Exhibit 99.2
ACADIA REALTY TRUST
Third Quarter 2009
Reporting Supplement
Reporting Supplement
September 30, 2009
Table of Contents
- --------------------------------------------------
Page Page
--------------- --------------
Section I - Financial Information Section II - Opportunity Fund Information
Company Information 3 Opportunity Fund Overview 24
Market Capitalization 4 Redevelopment Projects - Operating 25
Operating Statements Redevelopment Projects - Construction and Design 26
Pro-rata Consolidation 5
Joint Ventures 6 RCP Venture Investments 27
Opportunity Funds 7
Funds from Operations ("FFO"), Adjusted FFO Section III - Core and Opportunity Fund Portfolio Information
("AFFO") and Funds Available for
Distribution("FAD") 9
EBITDA 10 Core Properties 28
Same Property Net Operating Income 11
Fee Income 12 Core Portfolio by State 30
2009 Guidance 13
Net Asset Valuation 14 Core Top Tenants 31
Balance Sheet - Pro-rata Consolidation 15 Core Lease Expirations 32
Notes Receivable 16 Core New and Renewal Rent Spreads 34
Debt Analysis Core Capital Expenditures 35
Summary 17
Detail 18 Opportunity Fund Properties 36
Maturities 21
Maturities with Extension Options 22 Storage Post Properties 37
Selected Financial Ratios 23 Opportunity Fund Lease Expirations 38
Portfolio Demographics 41
Important Notes 42
Page 2
Reporting Supplement
September 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 Macquarie Capital (USA)
Quentin Velleley, CFA - (212) 816-6981 Rich Moore, CFA - (216) 378-7625 Dave Wigginton (212) 231-6380
quentin.velleley@citi.com rich.moore@rbccm.com dave.wiggington@maquarie.com
Keefe, Bruyette & Woods, Inc. KeyBanc Capital Markets, Inc. Janney Montgomery Scott
Sheila K. McGrath - (212) 887-7793 Todd Thomas - (917) 368-2286 Andrew T. DiZio, CFA (215) 665-6439
smcgrath@kbw.com tthomas@keybanccm.com adizio@jmsonline.com
Page 3
Reporting Supplement
September 30, 2009 Market Capitalization
including the hypothetical
Total Market Capitalization repayment of debt with
(including pro-rata share of joint venture debt) Market Capitalization available cash of
(dollars in thousands) as of September 30, 2009 $91.9 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% $ 39,686 98.3% $ 39,686
Common Operating Partnership ("OP") Units 1.7% 674 1.7% 674
---------------- -------------
Combined Common Shares and OP Units 40,360 40,360
Share Price 9/30/2009 15.07 15.07
---------------- -------------
Equity Capitalization - Common Shares and OP Units 608,225 608,225
Preferred OP Units (1) 378 378
---------------- -------------
Total Equity Capitalization 608,603 56.8% 608,603 62.2%
---------------- ------------ ------------- ----------
Debt Capitalization
- -------------------
Consolidated debt 807,098 807,098
Adjustment to reflect pro-rata share of debt (344,811) (344,811)
---------------- -------------
Total Debt Capitalization 462,287 43.2% 462,287
---------------- ------------
Less debt paid with available cash (91,850) (3)
-------------
Total Net Debt Capitalization 370,437 37.8%
------------- ----------
Total Market Capitalization $ 1,070,890 100.0% $ 979,040 100.0%
================ ============ ============= ==========
(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 9/30/09.
Weighted Average Outstanding Common Shares and OP Units
----------------------------------------------------------
September 30, September
2009 30, 2008
Quarter Year-to-date Quarter Year-to-date
--------------- ---------------- ---------- -------------
Weighted average Common Shares - Basic EPS 39,685,623 37,414,805 33,845,368 33,800,136
Dilutive potential Common Shares 282,091 213,799 520,634 537,379
--------------- ---------------- ---------- -------------
Weighted average Common Shares - Diluted EPS 39,967,714 37,628,604 34,366,002 34,337,515
OP Units 673,452 672,838 647,656 647,047
Dilutive potential of OP Units - - 25,067 -
--------------- ---------------- ---------- -------------
Weighted average Common Shares/OP Units - Diluted FFO 40,641,166 38,301,442 35,038,725 34,984,562
=============== ================ ========== =============
Page 4
Reporting Supplement
September 30, 2009
Income Statements - Pro-rata Consolidation(1)
Current Quarter and Year-to-Date
(in thousands) Year-to-Date
Period
ended September 30, 2009
Core Retail Opportunity Funds Total
--------------------------------------------------------------------------------------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures (2) Operations Operations (3) Operations Operations (3)
--------------------------------------------------------------------------------------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
PROPERTY REVENUES
Minimum rents $ 36,858 $ 4,832 $ 41,690 $ 216 $ 8,453 $ 18 $ 50,377
Percentage rents 392 44 436 4 - - 440
Expense reimbursements - CAM 4,636 677 5,313 3 560 - 5,876
Expense reimbursements - Taxes 5,689 742 6,431 39 497 - 6,967
Other property income 67 1 68 41 300 - 409
--------------------------------------------------------------------------------------
47,642 6,296 53,938 303 9,810 18 64,069
--------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 5,802 770 6,572 137 666 - 7,375
Other property operating 1,828 239 2,067 15 1,751 1 3,834
Real estate taxes 7,076 806 7,882 83 1,123 - 9,088
--------------------------------------------------------------------------------------
14,706 1,815 16,521 235 3,539 1 20,296
--------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES 32,936 4,481 37,417 68 6,271 17 43,773
OTHER INCOME (EXPENSE)
Interest income 14,207 3 14,210 - 211 - 14,421
Straight-line rent income 424 6 430 3 252 24 709
Straight-line rents written off (801) - (801) - (18) - (819)
FAS 141 rent 1,368 105 1,473 - (1,223) - 250
Interest expense (14,413) (2,815) (17,228) - (1,962) (2) (19,192)
FAS 141 interest 27 - 27 - - - 27
Asset and property management expense (96) - (96) - (2) - (98)
Promote expense - - - - - - -
Reserve for investment in and advances to
unconsolidated property - - - - (1,381) - (1,381)
Reserve for pre-acquisition costs - - - - (481) - (481)
Reserve for notes receivable (1,734) - (1,734) - - - (1,734)
--------------------------------------------------------------------------------------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME 31,918 1,780 33,698 71 1,666 39 35,475
--------------------------------------------------------------------------------------
FEE INCOME
Asset and property management fees 8,584 - 8,584 - - - 8,584
Priority distributions 337 - 337 - - - 337
Transactional fees 6,162 - 6,162 - - - 6,162
Loan defeasance - - - - - - -
Provision for income taxes (1,575) - (1,575) - 0 - (1,575)
--------------------------------------------------------------------------------------
FEE INCOME 13,508 - 13,508 - 0 - 13,508
--------------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments - - - - (721) - (721)
Promote income - RCP - - - - (351) - (351)
Promote income - Fund capital transactions - - - - 909 - 909
Equity in earnings of unconsolidated
properties - - - - (18) - (18)
Forfeited property sale contract deposit 1,730 - 1,730 - - - 1,730
Lease termination income 2,726 1 2,727 - - - 2,727
Gain on extinguishment of debt 7,056 - 7,056 - - - 7,056
Provision for income taxes 322 - 322 - (35) - 287
--------------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME 11,834 1 11,835 - (216) - 11,619
--------------------------------------------------------------------------------------
GENERAL AND ADMINISTRATIVE (17,710) 5 (17,705) - (318) - (18,023)
--------------------------------------------------------------------------------------
Depreciation and amortization (11,866) (1,243) (13,109) (24) (3,479) - (16,612)
FAS 141 amortization (1,326) - (1,326) - (220) - (1,546)
Gain on sale of properties - - - - - 1,002 1,002
--------------------------------------------------------------------------------------
Income before noncontrolling interests 26,358 543 26,901 47 (2,566) 1,041 25,422
Noncontrolling interest - OP (282) - (282) (1) (42) (19) (344)
Noncontrolling interests (11) - (11) - (3) (323) (337)
--------------------------------------------------------------------------------------
NET INCOME $ 26,065 $ 543 $ 26,608 $ 46 $ (2,612)$ 699 $ 24,741
======================================================================================
Current Quarter
3 months
ended September 30, 2009
Core Retail Opportunity Funds Total
--------------------------------------------------------------------------------------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures Operations Operations (3) Operations Operations
--------------------------------------------------------------------------------------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
PROPERTY REVENUES
Minimum rents $ 12,104 $ 1,612 $ 13,716 $ 72 $ 3,042 $ -$ 16,830
Percentage rents 64 24 88 4 - - 92
Expense reimbursements - CAM 1,196 193 1,389 - 179 - 1,568
Expense reimbursements - Taxes 1,908 183 2,091 2 200 - 2,293
Other property income (19) 1 (18) 41 68 - 91
--------------------------------------------------------------------------------------
15,253 2,013 17,266 119 3,490 - 20,875
--------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 1,521 234 1,755 41 241 - 2,037
Other property operating 170 103 273 4 581 - 858
Real estate taxes 2,485 195 2,680 43 438 - 3,161
--------------------------------------------------------------------------------------
4,176 532 4,708 88 1,259 - 6,055
--------------------------------------------------------------------------------------
NET OPERATING INCOME - PROPERTIES 11,077 1,481 12,558 31 2,231 - 14,820
OTHER INCOME (EXPENSE)
Interest income 4,729 - 4,729 - 68 - 4,797
Straight-line rent income 178 8 186 1 100 - 287
Straight-line rents written off (432) - (432) - (1) - (433)
FAS 141 rent 1,460 35 1,495 - (386) - 1,109
Interest expense (4,514) (949) (5,463) (785) - (6,248)
FAS 141 interest 9 - 9 - - 9
Asset and property management expense (32) - (32) - (0) - (32)
Promote expense - - - - - - -
Reserve for investment in and advances to
unconsolidated property - - - - (1,381) - (1,381)
Reserve for pre-acquisition costs - - - - - - -
Reserve for notes receivable - - - - - - -
--------------------------------------------------------------------------------------
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME 12,475 575 13,050 32 (153) - 12,929
--------------------------------------------------------------------------------------
FEE INCOME
Asset and property management fees 2,887 - 2,887 - - - 2,887
Priority distributions 112 - 112 - - - 112
Transactional fees 1,384 1,384 - - 1,384
Loan defeasance - - - - - -
Provision for income taxes 274 - 274 - - - 274
--------------------------------------------------------------------------------------
FEE INCOME 4,657 - 4,657 - - - 4,657
--------------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments - - - - (41) - (41)
Promote income - RCP - - - - (20) - (20)
Promote income - Fund capital transactions - - - - - - -
Equity in earnings of unconsolidated
properties - - - - 0 - 0
Forfeited property sale contract deposit - - - - - - -
Lease termination income 2,500 - 2,500 - - - 2,500
Gain on extinguishment of debt 11 11 - - 11
Provision for income taxes 24 - 24 - (9) - 15
--------------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER INCOME 2,535 - 2,535 - (69) - 2,466
--------------------------------------------------------------------------------------
GENERAL AND ADMINISTRATIVE (5,753) - (5,753) - (50) - (5,803)
--------------------------------------------------------------------------------------
Depreciation and amortization (4,100) (507) (4,607) - (1,256) - (5,863)
FAS 141 amortization (875) - (875) (70) - (945)
Gain on sale of properties - - - - - - -
--------------------------------------------------------------------------------------
Income before noncontrolling interests 8,939 68 9,007 32 (1,598) - 7,441
Noncontrolling interest - OP (105) - (105) (1) (27) - (133)
Noncontrolling interests 1 - 1 - (2) - (1)
--------------------------------------------------------------------------------------
NET INCOME $ 8,835 $ 68 $ 8,903 $ 31 $ (1,627)$ -$ 7,307
======================================================================================
(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 $911 for the nine
months ended September 30, 2009.
(3) Discontinued Operations reflects six Kroger locations which were sold in January 2009 and Blackman Plaza which is under
contract for sale
Page 5
Reporting Supplement
September 30, 2009
Income Statements - Joint Ventures (1)
Current Quarter and Year-to-Date
(in thousands) Year-to-Date Current Quarter
Period 3 months
Ended September 30, Ended September 30,
2009 2009
---------------------------------------------------- -----------------------------------------------------
Joint Ventures - Core Retail Joint Ventures - Core Retail
----------------------------------------------------------------------------------------------------------
AKR AKR Total AKR AKR Total
Pro- Pro- AKR Pro- Pro- AKR
rata rata Pro- rata rata Pro-
share share rata share share rata
Brandywine 22.22% Crossroads 49.00% share Brandywine JV 22.22% Crossroads 49.00% share
----------------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 12,011 $ 2,668 $ 4,417 $ 2,164 $ 4,832 $ 4,016 $ 892 $ 1,469 $ 720 $ 1,612
Percentage rents 188 42 5 2 44 99 22 5 2 24
Expense reimbursements -
CAM 1,527 339 689 338 677 460 102 185 91 193
Expense reimbursements -
Taxes 785 174 1,157 568 742 270 60 250 123 183
Other property income 6 1 - - 1 5 1 - - 1
---------------------------------------------------- -----------------------------------------------------
14,517 3,224 6,268 3,072 6,296 4,850 1,077 1,909 936 2,013
---------------------------------------------------- -----------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 2,143 477 598 293 770 626 139 193 95 234
Other property operating 792 176 131 63 239 205 46 117 57 103
Real estate taxes 892 197 1,245 609 806 312 69 258 126 195
---------------------------------------------------- -----------------------------------------------------
3,827 850 1,974 965 1,815 1,143 254 568 278 532
---------------------------------------------------- -----------------------------------------------------
NET OPERATING INCOME -
PROPERTIES 10,690 2,374 4,294 2,107 4,481 3,707 823 1,341 658 1,481
OTHER INCOME (EXPENSE)
Interest income 4 - 7 3 3 1 - 1 - -
Straight-line rent income 132 29 (46) (23) 6 49 11 (6) (3) 8
Straight-line rents
written off - - - - - - - - - -
FAS 141 rent 471 105 - - 105 157 35 - - 35
Interest expense (7,583) (1,556) (2,568) (1,259) (2,815) (2,546) (523) (869) (426) (949)
FAS 141 interest - - - - - - - - - -
Property management
expense (702) - - - - (212) - - - -
Promote expense - - - - - - - - - -
Reserve for investment in
and advances to
unconsolidated property - - - - - - - - - -
Reserve for pre-
acquisition costs - - - - - - - - - -
Reserve for notes
receivable - - - - - - - - - -
---------------------------------------------------- -----------------------------------------------------
CORE PORTFOLIO AND
OPPORTUNITY FUND INCOME 3,012 952 1,687 828 1,780 1,156 346 467 229 575
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 (3,323) (738) (429) (505) (1,243) (1,517) (337) (146) (170) (507)
FAS 141 amortization - - - - - - - - - -
Gain on sale of
properties - - - - - - - - - -
---------------------------------------------------- -----------------------------------------------------
Income before
noncontrolling interest (288) 219 1,260 324 543 (361) 9 321 59 68
Noncontrolling interest -
OP - - - - - - - - - -
Noncontrolling interests - - - - - - - - - -
---------------------------------------------------- -----------------------------------------------------
NET INCOME $ (288)$ 219 $ 1,260 $ 324 $ 543 $ (361)$ 9 $ 321 $ 59 $ 68
==================================================== =====================================================
(1) The Company has a 22.2% interest in the Brandywine Portfolio and a 49%
interest in the Crossroads Shopping Center ("Crossroads") which are accounted
for as unconsolidated investments in the Company's financial statements.
(2) In addition to its pro-rata share of depreciation, the Company recognizes
depreciation on its stepped-up basis in Crossroads.
Page 6
Reporting Supplement
September 30, 2009
Income Statements -Opportunity Funds(1)
Year-to-Date
(in thousands)
Year-to-Date
Period
ended September
30, 2009
Continuing Discontinued
Operations Operations
Fund I Fund I Fund I AKR AKR Pro- AKR Pro- AKR AKR Pro-
rata rata rata
Continuing Discontinued Consolidated Promote share share Promote share
Operations Operations Operations 20.00% 22.22% 22.22% Mervyns I 20.00% 22.22%
---------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 6,114 $ 82 $ 6,196 $ 1,239 $ 1,083 $ 18 $ - $ - $ -
Percentage rents - - - - - - - - -
Expense
reimbursements - CAM 137 - 137 27 24 - - - -
Expense
reimbursements -
Taxes 237 - 237 47 42 - - - -
Other property income 547 - 547 1 121 - - - -
---------------------------------------------------------------------------------------------------
7,035 82 7,117 1,315 1,271 18 - - -
---------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating -
CAM 279 3 282 56 49 1 - - -
Other property
operating 261 - 261 52 46 - - - -
Real estate taxes 344 - 344 69 61 - - - -
---------------------------------------------------------------------------------------------------
884 3 887 177 157 1 - - -
---------------------------------------------------------------------------------------------------
NET OPERATING INCOME
- PROPERTIES (3) 6,151 79 6,230 1,138 1,114 17 - - -
OTHER INCOME
(EXPENSE)
Interest income 31 - 31 6 6 - - - -
Straight-line rent
income (443) 106 (337) (67) (83) 24 - - -
Straight-line rents
written off (120) - (120) (24) (21) - - - -
FAS 141 rent (6) - (6) (1) (1) - - - -
Interest expense (487) (7) (494) (99) (86) (2) - - -
FAS 141 interest - - - - - - - - -
Property management
expense (6) - (6) (1) (1) - - - -
Promote expense (183) - (183) - - - 352 - -
Reserve for
investment in and
advances to
unconsolidated
property (3,655) - (3,655) (731) (650) - - - -
Reserve for pre-
acquisition costs - - - - - - - - -
Reserve for notes
receivable - - - - - - - - -
---------------------------------------------------------------------------------------------------
OPPORTUNITY FUND
INCOME 1,282 178 1,460 220 277 39 352 - -
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 - - - - - - (1,755) - (312)
Promote income - RCP - - - - - - - (351) -
Promote income - Fund
capital transactions - - - 108 (24) - - - -
Equity in earnings of
unconsolidated
properties (48) - (48) (10) (9) - - - -
Receipt of forfeited
deposit - - - - - - - - -
Lease termination
income - - - - - - - - -
Gain on
extinguishment of
debt - - - - - - - - -
Provision for income
taxes (87) - (87) (17) (15) - (2) (0) (0)
---------------------------------------------------------------------------------------------------
PROMOTE, RCP AND
OTHER INCOME (135) - (135) 81 (48) - (1,757) (351) (312)
---------------------------------------------------------------------------------------------------
GENERAL AND
ADMINISTRATIVE (358) - (358) (72) (64) - (2) (0) (0)
Depreciation and
amortization (3,445) - (3,445) (689) (612) - - - -
FAS 141 amortization (3) - (3) (1) (1) - - - -
Gain on sale of
properties - 5,637 5,637 1,127 (251) 1,253 - - -
---------------------------------------------------------------------------------------------------
Income before
noncontrolling
interest (2,659) 5,815 3,156 668 (699) 1,292 (1,406) (351) (313)
Noncontrolling
interest - OP - - - - - - - - -
Noncontrolling
interests (429) (1,454) (1,883) (377) (12) (323) - - -
---------------------------------------------------------------------------------------------------
NET INCOME $ (3,088) $ 4,361 $ 1,273 $ 291 $ (710) $ 969 $ (1,406)$ (351)$ (313)
===================================================================================================
AKR AKR AKR Total
Pro- Pro- Pro- AKR
rata rata rata Pro-
share Mervyns share share rata
Fund II 20.00% II 20.00% Fund III 19.9005% share
----------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 14,343 $ 2,869 $ - $ - $ 16,380 $ 3,262 $ 8,471
Percentage rents - - - - - - -
Expense
reimbursements - CAM 1,626 325 - - 920 183 560
Expense
reimbursements -
Taxes 562 112 - - 1,487 295 497
Other property income 97 19 - - 799 159 300
----------------------------------------------------------------
16,628 3,325 - - 19,586 3,899 9,828
----------------------------------------------------------------
PROPERTY EXPENSES
Property operating -
CAM 1,833 367 - - 966 192 666
Other property
operating 3,623 725 - - 4,661 928 1,752
Real estate taxes 1,676 336 - - 3,300 657 1,123
----------------------------------------------------------------
7,132 1,428 - - 8,927 1,777 3,540
----------------------------------------------------------------
NET OPERATING INCOME
- PROPERTIES (3) 9,496 1,897 - - 10,659 2,122 6,288
OTHER INCOME
(EXPENSE)
Interest income 6 1 1 - 995 198 211
Straight-line rent
income 1,819 364 - - 197 39 276
Straight-line rents
written off 142 28 - - (4) (1) (18)
FAS 141 rent (195) (39) - - (5,939) (1,182) (1,223)
Interest expense (3,836) (768) - - (5,074) (1,009) (1,964)
FAS 141 interest - - - - - - -
Property management
expense (1,843) - (2,155) - (6,635) - (2)
Promote expense - - - - - - -
Reserve for
investment in and
advances to
unconsolidated
property - - - - - - (1,381)
Reserve for pre-
acquisition costs - - - - (2,415) (481) (481)
Reserve for notes
receivable - - - - - - -
----------------------------------------------------------------
OPPORTUNITY FUND
INCOME 5,589 1,483 (2,154) - (8,216) (314) 1,706
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) (2,036) (407) - - (721)
Promote income - RCP - - - - - - (351)
Promote income - Fund
capital transactions - - - - - - 84
Equity in earnings of
unconsolidated
properties - - - - - - (18)
Receipt of forfeited
deposit - - - - - - -
Lease termination
income - - - - - - -
Gain on
extinguishment of
debt - - - - - - -
Provision for income
taxes - - (4) (1) (5) - (35)
----------------------------------------------------------------
PROMOTE, RCP AND
OTHER INCOME (10) (2) (2,040) (408) (5) - (1,040)
----------------------------------------------------------------
GENERAL AND
ADMINISTRATIVE (670) (134) (28) (5) (219) (43) (318)
Depreciation and
amortization (6,306) (1,261) - - (4,612) (917) (3,479)
FAS 141 amortization (207) (42) - - (888) (177) (220)
Gain on sale of
properties - - - - - - 2,129
----------------------------------------------------------------
Income before
noncontrolling
interest (1,604) 44 (4,222) (413) (13,940) (1,451) (1,222)
Noncontrolling
interest - OP - - - - - - -
Noncontrolling
interests (17) (4) - - 435 86 (629)
----------------------------------------------------------------
NET INCOME $ (1,621)$ 40 $ (4,222)$ (413)$ (13,505)$ (1,365) $ (1,852)
================================================================
(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 $1,362 for the nine months ended
September 30, 2009.
Page 7
Reporting Supplement
September 30, 2009
Income Statements-Opportunity Funds (1)
Current Quarter
(in thousands)
Current Quarter
Period
ended September 30, 2009
------------------------------------------------------------------------------------------------
Continuing Discontinued
Operations Operations
Fund I Fund I Fund I AKR AKR Pro- AKR Pro- AKR AKR Pro-
Continuing DiscontinuedConsolidated Promote rata rata Promote rata
share share share
Operations Operations Operations 20.00% 22.22% 22.22% Mervyns I 20.00% 22.22%
------------------------------------------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 2,025 $ - $ 2,025 $ 405 $ 360 $ - $ - $ - $ -
Percentage rents - - - - - - - - -
Expense reimbursements -
CAM 30 - 30 6 5 - - - -
Expense reimbursements -
Taxes 86 - 86 17 15 - - - -
Other property income 3 - 3 1 1 - - - -
------------------------------------------------------------------------------------------------
2,144 - 2,144 429 381 - - - -
------------------------------------------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 65 - 65 13 12 - - - -
Other property operating 81 - 81 16 14 - - - -
Real estate taxes 118 - 118 24 21 - - - -
------------------------------------------------------------------------------------------------
264 - 264 53 47 - - - -
------------------------------------------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 1,880 - 1,880 376 334 - - - -
OTHER INCOME (EXPENSE)
Interest income 2 - 2 0 0 - - - -
Straight-line rent
income (147) - (147) (29) (26) - - - -
Straight-line rents
written off - - - - - - - - -
FAS 141 rent (2) - (2) (0) (0) - - - -
Interest expense (124) - (124) (25) (22) - - - -
FAS 141 interest - - - - - - - - -
Asset and property
management expense (2) - (2) (0) (0) - - - -
Promote expense 708 - 708 - - - 20 - -
Reserve for investment
in and advances to
unconsolidated property (3,655) - (3,655) (731) (650) - - -
Reserve for pre-
acquisition costs - - - - - - - - -
Reserve for notes
receivable - - - - - - - - -
------------------------------------------------------------------------------------------------
OPPORTUNITY FUND INCOME (1,340) - (1,340) (410) (364) - 20 - -
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 - - - - - - (99) - (18)
Promote income - RCP - - - - - - - (20) -
Promote income - Fund
capital transactions - - - - - - - - -
Equity in earnings of
unconsolidated
properties 1 - 1 0 0 - - - -
Receipt of forfeited
deposit - - - - - - - - -
Lease termination income - - - - - - - - -
Gain on extinguishment
of debt - - - - - - - - -
Provision for income
taxes (23) - (23) (5) (4) - - - -
------------------------------------------------------------------------------------------------
PROMOTE, RCP AND OTHER
INCOME (22) - (22) (4) (4) - (99) (20) (18)
------------------------------------------------------------------------------------------------
GENERAL AND
ADMINISTRATIVE (36) - (36) (7) (6) - (1) (0) (0)
Depreciation and
amortization (1,145) - (1,145) (229) (204) - - - -
FAS 141 amortization (1) - (1) (0) (0) - - - -
Gain on sale of
properties - - - - - - - - -
------------------------------------------------------------------------------------------------
Income before
noncontrolling interest (2,544) - (2,544) (650) (578) - (80) (20) (18)
Noncontrolling interest
- OP - - - - - - - - -
Noncontrolling interests (109) - (109) (22) (19) - - - -
------------------------------------------------------------------------------------------------
NET INCOME $ (2,653) $ - $ (2,653) $ (672) $ (597)$ - $ (80) $ (20)$ (18)
================================================================================================
------------------------------------------------------------------------------------------------
AKR Pro- AKR Pro- AKR Pro- Total
rata rata rata AKR
share share share Pro-
Mervyns rata
Fund II 20.00% II 20.00%Fund III 19.9005% share
--------------------------------------------------------------
PROPERTY REVENUES
Minimum rents $ 5,644 $ 1,129 $ - $ - $ 5,766 $ 1,148 $ 3,042
Percentage rents - - - - - - -
Expense reimbursements -
CAM 461 92 - - 384 76 179
Expense reimbursements -
Taxes 277 55 - - 568 113 200
Other property income 44 9 - - 292 58 68
--------------------------------------------------------------
6,426 1,285 - - 7,010 1,395 3,490
--------------------------------------------------------------
PROPERTY EXPENSES
Property operating - CAM 663 133 - - 418 83 241
Other property operating 1,206 241 - - 1,551 309 581
Real estate taxes 728 146 - - 1,241 247 438
--------------------------------------------------------------
2,597 520 - - 3,210 639 1,259
--------------------------------------------------------------
NET OPERATING INCOME -
PROPERTIES (3) 3,829 765 - - 3,800 756 2,231
OTHER INCOME (EXPENSE)
Interest income 2 - - - 336 67 68
Straight-line rent
income 710 142 - - 72 14 100
Straight-line rents
written off - - - - (4) (1) (1)
FAS 141 rent (65) (13) - - (1,870) (372) (386)
Interest expense (1,559) (312) - - (2,142) (426) (785)
FAS 141 interest - - - - - - -
Asset and property
management expense 772 - (2,155) - (2,233) - (0)
Promote expense - - - - - - -
Reserve for investment
in and advances to
unconsolidated property - - - - - - (1,381)
Reserve for pre-
acquisition costs - - - - - - -
Reserve for notes
receivable - - - - - - -
--------------------------------------------------------------
OPPORTUNITY FUND INCOME 3,689 582 (2,155) - (2,041) 38 (153)
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 - - (115) (23) - - (41)
Promote income - RCP - - - - - - (20)
Promote income - Fund
capital transactions - - - - - - -
Equity in earnings of
unconsolidated
properties - - - - - - 0
Receipt of forfeited
deposit - - - - - - -
Lease termination income - - - - - - -
Gain on extinguishment
of debt - - - - - - -
Provision for income
taxes - - - - (2) - (9)
--------------------------------------------------------------
PROMOTE, RCP AND OTHER
INCOME - - (115) (23) (2) - (69)
--------------------------------------------------------------
GENERAL AND
ADMINISTRATIVE (149) (30) (1) - (30) (6) (50)
Depreciation and
amortization (2,424) (485) - - (1,700) (338) (1,256)
FAS 141 amortization (69) (14) - - (281) (56) (70)
Gain on sale of
properties - - - - - - -
--------------------------------------------------------------
Income before
noncontrolling interest 1,047 53 (2,271) (23) (4,054) (362) (1,598)
Noncontrolling interest
- OP - - - - - - -
Noncontrolling interests 40 8 - - 157 31 (2)
--------------------------------------------------------------
NET INCOME $ 1,087 $ 61 $ (2,271)$ (23)$ (3,897)$ (331)$ (1,600)
==============================================================
(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 $401 for the three months ended
September 30, 2009.
Page 8
Reporting Supplement
September 30, 2009
Funds from Operations ("FFO")(1) 2009
- --------------------------------------------- ----------------------------------------------------------------
Current Current Previous Previous
Year-to-Date Quarter Quarter Quarter
Period ended 3 months ended 3 months ended 3 months ended
Notes September 30, September 30, June 30, March 31,
Funds from operations ("FFO"): 2009 2009 2009 2009
- --------------------------------------------- -------------- --------------- --------------- -----------------
Net Income $ 24,741 $ 7,307 $ 7,135 $ 10,300
Add back:
Depreciation of real estate and amortization
of leasing costs:
(net of noncontrolling interest share)
Consolidated affiliates 14,239 5,441 4,427 4,371
Unconsolidated affiliates 1,231 494 365 372
(Gain) loss on sale of properties (net of
noncontrollling interest share) -
Consolidated affiliates (929) - - (929)
Unconsolidated affiliates - - - -
Income attributable to noncontrolling
interests' share in Operating Partnership 344 133 60 151
Extraordinary item (net of noncontrolling
interests' share and income taxes) -
Distributions on Preferred OP Units 15 5 5 5
-------------- --------------- --------------- -----------------
FFO $ 39,641 $ 13,380 $ 11,992 $ 14,270
============== =============== =============== =================
Adjusted Funds from operations ("AFFO"):
- ---------------------------------------------
Diluted FFO $ 39,642 $ 13,380 $ 11,992 $ 14,270
Straight line rent, net 111 146 172 (207)
Non real estate depreciation 539 177 180 182
Amortization of finance costs 885 292 308 285
Amortization of cost of management contracts 190 81 51 58
Tenant improvements (1,588) (541) (503) (544)
Leasing commissions (452) (193) (72) (187)
Capital expenditures (880) (586) (285) (9)
-------------- --------------- --------------- -----------------
AFFO $ 38,447 $ 12,755 $ 11,843 $ 13,848
============== =============== =============== =================
Funds Available for Distribution ("FAD")
- -----------------------------------------------
AFFO $ 38,447 $ 12,755 $ 11,843 $ 13,848
Gain on extinguishment of debt (7,056) $ (11) $ (3,895) $ (3,150)
Scheduled prinicpal repayments (1,166) (390) (378) (398)
-------------- --------------- --------------- -----------------
FAD $ 30,225 $ 12,354 $ 7,570 $ 10,300
============== =============== =============== =================
Total weighted average shares and OP Units:
Basic 38,088 40,359 39,265 34,575
============== =============== =============== =================
Diluted 38,301 40,641 39,477 34,722
============== =============== =============== =================
FFO per share:
FFO per share - Basic $ 1.04 $ 0.33 $ 0.31 $ 0.41
============== =============== =============== =================
FFO per share - Diluted $ 1.03 $ 0.33 $ 0.30 $ 0.41
============== =============== =============== =================
AFFO per share - Basic $ 1.01 $ 0.32 $ 0.30 $ 0.40
============== =============== =============== =================
AFFO per share - Diluted $ 1.00 $ 0.31 $ 0.30 $ 0.40
============== =============== =============== =================
FAD per share - Basic $ 0.79 $ 0.31 $ 0.19 $ 0.30
============== =============== =============== =================
FAD per share - Diluted $ 0.79 $ 0.30 $ 0.19 $ 0.30
============== =============== =============== =================
2008
-------------------------
Historic Historic
Year-to-Date Quarter
Period 3 months
ended ended
September 30, September
Funds from operations ("FFO"): 2008 30, 2008
- --------------------------------------------- ------------- -----------
Net Income $ 30,102 $ 4,466
Add back:
Depreciation of real estate and amortization
of leasing costs:
(net of noncontrolling interest share)
Consolidated affiliates 10,533 3,996
Unconsolidated affiliates 1,322 439
(Gain) loss on sale of properties (net of
noncontrollling interest share)
Consolidated affiliates (7,182) -
Unconsolidated affiliates (565) 23
Income attributable to noncontrolling
interests' share in Operating Partnership 546 104
Extraordinary item (net of noncontrolling
interests' share and income taxes) -
Distributions on Preferred OP Units 16 5
------------- -----------
FFO $ 34,772 $ 9,033
============= ===========
Adjusted Funds from operations ("AFFO"):
- ---------------------------------------------
Diluted FFO $ 34,772 $ 9,033
Straight line rent, net (637) (318)
Non real estate depreciation 666 210
Amortization of finance costs 903 339
Amortization of cost of management contracts 827 528
Tenant improvements (972) (426)
Leasing commissions (350) (84)
Capital expenditures (869) (747)
------------- -----------
AFFO $ 34,340 $ 8,535
============= ===========
Funds Available for Distribution ("FAD")
- ---------------------------------------------
AFFO $ 34,340 $ 8,535
Gain on extinguishment of debt
Scheduled prinicpal repayments (2,071) (681)
------------- -----------
FAD $ 32,269 $ 7,854
============= ===========
Total weighted average shares and OP Units:
Basic 34,447 34,493
============= ===========
Diluted 34,985 35,039
============= ===========
FFO per share:
FFO per share - Basic $ 1.01 $ 0.26
============= ===========
FFO per share - Diluted $ 0.99 $ 0.26
============= ===========
AFFO per share - Basic $ 1.00 $ 0.25
============= ===========
AFFO per share - Diluted $ 0.98 $ 0.24
============= ===========
FAD per share - Basic $ 0.94 $ 0.23
============= ===========
FAD per share - Diluted $ 0.92 $ 0.22
============= ===========
(1) Quarterly results are unaudited, although they reflect all adjustments,
which in the opinion of management are necessary for a fair presentation of
operating results for the interim periods.
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.
Page 9
Reporting Supplement
September 30, 2009
Income Statements - EBITDA
--------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
Year-to-Date
Period
ended September 30,
2009
Core Retail Opportunity Funds Total
--------------------------------------------- ----------------------- --------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures (2) Operations Operations Operations Operations
-------- ------------ ---------- ------------ ---------- ------------
NET INCOME $26,066 $ 543 $26,609 $ 46 $(2,612) $ 699 $24,742
Add back:
Depreciation and amortization 11,866 1,243 13,109 24 3,479 - 16,612
FAS 141 amortization 1,326 - 1,326 - 220 - 1,546
Interest expense 14,413 2,815 17,228 - 1,962 2 19,192
FAS 141 interest (27) - (27) - - - (27)
Gain on sale of properties - - - - - (1,002) (1,002)
Provision for income taxes 1,253 - 1,253 - 34 - 1,287
Noncontrolling interest - OP 282 - 282 1 42 19 344
Noncontrolling interests 11 - 11 - 3 323 337
-------- ------------ ---------- ------------ ---------- ------------ --------
EBIDTA $55,190 $ 4,601 $59,791 $ 71 $ 3,129 $ 41 $63,031
======== ============ ========== ============ ========== ============ ========
Current Quarter
3 months
ended September 30,
2009
Core Retail Opportunity Funds Total
----------------------------------------- ----------------------- --------
Total
Wholly Joint Continuing Discontinued Continuing Discontinued
Owned Ventures Operations Operations Operations Operations
-------- -------- ---------- ------------ ---------- ------------
NET INCOME $ 8,835 $ 68 $ 8,903 $ 31 $(1,627) $ - $ 7,307
Add back:
Depreciation and amortization 4,100 507 4,607 - 1,256 - 5,863
FAS 141 amortization 875 - 875 - 70 - 945
Interest expense 4,514 949 5,463 - 785 - 6,248
FAS 141 interest (9) - (9) - - - (9)
Gain on sale of properties - - - - - - -
Provision for income taxes (298) - (298) - 9 - (289)
Noncontrolling interest - OP 105 - 105 1 27 - 133
Noncontrolling interests (1) - (1) - 2 - 1
-------- -------- ---------- ------------ ---------- ------------ --------
EBIDTA $18,121 $ 1,524 $19,645 $ 32 $ 521 $ - $20,198
======== ======== ========== ============ ========== ============ ========
Page 10
Reporting Supplement
September 30, 2009
Net Operating Income (NOI) - Same Property Performance (1)
- ----------------------------------------------------------
(in thousands)
Growth in Same Growth in Same
Property NOI - Property NOI -
Continuing Continuing
Operations Operations
Current Historical Favorable Current Historical Favorable
Notes: Quarter Quarter (unfavorable) Year-to-Date Year-to-Date (unfavorable)
------------------------------------------------------- ------------------------------------------
Three Three
months ended months ended Period ended Period ended
Reconciliation of total NOI September 30, September 30, September 30, September 30,
to same property NOI: 2009 2008 2009 2008
------------- ------------- ------------- -------------
NOI - Core Retail properties $12,558 $12,898 $37,417 $38,410
NOI - Opportunity Fund properties 2,231 972 6,271 4,040
NOI - Discontinued Operations 31 591 85 2,405
Adjustment to reflect 2006
increase in Fund I ownership
percentage (2) - - - (1,092)
------------- ------------- ------------- -------------
Total NOI 14,820 14,461 43,773 43,763
NOI - Properties Acquired (2,111) (980) (6,219) (3,310)
NOI - Discontinued Operations (31) (591) (85) (2,405)
------------- ------------- ------------- -------------
$12,678 $12,890 -1.6% $37,469 $38,048 -1.5%
============= ============= ============== ============= ============= ==============
Same property NOI by portfolio component and
revenues/expenses:
Core Retail Properties Core Retail Properties
--------------------------- ---------------------------
Revenues $15,868 $16,272 -2.5% $48,910 $49,306 -0.8%
Expenses 4,429 4,541 2.5% 14,784 14,383 -2.8%
------------- ------------- -------------- ------------- ------------- --------------
Core Retail
Properties 11,439 11,731 -2.5% 34,126 34,923 -2.3%
------------- ------------- -------------- ------------- ------------- --------------
Opportunity Fund Properties Opportunity Fund Properties
--------------------------- ---------------------------
Revenues 1,587 1,469 8.0% 4,410 4,111 7.3%
Expenses 348 310 -12.3% 1,067 986 -8.2%
------------- ------------- -------------- ------------- ------------- --------------
Opportunity Fund Properties 1,239 1,159 6.8% 3,343 3,125 7.0%
------------- ------------- -------------- ------------- ------------- --------------
Total Core Retail and
Opportunity Funds NOI $12,678 $12,890 -1.6% $37,469 $38,048 -1.5%
============= ============= ============== ============= ============= ==============
(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.
Page 11
Reporting Supplement
September 30, 2009
Income Statements - Fee income by Opportunity Fund
--------------------------------------------------
Current Quarter and Year-to-Date
--------------------------------
(in thousands)
Fund I Fund II Fund III Other Total
--------------------------------------------------
Year-to-Date period ended September 30, 2009
Asset and property management fees $ - $3,026 $4,756 $ 802 $ 8,584
Transactional fees 55 4,742 650 715 6,162
--------------------------------------------------
55 7,768 5,406 1,517 14,746
Priority distributions (Asset and property management fees) 337 - - - 337
--------------------------------------------------
Total management fees and priority distributions $392 $7,768 $5,406 $1,517 $15,083
==================================================
Fund I Fund II Fund III Other Total
--------------------------------------------------
Current quarter ended September 30, 2009
Asset and property management fees $ - $1,038 $1,607 $ 242 $ 2,887
Transactional fees 6 1,190 114 74 1,384
--------------------------------------------------
6 2,228 1,721 316 4,271
Priority distributions (Asset and property management fees) 112 112
--------------------------------------------------
Total management fees and priority distributions $118 $2,228 $1,721 $ 316 $ 4,383
==================================================
Page 12
Reporting Supplement
September 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
Overall: Low/High Low/High Low/High 2008 Actual
- --------- ------------------ ------------------ ------------------ ------------
Full year Funds from Operations ("FFO") per share(1) $1.05 to $1.19 $1.07 to $1.16 $1.26 to $1.30 $1.10
================== ================== ================== ============
Earnings per Share ("EPS") (1) $0.51 to $0.65 $0.58 to $0.67 $0.77 to $0.81 $0.74
================== ================== ================== ============
FFO Components:
- ----------------
Core and pro-rata share of opportunity Fund
("Fund") portfolio income $38.9 to $41.2 $39.7 to $41.7 $45.0 to $46.0 $38.9
================== ================== ================== ============
Asset and property management fee income, net
of TRS taxes $11.1 $11.0 $10.5 $10.2
================== ================== ================== ============
Transactional fee income, net of TRS taxes $9.4 to $10.3 $9.0 to $9.5 $7.0 $8.3
================== ================== ================== ============
Promote, RCP and other income, net of TRS taxes $5.4 to $6.6 $8.0 to $8.5 $12.0 $9.5
================== ================== ================== ============
General and administrative expense $(26.0) to $(25.5) $(25.0) to $(24.5) $(24.0) to $(23.5) $(26.4)
================== ================== ================== ============
Total $38.8 to $43.7 $42.7 to $46.2 $50.5 to $52.0 $40.5
================== ================== ================== ============
Non-cash interest pursuant to FSP 14-1 $(2.2) $(1.3) $(1.3) $(2.1)
================== ================== ================== ============
Net $36.6 to $41.5 $41.4 to $44.9 $49.2 to $50.7 $38.4
================== ================== ================== ============
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Projected 2009 and actual 2008 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
================== ================== ================== ============
Page 13
Reporting Supplement
September 30, 2009
Net Asset Valuation Core Fund I Fund II
------------------- ------------ ------------------------------ -------------------------------
(in thousands) AKR pro-rata share AKR pro-rata share
Fund value % $ Fund value % $
---------- ------- ----------- ----------- ------- -----------
Current Quarter NOI $ 12,558 Note 1 $ 3,829 20.00% $ 766
-------------------
Debt $ 358,922 $ 4,873 $ 54,024
----
Gross asset value (1) $ 48,200 37.78% $ 18,210
---------------------
Redevelopment Projects - Costs:
-------------------------------
Construction in progress or completed
Total cost to date including
acquisition cost $ 431,500 20.00% $ 86,300
Costs placed in service (248,400) 20.00% (49,680)
Less projects in design phase (see
below) (77,200) 20.00% (15,440)
Less projects for which
construction not yet commenced
(see below) - -
Less Home Depot termination income (24,500) 20.00% (4,900)
----------- ------- -----------
Project costs under redevelopment $ 81,400 20.00% $ 16,280
Projected costs to complete 80,000 20.00% 16,000
----------- -----------
Total costs for projects under
redevelopment $ 161,400 $ 32,280
=========== ===========
Average projected stabilized yield
on costs 8% to 9%
Construction not yet commenced
Total cost to date including
acquisition cost $ - $ -
Projected costs to complete - -
----------- -----------
Total project costs $ - $ -
=========== ===========
In design
Total cost to date including
acquisition cost $ 77,200 20.00% $ 15,440
Projected costs to complete TBD 20.00% n/a
Average projected stabilized yield
on costs 8% to 9%
Notes/Page
Fund III reference
------------------------------ -----------------
AKR pro-rata share
Fund value % $
---------- ------- -----------
Current Quarter NOI $ 3,800 19.91% $ 756 P. 5 & 8 / Note 2
-------------------
Debt $ 44,467 P. 18
----
Gross asset value (1) Note 3
---------------------
Redevelopment Projects - Costs:
-------------------------------
Construction in progress or completed
Total cost to date including
acquisition cost $ 40,100 19.91% $ 7,982 P. 25 & 26 / Note 4
Costs placed in service - - Note 4
Less projects in design phase (see
below) (22,700) 19.91% (4,518)
Less projects for which
construction not yet commenced
(see below) (17,400) 19.91% (3,463)
Less Home Depot termination income - - Note 5
---------- -----------
Project costs under redevelopment $ - 19.91% $ -
Projected costs to complete - - P. 25 & 26
---------- -----------
Total costs for projects under
redevelopment $ - $ -
========== ===========
Average projected stabilized yield
on costs 8% to 9%
Construction not yet commenced
Total cost to date including
acquisition cost $ 17,400 19.91% $ 3,463 P. 26
Projected costs to complete 5,600 19.91% 1,115 P. 26
---------- -----------
Total project costs $ 23,000 $ 4,578
========== ===========
In design
Total cost to date including
acquisition cost $ 22,700 19.91% $ 4,518 P. 26
Projected costs to complete TBD 19.91% n/a P. 26
Average projected stabilized yield
on costs 8% to 9%
Notes:
1 It is not recommended to apply a capitalization rate to current Fund I NOI as this NOI declines in future years
due primarily to the structure of the Kroger/Safeway Portfolio leases
2 Fund II NOI includes $199 (AKR share $40) from other operating investments
Fund III NOI includes $142 (AKR share $28) from redevelopment projects
3 Based on September 30, 2008 property appraisals adjusted for 2009 Kroger/Safeway dispositions plus Fund I working capital as
of September 30, 2009.
Pro-rata share is 20% (AKR promote) + 22% x 80% ( AKR remaining share after promote) = 37.78%
4 Includes costs reflected under Real estate, Real estate under development, Investments in and advances to unconsolidated
affiliates and Deferred charges in the Consolidated Balance Sheet.
Fund II includes $6,900 (AKR share $1,380) for other operating investments
5 Home Depot termination income of $24,500 at Canarsie Plaza was recognized as income for financial reporting purposes.
Reflected as a reduction of costs for purposes of presenting net project costs
Page 14
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 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 $ 215,697 $ (96,423) $ 6,830 $ 126,104
Buildings and improvements 774,193 (316,666) 49,611 507,138
Construction in progress 24,729 (18,674) 4 6,059
--------------- --------------- ---------------- --------------
1,014,619 (431,763) 56,445 639,301
Less: accumulated depreciation (185,475) 34,618 (8,724) (159,581)
--------------- --------------- ---------------- --------------
Net real estate 829,144 (397,145) 47,721 479,720
Net real estate under development 177,887 (143,168) 6,619 41,338
Cash and cash equivalents 117,831 (27,707) 1,726 91,850
Cash in escrow 8,897 (1,731) 565 7,731
Investments in and advances to
unconsolidated affiliates 52,727 (39,651) (8,585) 4,492
Rents receivable, net 6,290 (1,967) (150) 4,173
Straight-line rents receivable, net 9,524 (2,852) 1,543 8,215
Due from related parties - - - -
Notes Receivable 80,001 (8,436) - 71,565
Preferred equity investment 40,000 - - 40,000
Deferred charges, net 28,791 (17,951) 1,942 12,782
Prepaid expenses and other assets 21,671 25,848 693 48,212 (3)
Acquired lease intangibles 23,449 (12,076) 4 11,377
Assets of discontinued operations 1,155 - - 1,155
--------------- --------------- ---------------- --------------
Total Assets $1,397,367 $ (626,836) $ 52,078 $ 822,610
=============== =============== ================ ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 759,437 $ (414,759) $ 69,947 $ 414,626
Notes payable 47,661 - - 47,661
Valuation of debt at acquisition,
net of amortization 112 (45) 1,168 1,235
Acquired lease intangibles 7,218 (2,887) - 4,331
Accounts payable and accrued
expenses 18,364 (4,911) 545 13,998
Dividends and distributions payable 7,362 - - 7,362
Due to related parties - - - -
Share of losses in excess of inv.
in unconsolidated affiliates 20,666 - (20,666) -
Other liabilities 18,653 (7,285) 1,084 12,452
Liabilities of discontinued
operations 202 - - 202
--------------- --------------- ---------------- --------------
Total liabilities 879,675 (429,887) 52,078 501,867
Shareholders' equity:
Common shares 40 - - 40
Additional paid-in capital 299,419 - - 299,419
Accumulated other comprehensive
income (3,418) - - (3,418)
Retained earnings 16,921 - - 16,921
--------------- --------------- ---------------- --------------
Total controlling interest 312,962 - - 312,962
Non-controlling interest in
subsidiary 204,730 (196,949) - 7,781
--------------- --------------- ---------------- --------------
Total shareholders' equity 517,692 (196,949) - 320,743
--------------- --------------- ---------------- --------------
Total Liabilities and Shareholders'
Equity $1,397,367 $ (626,836) $ 52,078 $ 822,610
=============== =============== ================ ==============
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.
(3) The components of Prepaid expenses and other assets are as follows:
Due from Fund Investors $ 28,791
Accrued interest on Notes Receivable 9,052
Prepaid expenses 7,217
Income Tax receivables 1,627
Restricted cash 556
Other 969
---------------
Total $ 48,212
===============
Page 15
Reporting Supplement
September 30, 2009
Notes Receivable (1)
--------------------
(amounts in thousands)
- ----------------------------------------------------------------------------------------------
Balance at
Balance Third September
at June 30, Quarter 30, 2009
2009 Principal Accrued
Investment Principal Repayments Principal interest Total
- ----------------------------------------------------------------------------------------------
2008 Investments
----------------
Georgetown - 5 property portfolio $ 8,000 $ 8,000 $ 1,002 $ 9,002
Georgetown - 18 property portfolio 40,000 40,000 4,660 44,660
-----------------------------------------------------
Sub-total - Georgetown 48,000 - 48,000 5,662 53,662
72nd Street 39,639 39,639 3,007 42,646
Total 2008 preferred equity & mezzanine
-----------------------------------------------------
loan Investments 87,639 - 87,639 8,669 96,308
Earlier Investments
-------------------
First mortgage notes 14,758 (7,795) 6,963 61 7,024
Other mezzanine notes 14,866 14,866 243 15,109
-----------------------------------------------------
Total earlier investments 29,624 (7,795) 21,829 304 22,133
-----------------------------------------------------
Total notes receivable $ 117,263 $ (7,795) $ 109,468 $ 8,973 $118,441
=====================================================
- ------------------------------------------------------------------------------- -------------------------------------
Stated Effective Extension
Interest Interest Maturity options Underlying third-party first mortgage
Investment rate rate (2) date (years) Amount (3) Maturity dates
- ------------------------------------------------------------------------------- -------------------------------------
2008 Investments
----------------
Georgetown - 5 property portfolio 9.75% 10.25% 11/2010 2 x 1 year $ 8,576 2009 through 2012
Georgetown - 18 property portfolio 13.00% 13.50% 6/2010 2 x 1 year 115,237 $100 million in 2016,
-------------------- ---------- balance in 2011
Sub-total - Georgetown 12.46% 12.96% 123,813
72nd Street 13.00% 19.70% 7/2011 1 year 185,000 2011 w/ 1 year extension
Total 2008 preferred equity & mezzanine
-------------------- ----------
loan Investments 12.70% 16.01% 308,813
Earlier Investments
- ---------------------------------------
First mortgage notes 10.50% 11.60% 2009/2010 0.4 years n/a n/a
Other mezzanine notes 13.02% 14.05% 2011 - - 2012
-------------------- ----------
Total earlier investments 12.22% 13.27%
-------------------- ----------
Total notes receivable 12.61% 15.46% $ 308,813
==================== ==========
- ------------------------------------------------------------------------------- -------------------------------------
(1) The above activity does not include a $10,000 Fund III first mortgage investment and other non-real estate loans of $533.
(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.
Page 16
Reporting Supplement
September 30, 2009
Portfolio Debt - Summary
Reconciliation from Pro-Rata Share of Debt to GAAP Debt
(amounts in thousands)
Acadia Pro-Rata Share of Debt (2)
---------------------------------------------------------------------------------
Core Portfolio Opportunity Funds Total
-------------- ----------------- ----- Fixed
Principal Interest Principal Interest Principal Interest vs
Mortgage Notes Payable Balance Rate Balance Rate Balance Rate Variable
- ------------------------------------------------------------- ---------------------- --------------------- ---------
Fixed-Rate Debt (1) $ 366,453 5.4% $ 27,365 5.7% $ 393,818 5.4% 85%
Variable-Rate Debt (1) (7,531) 1.5% 76,000 2.1% 68,469 2.0% 15%
----------- ---------- ----------- ---------- ---------- ---------- ---------
Total $ 358,922 5.4% $ 103,365 2.9% $ 462,287 4.9% 100%
=========== ========== =========== ========== ========== ========== =========
FAS 141 purchase price debt allocation
Total debt as reported
Reconcoliation to Consolidated Debt as Reported
-----------------------------------------------------
Add: Less:
Noncontrolling Pro-rata Acadia
Interest Share of Share of Consolidated
Consolidated Unconsolidated Debt
Mortgage Notes Payable Debt (3) Debt (4) As Reported
- -------------------------------------- ----------------- --------------- -------------
Fixed-Rate Debt (1) $ 117,717 $ (67,569) $ 443,966
Variable-Rate Debt (1) 297,041 (2,378) 363,132
----------------- --------------- -------------
Total $ 414,759 $ (69,947) 807,098
================= ===============
FAS 141 purchase price debt allocation 112
-------------
Total debt as reported $ 807,210
=============
- --------------------------------------
Notes
- -----
(1) Fixed-rate debt includes notional principal fixed through swap transactions. Conversely, variable-rate debt excludes
this amount.
(2) Represents the Company's economic pro-rata share of debt.
(3) Represents the Minority Interest pro-rata share of consolidated partnership debt based on its percent ownership.
(4) Represents the Company's pro-rata share of unconsolidated partnership debt based on percent ownership.
Page 17
Reporting Supplement
September 30, 2009
Debt Analysis
(amounts in thousands)
Principal
Balance Acadia's Pro-rata
at share
September ------------------ Interest Maturity Extension
Property Notes Entity Lender/Originator 30, 2009 Percent Amount Rate Date Options
- -------------------------------------------------------- ---------------------------------------------------------------------------
CORE PORTFOLIO
- --------------
Fixed-Rate Debt
- ---------------
Acadia Realty Trust 8 Acadia 3.75% Convertible $ 47,661 100.0% $ 47,661 3.75% 12/20/2011 None
Note
Chestnut Hill Acadia Column Financial, 9,528 100.0% 9,528 5.45% 6/11/2013 None
Inc.
New Loudon Center Acadia RBS Greenwich 14,397 100.0% 14,397 5.64% 9/6/2014 None
Capital
Crossroads Shopping Center Crossroads JP Morgan Chase 62,522 49.0% 30,636 5.37% 12/1/2014 None
JV Bank, N.A.
Crescent Plaza Acadia RBS Greenwich 17,600 100.0% 17,600 4.98% 9/6/2015 None
Capital
Pacesetter Park Shopping Center Acadia RBS Greenwich 12,358 100.0% 12,358 5.12% 11/6/2015 None
Capital
Elmwood Park Shopping Center Acadia Bear Stearns 34,600 100.0% 34,600 5.53% 1/1/2016 None
Commercial
Mortgage, Inc.
Gateway Shopping Center Acadia Bear Stearns 20,500 100.0% 20,500 5.44% 3/1/2016 None
Commercial
Mortgage, Inc.
Acadia Brandywine Subsidiary Brandywine Bear Stearns 61,375 22.2% 13,639 5.99% 7/1/2016 None
JV Commercial
Mortgage, Inc.
Acadia Brandywine Town Center Brandywine Bear Stearns 31,550 22.2% 7,011 5.99% 7/1/2016 None
JV Commercial
Mortgage, Inc.
Acadia Market Square Shopping Center Brandywine Bear Stearns 24,375 22.2% 5,417 5.99% 7/1/2016 None
JV Commercial
Mortgage, Inc.
Acadia Brandywine Condominium Brandywine Bear Stearns 22,650 22.2% 5,033 5.99% 7/1/2016 None
JV Commercial
Mortgage, Inc.
Acadia Brandywine Holdings Brandywine Bear Stearns 26,250 22.2% 5,833 5.99% 7/1/2016 None
JV Commercial
Mortgage, Inc.
Walnut Hill Plaza Acadia Merrill Lynch 23,500 100.0% 23,500 6.06% 10/1/2016 None
Mortgage
Lending, Inc.
Clark Diversey Acadia American United 4,781 100.0% 4,781 6.35% 7/1/2014 None
Life Insurance
Company
239 Greenwich Avenue Acadia Wachovia 26,000 75.0% 19,500 5.42% 2/11/2017 None
Merrillville Plaza Acadia Bear Stearns 26,250 100.0% 26,250 5.88% 8/1/2017 None
Commercial
Mortgage, Inc.
Boonton Acadia J.P. Morgan Chase 8,218 60.0% 4,931 6.40% 11/1/2032 None
Commercial
Mortgage
Securities Corp.
Interest rate swaps 1 Acadia Bank of America, 63,278 100.0% 63,278 5.53% Various
N.A. --------- -------- --------
Sub-Total Fixed-Rate Debt 537,393 366,453 5.36%
--------- -------- --------
Variable-Rate Debt
- ------------------
Various 2 Acadia Bank of America, 30,000 100.0% 30,000 Libor + 12/1/2010 2 x 12
N.A. 125 mos.
Branch Plaza Acadia Bank of America, 14,241 100.0% 14,241 Libor + 12/1/2011 1 x 12
N.A. 130 mos.
Village Commons Shopping Center 3 Acadia Bank of America, 9,506 100.0% 9,506 Libor + 6/29/2012
N.A. 140
Ledgewood Mall Acadia JP Morgan Chase 2,000 100.0% 2,000 Libor + 3/29/2010
Bank, N.A. 125
Interest rate swaps 1 Acadia Bank of America,
N.A. (63,278) 100.0% (63,278)
---------- -------- -------
Sub-Total Variable-Rate Debt (7,531) (7,531) Libor +
129
---------- -------- -------
Total Core Portfolio Debt $ 529,862 $ 358,922 5.44%
========== ========== =====
Page 18
Reporting Supplement
September 30, 2009
Debt Analysis
(amounts in thousands)
Principal
Balance Acadia's Pro-rata
at share
September -----------------
Property Notes Entity Lender/Originator 30, 2009 Percent Amount
- ------------------------------------------------------------- ----------------------------------------------------------------------
OPPORTUNITY FUNDS
- ------------------
Fixed-Rate Debt
- ---------------
Storage Post - Suffern Fund III GEMSA Loan Services, LP $ 4,850 18.9% $ 917
Storage Post - Various 5 Fund III GEMSA Loan Services, LP 41,500 18.9% 7,846
216th Street 4 Fund II Bank of America, N.A. 25,500 19.8% 5,038
Pelham Manor 4 Fund II Bear Sterns Commercial 31,652 19.8% 6,254
Atlantic Avenue Fund II Bear Sterns Commercial 11,543 13.3% 1,539
Interest rate swaps 1 Fund I Bank of America, N.A. 20,250 28.5% 5,771
---------- ---------
Sub-Total Fixed-Rate Debt 135,295 27,365
---------- ---------
Variable-Rate Debt
- ------------------
CityPoint Fund II Bank of America, N.A. 6,111 19.8% 1,207
Acadia Strategic Opportunity Fund II, LLC 6 Fund II Bank of America, N.A. / Bank of New York 56,181 20.0% 11,236
Sherman Plaza 4,9 Fund II Bank of America 19,000 19.8% 3,754
161st Street 4 Fund II RBS Greenwich Capital 30,000 19.8% 5,927
Liberty Avenue 4 Fund II PNC Bank, National Association 10,450 19.8% 2,065
Fordham Plaza 4 Fund II Eurohypo AG 86,062 19.8% 17,004
Sterling Heights Shopping Center Fund I JP Morgan Chase Bank, N.A. 3,101 37.8% 1,171
Acadia Strategic Opportunity Fund III, LLC 7 Fund III Bank of America, N.A. 134,450 19.9% 26,756
Cortlandt Towne Center Fund III Bank of America, N.A. 44,970 19.9% 8,949
Tarrytown Shopping Center Fund I Anglo Irish Bank Corporation 9,800 37.8% 3,702
Interest rate swaps 1 Fund I Bank of America, N.A. (20,250) 28.5% (5,771)
---------- ---------
Sub-Total Variable-Rate Debt 379,875 76,000
---------- ---------
Total Opportunity Funds Portfolio Debt $515,170 $103,365
========== =========
Interest Maturity Extension
Property Notes Entity Lender/Originator Rate Date Options
- ------------------------------------------------------------ -----------------------------------------------------------------------
OPPORTUNITY FUNDS
- ------------------
Fixed-Rate Debt
- ---------------
Storage Post - Suffern Fund III GEMSA Loan Services, LP 5.37% 12/1/2009 None
Storage Post - Various 5 Fund III GEMSA Loan Services, LP 5.30% 3/16/2011 2 x 12 mos.
216th Street 4 Fund II Bank of America, N.A. 5.80% 10/1/2017 None
Pelham Manor 4 Fund II Bear Sterns Commercial 7.18% 1/1/2020 None
Atlantic Avenue Fund II Bear Sterns Commercial 7.14% 1/1/2020 None
Interest rate swaps 1 Fund I Bank of America, N.A. 4.21% Various
--------
Sub-Total Fixed-Rate Debt 5.70%
--------
Variable-Rate Debt
- ------------------
CityPoint Fund II Bank of America, N.A. Libor 2/12/2010 1 x 6 mos.
+250
Acadia Strategic Opportunity Fund II, LLC 6 Fund II Bank of America, N.A. / Bank of New York Libor 3/1/2010 None
+250
Sherman Plaza 4,9 Fund II Bank of America Libor 1/15/2010 None
+150
161st Street 4 Fund II RBS Greenwich Capital Libor 4/1/2010 1 x 12 mos.
+140
Liberty Avenue 4 Fund II PNC Bank, National Association Libor 7/18/2010 1 x 12 mos.
+325
Fordham Plaza 4 Fund II Eurohypo AG Libor 10/4/2009 3 x 6 mos.
+175
Sterling Heights Shopping Center Fund I JP Morgan Chase Bank, N.A. Libor 8/23/2010 None
+185
Acadia Strategic Opportunity Fund III, LLC 7 Fund III Bank of America, N.A. Comm 10/9/2011 None
Paper
+50
Cortlandt Towne Center Fund III Bank of America, N.A. Libor 7/29/2012 2 x 12 mos.
+400
Tarrytown Shopping Center Fund I Anglo Irish Bank Corporation Libor 10/30/2010 2 x 12 mos.
+165
Interest rate swaps 1 Fund I Bank of America, N.A. --------
Sub-Total Variable-Rate Debt Libor
+190
--------
Total Opportunity Funds Portfolio Debt 2.92%
========
Page 19
Reporting Supplement
September 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
Notional Swap Maturity
principal Spread rate All-in Rate Date
--------- ------ ---- ----------- ----
$ 4,409 1.58% 4.71% 6.29% 1/1/2010
10,794 1.58% 4.90% 6.48% 10/1/2011
8,075 1.58% 5.14% 6.72% 3/1/2012
15,000 1.58% 3.79% 5.37% 11/30/2012
15,000 1.58% 3.41% 4.99% 11/30/2012
10,000 1.58% 2.65% 4.23% 11/30/2012
---------- ------ ------- -----------
Core Portfolio $ 63,278 1.58% 3.94% 5.53%
========== ====== ======= ===========
Opportunity Funds $ 9,800 1.58% 4.47% 6.05% 10/29/2010
10,450 1.58% 0.90% 2.48% 7/19/2010
---------- ------ ------- -----------
$ 20,250 1.58% 2.63% 4.21%
========== ====== ======= ===========
Total Core Portfolio and Opportunity Funds $ 83,528 1.58% 3.63% 5.21%
========== ====== ======= ===========
(2) This is a revolving facility for up to $64,498 and is collateralized by Bloomfield Town
Square, Hobson West Plaza, Marketplace of Absecon, Abington Towne Center, Methuen Shopping
Center and Town Line Plaza.
(3) There is an additional $1,600 available under this facility based on certain income
hurdles.
(4) 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%.
(5) The loan is collateralized by Storage Post locations - Linden, Webster Avenue, Jersey
City, Fordham Road and Lawrence.
(6) This is a revolving facility for up to $70,000.
(7) This is a line of credit with a capacity of $221,000.
(8) Convertible notes balance pursuant to APB 14-1. The actual face amount of the convertible
notes at September 30, 2009 is $50,015.
(9) This loan was paid off subsequent to September 30, 2009.
Page 20
Reporting Supplement
September 30, 2009
Future Debt Maturities
----------------------
(in thousands)
Core Portfolio Acadia's Pro-rata Share
---------------------------------
Scheduled Scheduled
Year Amortization Maturities Total Amortization Maturities Total
- ------------------------- ------------ ---------- ---------- ------------ ---------- ---------
2009 $ 538 $ - $ 538 $ 407 $ - $ 407
2010 2,669 32,000 34,669 2,135 32,000 34,135
2011(1) 3,045 63,720 66,765 2,481 63,720 66,201
2012 3,220 9,060 12,280 2,629 9,060 11,689
2013 3,391 8,777 12,168 2,761 8,777 11,538
Thereafter 12,637 393,159 405,796 9,280 228,026 237,306
------------ ---------- ---------- ------------ ---------- ---------
$25,500 $506,716 $532,216 $19,693 $341,583 $361,276
============ ========== ============ ==========
Less: additional convertible notes balance (2,354) (2,354)
---------- ---------
Balance per Portfolio Debt Detail $529,862 $358,922
========== =========
Opportunity Funds
2009 $ 141 $ 90,880 $ 91,021 $ 30 $ 17,915 $ 17,945
2010 462 134,550 135,012 106 29,027 29,133
2011 418 175,950 176,368 83 34,602 34,685
2012 312 43,814 44,126 62 8,719 8,781
2013 619 - 619 122 - 122
Thereafter 4,821 63,203 68,024 952 11,747 12,699
------------ ---------- ---------- ------------ ---------- ---------
$ 6,773 $508,397 $515,170 $ 1,355 $102,010 $103,365
============ ========== ========== ============ ========== =========
Weighted Average Interest Rate of Maturing Debt
-----------------------------------------------
Total Debt Fixed-Rate Variable-Rate Debt
Year Debt
- ------------------------- ---------- ------------- ----------------------
2009 n/a n/a n/a
2010 1.50% n/a 1.50%
2011(1) 3.26% 3.75% 1.55%
2012 1.65% n/a 1.65%
2013 5.45% 5.45% n/a
Thereafter 5.72% 5.72% n/a
Weighted Average Interest Rate of Pro-rata Share of
Maturing Debt
----------------------------------------------------
Total Debt Fixed-Rate Variable-Rate Debt
Year Debt
- ------------------------- ---------- ------------- ----------------------
2009 2.17% 5.37% 2.00%
2010 2.34% n/a 2.34%
2011(1) 1.86% 5.30% 0.80%
2012 4.25% n/a 4.25%
2013 n/a n/a n/a
Thereafter 6.62% 6.62% n/a
(1) Includes additional convertible notes balance of $2,354 maturing in 2011.
Page 21
Reporting Supplement
September 30, 2009
Future Debt Maturities Including Extension Options
- --------------------------------------------------
(in thousands)
Core Portfolio Acadia's Pro-rata Share
--------------------------------
Scheduled Scheduled
Year Amortization Maturities Total Amortization Maturities Total
- -------------------------- ------------ ---------- --------- ------------ ---------- --------
2009 $538 $- $538 $407 $- $407
2010 2,669 2,000 4,669 2,135 2,000 4,135
2011 (1) 3,065 50,015 53,080 2,501 50,015 52,516
2012 3,447 52,518 55,965 2,856 52,518 55,374
2013 3,391 8,777 12,168 2,761 8,777 11,538
Thereafter 12,637 393,159 405,796 9,280 228,026 237,306
------------ ---------- --------- ------------ ---------- --------
$25,747 $506,469 $532,216 $19,940 $341,336 $361,276
============ ========== ============ ==========
Less: additional convertible notes balance (2,354) (2,354)
--------- --------
Balance per Portfolio Debt Detail $529,862 $358,922
========= ========
Opportunity Funds
2009 $141 $4,818 $4,959 $30 $911 $941
2010 462 84,300 84,762 107 17,333 17,440
2011 418 260,962 261,380 83 51,752 51,835
2012 505 9,800 10,305 100 3,702 3,802
2013 1,109 41,500 42,609 220 7,846 8,066
Thereafter 5,081 106,074 111,155 1,021 20,260 21,281
------------ ---------- --------- ------------ ---------- --------
$7,716 $507,454 $515,170 $1,561 $101,804 $103,365
============ ========== ========= ============ ========== ========
Weighted Average Interest Rate of Maturing Debt
-------------------------------------------------
Year Total Debt Fixed-Rate Debt Variable-Rate Debt
- -------------------------- ---------- --------------- -----------------------
2009 n/a n/a n/a
2010 1.50% n/a 1.50%
2011 (1) 3.75% 3.75% n/a
2012 1.53% 3.00% 1.53%
2013 5.45% 5.45% n/a
Thereafter 5.72% 5.72% n/a
Weighted Average Interest Rate of Pro-rata Share of
Maturing Debt
-----------------------------------------------------
Year Total Debt Fixed-Rate Debt Variable-Rate Debt
- -------------------------- ---------- --------------- -----------------------
2009 5.37% 5.37% n/a
2010 2.50% n/a 2.50%
2011 (1) 1.40% n/a 1.40%
2012 1.90% n/a 1.90%
2013 5.30% 5.30% n/a
Thereafter 5.86% 6.62% 4.75%
(1) Includes additional convertible notes balance of $2,354 maturing in 2011.
Page 22
Reporting Supplement
September 30, 2009
Selected Operating Ratios Three months ended September 30, Nine months ended September 30,
-------------------------
2009 2008 2009 2008
---------- ---------- ----------- ---------
Coverage Ratios (1)
---------------
Interest Coverage Ratio
EBIDTA $20,198 $17,164 $63,031 $62,040
Divided by Interest expense 6,248 7,270 19,192 19,815
---------- ---------- ----------- ---------
3.23 x 2.36 x 3.28 x 3.13x
Fixed Charge Coverage Ratio
EBIDTA $20,198 $17,164 $63,031 $62,040
Divided by ( Interest expense 6,248 7,270 19,192 19,815
+ Preferred Dividends) (2) 5 5 15 16
---------- ---------- ----------- ---------
3.23 x 2.36 x 3.28 x 3.13x
Debt Service Coverage Ratio
EBIDTA $20,198 $17,164 $63,031 $62,040
Divided by ( Interest expense 6,248 7,270 19,192 19,815
+ Principal Amortization) 390 681 1,166 2,071
---------- ---------- ----------- ---------
3.04 x 2.16 x 3.10 x 2.83x
Payout Ratios
-------------
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $7,362 $7,050 $22,099 $21,130
FFO 13,380 9,033 39,641 34,772
---------- ---------- ----------- ---------
55% 78% 56% 61%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $7,362 $7,050 $22,099 $21,130
AFFO 12,755 8,535 38,447 34,340
---------- ---------- ----------- ---------
58% 83% 57% 62%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid $7,362 $7,050 $22,099 $21,130
FAD 12,354 7,854 30,225 32,269
---------- ---------- ----------- ---------
60% 90% 73% 65%
Leverage Ratios
---------------
Debt/Total Market Capitalization
Debt (3) $462,287 $462,287
Total Market Capitalization 1,070,890 1,070,890
---------- -----------
43% 43%
Debt + Preferred Equity (Preferred O.P. Units) (3) $462,665 $462,665
Total Market Capitalization 1,070,890 1,070,890
---------- -----------
43% 43%
Debt/EBIDTA - Core Portfolio
Debt $358,922 $358,922
EBIDTA (Annualized) 80,794 84,042
---------- -----------
4.44 x 4.27 x
Debt/EBIDTA - Core Portfolio and Opportunity Funds
Debt $462,287 $462,287
EBIDTA (Annualized) 80,794 84,042
---------- -----------
5.72 x 5.50 x
Debt Yield - Core Portfolio
NOI (Annualized) $50,356 $49,980
Debt 358,922 358,922
---------- -----------
14.0% 13.9%
Net Debt Yield - Core Portfolio (4)
NOI (Annualized) $50,356 $49,980
Debt 278,476 278,476
---------- -----------
18.1% 17.9%
Debt Yield - Core Portfolio and Opportunity Funds
NOI (Annualized) $59,281 $58,364
Debt 462,287 462,287
---------- -----------
12.8% 12.6%
Net Debt Yield - Core Portfolio and Opportunity Funds (5)
NOI (Annualized) $59,281 $58,364
Debt 370,437 370,437
---------- -----------
16.0% 15.8%
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 9/30/09.
(5 )Reflects debt net of the current Core Portfolio and pro-rata share of the Opportunity Funds cash
balance as of 9/30/09.
Page 23
Reporting Supplement
September 30, 2009
Overview of Acadia Strategic Opportunity Fund's
-----------------------------------------------
-------------------------------------------------- ------------------------------------------------
FUND I FUND II
-------------------------------------------------- ------------------------------------------------
Item Description Description
- ------------- -------------------------------------------------- ------------------------------------------------
Date formed September 2001 June 2004
Capital commitment $90 million $300 million
Funding Fully funded $201.0 million funded through September 30, 2009
Partnership structure
Equity Contribution: 22.22% - Acadia 20% - Acadia
77.78% - Four institutional investors 80% - Six institutional investors
Cash flow distribution: 22.22% - Acadia 20% - Acadia
77.78% - Four institutional investors 80% - Six institutional investors
Promote: 20% to Acadia once all partners (including 20% to Acadia once all partners (including
Acadia) have received 9% preferred return and Acadia) have received 8% preferred return and
return of equity return of equity
Remaining 80% is distributed to all the partners Remaining 80% is distributed to all the partners
(including Acadia). (including Acadia).
All original capital and accumulated preference --
has been paid. Acadia is entitled to a Promote
on all future distributions.
Fees to Acadia Priority distribution fee equal to 1.5% of implied Asset management fee equal to 1.5% of total
capital committed capital
Priority distribution fee equal to 4% of gross Property management fee equal to 4% of gross
property revenues property revenues
Market rate leasing Market rate leasing fees
fees
Market rate construction/project management fees Market rate construction/project management fees
-------------------------------------------------
FUND III
-------------------------------------------------
Description
-------------------------------------------------
May 2007
$503 million
$96.5 million funded through September 30, 2009
20% - Acadia
80% - 14 institutional investors
20% - Acadia
80% - 14 institutional investors
20% to Acadia once all partners (including
Acadia) have received 6% preferred return and
return of equity
Remaining 80% is distributed to all the partners
(including Acadia).
--
Asset management fee equal to 1.5% of total
committed capital
Property management fee equal to 4% of gross
property revenues
Market rate leasing fees
Market rate construction/project management fees
Development fee equal to 3% of total project cost
Page 24
Reporting Supplement
September 30, 2009
New York Urban/Infill: Development costs - Construction Complete
- ----------------------------------------------------------------
Estimated
completion
Property Anchors/Tenants of Construction
- --------------------------------------------------------------------------------------------
Fund II
- -------
Construction complete
- ---------------------
Fordham Place Sears, Walgreens, Best Buy, 24 Hour Fitness Completed
Pelham Manor Shopping Plaza (1) BJ's Wholesale Club Completed
216th Street City of New York Dept of General Services Completed
Liberty Avenue (1) CVS, Storage Post Completed
161st Street (3) Various New York City and State Agencies To be determined
Atlantic Avenue Storage Post Completed
Estimated Total cost
square to date Estimated Total Debt as of
footage upon (including future project September 30,
completion acquisition cost) cost cost 2009 % Leased (2)
------------------------------------------------------------------------------
($ in millions)
---------------
Retail - 100%
Fordham Place 276,000 $120.9 $9.1 $130.0 $86.1 Office - 34%
Pelham Manor Shopping Plaza (1) 320,000 60.9 4.1 65.0 31.7 74%
216th Street 60,000 27.7 - 27.7 25.5 100%
Liberty Avenue (1) 125,000 15.2 - 15.2 10.5 100%
161st Street (3) 230,000 54.1 10.9 65.0 30.0 99%
Atlantic Avenue 110,000 20.3 2.7 23.0 11.5
------------ ----------------- ---------- --------- -------------
Retail - 84%
Total 1,121,000 $299.1 $26.8 $325.9 $195.3 Office - 77%
------------ ----------------- ---------- --------- -------------
(1 )Fund II acquired a ground lease interest at this property.
(2 )Percentage leased excludes self storage at Pelham Manor, Liberty Avenue and Atlantic Avenue.
(3) 161st Street is currently cash flowing at 84% occupancy. The redevelopment plan includes the recapture and conversion
of street level office space to retail. Tenant consolidations necessary to accomplish this plan have already begun.
While the tenant consolidations have caused a temporary decline in occupancy, three leases have been signed
which will bring occupancy up to 99%.
Page 25
Reporting Supplement
September 30, 2009
New York Urban/Infill: Development costs - Construction/Design
- --------------------------------------------------------------
Estimated
completion
Property Anchors/Tenants of Construction
- ------------------------------------------------------------------
Fund II
- -------
Under Construction
- ------------------
Canarsie Plaza (1) BJ's Wholesale Club 1st half 2011
Total Construction
In Design
- ---------
Sherman Plaza TBD TBD
CityPoint (2) TBD TBD
Total Design
Fund III
- --------
In Design
- ---------
Sheepshead Bay TBD TBD
125 Main Street (Westport, CT) TBD TBD
Estimated Total cost
square to date Estimated Total Debt as of
footage upon (including future project September 30,
completion acquisition cost) cost cost 2009 % Leased
-------------------------------------------------------------------------------
Fund II ($ in millions)
- ------- --------------------
Under Construction
- ------------------
Canarsie Plaza (1) 265,000 $23.8 $53.2 $77.0 0 77%
-----------------------------------------------------------------
Total Construction 265,000 $23.8 $53.2 $77.0 0
-----------------------------------------------------------------
In Design
- ---------
Sherman Plaza TBD 33.7 TBD TBD 0
CityPoint (2) TBD 43.5 TBD TBD 6.1
-----------------------------------------------------------------
Total Design - $77.2 - - 6.1
-----------------------------------------------------------------
Fund III
- --------
In Design
- ---------
Sheepshead Bay TBD $22.7 TBD TBD 0
-----------------------------------------------------------------
125 Main Street (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 and Washington Square Partner are
co-developing the retail and office components at CityPoint. Amounts represent
Fund II's pro-rata share. Fund II has acquired a ground lease interest at this
property.
(3) Sherman Plaza debt balance of $19.0 million at September 30, 2009 was 100%
cash collateralized and was subsequently paid off in October 2009
Page 26
Reporting Supplement
September 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
Partnership structure
Equity Up to $300 million of total equity
Contribution:
Up to 20% ($60 million) - AKR Fund I ($20 million) and Fund II ($40 million)
80% - Klaff Realty LP and Lubert-Adler
Cash flow 20% - AKR Funds
distribution:
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).
RCP Venture - Investments
- -------------------------
The following table summarizes the RCP Venture investments from inception through September 30, 2009
Years Invested Equity
Investor Investment acquired capital Distributions Multiple
- ------------------- -------------- -------------- -------- ------------- ----------
2004 through
Mervyns I and Mervyns II Mervyns 2007 $30,948 $47,669 1.5 X
2006 through
Mervyns II Albertson's 2007 23,126 64,299 2.8 X
2006 through
Fund II and Mervyns II Other investments(1) 2008 6,468 3,739 0.6 X
-------- -------------- ---------
Total $60,542 $115,707 1.9 X
======== ============== =========
(1) Represents investments in Shopko, Marsh and Rex.
Page 27
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2009
Core Portfolio Retail Properties - Detail
-----------------------------------------
Gross Leasable Area
Acadia's -----------------------------
Anchors interest Anchors Shops Total
=================================== --------- -----------------------------
New York
--------
Connecticut
- -----------
239 Greenwich Avenue( 1) Restoration Hardware, Coach 75.0% 16,834 - 16,834
--------- --------- ---------
New Jersey
- ----------
Elmwood Park Shopping Center Walgreens, Pathmark (A&P) 100.0% 62,610 86,881 149,491
A & P Shopping Plaza A&P 60.0% 49,463 13,445 62,908
--------- --------- ---------
Total - New Jersey 112,073 100,326 212,399
--------- --------- ---------
New York
- --------
Village Commons Shopping Center - 100.0% 3,891 83,346 87,237
Branch Plaza A&P, CVS 100.0% 74,050 51,701 125,751
Amboy Center King Kullen, Duane Reade 100.0% 46,964 16,326 63,290
Bartow Avenue - 100.0% - 14,676 14,676
Pacesetter Park Shopping Center Stop & Shop 100.0% 52,052 44,301 96,353
LA Fitness LA Fitness 100.0% 55,000 - 55,000
West 54th Street Stage Deli 100.0% 4,211 5,466 9,677
East 17th Street Barnes & Noble 100.0% 19,622 - 19,622
Crossroads Shopping Center 49.0% 210,114 100,628 310,742
--------- --------- ---------
Total - New York 465,904 316,444 782,348
--------- --------- ---------
Total New York 594,811 416,770 1,011,581
--------- --------- ---------
New England
-----------
Connecticut
- -----------
Town Line Plaza( 2) Wal Mart, Super Stop & Shop 100.0% 163,159 43,187 206,346
--------- --------- ---------
Massachusetts
- -------------
Methuen Shopping Center Wal Mart, Demoulas Super Markets 100.0% 120,004 10,017 130,021
Crescent Plaza Home Depot, Supervalu 100.0% 156,985 61,156 218,141
--------- --------- ---------
Total - Massachusetts 276,989 71,173 348,162
--------- --------- ---------
New York
- --------
Bon Ton, Marshalls, Price Chopper,
New Loudon Center A.C. Moore, Raymours Furniture Co. 100.0% 251,211 4,615 255,826
--------- --------- ---------
Rhode Island
- ------------
Walnut Hill Plaza Sears, Supervalu, CVS 100.0% 121,892 162,825 284,717
--------- --------- ---------
Vermont
- -------
The Gateway Shopping Center Supervalu 100.0% 73,184 28,600 101,784
--------- --------- ---------
Total New England 886,435 310,400 1,196,835
--------- --------- ---------
Occupancy Annualized Base Rent
Anchors -------------------------- -----------------------------------
=================================== Anchors Shops Total Anchors Shops Total
-------------------------- -----------------------------------
New York
--------
Connecticut
- ----------- 100.00% - 100.00% $ 1,397,621 $ - $ 1,397,621
239 Greenwich Avenue( 1) Restoration Hardware, Coach -------- -------- -------- ----------- ----------- -----------
New Jersey
- ---------- 100.00% 85.93% 91.82% 1,390,460 1,892,785 3,283,245
Elmwood Park Shopping Center Walgreens, Pathmark (A&P) 100.00% 100.00% 100.00% 900,000 364,457 1,264,457
A & P Shopping Plaza A&P -------- -------- -------- ----------- ----------- -----------
100.00% 87.82% 94.24% 2,290,460 2,257,242 4,547,702
Total - New Jersey -------- -------- -------- ----------- ----------- -----------
New York
- -------- 0.00% 82.05% 78.39% - 2,106,132 2,106,132
Village Commons Shopping Center - 100.00% 90.92% 96.27% 1,222,619 1,304,412 2,527,031
Branch Plaza A&P, CVS 100.00% 85.30% 96.21% 1,052,068 730,973 1,783,041
Amboy Center King Kullen, Duane Reade 0.00% 76.29% 76.29% - 336,665 336,665
Bartow Avenue - 100.00% 74.66% 88.35% 394,093 676,916 1,071,009
Pacesetter Park Shopping Center Stop & Shop 100.00% - 100.00% 1,265,000 - 1,265,000
LA Fitness LA Fitness 100.00% 100.00% 100.00% 1,403,822 1,534,090 2,937,912
West 54th Street Stage Deli 100.00% 0.00% 100.00% 625,000 - 625,000
East 17th Street Barnes & Noble 100.00% 81.34% 93.96% 2,546,428 3,320,549 5,866,977
Crossroads Shopping Center -------- -------- -------- ----------- ----------- -----------
99.16% 82.45% 92.40% 8,509,030 10,009,737 18,518,767
Total - New York -------- -------- -------- ----------- ----------- -----------
99.35% 83.74% 92.92% 12,197,111 12,266,979 24,464,090
Total New York -------- -------- -------- ----------- ----------- -----------
New England 100.00% 100.00% 100.00% 937,000 733,620 1,670,620
----------- -------- -------- -------- ----------- ----------- -----------
Connecticut
- -----------
Town Line Plaza( 2) Wal Mart, Super Stop & Shop 100.00% 100.00% 100.00% 736,464 222,225 958,689
100.00% 69.14% 91.35% 1,178,871 429,615 1,608,486
-------- -------- -------- ----------- ----------- -----------
Massachusetts 100.00% 73.48% 94.58% 1,915,335 651,840 2,567,175
- ------------- -------- -------- -------- ----------- ----------- -----------
Methuen Shopping Center Wal Mart, Demoulas Super Markets
Crescent Plaza Home Depot, Supervalu
Total - Massachusetts 100.00% 100.00% 100.00% 1,641,430 126,310 1,767,740
-------- -------- -------- ----------- ----------- -----------
New York
- --------
Bon Ton, Marshalls, Price Chopper, 100.00% 92.56% 95.75% 1,005,500 1,405,048 2,410,548
New Loudon Center A.C. Moore, Raymours Furniture Co. -------- -------- -------- ----------- ----------- -----------
Rhode Island
- ------------ 100.00% 84.38% 95.61% 1,353,904 520,129 1,874,033
Walnut Hill Plaza Sears, Supervalu, CVS -------- -------- -------- ----------- ----------- -----------
100.00% 88.58% 97.04% 6,853,169 3,436,947 10,290,116
Vermont -------- -------- -------- ----------- ----------- -----------
- -------
The Gateway Shopping Center Supervalu
Total New England
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
Page 28
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2009
Core Portfolio Retail Properties - Detail
-----------------------------------------
Gross Leasable Area
Acadia's -------------------------------
Anchors interest Anchors Shops Total
================================== --------- -------------------------------
Core Portfolio (continued): Acadia's
interest
---------
Midwest
-------
Illinois
- --------
Hobson West Plaza Garden Fresh Markets 100.0% 51,692 47,434 99,126
Clark Diversey - 100.0% - 19,265 19,265
--------- ---------- ---------
Total - Illinois 51,692 66,699 118,391
Indiana
- -------
JC Penney, Office Max, TJ Maxx,
Merrillville Plaza David's Bridal, Pier I 100.0% 145,266 89,760 235,026
Michigan
- --------
Home Goods, TJ Maxx, Marshalls,
Bloomfield Towne Officemax
Square 100.0% 152,944 79,237 232,181
Ohio
- ----
Mad River Station(1) Babies 'R' Us, Office Depot, Pier I 100.0% 68,296 57,687 125,983
--------- ---------- ---------
Total Midwest 418,198 293,383 711,581
--------- ---------- ---------
Mid-Atlantic
------------
New Jersey
- ----------
Marketplace of Rite Aid
Absecon 100.0% 33,933 70,785 104,718
--------- ---------- ---------
Total - New Jersey 33,933 70,785 104,718
--------- ---------- ---------
Delaware
- --------
Lowes, Target, Bed, Bath & Beyond,
Brandywine Town Dicks Sporting Goods
Center 22.2% 839,624 35,284 874,908
Market Square TJ Maxx, Trader Joe's 22.2% 42,850 59,197 102,047
Shopping Center -
Naamans Road 22.2% - 19,970 19,970
--------- ---------- ---------
Total - Delaware 882,474 114,451 996,925
--------- ---------- ---------
Pennsylvania
- ------------
Blackman Plaza (5) Kmart, Rite Aid 100.0% 112,051 13,213 125,264
Mark Plaza Kmart, Redner's Market 100.0% 157,595 58,806 216,401
Plaza 422 Home Depot, Dunham's 100.0% 139,968 16,311 156,279
Route 6 Plaza Kmart, Fashion Bug, Rite Aid 100.0% 146,498 29,021 175,519
Chestnut Hill (2) Borders Books 100.0% 31,420 9,150 40,570
Abington Towne Center Target, TJ Maxx
(3) 100.0% 184,616 31,753 216,369
--------- ---------- ---------
Total - Pennsylvania 772,148 158,254 930,402
--------- ---------- ---------
Total Mid-Atlantic 1,688,555 343,490 2,032,045
--------- ---------- ---------
Total Core Properties 3,587,999 1,364,043 4,952,042
========= ========== =========
Total Core Properties -
weighted based on ownership interest (4) 2,770,459 1,218,325 3,988,784
========= ========== =========
Occupancy Annualized Base Rent
Anchors -------------------------- -----------------------------------
================================== Anchors Shops Total Anchors Shops Total
Core Portfolio (continued): -------------------------- -----------------------------------
Midwest
-------
Illinois
- --------
Hobson West Plaza Garden Fresh Markets 100.00% 85.58% 93.10% $ 225,436 $ 875,382 $ 1,100,818
Clark Diversey - - 100.00% 100.00% - 883,130 883,130
-------- -------- -------- ----------- ----------- -----------
Total - Illinois 100.00% 89.74% 94.22% 225,436 1,758,512 1,983,948
Indiana
- -------
JC Penney, Office Max, TJ Maxx,
Merrillville Plaza David's Bridal, Pier I 100.00% 85.48% 94.45% 1,615,642 1,280,549 2,896,191
Michigan
- --------
Home Goods, TJ Maxx, Marshalls,
Bloomfield Towne Officemax 82.04% 96.39% 86.94% 1,015,349 1,417,120 2,432,469
Square
Ohio
- ----
Mad River Station(1) Babies 'R' Us, Office Depot, Pier I 100.00% 72.99% 87.63% 802,719 588,775 1,391,494
-------- -------- -------- ----------- ----------- -----------
Total Midwest 93.43% 86.94% 90.76% 3,659,146 5,044,956 8,704,102
-------- -------- -------- ----------- ----------- -----------
Mid-Atlantic
------------
New Jersey
- ----------
Marketplace of Rite Aid 38.92% 57.49% 51.47% 329,310 608,176 937,486
Absecon -------- -------- -------- ----------- ----------- -----------
38.92% 57.49% 51.47% 329,310 608,176 937,486
Total - New Jersey -------- -------- -------- ----------- ----------- -----------
Delaware
- --------
Lowes, Target, Bed, Bath & Beyond,
Brandywine Town Dicks Sporting Goods 97.20% 87.91% 96.83% 12,658,931 559,980 13,218,910
Center
Market Square TJ Maxx, Trader Joe's 100.00% 96.25% 97.82% 671,888 1,638,203 2,310,091
Shopping Center - 0.00% 54.94% 54.94% - 558,340 558,340
Naamans Road -------- -------- -------- ----------- ----------- -----------
97.34% 86.47% 96.09% 13,330,819 2,756,523 16,087,341
Total - Delaware -------- -------- -------- ----------- ----------- -----------
Pennsylvania
- ------------
Blackman Plaza (5) Kmart, Rite Aid 100.00% 28.97% 92.51% 268,519 20,400 288,919
Mark Plaza Kmart, Redner's Market 100.00% 28.86% 80.67% 652,095 152,200 804,295
Plaza 422 Home Depot, Dunham's 100.00% 25.32% 92.21% 643,503 75,000 718,503
Route 6 Plaza Kmart, Fashion Bug, Rite Aid 100.00% 100.00% 100.00% 806,351 334,842 1,141,193
Chestnut Hill (2) Borders Books 59.00% 100.00% 68.25% 482,000 325,483 807,483
Abington Towne Center Target, TJ Maxx 100.00% 94.75% 99.23% 270,000 811,749 1,081,749
(3) -------- -------- -------- ----------- ----------- -----------
Total - Pennsylvania 98.33% 58.88% 91.62% 3,122,468 1,719,674 4,842,142
-------- -------- -------- ----------- ----------- -----------
Total Mid-Atlantic 96.62% 67.79% 91.74% 16,782,597 5,084,373 21,866,969
-------- -------- -------- ----------- ----------- -----------
Total Core Properties 97.53% 81.51% 93.12% $39,492,023 $25,833,255 $65,325,277
======== ======== ======== =========== =========== ===========
Total Core Properties -
weighted based on ownership interest (4) 97.47% 81.08% 92.46% 27,115,228 21,849,969 48,965,197
======== ======== ======== =========== =========== ===========
General note - The above occupancy and rent amounts do not include space which is currently
leased, but for which rent payment has not yet commenced.
(1) The GLA for this property excludes 29,857 square feet of office space.
(2) This consists of two separate buildings.
(3) Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company.
This square footage has been excluded for calculating annualized base rent per square foot.
(4) Weighted based on Acadia's ownership interest in the properties.
(5) Under contract for sale.
Page 29
Reporting Supplement
September 30, 2009
Core Portfolio Retail Properties by State - Summary
- -------------------------------------------------------------------
Gross Leasable Area Occupancy Annualized Base Rent
-----------------------------------------------------------------------------------
Ownership Percent of
base rent Number of Anchors
% (1) properties (2) Shops Total Anchors Shops Total Anchors Shops Total
-----------------------------------------------------------------------------------------------------------------
Connecticut 75.0% 5.6% 2 179,993 43,187 223,180 100.00%100.00% 100.00%$ 2,334,621$ 733,620$ 3,068,241
Delaware 22.2% 7.0% 3 882,474 114,451 996,925 97.34% 86.47% 96.09% 13,330,819 2,756,523 16,087,341
Illinois 100.0% 4.1% 2 51,692 66,699 118,391 100.00% 89.74% 94.22% 225,436 1,758,512 1,983,948
Indiana 100.0% 5.9% 1 145,266 89,760 235,026 100.00% 85.48% 94.45% 1,615,642 1,280,549 2,896,191
Massachusetts 100.0% 5.2% 2 276,989 71,173 348,162 100.00% 73.48% 94.58% 1,915,335 651,840 2,567,175
Michigan 100.0% 5.0% 1 152,944 79,237 232,181 82.04% 96.39% 86.94% 1,015,349 1,417,120 2,432,469
New Jersey 88.9% 10.2% 3 146,006 171,111 317,117 85.80% 75.27% 80.12% 2,619,770 2,865,418 5,485,188
New York 83.8% 35.5% 10 717,115 321,0591,038,174 99.46% 82.70% 94.28% 10,150,460 10,136,047 20,286,507
Ohio 100.0% 2.8% 1 68,296 57,687 125,983 100.00% 72.99% 87.63% 802,719 588,775 1,391,494
Pennsylvania 100.0% 10.0% 6 772,148 158,254 930,402 98.33% 58.88% 91.62% 3,122,468 1,719,674 4,842,142
Rhode Island 100.0% 4.9% 1 121,892 162,825 284,717 100.00% 92.56% 95.75% 1,005,500 1,405,048 2,410,548
Vermont 100.0% 3.8% 1 73,184 28,600 101,784 100.00% 84.38% 95.61% 1,353,904 520,129 1,874,033
-------------------------------------------------------------------------------------------------------
Total - Core
Portfolio 100.0% 333,587,9991,364,0434,952,042 97.53% 81.51% 93.12%$39,492,023$25,833,255$65,325,277
=======================================================================================================
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has
not yet commenced.
(1) The Company's pro-rata share of base rent from joint venture properties has been included for the purpose of calculating
percentage of base rent by state.
(2) Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been excluded for
calculating annualized base rent per square foot.
Page 30
Reporting Supplement
September 30, 2009
Core Portfolio Top Tenants - Ranked by Annualized Base Rent (2)
----------------------------------------------------------------------------------------------
Percentage of Total
Number of Wholly Owned Joint Ventures Combined Represented by
Retail Tenant
-----------------------------------------------------------------------------------
stores in
Retail combined Total Annualized Total Annualized Total Annualized Total Annualized
Base Base Base Base
Ranking Tenant portfolio GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio Rent (1)
GLA (2)
- ------------------------------------------------------------------------------------------------------------------------------------
1 A&P 4 160,236 $ 2,868,520 18,722$ 246,960 178,958$ 3,115,480 4.5% 6.4%
-- 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% 2.0%
2 Supervalu (Shaws) 3 175,801 2,420,980 - - 175,801 2,420,980 4.4% 4.9%
3 TJX Companies 8 193,482 1,451,600 19,144 344,750 212,626 1,796,350 5.3% 3.7%
-- 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% 1.2%
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 1,403,822 - - 4,211 1,403,822 0.1% 2.9%
Ahold (Stop and
6 Shop) 2 117,911 1,331,093 - - 117,911 1,331,093 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 Barnes & Noble 2 19,622 625,000 6,091 194,902 25,713 819,902 0.6% 1.7%
11 Price Chopper 1 77,450 802,105 - - 77,450 802,105 1.9% 1.6%
12 Sleepy's 5 32,619 753,549 - - 32,619 753,549 0.8% 1.5%
13 King Kullen 1 37,266 745,320 - - 37,266 745,320 0.9% 1.5%
14 Walgreens 2 14,837 435,000 7,594 232,750 22,431 667,750 0.6% 1.4%
15 Wal-Mart 1 89,544 626,808 - - 89,544 626,808 2.2% 1.3%
16 Pier 1 Imports 3 19,254 400,754 4,321 170,802 23,575 571,556 0.6% 1.2%
17 JC Penney 1 50,000 544,500 - - 50,000 544,500 1.3% 1.1%
18 Rite Aid 3 32,142 511,565 - - 32,142 511,565 0.8% 1.0%
19 The Avenue 4 17,236 342,869 4,043 160,406 21,279 503,275 0.5% 1.0%
20 CVS 2 34,300 498,990 - - 34,300 498,990 0.9% 1.0%
21 Border's 1 18,538 482,000 - - 18,538 482,000 0.5% 1.0%
22 Payless Shoesource 7 22,225 490,265 1,514 52,994 23,739 543,259 0.6% 1.1%
23 Lowes 1 - - 31,108 470,509 31,108 470,509 0.8% 1.0%
24 Redner's Markets 1 52,639 447,432 - - 52,639 447,432 1.3% 0.9%
25 OfficeMax 2 47,657 428,913 - - 47,657 428,913 1.2% 0.9%
26 Drexel Heritage 2 13,315 332,875 4,850 91,034 18,165 423,909 0.5% 0.9%
27 Citibank 3 5,486 263,328 2,797 135,311 8,283 398,639 0.2% 0.8%
JP Morgan Chase
28 Bank 3 15,013 395,342 - - 15,013 395,342 0.4% 0.8%
Big Apple
29 Souvenirs 1 920 381,684 - - 920 381,684 0.0% 0.8%
30 Access Group 1 - - 16,989 365,093 16,989 365,093 0.4% 0.7%
31 The Vitamin Shoppe 1 8,850 345,000 - - 8,850 345,000 0.2% 0.7%
32 Blockbuster 4 14,730 321,437 - - 14,730 321,437 0.4% 0.7%
54 Computer &
33 Camera 1 996 321,364 - - 996 321,364 0.0% 0.7%
34 Office Depot 1 25,038 315,479 - - 25,038 315,479 0.6% 0.6%
35 Duane Reade 1 9,698 306,748 - - 9,698 306,748 0.2% 0.6%
36 Dots 4 17,698 297,358 - - 17,698 297,358 0.4% 0.6%
37 Bonton 1 65,365 274,533 - - 65,365 274,533 1.6% 0.6%
K&G Fashion
38 Superstore 1 21,500 269,647 - - 21,500 269,647 0.5% 0.6%
39 Babies "R" Us 1 33,147 260,204 - - 33,147 260,204 0.8% 0.5%
40 Petco 1 17,578 268,065 - - 17,578 268,065 0.4% 0.5%
41 Target 1 - - 36,822 245,503 36,822 245,503 0.9% 0.5%
A. C. Moore Arts &
42 Crafts 1 21,520 243,391 - - 21,520 243,391 0.5% 0.5%
43 Dollar Tree 4 35,216 232,734 - - 35,216 232,734 0.9% 0.5%
44 Hallmark Cards 3 14,482 229,522 - - 14,482 229,522 0.4% 0.5%
45 TransUnion 1 - - 9,623 227,926 9,623 227,926 0.2% 0.5%
Garden Fresh
46 Markets 1 51,692 225,436 - - 51,692 225,436 1.3% 0.5%
47 99 Cent Dreams 1 9,592 225,124 - - 9,592 225,124 0.2% 0.5%
48 Electronics Store 1 428 223,242 - - 428 223,242 0.0% 0.5%
49 Bed, Bath & Beyond 1 - - 11,327 212,311 11,327 212,311 0.3% 0.4%
Pet Supplies
50 "Plus" 1 10,266 208,400 - - 10,266 208,400 0.3% 0.4%
----------------------------------------------------------------------------------------------
Total 105 2,278,066 $28,313,425 224,300$3,428,7142,502,366$31,742,139 62.7% 64.8%
==============================================================================================
(1) Base rents do not include percentage rents (except where noted), additional
rents for property expense reimbursements, and contractual rent escalations
due after the date of this report.
(2) Represents total GLA and annualized base rent for the Company's retail
properties including its pro-rata share of Brandywine and Crossroads.
Page 31
Reporting Supplement
September 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 3 222,794 6.84% 409,328 1.04% 1.84
2010 10 229,756 7.05% 2,565,455 6.50% 11.17
2011 8 176,255 5.41% 2,938,391 7.44% 16.67
2012 7 351,642 10.79% 3,185,790 8.07% 9.06
2013 9 374,876 11.51% 5,258,605 13.31% 14.03
2014 8 221,510 6.80% 3,052,689 7.73% 13.78
2015 6 221,045 6.79% 3,586,080 9.08% 16.22
2016 5 78,886 2.42% 1,022,342 2.59% 12.96
2017 4 158,877 4.88% 2,565,573 6.50% 16.15
2018 6 359,783 11.04% 5,292,346 13.40% 14.71
2019 5 122,539 3.76% 927,850 2.35% 7.57
2020 3 184,917 5.68% 1,411,354 3.57% 7.63
2021 1 106,760 3.28% 661,912 1.68% 6.20
2022 2 69,837 2.14% 1,700,000 4.30% 24.34
2024 3 188,506 5.79% 3,190,904 8.08% 16.93
2028 4 189,509 5.82% 1,723,404 4.36% 9.09
------------------------------ --------------------------------
Total
Occupied 84 3,257,492 100.00% $39,492,023 100.00% $ 12.12
============================== ================================
- -----------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 75,591
------------
Total Square Feet 3,587,999
============
- -----------------------------------
Shop Tenant Expirations
Month to
Month 4 4,889 0.44% $ 64,980 0.25% $ 13.29
2009 25 68,632 6.14% 993,078 3.84% 14.47
2010 40 106,516 9.53% 1,964,762 7.61% 18.45
2011 48 179,699 16.06% 3,738,580 14.48% 20.80
2012 40 146,784 13.13% 2,883,800 11.16% 19.65
2013 46 141,513 12.66% 3,532,338 13.67% 24.96
2014 41 165,586 14.81% 3,843,545 14.88% 23.21
2015 17 74,784 6.69% 1,744,211 6.75% 23.32
2016 6 31,405 2.81% 763,196 2.95% 24.30
2017 16 49,631 4.44% 1,954,546 7.57% 39.38
2018 20 51,951 4.65% 2,037,090 7.89% 39.21
2019 9 20,524 1.84% 556,390 2.15% 27.11
2020 3 6,000 0.54% 146,070 0.57% 24.35
2021 3 30,270 2.71% 244,385 0.95% 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 0.81% 442,017 1.71% 49.05
2028 1 3,200 0.29% 275,000 1.06% 85.94
------------------------------ --------------------------------
Total
Occupied 327 1,117,813 100.00% $25,833,255 100.00% $ 23.11
============================== ================================
- -----------------------------------
Total Vacant 246,230
------------
Total Square Feet 1,364,043
============
Page 32
Reporting Supplement
September 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.
------------------------------ -------------------------------
Total Anchor and Shop Tenant Expirations
Month to
Month 4 $ 4,889 0.11% $ 64,980 0.10%$ 13.29
2009 28 291,426 6.66% 1,402,406 2.15% 4.81
2010 50 336,272 7.69% 4,530,217 6.93% 13.47
2011 56 355,954 8.14% 6,676,971 10.22% 18.76
2012 47 498,426 11.39% 6,069,590 9.29% 12.18
2013 55 516,389 11.80% 8,790,943 13.47% 17.02
2014 49 387,096 8.85% 6,896,234 10.56% 17.82
2015 23 295,829 6.76% 5,330,291 8.16% 18.02
2016 11 110,291 2.52% 1,785,538 2.73% 16.19
2017 20 208,508 4.77% 4,520,119 6.92% 21.68
2018 26 411,734 9.41% 7,329,436 11.22% 17.80
2019 14 143,063 3.27% 1,484,240 2.27% 10.37
2020 6 190,917 4.36% 1,557,424 2.38% 8.16
2021 4 137,030 3.13% 906,297 1.39% 6.61
2022 6 89,892 2.05% 2,222,555 3.40% 24.72
2023 2 7,362 0.17% 126,712 0.19% 17.21
2024 3 188,506 4.31% 3,190,904 4.88% 16.93
2027 2 9,012 0.21% 442,017 0.68% 49.05
2028 5 192,709 4.40% 1,998,403 3.06% 10.37
------------------------------ -------------------------------
Total
Occupied 411 $4,375,305 100.00% $65,325,277 100.00%$ 14.93
============================== ===============================
- -----------------------------------
Anchor GLA Owned by
Tenants 254,916
Total Vacant 321,821
------------
Total Square Feet 4,952,042
============
Page 33
Reporting Supplement
September 30, 2009
--------------------- -------------------- ---------------- --------------------
Core Portfolio Year-to-Date 3 months ended 3 months ended 3 months ended
New and Renewal Rent Spreads (1) September 30, 2009 September 30, 2009 June 30, 2009 March 31, 2009
------------------------------------ --------------------- -------------------- ---------------- --------------------
Cash (2) GAAP (3) Cash (2) GAAP (3) Cash (2) GAAP (3) Cash (2) GAAP (3)
-------- -------- -------- ----------------- -------- -------- --------
New leases
Number of new leases commencing 7 7 2 2 1 1 4 4
GLA 23,403 23,403 2,164 2,164 2,997 2,997 18,242 18,242
New base rent $ 15.32 $ 16.26 $ 30.00 $ 29.58 $ 14.39 $ 20.48 $ 13.73 $ 13.99
Previous base rent (and percentage
rent) $ 22.20 $ 21.21 $ 28.40 $ 26.10 $ 25.99 $ 24.10 $ 20.84 $ 20.15
Percentage growth in base rent -31.0% -23.3% 5.6% 13.3% -44.6% -15.0% -34.1% -30.6%
Average cost per square foot $ 15.23 $ 15.23 $ 14.38 $ 14.38 $ 0.00 $ 0.00 $ 17.83 $ 17.83
Renewal leases
Number of renewal leases commencing 42 42 11 11 10 10 21 21
GLA expiring 379,118 379,118 103,404 103,404 69,431 69,431 206,283 206,283
Renewal percentage 56% 56% 24% 24% 79% 79% 64% 64%
New base rent $ 16.04 $ 16.86 $ 27.28 $ 28.24 $ 14.75 $ 16.03 $ 14.49 $ 15.10
Expiring base rent (and percentage
rent) $ 15.19 $ 14.79 $ 24.40 $ 23.78 $ 15.99 $ 15.47 $ 13.14 $ 12.84
Percentage growth in base rent 5.6% 14.0% 11.8% 18.8% -7.8% 3.6% 10.3% 17.6%
Average cost per square foot $ 0.68 $ 0.68 $ 0.00 $ 0.00 $ 2.62 $ 2.62 $ 0.00 $ 0.00
Total new and renewal Leases
Number of new and renewal leases
commencing 49 49 13 13 11 11 25 25
GLA commencing 234,128 234,128 26,546 26,546 58,074 58,074 149,508 149,508
New base rent $ 15.97 $ 16.80 $ 27.50 $ 28.35 $ 14.73 $ 16.26 $ 14.40 $ 14.96
Expiring base rent (and percentage
rent) $ 15.89 $ 15.43 $ 24.73 $ 23.97 $ 16.51 $ 15.92 $ 14.08 $ 13.73
Percentage growth in base rent 0.5% 8.9% 11.2% 18.3% -10.8% 2.2% 2.3% 9.0%
Average cost per square foot $ 2.14 $ 2.14 $ 1.17 $ 1.17 $ 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.
Page 34
Core Portfolio Capital Expenditures
-------------------------------------
Current Quarter and Year-to-Date
-------------------------------------
------------------ -------------------
Year-to-Date Current
Quarter
Period 3 months Year
ended ended Ended
September 30, 2009 September 30, 2009 December 31, 2008
------------------ ------------------- -----------------
Leasing Commissions: $452 $193 $651
Tenant Improvements: 1,588 541 2,043
Capital Expenditures: 881 586(1) 896
Redevelopments - - -
------------------ ------------------- -----------------
Total $2,921 $1,320 $3,590
================== =================== =================
------------------ -------------------
(1) Costs related to the reconfiguration of the former Acme Market space at the
Marketplace of Absecon totaled $478 during the quarter.
Page 35
Reporting Supplement
September 30, 2009
---------------------------------------------------------------------------------------------------
Fund I Portfolio Detail Ownership Gross Leasable Area Occupancy Annualized Base Rent
- --------------------------------- ----------------------------------------------------------------------------
Midwest Anchors % Anchors Shops Total Anchors Shops Total Anchors Shops Total
- ------------------------------------------------------------------------------------------------------------------------------------
Michigan
- ---------------------------------
Sterling Heights Shopping Center Burlington
Coat Factory,
Rite Aid 50% 90,400 64,435 154,835100.00% 4.81% 60.39%$ 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% 450,336 142,686 593,022
----------------------------------------------------------------------------
Total Midwest 180,447109,385 289,832 69.46% 14.72% 48.80% 976,936 178,986 1,155,922
New York
- ---------------------------------
New York
- ---------------------------------
Tarrytown Shopping Center Walgreen's 100% 15,497 19,794 35,291100.00% 82.33% 90.09% 475,000 511,182 986,182
Various
- ---------------------------------
Kroger/Safeway Portfolio (18 Kroger/Safeway
Properties) 75%709,400 - 709,400100.00% 0.00%100.00% 6,492,215 - 6,492,215
----------------------------------------------------------------------------
Grand Total 905,344129,1791,034,523 93.91% 25.08% 85.32%$ 7,944,151$ 690,168$ 8,634,319
============================================================================
---------------------------------------------------------------------------------------------------
Fund II Portfolio Detail
- ------------------------------------------------------------------------------------------------------------------------------------
Midwest
- ---------------------------------
Illinois
- ---------------------------------
Oakbrook Neiman Marcus 100%112,000 - 112,000100.00% 0.00%100.00%$ 825,000$ -$ 825,000
New York
- ---------------------------------
New York
- ---------------------------------
Pelham Plaza BJ's Discount
Club,
Michaels 98.8%149,878 79,629 229,507100.00% 25.23% 74.06% 3,873,244 846,102 4,719,346
Fordham Place Sears, Best
Buy 98.8% 74,899 44,547 119,446100.00% 53.00% 82.47% 2,873,228 2,431,012 5,304,240
Liberty Avenue CVS 98.8% 10,880 15,245 26,125100.00%100.00%100.00% 394,944 501,139 896,083
New York Dept
of
216th Street Citywide
Admin.
Services 98.8% 60,000 - 60,000100.00% 0.00%100.00% 2,340,000 225,000 2,565,000
161st Street (1) The City of
New York 98.8%137,334 89,995 227,329 93.71% 68.04% 83.55% 3,127,173 1,257,651 4,384,824
----------------------------------------------------------------------------
Total New York 432,991229,416 662,407 98.00% 52.38% 82.20% 12,608,589 5,260,904 17,869,493
----------------------------------------------------------------------------
Grand Total 544,991229,416 774,407 98.41% 52.38% 84.78%$13,433,589$5,260,904$18,694,493
============================================================================
---------------------------------------------------------------------------------------------------
Fund III Portfolio Detail
- ------------------------------------------------------------------------------------------------------------------------------------
New York
- ---------------------------------
Wal Mart, A&P, United
Artists
Cortlandt Towne Center Theatre 100.0%510,538131,259 641,797 83.79% 86.52% 84.35%$ 6,007,613$2,553,867$ 8,561,480
============================================================================
---------------------------------------------------------------------------------------------------
Notes:
- ---------------------------------
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.
Page 36
Reporting Supplement
September 30, 2009
Storage Post Property
Detail
- ------------------------- Net
Rentable
Square
Operating Properties Location Feet Occupancy
- -----------------------------------------------------------------------
Fund III
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
Webster Ave (1) Bronx, New York 36,736
Linden (1) Linden, New Jersey 84,035
--------
Subtotal Stabilized 419,259 86.4%
-------- ---------
Currently in Lease-up
- -------------------------
Bruckner Blvd Bronx, New York 89,448
Fordham Road Bronx, New York 84,505
Lawrence Lawrence, New York 97,643
Long Island City Queens, New York 134,046
--------
Subtotal in Lease-up 405,642 68.9%
-------- ---------
Total Operating Properties 824,901 77.8%
=========
Development completed
- ----------------------------------------------
Ridgewood Queens, New York 88,650 24.0%
-------- =========
Total Storage Post Portfolio 913,551
========
Fund II
- -------------------------
Currently in Lease-up
- -------------------------
Liberty Avenue Queens, New York 72,850
Pelham Plaza Pelham Manor, New
York 62,020
Atlantic Avenue Brooklyn, New York 76,921
--------
211,791 38.4%
======== =========
(1) Property reached stabilization in the third quarter 2009.
Page 37
Reporting Supplement
September 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 3 8,200 25.31% $ 65,522 9.49%$ 7.99
2010 1 2,547 7.86% 86,012 12.46% 33.77
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% 149,219 21.62% 34.37
2018 2 3,861 11.92% 79,655 11.54% 20.63
2019 1 1,904 5.88% 30,000 4.35% 15.76
2020 1 5,157 15.92% 150,842 21.86% 29.25
------------------------ ---------------------------
Total Occupied 14 32,395 100.00% $690,168 100.00%$ 21.30
======================== ===========================
- -----------------------------------------
Total Vacant 96,784
--------
Total Square
Feet 129,179
========
Total Anchor and Shop Tenant Expirations
Month to Month 3 8,200 0.93% $ 65,522 0.76% $ 7.99
2010 1 2,547 0.29% 86,012 1.00% 33.77
2011 20 712,865 80.75% 6,559,789 75.96% 9.20
2012 2 2,920 0.33% 61,344 0.71% 21.01
2014 2 4,341 0.49% 149,219 1.73% 34.37
2017 1 34,951 3.96% 450,336 5.22% 12.88
2018 2 3,861 0.44% 79,655 0.92% 20.63
2019 1 1,904 0.22% 30,000 0.35% 15.76
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 36 882,643 100.00% $8,634,319 100.00% $ 9.78
========================== ==========================
- ------------------------------------------
Total Vacant 151,880
----------
Total Square
Feet 1,034,523
==========
Page 38
Reporting Supplement
September 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 45.75% $ 3,952,173 29.42% $15.85
2013 1 20,473 3.76% 573,244 4.27% 28.00
2019 1 39,705 7.29% 1,747,020 13.00% 44.00
2023 1 35,194 6.46% 1,126,208 8.38% 32.00
2027 1 60,000 11.01% 2,340,000 17.42% 39.00
2032 1 10,880 2.00% 394,944 2.94% 36.30
2033 1 129,405 23.73% 3,300,000 24.57% 25.50
------------------------- --------------------------
Total Occupied 8 544,991 100.00% $13,433,589 100.00% $24.65
========================= ==========================
- ------------------------------------------
Total Vacant -
---------
Total Square
Feet 544,991
=========
Shop Tenant Expirations
Month to Month 1 9,967 7.18% $ 99,670 1.89%$ 10.00
2011 3 24,065 17.33% 584,773 11.12% 24.30
2012 3 27,205 19.59% 573,208 10.90% 21.07
2013 1 4,462 3.21% 167,994 3.19% 37.65
2014 2 7,081 5.10% 279,078 5.30% 39.41
2018 3 9,600 6.91% 417,600 7.94% 43.50
2019 4 8,873 6.39% 364,668 6.93% 41.10
2022 1 - 0.00% 225,000 4.28% -
2023 1 31,417 22.62% 1,131,012 21.50% 36.00
2027 1 6,208 4.47% 217,901 4.14% 35.10
2048 1 10,000 7.20% 1,200,000 22.81% 120.00
------------------------ ---------------------------
Total Occupied 21 138,878 100.00% $5,260,904 100.00%$ 37.88
======================== ===========================
- -----------------------------------------
Total Vacant 90,538
--------
Total Square
Feet 229,416
========
Total Anchor and Shop Tenant Expirations
Month to Month 1 9,967 1.46% $ 99,670 0.53%$ 10.00
2011 5 273,399 39.98% 4,536,946 24.28% 16.59
2012 3 27,205 3.98% 573,208 3.07% 21.07
2013 2 24,935 3.65% 167,994 0.90% 6.74
2014 2 7,081 1.04% 852,322 4.56% 120.37
2018 3 9,600 1.40% 417,600 2.23% 43.50
2019 5 48,578 7.10% 2,111,688 11.30% 43.47
2023 2 66,611 9.74% 2,257,220 12.07% 33.89
2027 2 66,208 9.68% 2,557,901 13.68% 38.63
2022 1 - 0.00% 225,000 1.20% -
2032 1 10,880 1.59% 394,944 2.11% 36.30
2033 1 129,405 18.92% 3,300,000 17.65% 25.50
2048 1 10,000 1.46% 1,200,000 6.42% 120.00
-------------------------- --------------------------
Total Occupied 29 683,869 100.00% $18,694,493 100.00%$ 27.34
========================== ==========================
- ------------------------------------------
Total Vacant 90,538
----------
Total Square
Feet 774,407
==========
Page 39
Reporting Supplement
September 30, 2009
Fund III
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 1 14,967 3.50% $ 239,472 3.99% $16.00
2013 3 64,580 15.10% 1,182,125 19.68% 18.30
2014 2 56,379 13.18% 908,695 15.13% 16.12
2017 2 52,131 12.19% 927,312 15.44% 17.79
2018 2 174,707 40.83% 1,709,562 28.44% 9.79
2022 1 65,028 15.20% 1,040,447 17.32% 16.00
------------------------- -------------------------
Total Occupied 11 427,792 100.00% $6,007,613 100.00% $14.04
========================= =========================
- ------------------------------------------
Total Vacant 82,746
---------
Total Square
Feet 510,538
=========
Shop Tenant Expirations
Month to Month 5 12,644 10.66% $ 168,000 6.58%$ 13.29
2009 3 12,400 10.46% 162,552 6.36% 13.11
2010 5 10,584 8.93% 152,717 5.98% 14.43
2011 2 2,000 1.69% 74,970 2.94% 37.49
2012 3 8,200 6.92% 223,000 8.73% 27.20
2013 1 6,000 5.06% 166,620 6.52% 27.77
2014 4 17,136 14.45% 502,550 19.68% 29.33
2015 4 9,177 7.74% 221,222 8.66% 24.11
2016 1 9,100 7.67% 176,771 6.92% 19.43
2017 2 9,688 8.17% 205,043 8.03% 21.16
2018 3 9,357 7.89% 175,394 6.87% 18.74
2019 2 9,285 7.83% 266,558 10.44% 28.71
2020 1 3,000 2.53% 58,470 2.29% -
2047 1 - 0.00% - 0.00% -
------------------------ ---------------------------
Total Occupied 37 118,571 100.00% $2,553,867 100.00%$ 21.54
======================== ===========================
- -----------------------------------------
Total Vacant 12,688
--------
Total Square
Feet 131,259
========
Total Anchor and Shop Tenant Expirations
Month to Month 5 12,644 2.31% 168,000 1.96%$ 13.29
2009 4 27,367 5.01% 402,024 4.70% 14.69
2010 5 10,584 1.94% 152,717 1.78% 14.43
2011 2 2,000 0.37% 74,970 0.88% 37.49
2012 3 8,200 1.50% 223,000 2.60% 27.20
2013 4 70,580 12.92% 1,348,745 15.75% 19.11
2014 6 73,515 13.46% 1,411,245 16.48% 19.20
2015 4 9,177 1.68% 221,222 2.58% 24.11
2016 1 9,100 1.67% 176,771 2.06% 19.43
2017 4 61,819 11.31% 1,132,355 13.23% 18.32
2018 5 184,064 33.68% 1,884,956 22.04% 10.24
2019 2 9,285 1.70% 266,558 3.11% 28.71
2020 1 3,000 0.55% 58,470 0.68% 19.49
2022 1 65,028 11.90% 1,040,447 12.15% 16.00
2047 1 - 0.00% - 0.00% -
------------------ --------------------------
Total Occupied 48 546,363 100.00% $8,561,480 100.00%$ 15.67
========================== ==========================
- ------------------------------------------
Total Vacant 95,434
----------
Total Square
Feet 641,797
==========
Page 40
QUARTERLY SUPPLEMENTAL DISCLOSURE
September 30, 2009
Property Demographics (1)
- ----------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
3-Mile Radius(2) 5-Mile Radius
-----------------------------------------------------------------
Trade Cash (2) #
Area Base Total Total HouseholdsMedian Avg. HH Total Median Avg.
HH # HH HH
Classifi Property / JV City State (Miles) Rent GLA Pop. ("HH") Income Income Pop. HH Income Income
c-ation Ownership %
- -----------------------------------------------------------------------------------------------------------------------------------
Core Brandywine Wilmington DE
Town Center &
Mkt
Sq./22.22% 3 16,087,341 996,925 41,222 15,054$ 83,769$102,192 120,306 46,004$74,110$ 93,425
Core Elmwood Park Elmwood NJ
Shopping Ctr.Park 3 3,283,245 149,491 257,647 83,959 52,609 62,446 614,727 208,535 57,938 69,562
Core Chestnut Hill PhiladelphiaPA 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 1,081,749 216,369 91,293 34,692 66,882 82,491 304,127 117,213 59,851 70,401
Core Clark & Chicago IL
Diversey 3 883,130 19,265 419,461 213,740 58,803 81,579 969,623 410,327 51,138 67,593
Core Hobson West Naperville IL
Plaza 3 1,100,818 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 PlainsNY
Shopping Ctr.
/ 49% 3 5,866,977 310,742 105,870 39,349 78,556 85,621 205,109 73,112 93,445 108,276
Core The Branch Smithtown NY
Plaza 3 2,527,031 125,751 68,832 23,221 89,522 113,455 199,361 64,663 82,867 105,093
Core Amboy Road Staten NY
Island 3 1,783,041 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 2,106,132 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 2,432,469 232,181 62,528 23,953 73,997 102,234 166,443 62,677 79,970 105,922
Core Crescent Brockton MA
Plaza 3 1,608,486 218,141 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 1,767,740 255,826 41,815 15,619 55,375 66,288 151,655 61,034 47,547 61,261
Core Pacesetter Pomona NY
Park Shopping
Ctr. 3 1,071,009 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 2,937,912 9,677 582,613 325,406 80,037 96,7702,424,8481,048,312 55,446 67,194
Core East 17th Manhattan NY
Street 3 625,000 19,6221,027,933 495,157 64,629 116,1332,512,4121,086,434 53,903 96,755
Core Mad River Dayton OH
Station 5 1,391,494 125,983 58,692 25,428 58,119 67,529 135,000 56,693 60,560 71,601
Core Mark EdwardsvillePA
Plaza 5 804,295 216,401 87,986 37,409 31,982 39,628 124,868 52,566 34,683 43,184
Core Blackman Wilkes- PA
Plaza Barre 5 288,919 125,264 58,885 24,646 30,982 40,002 111,991 47,249 33,391 41,275
Core Bartow The Bronx NY
Avenue 3 336,665 14,676 567,476 209,231 40,253 47,6431,435,467 511,796 30,552 43,522
Core Walnut Hill Woonsocket RI
Plaza 5 2,410,548 284,717 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 2,896,191 235,026 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 1,874,033 101,784 46,879 19,366 44,294 55,033 69,993 28,186 47,104 57,514
Core Marketplace Absecon NJ
of Absecon 3 937,486 104,718 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 Honesdale PA
6
Plaza 5 1,141,193 175,519 7,567 3,014 32,283 43,919 11,899 4,627 34,031 46,300
Fund I Granville Columbus OH
Center /
37.78% 3 593,022 134,997 112,547 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% 3 986,182 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 In- Fordham Road
Fill / 19.2% 2 5,304,240 119,4461,205,053 412,674 30,252 38,2981,997,909 698,322 33,259 40,957
Fund II- Sherman AvenueManhattan NY
Urban In- / 19.2%
Fill 2 - - 535,739 175,108 29,260 36,3242,049,516 721,521 34,366 42,608
Fund II- Pelham Manor Westchester NY
Urban In- Shopping
Fill Plaza / 19.2% 3 4,719,346 229,507 398,727 147,238 48,697 56,1161,109,022 403,897 44,956 53,542
Fund II- 161st Street The Bronx NY
Urban In- /19.2%
Fill 2 4,384,824 227,3291,274,483 427,111 25,104 31,4772,531,473 966,482 37,307 48,034
Fund II- Liberty Queens NY
Urban In- Avenue /
Fill 19.2% 3 896,083 26,125 613,457 201,509 44,915 59,078 613,457 201,509 44,915 59,078
Fund II- 216th Manhattan NY
Urban In- Street /
Fill 19.2% 2 2,565,000 60,000 536,119 183,542 30,978 41,481 536,119 183,542 30,978 41,481
Fund II- Oakbrook Oakbrook IL
Other /
20% 3 825,000 112,000 77,560 29,487 77,130 108,955 288,932 108,039 75,456 97,126
Fund III- Cortlandt Mohegan NY
Other Towne Lake
Center/19.91% 3 8,561,480 641,797 50,899 17,257 83,556 96,323 85,373 28,902 88,363 103,198
- ------------------------------------------------------------------------------------------------------------------------------------
94,723,354 6,693,369
-------------------
3-Mile Radius(2) 5-Mile Radius
----------------------------------------------------------------
#
Total Households Median Avg. HH Total Median Avg.
HH # HH HH
Pop. ("HH") Income Income Pop. HH Income Income
-----------------------------------------------------------------------
TOTAL
Weighted Average - Based on
GLA 151,872 54,487 $ 62,624 $ 76,150 327,245 121,724 $62,343 $ 76,409
------------------------------------------------------------------------
Weighted Average - Based on
base rent(1) 175,493 70,849 $ 64,712 $ 79,919 421,271 163,189 $60,047 $ 74,171
------------------------------------------------------------------------
CORE
------------------------------------------------------------------------
Weighted Average - Based on
GLA 74,690 28,542$ 63,373$ 77,631 182,774 68,621 $61,831 $ 76,492
------------------------------------------------------------------------
Weighted Average - Based on
base rent(1) 132,504 57,371$ 66,073$ 81,837 353,788 139,845 $60,405 $ 74,819
------------------------------------------------------------------------
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) 70,505 27,751$ 66,833$ 79,347 190,385 73,333 $72,146 $ 85,402
------------------------------------------------------------------------
FUND II -Urban In-fill
------------------------------------------------------------------------
Weighted Average - Based on
GLA 865,586 296,579$ 35,520$ 43,2381,686,035 622,118 $38,954 $ 48,508
------------------------------------------------------------------------
Weighted Average - Based on
base rent(1) 883,453 302,636$ 34,700$ 42,8291,614,828 587,560 $37,599 $ 47,001
------------------------------------------------------------------------
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
Page 41
Reporting Supplement
September 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.
Page 42