-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N++R5SpHFYca3tNzGewlC00tpQaSkDQQnGFlTpJf6ZrFVzK+AsNCjX0yYTToxtE+ ZGXqNIKD94B651tQ4y3BFw== /in/edgar/work/0000950116-00-002831/0000950116-00-002831.txt : 20001130 0000950116-00-002831.hdr.sgml : 20001130 ACCESSION NUMBER: 0000950116-00-002831 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001129 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20001129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACADIA REALTY TRUST CENTRAL INDEX KEY: 0000899629 STANDARD INDUSTRIAL CLASSIFICATION: [6798 ] IRS NUMBER: 232715194 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12002 FILM NUMBER: 779575 BUSINESS ADDRESS: STREET 1: 20 SOUNDVIEW MARKETPLACE STREET 2: PO BOX 1679 CITY: PORT WASHINGTON STATE: NY ZIP: 11050 BUSINESS PHONE: 5167678830 MAIL ADDRESS: STREET 1: 600 THIRD AVE STREET 2: PO BOX 1679 CITY: KINGSTON STATE: PA ZIP: 18704 FORMER COMPANY: FORMER CONFORMED NAME: MARK CENTERS TRUST DATE OF NAME CHANGE: 19930329 8-K 1 0001.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): November 29, 2000 ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 1-12002 23-2715194 (State or other (Commission (I.R.S. Employer jurisdiction of incorporation) File Number) Identification No.) 20 Soundview Marketplace Port Washington, New York 11050 (Address of principal executive offices) (Zip Code) (516) 767-8830 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report) ITEM 5. Other Events The Registrant, Acadia Realty Trust, hereby makes available as an exhibit to this filing, supplemental information concerning the ownership, operations and portfolio of the Registrant as of September 30, 2000. ITEM 7. Financial Statements and Exhibits. (c) Exhibits. 99 Quarterly Supplemental Disclosure - September 30, 2000 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACADIA REALTY TRUST (Registrant) Date: November 29, 2000 By: /s/ Kenneth F. Bernstein -------------------------- Name: Kenneth F. Bernstein Title: President 2 EX-99 2 0002.txt EXHIBIT 99 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Table of Contents Page Section I - Overview Company Information 2 Quarterly Highlights 3 Portfolio Snapshot 4 Organizational Chart 5 Executive Management Team 6 Section II - Net Asset Valuation (1) Net Asset Value Summary 7 Net Asset Value Calculation 8 Section III - Financial Information Market Capitalization 9 Shareholder Information 10 Operating Statements - Including Joint Venture Activity 11 Operating Statements - by Segment (Retail & Multi-Family) 12 Operating Statements - Current v. Historic 13 Net Operating Income - Same Property Performance 14 Page Funds from Operations 15 Balance Sheets 16 Selected Operating Ratios 17 Debt Analysis - Wholly Owned and Unconsolidated Subsidiaries 18 Debt Maturity Schedule 20 Unencumbered Properties 21 Section IV - Portfolio information Portfolio Overview - By Region and Property Type 22 Commercial Properties by Region - Summary 23 Commercial Properties by Region - Detail 24 Top 25 Tenants 28 Anchor Tenant Summary 29 Lease Expirations 37 Residential Properties 43 Properties under Redevelopment 44 (1) The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 1999. NAV is computed at the end of each year and will be updated during the year only if a significant change in any of the determinants of NAV occurs. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Quarterly Supplementary Disclosure constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability and creditworthiness of prospective tenants, lease rents and the availability of financing; adverse changes in the Company's real estate markets, including, among other things, competition with other companies; risks of real estate development and acquisition; governmental actions and initiatives; and environmental/safety requirements. Page 1 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Company Information Acadia Realty Trust ("Acadia"), is a fully integrated and self-managed real estate investment trust focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership (the "Operating Partnership") which was 81% controlled by Acadia as of September 30, 2000. As of September 30, 2000, Acadia owns or has an ownership interest in fifty-eight properties, consisting of forty-seven neighborhood and community shopping centers, three enclosed malls, two mixed-use properties (one retail/office property and one retail/residential property), five multi-family properties and one redevelopment property, all located in the Eastern and Midwestern regions of the United States. Corporate Headquarters 20 Soundview Marketplace Research Coverage Credit Suisse First Boston Port Washington, NY 11050-2221 Larry Raiman (212) 892-2380 New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com Investor Relations Jon Grisham Vice President (516) 767-7550 jgrisham@acadiarealty.com
Page 2 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Quarter Highlights o Funds from Operations ("FFO") on a per share basis were $0.21 for the third quarter 2000 and $0.67 per share year-to-date FFO for the third quarter 2000 was $7.4 million, or $0.21 per share (basic and fully diluted), which included lease termination income of $0.01 per share in connection with the redevelopment of the Abington Towne Center. This compares to $0.21 per share for the third quarter 1999, excluding FFO of $0.04 per share attributable to settlement of litigation with a former tenant and the settlement of tenant bankruptcy claims. o Year-to-date same property net operating income increased 4% over 1999 Same property net operating income ("NOI") for the nine months ended September 30, 2000 increased 4% over the same period in 1999, primarily attributable to increases in portfolio occupancy. o Portfolio retail occupancy increased from 88% in the prior quarter to 90% for the current quarter During the third quarter, Acadia continued to make significant strides in its leasing and redevelopment programs. The Company's gains in leasing are reflected in the retail portfolio occupancy increasing from 88% to 90% for the third quarter 2000. Important anchor activity included the sale of 13 acres adjacent to the Union Plaza in New Castle, Pennsylvania, to Lowes Home Improvements. Lowes, which will construct a 135,000 square foot store, will join the three existing anchors, Sears, Ames and Peebles at this location. o The Company continued its progress in the redevelopment program during the quarter Aspart of its redevelopment program, the Company previously announced the re-anchoring of the Abington Towne Center (located in the Philadelphia suburb of Abington) with a new Target store, which is expected to open prior to the end of next year. Along with the sale of approximately 160,000 square feet of the main building to the Target Corporation for $11.5 million, Acadia is "de-malling" and redeveloping the balance of the center which it will continue to own and operate. An existing anchor, T.J. Maxx, took possession of its new space in Acadia's portion of the property and is projected to open for business this month. It is anticipated that the Target sale will close prior to year-end. During the third quarter, the Company broke ground on the redevelopment of the Elmwood Park Shopping Center. Acadia is re-anchoring, renovating and expanding an existing 125,000 square foot shopping center by 30,000 square feet. The new anchor, a 48,000 square foot freestanding A&P Supermarket, will replace an undersized (28,000 square foot) in-line Grand Union supermarket when completed. The project also includes the expansion of an existing Walgreen's drug store. Acadia is continuing its redevelopment efforts on shopping centers in Methuen, Massachusetts and Burlington, Vermont. During the third quarter 2000, the Company continued to make progress at the Methuen Shopping Center in finalizing negotiations with a national discount department store to replace the previous anchor, Caldor, whose lease the Company purchased in bankruptcy. In Burlington, Vermont, the Company's planned redevelopment and de-malling of the Gateway Shopping Center has been temporarily delayed due to the bankruptcy and anticipated liquidation of Grand Union. The redevelopment, as originally planned, included the recapture of an undersized 32,000 square foot Grand Union lease and construction of a new anchor space. o Sale of the Northwood Centre is proceeding with an anticipated close date prior to year-end The Northwood Centre, a 503,000 square foot mixed-use office/retail property in Tallahassee, Florida, is currently under contract for sale for $31.5 million. The sale is subject to lender's consent. Following the closing of this transaction, which is anticipated prior to year-end, annual FFO will be diluted by approximately $0.03, assuming the pay-down of outstanding mortgage debt with the net sales proceeds. Acadia is also exploring the sale of a portfolio of 17 retail assets located in the Southeast and Mid-Atlantic regions (primarily Pennsylvania in the Mid-Atlantic). This portfolio is encumbered by assumable, cross-collateralized financing. o During the third quarter of 2000, Acadia continued repurchasing its stock Acadia repurchased 259,800 of its shares during the third quarter 2000 for a total, since the inception of the program in June of 1999, of 1,277,305 shares for $6.9 million. As previously announced, the Company is authorized to repurchase up to $10,000,000 of its currently outstanding common shares on the open market. The program may be discontinued or extended at any time and there is no assurance that the Company will purchase the full amount authorized. Page 3 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Portfolio Snapshot [GRAPHIC OMITTED] -------------------------------------------- 58 retail and multi-family properties Approximately 11 million square feet of GLA 19 Eastern and Midwestern states represented -------------------------------------------- Page 4 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Management Team
Ross Dworman Chairman & CEO | | Kenneth F. Bernstein President | | | | ----------------------------------------------------------------------------------------------------------------------- | | | | | | | | Acquisitions Retail Leasing Retail Construction and | | Management Development | | | Joel Braun Timothy J. Bruce Joseph Napolitano Joseph W. Hogan Sr. VP, Acquisitions Sr. VP, Dir. of Leasing VP, Property Mgt. Sr. VP, Dir. of Construction | | | | | | | | | ------------ ----------------------------------- | | | | | | | | | | | | | | | | Gerard Thibodeaux -- Joseph Povinelli Robert Scholem | Ronald Johnston VP, Southeast Leasing | VP, Leasing VP, Property Mgt.-- | VP, Construction | | | | | | | | | Construction | | | | Supervisors Richard Brock -- Daniel Evangelista David Bourgery | Thomas Donohue | 2 Individuals Leasing Representative | Leasing Representative Regional Prop. Mgr.-- Regional Prop. Mgr.-- | | | | | | | | | Harry Harmon -- Peter Crumback | Kathleen Covert | Leasing Representative | Regional Prop. Mgr.-- Regional Prop. Mgr.-- | | | | | | Kim Gabbard -- Julia Namutka | Leasing Representative Regional Prop. Mgr.--
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------------------------------------------------------------------------ | | | | | | | | | | | | Residential Finance and Management Legal Asset Management | | | | | | | Robert Masters Perry Kamerman | Sr. VP, General Counsel ------------------- Sr. VP of Finance | | | | | | | | | | | --------------------------------------------------------------- | | | | | | | Greg Sauter Carol Smrek | Arnold Wachsberger Maggie Hul Jon Grisham | VP, Residential Mgt. VP & Counsel | VP, Finance VP, Controller VP, Director of | | | | | Financial Reporting | On-site Property | | | | Managers | | | | Karen Yamrus Joseph Ginex Richard Hartman Mardi Cezcevi Asst. VP, Sr. Paralegal Financial Analyst Assistant Controller Mgmt Information | | Systems | | Paralegals ------------------------- 3 Individuals | | | | Accountants Senior Lease Admin. 4 Individuals 2 Individuals
Page 5 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Executive Management Team
Ross Dworman Chairman of the Board and Mr. Dworman is responsible for long-term strategic planning Chief Executive Officer for the Company. Mr. Dworman was President and Chief Executive Officer of RD Capital, Inc. from 1987 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. From 1984 to 1987, Mr. Dworman was an associate at Odyssey Partners, L.P., a hedge fund engaged in leveraged buy-outs and real estate investment, and from 1981 until 1984, he was a Financial Analyst for Salomon, Inc. Mr. Dworman received his Bachelor of Arts Degree from the University of Pennsylvania. Kenneth F. Bernstein President Mr. Bernstein is responsible for running all day to day activities of the Company including operations, acquisitions and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD Capital, Inc. from 1990 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. In such capacity, he was responsible for overseeing the day-to-day operations of RD Capital and its management companies, Acadia Management Company LLC and Sound View Management LLC. Prior to joining RD Capital, Mr. Bernstein was an associate with the New York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his Bachelor of Arts Degree from the University of Vermont and his Juris Doctorate from Boston University School of Law.
Page 6 ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999 (1) PORTFOLIO BREAKDOWN AND NET ASSET VALUE ('NAV') ANALYSIS Private Basis % of GLA Cap Rate Range (2) % of GAV % of NAV -------- ------------------ -------- -------- Retail (3): Class A 14% 9.00% to 9.50% 30% 37% Class B 37% 9.50% to 10.00% 36% 41% Class C 14% 10.50% to 11.00% 9% 6% Class D 12% 11.50% to 12.00% 5% 1% Mixed-Use 5% 11.00% to 11.50% 5% 3% Residential 18% 9.25% to 9.75% 15% 12% --- ----------------------- --- --- Total 100% 9.60% to 10.10% 100% 100% === ======================= === === Equivalent Public Basis 10.60% to 11.15% =======================
Notes: (1) The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 1999. NAV is computed at the end of each year and will be updated during the year only if a significant change in NAV occurs. (2) Private capitalization rates are based on private-basis NOI's. Private-basis NOI's are equal to public-basis NOI's less: (1) straight-line rents, (2) structural reserves of $0.15 per square foot for retail properties and $300 per unit reserve for residential properties and (3) 4% imputed management fees on effective rents. The above capitalization rates are based on those currently in place and are subject to future changes. (3) A,B,C & D Classifications are determined based on factors including market demographics, location, barriers to entry and strength of tenants. Reference page 8 for additional notes related to portfolio valuation. Page 7 ANNUAL SUPPLEMENTAL DISCLOSURE DECEMBER 31, 1999(1) Net Asset Value ('NAV') Calculation (amounts in thousands)
Notes Net Operating income ("NOI") for the quarter ended December 31, 1999: Consolidated Properties $ 16,388 Unconsolidated Joint Ventures 590 -------- Total NOI (4Q99) 16,978 Adjustments to 4Q99 NOI (1,400) -------- Adjusted quarterly NOI 15,578 x 4 -------- Adjusted annual NOI 62,312 Less straight-line ("S/L") rents (1,400) -------- PUBLIC BASIS ANNUALIZED NOI (Excluding S/L Rents) 3,5 60,912 Structural reserves 2 (2,100) Imputed management fees (4%) (3,600) -------- PRIVATE BASIS ANNUALIZED NOI $ 55,212 ======== CAP RATE RANGE USED FOR VALUATION: 4 Private Basis 9.60% 10.10% Equivalent Public Basis 10.59% 11.14% -------- ------ Gross market value of real estate 575,125 546,653 Value of other net assets 6 38,000 38,000 Property not yet operational (at cost) 7,000 7,000 -------- ------ GROSS MARKET VALUE OF ASSETS 620,125 591,653 Mortgage debt - Consolidated properties (326,651) (326,651) - Unconsolidated Joint Ventures (17,255) (17,255) Preferred equity (2,212) (2,212) Minority interest in majority owned partnerships (2,500) (2,500) -------- ------- NET MARKET VALUE OF ASSETS 271,507 243,035 Common shares and units outstanding 36,208 36,208 -------- ------- NAV PER COMMON SHARE $ 7.50 $ 6.71 ======== ======= SHARE PRICE - SEPTEMBER 30, 2000 $ 5.813 $ 5.813 ======== ======= PRICE / NET ASSET VALUE 78% 87%
Page 8
Notes: 1 The enclosed Net Asset Value ("NAV") calculation is computed as of December 31, 1999. NAV is computed at the end of each year and will be updated during the year only if a significant change in any determinant of NAV occurs. 2 Structural reserves represent a $0.15 per square foot replacement reserve for retail properties and $300 per unit reserve for residential properties. 3 The above values exclude the value of third party management contracts, anticipated profits from redevelopments and any transaction costs associated with liquidating the properties. 4 The above capitalization rates are based on those currently in place and are subject to future changes. 5 Based upon annualization of 4th quarter NOI, adjusted downward for seasonality and certain non-recurring items. 6 Value of other net assets is comprised of the following: Cash and cash equivalents $35,340 Cash in escrow 9,707 Rents receivable, net of allowance and unbilled (straight-line) rent 4,962 Prepaid expenses 2,952 Due from related parties 19 Accounts payable and accrued expenses (6,385) Distributions payable (4,371) Other liabilities (4,224) ------- $38,000
Page 9 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Total Market Capitalization
Percent of Percent of Total Market Total Equity Capitalization ------------ -------------- Total Common Shares Outstanding 79.3% 28,345,057(1) Common O.P. Units 19.6% 7,024,444 ------------- Combined Common Shares and O.P. Units 35,369,501 Market Price as of September 30, 2000 $ 5.8125 ------------- Equity Capitalization - Common Shares and O.P. Units 205,585,225 Preferred O.P. Units - at cost (2) 1.1% 2,212,000 ----- ------------- Total Equity Capitalization 100.0% 207,797,225 40.3% ====== Debt Capitalization 308,392,395 59.7% ------------- ----- Total Market Capitalization $ 516,189,620 100.0% ============= =====
Weighted Average Outstanding Common Shares and O.P. Units
Common Shares(1) O.P. Units Total ---------- ---------- ---------- Quarter ended September 30, 2000 - Primary and Diluted 26,789,666 8,754,294 35,543,960 Year-to-Date September 30, 2000 - Primary and Diluted 25,839,334 9,903,318 35,742,652 Quarter ended September 30, 1999 - Primary and Diluted 25,988,860 10,581,969 36,570,829 Year-to-Date September 30, 1999 - Primary and Diluted 25,641,586 10,950,810 36,592,396
Notes: (1) As of September 30, 2000, the Company had purchased 1,233,857 shares (net of reissuance of 43,448 shares) under its Stock Repurchase Program (2) In connection with the acquisition of the Pacesetter Park Shopping Center, the Company issued 2,212 Preferred O.P. Units which are reflected above at their stated cost of $1,000 per unit Total Market Capitalization Variable- Fixed-Rate Common Common Preferred Rate Debt Debt Shares O.P. Units O.P. Units 21.3% 38.5% 31.9% 7.9% 0.4% Page 10 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Shareholder Information Twelve Largest Institutional/Non-Retail Shareholders(1)
Percent of Out- Shareholder Shares Held standing Shares - ----------- ----------- --------------- Yale University 3,366,616 11.9% Rothschild Realty Investors II L.L.C. 3,266,667 11.5% Howard Hughes Medical Institute 2,266,667 8.0% The Board of Trustees of the Leland Stanford Junior University 2,133,333 7.5% Harvard Private Capital Realty, Inc. 2,000,000 7.1% The Vanderbilt University 1,346,647 4.8% TRW Master Trust 1,200,000 4.2% Carnegie Corporation of New York 942,653 3.3% CS First Boston Inc. 419,000 1.5% Morgan Stanley Asset Management 412,700 1.5% Yale University Retirement Plan for Staff Employees 403,994 1.4% Bear Stearns Asset Management 347,556 1.2% ---------- ---- Total of Twelve Largest Institutional/Non-Retail Shareholders 18,105,833 63.9% ========== ==== Total of all Institutional/Non-Retail Shareholders 18,963,367 66.9% ========== ====
Operating Partnership Unit Information ---------------------
Percent of Total O.P. Units ------------------- Institutional/Non-Retail O.P. Unit Holders 4,113,048 58.6% Employee/Director O.P. Unit Holders 1,747,990 24.9% Other O.P. Unit Holders 1,163,406 16.6% --------- ----- Total O.P. Units 7,024,444 100.0% ========= =====
(1) Based on Schedule 13F filings with the U.S. Securities and Exchange Commission Total Share/O.P. Unit Ownership (Combined) [ ] Institutional/Non-Retail Share & O.P. Unit Holders 65% [ ] Retail Shareholders 27% [ ] Employee/Director O.P. Unitholders 5% [ ] Other O.P. Unitholders 3% Page 11 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Statements of Operations - Including Joint Venture Activity (1) Current Year-to-Date - by Quarter (in thousands)
Year-to-Date Current Quarter Nine months 3 months ended September 30, ended September 30, 2000 2000 ---------------------------------- ------------------------------------ Wholly Owned JV Total Wholly Owned JV Total ------------ -- ----- ------------ -- ----- PROPERTY REVENUES Minimum rents $ 55,472 $1,847 $ 57,319 $18,368 $613 $18,981 Percentage rents 1,741 57 1,798 401 7 408 Expense reimbursements 10,541 684 11,225 3,498 212 3,710 Other property income (2) 2,962 58 3,020 694 21 715 -------- ------ -------- ------- ---- ------- 70,716 2,646 73,362 22,961 853 23,814 -------- ------ ------- ------- ---- ------- PROPERTY EXPENSES Property operating 14,567 264 14,831 4,810 98 4,908 Real estate taxes 8,618 448 9,066 2,991 150 3,141 -------- ------ ------ ------ ---- ------- 23,185 712 23,897 7,801 248 8,049 -------- ------ ------- ------ ---- ------- NET OPERATING INCOME - PROPERTIES (2) 47,531 1,934 49,465 15,160 605 15,765 OTHER INCOME (EXPENSE) Property management and leasing - Home office (2,324) - (2,324) (758) - (758) General and administrative (3,746) - (3,746) (1,168) - (1,168) Interest income 888 - 888 296 - 296 Management income 702 - 702 232 - 232 Other income 15 - 15 - - - -------- ------ -------- ------- ---- ------- EBIDTA (2) 43,066 1,934 45,000 13,762 605 14,367 Depreciation and amortization (15,264) (489) (15,753) (5,164) (163) (5,327) Interest expense (18,950) (992) (19,942) (6,334) (340) (6,674) Loss on sale of properties (839) - (839) (839) - (839) -------- ------ -------- ------- ---- ------- Income before minority interest 8,013 453 8,466 1,425 102 1,527 Minority interest (2,523) - (2,523) (422) - (422) -------- ------ -------- ------- ---- ------- NET INCOME $ 5,490 $ 453 $ 5,943 $ 1,003 $102 $ 1,105 ======== ====== ======== ======= ==== =======
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Previous Quarters 3 months 3 months ended June 30, ended March 31, 2000 2000 ----------------------------------- ----------------------------------- Wholly Owned JV Total Wholly Owned JV Total ------------ -- ----- ------------ -- ----- PROPERTY REVENUES Minimum rents $18,663 $ 637 $19,300 $18,441 $ 597 $19,038 Percentage rents 589 (5) 584 751 55 806 Expense reimbursements 3,199 228 3,427 3,844 244 4,088 Other property income(2) 2,031 20 2,051 237 17 254 ------- ----- ------- ------- ---- ------- 24,482 880 25,362 23,273 913 24,186 ------- ----- ------- ------- ----- ------- PROPERTY EXPENSES Property operating 4,457 92 4,549 5,300 74 5,374 Real estate taxes 2,914 149 3,063 2,713 149 2,862 ------ ----- ------ ------ ---- ----- 7,371 241 7,612 8,013 223 8,236 ------ ----- ------ ------ ---- ----- NET OPERATING INCOME - PROPERTIES(2) 17,111 639 17,750 15,260 690 15,950 OTHER INCOME (EXPENSE) Property management and leasing - Home office (880) - (880) (686) - (686) General and administrative (1,285) - (1,285) (1,293) - (1,293) Interest income 262 - 262 330 - 330 Management income 220 - 220 250 - 250 Other income 5 - 5 10 - 10 ------- ----- ------- ------- ----- ------- EBIDTA (2) 15,433 639 16,072 13,871 690 14,561 Depreciation and amortization (5,085) (163) (5,248) (5,015) (163) (5,178) Interest expense (6,261) (325) (6,586) (6,355) (327) (6,682) Loss on sale of properties - - - - - - ------- ----- ------- ------- ----- ------- Income before minority interest 4,087 151 4,238 2,501 200 2,701 Minority interest (1,274) - (1,274) (827) - (827) ------- ----- ------- ------- ----- ------- NET INCOME $ 2,813 $ 151 $ 2,964 $ 1,674 $ 200 $ 1,874 ======= ===== ======= ======= ===== =======
(1) Quarterly results for 2000 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 period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Forms 10K and 10Q for the corresponding periods. (2) Other property income for the quarters ended September 30 and June 30, 2000 includes $200 and $1,757, respectively, of lease termination income received from tenants at the Abington Towne Center in connection with the redevelopment of the entire property. Page 12 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Statements of Operations - by Segment(1) Current Year-to-Date - by Quarter (in thousands)
Current Year-to-Date 9 months ended September 30, 2000 Retail Multi-Family Corporate Total ------ ------------ --------- ----- PROPERTY REVENUES Minimum rents $ 46,301 $11,018 $ - $ 57,319 Percentage rents 1,798 - - 1,798 Expense reimbursements 11,225 - - 11,225 Other property income(2) 2,551 469 - 3,020 -------- ------- ------- -------- 61,875 11,487 - 73,362 -------- ------- ------- -------- PROPERTY EXPENSES Property operating 10,977 3,854 - 14,831 Real estate taxes 8,392 674 - 9,066 -------- ------- ------- -------- 19,369 4,528 - 23,897 -------- ------- ------- -------- NET OPERATING INCOME - PROPERTIES (2) 42,506 6,959 - 49,465 OTHER INCOME (EXPENSE) Property management and leasing - Home office - - (2,324) (2,324) General and administrative - - (3,746) (3,746) Interest income - - 888 888 Management income - - 702 702 Other income - - 15 15 -------- ------- ------- -------- EBIDTA (2) 42,506 6,959 (4,465) 45,000 Depreciation and amortization (13,987) (1,532) (234) (15,753) Interest expense (16,690) (3,252) - (19,942) Loss on sale of properties (839) - - (839) -------- ------- ------- -------- Income before minority interest 10,990 2,175 (4,699) 8,466 Minority interest in Operating Partnership - - (2,523) (2,523) -------- ------- ------- -------- NET INCOME $ 10,990 $ 2,175 $(7,222) $ 5,943 ======== ======= ======= ========
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Current Quarter 3 months ended September 30, 2000 Retail Multi-Family Corporate Total ------ ------------ --------- ----- PROPERTY REVENUES Minimum rents $15,279 $ 3,702 $ - $18,981 Percentage rents 408 - - 408 Expense reimbursements 3,710 - - 3,710 Other property income(2) 550 165 - 715 ------- ------- ------- ------- 19,947 3,867 - 23,814 ------- ------- ------- ------- PROPERTY EXPENSES Property operating 3,584 1,324 - 4,908 Real estate taxes 2,915 226 - 3,141 ------- ------- ------- ------- 6,499 1,550 - 8,049 ------- ------- ------- ------- NET OPERATING INCOME - PROPERTIES (2) 13,448 2,317 - 15,765 OTHER INCOME (EXPENSE) Property management and leasing - Home office - - (758) (758) General and administrative - - (1,168) (1,168) Interest income - - 296 296 Management income - - 232 232 Other income - - - - ------- ------- ------- ------- EBIDTA (2) 13,448 2,317 (1,398) 14,367 Depreciation and amortization (4,722) (524) (81) (5,327) Interest expense (5,572) (1,102) - (6,674) Loss on sale of properties (839) - - (839) ------- ------- ------- ------- Income before minority interest 2,315 691 (1,479) 1,527 Minority interest in Operating Partnership - - (422) (422) ------- ------- ------- ------- NET INCOME $ 2,315 $ 691 $(1,901) $ 1,105 ======= ======= ======= =======
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Previous Quarters 3 months ended June 30, 2000 Retail Multi-Family Corporate Total ------ ------------ --------- ----- PROPERTY REVENUES Minimum rents $15,623 $ 3,677 $ - $19,300 Percentage rents 584 - - 584 Expense reimbursements 3,427 - - 3,427 Other property income(2) 1,899 152 - 2,051 ------- ------- ------- ------- 21,533 3,829 - 25,362 ------- ------- ------- ------- PROPERTY EXPENSES Property operating 3,220 1,329 - 4,549 Real estate taxes 2,839 224 - 3,063 ------ ------- ------- ------ 6,059 1,553 - 7,612 ------ ------- ------- ------ NET OPERATING INCOME - PROPERTIES (2) 15,474 2,276 - 17,750 OTHER INCOME (EXPENSE) Property management and leasing - Home office - - (880) (880) General and administrative - - (1,285) (1,285) Interest income - - 262 262 Management income - - 220 220 Other income - - 5 5 ------- ------- ------- ------- EBIDTA (2) 15,474 2,276 (1,678) 16,072 Depreciation and amortization (4,643) (510) (95) (5,248) Interest expense (5,502) (1,084) - (6,586) Loss on sale of properties - - - - ------- ------- ------- ------- Income before minority interest 5,329 682 (1,773) 4,238 Minority interest in Operating Partnership - - (1,274) (1,274) ------- ------- ------- ------- NET INCOME $ 5,329 $ 682 $(3,047) $ 2,964 ======= ======= ======= =======
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Previous Quarters 3 months ended March 31, 2000 Retail Multi-Family Corporate Total ------ ------------ --------- ----- PROPERTY REVENUES Minimum rents $15,399 $ 3,639 $ - $19,038 Percentage rents 806 - - 806 Expense reimbursements 4,088 - - 4,088 Other property income(2) 102 152 - 254 ------- ------- ------- ------- 20,395 3,791 - 24,186 ------- ------- ------- ------- PROPERTY EXPENSES Property operating 4,173 1,201 - 5,374 Real estate taxes 2,638 224 - 2,862 ------- ------- ------- ------- 6,811 1,425 - 8,236 ------- ------- ------- ------- NET OPERATING INCOME - PROPERTIES (2) 13,584 2,366 - 15,950 OTHER INCOME (EXPENSE) Property management and leasing - Home office - - (686) (686) General and administrative - - (1,293) (1,293) Interest income - - 330 330 Management income - - 250 250 Other income - - 10 10 ------- ------- ------- ------- EBIDTA (2) 13,584 2,366 (1,389) 14,561 Depreciation and amortization (4,622) (498) (58) (5,178) Interest expense (5,616) (1,066) - (6,682) Loss on sale of properties - - - - ------- ------- ------- ------- Income before minority interest 3,346 802 (1,447) 2,701 Minority interest in Operating Partnership - - (827) (827) ------- ------- ------- ------- NET INCOME $ 3,346 $ 802 $(2,274) $ 1,874 ======= ======= ======= =======
(1) Quarterly results for 2000 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 period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Forms 10K and 10Q for the corresponding periods. (2) Other property income for the quarters ended September 30 and June 30, 2000 includes $200 and $1,757, respectively, of lease termination income received from tenants at the Abington Towne Center in connection with the redevelopment of the entire property. Page 13 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Statements of Operations - Including Joint Venture Activity(1) Current Quarter and Year-to-Date v. Historical (in thousands)
Current Quarter 3 months ended September 30, 2000 Wholly Owned JV Total ------------ -- ----- PROPERTY REVENUES Minimum rents (2) $18,368 $ 613 $18,981 Percentage rents 401 7 408 Expense reimbursements 3,498 212 3,710 Other property income (3) 694 21 715 ------- ----- ------- 22,961 853 23,814 ------- ----- ------- PROPERTY EXPENSES Property operating 4,810 98 4,908 Real estate taxes 2,991 150 3,141 ------- ----- ------- 7,801 248 8,049 ------- ----- ------- NET OPERATING INCOME - PROPERTIES (2) 15,160 605 15,765 OTHER INCOME (EXPENSE) Property management and leasing - Home office (758) - (758) General and administrative (1,168) - (1,168) Interest income 296 - 296 Management income 232 - 232 Other income - - - ------- ----- ------- EBIDTA (2) 13,762 605 14,367 Depreciation and amortization (5,164) (163) (5,327) Interest expense (6,334) (340) (6,674) Loss on sale of properties (839) - (839) ------- ----- ------- Income before minority interest 1,425 102 1,527 Minority interest (422) - (422) ------- ----- ------- NET INCOME $ 1,003 $ 102 $ 1,105 ======= ===== =======
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Historic Quarter 3 months ended September 30, 1999 Wholly Owned JV Total ------------ -- ----- PROPERTY REVENUES Minimum rents (2) $19,606 $ 601 $20,207 Percentage rents 480 12 492 Expense reimbursements 3,481 250 3,731 Other property income (3) 275 12 287 ------- ----- ------- 23,842 875 24,717 ------- ----- ------- PROPERTY EXPENSES Property operating 4,806 108 4,914 Real estate taxes 2,637 149 2,786 ------- ----- ------- 7,443 257 7,700 ------- ----- ------- NET OPERATING INCOME - PROPERTIES (2) 16,399 618 17,017 OTHER INCOME (EXPENSE) Property management and leasing - Home office (313) - (313) General and administrative (1,437) - (1,437) Interest income 372 - 372 Management income 199 - 199 Other income 15 - 15 ------- ----- ------- EBIDTA (2) 15,235 618 15,853 Depreciation and amortization (4,976) (163) (5,139) Interest expense (6,037) (315) (6,352) Loss on sale of properties - - - ------- ----- ------- Income before minority interest 4,222 140 4,362 Minority interest (1,279) - (1,279) ------- ----- ------- NET INCOME $ 2,943 $ 140 $ 3,083 ======= ===== =======
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Current Year-to-Date 9 months ended September 30, 2000 Wholly Owned JV Total ------------ -- ----- PROPERTY REVENUES Minimum rents (2) $ 55,472 $1,847 $ 57,319 Percentage rents 1,741 57 1,798 Expense reimbursements 10,541 684 11,225 Other property income (3) 2,962 58 3,020 -------- ------ -------- 70,716 2,646 73,362 -------- ------ -------- PROPERTY EXPENSES Property operating 14,567 264 14,831 Real estate taxes 8,618 448 9,066 ------- ------ -------- 23,185 712 23,897 -------- ------ -------- NET OPERATING INCOME - PROPERTIES (2) 47,531 1,934 49,465 OTHER INCOME (EXPENSE) Property management and leasing - Home office (2,324) - (2,324) General and administrative (3,746) - (3,746) Interest income 888 - 888 Management income 702 - 702 Other income 15 - 15 -------- ------ -------- EBIDTA (2) 43,066 1,934 45,000 Depreciation and amortization (15,264) (489) (15,753) Interest expense (18,950) (992) (19,942) Loss on sale of properties (839) - (839) -------- ------ -------- Income before minority interest 8,013 453 8,466 Minority interest (2,523) - (2,523) -------- ------ -------- NET INCOME $ 5,490 $ 453 $ 5,943 ======== ====== ========
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Historic Year-to-Date 9 months ended September 30, 1999 Wholly Owned JV Total ------------ -- ----- PROPERTY REVENUES Minimum rents (2) $ 54,459 $1,830 $ 56,289 Percentage rents 1,953 39 1,992 Expense reimbursements 9,976 681 10,657 Other property income (3) 771 53 824 -------- ------ --------- 67,159 2,603 69,762 -------- ------ --------- PROPERTY EXPENSES Property operating 14,624 258 14,882 Real estate taxes 7,752 439 8,191 -------- ------ --------- 22,376 697 23,073 -------- ------ --------- NET OPERATING INCOME - PROPERTIES (2) 44,783 1,906 46,689 OTHER INCOME (EXPENSE) Property management and leasing - Home office (1,803) - (1,803) General and administrative (4,541) - (4,541) Interest income 877 - 877 Management income 518 - 518 Other income 28 - 28 -------- ------ --------- EBIDTA (2) 39,862 1,906 41,768 Depreciation and amortization (14,627) (488) (15,115) Interest expense (17,042) (938) (17,980) Loss on sale of properties (1,284) - (1,284) -------- ------ --------- Income before minority interest 6,909 480 7,389 Minority interest (2,252) - (2,252) -------- ------ --------- NET INCOME $ 4,657 $ 480 $ 5,137 ======== ====== =========
(1) Quarterly results for 2000 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 period, they are subject to adjustment. The Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Forms 10K and 10Q for the corresponding periods. (2) Minimum rents for the quarter ended September 30, 1999 include income of $1,387 recognized following the receipt of settlement amounts related to the Chapter 11 filing of the Penn Traffic Co. and the settlement of litigation initiated by the Company to enforce the lease payment obligations of the lease guarantor related to a former tenant which filed Chapter 11 and rejected the lease at one of the Company's centers prior to 1999. (3) Other property income for the three and nine months ended September 30 and June 30, 2000 includes $200 and $1,957, respectively, of lease termination income received from tenants at the Abington Towne Center in connection with the redevelopment of the entire property. Page 14 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Net Operating Income (NOI) - Same Store Performance (1) ------------------------------------------------------- (in thousands)
Current Year-to-date Historical Year-to-date 9 Month 9 Month Period ended Period ended September 30, September 30, 2000 1999 ------- ------- NOI - Consolidated properties $47,531 $44,783 NOI - Unconsolidated partnerships 1,934 1,906 ------- ------- Total NOI 49,465 46,689 Less straight-line rent (2) (820) (535) Non-recurring income (3) (1,957) (1,387) NOI - Properties Acquired (1,516) (1,032) NOI - Redevelopment Properties (1,416) (1,380) NOI - Properties Sold (15) (197) ------- ------- Same Property NOI $43,741 $42,158 ======= ======= Growth in Same Property NOI 3.8%
(1) The above amounts includes the activity related to the Company's equity in the earnings of unconsolidated subsidiaries. (2) Includes the Company's pro-rata share of straight-line rent of unconsolidated partnerships (3) Other property income for the 9 months ended September 30, 2000 includes $1,957 of lease termination income received from tenants at the Abington Towne Center in connection with the redevelopment of the entire property. Page 15 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Funds from Operations (FFO)(1) ------------------------------- (in thousands)
2000 ---- Year-to-Date Current Quarter September 30, 2000 September 30, 2000 --------------------------------------------- Net Income $ 5,943 $1,105 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 14,414 4,888 Unconsolidated subsidiaries 469 153 Income attributable to Operating Partnership units (2) 2,365 369 Loss on sale of properties 839 839 ------- ------ Funds from Operations (3) $24,030 $7,354 ======= ====== Funds from Operations per share (3) $ 0.67 $ 0.21 ======= ======
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2000 ---- Previous Quarters June 30, 2000 March 31, 2000 ---------------------------------------------- Net Income $ 2,964 $1,874 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 4,789 4,737 Unconsolidated subsidiaries 160 156 Income attributable to Operating Partnership units (2) 1,216 780 Loss on sale of properties - - ------- -- Funds from Operations (3) $9,129(4) $7,547 ======= ====== Funds from Operations per share (3) $ 0.26(4) $ 0.21 ======= ======
[RESTUB TABLE]
1999 ---- Quarter Ended Year-to-Date September 30, 1999 --------------------------------- Net Income $3,083 $ 5,137 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 4,717 13,999 Unconsolidated subsidiaries 156 468 Income attributable to Operating Partnership units (2) 1,279 2,252 Loss on sale of properties - 1,284 ------ ------- Funds from Operations (3) $9,235(5) $23,140 ====== ======= Funds from Operations per share (3) $ 0.25(5) $ 0.63 ====== =======
(1) Quarterly results for 2000 and 1999 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 period, they are subject to adjustment. (2) Does not include distributions paid to Preferred O.P. unitholders. (3) Assumes full conversion of O.P. Units into Common Shares. (4) FFO for the quarters ended September 30 and June 30, 2000 includes $200 ($0.01 per share) and $1,757 ($0.05 per share), respectively, of lease termination income received from tenants at the Abington Towne Center in connection with the redevelopment of the entire property. (5) FFO for the quarter ended September 30, 1999 includes income of $1,387 ($0.04 per share) recognized following the receipt of settlement amounts related to the Chapter 11 filing of the Penn Traffic Co. and the settlement of litigation initiated by the Company to enforce the lease payment obligations of the lease guarantor related to a former tenant which filed Chapter 11 and rejected the lease at one of the Company's centers prior to 1999. Page 16 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Consolidated Balance Sheets --------------------------- (in thousands) September 30, December 31, 2000 1999 --------- --------- ASSETS Real estate Land $ 80,803 $ 81,956 Buildings and improvements 487,329 477,573 Properties under development 7,832 9,992 --------- --------- 575,964 569,521 Less: accumulated depreciation (103,875) (90,932) --------- --------- Net real estate 472,089 478,589 Property held for sale 13,213 13,227 Cash and cash equivalents 13,244 35,340 Cash in escrow 10,307 9,707 Investments in unconsolidated partnerships 6,591 7,463 Rents receivable, net 8,433 8,865 Prepaid expenses 4,248 2,952 Deferred charges, net 13,827 12,374 Other assets 2,298 2,286 --------- --------- $ 544,250 $ 570,803 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $ 308,392 $ 326,651 Accounts payable and accrued expenses 7,103 6,385 Dividends and distributions payable 4,294 4,371 Other liabilities 4,533 4,224 --------- --------- Total liabilities 324,322 341,631 --------- --------- Minority interest in Operating Partnership 48,042 74,462 Minority interests in majority owned partnerships 2,209 2,223 --------- -------- Total minority interests 50,251 76,685 --------- --------- Shareholders' equity: Common shares 30 26 Additional paid-in capital 185,827 168,641 Deficit (16,180) (16,180) --------- --------- Total shareholders' equity 169,677 152,487 --------- --------- $ 544,250 $ 570,803 ========= ========= Page 17 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Selected Operating Ratios
3 Months Ended September 30, Year-to-Date September 30, 2000 1999 2000 1999 ------- ------- ------- -------- Coverage Ratios (1) Interest Coverage Ratio EBIDTA (2),(3) $14,167 $14,466 $ 43,043 $ 40,381 Divided by Interest expense 6,674 6,352 19,942 17,980 ------- ------- -------- -------- 2.12x 2.28x 2.16x 2.25x Fixed Charge Coverage Ratio EBIDTA (2), (3) $14,167 $14,466 $ 43,043 $ 40,381 Divided by (Interest expense 6,674 6,352 19,942 17,980 + Preferred Dividends (4)) 50 - 149 - ------- ------- -------- -------- 2.11x 2.28x 2.14x 2.25x Debt Service Coverage Ratio EBIDTA (2), (3) $14,167 $14,466 $ 43,043 $ 40,381 Divided by (Interest expense 6,674 6,352 19,942 17,980 + Principal Amortization) 974 825 2,973 2,688 ------- ------- -------- -------- 1.85x 2.02x 1.88x 1.95x Payout Ratios FFO Payout Ratio - Basic and Diluted Dividends (Shares) & Distributions (O.P. Units) paid - $0.12 per Share/O.P. Unit for each of the 1st, 2nd 3rd quarters in 2000 & 1999 $ 4,245 $ 4,383 $ 12,814 $ 13,168 FFO 7,154 7,848 22,073 21,753 ------- ------- -------- -------- 59% 56% 58% 61% Overhead Ratios G&A/Real Estate Revenues General and Administrative expense $ 1,168 $ 1,437 $ 3,746 $ 4,541 Real Estate Revenues (2),(3) 23,614 23,330 71,405 68,375 ------- ------- -------- -------- 5% 6% 5% 7% Leverage Ratios Debt/Total Market Capitalization (5) Debt $308,392 $308,570 Total Market Capitalization (6) 516,190 500,346 -------- -------- 60% 62%
Notes: (1) Results for the quarters and nine months ended September 30, 2000 and 1999 are unaudited. Although the 2000 results reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim period, they are subject to adjustment. The coverage ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to the Company's investment in unconsolidated partnerships. (2) EBIDTA, FFO and Revenues for the quarter and nine months ended September 30, 2000 have been adjusted for non-recurring income of $200 and $1,757, respectively, of lease termination income received from tenants at the Abington Towne Center in connection with the redevelopment of the entire property. The adjustments are as follows: Page 18
For the Quarter Ended September 30, 2000 For the Nine Months Ended September 30, 2000 EBIDTA Revenues FFO EBIDTA Revenues FFO Inclusive of settlement amounts $14,367 $23,814 $7,354 $45,000 $73,362 $24,030 Less settlement amounts (200) (200) (200) (1,957) (1,957) (1,957) ------- ------- ------ ------- ------- ------- As adjusted and used above $14,167 $23,614 $7,154 $43,043 $71,405 $22,073 ======= ======= ====== ======= ======= =======
(3) EBIDTA and Revenues have been adjusted for income of $1,387 recognized following the receipt of settlement amounts related to the Chapter 11 filing of the Penn Traffic Co. and the income recognized as a result of the settlement of litigation initiated by the Company to enforce the lease payment obligations of the lease guarantor related to a former tenant which filed Chapter 11 and rejected the lease at one of the Company's centers prior to 1999. The income was recognized during the third quarter of 1999. The adjustments are as follows:
For the Quarter Ended September 30, 1999 For the Nine Months Ended September 30, 1999 EBIDTA Revenues FFO EBIDTA Revenues FFO Inclusive of settlement amounts $15,853 $24,717 $ 9,235 $41,768 $69,762 $23,140 Less settlement amounts (1,387) (1,387) (1,387) (1,387) (1,387) (1,387) ------- ------- ------- ------- ------- ------- As adjusted and used above $14,466 $23,330 $ 7,848 $40,381 $68,375 $21,753 ======= ======= ======= ======= ======= =======
(4) Represents preferred distributions on Preferred Operating partnership Units issued in 4th quarter 1999. (5) Including the Company's pro-rata share of joint venture debt (see page 19), the Debt to Total Market Capitalization increases to 61% and 63% as of September 30, 2000 and 1999, respectively. (6) Reference page 9 for calculation of the September 30, 2000 Total Market Capitalization. Page 19 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Debt Analysis - Wholly Owned Properties
Principal Balance at Property Lender Notes September 30, 2000 - ------------------------------------------------------------------------------------------------------------------------------------ FIXED-RATE DEBT Valmont Plaza Metropolitan Life Insurance Co. 1 6,100,000 Luzerne Street Plaza Metropolitan Life Insurance Co. 1 2,000,000 Greenridge Plaza Metropolitan Life Insurance Co. 1 6,700,000 Crescent Plaza Metropolitan Life Insurance Co. 2 12,000,000 East End Centre Metropolitan Life Insurance Co. 2 14,200,000 Bloomfield Town Square Sun America Life Insurance Co. 10,150,062 Walnut Hill Shopping Center Sun America Life Insurance Co. 9,151,232 Atrium Mall Sun America Life Insurance Co. 10,173,492 GHT Apartments Sun America Life Insurance Co. 8,154,257 Colony Apartments Sun America Life Insurance Co. 3,833,195 Gateway Mall Huntoon Hastings Capital Corp. 6,221,896 Branch Shopping Center North Fork Bank 9,919,109 Pittston Plaza Anchor National Life Insurance Co. 3,798,453 Glen Oaks Apartments Lehman Brothers Holdings, Inc. 17,838,334 Mad River Mellon Mortgage Company 7,474,099 Manahawkin K-Mart Northern Life Insurance Co. and Reliastar Life Insurance Co. of New York 5,002,673 Mountainville Shopping Center Morgan Stanley Mortgage Capital 3,062,143 King's Fairground Morgan Stanley Mortgage Capital 856,196 Northside Mall Morgan Stanley Mortgage Capital 3,274,957 Dunmore Plaza Morgan Stanley Mortgage Capital 1,091,145 25th Street Plaza Morgan Stanley Mortgage Capital 7,677,732 Cloud Springs Plaza Morgan Stanley Mortgage Capital 2,551,390 Kingston Plaza Morgan Stanley Mortgage Capital 2,189,892 Plaza 15 Morgan Stanley Mortgage Capital 2,080,635 Martintown Plaza Morgan Stanley Mortgage Capital 2,799,166 Birney Mall Morgan Stanley Mortgage Capital 3,245,220 Midway Plaza Morgan Stanley Mortgage Capital 2,404,511 Shillington Plaza Morgan Stanley Mortgage Capital 2,777,790 Ames Plaza Morgan Stanley Mortgage Capital 978,183 Circle Plaza Morgan Stanley Mortgage Capital 1,202,683 New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 1,474,305 Monroe Plaza Morgan Stanley Mortgage Capital 3,657,927 Troy Plaza Morgan Stanley Mortgage Capital 2,312,258 Northwood Centre Nomura Asset Capital Corporation 22,127,108 ------------ TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 198,480,043 ------------ VARIABLE-RATE DEBT Town Line Fleet Bank, N.A. 3 4,124,555 Smithtown Shopping Center Fleet Bank, N.A. 4 9,243,423 Merrillville Plaza Sun America Life Insurance Co. 5 13,811,087 Village Apartments Sun America Life Insurance Co. 5 9,885,794 Marley Run Apartments KBC Bank 6 14,305,500 Marketplace of Absecon Fleet Bank, N.A. 7 - Soundview Marketplace Fleet Bank, N.A. 8 8,991,280 239 Greenwich Avenue First Union National Bank 9 13,667,320 Berlin Plaza Dime Savings Bank 10 3,040,965 Bradford Towne Center Dime Savings Bank 10 5,321,690 Ledgewood Mall Dime Savings Bank 10 19,310,131 New Louden Center Dime Savings Bank 10 4,561,448 Route 6 Mall Dime Savings Bank 10 3,649,159 ------------ TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 109,912,352 ------------ TOTAL/WEIGHTED AVERAGE - ALL DEBT $308,392,395 ============
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Interest Maturity Property Lender Rate Date - ----------------------------------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT Valmont Plaza Metropolitan Life Insurance Co. 7.75% 10/31/00 Luzerne Street Plaza Metropolitan Life Insurance Co. 7.75% 10/31/00 Greenridge Plaza Metropolitan Life Insurance Co. 7.75% 10/31/00 Crescent Plaza Metropolitan Life Insurance Co. 7.75% 10/31/00 East End Centre Metropolitan Life Insurance Co. 7.75% 10/31/00 Bloomfield Town Square Sun America Life Insurance Co. 7.75% 1/10/01 Walnut Hill Shopping Center Sun America Life Insurance Co. 7.75% 1/10/01 Atrium Mall Sun America Life Insurance Co. 7.75% 1/10/01 GHT Apartments Sun America Life Insurance Co. 7.75% 1/10/01 Colony Apartments Sun America Life Insurance Co. 7.75% 1/10/01 Gateway Mall Huntoon Hastings Capital Corp. 7.50% 9/1/02 Branch Shopping Center North Fork Bank 7.75% 12/1/02 Pittston Plaza Anchor National Life Insurance Co. 7.93% 1/1/04 Glen Oaks Apartments Lehman Brothers Holdings, Inc. 8.32% 3/1/04 Mad River Mellon Mortgage Company 9.60% 5/23/05 Manahawkin K-Mart Northern Life Insurance Co. and Reliastar Life Insurance Co. of New York 7.70% 12/1/08 Mountainville Shopping Center Morgan Stanley Mortgage Capital 8.84% 11/1/21 King's Fairground Morgan Stanley Mortgage Capital 8.84% 11/1/21 Northside Mall Morgan Stanley Mortgage Capital 8.84% 11/1/21 Dunmore Plaza Morgan Stanley Mortgage Capital 8.84% 11/1/21 25th Street Plaza Morgan Stanley Mortgage Capital 8.84% 11/1/21 Cloud Springs Plaza Morgan Stanley Mortgage Capital 8.84% 11/1/21 Kingston Plaza Morgan Stanley Mortgage Capital 8.84% 11/1/21 Plaza 15 Morgan Stanley Mortgage Capital 8.84% 11/1/21 Martintown Plaza Morgan Stanley Mortgage Capital 8.84% 11/1/21 Birney Mall Morgan Stanley Mortgage Capital 8.84% 11/1/21 Midway Plaza Morgan Stanley Mortgage Capital 8.84% 11/1/21 Shillington Plaza Morgan Stanley Mortgage Capital 8.84% 11/1/21 Ames Plaza Morgan Stanley Mortgage Capital 8.84% 11/1/21 Circle Plaza Morgan Stanley Mortgage Capital 8.84% 11/1/21 New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 8.84% 11/1/21 Monroe Plaza Morgan Stanley Mortgage Capital 8.84% 11/1/21 Troy Plaza Morgan Stanley Mortgage Capital 8.84% 11/1/21 Northwood Centre Nomura Asset Capital Corporation 9.02% 3/11/22 ---- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 8.25% ---- VARIABLE-RATE DEBT Town Line Fleet Bank, N.A. 8.38% 3/15/02 Smithtown Shopping Center Fleet Bank, N.A. 8.41% 5/31/02 Merrillville Plaza Sun America Life Insurance Co. 8.76% 8/1/02 Village Apartments Sun America Life Insurance Co. 8.83% 10/1/02 Marley Run Apartments KBC Bank 7.88% 12/31/02 Marketplace of Absecon Fleet Bank, N.A. 3/1/03 Soundview Marketplace Fleet Bank, N.A. 8.38% 8/1/03 239 Greenwich Avenue First Union National Bank 8.07% 1/1/05 Berlin Plaza Dime Savings Bank 8.44% 4/1/05 Bradford Towne Center Dime Savings Bank 8.44% 4/1/05 Ledgewood Mall Dime Savings Bank 8.44% 4/1/05 New Louden Center Dime Savings Bank 8.44% 4/1/05 Route 6 Mall Dime Savings Bank 8.44% 4/1/05 ---- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 8.39% ---- TOTAL/WEIGHTED AVERAGE - ALL DEBT 8.30% ====
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Percent of Months Total to Property Lender Indebtedness Maturity - ---------------------------------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT Valmont Plaza Metropolitan Life Insurance Co. 2.0% 1 Luzerne Street Plaza Metropolitan Life Insurance Co. 0.6% 1 Greenridge Plaza Metropolitan Life Insurance Co. 2.2% 1 Crescent Plaza Metropolitan Life Insurance Co. 3.9% 1 East End Centre Metropolitan Life Insurance Co. 4.6% 1 Bloomfield Town Square Sun America Life Insurance Co. 3.3% 3 Walnut Hill Shopping Center Sun America Life Insurance Co. 3.0% 3 Atrium Mall Sun America Life Insurance Co. 3.3% 3 GHT Apartments Sun America Life Insurance Co. 2.6% 3 Colony Apartments Sun America Life Insurance Co. 1.2% 3 Gateway Mall Huntoon Hastings Capital Corp. 2.0% 23 Branch Shopping Center North Fork Bank 3.2% 26 Pittston Plaza Anchor National Life Insurance Co. 1.2% 40 Glen Oaks Apartments Lehman Brothers Holdings, Inc. 5.8% 42 Mad River Mellon Mortgage Company 2.4% 57 Manahawkin K-Mart Northern Life Insurance Co. and Reliastar Life Insurance Co. of New York 1.6% 99 Mountainville Shopping Center Morgan Stanley Mortgage Capital 1.0% 257 King's Fairground Morgan Stanley Mortgage Capital 0.3% 257 Northside Mall Morgan Stanley Mortgage Capital 1.1% 257 Dunmore Plaza Morgan Stanley Mortgage Capital 0.4% 257 25th Street Plaza Morgan Stanley Mortgage Capital 2.5% 257 Cloud Springs Plaza Morgan Stanley Mortgage Capital 0.8% 257 Kingston Plaza Morgan Stanley Mortgage Capital 0.7% 257 Plaza 15 Morgan Stanley Mortgage Capital 0.7% 257 Martintown Plaza Morgan Stanley Mortgage Capital 0.9% 257 Birney Mall Morgan Stanley Mortgage Capital 1.1% 257 Midway Plaza Morgan Stanley Mortgage Capital 0.8% 257 Shillington Plaza Morgan Stanley Mortgage Capital 0.9% 257 Ames Plaza Morgan Stanley Mortgage Capital 0.3% 257 Circle Plaza Morgan Stanley Mortgage Capital 0.4% 257 New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 0.5% 257 Monroe Plaza Morgan Stanley Mortgage Capital 1.2% 257 Troy Plaza Morgan Stanley Mortgage Capital 0.7% 257 Northwood Centre Nomura Asset Capital Corporation 7.2% 261 --- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 64.4% ---- VARIABLE-RATE DEBT Town Line Fleet Bank, N.A. 1.3% 18 Smithtown Shopping Center Fleet Bank, N.A. 3.0% 20 Merrillville Plaza Sun America Life Insurance Co. 4.5% 22 Village Apartments Sun America Life Insurance Co. 3.2% 24 Marley Run Apartments KBC Bank 4.6% 27 Marketplace of Absecon Fleet Bank, N.A. 0.0% 29 Soundview Marketplace Fleet Bank, N.A. 2.9% 35 239 Greenwich Avenue First Union National Bank 4.4% 52 Berlin Plaza Dime Savings Bank 1.0% 55 Bradford Towne Center Dime Savings Bank 1.7% 55 Ledgewood Mall Dime Savings Bank 6.3% 55 New Louden Center Dime Savings Bank 1.5% 55 Route 6 Mall Dime Savings Bank 1.2% 55 TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 35.6% ---- TOTAL/WEIGHTED AVERAGE - ALL DEBT 100.0% =====
Notes: (1) This was refinanced on 10/13/00 with the same lender to variable-rate debt at LIBOR plus 200 basis points and an 11/01/03 maturity date (2) This was refinanced on 10/13/00 with the same lender to fixed-rate debt at 8.13% and an 11/01/10 maturity date (3) LIBOR plus 175 basis points. (4) LIBOR plus 178 basis points. (5) LIBOR plus 205 basis points. (6) LIBOR plus 125 basis points. (7) This is a revolving facility for up to $7,400,000 which bears interest at LIBOR plus 150 basis points (175 basis points if the loan to collateral value is > 50%). As of September 30, 2000, no amounts were drawn under this facility. (8) LIBOR + 175 basis points (9) LIBOR plus 145 basis points. (10) LIBOR plus 175 basis points. Page 20 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Debt Analysis-Unconsolidated Partnerships -----------------------------------------
Total Acadia Realty Principal Trust Balance at Interest Maturity VARABLE-RATE DEBT(1) Joint Venture Partner Ownership September 30, 2000 Rate Date - ------------------- --------------------- ------------- ------------------ ------- -------- Crossroads Shopping Center Heyman-Greenburgh Associates LLC 49.0% $34,761,482 7.71% 10/1/07 RMC Development Company LLC
Summary-Wholly-Owned Properties and Unconsolidated Partnerships Weighted % of Outstanding Avg. Total Balance Int. Rate --------------------------------------- Wholly-Owned Properties Fixed-Rate Debt 61% $198,480,043 8.25% Variable-Rate Debt 34% 109,912,352 8.39% --- ------------ ---- Wholly-Owned Properties - Total Debt 95% 308,392,395 8.30% --- ------------ ---- Unconsolidated Partnerships Fixed-Rate Debt 2% 5,000,000 7.53% Variable-Rate Debt 4% 12,033,126 7.71% --- ------------ ---- Unconsolidated Partnerships - Total Debt 5% 17,033,126 7.66% --- ------------ ---- Total Company Debt 100% $325,425,521 8.24% --- ------------ ---- Notes: (1) Acadia Realty Trust 49% ownership represents $17,033,126 of which $5,000,000 was fixed through an interest rate swap transaction. The interest rate for this loan is based upon LIBOR plus 105 basis points. Page 21 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Future Debt Maturities (1) (in thousands)
Weighted Average Interest Rate of Maturing Debt ----------------------------------------------------- Scheduled Year Amortization Maturities Total Total Debt Fixed-Rate Debt Variable-Rate Debt ---- ------------ ---------- ----- ---------- --------------- ------------------ 2000 $ 1,077 $ 41,000 $ 42,077 7.75% 7.75% n/a 2001 3,437 41,226 44,663 7.75% 7.75% n/a 2002 3,475 65,581 69,056 8.25% 7.65% 8.44% 2003 2,868 8,665 11,533 8.38% n/a 8.38% 2004 2,718 20,542 23,260 8.25% 8.25% n/a Thereafter 22,898 94,905 117,803 8.65% 8.96% 8.34% ------- ------- -------- $36,473 $271,919 $308,392 ======= ======== ========
Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 2000 $169 2nd Quarter 2000 72 3rd Quarter 2000 97 4th Quarter 2000 - ---- $338 ==== (1) Does not include debt from unconsolidated subsidiaries Page 22 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Unencumbered Properties ----------------------- Center Location GLA ------ -------- --- Blackman Plaza Wilkes-Barre, PA 121,206 Mark Plaza Edwardsville, PA 215,981 Union Plaza New Castle, PA 192,940 Wesmark Plaza Sumter, SC 215,198 Manahawkin Shopping Center Manahawkin, NJ 143,737 (excludes Kmart) Elmwood Park Shopping Center Elmwood, NJ 124,144 Methuen Shopping Center Methuen, CT 129,494 Plaza 422 Lebanon, PA 154,791 Tioga West Tunkhannock, PA 122,338 Pacesetter Park Shopping Center Ramapo, New York 95,559 Hobson West Plaza Naperville, IL 99,950 -------- Total Unencumbered Properties 1,615,338 ========= Page 23 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Portfolio by Region and Property Type (Square Feet)
Mixed-Use Property Strip Enclosed Under Total Retail/ Retail/ Residential Total Region Mall Mall Redevelopment(2) Retail Apartments Office ------ --------- ------- ---------------- --------- ---------- -------- ----------- --------- Consolidated Properties - New England 946,987 - 946,987 16,834 - - 963,821 New York Region 1,459,345 515,026 1,974,371 - - - 1,974,371 Mid-Atlantic 3,357,429 - 205,434 3,562,863 - - 831,972 4,394,835 Southeast 760,901 382,299 1,143,200 - 502,561 578,606 2,224,367 Mid-west 703,241 - 703,241 - - - 703,241 South Central Mid-West - - - - - - 628,891 628,891 --------- ------- ------- --------- ------ ------- --------- ---------- Total consolidated properties 7,227,903 897,325 205,434 8,330,662 16,834 502,561 2,039,469 10,889,526 Unconsolidated Partnerships - New York Region (1) 311,027 - - 311,027 - - - 311,027 --------- ------- ------- --------- ------ ------- --------- ---------- 7,538,930 897,325 205,434 8,641,689 16,834 502,561 2,039,469 11,200,553 ========= ======= ======= ========= ====== ======= ========= ========== % of Total Square Feet 67.3% 8.0% 1.8% 77.2% 0.2% 4.5% 18.2% 100.0%
(1) This center is 49% owned by unconsolidated partnerships (2) In connection with the redevelopment of the Abington Towne Center (formerly the Atrium Mall), the Company has entered into a contract to sell approximately 158,000 square feet of the main building to Target. The Company will retain and redevelop the remaining approximatly 50,000 square feet of the center. As a result of this activity, this property is not included as a current operating property for the quarter ended September 30, 2000 and is not included in the above amounts for the Mid-Atlantic region and wholly owned totals Page 24 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Commercial Properties by Region - Summary
---------------------------------------------------------------------------------- Gross Leasable Area Occupancy ---------------------------------------------------------------------------------- Anchors(1) Shops Total Anchors Shops Total ---------------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic(2) 2,519,023 838,406 3,357,429 95.93% 86.62% 93.61% Midwest 333,761 369,480 703,241 100.00% 84.47% 91.84% New England(3) 691,348 255,639 946,987 78.83% 84.29% 80.30% New York Region 1,263,286 711,085 1,974,371 96.21% 84.01% 91.82% Southeast(3) 524,781 618,419 1,143,200 92.43% 69.25% 79.89% ---------------------------------------------------------------------------------- Total Retail Properties - Wholly Owned 5,332,199 2,793,029 8,125,228 93.68% 81.61% 89.53% ---------------------------------------------------------------------------------- Mixed Use New England 16,834 - 16,834 100.00% 100.00% Southeast 322,237 180,324 502,561 100.00% 66.83% 88.10% ---------------------------------------------------------------------------------- Total Mixed Use 339,071 180,324 519,395 100.00% 66.83% 88.48% ---------------------------------------------------------------------------------- GRAND TOTAL - Wholly Owned 5,671,270 2,973,353 8,644,623 94.06% 80.72% 89.47% ================================================================================== Unconsolidated Retail Properties - -------------------------------- New York Region 191,363 119,664 311,027 100.00% 95.43% 98.24% ---------------------------------------------------------------------------------- Total Unconsolidated Retail Properties 191,363 119,664 311,027 100.00% 95.43% 98.24% ==================================================================================
--------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Totals --------------------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic(2) $ 9,392,135 $ 5,808,271 $ 15,200,406 $ 3.89 $ 8.00 $ 4.84 Midwest 2,411,030 4,053,442 6,464,472 7.22 12.99 10.01 New England(3) 2,746,274 2,272,688 5,018,962 5.04 10.55 6.60 New York Region 10,036,094 9,003,031 19,039,125 8.26 15.07 10.50 Southeast(3) 1,927,805 2,043,346 3,971,151 3.97 4.77 4.35 --------------------------------------------------------------------------------- Total Retail Properties - Wholly Owned 26,513,338 23,180,778 49,694,116 5.31 10.17 6.83 --------------------------------------------------------------------------------- Mixed Use New England 1,125,165 - 1,125,165 66.84 - 66.84 Southeast 4,305,369 1,521,979 5,827,348 13.36 12.63 13.16 --------------------------------------------------------------------------------- Total Mixed Use 5,430,534 1,521,979 6,952,513 16.02 12.63 15.13 --------------------------------------------------------------------------------- GRAND TOTAL - Wholly Owned $ 31,943,872 $ 24,702,757 $ 56,646,629 $ 5.99 $ 10.29 $ 7.32 ================================================================================= Unconsolidated Retail Properties - -------------------------------- New York Region 1,790,546 3,247,970 5,038,516 9.36 28.44 16.49 --------------------------------------------------------------------------------- Total Unconsolidated Retail Properties $ 1,790,546 $ 3,247,970 $ 5,038,516 $ 9.36 $ 28.44 $ 16.49 =================================================================================
Notes: General - The above occupancy figures do not include space which is currently leased, but for which rent payment has not yet commenced (1) The Company considers those tenants who comprise greater than 10% of a center's GLA as anchor tenants (2) In connection with the redevelopment of the Abington Towne Center (formerly the Atrium Mall), the Company has entered into a contract to sell approximately 158,000 square feet of the main building to Target. The Company will retain and redevelop the remaining approximatly 50,000 square feet of the center. As a result of this activity, this property is not included as a current operating property for the quarter ended September 30, 2000 and is not included in the above amounts for the Mid-Atlantic region and wholly owned totals (3) The Company is in the early stages of redeveloping the Northside Mall (Southeast Region) and the Gateway Shopping Center (New England Region). Occupancy at these properties is 68.8% and 39.9%, respectively. As part of the redevelopment activity, certain tenants have not been renewed and/or currently vacant space is being held vacant. Excluding these two properties, the Grand Total - Wholly Owned occupancy increases to 91.2%. Page 25 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Commercial Properties by Region - Detail
------------------------------------------------------------------------------ Gross Leasable Area Occupancy ------------------------------------------------------------------------------ Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------------ Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic ------------ Pennsylvania(1) - --------------- AMES PLAZA 90,410 7,800 98,210 100.00% 0.00% 92.06% BIRNEY PLAZA 135,493 58,406 193,899 100.00% 100.00% 100.00% BLACKMAN PLAZA 104,956 14,250 119,206 100.00% 80.70% 97.69% BRADFORD TOWNE CENTRE 146,499 110,220 256,719 100.00% 76.68% 89.99% CIRCLE PLAZA 92,171 - 92,171 100.00% 100.00% DUNMORE PLAZA 39,680 5,700 45,380 100.00% 66.67% 95.81% EAST END CENTER 176,200 132,227 308,427 100.00% 96.22% 98.38% GREENRIDGE PLAZA 144,736 52,886 197,622 57.57% 88.09% 65.74% KINGSTON PLAZA 51,500 13,324 64,824 100.00% 100.00% 100.00% LUZERNE STREET SHOPPING CENTER 54,618 3,097 57,715 100.00% 100.00% 100.00% MARK PLAZA 157,595 56,226 213,821 100.00% 67.27% 91.39% MONROE PLAZA 128,129 2,440 130,569 100.00% 100.00% 100.00% MOUNTAINVILLE SHOPPING CENTER 68,008 46,239 114,247 100.00% 96.76% 98.69% PITTSTON PLAZA 67,568 12,000 79,568 100.00% 100.00% 100.00% PLAZA 15 81,800 31,730 113,530 100.00% 92.12% 97.80% PLAZA 422 124,113 30,678 154,791 100.00% 32.60% 86.64% ROUTE 6 MALL 119,658 55,824 175,482 100.00% 83.88% 94.87% SHILLINGTON PLAZA 134,607 16,135 150,742 100.00% 100.00% 100.00% TIOGA WEST 113,338 9,000 122,338 100.00% 100.00% 100.00% 25TH STREET SHOPPING CENTER 28,800 102,677 131,477 100.00% 94.94% 96.05% UNION PLAZA 217,992 - 217,992 100.00% 100.00% VALMONT PLAZA 137,817 62,347 200,164 70.09% 91.18% 76.66% ------------------------------------------------------------------------------ Total: Pennsylvania 2,415,688 823,206 3,238,894 95.75% 86.37% 93.37% ------------------------------------------------------------------------------ Virginia - -------- KINGS FAIRGROUNDS 103,335 15,200 118,535 100.00% 100.00% 100.00% ------------------------------------------------------------------------------ Total: Virginia 103,335 15,200 118,535 100.00% 100.00% 100.00% ------------------------------------------------------------------------------ Total : Mid-Atlantic 2,519,023 838,406 3,357,429 95.93% 86.62% 93.61% ------------------------------------------------------------------------------
----------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ----------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ----------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Mid-Atlantic ------------ Pennsylvania(1) - --------------- AMES PLAZA 189,263 - 189,263 2.09 - 2.09 BIRNEY PLAZA 311,544 354,900 666,444 2.30 6.08 3.44 BLACKMAN PLAZA 204,664 58,000 262,664 1.95 5.04 2.26 BRADFORD TOWNE CENTRE 887,469 556,202 1,443,671 6.06 6.58 6.25 CIRCLE PLAZA 252,289 - 252,289 2.74 - 2.74 DUNMORE PLAZA 89,134 47,975 137,109 2.25 12.62 3.15 EAST END CENTER 1,117,500 1,111,580 2,229,080 6.34 8.74 7.35 GREENRIDGE PLAZA 380,000 353,893 733,893 4.56 7.60 5.65 KINGSTON PLAZA 280,750 132,250 413,000 5.45 9.93 6.37 LUZERNE STREET SHOPPING CENTER 272,150 39,097 311,247 4.98 12.62 5.39 MARK PLAZA 625,776 283,232 909,008 3.97 7.49 4.65 MONROE PLAZA 423,718 30,280 453,998 3.31 12.41 3.48 MOUNTAINVILLE SHOPPING CENTER 225,416 357,086 582,502 3.31 7.98 5.17 PITTSTON PLAZA 492,212 117,125 609,337 7.28 9.76 7.66 PLAZA 15 216,988 145,825 362,813 2.65 4.99 3.27 PLAZA 422 262,030 63,450 325,480 2.11 6.34 2.43 ROUTE 6 MALL 687,951 298,557 986,508 5.75 6.38 5.93 SHILLINGTON PLAZA 367,720 209,600 577,320 2.73 12.99 3.83 TIOGA WEST 373,847 72,000 445,847 3.30 8.00 3.64 25TH STREET SHOPPING CENTER 254,350 1,115,451 1,369,801 8.83 11.44 10.85 UNION PLAZA 938,730 - 938,730 4.31 - 4.31 VALMONT PLAZA 220,000 389,368 609,368 2.28 6.85 3.97 ------------------------------------------------------------------------ Total: Pennsylvania 9,073,501 5,735,871 14,809,372 3.92 8.07 4.90 ------------------------------------------------------------------------ Virginia - -------- KINGS FAIRGROUNDS 318,634 72,400 391,034 3.08 4.76 3.30 ------------------------------------------------------------------------ Total: Virginia 318,634 72,400 391,034 3.08 4.76 3.30 ------------------------------------------------------------------------ Total : Mid-Atlantic 9,392,135 5,808,271 15,200,406 3.89 8.00 4.84 ------------------------------------------------------------------------
General notes - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced The Company considers those tenants who comprise greater than 10% of a center's GLA as anchor tenants (1) In connection with the redevelopment of the Abington Towne Center (formerly the Atrium Mall), the Company has entered into a contract to sell approximately 158,000 square feet of the main building to Target. The Company will retain and redevelop the remaining approximatly 50,000 square feet of the center. As a result of this activity, this property is not included as a current operating property for the quarter ended September 30, 2000 and is not included in the above amounts for the Mid-Atlantic region and wholly owned totals Page 26 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Commercial Properties by Region - Detail
------------------------------------------------------------------------------ Gross Leasable Area Occupancy ------------------------------------------------------------------------------ Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------------ Retail Properties - Wholly Owned -------------------------------- Midwest ------- Illinois - -------- HOBSON WEST PLAZA 42,037 57,913 99,950 100.00% 91.86% 95.28% ------------------------------------------------------------------------------ Total: Illinois 42,037 57,913 99,950 100.00% 91.86% 95.28% ------------------------------------------------------------------------------ Indiana - ------- MERRILLVILLE PLAZA 101,357 134,063 235,420 100.00% 90.10% 94.36% ------------------------------------------------------------------------------ Total: Indiana 101,357 134,063 235,420 100.00% 90.10% 94.36% ------------------------------------------------------------------------------ Michigan - -------- BLOOMFIELD TOWN SQUARE 132,182 81,721 213,903 100.00% 68.46% 87.95% ------------------------------------------------------------------------------ Total: Michigan 132,182 81,721 213,903 100.00% 68.46% 87.95% ------------------------------------------------------------------------------ Ohio - ---- MAD RIVER STATION 58,185 95,783 153,968 100.00% 85.79% 91.16% ------------------------------------------------------------------------------ Total: Ohio 58,185 95,783 153,968 100.00% 85.79% 91.16% ------------------------------------------------------------------------------ Total: Midwest 333,761 369,480 703,241 100.00% 84.47% 91.84% ------------------------------------------------------------------------------ New England ----------- Connecticut - ----------- TOWN LINE PLAZA 157,165 48,693 205,858 100.00% 81.93% 95.73% ------------------------------------------------------------------------------ Total: Connecticut 157,165 48,693 205,858 100.00% 81.93% 95.73% ------------------------------------------------------------------------------ Massachusetts - ------------- METHUEN SHOPPING CENTER 116,260 13,234 129,494 26.20% 100.00% 33.74% CRESCENT PLAZA 154,865 61,230 216,095 100.00% 95.75% 98.80% ------------------------------------------------------------------------------ Total: Massachusetts 271,125 74,464 345,589 68.35% 96.51% 74.42% ------------------------------------------------------------------------------ Rhode Island - ------------ WALNUT HILL PLAZA 170,900 107,246 278,146 100.00% 82.49% 93.25% ------------------------------------------------------------------------------ Total: Rhode Island 170,900 107,246 278,146 100.00% 82.49% 93.25% ------------------------------------------------------------------------------ Vermont - ------- THE GATEWAY SHOPPING CENTER(1) 92,158 25,236 117,394 34.29% 60.41% 39.90% ------------------------------------------------------------------------------ Total: Vermont 92,158 25,236 117,394 34.29% 60.41% 39.90% ------------------------------------------------------------------------------ Total: New England 691,348 255,639 946,987 78.83% 84.29% 80.30% ------------------------------------------------------------------------------
----------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ----------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ----------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- Midwest ------- Illinois - -------- HOBSON WEST PLAZA 170,000 814,794 984,794 4.04 15.32 10.34 ----------------------------------------------------------------------- Total: Illinois 170,000 814,794 984,794 4.04 15.32 10.34 ----------------------------------------------------------------------- Indiana - ------- MERRILLVILLE PLAZA 835,417 1,390,636 2,226,053 8.24 11.51 10.02 ----------------------------------------------------------------------- Total: Indiana 835,417 1,390,636 2,226,053 8.24 11.51 10.02 ----------------------------------------------------------------------- Michigan - -------- BLOOMFIELD TOWN SQUARE 930,383 704,398 1,634,781 7.04 12.59 8.69 ----------------------------------------------------------------------- Total: Michigan 930,383 704,398 1,634,781 7.04 12.59 8.69 ----------------------------------------------------------------------- Ohio - ---- MAD RIVER STATION 475,230 1,143,614 1,618,844 8.17 13.92 11.53 ----------------------------------------------------------------------- Total: Ohio 475,230 1,143,614 1,618,844 8.17 13.92 11.53 ----------------------------------------------------------------------- Total: Midwest 2,411,030 4,053,442 6,464,472 7.22 12.99 10.01 ----------------------------------------------------------------------- New England ----------- Connecticut - ----------- TOWN LINE PLAZA 730,000 523,834 1,253,834 4.64 13.13 6.36 ----------------------------------------------------------------------- Total: Connecticut 730,000 523,834 1,253,834 4.64 13.13 6.36 ----------------------------------------------------------------------- Massachusetts - ------------- METHUEN SHOPPING CENTER 109,656 161,680 271,336 3.60 12.22 6.21 CRESCENT PLAZA 812,385 502,750 1,315,135 5.25 8.58 6.16 ----------------------------------------------------------------------- Total: Massachusetts 922,041 664,430 1,586,471 4.98 9.25 6.17 ----------------------------------------------------------------------- Rhode Island - ------------ WALNUT HILL PLAZA 967,833 866,939 1,834,772 5.66 9.80 7.07 ----------------------------------------------------------------------- Total: Rhode Island 967,833 866,939 1,834,772 5.66 9.80 7.07 ----------------------------------------------------------------------- Vermont - ------- THE GATEWAY SHOPPING CENTER(1) 126,400 217,485 343,885 4.00 14.27 7.34 ----------------------------------------------------------------------- Total: Vermont 126,400 217,485 343,885 4.00 14.27 7.34 ----------------------------------------------------------------------- Total: New England 2,746,274 2,272,688 5,018,962 5.04 10.55 6.60 -----------------------------------------------------------------------
General notes - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced The Company considers those tenants who comprise greater than 10% of a center's GLA as anchor tenants (1) This property is currently under redevelopment Retail Properties - Wholly Owned Page 27 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Commercial Properties by Region - Detail
------------------------------------------------------------------------------ Gross Leasable Area Occupancy ------------------------------------------------------------------------------ Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------------ Retail Properties - Wholly Owned -------------------------------- New York Region --------------- New Jersey - ---------- ELMWOOD PARK SHOPPING CENTER 27,918 96,314 124,232 100.00% 91.35% 93.29% MARKETPLACE OF ABSECON 58,031 46,875 104,906 100.00% 68.38% 85.87% BERLIN SHOPPING CENTER 127,850 57,728 185,578 100.00% 73.32% 91.70% LEDGEWOOD MALL 342,468 172,558 515,026 100.00% 82.30% 94.07% MANAHAWKIN VILLAGE SHOPPING CENTER 152,053 23,208 175,261 100.00% 100.00% 100.00% ------------------------------------------------------------------------------ Total: New Jersey 708,320 396,683 1,105,003 100.00% 82.58% 93.75% ------------------------------------------------------------------------------ New York - -------- SOUNDVIEW MARKETPLACE 66,800 113,820 180,620 100.00% 87.35% 92.03% VILLAGE COMMONS SHOPPING CENTER 25,192 61,963 87,155 100.00% 88.83% 92.06% BRANCH SHOPPING CENTER 83,670 42,142 125,812 100.00% 84.19% 94.70% NEW LOUDEN CENTER 226,543 25,200 251,743 78.89% 100.00% 81.00% TROY PLAZA 100,709 27,770 128,479 100.00% 100.00% 100.00% PACESETTER PARK SHOPPING CENTER 52,052 43,507 95,559 100.00% 61.79% 82.60% ------------------------------------------------------------------------------ Total: New York 554,966 314,402 869,368 91.38% 85.81% 89.37% ------------------------------------------------------------------------------ Total: New York Region 1,263,286 711,085 1,974,371 96.21% 84.01% 91.82% ------------------------------------------------------------------------------ Southeast --------- Alabama - ------- MIDWAY PLAZA 105,775 101,763 207,538 79.44% 67.07% 73.37% NORTHSIDE MALL 111,970 270,329 382,299 100.00% 55.94% 68.84% ------------------------------------------------------------------------------ Total: Alabama 217,745 372,092 589,837 90.01% 58.98% 70.44% ------------------------------------------------------------------------------ Florida - ------- NEW SMYRNA BEACH SHOPPING CENTER 35,980 65,341 101,321 100.00% 100.00% 100.00% ------------------------------------------------------------------------------ Total: Florida 35,980 65,341 101,321 100.00% 100.00% 100.00% ------------------------------------------------------------------------------ Georgia - ------- CLOUD SPRINGS PLAZA 74,260 39,107 113,367 100.00% 83.38% 94.27% ------------------------------------------------------------------------------ Total: Georgia 74,260 39,107 113,367 100.00% 83.38% 94.27% ------------------------------------------------------------------------------ South Carolina - -------------- MARTINTOWN PLAZA 91,996 41,896 133,892 80.43% 64.66% 75.50% WESMARK PLAZA 104,800 99,983 204,783 100.00% 83.75% 92.07% ------------------------------------------------------------------------------ Total: South Carolina 196,796 141,879 338,675 90.85% 78.11% 85.51% ------------------------------------------------------------------------------ Total: Southeast 524,781 618,419 1,143,200 92.43% 69.25% 79.89% ------------------------------------------------------------------------------ Total: Retail Properties - Wholly Owned(1) 5,332,199 2,793,029 8,125,228 93.68% 81.61% 89.53% ==============================================================================
---------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ---------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ---------------------------------------------------------------------- Retail Properties - Wholly Owned -------------------------------- New York Region --------------- New Jersey - ---------- ELMWOOD PARK SHOPPING CENTER 120,000 1,820,022 1,940,022 4.30 20.69 16.74 MARKETPLACE OF ABSECON 927,574 505,575 1,433,149 15.98 15.77 15.91 BERLIN SHOPPING CENTER 619,400 264,944 884,344 4.84 6.26 5.20 LEDGEWOOD MALL 2,926,038 1,658,433 4,584,471 8.54 11.68 9.46 MANAHAWKIN VILLAGE SHOPPING CENTER 1,286,874 303,686 1,590,560 8.46 13.09 9.08 --------------------------------------------------------------------- Total: New Jersey 5,879,886 4,552,660 10,432,546 8.30 13.90 10.07 --------------------------------------------------------------------- New York - -------- SOUNDVIEW MARKETPLACE 1,010,250 1,357,015 2,367,265 15.12 13.65 14.24 VILLAGE COMMONS SHOPPING CENTER 407,055 1,296,495 1,703,550 16.16 23.55 21.23 BRANCH SHOPPING CENTER 1,110,114 609,240 1,719,354 13.27 17.17 14.43 NEW LOUDEN CENTER 1,132,881 415,170 1,548,051 6.34 16.48 7.59 TROY PLAZA 196,000 290,625 486,625 1.95 10.47 3.79 PACESETTER PARK SHOPPING CENTER 299,908 481,826 781,734 5.76 17.92 9.90 --------------------------------------------------------------------- Total: New York 4,156,208 4,450,371 8,606,579 8.20 16.50 11.08 --------------------------------------------------------------------- Total: New York Region 10,036,094 9,003,031 19,039,125 8.26 15.07 10.50 --------------------------------------------------------------------- Southeast --------- Alabama - ------- MIDWAY PLAZA 213,960 342,880 556,840 2.55 5.02 3.66 NORTHSIDE MALL 227,974 684,388 912,362 2.04 4.53 3.47 --------------------------------------------------------------------- Total: Alabama 441,934 1,027,268 1,469,202 2.25 4.68 3.54 --------------------------------------------------------------------- Florida - ------- NEW SMYRNA BEACH SHOPPING CENTER 275,100 494,685 769,785 7.65 7.57 7.60 --------------------------------------------------------------------- Total: Florida 275,100 494,685 769,785 7.65 7.57 7.60 --------------------------------------------------------------------- Georgia - ------- CLOUD SPRINGS PLAZA 331,371 176,470 507,841 4.46 5.41 4.75 --------------------------------------------------------------------- Total: Georgia 331,371 176,470 507,841 4.46 5.41 4.75 --------------------------------------------------------------------- South Carolina - -------------- MARTINTOWN PLAZA 296,500 162,231 458,731 4.01 5.99 4.54 WESMARK PLAZA 582,900 182,692 765,592 5.56 2.18 4.06 --------------------------------------------------------------------- Total: South Carolina 879,400 344,923 1,224,323 4.92 3.11 4.23 --------------------------------------------------------------------- Total: Southeast 1,927,805 2,043,346 3,971,151 3.97 4.77 4.35 --------------------------------------------------------------------- Total: Retail Properties - Wholly Owned(1) $26,513,338 $23,180,778 $49,694,116 $ 5.31 $10.17 $ 6.83 =====================================================================
General notes - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced The Company considers those tenants who comprise greater than 10% of a center's GLA as anchor tenants (1) The Company is currently redeveloping the Abington Towne Center (formerly the Atrium Mall). As part of the redevelopment, the Company has terminated leases with A&P and Circuit City and is anticipating terminating a third lease with Eckerd Drugs during the third quarter of 2000. The Company has also entered into a contract to sell approximately 158,000 square feet of the main building to Target. As a result of this activity, the center is not included as an operating property for the quarter ended June 30, 2000 and is not included in the above amounts for Pennsylvania, the Mid-Atlantic region and wholly owned totals Page 28 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Commercial Properties by Region - Detail
----------------------------------------------------------------------------- Gross Leasable Area Occupancy ----------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ----------------------------------------------------------------------------- Mixed Use --------- New England ----------- Connecticut - ----------- 239 GREENWICH AVENUE 16,834 - 16,834 100.00% - 100.00% ----------------------------------------------------------------------------- Total: Connecticut 16,834 - 16,834 100.00% - 100.00% ----------------------------------------------------------------------------- Total: New England 16,834 - 16,834 100.00% - 100.00% ----------------------------------------------------------------------------- Southeast --------- Florida - ------- NORTHWOOD CENTRE 322,237 180,324 502,561 100.00% 66.83% 88.10% ----------------------------------------------------------------------------- Total: Florida 322,237 180,324 502,561 100.00% 66.83% 88.10% ----------------------------------------------------------------------------- Total: Southeast 322,237 180,324 502,561 100.00% 66.83% 88.10% ----------------------------------------------------------------------------- Total: Mixed Use 339,071 180,324 519,395 100.00% 66.83% 88.48% ============================================================================= Unconsolidated Retail Properties -------------------------------- New York Region --------------- New York - -------- CROSSROADS JOINT VENTURE 138,933 57,116 196,049 100.00% 90.42% 97.21% CROSSROADS II 52,430 62,548 114,978 100.00% 100.00% 100.00% ----------------------------------------------------------------------------- Total: New York 191,363 119,664 311,027 100.00% 95.43% 98.24% ----------------------------------------------------------------------------- Total: New York Region 191,363 119,664 311,027 100.00% 95.43% 98.24% ----------------------------------------------------------------------------- Total: Unconsolidated Retail Properties 191,363 119,664 311,027 100.00% 95.43% 98.24% =============================================================================
------------------------------------------------------------------------ Annualized Base Rent Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------------ Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------ Mixed Use --------- New England ----------- Connecticut - ----------- 239 GREENWICH AVENUE $1,125,165 $ - $1,125,165 $66.84 $ - $66.84 ------------------------------------------------------------------------ Total: Connecticut 1,125,165 - 1,125,165 66.84 - 66.84 ------------------------------------------------------------------------ Total: New England 1,125,165 - 1,125,165 66.84 - 66.84 ------------------------------------------------------------------------ Southeast --------- Florida - ------- NORTHWOOD CENTRE 4,305,369 1,521,979 5,827,348 13.36 12.63 13.16 ------------------------------------------------------------------------ Total: Florida 4,305,369 1,521,979 5,827,348 13.36 12.63 13.16 ------------------------------------------------------------------------ Total: Southeast 4,305,369 1,521,979 5,827,348 13.36 12.63 13.16 ------------------------------------------------------------------------ Total: Mixed Use $5,430,534 $1,521,979 $6,952,513 $16.02 $12.63 $15.13 ======================================================================== Unconsolidated Retail Properties -------------------------------- New York Region --------------- New York - -------- CROSSROADS JOINT VENTURE $1,070,250 $1,419,224 $2,489,474 $ 7.70 $27.48 $13.06 CROSSROADS II 720,296 1,828,746 2,549,042 13.74 29.24 22.17 ------------------------------------------------------------------------ Total: New York 1,790,546 3,247,970 5,038,516 9.36 28.44 16.49 ------------------------------------------------------------------------ Total: New York Region 1,790,546 3,247,970 5,038,516 9.36 28.44 16.49 ------------------------------------------------------------------------ Total: Unconsolidated Retail Properties $1,790,546 $3,247,970 $5,038,516 $ 9.36 $28.44 $16.49 ========================================================================
General notes - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced The Company considers those tenants who comprise greater than 10% of a center's GLA as anchor tenants Page 29 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Top 25 Retail Tenants - Ranked by Annualized Base Rent ------------------------------------------------------ (excludes Joint Venture and Mixed-Use Properties)
Percentage of Total Represented by Retail Tenant Number of ----------------------------------- Retail Stores in Total Annualized Base Total Annualized Base Ranking Tenant Portfolio GLA Rent 1 Portfolio GLA(2) Rent(2) - ------- ------ --------- --- ------ ---------------- ------- 1 Kmart 9 924,282 $ 3,431,692 11.4% 6.9% 2 Ames 11 815,171 2,479,383 10.0% 5.0% 3 Price Chopper 6 267,197 1,596,727 3.3% 3.2% 4 Grand Union(3) 4 174,570 1,383,578 2.1% 2.8% 5 Eckerd Drug(4) 14 169,563 1,354,990 2.1% 2.7% 6 T.J. Maxx 7 208,108 1,288,861 2.6% 2.6% 7 Walmart 2 232,540 1,116,575 2.9% 2.2% 8 Shaw's 2 102,617 1,014,684 1.3% 2.0% 9 Acme (Albertson's) 3 109,064 1,004,080 1.3% 2.0% 10 Redner's Supermarket 2 111,739 837,112 1.4% 1.7% 11 PharMor 2 90,471 820,346 1.1% 1.7% 12 Fashion Bug(5) 10 126,056 792,721 1.6% 1.6% 13 A&P (Waldbaum's) 1 64,665 730,000 0.8% 1.5% 14 Sears 2 159,640 703,230 2.0% 1.4% 15 Penn Traffic 2 85,896 635,811 1.1% 1.3% 16 Stern's (Federated) 1 73,349 610,745 0.9% 1.2% 17 CVS 6 62,610 605,755 0.8% 1.2% 18 Clearview Cinemas(6) 1 25,400 596,250 0.3% 1.2% 19 Blockbuster Video 5 28,266 587,412 0.3% 1.2% 20 Kay Bee Toys 5 41,025 559,050 0.5% 1.1% 21 JC Penney 2 72,580 546,747 0.9% 1.1% 22 Payless Shoe Source 12 41,209 514,970 0.5% 1.0% 23 Circuit City 1 33,294 449,469 0.4% 0.9% 24 Office Depot 3 83,821 443,480 1.0% 0.9% 25 Walgreens 2 18,978 420,024 0.2% 0.8% --- --------- ------------ ---- ---- Total 115 4,122,111 $ 24,523,692 50.7% 49.3% === ========= ============ ==== ====
(1) Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after September 30, 2000 (2) Represents total GLA and annualized base rent for the Company's retail properties excluding mixed-use and joint venture properties (3) On October 2, 2000, Grand Union filed for protection under Chapter 11 of the US Bankruptcy laws (4) Subsidiary of JC Penney. The store at the Route 6 Mall has ceased operating but continues to pay rent persuant to the lease (5) This tenant pays percentage rent only (no minimum rent) at 8 of these locations. Included in the above rent is $576,093 of percentage rent paid for calander 1999 (6) Subsidiary of Cablevision Page 30 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Anchor Tenant Summary ---------------------
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF Required Notice - ----------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- New England - ----------- Connecticut ----------- TOWN LINE PLAZA, ROCKY HILL (Strip Mall) WAL-MART(1) 92,500 12/31/09 $ - $ - WALDBAUMS 64,665 3/8/17 730,000 11.29 (7) 5 YEAR (6 MONTHS) ------- ---------------------- Total: TOWN LINE PLAZA 157,165 730,000 11.29 ------- ---------------------- Massachusetts ------------- METHUEN SHOPPING CENTER, METHUEN (Strip Mall) DEMOULAS SUPER MARKETS 30,460 1/31/05 109,656 3.60 (2) 5 YEAR ------- ---------------------- Total: METHUEN SHOPPING CENTER 30,460 109,656 3.60 ------- ---------------------- CRESCENT PLAZA, BROCKTON (Strip Mall) BRADLEES 104,640 1/31/09 295,425 2.82 (1) 8 YR & (2) 5 YEAR SHAWS SUPERMARKETS 50,225 12/31/12 516,960 10.29 (6) 5 YEAR (6 MONTHS) ------- ---------------------- Total: CRESCENT PLAZA 154,865 812,385 5.25 ------- ---------------------- Rhode Island ------------ WALNUT HILL PLAZA, WOONSOCKET (Strip Mall) A.J. WRIGHT 28,648 4/30/04 164,726 5.75 (3) 5 YEARS (6 MONTHS) BRUNSWICK INDOOR RECREATION 29,160 4/2/05 47,383 1.62 - SEARS 60,700 8/31/03 258,000 4.25 (6) 5 YEAR (12 MONTHS) SHAWS SUPERMARKETS 52,392 12/31/13 497,724 9.50 (6) 5 YEAR (9 MONTHS) ------- ---------------------- Total: WALNUT HILL PLAZA 170,900 967,833 5.66 ------- ---------------------- Vermont ------- THE GATEWAY SHOPPING CENTER, BURLINGTON (Strip Mall)(2) GRAND UNION(3) 31,600 6/30/05 126,400 4.00 (1) 5 YEAR (12 MONTHS) ------- ---------------------- Total: THE GATEWAY SHOPPING CENTER 31,600 126,400 4.00 ------- ---------------------- Total : New England 544,990 2,746,274 5.04 ------- ----------------------
(1) This space is contiguous to the Company's property and is not owned by the Company. (2) This property is currently undergoing redevelopment (3) Grand Union filed Chapter 11 on October 2, 2000. This lease has been neither rejected nor affirmed to date. Page 31 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Anchor Tenant Summary ---------------------
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF Required Notice - ----------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- New York Region - --------------- New Jersey ---------- ELMWOOD PARK SHOPPING CENTER, ELMWOOD PARK (Strip Mall) GRAND UNION(2) 27,918 4/30/01 120,000 4.30 - --------- --------------------- Total: ELMWOOD PARK SHOPPING CENTER 27,918 120,000 4.30 --------- --------------------- MARKETPLACE OF ABSECON, ABSECON (Strip Mall) ECKERD DRUG 13,207 9/20/20 329,310 24.93 (4) 5 YEAR (6 MONTHS) ACME MARKETS 44,824 4/30/15 598,264 13.35 (8) 5 YEAR (12 MONTHS) --------- --------------------- Total: MARKETPLACE OF ABSECON 58,031 927,574 15.98 --------- --------------------- BERLIN SHOPPING CENTER, BERLIN (Strip Mall) ACME MARKETS 32,040 4/30/05 320,400 10.00 (2) 5 YEAR (6 MONTHS) KMART 95,810 11/30/04 299,000 3.12 (5) 5 YEAR (6 MONTHS) --------- --------------------- Total: BERLIN SHOPPING CENTER 127,850 619,400 4.84 --------- --------------------- LEDGEWOOD MALL, LEDGEWOOD (Mall) CIRCUIT CITY 33,294 1/31/20 449,469 13.50 (4) 5 YEAR (6 MONTHS) MARSHALL'S 27,228 1/31/02 313,122 11.50 PHARMHOUSE 47,271 5/31/09 496,346 10.50 (2) 5 YEAR THE SPORTS AUTHORITY 52,205 5/31/07 225,000 4.31 (6) 5 YEAR (15 MONTHS) STERN'S DEPARTMENT STORES(1) 61,900 1/31/05 553,500 8.94 (1) 5 YEAR (6 MONTHS) WAL-MART 120,570 3/31/19 888,601 7.37 (6) 5 YEAR (6 MONTHS) --------- --------------------- Total: LEDGEWOOD MALL 342,468 2,926,038 8.54 --------- --------------------- MANAHAWKIN VILLAGE, MANAHAWKIN (Strip Mail) KMART 112,434 1/31/19 843,255 7.50 (8) 5 YEAR (12 MONTHS) MANDEE'S 8,000 1/31/04 80,000 10.00 (4) 5 YEARS (6 MONTHS) HOYTS 31,619 11/30/18 363,618 11.50 (4) 5 YEAR (6 MONTHS) --------- --------------------- Total: MANAHAWKIN VILLAGE SHOPPING CENTER 152,053 1,286,873 8.46 --------- --------------------- New York -------- SOUNDVIEW MARKETPLACE, PORT WASHINGTON (Strip Mall) KING KULLEN 41,400 9/26/07 414,000 10.00 (3) 5 YEAR (11 MONTHS) CLEARVIEW CINEMA 25,400 5/31/10 596,250 23.47 (4) 5 YEAR (12 MONTHS) --------- --------------------- Total: SOUNDVIEW MARKETPLACE 66,800 1,010,250 15.12 --------- --------------------- SMITHTOWN SHOPPING CENTER, SMITHTOWN (Strip Mall) DAFFY'S 16,125 5/30/08 262,031 16.25 (4) 5 YEAR (12 MONTHS) WALGREENS EASTERN CO. INC. 9,067 12/31/21 145,024 15.99 - --------- --------------------- Total: SMITHTOWN SHOPPING CENTER 25,192 407,055 16.16 --------- --------------------- THE BRANCH SHOPPING CENTER, SMITHTOWN (Strip Mall) GRAND UNION(2) 63,000 11/30/13 837,270 13.29 (1) 10 YEAR & (1) 5 YEAR PERGAMENT HOME CENTERS 20,670 10/31/04 272,844 13.20 (3) 5 YEAR (12 MONTHS) --------- --------------------- Total: RD BRANCH ASSOCIATES L.P. 83,670 1,110,114 13.27 --------- ---------------------
NEW LOUDON CENTER, LATHAM (Strip Mall) AMES 76,641 2/28/00 268,244 3.50 (3) 5 YEAR (12 MONTHS) MARSHALLS 26,015 1/31/04 104,060 4.00 (1) 5 YEAR (12 MONTHS) PRICE CHOPPER 76,060 5/31/15 760,577 10.00 (4) 5 YEAR (12 MONTHS) --------- --------------------- Total: NEW LOUDEN CENTER 178,716 1,132,881 6.34 --------- --------------------- TROY PLAZA, TROY (Strip Mall) AMES 71,665 5/31/06 140,000 1.95 (1) 5 YEAR (6 MONTHS) PRICE CHOPPER 29,044 9/30/04 56,000 1.93 (2) 5 YEAR --------- --------------------- Total: TROY PLAZA 100,709 196,000 1.95 --------- --------------------- PACESETTER PARK SHOPPING CENTER, POMONA (Strip Center) GRAND UNION(2) 52,052 8/31/20 299,909 5.76 (2) 10 YEAR --------- --------------------- Total: PACESETTER PARK SHOPPING CENTER 52,052 299,909 5.76 --------- --------------------- Total: New York Region 1,215,459 10,036,094 8.26 --------- ---------------------
(1) The tenant has additional expansion space bringing the total space to 74,815 s.f. with rents of $618,075 (2) Grand Union filed Chapter 11 on October 2, 2000. These leases have been neither rejected nor affirmed to date. Page 32 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Anchor Tenant Summary ---------------------
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF Required Notice - ----------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- Mid-Atlantic - ------------ Pennsylvania ------------ ABINGTON TOWNE CENTER, ABINGTON (Strip Mall)(1) - - - - AMES PLAZA, SHAMOKIN (Strip Mall) AMES 59,116 1/31/03 84,006 1.42 (2) 5 YEAR (6 MONTHS) BUY-RITE LIQUIDATORS 31,294 8/30/10 105,257 3.36 (1) 5 YEAR (9 MONTHS) ------- --------------------- Total: AMES PLAZA 90,410 189,263 2.09 ------- --------------------- BIRNEY PLAZA, MOOSIC (Strip Mall) BIG LOTS 30,537 1/31/03 106,880 3.50 (1) 5 YEAR (6 MONTHS) KMART 104,956 10/31/04 204,664 1.95 (9) 5 YEAR (6 MONTHS) ------- --------------------- Total: BIRNEY PLAZA 135,493 311,544 2.30 ------- --------------------- BLACKMAN PLAZA, WILKES-BARRE (Strip Mail) KMART 104,956 10/31/04 204,664 1.95 (9) 5 YEAR (12 MONTHS) ------- --------------------- Total: BLACKMAN PLAZA 104,956 204,664 1.95 ------- --------------------- BRADFORD TOWNE CENTRE, TOWANDA (Strip Mall) KMART 94,841 3/31/19 474,205 5.00 (10) 5 YEAR (6 MONTHS) PENN TRAFFIC 51,658 9/30/14 413,264 8.00 (2) 5 YEAR (6 MONTHS) ------- --------------------- Total: BRADFORD TOWNE CENTRE 146,499 887,469 6.06 ------- --------------------- CIRCLE PLAZA, SHAMOKIN DAM (Strip Mall) KMART 92,171 11/7/04 252,289 2.74 (9) 5 YEAR (12 MONTHS) ------- --------------------- Total: CIRCLE PLAZA 92,171 252,289 2.74 ------- --------------------- DUNMORE PLAZA, DUNMORE (Strip Mall) ECKERD DRUGS 13,205 11/30/04 89,134 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER(2) 26,475 11/30/05 - - (3) 5 YEAR (6 MONTHS) ------- --------------------- Total: DUNMORE PLAZA 39,680 89,134 2.25 ------- --------------------- EAST END CENTER, WILKES-BARRE (Strip Mall) AMES 83,000 1/31/07 436,000 5.25 (6) 5 YEAR (6 MONTHS) PHAR-MOR 43,200 3/31/03 324,000 7.50 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 50,000 4/30/08 357,500 7.15 (4) 5 YEAR (6 MONTHS) ------- --------------------- Total: EAST END CENTER 176,200 1,117,500 6.34 ------- ---------------------
(1) Formerly the Atrium Mall, the Company is currently redeveloping the property. Acadia has sold a portion of the center to Target who will redevelop and occupy 157,616 square feet of the main building. Acadia will retain ownership and redevelop the balance (approximately 50,000 square feet) of the center. (2) Acadia owns only the land and not the building for this tenant Page 33 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Anchor Tenant Summary ---------------------
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF Required Notice - ----------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- Mid-Atlantic (continued) - ------------------------ Pennsylvania ------------ GREENRIDGE PLAZA, SCRANTON (Strip Mall) AMES 83,330 1/31/07 380,000 4.56 (6) 5 YEAR (6 MONTHS) ------- ----------------- Total: GREENRIDGE PLAZA 83,330 380,000 4.56 ------- ----------------- KINGSTON PLAZA, KINGSTON (Strip Mall) DOLLAR GENERAL 6,500 6/30/01 35,750 5.50 (2) 3 YEAR (6 MONTHS) PRICE CHOPPER 45,000 12/31/06 245,000 5.44 (4) 5 YEAR (6 MONTHS) ------- ----------------- Total: KINGSTON PLAZA 51,500 280,750 5.45 ------- ----------------- LUZERNE STREET SHOPPING CENTER. SCRANTON (Strip Mall) ECKERD DRUGS 14,000 4/30/04 94,500 6.75 (3) 5 YEAR (6 MONTHS) PRICE CHOPPER 40,618 4/30/04 177,650 4.37 (4) 5 YEAR (12 MONTHS) ------- ----------------- Total: LUZERNE STREET SHOPPING CENTER 54,618 272,150 4.98 ------- ----------------- MARK PLAZA, EDWARDSVILLE (Strip Mall) KMART 104,956 10/31/04 204,664 1.95 (10) 5 YEAR (12 MONTHS) REDNER'S MARKET 52,639 5/31/18 421,112 8.00 (2) 5 YEAR (6 MONTHS) ------- ----------------- Total: MARK PLAZA 157,595 625,776 3.97 ------- ----------------- MONROE PLAZA, STROUDSBURG (Strip Mall) AMES 61,489 1/29/09 94,434 1.54 (3) 5 YEAR ECKERD DRUGS 13,716 10/31/02 48,006 3.50 (2) 5 YEAR (6 MONTHS) SHOP-RITE 52,924 10/31/05 281,278 5.31 (3) 5 & (1) 3 YEAR ------- ----------------- Total: MONROE PLAZA 128,129 423,718 3.31 ------- ----------------- MOUNTAINVILLE SHOPPING CENTER, ALLENTOWN (Strip Mail) ACME MARKETS(1) 32,200 6/30/04 85,416 2.65 Not Operating - Closed 2/24/00 ECKERD DRUGS 15,808 4/30/04 60,000 3.80 (4) 5 YEAR (6 MONTHS) KLING'S HANDYMAN 20,000 1/31/02 80,000 4.00 (1) 5 YEAR (6 MONTHS) ------- ----------------- Total: MOUNTAINVILLE SHOPPING CENTER 68,008 225,416 3.31 ------- ----------------- PITTSTON PLAZA, PITTSTON (Strip Mail) ECKERD DRUGS 8,468 6/30/06 76,212 9.00 (2) 5 YEAR (6 MONTHS) REDNER'S MARKETS 59,100 12/31/18 416,000 7.04 (2) 5 YEAR ------- ----------------- Total: PITTSTON PLAZA 67,568 492,212 7.28 ------- -----------------
(1) This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease Retail Anchor Properties- Wholly Owned Page 34 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Anchor Tenant Summary ---------------------
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF Required Notice - ----------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Mid-Atlantic (continued) - ------------------------ Pennsylvania ------------ PLAZA 15, LEWISBURG (Strip Mail) AMES 53,000 4/30/06 121,900 2.30 (3) 5 YEAR (6 MONTHS) WEIS MARKETS 28,800 12/31/01 95,088 3.30 (4) 5 YEAR (3 MONTHS) --------- -------------------- Total: PLAZA 15 81,800 216,988 2.65 --------- -------------------- PLAZA 422, LEBANON (Strip Mall) PLAYTIME INC, (Sub-leased from Giant) 40,783 9/23/04 132,030 3.24 (5) 5 YEAR AMES 83,330 10/31/01 130,000 1.56 (4) 5 YEAR (6 MONTHS) --------- -------------------- Total: PLAZA 422 124,113 262,030 2.11 --------- -------------------- ROUTE 6 MALL, HONESDALE (Strip Mall) KMART 119,658 4/30/20 687,951 5.75 (10) 5 YEAR (AUTOMATIC) --------- -------------------- Total: ROUTE 6 MALL 119,658 687,951 5.75 --------- -------------------- SHILLINGTON PLAZA, READING (Strip Mall) KMART 94,500 7/31/04 261,000 2.76 (9) 5 YEAR (12 MONTHS) WEIS MARKETS 40,107 8/31/01 106,720 2.66 (3) 5 YEAR (12 MONTHS) --------- -------------------- Total: SHILLINGTON PLAZA 134,607 367,720 2.73 --------- -------------------- TIOGA WEST,TUNKHANNOCK (Strip Mall) AMES 53,000 5/31/05 111,300 2.10 (2) 5 YEAR (6 MONTHS) ECKERD DRUGS 12,600 3/31/05 40,000 3.17 (2) 5 YEAR (6 MONTHS) FASHION BUG (Pays percentage rent only) 13,500 11/30/09 - - (3) 5 YEAR (6 MONTHS) PENN TRAFFIC 34,238 9/30/14 222,547 6.50 (1) 5 YEAR & (1) 4 YEAR --------- -------------------- Total: TIOGA WEST 113,338 373,847 3.30 --------- -------------------- 25TH STREET SHOPPING CENTER, EASTON (Strip Mall) CVS 13,400 12/31/05 127,300 9.50 (1) 5 YEAR (6 MONTHS) PETCO 15,400 1/31/09 127,050 8.25 (2) 5 YEAR --------- -------------------- Total: 25TH STREET SHOPPING CENTER 28,800 254,350 8.83 --------- -------------------- UNION PLAZA, NEW CASTLE (Strip Mall) AMES 94,000 1/31/17 493,500 5.25 (2) 5 YEAR PEEBLES (pays percentage rent only) 25,052 1/31/18 - - (3) 3 YEAR (AUTOMATIC) SEARS 98,940 10/25/11 445,230 4.50 (4) 5 YEAR --------- -------------------- Total: UNION PLAZA 217,992 938,730 4.31 --------- -------------------- VALMONT PLAZA, WEST HAZELTON (Strip Mall) AMES 96,600 1/31/07 220,000 2.28 (3) 5 YEAR (6 MONTHS) --------- -------------------- Total: VALMONT PLAZA 96,600 220,000 2.28 --------- -------------------- Virginia -------- KINGS FAIRGROUNDS, DANVILLE (Strip Mail) CVS 12,160 2/28/02 29,184 2.40 (2) 5 YEAR SCHEWEL FURNITURE 60,200 1/31/01 165,550 2.75 (2) 5 YEAR (3 MONTHS) TRACTOR SUPPLY CO. 30,975 11/30/08 123,900 4.00 (3) 5 YEAR (6 MONTHS) --------- -------------------- Total: KINGS FAIRGROUNDS 103,335 318,634 3.08 --------- -------------------- Total: Mid-Atlantic 2,416,400 9,392,135 3.89 --------- --------------------
Page 35 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Anchor Tenant Summary ---------------------
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF Required Notice - ----------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- Southeast - --------- Alabama ------- MIDWAY PLAZA, OPELIKA (Strip Mail) BEALL'S OUTLET 30,000 4/30/01 30,000 1.00 - EASTWYNN THEATRES 25,238 6/30/05 114,580 4.54 (2) 5 YEAR (12 MONTHS) OFFICE DEPOT 28,787 10/31/07 69,380 2.41 (3) 5 YEAR (AUTOMATIC) ------- -------------------- Total: MIDWAY PLAZA 84,025 213,960 2.55 ------- -------------------- NORTHSIDE MALL, DOTHAN (Mail) WAL-MART 111,970 1/31/04 227,974 2.04 (6) 5 YEAR (6 MONTHS) ------- -------------------- Total: NORTHSIDE MALL 111,970 227,974 2.04 ------- -------------------- Florida ------- NEW SMYRNA BEACH SHOPPING CNTR, NEW SMYRNA BEACH (Strip Mall) HARDBODIES FAMILY FITNESS 11,200 8/31/08 52,080 4.65 - THEATRE MANAGEMENT INC.(1) 24,780 11/30/05 223,020 9.00 (4) 5 YEAR (6 MONTHS) ------- -------------------- Total: NEW SMYRNA BEACH SHOPPING CNTR 35,980 275,100 7.65 ------- -------------------- Georgia ------- CLOUD SPRINGS PLAZA, FORT OGLETHORPE (Strip Mall) BIG LOTS 30,000 10/31/05 99,000 3.30 - FOOD LION 29,000 1/31/11 181,250 6.25 (4) 5 YEAR W.S. BADCOCK 15,260 9/28/05 51,121 3.35 (1) 5 YEAR (6 MONTHS) ------- -------------------- Total: CLOUD SPRINGS PLAZA 74,260 331,371 4.46 ------- -------------------- South Carolina -------------- MARTINTOWN PLAZA, NORTH AUGUSTA (Strip Mail) BELK STORE 44,000 1/31/04 154,000 3.50 (4) 5 YEAR (6 MONTHS) OFFICE DEPOT 29,996 6/30/08 142,500 4.75 (2) 5 YEAR (12 MONTHS) ------- -------------------- Total: MARTINTOWN PLAZA 73,996 296,500 4.01 ------- -------------------- WESMARK PLAZA, SUMTER (Strip Mail) GOODY'S 24,960 5/31/05 162,240 6.50 (2) 5 YEAR (6 MONTHS) SIMPSON'S PLAZA HARDWARE 30,000 7/31/01 54,000 1.80 STAPLES 21,840 9/30/05 114,660 5.25 (3) 5 YEAR (6 MONTHS) THEATRE MANAGEMENT INC. 28,000 5/31/09 252,000 9.00 (2) 5 YEAR (6 MONTHS) ------- -------------------- Total: WESMARK PLAZA 104,800 582,900 5.56 ------- -------------------- Total: Southeast 485,031 1,927,805 3.97 ------- --------------------
(1) The tenant has recently expanded bringing the total space to 35,280 s.f. with rents of $349,020 Page 36 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Anchor Tenant Summary ---------------------
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF Required Notice - ----------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties - Wholly Owned - --------------------------------------- Midwest - ------- Illinois -------- HOBSON WEST PLAZA, NAPERVILLE (Strip Mail) EAGLE FOOD CENTERS 42,037 11/30/07 170,000 4.04 (5) 5 YEAR (6 MONTHS) --------- -------------------- Total: HOBSON WEST PLAZA, 42,037 170,000 4.04 --------- -------------------- Indiana ------- MERRILLVILLE PLAZA, MERILLVILLE (Strip Mall) JC PENNEY 50,000 1/31/08 450,000 9.00 (2) 5 YEAR (12 MONTHS) OFFICEMAX 26,157 7/31/08 202,717 7.75 (4) 5 YEAR (6 MONTHS) TJX COMPANIES INC. 25,200 1/31/04 182,700 7.25 (1) 5 YEAR (6 MONTHS) --------- -------------------- Total: MERRILLVILLE PLAZA 101,357 835,417 8.24 --------- -------------------- Michigan -------- BLOOMFIELD TOWN SQUARE, BLOOMFIELD HILLS (Strip Mall) HOME GOODS 37,452 5/31/10 290,253 7.75 (3) 5 YEAR DRUG EMPORIUM 37,230 10/31/00 223,380 6.00 (4) 5 YEAR (6 MONTHS) OFFICEMAX 21,500 6/30/10 182,750 8.50 (3) 5 YEAR (9 MONTHS) TJ MAXX 36,000 3/31/03 234,000 6.50 (2) 5 YEAR (6 MONTHS) --------- -------------------- Total: BLOOMFIELD TOWN SQUARE 132,182 930,383 7.04 --------- -------------------- Ohio ---- MAD RIVER STATION - RETAIL, DAYTON (Strip Mall) BABIES 'R' US 33,147 2/28/05 243,630 7.35 (3) 5 YEAR OFFICE DEPOT 25,038 8/31/05 231,600 9.25 (1) 5 YEAR (6 MONTH) --------- -------------------- Total: MAD RIVER STATION - RETAIL SPACE 58,185 475,230 8.17 --------- -------------------- Total: Midwest 333,761 2,411,030 7.22 --------- -------------------- Total: Retail Anchor Properties - Wholly Owned 4,995,641 $26,513,338 $ 5.31 ========= ==================== Mixed Use - --------- New England - ----------- Connecticut ----------- 239 GREENWICH AVE., GREENWCH (Mixed Use - Retail/Apts) CHICO'S FASHION 4,541 1/31/10 $ 295,165 $65.00 (2) 5 YEARS RESTORATION HARDWARE INC. 12,293 4/30/15 830,000 67.52 (2) 5 YEARS (6 MONTHS) --------- -------------------- Total: 239 GREENWICH AVE. 16,834 1,125,165 66.84 --------- -------------------- Total: New England 16,834 1,125,165 66.84 --------- -------------------- Southeast - --------- Florida ------- NORTHWOOD CENTRE, TALLAHASSEE (Mixed Use - Retail/Office) DPR #790:0070 151,233 4/30/06 2,167,169 14.33 (5) 1 YEAR DCF #590:1998 119,054 7/31/05 1,963,200 16.49 (1) 6 YEAR & (2) 2 YEAR PUBLIX SUPERMARKET 51,950 6/30/05 175,000 3.37 (4) 5 YEAR --------- -------------------- Total: NORTHWOOD CENTRE 322,237 4,305,369 13.36 --------- -------------------- Total: Southeast 322,237 4,305,369 13.36 --------- -------------------- Total: Mixed Use 339,071 $ 5,430,534 $16.02 ========= ====================
Page 37 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Anchor Tenant Summary ---------------------
- ----------------------------------------------------------------------------------------------------------------------------------- Property/Tenant Name Square Lease Annual Annual Options/ (Type of Center) Footage Expiration Rent Rent PSF Required Notice - ----------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Unconsolidated Retail Properties - -------------------------------- New York Region - --------------- New York -------- CROSSROADS SHOPPING CENTER,WHITEPLAINS, (Strip Mall) K-MART 100,725 1/31/12 $ 566,250 $ 5.62 (5) 5 YEAR (9 MONTHS) WALDBAUMS 38,208 12/31/07 504,000 13.19 (5) 5 YEAR (9 MONTHS) B. DALTON 12,430 5/28/12 321,813 25.89 (2) 5 YEAR (18 MONTHS) MODELL'S 15,000 1/11/02 204,733 13.65 - PERGAMENT 25,000 2/28/09 193,750 7.75 (2) 5 YEAR (12 MONTHS) -------- -------------------- Total: CROSSROADS SHOPPING CENTER 191,363 1,790,546 9.36 -------- -------------------- Total: New York Region 191,363 1,790,546 9.36 -------- -------------------- Total: Unconsolidated Retail Properties 191,363 $1,790,546 $ 9.36 ======== ====================
Page 38 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Lease Expirations
Gross Leased Area Annualized Base Rent ----------------- ----------------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Retail Properties Anchor Tenant Expirations 2000 2 68,830 1.38% 349,780 1.32% 5.08 2001 8 306,855 6.14% 737,108 2.78% 2.40 2002 4 73,104 1.46% 470,312 1.77% 6.43 2003 5 229,553 4.60% 1,006,886 3.80% 4.39 2004 20 1,047,510 20.97% 3,307,315 12.47% 3.16 2005 17 512,222 10.25% 2,830,669 10.68% 5.53 2006 4 178,133 3.57% 583,112 2.20% 3.27 2007 7 427,359 8.55% 1,914,380 7.22% 4.48 2008 7 214,453 4.29% 1,590,728 6.00% 7.42 2009 7 362,800 7.26% 1,265,255 4.77% 3.49 2010 4 115,646 2.31% 1,174,510 4.43% 10.16 2011 2 127,940 2.56% 626,480 2.36% 4.90 2012 1 50,225 1.01% 516,960 1.95% 10.29 2013 2 115,392 2.31% 1,334,994 5.04% 11.57 2014 2 85,896 1.72% 635,811 2.40% 7.40 2015 2 120,884 2.42% 1,358,841 5.13% 11.24 2017 2 158,665 3.18% 1,223,500 4.61% 7.71 2018 4 168,410 3.37% 1,200,731 4.53% 7.13 2019 3 327,845 6.56% 2,206,061 8.32% 6.73 2020 5 294,852 5.90% 2,034,881 7.67% 6.90 2021 1 9,067 0.19% 145,024 0.55% 15.99 --- --------- ------ ----------- ------ ------ Total Occupied 109 4,995,641 100.00% $26,513,338 100.00% $ 5.31 Total Vacant 336,558 --------- Total Square Feet 5,332,199 =========
Page 39 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Lease Expirations
Gross Leased Area Annualized Base Rent ----------------- ----------------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Retail Properties Shop Tenant Expirations Month to Month 50 203,245 8.92% $ 1,542,852 6.66% $ 7.59 2000 30 104,387 4.58% 841,639 3.63% 8.06 2001 90 309,986 13.60% 2,873,486 12.40% 9.27 2002 81 303,806 13.33% 3,040,893 13.12% 10.01 2003 79 290,757 12.76% 3,054,210 13.18% 10.50 2004 58 251,289 11.02% 2,911,039 12.56% 11.58 2005 52 226,635 9.94% 2,561,954 11.05% 11.30 2006 18 99,064 4.35% 940,715 4.06% 9.50 2007 12 93,525 4.10% 1,091,127 4.71% 11.67 2008 20 116,162 5.10% 1,473,474 6.36% 12.68 2009 20 102,706 4.51% 1,060,666 4.58% 10.33 2010 10 96,379 4.23% 676,043 2.92% 7.01 2011 4 25,558 1.12% 338,054 1.46% 13.23 2014 2 31,411 1.38% 357,500 1.54% 11.38 2015 1 9,592 0.42% 180,330 0.78% 18.80 2019 1 14,887 0.64% 236,796 1.00% 15.91 --- --------- ------ ----------- ------ ------- Total Occupied 528 2,279,389 100.00% $23,180,778 100.00% $ 10.17 Total Vacant 513,640 --------- Total Square Feet 2,793,029 =========
Page 40 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Lease Expirations
Gross Leased Area Annualized Base Rent ----------------- ----------------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Retail Properties Total Retail Expirations Month to Month 50 203,245 2.79% $ 1,542,852 3.10% $ 7.59 2000 32 173,217 2.38% 1,191,419 2.40% 6.88 2001 98 616,841 8.48% 3,610,594 7.27% 5.85 2002 85 376,910 5.18% 3,511,205 7.07% 9.32 2003 84 520,310 7.15% 4,061,096 8.17% 7.81 2004 78 1,298,799 17.85% 6,218,354 12.51% 4.79 2005 69 738,857 10.16% 5,392,623 10.85% 7.30 2006 22 277,197 3.81% 1,523,827 3.07% 5.50 2007 19 520,884 7.16% 3,005,507 6.05% 5.77 2008 27 330,615 4.54% 3,064,202 6.17% 9.27 2009 27 465,506 6.40% 2,325,921 4.68% 5.00 2010 14 212,025 2.91% 1,850,553 3.72% 8.73 2011 6 153,498 2.11% 964,534 1.94% 6.28 2012 1 50,225 0.69% 516,960 1.04% 10.29 2013 2 115,392 1.59% 1,334,994 2.69% 11.57 2014 4 117,307 1.61% 993,311 2.00% 8.47 2015 3 130,476 1.79% 1,539,171 3.10% 11.80 2017 2 158,665 2.18% 1,223,500 2.46% 7.71 2018 4 168,410 2.31% 1,200,731 2.42% 7.13 2019 4 342,732 4.71% 2,442,857 4.92% 7.13 2020 5 294,852 4.08% 2,034,881 4.08% 6.90 2021 1 9,067 0.12% 145,024 0.29% 15.99 --- --------- ------- ----------- ------ ------ Total Occupied 637 7,275,030 100.00% 49,694,116 100.00% 6.83 Total Vacant 850,198 --------- Total Square Feet 8,125,228 =========
Page 41 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Lease Expirations
Gross Leased Area Annualized Base Rent ----------------- ----------------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Mixed Use Expirations Month to Month 7 21,655 4.71% $ 264,764 3.81% $ 12.23 2000 2 23,164 5.04% 282,738 4.07% 12.21 2001 8 44,485 9.68% 647,692 9.32% 14.56 2003 3 6,627 1.44% 99,050 1.42% 14.95 2004 3 7,761 1.69% 110,598 1.59% 14.25 2005 4 177,802 38.69% 2,198,680 31.62% 12.37 2006 2 160,983 35.03% 2,216,569 31.88% 13.77 2009 1 266 0.06% 7,257 0.10% 27.28 2010 1 4,541 0.99% 295,165 4.25% 65.00 2015 1 12,293 2.67% 830,000 11.94% 67.52 -- ------- ------ ---------- ------ ------- Total Occupied 32 459,577 100.00% 6,952,513 100.00% 15.13 Total Vacant 59,818 ------- Total Square Feet 519,395 =======
Page 42 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Lease Expirations
Gross Leased Area Annualized Base Rent ----------------- ----------------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Total Portfolio Expirations Month to Month 57 224,900 2.91% 1,807,616 3.19% 8.04 2000 34 196,381 2.54% 1,474,157 2.60% 7.51 2001 106 661,326 8.55% 4,258,286 7.52% 6.44 2002 85 376,910 4.87% 3,511,205 6.20% 9.32 2003 87 526,937 6.81% 4,160,146 7.34% 7.89 2004 81 1,306,560 16.89% 6,328,952 11.17% 4.84 2005 73 916,659 11.85% 7,591,303 13.40% 8.28 2006 24 438,180 5.67% 3,740,396 6.60% 8.54 2007 19 520,884 6.73% 3,005,507 5.31% 5.77 2008 27 330,615 4.27% 3,064,202 5.41% 9.27 2009 28 465,772 6.02% 2,333,178 4.12% 5.01 2010 15 216,566 2.80% 2,145,718 3.79% 9.91 2011 6 153,498 1.98% 964,534 1.70% 6.28 2012 1 50,225 0.65% 516,960 0.91% 10.29 2013 2 115,392 1.49% 1,334,994 2.36% 11.57 2014 4 117,307 1.52% 993,311 1.75% 8.47 2015 4 142,769 1.85% 2,369,171 4.18% 16.59 2017 2 158,665 2.05% 1,223,500 2.16% 7.71 2018 4 168,410 2.18% 1,200,731 2.12% 7.13 2019 4 342,732 4.43% 2,442,857 4.31% 7.13 2020 5 294,852 3.82% 2,034,881 3.60% 6.90 2021 1 9,067 0.12% 145,024 0.26% 15.99 --- --------- ------ ---------- ------ ------ Total Occupied 669 7,734,607 100.00% 56,646,629 100.00% 7.32 Total Vacant 910,016 --------- Total Square Feet 8,644,623 =========
Page 43 [LOGO] QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Lease Expirations
Gross Leased Area Annualized Base Rent ----------------- ----------------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------- ------- ----- ------ ----- ------- Joint Ventures Month to Month 1 3,000 0.98% $ 95,700 1.90% 31.90 2001 1 1,650 0.54% 50,144 1.00% 30.39 2002 7 31,517 10.31% 689,317 13.68% 21.87 2003 5 20,241 6.62% 626,518 12.43% 30.95 2004 7 30,516 9.99% 789,917 15.68% 25.89 2005 6 19,315 6.32% 555,421 11.02% 28.76 2006 3 5,260 1.72% 150,818 2.99% 28.67 2007 4 44,238 14.48% 702,891 13.95% 15.89 2008 3 10,201 3.34% 241,883 4.80% 23.71 2009 2 26,462 8.66% 247,844 4.92% 9.37 2012 2 113,155 37.04% 888,063 17.63% 7.85 -- ------- ------ --------- ------ ----- Total Occupied 41 305,555 100.00% 5,038,516 100.00% 16.49 Total Vacant 5,472 ------- Total Square Feet 311,027 =======
Page 44 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Residential (Multi-family) Properties
% Leased % Leased Property Location Square Feet Units September 30, 2000 June 30, 2000 -------- -------- ----------- ----- ------------------ ------------- MID-ATLANTIC Maryland Glen Oaks Apartments Greenbelt 557,772 463 99% 98% Marley Run Apartments Pasadena 274,200 336 95% 95% North Carolina Village Apartments Winston Salem 578,606 600 83% 81% MIDWEST Missouri Gate House, Holiday House, Tiger Village, Columbia 628,891 874 98% 90%(1) --------- ---- --- --- Colony Apartments Totals 2,039,469 2,273 94% 90% ========= ===== === ===
(1) As this property has tenants associated with the University of Missouri, the increase in occupancy is largely due to the commencment of the academic session. Page 45 QUARTERLY SUPPLEMENTAL DISCLOSURE SEPTEMBER 30, 2000 Properties Under Redevelopment
Expected Projected Projected Projected Date of Type of Total Costs Costs Total Return Stabilized Center Center GLA Incurred Remaining Cost on Cost Operatons ------ ------ --- -------- --------- ---- ------- --------- Gateway Shopping Center Strip Center 106,245(1) $7,465,000 $ 9,235,000 $16,700,000 10.0% 2nd Qtr. 2002 Elmwood Park Strip Center 155,000 $ 247,000 11,653,000 11,900,000 11.3% 3rd Qtr. 2002 Abington Towne Center Enclosed Mall 178,434 $1,104,000 2,896,000 4,000,000(2) 4th Qtr. 2001 Northside Mall Enclosed Mall 382,299 $1,232,000 268,000 1,500,000 13.0% 4th Qtr. 2000 Future Redevelopment/Anchor Retenanting Properties Methuen Strip Center 134,494
(1) Although currently 119,452 square feet, this center will be 106,245 following the completion of redevelopment (2) The Company has entered into a contract to sell approximately 160,000 square feet of the main building at the Abington Towne Center to the Target Corporation for $11.5 million. The Company will retain ownership of approximately 50,000 square feet of the building as well as the outparcels and related parking areas. Following completion of the redevelopment, the center will be anchored by a Target store and T.J. Maxx. The redevelopment will result in a net increase in property value of approximately $3.9 million (net of redevelopment costs and associated downtime). Page 46 -----END PRIVACY-ENHANCED MESSAGE-----