Exhibit 99.2
Acadia Realty Trust
Focused.
Disciplined.
Value-Driven.
Second Quarter 2009
Reporting Supplement
Acadia Realty Trust
Reporting Supplement
June 30, 2009
Table of Contents
-----------------
Page Page
---- ----
Section I - Overview Section III - Opportunity Fund Information
Important Notes 3 Fund I
Overview 31
Company Information 4 Properties 32
Lease Expirations 33
Portfolio Snapshots Current Valuation 34
Core Portfolio 5
Fund II
Market Capitalization 6 Overview 35
Properties 36
Shareholder Information 7 Lease Expirations 37
Section II - Financial Information Fund III
Overview 38
Operating Statements Properties 39
Pro-rata Consolidation 8 Storage Post Properties 40
EBITDA 10 Storage Post Locations 41
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")
and Funds Available for Distribution ("FAD") 11 Redevelopment Projects - Operating 42
2009 Guidance 12 Redevelopment Projects - Construction and Design 43
Fee Income 13
Opportunity Funds 14 RCP Venture 44
Joint Ventures 17 RCP Venture Investments 45
Current v. Prior Year 18
Section IV - Core Portfolio Information
Same Property Net Operating Income 20
Properties 46
Balance Sheets
Consolidated 21 Portfolio by State 48
Pro-rata Consolidation 22
Top Tenants 49
Notes Receivable 23
Lease Expirations 50
Debt Analysis
Summary 24 New and Renewal Rent Spreads 52
Detail 25
Maturities 28 Capital Expenditures 53
Maturities with Extension Options 29
Portfolio Demographics 54
Selected Financial Ratios 30
Visit www.acadiarealty.com for additional investor and portfolio information
Acadia Realty Trust
Reporting Supplement
June 30, 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 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 exclude
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.
Acadia Realty Trust
Reporting Supplement
June 30, 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 76 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. Bank of America / Merrill Lynch
Paul Adornato, CFA - (212) 885-4170 Michael W. Mueller, CFA (212) 622-6689 Craig Schmidt (212) 449-1944
paul.adornato@bmo.com michael.w.mueller@jpmorgan.com craig_schmidt@ml.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. KeyBanc Capital Markets, Inc.
Sheila K. McGrath - (212) 887-7793 Todd Thomas - (917) 368-2286
smcgrath@kbw.com tthomas@keybanccm.com
---------------- ---------------------
Acadia Realty Trust
Reporting Supplement
June 30, 2009
------------------------------------ -------------------------------------------
Total Market Capitalization Market Capitalization
--------------------------- including the hypothetical
(including pro-rata share of repayment of debt with
joint venture debt) Market Capitalization available cash of
(dollars in thousands) as of June 30, 2009 $81.1 million ("Net Debt")
------------------------------------ -------------------------------------------
Percent Percent of Percent Percent of
of Total Total Market of Total Total Market
Equity Capitalization Equity Capitalization
-------- -------------- ----------- --------------
Equity Capitalization
- ---------------------
Total Common Shares
Outstanding 98.3% $ 39,675 98.3% $ 39,657
Common Operating Partnership
("OP") Units 1.7% 674 1.7% 674
------------ ------------
Combined Common Shares and OP
Units 40,349 40,331
Share Price 6/30/2009 13.05 13.05
------------ ------------
Equity Capitalization - Common
Shares and OP Units 526,554 526,320
Preferred OP Units (1) 327 327
------------ ------------
Total Equity Capitalization 526,881 53.3% 526,647 58.1%
------------ -------------- ------------ --------------
Debt Capitalization
- -------------------
Consolidated debt 800,697 800,697
Adjustment to reflect pro-rata
share of debt (339,269) (339,269)
------------ ------------
Total Debt Capitalization 461,428 46.7% 461,428
------------ --------------
Less debt paid with available
cash (81,130)(3)
------------
Total Net Debt Capitalization 380,298 41.9%
------------ --------------
Total Market Capitalization $ 988,309 100.0% $ 906,945 100.0%
============ ============== ============ ==============
------------------------------------ -------------------------------------------
(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 Core Portfolio and pro-rata share of Opportunity Funds cash balance as of 6/30/09.
Weighted Average Outstanding Common Shares and OP Units
-------------------------------------------------------
June 30, June 30,
2009 2008
Quarter Year-to-date Quarter Year-to-date
---------- ------------ ---------- ------------
Weighted average Common Shares
- Basic EPS 38,592,289 36,260,663 33,806,747 33,777,272
Dilutive potential Common
Shares 211,819 179,564 569,783 533,218
---------- ------------ ---------- ------------
Weighted average Common Shares
- Diluted EPS 38,804,108 36,440,227 34,376,530 34,310,490
OP Units 673,311 672,670 647,656 646,739
Dilutive potential of OP Units - - - -
---------- ------------ ---------- ------------
Weighted average Common
Shares/OP Units - Diluted FFO 39,477,419 37,112,897 35,024,186 34,957,229
========== ============ ========== ============
Acadia Realty Trust
Reporting Supplement
June 30, 2009
June 30, 2009
Shareholder and OP Unit Information
- -----------------------------------
(amounts in thousands)
Common Shares (1)
----------------- Percent of
Outstanding
Common Common
Shares Held Shares
----------- -----------
Morgan Stanley 4,019 10.1%
Vanguard Group 2,881 7.3%
Cohen & Steers inc. 2,679 6.8%
Barclay's Global Investors 2,443 6.2%
Goldman Sachs Group 2,039 5.1%
Wellington Management 1,837 4.6%
Yale University 1,757 4.4%
Heitman Real Estate Securities LLC 1,661 4.2%
Invesco Ltd. 1,599 4.0%
Principal Financial Group 1,567 3.9%
ING Clarion Real Estate Securities 1,428 3.6%
State Street Corp. 1,343 3.4%
----------- -----------
Total of Ten Largest Institutional Shareholders 25,253 63.6%
=========== ===========
Total of all Institutional Shareholders 38,692 97.5%
=========== ===========
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 filed on March 31, 2009, adjusted for
Common Shares acquired in the April 2009 Common Share Offering.
Acadia Realty Trust
Reporting Supplement
June 30, 2009
Income Statements - Pro-rata Consolidation (1)
- ----------------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
------------------------------------------------------------------------------
Year-to-Date
Period
ended June 30,
2009
Core Retail Opportunity Funds Total
------------------------------------------------------------------------------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures Operations Operations Operations Operations
(2) (3)
----------- -------- ---------- ------------ ---------- ------------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
PROPERTY REVENUES
Minimum rents $ 24,899 $ 3,220 $ 28,119 $ - $ 5,411 $ 18 $ 33,548
Percentage rents 328 20 348 - - - 348
Expense reimbursements - CAM 3,443 484 3,927 - 380 - 4,307
Expense reimbursements - Taxes 3,818 559 4,377 - 296 - 4,673
Other property income 86 - 86 - 232 - 318
----------- -------- ---------- ------------ ---------- ------------ ---------
32,574 4,283 36,857 - 6,320 18 43,195
----------- -------- ---------- ------------ ---------- ------------ ---------
PROPERTY EXPENSES
Property operating - CAM 4,377 536 4,913 - 425 - 5,338
Other property operating 1,669 136 1,805 - 1,170 1 2,976
Real estate taxes 4,631 611 5,242 - 685 - 5,927
----------- -------- ---------- ------------ ---------- ------------ ---------
10,677 1,283 11,960 - 2,281 1 14,241
----------- -------- ---------- ------------ ---------- ------------ ---------
NET OPERATING INCOME - PROPERTIES 21,897 3,000 24,897 - 4,039 17 28,954
OTHER INCOME (EXPENSE)
Interest income 9,478 3 9,481 - 143 - 9,624
Straight-line rent income 248 (2) 246 - 175 - 421
Straight-line rents written off (369) - (369) - (41) 24 (386)
FAS 141 rent (92) 70 (22) - (838) - (860)
Interest expense (9,899) (1,866) (11,765) - (1,179) - (12,944)
FAS 141 interest 18 - 18 - 2 (2) 18
Asset and property management expense (64) - (64) - (2) - (66)
Promote expense - - - - - - -
Reserve for pre-acquisition costs - - - - (481) - (481)
Reserve for notes receivable (1,734) - (1,734) - - - (1,734)
----------- -------- ---------- ------------ ---------- ------------ ---------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME 19,483 1,205 20,688 - 1,819 39 22,547
----------- -------- ---------- ------------ ---------- ------------ ---------
FEE INCOME
Asset and property management fees 5,697 - 5,697 - - - 5,697
Priority distributions 225 - 225 - - - 225
Transactional fees 4,778 - 4,778 - - - 4,778
Loan defeasance - - - - - - -
Provision for income taxes (1,849) - (1,849) - 0 - (1,849)
----------- -------- ---------- ------------ ---------- ------------ ---------
FEE INCOME 8,851 - 8,851 - 0 - 8,851
----------- -------- ---------- ------------ ---------- ------------ ---------
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments - - - - (680) - (680)
Promote income - RCP - - - - (331) - (331)
Promote income - Fund capital transactions - - - - 909 - 909
Equity in earnings of unconsolidated properties - - - - (19) - (19)
Forfeited property sale contract deposit 1,730 - 1,730 - - - 1,730
Lease termination income 226 1 227 - - - 227
Gain on extinguishment of debt 7,045 - 7,045 - - - 7,045
Provision for income taxes 298 - 298 - (26) - 272
----------- -------- ---------- ------------ ---------- ------------ ---------
PROMOTE, RCP AND OTHER INCOME 9,299 1 9,300 - (147) - 9,153
----------- -------- ---------- ------------ ---------- ------------ ---------
GENERAL AND ADMINISTRATIVE (11,958) 5 (11,953) - (268) - (12,221)
----------- -------- ---------- ------------ ---------- ------------ ---------
Depreciation and amortization (7,790) (736) (8,526) - (2,224) - (10,750)
FAS 141 amortization (451) - (451) - (150) - (601)
Gain on sale of properties - - - - - 1,002 1,002
----------- -------- ---------- ------------ ---------- ------------ ---------
Income before noncontrolling interests 17,434 475 17,909 - (969) 1,041 17,981
Noncontrolling interest - OP (177) - (177) - (15) (19) (211)
Noncontrolling interests (12) - (12) - (1) (323) (336)
----------- -------- ---------- ------------ ---------- ------------ ---------
NET INCOME $ 17,245 $ 475 $ 17,720 $ - $ (985) $ 699 $ 17,434
=========== ======== ========== ============ ========== ============ =========
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Current Quarter
3 months
ended June 30,
2009
Core Retail Opportunity Funds Total
------------------------------------------------------------------------------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures Operations Operations Operations Operations
(2)
----------- -------- ---------- ------------ ---------- ------------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
PROPERTY REVENUES
Minimum rents $ 12,343 $ 1,604 $ 13,947 $ - $ 2,825 $ - $ 16,772
Percentage rents 127 11 138 - - - 138
Expense reimbursements - CAM 1,280 236 1,516 - 206 - 1,722
Expense reimbursements - Taxes 1,880 307 2,187 - 169 - 2,356
Other property income 61 - 61 - 177 - 238
----------- -------- ---------- ------------ ---------- ------------ ---------
15,691 2,158 17,849 - 3,377 - 21,226
----------- -------- ---------- ------------ ---------- ------------ ---------
PROPERTY EXPENSES
Property operating - CAM 1,600 219 1,819 - 221 - 2,040
Other property operating 1,122 49 1,171 - 549 - 1,720
Real estate taxes 2,330 313 2,643 - 383 - 3,026
----------- -------- ---------- ------------ ---------- ------------ ---------
5,052 581 5,633 - 1,152 - 6,785
----------- -------- ---------- ------------ ---------- ------------ ---------
NET OPERATING INCOME - PROPERTIES 10,639 1,577 12,216 - 2,225 - 14,441
OTHER INCOME (EXPENSE)
Interest income 4,681 1 4,682 - 71 - 4,753
Straight-line rent income 123 (6) 117 - 152 - 269
Straight-line rents written off (369) - (369) - (71) - (440)
FAS 141 rent 4 35 39 - (368) - (329)
Interest expense (4,733) (935) (5,668) (615) - (6,283)
FAS 141 interest 9 - 9 - - 9
Asset and property management expense (32) - (32) - (1) - (33)
Promote expense - - - - - - -
Reserve for pre-acquisition costs - - - - (481) - (481)
Reserve for notes receivable (1,734) - (1,734) - - - (1,734)
----------- -------- ---------- ------------ ---------- ------------ ---------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME 8,588 672 9,260 - 912 - 10,172
----------- -------- ---------- ------------ ---------- ------------ ---------
FEE INCOME
Asset and property management fees 2,904 - 2,904 - - - 2,904
Priority distributions 113 - 113 - - - 113
Transactional fees 2,610 2,610 - - 2,610
Loan defeasance - - - - - -
Provision for income taxes (1,045) - (1,045) - - - (1,045)
----------- -------- ---------- ------------ ---------- ------------ ---------
FEE INCOME 4,582 - 4,582 - - - 4,582
----------- -------- ---------- ------------ ---------- ------------ ---------
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments - - - - 32 - 32
Promote income - RCP - - - - (331) - (331)
Promote income - Fund capital transactions - - - - 63 - 63
Equity in earnings of unconsolidated properties - - - - (8) - (8)
Forfeited property sale contract deposit - - - - - - -
Lease termination income 21 - 21 - - - 21
Gain on extinguishment of debt 3,895 3,895 - - 3,895
Provision for income taxes 21 - 21 - (26) - (5)
----------- -------- ---------- ------------ ---------- ------------ ---------
PROMOTE, RCP AND OTHER INCOME 3,937 - 3,937 - (269) - 3,668
----------- -------- ---------- ------------ ---------- ------------ ---------
GENERAL AND ADMINISTRATIVE (5,212) 5 (5,207) - (232) - (5,439)
----------- -------- ---------- ------------ ---------- ------------ ---------
Depreciation and amortization (3,862) (364) (4,226) - (1,219) - (5,445)
FAS 141 amortization (224) - (224) (64) - (288)
Gain on sale of properties - - - - - - -
----------- -------- ---------- ------------ ---------- ------------ ---------
Income before noncontrolling interests 7,809 313 8,122 - (872) - 7,250
Noncontrolling interest - OP (45) - (45) - (15) - (60)
Noncontrolling interests (3) - (3) - (51) - (54)
----------- -------- ---------- ------------ ---------- ------------ ---------
NET INCOME $ 7,761 $ 313 $ 8,074 $ - $ (939) $ - $ 7,135
=========== ======== ========== ============ ========== ============ =========
------------------------------------------------------------------------------
(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 $613 for the six months
ended June 30, 2009.
(3) Discontinued Operations reflects six Kroger locations which were sold in January 2009.
Acadia Realty Trust
Reporting Supplement
June 30, 2009
Income Statements - Pro-rata Consolidation (1)
- ----------------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
------------------------------------------------------------------------------
Prior Quarter
3 months
ended March 31,
2009
Core Retail Opportunity Funds Total
------------------------------------------------------------------------------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures Operations Operations Operations Operations
(2) (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 - - - - - - -
Reserve for pre-acquisition costs - - - - - - -
Reserve for 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 - - - - 845 - 845
Equity in earnings of unconsolidated properties - - - - (10) - (10)
Forfeited property 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 - 122 - 5,485
----------- -------- ---------- ------------ ---------- ------------ ---------
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 - - - - - 1,002 1,002
----------- -------- ---------- ------------ ---------- ------------ ---------
Income before noncontrolling interests 9,624 162 9,786 - (96) 1,041 10,732
Noncontrolling interest - OP (132) - (132) - - (19) (151)
Noncontrolling interests (9) - (9) - 50 (323) (282)
----------- -------- ---------- ------------ ---------- ------------ ---------
NET INCOME $ 9,483 $ 162 $ 9,645 $ - $ (46) $ 699 $ 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 were sold in January 2009.
Acadia Realty Trust
Reporting Supplement
June 30, 2009
Income Statements - EBITDA
--------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
------------------------------------------------------------------------------
Year-to-Date
Period
ended June 30,
2009
Core Retail Opportunity Funds Total
------------------------------------------------------------------------------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures Operations Operations Operations Operations
(2)
----------- -------- ---------- ------------ ---------- ------------
NET INCOME $ 17,245 $ 475 $ 17,720 $ - $ (985) $ 699 $ 17,434
Add back:
Depreciation and amortization 7,790 736 8,526 - 2,224 - 10,750
FAS 141 amortization 451 - 451 - 150 - 601
Interest expense 9,899 1,866 11,765 - 1,179 - 12,944
FAS 141 interest (18) - (18) - (2) 2 (18)
Gain on sale of properties - - - - - (1,002) (1,002)
Provision for income taxes 1,551 - 1,551 - 26 - 1,577
Noncontrolling interest - OP 177 - 177 - 15 19 211
Noncontrolling interests 12 - 12 - 1 323 336
----------- -------- ---------- ------------ ---------- ------------ ---------
EBIDTA $ 37,107 $ 3,077 $ 40,184 $ - $ 2,608 $ 41 $ 42,832
=========== ======== ========== ============ ========== ============ =========
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Current Quarter
3 months
ended June 30.
2009
Core Retail Opportunity Funds Total
------------------------------------------------------------------------------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures Operations Operations Operations Operations
----------- -------- ---------- ------------ ---------- ------------
NET INCOME $ 7,761 $ 313 $ 8,074 $ - $ (939) $ - $ 7,135
Add back:
Depreciation and amortization 3,862 364 4,226 - 1,219 - 5,445
FAS 141 amortization 224 - 224 - 64 - 288
Interest expense 4,733 935 5,668 - 615 - 6,283
FAS 141 interest (9) - (9) - - - (9)
Gain on sale of properties - - - - - - -
Provision for income taxes 1,024 - 1,024 - 26 - 1,050
Noncontrolling interest - OP 45 - 45 - 15 - 60
Noncontrolling interests 3 - 3 - 51 - 54
----------- -------- ---------- ------------ ---------- ------------ ---------
EBIDTA $ 17,643 $ 1,612 $ 19,255 $ - $ 1,052 $ - $ 20,307
=========== ======== ========== ============ ========== ============ =========
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Prior Quarter
3 months
ended March 31,
2009
Core Retail Opportunity Funds Total
------------------------------------------------------------------------------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures Operations Operations Operations Operations
----------- -------- ---------- ------------ ---------- ------------
NET INCOME $ 9,483 $ 162 $ 9,645 $ - $ (46) $ 699 $ 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 - - - - - (1,002) (1,002)
Provision for income taxes 527 - 527 - (0) - 527
Noncontrolling interest - OP 132 - 132 - - 19 151
Noncontrolling interests 9 - 9 - (50) 323 282
----------- -------- ---------- ------------ ---------- ------------ ---------
EBIDTA $ 19,463 $ 1,465 $ 20,928 $ - $ 1,556 $ 41 $ 22,525
=========== ======== ========== ============ ========== ============ =========
------------------------------------------------------------------------------
Acadia Realty Trust
Reporting Supplement
June 30, 2009
Funds from Operations ("FFO")(1) 2009 2008
-------------------------------- ---------------------------------------------- -----------------------------
-------------- -------------- --------------
Current Current Previous Historic Historic
Year-to-Date Quarter Quarter Year-to-Date Quarter
Period ended 3 months ended 3 months ended Period ended 3 months ended
Funds from operations ("FFO"): Notes June 30, 2009 June 30, 2009 March 31, 2009 June 30, 2008 June 30, 2008
------------------------------ -------------- ------------- -------------- ------------- --------------
Net Income $ 17,434 $ 7,135 $ 10,299 $ 25,636 $ 17,398
Add back:
Depreciation of real estate and
amortization of leasing costs:
(net of noncontrolling interest
share)
Consolidated affiliates 8,798 4,427 4,371 6,536 2,970
Unconsolidated affiliates 736 365 371 884 384
(Gain) loss on sale of properties
(net of noncontrollling interest
share) -
Consolidated affiliates (929) - (929) (7,182) (7,182)
Unconsolidated affiliates - - - (588) (588)
Income attributable to
noncontrolling interests' share in
Operating Partnership 211 60 151 441 362
Extraordinary item (net of
noncontrolling interests' share
and income taxes) - -
Distributions on Preferred OP Units 10 5 5 10 5
-------------- -------------- -------------- ------------- --------------
FFO $ 26,260 $ 11,992 $ 14,268 $ 25,737 $ 13,349
============== ============== ============== ============= ==============
Adjusted Funds from operations ("AFFO"):
----------------------------------------
Diluted FFO $ 26,260 $ 11,992 $ 14,268 $ 25,737 $ 13,349
Straight line rent, net (35) 172 (207) (319) (248)
Non real estate depreciation 362 180 182 456 229
Amortization of finance costs 593 308 285 564 262
Amortization of cost of management
contracts 109 51 58 478 278
Tenant improvements (1,047) (503) (544) (546) (308)
Leasing commissions (259) (72) (187) (266) (140)
Capital expenditures (294) (285) (9) (122) (78)
-------------- -------------- -------------- ------------- --------------
AFFO $ 25,689 $ 11,843 $ 13,846 $ 25,982 $ 13,344
============== ============== ============== ============= ==============
Funds Available for Distribution ("FAD")
----------------------------------------
AFFO $ 25,689 $ 11,843 $ 13,846 $ 25,982 $ 13,344
Scheduled prinicpal repayments (776) (378) (398) (1,390) (679)
-------------- -------------- -------------- ------------- --------------
FAD $ 24,913 $ 11,465 $ 13,448 $ 24,592 $ 12,665
============== ============== ============== ============= ==============
Total weighted average shares and OP Units:
Basic 36,933 39,265 34,575 34,424 34,454
============== ============== ============== ============= ==============
Diluted 37,113 39,477 34,722 34,957 35,024
============== ============== ============== ============= ==============
FFO per share:
FFO per share - Basic $ 0.71 $ 0.31 $ 0.41 $ 0.75 $ 0.39
============== ============== ============== ============= ==============
FFO per share - Diluted $ 0.71 $ 0.30 $ 0.41 $ 0.74 $ 0.38
============== ============== ============== ============= ==============
AFFO per share - Basic $ 0.70 $ 0.30 $ 0.40 $ 0.75 $ 0.39
============== ============== ============== ============= ==============
AFFO per share - Diluted $ 0.69 $ 0.30 $ 0.40 $ 0.74 $ 0.38
============== ============== ============== ============= ==============
FAD per share - Basic $ 0.67 $ 0.29 $ 0.39 $ 0.71 $ 0.37
============== ============== ============== ============= ==============
FAD per share - Diluted $ 0.67 $ 0.29 $ 0.39 $ 0.70 $ 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.
Acadia Realty Trust
Reporting Supplement
June 30, 2009
2009 Guidance - Highlights
--------------------------
(in millions except per share amounts, all per share
amounts are fully diluted)
Original Previous Current
2009 Guidance 2009 Guidance 2009 Guidance 2008
Overall: Low/High Low/High (2) Low/High Actual
-------- ------------------- ------------------- ------------------- --------
Full year Funds from Operations ("FFO") per share(1) $1.05 to $1.19 $0.96 to $1.09 $1.07 to $1.16 $1.10
=================== =================== =================== ========
Earnings per Share ("EPS") (1) $0.51 to $0.65 $0.47 to $0.60 $0.58 to $0.67 $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 $39.7 to $41.7 $38.9
=================== =================== =================== ========
Asset and property management fee income, net of TRS taxes $11.1 $11.1 $11.0 $10.2
=================== =================== =================== ========
Transactional fee income, net of TRS taxes $9.4 to $10.3 $9.4 to $10.3 $9.0 to $9.5 $8.3
=================== =================== =================== ========
Promote, RCP and other income, net of TRS taxes $5.4 to $6.6 $5.4 to $6.6 $8.0 to $8.5 $9.5
=================== =================== =================== ========
General and administrative expense $(26.0) to $(25.5) $(26.0) to $(25.5) $(25.0) to $(24.5) $(26.4)
=================== =================== =================== ========
Total $38.8 to $43.7 $38.8 to $43.7 $42.7 to $46.2 $40.5
=================== =================== =================== ========
Non-cash interest pursuant to FSP 14-1 $(2.2) $(2.2) $(1.3) $(2.1)
=================== =================== =================== ========
Net $36.6 to $41.5 $36.6 to $41.5 $41.4 to $44.9 $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 $1.10 to $1.19 $1.16
=================== =================== =================== ========
Full year EPS before FSP 14-1 interest adjustment $0.57 to $0.71 $0.53 to $0.66 $0.61 to $0.70 $0.80
=================== =================== =================== ========
(2) Based solely on the effect of the Common Shares issued during April 2009, the Company had 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.
Acadia Realty Trust
Reporting Supplement
June 30, 2009
Income Statements - Fee income by Opportunity Fund
- --------------------------------------------------
(in thousands)
Fund I Fund II Fund III Other Total
------------------------------------------------------
Period ended June 30, 2009
Asset and property management fees $ - $ 1,988 $ 3,149 $ 560 $ 5,697
Transactional fees 49 3,552 536 641 4,778
------------------------------------------------------
49 5,540 3,685 1,201 10,475
Priority distributions (Asset and property management
fees) 224 - - - 224
------------------------------------------------------
Total management fees and priority distributions $ 273 $ 5,540 $ 3,685 $ 1,201 $ 10,699
======================================================
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 $ - $ 1,006 $ 1,638 $ 260 $ 2,904
Transactional fees 14 2,247 165 184 2,610
------------------------------------------------------
14 3,253 1,803 444 5,514
Priority distributions (Asset and property management
fees) 113 113
------------------------------------------------------
Total management fees and priority distributions $ 127 $ 3,253 $ 1,803 $ 444 $ 5,627
======================================================
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
======================================================
Acadia Realty Trust
Reporting Supplement
June 30, 2009
Income Statements -Opportunity Funds (1)
----------------------------------------
Year-to-Date
------------
(in thousands)
----------------------------------------------------------------------------------------
Year-to-Date
Period
ended June 30, 2009
----------------------------------------------------------------------------------------
Continuing Discontinued
Operations Operations
Fund I Fund I Fund I AKR AKR Pro- AKR Pro- AKR
Continuing Discontinued Consolidated Promote rata share rata share Mervyns Promote
Operations Operations Operations 20.00% 22.22% 22.22% I 20.00%
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
PROPERTY REVENUES
Minimum rents $ 4,089 $ 82 $ 4,171 $ 834 $ 723 $ 18 $ - $ -
Percentage rents - - - - - - - -
Expense reimbursements - CAM 107 - 107 21 19 - - -
Expense reimbursements - Taxes 151 - 151 30 27 - - -
Other property income 544 - 544 0 121 - - -
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
4,891 82 4,973 886 890 18 - -
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
PROPERTY EXPENSES
Property operating - CAM 214 3 217 43 38 1 - -
Other property operating 180 - 180 36 32 - - -
Real estate taxes 226 - 226 45 40 - - -
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
620 3 623 125 110 1 - -
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
NET OPERATING INCOME - PROPERTIES (3) 4,271 79 4,350 762 780 17 - -
OTHER INCOME (EXPENSE)
Interest income 29 - 29 6 5 - - -
Straight-line rent income (296) 106 (190) (38) (57) 24 - -
Straight-line rents written off (120) - (120) (24) (21) - - -
FAS 141 rent (4) - (4) (1) (1) - - -
Interest expense (363) (7) (370) (74) (64) (2) - -
FAS 141 interest - - - - - - - -
Property management expense (4) - (4) (1) (1) - - -
Promote expense (891) - (891) - - - 332 -
Reserve for pre-acquisition costs - - - - - - - -
Reserve for notes receivable - - - - - - - -
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
OPPORTUNITY FUND INCOME 2,622 178 2,800 630 641 39 332 -
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 - - - - - - (1,656) -
Promote income - RCP - - - - - - - (331)
Promote income - Fund capital transactions - - - 108 (24) - - -
Equity in earnings of unconsolidated
properties (49) - (49) (10) (9) - - -
Receipt of forfeited deposit - - - - - - - -
Lease termination income - - - - - - - -
Gain on extinguishment of debt - - - - - - - -
Provision for income taxes (64) - (64) (13) (11) - (2) (0)
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
PROMOTE, RCP AND OTHER INCOME (113) - (113) 86 (44) - (1,658) (331)
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
GENERAL AND ADMINISTRATIVE (322) - (322) (64) (57) - (1) (0)
Depreciation and amortization (2,300) - (2,300) (460) (409) - - -
FAS 141 amortization (2) - (2) (0) (0) - - -
Gain on sale of properties - 5,637 5,637 1,127 (251) 1,253 - -
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
Income before noncontrolling interest (115) 5,815 5,700 1,318 (120) 1,292 (1,326) (331)
Noncontrolling interest - OP - - - - - - - -
Noncontrolling interests (320) (1,454) (1,774) (355) 8 (323) - -
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
NET INCOME $ (435) $ 4,361 $ 3,926 $ 963 $ (113) $ 969 $(1,326) $ (331)
========== ============ ============ ======= ========== ============ ======== ==========
----------------------------------------------------------------------------------------
AKR Pro- AKR Pro- AKR Pro- AKR Pro- Total
rata share rata share Mervyns rata share rata share AKR Pro-
22.22% Fund II 20.00% II 20.00% Fund III 19.9005% rata share
----------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ - $ 8,699 $ 1,740 $ - $ - $ 10,614 $ 2,114 $ 5,429
Percentage rents - - - - - - - -
Expense reimbursements - CAM - 1,165 233 - - 536 107 380
Expense reimbursements - Taxes - 285 57 - - 919 182 296
Other property income - 53 10 - - 507 101 232
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
- 10,202 2,040 - - 12,576 2,504 6,338
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
PROPERTY EXPENSES
Property operating - CAM - 1,170 234 - - 548 109 425
Other property operating - 2,417 484 - - 3,110 619 1,171
Real estate taxes - 948 190 - - 2,059 410 685
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
- 4,535 908 - - 5,717 1,138 2,281
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
NET OPERATING INCOME - PROPERTIES (3) - 5,667 1,132 - - 6,859 1,366 4,057
OTHER INCOME (EXPENSE)
Interest income - 4 1 1 - 659 131 143
Straight-line rent income - 1,109 222 - - 125 25 175
Straight-line rents written off - 142 28 - - - - (17)
FAS 141 rent - (130) (26) - - (4,069) (810) (838)
Interest expense - (2,277) (456) - - (2,932) (583) (1,179)
FAS 141 interest - - - - - - - -
Property management expense - (2,615) - - - (4,402) - (2)
Promote expense - - - - - - - -
Reserve for pre-acquisition costs - - - - - (2,415) (481) (481)
Reserve for notes receivable - - - - - - - -
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
OPPORTUNITY FUND INCOME - 1,900 901 1 - (6,175) (352) 1,859
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 (294) (10) (2) (1,921) (384) - - (680)
Promote income - RCP - - - - - - - (331)
Promote income - Fund capital transactions - - - - - - - 84
Equity in earnings of unconsolidated
properties - - - - - - - (19)
Receipt of forfeited deposit - - - - - - - -
Lease termination income - - - - - - - -
Gain on extinguishment of debt - - - - - - - -
Provision for income taxes (0) - - (4) (1) (3) - (26)
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
PROMOTE, RCP AND OTHER INCOME (295) (10) (2) (1,925) (385) (3) - (972)
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
GENERAL AND ADMINISTRATIVE (0) (521) (104) (27) (5) (189) (37) (268)
Depreciation and amortization - (3,882) (776) - - (2,912) (579) (2,224)
FAS 141 amortization - (138) (28) - - (607) (121) (150)
Gain on sale of properties - - - - - - - 2,129
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
Income before noncontrolling interest (295) (2,651) (9) (1,951) (390) (9,886) (1,089) 375
Noncontrolling interest - OP - - - - - - - -
Noncontrolling interests - (57) (12) - - 278 55 (627)
---------- ------------ ------------ ------- ---------- ------------ -------- ----------
NET INCOME $ (295) $ (2,708) $ (21) $(1,951)$ (390) $ (9,608) $(1,034) $ (252)
========== ============ ============ ======= ========== ============ ======== ==========
(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 $961
for the six months ended June 30, 2009.
Reporting Supplement
June 30, 2009
Income Statements -Opportunity Funds (1)
- ---------------------------------------------------
Current Quarter
- ---------------------------------------------------
(in thousands)
Current Quarter
Period
ended June 30, 2009
----------------------------------------------------------------------------------------
Continuing Discontinued
Operations Operatiosn AKR
Fund I Fund I Fund I AKR AKR Pro- AKR Pro- Pro-
Dis- Con- rata rata AKR rata
Continuingcontinued solidated Promote share share Promote share
OperationsOperationsOperations 20.00% 22.22% 22.22% Mervyns I 20.00% 22.22 %
----------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,019 $ -$ 2,019 $ 404 $ 359 $ - $ - $ - $ -
Percentage rents - - - - - - - - -
Expense reimbursements - CAM 43 - 43 9 8 - - - -
Expense reimbursements - Taxes 71 - 71 14 13 - - - -
Other property income 542 - 542 - 120 - - - -
----------------------------------------------------------------------------------------
2,675 - 2,675 427 500 - - - -
----------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 89 - 89 18 16 - - - -
Other property operating 110 - 110 22 20 - - - -
Real estate taxes 114 - 114 23 20 - - - -
----------------------------------------------------------------------------------------
313 - 313 63 56 - - - -
----------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (3) 2,362 - 2,362 364 444 - - - -
OTHER INCOME (EXPENSE)
Interest income 14 - 14 3 2 - - - -
Straight-line rent income (149) - (149) (30) (26) - - - -
Straight-line rents written off (120) - (120) (24) (21) - - - -
FAS 141 rent (2) - (2) (0) (0) - - - -
Interest expense (196) - (196) (39) (35) - - - -
FAS 141 interest - - - - - - - - -
Asset and property management expense (2) - (2) (0) (0) - - - -
Promote expense (1) - (1) - - - 332 - -
Reserve for pre-acquisition costs - - - - - - - - -
Reserve for notes receivable - - - - - - - - -
----------------------------------------------------------------------------------------
OPPORTUNITY FUND INCOME 1,906 - 1,906 273 363 - 332 - -
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 - - - - - - (91) - 53
Promote income - RCP - - - - - - - (331) -
Promote income - Fund capital transactions - - - 108 (24) - - - -
Equity in earnings of unconsolidated
properties (22) - (22) (4) (4) - - - -
Receipt of forfeited deposit - - - - - - - - -
Lease termination income - - - - - - - - -
Gain on extinguishment of debt - - - - - - - - -
Provision for income taxes (64) - (64) (13) (11) - (2) (0) (0)
----------------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME (86) - (86) 91 (39) - (93) (331) 53
----------------------------------------------------------------------------------------
GENERAL AND ADMINISTRATIVE (277) - (277) (55) (49) - (1) (0) (0)
Depreciation and amortization (1,151) - (1,151) (230) (205) - - - -
FAS 141 amortization (1) - (1) (0) (0) - - - -
Gain on sale of properties - - - - - - - - -
----------------------------------------------------------------------------------------
Income before noncontrolling interest 391 - 391 78 70 - 238 (331) 53
Noncontrolling interest - OP - - - - - - - - -
Noncontrolling interests (205) - (205) (41) (36) - - - -
----------------------------------------------------------------------------------------
NET INCOME $ 186 $ -$ 186 $ 37 $ 33 $ - $ 238 $ (331)$ 53
========================================================================================
Reporting Supplement
June 30, 2009
Income Statements -Opportunity Funds (1)
- ---------------------------------------------------
Current Quarter
- ---------------------------------------------------
(in thousands)
Current Quarter
Period
ended June 30, 2009
-------------------------------------------------------------------------
AKR Pro- AKR Pro- AKR Pro- AKR Pro- Total
rata share rata share rata share rata share AKR Pro-
Fund II 20.00 %Mervyns II 20.00 % Fund III 19.9005 %rata share
-------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 4,675 $ 935 $ - $ - $ 5,657 $ 1,127 $ 2,825
Percentage rents - - - - - - -
Expense reimbursements - CAM 652 130 - - 300 60 206
Expense reimbursements - Taxes 145 29 - - 570 113 169
Other property income 26 5 - - 259 52 177
-------------------------------------------------------------------------
5,498 1,099 - - 6,786 1,352 3,377
-------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 625 125 - - 312 62 221
Other property operating 1,103 221 - - 1,439 286 549
Real estate taxes 565 113 - - 1,139 227 383
-------------------------------------------------------------------------
2,293 459 - - 2,890 575 1,152
-------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (3) 3,205 640 - - 3,896 777 2,225
OTHER INCOME (EXPENSE)
Interest income 1 - - - 332 66 71
Straight-line rent income 961 192 - - 81 16 152
Straight-line rents written off (130) (26) - - - - (71)
FAS 141 rent (65) (13) - - (1,777) (354) (368)
Interest expense (1,383) (277) - - (1,328) (264) (615)
FAS 141 interest - - - - - - -
Asset and property management expense (1,323) - - - (2,240) - (1)
Promote expense - - - - - - -
Reserve for pre-acquisition costs - - - - (2,415) (481) (481)
Reserve for notes receivable - - - - - - -
-------------------------------------------------------------------------
OPPORTUNITY FUND INCOME 1,266 516 - - (3,451) (240) 912
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 - - (105) (21) - - 32
Promote income - RCP - - - - - - (331)
Promote income - Fund capital transactions - - - - - - 84
Equity in earnings of unconsolidated properties - - - - - - (8)
Receipt of forfeited deposit - - - - - - -
Lease termination income - - - - - - -
Gain on extinguishment of debt - - - - - - -
Provision for income taxes - - (4) (1) (3) - (26)
-------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME - - (109) (22) (3) - (249)
-------------------------------------------------------------------------
GENERAL AND ADMINISTRATIVE (462) (92) (27) (5) (152) (30) (232)
Depreciation and amortization (2,226) (445) - - (1,705) (339) (1,219)
FAS 141 amortization (69) (14) - - (252) (50) (64)
Gain on sale of properties - - - - - - -
-------------------------------------------------------------------------
Income before noncontrolling interest (1,491) (35) (136) (27) (5,563) (659) (852)
Noncontrolling interest - OP - - - - - - -
Noncontrolling interests (99) (20) - - 126 25 (72)
-------------------------------------------------------------------------
NET INCOME $ (1,590)$ (55)$ (136)$ (27)$ (5,437)$ (634)$ (924)
=========================================================================
(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 $533 for the three months ended
June 30, (2009.)
Reporting Supplement
March 31, 2009
Income Statements -Opportunity Funds (1)
- --------------------------------------------
Prior Quarter
- --------------------------------------------
(in thousands)
Prior Quarter
Period
ended March 31, 2009
----------------------------------------------------------------------------------------
Dis-
Continuingcontinued
OperationsOperations
Fund I Fund I Fund I AKR AKR Pro- AKR Pro- AKR AKR Pro-
Dis- Con- rata
Continuingcontinued solidated Promote rata sharerata share Promote share
OperationsOperationsOperations 20.00% 22.22% 22.22% Mervyns I 20.00% 22.22%
----------------------------------------------------------------------------------------
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 - - - - - - - - -
Asset and property management expense (2) - (2) (0) (0) - - - -
Promote expense (890) - (890) - - - - - -
Reserve for pre-acquisition costs - - - - - - - - -
Reserve for 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 0
----------------------------------------------------------------------------------------
FEE INCOME - - - - - - 1 0 0
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments - - - - - - (1,565) - (348)
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) - (348)
----------------------------------------------------------------------------------------
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 noncontrolling interest (506) 5,815 5,309 1,240 (190) 1,292 (1,564) 0 (348)
Noncontrolling interest - OP - - - - - - - - -
Noncontrolling interests (115) (1,454) (1,569) (314) 44 (323) - - -
----------------------------------------------------------------------------------------
NET INCOME $ (621)$ 4,361 $ 3,740 $ 926 $ (146)$ 969 $ (1,564)$ 0 $ (348)
========================================================================================
AKR Pro- AKR Pro- AKR Pro- Total
rata share rata share rata share AKR Pro-
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 - - - - - - -
Asset and property management expense (1,292) - - - (2,162) - (1)
Promote expense - - - - - - -
Reserve for pre-acquisition costs - - - - - - -
Reserve for 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
----------------------------------------------------------------------
FEE INCOME - - - - - - 0
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments (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 (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 noncontrolling interest (1,160) 26 (1,815) (363) (4,323) (430) 1,227
Noncontrolling interest - OP - - - - - - -
Noncontrolling interests 42 8 - - 152 30 (555)
----------------------------------------------------------------------
NET INCOME $ (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 three months ended
March 31, 2009.
Reporting Supplement
June 30, 2009
Income Statements - Joint Ventures
(1)
- ------------------------------------
Current Quarter and Year-to-Date
- ------------------------------------ -------------------------------------------
(in thousands) Year-to-Date
Period
Ended June 30, 2009
-------------------------------------------
Joint Ventures - Core Retail
-------------------------------------------
AKR
AKR Pro- Pro- Total
rata rata
share share AKR Pro-
rata
Brandywine 22.22 %Crossroads 49.00% share
-------------------------------------------
PROPERTY REVENUES
Minimum rents $ 7,995 $ 1,776 $ 2,948 $1,444 $ 3,220
Percentage rents 89 20 - - 20
Expense reimbursements - CAM 1,067 237 504 247 484
Expense reimbursements - Taxes 515 114 907 445 559
Other property income 1 - - - -
-------------------------------------------
9,667 2,147 4,359 2,136 4,283
-------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 1,517 338 405 198 536
Other property operating 587 130 14 6 136
Real estate taxes 580 128 987 483 611
-------------------------------------------
2,684 596 1,406 687 1,283
-------------------------------------------
NET OPERATING INCOME - PROPERTIES 6,983 1,551 2,953 1,449 3,000
OTHER INCOME (EXPENSE)
Interest income 3 - 6 3 3
Straight-line rent income 83 18 (40) (20) (2)
Straight-line rents written off - - - - -
FAS 141 rent 314 70 - - 70
Interest expense (5,037) (1,033) (1,699) (833) (1,866)
FAS 141 interest - - - - -
Property management expense (490) - - - -
Promote expense - - - - -
Reserve for pre-acquisition costs - - - - -
Reserve for notes receivable - - - - -
-------------------------------------------
CORE PORTFOLIO AND OPPORTUNITY FUND
INCOME 1,856 606 1,220 599 1,205
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
Gain on extinguishment of debt - - - - -
Provision for income taxes - - - - -
-------------------------------------------
PROMOTE, RCP AND OTHER INCOME - - 2 1 1
GENERAL AND ADMINISTRATIVE 23 5 - - 5
Depreciation and amortization (1,806) (401) (283) (335) (736)
FAS 141 amortization - - - - -
Gain on sale of properties - - - - -
-------------------------------------------
Income before noncontrolling
interest 73 210 939 265 475
Noncontrolling interest - OP - - - - -
Noncontrolling interests - - - - -
-------------------------------------------
NET INCOME $ 73 $ 210 $ 939 $ 265 $ 475
===========================================
Current Quarter
3 months
Ended June 30, 2009
-----------------------------------------
Joint Ventures
- Core Retail
-------------------------------------------
AKR AKR
Pro- Pro- Total
rata rata AKR
share share Pro-
Brandywine rata
JV 22.22%Crossroads 49.00% share
-------------------------------------------
PROPERTY REVENUES
Minimum rents $ 3,993 $ 887 $1,464 $ 717 $1,604
Percentage rents 50 11 - - 11
Expense reimbursements - CAM 464 103 272 133 236
Expense reimbursements - Taxes 261 58 508 249 307
Other property income 1 - - - -
-----------------------------------------
4,769 1,059 2,244 1,099 2,158
-----------------------------------------
PROPERTY EXPENSES
Property operating - CAM 601 134 174 85 219
Other property operating 333 74 (50) (25) 49
Real estate taxes 290 64 509 249 313
-----------------------------------------
1,224 272 633 309 581
-----------------------------------------
NET OPERATING INCOME - PROPERTIES 3,545 787 1,611 790 1,577
OTHER INCOME (EXPENSE)
Interest income 1 - 2 1 1
Straight-line rent income 36 8 (28) (14) (6)
Straight-line rents written off - - - - -
FAS 141 rent 157 35 - - 35
Interest expense (2,519) (517) (853) (418) (935)
FAS 141 interest - - - - -
Property management expense (229) - - - -
Promote expense - - - - -
Reserve for pre-acquisition costs - - - - -
Reserve for notes receivable - - - - -
-----------------------------------------
CORE PORTFOLIO AND OPPORTUNITY FUND
INCOME 991 313 732 359 672
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 - - - - -
Gain on extinguishment of debt - - - - -
Provision for income taxes - - - - -
-----------------------------------------
PROMOTE, RCP AND OTHER INCOME - - - - -
GENERAL AND ADMINISTRATIVE 23 5 - - 5
-
Depreciation and amortization (902) (200) (135) (164) (364)
FAS 141 amortization - - - - -
Gain on sale of properties - - - - -
-----------------------------------------
Income before noncontrolling
interest 112 118 597 195 313
Noncontrolling interest - OP - - - - -
Noncontrolling interests - - - - -
-----------------------------------------
NET INCOME $ 112 $ 118 $ 597 $ 195 $ 313
=========================================
Prior Quarter
3 months
Ended March 31, 2009
-----------------------------------------
Joint Ventures - Core Retail
-----------------------------------------
AKR AKR Total
Pro- Pro-
rata rata AKR
share share Pro-
Brandywine rata
JV 22.22%Crossroads 49.00% share
-----------------------------------------
PROPERTY REVENUES
Minimum rents $ 4,002 $ 889 $1,484 $ 727 $1,616
Percentage rents 39 9 - - 9
Expense reimbursements - CAM 603 134 232 114 248
Expense reimbursements - Taxes 254 56 399 196 252
Other property income - - - - -
-----------------------------------------
4,898 1,088 2,115 1,037 2,125
-----------------------------------------
PROPERTY EXPENSES
Property operating - CAM 916 204 231 113 317
Other property operating 254 56 64 31 87
Real estate taxes 290 64 478 234 298
-----------------------------------------
1,460 324 773 378 702
-----------------------------------------
NET OPERATING INCOME - PROPERTIES 3,438 764 1,342 659 1,423
OTHER INCOME (EXPENSE)
Interest income 2 - 4 2 2
Straight-line rent income 47 10 (12) (6) 4
Straight-line rents written off - - - - -
FAS 141 rent 157 35 - - 35
Interest expense (2,518) (516) (846) (415) (931)
FAS 141 interest - - - - -
Property management expense (261) - - - -
Promote expense - - - - -
Reserve for pre-acquisition costs - - - - -
Reserve for notes receivable - - - - -
-----------------------------------------
CORE PORTFOLIO AND OPPORTUNITY FUND
INCOME 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
Gain on extinguishment of debt - - - - -
Provision for income taxes - - - - -
-----------------------------------------
PROMOTE, RCP AND OTHER INCOME - - 2 1 1
GENERAL AND ADMINISTRATIVE - - - - -
Depreciation and amortization (904) (201) (148) (171) (372)
FAS 141 amortization - - - - -
Gain on sale of properties - - - - -
-----------------------------------------
Income before noncontrolling interest (39) 92 342 70 162
Noncontrolling interest - OP - - - - -
Noncontrolling interests - - - - -
-----------------------------------------
NET INCOME $ (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
June 30, 2009
Income Statements - Current
v. Prior Year (1)
- -----------------------------
(in thousands)
Current Quarter
3 months
ended June 30, 2009
---------------------------------------------------
Core Opportunity
Retail Funds
CORE PORTFOLIO AND
OPPORTUNITY FUND INCOME Core DiscontinuedOpportunityDiscontinued
Retail Operations Funds Operations Total
---------------------------------------------------
PROPERTY REVENUES
Minimum rents $13,947 $- $ 2,825 $-$16,772
Percentage rents 138 - - - 138
Expense reimbursements - CAM 1,516 - 206 - 1,722
Expense reimbursements -
Taxes 2,187 - 169 - 2,356
Other property income 61 - 177 - 238
---------------------------------------------------
17,849 - 3,377 - 21,226
---------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 1,819 - 221 - 2,040
Other property operating 1,171 - 549 - 1,720
Real estate taxes 2,643 - 383 - 3,026
---------------------------------------------------
5,633 - 1,152 - 6,785
---------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 12,216 - 2,225 - 14,441
OTHER INCOME (EXPENSE)
Interest income 4,682 - 71 - 4,753
Straight-line rent income 117 - 152 - 269
Straight-line rents written
off (369) - (71) - (440)
FAS 141 rent 39 - (368) - (329)
Interest expense (5,668) - (615) - (6,283)
FAS 141 interest 9 - - - 9
Property management expense (32) - (1) - (33)
Promote expense - - - - -
Reserve for pre-acquisition
costs - - (481) - (481)
Reserve for notes receivable (1,734) - - - (1,734)
---------------------------------------------------
CORE PORTFOLIO AND
OPPORTUNITY FUND INCOME 9,260 - 912 - 10,172
FEE INCOME
Asset and property
management fees 2,904 - - - 2,904
Priority distributions 113 - - - 113
Transactional fees 2,610 2,610
Loan defeasance - - - - -
Provision for income taxes (1,045) - - - (1,045)
---------------------------------------------------
FEE INCOME 4,582 - - - 4,582
PROMOTE, RCP AND OTHER
INCOME
Equity in earnings from RCP
investments - - 32 - 32
Promote income - RCP - - (331) - (331)
Promote income - Fund
capital transactions - - 63 - 63
Equity in earnings of
unconsolidated properties - - (8) - (8)
Receipt of forfeited deposit - - - - -
Lease termination income 21 - - - 21
Gain on extinguishment of
debt 3,895 - - - 3,895
Provision for income taxes 21 - (26) - (5)
---------------------------------------------------
PROMOTE, RCP AND OTHER
INCOME 3,937 - (269) - 3,668
GENERAL AND ADMINISTRATIVE (5,207) - (232) - (5,439)
---------------------------------------------------
Depreciation and
amortization (4,226) - (1,219) - (5,445)
FAS 141 amortization (224) - (64) - (288)
Gain on sale of properties - - - - -
---------------------------------------------------
Income before noncontrolling
interest 8,122 - (872) - 7,250
Noncontrolling interest - OP (45) - (15) - (60)
Noncontrolling interests (3) - (51) - (54)
---------------------------------------------------
NET INCOME $ 8,074 $- $ (939) $-$ 7,135
===================================================
Prior Year Quarter
3 months
ended June 30, 2008
-----------------------------------------------------------------------------
Core Opportunity
Retail Funds Residential
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME Core Discontinued Opportunity Discontinued Discontinued
Retail Operations Funds Operations Operations Total
-----------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 14,058 $ -$ 1,927 $ 557 $ 285 $ 16,827
Percentage rents 62 - - - - 62
Expense reimbursements - CAM 1,522 - 60 - - 1,582
Expense reimbursements - Taxes 2,061 - 27 - - 2,088
Other property income 39 - 28 - 34 101
-----------------------------------------------------------------------------
17,742 - 2,042 557 319 20,660
-----------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 1,858 - 123 5 - 1,986
Other property operating 806 - 471 3 215 1,495
Real estate taxes 2,586 - 210 - 15 2,811
-----------------------------------------------------------------------------
5,250 - 804 8 230 6,292
-----------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (3) 12,492 - 1,238 549 89 14,368
OTHER INCOME (EXPENSE)
Interest income 1,840 - 20 - 3 1,863
Straight-line rent income 273 - (33) 8 - 248
Straight-line rents written off - - . - - -
FAS 141 rent (92) - (9) - - (101)
Interest expense (5,718) - (559) (22) - (6,299)
FAS 141 interest 20 - - - 20
Property management expense (32) - (1) - (9) (42)
Promote expense - - - - - -
Reserve for pre-acquisition costs - - - - - -
Reserve for notes receivable - - - - - -
-----------------------------------------------------------------------------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME 8,783 - 656 535 83 10,057
FEE INCOME
Asset and property management fees 2,886 - - - - 2,886
Priority distributions 118 - - - - 118
Transactional fees 2,082 2,082
Loan defeasance - - - - -
Provision for income taxes - - - - - -
-----------------------------------------------------------------------------
FEE INCOME 5,086 - - - - 5,086
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments - - 200 - - 200
Promote income - RCP - - 96 - - 96
Promote income - Fund capital transactions 1,044 - 117 - - 1,161
Equity in earnings of unconsolidated
properties - - 1,467 - - 1,467
Receipt of forfeited deposit - - - - - -
Lease termination income - - 4,900 - - 4,900
Gain on extinguishment of debt - - - - - -
Provision for income taxes (349) - - - - (349)
-----------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME 695 - 6,780 - - 7,475
GENERAL AND ADMINISTRATIVE (6,572) - (70) - - (6,642)
-----------------------------------------------------------------------------
Depreciation and amortization (4,457) - (641) (378) - (5,476)
FAS 141 amortization (239) (15) - - (254)
Gain on sale of properties 763 - - - 7,182 7,945
-----------------------------------------------------------------------------
Income before noncontrolling interest 4,059 - 6,710 157 7,265 18,191
Noncontrolling interest - OP (220) - - - (142) (362)
Noncontrolling interests (7) - (293) (131) - (431)
-----------------------------------------------------------------------------
NET INCOME $ 3,832 $ -$ 6,417 $ 26 $ 7,123 $ 17,398
=============================================================================
(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
June 30, 2009
Income Statements -
Current v. Prior Year (1)
- ---------------------------
(in thousands)
Current Year-to-Date
Period
ended June 30, 2009
-----------------------------------------------------
Core Opportunity
Retail Funds
CORE PORTFOLIO AND
OPPORTUNITY FUND INCOME Core DiscontinuedOpportunityDiscontinued
Retail Operations Funds Operations Total
-----------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 28,119 $- $ 5,411 $ 18 $ 33,548
Percentage rents 348 - - - 348
Expense reimbursements -
CAM 3,927 - 380 - 4,307
Expense reimbursements -
Taxes 4,377 - 296 - 4,673
Other property income 86 - 232 - 318
-----------------------------------------------------
36,857 - 6,320 18 43,195
-----------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 4,913 - 425 - 5,338
Other property operating 1,805 - 1,170 1 2,976
Real estate taxes 5,242 - 685 - 5,927
-----------------------------------------------------
11,960 - 2,281 1 14,241
-----------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 24,897 - 4,039 17 28,954
OTHER INCOME (EXPENSE)
Interest income 9,481 - 143 - 9,624
Straight-line rent income 246 - 175 - 421
Straight-line rents
written off (369) - (41) 24 (386)
FAS 141 rent (22) - (838) - (860)
Interest expense (11,765) - (1,179) - (12,944)
FAS 141 interest 18 - 2 (2) 18
Property management
expense (64) - (2) - (66)
Promote expense - - - - -
Reserve for pre-
acquisition costs - - (481) - (481)
Reserve for notes
receivable (1,734) - - - (1,734)
-----------------------------------------------------
CORE PORTFOLIO AND
OPPORTUNITY FUND INCOME 20,688 - 1,819 39 22,547
FEE INCOME
Asset and property
management fees 5,697 - - - 5,697
Priority distributions 225 - - - 225
Transactional fees 4,778 - - - 4,778
Loan defeasance - - - - -
Provision for income taxes (1,849) - 0 - (1,849)
-----------------------------------------------------
FEE INCOME 8,851 - 0 - 8,851
PROMOTE, RCP AND OTHER
INCOME
Equity in earnings from
RCP investments - - (680) - (680)
Promote income - RCP - - (331) - (331)
Promote income - Fund
capital transactions - - 909 - 909
Equity in earnings of
unconsolidated properties - - (19) - (19)
Receipt of forfeited
deposit 1,730 - - - 1,730
Lease termination income 227 - - - 227
Gain on extinguishment of
debt 7,045 - - - 7,045
Provision for income taxes 298 - (26) - 272
-----------------------------------------------------
PROMOTE, RCP AND OTHER
INCOME 9,300 - (147) - 9,153
GENERAL AND ADMINISTRATIVE (11,953) - (268) - (12,221)
-----------------------------------------------------
Depreciation and
amortization (8,526) - (2,224) - (10,750)
FAS 141 amortization (451) - (150) - (601)
Gain on sale of properties - - - 1,002 1,002
-----------------------------------------------------
Income before
noncontrolling interest 17,909 - (969) 1,041 17,981
Noncontrolling interest -
OP (177) - (15) (19) (211)
Noncontrolling interests (12) - (1) (323) (336)
-----------------------------------------------------
NET INCOME $ 17,720 $- $ (985) $ 699 $ 17,434
=====================================================
Prior Year-to-Date
Period
ended June 30, 2008
--------------------------------------------------------------------------------
Core Opportunity
Retail Funds Residential
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME Core Discontinued Opportunity Discontinued Discontinued
Retail Operations Funds Operations Operations Total
--------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 28,282 $ -$ 4,062 $ 1,130 $ 1,203 $ 34,677
Percentage rents 267 - - - - 267
Expense reimbursements - CAM 3,941 - 127 - - 4,068
Expense reimbursements - Taxes 4,347 - 76 - - 4,423
Other property income 180 - 117 - 109 406
--------------------------------------------------------------------------------
37,017 - 4,382 1,130 1,312 43,841
--------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 4,675 - 316 10 - 5,001
Other property operating 1,586 - 642 13 631 2,872
Real estate taxes 5,153 - 356 - 65 5,574
--------------------------------------------------------------------------------
11,414 - 1,314 23 696 13,447
--------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES (3) 25,603 - 3,068 1,107 616 30,394
OTHER INCOME (EXPENSE)
Interest income 4,145 - 174 - 11 4,330
Straight-line rent income 553 - (176) 3 - 380
Straight-line rents written off (61) - - - - (61)
FAS 141 rent (170) - (33) - - (203)
Interest expense (11,444) - (1,049) (52) - (12,545)
FAS 141 interest 40 - - - 40
Property management expense (64) - (3) - (23) (90)
Promote expense - - - - - -
Reserve for pre-acquisition costs - - - - - -
Reserve for notes receivable - - - - - -
--------------------------------------------------------------------------------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME 18,602 - 1,981 1,058 604 22,245
FEE INCOME
Asset and property management fees 5,910 - - - - 5,910
Priority distributions 253 - - - - 253
Transactional fees 5,764 5,764
Loan defeasance - - - - -
Provision for income taxes - - - - - -
--------------------------------------------------------------------------------
FEE INCOME 11,927 - - - - 11,927
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments - - 2,733 - - 2,733
Promote income - RCP - - 1,288 - - 1,288
Promote income - Fund capital transactions 1,044 - 117 - - 1,161
Equity in earnings of unconsolidated
properties 21 - 1,450 - - 1,471
Receipt of forfeited deposit - - - - - -
Lease termination income - - 4,808 92 - 4,900
Gain on extinguishment of debt - - - - - -
Provision for income taxes (2,192) - (9) - - (2,201)
--------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME (1,127) - 10,387 92 - 9,352
GENERAL AND ADMINISTRATIVE (13,180) - (174) - - (13,354)
--------------------------------------------------------------------------------
Depreciation and amortization (8,614) - (1,592) (768) - (10,974)
FAS 141 amortization (494) (33) - - (527)
Gain on sale of properties 763 - - - 7,182 7,945
--------------------------------------------------------------------------------
Income before noncontrolling interest 7,877 - 10,569 382 7,786 26,614
Noncontrolling interest - OP (391) - - - (152) (543)
Noncontrolling interests 85 - (200) (320) - (435)
--------------------------------------------------------------------------------
NET INCOME $ 7,571 $ -$ 10,369 $ 62 $ 7,634 $ 25,636
================================================================================
Reporting Supplement
June 30, 2009
Net Operating Income (NOI) - Same
Property Performance (1)
- --------------------------------------
(in thousands) Growth in Same Growth in Same
Property NOI - Property NOI -
Continuing Current Historical Continuing
Operations Operations
Notes: Current Historical Favorable Year-to-Date Year-to-Date Favorable
Quarter Quarter (unfavorable) (unfavorable)
----------------------------------------------------------------------------------------------
Three Three
months months Period Period
ended ended ended ended
Reconciliation of total NOI to same June 30, June 30, June 30, June 30,
property NOI:
2009 2008 2009 2008
----------------------------- ----------------------------
NOI - Core Retail properties $ 12,216 $ 12,492 $ 24,897 $ 25,603
NOI - Opportunity Fund properties 2,225 1,238 4,039 3,068
NOI - Discontinued Operations - 638 17 1,723
Adjustment to reflect 2006 increase in
Fund I ownership percentage 2 - (204) - (1,092)
----------------------------- ----------------------------
Total NOI 14,441 14,164 28,954 29,302
NOI - Properties Acquired (1,890) (1,058) (4,022) (2,231)
NOI - Discontinued Operations - (638) (17) (1,723)
----------------------------- ----------------------------
$ 12,551 $ 12,468 0.7% $ 24,914 $ 25,348 -1.7%
============================================= ==========================================
Same property NOI by portfolio
component and revenues/expenses:
Core Retail Properties Core Retail Properties
----------------------------- ----------------------------
Revenues$ 16,222$ 16,008 1.3% $ 33,225$ 33,196 0.1%
Expenses 4,761 4,521 -5.3% 10,417 9,814 -6.1%
--------------------------------------------- ------------------------------------------
Core Retail Properties 11,461 11,487 -0.2% 22,808 23,382 -2.5%
--------------------------------------------- ------------------------------------------
Opportunity Fund Properties Opportunity Fund Properties
----------------------------- ----------------------------
Revenues 1,394 1,303 7.0% 2,824 2,642 6.9%
Expenses 304 322 5.6% 718 676 -6.2%
--------------------------------------------- ------------------------------------------
Opportunity Fund Properties 1,090 981 11.0% 2,106 1,966 7.1%
--------------------------------------------- ------------------------------------------
Total Core Retail and
Opportunity Funds NOI$ 12,551$ 12,468 0.7% $ 24,914$ 25,348 -1.7%
============================================= ============================
(1) The above amounts includes the pro- rata activity related to the Company's
consolidated and unconsolidated joint ventures.
(2) As a result of the recapitalization of the Brandywine Portfolio which
enabled the Fund I investors to receive all of their invested capital and
preferred return, the Company is entitled to receive a 20% promote
interest. Accordingly, Acadia's effective ownership interest is now 38%
(20% + (80% x 22%)). The Company was entitled to $7.2 million Promote on
future Fund I earnings and received 100% of Fund I income until it was
repaid. The balance was repaid in the second quarter of 2008 and the
Company's share returned to 38%. 2008 NOI from Fund I have been adjusted
from 100% down to 38% for comparability.
Reporting Supplement
June 30, 2009
Consolidated Balance Sheets
- ---------------------------
(in thousands)
December
June 30, 31,
2009 2008
----------- -----------
ASSETS
Real estate
Land $ 309,806 $ 294,132
Buildings and improvements 795,118 729,159
Construction in progress 84,647 70,423
----------- -----------
1,189,571 1,093,714
Less: accumulated depreciation (179,370) (165,803)
----------- -----------
Net real estate 1,010,201 927,911
Cash and cash equivalents 107,739 86,691
Cash in escrow 7,344 6,794
Investments in and advances to unconsolidated affiliates 52,967 54,978
Rents receivable, net of $6,539 and $4,726 allowance,
respectively 13,655 12,660
Notes Receivable 84,500 85,587
Preferred Equity Investment 40,000 40,000
Deferred charges, net 24,511 21,899
Prepaid expenses and other assets, net 27,478 31,735
Acquired lease intangibles, net 26,899 19,476
Net assets of discontinued operations - 3,652
----------- -----------
$1,395,294 $1,291,383
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 753,269 $ 653,543
Notes payable 47,549 100,403
Acquired lease intangibles, net 8,964 6,506
Accounts payable and accrued expenses 23,132 22,193
Dividends and distributions payable 7,361 25,514
Share of losses in excess of investment in unconsolidated
affiliates 20,781 20,633
Other liabilities 17,229 18,912
Net liabilities of discontinued operations - 1,451
----------- -----------
Total liabilities 878,285 849,155
----------- -----------
Shareholders' equity:
Common shares 40 32
Additional paid-in capital 298,706 218,527
Accumulated other comprehensive loss (3,227) (4,508)
Retained earnings 16,784 13,671
----------- -----------
Total controlling interest 312,303 227,722
Non-controlling interest in subsidiary 204,706 214,506
----------- -----------
Total shareholders equity 517,009 442,228
----------- -----------
$1,395,294 $1,291,383
=========== ===========
Quarterly Supplemental Disclosure
June 30, 2009
Pro-Rata Consolidated Balance Sheet
- -----------------------------------
(in thousands)
Consolidated Noncontrolling 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 $ 309,806 $ (171,643) $ 6,830 $ 144,993
Buildings and improvements 795,118 (332,798) 49,668 511,988
Construction in progress 84,647 (66,344) 1,098 19,401
-------------- -------------- --------------- --------------
1,189,571 (570,785) 57,596 676,382
Less: accumulated depreciation (179,370) 31,798 (8,380) (155,952)
-------------- -------------- --------------- --------------
Net real estate 1,010,201 (538,987) 49,216 520,430
Cash and cash equivalents 107,739 (27,883) 1,274 81,130
Cash in escrow 7,344 (2,538) 710 5,516
Investments in and advances to
unconsolidated affiliates 52,967 (39,358) (8,336) 5,274
Rents receivable, net 4,991 (1,224) (246) 3,521
Straight-line rents receivable,
net 8,664 (2,064) 1,527 8,127
Intercompany - - - -
Notes Receivable 84,500 (8,392) - 76,108
Preferred equity investment 40,000 - - 40,000
Deferred charges, net 24,511 (13,979) 7,432 17,964
Prepaid expenses and other
assets 27,478 23,683 810 51,971
Acquired lease intangibles 26,899 (14,007) 4 12,896
Assets of discontinued
operations - - - -
-------------- -------------- --------------- --------------
Total Assets $ 1,395,294 $ (624,749) $ 52,391 $ 822,937
============== ============== =============== ==============
LIABILITIES AND SHAREHOLDERS'
EQUITY
Mortgage notes payable $ 753,148 $ (409,703) $ 70,433 $ 413,879
Notes payable 47,549 - - 47,549
Valuation of debt at
acquisition, net of
amortization 121 (48) 1,203 1,276
Acquired lease intangibles 8,964 (2,943) - 6,021
Accounts payable and accrued
expenses 23,132 (8,747) 536 14,921
Dividends and distributions
payable 7,361 - - 7,361
Due to related parties - - - -
Share of losses in excess of
inv. in unconsolidated
affiliates 20,781 - (20,781) -
Other liabilities 17,229 (6,222) 1,000 12,007
Liabilities of discontinued
operations - - - -
-------------- -------------- --------------- --------------
Total liabilities 878,285 (427,663) 52,391 503,014
Shareholders' equity:
Common shares 40 - - 40
Additional paid-in capital 298,706 - - 298,706
Accumulated other comprehensive
income (3,227) - - (3,227)
Retained earnings 16,784 - - 16,784
-------------- -------------- --------------- --------------
Total controlling interest 312,303 - - 312,303
Non-controlling interest in
subsidiary 204,706 (197,086) - 7,620
------------------------------------------------------------
Total shareholders' equity 517,009 (197,086) - 319,923
-------------- -------------- --------------- --------------
Total Liabilities and
Shareholders' Equity $ 1,395,294 $ (624,749) $ 52,391 $ 822,937
============== ============== =============== ==============
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 its
ownership percentage for each of the above asset and liability line items.
Similiarly, the above presentation also includes the Company's share of
assets and liaiblities for unconsolidated investments which are accounted
for under the equity method of accounting pursuant to GAAP.
Reporting Supplement
June 30, 2009
Notes Receivable (1)
- ------------------------------
(amounts in thousands)
- --------------------------------------------------------------------------------------------------------- --------------------------
At June 30, 2009 Stated Effective Extension
Accrued Interest interest Maturity options Underlying third-party
first mortgage
Investment Principal interest Total rate rate (2) date (years) Amount (3) Maturity dates
- --------------------------------------------------------------------------------------------------------- --------------------------
2008 Investments
- ------------------------------
Georgetown - 5 property 2 x 1 year 2009 through
portfolio $ 8,000 $ 998 $ 8,998 9.75% 10.25% 11/2010 $ 8,576 2012
Georgetown - 18 property 2 x 1 year $100 million in
portfolio 2016, balance
40,000 3,854 43,854 13.00% 13.50% 6/2010 115,020 in 2011
--------------------------------------------------- ----------
Sub-total - Georgetown 48,000 4,852 52,852 12.46% 12.96% 123,596
72nd Street 1 year 2011 w/ 1 year
38,355 2,377 40,732 13.00% 20.85% 7/2011 185,000 extension
Total 2008 preferred equity &
mezzanine
- --------------------------------------------------------------------------------- ----------
loan Investments 86,355 7,229 93,584 12.70% 16.46% 308,596
Earlier Investments
- ------------------------------
First mortgage notes 15,943 2,479 18,422 10.11% 10.53% 2009/2010 0.4 years n/a n/a
Other mezzanine notes 11,724 1,236 12,960 12.67% 13.86% 2011 - - 2012
---------------------------------------------------
Total earlier investments 27,667 3,715 31,382 11.19% 11.94%
--------------------------------------------------- ----------
Total notes receivable $ 114,022 $ 10,944 $ 124,966 12.33% 15.37% $ 308,596
=================================================== ==========
(1) The above activity does not include a $10,000 Fund III first mortgage
investment and other non- real estate loans of $478.
(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
June 30, 2009
Portfolio Debt - Summary
Reconciliation from Pro-Rata
Share of Debt to GAAP Debt
(amounts in thousands)
Reconcoliation to Consolidated Debt as
Acadia Pro-Rata Share of Debt (2) Reported
-------------------------------------------------------------- ----------------------------------------
Add: Less:
Noncontrolling Pro-rata Acadia
Interest Share Consolidated
Core Portfolio Opportunity Funds Total Fixed Share of of
----------------- -----------------------------
Principal Interest Principal Interest PrincipalInterest vs Consolidated Unconsolidated Debt
Mortgage Notes Payable Balance Rate Balance Rate Balance Rate Variable Debt (3) Debt (4) As Reported
- ---------------------------------------------- ------------------ --------------------------------------- ------------- ------------
Fixed-Rate Debt (1) $366,736 5.3% $ 31,292 6.0% $398,028 5.4% 86% $ 134,479 $ (67,674) $ 464,833
Variable-Rate Debt (1) (7,543) 1.6% 70,942 1.9% 63,399 1.7% 14% 275,224 (2,759) 335,864
----------------- ------------------ ------------------------- ------------- ------------- ------------
Total $359,193 5.4% $ 102,235 3.0% $461,428 4.9% 100% $ 409,703 $ (70,433) 800,697
================= ================== ========================= ============= =============
FAS 141 purchase price debt
allocation 121
------------
Total debt as reported $ 800,818
============
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
June 30, 2009
Debt Analysis
(amounts in thousands)
Principal Acadia's Pro-rata
Balance at share InterestMaturity Extension
------------------
Property Notes Entity Lender/Originator June 30, 2009 Percent Amount Rate Date Options
- ---------------------------------------- ------------------------------------------------------------------------------------------
CORE PORTFOLIO
- --------------
Fixed-Rate Debt
- ---------------
Acadia Realty Trust 10 Acadia 3.75% Convertible Notes $47,549 100.0% $47,549 3.75%12/20/2011 None
Chestnut Hill Acadia Column Financial, Inc. 9,572 100.0% 9,572 5.45% 6/11/2013 None
New Loudon Center Acadia RBS Greenwich Capital 14,449 100.0% 14,449 5.64% 9/6/2014 None
Crossroads Shopping Crossroads JV JP Morgan Chase Bank, None
Center N.A. 62,737 49.0% 30,741 5.37% 12/1/2014
Crescent Plaza Acadia RBS Greenwich Capital 17,600 100.0% 17,600 4.98% 9/6/2015 None
Pacesetter Park Acadia RBS Greenwich Capital None
Shopping Center 12,400 100.0% 12,400 5.12% 11/6/2015
Elmwood Park Acadia Bear Stearns Commercial None
Shopping Center Mortgage, Inc. 34,600 100.0% 34,600 5.53% 1/1/2016
Gateway Shopping Acadia Bear Stearns Commercial None
Center Mortgage, Inc. 20,500 100.0% 20,500 5.44% 3/1/2016
Acadia Brandywine Brandywine JV Bear Stearns Commercial None
Subsidiary Mortgage, Inc. 61,375 22.2% 13,639 5.99% 7/1/2016
Acadia Brandywine Brandywine JV Bear Stearns Commercial None
Town 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
Clark Diversey Acadia American United Life None
Insurance Company 4,800 100.0% 4,800 6.35% 7/1/2014
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. 8,252 60.0% 4,951 6.40% 11/1/2032
Interest rate swaps 1 Acadia Bank of America, N.A. 63,391 100.0% 63,391 5.38% Various
-------------- ---------- --------
Sub-Total Fixed-Rate
Debt 537,800 366,736 5.34%
-------------- ---------- --------
Variable-Rate Debt
- --------------------
Various Acadia Bank of America, N.A. Libor (2) 12
2 30,000 100.0% 30,000 + 125 12/1/2010 mos.
Branch Plaza Acadia Bank of America, N.A. Libor (1) 12
14,303 100.0% 14,303 + 130 12/1/2011 mos.
Village Commons Acadia Bank of America, N.A. Libor
Shopping Center 3 9,545 100.0% 9,545 + 140 6/29/2012
Ledgewood Mall Acadia JP Morgan Chase Bank, Libor
4 N.A. 2,000 100.0% 2,000 + 125 3/29/2010
Interest rate swaps 1 Acadia Bank of America, N.A. (63,391) 100.0% (63,391)
-------------- ----------
Sub-Total Variable- Libor
Rate Debt (7,543) (7,543) + 129
-------------- ------------------------
Total Core Portfolio
Debt $530,257 $359,193 5.42%
============== ========== ========
Reporting Supplement
June 30, 2009
Debt Analysis
(amounts in thousands)
Principal Acadia's
Pro-
rata
Balance at share InterestMaturity Extension
------------------
Property Notes Entity Lender/Originator June 30, 2009 Percent Amount Rate Date Options
- ---------------------------------------- ------------------------------------------------------------------------------------------
OPPORTUNITY FUNDS
- -----------------
Fixed-Rate Debt
- ---------------
Storage Post - Fund III GEMSA Loan Services, LP None
Suffern $4,881 18.9% $923 5.37% 12/1/2009
Storage Post - Fund III Wachovia None
Various 6, 11 33,897 18.9% 6,408 5.86% 6/11/2009
Storage Post - Fund III GEMSA Loan Services, LP (2) 12
Various 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% 5,038 5.80% 10/1/2017 None
Pelham Manor 5 Fund II Bear Sterns Commercial 30,953 19.8% 6,116 7.18% 1/1/2020 None
Atlantic Avenue Fund II Bear Sterns Commercial 9,439 13.3% 1,259 7.14% 1/1/2020 None
Interest rate swap 1 Fund I Bank of America, N.A. 9,800 37.8% 3,702 5.91%10/29/2010
-------------- ---------- --------
Sub-Total Fixed-Rate
Debt 155,970 31,292 6.01%
-------------- ---------- --------
Variable-Rate Debt
- ------------------
CityPoint Fund II Bank of America, N.A. Libor (2) 6
7,994 19.8% 1,580 + 250 8/13/2009 mos.
Acadia Strategic Fund II Bank of America, N.A. / Libor None
Opportunity Fund Bank of New York +
II, LLC 8 53,681 20.0% 10,736 250 3/1/2010
Sherman Plaza Fund II Bank of America Libor None
5 19,000 19.8% 3,754 + 150 1/15/2010
161(st) Street Fund II RBS Greenwich Capital Libor (1) 12
5 30,000 19.8% 5,927 + 140 4/1/2010 mos.
Liberty Avenue Fund II PNC Bank, National Libor (2) 12
5, 12 Association 11,414 19.8% 2,255 + 165 7/18/2009 mos.
Fordham Plaza Fund II Eurohypo AG Libor (3) 6
5 86,062 19.8% 17,004 + 175 10/4/2009 mos.
Sterling Heights Fund I JP Morgan Chase Bank, Libor None
Shopping Center N.A. 3,121 37.8% 1,179 + 185 8/23/2010
Acadia Strategic Fund III Bank of America, N.A. Comm None
Opportunity Fund Paper
III, LLC 9 143,250 19.9% 28,507 +50 10/9/2011
Tarrytown Shopping Fund I Anglo Irish Bank Libor (2) 12
Center 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- Libor
Rate Debt 354,522 70,942 + 158
-------------- ------------------------
Total Opportunity
Funds Portfolio
Debt $510,492 $102,234 3.02%
============== ========== ========
Reporting Supplement
June 30, 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 All-in
principal Spread Swap rate Rate Date
----------------------------------------------------- ------------------
$4,429 1.44% 4.71% 6.15% 1/1/2010
10,847 1.44% 4.90% 6.33% 10/1/2011
8,115 1.44% 5.14% 6.58% 3/1/2012
15,000 1.44% 3.79% 5.23% 11/30/2012
15,000 1.44% 3.41% 4.85% 11/30/2012
10,000 1.44% 2.65% 4.09% 11/30/2012
------------- -------------------------------------- --------
Core Portfolio $63,391 1.44% 3.95% 5.38%
============= ====================================== ========
Opportunity Funds $9,800 1.44% 4.47% 5.91% 10/29/2010
============= ====================================== ========
Total Core
Portfolio and
Opportunity Funds $73,191 1.44% 4.02% 5.45%
============= ====================================== ========
(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. During the 2nd
quarter 2009, the Company paid down $18.9 million on this facility.
(3) There is an additional $1,600 available under this facility based on
certain income hurdles.
(4) During the 2nd quarter 2009, the Company paid down $23 million on this
facility.
(5) Fund II is a 98.9% joint venture partner on this investment. As such,
Acadia's pro- rata share of the above debt is 98.9% x 20%, or 19.8%.
(6) The loan is collateralized by Storage Post locations - Starr Avenue, New
Rochelle, Yonkers and Bruckner Blvd. The Company is currently in
discussions with the lender to extend the maturity date of this loan.
(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 June 30, 2009 is $50,159.
(11) The loan matures on June 11, 2009. The Company is currently discussing an
extension of the maturity date with the special servicer.
(12) During July 2009, this loan was amended. The loan was reduced to $10,450
and has a new maturity date of July 19, 2009 with a one year extension
option and bears interest at LIBOR plus 325 basis points.
Reporting Supplement
June 30, 2009
Future Debt Maturities
- --------------------------
(in thousands)
Core Portfolio Acadia's Pro-rata Share Weighted Average Interest Rate of
Maturing Debt
-------------------------------- -------------------------------------
Scheduled Scheduled Fixed-Rate Variable-Rate
Year Amortization Maturities Total Amortization Maturities Total Total Debt Debt Debt
- ------------------------------------------------- ----------- -------------------------------- -------------------------------------
2009 $ 1,046 $ - $ 1,046 $ 792$ -$ 792 n/a n/a n/a
2010 2,669 32,000 34,669 2,135 32,000 34,135 1.56% n/a 1.56%
2011 3,045 61,254 64,299 2,481 61,254 63,735 3.27% 3.75% 1.61%
2011 (1) - 2,610 2,610 - 2,610 2,610 3.75% 3.75% n/a
2012 3,219 9,060 12,279 2,628 9,060 11,688 1.71% n/a 1.71%
2013 3,391 8,777 12,168 2,761 8,777 11,538 5.45% 5.45% n/a
Thereafter 12,637 393,159 405,796 9,280 228,025 237,305 5.62% 5.62% n/a
----------------------- ----------- --------------------------------
$ 26,007 $ 506,860 $ 532,867 $ 20,077$ 341,726$361,803
======================= =======================
Less: additional
convertible notes balance (2,610) (2,610)
----------- ---------
Balance per Portfolio Debt
Detail $ 530,257 $359,193
=========== =========
Weighted Average Interest Rate of Pro-
rata Share of Maturing Debt
--------------------------------------
Opportunity Funds
Total Debt Fixed-Rate Variable-Rate
Debt Debt
-------------------------------------
2009 $ 100 $ 144,185 $ 144,285 $ 26$ 28,159$ 28,185 3.07% 5.80% 2.10%
2010 76 115,489 115,565 29 25,255 25,284 2.25% n/a 2.25%
2011 - 184,750 184,750 - 36,353 36,353 1.88% 5.30% 0.94%
2012 79 - 79 16 - 16 n/a n/a n/a
2013 955 - 955 189 - 189 n/a n/a n/a
Thereafter 11,177 53,681 64,858 2,208 10,000 12,208 6.48% 6.48% n/a
----------------------- ----------- --------------------------------
$ 12,387 $ 498,105 $ 510,492 $ 2,468$ 99,767$102,235
======================= =========== ================================
(1) Reflects additional convertible notes balance maturing in 2011.
Reporting Supplement
June 30, 2009
Future Debt Maturities Including Extension Options
- --------------------------------------------------
(in thousands)
Core Portfolio Weighted Average Interest
Acadia's Pro-rata Share Rate of Maturing Debt
------------------------------------ ---------------------------
Fixed-
Scheduled Scheduled Total Rate Variable-
Year Amortization Maturities Total Amortization Maturities Total Debt Debt Rate Debt
- ------------------------------------------------- -------------- ------------------------------------ ---------------------------
2009 $ 1,046 $ - $ 1,046 $ 792 $ - $ 792 n/a n/a n/a
2010 2,669 2,000 4,669 2,135 2,000 4,135 1.56% n/a 1.56%
2011 3,065 47,549 50,614 2,501 47,549 50,050 3.75% 3.75% n/a
2011 (1) - 2,610 2,610 - 2,610 2,610 3.75% 3.75% n/a
2012 3,446 52,518 55,964 2,855 52,518 55,373 1.60% n/a 1.60%
2013 3,391 8,777 12,168 2,761 8,777 11,538 5.45% 5.45% n/a
Thereafter 12,637 393,159 405,796 9,281 228,024 237,305 5.58% 5.58% n/a
--------------------------- -------------- ------------------------------------
$ 26,254 $ 506,613 $ 532,867 $ 20,325 $ 341,478 $361,803
=========================== ==========================
Less: additional convertible notes balance (2,610) (2,610)
-------------- ----------
Balance per Portfolio Debt Detail $ 530,257 $359,193
============== ==========
Weighted Average Interest
Rate of Pro-rata Share of
Maturing Debt
----------------------------
Opportunity Funds
Total Fixed- Variable-
Debt Rate Rate Debt
Debt
---------------------------
2009 $ 100 $ 38,715 $ 38,815 $ 38 $ 7,308 $ 7,346 5.80% 5.80% n/a
2010 76 83,683 83,759 29 17,207 17,236 2.55% n/a 2.55%
2011 - 270,726 270,726 - 53,693 53,693 1.42% n/a 1.42%
2012 79 9,800 9,879 16 3,702 3,718 1.96% n/a 1.96%
2013 955 41,500 42,455 189 7,846 8,035 5.30% 5.30% n/a
Thereafter 11,177 53,681 64,858 2,207 10,000 12,207 6.48% 6.48% n/a
--------------------------- -------------- ------------------------------------
$ 12,387 $ 498,105 $ 510,492 $ 2,479 $ 99,756 $102,235
=========================== ============== ====================================
(1) Reflects additional convertible notes balance maturing in 2011.
Reporting Supplement
June 30, 2009
Selected Operating Ratios Three months ended June 30, Six months ended June 30,
2009 2008 2009 2008
--------- --------- --------- ---------
Coverage Ratios (1)
- -----------------------------
Interest Coverage Ratio
EBIDTA $ 20,307 $ 22,604 $ 42,832 $ 44,876
Divided by Interest expense 6,283 6,299 12,944 12,545
--------- --------- --------- ---------
3.23 x 3.59 x 3.31 x 3.58 x
Fixed Charge Coverage Ratio
EBIDTA $ 20,307 $ 22,604 $ 42,832 $ 44,876
Divided by (Interest expense 6,283 6,299 12,944 12,545
+ Preferred Dividends) (2) 5 5 10 10
--------- --------- --------- ---------
3.23 x 3.59 x 3.31 x 3.57 x
Debt Service Coverage Ratio
EBIDTA $ 20,307 $ 22,604 $ 42,832 $ 44,876
Divided by (Interest expense 6,283 6,299 12,944 12,545
+ Principal Amortization) 378 679 776 1,390
--------- --------- --------- ---------
3.05 x 3.24 x 3.12 x 3.22 x
Payout Ratios
- -----------------------------
FFO Payout Ratio
Dividends (Shares) &
Distributions (O.P. Units)
paid $ 7,361 $ 7,049 $ 14,737 $ 14,080
FFO 11,992 13,349 26,260 25,737
--------- --------- --------- ---------
61% 53% 56% 55%
AFFO Payout Ratio
Dividends (Shares) &
Distributions (O.P. Units)
paid $ 7,361 $ 7,049 $ 14,737 $ 14,080
AFFO 11,843 13,344 25,689 25,982
--------- --------- --------- ---------
62% 53% 57% 54%
FAD Payout Ratio
Dividends (Shares) &
Distributions (O.P. Units)
paid $ 7,361 $ 7,049 $ 14,737 $ 14,080
FAD 11,465 12,665 24,913 24,592
--------- --------- --------- ---------
64% 56% 59% 57%
Leverage Ratios
- -----------------------------
Debt/Total Market
Capitalization
Debt (3)$461,428 $461,428
Total Market Capitalization 988,309 988,309
--------- ---------
47% 47%
Debt + Preferred Equity
(Preferred O.P. Units) (3)$461,755 $461,428
Total Market Capitalization 988,309 988,309
--------- ---------
47% 47%
Debt/EBIDTA - Core Portfolio
Debt $359,193 $359,193
EBIDTA (Annualized) 77,021 80,367
--------- ---------
4.66 x 4.47 x
Debt/EBIDTA - Core Portfolio
and Opportunity Funds
Debt $461,428 $461,428
EBIDTA (Annualized) 81,228 85,665
--------- ---------
5.68 x 5.39 x
Debt Yield - Core Portfolio
NOI (Annualized) $ 48,864 $ 49,794
Debt 359,193 359,193
--------- ---------
13.6% 13.9%
Net Debt Yield - Core
Portfolio (4)
NOI (Annualized) $ 48,864 $ 49,794
Debt 288,603 288,603
--------- ---------
16.9% 17.3%
Debt Yield - Core Portfolio
and Opportunity Funds
NOI (Annualized) $ 57,764 $ 57,907
Debt 461,428 461,428
--------- ---------
12.5% 12.5%
Net Debt Yield - Core
Portfolio and Opportunity
Funds (5)
NOI (Annualized) $ 57,764 $ 57,907
Debt 380,298 380,298
--------- ---------
15.2% 15.2%
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 debt net of the current Core Portfolio cash balance as of 6/30/09.
(5) Reflects debt net of the current Core Portfolio and pro-rata share of the
Opportunity Funds cash balance as of 6/30/09.
Reporting Supplement
June 30, 2009
Acadia Strategic Opportunity Fund, LP ("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
June 30, 2009
Fund I
Portfolio Detail
- ----------------
Ownership Gross Leasable Area Occupancy Annualized Base Rent
---------------------------------------------------------------------------------------
Anchors % Anchors Shops Total Anchors Shops Total Anchors Shops Total
----------------------------------------------------------------------------------------------------------------
Midwest
- --------------------
Michigan
- --------------------
Sterling Heights Burlington Coat
Shopping Center Factory, Rite
(Michigan) Aid 50% 90,400 64,435 154,835 100.00% 4.81% 60.39% $526,600 $36,300 $562,900
Ohio
- --------------------
Granville Centre Lifestyle
Family
Fitness, Inc. 100% 90,047 44,950 134,997 38.81% 28.92% 35.52% 450,336 147,682 598,018
---------------------------------------------------------------------------------------
Total Midwest 180,447 109,385 289,832 69.46% 14.72% 48.80% 976,936 183,982 1,160,918
New York
- --------------------
New York
- --------------------
Tarrytown Shopping Walgreen's
Center 100% 15,497 19,794 35,291 100.00% 82.33% 90.09% 475,000 506,063 981,063
Various
- --------------------
Kroger/Safeway Kroger/Safeway
Portfolio (18
Properties) 75% 709,400 - 709,400 100.00% 0.00% 100.00% 6,492,215 - 6,492,215
---------------------------------------------------------------------------------------
Grand Total 905,344 129,179 1,034,523 93.91% 25.08% 85.32% $7,944,151 $690,045 $8,634,196
=======================================================================================
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
June 30, 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% $ 6,492,215 81.73% $ 9.15
2017 1 34,951 4.11% 450,336 5.67% 12.88
2024 1 70,400 8.28% 281,600 3.54% 4.00
2026 1 20,000 2.35% 245,000 3.08% 12.25
2080 1 15,497 1.82% 475,000 5.98% 30.65
-------------------------------------------- ------------------------------------------
Total Occupied 22 850,248 100.00% $ 7,944,151 100.00% $ 9.34
============================================ ==========================================
Total Vacant 55,096
----------------
Total Square Feet 905,344
================
Shop Tenant
Expirations
Month to Month 5 10,104 31.19% $ 100,518 14.57% $ 9.95
2010 1 2,547 7.86% 83,516 12.10% 32.79
2011 2 3,465 10.70% 67,574 9.79% 19.50
2012 2 2,920 9.01% 61,344 8.89% 21.01
2014 2 4,341 13.40% 146,596 21.24% 33.77
2018 2 3,861 11.92% 79,655 11.54% 20.63
2020 1 5,157 15.92% 150,842 21.86% 29.25
-------------------------------------------- ------------------------------------------
Total Occupied 15 32,395 100.00% $ 690,045 100.00% $ 21.30
============================================ ==========================================
Total Vacant 96,784
----------------
Total Square Feet 129,179
================
Total Anchor and
Shop Tenant
Expirations
Month to Month 5 10,104 1.14% $ 100,518 1.16% $ 9.95
2010 1 2,547 0.29% 83,516 0.97% 32.79
2011 20 712,865 80.76% 6,559,789 75.97% 9.20
2012 2 2,920 0.33% 61,344 0.71% 21.01
2014 2 4,341 0.49% 146,596 1.70% 33.77
2017 1 34,951 3.96% 450,336 5.22% 12.88
2018 2 3,861 0.44% 79,655 0.92% 20.63
2020 1 5,157 0.58% 150,842 1.75% 29.25
2024 1 70,400 7.98% 281,600 3.26% 4.00
2026 1 20,000 2.27% 245,000 2.84% 12.25
2080 1 15,497 1.76% 475,000 5.50% -
-------------------------------------------- ------------------------------------------
Total Occupied 37 882,643 100.00% $ 8,634,196 100.00% $ 9.78
============================================ ==========================================
Total Vacant 151,880
----------------
Total Square Feet 1,034,523
================
Reporting Supplement
As of June 30, 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:
- --------
Fund I valuation is based on September 30, 2008 property
1 appraisals, adjusted for 2009 Kroger/Safeway dispositions.
Reporting Supplement
June 30, 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 June 30, 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
June 30, 2009
Fund II
Portfolio Detail
- --------------------------
Gross Leasable Area Occupancy Annualized Base Rent
-------------------------------------------------------------------------------------
Anchors Ownership % Anchors Shops Total Anchors Shops Total Anchors Shops Total
----------------------------------------------------------------------------------------------------------------
Midwest
- --------------------
Illinois
- --------------------
Oakbrook Neiman Marcus 100% 112,000 - 112,000 100.00% 0.00%100.00% $ 825,000 $ - $ 825,000
New York
- --------------------
New York
- --------------------
Pelham Plaza BJ's Discount
Club, Michaels 98.8% 149,878 100,102 249,980 100.00% 20.07% 67.99% 3,873,244 846,102 4,719,346
Fordham Place Sears, Best Buy 98.8% 74,899 44,547 119,446 100.00% 94.96% 98.12% 2,873,228 2,431,012 5,304,240
Liberty Avenue CVS 98.8% 10,880 15,245 26,125 100.00% 100.00%100.00% 394,944 501,139 896,083
New York Dept of
216th Street Citywide Admin.
Services 98.8% 60,000 - 60,000 100.00% 0.00%100.00% 2,340,000 225,000 2,565,000
161st Street (1) The City of New
York 98.8% 137,334 86,187 223,521 100.00% 66.58% 87.11% 3,337,222 1,193,501 4,530,723
-------------------------------------------------------------------------------------
Total New York 432,991 246,081 679,072 100.00% 54.87% 83.65% 12,818,638 5,196,754 18,015,392
-------------------------------------------------------------------------------------
Grand Total 544,991 246,081 791,072 100.00% 54.87% 85.96% $13,643,638 $5,196,754 $18,840,392
=====================================================================================
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 %
- ------------------------------------
Sherman Avenue 98.8%
CityPoint 23%
Canarsie Plaza 98.8%
(1) Currently operating, but will be redeveloped in the future.
Reporting Supplement
June 30, 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 45.74% $ 4,162,222 30.52% $ 16.69
2013 1 20,473 3.76% 573,244 4.20% 28.00
2019 1 39,705 7.29% 1,747,020 12.80% 44.00
2023 1 35,194 6.46% 1,126,208 8.25% 32.00
2027 1 60,000 11.01% 2,340,000 17.15% 39.00
2032 1 10,880 2.00% 394,944 2.89% 36.30
2033 1 129,405 23.74% 3,300,000 24.19% 25.50
---------------------------- -----------------------------
Total Occupied 8 544,991 100.00% $13,643,638 100.00% $ 25.03
============================ =============================
Total Vacant -
-----------
Total Square Feet 544,991
===========
Shop Tenant Expirations
Month to Month 1 6,109 4.52% $ 35,520 0.68% $ 5.81
2011 3 24,065 17.82% 584,773 11.25% 24.30
2012 3 27,205 20.15% 573,208 11.03% 21.07
2013 1 4,462 3.30% 167,994 3.23% 37.65
2014 2 7,081 5.24% 279,078 5.37% 39.41
2018 4 13,013 9.64% 567,024 10.91% 43.57
2019 2 5,460 4.04% 215,244 4.14% 39.42
2022 1 - 0.00% 225,000 4.33% -
2023 1 31,417 23.28% 1,131,012 21.76% 36.00
2027 1 6,208 4.60% 217,901 4.19% 35.10
2048 1 10,000 7.41% 1,200,000 23.09% 120.00
---------------------------- -----------------------------
Total Occupied 20 135,020 100.00% $ 5,196,754 100.00% $ 38.49
============================ =============================
Total Vacant 111,061
-----------
Total Square Feet 246,081
===========
Total Anchor and Shop Tenant Expirations
Month to Month 1 6,109 0.90% $ 35,520 0.19% $ 5.81
2011 5 273,399 40.20% 4,746,995 25.19% 17.36
2012 3 27,205 4.00% 573,208 3.04% 21.07
2013 2 24,935 3.67% 741,238 3.93% 29.73
2014 2 7,081 1.04% 279,078 1.48% 39.41
2018 4 13,013 1.91% 567,024 3.01% 43.57
2019 3 45,165 6.64% 1,962,264 10.42% 43.45
2023 2 66,611 9.80% 2,257,220 11.98% 33.89
2027 2 66,208 9.74% 2,557,901 13.58% 38.63
2022 1 - 0.00% 225,000 1.19% -
2032 1 10,880 1.60% 394,944 2.10% 36.30
2033 1 129,405 19.03% 3,300,000 17.52% 25.50
2048 1 10,000 1.47% 1,200,000 6.37% 120.00
---------------------------- -----------------------------
Total Occupied 28 680,011 100.00% $18,840,392 100.00% $ 27.71
============================ =============================
Total Vacant 111,061
-----------
Total Square Feet 791,072
===========
Reporting Supplement
June 30, 2009
Acadia Strategic Opportunity Fund III, LLC ("Fund III") - Overview
- ------------------------------------------------------------------
Item Description
- ------------------------------------------------------------------
Date formed May 2007
Capital commitment $503 million
Funding $96.5 millionfunded through June 30, 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
June 30, 2009
Fund III
Portfolio Detail
Gross Leasable Area Occupancy Annualized Base Rent
----------------------------------------------------------------------------------
Anchors Ownership % Anchors Shops Total Anchors Shops Total Anchors Shops Total
------------------------------------------------------------------------------------------------------------------
New York
- ------------------
Cortlandt Towne Wal Mart, A&P, United
Center Artists Theatre 100.0% 510,538 131,259 641,797 83.79% 84.14% 83.86% $ 6,007,613 $ 2,450,024 $ 8,457,637
==================================================================================
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
June 30, 2009
Fund III
Storage Post Property Detail
- ------------------------------
Net
Rentable
Square
Operating Properties Location Feet Occupancy
- --------------------------------------------------------------------------------
Stabilized
- ------------------------------
New Rochelle Westchester, New York 42,300
Suffern Suffern, New York 78,950
Yonkers Westchester, New York 100,518
Jersey City Jersey City, New Jersey 76,720
---------------
Subtotal Stabilized 298,488 86.8%
-------------------------
Currently in Lease-up
- ------------------------------
Bruckner Blvd Bronx, New York 89,448
Fordham Road Bronx, New York 84,505
Webster Ave Bronx, New York 36,736
Lawrence Lawrence, New York 97,643
Long Island City Queens, New York 134,046
Linden Linden, New Jersey 84,035
---------------
Subtotal in Lease-up 526,413 71.2%
-------------------------
Total Operating Properties 824,901 76.9%
==========
Completing development
- ------------------------------
Ridgewood Queens, New York 88,650 4.1%
---------------==========
Total Storage Post Portfolio 913,551
===============
June 30, 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
------------------------------
------------------------------
Acadia properties with a
self storage component
Location
------------------------------
Liberty (Queens)
Canarsie (Brooklyn)
Atlantic Ave. (Brooklyn)
Pelham Manor (Westchester)
Reporting Supplement
June 30, 2009
New York Urban/Infill: Development costs - Construction Complete
Estimated Total cost
Estimated square to date Estimated Total Debt as of
completion footage upon (including future project June 30,
Property Anchors/Tenants of Construction completion acquisition cost) cost cost 2009 % Leased (2)
- ------------------------------------------------------------------------------------------------------------------------------------
Fund II ($ in millions)
- -------------------- ------------------
Construction
complete
- --------------------
Retail - 100%
Fordham Place Sears, Walgreens, Best Completed Office - 34%
Buy, 24 Hour Fitness 276,000 $ 120.2 $ 9.8 $ 130.0 $ 86.1
Pelham Manor BJ's Wholesale Club Completed
Shopping Plaza (1) 320,000 60.5 4.5 65.0 31.0 74%
216th Street City of New York Dept of Completed
General Services 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 To be
and State Agencies determined 232,000 53.8 11.2 65.0 30.0 87%
Atlantic Avenue Storage Post Completed 110,000 19.5 3.5 23.0 9.4
-----------------------------------------------------------
Retail - 84%
Total 1,123,000 $ 296.6 $ 29.0 $ 325.6 $ 193.4Office - 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
June 30, 2009
New York Urban/Infill: Development costs - Construction/Design
Estimated Total cost
Estimated square to date Estimated Total Debt as of
completion footage upon (including future project June 30,
Property Anchors/Tenants of Construction completion acquisition cost) cost cost 2009
- -------------------------------------------------------------------------------------------------------------------------------
Fund II ($ in millions)
- ------------------------- ---------------------
Under Construction
- -------------------------
Canarsie Plaza (1) BJ's Wholesale Club 1st half 2011 265,000 $ 18.7 $ 58.3 $ 77.0 0
-------------------------------------------------------------------
Total Construction 265,000 $ 18.7 $ 58.3 $ 77.0 0
-------------------------------------------------------------------
In Design
- -------------------------
Sherman Plaza TBD TBD TBD 33.1 TBD TBD 0
CityPoint (2) TBD TBD TBD 43.4 TBD TBD 7.9
-------------------------------------------------------------------
Total Design - $ 76.5 - - 7.9
-------------------------------------------------------------------
Fund III
- -------------------------
In Design
- -------------------------
Sheepshead Bay TBD TBD TBD $ 22.6 TBD TBD 0
-------------------------------------------------------------------
125 Main Street TBD TBD
(Westport, CT) 30,000 $ 17.4 $ 5.6 $ 23.0 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.
(3) Sherman Plaza debt balance of $19.0 million at June 30, 2009 is 100% cash
collateralized.
Reporting Supplement
June 30, 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
June 30, 2009
Retailer Controlled Property ("RCP") Venture - Investments
- ----------------------------------------------------------
The following table summarizes the RCP Venture investments from inception through June 30, 2009
Year Invested Equity
Investor Investment acquired capital Distributions Multiple
- ------------------------------ ---------------------------- ------------ ------------- ------------------- ----------------
Mervyns I and Mervyns II Mervyns 2004 $ 25,348 $ 45,966 1.8X
Mervyns II Mervyns Realco 2007 2,155 - -
Mervyns I and Mervyns II Mervyns add-on investments 2005 3,445 1,703 0.5X
Mervyns II Albertson's 2006 20,717 63,833 3.1X
Mervyns II Albertson's add-on X
investments 2006/2007 2,409 466 0.2
Fund II Shopko 2006 1,100 1,100 1.0X
Fund II Marsh 2006 667 639 1.0X
Fund II Marsh add-on investments 2008 2,000 2,000 1.0X
Mervyns II Rex 2007 2,701 - -
------------- ------------------- --------------
Total $ 60,542 $ 115,707 1.9X
============= =================== ==============
In connection with its RCP Venture, in September 2004, Acadia Mervyns Investors
I, LLC ("Mervyns I") and Acadia Mervyns Investors II, LLC ("Mervyns II")
participated in the acquisition of the Mervyns Department Store chain consisting
of 262 stores ("REALCO") and its retail operation ("OPCO") from Target
Corporation for a total price of $1.2 billion. Mervyns I and II invested $23.2
million for approximately a 5.2% interest in REALCO and a 2.5% interest in OPCO,
equally split between Mervyns I and II.
To date, through a series of transactions, REALCO has disposed of a significant
portion of the portfolio. Furthermore, during November 2007, Mervyns I and II
sold their interest in OPCO and, as a result, have no further direct OPCO
exposure.
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2009
Core Portfolio Retail Properties - Detail
- -------------------------------------------
Acadia's Gross Leasable Area Occupancy Annualized Base Rent
--------------------------------------------------------------------------------------
Anchors interest Anchors Shops Total Anchors Shops Total Anchors Shops Total
----------------------------------------------------------------------------------------------------------------
New York
- --------------------
Connecticut
- --------------------
239 Greenwich Restoration
Avenue( 1) Hardware,
Coach 75.0% 16,834 - 16,834 100.00% - 100.00%$ 1,397,621$ -$ 1,397,621
--------------------------------------------------------------------------------------
New Jersey
- --------------------
Elmwood Park Walgreens,
Shopping Center Pathmark (A&P) 100.0% 62,610 86,881 149,491 100.00% 85.93% 91.82% 1,390,460 1,887,820 3,278,280
A & P Shopping Plaza A&P 60.0% 49,463 13,445 62,908 100.00% 100.00% 100.00% 900,000 364,457 1,264,457
--------------------------------------------------------------------------------------
Total - New Jersey 112,073 100,326 212,399 100.00% 87.82% 94.24% 2,290,460 2,252,277 4,542,737
--------------------------------------------------------------------------------------
New York
- --------------------
Village Commons
Shopping Center - 100.0% 3,891 83,346 87,237 0.00% 82.05% 78.39% - 2,104,524 2,104,524
Branch Plaza A&P, CVS 100.0% 74,050 51,701 125,751 100.00% 100.00% 100.00% 1,222,619 1,482,248 2,704,867
Amboy Center King Kullen,
Duane Reade 100.0% 46,964 16,326 63,290 100.00% 85.30% 96.21% 1,052,068 728,601 1,780,669
Bartow Avenue - 100.0% - 14,676 14,676 0.00% 76.29% 76.29% - 336,665 336,665
Pacesetter Park Stop & Shop
Shopping Center 100.0% 52,052 44,301 96,353 100.00% 78.34% 90.04% 383,168 717,168 1,100,336
LA Fitness LA Fitness 100.0% 55,000 - 55,000 100.00% - 100.00% 1,265,000 - 1,265,000
West 54th Street Stage Deli 100.0% 4,211 5,466 9,677 100.00% 100.00% 100.00% 1,152,000 1,534,089 2,686,089
East 17th Street Barnes & Noble 100.0% 19,622 - 19,622 100.00% 0.00% 100.00% 625,000 - 625,000
Crossroads Shopping
Center 49.0% 210,114 100,708 310,822 100.00% 81.38% 93.97% 2,546,429 3,327,769 5,874,198
--------------------------------------------------------------------------------------
Total - New York 465,904 316,524 782,428 99.16% 84.46% 93.22% 8,246,284 10,231,064 18,477,348
--------------------------------------------------------------------------------------
Total New York 594,811 416,850 1,011,661 99.35% 85.27% 93.54% 11,934,365 12,483,341 24,417,706
--------------------------------------------------------------------------------------
New England
- --------------------
Connecticut
- --------------------
Town Line Plaza( 2) Wal Mart, Super
Stop & Shop 100.0% 163,159 43,187 206,346 100.00% 100.00% 100.00% 937,000 733,620 1,670,620
--------------------------------------------------------------------------------------
Massachusetts
- --------------------
Methuen Shopping Wal Mart,
Center Demoulas Super
Markets 100.0% 120,004 10,017 130,021 100.00% 100.00% 100.00% 736,464 222,225 958,689
Crescent Plaza Home Depot,
Supervalu 100.0% 156,985 61,156 218,141 100.00% 69.14% 91.35% 1,178,872 426,757 1,605,629
--------------------------------------------------------------------------------------
Total -
Massachusetts 276,989 71,173 348,162 100.00% 73.48% 94.58% 1,915,336 648,982 2,564,318
--------------------------------------------------------------------------------------
New York
- --------------------
Bon Ton,
Marshalls,
Price Chopper,
New Loudon Center A.C. Moore,
Raymours
Furniture Co. 100.0% 251,211 4,615 255,826 100.00% 100.00% 100.00% 1,641,431 126,310 1,767,741
--------------------------------------------------------------------------------------
Rhode Island
- --------------------
Walnut Hill Plaza Sears,
Supervalu, CVS 100.0% 121,892 162,825 284,717 100.00% 92.56% 95.75% 1,005,500 1,399,290 2,404,790
--------------------------------------------------------------------------------------
Vermont
- --------------------
The Gateway ShoppingSupervalu
Center 100.0% 73,184 28,600 101,784 100.00% 84.38% 95.61% 1,353,904 523,252 1,877,156
--------------------------------------------------------------------------------------
Total New England 886,435 310,400 1,196,835 100.00% 88.58% 97.04% 6,853,171 3,431,454 10,284,625
--------------------------------------------------------------------------------------
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
(1) 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21
residential units encompassing 14,434 square feet. Residential activities
are not included above. (2 )Anchor GLA includes a 97,300 square foot Wal-
Mart store which is not owned by the Company. This square footage has been
excluded for calculating annualized base rent per square foot.
Core Portfolio Acadia's
(continued): interest
--------
Midwest
- --------------------
Illinois
- --------------------
Hobson West Plaza Garden Fresh
Markets 100.0% 51,692 47,434 99,126 100.00% 85.58% 93.10%$ 225,436$ 811,609$ 1,037,045
Clark Diversey - 100.0% - 19,265 19,265 - 100.00% 100.00% - 883,130 883,130
--------------------------------------------------------------------------------------
Total - Illinois 51,692 66,699 118,391 100.00% 89.74% 94.22% 225,436 1,694,739 1,920,175
Indiana
- --------------------
JC Penney,
Office Max, TJ
Maxx,
Merrillville Plaza David's Bridal,
Pier I 100.0% 145,266 89,760 235,026 100.00% 85.48% 94.45% 1,615,642 1,279,158 2,894,800
Michigan
- --------------------
Home Goods, TJ
Maxx,
Marshalls,
Bloomfield Towne Officemax
Square 100.0% 152,944 79,237 232,181 82.04% 96.39% 86.94% 1,015,349 1,402,961 2,418,310
Ohio
- --------------------
Mad River Station Babies 'R' Is,
(1) Office Depot,
Pier I 100.0% 68,296 57,687 125,983 100.00% 78.16% 90.00% 802,719 627,538 1,430,257
--------------------------------------------------------------------------------------
Total Midwest 418,198 293,383 711,581 93.43% 87.96% 91.17% 3,659,146 5,004,396 8,663,542
--------------------------------------------------------------------------------------
Mid-Atlantic
- --------------------
New Jersey
- --------------------
Marketplace of Supervalu, Rite
Absecon Aid 100.0% 58,031 46,687 104,718 100.00% 93.27% 97.00% 984,014 662,008 1,646,022
--------------------------------------------------------------------------------------
Total - New Jersey 58,031 46,687 104,718 100.00% 93.27% 97.00% 984,014 662,008 1,646,022
--------------------------------------------------------------------------------------
Delaware
- --------------------
Lowes, Target,
Bed, Bath &
Beyond,
Brandywine Town Dicks Sporting
Center Goods 22.2% 839,624 35,284 874,908 98.93% 87.91% 98.49% 12,706,931 559,980 13,266,910
Market Square TJ Maxx, Trader
Shopping Center Joe's 22.2% 42,850 59,197 102,047 100.00% 89.02% 93.63% 671,888 1,553,239 2,225,127
Naamans Road - 22.2% - 19,970 19,970 0.00% 54.94% 54.94% - 558,340 558,340
--------------------------------------------------------------------------------------
Total - Delaware 882,474 114,451 996,925 98.98% 82.73% 97.12% 13,378,819 2,671,559 16,050,377
--------------------------------------------------------------------------------------
Pennsylvania
- --------------------
Blackman Plaza Kmart, Rite Aid 100.0% 112,051 13,213 125,264 100.00% 28.97% 92.51% 268,519 20,400 288,919
Mark Plaza Kmart, Redner's
Market 100.0% 157,595 58,806 216,401 100.00% 49.48% 86.27% 652,095 220,106 872,201
Plaza 422 Home Depot,
Dunham's 100.0% 139,968 16,311 156,279 100.00% 25.32% 92.21% 643,503 75,000 718,503
Route 6 Plaza Kmart, Fashion
Bug, Rite Aid 100.0% 146,498 29,021 175,519 100.00% 100.00% 100.00% 806,351 328,842 1,135,193
Chestnut Hill (2) Borders Books 100.0% 31,420 9,150 40,570 59.00% 100.00% 68.25% 482,000 325,483 807,483
Abington Towne Target, TJ Maxx
Center (3) 100.0% 184,616 31,742 216,358 100.00% 89.80% 98.50% 270,000 693,103 963,103
--------------------------------------------------------------------------------------
Total - Pennsylvania 772,148 158,243 930,391 98.33% 65.55% 92.76% 3,122,468 1,662,934 4,785,402
--------------------------------------------------------------------------------------
Total Mid-Atlantic 1,712,653 319,381 2,032,034 98.72% 75.76% 95.12% 17,485,301 4,996,501 22,481,801
--------------------------------------------------------------------------------------
Total Core
Properties 3,612,0971,340,014 4,952,111 98.53% 84.36% 94.69%$39,931,983$25,915,692$65,847,674
======================================================================================
Total Core
Properties -
weighted based on
ownership interest(4) 2,794,5571,194,255 3,988,812 98.35% 84.54% 94.21% 27,517,854 21,994,808 49,512,662
======================================================================================
General note - The above occupancy and rent amounts do not include space which
is currently leased, but for which rent payment has not yet commenced.
(1) The GLA for this property excludes 29,857 square feet of office space.
(2) This consists of two separate buildings.
(3) Anchor GLA includes a 157,616 square foot Target store which is not owned
by the Company. This square footage has been excluded for calculating
annualized base rent per square foot.
(4) Weighted based on Acadia's ownership interest in the properties.
Reporting Supplement
June 30, 2009
Core Portfolio Retail Properties by State - Summary
- ---------------------------------------------------
Gross Leasable Area Occupancy Annualized Base Rent
----------------------------------------------------------------------------------
Ownership Percent of Number of
% base rent (1) properties Anchors(2) Shops Total Anchors Shops Total Anchors Shops Total
---------------------------------------------------------------------------------------------------------------------
Connecticut 75.0% 5.5% 2 179,993 43,187 223,180100.00%100.00%100.00%$ 2,334,621 $ 733,620$ 3,068,241
Delaware 22.2% 7.0% 3 882,474 114,451 996,925 98.98% 82.73% 97.12% 13,378,819 2,671,559 16,050,377
Illinois 100.0% 3.9% 2 51,692 66,699 118,391100.00% 89.74% 94.22% 225,436 1,694,739 1,920,175
Indiana 100.0% 5.8% 1 145,266 89,760 235,026100.00% 85.48% 94.45% 1,615,642 1,279,158 2,894,800
Massachusetts 100.0% 5.2% 2 276,989 71,173 348,162100.00% 73.48% 94.58% 1,915,336 648,982 2,564,318
Michigan 100.0% 4.9% 1 152,944 79,237 232,181 82.04% 96.39% 86.94% 1,015,349 1,402,961 2,418,310
New Jersey 88.9% 11.5% 3 170,104 147,013 317,117100.00% 89.55% 95.15% 3,274,474 2,914,285 6,188,759
New York 83.8% 35.0% 10 717,115 321,1391,038,254 99.46% 84.68% 94.89% 9,887,715 10,357,374 20,245,089
Ohio 100.0% 2.9% 1 68,296 57,687 125,983100.00% 78.16% 90.00% 802,719 627,538 1,430,257
Pennsylvania 100.0% 9.8% 6 772,148 158,243 930,391 98.33% 65.55% 92.76% 3,122,468 1,662,934 4,785,402
Rhode Island 100.0% 4.9% 1 121,892 162,825 284,717100.00% 92.56% 95.75% 1,005,500 1,399,290 2,404,790
Vermont 100.0% 3.8% 1 73,184 28,600 101,784100.00% 84.38% 95.61% 1,353,904 523,252 1,877,156
-----------------------------------------------------------------------------------------------------------
Total - Core
Portfolio 100.0% 333,612,0971,340,0144,952,111 98.53% 84.36% 94.69%$39,931,983 $25,915,692$65,847,674
===========================================================================================================
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
June 30, 2009
Core Portfolio Top Tenants - Ranked by Annualized Base Rent (2)
Percentage of
Total
Joint Represented by
Wholly Owned Ventures Combined Retail Tenant
Number of --------------------------------------------------------------------------------------------------
stores in
Retail combined Total Annualized Base Total Annualized Base Total Annualized Base Total Annualized Base
Ranking Tenant portfolio GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio GLA(2) Rent (1)
- ------------------------------------------------------------------------------------------------------------------------------------
1 A&P 5 197,502 $ 3,613,840 18,722 $ 246,960 216,224 $ 3,860,800 5.4% 7.8%
-- A&P 3 112,463 1,913,060 18,722 $ 246,960 131,185 2,160,020 3.3% 4.4%
-- Pathmark 1 47,773 955,460 - - 47,773 955,460 1.2% 1.9%
-- King Kullen 1 37,266 745,320 - - 37,266 745,320 0.9% 1.5%
Supervalu
2 (Shaws) 4 220,625 3,075,684 - - 220,625 3,075,684 5.5% 6.2%
3 TJX Companies 8 193,482 1,451,600 19,144 344,750 212,626 1,796,350 5.3% 3.6%
-- T.J. Maxx 4 88,200 759,600 6,927 88,189 95,127 847,789 2.4% 1.7%
-- Marshalls 2 65,636 384,743 - - 65,636 384,743 1.6% 0.8%
-- Homegoods 2 39,646 307,257 12,217 256,561 51,863 563,818 1.3% 1.1%
4 Sears 5 390,270 1,355,279 49,355 277,463 439,625 1,632,742 11.0% 3.3%
-- Kmart 4 329,570 1,097,279 49,355 277,463 378,925 1,374,742 9.5% 2.8%
-- Sears 1 60,700 258,000 - - 60,700 258,000 1.5% 0.5%
5 Stage Deli 1 4,211 1,152,000 - - 4,211 1,152,000 0.1% 2.3%
Ahold (Stop and
6 Shop) 2 117,911 1,320,168 - - 117,911 1,320,168 3.0% 2.7%
7 L.A. Fitness 1 55,000 1,265,000 - - 55,000 1,265,000 1.4% 2.6%
8 Home Depot 2 211,003 1,099,996 - - 211,003 1,099,996 5.3% 2.2%
Restoration
9 Hardware 1 12,293 1,041,152 - - 12,293 1,041,152 0.3% 2.1%
10 Sleepy's 5 40,119 847,674 - - 40,119 847,674 1.0% 1.7%
11 Barnes & Noble 2 19,622 625,000 6,091 194,902 25,713 819,902 0.6% 1.7%
12 Price Chopper 1 77,450 802,105 - - 77,450 802,105 1.9% 1.6%
13 Walgreens 2 14,837 435,000 7,594 232,750 22,431 667,750 0.6% 1.3%
14 Wal-Mart 2 89,544 626,808 - - 89,544 626,808 2.2% 1.3%
15 Pier 1 Imports 3 19,254 400,754 4,321 170,802 23,575 571,556 0.6% 1.2%
16 JC Penney 1 50,000 544,500 - - 50,000 544,500 1.3% 1.1%
17 Rite Aid 3 32,142 511,565 - - 32,142 511,565 0.8% 1.0%
18 The Avenue 4 17,236 342,869 4,043 160,406 21,279 503,275 0.5% 1.0%
19 CVS 2 34,300 498,990 - - 34,300 498,990 0.9% 1.0%
20 Border's 1 18,538 482,000 - - 18,538 482,000 0.5% 1.0%
Payless
21 Shoesource 7 22,225 424,013 1,514 52,994 23,739 477,007 0.6% 1.0%
22 Lowes 1 - - 31,108 470,509 31,108 470,509 0.8% 1.0%
23 Redner's Markets 1 52,639 447,432 - - 52,639 447,432 1.3% 0.9%
24 OfficeMax 2 47,657 428,913 - - 47,657 428,913 1.2% 0.9%
25 Drexel Heritage 2 13,315 332,875 4,850 91,034 18,165 423,909 0.5% 0.9%
26 Citibank 3 5,486 263,328 2,797 135,311 8,283 398,639 0.2% 0.8%
JP Morgan Chase
27 Bank 2 15,013 395,342 - - 15,013 395,342 0.4% 0.8%
Big Apple
28 Souvenirs 1 920 381,684 - - 920 381,684 0.0% 0.8%
29 Hallmark Cards 4 22,022 369,029 - - 22,022 369,029 0.6% 0.7%
30 Access Group 1 - - 16,989 365,093 16,989 365,093 0.4% 0.7%
The Vitamin
31 Shoppe 1 8,850 345,000 - - 8,850 345,000 0.2% 0.7%
32 Blockbuster 4 14,730 337,636 - - 14,730 337,636 0.4% 0.7%
54 Computer &
33 Camera 1 996 321,364 - - 996 321,364 0.0% 0.6%
34 Office Depot 1 25,038 315,479 - - 25,038 315,479 0.6% 0.6%
35 Dollar Tree 4 35,216 300,640 - - 35,216 300,640 0.9% 0.6%
36 Duane Reade 1 9,698 306,748 - - 9,698 306,748 0.2% 0.6%
37 Dots 4 17,698 297,358 - - 17,698 297,358 0.4% 0.6%
38 Bonton 1 65,365 274,533 - - 65,365 274,533 1.6% 0.6%
K&G Fashion
39 Superstore 1 21,500 269,647 - - 21,500 269,647 0.5% 0.5%
40 Babies "R" Us 1 33,147 260,204 - - 33,147 260,204 0.8% 0.5%
41 Petco 1 17,578 259,275 - - 17,578 259,275 0.4% 0.5%
42 Target 1 - - 36,822 245,503 36,822 245,503 0.9% 0.5%
A. C. Moore Arts
43 & Crafts 1 21,520 243,391 - - 21,520 243,391 0.5% 0.5%
44 TransUnion 1 - - 31,843 227,926 31,843 227,926 0.8% 0.5%
Garden Fresh
45 Markets 1 51,692 225,436 - - 51,692 225,436 1.3% 0.5%
46 99 Cent Dreams 1 9,592 225,124 - - 9,592 225,124 0.2% 0.5%
Electronics
47 Store 1 428 223,242 - - 428 223,242 0.0% 0.5%
Bed, Bath &
48 Beyond 1 - - 11,327 212,311 11,327 212,311 0.3% 0.4%
Pet Supplies
49 "Plus" 1 10,266 208,400 - - 10,266 208,400 0.3% 0.4%
50 Dunham's 1 35,725 205,419 - - 35,725 205,419 0.9% 0.4%
-------------------------------------------------------------------------------------------------------------
Total 108 2,373,655 $29,153,496 246,520 $ 3,428,714 2,620,175 $32,582,210 65.7% 65.8%
=============================================================================================================
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
(2) Represents total GLA and annualized base rent for the Company's retail
properties including its pro-rata share of Brandywine and Crossroads.
Reporting Supplement
June 30, 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 3 224,447 6.79% 457,328 1.15% 2.04
2010 10 229,756 6.95% 2,565,455 6.42% 11.17
2011 9 195,917 5.93% 3,563,381 8.92% 18.19
2012 7 351,642 10.64% 3,185,790 7.98% 9.06
2013 8 355,254 10.75% 4,633,605 11.61% 13.04
2014 8 221,510 6.70% 3,052,689 7.64% 13.78
2015 7 265,869 8.05% 4,240,796 10.62% 15.95
2016 5 78,886 2.39% 1,022,342 2.56% 12.96
2017 4 158,877 4.81% 2,565,573 6.42% 16.15
2018 6 359,783 10.89% 5,040,525 12.62% 14.01
2019 5 122,539 3.71% 927,850 2.32% 7.57
2020 3 184,917 5.60% 1,400,429 3.51% 7.57
2021 1 106,760 3.23% 661,912 1.66% 6.20
2022 2 69,837 2.11% 1,700,000 4.26% 24.34
2024 3 188,506 5.71% 3,190,904 7.99% 16.93
2028 4 189,509 5.74% 1,723,404 4.32% 9.09
--------------------------------- -------------------------------
Total Occupied 85 3,304,009 100.00% $39,931,983 100.00% $ 12.09
================================= ===============================
Anchor GLA Owned by
Tenants 254,916
Total Vacant 53,172
------------
Total Square Feet 3,612,097
============
Shop Tenant Expirations
Month to Month 12 5,565 0.50% $ 251,927 0.97% $ 45.27
2009 40 110,957 9.90% 2,402,793 9.27% 21.66
2010 40 119,511 10.66% 2,023,423 7.81% 16.93
2011 45 162,329 14.45% 3,618,060 13.98% 22.29
2012 41 148,414 13.24% 2,903,847 11.20% 19.57
2013 45 145,188 12.95% 3,343,959 12.90% 23.03
2014 31 140,254 12.51% 3,056,752 11.79% 21.79
2015 17 74,892 6.68% 1,733,619 6.69% 23.15
2016 6 31,405 2.80% 763,197 2.94% 24.30
2017 16 49,631 4.43% 1,952,411 7.53% 39.34
2018 19 43,051 3.84% 1,709,690 6.60% 39.71
2019 7 14,073 1.26% 399,275 1.54% 28.37
2020 3 6,000 0.54% 146,070 0.56% 24.35
2021 3 30,270 2.70% 244,385 0.94% 8.07
2022 4 20,055 1.79% 522,555 2.02% 26.06
2023 2 7,362 0.66% 126,712 0.49% 17.21
2027 2 9,012 0.80% 442,017 1.71% 49.05
2028 1 3,200 0.29% 275,000 1.06% 85.94
--------------------------------- -------------------------------
Total Occupied 334 1,121,169 100.00% $25,915,692 100.00% $ 23.11
================================= ===============================
Total Vacant 218,845
------------
Total Square Feet 1,340,014
============
Gross Leased Area Annualized Base Rent
----------------------- -------------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
--------------------------------- -------------------------------
Total Anchor and Shop
Tenant Expirations
Month to Month 12 $ 5,565 0.13% $ 251,927 0.38% $ 45.27
2009 43 335,404 7.58% 2,860,121 4.34% 8.53
2010 50 349,267 7.89% 4,588,878 6.97% 13.14
2011 54 358,246 8.10% 7,181,441 10.91% 20.05
2012 48 500,056 11.30% 6,089,637 9.25% 12.18
2013 53 500,442 11.31% 7,977,564 12.11% 15.94
2014 39 361,764 8.18% 6,109,441 9.28% 16.89
2015 24 340,761 7.70% 5,974,415 9.07% 17.53
2016 11 110,291 2.49% 1,785,539 2.71% 16.19
2017 20 208,508 4.71% 4,517,984 6.86% 21.67
2018 25 402,834 9.10% 6,750,215 10.25% 16.76
2019 12 136,612 3.09% 1,327,125 2.02% 9.71
2020 6 190,917 4.31% 1,546,499 2.35% 8.10
2021 4 137,030 3.10% 906,297 1.38% 6.61
2022 6 89,892 2.03% 2,222,555 3.38% 24.72
2023 2 7,362 0.17% 126,712 0.19% 17.21
2024 3 188,506 4.26% 3,190,904 4.85% 16.93
2027 2 9,012 0.20% 442,017 0.67% 49.05
2028 5 192,709 4.35% 1,998,403 3.03% 10.37
--------------------------------- -------------------------------
Total Occupied 419 $ 4,425,178 100.00% $65,847,674 100.00% $ 14.88
================================= ===============================
Anchor GLA Owned by
Tenants 254,916
Total Vacant 272,017
------------
Total Square Feet 4,952,111
============
Reporting Supplement
June 30, 2009
Core Portfolio Year-to-Date 3 months ended 3 months ended
New and Renewal Rent Spreads (1) June 30, 2009 June 30, 2009 March 31, 2009
-------------------------------------------------------------------- --------------------- -----------------------
Cash (2) GAAP (3) Cash (2) GAAP (3) Cash (2) GAAP (3)
-------------------- --------------------- -----------------------
New leases
Number of new leases commencing 5 5 1 1 4 4
GLA 21,239 21,239 2,997 2,997 18,242 18,242
New base rent $ 13.82 $ 14.91 $ 14.39 $ 20.48 $ 13.73 $ 13.99
Previous base rent (and percentage rent) $ 21.57 $ 20.71 $ 25.99 $ 24.10 $ 20.84 $ 20.15
Percentage growth in base rent -35.9% -28.0% -44.6% -15.0% -34.1% -30.6%
Average cost per square foot $ 15.31 $ 15.31 $ 0.00 $ 0.00 $ 17.83 $ 17.83
Renewal leases
Number of renewal leases commencing 31 31 10 10 21 21
GLA expiring 275,714 275,714 69,431 69,431 206,283 206,283
Renewal percentage 68% 68% 79% 79% 64% 64%
New base rent $ 14.57 $ 15.37 $ 14.75 $ 16.03 $ 14.49 $ 15.10
Expiring base rent (and percentage rent) $ 13.98 $ 13.62 $ 15.99 $ 15.47 $ 13.14 $ 12.84
Percentage growth in base rent 4.2% 12.9% -7.8% 3.6% 10.3% 17.6%
Average cost per square foot $ 0.77 $ 0.77 $ 2.62 $ 2.62 $ 0.00 $ 0.00
Total new and renewal Leases
Number of new and renewal leases commencing 36 36 11 11 25 25
GLA commencing 207,582 207,582 58,074 58,074 149,508 149,508
New base rent $ 14.49 $ 15.33 $ 14.73 $ 16.26 $ 14.40 $ 14.96
Expiring base rent (and percentage rent) $ 14.76 $ 14.34 $ 16.51 $ 15.92 $ 14.08 $ 13.73
Percentage growth in base rent -1.8% 6.9% -10.8% 2.2% 2.3% 9.0%
Average cost per square foot $ 2.26 $ 2.26 $ 2.48 $ 2.48 $ 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
June 30, 2009
Core Portfolio Capital Expenditures
- ------------------------------------
Year-to-Date Current Prior
Quarter Quarter
Period 3 months 3 months Year
ended ended ended Ended
June 30, 2009 June 30, 2009 March 31, 2009 December 31, 2008
---------------- ---------------- ---------------- ------------------
Leasing Commissions: $ 259 $ 72 $ 187 $ 651
Tenant Improvements: 1,047 503 544 2,043
Capital Expenditures: 294 285 9 896
Redevelopments - - - -
---------------- ---------------- ---------------- ----------------
Total $ 1,600 $ 860 $ 740 $ 3,590
================ ================ ================ ================
QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 2009
Property Demographics (1)
- ----------------------------------
3-Mile Radius(2) 5-Mile Radius
------------------------------- ---------------------------------
Trade Cash (2) #
Area Base Total Total House- Median Avg. HH Total Median Avg. HH
holds HH # HH
Classi- Property / JV City State(Miles) Rent GLA Pop. ("HH") Income Income Pop. HH Income Income
fication Ownership %
- ----------------------------------------------------------------- ------------------------------- ---------------------------------
Core Brandywine Wilmington DE
Town Center &
Mkt
Sq./22.22% 3 16,050,377 996,925 41,222 15,054$83,769$102,192 120,306 46,004$74,110 $93,425
Core Elmwood Park Elmwood Park NJ
Shopping Ctr. 3 3,278,280 149,491 257,647 83,959 52,609 62,446 614,727 208,535 57,938 69,562
Core Chestnut Hill Philadelphia PA 3 807,483 40,570 148,084 59,791 53,526 65,990 399,921 157,197 52,171 65,291
Core Abington TowneAbington PA
Center 3 963,103 216,358 91,293 34,692 66,882 82,491 304,127 117,213 59,851 70,401
Core Clark & Chicago IL
Diversey 3 883,130 19,265 419,461213,740 58,803 81,579 969,623 410,327 51,138 67,593
Core Hobson West Naperville IL
Plaza 3 1,037,045 99,126 98,083 34,231 94,977 114,120 241,153 82,668 93,969 113,986
Core Methuen Methuen MA
Shopping Ctr. 5 958,689 130,021 89,957 31,569 41,619 49,981 201,503 72,943 47,894 56,306
Core Crossroads White Plains NY
Shopping Ctr.
/ 49% 3 5,874,198 310,822 105,870 39,349 78,556 85,621 205,109 73,112 93,445 108,276
Core The Branch Smithtown NY
Plaza 3 2,704,867 125,751 68,832 23,221 89,522 113,455 199,361 64,663 82,867 105,093
Core Amboy Road Staten NY
Island 3 1,780,669 63,290 156,384 56,991 69,666 90,260 292,132 105,178 66,927 88,388
Core Village Smithtown NY
Commons
Shopping Ctr. 3 2,104,524 87,237 68,832 23,221 89,522 113,455 199,361 64,663 82,867 105,093
Core Bloomfield Bloomfield MI
Town Square Hills 5 2,418,310 232,181 62,528 23,953 73,997 102,234 166,443 62,677 79,970 105,922
Core Crescent PlazaBrockton MA 3 1,605,629 218,141 99,649 34,369 46,062 56,826 168,246 58,789 46,062 56,826
Core 239 Greenwich Greenwich CT
Avenue / 75% 5 1,397,621 16,834 67,165 24,889 97,270 125,159 142,822 51,210 94,119 119,232
Core Town Line Rocky Hill CT
Plaza 3 1,670,620 206,346 45,606 19,067 65,917 75,855 153,302 61,023 57,724 68,679
Core New Loudon Latham NY
Center 5 1,767,741 255,826 41,815 15,619 55,375 66,288 151,655 61,034 47,547 61,261
Core Pacesetter Pomona NY
Park Shopping
Ctr. 3 1,100,336 96,353 25,618 8,209 89,598 125,526 129,143 36,828 72,841 102,767
Core LA Fitness, Staten NY
Staten Island Island 3 1,265,000 55,000 127,542 45,026 65,178 83,167 457,912 162,076 60,236 77,922
Core West 54th Manhattan NY
Street 3 2,686,089 9,677 582,613325,406 80,037 96,770 2,424,8481,048,312 55,446 67,194
Core East 17th Manhattan NY
Street 3 625,000 19,622 1,027,933495,157 64,629 116,133 2,512,4121,086,434 53,903 96,755
Core Mad River Dayton OH
Station 5 1,430,257 125,983 58,692 25,428 58,119 67,529 135,000 56,693 60,560 71,601
Core Mark Plaza Edwardsville PA 5 872,201 216,401 87,986 37,409 31,982 39,628 124,868 52,566 34,683 43,184
Core Blackman PlazaWilkes-Barre PA 5 288,919 125,264 58,885 24,646 30,982 40,002 111,991 47,249 33,391 41,275
Core Bartow Avenue The Bronx NY 3 336,665 14,676 567,476209,231 40,253 47,643 1,435,467 511,796 30,552 43,522
Core Walnut Hill Woonsocket RI
Plaza 5 2,404,790 284,717 60,322 22,861 42,715 47,867 95,320 35,238 50,142 56,573
Core A & P ShoppingBoonton NJ
Plaza / 60% 5 1,264,457 62,908 49,442 18,288 87,533 113,042 101,266 36,438 86,509 106,011
Core Merrillville Hobart IN
Plaza 5 2,894,800 235,026 26,118 10,066 56,556 64,248 87,796 32,151 54,709 62,531
Core The Gateway So. VT
Shopping Ctr. Burlington 3 1,877,156 101,784 46,879 19,366 44,294 55,033 69,993 28,186 47,104 57,514
Core Marketplace ofAbsecon NJ
Absecon 3 1,646,022 104,718 30,732 11,642 52,106 64,775 68,326 26,137 51,610 62,711
Core Plaza 422 Lebanon PA 3 718,503 156,279 43,975 17,347 36,874 47,144 61,197 23,615 41,055 51,545
Core Route 6 Plaza Honesdale PA 5 1,135,193 175,519 7,567 3,014 32,283 43,919 11,899 4,627 34,031 46,300
Fund I Granville Columbus OH
Center /
37.78% 3 598,018 134,997 112,547 47,337 47,547 53,746 266,313 108,411 53,466 60,719
Fund I Sterling Sterling MI
Heights Heights
Shopping
Center /
18.9% 3 562,900 154,835 99,813 36,587 66,886 77,416 264,560 103,403 63,816 74,661
Fund I Tarrytown Tarrytown NY
Shopping
Center /
37.78% 3 981,063 35,291 36,856 13,450 78,415 95,294 123,546 43,654 85,757 103,311
Fund II-400 East The Bronx NY
Urban Fordham Road
In-Fill / 19.2% 2 5,304,240 119,446 1,205,053412,674 30,252 38,298 1,997,909 698,322 33,259 40,957
Fund II-Sherman AvenueManhattan NY
Urban / 19.2%
In-Fill 2 - - 535,739175,108 29,260 36,324 2,049,516 721,521 34,366 42,608
Fund II-Pelham Manor Westchester NY
Urban Shopping
In-Fill Plaza / 19.2% 3 4,719,346 249,980 398,727147,238 48,697 56,116 1,109,022 403,897 44,956 53,542
Fund II-161st Street The Bronx NY
Urban /19.2%
In-Fill 2 4,530,723 223,521 1,274,483427,111 25,104 31,477 2,531,473 966,482 37,307 48,034
Fund II-Liberty AvenueQueens NY
Urban / 19.2%
In-Fill 3 896,083 26,125 613,457201,509 44,915 59,078 613,457 201,509 44,915 59,078
Fund II-216th Street /Manhattan NY
Urban 19.2%
In-Fill 2 2,565,000 60,000 536,119183,542 30,978 41,481 536,119 183,542 30,978 41,481
Fund II-Oakbrook/ 20% Oakbrook IL
Other 3 825,000 112,000 77,560 29,487 77,130 108,955 288,932 108,039 75,456 97,126
Fund Cortlandt Mohegan Lake NY
III- Towne
Other Center/19.91% 3 8,457,637 641,797 50,899 17,257 83,556 96,323 85,373 28,902 88,363 103,198
- ------------------------------------------------------------------------------------------------------------------------------------
95,287,6846,710,103
-------------------
TOTAL
------------------------------- ---------------------------------
Weighted Average - Based on GLA 151,988 54,559$62,603 $76,115 328,378 122,105$62,304 $76,356
------------------------------- ---------------------------------
Weighted Average - Based on base
rent( 1) 172,164 69,049$64,466 $79,647 408,206 157,608$59,949 $74,067
------------------------------- ---------------------------------
CORE
------------------------------- ---------------------------------
Weighted Average - Based on GLA 74,690 28,542$63,374 $77,631 182,774 68,621$61,832 $76,492
------------------------------- ---------------------------------
Weighted Average - Based on base
rent( 1) 128,576 55,279$65,813 $81,548 338,565 133,340$60,318 $74,724
------------------------------- ---------------------------------
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) 70,711 27,843$66,749 $79,235 190,772 73,509$72,058 $85,286
------------------------------- ---------------------------------
FUND II -Urban In-fill
------------------------------- ---------------------------------
Weighted Average - Based on GLA 849,218291,345$35,976 $43,693 1,663,898 613,608$39,144 $48,663
------------------------------- ---------------------------------
Weighted Average - Based on base
rent( 1) 886,620303,644$34,622 $42,737 1,622,252 590,629$37,596 $47,010
------------------------------- ---------------------------------
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 radius