Maryland | 1-12002 | 23-2715194 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit Number | Description |
99.1 | Press release of the Company dated February 17, 2015. |
99.2 | Financial and Operating Reporting Supplement of the Company for the quarter and year ended December 31, 2014. |
Date: February 19, 2015 | ACADIA REALTY TRUST (Registrant) By: /s/ Jonathan Grisham Name: Jonathan Grisham Title: Sr. Vice President and Chief Financial Officer |
• | Generated funds from operations (“FFO”) per share of $0.30 for the fourth quarter and $1.26 for the full year, which included acquisition-related costs of $0.02 and $0.09, respectively; generated earnings per share (“EPS”) of $0.15 for the fourth quarter and $1.18 for the full year |
• | Generated Core Portfolio same-property net operating income (“NOI”) growth of 4.0% for the fourth quarter and 5.2% for the full year, both compared to 2013 |
• | Maintained 97.0% leased rate in the Core Portfolio for the third consecutive quarter |
• | Completed $450.4 million of Core Portfolio acquisitions during 2014, remaining focused on street, urban and high-barrier-to-entry suburban retail properties |
• | Entered into a $155.0 million contract to acquire City Center, a 204,000 square foot, CityTarget-anchored shopping center in San Francisco, California, for the Core Portfolio; including City Center, Core Portfolio acquisition pipeline under contract totals $179.0 million |
• | During January 2015, continued the profitable monetization of Fund III with the sale of Lincoln Park Centre in Chicago, Illinois for $64.0 million, which generated a 57% IRR and 2.7x equity multiple |
• | During and subsequent to the fourth quarter, Fund IV completed $98.3 million of value-add, street-retail acquisitions on the Upper East Side of Manhattan |
• | Maintained conservative leverage levels by match-funding acquisitions; raised $402.3 million of equity through At-the-Market (“ATM”), block deal and operating partnership (“OP”) unit issuances during 2014 |
• | During January 2015, paid a special cash dividend of $0.30 per share, in addition to a regular quarterly dividend of $0.24; the special dividend was sourced primarily from distributable capital gains arising from the Funds’ previously-reported sale of a six-property portfolio in Miami Beach, Florida |
• | Solid 2014 Results, In-Line With Guidance |
• | Strong Operating Metrics Underscore High Quality of Differentiated Core Portfolio |
• | Completed $450.4 Million of Street, Urban & High-Barrier-to-Entry Suburban Core Acquisitions During 2014, Exceeding Original Guidance |
• | $179.0 Million Core Acquisition Pipeline Includes Company’s First West Coast Investment |
• | Fund III Monetization Continues With Highly-Profitable Sale of Completed Street-Retail Redevelopment in Lincoln Park, Chicago; Follows 2014 Sale of Funds’ Lincoln Rd Portfolio |
• | Fund IV Acquires $98.3 Million of Manhattan Street Retail During Fourth Quarter of 2014 |
• | Maintained Conservative Leverage Levels By Match-Funding Acquisitions |
• | $402.3 Million Of Equity Sourced Through Common Share And OP Unit Issuances During 2014 |
December 31, 2014 | |
Core Portfolio only: | |
Fixed-charge coverage ratio | 3.5x |
Net Debt to EBITDA | 3.1x |
Core Portfolio and pro-rata share of Funds: | |
Fixed-charge coverage ratio | 3.5x |
Net Debt to EBITDA | 4.0x |
Net Debt to total Market Capitalization | 16% |
2015 | 2014 | ||
Low | High | Actual | |
Core and pro-rata share of Funds’ portfolio income | $104.3 | $109.3 | $ 87.9 |
Asset and property management fee income, net of taxes | 12.5 | 13.0 | 15.1 |
Transactional fee income, net of taxes | 7.5 | 8.0 | 6.9 |
Other Fund related income, net of taxes | 13.9 | 15.3 | 1.1 |
General and administrative expenses | (29.5) | (29.0) | (27.0) |
FFO | $108.7 | $116.6 | $ 84.0 |
FFO per share | $ 1.48 | $ 1.56 | $ 1.35 |
Guidance Range for 2015 | Low | High |
Earnings per share | $ 0.82 | $ 0.87 |
Depreciation of real estate and amortization of leasing costs | ||
(net of noncontrolling interests' share) | 0.64 | 0.66 |
Noncontrolling interest in Operating Partnership | 0.02 | 0.03 |
FFO per share | $ 1.48 | $ 1.56 |
For the Quarters ended | For the Years ended | |||||||||
December 31, | December 31, | |||||||||
Revenues | 2014 | 2013 | 2014 | 2013 | ||||||
Rental income | $ 38,586 | $ 32,633 | $ 145,103 | $ 122,730 | ||||||
Interest income | 3,388 | 2,535 | 12,607 | 11,800 | ||||||
Expense reimbursements | 8,634 | 7,394 | 32,642 | 28,373 | ||||||
Other property income | 401 | 1,479 | 1,637 | 2,299 | ||||||
Other income | 147 | 62 | 3,023 | 3,084 | ||||||
Total revenues | 51,156 | 44,103 | 195,012 | 168,286 | ||||||
Operating expenses | ||||||||||
Property operating | 7,395 | 8,375 | 28,609 | 25,631 | ||||||
Real estate taxes | 6,157 | 4,973 | 23,062 | 20,922 | ||||||
General and administrative | 6,535 | 8,292 | 27,433 | 25,555 | ||||||
Depreciation and amortization | 13,590 | 11,021 | 49,645 | 40,299 | ||||||
Total operating expenses | 33,677 | 32,661 | 128,749 | 112,407 | ||||||
Operating income | 17,479 | 11,442 | 66,263 | 55,879 | ||||||
Equity in earnings of unconsolidated affiliates | 1,341 | 5,108 | 8,723 | 12,382 | ||||||
Gain on disposition of properties of unconsolidated affiliates | — | — | 102,855 | — | ||||||
Impairment of asset | (1,500) | |||||||||
Loss on extinguishment of debt | (66) | (765) | (335) | (765) | ||||||
Gain on disposition of property | — | — | 13,138 | — | ||||||
Interest expense and other finance costs | (8,764) | (9,668) | (39,091) | (39,474) | ||||||
Income from continuing operations before income taxes | 9,990 | 6,117 | 151,553 | 26,522 | ||||||
Income tax (provision) benefit | (561) | 38 | (629) | (19) | ||||||
Income from continuing operations | 9,429 | 6,155 | 150,924 | 26,503 | ||||||
For the Quarters ended | For the Years ended | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Operating income from discontinued operations 5 | — | 1,424 | — | 6,818 | |||||
Impairment of asset | — | (6,683) | — | (6,683) | |||||
Loss on extinguishment of debt | — | (800) | — | (800) | |||||
Gain on disposition of property | 662 | 14,611 | 1,222 | 18,802 | |||||
Income from discontinued operations | 662 | 8,552 | 1,222 | 18,137 | |||||
Net income | 10,091 | 14,707 | 152,146 | 44,640 | |||||
(Income) loss attributable to noncontrolling interests: | |||||||||
Continuing operations | (88) | 1,420 | (80,059) | 7,523 | |||||
Discontinued operations | (562) | (3,877) | (1,023) | (12,048) | |||||
Net income attributable to noncontrolling interests | (650) | (2,457) | (81,082) | (4,525) | |||||
Net income attributable to Common Shareholders | $ 9,441 | $ 12,250 | $ 71,064 | $ 40,115 | |||||
Income from continuing operations attributable to | |||||||||
Common Shareholders | $ 9,341 | $ 7,575 | $ 70,865 | $ 34,026 | |||||
Income from discontinued operations | |||||||||
attributable to Common Shareholders | 100 | 4,675 | 199 | 6,089 | |||||
Net income attributable to Common Shareholders | 9,441 | 12,250 | 71,064 | 40,115 | |||||
Less: Net Income attributable to participating securities | (115) | (189) | (1,156) | (685) | |||||
Net Income attributable to Common Shareholders - basic | $ 9,326 | $ 12,061 | $ 69,908 | $ 39,430 | |||||
Weighted average shares for basic earnings per share | 63,866 | 55,576 | 59,402 | 54,919 | |||||
Net Earnings per share - basic and diluted | $ 0.15 | $ 0.22 | $ 1.18 | $ 0.72 | |||||
Basic and diluted earnings per share - Continuing Operations 2 | $ 0.15 | $ 0.14 | $ 1.18 | $ 0.61 | |||||
Basic and diluted earnings per share - Discontinued Operations 2 | — | $ 0.08 | — | $ 0.11 | |||||
For the Quarters ended | For the Years ended | ||||||
December 31, | December 31, | ||||||
2014 | 2013 | 2014 | 2013 | ||||
Net income attributable to Common Shareholders | $ 9,441 | $ 12,250 | $ 71,064 | $ 40,115 | |||
Depreciation of real estate and amortization of leasing costs | |||||||
(net of noncontrolling interests' share) | 10,414 | 8,309 | 38,020 | 31,432 | |||
Impairment of asset | 1,500 | ||||||
Gain on disposition (net of noncontrolling interests’ share) | (258) | (5,602) | (33,438) | (6,378) | |||
Income attributable to noncontrolling interests’ in | |||||||
Operating Partnership | 550 | 141 | 3,203 | 470 | |||
Distributions - Preferred OP Units | 14 | 6 | 33 | 22 | |||
Funds from operations | $ 20,161 | $ 15,104 | $ 78,882 | $ 67,161 | |||
Funds from operations per share - Diluted | |||||||
Weighted average Common Shares and OP Units 4 | 67,836 | 56,572 | 62,420 | 55,954 | |||
Funds from operations, per share | $ 0.30 | $ 0.27 | $ 1.26 | $ 1.20 | |||
For the Quarters ended | For the Years ended | ||||||
December 31, | December 31, | ||||||
2014 | 2013 | 2014 | 2013 | ||||
Operating income | $ 17,479 | $ 11,442 | $ 66,263 | $ 55,879 | |||
Add back: | |||||||
General and administrative | 6,535 | 8,292 | 27,433 | 25,555 | |||
Depreciation and amortization | 13,590 | 11,021 | 49,645 | 40,299 | |||
Less: | |||||||
Interest income | (3,388) | (2,535) | (12,607) | (11,800) | |||
Straight line rent and other adjustments | (2,536) | (1,686) | (8,626) | (5,910) | |||
Consolidated NOI | 31,680 | 26,534 | 122,108 | 104,023 | |||
Noncontrolling interest in NOI | (10,025) | (8,367) | (38,862) | (33,856) | |||
Pro-rata share of NOI | 21,655 | 18,167 | 83,246 | 70,167 | |||
Operating Partnerships’ interest in Opportunity Funds | (1,678) | (1,314) | (6,280) | (5,342) | |||
Operating Partnerships’ share of unconsolidated joint ventures 1 | 1,680 | 711 | 4,366 | 2,792 | |||
NOI - Core Portfolio | $ 21,657 | $ 17,564 | $ 81,332 | $ 67,617 | |||
Note: | |||||||
1 Does not include share of unconsolidated joint ventures within Opportunity Funds |
SELECTED BALANCE SHEET INFORMATION | ||||
As of | ||||
December 31, 2014 | December 31, 2013 | |||
(dollars in thousands) | ||||
Cash and cash equivalents | $ 217,580 | $ 79,189 | ||
Rental property, at cost | 1,761,205 | 1,481,700 | ||
Total assets | 2,732,600 | 2,264,957 | ||
Notes payable | 1,130,481 | 1,039,997 | ||
Total liabilities | 1,296,643 | 1,143,369 |
Table of Contents | ||||
Year Ended 2014 | ||||
Section I - Fourth Quarter 2014 Earnings Press Release | ||||
Section II - Financial Information | Section III - Core Portfolio Information | |||
Company Information…………………………………………… | 4 | Core Properties……………………………………… | 24 | |
Market Capitalization…………………………………… | 5 | Core Top Tenants…………………………………… | 26 | |
Operating Statements | Core Lease Expirations…………………………… | 27 | ||
Pro-rata Consolidation………………………… | 6 | Core New and Renewal Rent Spreads……………… | 28 | |
Funds…………………… | 7 | Core Capital Expenditures………………………… | 29 | |
Funds from Operations ("FFO"), Adjusted FFO ("AFFO") | Portfolio Demographics………………………… | 30 | ||
and Funds Available for Distribution ("FAD")… | 9 | |||
EBITDA……………………………………………… | 10 | |||
Same Property Net Operating Income…………………………… | 11 | Section IV - Fund Information | ||
Fee Income………………………………………… | 12 | |||
Balance Sheet - Pro-rata Consolidation……………… | 13 | Fund Overview……………………………………… | 33 | |
Structured Financing…………………………………………… | 14 | Fund Properties……………………………………… | 34 | |
Other Information | Fund Lease Expirations……………………………… | 35 | ||
2014 Transactional Activity………………………………… | 15 | Development Activity………………………………… | 36 | |
2015 Guidance…………………………………… | 16 | RCP Venture Investments…………………………… | 37 | |
Net Asset Valuation Information……………………………… | 17 | |||
Selected Financial Ratios………………………………………… | 18 | |||
Debt Analysis | ||||
Summary…………………………………………… | 19 | Important Notes…………………………………… | 38 | |
Detail…………………………………………… | 20 | |||
Maturities………………………………………… | 23 | |||
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. 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 |
Market Capitalization | ||||||||||||||||||
(including pro-rata share of Fund debt, in thousands) | ||||||||||||||||||
Capitalization | ||||||||||||||||||
Total Market Capitalization | based on | |||||||||||||||||
$ | % | Net Debt 1 | ||||||||||||||||
Equity Capitalization | ||||||||||||||||||
Common Shares | 68,109 | |||||||||||||||||
Common Operating Partnership ("OP") Units | 3,664 | ![]() | ||||||||||||||||
Combined Common Shares and OP Units | 71,773 | |||||||||||||||||
Share Price at December 31, 2014 | $ | 32.03 | ||||||||||||||||
Equity Capitalization - Common Shares and OP Units | $ | 2,298,889 | ||||||||||||||||
Preferred OP Units | 803 | 2 | ||||||||||||||||
Total Equity Capitalization | 2,299,692 | 79% | 84% | |||||||||||||||
Debt Capitalization | ||||||||||||||||||
Consolidated debt | 1,127,538 | |||||||||||||||||
Adjustment to reflect pro-rata share of debt | (510,815 | ) | ||||||||||||||||
Total Debt Capitalization | 616,723 | 21% | 16% | |||||||||||||||
Total Market Capitalization | $ | 2,916,415 | 100% | 100% | ||||||||||||||
Weighted Average Outstanding Common Shares and OP Units | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
December 31, 2014 | Changes in Total Common Shares Outstanding and OP Units | |||||||||||||||||
Year-to-date | Quarter | |||||||||||||||||
Weighted average Common Shares - Basic EPS | 59,402 | 63,866 | Common Shares | OP Units | Total | |||||||||||||
Dilutive potential Common Shares | 309 | 375 | Balance @ 12/31/2013 | 55,643 | 1,954 | 57,597 | ||||||||||||
Weighted average Common Shares - Diluted EPS | 59,711 | 64,241 | Issuance | 12,236 | 1,577 | 13,813 | ||||||||||||
OP Units | 2,684 | 3,570 | Other | 230 | 133 | 363 | ||||||||||||
Dilutive potential OP Units | 25 | 25 | ||||||||||||||||
Weighted average Common Shares and OP Units - Diluted FFO | 62,420 | 67,836 | Balance @ 12/31/2014 | 68,109 | 3,664 | 71,773 | ||||||||||||
Notes: | ||||||||||||||||||
1 Reflects debt net of Core Portfolio cash balance of | $ | 178,366 | ||||||||||||||||
pro-rata share of Funds cash balance of | 8,057 | |||||||||||||||||
and pro-rata share of restricted cash relating to City Point financing of | 6,030 | |||||||||||||||||
for total cash netted against debt of | $ | 192,453 | ||||||||||||||||
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) | ||||||||||||||||||||||||
Year-to-date ended December 31, 2014 | Three months ended December 31, 2014 | |||||||||||||||||||||||
Core Portfolio | Funds | Total | Core Portfolio | Funds | Total | |||||||||||||||||||
CORE PORTFOLIO AND FUND INCOME | ||||||||||||||||||||||||
PROPERTY REVENUES | ||||||||||||||||||||||||
Minimum rents | $ | 87,511 | $ | 11,581 | $ | 99,092 | $ | 23,545 | $ | 2,800 | $ | 26,345 | ||||||||||||
Percentage rents | 215 | 65 | 280 | 1 | 13 | 14 | ||||||||||||||||||
Expense reimbursements - CAM | 8,885 | 1,523 | 10,408 | 2,489 | 382 | 2,871 | ||||||||||||||||||
Expense reimbursements - Taxes | 12,209 | 1,606 | 13,815 | 3,384 | 405 | 3,789 | ||||||||||||||||||
Other property income | 336 | 193 | 529 | 123 | 50 | 173 | ||||||||||||||||||
Total Property Revenues | 109,156 | 14,968 | 124,124 | 29,542 | 3,650 | 33,192 | ||||||||||||||||||
PROPERTY EXPENSES | ||||||||||||||||||||||||
Property operating - CAM | 11,354 | 1,934 | 13,288 | 3,382 | 515 | 3,897 | ||||||||||||||||||
Other property operating (Non-CAM) | 2,016 | 627 | 2,643 | 624 | 108 | 732 | ||||||||||||||||||
Real estate taxes | 14,457 | 2,290 | 16,747 | 3,879 | 538 | 4,417 | ||||||||||||||||||
Total Property Expenses | 27,827 | 4,851 | 32,678 | 7,885 | 1,161 | 9,046 | ||||||||||||||||||
NET OPERATING INCOME - PROPERTIES | 81,329 | 10,117 | 91,446 | 21,657 | 2,489 | 24,146 | ||||||||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||||||
Interest income | 11,542 | 250 | 11,792 | 2,921 | (2 | ) | 2,919 | |||||||||||||||||
Straight-line rent income | 2,810 | 772 | 3,582 | 740 | 196 | 936 | ||||||||||||||||||
Straight-line ground rent | — | (4 | ) | (4 | ) | — | (4 | ) | (4 | ) | ||||||||||||||
Above/below market rent | 2,666 | 844 | 3,510 | 793 | 217 | 1,010 | ||||||||||||||||||
Interest expense | (20,905 | ) | (2,884 | ) | (23,789 | ) | (5,373 | ) | (486 | ) | (5,859 | ) | ||||||||||||
Amortization of finance costs | (1,014 | ) | (520 | ) | (1,534 | ) | (278 | ) | (119 | ) | (397 | ) | ||||||||||||
Above/below market interest expense | 1,024 | 81 | 1,105 | 499 | 8 | 507 | ||||||||||||||||||
Asset and property management expense | (130 | ) | (261 | ) | (391 | ) | (24 | ) | (59 | ) | (83 | ) | ||||||||||||
Other income/(expense) | 2,075 | (14 | ) | 2,061 | 46 | (2 | ) | 44 | ||||||||||||||||
Transaction costs | (4,611 | ) | (553 | ) | (5,164 | ) | (1,557 | ) | (88 | ) | (1,645 | ) | ||||||||||||
CORE PORTFOLIO AND FUND INCOME | 74,786 | 7,828 | 82,614 | 19,424 | 2,150 | 21,574 | ||||||||||||||||||
FEE INCOME | ||||||||||||||||||||||||
Asset and property management fees | 15,111 | — | 15,111 | 3,625 | — | 3,625 | ||||||||||||||||||
Transactional fees 2 | 7,043 | — | 7,043 | 1,557 | — | 1,557 | ||||||||||||||||||
Income tax provision | (178 | ) | (12 | ) | (190 | ) | (93 | ) | — | (93 | ) | |||||||||||||
Total Fee Income | 21,976 | (12 | ) | 21,964 | 5,089 | — | 5,089 | |||||||||||||||||
PROMOTE, RCP AND OTHER INCOME | ||||||||||||||||||||||||
Equity in earnings (losses) from RCP investments | — | 297 | 297 | — | 120 | 120 | ||||||||||||||||||
Promote income - Fund capital transactions | 156 | — | 156 | — | — | — | ||||||||||||||||||
Other income | 732 | — | 732 | — | — | — | ||||||||||||||||||
Loss on extinguishment of debt | (5 | ) | (99 | ) | (104 | ) | — | (14 | ) | (14 | ) | |||||||||||||
Provision for income taxes (RCP) | — | (76 | ) | (76 | ) | — | (92 | ) | (92 | ) | ||||||||||||||
Total Promote, RCP and Other Income | 883 | 122 | 1,005 | — | 14 | 14 | ||||||||||||||||||
General and Administrative | (26,604 | ) | (409 | ) | (27,013 | ) | (6,231 | ) | (128 | ) | (6,359 | ) | ||||||||||||
Depreciation and amortization | (33,582 | ) | (4,438 | ) | (38,020 | ) | (9,275 | ) | (1,139 | ) | (10,414 | ) | ||||||||||||
Non-real estate depreciation and amortization | (523 | ) | — | (523 | ) | (130 | ) | — | (130 | ) | ||||||||||||||
Gain on disposition of properties | 12,393 | 21,018 | 33,411 | — | 231 | 231 | ||||||||||||||||||
Gain on disposition of land | 190 | 672 | 862 | — | — | — | ||||||||||||||||||
Income before noncontrolling interests | 49,519 | 24,781 | 74,300 | 8,877 | 1,128 | 10,005 |
Noncontrolling interest - OP | (2,114 | ) | (1,122 | ) | (3,236 | ) | (501 | ) | (63 | ) | (564 | ) | ||||||||||||
NET INCOME | $ | 47,405 | $ | 23,659 | $ | 71,064 | $ 8,376 | $ 1,065 | $ 9,441 | |||||||||||||||
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) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date ended December 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 | $ | 106 | $ | 23 | $ | — | $ | — | $ | 12,660 | $ | 2,532 | $ | — | $ | — | $ | 29,903 | $ | 5,951 | $ | 13,299 | $ | 3,075 | $ | 11,581 | |||||||||||||||||||||||||
Percentage rents | — | — | — | — | — | — | — | — | 292 | 58 | 34 | 7 | 65 | ||||||||||||||||||||||||||||||||||||||
Expense reimbursements - CAM | — | — | — | — | 1,160 | 232 | — | — | 4,899 | 976 | 1,366 | 315 | 1,523 | ||||||||||||||||||||||||||||||||||||||
Expense reimbursements - Taxes | — | — | — | — | 479 | 95 | — | — | 5,694 | 1,133 | 1,641 | 378 | 1,606 | ||||||||||||||||||||||||||||||||||||||
Other property income | 4 | 1 | — | — | 464 | 93 | — | — | 421 | 83 | 68 | 16 | 193 | ||||||||||||||||||||||||||||||||||||||
Total Property Revenues | 110 | 24 | — | — | 14,763 | 2,952 | — | — | 41,209 | 8,201 | 16,408 | 3,791 | 14,968 | ||||||||||||||||||||||||||||||||||||||
PROPERTY EXPENSES | |||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating - CAM | 22 | 5 | — | — | 2,132 | 426 | — | — | 5,358 | 1,066 | 1,887 | 437 | 1,934 | ||||||||||||||||||||||||||||||||||||||
Other property operating (Non-CAM) | 83 | 19 | — | — | 1,653 | 331 | — | — | 1,169 | 233 | 188 | 44 | 627 | ||||||||||||||||||||||||||||||||||||||
Real estate taxes | 27 | 5 | — | — | 1,405 | 281 | — | — | 7,285 | 1,450 | 2,399 | 554 | 2,290 | ||||||||||||||||||||||||||||||||||||||
Total Property Expenses | 132 | 29 | — | — | 5,190 | 1,038 | — | — | 13,812 | 2,749 | 4,474 | 1,035 | 4,851 | ||||||||||||||||||||||||||||||||||||||
NET OPERATING INCOME - PROPERTIES | (22 | ) | (5 | ) | — | — | 9,573 | 1,914 | — | — | 27,397 | 5,452 | 11,934 | 2,756 | 10,117 | ||||||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | — | — | — | — | 16 | 4 | — | — | 334 | 66 | 779 | 180 | 250 | ||||||||||||||||||||||||||||||||||||||
Straight-line rent income | — | — | — | — | 981 | 196 | — | — | 1,518 | 302 | 1,188 | 274 | 772 | ||||||||||||||||||||||||||||||||||||||
Straight-line ground rent | — | — | — | — | (12 | ) | (4 | ) | — | — | — | — | — | — | (4 | ) | |||||||||||||||||||||||||||||||||||
Above/below market rent | — | — | — | — | — | — | — | — | 1,734 | 345 | 2,161 | 499 | 844 | ||||||||||||||||||||||||||||||||||||||
Interest expense | (4 | ) | — | — | — | (4,463 | ) | (893 | ) | — | — | (5,971 | ) | (1,188 | ) | (3,472 | ) | (803 | ) | (2,884 | ) | ||||||||||||||||||||||||||||||
Amortization of finance costs | — | — | — | — | (241 | ) | (49 | ) | — | — | (1,005 | ) | (200 | ) | (1,170 | ) | (271 | ) | (520 | ) | |||||||||||||||||||||||||||||||
Above/below market interest expense | — | — | — | — | — | — | — | — | 409 | 81 | — | — | 81 | ||||||||||||||||||||||||||||||||||||||
Asset and property management expense 2 | 2 | — | — | — | (200 | ) | (40 | ) | — | — | (539 | ) | (108 | ) | (489 | ) | (113 | ) | (261 | ) | |||||||||||||||||||||||||||||||
Other income/(expense) | (88 | ) | (19 | ) | — | — | 250 | 50 | — | — | (148 | ) | (29 | ) | (72 | ) | (16 | ) | (14 | ) | |||||||||||||||||||||||||||||||
Transaction costs | — | — | — | — | — | — | — | — | (245 | ) | (48 | ) | (2,184 | ) | (505 | ) | (553 | ) | |||||||||||||||||||||||||||||||||
Fund Income | (112 | ) | (24 | ) | — | — | 5,904 | 1,178 | — | — | 23,484 | 4,673 | 8,675 | 2,001 | 7,828 | ||||||||||||||||||||||||||||||||||||
FEE INCOME | |||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision | (2 | ) | — | — | — | (17 | ) | (3 | ) | — | — | (44 | ) | (9 | ) | — | — | (12 | ) | ||||||||||||||||||||||||||||||||
Total Fee Income | (2 | ) | — | — | — | (17 | ) | (3 | ) | — | — | (44 | ) | (9 | ) | — | — | (12 | ) | ||||||||||||||||||||||||||||||||
PROMOTE, RCP AND OTHER INCOME | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings from RCP investments | — | — | 410 | 91 | — | — | 1,029 | 206 | — | — | — | — | 297 | ||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | — | (62 | ) | (12 | ) | — | — | (435 | ) | (87 | ) | — | — | (99 | ) | |||||||||||||||||||||||||||||||||
Provision for income taxes (RCP) | — | — | — | — | — | — | — | — | (385 | ) | (76 | ) | — | — | (76 | ) | |||||||||||||||||||||||||||||||||||
Total Promote, RCP and Other Income | — | — | 410 | 91 | (62 | ) | (12 | ) | 1,029 | 206 | (820 | ) | (163 | ) | — | — | 122 | ||||||||||||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE | (21 | ) | (5 | ) | (11 | ) | (3 | ) | (511 | ) | (102 | ) | (22 | ) | (4 | ) | (825 | ) | (163 | ) | (574 | ) | (132 | ) | (409 | ) | |||||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | (2,766 | ) | (552 | ) | — | — | (12,383 | ) | (2,464 | ) | (6,151 | ) | (1,422 | ) | (4,438 | ) | |||||||||||||||||||||||||||||||
Gain on disposition of properties | — | — | — | — | (341 | ) | (68 | ) | — | — | 62,451 | 12,100 | 38,866 | 8,986 | 21,018 | ||||||||||||||||||||||||||||||||||||
Gain on disposition of land | — | — | — | — | 561 | 112 | — | — | 1,168 | 560 | — | — | 672 | ||||||||||||||||||||||||||||||||||||||
Income before noncontrolling interest | (135 | ) | (29 | ) | 399 | 88 | 2,768 | 553 | 1,007 | 202 | 73,031 | 14,534 | 40,816 | 9,433 | 24,781 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest - OP | 5 | 1 | (18 | ) | (4 | ) | (150 | ) | (30 | ) | (50 | ) | (10 | ) | (3,291 | ) | (655 | ) | (1,834 | ) | (424 | ) | (1,122 | ) | |||||||||||||||||||||||||||
NET INCOME | $ | (130 | ) | $ | (28 | ) | $ | 381 | $ | 84 | $ | 2,618 | $ | 523 | $ | 957 | $ | 192 | $ | 69,740 | $ | 13,879 | $ | 38,982 | $ | 9,009 | $ | 23,659 | |||||||||||||||||||||||
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 revenuesand expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. | |||||||||||||||||||||||||||||||||||||||||||||||||||
The Company currently invests in Funds I, II, III & 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. |
Income Statements - Funds 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended December 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 | $ | 15 | $ | 3 | $ | — | $ | — | $ | 3,282 | $ | 656 | — | — | 7,244 | $ | 1,442 | $ | 3,023 | $ | 699 | $ | 2,800 | ||||||||||||||||||||||||||||
Percentage rents | — | — | — | — | — | — | — | — | 61 | 12 | 5 | 1 | 13 | ||||||||||||||||||||||||||||||||||||||
Expense reimbursements - CAM | — | — | — | — | 239 | 48 | — | — | 1,305 | 260 | 322 | 74 | 382 | ||||||||||||||||||||||||||||||||||||||
Expense reimbursements - Taxes | — | — | — | — | 142 | 28 | — | — | 1,507 | 300 | 335 | 77 | 405 | ||||||||||||||||||||||||||||||||||||||
Other property income | — | — | — | — | 99 | 20 | — | — | 162 | 32 | (10 | ) | (2 | ) | 50 | ||||||||||||||||||||||||||||||||||||
Total Property Revenues | 15 | 3 | — | — | 3,762 | 752 | — | — | 10,279 | 2,046 | 3,675 | 849 | 3,650 | ||||||||||||||||||||||||||||||||||||||
PROPERTY EXPENSES | |||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating - CAM | 6 | 1 | — | — | 477 | 95 | — | — | 1,527 | 304 | 496 | 115 | 515 | ||||||||||||||||||||||||||||||||||||||
Other property operating (Non-CAM) | 16 | 4 | — | — | 376 | 75 | — | — | 118 | 23 | 25 | 6 | 108 | ||||||||||||||||||||||||||||||||||||||
Real estate taxes | 21 | 5 | — | — | 340 | 68 | — | — | 1,781 | 354 | 481 | 111 | 538 | ||||||||||||||||||||||||||||||||||||||
Total Property Expenses | 43 | 10 | — | — | 1,193 | 238 | — | — | 3,426 | 681 | 1,002 | 232 | 1,161 | ||||||||||||||||||||||||||||||||||||||
NET OPERATING INCOME - PROPERTIES | (28 | ) | (7 | ) | — | — | 2,569 | 514 | — | — | 6,853 | 1,365 | 2,673 | 617 | 2,489 | ||||||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | — | — | — | — | 5 | 1 | — | — | 148 | 29 | (139 | ) | (32 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||
Straight-line rent income | — | — | — | — | 216 | 43 | — | — | 324 | 64 | 386 | 89 | 196 | ||||||||||||||||||||||||||||||||||||||
Straight-line ground rent | — | — | — | — | (18 | ) | (4 | ) | — | — | — | — | — | — | (4 | ) | |||||||||||||||||||||||||||||||||||
Above/below market rent | — | — | — | — | — | — | — | — | 382 | 76 | 609 | 141 | 217 | ||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | (90 | ) | (18 | ) | — | — | (1,355 | ) | (270 | ) | (857 | ) | (198 | ) | (486 | ) | |||||||||||||||||||||||||||||||
Amortization of finance costs | — | — | — | — | (53 | ) | (11 | ) | — | — | (227 | ) | (45 | ) | (273 | ) | (63 | ) | (119 | ) | |||||||||||||||||||||||||||||||
Above/below market interest expense | — | — | — | — | — | — | — | — | 41 | 8 | — | — | 8 | ||||||||||||||||||||||||||||||||||||||
Asset and property management expense 2 | 2 | — | — | — | (44 | ) | (9 | ) | — | — | (95 | ) | (19 | ) | (134 | ) | (31 | ) | (59 | ) | |||||||||||||||||||||||||||||||
Other income/(expense) | (1 | ) | — | — | — | — | — | — | — | — | — | (9 | ) | (2 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||
Transaction costs | — | — | — | — | — | — | — | — | (146 | ) | (29 | ) | (257 | ) | (59 | ) | (88 | ) | |||||||||||||||||||||||||||||||||
Fund Income | (27 | ) | (7 | ) | — | — | 2,585 | 516 | — | — | 5,925 | 1,179 | 1,999 | 462 | 2,150 | ||||||||||||||||||||||||||||||||||||
FEE INCOME | |||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total Fee Income | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
PROMOTE, RCP AND OTHER INCOME | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) from RCP investments | — | — | — | — | — | — | 600 | 120 | — | — | — | — | 120 | ||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | — | (62 | ) | (12 | ) | — | — | (12 | ) | (2 | ) | — | — | (14 | ) | |||||||||||||||||||||||||||||||||
Provision for income taxes (RCP) | — | — | — | — | — | — | — | — | (464 | ) | (92 | ) | — | — | (92 | ) | |||||||||||||||||||||||||||||||||||
Total Promote, RCP and Other Income | — | — | — | — | (62 | ) | (12 | ) | 600 | 120 | (476 | ) | (94 | ) | — | — | 14 | ||||||||||||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE | (32 | ) | (7 | ) | (6 | ) | (2 | ) | (116 | ) | (23 | ) | (10 | ) | (2 | ) | (217 | ) | (43 | ) | (220 | ) | (51 | ) | (128 | ) | |||||||||||||||||||||||||
Depreciation and amortization | (1 | ) | — | — | — | (617 | ) | (123 | ) | — | — | (3,171 | ) | (631 | ) | (1,666 | ) | (385 | ) | (1,139 | ) |
Gain on disposition of properties | — | — | — | — | 524 | 105 | — | — | 633 | 126 | — | — | 231 | ||||||||||||||||||||||||||||||||||||||
Gain on disposition of land | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Income before noncontrolling interest | (60 | ) | (14 | ) | (6 | ) | (2 | ) | 2,314 | 463 | 590 | 118 | 2,694 | 537 | 113 | 26 | 1,128 | ||||||||||||||||||||||||||||||||||
Noncontrolling interest - OP | 5 | 1 | — | — | (130 | ) | (26 | ) | (35 | ) | (7 | ) | (151 | ) | (30 | ) | (4 | ) | (1 | ) | (63 | ) | |||||||||||||||||||||||||||||
NET INCOME | $ | (55 | ) | $ | (13 | ) | $ | (6 | ) | $ | (2 | ) | $ | 2,184 | $ | 437 | $ | 555 | $ | 111 | $ | 2,543 | $ | 507 | $ | 109 | $ | 25 | $ | 1,065 | |||||||||||||||||||||
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 revenuesand expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. | |||||||||||||||||||||||||||||||||||||||||||||||||||
The Company currently invests inFunds 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 | Current | Previous | Previous | Previous | |||||||||||||||||
Year-to-Date | Quarter | Quarter | Quarter | Quarter | Year-to-Date | Quarter | |||||||||||||||
Period ended | 3 months ended | 3 months ended | 3 months ended | 3 months ended | Period ended | 3 months ended | |||||||||||||||
Funds from operations ("FFO"): | December 31, 2014 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | December 31, 2013 | ||||||||||||||
Net Income | $ | 71,064 | $ | 9,441 | $ | 28,564 | $ | 11,464 | $ | 21,595 | $ 40,115 | $ 12,250 | |||||||||
Add back: | |||||||||||||||||||||
Depreciation of real estate and amortization of leasing costs: | |||||||||||||||||||||
(net of noncontrolling interest share) | 38,020 | 10,414 | 9,766 | 8,987 | 8,853 | 31,432 | 8,309 | ||||||||||||||
Gain on disposition of properties (net of noncontrolling interest share) | (33,438 | ) | (258 | ) | (20,953 | ) | 166 | (12,393 | ) | (6,378) | (5,602) | ||||||||||
Impairment of asset | — | — | — | — | — | 1,500 | — | ||||||||||||||
Income attributable to noncontrolling interests' | |||||||||||||||||||||
share in Operating Partnership | 3,236 | 564 | 1,350 | 459 | 863 | 492 | 147 | ||||||||||||||
FFO | $ | 78,882 | $ | 20,161 | $ | 18,727 | $ | 21,076 | $ | 18,918 | $ 67,161 | $ 15,104 | |||||||||
Add back: Transaction costs | 5,164 | 1,645 | 1,721 | 1,124 | 674 | 3,477 | 1,413 | ||||||||||||||
FFO before transaction costs | $ | 84,046 | $ | 21,806 | $ | 20,448 | $ | 22,200 | $ | 19,592 | $ 70,638 | $ 16,517 | |||||||||
Adjusted Funds from operations ("AFFO"): | |||||||||||||||||||||
Diluted FFO | $ | 78,882 | $ | 20,161 | $ | 18,727 | $ | 21,076 | $ | 18,918 | $ 67,161 | $ 15,104 | |||||||||
Straight-line rent, net | (3,582 | ) | (936 | ) | (909 | ) | (1,012 | ) | (725 | ) | (3,621) | (727) | |||||||||
Straight-line ground rent | 4 | 4 | — | — | — | 70 | 8 | ||||||||||||||
Above/below market rent | (3,510 | ) | (1,010 | ) | (664 | ) | (947 | ) | (889 | ) | (4,457) | (1,797) | |||||||||
Amortization of finance costs | 1,534 | 397 | 375 | 388 | 374 | 1,433 | 282 | ||||||||||||||
Above/below market interest | (1,105 | ) | (507 | ) | (200 | ) | (199 | ) | (199 | ) | (1,406) | (217) | |||||||||
Loss (gain) on extinguishment of debt | 104 | 14 | 2 | 16 | 72 | 617 | 617 | ||||||||||||||
Non-real estate depreciation | 523 | 136 | 130 | 130 | 127 | 456 | 126 | ||||||||||||||
Leasing commissions | (939 | ) | (228 | ) | (134 | ) | (401 | ) | (176 | ) | (1,676) | (400) | |||||||||
Tenant improvements | (3,962 | ) | (1,411 | ) | (1,259 | ) | (853 | ) | (439 | ) | (4,057) | (1,047) | |||||||||
Capital expenditures | (964 | ) | (187 | ) | (187 | ) | (146 | ) | (444 | ) | (2,592) | (1,567) | |||||||||
AFFO | $ | 66,985 | $ | 16,433 | $ | 15,881 | $ | 18,052 | $ | 15,535 | $ 51,928 | $ 10,382 | |||||||||
Funds Available for Distribution ("FAD"): | |||||||||||||||||||||
AFFO | $ | 66,985 | $ | 16,433 | $ | 15,881 | $ | 18,052 | $ | 15,535 | $ 51,928 | $ 10,382 | |||||||||
Scheduled principal repayments | (5,694 | ) | (1,550 | ) | (1,620 | ) | (1,059 | ) | (1,465 | ) | (6,029) | (1,492) | |||||||||
FAD | $ | 61,291 | $ | 14,883 | $ | 14,261 | $ | 16,993 | $ | 14,070 | $ 45,899 | $ 8,890 | |||||||||
Total weighted average diluted shares and OP Units: | $ | 62,420 | $ | 67,836 | $ | 62,483 | $ | 60,521 | $ | 58,419 | 55,954 | 56,572 | |||||||||
Diluted FFO per share: | |||||||||||||||||||||
FFO | $ | 1.26 | $ | 0.30 | $ | 0.30 | $ | 0.35 | $ | 0.32 | $ 1.20 | $ 0.27 | |||||||||
FFO before transaction costs | $ | 1.35 | $ | 0.32 | $ | 0.33 | $ | 0.37 | $ | 0.34 | $ 1.26 | $ 0.29 | |||||||||
AFFO | $ | 1.07 | $ | 0.24 | $ | 0.25 | $ | 0.30 | $ 0.27 | $ 0.93 | $ 0.18 | ||||||||||
AFFO before transaction costs | $ | 1.16 | $ | 0.27 | $ | 0.28 | $ | 0.32 | $ 0.28 | $ 0.99 | $ 0.21 | ||||||||||
FAD | $ | 0.98 | $ | 0.22 | $ | 0.23 | $ | 0.28 | $ 0.24 | $ 0.82 | $ 0.16 | ||||||||||
FAD before transaction costs | $ | 1.06 | $ | 0.24 | $ | 0.26 | $ | 0.30 | $ 0.25 | $ 0.88 | $ 0.18 | ||||||||||
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. |
EBITDA | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Year-to-Date | Current Quarter | |||||||||||||||||||||||
Period ended December 31, 2014 | Three months ended December 31, 2014 | |||||||||||||||||||||||
Core | Core | |||||||||||||||||||||||
Portfolio | Funds | TOTAL | Portfolio | Funds | TOTAL | |||||||||||||||||||
NET INCOME | $ | 47,405 | $ | 23,659 | $ | 71,064 | $ | 8,376 | $ | 1,065 | $ | 9,441 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||
Depreciation and amortization | 34,105 | 4,438 | 38,543 | 9,405 | 1,139 | 10,544 | ||||||||||||||||||
Interest expense | 20,905 | 2,884 | 23,789 | 5,373 | 486 | 5,859 | ||||||||||||||||||
Amortization of finance costs | 1,014 | 520 | 1,534 | 278 | 119 | 397 | ||||||||||||||||||
Above/below market interest | (1,024 | ) | (81 | ) | (1,105 | ) | (499 | ) | (8 | ) | (507 | ) | ||||||||||||
Gain on disposition of properties | (12,393 | ) | (21,018 | ) | (33,411 | ) | — | (231 | ) | (231 | ) | |||||||||||||
Provision for income taxes | 178 | 88 | 266 | 93 | 92 | 185 | ||||||||||||||||||
Loss on extinguishment of debt | 5 | 99 | 104 | — | 14 | 14 | ||||||||||||||||||
Noncontrolling interest - OP | 2,114 | 1,122 | 3,236 | 501 | 63 | 564 | ||||||||||||||||||
EBITDA | $ | 92,309 | $ | 11,711 | $ | 104,020 | $ | 23,527 | $ | 2,739 | $ | 26,266 |
Core Portfolio | |||||||||||||||||||
Same Property Performance 1 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Quarter | Year-to-Date | ||||||||||||||||||
Three months ended | Percentage Growth in Same | Period ended | Percentage Growth in Same | ||||||||||||||||
Property NOI - | Property NOI - | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | % of Line Item | December 31, 2014 | December 31, 2013 | % of Line Item | ||||||||||||||
Revenue | |||||||||||||||||||
Minimum rents | $ | 16,326 | $ | 15,832 | 3.1% | $ | 66,299 | $ | 63,634 | 4.2% | |||||||||
Expense reimbursements | 4,774 | 3,932 | 21.4% | 18,145 | 16,686 | 8.7% | |||||||||||||
Other property income | 86 | 100 | (14.0)% | 630 | 658 | (4.3)% | |||||||||||||
Total Revenue | 21,186 | 19,864 | 6.7% | 85,074 | 80,978 | 5.1% | |||||||||||||
Expenses | |||||||||||||||||||
Property operating - CAM & Real estate taxes | 5,662 | 4,804 | -17.9% | 21,353 | 19,803 | (7.8)% | |||||||||||||
Other property operating (Non-CAM) | 416 | 527 | 21.1% | 1,465 | 2,002 | 26.8% | |||||||||||||
Total Expenses | 6,078 | 5,331 | -14.0% | 22,818 | 21,805 | (4.6)% | |||||||||||||
Same Property NOI - Core properties | $ | 15,108 | $ | 14,533 | 4.0% | $ | 62,256 | $ | 59,173 | 5.2% | |||||||||
Other same property information | |||||||||||||||||||
Physical Occupancy | 96.0 | % | 95.0 | % | |||||||||||||||
Leased Occupancy | 97.1 | % | 97.0 | % | |||||||||||||||
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 | |||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||
Asset and property management fees and priority distributions | $ | 44 | $ | 2,567 | $ | 5,344 | $ | 6,570 | $ | 586 | $ | 15,111 | ||||||||||||
Transactional fees | 61 | 3,444 | 1,560 | 1,408 | 570 | 7,043 | ||||||||||||||||||
Total management fees and priority distributions | $ | 105 | $ | 6,011 | $ | 6,904 | $ | 7,978 | $ | 1,156 | $ | 22,154 | ||||||||||||
Fund I | Fund II | Fund III | Fund IV | Other | Total | |||||||||||||||||||
Current Quarter ended December 31, 2014 | ||||||||||||||||||||||||
Asset and property management fees and priority distributions | $ | 11 | $ | 643 | $ | 1,286 | $ | 1,529 | $ | 156 | $ | 3,625 | ||||||||||||
Transactional fees | 15 | 820 | 296 | 382 | 44 | 1,557 | ||||||||||||||||||
Total management fees and priority distributions | $ | 26 | $ | 1,463 | $ | 1,582 | $ | 1,911 | $ | 200 | $ | 5,182 | ||||||||||||
Fund I | Fund II | Fund III | Fund IV | Other | Total | |||||||||||||||||||
Previous Quarter ended September 30, 2014 | ||||||||||||||||||||||||
Asset and property management fees and priority distributions | $ | 11 | $ | 625 | $ | 1,234 | $ | 1,598 | $ | 164 | $ | 3,632 | ||||||||||||
Transactional fees | 31 | 772 | 331 | 591 | 22 | 1,747 | ||||||||||||||||||
Total management fees and priority distributions | $ | 42 | $ | 1,397 | $ | 1,565 | $ | 2,189 | $ | 186 | $ | 5,379 | ||||||||||||
Fund I | Fund II | Fund III | Fund IV | Other | Total | |||||||||||||||||||
Previous Quarter ended June 30, 2014 | ||||||||||||||||||||||||
Asset and property management fees and priority distributions | $ | 11 | $ | 656 | $ | 1,384 | $ | 1,692 | $ | 147 | $ | 3,890 | ||||||||||||
Transactional fees | 4 | 841 | 431 | 250 | 32 | 1,558 | ||||||||||||||||||
Total management fees and priority distributions | $ | 15 | $ | 1,497 | $ | 1,815 | $ | 1,942 | $ | 179 | $ | 5,448 | ||||||||||||
Fund I | Fund II | Fund III | Fund IV | Other | Total | |||||||||||||||||||
Previous Quarter ended March 31, 2014 | ||||||||||||||||||||||||
Asset and property management fees and priority distributions | $ | 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 | $ | 424,661 | $ | (108,313 | ) | $ | 47,802 | $ | 364,150 | reflects all adjustments, which in the opinion of management, | ||||||||||
Buildings and improvements | 1,329,080 | (321,334 | ) | 174,819 | 1,182,565 | are necessary for the fair presentation of the consolidated | ||||||||||||||
Construction in progress | 7,464 | (4,318 | ) | 119 | 3,265 | balance sheet for the interim period. | ||||||||||||||
1,761,205 | (433,965 | ) | 222,740 | 1,549,980 | ||||||||||||||||
Less: accumulated depreciation | (256,015 | ) | 63,010 | (9,685 | ) | (202,690 | ) | 2 The Company currently invests in Funds I, II, III & IV and Mervyns I & II | ||||||||||||
Net real estate | 1,505,190 | (370,955 | ) | 213,055 | 1,347,290 | which are consolidated with the Company's financial statements. | ||||||||||||||
To provide investors with supplemental information, the Company's | ||||||||||||||||||||
Net real estate under development | 447,390 | 3 | (360,454 | ) | 5,568 | 92,504 | 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 | 217,580 | (32,881 | ) | 1,724 | 186,423 | and liability line items. Similarly, the presentation also includes | ||||||||||||||
Cash in escrow | 20,358 | (11,201 | ) | 3,164 | 12,321 | the Company's pro-rata share of assets and liabilities for | ||||||||||||||
Restricted cash | 30,604 | (24,574 | ) | — | 6,030 | unconsolidated investments which are accounted for under the equity | ||||||||||||||
Investments in and advances to unconsolidated affiliates | 183,577 | (78,042 | ) | (105,213 | ) | 322 | method of accounting for the Company's financial statements. | |||||||||||||
Rents receivable, net | 8,929 | (3,464 | ) | 1,818 | 7,283 | |||||||||||||||
Straight-line rents receivable, net | 28,033 | (11,302 | ) | 1,869 | 18,600 | |||||||||||||||
Notes receivable | 102,286 | (2,714 | ) | — | 99,572 | 3 The components of Net real estate under development are as follows: | ||||||||||||||
Deferred charges, net | 30,679 | (16,787 | ) | 2,685 | 16,577 | Fund II | $ | 390,892 | ||||||||||||
Prepaid expenses and other assets | 57,283 | 3,810 | 963 | 62,056 | 4 | Fund III | 34,504 | |||||||||||||
Acquired lease intangibles | 44,618 | (12,718 | ) | 1,892 | 33,792 | Fund IV | 20,731 | |||||||||||||
Accounts receivable from related parties | — | — | — | — | ||||||||||||||||
Assets of real estate held for sale | 56,073 | (45,673 | ) | — | 10,400 | |||||||||||||||
Other | 1,263 | |||||||||||||||||||
Total Assets | $ | 2,732,600 | $ | (966,955 | ) | $ | 127,525 | $ | 1,893,170 | Total Funds | $ | 447,390 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
4 The components of Prepaid expenses and other assets are as follows: | ||||||||||||||||||||
Mortgage and other notes payable | 1,127,538 | (642,644 | ) | 131,829 | 616,723 | Due from Fund Investors | 31,244 | |||||||||||||
Valuation of debt at acquisition, net of amortization | 2,943 | — | 10 | 2,953 | Contract deposits | 7,990 | ||||||||||||||
Acquired lease intangibles | 29,585 | (7,265 | ) | 1,613 | 23,933 | Accrued interest on Notes receivable | 6,211 | |||||||||||||
Accounts payable and accrued expenses | 34,026 | (10,536 | ) | 3,187 | 26,677 | Prepaid expenses | 5,566 | |||||||||||||
Dividends and distributions payable | 39,339 | — | — | 39,339 | Other | 11,045 | ||||||||||||||
Share of losses in excess of inv. in unconsolidated affiliates | 12,564 | — | (12,564 | ) | — | |||||||||||||||
Other liabilities | 25,148 | (7,402 | ) | 3,450 | 21,196 | Total | $ | 62,056 | ||||||||||||
Liabilities of real estate held for sale | 25,500 | (20,476 | ) | — | 5,024 | |||||||||||||||
Total Liabilities | 1,296,643 | (688,323 | ) | 127,525 | 735,845 | |||||||||||||||
Shareholders' equity: | ||||||||||||||||||||
Common shares | 68 | — | — | 68 | ||||||||||||||||
Additional paid-in capital | 1,027,861 | — | — | 1,027,861 | ||||||||||||||||
Accumulated other comprehensive loss | (4,005 | ) | — | — | (4,005 | ) | ||||||||||||||
Retained earnings | 31,617 | — | — | 31,617 | ||||||||||||||||
Total controlling interest | 1,055,541 | — | — | 1,055,541 | ||||||||||||||||
Noncontrolling interest in subsidiary | 380,416 | (278,632 | ) | — | 101,784 | |||||||||||||||
Total Shareholders' Equity | 1,435,957 | (278,632 | ) | — | 1,157,325 | |||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 2,732,600 | $ | (966,955 | ) | $ | 127,525 | $ | 1,893,170 |
Structured Financing | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
Stated | Effective | |||||||||||||||||||||||||||||
Previous | Current | Accrued | Interest | Interest | Maturity | |||||||||||||||||||||||||
Investment | Principal | Advances | Repayments | Principal | Interest | Total | Rate | Rate 1 | Dates | |||||||||||||||||||||
First mortgage notes | $ | 16,269 | $ | 7,500 | $ | — | $ | 23,769 | $ | 244 | $ | 24,013 | 6.71 | % | 7.69 | % | 2015 to 2016 | |||||||||||||
Mezzanine, preferred equity and other notes | 74,983 | 227 | — | 75,210 | 6,013 | 81,223 | 12.19 | % | 12.53 | % | 2016 to 2024 | |||||||||||||||||||
Total notes receivable | $ | 91,252 | $ | 7,727 | $ | — | $ | 98,979 | $ | 6,257 | $ | 105,236 | 10.87 | % | 11.37 | % | ||||||||||||||
Note: | ||||||||||||||||||||||||||||||
1 Inclusive of points and exit fees. | ||||||||||||||||||||||||||||||
Reconciliation of Notes Receivable to the Consolidated Balance Sheet | ||||||||||||||||||||||||||||||
Total Notes Receivable per above | $ | 98,979 | ||||||||||||||||||||||||||||
Fund III non-real estate loans | 3,307 | |||||||||||||||||||||||||||||
Total Notes Receivable per Consolidated Balance Sheet | $ | 102,286 |
2014 Transactional Activity | ||||||||||
(in thousands) | ||||||||||
Acquisitions: | ||||||||||
Property Name | Purchase Price | Ownership % | Acadia Share | Month of Transaction | Location | Key Tenants | ||||
Core Portfolio: | ||||||||||
2014 Transactions | ||||||||||
11 E. Walton | $ | 44,000 | 100% | $ | 44,000 | January | Chicago, IL | Marc Jacobs, Saint Laurent | ||
61 Main Street | 7,300 | 100% | 7,300 | February | Westport, CT | Chico's | ||||
865 W. North Avenue | 14,750 | 100% | 14,750 | March | Chicago, IL | Forever 21 | ||||
252-256 Greenwich Avenue | 24,450 | 100% | 24,450 | March | Greenwich, CT | Madwell, Calypso St. Barth, Jack Wills | ||||
152-154 Spring Street | 38,000 | 90% | 34,200 | April | New York, NY | Kate Spade Saturday | ||||
2520 Flatbush Avenue | 17,100 | 100% | 17,100 | May | New York, NY | Bob's Furniture, Capital One | ||||
Bedford Green | 46,750 | 100% | 46,750 | July | Bedford Hills, NY | Shop Rite, CVS, Panera Bread | ||||
131-135 Prince Street | 51,359 | 100% | 51,359 | August | New York, NY | Folli Follie, Uno De 50 | ||||
Shops at Grand Avenue | 56,000 | 100% | 56,000 | October | Queens, NY | Stop & Shop | ||||
201 Needham St. | 10,125 | 100% | 10,125 | November | Needham, MA | Michael's | ||||
840 N. Michigan Avenue | 163,206 | 88% | 144,323 | December | Chicago, IL | H&M, Verizon | ||||
Total | $ | 473,040 | $ | 450,357 | ||||||
Funds: | ||||||||||
Fund IV: | ||||||||||
Broughton Street Portfolio 1 | $ | 33,856 | 50% | $ | 16,928 | February-September | Savannah, GA | — | ||
Eden Square | 25,369 | 98% | 24,862 | July | Bear, DE | Lowe's, Giant | ||||
27 E. 61st Street | 19,250 | 100% | 19,250 | October | New York, NY | — | ||||
17 E. 71st Street | 28,000 | 100% | 28,000 | October | New York, NY | — | ||||
1035 Third Avenue | 51,036 | 100% | 51,036 | January 2015 | New York, NY | — | ||||
Total | $ | 157,511 | $ | 140,076 | ||||||
Dispositions: | ||||||||||
Property Name | Disposition Price | Ownership % | Fund Share | Month of Transaction | Location | Key Tenants | ||||
Core Portfolio: | ||||||||||
Walnut Hill Plaza | $ | 22,865 | 100% | $ | 22,865 | March | Woonsocket, RI | Sears | ||
Funds: | ||||||||||
Fund III: | ||||||||||
Sheepshead Bay | $ | 20,200 | 100% | $ | 20,200 | April | Brooklyn, NY | — | ||
Lincoln Road Portfolio | 141,800 | 95% | 134,710 | August | Miami Beach, FL | Starbucks, Sushi Samba | ||||
Lincoln Park Centre | 64,000 | 100% | 64,000 | January 2015 | Chicago, IL | Design Within Reach | ||||
Total | $ | 226,000 | $ 218,910 | |||||||
Fund IV: | ||||||||||
Lincoln Road Portfolio | $ | 200,200 | 95% | $ | 190,190 | Miami Beach, FL | Aldo, Fossil, Spris | |||
Note: | ||||||||||
1 In addition, Fund IV has provided financing to the joint venture. |
2015 Guidance | ||||
Note: 2015 FFO and EPS guidance and comparable 2014 results are before acquisition costs and gains on the sale of depreciated property | ||||
(in millions except per share amounts, all per share amounts are fully diluted) | ||||
Notes | 2015 Guidance | 2014 Actual | ||
Summary: | ||||
Fully diluted Common Shares and OP Units | 73,500 to 74,800 | 62,420 | ||
Full year Funds from Operations ("FFO") per share | 1 | $1.48 to $1.56 | $1.35 | |
Earnings per Share ("EPS") | 2 | $0.82 to $0.87 | $0.53 | |
FFO Components: | ||||
Core and pro-rata share of Fund ("Fund") portfolio income | $104.3 to $109.3 | $87.9 | ||
Asset and property management fee income, net of TRS taxes | $12.5 to $13.0 | $15.1 | ||
Transactional fee income, net of TRS taxes | $7.5 to $8.0 | $6.9 | ||
Other Fund related income, net of taxes | 3 | $13.9 to $15.3 | $1.1 | |
General and administrative expense | $(29.5) to $(29.0) | $(27.0) | ||
FFO | $108.7 to $116.6 | $84.0 | ||
Additional Guidance Assumptions: | ||||
Same property net operating income ("NOI") growth | 3% to 4% | |||
Core acquisitions | $300.0 to $400.0 | |||
Fund acquisitions | $250.0 to $500.0 | |||
Notes: | ||||
1 Excludes acquisition costs which totaled $0.09 for the year ended December 31, 2014 | ||||
2 Excludes acquisition costs and gains on sale of property which aggregated $0.65 for the year ended December 31, 2014 | ||||
3 2015 includes promote income, gain on sale of City Point residential air rights, RCP Venture income and other income, all net of taxes |
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 | $ | 21,657 | 1 | $ | 86,628 | — | $ | 2,569 | $ | 10,276 | 20.00 | % | $ | 2,055 | $ | 6,853 | $ | 27,412 | 19.90% | $ | 5,455 | $ | 2,673 | $ | 10,692 | 23.12% | $ | 2,472 | |||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Income)/ loss from properties sold or under contract | (562 | ) | (2,248 | ) | (450 | ) | (798 | ) | (3,192 | ) | (635 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
(Income)/ loss from pre-stabilized assets 3 | — | — | — | (562 | ) | (2,248 | ) | (447 | ) | (556 | ) | (2,224 | ) | (514 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
(Income)/ loss from development projects 4 | — | — | — | (8 | ) | (32 | ) | (6 | ) | (195 | ) | (780 | ) | (180 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income of stabilized assets | 2,007 | 8,028 | 1,606 | 5,485 | 21,940 | 4,366 | 1,922 | 7,688 | 1,777 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under contract for sale, net of debt | $ | 6,500 | $ | 1,300 | $ 36,000 | $ 7,164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs to Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-stabilized assets 3 | $ | — | $ | — | $ | 59,208 | $ | 11,783 | $ | 38,031 | $ | 8,793 | |||||||||||||||||||||||||||||||||||||||||||||||||
Development projects 4 | 369,500 | 73,900 | 30,800 | 6,129 | 69,300 | 16,022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Costs to Date | $ | 369,500 | $ | 73,900 | $ | 90,008 | $ | 17,912 | $ | 107,331 | $ | 24,815 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt | $ | 468,814 | $ | — | $ | 303,385 | $ | 57,505 | $ | 242,065 | $ | 44,284 | $ | 184,897 | $ | 40,547 | |||||||||||||||||||||||||||||||||||||||||||||
Gross asset value 2 | 3,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value | $ | 3,400 | 37.78 | % | $ | 1,285 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Does not include a full quarter of NOI for those assets purchased during the fourth quarter 2014. 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%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3Consists of the following projects: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund III: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
640 Broadway | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
654 Broadway | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nostrand | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln Park Centre | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund IV: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2819 Kennedy Blvd | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramus Plaza | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1151 Third Avenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4See "Redevelopment Activity" page in this supplemental |
Selected Financial Ratios | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Three months ended December 31, | Period ended December 31, | ||||||||||||||||||||||||
Three months ended December 31, | Three months ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2014 | ||||||||||||||||||||
COVERAGE RATIOS 1 | LEVERAGE RATIOS | ||||||||||||||||||||||||
Fixed-Charge Coverage Ratios | Debt/Market Capitalization Ratios | ||||||||||||||||||||||||
EBITDA 2 divided by: | $ | 23,527 | $ | 19,555 | $ | 92,309 | $ | 80,076 | Debt + Preferred Equity (Preferred O.P. Units) | $ | 617,526 | $ | 545,683 | ||||||||||||
Interest expense | 5,373 | 5,174 | 20,905 | 20,368 | Total Market Capitalization | 2,916,415 | 2,300,323 | ||||||||||||||||||
Principal Amortization | 1,347 | 1,252 | 4,962 | 5,107 | Debt+Preferred Equity/Total Market Capitalization | 21 | % | 24 | % | ||||||||||||||||
Preferred Dividends 3 | 14 | 6 | 27 | 22 | |||||||||||||||||||||
Fixed-Charge Coverage Ratio - Core Portfolio | 3.5x | 3.0x | 3.6x | 3.1x | Debt 7 | $ | 424,270 | $ | 437,928 | ||||||||||||||||
Total Market Capitalization | 2,724,765 | 2,193,951 | |||||||||||||||||||||||
EBITDA divided by: | $ | 26,266 | $ | 23,460 | $ | 104,020 | $ | 94,007 | Net Debt+Preferred Equity/Total Market Capitalization | 16 | % | 20 | % | ||||||||||||
Interest expense | 5,859 | 6,094 | 23,789 | 24,223 | |||||||||||||||||||||
Principal Amortization | 1,550 | 1,492 | 5,694 | 6,029 | Debt/EBITDA Ratios | ||||||||||||||||||||
Preferred Dividends | 14 | 6 | 27 | 22 | |||||||||||||||||||||
Fixed-Charge Coverage Ratio - Core Portfolio | Debt | $ | 468,814 | $ | 400,171 | ||||||||||||||||||||
and Funds | 3.5x | 3.1x | 3.5x | 3.1x | EBITDA (Annualized) | 94,108 | 87,892 | ||||||||||||||||||
Debt/EBITDA - Core Portfolio | 5.0x | 4.6x | |||||||||||||||||||||||
Payout Ratios | |||||||||||||||||||||||||
Debt 6 | $ | 290,448 | $ | 310,618 | |||||||||||||||||||||
Dividends (Shares) & Distributions (OP Units) paid 4 | $ | 17,482 | $ | 13,454 | $ | 60,447 | $ | 49,180 | EBITDA (Annualized) | 94,108 | 87,892 | ||||||||||||||
FFO | 20,161 | 15,104 | 78,882 | 67,161 | Net Debt/EBITDA - Core Portfolio | 3.1x | 3.5x | ||||||||||||||||||
FFO Payout Ratio | 87 | % | 89 | % | 77 | % | 73 | % | |||||||||||||||||
FFO Payout Ratio before acquisition costs | 80 | % | 81 | % | 72 | % | 70 | % | Debt 5 | $ | 616,723 | $ | 545,683 | ||||||||||||
EBITDA (Annualized) | 105,064 | 98,400 | |||||||||||||||||||||||
Dividends (Shares) & Distributions (OP Units) paid | $ | 17,482 | $ | 13,454 | $ | 60,447 | $ | 49,180 | Debt/EBITDA - Core Portfolio and Funds | 5.9x | 5.5x | ||||||||||||||
AFFO | 16,433 | 10,382 | 66,985 | 51,928 | |||||||||||||||||||||
AFFO Payout Ratio | 106 | % | 130 | % | 90 | % | 95 | % | Debt 7 | $ | 424,270 | $ | 437,928 | ||||||||||||
AFFO Payout Ratio before acquisition costs | 97 | % | 114 | % | 84 | % | 89 | % | EBITDA (Annualized) | 105,064 | 98,400 | ||||||||||||||
Net Debt/EBITDA - Core Portfolio and Funds | 4.0x | 4.5x | |||||||||||||||||||||||
Dividends (Shares) & Distributions (OP Units) paid | $ | 17,482 | $ | 13,454 | $ | 60,447 | $ | 49,180 | |||||||||||||||||
FAD | 14,883 | 8,890 | 61.291 | 45.899 | Debt Yield Ratios | ||||||||||||||||||||
FAD Payout Ratio | 117 | % | 151 | % | 99 | % | 107 | % | |||||||||||||||||
FAD Payout Ratio before acquisition costs | 106 | % | 131 | % | 91 | % | 100 | % | NOI (Annualized) | $ | 86,628 | $ | 82,932 | ||||||||||||
Debt | 468,814 | 400,171 | |||||||||||||||||||||||
Debt Yield - Core Portfolio | 18 | % | 21 | % | |||||||||||||||||||||
Notes: | |||||||||||||||||||||||||
NOI (Annualized) | $ | 86,628 | $ | 82,932 | |||||||||||||||||||||
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 10 for a calculation of EBITDA. 3Represents preferred distributions on Preferred Operating partnership Units. 4Does not include $0.30 special dividend. 5Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt. 6Reflects debt net of the current Core Portfolio cash balance at end of period. 7Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period. | Debt 6 | 290,448 | 310,618 | ||||||||||||||||||||||
Net Debt Yield - Core Portfolio | 30 | % | 27 | % | |||||||||||||||||||||
NOI (Annualized) | $ | 96,584 | $ | 93,088 | |||||||||||||||||||||
Debt 5 | 616,723 | 545,683 | |||||||||||||||||||||||
Debt Yield - Core Portfolio and Funds | 16 | % | 17 | % | |||||||||||||||||||||
NOI (Annualized) | $ | 96,584 | $ | 93,088 | |||||||||||||||||||||
Debt 7 | 424,270 | 437,928 | |||||||||||||||||||||||
Net Debt Yield - Core Portfolio and Funds | 23 | % | 21 | % | |||||||||||||||||||||
Portfolio Debt - Summary | |||||||||||||||||||||||||||||||||||
Reconciliation from Pro-Rata Share of Debt to Consolidated 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 | $ | 468,327 | 4.8 | % | $ | 81,166 | 4.0 | % | $ | 549,493 | 4.7 | % | 89 | % | $ | 365,116 | $ | (113,292 | ) | $ | 801,317 | ||||||||||||||
Variable-Rate Debt | 487 | 1.7 | % | 66,743 | 1.9 | % | 67,230 | 1.9 | % | 11 | % | 277,528 | (18,537 | ) | 326,221 | ||||||||||||||||||||
Total | $ | 468,814 | 4.8 | % | $ | 147,909 | 3.0 | % | $ | 616,723 | 4.3 | % | 100 | % | $ | 642,644 | $ | (131,829 | ) | 1,127,538 | |||||||||||||||
Unamortized premium | 2,943 | ||||||||||||||||||||||||||||||||||
$ | 1,130,481 | ||||||||||||||||||||||||||||||||||
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 | December 31, 2014 | Percent | Amount | Rate | Date | Options | |||||||||
CORE PORTFOLIO | |||||||||||||||
Fixed-Rate Debt | |||||||||||||||
Crescent Plaza | $ | 16,455 | 100.0% | $ | 16,455 | 4.98% | 9/6/2015 | None | |||||||
Pacesetter Park Shopping Center | 11,307 | 100.0% | 11,307 | 5.12% | 11/6/2015 | None | |||||||||
Elmwood Park Shopping Center | 32,201 | 100.0% | 32,201 | 5.53% | 1/1/2016 | None | |||||||||
Chicago Portfolio | 15,266 | 100.0% | 15,266 | 5.61% | 2/1/2016 | None | |||||||||
The Gateway Shopping Center | 19,440 | 100.0% | 19,440 | 5.44% | 3/1/2016 | None | |||||||||
330-340 River Street | 10,668 | 100.0% | 10,668 | 5.30% | 5/1/2016 | 1 x 60 mos. | |||||||||
Brandywine Town Center | 166,200 | 22.2% | 36,933 | 5.99% | 7/1/2016 | None | |||||||||
Rhode Island Place Shopping Center | 15,975 | 100.0% | 15,975 | 6.35% | 12/1/2016 | None | |||||||||
Convertible Notes | 380 | 100.0% | 380 | 3.75% | 12/15/2016 | None | |||||||||
239 Greenwich Avenue | 26,000 | 75.0% | 19,500 | 5.42% | 2/11/2017 | None | |||||||||
639 West Diversey | 4,245 | 100.0% | 4,245 | 6.65% | 3/1/2017 | None | |||||||||
Merrillville Plaza | 25,503 | 100.0% | 25,503 | 5.88% | 8/1/2017 | None | |||||||||
Bedford Green | 29,586 | 100.0% | 29,586 | 5.10% | 9/5/2017 | None | |||||||||
Crossroads Shopping Center | 67,500 | 49.0% | 33,075 | 3.94% | 9/30/2024 | None | |||||||||
840 N. Michigan | 73,500 | 88.4% | 64,996 | 4.36% | 2/10/2025 | None | |||||||||
Georgetown Portfolio | 17,912 | 50.0% | 8,956 | 4.72% | 12/10/2027 | None | |||||||||
Interest rate swaps 1 | 124,006 | 99.9% | 123,841 | 3.67% | Various | ||||||||||
Sub-Total Fixed-Rate Debt | 656,144 | 468,327 | 4.77% | ||||||||||||
Variable-Rate Debt | |||||||||||||||
Unsecured Line of Credit 2 | — | 100.0% | — | Libor + 140 | 1/31/2018 | 1 x 12 mos. | |||||||||
664 N. Michigan | 44,369 | 100.0% | 44,369 | Libor + 165 | 6/28/2018 | 1 x 60 mos. | |||||||||
Unsecured Term Loan | 50,000 | 100.0% | 50,000 | Libor + 130 | 11/25/2019 | None | |||||||||
4401 N White Plains Road | 6,141 | 100.0% | 6,141 | Libor + 190 | 9/1/2022 | None | |||||||||
28 Jericho Turnpike | 15,747 | 100.0% | 15,747 | Libor + 190 | 1/23/2023 | None | |||||||||
60 Orange Street | 8,236 | 98.0% | 8,071 | Libor + 175 | 4/3/2023 | None | |||||||||
Interest rate swaps 1 | (124,006 | ) | 99.9% | (123,841 | ) | Libor + 156 | |||||||||
Sub-Total Variable-Rate Debt | 487 | 487 | Libor + 156 | ||||||||||||
Total Debt - Core Portfolio | $ | 656,631 | $ | 468,814 | 4.77% | ||||||||||
Portfolio Debt - Detail (continued) | |||||||||||||||
(in thousands) | |||||||||||||||
Principal Balance at | Acadia's Pro-rata Share | Interest | Maturity | Extension | |||||||||||
Property | Entity | December 31, 2014 | Percent | Amount | Rate | Date | Options | ||||||||
Funds | |||||||||||||||
Fixed-Rate Debt | |||||||||||||||
Arundel Plaza 3 | Fund III | $ | 8,750 | 17.9% | $ | 1,568 | 5.60% | 4/1/2015 | None | ||||||
CityPoint 3 | Fund II | 199,000 | 18.8% | 37,469 | 4.75% | 2020 6 | None | ||||||||
CityPoint 3,5 | Fund II | 5,262 | 18.8% | 991 | 1.00% | 8/23/2019 | None | ||||||||
Interest rate swaps 1 | Funds II, III & IV | 127,912 | 32.2% | 41,138 | 3.24% | Various | |||||||||
Sub-Total Fixed-Rate Debt | 340,924 | 81,166 | 3.96% | ||||||||||||
Variable-Rate Debt | |||||||||||||||
Parkway Crossing 3 | Fund III | 12,926 | 17.9% | 2,316 | Libor + 220 | 1/1/2015 | 2 x 12 mos. | ||||||||
Liberty Avenue 3 | Fund II | 8,973 | 19.8% | 1,778 | Libor + 275 | 4/30/2015 | None | ||||||||
210 Bowery | Fund IV | 4,600 | 23.1% | 1,064 | Libor + 195 | 6/1/2015 | None | ||||||||
640 Broadway 3 | Fund III | 22,564 | 12.6% | 2,835 | Libor + 295 | 7/1/2015 | 1 x 12 mos. | ||||||||
CityPoint 3 | Fund II | 20,650 | 18.8% | 3,888 | Libor + 400 | 8/12/2015 | None | ||||||||
CityPoint 3 | Fund II | 20,000 | 18.8% | 3,766 | Libor + 170 | 8/23/2015 | 1 x 12 mos. | ||||||||
Cortlandt Towne Center | Fund III | 83,936 | 19.9% | 16,703 | Libor + 165 | 10/26/2015 | None | ||||||||
Acadia Strategic Opportunity IV LLC 4 | Fund IV | 77,100 | 23.1% | 17,826 | Libor + 165 | 11/20/2015 | 1 x 12 mos. | ||||||||
Nostrand Avenue | Fund III | 12,046 | 19.9% | 2,397 | 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 3 | Fund IV | 25,000 | 22.8% | 5,696 | Libor + 140 | 11/19/2016 | 2 x 12 mos. | ||||||||
Lincoln Park Centre | Fund III | 28,000 | 19.9% | 5,573 | Libor + 145 | 12/3/2016 | 2 x 12 mos. | ||||||||
1701 Belmont Avenue 3, 7 | Fund IV | 3,403 | 22.8% | 775 | Prime + 50 | 1/31/2017 | None | ||||||||
654 Broadway | Fund III | 9,000 | 19.9% | 1,791 | Libor + 188 | 3/1/2017 | 2 x 12 mos. | ||||||||
New Hyde Park Shopping Center | Fund III | 11,720 | 19.9% | 2,332 | Libor + 185 | 5/1/2017 | 2 x 12 mos. | ||||||||
938 W. North Avenue 3 | Fund IV | 12,500 | 18.5% | 2,312 | Libor + 235 | 5/1/2017 | 1 x 12 mos. | ||||||||
1151 Third Avenue | Fund IV | 12,481 | 23.1% | 2,886 | Libor + 175 | 6/3/2017 | 2 x 12 mos. | ||||||||
2819 Kennedy Boulevard | Fund IV | 5,929 | 22.8% | 1,351 | Libor + 215 | 12/9/2017 | 2 x 12 mos. | ||||||||
Eden Square | Fund IV | 16,000 | 22.8% | 3,646 | Libor + 200 | 12/17/2017 | 1 x 12 mos. | ||||||||
161st Street 3 | Fund II | 29,500 | 19.8% | 5,847 | Libor + 250 | 4/1/2018 | None | ||||||||
Paramus Plaza 3 | Fund IV | 12,600 | 11.6% | 1,457 | Libor + 170 | 2/20/2019 | None | ||||||||
Lake Montclair | Fund IV | 15,284 | 23.1% | 3,534 | Libor + 215 | 5/1/2019 | None | ||||||||
White City Shopping Center 3 | Fund III | 56,520 | 16.7% | 9,450 | Libor + 215 | 2/19/2021 | None | ||||||||
3104 M Street | Fund III | 103 | 15.9% | 16 | Prime + 50 | 12/10/2021 | None | ||||||||
CityPoint 3 | Fund II | 20,000 | 18.8% | 3,766 | Libor + 139 | 11/1/2021 | None | ||||||||
Interest rate swaps 1 | Funds II, III & IV | (127,912 | ) | 32.2% | (41,138 | ) | Libor + 232 | ||||||||
Sub-Total Variable-Rate Debt | 417,423 | 66,743 | Libor + 169 | ||||||||||||
Total Debt - Funds | $ | 758,347 | $ | 147,909 | 3.01% | ||||||||||
Total Debt - Core Portfolio and Funds | $ | 1,414,978 | $ | 616,723 | 4.35% | ||||||||||
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 December 31, 2014, the interest rate is LIBOR + 140 basis points. | |||||||||||||||
3 Acadia's interest in this Fund debt is also reflected net of other JV interests at the investment level. | |||||||||||||||
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 $228,848. | |||||||||||||||
5 This loan was made in connection with the New Markets Tax Credit and contains a borrower option to purchase the loan for $1 at the end of the term. | |||||||||||||||
6 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 2015. | |||||||||||||||
7 Bears interest at the greater of 4% or the Prime Rate plus 50 basis points. |
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 | ||||||||||||||||||||||||
2015 | $ | 5,374 | $ | 27,344 | $ | 32,718 | $ | 5,211 | $ | 27,344 | $ | 32,555 | 5.04 | % | 5.04 | % | n/a | ||||||||||||||||
2016 | 3,820 | 257,953 | 261,773 | 3,650 | 128,686 | 132,336 | 5.87 | % | 5.87 | % | n/a | ||||||||||||||||||||||
2017 | 3,331 | 82,926 | 86,257 | 3,004 | 76,426 | 79,430 | 5.50 | % | 5.50 | % | n/a | ||||||||||||||||||||||
2018 | 2,949 | 40,058 | 43,007 | 2,161 | 40,058 | 42,219 | 1.82 | % | n/a | 1.82 | % | ||||||||||||||||||||||
2019 | 2,520 | 50,000 | 52,520 | 1,701 | 50,000 | 51,701 | 1.47 | % | n/a | 1.47 | % | ||||||||||||||||||||||
Thereafter | 13,619 | 81,095 | 94,714 | 8,266 | 122,504 | 130,770 | 3.92 | % | 4.08 | % | 3.81 | % | |||||||||||||||||||||
Total | $ | 31,613 | $ | 539,376 | $ | 570,989 | $ | 23,993 | $ | 445,018 | $ | 469,011 | |||||||||||||||||||||
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 | ||||||||||||||||||||||||
2015 | $ | 3,499 | $ | 258,437 | $ | 261,936 | $ | 679 | $ | 51,547 | $ | 52,226 | 2.28 | % | 5.60 | % | 2.17 | % | |||||||||||||||
2016 | 2,239 | 88,897 | 91,136 | 444 | 18,303 | 18,747 | 1.79 | % | n/a | 1.79 | % | ||||||||||||||||||||||
2017 | 1,519 | 69,024 | 70,543 | 284 | 14,570 | 14,854 | 2.30 | % | n/a | 2.30 | % | ||||||||||||||||||||||
2018 | 1,449 | 29,500 | 30,949 | 266 | 5,847 | 6,113 | 2.67 | % | n/a | 2.67 | % | ||||||||||||||||||||||
2019 | 857 | 230,228 | 231,085 | 148 | 43,041 | 43,189 | 4.37 | % | 4.65 | % | 2.11 | % | |||||||||||||||||||||
Thereafter | 2,064 | 70,700 | 72,764 | 375 | 12,192 | 12,567 | 2.28 | % | 2.17 | % | 2.32 | % | |||||||||||||||||||||
Total | $ | 11,627 | $ | 746,786 | $ | 758,413 | $ | 2,196 | $ | 145,500 | $ | 147,696 | |||||||||||||||||||||
Note: | |||||||||||||||||||||||||||||||||
1 Does not include any applicable extension options | |||||||||||||||||||||||||||||||||
Core Portfolio Retail Properties - Detail 1 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||
URBAN AND 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 | % | $ | — | $ | 237.23 | $ | 237.23 | $ | 4,303,538 | ||||||||||||
840 N. Michigan Avenue | H & M, Verizon Wireless | 2014 | 88.4 | % | 87,135 | — | 87,135 | 100.0 | % | — | 100.0 | % | 100.0 | % | 80.85 | — | 80.85 | 7,044,900 | ||||||||||||||||
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 | % | — | 152.15 | 152.15 | 6,303,696 | ||||||||||||||||
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 | 2011/12 | 100.0 | % | — | 23,531 | 23,531 | — | 86.7 | % | 86.7 | % | 95.6 | % | — | 51.62 | 51.62 | 1,053,247 | ||||||||||||||||
Halsted and Armitage Collection - 9 properties | Intermix, BCBG, Club Monaco | 2011/12 | 100.0 | % | 20,580 | 24,078 | 44,658 | 100.0 | % | 90.9 | % | 95.1 | % | 95.1 | % | 20.70 | 64.47 | 43.26 | 1,836,615 | |||||||||||||||
North Lincoln Park Chicago Collection - 6 properties | Forever 21, Aldo, Carhartt, Chase Bank | 2011/14 | 100.0 | % | — | 51,255 | 51,255 | — | 86.5 | % | 86.5 | % | 86.5 | % | — | 38.29 | 38.29 | 1,698,169 | ||||||||||||||||
124,215 | 188,196 | 312,411 | 100.0 | % | 93.5 | % | 96.1 | % | 93.5 | % | 67.39 | 89.67 | 80.45 | 24,149,450 | ||||||||||||||||||||
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 | ||||||||||||||||
152-154 Spring Street | Kate Spade Saturday | 2014 | 100.0 | % | — | 2,936 | 2,936 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 728.66 | 728.66 | 2,139,360 | ||||||||||||||||
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 | ||||||||||||||||
East 17th Street | — | 2008 | 100.0 | % | — | 11,467 | 11,467 | — | — | — | 100.0 | % | — | — | — | — | ||||||||||||||||||
West 54th Street | Stage Coach Tavern | 2007 | 100.0 | % | — | 5,773 | 5,773 | — | 92.3 | % | 92.3 | % | 100.0 | % | — | 412.09 | 412.09 | 2,196,061 | ||||||||||||||||
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 | % | — | 31.89 | 31.89 | 467,987 | ||||||||||||||||
239 Greenwich Avenue | Restoration Hardware | 1998 | 75.0 | % | — | 16,553 | 16,553 | — | 27.4 | % | 27.4 | % | 100.0 | % | — | 85.58 | 85.58 | 388,573 | ||||||||||||||||
252-256 Greenwich Avenue | Madewell, Calypso, Jack Wills | 2014 | 100.0 | % | — | 9,172 | 9,172 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 131.99 | 131.99 | 1,210,630 | ||||||||||||||||
Third Avenue | Planet Fitness | 2006 | 100.0 | % | 21,650 | 18,670 | 40,320 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 22.19 | 21.79 | 22.00 | 887,172 | |||||||||||||||
868 Broadway | Dr Martens | 2013 | 100.0 | % | — | 2,031 | 2,031 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 335.83 | 335.83 | 682,069 | ||||||||||||||||
313-315 Bowery2 | 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 | % | — | 13,638 | 13,638 | — | 81.7 | % | 81.7 | % | 81.7 | % | — | 144.86 | 144.86 | 1,613,503 | ||||||||||||||||
131-135 Prince Street | Folli Follie, Uno De 50 | 2013 | 100.0 | % | — | 3,200 | 3,200 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 385.11 | 385.11 | 1,232,352 | ||||||||||||||||
2520 Flatbush Avenue | Bob's Discount Furniture, Capital One | 2014 | 100.0 | % | — | 29,114 | 29,114 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 36.05 | 36.05 | 1,049,538 | ||||||||||||||||
Shops at Grand | Stop & Shop (Ahold) | 2014 | 100.0 | % | 52,336 | 47,639 | 99,975 | 100.0 | % | 81.6 | % | 91.3 | % | 91.3 | % | 29.52 | 30.63 | 29.99 | 2,736,357 | |||||||||||||||
86,950 | 202,594 | 289,544 | 100.0 | % | 82.6 | % | 87.9 | % | 96.1 | % | 12.71 | 83.94 | 70.35 | 17,894,823 | ||||||||||||||||||||
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 | % | — | 58.00 | 58.00 | 1,328,703 | ||||||||||||||||
Rhode Island Place Shopping Center | TJ Maxx | 2012 | 100.0 | % | 24,996 | 32,533 | 57,529 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 12.50 | 41.05 | 28.65 | 1,647,929 | |||||||||||||||
M Street and Wisconsin Corridor - 7 Properties | Lacoste, Juicy Couture, Coach | 2011 | 63.0 | % | — | 31,629 | 31,629 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 79.78 | 79.78 | 2,523,512 | ||||||||||||||||
24,996 | 87,069 | 112,065 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 12.50 | 59.58 | 49.08 | 5,500,144 | ||||||||||||||||||||
Boston Metro | ||||||||||||||||||||||||||||||||||
330-340 River Street | Whole Foods | 2012 | 100.0 | % | 40,800 | 13,426 | 54,226 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 17.05 | 32.38 | 20.85 | 1,130,470 | |||||||||||||||
40,800 | 13,426 | 54,226 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 17.05 | 32.38 | 20.85 | 1,130,470 |
Total Urban and Street Retail | 276,961 | 491,285 | 768,246 | 100.0 | % | 90.4 | % | 93.8 | % | 95.9 | % | $ | 37.86 | $ | 79.87 | $ | 67.52 | $ | 48,674,887 | |||||||||||||||
Acadia Share Total Urban and Street Retail | 266,853 | 474,832 | 741,686 | 100.0 | % | 82.5 | % | 94.0 | % | 97.1 | % | $ | 36.23 | $ | 87.91 | $ | 67.15 | $ | 46,825,740 | |||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||
1 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. | ||||||||||||||||||||||||||||||||||
613-623 West Diversey Parkway is under redevelopment | ||||||||||||||||||||||||||||||||||
2 Represents the annual base rent paid to Acadia pursuant to a master lessee and does not reflect the rent paid by the retail tenants at the property. | ||||||||||||||||||||||||||||||||||
Core Portfolio Retail Properties - Detail 1 (continued) | ||||||||||||||||||||||||||||||||||
Leased | Annualized | |||||||||||||||||||||||||||||||||
Year | Acadia's | Gross Leaseable Area | In Pace Occupancy | Occupancy | Annualized Base Rent PSF | Base Rent | ||||||||||||||||||||||||||||
Property | Key Tenants | 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 | 25.53 | 25.41 | $ | 3,685,445 | |||||||||||||
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 | 15.38 | 14.41 | 1,427,696 | ||||||||||||||||
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 | — | 98.1 | % | 98.1 | % | 98.1 | % | — | 31.40 | 31.40 | 2,689,355 | ||||||||||||||||
Branch Plaza | LA Fitness, CVS | 1998 | 100.0 | % | 76,105 | 51,136 | 127,241 | 73.6 | % | 78.5 | % | 75.6 | % | 92.1 | % | 21.35 | 30.28 | 25.07 | 2,411,650 | |||||||||||||||
Amboy Center | Stop & Shop (Ahold) | 2005 | 100.0 | % | 37,266 | 26,024 | 63,290 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 20.00 | 46.57 | 30.92 | 1,957,236 | |||||||||||||||
Pacesetter Park Shopping Center | Stop & Shop (Ahold) | 1999 | 100.0 | % | 52,052 | 45,552 | 97,604 | 100.0 | % | 73.2 | % | 87.5 | % | 88.9 | % | 8.72 | 18.62 | 12.58 | 1,074,806 | |||||||||||||||
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 | Home Goods, PetSmart, Kmart | 1998 | 49.0 | % | 202,727 | 107,925 | 310,652 | 100.0 | % | 82.7 | % | 94.0 | % | 95.4 | % | 14.25 | 42.89 | 23.00 | 6,717,288 | |||||||||||||||
New Loudon Center | Price Chopper, Marshalls | 1993 | 100.0 | % | 251,058 | 4,615 | 255,673 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 7.35 | 31.03 | 7.78 | 1,989,333 | |||||||||||||||
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 | ||||||||||||||||
Bedford Green | Shop Rite | 2014 | 100.0 | % | 37,981 | 52,491 | 90,472 | 100.0 | % | 84.9 | % | 91.2 | % | 91.2 | % | 22.53 | 35.81 | 29.70 | 2,450,543 | |||||||||||||||
Connecticut | ||||||||||||||||||||||||||||||||||
Town Line Plaza2 | Wal-Mart, Stop & Shop (Ahold) | 1998 | 100.0 | % | 163,159 | 43,187 | 206,346 | 100.0 | % | 93.6 | % | 98.7 | % | 98.7 | % | 15.20 | 17.68 | 16.14 | 1,716,160 | |||||||||||||||
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 | 61,163 | 218,148 | 100.0 | % | 78.9 | % | 94.1 | % | 96.0 | % | 7.51 | 12.16 | 8.60 | 1,765,676 | |||||||||||||||
201 Needham Street | Michael's | 2014 | 100.0 | % | 20,409 | — | 20,409 | 100.0 | % | — | 100.0 | % | 100.0 | % | 29.00 | — | 29.00 | 591,861 | ||||||||||||||||
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 | 22.57 | 20.00 | 2,033,128 | |||||||||||||||
Illinois |
Hobson West Plaza | Garden Fresh Markets | 1998 | 100.0 | % | 51,692 | 47,445 | 99,137 | 100.0 | % | 88.3 | % | 94.4 | % | 94.4 | % | 4.64 | 21.05 | 11.99 | 1,121,625 | |||||||||||||||
Indiana | ||||||||||||||||||||||||||||||||||
Merrillville Plaza | Jo-Ann Fabrics, TJ Maxx | 1998 | 100.0 | % | 123,220 | 112,867 | 236,087 | 100.0 | % | 99.0 | % | 99.5 | % | 99.5 | % | 10.72 | 18.14 | 14.25 | 3,347,323 | |||||||||||||||
Michigan | ||||||||||||||||||||||||||||||||||
Bloomfield Town Square | Best Buy, Home Goods, | 1998 | 100.0 | % | 153,839 | 81,947 | 235,786 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 11.12 | 22.71 | 15.14 | 3,570,885 | |||||||||||||||
TJ Maxx, Dick's Sporting Goods | ||||||||||||||||||||||||||||||||||
Ohio | ||||||||||||||||||||||||||||||||||
Mad River Station | Babies 'R' Us | 1999 | 100.0 | % | 58,185 | 65,150 | 123,335 | 100.0 | % | 67.4 | % | 82.8 | % | 82.8 | % | 9.49 | 17.78 | 13.06 | 1,332,503 | |||||||||||||||
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 | % | 16.17 | 20.44 | 16.39 | 13,929,238 | |||||||||||||||
Target, Dick's Sporting Goods | ||||||||||||||||||||||||||||||||||
Market Square Shopping Center | Trader Joe's, TJ Maxx | 2003 | 22.2 | % | 42,850 | 59,197 | 102,047 | 100.0 | % | 91.6 | % | 95.1 | % | 100.0 | % | 17.05 | 32.16 | 25.49 | 2,475,028 | |||||||||||||||
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 | 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 | 14.03 | 7.30 | 1,271,587 | |||||||||||||||
Chestnut Hill | — | 2006 | 100.0 | % | — | 37,646 | 37,646 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 24.04 | 24.04 | 904,845 | ||||||||||||||||
Abington Towne Center3 | Target, TJ Maxx | 1998 | 100.0 | % | 184,616 | 31,662 | 216,278 | 100.0 | % | 70.4 | % | 95.7 | % | 95.7 | % | 10.5 | 32.85 | 20.61 | 1,016,040 | |||||||||||||||
Total Suburban Properties | 3,411,497 | 1,213,941 | 4,625,438 | 98 | % | 89.7 | % | 95.9 | % | 72.0 | % | $ | 12.46 | $ | 25.41 | $ | 15.84 | $ | 66,187,824 | |||||||||||||||
Acadia Share Total Suburban Properties | 2,609,855 | 1,059,505 | 3,669,360 | 98.8% | 89.8% | 96.2% | 97.0% | $ | 11.33 | $ | 24.16 | $ | 15.05 | $ | 49,314,114 | |||||||||||||||||||
TOTAL CORE PROPERTIES | 3,688,458 | 1,705,226 | 5,393,684 | 98.2% | 89.9% | 95.6% | 75.4% | $ | 14.55 | $ | 41.18 | $ | 23.44 | $ | 114,862,711 | |||||||||||||||||||
Acadia Share Total Core Properties | 2,876,708 | 1,534,337 | 4,411,045 | 98.9% | 90.1% | 95.9% | 97.0% | $ | 14.49 | $ | 42.40 | $ | 24.20 | 96,139,854 | ||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||
1 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. | ||||||||||||||||||||||||||||||||||
2 Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot | ||||||||||||||||||||||||||||||||||
3 Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. |
Core Portfolio Top Tenants - Ranked by Annual Base Rent (ABR) 1 | |||||||||||
Pro-Rata | |||||||||||
Number of stores | Combined | Percentage of Total | |||||||||
in Core | Percentage of | ||||||||||
Tenant | portfolio | GLA | Base Rent | Portfolio GLA | Base Rent | ||||||
Stop and Shop (Ahold) | 4 | 207,513 | $ | 3,538,374 | 4.7 | % | 3.7 | % | |||
LA Fitness | 2 | 100,000 | 2,336,500 | 2.3 | % | 2.4 | % | ||||
Verizon | 2 | 31,371 | 2,265,928 | 0.7 | % | 2.4 | % | ||||
Ann Taylor Loft | 2 | 14,174 | 2,150,210 | 0.3 | % | 2.2 | % | ||||
TJX Companies | 9 | 218,734 | 1,910,976 | 5.0 | % | 2.0 | % | ||||
-- TJ Maxx | 5 | 120,123 | 854,724 | 2.7% | 0.9% | ||||||
-- Marshalls | 2 | 46,748 | 434,462 | 1.1 | % | 0.5 | % | ||||
-- Home Goods | 2 | 51,863 | 621,790 | 1.2% | 0.6% | ||||||
Supervalu (Shaw's) | 2 | 123,409 | 1,907,456 | 2.8% | 2.0% | ||||||
Home Depot | 3 | 312,718 | 1,827,600 | 7.1 | % | 1.9 | % | ||||
Walgreens | 3 | 37,499 | 1,412,716 | 0.9 | % | 1.5 | % | ||||
Kate Spade | 2 | 4,250 | 1,333,050 | 0.1 | % | 1.4 | % | ||||
Citibank | 5 | 17,283 | 1,239,117 | 0.4 | % | 1.3 | % | ||||
Sleepy's | 8 | 41,831 | 1,210,183 | 0.9% | 1.3% | ||||||
Kmart | 3 | 273,969 | 1,170,078 | 6.2% | 1.2% | ||||||
Bob's Discount Furniture | 2 | 34,723 | 1,062,507 | 0.8% | 1.1% | ||||||
TD Bank | 2 | 15,560 | 1,060,904 | 0.4% | 1.1% | ||||||
Trader Joe's | 2 | 19,094 | 967,216 | 0.4% | 1.0% | ||||||
Urban Outfitters | 2 | 19,902 | 879,450 | 0.5% | 0.9% | ||||||
Gap (Banana Republic and Old Navy) | 3 | 13,835 | 875,513 | 0.3% | 0.9% | ||||||
Dicks Sporting Goods | 2 | 59,805 | 860,471 | 1.4% | 0.9% | ||||||
HSBC Bank | 2 | 5,686 | 845,879 | 0.1% | 0.9% | ||||||
Capital One | 3 | 12,778 | 795,368 | 0.3% | 0.8% | ||||||
TOTAL | 63 | 1,564,134 | $ | 29,649,496 | 35.6 | % | 30.9 | % | |||
Note: | |||||||||||
1 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 M1 | — | — | — | $ | — | — | 7 | 20,996 | 1.4 | % | $ | 25.48 | 0.8 | % | 7 | 20,996 | 0.4 | % | $ | 25.48 | 0.5 | % | ||||||||||||
2015 | 5 | 252,812 | 7.5 | % | 13.58 | 6.8 | % | 36 | 131,497 | 8.6 | % | 31.75 | 6.5 | % | 41 | 384,309 | 7.8 | % | 19.80 | 6.6 | % | |||||||||||||
2016 | 10 | 353,043 | 10.5 | % | 12.50 | 8.7 | % | 55 | 221,305 | 14.5 | % | 26.42 | 9.1 | % | 65 | 574,348 | 11.7 | % | 17.86 | 8.9 | % | |||||||||||||
2017 | 7 | 362,031 | 10.8 | % | 11.59 | 8.3 | % | 53 | 215,804 | 14.1 | % | 40.19 | 13.5 | % | 60 | 577,835 | 11.8 | % | 22.27 | 11.2 | % | |||||||||||||
2018 | 7 | 476,369 | 14.1 | % | 21.18 | 20.0 | % | 59 | 177,873 | 11.6 | % | 34.02 | 9.4 | % | 66 | 654,242 | 13.4 | % | 24.67 | 14.1 | % | |||||||||||||
2019 | 7 | 334,577 | 9.9 | % | 8.78 | 5.8 | % | 36 | 110,665 | 7.2 | % | 49.25 | 8.5 | % | 43 | 445,242 | 9.1 | % | 18.84 | 7.3 | % | |||||||||||||
2020 | 6 | 329,713 | 9.8 | % | 12.16 | 7.9 | % | 25 | 93,643 | 6.1 | % | 52.46 | 7.6 | % | 31 | 423,356 | 8.6 | % | 21.07 | 7.8 | % | |||||||||||||
2021 | 7 | 283,831 | 8.4 | % | 13.13 | 7.4 | % | 21 | 105,230 | 6.9 | % | 34.89 | 5.7 | % | 28 | 389,061 | 7.9 | % | 19.02 | 6.4 | % | |||||||||||||
2022 | 2 | 69,837 | 2.1 | % | 26.15 | 3.6 | % | 26 | 103,015 | 6.7 | % | 50.01 | 8.0 | % | 28 | 172,852 | 3.5 | % | 40.37 | 6.1 | % | |||||||||||||
2023 | 5 | 205,067 | 6.1 | % | 17.92 | 7.3 | % | 16 | 85,714 | 5.6 | % | 43.56 | 5.8 | % | 21 | 290,781 | 5.9 | % | 25.48 | 6.5 | % | |||||||||||||
2024 | 7 | 239,038 | 7.1 | % | 25.80 | 12.2 | % | 30 | 137,008 | 9.0 | % | 44.79 | 9.5 | % | 37 | 376,046 | 7.7 | % | 32.72 | 10.7 | % | |||||||||||||
Thereafter | 10 | 460,317 | 13.7 | % | 13.18 | 12.0 | % | 18 | 127,935 | 8.3 | % | 78.04 | 15.5 | % | 28 | 588,252 | 12.0 | % | 27.29 | 14.0 | % | |||||||||||||
Total | 73 | 3,366,635 | 100.0 | % | $ | 15.01 | 100.0 | % | 382 | 1,530,685 | 100.0 | % | $ | 42.02 | 100.0 | % | 455 | 4,897,320 | 100.0 | % | $ | 23.45 | 100.0 | % | ||||||||||
254,916 | Anchor GLA Owned by Tenants | 254,916 | Anchor GLA Owned by Tenants | |||||||||||||||||||||||||||||||
66,907 | Total Vacant | 174,541 | Total Vacant | 241,448 | Total Vacant | |||||||||||||||||||||||||||||
3,688,458 | Total Square Feet | 1,705,226 | Total Square Feet | 5,393,684 | Total Square Feet | |||||||||||||||||||||||||||||
Note: | ||||||||||||||||||||||||||||||||||
1 Leases currently under month to month or in process of renewal |
Core Portfolio - New and Renewal Rent Spreads 1 | ||||||||||||||||||||||||||||||||||||||||
Period ended | 3 months ended | 3 months ended | 3 months ended | 3 months ended | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||||||||||||||||||||||||
GAAP3 | Cash2 | GAAP3 | Cash2 | GAAP3 | Cash2 | GAAP3 | Cash2 | GAAP3 | Cash2 | |||||||||||||||||||||||||||||||
New leases | ||||||||||||||||||||||||||||||||||||||||
Number of new leases executed | 19 | 19 | 9 | 9 | 5 | 5 | 2 | 2 | 3 | 3 | ||||||||||||||||||||||||||||||
GLA | 72,596 | 72,596 | 21,555 | 21,555 | 28,917 | 28,917 | 5,635 | 5,635 | 16,489 | 16,489 | ||||||||||||||||||||||||||||||
New base rent | $ | 59.52 | $ | 53.07 | $ | 71.07 | $ | 63.41 | $ | 31.1 | $ | 29.01 | $ | 41.67 | $ | 38.72 | $100.35 | $86.66 | ||||||||||||||||||||||
Previous base rent | $ | 39.31 | $ | 41.85 | $ | 57.19 | $ | 63.28 | $ | 25.21 | $ | 26.38 | $ | 23.34 | $ | 25.38 | $46.12 | $46.61 | ||||||||||||||||||||||
Average cost per square foot | $ | 121.35 | $ | 121.35 | $ | 74.18 | $ | 74.18 | $ | 141.5 | $ | 141.5 | $ | 1.62 | $ | 1.62 | $188.58 | $188.58 | ||||||||||||||||||||||
Weighted Average Lease Term (years) | 11 | 11 | 9.7 | 9.7 | 9.9 | 9.9 | 6.5 | 6.5 | 16.3 | 16.3 | ||||||||||||||||||||||||||||||
Percentage growth in base rent | 51.4 | % | 26.8 | % | 24.3% | 0.2% | 23.4% | 10.0% | 78.5% | 52.6% | 117.6% | 85.9% | ||||||||||||||||||||||||||||
Renewal leases | ||||||||||||||||||||||||||||||||||||||||
Number of renewal leases executed | 26 | 26 | 5 | 5 | 5 | 5 | 13 | 13 | 3 | 3 | ||||||||||||||||||||||||||||||
GLA | 251,536 | 251,536 | 16,195 | 16,195 | 42,419 | 42,419 | 185,472 | 185,472 | 7,450 | 7,450 | ||||||||||||||||||||||||||||||
New base rent | $ | 19.19 | $ | 18.23 | $ | 23.31 | $ | 22.82 | $ | 11.92 | $ | 11.9 | $ | 20.18 | $ | 18.96 | $ | 27.05 | $ | 25.99 | ||||||||||||||||||||
Expiring base rent | $ | 16.91 | $ | 17.25 | $ | 22.39 | $ | 22.76 | $ | 11.07 | $ | 11.15 | $ | 17.55 | $ | 17.97 | $ | 22.23 | $ | 22.23 | ||||||||||||||||||||
Average cost per square foot | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Weighted Average Lease Term (years) | 4.7 | 4.7 | 3.3 | 3.3 | 4.9 | 4.9 | 4.8 | 4.8 | 5.3 | 5.3 | ||||||||||||||||||||||||||||||
Percentage growth in base rent | 13.5 | % | 5.7 | % | 4.1% | 0.3% | 7.7% | 6.7% | 15.0% | 5.5% | 21.7% | 16.9% | ||||||||||||||||||||||||||||
Total new and renewal Leases | ||||||||||||||||||||||||||||||||||||||||
Number of new and renewal leases executed | 45 | 45 | 14 | 14 | 10 | 10 | 15 | 15 | 6 | 6 | ||||||||||||||||||||||||||||||
GLA commencing | 324,132 | 324,132 | 37,750 | 37,750 | 71,336 | 71,336 | 191,107 | 191,107 | 23,939 | 23,939 | ||||||||||||||||||||||||||||||
New base rent | $ | 28.22 | $ | 26.03 | $ | 50.58 | $ | 46 | $ | 19.69 | $ | 18.84 | $ | 20.81 | $ | 19.54 | $ | 77.54 | $ | 67.78 | ||||||||||||||||||||
Expiring base rent | $ | 21.93 | $ | 22.76 | $ | 42.26 | $ | 45.9 | $ | 16.8 | $ | 17.32 | $ | 17.72 | $ | 18.19 | $ | 38.69 | $ | 39.02 | ||||||||||||||||||||
Average cost per square foot | $ | 27.18 | $ | 27.18 | $ | 42.36 | $ | 42.36 | $ | 57.36 | $ | 57.36 | $ | 0.05 | $ | 0.05 | $ | 129.89 | $ | 129.89 | ||||||||||||||||||||
Weighted Average Lease Term (years) | 6.1 | 6.1 | 6.9 | 6.9 | 6.9 | 6.9 | 4.8 | 4.8 | 12.9 | 12.9 | ||||||||||||||||||||||||||||||
Percentage growth in base rent | 28.7 | % | 14.4 | % | 19.7% | 0.2% | 17.2% | 8.7% | 17.5% | 7.4% | 100.4% | 73.7% | ||||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||||||||
1Based 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. | ||||||||||||||||||||||||||||||||||||||||
2Rents 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. | ||||||||||||||||||||||||||||||||||||||||
3Rents are calculated on a straight-line ("GAAP") basis. |
Core Portfolio Capital Expenditures | |||||||||||||||||||||||||
Current Quarter | |||||||||||||||||||||||||
Year-to-Date | Current Quarter | Previous Quarter | Previous Quarter | Previous Quarter | |||||||||||||||||||||
Period ended | 3 months ended | 3 months ended | 3 months ended | 3 months ended | Prior Year ended | ||||||||||||||||||||
December 31, 2014 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Leasing Commissions | $ | 939 | $ | 228 | $ | 134 | $ | 401 | $ | 176 | $ | 1,676 | |||||||||||||
Tenant Improvements | 3,962 | 1,411 | 1,259 | 853 | 439 | 4,057 | |||||||||||||||||||
Capital Expenditures | 964 | 187 | 187 | 146 | 444 | 2,592 | |||||||||||||||||||
Total Capital Expenditures | $ | 5,865 | $ | 1,826 | $ | 1,580 | $ | 1,400 | $ | 1,059 | $ | 8,325 | |||||||||||||
Other redevelopment and re-anchoring related activities | $ | 2,884 | $ | — | $ | 1,800 | 1 | $ | — | $ | 1,084 | 2 | $ | 5,953 | 2 | ||||||||||
Note: | |||||||||||||||||||||||||
1 Consists of $1,800 of costs associated with the re-tenanting at the Branch Plaza. | |||||||||||||||||||||||||
2 Consists of $3,363 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 - Urban and Street Retail | |||||||||||||||||||
664 N. Michigan Avenue | Chicago | IL | $ | 4,303,538 | 18,141 | 295,897 | 163,646 | 74,143 | $ | 115,275 | |||||||||
840 N. Michigan Avenue | Chicago | IL | 7,044,900 | 87,135 | 307,531 | 172,435 | 79,109 | 122,284 | |||||||||||
Rush and Walton Streets Collection - 6 properties | Chicago | IL | 6,303,696 | 41,432 | 319,505 | 178,056 | 75,196 | 116,122 | |||||||||||
613-623 West Diversey Parkway | Chicago | IL | — | 19,265 | 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 | 1,053,247 | 23,531 | 406,523 | 217,890 | 70,388 | 105,694 | |||||||||||
Halsted and Armitage Collection - 9 properties | Chicago | IL | 1,836,615 | 44,658 | 443,549 | 238,098 | 72,697 | 108,583 | |||||||||||
North Lincoln Park Chicago Collection - 6 properties | Chicago | IL | 1,698,169 | 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 | |||||||||||
152-154 Spring Street | Manhattan | NY | 2,139,360 | 2,936 | 918,561 | 473,494 | 87,476 | 126,722 | |||||||||||
Mercer Street | Manhattan | NY | 406,494 | 3,375 | 942,758 | 457,309 | 85,389 | 121,063 | |||||||||||
East 17th Street | Manhattan | NY | — | 11,467 | 1,079,577 | 547,698 | 91,428 | 133,947 | |||||||||||
West 54th Street | Manhattan | NY | 2,196,061 | 5,773 | 1,249,501 | 636,418 | 91,179 | 137,662 | |||||||||||
61 Main Street | Westport | CT | 351,560 | 3,400 | 46,740 | 17,572 | 126,406 | 193,141 | |||||||||||
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 | 467,987 | 14,676 | 578,872 | 215,091 | 47,890 | 58,583 | |||||||||||
239 Greenwich Avenue | Greenwich | CT | 388,573 | 16,553 | 67,092 | 24,790 | 112,373 | 169,820 | |||||||||||
252-256 Greenwich Avenue | Greenwich | CT | 1,210,630 | 9,172 | 67,228 | 25,117 | 110,894 | 176,008 | |||||||||||
Third Avenue | Bronx | NY | 887,172 | 40,320 | 1,239,993 | 443,231 | 35,628 | 49,095 | |||||||||||
868 Broadway | Manhattan | NY | 682,069 | 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 | 1,613,503 | 13,638 | 878,321 | 422,645 | 85,293 | 121,409 | |||||||||||
131-135 Prince Street | Manhattan | NY | 1,232,352 | 3,200 | 990,615 | 484,990 | 88,621 | 132,090 | |||||||||||
2520 Flatbush Avenue | Brooklyn | NY | 1,049,538 | 29,114 | 553,769 | 211,713 | 56,343 | 68,554 | |||||||||||
Shops at Grand | Queens | NY | 2,736,357 | 99,975 | 935,540 | 331,826 | 56,790 | 68,721 | |||||||||||
1739-53 & 1801-03 Connecticut Avenue | Washington | DC | 1,328,703 | 22,907 | 338,815 | 164,797 | 81,801 | 108,533 | |||||||||||
Rhode Island Place Shopping Center | Washington | DC | 1647929 | 57529 | 348349 | 157678 | 66984 | 86314 | |||||||||||
M Street and Wisconsin Corridor - 7 properties | Georgetown | DC | 2523512 | 31629 | 321861 | 160430 | 87539 | 114211 | |||||||||||
330-340 River Street | Cambridge | MA | 1,130,470 | 54,226 | 492,750 | 214,634 | 65,037 | 91,540 | |||||||||||
Total Core Urban and Street Retail | |||||||||||||||||||
Weighted Average - Based on annual base rent | 519,058 | 251,885 | $ 77,704 | $ 113,650 | |||||||||||||||
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 | $ | 3,685,445 | 149,070 | 252,982 | 84,585 | $ | 60,290 | $ | 69,299 | ||||||||
Marketplace of Absecon | Absecon | NJ | 1,427,696 | 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 | 2,689,355 | 87,330 | 67,473 | 22,922 | 109,170 | 123,046 | |||||||||||
Branch Plaza | Smithtown | NY | 2,411,650 | 127,241 | 67,554 | 22,991 | 108,660 | 122,359 | |||||||||||
Amboy Center | Staten Island | NY | 1,957,236 | 63,290 | 151,900 | 55,451 | 87,868 | 98,504 | |||||||||||
Pacesetter Park Shopping Center | Pomona | NY | 1,074,806 | 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 | |||||||||||
New Loudon Center | Latham | NY | 1,989,333 | 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 | |||||||||||
Bedford Green | Bedford Hills | NY | 2,450,543 | 90,472 | 25,440 | 8,955 | 99,204 | 140,115 | |||||||||||
Town Line Plaza | Rocky Hill | CT | 1,716,160 | 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 | 1,765,676 | 218,148 | 98,838 | 34,781 | 57,332 | 64,961 | |||||||||||
201 Needham Street | Newton | MA | 591,861 | 20,409 | 105,304 | 36,441 | 129,789 | 181,225 | |||||||||||
The Gateway Shopping Center | So. Burlington | VT | 2,033,128 | 101,655 | 48,384 | 19,261 | 51,446 | 63,537 | |||||||||||
Hobson West Plaza | Naperville | IL | 1,121,625 | 99,137 | 94,989 | 34,059 | 103,910 | 126,405 | |||||||||||
Merrillville Plaza | Hobart | IN | 3,347,323 | 236,087 | 26,123 | 10,805 | 47,909 | 58,578 | |||||||||||
Bloomfield Town Square | Bloomfield Hills | MI | 3,570,885 | 235,786 | 56,773 | 22,617 | 62,547 | 94,909 | |||||||||||
Mad River Station | Dayton | OH | 1,332,503 | 123,335 | 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 | 1,271,587 | 175,589 | 6,832 | 2,962 | 37,786 | 44,999 | |||||||||||
Chestnut Hill | Philadelphia | PA | 904,845 | 37,646 | 147,436 | 62,292 | 58,777 | 77,506 | |||||||||||
Abington Towne Center | Abington | PA | 1,016,040 | 216,278 | 89,439 | 35,119 | 78,159 | 95,124 | |||||||||||
Total Core Suburban Properties | |||||||||||||||||||
Weighted Average - Based on annual base rent | 90,060 | 32,932 | $ | 77,117 | $ | 94,236 | |||||||||||||
Total Core Properties | |||||||||||||||||||
Weighted Average - Based on annual base rent | 304,029 | 142,138 | $ | 77,410 | $ | 103,919 | |||||||||||||
Brandywine/Market Square/Naamans Rd 1 | Wilmington | DE | 17,271,783 | 1,022,900 | 507,575 | 193,705 | $ | 72,923 | $ | 88,573 | |||||||||
Note: | |||||||||||||||||||
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 | ||||||||||||||
City | State | Rent | GLA | Pop. | HH | Income | Income | ||||||||||||
Fund II | |||||||||||||||||||
Manhattan | NY | $ | 2,574,000 | 60,000 | 963,175 | 337,894 | $ | 37,629 | $ | 48,228 | |||||||||
Bronx | NY | 3,166,025 | 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 | |||||||||||||||||||
Weighted Average - Based on annual base rent | 1,065,137 | 373,754 | $ 38,108 | $ 49,417 | |||||||||||||||
Fund III | |||||||||||||||||||
Cortlandt Towne Center | Mohegan Lake | NY | $ | 9,868,707 | 639,353 | 49,966 | 17,759 | $ | 84,926 | $ | 97,340 | ||||||||
640 Broadway | Manhattan | NY | 600,884 | 4,145 | 1,006,693 | 496,773 | 86,613 | 124,108 | |||||||||||
654 Broadway | Manhattan | NY | 566,500 | 2,896 | 1,007,518 | 497,906 | 86,836 | 124,507 | |||||||||||
New Hyde Park Shopping Center | New Hyde Park | NY | 1,254,488 | 32,602 | 199,698 | 70,745 | 102,010 | 122,658 | |||||||||||
White City | Shrewsbury | MA | 4,026,476 | 179,684 | 99,189 | 39,649 | 51,215 | 62,391 | |||||||||||
Parkway Crossing | Parkville | MD | 1,722,440 | 260,241 | 185,935 | 74,271 | 59,022 | 68,972 | |||||||||||
Heritage Shops | Chicago | IL | 3,149,752 | 81,730 | 288,116 | 154,272 | 71,414 | 110,831 | |||||||||||
Lincoln Park Centre | Chicago | IL | 2,917,267 | 61,761 | 431,527 | 230,716 | 73,011 | 109,736 | |||||||||||
Nostrand Avenue | Brooklyn | NY | 1,419,696 | 40,315 | 544,351 | 203,713 | 51,528 | 65,388 | |||||||||||
Arundel Plaza | Glen Burnie | MD | 1,318,478 | 265,116 | 77,759 | 29,166 | 59,786 | 64,793 | |||||||||||
Fund III | |||||||||||||||||||
Weighted Average - Based on annual base rent | 211,611 | 97,553 | $ 73,203 | $ 92,275 | |||||||||||||||
Fund IV | |||||||||||||||||||
1701 Belmont Avenue | Catonsville | MD | $ | 936,166 | 58,674 | 110,450 | 43,613 | $ | 60,575 | $ | 68,732 | ||||||||
2819 Kennedy Boulevard | North Bergen | NJ | 100,000 | 41,477 | 526,721 | 241,698 | 78,834 | 110,806 | |||||||||||
Promenade at Manassas | Manassas | VA | 3,402,218 | 265,442 | 57,996 | 18,940 | 74,390 | 84,467 | |||||||||||
Paramus Plaza | Paramus | NJ | 1,847,945 | 154,409 | 106,906 | 37,209 | 119,131 | 132,518 | |||||||||||
1151 Third Avenue | Manhattan | NY | 545,000 | 13,158 | 1,270,132 | 636,996 | 87,522 | 131,326 | |||||||||||
Lake Montclair | Prince William County | VA | 1,843,740 | 105,850 | 55,900 | 18,373 | 93,338 | 103,028 | |||||||||||
Eden Square | Bear | DE | 2,526,376 | 235,508 | 69,756 | 26,155 | 69,989 | 75,629 | |||||||||||
938 W. North Avenue | Chicago | IL | 988,726 | 33,228 | 453,690 | 239,813 | 72,447 | 108,382 | |||||||||||
17 East 71st Street | Manhattan | NY | 610,894 | 9,230 | 1,266,902 | 623,592 | 87,241 | 138,121 | |||||||||||
Fund IV | |||||||||||||||||||
Weighted Average - Based on annual base rent | 214,434 | 98,693 | $ | 82,756 | $ | 97,790 | |||||||||||||
Total - Funds | |||||||||||||||||||
Weighted Average - Based on annual base rent | 335,431 | 137,684 | $ | 70,784 | $ | 87,621 | |||||||||||||
Overview of Acadia Funds | |||||||||||||||
As of December 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 | $381.6 million | $140.2 million | |||||||||||
As a percentage of commitments | 100.0% | 100.0% | 80.3% | 25.9% | |||||||||||
Capital funded and allocated 3 | 100.0% | 100.0% | 100.0% | 40.0% | |||||||||||
Distributions | $192.3 million | $131.6 million | $368.5 million | $95.9 million | |||||||||||
As a percentage of funded capital | 222.0% | 43.9% | 96.6% | 68.4% | |||||||||||
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 capital1 | |||||||||||||||
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 | |||||||||||||||
Notes: | |||||||||||||||
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. | |||||||||||||||
3 Includes all funded capital as well as unfunded capital commitments which have been allocated to (i) complete existing projects and (ii) acquire and complete leasing/development of acquisitions under contract |
Fund Retail Properties - Detail 1 | |||||||||||||||||||||||||||||||||
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 | $ | 33.14 | $ | 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 2 | Various New York City & State agencies | 2005 | 99.1% | 107,026 | 125,226 | 232,252 | — | 87.6 | % | 47.2 | % | 93.3 | % | — | 28.85 | 28.85 | |||||||||||||||||
Total - Fund II | 177,906 | 140,471 | 318,377 | 39.8 | % | 89.0 | % | 61.5 | % | 95.1 | % | $ | 42.42 | $ | 29.38 | $ | 34.10 | ||||||||||||||||
Fund III Portfolio Detail | |||||||||||||||||||||||||||||||||
NEW YORK | |||||||||||||||||||||||||||||||||
New York | |||||||||||||||||||||||||||||||||
Cortlandt Towne Center | Wal-Mart, Best Buy, A&P | 2009 | 100.0% | 472,420 | 166,933 | 639,353 | 95.7 | % | 81.6 | % | 92.0 | % | 96.7 | % | $ | 14.05 | $ | 25.78 | $ | 16.77 | |||||||||||||
654 Broadway | Penguin (Perry Ellis) | 2011 | 100.0% | — | 2,896 | 2,896 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 195.61 | 195.61 | |||||||||||||||||
640 Broadway | Swatch | 2012 | 63.1% | — | 4,145 | 4,145 | — | 61.3 | % | 61.3 | % | 100.0 | % | — | 236.49 | 236.49 | |||||||||||||||||
New Hyde Park Shopping Center | PetSmart | 2011 | 100.0% | 13,507 | 19,095 | 32,602 | 100.0 | % | 80.4 | % | 88.5 | % | 88.5 | % | 35.00 | 50.93 | 43.47 | ||||||||||||||||
Nostrand Avenue | — | 2013 | 100.0% | — | 40,315 | 40,315 | — | 75.9 | % | 75.9 | % | 75.9 | % | — | 46.39 | 46.39 | |||||||||||||||||
NEW ENGLAND | |||||||||||||||||||||||||||||||||
Massachusetts | |||||||||||||||||||||||||||||||||
White City Shopping Center | Shaw's (Supervalu) | 2010 | 84.0% | 131,152 | 125,509 | 256,661 | 86 | % | 98.7 | % | 92.2 | % | 100.0 | % | 15.61 | 35.43 | 25.98 | ||||||||||||||||
MID-ATLANTIC | |||||||||||||||||||||||||||||||||
Maryland | |||||||||||||||||||||||||||||||||
Parkway Crossing | Home Depot, Shop Rite | 2011 | 94.3% | 192,836 | 67,405 | 260,241 | 100.0 | % | 82.1 | % | 95.4 | % | 95.4 | % | 3.65 | 18.4 | 6.94 | ||||||||||||||||
Arundel Plaza | Giant Food, Lowe's | 2012 | 94.3% | 231,920 | 33,196 | 265,116 | 100.0 | % | 58.8 | % | 94.8 | % | 94.8 | % | 3.90 | 21.18 | 5.24 | ||||||||||||||||
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 | 72.5 | 40.15 | ||||||||||||||||
Lincoln Park Centre | Design Within Reach | 2012 | 100.0% | — | 61,761 | 61,761 | — | 100.0 | % | 100.0 | % | 100.0 | % | — | 47.23 | 47.23 | |||||||||||||||||
Total - Fund III | 1,091,713 | 553,107 | 1,644,820 | 96.5 | % | 86.2 | % | 93.0 | % | 96.1 | % | $ | 10.71 | $ | 37.11 | $ | 18.93 | ||||||||||||||||
Fund IV Portfolio Detail | |||||||||||||||||||||||||||||||||
NEW YORK | |||||||||||||||||||||||||||||||||
New York | |||||||||||||||||||||||||||||||||
1151 Third Avenue | 2013 | 100.0% | — | 13,158 | 13,158 | — | 62.7 | % | 62.7 | % | 100.0 | % | — | $ | 66.07 | $ | 66.07 | ||||||||||||||||
17 East 71st Street | 2014 | 100.0% | — | 9,230 | 9,230 | — | 63.9 | % | 63.9 | % | 63.9 | % | — | 103.54 | 103.54 | ||||||||||||||||||
New Jersey | |||||||||||||||||||||||||||||||||
Paramus Plaza | Babies R Us, Ashley Furniture | 2013 | 50.0% | 74,837 | 79,572 | 154,409 | 100.0 | % | 28.9 | % | 63.4 | % | 63.4 | % | 22.08 | 8.50 | 18.89 | ||||||||||||||||
2819 Kennedy Boulevard | Aldi | 2013 | 98.6% | 36,941 | 4,536 | 41,477 | — | 33.9 | % | 3.7 | % | 47.9 | % | — | 65.10 | 65.10 | |||||||||||||||||
MID-ATLANTIC | |||||||||||||||||||||||||||||||||
Virginia | |||||||||||||||||||||||||||||||||
Promenade at Manassas | Home Depot, HH Gregg | 2013 | 98.6% | 194,038 | 71,404 | 265,442 | 100.0 | % | 94.2 | % | 98.4 | % | 98.4 | % | 9.73 | 22.52 | 13.02 | ||||||||||||||||
Lake Montclair | Food Lion | 2013 | 100.0% | 33,000 | 72,850 | 105,850 | 100.0 | % | 90.2 | % | 93.2 | % | 93.2 | % | 9.50 | 23.30 | 18.68 | ||||||||||||||||
Maryland | |||||||||||||||||||||||||||||||||
1701 Belmont Avenue | Best Buy | 2012 | 98.6% | 58,674 | — | 58,674 | 100.0 | % | — | 100.0 | % | 100.0 | % | 15.96 | — | 15.96 | |||||||||||||||||
Delaware | |||||||||||||||||||||||||||||||||
Eden Square | Giant Food, Lowe's | 2014 | 98.6% | 167,333 | 68,175 | 235,508 | 100.0 | % | 79.0 | % | 93.9 | % | 93.9 | % | 10.03 | 15.73 | 11.42 | ||||||||||||||||
MIDWEST | |||||||||||||||||||||||||||||||||
Illinois | |||||||||||||||||||||||||||||||||
938 W. North Avenue | Restoration Hardware, Sephora | 2013 | 80 | % | — | 33,228 | 33,228 | — | 62.6 | % | 62.6 | % | 62.6 | % | — | 47.56 | 47.56 | ||||||||||||||||
Total - Fund IV | 564,823 | 352,153 | 916,976 | 93.5 | % | 69.9 | % | 84.4 | % | 86.9 | % | $ | 12.25 | $ | 25.71 | $ | 16.54 | ||||||||||||||||
Notes: | |||||||||||||||||||||||||||||||||
1 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 | 80.0% | ||||||||||||||||||||||||||||||||
210 Bowery | 100.0% | ||||||||||||||||||||||||||||||||
Broughton Street Portfolio | 50.0% | ||||||||||||||||||||||||||||||||
27 East 61st Street | 100.0% | ||||||||||||||||||||||||||||||||
2Currently 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 | ||||||||||||||||||||||||||||||||||
2019 | 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 M1 | — | — | — | $ | — | — | 1 | 9,967 | 8.0 | % | $ | 10.00 | 2.7 | % | 1 | 9,967 | 5.1 | % | $ | 10.00 | 1.5 | % | |||||||||||||||||
2015 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2016 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2017 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2018 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2019 | — | — | — | — | — | 1 | 4,575 | 3.7 | % | 27.81 | 3.5 | % | 1 | 4,575 | 2.3 | % | 27.81 | 1.9 | % | ||||||||||||||||||||
2020 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2021 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2022 | — | — | — | — | — | 1 | 4,462 | 3.6 | % | 31.00 | 3.8 | % | 1 | 4,462 | 2.3 | % | 31.00 | 2.1 | % | ||||||||||||||||||||
2023 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2024 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Thereafter | 2 | 70,880 | 100.0 | % | 42.42 | 100.0 | % | 6 | 105,967 | 84.7 | % | 31.20 | 90 | % | 8 | 176,847 | 90.3 | % | 35.69 | 94.5 | % | ||||||||||||||||||
Total | 2 | 70,880 | 100.0 | % | $ | 42.42 | 100.0 | % | 9 | 124,971 | 100.0 | % | $ | 29.38 | 100.0 | % | 11 | 195,851 | 100.0 | % | $ | 34.10 | 100.0 | % | |||||||||||||||
107,026 | Total Vacant | 15,500 | Total Vacant | 122,526 | 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 M1 | — | — | — | $ | — | — | 3 | 8,240 | 1.7 | % | $ | 21.75 | 1.0% | 3 | 8,240 | 0.5 | % | $ | 21.75 | 0.6% | |||||||||||||||||||
2015 | 3 | 81,465 | 7.7 | % | 7.11 | 5.1 | % | 12 | 26,287 | 5.5 | % | 41.38 | 6.1 | % | 15 | 107,752 | 7.0 | % | 15.47 | 5.8 | % | ||||||||||||||||||
2016 | 1 | 26,561 | 2.5 | % | 8.00 | 1.9 | % | 22 | 56,800 | 11.9 | % | 36.76 | 11.8 | % | 23 | 83,361 | 5.4 | % | 27.60 | 7.9 | % | ||||||||||||||||||
2017 | 2 | 52,131 | 4.9 | % | 18.36 | 8.5 | % | 14 | 55,665 | 11.7 | % | 27.88 | 8.8 | % | 16 | 107,796 | 7.0 | % | 23.28 | 8.7 | % | ||||||||||||||||||
2018 | 5 | 287,562 | 27.3 | % | 12.54 | 32.0 | % | 22 | 77,706 | 16.3 | % | 29.42 | 12.9 | % | 27 | 365,268 | 23.9 | % | 16.13 | 20.3 | % | ||||||||||||||||||
2019 | 3 | 236,323 | 22.4 | % | 7.57 | 15.9 | % | 11 | 30,622 | 6.4 | % | 30.87 | 5.3 | % | 14 | 266,945 | 17.4 | % | 10.24 | 9.4 | % | ||||||||||||||||||
2020 | — | — | — | — | — | 6 | 16,677 | 3.5 | % | 23.00 | 2.2 | % | 6 | 16,677 | 1.1 | % | 23.00 | 1.3 | % | ||||||||||||||||||||
2021 | 1 | 35,601 | 3.4 | % | 10.76 | 3.4 | % | 7 | 28,392 | 6.0 | % | 36.54 | 5.9 | % | 8 | 63,993 | 4.2 | % | 22.20 | 4.9 | % | ||||||||||||||||||
2022 | 1 | 65,028 | 6.2 | % | 17.00 | 9.8 | % | 9 | 26,428 | 5.5 | % | 38.68 | 5.8 | % | 10 | 91,456 | 6.0 | % | 23.27 | 7.3 | % | ||||||||||||||||||
2023 | 2 | 38,836 | 3.7 | % | 15.49 | 5.3 | % | 11 | 40,825 | 8.6 | % | 58.38 | 13.5 | % | 13 | 79,661 | 5.2 | % | 37.47 | 10.3 | % | ||||||||||||||||||
2024 | — | — | — | — | — | 10 | 56,299 | 11.8 | % | 34.97 | 11.1 | % | 10 | 56,299 | 3.7 | % | 34.97 | 6.8 | % | ||||||||||||||||||||
Thereafter | 3 | 229,660 | 21.8 | % | 8.89 | 18.1 | % | 9 | 52,766 | 11.1 | % | 52.26 | 15.6 | % | 12 | 282,426 | 18.5 | % | 17.00 | 16.6 | % | ||||||||||||||||||
Total | 21 | 1,053,167 | 100.0 | % | $ | 10.71 | 100.0 | % | 136 | 476,707 | 100.0 | % | $ | 37.11 | 100.0 | % | 157 | 1,529,874 | 100.0 | % | $ | 18.93 | 100.0 | % | |||||||||||||||
38,546 | Total Vacant | 76,400 | Total Vacant | 114,946 | Total Vacant | ||||||||||||||||||||||||||||||||||
1,091,713 | Total Square Feet | 553,107 | Total Square Feet | 1,644,820 | 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 M1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2015 | — | — | — | — | — | 5 | 25,140 | 10.2 | % | 36.84 | 14.6 | % | 5 | 25,140 | 3.2 | % | 36.84 | 7.2 | % | ||||||||||||||||||||
2016 | — | — | — | — | — | 10 | 30,575 | 12.4% | 18.63 | 9.0% | 10 | 30,575 | 3.9% | 18.63 | 4.4% | ||||||||||||||||||||||||
2017 | 2 | 161,152 | 30.5% | 9.69 | 24.1% | 12 | 31,435 | 12.8% | 35.51 | 17.6% | 14 | 192,587 | 24.8% | 13.90 | 20.9% | ||||||||||||||||||||||||
2018 | — | — | — | — | — | 13 | 39,212 | 15.9 | % | 22.09 | 13.7 | % | 13 | 39,212 | 5.1 | % | 22.09 | 6.8 | % | ||||||||||||||||||||
2019 | 1 | 39,220 | 7.4 | % | 19.52 | 11.8 | % | 9 | 58,274 | 23.6 | % | 15.99 | 14.7 | % | 10 | 97,494 | 12.6 | % | 17.41 | 13.3 | % | ||||||||||||||||||
2020 | 1 | 27,926 | 5.3 | % | 12.00 | 0.05 | 4 | 19,900 | 8.1 | % | 21.22 | 6.7 | % | 5 | 47,826 | 6.2 | % | 15.84 | 5.9 | % | |||||||||||||||||||
2021 | 1 | 32,144 | 6.1 | % | 11.50 | 5.7 | 1 | 2,400 | 1.0 | % | 22.95 | 0.9 | % | 2 | 34,544 | 4.5 | % | 12.30 | 3.3 | % | |||||||||||||||||||
2022 | 1 | 26,568 | 5.0 | % | 10,140.00 | 4.2 | % | 1 | 9,600 | 3.9 | % | 13.00 | 2 | % | 2 | 36,168 | 4.7 | % | 10.90 | 3.1 | % | ||||||||||||||||||
2023 | 1 | 33,000 | 6.3 | % | 9.50 | 4.8 | % | 3 | 14,063 | 5.7 | % | 27.50 | 6.1 | % | 4 | 47,063 | 6.1 | % | 14.88 | 5.5 | % | ||||||||||||||||||
2024 | 2 | 100,472 | 19.0 | % | 19.31 | 0.30 | 5 | 15,700 | 6.4 | % | 59.49 | 14.7 | % | 7 | 116,172 | 15.0 | % | 24.74 | 22.5 | % | |||||||||||||||||||
Thereafter | 1 | 107,400 | 20.4 | % | 8.50 | 14.2 | % | — | — | — | — | — | 1 | 107,400 | 13.9 | % | 8.50 | 7.1 | % | ||||||||||||||||||||
Total | 10 | 527,882 | 100.0 | % | 12.25 | 100.0 | % | 63 | 246,299 | 100.0 | % | 25.71 | 100.0 | % | 73 | 774,181 | 100.0 | % | 16.53 | 100.0 | % | ||||||||||||||||||
36,941 | Total Vacant | 105,854 | Total Vacant | 142,795 | Total Vacant | ||||||||||||||||||||||||||||||||||
564,823 | Total Square Feet | 352,153 | Total Square Feet | 916,976 | Total Square Feet | ||||||||||||||||||||||||||||||||||
Note: | |||||||||||||||||||||||||||||||||||||||
1 Leases currently under month to month or in process of renewal |
Development Activity | |||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||||||||||||
Construction | Estimated Sq.Ft. | Acquisition & Development Costs | Outstanding | ||||||||||||||||||||||||||||||||
Property | Ownership | Location | Completion | Upon Completion | Leased Rate 4 | Key Tenants | Incurred | Estimated Future Range | Estimated Total Range | Debt | |||||||||||||||||||||||||
FUND II | |||||||||||||||||||||||||||||||||||
City Point 1 | 94.2 | % | Brooklyn, NY | 2016 | 675,000 | 65% 2 | Century 21, CityTarget, Alamo Drafthouse, Armani Exchange | $ | 334.2 | 3 | $ | (14.2 | ) | to | $ | 15.8 | 3 | $ | 320.0 | to | $ | 350.0 | 3 | $ | 259.6 | ||||||||||
Sherman Plaza | 99.1 | % | New York, NY | TBD | TBD | — | TBD | 35.3 | TBD | TBD | TBD | TBD | — | ||||||||||||||||||||||
$ | 369.5 | TBD | TBD | TBD | TBD | $ | 259.6 | ||||||||||||||||||||||||||||
FUND III | |||||||||||||||||||||||||||||||||||
Cortlandt Crossing | 100.0 | % | Mohegan Lake, NY | 2017 | 150,000 - 170,000 | — | TBD | $ | 12.9 | $ | 34.1 | to | $ | 43.1 | $ | 47.0 | to | $ | 56.0 | $ | — | ||||||||||||||
3104 M Street NW | 80.0 | % | Washington, D.C. | 2016 | 10,000 | — | TBD | 3.9 | 4.1 | to | 5.1 | 8.0 | to | 9.0 | 0.1 | ||||||||||||||||||||
Broad Hollow Commons | 100.0 | % | Farmingdale, NY | 2016 | 180,000 - 200,000 | — | TBD | 14.0 | 36.0 | to | 46.0 | 50.0 | to | 60.0 | — | ||||||||||||||||||||
$ | 30.8 | $ | 74.2 | $ | 94.2 | $ | 105.0 | $ | 125.0 | $ | — | ||||||||||||||||||||||||
FUND IV | |||||||||||||||||||||||||||||||||||
210 Bowery | 100.0 | % | New York, NY | 2016 | 16,000 | — | TBD | $ | 8.2 | $ | 10.3 | to | $ | 14.3 | $ | 18.5 | to | $ | 22.5 | $ | 4.6 | ||||||||||||||
Broughton Street Portfolio 5 | 50.0 | % | Savannah, GA | 2016 | 200,000 | — | TBD | 41.2 | 20.8 | to | 26.8 | 62.0 | to | 68.0 | — | ||||||||||||||||||||
27 E. 61st Street | 100.0 | % | New York, NY | 2016 | 9,500 | — | TBD | 19.9 | 2.9 | 6.9 | 22.8 | 26.8 | — | ||||||||||||||||||||||
$ | 69.3 | $ | 34.0 | $ | 48.0 | $ | 103.3 | $ | 117.3 | $ | 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 actual and anticipated contributions from retail tenants and proceeds from residential tower sales. Debt and incurred costs are reduced by $5,262 relating to the New Markets Tax Credits received. | |||||||||||||||||||||||||||||||||||
4 The leased rate excludes pre-redevelopment tenants. | |||||||||||||||||||||||||||||||||||
5 The portfolio will be acquired through a series of transactions. Costs incurred and estimated total costs are for those acquisitions completed as of December 31, 2014 (24 buildings). | |||||||||||||||||||||||||||||||||||
Reconciles to Consolidated Balance Sheet as follows: | |||||||||||||||||||||||||||||||||||
Development costs above | $ | 469.6 | |||||||||||||||||||||||||||||||||
City Point adjustment to FMV | 33.8 | ||||||||||||||||||||||||||||||||||
City Point gain on sale of Tower 1 | 1.3 | ||||||||||||||||||||||||||||||||||
Less development held as operating real estate | (8.2 | ) | |||||||||||||||||||||||||||||||||
Less development costs of unconsolidated properties | (41.2 | ) | |||||||||||||||||||||||||||||||||
Less deferred costs and other amounts | (7.9 | ) | |||||||||||||||||||||||||||||||||
Total per consolidated balance sheet | $ 447.4 |
Retailer Controlled Property ("RCP") Venture - Overview 1 | ||||||||||||||||||
Item | Description | |||||||||||||||||
Date formed | August 2004 | |||||||||||||||||
Partnership structure | ||||||||||||||||||
Equity Contribution: | $300 million of total equity - Fully invested | |||||||||||||||||
20% ($63 million) - AKR Fund I ($15 million) and Fund II ($48 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 December 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 | $ | 2,087 | $ | 54,336 | 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 | 6,478 | 1,773 | 8,828 | 1.4x | ||||||||||||
2008 | ||||||||||||||||||
Total | $ | 63,216 | $ | 3,860 | $ | 149,622 | 2.4x | |||||||||||
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. |