-----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, L1d0cKtvTQ9Y0ujqOuJfI2yRiY61qiI1S9XpU+A8/3diuyO3FV+51RiqxCrbclTu XvygCFcICxdQpGcudqBXGw== 0001157523-07-007405.txt : 20070727 0001157523-07-007405.hdr.sgml : 20070727 20070727115403 ACCESSION NUMBER: 0001157523-07-007405 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070727 DATE AS OF CHANGE: 20070727 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: 071005359 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 a5457580.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): July 25, 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 July 25, 2007, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and six months ended June 30, 2007. 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 July 25, 2007, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter and six months ended June 30, 2007. 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 July 25, 2007. 99.2 Financial and Operating Reporting Supplement of the Company for the Quarter and Six Months Ended June 30, 2007. 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: July 27, 2007 By: /s/ Michael Nelsen Name: Michael Nelsen Title: Sr. Vice President and Chief Financial Officer 2 EX-99.1 2 a5457580-ex991.txt EXHIBIT 99.1 EXHIBIT 99.1 Acadia Realty Trust Reports Second Quarter 2007 Operating Results NEW YORK--(BUSINESS WIRE)--July 25, 2007--Acadia Realty Trust (NYSE: AKR - "Acadia" or the "Company"), a real estate investment trust ("REIT"), today reported operating results for the quarter ended June 30, 2007. All per share amounts discussed below are on a fully diluted basis. Second Quarter 2007 Highlights Earnings - 2007 second quarter FFO $0.26 and EPS of $0.09 -- Funds from operations ("FFO") per share of $0.26 for the second quarter 2007 compared to $0.30 for second quarter 2006 -- Earnings per share ("EPS") for second quarter 2007 of $0.09 compared to $0.15 for second quarter 2006 Portfolio performance -- Year-to-date 2007 same store net operating income for the retail portfolio decreased $0.5 million or 1.8% compared to 2006 -- Including pro-rata share of joint venture properties, June 30, 2007 occupancy at 93.2%, a decrease of 0.8% from first quarter 2007 Fund III - Formation of third discretionary investment fund vehicle -- Formed Fund III with $500 million of discretionary institutional capital Continued progress on external growth initiatives -- Completed the acquisition of the Albee Square redevelopment project in downtown Brooklyn, New York -- Acquired additional urban/infill investment -- Additional RCP Venture investment made in second quarter 2007 Second Quarter Operating Results For the quarter ended June 30, 2007, FFO, a widely accepted measure of REIT performance, was $8.8 million, or $0.26 per share, compared to $10.3 million, or $0.30 per share for the quarter ended June 30, 2006. Contributing to the $0.04 per share variance between these quarters was a $0.02 decline in fee income primarily as a result of the timing of fees earned and a $0.02 net decline in same store net operating income, as further discussed below. For the six months ended June 30, 2007, FFO was $20.9 million or $0.62 per share compared to $19.9 million, or $0.59 per share for the six months ended June 30, 2006. The year-to-date increase is primarily the result of income from Acadia's RCP Venture investment in Albertson's received during the first quarter of 2007. EPS was $0.09 for the second quarter 2007 compared to $0.15 for the second quarter 2006 and $0.29 for the six months ended June 30, 2007 compared to $0.28 for the six months ended June 30, 2006. Portfolio performance Including its pro-rata share of joint venture operating properties, Acadia's portfolio occupancy was 93.2% for the quarter ended June 30, 2007. This represents a decrease of 80 basis points from 94% at March 31, 2007. Of this decrease, approximately 40 basis points resulted from Acadia's buy-out of an anchor lease at a core property. A lease with a replacement anchor has been executed at a base rent of approximately three times that of the former tenant. For the six months ended June 30, 2007, same store net operating income ("NOI") for the retail portfolio decreased approximately $0.5 million, or 1.8%, compared with the same period in 2006. For the quarter ended June 30, 2007, same store NOI declined $0.4 million, or 2.8% from the year ago quarter. These unfavorable variances were principally driven by the settlement of prior year common area maintenance ("CAM") reimbursement billings with certain tenants and the reversal of prior year over-accruals impacting same store NOI by $0.5 million and $0.8 million for the quarter and six months ended June 30, 2007, respectively. During the second quarter of 2007, Acadia executed 17,000 square feet of new leases at an average rent increase of 64% and 68,000 square feet of renewal leases at an average rent increase of 5% from the previous rents on a cash basis. Including the effect of the straight-lining of rents, new and renewal leases had an average rent increase of 75% and 13%, respectively. Balance Sheet - Portfolio debt is now 95% fixed-rate The following reflects the Company's ongoing focus on maintaining a strong balance sheet: -- Fixed-charge coverage ratio (EBITDA / interest expense plus preferred distributions) of 2.6 to 1 for the second quarter 2007 -- Debt to total market capitalization of 34% -- Dividend payout ratio for the second quarter 2007 of 76% of FFO; year-to-date payout ratio is 64% -- Approximately $157 million available under existing credit facilities -- 95% of the Company's total mortgage debt is now fixed-rate, inclusive of long-term interest rate swaps and adjusted for its pro-rata share of consolidated joint venture debt Fund III - Formation of $500 million discretionary investment fund On May, 16, 2007, Acadia announced the formation of its third discretionary investment fund, Acadia Strategic Opportunity Fund III LLC ("Fund III"). Fund III will be capitalized with $500 million of discretionary institutional capital, which will enable Fund III to acquire or develop approximately $1.5 billion of assets on a leveraged basis. Fund III consists of 13 institutional investors, including a majority of the investors from prior funds. Acadia will invest 20% or $100 million of the required capital in Fund III, which is fully committed. The terms and structure of Fund III are substantially the same as Funds I and II. Acadia will earn a pro-rata return on its invested equity in Fund III, as well as fees for asset management, development/redevelopment services, leasing, construction management and property management. Acadia also has the opportunity to earn additional amounts based on certain investment return thresholds. Fund III will continue to pursue the investment initiatives of Acadia's first two discretionary investment funds. In line with this strategy, Fund III anticipates expanding the Urban-Infill Redevelopment platform which currently has nine urban-infill projects aggregating in excess of 2.0 million square feet upon completion and approximately $700 million in projected total costs. This includes Acadia's joint-venture with P/A Associates in New York City. Fund III will also continue to make investments in the Retailer Controlled Property initiative, which currently has invested in Mervyns and Albertson's among other investments. External Growth Continues with Focus on New York Urban/Infill Redevelopments New York Urban/Infill Redevelopment Program Acadia, through its Fund II New York Urban-Infill Redevelopment Initiative with P/A Associates and Washington Square Partners (collectively, "Acadia P/A-Travis"), together with MacFarlane Partners ("MacFarlane"), acquired the leasehold interest in The Gallery at Fulton Street and adjacent parking garage in downtown Brooklyn on June 13, 2007. Initial plans for the property call for a mixed-use development that will play a key role in the ongoing renaissance and resurgence of Downtown Brooklyn. The project, called Albee Square, will consist of retail, office and a residential component and will be the first major commercial project constructed as a result of New York City's 2004 Downtown Brooklyn Plan. Acadia P/A-Travis, a majority partner, together with MacFarlane, will develop and operate the retail component, which is anticipated to total 475,000 square feet of prime retail space. Acadia P/A-Travis will also participate in the development of the office component with MacFarlane, which is expected to include at least 125,000 square feet of Class A office space. MacFarlane will also develop and operate the residential component of the project, which will include a mix of affordable and market rate housing and ample parking. Additionally, on May 31, 2007, Acadia, through Fund II and in partnership with its self-storage partner at several of the other New York urban projects, acquired a property on Atlantic Avenue in Brooklyn, New York for $5.0 million. Plans for the property call for the demolition of the existing structure and the construction of a modern climate controlled self-storage facility consisting of approximately 110,000 square feet. Retailer Controlled Property Initiative ("RCP Venture") - Additional Investment During the second quarter, Acadia, through Fund II, made an additional investment of approximately $2.7 million in its RCP Venture for the acquisition of a portfolio of 87 retail properties from Rex Stores Corporation. The properties are located in 27 states with concentrations in Florida, Ohio, Michigan, Texas and South Carolina. Management Team As previously announced, Numa Jerome joined the Acadia executive management team in the position of Senior Vice President and Director of Leasing to continue to drive core portfolio performance and lead the Company's external growth leasing activities. Outlook - Earnings Guidance for 2007 As a result of several factors, including the previously mentioned resolution in tenant CAM reimbursements, the impact of senior management changes and the timing of other potential transactions, which management will discuss on its quarterly earnings conference call, the Company currently anticipates that its earnings for the year ending December 31, 2007 will approach the lower end of its previously announced guidance of FFO ranging from $1.30 to $1.35 per share and EPS ranging from $0.65 to $0.70. The lower end of this range represents a 9% growth rate over 2006 annual FFO of $1.19 and 35% growth in annual EPS. Management Comments Commenting on the results for the second quarter, Kenneth F. Bernstein, President and CEO, stated, "The key components of our business are continuing to provide solid value creation for our shareholders. Complimenting a solid and stable core portfolio, the launching of our third investment fund should give us plenty of discretionary investment capital to continue to execute on our external growth platform. With respect to our current pipeline, the Albee Square and Atlantic Avenue acquisitions are contributing to an exciting portfolio of unique urban mixed-use properties that should help drive significant future growth for the next several years." Investor Conference Call Management will conduct a conference call on Thursday, July 26, 2007 at 2:00 PM ET to review the Company's earnings and operating results. The live conference call can be accessed by dialing 888-482-0024 (internationally 617-801-9702). 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 78758690. The phone replay will be available through Wednesday, August 1, 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. These forward-looking statements include statements regarding our future earnings, estimates regarding the timing of completion of, and costs relating to, our real estate redevelopment projects. Factors that could cause our forward-looking statements to differ from our future results 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 1, 2007 ("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. ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights For the Quarters and Six Months ended June 30, 2007 and 2006 (dollars in thousands, except per share data) For the quarters ended For the six months ended June 30, June 30, Revenues 2007 2006 2007 2006 ------------ ------------ ------------ ------------ Minimum rents $18,973 $17,010 $37,827 $34,297 Percentage rents 145 126 283 311 Expense reimbursements 2,872 3,373 6,214 7,250 Other property income 289 247 553 456 Management fee income 736 1,281 1,811 2,482 Interest income 2,226 1,907 5,086 3,653 Other -- -- 165 1,141 ------------ ------------ ------------ ------------ Total revenues 25,241 23,944 51,939 49,590 ------------ ------------ ------------ ------------ Operating expenses Property operating 3,982 3,478 8,888 7,345 Real estate taxes 2,515 2,354 4,713 5,054 General and administrative 5,542 4,779 10,990 10,086 Depreciation and amortization 6,873 6,336 13,410 12,566 ------------ ------------ ------------ ------------ Total operating expenses 18,912 16,947 38,001 35,051 ------------ ------------ ------------ ------------ Operating income 6,329 6,997 13,938 14,539 Equity in earnings of unconsolidated affiliates 3,583 3,028 3,713 5,999 Interest expense (5,900) (5,654) (12,047) (10,839) Minority interest (587) 330 1,701 (746) ------------ ------------ ------------ ------------ Income from continuing operations before income taxes 3,425 4,701 7,305 8,953 Income taxes (391) (363) (435) (812) ------------ ------------ ------------ ------------ Income from continuing operations 3,034 4,338 6,870 8,141 ------------ ------------ ------------ ------------ ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights For the Quarters and Six Months ended June 30, 2007 and 2006 (dollars in thousands, except per share data) For the quarters ended For the six months ended June 30, June 30, 2007 2006 2007 2006 ------------ ------------ ------------ ------------ Discontinued operations: Operating income from discontinued operations $ -- $ 520 $ -- $ 1,081 Minority interest -- (10) -- (21) ------------ ------------ ------------ ------------ Income from discontinued operations -- 510 -- 1,060 ------------ ------------ ------------ ------------ Net income before extraordinary item 3,034 4,848 6,870 9,201 ------------ ------------ ------------ ------------ Extraordinary item: Share of extraordinary gain from investment in unconsolidated affiliate -- -- 23,690 -- Minority interest -- -- (18,959) -- Income taxes -- -- (1,848) -- ------------ ------------ ------------ ------------ Income from extraordinary item -- -- 2,883 -- ------------ ------------ ------------ ------------ Net income $ 3,034 $ 4,848 $ 9,753 $ 9,201 ============ ============ ============ ============ Net income per Common Share - Basic Net income per Common Share - Continuing operations $ 0.09 $ 0.14 $ 0.21 $ 0.26 Net income per Common Share - Discontinued operations -- 0.01 -- 0.02 Net income per Common Share - Extraordinary item -- -- 0.09 -- ------------ ------------ ------------ ------------ Net income per Common Share $ 0.09 $ 0.15 $ 0.30 $ 0.28 ============ ============ ============ ============ Weighted average Common Shares 32,935 32,509 32,845 32,489 ============ ============ ============ ============ Net income per Common Share - Diluted (1) Net income per Common Share - Continuing operations $ 0.09 $ 0.14 $ 0.20 $ 0.26 Net income per Common Share - Discontinued operations -- 0.01 -- 0.02 Net income per Common Share - Extraordinary item -- -- 0.09 -- ------------ ------------ ------------ ------------ Net income per Common Share $ 0.09 $ 0.15 $ 0.29 $ 0.28 ============ ============ ============ ============ Weighted average Common Shares 33,295 32,811 33,273 32,789 ============ ============ ============ ============ ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights For the Quarters and Six Months ended June 30, 2007 and 2006 (dollars in thousands, except per share data) RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (2) For the quarters ended For the six months ended June 30, June 30, 2007 2006 2007 2006 ----------- ----------- ------------ ----------- Net income $3,034 $4,848 $9,753 $9,201 Depreciation of real estate and amortization of leasing costs (net of minority interests' share) Wholly owned and consolidated affiliates 5,158 5,294 9,955 10,327 Unconsolidated affiliates 513 438 988 850 Income attributable to minority interest in Operating Partnership 84 104 228 198 Distributions - Preferred OP Units 5 63 13 125 Gain on sale (net of minority interests' share and income taxes) -- (460) -- (831) Extraordinary item (net of minority interests' share and income taxes) -- -- (2,883) -- ----------- ----------- ------------ ----------- Funds from operations 8,794 10,287 18,054 19,870 Add back: Extraordinary item, net (3) -- -- 2,883 -- ----------- ----------- ------------ ----------- Funds from operations, adjusted for extraordinary item $8,794 $10,287 $20,937 $19,870 =========== =========== ============ =========== Funds from operations per share - Diluted Weighted average Common Shares and OP Units (4) 33,984 33,799 33,960 33,778 =========== =========== ============ =========== Funds from operations, adjusted, per share $0.26 $0.30 $0.62 $0.59 =========== =========== ============ =========== ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights As of June 30, 2007 and December 31, 2006 (dollars in thousands, except per share data) SELECTED BALANCE SHEET INFORMATION June 30, December 31, 2007 2006 ------------ ------------ Cash and cash equivalents $ 120,759 $ 139,571 Rental property, at cost 811,803 677,238 Total assets 897,694 851,692 Notes payable 476,399 447,402 Total liabilities 524,791 496,836 Notes: (1) Reflects the potential dilution that could occur if securities or other contracts to issue Common Shares were exercised or converted into Common Shares. 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. (2) 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. (3) The extraordinary item represents the Company's share of estimated extraordinary gain related to its investment in Albertson's. The Albertson's entity has recorded an extraordinary gain in connection with the allocation of purchase price to assets acquired. The Company considers this as an investment in an operating business as opposed to real estate. Accordingly, all gains and losses from this investment are included in FFO which management believes provide a more accurate reflection of the operating performance of the Company. (4) In addition to the weighted average Common Shares outstanding, basic and diluted FFO also assumes full conversion of a weighted average 664 and 651 OP Units into Common Shares for the quarters ended June 30, 2007 and 2006, respectively, and 662 and 652 OP Units into Common Shares for the six months ended June 30, 2007 and 2006, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 38 and 337 Common Shares for the quarters ended June 30, 2007 and 2006, respectively, and the conversion of Preferred OP Units into 108 and 337 Common Shares for the six months ended June 30, 2007 and 2006, respectively. CONTACT: Acadia Realty Trust Debra Miley, 914-288-8148 Media Relations EX-99.2 3 a5457580-ex992.txt EXHIBIT 99.2 EXHIBIT 99.2
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Table of Contents ----------------- Page Page ---- ---- Section I - Overview Section III - Joint Venture Information Important Notes 2 Overview - Fund I 22 Company Information 3 Overview - Fund II 23 Portfolio Snapshot 4 Overview - Fund III 24 Section II - Financial Information Overview - RCP Venture 25 Market Capitalization 5 Fund I Properties - Detail 26 Shareholder Information 6 Top Fund I Tenants 27 Operating Statements - Consolidated 7 Fund I - Current Valuation 28 Operating Statements - Joint Venture's 8 Fund II Properties - Detail 29 Operating Statements - by activity 11 Fund II - New York Urban/Infill Projects 30 Operating Statements - Current v. Historical 12 Section IV - Portfolio Information Net Operating Income - Same Property Performance 13 Portfolio overview 31 Funds from Operations ("FFO"), Adjusted FFO ("AFFO") and Funds Available for Distribution ("FAD") 14 Properties by Region 34 Capital Expenditures 15 Properties by State 35 Consolidated Balance Sheets 16 Properties - Detail 36 Selected Operating Ratios 17 Leasing Production and rent spreads 39 Debt Analysis - Summary 18 Top 10 Tenants - Consolidated 40 Debt Analysis - Detail 19 Anchor Tenant Detail 41 Debt Maturity Schedule 21 Anchor Lease Expirations - Next 3 Years 46 Lease Expirations 47 Property Demographics 52 Residential Properties 53 Visit acadiarealty.com for current news as well as additional property details and financial information
Page 1 QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 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 computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. The Company's method of calculating EBITDA and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA and NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They 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 QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 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 73 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 Debra Miley Suite 260 Director - Marketing & Communications White Plains, NY 10605 (914) 288-8148 dmiley@acadiarealty.com New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com Analyst Coverage Banc of America Securities J.P. Morgan Securities, Inc. Christine McElroy - (212) 847-5658 Michael W. Mueller, CFA (212) 622-6689 christine.m.mcelroy@bofasecurities.com michael.w.mueller@jpmorgan.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 Citigroup - Smith Barney Jonathan Litt - (212) 816-0231 jonathan.litt@citigroup.com Ambika Goel - (212) 816-6981 Ambika.goel@citigroup.com
Page 3 QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Total Market Capitalization ---------------------------- (including pro-rata share of joint venture debt) Percent of Percent of Total Market (amounts in thousands) Total Equity Capitalization ------------------- -------------- Equity Capitalization - ----------------------------------------- Total Common Shares Outstanding 98.0% 32,169 Common Operating Partnership ("OP") Units 2.0% 642 ---------- Combined Common Shares and OP Units 32,811 Market Price at June 30, 2007 $ 25.95 ---------- Equity Capitalization - Common Shares and OP Units $ 851,445 Preferred OP Units - at cost (1) 0.0% 188 ------------ ---------- Total Equity Capitalization 100.0% 851,633 66.4% ============ ========== ======= Debt Capitalization - ----------------------------------------- Consolidated debt 474,527 Adjustment to reflect pro-rata share of debt (43,783) ---------- Total Debt Capitalization 430,744 33.6% ---------- ------- Total Market Capitalization $1,282,377 100.0% ========== ======= Weighted Average Outstanding Common Shares and O.P. Units --------------------------------------------------------- Common Shares O.P. Units Total ------ ---------- ------ ================================================================================ Basic Quarter ended June 30, 2007 32,934,843 663,808 33,598,651 Year-to-date June 30, 2007 32,844,592 662,023 33,506,615 Fully Diluted (3) Quarter ended June 30, 2007 33,295,430 663,808 33,959,238 Year-to-date June 30, 2007 33,272,717 662,023 33,934,740 ================================================================================ Basic Quarter ended June 30, 2006 32,509,360 651,163 33,160,523 Year-to-date June 30, 2006 32,488,896 652,256 33,141,152 Fully Diluted (3) Quarter ended June 30, 2006 32,810,794 651,163 33,461,957 Year-to-date June 30, 2006 32,788,571 652,256 33,440,827 (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. (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 12,858 and 83,392 Preferred OP Units is dilutive for EPS and is included in the fully diluted amounts above for the quarter and six months ending June 30, 2007, respectively. They were anti-dilutive for EPS for the quarter and six months ended June 30, 2006. Page 4 QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Shareholder Information ----------------------- (amounts in thousands) 10 Largest Institutional/Non-Retail Shareholders (1) Percent of Out- Common standing Common Shareholder Shares Held Shares - --------------------------- ----------- ---------------- Wellington Management 3,338 10.4% Lasalle Investment Management Securities LP 2,785 8.7% Third Avenue Management 2,671 8.3% Morgan Stanley 2,216 6.9% Vanguard Group 1,819 5.7% Yale University 1,788 5.6% Barclay's Global Investors 1,736 5.4% KG Redding & Associates 1,324 4.1% Principal Financial Group 1,184 3.7% Cliffwood Partners 1,117 3.5% ----------- ---------------- Total of 10 Largest Institutional Shareholders 19,978 62.1% =========== ================ Total of all Institutional Shareholders 31,657 98.4% =========== ================ 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 5
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Statements of Operations - Consolidated (1) - ------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands) --------------------------------- -------------------------------- Year to Date Current Quarter Previous Quarter Period 3 months 3 months ended June 30, ended June 30, ended March 31, 2007 2007 2007 --------------------------------- -------------------------------- ----------------------------------- Dis- Dis- Dis- Wholly continued Wholly continued Wholly continued Owned JV's operations Total Owned JV's operations Total Owned JV's operations Total ----- ----- ---------- ----- -------- ----- ------ ----- -------- ---- ------- -------- PROPERTY REVENUES Minimum rents $26,957 $ 9,591 $ - $ 36,548 $13,775 $ 4,791 $ - $18,566 $13,182 $ 4,800 $ - $17,982 Percentage rents 280 43 - 323 142 11 - 153 138 32 - 170 Expense reimbursements 5,840 1,161 - 7,001 2,548 644 - 3,192 3,292 517 - 3,809 Other property income 488 52 - 540 235 40 - 275 253 12 - 265 -------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- -------- 33,565 10,847 - 44,412 16,700 5,486 - 22,186 16,865 5,361 - 22,226 -------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- -------- PROPERTY EXPENSES Property operating 6,737 1,368 - 8,105 2,845 705 - 3,550 3,892 663 - 4,555 Real estate taxes 3,989 796 - 4,785 2,088 471 - 2,559 1,901 325 - 2,226 -------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- -------- 10,726 2,164 - 12,890 4,933 1,176 - 6,109 5,793 988 - 6,781 -------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- -------- NET OPERATING INCOME - PROPERTIES (3) 22,839 8,683 - 31,522 11,767 4,310 - 16,077 11,072 4,373 - 15,445 OTHER INCOME (EXPENSE) General and administrative (6,109) - - (6,109) (3,202) - - (3,202) (2,907) - - (2,907) Property related home office expenses (5,555) (141) - (5,696) (2,927) (57) - (2,984) (2,628) (84) - (2,712) Equity in earnings of unconsolidated properties - 5,495 - 5,495 - 772 - 772 - 4,723 - 4,723 Lease termination income - - - - - - - - - - - - Interest income 4,910 249 - 5,159 2,099 140 - 2,239 2,811 109 - 2,920 Asset and property management income (2) 6,329 - - 6,329 3,294 - - 3,294 3,035 - - 3,035 Promote Fee - - - - - - - - - - - - Property management expense (147) (4) - (151) (73) (2) - (75) (74) (2) - (76) Straight-line rent income 701 607 - 1,308 309 296 - 605 392 311 - 703 Straight-line rents written off (146) - - (146) (61) - - (61) (85) - - (85) FAS 141 Rent (258) 19 - (239) (237) 16 - (221) (21) 3 - (18) Abandoned project costs - - - - - - - - - - - - Hurricane related income (expenses) - - - - - - - - - - - - Provision for Income Taxes (2,261) (15) - (2,276) (383) (2) - (385) (1,878) (13) - (1,891) Swap termination income 165 - - 165 - - - - 165 - - 165 -------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- -------- EBIDTA 20,468 14,893 - 35,361 10,586 5,473 - 16,059 9,882 9,420 - 19,302 Depreciation and amortization (8,412) (4,002) - (12,414) (4,257) (2,016) - (6,273) (4,155) (1,986) - (6,141) FAS 141 Amortization (240) (36) - (276) (316) (16) - (332) 76 (20) - 56 Interest expense (8,958) (3,410) - (12,368) (4,535) (1,736) - (6,271) (4,423) (1,674) - (6,097) Loan defeasance (net of reimbursement) (426) - - (426) - - - - (426) - - (426) FAS 141 Interest 27 30 - 57 7 15 - 22 20 15 - 35 Impairment of real estate - - - - - - - - - - - - Gain on sale of properties - - - - - - - - - - - - Gain (loss) on sale of properties - Mervyns - - - - - - - - - - - - Income taxes on gain on property sale - Mervyns - - - - - - - - - - - - -------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- -------- Income before minority interest 2,459 7,475 - 9,934 1,485 1,720 - 3,205 974 5,755 - 6,729 Minority interest - OP (83) (144) - (227) (51) (32) - (83) (32) (112) - (144) Minority interest 233 (187) - 46 1 (89) - (88) 232 (98) - 134 -------- -------- ------ --------- -------- -------- ------ -------- -------- -------- ------- -------- NET INCOME $ 2,609 $ 7,144 $ - $ 9,753 $ 1,435 $ 1,599 $ - $ 3,034 $ 1,174 $ 5,545 $ - $ 6,719 ======== ======== ====== ========= ======== ======== ====== ======== ======== ======== ======= ======== -------------------------------------- --------------------------------- ------------------------------- (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: 2nd 1st YTD Quarter Quarter -------- -------- -------- Asset management fee Fund II $ 1,800 $ 900 $ 900 Asset management fee Fund III 750 750 - Property management/Leasing/Construction/legal fees - Fund I 146 15 131 Property management/Construction/legal fees - Fund II 1,824 835 989 Klaff related fees 1,375 560 815 Other fees 434 234 200 -------- -------- -------- $ 6,329 $ 3,294 $ 3,035 Priority distributions - Fund I 484 244 240 -------- -------- -------- Total Management fees and priority distributions $ 6,813 $ 3,538 $ 3,275 ======== ======== ======== (3) Includes majority-owned affiliates of which the minority share of NOI for 239 Greenwich Ave and Boonton Shopping Center aggregated $232 for the quarter and $462 for the six months ended June 30, 2007.
Page 6
Statements of Operations - Joint Venture Activity (1) - ----------------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands) ---------------------------------------------------------------------------------------------------------------------- Year-to-Date Period ended June 30, 2007 ---------------------------------------------------------------------------------------------------------------------- AKR Pro- rata share and AKR AKR AKR AKR AKR AKR AKR AKR 20% Brandy- Pro- Pro- Pro- Pro- Brandy- Pro- Pro- Pro- Fund Promote wine Mervyns rata Fund rata Mervyns rata Fund rata wine rata Cross- rata rata I (4) Promote I share II share II share III share JV share roads share Total ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ PROPERTY REVENUES Minimum rents $ 5,556 $ 2,099 $ 3,457 $ - $ - $ 4,497 $ 900 $ - $ - $ - $ - $ 7,415 $ 1,648 $3,033 $1,487 $9,591 Percentage rents 3 1 2 - - - - - - - - 177 39 3 1 43 Expense reimburse- ments 351 133 218 - - 23 4 - - - - 1,418 315 1,001 491 1,161 Other property income 24 10 14 - - 40 8 - - - - 23 5 32 15 52 ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ 5,934 2,243 3,691 - - 4,560 912 - - - - 9,033 2,007 4,069 1,994 10,847 ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ PROPERTY EXPENSES Property operating 468 177 291 - - 1,380 276 - - - - 1,937 430 397 194 1,368 Real estate taxes 139 53 86 - - 585 117 - - - - 484 107 885 433 796 ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ 607 230 377 - - 1,965 393 - - - - 2,421 537 1,282 627 2,164 ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ NET OPERATING INCOME - PROPERTIES (4) 5,327 2,013 3,314 - - 2,595 519 - - - - 6,612 1,470 2,787 1,367 8,683 OTHER INCOME (EXPENSE) General and administra- tive - - - - - - - - - - - - - - - - Property related home office expenses (120) (46) (74) - - (105) (21) - - - - - - - - (141) Equity in earnings of unconsol- idated properties (115) (58) (72) 1,155 436 (203) (41) 26,155 5,230 - - - - - - 5,495 Lease termination income - - - - - - - - - - - - - - - - Interest income 183 69 114 6 2 161 32 13 3 - - 56 13 33 16 249 Asset and property management income - - - - - - - - - - - - - - - - Promote Fee - - - - - - - - - - - - - - - - Asset and property management expense(2) (4) (2) (2) - - (2,404) - - - (938) - (447) - - - (4) Straight-line rent income 539 203 336 - - 38 8 - - - - 256 57 7 3 607 Straight-line rents written off - - - - - - - - - - - - - - - - FAS 141 Rent (8) (4) (4) - - (211) (42) - - - - 311 69 - - 19 Abandoned project costs - - - - - - - - - - - - - - - - Hurricane related expenses - - - - - - - - - - - - - - - - Provision for income taxes (12) (5) (7) (4) (2) - - (6) (1) - - - - - - (15) Swap termination income - - - - - - - - - - - - - - - - ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ EBIDTA 5,790 2,170 3,605 1,157 436 (129) 455 26,162 5,232 (938) - 6,788 1,609 2,827 1,386 14,893 Depreciation and amortiz- ation (3) (3,313) (1,252) (2,061) - - -(1,254) (251) - - - - (1,498) (333) (216) (105) (4,002) FAS 141 Amortiz- ation (2) - (2) - - (169) (34) - - - - - - - - (36) Interest expense (1,145) (418) (712) - - (1,811) (362) - - - - (5,010) (1,071)(1,728) (847) (3,410) Loan defeasance - - - - - - - - - - - - - - - - FAS 141 Interest 30 12 18 - - - - - - - - - - - - 30 Impairment of real estate - - - - - - - - - - - - - - - - Gain on sale of properties - - - - - - - - - - - - - - - - Gain (loss) on sale of properties - Mervyn's - - - - - - - - - - - - - - - - Income taxes on gain on property sale - Mervyn's - - - - - - - - - - - - - - - - ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ Income before minority interest 1,360 512 848 1,157 436 (3,363) (192) 26,162 5,232 (938) - 280 205 883 434 7,475 Minority interest - OP - (10) (17) - (8) - 4 - (105) - - - - - (8) (144) Minority interest (226) (86) (140) - - 195 39 - - - - - - - - (187) ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ NET INCOME $ 1,134 $ 416 $ 691 $ 1,157 $ 428 $(3,168) $(149) $26,162 $5,127 $(938) $ - $ 280 $ 205 $ 883 $ 426 $7,144 ======= ======= ======= ======= ===== ======== ====== ======= ====== ===== ====== ======= ======= ====== ====== ====== ----------------------------------------------------------------------------------------------------------------------
(1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinio-n of management, are necessary for a fair presentatio n of operating results for the interim periods. The Company 's investments in consolidated and unconsolidated =joint ventures are reflected separately for revenues and expe-nses 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. (4) Includes majority-owned affiliates of which the minority share of NOI for the Kroger/Safeway Portfolio amounts to $1,391 on an annual basis ($7,363 x 37.78% x 50%) and $695 for the second quarter. Page 7
---------------------------------------------------------------------------------------------------------------------- Current Quarter 3 months ended June 30, 2007 ---------------------------------------------------------------------------------------------------------------------- AKR Pro- rata share and AKR AKR AKR AKR AKR AKR AKR AKR 20% Brandy- Pro- Pro- Pro- Pro- Brandy- Pro- Pro- Pro- Fund Promote wine Mervyns rata Fund rata Mervyns rata Fund rata wine rata Cross- rata rata I (4) Promote I share II share II share III share JV share roads share Total ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ PROPERTY REVENUES Minimum rents $ 2,766 $ 1,045 $ 1,721 $ - $ - $ 2,233 $ 447 $ - $ - $ - $ - $ 3,725 $ 828 $1,528 $ 750 $4,791 Percentage rents 3 1 2 - - - - - - - - 31 7 3 1 11 Expense reimburse- ments 237 90 147 - - 87 17 - - - - 713 158 473 232 644 Other property income 20 8 12 - - 34 7 - - - - 10 2 23 11 40 ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ 3,026 1,144 1,882 - - 2,354 471 - - - - 4,479 995 2,027 994 5,486 ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ PROPERTY EXPENSES Property operating 267 101 166 - - 730 146 - - - - 920 204 180 88 705 Real estate taxes 139 53 86 - - 288 58 - - - - 240 53 452 221 471 ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ 406 154 252 - - 1,018 204 - - - - 1,160 257 632 309 1,176 ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ NET OPERATING INCOME - PROPERTIES (4) 2,620 990 1,630 - - 1,336 267 - - - - 3,319 738 1,395 685 4,310 OTHER INCOME (EXPENSE) General and administra- tive - - - - - - - - - - - - - - - - Property related home office expenses (47) (18) (29) - - (52) (10) - - - - - - - - (57) Equity in earnings of unconsol- idated properties (135) (51) (84) 1,155 436 (104) (21) 2,465 492 - - - - - - 772 Lease termination income - - - - - - - - - - - - - - - - Interest income 101 38 63 2 1 114 23 4 1 - - 26 6 16 8 140 Asset and property management income - - - - - - - - - - - - - - - - Promote Fee - - - - - - - - - - - - - - - - Asset and property management expense (2) (2) (1) (1) - - (1,200) - - - (938) - (227) - - - (2) Straight-line rent income 263 99 164 - - 25 5 - - - - 127 28 - - 296 Straight-line rents written off - - - - - - - - - - - - - - - - FAS 141 Rent (4) (2) (2) - - (77) (15) - - - - 156 35 - - 16 Abandoned project costs - - - - - - - - - - - - - - - - Hurricane related expenses - - - - - - - - - - - - - - - - Provision for income taxes 1 - 1 (4) (2) - - (5) (1) - - - - - - (2) Swap termination income - - - - - - - - - - - - - - - - ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ EBIDTA 2,797 1,055 1,742 1,153 435 42 249 2,464 492 (938) - 3,401 807 1,411 693 5,473 Depreciation and amortization (3) (1,675) (633) (1,042) - - (625) (125) - - - - (735) (163) (109) (53) (2,016) FAS 141 Amortization (1) - (1) - - (76) (15) - - - - - - - - (16) Interest expense (561) (212) (349) - - (946) (189) - - - - (2,519) (560) (869) (426) (1,736) Loan defeasance - - - - - - - - - - - - - - - - FAS 141 Interest 15 6 9 - - - - - - - - - - - - 15 Impairment of real estate - - - - - - - - - - - - - - - - Gain on sale of properties - - - - - - - - - - - - - - - - Gain (loss) on sale of properties - Mervyn's - - - - - - - - - - - - - - - - Income taxes on gain on property sale - Mervyn's - - - - - - - - - - - - - - - - ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ Income before minority interest 575 216 359 1,153 435 (1,605) (80) 2,464 492 (938) - 147 84 433 214 1,720 Minority interest - OP - (4) (7) - (9) - 2 - (10) - - - - - (4) (32) Minority interest (113) (43) (70) - - 120 24 - - - - - - - - (89) ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ NET INCOME $ 462 $ 169 $ 282 $ 1,153 $ 426 $(1,485) $(54) $ 2,464 $ 482 $(938) $ - $ 147 $ 84 $ 433 $ 210 $1,599 ======= ======= ======= ======= ===== ======== ====== ======= ====== ===== ====== ======= ======= ====== ====== ====== ----------------------------------------------------------------------------------------------------------------------
(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. (4) Includes majority-owned affiliates of which the minority share of NOI for the Kroger/Safeway Portfolio amounts to $695 on an annual basis ($7,363 x 37.78% x 25%). Page 8
Prior Quarter 3 months ended March 31, 2007 ---------------------------------------------------------------------------------------------------------------------- AKR Pro- rata share and AKR AKR AKR AKR AKR AKR AKR AKR 20% Brandy- Pro- Pro- Pro- Pro- Brandy- Pro- Pro- Pro- Fund Promote wine Mervyns rata Fund rata Mervyns rata Fund rata wine rata Cross- rata rata I (4) Promote I share II share II share III share JV share roads share Total ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ PROPERTY REVENUES Minimum rents $ 2,790 $ 1,054 $ 1,736 $ - $ - $ 2,264 $ 453 $ - $ - $ - $ - $ 3,690 $ 820 $1,505 $ 737 $4,800 Percentage rents - - - - - - - - - - - 146 32 - - 32 Expense reimburse- ments 114 43 71 - - (64) (13) - - - - 705 157 528 259 517 Other property income 4 2 2 - - 6 1 - - - - 13 3 9 4 12 ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ 2,908 1,099 1,809 - - 2,206 441 - - - - 4,554 1,012 2,042 1,000 5,361 ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ PROPERTY EXPENSES Property operating 201 76 125 - - 650 130 - - - - 1,017 226 217 106 663 Real estate taxes - - - - - 297 59 - - - - 244 54 433 212 325 ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ 201 76 125 - - 947 189 - - - - 1,261 280 650 318 988 ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ NET OPERATING INCOME - PROPERTIES (4) 2,707 1,023 1,684 - - 1,259 252 - - - - 3,293 732 1,392 682 4,373 ` OTHER INCOME (EXPENSE) General and administra- tive - - - - - - - - - - - - - - - - Property related home office expenses (73) (28) (45) - - (53) (11) - - - - - - - - (84) Equity in earnings of unconsol- idated properties 20 (7) 12 - - (99) (20) 23,690 4,738 - - - - - - 4,723 Lease termination income - - - - - - - - - - - - - - - - Interest income 82 31 51 4 1 47 9 9 2 - - 30 7 17 8 109 Asset and property management income - - - - - - - - - - - - - - - - Promote Fee - - - - - - - - - - - - - - - - Asset and property management expense (2) (2) (1) (1) - - (1,204) - - - - - (220) - - - (2) Straight-line rent income 276 104 172 - - 13 3 - - - - 129 29 7 3 311 Straight-line rents written off - - - - - - - - - - - - - - - - FAS 141 Rent (4) (2) (2) - - (134) (27) - - - - 155 34 - - 3 Abandoned project costs - - - - - - - - - - - - - - - - Hurricane related expenses - - - - - - - - - - - - - - - - Provision for income taxes (13) (5) (8) - - - - (1) - - - - - - - (13) Swap termination income - - - - - - - - - - - - - - - - ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ EBIDTA 2,993 1,115 1,863 4 1 (171) 206 23,698 4,740 - - 3,387 802 1,416 693 9,420 Depreciation and amortization (3) (1,638) (619) (1,019) - - (629) (126) - - - - (763) (170) (107) (52) (1,986) FAS 141 Amortization (1) - (1) - - (93) (19) - - - - - - - - (20) Interest expense (584) (206) (363) - - (865) (173) - - - - (2,491) (511) (859) (421) (1,674) Loan defeasance - - - - - - - - - - - - - - - - FAS 141 Interest 15 6 9 - - - - - - - - - - - - 15 Impairment of real estate - - - - - - - - - - - - - - - - Gain on sale of properties - - - - - - - - - - - - - - - - Gain (loss) on sale of properties - Mervyn's - - - - - - - - - - - - - - - - Income taxes on gain on property sale - Mervyn's - - - - - - - - - - - - - - - - ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ Income before minority interest 785 296 489 4 1 (1,758) (112) 23,698 4,740 - - 133 121 450 220 5,755 Minority interest - OP - (6) (10) - 1 - 2 - (95) - - - - - (4) (112) Minority interest (113) (43) (70) - - 75 15 - - - - - - - - (98) ------- ------- ------- ------- ----- -------- ------ ------- ------ ----- ------ ------- ------- ------ ------ ------ NET INCOME $ 672 $ 247 $ 409 $ 4 $ 2 $(1,683) $ (95) $23,698 $4,645 $ - $ - $ 133 $ 121 $ 450 $ 216 $5,545 ======= ======= ======= ======= ===== ======== ====== ======= ====== ===== ====== ======= ======= ====== ====== ====== ----------------------------------------------------------------------------------------------------------------------
(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. (4) Includes majority-owned affiliates of which the minority share of NOI for the Kroger/Safeway Portfolio amounts to $695 on an annual basis ($7,363 x 37.78% x 25%). Page 9
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Statements of Operations - by activity (1) - ------------------------------------------ (in thousands) ------------------------------------------------------------------------------------------------------------- Year-to-Date Current Quarter Prior Quarter Period 3 months 3 months ended June 30, ended June 30, ended March 31, 2007 2007 2007 ------------------------------------- ----------------------------------- ----------------------------------- Multi- Multi- Multi- Retail Family Corporate Total Retail Family Corporate Total Retail Family Corporate Total --------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- -------- PROPERTY REVENUES Minimum rents $ 32,947 $ 3,601 $ - $ 36,548 $ 16,753 $ 1,813 $ - $ 18,566 $ 16,194 $ 1,788 $ - $ 17,982 Percentage rents 323 - - 323 153 - - 153 170 - - 170 Expense reimbursements 7,001 - - 7,001 3,192 - - 3,192 3,809 - - 3,809 Other property income 260 280 - 540 130 145 - 275 130 135 - 265 --------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- -------- 40,531 3,881 - 44,412 20,228 1,958 - 22,186 20,303 1,923 - 22,226 --------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- -------- PROPERTY EXPENSES Property operating 6,171 1,934 - 8,105 2,497 1,053 - 3,550 3,674 881 - 4,555 Real estate taxes 4,608 177 - 4,785 2,464 95 - 2,559 2,144 82 - 2,226 --------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- -------- 10,779 2,111 - 12,890 4,961 1,148 - 6,109 5,818 963 - 6,781 --------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- -------- NET OPERATING INCOME - PROPERTIES 29,752 1,770 - 31,522 15,267 810 - 16,077 14,485 960 - 15,445 OTHER INCOME (EXPENSE) General and administrative - - (6,109) (6,109) - - (3,202) (3,202) - - (2,907) (2,907) Property related home office expenses - - (5,696) (5,696) - - (2,984) (2,984) - - (2,712) (2,712) Equity in earnings of Fund I unconsolidated properties 5,495 - - 5,495 772 - - 772 4,723 - - 4,723 Lease termination income - - - - - - - - - - - - Interest income (5) 10 5,154 5,159 (5) 5 2,239 2,239 - 5 2,915 2,920 Asset and property management income - - 6,329 6,329 - - 3,294 3,294 - - 3,035 3,035 Promote Fee - - - - - - - - - - - - Other property management fees (67) (84) - (151) (34) (41) - (75) (33) (43) - (76) Straight-line rent income 1,308 - - 1,308 605 - - 605 703 - - 703 Straight-line rents written off (146) - - (146) (61) - - (61) (85) - - (85) FAS 141 Rent (239) - - (239) (221) - - (221) (18) - - (18) Abandoned project costs - - - - - - - - - - - - Hurricane related expenses - - - - - - - - - - - - Provision for income taxes (2,276) - - (2,276) (385) - - (385) (1,891) - - (1,891) Swap termination income 165 - - 165 - - - - 165 - - 165 --------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- -------- EBIDTA 33,987 1,696 (322) 35,361 15,938 774 (653) 16,059 18,049 922 331 19,302 Depreciation and amortization (11,328) (749) (337) (12,414) (5,731) (369) (173) (6,273) (5,597) (380) (164) (6,141) FAS 141 Amortization (276) - - (276) (332) - - (332) 56 - - 56 Interest expense (11,776) (592) - (12,368) (5,974) (297) - (6,271) (5,802) (295) - (6,097) Loan defeasance (426) - - (426) - - - - (426) - - (426) FAS 141 Interest 57 - - 57 22 - - 22 35 - - 35 Impairment of real estate - - - - - - - - - - - - Gain on sale of properties - - - - - - - - - - - - Gain (loss) on sale of properties - Mervyn's - - - - - - - - - - - - Income taxes on gain on property sale - Mervyn's - - - - - - - - - - - - --------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- -------- Income before minority interest 10,238 355 (659) 9,934 3,923 108 (826) 3,205 6,315 247 167 6,729 Minority interest - OP (233) (7) 13 (227) (97) (2) 16 (83) (136) (5) (3) (144) Minority interest 46 - - 46 (88) - - (88) 134 - - 134 --------- ------- --------- --------- -------- ------- --------- -------- -------- ------- --------- -------- NET INCOME $ 10,051 $ 348 $ (646) $ 9,753 $ 3,738 $ 106 $ (810) $ 3,034 $ 6,313 $ 242 $ 164 $ 6,719 ========= ======= ========= ========= ======== ======= ========= ======== ======== ======= ========= ======== -------------------------------------------------------------------------------------------------------------
(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 10
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Statements of Operations - Current v. Historical (1) - ---------------------------------------------------- (in thousands) --------------------------------------- --------------------------------------- Current Quarter Historical Quarter 3 months 3 months ended June 30, ended June 30, 2007 2006 --------------------------------------- --------------------------------------- Wholly Discontinued Wholly Discontinued Owned JV's Operations Total Owned JV's Operations Total -------- -------- ------------ -------- -------- -------- ------------ -------- PROPERTY REVENUES Minimum rents $ 13,775 $ 4,791 $ - $ 18,566 $ 13,611 $ 4,609 $ 1,563 $ 19,783 Percentage rents 142 11 - 153 122 1 29 152 Expense reimbursements 2,548 644 - 3,192 3,045 580 665 4,290 Other property income 235 40 - 275 209 1 21 231 -------- -------- ------------ -------- -------- -------- ------------ -------- 16,700 5,486 - 22,186 16,987 5,191 2,278 24,456 -------- -------- ------------ -------- -------- -------- ------------ -------- PROPERTY EXPENSES Property operating 2,845 705 - 3,550 2,898 502 452 3,852 Real estate taxes 2,088 471 - 2,559 1,832 453 588 2,873 -------- -------- ------------ -------- -------- -------- ------------ -------- 4,933 1,176 - 6,109 4,730 955 1,040 6,725 -------- -------- ------------ -------- -------- -------- ------------ -------- NET OPERATING INCOME - PROPERTIES 11,767 4,310 - 16,077 12,257 4,236 1,238 17,731 OTHER INCOME (EXPENSE) General and administrative (3,202) - - (3,202) (2,357) - - (2,357) Property related home office expenses (2,927) (57) - (2,984) (2,238) (63) - (2,301) Equity in earnings of Fund I unconsolidated properties - 772 - 772 - (46) - (46) Lease termination income - - - - - - - - Interest income 2,099 140 - 2,239 1,860 134 - 1,994 Asset and property management income 3,294 - - 3,294 2,506 - - 2,506 Promote Fee - - - - - - - - Property management expense (73) (2) - (75) 18 105 (72) 51 Straight-line rent income 309 296 - 605 (1,128) 172 27 (929) Straight-line rents written off (61) - - (61) - - - - FAS 141 Rent (237) 16 - (221) (68) (8) - (76) Abandoned project costs - - - - - - - - Hurricane related expenses - - - - - - - - Provision for income taxes (383) (2) - (385) (356) (5) - (361) Other income (expense) - - - - (8) 173 - 165 -------- -------- ------------ -------- -------- -------- ------------ -------- EBIDTA 10,586 5,473 - 16,059 10,486 4,698 1,193 16,377 Depreciation and amortization (4,257) (2,016) - (6,273) (3,721) (1,984) (448) (6,153) FAS 141 Amortization (316) (16) - (332) (157) (41) - (198) Interest expense (4,535) (1,736) - (6,271) (3,812) (1,744) (225) (5,781) Loan defeasance - - - - - - - - FAS 141 Interest 7 15 - 22 23 15 - 38 Impairment of real estate - - - - - - - - Gain on sale of properties - - - - - - - - Gain (loss) on sale of properties (Mervyns) - - - - - 785 - 785 Income taxes on gain on sale (Mervyn's) - - - - - - - - -------- -------- ------------ -------- -------- -------- ------------ -------- Income before minority interest 1,485 1,720 - 3,205 2,819 1,729 520 5,068 Minority interest - OP (51) (32) - (83) (63) (31) (10) (104) Minority interest 1 (89) - (88) (34) (82) - (116) -------- -------- ------------ -------- -------- -------- ------------ -------- NET INCOME $ 1,435 $ 1,599 $ - $ 3,034 $ 2,722 $ 1,616 $ 510 $ 4,848 ======== ======== ============ ======== ======== ======== ============ ========
(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 11
Current Year-to-Date Historical Year-to-Date Period Period ended June 30, ended June 30, 2007 2006 ---------------------------------------- --------------------------------------- Wholly Discontinued Wholly Discontinued Owned JV's Operations Total Owned JV's Operations Total -------- -------- ------------ -------- -------- -------- ------------ -------- PROPERTY REVENUES Minimum rents $ 26,957 $ 9,591 $ - $ 36,548 $ 26,527 $ 9,270 $ 3,155 $ 38,952 Percentage rents 280 43 - 323 307 10 42 359 Expense reimbursements 5,840 1,161 - 7,001 6,308 1,289 1,409 9,006 Other property income 488 52 - 540 404 17 48 469 -------- -------- ------------ -------- -------- -------- ------------ -------- 33,565 10,847 - 44,412 33,546 10,586 4,654 48,786 -------- -------- ------------ -------- -------- -------- ------------ -------- PROPERTY EXPENSES Property operating 6,737 1,368 - 8,105 6,043 1,040 1,002 8,085 Real estate taxes 3,989 796 - 4,785 3,826 1,084 1,141 6,051 -------- -------- ------------ -------- -------- -------- ------------ -------- 10,726 2,164 - 12,890 9,869 2,124 2,143 14,136 -------- -------- ------------ -------- -------- -------- ------------ -------- NET OPERATING INCOME - PROPERTIES 22,839 8,683 - 31,522 23,677 8,462 2,511 34,650 OTHER INCOME (EXPENSE) General and administrative (6,109) - - (6,109) (5,050) - - (5,050) Property related home office expenses (5,555) (141) - (5,696) (4,755) (124) - (4,879) Equity in earnings of Fund I unconsolidated properties - 5,495 - 5,495 - 170 - 170 Lease termination income - - - - - - - - Interest income 4,910 249 - 5,159 3,523 237 - 3,760 Asset and property management income 6,329 - - 6,329 5,069 - - 5,069 Promote Fee - - - - 258 - - 258 Property management expense (147) (4) - (151) - (133) (129) (262) Straight-line rent income 701 607 - 1,308 (1,687) 324 27 (1,336) Straight-line rents written off (146) - - (146) - - - - FAS 141 Rent (258) 19 - (239) (21) (13) - (34) Abandoned project costs - - - - - - - - Hurricane related expenses - - - - - - - - Provision for income taxes (2,261) (15) - (2,276) (775) (35) - (810) Other income (expense) 165 - - 165 (8) 173 - 165 -------- -------- ------------ -------- -------- -------- ------------ -------- EBIDTA 20,468 14,893 - 35,361 20,231 9,061 2,409 31,701 Depreciation and amortization (8,412) (4,002) - (12,414) (7,425) (3,905) (899) (12,229) FAS 141 Amortization (240) (36) - (276) (311) (83) - (394) Interest expense (8,958) (3,410) - (12,368) (7,350) (3,292) (429) (11,071) Loan defeasance (426) - - (426) 1,141 (1,467) - (326) FAS 141 Interest 27 30 - 57 39 727 - 766 Impairment of real estate - - - - - - - - Gain on sale of properties - - - - - - - - Gain (loss) on sale of properties (Mervyns) - - - - - 1,249 - 1,249 Income taxes on gain on sale (Mervyn's) - - - - - - - - -------- -------- ------------ -------- -------- -------- ------------ -------- Income before minority interest 2,459 7,475 - 9,934 6,325 2,290 1,081 9,696 Minority interest - OP (83) (144) - (227) (127) (50) (21) (198) Minority interest 233 (187) - 46 (122) (175) - (297) -------- -------- ------------ -------- -------- -------- ------------ -------- NET INCOME $ 2,609 $ 7,144 $ - $ 9,753 $ 6,076 $ 2,065 $ 1,060 $ 9,201 ======== ======== ============ ======== ======== ======== ============ ========
(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 12
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 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 Favorable Current Year- Historical Favorable Notes: Quarter Quarter (unfavorable) to-Date Year-to-Date (unfavorable) ---------------------------------------------------- ------------------------------------------ Reconciliation of total 3 months ended 3 months ended Year ended Year ended NOI to same property June 30, June 30, June 30, June 30, NOI: 2007 2006 2007 2006 -------------- -------------- ------------- ------------- NOI - Wholly-owned properties $ 11,767 $ 13,495 $ 22,839 $ 26,188 NOI - Consolidated and unconsolidated joint ventures 4,310 4,236 8,683 8,462 Adjustment to reflect 2006 increase in Fund I ownership percentage (2) (1,189) (2,274) (2,402) (4,129) -------------- -------------- ------------- ------------- Total NOI 14,888 15,457 29,120 30,521 NOI - Properties Acquired (1,251) (71) (1,879) (100) NOI - Property sold or held for sale - (1,236) - (2,511) NOI - Redevelopment properties - - - - -------------- -------------- ------------- ------------- $ 13,637 $ 14,150 -3.6% $ 27,241 $ 27,910 -2.4% ============== ============== ============== ============= ============= ============== Same property NOI by portfolio component and revenues/expenses: Retail Properties Retail Properties Revenues $ 17,698 $ 17,802 -0.6% $ 35,358 $ 35,409 -0.1% Expenses 4,871 4,613 -5.6% 9,888 9,477 -4.3% -------------- -------------- -------------- ------------- ------------- -------------- 12,827 13,189 -2.8% 25,470 25,932 -1.8% -------------- -------------- -------------- ------------- ------------- -------------- Residential Properties Residential Properties (2 properties) (2 properties) Revenues 1,958 1,961 -0.2% 3,881 3,992 -2.8% Expenses 1,148 1,000 -14.8% 2,110 2,014 -4.8% -------------- -------------- -------------- ------------- ------------- -------------- 810 961 -15.7% 1,771 1,978 -10.5% -------------- -------------- -------------- ------------- ------------- -------------- $ 13,637 $ 14,150 -3.6% $ 27,241 $ 27,910 -2.4% ============== ============== ============== ============= ============= ==============
(1) The above amounts includes the pro-rata activity related to the Company's consolidated and unconsolidated joint ventures. (2) 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%)]. 2007 and 2006 NOI from Fund I has been decreased from 100% down to 38% for comparability. Page 13
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Funds from Operations ("FFO") (1) 2007 2006 - --------------------------------- ---------------------------------------------- ------------------------------ Current Current Previous Historic Historic Year-to-Date Quarter Quarter Year-to-Date Quarter Period ended 3 months ended 3 months ended Period ended 3 months ended Funds from operations ("FFO"): Notes June 30, 2007 June 30, 2007 March 31, 2007 June 30, 2006 June 30, 2006 - -------------------------------- -------------- --------------- --------------- -------------- --------------- Net Income $ 9,753 $ 3,034 $ 6,719 $ 9,201 $ 4,848 Add back: Depreciation of real estate and amortization of leasing costs: (net of minority interest share) Wholly owned and consolidated subsidiaries 9,955 5,158 4,797 10,327 5,293 Unconsolidated subsidiaries 988 513 475 850 438 Income attributable to Operating Partnership units (2) 228 84 144 198 104 Loss (gain) on sale of properties - - - (831) (459) Extraordinary item (net of minority interests' share and income taxes) (2,883) - (2,883) - - Distributions on Preferred OP Units 13 5 8 125 63 -------------- --------------- --------------- -------------- --------------- FFO 18,054 8,794 9,260 19,870 10,287 Extraordinary item (net of minority interests' share and income taxes) (4) 2,883 - 2,883 - - -------------- --------------- --------------- -------------- --------------- FFO - adjusted for extraordinary item (4) $ 20,937 $ 8,794 $ 12,143 $ 19,870 $ 10,287 ============== =============== =============== ============== =============== Adjusted Funds from operations ("AFFO"): - -------------------------------- Diluted FFO $ 20,937 $ 8,794 $ 12,143 $ 19,870 $ 10,287 Straight line rent, net (1,308) (605) (703) 1,336 929 Non real-estate depreciation 337 173 164 234 117 Amortization of finance costs 822 358 464 432 213 Amortization of cost of management contracts 379 206 173 463 230 Tenant improvements (766) (144) (622) (641) (430) Leasing commissions (260) (188) (72) (405) (295) Capital expenditures (1,357) (376) (981) (2,329) (1,422) -------------- --------------- --------------- -------------- --------------- AFFO $ 18,784 $ 8,218 $ 10,566 $ 18,960 $ 9,629 ============== =============== =============== ============== =============== Funds Available for Distribution ("FAD") - -------------------------------- AFFO $ 18,784 $ 8,218 $ 10,566 $ 18,960 $ 9,629 Scheduled prinicpal repayments (1,543) (711) (832) (1,968) (979) -------------- --------------- --------------- -------------- --------------- FAD $ 17,241 $ 7,507 $ 9,734 $ 16,992 $ 8,650 ============== =============== =============== ============== =============== Total weighted average shares and OP Units: Basic 33,507 33,599 33,414 33,141 33,161 ============== =============== =============== ============== =============== Diluted 33,960 33,894 34,113 33,778 33,799 ============== =============== =============== ============== =============== FFO per share: FFO per share - Basic (3) $ 0.62 $ 0.26 $ 0.36 $ 0.60 $ 0.31 ============== =============== =============== ============== =============== FFO per share - Diluted (3) $ 0.62 $ 0.26 $ 0.36 $ 0.59 $ 0.30 ============== =============== =============== ============== =============== AFFO per share - Basic (3) $ 0.56 $ 0.24 $ 0.32 $ 0.57 $ 0.29 ============== =============== =============== ============== =============== AFFO per share - Diluted (3) $ 0.55 $ 0.24 $ 0.31 $ 0.56 $ 0.28 ============== =============== =============== ============== =============== FAD per share - Basic (3) $ 0.51 $ 0.22 $ 0.29 $ 0.51 $ 0.26 ============== =============== =============== ============== =============== FAD per share - Diluted (3) $ 0.51 $ 0.22 $ 0.29 $ 0.50 $ 0.26 ============== =============== =============== ============== =============== - --------------------------------------------------------------------------------------------------------------------
(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. (4) The extraordinary item represents the Company's share of estimated extraordinary gain related to its investment in Albertson's. The Albertson's entity has recorded an extraordinary gain in connection with the allocation of purchase price to assets acquired. The Company considers this as an investment in an operating business as opposed to real estate. Accordingly, all gains and losses from this investment are included in FFO. Page 14
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Capital Expenditures --------------------- --------------------------- Year-to-Date Current Previous Previous Quarter Quarter Year -------------- ----------------- Period 3 months 3 months Year ended ended ended ended June 30, 2007 June 30, 2007 March 31, 2007 December 31, 2006 ------------- ------------- -------------- ----------------- Leasing Commissions: $ 260 $ 188 $ 72 $ 894 ------------- ------------- -------------- ----------------- Tenant Improvements: 766 144 622 1,817 ------------- ------------- -------------- ----------------- Capital Expenditures: Retail 1,214 305 909 2,382 Residential 143 71 72 808 ------------- ------------- -------------- ----------------- 1,357 376 981 3,190 ------------- ------------- -------------- ----------------- Redevelopments 22,794 13,387 9,407 24,774 ------------- ------------- -------------- ----------------- Total $ 25,177 $ 14,095 $ 11,082 $ 30,675 ============= ============= ============== ================= ---------------------------
Page 15 QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Consolidated Balance Sheets - --------------------------------------------- (in thousands) June 30, December 31, 2007 2006 ------------ ------------ ASSETS Real estate Land $ 176,517 $ 152,930 Buildings and improvements 543,845 497,638 Construction in progress 91,441 26,670 ------------ ------------ 811,803 677,238 Less: accumulated depreciation (152,647) (142,071) ------------ ------------ Net real estate 659,156 535,167 Cash and cash equivalents 120,759 139,571 Cash in escrow 7,281 7,639 Restricted Cash 2,206 549 Investments in and advances to unconsolidated affiliates 15,878 31,049 Investment in management contracts 1,580 1,839 Rents receivable, net of $2,523 and $2,343 allowance, respectively 4,825 7,658 Straight-line rents receivable, net of $910 allowance 4,410 5,291 Notes Receivable 28,066 38,322 Prepaid expenses 3,330 1,865 Deferred charges, net 22,178 33,255 Other assets 10,689 37,834 Acquired lease intangibles 17,336 11,653 ------------ ------------ $ 897,694 $ 851,692 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $ 476,399 $ 447,402 Acquired lease intangibles 5,683 4,919 Accounts payable and accrued expenses 5,615 10,548 Dividends and distributions payable 6,665 6,661 Share of losses in excess of investment in unconsolidated affiliates 21,663 21,728 Other liabilities 8,766 5,578 ------------ ------------ Total liabilities 524,791 496,836 ------------ ------------ Minority interest in Operating Partnership 4,707 8,673 Minority interests in partially owned affiliates 124,909 105,064 ------------ ------------ Total minority interests 129,616 113,737 ------------ ------------ Shareholders' equity: Common shares 32 31 Additional paid-in capital 229,042 227,555 Accumulated other comprehensive loss 246 (234) Retained earnings 13,967 13,767 ------------ ------------ Total shareholders' equity 243,287 241,119 ------------ ------------ $ 897,694 $ 851,692 ============ ============ Page 15
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Selected Operating Ratios ------------------------- 3 months ended June 30, 6 months ended June 30, --------------- --------------- 2007 2006 2007 2006 ------------ ------------ ------------ ------------ Coverage Ratios (1) --------------- Interest Coverage Ratio EBIDTA $ 16,059 $ 16,377 $ 35,361 $ 31,701 Divided by Interest expense 6,271 5,781 12,368 11,071 ------------ ------------ ------------ ------------ 2.56 x 2.83 x 2.86 x 2.86 x Fixed Charge Coverage Ratio EBIDTA $ 16,059 $ 16,377 $ 35,361 $ 31,701 Divided by (Interest expense 6,271 5,781 12,368 11,071 + Preferred Dividends) (2) 5 63 13 125 ------------ ------------ ------------ ------------ 2.56 x 2.80 x 2.86 x 2.83 x Debt Service Coverage Ratio EBIDTA $ 16,059 $ 16,377 $ 35,361 $ 31,701 Divided by (Interest expense 6,271 5,781 12,368 11,071 + Principal Amortization) 711 979 1,543 1,968 ------------ ------------ ------------ ------------ 2.30 x 2.42 x 2.54 x 2.43 x Payout Ratios ------------- FFO Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid $ 6,665 $ 6,098 $ 13,326 $ 12,196 FFO 8,794 10,287 20,937 19,870 ------------ ------------ ------------ ------------ 76% 59% 64% 61% AFFO Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid $ 6,665 $ 6,098 $ 13,326 $ 12,196 AFFO 8,218 9,629 18,784 18,960 ------------ ------------ ------------ ------------ 81% 63% 71% 64% FAD Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid $ 6,665 $ 6,098 $ 13,326 $ 12,196 FAD 7,507 8,650 17,241 16,992 ------------ ------------ ------------ ------------ 89% 70% 77% 72% Overhead Ratios --------------- G&A/Real Estate Revenues General and Administrative expense $ 3,202 $ 2,357 $ 6,109 $ 5,050 Real Estate Revenues (Includes pro-rata JV) 22,186 24,456 44,412 48,786 ------------ ------------ ------------ ------------ 14% 10% 14% 10% General and Administrative expense $ 3,202 $ 2,357 $ 6,109 $ 5,050 Real Estate Revenues (Includes 100% JV) 28,586 30,668 57,161 61,533 ------------ ------------ ------------ ------------ 11% 8% 11% 8% ------------ Leverage Ratios --------------- Debt/Total Market Capitalization Debt (3) $ 430,744 $ 343,857 Total Market Capitalization 1,282,377 1,114,636 ------------ ------------ 34% 31% Debt + Preferred Equity (Preferred O.P. Units) $ 430,932 $ 348,045 Total Market Capitalization 1,282,377 1,114,636 ------------ ------------ 34% 31% ------------
Notes: (1) Quarterly results for 2007 and 2006 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) Represents preferred distributions on Preferred Operating partnership Units. (3) Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt and principal amortization. Page 16
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Portfolio Debt - Consolidated Summary Reconciliation from GAAP Debt to Pro-Rata Share of Debt (amounts in thousands) Add: Less: ---- ----- Acadia Minority Acadia Consolidated Pro-rata Interest Pro-rata Debt % of Share of Share of Share of % of Balance Total Unconsolidated Consolidated Outstanding Total As Reported (2) Portfolio Debt (3) Debt (4) Debt (5) Portfolio --------------- ---------- -------------- ------------ ----------- --------- Mortgage Notes Payable Fixed-Rate Debt (1) $ 379,078 80% 68,293 (39,211) $ 408,160 95% Variable-Rate Debt (1) 95,449 20% 3,180 (76,045) 22,584 5% --------------- ---------- -------------- ------------ ----------- --------- Total $ 474,527 100% $ 71,473 (115,256) $ 430,744 100% --------------- ---------- -------------- ------------ ----------- --------- Weighted Average Interest Rate Fixed-Rate Debt 5.28% 5.27% Variable-Rate Debt 6.73% 6.73% ----- ----- Total 5.57% 5.34% ----- -----
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 as reported in the Company's Form 10-Q. Does not include $1,893 of FAS141 purchase price allocation amounts. (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. Page 17
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Debt Analysis - Consolidated Debt (amounts in thousands) Principal Acadia's Ownership % of Pro- Balance at Pro-rata rata Property Notes Entity Percent Lender Share of June 30, Share Portfolio 2007 - -------------------------------------------------------------------------------------- ----------- ------------ Fixed-Rate Debt - ----------------------- Acadia Realty Trust 1 Acadia 100.0% 3.75% Convertible Notes $115,000 $115,000 Merrillville Plaza Acadia SunAmerica Life Insurance 2 100.0% Co. 12,544 12,544 GHT Apartments Acadia 100.0% Bank of America, N.A. 10,388 10,388 Colony Apartments Acadia 100.0% Bank of America, N.A. 5,194 5,194 239 Greenwich Avenue Acadia 75.0% Wachovia 26,000 19,500 New Loudon Center Acadia 100.0% RBS Greenwich Capital 14,846 14,846 Crescent Plaza Acadia 100.0% RBS Greenwich Capital 17,600 17,600 Pacesetter Park Shopping Acadia RBS Greenwich Capital Center 100.0% 12,500 12,500 Elmwood Park Shopping Acadia Bear Stearns Commercial Center 100.0% Mortgage, Inc. 34,600 34,600 Gateway Shopping Center Acadia Bear Stearns Commercial 100.0% Mortgage, Inc. 20,500 20,500 Clark-Diversey Acadia Lasalle Bank National 100.0% Association 3,754 3,754 Boonton Acadia GMAC Commercial Mortgage 60.0% Corporation 8,513 5,108 Chestnut Hill Acadia 100.0% Column Financial, Inc. 9,916 9,916 Walnut Hill Plaza Acadia Merrill Lynch Mortgage 100.0% Lending, Inc. 23,500 23,500 4650 Broadway Avenue Fund Bank of China 3 II 19.2% 19,000 3,648 Kroger Portfolio Fund I Cortlandt Deposit 4 28.3% Corporation 4,950 1,403 Safeway Portfolio Fund I Cortlandt Deposit 4 28.3% Corporation 4,893 1,386 Amherst Marketplace Fund I The Ohio National Life 37.8% Insurance Company 4,452 1,682 Sheffield Crossing Fund I Canada Life Insurance 37.8% Company 6,637 2,507 Interest rate swaps 5 Acadia Bank of America, N.A. 24,291 24,291 ----------- ------------ Sub-Total Fixed-Rate Debt 95% 379,078 339,867 ----------- ------------ Variable-Rate Debt - ----------------------- Bloomfield Town Square 6 Acadia 100.0% Bank of America, N.A. Hobson West Plaza 6 Acadia 100.0% Bank of America, N.A. Marketplace of Absecon 6 Acadia 100.0% Bank of America, N.A. Village Apartments 6 Acadia 100.0% Bank of America, N.A. - - Abington Towne Center 6 Acadia 100.0% Bank of America, N.A. Methuen Shopping Center 6 Acadia 100.0% Bank of America, N.A. Town Line Plaza 6 Acadia 100.0% Bank of America, N.A. Ledgewood Mall Acadia Washington Mutual Bank, 7 100.0% F.A. - - Branch Plaza Acadia 100.0% Bank of America, N.A. 15,876 15,876 Village Commons Acadia Bank of America, N.A. Shopping Center 8 100.0% 9,846 9,846 244-268 161st Street Fund RBS Greenwich Capital 3 II 19.2% 30,000 5,760 216th Street Fund Bank of America, N.A. 3 II 19.2% 17,106 3,284 Liberty Avenue Fund PNC Bank, National 3 II 19.2% Association 9,649 1,853 Granville Center Fund I 37.8% Bank One, N.A. 2,873 1,085 400 East Fordham Road Fund Bank of America 3 II 19.2% 18,000 3,456 Albee Retail Fund Bank of America, N.A. Development 9 II 13.7% 10,880 1,488 Albee Office Fund Bank of America, N.A. Development 10 II 9.1% 510 47 Acadia Strategic Fund Bank of America, N.A./ Opportunity Fund II, II Bank of New York LLC 11 20.0% 5,000 1,000 Interest rate swaps 5 Acadia Bank of America, N.A. (24,291) (24,291) ----------- ------------ Sub-Total Variable-Rate Debt 5% 95,449 19,404 ----------- ------------ Total Consolidated Debt 100% $474,527 $359,271 =========== =========== ============
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Debt Analysis - Consolidated Debt (amounts in thousands) Variable Ownership Interest Rate as of Maturity Property Notes Entity Percent Lender Rate June 30, Date 2007 - ----------------------------------------------------------------------------------------------------------------------------- Fixed-Rate Debt - ----------------------- Acadia Realty Trust 1 Acadia 100.0% 3.75% Convertible Notes 3.75% 12/20/2011 Merrillville Plaza Acadia SunAmerica Life Insurance 2 100.0% Co. 6.46% 7/1/2007 GHT Apartments Acadia 100.0% Bank of America, N.A. 7.55% 1/1/2011 Colony Apartments Acadia 100.0% Bank of America, N.A. 7.55% 1/1/2011 239 Greenwich Avenue Acadia 75.0% Wachovia 5.42% 2/11/2017 New Loudon Center Acadia 100.0% RBS Greenwich Capital 5.64% 9/6/2014 Crescent Plaza Acadia 100.0% RBS Greenwich Capital 4.98% 9/6/2015 Pacesetter Park Shopping Acadia RBS Greenwich Capital Center 100.0% 5.12% 11/6/2015 Elmwood Park Shopping Acadia Bear Stearns Commercial Center 100.0% Mortgage, Inc. 5.53% 1/1/2016 Gateway Shopping Center Acadia Bear Stearns Commercial 100.0% Mortgage, Inc. 5.44% 3/1/2016 Clark-Diversey Acadia Lasalle Bank National 100.0% Association 8.50% 4/11/2028 Boonton Acadia GMAC Commercial Mortgage 60.0% Corporation 6.40% 11/1/2032 Chestnut Hill Acadia 100.0% Column Financial, Inc. 5.45% 6/11/2013 Walnut Hill Plaza Acadia Merrill Lynch Mortgage 100.0% Lending, Inc. 6.06% 8/29/2016 4650 Broadway Avenue Fund Bank of China 3 II 19.2% 5.26% 9/1/2007 Kroger Portfolio Fund I Cortlandt Deposit 4 28.3% Corporation 6.62% 2/1/2009 Safeway Portfolio Fund I Cortlandt Deposit 4 28.3% Corporation 6.51% 1/15/2009 Amherst Marketplace Fund I The Ohio National Life 37.8% Insurance Company 8.20% 6/1/2022 Sheffield Crossing Fund I Canada Life Insurance 37.8% Company 8.00% 1/1/2023 Interest rate swaps 5 Acadia Bank of America, N.A. 6.33% Various ---------- Sub-Total Fixed-Rate Debt 5.18% ---------- Variable-Rate Debt Current LIBOR 5.32% - ----------------------- Bloomfield Town Square 6 Acadia 100.0% Bank of America, N.A. Libor + 125 6.57% 12/1/2010 Hobson West Plaza 6 Acadia 100.0% Bank of America, N.A. Libor + 125 6.57% 12/1/2010 Marketplace of Absecon 6 Acadia 100.0% Bank of America, N.A. Libor + 125 6.57% 12/1/2010 Village Apartments 6 Acadia 100.0% Bank of America, N.A. Libor + 125 6.57% 12/1/2010 Abington Towne Center 6 Acadia 100.0% Bank of America, N.A. Libor + 125 6.57% 12/1/2010 Methuen Shopping Center 6 Acadia 100.0% Bank of America, N.A. Libor + 125 6.57% 12/1/2010 Town Line Plaza 6 Acadia 100.0% Bank of America, N.A. Libor + 140 6.72% 12/1/2010 Ledgewood Mall Acadia Washington Mutual Bank, Libor + 7 100.0% F.A. 125 6.57% 3/29/2010 Branch Plaza Acadia 100.0% Bank of America, N.A. Libor + 130 6.62% 12/1/2011 Village Commons Acadia Bank of America, N.A. Libor + Shopping Center 8 100.0% 140 6.72% 6/29/2012 244-268 161st Street Fund RBS Greenwich Capital Libor + 3 II 19.2% 140 6.72% 4/1/2008 216th Street Fund Bank of America, N.A. Libor + 3 II 19.2% 125 6.57% 12/31/2008 Liberty Avenue Fund PNC Bank, National Libor + 3 II 19.2% Association 165 6.97% 5/18/2009 Granville Center Fund I 37.8% Bank One, N.A. Libor + 200 7.32% 10/5/2007 400 East Fordham Road Fund Bank of America Libor + 3 II 19.2% 175 7.07% 11/1/2007 Albee Retail Fund Bank of America, N.A. Libor + Development 9 II 13.7% 120 6.52% 6/13/2008 Albee Office Fund Bank of America, N.A. Libor + Development 10 II 9.1% 120 6.52% 6/13/2008 Acadia Strategic Fund Bank of America, N.A./ Libor + Opportunity Fund II, II Bank of New York LLC 11 20.0% 75 6.07% 3/1/2008 Interest rate swaps 5 Acadia Bank of America, N.A. Sub-Total Variable-Rate Libor + Debt 138 6.70% -------- ------- ---------- Total Consolidated Debt 5.26% ==========
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Debt Analysis - Unconsolidated Joint Ventures Principal Acadia's Ownership % of Pro-rata Balance at Pro-rata Fixed-Rate Debt Entity Percent Lender Share of June 30, 2007 Share Portfolio - ----------------------- ------------------------------------------------------------------------------------------ Acadia Brandywine Brandywine UBS Warburg Real Estate Subsidiary JV 22.2% Investments, Inc. $61,375 $13,639 Acadia Brandywine Brandywine Bear Stearns Commercial Town Center JV 22.2% Mortgage, Inc. 31,550 7,011 Acadia Market Square Brandywine Bear Stearns Commercial Shopping Center JV 22.2% Mortgage, Inc. 24,375 5,417 Acadia Brandywine Brandywine Bear Stearns Commercial Condominium JV 22.2% Mortgage, Inc. 22,650 5,033 Acadia Brandywine Brandywine Bear Stearns Commercial Holdings JV 22.2% Mortgage, Inc. 26,250 5,833 Crossroads Shopping Crossroads JPMorgan Chase Bank Center JV 49.0% 64,000 31,360 ------------- --------------- Sub-Total Fixed-Rate Debt 96% 230,200 68,293 ------------- --------------- Variable-Rate Debt - ----------------------- Haygood Shopping Center Fund I JP Morgan Chase Bank, 12 18.9% N.A. 11,366 2,147 Sterling Heights Fund I JP Morgan Chase Bank, Shopping Center 12 18.9% N.A. 5,471 1,033 ------------- --------------- Sub-Total Variable-Rate Debt 4% 16,837 3,180 -------------- ------------- --------------- Total Unconsolidated Debt 100% $247,037 $71,473 ============== ============= ===============
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Debt Analysis - Unconsolidated Joint Ventures Variable Ownership Interest Rate as of Maturity Fixed-Rate Debt Entity Percent Lender Rate June 30, 2007 Date - ----------------------- --------------------------------------------- ---------------------------------------- Acadia Brandywine Brandywine UBS Warburg Real Estate Subsidiary JV 22.2% Investments, Inc. 5.99% 7/1/2016 Acadia Brandywine Town Brandywine Bear Stearns Commercial Center JV 22.2% Mortgage, Inc. 5.99% 7/1/2016 Acadia Market Square Brandywine Bear Stearns Commercial Shopping Center JV 22.2% Mortgage, Inc. 5.99% 7/1/2016 Acadia Brandywine Brandywine Bear Stearns Commercial Condominium JV 22.2% Mortgage, Inc. 5.99% 7/1/2016 Acadia Brandywine Brandywine Bear Stearns Commercial Holdings JV 22.2% Mortgage, Inc. 5.99% 7/1/2016 Crossroads Shopping Crossroads JPMorgan Chase Bank Center JV 49.0% 5.37% 12/1/2014 Sub-Total Fixed-Rate Debt 5.71% ------------ Variable-Rate Debt Current LIBOR 5.32% - ----------------------- Haygood Shopping Center Fund I JP Morgan Chase Bank, Libor + 150 6.82% 8/23/2010 12 18.9% N.A. Sterling Heights Fund I JP Morgan Chase Bank, Libor + 185 7.17% 8/23/2010 Shopping Center 12 18.9% N.A. Sub-Total Variable-Rate Libor + 161 6.93% Debt -------------- Total Unconsolidated 5.76% Debt ============== Notes: - -------------------- (1) Represents $100,000 of 3.75% convertible notes issued in December 2006 and an additional $15,000 issued in January, 2007. (2) On July 2, 2007, the Merrillville loan was refinanced with a $26,250 loan from Bear Sterns Commercial Mortgage, Inc. The ten year loan bears interest at 5.88%. (3) 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%. (4) 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%. (5) 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 Maturity Date Date ---------------------- -------------------- ------------- ------------ ------------- --------------- 4,588 6.09% 1.38% 4.71% n/a 1/1/2010 11,269 6.28% 1.38% 4.90% n/a 10/1/2011 8,434 6.52% 1.38% 5.14% n/a 3/1/2012 ------------ -------------------- ------------- ------------ $24,291 6.33% 1.38% 4.95% ============ ==================== ============= ============ (6) This is a revolving facility for up to $75,000 with an additional $13,000 available based on certain income hurdles. (7) This is a revolving facility for up to $30,000. (8) There is an additional $300 available under this facility through 12/08, with an additional $1,800 available thereafter based on certain income hurdles. (9) Fund II is a 96% joint venture partner with a 95% investment in a 75% share of Albee Retail Development. As such, Fund II's pro-rata share of the above debt is 75% x 95% x 96% x 20%, or 13.7%. (10) Fund II is a 96% joint venture partner with a 95% investment in a 50% share of Albee Office Development. As such, Fund II's pro-rata share of the above debt is 50% x 95% x 96% x 20%, or 9.1%. (11) This is a revolving facility for up to $70,000. (12) 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%.
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Future Debt Maturities - ------------------------------------------------ (in thousands) Weighted Average Interest Rate of Maturing Debt ----------------------------------------------------- Consolidated Debt Scheduled Year Amortization Maturities Total Total Debt Fixed-Rate Variable-Rate Debt Debt - ------------------------------ ----------------- --------------- ------------- --------------- ------------- ----------------- 2007 831 52,348 53,179 6.28% 5.73% 7.10% 2008 6,505 63,496 70,001 6.59% n/a 6.59% 2009 6,783 9,649 16,432 6.97% n/a 6.97% 2010 2,448 14,742 17,190 7.55% 7.55% n/a 2011 2,594 129,764 132,358 4.08% 3.75% 6.62% Thereafter 31,471 153,896 185,367 5.58% 5.51% 6.72% ----------------- --------------- ------------- $50,632 $423,895 $474,527 ================= =============== ============= Unconsolidated Debt (1) 2007 - - - 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 3,153 3,640 6.93% n/a 6.93% 2011 508 - 508 n/a n/a n/a Thereafter 2,104 64,318 66,422 5.73% 5.73% n/a ----------------- --------------- ------------- $4,002 $67,471 $71,473 ================= =============== =============
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 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
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview - ------------------------------------------------------------------- Item Notes Description - -------------------------------------------------------------------------------- Date formed June 2004 Capital commitment $300 million Funding $167.5 millionfunded through June 30, 2007 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
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Acadia Strategic Opportunity Fund III, LLC ("Fund III") - Overview - ------------------------------------------------------------------- Item Notes Description - -------------------------------------------------------------------------------- Date formed May 2007 Capital commitment $500 million Funding 0 Partnership structure Equity Contribution: 20% - Acadia 80% - 13 institutional investors (including a majority of the investors from prior funds) Cash flow distribution: 20% - Acadia 80% - 13 institutional investors Promote: 20% to Acadia once all partners (including Acadia) have received 6% 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 Development fee equal to 3% of total project cost 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
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 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 - All capital has been returned ShopKo - All capital has been returned Rex, Marsh Supermarkets and three Albertsons add-on investments, Newkirk and Camellia and Colorado Springs 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
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 AKR Fund I Properties - Detail - ------------------------------- Fund I's Ownership Gross Leasable Area Occupancy -------------------------------- --------------------------------------- % Anchors Shops Total Anchors Shops Total =========== --------- --------- ---------- ------------- ---------- ------------ Midwest - ------------------------------- Ohio - ------------------------------- Amherst Marketplace 100% 76,737 3,208 79,945 100.00% 100.00% 100.00% Granville Centre 100% 90,047 44,950 134,997 38.81% 46.74% 41.45% Sheffield Crossing 100% 69,659 42,875 112,534 100.00% 85.17% 94.35% --------- --------- ---------- ------------- ---------- ------------ Total - Midwest Region 236,443 91,033 327,476 76.70% 66.72% 73.92% --------- --------- ---------- ------------- ---------- ------------ Mid-Atlantic - ------------------------------- Various - ------------------------------- Kroger/Safeway Portfolio (25 Properties) 75% 1,018,100 - 1,018,100 100.00% - 100.00% --------- --------- ---------- ------------- ---------- ------------ Haygood Shopping Center (Virginia) 50% 95,303 83,194 178,497 100.00% 83.19% 92.17% --------- --------- ---------- ------------- ---------- ------------ New York - ------------------------------- Tarrytown Shopping Center (New York) 100% 15,497 19,794 35,291 100.00% 73.44% 85.10% --------- --------- ---------- ------------- ---------- ------------ Subtotal - Fund I Operating Properties 1,365,343 194,021 1,559,364 95.96% 74.47% 93.29% --------- --------- ---------- ------------- ---------- ------------ Fund I Redevelopment Properties - ------------------------------- Sterling Heights Shopping Center (Michigan) 50% 90,400 64,435 154,835 100.00% 13.63% 64.06% Hitchcock Plaza (South Carolina) 20% 146,507 74,522 221,029 89.19% 52.42% 76.79% --------- --------- ---------- ------------- ---------- ------------ Subtotal - Fund I Redevelopment Properties 236,907 138,957 375,864 93.31% 34.43% 71.55% - ------------------------------- --------- --------- ---------- ------------- ---------- ------------ --------- --------- ---------- ------------- ---------- ------------ Fund I Grand Total 1,602,250 332,978 1,935,228 95.57% 57.76% 89.07% --------- --------- ---------- ------------- ---------- ------------ 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.
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 AKR Fund I Properties - Detail - ------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ------------------------------------- --------------------------------------- Anchors Shops Total Anchors Shops Total ----------- ---------- ----------- ---------- ----------- ---------- Midwest - ------------------------------- Ohio - ------------------------------- Amherst Marketplace $ 851,195 $ 38,472 $ 889,667 $11.09 $11.99 $11.13 Granville Centre 450,336 212,750 663,086 12.88 10.13 11.85 Sheffield Crossing 807,657 395,363 1,203,020 11.59 10.83 11.33 ----------- ---------- ----------- ---------- ----------- ---------- Total - Midwest Region 2,109,188 646,585 2,755,773 11.63 10.64 11.38 ----------- ---------- ----------- ---------- ----------- ---------- Mid-Atlantic - ------------------------------- Various - ------------------------------- Kroger/Safeway Portfolio (25 Properties) 7,362,811 - 7,362,811 7.23 - 7.23 ----------- ---------- ----------- ---------- ----------- ---------- Haygood Shopping Center (Virginia) 636,207 1,093,906 1,730,113 6.68 15.81 10.52 ----------- ---------- ----------- ---------- ----------- ---------- New York - ------------------------------- Tarrytown Shopping Center (New York) 475,000 434,457 909,457 30.65 29.89 30.28 ----------- ---------- ----------- ---------- ----------- ---------- Subtotal - Fund I Operating Properties 10,583,206 2,174,948 12,758,154 8.08 15.05 8.77 ----------- ---------- ----------- ---------- ----------- ---------- Fund I Redevelopment Properties - ------------------------------- Sterling Heights Shopping Center (Michigan) 526,600 81,140 607,740 5.83 9.24 6.13 Hitchcock Plaza (South Carolina) 864,028 563,772 1,427,800 6.61 14.43 8.41 ----------- ---------- ----------- ---------- ----------- ---------- Subtotal - Fund I Redevelopment Properties 1,390,628 644,912 2,035,540 6.29 13.48 7.57 - ---------------------------------------- ----------- ---------- ----------- ---------- ----------- ---------- ----------- ---------- ----------- ---------- ----------- ---------- Fund I Grand Total $11,973,834 $2,819,860 $14,793,694 $ 7.82 $14.66 $ 8.58 ----------- ---------- ----------- ---------- ----------- ----------
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. 26
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 FUND I Top 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 $ 2,769,256 30.9% 26.0% 2 Safeway (4) 13 350,475 2,752,853 26.2% 25.9% 3 Giant Eagle 2 135,896 1,536,352 10.2% 14.4% 4 Walgreens 1 15,497 475,000 1.2% 4.5% ---------------- -------------- --------------- --------------- ------------------------------ Total 28 914,968 $ 7,533,460 68.4% 70.8% ================ ============== =============== =============== ============================== (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.
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Fund I - Valuation **** As Of December 31, 2006 **** ---------------------------------------------------- Portfolio: Redevelopment Line Total Ohio Kroger/Safeway Properties(1) ---- --------------------------------------------- Net Operating Income ("NOI") for the quarter ended December 1 31, 2006 $ 1,375 $ 529 $ 692 $ 154 Adjustments: To reflect full quarter of consolidation of Tarrytown 2 investment 63 - - 63 3 Adjust Kroger/Safeway Note 1 (128) - (128) - NOI related to investements in unconsolidated Note 2 4 partnerships 544 544 5 Adjustment for minority interests (413) - (141) (272) --------- ------------------------------------ 6 Adjusted quarterly NOI 1,441 529 423 489 Annualized NOI Line 6 7 x 4 5,763 2,116 1,691 1,956 8 Debt as of December 31, 2006 Note 3 29,763 13,962 7,382 8,419 9 Adjust for Kroger/Safeway and intercompany debt Note 1 (1,706) - (7,382) 5,676 --------- ------------------------------------ 10 Adjusted debt 28,057 13,962 - 14,095 6.00% 6.50% 7.00% 7.50% 8.00% ------------------------------------------------------ Gross asset value Line 7 x cap 11 rate $ 96,043 $ 88,655 $ 82,322 $ 76,834 $ 72,032 12 Adjusted debt (28,057) (28,057) (28,057) (28,057) (28,057) 13 Additional value of investment in Hitchcock 7,000 7,000 7,000 7,000 7,000 Remaining Equity and Accumulated Preferred Distribution in 14 Fund I (5) - - - - - ------------------------------------------------------ 15 74,986 67,598 61,265 55,777 50,975 Additional Mervyn's return (Original capital already 16 returned) 7,600 7,600 7,600 7,600 7,600 ------------------------------------------------------ 17 Total Value Subject to Promote 82,586 75,198 68,865 63,377 58,575 ------------------------------------------------------ 18 General Partner (Acadia) Promote on Fund I assets x 20% 16,517 15,040 13,773 12,675 11,715 ------------------------------------------------------ Remaining value to be allocated pro-rata to Fund I 19 investors (including Acadia) 66,068 60,158 55,092 50,702 46,860 ------------------------------------------------------ Acadia's share x 20 22.22% 14,680 13,367 12,241 11,266 10,412 ------------------------------------------------------ Value of Acadia's interest in remaining Fund I Line 18 21 assets + 20 31,197 28,407 26,014 23,941 22,127 Additional promote earned from Brandywine Note 4 22 recapitalization 7,500 7,500 7,500 7,500 7,500 ------------------------------------------------------ 23 Total value to Acadia $ 38,697 $ 35,907 $ 33,514 $ 31,441 $ 29,627 ====================================================== 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 $ 16,517 $ 15,040 $ 13,773 $ 12,675 $ 11,715 20% General Partner (Acadia) Promote on Brandywine 7,500 7,500 7,500 7,500 7,500 ------------------------------------------------------ Total promote $ 24,017 $ 22,540 $ 21,273 $ 20,175 $ 19,215 ====================================================== Per share $ 0.72 $ 0.68 $ 0.64 $ 0.61 $ 0.58 ====================================================== ----------------------------------------------------------------------------------------------------------------- Notes: ------ (1) Adjusted for value based on projected net renewal NOI upon completion of original term in 2009 (2) Included in "Equity in earnings of Fund I unconsolidated properties" in the JV Statement of Operations in the December 31, 2006 Supplement. (3) See "Debt Analysis - Unconsolidated Debt (Joint Ventures)" in the December 31, 2006 Supplement. Amounts adjusted for minority interests' pro-rata share of debt (4) This promote is to be paid from future Fund I cash flows
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 AKR Fund II Properties - Detail (2) - -------------- --------- ------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------ Fund II's Annualized Base Rent Ownership Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot ----------------------- --------------- ------- --------------------- ---------- --------------------- % Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total ========= ------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------ Midwest - -------------- Illinois - -------------- Oakbrook 100% 112,000 - 112,000 100.00% - 100.00% $ 825,000 $ - $ 825,000 $ 7.37 $ - $ 7.37 New York Region - -------------- New York - -------------- Liberty Avenue 96% - 17,088 17,088 0.00% 63.67% 63.67% - 394,944 394,944 - 36.30 36.30 ------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------ Subtotal - Fund II Operating Properties 112,000 17,088 129,088 100.00% 63.67% 95.19% 825,000 394,944 1,219,944 7.37 - 9.93 ------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------ Fund II Redevelopment Properties - -------------- 400 East Fordham Road (1) 96% - - - - - - - - - - - - Pelham Manor Shopping Center (1) 96% - - - - - - - - - - - - Sherman Avenue (1) 96% - - - - - - - - - - - - 161st Street 96% 137,334 86,277 223,611 100.00% 100.00% 100.00% 3,337,222 1,884,734 5,221,956 24.30 21.85 23.35 ------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------ Subtotal - Fund II Redevelopment Properties 137,334 86,277 223,611 100.00% 100.00% 100.00% 3,337,222 1,884,734 5,221,956 24.30 21.85 23.35 --------- ------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------ ------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------ Fund II Grand Total 249,334 103,365 352,699 100.00% 93.99% 98.24% $4,162,222 $2,279,678 $6,441,900 $ 16.69 $23.46 $18.59 ------- ------- ------- ------- ------- ------- ---------- ---------- ---------- ------- ------ ------ 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 properties are currently undergoing redevelopment construction. (2) Fund II has also invested in three other projects as follows: The 216th Street project, which is undergoing "ground-up" construction. Albee Square, a redevelopment project in downtown Brooklyn, NY. Atlantic Avenue, an urban/infill investment in Brooklyn, NY.
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Fund II - New York Urban/Infill Redevelopment Properties - ------------------------------------------------------------ Total Estimated project square Estimated cost footage Estimated Total cost future upon cost to date cost Estimated (including (in per start of Estimated acquisition millions) square construction completion cost) completion foot Notes Property Anchors/Tenants-------------- ------------- ------------- ---------- ------------------------- - ----------------- --------------- Liberty Avenue CVS, Storage Construction Post $ 14.0 $ 2.0 $ 16.0 125,000 128 (1) 216th Street City of New York Department of General Construction 2nd half Services commenced 2007 24.7 1.3 26.0 60,000 433 Pelham Manor Home Depot Construction 2nd half Shopping Center commenced 2008 13.0 32.0 45.0 320,000 141 (1) 161st Street Various New 2nd half 2nd half York City and 2007 2008 State Agencies 48.1 16.9 65.0 232,000 280 400 East Fordham Sears, Construction 1st half Road Walgreens, commenced 2009 Best Buy 45.8 74.2 120.0 285,000 421 Canarsie Plaza Home Depot 2nd half 1st half 2007 2009 5.6 64.4 70.0 323,000 217 (2) Sherman Avenue To be 2nd half 2nd half determined 2007 2009 26.3 28.7 55.0 175,000 314 Albee Square To be To be determined determined 29.0 296.0 325.0 600,000 542 Atlantic Avenue To be 2nd half 2nd half determined 2008 2009 5.5 17.5 23.0 110,000 209 ------------ ---------- -------- ---------- ------- $212.0 $ 533.0 $ 745.0 2,230,000 $ 334 ============ ========== ======== ========== ======= (1) The Fund acquired a ground lease interest at this property. (2) Under contract.
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Portfilio Overview ------------- - ----------------------------------------- ------------- ----------- ------- -------------------------------- ----------- Property Totals ----------------------- Year Anchor Annualized Annualized Constructed(C) Occupancy Current Base Base Lease and Shopping Center Location Acquired(A) GLA Option Rent Rent psf % Expiration - ----------------------------------------- ------------- ----------- ------- -------------------------------- ----------- NEW YORK REGION - ----------------------------------------- New York Village Commons Shopping Center Smithtown Daffy's 1998 (A) 87,169 95% 2008/2028 2,243,319 27.18 Branch Shopping Plaza Smithtown Waldbaum's (A&P) 1998 (A) 125,751 100% 2013/2028 2,493,201 19.83 CVS 2010/-- Amboy Shopping Center Staten Island Waldbaum's 2005 (A) 60,090 100.00% 2028/-- 1,535,659 25.56 Duane Reed 2008/2018 Bartow Avenue The Bronx Sleepy's 2005 (C) 14,668 66.19% 2009 284,620 29.32 Pacesetter Park Shopping Center Pomona Stop & Shop (Ahold) 1999 (A) 96,698 93% 2020/2040 1,093,823 12.11 2914 Third Avenue The Bronx Dr. J's 2006 (A) 43,500 100% 2021/- 844,000 19.40 West 54th Street Manhattan Stage Deli 2007 (A) 9,814 73% 2011/- 2,341,117 327.84 LA Fitness Staten Island Staten Island 2007 (A) 51,494 100% LA Fitness 1,265,000 24.57 New Jersey Elmwood Park Shopping Center Elmwood Park Pathmark 1998 (A) 149,085 100% 2017/2052 3,443,898 23.10 Walgreen's 2022/2062 Boonton Boonton 2006 (A) 62,908 100% A&P 2024 1,252,985 19.92 Connecticut 239 Greenwich Avenue Greenwich Restoration Hardware 1998 (A) 16,834 100% 2015/2025 1,397,621 83.02 Coach 2016/2021 NEW ENGLAND REGION - ------------------------------------------------------- Connecticut Town Line Plaza Rocky Hill Stop & Shop 1998 (A) 206,356 99% 2023/2063 1,626,923 15.16 Wal-mart (not owned) Massachusetts Methuen Shopping Center Methuen DeMoulas Market 1998 (A) 130,021 100% 2015/2020 958,689 7.37 Wal-mart 2011/2051 Crescent Plaza Brockton Shaw's 1984 (A) 218,141 95% 2012/2042 1,609,257 7.73 Home Depot 2021/2056 New York New Loudon Center Latham Price Chopper 1982 (A) 255,826 100% 2015/2035 1,713,664 6.70 Marshalls 2014/2029 Bon Ton Department Store 2014/2034 Raymor & Flanigan Furniture 2019/2034 Rhode Island Walnut Hill Plaza Woonsocket Shaw's 1998 (A) 284,717 89% 2013/2028 2,302,888 9.09 Sears 2008/2033 Vermont The Gateway Shopping Center Burlington Shaw's 1999 (A) 101,784 96% 2024/2053 1,799,752 18.49
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Portfilio Overview ------------- - ----------------------------------------- ------------- ----------- ------- -------------------------------- ----------- Property Totals ----------------------- Year Anchor Annualized Annualized Constructed(C) Occupancy Current Base Base Lease and Shopping Center Location Acquired(A) GLA Option Rent Rent psf % Expiration - ----------------------------------------- ------------- ----------- ------- -------------------------------- ----------- MIDWEST REGION - ---------------------------------------------------------------- Illinois Hobson West Plaza Naperville Bobak's Market and Restaurant 1998 (A) 98,902 98% 2007/2032 1,208,451 12.50 (specialty grocery) Clark Diversey Chicago 2006 (A) 19,265 100% 800,401 41.55 Indiana Merrillville Plaza Merrillville TJ Maxx 1998 (A) 235,678 87% 2009/2014 2,545,802 12.42 JC Penney 2008/2018 OfficeMax 2008/2028 Michigan Bloomfield Town Square Bloomfield Costco (not Hills 1998 (A) 232,366 87% owned) 2,450,631 12.17 TJ Maxx2009/-- Marshall's 2011/2026 Home Goods 2010/2025 Ohio Mad River Station Dayton Babies "R" Us 1999 (A) 155,838 80% 2010/2020 1,530,017 12.24 Office Depot 2010/-- MID-ATLANTIC REGION - ---------------------------------------------------------------- New Jersey Marketplace of Absecon Absecon Acme 1998 (A) 105,135 95% 2015/2055 1,648,847 16.46 Eckerd Drug 2020/2040 Ledgewood Mall Ledgewood Wal-mart 1983 (A) 517,192 89% 2019/2049 4,251,995 9.23 Macy's 2010/2025 The Sports' Authority 2007/2037 Circuit City 2020/2040 Marshalls 2014/2034 Pennsylvania Blackman Plaza Wilkes-Barre Kmart 1968 (C) 125,264 93% 2009/2049 288,919 2.49 Mark Plaza Edwardsville Redner's Markets 1968 (C) 216,401 93% 2018/2028 987,672 4.91 Kmart 2009/2049 Plaza 422 Lebanon Home Depot 1972 (C) 155,149 69% 2028/2058 444,020 4.14 Route 6 Mall Honesdale Weis Markets 1994 (C) 175,505 100% (not owned) 1,116,431 6.36 Kmart 2020/2070 Chestnut Hill Philadelphia 2006 (A) 40,570 100% Borders 2010 1,292,372 31.86 Limited Express 2009 Abington Towne Center Abington TJ Maxx 1998 (A) 216,355 99% 2010/2020 955,839 16.75 --------- ----------- ------ Target (not owned) 4,208,476 93% $47,727,813 $13.05 ========= ==== =========== ======
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Portfilio Overview ------------- - ----------------------------------------- ------------- ----------- ------- -------------------------------- ----------- Property Totals ----------------------- Year Anchor Annualized Annualized Constructed(C) Occupancy Current Base Base Lease and Shopping Center Location Acquired(A) GLA Option Rent Rent psf % Expiration - ----------------------------------------- ------------- ----------- ------- -------------------------------- ----------- NEW YORK REGION - ------------------------------------------------------------- JOINT VENTURE PROPERTIES - ------------------------------------------------------------- New York Crossroads Shopping Center White Waldbaum's Plains (A&P) 1998 310,624 98% 2007/2032 $6,096,266 $20.13 (49% JV interest) Kmart 2012/2032 B. Dalton 2012/2017 Modell's 2009/2019 Tarrytown Shopping Center Westchester Walgreen's 2004 (A) 35,291 85% Drug 2080 909,457 30.28 (Fund I) Liberty Avenue (Fund II) Queens 2005 (A) 17,088 64% CVS 394,944 36.30 MID-ATLANTIC REGION - ------------------------------------------------------------- Delaware Brandywine Town Center (1) Wilmington 2003 (A) 816,808 98% Target 12,373,930 15.42 (Brandywine JV) Lowes Market Square Shopping Center Wilmington Trader Joe's (specialty grocery) 2003 (A) 102,662 90% 2013/2028 1,918,384 20.70 (Brandywine JV) TJ Maxx 2006/2016 Virginia Haygood Shopping Center Virginia Farm Fresh Beach 2004 (A) 178,497 92% 2026 1,730,113 10.52 (Fund I) Eckerd Drug 2009/-- MIDWEST REGION - ------------------------------------------------- Illinois Acadia Oakbrook Oakbrook Neiman Marcus 2005 (A) 112,000 100% 2011/2029 825,000 7.37 Ohio Amherst Marketplace Cleveland Giant Eagle 2002 (A) 79,945 100% 2021/2041 889,667 11.13 (Fund I) Granville Centre Columbus Lifestyle Family Fitness 2002 (A) 134,997 41% 2017/2027 663,086 11.85 (Fund I) Sheffield Crossing Cleveland Giant Eagle 2002 (A) 112,534 94% 2022/2042 1,203,020 11.33 (Fund I) VARIOUS REGIONS - ------------------------------------------------- Kroger/Safeway Portfolio various 25 Kroger and Safeway 2003 (A) 1,018,100 100% supermarkets 7,362,811 7.23 (Fund I) 2009/2049 JV REDEVELOPMENTS - ------------------------------------------------- Michigan Sterling Heights Shopping Center Detroit Burlington Coat Factory 2004 (A) 154,835 64% 2024/-- 607,740 6.13 (Fund I) New York 400 East Fordham Road Bronx 2004 (A) - 0% (2) - - (Fund II) 161st Street Bronx 2005 (A) 223,611 100% 5,221,956 23.35 (Fund II) Sherman Avenue Manhattan 2005 (A) - 0% (2) - - (Fund II) Pelham Manor Shopping Plaza Westchester 2004 (A) - 0% (2) - - (Fund II) Delaware Naamans Rd. Wilmington 2006 (C) 19,991 70% Tweeters 521,787 37.28 South Carolina Hitchcock Plaza Aiken Bed, Bath & 2004 (A) 221,029 77% Beyond 1,427,800 8.41 (Fund I) SteinMart Old Navy 3,538,012 93% $42,145,961 $12.84 ========= ==== =========== ====== (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. (2) Currently in redevelopment
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Retail Properties by Region ---------------- --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------ Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot ----------------------------- --------------- ------- ----------------------- ----------- --------------------- Wholly-Owned Properties - ---------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals (1) --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------ New York Region 413,092 304,919 718,011 100.00% 93.89% 97.41% $8,556,525 $9,638,718 $18,195,243 $20.71 $33.67 $26.02 New England 890,812 306,033 1,196,845 100.00% 84.51% 96.04% 6,755,693 3,255,480 10,011,173 8.51 12.59 9.52 Midwest 392,214 349,835 742,049 94.14% 79.47% 87.22% 3,247,906 5,287,396 8,535,302 8.80 19.02 13.19 Mid-Atlantic 1,194,025 357,546 1,551,571 97.60% 70.16% 91.28% 7,378,702 3,607,393 10,986,095 7.32 14.38 8.73 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------ --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------ Total Wholly- Owned Properties 2,890,143 1,318,333 4,208,476 98.22% 81.45% 92.96% $25,938,826 $21,788,987 $47,727,813 $10.04 $20.29 $13.05 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------ --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------ Joint Venture Properties (2) - ---------------- Operating Midwest 348,443 91,033 439,476 84.19% 66.72% 80.57% 2,934,188 646,585 3,580,773 $10.00 $10.65 $10.11 Mid-Atlantic 923,777 174,190 1,097,967 98.43% 86.23% 96.49% 13,095,295 2,927,133 16,022,427 14.40 19.49 15.12 New York Region 215,678 147,325 363,003 100.00% 86.97% 94.71% 2,738,185 4,662,482 7,400,667 12.70 36.39 21.53 Various (Kroger/Safeway Portfolio) 1,018,100 - 1,018,100 100.00% 0.00% 100.00% 7,362,811 - 7,362,811 7.23 - 7.23 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------ Total - Operating Properties 2,505,998 412,548 2,918,546 97.22% 82.19% 95.10% 26,130,479 8,236,200 34,366,678 10.73 24.29 12.38 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------ JV Redevelopment Properties Mid West 90,400 64,435 154,835 100.00% 13.63% 64.06% 526,600 81,140 607,740 5.83 9.24 6.13 Mid-Atlantic 146,507 94,513 241,020 89.19% 56.14% 76.23% 864,028 1,085,559 1,949,587 6.61 20.46 10.61 New York Region 137,334 86,277 223,611 100.00% 100.00% 100.00% 3,337,222 1,884,734 5,221,956 24.30 21.85 23.35 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------ Total - Redevelopment Properties 374,241 245,225 619,466 95.77% 60.40% 81.77% 4,727,850 3,051,433 7,779,283 13.19 20.60 15.36 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------ --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------- ------ ------ Total Joint Venture Properties 2,880,239 657,773 3,538,012 97.03% 74.07% 92.76% $30,858,329 $11,287,633 $42,145,961 $11.04 $23.17 $12.84 ========= ========= ========= ======= ======= ======= =========== =========== =========== ======= ====== ====== 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.
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Retail Properties by State - Summary - ----------------------------------------------------- --------- ------- ---------- --------- --------- --------- ------- ------- ------- Gross Leasable Area Occupancy ----------------------------- --------------- ------- Wholly-Owned Properties Ownership Percent Number of of - ------------------------------------ base properties Anchors Shops Total Anchors Shops Total rent (2) % (1) --------- ------- ---------- --------- --------- --------- ------- ------- ------- Connecticut 100.0% 5.1% 2 179,993 43,197 223,190 100.00% 96.05% 99.24% Illinois 100.0% 3.4% 2 51,692 66,475 118,167 100.00% 96.61% 98.09% Indiana 100.0% 4.3% 1 145,266 90,412 235,678 85.20% 89.86% 86.99% Massachusetts 100.0% 4.3% 2 281,366 66,796 348,162 100.00% 85.10% 97.14% Michigan 100.0% 4.1% 1 126,960 105,406 232,366 98.83% 71.97% 86.65% New Jersey 100.0% 17.9% 4 541,073 293,247 834,320 100.00% 79.12% 92.66% New York 100.0% 23.3% 9 535,396 209,614 745,010 100.00% 91.11% 97.50% Ohio 100.0% 2.6% 1 68,296 87,542 155,838 100.00% 64.74% 80.19% Pennsylvania 100.0% 8.6% 6 765,025 164,219 929,244 96.26% 72.32% 92.03% Rhode Island 100.0% 3.9% 1 121,892 162,825 284,717 100.00% 80.78% 89.01% Vermont 100.0% 3.0% 1 73,184 28,600 101,784 100.00% 84.38% 95.61% ------- --------- --------- --------- ------- ------- ------- --------- --------- --------- ------- ------- ------- Total - Wholly-Owned Properties 80.5% 30 2,890,143 1,318,333 4,208,476 98.22% 81.45% 92.96% ------- ---------- --------- --------- --------- ------- ------- ------- --------- --------- --------- ------- ------- ------- 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% 66.72% 73.92% Delaware 22.2% 5.4% 2 828,474 90,996 919,470 98.25% 89.01% 97.33% Virginia 18.9% 0.6% 1 95,303 83,194 178,497 100.00% 83.19% 92.17% New York 49.0% 5.0% 3 215,678 147,325 363,003 100.00% 86.97% 94.71% Various (Kroger/Safeway Portfolio) 28.3% 3.5% 25 1,018,100 - 1,018,100 100.00% 0.00% 100.00% ------- --------- --------- --------- ------- ------- ------- Total - Operating Properties 16.5% 2,505,998 412,548 2,918,546 97.22% 82.19% 95.10% ------- --------- --------- --------- ------- ------- ------- JV Redevelopment Properties Michigan 18.9% 0.2% 1 90,400 64,435 154,835 100.00% 13.63% 64.06% New York Various 2.4% 5 137,334 86,277 223,611 100.00% 100.00% 100.00% Delaware 22.2% 0.2% 1 - 19,991 19,991 0.00% 70.01% 70.01% South Carolina 7.6% 0.2% 1 146,507 74,522 221,029 89.19% 52.42% 76.79% --------- --------- --------- ------- ------- ------- Total-Redevelopment Properties 3.0% 374,241 245,225 619,466 95.77% 60.40% 81.77% ------- --------- --------- --------- ------- ------- ------- --------- --------- --------- ------- ------- ------- Total Joint Venture Properties 19.5% 43 2,880,239 657,773 3,538,012 97.03% 74.07% 92.76% ------- ---------- ========= ========= ========= ======= ======= ======= 100.0% 73 ======= ========== --------- ------- ---------- 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.
QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 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 $ 2,334,621 $ 689,923 $ 3,024,544 $28.23 $16.63 $24.36 Illinois 225,436 1,783,416 2,008,852 4.36 27.77 17.33 Indiana 1,231,402 1,314,400 2,545,802 9.95 16.18 12.42 Massachusetts 1,964,975 602,971 2,567,946 6.98 10.61 7.59 Michigan 988,349 1,462,282 2,450,631 7.88 19.28 12.17 New Jersey 6,272,333 4,325,392 10,597,725 11.59 18.64 13.71 New York 6,468,930 7,345,473 13,814,403 12.08 38.46 19.02 Ohio 802,719 727,298 1,530,017 11.75 12.83 12.24 Pennsylvania 3,396,829 1,688,424 5,085,253 5.87 14.22 7.29 Rhode Island 935,920 1,366,968 2,302,888 7.68 10.39 9.09 Vermont 1,317,312 482,440 1,799,752 18.00 19.99 18.49 ------------ ----------- ----------- ------- ------ ------ ------------ ----------- ----------- ------- ------ ------ Total - Wholly-Owned Properties $25,938,826 $21,788,987 $47,727,813 $10.04 $20.29 $13.05 ------------ ----------- ----------- ------- ------ ------ ------------ ----------- ----------- ------- ------ ------ Joint Venture Properties (3) - -------------------------------------------------------------- Operating Properties Illinois $ 825,000 $ - $ 825,000 $ 7.37 $ - $ 7.37 Ohio 2,109,188 646,585 2,755,773 11.63 10.65 11.38 Delaware 12,459,088 1,833,227 14,292,314 15.31 22.63 15.97 Virginia 636,207 1,093,906 1,730,113 6.68 15.81 10.52 New York 2,738,185 4,662,482 7,400,667 12.70 36.39 21.53 Various (Kroger/Safeway Portfolio) 7,362,811 - 7,362,811 7.23 - 7.23 ------------ ----------- ----------- ------- ------ ------ Total - Operating Properties 26,130,479 8,236,200 34,366,678 10.73 24.29 12.38 ------------ ----------- ----------- ------- ------ ------ JV Redevelopment Properties Michigan 526,600 81,140 607,740 5.83 9.24 6.13 New York 3,337,222 1,884,734 5,221,956 24.30 21.85 23.35 Delaware - 521,787 521,787 - 37.28 37.28 South Carolina 864,028 563,772 1,427,800 6.61 14.43 8.41 ------------ ----------- ----------- ------- ------ ------ Total-Redevelopment Properties 4,727,850 3,051,433 7,779,283 13.19 20.60 15.36 ------------ ----------- ----------- ------- ------ ------ ------------ ----------- ----------- ------- ------ ------ Total Joint Venture Properties $30,858,329 $11,287,633 $42,145,961 $11.04 $23.17 $12.84 ============ =========== =========== ======= ====== ====== 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.
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Retail Properties - Detail - ----------------- ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ Annualized Base Rent Gross Leasable Occupancy Annualized Base Rent per Occupied Square Area Foot --------------- --------- --------------- ------- ------------------------------- -------------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ WHOLLY-OWNED PROPERTIES: New York Region - ----------------- Connecticut - ----------------- 239 Greenwich Avenue(1) 16,834 - 16,834 100.00% - 100.00% $1,397,621 $- $1,397,621 $83.02 $- $83.02 ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ New Jersey - ----------------- Elmwood Park Shopping Center 62,610 86,475 149,085 100.00% 100.00% 100.00% 1,390,460 2,053,438 3,443,898 22.21 23.75 23.10 A & P Shopping Plaza (Boonton) 49,463 13,445 62,908 100.00% 100.00% 100.00% 900,000 352,985 1,252,985 18.20 26.25 19.92 ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ Total - New Jersey 112,073 99,920 211,993 100.00% 100.00% 100.00% 2,290,460 2,406,423 4,696,883 20.44 24.08 22.16 ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ New York - ----------------- Village Commons Shopping Center 16,125 71,044 87,169 100.00% 93.46% 94.67% 274,125 1,969,194 2,243,319 17.00 29.66 27.18 Branch Plaza 74,050 51,701 125,751 100.00% 100.00% 100.00% 1,111,040 1,382,161 2,493,201 15.00 26.73 19.83 Amboy Road 46,964 13,126 60,090 100.00% 100.00% 100.00% 1,012,015 523,644 1,535,659 21.55 39.89 25.56 Bartow Avenue - 14,668 14,668 - 66.19% 66.19% - 284,620 284,620 - 29.32 29.32 Pacesetter Park Shopping Center 52,052 44,646 96,698 100.00% 85.77% 93.43% 362,264 731,559 1,093,823 6.96 19.10 12.11 2914 Third Avenue 43,500 - 43,500 100.00% - 100.00% 844,000 - 844,000 19.40 - 19.40 LA Fitness, Staten Island 51,494 - 51,494 100.00% - 100.00% 1,265,000 - 1,265,000 24.57 - 24.57 West 54th Street - 9,814 9,814 0.00% 72.76% 72.76% - 2,341,117 2,341,117 -327.84 327.84 ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ Total - New York 284,185 204,999 489,184 100.00% 90.91% 96.19% 4,868,444 7,232,295 12,100,739 17.13 38.81 25.72 ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ Total - New York Region 413,092 304,919 718,011 100.00% 93.89% 97.41% 8,556,525 9,638,718 18,195,243 20.71 33.67 26.02 ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ New England - ----------------- Connecticut - ----------------- Town Line Plaza(2) 163,159 43,197 206,356 100.00% 96.05% 99.17% 937,000 689,923 1,626,923 14.23 16.63 15.16 ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ Massachusetts - ----------------- Methuen Shopping Center 124,381 5,640 130,021 100.00% 100.00% 100.00% 845,889 112,800 958,689 6.80 20.00 7.37 Crescent Plaza 156,985 61,156 218,141 100.00% 83.73% 95.44% 1,119,086 490,171 1,609,257 7.13 9.57 7.73 ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ Total - Massachusetts 281,366 66,796 348,162 100.00% 85.10% 97.14% 1,964,975 602,971 2,567,946 6.98 10.61 7.59 ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ 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 121,892 162,825 284,717 100.00% 80.78% 89.01% 935,920 1,366,968 2,302,888 7.68 10.39 9.09 ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ Vermont - ----------------- The Gateway Shopping Center 73,184 28,600 101,784 100.00% 84.38% 95.61% 1,317,312 482,440 1,799,752 18.00 19.99 18.49 ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ Total - New England Region 890,812 306,033 1,196,845 100.00% 84.51% 96.04% 6,755,693 3,255,480 10,011,173 8.51 12.59 9.52 ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ 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.
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Retail Properties - Detail - ----------------- ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ Annualized Base Rent Gross Leasable Occupancy Annualized Base Rent per Occupied Square Area Foot --------------- --------- --------------- ------- ------------------------------- -------------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ WHOLLY-OWNED PROPERTIES (continued): Midwest - ------------ Illinois - ------------ Hobson West Plaza 51,692 47,210 98,902 100.00% 95.22% 97.72% $225,436 $983,015 $1,208,451 $4.36 $21.87 $12.50 Clark Diversey - 19,265 19,265 - 100.00% 100.00% - 800,401 800,401 - 41.55 41.55 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Total - Illinois 51,692 66,475 118,167 100.00% 96.61% 98.09% 225,436 1,783,416 2,008,852 4.36 27.77 17.33 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Indiana - ------------ Merrillville Plaza 145,266 90,412 235,678 85.20% 89.86% 86.99% 1,231,402 1,314,400 2,545,802 9.95 16.18 12.42 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% 64.74% 80.19% 802,719 727,298 1,530,017 11.75 12.83 12.24 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Total - Midwest Region 392,214 349,835 742,049 94.14% 79.47% 87.22% 3,247,906 5,287,396 8,535,302 8.80 19.02 13.19 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Mid-Atlantic - ------------ New Jersey - ------------ Marketplace of Absecon 58,031 47,104 105,135 100.00% 89.51% 95.30% 984,014 664,833 1,648,847 16.96 15.77 16.46 Ledgewood Mall 370,969 146,223 517,192 100.00% 61.51% 89.12% 2,997,859 1,254,136 4,251,995 8.08 13.94 9.23 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Total - New Jersey 429,000 193,327 622,327 100.00% 68.33% 90.16% 3,981,873 1,918,969 5,900,842 9.28 14.53 10.52 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Pennsylvania - ------------ Blackman Plaza 112,051 13,213 125,264 100.00% 28.97% 92.51% 268,519 20,400 288,919 2.40 5.33 2.49 Mark Plaza 157,595 58,806 216,401 100.00% 74.32% 93.02% 652,095 335,577 987,672 4.14 7.68 4.91 Plaza 422 132,845 22,304 155,149 78.47% 13.45% 69.12% 407,520 36,500 444,020 3.91 12.17 4.14 Route 6 Plaza 146,498 29,007 175,505 100.00% 100.00% 100.00% 806,351 310,080 1,116,431 5.50 10.69 6.36 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% 94.75% 99.23% 270,000 685,839 955,839 10.00 22.81 16.75 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ 765,025 164,219 929,244 96.26% 72.32% 92.03% 3,396,829 1,688,424 5,085,253 5.87 14.22 7.29 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Total - Mid- Atlantic Region 1,194,025 357,546 1,551,571 97.60% 70.16% 91.28% 7,378,702 3,607,393 10,986,095 7.32 14.38 8.73 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Total - Wholly-owned Properties 2,890,143 1,318,333 4,208,476 98.22% 81.45% 92.96% $25,938,826 $21,788,987 $47,727,813 $10.04 $20.29 $13.05 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ 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.
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Retail Properties - Detail - ----------------- ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ Annualized Base Rent Gross Leasable Occupancy Annualized Base Rent per Occupied Square Area Foot --------------- --------- --------------- ------- ------------------------------- -------------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total AnchorsShops Total ------- ------- --------- ------- ------- ------- ---------- --------- ---------- ------------- ------ JOINT VENTURE Acadia's PROPERTIES: 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% 851,195 38,472 889,667 11.09 11.99 11.13 Granville Centre (1) 37.8% 90,047 44,950 134,997 38.81% 46.74% 41.45% 450,336 212,750 663,086 12.88 10.13 11.85 Sheffield Crossing (1) 37.8% 69,659 42,875 112,534 100.00% 85.17% 94.35% 807,657 395,363 1,203,020 11.59 10.83 11.33 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Total - Ohio 236,443 91,033 327,476 76.70% 66.72% 73.92% 2,109,188 646,585 2,755,773 11.63 10.64 11.38 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Total - Midwest Region 348,443 91,033 439,476 84.19% 66.72% 80.57% 2,934,188 646,585 3,580,773 10.00 10.65 10.11 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Mid-Atlantic - -------------- Delaware - -------------- Brandywine Town Center 22.2% 789,624 27,184 816,808 98.16% 100.00% 98.22% 11,912,538 461,393 12,373,930 15.37 16.97 15.42 Market Square Shopping Center 22.2% 38,850 63,812 102,662 100.00% 84.33% 90.26% 546,550 1,371,834 1,918,384 14.07 25.49 20.70 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Total - Delaware 828,474 90,996 919,470 98.25% 89.01% 97.33% 12,459,088 1,833,227 14,292,314 15.31 22.63 15.97 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Virginia - -------------- Haygood Shopping Center (Virginia) (3) 18.9% 95,303 83,194 178,497 100.00% 83.19% 92.17% 636,207 1,093,906 1,730,113 6.68 15.81 10.52 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Total - Mid- Atlantic Region 923,777 174,190 1,097,967 98.43% 86.23% 96.49% 13,095,295 2,927,133 16,022,427 14.40 19.49 15.12 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ New York Region - -------------- New York - -------------- Crossroads Shopping Center 49.0% 200,181 110,443 310,624 100.00% 93.00% 97.51% 2,263,185 3,833,081 6,096,266 11.31 37.32 20.13 Tarrytown Shopping Center (New York) (1) 37.8% 15,497 19,794 35,291 100.00% 73.44% 85.10% 475,000 434,457 909,457 30.65 29.89 30.28 Liberty Avenue (New York) (4) 19.2% - 17,088 17,088 0.00% 63.67% 63.67% - 394,944 394,944 - 36.30 36.30 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Total - New York Region 215,678 147,325 363,003 100.00% 86.97% 94.71% 2,738,185 4,662,482 7,400,667 12.70 36.39 21.53 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Various Regions - -------------- Kroger/Safeway Portfolio (25 Properties)( 2) 28.3% 1,018,100 - 1,018,100 100.00% - 100.00% 7,362,811 - 7,362,811 7.23 - 7.23 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Total - Joint Venture Operating Properties 2,505,998 412,548 2,918,546 97.22% 82.19% 95.10% 26,130,479 8,236,200 34,366,678 10.73 24.29 12.38 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ 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)(5) 19.2% - - - - - - - - - - - - Pelham Manor Shopping Plaza (New York) (4)(5) 19.2% - - - - - - - - - - - - Sherman Avenue at Broadway (New York) (4)(5) 19.2% - - - - - - - - - - - - 161st Street (New York) (4) 19.2% 137,334 86,277 223,611 100.00% 100.00% 100.00% 3,337,222 1,884,734 5,221,956 24.30 21.85 23.35 216th Street (New York) 5 19.2% - - - - - - - - - - - - Naamans Rd (Delaware) 22.2% - 19,991 19,991 0.00% 70.01% 70.01% - 521,787 521,787 - 37.28 37.28 Hitchcock Plaza (South Carolina) (6) 7.6% 146,507 74,522 221,029 89.19% 52.42% 76.79% 864,028 563,772 1,427,800 6.61 14.43 8.41 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Total - Redevelopment Properties 374,241 245,225 619,466 95.77% 60.40% 81.77% 4,727,850 3,051,433 7,779,283 13.19 20.60 15.36 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Total - Joint Venture Properties 2,880,239 657,773 3,538,012 97.03% 74.07% 92.76% $30,858,329 $11,287,633 $42,145,961 $11.04 $23.17 $12.84 ========= ========= ========= ======= ======= ======= =========== =========== =========== ====== ====== ====== --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ Wholly-owned and JV - Operating Properties (8) 3,596,383 1,450,255 5,046,638 97.90% 81.61% 93.22% $33,163,934 $24,689,596 $57,853,530 $9.42 $20.86 $12.30 --------- --------- --------- ------- ------- ------- ----------- ----------- ----------- ------ ------ ------ 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. (2) Fund I portfolio of 25 triple-net, anchor-only leases with Kroger and Safeway supermarkets. (3) Fund I owns a 50% interest in these properties. (4) Fund II has a 96% interest in the property. (5) Property is currently in redevelopment construction. (6) Fund I owns a 20% interest in the property. (7) Fund II property. (8) Weighted based on ownership interest.
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 -------------- -------------- ------------ Cash GAAP Cash GAAP Cash GAAP (2) (3) (2) (3) (2) (3) Year- 3 3 months Year to- months ended ended Date ended Leasing Production (1) June June March December 30, 30, 31, 31, 2007 2007 2007 2006 ----------------------------------------------------- ------- ------- ------ -------- New leases Number of new leases commencing 14 14 6 6 8 8 18 GLA 32,905 32,905 17,234 17,234 15,67115,671 73,273 New base rent $26.37 $28.71 $25.94 $27.96 $26.84$29.53 $15.30 Previous base rent (and percentage rent) $20.34 $20.51 $15.81 $15.99 $25.33$25.49 $11.19 Percentage growth in base rent 29.6% 39.9% 64.1% 74.9% 6.0% 15.8% 36.7% Average cost per square foot $26.19 $26.19 $40.13 $40.13 $10.85$10.85 $13.52 Renewal leases Number of renewal leases commencing 26 26 9 9 17 17 47 GLA expiring 219,023219,023 119,549119,549 99,47499,474 287,107 Renewal percentage 69% 69% 57% 57% 84% 84% 71% New base rent $13.33 $13.67 $10.67 $10.99 $15.48$15.85 $15.25 Expiring base rent (and percentage rent) $12.33 $11.96 $10.19 $9.70 $14.07$13.79 $13.60 Percentage growth in base rent 8.1% 14.3% 4.7% 13.3% 10.0% 14.9% 12.2% Average cost per square foot $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Total new and renewal Leases Number of new and renewal leases commencing 40 40 15 15 25 25 65 GLA commencing 185,040185,040 85,377 85,377 99,66399,663 277,032 New base rent $15.64 $16.35 $13.75 $14.42 $17.27$18.00 $15.27 Expiring base rent (and percentage rent) $13.76 $13.48 $11.32 $10.97 $15.84$15.63 $12.96 Percentage growth in base rent 13.7% 21.3% 21.4% 31.4% 9.0% 15.2% 17.8% Average cost per square foot $4.66 $4.66 $8.10 $8.10 $1.71 $1.71 $3.57 -------------- -------------- ------------ (1) Does not include leased square footage and costs related to first generation space and the Company's major redevelopment projects. (2) 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. (3) Rent is presented on a straight-line basis.
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Top Tenants - Ranked by Annualized Base Rent ----------- (Combined basis - Includes pro-rata share of GLA and rent for JV properties) Percentage of Total Wholly-Owned Joint Ventures Combined Represented by (2) Retail Tenant -------------------------------------------------------------------------- Average Number of Gross Retail stores in Total Annualized Total Annualized Total Annualized Total AnnualizedAverage Occupancy Base Base Base Base Ranking Tenant combined GLA Rent (1) GLA Rent (1) GLA Rent (1) Portfolio Rent (3) Sales Cost (4) portfolio GLA(3) (per sq. ft.) - ------- ----------------------------------------------------------------------------------------------------------------------- 1 Albertson's 4 220,625$3,012,896 - $- 220,625$3,012,896 4.8% 5.5% -- Shaw's 3 175,801 2,358,192 - - 175,801 2,358,192 3.8% 4.3% 416 3.1% -- Acme 1 44,824 654,704 - - 44,824 654,704 1.0% 1.2% 270 7.3% 2 A&P (Waldbaum's) 4 149,729 2,566,284 18,722 246,960 168,451 2,813,244 3.6% 5.1% -- A&P/Waldbaum's 4 149,729 2,566,284 18,722 246,960 168,451 2,813,244 3.6% 5.1% 351 5.8% 3 T.J. Maxx 8 230,627 1,765,051 6,972 88,189 237,599 1,853,240 5.1% 3.4% -- T.J. Maxx 4 88,200 726,300 6,972 88,189 95,172 814,489 2.1% 1.5% 274 4.1% -- Marshalls 3 102,781 731,494 - - 102,781 731,494 2.2% 1.3% 188 6.0% -- Homegoods 1 39,646 307,257 - - 39,646 307,257 0.9% 0.6% 153 6.3% 4 Sears 5 390,270 1,355,279 49,355 277,463 439,625 1,632,742 9.5% 3.0% -- Kmart 4 329,570 1,097,279 49,355 277,463 378,925 1,374,742 8.2% 2.5% 198 4.0% -- Sears 1 60,700 258,000 - - 60,700 258,000 1.3% 0.5% 215 2.8% 5 Wal-Mart 2 210,114 1,515,409 - - 210,114 1,515,409 4.5% 2.7% 293 3.6% 6 Ahold 2 117,911 1,299,264 - - 117,911 1,299,264 2.5% 2.4% -- Stop and Shop 2 117,911 1,299,264 - - 117,911 1,299,264 2.5% 2.4% 353 3.6% 7 Home Depot 2 211,003 1,009,646 - - 211,003 1,009,646 4.6% 1.8% - - 8 Pathmark 1 47,773 955,460 - - 47,773 955,460 1.0% 1.7% - - 9 Price Chopper 1 77,450 804,059 - - 77,450 804,059 1.7% 1.5% 674 1.9% Restoration 10 Hardware 1 9,220 780,864 - - 9,220 780,864 0.2% 1.4% 495 16.6% 11 Kroger(5) 12 - -156,069 1,046,225 156,069 1,046,225 3.4% 1.9% - - 12 Safeway (6) 13 - -132,409 1,040,028 132,409 1,040,028 2.9% 1.9% - - 13 Sleepy's 5 35,745 683,429 - - 35,745 683,429 0.8% 1.2% - - Federated Department 14 Stores (Macy's) 1 73,349 651,245 - - 73,349 651,245 1.6% 1.2% 210 6.7% Payless 15 Shoesource 8 26,225 484,590 1,514 52,994 27,739 537,584 0.6% 1.0% - - 16 CVS 4 28,600 482,939 3,967 59,504 32,567 542,443 0.7% 1.0% 495 4.4% Limited Brands - 17 Express 1 12,882 510,344 - - 12,882 510,344 0.3% 0.9% - - 18 JC Penney 1 50,000 495,000 - - 50,000 495,000 1.1% 0.9% 206 6.5% 19 Borders Books 1 18,538 482,000 - - 18,538 482,000 0.4% 0.9% - - 20 Circuit City 1 33,294 449,469 - - 33,294 449,469 0.7% 0.8% - - ------------------------------------------------------------------------------------- Total 77 1,943,355 19,303,228 369,008 2,811,363 2,312,3632 2,114,591 49.9% 40.1% ===================================================================================== (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.
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Anchor Detail -------------------------------------------------------------------------- - ------------------------------------------------------------------------------------ ---------- --------- ------ ------- Annual Annual Property/Tenant Name Square Lease Base Base (Type of Center) Footage Expiration Rent Rent Options PSF - ------------------------------------------------------------------------------------ ---------- --------- ------ ------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned - ----------------------------------------------------------------------------- New York Region - ----------------------------------------------------------------------------- Connecticut ---------------------------------------------------------------------------- 239 Greenwich Ave., Greenwich Coach (1) 5 4,541 1/31/2016 356,469 78.50 Year Restoration Hardware (2) 5 12,293 9/30/2014 1,041,152 84.69 Years ------- --------- ------ Property total 16,834 1,397,621 83.02 ------- --------- ------ New Jersey ---------------------------------------------------------------------------- Elmwood Park Shopping Center, Elmwood Park Walgreens (8) 5 14,837 5/31/2022 435,000 29.32 Year Pathmark (7) 5 47,773 11/30/2017 955,460 20.00 Year ------- --------- ------ Property total 62,610 1,390,460 22.21 ------- --------- ------ A&P Shopping Plaza - Boonton A&P (9) 5 49,463 10/26/2024 900,000 18.20 Year ------- --------- ------ Property total 49,463 900,000 18.20 ------- --------- ------ New York ---------------------------------------------------------------------------- Village Commons Shopping Center Daffy's (3) 5 16,125 1/7/2008 274,125 17.00 Year ------- --------- ------ Property total 16,125 274,125 17.00 ------- --------- ------ Branch Plaza CVS 11,050 5/31/2010 190,076 17.20 - A&P (3) 5 63,000 11/30/2013 920,964 14.62 Year ------- --------- ------ Property Total: 74,050 1,111,040 15.00 ------- --------- ------ Amboy Shopping Center Waldbaum's (A&P) 37,266 7/6/2028 745,320 20.00 - Duane Reed (2) 5 9,698 8/31/2008 266,694 27.50 Year ------- --------- ------ Property total 46,964 1,012,014 21.55 ------- --------- ------ Pacesetter Park Shopping Center, Pomona Stop & Shop (Ahold) (2) 10 52,052 8/31/2020 362,264 6.96 Year ------- --------- ------ Property total 52,052 362,264 6.96 ------- --------- ------ 2914 Third Avenue Dr. J's 33,500 1/31/2021 700,000 20.90 Other 10,000 144,000 14.40 ------- --------- ------ Property total 43,500 844,000 19.40 ------- --------- ------ LA Fitness, Staten Island LA Fitness 51,494 1/31/2021 1,265,000 24.57 ------- --------- ------ 51,494 1,265,000 24.57 ------- --------- ------ Total: New York Region 413,092 8,556,524 20.71 ------- --------- ------
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Retail Anchor Properties- Wholly Owned (continued) - ---------------------------------------------------------------------------------- New England - --------------------------------------------------------------------------- Connecticut -------------------------------------------------------------------------- Town Line Plaza, Rocky Hill Wal*Mart(1) REA 97,300 - $- $- Agreement Super Stop & (8) 5 Year Shop (Ahold) 65,859 11/30/2023 937,000 14.23 ------- --------- ----- Property total 163,159 937,000 14.23 ------- --------- ----- Massachusetts -------------------------------------------------------------------------- Methuen Shopping Center, Methuen < ABIS Sushi 4,377 109,425 25.00 (1) 5 Year Demoulas (1) 5 Year Super Markets 30,460 1/31/2015 109,656 3.60 Wal*Mart 89,544 1/31/2012 626,808 7.00 (8) 5 Year ------- --------- ----- Property total 124,381 845,889 6.80 ------- --------- ----- Crescent Plaza, Brockton Home Depot 106,760 10/31/2021 602,126 5.64 (7) 5 Year Shaw's (6) 5 Year (Albertsons) 50,225 12/31/2012 516,960 10.29 ------- --------- ----- Property total 156,985 1,119,086 7.13 ------- --------- ----- New York -------------------------------------------------------------------------- New Loudon Center, Latham Bon Ton 65,365 2/1/2014 261,460 4.00 (3) 5 Year Marshalls (3) 5 Year (TJX) 37,212 1/31/2014 158,151 4.25 Price Chopper 77,450 5/31/2015 804,059 10.38 (3) 5 Year A.C. Moore 21,520 4/30/2009 221,226 10.28 (3) 5 Year Raymours (2) 5 Year Furniture Co 49,664 4/30/2019 155,591 3.13 ------- --------- ----- Property total 251,211 1,600,487 6.37 ------- --------- ----- Rhode Island -------------------------------------------------------------------------- Walnut Hill Plaza, Woonsocket Sears 60,700 8/31/2008 258,000 4.25 (5) 5 Year CVS 8,800 1/31/2009 154,000 17.50 (1) 5 Year Shaw's (3) 5 Year (Albertsons) 52,392 12/31/2013 523,920 10.00 ------- --------- ----- Property total 121,892 935,920 7.68 ------- --------- ----- Vermont -------------------------------------------------------------------------- Gateway Shopping Center Shaw's (5) 5 Yr. (Albertsons) & (1) 4 73,184 3/31/2024 1,317,311 18.00 Yr. ------- --------- ----- Property total 73,184 1,317,311 18.00 ------- --------- ----- Total : New England 890,812 6,755,693 8.51 ------- --------- ----- Midwest - -------------------------------------------------------------- Illinois ------------------------------------------------------------- Hobson West Plaza, Naperville Bobak's (5) 5 Year Market and Restaurant 51,692 11/30/2007 225,436 4.36 ------- --------- ----- Property total 51,692 225,436 4.36 ------- --------- ----- Indiana -------------------------------------------------------------------------- Merrillville Plaza, Merrillville JC Penney 50,000 1/31/2008 495,000 9.90 (2) 5 Year Officemax 26,157 7/31/2008 222,335 8.50 (4) 5 Year Pier I 9,143 1/31/2009 128,002 14.00 - David's (2) 5 Year Bridal 13,266 11/19/2010 190,765 14.38 TJ Maxx (TJX) 25,200 1/31/2009 195,300 7.75 (1) 5 Year ------- --------- ----- Property total 123,766 1,231,402 9.95 ------- --------- ----- (1) This space is contiguous to the Company's property and is not owned by the Company.
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Retail Anchor Properties- Wholly Owned (continued) - ------------------------------------------------------------------------------ Michigan -------------------------------------------------------------------- Bloomfield Town Square, Bloomfield Hills HomeGoods (2) 5 Year (TJX) 39,646 5/31/2010 307,257 7.75 Officemax 21,500 6/30/2010 193,500 9.00 (3) 5 Year Marshalls (3) 5 Year (TJX) 28,324 9/30/2011 226,592 8.00 TJ Maxx (1) 5 Year (TJX) 36,000 1/31/2009 261,000 7.25 --------- ----------- ------ Property total 125,470 988,349 7.88 --------- ----------- ------ Ohio -------------------------------------------------------- Mad River Station, Dayton Babies 'R' (2) 5 Year Us 33,147 2/28/2010 260,204 7.85 Pier I 10,111 2/28/2010 227,037 22.45 - Office Depot 25,038 8/31/2010 315,478 12.60 - --------- ----------- ------ Property total 68,296 802,719 11.75 --------- ----------- ------ Total: Midwest 369,224 3,247,906 8.80 --------- ----------- ------ Mid-Atlantic - --------------------------------------------------------------------- New Jersey -------------------------------------------------------------------- Marketplace of Absecon, Absecon Eckerd Drug (3) 5 Year (Brook's) 13,207 8/30/2020 329,310 24.93 Acme Markets (7) 5 Year (Albertson) 44,824 4/30/2015 654,704 14.61 --------- ----------- ------ Property total 58,031 984,014 16.96 --------- ----------- ------ Ledgewood Mall, Ledgewood Circuit City 33,294 1/31/2020 449,469 13.50 (4) 5 Year Ashley (2) 5 Year Furniture 41,806 12/31/2010 212,793 5.09 Barnes & (5) 5 Year Noble 12,500 1/31/2010 224,000 17.92 Marshalls (4) 5 Year (TJX) 37,245 9/30/2014 346,751 9.31 The Sports (6) 5 Year Authority 52,205 5/31/2007 225,000 4.31 Macy's (3) 5 Year Department Store (Federated) 73,349 1/31/2010 651,245 8.88 Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year --------- ----------- ------ Property total 370,969 2,997,859 8.08 --------- ----------- ------ Pennsylvania -------------------------------------------------------------------- Blackman Plaza, Wilkes-Barre Eckerd Drug (Brook's) 7,095 7/31/2016 63,855 9.00 - Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year --------- ----------- ------ Property total 112,051 268,519 2.40 --------- ----------- ------ Mark Plaza, Edwardsville Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year Redner's (2) 5 Year Market 52,639 5/31/2018 447,431 8.50 --------- ----------- ------ Property total 157,595 652,095 4.14 --------- ----------- ------ Plaza 422, Lebanon Home Depot 104,243 12/31/2028 407,520 3.91 (6) 5 Year --------- ----------- ------ Property total 104,243 407,520 3.91 --------- ----------- ------ Route 6 Mall, Honesdale Eckerd Drugs (3) 5 Year (Brook's) 11,840 1/31/2011 118,400 10.00 Fashion Bug 15,000 1/31/2016 - - - Kmart 119,658 4/30/2020 687,951 5.75 (10) 5 Year --------- ----------- ------ Property total 146,498 806,351 5.50 --------- ----------- ------ Abington Town Center, Abington TJ Maxx (2) 5 Year (TJX) 27,000 11/30/2010 $270,000 $10.00 Target(1) Condominium 157,616 - - - 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 2,838,551 $25,938,825 $10.04 ========= =========== ====== (1) Target owns the portion of the main building (157,616 square feet) that their store is located in.
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Joint Venture Properties - ------------------------------------------------------------------------- New York Region - ------------------------------------------------------------------------- New York ------------------------------------------------------------------------ Crossroads Shopping Center, White Plains (49% jv) Kmart (3) 5 100,725 1/31/2012 $566,250 $5.62 Year Waldbaum's (A&P) (5) 5 38,208 12/31/2007 504,000 13.19 Year B. Dalton (Barnes & Noble) (2) 5 12,430 5/28/2012 397,760 32.00 Year Pier 1 (1) 5 8,818 2/28/2007 278,825 31.62 Year Pay Half 15,000 12/31/2007 322,600 21.51 - Modell's (2) 5 25,000 2/28/2009 193,750 7.75 Year ------- ---------- ----- Property total 200,181 2,263,185 11.31 ------- ---------- ----- 400 East Fordham Road (Fund II) - - - - - ------- ---------- Tarrytown Centre Walgreen's 15,497 6/30/2080 475,000 30.65 - ------- ---------- ----- Sherman Avenue - - - - ------- ---------- ----- - - - ------- ---------- ----- 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 353,012 6,075,407 17.21 ------- ---------- ----- Mid-Atlantic Region - ------------------------------------------------------------------------- Delaware ------------------------------------------------------------------------ Brandywine Town Center (Brandywine JV) Lowe's Home Centers (6) 5 140,000 8/31/2018 1,925,000 13.75 Year Target (4) 10 138,000 1/31/2018 800,000 5.80 Year Target expansion (6) 2 Year & (6) 3 27,716 1/31/2011 304,876 11.00 year Access Group (2) 5 76,458 5/31/2015 1,578,857 20.65 Year Regal Cinemas (4) 5 65,641 6/1/2017 861,210 13.12 Year Bed, Bath & Beyond (3) 5 50,977 1/31/2014 868,426 17.04 Year Dick's Sporting Goods (3) 5 50,000 5/31/2013 700,000 14.00 Year All other (1) 5 Year - (3) 228,2972/2011 - 10/2015 4,874,166 21.35 5Year ------- ---------- ----- Property total 777,089 11,912,535 15.33 ------- ---------- ----- Market Square Shopping Center (Brandywine JV) Trader Joe's (3) 5 7,675 1/31/2013 149,662 19.50 Year TJ Maxx (TJX) (1) 5 31,175 1/31/2011 396,888 12.73 Year ------- ---------- ----- Property total 38,850 546,550 14.07 ------- ---------- -----
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Joint Venture Properties (continued) -------------------------------------------------------------------------- Mid-Atlantic Region (continued) -------------------------------------------------------------------------- Virginia -------------------------------------------------------------------------- Haygood Shopping Center (Fund I) Marshalls 30,023 2/28/2017 270,207 9.00 - Farm Fresh (15) 5 54,000 8/31/2026 337,500 6.25 Year Eckerd Drugs (Brook's) 11,280 11/30/2009 28,500 2.53 - --------- ----------- ------ Property Total 95,303 636,207 6.68 --------- ----------- ------ Total : Mid- Atlantic Region 911,242 13,095,292 14.37 --------- ----------- ------ Midwest Region - --------------------------------------------------------------------------- Illinois -------------------------------------------------------- Acadia Oakbrook Neiman Marcus (5) 5 112,000 10/31/2011 825,000 7.37 Year --------- ----------- ------ Ohio -------------------------------------------------------- Amherst Marketplace (Fund I) Giant (3) 5 Eagle/Pharmacy 10,500 3/31/2012 157,500 15.00 Year Giant (4) 5 Eagle/Supermarket 66,237 9/30/2021 693,695 10.47 Year --------- ----------- ------ Property total 76,737 851,195 11.09 Granville Centre (Fund I) Lifestyle Family (2) 5 Fitness, Inc. 34,951 1/31/2017 450,336 12.88 Year --------- ----------- ------ Sheffield Crossing (Fund I) Revco Drug (3) 5 10,500 5/31/2012 157,500 15.00 Year Giant Eagle (4) 5 59,159 5/31/2022 650,157 10.99 Year --------- ----------- ------ Property total 69,659 807,657 11.59 --------- ----------- ------ Michigan -------------------------------------------------------------------------- Sterling Heights (Fund I) Rite Aid (4) 5 20,000 1/31/2026 245,000 12.25 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 3,460,788 9.02 --------- ----------- ------ Various -------------------------------------------------------------------------- Hitchcock Plaza Warehouse Home Furnishing 19,316 2017 66,640 3.45 Steinmart Inc. 30,000 2016 190,500 6.35 Bed, Bath & Beyond 23,000 2017 144,000 6.26 Ross Dress for Less 30,039 2017 250,526 8.34 TJX Company 28,315 2016 212,365 7.50 --------- ----------- ------ Property total 130,670 864,031 6.61 Kroger/Safeway (Fund I) 1,018,100 2009 7,362,811 7.23 --------- ----------- ------ Total: Joint Venture Properties 2,796,771 $30,858,329 $11.04 ========= =========== ======
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Anchor Lease Expirations - Next 3 Years ================================================================================= -------- ---------- -------- ------- Gross Leased Area Annualized Base Rent ----------------- --------------------------- Percent Percent Average Square of of per Center Anchor footage all Amount all Sq. Ft. anchors anchors -------------------------------------------------------- -------------- --------- -------- ---------- -------- ------- Wholly Owned -------------------------------------------------------- 2007 Hobson West Plaza Bobak's 51,692 2.00% 225,436 0.87% 4.36 --------- ------- ---------- -------- ------- Total 2007 51,692 2.00% 225,436 0.87% 4.36 --------- ------- ---------- -------- ------- 2008 Village Commons Shopping Center Daffy's Inc. 16,125 0.62% 274,125 1.06% 17.00 Merrillville Plaza JC Penny Co. 50,000 1.94% 495,000 1.91% 9.90 Merrillville Plaza Officemax Inc. 26,157 1.01% 222,335 0.86% 8.50 Amboy Shopping Center Duane Reade 9,698 0.38% 266,695 1.03% 27.50 Walnut Hill Plaza Sears 60,700 2.35% 258,000 0.99% 4.25 --------- ------- ---------- -------- ------- Total 2008 162,680 6.30% 1,516,155 5.85% 9.32 --------- ------- ---------- -------- ------- 2009 Chestnut Hill Express 12,882 0.50% 510,344 1.97% 39.62 Bloomfield Town Square TJ Max 36,000 1.39% 261,000 1.01% 7.25 Walnut Hill Plaza CVS 8,800 0.34% 154,000 0.59% 17.50 Merrillville Plaza Pier I 9,143 0.35% 128,002 0.49% 14.00 Merrillville Plaza TJ Max 25,200 0.98% 195,300 0.75% 7.75 New Loudon Center AC Moore Arts & Crafts 21,520 0.83% 221,226 0.85% 10.28 Blackman Plaza Kmart 104,956 4.06% 204,664 0.79% 1.95 Mark Plaza Kmart 104,956 4.06% 204,664 0.79% 1.95 --------- ------- ---------- -------- ------- Total 2009 323,457 12.51% 1,879,200 7.24% 100.30 --------- ------- ---------- -------- ------- Total - Next 3 Years 537,829 20.81% $3,620,791 13.96% $6.73 ========= ======= ========== ======== ======= Crossroads Joint Venture ----------------------------------------------------------------------- 2007 Crossroads Shopping Center Pier 1 8,818 4.41% 278,825 12.32% 31.62 Crossroads Shopping Center Pay-Half 15,000 7.49% 322,600 14.25% 21.51 Crossroads Shopping Center Waldbaum's 38,208 19.09% 504,000 22.27% 13.19 --------- ------- ---------- -------- ------- Total 2007 62,026 30.99% 1,105,425 48.84% 17.82 --------- ------- ---------- -------- ------- 2008 - 0.00% - 0.00% - --------- ------- ---------- -------- ------- 2009 Crossroads Shopping Center Modell's 25,000 12.49% 193,750 8.56% 7.75 --------- ------- ---------- -------- ------- Total - Next 3 Years 87,026 43.48% $1,299,175 57.40% $14.93 ========= ======= ========== ======== ======= 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 -------------------------------------------------------- 2008 - 0.00% - 0.00% - --------- ------- ---------- -------- ------- 2008 0.00% 0.00% - ------- -------- Total 2008 - - - 0.00% - --------- ------- ---------- -------- ------- 2009 Kroger/Safeway portfolio Kroger/Safeway 1,018,100 64.99% 7,362,811 61.49% 7.23 Haygood Shopping Center Eckerd Drugs 11,280 0.72% 28,500 0.24% 2.53 --------- ------- ---------- -------- ------- Total - Next 3 Years 1,029,380 65.71% $7,391,311 61.73% $7.18 ========= ======= ========== ======== ======= Fund II -------------------------------------------------------- 2007 0.00% 0.00% - ------- -------- ------- Total 2007 - 0.00% - 0.00% - --------- ------- ---------- -------- ------- 2008 - 0.00% - 0.00% - --------- ------- ---------- -------- ------- 2009 - 0.00% - 0.00% - --------- ------- ---------- -------- ------- Total - Next 3 Years - 0.00% $- 0.00% $- ========= ======= ========== ======== ======= (1) Tenant pays rent based on percentage of sales
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 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 10,000 0.39% $144,000 0.56% $14.40 2007 1 51,692 2.00% 225,436 0.87% 4.36 2008 5 162,680 6.30% 1,516,155 5.85% 9.32 2009 8 323,457 12.52% 1,879,200 7.24% 5.81 2010 14 357,411 13.83% 3,634,009 14.00% 10.17 2011 2 40,164 1.55% 344,992 1.33% 8.59 2012 3 191,974 7.43% 1,368,768 5.28% 7.13 2013 2 115,392 4.47% 1,444,884 5.57% 12.52 2014 4 152,115 5.89% 1,807,514 6.97% 11.88 2015 3 122,274 4.73% 1,458,763 5.62% 11.93 2016 3 26,636 1.03% 420,324 1.62% 15.78 2017 2 52,150 2.02% 1,064,885 4.11% 20.42 2018 1 52,639 2.04% 447,432 1.72% 8.50 2019 3 170,234 6.59% 1,044,192 4.03% 6.13 2020 4 218,211 8.45% 1,828,994 7.05% 8.38 2021 2 140,260 5.43% 1,302,126 5.02% 9.28 2022 1 14,837 0.57% 435,000 1.68% 29.32 2023 1 51,494 1.99% 1,265,000 4.88% - 2024 3 188,506 7.30% 3,154,312 12.16% 16.73 2028 3 141,509 5.47% 1,152,840 4.44% 8.15 -------- --------- ------- ----------- ------- ------- Total Occupied 66 2,583,635 100.00% $25,938,826 100.00% $10.04 =========== ======= ======= --------------------------------------------------------------- -------- --------- Anchor GLA Owned by Tenants 254,916 Total Vacant 51,592 --------- Total Square Feet 2,890,143 ========= --------------------------------------------------------------- -------- --------- Wholly-Owned Properties Shop Tenant Expirations Month to Month 19 34,174 3.36% $512,951 2.35% $15.01 2007 30 25,878 2.54% 1,347,420 6.18% 52.07 2008 55 169,624 16.65% 3,537,155 16.24% 20.85 2009 63 184,267 18.10% 3,349,348 15.37% 18.18 2010 44 129,245 12.69% 2,025,766 9.30% 15.67 2011 41 136,246 13.38% 3,994,827 18.33% 29.32 2012 19 82,264 8.08% 1,530,054 7.02% 18.60 2013 11 38,012 3.73% 847,818 3.89% 22.30 2014 13 59,992 5.89% 1,269,905 5.83% 21.17 2015 9 50,524 4.96% 891,309 4.09% 17.64 2016 8 38,550 3.79% 949,700 4.36% 24.64 2017 5 21,991 2.16% 668,913 3.07% 30.42 2018 4 6,805 0.67% 275,825 1.27% 40.53 2019 1 - 0.00% 51,205 0.24% - 2020 4 6,000 0.59% 142,500 0.65% 23.75 2021 1 26,170 2.57% 143,935 0.66% - 2022 2 5,493 0.54% 166,839 0.77% 30.37 2027 1 3,037 0.30% 83,517 0.38% 27.50 -------- --------- ------- ----------- ------- ------- Total Occupied 330 1,018,272 100.00% $21,788,987 100.00% $21.37 ======== ========= ======= =========== ======= ======= --------------------------------------------------------------- -------- --------- Total Vacant 300,061 --------- Total Square Feet 1,318,333 =========
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Wholly-Owned Properties Total Tenant Expirations Month to Month 20 $44,174 1.23% $656,951 1.38% $14.87 2007 31 77,570 2.15% 1,572,856 3.30% 20.28 2008 60 332,304 9.23% 5,053,310 10.59% 15.21 2009 71 507,724 14.10% 5,228,548 10.95% 10.30 2010 58 486,656 13.51% 5,659,775 11.86% 11.63 2011 43 176,410 4.90% 4,339,819 9.09% 24.60 2012 22 274,238 7.61% 2,898,822 6.07% 10.57 2013 13 153,404 4.26% 2,292,702 4.80% 14.95 2014 17 212,107 5.89% 3,077,419 6.45% 14.51 2015 12 172,798 4.80% 2,350,072 4.92% 13.60 2016 11 65,186 1.81% 1,370,024 2.87% 21.02 2017 7 74,141 2.06% 1,733,798 3.63% 23.39 2018 5 59,444 1.65% 723,257 1.52% 12.17 2019 4 170,234 4.73% 1,095,397 2.30% 6.43 2020 8 224,211 6.22% 1,971,494 4.13% 8.79 2021 3 166,430 4.62% 1,446,061 3.03% 8.69 2022 3 20,330 0.56% 601,839 1.26% 29.60 2023 1 51,494 1.43% 1,265,000 2.65% - 2024 3 188,506 5.23% 3,154,312 6.61% 16.73 2027 1 3,037 0.08% 83,517 0.17% 27.50 2028 3 141,509 3.93% 1,152,840 2.42% 8.15 --- ---------- ------- ----------- ------- ------ Total Occupied 396 $3,601,907 100.00% $47,727,813 100.00% $13.25 =========== ======= ====== ---------------------------------------------------------------- --- ---------- Anchor GLA Owned by Tenants 254,916 Total Vacant 351,653 ---------- Total Square Feet 4,208,476 ========== ---------------------------------------------------------------- --- ---------- Fund I Anchor Tenant Expirations 2007 - - 0.00% $- 0.00% $- 2009 26 1,029,380 65.72% 7,391,311 61.74% 7.18 2012 2 21,000 1.34% 315,000 2.63% 15.00 2014 - 35,153 2.24% - 0.00% - 2016 2 58,315 3.72% 402,863 3.36% 6.91 2017 5 137,329 8.77% 1,181,708 9.87% 8.60 2021 2 66,237 4.23% 693,695 5.79% 10.47 2022 1 59,159 3.78% 650,157 5.43% 10.99 2024 1 70,400 4.49% 281,600 2.35% 4.00 2026 2 74,000 4.72% 582,500 4.86% 7.87 2080 1 15,497 0.99% 475,000 3.97% 30.65 --- ---------- ------- ----------- ------- ------ Total Occupied 42 1,566,470 100.00% $11,973,834 100.00% $7.64 ---------------------------------------------------------------- --- ---------- Total Vacant 35,780 ---------- Total Square Feet 1,602,250 ========== ---------------------------------------------------------------- --- ---------- Fund I Shop Tenant Expirations Month to Month 9 20,997 10.92% 198,723 7.05% $9.46 2007 8 11,739 6.10% 157,832 5.60% 13.45 2008 14 28,162 14.66% 339,803 12.05% 12.07 2009 6 13,701 7.12% 199,683 7.08% 14.57 2010 5 10,278 5.34% 200,300 7.10% 19.49 2011 12 25,184 13.09% 414,452 14.70% 16.46 2012 6 12,554 6.53% 220,923 7.83% 17.60 2013 2 13,120 6.82% 124,820 4.43% 9.51 2014 6 14,403 7.49% 335,800 11.91% 23.31 2015 2 2,798 1.45% 45,936 1.63% 16.42 2016 1 7,752 4.03% 111,230 3.94% 14.35 2018 1 6,957 3.62% 50,004 1.77% 7.19 2019 1 3,141 1.63% 42,000 1.49% 13.37 2020 1 5,157 2.68% 150,842 5.35% 29.25 2021 1 16,384 8.52% 192,512 6.83% 11.75 2022 1 - 0.00% 35,000 1.24% - ---------------------------------------------------------- --- ---------- ------- ------------ ------- ------ Total Occupied 76 192,327 100.00% $2,819,860 100.00% $14.66 ---------------------------------------------------------------- --- ---------- Total Vacant 140,651 ---------- Total Square Feet 332,978 ==========
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Fund I Total Tenant Expirations Month to Month 9 20,997 1.19% $198,723 1.34% $9.46 2007 8 11,739 0.67% 157,832 1.07% 13.45 2008 14 28,162 1.60% 339,803 2.30% 12.07 2009 32 1,043,081 59.30% 7,590,994 51.32% 7.28 2010 5 10,278 0.58% 200,300 1.35% 19.49 2011 12 25,184 1.43% 414,452 2.80% 16.46 2012 8 33,554 1.91% 535,923 3.62% 15.97 2013 2 13,120 0.75% 124,820 0.84% 9.51 2014 6 49,556 2.82% 335,800 2.27% 6.78 2015 2 2,798 0.16% 45,936 0.31% 16.42 2016 3 66,067 3.76% 514,093 3.48% 7.78 2017 5 137,329 7.81% 1,181,708 7.99% 8.60 2018 1 6,957 0.40% 50,004 0.34% 7.19 2019 1 3,141 0.18% 42,000 0.28% 13.37 2020 1 5,157 0.29% 150,842 1.02% 29.25 2021 3 82,621 4.70% 886,207 5.99% 10.73 2022 2 59,159 3.36% 685,157 4.63% 11.58 2024 1 70,400 4.00% 281,600 1.90% 4.00 2026 2 74,000 4.21% 582,500 3.94% 7.87 2080 1 15,497 0.88% 475,000 3.21% - --- --------- ------- ----------- ------- ------ Total Occupied 118 1,758,797 100.00% $14,793,694 100.00% $8.41 --------------------------------------------------------------------- --- --------- Total Vacant 176,431 --------- Total Square Feet 1,935,228 ========= --------------------------------------------------------------------- --- --------- Fund II Anchor Tenant Expirations 2007 - - 0.00% - 0.00% - 2008 - - 0.00% - 0.00% - 2011 2 249,334 100.00% 4,162,222 100.00% 16.69 --- --------- ------- ----------- ------- ------ Total Occupied 2 249,334 100.00% $4,162,222 100.00% $16.69 --------------------------------------------------------------------- --- --------- Total Vacant - --------- Total Square Feet 249,334 ========= --------------------------------------------------------------------- --- --------- Fund II Shop Tenant Expirations Month to Month 3 24,472 25.19% $382,579 16.78% $15.63 2007 1 27,554 28.36% 757,735 33.24% 27.50 2009 - - 0.00% - 0.00% - 2010 - - 0.00% - 0.00% - 2011 1 7,046 7.25% 171,212 7.51% 24.30 2012 3 27,205 28.00% 573,208 25.14% 21.07 2032 1 10,880 11.20% 394,944 17.32% 36.30 --- --------- ------- ----------- ------- ------ Total Occupied 9 97,157 100.00% $2,279,678 100.00% $23.46 --------------------------------------------------------------------- --- --------- Total Vacant 6,208 --------- Total Square Feet 103,365 ========= --------------------------------------------------------------------- --- --------- Fund II Total Tenant Expirations Month to Month 3 24,472 7.06% $382,579 5.94% $15.63 2007 1 27,554 7.95% 757,735 11.76% 27.50 2008 - - 0.00% - 0.00% - 2009 - - 0.00% - 0.00% - 2010 - - 0.00% - 0.00% - 2011 3 256,380 74.00% 4,333,434 67.27% 16.90 2012 3 27,205 7.85% 573,208 8.90% 21.07 2032 1 10,880 3.14% 394,944 6.13% 36.30 --- --------- ------- ----------- ------- ------ Total Occupied 11 346,491 100.00% $6,441,900 100.00% $18.59 --------------------------------------------------------------------- --- --------- Total Vacant 6,208 --------- Total Square Feet 352,699 =========
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Crossroads (JV Property) Anchor Tenant Expirations 2007 3 62,026 30.98% 1,105,425 48.84% 17.82 2009 1 25,000 12.49% 193,750 8.56% 7.75 2012 2 113,155 56.53% 964,010 42.60% 8.52 -- ------- ------- ----------- ------- ------ Total Occupied 6 200,181 100.00% $2,263,185 100.00% $11.31 ------------------------------------------------------------------------ -- ------- Total Vacant - ------- Total Square Feet 200,181 ======= ------------------------------------------------------------------------ -- ------- Shop Tenant Expirations Month to Month 1 750 0.73% $32,472 0.85% $43.30 2007 2 2,512 2.45% 92,316 2.41% 36.75 2008 9 31,460 30.62% 1,080,862 28.20% 34.36 2009 6 17,318 16.86% 737,760 19.24% 42.60 2011 3 5,470 5.33% 205,854 5.37% 37.63 2012 2 6,900 6.72% 265,440 6.92% 38.47 2013 1 3,090 3.01% 108,150 2.82% 35.00 2014 4 19,941 19.41% 693,637 18.10% 34.78 2015 1 2,210 2.15% 72,930 1.90% 33.00 2017 1 6,600 6.43% 349,800 9.13% 53.00 2022 1 6,462 6.29% 193,860 5.06% 30.00 -- ------- ------- ----------- ------- ------ Total Occupied 31 102,713 100.00% $3,833,081 100.00% $37.32 ------------------------------------------------------------------------ -- ------- Total Vacant 7,730 ------- Total Square Feet 110,443 ======= ------------------------------------------------------------------------ -- ------- Crossroads (JV Property) Total Tenant Expirations Month to Month 1 750 0.25% $32,472 0.53% $43.30 2007 2 2,512 0.83% 92,316 1.51% 36.75 2008 9 31,460 10.39% 1,080,862 17.73% 34.36 2009 9 79,344 26.19% 1,843,185 30.24% 23.23 2011 3 5,470 1.81% 205,854 3.38% 37.63 2012 3 31,900 10.53% 459,190 7.53% 14.39 2013 1 3,090 1.02% 108,150 1.77% 35.00 2014 4 19,941 6.58% 693,637 11.38% 34.78 2015 1 2,210 0.73% 72,930 1.20% 33.00 2017 1 6,600 2.18% 349,800 5.74% 53.00 2018 2 113,155 37.36% 964,010 15.81% 8.52 2022 1 6,462 2.13% 193,860 3.18% 30.00 -- ------- ------- ----------- ------- ------ Total Occupied 37 302,894 100.00% $6,096,266 100.00% $20.13 ------------------------------------------------------------------------ -- ------- Total Vacant 7,730 ------- Total Square Feet 310,624 ======= ------------------------------------------------------------------------ -- ------- Brandywine Portfolio (JV Properties) Anchor Tenant Expirations 2010 - - 0.00% - 0.00% - 2011 5 127,291 15.60% 2,377,144 19.08% 18.67 2013 3 100,982 12.38% 1,816,540 14.58% 17.99 2014 2 50,977 6.25% 868,426 6.97% 17.04 2015 5 152,560 18.70% 2,934,911 23.57% 19.24 2016 1 16,525 2.03% 396,600 3.18% 24.00 2017 2 89,604 10.98% 1,340,467 10.75% 14.96 2018 2 278,000 34.06% 2,725,000 21.87% 9.80 0.00% -- ------- ------- ----------- ------- ------ Total Occupied 20 815,939 100.00% $12,459,088 100.00% $15.27 ------------------------------------------------------------------------ -- ------- Total Vacant 12,535 ------- Total Square Feet 828,474 =======
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Brandywine Portfolio (JV Properties) Shop Tenant Expirations Month to Month 1 3,800 4.02% $26,414 1.12% $6.95 2007 2 8,100 8.57% 208,000 8.83% 25.68 2008 1 6,100 6.45% 157,868 6.70% 25.88 2010 2 11,817 12.50% 184,280 7.83% 15.59 2011 2 22,500 23.80% 519,657 22.07% 23.10 2012 1 3,700 3.92% 140,600 5.97% 38.00 2013 2 6,950 7.35% 153,287 6.51% 22.06 2014 1 4,962 5.25% 147,421 6.26% 29.71 2015 2 8,500 8.99% 195,250 8.29% 22.97 2017 1 4,996 5.29% 224,820 9.55% 45.00 2021 1 4,100 4.34% 100,450 4.27% 24.50 2026 1 8,999 9.52% 296,967 12.61% 33.00 -- ------- ------- ----------- ------- ------ Total Occupied 17 94,524 100.00% $2,355,014 100.00% $24.91 ------------------------------------------------------------------------ -- ------- Total Vacant 16,463 ------- Total Square Feet 110,987 ======= ------------------------------------------------------------------------ -- ------- Brandywine Portfolio (JV Properties) Total Tenant Expirations Month to Month 1 3,800 0.42% $26,414 0.18% $6.95 2007 2 8,100 0.89% 208,000 1.40% - 2008 1 6,100 0.67% 157,868 1.07% 25.88 2010 2 11,817 1.30% 184,280 1.24% 15.59 2011 7 149,791 16.45% 2,896,801 19.55% 19.34 2012 1 3,700 0.41% 140,600 0.95% 38.00 2013 5 107,932 11.85% 1,969,827 13.30% 18.25 2014 3 55,939 6.14% 1,015,847 6.86% 18.16 2015 7 161,060 17.69% 3,130,161 21.13% 19.43 2016 1 16,525 1.82% 396,600 2.68% 24.00 2017 3 94,600 10.39% 1,565,286 10.57% 16.55 2018 2 278,000 30.53% 2,725,000 18.39% 9.80 2021 1 4,100 0.45% 100,450 0.67% 24.50 2026 1 8,999 0.99% 296,967 2.01% 33.00 -- ------- ------- ----------- ------- ------ Total Occupied 37 910,463 100.00% $14,814,101 100.00% $16.27 ------------------------------------------------------------------------ -- ------- Total Vacant 28,998 ------- Total Square Feet 939,461 =======
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QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Property Demographics (1) ------------------------- - ---------------------------------------------------------------------------------------------------------------------------- 3-Mile Radius(2) ---------------------------------------- Trade Cash (2) # Property / JV Area Base Total Total Households Median HH Avg. HH Classification Ownership % City State (Miles) Rent GLA Pop. ("HH") Income Income - ---------------------------------------------------------------------------------- ---------------------------------------- Core Brandywine Town Wilmington DE Center & Mkt Sq./22.22% 3 14,814,101 939,461 41,222 15,054 $ 83,769 $102,192 Core Elmwood Park Elmwood Park NJ Shopping Ctr. 3 3,443,898 149,085 257,647 83,959 52,609 62,446 Core Chestnut Hill Philadelphia PA 3 1,292,372 40,570 148,084 59,791 53,526 65,990 Core Abington Towne Abington PA Center 3 955,839 216,355 91,293 34,692 66,882 82,491 Core Clark & Diversey Chicago IL 3 800,401 19,265 419,461 213,740 58,803 81,579 Core Hobson West Plaza Naperville IL 3 1,208,451 98,902 98,083 34,231 94,977 114,120 Core Methuen Shopping Methuen MA Ctr. 5 958,689 130,021 89,957 31,569 41,619 49,981 Core Crossroads White Plains NY Shopping Ctr. / 49% 3 6,096,266 310,624 105,870 39,349 78,556 85,621 Core The Branch Plaza Smithtown NY 3 2,493,201 125,751 68,832 23,221 89,522 113,455 Core Amboy Road Staten NY Island 3 1,535,659 60,090 156,384 56,991 69,666 90,260 Core Village Commons Smithtown NY Shopping Ctr. 3 2,243,319 87,169 68,832 23,221 89,522 113,455 Core Bloomfield Town Bloomfield MI Square Hills 5 2,450,631 232,366 62,528 23,953 73,997 102,234 Core Crescent Plaza Brockton MA 3 1,609,257 218,141 99,649 34,369 46,062 56,826 Core 239 Greenwich Greenwich CT Avenue / 75% 5 1,397,621 16,834 67,165 24,889 97,270 125,159 Core Town Line Plaza Rocky Hill CT 3 1,626,923 206,356 45,606 19,067 65,917 75,855 Core New Loudon Center Latham NY 5 1,713,664 255,826 41,815 15,619 55,375 66,288 Core Pacesetter Park Pomona NY Shopping Ctr. 3 1,093,823 96,698 25,618 8,209 89,598 125,526 Core 2914 Third Ave The Bronx NY 3 844,000 43,500 1,239,853 422,421 26,865 33,419 Core LA Fitness, Staten Staten NY Island Island 3 1,265,000 51,494 127,542 45,026 65,178 83,167 Core West 54th Street Manhattan NY 3 2,341,117 9,814 582,613 325,406 80,037 96,770 Core Mad River Station Dayton OH 5 1,530,017 155,838 58,692 25,428 58,119 67,529 Core Mark Plaza Edwardsville PA 5 987,672 216,401 87,986 37,409 31,982 39,628 Core Blackman Plaza Wilkes-Barre PA 5 288,919 125,264 58,885 24,646 30,982 40,002 Core Bartow Avenue The Bronx NY 3 284,620 14,668 567,476 209,231 40,253 47,643 Core Walnut Hill Plaza Woonsocket RI 5 2,302,888 284,717 60,322 22,861 42,715 47,867 Core Ledgewood Mall Ledgewood NJ 5 4,251,995 517,192 37,052 13,412 80,007 87,773 Core BTS Boonton LLC / Boonton NJ 60% 5 1,252,985 62,908 49,442 18,288 87,533 113,042 Core Merrillville Plaza Hobart IN 5 2,545,802 235,678 26,118 10,066 56,556 64,248 Core The Gateway So. VT Shopping Ctr. Burlington 3 1,799,752 101,784 46,879 19,366 44,294 55,033 Core Marketplace of Absecon NJ Absecon 3 1,648,847 105,135 30,732 11,642 52,106 64,775 Core Plaza 422 Lebanon PA 3 444,020 155,149 43,975 17,347 36,874 47,144 Core Route 6 Plaza Honesdale PA 5 1,116,431 175,505 7,567 3,014 32,283 43,919 Fund I Granville Center / Columbus OH 37.78% 3 663,086 134,997 112,547 47,337 47,547 53,746 Fund I Sheffield Crossing Sheffield OH / 37.78% 3 1,203,020 112,534 28,714 10,621 54,485 64,626 Fund I Amherst Amherst OH Marketplace / 37.78% 3 889,667 79,945 53,342 20,470 45,506 55,396 Fund I Sterling Heights Sterling MI Shopping Center / Heights 18.9% 3 607,740 154,835 99,813 36,587 66,886 77,416 Fund I Tarrytown Shopping Tarrytown NY Center / 37.78% 3 909,457 35,291 36,856 13,450 78,415 95,294 Fund I Hitchcock Plaza/ Aiken SC 7.6% 5 1,427,800 221,029 23,976 9,393 50,934 64,402 Fund I Haygood Shopping Virginia VA Center / 18.9% Beach 3 1,730,113 178,497 99,119 38,035 52,505 60,732 Fund II - Urban 400 East Fordham The Bronx NY In-Fill Road / 19.2% 2 - - 1,205,053 412,674 30,252 38,298 Fund II - Urban Sherman Avenue / Manhattan NY In-Fill 19.2% 2 - - 535,739 175,108 29,260 36,324 Fund II - Urban Pelham Manor Westchester NY In-Fill Shopping Plaza / 19.2% 3 - - 398,727 147,238 48,697 56,116 Fund II - Urban 161st Street The Bronx NY In-Fill /19.2% 2 5,221,956 223,611 1,274,483 427,111 25,104 31,477 Fund II - Urban Liberty Avenue / Queens NY In-Fill 19.2% 3 394,944 17,088 613,457 201,509 44,915 59,078 Fund II - Other Oakbrook/ 20% Oakbrook IL 3 825,000 112,000 77,560 29,487 77,130 108,955 - ---------------------------------------------------------------------------------------------------------------------------- 82,510,963 6,728,388 -------------------- TOTAL ---------------------------------------- Weighted Average - Based on GLA 117,079 42,055 $ 61,910 $ 74,939 ---------------------------------------- Weighted Average - Based on base rent (1) 145,204 57,167 $ 65,263 $ 79,561 ---------------------------------------- CORE ---------------------------------------- Weighted Average - Based on GLA 77,156 28,667 $ 64,411 $ 77,784 ---------------------------------------- Weighted Average - Based on base rent (1) 126,681 51,343 $ 66,322 $ 80,845 ---------------------------------------- FUND I ---------------------------------------- Weighted Average - Based on GLA 68,078 26,416 $ 54,454 $ 64,747 ---------------------------------------- Weighted Average - Based on base rent (1) 61,142 23,692 $ 56,479 $ 67,148 ---------------------------------------- FUND II -Urban In-fill ---------------------------------------- Weighted Average - Based on GLA 1,227,555 411,095 $ 26,510 $ 33,436 ---------------------------------------- Weighted Average - Based on base rent (1) 1,274,483 427,111 $ 25,104 $ 31,477 ---------------------------------------- FUND II -Other ---------------------------------------- Weighted Average - Based on GLA 77,560 29,487 $ 77,130 $108,955 ---------------------------------------- Weighted Average - Based on base rent (1) 77,560 29,487 $ 77,130 $108,955 ---------------------------------------- (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) West 54th Street, Sherman and 161st Street figures are for 2 mile radius
QUARTERLY SUPPLEMENTAL DISCLOSURE December 31, 2006 Property Demographics (1) ------------------------- - ---------------------------------------------------------------------------------------------------------------------------- 5-Mile Radius ---------------------------------------- Trade Cash (2) Property / JV Area Base Total Total # Median HH Avg. HH Classification Ownership % City State (Miles) Rent GLA Pop. HH Income Income - ---------------------------------------------------------------------------------- ---------------------------------------- Core Brandywine Town Wilmington DE Center & Mkt Sq./22.22% 3 14,814,101 939,461 120,306 46,004 $74,110 $ 93,425 Core Elmwood Park Elmwood Park NJ Shopping Ctr. 3 3,443,898 149,085 614,727 208,535 57,938 69,562 Core Chestnut Hill Philadelphia PA 3 1,292,372 40,570 399,921 157,197 52,171 65,291 Core Abington Towne Abington PA Center 3 955,839 216,355 304,127 117,213 59,851 70,401 Core Clark & Diversey Chicago IL 3 800,401 19,265 969,623 410,327 51,138 67,593 Core Hobson West Plaza Naperville IL 3 1,208,451 98,902 241,153 82,668 93,969 113,986 Core Methuen Shopping Methuen MA Ctr. 5 958,689 130,021 201,503 72,943 47,894 56,306 Core Crossroads White Plains NY Shopping Ctr. / 49% 3 6,096,266 310,624 205,109 73,112 93,445 108,276 Core The Branch Plaza Smithtown NY 3 2,493,201 125,751 199,361 64,663 82,867 105,093 Core Amboy Road Staten NY Island 3 1,535,659 60,090 292,132 105,178 66,927 88,388 Core Village Commons Smithtown NY Shopping Ctr. 3 2,243,319 87,169 199,361 64,663 82,867 105,093 Core Bloomfield Town Bloomfield MI Square Hills 5 2,450,631 232,366 166,443 62,677 79,970 105,922 Core Crescent Plaza Brockton MA 3 1,609,257 218,141 168,246 58,789 46,062 56,826 Core 239 Greenwich Greenwich CT Avenue / 75% 5 1,397,621 16,834 142,822 51,210 94,119 119,232 Core Town Line Plaza Rocky Hill CT 3 1,626,923 206,356 153,302 61,023 57,724 68,679 Core New Loudon Center Latham NY 5 1,713,664 255,826 151,655 61,034 47,547 61,261 Core Pacesetter Park Pomona NY Shopping Ctr. 3 1,093,823 96,698 129,143 36,828 72,841 102,767 Core 2914 Third Ave The Bronx NY 3 844,000 43,500 2,690,882 1,034,060 45,279 56,415 Core LA Fitness, Staten Staten NY Island Island 3 1,265,000 51,494 457,912 162,076 60,236 77,922 Core West 54th Street Manhattan NY 3 2,341,117 9,814 2,424,848 1,048,312 55,446 67,194 Core Mad River Station Dayton OH 5 1,530,017 155,838 135,000 56,693 60,560 71,601 Core Mark Plaza Edwardsville PA 5 987,672 216,401 124,868 52,566 34,683 43,184 Core Blackman Plaza Wilkes-Barre PA 5 288,919 125,264 111,991 47,249 33,391 41,275 Core Bartow Avenue The Bronx NY 3 284,620 14,668 1,435,467 511,796 30,552 43,522 Core Walnut Hill Plaza Woonsocket RI 5 2,302,888 284,717 95,320 35,238 50,142 56,573 Core Ledgewood Mall Ledgewood NJ 5 4,251,995 517,192 108,922 38,302 77,480 89,838 Core BTS Boonton LLC / Boonton NJ 60% 5 1,252,985 62,908 101,266 36,438 86,509 106,011 Core Merrillville Plaza Hobart IN 5 2,545,802 235,678 87,796 32,151 54,709 62,531 Core The Gateway So. VT Shopping Ctr. Burlington 3 1,799,752 101,784 69,993 28,186 47,104 57,514 Core Marketplace of Absecon NJ Absecon 3 1,648,847 105,135 68,326 26,137 51,610 62,711 Core Plaza 422 Lebanon PA 3 444,020 155,149 61,197 23,615 41,055 51,545 Core Route 6 Plaza Honesdale PA 5 1,116,431 175,505 11,899 4,627 34,031 46,300 Fund I Granville Center / Columbus OH 37.78% 3 663,086 134,997 266,313 108,411 53,466 60,719 Fund I Sheffield Crossing Sheffield OH / 37.78% 3 1,203,020 112,534 110,797 41,494 49,602 59,866 Fund I Amherst Amherst OH Marketplace / 37.78% 3 889,667 79,945 98,291 37,263 41,483 52,190 Fund I Sterling Heights Sterling MI Shopping Center / Heights 18.9% 3 607,740 154,835 264,560 103,403 63,816 74,661 Fund I Tarrytown Shopping Tarrytown NY Center / 37.78% 3 909,457 35,291 123,546 43,654 85,757 103,311 Fund I Hitchcock Plaza/ Aiken SC 7.6% 5 1,427,800 221,029 44,606 16,968 42,687 55,503 Fund I Haygood Shopping Virginia VA Center / 18.9% Beach 3 1,730,113 178,497 225,653 86,122 54,074 62,011 Fund II - Urban 400 East Fordham The Bronx NY In-Fill Road / 19.2% 2 - - 1,997,909 698,322 33,259 40,957 Fund II - Urban Sherman Avenue / Manhattan NY In-Fill 19.2% 2 - - 2,049,516 721,521 34,366 42,608 Fund II - Urban Pelham Manor Westchester NY In-Fill Shopping Plaza / 19.2% 3 - - 1,109,022 403,897 44,956 53,542 Fund II - Urban 161st Street The Bronx NY In-Fill /19.2% 2 5,221,956 223,611 2,531,473 966,482 37,307 48,034 Fund II - Urban Liberty Avenue / Queens NY In-Fill 19.2% 3 394,944 17,088 613,457 201,509 44,915 59,078 Fund II - Other Oakbrook/ 20% Oakbrook IL 3 825,000 112,000 288,932 108,039 75,456 97,126 - ---------------------------------------------------------------------------------------------------------------------------- 82,510,963 6,728,388 -------------------- TOTAL ---------------------------------------- Weighted Average - Based on GLA 265,217 99,890 $ 60,931 $ 74,653 ---------------------------------------- Weighted Average - Based on base rent (1) 358,666 138,185 $ 61,466 $ 75,333 ---------------------------------------- CORE ---------------------------------------- Weighted Average - Based on GLA 187,566 69,887 $ 63,074 $ 77,313 ---------------------------------------- Weighted Average - Based on base rent (1) 325,235 125,543 $ 62,083 $ 76,087 ---------------------------------------- FUND I ---------------------------------------- Weighted Average - Based on GLA 165,450 64,285 $ 52,458 $ 62,858 ---------------------------------------- Weighted Average - Based on base rent (1) 155,845 59,646 $ 56,323 $ 67,353 ---------------------------------------- FUND II -Urban In-fill ---------------------------------------- Weighted Average - Based on GLA 2,395,307 912,174 $ 37,847 $ 48,818 ---------------------------------------- Weighted Average - Based on base rent (1) 2,531,473 966,482 $ 37,307 $ 48,034 ---------------------------------------- FUND II -Other ---------------------------------------- Weighted Average - Based on GLA 288,932 108,039 $ 75,456 $ 97,126 ---------------------------------------- Weighted Average - Based on base rent (1) 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) West 54th Street, Sherman and 161st Street figures are for 2 mile radius
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QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2007 Residential (Multi-family) Properties - ------------------------------------- % Occupied % Occupied Property Location Square Feet Units June 30, 2007 March 31, 2007 -------- -------- ----------- ------------ --------------- ---------------- Mid-Atlantic North Carolina -------------- Village Apartments Winston Salem 578,706 600 89% 86% Mid-West Missouri - -------------------------------- Gate House, Holiday House, Tiger Columbia Village, Colony Apartments (1) 625,545 874 92% 89% ----------- ------------ --- --- Totals 1,204,251 1,474 91% 88% =========== ============ === === (1) As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions
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