-----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, KmPAQGxnZ23LYpU2BuWNmxj+HgX5mOqU8mqHE1LUXTkI8Jcxm7dX79oQoEZSYMzh glgFxOPzmuxhMKlDcgT5Kg== 0001157523-07-001719.txt : 20070220 0001157523-07-001719.hdr.sgml : 20070219 20070216195325 ACCESSION NUMBER: 0001157523-07-001719 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070214 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070220 DATE AS OF CHANGE: 20070216 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: 07633115 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 a5336557.txt ACADIA REALTY TRUST 8-K UNITED STATES 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): February 14, 2007 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)) Item 2.02 Results of Operations and Financial Condition On February 14, 2007, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and year ended December 31, 2006. A copy of this press release is attached to this report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. In addition, on February 14, 2007, 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, 2006. A copy of this supplemental information is attached to this report on Form 8-K as Exhibit 99.2 and incorporated herein by reference. The information included in this Item 2.02, including the information included in Exhibits 99.1and 99.2 attached hereto, is intended to be furnished solely pursuant to this Item 2.02, and is 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 into any filing under the Securities Act of 1933, as amended ("Securities Act") or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a) (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) Shell Company Transactions Not Applicable (d). Exhibits Exhibit Number Description - -------------- -------------------------------- 99.1 Press release of the Company dated February 14, 2007. 99.2 Financial and Operating Reporting Supplement of the Company for the Quarter and Year Ended December 31, 2006. 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: February 16, 2007 By: /s/ Michael Nelsen Name: Michael Nelsen Title: Sr. Vice President and Chief Financial Officer 2 EX-99.1 2 a5336557ex99_1.txt EXHIBIT 99.1 Exhibit 99.1 Acadia Realty Trust Reports Fourth Quarter and Full Year 2006 Operating Results NEW YORK--(BUSINESS WIRE)--Feb. 14, 2007--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, 2006. All per share amounts discussed below are on a fully diluted basis. Fourth Quarter 2006 Highlights 2006 fourth quarter FFO up 19%, EPS down 14% -- Funds from operations ("FFO") per share of $0.31 for the fourth quarter 2006 compared to $0.26 for the fourth quarter 2005 -- Full year 2006 FFO of $1.19, up 9% compared to $1.09 for 2005 -- Earnings per share ("EPS") from continuing operations for the fourth quarter 2006 of $0.12 compared to $0.14 for 2005 -- Full year EPS from continuing operations of $0.48 compared to $0.61 for 2005, a decrease of 21% Strengthened core portfolio through asset recycling and leasing -- Sold five non-core properties during fourth quarter 2006 -- Operating portfolio occupancy at 94.0% Strengthened balance sheet with convertible issuance -- Issued $115 million of convertible debt at 3.75% -- Increased dividend by over 8% while still maintaining conservative payout ratio -- Maintained low debt to total market capitalization of 34% and 2.7 to 1 fixed-charge coverage ratio for the quarter Continued progress in external growth initiatives -- Continued progress with New York Urban/Infill Redevelopment pipeline by commencing construction on Pelham project during fourth quarter 2006 -- RCP Venture made three investments during the year 2006 Fourth Quarter Operating Results For the quarter ended December 31, 2006, FFO, a widely accepted measure of REIT performance, was $10.3 million, or $0.31 per share, compared to $8.8 million, or $0.26 per share for the fourth quarter 2005. FFO for the year ended December 31, 2006 was $40.2 million or $1.19 per share compared to $36.2 million or $1.09 per share for 2005. Earnings per share from continuing operations was $0.12 for the fourth quarter 2006 compared to $0.14 for the fourth quarter 2005. For the years ended December 31, 2006 and 2005, earnings per share from continuing operations was $0.48 and $0.61, respectively. Following are the key factors in comparing the full year operating results for 2006 and 2005: 2006 increases in operating income: -- $21.0 million gain from the sale of certain non-core properties -- Interest income increased $5.0 million as a result of an increase in interest-bearing investments -- Reduction in minority interest expense of $19.2 million primarily due to the minority's share of the gain from Mervyns discussed below. 2006 decreases in operating income: -- General and administrative expenses increased $3.6 million as a result of additional investments in human capital. -- Equity in earnings of unconsolidated affiliates decreased by $18.7 million primarily as a result of the Company's share of the gain on sale of properties realized by Mervyns during 2005. -- Interest expense increased $3.6 million due to higher debt levels. Portfolio Activity - Recycling of Non-Core Assets - Portfolio Occupancy at 94.0% During the fourth quarter, Acadia sold five non-core properties aggregating 770,000 square feet for $60.2 million. Four of these properties were located in secondary markets in Northeast Pennsylvania. As part of Acadia's 1031 exchange program, a portion of the gains from these sales were deferred for tax purposes against the earlier acquisitions of the Chestnut Hill property in Philadelphia, Pennsylvania and the Third Avenue property located in the Bronx, New York. The Company has identified potential acquisitions to defer the remaining gain of approximately $20.0 million. Including its pro-rata share of joint venture operating properties, Acadia's portfolio occupancy was 94.0% for the quarter ended December 31, 2006, compared to 93.9% at September 30, 2006 and 95.4% at December 31, 2005, after giving retroactive effect to the properties sold during the fourth quarter of 2006. The decrease in portfolio occupancy from a year ago is primarily due to re-tenanting activities within the portfolio, principally at Bloomfield Town Square. Same store net operating income ("NOI") for the retail portfolio increased 1.3% for the quarter and 1.6% for the year ended December 31, 2006 compared with the same periods in 2005. Excluding the adverse impact of re-tenanting activities at Bloomfield Town Square, same store NOI for the year ended December 31, 2006 would have increased by 2.7% over 2005. During the fourth quarter 2006, Acadia executed new leases at an average rent increase of 44% and renewal leases at a 6% decrease from the previous rents. Balance Sheet - $115.0 Million Convertible Debt Issuance Completed As previously reported, the Company completed a $100.0 million issuance of 3.75% convertible notes during the fourth quarter. An additional $15.0 million of these convertible notes were issued in January of 2007. Proceeds from the issuance were used to pay down $71.3 million on existing credit lines. Acadia has also modified and consolidated two existing facilities into a new $75.0 million revolving credit facility bearing interest at LIBOR plus 125 basis points maturing in 2010 and a $16.0 million term loan bearing interest at LIBOR plus 130 basis points maturing in 2011. In early January 2007, Acadia paid down an additional $21.3 million of floating-rate debt. After giving effect to these transactions, 94% of the Company's debt, as adjusted for its pro-rata share of consolidated joint venture debt, is now fixed-rate. During the fourth quarter, the Board of Trustees approved a $0.06, or 8.1%, increase in the Company's annual dividend from $0.74 to $0.80 on an annualized basis. For 2006, the strength of Acadia's balance sheet was evidenced by continued solid financial ratios as follows: -- Fixed-charge coverage ratio (EBITDA / interest expense plus preferred distributions) of 2.7 and 2.8 to 1 for the fourth quarter and year ended December 31, 2006, respectively -- Debt to total market capitalization of 34% -- Dividend payout ratio for the fourth quarter and year ended December 31, 2006 was 64% and 62% of FFO, respectively -- As of December 31, 2006, approximately $75 million was available under existing credit facilities which, together with cash on hand, is anticipated to be sufficient to fund the Company's foreseeable future capital requirements. External Growth Continues with Focus on New York Urban/Infill Redevelopments, RCP Venture and Other Activities New York Urban/Infill Redevelopment Program During the fourth quarter 2006, Acadia continued to make steady progress in its New York Urban/Infill Redevelopment Program by commencing construction at its Pelham Manor project. Also during the quarter, Acadia finalized a new lease with Sears at the Fordham Road site and, in February 2007, started construction at this development as well. To date, construction is ongoing at four of the New York Urban projects. This program currently includes a total of seven properties in its redevelopment pipeline, for which acquisition and development costs are anticipated to total approximately $375.0 million. RCP Venture Previously during 2006, Acadia and its Fund II investors made investments of approximately $24.9 million in its Retailer Controlled Property Venture ("RCP Venture") for the acquisition of Albertson's, Shopko and Marsh Supermarkets. During the fourth quarter, the RCP Venture continued to identify potential investment opportunities. Outlook -Earnings Guidance for 2007 On a fully diluted basis, the Company currently forecasts its 2007 annual FFO will range from $1.24 to $1.32 per share. 2007 earnings per share is expected to range from $0.59 to $0.67. Management will discuss Acadia's 2007 earnings guidance in further detail on its fourth quarter earnings conference call. The following is a reconciliation of the calculation of FFO per diluted share and earnings per diluted share: Guidance Range for 2007 Low High - ----------------------- --------------------- Earnings per diluted share $0.59 $0.67 Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated partnerships 0.59 0.59 Unconsolidated partnerships 0.05 0.05 Minority interest in Operating Partnership 0.01 0.01 ---------- ---------- Funds from operations $1.24 $1.32 ========== ========== Management Comments Commenting on the results for the quarter and year, Kenneth F. Bernstein, President and CEO, stated, "2006 was another year of solid performance for Acadia both with respect to earnings growth as well as planting the seeds for future growth through our investment platforms. In the fourth quarter we continued to upgrade our core portfolio through asset recycling and aggressive re-tenanting. Furthermore, we continue to maintain some of the strongest balance sheet ratios in our sector. Combining this strength and stability with our important external growth initiatives -- our Urban/Infill platform and our RCP Venture -- enables us to continue to provide solid current performance while building a strong pipeline for future growth. " Investor Conference Call Management will conduct a conference call on Thursday, February 15, 2007 at 2:00 PM EST to review the Company's earnings and operating results. The live conference call can be accessed by dialing 888-481-7939 (internationally 617-847-8707). The pass-code is "Acadia". The call will also be webcast and can be accessed in a listen-only mode at Acadia's web site at www.acadiarealty.com. If you are unable to participate during the live webcast, the call will be archived and available on Acadia's website. Alternatively, to access the replay by phone, dial 888-286-8010 (internationally 617-801-6888). The pass-code will be 40847334. The phone replay will be available through Thursday, February 22, 2007. Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of retail properties, including neighborhood/community shopping centers and mixed-use properties with retail components. 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. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the Company's most recent annual report on Form 10-K filed with the SEC on March 16, 2006, as amended and retrospectively adjusted, (the "Form 10-K") and other periodic reports filed with the SEC, including risks related to: (i) the Company's reliance on revenues derived from major tenants; (ii) the Company's limited control over joint venture investments; (iii) the Company's partnership structure; (iv) real estate and the geographic concentration of our properties; (v) market interest rates; (vi) leverage; (vii) liability for environmental matters;(viii) the Company's growth strategy; (ix) the Company's status as a REIT (x) uninsured losses and (xi) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company's website at www.acadiarealty.com. Any forward-looking statements in this press release speak only as of the date hereof. 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. See the notes to the attached financial tables for a further discussion of the Company's use of FFO and NOI. For more information visit Acadia Realty Trust's Web site at www.acadiarealty.com, which is not to be deemed a part of this press release ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights For the Quarters and Years ended December 31, 2006 and 2005 (dollars in thousands, except per share data) For the quarters ended For the years ended December 31, December 31, Revenues 2006 (1) 2005 (1) 2006 (1) 2005 (1) ----------------------------------------------- Minimum rents $18,286 $18,477 $69,663 $75,441 Percentage rents 204 (57) 1,192 1,272 Expense reimbursements 3,902 4,023 15,048 14,944 Other property income 383 589 1,206 2,269 Management fee income 1,371 1,119 5,625 3,564 Interest income 2,334 763 8,311 3,316 Other income 507 -- 1,648 -- ----------------------------------------------- Total revenues 26,987 24,914 102,693 100,806 ----------------------------------------------- Operating expenses Property operating 4,534 3,122 15,672 16,087 Real estate taxes 2,861 1,949 10,647 9,402 General and administrative 3,910 5,634 19,782 16,153 Depreciation and amortization 7,622 6,782 26,637 25,905 ----------------------------------------------- Total operating expenses 18,927 17,487 72,738 67,547 ----------------------------------------------- Operating income 8,060 7,427 29,955 33,259 Equity in (losses) earnings of unconsolidated affiliates (561) 2,365 2,559 21,280 Interest expense (6,028) (5,372) (22,451) (18,804) Minority interest 1,752 524 5,223 (13,952) ----------------------------------------------- Income from continuing operations before income taxes 3,223 4,944 15,286 21,783 ----------------------------------------------- Income tax benefit (expense) 682 (513) 508 (2,140) ----------------------------------------------- Income from continuing operations 3,905 4,431 15,794 19,643 ----------------------------------------------- ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights For the Quarters and Years ended December 31, 2006 and 2005 (dollars in thousands, except per share data) For the quarters ended For the years ended December 31, December 31, 2006 (1) 2005 (1) 2006 (1) 2005 (1) ----------------------------------------------- Discontinued operations: Operating income from discontinued operations $ 1,241 $ 188 $ 2,703 $ 1,823 Impairment of real estate -- -- -- (770) Gain (loss) on sale of real estate 20,974 -- 20,974 (50) Minority interest (430) (8) (458) (20) ----------------------------------------------- Income from discontinued operations 21,785 180 23,219 983 ----------------------------------------------- Net income $ 25,690 $ 4,611 $ 39,013 $ 20,626 =============================================== Net income per Common Share - Basic Net income per Common Share - Continuing operations $ .12 $ .14 $ .49 $ .62 Net income per Common Share - Discontinued operations .67 -- .71 .03 ----------------------------------------------- Net income per Common Share $ .79 $ .14 $ 1.20 $ .65 =============================================== Weighted average Common Shares 32,515 32,017 32,502 31,949 =============================================== Net income per Common Share - Diluted (2) Net income per Common Share - Continuing operations $ .12 $ .14 $ .48 $ .61 Net income per Common Share - Discontinued operations .65 -- .70 .03 ----------------------------------------------- Net income per Common Share $ .77 $ .14 $ 1.18 $ .64 ----------------------------------------------- Weighted average Common Shares 33,187 32,294 33,153 32,214 =============================================== ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights For the Quarters and years ended December 31, 2006 and 2005 (dollars in thousands, except per share data) RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (3) For the quarters ended For the years ended December 31, December 31, 2006 (1) 2005 (1) 2006 (1) 2005 (1) ----------------------------------------------- Net income $ 25,690 $ 4,611 $ 39,013 $ 20,626 Depreciation of real estate and amortization of leasing costs (net of minority interests' share): Wholly owned and consolidated partnerships 4,950 4,377 20,206 16,676 Unconsolidated partnerships 559 188 1,806 746 Income attributable to minority interest in Operating Partnership 516 80 803 416 (Gain) loss on sale of real estate (net of minority share and income taxes) (21,437) (509) (21,875) (2,622) ----------------------------------------------- Funds from operations - Basic 10,278 8,747 39,953 35,842 Distributions - Preferred OP Units 67 79 255 333 ----------------------------------------------- Funds from operations - Diluted $ 10,345 $ 8,826 $ 40,208 $ 36,175 =============================================== Funds from operations per share - Basic Weighted average Common Shares and OP Units (4) 33,157 32,671 33,149 32,564 =============================================== Funds from operations per share $ .31 $ .27 $ 1.21 $ 1.10 =============================================== Funds from operations per share - Diluted Weighted average Common Shares and OP Units (4) 33,829 33,377 33,800 33,306 =============================================== Funds from operations per share $ .31 $ .26 $ 1.19 $ 1.09 =============================================== ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights As of December 31, 2006 and 2005 (dollars in thousands, except per share data) SELECTED BALANCE SHEET INFORMATION December 31, December 31, 2006 (1) 2005 (1) ------------------------- Cash and cash equivalents $ 139,571 $ 90,475 Rental property, at cost 677,238 709,906 Total assets 847,245 841,591 Mortgage notes payable 447,402 411,000 Total liabilities 491,916 474,725 Notes: (1) Effective January 1, 2006, the Company accounts for its Funds I, II and Mervyn's investments on a fully consolidated basis pursuant to Emerging Issues Task Force ("EITF") 04-5, "Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights". Historic results for the quarter and year ended December 31, 2005 have also been presented on a fully consolidated basis for purposes of comparability with 2006. In addition, the Company's investment in the Brandywine Portfolio was fully consolidated as part of Fund I for the quarter and year ended 31, 2005. As a result of the recapitalization and conversion of the Brandywine Portfolio interests from Fund I to GDC Properties Incorporated during January 2006, this investment is accounted for under the equity method of accounting for the quarter and year ended December 31, 2006. (2) Reflects the potential dilution that could occur if securities or other contracts to issue Common Shares were exercised or converted into Common Shares. The effect of the conversion of Common OP Units is not reflected in the above table as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as minority interest in the consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. (3) The Company considers funds from operations ("FFO") as defined by the National Association of Real Estate Investment Trusts ("NAREIT") and net operating income ("NOI") to be appropriate supplemental disclosures of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude 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. In addition, NOI excludes interest expense. The Company's method of calculating FFO and NOI 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. Reference is made to the Company's Quarterly Supplemental Disclosure filed on Form 8-K with the SEC for a reconciliation of the other non-GAAP financial measures used in this press release (i.e. "net operating income" and "EBITDA") to the most comparable GAAP financial measures. (4) In addition to the weighted average Common Shares outstanding, basic and diluted FFO also assumes full conversion of a weighted average 642 and 653 OP Units into Common Shares for the quarters ended December 31, 2006 and 2005, respectively, and 647 and 615 OP Units into Common Shares for the years ended December 31, 2006 and 2005, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 337 Common Shares for the quarter and year ended December 31, 2006 and the assumed conversion of Preferred OP Units into 430 and 476 Common Shares for the quarter and year ended December 31, 2005. CONTACT: Acadia Realty Trust Investor Relations: Jon Grisham, VP, 914-288-8142 EX-99.2 3 a5336557ex99_2.txt EXHIBIT 99.2 Exhibit 99.2 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Table of Contents ----------------- Page Page ---- ---- Section I - Overview Section III - Joint Venture Information Important Notes 2 Overview - Fund I 30 Company Information 3 Overview - Fund II 31 Portfolio Snapshot 4 Overview - RCP Venture 32 Organizational Chart 5 Fund I Properties - Detail 33 Executive Management Team 6 Top 5 Fund I Tenants 34 Section II - Financial Information Fund I - Current Valuation 35 Market Capitalization 7 Kroger/Safeway Locations 36 Shareholder Information 8 Fund II Properties - Detail 37 Operating Statements - Consolidated 9 Fund II - New York Urban/Infill Projects 38 Operating Statements - Joint Venture Activity 11 Section IV - Parent Portfolio Information Operating Statements - Activity by Source 16 Properties - Overview 39 Operating Statements - Current v. Historical 18 Properties by Region - Summary 42 Net Operating Income - Same Property Performance 19 Properties by State - Summary 43 Funds from Operations ("FFO"), Adjusted FFO ("AFFO") and Funds Available for Distribution ("FAD") 20 Properties - Detail 44 Capital Expenditures 21 Leasing Production 47 Consolidated Balance Sheets 22 Top 10 Tenants - Consolidated 48 Pro-rata Consolidated Balance Sheet 23 Selected Operating Ratios 24 Anchor Tenant Detail 49 Debt Analysis - Summary 25 Anchor Lease Expirations - Next 3 Years 54 Debt Analysis - Detail 26 Lease Expirations 55 Debt Maturity Schedule 28 Property Demographics 60 Unencumbered Properties 29 Residential Properties 61 Visit acadiarealty.com for current news as well as additional property details and financial information
Page 1 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 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. The Company also provides two other supplemental disclosures of operating performance, adjusted funds from operations ("AFFO") and funds available for distribution ("FAD"). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures. The Company defines FAD as AFFO adjusted for scheduled debt principal repayments. USE OF EBITDA AND NOI AS NON-GAAP FINANCIAL MEASURES EBITDA and NOI are a widely used financial measures in many industries, including the REIT industry, and is presented to assist investors and analysts in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company's method of calculating EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company's performance or to cash flows as a measure of liquidity. Page 2 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 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 72 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 Christine McElroy - (212) 847-5658 Ambika Goel - (212) 816-6981 christine.m.mcelroy@bofasecurities.com Ambika.goel@citigroup.com J.P. Morgan Securities, Inc. Ryan Beck & Co. Michael W. Mueller, CFA (212) 622-6689 Sheila McGrath - (973) 549-4084 michael.w.mueller@jpmorgan.com sheila.mcgrath@ryanbeck.com Joseph Dazio, CFA - (212) 622-6416 joseph.c.dazio@jpmorgan.com Bank of Montreal RBC Capital Markets Paul Adornato, CFA - (212) 885-4170 Rich Moore, CFA - (216) 378-7625 paul.adornato@bmo.com rich.moore@rbccm.com
Page 3 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Portfolio Snapshot ------------------ [GRAPHIC OMITTED] Page 4 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Organizational Chart -------------------- [GRAPHIC OMITTED] Page 5 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Executive Management Team -------------------------- Kenneth F. Bernstein Chief Executive Officer Mr. Bernstein is responsible for strategic planning as well as overseeing the day and President to day activities of the Company including operations, acquisitions and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD Capital, Inc. from 1990 until the creation of Acadia Realty Trust through the merger of RD Capital with Mark Centers Trust in August of 1998. 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. He is an active member of the International Council of Shopping Centers (ICSC), National Association of ReaL Estate Investment Trusts (NAREIT), Urban Land Institute (ULU), and the Real Estate Roundtable. Mr. Bernstein is also a member of the Young President's Organization (YPO), where he is chairman of the Real Estate Network. He is a member of the Board of Trustees of BRT Realty (NYSE: BRT). Joel Braun Executive Vice President, Mr. Braun is responsible for the sourcing and financial analysis of acquisition Chief Investment Officer properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and Finance for Rosenshein Associates, a regional shopping center developer based in New Rochelle, New York. During this time, Mr. Braun was instrumental in the initiation and formation of Kranzco Realty Trust, a publicly traded REIT. Mr. Braun holds a Bachelor's in Business Administration from Boston University and a Master's Degree in Planning from John Hopkins University. Joseph Hogan Senior Vice President, Most recently, Mr. Hogan served as Vice President with Kimco Realty Corporation Director of Construction (NYSE:KIM), where he was responsible for business development and management of all retail and commercial construction projects for Kimco, in addition to outside customers and development companies. Prior to joining Kimco, he was with Konover Construction Company, a subsidiary of Konover & Associates located in West Hartford, Connecticut, where he was responsible for construction projects throughout the eastern half of the United States. Robert Masters, Esq. Senior Vice President, Prior to joining Acadia in December 1994, Mr. Masters was General Counsel for API General Counsel, Asset Management for over five years, Senior Vice President Deputy General Corporate Secretary Counsel for European American Bank from 1985 to 1990, and Vice President and Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received his Bachelor of Arts from the City University of New York and his J.D. from New York University Law School. Mr. Masters is also a member of the New York State Bar. Joseph M. Napolitano, Senior Vice President, Mr. Napolitano is responsible for overseeing the company's internal operations. CPM Director of Operations Previously, he held the position of Senior Vice President, Director of Property Management. Prior to joining Acadia in 1995, Mr. Napolitano was employed by Rosen Associates Management Corp. as a Senior Property Manager overseeing a national portfolio of community shopping centers, and Roebling Management Co. as a Property Manager responsible for neighborhood and community shopping centers nationally. Mr. Napolitano holds a Bachelor's in Business Administration from Adelphi University, Garden City, NY; and is a Certified Property Manager by the Institute of Property Management (IREM). Mr. Napolitano is also a member of the New York State Association of Realtors (NYSAR) International Council of Shopping Center (ICSC), Commercial Investment Real Estate Institute (CIREI), and the Building Owners and Managers Institute (BOMI). Michael Nelsen Senior Vice President, Mr. Nelsen oversees all the financial activities and asset management functions. Chief Financial Officer Mr. Nelsen was most recently President of G. Soros Realty, Inc. and Director of Real Estate for Soros Private Funds Management LLC. His responsibilities included asset/portfolio management of real estate operations, financial reporting, financings, asset acquisitions and dispositions. Previously, he was a partner in the public accounting firm of David Berdon & Co. Mr. Nelsen has been a Certified Public Accountant since 1971. Joseph Povinelli Senior Vice President, Mr. Povinelli joined Acadia in 1999 with 19 years of retail leasing experience. Director of Leasing Since 1987 Mr. Povinelli had served as regional real estate representative for Vornado Realty Trust, a New Jersey based Real estate investment trust, and was responsible for the day to day leasing activity of approximately 3 million square feet of the strip shopping center portfolio. Prior to this he served as leasing representative for Net Properties Management, Great Neck, New York, responsible for leasing of the strip shopping center and office building portfolio of the mid-atlantic and southeast regions of the company. Mr. Povinelli received a Bachelor of Science degree in Finance and Economics from C.W. Post College of Long Island University. Robert Scholem Senior Vice President, Mr. Scholem has been the Director of Property Management since 2003 and a Senior Director of Property Vice President since August, 2005. Prior to joining the Company in 1998, Mr. Management Scholem was employed at Rosen Associates Management Corp. as a Senior Property Manager overseeing a national portfolio of community shopping centers, and 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.
Page 6 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Total Market Capitalization --------------------------- (including pro-rata share of joint venture debt)
Percent of Percent of (amounts in thousands) Total Total Market Equity Capitalization ----------- -------------- Equity Capitalization - --------------------- Total Common Shares Outstanding 97.5% 31,773 Common Operating Partnership ("OP") Units 2.0% 642 ----------- Combined Common Shares and OP Units 32,415 Market Price at December 31, 2006 $25.02 ----------- Equity Capitalization - Common Shares and OP Units $811,023 Preferred OP Units - at cost (1) 0.5% 4,188 ----------- ----------- Total Equity Capitalization 100.0% 815,211 65.7% =========== =========== ============== Debt Capitalization - ------------------- Consolidated debt 445,215 Adjustment to reflect pro-rata share of debt (19,580) ----------- Total Debt Capitalization 425,635 34.3% ----------- -------------- Total Market Capitalization $1,240,846 100.0% =========== ==============
Weighted Average Outstanding Common Shares and O.P. Units --------------------------------------------------------- Common Shares O.P. Units Total ----------- ----------- -------------- ============================================================================================= =========== ============== Basic Quarter ended December 31, 2006 32,514,803 642,272 33,157,075 Year-to-date December 31, 2006 32,501,602 647,223 33,148,825 Fully Diluted (3) Quarter ended December 31, 2006 33,186,718 642,272 33,828,990 Year-to-date December 31, 2006 33,152,996 647,223 33,800,219 ============================================================================================= =========== ============== 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 (3) Quarter ended December 31, 2005 32,293,926 653,360 32,947,286 Year-to-date December 31, 2005 32,214,231 615,160 32,829,391
(1) In connection with the acquisition of the Pacesetter Park Shopping Center in 1999, the Company issued 2,212 Preferred OP Units, of which 2,024 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 337,079 Preferred OP Units is dilutive for EPS and is included in the fully diluted amounts above for the quarter and year ending December 31, 2006. They were anti-dilutive for EPS for the quarter and year ended December 31, 2005. For the purposes of calculating FFO for 2005 on a fully diluted basis, 429,879 and 476,279 have been added for the quarter and year ended December 31, 2005, respectively. Page 7 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Shareholder Information ----------------------- (amounts in thousands) 10 Largest Institutional/Non-Retail Shareholders (1) Percent of Out- Common standing Common Shareholder Shares Held Shares - ------------------------------------------------------------------------ --------------- ---------------- Wellington Management 3,872 12.2% Third Avenue Management 2,459 7.7% Yale University 2,154 6.8% Morgan Stanley 1,867 5.9% Vanguard Group 1,627 5.1% Barclay's Global Investors 1,581 5.0% Cliffwood Partners 1,569 4.9% Redding K G & Associated LLC 1,532 4.8% Principal Financial Group 1,097 3.5% Urdang 911 2.9% --------------- ---------------- Total of 10 Largest Institutional Shareholders 18,669 58.8% =============== ================ Total of all Institutional Shareholders 29,815 93.8% =============== ================
Operating Partnership Unit Information ---------------- Percent of Total O.P. Units --------------- Managment O.P. Unit Holders 338 52.6% Other O.P. Unit Holders 304 47.4% --------------- --------------- Total O.P. Units 642 100.0% =============== ===============
(1) Based on most recent Schedule 13F filing Page 8 ACADIA REALTY TRUST 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, 2006 2006 ----------------------------------------------------------------------------- Wholly Discontinued Wholly Discontinued Owned JV's operations Total Owned JV's Operations Total --------- -------- ---------- --------- -------- -------- ---------- -------- PROPERTY REVENUES Minimum rents $ 49,924 $18,747 $ 5,812 $ 74,483 $12,984 $ 3,464 $ 1,055 $17,503 Percentage rents 620 222 57 899 200 21 4 225 Expense reimbursements 12,908 2,959 2,420 18,287 3,261 859 512 4,632 Other property income 1,009 158 129 1,296 421 (5) 72 488 --------- -------- ---------- --------- -------- -------- ---------- -------- 64,461 22,086 8,418 94,965 16,866 4,339 1,643 22,848 --------- -------- ---------- --------- -------- -------- ---------- -------- PROPERTY EXPENSES Property operating 12,789 2,431 2,415 17,635 3,752 802 708 5,262 Real estate taxes 8,076 2,257 1,857 12,190 2,183 586 322 3,091 --------- -------- ---------- --------- -------- -------- ---------- -------- 20,865 4,688 4,272 29,825 5,935 1,388 1,030 8,353 --------- -------- ---------- --------- -------- -------- ---------- -------- NET OPERATING INCOME - PROPERTIES 43,596 17,398 4,146 65,140 10,931 2,951 613 14,495 OTHER INCOME (EXPENSE) General and administrative (10,162) - - (10,162) (2,215) - - (2,215) Property related home office expenses (9,239) (298) - (9,537) (1,809) (72) - (1,881) Equity in earnings of unconsolidated properties - 22 - 22 - (190) - (190) Lease termination income - - - - - - - - Interest income 7,786 544 16 8,346 2,169 166 16 2,351 Asset and property management income (2) 11,594 - - 11,594 2,769 - - 2,769 Promote Fee (3) 355 - - 355 97 - - 97 Property management expense (130) (7) (135) (272) (13) (2) (52) (67) Straight-line rent income 823 620 32 1,475 492 1,463 (7) 1,948 Straight-line rents written off (113) - - (113) (113) - - (113) FAS 141 Rent (427) (15) - (442) (282) 6 - (276) Abandoned project costs - (136) - (136) - (136) - (136) Hurricane related income (expenses) - - - - - - - - Provision for Income Taxes 437 (47) - 390 548 4 - 552 Other income (expense) (5) 499 173 - 672 507 - - 507 --------- -------- ---------- --------- -------- -------- ---------- -------- EBIDTA 45,019 18,254 4,059 67,332 13,081 4,190 570 17,841 Depreciation and amortization (15,916) (7,903) (541) (24,360) (4,655) (2,075) 820 (5,910) FAS 141 Amortization (670) (162) - (832) (117) (38) - (155) Interest expense (15,715) (6,975) (815) (23,505) (4,414) (1,856) (149) (6,419) Loan defeasance (net of reimbursement) 1,141 (1,467) - (326) - - - - FAS 141 Interest 85 757 - 842 23 15 - 38 Impairment of real estate - - - - - - - - Gain on sale of properties - - 20,974 20,974 - - 20,974 20,974 Gain (loss) on sale of properties - Mervyns( 1) - 314 - 314 - (1) - (1) Income taxes on gain on property sale - Mervyns - - - - - - - - --------- -------- ---------- --------- -------- -------- ---------- -------- Income before minority interest 13,944 2,818 23,677 40,439 3,918 235 22,215 26,368 Minority interest - OP (287) (58) (458) (803) (82) (4) (430) (516) Minority interest (251) (372) - (623) (67) (95) - (162) --------- -------- ---------- --------- -------- -------- ---------- -------- NET INCOME $ 13,406 $ 2,388 $23,219 $ 39,013 $ 3,769 $ 136 $21,785 $25,690 ========= ======== ========== ========= ======== ======== ========== ========
(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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyns I & II which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. (2) Detail as follows:
4th 3rd 2nd 1st YTD Quarter Quarter Quarter Quarter -------- -------- -------- -------- -------- Asset management fee Fund I $ - $ - $ - $ (108) $ 108 Asset management fee Fund II 3,600 900 900 900 900 Property management/Leasing/Construction/legal fees - Fund I (4) 300 27 90 144 39 Property management/Construction/legal fees - Fund II 2,064 470 1,027 289 278 Klaff related fees 4,014 856 1,115 985 1,058 Other fees 1,616 516 624 296 180 -------- -------- -------- -------- -------- $11,594 $2,769 $3,756 $2,506 $2,563 Priority distributions - Fund I 942 374 352 216 - -------- -------- -------- -------- -------- Total Management fees and priority distributions $12,536 $3,143 $4,108 $2,722 $2,563 ======== ======== ======== ======== ========
(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) Includes approximately $1,100 of construction activity reclassified from G&A to construction fee revenue. (5) $507 for the quarter ended December 31, 2006 represents income from termination and settlement of interest rate swaps. Page 9 ACADIA REALTY TRUST 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, 2006 2006 2006 -------- -------- ---------- -------- -------- -------- ---------- -------- -------- -------- ------------------ Wholly Discontinued Wholly Discontinued Wholly Discontinued Owned JV's Operations Total Owned JV's Operations Total Owned JV's Operations Total -------- -------- ---------- -------- -------- -------- ---------- -------- -------- -------- ---------- -------- PROPERTY REVENUES Minimum rents $12,399 $ 4,026 $ 1,603 $18,028 $12,290 $ 5,911 $ 1,582 $19,783 $12,251 $ 5,346 $ 1,572 $19,169 Percentage rents 113 191 11 315 122 1 29 152 185 9 13 207 Expense reimbursements 3,340 811 498 4,649 3,045 580 665 4,290 3,262 709 745 4,716 Other property income 190 146 3 339 207 1 23 231 191 16 31 238 -------- -------- ---------- -------- -------- -------- ---------- -------- -------- -------- --------- --------- 16,042 5,174 2,115 23,331 15,664 6,493 2,299 24,456 15,889 6,080 2,361 24,330 -------- -------- ---------- -------- -------- -------- ---------- -------- -------- -------- --------- --------- PROPERTY EXPENSES Property operating 3,096 589 603 4,288 2,839 502 511 3,852 3,102 538 593 4,233 Real estate taxes 2,068 587 393 3,048 1,831 453 589 2,873 1,994 631 553 3,178 -------- -------- ---------- -------- -------- -------- ---------- -------- -------- -------- --------- --------- 5,164 1,176 996 7,336 4,670 955 1,100 6,725 5,096 1,169 1,146 7,411 -------- -------- ---------- -------- -------- -------- ---------- -------- -------- -------- --------- --------- NET OPERATING INCOME - PROPERTIES 10,878 3,998 1,119 15,995 10,994 5,538 1,199 17,731 10,793 4,911 1,215 16,919 OTHER INCOME (EXPENSE) General and administrative (2,897) - - (2,897) (2,357) - - (2,357) (2,693) - - (2,693) Property related home office expenses (2,675) (102) - (2,777) (2,238) (63) - (2,301) (2,517) (61) - (2,578) Equity in earnings of unconsolidated properties - 42 - 42 - (46) - (46) - 216 - 216 Lease termination income - - - - - - - - - - - - Interest income 2,094 141 - 2,235 1,860 134 - 1,994 1,663 103 - 1,766 Asset and property management income (2) 3,756 - - 3,756 2,506 - - 2,506 2,563 - - 2,563 Promote Fee (3) - - - - - - - - 258 - - 258 Property management expense (14) 128 (57) 57 (39) 105 (15) 51 (64) (238) (11) (313) Straight-line rent income 25 820 18 863 192 (1,130) 9 (929) 114 (533) 12 (407) Straight-line rents written off - - - - - - - - - - - - FAS 141 Rent (124) (8) - (132) (68) (8) - (76) 47 (5) - 42 Abandoned project costs - - - - - - - - - - - - Hurricane related income (expenses) - - - - - - - - - - - - Provision for Income Taxes 664 (16) - 648 (356) (5) - (361) (419) (30) - (449) Other income (expense) (5) - - - - (8) 173 - 165 - - - - -------- -------- ---------- -------- -------- -------- ---------- -------- -------- -------- ---------- -------- EBIDTA 11,707 5,003 1,080 17,790 10,486 4,698 1,193 16,377 9,745 4,363 1,216 15,324 Depreciation and amortization (3,836) (1,923) (462) (6,221) (3,721) (1,984) (448) (6,153) (3,704) (1,921) (451) (6,076) FAS 141 Amortization (242) (41) - (283) (157) (41) - (198) (154) (42) - (196) Interest expense (3,951) (1,827) (237) (6,015) (3,812) (1,744) (225) (5,781) (3,538) (1,548) (204) (5,290) Loan defeasance (net of reimbursement) - - - - - - - - 1,141 (1,467) - (326) FAS 141 Interest 23 15 - 38 23 15 - 38 16 712 - 728 Impairment of real estate - - - - - - - - - - - - Gain on sale of properties - - - - - - - - - - - - Gain (loss) on sale of properties - Mervyns( 1) - (934) - (934) - 785 - 785 - 464 - 464 Income taxes on gain on property sale - Mervyns - - - - - - - - - - - - -------- -------- ---------- -------- -------- -------- ---------- -------- -------- -------- ---------- -------- Income before minority interest 3,701 293 381 4,375 2,819 1,729 520 5,068 3,506 561 561 4,628 Minority interest - OP (78) (4) (7) (89) (63) (31) (10) (104) (64) (19) (11) (94) Minority interest (62) (102) - (164) (34) (82) - (116) (88) (93) - (181) -------- -------- ---------- -------- -------- -------- ---------- -------- -------- -------- ---------- -------- NET INCOME $ 3,561 $ 187 $ 374 $ 4,122 $ 2,722 $ 1,616 $ 510 $ 4,848 $ 3,354 $ 449 $ 550 $ 4,353 ======== ======== ========== ======== ======== ======== ========== ======== ======== ======== ========= =========
Page 10 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Statements of Operations - Joint Venture Activity (1) ----------------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands)
Year-to-Date Year ended December 31, 2006 -------- -------- -------- ------- ------ -------- ------- ------- AKR Pro- rata share AKR and Brandywine AKR Pro- AKR Pro- 20% Mervyns rata rata Mervyns Fund I Promote Promote I share Fund II share II -------- -------- -------- ------- ------ -------- ------- ------- PROPERTY REVENUES Minimum rents $10,864 $ 4,104 $ 6,760 $ - $ - $ 8,641 $1,731 $ - Percentage rents 4 2 2 - - 569 114 - Expense reimbursements 907 343 564 - - 1,233 247 - Other property income 141 53 88 - - 14 3 - -------- -------- -------- ------- ------ -------- ------- ------- 11,916 4,502 7,414 - - 10,457 2,095 - -------- -------- -------- ------- ------ -------- ------- ------- PROPERTY EXPENSES Property operating 706 267 439 - - 1,829 366 - Real estate taxes 878 331 547 - - 1,693 339 - -------- -------- -------- ------- ------ -------- ------- ------- 1,584 598 986 - - 3,522 705 - -------- -------- -------- ------- ------ -------- ------- ------- NET OPERATING INCOME - PROPERTIES 10,332 3,904 6,428 - - 6,935 1,390 - OTHER INCOME (EXPENSE) General and administrative - - - - - - - - Property related home office expenses (211) (81) (130) (131) (50) (181) (36) (6) Equity in earnings of unconsolidated properties 95 20 15 263 13 (377) (76) 263 Lease termination income - - - - - - - - Interest income 423 160 263 54 19 216 43 57 Asset and property management income - - - - - - - - Promote Fee - - - (332) - - - - Asset and property management expense( 2) (7) (3) (4) - - (4,880) - - Straight-line rent income 483 182 301 - - 2 - - Straight-line rents written off - - - - - - - - FAS 141 Rent (3) (1) (2) - - (814) (163) - Abandoned project costs - - - - - (679) (136) - Hurricane related expenses - - - - - - - - Provision for income taxes (43) (16) (27) (7) (3) (1) - (9) Other income - - - - - - - - -------- -------- -------- ------- ------ -------- ------- ------- EBIDTA 11,069 4,165 6,844 (153) (21) 221 1,022 305 Depreciation and amortization (3) (6,425) (2,429) (3,996) - - (2,685) (537) - FAS 141 Amortization (1) - (1) - - (809) (161) - Interest expense (2,515) (890) (1,565) (12) (5) (4,683) (936) (12) Loan defeasance - - - - - - - - FAS 141 Interest 60 24 36 - - - - - Impairment of real estate - - - - - - - - Gain on sale of properties - - - - - - - - Gain (loss) on sale of properties - Mervyn's - - - 843 145 - - 843 Income taxes on gain on property sale - Mervyn's - - - - - - - - -------- -------- -------- ------- ------ -------- ------- ------- Income before minority interest 2,188 870 1,318 678 119 (7,956) (612) 1,136 Minority interest - OP - (18) (27) - (1) - 13 - Minority interest (390) (148) (242) - - 92 18 - -------- -------- -------- ------- ------ -------- ------- ------- NET INCOME $ 1,798 $ 704 $ 1,049 $ 678 $118 $(7,864) $ (581) $1,136 ======== ======== ======== ======= ====== ======== ======= =======
(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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyn's which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and has a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. (2) Funds I, II and the Mervyn's investment pay asset management, promote and other fees to the Company. As it is the recipient of such fees, the Company does not recognize a pro-rata share of these expenses (3) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. Page 11 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Statements of Operations - Joint Venture Activity (1) ----------------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands)
Year-to-Date Year ended December 31, 2006 AKR Pro- AKR Pro- AKR Pro- AKR Pro- rata Brandywine rata rata share JV share Crossroads share rataTotal ------- ---------- -------- ---------- -------- ---------- PROPERTY REVENUES Minimum rents $ - $14,261 $ 3,169 $ 6,085 $ 2,983 $18,747 Percentage rents - 441 98 12 6 222 Expense reimbursements - 2,320 516 2,630 1,289 2,959 Other property income - 8 1 28 13 158 ------- ---------- -------- ---------- -------- ---------- - 17,030 3,784 8,755 4,291 22,086 ------- ---------- -------- ---------- -------- ---------- PROPERTY EXPENSES Property operating - 2,990 664 1,418 695 2,431 Real estate taxes - 930 207 1,702 833 2,257 ------- ---------- -------- ---------- -------- ---------- - 3,920 871 3,120 1,528 4,688 ------- ---------- -------- ---------- -------- ---------- NET OPERATING INCOME - PROPERTIES - 13,110 2,913 5,635 2,763 17,398 OTHER INCOME (EXPENSE) General and administrative - - - - - - Property related home office expenses (1) - - - - (298) Equity in earnings of unconsolidated properties 50 - - - - 22 Lease termination income - - - - - - Interest income 11 72 16 66 32 544 Asset and property management income - - - - - - Promote Fee - - - - - - Asset and property management expense( 2) - (880) - - - (7) Straight-line rent income - 546 121 33 16 620 Straight-line rents written off - - - - - - FAS 141 Rent - 677 151 - - (15) Abandoned project costs - - - - - (136) Hurricane related expenses - - - - - - Provision for income taxes (1) - - - - (47) Other income - - - 354 173 173 ------- ---------- -------- ---------- -------- ---------- EBIDTA 59 13,525 3,201 6,088 2,984 18,254 Depreciation and amortization (3) - (2,947) (655) (581) (286) (7,903) FAS 141 Amortization - - - - - (162) Interest expense (2) (8,601) (1,869) (3,485) (1,708) (6,975) Loan defeasance - (6,604) (1,467) - - (1,467) FAS 141 Interest - 3,138 697 - - 757 Impairment of real estate - - - - - - Gain on sale of properties - - - - - - Gain (loss) on sale of properties - Mervyn's 169 - - - - 314 Income taxes on gain on property sale - Mervyn's - - - - - - ------- ---------- -------- ---------- -------- ---------- Income before minority interest 226 (1,489) (93) 2,022 990 2,818 Minority interest - OP (5) - - - (20) (58) Minority interest - - - - - (372) ------- ---------- -------- ---------- -------- ---------- NET INCOME $221 $(1,489) $ (93) $ 2,022 $ 970 $ 2,388 ======= ========== ======== ========== ======== ==========
(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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyn's which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and has a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. (2) Funds I, II and the Mervyn's investment pay asset management, promote and other fees to the Company. As it is the recipient of such fees, the Company does not recognize a pro-rata share of these expenses (3) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. Page 12 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Statements of Operations - Joint Venture Activity (1) ----------------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands)
Current Quarter 3 months ended December 31, 2006 --------- -------- -------- ------- ------ -------- ------ ------- AKR Pro- rata AKR share and Brandywine AKR Pro- AKR Pro- 20% Mervyns rata rata Mervyns Fund I Promote Promote I share Fund II share II -------- -------- -------- ------- ------ -------- ------ ------- PROPERTY REVENUES Minimum rents $ 1,514 $ 572 $ 942 $ - $ - $ 2,168 $ 434 $ - Percentage rents 4 2 2 - - - - - Expense reimbursements 293 111 182 - - 348 70 - Other property income 2 1 1 - - (39) (8) - -------- -------- -------- ------- ------ -------- ------ ------- 1,813 686 1,127 - - 2,477 496 - -------- -------- -------- ------- ------ -------- ------ ------- PROPERTY EXPENSES Property operating 208 79 129 - - 435 87 - Real estate taxes 230 87 143 - - 449 90 - -------- -------- -------- ------- ------ -------- ------ ------- 438 166 272 - - 884 177 - -------- -------- -------- ------- ------ -------- ------ ------- NET OPERATING INCOME - PROPERTIES 1,375 520 855 - - 1,593 319 - OTHER INCOME (EXPENSE) General and administrative - - - - - - - Property related home office expenses (36) (14) (22) (126) (48) 61 12 (1) Equity in earnings of unconsolidated properties (28) (11) (32) (201) (76) (148) (30) (201) Lease termination income - - - - - - - - Interest income 126 48 78 22 8 66 13 24 Asset and property management income - - - - - - - - Promote Fee - - - - - - - - Asset and property management expense( 2) (2) (1) (1) - - (1,208) - - Straight-line rent income 1,441 544 897 - - (54) (11) - Straight-line rents written off - - - - - - - - FAS 141 Rent (3) (1) (2) - - (142) (28) - Abandoned project costs - - - - - (679) (136) - Hurricane related expenses - - - - - - - - Provision for income taxes 4 2 2 1 - (1) - (1) Other income - - - - - - - - -------- -------- -------- ------- ------ -------- ------ ------- EBIDTA 2,877 1,087 1,775 (304) (116) (512) 139 (179) Depreciation and amortization (3) (1,677) (634) (1,043) - - (821) (164) - FAS 141 Amortization (1) - (1) - - (187) (37) - Interest expense (658) (234) (409) - - (1,087) (217) - Loan defeasance - - - - - - - - FAS 141 Interest 15 6 9 - - - - - Impairment of real estate - - - - - - - - Gain on sale of properties - - - - - - - - Gain (loss) on sale of properties - Mervyn's - - - - (1) - - - Income taxes on gain on property sale - Mervyn's - - - - - - - - -------- -------- -------- ------- ------ -------- ------ ------- Income before minority interest 556 225 331 (304) (117) (2,607) (279) (179) Minority interest - OP - (5) (7) - 2 - 6 - Minority interest (103) (39) (64) - - 41 8 - -------- -------- -------- ------- ------ -------- ------ ------- NET INCOME $ 453 $ 181 $ 260 $(304) $(115) $(2,566) $(265) $(179) ======== ======== ======== ======= ====== ======== ====== =======
(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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyn's which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and has a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. (2) Funds I, II and the Mervyn's investment pay asset management, promote and other fees to the Company. As it is the recipient of such fees, the Company does not recognize a pro-rata share of these expenses (3) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. Page 13 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Statements of Operations - Joint Venture Activity (1) ----------------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands)
Current Quarter 3 months ended December 31, 2006 AKR AKR Pro- AKR Pro- Pro- AKR Pro- rata Brandywine rata rata share JV share Crossroads share rataTotal ------- ---------- ------ ---------- ------- ---------- PROPERTY REVENUES Minimum rents $ - 3,486 $ 775 $1,512 $ 741 $ 3,464 Percentage rents - 77 17 - - 21 Expense reimbursements - 579 129 749 367 859 Other property income - 5 1 1 - (5) ------- ---------- ------ ---------- ------- ---------- - 4,147 922 2,262 1,108 4,339 ------- ---------- ------ ---------- ------- ---------- PROPERTY EXPENSES Property operating - 717 159 710 348 802 Real estate taxes - 244 54 433 212 586 ------- ---------- ------ ---------- ------- ---------- - 961 213 1,143 560 1,388 ------- ---------- ------ ---------- ------- ---------- NET OPERATING INCOME - PROPERTIES - 3,186 709 1,119 548 2,951 OTHER INCOME (EXPENSE) General and administrative - - - - - - Property related home office expenses - - - - - (72) Equity in earnings of unconsolidated properties (41) - - - - (190) Lease termination income - - - - - - Interest income 5 17 4 20 10 166 Asset and property management income - - - - - - Promote Fee - - - - - - Asset and property management expense( 2) - (219) - - - (2) Straight-line rent income - 125 28 11 5 1,463 Straight-line rents written off - - - - - - FAS 141 Rent - 165 37 - - 6 Abandoned project costs - - - - - (136) Hurricane related expenses - - - - - - Provision for income taxes - - - - - 4 Other income - - - - - - ------- ---------- ------ ---------- ------- ---------- EBIDTA (36) 3,274 778 1,150 563 4,190 Depreciation and amortization (3) - (733) (163) (144) (71) (2,075) FAS 141 Amortization - - - - - (38) Interest expense - (2,546) (566) (878) (430) (1,856) Loan defeasance - - - - - - FAS 141 Interest - - - - - 15 Impairment of real estate - - - - - - Gain on sale of properties - - - - - - Gain (loss) on sale of properties - Mervyn's - - - - - (1) Income taxes on gain on property sale - Mervyn's - - - - - - ------- ---------- ------ ---------- ------- ---------- Income before minority interest (36) (5) 49 128 62 235 Minority interest - OP 1 - - - (1) (4) Minority interest - - - - - (95) ------- ---------- ------ ---------- ------- ---------- NET INCOME $(35) $ (5) $ 49 $ 128 $ 61 $ 136 ======= ========== ====== ========== ======= ==========
(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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyn's which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and has a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. (2) Funds I, II and the Mervyn's investment pay asset management, promote and other fees to the Company. As it is the recipient of such fees, the Company does not recognize a pro-rata share of these expenses (3) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. Page 14 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Statements of Operations - Joint Venture Activity (1) ----------------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands)
Previous Quarter 3 months ended September 30, 2006 -- -------- -------- ------- -------- ------ -------- ------ -------- AKR Pro- rata AKR share and Brandywine AKR Pro- AKR Pro- 20% Mervyns rata rata Mervyns Fund I Promote Promote I share Fund II share II -------- -------- ------- -------- ------ -------- ------ -------- PROPERTY REVENUES Minimum rents $ 2,042 $ 771 $1,271 $ - $ - $ 2,180 $ 436 $ - Percentage rents - - - - - 564 113 - Expense reimbursements 347 131 216 - - 209 42 - Other property income 133 50 83 - - 44 9 - -------- -------- ------- -------- ------ -------- ------ -------- 2,522 952 1,570 - - 2,997 600 - -------- -------- ------- -------- ------ -------- ------ -------- PROPERTY EXPENSES Property operating 204 77 127 - - 459 92 - Real estate taxes 236 89 147 - - 428 86 - -------- -------- ------- -------- ------ -------- ------ -------- 440 166 274 - - 887 178 - -------- -------- ------- -------- ------ -------- ------ -------- NET OPERATING INCOME - PROPERTIES 2,082 786 1,296 - - 2,110 422 - OTHER INCOME (EXPENSE) General and administrative - - - - - - - Property related home office expenses (73) (28) (45) (4) (2) (132) (26) (4) Equity in earnings of unconsolidated properties 33 12 6 57 22 (38) (8) 57 Lease termination income - - - - - - - - Interest income 100 38 62 24 9 85 17 24 Asset and property management income - - - - - - - - Promote Fee - - - - - - - - Asset and property management expense( 2) 128 48 80 - - (1,229) - - Straight-line rent income 786 297 489 - - (8) (2) - Straight-line rents written off - - - - - - - - FAS 141 Rent - - - - - (224) (45) - Abandoned project costs - - - - - - - - Hurricane related expenses - - - - - - - - Provision for income taxes (13) (5) (8) (6) (2) - - (6) Other income - - - - - - - - -------- -------- ------- -------- ------ -------- ------ -------- EBIDTA 3,043 1,148 1,880 71 27 564 358 71 Depreciation and amortization (3) (1,569) (593) (976) - - (626) (125) - FAS 141 Amortization - - - - - (207) (41) - Interest expense (617) (218) (384) (12) (5) (1,103) (221) (12) Loan defeasance - - - - - - - - FAS 141 Interest 15 6 9 - - - - - Impairment of real estate - - - - - - - - Gain on sale of properties - - - - - - - - Gain (loss) on sale of properties - Mervyn's - - - (1,615) (611) - - (1,615) Income taxes on gain on property sale - Mervyn's - - - - - - - - -------- -------- ------- -------- ------ -------- ------ -------- Income before minority interest 872 343 529 (1,556) (589) (1,372) (29) (1,556) Minority interest - OP - (7) (11) - 12 - 1 - Minority interest (104) (39) (65) - - 10 2 - -------- -------- ------- -------- ------ -------- ------ -------- NET INCOME $ 768 $ 297 $ 453 $(1,556) $(577) $(1,362) $ (26) $(1,556) ======== ======== ======= ======== ====== ======== ====== ========
(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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyn's which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and has a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. (2) Funds I, II and the Mervyn's investment pay asset management, promote and other fees to the Company. As it is the recipient of such fees, the Company does not recognize a pro-rata share of these expenses (3) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. Page 15 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Statements of Operations - Joint Venture Activity (1) ----------------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands)
Previous Quarter 3 months ended September 30, 2006 ------- ---------- ------ ---------- ------- ---------- AKR AKR Pro- AKR Pro- Pro- AKR Pro- rata Brandywine rata rata share JV share Crossroads share rataTotal ------- ---------- ------ ---------- ------- ---------- PROPERTY REVENUES Minimum rents $ - 3,591 $ 798 $1,530 $ 750 $ 4,026 Percentage rents - 322 72 12 6 191 Expense reimbursements - 539 120 616 302 811 Other property income - 2 - 8 4 146 ------- ---------- ------ ---------- ------- ---------- - 4,454 990 2,166 1,062 5,174 ------- ---------- ------ ---------- ------- ---------- PROPERTY EXPENSES Property operating - 797 177 236 116 589 Real estate taxes - 238 53 433 212 587 ------- ---------- ------ ---------- ------- ---------- - 1,035 230 669 328 1,176 ------- ---------- ------ ---------- ------- ---------- NET OPERATING INCOME - PROPERTIES - 3,419 760 1,497 734 3,998 OTHER INCOME (EXPENSE) General and administrative - - - - - - Property related home office expenses (1) - - - - (102) Equity in earnings of unconsolidated properties 10 - - - - 42 Lease termination income - - - - - - Interest income 5 24 5 11 5 141 Asset and property management income - - - - - - Promote Fee - - - - - - Asset and property management expense( 2) - (226) - - - 128 Straight-line rent income - 123 27 18 9 820 Straight-line rents written off - - - - - - FAS 141 Rent - 165 37 - - (8) Abandoned project costs - - - - - - Hurricane related expenses - - - - - - Provision for income taxes (1) - - - - (16) Other income - - - - - - ------- ---------- ------ ---------- ------- ---------- EBIDTA 13 3,505 829 1,526 748 5,003 Depreciation and amortization (3) - (706) (157) (146) (72) (1,923) FAS 141 Amortization - - - - - (41) Interest expense (2) (2,547) (566) (879) (431) (1,827) Loan defeasance - - - - - - FAS 141 Interest - - - - - 15 Impairment of real estate - - - - - - Gain on sale of properties - - - - - - Gain (loss) on sale of properties - Mervyn's (323) - - - - (934) Income taxes on gain on property sale - Mervyn's - - - - - - ------- ---------- ------ ---------- ------- ---------- Income before minority interest (312) 252 106 501 245 293 Minority interest - OP 6 - - - (5) (4) Minority interest - - - - - (102) ------- ---------- ------ ---------- ------- ---------- NET INCOME $(306) $ 252 $ 106 $ 501 $ 240 $ 187 ======= ========== ====== ========== ======= ==========
(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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyn's which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and has a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. (2) Funds I, II and the Mervyn's investment pay asset management, promote and other fees to the Company. As it is the recipient of such fees, the Company does not recognize a pro-rata share of these expenses (3) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. Page 15 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Statements of Operations - Joint Venture Activity (1) ----------------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands)
Previous Quarter 3 months ended June 30, 2006 --------- -------- -------- ------- ------ -------- ------ ------- AKR Pro- rata AKR share and Brandywine AKR Pro- AKR Pro- 20% Mervyns rata rata Mervyns Fund I Promote Promote I share Fund II share II -------- -------- -------- ------- ------ -------- ------ ------- PROPERTY REVENUES Minimum rents $ 3,963 $1,497 $ 2,466 $ - $ - $ 1,976 $ 395 $ - Percentage rents - - - - - 5 1 - Expense reimbursements 76 29 47 - - 252 50 - Other property income (3) (1) (2) - - 1 - - -------- -------- -------- ------- ------ -------- ------ ------- 4,036 1,525 2,511 - - 2,234 446 - -------- -------- -------- ------- ------ -------- ------ ------- PROPERTY EXPENSES Property operating 152 57 95 - - 386 77 - Real estate taxes 115 43 72 - - 407 81 - -------- -------- -------- ------- ------ -------- ------ ------- 267 100 167 - - 793 158 - -------- -------- -------- ------- ------ -------- ------ ------- NET OPERATING INCOME - PROPERTIES 3,769 1,425 2,344 - - 1,441 288 - OTHER INCOME (EXPENSE) General and administrative - - - - - - - Property related home office expenses (50) (19) (31) (1) - (64) (13) (1) Equity in earnings of unconsolidated properties 71 27 29 (152) (57) (69) (14) (152) Lease termination income - - - - - - - - Interest income 109 41 68 2 1 57 11 2 Asset and property management income - - - - - - - - Promote Fee - - - - - - - - Asset and property management expense( 2) 105 40 65 - - (1,238) - - Straight-line rent income (1,180) (446) (734) - - 60 12 - Straight-line rents written off - - - - - - - - FAS 141 Rent - - - - - (224) (45) - Abandoned project costs - - - - - - - - Hurricane related expenses - - - - - - - - Provision for income taxes (4) (2) (2) (2) (1) - - (2) Other income - - - - - - - - -------- -------- -------- ------- ------ -------- ------ ------- EBIDTA 2,820 1,066 1,739 (153) (57) (37) 239 (153) Depreciation and amortization (3) (1,608) (608) (1,000) - - (643) (129) - FAS 141 Amortization - - - - - (207) (41) - Interest expense (612) (216) (381) - - (1,421) (284) - Loan defeasance - - - - - - - - FAS 141 Interest 15 6 9 - - - - - Impairment of real estate - - - - - - - - Gain on sale of properties - - - - - - - - Gain (loss) on sale of properties - Mervyn's - - - 1,359 513 - - 1,359 Income taxes on gain on property sale - Mervyn's - - - - - - - - -------- -------- -------- ------- ------ -------- ------ ------- Income before minority interest 615 248 367 1,206 456 (2,308) (215) 1,206 Minority interest - OP - (5) (7) - (9) - 4 - Minority interest (89) (34) (55) - - 35 7 - -------- -------- -------- ------- ------ -------- ------ ------- NET INCOME $ 526 $ 209 $ 305 $1,206 $447 $(2,273) $(204) $1,206 ======== ======== ======== ======= ====== ======== ====== =======
(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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyn's which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and has a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. (2) Funds I, II and the Mervyn's investment pay asset management, promote and other fees to the Company. As it is the recipient of such fees, the Company does not recognize a pro-rata share of these expenses (3) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. Page 17 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Statements of Operations - Joint Venture Activity (1) ----------------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands)
Previous Quarter 3 months ended June 30, 2006 ------- ---------- ------ ---------- ------- ---------- AKR AKR Pro- AKR Pro- Pro- AKR Pro- rata Brandywine rata rata share JV share Crossroads share rataTotal ------- ---------- ------ ---------- ------- ---------- PROPERTY REVENUES Minimum rents $ - 3,615 $ 803 $1,529 $ 750 $ 5,911 Percentage rents - - - - - 1 Expense reimbursements - 648 144 633 310 580 Other property income - 1 - 9 4 1 ------- ---------- ------ ---------- ------- ---------- - 4,264 947 2,171 1,064 6,493 ------- ---------- ------ ---------- ------- ---------- PROPERTY EXPENSES Property operating - 697 155 241 118 502 Real estate taxes - 224 50 423 207 453 ------- ---------- ------ ---------- ------- ---------- - 921 205 664 325 955 ------- ---------- ------ ---------- ------- ---------- NET OPERATING INCOME - PROPERTIES - 3,343 742 1,507 739 5,538 OTHER INCOME (EXPENSE) General and administrative - - - - - - Property related home office expenses - - - - - (63) Equity in earnings of unconsolidated properties (31) - - - - (46) Lease termination income - - - - - - Interest income - 26 6 15 7 134 Asset and property management income - - - - - - Promote Fee - - - - - - Asset and property management expense( 2) - (225) - - - 105 Straight-line rent income - 136 30 17 8 (1,130) Straight-line rents written off - - - - - - FAS 141 Rent - 165 37 - - (8) Abandoned project costs - - - - - - Hurricane related expenses - - - - - - Provision for income taxes - - - - - (5) Other income - - - 354 173 173 ------- ---------- ------ ---------- ------- ---------- EBIDTA (31) 3,445 815 1,893 927 4,698 Depreciation and amortization (3) - (784) (174) (148) (73) (1,984) FAS 141 Amortization - - - - - (41) Interest expense - (1,965) (437) (869) (426) (1,744) Loan defeasance - - - - - - FAS 141 Interest - - - - - 15 Impairment of real estate - - - - - - Gain on sale of properties - - - - - - Gain (loss) on sale of properties - Mervyn's 272 - - - - 785 Income taxes on gain on property sale - Mervyn's - - - - - - ------- ---------- ------ ---------- ------- ---------- Income before minority interest 241 696 204 876 428 1,729 Minority interest - OP (5) - - - (9) (31) Minority interest - - - - - (82) ------- ---------- ------ ---------- ------- ---------- NET INCOME $236 $ 696 $ 204 $ 876 $ 419 $ 1,616 ======= ========== ====== ========== ======= ==========
(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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyn's which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and has a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. (2) Funds I, II and the Mervyn's investment pay asset management, promote and other fees to the Company. As it is the recipient of such fees, the Company does not recognize a pro-rata share of these expenses (3) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. Page 18 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Statements of Operations - Joint Venture Activity (1) ----------------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands)
Previous Quarter 3 months ended March 31, 2006 ---------- -------- ------- ------- ------ -------- ------ ------- AKR Pro- rata AKR share and Brandywine AKR Pro- AKR Pro- 20% Mervyns rata rata Mervyns Fund I Promote Promote I share Fund II share II -------- -------- ------- ------- ------ -------- ------ ------- PROPERTY REVENUES Minimum rents $ 3,345 $1,264 $2,081 $ - $ - $ 2,317 $ 466 $ - Percentage rents - - - - - - - - Expense reimbursements 191 72 119 - - 424 85 - Other property income 9 3 6 - - 8 2 - -------- -------- ------- ------- ------ -------- ------ ------- 3,545 1,339 2,206 - - 2,749 553 - -------- -------- ------- ------- ------ -------- ------ ------- PROPERTY EXPENSES Property operating 142 54 88 - - 549 110 - Real estate taxes 297 112 185 - - 409 82 - -------- -------- ------- ------- ------ -------- ------ ------- 439 166 273 - - 958 192 - -------- -------- ------- ------- ------ -------- ------ ------- NET OPERATING INCOME - PROPERTIES 3,106 1,173 1,933 - - 1,791 361 - OTHER INCOME (EXPENSE) General and administrative - - - - - - - Property related home office expenses (52) (20) (32) - - (46) (9) - Equity in earnings of unconsolidated properties 19 (8) 12 559 124 (122) (24) 559 Lease termination income - - - - - - - - Interest income 88 33 55 6 1 8 2 7 Asset and property management income - - - - - - - - Promote Fee - - - (332) - - - - Asset and property management expense( 2) (238) (90) (148) - - (1,205) - - Straight-line rent income (564) (213) (351) - - 4 1 - Straight-line rents written off - - - - - - - - FAS 141 Rent - - - - - (224) (45) - Abandoned project costs - - - - - - - - Hurricane related expenses - - - - - - - - Provision for income taxes (30) (11) (19) - - - - - Other income - - - - - - - - -------- -------- ------- ------- ------ -------- ------ ------- EBIDTA 2,329 864 1,450 233 125 206 286 566 Depreciation and amortization (3) (1,571) (594) (977) - - (595) (119) - FAS 141 Amortization - - - - - (208) (42) - Interest expense (628) (222) (391) - - (1,072) (214) - Loan defeasance - - - - - - - - FAS 141 Interest 15 6 9 - - - - - Impairment of real estate - - - - - - - - Gain on sale of properties - - - - - - - - Gain (loss) on sale of properties - Mervyn's - - - 1,099 244 - - 1,099 Income taxes on gain on property sale - Mervyn's - - - - - - - - -------- -------- ------- ------- ------ -------- ------ ------- Income before minority interest 145 54 91 1,332 369 (1,669) (89) 1,665 Minority interest - OP - (1) (2) - (6) - 2 - Minority interest (94) (36) (58) - - 6 1 - -------- -------- ------- ------- ------ -------- ------ ------- NET INCOME $ 51 $ 17 $ 31 $1,332 $363 $(1,663) $ (86) $1,665 ======== ======== ======= ======= ====== ======== ====== =======
(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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyn's which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and has a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. (2) Funds I, II and the Mervyn's investment pay asset management, promote and other fees to the Company. As it is the recipient of such fees, the Company does not recognize a pro-rata share of these expenses (3) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. Page 19 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Statements of Operations - Joint Venture Activity (1) ----------------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands)
Previous Quarter 3 months ended March 31, 2006 ------- ---------- -------- ---------- ------- ---------- AKR AKR Pro- AKR Pro- Pro- AKR Pro- rata Brandywine rata rata rataTotal share JV share Crossroads share ------- ---------- -------- ---------- ------- ---------- PROPERTY REVENUES Minimum rents $ - 3,569 $ 793 $1,514 $ 742 $ 5,346 Percentage rents - 42 9 - - 9 Expense reimbursements - 554 123 632 310 709 Other property income - - - 10 5 16 ------- ---------- -------- ---------- ------- ---------- - 4,165 925 2,156 1,057 6,080 ------- ---------- -------- ---------- ------- ---------- PROPERTY EXPENSES Property operating - 779 173 231 113 538 Real estate taxes - 224 50 413 202 631 ------- ---------- -------- ---------- ------- ---------- - 1,003 223 644 315 1,169 ------- ---------- -------- ---------- ------- ---------- NET OPERATING INCOME - PROPERTIES - 3,162 702 1,512 742 4,911 OTHER INCOME (EXPENSE) General and administrative - - - - - - Property related home office expenses - - - - - (61) Equity in earnings of unconsolidated properties 112 - - - - 216 Lease termination income - - - - - - Interest income 1 5 1 20 10 103 Asset and property management income - - - - - - Promote Fee - - - - - - Asset and property management expense( 2) - (210) - - - (238) Straight-line rent income - 162 36 (13) (6) (533) Straight-line rents written off - - - - - - FAS 141 Rent - 182 40 - - (5) Abandoned project costs - - - - - - Hurricane related expenses - - - - - - Provision for income taxes - - - - - (30) Other income - - - - - - ------- ---------- -------- ---------- ------- ---------- EBIDTA 113 3,301 779 1,519 746 4,363 Depreciation and amortization (3) - (724) (161) (143) (70) (1,921) FAS 141 Amortization - - - - - (42) Interest expense - (1,543) (300) (859) (421) (1,548) Loan defeasance - (6,604) (1,467) - - (1,467) FAS 141 Interest - 3,138 697 - - 712 Impairment of real estate - - - - - - Gain on sale of properties - - - - - - Gain (loss) on sale of properties - Mervyn's 220 - - - - 464 Income taxes on gain on property sale - Mervyn's - - - - - - ------- ---------- -------- ---------- ------- ---------- Income before minority interest 333 (2,432) (452) 517 255 561 Minority interest - OP (7) - - - (5) (19) Minority interest - - - - - (93) ------- ---------- -------- ---------- ------- ---------- NET INCOME $326 $(2,432) $ (452) $ 517 $ 250 $ 449 ======= ========== ======== ========== ======= ==========
(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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyn's which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and has a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. (2) Funds I, II and the Mervyn's investment pay asset management, promote and other fees to the Company. As it is the recipient of such fees, the Company does not recognize a pro-rata share of these expenses (3) In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. Page 20 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Statements of Operations - Activity by Source (1) ------------------------------------------------- (in thousands)
Year-to-Date Current Quarter Year 3 months ended December 31, ended December 31, 2006 2006 --------- -------- --------- --------- -------- ------- --------- -------- Retail Multi- Corporate Total Retail Multi- Corporate Total Family Family --------- -------- --------- --------- -------- ------- --------- -------- PROPERTY REVENUES Minimum rents $ 67,183 $ 7,300 $ - $ 74,483 $15,732 $1,771 $ - $17,503 Percentage rents 899 - - 899 225 - - 225 Expense reimbursements 18,287 - - 18,287 4,632 - - 4,632 Other property income 904 392 - 1,296 424 64 - 488 --------- -------- --------- --------- -------- ------- --------- -------- 87,273 7,692 - 94,965 21,013 1,835 - 22,848 --------- -------- --------- --------- -------- ------- --------- -------- PROPERTY EXPENSES Property operating 13,689 3,946 - 17,635 4,174 1,088 - 5,262 Real estate taxes 11,775 415 - 12,190 2,990 101 - 3,091 --------- -------- --------- --------- -------- ------- --------- -------- 25,464 4,361 - 29,825 7,164 1,189 - 8,353 --------- -------- --------- --------- -------- ------- --------- -------- NET OPERATING INCOME - PROPERTIES 61,809 3,331 - 65,140 13,849 646 - 14,495 OTHER INCOME (EXPENSE) General and administrative - - (10,162) (10,162) - - (2,215) (2,215) Property related home office expenses - - (9,537) (9,537) - - (1,881) (1,881) Equity in earnings of Fund I unconsolidated properties 21 - - 21 (190) - - (190) Lease termination income - - - - - - - - Interest income - 19 8,327 8,346 - 6 2,345 2,351 Asset and property management income - - 11,594 11,594 - - 2,769 2,769 Promote Fee 355 - - 355 97 - - 97 Other property management fees (125) (147) - (272) (32) (35) - (67) Straight-line rent income 1,475 - - 1,475 1,948 - - 1,948 Straight-line rents written off (113) - - (113) (113) - - (113) FAS 141 Rent (442) - - (442) (276) - - (276) Abandoned project costs (136) - - (136) (136) - - (136) Hurricane related expenses - - - - - - - - Provision for income taxes 390 - - 390 552 - - 552 Other income 672 - - 672 507 - - 507 --------- -------- --------- --------- -------- ------- --------- -------- EBIDTA 63,906 3,203 222 67,331 16,206 617 1,018 17,841 Depreciation and amortization (22,382) (1,510) (468) (24,360) (5,416) (377) (117) (5,910) FAS 141 Amortization (831) - - (831) (155) - - (155) Interest expense (22,054) (1,451) - (23,505) (6,062) (357) - (6,419) Loan defeasance (326) - - (326) - - - - FAS 141 Interest 842 - - 842 38 - - 38 Impairment of real estate - - - - - - - - Gain on sale of properties 20,974 - - 20,974 20,974 - - 20,974 Gain (loss) on sale of properties - Mervyn's 314 - - 314 (1) - - (1) Income taxes on gain on property sale - Mervyn's - - - - - - - - --------- -------- --------- --------- -------- ------- --------- -------- Income before minority interest 40,443 242 (246) 40,439 25,584 (117) 901 26,368 Minority interest - OP (802) (6) 5 (803) (500) 2 (18) (516) Minority interest (623) - - (623) (162) - - (162) --------- -------- --------- --------- -------- ------- --------- -------- NET INCOME $ 39,018 $ 236 $ (241) $ 39,013 $24,922 $ (115) $ 883 $25,690 ========= ======== ========= ========= ======== ======= ========= ========
(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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyns I & II which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. Page 21 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 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, 2006 2006 2006 --------- ------- --------- -------- -------- ------- --------- -------- -------- ------- --------- -------- Multi- Multi- Multi- Retail Family Corporate Total Retail Family Corporate Total Retail Family Corporate Total -------- ------- --------- -------- -------- ------- --------- -------- -------- ------- --------- -------- PROPERTY REVENUES Minimum rents $16,246 $1,782 $ - $18,028 $17,941 $1,842 $ - $19,783 $17,264 $1,905 $ - $19,169 Percentage rents 315 - - 315 152 - - 152 207 - - 207 Expense reimbursements 4,649 - - 4,649 4,290 - - 4,290 4,716 - - 4,716 Other property income 256 83 - 339 113 118 - 231 111 127 - 238 -------- ------- --------- -------- -------- ------- --------- -------- -------- ------- --------- -------- 21,466 1,865 - 23,331 22,496 1,960 - 24,456 22,298 2,032 - 24,330 -------- ------- --------- -------- -------- ------- --------- -------- -------- ------- --------- -------- PROPERTY EXPENSES Property operating 3,231 1,057 - 4,288 2,951 901 - 3,852 3,333 900 - 4,233 Real estate taxes 2,949 99 - 3,048 2,773 100 - 2,873 3,063 115 - 3,178 -------- ------- --------- -------- -------- ------- --------- -------- -------- ------- --------- -------- 6,180 1,156 - 7,336 5,724 1,001 - 6,725 6,396 1,015 - 7,411 -------- ------- --------- -------- -------- ------- --------- -------- -------- ------- --------- -------- NET OPERATING INCOME - PROPERTIES 15,286 709 - 15,995 16,772 959 - 17,731 15,902 1,017 - 16,919 OTHER INCOME (EXPENSE) General and administrative - - (2,897) (2,897) - - (2,357) (2,357) - - (2,693) (2,693) Property related home office expenses - - (2,777) (2,777) - - (2,301) (2,301) - - (2,578) (2,578) Equity in earnings of Fund I unconsolidated properties 42 - - 42 (46) - - (46) 215 - - 215 Lease termination income - - - - - - - - - - - - Interest income - 5 2,230 2,235 - 4 1,990 1,994 - 4 1,762 1,766 Asset and property management income - - 3,756 3,756 - - 2,506 2,506 - - 2,563 2,563 Promote Fee - - - - - - - - 258 - - 258 Other property management fees 98 (41) - 57 82 (31) - 51 (273) (40) - (313) Straight-line rent income 863 - - 863 (929) - - (929) (407) - - (407) Straight-line rents written off - - - - - - - - - - - - FAS 141 Rent (132) - - (132) (76) - - (76) 42 - - 42 Abandoned project costs - - - - - - - - - - - - Hurricane related expenses - - - - - - - - - - - - Provision for income taxes 648 - - 648 (361) - - (361) (449) - - (449) Other income - - - - 165 - - 165 - - - - -------- ------- --------- -------- -------- ------- --------- -------- -------- ------- --------- -------- EBIDTA 16,805 673 312 17,790 15,607 932 (162) 16,377 15,288 981 (946) 15,323 Depreciation and amortization (5,724) (380) (117) (6,221) (5,659) (377) (117) (6,153) (5,583) (376) (117) (6,076) FAS 141 Amortization (283) - - (283) (198) - - (198) (195) - - (195) Interest expense (5,650) (365) - (6,015) (5,406) (375) - (5,781) (4,936) (354) - (5,290) Loan defeasance - - - - - - - - (326) - - (326) FAS 141 Interest 38 - - 38 38 - - 38 728 - - 728 Impairment of real estate - - - - - - - - - - - - Gain on sale of properties - - - - - - - - - - - - Gain (loss) on sale of properties - Mervyn's (934) - - (934) 785 - - 785 464 - - 464 Income taxes on gain on property sale - Mervyn's - - - - - - - - - - - - -------- ------- --------- -------- -------- ------- --------- -------- -------- ------- --------- -------- Income before minority interest 4,252 (72) 195 4,375 5,167 180 (279) 5,068 5,440 251 (1,063) 4,628 Minority interest - OP (86) 1 (4) (89) (106) (4) 6 (104) (110) (5) 21 (94) Minority interest (164) - - (164) (116) - - (116) (181) - - (181) -------- ------- --------- -------- -------- ------- --------- -------- -------- ------- --------- -------- NET INCOME $ 4,002 $ (71) $ 191 $ 4,122 $ 4,945 $ 176 $ (273) $ 4,848 $ 5,149 $ 246 $ (1,042) $ 4,353 ======== ======= ========= ======== ======== ======= ========= ======== ======== ======= ========= ========
(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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyns I & II which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. Page 22 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Statements of Operations - Current v. Historical (1) ---------------------------------------------------- (in thousands)
Current Quarter Historical Quarter 3 months 3 months ended December 31, ended December 31, 2006 2005 -------- -------- ---------- -------- -------- ------------------ -------- Wholly Discontinued Wholly Discontinued Owned JV's (2) Operations Total Owned JV's (2) Operations Total -------- -------- ---------- -------- -------- ------- ----------- -------- PROPERTY REVENUES Minimum rents $12,984 $ 3,464 $ 1,055 $17,503 $11,895 $ 1,894 $1,540 $15,329 Percentage rents 200 21 4 225 293 44 9 346 Expense reimbursements 3,261 859 512 4,632 3,149 544 665 4,358 Other property income 421 (5) 72 488 80 7 (152) (65) -------- -------- ---------- -------- -------- ------------------ -------- 16,866 4,339 1,643 22,848 15,417 2,489 2,062 19,968 -------- -------- ---------- -------- -------- ------------------ -------- PROPERTY EXPENSES Property operating 3,752 802 708 5,262 3,443 208 635 4,286 Real estate taxes 2,183 586 322 3,091 1,890 247 559 2,696 -------- -------- ---------- -------- -------- ------------------ -------- 5,935 1,388 1,030 8,353 5,333 455 1,194 6,982 -------- -------- ---------- -------- -------- ------------------ -------- NET OPERATING INCOME - PROPERTIES 10,931 2,951 613 14,495 10,084 2,034 868 12,986 OTHER INCOME (EXPENSE) General and administrative (2,215) - - (2,215) (3,208) - - (3,208) Property related home office expenses (1,809) (72) - (1,881) (1,920) (39) - (1,959) Equity in earnings of Fund I unconsolidated properties - (190) - (190) - 76 - 76 Lease termination income - - - - - - - - Interest income 2,169 166 16 2,351 1,119 37 - 1,156 Asset and property management income 2,769 - - 2,769 2,780 - - 2,780 Promote Fee 97 - - 97 979 - - 979 Property management expense (13) (2) (52) (67) 6 - (61) (55) Straight-line rent income 492 1,463 (7) 1,948 184 339 10 533 Straight-line rents written off (113) - - (113) - - - - FAS 141 Rent (282) 6 - (276) (122) (19) - (141) Abandoned project costs - (136) - (136) - - - - Hurricane related expenses - - - - - - - - Provision for income taxes 548 4 - 552 261 - - 261 Other income (expense) 507 - - 507 (96) 527 - 431 -------- -------- ---------- -------- -------- ------------------ -------- EBIDTA 13,081 4,190 570 17,841 10,067 2,955 817 13,839 Depreciation and amortization (4,655) (2,075) 820 (5,910) (3,958) (802) (434) (5,194) FAS 141 Amortization (117) (38) - (155) (22) (28) - (50) Interest expense (4,414) (1,856) (149) (6,419) (3,115) (1,001) (195) (4,311) Loan defeasance - - - - - - - - FAS 141 Interest 23 15 - 38 - 29 - 29 Impairment of real estate - - - - - - - - Gain on sale of properties - - 20,974 20,974 - - - - (Loss) gain on sale of properties - (1) - (1) - - - - Gain (loss) on sale of properties (Mervyns) - - - - - 1,293 - 1,293 Income taxes on gain on sale (Mervyn's) - - - - (783) - - (783) -------- -------- ---------- -------- -------- ------------------ -------- Income before minority interest 3,918 235 22,215 26,368 2,189 2,446 188 4,823 Minority interest - OP (82) (4) (430) (516) (41) (48) (8) (97) Minority interest (67) (95) - (162) (102) (13) - (115) -------- -------- ---------- -------- -------- ------------------ -------- NET INCOME $ 3,769 $ 136 $21,785 $25,690 $ 2,046 $ 2,385 $ 180 $ 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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyn's which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and has a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Statements of Operations - Current v. Historical (1) ---------------------------------------------------- (in thousands)
Current Year-to-Date Historical Year-to-Date Period Period ended December 31, ended December 31, 2006 2005 ---------- -------- ------------------- --------- -------- ---------- --------- Wholly Discontinued Wholly Discontinued Owned JV's (2) Operations Total Owned JV's (2) Operations Total ---------- -------- ------------------- --------- -------- ---------- --------- PROPERTY REVENUES Minimum rents $ 49,924 $18,747 $ 5,812 $ 74,483 $ 46,325 $ 9,159 $ 6,449 $ 61,933 Percentage rents 620 222 57 899 680 249 62 991 Expense reimbursements 12,908 2,959 2,420 18,287 11,089 2,110 3,039 16,238 Other property income 1,009 158 129 1,296 643 36 (117) 562 ---------- -------- ------------------- --------- -------- ---------- --------- 64,461 22,086 8,418 94,965 58,737 11,554 9,433 79,724 ---------- -------- ------------------- --------- -------- ---------- --------- PROPERTY EXPENSES Property operating 12,789 2,431 2,415 17,635 12,007 1,448 2,524 15,979 Real estate taxes 8,076 2,257 1,857 12,190 7,061 1,312 2,330 10,703 ---------- -------- ------------------- --------- -------- ---------- --------- 20,865 4,688 4,272 29,825 19,068 2,760 4,854 26,682 ---------- -------- ------------------- --------- -------- ---------- --------- NET OPERATING INCOME - PROPERTIES 43,596 17,398 4,146 65,140 39,669 8,794 4,579 53,042 OTHER INCOME (EXPENSE) General and administrative (10,162) - - (10,162) (8,008) - - (8,008) Property related home office expenses (9,239) (298) - (9,537) (7,386) (95) - (7,481) Equity in earnings of Fund I unconsolidated properties - 22 - 22 - 279 - 279 Lease termination income - - - - - - - - Interest income 7,786 544 16 8,346 3,576 102 3 3,681 Asset and property management income 11,594 - - 11,594 10,513 - - 10,513 Promote Fee 355 - - 355 979 - - 979 Property management expense (130) (7) (135) (272) 24 - (245) (221) Straight-line rent income 823 620 32 1,475 548 158 (2) 704 Straight-line rents written off (113) - - (113) (17) - - (17) FAS 141 Rent (427) (15) - (442) (217) 20 - (197) Abandoned project costs - (136) - (136) - (86) - (86) Hurricane related expenses - - - - 479 - - 479 Provision for income taxes 437 (47) - 390 170 - - 170 Other income (expense) 499 173 - 672 (175) 734 - 559 ---------- -------- ------------------- --------- -------- ---------- --------- EBIDTA 45,019 18,254 4,059 67,332 40,155 9,906 4,335 54,396 Depreciation and amortization (15,916) (7,903) (541) (24,360) (14,943) (3,000) (1,840) (19,783) FAS 141 Amortization (670) (162) - (832) (70) (144) - (214) Interest expense (15,715) (6,975) (815) (23,505) (10,751) (3,592) (672) (15,015) Loan defeasance 1,141 (1,467) - (326) - - - - FAS 141 Interest 85 757 - 842 - 116 - 116 Impairment of real estate - - - - - - - - Gain on sale of properties - - 20,974 20,974 - - (820) (820) (Loss) gain on sale of properties - - - - Gain (loss) on sale of properties (Mervyns) - 314 - 314 - 4,991 - 4,991 Income taxes on gain on sale (Mervyn's) - - - - (2,318) - - (2,318) ---------- -------- ------------------- --------- -------- ---------- --------- Income before minority interest 13,944 2,818 23,677 40,439 12,073 8,277 1,003 21,353 Minority interest - OP (287) (58) (458) (803) (230) (163) (20) (413) Minority interest (251) (372) - (623) (265) (49) - (314) ---------- -------- ------------------- --------- -------- ---------- --------- NET INCOME $ 13,406 $ 2,388 $23,219 $ 39,013 $ 11,578 $ 8,065 $ 983 $ 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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I & II and Mervyn's which are consolidated with the Company's financial statements. The Company also has a 22.2% investment in the Brandywine JV and has a 49% JV interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements. Page 23 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Net Operating Income (NOI) - Same Property Performance (1) ---------------------------------------------------------- (in thousands)
Growth in Same Growth in Same Property NOI - Property NOI - Continuing Continuing Operations Operations Current Historical Current Historical Favorable Year- Year-to- Favorable Notes: Quarter Quarter (unfavorable) to-Date Date (unfavorable) -------- -------- ---------- -------------- -------- ---------- -------------- 3 months 3 months Year ended ended ended Year ended Reconciliation of total NOI to same December December December December property NOI: 31, 31, 31, 31, 2006 2005 2006 2005 -------- ---------- -------- ---------- NOI - Wholly-owned properties (2) $11,544 $10,952 $47,742 $44,114 NOI - Consolidated and unconsolidated joint ventures 2,951 2,034 17,398 8,794 Adjustment to reflect 2006 increase in Fund I ownership percentage (3) (709) 222 (5,971) 1,996 -------- ---------- -------- ---------- Total NOI 13,786 13,208 59,169 54,904 NOI - Properties Acquired (994) (39) (4,710) (537) NOI - Property sold or held for sale (613) (868) (4,146) (4,579) NOI - Redevelopment Properties - (38) (37) (43) -------- ---------- -------- ---------- $12,179 $12,263 -0.7% $50,276 $49,745 1.1% ======== ========== ============= ======== ========== ============== Same property NOI by portfolio component and revenues/expenses: Retail Properties Retail Properties Revenues $16,888 $16,482 2.5% $64,993 $63,862 1.8% Expenses 5,356 5,097 -5.1% 18,054 17,682 -2.1% -------- ---------- ------------- -------- ---------- -------------- 11,532 11,385 1.3% 46,939 46,180 1.6% -------- ---------- ------------- -------- ---------- -------------- Residential Residential Properties (2 Properties (2 properties) properties) Revenues 1,835 2,003 -8.4% 7,692 7,680 0.2% Expenses 1,189 1,125 -5.7% 4,361 4,115 -6.0% -------- ---------- ------------- -------- ---------- -------------- 646 878 -26.4% 3,331 3,565 -6.6% -------- ---------- ------------- -------- ---------- -------------- $12,178 $12,263 -0.7% $50,270 $49,745 1.1% ======== ========== ============= ======== ========== ==============
(1) The above amounts includes the pro-rata activity related to the Company's consolidated and unconsolidated joint ventures. (2) The Company experienced a $427,000 decrease in NOI at its Bloomfield Hills, MI property for the year ended December 31, (2006) as a result of re-tenanting activities. This represents a 0.9% adverse impact on same-store retail NOI for the year. (3) As a result of the recapitalization of the Brandywine Portfolio which enabled the Fund I investors to receive all of their invested capital and preferred return, the Company is entitled to receive a 20% promote interest. Accordingly, Acadia's effective ownership interest is now 38% [20% + (80% x 22%)] as compared with 22% for 2005. 2005 NOI has been adjusted to this same ownership interest to provide a comparable NOI for the purposes of evaluating same-property performance. 2006 NOI from Fund I has been decreased from 100% down to 38% for comparability. Page 24 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006
Funds from Operations ("FFO")( 1) 2006 2005 - -------------------------------------------- --------------------------------------- --------------------- --------- --------- --------- -------- -------- Current Current Previous Previous Previous Historic Historic Year-to- Year-to- Date Quarter Quarter Quarter Quarter Date Quarter Year 3 months 3 months 3 months 3 months Year 3 months ended ended ended ended ended ended ended March December December December December September June 30, 31, 31, 31, Funds from operations ("FFO"): Notes 31, 2006 31, 2006 30, 2006 2006 2006 2005 2005 - -------------------------------------------- --------- --------- --------- -------- -------- -------- -------- Net Income $ 39,013 $ 25,690 $ 4,122 $ 4,848 $ 4,353 $20,626 $ 4,611 Add back: Depreciation of real estate and amortization of leasing costs: (net of minority interest share) Wholly owned and consolidated subsidiaries 20,206 4,950 4,928 5,294 5,034 16,676 4,377 Unconsolidated subsidiaries 1,806 559 397 438 412 746 188 Income attributable to Operating Partnership units (2) 803 516 89 104 94 416 80 Loss (gain) on sale of properties (21,875) (21,437) 394 (460) (372) (2,622) (509) --------- --------- --------- -------- -------- -------- -------- FFO - Basic 39,953 10,278 9,930 10,224 9,521 35,842 8,747 Distributions on Preferred OP Units 255 67 63 63 62 333 79 --------- --------- --------- -------- -------- -------- -------- FFO - Diluted $ 40,208 $ 10,345 $ 9,993 $10,287 $ 9,583 $36,175 $ 8,826 ========= ========= ========= ======== ======== ======== ======== Adjusted Funds from operations ("AFFO"): - -------------------------------------------------- Diluted FFO $ 40,208 $ 10,345 $ 9,993 $10,287 $ 9,583 $36,175 $ 8,826 Straight line rent, net (1,475) (1,948) (863) 929 407 (687) (533) Non real-estate depreciation 468 117 117 117 117 451 118 Amortization of finance costs 895 270 193 213 219 1,017 319 Amortization of cost of management contracts 1,518 783 272 230 233 1,360 435 Tenant improvements (1,817) (601) (466) (430) (320) (2,068) (795) Leasing commissions (894) (287) (202) (295) (110) (718) (141) Capital expenditures (3,190) (365) (736) (1,422) (667) (1,595) (301) --------- --------- --------- -------- -------- -------- -------- AFFO $ 35,713 $ 8,314 $ 8,308 $ 9,629 $ 9,462 $33,935 $ 7,928 ========= ========= ========= ======== ======== ======== ======== Funds Available for Distribution ("FAD") - -------------------------------------------------- AFFO $ 35,713 $ 8,314 $ 8,308 $ 9,629 $ 9,462 $33,935 $ 7,928 Scheduled prinicpal repayments (4,066) (1,071) (1,027) (979) (989) (2,642) (713) --------- --------- --------- -------- -------- -------- -------- FAD $ 31,647 $ 7,243 $ 7,281 $ 8,650 $ 8,473 $31,293 $ 7,215 ========= ========= ========= ======== ======== ======== ======== Total weighted average shares and OP Units: Basic 33,149 33,157 33,156 33,161 33,122 32,564 32,671 ========= ========= ========= ======== ======== ======== ======== Diluted 33,800 33,829 33,815 33,799 33,757 33,306 33,377 ========= ========= ========= ======== ======== ======== ======== FFO per share: FFO per share - Basic (3) $ 1.21 $ 0.31 $ 0.30 $ 0.31 $ 0.29 $ 1.10 $ 0.27 ========= ========= ========= ======== ======== ======== ======== FFO per share - Diluted (3) $ 1.19 $ 0.31 $ 0.30 $ 0.30 $ 0.28 $ 1.09 $ 0.26 ========= ========= ========= ======== ======== ======== ======== AFFO per share - Basic (3) $ 1.07 $ 0.25 $ 0.25 $ 0.29 $ 0.28 $ 1.03 $ 0.24 ========= ========= ========= ======== ======== ======== ======== AFFO per share - Diluted (3) $ 1.06 $ 0.25 $ 0.25 $ 0.28 $ 0.28 $ 1.02 $ 0.24 ========= ========= ========= ======== ======== ======== ======== FAD per share - Basic (3) $ 0.95 $ 0.22 $ 0.22 $ 0.26 $ 0.25 $ 0.95 $ 0.22 ========= ========= ========= ======== ======== ======== ======== FAD per share - Diluted (3) $ 0.94 $ 0.21 $ 0.22 $ 0.26 $ 0.25 $ 0.94 $ 0.22 ========= ========= ========= ======== ======== ======== ========
(1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods. (2) Reflects OP Unitholders interest in OP net income. (3) Assumes full conversion of O.P. Units into Common Shares. Diluted FFO assumes conversion of Preferred O.P. Units as well as assumed exercise of outstanding share options. Quarterly Preferred OP Unit distributions are added back for the purposes of calculating diluted FFO. Refer to "Market Capitalization" for weighted-average basic and diluted shares. Page 25 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Capital Expenditures -------------------------------
Year-to- Date Current Previous Previous Quarter Quarters Year -------------------------- -------- 3 3 months 3 months 3 months months Year ended ended ended ended ended December December March December 31, 31, September June 30, 31, 31, 2006 2006 30, 2006 2006 2006 2005 -------- -------- --------- -------- ------- -------- Leasing Commissions: $ 894 $ 287 $ 202 $ 295 $ 110 $ 718 -------- -------- --------- -------- ------- -------- Tenant Improvements: 1,817 601 466 430 320 2,068 -------- -------- --------- -------- ------- -------- Capital Expenditures: Retail 2,382 173 491 1,190 528 577 Residential 808 192 245 232 139 1,018 -------- -------- --------- -------- ------- -------- 3,190 365 736 1,422 667 1,595 -------- -------- --------- -------- ------- -------- Redevelopments 24,774 12,927 5,410 4,939 1,498 1,803 -------- -------- --------- -------- ------- -------- Total $30,675 $14,180 $6,814 $7,086 $2,595 $6,184 ======== ======== ========= ======== ======= ========
Page 26 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Consolidated Balance Sheets --------------------------- (in thousands)
December 31, December 31, 2006 2005 ------------ --------------- ASSETS Real estate Land $ 152,930 $ 141,320 Buildings and improvements 497,638 564,779 Construction in progress 26,670 3,808 ------------ --------------- 677,238 709,907 Less: accumulated depreciation (142,071) (127,820) ------------ --------------- Net real estate 535,167 582,087 Cash and cash equivalents 139,571 90,475 Cash in escrow 7,639 7,789 Restricted Cash 549 548 Investments in and advances to unconsolidated affiliates 31,049 17,863 Investment in management contracts 1,839 3,178 Preferred equity investment - 19,000 Rents receivable, net of $2,343 and $2,174 allowance, respectively 7,658 7,971 Straight-line rents receivable, net of $910 allowance 5,291 5,029 Notes Receivable 38,322 15,733 Prepaid expenses 1,865 4,980 Deferred charges, net 33,255 23,739 Other assets 38,306 15,354 Acquired lease intangibles 6,734 8,119 Assets of discontinued operations - 39,726 ------------ --------------- $ 847,245 $ 841,591 ============ =============== LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $ 447,402 $ 411,000 Accounts payable and accrued expenses 10,547 18,302 Dividends and distributions payable 6,661 6,088 Share of losses in excess of investment in unconsolidated affiliates 21,728 10,315 Interest rate swap payable - 180 Other liabilities 5,578 13,775 Liabilities of discontinued operations - 15,064 ------------ --------------- Total liabilities 491,916 474,724 ------------ --------------- Minority interest in Operating Partnership 8,673 9,204 Minority interests in partially owned affiliates 105,536 137,087 ------------ --------------- Total minority interests 114,209 146,291 ------------ --------------- Shareholders' equity: Common shares 31 31 Additional paid-in capital 227,556 223,198 Accumulated other comprehensive income (234) (12) Earnings (Deficit) 13,767 (2,641) ------------ --------------- Total shareholders' equity 241,120 220,576 ------------ --------------- $ 847,245 $ 841,591 ============ ===============
Page 27 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Pro-rata Consolidated Balance Sheet ----------------------------------- (in thousands)
Consolidated Minority Company's Pro-Rata Balance Interest in Interest in Consolidated Sheet Consolidated Unconsolidated Balance As Reported (1) Subsidiaries Subsidiaries Sheet (2) ------------- ------------ -------------- ------------ ASSETS Real estate Land $ 152,930 $ (56,508) $ 7,136 $ 103,558 Buildings and improvements 497,638 (101,335) 50,527 446,830 Construction in progress 26,670 (20,890) 335 6,115 ------------ ----------- ------------- ------------ 677,238 (178,733) 57,998 556,503 Less: accumulated depreciation (142,071) 18,852 (6,192) (129,411) ------------ ----------- ------------- ------------ Net real estate 535,167 (159,881) 51,806 427,092 Cash and cash equivalents 139,571 (7,013) 665 133,223 Cash in escrow 7,639 (1,269) 1,031 7,401 Restricted Cash 549 (23) - 526 Investments in and advances to unconsolidated affiliates 31,049 (23,381) (2,290) 5,378 Investment in management contracts 1,839 - - 1,839 Preferred equity investment - - - - Rents receivable, net 7,658 (1,429) (54) 6,175 Straight-line rents receivable, net 5,291 983 1,111 7,385 Intercompany - - - Notes Receivable 38,322 (1,543) - 36,779 Prepaid expenses 1,865 (553) 178 1,490 Deferred charges, net 33,255 (13,085) 943 21,113 Other assets 38,306 (619) 134 37,821 Acquired lease intangibles 6,734 (3,219) 47 3,562 Assets of discontinued operations - - - - ------------ ----------- ------------- ------------ Total Assets $ 847,245 $(211,032) $ 53,571 $ 689,784 ============ =========== ============= ============ LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $ 445,215 (93,008) 70,290 $ 422,497 Valuation of debt at acquisition, net of amortization 2,187 (669) 1,555 3,073 Accounts payable and accrued expenses 10,547 (10,946) 1,025 626 Dividends and distributions payable 6,661 - - 6,661 Due to related parties - - - Share of losses in excess of inv. in unconsolidated affiliates 21,728 - (21,728) - Interest rate swap payable - - 678 678 Other liabilities 5,578 (2,772) 1,751 4,557 Liabilities of discontinued operations - - - - ------------ ----------- ------------- ------------ Total liabilities 491,916 (107,395) 53,571 438,092 ------------ ----------- ------------- ------------ Minority interest in Operating Partnership 8,673 - - 8,673 Minority interests in partially owned affiliates 105,536 (103,637) - 1,899 ------------ ----------- ------------- ------------ Total minority interests 114,209 (103,637) - 10,572 ------------ ----------- ------------- ------------ Shareholders' equity: Common shares 31 - - 31 Additional paid-in capital 227,556 - - 227,556 Accumulated other comprehensive income (234) - - (234) Deficit 13,767 - - 13,767 ------------ ----------- ------------- ------------ Total shareholders' equity 241,120 - - 241,120 ------------ ----------- ------------- ------------ Total Liabilities and Shareholders' Equity $ 847,245 $(211,032) $ 53,571 $ 689,784 ============ =========== ============= ============
Notes - -------------------------------------- 1 The interim consolidated balance sheet is unaudited, although it reflect all adjustments, which in the opinion of management, are necessary for the fair presentation of the consolidated balance sheet for the interim period. 2 The Company currently invests in Funds I & II and Mervyns I & II which are consolidated with the Company's financial statements. To provide investors with supplemental information, the Company's investments in these joint ventures are reflected above on a pro-rata basis by calculating it's ownership percentage for each of the above asset and liability line items. Similiarly, the above presentation also includes the Company's share of assets and liaiblities for unconsolidated investments which are accounted for under the equity method of accounting pursuant to GAAP. Page 28 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Selected Operating Ratios -------------------------
- ------------------------------------------------------------------- 3 months ended 12 months ended December 31, December 31, ------------- ----------- 2006 2005 2006 2005 ----------- --------- --------- --------- Coverage Ratios (1) - ------------------------------------------------------------------- Interest Coverage Ratio EBIDTA (2)$ 17,841 $ 13,839 $ 67,332 $ 54,396 Divided by Interest expense 6,419 4,311 23,505 15,015 ----------- --------- --------- --------- 2.78 x 3.21 x 2.86 x 3.62 x Fixed Charge Coverage Ratio EBIDTA $ 17,841 $ 13,839 $ 67,332 $ 54,396 Divided by ( Interest expense 6,419 4,311 23,505 15,015 + Preferred Dividends) (2)(3) 67 79 255 333 ----------- --------- --------- --------- 2.75 x 3.15 x 2.83 x 3.54 x Debt Service Coverage Ratio EBIDTA $ 17,841 $ 13,839 $ 67,332 $ 54,396 Divided by ( Interest expense 6,419 4,311 23,505 15,015 + Principal Amortization) (4) 1,071 713 4,066 2,642 ----------- --------- --------- --------- 2.38 x 2.75 x 2.44 x 3.08 x Payout Ratios - ------------------------------------------------------------------- FFO Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid $ 6,661 $ 6,008 $ 25,053 $ 22,749 FFO (2) 10,345 8,826 40,208 36,175 ----------- --------- --------- --------- 64% 68% 62% 63% AFFO Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid $ 6,661 $ 6,008 $ 25,053 $ 22,749 AFFO (2) 8,314 7,928 35,713 33,935 ----------- --------- --------- --------- 80% 76% 70% 67% FAD Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid $ 6,661 $ 6,008 $ 25,053 $ 22,749 FAD (2) 7,243 7,215 31,647 31,293 ----------- --------- --------- --------- 92% 83% 79% 73% Overhead Ratios - ------------------------------------------------------------------- G&A/Real Estate Revenues General and Administrative expense $ 2,215 $ 3,208 $ 10,162 $ 8,008 Real Estate Revenues (Includes pro-rata JV) 22,848 19,968 94,965 79,724 ----------- --------- --------- --------- 10% 16% 11% 10% General and Administrative expense $ 2,215 $ 3,208 $ 10,162 $ 8,008 Real Estate Revenues (Includes 100% JV) 29,208 26,018 121,037 110,155 ----------- --------- --------- --------- 8% 12% 8% 7% Leverage Ratios - ------------------------------------------------------------------- ----------- Debt/Total Market Capitalization Debt (4)$ 425,635 $212,189 Total Market Capitalization 1,240,846 716,929 ----------- --------- 34% 30% Debt + Preferred Equity (Preferred O.P. Units) $ 429,823 $313,446 Total Market Capitalization 1,240,846 958,976 ----------- --------- 35% 33%
Notes: (1) Quarterly results for 2006 and 2005 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 both the Company's consolidated and unconsolidated investments in joint ventures. (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.) This reversal was a non-recurring event. Excluding the effects of this transaction, the impact on the year-to-date 2005 ratios would be as follows: EBIDTA FFO AFFO As reported $54,396 $36,175 $33,935 Adjustment (479) (479) (479) -------- -------- --------- Adjusted 53,917 35,696 33,456 ======== ======== ========= Ratios 3.59 64% 68% (Fixed- (Payouts) charge) (3) Represents preferred distributions on Preferred Operating partnership Units. (4) Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt and principal amortization. Page 29 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Portfolio Debt - Consolidated Summary Reconciliation from GAAP Debt to Pro-Rata Share of Debt (amounts in thousands)
Acadia Add: Less: Acadia Consolidated Pro-rata Minority Pro-rata Debt Share of Interest Share of Share of Balance % of Total Unconsolidated Consolidated Outstanding % of Total As Reported (2) Portfolio Debt (3) Debt (4) Debt (5) Portfolio (6) ---------------- ----------- -------------- ----------------- ------------ ------------- Mortgage Notes Payable Fixed-Rate Debt (1) $351,042 79% 68,293 (40,288) $379,047 89% Variable-Rate Debt (1) 94,173 21% 2,552 (50,137) 46,588 11% ---------------- ----------- -------------- ----------------- ------------ ------------- Total $445,215 100% $70,845 (90,425) $425,635 100% ---------------- ----------- -------------- ----------------- ------------ ------------- Weighted Average Interest Rate Fixed-Rate Debt 5.32% 5.30% Variable-Rate Debt 6.81% 6.69% ---------------- ------------ Total 5.65% 5.45% ---------------- ------------ Notes (1) Fixed-rate debt includes notional principal fixed through swap transactions. Conversely, variable-rate debt excludes this amount. (2) Represents the Mortgage Notes Payable balance on a GAAP basis as reported in the Company's Form 10-Q. (3) Represents the Company's pro-rata share of unconsolidated partnership debt based on percent ownership. (4) Represents the Minority Interest pro-rata share of consolidated partnership debt based on its percent ownership. (5) Represents the Company's theoretical pro-rata share of debt after adjustments discussed in Notes 3 and 4. (6) An additional $21.3 million of variable-rate debt was paid down in January of 2007. Giving effect to this, the fixed-rate component is now 94%.
Page 30 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Debt Analysis - Consolidated Debt (amounts in thousands)
Principal Acadia's Variable % of Pro-rata Balance at Acadia's Rate as of Ownership Share of December 31, Pro-rata Interest December 31, Maturity Property Notes Entity Percent Lender Porfolio 2006 Share Rate 2006 Date - ----------------------------------------------------------------------------------------------------------------------------------- Fixed-Rate Debt - ------------ Acadia Realty Various Security Trust 1 Acadia 100.0% Holders $100,000 $100,000 3.75% 12/20/2011 Merrillville SunAmerica Life Plaza Acadia 100.0% Insurance Co. 12,665 12,665 6.46% 7/1/2007 GHT Bank of America, Apartments Acadia 100.0% N.A. 10,457 10,457 7.55% 1/1/2011 Colony Bank of America, Apartments Acadia 100.0% N.A. 5,229 5,229 7.55% 1/1/2011 239 Greenwich RBS Greenwich Avenue Acadia 75.0% Capital 15,672 11,754 5.19% 6/1/2013 New Loudon RBS Greenwich Center Acadia 100.0% Capital 14,940 14,940 5.64% 9/6/2014 Crescent RBS Greenwich Plaza Acadia 100.0% Capital 17,600 17,600 4.98% 9/6/2015 Pacesetter Park Shopping RBS Greenwich Center Acadia 100.0% Capital 12,500 12,500 5.12% 11/6/2015 Elmwood Park Shopping Bear Stearns Center Acadia 100.0% Commercial Mortgage, Inc. 34,600 34,600 5.53% 1/1/2016 Gateway Shopping Bear Stearns Commercial Center Acadia 100.0% Mortgage, Inc. 20,500 20,500 5.44% 3/1/2016 Clark- Lasalle Bank Diversey National Acadia 100.0% Association 3,781 3,781 8.50% 4/11/2028 Boonton GMAC Commercial Acadia 60.0% Mortgage Corporation 8,565 5,139 6.40% 11/1/2032 Chestnut Column Financial, Hill Acadia 100.0% Inc. 9,997 9,997 5.45% 6/11/2013 Walnut Hill Merrill Lynch Plaza Mortgage Lending, Acadia 100.0% Inc. 23,500 23,500 6.06% 8/29/2016 4650 Broadway Avenue 2 Fund II 19.2% Bank of China 19,000 3,648 5.26% 9/1/2007 Kroger Cortlandt Deposit Portfolio 3 Fund I 28.3% Corporation 7,425 2,104 6.62% 2/1/2009 Safeway Cortlandt Deposit Portfolio 3 Fund I 28.3% Corporation 7,339 2,080 6.51% 1/15/2009 Amherst The Ohio National Life Marketplace Fund I 37.8% Insurance Company 4,526 1,710 8.20% 6/1/2022 Sheffield Canada Life Crossing Fund I 37.8% Insurance Company 6,744 2,548 8.00% 1/1/2023 Interest Bank of America, rate swaps 4 Acadia N.A. 16,002 16,002 6.28% Various ------------ --------- -------- Sub-Total Fixed-Rate Debt 88% 351,042 310,754 5.21% ------------ --------- -------- Variable- Rate Debt Current LIBOR 5.33% - ------------ Bloomfield Bank of America, Libor Town Square Acadia 100.0% N.A. + 125 6.58% 12/1/2010 Hobson West Bank of America, Libor Plaza Acadia 100.0% N.A. + 125 6.58% 12/1/2010 Marketplace Bank of America, Libor of Absecon Acadia 100.0% N.A. + 125 6.58% 12/1/2010 Village Bank of America, Libor Apartments 5 Acadia 100.0% N.A. - - + 125 6.58% 12/1/2010 Abington Libor Towne Bank of America, + Center Acadia 100.0% N.A. 125 6.58% 12/1/2010 Methuen Libor Shopping Bank of America, + Center Acadia 100.0% N.A. 125 6.58% 12/1/2010 Town Line Bank of America, Libor Plaza Acadia 100.0% N.A. + 140 6.73% 12/1/2010 Ledgewood Washington Mutual Libor Mall Acadia 100.0% Bank, F.A. 21,524 21,524 + 150 6.83% 4/1/2011 Branch Plaza Bank of America, Libor Acadia 100.0% N.A. 16,000 16,000 + 130 6.63% 12/1/2011 Village Libor Commons + Shopping Bank of America, Center 6 Acadia 100.0% N.A. 9,925 9,925 140 6.73% 6/29/2012 244-268 Libor 161st Fund RBS Greenwich + Street 2 II 19.2% Capital 30,000 5,760 140 6.73% 4/1/2008 216th Street Fund Bank of America, Libor 2 II 19.2% N.A. 6,424 1,233 + 125 6.58% 12/31/2008 Liberty Fund PNC Bank, National Libor Avenue 2 II 19.2% Association 5,363 1,030 + 165 6.98% 5/18/2009 Granville Libor Center Fund I 37.8% Bank One, N.A. 2,939 1,110 + 200 7.33% 10/5/2007 400 East Libor Fordham Fund + Road 2 II 19.2% Bank of China 18,000 3,456 175 7.08% 11/1/2007 Acadia Libor Strategic + Opportunity Fund II, Fund Bank of America, N.A. / Bank of LLC 7 II 20.0% New York - - 75 6.08% 3/1/2008 Interest Bank of America, rate swaps 4 Acadia N.A. (16,002) (16,002) ------------ --------- Sub-Total Libor Variable- + Rate Debt 12% 94,173 44,036 134 6.67% ------------ --------- ------------ Total Consolidated Continuing Operations Debt 100% $445,215 $354,790 5.40% ============= ============ ========= ============
Page 31 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Debt Analysis - Unconsolidated Joint Ventures
% of Pro- Principal Variable rata Balance at Acadia's Rate as of Ownership Share of December Pro-rata Interest December 31, Maturity Fixed-Rate Debt Entity Percent Lender Porfolio 31, 2006 Share Rate 2006 Date - --------------- ---------- ------- ---------------- ------------- ----------- -------- -------------------------------- Acadia UBS Warburg Real Brandywine Brandywine Estate Investments, Subsidiary JV 22.2% Inc. $61,375 $13,639 5.99% 7/1/2016 Acadia Bear Stearns Brandywine Brandywine Commercial Mortgage, Town Center JV 22.2% Inc. 31,550 7,011 5.99% 7/1/2016 Acadia Market Bear Stearns Square Shopping Brandywine Commercial Mortgage, Center JV 22.2% Inc. 24,375 5,417 5.99% 7/1/2016 Acadia Bear Stearns Brandywine Brandywine Commercial Mortgage, Condominium JV 22.2% Inc. 22,650 5,033 5.99% 7/1/2016 Acadia Bear Stearns Brandywine Brandywine Commercial Mortgage, Holdings JV 22.2% Inc. 26,250 5,833 5.99% 7/1/2016 Crossroads Shopping Crossroads JPMorgan Chase Center JV 49.0% Bank 64,000 31,360 5.37% 12/1/2014 ----------- -------- Sub-Total Fixed-Rate Debt 96% 230,200 68,293 5.71% ----------- -------- -------- Variable-Rate Debt Current LIBOR 5.33% - --------------- Haygood Shopping JP Morgan Chase Center 8 Fund I 18.9% Bank, N.A. 8,040 1,519 Libor + 150 6.83% 8/23/2010 Sterling Heights Shopping JP Morgan Chase Center 8 Fund I 18.9% Bank, N.A. 5,471 1,033 Libor + 185 7.18% 8/23/2010 ----------- -------- Sub-Total Variable-Rate Debt 4% 13,511 2,552 Libor + 164 6.97% ------------- ----------- -------- ------------- Total Unconsolidated Debt 100% $243,711 $70,845 5.75% ============= =========== ======== ============= Notes: - --------------- (1) Represents $100,000 of convertible notes issued in December 2006. (2) Fund II is a 96% joint venture partner on this investment. As such, Fund II's pro-rata share of the above debt is 96% x 20%, or 19.2%. (3) 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 37.78%, or 28.3%. (4) The Company has hedged a portion of it's variable-rate debt with variable to fixed-rate swap agreements as follows:
Notional principal All-in Rate Spread Swap rate Forward Start Date Maturity Date ------------------- --------------- -------- --------- ------------------ ------------- 4,627 6.15% 1.44% 4.71% n/a 1/1/2010 11,375 6.34% 1.44% 4.90% n/a 10/1/2011 ----------------- --------------- -------- --------- $16,002 6.28% 1.44% 4.84% ================= =============== ======== ========= The Company has hedged future variable-rate debt with forward-starting variable to fixed-rate swap agreements as follows: $8,434 6.58% 1.44% 5.14% 6/1/2007 3/1/2012 ----------------- --------------- -------- --------- $8,434 6.58% 1.44% 5.14% ================= =============== ======== ========= (5) This is a revolving facility for up to $75,000 with an additional $13,000 available based on certain income hurdles. (6) There is an additional $300 available under this facility through 12/08, with an additional $1,800 available thereafter based on certain income hurdles. (7) This is a revolving facility for up to $70,000. (8) 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 37.78%, or 18.9%.
Page 32 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Future Debt Maturities ------------------------------------------ (in thousands)
Weighted Average Interest Rate of Maturing Debt ----------------------------------------------- Consolidated Debt Scheduled Year Amortization Maturities Total Total Debt Fixed-Rate Debt Variable-Rate Debt ---- ------------ ----------- ------------- ----------- --------------- ------------------- 2007 5,172 54,861 60,033 6.33% 5.73% 7.14% 2008 9,052 34,900 43,952 6.71% n/a 6.71% 2009 10,629 2,544 13,173 6.98% n/a 6.98% 2010 3,492 14,742 18,234 7.55% 7.55% n/a 2011 21,290 114,764 136,054 4.15% 3.75% 6.83% Thereafter 24,848 148,921 173,769 5.70% 5.43% 6.80% ------------ ----------- ------------- $74,483 $370,732 $445,215 ============ =========== ============= Unconsolidated Debt (1) 2007 409 - 409 n/a n/a n/a 2008 433 - 433 n/a n/a n/a 2009 470 - 470 n/a n/a n/a 2010 487 2,525 3,012 6.97% n/a 6.97% 2011 508 - 508 n/a n/a n/a Thereafter 1,695 64,318 66,013 5.73% 5.73% n/a ------------ ----------- ------------- $4,002 $66,843 $70,845 ============ =========== ============= - -------------------------------------------------------------------------------------------------------------------- Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 2006 $11 2nd Quarter 2006 25 3rd Quarter 2006 29 4th Quarter 2006 14 ------------ Year-to-Date $79 ============ (1) The above amounts represent the Company's pro-rata share of unconsolidated joint venture mortgage debt.
Page 33 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Unencumbered Properties -----------------------
Center Location GLA ------ -------- --- Blackman Plaza Wilkes-Barre, PA 125,264 Mad River Station Dayton, OH 155,838 Mark Plaza Edwardsville, PA 216,401 Plaza 422 Lebanon, PA 154,878 Route 6 Plaza Honesdale, PA 175,505 ---------- Total GLA of Unencumbered Properties 827,886 ========== Total net operating income for the year ended December 31, 2006 associated with unencumbered properties $4,172 =========
Page 34 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview ------------------------------------------------------------
Item Notes Description - ------------------------------------------------------------------------------------------------------------------------ Date formed September 2001 Capital commitment $90 million Funding All invested capital has been returned with the proceeds from the Brandywine recapitalization as discussed below. Acadia and its investors still own approximately 2 million square feet of properties in Fund I. Partnership structure Equity Contribution: 22.22% - Acadia 77.78% - Four institutional investors (current significant shareholders in Acadia as well) Cash flow distribution: 22.22% - Acadia 77.78% - Four institutional investors Promote: 20% to Acadia once all partners (including Acadia) have received 9% preferred return and return of equity Remaining 80% is distributed to all the partners (including Acadia). In January 4, 2006, 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 Priority distribution fee equal to 1.5% of implied capital ($46.3 million which excludes Acadia's equity) Priority distribution fee equal to 4% of gross property revenues Market rate leasing fees Construction/project management fees equal to the lesser of 7.5% of hard costs or allocable costs of Acadia
Page 35 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview ----------------------------------------------------------------
Item Notes Description - ----------------------------------------------------------------------------------------------------------------------- Date formed June 15, 2004 Capital commitment $300 million Funding $97.8 million funded through December 31, 2006 Partnership structure Equity Contribution: 20% - Acadia 80% - Six institutional investors (Three are current shareholders in Acadia as well) Cash flow distribution: 20% - Acadia 80% - Six institutional investors Promote: 20% to Acadia once all partners (including Acadia) have received 8% preferred return and return of equity Remaining 80% is distributed to all the partners (including Acadia). Fees to Acadia Asset management fee equal to 1.5% of total committed capital (For the first 12 months, calculated on $200 million, 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
Page 36 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 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 Investments Mervyns Department Stores - All capital has been returned Albertson's - $20.7 million ShopKo, Marsh Supermarkets and two Albertsons add-on investments, Newkirk and Camellia $4.1 million Partnership structure Equity Contribution: Up to $300 million of total equity Up to 20% ($60 million) - AKR Fund I ($20 million) and Fund II ($40 million) 80% - Klaff Realty LP and Lubert-Adler Cash flow distribution: 20% - AKR Funds 80% - Four institutional investors Promote: 20% to Klaff once all partners (including Klaff) have received 10% preferred return and return of equity (50% of first $40 million of AKR Fund equity is not subject to this promote) Remaining 80% is distributed to all the partners (including Klaff). Fees to Acadia Property management fees Market rate leasing fees and construction/project management Disposition fees
Page 37 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 AKR Fund I Properties - Detail
- ------------------------------------------------------------------------------------------------------------------------------------ ----------------------------------------------------------------------------------------------------------------------------- Fund I's Annualized Base Rent Owner- per Occupied Square ship Gross Leasable Area Occupancy Annualized Base Rent Foot ----------------------------------------------------------------------------------------------------------------------------- % Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total ----------------------------------------------------------------------------------------------------------------------------- Midwest - ----------- Ohio - ----------- Amherst Market- place 100% 76,737 3,208 79,945 100.00% 100.00% 100.00% $828,830 $38,472 $867,302 $10.80 $11.99 $10.85 Granville Centre 100% 90,047 44,950 134,997 38.81% 50.74% 42.78% 402,085 232,518 634,603 11.51 10.19 10.99 Sheffield Crossing 100% 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,278 392,363 1,153,641 10.93 10.74 10.87 ---------- -------- ---------- ------- ------- ------- ------------ ----------- ------------ ------- ------- ------- Total - Midwest Region 236,443 91,033 327,476 76.70% 68.69% 74.47% 1,992,193 663,353 2,655,546 10.99 10.60 10.89 ---------- -------- ---------- ------- ------- ------- ------------ ----------- ------------ ------- ------- ------- Mid- Atlantic - ----------- Various - ----------- Kroger/ Safeway Portfolio (25 Prop- erties) 75% 1,018,100 - 1,018,100 100.00% - 100.00% 8,013,583 - 8,013,583 7.87 - 7.87 ---------- -------- ---------- ------- ------- ------- ------------ ----------- ------------ ------- ------- ------- New York - ----------- Tarrytown Shopping Center (New York)100% 15,497 19,794 35,291 100.00% 73.44% 85.10% 475,000 432,836 907,836 30.65 29.78 30.23 ---------- -------- ---------- ------- ------- ------- ------------ ----------- ------------ ------- ------- ------- Subtotal - Fund I Operating Properties 1,270,040 110,827 1,380,867 95.66% 69.54% 93.57% 10,480,776 1,096,189 11,576,965 8.63 14.22 8.96 ---------- -------- ---------- ------- ------- ------- ------------ ----------- ------------ ------- ------- ------- Fund I Redevel- opment Properties - ----------- Sterling Heights Shopping Center (Michigan) 50% 90,400 64,435 154,835 100.00% 13.63% 64.06% 526,600 81,140 607,740 5.83 9.24 6.13 Hitchcock Plaza (South Carolina) 20% 146,507 85,876 232,383 100.00% 40.02% 77.83% 1,089,535 390,872 1,480,407 7.44 11.37 8.18 Pine Log Plaza (South Carolina) 20% 23,184 11,880 35,064 100.00% 47.14% 82.09% 69,552 36,800 106,352 3.00 6.57 3.69 Haygood Shopping Center (Virginia) 50% 95,303 83,032 178,335 68.50% 83.02% 75.26% 366,000 1,022,139 1,388,139 5.61 14.83 10.34 ---------- -------- ---------- ------- ------- ------- ------------ ----------- ------------ ------- ------- ------- Subtotal - Fund I Redevel- opment Properties 355,394 245,223 600,617 91.55% 47.99% 73.77% 2,051,687 1,530,951 3,582,638 6.31 13.01 8.09 ---- ---------- -------- ---------- ------- ------- ------- ------------ ----------- ------------ ------- ------- ------- ---------- -------- ---------- ------- ------- ------- ------------ ----------- ------------ ------- ------- ------- Fund I Grand Total 1,625,434 356,050 1,981,484 94.76% 54.70% 87.56% $12,532,463 $2,627,140 $15,159,603 $8.14 $13.49 $8.74 ---------- -------- ---------- ------- ------- ------- ------------ ----------- ------------ ------- ------- ------- 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.
Page 38 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 FUND I Top 5 Tenants - Ranked by Annualized Base Rent ----------------------------------------------
Percentage of Total Represented by Tenant --------------------- Number of Stores in Total Annualized Base Total Annualized Base Ranking Tenant JV Portfolio GLA Rent (1) Portfolio GLA( 2) Rent (2) ------- ------ ------------ --- -------- ----------------- -------- 1 Kroger (3) 12 413,100 $3,009,641 30.7% 27.6% 2 Safeway (4) 13 350,475 3,000,547 26.0% 27.6% 3 Giant Eagle 2 135,896 1,484,408 10.1% 13.6% 4 Walgreens 1 15,497 475,000 1.2% 4.4% 5 Lifestyle Family Fitness Center 1 34,951 402,085 2.6% 3.7% ------------------------------------------------------------------------------- Total 29 949,919 $8,371,680 70.6% 76.9% =============================================================================== (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) 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) 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. Base rent as reflected above is net of 25% minority interest. (4) 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. Base rent as reflected above is net of 25% minority interest.
Page 39 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Fund I - Valuation ------------------
Portfolio: Redevelopment Line Total Ohio Kroger/Safeway Properties( 1) - ------ -------- ---------- -------------- --------------- 1 Net Operating Income ("NOI") for the quarter ended December 31, 2006 $1,375 $529 $692 $154 Adjustments: 2 To reflect full quarter of consolidation of Tarrytown investment 63 - - 63 3 Adjust Kroger/Safeway Note 1 (128) - (128) - 4 NOI related to investements in Note 2 unconsolidated partnerships 544 544 5 Adjustment for minority interests (413) - (141) (272) -------- ---------- -------------- --------------- 6 Adjusted quarterly NOI 1,441 529 423 489 7 Annualized NOI Line 6 x 4 5,763 2,116 1,691 1,956 8 Debt as of December 31, 2006 Note 3 32,038 14,209 11,073 6,756 9 Adjust for Kroger/Safeway and intercompany Note 1 debt (5,397) - (11,073) 5,676 -------- ---------- -------------- --------------- 10 Adjusted debt 26,641 14,209 - 12,432 6.00% 6.50% 7.00% 7.50% 8.00% -------- -------- ---------- -------------- --------------- 11 Gross asset value Line 7 x cap rate $96,043 $88,655 $82,322 $76,834 $72,032 12 Adjusted debt (26,641) (26,641) (26,641) (26,641) (26,641) 13 Additional value of investment in Hitchcock 7,000 7,000 7,000 7,000 7,000 14 Remaining Equity and Accumulated Preferred Distribution in Fund I (5) - - - - - -------- -------- ---------- -------------- --------------- 15 76,402 69,014 62,681 57,193 52,391 16 Additional Mervyn's return (Original capital already returned) 7,600 7,600 7,600 7,600 7,600 -------- -------- ---------- -------------- --------------- 17 Total Value Subject to Promote 84,002 76,614 70,281 64,793 59,991 -------- -------- ---------- -------------- --------------- 18 General Partner (Acadia) Promote on Fund I x 20% assets 16,800 15,323 14,056 12,959 11,998 -------- -------- ---------- -------------- --------------- 19 Remaining value to be allocated pro-rata to Fund I investors (including Acadia) 67,201 61,291 56,225 51,834 47,993 -------- -------- ---------- -------------- --------------- 20 Acadia's share x 22.22% 14,932 13,619 12,493 11,518 10,664 -------- -------- ---------- -------------- --------------- 21 Value of Acadia's interest in remaining Fund Line 18 + 20 I assets 31,732 28,942 26,549 24,476 22,662 22 Additional promote earned from Brandywine Note 4 recapitalization 7,500 7,500 7,500 7,500 7,500 -------- -------- ---------- -------------- --------------- 23 Total value to Acadia $39,232 $36,442 $34,049 $31,976 $30,162 ======== ======== ========== ============== =============== 24 Original Acadia invested capital in Fund I $10,774 $10,774 $10,774 $10,774 $10,774 ======== ======== ========== ============== =============== Recap of Acadia Promote ------------------------------------------------------------------- -------- ----------------------------------------- 20% General Partner (Acadia) Promote on Fund I assets $16,800 $15,323 $14,056 $12,959 $11,998 20% General Partner (Acadia) Promote on Brandywine 7,500 7,500 7,500 7,500 7,500 -------- -------- ---------- -------------- --------------- Total promote $24,300 $22,823 $21,556 $20,459 $19,498 ======== ======== ========== ============== =============== Per share $0.73 $0.69 $0.65 $0.61 $0.59 ======== ======== ========== ============== =============== ------------------------------------------------------------------- -------- ----------------------------------------- Notes: - ------ 1 Adjusted for value based on projected net 3 See "Debt Analysis - Unconsolidated Debt (Joint renewal NOI upon completion of original Ventures)" in the December 31, 2006 Supplement. term in 2009 Amounts adjusted for minority interests' pro-rata share of debt 2 Included in "Equity in earnings of Fund I 4 This promote is to be paid from future Fund I cash flows unconsolidated properties" in the JV Statement of Operations in the December 31, 2006 Supplement.
Page 40 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Kroger/Safeway Portfolio [GRAPHIC OMITTED] Kroger locations Safeway locations Cary, NC Atlanta, TX Cincinnati, OH Batesville, AR Conroe, TX Benton, AR Great Bend, KS Carthage, TX Hanrahan, LA Little Rock, AR Indianapolis, IN Longview, WA Irving, TX Mustang, OK Pratt, KS Roswell, NM Roanoke, VA Ruidoso, NM Shreveport, LA San Ramon, CA Wichita, KS (2 stores) Springerville, AZ Tucson, AZ Tulsa, OK General note: As all of these leases are triple-net, Acadia has no property management responsibilities for these locations. Page 41 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 AKR Fund II Properties - Detail (2)
-------------------------------------------------------- Fund I's Ownership Gross Leasable Area ---------------------------------------------- % Anchors Shops Total -------------------------------------------------------- Midwest Illinois Oakbrook 100% 112,000 - 112,000 ---------------------------------------------- Subtotal - Fund II Operating Properties 112,000 - 112,000 ---------------------------------------------- Fund II Redevelopment Properties 400 East Fordham Road 96% 100,703 16,652 117,355 Pelham Manor Shopping Center (1) 96% - 398,775 398,775 Sherman Avenue 96% 134,773 - 134,773 161st Street 96% 137,334 86,277 223,611 ---------------------------------------------- Subtotal - Fund II Redevelopment Properties 372,810 501,704 874,514 -------------------------------------------------------- Fund II Grand Total 484,810 501,704 986,514 ---------------------------------------------- ------------------------------------------------------- Occupancy ------------------------------------------------------- Anchors Shops Total ------------------------------------------------------- Midwest Illinois Oakbrook 100.00% - 100.00% ------------------------------------------------------- Subtotal - Fund II Operating Properties 100.00% - 100.00% ------------------------------------------------------- Fund II Redevelopment Properties 400 East Fordham Road 100.00% 100.00% 100.00% Pelham Manor Shopping Center (1) - 29.34% 29.34% Sherman Avenue 100.00% - 100.00% 161st Street 100.00% 100.00% 100.00% ------------------------------------------------------- Subtotal - Fund II Redevelopment Properties 100.00% 43.84% 67.78% ------------------------------------------------------- ------------------------------------------------------- Fund II Grand Total 100.00% 43.84% 71.44% ------------------------------------------------------- -------------------------------------------------------- Annualized Base Rent -------------------------------------------------------- Anchors Shops Total -------------------------------------------------------- Midwest Illinois Oakbrook $ 825,000 $ - $ 825,000 -------------------------------------------------------- Subtotal - Fund II Operating Properties 825,000 - 825,000 -------------------------------------------------------- Fund II Redevelopment Properties 400 East Fordham Road 275,000 379,880 654,880 Pelham Manor Shopping Center (1) - 804,000 804,000 Sherman Avenue 1,970,291 - 1,970,291 161st Street 3,337,222 1,589,025 4,926,247 -------------------------------------------------------- Subtotal - Fund II Redevelopment Properties 5,582,513 2,772,905 8,355,418 -------------------------------------------------------- -------------------------------------------------------- Fund II Grand Total $ 6,407,513 $ 2,772,905 $ 9,180,418 -------------------------------------------------------- ------------------------------------------------ Annualized Base Rent per Occupied Square Foot ------------------------------------------------ ------------------------------------------------ Anchors Shops Total ------------------------------------------------ Midwest Illinois Oakbrook $ 7.37 $ - $ 7.37 ------------------------------------------------ Subtotal - Fund II Operating Properties 7.37 - 7.37 ------------------------------------------------ Fund II Redevelopment Properties 400 East Fordham Road 2.73 22.81 5.58 Pelham Manor Shopping Center (1) - 6.87 6.87 Sherman Avenue 14.62 - 14.62 161st Street 24.30 18.42 22.03 ------------------------------------------------ Subtotal - Fund II Redevelopment Properties 14.97 12.61 14.10 ------------------------------------------------ ------------------------------------------------ Fund II Grand Total $ 13.22 $ 12.61 $ 13.03 ------------------------------------------------
Page 42 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. (2) Fund II has also invested in the Liberty and 216th Street projects, both of which are under "ground-up" construction. ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Fund II - New York Urban/Infill Redevelopment Properties
Total cost (including Estimated square Estimated Estimated start of Estimated acquisition cost, footage upon cost per Property construction completion in millions) completion square foot Notes -------- ------------ ---------- ------------ ---------- ------------ ----- Liberty Avenue Construction commenced 1st half 2007 15.0 125,000 120 (1) 216th Street Construction commenced 2nd half 2007 25.0 60,000 417 Pelham Manor Shopping Center Construction commenced 2nd half 2008 40.0 320,000 125 (1) 161st Street 1st half 2007 2nd half 2008 65.0 232,000 280 400 East Fordham Road Construction commenced 1st half 2009 115.0 276,000 417 Canarsie Plaza 2nd half 2007 1st half 2009 60.0 323,000 186 Sherman Avenue 2nd half 2007 2nd half 2009 55.0 175,000 314 ---- ------- --- $ 375.0 1,511,000 $ 248 ======= ========= =====
(1) The Fund acquired a ground lease interest at this property. Page 43 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Retail Properties - Summary Listing
- --------------------------------------------------------------------------------------------------------------------------------- Property Totals --------------------- Year Grocery Anchor Other Anchor Annualized Annualized Constructed(C) Occupancy Current Lease and Current Lease and Base Base Shopping Center Location Acquired(A) GLA % Option Expiraton Option Expiraton Rent Rent psf - ---------------------------------------------------------------------------------------------------------------------------------- NEW YORK REGION New York Village Commons Shopping Center Smithtown 1998 (A) 87,169 86% Daffy's 1,900,200 25.40 2008/2028 Walgreens 2021/-- Branch Shopping Plaza Smithtown 1998 (A) 125,751 100% Waldbaum's (A&P) CVS 2010/-- 2,443,759 19.43 2013/2028 Amboy Shopping Center Staten Island 2005 (A) 60,090 98.12% Waldbaum's 2028/-- 1,480,803 25.12 Duane Reed 2008/2018 Bartow Avenue The Bronx 2005 (C) 14,694 51.00% Sleepy's (2009) 222,600 29.70 Pacesetter Park Shopping Center Pomona 1999 (A) 96,698 98% Stop & Shop (Ahold) 1,167,206 12.28 2020/2040 2914 Third Avenue The Bronx 2006 (A) 43,500 100% Lot Stores MTM 1,400,000 32.18 Dr. J's New Jersey 2021/- Elmwood Park Shopping Center Elmwood Park 1998 (A) 149,085 100% Pathmark Walgreen's 3,393,512 22.76 2017/2052 2022/2062 Boonton Boonton 2006 (A) 62,908 98% A&P 2024 1,218,326 19.72 Connecticut 239 Greenwich Avenue Greenwich 1998 (A) 16,834 100% Restoration Hardware 2015/2025 1,286,069 76.40 Coach 2016/2021 NEW ENGLAND REGION Connecticut Town Line Plaza Rocky Hill 1998 (A) 206,356 100% Stop & Shop Wal-mart 2023/2063 (not owned) 1,654,844 15.17 Massachusetts Methuen Shopping Center Methuen 1998 (A) 130,021 97% DeMoulas Market Wal-mart 2015/2020 2011/2051 849,264 6.76 Crescent Plaza Brockton 1984 (A) 218,141 99% Shaw's Home Depot 2012/2042 2021/2056 1,680,397 7.80 New York New Loudon Center Latham 1982 (A) 255,826 100% Price Chopper Marshalls 2015/2035 2014/2029 1,713,664 6.70 Bon Ton Department Store 2014/2034 Raymor & Flanigan Furniture 2019/2034 Rhode Island Walnut Hill Plaza Woonsocket 1998 (A) 285,418 98% Shaw's Sears 2008/2033 2,393,163 8.59 2013/2028 Vermont The Gateway Shopping Center Burlington 1999 (A) 101,784 96% Shaw's 1,799,570 18.49 2024/2053
Page 44 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Retail Properties - Summary Listing
- --------------------------------------------------------------------------------------------------------------------------------- Property Totals --------------------- Year Grocery Anchor Other Anchor Annualized Annualized Constructed(C) Occupancy Current Lease and Current Lease and Base Base Shopping Center Location Acquired(A) GLA % Option Expiraton Option Expiraton Rent Rent psf - ---------------------------------------------------------------------------------------------------------------------------------- MIDWEST REGION Illinois Hobson West Plaza Naperville 1998 (A) 98,902 99% Bobak's Market and Restaurant 2007/2032 1,199,287 12.26 (specialty grocery) Clark Diversey Chicago 2006 (A) 19,265 100% 793,126 41.17 Indiana Merrillville Plaza Merrillville 1998 (A) 235,678 96% TJ Maxx 2,624,008 11.58 2009/2014 JC Penney 2008/2018 OfficeMax 2008/2028 Michigan Bloomfield Town Square Bloomfield Hills 1998 (A) 232,366 87% Costco TJ Maxx2009/-- 2,450,631 12.17 (not owned) Marshall's 2011/2026 Home Goods 2010/2025 Ohio Mad River Station Dayton 1999 (A) 155,838 79% Babies "R" Us 1,487,280 12.10 2010/2020 Office Depot 2010/-- MID-ATLANTIC REGION New Jersey Marketplace of Absecon Absecon 1998 (A) 105,097 95% Acme 2015/2055 Eckerd Drug 2020/2040 1,639,707 16.37 Ledgewood Mall Ledgewood 1983 (A) 518,950 88% Wal-mart 4,235,902 9.22 2019/2049 Macy's 2010/2025 The Sports' Authority 2007/2037 Circuit City 2020/2040 Marshalls 2014/2034 Pennsylvania Blackman Plaza Wilkes-Barre 1968 (C) 125,264 93% Kmart 2009/2049 286,519 2.47 Mark Plaza Edwardsville 1968 (C) 216,401 97% Redner's Markets Kmart 2009/2049 1,038,471 4.95 2018/2028 Plaza 422 Lebanon 1972 (C) 154,878 69% Home Depot 444,020 4.14 2028/2058 Route 6 Mall Honesdale 1994 (C) 175,505 99% Weis Markets Kmart 2020/2070 1,089,983 6.28 (not owned) Chestnut Hill Philadelphia 2006 (A) 40,570 100% Borders 2010 1,292,372 31.86 Limited Express 2009 Abington Towne Center Abington 1998 (A) 216,355 98% TJ Maxx 865,034 15.85 ------- ------- ----- 2010/2020 Target (not owned 4,149,344 44,049,717 $ 12.09 ========= ========== =======
Page 45 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Retail Properties - Summary Listing
- --------------------------------------------------------------------------------------------------------------------------------- Property Totals --------------------- Year Grocery Anchor Other Anchor Annualized Annualized Constructed(C) Occupancy Current Lease and Current Lease and Base Base Shopping Center Location Acquired(A) GLA % Option Expiraton Option Expiraton Rent Rent psf - ---------------------------------------------------------------------------------------------------------------------------------- NEW YORK REGION JOINT VENTURE PROPERTIES New York Crossroads Shopping Center White Plains 1998 310,644 98% Waldbaum's (A&P) Kmart 2012/2032 $ 6,014,798 $19.86 (49% JV interest) 2007/2032 B. Dalton 2012/207 Modell's 2009/2019 Tarrytown Shopping Center Westchester 2004 (A) 35,291 85% Walgreen's Drug 2 907,836 30.23 (Fund I) MID-ATLANTIC REGION Delaware Brandywine Town Center (1) Wilmington 2003 (A) 815,215 98% 12,142,001 15.20 (Brandywine JV) Market Square Shopping Center Wilmington 2003 (A) 102,562 79% Trader Joe's (specialty TJ Maxx 2006/2016 1,565,215 19.36 grocery) (Brandywine JV) 2013/2028 MIDWEST REGION Illinois Acadia Oakbrook Oakbrook 2005 (A) 112,000 100% Neiman Marcus 2011 825,000 7.37 /2029 Ohio Amherst Marketplace Cleveland 2002 (A) 79,945 100% Giant Eagle 867,302 10.85 (Fund I) 2021/2041 Granville Centre Columbus 2002 (A) 134,997 43% Lifestyle Family 2017/2027 634,603 10.99 (Fund I) Sheffield Crossing Cleveland 2002 (A) 112,534 94% Giant Eagle 1,153,641 10.87 (Fund I) 2022/2042 VARIOUS REGIONS Kroger/Safeway Portfolio various 2003 (A) 1,018,100 100% 25 Kroger and Safeway supermarkets 8,013,583 7.87 (Fund I) 2009/2049 JV REDEVELOPMENTS Michigan Sterling Heights Shopping Center Detroit 2004 (A) 154,835 64% Burlington Coat Factory 2024/-- 607,740 6.13 (Fund I) New York 400 East Fordham Road Bronx 2004 (A) 117,355 100% Sears 2007/-- 654,880 5.58 (Fund II) 161st Street Bronx 2005 (A) 223,611 100% 4,926,247 22.03 (Fund II) Sherman Avenue Manhattan 2005 (A) 134,773 100% 1,970,291 14.62 (Fund II) Pelham Manor Shopping Plaza Westchester/ Bronx 2004 (A) 398,775 29% 804,000 6.87 (Fund II) Delaware Naamans Rd. Wilmington 2006 (C) 19,932 45% Tweeters 296,967 33.00 South Carolina Hitchcock Plaza Aiken 2004 (A) 232,383 78% 1,480,407 8.18 (Fund I) Pine Log Plaza Aiken 2004 (A) 35,064 82% Farmers Furniture 106,352 3.69 (Fund I) Virginia Haygood Shopping Center Virginia Beach 2004 (A) 178,335 75% Farm Fresh 2026 Eckerd Drug 2009/ 1,388,139 10.34 (Fund I) ---------- -- --------- ------ 4,216,351 44,359,002 $12.22 ========== ========== ======
Page 46 (1) Does not include 50,000 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. ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Retail Properties by Region
--------------------------------------------------------------------------------------------- Gross Leasable Area Occupancy --------------------------------------------------------------------------------------------- Wholly-Owned Properties Anchors (1) Shops Total Anchors Shops Total --------------------------------------------------------------------------------------------- New York Region 370,665 286,064 656,729 97.55% 94.97% 96.43% New England 890,812 306,734 1,197,546 99.51% 95.50% 98.48% Midwest 392,214 349,835 742,049 99.62% 79.22% 90.00% Mid-Atlantic 1,189,888 363,132 1,553,020 97.94% 69.71% 91.34% --------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- Total Wholly-Owned Properties 2,843,579 1,305,765 4,149,344 98.61% 83.85% 93.97% --------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- Joint Venture Properties (2) Operating Midwest 348,443 91,033 439,476 84.19% 68.69% 80.98% Mid-Atlantic 826,881 90,896 917,777 98.00% 76.13% 95.84% New York Region 215,678 130,257 345,935 100.00% 90.03% 96.25% Various (Kroger/Safeway Portfolio) 1,018,100 - 1,018,100 100.00% 0.00% 100.00% --------------------------------------------------------------------------------------------- Total - Operating Properties 2,409,102 312,186 2,721,288 97.03% 79.76% 95.05% --------------------------------------------------------------------------------------------- JV Redevelopment Properties Mid West 90,400 64,435 154,835 100.00% 13.63% 64.06% Mid-Atlantic 264,994 200,720 465,714 88.67% 58.74% 75.77% New York Region 372,810 501,704 874,514 100.00% 43.84% 67.78% --------------------------------------------------------------------------------------------- Total - Redevelopment Properties 728,204 766,859 1,495,063 95.88% 45.20% 69.88% --------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- Total Joint Venture Properties 3,137,306 1,079,045 4,216,351 96.76% 55.20% 86.12% ============================================================================================= -------------------------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot -------------------------------------------------------------------------------------- Wholly-Owned Properties Anchors Shops Total Anchors Shops Totals ------------------------------------------------------------------------------------- New York Region $ 7,726,922 $ 6,785,553 $ 14,512,475 $ 21.37 $ 24.98 $ 22.92 New England 6,646,268 3,444,634 10,090,902 8.42 11.76 9.33 Midwest 3,335,405 5,218,927 8,554,332 8.54 18.83 12.81 Mid-Atlantic 7,378,702 3,513,306 10,892,008 7.32 13.88 8.64 ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Total Wholly-Owned Properties $ 25,087,297 $ 18,962,420 $ 44,049,717 $ 9.84 $ 17.32 $ 12.09 ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Joint Venture Properties (2) Operating Midwest 2,817,193 663,353 3,480,546 $ 9.60 $ 10.61 $ 9.78 Mid-Atlantic 12,227,165 1,480,052 13,707,216 15.09 21.39 15.58 New York Region 2,736,352 4,186,282 6,922,634 12.69 35.70 20.79 Various (Kroger/Safeway Portfolio) 8,013,583 - 8,013,583 7.87 - 7.87 ------------------------------------------------------------------------------------- Total - Operating Properties 25,794,293 6,329,687 32,123,979 11.04 25.42 12.42 ------------------------------------------------------------------------------------- JV Redevelopment Properties Mid West 526,600 81,140 607,740 5.83 9.24 6.13 Mid-Atlantic 1,525,087 1,746,778 3,271,865 6.49 14.82 9.27 New York Region 5,582,513 2,772,905 8,355,418 14.97 12.61 14.10 ------------------------------------------------------------------------------------- Total - Redevelopment Properties 7,634,200 4,600,823 12,235,023 10.93 13.27 11.71 ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Total Joint Venture Properties $ 33,428,493 $10,930,510 $44,359,002 $ 11.01 $ 18.35 $ 12.22 =====================================================================================
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) Reference the "Properties - Detail" page in this supplemental report for additional information regarding the Company's percentage interest in the above individual JV properties. Page 47 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Retail Properties by State - Summary -------------------------------------------------------
-------------------------------------------------------------------- ----------------------- Gross Leasable Area Occupancy --------------------------------- ------------------------ Wholly-Owned Properties - ------------------------------- Ownership Percent of Number of % base rent(1) properties Anchors(2) Shops Total Anchors Shops Total ---------------------------------- --------------------------------- ------------------------ Connecticut 100.0% 5.3% 2 179,993 43,197 223,190 100.00% 100.00% 100.00% Illinois 100.0% 3.6% 2 51,692 66,475 118,167 100.00% 98.41% 99.11% Indiana 100.0% 4.7% 1 145,266 90,412 235,678 100.00% 89.86% 96.11% Massachusetts 100.0% 4.5% 2 281,366 66,796 348,162 98.44% 96.07% 97.99% Michigan 100.0% 4.4% 1 126,960 105,406 232,366 98.83% 71.97% 86.65% New Jersey 100.0% 18.7% 4 541,073 294,967 836,040 100.00% 77.69% 92.13% New York 100.0% 18.4% 7 492,969 190,759 683,728 98.16% 93.05% 96.74% Ohio 100.0% 2.7% 1 68,296 87,542 155,838 100.00% 62.37% 78.86% Pennsylvania 100.0% 9.0% 6 760,888 168,085 928,973 96.78% 73.04% 92.49% Rhode Island 100.0% 4.3% 1 121,892 163,526 285,418 100.00% 95.89% 97.65% Vermont 100.0% 3.2% 1 73,184 28,600 101,784 100.00% 84.38% 95.61% ------------- --------------------------------- ------------------------ --------------------------------- ------------------------ Total - Wholly-Owned Properties 78.7% 28 2,843,579 1,305,765 4,149,344 98.61% 83.85% 93.97% ------------- ---------- --------------------------------- ------------------------ --------------------------------- ------------------------ Joint Venture Properties (3) - ------------------------------- Operating Properties Illinois 20.0% 0.3% 1 112,000 - 112,000 100.00% - 100.00% Ohio 37.8% 1.8% 3 236,443 91,033 327,476 76.70% 68.69% 74.47% Delaware 22.2% 5.4% 2 826,881 90,896 917,777 98.00% 76.13% 95.84% New York 49.0% 5.3% 2 215,678 130,257 345,935 100.00% 90.03% 96.25% Various (Kroger/Safeway Portfolio) 28.3% 4.1% 25 1,018,100 - 1,018,100 100.00% 0.00% 100.00% ------------- --------------------------------- ------------------------ Total - Operating Properties 16.8% 2,409,102 312,186 2,721,288 97.03% 79.76% 95.05% ------------- --------------------------------- ------------------------ JV Redevelopment Properties Michigan 18.9% 0.2% 1 90,400 64,435 154,835 100.00% 13.63% 64.06% New York Various 3.5% 6 372,810 501,704 874,514 100.00% 43.84% 67.78% Delaware 22.2% 0.1% 1 - 19,932 19,932 0.00% 45.15% 45.15% South Carolina 7.6% 0.2% 2 169,691 97,756 267,447 100.00% 40.89% 78.39% Virginia 18.9% 0.5% 1 95,303 83,032 178,335 68.50% 83.02% 75.26% ------------- ---------- --------------------------------- ------------------------ Total-Redevelopment Properties 4.5% 728,204 766,859 1,495,063 95.88% 45.20% 69.88% ------------- --------------------------------- ------------------------ --------------------------------- ------------------------ Total Joint Venture Properties 21.3% 44 3,137,306 1,079,045 4,216,351 96.76% 55.20% 86.12% ------------- ---------- ================================= ======================== 100.0% 72 ============= ========== ----------------------------------
ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Retail Properties by State - Summary -------------------------------------------------
-------------------------------------- ------------------------ Annualized Base Rent Annualized Base Rent per Occupied Square Foot -------------------------------------- ------------------------ Wholly-Owned Properties ----------------------- Anchors Shops Total Anchors Shops Totals -------------------------------------- ------------------------ Connecticut $ 2,223,069 $ 717,844 $ 2,940,913 $26.88 $16.62 $23.36 Illinois 225,436 1,766,977 1,992,413 4.36 27.01 17.01 Indiana 1,318,901 1,305,107 2,624,008 9.08 16.06 11.58 Massachusetts 1,855,550 674,111 2,529,661 6.70 10.50 7.41 Michigan 988,349 1,462,282 2,450,631 7.88 19.28 12.17 New Jersey 6,272,333 4,215,114 10,487,447 11.59 18.39 13.62 New York 5,750,879 4,577,353 10,328,232 11.88 25.79 15.62 Ohio 802,719 684,561 1,487,280 11.75 12.54 12.10 Pennsylvania 3,396,829 1,619,570 5,016,399 5.87 13.19 7.15 Rhode Island 935,920 1,457,243 2,393,163 7.68 9.29 8.59 Vermont 1,317,312 482,258 1,799,570 18.00 19.98 18.49 -------------------------------------- ------------------------ -------------------------------------- ------------------------ Total - Wholly-Owned Properties $25,087,297 $18,962,420 $44,049,717 $ 9.84 $17.32 $12.09 -------------------------------------- ------------------------ -------------------------------------- ------------------------ Joint Venture Properties (3) ---------------------------- Operating Properties Illinois $ 825,000 $ - $ 825,000 $ 7.37 $ - $ 7.37 Ohio 1,992,193 663,353 2,655,546 10.99 10.61 10.89 Delaware 12,227,165 1,480,052 13,707,216 15.09 21.39 15.58 New York 2,736,352 4,186,282 6,922,634 12.69 35.70 20.79 Various (Kroger/Safeway Portfolio) 8,013,583 - 8,013,583 7.87 - 7.87 -------------------------------------- ------------------------ Total - Operating Properties 25,794,293 6,329,687 32,123,979 11.04 25.42 12.42 -------------------------------------- ------------------------ JV Redevelopment Properties Michigan 526,600 81,140 607,740 5.83 9.24 6.13 New York 5,582,513 2,772,905 8,355,418 14.97 12.61 14.10 Delaware - 296,967 296,967 - 33.00 33.00 South Carolina 1,159,087 427,672 1,586,759 - 10.70 7.57 Virginia 366,000 1,022,139 1,388,139 5.61 14.83 10.34 -------------------------------------- ------------------------ Total-Redevelopment Properties 7,634,200 4,600,823 12,235,023 10.93 13.27 11.71 -------------------------------------- ------------------------ -------------------------------------- ------------------------ Total Joint Venture Properties $33,428,493 $10,930,510 $44,359,002 $11.01 $18.35 $12.22 ====================================== ======================== 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) Reference the "Properties - Detail" page in this supplemental report for additional information regarding the Company's percentage interest in the above individual JV properties.
Page 48 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Retail Properties - Detail --------------------------
------------------------------ ----------------------- ------------------------------------ --------------------- Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot ------------------------------ ----------------------- ------------------------------------ --------------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total ------------------------------ ----------------------- ------------------------------------ --------------------- WHOLLY-OWNED PROPERTIES: New York Region - ------------------ Connecticut - ----------- 239 Greenwich Avenue( 1) 16,834 - 16,834 100.00% - 100.00% $ 1,286,069 $ - $ 1,286,069 $76.40 $ - $76.40 ------------------------------ ----------------------- ------------------------------------ --------------------- New Jersey - ----------- Elmwood Park Shopping Center 62,610 86,475 149,085 100.00% 100.00% 100.00% 1,390,460 2,003,052 3,393,512 22.21 23.16 22.76 A & P Shopping Plaza (Boonton) 49,463 13,445 62,908 100.00% 91.63% 98.21% 900,000 318,326 1,218,326 18.20 25.84 19.72 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - New Jersey 112,073 99,920 211,993 100.00% 98.87% 99.47% 2,290,460 2,321,378 4,611,838 20.44 23.50 21.87 ------------------------------ ----------------------- ------------------------------------ --------------------- New York - -------------- Village Commons Shopping Center 25,192 61,977 87,169 64.01% 94.69% 85.82% 274,125 1,626,075 1,900,200 17.00 27.71 25.40 Branch Plaza 74,050 51,701 125,751 100.00% 100.00% 100.00% 1,101,989 1,341,770 2,443,759 14.88 25.95 19.43 Amboy Road 46,964 13,126 60,090 100.00% 91.39% 98.12% 1,012,015 468,788 1,480,803 21.55 39.08 25.12 Bartow Avenue - 14,694 14,694 - 51.00% 51.00% - 222,600 222,600 - 29.70 29.70 Pacesetter Park Shopping Center 52,052 44,646 96,698 100.00% 96.35% 98.31% 362,264 804,942 1,167,206 6.96 18.71 12.28 2914 Third Avenue 43,500 - 43,500 100.00% - 100.00% 1,400,000 - 1,400,000 32.18 - 32.18 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - New York 241,758 186,144 427,902 96.25% 92.88% 94.78% 4,150,393 4,464,175 8,614,568 17.84 25.82 21.24 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - New York Region 370,665 286,064 656,729 97.55% 94.97% 96.43% 7,726,922 6,785,553 14,512,475 21.37 24.98 22.92 ------------------------------ ----------------------- ------------------------------------ --------------------- New England - -------------- Connecticut - -------------- Town Line Plaza( 2) 163,159 43,197 206,356 100.00% 100.00% 100.00% 937,000 717,844 1,654,844 14.23 16.62 15.17 ------------------------------ ----------------------- ------------------------------------ --------------------- Massachusetts - -------------- Methuen Shopping Center 124,381 5,640 130,021 96.48% 100.00% 96.63% 736,464 112,800 849,264 6.14 20.00 6.76 Crescent Plaza 156,985 61,156 218,141 100.00% 95.71% 98.80% 1,119,086 561,311 1,680,397 7.13 9.59 7.80 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - Massachusetts 281,366 66,796 348,162 98.44% 96.07% 97.99% 1,855,550 674,111 2,529,661 6.70 10.50 7.41 ------------------------------ ----------------------- ------------------------------------ --------------------- 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 121,892 163,526 285,418 100.00% 95.89% 97.65% 935,920 1,457,243 2,393,163 7.68 9.29 8.59 ------------------------------ ----------------------- ------------------------------------ --------------------- Vermont - -------------- The Gateway Shopping Center 73,184 28,600 101,784 100.00% 84.38% 95.61% 1,317,312 482,258 1,799,570 18.00 19.98 18.49 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - New England Region 890,812 306,734 1,197,546 99.51% 95.50% 98.48% 6,646,268 3,444,634 10,090,902 8.42 11.76 9.33 ------------------------------ ----------------------- ------------------------------------ --------------------- 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) Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.
Page 49 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Retail Properties - Detail --------------------------
------------------------------ ----------------------- ------------------------------------ --------------------- Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot ------------------------------ ----------------------- ------------------------------------ --------------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total ------------------------------ ----------------------- ------------------------------------ --------------------- WHOLLY-OWNED PROPERTIES (continued): Midwest - -------------- Illinois - -------------- Hobson West Plaza 51,692 47,210 98,902 100.00% 97.76% 98.93% $ 225,436 $ 973,851 $ 1,199,287 $ 4.36 $21.10 $12.26 Clark and Diversey - 19,265 19,265 - 100.00 %100.00% - 793,126 793,126 - 41.17 41.17 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - Illinois 51,692 66,475 118,167 100.00% 98.41% 99.11% 225,436 1,766,977 1,992,413 4.36 27.01 17.01 ------------------------------ ----------------------- ------------------------------------ --------------------- Indiana - -------------- Merrillville Plaza 145,266 90,412 235,678 100.00% 89.86% 96.11% 1,318,901 1,305,107 2,624,008 9.08 16.06 11.58 Michigan - -------------- Bloomfield Towne Square 126,960 105,406 232,366 98.83% 71.97% 86.65% 988,349 1,462,282 2,450,631 7.88 19.28 12.17 Ohio - -------------- Mad River Station(1) 68,296 87,542 155,838 100.00% 62.37% 78.86% 802,719 684,561 1,487,280 11.75 12.54 12.10 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - Midwest Region 392,214 349,835 742,049 99.62% 79.22% 90.00% 3,335,405 5,218,927 8,554,332 8.54 18.83 12.81 ------------------------------ ----------------------- ------------------------------------ --------------------- Mid-Atlantic - -------------- New Jersey - -------------- Marketplace of Absecon 58,031 47,066 105,097 100.00% 89.51% 95.30% 984,014 655,693 1,639,707 16.96 15.56 16.37 Ledgewood Mall 370,969 147,981 518,950 100.00% 59.62% 88.49% 2,997,859 1,238,043 4,235,902 8.08 14.03 9.22 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - New Jersey 429,000 195,047 624,047 100.00% 66.83% 89.63% 3,981,873 1,893,736 5,875,609 9.28 14.53 10.50 ------------------------------ ----------------------- ------------------------------------ --------------------- Pennsylvania - -------------- Blackman Plaza 112,051 13,213 125,264 100.00% 28.97% 92.51% 268,519 18,000 286,519 2.40 4.70 2.47 Mark Plaza 157,595 58,806 216,401 100.00% 88.79% 96.95% 652,095 386,376 1,038,471 4.14 7.40 4.95 Plaza 422 128,708 26,170 154,878 80.99% 11.46% 69.24% 407,520 36,500 444,020 3.91 12.17 4.14 Route 6 Plaza 146,498 29,007 175,505 100.00% 93.11% 98.86% 806,351 283,632 1,089,983 5.50 10.50 6.28 Chestnut Hill(2) 31,420 9,150 40,570 100.00% 100.00% 100.00% 992,344 300,028 1,292,372 31.58 32.79 31.86 Abington Towne Center (3) 184,616 31,739 216,355 100.00% 86.86% 98.07% 270,000 595,034 865,034 10.00 21.58 15.85 ------------------------------ ----------------------- ------------------------------------ --------------------- 760,888 168,085 928,973 96.78% 73.04% 92.49% 3,396,829 1,619,570 5,016,399 5.87 13.19 7.15 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - Mid-Atlantic Region 1,189,888 363,132 1,553,020 97.94% 69.71% 91.34% 7,378,702 3,513,306 10,892,008 7.32 13.88 8.64 ------------------------------ ----------------------- ------------------------------------ --------------------- ------------------------------ ----------------------- ------------------------------------ --------------------- Total - Wholly-owned Properties 2,843,579 1,305,765 4,149,344 98.61% 83.85% 93.97% $25,087,297 $18,962,420 $44,049,717 $ 9.84 $17.32 $12.09 ------------------------------ ----------------------- ------------------------------------ --------------------- 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) This consists of two separate buildings, both located on Germantown Avenue, in Chestnut Hill (Philadelphia). (3) Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.
Page 50 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Retail Properties - Detail --------------------------
------------------------------ ----------------------- ------------------------------------ --------------------- Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot ------------------------------ ----------------------- ------------------------------------ --------------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total ------------------------------ ----------------------- ------------------------------------ --------------------- JOINT VENTURE PROPERTIES: Acadia's interest -------- Midwest - -------------- Illinois - -------------- Oakbrook (7) 20.0% 112,000 - 112,000 100.00% - 100.00% $ 825,000 $ - $ 825,000 $ 7.37 $ - $ 7.37 ------------------------------ ----------------------- ------------------------------------ --------------------- Ohio - -------------- Amherst Marketplace(1)37.8% 76,737 3,208 79,945 100.00% 100.00% 100.00% 828,830 38,472 867,302 10.80 11.99 10.85 Granville Centre (1) 37.8% 90,047 44,950 134,997 38.81% 50.74% 42.78% 402,085 232,518 634,603 11.51 10.19 10.99 Sheffield Crossing (1) 37.8% 69,659 42,875 112,534 100.00% 85.17% 94.35% 761,278 392,363 1,153,641 10.93 10.74 10.87 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - Ohio 236,443 91,033 327,476 76.70% 68.69% 74.47% 1,992,193 663,353 2,655,546 10.99 10.60 10.89 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - Midwest Region 348,443 91,033 439,476 84.19% 68.69% 80.98% 2,817,193 663,353 3,480,546 9.60 10.61 9.78 ------------------------------ ----------------------- ------------------------------------ --------------------- Mid-Atlantic - -------------- Delaware - -------------- Brandywine Town Center 22.2% 788,031 27,184 815,215 97.90% 100.00% 97.97% 11,680,609 461,393 12,142,001 15.14 16.97 15.20 Market Square Shopping Center 22.2% 38,850 63,712 102,562 100.00% 65.94% 78.84% 546,556 1,018,659 1,565,215 14.07 24.25 19.36 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - Delaware 826,881 90,896 917,777 98.00% 76.13% 95.84% 12,227,165 1,480,052 13,707,216 15.09 21.39 15.58 ------------------------------ ----------------------- ------------------------------------ --------------------- New York Region - -------------- New York - -------------- Crossroads Shopping Center 49.0% 200,181 110,463 310,644 100.00% 93.00% 97.51% 2,261,352 3,753,446 6,014,798 11.30 36.54 19.86 Tarrytown Shopping Center (New York) (3) 37.8% 15,497 19,794 35,291 100.00% 73.44% 85.10% 475,000 432,836 907,836 30.65 29.78 30.23 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - New York 215,678 130,257 345,935 100.00% 90.03% 96.25% 2,736,352 4,186,282 6,922,634 12.69 35.70 20.79 ------------------------------ ----------------------- ------------------------------------ --------------------- Various Regions - -------------- Kroger/Safeway Portfolio (25 Properties) (2) 28.3% 1,018,100 - 1,018,100 100.00% - 100.00% 8,013,583 - 8,013,583 7.87 - 7.87 ------------------------------ ----------------------- ------------------------------------ --------------------- ------------------------------ ----------------------- ------------------------------------ --------------------- Total - Joint Venture Operating Properties 2,409,102 312,186 2,721,288 97.03% 79.76% 95.05% 25,794,293 6,329,687 32,123,979 11.04 25.42 12.42 ------------------------------ ----------------------- ------------------------------------ --------------------- Joint Venture Redevelopment Properties ------------------------------ ----------------------- ------------------------------------ --------------------- Sterling Heights Shopping Center (Michigan) (3) 18.9% 90,400 64,435 154,835 100.00% 13.63% 64.06% 526,600 81,140 607,740 5.83 9.24 6.13 400 East Fordham Road (New York) (4) 19.2% 100,703 16,652 117,355 100.00% 100.00% 100.00% 275,000 379,880 654,880 2.73 22.81 5.58 Pelham Manor Shopping Plaza (New York) (4) 19.2% - 398,775 398,775 - 29.34% 29.34% - 804,000 804,000 - 6.87 6.87 Sherman Avenue at Broadway (New York) (4) 19.2% 134,773 - 134,773 100.00% - 100.00% 1,970,291 - 1,970,291 14.62 - 14.62 161st Street (New York) (4) 19.2% 137,334 86,277 223,611 100.00% 100.00% 100.00% 3,337,222 1,589,025 4,926,247 24.30 18.42 22.03 Liberty Avenue (New York) (5) 19.2% - - - - 216th Street (New York) (5) 19.2% - - - - Naamans Rd (Delaware) 22.2% - 19,932 19,932 0.00% 45.15% 45.15% - 296,967 296,967 - 33.00 33.00 Hitchcock Plaza (South Carolina) (6) 7.6% 146,507 85,876 232,383 100.00% 40.02% 77.83% 1,089,535 390,872 1,480,407 7.44 11.37 8.18 Pine Log Plaza (South Carolina) (6) 7.6% 23,184 11,880 35,064 100.00% 47.14% 82.09% 69,552 36,800 106,352 3.00 6.57 3.69 Haygood Shopping Center (Virginia) (3) 18.9% 95,303 83,032 178,335 68.50% 83.02% 75.26% 366,000 1,022,139 1,388,139 5.61 14.83 10.34 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - Redevelopment Properties 728,204 766,859 1,495,063 95.88% 45.20% 69.88% 7,634,200 4,600,823 12,235,023 10.93 13.27 11.71 ------------------------------ ----------------------- ------------------------------------ --------------------- Total - Joint Venture Properties 3,137,306 1,079,045 4,216,351 96.76% 55.20% 86.12% $33,428,493 $10,930,510 $44,359,002 $11.01 $18.35 $12.22 ============================== ======================= ==================================== ===================== ------------------------------ ----------------------- ------------------------------------ --------------------- Wholly-owned and JV - Operating Properties(8) 3,531,462 1,421,959 4,953,422 98.19% 83.66% 94.02% $32,279,990 $21,544,616 $53,824,606 $ 9.31 $18.11 $11.56 ------------------------------ ----------------------- ------------------------------------ --------------------- 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) Fund I property. (5) Property is currently under construction. (2) Fund I portfolio of 25 triple-net, anchor-only leases with (6) Fund I owns a 20% interest in the property. Kroger and Safeway supermarkets. (7) Fund II property. (3) Fund I owns a 50% interest in these properties. (8) Weighted based on ownership interest. (4) Fund II has a 96% interest in the property.
Page 51 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006
------------ ------------ 3 months 3 months 3 months 3 months Year-to-Date ended ended ended ended Year ended Leasing Production Notes: December 31, December 31, September 30, June 30, March 31, December 31, 2006 2006 2006 2006 2006 2005 ----------------------------------------- ------------ ------------ ------------- -------- --------- ------------- New leases (1) Number of new leases commencing 18 4 5 8 1 28 GLA 73,273 19,260 23,915 26,469 3,629 219,770 New base rent $15.30 $16.31 $13.65 $14.72 $25.00 $11.20 Previous base rent (and percentage rent) $11.19 $11.30 $8.39 $12.43 $20.00 $11.71 Percentage growth in base rent 36.7% 44.3% 62.7% 18.4% 25.0% -4.3%(3) Average cost per square foot $13.52 $3.85 $24.13 $10.07 $20.00 $11.57 Renewal leases Number of renewal leases commencing 47 13 17 2 15 52 GLA expiring 287,107 52,811 69,242 55,580 109,474 348,354 Renewal percentage (2) 71% 87% 84% 16% 83% 70% New base rent $15.25 $14.67 $20.17 $19.28 $12.01 $12.14 Expiring base rent (and percentage rent) $13.60 $15.55 $15.01 $19.19 $11.17 $10.86 Percentage growth in base rent 12.2% -5.7% 34.4% 0.5% 7.5% 11.8% 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 65 17 22 10 16 80 GLA commencing 277,032 65,100 82,078 35,362 94,492 462,975 New base rent $15.27 $15.16 $18.27 $15.87 $12.51 $11.69 Expiring base rent (and percentage rent) $12.96 $14.29 $13.08 $14.13 $11.51 $11.26 Percentage growth in base rent (2) 17.8% 6.0% 39.7% 12.3% 8.7% 3.8%(3) Average cost per square foot $3.57 $1.14 $7.03 $7.54 $0.77 $5.49 ------------ ------------ (1) Does not include leased square footage and costs related to first generation space and the Company's major redevelopment projects. (2) 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 paid at commencement.
Page 52 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Top Tenants - Ranked by Annualized Base Rent --------------------------------------------
(Combined basis - Includes pro-rata share of GLA and rent for JV properties) Percentage of Total Represented by Wholly-Owned Joint Ventures (2) Combined Retail Tenant ---------------------- ------------------- ---------------------- -------------------- Number of Average Average stores in Annualized Annualized Annualized Total Annualized Sales Gross Retail combined Total Base Total Base Total Base Portfolio Base (per sq. Occupancy Ranking Tenant portfolio GLA Rent (1) GLA Rent (1) GLA Rent (1) GLA( 3) Rent(3) ft.) Cost (4) - ------- ------------ ---------- ------- ---------- -------- ---------- ---------- ----------- --------- ---------- ------- -------- 1 Albertson's 4 220,625 $3,012,896 - $- 220,625 $3,012,896 4.698% 5.8% -- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.744% 4.6% 416 3.1% -- Acme 1 44,824 654,704 - - 44,824 654,704 0.955% 1.3% 270 7.3% 2 A&P (Waldbaum's) 4 149,729 2,566,284 18,722 246,960 168,451 2,813,244 3.587% 5.4% -- A&P/Waldbaum's 4 149,729 2,566,284 18,722 246,960 168,451 2,813,244 3.587% 5.4% 351 5.8% 3 T.J. Maxx 9 259,275 1,929,777 6,972 88,190 266,247 2,017,967 5.670% 3.9% -- T.J. Maxx 4 88,200 726,300 6,972 88,190 95,172 814,490 2.027% 1.6% 274 4.1% -- Marshalls 3 102,781 731,494 - - 102,781 731,494 2.189% 1.4% 188 6.0% -- A.J. Wright's 1 28,648 164,726 - - 28,648 164,726 0.610% 0.3% 131 6.7% -- Homegoods 1 39,646 307,257 - - 39,646 307,257 0.844% 0.6% 153 6.3% 4 Sears 6 390,270 1,355,279 68,690 330,263 458,960 1,685,542 9.774% 3.3% -- Kmart 4 329,570 1,097,279 49,355 277,463 378,925 1,374,742 8.069% 2.7% 198 4.0% -- Sears 2 60,700 258,000 19,335 52,800 80,035 310,800 1.704% 0.6% 215 2.8% 5 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 4.475% 2.9% 293 3.6% 6 Ahold 2 117,911 1,289,265 - - 117,911 1,289,265 2.511% 2.5% -- Stop and Shop 2 117,911 1,289,265 - - 117,911 1,289,265 2.511% 2.5% 353 3.6% 7 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 4.493% 1.9% - - 8 Pathmark 1 47,773 955,460 - - 47,773 955,460 1.017% 1.8% - - 9 Price Chopper 1 77,450 804,059 - - 77,450 804,059 1.649% 1.6% 674 1.9% 10 Restoration Hardware 1 9,220 697,200 - - 9,220 697,200 0.196% 1.3% 495 16.6% 11 Kroger(5) 12 - - 156,069 1,137,042 156,069 1,137,042 3.324% 2.2% - - 12 Safeway (6) 13 - - 132,409 1,133,607 132,409 1,133,607 2.820% 2.2% - - 13 Federated Department Stores (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.562% 1.3% 210 6.7% 14 Sleepy's 5 35,745 621,409 - - 35,745 621,409 0.761% 1.2% - - 15 JC Penney 1 50,000 495,000 - - 50,000 495,000 1.065% 1.0% 206 6.5% 16 CVS 4 28,600 473,888 3,967 53,156 32,567 527,044 0.694% 1.0% 495 4.4% 17 Limited Brands - Express 1 12,882 510,344 - - 12,882 510,344 0.274% 1.0% - - 18 Payless Shoesource 9 26,225 465,990 1,524 43,273 27,749 509,263 0.591% 1.0% - - 19 Borders Books 1 18,538 482,000 - - 18,538 482,000 0.395% 0.9% - - 20 Circuit City 1 33,294 449,469 - - 33,294 449,469 0.709% 0.9% - - --------- -------- ---------- -------- ---------- ---------- ----------- --------- ---------- ------- ------- Total 80 1,972,003 19,284,620 388,353 3,032,491 2,360,356 22,317,111 50.265% 43.1% ========= ========= ========== ======== ========== ========== =========== ========= ========== (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, Crossroads Shopping Center and Brandywine joint ventures. The above amounts represent the Company's pro-rata share of square footage and rent. (3) Represents total GLA and annualized base rent for the Company's retail properties including its pro-rata share of joint venture properties. (4) Occupancy cost = Gross rents (base rent, percentage rent and expense reimbursements) divided by sales. * indicates not all locations are required to report sales. Amount is left blank if the tenant is not required to report sales at any of the locations. (5) Kroger has sub-leased 4 of these locations to supermarket tenants, 2 locations to a non-supermarket tenant and ceased operations at one other location. (6) Safeway has sub-leased 7 of these locations to supermarket tenants, 1 location to a non-supermarket tenant and ceased operations at one other location.
Page 53 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Anchor Detail
- --------------------------------------------------------------------------------------------------------------------------------- Annual Annual Property/Tenant Name Square Lease Base Base (Type of Center) Footage Expiration Rent Rent PSF Options - --------------------------------------------------------------------------------------------------------------------------------- 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 1/31/201 356,469 78.50 (1) 5 Year Restoration Hardware 12,293 4/30/201 929,600 75.62 (2) 5 Years ----------- ------------------------- Property total 16,834 1,286,069 76.40 ----------- ------------------------- New Jersey Elmwood Park Shopping Center, Elmwood Park Walgreens 14,837 5/31/202 435,000 29.32 (8) 5 Year Pathmark 47,773 11/30/201 955,460 20.00 (7) 5 Year ----------- ------------------------- Property total 62,610 1,390,460 22.21 ----------- ------------------------- A&P Shopping Plaza - Boonton A&P 49,463 10/26/202 900,000 18.20 (9) 5 Year ----------- ------------------------- Property total 49,463 900,000 18.20 ----------- ------------------------- New York Village Commons Shopping Center Daffy's 16,125 1/7/200 274,125 17.00 (4) 5 Year ----------- ------------------------- Property total 16,125 274,125 17.00 ----------- ------------------------- Branch Plaza CVS 11,050 5/31/201 181,026 16.38 - A&P 63,000 11/30/201 920,964 14.62 (3) 5 Year ----------- ------------------------- Property Total: 74,050 1,101,990 14.88 ----------- ------------------------- Amboy Shopping Center Waldbaum's (A&P) 37,266 7/6/202 745,320 20.00 - Duane Reed 9,698 8/31/200 266,694 27.50 (2) 5 Year ----------- ------------------------- Property total 46,964 1,012,014 21.55 ----------- ------------------------- Pacesetter Park Shopping Center, Pomona Stop & Shop (Ahold) 52,052 8/31/202 362,264 6.96 (2) 10 Year ----------- ------------------------- Property total 52,052 362,264 6.96 ----------- ------------------------- 2914 Third Avenue Lot Stores 9,000 MTM 700,000 77.78 Dr. J's 33,500 1/31/202 700,000 20.90 ----------- ------------------------- Property total 42,500 1,400,000 32.94 ----------- ------------------------- Total: New York Region 360,598 7,726,922 21.43 ----------- -------------------------
Page 54 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Anchor Detail
- --------------------------------------------------------------------------------------------------------------------------------- Annual Annual Property/Tenant Name Square Lease Base Base (Type of Center) Footage Expiration Rent Rent PSF Options - --------------------------------------------------------------------------------------------------------------------------------- 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) 65,859 11/30/202 937,000 14.23 (8) 5 Year ----------- ------------------------- Property total 163,159 937,000 14.23 ----------- ------------------------- Massachusetts Methuen Shopping Center, Methuen Demoulas Super Markets 30,460 1/31/201 109,656 3.60 (1) 5 Year Wal*Mart 89,544 1/31/201 626,808 7.00 (8) 5 Year ----------- ------------------------- Property total 120,004 736,464 6.14 ----------- ------------------------- Crescent Plaza, Brockton Home Depot 106,760 10/31/202 602,126 5.64 (7) 5 Year Shaw's (Albertsons) 50,225 12/31/201 516,960 10.29 (6) 5 Year ----------- ------------------------- Property total 156,985 1,119,086 7.13 ----------- ------------------------- New York New Loudon Center, Latham Bon Ton 65,365 2/1/201 261,460 4.00 (4) 5 Year Marshalls (TJX) 37,212 1/31/201 158,151 4.25 (3) 5 Year Price Chopper 77,450 5/31/201 804,059 10.38 (4) 5 Year A.C. Moore 21,520 4/30/200 221,226 10.28 (3) 5 Year Raymours Furniture Co 49,664 4/30/201 155,591 3.13 (3) 5 Year ----------- ------------------------- Property total 251,211 1,600,487 6.37 ----------- ------------------------- Rhode Island Walnut Hill Plaza, Woonsocket Sears 60,700 8/31/200 258,000 4.25 (5) 5 Year CVS 8,800 1/31/200 154,000 17.50 (1) 5 Year Shaw's (Albertsons) 52,392 12/31/201 523,920 10.00 (3) 5 Year ----------- ------------------------- Property total 121,892 935,920 7.68 ----------- ------------------------- Vermont Gateway Shopping Center Shaw's (Albertsons) 73,184 3/31/202 1,317,311 18.00 (5) 5 Yr. &(1)4 Yr. ----------- ------------------------- Property total 73,184 1,317,311 18.00 ----------- ------------------------- Total : New England 886,435 6,646,268 8.42 ----------- ------------------------- Midwest Illinois Hobson West Plaza, Naperville Bobak's Market and Restaurant 51,692 11/30/200 225,436 4.36 (5) 5 Year ----------- ------------------------- Property total 51,692 225,436 4.36 ----------- ------------------------- Indiana Merrillville Plaza, Merrillville JC Penney 50,000 1/31/200 495,000 9.90 (2) 5 Year Officemax 26,157 7/31/200 222,335 8.50 (4) 5 Year Pier I 9,143 1/31/200 128,002 14.00 - David's Bridal 13,266 11/19/201 190,765 14.38 (2) 5 Year Toys R Us 21,500 1/31/201 87,500 4.07 (5) 5 Year TJ Maxx (TJX) 25,200 1/31/200 195,300 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 own Company.
Page 55 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Anchor Detail
- --------------------------------------------------------------------------------------------------------------------------------- Annual Annual Property/Tenant Name Square Lease Base Base (Type of Center) Footage Expiration Rent Rent PSF Options - --------------------------------------------------------------------------------------------------------------------------------- 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 5/31/201 307,257 7.75 (3) 5 Year Officemax 21,500 6/30/201 193,500 9.00 (3) 5 Year Marshalls (TJX) 28,324 9/30/201 226,592 8.00 (3) 5 Year TJ Maxx (TJX) 36,000 1/31/200 261,000 7.25 (1) 5 Year ----------- ------------------------- Property total 125,470 988,349 7.88 ----------- ------------------------- Ohio Mad River Station, Dayton Babies 'R' Us 33,147 2/28/201 260,204 7.85 (2) 5 Year Pier I 10,111 2/28/201 227,037 22.45 - Office Depot 25,038 8/31/201 315,477 12.60 - ----------- ------------------------- Property total 68,296 802,718 11.75 ----------- ------------------------- Total: Midwest 390,724 3,335,405 8.54 ----------- ------------------------- Mid-Atlantic New Jersey Marketplace of Absecon, Absecon Eckerd Drug (Brook's) 13,207 8/30/202 329,310 24.93 (4) 5 Year Acme Markets (Albertson) 44,824 4/30/201 654,704 14.61 (8) 5 Year ----------- ------------------------- Property total 58,031 984,014 16.96 ----------- ------------------------- Ledgewood Mall, Ledgewood Circuit City 33,294 1/31/202 449,469 13.50 (4) 5 Year Ashley Furniture 41,806 12/31/201 212,793 5.09 (2) 5 Year Barnes & Noble 12,500 1/31/201 224,000 17.92 (5) 5 Year Marshalls (TJX) 37,245 9/30/201 346,751 9.31 (4) 5 Year The Sports Authority 52,205 5/31/200 225,000 4.31 (6) 5 Year Macy's Department Store (Federated) (1) 73,349 1/31/201 651,245 8.88 (3) 5 Year Wal*Mart 120,570 3/31/201 888,601 7.37 (6) 5 Year ----------- ------------------------- Property total 370,969 2,997,859 8.08 ----------- ------------------------- Pennsylvania Blackman Plaza, Wilkes-Barre Eckerd Drug (Brook's) 7,095 7/31/201 63,855 9.00 - Kmart 104,956 10/31/200 204,664 1.95 (8) 5 Year ----------- ------------------------- Property total 112,051 268,519 2.40 ----------- ------------------------- Mark Plaza, Edwardsville Kmart 104,956 10/31/200 204,664 1.95 (8) 5 Year Redner's Market 52,639 5/31/201 447,431 8.50 (2) 5 Year ----------- ------------------------- Property total 157,595 652,095 4.14 ----------- ------------------------- Plaza 422, Lebanon Home Depot 104,243 12/31/202 407,520 3.91 (6) 5 Year ----------- -------------- Property total 104,243 407,520 3.91 ----------- ------------------------- Route 6 Mall, Honesdale Eckerd Drugs (Brook's) 11,840 1/31/201 118,400 10.00 (3) 5 Year Fashion Bug 15,000 1/31/201 - - - Kmart 119,658 4/30/202 687,951 5.75 (10) 5 Year ----------- ------------------------- Property total 146,498 806,351 5.50 ----------- ------------------------- Abington Town Center, Abington TJ Maxx (TJX) 27,000 11/30/2010 $ 270,000 $ 10.00 (2) 5 Year Target (1) 157,616 - - - Condominium Agreement ----------- ------------------------- Property total 184,616 270,000 10.00 ----------- ------------------------- Chestnut Hill LLC Express 12,882 1/31/2009 $ 510,344 $ 39.62 Borders Books 18,538 1/31/2010 482,000 26.00 ----------- ------------------------- Property total 31,420 992,344 77.03 ----------- ------------------------- Total : Mid-Atlantic 1,165,423 7,378,702 7.32 ----------- ------------------------- Total: Retail Anchor Properties - Wholly Owned Properties 2,803,180 $ 25,087,297 $ 9.84 =========== ========================= (1) Target owns the portion of the main building (157,616 square feet) that their store is located in.
Page 56 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Anchor Detail
- --------------------------------------------------------------------------------------------------------------------------------- Annual Annual Property/Tenant Name Square Lease Base Base (Type of Center) Footage Expiration Rent Rent PSF Options - --------------------------------------------------------------------------------------------------------------------------------- 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) 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 2/31/2007 504,000 13.19 (5) 5 Year B. Dalton (Barnes & Noble) 12,430 5/28/2012 345,928 27.83 (2) 5 Year Pier 1 8,818 2/28/2007 278,825 31.62 (2) 5 Year Pay Half 15,000 2/31/2006 372,600 24.84 - Modell's 25,000 2/28/2009 193,750 7.75 (2) 5 Year --------- ----------------------- Property total 200,181 2,261,353 11.30 --------- ----------------------- 400 East Fordham Road (Fund II) Sears 100,703 7/16/2007 275,000 2.73 - --------- ----------------------- Tarrytown Centre Walgreen's 15,497 6/30/2080 475,000 30.65 - --------- ----------------------- Sherman Avenue Pilot Garage 74,000 6/14/2007 375,000 5.07 - City of New York 60,773 1,595,291 26.25 - --------- ----------------------- 134,773 1,970,291 14.62 --------- ----------------------- 161st Street City of New York 137,334 7/18/2011 3,337,222 24.30 - --------- ----------------------- 137,334 3,337,222 24.30 --------- ----------------------- Total : New York Region 588,488 8,318,866 14.14 --------- ----------------------- Mid-Atlantic Region Delaware Brandywine Town Center (Brandywine JV) Michaels 24,876 2/28/2011 572,148 23.00 (3) 5 Year Old Navy (The Gap) 24,631 4/30/2011 617,745 25.08 (1) 5 Year Petsmart 23,963 6/30/2017 455,297 19.00 (5) 5 Year Thomasville Furniture 18,893 1/30/2011 485,739 25.71 (10) 1 Year World Market 20,310 1/31/2015 406,200 20.00 - Access Group 76,458 5/31/2015 1,548,275 20.25 (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 (4) 10 Year Kincaid Furniture 14,535 3/31/2010 247,095 17.00 - Transunion Settlement 39,714 3/31/2013 938,745 23.64 (5) 1 Year The Bombay Company 8,965 1/31/2015 215,160 24.00 (2) 5 Year Lane Home Furnishings 21,827 0/31/2015 409,693 18.77 (3) 5 Year MJM Designer 25,000 9/30/2015 325,000 13.00 (3) 5 Year Target 27,716 1/31/2011 304,876 11.00 (6) 2 Year &(6) 3 year --------- ----------------------- Property total 771,506 11,680,609 15.14 --------- ----------------------- Market Square Shopping Center (Brandywine JV) Trader Joe's 7,675 1/31/2013 149,662 19.50 (3) 5 Year TJ Maxx (TJX) 31,175 1/31/2011 396,894 12.73 (1) 5 Year --------- ----------------------- Property total 38,850 546,556 14.07 --------- -----------------------
Page 57 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Anchor Detail
- --------------------------------------------------------------------------------------------------------------------------------- Annual Annual Property/Tenant Name Square Lease Base Base (Type of Center) Footage Expiration Rent Rent PSF Options - --------------------------------------------------------------------------------------------------------------------------------- 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) Joint Venture Properties (continued) Mid-Atlantic Region (continued) Virginia Haygood Shopping Center (Fund I) Farm Fresh 54,000 8/31/2026 337,500 6.25 (14) 5 Year Eckerd Drugs (Brook's) 11,280 1/30/2009 28,500 2.53 - --------- ----------------------- Property Total 65,280 366,000 5.61 --------- ----------------------- Total : Mid-Atlantic Region 875,636 12,593,165 14.38 --------- ----------------------- Midwest Region Illinois Acadia Oakbrook Neiman Marcus 112,000 0/31/2011 825,000 7.37 (6) 5 Year --------- ----------------------- 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 693,695 10.47 (4) 5 Year --------- ----------------------- Property total 76,737 828,830 10.80 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 620,577 10.49 (4) 5 Year ----------------------- --------- Property total 69,659 761,277 10.93 --------- ----------------------- Michigan Sterling Heights (Fund I) Rite Aid 20,000 1/31/2026 245,000 12.25 (4) 5 Year Burlington Coat Factory 70,400 1/31/2024 281,600 4.00 - --------- ----------------------- Property total 90,400 526,600 5.83 Total: Midwest 383,747 3,343,792 8.71 --------- ----------------------- Various Hitchcock Club Fitness 35,153 2014 263,648 7.50 Steinmart Inc. 30,000 2016 190,500 6.35 Bed, Bath & Beyond 23,000 2017 172,500 7.50 Ross Dress for Less 30,039 2017 250,525 8.34 TJX Company 28,315 2016 212,362 7.50 --------- ----------------------- Property total 146,507 1,089,535 7.44 Pine Log Plaza Farmer's Furniture 23,184 3/31/2009 69,552 3.00 Kroger/Safeway (Fund I) 1,018,100 2009 8,013,583 7.87 --------- ----------------------- Total: Joint Venture Properties 3,035,662 33,428,493 11.01 ========= =======================
Page 58 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Anchor Lease Expirations - Next 3 Years
- ------------------------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ----------------- -------------------------------- Percent Percent Average Square of all of all per Center Anchor footage anchors Amount anchors Sq. Ft. - ------------------------------------------------------------------------------------------------------------- Wholly Owned ------------ 2007 Ledgewood Mall The Sports Authority 52,205 2.05% 225,000 0.90% 4.31 Hobson West Plaza Bobak's 51,692 2.03% 225,436 0.90% 4.36 --------- ------ ------------ ------- -------- Total 2007 103,897 4.08% 450,436 1.80% 4.34 --------- ------ ------------ ------- -------- 2008 Village Commons Shopping Center Daffy's Inc. 16,125 0.63% 274,125 1.09% 17.00 Merrillville Plaza JC Penny Co. 50,000 1.96% 495,000 1.97% 9.90 Merrillville Plaza Officemax Inc. 26,157 1.03% 222,335 0.89% 8.50 Amboy Shopping Center Duane Reade 9,698 0.38% 266,695 1.06% 27.50 Walnut Hill Plaza Sears 60,700 2.38% 258,000 1.03% 4.25 --------- ------ ------------ ------- -------- Total 2008 162,680 6.38% 1,516,155 6.04% 9.32 --------- ------ ------------ ------- -------- 2009 Chestnut Hill Express 12,882 0.51% 510,344 2.03% 39.62 Bloomfield Town Square TJ Max 36,000 1.41% 261,000 1.04% 7.25 Walnut Hill Plaza CVS 8,800 0.35% 154,000 0.61% 17.50 Merrillville Plaza Pier I 9,143 0.36% 128,002 0.51% 14.00 Merrillville Plaza TJ Max 25,200 0.99% 195,300 0.78% 7.75 New Loudon Center AC Moore Arts & Crafts 21,520 0.84% 221,226 0.88% 10.28 Blackman Plaza Kmart 104,956 4.12% 204,664 0.82% 1.95 Mark Plaza Kmart 104,956 4.12% 204,664 0.82% 1.95 --------- ------ ------------ ------- -------- Total 2009 323,457 12.70% 1,879,200 7.49% 100.30 --------- ------ ------------ ------- -------- Total - Next 3 Years 590,034 23.16% $ 3,845,791 15.33% $ 6.52 ========= ====== ============ ======= ======== Crossroads Joint Venture ------------------------ 2007 Crossroads Shopping Center Pier 1 8,818 4.41% 278,825 12.33% 31.62 Crossroads Shopping Center Waldbaum's 38,208 19.09% 504,000 22.29% 13.19 --------- ------ ------------ ------- -------- Total 2007 47,026 23.50% 782,825 34.62% 16.65 --------- ------ ------------ ------- -------- 2008 - 0.00% - 0.00% - --------- ------ ------------ ------- -------- 2009 Crossroads Shopping Center Modell's 25,000 12.49% 193,750 8.57% - --------- ------ ------------ ------- -------- Total - Next 3 Years 72,026 35.99% $ 976,575 43.19% $ 13.56 ========= ====== ============ ======= ======== Brandywine Joint Venture ------------------------ 2007 - 0.00% - 0.00% - --------- ------ ------------ ------- -------- 2008 - 0.00% - 0.00% - --------- ------ ------------ ------- -------- 2009 - 0.00% - 0.00% - --------- ------ ------------ ------- -------- Total - Next 3 Years - 0.00% $ - 0.00% $ - ========= ====== ============ ======= ======== Fund I ------ 2007 - 0.00% - 0.00% - --------- ------ ------------ ------- -------- 2008 Pine Log Plaza Farmer's Furniture 23,184 1.52% 69,552 0.55% 3.00 --------- ------ ------------ ------- -------- Total 2008 23,184 0 69,552 0.55% 3.00 --------- ------ ------------ ------- -------- 2009 Haygood Shopping Center Eckerd Drugs 11,280 0.74% 28,500 0.23% 2.53 --------- ------ ------------ ------- -------- Total - Next 3 Years 34,464 2.26% $ 98,052 0.78% $ 2.85 ========= ====== ============ ======= ======== Fund II ------- 2007 Sherman Avenue Pilot Garage 74,000 15.26% 375,000 5.85% 5.07 400 East Fordham Road Sears 100,703 20.77% 275,000 4.28% 2.73 --------- ------ ------------ ------- -------- Total 2007 174,703 36.03% 650,000 10.13% 3.72 --------- ------ ------------ ------- -------- 2008 Sherman Avenue New York City 60,773 12.54% 1,595,291 24.90% 26.25 --------- ------ ------------ ------- -------- 2009 - 0.00% - 0.00% - --------- ------ ------------ ------- -------- Total - Next 3 Years 235,476 48.57% $ 2,245,291 35.03% $ 9.54 ========= ====== ============ ======= ======== 1 Tenant pays rent based on percentage of sales
Page 59 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 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 Properties Anchor Tenant Expirations Month to Month 1 11,449 0.45% $ 57,245 0.23% $ 5.00 2007 2 103,897 4.08% 450,436 1.80% 4.34 2008 5 162,680 6.38% 1,516,155 6.04% 9.32 2009 8 323,457 12.69% 1,879,200 7.49% 5.81 2010 13 345,962 13.59% 3,567,714 14.22% 10.31 2011 2 40,164 1.58% 344,992 1.38% 8.59 2012 2 139,769 5.48% 1,143,768 4.56% 8.18 2013 2 115,392 4.53% 1,444,884 5.76% 12.52 2014 4 161,322 6.33% 853,862 3.40% 5.29 2015 4 134,567 5.28% 2,388,363 9.52% 17.75 2016 3 26,636 1.05% 420,324 1.68% 15.78 2017 1 47,773 1.87% 955,460 3.81% 20.00 2018 1 52,639 2.07% 447,432 1.78% 8.50 2019 3 170,234 6.68% 1,044,191 4.16% 6.13 2020 4 218,211 8.56% 1,828,993 7.29% 8.38 2021 3 149,260 5.86% 2,002,126 7.98% 13.41 2022 1 14,837 0.58% 435,000 1.73% 29.32 2023 - - 0.00% - 0.00% - 2024 3 188,506 7.40% 3,154,312 12.57% 16.73 2028 3 141,509 5.54% 1,152,840 4.60% 8.15 -------------------------------- ---------------------------------- Total Occupied 65 2,548,264 100.00% $ 25,087,297 100.00% $ 9.84 ================================== - ------------------------------------------------ Anchor GLA Owned by Tenants 254,916 Total Vacant 40,399 ----------- Total Square Feet 2,843,579 =========== - ------------------------------------------------ Wholly-Owned Properties Shop Tenant Expirations Month to Month 18 18,767 1.71% $ 303,561 1.60% $ 16.18 2007 54 225,648 20.62% 3,270,720 17.26% 14.49 2008 50 158,889 14.51% 3,203,922 16.88% 20.16 2009 58 176,604 16.13% 3,054,547 16.11% 17.30 2010 43 137,889 12.59% 1,961,870 10.35% 14.23 2011 36 125,863 11.50% 2,330,088 12.29% 18.51 2012 7 25,924 2.37% 447,483 2.36% 17.26 2013 11 35,661 3.26% 761,263 4.01% 21.35 2014 13 54,467 4.97% 1,072,366 5.66% 19.69 2015 10 55,386 5.06% 973,999 5.14% 17.59 2016 8 38,550 3.52% 927,272 4.89% 24.05 2018 4 6,805 0.62% 275,795 1.45% 40.53 2019 1 - 0.00% 51,205 0.27% - 2020 3 6,000 0.55% 142,500 0.75% 23.75 2021 1 26,170 2.39% 143,934 0.76% - 2022 1 2,205 0.20% 41,895 0.22% 19.00 -------------------------------- ---------------------------------- Total Occupied 318 1,094,828 100.00% $ 18,962,420 100.00% $ 17.43 ================================== - ------------------------------------------------ Total Vacant 210,937 ----------- Total Square Feet 1,305,765 =========== - ------------------------------------------------
Page 60
Wholly-Owned Properties Total Tenant Expirations Month to Month 19 $ 30,216 0.83% $ 360,806 0.82% $ 11.94 2007 56 329,545 9.05% 3,721,156 8.45% 11.29 2008 55 321,569 8.83% 4,720,077 10.72% 14.68 2009 66 500,061 13.73% 4,933,747 11.20% 9.87 2010 56 483,851 13.28% 5,529,584 12.55% 11.43 2011 38 166,027 4.56% 2,675,080 6.07% 16.11 2012 9 165,693 4.55% 1,591,251 3.61% 9.60 2013 13 151,053 4.15% 2,206,147 5.01% 14.61 2014 17 215,789 5.92% 1,926,228 4.37% 8.93 2015 14 189,953 5.21% 3,362,362 7.63% 17.70 2016 11 65,186 1.79% 1,347,596 3.06% 20.67 2017 1 47,773 1.31% 955,460 2.17% 20.00 2018 5 59,444 1.63% 723,227 1.64% 12.17 2019 4 170,234 4.67% 1,095,396 2.49% 6.43 2020 7 224,211 6.15% 1,971,493 4.48% 8.79 2021 4 175,430 4.82% 2,146,060 4.87% 12.23 2022 2 17,042 0.47% 476,895 1.08% 27.98 2023 - - 0.00% - 0.00% - 2024 3 188,506 5.17% 3,154,312 7.16% 16.73 2028 3 141,509 3.88% 1,152,840 2.62% 8.15 -------------------------------- ---------------------------------- Total Occupied 383 $ 3,643,092 100.00% $ 44,049,717 100.00% $ 12.12 ================================== - ------------------------------------------------ Anchor GLA Owned by Tenants 254,916 Total Vacant 251,336 ----------- Total Square Feet 4,149,344 =========== - ------------------------------------------------ Fund I Anchor Tenant Expirations 2007 - - 0.00% $ - 0.00% #DIV/0! 2009 27 1,052,564 69.23% 8,111,635 64.73% 7.71 2012 2 21,000 1.38% 275,835 2.20% 13.14 2014 1 35,153 2.31% 263,648 2.10% 7.50 2016 2 58,315 3.84% 402,862 3.21% 6.91 2017 3 87,990 5.79% 825,110 6.58% 9.38 2021 2 66,237 4.36% 693,695 5.54% 10.47 2022 1 59,159 3.89% 620,578 4.95% 10.49 2024 1 70,400 4.63% 281,600 2.25% 4.00 2026 2 54,000 3.55% 582,500 4.65% 10.79 2080 1 15,497 1.02% 475,000 3.79% 30.65 -------------------------------- ---------------------------------- Total Occupied 42 1,520,315 100.00% $ 12,532,463 100.00% $ 8.24 - ------------------------------------------------ Total Vacant 105,119 ----------- Total Square Feet 1,625,434 =========== - ------------------------------------------------ Fund I Shop Tenant Expirations Month to Month 67 28,131 14.19% 262,427 9.99% $ 9.33 2007 14 24,219 12.22% 300,789 11.45% 12.42 2008 14 25,702 12.95% 295,630 11.25% 11.50 2009 7 17,221 8.69% 164,083 6.25% 9.53 2010 6 13,478 6.80% 219,850 8.37% 16.31 2011 9 18,788 9.48% 281,507 10.72% 14.98 2012 1 1,974 1.00% 35,532 1.35% 18.00 2013 2 13,120 6.62% 124,820 4.75% 9.51 2014 5 13,443 6.78% 314,979 11.99% 23.43 2015 2 2,798 1.41% 45,935 1.75% 16.42 2016 1 7,752 3.91% 111,230 4.23% 14.35 2018 1 6,957 3.51% 50,004 1.90% 7.19 2019 1 3,141 1.58% 42,000 1.60% 13.37 2020 1 5,157 2.60% 150,842 5.74% 29.25 2021 1 16,384 8.26% 192,512 7.33% 11.75 2022 1 - 0.00% 35,000 1.33% - -------------------------------- ---------------------------------- Total Occupied 133 198,265 100.00% $ 2,627,140 100.00% $ 13.25 - ------------------------------------------------ Total Vacant 157,785 ----------- Total Square Feet 356,050 =========== - ------------------------------------------------
Page 61
Fund I Total Tenant Expirations Month to Month 67 28,131 1.64% $ 262,427 1.73% $ 9.33 2007 14 24,219 1.41% 300,789 1.98% 12.42 2008 14 25,702 1.50% 295,630 1.95% 11.50 2009 34 1,069,785 62.26% 8,275,718 54.60% 7.74 2010 6 13,478 0.78% 219,850 1.45% 16.31 2011 9 18,788 1.09% 281,507 1.86% 14.98 2012 3 22,974 1.34% 311,367 2.05% 13.55 2013 2 13,120 0.76% 124,820 0.82% 9.51 2014 6 48,596 2.83% 578,627 3.82% 11.91 2015 2 2,798 0.16% 45,935 0.30% 16.42 2016 3 66,067 3.84% 514,092 3.39% 7.78 2017 3 87,990 5.12% 825,110 5.44% 9.38 2018 1 6,957 0.40% 50,004 0.33% 7.19 2019 1 3,141 0.18% 42,000 0.28% 13.37 2020 1 5,157 0.30% 150,842 1.00% 29.25 2021 3 82,621 4.81% 886,207 5.85% 10.73 2022 1 59,159 3.44% 620,578 4.09% 10.49 2024 1 70,400 4.10% 281,600 1.86% 4.00 2026 2 54,000 3.14% 582,500 3.84% 10.79 2050 1 15,497 0.90% 475,000 3.13% 30.65 2080 1 - 0.00% 35,000 0.23% #DIV/0! -------------------------------- ---------------------------------- Total Occupied 175 1,718,580 100.00% $ 15,159,603 100.00% $ 8.82 - ------------------------------------------------ Total Vacant 262,904 ----------- Total Square Feet 1,981,484 =========== - ------------------------------------------------ Fund II Anchor Tenant Expirations 2007 2 100,703 20.77% 650,000 10.14% 6.45 2008 1 134,773 27.80% 1,595,291 24.90% 11.84 2011 2 249,334 51.43% 4,162,222 64.96% 16.69 -------------------------------- ---------------------------------- Total Occupied 5 484,810 100.00% $ 6,407,513 100.00% $ 13.22 - ------------------------------------------------ Total Vacant - ----------- Total Square Feet 484,810 =========== - ------------------------------------------------ Fund II Shop Tenant Expirations Month to Month 6 31,544 13.30% $ 620,467 22.38% $ 19.67 2007 8 190,188 80.22% 1,844,346 66.51% 9.70 2009 1 1,314 0.55% 21,600 0.78% 16.44 2010 2 7,012 2.96% 115,280 4.16% 16.44 2011 1 7,046 2.97% 171,212 6.17% 24.30 -------------------------------- ---------------------------------- Total Occupied 18 237,104 100.00% $ 2,772,905 100.00% $ 11.69 - ------------------------------------------------ Total Vacant 264,600 ----------- Total Square Feet 501,704 =========== - ------------------------------------------------ Fund II Total Tenant Expirations Month to Month 6 31,544 4.37% $ 620,467 6.76% $ 19.67 2007 10 290,891 40.30% 2,494,346 27.17% 8.57 2008 1 134,773 18.67% 1,595,291 17.37% 11.84 2009 1 1,314 0.18% 21,600 0.24% 16.44 2010 2 7,012 0.97% 115,280 1.26% 16.44 2011 3 256,380 35.51% 4,333,434 47.20% 16.90 -------------------------------- ---------------------------------- Total Occupied 23 721,914 100.00% $ 9,180,418 100.00% $ 12.72 - ------------------------------------------------ Total Vacant 264,600 ----------- Total Square Feet 986,514 =========== - ------------------------------------------------
Page 62
Crossroads (JV Property) Anchor Tenant Expirations 2007 3 62,026 30.98% 1,155,424 51.09% 18.63 2009 1 25,000 12.49% 193,750 8.57% 7.75 2012 2 113,155 56.53% 912,178 40.34% 8.06 -------------------------------- ---------------------------------- Total Occupied 6 200,181 100.00% $ 2,261,352 100.00% $ 11.30 - ------------------------------------------------ Total Vacant - ----------- Total Square Feet 200,181 =========== - ------------------------------------------------ Shop Tenant Expirations Month to Month 4 4,510 4.39% $ 140,994 3.76% $ 31.26 2007 4 4,912 4.78% 186,498 4.97% 37.97 2008 9 31,460 30.63% 1,066,103 28.40% 33.89 2009 6 17,318 16.86% 728,788 19.42% 42.08 2011 2 4,070 3.96% 146,732 3.91% 36.05 2012 2 5,250 5.11% 191,723 5.11% 36.52 2014 4 19,941 19.41% 676,018 18.01% 33.90 2015 1 2,210 2.15% 72,930 1.94% 33.00 2017 1 6,600 6.42% 349,800 9.32% 53.00 2022 1 6,462 6.29% 193,860 5.16% 30.00 -------------------------------- ---------------------------------- Total Occupied 34 102,733 100.00% $ 3,753,446 100.00% $ 36.54 - ------------------------------------------------ Total Vacant 7,730 ----------- Total Square Feet 110,463 =========== - ------------------------------------------------ Crossroads (JV Property) Total Tenant Expirations Month to Month 4 4,510 1.49% $ 140,994 2.34% $ 31.26 2007 4 4,912 1.62% 186,498 3.10% 37.97 2008 9 31,460 10.39% 1,066,103 17.72% 33.89 2009 9 79,344 26.19% 1,884,212 31.33% 23.75 2011 2 4,070 1.34% 146,732 2.44% 36.05 2012 3 30,250 9.99% 385,473 6.41% 12.74 2014 4 19,941 6.58% 676,018 11.24% 33.90 2015 1 2,210 0.73% 72,930 1.21% 33.00 2017 1 6,600 2.18% 349,800 5.82% 53.00 2018 2 113,155 37.36% 912,178 15.17% 8.06 2022 1 6,462 2.13% 193,860 3.22% 30.00 -------------------------------- ---------------------------------- Total Occupied 40 302,914 100.00% $ 6,014,798 100.00% $ 19.86 - ------------------------------------------------ Total Vacant 7,730 ----------- Total Square Feet 310,644 =========== - ------------------------------------------------ Brandywine Portfolio (JV Properties) Anchor Tenant Expirations 2010 1 14,535 1.79% 247,095 2.02% 17.00 2011 5 127,291 15.71% 2,377,402 19.44% 18.68 2013 3 97,389 12.02% 1,788,407 14.63% 18.36 2014 2 50,977 6.29% 868,426 7.10% 17.04 2015 5 152,560 18.83% 2,904,328 23.75% 19.04 2017 2 89,604 11.06% 1,316,507 10.77% 14.69 2018 2 278,000 34.30% 2,725,000 22.29% 9.80 0.00% -------------------------------- ---------------------------------- Total Occupied 20 810,356 100.00% $ 12,227,165 100.00% $ 15.09 - ------------------------------------------------ Total Vacant 16,525 ----------- Total Square Feet 826,881 =========== - ------------------------------------------------
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Brandywine Portfolio (JV Properties) Shop Tenant Expirations Month to Month 4 11,300 14.54% $ 146,772 8.26% $ 12.99 2007 - - 0.00% - 0.00% - 2008 1 6,100 7.85% 153,293 8.63% 25.13 2010 2 11,817 15.20% 184,280 10.37% 15.59 2011 1 15,000 19.30% 399,300 22.47% 26.62 2013 2 6,950 8.94% 153,286 8.63% 22.06 2014 1 4,962 6.38% 147,421 8.30% 29.71 2015 2 8,500 10.94% 195,250 10.99% 22.97 2021 1 4,100 5.27% 100,450 5.65% 24.50 2026 1 8,999 11.58% 296,967 16.71% 33.00 -------------------------------- ---------------------------------- Total Occupied 15 77,728 100.00% $ 1,777,019 100.00% $ 22.86 - ------------------------------------------------ Total Vacant 33,100 ----------- Total Square Feet 110,828 =========== - ------------------------------------------------ Brandywine Portfolio (JV Properties) Total Tenant Expirations Month to Month 4 11,300 1.27% $ 146,772 1.05% $ 12.99 2007 - - 0.00% - 0.00% - 2008 1 6,100 0.69% 153,293 1.09% 25.13 2010 3 26,352 2.97% 431,375 3.08% 16.37 2011 6 142,291 16.02% 2,776,702 19.83% 19.51 2013 5 104,339 11.75% 1,941,693 13.87% 18.61 2014 3 55,939 6.30% 1,015,847 7.25% 18.16 2015 7 161,060 18.14% 3,099,578 22.13% 19.24 2017 2 89,604 10.09% 1,316,507 9.40% 14.69 2018 2 278,000 31.30% 2,725,000 19.46% 9.80 2021 1 4,100 0.46% 100,450 0.71% 24.50 2026 1 8,999 1.01% 296,967 2.13% 33.00 -------------------------------- ---------------------------------- Total Occupied 35 888,084 100.00% $ 14,004,184 100.00% $ 15.77 - ------------------------------------------------ Total Vacant 49,625 ----------- Total Square Feet 937,709 =========== - ------------------------------------------------ Total Joint Ventures MtoM 81 75,485 2.08% 1,170,660 2.64% 2007 28 320,022 8.81% 2,981,633 6.72% 2008 25 198,035 5.45% 3,110,317 7.01% 2009 44 1,150,443 31.68% 10,181,530 22.95% 2010 11 46,842 1.29% 766,505 1.73% 2011 20 421,529 11.61% 7,538,375 16.99% 2012 6 53,224 1.47% 696,840 1.57% 2013 7 117,459 3.23% 2,066,513 4.66% 2014 13 124,476 3.43% 2,270,492 5.12% 2015 10 166,068 4.57% 3,218,443 7.26% 2016 3 66,067 1.82% 514,092 1.16% 25 891,842 24.56% 9,843,603 22.19% 273 3,631,492 100.00% 44,359,003 100.00%
Page 64 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Property Demographics (1) -------------------------
- --------------------------------------------------------------------------------------------------------------------------------- Trade Total Area Base Total Classification Property / JV Ownership % City State (Miles) Rent GLA - --------------------------------------------------------------------------------------------------------------------------------- Core Brandywine Town Center & Mkt Sq./22.22% Wilmington DE 3 14,004,183 937,709 Core Elmwood Park Shopping Ctr. Elmwood Park NJ 3 3,393,512 149,085 Core Chestnut Hill Philadelphia PA 3 1,292,372 40,570 Core Abington Towne Center Abington PA 3 865,034 216,355 Core Clark & Diversey Chicago IL 3 793,126 19,265 Core Hobson West Plaza Naperville IL 3 1,199,287 98,902 Core Methuen Shopping Ctr. Methuen MA 5 849,264 130,021 Core Crossroads Shopping Ctr. / 49% White Plains NY 3 6,014,798 310,644 Core The Branch Plaza Smithtown NY 3 2,443,759 125,751 Core Amboy Road Staten Island NY 3 1,480,803 60,090 Core Village Commons Shopping Ctr. Smithtown NY 3 1,900,200 87,169 Core Bloomfield Town Square Bloomfield Hills MI 5 2,450,631 232,366 Core Crescent Plaza Brockton MA 3 1,680,397 218,141 Core 239 Greenwich Avenue / 75% Greenwich CT 5 1,286,069 16,834 Core Town Line Plaza Rocky Hill CT 3 1,654,844 206,356 Core New Loudon Center Latham NY 5 1,713,664 255,826 Core Pacesetter Park Shopping Ctr. Pomona NY 3 1,167,206 96,698 Core 2914 Third Ave The Bronx NY 3 1,400,000 43,500 Core Mad River Station Dayton OH 5 1,487,280 155,838 Core Mark Plaza Edwardsville PA 5 1,038,471 216,401 Core Blackman Plaza Wilkes-Barre PA 5 286,519 125,264 Core Bartow Avenue The Bronx NY 3 222,600 14,694 Core Walnut Hill Plaza Woonsocket RI 5 2,393,163 285,418 Core Ledgewood Mall Ledgewood NJ 5 4,235,902 518,950 Core BTS Boonton LLC / 60% Boonton NJ 5 1,218,326 62,908 Core Merrillville Plaza Hobart IN 5 2,624,008 235,678 Core The Gateway Shopping Ctr. So. Burlington VT 3 1,799,570 101,784 Core Marketplace of Absecon Absecon NJ 3 1,639,707 105,097 Core Plaza 422 Lebanon PA 3 444,020 154,878 Core Route 6 Plaza Honesdale PA 5 1,089,983 175,505 Fund I Granville Center / 37.78% Columbus OH 3 634,603 134,997 Fund I Sheffield Crossing / 37.78% Sheffield OH 3 1,153,641 112,534 Fund I Amherst Marketplace / 37.78% Amherst OH 3 867,302 79,945 Fund I Sterling Heights Shopping Center / 18.9% Sterling Heights MI 3 607,740 154,835 Fund I Tarrytown Shopping Center / 37.78% Tarrytown NY 3 907,836 35,291 Fund I Hitchcock Plaza/ 7.6% Aiken SC 5 1,480,407 232,383 Fund I Pine Log Plaza / 7.6% Aiken SC 5 106,352 35,064 Fund I Haygood Shopping Center / 18.9% Virginia Beach VA 3 1,388,139 178,335 Fund II- Urban In-Fill 400 East Fordham Road / 19.2% The Bronx NY 2 654,880 117,355 Fund II- Urban In-Fill Sherman Avenue / 19.2% Manhattan NY 2 1,970,291 134,773 Fund II- Urban In-Fill Pelham Manor Shopping Plaza / 19.2% Westchester NY 3 804,000 398,775 Fund II- Urban In-Fill 161st Street /19.2% The Bronx NY 2 4,926,247 223,611 Fund II- Other Oakbrook/ 20% Oakbrook IL 3 825,000 112,000 - --------------------------------------------------------------------------------------------------------------------------------- 80,395,136 7,347,595 --------------------------
- ---------------------------------------------------------------- ---------------------------------------- 3-Mile Radius(2) 5-Mile Radius - ---------------------------------------------------------------- ---------------------------------------- # Total Households Median HH Avg. HH Total # Median HH Avg. HH Classification Pop. ("HH") Income Income Pop. HH Income Income - ---------------------------------------------------------------- ---------------------------------------- Core 41,222 15,054 $ 83,769 $102,192 120,306 46,004 $ 74,110 $93,425 Core 257,647 83,959 52,609 62,446 614,727 208,535 57,938 69,562 Core 148,084 59,791 53,526 65,990 399,921 157,197 52,171 65,291 Core 91,293 34,692 66,882 82,491 304,127 117,213 59,851 70,401 Core 419,461 213,740 58,803 81,579 969,623 410,327 51,138 67,593 Core 98,083 34,231 94,977 114,120 241,153 82,668 93,969 113,986 Core 89,957 31,569 41,619 49,981 201,503 72,943 47,894 56,306 Core 105,870 39,349 78,556 85,621 205,109 73,112 93,445 108,276 Core 68,832 23,221 89,522 113,455 199,361 64,663 82,867 105,093 Core 156,384 56,991 69,666 90,260 292,132 105,178 66,927 88,388 Core 68,832 23,221 89,522 113,455 199,361 64,663 82,867 105,093 Core 62,528 23,953 73,997 102,234 166,443 62,677 79,970 105,922 Core 99,649 34,369 46,062 56,826 168,246 58,789 46,062 56,826 Core 67,165 24,889 97,270 125,159 142,822 51,210 94,119 119,232 Core 45,606 19,067 65,917 75,855 153,302 61,023 57,724 68,679 Core 41,815 15,619 55,375 66,288 151,655 61,034 47,547 61,261 Core 25,618 8,209 89,598 125,526 129,143 36,828 72,841 102,767 Core 1,239,853 422,421 26,865 33,419 2,690,882 1,034,060 45,279 56,415 Core 58,692 25,428 58,119 67,529 135,000 56,693 60,560 71,601 Core 87,986 37,409 31,982 39,628 124,868 52,566 34,683 43,184 Core 58,885 24,646 30,982 40,002 111,991 47,249 33,391 41,275 Core 567,476 209,231 40,253 47,643 1,435,467 511,796 30,552 43,522 Core 60,322 22,861 42,715 47,867 95,320 35,238 50,142 56,573 Core 37,052 13,412 80,007 87,773 108,922 38,302 77,480 89,838 Core 49,442 18,288 87,533 113,042 101,266 36,438 86,509 106,011 Core 26,118 10,066 56,556 64,248 87,796 32,151 54,709 62,531 Core 46,879 19,366 44,294 55,033 69,993 28,186 47,104 57,514 Core 30,732 11,642 52,106 64,775 68,326 26,137 51,610 62,711 Core 43,975 17,347 36,874 47,144 61,197 23,615 41,055 51,545 Core 7,567 3,014 32,283 43,919 11,899 4,627 34,031 46,300 Fund I 112,547 47,337 47,547 53,746 266,313 108,411 53,466 60,719 Fund I 28,714 10,621 54,485 64,626 110,797 41,494 49,602 59,866 Fund I 53,342 20,470 45,506 55,396 98,291 37,263 41,483 52,190 Fund I 99,813 36,587 66,886 77,416 264,560 103,403 63,816 74,661 Fund I 36,856 13,450 78,415 95,294 123,546 43,654 85,757 103,311 Fund I 23,976 9,393 50,934 64,402 44,606 16,968 42,687 55,503 Fund I 23,976 9,393 50,934 64,402 44,606 16,968 42,687 55,503 Fund I 99,119 38,035 52,505 60,732 225,653 86,122 54,074 62,011 Fund II- Urban In-Fill 1,205,053 412,674 30,252 38,298 1,997,909 698,322 33,259 40,957 Fund II- Urban In-Fill 535,739 175,108 29,260 36,324 2,049,516 721,521 34,366 42,608 Fund II- Urban In-Fill 398,727 147,238 48,697 56,116 1,109,022 403,897 44,956 53,542 Fund II- Urban In-Fill 1,274,483 427,111 25,104 31,477 2,531,473 966,482 37,307 48,034 Fund II- Other 77,560 29,487 77,130 108,955 288,932 108,039 75,456 97,126 - ---------------------------------------------------------------- ----------------------------------------
TOTAL ----------------------------------------- ---------------------------------------- Weighted Average - Based on GLA 154,982 55,147 $ 60,010 $ 72,503 364,972 134,884 $ 59,069 $72,283 ----------------------------------------- ---------------------------------------- Weighted Average - Based on base rent (1) (142,302) (51,033) $ 63,636 $ 77,497 (306,291) (112,818) $ 61,142 $74,854 ----------------------------------------- ---------------------------------------- CORE ----------------------------------------- ---------------------------------------- Weighted Average - Based on GLA 75,757 27,972 $ 64,373 $ 77,691 180,916 67,226 $ 63,116 $77,324 ----------------------------------------- ---------------------------------------- Weighted Average - Based on base rent (1) (117,601) (42,840) $ 64,972 $ 79,116 (249,755) (91,623) $ 62,045 $75,954 ----------------------------------------- ---------------------------------------- FUND I ----------------------------------------- ---------------------------------------- Weighted Average - Based on GLA 65,948 25,594 $ 54,285 $ 64,732 159,617 62,001 $ 51,987 $62,504 ----------------------------------------- ---------------------------------------- Weighted Average - Based on base rent (1) (59,639) (23,108) $ 56,697 $ 67,503 (152,755) (58,446) $ 56,456 $67,635 ----------------------------------------- ---------------------------------------- FUND II -Urban In-fill ----------------------------------------- ---------------------------------------- Weighted Average - Based on GLA 751,975 258,716 $ 37,194 $ 44,375 1,736,964 636,208 $ 39,798 $48,760 ----------------------------------------- ---------------------------------------- Weighted Average - Based on base rent (1)(1,010,568)(339,624) $ 28,758 $ 35,525 (2,239,128) (833,565) $ 37,032 $46,730 ----------------------------------------- ---------------------------------------- FUND II -Other ----------------------------------------- ---------------------------------------- Weighted Average - Based on GLA 77,560 29,487 $ 77,130 $108,955 288,932 108,039 $ 75,456 $97,126 ----------------------------------------- ---------------------------------------- Weighted Average - Based on base rent (1) (77,560) (29,487) $ 77,130 $108,955 (288,932) (108,039) $ 75,456 $97,126 ----------------------------------------- ---------------------------------------- (1) Does not include the Kroger/Safeway Portfolio. Base rent for joint ventures has been pro-rated based on the Company's ownership % in the joint venture. (2) Sherman and 161st Street figures are for 2 mile radius
Page 65 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Residential (Multi-family) Properties -------------------------------------
% Occupied % Occupied Property Location Square Feet Units December 31, 2006 September 30, 2006 -------- -------- ----------- ----- ----------------- ------------------ Mid-Atlantic North Carolina Village Apartments Winston Salem 578,706 600 86% 91% Mid-West Missouri Gate House, Holiday House, Tiger Village, Columbia 625,545 874 92% 87% Colony Apartments (1) ----------- ----- Totals 1,204,251 1,474 90% 89% =========== ===== === === (1) As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions
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