292) (456) (470)
Interest expense - (894) (179) - - (1,604) (319) (564)
FAS 141 interest - - - - - - - -
Asset and property management
expense - (1,292) - - - (2,162) - (1)
Promote expense - - - - - - - -
Impairment of notes receivable - - - - - - - -
------------------------------------- -------------------------------------------------------------
OPPORTUNITY FUND INCOME - 634 385 1 - (2,724) (112) 947
FEE INCOME
Asset and property management
fees - - - - - - - -
Priority distributions - - - - - - - -
Transactional fees -
Loan defeasance - - - - - - - -
Provision for income taxes 0 - - - - - - 0
------------------------------------- -------------------------------------------------------------
FEE INCOME 0 - - - - - - 0
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP
investments (348) (10) (2) (1,816) (363) - - (713)
Promote income - RCP - - - - - - - -
Promote income - Fund capital
transactions - - - - - - - -
Equity in earnings of
unconsolidated properties - - - - - - - (10)
Receipt of forfeited deposit - - - - - - - -
Lease termination income - - - - - - - -
Gain on extinguishment of debt - - - - - - - -
Provision for income taxes - - - - - - - -
------------------------------------- -------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME (348) (10) (2) (1,816) (363) - - (723)
------------------------------------- -------------------------------------------------------------
GENERAL AND ADMINISTRATIVE - (59) (12) - - (37) (7) (36)
Depreciation and amortization - (1,656) (331) - - (1,207) (240) (1,005)
FAS 141 amortization - (69) (14) - - (355) (71) (85)
Gain on sale of properties - - - - - - - 2,129
------------------------------------- -------------------------------------------------------------
Income before minority interest (348) (1,160) 26 (1,815) (363) (4,323) (430) 1,227
Minority interest - OP - - - - - - - -
Minority interest - 42 8 - - 152 30 (555)
------------------------------------- -------------------------------------------------------------
NET INCOME $ (348)$ (1,118)$ 34 $ (1,815)$ (363)$ (4,171)$ (400)$ 672
===================================== =============================================================
Reporting Supplement
March 31, 2009
Income Statements - Joint Ventures (1)
- ---------------------------------------
Current Quarter and Year-to-
Date
- ---------------------------- --------------------------------------------------- ---------------------------------------------------
(in thousands) Year-to-Date Current Quarter
Period 3 months
Ended March 31, Ended March 31,
2009 2009
--------------------------------------------------- ---------------------------------------------------
Joint Ventures - Core Retail Joint Ventures - Core Retail
--------------------------------------------------- ---------------------------------------------------
AKR Pro- AKR Pro- Total AKR Pro- AKR Pro- Total
rata rata rata rata
share share AKR Pro- share share AKR Pro-
rata rata
Brandywine 22.22% Crossroads 49.00% share Brandywine JV 22.22% Crossroads 49.00% share
--------------------------------------------------- ---------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 4,002 $ 889 $ 1,484 $ 727 $ 1,616 $ 4,002 $ 889 $ 1,484 $ 727 $1,616
Percentage rents 39 9 - - 9 39 9 - - 9
Expense reimbursements - CAM 603 134 232 114 248 603 134 232 114 248
Expense reimbursements -
Taxes 254 56 399 196 252 254 56 399 196 252
Other property income - - - - - - - - - -
--------------------------------------------------- ---------------------------------------------------
4,898 1,088 2,115 1,037 2,125 4,898 1,088 2,115 1,037 2,125
--------------------------------------------------- ---------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 916 204 231 113 317 916 204 231 113 317
Other property operating 254 56 64 31 87 254 56 64 31 87
Real estate taxes 290 64 478 234 298 290 64 478 234 298
--------------------------------------------------- ---------------------------------------------------
1,460 324 773 378 702 1,460 324 773 378 702
--------------------------------------------------- ---------------------------------------------------
NET OPERATING INCOME -
PROPERTIES 3,438 764 1,342 659 1,423 3,438 764 1,342 659 1,423
OTHER INCOME (EXPENSE)
Interest income 2 - 4 2 2 2 - 4 2 2
Straight-line rent income 47 10 (12) (6) 4 47 10 (12) (6) 4
Straight-line rents written
off - - - - - - - - - -
FAS 141 rent 157 35 - - 35 157 35 - - 35
Interest expense (2,518) (516) (846) (415) (931) (2,518) (516) (846) (415) (931)
FAS 141 interest - - - - - - - - - -
Property management expense (261) - - - - (261) - - - -
Promote expense - - - - - - - - - -
Impairment of notes
receivable - - - - - - - - - -
--------------------------------------------------- ---------------------------------------------------
CORE PORTFOLIO AND
OPPORTUNITY FUND INCOME 865 293 488 240 533 865 293 488 240 533
FEE INCOME
Asset and property
management fees - - - - - - - - - -
Priority distributions - - - - - - - - - -
Transactional fees
Loan defeasance - - - - - - - - - -
Provision for income taxes - - - - - - - - - -
--------------------------------------------------- ---------------------------------------------------
FEE INCOME - - - - - - - - - -
PROMOTE, RCP AND OTHER
INCOME
Equity in earnings from RCP
investments - - - - - - - - - -
Promote income - RCP - - - - - - - - - -
Promote income - Fund
capital transactions - - - - - - - - - -
Equity in earnings of
unconsolidated properties - - - - - - - - - -
Receipt of forfeited deposit - - - - - - - - - -
Lease termination income - - 2 1 1 - - 2 1 1
Gain on extinguishment of
debt - - - - - - - - - -
Provision for income taxes - - - - - - - - - -
--------------------------------------------------- ---------------------------------------------------
PROMOTE, RCP AND OTHER
INCOME - - 2 1 1 - - 2 1 1
GENERAL AND ADMINISTRATIVE - - - - - - - - - -
-
Depreciation and
amortization (904) (201) (148) (171) (372) (904) (201) (148) (171) (372)
FAS 141 amortization - - - - - - - - - -
Gain on sale of properties - - - - - - - - - -
--------------------------------------------------- ---------------------------------------------------
Income before minority
interest (39) 92 342 70 162 (39) 92 342 70 162
Minority interest - OP - - - - - - - - - -
Minority interest - - - - - - - - - -
--------------------------------------------------- ---------------------------------------------------
NET INCOME $ (39)$ 92 $ 342 $ 70 $ 162 $ (39)$ 92 $ 342 $ 70 $ 162
=================================================== ===================================================
(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.
Reporting
Supplement
March 31, 2009
Income Statements - Current v. Prior Year (1)
- ---------------------------------------------
(in thousands)
--------------------------------------------------- -------------------------------------------------------------
Current Quarter Prior Year Quarter
3 months 3 months
ended March 31, ended March 31,
2009 2008
--------------------------------------------------- -------------------------------------------------------------
Core Opportunity Core Opportunity
Retail Funds Retail Funds Residential
CORE PORTFOLIO AND
OPPORTUNITY FUND Dis- Oppor- Dis- Dis- Oppor- Dis- Dis-
INCOME Core continued tunity continued Core continued tunity continued continued
Retail Operations Funds Operations Total Retail Operations Funds Operations Operations Total
--------------------------------------------------- -------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $14,172 $ - $ 2,587 $ 18 $16,777 $14,224 $ - $ 2,135 $ 573 $ 918 $17,850
Percentage rents 210 - - - 210 205 - - - - 205
Expense
reimbursements -
CAM 2,411 - 174 - 2,585 2,419 - 67 - - 2,486
Expense
reimbursements -
Taxes 2,190 - 127 - 2,317 2,286 - 49 - - 2,335
Other property
income 25 - 55 - 80 141 - 89 - 75 305
--------------------------------------------------- -------------------------------------------------------------
19,008 - 2,943 18 21,969 19,275 - 2,340 573 993 23,181
--------------------------------------------------- -------------------------------------------------------------
PROPERTY EXPENSES
Property operating
- CAM 3,094 - 204 - 3,298 2,817 - 193 5 - 3,015
Other property
operating 634 - 622 1 1,256 780 - 171 10 416 1,377
Real estate taxes 2,599 - 302 - 2,901 2,567 - 146 - 50 2,763
--------------------------------------------------- -------------------------------------------------------------
6,327 - 1,128 1 7,456 6,164 - 510 15 466 7,155
--------------------------------------------------- -------------------------------------------------------------
NET OPERATING
INCOME -
PROPERTIES (3) 12,681 - 1,814 17 14,513 13,111 - 1,830 558 527 16,026
OTHER INCOME
(EXPENSE)
Interest income 4,799 - 72 - 4,871 2,305 - 154 - 8 2,467
Straight-line rent
income 129 - 24 - 153 280 - (143) (5) - 132
Straight-line
rents written off - - 30 24 54 (61) - - - - (61)
FAS 141 rent (61) - (470) - (531) (78) - (24) - - (102)
Interest expense (6,097) - (564) - (6,661) (5,726) - (490) (30) - (6,246)
FAS 141 interest 9 - 2 (2) 9 20 - - - 20
Property
management
expense (32) - (1) - (33) (32) - (2) - (14) (48)
Promote expense - - - - - - - - - - -
Impairment of
notes receivable - - - - - - - - - - -
--------------------------------------------------- -------------------------------------------------------------
CORE PORTFOLIO AND
OPPORTUNITY FUND
INCOME 11,428 - 907 39 12,375 9,819 - 1,325 523 521 12,188
FEE INCOME
Asset and property
management fees 2,793 - - - 2,793 6,706 - - - - 6,706
Priority
distributions 111 - - - 111 135 - - - - 135
Transactional fees 2,168 2,168
Loan defeasance - - - - - - - - - -
Provision for
income taxes (804) - 0 - (804) - - - - - -
--------------------------------------------------- -------------------------------------------------------------
FEE INCOME 4,268 - 0 - 4,269 6,841 - - - - 6,841
PROMOTE, RCP AND
OTHER INCOME
Equity in earnings
from RCP
investments - - (713) - (713) - - 2,533 - - 2,533
Promote income -
RCP - - - - - - - 1,192 - - 1,192
Promote income -
Fund capital
transactions - - 657 - 657 - - - - - -
Equity in earnings
of unconsolidated
properties - - (10) - (10) 21 - (17) - - 4
Receipt of
forfeited deposit 1,730 - - - 1,730
Lease termination
income 206 - - - 206 - - (92) 92 - -
Gain on
extinguishment of
debt 3,150 - - - 3,150 - - - - - -
Provision for
income taxes 277 - - - 277 (1,843) - (9) - - (1,852)
--------------------------------------------------- -------------------------------------------------------------
PROMOTE, RCP AND
OTHER INCOME 5,363 - (66) - 5,297 (1,822) - 3,607 92 - 1,877
GENERAL AND
ADMINISTRATIVE (6,746) - (36) - (6,782) (6,608) - (104) - - (6,712)
--------------------------------------------------- -------------------------------------------------------------
Depreciation and
amortization (4,300) - (1,005) - (5,305) (4,157) - (951) (390) - (5,498)
FAS 141
amortization (227) - (85) - (312) (255) (18) - - (273)
Gain on sale of
properties - - - 1,253 1,253 - - - - - -
--------------------------------------------------- -------------------------------------------------------------
Income before
minority interest 9,786 - (285) 1,292 10,794 3,818 - 3,859 225 521 8,423
Minority interest
- OP (132) - - (19) (151) (171) - - - (10) (181)
Minority interest (9) - (12) (323) (344) 92 - 93 (189) - (4)
--------------------------------------------------- -------------------------------------------------------------
NET INCOME $ 9,645 $ - $ (296) $ 950 $10,299 $ 3,739 $ - $ 3,952 $ 36 $ 511 $ 8,238
=================================================== =============================================================
(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.
Reporting Supplement
March 31, 2009
Net Operating Income (NOI) - Same Property Performance (1)
- ----------------------------------------------------------
(in thousands)
Growth in Same
Property NOI -
Continuing
Operations
Favorable
Notes: Current Quarter Historical Quarter (unfavorable)
----------------------------------------------------------------------------------
Three Three
months ended months ended
Reconciliation of total NOI to same property NOI: March 31, March 31,
2009 2008
------------------ -------------------
NOI - Core Retail properties $ 12,681 $ 13,111
NOI - Opportunity Fund properties 1,814 1,830
NOI - Discontinued Operations 17 1,085
Adjustment to reflect 2006 increase in Fund I
ownership percentage (2) - (888)
------------------ -------------------
Total NOI 14,513 15,138
NOI - Properties Acquired (927) (76)
NOI - Discontinued Operations (17) (1,085)
------------------ ------------------- ------------
$ 13,568 $ 13,977 -2.9%
================== ================== ============
Same property NOI by portfolio component and
revenues/expenses:
Core Retail Properties
Revenues$ 18,837 $ 19,151 -1.6%
Expenses 6,274 6,162 -1.8%
------------------ ------------------ ------------
Core Retail Properties 12,563 12,989 -3.3%
------------------ ------------------ ------------
Opportunity Fund Properties
Revenues 1,428 1,339 6.6%
Expenses 423 351 -20.5%
------------------ ------------------ ------------
Opportunity
Fund Properties 1,005 988 1.6%
------------------ ------------------ ------------
Total Core Retail and
Opportunity Funds NOI$ 13,568 $ 13,977 -2.9%
================== ================== ============
(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 NOI from Fund I have been adjusted from 100% down to 38% for
comparability.
Reporting Supplement
March 31, 2009
Consolidated Balance Sheets
- ---------------------------
(in thousands)
March 31, December 31,
2009 2008
----------------- ---------------
ASSETS
Real estate
Land $ 337,905 $ 294,132
Buildings and improvements 754,107 729,159
Construction in progress 88,025 70,423
----------------- ---------------
1,180,037 1,093,714
Less: accumulated depreciation (172,585) (165,803)
----------------- ---------------
Net real estate 1,007,452 927,911
Cash and cash equivalents 115,973 86,691
Cash in escrow 6,110 6,794
Investments in and advances to unconsolidated affiliates 53,619 54,978
Rents receivable, net of $5,837 and $4,726 allowance, respectively 14,275 12,660
Notes Receivable 86,290 85,587
Preferred Equity Investment 40,000 40,000
Deferred charges, net 21,662 21,899
Prepaid expenses and other assets, net 29,575 31,735
Acquired lease intangibles, net 23,108 19,476
Net assets of discontinued operations - 3,652
----------------- ---------------
$ 1,398,064 $ 1,291,383
================= ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 781,105 $ 653,543
Notes payable 83,479 100,403
Acquired lease intangibles, net 9,254 6,506
Accounts payable and accrued expenses 19,362 22,193
Dividends and distributions payable 7,376 25,514
Share of losses in excess of investment in unconsolidated affiliates 20,902 20,633
Other liabilities 20,244 18,912
Net liabilities of discontinued operations - 1,451
----------------- ---------------
Total liabilities 941,722 849,155
----------------- ---------------
Shareholders' equity:
Common shares 34 32
Additional paid-in capital 233,390 218,527
Accumulated other comprehensive loss (4,362) (4,508)
Retained earnings 16,818 13,671
----------------- ---------------
Total controlling interest 245,880 227,722
Non-controlling interest in subsidiary 210,462 214,506
----------------- ---------------
Total shareholders equity 456,342 442,228
----------------- ---------------
$ 1,398,064 $ 1,291,383
================= ===============
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2009
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 $ 337,905 $ (194,120) $ 6,830 $ 150,615
Buildings and improvements 754,107 (292,722) 49,644 511,029
Construction in progress 88,025 (73,019) 1,025 16,031
--------------- ---------------- -------------- --------------
1,180,037 (559,861) 57,499 677,675
Less: accumulated depreciation (172,585) 28,693 (8,132) (152,024)
--------------- ---------------- -------------- --------------
Net real estate 1,007,452 (531,168) 49,367 525,651
Cash and cash equivalents 115,973 (28,868) 1,034 88,139
Cash in escrow 6,110 (2,206) 890 4,794
Investments in and advances to unconsolidated
affiliates 53,619 (39,830) (8,214) 5,576
Rents receivable, net 5,466 (1,008) (258) 4,200
Straight-line rents receivable, net 8,809 (1,793) 1,524 8,540
Intercompany - - - -
Notes Receivable 86,290 (8,326) - 77,964
Preferred equity investment 40,000 - - 40,000
Deferred charges, net 21,662 (11,312) 7,442 17,792
Prepaid expenses and other assets 29,575 23,540 590 53,705
Acquired lease intangibles 23,108 (15,841) 5 7,272
Assets of discontinued operations - - - -
--------------- ---------------- -------------- --------------
Total Assets $ 1,398,064 $ (616,812) $ 52,380 $ 833,633
=============== ================ ============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 780,975 $ (400,807) $ 70,302 $ 450,471
Notes payable 83,479 - - 83,479
Valuation of debt at acquisition, net of amortization 130 (52) 1,238 1,316
Acquired lease intangibles 9,254 (2,999) - 6,255
Accounts payable and accrued expenses 19,362 (4,218) 691 15,835
Dividends and distributions payable 7,376 - - 7,376
Due to related parties - - - -
Share of losses in excess of inv. in unconsolidated
affiliates 20,902 - (20,902) -
Other liabilities 20,244 (7,418) 1,051 13,877
Liabilities of discontinued operations - - - -
--------------- ---------------- -------------- --------------
Total liabilities 941,722 (415,494) 52,380 578,609
Shareholders' equity:
--------------- ---------------- -------------- --------------
Common shares 34 - - 34
Additional paid-in capital 233,390 - - 233,390
Accumulated other comprehensive income (4,362) - - (4,362)
Retained earnings 16,818 - - 16,818
--------------- ---------------- -------------- --------------
Total controlling interest 245,880 - - 245,880
Non-controlling interest in subsidiary 210,462 (201,318) - 9,144
--------------- ---------------- -------------- --------------
Total shareholders' equity 456,342 (201,318) - 255,024
--------------- ---------------- -------------- --------------
Total Liabilities and Shareholders' Equity $ 1,398,064 $ (616,812) $ 52,380 $ 833,633
=============== ================ ============== ==============
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 liabilities for unconsolidated investments which are accounted
for under the equity method of accounting pursuant to GAAP.
Reporting Supplement
March 31, 2009
Notes Receivable (1)
----------------------
(amounts in thousands)
At March 31, 2009 Stated Effective Extension
Underlying third-party
Accrued Interest interest Maturity options first mortgage
Investment Principal interest Total rate rate (2) date (years) Amount (3) Maturity dates
- --------------------------------------------------------------------------------------------------- --------------------------------
2008 Investments
----------------
Georgetown - 5 property 2 x 1
portfolio $ 8,000$ 829$ 8,829 9.75% 10.25% 11/2010 year $ 8,576 2009 through 2012
Georgetown - 18 property 2 x 1 $100 million in 2016,
portfolio 40,000 3,089 43,089 13.00% 13.50% 6/2010 year 114,590 balance in 2011
--------------------------------------------------- -----------
Sub-total - Georgetown 48,000 3,918 51,918 12.46% 12.96% 123,166
72nd Street 1 year 2011 w/ 1 year
37,122 1,753 38,875 13.00% 20.85% 7/2011 185,000 extension
Total 2008 preferred equity
& mezzanine
- ------------------------------------------------------------------------------- -----------
loan Investments 85,122 5,671 90,793 12.69% 16.40% 308,166
Earlier Investments
-------------------
First mortgage notes 15,693 2,245 17,938 10.50% 10.50%2009/2010 0.4 years n/a n/a
Other mezzanine notes 15,081 1,677 16,758 14.10% 14.10% 2011 - - 2012
---------------------------------------------------
Total earlier investments 30,774 3,922 34,696 12.26% 12.26%
--------------------------------------------------- -----------
Total notes receivable $ 115,896$ 9,593$ 125,489 12.58% 15.30% $ 308,166
=================================================== ===========
(1) The above activity does not include a $10 million Fund III first mortage
investment
(2) The effective rate includes upfront points and exit fees
(3) The first mortgage amount for 72nd street represents the construction loan
when fully drawn
Reporting Supplement
March 31, 2009
Portfolio Debt - Summary
Reconciliation from Pro-Rata Share of Debt to GAAP Debt
(amounts in thousands)
Reconcoliation to Consolidated
Acadia Pro-Rata Share of Debt (2) Debt as Reported
---------------------------------------------------------------- --------------------------------------
Add: Less: Acadia
Minority Pro-rata
Interest Share Consolidated
Core Portfolio Opportunity Funds Total Fixed Share of of
Principal Interest Principal Interest PrincipalInterest vs ConsolidatedUnconsolidated Debt
Mortgage Notes Payable Balance Rate Balance Rate Balance Rate Variable Debt (3) Debt (4) As Reported
- --------------------------------------------- ------------------ -------------------------- ----------- ------------- ------------
Fixed-Rate Debt (1) $ 398,241 5.2% $ 29,841 5.9% $ 428,082 5.2% 80% $ 126,745 $ (67,778) $ 487,049
Variable-Rate Debt (1) 35,444 1.8% 70,424 2.1% 105,868 1.8% 20% 274,061 (2,524) 377,405
------------------ ------------------ -------------------------- ----------- ------------- ------------
Total $ 433,685 4.9% $ 100,265 3.1% $ 533,950 4.6% 100% $ 400,807 $ (70,302) 864,454
================== ================== ========================== =========== =============
FAS 141 purchase price debt
allocation 130
------------
Total debt as reported $ 864,584
============
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.
Reporting Supplement
March 31, 2009
Debt Analysis
(amounts in thousands)
Principal Acadia's Pro-rata
Balance at share InterestMaturity Extension
March
Property Notes Entity Lender/Originator 31, 2009 Percent Amount Rate Date Options
- ------------------------------------------- ----------------------------------------------------------------------------------------
CORE PORTFOLIO
- -------------------------
Fixed-Rate Debt
- -------------------------
Acadia Realty Trust 10 Acadia 3.75% Convertible Notes $83,479 100.0% $83,479 3.75%12/20/2011 None
Chestnut Hill Acadia Column Financial, Inc. 9,617 100.0% 9,617 5.45% 6/11/2013 None
New Loudon Center Acadia RBS Greenwich Capital 14,500 100.0% 14,500 5.64% 9/6/2014 None
Crossroads Shopping Crossroads JV JP Morgan Chase Bank, N.A. None
Center 62,948 49.0% 30,845 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 Shopping Acadia RBS Greenwich Capital None
Center 12,441 100.0% 12,441 5.12% 11/6/2015
Elmwood Park Shopping Acadia Bear Stearns Commercial None
Center Mortgage, Inc. 34,600 100.0% 34,600 5.53% 1/1/2016
Gateway Shopping Center Acadia Bear Stearns Commercial None
Mortgage, Inc. 20,500 100.0% 20,500 5.44% 3/1/2016
Acadia Brandywine Brandywine JV Bear Stearns Commercial None
Subsidiary Mortgage, Inc. 61,375 22.2% 13,639 5.99% 7/1/2016
Acadia Brandywine Town Brandywine JV Bear Stearns Commercial None
Center Mortgage, Inc. 31,550 22.2% 7,011 5.99% 7/1/2016
Acadia Market Square Brandywine JV Bear Stearns Commercial None
Shopping Center Mortgage, Inc. 24,375 22.2% 5,417 5.99% 7/1/2016
Acadia Brandywine Brandywine JV Bear Stearns Commercial None
Condominium Mortgage, Inc. 22,650 22.2% 5,033 5.99% 7/1/2016
Acadia Brandywine Brandywine JV Bear Stearns Commercial None
Holdings 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. 8,286 60.0% 4,972 6.40% 11/1/2032
Interest rate swaps 1 Acadia Bank of America, N.A. 63,504 100.0% 63,504 5.34% Various
---------- ---------- --------
Sub-Total Fixed-Rate Debt 569,425 398,241 5.18%
---------- ---------- --------
Variable-Rate Debt
- -------------------------
Various Acadia Bank of America, N.A. Libor + (2) 12
2 48,900 100.0% 48,900 125 12/1/2010 mos.
Branch Plaza Acadia Bank of America, N.A. Libor + (1) 12
15,464 100.0% 15,464 130 12/1/2011 mos.
Village Commons Shopping Acadia Bank of America, N.A. Libor +
Center 3 9,584 100.0% 9,584 140 6/29/2012
Ledgewood Mall 4 Acadia JP Morgan Chase Bank, N.A. 25,000 100.0% 25,000Libor + 125 3/29/2010
Interest rate swaps 1 Acadia Bank of America, N.A. (63,504) 100.0% (63,504)
---------- ----------
Sub-Total Variable-Rate Libor +
Debt 35,444 35,444 127
---------- -------------------------
Total Core Portfolio Debt $604,869 $433,685 4.90%
========== ========== ========
Reporting Supplement
March 31, 2009
Debt Analysis
(amounts in thousands)
Principal Acadia's Pro-rata
Balance at share Interest Maturity Extension
March 31,
Property Notes Entity Lender/Originator 2009 Percent Amount Rate Date Options
- ------------------------------------------- ----------------------------------------------------------------------------------------
OPPORTUNITY FUNDS
- -------------------------
Fixed-Rate Debt
- -------------------------
Storage Post - Suffern Fund III GEMSA Loan Services, LP $4,912 18.9% $929 5.37% 12/1/2009 None
Storage Post - Various 6 Fund III Wachovia 34,119 18.9% 6,450 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 5 Fund II Bank of America, N.A. 25,500 19.8% 5,039 5.80% 10/1/2017 None
Pelham Manor 5 Fund II Bear Sterns Commercial 27,216 19.8% 5,378 7.18% 1/1/2020 None
Atlantic Avenue Fund II Bear Sterns Commercial 3,725 13.3% 497 7.14% 1/1/2020 None
Interest rate swap 1 Fund I Bank of America, N.A. 9,800 37.8% 3,702 5.86%10/29/2010
---------- ---------- --------
Sub-Total Fixed-Rate Debt 146,772 29,841 5.95%
---------- ---------- --------
Variable-Rate Debt
- -------------------------
CityPoint Fund II Bank of America, N.A. Libor + (2) 6
7,898 19.8% 1,564 250 8/13/2009 mos.
Acadia Strategic Fund II Bank of America, N.A. / Libor + None
Opportunity Fund II, LLC 8 Bank of New York 53,681 20.0% 10,736 250 3/1/2010
Sherman Plaza 5 Fund II Bank of America 19,000 19.8% 3,754Libor + 150 1/15/2010 None
161st Street Fund II RBS Greenwich Capital Libor + (1) 12
5 30,000 19.8% 5,928 140 4/1/2010 mos.
Liberty Avenue Fund II PNC Bank, National Libor + (2) 12
5 Association 11,414 19.8% 2,255 165 5/18/2009 mos.
Fordham Plaza Fund II Eurohypo AG Libor + (3) 6
5 84,616 19.8% 16,720 175 10/4/2009 mos.
Sterling Heights Shopping Fund I JP Morgan Chase Bank, N.A. Libor + None
Center 2,542 37.8% 960 185 8/23/2010
Acadia Strategic Fund III Bank of America, N.A. Comm None
Opportunity Fund III, Paper
LLC 9 143,250 19.9% 28,507 +45 10/9/2011
Tarrytown Shopping Center Fund I Anglo Irish Bank Libor + (2) 12
Corporation 9,800 37.8% 3,702 16510/30/2010 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 Libor +
Debt 352,401 70,424 158
---------- -------------------------
Total Opportunity Funds
Portfolio Debt $499,173 $100,265 3.08%
========== ========== ========
Reporting Supplement
March 31, 2009
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 Rate Date
----------------------------------------------- --------------------------------
$ 4,449 1.39% 4.71% 6.10% 1/1/2010
10,900 1.39% 4.90% 6.29% 10/1/2011
8,155 1.39% 5.14% 6.53% 3/1/2012
15,000 1.39% 3.79% 5.18% 11/30/2012
15,000 1.39% 3.41% 4.80% 11/30/2012
10,000 1.39% 2.65% 4.04% 11/30/2012
------------------ --------------------------- -------------
Core Portfolio $ 63,504 1.39% 3.95% 5.34%
================== =========================== =============
Opportunity Funds $ 9,800 1.39% 4.47% 5.86% 10/29/2010
================== =========================== =============
Total Core Portfolio and Opportunity Funds $ 73,304 1.39% 4.02% 5.41%
================== =========================== =============
(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. Subsequent to March 31, 2009, the Company paid down
$10 million on this facility.
(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) Subsequent to March 31, 2009, the Company paid down $23 million on this facility.
(5) Fund II is a 98.8% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 98.87% x 20%,
or 19.8%.
(6) The loan is collateralized by Storage Post locations - Starr Avenue, New Rochelle, Yonkers and Bruckner Blvd.
(7) The loan is collateralized by Storage Post locations - Linden, Webster Avenue, Jersey City, Fordham Road and Lawrence.
(8) This is a revolving facility for up to $70,000.
(9) This is a line of credit with a capacity of $245,000.
(10) Convertible notes balance pursuant to FSP 14-1. The actual face amount of the convertible notes at March 31, 2009 is $88,511.
Reporting Supplement
March 31, 2009
Future Debt Maturities
- ----------------------------
(in thousands)
Core Portfolio Weighted Average Interest Rate
Acadia's Pro-rata Share of Maturing Debt
------------------------------------- -------------------------------------
Scheduled Scheduled
Year Amortization Maturities Total Amortization Maturities Total Total Debt Fixed-Rate Variable-
Debt Rate Debt
- ---------------------------------------- ---------- ------------------------------------- -------------------------------------
2009 $ 1,490 $ - $ 1,490 $ 1,115 $ - $ 1,115 n/a n/a n/a
2010 2,553 73,900 76,453 2,019 73,900 75,919 1.75% n/a 1.75%
2011 2,940 98,264 101,204 2,376 98,264 100,640 3.46% 3.75% 1.80%
2011 (1) - 5,032 5,032 - 5,032 5,032 3.75% 3.75% n/a
2012 3,088 9,060 12,148 2,497 9,060 11,557 1.90% n/a 1.90%
2013 3,248 8,777 12,025 2,618 8,777 11,395 5.45% 5.45% n/a
Thereafter 12,576 388,973 401,549 9,221 223,838 233,059 5.61% 5.61% n/a
------------------------- ---------- -------------------------------------
$ 25,895 $ 584,006 $ 609,901 $ 19,846 $ 418,871 $ 438,717
========================= =========================
Less:
additional
convertible
notes balance (5,032) (5,032)
---------- ------------
Balance per
Portfolio Debt
Detail $ 604,869 $ 433,685
========== ============
Weighted Average Interest Rate of Pro-
rata Share of Maturing Debt
---------------------------------------
Opportunity
Funds
Fixed-Rate Variable-
Total Debt Debt Rate Debt
-------------------------------------
2009 $ 458 $ 142,575 $ 143,033 $ 100 $ 27,846 $ 27,946 3.25% 5.80% 2.30%
2010 61 114,888 114,949 23 25,029 25,052 2.46% n/a 2.46%
2011 - 184,750 184,750 - 36,353 36,353 2.04% 5.30% 1.10%
2012 79 - 79 16 - 16 n/a n/a n/a
2013 955 - 955 189 - 189 n/a n/a n/a
Thereafter 7,440 47,967 55,407 1,470 9,239 10,709 6.44% 6.44% n/a
------------------------- ---------- -------------------------------------
$ 8,993 $ 490,180 $ 499,173 $ 1,798 $ 98,467 $ 100,265
========================= ========== =====================================
(1) Reflects additional convertible notes balance maturing in 2001.
Reporting Supplement
March 31, 2009
Future Debt Maturities Including
Extension Options
- --------------------------------
(in thousands)
Core Portfolio Weighted Average Interest Rate
Acadia's Pro-rata Share of Maturing Debt
--------------------------------- ---------------------------------------
Scheduled Scheduled Total Fixed-Rate Variable-
Year Amortization Maturities Total Amortization Maturities Total Debt Debt Rate Debt
- --------------------------------------- -------------- --------------------------------- ---------------------------------------
2009 $ 1,490 $ - $ 1,490 $ 1,115 $ - $ 1,115 n/a n/a n/a
2010 2,553 25,000 27,553 2,019 25,000 27,019 1.75% n/a 1.75%
2011 2,940 83,479 86,419 2,376 83,479 85,855 3.75% 3.75% n/a
2011 (1) - 5,032 5,032 - 5,032 5,032 3.75% 3.75% n/a
2012 3,336 72,497 75,833 2,745 72,497 75,242 1.78% n/a 1.78%
2013 3,248 8,777 12,025 2,618 8,777 11,395 5.45% 5.45% n/a
Thereafter 12,576 388,973 401,549 9,221 223,838 233,059 5.72% 5.72% n/a
------------------------ -------------- ---------------------------------
$ 26,143 $ 583,758 $ 609,901 $ 20,094 $ 418,623 $438,717
======================== ========================
Less: additional convertible notes
balance (5,032) (5,032)
-------------- ---------
Balance per Portfolio Debt
Detail $ 604,869 $433,685
============== =========
Weighted Average Interest Rate of Pro-rata
Share of Maturing Debt
------------------------------------------
Opportunity
Funds
Total Fixed-Rate Variable-Rate Debt
Debt Debt
---------------------------------------
2009 $ 458 $ 38,648 $ 39,106 $ 100 $ 7,307 $ 7,407 5.80% 5.80% n/a
2010 61 82,985 83,046 23 16,963 16,986 2.75% n/a 2.75%
2011 - 269,280 269,280 - 53,410 53,410 1.60% n/a 1.60%
2012 79 9,800 9,879 16 3,702 3,718 2.15% n/a 2.15%
2013 955 41,500 42,455 189 7,846 8,035 5.30% 5.30% n/a
Thereafter 7,440 47,967 55,407 1,470 9,239 10,709 6.44% 6.44% n/a
------------------------ -------------- ---------------------------------
$ 8,993 $ 490,180 $ 499,173 $ 1,798 $ 98,467 $100,265
======================== ============== =================================
(1) Reflects additional convertible notes balance maturing in (2001.)
- -0-
*T
Reporting Supplement
March 31, 2009
Selected Operating Ratios Three months Year
- ------------------------------------------------------
ended ended
March 31, December
31,
-------------
2009 2008
----------- ---------
Coverage Ratios (1)
- ------------------------------------------------------
Interest Coverage Ratio
EBIDTA $ 22,337 $ 70,782
Divided by Interest expense 6,661 24,266
----------- ---------
3.35 x 2.92
Fixed Charge Coverage Ratio
EBIDTA $ 22,337 $ 70,782
Divided by ( Interest expense 6,661 24,266
+ Preferred Dividends) (2) 5 35
----------- ---------
3.35 x 2.91
Debt Service Coverage Ratio
EBIDTA $ 22,337 $ 70,782
Divided by ( Interest expense 6,661 24,266
+ Principal Amortization) 398 2,781
----------- ---------
3.16 x 2.62
Payout Ratios
- ------------------------------------------------------
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $ 7,376 $ 28,180
FFO 14,268 40,492
----------- ---------
52% 70%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $ 7,376 $ 28,180
AFFO 13,900 38,255
----------- ---------
53% 74%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $ 7,376 $ 28,180
FAD 13,502 35,474
----------- ---------
55% 79%
Leverage Ratios
- ------------------------------------------------------
Debt/Total Market Capitalization
Debt (3)$ 500,950 $513,134
Total Market Capitalization (4) 1,055,846 984,473
----------- ---------
47% 52%
Debt + Preferred Equity (Preferred O.P. Units) $ 501,295 $513,492
Total Market Capitalization (4) 1,055,846 984,473
----------- ---------
47% 52%
Notes:
(1) Quarterly results for 2009 and 2008 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.
(4) Reflects market capitalization including the issuance of 5.75 million new
Common Shares on April 17, 2009.
Reporting Supplement
March 31, 2009
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 1.3 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
Reporting Supplement
March 31, 2009
Fund I
Portfolio Detail
- -------------------------
Annualized Base Rent
Owner-
ship 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% 4.81% 60.39% $ 526,600 $ 36,300 $ 562,900 $ 5.83 $ 11.71 $ 6.02
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% 17.65% 49.91% 976,936 200,047 1,176,983 7.79 10.36 8.14
New York
- -------------------------
New York
- -------------------------
Tarrytown Shopping Center 100% 15,497 19,794 35,291100.00% 82.33% 90.09% 475,000 506,063 981,063 30.65 31.05 30.86
Various
- -------------------------
Kroger/Safeway Portfolio
(18 Properties) 75% 709,400 - 709,400100.00% 0.00%100.00% 6,551,556 - 6,551,556 9.24 - 9.24
----------------------------------------------------------------------------------------------------
Grand Total 905,344 129,1791,034,523 93.91% 27.56% 85.63% $8,003,492 $706,110 $8,709,602 $ 9.41 $ 19.83 $ 9.83
====================================================================================================
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
Reporting Supplement
March 31, 2009
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 709,400 Various 6,551,556 9.24 Various
---------- ------------------------------
Total Anchors 850,248 $ 8,003,492 $ 9.41
========== ==============================
General note - The above detail does not include space which is currently
leased, but for which rent payment has not yet commenced.
Reporting Supplement
March 31, 2009
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
2011 18 709,400 83.44% $ 6,551,556 81.86% $ 9.24
2017 1 34,951 4.11% 450,336 5.63% 12.88
2024 1 70,400 8.28% 281,600 3.52% 4.00
2026 1 20,000 2.35% 245,000 3.06% 12.25
2080 1 15,497 1.82% 475,000 5.93% 30.65
----------------------------------------- ----------------------------------------
Total Occupied 22 850,248 100.00% $ 8,003,492 100.00% $ 9.41
========================================= ========================================
Total Vacant 55,096
---------------
Total Square Feet 905,344
===============
Shop Tenant Expirations
Month to Month 5 13,317 37.41% $ 116,583 16.51% $ 8.75
2010 1 2,547 7.15% 83,516 11.83% 32.79
2011 2 3,465 9.73% 67,574 9.57% 19.50
2012 2 2,920 8.20% 61,344 8.69% 21.01
2014 2 4,341 12.19% 146,596 20.76% 33.77
2018 2 3,861 10.84% 79,655 11.28% 20.63
2020 1 5,157 14.48% 150,842 21.36% 29.25
----------------------------------------- ----------------------------------------
Total Occupied 15 35,608 100.00% $ 706,110 100.00% $ 19.83
========================================= ========================================
Total Vacant 93,571
---------------
Total Square Feet 129,179
===============
Total Anchor and Shop
Tenant Expirations
Month to Month 5 13,317 1.50% $ 116,583 1.34% $ 8.75
2010 1 2,547 0.29% 83,516 0.96% 32.79
2011 20 712,865 80.46% 6,619,130 76.02% 9.29
2012 2 2,920 0.33% 61,344 0.70% 21.01
2014 2 4,341 0.49% 146,596 1.68% 33.77
2017 1 34,951 3.95% 450,336 5.17% 12.88
2018 2 3,861 0.44% 79,655 0.91% 20.63
2020 1 5,157 0.58% 150,842 1.73% 29.25
2024 1 70,400 7.95% 281,600 3.23% 4.00
2026 1 20,000 2.26% 245,000 2.81% 12.25
2080 1 15,497 1.75% 475,000 5.45% -
----------------------------------------- ----------------------------------------
Total Occupied 37 885,856 100.00% $ 8,709,602 100.00% $ 9.83
========================================= ========================================
Total Vacant 148,667
---------------
Total Square Feet 1,034,523
===============
Reporting Supplement
As of March 31, 2009 (1)
Fund I - Valuation
- -------------------------------------------------------
(in millions, except per share amounts)
Total
-------------
Gross asset value $ 35
Debt (12)
-------------
Net asset value 23
Additional Mervyn's return (Original capital already
returned) 6
-------------
Total Value Subject to Promote 29
General Partner (Acadia) Promote on Fund I assets x 20% 6
-------------
Remaining value to be allocated pro-rata to Fund I
investors (including Acadia) 23
Acadia's share x 22.22% 5
-------------
Value of Acadia's interest in remaining Fund I assets $ 11
=============
Notes:
- ------
1 Fund I valuation is based on September 30, 2008 property appraisals,
adjusted for 2009 Kroger/Safeway dispositions.
Reporting Supplement
March 31, 2009
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview
- -------------------------------------------------------------------------------------------------------------
Item Description
- -------------------------------------------------------------------------------------------------------------
Date formed June 2004
Capital commitment $300 million
Funding $192.0 million funded through March 31, 2009
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
Reporting
Supplement
March 31, 2009
Fund II
Portfolio Detail
----------------
Annualized Base Rent
per Occupied
Gross Leasable Area Occupancy Annualized Base Rent Square 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
- --------
Fordham Place 98.6% 74,899 44,547 119,446 100.00% 92.97% 97.38% 2,873,228 2,331,012 5,204,240 38.36 56.28 44.74
Liberty Avenue 98.6% 10,880 15,245 26,125 100.00% 100.00% 100.00% 394,944 501,139 896,083 36.30 32.87 34.30
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 283,113 145,979 429,092 100.00% 78.12% 92.56% 8,945,394 4,250,652 13,196,046 31.60 37.27 33.23
------- ------- ------- ------- ------- ------- ---------- ---------- ----------- ------- ------ ------
Grand Total 395,113 145,979 541,092 100.00% 78.12% 94.10% $9,770,394 $4,250,652 $14,021,046 $24.73 $37.27 $27.54
======= ======= ======= ======= ======= ======= ========== ========== =========== ======= ====== ======
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 or are in the design phase as further detailed under
Redevelopment Projects.
New York Ownership %
- -------- -----------
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.
Reporting Supplement
March 31, 2009
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
- --------
Fordham Place (1)
Sears 35,194 1/31/2023 1,126,208 32.00 (2) 5 Year
Best Buy 39,705 1/31/2019 1,747,020 44.00 (4) 5 Year
------------- ----------------
74,899 2,873,228 38.36
------------- ---------------- --------
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 283,113 8,945,394 31.60
------------- ---------------- --------
Total Anchors 395,113 $9,770,394 $24.73
============= ================ ========
General note - The above detail does not include space which is currently leased, but for which rent payment has not
yet commenced.
(1) Has total office space of approximately 129,000 square feet which is not included above.
Reporting Supplement
March 31, 2009
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 63.10% $ 4,162,222 42.60% $ 16.69
2019 1 39,705 10.05% $ 1,747,020 17.88% $ 44.00
2023 1 35,194 8.91% $ 1,126,208 11.53% $ 32.00
2027 1 60,000 15.19% 2,340,000 23.95% 39.00
2032 1 10,880 2.75% 394,944 4.04% 36.30
-------- --------- -------- ----------- -------- ----------
Total Occupied 6 395,113 100.00% $ 9,770,394 100.00% $ 24.73
======== ========= ======== =========== ======== ==========
- --------------------------------------------
Total Vacant -
---------
Total Square Feet 395,113
=========
- --------------------------------------------
Shop Tenant Expirations
Month to Month 1 6,109 5.36% $ 35,520 0.84% $ 5.81
2011 3 24,065 21.10% 584,773 13.76% 24.30
2012 3 27,205 23.86% 573,208 13.49% 21.07
2013 1 4,462 3.91% 167,994 3.95% 37.65
2019 1 4,575 4.01% 115,244 2.71% 25.19
2022 1 - 0.00% 225,000 5.29% -
2023 1 31,417 27.55% 1,131,012 26.61% 36.00
2027 1 6,208 5.44% 217,901 5.13% 35.10
2048 1 10,000 8.77% 1,200,000 28.23% 120.00
-------- --------- -------- ----------- -------- ----------
Total Occupied 13 114,041 100.00% $ 4,250,652 100.00% $ 37.27
======== ========= ======== =========== ======== ==========
- --------------------------------------------
Total Vacant 31,938
---------
Total Square Feet 145,979
=========
- --------------------------------------------
Total Anchor and Shop Tenant Expirations
Month to Month 1 6,109 1.20% $ 35,520 0.25% $ 5.81
2011 5 273,399 53.70% 4,746,995 33.86% 17.36
2012 3 27,205 5.34% 573,208 4.09% 21.07
2013 1 4,462 0.88% 167,994 1.20% 37.65
2019 2 44,280 8.70% 1,862,264 13.28% 42.06
2023 2 66,611 13.08% 2,257,220 16.10% 33.89
2027 2 66,208 13.00% 2,557,901 18.24% 38.63
2022 1 - 0.00% 225,000 1.60% -
2032 1 10,880 2.14% 394,944 2.82% 36.30
2048 1 10,000 1.96% 1,200,000 8.56% 120.00
-------- --------- -------- ----------- -------- ----------
Total Occupied 19 509,154 100.00% $14,021,046 100.00% $ 27.54
======== ========= ======== =========== ======== ==========
- --------------------------------------------
Total Vacant 31,938
---------
Total Square Feet 541,092
=========
- --------------------------------------------
Reporting Supplement
March 31, 2009
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 March 31, 2009
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
Reporting Supplement
March 31, 2009
Fund III
Portfolio Detail
----------------
Annualized Base Rent
per Occupied
Gross Leasable Area Occupancy Annualized Base Rent Square Foot
----------------------- --------------------- -------------------------------- ---------------------
Ownership % Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
----------- ----------------------- --------------------- -------------------------------- ---------------------
New York
--------
Cortlandt Towne Center 100.0% 510,538 131,259 641,797 83.79% 85.87% 84.22% $6,007,613 $2,452,325 $8,459,938 $14.04 $21.76 $15.65
======================= ===================== ================================ =====================
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 primary anchors at Cortlandt Towne Center are Wal*Mart, A&P and United Artists Theatre.
Reporting Supplement
March 31, 2009
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 85.0%
----------- ------------
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 68.3%
----------- ------------
Total Operating Properties 830,696 74.3%
============
Currently under development.
- ----------------------------
Ridgewood Queens, New York 89,900
-----------
Total Storage Post Portfolio 920,596
===========
March 31, 2009
Storage Post Property Locations and Acadia Redevelopment Properties
- -------------------------------------------------------------------
with a Self-Storage Component
- -----------------------------
- --------------------------
Storage Post Properties
Location
- --------------------------
New York:
Bruckner Blvd (Bronx)
Fordham Road (Bronx)
Webster Ave (Bronx)
Lawrence
Long Island City (Queens)
New Rochelle (Westchester)
Ridgewood (Queens)
Suffern
Yonkers (Westchester)
New Jersey:
Jersey City
Linden
Total Storage Post
- --------------------------
- --------------------------
Acadia properties with a
self storage component
Location
- --------------------------
Liberty (Queens)
Canarsie (Brooklyn)
Atlantic Ave. (Brooklyn)
Pelham Manor (Westchester)
Total Acadia
- --------------------------
Reporting Supplement
March 31, 2009
New York Urban/Infill: Development costs - Construction Complete
- -----------------------------------------------------------------
Estimated Total cost
Estimated square to date
completion footage (including Estimated Total Debt as of
of upon acquisition future project March 31,
Property Anchors/Tenants Construction completion cost) cost cost 2009 % Leased (2)
- ------------------------------------------------------------------------------------------------------------------------------------
Fund II ($ in millions)
- ------- ---------------
Construction complete
- ---------------------
Retail - 98%
Fordham Place Sears, Walgreens, Office - 34%
Best Buy, 24 Hour
Fitness Completed 271,000 $118.6 $ 6.4 $125.0 $ 84.6
Pelham Manor Shopping Center (1) BJ's Wholesale
Club Completed 320,000 60.1 4.9 65.0 27.2 74%
216th Street City of New York
Dept of General
Services Completed 60,000 27.7 - 27.7 25.5 100%
Liberty Avenue (1) CVS, Storage Post Completed 125,000 14.9 - 14.9 11.4 100%
161st Street (3) Various New York
City and State
Agencies Completed 232,000 53.0 12.0 65.0 30.0 87%
------------ ----------- --------- ------- ----------
Retail - 84%
Total 1,008,000 $274.3 $23.3 $297.6 $178.7 Office - 71%
------------ ----------- --------- ------- ----------
(1) Fund II acquired a ground lease interest at this property.
(2) Percentage leased excludes the storage component at Pelham Manor and Liberty Avenue.
(3) 161st Street is currently cash flowing with an occupancy rate of 87%. Redevelopment plans for this property are to
be determined.
Reporting Supplement
March 31, 2009
New York Urban/Infill: Development costs - Construction/Design
- ----------------------------------------------------------------------
Total cost
Estimated to date
Estimated square (including Estimated Total Debt as of
completion footage upon acquisition future project March 31,
Property Anchors/Tenants of Construction completion cost) cost cost 2009
- ------------------------------------------------------------------------------------------------------------------------------------
Fund II ($ in millions)
- ------- ---------------
Under Construction
- ------------------
Atlantic Avenue Storage Post 2nd half 2009 110,000 $ 15.1 $ 7.9 $ 23.0 $ 3.7
Canarsie Plaza (1) BJ's Wholesale Club 1st half 2011 257,000 22.6 51.4 74.0 -
------------ -------------- --------- ------- ----------
Sub-total 367,000 $ 37.7 $ 59.3 $ 97.0 $ 3.7
------------ -------------- --------- ------- ----------
In Design
- ---------
Sherman Avenue To be determined To be determined 216,000 30.4 24.6 55.0 19.0
CityPoint (2) Target To be determined 418,750 42.9 185.9 228.8 7.9
------------ -------------- --------- ------- ----------
Sub-total 634,750 73.3 210.5 283.8 26.9
------------ -------------- --------- ------- ----------
Total Construction/Design 1,001,750 $ 111.0 $ 269.8 $ 380.8 $ 30.6
------------ -------------- --------- ------- ----------
Fund III
- --------
In Design
- ---------
Sheepshead Bay To be determined To be determined 240,000 $ 22.3 $ 86.7 $ 109.0 $ -
125 Main Street (Westport, CT) To be determined To be determined 30,000 17.4 5.6 23.0 -
------------ -------------- --------- ------- ----------
Total Design 270,000 $ 39.7 $ 92.3 $ 132.0 $ -
------------ -------------- --------- ------- ----------
(1 )Cost to date is net of lease termination income from Home Depot.
(2 )Fund II, along with P/A Associates, Washington Square Partner and MacFarlane Partners are co-developing the retail and office
components at CityPoint. Amounts
represent Fund II's pro-rata share.
Reporting Supplement
March 31, 2009
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
Reporting Supplement
March 31, 2009
Retailer Controlled Property ("RCP") Venture - Investments
-----------------------------------------------------------
The following table summarizes the RCP Venture investments from inception through March 31, 2009
Year Invested Equity
Investor Investment acquired capital Distributions Multiple
------------------------------ --------------------------- -------- ------------ ------------- -----------
Mervyns I and Mervyns II Mervyns 2004 $25,348 $45,966 1.8 X
Mervyns II Mervyns Realco 2007 2,155 - -
Mervyns I and Mervyns II Mervyns add-on investments 2005 3,445 1,703 0.5 X
Mervyns II Albertson's 2006 20,717 63,833 3.1 X
Mervyns II Albertson's add-on investments 2006/2007 2,409 466 0.2 X
Fund II Shopko 2006 1,100 1,100 1.0 X
Fund II Marsh 2006 667 - -
Fund II Marsh add-on investments 2008 2,000 1,010 0.5 X
Mervyns II Rex 2007 2,701 - -
------------ ------------- --------
Total $60,542 $114,078 1.9 X
============ ============= ========
- ------------------------------------------------------------------------------------------------------------------
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.
- ------------------------------------------------------------------------------------------------------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2009
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 - 16,834 100.00% - 100.00% $ 1,397,621 $ - $ 1,397,621 $ 83.02 $ - $ 83.02
------- ------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------- -------
New Jersey
- ----------
Elmwood Park
Shopping Center 100.0% 62,610 86,881 149,491 100.00% 85.93% 91.82% 1,390,460 1,868,906 3,259,366 22.21 25.03 23.74
A & P
Shopping Plaza 60.0% 49,463 13,445 62,908 100.00% 100.00% 100.00% 900,000 359,316 1,259,316 18.20 26.72 20.02
------- ------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------- -------
Total -
New Jersey 112,073 100,326 212,399 100.00% 87.82% 94.24% 2,290,460 2,228,222 4,518,682 20.44 25.29 22.57
------- ------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------- -------
New York
- --------
Village Commons
Shopping
Center 100.0% 3,891 83,346 87,237 0.00% 82.05% 78.39% - 2,138,339 2,138,339 - 31.27 31.27
Branch Plaza 100.0% 74,050 51,701 125,751 100.00% 100.00% 100.00% 1,212,640 1,481,537 2,694,177 16.38 28.66 21.42
Amboy Road 100.0% 46,964 16,326 63,290 100.00% 85.30% 96.21% 1,052,068 724,967 1,777,035 22.40 52.06 29.18
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 96,353 100.00% 82.61% 92.00% 383,168 750,481 1,133,649 7.36 20.51 12.79
2914 Third
Avenue 100.0% 33,500 8,900 42,400 100.00% 100.00% 100.00% 550,000 325,028 875,028 16.42 36.52 20.64
LA Fitness 100.0% 55,000 - 55,000 100.00% - 100.00% 1,265,000 - 1,265,000 23.00 - 23.00
West 54th
Street 100.0% 4,211 5,784 9,995 100.00% 94.50% 96.82% 1,349,829 1,521,182 2,871,011 320.55 278.31 296.69
East 17th
Street 100.0% 19,622 - 19,622 100.00% 0.00% 100.00% 625,000 - 625,000 31.85 - 31.85
Crossroads
Shopping
Center 49.0% 210,114 100,708 310,822 100.00% 83.35% 94.61% 2,533,929 3,382,940 5,916,869 12.06 40.30 20.12
------- ------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------- -------
Total -
New York 499,404 325,742 825,146 99.22% 85.99% 94.00% 8,971,634 10,661,139 19,632,773 18.11 38.06 25.31
------- ------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------- -------
Total
New York 628,311 426,068 1,054,379 99.38% 86.42% 94.14% 12,659,715 12,889,361 25,549,076 20.27 35.01 25.74
------- ------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------- -------
New England
-----------
Connecticut
- -----------
Town Line
Plaza( 2) 100.0% 163,159 43,187 206,346 100.00% 100.00% 100.00% 937,000 733,620 1,670,620 14.23 16.99 15.32
------- ------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------- -------
Massachusetts
- ---------------
Methuen
Shopping
Center 100.0% 120,004 10,017 130,021 100.00% 100.00% 100.00% 736,464 222,225 958,689 6.14 22.18 7.37
Crescent Plaza 100.0% 156,985 61,156 218,141 100.00% 81.40% 94.79% 1,178,872 520,882 1,699,754 7.51 10.46 8.22
------- ------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------- -------
Total -
Massachusetts 276,989 71,173 348,162 100.00% 84.02% 96.73% 1,915,336 743,107 2,658,443 6.91 12.43 7.89
------- ------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------- -------
New York
- --------
New Loudon
Center 100.0% 251,211 4,615 255,826 100.00% 100.00% 100.00% 1,611,605 115,173 1,726,778 6.42 24.96 6.75
------- ------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------- -------
Rhode Island
- ------------
Walnut Hill
Plaza 100.0% 121,892 162,825 284,717 100.00% 92.56% 95.75% 1,005,500 1,416,103 2,421,603 8.25 9.40 8.88
------- ------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------- -------
Vermont
- -------
The Gateway
Shopping
Center 100.0% 73,184 28,600 101,784 100.00% 84.38% 95.61% 1,353,904 511,252 1,865,156 18.50 21.19 19.17
------- ------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------- -------
Total
New England 886,435 310,400 1,196,835 100.00% 90.99% 97.66% 6,823,345 3,519,255 10,342,600 8.65 12.46 9.65
------- ------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------- -------
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.
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2009
Core Portfolio Retail Properties -
Detail
- ----------------------------------------
Annualized Base Rent
Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total
---------------------------------------------------------------------------------------------------------------
Core Acadia's
Portfolio
(continued):
interest
----------------
Midwest
- -------------
Illinois
- -------------
Hobson West
Plaza 100.0% 51,692 47,446 99,138 100.00% 79.25% 90.07% $225,436 $879,217 $1,104,653 $4.36 $23.38 $12.37
Clark
Diversey 100.0% - 19,265 19,265 - 100.00% 100.00% - 844,734 844,734 - 43.85 43.85
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total -
Illinois 51,692 66,711 118,403 100.00% 85.24% 91.69% 225,436 1,723,951 1,949,387 4.36 30.32 17.96
Indiana
- -------------
Merrillville
Plaza 100.0% 145,266 89,860 235,126 100.00% 88.17% 95.48% 1,615,642 1,340,030 2,955,672 11.12 16.91 13.17
Michigan
- -------------
Bloomfield
Towne Square 100.0% 152,944 79,237 232,181 82.04% 96.39% 86.94% 1,015,349 1,291,547 2,306,896 8.09 16.91 11.43
Ohio
- -------------
Mad River
Station (1) 100.0% 68,296 57,687 125,983 100.00% 78.16% 90.00% 802,719 627,538 1,430,257 11.75 13.92 12.61
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total Midwest 418,198 293,495 711,693 93.43% 87.76% 91.09% 3,659,146 4,983,066 8,642,212 9.36 19.35 13.33
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Mid-Atlantic
- -------------
New Jersey
- -------------
Marketplace
of Absecon 100.0% 58,031 46,687 104,718 100.00% 93.27% 97.00% 984,014 660,361 1,644,375 16.96 15.17 16.19
Ledgewood
Mall 100.0% 370,969 146,182 517,151 91.03% 53.24% 80.35% 2,548,390 1,051,478 3,599,868 7.55 13.51 8.66
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total - New
Jersey 429,000 192,869 621,869 92.24% 62.93% 83.15% 3,532,404 1,711,839 5,244,243 8.93 14.10 10.14
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Delaware
- -------------
Brandywine
Town Center 22.2% 839,624 35,284 874,908 97.20% 87.91% 96.83% 12,596,028 559,980 13,156,007 15.43 18.05 15.53
Market Square
Shopping
Center 22.2% 42,850 59,377 102,227 100.00% 88.75% 93.47% 671,888 1,553,239 2,225,127 15.68 29.47 23.29
Naamans Road 22.2% - 19,970 19,970 0.00% 54.94% 54.94% - 583,320 583,320 - 53.17 53.17
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total -
Delaware 882,474 114,631 997,105 97.34% 82.60% 95.64% 13,267,916 2,696,539 15,964,454 15.45 28.48 16.74
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Pennsylvania
- -------------
Blackman
Plaza 100.0% 112,051 13,213 125,264 100.00% 28.97% 92.51% 268,519 20,400 288,919 2.40 5.33 2.49
Mark Plaza 100.0% 157,595 58,806 216,401 100.00% 49.48% 86.27% 652,095 220,106 872,201 4.14 7.56 4.67
Plaza 422 100.0% 139,968 16,311 156,279 100.00% 25.32% 92.21% 643,503 75,000 718,503 4.60 18.16 4.99
Route 6 Plaza 100.0% 146,498 29,007 175,505 100.00% 100.00% 100.00% 806,351 326,563 1,132,914 5.50 11.26 6.46
Chestnut Hill
(2) 100.0% 31,420 9,150 40,570 59.00% 100.00% 68.25% 482,000 325,483 807,483 26.00 35.57 29.16
Abington
Towne Center
(3) 100.0% 184,616 31,742 216,358 100.00% 89.80% 98.50% 270,000 690,848 960,848 10.00 24.24 17.31
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total -
Pennsylvania 772,148 158,229 930,377 98.33% 65.55% 92.76% 3,122,468 1,658,400 4,780,868 5.19 15.99 6.78
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total Mid-
Atlantic 2,083,622 465,729 2,549,351 96.66% 68.66% 91.54% 19,922,788 6,066,778 25,989,565 10.73 18.97 11.94
--------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------
Total Core
Properties 4,016,566 1,495,692 5,512,258 97.48% 82.10% 93.31% $43,064,994 $27,458,460 $70,523,453 $11.76 $22.36 $14.43
========= ========= ========= ======= ======= ======= =========== =========== =========== ======= ====== ======
Total Core
Properties -
weighted based on
ownership interest
(4) 3,199,026 1,349,793 4,548,819 97.41% 81.95% 92.83% 30,743,500 23,492,066 54,235,566 $9.87 $21.24 $12.84
========= ========= ========= ======= ======= ======= =========== =========== =========== ======= ====== ======
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has
not yet commenced.
(1 )The GLA for this property excludes 29,857 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.
Reporting Supplement
March 31, 2009
Core Portfolio Retail Properties by State - Summary
- ----------------------------------------------------------
Gross Leasable Area Occupancy
------------------------------------------------------
Ownership Percent Number of
of
base properties Anchors Shops Total Anchors Shops Total
rent (2)
% (1)
-----------------------------------------------------------------------------------
Connecticut 75.0% 5.0% 2 179,993 43,187 223,180 100.00% 100.00% 100.00%
Delaware 22.2% 6.3% 3 882,474 114,631 997,105 97.34% 82.60% 95.64%
Illinois 100.0% 3.6% 2 51,692 66,711 118,403 100.00% 85.24% 91.69%
Indiana 100.0% 5.4% 1 145,266 89,860 235,126 100.00% 88.17% 95.48%
Massachusetts 100.0% 4.9% 2 276,989 71,173 348,162 100.00% 84.02% 96.73%
Michigan 100.0% 4.3% 1 152,944 79,237 232,181 82.04% 96.39% 86.94%
New Jersey 88.9% 17.1% 4 541,073 293,195 834,268 93.85% 71.45% 85.98%
New York 84.6% 33.9% 11 750,615 330,357 1,080,972 99.48% 86.19% 95.42%
Ohio 100.0% 2.6% 1 68,296 57,687 125,983 100.00% 78.16% 90.00%
Pennsylvania 100.0% 8.9% 6 772,148 158,229 930,377 98.33% 65.55% 92.76%
Rhode Island 100.0% 4.5% 1 121,892 162,825 284,717 100.00% 92.56% 95.75%
Vermont 100.0% 3.4% 1 73,184 28,600 101,784 100.00% 84.38% 95.61%
------- ---------- --------- --------- --------- ------- ------- -------
Total - Core Portfolio 100.0% 35 4,016,566 1,495,692 5,512,258 97.48% 82.10% 93.31%
======= ========== ========= ========= ========= ======= ======= =======
Annualized Base Rent
Annualized Base Rent per Occupied Square
Foot
---------------------------------------------------------
Anchors Shops Total Anchors Shops Totals
---------------------------------------------------------
Connecticut $ 2,334,621 $ 733,620 $ 3,068,241 $28.23 $16.99 $24.37
Delaware 13,267,916 2,696,539 15,964,454 15.45 28.48 16.74
Illinois 225,436 1,723,951 1,949,387 4.36 30.32 17.96
Indiana 1,615,642 1,340,030 2,955,672 11.12 16.91 13.17
Massachusetts 1,915,336 743,107 2,658,443 6.91 12.43 7.89
Michigan 1,015,349 1,291,547 2,306,896 8.09 16.91 11.43
New Jersey 5,822,864 3,940,061 9,762,925 11.47 18.81 13.61
New York 10,583,239 10,776,312 21,359,551 14.17 37.85 20.71
Ohio 802,719 627,538 1,430,257 11.75 13.92 12.61
Pennsylvania 3,122,468 1,658,400 4,780,868 5.19 15.99 6.78
Rhode Island 1,005,500 1,416,103 2,421,603 8.25 9.40 8.88
Vermont 1,353,904 511,252 1,865,156 18.50 21.19 19.17
----------- ----------- ----------- ------- ------ ------
Total - Core Portfolio $43,064,994 $27,458,460 $70,523,453 $11.76 $22.36 $14.43
=========== =========== =========== ======= ====== ======
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.
Reporting Supplement
March 31, 2009
Core Portfolio Top Tenants - Ranked by Annualized Base Rent (2)
-----------------------------------------------------------------
Percentage of Total
Number of Wholly Owned Joint Ventures Combined Represented by
Retail Tenant
----------------------------------------------------------------------------------
stores in
Retail combined Total Annualized Total Annualized Total Annualized Total Annualized
Base Base Base Base
Ranking Tenant portfolio GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio Rent (1)
GLA (2)
- ------------------------------------------------------------------------------------------------------------------------------------
1 A&P/Waldbaum's/Pathmark 5 197,502 $3,613,840 18,722 $246,960 216,224 $3,860,800 4.8% 7.1%
2 Supervalu (Shaws) 4 220,625 3,075,684 - - 220,625 3,075,684 4.9% 5.7%
3 TJX Companies 9 230,627 1,798,351 19,144 344,750 249,771 2,143,101 5.5% 4.0%
-- T.J. Maxx 4 88,200 759,600 6,927 88,189 95,127 847,789 2.1% 1.6%
-- Marshalls 3 102,781 731,494 - - 102,781 731,494 2.3% 1.3%
-- Homegoods 2 39,646 307,257 12,217 256,561 51,863 563,818 1.1% 1.0%
4 Sears 5 390,270 1,355,279 49,355 277,463 439,625 1,632,742 9.7% 3.0%
-- Kmart 4 329,570 1,097,279 49,355 277,463 378,925 1,374,742 8.3% 2.5%
-- Sears 1 60,700 258,000 - - 60,700 258,000 1.3% 0.5%
5 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 4.6% 2.8%
6 Stage Deli 1 4,211 1,349,829 - - 4,211 1,349,829 0.1% 2.5%
7 Ahold (Stop and Shop) 2 117,911 1,320,168 - - 117,911 1,320,168 2.6% 2.4%
8 L.A. Fitness 1 55,000 1,265,000 - - 55,000 1,265,000 1.2% 2.3%
9 Home Depot 2 211,003 1,099,996 - - 211,003 1,099,996 4.6% 2.0%
10 Restoration Hardware 1 12,293 1,041,152 - - 12,293 1,041,152 0.3% 1.9%
11 Barnes & Noble 3 32,122 849,000 6,091 194,902 38,213 1,043,902 0.8% 1.9%
12 Sleepy's 5 40,119 847,674 - - 40,119 847,674 0.9% 1.6%
13 Price Chopper 1 77,450 802,105 - - 77,450 802,105 1.7% 1.5%
Federated Department
14 Stores (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.6% 1.2%
15 Dr. J's 1 33,500 550,000 - - 33,500 550,000 0.7% 1.0%
16 JC Penney 1 50,000 544,500 - - 50,000 544,500 1.1% 1.0%
17 Payless Shoesource 8 26,225 484,013 1,514 52,994 27,739 537,007 0.6% 1.0%
18 Rite Aid 3 32,142 511,565 - - 32,142 511,565 0.7% 0.9%
19 The Avenue 4 17,236 342,869 4,043 160,406 21,279 503,275 0.5% 0.9%
20 Border's 1 18,538 482,000 - - 18,538 482,000 0.4% 0.9%
----------- --------- ----------- ------ ---------- --------- ----------- --------- ----------
Total 60 2,050,237 $23,499,679 98,869 $1,277,475 2,149,106 $24,777,154 47.2% 45.7%
=========== ========= =========== ====== ========== ========= =========== ========= ==========
(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.
Reporting Supplement
March 31, 2009
Core Portfolio Retail Anchor
Detail
- --------------------------------
Annual Annual
Property/Tenant Name Square Lease Base Base
(Type of Center) Footage Expiration Rent Rent Options
PSF
- ----------------------------------------------------------------------------------------
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 1,013,060 16.08 (3) 5 Year
--------- ---------- ------
74,050 1,212,640 16.38
--------- ---------- ------
Amboy Shopping Center, Staten Island
King Kullen 37,266 7/6/2028 745,320 20.00
Duane Reade 9,698 8/31/2013 306,748 31.63 (1) 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 1,349,829 320.55
--------- ---------- ------
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
Home Goods 24,933 11/30/2018 523,593 21.00 (3) 5 Year
--------- ---------- ------
210,114 2,533,929 12.06
--------- ---------- ------
Total New York 624,420 12,659,715 20.27
--------- ---------- ------
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 661,912 6.20 (7) 5 Year
Supervalu 50,225 12/31/2012 516,960 10.29 (6) 5 Year
--------- ----------- ------
156,985 1,178,872 7.51
--------- ----------- ------
New York
- --------------------------------
New Loudon Center, Latham
Bon Ton 65,365 2/1/2014 274,533 4.20 (4) 5 Year
Marshalls 37,212 1/31/2014 158,150 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 221,226 10.28 (3) 5 Year
Raymours Furniture Co 49,664 4/30/2019 155,591 3.13 (3) 5 Year
--------- ----------- ------
251,211 1,611,605 6.42
--------- ----------- ------
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 197,384 22.43 (1) 5 Year
Supervalu 52,392 12/31/2013 550,116 10.50 (3) 5 Year
--------- ----------- ------
121,892 1,005,500 8.25
--------- ----------- ------
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 6,823,345 8.65
--------- ----------- ------
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 173,717 19.00
David's Bridal 13,266 11/19/2010 190,765 14.38 (2) 5 Year
TJ Maxx 25,200 1/31/2009 201,600 8.00
--------- ----------- ------
145,266 1,615,642 11.12
--------- ----------- ------
Michigan
- --------------------------------
Bloomfield Town Square, Bloomfield Hills
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 288,000 8.00 (1) 5 Year
--------- ----------- ------
125,470 1,015,349 8.09
--------- ----------- ------
Ohio
- --------------------------------
Mad River Station, Dayton
Babies 'R' Us 33,147 2/28/2010 260,204 7.85 (2) 5 Year
Pier I 10,111 2/28/2010 227,037 22.45
Office Depot 25,038 8/31/2010 315,478 12.60
--------- ----------- ------
68,296 802,719 11.75
--------- ----------- ------
Total Midwest 390,724 3,659,146 9.37
--------- ----------- ------
Retail Anchor Properties- Core Portfilio (continued)
- -------------------------------------------------
Mid-Atlantic
- ----------------------------
New Jersey
- ----------------------------
Marketplace of Absecon,
Absecon
Rite Aid 13,207 8/30/2020 329,310 24.93 (4) 5 Year
Supervalu 44,824 4/30/2015 654,704 14.61
--------- ----------- ------
58,031 984,014 16.96
--------- ----------- ------
Ledgewood Mall, Ledgewood
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 (3) 5 Year
(Federated) 73,349 1/31/2010 651,245 8.88
Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year
--------- ----------- ------
337,675 2,548,390 7.55
--------- ----------- ------
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 1,610,205 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 504,358 26.70 (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
MJM Designer 25,000 9/30/2015 325,000 13.00 (4) 5 Year
--------- ----------- ------
816,124 12,596,029 15.43
--------- ----------- ------
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
Rite Aid 7,095 7/31/2016 63,855 9.00 -
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
--------- ----------- ------
112,051 268,519 2.40
--------- ----------- ------
Mark Plaza, Edwardsville
Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year
Redner's Market 52,639 5/31/2018 447,431 8.50 (2) 5 Year
--------- ----------- ------
157,595 652,095 4.14
--------- ----------- ------
Plaza 422, Lebanon
Home Depot 104,243 12/31/2028 438,084 4.20 (6) 5 Year
Dunham's 35,725 1/31/2016 205,419 5.75 (3) 5 Year
--------- ----------- ------
139,968 643,503 4.60
--------- ----------- ------
Route 6 Mall, Honesdale
Rite Aid 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
Borders Books 18,538 1/31/2010 482,000 26.00 (2) 5 Year
--------- ----------- ------
18,538 482,000 26.00
--------- ----------- ------
Total Mid-Atlantic 2,013,946 19,922,789 10.73
--------- ----------- ------
Total Core Portfolio Retail
Anchor Properties 3,915,525 $43,064,994 $11.76
========= =========== ======
(1 )Target owns the portion of the main building (157,616 square feet) that
their store is located in.
Reporting Supplement
March 31, 2009
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 Amount all Sq. Ft.
anchors anchors
- ---------------------- --------------- ----------- ------------------------- --------- -------
2010
Chestnut Hill Borders Books 18,538 0.51% 482,000 1.12% 26.00
Methuen Shopping Demoulas
Center Supermarket 30,460 0.83% 109,656 0.25% 3.60
Ledgewood Mall Barnes & Noble 12,500 0.34% 224,000 0.52% 17.92
Ledgewood Mall Macy's 73,349 2.00% 651,245 1.51% 8.88
Ledgewood Mall Ashley
Furniture 41,806 1.14% 212,793 0.49% 5.09
Mad River Station Babies 'R' Us 33,147 0.91% 260,204 0.60% 7.85
Mad River Station Pier I Imports 10,111 0.28% 227,037 0.53% 22.45
Mad River Station Office Depot
Inc. 25,038 0.68% 315,479 0.73% 12.60
Bloomfield Town Square Home Goods Inc. 39,646 1.08% 307,257 0.71% 7.75
Bloomfield Town Square Officemax Inc. 21,500 0.59% 193,500 0.45% 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 0.74% 270,000 0.63% 10.00
----------- ---------- ---------- --------- -------
Total 2010 357,411 9.76% 3,643,516 8.44% 10.19
----------- ---------- ---------- --------- -------
2011
Route 6 Plaza Rite Aid 11,840 0.32% 118,400 0.27% 10.00
Bloomfield Town Square Marshalls 28,324 0.77% 226,592 0.53% 8.00
Market Square Shopping TJ Maxx
Center 31,175 0.85% 396,888 0.92% 12.73
Brandywine Town Center Target
Expansion 27,716 0.76% 304,876 0.71% 11.00
Brandywine Town Center Michaels 24,876 0.68% 572,148 1.33% 23.00
Brandywine Town Center Old Navy 24,631 0.67% 617,745 1.43% 25.08
Brandywine Town Center Thomasville
Furniture 18,893 0.52% 504,358 1.17% 26.70
----------- ---------- ---------- --------- -------
Total 2011 167,455 4.57% 2,741,007 6.36% 16.37
----------- ---------- ---------- --------- -------
2012
Crossroads Shopping Kmart
Center 100,725 2.75% 566,250 1.31% 5.62
Crossroads Shopping Peir 1 Imports
Center 8,818 0.24% 348,576 0.81% 39.53
Crossroads Shopping Barnes & Noble
Center 12,430 0.34% 397,760 0.92% 32.00
Crossroads Shopping Waldbaum's
Center (A&P) 38,208 1.04% 504,000 1.17% 13.19
Methuen Shopping Wal*Mart
Center 89,544 2.45% 626,808 1.46% 6.98
Ledgewood Mall The Sports
Authority 52,205 1.43% 225,000 0.52% 4.31
Hobson Plaza Garden Fresh
Markets 51,692 1.41% 225,436 0.52% 4.36
Crescent Plaza Supervalu 50,225 1.37% 516,960 1.20% 10.29
----------- ---------- ---------- --------- -------
Total 2012 403,847 4.37% 3,410,790 4.21% 8.45
----------- ---------- ---------- --------- -------
2013
Brandywine Town Center Trans Union 43,307 1.18% 1,025,768 2.38% 23.69
Brandywine Town Center Dick's Sporting
Goods 50,000 1.37% 700,000 1.63% 14.00
Merrillville Plaza JC Penney 50,000 1.37% 544,500 1.26% 10.89
Merrillville Plaza OfficeMax 26,157 0.71% 235,413 0.55% 9.00
East 17th Street Barnes & Noble 19,622 0.54% 625,000 1.45% 31.85
Amboy Center Duane Reade 9,698 0.26% 306,748 0.71% 31.61
Walnut Hill Plaza Sears 60,700 1.66% 258,000 0.60% 4.25
Walnut Hill Plaza Supervalu 52,392 1.43% 550,116 1.28% 10.50
Branch Plaza A&P 63,000 1.72% 1,013,060 2.35% 16.08
----------- ---------- ---------- --------- -------
Total 2013 374,876 5.17% 5,258,605 7.27% 14.03
----------- ---------- ---------- --------- -------
Total Core Portfolio Total - Next 4
Years 1,303,589 23.87% 15,053,918 26.28% $11
orting Supplement
March 31, 2009
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
2009 4 256,432 7.00% 824,304 1.91% 3.21
2010 14 357,411 9.76% 3,643,515 8.46% 10.19
2011 9 195,917 5.35% 3,563,381 8.27% 18.19
2012 8 403,847 11.04% 3,410,790 7.92% 8.45
2013 8 355,254 9.70% 4,603,579 10.71% 12.96
2014 7 212,235 5.80% 2,949,799 6.85% 13.90
2015 7 265,959 7.27% 4,207,916 9.77% 15.82
2016 5 78,886 2.15% 1,022,342 2.37% 12.96
2017 4 158,877 4.34% 2,565,573 5.96% 16.15
2018 6 359,783 9.83% 5,238,354 12.16% 14.56
2019 6 243,109 6.64% 1,808,792 4.20% 7.44
2020 3 184,917 5.05% 1,400,429 3.25% 7.57
2021 2 140,260 3.83% 1,211,912 2.81% 8.64
2022 2 69,837 1.91% 1,700,000 3.95% 24.34
2024 3 188,506 5.15% 3,190,904 7.41% 16.93
2028 4 189,509 5.18% 1,723,404 4.00% 9.09
---------- ------------ -------- ----------- -------- -------
Total
Occupied 92 3,660,739 100.00% $43,064,994 100.00% $11.76
========== ============ ======== =========== ======== =======
- -------------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 100,911
------------
Total Square Feet 4,016,566
============
- -------------------------------------
Shop Tenant Expirations
Month to
Month 17 40,667 3.31% $ 841,464 3.06% $20.69
2009 44 138,532 11.30% 2,713,641 9.88% 19.59
2010 46 144,986 11.81% 2,396,529 8.73% 16.53
2011 48 170,773 13.91% 3,586,393 13.07% 21.00
2012 42 147,907 12.05% 2,913,497 10.61% 19.70
2013 48 159,785 13.02% 3,588,632 13.07% 22.46
2014 28 129,370 10.54% 2,819,488 10.27% 21.79
2015 16 69,896 5.69% 1,526,664 5.56% 21.84
2016 6 35,065 2.86% 839,554 3.06% 23.94
2017 16 53,372 4.35% 2,186,835 7.96% 40.97
2018 20 51,951 4.23% 2,034,718 7.41% 39.17
2019 6 13,402 1.09% 254,306 0.93% 18.98
2020 3 6,000 0.49% 146,070 0.53% 24.35
2021 3 30,270 2.47% 244,385 0.89% 8.07
2022 4 20,055 1.63% 522,555 1.90% 26.06
2023 2 3,232 0.26% 126,712 0.46% 39.21
2027 2 9,012 0.73% 442,017 1.61% 49.05
2028 1 3,200 0.26% 275,000 1.00% 85.94
---------- ------------ -------- ----------- -------- -------
Total
Occupied 352 1,227,475 100.00% $27,458,460 100.00% $22.37
========== ============ ======== =========== ======== =======
- -------------------------------------
Total Vacant 268,217
------------
Total Square Feet 1,495,692
============
- -------------------------------------
Reporting Supplement
March 31, 2009
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.
---------- ------------ -------- --------------- -------- --------------
Total Anchor and Shop Tenant Expirations
Month to Month 17 $ 40,667 0.83% $ 841,464 1.19% $20.69
2009 48 394,964 8.08% 3,537,945 5.02% 8.96
2010 60 502,397 10.28% 6,040,044 8.56% 12.02
2011 57 366,690 7.50% 7,149,774 10.15% 19.50
2012 50 551,754 11.29% 6,324,287 8.97% 11.46
2013 56 515,039 10.53% 8,192,211 11.62% 15.91
2014 35 341,605 6.99% 5,769,287 8.18% 16.89
2015 23 335,855 6.87% 5,734,580 8.13% 17.07
2016 11 113,951 2.33% 1,861,896 2.64% 16.34
2017 20 212,249 4.34% 4,752,408 6.74% 22.39
2018 26 411,734 8.42% 7,273,072 10.31% 17.66
2019 12 256,511 5.25% 2,063,098 2.93% 8.04
2020 6 190,917 3.91% 1,546,499 2.19% 8.10
2021 5 170,530 3.49% 1,456,297 2.06% 8.54
2022 6 89,892 1.84% 2,222,555 3.15% 24.72
2023 2 3,232 0.07% 126,712 0.18% 39.21
2024 3 188,506 3.86% 3,190,904 4.52% 16.93
2027 2 9,012 0.18% 442,017 0.63% 49.05
2028 5 192,709 3.94% 1,998,403 2.83% 10.37
---------- ------------ -------- --------------- -------- ------------
Total Occupied 444 $4,888,214 100.00% $70,523,453 100.00% $14.43
========== ============ ======== =============== ======== ============
- ------------------------------------------
Anchor GLA Owned by Tenants 254,916
Total Vacant 369,128
------------
Total Square Feet 5,512,258
- ------------------------------------------
Reporting Supplement
March 31, 2009
------------------- -------------------
Core Portfolio Year-to-Date 3 months ended
New and Renewal Rent Spreads (1) March 31, 2009 March 31, 2009
- ---------------------------------------- ------------------- -------------------
Cash (2) GAAP (3) Cash (2) GAAP (3)
--------- --------- --------- ---------
New leases
Number of new leases commencing 4 4 4 4
GLA 18,242 18,242 18,242 18,242
New base rent $ 13.73 $ 13.99 $ 13.73 $ 13.99
Previous base rent (and percentage rent) $ 20.84 $ 20.15 $ 20.84 $ 20.15
Percentage growth in base rent -34.1% -30.6% -34.1% -30.6%
Average cost per square foot $ 17.83 $ 17.83 $ 17.83 $ 17.83
Renewal leases
Number of renewal leases commencing 21 21 21 21
GLA expiring 206,283 206,283 206,283 206,283
Renewal percentage 64% 64% 64% 64%
New base rent $ 14.49 $ 15.10 $ 14.49 $ 15.10
Expiring base rent (and percentage rent) $ 13.14 $ 12.84 $ 13.14 $ 12.84
Percentage growth in base rent 10.3% 17.6% 10.3% 17.6%
Average cost per square foot $ 0.00 $ 0.00 $ 0.00 $ 0.00
Total new and renewal Leases
Number of new and renewal leases
commencing 25 25 25 25
GLA commencing 149,508 149,508 149,508 149,508
New base rent $ 14.40 $ 14.96 $ 14.40 $ 14.96
Expiring base rent (and percentage rent) $ 14.08 $ 13.73 $ 14.08 $ 13.73
Percentage growth in base rent 2.3% 9.0% 2.3% 9.0%
Average cost per square foot $ 2.18 $ 2.18 $ 2.18 $ 2.18
--------- --------- --------- ---------
(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.
Reporting Supplement
March 31, 2009
Core Portfolio Capital Expenditures
- ----------------------------------------
-------------- -----------
Year-to-Date Current
Quarter
Year 3 months Year
ended ended Ended
March 31, 2009 March 31, December 31,
2009 2008
-------------- ----------- ------------
Leasing Commissions: $187 $187 $ 651
Tenant Improvements: 544 544 2,043
Capital Expenditures: 9 9 896
Redevelopments - - -
-------------- ----------- ------------
Total $740 $740 $3,590
============== =========== ============
QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2009
Property Demographics (1)
- ---------------------------------------------------------------------------------------------------------------
Trade Cash (2)
Area Base Total
Classification Property / City State (Miles) Rent GLA
JV
Ownership %
- -----------------------------------------------------------------------------------------------------------------------------------
Core Brandywine Wilmington DE
Town Center
& Mkt
Sq./22.22% 3 15,964,454 997,105
Core Elmwood Park Elmwood Park NJ
Shopping
Ctr. 3 3,259,366 149,491
Core Chestnut Philadelphia PA
Hill 3 807,483 40,570
Core Abington Abington PA
Towne
Center 3 960,848 216,358
Core Clark & Chicago IL
Diversey 3 844,734 19,265
Core Hobson West Naperville IL
Plaza 3 1,104,653 99,138
Core Methuen Methuen MA
Shopping
Ctr. 5 958,689 130,021
Core Crossroads White Plains NY
Shopping
Ctr. / 49% 3 5,916,869 310,822
Core The Branch Smithtown NY
Plaza 3 2,694,177 125,751
Core Amboy Road Staten NY
Island 3 1,777,035 63,290
Core Village Smithtown NY
Commons
Shopping
Ctr. 3 2,138,339 87,237
Core Bloomfield Bloomfield MI
Town Square Hills 5 2,306,896 232,181
Core Crescent Brockton MA
Plaza 3 1,699,754 218,141
Core 239 Greenwich CT
Greenwich
Avenue /
75% 5 1,397,621 16,834
Core Town Line Rocky Hill CT
Plaza 3 1,670,620 206,346
Core New Loudon Latham NY
Center 5 1,726,778 255,826
Core Pacesetter Pomona NY
Park
Shopping
Ctr. 3 1,133,649 96,353
Core 2914 Third The Bronx NY
Ave 3 875,028 42,400
Core LA Fitness, Staten NY
Staten Island
Island 3 1,265,000 55,000
Core West 54th Manhattan NY
Street 3 2,871,011 9,995
Core East 17th Manhattan NY
Street 3 625,000 19,622
Core Mad River Dayton OH
Station 5 1,430,257 125,983
Core Mark Plaza Edwardsville PA 5 872,201 216,401
Core Blackman Wilkes-Barre PA
Plaza 5 288,919 125,264
Core Bartow The Bronx NY
Avenue 3 336,665 14,676
Core Walnut Hill Woonsocket RI
Plaza 5 2,421,603 284,717
Core Ledgewood Ledgewood NJ
Mall 5 3,599,868 517,151
Core A & P Boonton NJ
Shopping
Plaza / 60% 5 1,259,316 62,908
Core Merrillville Hobart IN
Plaza 5 2,955,672 235,126
Core The Gateway So. VT
Shopping Burlington
Ctr. 3 1,865,156 101,784
Core Marketplace Absecon NJ
of Absecon 3 1,644,375 104,718
Core Plaza 422 Lebanon PA 3 718,503 156,279
Core Route 6 Honesdale PA
Plaza 5 1,132,914 175,505
Fund I Granville Columbus OH
Center /
37.78% 3 614,083 134,997
Fund I Sterling Sterling MI
Heights Heights
Shopping
Center /
18.9% 3 562,900 154,835
Fund I Tarrytown Tarrytown NY
Shopping
Center /
37.78% 3 981,063 35,291
Fund II- Urban In-Fill 400 East The Bronx NY
Fordham
Road /
19.2% 2 5,204,240 119,446
Fund II- Urban In-Fill Sherman Manhattan NY
Avenue /
19.2% 2 - -
Fund II- Urban In-Fill Pelham Manor Westchester NY
Shopping
Plaza /
19.2% 3 - -
Fund II- Urban In-Fill 161st Street The Bronx NY
/19.2% 2 4,530,723 223,521
Fund II- Urban In-Fill Liberty Queens NY
Avenue /
19.2% 3 896,083 26,125
Fund II- Urban In-Fill 216th Street Manhattan NY
/ 19.2% 2 2,565,000 60,000
Fund II- Other Oakbrook/ Oakbrook IL
20% 3 825,000 112,000
Fund III- Cortlandt Towne Center Mohegan Mohegan Lake NY
Lake/19.91% 3 8,459,938 641,797
- ---------------------------------------------------------------------- ------------ ------------ ----- ------- ---------- ----------
95,162,483 7,020,270
3-Mile Radius(2) 5-Mile Radius
-------------------- ------- -------- ------------------------------------
#
Total Households Median Avg. HH Total Median Avg. HH
HH # HH
Classification Pop. ("HH") Income Income Pop. HH Income Income
- --------------------------------------------------------- ------------------------------------- ------------------------------------
Core 41,222 15,054 $83,769 $102,192 120,306 46,004 $74,110 $ 93,425
Core 257,647 83,959 52,609 62,446 614,727 208,535 57,938 69,562
Core 148,084 59,791 53,526 65,990 399,921 157,197 52,171 65,291
Core 91,293 34,692 66,882 82,491 304,127 117,213 59,851 70,401
Core 419,461 213,740 58,803 81,579 969,623 410,327 51,138 67,593
Core 98,083 34,231 94,977 114,120 241,153 82,668 93,969 113,986
Core 89,957 31,569 41,619 49,981 201,503 72,943 47,894 56,306
Core 105,870 39,349 78,556 85,621 205,109 73,112 93,445 108,276
Core 68,832 23,221 89,522 113,455 199,361 64,663 82,867 105,093
Core 156,384 56,991 69,666 90,260 292,132 105,178 66,927 88,388
Core 68,832 23,221 89,522 113,455 199,361 64,663 82,867 105,093
Core 62,528 23,953 73,997 102,234 166,443 62,677 79,970 105,922
Core 99,649 34,369 46,062 56,826 168,246 58,789 46,062 56,826
Core 67,165 24,889 97,270 125,159 142,822 51,210 94,119 119,232
Core 45,606 19,067 65,917 75,855 153,302 61,023 57,724 68,679
Core 41,815 15,619 55,375 66,288 151,655 61,034 47,547 61,261
Core 25,618 8,209 89,598 125,526 129,143 36,828 72,841 102,767
Core 1,239,853 422,421 26,865 33,419 2,690,882 1,034,060 45,279 56,415
Core 127,542 45,026 65,178 83,167 457,912 162,076 60,236 77,922
Core 582,613 325,406 80,037 96,770 2,424,848 1,048,312 55,446 67,194
Core 1,027,933 495,157 64,629 116,133 2,512,412 1,086,434 53,903 96,755
Core 58,692 25,428 58,119 67,529 135,000 56,693 60,560 71,601
Core 87,986 37,409 31,982 39,628 124,868 52,566 34,683 43,184
Core 58,885 24,646 30,982 40,002 111,991 47,249 33,391 41,275
Core 567,476 209,231 40,253 47,643 1,435,467 511,796 30,552 43,522
Core 60,322 22,861 42,715 47,867 95,320 35,238 50,142 56,573
Core 37,052 13,412 80,007 87,773 108,922 38,302 77,480 89,838
Core 49,442 18,288 87,533 113,042 101,266 36,438 86,509 106,011
Core 26,118 10,066 56,556 64,248 87,796 32,151 54,709 62,531
Core 46,879 19,366 44,294 55,033 69,993 28,186 47,104 57,514
Core 30,732 11,642 52,106 64,775 68,326 26,137 51,610 62,711
Core 43,975 17,347 36,874 47,144 61,197 23,615 41,055 51,545
Core 7,567 3,014 32,283 43,919 11,899 4,627 34,031 46,300
Fund I 112,547 47,337 47,547 53,746 266,313 108,411 53,466 60,719
Fund I 99,813 36,587 66,886 77,416 264,560 103,403 63,816 74,661
Fund I 36,856 13,450 78,415 95,294 123,546 43,654 85,757 103,311
Fund II- Urban In-Fill 1,205,053 412,674 30,252 38,298 1,997,909 698,322 33,259 40,957
Fund II- Urban In-Fill 535,739 175,108 29,260 36,324 2,049,516 721,521 34,366 42,608
Fund II- Urban In-Fill 398,727 147,238 48,697 56,116 1,109,022 403,897 44,956 53,542
Fund II- Urban In-Fill 1,274,483 427,111 25,104 31,477 2,531,473 966,482 37,307 48,034
Fund II- Urban In-Fill 613,457 201,509 44,915 59,078 613,457 201,509 44,915 59,078
Fund II- Urban In-Fill 536,119 183,542 30,978 41,481 536,119 183,542 30,978 41,481
Fund II- Other 77,560 29,487 77,130 108,955 288,932 108,039 75,456 97,126
Fund III- Cortlandt Towne Center 50,899 17,257 83,556 96,323 85,373 28,902 88,363 103,198
- ------------------------------------------------------------------- ---------- ------- ------------------ --------- ------- --------
TOTAL
--------- ------- ------- -------- --------- ------- ------- --------
Weighted Average - Based on GLA 141,321 50,460 $64,165 $ 77,429 298,770 111,444 $63,937 $ 78,041
--------- ------- ------- -------- --------- ------- ------- --------
Weighted Average - Based on base rent( 1) 176,825 70,197 $65,160 $ 79,866 418,450 161,977 $61,058 $ 75,097
--------- ------- ------- -------- --------- ------- ------- --------
CORE
--------- ------- ------- -------- --------- ------- ------- --------
Weighted Average - Based on GLA 80,149 30,168 $64,655 $ 78,244 195,264 73,258 $63,173 $ 77,590
--------- ------- ------- -------- --------- ------- ------- --------
Weighted Average - Based on base rent( 1) 141,550 59,138 $66,185 $ 81,222 367,945 144,481 $61,241 $ 75,443
--------- ------- ------- -------- --------- ------- ------- --------
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) 71,069 28,010 $66,585 $ 79,017 191,419 73,808 $71,899 $ 85,076
--------- ------- ------- -------- --------- ------- ------- --------
FUND II -Urban In-fill
--------- ------- ------- -------- --------- ------- ------- --------
Weighted Average - Based on GLA 1,111,664 375,298 $28,565 $ 36,455 1,987,157 735,781 $35,758 $ 45,820
--------- ------- ------- -------- --------- ------- ------- --------
Weighted Average - Based on base rent( 1) 1,058,693 358,754 $29,621 $ 37,986 1,802,953 656,595 $34,997 $ 44,719
--------- ------- ------- -------- --------- ------- ------- --------
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
--------- ------- ------- -------- --------- ------- ------- --------
FUND III
--------- ------- ------- -------- --------- ------- ------- --------
Weighted Average - Based on GLA 50,899 17,257 $83,556 $ 96,323 85,373 28,902 $88,363 $103,198
--------- ------- ------- -------- --------- ------- ------- --------
Weighted Average - Based on base rent( 1) 50,899 17,257 $83,556 $ 96,323 85,373 28,902 $88,363 $103,198
--------- ------- ------- -------- --------- ------- ------- --------
(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