-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QLWNDVEpfpg0YddlNEYL/XSw5YMqqywpAzMDDVE2unD9BN9XAMJ4GL6IFL/iqzFL y2R8qjrsy8stupov4hVweg== 0001157523-05-009366.txt : 20051028 0001157523-05-009366.hdr.sgml : 20051028 20051028104353 ACCESSION NUMBER: 0001157523-05-009366 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20051026 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051028 DATE AS OF CHANGE: 20051028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACADIA REALTY TRUST CENTRAL INDEX KEY: 0000899629 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 232715194 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12002 FILM NUMBER: 051161790 BUSINESS ADDRESS: STREET 1: 20 SOUNDVIEW MARKETPLACE STREET 2: PO BOX 1679 CITY: PORT WASHINGTON STATE: NY ZIP: 11050 BUSINESS PHONE: 5167678830 MAIL ADDRESS: STREET 1: 600 THIRD AVE STREET 2: PO BOX 1679 CITY: KINGSTON STATE: PA ZIP: 18704 FORMER COMPANY: FORMER CONFORMED NAME: MARK CENTERS TRUST DATE OF NAME CHANGE: 19930329 8-K 1 a5006513.txt ACADIA REALTY TRUST SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): October 26, 2005 ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 1-12002 23-2715194 (State or other (Commission (I.R.S. Employer jurisdiction of incorporation) File Number) Identification No.) 1311 Mamaroneck Avenue Suite 260 White Plains, New York 10605 (Address of principal executive offices) (Zip Code) (914) 288-8100 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425 ) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 2 - Financial Information Item 2.02 Results of Operations and Financial Condition On October 26, 2005, Acadia Realty Trust (the "Company") released a press release announcing its consolidated financial results for the quarter and nine months ended September 30, 2005. A copy of this press release is attached to this report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. The information included in this Item 2.02, including the information included in Exhibit 99.1 attached hereto, is intended to be furnished pursuant to "Item 2.02. Disclosure of Results of Operations and Financial Condition" and not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended ("Securities Act") or the Exchange Act, or otherwise subject to the liabilities of that Section of Sections 11 and 12 9a) (2) of the Securities Act. Item 7.01 Regulation FD Disclosure On October 26, 2005, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter and nine months ended September 30, 2005. A copy of this supplemental information is attached to this report on Form 8-K as Exhibit 99.2 and incorporated herein by reference. The information contained in this Item 7.01, including the information included in Exhibit 99.2 attached hereto, is intended to be furnished pursuant to "Item 7.01. Regulation FD Disclosure" and not deemed to be "filed" for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act or the Exchange Act, or otherwise subject to the liabilities of that Section of Sections 11 and 12 9a) (2) of the Securities Act. Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits (a). Financial Statements Not Applicable (b). Pro Forma Financial Information Not Applicable (c). Exhibits Exhibit Number Description - -------- -------------------------------- 99.1 Press release of the Company dated October 26, 2005. 99.2 Financial and Operating Reporting Supplement of the Company for the Quarter Ended September 30, 2005. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACADIA REALTY TRUST (Registrant) Date: October 26, 2005 By: /s/ Michael Nelsen --------------------------- Name: Michael Nelsen Title: Sr. Vice President and Chief Financial Officer EX-99.1 2 a5006513ex991.txt ACADIA REALTY TRUST Exhibit 99.1 Acadia Realty Trust Reports Third Quarter 2005 Operating Results; Raises 2005 Annual Guidance NEW YORK--(BUSINESS WIRE)--Oct. 26, 2005--Acadia Realty Trust (NYSE: AKR - "Acadia" or the "Company"), a real estate investment trust ("REIT") today reported operating results for the quarter and nine months ended September 30, 2005. All per share amounts discussed below are on a fully diluted basis. Third Quarter 2005 Highlights Strong FFO growth continues -- Funds from operations ("FFO") were $0.30 per share up from $0.23 for third quarter 2004 -- Earnings per share of $0.22 for the third quarter 2005 from continuing operations were up compared with $0.11 for third quarter 2004 -- Increased 2005 annual guidance which is now expected to range between $1.07 to $1.09 per share Wholly-owned portfolio occupancy increases to 93.9% -- Same-store net operating income for the retail portfolio up 5.1% for 2005 -- Occupancy up 60 basis points over second quarter 2005 -- JV operating portfolios combined occupancy remains strong at 96.9% Balance sheet remains strong -- Maintained conservative dividend payout ratio for 2005 of 61% of FFO -- 32% debt to total market capitalization -- 3.8 to 1 fixed-charge coverage for 2005 External Growth: Urban/Infill redevelopment pipeline expands with two additions to New York Portfolio - Infill asset to be acquired in Chicago -- Entered into agreement to acquire a controlling leasehold interest in the Brooklyn Terminal Market in Canarsie, Brooklyn -- Acquired 260 East 161st Street in The Bronx, New York -- Entered into agreement to acquire retail building in Chicago, Illinois Third Quarter Results FFO, a widely accepted measure of REIT performance, for the quarter ended September 30, 2005 was $9.9 million, or $0.30 per share compared to $7.2 million, or $0.23 per share, for third quarter 2004. Third quarter 2005 results included settlement income of approximately $0.3 million, or $0.01 per share, representing Acadia's share of bankruptcy proceeds received from Penn Traffic through Acadia Fund I. The third quarter 2004 results included a charge of $0.7 million, or $0.02 per share, to reserve for the potential payment related to flood damage incurred at the Mark Plaza located in Wilkes-Barre, Pennsylvania. For the nine months ended September 30, 2005, FFO was $27.3 million, or $0.82 per share, as compared to $22.4 million, or $0.73 per share, for the nine months ended September, 2004. Income from continuing operations was $7.3 million, or $0.22 per share, for third quarter 2005 compared to $3.1 million or $0.11 per share, for third quarter 2004. In addition to the above-mentioned settlement income, third quarter 2005 included income of $2.2 million (net of $1.5 million of income taxes), or $0.07 per share, representing the Company's share of gain, through its investment funds, from the sale of certain Mervyn's locations during the quarter. For the nine months ended September 30, 2005, income from continuing operations was $16.7 million, or $0.52 per share compared to $10.1 million or $0.34 per share for the same period in 2004. In comparing results for 2005 and 2004, management fee income increased $4.6 million, or approximately 150%, for the nine months ended September 30, 2005 primarily due to the launching of Fund II during mid-2004 and the acquisition of rights to fees earned under certain management contracts from Klaff Retail Management Services during 2004 and 2005. As anticipated, this increase was partially offset by a $2.7 million increase in general and administrative expenses which were a direct result of expanding the Company's infrastructure to support this increased level of activity. Interest income also increased by $1.5 million for the same periods primarily due to Acadia's preferred equity investment in Levitz. Portfolio Activity - Wholly-Owned Portfolio Increases to_93.9% and Same-Store NOI increases 6.6% for the Quarter and 5.1% Year-to-Date. On a year-over-year basis, Acadia increased its portfolio occupancy by 480 basis points. September 30, 2005 occupancy was 93.9% compared to 89.1% for September 30, 2004. On a same store basis, 2005 occupancy of 93.8% increased 170 basis points over 2004 occupancy of 92.1%. On a sequential basis, September 30, 2005 occupancy increased 60 basis points over that of June 30, 2005. Combined occupancy within the operating joint venture portfolios remained high at 96.9% for third quarter 2005, which was consistent with second quarter 2005 and up 140 basis points compared with third quarter 2004 occupancy of 95.5%. Primarily as a result of increased rents and occupancy gains in the core portfolio from leasing activities, same store net operating income for the retail portfolio increased 6.6% and 5.1% for the quarter and nine months ended September 30, 2005, respectively, over the same periods in 2004. Balance Sheet - Low Interest Rate Exposure As of September 30, 2005, 81% of the Company's total mortgage debt, inclusive of long-term interest rate swaps and the Company's pro-rata share of joint venture debt is now fixed-rate. As a result, the Company continues to maintain its blended cost of debt at 5.7% despite a more than 2% increase in LIBOR from a year ago. Following the third quarter 2005, Acadia increased its fixed-rate weighting to 86% resulting from financing activities concluded during October. For 2005, the strength and flexibility of Acadia's balance sheet is evidenced by solid financial ratios. All financial ratios include the Company's pro-rata share of unconsolidated joint venture debt and interest expense: -- Debt to total market capitalization at September 30, 2005 was 32%, compared with 37% for third quarter 2004 -- Fixed-charge ratio for 2005 was 3.8 times (EBITDA / interest expense plus preferred distributions) -- Dividend payout ratio for 2005 was 61% of FFO and 64% of AFFO Continued Expansion of External Growth Initiatives NY Urban/Infill Program - Two additional acquisitions completed--Sixth acquisition slated for Brooklyn Canarsie, Brooklyn - During September, Acadia, through Fund II and in conjunction with its partners P/A Associates, entered into a conditional agreement subject to various approvals, to acquire a controlling leasehold interest in the Brooklyn Terminal Food Market on Avenue D in Canarsie, Brooklyn. It is contemplated that a significant portion of the 15 acre/ 530,000 square foot property will be redeveloped into a retail center. With 500,000 people in a two mile radius, the property is a prime location for retail redevelopment. 161st Street, The Bronx - As previously announced, during August, Acadia, through Fund II, and in partnership with P/A Associates, purchased 260 East 161st Street, The Bronx, New York. The Property, a 223,000 square foot office building is located directly opposite the newly constructed 750,000 square foot Bronx Courthouse complex and three blocks east of Yankee Stadium. The property was acquired for $49 million. Acadia anticipates investing an additional $10 to $20 million into the redevelopment of the project with expected yields consistent with its other current redevelopment projects. Amboy Road, Staten Island - As previously announced, during July, the Company purchased a 60,000 square foot shopping center located on Amboy Road in Staten Island, New York for $16.8 million in cash and Operating Partnership Units in Acadia. Over the past year, Acadia has previously completed three other New York acquisitions - Fordham Road (The Bronx), Pelham Manor (Westchester) and Broadway at Sherman Avenue (Manhattan). Redevelopment of these six projects are anticipated to be completed in the next 12 to 36 months with a total projected combined cost (including acquisition cost) of $200 to $275 million depending on the ultimate scope of the redevelopments and an unleveraged redevelopment return in excess of 10% on total cost upon stabilization. Urban/Infill Property to Be Acquired in Chicago During September, the Company entered into an agreement to acquire a 20,000 square foot retail building in the Lincoln Park district in Chicago. Located on the corner of Clark Street and Diversey Parkway, the property will be acquired for $9.75 million. It is anticipated that the acquisition will close in the first quarter of 2006 with an unleveraged yield of approximately 7.5%. Tenants include Starbucks, Nine West, Vitamin Shoppe, The Body Shop, Papyrus and Cold Stone Creamery. Along with its strong location, the property has significant long-term growth potential. The property was acquired from an affiliate of the Klaff Organization, Acadia's joint-venture partner in the Company's Retailer Controlled Property Venture. The closing of this acquisition, as well as the Canarsie property, are contingent upon customary closing conditions. Management Comments Commenting on today's announcement, Kenneth F. Bernstein, Acadia's President and Chief Executive Officer said, "All components of our business plan continued to produce strong results in the third quarter. Strong leasing drove our NOI growth within the portfolio. Our financial ratios remain solid and well-hedged against potential rate increases. Most importantly, our Urban/Infill program and other acquisition activities continue to provide attractive long-term growth opportunities over the next several years." Change in Auditors Subsequent to September 30, 2005, Acadia's Audit Committee engaged BDO Seidman, LLP as the Company's independent registered public accounting firm. The decision was based primarily on the Audit Committee's efforts to reduce Acadia's costs for accounting services. The Company has not had any disagreements with its former audit firm, Ernst and Young, LLP, during the interim period from January 1, 2005 through the date of disengagement, nor any disagreements related to any prior years' audits. Outlook - Earnings Guidance for 2005 The Company has increased its earnings guidance for 2005. Acadia anticipates 2005 FFO will range from $1.07 to $1.09 per share. This compares with the guidance provided during the second quarter of $1.04 to $1.07. This guidance includes a non-cash impairment charge of $0.02 incurred during the second quarter 2005. Excluding this charge, the current FFO guidance is $1.09 to $1.11. This compares with the original 2005 earnings guidance provided at the beginning of 2005 of $1.01 to 1.09 per share. Earnings per share from continuing operations for annual 2005 is expected to range from $0.58 to $0.60. Investor Conference Call Management will conduct a conference call October 27, 2005 at 11:00 a.m. ET to review the Company's earnings and operating results. The live conference call can be accessed by dialing 888-482-0024 (internationally 617-801-9702). No passcode is required. The call will also be webcast and can be accessed in a listen-only mode at Acadia's web site at www.acadiarealty.com. If you are unable to participate during the live webcast, the call will be archived and available on Acadia's website. Alternatively, to access the replay by phone, dial 888-286-8010 (internationally 617-801-6888). The passcode will be 55970042. The phone replay will be available through November 3, 2005. 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. Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risk, uncertainties and other factors which may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such forward-looking statements speak only as of the date of this document. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia's expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based. The Company also refers you to the documents filed by the Company, from time to time, with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties. See the notes to the attached financial tables for a further discussion of the Company's use of FFO. For more information visit Acadia Realty Trust's Web site at www.acadiarealty.com ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights For the Quarters and Nine Months ended September 30, 2005 and 2004 (amounts in thousands, except per share data) STATEMENTS OF INCOME For the For the nine quarters ended months ended Revenues September 30, September 30, 2005 2004 2005 2004 --------------------------------------- Minimums rents $ 13,311 $ 12,633 $ 39,231 $ 37,806 Percentage rents 144 147 440 567 Expense reimbursements 3,113 3,256 10,139 9,686 Other property income 234 171 697 494 Management fee income 2,898 1,548 7,733 3,100 Interest income 1,045 318 2,463 918 Other -- 14 -- 210 --------------------------------------- Total revenues 20,745 18,087 60,703 52,781 --------------------------------------- Operating expenses Property operating 3,285 4,104 10,151 11,118 Real estate taxes 2,363 2,327 6,804 6,448 General and administrative 3,499 2,674 10,274 7,585 Depreciation and amortization 4,437 3,762 12,349 11,407 --------------------------------------- Total operating expenses 13,584 12,867 39,578 36,558 --------------------------------------- Operating income 7,161 5,220 21,125 16,223 Equity in earnings of unconsolidated partnerships 4,911 483 5,795 1,533 Interest expense (3,084) (2,644) (8,113) (7,507) Gain on sale -- 423 -- 931 Minority interest (76) (385) (490) (1,046) --------------------------------------- Income from continuing operations before income taxes 8,912 3,097 18,317 10,134 Income taxes (1,618) -- (1,618) -- --------------------------------------- Income from continuing operations 7,294 3,097 16,699 10,134 --------------------------------------- ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights For the Quarters and Nine Months ended September 30, 2005 and 2004 (amounts in thousands, except per share data) STATEMENTS OF INCOME (continued) For the For the nine quarters ended months ended September 30, September 30, 2005 2004 2005 2004 --------------------------------------- Discontinued operations: Operating (loss) income from discontinued operations $ (20) $ (206) $ 124 $ (642) Impairment of real estate -- -- (770) -- Loss on sale of real estate (50) (50) Minority interest 1 4 12 17 --------------------------------------- Loss from discontinued operations (69) (202) (684) (625) --------------------------------------- Net income $ 7,225 $ 2,895 $ 16,015 $ 9,509 ======================================= Net income per Common Share - Basic Net income per Common Share - Continuing operations $ .23 $ .11 $ .52 $ .35 Net loss per Common Share - Discontinued operations -- (.01) (.02) (.02) ======================================= Net income per Common Share $ .23 $ .10 $ .50 $ .33 ======================================= Weighted average Common Shares 32,009 29,459 31,925 28,896 ======================================= Net income per Common Share - Diluted (1) Net income per Common Share - Continuing operations $ .22 $ .11 $ .52 $ .34 Net income (loss) per Common Share - Discontinued operations -- (.01) (.02) (.02) ======================================= Net income per Common Share $ .22 $ .10 $ .50 $ .32 ======================================= Weighted average Common Shares 32,706 29,954 32,187 29,506 ======================================= ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights For the Quarters and Nine Months ended September 30, 2005 and 2004 (amounts in thousands, except per share data) RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (2) For the For the nine quarters ended months ended September 30, September 30, 2005 2004 2005 2004 ----------------------------------- Net income $ 7,225 $ 2,895 $16,015 $ 9,509 Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated partnerships 3,497 3,588 10,514 10,672 Unconsolidated partnerships 1,115 586 2,343 1,707 Income attributable to minority interest in Operating Partnership 149 57 336 244 Gain on sale of properties, net of taxes (2,113) -- (2,113) -- ----------------------------------- Funds from operations - Basic 9,873 7,126 27,095 22,132 Distributions - Preferred OP Units 74 88 254 248 ----------------------------------- Funds from operations - Diluted $ 9,947 $ 7,214 $27,349 $22,380 =================================== Funds from operations per share - Basic Weighted average Common Shares and OP Units (3) 32,658 29,885 32,527 29,563 =================================== Funds from operations per share $ .30 $ .24 $ .83 $ .75 =================================== Funds from operations per share - Diluted Weighted average Common Shares and OP Units (1,3) 33,355 30,902 33,281 30,665 =================================== Funds from operations per share $ .30 $ .23 $ .82 $ .73 =================================== ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights As of September 30, 2005 and December 31, 2004 (dollars in thousands, except per share data) SELECTED BALANCE SHEET INFORMATION September 30, December 31, 2005 2004 ------------- ------------- Cash and cash equivalents $ 8,157 $ 13,499 Rental property, at cost 434,859 415,276 Total assets 466,328 396,343 Mortgage notes payable 206,798 153,361 Total liabilities 234,736 171,868 Fixed rate debt: (4) 170,330 146,407 % of outstanding debt 82% 95% Weighted average interest rate 5.8% 6.1% Variable rate debt (4) $ 36,468 $ 6,954 % of outstanding debt 18% 5% Weighted average interest rate 5.4% 3.8% Total weighted average interest rate 5.8% 6.0% Notes: (1) Reflects the potential dilution that could occur if securities or other contracts to issue Common Shares were exercised or converted into Common Shares. (2) The Company considers funds from operations ("FFO") as defined by the National Association of Real Estate Investment Trusts ("NAREIT") to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of depreciated property and depreciation and amortization. However, the Company's method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles ("GAAP") and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company's performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. (3) In addition to the weighted average Common Shares outstanding, diluted FFO also assumes full conversion of a weighted average 649 and 426 OP Units into Common Shares for the quarters ended September 30, 2005 and 2004, respectively and 602 and 667 OP Units into Common Shares for the nine months ended September 30, 2005 and 2004, respectively. For the quarter ended September 30, 2005, diluted net income per Common Share already includes the assumed conversion of Preferred OP Units. Diluted FFO also includes the assumed conversion of Preferred OP Units into 523 Common Shares for the quarter ended September 30, 2004, and 492 Common Shares for each of the nine months ended September 30, 2005 and 2004. (4) Fixed-rate debt includes $92,854 of notional principal fixed through swap transactions. Conversely, variable-rate debt excludes this amount. CONTACT: Acadia Realty Trust Investor Relations: Jon Grisham, 914-288-8142 EX-99.2 3 a5006513ex992.txt EXHIBIT 99.2 Acadia Realty Trust [NYSE] ------ AKR - --------------------------
QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005 Table of Contents Page Page Section I - Overview Section III - Joint Venture Information Important Notes 2 Overview - Fund I 26 Company Information 3 Overview - Fund II 27 Portfolio Snapshot 4 Overview - RCP Venture 28 Organizational Chart 5 Fund I Properties - Detail 29 Executive Management Team 6 Top 10 Fund I Tenants 30 Section II - Financial Information Fund I - Current Valuation 31 Market Capitalization 7 Kroger/Safeway Locations 33 Shareholder Information 8 Fund II Properties - Detail 34 Operating Statements - Consolidated 9 Section IV - Parent Portfolio Information Operating Statements - Joint Venture Activity 11 Properties - Overview 35 Operating Statements - Activity by Source 13 Properties by Region - Summary 38 Operating Statements - Current v. Historical 15 Properties by State - Summary 39 Net Operating Income - Same Property Performance 16 Properties - Detail 40 Funds from Operations ("FFO"), Adjusted FFO ("AFFO") Leasing Production 43 and Funds Available for Distribution ("FAD") 17 Top 10 Tenants - Consolidated 44 Capital Expenditures 18 Anchor Tenant Detail 45 Balance Sheets 19 Anchor Lease Expirations - Next 3 Years 51 Selected Operating Ratios 20 Lease Expirations 52 Debt Analysis - Summary 21 Property Demographics 60 Debt Analysis - Detail 22 Residential Properties 61 Debt Maturity Schedule 24 Unencumbered Properties 25 Visit acadiarealty.com for current news as well as additional property details and financial information
Page 1 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005 Important Notes --------------- SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein. USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE The Company considers funds from operations ("FFO") as defined by the National Association of Real Estate Investment Trusts ("NAREIT") to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. However, the Company's method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles ("GAAP") and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company's performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. USE OF EBITDA AS NON-GAAP FINANCIAL MEASURE EBITDA is a widely used financial measure in many industries, including the REIT industry, and is presented to assist investors and analysts in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company's method of calculating EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company's performance or to cash flows as a measure of liquidity. Page 2 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005 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 71 properties totaling approximately 10 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 98% controlled by Acadia.
Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham Suite 260 Vice President White Plains, NY 10605 (914) 288-8142 jgrisham@acadiarealty.com New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com Analyst Coverage Banc of America Securities Citigroup - Smith Barney Ross Nussbaum - (212) 847-5668 Jonathan Litt - (212) 816-0231 ross.nussbaum@bofasecurities.com jonathan.litt@citigroup.com Michael Bilerman - (212) 816-1383 RBC Capital Markets michael.bilerman@citigroup.com Jay Leupp - (415) 633-8588 David Carlisle - (212) 816-1382 jay.leupp@rbccm.com david.s.carlisle@citigroup.com David Ronco - (415) 633-8566 david.ronco@rbccm.com Ryan Beck & Co. Sheila McGrath - (973) 549-4084 Harris Nesbitt sheila.mcgrath@ryanbeck.com Paul Adornato, CFA - (212) 885-4170 paul.adornato@harrisnesbitt.com J.P. Morgan Securities, Inc. Michael W. Mueller, CFA (212) 622-6689 michael.w.mueller@jpmorgan.com Josh Bederman (212) 622-6530 josh.h.bederman@jpmorgan.com
Page 3 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005 Portfolio Snapshot ------------------ [MAP OF UNITED STATES GRAPHIC OMITTED] Page 4 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005 Organizational Chart --------------------
Kenneth Bernstein President and Chief Executive Officer - ----------------------------------------------------------------------------------------------------------------------------------- Acquisitions Leasing Operations Construction Legal Finance and Property and Accounting Management Development - ----------------------------------------------------------------------------------------------------------------------------------- Joel Braun Sr. V.P., CIO Joseph Povinelli Robert Scholem Joseph Joseph Hogan Robert Masters Michael Nelsen Sr. V.P., Dir.of Sr. VP, Director Napolitano Sr. VP, Dir of Sr. VP, General Sr. VP, Chief Leasing Property Sr. VP, Construction Counsel Financial Officer Management Director of Operations - ----------------------------------------------------------------------------------------------------------------------------------- Frank Shea Todd Larry Jeff Hogan Carol Smrek Jon Richard VP, Leasing Rollins Schachter Construction VP, Counsel Grisham Hartmann VP, Director Superintendant VP, Chief VP, Management of MIS Accounting Controller Officer Dir. Lease Admin. - ----------------------------------------------------------------------------------------------------------------------------------- Karen Yamrus Asst. VP, Sr. Paralegal - -----------------------------------------------------------------------------------------------------------------------------------
Page 5 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Executive Management Team ------------------------- Kenneth F. Bernstein Chief Executive Officer and Mr. Bernstein is responsible for strategic planning as well President 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, Mr. Braun is responsible for the sourcing and financial Chief Investment Officer 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, Most recently, Mr. Hogan served as Vice President with Kimco Director of Construction 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, Prior to joining Acadia in December 1994, Mr. Masters was General Counsel, General Counsel for API Asset Management for over five Corporate Secretary 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, Mr. Napolitano is responsible for overseeing the company's CPM Director of Operations internal operations. Previously, he held the position of Senior Vice President, Director of Property Management. 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, Mr. Nelsen oversees all the financial activities and asset Chief Financial Officer 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, Mr. Povinelli joined Acadia in 1999 with 19 years of retail Director of Leasing 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.
Page 6 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Total Market Capitalization --------------------------- (including pro-rata share of joint venture debt) Percent of Percent of Total Market (amounts in thousands) Total Equity Capitalization ------------ -------------- Equity Capitalization - --------------------- Total Common Shares Outstanding 97.2% 31,541 Common Operating Partnership ("OP") Units 2.0% 653 --------- Combined Common Shares and OP Units 32,194 Market Price at September 30, 2005 $ 17.99 --------- Equity Capitalization - Common Shares and OP Units $ 579,170 Preferred OP Units - at cost (1) 0.8% 4,884 ----- --------- Total Equity Capitalization 100.0% 584,054 67.8% ===== ========= =========== Debt Capitalization - ------------------- Consolidated debt 206,798 Adjustment to reflect pro-rata share of unconsolidated JV debt 71,217 --------- Total Debt Capitalization 278,015 32.2% --------- =========== Total Market Capitalization $ 862,069 100.0% ========= ===========
Weighted Average Outstanding Common Shares and O.P. Units --------------------------------------------------------- Common Shares O.P. Units Total ===================================================================================== Basic Quarter ended September 30, 2005 32,008,982 648,652 32,657,634 Year-to-date September 30, 2005 31,925,456 602,286 32,527,742 Fully Diluted Quarter ended September 30, 2005 32,706,201 648,652 33,354,853 Year-to-date September 30, 2005 (3) 32,187,414 602,286 32,789,700 ===================================================================================== Basic Quarter ended September 31, 2004 29,459,175 425,713 29,884,888 Year-to-date September 30, 2004 28,896,204 667,428 29,563,632 Fully Diluted Quarter ended September 31, 2004 (3) 29,953,528 425,713 30,379,241 Year-to-date September 30, 2004 (3) 29,505,592 667,428 30,173,020
(1) In connection with the acquisition of the Pacesetter Park Shopping Center in 1999, the Company issued 2,212 Preferred OP Units, of which 1,328 have been converted to Common OP Units to date. The remaining Preferred OP Units are reflected above at their stated cost of $1,000 per unit. Also includes $4,000 of Preferred OP Units issued to Klaff L.P. related to the acquisition of management contracts in 2004. (2) Fixed-rate debt includes notional principal fixed through interest rate swap transactions and conversely, variable-rate debt excludes this amount. (3) For purposes of earnings per share calculations, the assumed conversion of Preferred OP Units is anti-dilutive and not reflected above, with the exception of the quarter ended September 30, 2005. However, for the purposes of calculating FFO on a fully diluted basis, these stock equivalents are dilutive and amount to 491,746 for the nine months ended September 30, 2005, and 522,679 and 491,933 for the quarter and nine months ended September 30, 2004, respectively. TOTAL MARKET CAPITALIZATION [PIE CHART OMITTED] COMMON SHARES 66% COMMON O.P. UNITS 1% PREFERRED O.P. UNITS 1% FIXED RATE DEBT(2) 26% VARIABLE-RATE DEBT 6% Page 7 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Shareholder Information ----------------------- (amounts in thousands) 10 Largest Institutional/Non-Retail Shareholders (1) Percent of Out- Common standing Common Shareholder Shares Held Shares - ----------------------------------------- ----------- --------------- Wellington Management 3,871 12.3% Yale University 2,991 9.5% Morgan Stanley 2,032 6.4% Third Avenue Management 1,982 6.3% Cliffwood Partners 1,550 4.9% Stanford University 1,411 4.5% Vanguard Group 1,327 4.2% Barclay's Global Investors 1,172 3.7% Clarion CRA Securities 1,155 3.7% Kensington Investment Group 853 2.7% ------ ----- Total of 10 Largest Institutional Shareholders 18,344 58.2% ====== ===== Total of all Institutional Shareholders 28,541 90.5% ====== ===== Operating Partnership Unit Information Percent of Total O.P. Units ------------------- Managment O.P. Unit Holders 338 51.8% Other O.P. Unit Holders 315 48.2% --- ----- Total O.P. Units 653 100.0% === ===== Management and Trustee Ownership Common Shares (not including options) 955 O.P. Units (see above) 338 ----- 1,293 =====
(1) Based on most recent Schedule 13F filing [PIE CHART OMITTED] TOTAL SHARE/O.P. UNIT OWNERSHIP (COMBINED) INSTITUTIONAL SHAREHOLDERS 95% RETAILER SHAREHOLDERS < 1% MANAGEMENT-OWNED SHARES AND O.P. UNITS 4% OTHER O.P. UNITHOLDERS < 1% Page 8 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Statements of Operations - Joint Venture Activity (1) Current Quarter and Year-to-Date (in thousands) --------------------------------------------- -------------------------------------------- Year-to-Date Current Quarter Period 3 months ended September 30, ended September 30, 2005 2005 ------------------------------------------- --------------------------------------------- Discontinued Discontinued Wholly Owned JV's(2) operations Total Wholly Owned JV's(2) Operations Total ------------ --------- ------------ ------ ------------- ------- ------------ ------ PROPERTY REVENUES Minimum rents $ 38,974 $ 7,265 $ 365 $ 46,604 $ 13,352 $ 2,395 $ 7 $ 15,754 Percentage rents 440 205 -- 645 144 185 -- 329 Expense reimbursements 10,139 1,566 223 11,928 3,113 509 -- 3,622 Other property income 598 29 6 633 238 13 5 256 -------- ------- -------- -------- -------- -------- ------ -------- 50,151 9,065 594 59,810 16,847 3,102 12 19,961 -------- ------- -------- -------- -------- -------- ------ -------- PROPERTY EXPENSES Property operating 10,450 1,240 242 11,932 3,231 318 28 3,577 Real estate taxes 6,804 1,065 138 8,007 2,363 399 4 2,766 -------- ------- -------- -------- -------- -------- ------ -------- 17,254 2,305 380 19,939 5,594 717 32 6,343 -------- ------- -------- -------- -------- -------- ------ -------- NET OPERATING INCOME - PROPERTIES 32,897 6,760 214 39,871 11,253 2,385 (20) 13,618 OTHER INCOME (EXPENSE) General and administrative (4,798) -- -- (4,798) (1,586) -- -- (1,586) Property related home office expenses (5,466) (56) -- (5,522) (1,903) (21) -- (1,924) Equity in earnings of Fund I unconsolidated properties -- 203 -- 203 -- 186 -- 186 Lease termination income -- -- -- -- -- -- -- -- Interest income 2,458 65 -- 2,523 1,040 57 -- 1,097 Asset and property management income (3) 7,733 -- -- 7,733 2,898 -- -- 2,898 Property management expense (166) -- -- (166) (55) -- -- (55) Straight-line rent income 352 (181) -- 171 53 175 -- 228 Straight-line rents written off (17) -- -- (17) -- -- -- -- FAS 141 Rent (95) 39 -- (56) (95) (3) -- (98) Abandoned project costs -- (86) -- (86) -- -- -- -- Hurricane related income (expenses) (4) 479 -- -- 479 -- -- -- -- Provision for Income Taxes (91) -- -- (91) (91) -- -- (91) Other income 106 207 -- 313 1 207 -- 208 -------- ------- -------- -------- -------- -------- ------ -------- EBIDTA 33,392 6,951 214 40,557 11,515 2,986 (20) 14,481 Depreciation and amortization (12,301) (2,198) (90) (14,589) (4,389) (795) -- (5,184) FAS 141 Amortization (48) (116) -- (164) (48) (41) -- (89) Interest expense (8,113) (2,591) -- (10,704) (3,084) (947) -- (4,031) FAS 141 Interest -- 87 -- 87 -- 29 -- 29 Impairment of real estate -- -- (820) (820) -- -- (50) (50) Gain on sale of properties (Mervyn's) (2) -- 3,698 -- 3,698 -- 3,698 -- 3,698 Income taxes on gain on sale (Mervyn's) (2) (1,535) -- -- (1,535) (1,535) -- -- (1,535) -------- ------- -------- -------- -------- -------- ------ -------- Income before minority interest 11,395 5,831 (696) 16,530 2,459 4,930 (70) 7,319 Minority interest - OP (214) (115) 13 (316) (52) (98) 1 (149) Minority interest (163) (36) -- (199) 74 (19) -- 55 -------- ------- -------- -------- -------- -------- ------ -------- NET INCOME $ 11,018 $ 5,680 $ (683) $ 16,015 $ 2,481 $ 4,813 $ (69) $ 7,225 ======== ======= ======== ======== ======== ======== ====== ========
(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 Funds I & II as detailed elsewhere in this Supplement, as well in the Mervyn's investment .The Company also has a 49% JV interest in the Crossroads Shoping Center (Crossroads"). (2) The Company currently invests in Funds I & II and Mervyn's as detailed elsewhere in this Supplement.The Company also has a 49% JV interest in the Crossroads Shopping Center.
(3) Detail as follows: YTD 3rd Quarter 2nd Quarter 1st Quarter Asset management fee Fund I $ 789 $ 263 $ 263 $ 263 Asset management fee Fund II 2,426 926 750 750 Property management and leasing fees Fund I 1,419 I 549 564 306 Property management/Construction/legal Fund II 572 273 299 - Klaff related fees 2,443 887 981 575 Other fees 84 - - 84 ------- ------- ------- ------- $ 7,733 $ 2,898 $ 2,857 $ 1,978 ======= ======= ======= =======
(4) First quarter 2005 activity represents reversal of 2004 accrual for flood related damage at the Mark Plaza following settlement with the insurance carrier during (2005.) Page 9 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Statements of Operations - Joint Venture Activity (1) Current Quarter and Year-to-Date (in thousands) --------------------------------------------- ----------------------------------------- Year-to-Date Current Quarter Period 3 months ended September 30, ended September 30, 2005 2005 ------------------------------------------- ------------------------------------------- Discontinued Discontinued Wholly Owned JV's(2) operations Total Wholly Owned JV's(2) Operations Total ------------ ------- ------------ ----- ------------ ------- ------------ ------ PROPERTY REVENUES Minimum rents $ 13,032 $ 2,526 $ 147 $ 15,705 $ 12,590 $ 2,344 $ 211 $ 15,145 Percentage rents 112 10 -- 122 184 10 -- 194 Expense reimbursements 3,112 523 87 3,722 3,914 534 136 4,584 -------- -------- -------- -------- -------- -------- -------- -------- Other property income 136 11 1 148 224 5 -- 229 -------- -------- -------- -------- -------- -------- -------- -------- 16,392 3,070 235 19,697 16,912 2,893 347 20,152 PROPERTY EXPENSES Property operating 3,045 464 64 3,573 4,174 458 150 4,782 Real estate taxes 2,093 343 68 2,504 2,348 323 66 2,737 -------- -------- -------- -------- -------- -------- -------- -------- 5,138 807 132 6,077 6,522 781 216 7,519 -------- -------- -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 11,254 2,263 103 13,620 10,390 2,112 131 12,633 OTHER INCOME (EXPENSE) General and administrative (1,507) -- -- (1,507) (1,705) -- -- (1,705) Property related home office expenses (2,190) (27) -- (2,217) (1,373) (8) -- (1,381) Equity in earnings of Fund I unconsolidated -- (2) -- (2) -- 19 -- 19 properties Lease termination income -- -- -- -- -- -- -- -- Interest income 941 7 -- 948 477 1 -- 478 Asset and property management income (3) 2,857 -- -- 2,857 1,978 -- -- 1,978 Property management expense (55) -- -- (55) (56) -- -- (56) Straight-line rent income 157 (250) -- (93) 142 (106) -- 36 Straight-line rents written off -- -- -- -- (17) -- -- (17) FAS 141 Rent -- 25 -- 25 -- 17 -- 17 Abandoned project costs -- (86) -- (86) -- -- -- -- Hurricane related income (expenses) (4) -- -- -- -- 479 -- -- 479 Provision for Income Taxes -- -- -- -- -- -- -- -- Other income 1 -- -- 1 104 -- -- 104 -------- -------- -------- -------- -------- -------- -------- -------- EBIDTA 11,458 1,930 103 13,491 10,419 2,035 131 12,585 Depreciation and amortization (3,933) (710) (45) (4,688) (3,979) (693) (45) (4,717) FAS 141 Amortization -- (27) -- (27) -- (48) -- (48) Interest expense (2,670) (823) -- (3,493) (2,359) (821) -- (3,180) FAS 141 Interest -- 29 -- 29 -- 29 -- 29 Impairment of real estate -- -- (770) (770) -- -- -- -- Gain on sale of properties (Mervyn's) (2) -- -- -- -- -- -- -- -- Income taxes on gain on sale (Mervyn's) (2) -- -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- -------- Income before minority interest 4,855 399 (712) 4,542 4,081 502 86 4,669 Minority interest - OP (97) (8) 13 (92) (65) (9) (1) (75) Minority interest (93) (12) -- (105) (144) (5) -- (149) -------- -------- -------- -------- -------- -------- -------- -------- NET INCOME $ 4,665 $ 379 $ (699) $ 4,345 $ 3,872 $ 488 $ 85 $ 4,445 ======== ======== ========= ======== ======== ======== ======== ========
PAGE 10 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005 Statements of Operations - Joint Venture Activity (1) Current Quarter and Year-to-Date (in thousands)
----------------------------------------------------------------------------------- Year-to-date Period ended September 30, 2005 ----------------------------------------------------------------------------------- AKR Pro-rata AKR Pro-rata Pro-rata Pro-rata Fund I share Fund II share Crossroads share Total -------- ------- -------- -------- -------- -------- -------- PROPERTY REVENUES Minimum rents $ 19,676 $ 4,373 $ 3,394 $ 679 $ 4,518 $ 2,213 $ 7,265 Percentage rents 416 93 527 105 14 7 205 Expense reimbursements 2,275 506 646 130 1,897 930 1,566 Other property income 47 11 1 1 35 17 29 -------- ------- -------- -------- -------- -------- -------- 22,414 4,983 4,568 915 6,464 3,167 9,065 -------- ------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 2,424 539 1,753 350 715 351 1,240 Real estate taxes 1,054 234 1,225 245 1,198 586 1,065 -------- ------- -------- -------- -------- -------- -------- 3,478 773 2,978 595 1,913 937 2,305 -------- ------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 18,936 4,210 1,590 320 4,551 2,230 6,760 OTHER INCOME (EXPENSE) General and administrative -- -- -- -- -- -- -- Property related home office expenses (206) (46) (46) (10) -- -- (56) Equity in earnings of Fund I unconsolidated properties(2) 485 108 475 95 -- -- 203 Lease termination income -- -- -- -- -- -- -- Interest income 277 62 20 3 -- -- 65 Asset and property management income -- -- -- -- -- -- -- Asset and property management expense (3) (1,687) -- (3,198) -- -- -- -- Straight-line rent income (983) (219) 16 3 69 35 (181) Straight-line rents written off -- -- -- -- -- -- -- FAS 141 Rent 289 64 (126) (25) -- -- 39 Abandoned project costs -- -- (430) (86) -- -- (86) Hurricane related expenses -- -- -- -- -- -- -- Provision for income taxes -- -- -- -- -- -- -- Other income 932 207 -- -- -- -- 207 -------- ------- -------- -------- -------- -------- -------- EBIDTA 18,043 4,386 (1,699) 300 4,620 2,265 6,951 Depreciation and amortization (4) (6,711) (1,492) (816) (163) (509) (543) (2,198) FAS 141 Amortization (116) (26) (449) (90) -- -- (116) Interest expense (4) (5,320) (1,100) (1,128) (209) (2,764) (1,282) (2,591) FAS 141 Interest 396 87 -- -- -- -- 87 Impairment of real estate -- -- -- -- -- -- -- Gain on sale of properties (Mervyn's) (2) 8,758 1,946 8,758 1,752 -- -- 3,698 Income taxes on gain on sale (Mervyn's) (2) -- -- -- -- -- -- -- -------- ------- -------- -------- -------- -------- -------- Income before minority interest 15,050 3,801 4,666 1,590 1,347 440 5,831 Minority interest - OP -- (74) -- (32) -- (9) (115) Minority interest (215) (48) 55 12 -- -- (36) -------- ------- -------- -------- -------- -------- -------- NET INCOME $ 14,835 $ 3,679 $ 4,721 $ 1,570 $ 1,347 $ 431 $ 5,680 ======== ======= ======== ======== ======== ======== ========
(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 Funds I & II as detailed elsewhere in this Supplement, as well in the Mervyn's investment .The Company also has a 49% JV interest in the Crossroads Shoping Center (Crossroads"). (2) Although the investment in Mervyn's is not through Funds I and II, the activity from this investement ahas been included in this line item for presentation purposes only. This line item includes $18,466 of income and gain at the Mervyn's investment level for the third quarter. Fund I currently invests in 3 properties in which it has 50% interest in and for which it uses the equity method of accounting. (3) Funds I and II pay 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. (4) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads.
----------------------------------------------------------------------------------- Current Quarter 3 Months ended September 30, 2005 ----------------------------------------------------------------------------------- AKR Pro-rata AKR Pro-rata Pro-rata Pro-rata Fund I share Fund II share Crossroads share Total --------- ---------- --------- --------- ---------- ---------- ----------- PROPERTY REVENUES Minimum rents $ 5,714 $ 1,270 $ 1,957 $ 391 $ 1,501 $ 734 $ 2,395 Percentage rents 328 73 527 105 14 7 185 Expense reimbursements 606 135 343 69 622 305 509 Other property income 8 2 (1) -- 22 11 13 -------- -------- -------- -------- -------- -------- -------- 6,656 1,480 2,826 565 2,159 1,057 3,102 -------- -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 510 113 582 116 181 89 318 Real estate taxes 354 79 592 118 413 202 399 -------- -------- -------- -------- -------- -------- -------- 864 192 1,174 234 594 291 717 -------- -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 5,792 1,288 1,652 331 1,565 766 2,385 OTHER INCOME (EXPENSE) General and administrative -- -- -- -- -- -- -- Property related home office expenses (71) (16) (23) (5) -- -- (21) Equity in earnings of Fund I unconsolidated properties(2) 408 91 475 95 -- -- 186 Lease termination income -- -- -- -- -- -- -- Interest income 248 55 12 2 -- -- 57 Asset and property management income -- -- -- -- -- -- -- Asset and property management expense (3) (585) -- (1,262) -- -- -- -- Straight-line rent income 801 178 5 1 (9) (4) 175 Straight-line rents written off -- -- -- -- -- -- -- FAS 141 Rent 117 26 (147) (29) -- -- (3) Abandoned project costs -- -- -- -- -- -- -- Hurricane related expenses -- -- -- -- -- -- -- Provision for income taxes -- -- -- -- -- -- -- Other income 932 207 -- -- -- -- 207 -------- -------- -------- -------- -------- -------- -------- EBIDTA 7,642 1,829 712 395 1,556 762 2,986 Depreciation and amortization (4) (2,260) (502) (476) (95) (205) (198) (795) FAS 141 Amortization (32) (7) (169) (34) -- -- (41) Interest expense (4) (1,767) (378) (687) (134) (888) (435) (947) FAS 141 Interest 132 29 -- -- -- -- 29 Impairment of real estate -- -- -- -- -- -- -- Gain on sale of properties (Mervyn's) (2) 8,758 1,946 8,758 1,752 -- -- 3,698 Income taxes on gain on sale (Mervyn's) (2) -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- Income before minority interest 12,473 2,917 8,138 1,884 463 129 4,930 Minority interest - OP -- (58) -- (37) -- (3) (98) Minority interest (73) (16) (17) (3) -- -- (19) -------- -------- -------- -------- -------- -------- -------- NET INCOME $ 12,400 $ 2,843 $ 8,121 $ 1,844 $ 463 $ 126 $ 4,813 ======== ======== ======== ======== ======== ======== ========
(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 Funds I & II as detailed elsewhere in this Supplement, as well in the Mervyn's investment .The Company also has a 49% JV interest in the Crossroads Shoping Center (Crossroads"). (2) Although the investment in Mervyn's is not through Funds I and II, the activity from this investement ahas been included in this line item for presentation purposes only. This line item includes $18,466 of income and gain at the Mervyn's investment level for the third quarter. Fund I currently invests in 3 properties in which it has 50% interest in and for which it uses the equity method of accounting. (3) Funds I and II pay 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. (4) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. Page 11 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005 Statements of Operations - Joint Venture Activity (1) Current Quarter and Year-to-Date (in thousands)
Previous Quarters ----------------------------------------------------------------------------------- 3 months ended June 30, 2005 ----------------------------------------------------------------------------------- AKR Pro-rata AKR Pro-rata Pro-rata Pro-rata Fund I share Fund II share Crossroads share Total ------- --------- --------- ---------- ---------- ---------- ----------- PROPERTY REVENUES Minimum rents $ 7,401 $ 1,645 $ 703 $ 141 $ 1,510 $ 740 $ 2,526 Percentage rents 44 10 -- -- -- -- 10 Expense reimbursements 784 174 148 30 651 319 523 Other property income 36 8 (2) -- 7 3 11 -------- -------- -------- -------- -------- -------- -------- 8,265 1,837 849 171 2,168 1,062 3,070 -------- -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 875 195 606 121 302 148 464 Real estate taxes 365 81 310 62 409 200 343 -------- -------- -------- -------- -------- -------- -------- 1,240 276 916 183 711 348 807 -------- -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 7,025 1,561 (67) (12) 1,457 714 2,263 OTHER INCOME (EXPENSE) General and administrative -- -- -- -- -- -- -- Property related home office expenses (104) (23) (18) (4) -- -- (27) Equity in earnings of Fund I unconsolidated properties(2) (7) (2) -- -- -- -- (2) Lease termination income -- -- -- -- -- -- -- Interest income 25 6 6 1 -- -- 7 Asset and property management income -- -- -- -- -- -- -- Asset and property management expense (3) (562) -- (998) -- -- -- -- Straight-line rent income (1,209) (269) 5 1 36 18 (250) Straight-line rents written off -- -- -- -- -- -- -- FAS 141 Rent 107 24 7 1 -- -- 25 Abandoned project costs -- -- (430) (86) -- -- (86) Hurricane related expenses -- -- -- -- -- -- -- Provision for income taxes -- -- -- -- -- -- -- Other income -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- EBIDTA 5,275 1,297 (1,495) (99) 1,493 732 1,930 Depreciation and amortization (4) (2,257) (502) (177) (35) (154) (173) (710) FAS 141 Amortization (34) (8) (93) (19) -- -- (27) Interest expense (4) (1,805) (349) (253) (48) (836) (426) (823) FAS 141 Interest 132 29 -- -- -- -- 29 Impairment of real estate -- -- -- -- -- -- -- Gain on sale of properties (Mervyn's) (2) -- -- -- -- -- -- -- Income taxes on gain on sale (Mervyn's) (2) -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- Income before minority interest 1,311 467 (2,018) (201) 503 133 399 Minority interest - OP -- (9) -- 4 -- (3) (8) Minority interest (75) (17) 24 5 -- -- (12) -------- -------- -------- -------- -------- -------- -------- NET INCOME $ 1,236 $ 441 $ (1,994) $ (192) $ 503 $ 130 $ 379 ======== ======== ======== ======== ======== ======== ========
Previous Quarters ----------------------------------------------------------------------------------- 3 months ended March 31, 2005 ----------------------------------------------------------------------------------- AKR Pro-rata AKR Pro-rata Pro-rata Pro-rata Fund I share Fund II share Crossroads share Total --------- ---------- ----------- --------- ---------- --------- ----------- PROPERTY REVENUES Minimum rents $ 6,561 $ 1,458 $ 734 $ 147 $ 1,507 $ 739 $ 2,344 Percentage rents 44 10 -- -- -- -- 10 Expense reimbursements 885 197 155 31 624 306 534 Other property income 3 1 4 1 6 3 5 -------- -------- -------- -------- -------- -------- -------- 7,493 1,666 893 179 2,137 1,048 2,893 -------- -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 1,039 231 565 113 232 114 458 Real estate taxes 335 74 323 65 376 184 323 -------- -------- -------- -------- -------- -------- -------- 1,374 305 888 178 608 298 781 -------- -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 6,119 1,361 5 1 1,529 750 2,112 OTHER INCOME (EXPENSE) General and administrative -- -- -- -- -- -- -- Property related home office expenses (31) (7) (5) (1) -- -- (8) Equity in earnings of Fund I unconsolidated properties(2) 84 19 -- -- -- -- 19 Lease termination income -- -- -- -- -- -- -- Interest income 4 1 2 -- -- -- 1 Asset and property management income -- -- -- -- -- -- -- Asset and property management expense (3) (540) -- (938) -- -- -- -- Straight-line rent income (575) (128) 6 1 42 21 (106) Straight-line rents written off -- -- -- -- -- -- -- FAS 141 Rent 65 14 14 3 -- -- 17 Abandoned project costs -- -- -- -- -- -- -- Hurricane related expenses -- -- -- -- -- -- -- Provision for income taxes -- -- -- -- -- -- -- Other income -- -- -- -- -- -- -- EBIDTA 5,126 1,260 (916) 4 1,571 771 2,035 -------- -------- -------- -------- -------- -------- -------- Depreciation and amortization (4) (2,194) (488) (163) (33) (150) (172) (693) FAS 141 Amortization (50) (11) (187) (37) -- -- (48) Interest expense (4) (1,748) (373) (188) (27) (1,040) (421) (821) FAS 141 Interest 132 29 -- -- -- -- 29 Impairment of real estate -- -- -- -- -- -- -- Gain on sale of properties (Mervyn's) (2) -- -- -- -- -- -- -- Income taxes on gain on sale (Mervyn's) (2) -- -- -- -- -- -- -- Income before minority interest 1,266 417 (1,454) (93) 381 178 502 -------- -------- -------- -------- -------- -------- -------- Minority interest - OP -- (7) -- 1 -- (3) (9) Minority interest (67) (15) 48 10 -- -- (5) -------- -------- -------- -------- -------- -------- -------- NET INCOME $ 1,199 $ 395 $ (1,406) $ (82) $ 381 $ 175 $ 488 ======== ======== ========= ======== ======== ======== ========
Page 12 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005 Statements of Operations - Activity by Source (1) (in thousands)
---------------------------------------- ------------------------------------------- Year-to-date Current Quarter Period 3 months ended September 30, ended Sept ember 30, 2005 2005 ----------------------------------------- ------------------------------------------ Retail Multi-Family Corporate Total Retail Multi-Family Corporate Total -------- ------------ ---------- ------ -------- ------------ --------- ------ PROPERTY REVENUES Minimum rents $ 41,214 $ 5,390 $ -- $ 46,604 $ 13,938 $ 1,816 $ -- $ 15,754 Percentage rents 645 -- -- 645 329 -- -- 329 Expense reimbursements 11,928 -- -- 11,928 3,622 -- -- 3,622 Other property income 352 281 -- 633 167 89 -- 256 -------- -------- ------ -------- -------- -------- -------- -------- 54,139 5,671 -- 59,810 18,056 1,905 -- 19,961 -------- -------- ------ -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 9,188 2,744 -- 11,932 2,502 1,075 -- 3,577 Real estate taxes 7,761 246 -- 8,007 2,684 82 -- 2,766 -------- -------- ------ -------- -------- -------- -------- -------- 16,949 2,990 -- 19,939 5,186 1,157 -- 6,343 -------- -------- ------ -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 37,190 2,681 -- 39,871 12,870 748 -- 13,618 OTHER INCOME (EXPENSE) General and administrative -- -- (4,798) (4,798) -- -- (1,586) (1,586) Property related home office expenses -- -- (5,522) (5,522) -- -- (1,924) (1,924) Equity in earnings of Fund I unconsolidated properties 203 -- -- 203 186 -- -- 186 Lease termination income -- -- -- -- -- -- -- -- Interest income -- 11 2,512 2,523 -- 6 1,091 1,097 Asset and property management income -- -- 7,733 7,733 -- -- 2,898 2,898 Other property management fees (62) (104) -- (166) (21) (34) -- (55) Straight-line rent income 171 -- -- 171 228 -- -- 228 Straight-line rents written off (17) -- -- (17) -- -- -- -- FAS 141 Rent (56) -- -- (56) (98) -- (98) 25 Abandoned project costs (86) -- -- (86) -- -- -- -- Hurricane related expenses 479 -- -- 479 -- -- -- -- Provision for income taxes (91) -- -- (91) (91) -- -- (91) Other income 313 -- -- 313 208 -- -- 208 -------- -------- ------ -------- -------- -------- -------- -------- EBIDTA 38,044 2,588 (75) 40,557 13,282 720 479 14,481 Depreciation and amortization (13,163) (1,093) (333) (14,589) (4,698) (370) (116) (5,184) FAS 141 Amortization (164) -- -- (164) (89) -- -- (89) Interest expense (9,712) (992) -- (10,704) (3,657) (374) -- (4,031) FAS 141 Interest 87 -- -- 87 29 29 29 29 Impairment of real estate (820) -- -- (820) (50) -- -- (50) Gain on sale of properties (Mervyn's) (1) 3,698 -- -- 3,698 3,698 -- -- 3,698 Income taxes on gain on sale (Mervyn's) (1) (1,535) -- -- (1,535) (1,535) -- -- (1,535) -------- -------- ------ -------- -------- -------- -------- -------- Income before minority interest 16,435 503 (408) 16,530 6,980 (24) 363 7,319 Minority interest - OP (312) (10) 6 (316) (142) -- (7) (149) Minority interest (199) -- -- (199) 55 -- -- 55 -------- -------- ------ -------- -------- -------- -------- -------- NET INCOME $ 15,924 $ 493 $ (402) $ 16,015 $ 6,893 $ (24) $ 356 $ 7,225 ======== ======== ====== ======== ======== ======== ======== ========
(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 Funds I & II as detailed elsewhere in this Supplement, as well in the Mervyn's investment .The Company also has a 49% JV interest in the Crossroads Shoping Center (Crossroads"). Page 13 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005 Statements of Operations - Activity by Source (1) (in thousands)
Previous Quarter -------------------------------------------------------------------------------------- 3 months 3 months ended June 30, ended March 31, 2005 2005 ----------------------------------------- ------------------------------------------ Retail Multi-Family Corporate Total Retail Multi-Family Corporate Total -------- ------------ ---------- ------ -------- ------------ --------- ------ PROPERTY REVENUES Minimum rents $ 13,898 $ 1,807 $ -- $ 15,705 $ 13,378 $ 1,767 $ -- $ 15,145 Percentage rents 122 -- -- 122 194 -- -- 194 Expense reimbursements 3,722 -- -- 3,722 4,584 -- -- 4,584 Other property income 65 83 -- 148 120 109 -- 229 -------- -------- -------- -------- -------- -------- -------- -------- 17,807 1,890 -- 19,697 18,276 1,876 -- 20,152 -------- -------- -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 2,762 811 -- 3,573 3,924 858 -- 4,782 Real estate taxes 2,422 82 -- 2,504 2,655 82 -- 2,737 -------- -------- -------- -------- -------- -------- -------- -------- 5,184 893 -- 6,077 6,579 940 -- 7,519 -------- -------- -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 12,623 997 -- 13,620 11,697 936 -- 12,633 OTHER INCOME (EXPENSE) General and administrative -- -- (1,507) (1,507) -- -- (1,705) (1,705) Property related home office expenses -- -- (2,217) (2,217) -- -- (1,381) (1,381) Equity in earnings of Fund I unconsolidated properties (2) -- -- (2) 19 -- -- 19 Lease termination income -- -- -- -- -- -- -- -- Interest income -- 5 943 948 -- -- 478 478 Asset and property management income -- -- 2,857 2,857 -- -- 1,978 1,978 Other property management fees (20) (35) -- (55) (21) (35) -- (56) Straight-line rent income (93) -- -- (93) 36 -- -- 36 Straight-line rents written off -- -- -- -- (17) -- -- (17) FAS 141 Rent -- 25 17 -- 17 Abandoned project costs (86) -- -- (86) -- -- -- -- Hurricane related expenses -- -- -- -- 479 -- -- 479 Provision for income taxes -- -- -- -- -- -- -- -- Other income 1 -- -- 1 104 -- -- 104 -------- -------- -------- -------- -------- -------- -------- -------- EBIDTA 12,448 967 76 13,491 12,314 901 (630) 12,585 Depreciation and amortization (4,213) (363) (112) (4,688) (4,252) (360) (105) (4,717) FAS 141 Amortization (27) (27) (48) (48) Interest expense (3,177) (316) -- (3,493) (2,878) (302) -- (3,180) FAS 141 Interest 29 29 Impairment of real estate (770) -- -- (770) -- -- -- -- Gain on sale of properties (Mervyn's) (1) -- -- -- -- -- -- -- -- Income taxes on gain on sale (Mervyn's) (1) -- -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- -------- Income before minority interest 4,290 288 (36) 4,542 5,165 239 (735) 4,669 Minority interest - OP (87) (6) 1 (92) (83) (4) 12 (75) Minority interest (105) -- -- (105) (149) -- -- (149) -------- -------- -------- -------- -------- -------- -------- -------- NET INCOME $ 4,098 $ 282 $ (35) $ 4,345 $ 4,933 $ 235 $ (723) $ 4,445 ======== ======== ========= ======== ======== ======== ======== =======
Page 14 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Statements of Operations - Current v. Historical (1) (in thousands) --------------------------------------------- -------------------------------------------- Current Quarter Historical Quarter 3 months 3 months ended September 30, ended September 30, 2005 2004 --------------------------------------------- ------------------------------------------- Wholly Discontinued Wholly Discontinued Owned JV's(2) Operations Total Owned JV's Operations Total -------- --------- ----------- -------- --------- --------- ----------- --------- PROPERTY REVENUES Minimum rents $ 13,352 $ 2,395 $ 7 $ 15,754 $ 12,442 $ 1,717 $ 491 $ 14,650 Percentage rents 144 185 -- 329 147 36 -- 183 Expense reimbursements 3,113 509 -- 3,622 3,256 461 129 3,846 Other property income 238 13 5 256 157 16 -- 173 -------- -------- -------- -------- -------- -------- -------- -------- 16,847 3,102 12 19,961 16,002 2,230 620 18,852 -------- -------- -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 3,231 318 28 3,577 3,200 338 211 3,749 Real estate taxes 2,363 399 4 2,766 2,327 252 134 2,713 -------- -------- -------- -------- -------- -------- -------- -------- 5,594 717 32 6,343 5,527 590 345 6,462 -------- -------- -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 11,253 2,385 (20) 13,618 10,475 1,640 275 12,390 OTHER INCOME (EXPENSE) General and administrative (1,586) -- -- (1,586) (1,567) (20) -- (1,587) Property related home office expenses (1,903) (21) -- (1,924) (1,107) -- -- (1,107) Equity in earnings of Fund I unconsolidate- properties -- 186 -- 186 -- (3) -- (3) Lease termination income -- -- -- -- -- -- -- -- Interest income 1,040 57 -- 1,097 318 2 -- 320 Asset and property management income 2,898 -- -- 2,898 1,562 -- -- 1,562 Property management expense (55) -- -- (55) (58) -- -- (58) Straight-line rent income 53 175 -- 228 191 82 (1) 272 Straight-line rents written off -- -- -- -- (22) -- -- (22) FAS 141 Rent (95) (3) -- (98) -- -- -- -- Abandoned project costs -- -- -- -- -- -- -- -- Hurricane related expenses -- -- -- -- (730) -- -- (730) Provision for income taxes (91) -- -- (91) -- -- -- -- Other income (expense) 1 207 -- 208 (81) -- -- (81) -------- -------- -------- -------- -------- -------- -------- -------- EBIDTA 11,515 2,986 (20) 14,481 8,981 1,701 274 10,956 Depreciation and amortization (4,389) (795) -- (5,184) (3,762) (576) (166) (12,301) FAS 141 Amortization (48) (41) -- (89) -- -- -- -- Interest expense (3,084) (947) -- (4,031) (2,643) (642) (314) (8,113) FAS 141 Interest -- 29 -- 29 -- -- -- -- Impairment of real estate -- -- (50) (50) -- -- -- -- Gain on sale of properties (Mervyn's) (2) -- 3,698 -- 3,698 -- -- -- -- Income taxes on gain on sale (Mervyn's)(2) (1,535) -- -- (1,535) 423 -- -- 423 -------- -------- -------- -------- -------- -------- -------- -------- Income before minority interest 2,459 4,930 (70) 7,319 2,999 483 (206) 3,276 Minority interest - OP (52) (98) 1 (149) (54) (7) 4 (57) Minority interest 74 (19) -- 55 (324) -- -- (324) -------- -------- -------- -------- -------- -------- -------- -------- NET INCOME $ 2,481 $ 4,813 $ (69) $ 7,225 $ 2,621 $ 476 $ (202) $ 2,895 ======== ======== ======== ======== ======== ======== ======== ========
--------------------------------------------- -------------------------------------------- Current Year-to-date Historical Quarter Period Period ended September 30, ended September 30, 2005 2004 --------------------------------------------- ------------------------------------------- Wholly Discontinued Wholly Discontinued Owned JV's(2) Operations Total Owned JV's Operations Total -------- --------- ----------- -------- --------- --------- ----------- --------- PROPERTY REVENUES PROPERTY REVENUES Minimum rents $ 38,974 $ 7,265 $ 365 $ 46,604 $ 37,153 $ 5,779 $ 1,492 $ 44,424 Percentage rents 440 205 -- 645 567 55 2 624 Expense reimbursements 10,139 1,566 223 11,928 9,686 1,319 502 11,507 Other property income 598 29 6 633 480 32 5 517 -------- -------- -------- -------- -------- -------- -------- -------- 50,151 9,065 594 59,810 47,886 7,185 2,001 57,072 -------- -------- -------- -------- -------- -------- -------- -------- PROPERTY EXPENSES Property operating 10,450 1,240 242 11,932 10,160 1,021 628 11,809 Real estate taxes 6,804 1,065 138 8,007 6,448 739 452 7,639 -------- -------- -------- -------- -------- -------- -------- -------- 17,254 2,305 380 19,939 16,608 1,760 1,080 19,448 -------- -------- -------- -------- -------- -------- -------- -------- NET OPERATING INCOME - PROPERTIES 32,897 6,760 214 39,871 31,278 5,425 921 37,624 OTHER INCOME (EXPENSE) General and administrative (4,798) -- -- (4,798) (4,077) (26) -- (4,103) Property related home office expenses (5,466) (56) -- (5,522) (3,508) -- -- (3,508) Equity in earnings of Fund I unconsolidate- properties -- 203 -- 203 -- (21) -- (21) Lease termination income -- -- -- -- -- -- -- -- Interest income 2,458 65 -- 2,523 918 20 -- 938 Asset and property management income 7,733 -- -- 7,733 3,123 -- -- 3,123 Property management expense (166) -- -- (166) (178) -- -- (178) Straight-line rent income 352 (181) -- 171 652 (224) 6 434 Straight-line rents written off (17) -- -- (17) (50) -- (114) (164) FAS 141 Rent (95) 39 -- (56) -- -- -- -- Abandoned project costs -- (86) -- (86) -- -- -- -- Hurricane related expenses 479 -- -- 479 (730) -- -- (730) Provision for income taxes (91) -- -- (91) -- -- -- -- Other income (expense) 106 207 -- 313 201 -- -- 201 -------- -------- -------- -------- -------- -------- -------- -------- EBIDTA 33,392 6,951 214 40,557 27,629 5,174 813 33,616 Depreciation and amortization (2,198) (90) (14,589) (11,407) (1,726) (498) (13,631) FAS 141 Amortization (48) (116) -- (164) -- -- -- -- Interest expense (2,591) -- (10,704) (7,506) (1,915) (957) FAS 141 Interest -- 87 -- 87 -- -- -- -- Impairment of real estate -- -- (820) (820) -- -- -- -- Gain on sale of properties (Mervyn's) (2) -- 3,698 -- 3,698 -- -- -- -- Income taxes on gain on sale (Mervyn's)(2) (1,535) -- -- (1,535) 931 -- -- 931 -------- -------- -------- -------- -------- -------- -------- -------- Income before minority interest 11,395 5,831 (696) 16,530 9,647 1,533 (642) 10,538 Minority interest - OP (214) (115) 13 (316) (226) (35) 17 (244) Minority interest (163) (36) -- (199) (785) -- -- (785) -------- -------- -------- -------- -------- -------- -------- -------- NET INCOME $ 11,018 $ 5,680 $ (683) $ 16,015 $ 8,636 $ 1,498 $ (625)$ 9,509
(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 Funds I & II and Mervyn's as detailed elsewhere in this Supplement.The Company also has a 49% JV interest in the Crossroads Shopping Center. Page 15 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Net Operating Income (NOI) - Same Property Performance (1) - --------------------------------------------- (in thousands) Growth in Same Growth in Same Property NOI - Property NOI - Continuing Continuing Operations Operations Notes: Current Historical Favorable Current Year- Historical Favorable Quarter Quarter (unfavorable) to-Date Year-to-Date (unfavorable) ---------------------------------------------------------------------------------------------- 3 months ended 3 months ended 9 months 9 months ended ended Reconciliation of total September 30, September 30, September 30, September 30, NOI to same property NOI: 2005 2004 2005 2004 ----------------------------- -------------------------- NOI - Wholly owned properties $11,233 $10,750 $33,111 $32,199 NOI - Joint Ventures (Unconsolidated partnerships) (2) 2,385 1,640 6,760 5,743 ----------------------------- -------------------------- Total NOI 13,618 12,390 39,871 37,942 NOI - Properties Acquired (632) - (693) - NOI - Property sold (20) (275) (214) (921) NOI - Redevelopment Properties (46) - (46) - ----------------------------- -------------------------- $12,920 $12,115 6.6% $38,918 $37,021 5.1% ========================================= ======================================== Same property NOI by portfolio component and revenues/expenses: Shopping Center Portfolio Shopping Center Portfolio Revenues $16,970 $16,498 2.9% $51,903 $49,799 4.2% Expenses 4,799 5,064 5.2% 15,663 15,546 -0.8% ----------------------------------------- ---------------------------------------- 12,171 11,434 6.4% 36,240 34,253 5.8% ----------------------------------------- ---------------------------------------- Residential Properties (2 properties) Residential Properties (2 properties) Revenues 1,905 1,830 4.1% 5,671 5,682 -0.2% Expenses 1,156 1,149 -0.6% 2,989 2,914 -2.6% ----------------------------------------- ---------------------------------------- 749 681 10.0% 2,682 2,768 -3.1% ----------------------------------------- ---------------------------------------- $12,920 $12,115 6.6% $38,922 $37,021 5.1% ========================================= ========================================
(1) The above amounts includes the pro-rata activity related to the Company's joint ventures. (2) Kroger/Safeway activity grossed-up for 2004 to include 25% minority interest ($197) to be consistent with 2005 presentation. $197 and $318 for the quarter and six months ended June 30, 2004, respectively, have been added to the 2004 NOI - Joint Ventures line item. Page 16 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Funds from Operations ("FFO")(1) - ---------------------------------- (in thousands) --------------------------- 2005 ------------------ ------------ 2004 -------- Current Current Previous Historic Historic Year-to-Date Quarter Quarters Year-to-Date Quarter Period ended 3 months ended 3 months 3 months Period ended 3 months ended ended ended Funds from operations Notes September 30, September 30, June 30, March 31, September 30, September 30, ("FFO"): 2005 2005 2005 2005 2004 2004 - -------------------------- ------------- ------------- ------------ ----------- -------------------------- Net Income $16,015 $7,225 $4,345 $4,445 $9,509 $2,895 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 10,514 3,497 3,396 3,621 10,672 3,588 Unconsolidated subsidiaries 2,343 1,115 598 630 1,707 586 Income attributable to Operating Partnership units (2) 336 149 109 78 244 57 Gain on sale of properties (2,113) (2,113) - - - - ------------- ------------- ------------ ----------- -------------------------- FFO - Basic 27,095 9,873 8,448 8,774 22,132 7,126 Distributions on Preferred OP Units 254 74 93 87 248 88 ------------- ------------- ------------ ----------- -------------------------- FFO - Diluted $27,349 $9,947 $8,541 $8,861 $22,380 $7,214 ============= ============= ============ =========== ========================== Adjusted Funds from operations ("AFFO"): ==================== Diluted FFO $27,349 $9,947 $8,541 $8,861 $22,380 $7,214 Straight line rent, net 76 283 (171) (36) (270) (250) Non real-estate depreciation 333 116 112 105 222 66 Amortization of finance costs 698 197 313 188 535 242 Amortization of cost of management contracts 926 560 195 171 432 9 Tenant improvements (1,273) (647) (296) (330) (2,236) (976) Leasing commissions (577) (217) (206) (154) (857) (494) Capital expenditures (1,294) (510) (265) (519) (2,229) (933) ------------- ------------- ------------ ----------- -------------------------- AFFO $26,238 $9,729 $8,223 $8,286 $17,977 $4,878 ============= ============= ============ =========== ========================== Funds Available for Distribution ("FAD") ==================== AFFO $26,238 $9,729 $8,223 $8,286 $17,977 $4,878 Scheduled prinicpal repayments (1,929) (696) (620) (613) (3,294) (1,049) ------------- ------------- ------------ ----------- -------------------------- FAD $24,309 $9,033 $7,603 $7,673 $14,683 $3,829 ============= ============= ============ =========== ========================== Total weighted average shares and OP Units: Basic 32,527 32,658 32,541 32,382 29,563 29,885 ============= ============= ============ =========== ========================== Diluted 33,281 33,355 33,310 33,177 30,665 31,144 ============= ============= ============ =========== ========================== FFO per share: FFO per share - Basic (3) $0.83 $0.30 $0.26 $0.27 $0.75 $0.24 ============= ============= ============ =========== ========================== FFO per share - Diluted (3) $0.82 $0.30 $0.26 $0.27 $0.73 $0.23 ============= ============= ============ =========== ========================== AFFO per share - Basic (3) $0.80 $0.30 $0.25 $0.25 $0.60 $0.16 ============= ============= ============ =========== ========================== AFFO per share - Diluted (3) $0.79 $0.29 $0.25 $0.25 $0.59 $0.16 ============= ============= ============ =========== ========================== FAD per share - Basic (3) $0.74 $0.27 $0.23 $0.23 $0.49 $0.13 ============= ============= ============ =========== ========================== FAD per share - Diluted (3) $0.73 $0.27 $0.23 $0.23 $0.48 $0.12 ============= ============= ============ =========== ==========================
(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) 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 are added back for the purposes of calculating diluted FFO. Refer to "Market Capitalization" for weighted-average basic and diluted shares. Page 17 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Capital Expenditures -------------------- Year-to-Date Current Previous Quarters Previous Quarter Year 3 months 3 months 3 months Year ended ended ended ended Notes September 30, September 30, June 30, 2005 March 31, 2005 December 31, 2005 2005 2004 --------------- ------------- ------------- --------------- --------------- Leasing Commissions: $577 $217 $206 $154 $1,109 --------------- ------------- ------------- --------------- --------------- Tenant Improvements: 1,273 647 296 330 2,474 --------------- ------------- ------------- --------------- --------------- Capital Expenditures: Retail 522 183 41 298 1,789 Residential 772 327 224 221 842 --------------- ------------- ------------- --------------- --------------- 1,294 510 265 519 2,631 --------------- ------------- ------------- --------------- --------------- Redevelopments 1,731 260 469 1,002 2,053 --------------- ------------- ------------- --------------- --------------- Total $4,875 $1,634 $1,236 $2,005 $8,267 =============== ============= ============= =============== =============== Expenditures for real estate and improvements as reported on the Company's Statement of Cash Flows $4,259 $7,103 Expenditures included in deferred leasing 577 1,109 Accrued construction costs as of period-end 39 55 --------------- --------------- costs in Statement of Cash Flows $4,875 $8,267 =============== ===============
Page 18 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Consolidated Balance Sheets --------------------------- (in thousands) September 30, 2005 December 31, 2005 2004 -------------------- -------------------- ASSETS Real estate Land $57,965 $52,472 Buildings and improvements 375,775 356,908 Construction in progress 1,120 5,896 -------------------- -------------------- 434,860 415,276 Less: accumulated depreciation (114,993) (105,278) -------------------- -------------------- Net real estate 319,867 309,998 Cash and cash equivalents 8,157 13,499 Cash in escrow 4,503 4,467 Restricted Cash 510 612 Investments in and advances to unconsolidated partnerships 45,201 27,439 Investment in management contracts 3,613 3,422 Preferred equity investment 19,500 - Rents receivable, net of $1,937 and $1,931 allowance, respectively 5,725 4,889 Straight-line rents receivable, net of $910 allowance 5,884 5,596 Notes Receivable 14,922 10,087 Prepaid expenses 4,866 2,994 Deferred charges, net 15,919 13,478 Other assets 13,217 3,898 Acquired lease intangibles 4,444 - Assets of discontinued operations - 5,268 -------------------- -------------------- $466,328 $396,343 ==================== ==================== LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $206,798 $153,361 Accounts payable and accrued expenses 6,473 7,627 Dividends and distributions payable 5,676 5,597 Due to related parties - - Share of losses in excess of investment in unconsolidated partnerships 10,080 9,304 Interest rate swap payable 374 2,136 Other liabilities 5,336 3,096 Liabilities of discontinued operations - 51 -------------------- -------------------- Total liabilities 234,737 171,868 -------------------- -------------------- Minority interest in Operating Partnership 9,274 5,743 Minority interests in majority owned partnerships 1,510 1,808 -------------------- -------------------- Total minority interests 10,784 7,551 -------------------- -------------------- Shareholders' equity: Common shares 31 31 Additional paid-in capital 224,179 222,752 Accumulated other comprehensive income (762) (3,180) Deficit (2,641) (2,679) -------------------- -------------------- Total shareholders' equity 220,807 216,924 -------------------- -------------------- $466,328 $396,343 ==================== ====================
Page 19 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Selected Operating Ratios ------------------------- 3 months ended September 30, 9 months ended September 30, 2005 2004 2005 2004 ------------- --------------- ----------------- ---------------- Coverage Ratios (1) --------------- Interest Coverage Ratio EBIDTA 2 $14,481 $10,956 $40,557 $33,616 Divided by Interest expense 4,031 3,599 10,704 10,378 ------------- --------------- ----------------- ---------------- 3.59 x 3.04 x 3.79 x 3.24 x Fixed Charge Coverage Ratio EBIDTA $14,481 $10,956 $40,557 $33,616 Divided by (Interest expense 4,031 3,599 10,704 10,378 + Preferred Dividends) (2,3) 74 88 254 248 ------------- --------------- ----------------- ---------------- 3.53 x 2.97 x 3.70 x 3.16 x Debt Service Coverage Ratio EBIDTA $14,481 $10,956 $40,557 $33,616 Divided by (Interest expense 4,031 3,599 10,704 10,378 + Principal Amortization) (4) 696 1,049 1,929 3,294 ------------- --------------- ----------------- ---------------- 3.06 x 2.36 x 3.21 x 2.46 x Payout Ratios ------------- FFO Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid $5,602 $4,783 $16,741 $14,339 FFO (2) 9,947 7,214 27,349 22,380 ------------- --------------- ----------------- ---------------- 56% 66% 61% 64% AFFO Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid $5,602 $4,783 $16,741 $14,339 AFFO (2) 9,729 4,878 26,238 17,977 ------------- --------------- ----------------- ---------------- 58% 98% 64% 80% FAD Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid $5,602 $4,783 $16,741 $14,339 FAD (2) 9,033 3,829 24,309 14,683 ------------- --------------- ----------------- ---------------- 62% 125% 69% 98% Overhead Ratios --------------- G&A/Real Estate Revenues General and Administrative expense $1,586 $1,587 $4,798 $4,103 Real Estate Revenues (Includes pro- rata JV) 19,961 18,852 59,810 57,072 ------------- --------------- ----------------- ---------------- 8% 8% 8% 7% General and Administrative expense $1,586 $1,587 $4,798 $4,103 Real Estate Revenues (Includes 100% JV) 28,500 22,734 84,191 75,071 ------------- --------------- ----------------- ---------------- 6% 7% 6% 5% Leverage Ratios --------------- Debt/Total Market Capitalization Debt (5) $278,015 $265,142 Total Market Capitalization 862,069 708,679 ------------- --------------- 32% 37% Debt + Preferred Equity (Preferred O.P. Units) $282,899 $270,722 Total Market Capitalization 862,069 708,679 ------------- --------------- 33% 38% Notes: (1) Quarterly results for 2005and 2004 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) 2005 activity includes the $479 reversal of a 2004 accrual for flood related damage at the Mark Plaza following settlement with the insurance carrier during the first quarter of 2005. Excluding the effects of this transacations, the impact on the year-to-date 2005 ratios would be as follows: EBIDTA FFO AFFO FAD As reported $40,557 $27,349 $26,238 $24,309 Adjustment (479) (479) (479) (479) ------------- --------------- ------------------------- Adjusted 40,078 26,870 25,759 23,830 ============= =============== ========================= Ratios 3.75x 62% 65% 70% ============= (Fixed-charge) (Payouts) (3) Represents preferred distributions on Preferred Operating partnership Units. (4) Includes the Company's pro-rata share of joint venture principal amortization. (5) Includes the Company's pro-rata share of joint venture debt.
Page 20 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Portfolio Debt - Consolidated Summary (amounts in thousands) % of Wholly-Owned % of and Wholly- Weighted Unconsolidated Owned % of Total Outstanding Avg. Notes Combined Basis(1) Only Portfolio Balance Int. Rate ---------------------------------------------------------------------- Consolidated Debt Fixed-Rate Debt (2) 81% 82% 61% $170,330 5.84% Variable-Rate Debt (2) 19% 18% 13% 36,468 5.37% --------------------------------------- ---------------------- Total Consolidated Debt 100% 100% 74% 206,798 5.75% ======================================= ====================== Unconsolidated Debt (Joint Ventures) Fixed-Rate Debt 1 21% 55,853 5.74% Variable-Rate Debt (1) 6% 15,364 4.84% ------------- ---------------------- Total Unconsolidated Debt 26% 71,217 5.55% ------------- ---------------------- Total Debt 100% $278,015 5.70% ============= ====================== Notes (1) The Company is not required to, nor does it consolidate its share of joint venture activity for the purposes of preparing its consolidated financial statements under GAAP. This presentation includes a theoretical pro-rata consolidation of the Company's joint venture debt. (2) Fixed-rate debt includes notional principal fixed through swap transactions. Conversely, variable-rate debt excludes this amount.
Page 21 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Debt Analysis - Consolidated Debt (amounts in thousands) Principal Variable Balance at Interest Rate as Maturity of Property Lender % of Notes September Rate September Date Porfolio 30, 2005 30, 2005 - --------------------------------------------------------------------------------------------------------- Fixed-Rate Debt - -------------------- Merrillville Plaza SunAmerica Life Insurance Co. $12,999 6.46% 7/1/2007 GHT Apartments Bank of America, N.A. 10,619 7.55% 1/1/2011 Colony Apartments Bank of America, N.A. 5,309 7.55% 1/1/2011 239 Greenwich AvenueRBS Greenwich Capital 15,949 5.19% 6/1/2013 New Loudon Center RBS Greenwich Capital 15,000 5.64% 9/6/2014 Crescent Plaza RBS Greenwich Capital 17,600 4.98% 9/6/2015 Interest rate swaps Bank of America, N.A. (1) 92,854 5.76% Various ---------- ----- Sub-Total Fixed-Rate Debt 82% 170,330 5.84% ---------- ----- Variable-Rate Debt Current LIBOR 3.97% - -------------------- Elmwood Park Washington Mutual Bank, F.A. L+ Shopping Center (2) 5,000 150 5.47%11/22/2007 Soundview Bank of America, N.A. L+ Marketplace (3) 8,380 140 5.37% 12/1/2008 Bloomfield Town Bank of America, N.A. L+ Square (4) 130 5.27% 6/1/2010 Walnut Hill Plaza Bank of America, N.A. (4) L+ 130 5.27% 6/1/2010 Hobson West Plaza Bank of America, N.A. (4) 32,000 L+ 130 5.27% 6/1/2010 Marketplace of Bank of America, N.A. L+ Absecon (4) 130 5.27% 6/1/2010 Village Apartments Bank of America, N.A. (4) L+ 130 5.27% 6/1/2010 Bradford Towne Washington Mutual Bank, F.A. L+ Center 5,498 150 5.47% 4/1/2011 Ledgewood Mall Washington Mutual Bank, F.A. 23,825 L+ 150 5.47% 4/1/2011 Abington Towne Bank of America, N.A. L+ Center 140 5.37% 6/29/2012 Branch Shopping Bank of America, N.A. L+ Center 140 5.37% 6/29/2012 Methuen Shopping Bank of America, N.A. L+ Center 44,485 140 5.37% 6/29/2012 Gateway Shopping Bank of America, N.A. L+ Center 140 5.37% 6/29/2012 Town Line Plaza Bank of America, N.A. L+ 140 5.37% 6/29/2012 Village Commons Bank of America, N.A. L+ Shopping Center (5) 10,134 140 5.37% 6/29/2012 Interest rate swaps Bank of America, N.A. (92,854) ---------- Sub-Total Variable-Rate Debt 18% 36,468 L+ 140 5.37% ---------- ---------- --------- Total Consolidated Debt 100% $206,798 5.75% ========== ========== ========= - --------------------------------------------------------------------------------------------------------- Notes: ====== (1) The Company has hedged it's variable-rate debt with variable to fixed-rate swap agreements as follows: Notional principal All-in Rate Spread Swap Forward Start Maturity Date rate Date - ---------------------------------------------------------------------------------------------- 37,111 5.75% 1.40% 4.35% n/a 1/1/2011 20,000 5.93% 1.40% 4.53% n/a 10/1/2006 15,211 5.72% 1.40% 4.32% n/a 1/1/2007 11,767 5.51% 1.40% 4.11% n/a 1/1/2007 8,765 5.87% 1.40% 4.47% n/a 6/1/2007 - ----------------------------------------------------------- $92,854 5.76% 1.40% 4.36% =========================================================== The Company has hedged future variable-rate debt with forward-starting variable to fixed-rate swap agreements as follows: $4,640 6.11% 1.40% 4.71%10/2/2006 1/1/2010 11,410 6.30% 1.40% 4.90%10/2/2006 10/1/2011 8,434 6.54% 1.40% 5.14% 6/1/2007 3/1/2012 - ----------------------------------------------------------- $24,484 6.34% 1.40% 4.94% ===========================================================
(2) This is a revolving facility for up to $20,000. (3) There is an additional $5,000 available under this facility. (4) This is a revolving facility for up to $65,000. (5) There is an additional $969 available under this facility. Page 22 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Debt Analysis - Unconsolidated Debt (Joint Ventures) Acadia Realty Principal Acadia's Variable Lender/ Trust Balance at Prorata Interest Rate as of Maturity Fixed-Rate Debt Joint Venture Partner Ownership September Share Rate September Date 30, 2005 30, 2005 - --------------------------------------------------------------------------------------- ---------------------------- 4650 Broadway Avenue Bank of China 19.5% $19,000 $3,699 5.26% 9/1/2007 Fund II Brandywine Town Center UBS Warburg Real Estate Investments, Inc./ 22.2% 30,000 6,667 4.69% 2/11/2008 Fund I Kroger Portfolio (1) Cortlandt Deposit Corporation/ 16.7% 9,900 1,650 6.62% 2/1/2009 Fund I Safeway Portfolio (1) Cortlandt Deposit Corporation/ 16.7% 9,785 1,631 6.51% 1/15/2009 Fund I Brandywine Town Center UBS Warburg Real Estate Investments, Inc./ 22.2% 21,079 4,684 7.01% 7/11/2012 Fund I Market Square Shopping Center UBS Warburg Real Estate Investments, Inc./ 22.2% 16,010 3,558 7.32% 6/11/2012 Fund I Crossroads Shopping Center JPMorgan Chase Bank 49.0% 64,000 31,360 5.37% 12/1/2014 Heyman-Greenburgh Associates LLC and RMC Development Company LLC Amherst Marketplace The Ohio National Life Insurance Company/ Fund I 22.2% 4,711 1,047 8.20% 6/1/2022 Sheffield Crossing Canada Life Insurance Company/Fund I 22.2% 7,007 1,557 8.00% 1/1/2023 ------------------- -------- Sub-Total Fixed-Rate Debt 181,492 55,853 5.74% ------------------- -------- Variable-Rate Debt - ------------------------------- 244-268 161st Street Bank of America, N.A. Fund II 19.5% 12,066 2,349 L+ 150 5.47%11/30/2005 Haygood Shopping Center (2) JP Morgan Chase Bank, N.A. Fund I 11.1% 8,040 893 L+ 150 5.47% 8/23/2010 Sterling Heights Shopping JP Morgan Chase Bank, N.A. Center (2) Fund I 11.1% 4,400 489 L+ 185 5.82% 8/23/2010 Granville Center Bank One, N.A./ Fund I 22.2% 5,615 1,248 L+ 200 5.97% 10/5/2007 400 East Fordham Road (3) Bank of China Fund II 19.5% 18,000 3,505 L + 175 3.97% 11/1/2007 Acadia Strategic Acqusition Bank of America, N.A. Fund II, LLC (4) Fund II 20.0% 34,400 6,880 L + 75 4.72% 3/1/2008 ------------------- Sub-Total Variable-Rate Debt 82,521 15,364 4.84% ------------------- -------- Total Unconsolidated Debt $264,013 $71,217 5.55% =================== =========
Notes: (1) AmCap, Fund I's joint venture partner on this investment, is allocated 25% of the debt and equity. As such Fund I's pro-rata share of the above debt is 75% x 22.22%, or 16.7%. (2) Fund I is a 50% joint venture partner on this investment. As such, Fund I's pro-rata share of the above debt is 50% x 22.22%, or 11%. (3) Fund II is a 97.35% joint venture partner on this investment. As such, Fund II's pro-rata share of the above debt is 97.35% x 20%, or 19.5%. (4) This is a revolving facility for up to $39,000. Page 23 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Future Debt Maturities ---------------------- (in thousands) Weighted Average Interest Rate of Maturing Debt ------------------------------------------------ Consolidated Debt Scheduled Year AmortizationMaturities Total Total Debt Fixed-Rate Variable-Rate Debt Debt - ------------------------------------------------------------------------------------------------------ 2005 $423 $- $423 n/a n/a n/a 2006 2,186 - 2,186 n/a n/a n/a 2007 3,865 17,519 21,384 6.11% 6.46% 5.25% 2008 4,458 7,976 12,434 5.09% n/a 5.09% 2009 5,156 - 5,156 n/a n/a n/a Thereafter 13,778 151,437 165,215 5.38% 5.81% 5.10% --------------------------------- $29,866 $176,932 $206,798 ================================= Unconsolidated Debt (Joint Ventures) (1) 2005 57 2,349 2,406 4.18% n/a 4.18% 2006 1,019 - 1,019 n/a n/a n/a 2007 1,031 8,391 9,422 5.40% 5.26% 5.52% 2008 1,425 13,547 14,972 4.71% 4.69% 4.72% 2009 1,478 - 1,478 n/a n/a n/a Thereafter 5,086 36,834 41,920 5.73% 5.74% 5.46% --------------------------------- $10,096 $61,121 $71,217 ================================= - ------------------------------------------------------------------------------------------------------ Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 2005 $96 2nd Quarter 2005 101 3rd Quarter 2005 29 4th Quarter 2005 - ------------ Year-to-Date $226 ============
(1) The above amounts represent the Company's pro-rata share of joint venture mortgage debt. Page 24 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Unencumbered Properties ----------------------- Center Location GLA - ------------------------------------------------------------- Blackman Plaza Wilkes-Barre, PA 121,341 Greenridge Shopping Center Scranton, PA 191,755 Luzerne Street Shopping Center Scranton, PA 58,089 Mad River Station Dayton, OH 155,739 Mark Plaza Edwardsville, PA 210,689 Pacesetter Park Shopping Center Ramapo, New York 96,698 Pittston Plaza Pittston, PA 79,494 Plaza 422 Lebanon, PA 155,026 Route 6 Plaza Honesdale, PA 175,507 ---------- Total GLA of Unencumbered Properties 1,244,338 ========== Total net operating income for the year ended December 31, 2004 associated with unencumbered properties $5,436 ==========
Page 25 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview - ------------------------------------------------------------ Item Notes Description - ----------------------------------------------------------------------- Date formed September 2001 Capital commitment $90 million Funding $86.6 millionfunded through September 30, 2005 Partnership structure Equity Contribution: 22.22% - Acadia 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
Page 26 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview - ---------------------------------------------------------------- Item Notes Description - -------------------------------------------------------------------- Date formed June 15, 2004 Capital commitment $300 million Funding $67.0 funded through September 30, 2005 million Partnership structure Equity Contribution: 20% - Acadia 80% - Six institutional investors (Three are current shareholders in Acadia as well) Cash flow distribution: 20% - Acadia 80% - Six institutional investors Promote: 20% to Acadia once all partners (including Acadia) have received 8% 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 (For the first 12 months, calculated on $200 million, therafter on $240 million which excludes Acadia's $60 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
Page 27 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Retailer Controlled Property ("RCP") Venture - Overview - ------------------------------------------------------- *** Note - The RCP Venture is not a separate AKR Fund, rather it is a venture in which AKR, Funds I and II are anticipated to invest a total of $60 million equity. *** Item Notes Description - -------------------------------------------------------------------------- Date formed January 2004 Targeted investments The Venture has been formed to invest in surplus or distressed properties owned or controlled by retailers Current Investements Mervyn's Department Stores Partnership structure Equity Contribution: Up to $300 million of total equity Up to 20% ($60 million) - AKR Fund I ($20 milion) and Fund II ($40 million) 80% - Klaff Realty LP and Lubert-Adler Cash flow distribution: 20% - AKR Funds 80% - Four institutional investors Promote: 20% to Klaff once all partners (including Klaff) have received 10% preferred return and return of equity (50% of first $40 million of AKR Fund equity is not subject to this promote) Remaining 80% is distributed to all the partners (including Klaff). Fees to Acadia Property management fees Market rate leasing fees and construction/project management Disposition fees
Page 28 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
AKR Fund I Properties - Detail ------------------------------ ------------------------------------------------------------------------------------------------------------------ Fund I's Annualized Base Rent Ownership 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 100% 76,737 3,200 79,937 100.00%100.00%100.00% $795,711 $34,404 $830,115 $10.37 $10.75 $10.38 Granville Centre 100% 90,047 41,496 131,543 38.81% 58.80% 45.12% 402,085 268,599 670,684 11.51 11.01 11.30 Sheffield Crossing 100% 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,278 357,363 1,118,641 10.93 9.79 10.54 --------------------------------------------------------------------------------------------------------- Total - Midwest Region 236,443 87,571 324,014 76.70% 73.22% 75.76% 1,959,074 660,366 2,619,440 10.80 10.30 10.67 --------------------------------------------------------------------------------------------------------- Mid-Atlantic ------------ Delaware - -------- Brandywine Town Center (1) 100% 770,432 - 770,432 100.00% - 100.00% 11,683,810 - 11,683,810 15.17 - 15.17 Market Square Shopping Center 100% 39,050 63,712 102,762 100.00%100.00%100.00% 515,375 1,578,202 2,093,577 13.20 24.77 20.37 --------------------------------------------------------------------------------------------------------- Total - Mid- Atlantic 809,482 63,712 873,194 100.00%100.00%100.00% 12,199,185 1,578,202 13,777,387 15.07 24.77 15.78 --------------------------------------------------------------------------------------------------------- Various ------- Kroger/Safeway Portfolio (25 Properties) 75%1,018,100 - 1,018,100 100.00% - 100.00% 8,664,352 - 8,664,352 8.51 - 8.51 --------------------------------------------------------------------------------------------------------- Subtotal - Fund I Operating Properties 2,064,025 151,283 2,215,308 97.33% 84.50% 96.45% 22,822,611 2,238,568 25,061,179 11.36 17.51 11.73 --------------------------------------------------------------------------------------------------------- Fund I Redevelopment Properties -------------------- Sterling Heights Shopping Center (Michigan) 50% 97,700 56,082 153,782 72.06% 26.09% 55.30% 281,600 140,554 422,154 4.00 9.61 4.96 Tarrytown Shopping Center (New York) 50% 15,462 23,433 38,895 100.00% 39.18% 63.36% 475,000 275,716 750,716 30.72 30.03 30.46 Hitchcock Plaza (South Carolina) 90% 135,775 98,563 234,338 0.00% 68.27% 28.71% - 472,986 472,986 - 7.03 7.03 Pine Log Plaza (South Carolina) 90% 23,184 11,880 35,064 100.00% 73.23% 90.93% 69,552 64,850 134,402 3.00 7.45 4.22 Haygood Shopping Center (Virginia) 50% 78,880 79,349 158,229 65.64% 80.18% 72.93% 85,200 812,175 897,375 1.65 12.77 7.78 --------------------------------------------------------------------------------------------------------- Subtotal - Fund I Redevelopment Properties 351,001 269,307 620,308 45.82% 60.68% 52.27% 911,352 1,766,281 2,677,633 5.67 10.81 8.26 - --------------------------------------------------------------------------------------------------------------------------------- Fund I Grand Total 2,415,026 420,590 2,835,616 89.84% 69.25% 86.79%$23,733,963 $4,004,849 $27,738,812 $10.94 $13.75 $11.27 ---------------------------------------------------------------------------------------------------------
Page 29 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
FUND I 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 Portfolio GLA Rent (1) Portfolio Rent (2) GLA( 2) - ----------------------------------------------------------------------------------- 1 Safeway (3) 13 467,300 $3,248,239 19.6% 13.3% 2 Kroger (4) 13 595,166 3,250,025 25.0% 13.3% 3 Lowe's 1 140,000 1,925,000 5.9% 7.9% 4 Access Group 1 75,841 1,517,691 3.2% 6.2% 5 Giant Eagle 3 135,896 1,416,289 5.7% 5.8% Transunion Settlement 6 (5) 1 39,714 911,376 1.7% 3.7% 7 Bed, Bath & Beyond 1 50,977 868,426 2.1% 3.5% 8 Regal Cinema 1 65,641 861,210 2.8% 3.5% 9 Target 1 138,000 800,000 5.8% 3.3% 10 Dick's Sporting Goods 1 50,000 700,000 2.1% 2.9% ----------------------------------------------------- Total 36 1,758,535 $15,498,256 73.9% 63.3% =====================================================
(1) Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after the date of this report. (2) GLA does not include approximately 150,000 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. Square footage and base rents for the Kroger/Safeway portfolio and other properties for which Fund I owns less than 100% are pro-rated to reflect the Funds partial ownership. (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 Page 30 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Fund I - Current Valuation -------------------------- Stabilized Properties Brandywine and Ohio Portfolios ------------------------------ Notes -------- NOI for stabilized assets for the quarter ended September 30, 2005 $4,141 Adjustment for seasonality (500) ----------- Adjusted quarterly NOI 3,641 Annualized NOI 14,564 Current terminal value cap rate range 6.00% 6.50% 7.00% 7.50% 8.00% --------------------------------------------------- Gross asset value $242,733 $224,062 $208,057 $194,187 $182,050 Debt (1) (84,422) (84,422) (84,422) (84,422) (84,422) Equity in Stabilized Portfolios (50,549) (50,549) (50,549) (50,549) (50,549) --------------------------------------------------- Profit (GAV - Total Asset Cost) 107,762 89,091 73,086 59,216 47,079 Acadia Promote on Stabilized Properties - -------------------------------------------------------------------------------------------------------------- General Partner (Acadia) 20% Promote $21,552 $17,818 $14,617 $11,843 $9,416 Per share $0.65 $0.53 $0.44 $0.35 $0.28 - -------------------------------------------------------------------------------------------------------------- Return of Fund I Equity from Stabilized Properties - -------------------------------------------------------------------------------------------------------------- Total Return from Stabilized Portfolios (GAV - Debt) $158,311 $139,640 $123,635 $109,765 $97,628 Total outstanding Fund I equity, including unpaid preferred return $91,983 $91,983 $91,983 $91,983 $91,983 --------------------------------------------------- Percentage of total Fund I Equity returned 172% 152% 134% 119% 106% - --------------------------------------------------------------------------------------------------------------
Page 31 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Fund I - Current Valuation -------------------------- Non-Stabilized Properties Remaining Fund I Investments ---------------------------- Projected annual 2006 NOI for remaining Fund I assets $3,200 Current terminal value cap rate range 6.00% 6.50% 7.00% 7.50% 8.00% --------------------------------------------------- Gross asset value $53,333 $49,231 $45,714 $42,667 $40,000 Mervyn's (Assuming 2x return) 25,000 25,000 25,000 25,000 25,000 Debt (2) (20,984) (20,984) (20,984) (20,984) (20,984) Equity in non-stabilized properties (36,045) (36,045) (36,045) (36,045) (36,045) --------------------------------------------------- Profit (GAV - Total Asset Cost) 21,304 17,202 13,685 10,638 7,971 Acadia Promote - -------------------------------------------------------------------------------------------------------------- General Partner (Acadia) 20% Promote $4,261 $3,440 $2,737 $2,128 $1,594 Per share $0.13 $0.10 $0.08 $0.06 $0.05 - -------------------------------------------------------------------------------------------------------------- Notes: - -------------------------------------------------------------------------------------------------------------- See "Debt Analysis - Detail" Per "Debt Pro-rated debt based on Fund I's JV interest Analysis - Detail" % $ ------------------------------- Kroger/Safeway Portfolio $19,685 75% $14,764 Haygood Shopping Center 8,040 50% 4,020 Sterling Heights Shopping Center 4,400 50% 2,200 ----------- ---------- $32,125 $20,984 =========== ==========
Page 32 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Kroger/Safeway Portfolio US MAP OMITTED 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 Springerville, AZ stores) Tucson, AZ Tulsa, OK
General note: As all of these leases are triple-net, Acadia has no property management responsibilities for these locations. Page 33 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
AKR Fund II Properties - Detail ------------------- -------------------------------------------------------------------------------------------------------- Annualized Base Fund I's Rent per Occupied Ownership Gross Leasable Area Occupancy Annualized Base Rent Square Foot ----------------------------------------------------------------------------------------------- %Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total -------------------------------------------------------------------------------------------------------- Fund II Redevelopment Properties - -------------------------------- 400 East Fordham Road 97%100,703 16,652 117,355 100.00%100.00%100.00% 275,000 369,128 644,128 2.73 22.17 5.49 Pelham Manor Shopping Center (1) 97% - 398,775 398,775 - 87.21% 87.21% - 2,147,201 2,147,201 - 6.17 6.17 Sherman Avenue 97%134,773 - 134,773 100.00% - 100.00%1,337,368 - 1,337,368 9.92 - 9.92 161st Street 97%137,334 86,277 223,611 100.00%100.00%100.00%2,334,682 1,535,671 3,870,353 17.00 17.80 17.31 -------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- Fund II Redevelopment Properties 372,810 501,704 874,514 100.00% 89.83% 94.17%3,947,050 4,052,000 7,999,050 10.59 8.99 9.71 -----------------------------------------------------------------------------------------------
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. (1) The redevelopment plan contemplates the demolition of the current industrial/warehouse buildings and the construction of a retail center. Page 34 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Retail Properties - Summary Listing ----------------------------------- Property Totals ---------------------- Year Grocery Anchor Other Anchor Annualized Annualized Constructed(C) Occupancy Current Lease and Current Lease and Base Base Shopping Center Location Acquired(A) GLA % Option Expiraton Option Expiraton Rent Rent psf - ----------------------------------------------------------------------------------------------------------------------- NEW YORK REGION - --------------- New York Soundview Port King Kullen Clearview Cinema Marketplace Washington 1998 (A)183,630 94% 2007/2022 2010/2030 $2,861,455 $16.50 Village Commons Smithtown Daffy's 2008/2028 Shopping Center 1998 (A) 87,306 100% 2,135,008 24.45 Walgreens 2021/-- Branch Shopping Smithtown Waldbaum's (A&P) 2013/2028 Plaza 1998 (A)125,724 99% 2,353,090 18.87 Amboy Shopping Staten Waldbaum's 2014/2028 Center Island 2005 (A) 59,979 100.00% 1,456,908 24.29 Duane Reed 2008/2018 Pacesetter Park Pomona Stop & Shop (Ahold) 2020/2040 Shopping Center 1999 (A) 96,698 95% 1,106,992 12.03 New Jersey Elmwood Park Elmwood Park Pathmark 2017/2052Walgreen's 2022/2062 Shopping Center 1998 (A)149,085 98% 3,276,322 22.45 Connecticut 239 Greenwich Greenwich Restoration Hardware Avenue 1998 (A) 16,834 100% 2015/2025 1,286,069 76.40 NEW ENGLAND REGION - ------------------ Connecticut Town Line Plaza Rocky Hill Stop & Shop Wal-mart (not owned) 1998 (A)206,178 96% 2023/2063 1,475,144 14.64 Massachusetts Methuen Methuen DeMoulas Market Wal-mart 2011/2051 Shopping 2005/2015 Center 1998 (A)130,238 100% 828,772 6.36 Crescent Plaza Brockton 1984 (A)218,104 99% Shaw's 2012/2042 Home Depot 2021/2056 1,665,798 7.73 New York New Loudon Latham Price Chopper Marshalls 2014/2009 Center 1982 (A)255,826 100% 2015/2035 1,710,117 6.68 Bon Ton Department Store 2014/2034 Raymor & Flanigan Furniture 2019/2034 Rhode Island Walnut Hill Woonsocket Shaw's 2013/2043 Sears 2008/2033 Plaza 1998 (A)283,235 99% 2,379,849 8.49 Vermont The Gateway Burlington Shaw's 2024/2054 Shopping Center 1999 (A)101,792 97% 1,777,446 18.08 MIDWEST REGION - -------------- Illinois Hobson West Naperville Bobak's Market and Restaurant 2007/2032 Plaza 1998 (A) 99,044 100% 1,217,633 12.31 (specialty grocery) Indiana Merrillville Merrillville TJ Maxx 2009/2014 Plaza 1998 (A)235,605 91% 2,467,475 11.46 JC Penney 2008/2018 OfficeMax 2008/2028 Michigan Bloomfield Town Bloomfield Costco (not owned)TJ Maxx2009/2014 Square Hills 1998 (A)217,266 96% 2,279,964 10.89 Marshall's 2011/2026 Home Goods 2010/2025 Ohio Mad River Dayton Babies "R" Us Station 1999 (A)155,739 82% 2010/2020 1,520,371 11.97 Office Depot 2005/2010
Page 35 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Retail Properties - Summary Listing ----------------------------------- MID-ATLANTIC REGION - ------------------- New Jersey Marketplace of Absecon Acme Eckerd Drug Absecon 1998 (A) 105,093 97% 2015/2055 2020/2040 1,648,263 16.25 Ledgewood Mall Ledgewood 1983 (A) 517,012 93% Wal-mart 2019/2049 4,387,287 9.08 Macy's 2010/2025 The Sports' Authority 2007/2037 Circuit City 2020/2040 Marshalls 2007/2027 Pennsylvania Abington Towne CenterAbington 1998 (A) 216,355 99% TJ Maxx 2010/2020 924,459 16.20 Target (not owned) NORTHEASTERN PENNSYLVANIA REGION - -------------------------------- Pennsylvania Blackman Plaza Wilkes-Barre 1968 (C) 121,341 92% Kmart 2009/2049 282,374 2.52 Bradford Towne CentreTowanda P&C Foods Kmart 2019/2069 (Penn Traffic) 1993 (C) 256,939 89% 2014/2024 1,580,960 6.90 Greenridge Plaza Scranton 1986 (C) 191,755 78% Giant Food (Ahold) 2021/2051 955,473 6.38 Luzerne Street Scranton Eckerd Drug Shopping Center 1983 (A) 58,089 78% 2009/2019 242,748 5.35 Mark Plaza Edwardsville Redner's Kmart 2009/2054 Markets 1968 (C) 210,689 95% 2018/2028 1,051,524 5.26 Pittston Plaza Pittston Redner's Eckerd Drugs Market 2006/2016 1994 (C) 79,494 96% 2018/2028 590,735 7.71 Plaza 422 Lebanon 1972 (C) 155,026 69% Home Depot 2021/2056 444,020 4.14 Route 6 Mall Honesdale Weis Kmart 2020/2070 Markets (not 1994 (C) 175,507 99% owned) 1,078,027 6.20 ---------- ----------------------- 4,709,583 $44,984,283 $10.79 ========== =======================
Page 36 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Retail Properties - Summary Listing ----------------------------------- JOINT VENTURE PROPERTIES - ------------------------ NEW YORK REGION - --------------- New York Crossroads Shopping Center White Plains Waldbaum's Kmart (A&P) 2012/2037 1998 310,644 100% 2007/2032 $6,036,468 $19.43 (49% JV interest) B. Dalton 2012/2022 Modell's 2009/2019 MID-ATLANTIC REGION - ------------------- Delaware Brandywine Town Center (1) Wilmington 2003 (A) 770,432 100% 11,683,810 15.17 (Fund I) Market Square Shopping Center Wilmington Trader TJ Maxx Joe's 2006/2016 (specialty 2003 (A) 102,762 100% grocery) 2,093,577 20.37 (Fund I) 2013/2028 MIDWEST REGION - -------------- Ohio Amherst Marketplace Cleveland 2002 (A) 79,937 100% Giant Eagle 2021/2041 830,115 10.38 (Fund I) Granville Centre Columbus California Fitness 2002 (A) 131,543 45% 2017/2027 670,684 11.30 (Fund I) Sheffield Crossing Cleveland 2002 (A) 112,534 94% Giant Eagle 2022/2042 1,118,641 10.54 (Fund I) VARIOUS REGIONS - --------------- Kroger/Safeway Portfolio various 25 Kroger and Safeway 2003 (A)1,018,100 100% supermarkets 8,664,352 8.51 (Fund I) 2009/2049 JV REDEVELOPMENTS - ----------------- Michigan Sterling Heights Shopping Center Detroit Burlington Coat Factory 2004 (A) 153,782 55% 2024/-- 422,154 4.96 (Fund I) New York Tarrytown Shopping Center Westchester Walgreen's Drug (Under 2004 (A) 38,895 63% construction) 750,716 30.46 (Fund I) 400 East Fordham Road Bronx 2004 (A) 117,355 100% Sears 2007/-- 644,128 5.49 (Fund II) 161st Street Bronx 2005 (A) 223,611 100% 3,870,353 17.31 (Fund II) Sherman Avenue Manhattan 2005 (A) 134,773 100% 1,337,368 9.92 (Fund II) Pelham Manor Shopping Plaza Westchester/Bronx2004 (A) 398,775 87% 2,147,201 6.17 (Fund II) South Carolina Hitchcock Plaza Aiken Kroger Supermarket 2004 (A) 234,338 29% 2007/2032 472,986 7.03 (Fund I) Pine Log Plaza Aiken 2004 (A) 35,064 91% 134,402 4.22 (Fund I) Virginia Haygood Shopping Center Virginia Beach 2004 (A) 158,229 73% 897,375 7.78 ---------- ------------------- (Fund I) 4,020,774 $41,774,330 $11.62 ========== ===================
(1) Does not include 150,000 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. Page 37 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Retail Properties by Region - --------------------------- ------------------------------------------------------------------------------------------------------------ Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------------------------------------------------ Wholly-Owned Properties ------------ Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals (1) ------------------------------------------------------------------------------------------------------------ New York Region 351,202 368,054 719,256 100.00% 94.84% 97.36% $6,811,240 $7,664,604 $14,475,844 $19.39 $21.96 $20.67 New England 895,475 299,898 1,195,373 100.00% 94.31% 98.57% 6,738,576 3,098,550 9,837,126 8.44 10.96 9.10 Midwest 392,214 315,440 707,654 99.62% 82.38% 91.94% 3,310,466 4,174,977 7,485,443 8.47 16.07 11.51 Mid-Atlantic 613,616 224,844 838,460 100.00% 82.67% 95.35% 4,238,372 2,721,637 6,960,009 9.29 14.64 10.84 Northeastern Pennsylvania 954,285 294,555 1,248,840 91.64% 74.52% 87.61% 4,226,539 1,999,322 6,225,861 4.83 9.11 5.69 ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ Total Wholly- Owned Properties 3,206,792 1,502,791 4,709,583 97.47% 86.32% 93.91%$25,325,193 $19,659,090 $44,984,283 $8.82 $15.16 $10.79 ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ Joint Venture Properties - ---------------- Operating Midwest (2) 236,443 87,571 324,014 76.70% 73.22% 75.76% $1,959,074 $660,366 $2,619,440 $10.80 $10.30 $10.67 Mid-Atlantic( 2,3) 809,482 63,712 873,194 100.00%100.00%100.00% 12,199,185 1,578,202 13,777,387 15.07 24.77 15.78 New York Region (4) 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,817,716 6,036,468 11.08 34.56 19.43 Various (Kroger/Safeway Portfolio) (5) 1,018,100 - 1,018,100 100.00% 0.00%100.00% 8,664,352 - 8,664,352 8.51 - 8.51 ------------------------------------------------------------------------------------------------------------ Total - Operating Properties 2,264,206 261,746 2,525,952 97.57% 91.04% 96.89% 25,041,363 6,056,284 31,097,647 11.34 25.42 12.71 ------------------------------------------------------------------------------------------------------------ JV Redevelopment Properties Mid West (6) 97,700 56,082 153,782 72.06% 26.09% 55.30% 281,600 140,554 422,154 4.00 9.61 4.96 Mid-Atlantic (6) 237,839 189,792 427,631 31.52% 73.56% 50.18% 154,752 1,350,011 1,504,763 2.06 9.67 7.01 New York Region (7) 388,272 525,137 913,409 100.00% 87.57% 92.86% 4,422,050 4,327,716 8,749,766 11.39 9.41 10.32 ------------------------------------------------------------------------------------------------------------ Total - Redevelopment Properties 723,811 771,011 1,494,822 73.73% 79.65% 76.78% 4,858,402 5,818,281 10,676,683 9.10 9.47 9.30 ------------------------------------------------------------------------------------------------------------ Total Joint Venture Properties 2,988,017 1,032,757 4,020,774 91.79% 82.54% 89.41%$29,899,765 $11,874,565 $41,774,330 $10.90 $13.93 $11.62 ============================================================================================================
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 Fund I which owns these properties. (3) Does not include 230,000 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. (5) The Company has a 22% interest in Fund I which has a 75% interest in this portfolio. (6) The Company has a 22% interest in Fund I which owns 50% of these properties. (7) The Company has a 22% interest in Fund I which owns 50% of the Tarrytown Shopping Center and a 20% interest in Fund II which owns 97% of 400 East Fordham Road, Pelham Manor Shopping Plaza, Sherman Ave and 161st St. Page 38 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Retail Properties by State - Summary ------------------------------------ Gross Leasable Area Occupancy --------------------------------------------------- Wholly-Owned Properties OwnershipPercent Number of ----------------------- of base properties Anchors Shops Total Anchors Shops Total rent (2) % (1) ----------------------------------------------------------------------------- Connecticut 100.0% 5.0% 2 178,799 44,213 223,012 100.00% 81.67% 96.37% Illinois 100.0% 2.2% 1 51,692 47,352 99,044 100.00% 99.67% 99.84% Indiana 100.0% 4.5% 1 145,266 90,339 235,605 100.00% 77.54% 91.39% Massachusetts 100.0% 4.5% 2 287,223 61,119 348,342 100.00% 95.71% 99.25% Michigan 100.0% 4.2% 1 126,960 90,306 217,266 98.83% 92.91% 96.37% New Jersey 100.0% 16.9% 3 491,610 279,580 771,190 100.00% 85.53% 94.75% New York 100.0% 21.2% 6 522,969 286,194 809,163 100.00% 94.47% 98.04% Ohio 100.0% 2.8% 1 68,296 87,443 155,739 100.00% 67.15% 81.56% Pennsylvania 100.0% 13.0% 9 1,138,901 326,294 1,465,195 93.00% 76.49% 89.32% Rhode Island 100.0% 4.3% 1 121,892 161,343 283,235 100.00% 98.23% 98.99% Vermont 100.0% 3.2% 1 73,184 28,608 101,792 100.00% 87.81% 96.57% --------------------------------------------------- --------------------------------------------------- Total - Wholly-Owned Properties 81.9% 28 3,206,792 1,502,791 4,709,583 97.47% 86.32% 93.91% -------------------------------------------------------------------- Joint Venture Properties ------------------------ Operating Properties Ohio (4) 22.2% 1.1% 3 236,443 87,571 324,014 76.70% 73.22% 75.76% Delaware (4,5) 22.2% 5.6% 2 809,482 63,712 873,194 100.00%100.00%100.00% New York (6) 49.0% 5.4% 1 200,181 110,463 310,644 100.00%100.00%100.00% Various (Kroger/Safeway Portfolio) (3) 16.5% 2.6% 25 1,018,100 - 1,018,100 100.00% 0.00%100.00% ------- --------------------------------------------------- Total - Operating Properties 14.6% 2,264,206 261,746 2,525,952 97.57% 91.04% 96.89% ------- --------------------------------------------------- JV Redevelopment Properties Michigan (7) 11.1% 0.1% 1 97,700 56,082 153,782 72.06% 26.09% 55.30% New York( 7) Various 1.6% 5 388,272 525,137 913,409 100.00% 87.57% 92.86% South Carolina (7) 11.1% 0.2% 2 158,959 110,443 269,402 14.58% 68.80% 36.81% Virginia (7) 11.1% 0.2% 1 78,880 79,349 158,229 65.64% 80.18% 72.93% -------------------------------------------------------------------- Total-Redevelopment Properties 2.1% 723,811 771,011 1,494,822 73.73% 79.65% 76.78% ------- --------------------------------------------------- --------------------------------------------------- Total Joint Venture Properties 16.7% 40 2,988,017 1,032,757 4,020,774 91.79% 82.54% 89.41% -----------------=================================================== 98.6% 68 ================= ------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------------- Wholly-Owned Properties - ---------------- Anchors Shops Total Anchors Shops Totals ------------------------------------------------------------------------- Connecticut $2,223,069 $538,144 $2,761,213 $27.28 $14.90 $23.48 Illinois 225,436 992,197 1,217,633 4.36 21.02 12.31 Indiana 1,293,962 1,173,513 2,467,475 8.91 16.75 11.46 Massachusetts 1,947,858 546,712 2,494,570 6.78 9.35 7.22 Michigan 988,349 1,291,615 2,279,964 7.88 15.39 10.89 New Jersey 5,372,332 3,939,540 9,311,872 10.93 16.48 12.74 New York 5,735,197 5,888,373 11,623,570 10.97 21.78 14.65 Ohio 802,719 717,652 1,520,371 11.75 12.22 11.97 Pennsylvania 4,483,039 2,667,281 7,150,320 4.97 10.69 6.21 Rhode Island 935,920 1,443,929 2,379,849 7.68 9.11 8.49 Vermont 1,317,312 460,134 1,777,446 18.00 18.32 18.08 ------------------------------------------------------------------------- Total - Wholly- Owned Properties $25,325,193 $19,659,090 $44,984,283 $8.82 $15.16 $10.79 ------------------------------------------------------------------------- Joint Venture Properties - ------------------------- Operating Properties Ohio (4) $1,959,074 $660,366 $2,619,440 $10.80 $10.30 $10.67 Delaware (4,5) 12,199,185 1,578,202 13,777,387 15.07 24.77 15.78 New York (6) 2,218,752 3,817,716 6,036,468 11.08 34.56 19.43 Various (Kroger/Safeway Portfolio) (3) 8,664,352 - 8,664,352 8.51 - 8.51 ------------------------------------------------------------------------- Total - Operating Properties 25,041,363 6,056,284 31,097,647 11.34 25.42 12.71 ------------------------------------------------------------------------- JV Redevelopment Properties Michigan (7) 281,600 140,554 422,154 4.00 9.61 4.96 New York( 7) 4,422,050 4,327,716 8,749,766 11.39 9.41 10.32 South Carolina (7) 69,552 537,836 607,388 3.00 7.08 6.12 Virginia (7) 85,200 812,175 897,375 1.65 12.77 7.78 ------------------------------------------------------------------------- Total- Redevelopment Properties 4,858,402 5,818,281 10,676,683 9.10 9.47 9.30 ------------------------------------------------------------------------- Total Joint Venture Properties $29,899,765 $11,874,565 $41,774,330 $10.90 $13.93 $11.62 =========================================================================
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) The Company has a 22% interest in Fund I which has a 75% interest in this portfolio. (4) The Company has a 22% interest in Fund I which owns these properties. (5) Does not include 150,000 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. (7) The Company has a 22% interest in Fund I which owns 50% of the Tarrytown Shopping Center and a 20% interest in Fund II which owns 97% of 400 East Fordham Road, Sherman Ave., 161st St. and Pelham Manor Shopping Plaza. Page 39 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
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 AnchorsShops Total --------------------------------------------------------------------------------------------------- WHOLLY-OWNED PROPERTIES: New York Region --------------- Connecticut - ----------- 239 Greenwich Avenue(1) 16,834 - 16,834 100.00% - 100.00%$1,286,069 $- $1,286,069 $76.40 $- $76.40 --------------------------------------------------------------------------------------------------- New Jersey - ---------- Elmwood Park Shopping Center 62,610 86,475 149,085 100.00% 96.34% 97.88% 1,390,460 1,885,862 3,276,322 22.21 22.64 22.45 --------------------------------------------------------------------------------------------------- New York (2) - ------------ Soundview Marketplace 73,500 110,130 183,630 100.00% 90.77% 94.46% 1,248,850 1,612,605 2,861,455 16.99 16.13 16.50 Village Commons Shopping Center 25,192 62,114 87,306 100.00%100.00%100.00% 428,213 1,706,795 2,135,008 17.00 27.48 24.45 Branch Plaza 74,050 51,674 125,724 100.00% 98.05% 99.20% 1,093,368 1,259,722 2,353,090 14.77 24.86 18.87 Amboy Road 46,964 13,015 59,979 100.00%100.00%100.00% 1,012,015 444,893 1,456,908 21.55 34.18 24.29 Pacesetter Park Shopping Center 52,052 44,646 96,698 100.00% 89.58% 95.19% 352,265 754,727 1,106,992 6.77 18.87 12.03 --------------------------------------------------------------------------------------------------- Total - New York 271,758 281,579 553,337 100.00% 94.38% 97.14% 4,134,711 5,778,742 9,913,453 15.21 21.74 18.44 --------------------------------------------------------------------------------------------------- Total - New York Region 351,202 368,054 719,256 100.00% 94.84% 97.36% 6,811,240 7,664,604 14,475,844 19.39 21.96 20.67 --------------------------------------------------------------------------------------------------- New England ----------- Connecticut - ----------- Town Line Plaza( 3) 161,965 44,213 206,178 100.00% 81.67% 96.07% 937,000 538,144 1,475,144 14.49 14.90 14.64 --------------------------------------------------------------------------------------------------- Massachusetts - ------------- Methuen Shopping Center 130,238 - 130,238 100.00% - 100.00% 828,772 - 828,772 6.36 - 6.36 Crescent Plaza 156,985 61,119 218,104 100.00% 95.71% 98.80% 1,119,086 546,712 1,665,798 7.13 9.35 7.73 --------------------------------------------------------------------------------------------------- Total - Massachusetts287,223 61,119 348,342 100.00% 95.71% 99.25% 1,947,858 546,712 2,494,570 6.78 9.35 7.22 --------------------------------------------------------------------------------------------------- New York - -------- New Loudon Center 251,211 4,615 255,826 100.00%100.00%100.00% 1,600,486 109,631 1,710,117 6.37 23.76 6.68 --------------------------------------------------------------------------------------------------- Rhode Island - ------------ Walnut Hill Plaza 121,892 161,343 283,235 100.00% 98.23% 98.99% 935,920 1,443,929 2,379,849 7.68 9.11 8.49 --------------------------------------------------------------------------------------------------- Vermont - ------- The Gateway Shopping Center 73,184 28,608 101,792 100.00% 87.81% 96.57% 1,317,312 460,134 1,777,446 18.00 18.32 18.08 --------------------------------------------------------------------------------------------------- Total - New England Region 895,475 299,898 1,195,373 100.00% 94.31% 98.57% 6,738,576 3,098,550 9,837,126 8.44 10.96 9.10 ---------------------------------------------------------------------------------------------------
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. (1) 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. (2) The Company has a property located in the Bronx, NY which is currently under construction which is not included in the above listing. (3) 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. Page 40 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Retail Properties - Detail - -------------------------- WHOLLY-OWNED PROPERTIES (continued): Midwest ------- Illinois - -------- Hobson West Plaza 51,692 47,352 99,044 100.00%99.67%99.84% $225,436 $992,197 $1,217,633 $4.36 $21.02 $12.31 Indiana - ------- Merrillville Plaza 145,266 90,339 235,605 100.00%77.54%91.39% 1,293,962 1,173,513 2,467,475 8.91 16.75 11.46 Michigan - -------- Bloomfield Towne Square 126,960 90,306 217,266 98.83%92.91%96.37% 988,349 1,291,615 2,279,964 7.88 15.39 10.89 Ohio - ---- Mad River Station (1) 68,296 87,443 155,739 100.00%67.15%81.56% 802,719 717,652 1,520,371 11.75 12.22 11.97 --------------------------------------------------------------------------------------------------------- Total - Midwest Region 392,214 315,440 707,654 99.62%82.38%91.94% 3,310,466 4,174,977 7,485,443 8.47 16.07 11.51 --------------------------------------------------------------------------------------------------------- Mid-Atlantic - ------------- New Jersey - ---------- Marketplace of Absecon 58,031 47,062 105,093 100.00%92.28%96.54% 984,014 664,249 1,648,263 16.96 15.30 16.25 Ledgewood Mall 370,969 146,043 517,012 100.00%76.95%93.49% 2,997,858 1,389,429 4,387,287 8.08 12.36 9.08 --------------------------------------------------------------------------------------------------------- Total New Jersey 429,000 193,105 622,105 100.00%80.69%94.00% 3,981,872 2,053,678 6,035,550 9.28 13.18 10.32 --------------------------------------------------------------------------------------------------------- Pennsylvania - ------------ Abington Towne Center (2) 184,616 31,739 216,355 100.00%94.75%99.23% 256,500 667,959 924,459 9.50 22.21 16.20 --------------------------------------------------------------------------------------------------------- Total Mid-Atlantic Region 613,616 224,844 838,460 100.00%82.67%95.35% 4,238,372 2,721,637 6,960,009 9.29 14.64 10.84 --------------------------------------------------------------------------------------------------------- Northeastern Pennsylvania ------------- Pennsylvania - ------------ Blackman Plaza 111,956 9,385 121,341 100.00% - 92.27% 264,374 18,000 282,374 2.36 - 2.52 Bradford Towne Centre 180,919 76,020 256,939 100.00%63.54%89.21% 1,102,616 478,344 1,580,960 6.09 9.90 6.90 Greenridge Plaza 101,060 90,695 191,755 61.44%96.63%78.08% 279,405 676,068 955,473 4.50 7.71 6.38 Luzerne Street Shopping Center 43,663 14,426 58,089 100.00%12.03%78.15% 223,652 19,096 242,748 5.12 11.00 5.35 Mark Plaza 157,595 53,094 210,689 100.00%79.75%94.90% 652,095 399,429 1,051,524 4.14 9.43 5.26 Pittston Plaza 67,568 11,926 79,494 100.00%75.55%96.33% 496,446 94,289 590,735 7.35 10.46 7.71 Plaza 422 145,026 10,000 155,026 71.88%30.00%69.18% 407,520 36,500 444,020 3.91 12.17 4.14 Route 6 Plaza 146,498 29,009 175,507 100.00%94.74%99.13% 800,431 277,596 1,078,027 5.46 10.10 6.20 --------------------------------------------------------------------------------------------------------- Total - Pennsylvania 954,285 294,555 1,248,840 91.64%74.52%87.61% 4,226,539 1,999,322 6,225,861 4.83 9.11 5.69 --------------------------------------------------------------------------------------------------------- Total - Northeastern Pennsylvania Region 954,285 294,555 1,248,840 91.64%74.52%87.61% 4,226,539 1,999,322 6,225,861 4.83 9.11 5.69 --------------------------------------------------------------------------------------------------------- TOTAL WHOLLY- OWNED PROPERTIES 3,206,792 1,502,791 4,709,583 97.47%86.32%93.91%$25,325,193 $19,659,090 $44,984,283 $8.82 $15.16 $10.79
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. (1) The GLA for this property includes 28,205 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. Page 41 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Retail Properties - Detail - -------------------------- JOINT VENTURE PROPERTIES: Midwest ------- Ohio - ---- Amherst Marketplace (1) 76,737 3,200 79,937 100.00%100.00%100.00% $795,711 $34,404 $830,115 $10.37 $10.75 $10.38 Granville Centre (1) 90,047 41,496 131,543 38.81% 58.80% 45.12% 402,085 268,599 670,684 11.51 11.01 11.30 Sheffield Crossing (1) 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,278 357,363 1,118,641 10.93 9.79 10.54 ------------------------------------------------------------------------------------------------------------ Total - Ohio 236,443 87,571 324,014 76.70% 73.22% 75.76% 1,959,074 660,366 2,619,440 10.80 10.30 10.67 ------------------------------------------------------------------------------------------------------------ Mid-Atlantic ------------ Delaware - -------- Brandywine Town Center (1, 2) 770,432 - 770,432 100.00% - 100.00% 11,683,810 - 11,683,810 15.17 - 15.17 Market Square Shopping Center (1) 39,050 63,712 102,762 100.00%100.00%100.00% 515,375 1,578,202 2,093,577 13.20 24.77 20.37 ------------------------------------------------------------------------------------------------------------ Total - Delaware 809,482 63,712 873,194 100.00%100.00%100.00% 12,199,185 1,578,202 13,777,387 15.07 - 15.78 ------------------------------------------------------------------------------------------------------------ New York Region --------------- New York - -------- Crossroads Shopping Center ( 3) 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,817,716 6,036,468 11.08 34.56 19.43 ------------------------------------------------------------------------------------------------------------ Various Regions --------------- Kroger/Safeway Portfolio (25 Properties)( 4) 1,018,100 - 1,018,100 100.00% - 100.00% 8,664,352 - 8,664,352 8.51 - 8.51 ------------------------------------------------------------------------------------------------------------ Total - Operating Properties 2,264,206 261,746 2,525,952 97.57% 91.04% 96.89% 25,041,363 6,056,284 31,097,647 11.34 25.42 12.71 ------------------------------------------------------------------------------------------------------------ Redevelopment properties ------------------------------------------------------------------------------------------------------------ Sterling Heights Shopping Center (Michigan) (5) 97,700 56,082 153,782 72.06% 26.09% 55.30% 281,600 140,554 422,154 4.00 9.61 4.96 400 East Fordham Road (New York) (6) 100,703 16,652 117,355 100.00%100.00%100.00% 275,000 369,128 644,128 2.73 22.17 5.49 Pelham Manor Shopping Plaza (New York) (7) - 398,775 398,775 - 87.21% 87.21% - 2,147,201 2,147,201 - 6.17 6.17 Sherman Avenue (New York) (6) 134,773 - 134,773 100.00% - 100.00% 1,337,368 - 1,337,368 9.92 - 9.92 Tarrytown Shopping Center (New York) (5) 15,462 23,433 38,895 100.00% 39.18% 63.36% 475,000 275,716 750,716 30.72 30.03 30.46 161st Street (New York) (6) 137,334 86,277 223,611 100.00%100.00%100.00% 2,334,682 1,535,671 3,870,353 17.00 17.80 17.31 Hitchcock Plaza (South Carolina) (5) 135,775 98,563 234,338 0.00% 68.27% 28.71% - 472,986 472,986 - 7.03 7.03 Pine Log Plaza (South Carolina) (5) 23,184 11,880 35,064 100.00% 73.23% 90.93% 69,552 64,850 134,402 3.00 7.45 4.22 Haygood Shopping Center (Virginia) (5) 78,880 79,349 158,229 65.64% 80.18% 72.93% 85,200 812,175 897,375 1.65 12.77 7.78 ------------------------------------------------------------------------------------------------------------ Total - Redevelopment Properties 723,811 771,011 1,494,822 73.73% 79.65% 76.78% 4,858,402 5,818,281 10,676,683 9.10 9.47 9.30 ------------------------------------------------------------------------------------------------------------ Total - Joint Venture Properties 2,988,017 1,032,757 4,020,774 91.79% 82.54% 89.41%$29,899,765 $11,874,565 $41,774,330 $10.90 $13.93 $11.62 ============================================================================================================
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. (1) The Company has a 22% interest in Fund I which owns the property. (2) Does not include approximately 150,000 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. (3) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center. (4) This represents a portfolio of 25 triple-net, anchor-only leases with Kroger and Safeway supermarkets. (5) The Company has a 22% interest in Fund I which owns 50% the property. (6) The Company has a 20% interest in Fund II which owns 97% the property. (7) The Company has a 20% interest in Fund II which owns 97% the property. The redevelopment plan contemplates the demolition of the current industrial/warehouse buildings and the construction of a retail center. Page 42 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Year-to-Date 3 months 3 months 3 months Year ended ended ended ended Leasing Production Notes: September 30, September June 30, March 31, December 31, 2005 30, 2005 2005 2005 2004 ------------------------------------------ -------------- ----------- ---------- --------- --------------- New leases (1) Number of new leases commencing 18 8 6 4 34 GLA 159,825 90,775 46,584 22,466 191,419 New base rent $10.28 $7.32 $14.60 $13.28 $12.81 Previous base rent (and percentage rent) $11.70 $10.78 $12.90 $12.90 $11.43 Percentage growth in base rent (2) -12.1% -32.1% 13.2% 2.9% 12.0% Average cost per square foot $7.14 $7.02 $6.99 $7.96 $20.67 Renewal leases Number of renewal leases commencing 44 15 16 13 59 GLA expiring 277,123 92,370 99,677 85,076 483,308 Renewal percentage (3) 75% 84% 62% 81% 81% New base rent $12.28 $13.85 $11.94 $10.81 $11.72 Expiring base rent (and percentage rent) $10.89 $12.69 $9.70 $9.92 $10.94 Percentage growth in base rent 12.8% 9.1% 23.1% 9.0% 7.2% Average cost per square foot $0.00 $0.00 $0.00 $0.00 $0.00 Total new and renewal Leases Number of new and renewal leases commencing 62 23 22 17 93 GLA commencing 368,127 168,366 108,384 91,378 674,727 New base rent $11.41 $10.33 $13.08 $11.42 $12.03 Expiring base rent (and percentage rent) $11.24 $11.66 $11.08 $10.65 $11.08 Percentage growth in base rent (3) 1.5% -11.4% 18.1% 7.2% 8.6% Average cost per square foot $3.10 $3.78 $3.00 $1.96 $5.86
(1) Does not include leased square footage and costs related to first generation space and the Company's major redevelopment projects. (2) During the 3rd quarter, Ashley Furniture at the Ledgewood Mall took occupancy of 41,806 square feet at the Ledgewood Mall at a rent of $5.09 psf. The predecessor tenant, Phar-Mor, had paid rent of $11.00 psf prior to leaving during 2002. Excluding this one lease, the leasing spread on the remaining new leases commencing during the quarter was + 17.2% and the spread and new and renewal leases in total was + 11.9%. (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. Page 43 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Top Tenants - Ranked by Annualized Base Rent ---------------------------------------- (Combined basis - Includes pro-rata share of GLA and rent for JV properties) Percentage of Total Wholly-Owned Joint Ventures (2) Combined Represented by Retail Tenant ---------------------------------------------------------------------------------- Average Number of Gross Retail stores in Total Annualized Total Annualized Total Annualized Total AnnualizedAverage Occupancy Base Base Base Base Ranking Tenant combined GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio Rent (3) Sales Cost (4) portfolio GLA( 3) (per sq. ft.) - ---------------------------------------------------------------------------------------------------------------------------------- 1 Albertson's 4 220,625 $3,012,896 - $- 220,625 $3,012,896 4.0% 5.6% -- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.2% 4.4% 475 2.8% -- Acme 1 44,824 654,704 - - 44,824 654,704 0.8% 1.2% 294 5.5% 2 Sears 7 485,111 1,829,484 67,482 326,963 552,593 2,156,447 10.1% 4.0% -- Kmart 5 424,411 1,571,484 49,355 277,463 473,766 1,848,947 8.6% 3.4% 166 3.7% -- Sears 2 60,700 258,000 18,127 49,500 78,827 307,500 1.4% 0.6% 231 1.8% 3 T.J. Maxx 10 289,427 2,037,682 6,972 81,261 296,399 2,118,943 5.4% 3.9% -- T.J. Maxx 4 88,200 712,800 6,972 81,261 95,172 794,061 1.7% 1.5% 281 4.3% -- Marshalls 3 102,781 731,494 - - 102,781 731,494 1.9% 1.4% 178 5.7% -- A.J. Wright's 2 58,800 286,131 - - 58,800 286,131 1.1% 0.5% 144 5.8% -- Homegoods 1 39,646 307,257 - - 39,646 307,257 0.7% 0.6% 146 6.8% 4 Ahold 3 178,807 1,568,670 - - 178,807 1,568,670 3.3% 2.9% -- Stop and Shop 2 116,717 1,289,265 - - 116,717 1,289,265 2.1% 2.4% 346 3.6% -- Giant 1 62,090 279,405 - - 62,090 279,405 1.1% 0.5% - - 5 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 3.8% 2.8% 336 3.2% A&P 6 (Waldbaum's) 2 100,266 1,666,284 18,722 246,960 118,988 1,913,244 2.2% 3.6% -- Waldbaum's 3 100,266 1,666,284 18,722 246,960 118,988 1,913,244 2.2% 3.6% 348 5.8% 7 Brook's Drug 8 91,534 1,161,882 - - 91,534 1,161,882 1.7% 2.2% -- Eckerd's 8 91,534 1,161,882 - - 91,534 1,161,882 1.7% 2.2% 442 4.6% 8 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 3.8% 1.9% - - 9 Pathmark 1 47,773 955,460 - - 47,773 955,460 0.9% 1.8% - - Redner's 10 Supermarket 2 111,739 863,432 - - 111,739 863,432 2.0% 1.6% 250 4.0% Restoration 11 Hardware 1 9,220 697,200 - - 9,220 697,200 0.2% 1.3% 249 32.6% 12 Kroger( 5) 13 - - 132,259 722,228 132,259 722,228 2.4% 1.3% - - 13 Safeway (6) 13 - - 103,844 721,831 103,844 721,831 1.9% 1.3% - - 14 Price Chopper 2 77,450 804,059 - - 77,450 804,059 1.4% 1.5% 672 1.9% Clearview 15 Cinema 1 25,400 686,250 - - 25,400 686,250 0.5% 1.3% - - Federated Department Stores 16 (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.3% 1.2% 205 6.2% 17 JC Penney 2 72,580 591,747 - - 72,580 591,747 1.3% 1.1% 182 5.9% 18 Walgreen's 2 23,904 589,088 - - 23,904 589,088 0.4% 1.1% 342 8.8% King Kullen 19 Grocery 1 48,100 562,600 - - 48,100 562,600 0.9% 1.0% 548 2.7% 20 Payless Shoes 11 36,076 557,570 1,524 43,273 37,600 600,843 0.7% 1.1% - - -------------------------------------------------------------------------------------------- Total 88 2,312,478 $20,760,604 330,803 $2,142,516 2,643,281 $22,903,120 48.2% 42.5% ============================================================================================
(1) Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after the date of this report. (2) Includes Funds I, II and the Crossroads Shopping Center joint ventures. The above amounts represent the Company's pro-rata share of square footage and rent. (3) Represents total GLA and annualized base rent for the Company's retail properties including its pro-rata share of joint venture properties. (4) 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. (5) 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. (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. Page 44 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Anchor Detail ------------- - ---------------------------------------------------------------------------------------------- Annual Annual Property/Tenant Name Square Lease Base Base (Type of Center) Footage Expiration Rent Rent Options PSF - ---------------------------------------------------------------------------------------------- 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 - --------------- Connecticut ----------- 239 Greenwich Ave., Greenwich Coach 4,541 1/31/2016 356,469 78.50 (1) 5 Year Restoration Hardware 12,293 4/30/2015 929,600 75.62 (2) 5 Years --------- ----------------- Property total 16,834 1,286,069 76.40 --------- ----------------- New Jersey ---------- Elmwood Park Shopping Center, Elmwood Park Walgreens 14,837 5/31/2022 435,000 29.32 (8) 5 Year Pathmark 47,773 11/30/2017 955,460 20.00 (7) 5 Year --------- ----------------- Property total 62,610 1,390,460 22.21 --------- ----------------- New York -------- Soundview Marketplace, Port Washington King Kullen 48,100 9/26/2007 $562,600 $11.70 (7) 5 Year Clearview Cinema 25,400 5/31/2010 686,250 27.02 (4) 5 Year --------- ----------------- Property total 73,500 1,248,850 16.99 --------- ----------------- Smithtown Shopping Center, Smithtown Daffy's 16,125 1/7/2008 274,125 17.00 (4) 5 Year Walgreens 9,067 12/31/2021 154,088 16.99 - --------- ----------------- Property total 25,192 428,213 17.00 --------- ----------------- The Branch Shopping Center, Smithtown CVS 11,050 5/31/2010 172,405 15.60 - A&P (1) 10 Year & (1) 63,000 11/30/2013 920,964 14.62 5 Year --------- ----------------- Property Total: 74,050 1,093,369 14.77 --------- ----------------- Amboy Shopping Center Waldbaum's (A&P) 37,266 12/31/2014 745,320 20.00 (3) 5 Year Duane Reed 9,698 8/31/2008 266,695 27.50 (2) 5 Year --------- ----------------- 46,964 1,012,015 21.55 --------- ----------------- Pacesetter Park Shopping Center, Pomona Stop & Shop (Ahold) 52,052 8/31/2020 352,265 6.77 (2) 10 Year --------- ----------------- Property total 52,052 352,265 6.77 --------- ----------------- Total: New York Region 351,202 6,811,241 19.39 --------- -----------------
Page 45 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Anchor Detail ------------- - ---------------------------------------------------------------------------------------------- Annual Annual Property/Tenant Name Square Lease Base Base (Type of Center) Footage Expiration Rent Rent Options PSF - ---------------------------------------------------------------------------------------------- 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 (continued) - -------------------------------------------------- New England - ----------- Connecticut ----------- Town Line Plaza, Rocky Hill Wal*Mart( 1) 97,300 - $- $- REA Agreement Super Stop & Shop (Ahold) 64,665 11/30/2023 937,000 14.49 (7) 5 Year ---------- ---------------- Property total 161,965 937,000 14.49 ---------- ---------------- Massachusetts --------------------------------------- Methuen Shopping Center, Methuen Demoulas Super Markets 30,460 1/31/2015 109,656 3.60 (2) 5 Year Osco Drug (Brook's) 10,234 12/31/2005 92,308 9.02 - Wal*Mart 89,544 10/23/2011 626,808 7.00 (8) 5 Year ---------- ---------------- Property total 130,238 828,772 6.36 ---------- ---------------- Crescent Plaza, Brockton Home Depot 106,760 10/31/2021 602,126 5.64 (7) 5 Year Shaw's (Albertsons) 50,225 12/31/2012 516,960 10.29 (6) 5 Year ---------- ---------------- Property total 156,985 1,119,086 7.13 ---------- ---------------- New York --------------------------------------- New Loudon Center, Latham Bon Ton 65,365 2/1/2014 261,460 4.00 (4) 5 Year Marshalls (TJX) 37,212 1/31/2014 158,151 4.25 (3) 5 Year Price Chopper 77,450 5/31/2015 804,059 10.38 (4) 5 Year A.C. Moore 21,520 4/30/2009 221,226 10.28 (1) 5 Year Raymours Furniture Co 49,664 4/30/2019 155,591 3.13 (3) 5 Year ---------- ---------------- Property total 251,211 1,600,487 6.37 ---------- ---------------- Rhode Island --------------------------------------- Walnut Hill Plaza, Woonsocket Sears 60,700 8/31/2008 258,000 4.25 (5) 5 Year CVS 8,800 1/31/2009 154,000 17.50 (1) 5 Year Shaw's (Albertsons) 52,392 12/31/2013 523,920 10.00 (6) 5 Year ---------- ---------------- Property total 121,892 935,920 7.68 ---------- ---------------- Vermont --------------------------------------- Gateway Shopping Center Shaw's (Albertsons) (1) 10 Yr., (3) 5 73,184 3/31/2024 1,317,311 18.00 Yr. & (1) 4 Yr. ---------- ---------------- Property total 73,184 1,317,311 18.00 ---------- ---------------- Total : New England 895,475 6,738,576 8.44 ---------- ---------------- Midwest - --------- Illinois -------- Hobson West Plaza, Naperville Bobak's Market and Restaurant 51,692 11/30/2007 225,436 4.36 (5) 5 Year ---------- ---------------- Property total 51,692 225,436 4.36 ---------- ---------------- Indiana --------------------------------------- Merrillville Plaza, Merrillville JC Penney 50,000 1/31/2008 495,000 9.90 (2) 5 Year Officemax 26,157 7/31/2008 222,335 8.50 (4) 5 Year Pier I 9,143 1/31/2009 128,002 14.00 - David's Bridal 13,266 11/19/2010 165,825 12.50 (2) 5 Year Toys R Us 21,500 1/31/2014 87,500 4.07 (5) 5 Year TJ Maxx (TJX) 25,200 1/31/2009 195,300 7.75 (1) 5 Year ---------- ---------------- Property total 145,266 1,293,962 8.91 ---------- ---------------- (1) This space is contiguous to the Company's property and is not owned by the Company.
Page 46 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Anchor Detail ------------- - ---------------------------------------------------------------------------------------------- Annual Annual Property/Tenant Name Square Lease Base Base (Type of Center) Footage Expiration Rent Rent Options PSF - ---------------------------------------------------------------------------------------------- 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 (continued) - -------------------------------------------------- Michigan -------- Bloomfield Town Square, Bloomfield Hills HomeGoods (TJX) 39,646 5/31/2010 307,257 7.75 (3) 5 Year Officemax 21,500 6/30/2010 193,500 9.00 (3) 5 Year Marshalls (TJX) 28,324 9/30/2011 226,592 8.00 (3) 5 Year TJ Maxx (TJX) 36,000 1/31/2009 261,000 7.25 (1) 5 Year ---------- ---------------- Property total 125,470 988,349 7.88 ---------- ---------------- Ohio ---- Mad River Station, Dayton Babies 'R' Us 33,147 2/28/2010 260,204 7.85 (2) 5 Year Pier I 10,111 2/28/2010 227,037 22.45 - Office Depot 25,038 8/31/2010 315,479 12.60 - ---------- ---------------- Property total 68,296 802,720 11.75 ---------- ---------------- Total: Midwest 390,724 3,310,467 8.47 ---------- ---------------- Mid-Atlantic - ------------ New Jersey ---------- Marketplace of Absecon, Absecon Eckerd Drug (Brook's) 13,207 8/30/2020 329,310 24.93 (4) 5 Year Acme Markets (Albertson) 44,824 4/30/2015 654,704 14.61 (8) 5 Year ---------- ---------------- Property total 58,031 984,014 16.96 ---------- ---------------- Ledgewood Mall, Ledgewood Circuit City 33,294 1/31/2020 449,469 13.50 (4) 5 Year Ashley Furniture 41,806 12/31/2010 212,793 5.09 (2) 5 Year Barnes & Noble 12,500 1/31/2010 224,000 17.92 (5) 5 Year Marshalls (TJX) 37,245 1/31/2007 346,751 9.31 (4) 5 Year The Sports Authority 52,205 5/31/2007 225,000 4.31 (6) 5 Year Macy's Department Store (Federated) (3) 5 Year (1) 73,349 1/31/2010 651,245 8.88 Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year ---------- ---------------- Property total 370,969 2,997,859 8.08 ---------- ---------------- Pennsylvania ------------ Abington Town Center, Abington TJ Maxx (TJX) (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 ---------- ---------------- Total : Mid-Atlantic 613,616 4,238,373 9.29 ---------- ----------------
Page 47 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Anchor Detail ------------- - ---------------------------------------------------------------------------------------------- Annual Annual Property/Tenant Name Square Lease Base Base (Type of Center) Footage Expiration Rent Rent Options PSF - ---------------------------------------------------------------------------------------------- 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 (continued) - -------------------------------------------------- Northeast Pennsylvania - ---------------------- Blackman Plaza, Wilkes-Barre Eckerd Drug (Brook's) 7,000 7/31/2006 59,710 8.53 - Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year ---------- ------------------ Property total 111,956 264,374 2.36 ---------- ------------------ Bradford Towne Centre, Towanda Kmart 94,841 3/31/2019 474,205 5.00 (10) 5 Year Eckerd Drug (Brook's) 11,840 1/31/2010 118,400 10.00 - JC Penney 22,580 11/30/2009 96,747 4.28 (7) 5 Year P & C Foods (Penn Traffic) 51,658 9/30/2014 413,264 8.00 (2) 5 Year ---------- ------------------ Property total 180,919 1,102,616 6.09 ---------- ------------------ Greenridge Plaza, Scranton Giant Food Stores (Ahold) 62,090 4/30/2021 279,405 4.50 (6) 5 Year ---------- ------------------ Property total 62,090 279,405 4.50 ---------- ------------------ Luzerne Street Shopping Center, Scranton Price Rite (Wakefern) 29,663 4/30/2015 118,652 4.00 (4) 5 Year Eckerd Drug (Brook's) 14,000 4/30/2009 105,000 7.50 (2) 5 Year ---------- ------------------ Property total 43,663 223,652 5.12 ---------- ------------------ Mark Plaza, Edwardsville Kmart 104,956 10/31/2009 204,664 1.95 (9) 5 Year Redner's Market 52,639 5/31/2018 447,432 8.50 (2) 5 Year ---------- ------------------ Property total 157,595 652,096 4.14 ---------- ------------------ Pittston Plaza, Pittston Eckerd Drugs (Brook's) 8,468 6/30/2006 80,446 9.50 (2) 5 Year 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 Home Depot 104,243 12/31/2028 407,520 3.91 (6) 5 Year ---------- ------------------ Property total 104,243 407,520 3.91 ---------- ------------------ Route 6 Mall, Honesdale Eckerd Drugs (Brook's) 11,840 1/31/2011 112,480 9.50 (3) 5 Year Fashion Bug 15,000 1/31/2006 - - - Kmart 119,658 4/30/2020 687,947 5.75 (10) 5 Year ---------- ------------------ Property total 146,498 800,427 5.46 ---------- ------------------ Total : Northeastern Pennsylvania 874,532 4,226,536 4.83 ---------- ------------------ Total: Retail Anchor Properties - Wholly Owned Properties 3,125,549 $25,325,193 $8.82 ========== ================== (1) Target owns the portion of the main building (157,616 square feet) that their store is located in.
Page 48 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Anchor Detail ------------- - ---------------------------------------------------------------------------------------------- Annual Annual Property/Tenant Name Square Lease Base Base (Type of Center) Footage Expiration Rent Rent Options PSF - ---------------------------------------------------------------------------------------------- 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) Joint Venture Properties - ------------------------ New York Region - --------------- New York --------------------------------------- Crossroads Shopping Center, White Plains (49% jv) Kmart 100,725 1/31/2012 $566,250 $5.62 (5) 5 Year Waldbaum's (A&P) 38,208 12/31/2007 504,000 13.19 (5) 5 Year B. Dalton (Barnes & Noble) 12,430 5/28/2012 345,927 27.83 (2) 5 Year Pier 1 8,818 2/28/2007 278,825 31.62 (2) 5 Year Pay Half 15,000 1/31/2018 330,000 22.00 - Modell's 25,000 2/28/2009 193,750 7.75 (2) 5 Year --------- ----------------- Property total 200,181 2,218,752 11.08 --------- ----------------- 400 East Fordham Road (Fund II) Sears 100,703 7/16/2007 275,000 2.73 - --------- ----------------- Tarrytown Centre Walgreen's 15,462 3/31/2080 475,000 30.72 - --------- ----------------- Sherman Avenue Pilot Garage 74,000 6/14/2007 365,000 4.93 - City of New York 60,773 MTM 972,368 16.00 - --------- ----------------- 134,773 1,337,368 9.92 --------- ----------------- 161st Street City of New York 137,334 7/18/2006 2,334,682 17.00 - --------- ----------------- 137,334 2,334,682 17.00 --------- ----------------- Total : New York Region 588,453 6,640,802 11.29 --------- ----------------- Mid-Atlantic Region - ---------------------------------------- Delaware --------------------------------------- Brandywine Town Center (Fund I) Annie Sez (Big M) 13,325 1/31/2007 279,825 21.00 (3) 5 Year Michaels 24,876 2/28/2011 547,272 22.00 (3) 5 Year Old Navy (The Gap) 24,631 4/30/2011 541,872 22.00 (1) 5 Year Petsmart 23,963 6/30/2017 455,297 19.00 (2) 5 Year Thomasville Furniture 18,893 11/30/2011 467,413 24.74 (2) 5 Year World Market 20,310 1/31/2015 406,200 20.00 - Access Group 76,458 5/31/2015 1,517,691 19.85 Bed, Bath & Beyond 50,977 1/31/2014 868,426 17.04 (3) 5 Year Dick's Sporting Goods 50,000 5/31/2013 700,000 14.00 (3) 5 Year Lowe's Home Centers 140,000 8/31/2018 1,925,000 13.75 (6) 5 Year Regal Cinemas 65,641 6/1/2017 861,210 13.12 (4) 5 Year Target 138,000 1/31/2018 800,000 5.80 (5) 10 Year Kincaid Furniture 14,535 3/31/2010 247,095 17.00 (2) 5 Year Transunion Settlement 39,714 3/31/2013 911,376 22.95 (1) 5 Year The Bombay Company 8,965 1/31/2015 215,160 24.00 (2) 5 Year Lane Home Furnishings 21,827 10/31/2015 409,693 18.77 Tutor Time 10,317 2/28/2010 139,280 13.50 (3) 5 Year Moe's 3,000 7/31/2015 66,000 22.00 MJM Designer 25,000 9/30/2015 325,000 13.00 --------- ----------------- Property total 770,432 11,683,810 15.17 --------- ----------------- Market Square Shopping Center (Fund I) Trader Joe's 7,675 1/31/2013 149,663 19.50 (3) 5 Year TJ Maxx (TJX) 31,375 1/31/2006 365,712 11.66 (2) 5 Year --------- ----------------- Property total 39,050 515,375 13.20 --------- ----------------- South Carolina --------------------------------------- Hitchcock Plaza (Fund I) Pine Log Plaza (Fund I) Farmers Furniture 23,184 3/31/2009 69,552 3.00 (1) 5 Year --------- -----------------
Page 49 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Anchor Detail ------------- - ---------------------------------------------------------------------------------------------- Annual Annual Property/Tenant Name Square Lease Base Base (Type of Center) Footage Expiration Rent Rent Options PSF - ---------------------------------------------------------------------------------------------- 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) Joint Venture Properties (continued) - ------------------------------------ Mid-Atlantic Region (continued) - ------------------------------- Virginia -------- Haygood Shopping Center (Fund I) Eckerd Drugs (Brook's) 11,280 11/30/2009 28,500 2.53 - Rose's - Termination agreement @ 1/31/05 40,500 1/31/2005 56,700 1.40 ---------- ------------------- Property Total 51,780 85,200 1.65 ---------- ------------------- Total : Mid-Atlantic Region 884,446 12,353,937 13.97 ---------- ------------------- Midwest Region - -------------- Ohio ---- Amherst Marketplace (Fund I) Giant Eagle 76,737 9/3/2021 795,711 10.37 (4) 5 Year ---------- ------------------- Granville Centre (Fund I) California Fitness 34,951 1/31/2017 402,085 11.50 (2) 5 Year ---------- ------------------- Sheffield Crossing (Fund I) Revco Drug 10,500 5/31/2012 140,700 13.40 (3) 5 Year Giant Eagle 59,159 5/31/2022 620,578 10.49 (4) 5 Year ---------- ------------------- Property total 69,659 761,278 10.93 ---------- ------------------- Michigan -------- Sterling Heights (Fund I) Burlington Coat Factory 70,400 1/31/2024 281,600 4.00 - ---------- ------------------- Total: Midwest 251,747 2,240,674 8.90 ---------- ------------------- Various ------- Kroger/Safeway (Fund I) 1,018,100 2009 8,664,352 8.51 ---------- ------------------- Total: Joint Venture Properties 2,742,746 $29,899,765 $10.90 ========== ===================
Page 50 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Anchor Lease Expirations - Next 3 Years --------------------------------------- ------------------------------------------------------------------------- Gross Leased Annualized Base Rent Area ---------------- -------------------------- Percent Percent Average Square of of per Center Anchor footage all anchors Amount all Sq. Ft. anchors ------------------------------------------------------------------------- Wholly Owned ------------ Month-to-month 2005 Methuen Shopping Osco Drug Center(Brook's) 10,234 0.36% 92,308 0.36% 9.02 ---------------- -------------------------- 2006 Pittston Plaza Eckerd Drugs (Brook's) 8,468 0.29% 80,446 0.32% 9.50 Route 6 Plaza Fashion Bug (1) 15,000 0.52% - 0.00% - Blackman Plaza Eckerd Drugs (Brook's) 7,000 0.24% 59,710 0.24% 8.53 ---------------- -------------------------- Total 2006 30,468 1.05% 140,156 0.56% 4.60 ---------------- -------------------------- 2007 Ledgewood Mall The Sports Authority 52,205 1.82% 225,000 0.89% 4.31 Soundview King Kullen Marketplace 48,100 1.68% 562,600 2.22% 11.70 Hobson West Bobak's Plaza 51,692 1.80% 225,436 0.89% 4.36 ---------------- -------------------------- Total 2007 151,997 5.30% 1,013,036 4.00% 6.66 ---------------- -------------------------- Total - Next 3 Years $192,699 6.71% $1,245,500 4.92% $6.46 ================ ========================== Joint Venture - Crossroads -------------------------- 2005 - - 2006 - - 2007 Crossroads Pier 1 Shopping Center 8,818 4.41% 278,825 12.57% 31.62 Crossroads Waldbaum's Shopping Center 38,208 19.09% 504,000 22.72% 13.19 ---------------- -------------------------- Total 2007 47,026 23.50% 782,825 35.29% 16.65 ---------------- -------------------------- Total - Next 3 Years $47,026 23.50% $782,825 35.29%$16.65 ================ ========================== Fund I ---------------- 2005 - - 2006 Market Square TJ Maxx Shopping Center 31,375 1.45% 365,712 1.54% 11.66 Haygood ShoppingRose's Center 40,500 1.87% 56,700 0.24% 1.40 2007 Brandywine Town Annie Sez Center (Big M) 13,325 0.61% 279,825 1.18% 21.00 ---------------- -------------------------- Total - Next 3 Years $85,200 3.93% $702,237 2.96% $8.24 ================ ========================== Fund II ------- Month-to-month Sherman Avenue New York City 60,773 16.30% 972,368 24.64% 16.00 2005 - - 2006 - - 161st Street New York City 137,334 36.84% 2,334,682 59.15% 17.00 2007 Sherman Avenue Pilot Garage 74,000 19.85% 365,000 9.25% 4.93 400 East FordhamSears Road 100,703 27.01% 275,000 6.97% 2.73 ---------------- -------------------------- Total 2007 174,703 46.86% 640,000 16.22% 3.66 ---------------- -------------------------- Total - Next 3 Years $372,810 100.00% $3,947,050 40.86%$10.59 ================ ==========================
(1) Tenant pays rent based on percentage of sales Page 51 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Lease Expirations ----------------- ------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- --------------------- Number of Percent PercentAverage Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ------------------------------------------------------------------- Wholly-Owned Propeties Anchor Tenant Expirations 2005 1 10,234 0.36% $92,308 0.36% 9.02 2006 3 30,468 1.06% 140,156 0.55% 4.60 2007 3 151,997 5.29% 1,013,036 4.00% 6.66 2008 5 162,680 5.67% 1,516,155 5.99% 9.32 2009 9 347,155 12.09% 1,570,602 6.20% 4.52 2010 14 376,113 13.11% 3,900,549 15.41% 10.37 2011 3 129,708 4.52% 965,880 3.81% 7.45 2012 1 50,225 1.75% 516,960 2.04% 10.29 2013 2 115,392 4.02% 1,444,884 5.71% 12.52 2014 5 212,980 7.42% 1,267,126 5.00% 5.95 2015 5 164,230 5.72% 2,507,015 9.90% 15.27 2016 1 4,541 0.16% 356,469 1.41% 78.50 2017 1 47,773 1.66% 955,460 3.77% 20.00 2018 2 111,739 3.89% 863,432 3.41% 7.73 2019 4 265,075 9.23% 1,518,396 6.00% 5.73 2020 4 218,211 7.60% 1,818,995 7.18% 8.34 2021 3 177,917 6.20% 1,035,619 4.09% 5.82 2022 1 14,837 0.52% 435,000 1.72% 29.32 2023 1 64,665 2.25% 937,000 3.70% 14.49 2024 1 73,184 2.55% 1,317,311 5.20% 18.00 2028 3 141,509 4.93% 1,152,840 4.55% 8.15 -------------------------------- -------------------------- Total Occupied 72 2,870,633 100.00% $25,325,193 100.00% $8.82 Anchor GLA Owned by Tenants 254,916 Total Vacant 81,243 ---------------- Total Square Feet 3,206,792 ================
Page 52 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Lease Expirations ----------------- ------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- --------------------- Number of Percent PercentAverage Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ------------------------------------------------------------------- Wholly-Owned Propeties Shop Tenant Expirations Month to Month 19 49,740 3.88% $604,274 3.07%$12.15 2005 9 20,933 1.63% 296,007 1.51% 14.14 2006 58 202,816 15.81% 2,766,439 14.07% 13.64 2007 62 226,475 17.65% 3,337,376 16.99% 14.74 2008 56 179,265 13.97% 3,249,350 16.53% 18.13 2009 55 189,042 14.73% 2,921,635 14.86% 15.45 2010 31 112,977 8.80% 1,313,627 6.68% 11.63 2011 16 67,148 5.23% 1,219,595 6.20% 18.16 2012 6 16,261 1.27% 361,466 1.84% 22.23 2013 13 41,834 3.26% 847,441 4.31% 20.26 2014 18 83,719 6.52% 1,135,171 5.77% 13.56 2015 8 63,672 4.96% 843,235 4.29% 13.24 2018 4 6,805 0.53% 267,306 1.36% 39.28 2019 1 - 0.00% 51,205 0.26% - 2020 4 17,945 1.40% 351,228 1.79% 19.57 2022 1 2,205 0.17% 41,895 0.21% 19.00 2025 1 2,400 0.19% 51,840 0.26% 21.60 2030 2 - 0.00% - 0.00% - ---------------------------- -------------------------- Total Occupied 364 1,283,237 100.00% $19,659,090 100.00%$15.32 Total Vacant 219,554 ----------- Total Square Feet 1,502,791 ===========
Page 53 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Lease Expirations ----------------- ------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- --------------------- Number of Percent PercentAverage Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ------------------------------------------------------------------- Wholly-Owned Propeties Total Tenant Expirations Month to Month 19 49,740 1.20% $604,274 1.34%$12.15 2005 10 31,167 0.75% 388,315 0.86% 12.46 2006 61 233,284 5.62% 2,906,595 6.46% 12.46 2007 65 378,472 9.11% 4,350,412 9.67% 11.49 2008 61 341,945 8.22% 4,765,505 10.61% 13.94 2009 64 536,197 12.91% 4,492,237 9.99% 8.38 2010 45 489,090 11.77% 5,214,176 11.59% 10.66 2011 19 196,856 4.74% 2,185,475 4.86% 11.10 2012 7 66,486 1.60% 878,426 1.95% 13.21 2013 15 157,226 3.79% 2,292,325 5.10% 14.58 2014 23 296,699 7.14% 2,402,297 5.34% 8.10 2015 13 227,902 5.49% 3,350,250 7.45% 14.70 2016 1 4,541 0.11% 356,469 0.79% 78.50 2017 1 47,773 1.15% 955,460 2.12% 20.00 2018 6 118,544 2.85% 1,130,738 2.51% 9.54 2019 5 265,075 6.38% 1,569,601 3.49% 5.92 2020 8 236,156 5.69% 2,170,223 4.82% 9.19 2021 3 177,917 4.28% 1,035,619 2.30% 5.82 2022 2 17,042 0.41% 476,895 1.06% 27.98 2023 1 64,665 1.56% 937,000 2.08% 14.49 2024 1 73,184 1.76% 1,317,311 2.93% 18.00 2025 1 2,400 0.06% 51,840 0.12% 21.60 2028 3 141,509 3.41% 1,152,840 2.56% 8.15 2030 2 - 0.00% - 0.00% - ---------------------------- -------------------------- Total Occupied 436 4,153,870 100.00% $44,984,283 100.00%$10.83 Anchor GLA Owned by Tenants 254,916 Total Vacant 300,797 ----------- Total Square Feet 4,709,583 ===========
Page 54 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Lease Expirations ----------------- ------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- --------------------- Number of Percent PercentAverage Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ------------------------------------------------------------------- Fund I Anchor Tenant Expirations 2006 2 71,875 3.31% $422,412 1.78% 5.88 2007 1 13,325 0.61% 279,825 1.18% 21.00 2009 27 1,052,564 48.52% 8,762,404 36.92% 8.32 2010 2 24,852 1.15% 386,375 1.63% 15.55 2011 3 68,400 3.15% 1,556,557 6.56% 22.76 2012 2 21,000 0.97% 275,835 1.16% 13.14 2013 3 97,389 4.49% 1,761,039 7.42% 18.08 2014 2 50,977 2.35% 868,426 3.66% 17.04 2015 6 155,560 7.17% 2,939,744 12.39% 18.90 2017 3 124,555 5.74% 1,718,592 7.24% 13.80 2018 2 278,000 12.81% 2,725,000 11.48% 9.80 2021 2 66,237 3.05% 660,576 2.78% 9.97 2022 1 59,159 2.73% 620,578 2.61% 10.49 2024 1 70,400 3.24% 281,600 1.19% 4.00 2080 1 15,462 0.71% 475,000 2.00% 30.72 --------------------------- ------------------------------------ Total Occupied 58 2,169,755 100.00% $23,733,963 100.00% $10.94 Total Vacant 245,271 ----------- Total Square Feet 2,415,026 ===========
Page 55 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Lease Expirations ----------------- ------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- --------------------- Number of Percent PercentAverage Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ------------------------------------------------------------------- Fund I Shop Tenant Expirations Month to Month 25 66,052 22.26% $898,027 22.42%$13.60 2005 7 17,745 5.98% 159,487 3.98% 8.99 2006 10 38,179 12.87% 628,268 15.69% 16.46 2007 15 34,819 11.73% 475,448 11.87% 13.65 2008 13 34,437 11.60% 509,601 12.72% 14.80 2009 5 10,851 3.66% 115,203 2.88% 10.62 2010 2 3,060 1.03% 64,890 1.62% 21.21 2011 2 3,465 1.17% 63,705 1.59% 18.39 2013 4 20,070 6.76% 274,925 6.86% 13.70 2014 7 48,388 16.31% 625,321 15.61% 12.92 2015 2 4,087 1.38% 97,970 2.45% 23.97 2016 1 5,504 1.85% - 0.00% - 2018 1 6,957 2.34% 50,004 1.25% 7.19 2019 1 3,141 1.06% 42,000 1.05% 13.37 2050 1 - 0.00% - 0.00% - --------------------------- ------------------------- Total Occupied 96 296,755 100.00% $4,004,849 100.00%$13.50 Total Vacant 123,835 ----------- Total Square Feet 420,590 ===========
Page 56 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Lease Expirations ----------------- ------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- --------------------- Number of Percent PercentAverage Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ------------------------------------------------------------------- Fund I Total Tenant Expirations Month to Month 25 66,052 2.68% $898,027 3.24% $13.60 2005 7 17,745 0.72% 159,487 0.57% 8.99 2006 12 110,054 4.46% 1,050,680 3.79% 9.55 2007 16 48,144 1.95% 755,273 2.72% 15.69 2008 13 34,437 1.40% 509,601 1.84% 14.80 2009 32 1,063,415 43.12% 8,877,607 32.00% 8.35 2010 4 27,912 1.13% 451,265 1.63% 16.17 2011 5 71,865 2.91% 1,620,262 5.84% 22.55 2012 2 21,000 0.85% 275,835 0.99% 13.14 2013 7 117,459 4.76% 2,035,964 7.34% 17.33 2014 9 99,365 4.03% 1,493,747 5.39% 15.03 2015 8 159,647 6.47% 3,037,714 10.95% 19.03 2016 1 5,504 0.22% - 0.00% - 2017 3 124,555 5.05% 1,718,592 6.20% 13.80 2018 3 284,957 11.55% 2,775,004 10.00% 9.74 2019 1 3,141 0.13% 42,000 0.15% 13.37 2021 2 66,237 2.69% 660,576 2.38% 9.97 2022 1 59,159 2.40% 620,578 2.24% 10.49 2024 1 70,400 2.85% 281,600 1.02% 4.00 2050 1 - 0.00% - 0.00% - 2080 1 15,462 0.63% 475,000 1.71% 30.72 --------------------------- ------------------------------------ Total Occupied 154 2,466,510 100.00% $27,738,812 100.00% $11.25 ----------------------------------- Total Vacant 369,106 ----------- Total Square Feet 2,835,616 ===========
Page 57 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Lease Expirations ----------------- ------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- --------------------- Number of Percent PercentAverage Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ------------------------------------------------------------------- Fund II Anchor Tenant Expirations Month to Month 1 60,773 16.30% $972,368 24.64% $16.00 2006 1 137,334 36.84% $2,334,682 59.15% $17.00 2007 1 174,703 46.86% 640,000 16.21% 3.66 --------------------------- ------------------------------------ Total Occupied 3 372,810 100.00% $3,947,050 100.00% $10.59 Total Vacant - ----------- Total Square Feet 372,810 =========== Fund II Shop Tenant Expirations Month to Month 8 165,723 36.77% $864,914 21.35% $5.22 2005 1 16,000 3.55% 100,000 2.47% 6.25 2006 4 38,468 8.54% 704,725 17.39% 18.32 2007 8 204,834 45.44% 2,067,117 51.01% 10.09 2009 3 17,414 3.86% 159,284 3.93% 9.15 2010 2 7,012 1.56% 110,816 2.73% 15.80 2013 1 1,254 0.28% 45,144 1.11% 36.00 --------------------------- ------------------------------------ Total Occupied 27 450,705 100.00% $4,052,000 100.00% $8.99 Total Vacant 50,999 ----------- Total Square Feet 501,704 =========== Fund II Total Tenant Expirations Month to Month 9 226,496 27.50% $1,837,282 22.97% $8.11 2005 1 16,000 1.94% 100,000 1.25% 6.25 2006 5 175,802 21.35% 3,039,407 38.00% 17.29 2007 9 379,537 46.10% 2,707,117 33.84% 7.13 2009 3 17,414 2.11% 159,284 1.99% 9.15 2010 2 7,012 0.85% 110,816 1.39% 15.80 2013 1 1,254 0.15% 45,144 0.56% 36.00 --------------------------- ------------------------------------ Total Occupied 30 823,515 100.00% $7,999,050 100.00% $9.71 Total Vacant 50,999 ----------- Total Square Feet 874,514 ===========
Page 58 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Lease Expirations ----------------- ------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- --------------------- Number of Percent PercentAverage Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ------------------------------------------------------------------- Crossroads (JV Property) Anchor Tenant Expirations 2007 2 47,026 23.49% $782,825 35.28% 16.65 2009 1 25,000 12.49% 193,750 8.73% 7.75 2012 2 113,155 56.53% 912,177 41.12% 8.06 2018 1 15,000 7.49% 330,000 14.87% 22.00 --------------------------- ------------------------- Total Occupied 6 200,181 100.00% $2,218,752 100.00%$11.08 Total Vacant - ----------- Total Square Feet 200,181 =========== Shop Tenant Expirations 2005 1 2,210 2.00% $60,996 1.60%$27.60 2006 4 7,240 6.55% 241,428 6.32% 33.35 2007 4 4,912 4.45% 185,550 4.86% 37.77 2008 9 31,460 28.50% 1,033,542 27.08% 32.85 2009 7 22,318 20.20% 772,810 20.24% 34.63 2011 2 4,070 3.68% 143,212 3.75% 35.19 2012 2 5,250 4.75% 189,000 4.95% 36.00 2014 4 19,941 18.05% 673,780 17.65% 33.79 2017 1 6,600 5.97% 330,000 8.64% 50.00 2022 1 6,462 5.85% 187,398 4.91% 29.00 --------------------------- ------------------------- Total Occupied 35 110,463 100.00% $3,817,716 100.00%$34.56 Total Vacant - ----------- Total Square Feet 110,463 =========== Crossroads (JV Property) Total Tenant Expirations 2005 1 2,210 0.71% $60,996 1.01% 27.60 2006 4 7,240 2.33% 241,428 4.00% 33.35 2007 6 51,938 16.72% 968,375 16.04% 18.64 2008 9 31,460 10.13% 1,033,542 17.12% 32.85 2009 8 47,318 15.23% 966,560 16.01% 20.43 2011 2 4,070 1.31% 143,212 2.37% 35.19 2012 4 118,405 38.12% 1,101,177 18.25% 9.30 2014 4 19,941 6.42% 673,780 11.16% 33.79 2017 1 6,600 2.12% 330,000 5.47% 50.00 2018 1 15,000 4.83% 330,000 5.47% 22.00 2022 1 6,462 2.08% 187,398 3.10% 29.00 --------------------------- ------------------------- Total Occupied 41 310,644 100.00% $6,036,468 100.00%$19.43 Total Vacant - ----------- Total Square Feet 310,644 ===========
Page 59 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Property Demographics (1) ------------------------- 3-Mile Radius(2) ------------------------------------ Trade Total # Area Base Total Total HouseholdsMedian HH Avg. HH Property / JV City State(Miles) Rent GLA Pop. ("HH") Income Income Ownership % - ------------------------------------------------------------------- ------------------------------------- Brandywine Town CenterWilmington DE & Mkt Sq./22.22% 3 13,777,387 873,194 40,167 15,437 $81,275 $98,474 Elmwood Park Shopping Elmwood ParkNJ Ctr. 3 3,276,322 149,085 259,975 86,557 $51,206 $61,319 Abington Towne Center Abington PA 3 924,459 216,355 93,360 36,608 $65,173 $80,281 Granville Center / Columbus OH 22.22% 3 670,684 131,543 114,683 51,558 $46,830 $54,096 Hobson West Plaza Naperville IL 3 1,217,633 99,044 94,003 32,812 $96,226 $111,843 Methuen Shopping Ctr. Methuen MA 5 828,772 130,238 91,936 33,202 $40,495 $50,182 Crossroads Shopping White PlainsNY Ctr. / 49% 3 6,036,468 310,644 104,349 40,090 $76,635 $97,520 The Branch Plaza Smithtown NY 3 2,353,090 125,724 67,386 22,781 $86,500 $98,961 Village Commons Smithtown NY Shopping Ctr. 3 2,135,008 87,306 67,862 22,859 $87,048 $99,163 Bloomfield Town SquareBloomfield MI Hills 5 2,279,964 217,266 62,541 24,356 $72,545 $102,892 Crescent Plaza Brockton MA 3 1,665,798 218,104 99,840 35,462 $45,142 $52,972 239 Greenwich Avenue Greenwich CT 5 1,286,069 16,834 66,867 25,228 $94,987 $147,352 Soundview Marketplace Port NY Washington 3 2,861,455 183,630 46,380 16,462 $113,631 $167,275 Town Line Plaza Rocky Hill CT 3 1,475,144 206,178 45,242 19,007 $74,547 $64,079 New Loudon Center Latham NY 5 1,710,117 255,826 41,508 16,246 $55,189 $65,561 Pacesetter Park Pomona NY Shopping Ctr. 3 1,106,992 96,698 25,894 8,469 $88,331 $107,734 Mad River Station Dayton OH 5 1,520,371 155,739 59,585 26,299 $56,285 $67,437 Greenridge Plaza Scranton PA 3 955,473 191,755 88,472 37,357 $32,243 $41,495 Mark Plaza EdwardsvillePA 5 1,051,524 210,689 89,240 38,696 $31,389 $39,511 Luzerne Street Scranton PA Shopping Ctr. 3 242,748 58,089 66,687 27,708 $30,436 $39,697 Blackman Plaza Wilkes-BarrePA 5 282,374 121,341 61,029 26,168 $30,784 $39,130 Sheffield Crossing / Sheffield OH 22.22% 3 1,118,641 112,534 35,452 14,048 $45,762 $54,608 Amherst Marketplace / Amherst OH 22.22% 3 830,115 79,937 52,542 21,012 $44,259 $53,044 Sterling Heights Sterling MI Shopping Center / Heights 11.11% 3 422,154 153,782 97,175 35,730 $67,786 $74,409 Tarrytown Shopping Tarrytown NY Center / 11.11% 3 750,716 38,895 35,238 13,328 $68,960 $98,836 Hitchcock Plaza / 20% Aiken SC 5 472,986 234,338 25,419 10,547 $60,290 $71,076 Pine Log Plaza / 20% Aiken SC 5 134,402 35,064 25,419 10,547 $60,290 $71,076 Haygood Shopping Virginia VA Center / 11.11% Beach 3 897,375 158,229 95,832 36,598 $52,790 $62,252 400 East Fordham Road The Bronx NY / 18.32% 2 644,128 117,355 651,504 223,577 $33,414 $37,631 Sherman Avenue / Manhattan NY 18.32% 2 1,337,368 134,773 529,999 176,116 $29,932 $40,762 Pelham Manor Shopping Westchester NY Plaza / 18.32% 3 2,147,201 398,775 400,119 149,994 $47,713 $59,780 Walnut Hill Plaza Woonsocket RI 5 2,379,849 283,235 59,961 24,256 $41,751 $49,362 Ledgewood Mall Ledgewood NJ 5 4,387,287 517,012 34,631 12,915 $77,309 $88,598 Merrillville Plaza Hobart IN 5 2,467,475 235,605 18,924 7,566 $54,952 $62,686 The Gateway Shopping So. VT Ctr. Burlington 3 1,777,446 101,792 46,105 19,252 $43,524 $53,733 Marketplace of AbseconAbsecon NJ 3 1,648,263 105,093 30,277 10,476 $51,028 $60,415 Pittston Plaza Pittston PA 3 590,735 79,494 40,640 17,537 $36,785 $45,214 Plaza 422 Lebanon PA 3 444,020 155,026 44,416 18,047 $36,458 $43,830 Route 6 Plaza Honesdale PA 5 1,078,027 175,507 7,395 3,155 $32,818 $42,657 Bradford Towne Centre Towanda PA 10 1,580,960 256,939 5,506 2,344 $38,141 $46,212 - ------------------------------------------------------------------- ------------------------------------ 72,767,000 7,428,667 --------------------- ------------------------------------ 96,249 35,938 $59,386 $71,952 ------------------------------------ 74,432 27,408 $65,313 $80,524 ------------------------------------ Property Demographics (1) ------------------------- - ------------------------------------------------------------------------ -------------------------------- ------------------------ 5-Mile Radius 10-Mile Radius ------------------------------------- -------------------------------- Total Median Avg. HH Total Median Avg. HH # HH # HH Property / JV City State Pop. HH Income Income Pop. HH Income Income County MSA Ownership % - ----------------------------------------------------------------------------------------------------------------------------------- Brandywine Town Wilmington DE Bergen Wilmington- Center & Mkt Newark, DE Sq./22.22% 116,835 47,059 $71,475 $91,032 - - $- $- Elmwood Park Elmwood Park NJ Bergen Bergen- Shopping Ctr. 612,593 212,140 $56,661 $68,670 - - - - Passaic, NJ Abington Towne Abington PA Bucks Philadelphia, Center 306,979 120,242 $58,804 $71,480 - - - - PA Granville CenterColumbus OH Franklin Columbus, OH / 22.22% 267,818 116,119 $52,178 $61,015 - - - - Hobson West Naperville IL DuPage Chicago, IL Plaza 264,472 93,258 $83,440 $96,333 - - - - Methuen ShoppingMethuen MA Essex Boston, MA-NH Ctr. 198,133 73,801 $46,809 $56,761 - - - - Crossroads White Plains NY WestchesterNew York, NY Shopping Ctr. / 49% 203,088 74,810 $91,173 $122,507 - - - - The Branch PlazaSmithtown NY Suffolk Nassau- 198,575 64,367 $78,576 $90,006 - - - - Suffolk, NY Village Commons Smithtown NY Suffolk Nassau- Shopping Ctr. 197,398 63,981 $79,019 $90,486 - - - - Suffolk, NY Bloomfield Town Bloomfield MI Oakland Detroit, MI Square Hills 166,366 63,987 $77,660 $106,428 - - - - Crescent Plaza Brockton MA 168,024 60,373 $50,116 $58,235 - - - - Plymouth Boston, MA-NH 239 Greenwich Greenwich CT Fairfield New Haven- Avenue 141,499 51,663 $92,448 $141,180 - - - - Meriden, CT Soundview Port NY Nassau Nassau- Marketplace Washington 143,395 52,155 $97,968 $139,340 - - - - Suffolk, NY Town Line Plaza Rocky Hill CT 151,760 60,763 $56,343 $66,119 - - - - Hartford Hartford, CT New Loudon Latham NY Albany Albany- Center Schenectady- 152,497 63,018 $46,569 $56,589 - - - - Troy, NY Pacesetter Park Pomona NY Rockland New York, NY Shopping Ctr. 128,097 37,540 $71,637 $88,824 - - - - Mad River Dayton OH Montgomery Dayton- Station Springfield, 130,304 55,583 $58,803 $72,512 - - - - OH Greenridge PlazaScranton PA Lackawanna Scranton- Wilkes Barre- 126,562 53,080 $34,803 $44,679 - - - - Hazelton, PA Mark Plaza Edwardsville PA Luzerne Scranton- Wilkes Barre- 124,722 53,562 $34,002 $42,614 - - - - Hazelton, PA Luzerne Street Scranton PA Lackawanna Scranton- Shopping Ctr. Wilkes Barre- 120,838 50,392 $34,650 $44,561 - - - - Hazelton, PA Blackman Plaza Wilkes-Barre PA Luzerne Scranton- Wilkes Barre- 116,682 50,274 $33,089 $41,383 - - - - Hazelton, PA Sheffield Sheffield OH Lorain Cleveland- Crossing / Lorain- 22.22% 121,322 47,230 $45,775 $54,558 - - - - Elyria Amherst Amherst OH Lorain Cleveland- Marketplace / Lorain- 22.22% 97,181 38,366 $40,461 $49,765 - - - - Elyria Sterling HeightsSterling MI Coordinates Shopping Center Heights 42.5803, / 11.11% 257,839 101,330 $64,903 $73,379 - - - - 83.0298 Tarrytown Tarrytown NY Coordinates Shopping Center 41.0799, / 11.11% 119,686 46,393 $76,834 $104,788 - - - - 73.8640 Hitchcock Plaza Aiken SC Coordinates / 20% 33.5156, 45,931 18,554 $49,878 $60,184 84,131 33,423 43,742 52,745 81.7311 Pine Log Plaza /Aiken SC Coordinates 20% 33.5156, 45,931 18,554 $49,878 $60,184 84,131 33,423 43,742 52,745 81.7311 Haygood ShoppingVirginia BeachVA Coordinates Center / 11.11% 36.8727, 217,586 82,889 $52,974 $62,426 - - - - 76.1350 400 East FordhamThe Bronx NY The Bronx New York, NY Road / 18.32% - - - - Sherman Avenue /Manhattan NY Manhattan New York, NY 18.32% - - - - Pelham Manor Westchester NY WestchesterNew York, NY Shopping Plaza / 18.32% 1,114,822 410,040 $44,052 $56,839 Walnut Hill Woonsocket RI Providence Providence- Plaza Fall River, 94,203 37,077 $48,793 $57,263 - - - - RI Ledgewood Mall Ledgewood NJ 105,973 38,609 $75,159 $86,345 278,307 100,409 $84,897 $99,923 Morris Newark, NJ Merrillville Hobart IN Lake Gary, IN Plaza 84,180 31,820 $52,697 $60,610 344,569 130,349 $48,747 $57,323 The Gateway So. BurlingtonVT Chittenden Burlington, Shopping Ctr. 68,034 27,816 $45,474 $56,025 - - - - VT Marketplace of Absecon NJ Atlantic Atlantic Absecon City-Cape 68,488 23,943 $50,386 $59,385 - - - - May, NJ Pittston Plaza Pittston PA Luzerne Scranton- Wilkes Barre- 72,326 31,010 $38,049 $46,790 - - - - Hazelton, PA Plaza 422 Lebanon PA Lebanon Harrisburg- Lebanon- 61,325 24,358 $40,383 $48,126 - - - - Carlisle, PA Route 6 Plaza Honesdale PA 11,704 4,849 $33,779 $43,036 - - - - Wayne N/A Bradford Towne Towanda PA Bradford Centre 8,813 3,627 $38,371 $46,994 17,398 6,799 $38,245 $46,336 N/A ------------------------------------- -------------------------------- 191,231 72,348 $56,210 $69,526 249,818 92,491 $76,260 $90,418 ------------------------------------- -------------------------------- 172,097 63,140 $63,284 $78,967 250,003 92,104 $66,210 $78,179 ------------------------------------- --------------------------------
Page 60 Acadia Realty Trust [NYSE] ------ AKR - -------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE September 30, 2005
Residential (Multi-family) Properties - ----------------------------------------------------------------------------- % % Occupied Occupied Property Location Square Units SeptemberJune 30, Feet 30, 2005 2005 - ------------------------------------------------------------------------------------------------------------------------ Mid-Atlantic North Carolina -------------- Village Apartments Winston Salem 578,606 600 95% 93% Mid-West Missouri -------- Gate House, Holiday House, Tiger Village, Columbia 628,891 874 98% 91% ---------------------------------- Colony Apartments (1) Totals 1,207,497 1,474 97% 92% ==================================
(1) As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions Page 61 -----END PRIVACY-ENHANCED MESSAGE-----