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 April 26, 2016. |
99.2 | Financial and Operating Reporting Supplement of the Company for the quarter ended March 31, 2016. |
Date: April 28, 2016 | ACADIA REALTY TRUST (Registrant) By: /s/ Jonathan Grisham Name: Jonathan Grisham Title: Sr. Vice President and Chief Financial Officer |
• | Earnings: Generated funds from operations (“FFO”) per share of $0.41 for the first quarter; generated earnings per share (“EPS”) of $0.40 for the first quarter |
• | Core Portfolio Operating Results: Excluding redevelopments, generated same-property net operating income (“NOI”) growth of 3.6% for the first quarter, compared to 2015; achieved a leased rate of 96.6% as of quarter end |
• | Core Portfolio Acquisitions: During 2016, acquired, or entered into contracts to acquire, $271.6 million of urban/street-retail property value, already exceeding the low end of full-year 2016 core acquisition guidance; this includes $115.3 million completed during first quarter 2016 |
• | Fund Dispositions: During 2016, completed $153.8 million of Fund III dispositions, generating a blended 42.3% IRR and 3.43x multiple; this includes $107.3 million completed during first quarter 2016 |
• | Fund III Promote: During 2016, generated approximately $6.8 million (approximately $0.09 per share) of net promote income for the Company from Fund III asset sales, including $4.7 million (approximately $0.06 per share) recognized during first quarter 2016 |
• | Fund Acquisitions: During first quarter 2016, Fund IV completed $27.8 million of street-retail investments |
• | Balance Sheet: Maintained conservative leverage levels by matchfunding acquisitions, raising $189.5 million of net proceeds during 2016 through operating partnership unit (“OP unit”) issuance, a public offering on a forward basis and the Company’s at-the-market (“ATM”) facility |
• | Differentiated Core Portfolio Continues To Deliver Solid Operating Results |
• | Acquired, Or Entered Into Contracts To Acquire, $271.6 Million Of Urban/Street-Retail Properties |
• | Continued The Profitable Monetization Of Fund III, With $153.8 Million Of Assets Sold During 2016; These Profitable Asset Sales Generated Approximately $6.8 Million Of Net Promote Income |
• | Maintained Conservative Leverage Levels By Matchfunding Acquisitions, Raising $189.5 Million Of Net Proceeds During 2016 |
For the Quarters ended March 31, | ||||
Revenues | 2016 | 2015 | ||
Rental income | $ 38,590 | $ 38,187 | ||
Interest income | 4,638 | 3,408 | ||
Expense reimbursements | 7,959 | 10,066 | ||
Other property income | 1,295 | 669 | ||
Other income | 201 | 151 | ||
Total revenues | 52,683 | 52,481 | ||
Operating expenses | ||||
Property operating | 5,537 | 7,731 | ||
Other operating | 291 | 2,120 | ||
Real estate taxes | 6,165 | 6,292 | ||
General and administrative | 9,352 | 7,532 | ||
Depreciation and amortization | 16,849 | 13,658 | ||
Total operating expenses | 38,194 | 37,333 | ||
Operating income | 14,489 | 15,148 | ||
Equity in earnings of unconsolidated affiliates | 1,954 | 6,593 | ||
Loss on debt extinguishment | — | (109) | ||
Gain on disposition of properties | 65,393 | 27,143 | ||
Interest expense and other finance costs | (8,038) | (8,821) | ||
Income from continuing operations before income taxes | 73,798 | 39,954 | ||
Income tax benefit (provision) | 77 | (1,417) | ||
Net income | 73,875 | 38,537 |
For the Quarters ended March 31, | |||
2016 | 2015 | ||
Net income attributable to noncontrolling interests | (44,950) | (21,990) | |
Net income attributable to Common Shareholders | $ 28,925 | $ 16,547 | |
Less: Net Income attributable to participating securities | (365) | (240) | |
Net Income attributable to Common Shareholders - basic | $ 28,560 | $ 16,307 | |
Weighted average shares for diluted earnings per share | 71,200 | 68,360 | |
Net Earnings per share - basic and diluted 2 | $ 0.40 | $ 0.24 |
For the Quarters ended March 31, | |||
2016 | 2015 | ||
Net income attributable to Common Shareholders | $ 28,925 | $ 16,547 | |
Depreciation of real estate and amortization of leasing costs | |||
(net of noncontrolling interests' share): | 15,328 | 10,936 | |
Gain on disposition (net of noncontrolling interests’ share): | (15,140) | (5,402) | |
Income attributable to noncontrolling interests’ in | |||
Operating Partnership | 1,855 | 967 | |
Distributions - Preferred OP Units | 139 | 6 | |
Funds from operations attributable to Common Shareholders and | |||
Common OP Unit holders | $ 31,107 | $ 23,054 | |
Funds from operations per share - Diluted | |||
Weighted average Common Shares and OP Units4 | 75,845 | 72,586 | |
Funds from operations, per Common Share and Common OP Unit | $ 0.41 | $ 0.32 |
For the Quarters ended March 31, | |||||
2016 | 2015 | ||||
Operating income | $ 14,489 | $ 15,148 | |||
Add back: | |||||
General and administrative | 9,352 | 7,532 | |||
Depreciation and amortization | 16,849 | 13,658 | |||
Impairment of asset | — | — | |||
Less: | |||||
Interest income | (4,638) | (3,408) | |||
Above/below market rent, straight-line rent and other adjustments | (3,513) | (568) | |||
Consolidated NOI | 32,539 | 32,362 | |||
Noncontrolling interest in NOI | (7,052) | (9,371) | |||
Pro-rata share of NOI | 25,487 | 22,991 | |||
Operating Partnerships’ interest in Opportunity Funds | (1,289) | (1,582) | |||
Operating Partnerships’ share of unconsolidated joint ventures1 | 3,269 | 2,513 | |||
NOI - Core Portfolio | $ 27,467 | $ 23,922 | |||
Note: | |||||
1Does not include share of unconsolidated joint ventures within Opportunity Funds |
As of | ||||
March 31, 2016 | December 31, 2015 | |||
ASSETS | ||||
Operating real estate | ||||
Land | $ 497,830 | $ 514,120 | ||
Buildings and improvements | 1,586,398 | 1,593,350 | ||
Construction in progress | 22,227 | 19,239 | ||
2,106,455 | 2,126,709 | |||
Less: accumulated depreciation | 286,880 | 298,703 | ||
Net operating real estate | 1,819,575 | 1,828,006 | ||
Real estate under development | 639,759 | 609,574 | ||
Notes receivable and preferred equity investments, net | 154,679 | 147,188 | ||
Investments in and advances to unconsolidated affiliates | 210,309 | 173,277 | ||
Cash and cash equivalents | 84,860 | 72,776 | ||
Cash in escrow | 23,185 | 26,444 | ||
Restricted cash | 10,840 | 10,840 | ||
Rents receivable, net | 41,844 | 40,425 | ||
Deferred charges, net | 21,776 | 22,568 | ||
Acquired lease intangibles, net | 64,396 | 52,593 | ||
Prepaid expenses and other assets | 50,791 | 48,628 | ||
Assets of properties held for sale | 26,313 | — | ||
Total assets | $ 3,148,327 | $ 3,032,319 | ||
LIABILITIES | ||||
Mortgage and other notes payable, net | $ 955,003 | $ 1,050,051 | ||
Unsecured notes payable, net | 341,555 | 308,555 | ||
Distributions in excess of income from, and investments in, unconsolidated affiliates | 23,613 | 13,244 | ||
Accounts payable and accrued expenses | 37,962 | 38,754 | ||
Dividends and distributions payable | 19,343 | 37,552 | ||
Acquired lease intangibles, net | 36,373 | 31,809 | ||
Other liabilities | 106,002 | 31,000 | ||
Total liabilities | 1,519,851 | 1,510,965 | ||
EQUITY | ||||
Shareholders’ Equity | ||||
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 71,566,457 and 70,258,415 shares, respectively | 72 | 70 | ||
Additional paid-in capital | 1,140,914 | 1,092,239 | ||
Accumulated other comprehensive loss | (11,467) | (4,463) | ||
Retained earnings | 23,695 | 12,642 | ||
Total shareholders’ equity | 1,153,214 | 1,100,488 | ||
Noncontrolling interests | 475,262 | 420,866 | ||
Total equity | 1,628,476 | 1,521,354 | ||
Total liabilities and equity | $ 3,148,327 | $ 3,032,319 |
Table of Contents | ||||
First Quarter 2016 | ||||
Section I - First Quarter 2016 Earnings Press Release | ||||
Section II - Financial Information | Section III - Core Portfolio Information | |||
Company Information………………………………………………………… | 4 | Core Properties……………………………………………………………… | 23 | |
Market Capitalization………………………………………………………………… | 5 | Core Top Tenants……………………………………………………… | 25 | |
Operating Statements | Core Lease Expirations……………………………………… | 26 | ||
Pro-rata Consolidation…………………………………………………… | 6 | Core New and Renewal Rent Spreads………………………………………… | 27 | |
Funds…………………………………………………………………… | 7 | Core Capital Expenditures………………………………………… | 28 | |
Funds from Operations ("FFO"), Adjusted FFO ("AFFO") | 8 | Portfolio Demographics…………………………………………… | 29 | |
EBITDA………………………………………………………………… | 9 | |||
Same Property Net Operating Income………………………………………… | 10 | |||
Fee Income……………………………………………………………… | 11 | Section IV - Fund Information | ||
Balance Sheet - Pro-rata Consolidation……………………………………………… | 12 | |||
Structured Financing……………………………………………………………… | 13 | Fund Overview…………………………………………………………… | 32 | |
Other Information | Fund Properties…………………………………………………………………… | 33 | ||
Transactional Activity……………………………………………… | 14 | Fund Lease Expirations……………………………………………………… | 34 | |
2016 Guidance………………………………………………………… | 15 | Fund Development Activity……………………………………………………………… | 35 | |
Net Asset Valuation Information……………………………………………… | 16 | |||
Selected Financial Ratios………………………………………… | 17 | |||
Debt Analysis | ||||
Summary……………………………………………………… | 18 | |||
Detail……………………………………………………………………… | 19 | Important Notes……………………………………………………………… | 36 | |
Maturities…………………………………………………………… | 22 | |||
Visit www.acadiarealty.com for additional investor and portfolio information |
Company Information | ||||||
Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management 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 | ||||
411 Theodore Fremd Avenue | Amy Racanello | Symbol AKR | ||||
Suite 300 | Senior Vice President, | |||||
Rye, NY 10580 | Capital Markets & Investments | |||||
(914) 288-3345 | ||||||
aracanello@acadiarealty.com | ||||||
Analyst Coverage | ||||||
Bank of America / Merrill Lynch | Green Street Advisors | RBC Capital Markets | ||||
Craig Schmidt - (646) 855-3640 | Jason White, CFA - (949) 640-8780 | Rich Moore, CFA - (440) 715-2646 | ||||
craig.schmidt@baml.com | jwhite@greenstreetadvisors.com | rich.moore@rbccm.com | ||||
Jay Carlington, CFA - (949) 640-8780 | ||||||
jcarlington@greenstreetadvisors.com | ||||||
Bank of Montreal | KeyBanc Capital Markets, Inc. | UBS | ||||
Paul Adornato, CFA - (212) 885-4170 | Todd Thomas - (917) 368-2286 | Ross Nussbaum - (212) 713-2484 | ||||
paul.adornato@bmo.com | tthomas@keybanccm.com | ross.nussbaum@ubs.com | ||||
Citigroup - Global Markets | J.P. Morgan Securities, Inc. | |||||
Christy McElroy - (212) 816-6981 | Michael W. Mueller, CFA - (212) 622-6689 | |||||
christy.mcelroy@citi.com | michael.w.mueller@jpmorgan.com |
Market Capitalization | ||||||||||||||||||||
(including pro-rata share of Fund debt, in thousands) | ||||||||||||||||||||
Capitalization | ||||||||||||||||||||
Total Market Capitalization | based on | Changes in Total Outstanding Common Shares and OP Units (in thousands) | Weighted Average | |||||||||||||||||
$ | % | Net Debt1 | Diluted EPS | FFO | ||||||||||||||||
Equity Capitalization | Common Shares | OP Units | Total | Quarter | Quarter | |||||||||||||||
Common Shares | 71,566 | Balance at 12/31/2015 | 70,259 | 3,857 | 74,116 | |||||||||||||||
Common Operating Partnership ("OP") Units | 4,428 | ATM Issuance | 1,050 | — | 1,050 | |||||||||||||||
Combined Common Shares and OP Units | 75,994 | Other | 257 | 571 | 828 | |||||||||||||||
Balance at 3/31/2016 | 71,566 | 4,428 | 75,994 | 71,200 | 75,845 | |||||||||||||||
Share Price at March 31, 2016 | $ | 35.13 | ||||||||||||||||||
Equity Capitalization - Common Shares and OP Units | $ | 2,669,669 | ||||||||||||||||||
Preferred OP Units | 15,040 | 2 | ||||||||||||||||||
Total Equity Capitalization | 2,684,709 | 78% | 80% | |||||||||||||||||
Debt Capitalization | ||||||||||||||||||||
Consolidated debt | 1,305,987 | |||||||||||||||||||
Adjustment to reflect pro-rata share of debt | (542,718 | ) | ||||||||||||||||||
Total Debt Capitalization | 763,269 | 22% | 20% | |||||||||||||||||
Total Market Capitalization | $ | 3,447,978 | 100% | 100% | ||||||||||||||||
Notes: | ||||||||||||||||||||
1 Reflects debt net of: | ||||||||||||||||||||
Core Portfolio cash | $ | 64,312 | ||||||||||||||||||
pro-rata share of Funds cash | 6,590 | |||||||||||||||||||
and pro-rata share of restricted cash relating to City Point financing | 3,071 | |||||||||||||||||||
for total cash netted against debt of | $ | 73,973 | ||||||||||||||||||
2 Represents 188 Series A and 141,593 Series C Preferred OP Units convertible into 25,067 and 403,054 Common OP units, respectively multiplied by the Common Share price at quarter end. | ||||||||||||||||||||
3 Fixed-rate debt includes notional principal fixed through interest rate swap transactions. | ||||||||||||||||||||
4 Less then 1% Preferred OP Units | ||||||||||||||||||||
Market Capitalization 4 | ||||||||||||||||||||
![]() | ||||||||||||||||||||
Income Statements - Pro-rata Consolidation 1 | |||||||||||||
(in thousands) | |||||||||||||
Three months ended March 31, 2016 | |||||||||||||
Core Portfolio | Funds | Total | |||||||||||
CORE PORTFOLIO AND FUND INCOME | |||||||||||||
PROPERTY REVENUES | |||||||||||||
Minimum rents | $ | 28,613 | $ | 2,377 | $ | 30,990 | |||||||
Percentage rents | 84 | 32 | 116 | ||||||||||
Expense reimbursements - CAM | 2,379 | 239 | 2,618 | ||||||||||
Expense reimbursements - Taxes | 4,422 | 294 | 4,716 | ||||||||||
Other property income | 305 | 70 | 375 | ||||||||||
Total Property Revenues | 35,803 | 3,012 | 38,815 | ||||||||||
PROPERTY EXPENSES | |||||||||||||
Property operating - CAM | 2,999 | 437 | 3,436 | ||||||||||
Other property operating (Non-CAM) | 282 | 65 | 347 | ||||||||||
Real estate taxes | 5,055 | 520 | 5,575 | ||||||||||
Total Property Expenses | 8,336 | 1,022 | 9,358 | ||||||||||
NET OPERATING INCOME - PROPERTIES | 27,467 | 1,990 | 29,457 | ||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||
Interest income | 3,124 | 361 | 3,485 | ||||||||||
Straight-line rent income | 765 | 245 | 1,010 | ||||||||||
Above/below market rent | 1,132 | 57 | 1,189 | ||||||||||
Interest expense 2 | (5,787 | ) | (566 | ) | (6,353 | ) | |||||||
Amortization of finance costs | (297 | ) | (109 | ) | (406 | ) | |||||||
Above/below market interest expense | 383 | — | 383 | ||||||||||
Asset and property management expense | (84 | ) | (62 | ) | (146 | ) | |||||||
Other income/(expense) | 691 | 17 | 708 | ||||||||||
Transaction costs | (178 | ) | (34 | ) | (212 | ) | |||||||
CORE PORTFOLIO AND FUND INCOME | 27,216 | 1,899 | 29,115 | ||||||||||
FEE INCOME | |||||||||||||
Asset and property management fees | 3,144 | 7 | 3,151 | ||||||||||
Transactional fees 3 | 1,692 | — | 1,692 | ||||||||||
Income tax (provision)/benefit | 117 | (5 | ) | 112 | |||||||||
Total Fee Income | 4,953 | 2 | 4,955 | ||||||||||
PROMOTE, RCP AND OTHER INCOME | |||||||||||||
Equity in earnings from RCP investments | — | 27 | 27 | ||||||||||
Promote income, net - Fund capital transactions 4 | 4,736 | — | 4,736 | ||||||||||
Total Promote, RCP and Other Income | 4,736 | 27 | 4,763 | ||||||||||
General and Administrative | (7,688 | ) | (27 | ) | (7,715 | ) | |||||||
Depreciation and amortization | (14,198 | ) | (1,130 | ) | (15,328 | ) | |||||||
Non-real estate depreciation and amortization | (150 | ) | — | (150 | ) | ||||||||
Gain on disposition of properties | — | 15,140 | 15,140 | ||||||||||
Income before noncontrolling interests | 14,869 | 15,911 | 30,780 | ||||||||||
Noncontrolling interest - OP | (898 | ) | (957 | ) | (1,855 | ) | |||||||
NET INCOME | $ | 13,971 | $ | 14,954 | $ | 28,925 | |||||||
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 Net of capitalized interest of $1,052 for the three months. | |||||||||||||
3 Consists of development, construction, leasing and legal fees. | |||||||||||||
4 Net of payments totaling $1,548 during the quarter under the Company's Long Term Investment Alignment Program. |
Income Statements - Funds 1 | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||
AKR Pro- | AKR Pro- | AKR Pro- | AKR Pro- | AKR Pro- | AKR Pro- | ||||||||||||||||||||||||||||||||||||||
Mervyns I | rata share | Fund II | rata share | Mervyns II | rata share | Fund III | rata share | Fund IV | rata share | rata share | |||||||||||||||||||||||||||||||||
PROPERTY REVENUES | |||||||||||||||||||||||||||||||||||||||||||
Minimum rents | $ | — | $ | — | $ | 1,592 | $ | 451 | $ | — | $ | — | $ | 3,845 | $ | 944 | $ | 4,247 | $ | 982 | $ | 2,377 | |||||||||||||||||||||
Percentage rents | — | — | — | — | — | — | 38 | 9 | 99 | 23 | 32 | ||||||||||||||||||||||||||||||||
Expense reimbursements - CAM | — | — | 169 | 48 | — | — | 385 | 94 | 419 | 97 | 239 | ||||||||||||||||||||||||||||||||
Expense reimbursements - Taxes | — | — | 41 | 12 | — | — | 835 | 205 | 335 | 77 | 294 | ||||||||||||||||||||||||||||||||
Other property income | — | — | 29 | 8 | — | — | 12 | 3 | 254 | 59 | 70 | ||||||||||||||||||||||||||||||||
Total Property Revenues | — | — | 1,831 | 519 | — | — | 5,115 | 1,255 | 5,354 | 1,238 | 3,012 | ||||||||||||||||||||||||||||||||
PROPERTY EXPENSES | |||||||||||||||||||||||||||||||||||||||||||
Property operating - CAM | — | — | 423 | 120 | — | — | 750 | 184 | 574 | 133 | 437 | ||||||||||||||||||||||||||||||||
Other property operating (Non-CAM) | — | — | 27 | 8 | — | — | 137 | 34 | 98 | 23 | 65 | ||||||||||||||||||||||||||||||||
Real estate taxes | — | — | 291 | 82 | — | — | 1,099 | 270 | 728 | 168 | 520 | ||||||||||||||||||||||||||||||||
Total Property Expenses | — | — | 741 | 210 | — | — | 1,986 | 488 | 1,400 | 324 | 1,022 | ||||||||||||||||||||||||||||||||
NET OPERATING INCOME - PROPERTIES | — | — | 1,090 | 309 | — | — | 3,129 | 767 | 3,954 | 914 | 1,990 | ||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||||||||||||||||||||||||||||||
Interest income | — | — | 182 | 52 | — | — | 226 | 55 | 1,097 | 254 | 361 | ||||||||||||||||||||||||||||||||
Straight-line rent income | — | — | 325 | 92 | — | — | 132 | 32 | 523 | 121 | 245 | ||||||||||||||||||||||||||||||||
Above/below market rent | — | — | — | — | — | — | 18 | 4 | 228 | 53 | 57 | ||||||||||||||||||||||||||||||||
Interest expense | — | — | (40 | ) | (11 | ) | — | — | (490 | ) | (120 | ) | (1,880 | ) | (435 | ) | (566 | ) | |||||||||||||||||||||||||
Amortization of finance costs | — | — | (79 | ) | (22 | ) | — | — | (101 | ) | (25 | ) | (268 | ) | (62 | ) | (109 | ) | |||||||||||||||||||||||||
Asset and property management expense 2 | — | — | — | — | — | — | (49 | ) | (12 | ) | (215 | ) | (50 | ) | (62 | ) | |||||||||||||||||||||||||||
Other income/(expense) | — | — | 18 | 5 | 2 | 1 | (4 | ) | (1 | ) | 52 | 12 | 17 | ||||||||||||||||||||||||||||||
Transaction costs | — | — | — | — | — | — | — | — | (149 | ) | (34 | ) | (34 | ) | |||||||||||||||||||||||||||||
Fund Income | — | — | 1,496 | 425 | 2 | 1 | 2,861 | 700 | 3,342 | 773 | 1,899 | ||||||||||||||||||||||||||||||||
FEE INCOME | |||||||||||||||||||||||||||||||||||||||||||
Asset and property management fees | — | — | — | — | — | — | 27 | 7 | — | — | 7 | ||||||||||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | (20 | ) | (5 | ) | — | — | (5 | ) | |||||||||||||||||||||||||||||
Total Fee Income | — | — | — | — | — | — | 7 | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||
PROMOTE, RCP AND OTHER INCOME | |||||||||||||||||||||||||||||||||||||||||||
Equity in earnings from RCP investments | 27 | 6 | — | — | 73 | 21 | — | — | — | — | 27 | ||||||||||||||||||||||||||||||||
Total Promote, RCP and Other Income | 27 | 6 | — | — | 73 | 21 | — | — | — | — | 27 | ||||||||||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE | — | — | (5 | ) | (1 | ) | — | — | 11 | 3 | (127 | ) | (29 | ) | (27 | ) | |||||||||||||||||||||||||||
Depreciation and amortization | — | — | (749 | ) | (212 | ) | — | — | (1,133 | ) | (278 | ) | (2,768 | ) | (640 | ) | (1,130 | ) | |||||||||||||||||||||||||
Gain on disposition of properties | — | — | — | — | — | — | 61,684 | 15,140 | — | — | 15,140 | ||||||||||||||||||||||||||||||||
Income before noncontrolling interest | 27 | 6 | 742 | 212 | 75 | 22 | 63,430 | 15,567 | 447 | 104 | 15,911 | ||||||||||||||||||||||||||||||||
Noncontrolling interest - OP | — | — | (46 | ) | (13 | ) | (4 | ) | (1 | ) | (3,818 | ) | (937 | ) | (26 | ) | (6 | ) | (957 | ) | |||||||||||||||||||||||
NET INCOME | $ | 27 | $ | 6 | $ | 696 | $ | 199 | $ | 71 | $ | 21 | $ | 59,612 | $ | 14,630 | $ | 421 | $ | 98 | $ | 14,954 | |||||||||||||||||||||
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 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. | |||||||||||||||||||||||||||||||||||||||||||
3 For information on our pro-rata share of fund investments, see the "Fund Overview" page in this supplemental. |
Funds from Operations ("FFO") 1 | |||||||||
(in thousands) | |||||||||
Current | |||||||||
Quarter | Quarter | ||||||||
3 months ended | 3 months ended | ||||||||
Funds from operations ("FFO"): | March 31, 2016 | March 31, 2015 | |||||||
Net Income | $ | 28,925 | $ | 16,547 | |||||
Add back: | |||||||||
Depreciation of real estate and amortization of leasing costs: | |||||||||
(net of noncontrolling interest share) | 15,328 | 10,936 | |||||||
Gain on disposition of properties (net of noncontrolling interest share) | (15,140 | ) | (5,402 | ) | |||||
Income attributable to noncontrolling interests' | |||||||||
share in Operating Partnership | 1,994 | 973 | |||||||
FFO to Common Shareholders and Common OP Unit holders | $ | 31,107 | $ | 23,054 | |||||
Add back: Transaction costs | 212 | 1,113 | |||||||
FFO before transaction costs | $ | 31,319 | $ | 24,167 | |||||
Adjusted Funds from operations ("AFFO"): | |||||||||
Diluted FFO | $ | 31,107 | $ | 23,054 | |||||
Straight-line rent, net | (1,010 | ) | (955 | ) | |||||
Above/below market rent | (1,189 | ) | (1,225 | ) | |||||
Amortization of finance costs | 406 | 405 | |||||||
Above/below market interest | (383 | ) | (345 | ) | |||||
Loss on extinguishment of debt | — | 21 | |||||||
Non-real estate depreciation | 150 | 130 | |||||||
Leasing commissions | (17 | ) | (210 | ) | |||||
Tenant improvements | (2,229 | ) | (1,091 | ) | |||||
Capital expenditures | (284 | ) | (1,677 | ) | |||||
AFFO to Common Shareholders and Common OP Unit holders | $ | 26,551 | $ | 18,107 | |||||
Total weighted average diluted shares and OP Units: | 75,845 | 72,586 | |||||||
Diluted FFO per Common share and OP Unit: | |||||||||
FFO | $ | 0.41 | $ | 0.32 | |||||
FFO before transaction costs | $ | 0.41 | $ | 0.33 | |||||
AFFO | $ | 0.35 | $ | 0.25 | |||||
AFFO before transaction costs | $ | 0.35 | $ | 0.26 | |||||
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) | |||||||||||||
Current Quarter | |||||||||||||
Three months ended March 31, 2016 | |||||||||||||
Core | |||||||||||||
Portfolio | Funds | Total | |||||||||||
NET INCOME | $ | 13,971 | $ | 14,954 | $ | 28,925 | |||||||
Adjustments: | |||||||||||||
Depreciation and amortization | 14,348 | 1,130 | 15,478 | ||||||||||
Interest expense | 5,787 | 566 | 6,353 | ||||||||||
Amortization of finance costs | 297 | 109 | 406 | ||||||||||
Above/below market interest | (383 | ) | — | (383 | ) | ||||||||
Gain on disposition of properties | — | (15,140 | ) | (15,140 | ) | ||||||||
Provision for income taxes | (117 | ) | 5 | (112 | ) | ||||||||
Noncontrolling interest - OP | 898 | 957 | 1,855 | ||||||||||
EBITDA | $ | 34,801 | $ | 2,581 | $ | 37,382 | |||||||
Core Portfolio | ||||||||
Same Property Performance 1 | ||||||||
(in thousands) | ||||||||
Quarter | ||||||||
Three months ended | ||||||||
Change | ||||||||
March 31, 2016 | March 31, 2015 | Favorable/(Unfavorable) | ||||||
Summary | ||||||||
Minimum rents | $ | 25,218 | $ | 24,478 | 3.0% | |||
Property operating expenses, net of reimbursements | (1,118 | ) | (1,325 | ) | 15.6% | |||
Other net property income/(expense) | 27 | 145 | (81.4)% | |||||
Same Property NOI | $ | 24,127 | $ | 23,298 | 3.6% | |||
Reconciliation of Same Property NOI to Core NOI | ||||||||
NOI of Properties excluded from Same Property NOI | 3,340 | 624 | ||||||
Core NOI 2 | $ | 27,467 | $ | 23,922 | ||||
Other same property information | ||||||||
Physical Occupancy | 96.3 | % | 96.5 | % | ||||
Leased Occupancy | 96.4 | % | 96.9 | % | ||||
Notes: | ||||||||
1 The above amounts include the pro-rata activity related to the Company's Core consolidated and unconsolidated investments. | ||||||||
2 See "Income Statement - Consolidated." |
Fee income by Fund | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Fund II | Fund III | Fund IV | Other | Total | ||||||||||||||||
Quarter ended March 31, 2016 | ||||||||||||||||||||
Asset and property management fees and priority distributions | $ | 534 | $ | 861 | $ | 1,592 | $ | 157 | $ | 3,144 | ||||||||||
Transactional fees | 715 | 237 | 632 | 108 | 1,692 | |||||||||||||||
Total fees and priority distributions | $ | 1,249 | $ | 1,098 | $ | 2,224 | $ | 265 | $ | 4,836 | ||||||||||
Pro-Rata Consolidated Balance Sheet | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Notes | Consolidated | Noncontrolling | Company's | Pro-Rata | |||||||||||||||||
Balance | Interest in | Interest in | Consolidated | ||||||||||||||||||
Sheet | Consolidated | Unconsolidated | Balance | ||||||||||||||||||
1, 2 | As Reported | Subsidiaries | Subsidiaries | Sheet | Notes | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Real estate | 1 The interim consolidated balance sheet is unaudited, although it | ||||||||||||||||||||
Land | $ | 497,830 | $ | (115,168 | ) | $ | 41,349 | $ | 424,011 | reflects all adjustments, which in the opinion of management, | |||||||||||
Buildings and improvements | 1,586,398 | (320,605 | ) | 217,443 | 1,483,236 | are necessary for the fair presentation of the consolidated | |||||||||||||||
Construction in progress | 22,227 | (14,716 | ) | 290 | 7,801 | balance sheet for the interim period. | |||||||||||||||
2,106,455 | (450,489 | ) | 259,082 | 1,915,048 | |||||||||||||||||
Less: accumulated depreciation | (286,880 | ) | 52,413 | (13,393 | ) | (247,860 | ) | 2 The Company currently invests in Funds I, II, III & IV and Mervyns I & II | |||||||||||||
Net real estate | 1,819,575 | (398,076 | ) | 245,689 | 1,667,188 | which are consolidated within the Company's financial statements. | |||||||||||||||
To provide investors with supplemental information, the Company's | |||||||||||||||||||||
Net real estate under development | 3 | 639,759 | (460,313 | ) | 7,511 | 186,957 | 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 | 84,860 | (17,666 | ) | 3,708 | 70,902 | and liability line items. Similarly, the presentation also includes | |||||||||||||||
Cash in escrow | 23,185 | (14,662 | ) | 2,551 | 11,074 | the Company's pro-rata share of assets and liabilities for | |||||||||||||||
Restricted cash | 10,840 | (7,769 | ) | — | 3,071 | unconsolidated investments which are accounted for under the equity | |||||||||||||||
Investments in and advances to unconsolidated affiliates | 210,309 | (74,267 | ) | (133,408 | ) | 2,634 | method of accounting in the Company's financial statements. | ||||||||||||||
Rents receivable, net | 10,045 | (1,564 | ) | 2,313 | 10,794 | ||||||||||||||||
Straight-line rents receivable, net | 31,799 | (10,772 | ) | 1,875 | 22,902 | ||||||||||||||||
Notes receivable | 154,679 | (45,205 | ) | — | 109,474 | 3 The components of Net real estate under development are as follows: | |||||||||||||||
Deferred charges, net | 21,776 | (8,460 | ) | 1,197 | 14,513 | Fund II | $ | 556,555 | |||||||||||||
Prepaid expenses and other assets | 4 | 50,791 | 22,131 | 312 | 73,234 | Fund III | 41,903 | ||||||||||||||
Acquired lease intangibles | 64,396 | (7,442 | ) | 12,077 | 69,031 | Fund IV | 37,608 | ||||||||||||||
Assets of real estate held for sale | 26,313 | (15,886 | ) | — | 10,427 | Other | 3,693 | ||||||||||||||
Total Assets | $ | 3,148,327 | $ | (1,039,951 | ) | $ | 143,825 | $ | 2,252,201 | Total | 639,759 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
4 The components of Prepaid expenses and other assets are as follows: | |||||||||||||||||||||
Mortgage and other notes payable | $ | 963,161 | $ | (580,266 | ) | $ | 146,310 | $ | 529,205 | Due from Fund Investors | $ | 38,179 | |||||||||
Unsecured notes payable | 342,826 | (108,762 | ) | — | 234,064 | Accrued interest on Notes receivable | 11,655 | ||||||||||||||
Valuation of debt at acquisition, net of amortization | 1,726 | — | 1,059 | 2,785 | Prepaid expenses | 7,336 | |||||||||||||||
Unamortized loan costs | (11,155 | ) | 6,638 | (1,399 | ) | (5,916 | ) | Other | 16,064 | ||||||||||||
Acquired lease intangibles | 36,373 | (5,615 | ) | 9,259 | 40,017 | ||||||||||||||||
Accounts payable and accrued expenses | 37,962 | (10,692 | ) | 2,818 | 30,088 | Total | $ | 73,234 | |||||||||||||
Dividends and distributions payable | 19,343 | — | — | 19,343 | |||||||||||||||||
Share of losses in excess of inv. in unconsolidated affiliates | 23,613 | (6,245 | ) | (17,368 | ) | — | |||||||||||||||
Other liabilities | 106,002 | (8,857 | ) | 3,146 | 100,291 | ||||||||||||||||
Total Liabilities | 1,519,851 | (713,799 | ) | 143,825 | 949,877 | ||||||||||||||||
Shareholders' equity: | |||||||||||||||||||||
Common shares | 72 | — | — | 72 | |||||||||||||||||
Additional paid-in capital | 1,140,914 | — | — | 1,140,914 | |||||||||||||||||
Accumulated other comprehensive loss | (11,467 | ) | — | — | (11,467 | ) | |||||||||||||||
Retained earnings | 23,695 | — | — | 23,695 | |||||||||||||||||
Total controlling interest | 1,153,214 | — | — | 1,153,214 | |||||||||||||||||
Noncontrolling interest in subsidiary | 475,262 | (326,152 | ) | — | 149,110 | ||||||||||||||||
Total Shareholders' Equity | 1,628,476 | (326,152 | ) | — | 1,302,324 | ||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 3,148,327 | $ | (1,039,951 | ) | $ | 143,825 | $ | 2,252,201 | ||||||||||||
Structured Financing Portfolio | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Current Period | Stated | Effective | ||||||||||||||||||||||||||
Previous | Current | Accrued | Interest | Interest | Maturity | |||||||||||||||||||||||
Investment | Principal | Advances | Repayments | Principal | Interest | Total | Rate | Rate 1 | Dates | |||||||||||||||||||
First mortgage notes | $ | 65,169 | $ | 400 | $ | (7,500 | ) | $ | 58,069 | $ | 1,220 | $ | 59,289 | 6.70% | 7.01% | 2016 to 2018 | ||||||||||||
Mezzanine, preferred equity and other notes | 47,878 | — | (13,000 | ) | 34,878 | 9,977 | 44,855 | 14.77% | 14.83% | 2016 to 2020 | ||||||||||||||||||
Total notes receivable | $ | 113,047 | $ | 400 | $ | (20,500 | ) | $ | 92,947 | $ | 11,197 | $ | 104,144 | 9.73% | 9.94% | |||||||||||||
Note: | ||||||||||||||||||||||||||||
1 Inclusive of points and exit fees. | ||||||||||||||||||||||||||||
Reconciliation of Notes Receivable to the Consolidated Balance Sheet | ||||||||||||||||||||||||||||
Total Notes Receivable per above | $ | 92,947 | ||||||||||||||||||||||||||
Other loans (pro-rata share) | 15,913 | |||||||||||||||||||||||||||
Total Notes Receivable per Pro-Rata Balance Sheet | $ | 108,860 |
Transactional Activity | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Core Portfolio | Funds | ||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||
Acadia | Fund | Acadia | |||||||||||||||||||||||||
Property Name | Transaction Price | Ownership % | Acadia Share | Month of Transaction | Location | Key Tenants | Property Name | Transaction Price | Ownership % | Fund Share | Share | Month of Transaction | Location | Key Tenants | |||||||||||||
Fund IV: | |||||||||||||||||||||||||||
Gotham Plaza 1 | $ | 79,163 | 49 | % | $ | 38,790 | January | Manhattan, NY | Bank of America, The Children's Place | 1964 Union Street | $ | 2,250 | 90% | $ | 2,025 | $ | 468 | January | San Francisco, CA | — | |||||||
991 Madison Avenue 2 | 76,461 | 100 | % | 76,461 | March | Manhattan, NY | Vera Wang, Perrin Paris | Restaurants at Fort Point | 11,500 | 100% | 11,500 | 2,659 | January | Boston, MA | — | ||||||||||||
Total | $ | 155,624 | $ | 115,251 | Total | $ | 13,750 | $ | 13,525 | $ | 3,127 | ||||||||||||||||
Dispositions | |||||||||||||||||||||||||||
Fund III: | |||||||||||||||||||||||||||
Cortlandt Town Center 3 | $ | 165,000 | 65% | $ | 107,250 | $ | 42,503 | January | Mohegan Lake, NY | — | |||||||||||||||||
Heritage Shops | 46,500 | 100% | 46,500 | 18,428 | April | Chicago, IL | |||||||||||||||||||||
$ | 211,500 | $ | 153,750 | $ | 60,931 | ||||||||||||||||||||||
Structured Finance Investments | |||||||||||||||||||||||||||
Extension | |||||||||||||||||||||||||||
Fund IV: | Principal | Interest Rate | Maturity Date | Month of Transaction | Location | Options | |||||||||||||||||||||
900 W. Randolph Street | $ | 14,000 | 15 | % | February, 2021 | February | Chicago, IL | 2 x 12 mos. | |||||||||||||||||||
Notes: | |||||||||||||||||||||||||||
1 Acquired a 49% interest in this property for $38,790. The $79,163 represents the total value of the property at the time of our transaction. | |||||||||||||||||||||||||||
2 Acquired a 49-year master lease interest in this property. The lease position has been capitalized for the Company's financial statements at a total value of $76,461 which consists of a $7,000 upfront payment in addition to the future annual master lease rent obligations. | |||||||||||||||||||||||||||
3 Sold a 65% interest in this property for $107,250. The $165,000 represents the total value of the property at the time of our transaction. |
2016 Annual Guidance | |||||
Note: 2016 FFO and EPS guidance and comparable 2015 results are before acquisition related costs | |||||
(in millions except per share amounts, all per share amounts are fully diluted) | |||||
2016 Guidance | 2015 Actual | Notes | |||
Summary: | |||||
Funds from Operations ("FFO") per share (before acquisiton costs) | $1.52 to $1.60 | $1.56 | '- 2015 included $0.13 of gain from the sale of air rights | ||
'- Before 2015 acquisition costs, which totaled $0.03 | |||||
Earnings per Share ("EPS") (before acquisiton costs) | $0.99 to $1.07 | $0.97 | |||
FFO Components: | |||||
Core and pro-rata share of Fund portfolio income (before acquisiton costs) | $120.5 to $124.5 | $110.5 | '- 2015 acquisition costs totaled $2.2 million | ||
Asset and property management fee income, net of TRS taxes | $11.0 to $13.0 | $13.1 | |||
Transactional fee income, net of TRS taxes | $7.0 to $8.0 | $8.6 | |||
Other Fund related income, net | $9.0 to $11.0 | $11.0 | '- 2015 included $0.13 of gain from the sale of air rights | ||
'- Net of projeced payments under the Company's Long-Term Fund Investment Alignment Program ("FIAP") | |||||
General and administrative expense | $(31.0) to $(30.5) | $(29.4) | |||
FFO | $116.5 to $126.0 | $113.8 | |||
Additional Guidance Assumptions: | |||||
Fully diluted Common Shares and OP Units | 77,000 to 79,000 | 73,100 | |||
Same property net operating income ("NOI") growth | 3.0% to 4.0% | ||||
Core acquisitions | $200.0 to $400.0 | ||||
Fund acquisitions | $200.0 to $400.0 | ||||
Net Asset Valuation Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CORE | FUND II | FUND III | FUND IV | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 27,467 | 1 | $ | 109,868 | $ | 1,090 | $ | 4,360 | 28.33 | % | $ | 1,235 | $ | 3,129 | $ | 12,516 | 39.63 | % | $ | 4,960 | $ | 3,954 | $ | 15,816 | 23.12 | % | $ | 3,657 | |||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Income)/ loss from properties sold or under contract | — | — | — | (1,422 | ) | (5,688 | ) | (2,254 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||
(Income)/ loss from pre-stabilized assets 2 | (452 | ) | (1,808 | ) | (512 | ) | (547 | ) | (2,188 | ) | (867 | ) | (1,280 | ) | (5,120 | ) | (1,184 | ) | ||||||||||||||||||||||||||||||||||
(Income)/ loss from development projects 3 | — | — | — | — | — | — | (143 | ) | (572 | ) | (132 | ) | ||||||||||||||||||||||||||||||||||||||||
Net Operating Income of stabilized assets | 638 | 2,552 | 723 | 1,160 | 4,640 | 1,839 | 2,531 | 10,124 | 2,341 | |||||||||||||||||||||||||||||||||||||||||||
Assets under contract for sale, net of debt | $ | 22,022 | $ | 8,727 | ||||||||||||||||||||||||||||||||||||||||||||||||
Costs to Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-stabilized assets 2 | $ | 73,505 | $ | 20,824 | $ | 64,623 | $ | 25,610 | $ | 148,199 | $ | 34,264 | ||||||||||||||||||||||||||||||||||||||||
Development projects 3 | $ | 88,150 | 402,600 | 114,057 | 37,300 | 14,782 | 147,400 | 34,079 | ||||||||||||||||||||||||||||||||||||||||||||
Total Costs to Date | $ | 88,150 | $ | 476,105 | $ | 134,881 | $ | 101,923 | $ | 40,392 | $ | 295,599 | $ | 68,343 | ||||||||||||||||||||||||||||||||||||||
Debt | $ | 539,213 | $ | 401,196 | $ | 107,068 | $ | 184,949 | $ | 45,402 | $ | 324,469 | $ | 71,586 | ||||||||||||||||||||||||||||||||||||||
Gross asset value 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Does not include a full quarter of NOI for those assets purchased during the first quarter 2016. See "Transactions Activity" page in this supplemental for descriptions of those acquisitions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2 Consists of the following projects: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund II: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
161st Street | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund III: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
640 Broadway | ||||||||||||||||||||||||||||||||||||||||||||||||||||
654 Broadway | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nostrand | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund IV: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2819 Kennedy Blvd | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramus Plaza | ||||||||||||||||||||||||||||||||||||||||||||||||||||
17 East 71st Street | ||||||||||||||||||||||||||||||||||||||||||||||||||||
1035 Third Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||
1151 Third Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Eden Square | ||||||||||||||||||||||||||||||||||||||||||||||||||||
3 See "Redevelopment Activity" page in this supplemental |
Selected Financial Ratios | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
Three months ended March 31, | Three months ended March 31, | Three months ended December 31, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||
COVERAGE RATIOS 1 | LEVERAGE RATIOS | |||||||||||||||||
Fixed-Charge Coverage Ratios | Debt/Market Capitalization Ratios | |||||||||||||||||
EBITDA 2 divided by: | $ | 34,801 | $ | 26,902 | Debt + Preferred Equity (Preferred O.P. Units) | $ | 778,309 | $ | 702,730 | |||||||||
Interest expense | 5,787 | 5,635 | Total Market Capitalization | 3,447,978 | 3,159,675 | |||||||||||||
Principal Amortization | 1,031 | 1,363 | Debt+Preferred Equity/Total Market Capitalization | 23 | % | 22 | % | |||||||||||
Preferred Dividends 3 | 139 | 6 | ||||||||||||||||
Fixed-Charge Coverage Ratio - Core Portfolio | 5.0x | 3.8x | Debt 6 | 704,336 | 654,666 | |||||||||||||
Total Market Capitalization | 3,374,005 | 3,111,611 | ||||||||||||||||
EBITDA divided by: | $ | 37,382 | $ | 29,953 | Net Debt+Preferred Equity/Total Market Capitalization | 21 | % | 21 | % | |||||||||
Interest expense | 6,353 | 6,191 | ||||||||||||||||
Principal Amortization | 1,158 | 1,562 | Debt/EBITDA Ratios | |||||||||||||||
Preferred Dividends | 139 | 6 | ||||||||||||||||
Fixed-Charge Coverage Ratio - Core Portfolio | Debt | 539,213 | 515,513 | |||||||||||||||
and Funds | 4.9x | 3.9x | EBITDA (Annualized) 7 | 131,488 | 119,052 | |||||||||||||
Debt/EBITDA - Core Portfolio | 4.1x | 4.3x | ||||||||||||||||
Payout Ratios | ||||||||||||||||||
Debt 5 | 474,901 | 477,306 | ||||||||||||||||
Dividends declared (per share/OP Unit) 4 | $ | 0.25 | $ | 0.24 | EBITDA (Annualized) 7 | 131,488 | 119,052 | |||||||||||
Net Debt/EBITDA - Core Portfolio | 3.6x | 4.0x | ||||||||||||||||
Dividends (Shares) & Distributions (OP Units) declared | $ | 19,342 | $ | 17,671 | ||||||||||||||
FFO | 31,107 | 23,054 | Debt 4 | 763,269 | 701,899 | |||||||||||||
FFO Payout Ratio | 62 | % | 77 | % | EBITDA (Annualized) 7 | 141,812 | 127,124 | |||||||||||
FFO Payout Ratio before acquisition costs | 62 | % | 73 | % | Debt/EBITDA - Core Portfolio and Funds | 5.4x | 5.5x | |||||||||||
Dividends (Shares) & Distributions (OP Units) paid | $ | 19,342 | $ | 17,671 | Debt 6 | 704,336 | 654,666 | |||||||||||
AFFO | 26,551 | 18,107 | EBITDA (Annualized) 7 | 141,812 | 127,124 | |||||||||||||
AFFO Payout Ratio | 73 | % | 98 | % | Net Debt/EBITDA - Core Portfolio and Funds | 5.0x | 5.1x | |||||||||||
AFFO Payout Ratio before acquisition costs | 72 | % | 92 | % | ||||||||||||||
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 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. | |||||||||||||||||
2 | See page 9 for a calculation of EBITDA. | |||||||||||||||||
3 | Represents preferred distributions on Preferred Operating partnership Units. | |||||||||||||||||
4 | Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt. | |||||||||||||||||
5 | Reflects debt net of the current Core Portfolio cash balance at end of period. | |||||||||||||||||
6 | Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period. | |||||||||||||||||
7 | Annualized EBITDA is adjusted to include the estimated amount of net Promote income to be earned during 2016. | |||||||||||||||||
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 | Interest Share of | Unconsolidated | Debt | ||||||||||||||||||||||||
Unsecured Debt | Balance | Rate | Balance | Rate | Balance | Rate | Consolidated Debt 3 | Debt 4 | As Reported | |||||||||||||||||||||||
Fixed-Rate Debt 1 | $ | 199,071 | 3.9% | $ | — | n/a | $ | 199,071 | 3.9% | 26% | $ | — | $ | — | $ | 199,071 | ||||||||||||||||
Variable-Rate Debt | 929 | 1.9% | 34,064 | 2.8% | 34,993 | 1.9% | 5% | 108,762 | — | 143,755 | ||||||||||||||||||||||
31% | ||||||||||||||||||||||||||||||||
Mortgage and Other Notes Payable | ||||||||||||||||||||||||||||||||
Fixed-Rate Debt 1 | 339,213 | 4.6% | 76,004 | 4.3% | 415,217 | 4.3% | 54% | 347,007 | (106,818 | ) | 655,406 | |||||||||||||||||||||
Variable-Rate Debt | — | — | 113,988 | 2.4% | 113,988 | 2.4% | 15% | 233,259 | (39,492 | ) | 307,755 | |||||||||||||||||||||
69% | ||||||||||||||||||||||||||||||||
Total | $ | 539,213 | 4.3% | $ | 224,056 | 3.1% | $ | 763,269 | 3.8% | 100% | $ | 689,028 | $ | (146,310 | ) | 1,305,987 | ||||||||||||||||
Unamortized premium | 1,726 | |||||||||||||||||||||||||||||||
Unamortized loan costs | (11,155 | ) | ||||||||||||||||||||||||||||||
$ | 1,296,558 | |||||||||||||||||||||||||||||||
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 | March 31, 2016 | Percent | Amount | Rate | Date | Options | |||||||||
CORE PORTFOLIO | |||||||||||||||
Fixed-Rate Debt | |||||||||||||||
330-340 River Street | $ | 10,356 | 100.0% | $ | 10,356 | 5.24% | 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 | 15,662 | 100.0% | 15,662 | 6.35% | 12/1/2016 | None | |||||||||
239 Greenwich Avenue | 26,000 | 75.0% | 19,500 | 5.42% | 2/11/2017 | None | |||||||||
639 West Diversey | 4,115 | 100.0% | 4,115 | 6.65% | 3/1/2017 | None | |||||||||
Merrillville Plaza | 25,057 | 100.0% | 25,057 | 5.88% | 8/1/2017 | None | |||||||||
Bedford Green | 29,038 | 100.0% | 29,038 | 5.10% | 9/5/2017 | None | |||||||||
163 Highland Avenue | 9,537 | 100.0% | 9,537 | 4.66% | 2/1/2024 | 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 | 17,496 | 50.0% | 8,748 | 4.72% | 12/10/2027 | None | |||||||||
Unsecured interest rate swaps 1 | 199,071 | 100.0% | 199,071 | 3.87% | Various | ||||||||||
Secured interest rate swaps 1 | 93,208 | 88.2% | 82,196 | 3.17% | Various | ||||||||||
Sub-Total Fixed-Rate Debt | 736,740 | 538,284 | 4.33% | ||||||||||||
Secured Variable-Rate Debt | |||||||||||||||
664 N. Michigan | 42,792 | 100.0% | 42,792 | Libor + 165 | 6/28/2018 | 1 x 60 mos. | |||||||||
4401 N. White Plains Road | 5,983 | 100.0% | 5,983 | Libor + 190 | 9/1/2022 | None | |||||||||
28 Jericho Turnpike | 15,205 | 100.0% | 15,205 | Libor + 190 | 1/23/2023 | None | |||||||||
60 Orange Street | 7,947 | 98.0% | 7,788 | Libor + 175 | 4/3/2023 | None | |||||||||
Gotham Plaza | 21,281 | 49.0% | 10,428 | Libor + 160 | 6/10/2023 | None | |||||||||
Secured interest rate swaps 1 | (93,208 | ) | 88.2% | (82,196 | ) | Libor + 147 | |||||||||
Unsecured Variable-Rate Debt | |||||||||||||||
Unsecured Line of Credit 2 | — | 100.0% | — | Libor + 140 | 1/31/2018 | 1 x 12 mos. | |||||||||
Unsecured Term Loan | 50,000 | 100.0% | 50,000 | Libor + 130 | 11/25/2019 | None | |||||||||
Unsecured Term Loan | 50,000 | 100.0% | 50,000 | Libor + 130 | 7/2/2020 | None | |||||||||
Unsecured Term Loan | 50,000 | 100.0% | 50,000 | Libor + 130 | 1/4/2021 | None | |||||||||
Unsecured Term Loan | 50,000 | 100.0% | 50,000 | Libor + 160 | 12/18/2022 | None | |||||||||
Unsecured interest rate swaps 1 | (199,071 | ) | 100.0% | (199,071 | ) | Libor + 147 | |||||||||
Sub-Total Variable-Rate Debt | 929 | 929 | Libor + 147 | ||||||||||||
Total Debt - Core Portfolio | $ | 737,669 | $ | 539,213 | 4.33% | ||||||||||
Portfolio Debt - Detail (continued) | |||||||||||||||
(in thousands) | |||||||||||||||
Principal Balance at | Acadia's Pro-rata Share | Interest | Maturity | Extension | |||||||||||
Property | Entity | March 31, 2016 | Percent | Amount | Rate | Date | Options | ||||||||
Funds | |||||||||||||||
Fixed-Rate Debt | |||||||||||||||
CityPoint 3 | Fund II | $ | 19,000 | 25.4% | $ | 4,824 | 1.25% | 12/23/2016 | 1 x 12 mos. | ||||||
216th Street 3 | Fund II | 25,500 | 28.1% | 7,159 | 5.80% | 10/1/2017 | None | ||||||||
CityPoint 3,6 | Fund II | 5,262 | 26.7% | 1,403 | 1.00% | 8/23/2019 | None | ||||||||
CityPoint 3 | Fund II | 200,000 | 26.7% | 53,341 | 4.75% | 5/29/2020 | None | ||||||||
1964 Union Street | Fund IV | 1,463 | 20.8% | 304 | 3.80% | 10/1/2025 | None | ||||||||
2207 Fillmore Street 3 | Fund IV | 1,120 | 20.8% | 233 | 4.50% | 10/31/2025 | None | ||||||||
Interest rate swaps 1 | Funds II & IV | 34,741 | 25.2% | 8,740 | 3.23% | Various | |||||||||
Sub-Total Fixed-Rate Debt | 287,086 | 76,004 | 4.3% | ||||||||||||
Variable-Rate Debt | |||||||||||||||
Nostrand Avenue | Fund III | 11,440 | 39.6% | 4,534 | Libor + 265 | 5/1/2016 | 2 x 12 mos. | ||||||||
Broughton Street Portfolio | Fund IV | 20,000 | 23.1% | 4,624 | Libor + 300 | 5/5/2016 | 1 x 6 mos. | ||||||||
640 Broadway 3 | Fund III | 22,001 | 25.0% | 5,504 | Libor + 295 | 7/1/2016 | None | ||||||||
CityPoint 3 | Fund II | 20,000 | 26.7% | 5,334 | Libor + 170 | 8/23/2016 | 1 x 12 mos. | ||||||||
Acadia Strategic Opportunity II LLC | Fund II | 20,000 | 28.3% | 5,666 | Libor + 275 | 10/19/2016 | None | ||||||||
Acadia Strategic Opportunity IV LLC 4 | Fund IV | 82,710 | 23.1% | 19,123 | Libor + 165 | 11/18/2016 | None | ||||||||
Promenade at Manassas 3 | Fund IV | 25,000 | 22.8% | 5,696 | Libor + 140 | 11/19/2016 | 2 x 12 mos. | ||||||||
CityPoint 3 | Fund II | 62,000 | 25.4% | 15,742 | Sifma + 160 | 12/23/2016 | 1 x 12 mos. | ||||||||
1701 Belmont Avenue 3, 7 | Fund IV | 3,111 | 22.8% | 709 | Prime + 50 | 1/31/2017 | None | ||||||||
Acadia Strategic Opportunity IV LLC 5 | Fund IV | 40,116 | 23.1% | 9,275 | Libor + 275 | 2/9/2017 | 1 x 6 mos. | ||||||||
Heritage Shops | Fund III | 24,478 | 39.6% | 9,701 | Libor + 155 | 2/28/2017 | 1 x 12 mos. | ||||||||
654 Broadway | Fund III | 8,780 | 39.6% | 3,480 | Libor + 188 | 3/1/2017 | 2 x 12 mos. | ||||||||
Arundel Plaza 3 | Fund III | 10,000 | 35.7% | 3,567 | Libor + 200 | 4/8/2017 | 1 x 12 mos. | ||||||||
New Hyde Park Shopping Center | Fund III | 11,120 | 39.6% | 4,407 | 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. | ||||||||
210 Bowery | Fund IV | 4,654 | 23.1% | 1,076 | Libor + 275 | 10/15/2017 | 1 x 12 mos. | ||||||||
2819 Kennedy Boulevard 3 | Fund IV | 6,814 | 22.8% | 1,553 | Libor + 215 | 12/9/2017 | 2 x 12 mos. | ||||||||
Eden Square 3 | Fund IV | 16,000 | 22.8% | 3,646 | Libor + 200 | 12/17/2017 | 1 x 12 mos. | ||||||||
161st Street 3 | Fund II | 29,500 | 28.1% | 8,282 | Libor + 250 | 4/1/2018 | None | ||||||||
230/240 W. Broughton | Fund IV | 8,594 | 11.6% | 993 | Libor + 190 | 5/1/2018 | None | ||||||||
Paramus Plaza 3 | Fund IV | 14,099 | 11.6% | 1,630 | Libor + 170 | 2/20/2019 | None | ||||||||
Lake Montclair | Fund IV | 14,807 | 23.1% | 3,423 | Libor + 215 | 5/1/2019 | None | ||||||||
Cortlandt Town Center | Fund III | 93,000 | 13.9% | 12,900 | Libor + 175 | 1/28/2020 | None | ||||||||
17 E. 71st Street | Fund IV | 19,000 | 23.1% | 4,393 | Libor + 190 | 6/9/2020 | None | ||||||||
1035 Third Avenue | Fund IV | 42,000 | 23.1% | 9,710 | Libor + 235 | 1/27/2021 | None | ||||||||
CityPoint 3 | Fund II | 19,934 | 26.7% | 5,317 | Libor + 139 | 11/1/2021 | None | ||||||||
3104 M Street 3,7 | Fund III | 4,130 | 31.7% | 1,309 | Prime + 50 | 12/10/2021 | None | ||||||||
Interest rate swaps 1 | Funds II & IV | (34,741 | ) | 25.2% | (8,740 | ) | Libor + 198 | ||||||||
Sub-Total Variable-Rate Debt | 623,528 | 148,052 | Libor + 200 | ||||||||||||
Total Debt - Funds | $ | 910,614 | $ | 224,056 | 3.07% | ||||||||||
Total Debt - Core Portfolio and Funds | $ | 1,648,283 | $ | 763,269 | 3.96% | ||||||||||
Portfolio Debt - Notes | |||||||||||||||
(in thousands) | |||||||||||||||
1 The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements | |||||||||||||||
2 This is an unsecured revolving facility which has a current capacity up to $150,000 and can be increased to $300,000. | |||||||||||||||
The interest rate will vary based on levels of leverage. As of March 31, 2016, 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 $206,478. | |||||||||||||||
5 Total current availability under this facility is $50,000. | |||||||||||||||
6 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. | |||||||||||||||
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 | ||||||||||||||||||||||||
2016 | $ | 3,253 | $ | 191,999 | $ | 195,252 | $ | 2,943 | $ | 62,732 | $ | 65,675 | 5.97 | % | 5.97 | % | n/a | ||||||||||||||||
2017 | 4,037 | 82,926 | 86,963 | 3,463 | 76,426 | 79,889 | 5.51 | % | 5.51 | % | n/a | ||||||||||||||||||||||
2018 | 3,674 | 40,058 | 43,732 | 2,629 | 40,058 | 42,687 | 2.09 | % | n/a | 2.09 | % | ||||||||||||||||||||||
2019 | 3,263 | 50,000 | 53,263 | 2,176 | 50,000 | 52,176 | 1.74 | % | n/a | 1.74 | % | ||||||||||||||||||||||
2020 | 3,374 | 50,000 | 53,374 | 2,247 | 50,000 | 52,247 | 1.84 | % | n/a | 1.84 | % | ||||||||||||||||||||||
Thereafter | 12,526 | 292,559 | 305,085 | 7,588 | 238,951 | 246,539 | 2.65 | % | 4.12 | % | 1.26 | % | |||||||||||||||||||||
Total | $ | 30,127 | $ | 707,542 | $ | 737,669 | $ | 21,046 | $ | 518,167 | $ | 539,213 | |||||||||||||||||||||
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 | ||||||||||||||||||||||||
2016 | $ | 1,460 | $ | 282,049 | $ | 283,509 | $ | 468 | $ | 71,021 | $ | 71,489 | 2.26 | % | 1.25 | % | 2.33 | % | |||||||||||||||
2017 | 1,050 | 174,344 | 175,394 | 273 | 49,332 | 49,605 | 2.78 | % | 4.68 | % | 2.25 | % | |||||||||||||||||||||
2018 | 918 | 38,094 | 39,012 | 202 | 9,275 | 9,477 | 2.99 | % | n/a | 2.99 | % | ||||||||||||||||||||||
2019 | 1,279 | 124,967 | 126,246 | 214 | 18,970 | 19,184 | 2.17 | % | 1.00 | % | 2.26 | % | |||||||||||||||||||||
2020 | 398 | 218,539 | 218,937 | 102 | 57,627 | 57,729 | 4.57 | % | 4.75 | % | 2.34 | % | |||||||||||||||||||||
Thereafter | 1,169 | 66,347 | 67,516 | 312 | 16,260 | 16,572 | 2.58 | % | 4.10 | % | 2.53 | % | |||||||||||||||||||||
Total | $ | 6,274 | $ | 904,340 | $ | 910,614 | $ | 1,414 | $ | 222,485 | $ | 224,056 | |||||||||||||||||||||
Note: | |||||||||||||||||||||||||||||||||
1 Does not include any applicable extension options | |||||||||||||||||||||||||||||||||
Core Portfolio Retail Properties - Detail 1 | |||||||||||||||||||||||||||||||||
Leased | Annualized | Annualized | |||||||||||||||||||||||||||||||
Year | Acadia's | Gross Leaseable Area | In Place Occupancy | Occupancy | Base Rent | Base Rent PSF | |||||||||||||||||||||||||||
Property | Key Tenants | Acquired | interest | Street | Anchors | Shops | Total | Street | Anchors | Shops | Total | Total | Total | Total | |||||||||||||||||||
STREET AND URBAN RETAIL | |||||||||||||||||||||||||||||||||
Chicago Metro | |||||||||||||||||||||||||||||||||
664 N. Michigan Avenue | Tommy Bahama, Ann Taylor Loft, Harley Davidson | 2013 | 100.0 | % | 18,141 | — | — | 18,141 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | $ | 4,412,967 | $ | 243.26 | |||||||||||||
840 N. Michigan Avenue | H & M, Verizon Wireless | 2014 | 88.4 | % | 87,135 | — | — | 87,135 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 7,610,395 | 87.34 | |||||||||||||||
Rush and Walton Streets Collection - 6 properties | Lululemon, Brioni, BHLDN, Marc Jacobs | 2011/12 | 100.0 | % | 41,533 | — | — | 41,533 | 95.8 | % | — | — | 95.8 | % | 100.0 | % | 6,231,019 | 156.63 | |||||||||||||||
651-671 West Diversey | Trader Joe's, Urban Outfitters | 2011 | 100.0 | % | 46,259 | — | — | 46,259 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,935,129 | 41.83 | |||||||||||||||
Clark Street and W. Diversey Collection - 3 properties | Ann Taylor, Akira | 2011/12 | 100.0 | % | 23,531 | — | — | 23,531 | 95.6 | % | — | — | 95.6 | % | 95.6 | % | 1,232,791 | 54.82 | |||||||||||||||
Halsted and Armitage Collection - 9 properties | Intermix, BCBG, Club Monaco | 2011/12 | 100.0 | % | 44,658 | — | — | 44,658 | 95.2 | % | — | — | 95.2 | % | 95.2 | % | 1,808,072 | 42.53 | |||||||||||||||
North Lincoln Park Chicago Collection - 6 properties | Forever 21, Aldo, Carhartt, Chase Bank | 2011/14 | 100.0 | % | 22,125 | — | 29,130 | 51,255 | 100.0 | % | — | 67.6 | % | 81.6 | % | 81.6 | % | 1,663,879 | 39.78 | ||||||||||||||
Roosevelt Galleria | Petco, Vitamin Shoppe | 2015 | 100.0 | % | — | — | 37,995 | 37,995 | — | — | 100.0 | % | 100.0 | % | 100.0 | % | 1,066,439 | 28.07 | |||||||||||||||
283,382 | — | 67,125 | 350,507 | 98.3 | % | — | 86.0 | % | 95.9 | % | 96.4 | % | 25,960,691 | 77.23 | |||||||||||||||||||
New York Metro | |||||||||||||||||||||||||||||||||
83 Spring Street | Paper Source | 2012 | 100.0 | % | 3,000 | — | — | 3,000 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 686,272 | 228.76 | |||||||||||||||
152-154 Spring Street | — | 2014 | 100.0 | % | 2,936 | — | — | 2,936 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 2,242,681 | 763.86 | |||||||||||||||
Mercer Street | 3 X 1 Denim | 2011 | 100.0 | % | 3,375 | — | — | 3,375 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 431,250 | 127.78 | |||||||||||||||
East 17th Street | Union Fare | 2008 | 100.0 | % | 11,467 | — | — | 11,467 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,300,014 | 113.37 | |||||||||||||||
West 54th Street | Stage Coach Tavern | 2007 | 100.0 | % | 5,773 | — | — | 5,773 | 78.4 | % | — | — | 78.4 | % | 78.4 | % | 1,848,960 | 408.36 | |||||||||||||||
61 Main Street | Chicos | 2014 | 100.0 | % | 3,400 | — | — | 3,400 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 351,560 | 103.40 | |||||||||||||||
181 Main Street | TD Bank | 2012 | 100.0 | % | 11,350 | — | — | 11,350 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 866,365 | 76.33 | |||||||||||||||
4401 White Plains Road | Walgreens | 2011 | 100.0 | % | — | 12,964 | — | 12,964 | — | 100.0 | % | — | 100.0 | % | 100.0 | % | 625,000 | 48.21 | |||||||||||||||
Bartow Avenue | Sleepy's | 2005 | 100.0 | % | — | — | 14,676 | 14,676 | — | — | 100.0 | % | 100.0 | % | 100.0 | % | 371,379 | 25.31 | |||||||||||||||
239 Greenwich Avenue | Betteridge Jewelers, Coach | 1998 | 75.0 | % | 16,553 | — | — | 16,553 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,481,080 | 89.48 | |||||||||||||||
252-256 Greenwich Avenue | Madewell, Calypso, Jack Wills | 2014 | 100.0 | % | 7,986 | — | — | 7,986 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,308,431 | 163.84 | |||||||||||||||
Third Avenue | Planet Fitness | 2006 | 100.0 | % | — | 21,650 | 18,670 | 40,320 | — | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 918,690 | 22.78 | ||||||||||||||
868 Broadway | Dr. Martens | 2013 | 100.0 | % | 2,031 | — | — | 2,031 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 702,531 | 345.90 | |||||||||||||||
313-315 Bowery2 | John Varvatos, Patagonia | 2013 | 100.0 | % | 6,600 | — | — | 6,600 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 435,600 | 66.00 | |||||||||||||||
120 West Broadway | HSBC Bank, Citibank | 2013 | 100.0 | % | 13,838 | — | — | 13,838 | 91.3 | % | — | — | 91.3 | % | 100.0 | % | 1,905,910 | 150.80 | |||||||||||||||
131-135 Prince Street | Folli Follie, Uno De 50 | 2014 | 100.0 | % | 3,200 | — | — | 3,200 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,269,324 | 396.66 |
2520 Flatbush Avenue | Bob's Discount Furniture, Capital One | 2014 | 100.0 | % | — | — | 29,114 | 29,114 | — | — | 100.0 | % | 100.0 | % | 100.0 | % | 1,054,338 | 36.21 | |||||||||||||||
Shops at Grand | Stop & Shop (Ahold) | 2014 | 100.0 | % | — | 52,336 | 47,639 | 99,975 | — | 100.0 | % | 93.7 | % | 97.0 | % | 97.0 | % | 2,958,185 | 30.51 | ||||||||||||||
Gotham Plaza | Bank of America, Children's Place | 2016 | 49.0 | % | — | — | 26,180 | 26,180 | — | — | 91.6 | % | 91.6 | % | 91.6 | % | 1,464,945 | 61.09 | |||||||||||||||
91,509 | 86,950 | 136,279 | 314,738 | 97.3 | % | 100.0 | % | 96.2 | % | 97.6 | % | 98.0 | % | 22,222,515 | 72.36 | ||||||||||||||||||
San Francisco Metro | |||||||||||||||||||||||||||||||||
City Center | City Target, Best Buy | 2015 | 100.0 | % | — | 174,311 | 30,337 | 204,648 | — | 100.0 | % | 82.9 | % | 97.5 | % | 97.5 | % | 7,613,310 | 38.17 | ||||||||||||||
— | 174,311 | 30,337 | 204,648 | — | 100.0 | % | 82.9 | % | 97.5 | % | 97.5 | % | 7,613,310 | 38.17 | |||||||||||||||||||
District of Columbia Metro | |||||||||||||||||||||||||||||||||
1739-53 & 1801-03 Connecticut Avenue | Ruth Chris Steakhouse, TD Bank | 2012 | 100.0 | % | 22,907 | — | — | 22,907 | 90.2 | % | — | — | 90.2 | % | 100.0 | % | 1,228,605 | 59.44 | |||||||||||||||
Rhode Island Place Shopping Center | TJ Maxx | 2012 | 100.0 | % | — | 24,996 | 32,533 | 57,529 | — | 100.0 | % | 83.1 | % | 90.4 | % | 90.4 | % | 1,460,379 | 28.07 | ||||||||||||||
M Street and Wisconsin Corridor - 7 Properties | Lacoste, Juicy Couture, Coach | 2011 | 62.3 | % | 31,629 | — | — | 31,629 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 2,729,071 | 86.28 | |||||||||||||||
54,536 | 24,996 | 32,533 | 112,065 | 95.9 | % | 100.0 | % | 83.1 | % | 93.1 | % | 95.1 | % | 5,418,055 | 51.93 | ||||||||||||||||||
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 | % | 1,130,470 | 20.85 | ||||||||||||||
— | 40,800 | 13,426 | 54,226 | — | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1,130,470 | 20.85 | |||||||||||||||||||
Total Street and Urban Retail | 429,427 | 327,057 | 279,700 | 1,036,184 | 97.8 | % | 100.0 | % | 91.0 | % | 96.6 | % | 97.1 | % | $ | 62,345,041 | $ | 62.27 | |||||||||||||||
Acadia Share Total Street and Urban Retail | 402,867 | 327,057 | 266,348 | 996,272 | 97.6 | % | 100.0 | % | 88.0 | % | 96.6 | % | 97.1 | % | $ | 59,317,076 | $ | 61.63 | |||||||||||||||
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 and 991 Madison Avenue are 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 | Annualized | |||||||||||||||||||||||||||||||
Year | Acadia's | Gross Leaseable Area | In Place Occupancy | Occupancy | Base Rent | ||||||||||||||||||||||||||||
Property | Key Tenants | Acquired | interest | Street | Anchors | Shops | Total | Street | Anchors | Shops | Total | Total | Total | Total | |||||||||||||||||||
SUBURBAN PROPERTIES | |||||||||||||||||||||||||||||||||
New Jersey | |||||||||||||||||||||||||||||||||
Elmwood Park Shopping Center | Walgreens, Acme | 1998 | 100.0 | % | — | 62,610 | 86,460 | 149,070 | — | 100.0 | % | 95.3 | % | 97.3 | % | 97.3 | % | $ | 3,858,824 | $ | 26.61 | ||||||||||||
Marketplace of Absecon | Rite Aid, Dollar Tree | 1998 | 100.0 | % | — | 46,724 | 57,832 | 104,556 | — | 100.0 | % | 85.9 | % | 92.2 | % | 92.2 | % | 1,376,956 | 14.28 | ||||||||||||||
60 Orange Street | Home Depot | 2012 | 98.0 | % | — | 101,715 | — | 101,715 | — | 100.0 | % | — | 100.0 | % | 100.0 | % | 695,000 | 6.83 | |||||||||||||||
New York | |||||||||||||||||||||||||||||||||
Village Commons Shopping Center | — | 1998 | 100.0 | % | — | — | 87,330 | 87,330 | — | — | 98.1 | % | 98.1 | % | 98.1 | % | 2,775,897 | 32.41 | |||||||||||||||
Branch Plaza | LA Fitness, The Fresh Market | 1998 | 100.0 | % | — | 77,364 | 47,075 | 124,439 | — | 85.7 | % | 77.5 | % | 82.6 | % | 91.5 | % | 2,635,073 | 25.63 | ||||||||||||||
Amboy Center | Stop & Shop (Ahold) | 2005 | 100.0 | % | — | 37,266 | 26,024 | 63,290 | — | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 2,046,521 | 32.34 | ||||||||||||||
Pacesetter Park Shopping Center | Stop & Shop (Ahold) | 1999 | 100.0 | % | — | 52,052 | 46,107 | 98,159 | — | 100.0 | % | 93.6 | % | 97.0 | % | 98.3 | % | 1,223,342 | 12.85 | ||||||||||||||
LA Fitness | LA Fitness | 2007 | 100.0 | % | — | 55,000 | — | 55,000 | — | 100.0 | % | — | 100.0 | % | 100.0 | % | 1,391,500 | 25.30 | |||||||||||||||
Crossroads Shopping Center | Home Goods, PetSmart, Kmart | 1998 | 49.0 | % | — | 202,727 | 108,035 | 310,762 | — | 100.0 | % | 83.6 | % | 94.3 | % | 94.3 | % | 6,843,208 | 23.35 | ||||||||||||||
New Loudon Center | Price Chopper, Marshalls | 1993 | 100.0 | % | — | 251,058 | 4,615 | 255,673 | — | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 2,060,935 | 8.06 | ||||||||||||||
28 Jericho Turnpike | Kohl's | 2012 | 100.0 | % | — | 96,363 | — | 96,363 | — | 100.0 | % | — | 100.0 | % | 100.0 | % | 1,650,000 | 17.12 | |||||||||||||||
Bedford Green | Shop Rite | 2014 | 100.0 | % | — | 37,981 | 52,608 | 90,589 | — | 100.0 | % | 66.5 | % | 80.6 | % | 80.6 | % | 2,190,667 | 30.02 | ||||||||||||||
Connecticut | |||||||||||||||||||||||||||||||||
Town Line Plaza 2 | Wal-Mart, Stop & Shop (Ahold) | 1998 | 100.0 | % | — | 163,159 | 43,187 | 206,346 | — | 100.0 | % | 93.6 | % | 98.7 | % | 98.7 | % | 1,720,212 | 16.18 | ||||||||||||||
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 | % | 1,257,627 | 9.67 | ||||||||||||||
Crescent Plaza | Home Depot, Shaw's (Supervalu) | 1993 | 100.0 | % | — | 156,985 | 61,163 | 218,148 | — | 100.0 | % | 85.7 | % | 96.0 | % | 96.0 | % | 1,812,245 | 8.65 | ||||||||||||||
201 Needham Street | Michael's | 2014 | 100.0 | % | — | 20,409 | — | 20,409 | — | 100.0 | % | — | 100.0 | % | 100.0 | % | 591,861 | 29.00 | |||||||||||||||
163 Highland Avenue | Staples, Petco | 2015 | 100.0 | % | — | 40,505 | — | 40,505 | — | 100.0 | % | — | 100.0 | % | 100.0 | % | 1,275,673 | 31.49 | |||||||||||||||
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 | % | 2,038,751 | 20.06 | ||||||||||||||
Illinois | |||||||||||||||||||||||||||||||||
Hobson West Plaza | Garden Fresh Markets | 1998 | 100.0 | % | — | 51,692 | 47,445 | 99,137 | — | 100.0 | % | 92.2 | % | 96.3 | % | 96.3 | % | 1,159,961 | 12.15 | ||||||||||||||
Indiana | 123,369 |
Merrillville Plaza | Jo-Ann Fabrics, TJ Maxx | 1998 | 100.0 | % | — | 123,220 | 112,867 | 236,087 | — | 100.0 | % | 93.4 | % | 96.8 | % | 96.8 | % | 3,267,912 | 14.29 | ||||||||||||||
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 | % | 3,631,169 | 15.40 | ||||||||||||||
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 | % | 1,396,788 | 13.69 | ||||||||||||||
Delaware | |||||||||||||||||||||||||||||||||
Brandywine Town Center | Lowes, Bed Bath & Beyond, | 2003 | 22.2 | % | — | 775,803 | 48,608 | 824,411 | — | 94.0 | % | 80.0 | % | 93.1 | % | 93.1 | % | 12,397,942 | 16.15 | ||||||||||||||
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 | % | 100.0 | % | 100.0 | % | 100.0 | % | 2,774,471 | 27.19 | ||||||||||||||
Naamans Road | — | 2006 | 100.0 | % | — | — | 19,984 | 19,984 | — | — | 75.0 | % | 75.0 | % | 75.0 | % | 637,701 | 42.55 | |||||||||||||||
Pennsylvania | |||||||||||||||||||||||||||||||||
Mark Plaza | Kmart | 1993 | 100.0 | % | — | 104,956 | 1,900 | 106,856 | — | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 240,664 | 2.25 | ||||||||||||||
Plaza 422 | Home Depot | 1993 | 100.0 | % | — | 139,968 | 16,311 | 156,279 | — | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 850,978 | 5.45 | ||||||||||||||
Route 6 Plaza | Kmart | 1994 | 100.0 | % | — | 146,568 | 29,021 | 175,589 | — | 100.0 | % | 79.3 | % | 96.6 | % | 96.6 | % | 1,205,595 | 7.11 | ||||||||||||||
Chestnut Hill | — | 2006 | 100.0 | % | — | — | 37,646 | 37,646 | — | — | 100.0 | % | 100.0 | % | 100.0 | % | 911,489 | 24.21 | |||||||||||||||
Abington Towne Center 3 | Target, TJ Maxx | 1998 | 100.0 | % | — | 184,616 | 31,662 | 216,278 | — | 100.0 | % | 70.4 | % | 95.7 | % | 95.7 | % | 1,040,142 | 21.10 | ||||||||||||||
Total Suburban Properties | — | 3,376,803 | 1,210,662 | 4,587,465 | — | 98.3 | % | 88.7 | % | 95.8 | % | 96.0 | % | 66,959,103 | 16.18 | ||||||||||||||||||
Acadia Share Total Suburban Properties | — | 2,594,125 | 1,071,713 | 3,665,838 | — | 99.2 | % | 88.8 | % | 96.1 | % | 96.5 | % | $ | 51,654,065 | $ | 15.80 | ||||||||||||||||
TOTAL CORE PROPERTIES | 429,427 | 3,703,860 | 1,490,362 | 5,623,649 | 97.8 | % | 98.4 | % | 89.1 | % | 95.9 | % | 96.2 | % | $ | 129,304,144 | $ | 25.16 | |||||||||||||||
Acadia Share Total Core Properties | 402,867 | 2,961,687 | 1,338,062 | 4,702,615 | 97.6 | % | 99.3 | % | 89.2 | % | 96.3 | % | 96.6 | % | $ | 110,971,142 | $ | 25.97 | |||||||||||||||
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 | ||||||
Royal Ahold 2 | 4 | 207,513 | $ | 3,625,951 | 4.4 | % | 3.3 | % | |||
Best Buy | 2 | 86,686 | 3,574,348 | 1.8 | % | 3.2 | % | ||||
Target | 2 | 155,822 | 3,229,025 | 3.3 | % | 2.9 | % | ||||
Albertsons Companies 3 | 3 | 171,182 | 3,154,331 | 3.6 | % | 2.8 | % | ||||
Ascena Retail Group 4 | 5 | 23,233 | 2,427,684 | 0.5 | % | 2.2 | % | ||||
Verizon | 2 | 31,371 | 2,384,931 | 0.7 | % | 2.1 | % | ||||
LA Fitness | 2 | 100,000 | 2,336,500 | 2.1 | % | 2.1 | % | ||||
Home Depot | 3 | 312,718 | 1,827,600 | 6.6 | % | 1.6 | % | ||||
TJX Companies 5 | 8 | 209,198 | 1,670,851 | 4.4 | % | 1.5 | % | ||||
Walgreens | 3 | 37,499 | 1,412,716 | 0.8 | % | 1.3 | % | ||||
Sleepy's | 10 | 123,927 | 1,348,089 | 2.6 | % | 1.2 | % | ||||
Kate Spade | 2 | 4,250 | 1,341,182 | 0.1 | % | 1.2 | % | ||||
Citibank | 4 | 16,160 | 1,233,029 | 0.3 | % | 1.1 | % | ||||
Kmart | 3 | 273,969 | 1,170,078 | 5.8 | % | 1.1 | % | ||||
JP Morgan Chase | 6 | 27,374 | 1,092,078 | 0.6 | % | 1.0 | % | ||||
Bob's Discount Furniture | 2 | 34,819 | 1,064,237 | 0.7 | % | 1.0 | % | ||||
TD Bank | 2 | 15,560 | 1,060,904 | 0.3 | % | 1.0 | % | ||||
Trader Joe's | 2 | 19,094 | 967,216 | 0.4 | % | 0.9 | % | ||||
Urban Outfitters | 2 | 19,902 | 893,186 | 0.4 | % | 0.8 | % | ||||
HSBC Bank | 2 | 5,686 | 884,901 | 0.1 | % | 0.8 | % | ||||
TOTAL | 69 | 1,875,963 | $ | 36,698,837 | 39.5 | % | 33.1 | % | |||
Note: | |||||||||||
1 Does not include tenants that operate at only one Acadia Core location. | |||||||||||
2 Stop and Shop (4) | |||||||||||
3 Shaw's (2), Acme (1) | |||||||||||
4 Ann Taylor Loft (2), Catherines (1), Dress Barn (1), Lane Bryant (1) | |||||||||||
5 TJMaxx (5), Marshalls (1), HomeGoods (2) |
Core Portfolio Lease Expirations | |||||||||||||||||||||||||||||||||||||||||||||
Street Tenants | Anchor Tenants | Shop Tenants | Total Tenants | ||||||||||||||||||||||||||||||||||||||||||
Gross Leased Area | Base Rent | 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 | 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 | Expiring | SF | of Total | PSF | of Total | |||||||||||||||||||||||||
M to M 1 | — | — | — | $ | — | — | — | — | — | $ | — | — | 5 | 17,936 | 1.4 | % | $ | 16.70 | 0.8 | % | 5 | 17,936 | 0.3 | % | $ | 16.70 | 0.2 | % | |||||||||||||||||
2016 | 4 | 32,842 | 7.8 | % | 38.96 | 3.0 | % | 3 | 149,045 | 4.4 | % | 12.00 | 3.7 | % | 38 | 158,942 | 11.9 | % | 21.53 | 9.2 | % | 45 | 340,829 | 6.6 | % | 19.04 | 5.0 | % | |||||||||||||||||
2017 | 8 | 34,503 | 8.2 | % | 94.83 | 7.6 | % | 7 | 321,386 | 9.5 | % | 11.53 | 7.6 | % | 49 | 197,495 | 14.9 | % | 30.89 | 16.4 | % | 64 | 553,384 | 10.8 | % | 23.63 | 10.1 | % | |||||||||||||||||
2018 | 5 | 70,756 | 16.9 | % | 84.91 | 14.0 | % | 8 | 472,193 | 13.9 | % | 18.09 | 17.4 | % | 58 | 181,964 | 13.7 | % | 30.16 | 14.7 | % | 71 | 724,913 | 14.1 | % | 27.64 | 15.5 | % | |||||||||||||||||
2019 | 7 | 18,858 | 4.5 | % | 166.68 | 7.3 | % | 9 | 334,577 | 9.9 | % | 8.82 | 6.0 | % | 29 | 93,115 | 7.0 | % | 25.27 | 6.3 | % | 45 | 446,550 | 8.7 | % | 18.92 | 6.5 | % | |||||||||||||||||
2020 | 12 | 32,005 | 7.6 | % | 120.36 | 9.0 | % | 9 | 488,606 | 14.4 | % | 12.46 | 12.4 | % | 26 | 100,784 | 7.6 | % | 21.44 | 5.8 | % | 47 | 621,395 | 12.1 | % | 19.48 | 9.4 | % | |||||||||||||||||
2021 | 11 | 61,647 | 14.7 | % | 60.24 | 8.6 | % | 11 | 425,753 | 12.6 | % | 11.48 | 10.0 | % | 17 | 89,482 | 6.7 | % | 24.04 | 5.8 | % | 39 | 576,882 | 11.2 | % | 18.64 | 8.3 | % | |||||||||||||||||
2022 | 5 | 19,361 | 4.6 | % | 149.32 | 6.7 | % | 2 | 69,837 | 2.1 | % | 26.15 | 3.7 | % | 21 | 86,831 | 6.5 | % | 27.40 | 6.4 | % | 28 | 176,029 | 3.4 | % | 40.31 | 5.5 | % | |||||||||||||||||
2023 | 5 | 22,169 | 5.3 | % | 95.95 | 4.9 | % | 5 | 205,067 | 6.0 | % | 17.92 | 7.5 | % | 13 | 74,549 | 5.6 | % | 27.72 | 5.5 | % | 23 | 301,785 | 5.9 | % | 26.08 | 6.1 | % | |||||||||||||||||
2024 | 8 | 60,828 | 14.5 | % | 95.70 | 13.5 | % | 7 | 330,390 | 9.7 | % | 20.41 | 13.8 | % | 23 | 108,515 | 8.2 | % | 28.96 | 8.4 | % | 38 | 499,733 | 9.7 | % | 31.43 | 12.1 | % | |||||||||||||||||
2025 | 6 | 22,998 | 5.5 | % | 144.82 | 7.7 | % | 6 | 179,820 | 5.3 | % | 18.59 | 6.8 | % | 24 | 79,047 | 6.0 | % | 39.54 | 8.4 | % | 36 | 281,865 | 5.5 | % | 34.76 | 7.6 | % | |||||||||||||||||
Thereafter | 10 | 43,839 | 10.4 | % | 173.01 | 17.5 | % | 8 | 414,517 | 12.1 | % | 13.09 | 11.2 | % | 16 | 139,662 | 10.5 | % | 33.05 | 12.5 | % | 34 | 598,018 | 11.8 | % | 29.48 | 13.5 | % | |||||||||||||||||
Total | 81 | 419,806 | 100.0 | % | $ | 102.48 | 99.8 | % | 75 | 3,391,191 | 99.9 | % | $ | 14.44 | 100.1 | % | 319 | 1,328,322 | 100.0 | % | $ | 28.08 | 100.2 | % | 475 | 5,139,319 | 100.1 | % | $ | 25.16 | 99.8 | % | |||||||||||||
254,916 | Anchor GLA Owned by Tenants | 254,916 | Anchor GLA Owned by Tenants | ||||||||||||||||||||||||||||||||||||||||||
9,621 | Total Vacant | 57,753 | Total Vacant | 162,040 | Total Vacant | 229,414 | Total Vacant | ||||||||||||||||||||||||||||||||||||||
429,427 | Total Square Feet | 3,703,860 | Total Square Feet | 1,490,362 | Total Square Feet | 5,623,649 | Total Square Feet | ||||||||||||||||||||||||||||||||||||||
Note: | |||||||||||||||||||||||||||||||||||||||||||||
1 Leases currently under month to month or in process of renewal |
Core Portfolio - New and Renewal Rent Spreads 1 | |||||||||
3 months ended | |||||||||
March 31, 2016 | |||||||||
GAAP3 | Cash2 | ||||||||
New leases | |||||||||
Number of new leases executed | 3 | 3 | |||||||
GLA | 15,938 | 15,938 | |||||||
New base rent | $ | 26.21 | $ | 24.60 | |||||
Previous base rent | $ | 24.73 | $ | 24.85 | |||||
Average cost per square foot | $ | 67.66 | $ | 67.66 | |||||
Weighted Average Lease Term (years) | 10.7 | 10.7 | |||||||
Percentage growth in base rent | 6.0 | % | (1.0 | )% | |||||
Renewal leases | |||||||||
Number of renewal leases executed | 9 | 9 | |||||||
GLA | 27,077 | 27,077 | |||||||
New base rent | $ | 28.04 | $ | 27.45 | |||||
Expiring base rent | $ | 25.14 | $ | 25.61 | |||||
Average cost per square foot | $ | — | $ | — | |||||
Weighted Average Lease Term (years) | 6.8 | 6.8 | |||||||
Percentage growth in base rent | 11.5 | % | 7.2 | % | |||||
Total new and renewal Leases | |||||||||
Number of new and renewal leases executed | 12 | 12 | |||||||
GLA commencing | 43,015 | 43,015 | |||||||
New base rent | $ | 27.36 | $ | 26.39 | |||||
Expiring base rent | $ | 24.99 | $ | 25.33 | |||||
Average cost per square foot | $ | 25.07 | $ | 25.07 | |||||
Weighted Average Lease Term (years) | 8.2 | 8.2 | |||||||
Percentage growth in base rent | 9.5 | % | 4.2 | % | |||||
Notes: | |||||||||
1 Based on lease execution dates. Does not include leased square footage and costs | |||||||||
related to first generation space and the Company's major redevelopment | |||||||||
projects; renewal leases include exercised options. | |||||||||
2 Rents have not been calculated on a straight-line basis. Previous/expiring rent is that as of time | |||||||||
of expiration and includes any percentage rent paid as well. New rent is that which is paid at commencement. | |||||||||
3 Rents are calculated on a straight-line ("GAAP") basis. | |||||||||
Core Portfolio Capital Expenditures | |||||||||
Current Quarter | |||||||||
Current Quarter | Historical | ||||||||
3 months ended | Prior Year ended | ||||||||
March 31, 2016 | December 31, 2015 | ||||||||
Leasing Commissions | $ | 17 | $ | 1,566 | |||||
Tenant Improvements | 2,229 | 6,349 | |||||||
Capital Expenditures | 284 | 3,602 | |||||||
Total Capital Expenditures | $ | 2,530 | $ | 11,517 | |||||
Other redevelopment and re-anchoring related activities | $ | — | $ | 4,107 | 1 | ||||
Note: | |||||||||
1 Costs associated with the re-anchoring of Branch and Crossroads shopping centers. | |||||||||
Property Demographics - Core | ||||||||||||||||||||
3-Mile Radius | ||||||||||||||||||||
Base | Total | Total | # | Median HH | Avg. HH | |||||||||||||||
Property | City | State | Rent | GLA | Pop. | HH | Income | Income | ||||||||||||
Core - Street and Urban Retail | ||||||||||||||||||||
664 N. Michigan Avenue | Chicago | IL | $ | 4,412,967 | 18,141 | 295,897 | 163,646 | $ | 74,143 | $ | 115,275 | |||||||||
840 N. Michigan Avenue | Chicago | IL | 7,610,395 | 87,135 | 307,531 | 172,435 | 79,109 | 122,284 | ||||||||||||
Rush and Walton Streets Collection - 6 properties | Chicago | IL | 6,231,019 | 41,533 | 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 | 1,935,129 | 46,259 | 413,506 | 220,785 | 70,198 | 105,234 | ||||||||||||
Clark Street and W. Diversey Collection - 3 properties | Chicago | IL | 1,232,791 | 23,531 | 406,523 | 217,890 | 70,388 | 105,694 | ||||||||||||
Halsted and Armitage Collection - 9 properties | Chicago | IL | 1,808,072 | 44,658 | 443,549 | 238,098 | 72,697 | 108,583 | ||||||||||||
North Lincoln Park Chicago Collection - 6 properties | Chicago | IL | 1,663,879 | 51,255 | 496,377 | 247,811 | 68,233 | 99,096 | ||||||||||||
Roosevelt Galleria | Chicago | IL | 1,066,439 | 37,995 | 357,206 | 178,934 | 65,333 | 100,927 | ||||||||||||
83 Spring Street | Manhattan | NY | 686,272 | 3,000 | 981,658 | 479,147 | 85,920 | 121,994 | ||||||||||||
152-154 Spring Street | Manhattan | NY | 2,242,681 | 2,936 | 918,561 | 473,494 | 87,476 | 126,722 | ||||||||||||
Mercer Street | Manhattan | NY | 431,250 | 3,375 | 942,758 | 457,309 | 85,389 | 121,063 | ||||||||||||
East 17th Street | Manhattan | NY | 1,300,014 | 11,467 | 1,079,577 | 547,698 | 91,428 | 133,947 | ||||||||||||
West 54th Street | Manhattan | NY | 1,848,960 | 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 | 866,365 | 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 | 371,379 | 14,676 | 578,872 | 215,091 | 47,890 | 58,583 | ||||||||||||
239 Greenwich Avenue | Greenwich | CT | 1,481,080 | 16,553 | 67,092 | 24,790 | 112,373 | 169,820 | ||||||||||||
252-256 Greenwich Avenue | Greenwich | CT | 1,308,431 | 7,986 | 67,228 | 25,117 | 110,894 | 176,008 | ||||||||||||
Third Avenue | Bronx | NY | 918,690 | 40,320 | 1,239,993 | 443,231 | 35,628 | 49,095 | ||||||||||||
868 Broadway | Manhattan | NY | 702,531 | 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 | 1,905,910 | 13,838 | 878,321 | 422,645 | 85,293 | 121,409 | ||||||||||||
131-135 Prince Street | Manhattan | NY | 1,269,324 | 3,200 | 990,615 | 484,990 | 88,621 | 132,090 | ||||||||||||
2520 Flatbush Avenue | Brooklyn | NY | 1,054,338 | 29,114 | 553,769 | 211,713 | 56,343 | 68,554 | ||||||||||||
Shops at Grand | Queens | NY | 2,958,185 | 99,975 | 935,540 | 331,826 | 56,790 | 68,721 | ||||||||||||
Gotham Plaza | Manhattan | NY | 1,464,945 | 26,180 | 1,316,651 | 547,928 | 64,400 | 99,981 | ||||||||||||
991 Madison Avenue | Manhattan | NY | — | 6,920 | 1,265,411 | 626,933 | 89,711 | 139,825 | ||||||||||||
City Center | San Francisco | CA | 7,613,310 | 204,648 | 514,866 | 247,768 | 79,424 | 109,896 | ||||||||||||
1739-53 & 1801-03 Connecticut Avenue | Washington | DC | 1,228,605 | 22,907 | 338,815 | 164,797 | 81,801 | 108,533 | ||||||||||||
Rhode Island Place Shopping Center | Washington | DC | 1,460,379 | 57,529 | 348,349 | 157,678 | 66,984 | 86,314 | ||||||||||||
M Street and Wisconsin Corridor - 7 properties | Georgetown | DC | 2,729,071 | 31,629 | 321,861 | 160,430 | 87,539 | 114,211 | ||||||||||||
330-340 River Street | Cambridge | MA | 1,130,470 | 54,226 | 492,750 | 214,634 | 65,037 | 91,540 | ||||||||||||
Total Core Street and Urban Retail | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 536,346 | 258,098 | $ | 78,351 | $ | 114,180 | ||||||||||||||
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 | $ | 3,858,824 | 149,070 | 252,982 | 84,585 | $ | 60,290 | $ | 69,299 | |||||||||
Marketplace of Absecon | Absecon | NJ | 1,376,956 | 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 | 2,775,897 | 87,330 | 67,473 | 22,922 | 109,170 | 123,046 | ||||||||||||
Branch Plaza | Smithtown | NY | 2,635,073 | 124,439 | 67,554 | 22,991 | 108,660 | 122,359 | ||||||||||||
Amboy Center | Staten Island | NY | 2,046,521 | 63,290 | 151,900 | 55,451 | 87,868 | 98,504 | ||||||||||||
Pacesetter Park Shopping Center | Pomona | NY | 1,223,342 | 98,159 | 36,144 | 11,216 | 112,281 | 126,247 | ||||||||||||
LA Fitness | Staten Island | NY | 1,391,500 | 55,000 | 128,131 | 45,167 | 79,348 | 89,832 | ||||||||||||
Crossroads Shopping Center | White Plains | NY | 6,843,208 | 310,762 | 109,134 | 42,516 | 96,092 | 118,263 | ||||||||||||
New Loudon Center | Latham | NY | 2,060,935 | 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 | 2,190,667 | 90,589 | 25,440 | 8,955 | 99,204 | 140,115 | ||||||||||||
Town Line Plaza | Rocky Hill | CT | 1,720,212 | 206,346 | 46,399 | 19,437 | 72,685 | 86,521 | ||||||||||||
Methuen Shopping Center | Methuen | MA | 1,257,627 | 130,021 | 99,701 | 34,864 | 50,705 | 60,706 | ||||||||||||
Crescent Plaza | Brockton | MA | 1,812,245 | 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 | ||||||||||||
163 Highland Avenue | Newton | MA | 1,275,673 | 40,505 | 94,925 | 33,363 | 132,872 | 186,226 | ||||||||||||
The Gateway Shopping Center | So. Burlington | VT | 2,038,751 | 101,655 | 48,384 | 19,261 | 51,446 | 63,537 | ||||||||||||
Hobson West Plaza | Naperville | IL | 1,159,961 | 99,137 | 94,989 | 34,059 | 103,910 | 126,405 | ||||||||||||
Merrillville Plaza | Hobart | IN | 3,267,912 | 236,087 | 26,123 | 10,805 | 47,909 | 58,578 | ||||||||||||
Bloomfield Town Square | Bloomfield Hills | MI | 3,631,169 | 235,786 | 56,773 | 22,617 | 62,547 | 94,909 | ||||||||||||
Mad River Station | Dayton | OH | 1,396,788 | 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 | 850,978 | 156,279 | 45,792 | 18,157 | 44,301 | 52,611 | ||||||||||||
Route 6 Plaza | Honesdale | PA | 1,205,595 | 175,589 | 6,832 | 2,962 | 37,786 | 44,999 | ||||||||||||
Chestnut Hill | Philadelphia | PA | 911,489 | 37,646 | 147,436 | 62,292 | 58,777 | 77,506 | ||||||||||||
Abington Towne Center | Abington | PA | 1,040,142 | 216,278 | 89,439 | 35,119 | 78,159 | 95,124 | ||||||||||||
Total Core Suburban Properties | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 91,091 | 33,244 | $ | 78,621 | $ | 96,464 | ||||||||||||||
Total Core Properties | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 335,681 | 156,762 | $ | 78,473 | $ | 106,196 | ||||||||||||||
Brandywine/Market Square/Naamans Rd 1 | Wilmington | DE | $ | 15,810,114 | 946,442 | 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 | |||||||||||||||
Property | City | State | Rent | GLA | Pop. | HH | Income | Income | ||||||||||||
Fund II | ||||||||||||||||||||
216th Street | Manhattan | NY | $ | 2,574,000 | 60,000 | 963,175 | 337,894 | $ | 37,629 | $ | 48,228 | |||||||||
161st Street | Bronx | NY | 3,344,960 | 249,336 | 1,274,128 | 450,383 | 33,329 | 45,066 | ||||||||||||
Fund II | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 1,138,903 | 401,464 | $ | 35,199 | $ | 46,441 | ||||||||||||||
Fund III | ||||||||||||||||||||
Cortlandt Town Center | Mohegan Lake | NY | $ | 10,207,475 | 635,437 | 49,966 | 17,759 | $ | 84,926 | $ | 97,340 | |||||||||
654 Broadway | Manhattan | NY | 583,495 | 2,896 | 1,007,518 | 497,906 | 86,836 | 124,507 | ||||||||||||
640 Broadway | Manhattan | NY | 818,375 | 4,260 | 1,006,693 | 496,773 | 86,613 | 124,108 | ||||||||||||
New Hyde Park Shopping Center | New Hyde Park | NY | 1,172,792 | 32,602 | 199,698 | 70,745 | 102,010 | 122,658 | ||||||||||||
Nostrand Avenue | Brooklyn | NY | 1,510,778 | 42,912 | 544,351 | 203,713 | 51,528 | 65,388 | ||||||||||||
Arundel Plaza | Glen Burnie | MD | 1,323,169 | 265,116 | 77,759 | 29,166 | 59,786 | 64,793 | ||||||||||||
Heritage Shops | Chicago | IL | 3,343,518 | 82,098 | 288,116 | 154,272 | 71,414 | 110,831 | ||||||||||||
Fund III | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 213,326 | 96,177 | $ | 79,316 | $ | 98,459 | ||||||||||||||
Fund IV | ||||||||||||||||||||
1151 Third Avenue | Manhattan | NY | $ | 1,729,350 | 13,250 | 1,270,132 | 636,996 | $ | 87,522 | $ | 131,326 | |||||||||
17 East 71st Street | Manhattan | NY | 1,792,487 | 8,432 | 1,266,902 | 623,592 | 87,241 | 138,121 | ||||||||||||
1035 Third Avenue | Manhattan | NY | 932,889 | 7,617 | 1,312,871 | 661,001 | 88,317 | 139,161 | ||||||||||||
Paramus Plaza | Paramus | NJ | 1,847,945 | 153,057 | 106,906 | 37,209 | 119,131 | 132,518 | ||||||||||||
2819 Kennedy Boulevard | North Bergen | NJ | 607,758 | 44,228 | 526,721 | 241,698 | 78,834 | 110,806 | ||||||||||||
Promenade at Manassas | Manassas | VA | 3,483,922 | 265,442 | 57,996 | 18,940 | 74,390 | 84,467 | ||||||||||||
Lake Montclair | Prince William County | VA | 1,894,996 | 105,832 | 55,900 | 18,373 | 93,338 | 103,028 | ||||||||||||
1701 Belmont Avenue | Catonsville | MD | 936,166 | 58,674 | 110,450 | 43,613 | 60,575 | 68,732 | ||||||||||||
Eden Square | Bear | DE | 2,304,196 | 231,392 | 69,756 | 26,155 | 69,989 | 75,629 | ||||||||||||
938 W. North Avenue | Chicago | IL | 326,350 | 33,228 | 453,690 | 239,813 | 72,447 | 108,382 | ||||||||||||
146 Geary Street | San Francisco | CA | 300,000 | 11,436 | 431,433 | 215,318 | 86,963 | 117,259 | ||||||||||||
Union and Fillmore Collection - 4 properties | San Francisco | CA | 641,286 | 10,342 | 469,876 | 233,179 | 86,409 | 116,849 | ||||||||||||
Fund IV | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 434,221 | 206,277 | $ | 81,693 | $ | 103,367 | ||||||||||||||
Total - Funds | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 433,812 | 184,128 | $ | 74,109 | $ | 93,178 |
Fund Overview | ||||||||||||
As of March 31, 2016 | ||||||||||||
I. KEY METRICS | Note | Fund I | Fund II | Fund III | Fund IV | Total | ||||||
General Information: | ||||||||||||
Vintage | Sep-2001 | Jun-2004 | May-2007 | May-2012 | ||||||||
Fund Size | $90.0 Million | $300.0 Million | $502.5 Million | $540.6 Million | $1,433.1 Million | |||||||
Acadia's Commitment | $20.0 Million | $85.0 Million | $123.3 Million | $125.0 Million | $353.3 Million | |||||||
Acadia's Pro Rata Share | 22.2 | % | 28.3 | % | 24.5 | % | 23.1 | % | 24.7 | % | ||
Acadia's Promoted Share | 1 | 37.8 | % | 42.7 | % | 39.6 | % | 38.5 | % | 39.7 | % | |
Number of Institutional Partners | 2 | 4 | 5 | 13 | 17 | |||||||
Preferred Return | 9.0 | % | 8.0 | % | 6.0 | % | 6.0 | % | 6.6 | % | ||
Current-Quarter, Fund-Level Information: | ||||||||||||
Cumulative Contributions | $86.6 Million | $300.0 Million | $387.5 Million | $239.3 Million | $1,013.5 Million | |||||||
Cumulative Net Distributions | 3 | $194.5 Million | $131.6 Million | $492.7 Million | $101.9 Million | $920.8 Million | ||||||
Net Distributions/Contributions | 224.6 | % | 43.9 | % | 127.1 | % | 42.6 | % | 90.9 | % | ||
Unfunded Commitment | 4 | $0.0 Million | $47.1 Million | $62.5 Million | $301.2 Million | $410.8 Million | ||||||
Acquisition Dry Powder | 5 | NA | NA | NA | $184.0 Million | $184.0 Million | ||||||
Investment Period Closes | Closed | Closed | Closed | Aug-2016 | ||||||||
Currently in a Promote Position? (Yes/No) | Yes | No | Yes | No | ||||||||
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA | ||||||||||||
Type: | Applicable to | Description | ||||||||||
Asset Management | 6 | All funds | 1.5% of implied capital | |||||||||
Property Management | All funds | 4.0% of gross property revenues | ||||||||||
Leasing | All funds | Market-rate leasing commissions | ||||||||||
Construction/Project Management | All funds | Market-rate fees | ||||||||||
Development | Fund III & IV | 3.0% of total project costs | ||||||||||
Notes: | ||||||||||||
1 | Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return. | |||||||||||
Acadia's Promoted Share equals a 20% promote plus Acadia's pro rata share of the remaining 80%. | ||||||||||||
2 | During January 2016, Acadia acquired an additional 8.33% interest in Fund II from one of the institutional partners. | |||||||||||
3 | Net of fees and promote | |||||||||||
4 | Unfunded Commitments are set aside to complete leasing and development at existing fund investments and, for Fund IV, to make new investments. | |||||||||||
The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released | ||||||||||||
commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales. With regard to Fund II, the Unfunded Commitment reflects a prior-period distribution | ||||||||||||
that is subject to recontribution to the Fund until December 2016 if needed to fund the on-going redevelopment of existing Fund II investments. | ||||||||||||
5 | Unfunded Commitments available to deploy into new investments | |||||||||||
6 | Implied Capital is Fund Size less capital attributed to sold investments or released |
Fund Retail Properties - Detail 1 | ||||||||||||||||||||||||||||||||
Leased | Annualized | Annualized | ||||||||||||||||||||||||||||||
Year | Ownership | Gross Leaseable Area | In Place Occupancy | Occupancy | Base Rent | Base Rent PSF | ||||||||||||||||||||||||||
Anchors | Acquired | % | Street | Anchors | Shops | Total | Street | Anchors | Shops | Total | Total | Total | Total | |||||||||||||||||||
Fund II Portfolio Detail | ||||||||||||||||||||||||||||||||
NEW YORK | ||||||||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||
216th Street | NYC Human Resources Administration | 2005 | 99.1% | — | 60,000 | — | 60,000 | — | 100.0 | % | — | 100.0 | % | 100.0 | % | $ | 2,574,000 | $ | 42.90 | |||||||||||||
161st Street 2 | Various New York City & State agencies | 2005 | 99.1% | — | 160,916 | 88,420 | 249,336 | — | 34.6 | % | 53.4 | % | 41.3 | % | 46.7 | % | 3,344,960 | 32.51 | ||||||||||||||
Total - Fund II | — | 220,916 | 88,420 | 309,336 | — | 52.4 | % | 53.4 | % | 52.7 | % | 57.1 | % | $ | 5,918,960 | $ | 36.34 | |||||||||||||||
Fund III Portfolio Detail | ||||||||||||||||||||||||||||||||
NEW YORK | ||||||||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||
Cortlandt Town Center | Wal-Mart, Best Buy, A&P | 2009 | 35.0% | — | 472,420 | 163,017 | 635,437 | — | 95.7 | % | 85.3 | % | 93.1 | % | 93.1 | % | $ | 10,207,475 | $ | 17.26 | ||||||||||||
654 Broadway | Penguin (Perry Ellis) | 2011 | 100.0% | 2,896 | — | — | 2,896 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 583,495 | 201.48 | |||||||||||||||
640 Broadway | Swatch | 2012 | 63.1% | 4,260 | — | — | 4,260 | 78.4 | % | — | — | 78.4 | % | 78.4 | % | 818,375 | 245.16 | |||||||||||||||
New Hyde Park Shopping Center | PetSmart | 2011 | 100.0% | — | 13,507 | 19,095 | 32,602 | — | 100.0 | % | 70.8 | % | 82.9 | % | 82.9 | % | 1,172,792 | 43.41 | ||||||||||||||
Nostrand Avenue | — | 2013 | 100.0% | — | — | 42,912 | 42,912 | — | — | 75.6 | % | 75.6 | % | 75.6 | % | 1,510,778 | 46.56 | |||||||||||||||
MID-ATLANTIC | ||||||||||||||||||||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||
Arundel Plaza | Giant Food, Lowe's | 2012 | 94.3% | — | 231,920 | 33,196 | 265,116 | — | 100.0 | % | 58.8 | % | 94.8 | % | 94.8 | % | 1,323,169 | 5.26 | ||||||||||||||
MIDWEST | ||||||||||||||||||||||||||||||||
Illinois | ||||||||||||||||||||||||||||||||
Heritage Shops | LA Fitness, Ann Taylor Loft | 2011 | 100.0% | — | 49,878 | 32,220 | 82,098 | — | 100.0 | % | 93.4 | % | 97.4 | % | 97.4 | % | 3,343,518 | 41.81 | ||||||||||||||
Total - Fund III | 7,156 | 767,725 | 290,440 | 1,065,321 | 87.1 | % | 97.4 | % | 80.8 | % | 92.8 | % | 92.8 | % | $ | 18,959,602 | $ | 19.18 | ||||||||||||||
Fund IV Portfolio Detail | ||||||||||||||||||||||||||||||||
NEW YORK | ||||||||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||
1151 Third Avenue | Vineyard Vines | 2013 | 100.0% | 13,250 | — | — | 13,250 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | $ | 1,729,350 | $ | 130.52 | |||||||||||||
17 East 71st Street | The Row | 2014 | 100.0% | 8,432 | — | — | 8,432 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,792,487 | 212.58 | |||||||||||||||
1035 Third Avenue 3 | — | 2015 | 100.0% | 7,617 | — | — | 7,617 | 71.4 | % | — | — | 71.4 | % | 71.4 | % | 932,889 | 171.58 | |||||||||||||||
New Jersey | ||||||||||||||||||||||||||||||||
Paramus Plaza | Babies R Us, Ashley Furniture | 2013 | 50.0% | — | 74,837 | 78,220 | 153,057 | — | 100.0 | % | 29.4 | % | 63.9 | % | 63.9 | % | 1,847,945 | 18.89 | ||||||||||||||
2819 Kennedy Boulevard | Aldi | 2013 | 98.6% | — | 42,692 | 1,536 | 44,228 | — | 49.4 | % | 100.0 | % | 51.2 | % | 100.0 | % | 607,758 | 26.84 | ||||||||||||||
BOSTON | ||||||||||||||||||||||||||||||||
Massachusetts | ||||||||||||||||||||||||||||||||
Restaurants at Fort Point | — | 2016 | 100.0% | 15,711 | — | — | 15,711 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 297,733 | 18.95 | |||||||||||||||
MID-ATLANTIC | ||||||||||||||||||||||||||||||||
Virginia | ||||||||||||||||||||||||||||||||
Promenade at Manassas | Home Depot, HH Gregg | 2013 | 98.6% | — | 194,038 | 71,404 | 265,442 | — | 100.0 | % | 94.6 | % | 98.6 | % | 98.6 | % | 3,483,922 | 13.32 | ||||||||||||||
Lake Montclair | Food Lion | 2013 | 100.0% | — | 33,000 | 72,832 | 105,832 | — | 100.0 | % | 92.6 | % | 94.9 | % | 94.9 | % | 1,894,996 | 18.87 | ||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||
1701 Belmont Avenue | Best Buy | 2012 | 98.6% | — | 58,674 | — | 58,674 | — | 100.0 | % | — | 100.0 | % | 100.0 | % | 936,166 | 15.96 | |||||||||||||||
Delaware | ||||||||||||||||||||||||||||||||
Eden Square | Giant Food | 2014 | 98.6% | — | 163,217 | 68,175 | 231,392 | — | 71.1 | % | 71.5 | % | 71.2 | % | 71.2 | % | 2,304,196 | 13.99 | ||||||||||||||
MIDWEST | ||||||||||||||||||||||||||||||||
Illinois | ||||||||||||||||||||||||||||||||
938 W. North Avenue | Sephora | 2013 | 80.0% | 33,228 | — | — | 33,228 | 16.1 | % | — | — | 16.1 | % | 16.1 | % | 326,350 | 61.00 | |||||||||||||||
SOUTHEAST | ||||||||||||||||||||||||||||||||
Georgia | ||||||||||||||||||||||||||||||||
Broughton Street Portfolio 4 | J. Crew, L'Occitane, Lululemon, Michael Kors | 2014 | 50.0% | 76,641 | — | — | 76,641 | 54.7 | % | — | — | 54.7 | % | 100.0 | % | 1,835,907 | 43.81 | |||||||||||||||
WEST | ||||||||||||||||||||||||||||||||
California | ||||||||||||||||||||||||||||||||
146 Geary Street | 2015 | 100.0% | 11,436 | — | — | 11,436 | 100.0 | % | — | — | 100.0 | % | 100 | % | 300,000 | 26.23 | ||||||||||||||||
Union and Fillmore Collection - 4 properties | 2015 | 90.0% | 10,342 | — | — | 10,342 | 88.0 | % | — | — | 88.0 | % | 88 | % | 641,286 | 70.44 | ||||||||||||||||
Total - Fund IV | 176,657 | 566,458 | 292,167 | 1,035,282 | 62.6 | % | 87.8 | % | 71.3 | % | 78.9 | % | 84.4 | % | $ | 18,930,985 | $ | 23.19 | ||||||||||||||
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% | |||||||||||||||||||||||||||||||
801 Madison Avenue | 100.0% | |||||||||||||||||||||||||||||||
650 Bald Hill Road | 90.0% | |||||||||||||||||||||||||||||||
2 Currently operating, but redevelopment activities have commenced. | ||||||||||||||||||||||||||||||||
3 Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (131 spaces). | ||||||||||||||||||||||||||||||||
4 Represents 14 of the 25 properties in this portfolio that have been leased. The remaining properties are still in development. |
Funds Lease Expirations | ||||||||||||||||||||||||||||||||
FUND II | ||||||||||||||||||||||||||||||||
Gross Leased Area | Base Rent | |||||||||||||||||||||||||||||||
No. of Leases | Expiring | Percent | Percent | |||||||||||||||||||||||||||||
Year | Expiring | SF | of Total | Amount | PSF | of Total | ||||||||||||||||||||||||||
M to M 1 | — | — | — | $ | — | $ | — | — | ||||||||||||||||||||||||
2015 | — | — | — | — | — | — | ||||||||||||||||||||||||||
2016 | — | — | — | — | — | — | ||||||||||||||||||||||||||
2017 | — | — | — | — | — | — | ||||||||||||||||||||||||||
2018 | — | — | — | — | — | — | ||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | ||||||||||||||||||||||||||
2020 | — | — | — | — | — | — | ||||||||||||||||||||||||||
2021 | — | — | — | — | — | — | ||||||||||||||||||||||||||
2022 | — | — | — | — | — | — | ||||||||||||||||||||||||||
2023 | — | — | — | — | — | — | ||||||||||||||||||||||||||
2024 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Thereafter | 10 | 162,881 | 100.0 | % | 5,918,960 | 36.34 | 100.0 | % | ||||||||||||||||||||||||
Total | 10 | 162,881 | 100.0 | % | $ | 5,918,960 | $ | 36.34 | 100.0 | % | ||||||||||||||||||||||
146,455 | Total Vacant | |||||||||||||||||||||||||||||||
309,336 | Total Square Feet | |||||||||||||||||||||||||||||||
FUND III | FUND IV | |||||||||||||||||||||||||||||||
Gross Leased Area | Base Rent | Gross Leased Area | Base Rent | |||||||||||||||||||||||||||||
No. of Leases | Expiring | Percent | Percent | No. of Leases | Expiring | Percent | Percent | |||||||||||||||||||||||||
Year | Expiring | SF | of Total | Amount | PSF | of Total | Expiring | SF | of Total | Amount | PSF | of Total | ||||||||||||||||||||
M to M 1 | 3 | 7,379 | 0.7 | % | $ | 179,114 | $ | 24.27 | 0.9 | % | 4 | 8,800 | 1.1 | % | $ | 250,504 | $ | 28.47 | 1.3 | % | ||||||||||||
2016 | 10 | 71,028 | 7.2 | % | 781,825 | 11.01 | 4.1 | % | 9 | 28,958 | 3.5 | % | 540,205 | 18.65 | 2.8 | % | ||||||||||||||||
2017 | 9 | 76,478 | 7.7 | % | 1,887,978 | 24.69 | 10.0 | % | 14 | 99,683 | 12.0 | % | 2,520,023 | 25.28 | 13.0 | % | ||||||||||||||||
2018 | 16 | 265,859 | 26.9 | % | 3,952,365 | 14.87 | 20.8 | % | 17 | 55,238 | 6.7 | % | 1,129,793 | 20.45 | 5.8 | % | ||||||||||||||||
2019 | 10 | 258,345 | 26.1 | % | 2,493,804 | 9.65 | 13.2 | % | 15 | 103,068 | 12.5 | % | 1,881,649 | 18.26 | 9.7 | % | ||||||||||||||||
2020 | 7 | 15,218 | 1.5 | % | 684,344 | 44.97 | 3.6 | % | 10 | 53,701 | 6.5 | % | 1,285,938 | 23.95 | 6.7 | % | ||||||||||||||||
2021 | 5 | 53,267 | 5.4 | % | 1,382,889 | 25.96 | 7.3 | % | 4 | 39,027 | 4.7 | % | 566,374 | 14.51 | 2.9 | % | ||||||||||||||||
2022 | 6 | 80,203 | 8.1 | % | 1,739,764 | 21.69 | 9.2 | % | 3 | 36,773 | 4.4 | % | 495,472 | 13.47 | 2.6 | % | ||||||||||||||||
2023 | 4 | 26,044 | 2.6 | % | 1,227,481 | 47.13 | 6.5 | % | 7 | 52,148 | 6.3 | % | 952,493 | 18.27 | 4.9 | % | ||||||||||||||||
2024 | 8 | 60,581 | 6.1 | % | 2,030,948 | 33.52 | 10.7 | % | 7 | 115,960 | 14.0 | % | 2,993,960 | 25.82 | 15.5 | % | ||||||||||||||||
2025 | 5 | 58,360 | 5.9 | % | 1,645,180 | 28.19 | 8.7 | % | 17 | 31,589 | 3.8 | % | 3,562,625 | 112.78 | 18.4 | % | ||||||||||||||||
Thereafter | 6 | 15,674 | 1.8 | % | 953,910 | 60.86 | 5.0 | % | 11 | 202,482 | 24.5 | % | 3,155,997 | 15.59 | 16.3 | % | ||||||||||||||||
Total | 89 | 988,436 | 100.0 | % | $ | 18,959,602 | $ | 19.18 | 100.0 | % | 118 | 827,427 | 100.0 | % | $ | 19,335,033 | $ | 23.37 | 100.0 | % | ||||||||||||
76,885 | Total Vacant | 182,894 | Total Vacant | |||||||||||||||||||||||||||||
1,065,321 | Total Square Feet | 1,010,321 | Total Square Feet | |||||||||||||||||||||||||||||
Note: | ||||||||||||||||||||||||||||||||
1 Leases currently under month to month or in process of renewal | ||||||||||||||||||||||||||||||||
Fund 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 | 2016/2020 | 6 | 763,000 | 7 | 68% 2 | Century 21, CityTarget, Alamo Drafthouse | $ | 366.7 | 3 | $ | 23.3 | to | $ | 43.3 | 3 | $ | 390.0 | to | $ | 410.0 | 3 | $ | 239.9 | |||||||||||
Sherman Plaza | 99.1 | % | New York, NY | TBD | TBD | — | TBD | 35.9 | TBD | TBD | TBD | TBD | — | ||||||||||||||||||||||||
$ | 402.6 | TBD | TBD | TBD | TBD | $ | 239.9 | ||||||||||||||||||||||||||||||
FUND III | |||||||||||||||||||||||||||||||||||||
Cortlandt Crossing | 100.0 | % | Mohegan Lake, NY | 2017 | 150,000 - 170,000 | — | TBD | $ | 15.2 | $ | 31.8 | to | $ | 40.8 | $ | 47.0 | to | $ | 56.0 | $ | — | ||||||||||||||||
3104 M Street NW | 80.0 | % | Washington, D.C. | 2016 | 10,000 | — | TBD | 7.5 | 0.5 | to | 1.5 | 8.0 | to | 9.0 | 4.1 | ||||||||||||||||||||||
Broad Hollow Commons | 100.0 | % | Farmingdale, NY | 2016 | 180,000 - 200,000 | — | TBD | 14.6 | 35.4 | to | 45.4 | 50.0 | to | 60.0 | — | ||||||||||||||||||||||
$ | 37.3 | $ | 67.7 | $ | 87.7 | $ | 105.0 | $ | 125.0 | $ | 4.1 | ||||||||||||||||||||||||||
FUND IV | |||||||||||||||||||||||||||||||||||||
210 Bowery | 100.0 | % | New York, NY | 2016 | 16,000 | — | TBD | $ | 13.3 | $ | 5.2 | to | $ | 9.2 | $ | 18.5 | to | $ | 22.5 | $ | 4.7 | ||||||||||||||||
Broughton Street Portfolio 5 | 50.0 | % | Savannah, GA | 2016 | 200,000 | 55% | J. Crew, Lululemon, H&M | 66.1 | 18.9 | to | 23.9 | 85.0 | to | 90.0 | 28.6 | ||||||||||||||||||||||
27 E. 61st Street | 100.0 | % | New York, NY | 2016 | 9,500 | — | TBD | 21.4 | 1.4 | to | 5.4 | 22.8 | to | 26.8 | — | ||||||||||||||||||||||
801 Madison Avenue | 100.0 | % | New York, NY | 2016 | 5,000 | 45% | TBD | 33.6 | 2.4 | to | 7.4 | 36.0 | to | 41.0 | — | ||||||||||||||||||||||
650 Bald Hill Road | 90.0 | % | Warwick, RI | 2016 | 161,000 | 34% | Burlington Coat Factory | 13.0 | 14.5 | to | 19.5 | 27.5 | to | 32.5 | — | ||||||||||||||||||||||
$ | 147.4 | $ | 42.4 | $ | 65.4 | $ | 189.8 | $ | 212.8 | $ | 33.3 | ||||||||||||||||||||||||||
Notes: | |||||||||||||||||||||||||||||||||||||
1 Acquired a leasehold interest in this property. | |||||||||||||||||||||||||||||||||||||
2 Leased rate calculated on approximately 540,000 rentable square feet. | |||||||||||||||||||||||||||||||||||||
3 Net of actual and anticipated contributions from retail tenants and proceeds from residential tower sales. Excludes Tower I. Debt and incurred costs are reduced by $5.3M relating to the New Markets Tax Credits received. | |||||||||||||||||||||||||||||||||||||
4 The leased rate excludes pre-redevelopment tenants. | |||||||||||||||||||||||||||||||||||||
5 This portfolio includes 25 buildings, including 14 which are operating. | |||||||||||||||||||||||||||||||||||||
6 Phases I and II have an estimated completion date of 2016. Phase III has an estimated completion date of 2020. | |||||||||||||||||||||||||||||||||||||
7 This reflects increases to Phase I and Phase II square footage, and the addition of Phase III square footage. | |||||||||||||||||||||||||||||||||||||
Reconciles to Consolidated Balance Sheet as follows: | |||||||||||||||||||||||||||||||||||||
Development costs above | $ | 587.3 | |||||||||||||||||||||||||||||||||||
City Point Items: | |||||||||||||||||||||||||||||||||||||
Adjustment to FMV | 33.8 | ||||||||||||||||||||||||||||||||||||
Gain on sales | 51.2 | ||||||||||||||||||||||||||||||||||||
Costs of Tower 1 | 80.7 | ||||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||
Development held as operating real estate | (33.6 | ) | |||||||||||||||||||||||||||||||||||
Development costs of unconsolidated properties | (79.1 | ) | |||||||||||||||||||||||||||||||||||
Deferred costs and other amounts | (0.5 | ) | |||||||||||||||||||||||||||||||||||
Total per consolidated balance sheet | $ | 639.8 |
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