Maryland | 1-12002 | 23-2715194 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit Number | Description |
99.1 | Press release of the Company dated February 14, 2017. |
99.2 | Financial and Operating Reporting Supplement of the Company for the quarter ended December 31, 2016. |
Date: February 21, 2017 | ACADIA REALTY TRUST (Registrant) By: /s/ John Gottfried Name: John Gottfried Title: Sr. Vice President and Chief Financial Officer |
• | Transactional Activity: During 2016 and year-to-date 2017, completed $1.1 billion of total transactions across the Core and Fund platforms; of this amount, $395 million was completed during fourth quarter 2016 and $19 million was completed subsequent to year end |
• | Core Acquisitions: During 2016, acquired $627 million of urban/street-retail properties on a leverage neutral basis, of which $141 million closed during the fourth quarter |
• | Fund Acquisitions: During 2016, Fund IV acquired $261 million of opportunistic and value-add investments, of which $196 million closed during the fourth quarter |
• | Fund Dispositions: During 2016, Fund III completed $212 million of dispositions ($58 million closed during fourth quarter 2016), resulting in a blended 41% IRR and 3.4x multiple; additionally, Fund IV sold a $19 million property in January 2017, resulting in a 21% IRR and 2.5x multiple |
• | Fund III Promote: During 2016, Fund III generated approximately $10 million ($0.13 per share) of net promote income for the Company; of this amount, approximately $3.4 million ($0.04 per share) was generated during the fourth quarter. |
• | Acquisition “Dry Powder”: |
• | Fund V: During 2016, raised $520 million of capital commitments for Fund V, which has approximately $1.5 billion of buying power; Fund V’s investment period began on August 10 |
• | Balance Sheet: During 2016, maintained conservative leverage levels by matchfunding $627 million of Core acquisitions with $479 million of equity, net of related costs |
• | Earnings: Generated earnings per share (“EPS”) of $0.24 for the fourth quarter and $0.94 for the full year; funds from operations (“FFO”) per share of $0.39 for the fourth quarter, and FFO per share of $0.40 for the fourth quarter, before the deduction of $0.01 per share, for acquisition expenses |
• | Core Portfolio Operations: Generated same-property net operating income growth, compared to 2015, of 3.7% for the fourth quarter and 3.4% for the full year; reported a leased rate of 96.3% as of year end |
• | Dividends: During January 2017, paid a special cash dividend of $0.15 per share, which was sourced from profitable Fund asset sales; additionally, increased the regular quarterly dividend by 4% to $0.26 per share for the fourth quarter |
2017 | 2017 | 2016 | |||||||
Dollars in millions, except per share amounts | Low | High | Actual | ||||||
Core and pro-rata share of Funds’ portfolio income | $142.0 | $151.5 | $125.9 | ||||||
Fund fee income, net of taxes | 20.9 | 22.9 | 21.1 | ||||||
Other Fund and transactional income | 0.5 | 0.5 | 10.4 | ||||||
General and administrative expenses | (32.5 | ) | (33.0 | ) | (31.0 | ) | |||
FFO attributable to Common Shareholders and Common OP Unit holders | $130.9 | $141.9 | $126.4 | ||||||
FFO per Common Share and Common OP Unit | $1.44 | $1.54 | $1.55 |
Guidance Range for 2017 | Low | High | ||||
Earnings per share | $0.58 | $0.63 | ||||
Depreciation of real estate and amortization of leasing costs | ||||||
(net of noncontrolling interests’ share) | 0.99 | 1.01 | ||||
Gain on disposition of properties | (0.12 | ) | (0.08 | ) | ||
Noncontrolling interest in Operating Partnership | (0.01 | ) | (0.02 | ) | ||
FFO per Common Share and Common OP Unit | $1.44 | $1.54 |
For the Quarters ended December 31, | For the Years ended December 31, | ||||||||||
Revenues | 2016 | 2015 | 2016 | 2015 | |||||||
Rental income | $ 43,328 | $ 39,939 | $ 152,814 | $ 158,632 | |||||||
Expense reimbursements | 9,362 | 10,395 | 32,282 | 36,306 | |||||||
Other income | 1,431 | 952 | 4,843 | 4,125 | |||||||
Total revenues | 54,121 | 51,286 | 189,939 | 199,063 | |||||||
Operating expenses | |||||||||||
Depreciation and amortization | 23,267 | 15,729 | 70,011 | 60,751 | |||||||
General and administrative | 9,906 | 7,228 | 40,648 | 30,368 | |||||||
Real estate taxes | 7,630 | 6,520 | 25,630 | 25,384 | |||||||
Property operating | 8,547 | 8,192 | 24,244 | 28,423 | |||||||
Other operating | 3,423 | 1,560 | 7,517 | 4,675 | |||||||
Impairment of asset | — | — | — | 5,000 | |||||||
Total operating expenses | 52,773 | 39,229 | 168,050 | 154,601 | |||||||
Operating income | 1,348 | 12,057 | 21,889 | 44,462 | |||||||
Equity in earnings of unconsolidated affiliates | 35,857 | 1,093 | 39,449 | 37,330 | |||||||
Interest income | 6,531 | 3,482 | 25,829 | 16,603 | |||||||
Interest expense | (9,728) | (9,033) | (34,645) | (37,297) | |||||||
Other | — | — | — | 1,596 | |||||||
Income from continuing operations before income taxes | 34,008 | 7,599 | 52,522 | 62,694 | |||||||
Income tax benefit (provision) | 228 | 272 | 105 | (1,787) | |||||||
Income from continuing operations before gain on disposition of properties | 34,236 | 7,871 | 52,627 | 60,907 | |||||||
Gain on disposition of properties, net of tax | — | — | 81,965 | 89,063 | |||||||
Net income | 34,236 | 7,871 | 134,592 | 149,970 | |||||||
(Income) loss attributable to noncontrolling interests: | |||||||||||
Continuing operations | (14,415) | 1,019 | (61,816) | (84,262) | |||||||
Discontinued operations | — | — | — | — | |||||||
Net (income) loss attributable to noncontrolling interests | (14,415) | 1,019 | (61,816) | (84,262) | |||||||
Net income attributable to Acadia | $ 19,821 | $ 8,890 | $ 72,776 | $ 65,708 | |||||||
Income from continuing operations attributable to | |||||||||||
Acadia | $ 19,821 | $ 8,890 | $ 72,776 | $ 65,708 | |||||||
Income from discontinued operations | |||||||||||
attributable to Acadia | — | — | — | — | |||||||
Net income attributable to Acadia | 19,821 | 8,890 | 72,776 | 65,708 | |||||||
Less: Net Income attributable to participating securities | (194) | (120) | (793) | (931) | |||||||
Net Income attributable to Acadia - basic | $ 19,627 | $ 8,770 | $ 71,983 | $ 64,777 | |||||||
Weighted average shares for diluted earnings per share | 82,728 | 69,330 | 76,244 | 68,870 | |||||||
Net Earnings per share - basic and diluted | $ 0.24 | $ 0.13 | $ 0.94 | $ 0.94 |
For the Quarters ended December 31, | For the Years ended December 31, | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Net income attributable to Acadia | $ 19,821 | $ 8,890 | $ 72,776 | $ 65,708 | ||||||
Depreciation of real estate and amortization of leasing costs | ||||||||||
(net of noncontrolling interests' share): | 21,666 | 14,463 | 67,446 | 52,013 | ||||||
Impairment of asset (net of noncontrolling interests’ share): | — | — | — | 1,111 | ||||||
(Gain) loss on disposition (net of noncontrolling interests’ share): | (8,897) | 1,496 | (28,154) | (11,114) | ||||||
Income attributable to noncontrolling interests’ in | ||||||||||
Operating Partnership | 1,102 | 516 | 4,442 | 3,811 | ||||||
Distributions - Preferred OP Units | 143 | 13 | 560 | 31 | ||||||
Funds from operations attributable to Common Shareholders and | ||||||||||
Common OP Unit holders | $ 33,835 | $ 25,378 | $ 117,070 | $ 111,560 | ||||||
Funds from operations per share - Diluted | ||||||||||
Weighted average Common Shares and OP Units4 | 87,739 | 73,521 | 81,250 | 73,067 | ||||||
Funds from operations, per Common Share and Common OP Unit | $ 0.39 | $ 0.35 | $ 1.44 | $ 1.53 |
For the Quarters ended December 31, | For the Years ended December 31, | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Operating income | $ 1,348 | $ 12,057 | $ 21,889 | $ 44,462 | ||||||
Add back: | ||||||||||
General and administrative | 9,906 | 7,228 | 40,648 | 30,368 | ||||||
Depreciation and amortization | 23,267 | 15,729 | 70,011 | 60,751 | ||||||
Impairment of asset | — | — | — | 5,000 | ||||||
Less: | ||||||||||
Above/below market rent, straight-line rent and other adjustments | 565 | (1,604) | (5,313) | (8,192) | ||||||
Consolidated NOI | 35,086 | 33,410 | 127,235 | 132,389 | ||||||
Noncontrolling interest in NOI | (5,278) | (8,211) | (20,872) | (34,675) | ||||||
Pro-rata share of NOI 5 | 29,808 | 25,199 | 106,363 | 97,714 | ||||||
Operating Partnerships’ interest in Opportunity Funds | (1,536) | (1,444) | (4,981) | (5,767) | ||||||
Operating Partnerships’ share of unconsolidated joint ventures * | 4,721 | 2,613 | 16,547 | 10,382 | ||||||
NOI - Core Portfolio | $ 32,993 | $ 26,368 | $ 117,929 | $ 102,329 | ||||||
Note: | ||||||||||
* Does not include share of unconsolidated joint ventures within Opportunity Funds |
As of | |||||
December 31, 2016 | December 31, 2015 | ||||
ASSETS | |||||
Investments in real estate, at cost | |||||
Land | $ 693,252 | $ 514,120 | |||
Buildings and improvements | 2,048,508 | 1,593,350 | |||
Construction in progress | 19,789 | 19,239 | |||
Properties under capital lease | 76,965 | — | |||
2,838,514 | 2,126,709 | ||||
Less: accumulated depreciation | 287,066 | 298,703 | |||
Operating real estate, net | 2,551,448 | 1,828,006 | |||
Real estate under development, at cost | 543,486 | 609,574 | |||
Net investments in real estate | 3,094,934 | 2,437,580 | |||
Notes receivable | 276,163 | 147,188 | |||
Investments in and advances to unconsolidated affiliates | 272,028 | 173,277 | |||
Cash and cash equivalents | 71,805 | 72,776 | |||
Restricted cash | 22,904 | 37,284 | |||
Rents receivable, net | 43,842 | 40,425 | |||
Other assets, net | 192,786 | 123,789 | |||
Assets of discontinued operations and properties held for sale | 21,498 | — | |||
Total assets | $ 3,995,960 | $ 3,032,319 | |||
LIABILITIES | |||||
Mortgage and other notes payable, net | $ 1,055,728 | $ 1,050,051 | |||
Unsecured notes payable, net | 432,990 | 287,755 | |||
Unsecured lines of credit | — | 20,800 | |||
Distributions in excess of income from, and investments in, unconsolidated affiliates | 13,691 | 13,244 | |||
Accounts payable and other liabilities | 208,672 | 101,563 | |||
Capital lease obligations | 70,129 | — | |||
Dividends and distributions payable | 36,625 | 37,552 | |||
Total liabilities | 1,817,835 | 1,510,965 | |||
EQUITY | |||||
Acadia shareholders’ Equity | |||||
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 83,597,741 and 70,258,415 shares, respectively | 84 | 70 | |||
Additional paid-in capital | 1,594,926 | 1,092,239 | |||
Accumulated other comprehensive loss | (798) | (4,463) | |||
(Distributions in excess of accumulated earnings) retained earnings | (5,635) | 12,642 | |||
Total Acadia shareholders’ equity | 1,588,577 | 1,100,488 | |||
Noncontrolling interests | 589,548 | 420,866 | |||
Total equity | 2,178,125 | 1,521,354 | |||
Total liabilities and equity | $ 3,995,960 | $ 3,032,319 |
Table of Contents | ||||||
Year Ended 2016 | ||||||
Section I - Fourth Quarter 2016 Earnings Press Release | ||||||
Section II - Financial Information | Section III - Core Portfolio Information | |||||
Company Information………………………………………………………………………… | 4 | Core Properties…………………………………………………… | 25 | |||
Market Capitalization………………………………………………… | 5 | Core Top Tenants……………………………………………………… | 27 | |||
Operating Statements | Core Lease Expirations…………………………………………………… | 28 | ||||
Consolidated Income Statements…………………………………… | 6 | Core New and Renewal Rent Spreads…………………………………………………… | 29 | |||
Income Statement - Pro-rata Adjustments…………………………………… | 8 | Core Capital Expenditures………………………………………………… | 30 | |||
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")……………… | 9 | Portfolio Demographics………………………………… | 31 | |||
EBITDA……………………………………………………… | 10 | |||||
Same Property Net Operating Income……………………………………… | 11 | |||||
Fee Income…………………………………………………… | 12 | Section IV - Fund Information | ||||
Consolidated Balance Sheet……………………………………………………… | 13 | |||||
Balance Sheet - Pro-rata Adjustments………………………… | 14 | |||||
Structured Financing…………………………… | 15 | Fund Overview……………………………………………………… | 34 | |||
Other Information | Fund Properties………………………………………………………… | 35 | ||||
Transactional Activity……………………………………………… | 16 | Fund Lease Expirations…………………………………………………… | 36 | |||
2017 Guidance……………………………………………………………… | 17 | Fund Development Activity……………………………………………………………… | 37 | |||
Net Asset Valuation Information………………………………………… | 18 | |||||
Selected Financial Ratios………………………………………………………… | 19 | |||||
Debt Analysis | ||||||
Summary……………………………………………………………………… | 20 | |||||
Detail…………………………………………………………………… | 21 | Important Notes……………………………………………………………… | 38 | |||
Maturities…………………………………………………………… | 24 | |||||
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 | BTIG | KeyBanc Capital Markets, Inc. | ||||
Craig Schmidt - (646) 855-3640 | Michael Gorman - (212) 738-6138 | Todd Thomas - (917) 368-2286 | ||||
craig.schmidt@baml.com | mgorman@btig.com | tthomas@keybanccm.com | ||||
Bank of Montreal | Citigroup - Global Markets | J.P. Morgan Securities, Inc. | ||||
Paul Adornato, CFA - (212) 885-4170 | Christy McElroy - (212) 816-6981 | Michael W. Mueller, CFA - (212) 622-6689 | ||||
paul.adornato@bmo.com | christy.mcelroy@citi.com | michael.w.mueller@jpmorgan.com | ||||
Boenning & Scattergood | Green Street Advisors | |||||
Floris van Dijkum - (212) 922-3572 | Daniel Busch - (949) 640-8780 | |||||
fvandijkum@boenninginc.com | dbucsh@greenstreetadvisors.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 | Common OP Units | Total | Quarter | YTD | Quarter | YTD | |||||||||||||||||
Common Shares | 83,597 | Balance at 12/31/2015 | 70,259 | 3,857 | 74,116 | |||||||||||||||||||
Common Operating Partnership ("OP") Units | 4,529 | ATM Issuance | 1,050 | — | 1,050 | |||||||||||||||||||
Combined Common Shares and OP Units | 88,126 | Other | 257 | 571 | 828 | |||||||||||||||||||
Balance at 3/31/2016 | 71,566 | 4,428 | 75,994 | 71,200 | 71,200 | 75,845 | 75,845 | |||||||||||||||||
Share Price at December 31, 2016 | $ | 32.68 | ATM Issuance | 2,250 | — | 2,250 | ||||||||||||||||||
Equity Issuance | 868 | — | 868 | |||||||||||||||||||||
Equity Capitalization - Common Shares and OP Units | $ | 2,879,958 | Other | 89 | (65 | ) | 24 | |||||||||||||||||
Preferred OP Units | 14,670 | 2 | Balance at 6/30/2016 | 74,773 | 4,363 | 79,136 | 72,896 | 71,859 | 77,899 | 76,872 | ||||||||||||||
Total Equity Capitalization | 2,894,628 | 75% | 76% | ATM Issuance | 1,229 | — | 1,229 | |||||||||||||||||
Equity Issuance | 4,830 | — | 4,830 | |||||||||||||||||||||
Debt Capitalization | Other | 31 | 110 | 141 | ||||||||||||||||||||
Consolidated debt | 1,505,669 | Balance at 9/30/2016 | 80,863 | 4,473 | 85,336 | 78,626 | 74,214 | 83,163 | 79,138 | |||||||||||||||
Adjustment to reflect pro-rata share of debt | (525,543 | ) | ATM Issuance | — | — | — | ||||||||||||||||||
Total Debt Capitalization | 980,126 | 25% | 24% | Equity Issuance 4 | 2,732 | 57 | 2,789 | |||||||||||||||||
Other | 2 | (1 | ) | 1 | ||||||||||||||||||||
Total Market Capitalization | $ | 3,874,754 | 100% | 100% | Balance at 12/31/2016 | 83,597 | 4,529 | 88,126 | ||||||||||||||||
Notes: | ||||||||||||||||||||||||
1 Reflects debt net of: | ||||||||||||||||||||||||
Core Portfolio cash | $ | 51,093 | ||||||||||||||||||||||
pro-rata share of Funds cash | 7,469 | |||||||||||||||||||||||
for total cash netted against debt of | $ | 58,562 | ||||||||||||||||||||||
2 Represents 188 Series A and 141,593 Series C Preferred OP Units convertible into 25,067 and 423,822 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 Fourth quarter equity issuance represents the final settlement of a forward equity transaction entered into in April. | ||||||||||||||||||||||||
4 Represents partial settlement on forward equity transaction, of which 2.7 million shares remain to be issued, representing $95.0 million of gross proceeds available through April 2017. | ||||||||||||||||||||||||
5 Less then 1% Preferred OP Units | ||||||||||||||||||||||||
Market Capitalization 5 | ||||||||||||||||||||||||
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Income Statements | |||||||||
(in thousands) | |||||||||
Year ended | Three months ended | ||||||||
December 31, 2016 | |||||||||
CONSOLIDATED INCOME STATEMENT | |||||||||
Revenues | |||||||||
Rental income | $ | 152,814 | $ | 43,328 | |||||
Expense reimbursements | 32,282 | 9,362 | |||||||
Other | 4,843 | 1,431 | |||||||
Total Revenues | 189,939 | 54,121 | |||||||
Operating Expenses | |||||||||
Depreciation and amortization | 70,011 | 23,267 | |||||||
General and administrative | 40,648 | 9,906 | |||||||
Real estate taxes | 25,630 | 7,630 | |||||||
Property operating | 24,244 | 8,547 | |||||||
Other operating | 7,517 | 3,423 | |||||||
Total Operating Expenses | 168,050 | 52,773 | |||||||
Operating income | 21,889 | 1,348 | |||||||
Equity in earnings of unconsolidated affiliates | 39,449 | 35,857 | |||||||
Interest income | 25,829 | 6,531 | |||||||
Interest expense | (34,645 | ) | (9,728 | ) | |||||
Income from continuing operations before income taxes | 52,522 | 34,008 | |||||||
Income tax benefit | 105 | 228 | |||||||
Income from continuing operations before gain on disposition of properties | 52,627 | 34,236 | |||||||
Gain on disposition of properties, net of tax | 81,965 | — | |||||||
Net income | 134,592 | 34,236 | |||||||
Net income attributable to noncontrolling interests | (61,816 | ) | (14,415 | ) | |||||
Net income attributable to Acadia | $ | 72,776 | $ | 19,821 | |||||
Income Statements - Consolidation 1 | |||||||||
(in thousands) | |||||||||
Year ended December 31, 2016 | Three months ended December 31, 2016 | ||||||||
CORE PORTFOLIO AND FUND INCOME | |||||||||
PROPERTY REVENUES | |||||||||
Minimum rents | $ | 141,803 | $ | 40,916 | |||||
Percentage rents | 442 | 49 | |||||||
Expense reimbursements - CAM | 12,182 | 3,892 | |||||||
Expense reimbursements - Taxes | 20,100 | 5,470 | |||||||
Other property income | 2,430 | 976 | |||||||
Total Property Revenues | 176,957 | 51,303 | |||||||
PROPERTY EXPENSES | |||||||||
Property operating - CAM | 20,162 | 7,152 | |||||||
Other property operating (Non-CAM) | 3,664 | 1,360 | |||||||
Real estate taxes | 25,752 | 7,675 | |||||||
Total Property Expenses | 49,578 | 16,187 | |||||||
NET OPERATING INCOME - PROPERTIES | 127,379 | 35,116 | |||||||
OTHER INCOME (EXPENSE) | |||||||||
Interest income | 25,579 | 6,531 | |||||||
Straight-line rent income | 3,799 | 194 | |||||||
Above/below market rent | 6,677 | 2,254 | |||||||
Interest expense 2 | (30,275 | ) | (7,681 | ) | |||||
Amortization of finance costs | (3,204 | ) | (1,179 | ) | |||||
Above/below market interest expense | 1,135 | 188 | |||||||
Asset and property management expense | (236 | ) | (72 | ) | |||||
Other income/(expense) | 1,065 | 63 | |||||||
Transaction costs | (6,939 | ) | (2,845 | ) | |||||
Capital lease interest | (2,220 | ) | (989 | ) | |||||
CORE PORTFOLIO AND FUND INCOME | 122,760 | 31,580 | |||||||
FEE INCOME | |||||||||
Asset and property management fees | 773 | 238 | |||||||
Transactional fees 3 | 774 | 82 | |||||||
Income tax (provision)/benefit | 106 | 229 | |||||||
Total Fee Income | 1,653 | 549 | |||||||
General and Administrative 5 | (41,226 | ) | (10,484 | ) | |||||
Depreciation and amortization | (69,396 | ) | (23,094 | ) | |||||
Non-real estate depreciation and amortization | (615 | ) | (174 | ) | |||||
Gain on disposition of properties | 81,965 | — | |||||||
Income before equity in earnings and noncontrolling interests | 95,141 | (1,623 | ) | ||||||
Equity in earnings (losses) of unconsolidated affiliates | 39,451 | 35,859 | |||||||
Noncontrolling interests | (61,816 | ) | (14,415 | ) | |||||
NET INCOME | $ | 72,776 | $ | 19,821 | |||||
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. | |||||||||
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 $849 and $4,439 for the three and twelve months, respectively. | |||||||||
3 Consists of development, construction, leasing and legal fees. | |||||||||
4 Net of payments totaling $4,990 during the twelve months, under the Company's Long Term Investment Alignment Program. | |||||||||
5 Includes $4,200 relating to exective compensation relating to retirements of two exectuives during the year ending December 31, 2016. |
Income Statements - Pro-rata Adjustments 1 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Noncontrolling | Company's | Noncontrolling | Company's | ||||||||||||||||
Interest in | Interest in | Interest in | Interest in | ||||||||||||||||
Consolidated | Unconsolidated | Consolidated | Unconsolidated | ||||||||||||||||
Subsidiaries 2 | Subsidiaries 3 | Subsidiaries 2 | Subsidiaries 3 | ||||||||||||||||
Year ended December 31, 2016 | Three months ended December 31, 2016 | ||||||||||||||||||
CORE PORTFOLIO AND FUND INCOME | |||||||||||||||||||
PROPERTY REVENUES | |||||||||||||||||||
Minimum rents | $ | (37,572 | ) | $ | 30,487 | $ | (11,023 | ) | $ | 8,444 | |||||||||
Percentage rents | (345 | ) | 102 | (38 | ) | 11 | |||||||||||||
Expense reimbursements - CAM | (3,409 | ) | 2,969 | (1,072 | ) | 1,173 | |||||||||||||
Expense reimbursements - Taxes | (4,833 | ) | 5,697 | (1,012 | ) | 1,510 | |||||||||||||
Other property income | (934 | ) | 97 | (479 | ) | (95 | ) | ||||||||||||
Total Property Revenues | (47,093 | ) | 39,352 | (13,624 | ) | 11,043 | |||||||||||||
PROPERTY EXPENSES | |||||||||||||||||||
Property operating - CAM | (7,574 | ) | 3,146 | (3,053 | ) | 1,269 | |||||||||||||
Other property operating (Non-CAM) | (1,910 | ) | 972 | (759 | ) | 299 | |||||||||||||
Real estate taxes | (7,214 | ) | 6,308 | (2,264 | ) | 1,728 | |||||||||||||
Total Property Expenses | (16,698 | ) | 10,426 | (6,076 | ) | 3,296 | |||||||||||||
NET OPERATING INCOME - PROPERTIES | (30,395 | ) | 28,926 | (7,548 | ) | 7,747 | |||||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||||||
Interest income | (4,928 | ) | — | (1,562 | ) | — | |||||||||||||
Straight-line rent income | (2,112 | ) | 1,641 | (218 | ) | 203 | |||||||||||||
Above/below market rent | (978 | ) | 908 | (219 | ) | 193 | |||||||||||||
Interest expense | 11,052 | (7,678 | ) | 2,455 | (1,991 | ) | |||||||||||||
Amortization of finance costs | 1,961 | (621 | ) | 773 | (157 | ) | |||||||||||||
Above/below market interest expense | (1 | ) | 82 | (1 | ) | 21 | |||||||||||||
Asset and property management expense | 499 | (886 | ) | 110 | (264 | ) | |||||||||||||
Other income/(expense) | (1,649 | ) | 434 | (736 | ) | 36 | |||||||||||||
Transaction costs | 2,169 | (337 | ) | 1,908 | (10 | ) | |||||||||||||
Capital lease interest | — | — | — | — | |||||||||||||||
CORE PORTFOLIO AND FUND INCOME | (24,382 | ) | 22,469 | (5,038 | ) | 5,778 | |||||||||||||
FEE INCOME | |||||||||||||||||||
Asset and property management fees | 13,182 | 220 | 3,855 | 220 | |||||||||||||||
Transactional fees | 5,890 | — | 1,587 | — | |||||||||||||||
Income tax (provision)/benefit | 94 | — | (4 | ) | — | ||||||||||||||
Total Fee Income | 19,166 | 220 | 5,438 | 220 | |||||||||||||||
PROMOTE, RCP AND OTHER INCOME | |||||||||||||||||||
Promote income from Funds, net | 11,833 | — | 4,854 | — | |||||||||||||||
Total Promote, RCP and Other Income | 11,833 | — | 4,854 | — | |||||||||||||||
General and Administrative | 6,129 | (115 | ) | 2,394 | (2 | ) | |||||||||||||
Depreciation and amortization | 20,440 | (18,473 | ) | 7,623 | (6,195 | ) | |||||||||||||
Gain on disposition of properties | (89,143 | ) | 35,332 | (27,161 | ) | 36,058 | |||||||||||||
Income before equity in earnings and noncontrolling interests | (55,957 | ) | 39,433 | (11,890 | ) | 35,859 | |||||||||||||
Noncontrolling interests 4 | (4,443 | ) | — | (1,102 | ) | — | |||||||||||||
NET INCOME | $ | (60,400 | ) | $ | 39,433 | $ | (12,992 | ) | $ | 35,859 | |||||||||
Note: |
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. | |||||||||||||||||||
2 Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities. | |||||||||||||||||||
3 Represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP. | |||||||||||||||||||
4 Represents income allocable to Operating Partnership Units. |
Funds from Operations ("FFO") 1 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Current | Previous | |||||||||||||||||||||
Year-to-Date | Quarter | Quarter | ||||||||||||||||||||
Period ended | 3 months ended | 3 months ended | ||||||||||||||||||||
Funds from operations ("FFO"): | December 31, 2016 | December 31, 2016 | September 30, 2016 | June 30, 2016 | March 31, 2016 | |||||||||||||||||
Net Income | $ | 72,776 | $ | 19,821 | $ | 6,112 | $ | 17,918 | $ 28,925 | |||||||||||||
Add back: | ||||||||||||||||||||||
Depreciation of real estate and amortization of leasing costs: | ||||||||||||||||||||||
(net of noncontrolling interest share) | 67,446 | 21,666 | 16,340 | 14,112 | 15,328 | |||||||||||||||||
Gain on disposition of properties (net of noncontrolling interest share) | (28,154 | ) | (8,897 | ) | — | (4,117 | ) | (15,140) | ||||||||||||||
Income attributable to noncontrolling interests' | ||||||||||||||||||||||
share in Operating Partnership | 5,002 | 1,245 | 376 | 1,249 | 1,994 | |||||||||||||||||
FFO to Common Shareholders and Common OP Unit holders | $ | 117,070 | $ | 33,835 | $ | 22,828 | $ | 29,162 | $ 31,107 | |||||||||||||
Add back: Transaction costs | 5,107 | 947 | 3,230 | 718 | 212 | |||||||||||||||||
Add back: Executive retirement charge | 4,200 | — | 4,200 | — | — | |||||||||||||||||
FFO before transaction costs and retirement charges | $ | 126,377 | $ | 34,782 | $ | 30,258 | $ | 29,880 | $ | 31,319 | ||||||||||||
Adjusted Funds from operations ("AFFO"): | ||||||||||||||||||||||
Diluted FFO | $ | 117,070 | $ | 33,835 | $ | 22,828 | $ | 29,162 | $ 31,107 | |||||||||||||
Straight-line rent, net | (3,328 | ) | (179 | ) | (1,598 | ) | (541 | ) | (1,010) | |||||||||||||
Above/below market rent | (6,607 | ) | (2,228 | ) | (1,869 | ) | (1,321 | ) | (1,189) | |||||||||||||
Amortization of finance costs | 1,864 | 563 | 599 | 296 | 406 | |||||||||||||||||
Above/below market interest | (1,216 | ) | (208 | ) | (332 | ) | (293 | ) | (383) | |||||||||||||
Non-real estate depreciation | 616 | 174 | 143 | 149 | 150 | |||||||||||||||||
Leasing commissions | (2,252 | ) | (387 | ) | (1,726 | ) | (122 | ) | (17) | |||||||||||||
Tenant improvements | (9,477 | ) | (2,305 | ) | (3,063 | ) | (1,880 | ) | (2,229) | |||||||||||||
Capital expenditures | (1,074 | ) | (265 | ) | (414 | ) | (111 | ) | (284) | |||||||||||||
AFFO to Common Shareholders and Common OP Unit holders | $ | 95,596 | $ | 29,000 | $ | 14,568 | $ | 25,339 | $ 26,551 | |||||||||||||
Total weighted average diluted shares and OP Units: | 81,250 | 87,739 | 83,163 | 77,899 | 75,845 | |||||||||||||||||
Diluted FFO per Common share and OP Unit: | ||||||||||||||||||||||
FFO | $ | 1.44 | $ | 0.39 | $ | 0.27 | $ 0.37 | $ 0.41 | ||||||||||||||
FFO before transaction costs and retirement charges | $ | 1.55 | $ | 0.40 | $ | 0.36 | $ 0.38 | $ 0.41 | ||||||||||||||
Notes: | ||||||||||||||||||||||
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods. |
EBITDA | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Year-to-Date | Current Quarter | |||||||||||||||||||||||
Period ended December 31, 2016 | Three months ended December 31, 2016 | |||||||||||||||||||||||
Core | Core | |||||||||||||||||||||||
Portfolio | Funds | Total | Portfolio | Funds | Total | |||||||||||||||||||
NET INCOME | $ | 46,482 | $ | 26,294 | $ | 72,776 | $ | 12,713 | $ | 7,108 | $ | 19,821 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||
Depreciation and amortization | 61,852 | 6,193 | 68,045 | 19,304 | 2,536 | 21,840 | ||||||||||||||||||
Interest expense | 24,619 | 2,282 | 26,901 | 6,592 | 625 | 7,217 | ||||||||||||||||||
Amortization of finance costs | 1,258 | 606 | 1,864 | 318 | 245 | 563 | ||||||||||||||||||
Above/below market interest | (1,216 | ) | — | (1,216 | ) | (208 | ) | — | (208 | ) | ||||||||||||||
Gain on disposition of properties | — | (28,154 | ) | (28,154 | ) | — | (8,897 | ) | (8,897 | ) | ||||||||||||||
Transaction costs | 4,453 | 654 | 5,107 | 371 | 576 | 947 | ||||||||||||||||||
Retirement charges | 4,200 | — | 4,200 | — | — | — | ||||||||||||||||||
Provision for income taxes | (200 | ) | — | (200 | ) | (225 | ) | — | (225 | ) | ||||||||||||||
Noncontrolling interest - OP | 2,844 | 1,599 | 4,443 | 707 | 395 | 1,102 | ||||||||||||||||||
EBITDA | $ | 144,292 | $ | 9,474 | $ | 153,766 | $ | 39,572 | $ | 2,588 | $ | 42,160 | ||||||||||||
Core Portfolio | |||||||||||||||||||
Same Property Performance 1 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Year-to-Date | Quarter | ||||||||||||||||||
Period ended | Three months ended | ||||||||||||||||||
Change | Change | ||||||||||||||||||
December 31, 2016 | December 31, 2015 | Favorable/(Unfavorable) | December 31, 2016 | December 31, 2015 | Favorable/(Unfavorable) | ||||||||||||||
Summary | |||||||||||||||||||
Minimum rents | $ | 100,921 | $ | 98,402 | 2.6% | $ | 25,481 | $ | 24,935 | 2.2% | |||||||||
Expense reimbursements | 25,056 | 25,944 | (3.4)% | 6,606 | 7,669 | (13.9)% | |||||||||||||
Other property income | 742 | 774 | (4.1)% | 176 | 151 | 16.6% | |||||||||||||
Total Revenue | 126,719 | 125,120 | 1.3% | 32,263 | 32,755 | (1.5)% | |||||||||||||
Expenses | |||||||||||||||||||
Property operating - CAM & Real estate taxes | 29,702 | 30,571 | 2.8% | 7,810 | 8,648 | 9.7% | |||||||||||||
Other property operating (Non-CAM) | 1,321 | 2,019 | 34.6% | 336 | 859 | 60.9% | |||||||||||||
Total Expenses | 31,023 | 32,590 | 4.8% | 8,146 | 9,507 | 14.3% | |||||||||||||
Same Property NOI - Core properties | $ | 95,696 | $ | 92,530 | 3.4% | $ | 24,117 | $ | 23,248 | 3.7% | |||||||||
Reconciliation of Same Property NOI to Core NOI | |||||||||||||||||||
NOI of Properties excluded from Same Property NOI | 22,333 | 9,799 | 8,876 | 3,120 | |||||||||||||||
Core NOI 2 | $ | 118,029 | $ | 102,329 | $ | 32,993 | $ | 26,368 | |||||||||||
Other same property information | |||||||||||||||||||
Physical Occupancy | 96.4% | 96.6% | |||||||||||||||||
Leased Occupancy | 96.6% | 97.0% | |||||||||||||||||
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 | Fund V | Other | Total | |||||||||||||||||
Year-to-date ended December 31, 2016 | ||||||||||||||||||||||
Asset and property management fees | $ | 2,130 | $ | 3,232 | $ | 5,787 | $ | 2,459 | $ | 567 | $ 14,175 | |||||||||||
Transactional fees | 2,695 | 1,080 | 2,446 | 19 | 424 | 6,664 | ||||||||||||||||
Total fees | $ | 4,825 | $ | 4,312 | $ | 8,233 | $ | 2,478 | $ | 991 | $ 20,839 | |||||||||||
Fund II | Fund III | Fund IV | Fund V | Other | Total | |||||||||||||||||
Current Quarter ended December 31, 2016 | ||||||||||||||||||||||
Asset and property management fees and priority distributions | $ | 536 | $ | 773 | $ | 1,298 | $ | 1,571 | $ | 135 | $ 4,313 | |||||||||||
Transactional fees | 675 | 342 | 581 | 19 | 52 | 1,669 | ||||||||||||||||
Total fees and priority distributions | $ | 1,211 | $ | 1,115 | $ | 1,879 | $ | 1,590 | $ | 187 | $ 5,982 | |||||||||||
Fund II | Fund III | Fund IV | Fund V | Other | Total | |||||||||||||||||
Previous Quarter ended September 30, 2016 | ||||||||||||||||||||||
Asset and property management fees and priority distributions | $ | 520 | $ | 789 | $ | 1,376 | $ | 888 | $ | 135 | $ 3,708 | |||||||||||
Transactional fees | 576 | 339 | 837 | — | 57 | 1,809 | ||||||||||||||||
Total management fees and priority distributions | $ | 1,096 | $ | 1,128 | $ | 2,213 | $ | 888 | $ | 192 | $ 5,517 | |||||||||||
Fund II | Fund III | Fund IV | Fund V | Other | Total | |||||||||||||||||
Previous Quarter ended June 30, 2016 | ||||||||||||||||||||||
Asset and property management fees | $ | 540 | $ | 809 | $ | 1,521 | $ | — | $ | 140 | $ 3,010 | |||||||||||
Transactional fees | 729 | 162 | 396 | — | 207 | 1,494 | ||||||||||||||||
Total fees | $ | 1,269 | $ | 971 | $ | 1,917 | $ | — | $ | 347 | $ 4,504 | |||||||||||
Fund II | Fund III | Fund IV | Fund V | Other | Total | |||||||||||||||||
Previous Quarter ended March 31, 2016 | ||||||||||||||||||||||
Asset and property management fees | $ | 534 | $ | 861 | $ | 1,592 | $ | — | $ | 157 | $ 3,144 | |||||||||||
Transactional fees | 715 | 237 | 632 | — | 108 | 1,692 | ||||||||||||||||
Total fees | $ | 1,249 | $ | 1,098 | $ | 2,224 | $ | — | $ | 265 | $ 4,836 | |||||||||||
Consolidated Balance Sheet | |||||||||
(in thousands) | |||||||||
Notes | Consolidated | ||||||||
Balance | |||||||||
Sheet | |||||||||
1 | As Reported | ||||||||
ASSETS | |||||||||
Real estate | |||||||||
Land | $ | 693,252 | 1 The Company currently invests in Funds II, III, IV & V and Mervyns I & II | ||||||
Buildings and improvements | 2,048,508 | which are consolidated within the Company's financial statements. | |||||||
Construction in progress | 19,789 | ||||||||
Properties under capital lease | 76,965 | 2 The components of Net real estate under development are as follows: | |||||||
2,838,514 | |||||||||
Less: accumulated depreciation | (287,066 | ) | |||||||
Operating real estate, net | 2,551,448 | Fund II | $ | 443,013 | |||||
Real estate under development, at cost | 2 | 543,486 | Fund III | 50,451 | |||||
Net investments in real estate | 3,094,934 | Fund IV | 46,523 | ||||||
Notes receivable | 276,163 | Other | 3,499 | ||||||
Investments in and advances to unconsolidated affiliates | 272,028 | ||||||||
Cash and cash equivalents | 71,805 | Total | $ | 543,486 | |||||
Restricted cash | 22,904 | ||||||||
Rents receivable, net | 12,112 | ||||||||
Straight-line rents receivable, net | 31,730 | ||||||||
Other assets, net | 192,786 | ||||||||
Assets of real estate held for sale | 21,498 | ||||||||
Total Assets | $ | 3,995,960 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Mortgage and other notes payable | $ | 1,055,728 | |||||||
Unsecured notes payable | 432,990 | ||||||||
Distributions in excess of income from, and investments in, unconsolidated affiliates | 13,691 | ||||||||
Accounts payable and other liabilities | 208,672 | ||||||||
Capital lease obligations | 70,129 | ||||||||
Dividends and distributions payable | 36,625 | ||||||||
Total Liabilities | 1,817,835 | ||||||||
Shareholders' equity: | |||||||||
Common shares | 84 | ||||||||
Additional paid-in capital | 1,594,926 | ||||||||
Accumulated other comprehensive loss | (798 | ) | |||||||
Distributions in excess of accumulated earnings | (5,635 | ) | |||||||
Total controlling interest | 1,588,577 | ||||||||
Noncontrolling interest in subsidiary | 589,548 | ||||||||
Total Shareholders' Equity | 2,178,125 | ||||||||
Total Liabilities and Shareholders' Equity | $ | 3,995,960 | |||||||
Pro-Rata Balance Sheet Adjustments | ||||||||||
(in thousands) | ||||||||||
Noncontrolling | Company's | |||||||||
Interest in | Interest in | |||||||||
Consolidated | Unconsolidated | |||||||||
1 | Subsidiaries 2 | Subsidiaries 3 | ||||||||
ASSETS | ||||||||||
Real estate | ||||||||||
Land | $ | (170,113 | ) | $ | 72,364 | |||||
Buildings and improvements | (452,632 | ) | 278,403 | |||||||
Construction in progress | (11,783 | ) | 958 | |||||||
Properties under capital lease | — | — | ||||||||
(634,528 | ) | 351,725 | ||||||||
Less: accumulated depreciation | 30,815 | (28,431 | ) | |||||||
Operating real estate, net | (603,713 | ) | 323,294 | |||||||
Net real estate under development | (392,656 | ) | 4,018 | |||||||
Net investments in real estate | (996,369 | ) | 327,312 | |||||||
Notes receivable | (43,587 | ) | — | |||||||
Investments in and advances to unconsolidated affiliates | (79,940 | ) | (190,390 | ) | ||||||
Cash and cash equivalents | (20,118 | ) | 6,875 | |||||||
Restricted cash | (14,232 | ) | 1,171 | |||||||
Rents receivable, net | (1,792 | ) | 2,783 | |||||||
Straight-line rents receivable, net | (9,364 | ) | 3,841 | |||||||
Other assets, net | (11,860 | ) | 18,067 | |||||||
Assets of real estate held for sale | (15,408 | ) | — | |||||||
Total Assets | $ | (1,192,670 | ) | $ | 169,659 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Mortgage and other notes payable | $ | (576,842 | ) | $ | 164,604 | |||||
Unsecured notes payable | (103,508 | ) | — | |||||||
Distributions in excess of income from, and investments in, unconsolidated affiliates | — | (13,691 | ) | |||||||
Accounts payable and other liabilities | (55,331 | ) | 18,746 | |||||||
Total Liabilities | (735,681 | ) | 169,659 | |||||||
Noncontrolling interest in subsidiary | (456,989 | ) | — | |||||||
Total Shareholders' Equity | (456,989 | ) | — | |||||||
Total Liabilities and Shareholders' Equity | $ | (1,192,670 | ) | $ | 169,659 | |||||
Note: | ||||||||||
1 The Company currently invests in Funds II, III, IV & V and Mervyns I & II which are consolidated within the Company's financial statements. | ||||||||||
2 Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities | ||||||||||
3 Represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP. |
Structured Financing Portfolio | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
September 30, 2016 | Current Period | Stated | Effective | |||||||||||||||||||||||||||||||||
Principal | Accrued | Current | Accrued | Balance at | Interest | Interest | Maturity | |||||||||||||||||||||||||||||
Investment | Balance | Interest | Total | Advances | Repayments | Principal | Interest | December 31, 2016 | Rate | Rate 1 | Dates | |||||||||||||||||||||||||
First mortgage notes | $ | 206,400 | $ | 3,505 | $ | 209,905 | $ | — | $ | — | $ | 206,400 | $ | 5,173 | $ | 211,573 | 7.91% | 7.95% | 2017 to 2019 | |||||||||||||||||
Mezzanine, preferred equity and other notes | 10,000 | 44 | 10,044 | — | — | 10,000 | 39 | 10,039 | 8.00% | 8.67% | 2019 | |||||||||||||||||||||||||
Total notes receivable | $ | 216,400 | $ | 3,549 | $ | 219,949 | $ | — | $ | — | $ | 216,400 | $ | 5,212 | $ | 221,612 | 7.91% | 7.98% | ||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||||
1 Inclusive of points and exit fees. | ||||||||||||||||||||||||||||||||||||
Reconciliation of Notes Receivable to the Consolidated Balance Sheet | ||||||||||||||||||||||||||||||||||||
Total Notes Receivable per above | $ | 216,400 | ||||||||||||||||||||||||||||||||||
Other loans (pro-rata share) | 16,176 | |||||||||||||||||||||||||||||||||||
Total Pro-rata Notes Receivable | $ | 232,576 | ||||||||||||||||||||||||||||||||||
Transactional Activity | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Core Portfolio | Funds | ||||||||||||||||||||||||
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 | 76,628 | 100% | 76,628 | March | Manhattan, NY | Vera Wang, Perrin Paris | Restaurants at Fort Point | 11,500 | 100% | 11,500 | 2,659 | January | Boston, MA | — | |||||||||||
165 Newbury Street | 6,250 | 100% | 6,250 | May | Boston, MA | Starbucks | Wake Forest Crossing | 36,600 | 100% | 36,600 | 8,462 | September | Wake Forest, NC | Lowes Foods, TJ Maxx, Ross Dress | |||||||||||
Georgetown Portfolio (2016) 3 | 338,000 | 20% | 67,600 | June | Washington, DC | Sephora, Lululemon, North Face | Northeast Grocery Portfolio | 83,400 | 100% | 83,400 | 19,282 | October | Maine/Pennsylvania/New York | Shaw's, Hannaford, Ashley Furniture | |||||||||||
Sullivan Center | 146,939 | 100% | 146,939 | August | Chicago, IL | Target, DSW | 717 N. Michigan Avenue | 104,000 | 100% | 104,000 | 24,045 | December | Chicago, IL | Disney Store | |||||||||||
Smithfield Portfolio | 150,000 | 100% | 150,000 | August/September | Chicago, IL | Walgreens, Nordstrom Rack, H & M | |||||||||||||||||||
555 9th Street | 140,586 | 100% | 140,586 | November | San Francisco, CA | Bed, Bath & Beyond, Nordstrom Rack | |||||||||||||||||||
Total | $ | 937,566 | $ | 626,793 | Total | $ | 237,750 | $ | 237,525 | $ | 54,916 | ||||||||||||||
Dispositions | |||||||||||||||||||||||||
Fund III: | |||||||||||||||||||||||||
Cortlandt Town Center | 165,000 | 100% | 165,000 | 65,390 | January/December | Mohegan Lake, NY | — | ||||||||||||||||||
Heritage Shops | 46,500 | 100% | 46,500 | 18,428 | April | Chicago, IL | — | ||||||||||||||||||
$ | 211,500 | $ | 211,500 | $ | 83,818 | ||||||||||||||||||||
Extension | |||||||||||||||||||||||||
Structured Finance Investments | Month of Transaction | Location | Options | ||||||||||||||||||||||
Fund IV | Principal | Interest Rate | Maturity Date | ||||||||||||||||||||||
900 W. Randolph Street | $14,000 | 15% | February, 2021 | February | Chicago, IL | 2 x 12 mos. | |||||||||||||||||||
Windham | 9,000 | 6% | April, 2017 | October | North Windham, ME | 1 x 6 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 $76,628 which consists of a $7,000 upfront payment in addition to the present value of future annual master lease rent obligations. | |||||||||||||||||||||||||
3 Acquired a 20% interest in this portfolio for $67,600 which is comprised of cash of $47,600 and our proportionate share of assumed debt of $20,000. The $338,000 represents the total value of the portfolio at the time of our transaction. |
2017 Annual Guidance | |||||
Note: 2017 FFO and EPS guidance and comparable 2016 results are before acquisition and other costs | |||||
(in millions except per share amounts, all per share amounts are fully diluted) | |||||
2017 Guidance | 2016 Actual | Notes | |||
Summary: | |||||
Funds from Operations ("FFO") per share (before acquisition and other costs) | $1.44 to $1.54 | $1.55 | '- Before 2016 acquisition and retirement costs, which totaled | ||
$0.06 and $0.05 per share, respectively | |||||
Earnings per Share ("EPS") (before acquisition and other costs) | $0.58 to $0.63 | $1.05 | |||
FFO Components: | |||||
Core and pro-rata share of Fund portfolio income (before acquisition and other costs) | $142.0 to $151.5 | $125.9 | '- 2016 acquisition and retirement costs totaled | ||
$5.1 million and $4.2 million, respectively | |||||
Fund fee income, net of taxes | $20.9 to $22.9 | $21.1 | |||
Other Fund and transactional income | $0.5 to $0.5 | $10.4 | '- Net of projected payments under the Company's Long-Term Fund Investment Alignment Program ("FIAP") | ||
General and administrative expense | $(32.5) to $(33.0) | $(31.0) | |||
FFO | $130.9 to $141.9 | $126.4 | |||
Additional Guidance Assumptions: | |||||
Fully diluted Common Shares and OP Units - weighted average | 91,000 to 92,000 | 81,250 | |||
Same property net operating income ("NOI") growth | 0.0% to 2.0% | ||||
Core acquisitions | $300.0 to $500.0 | ||||
Fund acquisitions | $200.0 to $600.0 | ||||
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 | $ | 33,014 | 1 | $ | 132,056 | $ | 1,392 | $ | 5,568 | 28.33 | % | $ | 1,577 | $ | 1,892 | $ | 7,568 | 39.63 | % | $ | 2,999 | $ | 6,242 | $ | 24,968 | 23.12 | % | $ | 5,773 | ||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Income)/ loss from properties sold or under contract | — | — | — | — | — | (1,104 | ) | (4,416 | ) | (1,750 | ) | (113 | ) | (452 | ) | (105 | ) | ||||||||||||||||||||||||||||||||||||
(Income)/ loss from pre-stabilized assets 2 | — | — | (786 | ) | (3,144 | ) | (891 | ) | (619 | ) | (2,476 | ) | (981 | ) | (3,117 | ) | (12,468 | ) | (2,883 | ) | |||||||||||||||||||||||||||||||||
(Income)/ loss from development projects 3 | (155 | ) | (620 | ) | — | — | — | — | — | — | (213 | ) | (852 | ) | (197 | ) | |||||||||||||||||||||||||||||||||||||
Net Operating Income of stabilized assets | 32,859 | 131,436 | 606 | 2,424 | 687 | 169 | 676 | 268 | 2,799 | 11,196 | 2,589 | ||||||||||||||||||||||||||||||||||||||||||
Assets under contract for sale, net of debt | $ | 18,750 | $ | 7,431 | $ | 10,570 | $ | 2,444 | |||||||||||||||||||||||||||||||||||||||||||||
Costs to Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-stabilized assets 2 | $ | — | $ | 73,998 | $ | 20,964 | $ | 66,008 | $ | 26,159 | $ | 140,280 | $ | 32,433 | |||||||||||||||||||||||||||||||||||||||
Development projects 3 | 11,924 | 444,500 | 125,927 | 44,400 | 17,596 | 282,800 | 65,383 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Costs to Date | 11,924 | 518,498 | 146,890 | 110,408 | 43,755 | 423,080 | 97,816 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt | $ | 738,755 | $ | 412,292 | $ | 110,134 | $ | 93,462 | $ | 29,204 | $ | 455,195 | $ | 102,033 | |||||||||||||||||||||||||||||||||||||||
Notes: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Does not include a full quarter of NOI for those assets purchased during the fourth 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 December 31, | Period ended December 31, | Three months ended December 31, | Three months ended September 30, | ||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2016 | ||||||||||||||||||||
COVERAGE RATIOS 1 | LEVERAGE RATIOS | ||||||||||||||||||||||||
Fixed-Charge Coverage Ratios | Debt/Market Capitalization Ratios | ||||||||||||||||||||||||
EBITDA 2 divided by: | $ | 39,572 | $ | 29,763 | $ | 144,292 | $ | 120,431 | Debt + Preferred Equity (Preferred O.P. Units) | $ | 994,796 | $ 919,997 | |||||||||||||
Interest expense | 6,592 | 5,930 | 24,619 | 24,092 | Total Market Capitalization | 3,874,754 | 4,012,574 | ||||||||||||||||||
Principal Amortization | 1,281 | 1,184 | 4,407 | 5,174 | Debt+Preferred Equity/Total Market Capitalization | 26% | 23% | ||||||||||||||||||
Preferred Dividends 3 | 143 | 13 | 560 | 31 | |||||||||||||||||||||
Fixed-Charge Coverage Ratio - Core Portfolio | 4.9x | 4.2x | 4.9x | 4.1x | Debt 6 | $ | 936,234 | $ 879,307 | |||||||||||||||||
Total Market Capitalization | 3,816,192 | 3,971,884 | |||||||||||||||||||||||
EBITDA divided by: | $ | 42,160 | $ | 31,781 | $ | 153,766 | $ | 130,184 | Net Debt+Preferred Equity/Total Market Capitalization | 25% | 22% | ||||||||||||||
Interest expense | 7,217 | 6,466 | 26,901 | 26,203 | |||||||||||||||||||||
Principal Amortization | 1,284 | 1,339 | 4,983 | 5,859 | Debt/EBITDA Ratios | ||||||||||||||||||||
Preferred Dividends | 143 | 13 | 560 | 31 | |||||||||||||||||||||
Fixed-Charge Coverage Ratio - Core Portfolio | Debt | $ | 738,755 | $ 683,329 | |||||||||||||||||||||
and Funds | 4.9x | 4.1x | 4.7x | 4.1x | EBITDA (Annualized) 7 | 165,267 | 154,036 | ||||||||||||||||||
Debt/EBITDA - Core Portfolio | 4.5x | 4.4x | |||||||||||||||||||||||
Payout Ratios | |||||||||||||||||||||||||
Debt 5 | $ | 687,662 | $ | 649,581 | |||||||||||||||||||||
Dividends declared (per share/OP Unit) 4 | $ | 0.26 | $ | 0.25 | $ | 1.01 | $ | 0.97 | EBITDA (Annualized) 7 | 165,267 | 154,036 | ||||||||||||||
Net Debt/EBITDA - Core Portfolio | 4.2x | 4.2x | |||||||||||||||||||||||
Dividends (Shares) & Distributions (OP Units) declared | $ | 23,229 | $ | 18,776 | $ | 84,404 | $ | 71,888 | |||||||||||||||||
FFO | 33,835 | 25,378 | 117,070 | 111,560 | Debt 4 | $ | 980,126 | $ 904,511 | |||||||||||||||||
FFO Payout Ratio | 69 | % | 74 | % | 72 | % | 64 | % | EBITDA (Annualized) 7 | 175,619 | 161,424 | ||||||||||||||
FFO Payout Ratio before acquisition costs | 67 | % | 73 | % | 69 | % | 60 | % | Debt/EBITDA - Core Portfolio and Funds | 5.6x | 5.6x | ||||||||||||||
Dividends (Shares) & Distributions (OP Units) paid | $ | 23,229 | $ | 18,776 | $ | 84,404 | $ | 71,888 | Debt 6 | $ | 921,564 | $ 863,821 | |||||||||||||
AFFO | 29,000 | 20,805 | 95,596 | 90,441 | EBITDA (Annualized) 7 | 175,619 | 161,424 | ||||||||||||||||||
AFFO Payout Ratio | 80 | % | 90 | % | 88 | % | 79 | % | Net Debt/EBITDA - Core Portfolio and Funds | 5.2x | 5.4x | ||||||||||||||
AFFO Payout Ratio before acquisition costs | 78 | % | 89 | % | 84 | % | 74 | % | |||||||||||||||||
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. | Reconciliation of EBTIDA to Adjusted EBITDA | ||||||||||||||||||||||||
2 See page 10 for a calculation of EBITDA. | |||||||||||||||||||||||||
3 Represents preferred distributions on Preferred Operating partnership Units. | Core EBITDA as reported | $ | 39,572 | ||||||||||||||||||||||
4 Does not include special dividends of $0.15 for 4Q and YTD 2016 or $0.25 for 4Q and YTD 2015. | |||||||||||||||||||||||||
5 Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt. | Annualized | 158,288 | |||||||||||||||||||||||
6 Reflects debt net of the current Core Portfolio cash balance at end of period. | Less: Q4 net Promote | (3,420 | ) | ||||||||||||||||||||||
7 Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period. | Add: Annualized net Promote | 10,399 |
8 Annualized EBITDA is adjusted to include the amount of net Promote income earned during 2016. | |||||||||||||||||||||||||
Adjusted Annualized Core EBITDA | 165,267 | ||||||||||||||||||||||||
Add in Funds | 10,352 | ||||||||||||||||||||||||
Adjusted Annualized EBITDA Core and Funds | $ | 175,619 | |||||||||||||||||||||||
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 | $ | 248,806 | 3.7% | $ | — | n/a | $ | 248,806 | 3.7% | 25% | $ | — | $ | — | $ | 248,806 | ||||||||||||||||
Variable-Rate Debt | 51,194 | 1.6% | 31,128 | 2.8% | 82,322 | 2.0% | 8% | 103,508 | — | 185,830 | ||||||||||||||||||||||
33% | ||||||||||||||||||||||||||||||||
Mortgage and Other Notes Payable | ||||||||||||||||||||||||||||||||
Fixed-Rate Debt 1 | 406,755 | 4.1% | 77,541 | 4.4% | 484,296 | 4.2% | 50% | 244,335 | (106,694 | ) | 621,937 | |||||||||||||||||||||
Variable-Rate Debt | 32,000 | 3.2 | % | 132,702 | 3.2% | 164,702 | 3.2% | 17% | 343,310 | (58,916 | ) | 449,096 | ||||||||||||||||||||
67% | ||||||||||||||||||||||||||||||||
Total | $ | 738,755 | 3.8% | $ | 241,371 | 3.5% | $ | 980,126 | 3.7% | 100% | $ | 691,153 | $ | (165,610 | ) | 1,505,669 | ||||||||||||||||
Unamortized premium | 1,336 | |||||||||||||||||||||||||||||||
Unamortized loan costs | (18,287 | ) | ||||||||||||||||||||||||||||||
$ | 1,488,718 | |||||||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||
1 Fixed-rate debt includes notional principal fixed through swap transactions. | ||||||||||||||||||||||||||||||||
2 Represents the Company's pro-rata share of debt based on its percent ownership. | ||||||||||||||||||||||||||||||||
3 Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership. | ||||||||||||||||||||||||||||||||
4 Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership. |
Portfolio Debt - Detail | |||||||||||||||||
(in thousands) | |||||||||||||||||
Principal Balance at | Acadia's Pro-rata Share | Interest | Maturity | Extension | |||||||||||||
Property | December 31, 2016 | Percent | Amount | Rate | Date | Options | |||||||||||
CORE PORTFOLIO | |||||||||||||||||
Fixed-Rate Debt | |||||||||||||||||
Brandywine 2 | $ | 26,250 | 22.2% | $ | 5,833 | 5.99% | 7/1/2016 | None | |||||||||
Merrillville Plaza | 24,779 | 100.0% | 24,779 | 5.88% | 8/1/2017 | None | |||||||||||
Bedford Green | 28,697 | 100.0% | 28,697 | 5.10% | 9/5/2017 | None | |||||||||||
163 Highland Avenue | 9,359 | 100.0% | 9,359 | 4.66% | 2/1/2024 | None | |||||||||||
Crossroads Shopping Center | 67,500 | 49.0% | 33,075 | 3.94% | 10/6/2024 | None | |||||||||||
555 9th Street | 60,000 | 100.0% | 60,000 | 3.99% | 1/1/2025 | None | |||||||||||
840 N. Michigan | 73,500 | 88.4% | 64,996 | 4.36% | 2/10/2025 | None | |||||||||||
Georgetown Portfolio (2008 Investment) | 17,246 | 50.0% | 8,623 | 4.72% | 12/10/2027 | None | |||||||||||
State & Washington | 25,485 | 100.0% | 25,485 | 4.40% | 9/5/2028 | None | |||||||||||
239 Greenwich Avenue | 27,000 | 75.0% | 20,250 | 3.88% | 1/10/2029 | None | |||||||||||
North & Kingsbury | 13,292 | 100.0% | 13,292 | 4.01% | 11/5/2029 | None | |||||||||||
151 North State Street | 14,464 | 100.0% | 14,464 | 4.03% | 12/1/2029 | None | |||||||||||
Concord & Milwaukee | 2,874 | 100.0% | 2,874 | 4.40% | 6/1/2030 | None | |||||||||||
California & Armitage | 2,675 | 100.0% | 2,675 | 5.89% | 4/15/2035 | None | |||||||||||
Unsecured interest rate swaps 1 | 248,806 | 100.0% | 248,806 | 3.74% | Various | ||||||||||||
Secured interest rate swaps 1 | 103,183 | 89.5% | 92,353 | 3.03% | Various | ||||||||||||
Sub-Total Fixed-Rate Debt | 745,110 | 655,561 | 3.97% | ||||||||||||||
Secured Variable-Rate Debt | |||||||||||||||||
664 N. Michigan | 41,846 | 100.0% | 41,846 | Libor + 165 | 6/28/2018 | 1 x 60 mos. | |||||||||||
4401 N. White Plains Road | 5,884 | 100.0% | 5,884 | Libor + 190 | 9/1/2022 | None | |||||||||||
28 Jericho Turnpike | 14,869 | 100.0% | 14,869 | Libor + 190 | 1/23/2023 | None | |||||||||||
60 Orange Street | 7,769 | 98.0% | 7,614 | Libor + 175 | 4/3/2023 | None | |||||||||||
Gotham Plaza | 20,931 | 49.0% | 10,256 | Libor + 160 | 6/10/2023 | None | |||||||||||
Georgetown Portfolio (2016 Investment) | 160,000 | 20.0% | 32,000 | Libor + 170 | 8/1/2023 | None | |||||||||||
330-340 River Street | 11,884 | 100.0% | 11,884 | Libor + 170 | 6/1/2026 | None | |||||||||||
Secured interest rate swaps 1 | (103,183 | ) | 89.5% | (92,353 | ) | Libor + 143 | |||||||||||
Unsecured Variable-Rate Debt | |||||||||||||||||
Unsecured Line of Credit 3 | — | 100.0% | — | Libor + 140 | 6/27/2020 | 2 x 6 mos. | |||||||||||
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 | 150,000 | 100.0% | 150,000 | Libor + 130 | 6/27/2021 | None | |||||||||||
Unsecured Term Loan | 50,000 | 100.0% | 50,000 | Libor + 160 | 12/18/2022 | None | |||||||||||
Unsecured interest rate swaps 1 | (248,806 | ) | 100.0% | (248,806 | ) | Libor + 143 | |||||||||||
Sub-Total Variable-Rate Debt | 211,194 | 83,194 | Libor + 157 | ||||||||||||||
Total Debt - Core Portfolio | $ | 956,304 | $ | 738,755 | 3.77 | % | |||||||||||
Portfolio Debt - Detail (continued) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Principal Balance at | Acadia's Pro-rata Share | Interest | Maturity | Extension | |||||||||||||
Property | Entity | December 31, 2016 | Percent | Amount | Rate | Date | Options | ||||||||||
Funds | |||||||||||||||||
Fixed-Rate Debt | |||||||||||||||||
216th Street 4 | Fund II | $ | 25,500 | 28.1 | % | $ | 7,159 | 5.80 | % | 10/1/2017 | None | ||||||
CityPoint 4 | Fund II | 19,000 | 25.4 | % | 4,824 | 1.25 | % | 12/23/2017 | None | ||||||||
CityPoint 4,5 | Fund II | 5,262 | 26.7 | % | 1,403 | 1.00 | % | 8/23/2019 | None | ||||||||
CityPoint 4 | Fund II | 200,000 | 26.7 | % | 53,341 | 4.75 | % | 5/29/2020 | None | ||||||||
1964 Union Street 4 | Fund IV | 1,463 | 20.8 | % | 304 | 3.80 | % | 10/1/2025 | None | ||||||||
2207 Fillmore Street 4 | Fund IV | 1,120 | 20.8 | % | 233 | 4.50 | % | 10/31/2025 | None | ||||||||
2208-2216 Fillmore Street 4 | Fund IV | 5,606 | 20.8 | % | 1,166 | 3.40 | % | 6/1/2026 | None | ||||||||
1861 Union Street 4 | Fund IV | 2,315 | 20.8 | % | 482 | 3.40 | % | 6/1/2026 | None | ||||||||
Interest rate swaps 1 | Funds II & IV | 34,288 | 25.2 | % | 8,629 | 3.41 | % | Various | |||||||||
Sub-Total Fixed-Rate Debt | 294,554 | 77,541 | 4.38 | % | |||||||||||||
Variable-Rate Debt | |||||||||||||||||
1701 Belmont Avenue 4,8 | Fund IV | 2,936 | 22.8 | % | 669 | Prime + 50 | 1/31/2017 | None | |||||||||
Acadia Strategic Opportunity IV LLC | Fund IV | 40,116 | 23.1 | % | 9,275 | Libor + 275 | 2/9/2017 | 1 x 6 mos. | |||||||||
654 Broadway | Fund III | 8,615 | 39.6 | % | 3,414 | Libor + 188 | 3/1/2017 | 2 x 12 mos. | |||||||||
Arundel Plaza 4 | Fund III | 10,000 | 35.7 | % | 3,567 | Libor + 200 | 4/8/2017 | 1 x 12 mos. | |||||||||
New Hyde Park Shopping Center | Fund III | 10,760 | 39.6 | % | 4,264 | Libor + 185 | 5/1/2017 | 2 x 12 mos. | |||||||||
938 W. North Avenue | Fund IV | 12,500 | 23.1 | % | 2,890 | Libor + 235 | 5/1/2017 | 1 x 12 mos. | |||||||||
Acadia Strategic Opportunity IV LLC | Fund IV | 94,520 | 23.1 | % | 21,853 | Libor + 165 | 5/18/2017 | None | |||||||||
1151 Third Avenue | Fund IV | 12,481 | 23.1 | % | 2,886 | Libor + 175 | 6/3/2017 | 2 x 12 mos. | |||||||||
CityPoint 4 | Fund II | 20,000 | 26.7 | % | 5,334 | Libor + 170 | 8/23/2017 | None | |||||||||
210 Bowery | Fund IV | 5,133 | 23.1 | % | 1,187 | Libor + 275 | 10/15/2017 | 1 x 12 mos. | |||||||||
Promenade at Manassas 4 | Fund IV | 25,000 | 22.8 | % | 5,696 | Libor + 170 | 11/19/2017 | 1 x 12 mos. | |||||||||
2819 Kennedy Boulevard 4 | Fund IV | 8,430 | 22.8 | % | 1,921 | Libor + 215 | 12/9/2017 | 2 x 12 mos. | |||||||||
Eden Square 4 | Fund IV | 16,000 | 22.8 | % | 3,646 | Libor + 200 | 12/17/2017 | 1 x 12 mos. | |||||||||
CityPoint 4 | Fund II | 62,000 | 25.4 | % | 15,742 | Sifma + 160 | 12/23/2017 | None | |||||||||
230/240 W. Broughton | Fund IV | 10,041 | 11.6 | % | 1,161 | Libor + 300 | 5/1/2018 | None | |||||||||
Nostrand Avenue | Fund III | 11,137 | 39.6 | % | 4,414 | Libor + 265 | 5/1/2018 | 2 x 12 mos. | |||||||||
Sherman Plaza | Fund II | 14,250 | 28.1 | % | 4,001 | Libor + 325 | 7/1/2018 | 1 x 12 mos. | |||||||||
Paramus Plaza 4 | Fund IV | 14,099 | 11.6 | % | 1,630 | Libor + 170 | 2/20/2019 | None | |||||||||
Lake Montclair | Fund IV | 14,509 | 23.1 | % | 3,354 | Libor + 215 | 5/1/2019 | None | |||||||||
146 Geary Street | Fund IV | 27,700 | 23.1 | % | 6,404 | Libor + 340 | 7/14/2019 | 2 x 12 mos. | |||||||||
Broughton Street Portfolio | Fund IV | 30,000 | 23.1 | % | 6,936 | Libor + 300 | 11/8/2019 | 1 x 12 mos. | |||||||||
161st Street 4 | Fund II | 46,500 | 28.1 | % | 13,055 | Libor + 250 | 12/2/2019 | 2 x 12 mos. | |||||||||
717 N. Michigan Avenue | Fund IV | 63,900 | 23.1 | % | 14,774 | Libor + 395 | 12/9/2019 | 2 x 12 mos. | |||||||||
640 Broadway 4 | Fund III | 48,470 | 25.0 | % | 12,125 | Libor + 465 | 1/9/2020 | 2 x 12 mos. | |||||||||
17 E. 71st Street | Fund IV | 19,000 | 23.1 | % | 4,393 | Libor + 190 | 6/9/2020 | None | |||||||||
1035 Third Avenue | Fund IV | 41,826 | 23.1 | % | 9,670 | Libor + 235 | 1/27/2021 | None | |||||||||
Restaurants at Fort Point | Fund IV | 6,500 | 23.1 | % | 1,503 | Libor + 235 | 8/25/2021 | None | |||||||||
CityPoint 4 | Fund II | 19,780 | 26.7 | % | 5,275 | Libor + 139 | 11/1/2021 | None | |||||||||
3104 M Street 4,6 | Fund III | 4,480 | 31.7 | % | 1,420 | Prime + 50 | 12/10/2021 | None | |||||||||
Interest rate swaps 1 | Funds II & IV | (34,288 | ) | 25.2 | % | (8,629 | ) | Libor + 247 | |||||||||
Sub-Total Variable-Rate Debt | 666,395 | 163,830 | Libor + 246 | ||||||||||||||
Total Debt - Funds | $ | 960,949 | $ | 241,371 | 3.50% | ||||||||||||
Total Debt - Core Portfolio and Funds | $ | 1,917,253 | $ | 980,126 | 3.71% | ||||||||||||
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 loan is in default as of December 31, 2016 and is accruing interest at the default rate of 11%. | |||||||||||||||||
3 This is an unsecured revolving facility which has a current capacity up to $150,000 and can be increased to $300,000. | |||||||||||||||||
The interest rate will vary based on levels of leverage. As of December 31, 2016, the interest rate is LIBOR + 140 basis points. | |||||||||||||||||
4 Acadia's interest in this Fund debt is also reflected net of other JV interests at the investment level. | |||||||||||||||||
5 This loan was made in connection with the New Markets Tax Credit and contains a borrower option to purchase the loan for $1 at the end of the term. | |||||||||||||||||
6 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 Pro-rata Maturing Debt | |||||||||||||||||||||||||||||||
Scheduled | Scheduled | ||||||||||||||||||||||||||||||||
Year | Amortization | Maturities | Total | Amortization | Maturities | Total | Total Debt | Fixed-Rate Debt | Variable-Rate Debt | ||||||||||||||||||||||||
2017 | $ | 5,540 | $ | 79,173 | $ | 84,713 | $ | 4,963 | $ | 58,756 | $ | 63,719 | 5.51 | % | 5.51 | % | n/a | ||||||||||||||||
2018 | 5,258 | 40,058 | 45,316 | 4,214 | 40,058 | 44,272 | 2.27 | % | n/a | 2.27% | |||||||||||||||||||||||
2019 | 5,349 | — | 5,349 | 4,153 | — | 4,153 | n/a | n/a | n/a | ||||||||||||||||||||||||
2020 | 5,592 | 50,000 | 55,592 | 4,344 | 50,000 | 54,344 | 1.92 | % | n/a | 1.92 | % | ||||||||||||||||||||||
2021 | 5,838 | 200,000 | 205,838 | 4,533 | 200,000 | 204,533 | 1.92 | % | n/a | 1.92 | % | ||||||||||||||||||||||
Thereafter | 29,490 | 530,006 | 559,496 | 24,615 | 343,119 | 367,734 | 3.50 | % | 4.17 | % | 2.31 | % | |||||||||||||||||||||
Total | $ | 57,067 | $ | 899,237 | $ | 956,304 | $ | 46,822 | $ | 691,933 | $ | 738,755 | |||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||||||
Total Debt Maturities | Acadia's Pro-rata Share | Weighted Average Interest Rate of Pro-rata Maturing Debt | |||||||||||||||||||||||||||||||
Scheduled | Scheduled | ||||||||||||||||||||||||||||||||
Year | Amortization | Maturities | Total | Amortization | Maturities | Total | Total Debt | Fixed-Rate Debt | Variable-Rate Debt | ||||||||||||||||||||||||
2017 | $ | 4,154 | $ | 370,614 | $ | 374,768 | $ | 1,067 | $ | 93,749 | $ | 94,816 | 2.64 | % | 3.66 | % | 2.44 | % | |||||||||||||||
2018 | 1,613 | 34,908 | 36,521 | 363 | 9,369 | 9,732 | 3.57 | % | n/a | 3.57 | % | ||||||||||||||||||||||
2019 | 2,008 | 200,067 | 202,075 | 382 | 47,239 | 47,621 | 3.66 | % | 1.00% | 3.74 | % | ||||||||||||||||||||||
2020 | 1,036 | 267,137 | 268,173 | 249 | 69,782 | 70,031 | 4.70 | % | 4.75 | % | 4.55 | % | |||||||||||||||||||||
2021 | 290 | 50,105 | 50,395 | 77 | 11,971 | 12,048 | 3.10 | % | n/a | 3.10 | % | ||||||||||||||||||||||
Thereafter | 879 | 28,138 | 29,017 | 234 | 6,889 | 7,123 | 2.51 | % | 3.57 | % | 2.01 | % | |||||||||||||||||||||
Total | $ | 9,980 | $ | 950,969 | $ | 960,949 | $ | 2,372 | $ | 238,999 | $ | 241,371 | |||||||||||||||||||||
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 | % | $ | 4,497,482 | $ | 247.92 | |||||||||||||
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 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 6,633,831 | 159.72 | |||||||||||||||
651-671 West Diversey | Trader Joe's, Urban Outfitters | 2011 | 100.0 | % | 46,259 | — | — | 46,259 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,995,310 | 43.13 | |||||||||||||||
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 | % | 1,281,730 | 57.00 | |||||||||||||||
Halsted and Armitage Collection - 9 properties | Intermix, BCBG, Club Monaco | 2011/12 | 100.0 | % | 44,658 | — | — | 44,658 | 95.2 | % | — | — | 95.2 | % | 95.2 | % | 1,879,494 | 44.21 | |||||||||||||||
North Lincoln Park Chicago Collection - 6 properties | Forever 21, Aldo, Carhartt, Chase Bank | 2011/14 | 100.0 | % | 22,125 | — | 28,836 | 50,961 | 100.0 | % | — | 68.3 | % | 82.1 | % | 82.1 | % | 1,697,089 | 40.57 | ||||||||||||||
State and Washington | H & M, Nordstrom Rack | 2016 | 100.0 | % | 78,819 | — | — | 78,819 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 2,969,482 | 37.67 | |||||||||||||||
151 N. State Street | Walgreens | 2016 | 100.0 | % | 27,385 | — | — | 27,385 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,300,000 | 47.47 | |||||||||||||||
North and Kingsbury | Old Navy, Pier 1 Imports | 2016 | 100.0 | % | 41,700 | — | — | 41,700 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,576,809 | 37.81 | |||||||||||||||
Concord and Milwaukee | — | 2016 | 100.0 | % | 13,105 | — | — | 13,105 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 393,276 | 30.01 | |||||||||||||||
California and Armitage | — | 2016 | 100.0 | % | — | — | 18,275 | 18,275 | — | — | 75.1 | % | 75.1 | % | 75.1 | % | 626,417 | 45.66 | |||||||||||||||
Roosevelt Galleria | Petco, Vitamin Shoppe | 2015 | 100.0 | % | — | — | 37,995 | 37,995 | — | — | 63.4 | % | 63.4 | % | 63.4 | % | 701,982 | 29.15 | |||||||||||||||
Sullivan Center | Target, DSW | 2016 | 100.0 | % | 176,181 | — | — | 176,181 | 98.6 | % | — | — | 98.6 | % | 98.6 | % | 6,367,775 | 36.65 | |||||||||||||||
620,572 | — | 85,106 | 705,678 | 99.1 | % | — | 67.6 | % | 95.3 | % | 95.3 | % | 39,531,072 | 58.79 | |||||||||||||||||||
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 | % | 2,275,971 | 775.19 | |||||||||||||||
15 Mercer Street | 3 X 1 Denim | 2011 | 100.0 | % | 3,375 | — | — | 3,375 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 431,250 | 127.78 | |||||||||||||||
5-7 East 17th Street | Union Fare | 2008 | 100.0 | % | 11,467 | — | — | 11,467 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,300,014 | 113.37 | |||||||||||||||
200 West 54th Street | Stage Coach Tavern | 2007 | 100.0 | % | 5,773 | — | — | 5,773 | 86.3 | % | — | — | 86.3 | % | 86.3 | % | 2,156,703 | 433.14 | |||||||||||||||
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 | % | — | — | 14,590 | 14,590 | — | — | 100.0 | % | 100.0 | % | 100.0 | % | 478,227 | 32.78 | |||||||||||||||
239 Greenwich Avenue | Betteridge Jewelers | 1998 | 75.0 | % | 16,553 | — | — | 16,553 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,513,516 | 91.43 |
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 | |||||||||||||||
2914 Third Avenue | Planet Fitness | 2006 | 100.0 | % | — | 21,650 | 18,670 | 40,320 | — | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 951,287 | 23.59 | ||||||||||||||
868 Broadway | Dr. Martens | 2013 | 100.0 | % | 2,031 | — | — | 2,031 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 723,607 | 356.28 | |||||||||||||||
313-315 Bowery 2 | John Varvatos, Patagonia | 2013 | 100.0 | % | 6,600 | — | — | 6,600 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 479,160 | 72.60 | |||||||||||||||
120 West Broadway | HSBC Bank, Citibank | 2013 | 100.0 | % | 13,838 | — | — | 13,838 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 2,133,910 | 154.21 | |||||||||||||||
131-135 Prince Street | Folli Follie, Uno De 50 | 2014 | 100.0 | % | 3,200 | — | — | 3,200 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,307,412 | 408.57 | |||||||||||||||
2520 Flatbush Avenue | Bob's Discount Furniture, Capital One | 2014 | 100.0 | % | — | — | 29,114 | 29,114 | — | — | 100.0 | % | 100.0 | % | 100.0 | % | 1,059,282 | 36.38 | |||||||||||||||
991 Madison Avenue | Vera Wang, Perrin Paris | 2016 | 100.0 | % | 7,513 | — | — | 7,513 | 65.6 | % | — | — | 65.6 | % | 65.6 | % | 1,508,050 | 306.08 | |||||||||||||||
Shops at Grand | Stop & Shop (Ahold) | 2014 | 100.0 | % | — | 52,336 | 47,639 | 99,975 | — | 100.0 | % | 93.7 | % | 97.0 | % | 97.0 | % | 2,965,970 | 30.59 | ||||||||||||||
Gotham Plaza | Bank of America, Children's Place | 2016 | 49.0 | % | — | — | 26,180 | 26,180 | — | — | 91.6 | % | 91.6 | % | 91.6 | % | 1,471,167 | 61.35 | |||||||||||||||
99,022 | 86,950 | 136,193 | 322,165 | 96.6 | % | 100.0 | % | 96.2 | % | 97.3 | % | 97.3 | % | 24,593,154 | 78.43 | ||||||||||||||||||
San Francisco Metro | |||||||||||||||||||||||||||||||||
City Center | City Target, Best Buy | 2015 | 100.0 | % | — | 174,311 | 30,337 | 204,648 | — | 100.0 | % | 82.9 | % | 97.5 | % | 98.1 | % | 7,657,875 | 38.39 | ||||||||||||||
555 9th Street | Bed, Bath & Beyond, Nordstrom Rack | 2016 | 100.0 | % | — | 119,862 | 28,970 | 148,832 | — | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 6,013,669 | 40.41 | ||||||||||||||
— | 294,173 | 59,307 | 353,480 | — | 100.0 | % | 91.3 | % | 98.5 | % | 98.9 | % | 13,671,544 | 39.25 | |||||||||||||||||||
District of Columbia Metro | |||||||||||||||||||||||||||||||||
1739-53 & 1801-03 Connecticut Avenue | Ruth Chris Steakhouse, TD Bank | 2012 | 100.0 | % | 20,669 | — | — | 20,669 | 91.9 | % | — | — | 91.9 | % | 100.0 | % | 1,125,162 | 59.26 | |||||||||||||||
Rhode Island Place Shopping Center | TJ Maxx | 2012 | 100.0 | % | — | 24,996 | 32,533 | 57,529 | — | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1,735,379 | 30.17 | ||||||||||||||
M Street and Wisconsin Corridor - 24 Properties 3 | Lululemon, North Face, Coach | 2011/16 | 25.4 | % | 242,582 | — | — | 242,582 | 93.0 | % | — | — | 93.0 | % | 93.0 | % | 17,076,374 | 75.71 | |||||||||||||||
263,251 | 24,996 | 32,533 | 320,780 | 92.9 | % | 100.0 | % | 100.0 | % | 94.2 | % | 94.7 | % | 19,936,915 | 66.00 | ||||||||||||||||||
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 | % | 1,200,045 | 22.13 | ||||||||||||||
165 Newbury Street | Starbucks | 2016 | 100.0 | % | 1,050 | — | — | 1,050 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 254,153 | 242.05 | |||||||||||||||
1,050 | 40,800 | 13,426 | 55,276 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1,454,198 | 26.31 | ||||||||||||||||||
Total Street and Urban Retail | 983,895 | 446,919 | 326,565 | 1,757,379 | 97.2 | % | 100.0 | % | 88.4 | % | 96.3 | % | 96.4 | % | $ | 99,186,883 | $ | 58.63 | |||||||||||||||
Acadia Share Total Street and Urban Retail | 788,572 | 446,919 | 313,213 | 1,548,704 | 98.2 | % | 100.0 | % | 88.2 | % | 96.7 | % | 96.9 | % | $ | 84,736,303 | $ | 56.58 | |||||||||||||||
Notes: | |||||||||||||||||||||||||||||||||
1 The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy", but for which rent payment has not yet commenced. Residential and office GLA is excluded. | |||||||||||||||||||||||||||||||||
613-623 West Diversey Parkway is not yet stabilized assets and is not reflected above. | |||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
3 Excludes 94,000 of office GLA. | |||||||||||||||||||||||||||||||||
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 | % | $ | 3,870,422 | $ | 26.69 | ||||||||||||
Marketplace of Absecon | Rite Aid, Dollar Tree | 1998 | 100.0 | % | — | 46,724 | 57,832 | 104,556 | — | 100.0 | % | 85.9 | % | 92.2 | % | 92.2 | % | 1,385,256 | 14.37 | ||||||||||||||
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 | % | — | — | 87,128 | 87,128 | — | — | 98.1 | % | 98.1 | % | 98.1 | % | 2,816,751 | 32.96 | |||||||||||||||
Branch Plaza | LA Fitness, The Fresh Market | 1998 | 100.0 | % | — | 76,264 | 47,075 | 123,339 | — | 100.0 | % | 75.3 | % | 90.6 | % | 90.6 | % | 2,837,192 | 25.40 | ||||||||||||||
Amboy Center | Stop & Shop (Ahold) | 2005 | 100.0 | % | — | 37,266 | 26,024 | 63,290 | — | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 2,059,483 | 32.54 | ||||||||||||||
Pacesetter Park Shopping Center | Stop & Shop (Ahold) | 1999 | 100.0 | % | — | 52,052 | 45,754 | 97,806 | — | 100.0 | % | 95.4 | % | 97.9 | % | 100.0 | % | 1,270,976 | 13.28 | ||||||||||||||
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, DSW | 1998 | 49.0 | % | — | 202,727 | 108,812 | 311,539 | — | 100.0 | % | 77.4 | % | 92.1 | % | 92.1 | % | 6,685,878 | 23.30 | ||||||||||||||
New Loudon Center | Price Chopper, Marshalls | 1993 | 100.0 | % | — | 251,058 | 4,615 | 255,673 | — | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 2,140,344 | 8.37 | ||||||||||||||
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, CVS | 2014 | 100.0 | % | — | 37,981 | 52,608 | 90,589 | — | 100.0 | % | 68.7 | % | 81.8 | % | 81.8 | % | 2,370,392 | 31.99 | ||||||||||||||
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 | % | 1,753,152 | 16.49 | ||||||||||||||
Massachusetts | |||||||||||||||||||||||||||||||||
Methuen Shopping Center | Wal-Mart, Market Basket | 1998 | 100.0 | % | — | 120,004 | 10,017 | 130,021 | — | 100.0 | % | 43.7 | % | 95.7 | % | 95.7 | % | 1,186,018 | 9.54 | ||||||||||||||
Crescent Plaza | Home Depot, Shaw's (Supervalu) | 1993 | 100.0 | % | — | 156,985 | 61,163 | 218,148 | — | 100.0 | % | 85.7 | % | 96.0 | % | 96.0 | % | 1,880,513 | 8.98 | ||||||||||||||
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 | % | 2,046,885 | 20.14 | ||||||||||||||
Illinois | |||||||||||||||||||||||||||||||||
Hobson West Plaza | Garden Fresh Markets | 1998 | 100.0 | % | — | 51,692 | 47,445 | 99,137 | — | 100.0 | % | 90.0 | % | 95.2 | % | 95.2 | % | 1,146,315 | 12.15 | ||||||||||||||
Indiana |
Merrillville Plaza | Jo-Ann Fabrics, TJ Maxx | 1998 | 100.0 | % | — | 123,220 | 112,867 | 236,087 | — | 100.0 | % | 93.4 | % | 96.8 | % | 96.8 | % | 3,301,079 | 14.44 | ||||||||||||||
Michigan | |||||||||||||||||||||||||||||||||
Bloomfield Town Square | Best Buy, Home Goods, | 1998 | 100.0 | % | — | 153,839 | 81,947 | 235,786 | — | 100.0 | % | 83.9 | % | 94.4 | % | 94.4 | % | 3,320,083 | 14.91 | ||||||||||||||
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 | % | 12,480,721 | 16.25 | ||||||||||||||
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 | % | 97.8 | % | 98.7 | % | 100.0 | % | 2,962,290 | 29.41 | ||||||||||||||
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 | % | 244,279 | 2.29 | ||||||||||||||
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 | % | 86.2 | % | 97.7 | % | 100.0 | % | 1,255,941 | 7.32 | ||||||||||||||
Chestnut Hill | — | 2006 | 100.0 | % | — | — | 37,646 | 37,646 | — | — | 100.0 | % | 100.0 | % | 100.0 | % | 930,489 | 24.72 | |||||||||||||||
Abington Towne Center 3 | Target, TJ Maxx | 1998 | 100.0 | % | — | 184,616 | 31,662 | 216,278 | — | 100.0 | % | 70.4 | % | 95.7 | % | 95.7 | % | 1,054,026 | 21.38 | ||||||||||||||
Total Suburban Properties | — | 3,375,703 | 1,210,884 | 4,586,587 | — | 98.6 | % | 86.6 | % | 95.5 | % | 95.6 | % | $ | 67,487,986 | $ | 16.37 | ||||||||||||||||
Acadia Share Total Suburban Properties | — | 2,633,530 | 1,071,539 | 3,705,069 | — | 98.1 | % | 86.9 | % | 95.9 | % | 96.1 | % | $ | 52,052,714 | $ | 15.78 | ||||||||||||||||
TOTAL CORE PROPERTIES | 983,895 | 3,822,622 | 1,537,449 | 6,343,966 | 97.2 | % | 98.8 | % | 87.0 | % | 95.7 | % | 95.8 | % | $ | 166,674,869 | $ | 28.66 | |||||||||||||||
Acadia Share Total Core Properties | 788,572 | 3,081,499 | 1,385,802 | 5,253,773 | 98.2 | % | 99.6 | % | 87.1 | % | 96.2 | % | 96.3 | % | $ | 136,789,017 | $ | 28.52 | |||||||||||||||
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 | ||||||
Target | 3 | 302,586 | $ | 6,979,025 | 5.8 | % | 5.1 | % | |||
H & M | 2 | 80,386 | 5,309,815 | 1.5 | % | 3.9 | % | ||||
Royal Ahold 2 | 4 | 207,513 | 3,639,387 | 3.9 | % | 2.7 | % | ||||
Best Buy | 2 | 86,686 | 3,594,913 | 1.6 | % | 2.6 | % | ||||
Walgreens | 5 | 78,254 | 3,468,966 | 1.5 | % | 2.5 | % | ||||
Nordstrom Rack | 2 | 84,057 | 3,339,492 | 1.6 | % | 2.4 | % | ||||
Albertsons Companies 3 | 3 | 171,182 | 3,154,331 | 3.3 | % | 2.3 | % | ||||
Ascena Retail Group 4 | 5 | 23,233 | 2,502,539 | 0.4 | % | 1.8 | % | ||||
Bed, Bath, and Beyond5 | 3 | 95,448 | 2,387,812 | 1.8 | % | 1.7 | % | ||||
Verizon | 2 | 31,371 | 2,384,931 | 0.6 | % | 1.7 | % | ||||
LA Fitness | 2 | 100,000 | 2,336,500 | 1.9 | % | 1.7 | % | ||||
TJX Companies 6 | 8 | 209,198 | 2,049,901 | 4.0 | % | 1.5 | % | ||||
Trader Joes | 3 | 32,351 | 1,935,311 | 0.6 | % | 1.4 | % | ||||
Home Depot | 3 | 312,718 | 1,893,791 | 6.0 | % | 1.4 | % | ||||
Lululemon | 2 | 5,349 | 1,551,835 | 0.1 | % | 1.1 | % | ||||
Gap | 3 | 28,643 | 1,467,852 | 0.5 | % | 1.1 | % | ||||
Kate Spade | 2 | 4,250 | 1,420,557 | 0.1 | % | 1.0 | % | ||||
Ulta Salon Cosmetic & Fragrance | 3 | 31,497 | 1,395,401 | 0.6 | % | 1.0 | % | ||||
JP Morgan Chase | 7 | 28,715 | 1,382,832 | 0.5 | % | 1.0 | % | ||||
DSW | 2 | 35,842 | 1,287,260 | 0.7 | % | 0.9 | % | ||||
TOTAL | 66 | 1,949,279 | $ | 53,482,451 | 37.0 | % | 38.8 | % | |||
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 Bed Bath and Beyond (2), Christmas Tree Shops (1) | |||||||||||
6 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 | 1 | 4,224 | 0.4 | % | 112.39 | 0.7 | % | — | — | — | $ | — | — | 9 | 27,410 | 2.0 | % | $ | 16.38 | 1.1 | % | 10 | 31,634 | 0.5 | % | $ | 29.20 | 0.6 | % | |||||||||||||||
2017 | 14 | 50,146 | 5.2 | % | 96.02 | 6.6 | % | 7 | 321,386 | 9.1 | % | 11.53 | 6.9 | % | 51 | 202,136 | 15.1 | % | 31.46 | 15.9 | % | 72 | 573,668 | 9.9 | % | 25.94 | 8.9 | % | ||||||||||||||||
2018 | 8 | 63,514 | 6.6 | % | 59.42 | 5.2 | % | 8 | 472,193 | 13.4 | % | 18.12 | 16.0 | % | 60 | 187,118 | 14.0 | % | 30.85 | 14.4 | % | 76 | 722,825 | 12.4 | % | 25.04 | 10.9 | % | ||||||||||||||||
2019 | 12 | 67,669 | 7.1 | % | 77.14 | 7.1 | % | 9 | 334,577 | 9.5 | % | 8.87 | 5.5 | % | 33 | 103,514 | 7.7 | % | 24.75 | 6.4 | % | 54 | 505,760 | 8.7 | % | 21.25 | 6.4 | % | ||||||||||||||||
2020 | 14 | 47,751 | 5.0 | % | 98.46 | 6.4 | % | 9 | 488,606 | 13.9 | % | 12.49 | 11.4 | % | 28 | 88,311 | 6.6 | % | 25.19 | 5.6 | % | 51 | 624,668 | 10.7 | % | 20.86 | 7.8 | % | ||||||||||||||||
2021 | 23 | 131,030 | 13.7 | % | 57.20 | 10.3 | % | 14 | 599,685 | 17.0 | % | 14.43 | 16.2 | % | 44 | 187,786 | 14.0 | % | 24.61 | 11.5 | % | 81 | 918,501 | 15.8 | % | 22.62 | 12.5 | % | ||||||||||||||||
2022 | 10 | 59,937 | 6.3 | % | 82.03 | 6.7 | % | 2 | 69,837 | 2.0 | % | 26.15 | 3.4 | % | 22 | 91,844 | 6.9 | % | 29.23 | 6.7 | % | 34 | 221,618 | 3.8 | % | 42.54 | 5.7 | % | ||||||||||||||||
2023 | 10 | 111,830 | 11.7 | % | 81.19 | 12.4 | % | 5 | 205,067 | 5.8 | % | 17.92 | 6.9 | % | 14 | 80,049 | 6.0 | % | 29.34 | 5.9 | % | 29 | 396,946 | 6.8 | % | 38.05 | 9.1 | % | ||||||||||||||||
2024 | 14 | 95,778 | 10.0 | % | 79.77 | 10.5 | % | 7 | 330,390 | 9.4 | % | 20.41 | 12.6 | % | 22 | 107,453 | 8.0 | % | 29.17 | 7.8 | % | 43 | 533,621 | 9.2 | % | 32.83 | 10.5 | % | ||||||||||||||||
2025 | 11 | 44,800 | 4.7 | % | 101.72 | 6.2 | % | 6 | 178,571 | 5.1 | % | 18.57 | 6.2 | % | 25 | 82,693 | 6.2 | % | 40.24 | 8.3 | % | 42 | 306,064 | 5.3 | % | 36.60 | 6.7 | % | ||||||||||||||||
2026 | 12 | 46,392 | 4.9 | % | 78.82 | 5.0 | % | 2 | 32,570 | 0.9 | % | 17.71 | 1.1 | % | 12 | 57,223 | 4.3 | % | 32.23 | 4.6 | % | 26 | 136,185 | 2.3 | % | 44.63 | 3.6 | % | ||||||||||||||||
Thereafter | 16 | 233,131 | 24.4 | % | 71.62 | 22.9 | % | 9 | 487,972 | 13.9 | % | 15.29 | 13.8 | % | 13 | 121,994 | 9.2 | % | 38.79 | 11.8 | % | 38 | 843,097 | 14.6 | % | 34.27 | 17.3 | % | ||||||||||||||||
Total | 145 | 956,202 | 100.0 | % | $ | 76.37 | 100.0 | % | 78 | 3,520,854 | 100.0 | % | $ | 15.22 | 100.0 | % | 333 | 1,337,531 | 100.0 | % | $ | 29.95 | 100.0 | % | 556 | 5,814,587 | 100.0 | % | $ | 28.66 | 100.0 | % | ||||||||||||
254,916 | Anchor GLA Owned by Tenants | 254,916 | Anchor GLA Owned by Tenants | |||||||||||||||||||||||||||||||||||||||||
27,693 | Total Vacant | 46,852 | Total Vacant | 199,918 | Total Vacant | 274,463 | Total Vacant | |||||||||||||||||||||||||||||||||||||
983,895 | Total Square Feet | 3,822,622 | Total Square Feet | 1,537,449 | Total Square Feet | 6,343,966 | Total Square Feet | |||||||||||||||||||||||||||||||||||||
Note: | ||||||||||||||||||||||||||||||||||||||||||||
1 Leases currently under month to month or in process of renewal |
Core Portfolio - New and Renewal Rent Spreads 1 | ||||||||||||||||||||||||||||||||||||||||
Period ended | 3 months ended | 3 months ended | 3 months ended | 3 months ended | ||||||||||||||||||||||||||||||||||||
December 31, 2016 | December 31, 2016 | September 30, 2016 | June 30, 2016 | March 31, 2016 | ||||||||||||||||||||||||||||||||||||
GAAP 3 | Cash 2 | GAAP3 | Cash2 | GAAP 3 | Cash 2 | GAAP 3 | Cash 2 | GAAP 3 | Cash 2 | |||||||||||||||||||||||||||||||
New leases | ||||||||||||||||||||||||||||||||||||||||
Number of new leases executed | 18 | 3 | 4 | 8 | 3 | |||||||||||||||||||||||||||||||||||
GLA | 73,453 | 6,393 | 14,444 | 36,678 | 15,938 | |||||||||||||||||||||||||||||||||||
New base rent | $ | 37.80 | $ | 32.38 | $ | 57.76 | $ | 37.29 | $ | 46.35 | $ | 42.63 | $ | 35.99 | $ | 30.86 | $ | 26.21 | $ | 24.60 | ||||||||||||||||||||
Previous base rent | $ | 29.04 | $ | 29.56 | $ | 27.45 | $ | 28.42 | $ | 37.34 | $ | 37.73 | $ | 27.92 | $ | 28.58 | $ | 24.73 | $ | 24.85 | ||||||||||||||||||||
Average cost per square foot | $53.75 | $25.65 | $46.01 | $55.65 | $67.66 | |||||||||||||||||||||||||||||||||||
Weighted Average Lease Term (years) | 10.8 | 24.78 | 8.1 | 9.4 | 10.7 | |||||||||||||||||||||||||||||||||||
Percentage growth in base rent | 30.2 | % | 9.5 | % | 110.4 | % | 31.2 | % | 24.1 | % | 13.0 | % | 28.9 | % | 8.0 | % | 6.0 | % | (1.0 | )% | ||||||||||||||||||||
Renewal leases | ||||||||||||||||||||||||||||||||||||||||
Number of renewal leases executed | 45 | 14 | 9 | 13 | 9 | |||||||||||||||||||||||||||||||||||
GLA | 317,068 | 84,173 | 48,737 | 157,081 | 27,077 | |||||||||||||||||||||||||||||||||||
New base rent | $ | 21.47 | $ | 21.04 | $ | 28.40 | $ | 27.16 | $ | 26.75 | $ | 26.51 | $ | 14.99 | $ | 14.95 | $ | 28.04 | $ | 27.45 | ||||||||||||||||||||
Expiring base rent | $ | 19.08 | $ | 19.46 | $ | 24.70 | $ | 25.68 | $ | 24.12 | $ | 24.30 | $ | 13.47 | $ | 13.57 | $ | 25.14 | $ | 25.61 | ||||||||||||||||||||
Average cost per square foot | $1.66 | $— | $0.03 | $3.34 | $— | |||||||||||||||||||||||||||||||||||
Weighted Average Lease Term (years) | 4.7 | 3.8 | 4.6 | 4.8 | 6.8 | |||||||||||||||||||||||||||||||||||
Percentage growth in base rent | 12.5 | % | 8.1 | % | 15.0 | % | 5.8 | % | 10.9 | % | 9.1 | % | 11.3 | % | 10.2 | % | 11.5 | % | 7.2 | % | ||||||||||||||||||||
Total new and renewal leases | ||||||||||||||||||||||||||||||||||||||||
Number of new and renewal leases executed | 63 | 17 | 13 | 21 | 12 | |||||||||||||||||||||||||||||||||||
GLA commencing | 390,521 | 90,566 | 63,181 | 193,759 | 43,015 | |||||||||||||||||||||||||||||||||||
New base rent | $ | 24.54 | $ | 23.17 | $ | 30.47 | $ | 27.87 | $ | 31.23 | $ | 30.20 | $ | 18.97 | $ | 17.96 | $ | 27.36 | $ | 26.39 | ||||||||||||||||||||
Expiring base rent | $ | 20.96 | $ | 21.36 | $ | 24.89 | $ | 25.87 | $ | 27.14 | $ | 27.37 | $ | 16.21 | $ | 16.41 | $ | 24.99 | $ | 25.33 | ||||||||||||||||||||
Average cost per square foot | $11.46 | $1.81 | $10.54 | $13.24 | $25.07 | |||||||||||||||||||||||||||||||||||
Weighted Average Lease Term (years) | 5.8 | 5.3 | 5.4 | 5.7 | 8.2 | |||||||||||||||||||||||||||||||||||
Percentage growth in base rent | 17.1 | % | 8.5 | % | 22.4 | % | 7.7 | % | 15.1 | % | 10.3 | % | 17.0 | % | 9.4 | % | 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 | |||||||||||||||||||||||||
Year-to-Date | Current Quarter | Previous Quarter | Historical | ||||||||||||||||||||||
Period ended | 3 months ended | 3 months ended | 3 months ended | 3 months ended | Prior Year ended | ||||||||||||||||||||
December 31, 2016 | December 31, 2016 | September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | ||||||||||||||||||||
Leasing Commissions | $ | 2,252 | $ | 387 | $ | 1,726 | $ | 122 | $ | 17 | $ | 1,566 | |||||||||||||
Tenant Improvements | 9,477 | 2,305 | 3,063 | 1,880 | 2,229 | 6,349 | |||||||||||||||||||
Capital Expenditures | 1,074 | 265 | 414 | 111 | 284 | 3,602 | |||||||||||||||||||
Total Capital Expenditures | $ | 12,803 | $ | 2,957 | $ | 5,203 | $ | 2,113 | $ | 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 | $ | 4,497,482 | 18,141 | 319,498 | 182,250 | $ | 89,076 | $ | 128,490 | |||||||||
840 N. Michigan Avenue | Chicago | IL | 7,610,395 | 87,135 | 326,701 | 187,823 | 90,236 | 130,497 | ||||||||||||
Rush and Walton Streets Collection - 6 properties | Chicago | IL | 6,633,831 | 41,533 | 339,782 | 195,076 | 90,544 | 130,730 | ||||||||||||
613-623 West Diversey Parkway | Chicago | IL | — | 19,265 | 407,348 | 224,378 | 84,845 | 121,766 | ||||||||||||
651-671 West Diversey | Chicago | IL | 1,995,310 | 46,259 | 414,391 | 227,215 | 84,599 | 121,278 | ||||||||||||
Clark Street and W. Diversey Collection - 3 properties | Chicago | IL | 1,281,730 | 23,531 | 412,027 | 226,181 | 84,655 | 121,413 | ||||||||||||
Halsted and Armitage Collection - 9 properties | Chicago | IL | 1,879,494 | 44,658 | 459,787 | 253,670 | 87,884 | 124,716 | ||||||||||||
North Lincoln Park Chicago Collection - 6 properties | Chicago | IL | 1,697,089 | 50,961 | 507,134 | 259,262 | 81,104 | 113,328 | ||||||||||||
Roosevelt Galleria | Chicago | IL | 701,982 | 37,995 | 370,769 | 187,116 | 75,300 | 106,387 | ||||||||||||
Sullivan Center | Chicago | IL | 6,367,775 | 176,181 | 315,044 | 172,337 | 84,774 | 121,354 | ||||||||||||
State and Washington | Chicago | IL | 2,969,482 | 78,819 | 319,013 | 175,137 | 85,283 | 122,332 | ||||||||||||
151 N. State Street | Chicago | IL | 1,300,000 | 27,385 | 316,258 | 174,463 | 86,253 | 123,944 | ||||||||||||
North and Kingsbury | Chicago | IL | 1,576,809 | 41,700 | 444,732 | 243,136 | 88,090 | 124,541 | ||||||||||||
Concord and Milwaukee | Chicago | IL | 393,276 | 13,105 | 556,647 | 264,627 | 78,354 | 108,458 | ||||||||||||
California and Armitage | Chicago | IL | 626,417 | 18,275 | 507,030 | 206,767 | 71,694 | 95,959 | ||||||||||||
83 Spring Street | Manhattan | NY | 686,272 | 3,000 | 1,070,830 | 522,748 | 99,956 | 144,263 | ||||||||||||
152-154 Spring Street | Manhattan | NY | 2,275,971 | 2,936 | 1,041,696 | 511,598 | 100,421 | 144,792 | ||||||||||||
15 Mercer Street | Manhattan | NY | 431,250 | 3,375 | 1,027,480 | 498,697 | 99,341 | 143,350 | ||||||||||||
5-7 East 17th Street | Manhattan | NY | 1,300,014 | 11,467 | 1,164,263 | 590,830 | 105,285 | 156,463 | ||||||||||||
200 West 54th Street | Manhattan | NY | 2,156,703 | 5,773 | 1,318,236 | 670,743 | 102,218 | 156,524 | ||||||||||||
61 Main Street | Westport | CT | 351,560 | 3,400 | 46,241 | 17,504 | 139,926 | 206,309 | ||||||||||||
181 Main Street | Westport | CT | 866,365 | 11,350 | 46,218 | 17,444 | 142,639 | 209,625 | ||||||||||||
4401 White Plains Road | Bronx | NY | 625,000 | 12,964 | 577,219 | 219,174 | 54,321 | 69,394 | ||||||||||||
Bartow Avenue | Bronx | NY | 478,227 | 14,590 | 589,925 | 222,885 | 48,206 | 62,151 | ||||||||||||
239 Greenwich Avenue | Greenwich | CT | 1,513,516 | 16,553 | 68,734 | 25,656 | 130,996 | 201,438 | ||||||||||||
252-256 Greenwich Avenue | Greenwich | CT | 1,308,431 | 7,986 | 69,853 | 25,907 | 129,398 | 198,809 | ||||||||||||
2914 Third Avenue | Bronx | NY | 951,287 | 40,320 | 1,291,756 | 465,763 | 38,768 | 54,670 | ||||||||||||
868 Broadway | Manhattan | NY | 723,607 | 2,031 | 1,164,522 | 591,085 | 105,230 | 156,547 | ||||||||||||
313-315 Bowery | Manhattan | NY | 479,160 | 6,600 | 1,121,832 | 550,430 | 99,893 | 145,438 | ||||||||||||
120 West Broadway | Manhattan | NY | 2,133,910 | 13,838 | 947,607 | 456,018 | 99,453 | 143,703 | ||||||||||||
131-135 Prince Street | Manhattan | NY | 1,307,412 | 3,200 | 1,059,897 | 523,600 | 100,805 | 146,166 | ||||||||||||
2520 Flatbush Avenue | Brooklyn | NY | 1,059,282 | 29,114 | 604,015 | 218,394 | 57,188 | 76,529 | ||||||||||||
Shops at Grand | Queens | NY | 2,965,970 | 99,975 | 946,217 | 335,637 | 57,828 | 72,821 | ||||||||||||
Gotham Plaza | Manhattan | NY | 1,471,167 | 26,180 | 1,319,526 | 550,027 | 68,378 | 104,637 | ||||||||||||
991 Madison Avenue | Manhattan | NY | 1,508,050 | 6,920 | 1,281,731 | 632,833 | 95,164 | 146,082 | ||||||||||||
City Center | San Francisco | CA | 7,657,875 | 204,648 | 557,546 | 265,526 | 93,972 | 123,141 | ||||||||||||
555 9th Street | San Francisco | CA | 6,013,669 | 148,832 | 508,919 | 247,933 | 95,516 | 126,123 | ||||||||||||
1739-53 & 1801-03 Connecticut Avenue | Washington | DC | 1,125,162 | 20,669 | 370,725 | 176,284 | 97,996 | 130,745 | ||||||||||||
Rhode Island Place Shopping Center | Washington | DC | 1,735,379 | 57,529 | 348,349 | 157,678 | 66,984 | 86,314 | ||||||||||||
M Street and Wisconsin Corridor - 24 properties | Georgetown | DC | 17,076,374 | 242,582 | 348,300 | 168,842 | 105,924 | 140,128 | ||||||||||||
330-340 River Street | Cambridge | MA | 1,200,045 | 54,226 | 60,627 | 23,074 | 71,146 | 98,613 | ||||||||||||
Boston | MA | 254,153 | 1,050 | 524,255 | 221,069 | 72,774 | 99,560 | |||||||||||||
Total Core Street and Urban Retail | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 510,298 | 249,802 | $ | 92,536 | $ | 129,285 | ||||||||||||||
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 | $ | 3,870,422 | 149,070 | 259,304 | 86,978 | $ | 63,742 | $ | 77,058 | |||||||||
Marketplace of Absecon | Absecon | NJ | 1,385,256 | 104,556 | 33,123 | 11,896 | 57,410 | 70,998 | ||||||||||||
60 Orange Street | Bloomfield | NJ | 695,000 | 101,715 | 350,228 | 130,901 | 57,932 | 72,045 | ||||||||||||
Village Commons Shopping Center | Smithtown | NY | 2,816,751 | 87,128 | 68,019 | 23,288 | 116,226 | 137,508 | ||||||||||||
Branch Plaza | Smithtown | NY | 2,837,192 | 123,339 | 68,304 | 23,386 | 115,878 | 137,445 | ||||||||||||
Amboy Center | Staten Island | NY | 2,059,483 | 63,290 | 151,775 | 56,542 | 89,341 | 106,873 | ||||||||||||
Pacesetter Park Shopping Center | Pomona | NY | 1,270,976 | 97,806 | 37,016 | 11,317 | 108,050 | 129,598 | ||||||||||||
LA Fitness | Staten Island | NY | 1,391,500 | 55,000 | 125,957 | 45,159 | 82,576 | 95,944 | ||||||||||||
Crossroads Shopping Center | White Plains | NY | 6,685,878 | 311,539 | 111,121 | 43,140 | 106,962 | 140,980 | ||||||||||||
New Loudon Center | Latham | NY | 2,140,344 | 255,673 | 47,496 | 19,451 | 71,006 | 87,282 | ||||||||||||
28 Jericho Turnpike | Westbury | NY | 1,650,000 | 96,363 | 94,334 | 28,509 | 115,958 | 146,116 | ||||||||||||
Bedford Green | Bedford Hills | NY | 2,370,392 | 90,589 | 25,914 | 8,971 | 111,367 | 163,167 | ||||||||||||
Town Line Plaza | Rocky Hill | CT | 1,753,152 | 206,346 | 44,144 | 18,780 | 87,508 | 105,129 | ||||||||||||
Methuen Shopping Center | Methuen | MA | 1,186,018 | 130,021 | 100,292 | 34,574 | 55,472 | 67,070 | ||||||||||||
Crescent Plaza | Brockton | MA | 1,880,513 | 218,148 | 99,866 | 35,800 | 59,293 | 69,004 | ||||||||||||
201 Needham Street | Newton | MA | 591,861 | 20,409 | 108,483 | 37,611 | 150,460 | 197,906 | ||||||||||||
163 Highland Avenue | Newton | MA | 1,275,673 | 40,505 | 97,109 | 34,111 | 152,373 | 199,231 | ||||||||||||
The Gateway Shopping Center | So. Burlington | VT | 2,046,885 | 101,655 | 52,886 | 21,589 | 55,787 | 73,019 | ||||||||||||
Hobson West Plaza | Naperville | IL | 1,146,315 | 99,137 | 94,454 | 34,754 | 111,835 | 136,024 | ||||||||||||
Merrillville Plaza | Hobart | IN | 3,301,079 | 236,087 | 23,890 | 10,378 | 52,547 | 62,045 | ||||||||||||
Bloomfield Town Square | Bloomfield Hills | MI | 3,320,083 | 235,786 | 63,907 | 25,813 | 67,173 | 89,096 | ||||||||||||
Mad River Station | Dayton | OH | 1,396,788 | 123,335 | 63,840 | 28,932 | 58,520 | 74,127 | ||||||||||||
Mark Plaza | Edwardsville | PA | 244,279 | 106,856 | 87,458 | 38,191 | 41,378 | 51,396 | ||||||||||||
Plaza 422 | Lebanon | PA | 850,978 | 156,279 | 50,727 | 20,244 | 50,018 | 59,759 | ||||||||||||
Route 6 Plaza | Honesdale | PA | 1,255,941 | 175,589 | 7,437 | 3,303 | 38,571 | 49,909 | ||||||||||||
Chestnut Hill | Philadelphia | PA | 930,489 | 37,646 | 149,449 | 63,614 | 64,210 | 82,358 | ||||||||||||
Abington Towne Center | Abington | PA | 1,054,026 | 216,278 | 89,142 | 35,340 | 85,339 | 104,727 | ||||||||||||
Total Core Suburban Properties | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 88,469 | 31,604 | $ | 84,946 | $ | 106,738 | ||||||||||||||
Total Core Properties | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 364,225 | 174,588 | $ | 91,601 | $ | 123,513 | ||||||||||||||
Brandywine/Market Square/Naamans Rd 1 | Wilmington | DE | $ | 16,048,545 | 946,442 | 519,156 | 204,060 | $ | 75,931 | $ | 94,769 | |||||||||
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 | 976,221 | 347,774 | $ | 39,885 | $ | 52,226 | |||||||||
161st Street | Bronx | NY | 5,633,106 | 255,428 | 1,332,726 | 473,946 | 36,072 | 50,312 | ||||||||||||
Sherman Avenue | Manhattan | NY | — | — | 990,807 | 356,209 | 40,996 | 19,678 | ||||||||||||
City Point | Brooklyn | NY | — | — | 1,102,800 | 463,984 | 75,985 | 106,843 | ||||||||||||
Fund II | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 1,220,915 | 434,375 | $ | 37,268 | $ | 50,912 | ||||||||||||||
Fund III | ||||||||||||||||||||
654 Broadway | Manhattan | NY | $ | 601,000 | 2,896 | 1,094,866 | 541,686 | $ | 101,100 | $ | 147,310 | |||||||||
640 Broadway | Manhattan | NY | 1,202,418 | 4,247 | 1,092,978 | 540,262 | 100,942 | 147,058 | ||||||||||||
Broad Hollow Commons | Farmingdale | NY | — | — | 85,981 | 28,106 | 94,807 | 111,170 | ||||||||||||
3104 M Street | Georgetown | DC | — | — | 350,419 | 170,006 | 105,545 | 67,970 | ||||||||||||
New Hyde Park Shopping Center | New Hyde Park | NY | 1,148,942 | 32,287 | 206,214 | 72,258 | 107,004 | 133,225 | ||||||||||||
Nostrand Avenue | Brooklyn | NY | 1,564,470 | 42,628 | 557,993 | 208,399 | 53,348 | 73,497 | ||||||||||||
Arundel Plaza | Glen Burnie | MD | 1,146,390 | 265,116 | 82,700 | 30,706 | 66,046 | 75,118 | ||||||||||||
Fund III | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 560,976 | 250,640 | $ | 81,977 | $ | 109,394 | ||||||||||||||
Fund IV | ||||||||||||||||||||
1151 Third Avenue | Manhattan | NY | $ | 1,751,863 | 13,250 | 1,341,217 | 671,192 | $ | 97,828 | $ | 149,447 | |||||||||
17 East 71st Street | Manhattan | NY | 1,848,724 | 8,432 | 1,311,509 | 650,354 | 96,955 | 148,731 | ||||||||||||
1035 Third Avenue | Manhattan | NY | 945,722 | 7,617 | 1,356,470 | 687,404 | 98,593 | 150,562 | ||||||||||||
Airport Mall | Bangor | ME | 1,325,139 | 221,760 | 32,118 | 14,780 | 40,080 | 55,176 | ||||||||||||
Wells Plaza | Wells | ME | 647,973 | 93,263 | 5,090 | 2,452 | 57,951 | 70,391 | ||||||||||||
Shaw's Plaza | Waterville | ME | 1,405,516 | 119,015 | 23,499 | 10,071 | 42,002 | 56,352 | ||||||||||||
JFK Plaza | Waterville | ME | 744,207 | 151,107 | 23,004 | 9,858 | 43,008 | 56,594 | ||||||||||||
Dauphin Plaza | Harrisburg | PA | 1,666,419 | 205,727 | 87,542 | 36,654 | 50,449 | 60,576 | ||||||||||||
Mayfair Shopping Center | Philadelphia | PA | 1,607,597 | 115,411 | 302,643 | 109,767 | 43,944 | 52,855 | ||||||||||||
Colonie Plaza | Albany | NY | 1,666,687 | 153,483 | 32,014 | 13,211 | 80,272 | 93,943 | ||||||||||||
Paramus Plaza | Paramus | NJ | 1,835,118 | 152,509 | 107,082 | 37,309 | 124,146 | 152,301 | ||||||||||||
2819 Kennedy Boulevard | North Bergen | NJ | 1,147,458 | 47,539 | 545,022 | 250,369 | 88,476 | 125,892 | ||||||||||||
Restaurants at Fort Point | Boston | MA | 312,019 | 15,711 | 364,574 | 154,393 | 74,541 | 102,989 | ||||||||||||
Promenade at Manassas | Manassas | VA | 3,497,730 | 265,442 | 56,086 | 18,145 | 76,581 | 88,116 | ||||||||||||
Lake Montclair | Prince William County | VA | 1,956,034 | 105,832 | 67,439 | 21,025 | 106,138 | 121,910 | ||||||||||||
1701 Belmont Avenue | Catonsville | MD | — | 58,674 | 111,731 | 43,638 | 66,502 | 76,854 | ||||||||||||
Eden Square | Bear | DE | 2,353,417 | 231,436 | 73,443 | 27,997 | 67,726 | 79,836 | ||||||||||||
938 W. North Avenue | Chicago | IL | 326,350 | 33,228 | 473,510 | 257,650 | 87,712 | 124,118 | ||||||||||||
717 N. Michigan Ave | Chicago | IL | — | — | 313,300 | 181,439 | 90,009 | 131,629 | ||||||||||||
210 Bowery | Manhattan | NY | — | — | 1,106,743 | 537,581 | 98,668 | 143,140 | ||||||||||||
Broughton Street Portfolio | Savannah | GA | 3,334,017 | 100,660 | 68,959 | 27,827 | 33,971 | 48,569 | ||||||||||||
27 East 61st Street | Manhattan | NY | — | — | 1,346,844 | 680,410 | 99,303 | 151,901 | ||||||||||||
801 Madison Avenue | Manhattan | NY | — | — | 1,325,490 | 662,057 | 98,264 | 150,686 | ||||||||||||
650 Bald Hill Road | Warwick | RI | — | — | 63,812 | 26,787 | 64,313 | 76,136 | ||||||||||||
Wake Forest | Wake Forest | NC | 2,854,296 | — | 33,944 | 12,607 | 82,097 | 97,891 | ||||||||||||
146 Geary Street | San Francisco | CA | 300,000 | 11,436 | 436,599 | 216,841 | 94,325 | 123,896 | ||||||||||||
Union and Fillmore Collection - 4 properties | San Francisco | CA | 641,286 | 10,148 | 475,315 | 234,805 | 93,726 | 123,378 | ||||||||||||
Fund IV | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 284,536 | 133,128 | $ | 72,332 | $ | 93,334 | ||||||||||||||
Total - Funds | ||||||||||||||||||||
Weighted Average - Based on annual base rent | 484,747 | 200,690 | $ | 67,327 | $ | 87,809 |
Fund Overview | |||||||||||||
As of December 31, 2016 | |||||||||||||
I. KEY METRICS | Note | Fund I | Fund II | Fund III | Fund IV | Fund V | Total | ||||||
General Information: | |||||||||||||
Vintage | Sep-2001 | Jun-2004 | May-2007 | May-2012 | Aug-2016 | ||||||||
Fund Size | $90.0 Million | $300.0 Million | $502.5 Million | $540.6 Million | $520.0 Million | $1,953.1 Million | |||||||
Acadia's Commitment | $20.0 Million | $85.0 Million | $123.3 Million | $125.0 Million | $104.5 Million | $457.8 Million | |||||||
Acadia's Pro Rata Share | 22.2 | % | 28.3 | % | 24.5 | % | 23.1 | % | 20.1 | % | 23.4% | ||
Acadia's Promoted Share | 1 | 37.8 | % | 42.7 | % | 39.6 | % | 38.5 | % | 36.1 | % | 38.8% | |
Preferred Return | 9.0 | % | 8.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4% | ||
Current-Quarter, Fund-Level Information: | |||||||||||||
Cumulative Contributions | $86.6 Million | $347.1 Million | $396.7 Million | $290.5 Million | $0.0 Million | $1,073.8 Million | |||||||
Cumulative Net Distributions | 3 | $194.5 Million | $131.6 Million | $509.8 Million | $101.9 Million | $0.0 Million | $937.9 Million | ||||||
Net Distributions/Contributions | 224.6 | % | 37.9 | % | 128.5 | % | 35.1 | % | NA | 87.3% | |||
Unfunded Commitment | 4 | $0.0 Million | $0.0 Million | $53.3 Million | $239.5 Million | $520.0 Million | $859.9 Million | ||||||
Acquisition Dry Powder | 5 | NA | NA | NA | NA | $520.0 Million | $520.0 Million | ||||||
Investment Period Closes | Closed | Closed | Closed | Closed | Aug-2019 | ||||||||
Currently in a Promote Position? (Yes/No) | Yes | No | No | No | No | ||||||||
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA | |||||||||||||
Type: | Applicable to | Description | |||||||||||
Asset Management | 6 | Fund I, II & III | 1.5% of Implied Capital | ||||||||||
Asset Management | 6 | Fund IV & V | 1.5% of Implied Capital during the investment period, 1.25% of Implied Capital post-investment period | ||||||||||
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 & V | 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 | With regard to Fund II, the additional contributions over original Fund Size reflects a prior-period distribution that was recontributed to the Fund during 2016 to fund the on-going redevelopment | ||||||||||||
of existing Fund II investments. | |||||||||||||
3 | Net of fees and promote | ||||||||||||
4 | Unfunded Commitments are set aside to complete leasing and development at existing fund investments, to acquire new identified Fund IV investments and to make new Fund V investments. | ||||||||||||
5 | 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 | ||||||||||||
Unfunded Commitments available to deploy into new unidentified investments | |||||||||||||
6 | Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $50.0 million of general reserves. |
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% | — | 166,004 | 89,424 | 255,428 | — | 33.5 | % | 55.4 | % | 41.2 | % | 46.5 | % | 5,633,106 | 53.56 | ||||||||||||||
Total - Fund II | — | 226,004 | 89,424 | 315,428 | — | 51.2 | % | 55.4 | % | 52.4 | % | 56.7 | % | $ | 8,207,106 | $ | 49.69 | |||||||||||||||
Fund III Portfolio Detail | ||||||||||||||||||||||||||||||||
NEW YORK | ||||||||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||
654 Broadway | Penguin (Perry Ellis) | 2011 | 100.0% | 2,896 | — | — | 2,896 | 100.0 | — | — | 100.0 | % | 100.0 | % | 601,000 | 207.53 | ||||||||||||||||
640 Broadway | Swatch | 2012 | 63.1% | 4,247 | — | — | 4,247 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,202,418 | 283.12 | |||||||||||||||
New Hyde Park Shopping Center | PetSmart | 2011 | 100.0% | — | 13,507 | 18,780 | 32,287 | — | 100.0 | % | 66.0 | % | 80.2 | % | 80.2 | % | 1,148,942 | 44.36 | ||||||||||||||
Nostrand Avenue | — | 2013 | 100.0% | — | — | 42,628 | 42,628 | — | — | 77.3 | % | 77.3 | % | 77.3 | % | 1,564,470 | 47.47 | |||||||||||||||
MID-ATLANTIC | ||||||||||||||||||||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||
Arundel Plaza | Giant Food, Lowe's | 2012 | 94.3% | — | 231,920 | 33,196 | 265,116 | — | 77.6 | % | 42.5 | % | 73.2 | % | 73.2 | % | 1,146,390 | 5.91 | ||||||||||||||
Total - Fund III | 7,143 | 245,427 | 94,604 | 347,174 | 100.0 | % | 78.8 | % | 62.9 | % | 74.9 | % | 74.9 | % | $ | 5,663,220 | $ | 21.78 | ||||||||||||||
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 | % | 1,751,863 | 132.22 | |||||||||||||||
17 East 71st Street | The Row | 2014 | 100.0% | 8,432 | — | — | 8,432 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 1,848,724 | 219.25 | |||||||||||||||
1035 Third Avenue 3 | — | 2015 | 100.0% | 7,617 | — | — | 7,617 | 71.4 | % | — | — | 71.4 | % | 71.4 | % | 945,722 | 173.94 | |||||||||||||||
Colonie Plaza | Price Chopper, Big Lots | 2016 | 100.0% | — | 96,000 | 57,483 | 153,483 | — | % | 100.0 | % | 91.7 | % | 96.9 | % | 96.9 | % | 1,666,687 | 11.21 | |||||||||||||
New Jersey | ||||||||||||||||||||||||||||||||
Paramus Plaza | Babies R Us, Ashley Furniture | 2013 | 50.0% | — | 74,837 | 77,672 | 152,509 | — | 52.4 | % | 90.7 | % | 71.9 | % | 71.9 | % | 1,835,118 | 16.74 | ||||||||||||||
2819 Kennedy Boulevard | Aldi | 2013 | 98.6% | — | 46,003 | 1,536 | 47,539 | — | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1,147,458 | 24.14 | ||||||||||||||
BOSTON | ||||||||||||||||||||||||||||||||
Massachusetts |
Restaurants at Fort Point | — | 2016 | 100.0% | 15,711 | — | — | 15,711 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 312,019 | 19.86 | |||||||||||||||
NORTHEAST | ||||||||||||||||||||||||||||||||
Maine | ||||||||||||||||||||||||||||||||
Airport Mall | Hannaford, Marshalls | 2016 | 100.0% | — | 131,042 | 90,718 | 221,760 | — | 100.0 | % | 74.0 | % | 89.4 | % | 89.4 | % | 1,325,139 | 6.69 | ||||||||||||||
Wells Plaza | Reny's, Dollar Tree | 2016 | 100.0% | — | 62,471 | 30,792 | 93,263 | — | 100.0 | % | 77.6 | % | 92.6 | % | 92.6 | % | 647,973 | 7.50 | ||||||||||||||
Shaw's Plaza | Shaw's | 2016 | 100.0% | — | 87,492 | 31,523 | 119,015 | — | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1,405,516 | 11.81 | ||||||||||||||
JFK Plaza | Hannaford, TJ Maxx | 2016 | 100.0% | — | 104,426 | 46,681 | 151,107 | — | 100.0 | % | 28.9 | % | 78.0 | % | 78.0 | % | 744,207 | 6.31 | ||||||||||||||
Pennsylvania | ||||||||||||||||||||||||||||||||
Dauphin Plaza | Price Rite, Ashley Furniture | 2016 | 100.0% | — | 122,621 | 83,106 | 205,727 | — | 100.0 | % | 65.8 | % | 86.2 | % | 86.2 | % | 1,666,419 | 9.40 | ||||||||||||||
Mayfair Shopping Center | Shop N Bag | 2016 | 100.0% | — | 25,673 | 89,738 | 115,411 | — | 100.0 | % | 75.5 | % | 80.9 | % | 80.9 | % | 1,607,597 | 17.21 | ||||||||||||||
MID-ATLANTIC | ||||||||||||||||||||||||||||||||
Virginia | ||||||||||||||||||||||||||||||||
Promenade at Manassas | Home Depot, HH Gregg | 2013 | 98.6% | — | 194,038 | 71,404 | 265,442 | — | 100.0 | % | 93.3 | % | 98.2 | % | 98.2 | % | 3,497,730 | 13.42 | ||||||||||||||
Lake Montclair | Food Lion | 2013 | 100.0% | — | 33,000 | 72,832 | 105,832 | — | 100.0 | % | 94.6 | % | 96.3 | % | 96.3 | % | 1,956,034 | 19.20 | ||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||
1701 Belmont Avenue | — | 2012 | 98.6% | — | 58,674 | — | 58,674 | — | — | — | — | — | % | — | — | |||||||||||||||||
Delaware | ||||||||||||||||||||||||||||||||
Eden Square | Giant Food | 2014 | 98.6% | — | 163,217 | 68,219 | 231,436 | — | 71.1 | % | 73.4 | % | 71.8 | % | 71.8 | % | 2,353,417 | 14.17 | ||||||||||||||
MIDWEST | ||||||||||||||||||||||||||||||||
Illinois | ||||||||||||||||||||||||||||||||
938 W. North Avenue | Sephora | 2013 | 100.0% | 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% | 100,660 | — | — | 100,660 | 90.2 | % | — | — | 90.2 | % | 90.2 | % | 3,334,017 | 36.73 | |||||||||||||||
North Carolina | ||||||||||||||||||||||||||||||||
Wake Forest Crossing | 2016 | 100.0% | — | 113,353 | 89,653 | 203,006 | — | 100.0 | % | 93.5 | % | 97.1 | % | 97.1 | % | 2,854,296 | 14.47 | |||||||||||||||
WEST | ||||||||||||||||||||||||||||||||
California | ||||||||||||||||||||||||||||||||
146 Geary Street | 2015 | 100.0% | 11,436 | — | — | 11,436 | 100.0 | % | — | — | 100.0 | % | 100.0 | % | 300,000 | 26.23 | ||||||||||||||||
Union and Fillmore Collection - 4 properties | 2015 | 90.0% | 10,148 | — | — | 10,148 | 89.7 | % | — | — | 89.7 | % | 100.0 | % | 641,286 | 70.44 | ||||||||||||||||
Total - Fund IV | 200,482 | 1,312,847 | 811,357 | 2,324,686 | 79.6 | % | 89.2 | % | 80.4 | % | 85.3 | % | 85.4 | % | $ | 32,167,572 | $ | 16.22 | ||||||||||||||
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 21 of the 24 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 | — | — | — | $ | — | $ | — | — | |||||||||||||||||||||||||
2017 | — | — | — | — | — | — | |||||||||||||||||||||||||||
2018 | — | — | — | — | — | — | |||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | |||||||||||||||||||||||||||
2020 | — | — | — | — | — | — | |||||||||||||||||||||||||||
2021 | — | — | — | — | — | — | |||||||||||||||||||||||||||
2022 | — | — | — | — | — | — | |||||||||||||||||||||||||||
2023 | — | — | — | — | — | — | |||||||||||||||||||||||||||
2024 | — | — | — | — | — | — | |||||||||||||||||||||||||||
2025 | — | — | — | — | — | — | |||||||||||||||||||||||||||
2026 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Thereafter | 11 | 178,798 | 100.0 | % | 8,207,106 | 45.90 | 100.0 | % | |||||||||||||||||||||||||
Total | 11 | 178,798 | 100.0 | % | $ | 8,207,106 | $ | 45.90 | 100.0 | % | |||||||||||||||||||||||
152,547 | Total Vacant | ||||||||||||||||||||||||||||||||
331,345 | 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 | 2 | 4,238 | 1.6 | % | $ | 170,164 | $ | 40.15 | 3.0 | % | 5 | 7,400 | 0.4 | % | $ | 228,846 | $ | 30.93 | 0.7 | % | |||||||||||||
2017 | 3 | 186,424 | 71.7 | % | 1,029,856 | 5.52 | 18.2 | % | 25 | 76,146 | 3.8 | % | 2,112,029 | 27.74 | 6.2 | % | |||||||||||||||||
2018 | 4 | 7,897 | 3.0 | % | 344,079 | 43.57 | 6.1 | % | 42 | 246,020 | 12.3 | % | 2,819,204 | 11.46 | 8.2 | % | |||||||||||||||||
2019 | 4 | 10,006 | 3.7 | % | 259,085 | 25.89 | 4.6 | % | 30 | 235,860 | 11.8 | % | 5,022,637 | 21.29 | 14.7 | % | |||||||||||||||||
2020 | 2 | 2,976 | 1.0 | % | 128,063 | 43.03 | 2.3 | % | 29 | 210,643 | 10.5 | % | 2,967,808 | 14.09 | 8.7 | % | |||||||||||||||||
2021 | — | — | — | % | — | — | — | % | 30 | 186,259 | 9.3 | % | 2,649,378 | 14.22 | 7.7 | % | |||||||||||||||||
2022 | 3 | 9,657 | 3.7 | % | 509,880 | 52.80 | 9.0 | % | 15 | 175,098 | 8.8 | % | 1,889,258 | 10.79 | 5.5 | % | |||||||||||||||||
2023 | 4 | 6,495 | 2.5 | % | 999,502 | 153.89 | 17.6 | % | 9 | 93,044 | 4.7 | % | 1,176,307 | 12.64 | 3.4 | % | |||||||||||||||||
2024 | 3 | 18,177 | 7.0 | % | 719,217 | 39.57 | 12.7 | % | 10 | 124,131 | 6.2 | % | 2,599,142 | 20.94 | 7.6 | % | |||||||||||||||||
2025 | 2 | 2,812 | 1.1 | % | 295,397 | 105.05 | 5.2 | % | 22 | 113,065 | 5.7 | % | 4,688,549 | 41.47 | 13.7 | % | |||||||||||||||||
2026 | 4 | 3,482 | 1.3 | % | 577,848 | 165.95 | 10.2 | % | 22 | 182,945 | 9.2 | % | 3,297,572 | 18.02 | 9.6 | % | |||||||||||||||||
Thereafter | 3 | 7,897 | 3.0 | % | 630,130 | 79.79 | 11.1 | % | 12 | 346,837 | 17.4 | % | 4,777,940 | 13.78 | 14.0 | % | |||||||||||||||||
Total | 34 | 260,061 | 99.6 | % | $ | 5,663,221 | $ | 21.78 | 100.0 | % | 251 | 1,997,448 | 100.0 | % | $ | 34,228,670 | $ | 17.14 | 100.0 | % | |||||||||||||
87,113 | Total Vacant | 1,467,438 | Total Vacant | ||||||||||||||||||||||||||||||
347,174 | Total Square Feet | 3,464,886 | Total Square Feet | ||||||||||||||||||||||||||||||
Note: | |||||||||||||||||||||||||||||||||
1 Leases currently under month to month or in process of renewal | |||||||||||||||||||||||||||||||||
Development Activity | ||||||||||||||||||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||||||||||
Estimated | Estimated Sq.Ft. | Acquisition & Development Costs | Outstanding | |||||||||||||||||||||||||||||||||||||
Property | Ownership | Location | Stabilization | Upon Completion | Leased Rate 4 | Key Tenants | Incurred | Estimated Future Range | Estimated Total Range | Debt | ||||||||||||||||||||||||||||||
FUND II | ||||||||||||||||||||||||||||||||||||||||
City Point 1 | 94.2 | % | Brooklyn, NY | 2017/2020 | 6 | 763,000 | 7 | 69% 2 | Century 21, CityTarget, Alamo Drafthouse | $ | 408 | 3 | $ | 12 | to | $ | 32 | 3 | $ | 420.0 | to | $ | 440.0 | 3 | $ | 239.8 | ||||||||||||||
Sherman Plaza | 99.1 | % | New York, NY | TBD | TBD | — | TBD | 36.5 | TBD | TBD | TBD | TBD | 14.3 | |||||||||||||||||||||||||||
$ | 444.5 | TBD | TBD | TBD | TBD | $ | 254.1 | |||||||||||||||||||||||||||||||||
FUND III | ||||||||||||||||||||||||||||||||||||||||
Cortlandt Crossing | 100.0 | % | Mohegan Lake, NY | 2018 | 130,000 | 50% | ShopRite | $ | 20.4 | $ | 39.6 | to | $ | 44.6 | $ | 60.0 | to | $ | 65.0 | $ | — | |||||||||||||||||||
3104 M Street NW | 80.0 | % | Washington, D.C. | 2017 | 10,000 | 15% | TBD | 8.3 | 0 | to | 0.7 | 8.3 | to | 9.0 | 4.5 | |||||||||||||||||||||||||
Broad Hollow Commons | 100.0 | % | Farmingdale, NY | 2018 | 180,000 - 200,000 | — | TBD | 15.7 | 34.3 | to | 44.3 | 50.0 | to | 60.0 | — | |||||||||||||||||||||||||
$ | 44.4 | $ | 73.9 | $ | 89.6 | $ | 118.3 | $ | 134.0 | $ | 4.5 | |||||||||||||||||||||||||||||
FUND IV | ||||||||||||||||||||||||||||||||||||||||
210 Bowery | 100.0 | % | New York, NY | 2017 | 16,000 | — | TBD | $ | 20.9 | $ | 1.1 | to | $ | 3.1 | $ | 22.0 | to | $ | 24.0 | $ | 5.1 | |||||||||||||||||||
Broughton Street Portfolio 5 | 50.0 | % | Savannah, GA | 2017 | 190,000 | 80% | J. Crew, Lululemon, H&M | 76.0 | 4.0 | to | 9.0 | 80.0 | to | 85.0 | 30.0 | |||||||||||||||||||||||||
27 E. 61st Street | 100.0 | % | New York, NY | 2017 | 9,500 | — | TBD | 22.3 | 3.2 | to | 6.2 | 25.5 | to | 28.5 | — | |||||||||||||||||||||||||
801 Madison Avenue | 100.0 | % | New York, NY | 2017 | 5,000 | 20% | TBD | 36.2 | 3.8 | to | 6.8 | 40.0 | to | 43.0 | — | |||||||||||||||||||||||||
650 Bald Hill Road | 90.0 | % | Warwick, RI | 2017 | 161,000 | 72% | Dick's Sporting Goods, Burlington Coat Factory | 21.4 | 6.1 | to | 11.1 | 27.5 | to | 32.5 | — | |||||||||||||||||||||||||
717 N. Michigan Avenue | 100.0 | % | Chicago, IL | 2018 | 62,000 | 25% | Disney Store | 106.0 | 14.0 | to | 21.5 | 120.0 | to | 127.5 | 63.9 | |||||||||||||||||||||||||
$ | 282.8 | $ | 32.2 | $ | 57.7 | $ | 315.0 | $ | 340.5 | $ | 99.0 | |||||||||||||||||||||||||||||
CORE | ||||||||||||||||||||||||||||||||||||||||
613-623 West Diversey | 100.0 | % | Chicago, IL | 2018 | TBD | — | TBD | $ | 11.9 | TBD | TBD | TBD | TBD | $ | — | |||||||||||||||||||||||||
$ | 11.9 | TBD | TBD | TBD | TBD | $ | — | |||||||||||||||||||||||||||||||||
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 24 buildings, including 21 which are operating. | ||||||||||||||||||||||||||||||||||||||||
6 Phases I and II have an estimated stablization date of 2017. 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 | $ | 783.6 | ||||||||||||||||||||||||||||||||||||||
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 | (297.7 | ) | ||||||||||||||||||||||||||||||||||||||
Development costs of unconsolidated properties | (97.4 | ) | ||||||||||||||||||||||||||||||||||||||
Deferred costs and other amounts | (10.7 | ) | ||||||||||||||||||||||||||||||||||||||
Total per consolidated balance sheet | $ | 543.5 |
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