-----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, MnD3EgDZClGy5ZDpQm9N9SFsjo9jEwYn1zx2++3iALSN2+YHtqna24RQc2Ro0X8v q7AQKGWAx8QdI1fLqXQEcA== 0001157523-06-002267.txt : 20060303 0001157523-06-002267.hdr.sgml : 20060303 20060303111129 ACCESSION NUMBER: 0001157523-06-002267 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060301 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060303 DATE AS OF CHANGE: 20060303 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: 06662239 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 a5092945.txt ACADIA REALTY TRUST 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): March 1, 2006 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 March 1, 2006, Acadia Realty Trust (the "Company") released a press release announcing its consolidated financial results for the quarter and year ended December 31, 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 March 1, 2006, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter and year ended December 31, 2005. A copy of this supplemental information is attached to his 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 March 1, 2006. 99.2 Financial and Operating Reporting Supplement of the Company for the Quarter and Year Ended December 31, 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: March 1, 2006 By: /s/ Michael Nelsen Name: Michael Nelsen Title: Sr. Vice President and Chief Financial Officer 2 EX-99.1 2 a5092945ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 Acadia Realty Trust Reports Fourth Quarter and Full Year 2005 Operating Results NEW YORK--(BUSINESS WIRE)--March 1, 2006--Acadia Realty Trust (NYSE: AKR - "Acadia" or the "Company"), a real estate investment trust ("REIT") today reported operating results for the quarter and year ended December 31, 2005. All per share amounts discussed below are on a fully diluted basis. Fourth Quarter and Full Year 2005 Highlights FFO continues to increase -- Funds from operations ("FFO") per share of $0.26 for fourth quarter 2005 compared to $0.25 for fourth quarter 2004 -- Full year 2005 FFO consistent with upper end of previous guidance of $1.09 compared to $0.98 for 2004 -- Earnings per share ("EPS") from continuing operations for fourth quarter 2005 of $0.15 compared to $0.11 for 2004 -- Full year EPS from continuing operations of $0.67 for 2005 compared to $0.45 for 2004 Same Store NOI up 5.7% - Wholly-owned portfolio occupancy increases to an all-time high of 94.3% -- Occupancy up 200 basis points over 2004 and 40 basis points over third quarter 2005 -- Same-store net operating income for the retail portfolio up 2.9% for the fourth quarter and 5.7% for full year 2005 -- Rent spreads of 10.7% on new and renewal leases which commenced during fourth quarter 2005 over the previous rents Balance sheet ratios remain strong - Dividend increased -- Dividend increased by 7.25% commencing with fourth quarter dividend -- Maintained conservative dividend payout ratio for the year 2005 of 63% of FFO -- 32% debt to total market capitalization -- 3.5 to 1 fixed-charge coverage for the year External growth continues with expansion of Urban/Infill redevelopment pipeline and additional acquisition activity -- Acquired two New York properties during fourth quarter; 216th Street redevelopment in Manhattan and Liberty Avenue project in Queens -- Also acquired leasehold interest in Neiman Marcus location in Oakbrook (Chicago), Illinois -- Acquired two assets in Chicago and New Jersey in connection with asset recycling activities Harvesting of Fund I and RCP Venture continues with recapitalization of Brandywine Portfolio at significant profit and Mervyns distributions -- Recapitalization of Brandywine Portfolio returned entire Fund I investors' invested capital and preferred return - Acadia will now receive additional 20% interest ("Promote") in all future Fund I earnings and distributions -- Mervyns investment returned 170% of invested capital following previously announced sale of portion of portfolio and refinancing activities; earns $1.0 million of Promote income for the fourth quarter 2005 Fourth Quarter and Year-End Operating Results FFO, a widely accepted measure of REIT performance, for the quarter ended December 31, 2005 was $8.8 million, or $0.26 per share, compared to $8.0 million, or $0.25 per share for the fourth quarter 2004. FFO for the year ended December 31, 2005 was $36.2 million, or $1.09 per share compared to $30.3 million, or $0.98 per share, for 2004. Earnings per share from continuing operations on a fully diluted basis was $0.15 for fourth quarter 2005 compared to $0.11 for fourth quarter 2004. For the year ended December 31, 2005 and 2004, earnings per share from continuing operations was $0.67 and $0.45, respectively. In comparing the full year results for 2005 and 2004, management fee income increased $6.7 million, or approximately 140%, for the year ended December 31, 2005 primarily due to i) the launching of Fund II during mid-2004, ii) the Company's recognition of $1.0 million of Promote income on the Mervyns investment and iii) the acquisition of additional rights to fees earned under certain management contracts from Klaff Retail Management Services during 2005. As anticipated, this increase was partially offset by a $4.9 million increase in general and administrative expenses. Equity in earnings of unconsolidated partnerships increased $6.4 million for the same periods primarily as a result of the Company's share of the gain realized by Mervyns. Interest income increased by $2.1 million primarily due to Acadia's preferred equity investment in Levitz. Portfolio Activity - Wholly-Owned Portfolio Occupancy Reaches 94.3% and Same-Store NOI Up 5.7% On a year-over-year basis, Acadia increased its portfolio occupancy by 200 basis points. Year-end 2005 occupancy was 94.3% compared to 92.3% at year-end 2004 and 87.6% for 2003. On a same-store basis, year-end 2005 occupancy increased 150 basis points over 2004 occupancy of 92.8% and 400 basis points over 2003 occupancy of 90.3%. On a sequential basis, year-end 2005 occupancy increased 40 basis points from that of third quarter 2005. Combined occupancy within the operating joint venture portfolios remained high at 96.8% for fourth quarter 2005, which was comparable with third quarter 2005 of 96.9% and fourth quarter 2004 occupancy of 96.8%. Same store net operating income ("NOI") for the retail portfolio increased 5.7% for the year 2005 over 2004. The favorable variance was driven primarily from increased rents in the core portfolio from leasing and redevelopment activities. Although revenue growth was comparable for fourth quarter 2005 to that of the entire year, NOI growth was 2.9% over fourth quarter 2004 primarily as a result of the timing of certain expenses in fourth quarter 2005. During the fourth quarter 2005, Acadia executed new and renewal leases at an average increase of 10.7% over the previous base rents on a cash basis. Balance Sheet - Low Interest Rate Exposure During the fourth quarter, Acadia continued reducing its interest rate exposure by locking in interest rates at 5.5% and extending the maturity to ten years on $34.0 million of debt. As a result of this and a $20.5 million refinancing completed during first quarter 2006, over 95% 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. This has been accomplished while maintaining a blended cost of debt of 5.7%, as compared to 95% being fixed-rate as of the beginning of the year at a 5.9% blended cost of debt. For 2005, the strength of Acadia's balance sheet was evidenced by continued strong financial ratios which include the Company's pro-rata share of unconsolidated joint venture debt and interest expense as follows: -- Debt to total market capitalization at year-end was 32% -- Fixed-charge ratio (EBITDA / interest expense plus preferred distributions) was 3.5 and 3.2 times for the year and fourth quarter 2005, respectively -- Dividend payout ratio for the year and fourth quarter 2005 was 63% and 68% of FFO, respectively -- $49 million currently remains available under existing credit facilities to fund anticipated capital requirements Dividend Increase - 7.25% Increase for Fourth Quarter 2005 - Follows 7.8% Increase in First Quarter 2004 and 11.5% Increase in 2003 During the fourth quarter, Acadia's Board of Trustees approved an increase in Acadia's quarterly dividend to $0.185 per share, which represents a 7.25% increase over the $0.1725 quarterly dividend paid by Acadia during 2005. This represents a $0.05 increase on an annual basis, $0.69 to $0.74, and was effective for the dividend paid January 13, 2006. Acadia has now increased its dividend by an average of 9% over the past five years. Even after the recent dividend increase, Acadia expects to maintain its historically conservative payout ratio for 2006. External Growth Continues with Continued Expansion of Urban/Infill Redevelopment Pipeline and Other Activities Fund II - New York Urban/Infill Redevelopment Program expanded to a total of seven projects Since announcing the launching of its New York Urban/Infill Redevelopment Program, in conjunction with its partner P/A Associates, in 2004, the Company has added a total of seven properties to the program, one of which is currently under contract and two that were added during the fourth quarter. During December 2005, Fund II acquired the remaining 40-year term of a leasehold interest in land located at Liberty Avenue and 98th Street in Queens (Ozone Park), NY. The development plans for this property includes 30,000 square feet of retail anchored by a CVS drug store and a 98,500 square foot self-storage facility to be operated by Storage Post. Acadia will be a partner in the self-storage complex with Storage Post, which is anticipated to be a partner in future retail projects in New York City where self storage will be a potential component of the redevelopment. The total cost of the redevelopment is expected to be approximately $13 million. The CVS lease has been executed and construction on this project has commenced. Also during December 2005, Fund II acquired a 65,000 square foot parking garage located at 10th Avenue and 216th Street in the Inwood section of Manhattan. The Company plans to redevelop the building into a 60,000 square foot office building and is finalizing a transition where it would be occupied by an agency of the City of New York, which is a current tenant at another Acadia Urban/Infill Redevelopment project. Inclusive of acquisition costs, total costs for the project, which also includes a 100-space rooftop parking deck, are anticipated to be $25 million. In addition to the above Urban/Infill projects, in November 2005, Fund II acquired a ground lease interest in a 112,000 square foot building occupied by Neiman Marcus. The Property is located at Oakbrook Center, a super-regional Class A mall located in the Chicago Metro area. The ground lease was acquired for $6.9 million, including closing and other acquisition costs, which represents a 10.7% cap rate based on projected 2006 NOI. Additional Urban/Infill investments In addition to the above acquisitions made through Fund II, Acadia closed on two additional investments, which were made directly through the Company, during January of 2006. As previously anticipated, Acadia closed on 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 was acquired for $9.8 million. 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 RCP Venture. In January 2006, Acadia also acquired a 60% interest in the A&P Shopping Plaza located in Boonton, New Jersey. The property, which is 100% occupied and located in northwestern New Jersey, is a 63,000 square foot shopping center anchored by a 49,000 square foot A&P Supermarket. The remaining 40% interest is owned by a principal of P/A Associates, the Company's partner in its Urban/Infill Redevelopment Program. The interest was acquired for $3.2 million, equating to a cap rate of 8.0% based on projected 2006 NOI. Harvesting of Fund I Continues with Recapitalization of Brandywine Portfolio at Significant Profit As previously announced, Acadia recapitalized its one million square foot Wilmington, Delaware shopping center portfolio through a merger of interests at an implied value of $211 million, as compared to Fund I's cost basis of $108 million . Acadia has retained its existing 22.2% interest and continues to operate the portfolio and earn fees for such services. At the closing, the Fund I investors received a return of all of their invested capital and accumulated preferred return in the fund, thus triggering Acadia's 20% Promote interest in all future distributions of proceeds from the refinancing of the investor's bridge loans provided in the Brandywine transaction. Additionally there are 32 remaining Fund I assets, comprising approximately 2 million square feet, in which Acadia's ownership interest has increased from 22.2% to 37.8%. RCP Venture - Mervyns Investment Returns 170% of Invested Capital In 2004, Acadia formed the Retailer Controlled Property Venture ("RCP Venture") and completed its first investment with its participation in the acquisition of Mervyns Department Stores. A total of $23.2 million was invested by Funds I and II. Following the previously announced sales of a portion of the Mervyns portfolio and the refinancing of its remaining assets, Funds I and II received a total distribution of $42.7 million. In addition to its pro-rata share, Acadia received a Promote distribution of $1.0 million. Outlook - Earnings Guidance for 2006 On a fully diluted basis, the Company currently forecasts its 2006 FFO will range from $1.14 to $1.19 per share. 2006 earnings per share is expected to range from $0.59 to $0.64. While other factors may impact earnings, Acadia's 2006 earnings guidance is based primarily on the following assumptions: - Same Property Occupancy and NOI The Company's same property portfolio (including joint venture properties on a pro-rata basis) is expected to experience stable NOI growth of approximately 2.0% to 4.0% for 2006. - Acquisitions The Company expects to generate between $0.02 to $0.025 of FFO from external growth initiatives. - Fee Income and General and Administrative ("G&A") Expense Net fee income (net of G&A expense and inclusive of Promote income) is projected to provide between $0.00 to $0.02 of FFO growth. The following is a reconciliation of the calculation of FFO per diluted share and earnings per diluted share: Guidance Range for 2006 Low High - ----------------------- ------------ Earnings per diluted share $0.59 $0.64 Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated partnerships 0.43 0.43 Unconsolidated partnerships 0.12 0.12 ------------ Funds from operations $1.14 $1.19 ============ Management Comments Commenting on the results for the quarter and year, Kenneth Bernstein, President and CEO, stated, "2005 was another strong year for Acadia on all fronts. Both in the fourth quarter and throughout the year our team was successful in driving the key components of our business plan. First, we continued to post strong property level NOI growth while also enhancing the quality of our core portfolio through continued asset recycling. We continued to drive rents while increasing portfolio occupancy to an all time high. Second, we further enhanced the strength of our balance sheet by taking advantage of the flat yield curve and virtually eliminating our exposure to short term and floating rate debt. All of our balance sheet and operating ratios remain strong and prepare us for future growth opportunities. Third, we continued to expand on our external growth platform with continued exciting activity in both our NY Urban/Infill program and our RCP venture which are planting the seeds for important future growth opportunities. Most significantly, we began harvesting some of the embedded profits from our earlier investment activity with the recapitalization of our Delaware portfolio which has triggered important profit participations for Acadia that can contribute to our growth for years to come." Investor Conference Call Management will conduct a conference call March 2, 2006 at 2:00 PM ET to review the Company's earnings and operating results. The live conference call can be accessed by dialing 866-800-8648 (internationally 617-614-2702). No pass-code is required. The call will also be webcast and can be accessed in a listen-only mode at Acadia's web site at 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 15913446. The phone replay will be available through Thursday March 9, 2006. 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 Years ended December 31, 2005 and 2004 (dollars in thousands, except per share data) ============================================================ STATEMENTS OF INCOME For the quarters For the years ended ended December 31, December 31, Revenues 2005 2004 2005 2004 ------------------------------------ Minimum rents $13,506 $12,864 $ 52,737 $ 50,667 Percentage rents 307 381 747 948 Expense reimbursements 3,840 3,296 13,980 12,983 Other property income 83 120 780 620 Management fee income 3,759 1,639 11,492 4,763 Interest income 1,119 578 3,582 1,466 Other -- -- -- 210 ------------------------------------ Total revenues 22,614 18,878 83,318 71,657 ------------------------------------ Operating expenses Property operating 4,172 3,427 14,323 14,544 Real estate taxes 2,449 2,313 9,253 8,762 General and administrative 5,108 2,883 15,382 10,468 Depreciation and amortization 4,414 4,063 16,763 15,470 ------------------------------------ Total operating expenses 16,143 12,686 55,721 49,244 ------------------------------------ Operating income 6,471 6,192 27,597 22,413 Equity in earnings of unconsolidated partnerships 2,433 264 8,228 1,797 Interest expense (3,310) (2,929) (11,423) (10,436) Gain on sale -- -- -- 932 Minority interest (203) (198) (695) (1,190) ------------------------------------ Income from continuing operations before income taxes 5,391 3,329 23,707 13,516 ------------------------------------ Income taxes (522) -- (2,140) -- ------------------------------------ Income from continuing operations 4,869 3,329 21,567 13,516 ------------------------------------ ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights For the Quarters and Years ended December 31, 2005 and 2004 (dollars in thousands, except per share data) =========================================================== STATEMENTS OF INCOME (continued) For the quarters For the years ended ended December 31, December 31, 2005 2004 2005 2004 --------------------------------------- Discontinued operations: Operating (loss) income from discontinued operations $ (262) $ 136 $ (138) $ (504) Impairment of real estate -- -- (770) -- Gain (loss) on sale of property -- 6,696 (50) 6,696 Minority interest 4 (85) 17 (123) --------------------------------------- (Loss) income from discontinued operations (258) 6,747 (941) 6,069 --------------------------------------- Net income $ 4,611 $10,076 $20,626 $19,585 ======================================= Net income per Common Share - Basic Net income per Common Share - Continuing operations $ .15 $ .11 $ .68 $ .46 Net (loss) income per Common Share - Discontinued operations (.01) .22 (.03) .21 --------------------------------------- Net income per Common Share $ .14 $ .33 $ .65 $ .67 ======================================= Weighted average Common Shares 32,017 30,666 31,949 29,341 ======================================= Net income per Common Share - Diluted (1) Net income per Common Share - Continuing operations $ .15 $ .11 $ .67 $ .45 Net (loss) income per Common Share - Discontinued operations (.01) .21 (.03) .20 --------------------------------------- Net income per Common Share $ .14 $ .32 $ .64 $ .65 --------------------------------------- Weighted average Common Shares 32,294 31,646 32,214 29,912 ======================================= ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights For the Quarters and Years ended December 31, 2005 and 2004 (dollars in thousands, except per share data) =========================================================== RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (2) For the quarters For the years ended ended December 31, December 31, 2005 2004 2005 2004 ------- ------- ------- ------- Net income $ 4,611 $10,076 $20,626 $19,585 Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated partnerships 3,579 3,739 14,092 14,411 Unconsolidated partnerships 968 622 3,330 2,329 Income attributable to minority interest in Operating Partnership 97 131 416 375 Gain on sale of properties (509) (6,696) (2,622) (6,696) ------- ------- ------- ------- Funds from operations - Basic 8,746 7,872 35,842 30,004 Distributions - Preferred OP Units 79 88 333 336 ------- ------- ------- ------- Funds from operations - Diluted $ 8,825 $ 7,960 $36,175 $30,340 ======= ======= ======= ======= Funds from operations per share - Basic Weighted average Common Shares and OP Units (3) 32,671 31,058 32,564 29,939 ------- ------- ------- ------- Funds from operations per share $ .27 $ .25 $ 1.10 $ 1.00 ======= ======= ======= ======= Funds from operations per share - Diluted Weighted average Common Shares and OP Units (3) 33,377 32,038 33,306 30,993 ======= ======= ======= ======= Funds from operations per share $ .26 $ .25 $ 1.09 $ .98 ======= ======= ======= ======= ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights As of December 31, 2005 and 2004 (dollars in thousands, except per share data) ============================================= SELECTED BALANCE SHEET INFORMATION December December 31, 31, 2005 2004 -------- --------- Cash and cash equivalents $ 39,612 $ 13,499 Rental property, at cost 435,751 414,974 Total assets 499,058 405,647 Mortgage notes payable 238,448 153,361 Total liabilities 267,746 181,172 Fixed rate debt: (4) 216,788 146,407 % of outstanding debt 91% 95% Weighted average interest rate 5.8% 6.1% Variable rate debt (4) $ 21,660 $ 6,954 % of outstanding debt 9% 5% Weighted average interest rate 6.0% 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 653 and 392 OP Units into Common Shares for the quarters ended December 31, 2005 and 2004, respectively and 615 and 598 OP Units into Common Shares for the years ended December 31, 2005 and 2004, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 430 and 523 Common Shares for the quarters ended December 31, 2005 and 2004, respectively and 476 and 500 Common Shares for the years ended December 31, 2005 and 2004, respectively. (4) Fixed-rate debt includes $92,376 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 a5092945ex99-2.txt EXHIBIT 99.2 Exhibit 99.2 ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Table of Contents ----------------- Page ---- Section I - Overview Important Notes 2 Company Information 3 Portfolio Snapshot 4 Organizational Chart 5 Executive Management Team 6 Section II - Financial Information Market Capitalization 7 Shareholder Information 8 Operating Statements - Consolidated 9 Operating Statements - Joint Venture Activity 11 Operating Statements - Activity by Source 13 Operating Statements - Current v. Historical 15 Net Operating Income - Same Property Performance 16 Funds from Operations ("FFO"), Adjusted FFO ("AFFO") and Funds Available for Distribution ("FAD") 17 Capital Expenditures 18 Balance Sheets 19 Selected Operating Ratios 20 Debt Analysis - Summary 21 Debt Analysis - Detail 22 Debt Maturity Schedule 24 Unencumbered Properties 25 ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Page ---- Section III - Joint Venture Information Overview - Fund I 26 Overview - Fund II 27 Overview - RCP Venture 28 Fund I Properties - Detail 29 Top 10 Fund I Tenants 30 Fund I - Current Valuation 31 Kroger/Safeway Locations 32 Fund II Properties - Detail 33 Section IV - Parent Portfolio Information Properties - Overview 34 Properties by Region - Summary 37 Properties by State - Summary 38 Properties - Detail 39 Leasing Production 42 Top 10 Tenants - Consolidated 43 Anchor Tenant Detail 44 Anchor Lease Expirations - Next 3 Years 50 Lease Expirations 51 Property Demographics 59 Residential Properties 60 ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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. ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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 69 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 michael.bilerman@citigroup.com J.P. Morgan Securities, Inc. ------------------------------ Michael W. Mueller, CFA (212) 622-6689 David Carlisle - (212) 816- 1382 michael.w.mueller@jpmorgan.com david.s.carlisle@citigroup.com ------------------------------- ------------------------------ Josh Bederman (212) 622-6530 josh.h.bederman@jpmorgan.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 -------------------------------
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Executive Management Team
Kenneth F. Bernstein Chief Mr. Bernstein is responsible for strategic planning as well as overseeing all Executive day to day activities of the Company including operations, acquisitions and Officer and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD President 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 Mr. Braun is responsible for the sourcing and financial analysis of acquisition President, properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and Chief Finance for Rosenshein Associates, a regional shopping center developer based in Investment New Rochelle, New York. During this time, Mr. Braun was instrumental in the Officer 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 Most recently, Mr. Hogan served as Vice President with Kimco Realty Corporation President, (NYSE:KIM), where he was responsible for business development and management of Director of all retail and commercial construction projects for Kimco, in addition to Construction 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 Prior to joining Acadia in December 1994, Mr. Masters was General Counsel for President, API Asset Management for over five years, Senior Vice President Deputy General General Counsel for European American Bank from 1985 to 1990, and Vice President and Counsel, Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received Corporate his Bachelor of Arts from the City University of New York and his J.D. from New Secretary York University Law School. Mr. Masters is also a member of the New York State Bar. Joseph M. Napolitano, Senior Vice Mr. Napolitano is responsible for overseeing the company's internal operations. CPM President, Previously, he held the position of Senior Vice President, Director of Property Director of Management. Prior to joining Acadia in 1995, Mr. Napolitano was employed by Operations 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 Mr. Nelsen oversees all the financial activities and asset management functions. President, Mr. Nelsen was most recently President of G. Soros Realty, Inc. and Director of Chief Real Estate for Soros Private Funds Management LLC. His responsibilities Financial included asset/portfolio management of real estate operations, financial Officer 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 Mr. Povinelli joined Acadia in 1999 with 19 years of retail leasing experience. President, Since 1987 Mr. Povinelli had served as regional real estate representative for Director of Vornado Realty Trust, a New Jersey based Real estate investment trust, and was Leasing 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 University. Robert Scholem Senior Vice Mr. Scholem has been the Director of Property Management since 2003 and a Senior President, Vice President since August, 2005. Prior to joining the Company in 1998, Mr. Director of Scholem was employed at Rosen Associates Management Corp. as a Senior Property Property Manager overseeing a national portfolio of community shopping centers, and Management Staller Associates, Inc. as an Operations Manager responsible for community shopping centers, office, and industrial buildings on Long Island, New York. Mr. Scholem holds a Bachelor's in Business Administration from Guilford College, Greensboro, NC; and is a Certified Property Manager (CPM(R)) by the Institute of Real Estate Management. Mr. Scholem is also a licensed Salesperson by the State of New York as well as a member of LI Board of Realtors & CIREI, and is a Certified Shopping Center Manager (CSM) by the International Council of Shopping Centers.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Total Market Capitalization --------------------------- (including pro-rata share of joint venture debt) Percent of Percent Total Market of (amounts in thousands) Total Capitalization Equity --------- -------------- Equity Capitalization - ------------------------------ Total Common Shares Outstanding 97.2% 31,543 Common Operating Partnership ("OP") Units 2.0% 653 ---------- Combined Common Shares and OP Units 32,196 Market Price at December 30, 2005 $20.05 ---------- Equity Capitalization - Common Shares and OP Units $645,530 Preferred OP Units - at cost (1) 0.8% 4,884 --------- ---------- Total Equity Capitalization 100.0% 650,414 67.8% ========= ======================== Debt Capitalization - ------------------------------ Consolidated debt 238,448 Adjustment to reflect pro-rata share of unconsolidated JV debt 70,114 ---------- Total Debt Capitalization 308,562 32.2% ------------------------ Total Market Capitalization $958,976 100.0% ======================== Weighted Average Outstanding Common Shares and O.P. Units - --------------------------------------------------------------------- Common Shares O.P. Total Units --------------------------------- ===================================================================== Basic Quarter ended December 31, 2005 32,017,316 653,360 32,670,676 Year-to-date December 31, 2005 31,948,610 615,160 32,563,770 Fully Diluted Quarter ended December 31, 2005 32,293,926 653,360 32,947,286 Year-to-date December 31, 2005 (3) 32,214,231 615,160 32,829,391 ===================================================================== Basic Quarter ended December 31, 2004 30,665,688 392,255 31,057,943 Year-to-date December 31, 2004 29,340,992 598,259 29,939,251 Fully Diluted Quarter ended December 31, 2004 (3) 31,645,852 392,255 32,038,107 Year-to-date December 31, 2004 (3) 29,912,405 598,259 30,510,664 (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 included in fully diluted EPS for the above periods EXCEPT for the quarter ended December 31, 2004. However, for the purposes of calculating FFO on a fully diluted basis for the quarter and year ended December 31, 2005 and the year ended December 31, 2004, these stock equivalents are dilutive and amount to 429,879, 476,279 and 499,662, respectively. ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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 4,021 12.7% Yale University 2,570 8.1% Third Avenue Management 2,458 7.8% Heitman Real Estate Securities 2,036 6.5% Cliffwood Partners 1,663 5.3% Morgan Stanley 1,661 5.3% Vanguard Group 1,378 4.4% Barclay's Global Investors 1,342 4.3% Redding K G & Associated LLC 1,203 3.8% Clarion CRA Securities 869 2.8% ---- ---- Total of 10 Largest Institutional Shareholders 19,201 60.9% ======= ===== Total of all Institutional Shareholders 29,787 94.4% ======= ===== 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% ==== ======
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Statements of Operations - Consolidated (1) ------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands) --------------------------------- --------------------------------- Year-to-Date Current Quarter Year 3 months ended December 31, ended December 31, 2005 2005 --------------------------------- --------------------------------- Discontinued Discontinued Wholly JV's operations Total Wholly JV's Operations Total Owned Owned --------------------------------- --------------------------------- PROPERTY REVENUES Minimum rents $52,409 $9,159 $365 $61,933 $13,435 $1,894 $- $15,329 Percentage rents 747 249 (5) 991 307 44 (5) 346 Expense reimbursements 13,919 2,110 209 16,238 3,828 544 (14) 4,358 Other property income 657 36 (131) 562 65 7 (137) (65) --------------------------------- --------------------------------- 67,732 11,554 438 79,724 17,635 2,489 (156) 19,968 --------------------------------- --------------------------------- PROPERTY EXPENSES Property operating 14,183 1,448 348 15,979 3,972 208 106 4,286 Real estate taxes 9,253 1,312 138 10,703 2,449 247 - 2,696 --------------------------------- --------------------------------- 23,436 2,760 486 26,682 6,421 455 106 6,982 --------------------------------- --------------------------------- NET OPERATING INCOME - PROPERTIES 44,296 8,794 (48) 53,042 11,214 2,034 (262) 12,986 OTHER INCOME (EXPENSE) General and administrative (8,006) - - (8,006) (3,208) - - (3,208) Property related home office expenses (7,386) (95) - (7,481) (1,920) (39) - (1,959) Equity in earnings of Fund I unconsolidated properties - 279 - 279 - 76 - 76 Lease termination income - - - - - - - - Interest income 3,577 102 - 3,679 1,119 37 - 1,156 Asset and property management income (2) 10,513 - - 10,513 2,780 - - 2,780 Promote Fee (3) 979 - - 979 979 - - 979 Property management expense (221) - - (221) (55) - - (55) Straight-line rent income 546 158 - 704 194 339 - 533 Straight-line rents written off (17) - - (17) - - - - FAS 141 Rent (217) 20 - (197) (122) (19) - (141) Abandoned project costs - (86) - (86) - - - - Hurricane related income (expenses) (4) 479 - - 479 - - - - Provision for Income Taxes 170 - - 170 261 - - 261 Other income (expense) (175) 734 - 559 (96) 527 - 431 --------------------------------- --------------------------------- EBIDTA 44,538 9,906 (48) 54,396 11,146 2,955 (262) 13,839 Depreciation and amortization (16,693)(3,000) (90)(19,783) (4,392) (802) - (5,194) FAS 141 Amortization (70) (144) - (214) (22) (28) - (50) Interest expense (11,423)(3,592) - (15,015) (3,310)(1,001) - (4,311) FAS 141 Interest - 116 - 116 - 29 - 29 Impairment of real estate - - (820) (820) - - - - Gain on sale of properties - - - - - - - - Gain on sale of properties - Mervyn's( 1) - 4,991 - 4,991 - 1,293 - 1,293 Income taxes on gain on property sale - Mervyn's (2,318) - - (2,318) (783) - - (783) --------------------------------- --------------------------------- Income before minority interest 14,034 8,277 (958) 21,353 2,639 2,446 (262) 4,823 Minority interest - OP (267) (163) 17 (413) (53) (48) 4 (97) Minority interest (265) (49) - (314) (102) (13) - (115) --------------------------------- --------------------------------- NET INCOME $13,502 $8,065 $(941)$20,626 $2,484 $2,385 $(258) $4,611 ================================= =================================
(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 Shopping Center ("Crossroads").
(2) Detail as follows: YTD 4th 3rd 2nd 1st Quarter Quarter Quarter Quarter -------- -------------------------------- Asset management fee Fund I $1,052 $263 $263 $263 $263 Asset management fee Fund II 3,326 900 926 750 750 Property management, leasing and legal fees - Fund I 1,909 490 549 564 306 Property management/Construction/legal fees - Fund II 755 183 273 299 - Klaff related fees 3,387 944 887 981 575 Other fees 84 - - - 84 -------- -------------------------------- $10,513 $2,780 $2,898 $2,857 $1,978 ======== ================================
(3) Represents amounts distributed to the Company in excess of its pro-rata share as a result of the performance of the Mervyn's investment. (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.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Statements of Operations - Consolidated (1) ------------------------------------- Current Quarter and Year-to- Date ----------------------------- (in thousands) Previous Quarters 3 months 3 months 3 months ended September 30, ended June 30, ended March 31, 2005 2005 2005 --------------------------------- --------------------------------- --------------------------------- Discontinued Discontinued Discontinued Wholly JV's Operations Total Wholly JV's Operations Total Wholly JV's Operations Total Owned Owned Owned --------------------------------- --------------------------------- --------------------------------- PROPERTY REVENUES Minimum rents $13,352 $2,395 $7 $15,754 $13,032 $2,526 $147 $15,705 $12,590 $2,344 $211 $15,145 Percentage rents 144 185 - 329 112 10 - 122 184 10 - 194 Expense reimbursements 3,097 509 - 3,606 3,096 523 87 3,706 3,898 534 136 4,568 Other property income 236 13 5 254 134 11 1 146 222 5 - 227 --------------------------------- --------------------------------- --------------------------------- 16,829 3,102 12 19,943 16,374 3,070 235 19,679 16,894 2,893 347 20,134 --------------------------------- --------------------------------- --------------------------------- PROPERTY EXPENSES Property operating 3,151 318 28 3,497 2,966 464 64 3,494 4,094 458 150 4,702 Real estate taxes 2,363 399 4 2,766 2,093 343 68 2,504 2,348 323 66 2,737 --------------------------------- --------------------------------- --------------------------------- 5,514 717 32 6,263 5,059 807 132 5,998 6,442 781 216 7,439 --------------------------------- --------------------------------- --------------------------------- NET OPERATING INCOME - PROPERTIES 11,315 2,385 (20) 13,680 11,315 2,263 103 13,681 10,452 2,112 131 12,695 OTHER INCOME (EXPENSE) General and administrative (1,586) - - (1,586) (1,507) - - (1,507) (1,705) - - (1,705) Property related home office expenses (1,903) (21) - (1,924) (2,190) (27) - (2,217) (1,373) (8) - (1,381) Equity in earnings of Fund I unconsolidated properties - 186 - 186 - (2) - (2) - 19 - 19 Lease termination income - - - - - - - - - - - - Interest income 1,040 57 - 1,097 941 7 - 948 477 1 - 478 Asset and property management income (2) 2,898 - - 2,898 2,857 - - 2,857 1,978 - - 1,978 Promote Fee (3) - - - - - - - - - - - Property management expense (55) - - (55) (55) - - (55) (56) - - (56) Straight-line rent income 53 175 - 228 157 (250) - (93) 142 (106) - 36 Straight-line rents written off - - - - - - - - (17) - - (17) FAS 141 Rent (95) (3) - (98) - 25 - 25 - 17 - 17 Abandoned project costs - - - - - (86) - (86) - - - - Hurricane related income (expenses) (4) - - - - - - - - 479 - - 479 Provision for Income Taxes (91) - - (91) - - - - - - - - Other income (expense) (61) 207 - 146 (60) - - (60) 42 - - 42 --------------------------------- --------------------------------- --------------------------------- EBIDTA 11,515 2,986 (20) 14,481 11,458 1,930 103 13,491 10,419 2,035 131 12,585 Depreciation and amortization (4,389) (795) - (5,184) (3,933) (710) (45) (4,688) (3,979) (693) (45) (4,717) FAS 141 Amortization (48) (41) - (89) - (27) - (27) - (48) - (48) Interest expense (3,084) (947) - (4,031) (2,670) (823) - (3,493) (2,359) (821) - (3,180) FAS 141 Interest - 29 - 29 - 29 - 29 - 29 - 29 Impairment of real estate - - (50) (50) - - (770) (770) - - - - Gain on sale of properties - - - - - - - - - - - - Gain on sale of properties - Mervyn's( 1) - 3,698 - 3,698 - - - - - - - - Income taxes on gain on property sale - Mervyn's (1,535) - - (1,535) - - - - - - - - --------------------------------- --------------------------------- --------------------------------- Income before minority interest 2,459 4,930 (70) 7,319 4,855 399 (712) 4,542 4,081 502 86 4,669 Minority interest - OP (52) (98) 1 (149) (97) (8) 13 (92) (65) (9) (1) (75) Minority interest 74 (19) - 55 (93) (12) - (105) (144) (5) - (149) --------------------------------- --------------------------------- --------------------------------- NET INCOME $2,481 $4,813 $(69) $7,225 $4,665 $379 $(699) $4,345 $3,872 $488 $85 $4,445 ================================= ================================= =================================
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Statements of Operations - Joint Venture Activity (1) --------------------------------------- Current Quarter and Year- to-Date ------------------------- (in thousands) Year-to-Date Current Quarter Year 3 months ended December 31, ended December 31, 2005 2005 ----------------------------------------------------- ------------------------------------------------- AKR Pro- AKR Pro- Pro- Pro- AKR Pro- AKR Pro- Pro- Pro- rata rata rata rata rata rata rata rata Fund I share Fund II share Crossroads share Total Fund I share Fund II share Crossroads share Total ----------------------------------------------------- ------------------------------------------------- PROPERTY REVENUES Minimum rents $24,855 $5,524 $3,417 $684 $6,028 $2,951 $9,159 $5,179 $1,151 $23 $5 $1,510 $738 $1,894 Percentage rents 596 133 527 105 22 11 249 180 40 - - 8 4 44 Expense reimbursements 2,922 650 973 214 2,541 1,246 2,110 647 144 327 84 644 316 544 Other property income 57 13 4 2 43 21 36 10 2 3 1 8 4 7 ----------------------------------------------------- ------------------------------------------------- 28,430 6,320 4,921 1,005 8,634 4,229 11,554 6,016 1,337 353 90 2,170 1,062 2,489 ----------------------------------------------------- ------------------------------------------------- PROPERTY EXPENSES Property operating 3,687 820 764 152 970 476 1,448 1,263 281 (989)(198) 255 125 208 Real estate taxes 1,370 304 1,101 220 1,611 788 1,312 316 70 (124) (25) 413 202 247 ----------------------------------------------------- ------------------------------------------------- 5,057 1,124 1,865 372 2,581 1,264 2,760 1,579 351 (1,113)(223) 668 327 455 ----------------------------------------------------- ------------------------------------------------- NET OPERATING INCOME - PROPERTIES 23,373 5,196 3,056 633 6,053 2,965 8,794 4,437 986 1,466 313 1,502 735 2,034 OTHER INCOME (EXPENSE) General and administrative - - - - - - - - - - - - - - Property related home office expenses (303) (71) (118) (24) - - (95) (97) (25) (72) (14) - - (39) Equity in earnings of Fund I unconsolidated properties (2) 759 238 206 41 - - 279 274 130 (269) (54) - - 76 Lease termination income - - - - - - - - - - - - - - Interest income 369 82 105 20 - - 102 92 20 85 17 - - 37 Asset and property management income - - - - - - - - - - - - - - Promote Fee (1,515) - - - - - - (1,515) - - - - - - Asset and property management expense( 3) (2,284) - (4,286) - - - - (597) - (1,088) - - - - Straight-line rent income 466 103 19 4 101 51 158 1,449 322 3 1 32 16 339 Straight-line rents written off (1) - - - - - - (1) - - - - - - FAS 141 Rent 411 91 (358) (71) - - 20 122 27 (232) (46) - - (19) Abandoned project costs - - (430) (86) - - (86) - - - - - - - Hurricane related expenses - - - - - - - - - - - - - - Provision for income taxes - - - - - - - - - - - - - - Other income (5) 1,884 544 952 190 - - 734 952 337 952 190 - - 527 ----------------------------------------------------- ------------------------------------------------- EBIDTA 23,159 6,183 (854) 707 6,154 3,016 9,906 5,116 1,797 845 407 1,534 751 2,955 Depreciation and amortization (4) (9,020)(2,005)(1,417) (283) (653) (712)(3,000) (2,309) (513) (601)(120) (144) (169) (802) FAS 141 Amortization (147) (33) (555) (111) - - (144) (31) (7) (106) (21) - - (28) Interest expense (4) (7,098)(1,476)(2,125) (408) (3,633)(1,708)(3,592) (1,778) (376) (997)(199) (869) (426)(1,001) FAS 141 Interest 528 116 - - - - 116 132 29 - - - - 29 Impairment of real estate - - - - - - - - - - - - - - Gain on sale of properties - - - - - - - - - - - - - - Gain on sale of properties - Mervyn's( 2) 9,008 3,189 9,008 1,802 - - 4,991 250 1,243 250 50 - - 1,293 Income taxes on gain on property sale - Mervyn's (2) - - - - - - - - - - - - - - ----------------------------------------------------- ------------------------------------------------- Income before minority interest 16,430 5,974 4,057 1,707 1,868 596 8,277 1,380 2,173 (609) 117 521 156 2,446 Minority interest - OP - (117) - (34) - (12) (163) - (43) - (2) - (3) (48) Minority interest (284) (63) 64 14 - - (49) (69) (15) 9 2 - - (13) ----------------------------------------------------- ------------------------------------------------- NET INCOME $16,146 $5,794 $4,121 $1,687 $1,868 $584 $8,065 $1,311 $2,115 $(600)$117 $521 $153 $2,385 ===================================================== =================================================
(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 Shopping Center ("Crossroads"). (2) Although the investment in Mervyn's is not through Funds I and II, the activity from this investment has been included in this line item for presentation purposes only. Fund I currently invests in 5 properties in which it has 50% interest in and for which it uses the equity method of accounting. (3) Funds I, II and the Mervyn's investment pay asset management, promote and other fees to the Company. As it is the recepient of such fees, the Company does not recognize a pro-rata share of these expenses (4) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. (5) Reperesents additional fee income earned from the Company's Mervyn's investment. ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Statements of Operations - Joint Venture Activity (1) ---------------------------------------------- Current Quarter and Year-to-Date ---------------------------------------------- (in thousands) -------------------------------
3 months 3 months ended September 30, ended June 30, 2005 2005 --------------------------------------------------------------------------------------------------------- AKR P ro- AKR Pro-rata Pro- Pro- AKR Pro- AKR rata rata rata rata Fund I share Fund II share Crossroads share Total Fund I share Fund II -------------------------------------------------------------------------- PROPERTY REVENUES Minimum rents $5,714 $1,270 $1,957 $391 $1,501 $734 $2,395 $7,401 $1,645 $703 Percentage rents 328 73 527 105 14 7 185 44 10 - Expense reimbursements 606 135 343 69 622 305 509 784 174 148 Other property income 8 2 (1) - 22 11 13 36 8 (2) -------------------------------------------------------------------------- 6,656 1,480 2,826 565 2,159 1,057 3,102 8,265 1,837 849 -------------------------------------------------------------------------- PROPERTY EXPENSES Property operating 510 113 582 116 181 89 318 875 195 606 Real estate taxes 354 79 592 118 413 202 399 365 81 310 -------------------------------------------------------------------------- 864 192 1,174 234 594 291 717 1,240 276 916 -------------------------------------------------------------------------- NET OPERATING INCOME - PROPERTIES 5,792 1,288 1,652 331 1,565 766 2,385 7,025 1,561 (67) OTHER INCOME (EXPENSE) General and administrative - - - - - - - - - - Property related home office expenses (71) (16) (23) (5) - - (21) (104) (23) (18) Equity in earnings of Fund I unconsolidated properties (2) 408 91 475 95 - - 186 (7) (2) - Lease termination income - - - - - - - - - - Interest income 248 55 12 2 - - 57 25 6 6 Asset and property management income - - - - - - - - - - Promote Fee - - - - - - - - - - Asset and property management expense( 3) (585) - (1,262) - - - - (562) - (998) Straight-line rent income 801 178 5 1 (9) (4) 175 (1,209) (269) 5 Straight-line rents written off - - - - - - - - - - FAS 141 Rent 117 26 (147) (29) - - (3) 107 24 7 Abandoned project costs - - - - - - - - - (430) Hurricane related expenses - - - - - - - - - - Provision for income taxes - - - - - - - - - - Other income (5) 932 207 - - - - 207 - - - -------------------------------------------------------------------------- EBIDTA 7,642 1,829 712 395 1,556 762 2,986 5,275 1,297 (1,495) Depreciation and amortization (4) (2,260) (502) (476) (95) (205) (198) (795)(2,257) (502) (177) FAS 141 Amortization (32) (7) (169) (34) - - (41) (34) (8) (93) Interest expense (4) (1,767) (378) (687) (134) (888) (435) (947)(1,805) (349) (253) FAS 141 Interest 132 29 - - - - 29 132 29 - Impairment of real estate - - - - - - - - - - Gain on sale of properties - - - - - - - - - - Gain on sale of properties - Mervyn's( 2) 8,758 1,946 8,758 1,752 - - 3,698 - - - Income taxes on gain on property sale - Mervyn's (2) - - - - - - - - - - -------------------------------------------------------------------------- Income before minority interest 12,473 2,917 8,138 1,884 463 129 4,930 1,311 467 (2,018) Minority interest - OP - (58) - (37) - (3) (98) - (9) - Minority interest (73) (16) (17) (3) - - (19) (75) (17) 24 -------------------------------------------------------------------------- NET INCOME $12,400 $2,843 $8,121 $1,844 $463 $126 $4,813 $1,236 $441 $(1,994) ==========================================================================
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Statements of Operations - Joint Venture Activity (1) ----------------------------------------- Current Quarter and Year-to-Date ----------------------------------------- (in thousands) -------------------------- Previous Quarters 3 months 3 months ended June 30, ended March 31, 2005 2005 --------------------------------------------------------------------------------------------------------- Pro-rata Pro- Pro- AKR Pro- AKR Pro-rata Pro- Pro- rata rata rata rata rata share Crossroadsshare Total Fund I share Fund II shareCrossroadsshare Total ------------------------------------------------------------------------------- PROPERTY REVENUES Minimum rents $141 $1,510 $740 $2,526 $6,561 $1,458 $734 $147 $1,507 $739 $2,344 Percentage rents - - - 10 44 10 - - - - 10 Expense reimbursements 30 651 319 523 885 197 155 31 624 306 534 Other property income - 7 3 11 3 1 4 1 6 3 5 ------------------------------------------------------------------------------- 171 2,168 1,062 3,070 7,493 1,666 893 179 2,137 1,048 2,893 ------------------------------------------------------------------------------- PROPERTY EXPENSES Property operating 121 302 148 464 1,039 231 565 113 232 114 458 Real estate taxes 62 409 200 343 335 74 323 65 376 184 323 ------------------------------------------------------------------------------- 183 711 348 807 1,374 305 888 178 608 298 781 ------------------------------------------------------------------------------- NET OPERATING INCOME - PROPERTIES (12) 1,457 714 2,263 6,119 1,361 5 1 1,529 750 2,112 OTHER INCOME (EXPENSE) General and administrative - - - - - - - - - - - Property related home office expenses (4) - - (27) (31) (7) (5) (1) - - (8) Equity in earnings of Fund I unconsolidated properties (2) - - - (2) 84 19 - - - - 19 Lease termination income - - - - - - - - - - - Interest income 1 - - 7 4 1 2 - - - 1 Asset and property management income - - - - - - - - - - - Promote Fee - - - - - - - - - - - Asset and property management expense( 3) - - - - (540) - (938) - - - - Straight-line rent income 1 36 18 (250) (575) (128) 6 1 42 21 (106) Straight-line rents written off - - - - - - - - - - - FAS 141 Rent 1 - - 25 65 14 14 3 - - 17 Abandoned project costs (86) - - (86) - - - - - - - Hurricane related expenses - - - - - - - - - - - Provision for income taxes - - - - - - - - - - - Other income (5) - - - - - - - - - - - ------------------------------------------------------------------------------- EBIDTA (99) 1,493 732 1,930 5,126 1,260 (916) 4 1,571 771 2,035 Depreciation and amortization (4) (35) (154) (173) (710)(2,194) (488) (163) (33) (150) (172) (693) FAS 141 Amortization (19) - - (27) (50) (11) (187) (37) - - (48) Interest expense (4) (48) (836) (426) (823)(1,748) (373) (188) (27) (1,040) (421) (821) FAS 141 Interest - - - 29 132 29 - - - - 29 Impairment of real estate - - - - - - - - - - - Gain on sale of properties - - - - - - - - - - - Gain on sale of properties - Mervyn's( 2) - - - - - - - - - - - Income taxes on gain on property sale - Mervyn's (2) - - - - - - - - - - - ------------------------------------------------------------------------------- Income before minority interest (201) 503 133 399 1,266 417 (1,454) (93) 381 178 502 Minority interest - OP 4 - (3) (8) - (7) - 1 - (3) (9) Minority interest 5 - - (12) (67) (15) 48 10 - - (5) ------------------------------------------------------------------------------- NET INCOME $(192) $503 $130 $379 $1,199 $395 $(1,406)$(82) $381 $175 $488 ===============================================================================
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Statements of Operations - Activity by Source (1) - --------------------------------------------------------------- (in thousands) -------------------------------- -------------------------------- Year-to-Date Current Quarter Period 3 months ended December ended December 31, 31, 2005 2005 -------------------------------- -------------------------------- Retail Multi- Corporate Total Retail Multi- Corporate Total Family Family -------------------------------- -------------------------------- PROPERTY REVENUES Minimum rents $54,622 $7,311 $- $61,933 $13,408 $1,921 $- $15,329 Percentage rents 991 - - 991 346 - - 346 Expense reimbursements 16,238 - - 16,238 4,358 - - 4,358 Other property income 199 363 - 562 (147) 82 - (65) -------------------------------- -------------------------------- 72,050 7,674 - 79,724 17,965 2,003 - 19,968 -------------------------------- -------------------------------- PROPERTY EXPENSES Property operating 12,210 3,769 - 15,979 3,261 1,025 - 4,286 Real estate taxes 10,357 346 - 10,703 2,596 100 - 2,696 -------------------------------- -------------------------------- 22,567 4,115 - 26,682 5,857 1,125 - 6,982 -------------------------------- -------------------------------- NET OPERATING INCOME - PROPERTIES 49,483 3,559 - 53,042 12,108 878 - 12,986 OTHER INCOME (EXPENSE) General and administrative - - (8,006) (8,006) - - (3,208) (3,208) Property related home office expenses - - (7,481) (7,481) - - (1,959) (1,959) Equity in earnings of Fund I unconsolidated properties 279 - - 279 76 - - 76 Lease termination income - - - - - - - - Interest income - 14 3,665 3,679 - 3 1,153 1,156 Asset and property management income - - 10,513 10,513 - - 2,780 2,780 Promote Fee 979 - - 979 979 - - 979 Other property management fees (83) (138) - (221) (21) (34) - (55) Straight-line rent income 704 - - 704 533 - - 533 Straight-line rents written off (17) - - (17) - - - - FAS 141 Rent (197) - - (197) (141) - (141) Abandoned project costs (86) - - (86) - - - - Hurricane related expenses 479 - - 479 - - - - Provision for income taxes 170 - - 170 261 - - 261 Other income 559 - - 559 431 - - 431 -------------------------------- -------------------------------- EBIDTA 52,270 3,435 (1,309) 54,396 14,226 847 (1,234) 13,839 Depreciation and amortization (17,867)(1,465) (451)(19,783) (4,704) (372) (118) (5,194) FAS 141 Amortization (214) - - (214) (50) - - (50) Interest expense (13,660)(1,355) - (15,015) (3,948) (363) - (4,311) FAS 141 Interest 116 - - 116 29 29 Impairment of real estate (820) - - (820) - - - - Gain on sale of properties - - - - - - - - Gain on sale of properties - Mervyn's( 1) 4,991 - - 4,991 1,293 - - 1,293 Income taxes on gain on property sale - Mervyn's (2,318) - - (2,318) (783) - - (783) -------------------------------- -------------------------------- Income before minority interest 22,498 615 (1,760) 21,353 6,063 112 (1,352) 4,823 Minority interest - OP (434) (12) 33 (413) (122) (2) 27 (97) Minority interest (314) - - (314) (115) - - (115) -------------------------------- -------------------------------- NET INCOME $21,750 $603 $(1,727)$20,626 $5,826 $110 $(1,325) $4,611 ================================ ================================ (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 Shopping Center ("Crossroads").
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Statements of Operations - Activity by Source (1) - ---------------- (in thousands) Previous Quarters 3 months 3 months 3 months ended September 30, ended June 30, ended March 31, 2005 2005 2005 -------------------------------- -------------------------------- -------------------------------- Retail Multi- Corporate Total Retail Multi- Corporate Total Retail Multi- Corporate Total Family Family Family -------------------------------- -------------------------------- -------------------------------- PROPERTY REVENUES Minimum rents $13,938 $1,816 $- $15,754 $13,898 $1,807 $- $15,705 $13,378 $1,767 $- $15,145 Percentage rents 329 - - 329 122 - - 122 194 - - 194 Expense reimbursements 3,606 - - 3,606 3,706 - - 3,706 4,568 - - 4,568 Other property income 165 89 - 254 63 83 - 146 118 109 - 227 -------------------------------- -------------------------------- -------------------------------- 18,038 1,905 - 19,943 17,789 1,890 - 19,679 18,258 1,876 - 20,134 -------------------------------- -------------------------------- -------------------------------- PROPERTY EXPENSES Property operating 2,422 1,075 - 3,497 2,683 811 - 3,494 3,844 858 - 4,702 Real estate taxes 2,684 82 - 2,766 2,422 82 - 2,504 2,655 82 - 2,737 -------------------------------- -------------------------------- -------------------------------- 5,106 1,157 - 6,263 5,105 893 - 5,998 6,499 940 - 7,439 -------------------------------- -------------------------------- -------------------------------- NET OPERATING INCOME - PROPERTIES 12,932 748 - 13,680 12,684 997 - 13,681 11,759 936 - 12,695 OTHER INCOME (EXPENSE) General and administrative - - (1,586) (1,586) - - (1,507) (1,507) - - (1,705) (1,705) Property related home office expenses - - (1,924) (1,924) - - (2,217) (2,217) - - (1,381) (1,381) Equity in earnings of Fund I unconsolidated properties 186 - - 186 (2) - - (2) 19 - - 19 Lease termination income - - - - - - - - - - - - Interest income - 6 1,091 1,097 - 5 943 948 - - 478 478 Asset and property management income - - 2,898 2,898 - - 2,857 2,857 - - 1,978 1,978 Promote Fee - - - - - - - - - - Other property management fees (21) (34) - (55) (20) (35) - (55) (21) (35) - (56) Straight-line rent income 228 - - 228 (93) - - (93) 36 - - 36 Straight-line rents written off - - - - - - - - (17) - - (17) FAS 141 Rent (98) - (98) 25 - 25 17 - 17 Abandoned project costs - - - - (86) - - (86) - - - - Hurricane related expenses - - - - - - - - 479 - - 479 Provision for income taxes (91) - - (91) - - - - - - - - Other income 146 - - 146 (60) - - (60) 42 - - 42 -------------------------------- -------------------------------- -------------------------------- EBIDTA 13,282 720 479 14,481 12,448 967 76 13,491 12,314 901 (630) 12,585 Depreciation and amortization (4,698) (370) (116) (5,184) (4,213) (363) (112) (4,688) (4,252) (360) (105) (4,717) FAS 141 Amortization (89) - - (89) (27) (27) (48) (48) Interest expense (3,657) (374) - (4,031) (3,177) (316) - (3,493) (2,878) (302) - (3,180) FAS 141 Interest 29 29 29 29 29 29 Impairment of real estate (50) - - (50) (770) - - (770) - - - - Gain on sale of properties - - - - - - - - - - - - Gain on sale of properties - Mervyn's( 1) 3,698 - - 3,698 - - - - - - - - Income taxes on gain on property sale - Mervyn's (1,535) - - (1,535) - - - - - - - - -------------------------------- -------------------------------- -------------------------------- Income before minority interest 6,980 (24) 363 7,319 4,290 288 (36) 4,542 5,165 239 (735) 4,669 Minority interest - OP (142) - (7) (149) (87) (6) 1 (92) (83) (4) 12 (75) Minority interest 55 - - 55 (105) - - (105) (149) - - (149) -------------------------------- -------------------------------- -------------------------------- NET INCOME $6,893 $(24) $356 $7,225 $4,098 $282 $(35) $4,345 $4,933 $235 $(723) $4,445 ================================ ================================ ================================
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Statements of Operations - Current v. Historical (1) - ---------------------------------- (in thousands)
Current Quarter Historical Current Year-to-Date Quarter 3 months 3 months Period ended December 31, ended December 31, ended December 31, 2005 2004 2005 --------------------------------- --------------------------------- --------------------------------- Discontinued Discontinued Discontinued Wholly JV's Operations Total Wholly JV's Operations Total Wholly JV's Operations Total Owned (2) Owned Owned (2) --------------------------------- --------------------------------- --------------------------------- PROPERTY REVENUES Minimum rents $13,435 $1,894 $- $15,329 $12,613 $1,866 $368 $14,847 $52,409 $9,159 $365 $61,933 Percentage rents 307 44 (5) 346 381 23 19 423 747 249 (5) 991 Expense reimbursements 3,828 544 (14) 4,358 3,296 487 115 3,898 13,919 2,110 209 16,238 Other property income 65 7 (137) (65) 113 23 40 176 657 36 (131) 562 --------------------------------- --------------------------------- --------------------------------- 17,635 2,489 (156) 19,968 16,403 2,399 542 19,344 67,732 11,554 438 79,724 --------------------------------- --------------------------------- --------------------------------- PROPERTY EXPENSES Property operating 3,972 208 106 4,286 3,158 614 146 3,918 14,183 1,448 348 15,979 Real estate taxes 2,449 247 - 2,696 2,313 319 51 2,683 9,253 1,312 138 10,703 --------------------------------- --------------------------------- --------------------------------- 6,421 455 106 6,982 5,471 933 197 6,601 23,436 2,760 486 26,682 --------------------------------- --------------------------------- --------------------------------- NET OPERATING INCOME - PROPERTIES 11,214 2,034 (262) 12,986 10,932 1,466 345 12,743 44,296 8,794 (48) 53,042 OTHER INCOME (EXPENSE) General and administrative (3,208) - - (3,208) (1,244) (74) - (1,318) (8,006) - - (8,006) Property related home office expenses (1,920) (39) - (1,959) (1,638) - - (1,638) (7,386) (95) - (7,481) Equity in earnings of Fund I unconsolidated properties - 76 - 76 - (23) - (23) - 279 - 279 Lease termination income - - - - - - - - - - - - Interest income 1,119 37 - 1,156 553 3 3 559 3,577 102 - 3,679 Asset and property management income 2,780 - - 2,780 1,663 - - 1,663 10,513 - - 10,513 Promote Fee 979 - - 979 - - - - 979 - - 979 Property management expense (55) - - (55) (63) - - (63) (221) - - (221) Straight-line rent income 194 339 - 533 250 328 1 579 546 158 - 704 Straight-line rents written off - - - - (106) - - (106) (17) - - (17) FAS 141 Rent (122) (19) - (141) - 43 - 43 (217) 20 - (197) Abandoned project costs - - - - - - - - - (86) - (86) Hurricane related expenses - - - - - - - - 479 - - 479 Provision for income taxes 261 - - 261 - - - - 170 - - 170 Other income (expense) (96) 527 - 431 (92) - - (92) (175) 734 - 559 --------------------------------- --------------------------------- --------------------------------- EBIDTA 11,146 2,955 (262) 13,839 10,255 1,743 349 12,347 44,538 9,906 (48) 54,396 Depreciation and amortization (4,392) (802) - (5,194) (4,063) (781) (109) (4,953) (16,693)(3,000) (90)(19,783) FAS 141 Amortization (22) (28) - (50) - (27) - (27) (70) (144) - (214) Interest expense (3,310)(1,001) - (4,311) (2,929) (698) (103) (3,730) (11,423)(3,592) - (15,015) FAS 141 Interest - 29 - 29 - 29 - 29 - 116 - 116 Impairment of real estate - - - - - - - - - - (820) (820) Gain on sale of properties - - - - - - 6,696 6,696 - - - - Gain on sale of properties (Mervyn's) (2) - 1,293 - 1,293 - - - - - 4,991 - 4,991 Income taxes on gain on sale (Mervyn's) (2) (783) - - (783) - - - - (2,318) - - (2,318) --------------------------------- --------------------------------- --------------------------------- Income before minority interest 2,639 2,446 (262) 4,823 3,263 266 6,833 10,362 14,034 8,277 (958) 21,353 Minority interest - OP (53) (48) 4 (97) (41) (4) (86) (131) (267) (163) 17 (413) Minority interest (102) (13) - (115) (153) (2) - (155) (265) (49) - (314) --------------------------------- --------------------------------- --------------------------------- NET INCOME $2,484 $2,385 $(258) $4,611 $3,069 $260 $6,747 $10,076 $13,502 $8,065 $(941)$20,626 ================================= ================================= ================================= (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.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Statements of Operations - Current v. Historical (1) - -------------------------------------------------------------------------------------- (in thousands) --------------------------------- Historical Year- to-Date Period ended December 31, 2004 --------------------------------- Discontinued Wholly JV's Operations Total Owned --------------------------------- PROPERTY REVENUES Minimum rents $49,764 $7,572 $1,862 $59,198 Percentage rents 947 78 22 1,047 Expense reimbursements 12,983 1,806 616 15,405 Other property income 593 55 45 693 --------------------------------- 64,287 9,511 2,545 76,343 --------------------------------- PROPERTY EXPENSES Property operating 13,317 1,635 775 15,727 Real estate taxes 8,761 1,058 503 10,322 --------------------------------- 22,078 2,693 1,278 26,049 --------------------------------- NET OPERATING INCOME - PROPERTIES 42,209 6,818 1,267 50,294 OTHER INCOME (EXPENSE) General and administrative (5,705) (100) - (5,805) Property related home office expenses (4,762) - - (4,762) Equity in earnings of Fund I unconsolidated properties - (44) - (44) Lease termination income - - - - Interest income 1,485 23 3 1,511 Asset and property management income 4,763 - - 4,763 Promote Fee - - - - Property management expense (241) - - (241) Straight-line rent income 901 104 8 1,013 Straight-line rents written off (156) - (114) (270) FAS 141 Rent - 116 - 116 Abandoned project costs - - - - Hurricane related expenses (730) - - (730) Provision for income taxes 1 - (1) - Other income (expense) 118 - - 118 --------------------------------- EBIDTA 37,883 6,917 1,163 45,963 Depreciation and amortization (15,470)(2,495) (607)(18,572) FAS 141 Amortization - (39) - (39) Interest expense (10,435)(2,699) (1,060)(14,194) FAS 141 Interest - 115 - 115 Impairment of real estate - - - - Gain on sale of properties 931 - 6,696 7,627 Gain on sale of properties (Mervyn's) (2) - - - - Income taxes on gain on sale (Mervyn's) (2) - - - - --------------------------------- Income before minority interest 12,909 1,799 6,192 20,900 Minority interest - OP (213) (39) (123) (375) Minority interest (938) (2) - (940) --------------------------------- NET INCOME $11,758 $1,758 $6,069 $19,585 ================================= (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.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Net Operating Income (NOI) - Same Property Performance (1) - -------------------------------------------------------- (in thousands) Growth in Growth in Same Same Property NOI Property NOI - - Continuing Continuing Operations Operations Notes:Current Historical Favorable Current Historical Favorable Quarter Quarter (unfavorable) Year- Year-to- (unfavorable) to-Date Date ---------------------------------------------------------------------- 3 months 3 months Year Year ended ended ended ended Reconciliation of total NOI to same property NOI: December December December December 31, 31, 31, 31, 2005 2004 2005 2004 ------------------ ------------------ NOI - Wholly owned properties $10,952 $11,277 $44,248 $43,476 NOI - Joint Ventures (Unconsolidated partnerships) (2) 2,034 1,466 8,794 6,818 ------------------ ------------------ Total NOI 12,986 12,743 53,042 50,294 NOI - Properties Acquired (545) - (1,448) - NOI - Property sold 262 (345) 48 (1,267) NOI - Redevelopment Properties (63) - (74) - ------------------ ------------------ $12,640 $12,398 2.0% $51,568 $49,027 5.2% =============================== ================================ Same property NOI by portfolio component and revenues/expenses: Shopping Center Shopping Center Portfolio Portfolio Revenues $17,584 $16,838 4.4% $69,267 $66,284 4.5% Expenses 5,822 5,408 -7.7% 21,259 20,865 -1.9% ------------------------------- -------------------------------- 11,762 11,430 2.9% 48,008 45,419 5.7% ------------------------------- -------------------------------- Residential Residential Properties (2 Properties (2 properties) properties) Revenues 2,003 1,904 5.2% 7,674 7,586 1.2% Expenses 1,125 936 -20.2% 4,114 3,978 -3.4% ------------------------------- -------------------------------- 878 968 -9.3% 3,560 3,608 -1.3% ------------------------------- -------------------------------- $12,640 $12,398 2.0% $51,568 $49,027 5.2% =============================== ================================ (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.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Funds from Operations ("FFO")(1) - ------------------------------------------------ (in thousands) 2005 2004 Current Current Previous Historic Historic Year-to- Quarter Quarters Year-to-Quarter Date Date Period 3 months 3 months ended 3 months 3 Period 3 months ended ended ended months ended ended ended Funds from operations ("FFO"): Notes December December September June 30, March December December 31, 31, 30, 2005 2005 31, 31, 31, 2005 2005 2005 2004 2004 - ------------------------------------------------ -------- -------- --------- -------- ------- ---------------- Net Income $20,626 $4,611 $7,225 $4,345 $4,445 $19,585 $10,076 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 14,092 3,579 3,497 3,396 3,620 14,411 3,739 Unconsolidated subsidiaries 3,330 968 1,132 600 630 2,329 622 Income attributable to Operating Partnership units (2) 416 97 149 92 78 375 131 Gain on sale of properties (2,622) (509) (2,113) - - (6,696) (6,696) -------- -------- --------- -------- ------- ---------------- FFO - Basic 35,842 8,746 9,890 8,433 8,773 30,004 7,872 Distributions on Preferred OP Units 333 79 74 93 87 336 88 -------- -------- --------- -------- ------- ---------------- FFO - Diluted $36,175 $8,825 $9,964 $8,526 $8,860 $30,340 $7,960 ======== ======== ========= ======== ======= ================ Adjusted Funds from operations ("AFFO"): - ------------------------------------------------- Diluted FFO $36,175 $8,825 $9,964 $8,526 $8,860 $30,340 $7,960 Straight line rent, net (687) (533) (228) 93 (19) (743) (473) Non real-estate depreciation 451 118 116 112 105 328 106 Amortization of finance costs 1,017 319 197 313 188 716 181 Amortization of cost of management contracts 1,360 435 560 195 170 579 147 Tenant improvements (2,068) (795) (647) (296) (330) (2,474) (238) Leasing commissions (718) (141) (217) (206) (154) (1,109) (252) Capital expenditures (1,595) (301) (510) (265) (519) (2,631) (402) -------- -------- --------- -------- ------- ---------------- AFFO $33,935 $7,927 $9,235 $8,472 $8,301 $25,006 $7,029 ======== ======== ========= ======== ======= ================ Funds Available for Distribution ("FAD") - ------------------------------------------------ AFFO $33,935 $7,927 $9,235 $8,472 $8,301 $25,006 $7,029 Scheduled prinicpal repayments (2,642) (713) (696) (620) (613) (4,238) (944) -------- -------- --------- -------- ------- ---------------- FAD $31,293 $7,214 $8,539 $7,852 $7,688 $20,768 $6,085 ======== ======== ========= ======== ======= ================ Total weighted average shares and OP Units: Basic 32,564 32,671 32,658 32,541 32,382 29,939 31,058 ======== ======== ========= ======== ======= ================ Diluted 33,306 33,377 33,355 33,310 33,177 30,993 32,038 ======== ======== ========= ======== ======= ================ FFO per share: FFO per share - Basic (3) $1.10 $0.27 $0.30 $0.26 $0.27 $1.00 $0.25 ======== ======== ========= ======== ======= ================ FFO per share - Diluted (3) $1.09 $0.26 $0.30 $0.26 $0.27 $0.98 $0.25 ======== ======== ========= ======== ======= ================ AFFO per share - Basic (3) $1.03 $0.24 $0.28 $0.26 $0.25 $0.82 $0.22 ======== ======== ========= ======== ======= ================ AFFO per share - Diluted (3) $1.02 $0.24 $0.28 $0.25 $0.25 $0.81 $0.22 ======== ======== ========= ======== ======= ================ FAD per share - Basic (3) $0.95 $0.22 $0.26 $0.24 $0.23 $0.68 $0.19 ======== ======== ========= ======== ======= ================ FAD per share - Diluted (3) $0.94 $0.22 $0.26 $0.24 $0.23 $0.67 $0.19 ======== ======== ========= ======== ======= ================ - ----------------------------------------------------------------------------------------------------------------------- (1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods. (2) Reflects OP Unitholders interest in OP net income. (3) 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.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Capital Expenditures --------------------------------------------- Year-to- Current Previous Quarters Previous Date Quarter Year 3 months 3 months 3 3 Year months months ended ended ended ended ended NotesDecember December September June March December 31, 31, 30, 2005 30, 31, 31, 2005 2005 2005 2005 2004 -------- -------- --------- ------- ---------------- Leasing Commissions: $718 $141 $217 $206 $154 $1,109 -------- -------- --------- ------- ------- -------- Tenant Improvements: 2,068 795 647 296 330 2,474 -------- -------- --------- ------- ------- -------- Capital Expenditures: Retail 577 55 183 41 298 1,789 Residential 1,018 246 327 224 221 842 -------- -------- --------- ------- ------- -------- 1,595 301 510 265 519 2,631 -------- -------- --------- ------- ------- -------- Redevelopments 1,803 72 260 469 1,002 2,053 -------- -------- --------- ------- ------- -------- Total $6,184 $1,309 $1,634 $1,236 $2,005 $8,267 ======== ======== ========= ======= ======= ======== Expenditures for real estate and improvements as reported on the Company's Statement of Cash Flows $5,445 $7,103 Expenditures included in deferred leasing 718 1,109 Accrued construction costs as of period-end 21 55 -------- -------- costs in Statement of Cash Flows $6,184 $8,267 ======== ========
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Consolidated Balance Sheets --------------------------- (in thousands) December December 31, 31, 2005 2004 --------- --------- ASSETS Real estate Land $54,963 $52,472 Buildings and improvements 380,053 356,908 Construction in progress 735 5,594 --------- --------- 435,751 414,974 Less: accumulated depreciation (118,309) (105,278) --------- --------- Net real estate 317,442 309,696 Cash and cash equivalents 39,612 13,499 Cash in escrow 5,396 4,467 Restricted Cash 512 612 Investments in and advances to unconsolidated partnerships 47,021 27,684 Investment in management contracts 3,178 3,422 Preferred equity investment 19,000 - Rents receivable, net of $1,924 and $1,931 allowance, respectively 5,802 4,889 Straight-line rents receivable, net of $910 allowance 6,078 5,596 Notes Receivable 15,733 10,087 Prepaid expenses 3,057 2,994 Deferred charges, net 15,880 12,624 Other assets 15,709 4,809 Acquired lease intangibles 4,638 - Assets of discontinued operations - 5,268 --------- --------- $499,058 $405,647 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $238,448 $153,361 Accounts payable and accrued expenses 7,319 7,627 Dividends and distributions payable 6,088 5,597 Due to related parties - - Share of losses in excess of investment in unconsolidated partnerships 10,315 9,304 Interest rate swap payable 180 2,136 Other liabilities 5,396 3,096 Liabilities of discontinued operations - 51 --------- --------- Total liabilities 267,746 181,172 --------- --------- Minority interest in Operating Partnership 9,192 5,743 Minority interests in majority owned partnerships 1,532 1,808 --------- --------- Total minority interests 10,724 7,551 --------- --------- Shareholders' equity: Common shares 31 31 Additional paid-in capital 223,199 222,715 Accumulated other comprehensive income - (3,180) Deficit (2,642) (2,642) --------- --------- Total shareholders' equity 220,588 216,924 --------- --------- $499,058 $405,647 ========= =========
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Selected Operating Ratios - ----------------------------------------------------------------- 3 months ended Year ended December December 31, 31, ----------------- ------------------- 2005 2004 2005 2004 --------- --------- -------- -------- Coverage Ratios (1) - ----------------------------------------------------------------- Interest Coverage Ratio EBIDTA (2) $13,839 $12,347 $54,396 $45,963 Divided by Interest expense 4,311 3,730 15,015 14,194 --------- --------- -------- -------- 3.21 x 3.31 x 3.62 x 3.24 x Fixed Charge Coverage Ratio EBIDTA $13,839 $12,347 $54,396 $45,963 Divided by ( Interest expense 4,311 3,730 15,015 14,194 + Preferred Dividends) (2,3) 79 88 333 336 --------- --------- -------- -------- 3.15 x 3.23 x 3.54 x 3.16 x Debt Service Coverage Ratio EBIDTA $13,839 $12,347 $54,396 $45,963 Divided by ( Interest expense 4,311 3,730 15,015 14,194 + Principal Amortization) (4) 713 944 2,642 4,238 --------- --------- -------- -------- 2.75 x 2.64 x 3.08 x 2.49 x Payout Ratios - ----------------------------------------------------------------- FFO Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid $6,008 $5,509 $22,749 $19,849 FFO (2) 8,825 7,960 36,175 30,340 --------- --------- -------- -------- 68% 69% 63% 65% AFFO Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid $6,008 $5,509 $22,749 $19,849 AFFO (2) 7,927 7,029 33,935 25,006 --------- --------- -------- -------- 76% 78% 67% 79% FAD Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid $6,008 $5,509 $22,749 $19,849 FAD (2) 7,214 6,085 31,293 20,768 --------- --------- -------- -------- 83% 91% 73% 96% Overhead Ratios - ----------------------------------------------------------------- G&A/Real Estate Revenues General and Administrative expense $3,208 $1,318 $8,006 $5,805 Real Estate Revenues (Includes pro-rata JV) 19,968 19,344 79,724 76,343 --------- --------- -------- -------- 16% 7% 10% 8% General and Administrative expense $3,208 $1,318 $8,006 $5,805 Real Estate Revenues (Includes 100% JV) 26,018 25,290 110,155 100,030 --------- --------- -------- -------- 12% 5% 7% 6% Leverage Ratios - ----------------------------------------------------------------- ---------- Debt/Total Market Capitalization Debt (5)$308,562 $212,189 Total Market Capitalization 958,976 716,929 --------- --------- 32% 30% Debt + Preferred Equity (Preferred O.P. Units) $313,446 $217,769 Total Market Capitalization 958,976 716,929 --------- --------- 33% 30% ----------- 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 $54,396 $36,175 $33,935 $31,293 Adjustment (479) (479) (479) (479) --------- --------- ---------------- Adjusted 53,917 35,696 33,456 30,814 ========= ========= ================ Ratios 3.51x 64% 68% 74% ========= (Fixed- (Payouts) charge) (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.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Portfolio Debt - Consolidated Summary (amounts in thousands) % of Wholly-Owned % of Weighted and Wholly- % of Outstanding Avg. Unconsolidated Owned Total Notes Combined Basis Only Portfolio Balance Int. (1) Rate ---------------------------------------------------------- Consolidated Debt Fixed-Rate Debt (2) 88% 91% 70% $216,788 5.75% Variable-Rate Debt (2) 12% 9% 7% 21,660 5.80% -------------------------------- ------------------- Total Consolidated Debt 100% 100% 77% 238,448 5.76% ================================ =================== Unconsolidated Debt (Joint Ventures) Fixed-Rate Debt (1) 19% 55,806 5.74% Variable-Rate Debt (1) 5% 14,308 6.08% ---------- ------------------- Total Unconsolidated Debt 23% 70,114 5.81% ---------- ------------------- Total Debt 100% $308,562 5.77% ========== =================== 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.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Debt Analysis - Consolidated Debt (amounts in thousands) Principal Variable Balance at Interest Rate as Maturity of Property Lender % of Notes December Rate December Date Porfolio 31, 2005 31, 2005 ------------------------------------------------------------------------------------------------------------ Fixed-Rate Debt ------------------- Merrillville Plaza SunAmerica Life Insurance Co. $12,936 6.46% 7/1/2007 GHT Apartments Bank of America, N.A. 10,588 7.55% 1/1/2011 Colony Apartments Bank of America, N.A. 5,294 7.55% 1/1/2011 239 Greenwich RBS Greenwich Capital Avenue 15,894 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 Pacesetter Park Shopping RBS Greenwich Capital Center 12,500 5.12% 11/6/2015 Elmwood Park Shopping Bear Stearns Commercial Mortgage, Inc. Center 34,600 5.53% 1/1/2016 Interest rate swaps Bank of America, N.A. (1) 92,376 5.77% Various ---------- ----- Sub-Total Fixed-Rate Debt 91% 216,788 5.75% ---------- ----- Variable-Rate Debt Current LIBOR 4.39% ------------------- Soundview Bank of America, N.A. L+ Marketplace (2) 8,338 140 5.79%12/1/2008 Bloomfield Town Bank of America, N.A. L+ Square (3) 130 5.69% 6/1/2010 Walnut Hill Plaza Bank of America, N.A. (3) L+ 130 5.69% 6/1/2010 Hobson West Plaza Bank of America, N.A. (3) 22,000 L+ 130 5.69% 6/1/2010 Marketplace of Bank of America, N.A. L+ Absecon (3) 130 5.69% 6/1/2010 Village Apartments Bank of America, N.A. (3) L+ 130 5.69% 6/1/2010 Bradford Towne Washington Mutual Bank, F.A. L+ Center 5,462 150 5.89% 4/1/2011 Ledgewood Mall Washington Mutual Bank, F.A. 23,669 L+ 150 5.89% 4/1/2011 Abington Towne Bank of America, N.A. L+ Center 140 5.79%6/29/2012 Branch Shopping Bank of America, N.A. L+ Center 140 5.79%6/29/2012 Methuen Shopping Bank of America, N.A. L+ Center 44,485 140 5.79%6/29/2012 Gateway Shopping Center Bank of America, N.A. L+ 140 5.79%6/29/2012 Town Line Plaza Bank of America, N.A. L+ 140 5.79%6/29/2012 Village Commons Shopping Bank of America, N.A. L+ Center (4) 10,082 140 5.79%6/29/2012 Interest rate swaps Bank of America, N.A. (92,376) ---------- Sub-Total Variable-Rate L+ Debt 9% 21,660 141 5.80% ---------- ---------- -------- Total Consolidated Debt 100% $238,448 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 ------------------- ------------------------------------------------------------------------- 36,778 5.76% 1.41% 4.35% n/a 1/1/2011 1/1/2011 20,000 5.94% 1.41% 4.53% n/a 10/1/2006 15,149 5.73% 1.41% 4.32% n/a 1/1/2007 11,719 5.52% 1.41% 4.11% n/a 1/1/2007 8,730 5.88% 1.41% 4.47% n/a 6/1/2007 ------------------- --------------------------------------- $92,376 5.77% 1.41% 4.36% =================== ======================================= The Company has hedged future variable-rate debt with forward-starting variable to fixed-rate swap agreements as follows: $4,640 6.12% 1.41% 4.71%10/2/2006 1/1/2010 1/1/2010 11,410 6.31% 1.41% 4.90%10/2/2006 10/1/2011 10/1/2011 8,434 6.55% 1.41% 5.14% 6/1/2007 3/1/2012 3/1/2012 ------------------- --------------------------------------- $24,484 6.35% 1.41% 4.94% =================== ======================================= (2) There is an additional $5,000 available under this facility. (3) This is a revolving facility for up to $65,000. (4) There is an additional $969 available under this facility.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Debt Analysis - Unconsolidated Debt (Joint Ventures)
Acadia PrincipalAcadia's Variable Realty Lender/ Trust Balance Prorata Interest Rate as Maturity at of Fixed-Rate Debt Fund Joint Venture Ownership December Share Rate December Date Partner 31, 2005 31, 2005 - ------------------------------------------------------------------------------------------ -------------------------- 4650 Broadway Avenue Fund Bank of China II 19.5% $19,000 $3,699 5.26% 9/1/2007 Brandywine Town Center Fund UBS Warburg I Real Estate Investments, Inc./ 22.2% 30,000 6,667 4.69% 2/11/2008 Kroger Portfolio (1) Fund Cortlandt I Deposit Corporation/ 16.7% 9,900 1,650 6.62% 2/1/2009 Safeway Portfolio (1) Fund Cortlandt I Deposit Corporation/ 16.7% 9,785 1,631 6.51% 1/15/2009 Brandywine Town Center Fund UBS Warburg I Real Estate Investments, Inc./ 22.2% 21,018 4,671 7.01% 7/11/2012 Market Square Shopping Center Fund UBS Warburg I Real Estate Investments, Inc./ 22.2% 15,966 3,548 7.32% 6/11/2012 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 Fund The Ohio I National Life Insurance Company/ 22.2% 4,667 1,037 8.20% 6/1/2022 Sheffield Crossing Fund Canada Life I Insurance Company/ 22.2% 6,944 1,543 8.00% 1/1/2023 ----------------- -------- Sub-Total Fixed-Rate Debt 181,280 55,806 5.74% ----------------- -------- Variable-Rate Debt - -------------------------------------------- Current LIBOR 4.39% 244-268 161st Street (2) Fund Bank of L+ II America, N.A. 19.5% 12,066 2,349 150 5.89%1/31/2006 216th Street (2) Fund Bank of L+ II America, N.A. 19.5% 4,900 954 125 5.64% 3/1/2006 Haygood Shopping Center (3) Fund JP Morgan L+ I Chase Bank, N.A. 11.1% 8,040 893 150 5.89%8/23/2010 Sterling Heights Shopping Center (3) Fund JP Morgan L+ I Chase Bank, N.A. 11.1% 4,400 489 185 6.24%8/23/2010 Granville Center Fund Bank One, L+ I N.A./ 22.2% 5,571 1,238 200 6.39%10/5/2007 400 East Fordham Road (2) Fund Bank of China L + II 19.5% 18,000 3,505 175 6.14%11/1/2007 Acadia Strategic Acqusition Fund II, LLC (4) Fund Bank of L + II America, N.A. 20.0% 24,400 4,880 175 6.14% 3/1/2008 ----------------- Sub-Total Variable-Rate Debt 77,377 14,308 L+ 169 6.08% ----------------- --- -------- Total Unconsolidated Debt $258,657 $70,114 5.81% ================= ======== 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 II is a 97% joint venture partner on this investment. As such, Fund II's pro-rata share of the above debt is 97% x 20%, or 19.5%. (3) 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%. (4) This is a revolving facility for up to $39,000.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Future Debt Maturities - ---------------------------------------- (in thousands) Weighted Average Interest Rate of Maturing Debt ---------------------------------- Consolidated Debt Scheduled Year Amortization Maturities Total Total Debt Fixed-Rate Variable- Debt Rate Debt - ------------------------------------------------------------------------------------------------ 2006 $2,141 $- $2,141 n/a n/a n/a 2007 3,864 12,519 16,383 6.46% 6.46% n/a 2008 4,471 7,976 12,447 5.69% n/a 5.69% 2009 5,328 - 5,328 n/a n/a n/a 2010 1,702 36,743 38,445 6.38% 7.55% 5.59% Thereafter 47,983 115,721 163,704 5.59% 5.45% 5.74% ---------------------------------- $65,489 $172,959 $238,448 ================================== Unconsolidated Debt (Joint Ventures) (1) 2006 1,020 3,303 4,323 4.18% n/a 4.18% 2007 1,438 8,391 9,829 5.40% 5.26% 5.52% 2008 1,449 11,547 12,996 4.70% 4.69% 4.72% 2009 1,502 - 1,502 n/a n/a n/a 2010 720 1,363 2,083 5.46% n/a 5.46% Thereafter 4,546 34,835 39,381 5.75% 5.75% n/a ---------------------------------- $10,675 $59,439 $70,114 ================================== - ------------------------------------------------------------------------------------------------ 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 14 ------------ Year-to-Date $240 ============ (1) The above amounts represent the Company's pro-rata share of joint venture mortgage debt.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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 58,228 Mad River Station Dayton, OH 155,739 Mark Plaza Edwardsville, PA 216,047 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 1,249,835 ========== Total net operating income for the year ended December 31, 2005 associated with unencumbered properties $6,396 ==========
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview - -------------------------------------------------------- Item Notes Description - -------------------------------------------------------- Date formed September 2001 Capital commitment $90 million Funding $86.6 funded through December 31, 2005 million Partnership structure Equity 22.22% - Acadia Contribution: 77.78% - Four institutional investors (current significant shareholders in Acadia as well) Cash flow distribution: 22.22% - Acadia 77.78% - Four institutional investors Promote: 20% to Acadia once all partners (including Acadia) have received 9% preferred return and return of equity Remaining 80% is distributed to all the partners (including Acadia). Subsequent to December 31, 2005, the Brandywine portfolio was recapitalized through the conversion of the 77.8% interest previously held by the institutional investors in Fund I to GDC Properties. Acadia has retained its existing 22.2% interest. Due to this transaction, Fund I investors received a return of all of their invested capital and preferred return, thus triggering Acadia's additional 20% interest (promote) in all future Fund I distributions. 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
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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 December 31, 2005 million Partnership structure Equity 20% - Acadia Contribution: 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, thereafter 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
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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 Up to $300 million of total equity Contribution: 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
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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 44,952 134,999 38.81% 54.28% 43.96% 402,085 268,599 670,684 11.50 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 91,027 327,470 76.70% 70.44% 74.96% 1,959,074 660,366 2,619,440 10.80 10.30 10.67 --------------------------------------------------------------------------------------------------------- Mid-Atlantic - --------------- Delaware - --------------- Brandywine Town Center (1) 100% 775,932 - 775,932 100.00% - 100.00% 11,822,129 - 11,822,129 15.24 - 15.24 Market Square Shopping Center 100% 39,050 63,712 102,762 100.00%100.00%100.00% 515,375 1,623,071 2,138,446 13.20 25.48 20.81 --------------------------------------------------------------------------------------------------------- Total - Mid- Atlantic 814,982 63,712 878,694 100.00%100.00%100.00% 12,337,504 1,623,071 13,960,575 15.14 25.48 15.89 --------------------------------------------------------------------------------------------------------- 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 2,069,525 154,739 2,224,264 97.34% 82.61% 96.31% 22,960,930 2,283,437 25,244,367 11.40 17.86 11.78 --------------------------------------------------------------------------------------------------------- Fund I Redevelopment Properties - ------------------------ Sterling Heights Shopping Center (Michigan) 50% 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 4.00 9.93 5.02 Tarrytown Shopping Center (New York) 50% 15,497 23,433 38,930 100.00% 39.18% 63.39% 476,068 277,286 753,354 30.72 30.20 30.53 Hitchcock Plaza (South Carolina) 90% 135,775 98,111 233,886 0.00% 64.25% 26.95% - 427,786 427,786 - 6.79 6.79 Pine Log Plaza (South Carolina) 90% 23,184 11,880 35,064 100.00% 73.23% 90.93% 69,552 74,600 144,152 3.00 8.57 4.52 Haygood Shopping Center (Virginia) 50% 78,880 75,119 153,999 65.64% 80.40% 72.84% 85,200 866,672 951,872 1.65 14.35 8.49 --------------------------------------------------------------------------------------------------------- Subtotal - Fund I Redevelopment Properties 343,736 272,981 616,717 46.80% 57.12% 51.37% 912,420 1,791,578 2,703,998 5.67 11.49 8.54 - --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Fund I Grand Total 2,413,261 427,720 2,840,981 90.14% 66.34% 86.56%$23,873,350 $4,075,015 $27,948,365 $10.97 $14.36 $11.37 --------------------------------------------------------------------------------------------------------- General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. (1) Does not include approximately 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. Subsequent to December 31, 2005, the Brandywine portfolio was recapitalized through the conversion of the 77.8% interest previously held by the institutional investors in Fund I to GDC Properties. Acadia has retained its existing 22.2% interest.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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% 13.2% 2 Kroger (4) 13 595,166 3,250,025 24.9% 13.2% 3 Lowe's 1 140,000 1,925,000 5.9% 7.8% 4 Access Group 1 76,458 1,517,691 3.2% 6.2% 5 Giant Eagle 5 135,896 1,416,289 5.7% 5.7% Transunion Settlement 6 (5) 1 39,714 911,376 1.7% 3.7% 7 Bed, Bath & Beyond 2 50,977 868,426 2.1% 3.5% Regal Entertainment 8 Group 1 65,641 861,210 2.8% 3.5% 9 Target 2 169,120 800,000 7.1% 3.2% 10 Dick's Sporting Goods 1 50,000 700,000 2.1% 2.8% ---------------------------------------------------------------- Total 40 1,790,272 $15,498,256 75.0% 62.9% ================================================================ (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
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Fund I - Current Valuation ------------------------------------------- Portfolio: Total Redevelopment Line (excluding Ohio Kroger/Safeway Properties Brandywine) ------ ------------------------------------------------------------------ 1 Net Operating Income ("NOI") for the Note 1 quarter ended December 31, 2005 $1,388 $500 $821 $67 2 NOI related to investements in Note 2 unconsolidated partnerships 748 748 4 Adjustment for minority interests (586) - (205) (381) ------------ ---------------------------------------------- 5 1,550 500 616 434 6 Annualized NOI Line 5 x 4 6,200 2,000 2,464 1,736 7 Debt as of December 31, 2005 Note 3 38,166 17,182 14,764 6,220 6.00% 6.50% 7.00% 7.50% 8.00% ------------------------------------------------------------------ 8 Gross asset value Line 6 x cap rate $103,333 $95,385 $88,571 $82,667 $77,500 9 Debt Line 7 (38,166)(38,166) (38,166) (38,166) (38,166) 10 Remaining Equity and Accumulated Preferred Distribution in Fund I (5) - - - - - ------------------------------------------------------------------ 11 65,167 57,219 50,405 44,501 39,334 12 Additional Mervyn's return (Original capital already returned) 12,500 12,500 12,500 12,500 12,500 ------------------------------------------------------------------ 13 Total Value Subject to Promote 77,667 69,719 62,905 57,001 51,834 ------------------------------------------------------------------ 14 General Partner (Acadia) Promote on Fund I x 20% assets 15,533 13,944 12,581 11,400 10,367 ------------------------------------------------------------------ 15 Remaining value to be allocated pro-rata to Fund I investors (including Acadia) 62,134 55,775 50,324 45,601 41,467 ------------------------------------------------------------------ 16 Acadia's share x 22.22% 13,806 12,393 11,182 10,132 9,214 ------------------------------------------------------------------ 17 Value of Acadia's interest in remaining Line 14 Fund I assets + 16 29,340 26,337 23,763 21,533 19,581 18 Additional promote earned from Brandywine Note 4 recapitalization 7,500 7,500 7,500 7,500 7,500 19 Acadia's interest in recapitalized Note 5 Brandywine entity (22.22%) 31,000 31,000 31,000 31,000 31,000 ------------------------------------------------------------------ 20 Total value to Acadia $67,840 $64,837 $62,263 $60,033 $58,081 ================================================================== 21 Original Acadia invested capital in Fund I $20,000 $20,000 $20,000 $20,000 $20,000 ================================================================== Recap of Acadia Promote --------------------------------------------------------------------------------------------------------------------- 20% General Partner (Acadia) Promote on Fund I assets $15,533 $13,944 $12,581 $11,400 $10,367 20% General Partner (Acadia) Promote on Brandywine 7,500 7,500 7,500 7,500 7,500 ------------------------------------------------------------------ Total promote $23,033 $21,444 $20,081 $18,900 $17,867 ================================================================== Per share $0.69 $0.64 $0.60 $0.57 $0.54 ================================================================== --------------------------------------------------------------------------------------------------------------------- Notes: ------ Reconciled to "Statements of Operations - 1 Joint Venture Activity" as follows: Fund I NOI for 4th quarter 2005 per JV Statements of Operations $4,437 NOI above (1,388) -------- NOI attributable to Brandywine Portfolio $3,049 ======== Included in "Equity in earnings of Fund I unconsolidated properties" in the JV 2 Statement of Operations 3 See "Debt Analysis - Unconsolidated Debt (Joint Ventures)". Amounts adjusted for minority interests' pro- rata share of debt 4 This promote is to be paid from future Fund I cash flows 5 In January 2006, the Brandywine Portfolio was recapitalized with the investors engaging in a "cash-out merger" for their 77.78% interest in the portfolio. The Company merged its 22.22% share forming a new joint venture with the investors' successor, GDC. All Fund I equity and accumulated preferred distributions were paid from the proceeds of this transaction.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Kroger/Safeway Portfolio - ---------------------------------------- Kroger Safeway locations locations --------------------------- Cary, NC Atlanta, TX Cincinnati, Batesville, AR OH Conroe, TX Benton, AR Great Bend, Carthage, TX KS Hanrahan, LA Little Rock, AR Indianapolis, Longview, WA IN Irving, TX Mustang, OK Pratt, KS Roswell, NM Roanoke, VA Ruidoso, NM Shreveport, San Ramon, CA LA Wichita, KS Springerville, (2 stores) AZ Tucson, AZ Tulsa, OK
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 AKR Fund II 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 AnchorsShops Total ------------------------------------------------------------------------------------------------------- Fund II Redevelopment Properties - -------------------------- 400 East Fordham Road 97%100,703 16,652 117,355 100.00%100.00%100.00% 275,000 370,915 645,915 2.73 22.27 5.50 Pelham Manor Shopping Center (1) 97% - 398,775 398,775 - 51.20% 51.20% - 1,399,887 1,399,887 - 6.86 6.86 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 1,535,672 3,870,354 17.00 17.80 17.31 ------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- Fund II Redevelopment Properties 372,810 501,704 874,514 100.00% 61.21% 77.75%3,947,050 3,306,474 7,253,524 10.59 10.77 10.67 ---------------------------------------------------------------------------------------------- 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.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Retail Properties - Summary Listing Property Totals ---------------------- Year Grocery Other Annualized Annualized Anchor Anchor Constructed(C) Occupancy Current Current Base Base Lease and Lease and Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf % Expiraton Expiraton - ------------------------------------------------------------------------------------------------------------------------ NEW YORK REGION - ------------------------------------------------- New York Soundview Marketplace Port King Clearview Washington Kullen Cinema 1998 (A)183,675 94% 2007/2042 2010/2030 $2,879,800 $16.60 Village Commons Shopping Center Smithtown Daffy's 1998 (A) 87,306 100% 2008/2028 2,141,801 24.53 Walgreens 2021/-- Branch Shopping Plaza Smithtown Waldbaum'sCVS 2010/-- (A&P) 1998 (A)125,724 99% 2013/2028 2,370,544 19.01 Amboy Shopping Center Staten Island 2005 (A) 59,979 100.00% Waldbaum's 2028/-- 1,460,009 24.34 Duane Reed 2008/2018 Bartow Avenue The Bronx 2005 (C) 14,694 51.00% 222,600 29.70 Pacesetter Park Shopping Center Pomona Stop & Shop (Ahold) 1999 (A) 96,698 96% 2020/2040 1,113,383 12.00 New Jersey Elmwood Park Shopping Center Elmwood Park Pathmark Walgreen's 1998 (A)149,085 98% 2017/2052 2022/2062 3,311,727 22.68 Connecticut 239 Greenwich Avenue Greenwich Restoration Hardware 1998 (A) 16,834 100% 2015/2025 1,235,145 73.37 Coach 2016/2021 NEW ENGLAND REGION - ------------------------------------------------- Connecticut Town Line Plaza Rocky Hill Stop & Wal-mart Shop (not 1998 (A)206,178 96% 2023/2063 owned) 1,486,207 14.75 Massachusetts Methuen Shopping Center Methuen DeMoulas Wal-mart Market 2011/2051 1998 (A)130,238 92% 2015/2020 736,464 6.14 Crescent Plaza Brockton Shaw's Home Depot 1984 (A)218,141 99% 2012/2042 2021/2056 1,665,798 7.73 New York New Loudon Center Latham Price Marshalls Chopper 2014/2029 1982 (A)255,826 100% 2015/2035 1,713,664 6.70 Bon Ton Department Store 2014/2034 Raymor & Flanigan Furniture 2019/2034 Rhode Island Walnut Hill Plaza Woonsocket Shaw's Sears 1998 (A)283,235 99% 2013/2028 2008/2033 2,426,705 8.69 Vermont The Gateway Shopping Center Burlington 1999 (A)101,792 99% Shaw's 2024/2053 1,818,182 18.13
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Retail Properties - Summary Listing Property Totals ---------------------- Year Grocery Other Annualized Annualized Anchor Anchor Constructed(C) Occupancy Current Current Base Base Lease and Lease and Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf % Expiraton Expiraton - ------------------------------------------------------------------------------------------------------------------------ MIDWEST REGION - ---------------------------------------------------------- Illinois Hobson West Plaza Naperville Bobak's Market and 1998 (A) 99,044 99% Restaurant 2007/2032 1,196,935 12.23 (specialty grocery) Indiana Merrillville Plaza Merrillville TJ Maxx 1998 (A) 235,605 94% 2009/2014 2,576,232 11.62 JC Penney 2008/2018 OfficeMax 2008/2028 Michigan Bloomfield Town Square Bloomfield Costco TJ Hills (not Maxx2009/-- 1998 (A) 214,866 97% owned) 2,281,763 10.90 Marshall's 2011/2026 Home Goods 2010/2025 Ohio Mad River Station Dayton Babies "R" Us 1999 (A) 155,739 82% 2010/2020 1,542,508 12.14 Office Depot 2010/-- MID-ATLANTIC REGION - ---------------------------------------------------- New Jersey Marketplace of Absecon Absecon Acme Eckerd Drug 1998 (A) 105,097 97% 2015/2055 2020/2040 1,657,610 16.34 Ledgewood Mall Ledgewood Wal-mart 1983 (A) 517,077 95% 2019/2049 4,425,559 8.98 Macy's 2010/2025 The Sports' Authority 2007/2037 Circuit City 2020/2040 Marshalls 2014/2034 Pennsylvania Abington Towne Center Abington TJ Maxx 1998 (A) 216,355 99% 2010/2020 939,999 16.47 Target (not owned) NORTHEASTERN PENNSYLVANIA REGION - ------------------------------------------------------------------------------- Pennsylvania Blackman Plaza Wilkes-Barre Kmart 1968 (C) 121,341 92% 2009/2049 282,374 2.52 Bradford Towne Centre Towanda P&C Foods Kmart 2019/2069 (Penn Traffic) 1993 (C) 256,939 91% 2014/2024 1,582,170 6.76 Greenridge Plaza Scranton Giant Food (Ahold) 1986 (C) 191,755 79% 2021/2051 957,308 6.33 Luzerne Street Shopping Center Scranton Eckerd Drug 1983 (A) 58,228 87% 2009/2019 281,931 5.54 Mark Plaza Edwardsville Redner's Kmart Markets 2009/2049 1968 (C) 216,047 97% 2018/2028 1,088,303 5.20 Pittston Plaza Pittston Redner's Eckerd Drugs Market 2006/2016 1994 (C) 79,494 96% 2018/2028 603,215 7.88 Plaza 422 Lebanon Home Depot 1972 (C) 155,026 69% 2028/2058 444,020 4.14 Route 6 Mall Honesdale Weis Kmart Markets 2020/2070 (not 1994 (C) 175,507 99% owned) 1,081,027 6.21 ---------- ------------------- 4,727,525 $45,522,983 $10.83
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Retail Properties - Summary Listing Property Totals ---------------------- Year Grocery Other Annualized Annualized Anchor Anchor Constructed(C) Occupancy Current Current Base Base Lease and Lease and Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf % Expiraton Expiraton - ------------------------------------------------------------------------------------------------------------------------ NEW YORK REGION - ---------------------------------------------------------- JOINT VENTURE PROPERTIES - ------------------------------------------------------------------ New York Crossroads Shopping Center White Plains Waldbaum's Kmart (A&P) 2012/2032 1998 310,644 100% 2007/2032 $6,053,565 $19.49 (49% JV interest) B. Dalton 2012/2017 Modell's 2009/2019 MID-ATLANTIC REGION - ---------------------------------------------------------- Delaware Brandywine Town Center (1) Wilmington 2003 (A) 775,932 100% 11,822,129 15.24 (Fund I) Market Square Shopping Center Wilmington Trader TJ Maxx Joe's 2006/2016 (specialty 2003 (A) 102,762 100% grocery) 2,138,446 20.81 (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 Lifestyle Family Fitness 2002 (A) 134,999 44% 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) 154,838 55% 2024/-- 426,834 5.02 (Fund I) New York Tarrytown Shopping Center Westchester Walgreen's 2004 (A) 38,930 63% Drug 2080 753,354 30.53 (Fund I) 400 East Fordham Road Bronx Sears 2004 (A) 117,355 100% 2007/-- 645,915 5.50 (Fund II) 161st Street Bronx 2005 (A) 223,611 100% 3,870,354 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 51% 1,399,887 6.86 (Fund II) South Carolina Hitchcock Plaza Aiken 2004 (A) 233,886 27% 427,786 6.79 (Fund I) Pine Log Plaza Aiken Farmers Furniture 2004 (A) 35,064 91% 2009 144,152 4.52 (Fund I) Virginia Haygood Shopping Center Virginia Beach Eckerd Drug 2004 (A) 153,999 73% 2009/-- 951,872 8.49 ---------- ------------------- (Fund I) 4,026,139 $41,255,454 $11.96 ========== ===================
(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.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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 351,202 382,793 733,995 100.00% 93.38% 96.55% $6,760,316 $7,974,693 $14,735,009 $19.25 $22.31 $20.79 New England 895,475 299,935 1,195,410 98.86% 94.62% 97.79% 6,646,268 3,200,752 9,847,020 8.44 11.28 9.19 Midwest 392,214 313,040 705,254 99.62% 84.73% 93.01% 3,335,406 4,262,032 7,597,438 8.54 16.07 11.58 Mid-Atlantic 613,616 224,913 838,529 100.00% 86.78% 96.45% 4,251,872 2,771,296 7,023,168 9.32 14.20 10.79 Northeastern Pennsylvania 954,285 300,052 1,254,337 91.64% 80.29% 88.93% 4,239,019 2,081,329 6,320,348 4.85 8.64 5.67 ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ Total Wholly- Owned Properties 3,206,792 1,520,733 4,727,525 97.15% 88.28% 94.30%$25,232,881 $20,290,102 $45,522,983 $8.82 $15.11 $10.83 ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ Joint Venture Properties - ---------------- Operating Midwest (2) 236,443 91,027 327,470 76.70% 70.44% 74.96% $1,959,074 $660,366 $2,619,440 $10.80 $10.30 $10.67 Mid-Atlantic( 2,3) 814,982 63,712 878,694 100.00%100.00%100.00% 12,337,504 1,623,071 13,960,575 15.14 25.48 15.89 New York Region (4) 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,834,813 6,053,565 11.08 34.72 19.49 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 2,269,706 265,202 2,534,908 97.57% 89.85% 96.76% 25,179,682 6,118,250 31,297,932 11.37 25.68 12.76 ------------------------------------------------------------------------------------------------------------ JV Redevelopment Properties Mid West (6) 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 4.00 9.93 5.02 Mid-Atlantic (6) 237,839 185,110 422,949 31.52% 71.38% 48.96% 154,752 1,369,058 1,523,810 2.06 10.36 7.36 New York Region (7) 388,307 525,137 913,444 100.00% 60.23% 77.14% 4,423,118 3,583,760 8,006,878 11.39 11.33 11.36 ------------------------------------------------------------------------------------------------------------ Total - Redevelopment Properties 716,546 774,685 1,491,231 74.48% 59.77% 66.84% 4,859,470 5,098,052 9,957,522 9.11 11.01 9.99 ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ Total Joint Venture Properties 2,986,252 1,039,887 4,026,139 92.03% 67.44% 85.68%$30,039,152 $11,216,302 $41,255,454 $10.93 $15.99 $11.96 ============================================================================================================
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 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. Subsequent to December 31, 2005, the Brandywine portfolio was recapitalized through the conversion of the 77.8% interest previously held by the institutional investors in Fund I to GDC Properties. Acadia has retained its existing 22.2% interest. (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.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Retail Properties by State - Summary - -------------------------------- ----------------------------------------------------------------------------------------------------------------- Gross Leasable Area Occupancy Annualized Base Rent --------------------------------------------------------------------------------------- Wholly-Owned OwnershipPercent Number of Properties of - ---------------- base properties Anchors Shops Total Anchors Shops Total Anchors Shops Total rent (2) % (1) ----------------------------------------------------------------------------------------------------------------- Connecticut 100.0% 4.9% 2 178,799 44,213 223,012 100.00% 81.67% 96.37% $2,172,145 $549,207 $2,721,352 Illinois 100.0% 2.2% 1 51,692 47,352 99,044 100.00% 97.57% 98.84% 225,436 971,499 1,196,935 Indiana 100.0% 4.7% 1 145,266 90,339 235,605 100.00% 84.57% 94.08% 1,318,902 1,257,330 2,576,232 Massachusetts 100.0% 4.3% 2 287,223 61,156 348,379 96.44% 95.71% 96.31% 1,855,550 546,712 2,402,262 Michigan 100.0% 4.1% 1 126,960 87,906 214,866 98.83% 95.45% 97.45% 988,349 1,293,414 2,281,763 New Jersey 100.0% 17.0% 3 491,610 279,649 771,259 100.00% 88.86% 95.96% 5,372,332 4,022,564 9,394,896 New York 100.0% 21.5% 7 522,969 300,933 823,902 100.00% 92.60% 97.30% 5,735,197 6,166,604 11,901,801 Ohio 100.0% 2.8% 1 68,296 87,443 155,739 100.00% 67.15% 81.56% 802,719 739,789 1,542,508 Pennsylvania 100.0% 13.1% 9 1,138,901 331,791 1,470,692 93.00% 81.67% 90.44% 4,509,019 2,751,328 7,260,347 Rhode Island 100.0% 4.4% 1 121,892 161,343 283,235 100.00% 97.58% 98.62% 935,920 1,490,785 2,426,705 Vermont 100.0% 3.3% 1 73,184 28,608 101,792 100.00% 94.69% 98.51% 1,317,312 500,870 1,818,182 --------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------- Total - Wholly- Owned Properties 82.2% 29 3,206,792 1,520,733 4,727,525 97.15% 88.28% 94.30%$25,232,881 $20,290,102 $45,522,983 -------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------- Joint Venture Properties - ---------------- Operating Properties Ohio (4) 22.2% 1.1% 3 236,443 91,027 327,470 76.70% 70.44% 74.96% $1,959,074 $660,366 $2,619,440 Delaware (4,5) 22.2% 5.6% 2 814,982 63,712 878,694 100.00%100.00%100.00% 12,337,504 1,623,071 13,960,575 New York (6) 49.0% 5.4% 1 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,834,813 6,053,565 Various (Kroger/Safeway Portfolio) (3) 16.5% 2.6% 25 1,018,100 - 1,018,100 100.00% 0.00%100.00% 8,664,352 - 8,664,352 ------- --------------------------------------------------------------------------------------- Total - Operating Properties 14.6% 2,269,706 265,202 2,534,908 97.57% 89.85% 96.76% 25,179,682 6,118,250 31,297,932 ------- --------------------------------------------------------------------------------------- JV Redevelopment Properties Michigan (7) 11.1% 0.1% 1 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 New York(7) Various 1.3% 5 388,307 525,137 913,444 100.00% 60.23% 77.14% 4,423,118 3,583,760 8,006,878 South Carolina (7) 11.1% 0.2% 2 158,959 109,991 268,950 14.58% 65.22% 35.29% 69,552 502,386 571,938 Virginia (7) 11.1% 0.2% 1 78,880 75,119 153,999 65.64% 80.40% 72.84% 85,200 866,672 951,872 -------------------------------------------------------------------------------------------------------- Total- Redevelopment Properties 1.8% 716,546 774,685 1,491,231 74.48% 59.77% 66.84% 4,859,470 5,098,052 9,957,522 ------- --------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------- Total Joint Venture Properties 16.4% 40 2,986,252 1,039,887 4,026,139 92.03% 67.44% 85.68%$30,039,152 $11,216,302 $41,255,454 -----------------======================================================================================= 98.6% 69 ================= -------------------------- 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 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. Subsequent to December 31, 2005, the Brandywine portfolio was recapitalized through the conversion of the 77.8% interest previously held by the institutional investors in Fund I to GDC Properties. Acadia has retained its existing 22.2% interest. (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.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Retail Properties by State - Summary - ------------------------------------------------------- --------------------- Annualized Base Rent per Occupied Square Foot --------------------- Wholly-Owned Properties - ------------------------------------------------- Anchors Shops Totals --------------------- Connecticut $26.65 $15.21 $23.14 Illinois 4.36 21.03 12.23 Indiana 9.08 16.46 11.62 Massachusetts 6.70 9.34 7.16 Michigan 7.88 15.41 10.90 New Jersey 10.93 16.19 12.69 New York 10.97 22.13 14.85 Ohio 11.75 12.60 12.14 Pennsylvania 5.00 10.15 6.19 Rhode Island 7.68 9.47 8.69 Vermont 18.00 18.49 18.13 --------------------- --------------------- Total - Wholly-Owned Properties $8.82 $15.11 $10.83 --------------------- --------------------- Joint Venture Properties - ------------------------------------------------- Operating Properties Ohio (4) $10.80 $10.30 $10.67 Delaware (4,5) 15.14 25.48 15.89 New York (6) 11.08 34.72 19.49 Various (Kroger/Safeway Portfolio) (3) 8.51 - 8.51 --------------------- Total - Operating Properties 11.37 25.68 12.76 --------------------- JV Redevelopment Properties Michigan (7) 4.00 9.93 5.02 New York(7) 11.39 11.33 11.36 South Carolina (7) 3.00 7.00 6.03 Virginia (7) 1.65 14.35 8.49 --------------------- Total-Redevelopment Properties 9.11 11.01 9.99 --------------------- --------------------- Total Joint Venture Properties $10.93 $15.99 $11.96 ===================== 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 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. Subsequent to December 31, 2005, the Brandywine portfolio was recapitalized through the conversion of the 77.8% interest previously held by the institutional investors in Fund I to GDC Properties. Acadia has retained its existing 22.2% interest. (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.
Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------------------------------- WHOLLY-OWNED PROPERTIES: New York Region - --------------------- Connecticut - --------------------- 239 Greenwich Avenue(1) 16,834 - 16,834 100.00% - 100.00%$1,235,145 $- $1,235,145 $73.37 $- $73.37 --------------------------------------------------------------------------------------------------- New Jersey - --------------------- Elmwood Park Shopping Center 62,610 86,475 149,085 100.00% 96.44% 97.94% 1,390,460 1,921,267 3,311,727 22.21 23.04 22.68 --------------------------------------------------------------------------------------------------- New York - --------------------- Soundview Marketplace 73,500 110,175 183,675 100.00% 90.78% 94.47% 1,248,850 1,630,950 2,879,800 16.99 16.31 16.60 Village Commons Shopping Center 25,192 62,114 87,306 100.00%100.00%100.00% 428,213 1,713,588 2,141,801 17.00 27.59 24.53 Branch Plaza 74,050 51,674 125,724 100.00% 98.05% 99.20% 1,093,368 1,277,176 2,370,544 14.77 25.21 19.01 Amboy Road 46,964 13,015 59,979 100.00%100.00%100.00% 1,012,015 447,994 1,460,009 21.55 34.42 24.34 Bartow Avenue(2) - 14,694 14,694 0.00% 51.00% 51.00% - 222,600 222,600 - 29.70 29.70 Pacesetter Park Shopping Center 52,052 44,646 96,698 100.00% 91.24% 95.96% 352,265 761,118 1,113,383 6.77 18.68 12.00 --------------------------------------------------------------------------------------------------- Total - New York 271,758 296,318 568,076 100.00% 92.48% 96.08% 4,134,711 6,053,426 10,188,137 15.21 22.09 18.67 --------------------------------------------------------------------------------------------------- Total - New York Region 351,202 382,793 733,995 100.00% 93.38% 96.55% 6,760,316 7,974,693 14,735,009 19.25 22.31 20.79 --------------------------------------------------------------------------------------------------- New England - --------------------- Connecticut - --------------------- Town Line Plaza(3) 161,965 44,213 206,178 100.00% 81.67% 96.07% 937,000 549,207 1,486,207 14.49 15.21 14.75 --------------------------------------------------------------------------------------------------- Massachusetts - --------------------- Methuen Shopping Center 130,238 - 130,238 92.14% - 92.14% 736,464 - 736,464 6.14 - 6.14 Crescent Plaza 156,985 61,156 218,141 100.00% 95.71% 98.80% 1,119,086 546,712 1,665,798 7.13 9.34 7.73 --------------------------------------------------------------------------------------------------- Total - Massachusetts287,223 61,156 348,379 96.44% 95.71% 96.31% 1,855,550 546,712 2,402,262 6.70 9.34 7.16 --------------------------------------------------------------------------------------------------- New York - --------------------- New Loudon Center 251,211 4,615 255,826 100.00%100.00%100.00% 1,600,486 113,178 1,713,664 6.37 24.52 6.70 --------------------------------------------------------------------------------------------------- Rhode Island - --------------------- Walnut Hill Plaza 121,892 161,343 283,235 100.00% 97.58% 98.62% 935,920 1,490,785 2,426,705 7.68 9.47 8.69 --------------------------------------------------------------------------------------------------- Vermont - --------------------- The Gateway Shopping Center 73,184 28,608 101,792 100.00% 94.69% 98.51% 1,317,312 500,870 1,818,182 18.00 18.49 18.13 --------------------------------------------------------------------------------------------------- Total - New England Region 895,475 299,935 1,195,410 98.86% 94.62% 97.79% 6,646,268 3,200,752 9,847,020 8.44 11.28 9.19 ---------------------------------------------------------------------------------------------------
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 redevelopment of Bartow Avenue was completed during 2005. The Company is currently negotiating with prospective tenants related to the leasing of the the remaining newly redeveloped space. (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.
Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------------------------------- WHOLLY-OWNED PROPERTIES (continued): Midwest - --------------- Illinois - --------------- Hobson West Plaza 51,692 47,352 99,044 100.00%97.57%98.84% $225,436 $971,499 $1,196,935 $4.36 $21.03 $12.23 Indiana - --------------- Merrillville Plaza 145,266 90,339 235,605 100.00%84.57%94.08% 1,318,902 1,257,330 2,576,232 9.08 16.46 11.62 Michigan - --------------- Bloomfield Towne Square 126,960 87,906 214,866 98.83%95.45%97.45% 988,349 1,293,414 2,281,763 7.88 15.41 10.90 Ohio - --------------- Mad River Station (1) 68,296 87,443 155,739 100.00%67.15%81.56% 802,719 739,789 1,542,508 11.75 12.60 12.14 --------------------------------------------------------------------------------------------------------- Total - Midwest Region 392,214 313,040 705,254 99.62%84.73%93.01% 3,335,406 4,262,032 7,597,438 8.54 16.07 11.58 --------------------------------------------------------------------------------------------------------- Mid-Atlantic - --------------- New Jersey - --------------- Marketplace of Absecon 58,031 47,066 105,097 100.00%92.28%96.54% 984,014 673,596 1,657,610 16.96 15.51 16.34 Ledgewood Mall 370,969 146,108 517,077 100.00%83.27%95.27% 2,997,858 1,427,701 4,425,559 8.08 11.74 8.98 --------------------------------------------------------------------------------------------------------- Total - New Jersey 429,000 193,174 622,174 100.00%85.47%95.49% 3,981,872 2,101,297 6,083,169 9.28 12.73 10.24 --------------------------------------------------------------------------------------------------------- Pennsylvania - --------------- Abington Towne Center (2) 184,616 31,739 216,355 100.00%94.75%99.23% 270,000 669,999 939,999 10.00 22.28 16.47 --------------------------------------------------------------------------------------------------------- Total - Mid- Atlantic Region 613,616 224,913 838,529 100.00%86.78%96.45% 4,251,872 2,771,296 7,023,168 9.32 14.20 10.79 --------------------------------------------------------------------------------------------------------- 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%70.11%91.16% 1,102,616 479,554 1,582,170 6.09 9.00 6.76 Greenridge Plaza 101,060 90,695 191,755 61.44%98.31%78.88% 279,405 677,903 957,308 4.50 7.60 6.33 Luzerne Street Shopping Center 43,663 14,565 58,228 100.00%49.82%87.45% 223,652 58,279 281,931 5.12 8.03 5.54 Mark Plaza 157,595 58,452 216,047 100.00%88.45%96.88% 652,095 436,208 1,088,303 4.14 8.44 5.20 Pittston Plaza 67,568 11,926 79,494 100.00%75.55%96.33% 508,926 94,289 603,215 7.53 10.46 7.88 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% 800,431 280,596 1,081,027 5.46 10.21 6.21 --------------------------------------------------------------------------------------------------------- Total - Pennsylvania 954,285 300,052 1,254,337 91.64%80.29%88.93% 4,239,019 2,081,329 6,320,348 4.85 8.64 5.67 --------------------------------------------------------------------------------------------------------- Total - Northeastern Pennsylvania Region 954,285 300,052 1,254,337 91.64%80.29%88.93% 4,239,019 2,081,329 6,320,348 4.85 8.64 5.67 --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- TOTAL WHOLLY- OWNED PROPERTIES 3,206,792 1,520,733 4,727,525 97.15%88.28%94.30%$25,232,881 $20,290,102 $45,522,983 $8.82 $15.11 $10.83 --------------------------------------------------------------------------------------------------------- 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.
Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------------------------------- 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 44,952 134,999 38.81% 54.28% 43.96% 402,085 268,599 670,684 11.50 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 91,027 327,470 76.70% 70.44% 74.96% 1,959,074 660,366 2,619,440 10.80 10.30 10.67 ------------------------------------------------------------------------------------------------------------ Mid-Atlantic - --------------- Delaware - --------------- Brandywine Town Center (2) 775,932 - 775,932 100.00% - 100.00% 11,822,129 - 11,822,129 15.24 - 15.24 Market Square Shopping Center (2) 39,050 63,712 102,762 100.00%100.00%100.00% 515,375 1,623,071 2,138,446 13.20 25.48 20.81 ------------------------------------------------------------------------------------------------------------ Total - Delaware 814,982 63,712 878,694 100.00%100.00%100.00% 12,337,504 1,623,071 13,960,575 15.14 25.48 15.89 ------------------------------------------------------------------------------------------------------------ New York Region - --------------- New York - --------------- Crossroads Shopping Center ( 3) 200,181 110,463 310,644 100.00%100.00%100.00% 2,218,752 3,834,813 6,053,565 11.08 34.72 19.49 ------------------------------------------------------------------------------------------------------------ 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 2,269,706 265,202 2,534,908 97.57% 89.85% 96.76% 25,179,682 6,118,250 31,297,932 11.37 25.68 12.76 ------------------------------------------------------------------------------------------------------------ Redevelopment properties ------------------------------------------------------------------------------------------------------------ Sterling Heights Shopping Center (Michigan) (5) 90,400 64,438 154,838 77.88% 22.70% 54.92% 281,600 145,234 426,834 4.00 9.93 5.02 400 East Fordham Road (New York) (6) 100,703 16,652 117,355 100.00%100.00%100.00% 275,000 370,915 645,915 2.73 22.27 5.50 Pelham Manor Shopping Plaza (New York) (7) - 398,775 398,775 - 51.20% 51.20% - 1,399,887 1,399,887 - 6.86 6.86 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) 15,497 23,433 38,930 100.00% 39.18% 63.39% 476,068 277,286 753,354 30.72 30.20 30.53 161st Street (New York) (6) 137,334 86,277 223,611 100.00%100.00%100.00% 2,334,682 1,535,672 3,870,354 17.00 17.80 17.31 Hitchcock Plaza (South Carolina) (5) 135,775 98,111 233,886 0.00% 64.25% 26.95% - 427,786 427,786 - 6.79 6.79 Pine Log Plaza (South Carolina) (5) 23,184 11,880 35,064 100.00% 73.23% 90.93% 69,552 74,600 144,152 3.00 8.57 4.52 Haygood Shopping Center (Virginia) (5) 78,880 75,119 153,999 65.64% 80.40% 72.84% 85,200 866,672 951,872 1.65 14.35 8.49 ------------------------------------------------------------------------------------------------------------ Total - Redevelopment Properties 716,546 774,685 1,491,231 74.48% 59.77% 66.84% 4,859,470 5,098,052 9,957,522 9.11 11.01 9.99 ------------------------------------------------------------------------------------------------------------ Total - Joint Venture Properties 2,986,252 1,039,887 4,026,139 92.03% 67.44% 85.68%$30,039,152 $11,216,302 $41,255,454 $10.93 $15.99 $11.96 ============================================================================================================
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. Subsequent to December 31, 2005, the Brandywine portfolio was recapitalized through the conversion of the 77.8% interest previously held by the institutional investors in Fund I to GDC Properties. Acadia has retained its existing 22.2% interest. (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.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 ------------------ Year-to- 3 months 3 months 3 months 3 months Year Date ended ended ended ended ended Leasing Production Notes: December December September June 30, March December 31, 2005 31, 2005 30, 2005 2005 31, 31, 2005 2004 ----------------------------------------------------- ----------------------------------------------------- New leases (1) Number of new leases commencing 28 10 8 6 4 34 GLA 219,770 59,945 90,775 46,584 22,466 191,419 New base rent $11.20 $13.65 $7.32 $14.60 $13.28 $12.81 Previous base rent (and percentage rent) $11.71 $11.73 $10.78 $12.90 $12.90 $11.43 Percentage growth in base rent (2) -4.3% 16.4% -32.1% 13.2% 2.9% 12.0% Average cost per square foot $11.57 $23.39 $7.02 $6.99 $7.96 $20.67 Renewal leases Number of renewal leases commencing 52 8 15 16 13 59 GLA expiring 348,354 71,231 92,370 99,677 85,076 483,308 Renewal percentage (3) 70% 49% 84% 62% 81% 81% New base rent $12.14 $11.29 $13.85 $11.94 $10.81 $11.72 Expiring base rent (and percentage rent) $10.86 $10.70 $12.69 $9.70 $9.92 $10.94 Percentage growth in base rent 11.8% 5.5% 9.1% 23.1% 9.0% 7.2% Average cost per square foot $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Total new and renewal Leases Number of new and renewal leases commencing 80 18 23 22 17 93 GLA commencing 462,975 131,176 168,366 108,384 91,378 674,727 New base rent $11.69 $12.37 $10.33 $13.08 $11.42 $12.03 Expiring base rent (and percentage rent) $11.26 $11.17 $11.66 $11.08 $10.65 $11.08 Percentage growth in base rent (3) 3.8% 10.7% -11.4% 18.1% 7.2% 8.6% Average cost per square foot $5.49 $10.69 $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 + 11.8%. Adjusting for this the year-to-date spread on new leases was + 13.8% and new and renewal leases in total was + 12.6%. (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.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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 ------------------------------------------------------------------------------- Number of Retail stores in Total Annualized Total Annualized Total Annualized Total AnnualizedAverage Base Base Base Base Ranking Tenant combined GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio Rent (3) Sales portfolio GLA(3) (per sq. ft.) - ------------------------------------------------------------------------------------------------------------------------- 1 Albertson's 4 220,625 $3,012,896 - $- 220,625 $3,012,896 4.0% 5.5% -- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.2% 4.3% 475 -- Acme 1 44,824 654,704 - - 44,824 654,704 0.8% 1.2% 294 2 Sears 7 485,111 1,829,484 67,482 326,963 552,593 2,156,447 10.0% 4.0% -- Kmart 5 424,411 1,571,484 49,355 277,463 473,766 1,848,947 8.6% 3.4% 166 -- Sears 2 60,700 258,000 18,127 49,500 78,827 307,500 1.4% 0.6% 231 3 T.J. Maxx 10 289,427 2,051,182 6,972 81,261 296,399 2,132,443 5.4% 3.9% -- T.J. Maxx 4 88,200 726,300 6,972 81,261 95,172 807,561 1.7% 1.5% 281 -- Marshalls 3 102,781 731,494 - - 102,781 731,494 1.9% 1.3% 178 -- A.J. Wright's 2 58,800 286,131 - - 58,800 286,131 1.1% 0.5% 144 -- Homegoods 1 39,646 307,257 - - 39,646 307,257 0.7% 0.6% 146 4 A&P (Waldbaum's) 2 100,266 1,666,284 18,722 246,960 118,988 1,913,244 2.2% 3.5% -- Waldbaum's 3 100,266 1,666,284 18,722 246,960 118,988 1,913,244 2.2% 3.5% 348 5 Ahold 3 178,807 1,568,670 - - 178,807 1,568,670 3.2% 2.9% -- Stop and Shop 2 116,717 1,289,265 - - 116,717 1,289,265 2.1% 2.4% 346 -- Giant 1 62,090 279,405 - - 62,090 279,405 1.1% 0.5% - 6 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 3.8% 2.8% 336 7 Brook's Drug 7 81,300 1,069,574 - - 81,300 1,069,574 1.5% 2.0% -- Eckerd's 7 81,300 1,069,574 - - 81,300 1,069,574 1.5% 2.0% 442 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 2 111,739 875,912 - - 111,739 875,912 2.0% 1.6% 250 Restoration 11 Hardware 1 9,220 697,200 - - 9,220 697,200 0.2% 1.3% 249 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 15 Clearview Cinema 1 25,400 686,250 - - 25,400 686,250 0.5% 1.3% - Federated Department 16 Stores (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.3% 1.2% 205 17 JC Penney 2 72,580 591,747 - - 72,580 591,747 1.3% 1.1% 182 18 Walgreen's 2 23,904 589,088 - - 23,904 589,088 0.4% 1.1% 342 King Kullen 19 Grocery 1 48,100 562,600 - - 48,100 562,600 0.9% 1.0% 548 20 Payless Shoes 10 36,076 557,570 1,524 43,273 37,600 600,843 0.7% 1.1% - ------------------------------------------------------------------------------------------ Total 86 2,302,244 20,694,276 330,803 2,142,516 2,633,047 22,836,792 0 0 ========================================================================================== (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. Average Gross Occupancy Ranking Cost (4) - ---------------------------------------------------------------------- 1 2.8% 5.5% 2 3.7% 1.8% 3 4.3% 5.7% 5.8% 6.8% 4 5.8% 5 3.6% - 6 3.2% 7 4.6% 8 - 9 - 10 4.0% 11 32.6% 12 - 13 - 14 1.9% 15 - 16 6.2% 17 5.9% 18 8.8% 19 2.7% 20 - (1) Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, (2) Includes Funds I, II and the Crossroads Shopping Center joint ventures. The above amounts represent the Company's pro-rata share (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 (6) Safeway has sub-leased 7 of these locations to supermarket tenants, 1 location to a non- supermarket tenant and ceased operations at
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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 305,544 67.29 (1) 5 Year Restoration Hardware 12,293 4/30/2015 929,600 75.62 (2) 5 Years --------- ----------------- Property total 16,834 1,235,144 73.37 --------- ----------------- 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 --------- ----------------- Village Commons Shopping Center 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 --------- ----------------- Branch Plaza 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 7/6/2028 745,320 20.00 - 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 6,760,316 19.25 --------- -----------------
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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 (8) 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 (1) 5 Year Wal*Mart 89,544 10/23/2011 626,808 7.00 (8) 5 Year --------- ---------------- Property total 120,004 736,464 6.14 --------- ---------------- Crescent Plaza, Brockton Home Depot 106,760 10/31/2021 602,126 5.64 (6) 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 (3) 5 Year --------- ---------------- Property total 121,892 935,920 7.68 --------- ---------------- Vermont ---------------------------------------- Gateway Shopping Center Shaw's (Albertsons) (5) 5 Yr. & (1) 4 73,184 3/31/2024 1,317,312 18.00 Yr. --------- ---------------- Property total 73,184 1,317,312 18.00 --------- ---------------- Total : New England 885,241 6,646,269 8.43 --------- ---------------- 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 190,765 14.38 (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 1,318,902 9.08 --------- ---------------- (1) This space is contiguous to the Company's property and is not owned by the Company.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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 - --------- ----------------- 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 3,335,407 8.54 --------- ----------------- 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 9/30/2014 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) 27,000 11/30/2010 $270,000 $10.00 (2) 5 Year Target(1) Condominium 157,616 - - - Agreement --------- ----------------- Property total 184,616 270,000 10.00 --------- ----------------- Total : Mid-Atlantic 613,616 4,251,873 9.32 --------- -----------------
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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) %%%%-DO-NOT-MODIFY-THIS-LINE-%%%%_Table_34_Start 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 (3) 5 Year 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 (8) 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 428,480 7.25 (2) 5 Year ---------- ------------------ Property total 67,568 508,926 7.53 ---------- ------------------ 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 4,239,016 4.85 ---------- ------------------ Total: Retail Anchor Properties - Wholly Owned Properties 3,115,315 $25,232,881 $8.82 ========== ================== (1) Target owns the portion of the main building (157,616 square feet) that their store is located in.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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 (4) 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 (1) 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 15,497 3/31/2080 476,068 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 588,488 6,641,870 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 (5) 5 Year Thomasville Furniture 18,893 11/30/2011 476,481 25.22 (2) 5 Year World Market 20,310 1/31/2015 406,200 20.00 - Access Group 76,458 5/31/2015 1,517,692 19.85 (2) 5 Year 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 - Transunion Settlement 39,714 3/31/2013 911,377 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 New Balance 5,500 129,250 23.50 --------- ----------------- Property total 775,932 11,822,130 15.24 --------- ----------------- Market Square Shopping Center (Fund I) Trader Joe's 7,675 1/31/2013 149,662 19.50 (3) 5 Year TJ Maxx (TJX) 31,375 1/31/2006 365,712 11.66 (2) 5 Year --------- ----------------- Property total 39,050 515,374 13.20 --------- -----------------
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 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) ---------------------------------------- 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 ---------- ------------------- Virginia -------- Haygood Shopping Center (Fund I) Eckerd Drugs (Brook's) 11,280 11/30/2009 28,500 2.53 - Rose's - Termination agreement @ 40,500 1/31/2006 56,700 1.40 1/31/05 ---------- ------------------- Property Total 51,780 85,200 1.65 ---------- ------------------- Total : Mid-Atlantic Region 889,946 12,492,256 14.04 ---------- ------------------- Midwest Region - ----------------------------------------- Ohio -------- Amherst Marketplace (Fund I) Riser Foods Company/Pharmacy 10,500 3/31/2012 135,135 12.87 (3) 5 Year Riser Foods Company/Supermarket 66,237 9/30/2021 630,576 9.52 (4) 5 Year Giant Eagle - 9/3/2021 30,000 - (4) 5 Year ---------- ------------------- Property total 76,737 795,711 22.39 Granville Centre (Fund I) Lifestyle Family Fitness, Inc. 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 2,748,281 $30,039,152 $10.92 ========== ===================
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Anchor Lease Expirations - Next 3 Years - ---------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------ Gross Leased Area Annualized Base Rent ------------------------------------------- Percent Percent Average Square of of per Center Anchor footage all Amount all Sq. Ft. anchors anchors - ------------------------------------------------------------------------------------------------------------------------ Wholly Owned - ----------------------------------------- 2006 Pittston Plaza Eckerd Drugs (Brook's) 8,468 0.30% 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 1.06% 140,156 0.56% 4.60 ------------------------------------------- 2007 Ledgewood Mall The Sports Authority 52,205 1.83% 225,000 0.89% 4.31 Soundview Marketplace King Kullen 48,100 1.68% 562,600 2.23% 11.70 Hobson West Plaza Bobak's 51,692 1.81% 225,436 0.89% 4.36 ------------------------------------------- Total 2007 151,997 5.32% 1,013,036 4.01% 6.66 ------------------------------------------- 2008 Village Commons Shopping Center Daffy's Inc. 16,125 0.56% 274,125 1.09% 17.00 Merrillville Plaza JC Penny Co. 50,000 1.75% 495,000 1.96% 9.90 Merrillville Plaza Officemax Inc. 26,157 0.91% 222,335 0.88% 8.50 Amboy Shopping Center Duane Reade 9,698 0.34% 266,695 1.06% 27.50 Walnut Hill Plaza Sears 60,700 2.12% 258,000 1.02% 4.25 ------------------------------------------- Total 2008 162,680 3.37% 1,516,155 2.96% 9.32 ------------------------------------------- Total - Next 3 Years $345,145 9.75%$2,669,347 7.53% $7.73 =========================================== Joint Venture - Crossroads - ----------------------------------------------------------------------------- 2006 - - - - - 2007 Crossroads Shopping Center Pier 1 8,818 4.41% 278,825 12.57% 31.62 Crossroads Shopping Center Waldbaum's 38,208 19.09% 504,000 22.72% 13.19 ------------------------------------------- Total 2007 47,026 23.50% 782,825 35.29% 16.65 ------------------------------------------- 2008 - - - - - ------------------------------------------- Total - Next 3 Years $47,026 23.50% $782,825 35.29%$16.65 =========================================== Fund I - ----------------------------------------- 2006 Market Square Shopping Center TJ Maxx 31,375 1.44% 365,712 1.53% 11.66 Haygood Shopping Center Rose's 40,500 1.86% 56,700 0.24% 1.40 ------------------------------------------- Total 2006 71,875 3.30% 422,412 1.77% 5.88 ------------------------------------------- 2007 Brandywine Town Center Annie Sez (Big M) 13,325 0.61% 279,825 1.17% 21.00 2008 - - - - - ------------------------------------------- Total - Next 3 Years $85,200 3.91% $702,237 2.94% $8.24 =========================================== Fund II - ----------------------------------------- Month-to-month Sherman Avenue New York City 60,773 16.30% 972,368 24.64% 16.00 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 Fordham Road Sears 100,703 27.01% 275,000 6.97% 2.73 ------------------------------------------- Total 2007 174,703 46.86% 640,000 16.22% 3.66 ------------------------------------------- 2008 - - - - - ------------------------------------------- Total - Next 3 Years $372,810 100.00%$3,947,050 100.01%$10.59 =========================================== (1) Tenant pays rent based on percentage of sales
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Lease Expirations - --------------------------------------- -------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- -------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------------------------------------------------------------------- Wholly-Owned Propeties Anchor Tenant Expirations 2006 3 30,468 1.07% 140,156 0.56% 4.60 2007 3 151,997 5.31% 1,013,036 4.01% 6.66 2008 5 162,680 5.69% 1,516,155 6.01% 9.32 2009 9 347,155 12.13% 1,570,602 6.22% 4.52 2010 14 376,113 13.14% 3,938,989 15.61% 10.47 2011 3 129,708 4.53% 965,880 3.83% 7.45 2012 1 50,225 1.76% 516,960 2.05% 10.29 2013 2 115,392 4.03% 1,444,884 5.73% 12.52 2014 5 212,980 7.45% 1,267,126 5.02% 5.95 2015 5 164,230 5.74% 2,507,015 9.94% 15.27 2016 1 4,541 0.16% 305,544 1.21% 67.29 2017 1 47,773 1.67% 955,460 3.79% 20.00 2018 2 111,739 3.91% 875,912 3.47% 7.84 2019 4 265,075 9.27% 1,518,396 6.02% 5.73 2020 4 218,211 7.63% 1,818,995 7.21% 8.34 2021 3 177,917 6.22% 1,035,619 4.10% 5.82 2022 1 14,837 0.52% 435,000 1.72% 29.32 2023 1 64,665 2.26% 937,000 3.71% 14.49 2024 1 73,184 2.56% 1,317,312 5.22% 18.00 2028 3 141,509 4.95% 1,152,840 4.57% 8.15 --------------------------------- -------------------------- Total Occupied 71 2,860,399 100.00% $25,232,881 100.00% $8.82 ---------------------------------------- Anchor GLA Owned by Tenants 254,916 Total Vacant 91,477 ---------------- Total Square Feet 3,206,792 ================
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Lease Expirations - --------------------------------------- -------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- -------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------------------------------------------------------------------- Wholly-Owned Propeties Shop Tenant Expirations Month to Month 20 42,219 3.14% $513,254 2.53%$12.16 2006 63 215,290 16.04% 2,822,888 13.91% 13.11 2007 63 237,533 17.69% 3,372,648 16.64% 14.20 2008 53 175,520 13.07% 3,159,867 15.57% 18.00 2009 57 199,530 14.86% 3,145,141 15.50% 15.76 2010 40 132,514 9.87% 1,651,828 8.14% 12.47 2011 20 83,476 6.22% 1,373,834 6.77% 16.46 2012 7 16,261 1.21% 368,516 1.82% 22.66 2013 13 41,834 3.12% 850,438 4.19% 20.33 2014 18 93,719 6.98% 1,141,296 5.62% 12.18 2015 14 77,670 5.79% 1,171,156 5.77% 15.08 2018 4 6,805 0.51% 270,408 1.33% 39.74 2019 1 - 0.00% 51,205 0.25% - 2020 4 17,945 1.34% 355,728 1.75% 19.82 2022 1 2,205 0.16% 41,895 0.21% 19.00 2030 2 - 0.00% - 0.00% - ---------------------------- -------------------------- Total Occupied 380 1,342,521 100.00% $20,290,102 100.00%$15.11 ----------------------------------- Total Vacant 178,212 ----------- Total Square Feet 1,520,733 ===========
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Lease Expirations - --------------------------------------- -------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- -------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------------------------------------------------------------------- Wholly-Owned Propeties Total Tenant Expirations Month to Month 20 $42,219 1.00% $513,254 1.13%$12.16 2006 66 245,758 5.85% 2,963,044 6.51% 12.06 2007 66 389,530 9.27% 4,385,684 9.63% 11.26 2008 58 338,200 8.03% 4,676,022 10.27% 13.83 2009 66 546,685 13.01% 4,715,743 10.36% 8.63 2010 54 508,627 12.10% 5,590,817 12.28% 10.99 2011 23 213,184 5.07% 2,339,714 5.14% 10.98 2012 8 66,486 1.58% 885,476 1.95% 13.32 2013 15 157,226 3.74% 2,295,322 5.04% 14.60 2014 23 306,699 7.30% 2,408,422 5.29% 7.85 2015 19 241,900 5.76% 3,678,171 8.08% 15.21 2016 1 4,541 0.11% 305,544 0.67% 67.29 2017 1 47,773 1.14% 955,460 2.10% 20.00 2018 6 118,544 2.82% 1,146,320 2.52% 9.67 2019 5 265,075 6.31% 1,569,601 3.45% 5.92 2020 8 236,156 5.62% 2,174,723 4.78% 9.21 2021 3 177,917 4.23% 1,035,619 2.27% 5.82 2022 2 17,042 0.41% 476,895 1.05% 27.98 2023 1 64,665 1.54% 937,000 2.06% 14.49 2024 1 73,184 1.74% 1,317,312 2.89% 18.00 2028 3 141,509 3.37% 1,152,840 2.53% 8.15 2030 2 - 0.00% - 0.00% - ---------------------------- -------------------------- Total Occupied 451 $4,202,920 100.00% $45,522,983 100.00%$10.83 ----------------------------------- Anchor GLA Owned by Tenants 254,916 Total Vacant 269,689 ----------- Total Square Feet 4,727,525 ===========
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Lease Expirations - --------------------------------------- -------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- -------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------------------------------------------------------------------- Fund I Anchor Tenant Expirations 2006 2 71,875 3.30% $422,412 1.77% 5.88 2007 1 13,325 0.61% 279,825 1.17% 21.00 2009 27 1,052,564 48.38% 8,762,405 36.72% 8.32 2010 2 24,852 1.14% 386,375 1.62% 15.55 2011 3 68,400 3.14% 1,565,625 6.56% 22.89 2012 2 21,000 0.97% 275,835 1.16% 13.14 2013 3 97,389 4.48% 1,761,039 7.38% 18.08 2014 2 50,977 2.34% 868,426 3.64% 17.04 2015 4 161,060 7.40% 3,068,994 12.86% 19.05 2017 3 124,555 5.73% 1,718,592 7.20% 13.80 2018 2 278,000 12.78% 2,725,000 11.41% 9.80 2021 2 66,237 3.04% 660,576 2.77% 9.97 2022 1 59,159 2.72% 620,578 2.60% 10.49 2024 1 70,400 3.24% 281,600 1.18% 4.00 2080 1 15,497 0.71% 476,068 1.99% 30.72 0 -------------------------- -------------------------- Total Occupied 56 2,175,290 99.98% $23,873,350 100.03%$10.97 ----------------------------------- Total Vacant 237,971 ----------- Total Square Feet 2,413,261 ===========
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Lease Expirations - --------------------------------------- -------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- -------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------------------------------------------------------------------- Fund I Shop Tenant Expirations Month to Month 21 77,859 24.73% $496,779 12.19% $6.38 2006 13 56,779 18.03% 1,044,943 25.64% 18.40 2007 15 31,201 9.91% 495,244 12.15% 15.87 2008 14 35,505 11.28% 531,234 13.04% 14.96 2009 6 14,279 4.53% 115,203 2.83% 8.07 2010 7 11,459 3.64% 206,120 5.06% 17.99 2011 2 3,465 1.10% 63,705 1.56% 18.39 2013 4 20,070 6.37% 276,495 6.79% 13.78 2014 7 48,388 15.37% 629,120 15.44% 13.00 2015 5 2,798 0.89% 40,745 1.00% 14.56 2016 1 2,992 0.95% 83,423 2.05% 27.88 2018 1 6,957 2.21% 50,004 1.23% 7.19 2019 1 3,141 1.00% 42,000 1.03% 13.37 2050 1 - 0.00% - 0.00% - --------------------------- ------------------------- Total Occupied 98 314,893 100.01% $4,075,015 100.00%$12.94 ----------------------------------- Total Vacant 112,827 ----------- Total Square Feet 427,720 ===========
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Lease Expirations - --------------------------------------- -------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- -------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------------------------------------------------------------------- Fund I Total Tenant Expirations Month to Month 21 77,859 3.13% $496,779 1.78% $6.38 2006 15 128,654 5.17% 1,467,355 5.25% 11.41 2007 16 44,526 1.79% 775,069 2.77% 17.41 2008 14 35,505 1.43% 531,234 1.90% 14.96 2009 33 1,066,843 42.82% 8,877,608 31.76% 8.32 2010 9 36,311 1.46% 592,495 2.12% 16.32 2011 5 71,865 2.89% 1,629,330 5.83% 22.67 2012 2 21,000 0.84% 275,835 0.99% 13.14 2013 7 117,459 4.72% 2,037,534 7.29% 17.35 2014 9 99,365 3.99% 1,497,546 5.36% 15.07 2015 9 163,858 6.58% 3,109,739 11.13% 18.98 2016 1 2,992 0.12% 83,423 0.30% 27.88 2017 3 124,555 5.00% 1,718,592 6.15% 13.80 2018 3 284,957 11.44% 2,775,004 9.93% 9.74 2019 1 3,141 0.13% 42,000 0.15% 13.37 2021 2 66,237 2.66% 660,576 2.36% 9.97 2022 1 59,159 2.38% 620,578 2.22% 10.49 2024 1 70,400 2.83% 281,600 1.01% 4.00 2050 1 - 0.00% - 0.00% - 2080 1 15,497 0.62% 476,068 1.70% 30.72 --------------------------- -------------------------- Total Occupied 154 2,490,183 100.00% $27,948,365 100.00%$11.22 ----------------------------------- Total Vacant 350,798 ----------- Total Square Feet 2,840,981 ===========
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Lease Expirations - --------------------------------------- -------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- -------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------------------------------------------------------------------- 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 4 38,109 12.41% $217,600 6.58% $5.71 2006 4 38,468 12.53% 704,725 21.31% 18.32 2007 8 204,834 66.69% 2,067,117 62.52% 10.09 2009 3 17,414 5.67% 159,284 4.82% 9.15 2010 2 7,012 2.28% 112,604 3.41% 16.06 2013 1 1,254 0.41% 45,144 1.37% 36.00 --------------------------- ------------------------- Total Occupied 22 307,091 99.99% $3,306,474 100.00%$10.77 ----------------------------------- Total Vacant 194,613 ----------- Total Square Feet 501,704 =========== ----------------------------------- Fund II Total Tenant Expirations Month to Month 5 98,882 14.54% $1,189,968 16.41%$12.03 2006 5 175,802 25.86% 3,039,407 41.90% 17.29 2007 9 379,537 55.83% 2,707,117 37.32% 7.13 2009 3 17,414 2.56% 159,284 2.20% 9.15 2010 2 7,012 1.03% 112,604 1.55% 16.06 2013 1 1,254 0.18% 45,144 0.62% 36.00 --------------------------- ------------------------- Total Occupied 25 679,901 100.00% $7,253,524 100.00%$10.67 ----------------------------------- Total Vacant 194,613 ----------- Total Square Feet 874,514 ===========
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Lease Expirations - --------------------------------------- -------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------------- -------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. -------------------------------------------------------------------- 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 Month to Month 1 2,210 2.00% $60,996 1.59%$27.60 2006 4 7,240 6.55% 242,336 6.32% 33.47 2007 4 4,912 4.45% 185,550 4.84% 37.77 2008 9 31,460 28.50% 1,033,541 26.94% 32.85 2009 7 22,318 20.20% 781,525 20.38% 35.02 2011 2 4,070 3.68% 143,212 3.73% 35.19 2012 2 5,250 4.75% 189,000 4.93% 36.00 2014 4 19,941 18.05% 674,793 17.60% 33.84 2017 1 6,600 5.97% 330,000 8.61% 50.00 2022 1 6,462 5.85% 193,860 5.06% 30.00 ---------------------------- ------------------------- Total Occupied 35 110,463 100.00% $3,834,813 100.00%$34.72 ----------------------------------- Total Vacant - ----------- Total Square Feet 110,463 =========== ----------------------------------- Crossroads (JV Property) Total Tenant Expirations Month to Month 1 2,210 0.71% $60,996 1.01%$27.60 2006 4 7,240 2.33% 242,336 4.00% 33.47 2007 6 51,938 16.72% 968,375 16.00% 18.64 2008 9 31,460 10.13% 1,033,541 17.07% 32.85 2009 8 47,318 15.23% 975,275 16.11% 20.61 2011 2 4,070 1.31% 143,212 2.37% 35.19 2012 4 118,405 38.12% 1,101,177 18.19% 9.30 2014 4 19,941 6.42% 674,793 11.15% 33.84 2017 1 6,600 2.12% 330,000 5.45% 50.00 2018 1 15,000 4.83% 330,000 5.45% 22.00 2022 1 6,462 2.08% 193,860 3.20% 30.00 ---------------------------- ------------------------- Total Occupied 41 310,644 100.00% $6,053,565 100.00%$19.49 ----------------------------------- Total Vacant - ----------- Total Square Feet 310,644 ===========
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Property Demographics (1) - ------------------------------------------------------------ - --------------------------------------------------------------------------------- ------------------------------------- 3-Mile Radius(2) ------------------------------------- Trade Total # Area Base Total Total Households Median HH Avg. HH Property / JV Ownership % City State(Miles) Rent GLA Pop. ("HH") Income Income - --------------------------------------------------------------------------------- -------------------------------------- Brandywine Town Center & Mkt Wilmington DE Sq./22.22% 3 13,960,575 878,694 40,591 15,566 $70,145 $87,971 Elmwood Park Shopping Ctr. Elmwood ParkNJ 3 3,311,727 149,085 252,916 84,197 $44,191 $61,068 Abington Towne Center Abington PA 3 939,999 216,355 Granville Center / 22.22% Columbus OH 3 670,684 134,999 113,906 49,527 $53,564 $70,562 Hobson West Plaza Naperville IL 3 1,196,935 99,044 95,042 32,948 $82,298 $103,749 Methuen Shopping Ctr. Methuen MA 5 736,464 130,238 82,654 30,553 $37,421 $52,107 Crossroads Shopping Ctr. / 49% White PlainsNY 3 6,053,565 310,644 102,957 39,813 $59,646 $86,839 The Branch Plaza Smithtown NY 3 2,370,544 125,724 71,215 24,266 $98,596 $113,345 Amboy Road Staten NY Island 3 1,460,009 59,979 155,416 56,011 $75,297 $89,580 Village Commons Shopping Ctr. Smithtown NY 3 2,141,801 87,306 70,854 24,112 $98,448 $113,332 Bloomfield Town Square Bloomfield MI Hills 5 2,281,763 214,866 61,631 24,011 $49,857 $83,461 Crescent Plaza Brockton MA 3 1,665,798 218,141 98,955 34,754 $39,202 $52,875 239 Greenwich Avenue Greenwich CT 5 1,235,145 16,834 66,252 25,070 $90,010 Soundview Marketplace Port NY Washington 3 2,879,800 183,675 47,060 16,691 $127,975 $188,579 Town Line Plaza Rocky Hill CT 3 1,486,207 206,178 New Loudon Center Latham NY 5 1,713,664 255,826 44,153 17,525 $44,596 $58,526 Pacesetter Park Shopping Ctr. Pomona NY 3 1,113,383 96,698 27,421 9,004 $99,926 $124,786 Mad River Station Dayton OH 5 1,542,508 155,739 52,598 21,841 $51,619 $64,051 Greenridge Plaza Scranton PA 3 957,308 191,755 88,733 36,946 $30,723 $38,790 Mark Plaza EdwardsvillePA 5 1,088,303 216,047 90,532 38,714 $28,086 $38,397 Luzerne Street Shopping Ctr. Scranton PA 3 281,931 58,228 89,062 36,973 $30,970 $39,323 Blackman Plaza Wilkes-BarrePA 5 282,374 121,341 62,458 26,393 $27,479 $37,619 Sheffield Crossing / 22.22% Sheffield OH 3 1,118,641 112,534 32,487 12,500 $42,899 $58,754 Amherst Marketplace / 22.22% Amherst OH 3 830,115 79,937 55,146 21,276 $41,898 $55,263 Sterling Heights Shopping Center / Sterling MI 11.11% Heights 3 426,834 154,838 97,175 35,730 $67,786 $74,409 Tarrytown Shopping Center / 11.11% Tarrytown NY 3 753,354 38,930 36,461 13,328 $84,626 $114,725 Hitchcock Plaza / 20% Aiken SC 5 427,786 233,886 25,419 18,757 $60,290 $71,076 Pine Log Plaza / 20% Aiken SC 5 144,152 35,064 25,419 18,757 $60,290 $71,076 Haygood Shopping Center / 11.11% Virginia VA Beach 3 951,872 153,999 97,871 37,786 $51,491 $60,530 400 East Fordham Road / 18.32% The Bronx NY 2 645,915 117,355 651,504 223,577 $28,217 $37,631 Sherman Avenue / 18.32% Manhattan NY 2 1,337,368 134,773 529,999 176,116 $29,932 $40,762 Pelham Manor Shopping Plaza / 18.32%Westchester NY 3 1,399,887 398,775 400,119 149,994 $47,713 $59,780 Bartow Avenue The Bronx NY 3 222,600 14,694 563,289 208,834 $33,199 $44,894 161st Street /18.32% The Bronx NY 2 3,870,354 223,611 712,029 240,973 $22,230 $32,900 Walnut Hill Plaza Woonsocket RI 5 2,426,705 283,235 59,068 24,020 $32,605 $44,830 Ledgewood Mall Ledgewood NJ 5 4,425,559 517,077 39,287 14,235 $59,560 $70,312 Merrillville Plaza Hobart IN 5 2,576,232 235,605 21,008 8,295 $56,061 $65,230 The Gateway Shopping Ctr. So. VT Burlington 3 1,818,182 101,792 45,990 19,115 $54,003 $35,139 Marketplace of Absecon Absecon NJ 3 1,657,610 105,097 31,282 10,754 $57,266 $69,040 Pittston Plaza Pittston PA 3 603,215 79,494 40,766 17,194 $28,200 $37,109 Plaza 422 Lebanon PA 3 444,020 155,026 44,886 18,014 $31,027 $39,952 Route 6 Plaza Honesdale PA 5 1,081,027 175,507 Bradford Towne Centre Towanda PA 10 1,582,170 256,939 5,417 2,256 $33,937 $41,666 - --------------------------------------------------------------------------------- ------------------------------------- 78,114,084 7,735,564 --------------------- ------------------------------------- 111,740 41,047 $49,119 $62,960 ------------------------------------- (1) Does not include the Kroger/Safeway Portfolio. ------------------------------------- (2) Fordham, Sherman Avenue and 161st Street figures are for a 2 mile radius. 83,249 30,173 $55,198 $72,555 ------------------------------------- (3) The following table summarizes the Urban / In-fill properties which are included in the data detailed above. - ------------------------------------------------------------------------------------------------------------------------ Urban / in-fill Trade Total 1-Mile Radius ------------------------------------- Area Base Total Total # Median HH Avg. HH Households Property / JV Ownership % City State(Miles) Rent GLA Pop. ("HH") Income Income - --------------------------------------------------------------------------------- -------------------------------------- 400 East Fordham Road / 18.32% The Bronx NY 2 645,915 117,355 206,850 66,722 $24,205 $33,414 Sherman Avenue / 18.32% Manhattan NY 2 1,337,368 134,773 139,935 48,823 $31,657 $40,618 Pelham Manor Shopping Plaza / 18.32%Westchester NY 3 1,399,887 398,775 28,559 9,367 $60,205 $73,324 Bartow Avenue The Bronx NY 3 222,600 14,694 71,336 28,062 $36,795 $47,838 161st Street /18.32% The Bronx NY 2 3,870,354 223,611 192,706 65,625 $20,649 $31,017 - ----------------------------------------------------------------------------------------------------------------------- 7,476,124 889,208 110,955 37,373 $40,793 $52,040 --------------------- ------------------------------------- ------------------------------------- 140,903 48,366 $31,514 $42,123 -------------------------------------
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Property Demographics (1) - -------------------------------- - ----------------------------------------------------------- ----------------------------------- ------------------------ 5-Mile Radius 10-Mile Radius ----------------------------------------------- ----------------------------------- Total # Median HH Avg. HH Total # Median HH Avg. HH Property / Pop. HH Income Income Pop. HH Income Income County MSA JV Ownership % - ------------------------------------------------------------------------------------------------------------------------ Brandywine Bergen Wilmington- Town Center Newark, DE & Mkt Sq./22.22% 115,509 46,245 $63,181 $82,051 465,744 177,868 $60,297 $82,576 Elmwood Park Bergen Bergen- Shopping Passaic, NJ Ctr. 604,387 209,582 $49,412 $67,557 - - - - Abington Bucks Philadelphia, Towne PA Center 316,194 123,852 $49,479 $67,255 1,420,838 535,831 40,786 56,068 Granville Franklin Columbus, OH Center / 22.22% 272,955 115,817 $55,421 $74,050 - - - - Hobson West DuPage Chicago, IL Plaza 219,460 77,196 $77,091 $96,876 - - - - Methuen Essex Boston, MA-NH Shopping Ctr. 200,868 74,426 $40,606 $55,989 359,120 130,167 53,266 70,380 Crossroads WestchesterNew York, NY Shopping Ctr. / 49% 199,222 73,477 $67,992 $102,645 - - - - The Branch Suffolk Nassau- Plaza 205,906 67,405 $89,363 $103,763 - - - - Suffolk, NY Amboy Road Richmond New York, NY Village Suffolk Nassau- Commons Suffolk, NY Shopping Ctr. 205,727 67,384 $89,604 $104,007 - - - - Bloomfield Oakland Detroit, MI Town Square 165,071 63,680 $56,286 $89,068 693,426 274,676 35,140 88,557 Crescent Plymouth Boston, MA-NH Plaza 164,499 58,369 $43,599 $56,535 - - - - 239 Fairfield New Haven- Greenwich Meriden, CT Avenue 139,180 50,542 $87,819 - - - - Soundview Nassau Nassau- Marketplace 146,553 53,259 $110,828 $158,509 - - - - Suffolk, NY Town Line Hartford Hartford, CT Plaza 43,708 18,392 $60,038 $75,504 553,333 220,597 43,447 63,310 New Loudon Albany Albany- Center Schenectady- 146,563 59,410 $41,551 $54,174 613,866 249,577 43,863 57,271 Troy, NY Pacesetter Rockland New York, NY Park Shopping Ctr. 134,012 39,338 $81,066 $102,217 - - - - Mad River Montgomery Dayton- Station Springfield, 124,816 50,664 $51,965 $65,750 408,808 161,200 41,890 51,485 OH Greenridge Lackawanna Scranton- Plaza Wilkes Barre- 128,607 52,993 $32,446 $41,441 206,477 84,001 34,001 43,425 Hazelton, PA Mark Plaza Luzerne Scranton- Wilkes Barre- 124,503 52,875 $28,794 $39,583 217,525 89,944 29,784 41,155 Hazelton, PA Luzerne Lackawanna Scranton- Street Wilkes Shopping Barre- Ctr. 119,331 49,490 $31,439 $39,606 - - - - Hazelton, PA Blackman Luzerne Scranton- Plaza Wilkes Barre- 118,011 50,151 $38,259 $28,229 209,428 86,555 29,751 41,041 Hazelton, PA Sheffield Lorain Cleveland- Crossing / Lorain- 22.22% 117,051 44,586 $42,879 $58,196 314,596 120,675 50,540 67,635 Elyria Amherst Lorain Cleveland- Marketplace Lorain- / 22.22% 98,708 37,877 $38,164 $51,174 212,480 81,076 42,497 56,454 Elyria Sterling Coordinates Heights 42.5803, Shopping 83.0298 Center / 11.11% 257,839 101,330 $64,903 $73,379 - - - - Tarrytown Westchester New York, NY Shopping Center / 11.11% 126,511 45,849 $94,270 $121,002 - - - - Hitchcock Coordinates Plaza / 20% 33.5156, 45,931 33,112 $49,878 $60,184 84,131 59,713 43,742 52,745 81.7311 Pine Log Coordinates Plaza / 20% 33.5156, 45,931 33,112 $49,878 $60,184 84,131 59,713 43,742 52,745 81.7311 Haygood Coordinates Shopping 36.8727, Center / 76.1350 11.11% 222,837 85,740 $52,946 $61,454 686,842 263,114 47,183 56,538 400 East The Bronx New York, NY Fordham Road / 18.32% 1,193,183 411,564 30,162 40,477 Sherman Manhattan New York, NY Avenue / 18.32% - - - - Pelham Manor WestchesterNew York, NY Shopping Plaza / 18.32% 1,114,822 410,040 $44,052 $56,839 Bartow The Bronx New York, NY Avenue 1,435,467 511,796 $30,552 $43,522 161st Street The Bronx New York, NY /18.32% Walnut Hill Providence Providence- Plaza Fall River, 93,988 36,923 $40,811 $54,959 304,956 114,330 47,963 62,524 RI Ledgewood Morris Newark, NJ Mall 107,018 38,479 $74,547 $92,140 263,597 94,154 $76,368 $97,665 Merrillville Lake Gary, IN Plaza 84,295 31,487 $48,370 $54,246 41,291 127,991 $41,656 $49,747 The Gateway Chittenden Burlington, Shopping VT Ctr. 69,036 27,944 $37,547 $55,060 - - - - Marketplace Atlantic Atlantic of Absecon City-Cape 71,369 24,835 $56,434 $67,432 - - - - May, NJ Pittston Luzerne Scranton- Plaza Wilkes Barre- 72,123 30,327 $29,150 $38,323 261,639 108,933 29,878 39,837 Hazelton, PA Plaza 422 Lebanon Harrisburg- Lebanon- 61,225 24,051 $33,664 $42,971 111,183 42,280 36,875 46,200 Carlisle, PA Route 6 Wayne Plaza 12,078 4,944 $35,972 $44,544 28,631 11,448 37,277 46,049 N/A Bradford Bradford Towne Centre 17,148 6,584 $34,707 $42,850 N/A - ----------------------------------------------------------- ----------------------------------- ------------------------ ----------------------------------------------- ----------------------------------- 200,993 75,536 $49,617 $64,389 1,802,527 728,440 $231,885 312,169 ----------------------------------------------- ----------------------------------- 166,157 60,552 $54,288 $72,985 1,177,010 488,787 $156,593 215,032 -------------------------------------------------- ----------------------------------- (1) Does not include the Kroger/Safeway Portfolio. (2) Fordham, Sherman Avenue and 161st Street figures are for a 2 mile radius.
ANNUAL SUPPLEMENTAL DISCLOSURE December 31, 2005 Residential (Multi-family) Properties - ------------------------------------------------------------------- % % Occupied Occupied Property Location Square Feet Units December September 31, 2005 30, 2005 - ----------------------------------------------------------------------------------------------------------------------- Mid-Atlantic North Carolina - ------------------------------------------------------------------- Village Apartments Winston Salem 578,606 600 96% 95% Mid-West Missouri - ------------------------------------------------------------------- Gate House, Holiday House, Tiger Village, Columbia 625,545 874 99% 98% --------------------------------------- Colony Apartments (1) Totals 1,204,151 1,474 98% 97% ======================================= (1) As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions
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