EX-99 3 a4442814ex.txt EX. 99.1 SUPPLEMENT Exhibit 99.1 QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Table of Contents Page Section I - Overview Company Information 2 Portfolio Snapshot 3 Organizational Chart 4 Management Team 5 Section II - Financial Information Market Capitalization 6 Shareholder Information 7 Operating Statements - Consolidated 8 Operating Statements - Joint Venture Activity 9 Operating Statements - Activity by Source 10 Operating Statements - Current v. Historical 11 Net Operating Income - Same Property Performance 12 Funds from Operations ("FFO") and Adjusted FFO ("AFFO") 13 Capital Expenditures 14 Balance Sheets 15 Selected Operating Ratios 16 Debt Analysis - Consolidated 17 Debt Maturity Schedule 19 Unencumbered Properties 20 Page Section III - Joint Venture - Acadia Strategic Opportunity Fund Overview 21 Joint Venture Properties - Detail 22 Kroger/Safeway Locations 23 Top 10 Joint Venture Tenants 24 Section IV - Portfolio Information Properties - Overview 25 Properties by Region - Summary 28 Properties by State - Summary 29 Properties - Detail 30 Leasing Production 33 Top 10 Tenants - Consolidated 34 Anchor Tenant Detail 35 Anchor Lease Expirations - 2003 through 2005 39 Lease Expirations 40 Property Demographics 46 Properties under Redevelopment 47 Residential Properties 48 See acadiarealty.com for current news as well as additional property details and financial information SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this 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. 1 QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Company Information Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated and self-managed real estate investment trust which specializes in the acquisition, redevelopment and operation of shopping centers which are anchored by grocery and value-oriented retail. Acadia currently owns (or has interests in) and operates 62 properties totaling approximately 9 million square feet, located in the Northeast, Mid-Atlantic and Midwest United States. All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership (and its majority-owned subsidiaries) which is currently 95% controlled by Acadia.
Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham Suite 260 Vice President White Plains, NY 10605 (914) 288-8100 jgrisham@acadiarealty.com New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com Analyst Coverage Mercury Partners LLC Citigroup - Smith Barney Paul Adornato, CFA - (203) 769-2982 Jonathan Litt - (212) 816-0231 padornato@mercuryrealestate.com jonathan.litt@citigroup.com Ross Nussbaum - (212)816-1685 ross.nussbaum@citigroup.com David Carlisle - (212) 816-1382 RBC Capital Markets: david.s.carlisle@citigroup.com Jay Leupp - (415) 633-8588 jay.leupp@rbccm.com J.P. Morgan Securities, Inc. David Ronco - (415) 633-8566 Michael W. Mueller, CFA (212) 622-6689 david.ronco@rbccm.com michael.w.mueller@jpmorgan.com
2 Portfolio Snapshot [GRAPHIC] Retail Base Rent by State [GRAPHIC] 3 Management Team [GRAPHIC] 4 QUARTERLY SUPPLEMENTAL DISCLOSURE MARCH 31, 2003 Executive Management Team Kenneth F. Bernstein Chief Executive Officer and President Mr. Bernstein is responsible for strategic planning as well as overseeing 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. Joel Braun Senior Vice President, Acquisitions Mr. Braun is responsible for the sourcing and financial analysis of acquisition properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and Finance for Rosenshein Associates, a regional shopping center developer based in New Rochelle, New York. During this time, Mr. Braun was instrumental in the initiation and formation of Kranzco Realty Trust, a publicly traded REIT. Mr. Braun holds a Bachelor's in Business Administration from Boston University and a Master's Degree in Planning from John Hopkins University. Joseph Hogan Senior Vice President, Director of Construction Most recently, Mr. Hogan served as Vice President with Kimco Realty Corporation (NYSE:KIM), where he was responsible for business development and management of all retail and commercial construction projects for Kimco, in addition to outside customers and development companies. Prior to joining Kimco, he was with Konover Construction Company, a subsidiary of Konover & Associates located in West Hartford, Connecticut, where he was responsible for construction projects throughout the eastern half of the United States. Robert Masters, Esq. Senior Vice President, General Counsel, Corporate Secretary Prior to joining Acadia in December 1994, Mr. Masters was General Counsel for API Asset Management for over five years, Senior Vice President Deputy General Counsel for European American Bank from 1985 to 1990, and Vice President and Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received his Bachelor of Arts from the City University of New York and a J.D. from New York University Law School. Mr. Masters is also a member of the New York Bar. Joseph M. Napolitano, Senior Vice President, CPM Property Management Mr. Napolitano is responsible for overseeing the retail property management department for Acadia Realty Trust. Prior to joining Acadia in 1995, Mr. Napolitano was employed by Rosen Associates Management Corp. as a Senior Property Manager overseeing a national portfolio of community shopping centers, and Roebling Management Co. as a Property Manager responsible for neighborhood and community shopping centers nationally. Mr. Napolitano holds a Bachelor's in Business Administration from Adelphi University, Garden City, NY; and is a Certified Property Manager by the Institute of Property Management (IREM). Mr. Napolitano is also a member of the New York State Association of Realtors (NYSAR) International Council of Shopping Center (ICSC), Commercial Investment Real Estate Institute (CIREI), and the Building Owners and Managers Institute (BOMI). Michael Nelsen Senior Vice President, Chief Financial Officer Mr. Nelsen oversees all the financial activities and asset management functions. Mr. Nelsen was most recently President of G. Soros Realty, Inc. and Director of Real Estate for Soros Private Funds Management LLC. His responsibilities included asset/portfolio management of real estate operations, financial reporting, financings, asset acquisitions and dispositions. Previously, he was a partner in the public accounting firm of David Berdon & Co. Mr. Nelsen has been a Certified Public Accountant since 1971. Joseph Povinelli Senior Vice President, Leasing Mr. Povinelli joined Acadia in 1999 with 19 years of retail leasing experience. Since 1987 Mr. Povinelli had served as regional real estate representative for Vornado Realty Trust, a New Jersey based Real estate investment trust, and was responsible for the day to day leasing activity of approximately 3 million square feet of the strip shopping center portfolio. Prior to this he served as leasing representative for Net Properties Management, Great Neck, New York, responsible for leasing of the strip shopping center and office building portfolio of the mid-atlantic and southeast regions of the company. Mr. Povinelli received a Bachelor of Science degree in Finance and Economics from C.W. Post College of Long Island Universty. 5
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Total Market Capitalization Percent of Percent of Total Market (amounts in thousands) Total Equity Capitalization Total Common Shares Outstanding 94.6% 27,234 1 Common Operating Partnership ("OP") Units 4.6% 1,326 ----- Combined Common Shares and OP Units 28,560 Market Price at June 30, 2003 $ 9.15 ------ Equity Capitalization - Common Shares and OP Units 261,324 Preferred OP Units - at cost 2 0.8% 2,212 ---- ----- Total Equity Capitalization 100.0% 263,536 56.9% ====== Debt Capitalization 199,691 43.1% -------- ----- Total Market Capitalization $ 463,227 100.0% ========== ======
Total Market Capitalization [GRAPHIC]
Weighted Average Outstanding Common Shares and O.P. Units Common Shares O.P. Units Total --------------------------------------------------------------------------------------- Quarter ended June 30, 2003 - Basic 26,387,010 2,074,017 28,461,027 Quarter ended June 30, 2003 - Diluted 27,175,713 2,074,017 29,249,730 Six months ended June 30, 2003 - Basic 25,884,843 2,563,571 28,448,414 Six months ended June 30, 2003 - Diluted 26,557,627 2,563,571 29,121,198 --------------------------------------------------------------------------------------- Quarter ended June 30, 2002 - Basic 24,775,053 3,648,355 28,423,408 Quarter ended June 30, 2002 - Diluted 25,252,842 3,648,355 28,901,197 Six months ended June 30, 2002 - Basic 25,571,325 4,011,813 29,583,137 Six months ended June 30, 2002 - Diluted 26,015,225 4,011,813 30,027,037
1 As of June 30, 2003, the Company had purchased 1,826,265 shares (net of reissuance of 228,340 shares) under its Stock Repurchase P above at their stated cost of $1,000 per unit. 2 In connection with the acquisition of the Pacesetter Park Shopping Center in 1999, the Company issued 2,212 Preferred OP Units which are reflected 3 Fixed-rate debt includes $86.9 million of notional principal fixed through interest rate swap transactions and conversely, variabl amount. 6 QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Shareholder Information (amounts in thousands)
Ten Largest Institutional/Non-Retail Shareholders 1 Percent of Out- Common standing Common Shareholder Shares Held Shares Yale University 2 8,422 30.9% Stanford University 2,133 7.8% The Vanderbilt University 1,347 4.9% Harvard Private Capital Realty, Inc. 1,340 4.9% Wellington Management 1,212 4.5% Carnegie Corporation of New York 943 3.5% LaSalle Investment Management 503 1.8% Yale University Retirement Plan 404 1.5% First Manhattan Capital Management 352 1.3% ABP 333 1.2% ---- ---- Total of Ten Largest Institutional Shareholders 16,989 62.4% ======= ===== Total of all Institutional Shareholders 19,075 70.0% ======= =====
Operating Partnership Unit Information Percent of Total O.P. Units Institutional O.P. Unit Holders - 0.0% Employee/Trustee O.P. Unit Holders 1,068 80.5% Other O.P. Unit Holders 258 19.5% ---- ----- Total O.P. Units 1,326 100.0% ====== ====== Management and Trustee Ownership Common Shares (not including options) 250 O.P. Units (see above) 1,068 ----- 1,318
1 Based on Schedule 13F filings with the U.S. Securities and Exchange Commission 2 The Company and Yale University have established a voting trust whereby all shares that Yale University owns in excess of 30% of the Company's outstanding Common Shares, will be voted in the same proportion (excluding Yale) as all other shares voted. Total Share/O.P. Unit Ownership (Combined) [GRAPHIC] 7
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Statements of Operations - Consolidated 1 ------------------------------------------- Current Quarter and Year-to-Date ------------------------------------------- (in thousands) ----------------------- ----------------------- ----------------------- Year-to-Date Current Quarter Previous Quarter 6 months 3 months 3 months ended June 30, ended June 30, ended March 31, 2003 2003 2003 ----------------------- ----------------------- ----------------------- Wholly JV's 2 Total Wholly JV's 2 Total Wholly JV's 2 Total Owned Owned Owned ----------------------- ----------------------- ----------------------- PROPERTY REVENUES Minimum rents $24,245 $3,813 $28,058 $12,389 $2,093 $14,482 $11,856 $1,720 $13,576 Percentage rents 389 1 390 95 (11) 84 294 12 306 Expense reimbursements 6,613 978 7,591 2,896 455 3,351 3,717 523 4,240 Other property income 312 30 342 161 12 173 151 18 169 ----------------------- ----------------------- ----------------------- 31,559 4,822 36,381 15,541 2,549 18,090 16,018 2,273 18,291 ----------------------- ----------------------- ----------------------- PROPERTY EXPENSES Property operating 7,596 653 8,249 3,330 292 3,622 4,266 361 4,627 Real estate taxes 4,009 430 4,439 1,812 227 2,039 2,197 203 2,400 ----------------------- ----------------------- ----------------------- 11,605 1,083 12,688 5,142 519 5,661 6,463 564 7,027 ----------------------- ----------------------- ----------------------- NET OPERATING INCOME - PROPERTIES 19,954 3,739 23,693 10,399 2,030 12,429 9,555 1,709 11,264 OTHER INCOME (EXPENSE) General and administrative (5,145) (1) (5,146) (2,449) (1) (2,450) (2,696) - (2,696) Abandoned project costs - - - - - - - - - Lease termination income - - - - - - - - - Interest income 414 20 434 164 - 164 250 20 270 Asset and property management income 929 - 929 531 - 531 398 - 398 Property management expense (147) - (147) (59) - (59) (88) - (88) Straight-line rent income 470 (359) 111 229 (221) 8 241 (138) 103 Straight-line rents written off - - - - - - - - - Other income 1,218 - 1,218 - - - 1,218 - 1,218 ----------------------- ----------------------- ----------------------- EBIDTA 17,693 3,399 21,092 8,815 1,808 10,623 8,878 1,591 10,469 Depreciation and amortization (7,489)(1,035) (8,524) (3,888) (565) (4,453) (3,601) (470) (4,071) Interest expense (5,531)(1,216) (6,747) (2,805) (648) (3,453) (2,726) (568) (3,294) Impairment of real estate - - - - - - - - - Gain on sale of properties 1,212 - 1,212 - - - 1,212 - 1,212 ----------------------- ----------------------- ----------------------- Income before minority interest 5,885 1,148 7,033 2,122 595 2,717 3,763 553 4,316 Minority interest (1,025) (102) (1,127) (231) (43) (274) (794) (59) (853) ----------------------- ----------------------- ----------------------- NET INCOME $4,860 $1,046 $5,906 $1,891 $552 $2,443 $2,969 $494 $3,463 ======================= ======================= ======================= 1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's 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 Form 10Q's and 10K for the corresponding periods. 2 The Company currently invests in two JV's. The first is a 22% interest in Acadia Strategic Opportunity Fund ("Acadia Acquisition"). The second JV is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY. See "Statement of Operations - Joint Venture Activity" for additional detail.
8
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Statements of Operations - Joint Venture Activity 1 --------------------------------------------- Current Quarter and Year-to- Date ---------------------------- (in thousands) ------------------------------------------ ---------------------------------------- ------------------------------- Year-to-Date Current Quarter Previous Quarter 6 months 3 months 3 months ended June 30, ended June 30, ended March 31, 2003 2003 2003 ------------------------------------------ ---------------------------------------- ------------------------------- Acadia Pro- Pro- Pro- Acadia Pro- Pro- Pro- Acadia Pro- Pro- Pro- rata rata rata rata rata rata rata rata rata Acquisition share Crossroads share Total Acquisition share Crossroadsshare Total Acquisition share Cross- roads share Total ------------------------------------------ ---------------------------------------- ------------------------------- PROPERTY REVENUES Minimum rents $11,107 $2,469 $2,742 $1,344 $3,813 $6,372 $1,416 $1,381 $677 $2,093 $4,735 $1,053 $1,361 $667 $1,720 Percentage rents 5 1 - - 1 - - (22) (11) (11) 5 1 22 11 12 Expense reimbursements 1,638 364 1,253 614 978 662 147 628 308 455 976 217 625 306 523 Other property income 69 15 32 15 30 24 5 15 7 12 45 10 17 8 18 ------------------------------------------ ----------------------------------- ----------------------------------- 12,819 2,849 4,027 1,973 4,822 7,058 1,568 2,002 981 2,549 5,761 1,281 2,025 992 2,273 ------------------------------------------ ----------------------------------- ----------------------------------- PROPERTY EXPENSES Property operating 1,806 401 514 252 653 856 190 208 102 292 950 211 306 150 361 Real estate taxes 443 98 678 332 430 248 55 351 172 227 195 43 327 160 203 ------------------------------------------ ----------------------------------- ----------------------------------- 2,249 499 1,192 584 1,083 1,104 245 559 274 519 1,145 254 633 310 564 ------------------------------------------ ----------------------------------- ----------------------------------- NET OPERATING INCOME - PROPERTIES 10,570 2,350 2,835 1,389 3,739 5,954 1,323 1,443 707 2,030 4,616 1,027 1,392 682 1,709 OTHER INCOME (EXPENSE) General and administrative (7) (1) - - (1) (6) (1) - - (1) (1) - - - - Abandoned project costs - - - - - - - - - - - - - - - Lease termination income - - - - - - - - - - - - - - - Interest income 90 20 - - 20 2 - - - - 88 20 - - 20 Asset and property management income - - - - - - - - - - - - - - - Asset and property management expense 2 (1,044) - - - - (602) - - - - (442) - - - - Straight-line rent income (1,745) (388) 60 29 (359) (1,116) (248) 55 27 (221) (629) (140) 5 2 (138) Straight-line rents written off - - - - - - - - - - - - - - - Other income - - - - - - - - - - - - - - - ------------------------------------------ ---------------------------------------- ------------------------------- EBIDTA 7,864 1,981 2,895 1,418 3,399 4,232 1,074 1,498 734 1,808 3,632 907 1,397 684 1,591 Depreciation and amortization 3 (3,147) (700) (284) (335)(1,035) (1,781) (396) (145)(169) (565) (1,366)(304) (139)(166) (470) Interest expense 3 (2,759) (613) (1,286) (603)(1,216) (1,554) (345) (647)(303) (648) (1,205)(268) (639)(300) (568) Impairment of real estate - - - - - - - - - - - - - - - Gain on sale of properties - - - - - - - - - - - - - - - ------------------------------------------ ------------------------------------------------------------------------ Income before minority interest 1,958 668 1,325 480 1,148 897 333 706 262 595 1,061 335 619 218 553 Minority interest - (60) - (42) (102) - (24) - (19) (43) - (36) - (23) (59) ------------------------------------------ ---------------------------------------- ------------------------------ NET INCOME $1,958 $608 $1,325 $438 $1,046 $897 $309 $706 $243 $552 $1,061 $299 $619 $195 $494 ========================================== ======================================== ==============================
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's 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 Form 10Q's and 10K for the corresponding periods. The Company currently invests in two JV's. The first is a 22% interest in Acadia Strategic Opportunity Fund ("Acadia Acquisition"), which owns, or has an ownership interest in 30 properties totalling approximately 2,044,000 square feet. The second JV investment is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY ("Crossroads"). 2 Acadia Acquisition pays asset management and property management fees to Acadia Realty L.P. As such, the Company does not recognize a pro- rata share of these expenses in its consolidated financial statements. 3 The Company has obtained two interest rate swaps, effectively fixing the interest rate on its pro-rata portion of the mortgage debt from its investment in Crossroads. Acadia's pro-rata share of its interest expense has been adjusted for the effect of these swaps. In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. 9
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Statements of Operations - Activity by Source 1 ------------------------------------- (in thousands) -------------------------------- -------------------------------- -------------------------------- Year-to-Date Current Quarter Previous Quarter 6 months 3 months 3 months ended June 30, ended June 30, ended March 31, 2003 2003 2003 -------------------------------- -------------------------------- -------------------------------- Retail Multi- Corporate Total Retail Multi- Corporate Total Retail Multi- Corporate Total Family Family Family -------------------------------- -------------------------------- -------------------------------- PROPERTY REVENUES Minimum rents $24,676 $3,382 $- $28,058 $12,783 $1,699 $- $14,482 $11,893 $1,683 $- $13,576 Percentage rents 390 - - 390 84 - - 84 306 - - 306 Expense reimbursements 7,591 - - 7,591 3,351 - - 3,351 4,240 - - 4,240 Other property income 136 206 - 342 85 88 - 173 51 118 - 169 -------------------------------- -------------------------------- -------------------------------- 32,793 3,588 - 36,381 16,303 1,787 - 18,090 16,490 1,801 - 18,291 -------------------------------- -------------------------------- -------------------------------- PROPERTY EXPENSES Property operating 6,550 1,699 - 8,249 2,683 939 - 3,622 3,867 760 - 4,627 Real estate taxes 4,281 158 - 4,439 1,957 82 - 2,039 2,324 76 - 2,400 -------------------------------- -------------------------------- -------------------------------- 10,831 1,857 - 12,688 4,640 1,021 - 5,661 6,191 836 - 7,027 -------------------------------- -------------------------------- -------------------------------- NET OPERATING INCOME - PROPERTIES 21,962 1,731 - 23,693 11,663 766 - 12,429 10,299 965 - 11,264 OTHER INCOME (EXPENSE) General and administrative - - (5,146) (5,146) - - (2,450) (2,450) - - (2,696) (2,696) Abandoned project costs - - - - - - - - - - - - Lease termination income - - - - - - - - - - - - Interest income - - 434 434 - - 164 164 - - 270 270 Asset and property management income - - 929 929 - - 531 531 - - 398 398 Other property management fees (42) (105) - (147) (21) (38) - (59) (21) (67) - (88) Straight-line rent income 111 - - 111 8 - - 8 103 - - 103 Straight-line rents written off - - - - - - - - - - - - Other income 1,218 - - 1,218 - - - - 1,218 - - 1,218 -------------------------------- -------------------------------- -------------------------------- EBIDTA 23,249 1,626 (3,783) 21,092 11,650 728 (1,755) 10,623 11,599 898 (2,028) 10,469 Depreciation and amortization (7,728) (649) (147) (8,524) (4,049) (328) (76) (4,453) (3,679) (321) (71) (4,071) Interest expense (5,980) (767) - (6,747) (3,070) (383) - (3,453) (2,910) (384) - (3,294) Impairment of real estate - - - - - - - - - - - - Gain on sale of properties 1,212 - - 1,212 - - - - 1,212 - - 1,212 -------------------------------- -------------------------------- -------------------------------- Income before minority interest 10,753 210 (3,930) 7,033 4,531 17 (1,831) 2,717 6,222 193 (2,099) 4,316 Minority interest (1,464) (22) 359 (1,127) (406) (1) 133 (274) (1,058) (21) 226 (853) -------------------------------- -------------------------------- -------------------------------- NET INCOME $9,289 $188 $(3,571) $5,906 $4,125 $16 $(1,698) $2,443 $5,164 $172 $(1,873) $3,463 ================================ ================================ ================================
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's 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 Form 10Q's and 10K for the corresponding periods. 10
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Statements of Operations - Current v. Historical 1 ----------------------------------------- (in thousands) --------------------------------------------------------------- --------------------------------- ------------------ Current Quarter Historical Current Year-to-Date Historical Year- Quarter to-Date 3 months 3 months 6 months 6 months ended June 30, ended June ended June 30, ended June 30, 30, 2003 2002 2003 2002 --------------------------------------------------------------------------------------------- ---------------------- Discontinued Discontinued Discontinued Discontinued Wholly JV's 2 Operations Total Wholly JV's Operations Total Wholly JV's 2 Operations Total Wholly JV's Opera- Owned 3 Owned 3 Owned 3 Owned tions Total 3 --------------------------------------------------------------- --------------------------------- ------------------ PROPERTY REVENUES Minimum rents $12,389 $2,093 $- $14,482 $11,690 $613 $1,075 $13,378 $24,245 $3,813 $- $28,058 $23,247 $1,215 $3,973 $28,435 Percentage rents 95 (11) - 84 122 12 117 251 389 1 - 390 441 57 338 836 Expense reimbursements 2,896 455 - 3,351 2,741 207 301 3,249 6,613 978 - 7,591 5,266 416 934 6,616 Other property income 161 12 - 173 144 9 176 329 312 30 - 342 309 19 210 538 -------------------------- ---------------------------- ---------------------------- ------------------------------ 15,541 2,549 - 18,090 14,697 841 1,669 17,207 31,559 4,822 - 36,381 29,263 1,707 5,455 36,425 -------------------------- ---------------------------- ---------------------------- ------------------------------ PROPERTY EXPENSES Property operating 3,330 292 - 3,622 2,528 87 312 2,927 7,596 653 - 8,249 5,203 185 999 6,387 Real estate taxes 1,812 227 - 2,039 2,170 155 187 2,512 4,009 430 - 4,439 4,090 310 719 5,119 -------------------------- ---------------------------- ---------------------------- ------------------------------ 5,142 519 - 5,661 4,698 242 499 5,439 11,605 1,083 - 12,688 9,293 495 1,718 11,506 -------------------------- ---------------------------- ---------------------------- ------------------------------ NET OPERATING INCOME - PROPERTIES 10,399 2,030 - 12,429 9,999 599 1,170 11,768 19,954 3,739 - 23,693 19,970 1,212 3,737 24,919 OTHER INCOME (EXPENSE) General and administrative (2,449) (1) - (2,450) (2,802) - - (2,802) (5,145) (1) - (5,146) (5,127) - - (5,127) Abandoned project costs - - - - - - - - - - - - - - - - Lease termination income - - - - 145 - - 145 - - - - 3,945 - - 3,945 Interest income 164 - - 164 510 - 7 517 414 20 - 434 935 - 21 956 Asset and property management income 531 - - 531 310 - - 310 929 - - 929 641 - - 641 Property management expense (59) - - (59) (40) - - (40) (147) - - (147) (80) - - (80) Straight-line rent income 229 (221) - 8 202 (9) (23) 170 470 (359) - 111 474 (25) (14) 435 Straight-line rents written off - - - - (100) - - (100) - - - - (100) - - (100) Other income - - - - 159 - - 159 1,218 - - 1,218 291 - - 291 --------------------------------- ------------------------------- --------------------------- ---------------------- EBIDTA 8,815 1,808 - 10,623 8,383 590 1,154 10,127 17,693 3,399 - 21,092 20,949 1,187 3,744 25,880 Depreciation and amortization (3,888) (565) - (4,453) (3,673)(166) (436) (4,275)(7,489)(1,035) - (8,524)(7,258)(330) (1,446) (9,034) Interest expense (2,805) (648) - (3,453) (2,665)(318) (351) (3,334)(5,531)(1,216) - (6,747)(5,426)(633) (1,407) (7,466) Impairment of real estate - - - - - - - - - - - - - - - Gain on sale of properties - - - - - - 1,987 1,987 1,212 - - 1,212 1,530 - 1,832 3,362 --------------------------------- ------------------------------- --------------------------------- ---------------- Income before minority interest 2,122 595 - 2,717 2,045 106 2,354 4,505 5,885 1,148 - 7,033 9,795 224 2,723 12,742 Minority interest (231) (43) - (274) (367) (14) (302) (683) (1,025) (102) - (1,127)(2,068) (31) (355) (2,454) --------------------------------- --------------------------- ------------------------------------------------------ NET INCOME $1,891 $552 $- $2,443 $1,678 $92 $2,052 $3,822 $4,860 $1,046 $- $5,906 $7,727 $193 $2,368 $10,288 ================================= =============================== ==================================================
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's 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 Form 10Q's and 10K for the corresponding periods. Certain 2002 quarterly amounts have been reclassified to conform with the presentation of discontinued operations for the year ended December 31, 2002 (see note 3). 2 The Company currently invests in two JV's. The first is a 22% interest in Acadia Strategic Opportunity Fund ("Acadia Acquisition"). The second JV is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY. See "Statement of Operations - Joint Venture Activity" for additional detail. 3 Discontinued operations represent the activity related to all properties sold since January 1, 2002. All of these properties were sold prior to January 1, 2003. 11
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Net Operating Income (NOI) - Same Property Performance 1 ----------------------------------------- (in thousands) 2nd Quarter Growth in 6 Months Growth in Same Same ------------------ ------------------ Property NOI Property NOI - - ---------------------- Continuing Continuing Operations Operations Current Historical Favorable Current Historical Favorable No Quarter Quarter (unfavorable) Year- Year-to- (unfavorable) Print to-Date Date ---------------------------------------------------------------- Reconciliation of total NOI to same property NOI: Three Three Six Six months Three Three months months months ended months months ended ended ended ended ended June 30, June 30, June 30, June 30, March March 31, 31, 2003 2002 2003 2002 2003 2002 ------------------ ------------------ ---------------- NOI - Wholly owned properties $10,399 $11,169 $19,954 $23,707 $2,567 $- NOI - Joint Ventures (Unconsolidated partnerships) 2,030 599 3,739 1,212 13,151 - ------------------ ------------------ ---------------- Total NOI 12,429 11,768 23,693 24,919 15,718 - NOI - Properties Acquired (1,338) - (2,400) - (1,134) - NOI - Redevelopment Properties (1,172) (375) (2,016) (719) (855) (309) NOI - Properties Sold / Held for sale ("Discontinued Operations") - (1,170) - (3,734) - (2,564) ------------------ ------------------ ---------------- $9,919 $10,223 -3.0% $19,277 $20,466 -5.8% $13,729 $(2,873) ============================== =============================== ================
Same property NOI by portfolio component and revenues/expenses: Shopping Center Shopping Center Shopping Center Portfolio Portfolio Portfolio Revenues$13,302 $13,295 0.1% $27,483 $26,500 3.7% $14,184 $13,240 Expenses 4,145 3,920 -5.7% 9,929 7,866 -26.2% 5,784 3,946 ------------------------------ ------------------------------- ---------------- 9,157 9,375 -2.3% 17,554 18,634 -5.8% 8,400 9,294 ------------------------------ ------------------------------- ---------------- Residential Residential Residential Properties (2 Properties (2 Properties (2 properties) properties) properties) Revenues 1,783 1,730 3.1% 3,581 3,467 3.3% 1,798 1,737 Expenses 1,021 882 -15.8% 1,858 1,635 -13.6% 837 753 ------------------------------ ------------------------------- ---------------- 762 848 -10.1% 1,723 1,832 -5.9% 961 984 ------------------------------ ------------------------------- ---------------- $9,919 $10,223 -3.0% $19,277 $20,466 -5.8% $9,361 $10,278 ============================== =============================== ================
1 The above amounts includes the pro-rata activity related to the Company's joint ventures. 12
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Funds from Operations ("FFO") 1 ------------------------------------------------------------------------------ (in thousands) 2003 2002 -------- ------- Current Current Previous Historic Historic Year-to- Quarter Quarter Year-to- Quarter Date Date 6 months 3 3 months 6 months 3 months ended months ended ended ended ended Funds from operations ("FFO"): Notes June 30, June March June 30, June 30, 2003 30, 31, 2002 2002 2003 2003 ------------------------------------------------------------------------- ---------------- Net Income $5,906 $2,443 $3,463 $10,288 $3,822 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 6,970 3,571 3,399 8,140 3,801 Unconsolidated subsidiaries 1,010 551 459 316 159 Income attributable to Operating Partnership units 2 641 203 438 1,704 588 Impairment of real estate - - - - - Gain on sale of properties 3 - - - (1,832) (1,987) -------- ------- -------- ---------------- 14,527 6,768 7,759 18,616 6,383 Less: FFO related to discontinued operations 4 - - - (2,299) (791) -------- ------- -------- ---------------- FFO - Continuing Operations 6 $14,527 $6,768 $7,759 $16,317 $5,592 ======== ======= ======== ================ Adjusted Funds from operations ("AFFO"): ====================================================================================== FFO $14,527 $6,768 $7,759 Straight line rent (111) (8) (103) Non real-estate depreciation 147 76 71 Amortization of finance costs 388 246 142 Tenant improvements (506) (160) (346) Leasing commissions (54) (9) (45) Capital expenditures (1,628) (882) (746) -------- ------- -------- AFFO $12,763 $6,031 $6,732 ======== ======= ======== Funds Available for Distribution ("FAD") ====================================================================================== AFFO $12,763 $6,031 $6,732 Scheduled prinicpal repayments (2,410) (1,185) (1,225) -------- ------- -------- FAD $10,353 $4,846 $5,507 ======== ======= ======== FFO per share - Basic FFO per share 5,6 $0.51 $0.24 $0.27 $0.62 $0.22 ======== ======= ======== ================ FFO per share - Continuing operations 5,6 $0.51 $0.24 $0.27 $0.64 $0.20 ======== ======= ======== ================ FFO per share - Diluted FFO per share 5,6 $0.50 $0.23 $0.27 $0.62 $0.22 ======== ======= ======== ================ FFO per share - Continuing operations 5,6 $0.50 $0.23 $0.27 $0.54 $0.20 ======== ======= ======== ================ AFFO per share - Basic 5,6 $0.45 $0.21 $0.24 ======== ======= ======== AFFO per share - Diluted 5,6 $0.44 $0.21 $0.24 ======== ======= ======== FAD per share - Basic 5,6 $0.36 $0.17 $0.19 ======== ======= ======== FAD per share - Diluted 5,6 $0.36 $0.17 $0.19 ======== ======= ========
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods. 2 Reflects OP Unitholders interest in OP net income. 3 FFO for the quarter ended March 31, 2002 has been restated to include the $957 gain from the sale of undepreciated property (net of minority interest of $573). FFO for the quarter ended March 31, 2003 includes a $659 gain on the sale of undepreciated property. 4 Discontinued operations represent the activity related to all properties sold since January 1, 2001. 5 Assumes full conversion of O.P. Units into Common Shares. Diluted FFO assumes conversion of Preferred O.P. Units as well as assumed exercise of outstanding share options. Quarterly Preferred OP Unit distributions of $50 are added back for the purposes of calculating diluted FFO. Refer to "Market Capitalization" for weighted-average basic and diluted shares. 6 FFO for the quarter ended March 31, 2002 includes $3,800 ($0.13 per share) of lease termination income received during the period and FFO for the quarter ended March 31, 2003 includes a $1,218 ($0.04 per share) lump sum rent payment in connection with a tenant's assignment of an anchor lease at the Branch Plaza. 13
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Capital Expenditures ---------------------------- --------------- --------------- Six months Three months Three months ended ended ended June 30, 2003 June 30, 2003 March 31, 2003 --------------- --------------- ------------------------- Leasing Commissions: $54 $9 $45 --------------- --------------- ------------------------- Tenant Improvements: 506 160 346 --------------- --------------- ------------------------- Capital Expenditures: Retail 931 526 405 Residential 697 356 341 --------------- --------------- ------------------------- 1,628 882 746 --------------- --------------- ------------------------- Redevelopments 1: 3,120 2,044 1,076 --------------- --------------- ------------------------- Total $5,308 $3,095 $2,213 =============== =============== ========================= Expenditures for real estate and improvements as reported on the Company's Statement of Cash Flows $5,254 $3,086 $2,168 Expenditures included in deferred leasing 54 9 45 --------------- --------------- ------------------------- costs in Statement of Cash Flows $5,308 $3,095 $2,213 =============== =============== =========================
1 Represents costs (including leasing commissions) exclusively at the Gateway Shopping Center and Elmwood Park Shopping Center. 14
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Consolidated Balance Sheets ------------------------------------------------------ (in thousands) June 30, December 31, 2003 2002 --------- --------------------------------------- ASSETS Real estate Land $54,890 $54,890 Buildings and improvements 365,151 352,359 Construction in progress 3,356 6,629 --------- --------------------------------------- 423,397 413,878 Less: accumulated depreciation (91,612) (85,062) --------- --------------------------------------- Net real estate 331,785 328,816 Cash and cash equivalents 34,194 45,168 Cash in escrow 4,236 3,447 Investments in unconsolidated partnerships 12,533 6,164 Rents receivable, net of $1,710 and $1,374 allowance, respectively 2,808 2,567 Straight-line rents receivable, net of $910 allowance 4,861 4,392 Notes Receivable 3,563 6,795 Prepaid expenses 1,189 2,042 Deferred charges, net 9,946 10,360 Other assets 2,191 1,184 --------- --------------------------------------- $407,306 $410,935 ========= ======================================= LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $199,691 $202,361 Accounts payable and accrued expenses 9,973 8,528 Dividends and distributions payable 4,191 3,744 Due to related parties 49 174 Deferred gain on sale of properties - 1,212 Interest rate swap payable 6,225 5,470 Other liabilities 2,606 2,998 --------- --------------------------------------- Total liabilities 222,735 224,487 --------- --------------------------------------- Minority interest in Operating Partnership 9,989 22,746 Minority interests in majority owned partnerships 1,827 2,379 --------- --------------------------------------- Total minority interests 11,816 25,125 --------- --------------------------------------- Shareholders' equity: Common shares 27 25 Additional paid-in capital 183,568 170,851 Accumulated other comprehensive income (8,161) (6,874) Deficit (2,679) (2,679) --------- --------------------------------------- Total shareholders' equity 172,755 161,323 --------- --------------------------------------- $407,306 $410,935 ========= =======================================
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QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Selected Operating Ratios ------------------------------- Quarter ended June 6 months ended 30, June 30, ---------- --------- 2003 2002 2003 2002 --------- --------- -------- -------- Coverage Ratios 1 ------------------------------- Interest Coverage Ratio EBIDTA 2 $10,623 $9,982 $21,092 $21,935 Divided by Interest expense 3,453 3,334 6,747 7,466 --------- --------- -------- -------- 3.08 x 2.99 x 3.13 x 2.94 x Fixed Charge Coverage Ratio EBIDTA $10,623 $9,982 $21,092 $21,935 Divided by ( Interest expense 3,453 3,334 6,747 7,466 + Preferred Dividends) 3 50 50 100 100 --------- --------- -------- -------- 3.03 x 2.95 x 3.08 x 2.90 x Debt Service Coverage Ratio EBIDTA $10,623 $9,982 $21,092 $21,935 Divided by ( Interest expense 3,453 3,334 6,747 7,466 + Principal Amortization)4 1,185 1,001 2,410 2,169 --------- --------- -------- -------- 2.29 x 2.30 x 2.30 x 2.28 x Payout Ratios ------------------------------- FFO Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid - $0.14.5 per Share/O.P. Unit for 2003 and $0.13 for 2002. $4,141 $3,695 $8,267 $7,390 FFO 2 6,768 6,238 14,527 14,671 --------- --------- -------- -------- 61% 59% 57% 50% AFFO Payout Ratio Dividends (Shares) & Distributions (O.P. Units) $4,141 $8,267 AFFO 6,031 12,763 --------- -------- 69% 65% FAD Payout Ratio Dividends (Shares) & Distributions (O.P. Units) $4,141 $8,267 AFFO 4,846 10,353 --------- -------- 85% 80% Overhead Ratios ------------------------------- G&A/Real Estate Revenues General and Administrative expense $2,450 $2,802 $5,146 $5,127 Real Estate Revenues 18,090 17,207 36,381 36,425 --------- --------- -------- -------- 14% 16% 14% 14% --------- Leverage Ratios ------------------------------- Debt/Total Market Capitalization 5 Debt $199,691 $211,348 Total Market Capitalization 463,227 445,211 --------- --------- 43% 47% Debt + Preferred Equity (Preferred O.P. Units) $201,903 $213,560 Total Market Capitalization 463,227 445,211 --------- --------- 44% 48% ---------- Notes: 1 Quarterly results for 2003 and 2002 are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of EBIDTA, interest expense and principal amortization related to the Company's joint venture investments in unconsolidated partnerships. 2 EBIDTA and FFO for the quarter ended March 31, 2002 have been adjusted to exclude non- recurring income of $3,945 representing lease termination income received from predominantly one tenant during the period. Gross property revenues already exclude these amounts. The adjustments are as follows:
Quarter ended June 30,Six months ended June 30, 2002 2002 ------------------------------------------------- EBIDTA FFO EBIDTA FFO Gross amounts $10,127 $6,383 $25,880 $18,616 Adjustment for material non- recurring items (145) (145) (3,945) (3,945) --------- --------- -------- -------- As adjusted and used above $9,982 $6,238 $21,935 $14,671 ========= ========= ======== ======== 3 Represents preferred distributions on Preferred Operating partnership Units. 4 Includes the Company's pro-rata share of joint venture principal amortization. $205 of the 2003 quarterly amortization is from the self-liquidating amortization related to the Kroger/Safeway portfolio. On the JV level, this consists of $34,450 of debt which self- amortizes over seven years. 5 Including the Company's pro-rata share of joint venture debt, the Debt to Total Market Capitalization increases to 48% and 49% as of June 30, 2003 and 2002, respectively.
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2003 Debt Analysis - Consolidated Debt (amounts in thousands) Principal Variable Balance at Interest Rate as of Maturity Property Lender Notes June 30, Rate June 30, Date 2003 2003 --------------------------------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT ------------ Merrillville SunAmerica Life Insurance Plaza Co. $13,554 6.46% 7/1/2007 Crescent Metropolitan Life Insurance Plaza Co. 8,585 8.13% 11/1/2010 East End Metropolitan Life Insurance Centre Co. 15,723 8.13% 11/1/2010 GHT Bank of America, N.A. Apartments 10,869 7.55% 1/1/2011 Colony Bank of America, N.A. Apartments 5,434 7.55% 1/1/2011 239 RBS Greenwich Capital Greenwich Avenue 16,000 5.19% 6/1/2013 ---------- ------------- TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 70,165 7.00% ---------- ------------- VARIABLE- RATE DEBT ------------ Soundview Fleet National Bank, N.A. L + 175 Marketplace 8,666 3.07% 8/1/2003 Greenridge Metropolitan Life Insurance L + 200 Plaza Co. 5,927 3.31% 11/1/2003 Luzerne Metropolitan Life Insurance L + 200 Street Co. Plaza 1,555 3.31% 11/1/2003 Berlin Washington Mutual Bank, L + 175 Shopping F.A. Center 1,799 3.13% 4/1/2005 Bradford Washington Mutual Bank, L + 175 Towne F.A. Center 7,355 3.13% 4/1/2005 Ledgewood Washington Mutual Bank, L + 175 Mall F.A. 30,281 3.13% 4/1/2005 New Louden Washington Mutual Bank, L + 175 Center F.A. 7,153 3.13% 4/1/2005 Route 6 Washington Mutual Bank, L + 175 Plaza F.A. 4,732 3.13% 4/1/2005 Village Sun America Life Insurance L + 173 Apartments Co. 9,322 3.02% 10/1/2005 Abington Fleet National Bank, N.A. L + 175 Towne Center 1 3.07% 1/1/2007 Branch Fleet National Bank, N.A. L + 175 Shopping Center 1 12,098 3.07% 1/1/2007 Methuen Fleet National Bank, N.A. L + 175 Shopping Center 1 3.07% 1/1/2007 Walnut Hill Washington Mutual Bank, L + 185 Plaza F.A. 2 6,876 3.23% 1/1/2007 Bloomfield Washington Mutual Bank, L + 185 Town Square F.A. 2 13,506 3.23% 1/1/2007 Town Line Fleet National Bank, N.A. L + 175 Plaza 3 4,904 2.84% 3/15/2007 Gateway Fleet National Bank, N.A. L + 175 Shopping Center 4 6,300 2.84% 5/1/2007 Village Fleet National Bank, N.A. L + 175 Commons Shopping Center 9,052 3.02% 6/1/2007 Elmwood ParkWashington Mutual Bank, L + 170 Shopping F.A. Center 5 - - 11/22/2007 Marketplace Fleet National Bank, N.A. L + 150 of Absecon 6 - - 3/1/2008 ---------- ------------------------ TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE L + 174 DEBT 7 129,526 3.11% ---------- ------------------------ TOTAL/WEIGHTED AVERAGE - ALL DEBT $199,691 4.47% ========== =========== ----------------------------------------------------------------------------------------------------------------------------------- Notes: ------------ 1 There is an additional $7,650 currently available under this facility which the Company is required to fully draw down prior to December 2003. An additional $3,000 (net of a $150 holdback) is available through December 2004 based upon additional lease-up at the collateral properties. 2 There is an additional $5,000 (less certain holdbacks totalling $600) currently available under this facility which the Company is required to fully draw down prior to December 21, 2003. 3 There is an additional $2,000 available under this facility which is also periodically used for standby letters of credit. 4 There is an additional $3,000 available under this facility. 5 This is a revolving facility for up to $20,000 which bears interest at LIBOR plus 170 basis points (3.30% all-in rate floor). 6 This is a revolving facility for up to $7,400 which bears interest at LIBOR plus 150 basis points (175 basis points if the loan to collateral value is > 50%). 7 The Company has hedged $86,910 of it's variable-rate debt with five variable to fixed-rate swap agreements with Fleet Bank, N.A. as follows: Notional All-in Rate Maturity Date principal ---------------------------------------------------------- $30,000 6.55% 4/1/2005 20,000 6.28%10/1/2006 15,708 6.17% 1/1/2007 12,151 5.86% 1/1/2007 9,051 6.22% 6/1/2007 --------------------------------------- $86,910 6.29% =======================================
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2003 Debt Analysis - Unconsolidated Debt (Joint Ventures) Acadia Principal Acadia's Variable Realty Lender/ Trust Balance Prorata Interest Rate as of Maturity at FIXED-RATE Joint Venture Partner Ownership June 30, Share Rate June 30, Date DEBT 2003 2003 -------------------------------------------------------------------- ------------------------------------------------------------ Crossroads Bank of New York/ Shopping Center 1 49.0% $33,275 $16,305 7.16% 10/1/2007 Heyman-Greenburgh Associates LLC and RMC Development Company LLC Brandywine UBS Warburg Real Estate Town Center Investments, Inc./ 22.2% 30,000 6,667 4.69% 2/11/2008 Acadia Strategic Opportunity Fund Kroger Cortlandt Deposit Portfolio 2 Corporation/ 22.2% 14,850 2,475 6.62% 2/1/2009 Acadia Strategic Opportunity Fund Safeway Cortlandt Deposit Portfolio 2 Corporation/ 22.2% 14,678 2,446 6.51% 1/15/2009 Acadia Strategic Opportunity Fund Brandywine UBS Warburg Real Estate Town Center Investments, Inc./ 22.2% 21,570 4,793 7.01% 7/11/2012 Acadia Strategic Opportunity Fund Market UBS Warburg Real Estate Square Investments, Inc./ Shopping Center 22.2% 16,360 3,636 7.32% 6/11/2012 Acadia Strategic Opportunity Fund Amherst The Ohio National Life Insurance Marketplace Company/ Acadia Strategic Opportunity Fund 22.2% 4,981 1,107 8.20% 6/1/2022 Sheffield Canada Life Insurance Crossing Company/ Acadia Strategic Opportunity Fund 22.2% 7,393 1,643 8.00% 1/1/2023 ------------------- ------------- TOTAL/WEIGHTED AVERAGE - FIXED-RATE UNCONSOLIDATED DEBT 143,107 39,072 6.72% ------------------- ------------- VARIABLE- RATE DEBT ------------ Granville Bank One, NA/ Center Acadia Strategic L + 200 Opportunity Fund 22.2% 5,912 1,314 3.30% 10/5/2007 ------------------- ----------- TOTAL/WEIGHTED AVERAGE - ALL UNCONSOLIDATED DEBT $149,019 $40,386 6.61% =================== ===========
Summary - Consolidated and Unconsolidated Debt Notes -------------------------------------------------------------------------------------------------------------------------------- Weighted % of Wholly-Owned % of Outstanding Avg. Wholly- and Unconsolidated Owned Total Balance Int. Rate Only Combined Basis ------------------------------------------------------------------ Consolidated Debt Fixed-Rate Debt 2 3 65% $157,075 6.61% 79% 82% Variable-Rate Debt 2 3 17% 42,616 3.11% 21% 18% ---------- ------------------------------------------------------- Total Consolidated Debt 82% 199,691 5.86% 100% 100% ---------- ------------------------=============================== Unconsolidated Debt (Joint Ventures) Fixed-Rate Debt 17% 39,072 6.72% Variable-Rate Debt 1% 1,314 3.30% ---------- ------------------------ Total Unconsolidated Debt 18% 40,386 6.61% ---------- ------------------------ Total Debt 4 100% $240,077 5.99% ========== ======================== Notes: ------------ 1 Although this is variable debt, Acadia has effectively fixed its pro-rata share of debt through two swap transactions. $5,000 is fixed at 7.53% and the remaining balance is fixed at 6.99%. 2 AmCap, ASOF's joint venture partner on this investment, is allocated 25% of the debt and equity. As such, ASOF's pro-rata share of the above debt is 75% x 22.22%. 3 Fixed-rate debt includes $86,910 of notional principal fixed through swap transactions. Conversely, variable-rate debt excludes this amount. 4 The above balances do not include FAS 141 adjustments totaling $5,666 as of June 30, 2003.
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QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Future Debt Maturities ---------------------------------------- (in thousands) Weighted Average Interest Rate of Maturing Debt ------------------------------------ Consolidated Debt Scheduled Year Amortization Maturities Total Total Debt Fixed-Rate Variable-Rate Debt Debt -------------------------------------------------------------------------------------------------- 2003 $1,759 $16,083 $17,842 3.18% n/a 3.18% 2004 3,494 - 3,494 n/a n/a n/a 2005 2,718 57,842 60,560 3.11% n/a 3.06% 2006 2,399 - 2,399 n/a n/a n/a 2007 1,322 60,947 62,269 3.77% 6.46% 3.07% Thereafter 4,017 49,110 53,127 7.12% 7.12% n/a ---------------------------------- $15,709 $183,982 $199,691 ================================== Unconsolidated Debt (Joint Ventures) 1 2003 $246 $- $246 n/a n/a n/a 2004 1,599 - 1,599 n/a n/a n/a 2005 1,645 - 1,645 n/a n/a n/a 2006 1,692 - 1,692 n/a n/a n/a 2007 1,517 16,033 17,550 6.87% 7.16% 3.30% Thereafter 5,185 12,469 17,654 5.98% 5.98% n/a ---------------------------------- $11,884 $28,502 $40,386 ================================== Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 2003 $187 2nd Quarter 2003 76 ------------ Year-to-Date $263 ============ 1 The above amounts represent the Company's pro-rata share of joint venture mortgage debt.
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QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Unencumbered Properties --------------------------------------- Center Location GLA -------------------------------------------------------------- Blackman Plaza Wilkes-Barre, PA 121,341 Hobson West Plaza Naperville, IL 99,038 Mad River Station Dayton, OH 154,474 Mark Plaza Edwardsville, PA 214,036 Pacesetter Park Shopping Center Ramapo, New York 96,252 Pittston Plaza Pittston, PA 79,494 Plaza 422 Lebanon, PA 154,791 -------- Total GLA of Unencumbered Properties 919,426 ======== Total net operating income for the year ended December 31, 2002 associated with unencumbered properties $4,940 ========
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QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Acadia Strategic Opportunity Fund - Overview ------------------------------------------- Item NotesDescription --------------------------------------------------- Date formed September 2001 Properties owned Ohio 1 Amherst Marketplace 1 Granville Centre 1 Sheffield Crossing Delaware 1 Brandywine Town Center 1 Market Square Shopping Center Various 2 25 Kroger/Safeway locations Partnership structure Equity 22.22% - Acadia Contribution: 77.78% - Four institutional investors (current significant shareholders in Acadia as well) Cash flow distribution:22.22% - Acadia 77.78% - Four institutional investors Promote: 20% to Acadia once all partners (including Acadia) have received 9% preferred return and return of equity Remaining 80% is distributed to all the partners (including Acadia). Fees to Acadia Asset management fee equal to 1.5% of total committed capital ($70 million which excludes Acadia's $20 million)) Property management fee equal to 4% of gross property revenues Market rate leasing fees Construction/project management fees equal to the lesser of 7.5% of hard costs or allocable costs of Acadia Mortgage Debt 3 $116 million as of June 30, 2003 95% ($110 million) fixed-rate and 5% floating ($6 million) at a total blended rate of 6.3% as of June 30, 2003 1 See details of these properties including occupancy, tenants, expirations and demographics in Section IV of this supplement 2 See enclosed map in this section for these locations 3 See details of this debt in Section II of this supplement
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QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 ASOF Properties - Detail -------------- --------------------------------------------------------------------------------------------------------- Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot ----------------------------------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------------------------------------- Midwest -------------- Ohio -------------- Amherst Marketplace 76,737 3,200 79,937 100.00%100.00%100.00% $765,711 $33,396 $799,107 $9.98 $10.44 $10.00 Granville Centre 90,047 41,222 131,269 100.00% 73.58% 91.70% 991,612 307,678 1,299,290 11.01 10.14 10.79 Sheffield Crossing 59,159 53,475 112,634 100.00% 88.11% 94.36% 620,578 483,032 1,103,610 10.49 10.25 10.38 --------------------------------------------------------------------------------------------------------- Total - Midwest Region 225,943 97,897 323,840 100.00% 82.38% 94.67% 2,377,901 824,106 3,202,007 10.52 10.22 10.44 --------------------------------------------------------------------------------------------------------- Mid-Atlantic -------------- Delaware -------------- Brandywine Town Center 1 614,289 - 614,289 99.33% - 99.33% 8,467,744 - 8,467,744 13.88 - 13.88 Market Square Shopping Center 31,375 56,385 87,760 100.00% 91.49% 94.53% 365,712 1,169,641 1,535,353 11.66 22.67 18.51 --------------------------------------------------------------------------------------------------------- Total - Mid- Atlantic 645,664 56,385 702,049 99.36% 91.49% 98.73% 8,833,456 1,169,641 10,003,097 13.77 22.67 14.43 --------------------------------------------------------------------------------------------------------- Various -------------- Kroger/Safeway Portfolio (25 Properties) 21,018,100 - 1,018,100 100.00% - 100.00% 9,965,897 - 9,965,897 9.79 - 9.79 --------------------------------------------------------------------------------------------------------- Total - Joint Venture Properties 1,889,707 154,282 2,043,989 99.78% 85.71% 98.72%$21,177,254 $1,993,747 $23,171,001 $11.23 $15.08 $11.48 ========================================================================================================= General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. 1 Does not include approximately 240,000 square feet of new space in Phase II, which will be paid for by the JV on an "earnout basis" only if, and when it is leased. 2 ASOF has a 75% economic interest in this portfolio of 25 Kroger/Safeway
22 Kroger/Safeway Portfolio [GRAPHIC] Kroger locations Safeway locations Cary, NC Atlanta, TX Cincinnati, OH Batesville, AR Conroe, TX Benton, AR Great Bend, KS Carthage, TX Hanrahan, LA Little Rock, AR Indianapolis, IN Longview, WA Irving, TX Mustang, OK Pratt, KS Roswell, NM Roanoke, VA Ruidoso, NM Shreveport, LA San Ramon, CA Wichita, KS (2 stores) Springerville, AZ Tucson, AZ Tulsa, OK General note: As of all of these leases are triple-net, Acadia has no property management responsibilites for these locations. 23
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 ACADIA STRATEGIC OPPORTUNITY FUND Top 10 Tenants - Ranked by Annualized Base Rent ----------------------------------------------------------------------------------------------------- Percentage of Total Represented by Tenant ------------------- Number of Stores in Total Annualized Total Annualized Base Base Ranking Tenant JV GLA Rent 1 Portfolio Rent 2 Portfolio GLA 2 ------------------------------------------------------------------------------------------------------------------------ 1 Safeway 3 13 467,300 $3,743,629 22.9% 18.1% 2 Kroger 4 12 550,800 3,730,794 26.9% 18.0% 3 Lowe's 1 140,000 1,750,000 6.8% 8.5% 4 Giant Eagle 2 125,396 1,251,154 6.1% 6.1% 5 Bed, Bath & Beyond 1 45,114 868,426 2.2% 4.2% 6 Transunion Settlement 5 1 39,714 858,930 1.9% 4.2% 7 Regal Cinema 1 65,641 821,825 3.2% 4.0% 8 Target 1 138,000 800,000 6.8% 3.9% 9 Dick's Sporting Goods 1 50,000 725,156 2.4% 3.5% 10 Big Bear 1 55,096 589,527 2.7% 2.9% --------------------------------------------------- Total 34 1,677,061 $15,139,441 82.0% 73.2% ===================================================
1 Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after June 30, 2003. 2 GLA does not include approximately 240,000 square feet of new space in Phase II of the Brandywine Town Center, which will be paid for by the JV on an "earnout basis" only if, and when it is leased. Base rents for the Kroger/Safeway portfolio include 75% of the total rents. The remaining 25% is allocated to AmCap, the joint venture partner in this portfolio. 3 Safeway has sub-leased 7 of these locations to supermarket tenants, 1 location to a non-supermarket tenant and ceased operations at one other location. Safeway is obligated to pay rent through the full term of all these leases which expire in 2009. 4 Kroger has sub-leased 4 of these locations to supermarket tenants, 2 locations to a non-supermarket tenant and ceased operations at one other location. Kroger is obligated to pay rent through the full term of all these leases which expire in 2009. 5 Subsidiary of Transunion 24
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Retail Properties - Summary Listing ------------- Property Totals ----------------------- Year Grocery Other Anchor Annualized Annualized Anchor Constructed(C) Occupancy Current Current Lease and Base Base Lease and Shopping Center Location Acquired(A) GLA Option Option Expiraton Rent Rent psf % Expiraton ------------------------------------------------------------------------------------------------------------------- NEW YORK REGION ------------------ New York Soundview Port King Kullen Clearview Cinema Marketplace Washington 1998 (A) 182,660 92% 2007/2022 2010/2030 $2,609,713 $15.56 Village Commons Smithtown Daffy's 2008/2028 Shopping Center 1998 (A) 87,227 96% 1,975,730 23.49 Walgreens 2021/-- Branch Shopping Smithtown Waldbaum's (A&P) 2013/2028 Plaza 1998 (A) 125,640 92% 2,013,829 17.43 New Loudon Center Latham Price Marshalls 2004/2009 Chopper 1982 (A) 253,003 70% 2015/2035 1,550,544 8.79 Pacesetter Park Pomona Stop & Shop (Ahold) 2020/2040 Shopping Center 1999 (A) 96,252 84% 866,889 10.71 New Jersey Elmwood Park Elmwood Park Pathmark Walgreen's 2022/2062 Shopping Center 1998 (A) 149,038 96% 2017/2052 3,127,059 21.79 Marketplace of Absecon Acme Eckerd Drug Absecon 1998 (A) 105,251 93% 2015/2055 2020/2040 1,479,421 15.19 Berlin Shopping Berlin Acme Kmart 2004/2029 Center 1994 (A) 188,717 80% 2005/2015 800,374 5.31 Ledgewood Mall Ledgewood 1983 (A) 513,704 89% Wal-mart 2019/2049 4,197,748 9.21 Macy's 2005/2025 The Sports' Authority 2007/2037 Circuit City 2020/2040 Marshall's 2007/2027 NEW ENGLAND REGION ------------------ Connecticut Town Line Plaza Rocky Hill GU Markets Wal-mart (not owned) 1998 (A) 206,178 100% 2017/2052 1,343,848 12.34 239 Greenwich Greenwich Restoration Hardware Avenue 1998 (A) 16,834 100% 2015/2025 1,254,282 74.51 Chico's Fashion 2010/2020 Massachusetts Methuen Shopping Methuen DeMoulas Wal-mart 2011/2051 Center Market 1998 (A) 130,238 100% 2005/2015 828,772 6.36 Crescent Plaza Brockton Shaw's Home Depot 2021/2056 1984 (A) 218,277 99% 2012/2042 1,660,527 7.70 Rhode Island Walnut Hill Plaza Woonsocket Shaw's Sears 2003/2033 1998 (A) 284,464 99% 2013/2043 2,139,128 7.58 Vermont The Gateway Burlington Shaw's Shopping Center 1999 (A) 100,574 83% 2024/2053 1,511,686 18.21
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MIDWEST REGION ------------------ Illinois Hobson West Plaza Naperville 1998 (A) 99,038 99% Eagle Food Centers 2007/2032 1,128,453 11.53 Indiana Merrillville Plaza Merrillville 1998 (A) 235,591 100% TJ Maxx 2004/2014 2,554,212 10.84 JC Penney 2008/2018 OfficeMax 2008/2028 Michigan Bloomfield Town Bloomfield Costco (notTJ Maxx2009/2014 Square Hills 1998 (A) 216,489 84% owned) 1,721,770 9.43 Marshall's 2011/2026 Home Goods 2010/2025 Ohio Mad River Station Dayton Babies "R" Us 1999 (A) 154,474 83% 2005/2020 1,551,857 12.07 Office Depot 2005/2010 MID-ATLANTIC REGION ------------------ Pennsylvania Abington Towne Abington TJ Maxx 2010/2020 Center 1998 (A) 216,365 97% 779,745 14.62 Target (not owned) Blackman Plaza Wilkes-Barre 1968 (C) 121,341 92% Kmart 2004/2049 261,504 2.34 Bradford Towne Towanda P&C Foods Kmart 2019/2069 Centre (Penn Traffic) 1993 (C) 256,939 89% 2014/2024 1,417,821 6.19 East End Center Wilkes-Barre 1986 (C) 308,283 54% Price Chopper 2008/2028 1,215,320 7.27 Greenridge Plaza Scranton 1986 (C) 198,393 53% Giant Food (Ahold) 2021/2051 641,089 6.10 Luzerne Street Scranton Price Eckerd Drug Shopping Center Chopper 2004/2019 1983 (A) 57,988 94% 2004/2024 272,150 4.98 Mark Plaza Edwardsville Redner's Kmart 2004/2054 Markets 1968 (C) 214,036 91% 2018/2028 946,877 4.85 Pittston Plaza Pittston Redner's Eckerd Drugs Market 2006/2016 1994 (C) 79,494 98% 2018/2028 599,728 7.69 Plaza 422 Lebanon 1972 (C) 154,791 87% Home Depot 2021/2056 195,480 3.85 Route 6 Mall Honesdale Weis Kmart 2020/2070 Markets (not 1994 (C) 175,507 99% owned) 1,061,248 6.10 ---------- ----------------------- 5,146,786 $41,706,804 $10.00 ========== =======================
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JOINT VENTURE PROPERTIES ------------------------------- (excludes jont venture owned Kroger/Safeway Portfolio) NEW YORK REGION ------------------ New York Crossroads White Plains Waldbaum's Kmart 2012/2037 Shopping Center (A&P) 1998 310,919 99% 2007/2032 $5,466,478 $17.80 (49% JV interest) B. Dalton 2012/2022 Pay Half 2018/-- Modell's 2009/2019 MID-ATLANTIC REGION ------------------ Delaware Brandywine Town Wilmington Center 1 2003 (A) 614,289 99% 8,467,744 13.88 (22% JV interest) Market Square Wilmington Trader TJ Maxx 2006/2016 Shopping Center Joe's (gourmet 2003 (A) 87,760 95% grocery) 1,535,353 18.51 (22% JV interest) 2013/2028 MIDWEST REGION ------------------ Ohio Amherst Cleveland Giant Eagle Marketplace 2002 (A) 79,937 100% 2021/2041 799,107 10.00 (22% JV interest) Granville Centre Columbus Big Bear California Fitness (Penn 2017/2027 Traffic) 2002 (A) 131,269 92% 2020/2050 1,299,290 10.79 (22% JV interest) Sheffield CrossingCleveland Giant Eagle 2002 (A) 112,634 94% 2022/2042 1,103,610 10.38 ---------- ----------------------- (22% JV interest) 1,336,808 $18,671,582 $14.29 ========== ======================= 1 Does not include 240,000 square feet of new space in Phase II of the Brandywine Town Center, which will be paid for by the Company on an "earnout basis" only if, and when it is leased.
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QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Retail Properties by Region ---------------- (excludes jont venture owned Kroger/Safeway Portfolio) ---------------------------------------------------------------------------------------------------------- Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot ---------------------------------------------------------------------------------------------------------- Wholly-Owned Properties ---------------- Anchors 1 Shops Total AnchorsShops Total Anchors Shops Total Anchors Shops Totals ---------------------------------------------------------------------------------------------------------- New York Region 1,032,506 668,986 1,701,492 88.01%84.19%86.51% $9,254,202 $9,367,105 $18,621,307 $10.18 $16.63 $12.65 New England 640,880 315,685 956,565 100.00%92.85%97.64% 5,891,556 2,846,687 8,738,243 10.84 9.71 10.44 Midwest 305,549 400,043 705,592 100.00%84.78%91.37% 2,349,833 4,606,459 6,956,292 7.69 13.58 10.79 Mid-Atlantic 1,281,243 501,894 1,783,137 83.65%77.44%81.90% 4,226,210 3,164,752 7,390,962 5.09 8.14 6.06 ---------------------------------------------------------------------------------------------------------- Total Wholly- Owned Properties 3,260,178 1,886,608 5,146,786 89.78%83.97%87.65%$21,721,801 $19,985,003 $41,706,804 $8.39 $12.62 $10.00 ---------------------------------------------------------------------------------------------------------- Joint Venture Properties ---------------- Midwest 2 225,943 97,897 323,840 100.00%82.38%94.67% $2,377,901 $824,106 $3,202,007 $10.52 $10.22 $10.44 Mid-Atlantic 2,3 645,664 56,385 702,049 99.36%91.49%98.73% 8,833,456 1,169,641 10,003,097 13.77 22.67 14.43 New York Region 4 191,363 119,556 310,919 100.00%96.76%98.75% 1,939,927 3,526,551 5,466,478 10.14 30.48 17.80 ---------------------------------------------------------------------------------------------------------- Total Joint Venture Properties 1,062,970 273,838 1,336,808 99.61%90.53%97.75%$13,151,284 $5,520,298 $18,671,582 $12.42 $22.27 $14.29 ==========================================================================================================
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. 1 Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. 2 The Company has a 22% interest in Acadia Strategic Opportunity Fund which owns these properties. 3 Does not include 240,000 square feet of new space in Phase II of the Brandywine Town Center, which will be paid for by the Company on an "earnout basis" only if, and when it is leased. 4 The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center. 28
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Retail Properties by State - Summary ----------------------------- (excludes jont venture owned Kroger/Safeway Portfolio) --------------------------------------------------------------------------------------------------------------------- Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------------------------------- Wholly-Owned Ownership Percent Number of Properties of ------------- base properties Anchors 2 Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals % rent 1 ----------------------------------------------------------------------------------------------------------------------- NEW YORK REGION New Jersey 100% 20.3% 4 590,959 365,751 956,710 92.00% 82.98% 88.55% $5,380,740 $4,223,862 $9,604,602 $9.90 $13.92 $11.34 New York 100% 19.1% 5 441,547 303,235 744,782 82.67% 85.66% 83.88% 3,873,462 5,143,243 9,016,705 10.61 19.80 14.43 NEW ENGLAND REGION Connecticut 100% 5.5% 2 178,799 44,213 223,012 100.00%100.00%100.00% 1,984,282 613,848 2,598,130 24.35 13.88 20.67 Massachusetts 100% 5.3% 2 276,989 71,526 348,515 100.00% 96.33% 99.25% 1,855,550 633,749 2,489,299 6.70 9.20 7.20 Rhode Island 100% 4.5% 1 113,092 171,372 284,464 100.00% 98.59% 99.15% 755,724 1,383,404 2,139,128 6.68 8.19 7.58 Vermont 100% 3.2% 1 72,000 28,574 100,574 100.00% 38.59% 82.55% 1,296,000 215,686 1,511,686 18.00 19.56 18.21 MIDWEST REGION Illinois 100% 2.4% 1 42,037 57,001 99,038 100.00% 97.88% 98.78% 170,000 958,453 1,128,453 4.04 17.18 11.53 Indiana 100% 5.4% 1 101,357 134,234 235,591 100.00%100.00%100.00% 880,417 1,673,795 2,554,212 8.69 12.47 10.84 Michigan 100% 3.6% 1 103,970 112,519 216,489 100.00% 69.95% 84.38% 767,849 953,921 1,721,770 7.39 12.12 9.43 Ohio 100% 3.3% 1 58,185 96,289 154,474 100.00% 73.13% 83.25% 531,567 1,020,290 1,551,857 9.14 14.49 12.07 MID- ATLANTIC REGION Pennsylvania 100% 15.6% 10 1,281,243 501,894 1,783,137 83.65% 77.44% 81.90% 4,226,210 3,164,752 7,390,962 5.09 8.14 6.06 ------------------------------------------------------------------------------------------------------------- Total - Wholly-Owned Properties 88.1% 29 3,260,178 1,886,608 5,146,786 89.78% 83.97% 87.65% 21,721,801 19,985,003 41,706,804 8.39 12.62 10.00 ------------------------------------------------------------------------------------------------------------- Joint Venture Properties 3 ------------- Ohio 4 22% 1.5% 3 225,943 97,897 323,840 100.00% 82.38% 94.67% $2,377,901 $824,106 $3,202,007 $10.52 $10.22 $10.44 Delaware 4,5 22% 4.7% 2 645,664 56,385 702,049 99.36% 91.49% 98.73% 8,833,456 1,169,641 10,003,097 13.77 22.67 14.43 New York 6 49% 5.7% 1 191,363 119,556 310,919 100.00% 96.76% 98.75% 1,939,927 3,526,551 5,466,478 10.14 30.48 17.80 ----------- -------------------------------------------------------------------------------------------------- Total Joint Venture Properties 11.9% 6 1,062,970 273,838 1,336,808 99.61% 90.53% 97.75%$13,151,284 $5,520,298 $18,671,582 $12.42 $22.27 $14.29 -----------------====================================================================================================== 100.0% 35 ================= General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. 1 The Company's pro-rata share of base rent from joint venture properties has been included for the purpose of calculating percentage of base rent by state. 2 Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. 3 Does not include approximately 1 million square feet relating to a portfolio of 25 supermarket triple-net leases acquired by ASOF in January of 2003. 4 The Company has a 22% interest in Acadia Strategic Opportunity Fund which owns these properties. 5 Does not include 240,000 square feet of new space in Phase II of the Brandywine Town Center, which will be paid for by the Company on an "earnout basis" only if, and when it is leased. 6 The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center.
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QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Retail Properties - Detail -------------- ------------------------------------------------------------------------------------------------------------ Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot -------------------------------------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------------------------------------------ WHOLLY-OWNED PROPERTIES: New York Region -------------- New York -------------- Soundview Marketplace 73,500 109,160 182,660 100.00% 86.29% 91.81% $1,158,850 $1,450,863 $2,609,713 $15.77 $15.40 $15.56 Village Commons Shopping Center 25,192 62,035 87,227 100.00% 94.97% 96.42% 428,213 1,547,517 1,975,730 17.00 26.27 23.49 Branch Plaza 63,000 62,640 125,640 100.00% 83.91% 91.98% 837,240 1,176,589 2,013,829 13.29 22.39 17.43 New Loudon Center 227,803 25,200 253,003 66.40%100.00% 69.75% 1,125,174 425,370 1,550,544 7.44 16.88 8.79 Pacesetter Park Shopping Center 52,052 44,200 96,252 100.00% 65.33% 84.08% 323,985 542,904 866,889 6.22 18.80 10.71 ------------------------------------------------------------------------------------------------------------ Total - New York 441,547 303,235 744,782 82.67% 85.66% 83.88% 3,873,462 5,143,243 9,016,705 10.61 19.80 14.43 ------------------------------------------------------------------------------------------------------------ New Jersey -------------- Elmwood Park Shopping Center 62,610 86,428 149,038 100.00% 93.63% 96.31% 1,390,460 1,736,599 3,127,059 22.21 21.46 21.79 Marketplace of Absecon 58,031 47,220 105,251 100.00% 83.33% 92.52% 927,574 551,847 1,479,421 15.98 14.02 15.19 Berlin Shopping Center 127,850 60,867 188,717 100.00% 37.42% 79.82% 619,400 180,974 800,374 4.84 7.95 5.31 Ledgewood Mall 342,468 171,236 513,704 86.20% 93.70% 88.70% 2,443,306 1,754,442 4,197,748 8.28 10.93 9.21 ------------------------------------------------------------------------------------------------------------ Total - New Jersey 590,959 365,751 956,710 92.00% 82.98% 88.55% 5,380,740 4,223,862 9,604,602 9.90 13.92 11.34 ------------------------------------------------------------------------------------------------------------ Total - New York Region 1,032,506 668,986 1,701,492 88.01% 84.19% 86.51% 9,254,202 9,367,105 18,621,307 10.18 16.63 12.65 ------------------------------------------------------------------------------------------------------------ New England -------------- Connecticut -------------- Town Line Plaza 1 161,965 44,213 206,178 100.00%100.00%100.00% 730,000 613,848 1,343,848 11.29 13.88 12.34 239 Greenwich Avenue 2 16,834 - 16,834 100.00% - 100.00% 1,254,282 - 1,254,282 74.51 - 74.51 ------------------------------------------------------------------------------------------------------------ Total - Connecticut 178,799 44,213 223,012 100.00%100.00%100.00% 1,984,282 613,848 2,598,130 24.35 13.88 20.67 ------------------------------------------------------------------------------------------------------------ Massachusetts -------------- Methuen Shopping Center 120,004 10,234 130,238 100.00%100.00%100.00% 736,464 92,308 828,772 6.14 9.02 6.36 Crescent Plaza 156,985 61,292 218,277 100.00% 95.72% 98.80% 1,119,086 541,441 1,660,527 7.13 9.23 7.70 ------------------------------------------------------------------------------------------------------------ Total - Massachusetts 276,989 71,526 348,515 100.00% 96.33% 99.25% 1,855,550 633,749 2,489,299 6.70 9.20 7.20 ------------------------------------------------------------------------------------------------------------ Rhode Island -------------- Walnut Hill Plaza 113,092 171,372 284,464 100.00% 98.59% 99.15% 755,724 1,383,404 2,139,128 6.68 8.19 7.58 ------------------------------------------------------------------------------------------------------------ Vermont -------------- The Gateway Shopping Center 3 72,000 28,574 100,574 100.00% 38.59% 82.55% 1,296,000 215,686 1,511,686 18.00 19.56 18.21 ------------------------------------------------------------------------------------------------------------ Total - New England Region 640,880 315,685 956,565 100.00% 92.85% 97.64% 5,891,556 2,846,687 8,738,243 10.84 9.71 10.44 ------------------------------------------------------------------------------------------------------------ General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. 1 Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. 2 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21 residential units encompassing 14,434 square feet. Residential activities are not included above. 3 The newly built 72,000 square foot Shaw's supermarket opened during the 2nd quarter 2003 at this redevelopment project. The balance of the newly constructed small shop space is in its initial lease-up phase.
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WHOLLY-OWNED PROPERTIES (continued): Midwest -------------- Illinois -------------- Hobson West Plaza 42,037 57,001 99,038 100.00% 97.88% 98.78% $170,000 $958,453 $1,128,453 $4.04 $17.18 $11.53 Indiana -------------- Merrillville Plaza 101,357 134,234 235,591 100.00%100.00%100.00% 880,417 1,673,795 2,554,212 8.69 12.47 10.84 Michigan -------------- Bloomfield Towne Square 103,970 112,519 216,489 100.00% 69.95% 84.38% 767,849 953,921 1,721,770 7.39 12.12 9.43 Ohio -------------- Mad River Station 1 58,185 96,289 154,474 100.00% 73.13% 83.25% 531,567 1,020,290 1,551,857 9.14 14.49 12.07 ------------------------------------------------------------------------------------------------------------ Total - Midwest Region 305,549 400,043 705,592 100.00% 84.78% 91.37% 2,349,833 4,606,459 6,956,292 7.69 13.58 10.79 ------------------------------------------------------------------------------------------------------------ Mid-Atlantic -------------- Pennsylvania -------------- Abington Towne Center 2 184,616 31,749 216,365 100.00% 82.93% 97.50% 256,500 523,245 779,745 9.50 19.87 14.62 Blackman Plaza 104,956 16,385 121,341 100.00% 42.72% 92.27% 204,664 56,840 261,504 1.95 8.12 2.34 Bradford Towne Centre 146,499 110,440 256,939 100.00% 74.90% 89.21% 887,469 530,352 1,417,821 6.06 6.41 6.19 East End Center 176,200 132,083 308,283 28.38% 88.65% 54.20% 357,500 857,820 1,215,320 7.15 7.33 7.27 Greenridge Plaza 145,420 52,973 198,393 42.70% 81.07% 52.95% 279,405 361,684 641,089 4.50 8.42 6.10 Luzerne Street Shopping Center 3 54,618 3,370 57,988 100.00% - 94.19% 272,150 - 272,150 4.98 - 4.98 Mark Plaza 157,595 56,441 214,036 100.00% 67.02% 91.30% 652,095 294,782 946,877 4.14 7.79 4.85 Pittston Plaza 67,568 11,926 79,494 100.00% 87.39% 98.11% 496,446 103,282 599,728 7.35 9.91 7.69 Plaza 422 124,113 30,678 154,791 100.00% 32.60% 86.64% 132,030 63,450 195,480 3.24 6.34 3.85 Route 6 Plaza 119,658 55,849 175,507 100.00% 97.27% 99.13% 687,951 373,297 1,061,248 5.75 6.87 6.10 ------------------------------------------------------------------------------------------------------------ Total - Pennsylvania 1,281,243 501,894 1,783,137 83.65% 77.44% 81.90% 4,226,210 3,164,752 7,390,962 5.09 8.14 6.06 ------------------------------------------------------------------------------------------------------------ Total - Mid- Atlantic Region 1,281,243 501,894 1,783,137 83.65% 77.44% 81.90% 4,226,210 3,164,752 7,390,962 5.09 8.14 6.06 ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ TOTAL WHOLLY- OWNED PROPERTIES 3,260,178 1,886,608 5,146,786 89.78% 83.97% 87.65%$21,721,801 $19,985,003 $41,706,804 $8.39 $12.62 $10.00 ------------------------------------------------------------------------------------------------------------ General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. 1 The GLA for this property includes 27,702 square feet of office space. 2 Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. 3 The Price Chopper supermarket which leases 40,618 square feet is not operating in the space, but remains obligated under the lease and continues to pay rent.
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JOINT VENTURE PROPERTIES: 1 Midwest -------------- Ohio -------------- Amherst Marketplace 2 76,737 3,200 79,937 100.00%100.00%100.00% $765,711 $33,396 $799,107 $9.98 $10.44 $10.00 Granville Centre 2 90,047 41,222 131,269 100.00% 73.58% 91.70% 991,612 307,678 1,299,290 11.01 10.14 10.79 Sheffield Crossing 2 59,159 53,475 112,634 100.00% 88.11% 94.36% 620,578 483,032 1,103,610 10.49 10.25 10.38 ------------------------------------------------------------------------------------------------------------ Total - Midwest Region 225,943 97,897 323,840 100.00% 82.38% 94.67% 2,377,901 824,106 3,202,007 10.52 10.22 10.44 ------------------------------------------------------------------------------------------------------------ Mid-Atlantic -------------- Delaware -------------- Brandywine Town Center 2,3 614,289 - 614,289 99.33% - 99.33% 8,467,744 - 8,467,744 13.88 - 13.88 Market Square Shopping Center 2 31,375 56,385 87,760 100.00% 91.49% 94.53% 365,712 1,169,641 1,535,353 11.66 22.67 18.51 ------------------------------------------------------------------------------------------------------------ Total - Mid- Atlantic 645,664 56,385 702,049 99.36% 91.49% 98.73% 8,833,456 1,169,641 10,003,097 13.77 22.67 14.43 ------------------------------------------------------------------------------------------------------------ New York Region -------------- New York -------------- Crossroads Shopping Center 4 191,363 119,556 310,919 100.00% 96.76% 98.75% 1,939,927 3,526,551 5,466,478 10.14 30.48 17.80 ------------------------------------------------------------------------------------------------------------ Total - Joint Venture Properties 1,062,970 273,838 1,336,808 99.61% 90.53% 97.75%$13,151,284 $5,520,298 $18,671,582 $12.42 $22.27 $14.29 ============================================================================================================ General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. 1 In January of 2003, the Acadia Strategic Opportunity Fund ("ASOF") acquired approximately 2 million additional square feet in two separate transactions. Approximately 1 million square feet relates to a portfolio of 25 supermarket triple-net leases which is not reflected above. See section III of this supplement for additonal detail on this portfolio. 2 The Company has a 22% interest in ASOF which owns the property. 3 Does not include approximately 240,000 square feet of new space in Phase II, which will be paid for by the JV on an "earnout basis" only if, and when it is leased. 4 The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center.
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QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 --------------------- --------------------- Six months ended Three months ended Three months ended Leasing Production Notes: June 30, 2003 June 30, 2003 March 31, 2003 4 New leases 1 Number of new leases commencing 22 7 15 GLA 71,141 33,745 37,396 New base rent $13.10 $8.82 $16.97 Previous base rent (and percentage rent) $11.13 $7.07 $14.79 Percentage growth in base rent 17.8% 24.8% 14.7% Average cost per square foot $3.63 $4.20 $3.12 Renewal leases Number of renewal leases commencing 18 11 7 GLA 57,982 40,456 17,526 Renewal percentage 2 54% 76% 32% New base rent $17.26 $17.01 $17.83 Expiring base rent (and percentage rent) $16.20 $15.76 $17.20 Percentage growth in base rent 6.6% 7.9% 3.7% Average cost per square foot $0.00 $0.00 $0.00 Total new and renewal Leases Number of renewal leases commencing 40 18 22 GLA 129,123 74,201 54,922 New base rent $14.97 $13.29 $17.24 Expiring base rent (and percentage rent) $13.40 $11.81 $15.56 Percentage growth in base rent 3 11.7% 12.5% 10.8% Average cost per square foot $2.00 $1.91 $2.12 --------------------- --------------------- 1 Does not include leased square footage and costs related to first generation space and the Company's major redevelopment projects. 2 1st Quarter 2003 renenwal percentage was adversely impacted by the closing of a small business which operated at three locations in the Company's portfolio totaling 25,000 square feet. Adjusting for this impac, the renewal percentage 1st Quarter was 78% and for the six months 77%. 3 Rent is presented on a cash basis. Rents have not been averaged over terms. Previous/expiring rent is that as of time of expiration and includes any percentage rent paid as well. New rent is that which is initially paid at commencement. 4 Restated from 1st Quarter 2003 Supplement
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QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Top Tenants - Ranked by Annualized Base Rent ----------- (Combined basis - Includes pro-rata share of GLA and rent for JV properties) Wholly-Owned Acadia Strategic Crossroads Percentage of Total Opportunity Fund Shopping Center Combined Represented by 100% 22% 49% Retail Tenant --------------------------------------------------------------------------------------------------- Average Number of Gross Retail stores in Total Annualized Total Annualized Total Annualized Total Annualized Total Annual- Average Occupancy Base Base Base Base ized Base Ranking Tenant combined GLA Rent 1 GLA Rent 1 GLA Rent 1 GLA Rent 1 Portfolio Rent 2 Sales Cost 3 portfolio GLA 2 (per sq. ft.) ------------------------------------------------------------------------------------------------------------------------------------ 1 Shaw's 3 174,617 $2,310,685 - $- - $- 174,617 $2,310,685 3.0% 4.7% $474 * 2.6% 2 Kmart 6 520,221 1,870,484 49,355 277,463 569,576 2,147,947 9.9% 4.4% 195 3.2% 3 T.J. Maxx 9 238,061 1,802,571 6,972 81,269 - - 245,033 1,883,840 4.3% 3.8% 225 * 5.1% 4 Wal-Mart 2 210,114 1,515,409 - - - - 210,114 1,515,409 3.7% 3.1% 329 * 3.3% Price Chopper 5 4 3 168,068 1,295,727 - - - - 168,068 1,295,727 2.9% 2.6% - - 6 Eckerd Drug 5 8 89,620 1,054,296 - - - - 89,620 1,054,296 1.6% 2.2% 428 * 4.0% A&P/ * 7 Waldbaum's 2 64,665 730,000 - - 18,722 246,960 83,387 976,960 1.4% 2.0% 362 5.5% 8 Pathmark 1 47,773 955,460 - - - - 47,773 955,460 0.8% 2.0% - - Restoration 9 Hardware 1 12,293 929,600 - - - - 12,293 929,600 0.2% 1.9% 242 33.0% Acme 10 (Albertson's) 2 76,864 918,664 - - - - 76,864 918,664 1.3% 1.9% 370 4.2% Redner's 11 Supermarket 2 111,739 863,432 - - - - 111,739 863,432 1.9% 1.8% 253 3.9% 12 Safeway 6 13 - - 103,834 831,909 - - 103,834 831,909 1.8% 1.7% - - 13 Kroger 7 12 - - 122,388 829,065 - - 122,388 829,065 2.1% 1.7% - - 14 Macy's 1 73,349 610,745 - - - - 73,349 610,745 1.3% 1.2% 208 6.0% 15 Home Depot 8 1 190,090 602,126 - - - - 190,090 602,126 3.3% 1.2% - - -------------------------------------------------------------------------------------------------------------- Total 66 1,977,474 $15,459,199 233,194 $1,742,243 68,077 $524,423 2,278,745 $17,725,865 39.6% 36.2% ==============================================================================================================
1 Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after June 30, 2003. 2 Represents total GLA and annualized base rent for the Company's retail properties including its pro-rata share of joint venture properties. 3 Occupancy cost = Gross rents (base rent, percentage rent and expense reimbursements) divided by sales. * indicates not all locations are required to report sales. Amount is left blank if the tenant is not required to report sales at any of the locations. 4 The tenant is currently not operating the store at the Luzerne Street Shopping Center. They are obligated, and continue, to pay annual minimum rent of $177,650 until the lease expires in April 30, 2004. 5 Subsidiary of JC Penney. The store at the Berlin Shopping Center has ceased operating but continues to pay annual rent of $29,129 pursuant to the lease which expires November 30, 2004. The Route 6 Plaza location has been sublet to Advance Auto and expires 2011. 6 Safeway has sub-leased 7 of these locations to supermarket tenants, 1 location to a non-supermarket tenant and ceased operations at one other location. Safeway is obligated to pay rent through the full term of all these leases which expire in 2009. 7 Kroger has sub-leased 4 of these locations to supermarket tenants, 2 locations to a non-supermarket tenant and ceased operations at one other location. Kroger is obligated to pay rent through the full term of all these leases which expire in 2009. 8 Home Depot has acquired the former Ames lease ( 83,330 square feet) at the Plaza 422 and is in the process of expanding the store to 102,000 square feet. When complete (estimated 1st quarter 2004), they will pay base rent of approximatly $408,000. However, they are not obligated to pay rent during the construction period and, as such, the rent is not included in the above amounts. 34
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Anchor Detail ----------------------------------- (excludes jont venture owned Kroger/Safeway Portfolio) --------------------------------------------------------------------------------------------------- Annual Annual Property/Tenant Name Square Lease Base Base (Type of Center) Footage Expiration Rent Rent Options/Required PSF 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 York ----------------------------------------- Soundview Marketplace, Port Washington King Kullen (7) 5 Year (12 48,100 9/26/2007 $562,600 $11.70 Months) Clearview Cinema (4) 5 Year (12 25,400 5/31/2010 596,250 23.47 Months) ----------- ------------------- Property total 73,500 1,158,850 15.77 ----------- ------------------- Smithtown Shopping Center, Smithtown Daffy's (4) 5 Year (12 16,125 1/7/2008 274,125 17.00 Months) Walgreen's 9,067 12/31/2021 154,088 16.99 - ----------- ------------------- Property total 25,192 428,213 17.00 ----------- ------------------- The Branch Shopping Center, Smithtown Waldbaum's (A&P) (1) 10 Year & 63,000 11/30/2013 837,240 13.29 (1) 5 Year ----------- ------------------- Property Total: 63,000 837,240 13.29 ----------- ------------------- New Loudon Center, Latham Club Pro (1) 5 Year (12 47,805 4/30/2006 260,537 5.45 Months) Marshall's (1) 5 Year (12 26,015 1/31/2004 104,060 4.00 Months) Price Chopper (4) 5 Year (12 77,450 5/31/2015 760,577 9.82 Months) ----------- ------------------- Property total 151,270 1,125,174 7.44 ----------- ------------------- Pacesetter Park Shopping Center, Pomona Stop & Shop (Ahold subsidiary) 52,052 8/31/2020 323,985 6.22 (2) 10 Year ----------- ------------------- Property total 52,052 323,985 6.22 ----------- ------------------- New Jersey ----------------------------------------- Elmwood Park Shopping Center, Elmwood Park Walgreen's (8) 5 Year (12 14,837 5/31/2022 435,000 29.32 Months) Pathmark (7) 5 Year (12 47,773 11/30/2017 955,460 20.00 Months) ----------- ------------------- Property total 62,610 1,390,460 22.21 ----------- ------------------- Marketplace of Absecon, Absecon Eckerd Drug (4) 5 Year (6 13,207 8/30/2020 329,310 24.93 Months) Acme Markets (8) 5 Year (12 44,824 4/30/2015 598,264 13.35 Months) ----------- ------------------- Property total 58,031 927,574 15.98 ----------- ------------------- Berlin Shopping Center, Berlin Acme Markets (2) 5 Year (6 32,040 4/30/2005 320,400 10.00 Months) Kmart (4) 5 Year (6 95,810 11/30/2004 299,000 3.12 Months) ----------- ------------------- Property total 127,850 619,400 4.84 ----------- ------------------- Ledgewood Mall, Ledgewood (Enclosed Mall) Circuit City (4) 5 Year (6 33,294 1/31/2020 449,469 13.50 Months) Marshall's (4) 5 Year (6 27,228 1/31/2007 326,736 12.00 Months) The Sports Authority (6) 5 Year (15 52,205 5/31/2007 225,000 4.31 Months) Macy's Department Store 1 (4) 5 Year (6 61,900 1/31/2005 553,500 8.94 Months) Wal*Mart (6) 5 Year (6 120,570 3/31/2019 888,601 7.37 Months) ----------- ------------------- Property total 295,197 2,443,306 8.28 ----------- ------------------- Total: New York Region 908,702 9,254,202 10.18 ----------- ------------------- 1 The tenant has additional expansion space bringing the total space to 74,815 s.f. with total rents of $618,075.
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Retail Anchor Properties- Wholly Owned (continued) ----------------------------------------------------- New England ------------------------------------------ Connecticut ----------------------------------------- Town Line Plaza, Rocky Hill Wal*Mart 1 97,300 - $- $- REA Agreement GU Markets (7) 5 Year (6 64,665 3/8/2017 730,000 11.29 Months) ----------- ------------------- Property total 161,965 730,000 11.29 ----------- ------------------- 239 Greenwich Ave., Greenwich Chico's Fashion 4,541 1/31/2010 324,682 71.50 (2) 5 Years Restoration Hardware (2) 5 Years (6 12,293 4/30/2015 929,600 75.62 Months) ----------- ------------------- Property total 16,834 1,254,282 74.51 ----------- ------------------- Massachusetts ----------------------------------------- Methuen Shopping Center, Methuen Demoulas Super Markets 30,460 1/31/2005 109,656 3.60 (2) 5 Year Wal*Mart (8) 5 Year (6 89,544 10/23/2011 626,808 7.00 Months) ----------- ------------------- Property total 120,004 736,464 6.14 ----------- ------------------- Crescent Plaza, Brockton Home Depot (7) 5 Year (1 106,760 10/31/2021 602,126 5.64 Year) Shaws Supermarkets (6) 5 Year (6 50,225 12/31/2012 516,960 10.29 Months) ----------- ------------------- Property total 156,985 1,119,086 7.13 ----------- ------------------- Rhode Island ----------------------------------------- Walnut Hill Plaza, Woonsocket Sears (5) 5 Year (12 60,700 8/31/2008 258,000 4.25 Months) Shaws Supermarkets (6) 5 Year (9 52,392 12/31/2013 497,724 9.50 Months) ----------- ------------------- Property total 113,092 755,724 6.68 ----------- ------------------- Vermont ----------------------------------------- Gateway Shopping Center Shaws Supermarkets (1) 10 Yr., (3) 5 Yr. & (1) 4 72,000 3/31/2024 1,296,000 18.00 Yr. ----------- ------------------- Property total 72,000 1,296,000 18.00 ----------- ------------------- Total : New England 640,880 5,891,556 10.84 ----------- ------------------- Midwest ------- Illinois ----------------------------------------- Hobson West Plaza, Naperville Eagle Food Centers (5) 5 Year (6 42,037 11/30/2007 170,000 4.04 Months) ----------- ------------------- Property total 42,037 170,000 4.04 ----------- ------------------- Indiana ----------------------------------------- Merrillville Plaza, Merrillville JC Penney (2) 5 Year (12 50,000 1/31/2008 495,000 9.90 Months) OfficeMax (4) 5 Year (6 26,157 7/31/2008 202,717 7.75 Months) TJ Maxx (2) 5 Year (6 25,200 1/31/2004 182,700 7.25 Months) ----------- ------------------- Property total 101,357 880,417 8.69 ----------- ------------------- Michigan ----------------------------------------- Bloomfield Town Square, Bloomfield Hills Home goods 39,646 5/31/2010 307,257 7.75 (3) 5 Year Marshall's (3) 5 Year (6 28,324 9/30/2011 226,592 8.00 Months) TJ Maxx (1) 5 Year (6 36,000 1/31/2009 234,000 6.50 Months) ----------- ------------------- Property total 103,970 767,849 7.39 ----------- ------------------- Ohio ------ Mad River Station, Dayton Babies 'R' Us 33,147 2/28/2005 243,630 7.35 (3) 5 Year Office Depot (1) 5 Year (6 25,038 8/31/2005 287,937 11.50 Months) ----------- ------------------- Property total 58,185 531,567 9.14 ----------- ------------------- Total: Midwest 305,549 2,349,833 7.69 ----------- ------------------- 1 This space is contiguous to the Company's property and is not owned by the Company.
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Retail Anchor Properties- Wholly Owned (continued) ----------------------------------------------------- Mid-Atlantic ------------------------------------------ Pennsylvania ----------------------------------------- Abington Town Center, Abington TJ Maxx (2) 5 Year (6 27,000 11/30/2010 $256,500 $9.50 Months) Target 1 Condominium 157,616 - - - Agreement ----------- ------------------- Property total 184,616 256,500 9.50 ----------- ------------------- Blackman Plaza, Wilkes-Barre Kmart (9) 5 Year (12 104,956 10/31/2004 204,664 1.95 Months) ----------- ------------------- Property total 104,956 204,664 1.95 ----------- ------------------- Bradford Towne Centre, Towanda Kmart (10) 5 Year (6 94,841 3/31/2019 474,205 5.00 Months) P & C Foods (Penn Traffic) (2) 5 Year (6 51,658 9/30/2014 413,264 8.00 Months) ----------- ------------------- Property total 146,499 887,469 6.06 ----------- ------------------- East End Center, Wilkes-Barre Price Chopper (4) 5 Year (6 50,000 4/30/2008 357,500 7.15 Months) ----------- ------------------- Property total 50,000 357,500 7.15 ----------- Greenridge Plaza, Scranton Giant Food Stores (Ahold) (6) 5 Year 62,090 4/30/2021 279,405 4.50 (Auto) ----------- ------------------- Property total 62,090 279,405 4.50 ----------- ------------------- Luzerne Street Shopping Center, Scranton Eckerd Drugs (3) 5 Year (6 14,000 4/30/2004 94,500 6.75 Months) Price Chopper 2 (4) 5 Year (12 40,618 4/30/2004 177,650 4.37 Months) ----------- ------------------- Property total 54,618 272,150 4.98 ----------- ------------------- Mark Plaza, Edwardsville Kmart (10) 5 Year (12 104,956 10/31/2004 204,664 1.95 Months) Redner's Market (2) 5 Year (6 52,639 5/31/2018 447,432 8.50 Months) ----------- ------------------- Property total 157,595 652,096 4.14 ----------- ------------------- Pittston Plaza, Pittston Eckerd Drugs (2) 5 Year (6 8,468 6/30/2006 80,446 9.50 Months) Redner's Market 59,100 12/31/2018 416,000 7.04 (2) 5 Year ----------- ------------------- Property total 67,568 496,446 7.35 ----------- ------------------- Plaza 422, Lebanon Giant Food Stores 2 40,783 12/31/2003 132,030 3.24 (5) 5 Year Home Depot 3 83,330 - - ----------- ------------------- Property total 124,113 132,030 1.06 ----------- ------------------- Route 6 Mall, Honesdale Kmart (10) 5 Year 119,658 4/30/2020 687,950 5.75 (Automatic) ----------- ------------------- Property total 119,658 687,950 5.75 ----------- ------------------- Total : Mid-Atlantic 1,071,713 4,226,210 5.09 ----------- ------------------- Total: Retail Anchor Properties - Wholly Owned Properties 2,926,844 $21,721,801 $8.39 =========== =================== 1 Target owns the portion of the main building (157,616 square feet) that their store is located in. 2 This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease. 3 Home Depot has acquired the former Ames lease ( 83,330 square feet) at the Plaza 422 and is in the process of expanding the store to 102,000 square feet. When complete (estimated 1st quarter 2004), they will pay base rent of approximatly $408,000. However, they are not obligated to pay rent during the construction period and, as such, the rent is not included in the above amounts.
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Joint Venture Properties ------------------------------------------ New York Region ------------------------------------------ New York ----------------------------------------- Crossroads Shopping Center, White Plains Kmart (5) 5 Year (9 100,725 1/31/2012 $566,250 $5.62 Months) Waldbaum's (A&P) (5) 5 Year (9 38,208 12/31/2007 504,000 13.19 Months) B. Dalton (2) 5 Year (18 12,430 5/28/2012 345,927 27.83 Months) Pay Half 15,000 1/31/2018 330,000 22.00 - Modell's (2) 5 Year (12 25,000 2/28/2009 193,750 7.75 Months) ----------- ------------------- Property total 191,363 1,939,927 10.14 ----------- ------------------- Total : New York Region 191,363 1,939,927 10.14 ----------- ------------------- Mid-Atlantic Region ------------------------------------------ Delaware ----------------------------------------- Brandywine Town Center Annie Sez (3) 5 Year (9 13,324 1/31/2007 266,500 20.00 Months) Kay-Bee Toys (2) 5 Year (9 20,138 7/31/2012 382,622 19.00 Months) Michaels (3) 5 Year (9 24,876 2/28/2011 547,272 22.00 Months) Old Navy (1) 5 Year (6 24,631 4/30/2011 541,872 22.00 Months) Petsmart (2) 5 Year 23,963 6/30/2017 455,297 19.00 (Automatic) Thomasville Furniture (2) 5 Year (9 18,893 11/30/2011 449,842 23.81 Months) Bed, Bath & Beyond (3) 5 Year (6 50,977 1/31/2014 868,426 17.04 Months) Dick's Sporting Goods (3) 5 Year (6 50,000 5/31/2013 725,156 14.50 Months) Lowe's Home Centers (6) 5 Year 140,000 8/31/2018 1,750,000 12.50 (Automatic) Regal Cinemas (4) 5 Year (4 65,641 6/1/2017 821,825 12.52 Months) Transunion Settlement (1) 5 Year (9 39,714 3/31/2013 858,930 21.63 Months) Target (5) 10 Year (12 138,000 1/31/2018 800,000 5.80 Months) ----------- ------------------- Property total 610,157 8,467,742 13.88 ----------- ------------------- Market Square Shopping Center TJ Maxx (2) 5 Year (9 31,375 1/31/2006 365,714 11.66 Months) ----------- ------------------- Total : Mid-Atlantic Region 641,532 8,833,456 13.77 ----------- ------------------- Midwest Region ------------------------------------------ Ohio ------ Amherst Marketplace Giant Eagle (4) 5 Year (6 66,237 9/3/2021 630,576 9.52 Months) CVS 1 (3) 5 Year (6 10,500 3/31/2012 135,135 12.87 Months) ----------- ------------------- Property total 76,737 765,711 9.98 ----------- ------------------- Granville Centre Big Bear Supermarket (Penn Traffic) 55,096 1/28/2020 589,527 10.70 (6) 5 Year California Fitness 34,951 1/31/2017 402,085 11.50 (2) 5 Year ----------- ------------------- Property total 90,047 991,612 11.01 ----------- ------------------- Sheffield Crossing Giant Eagle (4) 5 Year (6 59,159 5/31/2022 620,578 10.49 Months) ----------- ------------------- Property total 59,159 620,578 10.49 ----------- ------------------- Total: Midwest 225,943 2,377,901 10.52 ----------- ------------------- Total: Joint Venture Properties 1,058,838 $13,151,284 $12.42 =========== =================== 1 This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease.
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QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Anchor Lease Expirations - Next 3 Years -------------------------------------------------- ------------------------------------------------------------------------------------------------------------ Gross Leased Area Annualized Base Rent ------------------- ------------------------------------------ Percent Percent Average Square of of per Center Anchor footage all anchors Amount all Sq. Ft. anchors ------------------------------------------------------------------------------------------------------------ 2003 Plaza 422 Giant Food Stores 1 40,783 1.53% $132,030 0.61% $3.24 ------------------- ------------------------------------------ 2004 New Louden Center Marshalls 26,015 0.97% 104,060 0.48% 4.00 Merrillville Plaza T.J. Maxx 25,200 0.94% 182,700 0.84% 7.25 Luzerne Street Eckerd Drug Shopping Center 14,000 0.52% 94,500 0.44% 6.75 Luzerne Street Price Chopper 1 Shopping Center 40,618 1.52% 177,650 0.82% 4.37 Blackman Plaza K-Mart 104,956 3.93% 204,664 0.94% 1.95 Mark Plaza K-Mart 104,956 3.93% 204,664 0.94% 1.95 Berlin Shopping CenterK-Mart 95,810 3.59% 299,000 1.38% 3.12 ------------------- ------------------------------------------ Total 2004 411,555 15.40% 1,267,238 5.83% 3.08 ------------------- ------------------------------------------ 2005 Methuen Shopping Demoulas Center Supermarket 30,460 1.14% 109,656 0.50% 3.60 Ledgewood Mall Macy's 2 61,900 2.32% 553,500 2.55% 8.94 Mad River Shopping Babies 'R' Us Center 33,147 1.24% 243,630 1.12% 7.35 Berlin Shopping CenterAcme Markets 32,040 1.20% 320,400 1.48% 10.00 Mad River Shopping Office Depot Center 25,038 0.94% 287,937 1.33% 11.50 ------------------- ------------------------------------------ Total 2005 182,585 6.83% 1,515,123 6.98% 8.30 ------------------- ------------------------------------------ Total - Next 3 Years $634,923 23.76% $2,914,391 13.42% $4.59 =================== ==========================================
1 This tenant has ceased operations at this location, however continues to pay rent pursuant to the lease. 2 The tenant has additional expansion space bringing the total space to 74,815 s.f. with total rents of $618,075. 39
QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 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. ---------------------------------------------------------------------- Wholly-Owned Propeties Anchor Tenant Expirations 2003 1 40,783 1.53% 132,030 0.61% 3.24 2004 7 411,555 15.40% 1,267,238 5.83% 3.08 2005 5 182,585 6.83% 1,515,123 6.98% 8.30 2006 3 139,603 5.22% 340,983 1.57% 2.44 2007 4 169,570 6.35% 1,284,336 5.91% 7.57 2008 5 202,982 7.60% 1,587,342 7.31% 7.82 2009 1 36,000 1.35% 234,000 1.08% 6.50 2010 4 96,587 3.61% 1,484,688 6.84% 15.37 2011 2 117,868 4.41% 853,400 3.93% 7.24 2012 1 50,225 1.88% 516,960 2.38% 10.29 2013 2 115,392 4.32% 1,334,964 6.15% 11.57 2014 1 51,658 1.93% 413,264 1.90% 8.00 2015 3 134,567 5.04% 2,288,441 10.53% 17.01 2017 2 112,438 4.21% 1,685,460 7.76% 14.99 2018 2 111,739 4.18% 863,432 3.97% 7.73 2019 2 215,411 8.06% 1,362,806 6.27% 6.33 2020 4 218,211 8.17% 1,790,715 8.24% 8.21 2021 3 177,917 6.66% 1,035,619 4.77% 5.82 2022 1 14,837 0.56% 435,000 2.00% 29.32 2024 1 72,000 2.69% 1,296,000 5.97% 18.00 --------------------------------- ----------------------------- Total Occupied 54 2,671,928 100.00% $21,721,801 100.00% $8.39 ------------------------------------------- Anchor GLA Owned by Tenants 254,916 Total Vacant 333,334 ------------ Total Square Feet 3,260,178 ============ -------------------------------------------
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Wholly-Owned Propeties Shop Tenant Expirations Month to Month 15 45,403 2.86% $377,664 1.89% $8.32 2003 21 39,400 2.49% 627,433 3.14% 15.92 2004 58 234,761 14.82% 2,797,887 14.00% 11.92 2005 50 253,773 16.02% 2,898,494 14.50% 11.42 2006 48 179,505 11.33% 2,191,873 10.97% 12.21 2007 50 204,214 12.89% 2,828,763 14.15% 13.85 2008 43 204,400 12.90% 2,789,380 13.96% 13.65 2009 26 128,724 8.13% 1,637,799 8.20% 12.72 2010 15 115,134 7.27% 929,740 4.65% 8.08 2011 16 77,149 4.87% 1,255,299 6.28% 16.27 2012 7 22,549 1.42% 467,933 2.34% 20.75 2013 7 16,891 1.07% 357,167 1.79% 21.15 2014 2 26,472 1.67% 167,024 0.84% 6.31 2015 2 15,616 0.99% 290,532 1.45% 18.60 2020 2 17,945 1.13% 326,120 1.63% 18.17 2022 1 2,205 0.14% 41,895 0.21% 19.00 --------------------------------- ----------------------------- Total Occupied 363 1,584,141 100.00% $19,985,003 100.00% $12.62 ------------------------------------------- Total Vacant 302,467 ------------ Total Square Feet 1,886,608 ============
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Wholly-Owned Propeties Total Tenant Expirations Month to Month 15 45,403 1.07% $377,664 0.91% $8.32 2003 22 80,183 1.88% 759,463 1.82% 9.47 2004 65 646,316 15.19% 4,065,125 9.75% 6.29 2005 55 436,358 10.25% 4,413,617 10.58% 10.11 2006 51 319,108 7.50% 2,532,856 6.07% 7.94 2007 54 373,784 8.78% 4,113,099 9.86% 11.00 2008 48 407,382 9.57% 4,376,722 10.49% 10.74 2009 27 164,724 3.87% 1,871,799 4.49% 11.36 2010 19 211,721 4.97% 2,414,428 5.79% 11.40 2011 18 195,017 4.58% 2,108,699 5.06% 10.81 2012 8 72,774 1.71% 984,893 2.36% 13.53 2013 9 132,283 3.11% 1,692,131 4.06% 12.79 2014 3 78,130 1.84% 580,288 1.39% 7.43 2015 5 150,183 3.53% 2,578,973 6.18% 17.17 2017 2 112,438 2.64% 1,685,460 4.04% 14.99 2018 2 111,739 2.63% 863,432 2.07% 7.73 2019 2 215,411 5.06% 1,362,806 3.27% 6.33 2020 6 236,156 5.55% 2,116,835 5.08% 8.96 2021 3 177,917 4.18% 1,035,619 2.48% 5.82 2022 2 17,042 0.40% 476,895 1.14% 27.98 2024 1 72,000 1.69% 1,296,000 3.11% 18.00 --------------------------------- ----------------------------- Total Occupied 417 4,256,069 100.00% 41,706,804 100.00% 10.00 ------------------------------------------- Anchor GLA Owned by Tenants 254,916 Total Vacant 635,801 ------------ Total Square Feet 5,146,786 ============
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Joint Venture Properties (excludes jont venture owned Kroger/Safeway Portfolio) Anchor Tenant Expirations 2006 1 31,375 2.96% 365,712 2.78% 11.66 2007 2 51,532 4.87% 770,500 5.86% 14.95 2009 1 25,000 2.36% 193,750 1.47% 7.75 2011 3 68,400 6.46% 1,538,986 11.70% 22.50 2012 4 143,793 13.58% 1,429,935 10.87% 9.94 2013 2 89,714 8.47% 1,584,086 12.05% 17.66 2014 1 50,977 4.81% 868,426 6.60% 17.04 2017 3 124,555 11.76% 1,679,208 12.77% 13.48 2018 3 293,000 27.68% 2,880,000 21.91% 9.83 2020 1 55,096 5.20% 589,527 4.48% 10.70 2021 1 66,237 6.26% 630,576 4.79% 9.52 2022 1 59,159 5.59% 620,578 4.72% 10.49 --------------------------------- ----------------------------- Total Occupied 23 1,058,838 100.00% $13,151,284 100.00% $12.42 ------------------------------------------- Total Vacant 4,132 ------------ Total Square Feet 1,062,970 ============
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Joint Venture Properties Shop Tenant Expirations Month to Month 2 9,165 3.70% $226,518 4.10% $24.72 2003 5 21,273 8.58% 387,359 7.02% 18.21 2004 11 55,238 22.27% 1,461,386 26.48% 26.46 2005 7 20,555 8.29% 508,425 9.21% 24.73 2006 8 20,444 8.25% 391,258 7.09% 19.14 2007 10 26,369 10.64% 687,286 12.45% 26.06 2008 10 32,140 12.96% 727,038 13.17% 22.62 2009 3 5,362 2.16% 172,102 3.12% 32.10 2011 2 4,265 1.72% 97,787 1.77% 22.93 2012 3 15,750 6.35% 322,073 5.83% 20.45 2013 3 20,795 8.39% 259,662 4.70% 12.49 2018 1 6,957 2.81% 50,004 0.91% 7.19 2019 1 3,141 1.27% 42,000 0.76% 13.37 2022 1 6,462 2.61% 187,400 3.39% 29.00 --------------------------------- ----------------------------- Total Occupied 67 247,916 100.00% $5,520,298 100.00% $22.27 ------------------------------------------- Total Vacant 25,922 ------------ Total Square Feet 273,838 ============
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Joint Venture Properties Total Tenant Expirations Month to Month 2 9,165 0.70% $226,518 1.21% $24.72 2003 5 21,273 1.63% 387,359 2.07% 18.21 2004 11 55,238 4.23% 1,461,386 7.83% 26.46 2005 7 20,555 1.57% 508,425 2.72% 24.73 2006 9 51,819 3.97% 756,970 4.05% 14.61 2007 12 77,901 5.96% 1,457,786 7.81% 18.71 2008 10 32,140 2.46% 727,038 3.89% 22.62 2009 4 30,362 2.32% 365,852 1.96% 12.05 2011 5 72,665 5.56% 1,636,773 8.77% 22.52 2012 7 159,543 12.21% 1,752,008 9.38% 10.98 2013 5 110,509 8.46% 1,843,748 9.87% 16.68 2014 1 50,977 3.90% 868,426 4.65% 17.04 2017 3 124,555 9.53% 1,679,208 8.99% 13.48 2018 4 299,957 22.95% 2,930,004 15.71% 9.77 2019 1 3,141 0.24% 42,000 0.22% 13.37 2020 1 55,096 4.22% 589,527 3.16% 10.70 2021 1 66,237 5.07% 630,576 3.38% 9.52 2022 2 65,621 5.02% 807,978 4.33% 12.31 --------------------------------- ----------------------------- Total Occupied 90 1,306,754 100.00% 18,671,582 100.00% 14.29 ------------------------------------------- Total Vacant 30,054 ------------ Total Square Feet 1,336,808 ============
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QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Property Demographics -------------------------------- ----------------------------------------------------------------- ----------------------------------- 3-Mile Radius ----------------------------------- Trade Total # Area Base Total Total HouseholdsMedian Avg. HH HH Property / City State(Miles) Rent GLA Pop. ("HH") Income Income JV Ownership % ----------------------------------------------------------------- ------------------------------------ Brandywine Wilmington DE Town Center & Mkt Sq./22.22% 3 10,003,097 702,049 40,591 15,566 $70,145 $87,971 Elmwood ParkElmwood Park NJ Shopping Ctr. 3 3,127,059 149,038 252,916 84,197 $44,191 $61,068 Abington Abington PA Towne Center 3 779,745 216,365 90,807 35,613 $55,130 $74,846 Granville Columbus OH Center / 22.22% 3 1,299,290 131,269 112,286 49,559 $45,721 $56,925 Hobson West Naperville IL Plaza 3 1,128,453 99,038 95,042 32,948 $82,298 $103,749 Methuen Methuen MA Shopping Ctr. 5 828,772 130,238 82,654 30,553 $37,421 $52,017 Crossroads White Plains NY Shopping Ctr. / 49% 3 5,466,478 310,919 102,957 39,813 $59,646 $86,839 The Branch Smithtown NY Plaza 3 2,013,829 125,640 66,533 22,196 $80,908 $97,724 Village Smithtown NY Commons Shopping Ctr. 3 1,975,730 87,227 66,271 22,034 $82,794 $100,446 Bloomfield Bloomfield Hills MI Town Square 5 1,721,770 216,489 61,631 24,011 $49,857 $83,461 Crescent Brockton MA Plaza 3 1,660,527 218,277 98,955 34,754 $39,202 $52,875 239 Greenwich CT Greenwich Avenue 5 1,254,282 16,834 66,991 25,410 $70,619 $113,557 Soundview Port Washington NY Marketplace 3 2,609,713 182,660 42,480 15,035 $88,897 $123,512 Town Line Rocky Hill CT Plaza 3 1,343,848 206,178 43,708 18,392 $60,038 $75,504 New Loudon Latham NY Center 5 1,550,544 253,003 44,153 17,525 $44,595 $58,526 Pacesetter Pomona NY Park Shopping Ctr. 3 866,889 96,252 39,938 13,037 $71,075 $92,040 Mad River Dayton OH Station 5 1,551,857 154,474 58,108 25,182 $50,359 $62,777 Greenridge Scranton PA Plaza 3 641,089 198,393 88,733 36,946 $30,723 $38,790 Mark Plaza Edwardsville PA 5 946,877 214,036 90,532 38,714 $28,086 $38,397 Luzerne Scranton PA Street Shopping Ctr. 3 272,150 57,988 89,062 36,973 $30,970 $39,323 East End Wilkes-Barre PA Center 5 1,215,320 308,283 52,381 21,864 $28,656 $39,768 Blackman Wilkes-Barre PA Plaza 5 261,504 121,341 62,458 26,393 $27,479 $37,619 Sheffield Sheffield OH Crossing / 22.22% 3 1,103,610 112,634 32,599 12,608 $41,912 $50,765 Amherst Amherst OH Marketplace / 22.22% 3 799,107 79,937 54,629 21,303 $40,830 $48,704 Walnut Hill Woonsocket RI Plaza 5 2,139,128 284,464 59,068 24,020 $32,605 $44,830 Ledgewood Ledgewood NJ Mall 5 4,197,748 513,704 39,321 14,812 $72,358 $90,603 Berlin Berlin NJ Shopping Ctr. 3 800,374 188,717 29,619 10,417 $55,284 $65,695 MerrillvilleHobart IN Plaza 5 2,554,212 235,591 21,008 8,295 $56,061 $65,230 The Gateway So. Burlington VT Shopping Ctr. 3 1,511,686 100,574 45,990 19,115 $35,139 $54,003 Marketplace Absecon NJ of Absecon 3 1,479,421 105,251 30,343 10,516 $44,240 $53,982 Pittston Pittston PA Plaza 3 599,728 79,494 40,766 17,194 $28,200 $37,109 Plaza 422 Lebanon PA 3 195,480 154,791 44,886 18,014 $31,027 $39,952 Route 6 Honesdale PA Plaza 5 1,061,248 175,507 8,434 3,520 $33,818 $42,503 Bradford Towanda PA Towne Centre 10 1,417,821 256,939 5,417 2,256 $33,937 $41,666 ----------------------------------------------------------------- ----------------------------------- 60,378,386 6,483,594 --------------------- ----------------------------------- 59,546 22,968 $51,177 $66,743 ----------------------------------- ----------------------------------- 67,956 25,123 $55,417 $73,064 ----------------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Property Demographics -------------------------------- ---------------------------------------------------------- ------------------------------- 5-Mile Radius 10-Mile Radius ---------------------------------------------- ------------------------------- Total Median Avg. HH Total Median # HH # HH Property / Pop. HH Income Income Pop. HH Income JV Ownership % ------------------------------------------------------------------------------------------ Brandywine Town Center & Mkt Sq./22.22% 115,509 46,245 $63,181 $59,045 - - $- Elmwood Park Shopping Ctr. 604,387 209,582 $49,412 $67,557 - - - Abington Towne Center 316,194 123,852 $49,479 $67,255 - - - Granville Center / 22.22% 265,455 113,546 $46,746 $59,386 - - - Hobson West Plaza 219,460 77,196 $77,091 $96,876 - - - Methuen Shopping Ctr. 200,868 74,426 $40,606 $55,989 - - - Crossroads Shopping Ctr. / 49% 199,222 73,477 $67,992 $102,645 - - - The Branch Plaza 195,670 63,278 $74,644 $88,242 - - - Village Commons Shopping Ctr. 183,612 59,340 $76,842 $91,507 - - - Bloomfield Town Square 165,071 62,680 $56,286 $89,068 - - - Crescent Plaza 164,499 58,369 $43,599 $56,535 - - - 239 Greenwich Avenue 140,966 51,265 $65,356 $108,235 - - - Soundview Marketplace 137,254 49,982 $82,830 $115,646 - - - Town Line Plaza 148,879 59,310 $49,080 $68,253 - - - New Loudon Center 146,563 59,410 $41,551 $54,174 - - - Pacesetter Park Shopping Ctr. 134,683 40,424 $64,652 $84,328 - - - Mad River Station 133,120 55,823 $50,541 $63,278 - - - Greenridge Plaza 128,607 52,993 $32,446 $41,441 - - - Mark Plaza 124,503 52,875 $28,794 $39,583 - - - Luzerne Street Shopping Ctr. 119,331 49,490 $31,439 $39,606 - - - East End Center 118,978 50,532 $28,517 $39,139 - - - Blackman Plaza 118,011 50,151 $28,229 $38,259 - - - Sheffield Crossing / 22.22% 117,103 44,793 $41,567 $50,186 - - - Amherst Marketplace / 22.22% 99,027 38,334 $37,223 $45,538 - - - Walnut Hill Plaza 93,988 36,923 $40,811 $54,959 - - - Ledgewood Mall 92,079 33,550 $71,399 $89,911 263,597 94,154 $76,368 Berlin Shopping Ctr. 90,611 32,636 $54,209 $65,720 - - - Merrillville Plaza 84,295 31,487 $48,370 $54,246 209,428 86,555 $29,751 The Gateway Shopping Ctr. 69,036 27,944 $37,547 $55,060 - - - Marketplace of Absecon 68,091 23,902 $42,882 $54,526 - - - Pittston Plaza 72,123 30,327 $29,150 $38,323 - - - Plaza 422 61,225 24,051 $33,664 $42,971 - - - Route 6 Plaza 12,078 4,944 $35,972 $44,544 - - - Bradford Towne Centre 8,567 3,463 $34,547 $42,463 17,148 6,584 $34,707 ---------------------------------------------------------- ------------------------------- ---------------------------------------------- ------------------------------- 138,979 53,026 $50,361 $63,803 187,984 70,014 $54,815 ---------------------------------------------- ------------------------------- ---------------------------------------------- ------------------------------- 161,302 59,124 $54,630 $71,318 203,892 76,581 $54,564 ---------------------------------------------- ------------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Property Demographics -------------------------------- --------------------------------- ------------------------------------------------------ ------------------------------- 10-Mile Radius GLA * 3 mile radius --------------------- ------------------------------- Average Total Total HH ------------------------------- Avg. HH Average Income PopulationPopulation Total HH Property / Income County MSA Income MSA MSA (MSA) Rank Pop. JV (MSA) Rank (OOO's) Ownership % --------------------------------------------------------------------------------------------- ------------------------------- Brandywine Bergen Wilmington- Town Center Newark, DE & Mkt Sq./22.22% $- $56,144 39 591.6 93 28,496,870,959 Elmwood Park Bergen Bergen- Shopping Passaic, NJ Ctr. - $65,835 12 1,380.2 49 37,694,094,808 Abington Bucks Philadelphia, Towne PA Center - $59,999 24 5,114.3 4 19,647,456,555 Granville Franklin Columbus, OH Center / 22.22% - $52,656 58 1,554.7 40 14,739,670,934 Hobson West DuPage Chicago, IL Plaza - $61,428 18 8,337.3 3 9,412,769,596 Methuen Essex Boston, MA-NH Shopping Ctr. - $64,057 14 4,018.1 9 10,764,691,652 Crossroads WestchesterNew York, NY Shopping Ctr. / 49% - $56,293 44 9,371.7 2 32,011,287,483 The Branch Suffolk Nassau- Plaza - Suffolk, NY $69,576 5 2,764.8 16 8,359,206,120 Village Suffolk Nassau- Commons Suffolk, NY Shopping Ctr. - $69,576 5 2,764.8 16 5,780,620,517 Bloomfield Oakland Detroit, MI Town Square - $52,017 64 4,454.7 6 13,342,433,559 Crescent Plymouth Boston, MA-NH Plaza - $64,057 14 4,018.1 9 21,599,600,535 239 Fairfield New Haven- Greenwich Meriden, CT Avenue - $56,725 36 825.5 71 1,127,726,494 Soundview Nassau Nassau- Marketplace - Suffolk, NY $69,576 5 2,764.8 16 7,759,396,800 Town Line Hartford Hartford, CT Plaza - $60,824 20 1,150.5 53 9,011,628,024 New Loudon Albany Albany- Center Schenectady- - Troy, NY $46,217 144 876.7 69 11,170,841,459 Pacesetter Rockland New York, NY Park Shopping Ctr. - $56,293 44 9,371.7 2 3,844,112,376 Mad River Montgomery Dayton- Station Springfield, - OH $48,767 95 950.5 64 8,976,175,192 Greenridge Lackawanna Scranton- Plaza Wilkes Barre- - Hazelton, PA$41,544 223 623.8 86 17,604,006,069 Mark Plaza Luzerne Scranton- Wilkes Barre- - Hazelton, PA$41,544 223 623.8 86 19,377,107,152 Luzerne Lackawanna Scranton- Street Wilkes Shopping Barre- Ctr. - Hazelton, PA$41,544 223 623.8 86 5,164,527,256 East End Luzerne Scranton- Center Wilkes Barre- - Hazelton, PA$41,544 223 623.8 86 16,148,171,823 Blackman Luzerne Scranton- Plaza Wilkes Barre- - Hazelton, PA$41,544 223 623.8 86 7,578,716,178 Sheffield Lorain Cleveland- Crossing / Lorain- 22.22% - Elyria $48,822 93 2,254.5 24 3,671,755,766 Amherst Lorain Cleveland- Marketplace Lorain- / 22.22% - Elyria $48,822 93 2,254.5 24 4,366,878,373 Walnut Hill Providence Providence- Plaza Fall River, - RI $47,124 129 988.4 63 16,802,719,552 Ledgewood Morris Newark, NJ Mall $97,665 $66,660 9 2,041.8 26 20,199,354,984 Berlin Burlington Philadelphia, Shopping PA, NJ Ctr. - $59,999 24 5,114.3 4 5,589,608,823 Merrillville Lake Gary, IN Plaza $41,041 $45,397 158 633.3 84 4,949,295,728 The Gateway Chittenden Burlington, Shopping VT Ctr. - $50,683 77 200.5 208 4,625,398,260 Marketplace Atlantic Atlantic of Absecon City-Cape - May, NJ $44,744 169 357.6 145 3,193,631,093 Pittston Luzerne Scranton- Plaza Wilkes Barre- - Hazelton, PA$41,544 223 623.8 86 3,240,652,404 Plaza 422 Lebanon Harrisburg- Lebanon- - Carlisle, PA$52,510 59 692.5 85 6,947,948,826 Route 6 Wayne Plaza - N/A - - - - 1,480,226,038 Bradford Bradford Towne Centre $42,850 N/A - - - - 1,391,838,563 --------------------------------- ------------------------------------------------------ ---------------- 386,070,419,951 --------------------- ---------------- $70,411 --------------------- --------------------- $70,449 ---------------------
46 QUARTERLY SUPPLEMENTAL DISCLOSURE JUNE 30, 2003 Properties Under Redevelopment Gateway Shopping Center The Company's redevelopment program focuses on selecting well-located neighborhood and community shopping centers and creating significant value through retenanting and property redevelopment. At the beginning of 2003, the Company had one ongoing redevelopment project at the Gateway Shopping Center as follows: The redevelopment of the Gateway Shopping Center, a partially enclosed mall located in South Burlington, Vermont, includes the demolition of 90% of the property and the construction of a new anchor supermarket. Following the bankruptcy of the former anchor Grand Union, the lease was assigned to and assumed by Shaw's supermarket. Construction of a new 72,000 square foot Shaw's supermarket has been completed and Shaw's opened for business during the second quarter 2003. This replaced the undersized 32,000 square foot Grand Union supermarket which formerly anchored the center. Total costs to date for this project (including the original acquisition of the property in 1999) were $16.5 million. The Company expects remaining redevelopment costs of approximately $1.4 million to complete this project, primarily for an additional 15,000 of small-shop space, which it anticipates leasing in the second half of 2003 and first half of 2004. 47
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2003 Residential (Multi-family) Properties ---------------------------------------------------------------- --------- % % Occupied Occupied Property Location Square Units June 30, March 31, Occupied Feet 2003 2003 ----------------------------------------------------------------------------------------------------------- -------- Mid-Atlantic North Carolina ---------------------------------------------------------------- Village Apartments Winston Salem 578,606 600 86% 84% 516 Mid-West Missouri ---------------------------------------------------------------- Gate House, Holiday House, Tiger Village, Columbia 628,891 874 92% 95% 805 ---------------------------------- Colony Apartments 1 Totals 1,207,497 1,474 90% 91% 1,321 ================================== 1 As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions
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