EX-99.2 3 ex9922014-3x31supplemental.htm EXHIBIT99.2 Ex. 99.2 2014-3-31 Supplemental



Exhibit 99.2
Table of Contents
 
 
 
 
First Quarter 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Section I - Financial Information
 
 
Section II - Core Portfolio Information
 
 
 
 
 
 
Company Information………………………………………
3
 
Core Properties………………………………………………………
23
Total Market Capitalization…………………………………
4
 
Core Top Tenants………………………………………………………
25
Operating Statements
 
 
Core Lease Expirations………………………………………………
26
Pro-rata Consolidation………………………………............
5
 
Core New and Renewal Rent Spreads…………………………………
27
Funds………………………………………………………
6
 
Core Capital Expenditures……………………………………………
28
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")
 
 
Portfolio Demographics………………………………………………
29
and Funds Available for Distribution ("FAD")……………
7
 
 
 
EBITDA……………………………………………………
8
 
 
 
Same Property Net Operating Income……………………....
9
 
Section III - Fund Information
 
Fee Income…………………………………………………
10
 
 
 
Balance Sheet - Pro-rata Consolidation……………………
11
 
Fund Overview………………………………………………………
32
Notes Receivable……………………………………………
12
 
Fund Properties………………………………………………………
33
Other Information
 
 
Fund Lease Expirations………………………………………………
34
2014 Transactional Activity…………………………………
13
 
Development Activity…………………………………………………
35
2014 Guidance……………………………………………
14
 
RCP Venture Investments……………………………………………
36
Net Asset Valuation Information……………………………
15
 
 
 
Selected Financial Ratios……………………………………
16
 
 
 
Debt Analysis
 
 
 
 
Summary……………………………………………………
17
 
Important Notes………………………………………………………
37
Detail………………………………………………………
18
 
 
 
Maturities……………………………………………………
21
 
 
 
 
 
 
 
 
Visit www.acadiarealty.com for additional investor and portfolio information
 






Company Information
 
 
 
 
 
 
 
 
 
 
 
Acadia Realty Trust, a fully-integrated equity real estate investment trust, is focused on the acquisition, ownership, management and redevelopment of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas along the East Coast and in Chicago. Acadia owns, or has an ownership interest in, these properties through its core portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contact Information
 
 
 
 
 
 
 
 
 
 
 
 
Corporate Headquarters
 
Investor Relations
 
New York Stock Exchange
 
1311 Mamaroneck Avenue
 
Jonathan Grisham
 
Symbol AKR
 
Suite 260
 
Senior Vice President,
 
 
 
White Plains, NY 10605
 
Chief Financial Officer
 
 
 
 
 
(914) 288-8142
 
 
 
 
 
jgrisham@acadiarealty.com
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Analyst Coverage
 
 
 
 
 
 
 
 
 
 
 
 
Bank of America / Merrill Lynch
 
Cowen and Company
 
KeyBanc Capital Markets, Inc.
 
Craig Schmidt - (646) 855-3640
 
James Sullivan - (646) 562-1380
 
Todd Thomas - (917) 368-2286
 
craig.schmidt@baml.com
 
james.sullivan@cown.com
 
tthomas@keybanccm.com
 
 
 
 
 
 
 
Bank of Montreal
 
Green Street Advisors
 
RBC Capital Markets
 
Paul Adornato, CFA - (212) 885-4170
 
Cedrik LaChance - (949) 640-8780
 
Rich Moore, CFA - (440) 715-2646
 
paul.adornato@bmo.com
 
clachance@greenst.com
 
rich.moore@rbccm.com
 
 
 
 
 
 
 
Citigroup - Global Markets
 
J.P. Morgan Securities, Inc.
 
UBS
 
Christy McElroy - (212) 816-6981
 
Michael W. Mueller, CFA - (212) 622-6689
 
Ross Nussbaum - (212) 713-2484
 
christy.mcelroy@citi.com
 
michael.w.mueller@jpmorgan.com
 
ross.nussbaum@ubs.com





Total Market Capitalization
 
 
 
 
 
 
 
 
 
 
(including pro-rata share of Opportunity Fund debt, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalization
 
 
 
 
 
Percent of
Total Market Capitalization
 
based on
 
 
 
 
 
Total Equity
$
 
%
 
Net Debt 1
 
Total Market Capitalization
 
Equity Capitalization
 
 
 
 
 
 
 
 
 
 
Total Common Shares Outstanding
96.3%
56,740

 
 
 
 
 
Common Operating Partnership ("OP") Units
3.7%
2,196

 
 
 
 
 
Combined Common Shares and OP Units
 
58,936

 
 
 
 
 
 
 
 
 
 
 
 
 
Share Price at March 31, 2014
 
$
26.38

 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Capitalization - Common Shares and OP Units
 
$
1,554,732

 
 
 
 
 
Preferred OP Units
 
661

2 
 
 
 
 
Total Equity Capitalization
 
1,555,393

 
73%
 
76%
 
 
 
 
 
 
 
 
 
Debt Capitalization
 
 
 
 
 
 
 
Consolidated debt
 
1,106,992

 
 
 
 
 
Adjustment to reflect pro-rata share of debt
 
(544,093
)
 
 
 
 
 
Total Debt Capitalization
 
562,899

 
27%
 
24%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Market Capitalization
 
$
2,118,292

 
100%
 
100%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Outstanding Common Shares and OP Units
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2014
 
 
 
Changes in Total Common Shares Outstanding
 
 
 
 
Quarter
 
 
 
 
 
 
Weighted average Common Shares - Basic EPS
 
 
 
55,953

 
 
 
 
Balance @ 12/31/2013
55,643

Dilutive potential Common Shares
 
 
 
260

 
 
 
 
Stock Issuance
1,054

Weighted average Common Shares - Diluted EPS
 
 
 
56,213

 
 
 
 
Other
43

OP Units
 
 
 
2,181

 
 
 
 
 
 
Dilutive potential OP Units
 
 
 
25

 
 
 
 
Balance @ 3/31/14
56,740

Weighted average Common Shares and OP Units - Diluted FFO
 
 
 
58,419

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
1 Reflects debt net of Core Portfolio cash balance of
$
40,795

 
 
 
 
 
 
 
 
 
   pro-rata share of Funds cash balance of
9,469

 
 
 
 
 
 
 
 
 
   and restricted cash relating to City Point financing of
18,687

 
 
 
 
 
 
 
 
 
   for ("Net Debt") totaling -
$
68,951

 
 
 
 
 
 
 
 
 
2 Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP units multiplied by the Common Share price at quarter end.
3 Fixed-rate debt includes notional principal fixed through interest rate swap transactions.





Income Statements - Pro-rata Consolidation 1
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2014
 
 
Core Portfolio
 
Funds
 
Total
CORE PORTFOLIO AND FUND INCOME
 
 
 
 
 
 
 
 
 
 
 
 
 
PROPERTY REVENUES
 
 
 
 
 
 
Minimum rents
 
$
20,476

 
$
2,937

 
$
23,413

Percentage rents
 
47

 
32

 
79

Expense reimbursements - CAM
 
2,560

 
469

 
3,029

Expense reimbursements - Taxes
 
2,809

 
441

 
3,250

Other property income
 
44

 
28

 
72

Total Property Revenues
 
25,936

 
3,907

 
29,843

 
 
 
 
 
 
 
PROPERTY EXPENSES
 
 
 
 
 
 
Property operating - CAM
 
2,729

 
501

 
3,230

Other property operating (Non-CAM)
 
623

 
250

 
873

Real estate taxes
 
3,380

 
626

 
4,006

Total Property Expenses
 
6,732

 
1,377

 
8,109

 
 
 
 
 
 
 
NET OPERATING INCOME - PROPERTIES
 
19,204

 
2,530

 
21,734

 
 
 
 
 
 
 
OTHER INCOME (EXPENSE)
 
 
 
 
 
 
Interest income
 
3,151

 
6

 
3,157

Straight-line rent income
 
587

 
138

 
725

Above/below market rent
 
684

 
205

 
889

Interest expense
 
(5,277
)
 
(907
)
 
(6,184
)
Amortization of finance costs
 
(245
)
 
(129
)
 
(374
)
Above/below market interest expense
 
175

 
24

 
199

Asset and property management expense
 
(33
)
 
(40
)
 
(73
)
Other income/(expense)
 
—

 
(33
)
 
(33
)
Transaction costs
 
(638
)
 
(36
)
 
(674
)
CORE PORTFOLIO AND FUND INCOME
 
17,608

 
1,758

 
19,366

 
 
 
 
 
 
 
FEE INCOME
 
 
 
 
 
 
Asset and property management fees
 
3,964

 
(39
)
 
3,925

Transactional fees 2
 
2,181

 
—

 
2,181

Income tax benefit (provision)
 
(105
)
 
(12
)
 
(117
)
Total Fee Income
 
6,040

 
(51
)
 
5,989

 
 
 
 
 
 
 
PROMOTE, RCP AND OTHER INCOME
 
 
 
 
 
 
Equity in earnings (losses) from RCP investments
 
—

 
86

 
86

Other income
 
732

 
—

 
732

Gain (loss) on extinguishment of debt
 
—

 
(72
)
 
(72
)
Total Promote, RCP and Other Income
 
732

 
14

 
746

 
 
 
 
 
 
 
GENERAL AND ADMINISTRATIVE
 
(6,953
)
 
(50
)
 
(7,003
)
 
 
 
 
 
 
 
Depreciation and amortization
 
(7,995
)
 
(1,038
)
 
(9,033
)
Gain on disposition of properties
 
12,393

 
—

 
12,393

Income before noncontrolling interests
 
21,825

 
633

 
22,458

 
 
 
 
 
 
 
Noncontrolling interest - OP
 
(839
)
 
(24
)
 
(863
)
 
 
 
 
 
 
 
NET INCOME
 
$
20,986

 
$
609

 
$
21,595

 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
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 its 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.
2 Consists of development, construction, leasing and legal fees.
 
 
 
 
 
 
 




Income Statements - Funds 1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2014
 
 
 
AKR Pro-
 
 
 
AKR Pro-
 
 
 
AKR Pro-
 
 
 
AKR Pro-
 
 
 
AKR Pro-
 
 
 
AKR Pro-
 
Total
 
 
 
rata share
 
 
 
rata share
 
 
 
rata share
 
 
 
rata share
 
 
 
rata share
 
 
 
rata share
 
AKR Pro-
 
Fund I
 
22.22%
 
Mervyns I
 
22.22%
 
Fund II
 
20.00%
 
Mervyns II
 
20.00%
 
Fund III
 
19.90%
 
Fund IV
 
23.12%
 
 rata share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PROPERTY REVENUES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum rents
$
61

 
$
14

 
$
—

 
$
—

 
$
2,821

 
$
565

 
$
—

 
$
—

 
$
7,656

 
$
1,524

 
$
3,606

 
$
834

 
$
2,937

Percentage rents
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
129

 
26

 
27

 
6

 
32

Expense reimbursements - CAM
—

 
—

 
—

 
—

 
431

 
86

 
—

 
—

 
1,456

 
290

 
402

 
93

 
469

Expense reimbursements - Taxes
—

 
—

 
—

 
—

 
116

 
23

 
—

 
—

 
1,496

 
298

 
521

 
120

 
441

Other property income
—

 
—

 
—

 
—

 
67

 
13

 
—

 
—

 
71

 
14

 
3

 
1

 
28

Total Property Revenues
61

 
14

 
—

 
—

 
3,435

 
687

 
—

 
—

 
10,808

 
2,152

 
4,559

 
1,054

 
3,907

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PROPERTY EXPENSES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property operating - CAM
12

 
3

 
—

 
—

 
685

 
137

 
—

 
—

 
1,349

 
268

 
402

 
93

 
501

Other property operating (Non-CAM)
37

 
8

 
—

 
—

 
568

 
114

 
—

 
—

 
521

 
104

 
102

 
24

 
250

Real estate taxes
2

 
—

 
—

 
—

 
356

 
71

 
—

 
—

 
2,021

 
402

 
662

 
153

 
626

Total Property Expenses
51

 
11

 
—

 
—

 
1,609

 
322

 
—

 
—

 
3,891

 
774

 
1,166

 
270

 
1,377

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET OPERATING INCOME - PROPERTIES
10

 
3

 
—

 
—

 
1,826

 
365

 
—

 
—

 
6,917

 
1,378

 
3,393

 
784

 
2,530

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
—

 
—

 
3

 
1

 
—

 
—

 
16

 
3

 
10

 
2

 
6

Straight-line rent income
—

 
—

 
—

 
—

 
203

 
41

 
—

 
—

 
381

 
76

 
92

 
21

 
138

Straight-line ground rent
—

 
—

 
—

 
—

 
2

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Above/below market rent
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
431

 
86

 
516

 
119

 
205

Interest expense
(1
)
 
—

 
—

 
—

 
(2,093
)
 
(419
)
 
—

 
—

 
(1,542
)
 
(307
)
 
(783
)
 
(181
)
 
(907
)
Amortization of finance costs
—

 
—

 
—

 
—

 
(69
)
 
(14
)
 
—

 
—

 
(220
)
 
(44
)
 
(306
)
 
(71
)
 
(129
)
Above/below market interest expense
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
122

 
24

 
—

 
—

 
24

Asset and property management expense 2
—

 
—

 
—

 
—

 
(32
)
 
(6
)
 
—

 
—

 
(171
)
 
(34
)
 
—

 
—

 
(40
)
Other income/(expense)
(87
)
 
(19
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(76
)
 
(15
)
 
4

 
1

 
(33
)
Transaction costs
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(10
)
 
(2
)
 
(147
)
 
(34
)
 
(36
)
Fund INCOME
(78
)
 
(16
)
 
—

 
—

 
(160
)
 
(32
)
 
—

 
—

 
5,848

 
1,165

 
2,779

 
641

 
1,758

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FEE INCOME
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset and property management fees
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
41

 
8

 
(204
)
 
(47
)
 
(39
)
Income tax benefit (provision)
(2
)
 
—

 
—

 
—

 
(17
)
 
(3
)
 
—

 
—

 
(44
)
 
(9
)
 
—

 
—

 
(12
)
Total Fee Income
(2
)
 
—

 
—

 
—

 
(17
)
 
(3
)
 
—

 
—

 
(3
)
 
(1
)
 
(204
)
 
(47
)
 
(51
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PROMOTE, RCP AND OTHER INCOME
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings (losses) from RCP investments
—

 
—

 
—

 
—

 
—

 
—

 
429

 
86

 
—

 
—

 
—

 
—

 
86

Gain on extinguishment of debt
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(360
)
 
(72
)
 
—

 
—

 
(72
)
Total Promote, RCP and Other Income
—

 
—

 
—

 
—

 
—

 
—

 
429

 
86

 
(360
)
 
(72
)
 
—

 
—

 
14

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENERAL AND ADMINISTRATIVE
82

 
18

 
(2
)
 
—

 
(60
)
 
(12
)
 
(5
)
 
(1
)
 
(117
)
 
(23
)
 
(140
)
 
(32
)
 
(50
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Depreciation and amortization
(1
)
 
—

 
—

 
—

 
(513
)
 
(102
)
 
—

 
—

 
(3,207
)
 
(638
)
 
(1,289
)
 
(298
)
 
(1,038
)
Income before noncontrolling interest
1

 
2

 
(2
)
 
—

 
(750
)
 
(149
)
 
424

 
85

 
2,161

 
431

 
1,146

 
264

 
633

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling interest - OP
—

 
—

 
—

 
—

 
—

 
6

 
(15
)
 
(3
)
 
—

 
(17
)
 
(43
)
 
(10
)
 
(24
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$
1

 
$
2

 
$
(2
)
 
$
—

 
$
(750
)
 
$
(143
)
 
$
409

 
$
82

 
$
2,161

 
$
414

 
$
1,103

 
$
254

 
$
609

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 its 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 & IV and Mervyn's which are consolidated with the Company's financial statements.
2 Funds I, II, III & IV and the Mervyn's entities pay various fees and promotes to the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.





Funds from Operations ("FFO") 1
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
 
2013
 
 
Current
 
 
Historic
 
 
Quarter
 
 
Quarter
 
 
3 months ended
 
 
3 months ended
Funds from operations ("FFO"):
 
March 31, 2014
 
 
March 31, 2013
 
 
 
 
 
 
Net Income
 
$
21,595

 
 
$
9,623

Add back:
 
 
 
 
 
Depreciation of real estate and amortization of leasing costs:
 
 
 
 
 
  (net of noncontrolling interest share)
 
 
 
 
 
     Consolidated affiliates
 
8,140

 
 
6,544

     Unconsolidated affiliates
 
713

 
 
550

Gain on sale of properties (net of noncontrolling interest share)
 
 
 
 
 
     Consolidated affiliates
 
(12,393
)
 
 
—

Income attributable to noncontrolling interests'
 
 
 
 
 
     share in Operating Partnership
 
857

 
 
124

Distributions on Preferred OP Units 2
 
6

 
 
5

FFO
 
$
18,918

 
 
$
16,846

 
 
 
 
 
 
Adjusted Funds from operations ("AFFO"):
 
 
 
 
 
Diluted FFO
 
$
18,918

 
 
$
16,846

Straight line rent, net
 
(725
)
 
 
(670
)
Straight-line ground rent
 
—

 
 
21

Above/below market rent
 
(889
)
 
 
(604
)
Amortization of finance costs
 
374

 
 
299

Above/below market interest
 
(199
)
 
 
(476
)
Non real estate depreciation
 
127

 
 
102

Leasing commissions
 
(176
)
 
 
(647
)
Tenant improvements
 
(1,523
)
 
 
(1,192
)
Capital expenditures
 
(444
)
 
 
(46
)
Loss (gain) on extinguishment of debt
 
72

 
 
—

AFFO
 
$
15,535

 
 
$
13,633

 
 
 
 
 
 
Funds Available for Distribution ("FAD"):
 
 
 
 
 
AFFO
 
$
15,535

 
 
$
13,633

Scheduled principal repayments
 
(1,465
)
 
 
(1,452
)
FAD
 
$
14,070

 
 
$
12,181

 
 
 
 
 
 
Total weighted average shares and OP Units:
 
 
 
 
 
Basic
 
58,159

 
 
54,094

Diluted
 
58,419

 
 
54,531

 
 
 
 
 
 
FFO per share:
 
 
 
 
 
FFO per share - Basic
 
$
0.33

 
 
$
0.31

FFO per share - Diluted
 
$
0.32

 
 
$
0.31

 
 
 
 
 
 
AFFO per share - Basic
 
$
0.27

 
 
$
0.25

AFFO per share - Diluted
 
$
0.27

 
 
$
0.25

 
 
 
 
 
 
FAD per share - Basic
 
$
0.24

 
 
$
0.23

FAD per share - Diluted
 
$
0.24

 
 
$
0.22

 
 
 
 
 
 
Notes:
 
 
 
 
 




1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods.
2 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.




EBITDA
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Quarter
 
 
Three months ended March 31, 2014
 
 
Core
 
 
 
 
 
 
 
 
 
Portfolio
 
 
 
Funds
 
 
TOTAL
 
 
 
 
 
 
 
 
 
 
NET INCOME
 
 $ 20,986

 
 
 
 $ 609

 
 
$
21,595

 
 
 
 
 
 
 
 
 
 
Add back:
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
7,995

 
 
 
1,038

 
 
9,033

Interest expense
 
5,277

 
 
 
907

 
 
6,184

Amortization of finance costs
 
245

 
 
 
129

 
 
374

Above/below market interest
 
(175
)
 
 
 
(24
)
 
 
(199
)
Gain on sale of properties
 
(12,393
)
 
 
 
—

 
 
(12,393
)
Provision for income taxes
 
105

 
 
 
12

 
 
117

Loss on extinguishment of debt
 
—

 
 
 
72

 
 
72

Noncontrolling interest - OP
 
839

 
 
 
24

 
 
863

 
 
 
 
 
 
 
 
 
 
EBITDA
 
$
22,879

 
 
 
$
2,767

 
 
$
25,646







Core Portfolio
 
 
 
 
 
 
Same Property Performance 1
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
 
 
 
 
 
 
 
Growth in Same
 
 
March 31, 2014
 
March 31, 2013
 
Property NOI -
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
Minimum rents
$
16,654

 
$
15,950

 
4.6%
 
Expense reimbursements
4,906

 
4,396

 
3.4%
 
Other property income
193

 
252

 
(0.4)%
 
 
 
 
 
 
 
 
Total Revenue
21,753

 
20,598

 
7.6%
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
Property operating - CAM & Real estate taxes
5,418

 
4,740

 
(4.5)%
 
Other property operating (Non-CAM)
465

 
640

 
1.1%
 
 
 
 
 
 
 
 
Total Expenses
5,883

 
5,380

 
(3.4)%
 
 
 
 
 
 
 
 
Same Property NOI - Core properties - Continuing Operations
$
15,870

 
$
15,218

 
4.3%
 
 
 
 
 
 
 
 
Other same property information
 
 
 
 
 
 
Physical Occupancy
95.2
%
 
93.8
%
 
 
 
Leased Occupancy
96.6
%
 
94.2
%
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
1 The above amounts include the pro-rata activity related to the Company's Core consolidated and unconsolidated investments.







Fee income by Fund
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Fund I
 
 Fund II
 
 Fund III
 
 Fund IV
 
 Other
 
 Total
Current Quarter ended March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
Asset and property management fees
 
$
11

 
$
643

 
$
1,440

 
$
1,751

 
$
119

 
$
3,964

Transactional fees
 
11

 
1,011

 
502

 
185

 
472

 
2,181

Total management fees and priority distributions
 
$
22

 
$
1,654

 
$
1,942

 
$
1,936

 
$
591

 
$
6,145

 
 
 
 
 
 
 
 
 
 
 
 
 





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
 
Notes
ASSETS
 
 
 
 
 
 
 
 
 
 
Real estate
 
 
 
 
 
 
 
 
1  The interim consolidated balance sheet is unaudited, although it
 
  Land
$
354,846

 
$
(105,852
)
 
$
30,984

 
$
279,978

 
 reflects all adjustments, which in the opinion of management,
 
  Buildings and improvements
1,192,893

 
(341,830
)
 
80,036

 
931,099

 
 are necessary for the fair presentation of the consolidated
 
  Construction in progress
5,764

 
(3,275
)
 
902

 
3,391

 
 balance sheet for the interim period.
 
 
1,553,503

 
(450,957
)
 
111,922

 
1,214,468

 
 
 
Less: accumulated depreciation
(232,301
)
 
58,551

 
(9,173
)
 
(182,923
)
 
2  The Company currently invests in Funds I, II, III & IV and Mervyns I & II
 
  Net real estate
1,321,202

 
(392,406
)
 
102,749

 
1,031,545

 
 which are consolidated with the Company's financial statements.
 
 
 
 
 
 
 
 
 
 
 To provide investors with supplemental information, the Company's
 
Net real estate under development
369,407

3 
(299,061
)
 
2,191

 
72,537

 
 investments in these joint ventures are reflected above on a pro-rata
 
 
 
 
 
 
 
 
 
 
 basis by calculating its ownership percentage for each of the asset
 
Cash and cash equivalents
72,792

 
(27,180
)
 
4,652

 
50,264

 
 and liability line items. Similarly, the presentation also includes
 
Cash in escrow
19,813

 
(11,595
)
 
942

 
9,160

 
 the Company's pro-rata share of assets and liabilities for
 
Restricted cash
94,737

 
(76,050
)
 
—

 
18,687

 
 unconsolidated investments which are accounted for under the equity
 
Investments in and advances to unconsolidated affiliates
178,068

 
(135,981
)
 
(41,556
)
 
531

 
 method of accounting for the Company's financial statements.
 
Rents receivable, net
6,214

 
(2,504
)
 
812

 
4,522

 
 
 
Straight-line rents receivable, net
23,798

 
(9,615
)
 
1,283

 
15,466

 
 
 
Notes Receivable
119,639

 
—

 
215

 
119,854

 
3 The components of Net real estate under development are as follows:
 
Deferred charges, net
29,989

 
(16,214
)
 
1,812

 
15,587

 
 Fund II
$
338,094

Prepaid expenses and other assets
51,369

 
5,480

 
2,225

 
59,074

4 
 Fund III
29,560

Acquired lease intangibles
40,472

 
(10,166
)
 
2,624

 
32,930

 
 Fund IV
280

Assets of discontinued operations
18,362

 
(15,011
)
 
—

 
3,351

 
 
 
 
 
 
 
 
 
 
 
 
    Total Funds
367,934

Total Assets
$
2,345,862

 
$
(990,303
)
 
$
77,949

 
$
1,433,508

 
 Core Portfolio
1,473

 
 
 
 
 
 
 
 
 
 Total
$
369,407

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 The components of Prepaid expenses and other assets are as follows:
 
Mortgage notes payable
$
1,106,612

 
$
(622,857
)
 
$
78,764

 
$
562,519

 
 Due from Fund Investors
$
27,131

Notes payable
380

 
—

 
—

 
380

 
 Prepaid expenses
8,495

Valuation of debt at acquisition, net of amortization
1,692

 
—

 
66

 
1,758

 
 Accrued interest on Notes Receivable
6,951

Acquired lease intangibles
22,233

 
(4,746
)
 
4,421

 
21,908

 
 Unsettled ATM Trades
3,832

Accounts payable and accrued expenses
41,472

 
(17,084
)
 
2,663

 
27,051

 
 Contract deposits
2,600

Dividends and distributions payable
13,741

 
—

 
—

 
13,741

 
 Other
10,065

Share of losses in excess of inv. in unconsolidated affiliates
8,670

 
—

 
(8,670
)
 
—

 
 Total
$
59,074

Other liabilities
20,155

 
(5,187
)
 
705

 
15,673

 
 
 
Liabilities of discontinued operations
106

 
(87
)
 
—

 
19

 
 
 
  Total liabilities
1,215,061

 
(649,961
)
 
77,949

 
643,049

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shareholders' equity:
 
 
 
 
 
 
 
 
 
 
Common shares
57

 
—

 
—

 
57

 
 
 
Additional paid-in capital
693,633

 
—

 
—

 
693,633

 
 
 
Accumulated other comprehensive loss
(407
)
 
—

 
—

 
(407
)
 
 
 
Retained earnings
46,325

 
—

 
—

 
46,325

 
 
 
  Total controlling interest
739,608

 
—

 
—

 
739,608

 
 
 
Noncontrolling interest in subsidiary
391,193

 
(340,342
)
 
—

 
50,851

 
 
 
  Total shareholders' equity
1,130,801

 
(340,342
)
 
—

 
790,459

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Liabilities and Shareholders' Equity
$
2,345,862

 
$
(990,303
)
 
$
77,949

 
$
1,433,508

 
 
 





Notes Receivable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at
 
 
 
 
 
 
 
Underlying third-party
 
Balance at
 
First
 
March 31, 2014
 
Stated
 
Effective
 
 
 
first mortgage
 
December 31, 2013
 
Quarter
 
 
 
Accrued
 
 
 
Interest
 
Interest
Maturity
Extension
 
 
 
Investment
Principal
 
Activity
 
Principal
 
Interest
 
Total
 
Rate
 
Rate 1
Dates
Options
 
Amount
Maturity Dates
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First mortgage notes
$
60,669

 
$
(6,400
)
 
$
54,269

 
$
717

 
$
54,986

 
5.86%
 
6.01%
2014 to 2015
—
 
n/a
n/a
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine and other notes
65,987

 
(617
)
 
65,370

 
6,236

 
71,606

 
12.62%
 
12.89%
2016 to 2020
—
 
293,919
2014 thru 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total notes receivable
$
126,656

 
$
(7,017
)
 
$
119,639

 
$
6,953

 
$
126,592

 
9.55%
 
9.77%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Inclusive of points and exit fees.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






2014 Transactional Activity
 
 
 
 
 
 (in thousands)
 
 
 
 
 
 
 
 
 
 
 
Acquisitions:
 
 
 
 
 
 
 
 
 
 
 
Property Name
Purchase Price
Ownership %
Month of Transaction
Location
Key Tenants
 
 
 
 
 
 
Core Portfolio:
 
 
 
 
 
 
 
 
 
 
 
Included with 2013 transaction totals
 
 
 
 
 
11 E. Walton
$
44,000

100%
January
Chicago, IL
Marc Jacobs, Saint Laurent
 
 
 
 
 
 
2014 Transactions
 
 
 
 
 
 
 
 
 
 
 
61 Main Street
$
7,300

100%
February
Westport, CT
Chico's
865 W. North Avenue
14,750

100%
March
Chicago, IL
Forever 21
252-256 Greenwich Avenue
24,450

100%
March
Greenwich, CT
Madwell, Calypso St. Barth, Jack Wills
152-154 Spring Street
38,000

90%
April
New York, NY
Kate Spade Saturday
 
 
 
 
 
 
Total
$
84,500

 
 
 
 
 
 
 
 
 
 
Funds:
 
 
 
 
 
 
 
 
 
 
 
Fund IV:
 
 
 
 
 
 
 
 
 
 
 
Broughton Street Portfolio
$
9,400

50%
February-April
Savannah, GA
—
 
 
 
 
 
 
Dispositions
 
 
 
 
 
 
 
 
 
 
 
Property Name
Disposition Price
Ownership %
Month of Transaction
Location
Key Tenants
 
 
 
 
 
 
Core Portfolio:
 
 
 
 
 
 
 
 
 
 
 
Walnut Hill 1
$
22,865

100%
March
Woonsocket, RI
Sears
 
 
 
 
 
 
Funds:
 
 
 
 
 
 
 
 
 
 
 
Fund III:
 
 
 
 
 
 
 
 
 
 
 
Sheepshead Bay
$
20,200

100%
April
Brooklyn, NY
—
 
 
 
 
 
 
Structured Finance Investments:
 
 
 
 
 
 
 
Investment
Loan Amount
Effective Interest Rate
Month of Transaction
Maturity Date
 
 
 
 
 
 
 
Core Portfolio:
 
 
 
 
 
 
 
 
 
 
 
First Mortgage
$
13,000

12.7%
April
October, 2015
 
 
 
 
 
 
 
Note:
 
 
 
 
 
1 Represents non-recourse debt balance on Walnut Hill which was foreclosed on during March, 2014.
 
 





 2014 Guidance
 
 
 
 
 (in millions except per share amounts, all per share amounts are fully diluted)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2014 Guidance
 
2013 Actual
Overall:
 
 
 
 
 
 
 
 
 
Fully diluted Common Shares and OP Units
 
 59,000 - 61,000
 
55,954
 
 
 
 
 
Full year Funds from Operations ("FFO") per share
 
 $1.30 to $1.40
 
$1.20
 
 
 
 
 
Earnings per Share ("EPS")
1 
 $0.68 to $0.77
 
$0.72
 
 
 
 
 
 
 
 
 
 
FFO Components:
 
 
 
 
 
 
 
 
 
Core and pro-rata share of Fund ("Fund") portfolio income
 
 $80.5 to $85.0
 
$70.3
 
 
 
 
 
Asset and property management fee income, net of TRS taxes
 
 $14.5 to $15.0
 
$17.6
 
 
 
 
 
Transactional fee income, net of TRS taxes
 
 $6.0 to $6.5
 
$6.3
 
 
 
 
 
Promote, RCP and other income, net of TRS taxes
 
 $0.5 to $1.0
 
$(0.6)
 
 
 
 
 
General and administrative expense
 
 $(25.5) to $(25.0)
 
$(26.4)
 
 
 
 
 
Total
 
 $76.0 to $82.5
 
$67.2
 
 
 
 
 
Note:
 
 
 
 
 
 
 
 
 
1 Excludes transaction costs of $0.01 and the gain on the disposition of property, of $0.22 for the period ended March 31, 2014.
 
 





Net Asset Valuation Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 (in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CORE
 
FUND I
 
FUND II
 
FUND III
 
FUND IV
 
 
 
 
 
Fund Level
 
AKR pro-rata share
 
Fund Level
 
AKR Pro-rata Share
 
Fund Level
 
AKR pro-rata share
 
Fund Level
 
AKR pro-rata share
 
Quarterly
 
Annualized (x4)
 
 
 
%
 
$
 
Quarterly
 
Annualized (x4)
 
%
 
$
 
Quarterly
 
Annualized (x4)
 
%
 
$
 
Quarterly
 
Annualized (x4)
 
%
 
$
Current NOI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Operating Income - Continuing Operations
$
19,204

1 
$
76.816

 
—
 
$
1,826

 
$
7,304

 
20.00
%
 
$
1,461

 
$
6.917

 
$
27,668

 
19.90%
 
$
5.506

 
$
3.393

 
$
13,572

 
23.12%
 
$
3,138

Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     (Income)/ loss from pre-stabilized assets 3
 
 
 
 
 
 
 
 
 
 
—

 
—

 
 
 
—

 
   (1,092)

 
            (4,368)

 
 
 
            (869)

 
   (1,732)

 
            (6,928)

 
 
 
    (1,602)

     (Income)/ loss from development projects 4
 
 
 
 
 
 
 
 
 
 
—

 
—

 
 
 
—

 
      (162)

 
               (648)

 
 
 
            (129)

 
       (32)

 
               (128)

 
 
 
        (30)

Net Operating Income of stabilized assets
 
 
 
 
 
 
 
 
 
 
1,826

 
7,304

 
 
 
1,461

 
    5,663

 
            22,652

 
 
 
           4,508

 
    1,629

 
              6,516

 
 
 
     1,506

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Costs to Date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Pre-stabilized assets 3
 
 
 
 
 
 
 
 
 
 
 
 
$
—

 
 
 
$
—

 
 
 
$
97,870

 
 
 
$
19,477

 
 
 
$
178,825

 
 
 
$
41,344

     Development projects 4
 
 
 
 
 
 
 
 
 
 
 
 
314,200

 
 
 
62,840

 
 
 
            36,000

 
 
 
           7,164

 
 
 
            13,000

 
 
 
     3,006

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Costs to Date
 
 
 
 
 
 
 
 
 
 
 
 
$
314,200

 
 
 
$
62,840

 
 
 
$
133,870

 
 
 
$
26,641

 
 
 
$
191.825

 
 
 
$
44.35

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NAV Discontinued operations, net of debt
 
 
 
 
 
 
 
 
 
 
 
 
—

 
 
 
—

 
 
 
$
19,500

 
 
 
$
3,881

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
 
 
$
405,214

 
$
—

 
 
 
 
 
 
 
$
328,473

 
 
 
$
60,687

 
 
 
$
282,476

 
 
 
$
45,138

 
 
 
$
199,850

 
 
 
$
36,542

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross asset value 2
 
 
 
 
2,500

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Asset Value
 
 
 
 
$
2,500

 
37.78
%
 
$
945

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Does not include a full quarter of NOI for those assets purchased during the fourth quarter 2013. See "Transactions Activity" page in this supplemental for descriptions of those acquisitions.
 
 
 
 
 
 
 
 
2 AKR pro-rata share of Fund I is the promote of 20% plus its co-investment share of the remainder (22% x 80%) for a total of 37.78%.
 
 
 
 
 
 
 
 
3 Consists of the following projects:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund III:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     640 Broadway
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     654 Broadway
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Marcus Ave
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Nostrand
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Lincoln Park Centre
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund IV:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     719 Lincoln Rd
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     1650 Meridian Avenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     838 Lincoln Road
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




     2819 Kennedy Blvd
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Paramus Plaza
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     1151 Third Avenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 See "Redevelopment Activity" page in this supplemental
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Selected Financial Ratios
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31,
 
 
Three months ended March 31,
 
Three months ended December 31,
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
2013
 
 
2014
 
2013
COVERAGE RATIOS 1
 
 
 
 
 
LEVERAGE RATIOS
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed-Charge Coverage Ratios
 
 
 
 
 
Debt 4
$
562,899

 
 $ 518,258
 
 
 
 
 
 
Total Market Capitalization
2,118,292

 
                   1,949,014
EBITDA 2 divided by:
 
$
22,879

 
$
18,844

 
Debt/Total Market Capitalization
27%

 
27%
Interest expense
 
5,277

 
4,844

 
 
 
 
 
Principal Amortization
 
1,252

 
607

 
Debt 6
493,948

 
 $ 450,232
Preferred Dividends 3
 
6

 
5

 
Total Market Capitalization
2,049,341

 
                   1,880,988
Fixed-Charge Coverage Ratio - Core Portfolio
 
 3.5x

 
 3.5x

 
Net Debt/Total Market Capitalization
24%

 
24%
 
 
 
 
 
 
 
 
 
 
EBITDA divided by:
 
$
25,646

 
$
22,484

 
Debt + Preferred Equity (Preferred O.P. Units)
$
563,560

 
 $ 518,880
Interest expense
 
6,184

 
5,776

 
Total Market Capitalization
2,118,292

 
                   1,949,014
Principal Amortization
 
1,465

 
814

 
Debt+Preferred Equity/Total Market Capitalization
27%

 
27%
Preferred Dividends
 
6

 
5

 
 
 
 
 
Fixed-Charge Coverage Ratio - Core Portfolio
 
 
 
 
 
Debt
$
405,214

 
 $ 369,258
                   and Funds
 
 3.4x

 
 3.4x

 
EBITDA (Annualized)
                       91,516

 
                       77,732
 
 
 
 
 
 
Debt/EBITDA - Core Portfolio
 4.4x

 
 4.8x
Payout Ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt 5
$
364,419

 
 $ 333,709
Dividends (Shares) & Distributions (OP Units) paid
 
$
13,741

 
$
11,763

 
EBITDA (Annualized)
91,516

 
                       77,732
FFO
 
18,918

 
16,846

 
Net Debt/EBITDA - Core Portfolio
 4.0x

 
 4.3x
FFO Payout Ratio
 
73
%
 
70
%
 
 
 
 
 
 
 
 
 
 
 
Debt 4
$
562,899

 
 $ 518,258
Dividends (Shares) & Distributions (OP Units) paid
 
$
13,741

 
$
11,763

 
EBITDA (Annualized)
102,584

 
                       91,992
AFFO
 
15,535

 
13,633

 
Debt/EBITDA - Core Portfolio and Funds
 5.5x

 
 5.6x
AFFO Payout Ratio
 
88
%
 
86
%
 
 
 
 
 
 
 
 
 
 
 
Debt 6
$
493,948

 
 $ 450,232
Dividends (Shares) & Distributions (OP Units) paid
 
$
13,741

 
$
11,763

 
EBITDA (Annualized)
102,584

 
                       91,992
FAD
 
14,070

 
12,819

 
Net Debt/EBITDA - Core Portfolio and Funds
 4.8x

 
 4.9x
FAD Payout Ratio
 
98
%
 
92
%
 
 
 
 
 
 
 
 
 
 
 
NOI (Annualized)
$
76,816

 
 $ 70,256
 
 
 
 
 
 
Debt
405,214

 
                     369,258
Notes:
 
 
 
 
 
Debt Yield - Core Portfolio
19%

 
19%
1Quarterly 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 coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.
2See page 8 for a calculation of EBITDA.
3Represents preferred distributions on Preferred Operating partnership Units.
4Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt.
5Reflects debt net of the current Core Portfolio cash balance at end of period.
6Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period.

 
 
 
 
 
 
NOI (Annualized)
$
76,816

 
 $ 70,256
 
Debt 5
364,419

 
                     333,709
 
Net Debt Yield - Core Portfolio
21%

 
21%
 
 
 
 
 
 
NOI (Annualized)
$
86,936

 
 $ 79,248
 
Debt 4
562,899

 
                     518,258
 
Debt Yield - Core Portfolio and Funds
15%

 
15%
 
 
 
 
 
 
NOI (Annualized)
$
86,936

 
 $ 79,248
 
Debt 6
493,948

 
                     450,232
 
 
 
 
 
 
Net Debt Yield - Core Portfolio and Funds
18%

 
18%





Portfolio Debt - Summary
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation from Pro-Rata Share of Debt to GAAP Debt per Financial Statement
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acadia Pro-Rata Share of Debt 2
 
Reconciliation to Consolidated Debt as Reported
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
Less:
 
Acadia
 
Core Portfolio
 
Funds
 
Total
 
Noncontrolling
 
Pro-rata Share of
 
Consolidated
 
 Principal
 
 Interest
 
 Principal
 
 Interest
 
 Principal
 
 Interest
 
Fixed vs
 
Interest Share of
 
Unconsolidated
 
Debt
Mortgage Notes Payable
 Balance
 
 Rate
 
 Balance
 
 Rate
 
 Balance
 
 Rate
 
 Variable
 
Consolidated Debt 3
 
 Debt 4
 
As Reported
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed-Rate Debt 1
$
376,491

 
5.2%
 
$
70,420

 
4.7%
 
$
446,911

 
5.1%
 
79%
 
$
390,849

 
$
(47,486
)
 
$
790,274

Variable-Rate Debt
28,723

 
1.7%
 
87,265

 
2.1%
 
115,988

 
2.0%
 
21%
 
232,009

 
(31,279
)
 
316,718

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
$
405,214

 
4.9%
 
$
157,685

 
3.3%
 
$
562,899

 
4.5%
 
100%
 
$
622,858

 
$
(78,765
)
 
1,106,992

Unamortized premium
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,692

Total debt as reported
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
1,108,684

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Fixed-rate debt includes notional principal fixed through swap transactions.
2 Represents the Company's pro-rata share of debt based on its percent ownership.
3 Represents the noncontrolling 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 its percent ownership.






Portfolio Debt - Detail
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Principal Balance at
 
Acadia's Pro-rata Share
 
Interest
Maturity
Extension
Property
 
Entity
 
March 31, 2014
 
Percent
Amount
 
Rate
Date
Options
 
 
 
 
 
 
 
 
 
 
 
 
CORE PORTFOLIO
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed-Rate Debt
 
 
 
 
 
 
 
 
 
 
 
Clark Diversey
 
Acadia
 
$
4,152

 
100.0%
$
4,152

 
6.35%
7/1/2014
None
New Loudon Center
 
Acadia
 
13,297

 
100.0%
13,297

 
5.64%
9/6/2014
None
Crossroads Shopping Center
 
Crossroads JV
 
57,970

 
49.0%
28,405

 
5.37%
12/1/2014
None
Crescent Plaza
 
Acadia
 
16,673

 
100.0%
16,673

 
4.98%
9/6/2015
None
Pacesetter Park Shopping Center
 
Acadia
 
11,474

 
100.0%
11,474

 
5.12%
11/6/2015
None
Elmwood Park Shopping Center
 
Acadia
 
32,605

 
100.0%
32,605

 
5.53%
1/1/2016
None
Chicago Portfolio
 
Acadia
 
15,483

 
100.0%
15,483

 
5.61%
2/1/2016
None
The Gateway Shopping Center
 
Acadia
 
19,668

 
100.0%
19,668

 
5.44%
3/1/2016
None
330-340 River Street
 
Acadia
 
10,846

 
100.0%
10,846

 
5.29%
5/1/2016
1 x 60 mos.
Brandywine Town Center
 
Brandywine JV
 
166,200

 
22.2%
36,933

 
5.99%
7/1/2016
None
Rhode Island Place Shopping Center
 
Acadia
 
16,147

 
100.0%
16,147

 
6.35%
12/1/2016
None
Convertible Notes
 
Acadia
 
380

 
100.0%
380

 
3.75%
12/15/2016
None
239 Greenwich Avenue
 
Acadia
 
26,000

 
75.0%
19,500

 
5.42%
2/11/2017
None
639 West Diversey
 
Acadia
 
4,317

 
100.0%
4,317

 
6.65%
3/1/2017
None
Merrillville Plaza
 
Acadia
 
25,750

 
100.0%
25,750

 
5.88%
8/1/2017
None
Georgetown Portfolio
 
Acadia
 
18,114

 
50.0%
9,057

 
4.72%
12/10/2027
None
Interest rate swaps 1
 
Acadia
 
111,972

 
99.8%
111,804

 
4.15%
Various
 
 
 
 
 
 
 
 
 
 
 
 
 
Sub-Total Fixed-Rate Debt
 
 
 
551,048

 
 
376,491

 
5.17%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Variable-Rate Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured Line of Credit 2
 
Acadia
 
15,000

 
100.0%
15,000

 
Libor + 155
1/31/2016
1 x 12 mos.
664 N. Michigan
 
Acadia
 
45,000

 
100.0%
45,000

 
Libor + 165
6/28/2018
1 x 60 mos.
Unsecured Term Loan
 
Acadia
 
50,000

 
100.0%
50,000

 
Libor + 140
11/25/2018
None
4401 N White Plains Road
 
Acadia
 
6,234

 
100.0%
6,234

 
Libor + 190
9/1/2022
None
28 Jericho Turnpike
 
Acadia
 
16,059

 
100.0%
16,059

 
Libor + 190
1/23/2023
None
60 Orange Street
 
Acadia
 
8,402

 
98.0%
8,234

 
Libor + 175
4/3/2023
None
Interest rate swaps 1
 
Acadia
 
(111,972
)
 
99.8%
(111,804
)
 
Libor + 190
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sub-Total Variable-Rate Debt
 
 
 
28,723

 
 
28,723

 
Libor + 160
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Core Portfolio Debt
 
 
 
$
579,771

 
 
$
405,214

 
4.92%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Portfolio Debt - Detail (continued)
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Principal Balance at
 
Acadia's Pro-rata Share
 
Interest
Maturity
Extension
Property
 
Entity
 
March 31, 2014
 
Percent
Amount
 
Rate
Date
Options
 
 
 
 
 
 
 
 
 
 
 
 
Funds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed-Rate Debt
 
 
 
 
 
 
 
 
 
 
 
Lincoln Road 6
 
Fund III
 
$
19,384

 
18.9%
$
3,665

 
6.14%
8/11/2014
None
CityPoint
 
Fund II
 
20,000

 
18.8%
3,766

 
7.25%
11/1/2014
None
Arundel Plaza 7
 
Fund III
 
8,920

 
17.9%
1,598

 
5.60%
4/1/2015
None
216th Street 3
 
Fund II
 
25,500

 
19.8%
5,054

 
5.80%
10/1/2017
None
CityPoint
 
Fund II
 
198,500

 
18.8%
37,375

 
4.75%
2019 9 
None




CityPoint 8
 
Fund II
 
5,262

 
18.8%
991

 
1.00%
8/23/2019
None
Interest rate swaps 1
 
Funds II & III
 
94,525

 
19%
17,971

 
3.64%
Various
 
 
 
 
 
 
 
 
 
 
 
 
 
Sub-Total Fixed-Rate Debt
 
 
 
372,091

 
 
70,420

 
4.71%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Variable-Rate Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
210 Bowery
 
Fund IV
 
$
4,600

 
23.1%
$
1,064

 
Libor + 195
6/1/2014
1 x 12 mos.
Parkway Crossing 7
 
Fund III
 
13,238

 
17.9%
2,372

 
Libor + 220
1/1/2015
2 x 12 mos.
Liberty Avenue 3
 
Fund II
 
9,061

 
19.8%
1,796

 
Libor + 275
4/30/2015
None
640 Broadway
 
Fund III
 
22,750

 
10%
2,264

 
Libor + 295
7/1/2015
1 x 12 mos.
CityPoint
 
Fund II
 
20,650

 
18.8%
3,888

 
Libor + 350
8/12/2015
None
CityPoint
 
Fund II
 
20,000

 
18.8%
3,766

 
Libor + 500
8/23/2015
1 x 12 mos.
Cortlandt Towne Center
 
Fund III
 
84,550

 
19.9%
16,825

 
Libor + 165
10/26/2015
None
New Hyde Park Shopping Center
 
Fund III
 
7,745

 
19.9%
1,541

 
Libor + 225
11/10/2015
2 x 12 mos.
Acadia Strategic Opportunity IV LLC 4
 
Fund IV
 
73,650

 
23.1%
17,028

 
Libor + 165
11/20/2015
1 x 12 mos.
Nostrand Avenue
 
Fund III
 
12,437

 
19.9%
2,475

 
Libor + 265
2/1/2016
2 x 12 mos.
Heritage Shops
 
Fund III
 
24,500

 
19.9%
4,876

 
Libor + 155
2/28/2016
2 x 12 mos.
Promenade at Manassas
 
Fund IV
 
25,000

 
22.8%
5,696

 
Libor + 140
11/19/2016
2 x 12 mos.
Lincoln Park Centre
 
Fund III
 
23,000

 
19.9%
4,578

 
Libor + 145
12/3/2016
2 x 12 mos.
654 Broadway
 
Fund III
 
9,000

 
19.9%
1,791

 
Libor + 188
3/7/2017
2 x 12 mos.
161st Street 3
 
Fund II
 
29,500

 
19.8%
5,847

 
Libor + 250
4/1/2018
None
Lincoln Road
 
Fund IV
 
84,000

 
22.0%
18,450

 
Libor + 160
6/14/2018
None
Paramus Plaza
 
Fund IV
 
12,600

 
11.6%
1,457

 
Libor + 170
2/20/2019
None
White City Shopping Center 5
 
Fund III
 
56,952

 
16.7%
9,522

 
Libor + 215
2/19/2021
None
Interest rate swaps 1
 
Funds II & III
 
(94,525
)
 
19.0%
(17,971
)
 
Libor + 232
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sub-Total Variable-Rate Debt
 
 
 
438,708

 
 
87,265

 
Libor + 193
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Funds Portfolio Debt
 
 
 
$
810,799

 
 
$
157,685

 
3.26%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt
 
 
 
$
1,390,570

 
 
$
562,899

 
4.46%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Portfolio Debt - Notes
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements
 
 
2 This is an unsecured revolving facility which has a current capacity up to $150,000 and can be increased to $300,000.
 
 The interest rate will vary based on levels of leverage. As of March 31, 2014, the interest rate is LIBOR + 155 basis points.
 
3 Fund II is a 99.1% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 99.1% x 20.0%, or 19.8%.
 
4 Total current availability under this facility is $150,000. Fund IV also has the ability to increase the size of this facility to a total of $248,203.
 
5 Fund III is an 84.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 84.0% x 19.9%, or 16.7%.
 
6 Fund III is a 95.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 95.0% x 19.9%, or 18.9%.
 
7 Fund III is a 90.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 90.0% x 19.9%, or 17.9%.
 
8 This loan was made in connection with the New Markets Tax Credit and contains a borrower option to purchase the loan at the end of the term.
 
9 The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2014.
 




Future Debt Maturities 1
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core Portfolio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt Maturities
 
Acadia's Pro-rata Share
 
Weighted Average Interest Rate of Maturing Debt
 
 
Scheduled
 
 
 
 
 
Scheduled
 
 
 
 
 
 
 
 
 
 
Year
 
Amortization
 
Maturities
 
Total
 
Amortization
 
Maturities
 
Total
 
Total Debt
 
Fixed-Rate Debt
 
Variable-Rate Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
$
3,713

 
$
74,404

 
$
78,117

 
$
3,158

 
$
45,278

 
$
48,436

 
5.47
%
 
5.47
%
 
n/a

2015
 
3,681

 
27,344

 
31,025

 
3,517

 
27,344

 
30,861

 
5.04
%
 
5.04
%
 
n/a

2016
 
2,104

 
272,951

 
275,055

 
1,934

 
143,685

 
145,619

 
5.88
%
 
5.88
%
 
n/a

2017
 
1,460

 
54,549

 
56,009

 
1,281

 
48,049

 
49,330

 
5.72
%
 
5.72
%
 
n/a

2018
 
1,247

 
95,000

 
96,247

 
1,059

 
95,000

 
96,059

 
1.57
%
 
n/a

 
1.57
%
Thereafter
 
7,944

 
35,374

 
43,318

 
5,947

 
28,962

 
34,909

 
2.99
%
 
4.72
%
 
2.03
%
Total
 
$
20,149

 
$
559,622

 
$
579,771

 
$
16,896

 
$
388,318

 
$
405,214

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt Maturities
 
Acadia's Pro-rata Share
 
Weighted Average Interest Rate of Maturing Debt
 
 
Scheduled
 
 
 
 
 
Scheduled
 
 
 
 
 
 
 
 
 
 
Year
 
Amortization
 
Maturities
 
Total
 
Amortization
 
Maturities
 
Total
 
Total Debt
 
Fixed-Rate Debt
 
Variable-Rate Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
$
2,665

 
$
52,687

 
$
55,352

 
$
471

 
$
10,224

 
$
10,695

 
5.74
%
 
6.71
%
 
2.98
%
2015
 
2,740

 
248,542

 
251,282

 
482

 
48,777

 
49,259

 
2.54
%
 
5.60
%
 
2.44
%
2016
 
927

 
83,897

 
84,824

 
166

 
17,422

 
17,588

 
2.02
%
 
n/a

 
2.02
%
2017
 
777

 
88,819

 
89,596

 
125

 
15,914

 
16,039

 
4.02
%
 
5.80
%
 
2.77
%
2018
 
162

 
113,500

 
113,662

 
19

 
24,297

 
24,316

 
2.00
%
 
n/a

 
2.00
%
Thereafter
 
28

 
216,055

 
216,083

 
5

 
39,783

 
39,788

 
4.65
%
 
4.65
%
 
n/a

Total
 
$
7,299

 
$
803,500

 
$
810,799

 
$
1,268

 
$
156,417

 
$
157,685

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Does not include any applicable extension options
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 







Core Portfolio Retail Properties - Detail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leased
 
 
 
 
 
Annualized
 
 
Year
Acadia's
 
Gross Leaseable Area
 
 
In Place Occupancy
 
Occupancy
 
Annualized Base Rent PSF
 
Base Rent
Property
Key Tenants
Acquired
interest
 
Anchors
Shops
Total
 
 
Anchors
Shops
Total
 
Total
 
Anchors
Shops
Total
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STREET RETAIL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chicago Metro
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
664 N. Michigan Avenue
 Tommy Bahama, Ann Taylor Loft
2013
100.0
%
 
—

18,141

18,141

 
 
—

100.0
%
100.0
%
 
100.0
%
 
$
—

$
232.77

$
232.77

 
$
4,222,759

Rush and Walton Streets Collection - 6 properties
 Lululemon, Brioni, BHLDN, Marc Jacobs
2011/12
100.0
%
 
—

41,432

41,432

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

148.96

148.96

 
6,171,575

651-671 West Diversey
 Trader Joe's, Urban Outfitters
2011
100.0
%
 
16,500

29,759

46,259

 
 
100.0
%
100.0
%
100.0
%
 
100.0
%
 
54.55

33.92

41.27

 
1,909,285

Clark Street and W. Diversey Collection - 3 properties
 Ann Taylor, Akira, Hanig Shoes
2011/12
100.0
%
 
—

23,415

23,415

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

50.50

50.50

 
1,182,403

Halsted and Armitage Collection - 9 properties
 Intermix, BCBG, Club Monaco
2011/12
100.0
%
 
—

44,658

44,658

 
 
—

90.0
%
90.0
%
 
90.0
%
 
—

43.63

43.63

 
1,753,649

North Lincoln Park Chicago Collection - 6 properties
 Forever 21, Aldo, Carhartt, Chase Bank
2011/14
100.0
%
 
—

51,255

51,255

 
 
—

65.3
%
65.3
%
 
65.3
%
 
—

32.33

32.33

 
1,081,722

 
 
 
 
 
16,500

208,660

225,160

 
 
100.0
%
97.0
%
97.2
%
 
98.2
%
 
54.55

79.75

77.85

 
17,041,393

New York Metro
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
83 Spring Street
 Paper Source
2012
100.0
%
 
—

3,000

3,000

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

207.96

207.96

 
623,884

Mercer Street
 3 X 1 Denim
2011
100.0
%
 
—

3,375

3,375

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

120.44

120.44

 
406,494

West 54th Street
 Stage Coach Tavern
2007
100.0
%
 
—

5,773

5,773

 
 
—

92.4
%
92.4
%
 
100.0
%
 
—

411.60

411.60

 
2,195,570

61 Main Street
 Chicos
2014
100.0
%
 
—

3,400

3,400

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

103.40

103.40

 
351,560

181 Main Street
 TD Bank
2012
100.0
%
 
—

11,350

11,350

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

74.77

74.77

 
848,683

4401 White Plains Road
 Walgreens
2011
100.0
%
 
12,964

—

12,964

 
 
100.0
%
—

100.0
%
 
100.0
%
 
48.21

—

48.21

 
625,000

Bartow Avenue
 Sleepy's
2005
100.0
%
 
—

14,676

14,676

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

31.33

31.33

 
459,779

239 Greenwich Avenue
 Restoration Hardware
1998
75.0
%
 
—

16,834

16,834

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

92.35

92.35

 
1,554,663

252-264 Greenwich Avenue
 Madewell, Calypso, Jack Wills
2014
100.0
%
 
—

9,172

9,172

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

131.14

131.14

 
1,202,772

Third Avenue
 Planet Fitness
2006
100.0
%
 
21,650

18,670

40,320

 
 
100.0
%
100.0
%
100.0
%
 
100.0
%
 
21.65

21.79

21.71

 
875,456

868 Broadway
 Dr Martens
2013
100.0
%
 
—

2,031

2,031

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

326.05

326.05

 
662,202

313-315 Bowery 1
 John Varvatos, Patagonia
2013
100.0
%
 
—

6,600

6,600

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

66.00

66.00

 
435,600

120 West Broadway
 HSBC Bank, Citibank
2013
100.0
%
 
—

13,938

13,938

 
 
—

87.1
%
87.1
%
 
100.0
%
 
—

141.74

141.74

 
1,720,569

 
 
 
 
 
34,614

108,819

143,433

 
 
100.0
%
97.9
%
98.4
%
 
100.0
%
 
31.60

101.98

84.72

 
11,962,232

District of Columbia Metro
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1739-53 & 1801-03 Connecticut Avenue
 Ruth Chris Steakhouse, TD Bank
2012
100.0
%
 
—

22,907

22,907

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

55.89

55.89

 
1,280,164

Rhode Island Place Shopping Center
 TJ Maxx
2012
100.0
%
 
24,996

32,533

57,529

 
 
100.0
%
92.3
%
95.7
%
 
95.7
%
 
12.50

40.80

27.95

 
1,537,929

M Street and Wisonsin Corridor - 7 Properties
 Lacoste, Juicy Couture, Coach
2011
63.5
%
 
—

32,324

32,324

 
 
—

93.4
%
93.4
%
 
93.4
%
 
—

78.11

78.11

 
2,359,131

 
 
 
 
 
24,996

87,764

112,760

 
 
100.0
%
95.4
%
96.4
%
 
96.4
%
 
12.50

58.09

47.61

 
5,177,224

Boston Metro
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
330-340 River Street
 Whole Foods
2012
100.0
%
 
54,226

—

54,226

 
 
100.0
%
—

100.0
%
 
100.0
%
 
20.85

—

20.85

 
1,130,470

 
 
 
 
 
54,226

—

54,226

 
 
100.0
%
—

100.0
%
 
100.0
%
 
20.85

—

20.85

 
1,130,470

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Street Retail
 
 
 
 
130,336

405,243

535,579

 
 
100.0
%
96.9
%
97.7
%
 
98.5
%
 
$
26.37

$
81.16

$
67.51

 
$
35,311,319

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acadia Share Total Street Retail
 
 
 
 
130,336

388,373

518,709

 
 
100.0
%
97.0
%
97.7
%
 
98.6
%
 
$
26.37

$
81.31

$
67.19

 
$
34,060,525

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
General note - The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy", but for which rent payment has not yet commenced. Residential and office GLA is excluded. East 17th and
 
 
613-623 West Diversey Parkway are under redevelopment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 The annualized base rent is reflective of the annual base rent paid to Acadia by the master lessee and does not reflect the rent paid by the retail tenants at the property.
 
 




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core Portfolio Retail Properties - Detail (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leased
 
 
 
 
 
Annualized
 
 
Year
Acadia's
 
Gross Leaseable Area
 
 
Occupancy
 
Occupancy
 
Annualized Base Rent PSF
 
Base Rent
Property
Anchors
Acquired
interest
 
Anchors
Shops
Total
 
 
Anchors
Shops
Total
 
Total
 
Anchors
Shops
Total
 
Total
SUBURBAN PROPERTIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New Jersey
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Elmwood Park Shopping Center
 Walgreens, Pathmark (A&P)
1998
100.0
%
 
62,610

86,460

149,070

 
 
100.0
%
95.3
%
97.3
%
 
97.3
%
 
25.26

24.77

24.98

 
3,622,928

Marketplace of Absecon
 Rite Aid, Dollar Tree
1998
100.0
%
 
46,724

57,832

104,556

 
 
100.0
%
90.5
%
94.8
%
 
94.8
%
 
13.32

15.26

14.35

 
1,421,546

60 Orange Street
 Home Depot
2012
98.0%

 
        101,715

—

101,715

 
 
100.0%

—

100.0
%
 
100.0%

 
         6.83

—

6.83

 
            695,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New York
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Village Commons Shopping Center
 
1998
100.0
%
 
—

87,330

87,330

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

31.25

31.25

 
2,729,371

Branch Plaza
 LA Fitness, CVS
1998
100.0
%
 
74,050

52,223

126,273

 
 
75.7
%
76.5
%
76.0
%
 
76.0
%
 
21.35

30.95

25.34

 
2,432,202

Amboy Center
 Stop & Shop (Ahold)
2005
100.0
%
 
37,266

26,024

63,290

 
 
100.0
%
100.0
%
100.0
%
 
100.0
%
 
20.00

46.10

30.73

 
1,945,137

Pacesetter Park Shopping Center
 Stop & Shop (Ahold)
1999
100.0
%
 
52,052

45,552

97,604

 
 
100.0
%
76.2
%
88.9
%
 
88.9
%
 
8.48

18.56

12.51

 
1,085,159

LA Fitness
 LA Fitness
2007
100.0
%
 
55,000

—

55,000

 
 
100.0
%
—

100.0
%
 
100.0
%
 
25.30

—

25.30

 
1,391,500

Crossroads Shopping Center
 Kmart, Home Goods, Modell's
1998
49.0
%
 
202,727

107,779

310,506

 
 
80.4
%
74.8
%
78.5
%
 
96.0
%
 
9.93

44.83

21.47

 
5,231,941

New Loudon Center
 Marshalls, Price Chopper
1993
100.0
%
 
251,058

4,615

255,673

 
 
100.0
%
100.0
%
100.0
%
 
100.0
%
 
7.32

28.26

7.70

 
1,968,427

28 Jericho Turnpike
 Kohl's
2012
100.0
%
 
96,363

—

96,363

 
 
100.0
%
—

100.0
%
 
100.0
%
 
17.12

—

17.12

 
1,650,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Connecticut
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Town Line Plaza1
 Wal-Mart, Stop & Shop (Ahold)
1998
100.0
%
 
163,159

43,187

206,346

 
 
100.0
%
88.9
%
97.7
%
 
97.7
%
 
14.72

17.74

15.83

 
1,650,467

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Massachusetts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Methuen Shopping Center
 Wal-Mart, Market Basket
1998
100.0
%
 
120,004

10,017

130,021

 
 
100.0
%
100.0
%
100.0
%
 
100.0
%
 
6.66

22.84

7.91

 
1,027,936

Crescent Plaza
 Home Depot, Shaw's (Supervalu)
1993
100.0
%
 
156,985

61,152

218,137

 
 
100.0
%
71.8
%
92.1
%
 
92.1
%
 
7.51

12.06

8.50

 
1,707,943

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vermont
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Gateway Shopping Center
 Shaw's (Supervalu)
1999
100.0
%
 
73,184

28,471

101,655

 
 
100.0
%
100.0
%
100.0
%
 
100.0
%
 
19.00

21.87

19.80

 
2,013,220

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Illinois
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hobson West Plaza
 Garden Fresh Markets
1998
100.0
%
 
51,692

47,445

99,137

 
 
100.0
%
90.5
%
95.5
%
 
95.5
%
 
4.64

21.03

12.08

 
1,143,189

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indiana
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Merrillville Plaza
 Art Van Furniture, TJ Maxx
1998
100.0
%
 
123,369

112,819

236,188

 
 
100.0
%
79.4
%
90.1
%
 
97.0
%
 
10.72

18.76

14.10

 
3,002,139

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Michigan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bloomfield Towne Square
 Best Buy, Home Goods,
1998
100.0
%
 
153,839

82,837

236,676

 
 
100.0
%
100.0
%
100.0
%
 
100.0
%
 
11.12

22.19

14.99

 
3,548,369

 
 TJ Maxx, Dick's Sporting Goods
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ohio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mad River Station
 Babies 'R' Us, Office Depot
1999
100.0
%
 
58,185

67,944

126,129

 
 
100.0
%
68.7
%
83.1
%
 
83.1
%
 
9.49

16.44

12.58

 
1,319,606

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brandywine Town Center
 Lowes, Bed Bath & Beyond,
2003
22.2
%
 
852,261

48,608

900,869

 
 
94.5
%
91.4
%
94.3
%
 
94.3
%
 
15.97

20.44

16.20

 
13,771,219

 
 Target, Dick's Sporting Goods
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Market Square Shopping Center
 TJ Maxx, Trader Joe's
2003
22.2
%
 
42,850

59,197

102,047

 
 
100.0
%
100.0
%
100.0
%
 
100.0
%
 
17.05

32.33

25.91

 
2,644,439





Naamans Road
 
2006
22.2
%
 
—

19,984

19,984

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

43.41

43.41

 
867,517

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pennsylvania
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mark Plaza
 Kmart
1993
100.0
%
 
104,956

1,900

106,856

 
 
100.0
%
100.0
%
100.0
%
 
100.0
%
 
1.95

18.95

2.25

 
240,664

Plaza 422
 Home Depot, Dunham Sports
1993
100.0
%
 
139,968

16,311

156,279

 
 
100.0
%
100.0
%
100.0
%
 
100.0
%
 
4.83

9.80

5.35

 
835,956

Route 6 Plaza
 Kmart
1994
100.0
%
 
146,568

29,021

175,589

 
 
100.0
%
94.8
%
99.1
%
 
99.1
%
 
6.04

13.80

7.27

 
1,265,198

Chestnut Hill
 
2006
100.0
%
 
—

37,646

37,646

 
 
—

100.0
%
100.0
%
 
100.0
%
 
—

19.16

19.16

 
721,133

Abington Towne Center 2
 Target, TJ Maxx
1998
100.0
%
 
184,616

31,662

216,278

 
 
100.0
%
100.0
%
100.0
%
 
100.0
%
 
10.50

27.59

19.72

 
1,157,028

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Suburban Properties
 
 
 
 
3,351,201

1,166,016

4,517,217

 
 
96.9
%
88.3
%
94.7
%
 
96.2
%
 
$
11.89

$
24.78

$
15.19

 
$
61,089,234

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acadia Share Total Suburban Properties
 
 
 
 
2,549,559

1,011,654

3,561,213

 
 
98.1
%
88.2
%
95.3
%
 
96.5
%
 
$
10.76

$
23.30

$
14.32

 
$
44,964,191

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL CORE PROPERTIES
 
 
 
 
3,481,537

1,571,259

5,052,796

 
 
97.0
%
90.5
%
95.0
%
 
96.5
%
 
$
12.50

$
40.35

$
21.21

 
$
96,400,553

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acadia Share Total Core Properties
 
 
 
2,679,895

1,400,027

4,079,922

 
 
98.2
%
90.6
%
95.6
%
 
96.8
%
 
$
11.61

$
40.52

$
21.68

 
 $ 79,024,715

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
General note - The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy", but for which rent payment has not yet commenced. Residential and office GLA is excluded.
1 Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot
 
 
2 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.
 
 





Core Portfolio Top Tenants - Ranked by Annual Base Rent (ABR)
 
 
 
 
 
 
 
 
 
 
Pro-Rata
 
Number of stores
 
Combined
Percentage of Total
 
in Core
 
 
 
Percentage of
 
Tenant
portfolio
 
GLA
Base Rent
Portfolio GLA
Base Rent
 
 
 
 
 
 
 
LA Fitness
2
 
100,000

$
2,336,500

2.3
%
3.3
%
 
 
 
 
 
 
 
Ann Taylor Loft
2
 
14,174

2,103,946

0.3
%
3
%
 
 
 
 
 
 
 
Stop and Shop (Ahold)
3
 
155,177

1,948,635

3.6
%
2.7
%
 
 
 
 
 
 
 
Supervalu (Shaw's)
2
 
123,409

1,907,456

2.8
%
2.7
%
 
 
 
 
 
 
 
Home Depot
3
 
312,718

1,827,600

7.2
%
2.6
%
 
 
 
 
 
 
 
TJX Companies
8
 
    209,198

      1,625,642

4.8
%
2.3
%
  -- TJ Maxx
5
 
     120,123

           854,724

2.7%

1.2%

  -- Marshalls
1
 
       37,212

           167,454

0.9%

0.2%

  -- Home Goods
2
 
       51,863

           603,464

1.2%

0.9%

 
 
 
 
 
 
 
Walgreens
3
 
37,499

1,412,716

0.9
%
2.0
%
 
 
 
 
 
 
 
Citibank
5
 
      17,283

      1,239,117

0.4
%
1.7
%
 
 
 
 
 
 
 
Kmart
3
 
273,969

1,170,078

6.3
%
1.7
%
 
 
 
 
 
 
 
TD Bank
2
 
15,560

1,028,996

0.4
%
1.5
%
 
 
 
 
 
 
 
JP Morgan Chase Bank
6
 
       30,344

        1,028,751

0.7%

1.5%

Trader Joe's
2
 
       19,094

           967,216

0.4%

1.4%

Urban Outfitters
2
 
       19,902

           879,450

0.5%

1.2%

Dicks Sporting Goods
2
 
       59,805

           860,471

1.4%

1.2%

Sleepy's
5
 
       31,843

           852,469

0.7%

1.2%

HSBC Bank
2
 
         5,686

           845,879

0.1%

1.2%

Gap (Banana Republic and Old Navy)
3
 
       13,835

           844,928

0.3%

1.2%

Rite Aid
2
 
       26,633

           764,030

0.6%

1.1%

Dollar Tree
7
 
       70,672

           722,059

1.6%

1.0%

Pier 1 Imports
3
 
       24,666

           710,192

0.6%

1.0%

 
 
 
 
 
 
 
TOTAL
67
 
1,561,467

$
25,076,131

35.9
%
35.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
General Note - Does not include tenants that operate at only one of Acadia's properties.
 
 
 
 
 
 
 
 
 




Core Portfolio Lease Expirations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anchor Tenants
 
Shop Tenants
 
Total Tenants
 
 
 
Gross Leased Area
Base Rent
 
 
Gross Leased Area
Base Rent
 
 
Gross Leased Area
Base Rent
 
 
No. of Leases
Expiring
Percent
 
Percent
 
No. of Leases
Expiring
Percent
 
Percent
 
No. of Leases
Expiring
Percent
 
Percent
Year
 
Expiring
SF
of Total
PSF
of Total
 
Expiring
SF
of Total
PSF
of Total
 
Expiring
SF
of Total
PSF
of Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
M to M 1
 
1
25,000

0.8
%
$
8.25

0.5
%
 
3
9,954

0.7
%
$
23.43

0.4
%
 
4
34,954

0.8
%
$
12.57

0.5
%
2014
 
4
195,594

6.3
%
7.25

3.6
%
 
38
122,727

8.6
%
36.43

7.8
%
 
42
318,321

7.0
%
18.50

6.1
%
2015
 
5
252,594

8.1
%
13.46

8.7
%
 
34
120,496

8.5
%
25.11

5.3
%
 
39
373,090

8.2
%
17.22

6.7
%
2016
 
7
272,962

8.7
%
10.58

7.4
%
 
56
250,745

17.6
%
25.81

11.3
%
 
63
523,707

11.5
%
17.87

9.7
%
2017
 
6
311,806

10.0
%
11.80

9.4
%
 
51
205,267

14.4
%
38.33

13.7
%
 
57
517,073

11.4
%
22.33

12.0
%
2018
 
6
477,582

15.3
%
11.29

13.8
%
 
55
175,383

12.3
%
33.67

10.3
%
 
61
652,965

14.4
%
17.30

11.7
%
2019
 
6
210,728

6.7
%
10.50

5.7
%
 
21
63,727

4.5
%
66.32

7.4
%
 
27
274,455

6.0
%
23.47

6.7
%
2020
 
6
329,713

10.6
%
12.12

10.2
%
 
23
76,841

5.4
%
45.69

6.1
%
 
29
406,554

8.9
%
18.46

7.8
%
2021
 
7
220,653

7.1
%
16.65

9.4
%
 
17
85,620

6.0
%
37.04

5.5
%
 
24
306,273

6.7
%
22.35

7.1
%
2022
 
2
69,837

2.2
%
26.15

4.7
%
 
24
97,150

6.8
%
50.51

8.6
%
 
26
166,987

3.7
%
40.32

7.0
%
2023
 
3
132,322

4.2
%
11.63

3.9
%
 
16
79,813

5.6
%
45.78

6.4
%
 
19
212,135

4.7
%
24.48

5.4
%
Thereafter
 
14
623,328

20.0
%
14.10

22.5
%
 
23
134,431

9.5
%
73.89

17.3
%
 
37
757,759

16.7
%
24.71

19.4
%
Total
 
67
3,122,119

100.0
%
$
12.50

100.0
%
 
361
1,422,154

100.0
%
$
40.35

100.0
%
 
428
4,544,273

100.0
%
$
21.21

100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
254,916

Anchor GLA Owned by Tenants
 
 
 
 
 
 
 
 
254,916

Anchor GLA Owned by Tenants
 
 
 
104,502

Total Vacant
 
 
149,105

Total Vacant
 
 
253,607

Total Vacant
 
 
 
3,481,537

Total Square Feet
 
 
1,571,259

Total Square Feet
 
 
5,052,796

Total Square Feet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Leases currently under month to month or in process of renewal
 
 
 
 
 
 
 
 
 
 





Core Portfolio - New and Renewal Rent Spreads 1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended
 
 
 
March 31, 2014
 
 
 
GAAP 3
 
Cash 2
 
New leases
 
 
 
 
 
Number of new leases executed
 
3

 
3

 
GLA
 
16,489

 
16,489

 
New base rent
 
$
100.35

 
$
86.66

 
Previous base rent (and percentage rent)
 
$
46.12

 
$
46.61

 
Average cost per square foot
 
$
188.58

 
$
188.58

 
Weighted Average Lease Term (years)
 
11.8

 
11.8

 
Percentage growth in base rent
 
117.6
%
 
85.9
%
 
 
 
 
 
 
 
Renewal leases
 
 
 
 
 
Number of renewal leases executed
 
3

 
3

 
GLA
 
7,450

 
7,450

 
New base rent
 
$
27.05

 
$
25.99

 
Expiring base rent (and percentage rent)
 
$
22.23

 
$
22.23

 
Average cost per square foot
 
$
—

 
$
—

 
Weighted Average Lease Term (years)
 
5.3

 
5.3

 
Percentage growth in base rent
 
21.7
%
 
16.9
%
 
 
 
 
 
 
 
Total new and renewal Leases
 
 
 
 
 
Number of new and renewal leases executed
 
6

 
6

 
GLA commencing
 
23,939

 
23,939

 
New base rent
 
$
77.54

 
$
67.78

 
Expiring base rent (and percentage rent)
 
$
38.69

 
$
39.02

 
Average cost per square foot
 
$
129.89

 
$
129.89

 
Weighted Average Lease Term (years)
 
9.7

 
9.7

 
Percentage growth in base rent
 
100.4
%
 
73.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
1 Based on lease execution dates. Does not include leased square footage and costs
  related to first generation space and the Company's major redevelopment
 
 
 
 
 
  projects; renewal leases include exercised options.
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.






Core Portfolio Capital Expenditures
 
 
 
 
 
Current Quarter
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Quarter
 
 
 
 
 
3 months ended
 
Prior Year ended
 
 
 
March 31, 2014
 
December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Leasing Commissions
 
$
176

 
$
1,676

 
Tenant Improvements
 
1,523

 
4,057

 
Capital Expenditures
 
444

 
2,592

 
Total Capital Expenditures
 
$
2,143

 
$
8,325

 
 
 
 
 
 
 
Other redevelopment and re-anchoring related activities
 
—

 
 $ 5,953

1 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
1 Consists of $2,278 of costs associated with the re-anchoring of Crossroads, $1,948 of costs associated with the re-tenanting of Merrillville Plaza, $890 of costs associated with the re-anchoring of Branch Plaza and $836k of costs associated with the installation of a new tenant at a Chicago Street Retail asset.








Property Demographics - Core
 
 
 
 
 
 
 
 
3-Mile Radius
 
 
 
 
Base
Total
 
 
Total
#
Median HH
Avg. HH
 
Property
City
State
Rent
GLA
 
 
Pop.
HH
Income
Income
 
Core - Street Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
664 N. Michigan Avenue
Chicago
IL
$
4,222,759

18,141

 
 
295,897

163,646

$
74,143

$
115,275

 
Rush and Walton Streets Collection - 6 properties
Chicago
IL
6,171,575

41,432

 
 
319,505

178,056

75,196

116,122

 
613-623 West Diversey Parkway
Chicago
IL
—

653,559

 
 
404,680

217,820

70,480

105,904

 
651-671 West Diversey
Chicago
IL
1,909,285

46,259

 
 
413,506

220,785

70,198

105,234

 
Clark Street and W. Diversey Collection - 3 properties
Chicago
IL
1,182,403

23,415

 
 
406,523

217,890

70,388

105,694

 
Halsted and Armitage Collection - 9 properties
Chicago
IL
1,753,649

44,658

 
 
443,549

238,098

72,697

108,583

 
North Lincoln Park Chicago Collection - 6 properties
Chicago
IL
1,801,722

51,255

 
 
496,377

247,811

68,233

99,096

 
 
 
 
 
 
 
 
 
 
 
 
 
83 Spring Street
Manhattan
NY
623,884

3,000

 
 
981,658

479,147

85,920

121,994

 
Mercer Street
Manhattan
NY
406,494

3,375

 
 
942,758

457,309

85,389

121,063

 
West 54th Street
Manhattan
NY
2,195,570

5,773

 
 
1,249,501

636,418

91,179

137,662

 
181 Main Street
Westport
CT
848,683

11,350

 
 
46,401

17,290

132,350

187,954

 
4401 White Plains Road
Bronx
NY
625,000

12,964

 
 
571,325

214,126

52,977

65,542

 
Bartow Avenue
Bronx
NY
459,779

14,676

 
 
578,872

215,091

47,890

58,583

 
239 Greenwich Avenue
Greenwich
CT
1,554,663

16,834

 
 
67,092

24,790

112,373

169,820

 
252-264 Greenwich Avenue
Greenwich
CT
1,202,772

9,172

 
 
67,228

25,117

110,894

176,008

 
Third Avenue
Bronx
NY
875,456

40,320

 
 
1,239,993

443,231

35,628

49,095

 
868 Broadway
Manhattan
NY
662,202

2,031

 
 
1,077,976

547,276

91,410

134,095

 
313-315 Bowery
Manhattan
NY
435,600

6,600

 
 
1,032,158

506,284

85,730

122,785

 
120 West Broadway
Manhattan
NY
1,720,569

13,938

 
 
878,321

422,645

85,293

121,409

 
 
 
 
 
 
 
 
 
 
 
 
 
1739-53 & 1801-03 Connecticut Avenue
Washington
DC
1,280,164

22,907

 
 
338,815

164,797

81,801

108,533

 
Rhode Island Place Shopping Center
Washington
DC
            1,537,929

       57,529

 
 
348,349

157,678

66,984

86,314

 
M Street and Wisconsin Corridor - 7 properties
Georgetown
DC
            2,359,131

       32,324

 
 
321,861

160,430

87,539

114,211

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
330-340 River Street
Cambridge
MA
            1,130,470

       54,226

 
 
492,750

214,634

65,037

91,540

 
 
 
 
 
 
 
 
 
 
 
 
Total Core Street Retail
 
 
 
 
 
 
 
 
 
 
Average - Total
 
 
 
$
713,464

24,199

 
 
437,876

217,148

$
66,515

$
97,524

Weighted Average - Based on base rent
 
 
 
 
 
 
455,645

229,330

$
77,876

$
115,134

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




 
 
 
 
 
 
 
 
 
 
 
 
Property Demographics - Core (continued)
 
 
 
 
 
 
 
 
3-Mile Radius
 
 
 
 
Base
Total
 
 
Total
#
Median HH
Avg. HH
 
Property
City
State
Rent
GLA
 
 
Pop.
HH
Income
Income
 
 
 
 
 
 
 
 
 
 
 
 
 
Core - Suburban Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Elmwood Park Shopping Center
Elmwood Park
NJ
 $ 3,622,928

     149,070

 
 
252,982

84,585

 $ 60,290

 $ 69,299

 
Marketplace of Absecon
Absecon
NJ
            1,421,546

     104,556

 
 
32,668

11,471

61,717

73,395

 
60 Orange Street
Bloomfield
NJ
               695,000

     101,715

 
 
338,909

125,166

56,211

67,492

 
Village Commons Shopping Center
Smithtown
NY
            2,729,371

       87,330

 
 
67,473

22,922

109,170

123,046

 
Branch Plaza
Smithtown
NY
            2,432,202

     126,273

 
 
67,554

22,991

108,660

122,359

 
Amboy Center
Staten Island
NY
            1,945,137

       63,290

 
 
151,900

55,451

87,868

98,504

 
Pacesetter Park Shopping Center
Pomona
NY
            1,085,159

       97,604

 
 
36,144

11,216

112,281

126,247

 
LA Fitness
Staten Island
NY
            1,391,500

       55,000

 
 
128,131

45,167

79,348

89,832

 
Crossroads Shopping Center
White Plains
NY
            5,231,941

     310,506

 
 
109,134

42,516

96,092

118,263

 
New Loudon Center
Latham
NY
            1,968,427

     255,673

 
 
42,827

17,479

67,391

81,548

 
28 Jericho Turnpike
Westbury
NY
            1,650,000

       96,363

 
 
95,953

29,144

108,872

129,163

 
Town Line Plaza
Rocky Hill
CT
            1,650,467

     206,346

 
 
46,399

19,437

72,685

86,521

 
Methuen Shopping Center
Methuen
MA
            1,027,936

     130,021

 
 
99,701

34,864

50,705

60,706

 
Crescent Plaza
Brockton
MA
            1,707,943

     218,137

 
 
98,838

34,781

57,332

64,961

 
The Gateway Shopping Center
So. Burlington
VT
            2,013,220

     101,655

 
 
48,384

19,261

51,446

63,537

 
Hobson West Plaza
Naperville
IL
            1,143,189

       99,137

 
 
94,989

34,059

103,910

126,405

 
Merrillville Plaza
Hobart
IN
            3,002,139

     236,188

 
 
26,123

10,805

47,909

58,578

 
Bloomfield Towne Square
Bloomfield Hills
MI
            3,548,369

     236,676

 
 
56,773

22,617

62,547

94,909

 
Mad River Station
Dayton
OH
            1,319,606

     126,129

 
 
65,307

28,938

56,592

69,153

 
Mark Plaza
Edwardsville
PA
               240,664

     106,856

 
 
86,196

36,839

37,495

45,983

 
Plaza 422
Lebanon
PA
               835,956

     156,279

 
 
45,792

18,157

44,301

52,611

 
Route 6 Plaza
Honesdale
PA
            1,265,198

     175,589

 
 
6,832

2,962

37,786

44,999

 
Chestnut Hill
Philadelphia
PA
               721,133

       37,646

 
 
147,436

62,292

58,777

77,506

 
Abington Towne Center
Abington
PA
            1,157,028

     216,278

 
 
89,439

35,119

78,159

95,124

 
 
 
 
 
 
 
 
 
 
 
 
Total Core Suburban Properties
 
 
 
 
 
 
 
 
 
 
Average - Total
 
 
 
 $ 1,825,252

145,597

 
 
93,162

34,510

 $ 71,148

 $ 85,006

Weighted Average - Based on base rent
 
 
 
 
 
 
92,932

33,906

 $ 74,994

 $ 90,219

 
 
 
 
 
 
 
 
 
 
 
 
 
Brandywine/Mkt Sq./Naamans Rd 1
Wilmington
DE
17,283,175

1,022,900

 
 
507,575

193,705

72,923

88,573

 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
1 Based on 10 mile radius demographics given the unique trade market for this asset. This has been excluded from the average calculations of 3-mile radius due to its unique trade market.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Property Demographics - Funds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3-Mile Radius
 
 
 
 
Base
Total
 
 
Total
#
Median HH
Avg. HH
 
Property
City
State
Rent
GLA
 
 
Pop.
HH
Income
Income
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund II
 
 
 
 
 
 
 
 
 
 
 
216th Street
Manhattan
NY
2,574,000

60,000

 
 
963,175

337,894

37,629

48,228

 
161st Street
Bronx
NY
6,001,724

232,252

 
 
1,274,128

450,383

33,329

45,066

 
Liberty Avenue
Queens
NY
937,724

26,125

 
 
639,405

$
213,464

55,561

67,368

 
 
 
 
 
 
 
 
 
 
 
 
Fund II
 
 
 
 
 
 
 
 
 
 
 
 Average - Total
 
 
 
$
4,287,862

146,126

 
 
958,903

333,914

$
42,173

$
53,554

Weighted Average - Based on base rent
 
 
 
 
 
 
1,180,796

416,619

$
34,620

$
46,015

 
 
 
 
 
 
 
 
 
 
 
 
 
Fund III
 
 
 
 
 
 
 
 
 
 
 
Cortlandt Towne Center
Mohegan Lake
NY
9,745,751

639,834

 
 
49,966

17,759

84,926

97,340

 
640 Broadway
Manhattan
NY
               874,566

         4,145

 
 
1,006,693

496,773

86,613

124,108

 
654 Broadway
Manhattan
NY
               550,000

         2,896

 
 
1,007,518

497,906

86,836

124,507

 
New Hyde Park Shopping Center
New Hyde Park
NY
            1,228,558

       32,661

 
 
199,698

70,745

102,010

122,658

 
White City
Shrewsbury
MA
            3,767,077

     180,379

 
 
99,189

39,649

51,215

62,391

 
Parkway Crossing
Parkville
MD
            1,977,946

     260,241

 
 
185,935

74,271

59,022

68,972

 
Lincoln Road
Miami Beach
FL
            2,815,011

       59,677

 
 
58,869

33,379

52,126

85,417

 
Heritage Shops
Chicago
IL
            3,140,685

       81,730

 
 
288,116

154,272

71,414

110,831

 
Lincoln Park Centre
Chicago
IL
            1,766,664

       62,349

 
 
431,527

230,716

73,011

109,736

 
Nostrand Avenue
Brooklyn
NY
            1,419,065

       40,315

 
 
544,351

203,713

51,528

65,388

 
Arundel Plaza
Glen Burnie
MD
            1,451,056

     265,116

 
 
77,759

29,166

59,786

64,793

 
 
 
 
 
 
 
 
 
 
 
 
Fund III
 
 
 
 
 
 
 
 
 
 
 
 Average - Total
 
 
 
 $ 2,612,398

148,122

 
 
359,056

168,032

$
70,772

$
94,195

Weighted Average - Based on base rent
 
 
 
 
 
 
188,650

85,362

$
79,451

$
101,163

 
 
 
 
 
 
 
 
 
 
 
 
 
Fund IV
 
 
 
 
 
 
 
 
 
 
 
1701 Belmont Avenue
Catonsville
MD
936,166

58,674

 
 
110,450

43,613

60,575

68,732

 
Lincoln Road
Miami Beach
FL
5,754,181

54,864

 
 
58,869

33,379

52,126

85,417

 
2819 Kennedy Boulevard
North Bergen
NJ
100,000

41,477

 
 
526,721

241,698

78,834

110,806

 
Promenade at Manassas
Manassas
VA
3,322,583

265,442

 
 
57,996

18,940

74,390

84,467

 
Paramus Plaza
Paramus
NJ
1,781,178

152,060

 
 
106,906

37,209

119,131

132,518

 
1151 Third Avenue
Manhattan
NY
622,263

12,101

 
 
1,270,132

636,996

87,522

131,326

 
Lake Montclair
Prince William County
VA
1,913,042

105,850

 
 
55,900

18,373

93,338

103,028

 
938 W. North Avenue
Chicago
IL
928,510

35,400

 
 
453,690

239,813

72,447

108,382

 
 
 
 
 
 
 
 
 
 
 
 
Fund IV
 
 
 
 
 
 
 
 
 
 
 
 Average - Total
 
 
 
$
1,919,740

90,734

 
 
330,083

158,753

$
79,795

$
103,085

Weighted Average - Based on base rent
 
 
 
 
 
 
102,705

47,861

$
91,659

$
127,117

 
 
 
 
 
 
 
 
 
 
 
 
Total - Core and Funds
 
 
 
 
 
 
 
 
 
 
 
Average - Total
 
 
 
$
1,849,968

115,817

 
 
271,869

121,864

$
68,473

$
88,600

Weighted Average - Based on base rent
 
 
 
 
 
 
154,341

60,326

$
70,461

$
88,042

 
 
 
 
 
 
 
 
 
 
 
 






Overview of Acadia Funds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2014
 
 
FUND I
 
 
 
FUND II
 
 
 
FUND III
 
 
 
FUND IV
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Date formed
 
 
September 2001
 
 
 
June 2004
 
 
 
May 2007
 
 
 
May 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital committed
 
 
$86.6 million
 
 
 
$300.0 million
 
 
 
$475.0 million
 
 
 
$540.6 million
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital funded
 
 
Fully funded
 
 
 
Fully funded 2
 
 
 
$357.5 million
 
 
 
$106.4 million
As a percentage of commitments
 
 
100.0%
 
 
 
100.0%
 
 
 
75.3%
 
 
 
19.7%
 
 
 
 
 
 
 
 
 
 
 
All unfunded capital is anticipated to be used to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
complete existing projects
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributions
 
 
$191.5 million
 
 
 
$131.6 million
 
 
 
$235.2 million
 
 
 
$0
As a percentage of funded capital
 
 
221.1%
 
 
 
43.9%
 
 
 
65.8%
 
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
All original capital and accumulated preferred return
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
has been paid. Acadia is entitled to a Promote
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
on all future distributions.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund structure
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity contribution and
 
 
22.2% - Acadia
 
 
 
20.0% - Acadia
 
 
 
19.9% - Acadia
 
 
 
23.1% - Acadia
Cash flow distribution:
 
 
77.8% - Four institutional investors
 
 
 
80.0% - Six institutional investors
 
 
 
80.1% - 14 institutional investors
 
 
 
76.9% - 17 institutional investors
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributions:
 
 
20% to Acadia once all partners (including Acadia) have received cumulative preferred return and return of equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining 80% is distributed pro-rata to all the partners (including Acadia)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred return rate:
 
 
9%
 
 
 
8%
 
 
 
6%
 
 
 
6%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fees/Priority Distributions to Acadia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset management fee/Priority distribution equal to 1.5% of implied capital 1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property management fee/Priority distribution 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
 
 
 
 
Note:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Committed capital as reduced by capital attributed to sold investments.
 
 
 
 
2 During the fourth quarter of 2013, a distribution of $47.1 million was made to the Fund II investors. Until December 2016, this amount is subject to recontribution to Fund II by the investors, if needed to fund the on-going redevelopment of existing projects.
 
 
 
 




Fund Retail Properties - Detail
 
 
 
 
 
 
 
 
 
 
Leased
 
 
 
 
 
Year
Ownership
 
Gross Leasable Area
 
 
In Place Occupancy
 
Occupancy
 
 
Annualized Base Rent PSF
 
Anchors
Acquired
%
 
Anchors
Shops
Total
 
 
Anchors
Shops
Total
 
Total
 
 
Anchors
Shops
Total
Fund I Portfolio Detail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
VARIOUS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total - Fund I
Kroger/Safeway Portfolio (3 Properties)
2003
60.0%
 
97,500

—

97,500

 
 
34.9
%
—

34.9
%
 
34.9
%
 
 
$
3.03

—

$
3.03

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund II Portfolio Detail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW YORK
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New York
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liberty Avenue
CVS
2005
99.1%
 
10,880

15,245

26,125

 
 
100.0
%
100.0
%
100.0
%
 
100.0
%
 
 
$
39.75

$
37.23

$
35.89

216th Street
NYC Human Resources Administration
2005
99.1%
 
60,000

—

60,000

 
 
100.0
%
—

100.0
%
 
100.0
%
 
 
42.90

—

42.90

161st Street 1
Various New York City & State agencies
2005
99.1%
 
107,026

125,226

232,252

 
 
100.0
%
87.6
%
93.3
%
 
93.3
%
 
 
26.50

28.85

27.69

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total - Fund II
 
 
 
 
177,906

140,471

318,377

 
 
100.0
%
89.0
%
95.1
%
 
95.1
%
 
 
$
32.84

$
29.37

$
31.41

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund III Portfolio Detail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW YORK
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New York
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cortlandt Towne Center
Wal-Mart, Best Buy, A&P
2009
100.0%
 
472,901

166,933

639,834

 
 
95.6
%
82.7
%
92.3
%
 
92.3
%
 
 
$
14.05

$
24.55

$
16.51

654 Broadway
Penguin
2011
100.0%
 
—

2,896

2,896

 
 
—

100.0
%
100.0
%
 
100.0
%
 
 
—

189.92

189.92

640 Broadway
Swatch
2012
50.0%
 
—

4,145

4,145

 
 
—

91.8
%
91.8
%
 
91.8
%
 
 
—

229.91

229.91

New Hyde Park Shopping Center
PetSmart
2011
100.0%
 
13,507

19,154

32,661

 
 
100.0
%
80.5
%
88.5
%
 
88.5
%
 
 
35.00

49.05

42.49

Nostrand Avenue
—
2013
100.0%
 
—

40,315

40,315

 
 
—

75.9
%
75.9
%
 
75.9
%
 
 
—

46.37

46.37

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW ENGLAND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Massachusetts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
White City Shopping Center
Shaw's (Supervalu)
2010
84.0%
 
131,839

125,936

257,775

 
 
85.6
%
94.4
%
89.9
%
 
92.0
%
 
 
15.54

34.71

25.37

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MID-ATLANTIC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maryland
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Parkway Crossing
Home Depot, Shop Rite, Big Lots
2011
94.3%
 
192,836

67,405

260,241

 
 
100.0
%
76.9
%
94.0
%
 
94.0
%
 
 
3.65

24.58

8.09

Arundel Plaza
Giant Food, Lowe's
2012
94.3%
 
231,920

33,196

265,116

 
 
100.0
%
78.3
%
97.3
%
 
97.3
%
 
 
3.90

21.00

5.63

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SOUTHEAST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Florida
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lincoln Road
Starbucks, Sushi Samba
2011
95.0%
 
—

59,677

59,677

 
 
—

36.2
%
36.2
%
 
36.2
%
 
 
—

130.45

130.45

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MIDWEST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Illinois
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Heritage Shops
LA Fitness, Ann Taylor Loft
2011
100.0%
 
49,878

31,852

81,730

 
 
100.0
%
89.7
%
96.0
%
 
96.0
%
 
 
21.61

72.18

40.03

Lincoln Park Centre
—
2012
100.0%
 
—

62,349

62,349

 
 
—

60.1
%
60.1
%
 
85.8
%
 
 
—

47.12

47.12

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total - Fund III
 
 
 
 
1,092,881
613,858
1,706,739
 
 
96.4
%
77.392
%
89.5
%
 
90.8
%
 
 
$
10.7

$
41.21

$
20.18

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund IV Portfolio Detail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




NEW YORK
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New York
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1151 Third Avenue
Lucky Brand
2013
100.0%
 
—

12,101

12,101

 
 
—

58.7
%
58.7
%
 
58.7
%
 
 
$
—

$
87.61

$
87.61

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New Jersey
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Paramus Plaza
Babies R Us, Ashley Furniture
2013
50.0%
 
76,222

75,838

152,060

 
 
100.0
%
30.3
%
65.2
%
 
65.2
%
 
 
20.80

8.51

17.96

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MID-ATLANTIC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Virginia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Promenade at Manassas
Home Depot, HH Gregg
2013
98.6%
 
194,038

71,404

265,442

 
 
100.0
%
93.0
%
98.1
%
 
98.1
%
 
 
9.73

21.63

12.76

Lake Montclair
Food Lion
2013
100.0%
 
33,000

72,850

105,850

 
 
100.0
%
95.6
%
97.0
%
 
97.0
%
 
 
9.50

22.97

18.64

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maryland
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1701 Belmont Avenue
Best Buy
2012
98.6%
 
58,674

—

58,674

 
 
100
%
—

100
%
 
100.0
%
 
 
15.96

—

15.96

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MIDWEST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Illinois
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
938 W. North Avenue
Restoration Hardware, Sephora
2013
80.0%
 
—

35,400

35,400

 
 
—

58.7
%
58.7
%
 
58.7
%
 
 
—

44.66

44.66

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SOUTHEAST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Florida
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lincoln Road
Aldo, Fossil, Spris
2012
95.0%
 
—

54,864

54,864

 
 
—

83.9
%
83.9
%
 
83.9
%
 
 
—

124.98

124.98

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total - Fund IV
 
 
 
 
361,934
322,457
684,391
 
 
100
%
72.2
%
86.9
%
 
86.9
%
 
 
$
13.05

$
45.23

$
25.65

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
General note - The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy", but for which rent payment has not yet commenced. Residential and office GLA is excluded.
 
 
 
 
The following Fund II, Fund III and Fund IV properties are currently under redevelopment as further detailed under "Redevelopment Activity."
Property
Fund Ownership %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sherman Avenue
99.1%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
City Point
94.2%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cortlandt Crossing
100.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Broad Hollow Commons
100.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3104 M Street
100.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
210 Bowery
100.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2819 Kennedy Boulevard
98.6%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Broughton Street Portfolio
50.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Currently operating, but redevelopment activities have commenced.





Funds Lease Expirations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund I:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anchor Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Leased Area
 
Base Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No. of Leases
Expiring
Percent
 
 
Percent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
Expiring
SF
of Total
 
PSF
of Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
1

34,000

100.0
%
 
$
3.03

100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
1

34,000

100.0
%
 
$
3.03

100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
63,500

Total Vacant
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
97,500

Total Square Feet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund II:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anchor Tenants
 
Shop Tenants
 
Total Tenants
 
 
 
Gross Leased Area
 
Base Rent
 
 
Gross Leased Area
 
Base Rent
 
 
Gross Leased Area
 
Base Rent
 
 
No. of Leases
Expiring
Percent
 
 
Percent
 
No. of Leases
Expiring
Percent
 
 
Percent
 
No. of Leases
Expiring
Percent
 
 
Percent
Year
 
Expiring
SF
of Total
 
PSF
of Total
 
Expiring
SF
of Total
 
PSF
of Total
 
Expiring
SF
of Total
 
PSF
of Total
M to M 1
 
 
—

—

 
$
—

—

 
1

9,967

8.0
%
 
$
10.00

2.7
%
 
1

9,967

3.3
%
 
$
10.00

1.0
%
2014
 
1

107,026

60.2
%
 
26.50

48.5
%
 
—

—

—

 
—

—

 
1

107,026

35.3
%
 
26.50

29.8
%
2015
 
—

—

—

 
—

—

 
—

—

—

 
—

—

 
—

—

—

 
—

—

2016
 
—

—

—

 
—

—

 
—

—

—

 
—

—

 
—

—

—

 
—

—

2017
 
—

—

—

 
—

—

 
—

—

—

 
—

—

 
—

—

—

 
—

—

2018
 
—

—

—

 
—

—

 
—

—

—

 
—

—

 
—

—

—

 
—

—

2019
 
—

—

—

 
—

—

 
1

4,575

3.7
%
 
27.81

3.5
%
 
1

4,575

1.5
%
 
27.81

1.3
%
2020
 
—

—

—

 
—

—

 
—

—

—

 
—

—

 
—

—

—

 
—

—

2021
 
—

—

—

 
—

—

 
—

—

—

 
—

—

 
—

—

—

 
—

—

2022
 
—

—

—

 
—

—

 
1

4,462

3.6
%
 
31.00

3.8
%
 
1

4,462

1.5
%
 
31.00

1.5
%
2023
 
—

—

—

 
—

—

 
—

—

—

 
—

—

 
—

—

—

 
—

—

Thereafter
 
3

70,880

39.8
%
 
42.42

51.5
%
 
6

105,967

84.7
%
 
31.19

90.1
%
 
9

176,847

58.4
%
 
35.69

66.3
%
Total
 
4

177,906

100.0
%
 
$
32.84

100.0
%
 
9

124,971

100.0
%
 
$
29.37

100.0
%
 
13

302,877

100.0
%
 
$
31.41

100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
—

Total Vacant
 
 
 
 
 
15,500

Total Vacant
 
 
 
 
 
15,500

Total Vacant
 
 
 
 
 
 
177,906

Total Square Feet
 
 
 
 
 
140,471

Total Square Feet
 
 
 
 
 
318,377

Total Square Feet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund III:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anchor Tenants
 
Shop Tenants
 
Total Tenants
 
 
 
Gross Leased Area
 
Base Rent
 
 
Gross Leased Area
 
Base Rent
 
 
Gross Leased Area
 
Base Rent
 
 
No. of Leases
Expiring
Percent
 
 
Percent
 
No. of Leases
Expiring
Percent
 
 
Percent
 
No. of Leases
Expiring
Percent
 
 
Percent
Year
 
Expiring
SF
of Total
 
PSF
of Total
 
Expiring
SF
of Total
 
PSF
of Total
 
Expiring
SF
of Total
 
PSF
of Total
M to M 1
 
—

—

—

 
$
—

—

 
                      4

      14,869

3.1
%
 
$
9.81

0.7%

 
                      4

          14,869

1.0
%
 
$
9.81

0.5%

2014
 
—

—

—

 
—

—

 
15

49,926

10.5
%
 
30.67

7.8
%
 
15

49,926

3.3
%
 
30.67

5.0
%
2015
 
3

81,465

7.7
%
 
7.02

5.1
%
 
13

27,049

5.7
%
 
38.71

5.3
%
 
16

108,514

7.1
%
 
14.92

5.2
%
2016
 
1

26,561

2.5
%
 
8.00

1.9
%
 
23

54,548

11.5
%
 
40.10

11.2
%
 
24

81,109

5.3
%
 
29.59

7.8
%
2017
 
2

52,131

4.9
%
 
18.36

8.5
%
 
13

54,065

11.4
%
 
28.06

7.7
%
 
15

106,196

6.9
%
 
23.3

8.0
%
2018
 
5

287,562

27.3
%
 
12.54

32.0
%
 
24

78,628

16.6
%
 
33.90

13.6
%
 
29

366,190

24.0
%
 
17.12

20.3
%
2019
 
3

236,323

22.4
%
 
7.57

15.9
%
 
10

33,854

7.1
%
 
70.26

12.1
%
 
13

270,177

17.7
%
 
15.43

13.5
%
2020
 
—

—

—

 
—

—

 
5

9,046

1.9
%
 
23.88

1.1
%
 
5

9,046

0.6
%
 
23.88

0.7
%
2021
 
1

35,601

3.4
%
 
10.76

3.4
%
 
7

28,392

6.0
%
 
36.22

5.3
%
 
8

63,993

4.2
%
 
22.05

4.6
%
2022
 
1

65,028

6.2
%
 
17.00

9.8
%
 
10

32,038

6.7
%
 
47.16

7.7
%
 
11

97,066

6.4
%
 
26.95

8.5
%
2023
 
2

38,836

3.7
%
 
15.49

5.3
%
 
12

43,421

9.1
%
 
56.52

12.5
%
 
14

82,257

5.4
%
 
37.15

9.9
%
Thereafter
 
4

229,660

21.8
%
 
8.89

18.1
%
 
13

49,241

10.4
%
 
58.82

14.8
%
 
17

278,901

18.2
%
 
17.71

16.0
%
Total
 
22

1,053,167

100.0
%
 
$
10.70

100.0
%
 
149

475,077

100.0
%
 
$
41.21

100.0
%
 
171

1,528,244

100.0
%
 
$
20.18

100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
39,714

Total Vacant
 
 
 
 
 
138,781

Total Vacant
 
 
 
 
 
178,495

Total Vacant
 
 
 
 
 
 
1,092,881

Total Square Feet
 
 
 
 
 
613,858

Total Square Feet
 
 
 
 
 
1,706,739

Total Square Feet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund IV:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anchor Tenants
 
Shop Tenants
 
Total Tenants
 
 
 
Gross Leased Area
 
Base Rent
 
 
Gross Leased Area
 
Base Rent
 
 
Gross Leased Area
 
Base Rent




 
 
No. of Leases
Expiring
Percent
 
 
Percent
 
No. of Leases
Expiring
Percent
 
 
Percent
 
No. of Leases
Expiring
Percent
 
 
Percent
Year
 
Expiring
SF
of Total
 
PSF
of Total
 
Expiring
SF
of Total
 
PSF
of Total
 
Expiring
SF
of Total
 
PSF
of Total
M to M 1
 
—

—

—

 
$
—

—

 
                      4

        8,587

3.7%

 
$
34.00

2.7%

 
                      4

            8,587

1.4
%
 
$
34.00

1.9
%
2014
 
—

—

—

 
—

—

 
                      9

      35,168

15.0%

 
84.89

28.1
%
 
                      9

          35,168

5.9
%
 
84.89

19.4
%
2015
 
—

—

—

 
—

—

 
3

8,879

3.8
%
 
72.90

6.1
%
 
3

8,879

1.5
%
 
72.90

4.2
%
2016
 
—

—

—

 
—

—

 
5

13,175

5.6
%
 
23.07

2.9
%
 
5

13,175

2.2
%
 
23.07

2.0
%
2017
 
1

58,674

16.2
%
 
15.96

19.8
%
 
4

13,438

5.7
%
 
46.43

5.9
%
 
5

72,112

12.1
%
 
21.63

10.2
%
2018
 
—

—

—

 
—

—

 
15

39,733

16.9
%
 
27.99

10.5
%
 
15

39,733

6.7
%
 
27.99

7.2
%
2019
 
1

39,220

10.8
%
 
19.52

16.2
%
 
9

54,938

23.4
%
 
23.42

12.1
%
 
10

94,158

15.8
%
 
21.80

13.4
%
2020
 
1

27,926

7.7
%
 
12.00

7.1
%
 
4

19,900

8.5
%
 
21.14

4.0
%
 
5

47,826

8.0
%
 
15.80

4.9
%
2021
 
1

32,144

8.9
%
 
11.50

7.8
%
 
3

5,235

2.2
%
 
93.49

4.6
%
 
4

37,379

6.3
%
 
22.98

5.6
%
2022
 
2

26,568

7.3
%
 
10.14

5.7
%
 
5

16,009

6.8
%
 
109.99

16.6
%
 
7

42,577

7.1
%
 
47.68

13.2
%
2023
 
1

33,000

9.1
%
 
9.50

6.6
%
 
3

14,063

6.0
%
 
27.50

3.6
%
 
4

47,063

7.9
%
 
14.88

4.6
%
Thereafter
 
2

144,402

40.0
%
 
12.00

36.7
%
 
1

5,350

2.3
%
 
61.00

3.1
%
 
3

149,752

25.1
%
 
13.75

13.4
%
Total
 
9

361,934

100.0
%
 
$
13.05

100.0
%
 
65

234,475

100.0
%
 
$
45.36

100.0
%
 
74

596,409

100.0
%
 
$
25.75

100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
—

Total Vacant
 
 
 
 
 
87,982

Total Vacant
 
 
 
 
 
87,982

Total Vacant
 
 
 
 
 
 
361,934

Total Square Feet
 
 
 
 
 
322,457

Total Square Feet
 
 
 
 
 
684,391

Total Square Feet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Leases currently under month to month or in process of renewal
 
 
 
 
 





Development Activity
 
($ in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated
Estimated Sq.Ft.
 
 
Acquisition & Development Costs
 
Outstanding
 
Property
Ownership
Location
Completion
Upon Completion
Leased Rate 6
Key Tenants
Incurred
 
Estimated Future Range
 
Estimated Total Range
 
Debt
 
FUND II
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
City Point 1
94.2
%
Brooklyn, NY
2015
                 675,000

65% 2
 Century 21, CityTarget, Alamo Drafthouse, Armani Exchange
$
279.2

 
 $ 0.8

to
 $ 30.8

3 

 $ 280.0

to
 $ 310.0

3 

$
264.4

 
Sherman Plaza
99.1
%
New York, NY
 TBD
 TBD

—
 TBD
35.0

 
 TBD

 
 TBD

 
 TBD

 
 TBD

 
—

 
 
 
 
 
 
 
 
$
314.2

 
 TBD

 
 TBD

 
 TBD

 
 TBD

 
$
264.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FUND III
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
723 N. Lincoln Lane 4
95.0
%
Miami Beach, FL
 TBD
 TBD

—
 TBD
$
6.7

 
 TBD

 
 TBD

 
 TBD

 
 TBD

 
$
—

5 

Cortlandt Crossing
100.0
%
Mohegan Lake, NY
2016
 150,000 - 170,000

—
 TBD
12.5

 
34.5

 to
43.5

 
47.0

 to
56.0

 
—

 
3104 M Street NW
80.0
%
Washington, D.C.
 TBD
10,000

—
 TBD
3.1

 
3.9

 to
5.4

 
7.0

 to
8.5

 
—

 
Broad Hollow Commons
100.0
%
Farmingdale, NY
2016
 180,000 - 200,000

—
 TBD
13.7

 
36.3

 to
46.3

 
50.0

 to
60.0

 
—

 
 
 
 
 
 
 
 
$
36

 
 TBD

 
 TBD

 
 TBD

 
 TBD

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FUND IV
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
210 Bowery
100.0
%
New York, NY
2016
10,000
—
 TBD
$
7.8

 
$
3.7

to
$
4.2

 
$
11.5

to
$
12.0

 
$
4.6

 
Broughton Street Portfolio 7
50.0
%
Savannah, GA
 TBD
 TBD
—
 TBD
5.2

 
 TBD

 
 TBD

 
 TBD

 
 TBD

 
—

 
 
 
 
 
 
 
 
$
13.0

 
 TBD

 
 TBD

 
 TBD

 
 TBD

 
$
4.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Acquired a leasehold interest in this property.
 
2 Leased rate calculated on approximately 475,000 rentable square feet.
 
3 Net of anticipated reimbursements from retail tenants and proceeds from residential tower sales.
 
4 This property is part of a three-property portfolio. The other two are operating properties.
 
5 The loan on Fund III's Lincoln Road Portfolio includes this property as collateral. For the purpose of this schedule, the outstanding debt was not allocated among the Portfolio's three properties.
 
6 The leased rate excludes pre-redevelopment tenants.
 
7 The portfolio will be acquired through a series of transactions. Data reflects acquisitions completed as of March 31, 2014 (4 buildings). The portfolio is anticipated to include 18 properties, with an opportunity for add-on investments.
 






Retailer Controlled Property ("RCP") Venture - Overview 1
 
 
 
 
 
 
 
 
 
 
 
 
 
Item
 
Description
Date formed
 
August 2004
 
 
 
 
 
 
 
 
 
 
 
 
 
Partnership structure
 
 
 
 
 
 
 
 
 
 
 
 
Equity Contribution:
 
Up to $300 million of total equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Up to 20% ($60 million) - AKR Fund I ($20 million) and Fund II ($40 million)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
80% - Klaff Realty LP and Lubert-Adler
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flow distribution:
 
20% - AKR Funds
 
 
80% - Four institutional investors
 
 
 
 
 
 
 
 
 
 
 
 
 
Promote:
 
20% to Klaff once all partners (including Klaff) have received 10% preferred return and return
 
 
of equity (50% of first $40 million of AKR Fund equity is not subject to this promote)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining 80% is distributed to all the partners (including Klaff)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RCP Venture - Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table summarizes the RCP Venture investments from inception through March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributions
 
 
 
 
 
 
Years
 
Invested
 
Current
 
From
 
Equity
Investor
 
Investment
 
acquired
 
capital
 
year-to-date
 
inception
 
Multiple
 
 
 
 
 
 
 
 
 
 
 
 
 
Mervyns I and Mervyns II
 
Mervyns
 
2004 through
 
$
33,605

 
$
601

 
$
52,851

 
1.6x
 
 
 
 
2007
 
 
 
 
 
 
 
 
Mervyns II
 
Albertson’s
 
2006 through
 
23,133

 
—

 
86,458

 
3.7x
 
 
 
 
2007
 
 
 
 
 
 
 
 
Fund II and Mervyns II
 
Other investments 2
 
2006 through
 
6,476

 
429

 
7,484

 
1.2x
 
 
 
 
2008
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
$
63,214

 
$
1,030

 
$
146,793

 
2.3x
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
1 The RCP Venture is not a separate AKR Fund, rather it is a venture in which AKR, Funds I and II have invested approximately $63 million in equity.
2 Represents investments in Shopko, Marsh and Rex Stores.







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.