Maryland | 1-12002 | 23-2715194 |
(State or other | (Commission | (I.R.S. Employer |
jurisdiction of incorporation) | File Number) | Identification No.) |
Exhibit Number | Description |
99.1 | Press release of the Company dated April 26, 2011. |
99.2 | Financial and Operating Reporting Supplement of the Company for the quarter ended March 31, 2011. |
ACADIA REALTY TRUST | ||
(Registrant) | ||
Date: April 28, 2011 | By: | /s/ Michael Nelsen |
Name: Michael Nelsen | ||
Title: Sr. Vice President | ||
and Chief Financial Officer |
Exhibit Number | Description |
99.1 | Press release of the Company dated April 26, 2011. |
99.2 | Financial and Operating Reporting Supplement of the Company for the quarter ended March 31, 2011. |
●
|
Funds from operations (“FFO”) per share of $0.33 for first quarter 2011
|
●
|
Earnings per share (“EPS”) from continuing operations of $0.21 for first quarter 2011
|
●
|
During 2011, Fund III closed on three separate acquisitions in Chicago, Miami Beach and suburban Washington D.C. aggregating $93.3 million.
|
●
|
Current occupancy of 92.8% increased 130 basis points from fourth quarter 2010
|
●
|
Same store net operating income (“NOI”) decreased 0.7% for the first quarter 2011 compared to 2010
|
●
|
Core portfolio debt, net of cash on hand (“Net Debt”) to EBIDTA ratio of 3.6x at March 31, 2011
|
●
|
Net Debt to Total Market Capitalization of 31% at March 31, 2011
|
●
|
Cash on hand and availability under current credit facilities of $145 million at March 31, 2011
|
Quarters ended
|
||||||||||||
March 31,
|
||||||||||||
2011
|
2010
|
Variance
|
||||||||||
FFO per share
|
$ | 0.33 | $ | 0.25 | $ | 0.08 | ||||||
EPS from continuing operations
|
$ | 0.21 | $ | 0.13 | $ | 0.08 | ||||||
EPS
|
$ | 0.23 | $ | 0.13 | $ | 0.10 |
2011 gain on extinguishment of debt
|
$ | 0.04 | ||
Rents from Fund redevelopment projects placed in service
|
||||
after March 31, 2010
|
0.02 | |||
Additional 2011 transactional fee income
|
0.01 | |||
Other items, net
|
0.01 | |||
Total variance
|
$ | 0.08 |
●
|
During February 2011, Fund III (95% of equity), through a joint venture with an unaffiliated partner, Terranova Corporation, acquired three retail properties located on Lincoln Road in Miami Beach, Florida. Lincoln Road, an eight-block open-air pedestrian mall featuring high-end restaurants and boutiques, is an exciting destination for south Florida residents and tourists alike. The properties aggregate 61,000 square feet. The purchase price was $51.9 million, which included the assumption of $20.6 million of in-place mortgage debt.
|
●
|
Also during February, Fund III (90% of equity), through a joint venture with an unaffiliated partner, MCB Realty, acquired, a 65,000 square foot single tenant retail property located in Silver Spring, Maryland, for $9.8 million. The property is triple net-leased to Superfresh (A&P) Supermarket, which serves as one of several anchor tenants at the Orchard Center, a 340,000 square foot shopping center in which the property is located. Fund III acquired the property at an attractive going-in yield with upside potential depending on the resolution of the ongoing A&P bankruptcy proceedings.
|
●
|
Subsequent to the quarter, during April 2011, Fund III acquired The Heritage Shops at Millennium Park, a 105,000 square foot property, for $31.6 million. The multi-level primarily retail property is located in the East Loop section of downtown Chicago, Illinois. The asset is located at the base of a 57-story luxury residential tower which is not owned by Fund III. Tenants include a signature LA Fitness Club occupying the entire second floor and part of the below-grade concourse. Street level tenants include Ann Taylor Loft, Lane Bryant, McDonald’s and Fifth Third Bank.
|
●
|
As of March 31, 2011, total liquidity of $145 million, including $86 million of cash on hand and $59 million available under existing lines of credit, excluding the Funds cash and credit facilities
|
●
|
Approximately $200 million of committed and unallocated Fund III investor capital available to fund future acquisitions. Acadia’s pro-rata share of this amounts to approximately $40 million
|
●
|
Core portfolio Net Debt to EBIDTA ratio of 3.6x
|
●
|
Including the Company’s pro-rata share of the Fund debt, a Net Debt to EBITDA ratio of 4.8x
|
●
|
Including the Company’s pro-rata share of the Fund debt, Net Debt to Total Market Capitalization of 31% and Debt to Total Market Capitalization of 37%
|
●
|
Core portfolio fixed-charge coverage ratio of 3.3 to 1
|
●
|
Combined fixed-charge coverage ratio, including core portfolio and Funds, was 3.2 to 1
|
●
|
100% of the Company’s core portfolio debt is fixed at an average interest rate of 6.1%
|
●
|
Including the Company’s pro-rata share of Fund debt, 85% of the Company’s debt is fixed at an average interest rate of 5.3%
|
ACADIA REALTY TRUST AND SUBSIDIARIES
|
||||||||
Financial Highlights 1
|
||||||||
For the Quarters ended March 31, 2011 and 2010
|
||||||||
(dollars and Common Shares in thousands, except per share data)
|
||||||||
For the Quarters ended
|
||||||||
March 31,
|
||||||||
Revenues
|
2011
|
2010
|
||||||
Minimum rents
|
$ | 28,110 | $ | 25,466 | ||||
Percentage rents
|
205 | 135 | ||||||
Mortgage interest income
|
4,538 | 4,993 | ||||||
Expense reimbursements
|
5,635 | 6,030 | ||||||
Other property income
|
689 | 437 | ||||||
Management fee income
|
629 | 400 | ||||||
Total revenues
|
39,806 | 37,461 | ||||||
Operating expenses
|
||||||||
Property operating
|
8,148 | 7,787 | ||||||
Real estate taxes
|
4,386 | 4,527 | ||||||
General and administrative
|
5,690 | 5,119 | ||||||
Depreciation and amortization
|
9,184 | 10,195 | ||||||
Total operating expenses
|
27,408 | 27,628 | ||||||
Operating income
|
12,398 | 9,833 | ||||||
Equity in (losses) earnings of unconsolidated affiliates
|
(148 | ) | 387 | |||||
Other interest income
|
34 | 134 | ||||||
Interest expense and other finance costs
|
(8,008 | ) | (8,467 | ) | ||||
Gain on extinguishment of debt
|
1,673 | -- | ||||||
Income from continuing operations before income
|
||||||||
taxes
|
5,949 | 1,887 | ||||||
Income tax expense
|
(262 | ) | (439 | ) | ||||
Income from continuing operations
|
5,687 | 1,448 |
ACADIA REALTY TRUST AND SUBSIDIARIES
|
||||||||
Financial Highlights 1
|
||||||||
For the Quarters ended March 31, 2011 and 2010
|
||||||||
(dollars and Common Shares in thousands, except per share data)
|
||||||||
For the Quarters ended
|
||||||||
March 31,
|
||||||||
2011
|
2010
|
|||||||
Discontinued operations:
|
||||||||
Operating income from discontinued operations
|
43 | 59 | ||||||
Gain on sale of property
|
3,922 | -- | ||||||
Income from discontinued operations
|
3,965 | 59 | ||||||
Net income
|
9,652 | 1,507 | ||||||
(Income) loss attributable to noncontrolling interests
|
||||||||
in subsidiaries:
|
||||||||
Continuing operations
|
2,949 | 3,670 | ||||||
Discontinued operations
|
(3,178 | ) | (47 | ) | ||||
Net (income) loss attributable to noncontrolling
|
||||||||
interests in subsidiaries
|
(229 | ) | 3,623 | |||||
Net income attributable to Common Shareholders
|
$ | 9,423 | $ | 5,130 | ||||
Supplemental Information
|
||||||||
Income from continuing operations attributable to
|
||||||||
Common Shareholders
|
$ | 8,636 | $ | 5,118 | ||||
Income from discontinued operations attributable to
|
||||||||
Common Shareholders
|
787 | 12 | ||||||
Net income attributable to Common Shareholders
|
$ | 9,423 | $ | 5,130 | ||||
Net income attributable to Common Shareholders per
|
||||||||
Common Share – Basic
|
||||||||
Net income per Common Share – Continuing
|
||||||||
operations
|
$ | 0.21 | $ | 0.13 | ||||
Net income per Common Share – Discontinued
|
||||||||
operations
|
0.02 | -- | ||||||
Net income per Common Share
|
$ | 0.23 | $ | 0.13 | ||||
Weighted average Common Shares
|
40,318 | 39,981 | ||||||
Net income attributable to Common Shareholders per
|
||||||||
Common Share – Diluted 2
|
||||||||
Net income per Common Share – Continuing
|
||||||||
operations
|
$ | 0.21 | $ | 0.13 | ||||
Net income per Common Share – Discontinued
|
||||||||
operations
|
0.02 | -- | ||||||
Net income per Common Share
|
$ | 0.23 | $ | 0.13 | ||||
Weighted average Common Shares
|
40,580 | 40,150 |
ACADIA REALTY TRUST AND SUBSIDIARIES
|
||||||||
Financial Highlights 1
|
||||||||
For the Quarters ended March 31, 2011 and 2010
|
||||||||
(dollars and Common Shares in thousands, except per share data)
|
||||||||
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS 3
|
||||||||
For the Quarters ended
|
||||||||
March 31,
|
||||||||
2011
|
2010
|
|||||||
Net income attributable to Common Shareholders
|
$ | 9,423 | $ | 5,130 | ||||
Depreciation of real estate and amortization of leasing costs
|
||||||||
(net of noncontrolling interests' share):
|
||||||||
Consolidated affiliates
|
4,458 | 4,588 | ||||||
Unconsolidated affiliates
|
353 | 358 | ||||||
Gain on sale (net of noncontrolling interests' share):
|
||||||||
Consolidated affiliates
|
(784 | ) | -- | |||||
Unconsolidated affiliates
|
-- | -- | ||||||
Income attributable to noncontrolling interests’ in
|
||||||||
Operating Partnership
|
115 | 86 | ||||||
Distributions – Preferred OP Units
|
5 | 5 | ||||||
Funds from operations
|
$ | 13,570 | $ | 10,167 | ||||
Funds from operations per share – Diluted
|
||||||||
Weighted average Common Shares and OP Units 4
|
41,046 | 40,776 | ||||||
Funds from operations, per share
|
$ | 0.33 | $ | 0.25 |
ACADIA REALTY TRUST AND SUBSIDIARIES
|
||||||||
Financial Highlights 1
|
||||||||
For the Quarters ended March 31, 2011 and 2010
|
||||||||
(dollars in thousands)
|
||||||||
RECONCILIATION OF OPERATING INCOME TO NET PROPERTY
|
||||||||
OPERATING INCOME (“NOI”) 3
|
||||||||
For the Quarters ended
|
||||||||
March 31,
|
||||||||
2011
|
2010
|
|||||||
Operating income
|
$ | 12,398 | $ | 9,833 | ||||
Add back:
|
||||||||
General and administrative
|
5,690 | 5,119 | ||||||
Depreciation and amortization
|
9,184 | 10,195 | ||||||
Less:
|
||||||||
Management fee income
|
(629 | ) | (400 | ) | ||||
Mortgage interest income
|
(4,538 | ) | (4,993 | ) | ||||
Straight line rent and other adjustments
|
(1,772 | ) | (916 | ) | ||||
Consolidated NOI
|
20,333 | 18,838 | ||||||
Noncontrolling interest in NOI
|
(6,460 | ) | (5,294 | ) | ||||
Pro-rata share of NOI
|
$ | 13,873 | $ | 13,544 |
SELECTED BALANCE SHEET INFORMATION
|
||||||||
As of
|
||||||||
March 31,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
Cash and cash equivalents
|
$ | 107,335 | $ | 120,592 | ||||
Rental property, at cost
|
1,159,293 | 1,142,407 | ||||||
Total assets
|
1,561,041 | 1,524,806 | ||||||
Notes payable
|
893,086 | 854,924 | ||||||
Total liabilities
|
968,275 | 937,284 | ||||||
Table of Contents
|
||||
First Quarter 2011
|
||||
Section I - Financial Information
|
Section II - Opportunity Fund Information
|
|||
Company Information
|
3
|
Opportunity Fund Overview
|
24
|
|
Total Market Capitalization
|
4
|
Opportunity Fund Properties
|
25
|
|
Operating Statements
|
Opportunity Fund Lease Expirations
|
26
|
||
Pro-rata Consolidation
|
5
|
Redevelopment Projects - Operating
|
29
|
|
Joint Ventures
|
6
|
Redevelopment Projects - Construction and Design
|
30
|
|
Opportunity Funds
|
7
|
RCP Venture Investments
|
31
|
|
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")
|
Storage Portfolio
|
32
|
||
and Funds Available for Distribution ("FAD")
|
9
|
|||
EBITDA
|
10
|
|||
Same Property Net Operating Income
|
11
|
Section III - Core Portfolio Information
|
||
Fee Income
|
12
|
|||
Balance Sheet - Pro-rata Consolidation
|
13
|
Core Properties
|
33
|
|
Notes Receivable
|
14
|
Core Portfolio by State
|
35
|
|
Other Information
|
Core Top Tenants
|
36
|
||
2011 Guidance
|
15
|
Core Lease Expirations
|
37
|
|
Net Asset Valuation
|
16
|
Core New and Renewal Rent Spreads
|
39
|
|
Selected Financial Ratios
|
17
|
Core Capital Expenditures
|
40
|
|
Debt Analysis
|
Portfolio Demographics
|
41
|
||
Summary
|
18
|
Important Notes
|
43
|
|
Detail
|
19
|
|||
Maturities
|
22
|
|||
Maturities with Extension Options
|
23
|
Company Information
|
Contact Information
|
|||||
Corporate Headquarters
|
Investor Relations
|
New York Stock Exchange
|
|||
1311 Mamaroneck Avenue
|
Jon Grisham
|
Symbol AKR
|
|||
Suite 260
|
Senior Vice President,
|
||||
White Plains, NY 10605
|
Chief Accounting Officer
|
||||
www.acadiarealty.com
|
(914) 288-8142
|
||||
jgrisham@acadiarealty.com
|
|||||
Analyst Coverage
|
|||||
Banc of America / Merrill Lynch
|
FBR Capital Markets
|
Keefe, Bruyette & Woods, Inc.
|
|||
Craig Schmidt - (646) 855-3640
|
Sri Nagarajan - (646) 885-5429
|
Sheila K. McGrath - (212) 887-7793
|
|||
craig_schmidt@ml.com
|
snagarajan@fbr.com
|
smcgrath@kbw.com
|
|||
Bank of Montreal
|
Green Street Advisors
|
KeyBanc Capital Markets, Inc.
|
|||
Paul Adornato, CFA - (212) 885-4170
|
Laura Clark - (949) 640-8780
|
Todd Thomas - (917) 368-2286
|
|||
paul.adornato@bmo.com
|
lclark@greenst.com
|
tthomas@keybanccm.com
|
|||
Citigroup - Smith Barney
|
Janney Montgomery Scott
|
Macquarie Capital (USA)
|
|||
Quentin Velleley, CFA - (212) 816-6981
|
Andrew T. DiZio, CFA - (215) 665-6439
|
Rob Stevenson - (212) 231-8068
|
|||
quentin.velleley@citi.com
|
adizio@jmsonline.com
|
rob.stevenson@macquarie.com
|
|||
Cowen and Company
|
J.P. Morgan Securities, Inc.
|
RBC Capital Markets
|
|||
Stephen Boyd - (646) 562-1382
|
Michael W. Mueller, CFA - (212) 622-6689
|
Rich Moore, CFA - (440) 715-2646
|
|||
Stephen.Boyd@cowen.com
|
michael.w.mueller@jpmorgan.com
|
rich.moore@rbccm.com
|
|||
UBS
|
|||||
Christy McElroy - (203) 719-7831
|
|||||
christy.mcelroy@ubs.com
|
Total Market Capitalization
|
|||||||||||||||||||
(including pro-rata share of Opportunity Fund debt, dollars in thousands)
|
|||||||||||||||||||
Capitalization
|
|||||||||||||||||||
Percent of
|
Total Market Capitalization
|
based on
|
|||||||||||||||||
Total Equity
|
$
|
%
|
Net Debt1
|
||||||||||||||||
Equity Capitalization
|
|||||||||||||||||||
Total Common Shares Outstanding
|
98.8 | % | $ | 40,322 | |||||||||||||||
Common Operating Partnership ("OP") Units
|
1.2 | % | 470 | ||||||||||||||||
Combined Common Shares and OP Units
|
40,792 | ||||||||||||||||||
Share Price March 31, 2011
|
18.92 | ||||||||||||||||||
Equity Capitalization - Common Shares and OP Units
|
771,785 | ||||||||||||||||||
Preferred OP Units
|
474 | 2 | |||||||||||||||||
Total Equity Capitalization
|
772,259 | 63 | % | 69 | % | ||||||||||||||
Debt Capitalization
|
|||||||||||||||||||
Consolidated debt
|
893,027 | ||||||||||||||||||
Adjustment to reflect pro-rata share of debt
|
(441,745 | ) | |||||||||||||||||
Total Debt Capitalization
|
451,282 | 37 | % | 31 | % | ||||||||||||||
Total Market Capitalization
|
$ | 1,223,541 | 100 | % | 100 | % | |||||||||||||
Weighted Average Outstanding Common Shares and OP Units
|
|||||||||||||||||||
(in thousands)
|
|||||||||||||||||||
March 31, 2011
|
March 31, 2010
|
||||||||||||||||||
Quarter
|
Year-to-date
|
Quarter
|
Year-to-date
|
||||||||||||||||
Weighted average Common Shares - Basic EPS
|
40,318 | 40,318 | 39,981 | 39,981 | |||||||||||||||
Dilutive potential Common Shares
|
262 | 262 | 169 | 169 | |||||||||||||||
Weighted average Common Shares - Diluted EPS
|
40,580 | 40,580 | 40,150 | 40,150 | |||||||||||||||
OP Units
|
466 | 466 | 601 | 601 | |||||||||||||||
Dilutive potential OP Units
|
- | - | 25 | 25 | |||||||||||||||
Weighted average Common Shares and OP Units - Diluted FFO
|
41,046 | 41,046 | 40,776 | 40,776 | |||||||||||||||
Notes:
|
|||||||||||||||||||
1 Reflects Debt net of Core Portfolio and pro-rata share of Opportunity Funds cash balance ("Net Debt"). Cash balance as of March 31, 2011 was $96,167
|
|||||||||||||||||||
2 Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP units multiplied by the Common Share price at quarter end.
|
|||||||||||||||||||
3 Fixed-rate debt includes notional principal fixed through interest rate swap transactions.
|
Income Statements - Pro-rata Consolidation1
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Quarter and Year-to-Date
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended March 31, 2011
|
Three months ended March 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core Retail
|
Opportunity Funds
|
Total
|
Core Retail
|
Opportunity Funds
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Total
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholly
|
Joint
|
Continuing
|
Discontinued
|
Continuing
|
Discontinued
|
Wholly
|
Joint
|
Continuing
|
Discontinued
|
Continuing
|
Discontinued
|
|||||||||||||||||||||||||||||||||||||||||||||
Owned
|
Ventures
|
Operations
|
Operations
|
Operations
|
Operations
|
Owned
|
Ventures
|
Operations
|
Operations
|
Operations
|
Operations
|
|||||||||||||||||||||||||||||||||||||||||||||
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY REVENUES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum rents
|
$ | 11,565 | $ | 1,648 | $ | 13,213 | $ | - | $ | 3,387 | $ | 9 | $ | 16,609 | $ | 11,565 | $ | 1,648 | $ | 13,213 | $ | - | $ | 3,387 | $ | 9 | $ | 16,609 | ||||||||||||||||||||||||||||
Percentage rents
|
207 | 7 | 214 | - | - | - | 214 | 207 | 7 | 214 | - | - | - | 214 | ||||||||||||||||||||||||||||||||||||||||||
Expense reimbursements - CAM
|
1,487 | 220 | 1,707 | - | 300 | - | 2,007 | 1,487 | 220 | 1,707 | - | 300 | - | 2,007 | ||||||||||||||||||||||||||||||||||||||||||
Expense reimbursements - Taxes
|
1,731 | 238 | 1,969 | - | 229 | - | 2,198 | 1,731 | 238 | 1,969 | - | 229 | - | 2,198 | ||||||||||||||||||||||||||||||||||||||||||
Other property income
|
5 | 2 | 7 | - | 80 | - | 87 | 5 | 2 | 7 | - | 80 | - | 87 | ||||||||||||||||||||||||||||||||||||||||||
Total Property Revenues
|
14,995 | 2,115 | 17,110 | - | 3,996 | 9 | 21,115 | 14,995 | 2,115 | 17,110 | - | 3,996 | 9 | 21,115 | ||||||||||||||||||||||||||||||||||||||||||
PROPERTY EXPENSES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating - CAM
|
2,129 | 307 | 2,436 | - | 411 | - | 2,847 | 2,129 | 307 | 2,436 | - | 411 | - | 2,847 | ||||||||||||||||||||||||||||||||||||||||||
Other property operating (Non-CAM)
|
588 | 27 | 615 | - | 920 | - | 1,535 | 588 | 27 | 615 | - | 920 | - | 1,535 | ||||||||||||||||||||||||||||||||||||||||||
Real estate taxes
|
2,099 | 284 | 2,383 | - | 468 | - | 2,851 | 2,099 | 284 | 2,383 | - | 468 | - | 2,851 | ||||||||||||||||||||||||||||||||||||||||||
Total Property Expenses
|
4,816 | 618 | 5,434 | - | 1,799 | - | 7,233 | 4,816 | 618 | 5,434 | - | 1,799 | - | 7,233 | ||||||||||||||||||||||||||||||||||||||||||
NET OPERATING INCOME - PROPERTIES
|
10,179 | 1,497 | 11,676 | - | 2,197 | 9 | 13,882 | 10,179 | 1,497 | 11,676 | - | 2,197 | 9 | 13,882 | ||||||||||||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine interest income
|
4,232 | - | 4,232 | - | 61 | - | 4,293 | 4,232 | - | 4,232 | - | 61 | - | 4,293 | ||||||||||||||||||||||||||||||||||||||||||
Other interest income
|
34 | - | 34 | - | - | - | 34 | 34 | - | 34 | - | - | - | 34 | ||||||||||||||||||||||||||||||||||||||||||
Straight-line rent income, net
|
108 | 10 | 118 | - | 339 | - | 457 | 108 | 10 | 118 | - | 339 | - | 457 | ||||||||||||||||||||||||||||||||||||||||||
Straight-line ground rent expense
|
- | - | - | - | (22 | ) | - | (22 | ) | - | - | - | - | (22 | ) | - | (22 | ) | ||||||||||||||||||||||||||||||||||||||
FAS 141 rent, net
|
(138 | ) | 35 | (103 | ) | - | (35 | ) | - | (138 | ) | (138 | ) | 35 | (103 | ) | - | (35 | ) | - | (138 | ) | ||||||||||||||||||||||||||||||||||
FAS 141 interest expense
|
5 | - | 5 | - | - | - | 5 | 5 | - | 5 | - | - | 5 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense
|
(3,934 | ) | (914 | ) | (4,848 | ) | - | (901 | ) | - | (5,749 | ) | (3,934 | ) | (914 | ) | (4,848 | ) | (901 | ) | - | (5,749 | ) | |||||||||||||||||||||||||||||||||
Asset and property management expense
|
(10 | ) | - | (10 | ) | - | - | - | (10 | ) | (10 | ) | - | (10 | ) | - | - | - | (10 | ) | ||||||||||||||||||||||||||||||||||||
Promote expense
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Other income
|
296 | - | 296 | - | - | - | 296 | 296 | - | 296 | - | - | - | 296 | ||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliate, net of taxes
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
|
10,772 | 628 | 11,400 | - | 1,639 | 9 | 13,048 | 10,772 | 628 | 11,400 | - | 1,639 | 9 | 13,048 | ||||||||||||||||||||||||||||||||||||||||||
FEE INCOME
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management fees and priority distributions
|
3,065 | - | 3,065 | - | 18 | - | 3,083 | 3,065 | - | 3,065 | - | 18 | - | 3,083 | ||||||||||||||||||||||||||||||||||||||||||
Transactional fees2
|
2,318 | - | 2,318 | - | - | - | 2,318 | 2,318 | 2,318 | - | - | - | 2,318 | |||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes
|
(453 | ) | - | (453 | ) | - | 42 | - | (411 | ) | (453 | ) | - | (453 | ) | - | 42 | - | (411 | ) | ||||||||||||||||||||||||||||||||||||
FEE INCOME
|
4,930 | - | 4,930 | - | 60 | - | 4,990 | 4,930 | - | 4,930 | - | 60 | - | 4,990 | ||||||||||||||||||||||||||||||||||||||||||
PROMOTE, RCP AND OTHER INCOME
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings from RCP investments
|
- | - | - | - | 65 | - | 65 | - | - | - | - | 65 | - | 65 | ||||||||||||||||||||||||||||||||||||||||||
Promote income - RCP
|
- | - | - | - | (14 | ) | - | (14 | ) | - | - | - | - | (14 | ) | - | (14 | ) | ||||||||||||||||||||||||||||||||||||||
Promote income - Fund capital transactions
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated properties
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Lease termination income
|
- | - | - | - | 7 | - | 7 | - | - | - | - | 7 | - | 7 | ||||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt
|
1,673 | - | 1,673 | - | - | - | 1,673 | 1,673 | - | 1,673 | - | - | 1,673 | |||||||||||||||||||||||||||||||||||||||||||
Gain from bargain purchase
|
- | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes (RCP)
|
(13 | ) | (1 | ) | (14 | ) | - | (3 | ) | - | (17 | ) | (13 | ) | (1 | ) | (14 | ) | - | (3 | ) | - | (17 | ) | ||||||||||||||||||||||||||||||||
Total Promote, RCP and Other Income
|
1,660 | (1 | ) | 1,659 | - | 55 | - | 1,714 | 1,660 | (1 | ) | 1,659 | - | 55 | - | 1,714 | ||||||||||||||||||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE
|
(5,713 | ) | (5 | ) | (5,718 | ) | - | (94 | ) | - | (5,812 | ) | (5,713 | ) | (5 | ) | (5,718 | ) | - | (94 | ) | - | (5,812 | ) | ||||||||||||||||||||||||||||||||
Depreciation and amortization
|
(3,545 | ) | (365 | ) | (3,910 | ) | - | (1,185 | ) | - | (5,095 | ) | (3,545 | ) | (365 | ) | (3,910 | ) | - | (1,185 | ) | - | (5,095 | ) | ||||||||||||||||||||||||||||||||
FAS 141 amortization
|
33 | - | 33 | - | (118 | ) | - | (85 | ) | 33 | - | 33 | (118 | ) | - | (85 | ) | |||||||||||||||||||||||||||||||||||||||
Gain on sale of properties
|
- | - | - | - | - | 784 | 784 | - | - | - | - | - | 784 | 784 | ||||||||||||||||||||||||||||||||||||||||||
Income before noncontrolling interests
|
8,137 | 257 | 8,394 | - | 357 | 793 | 9,544 | 8,137 | 257 | 8,394 | - | 357 | 793 | 9,544 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest - OP
|
(120 | ) | - | (120 | ) | - | - | - | (120 | ) | (120 | ) | - | (120 | ) | - | - | - | (120 | ) | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests
|
- | - | - | - | (1 | ) | - | (1 | ) | - | - | - | - | (1 | ) | - | (1 | ) | ||||||||||||||||||||||||||||||||||||||
NET INCOME
|
$ | 8,017 | $ | 257 | $ | 8,274 | $ | - | $ | 356 | $ | 793 | $ | 9,423 | $ | 8,017 | $ | 257 | $ | 8,274 | $ | - | $ | 356 | $ | 793 | $ | 9,423 |
Notes:
|
||||||||||||||||||
1Quarterly 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.
|
||||||||||||||||||
2Consists of development, construction, leasing and legal fees.
|
Income Statements - Joint Ventures1
|
||||||||||||||||||||||||||||||||||||||||
Current Quarter and Year-to-Date
|
||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Period ended March 31, 2011
|
Three months ended March 31, 2011
|
|||||||||||||||||||||||||||||||||||||||
Joint Ventures - Core Retail
|
Joint Ventures - Core Retail
|
|||||||||||||||||||||||||||||||||||||||
AKR Pro-rata
|
AKR Pro-rata
|
Total AKR
|
AKR Pro-rata
|
AKR Pro-rata
|
Total AKR
|
|||||||||||||||||||||||||||||||||||
Brandywine
|
Share 22.22%
|
Crossroads
|
Share 49.00%
|
Pro-rata Share
|
Brandywine
|
Share 22.22%
|
Crossroads
|
Share 49.00%
|
Pro-rata Share
|
|||||||||||||||||||||||||||||||
PROPERTY REVENUES
|
||||||||||||||||||||||||||||||||||||||||
Minimum rents
|
$ | 4,005 | $ | 890 | $ | 1,547 | $ | 758 | $ | 1,648 | $ | 4,005 | $ | 890 | $ | 1,547 | $ | 758 | $ | 1,648 | ||||||||||||||||||||
Percentage rents
|
32 | 7 | - | - | 7 | 32 | 7 | - | - | 7 | ||||||||||||||||||||||||||||||
Expense reimbursements - CAM
|
490 | 109 | 226 | 111 | 220 | 490 | 109 | 226 | 111 | 220 | ||||||||||||||||||||||||||||||
Expense reimbursements - Taxes
|
178 | 40 | 404 | 198 | 238 | 178 | 40 | 404 | 198 | 238 | ||||||||||||||||||||||||||||||
Other property income
|
7 | 2 | - | - | 2 | 7 | 2 | - | - | 2 | ||||||||||||||||||||||||||||||
Total Property Revenues
|
4,712 | 1,048 | 2,177 | 1,067 | 2,115 | 4,712 | 1,048 | 2,177 | 1,067 | 2,115 | ||||||||||||||||||||||||||||||
PROPERTY EXPENSES
|
||||||||||||||||||||||||||||||||||||||||
Property operating - CAM
|
875 | 194 | 231 | 113 | 307 | 875 | 194 | 231 | 113 | 307 | ||||||||||||||||||||||||||||||
Other property operating (Non-CAM)
|
157 | 35 | (17 | ) | (8 | ) | 27 | 157 | 35 | (17 | ) | (8 | ) | 27 | ||||||||||||||||||||||||||
Real estate taxes
|
312 | 69 | 438 | 215 | 284 | 312 | 69 | 438 | 215 | 284 | ||||||||||||||||||||||||||||||
Total Property Expenses
|
1,344 | 298 | 652 | 320 | 618 | 1,344 | 298 | 652 | 320 | 618 | ||||||||||||||||||||||||||||||
NET OPERATING INCOME - PROPERTIES
|
3,368 | 750 | 1,525 | 747 | 1,497 | 3,368 | 750 | 1,525 | 747 | 1,497 | ||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE)
|
||||||||||||||||||||||||||||||||||||||||
Mezzanine interest income
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Other interest income
|
- | - | 1 | - | - | - | - | 1 | - | - | ||||||||||||||||||||||||||||||
Straight-line rent income, net
|
6 | 1 | 19 | 9 | 10 | 6 | 1 | 19 | 9 | 10 | ||||||||||||||||||||||||||||||
Straight-line ground rent
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
FAS 141 rent, net
|
157 | 35 | - | - | 35 | 157 | 35 | - | - | 35 | ||||||||||||||||||||||||||||||
FAS 141 interest expense
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Interest expense
|
(2,491 | ) | (511 | ) | (822 | ) | (403 | ) | (914 | ) | (2,491 | ) | (511 | ) | (822 | ) | (403 | ) | (914 | ) | ||||||||||||||||||||
Asset and property management expense
|
(236 | ) | - | - | - | - | (236 | ) | - | - | - | - | ||||||||||||||||||||||||||||
Promote expense
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Other income
|
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliate, net of taxes
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
|
804 | 275 | 723 | 353 | 628 | 804 | 275 | 723 | 353 | 628 | ||||||||||||||||||||||||||||||
FEE INCOME
|
||||||||||||||||||||||||||||||||||||||||
Asset and property management fees and priority distributions
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Transactional fees
|
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Provision for income taxes
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Total Fee Income
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
PROMOTE, RCP AND OTHER INCOME
|
||||||||||||||||||||||||||||||||||||||||
Equity in earnings from RCP investments
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Promote income - RCP
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Promote income - Fund capital transactions
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated properties
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Lease termination income
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Gain on extinguishment of debt
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Gain from bargain purchase
|
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Provision for income taxes (RCP)
|
- | - | (3 | ) | (1 | ) | (1 | ) | - | - | (3 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||||
Total Promote, RCP and Other Income
|
- | - | (3 | ) | (1 | ) | (1 | ) | - | - | (3 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE
|
(19 | ) | (4 | ) | (2 | ) | (1 | ) | (5 | ) | (19 | ) | (4 | ) | (2 | ) | (1 | ) | (5 | ) | ||||||||||||||||||||
Depreciation and amortization2
|
(962 | ) | (214 | ) | (109 | ) | (151 | ) | (365 | ) | (962 | ) | (214 | ) | (109 | ) | (151 | ) | (365 | ) | ||||||||||||||||||||
FAS 141 amortization
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Gain on sale of properties
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Income before noncontrolling interest
|
(177 | ) | 57 | 609 | 200 | 257 | (177 | ) | 57 | 609 | 200 | 257 | ||||||||||||||||||||||||||||
Noncontrolling interest - OP
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Noncontrolling interests
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
NET INCOME
|
$ | (177 | ) | $ | 57 | $ | 609 | $ | 200 | $ | 257 | $ | (177 | ) | $ | 57 | $ | 609 | $ | 200 | $ | 257 |
Notes:
|
|||||||||||||||
1The Company has a 22.2% interest in Brandywine Portfolio ("Brandywine") and a 49% interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as
|
|||||||||||||||
unconsolidated investments in the Company's financial statements.
|
|||||||||||||||
2In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its stepped-up basis in Crossroads.
|
Income Statements - Opportunity Funds1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-Date
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended March 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing
|
|
AKR |
Continuing
|
Discontinued
|
|
Pro-rata
|
AKR |
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operations |
|
Pro- |
Operations
|
Operations
|
|
share of
|
Pro- |
AKR
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund I
|
AKR
|
AKR Pro-
|
|
AKR
|
rata
|
Fund II
|
Fund II
|
Fund II
|
AKR Pro-
|
AKR Pro-
|
|
AKR Pro-
|
|
Fund III
|
rata
|
Pro-
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated
|
Promote
|
rata share
|
Mervyns
|
Promote
|
share
|
Continuing
|
Discontinued
|
Consolidated
|
rata share
|
rata share
|
Mervyns
|
rata share
|
|
unconsolidated
|
Adjusted
|
share
|
rata
|
||||||||||||||||||||||||||||||||||||||||||||||||
Operations3
|
20.00% | 22.22% |
I
|
20.00% | 22.22% |
Operations
|
Operations
|
Operations
|
20.00% | 20.00% |
II
|
20.00% |
Fund III
|
affiliates4
|
Fund III
|
19.90% |
share
|
||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY REVENUES
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum rents
|
$ | 1,005 | $ | 201 | $ | 180 | $ | - | $ | - | $ | - | $ | 7,118 | $ | 44 | $ | 7,162 | $ | 1,423 | $ | 9 | $ | - | $ | - | $ | 6,482 | $ | 1,468 | $ | 7,950 | $ | 1,582 | $ | 3,395 | |||||||||||||||||||||||||||||
Percentage rents
|
- | - | - | - | - | - | - | - | - | - | - | - | - | (2 | ) | 2 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
Expense reimbursements - CAM
|
72 | 14 | 13 | - | - | - | 867 | - | 867 | 173 | - | - | - | 269 | 233 | 502 | 100 | 300 | |||||||||||||||||||||||||||||||||||||||||||||||
Expense reimbursements - Taxes
|
(68 | ) | (14 | ) | (12 | ) | - | - | - | 496 | - | 496 | 99 | - | - | - | 733 | 51 | 784 | 156 | 229 | ||||||||||||||||||||||||||||||||||||||||||||
Other property income
|
- | - | - | - | - | - | 76 | - | 76 | 15 | - | - | - | 315 | 13 | 328 | 65 | 80 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Property Revenues
|
1,009 | 202 | 180 | - | - | - | 8,557 | 44 | 8,601 | 1,710 | 9 | - | - | 7,797 | 1,767 | 9,564 | 1,903 | 4,004 | |||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY EXPENSES
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating - CAM
|
110 | 22 | 20 | - | - | - | 1,237 | 1 | 1,238 | 247 | - | - | - | 390 | 222 | 612 | 122 | 411 | |||||||||||||||||||||||||||||||||||||||||||||||
Other property operating (Non-CAM)
|
230 | 46 | 41 | - | - | - | 1,416 | - | 1,416 | 283 | - | - | - | 1,747 | 1,017 | 2,764 | 550 | 920 | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes
|
(29 | ) | (6 | ) | (5 | ) | - | - | - | 976 | - | 976 | 195 | - | - | - | 1,310 | 117 | 1,427 | 284 | 468 | ||||||||||||||||||||||||||||||||||||||||||||
Total Property Expenses
|
311 | 62 | 55 | - | - | - | 3,629 | 1 | 3,630 | 725 | - | - | - | 3,447 | 1,356 | 4,803 | 956 | 1,799 | |||||||||||||||||||||||||||||||||||||||||||||||
NET OPERATING INCOME - PROPERTIES
|
698 | 140 | 125 | - | - | - | 4,928 | 43 | 4,971 | 985 | 9 | - | - | 4,350 | 411 | 4,761 | 947 | 2,205 | |||||||||||||||||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine interest income
|
- | - | - | - | - | - | - | - | - | - | - | - | - | 306 | - | 306 | 61 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||
Other interest income
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Straight-line rent income, net
|
97 | 19 | 17 | - | - | - | 1,382 | - | 1,382 | 276 | - | - | - | 67 | 62 | 129 | 26 | 339 | |||||||||||||||||||||||||||||||||||||||||||||||
Straight-line ground rent
|
- | - | - | - | - | - | (108 | ) | - | (108 | ) | (22 | ) | - | - | - | - | - | - | - | (22 | ) | |||||||||||||||||||||||||||||||||||||||||||
FAS 141 rent, net
|
- | - | - | - | - | - | (65 | ) | - | (65 | ) | (13 | ) | - | - | - | (157 | ) | 46 | (111 | ) | (22 | ) | (35 | ) | ||||||||||||||||||||||||||||||||||||||||
FAS 141 interest expense
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense
|
(41 | ) | (8 | ) | (7 | ) | - | - | - | (2,707 | ) | - | (2,707 | ) | (541 | ) | - | - | - | (1,195 | ) | (541 | ) | (1,736 | ) | (345 | ) | (901 | ) | ||||||||||||||||||||||||||||||||||||
Asset and property management expense 2
|
2 | - | - | - | - | - | (1,289 | ) | - | (1,289 | ) | - | - | (143 | ) | - | (2,084 | ) | (66 | ) | (2,150 | ) | - | - | |||||||||||||||||||||||||||||||||||||||||
Promote expense2
|
(47 | ) | - | - | 14 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
Other income
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 1 | 1 | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliate, net of taxes
|
- | - | - | - | - | - | - | - | - | - | - | - | - | (693 | ) | 693 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
OPPORTUNITY FUND INCOME
|
709 | 151 | 135 | 14 | - | - | 2,141 | 43 | 2,184 | 685 | 9 | (143 | ) | - | 594 | 606 | 1,200 | 667 | 1,647 | ||||||||||||||||||||||||||||||||||||||||||||||
FEE INCOME
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management fees and
priority distributions 2 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 92 | 92 | 18 | 18 | |||||||||||||||||||||||||||||||||||||||||||||||
Transactional fees
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes
|
- | - | - | - | - | - | (9 | ) | - | (9 | ) | (2 | ) | - | - | - | 223 | - | 223 | 44 | 42 | ||||||||||||||||||||||||||||||||||||||||||||
Total Fee Income
|
- | - | - | - | - | - | (9 | ) | - | (9 | ) | (2 | ) | - | - | - | 223 | 92 | 315 | 62 | 60 | ||||||||||||||||||||||||||||||||||||||||||||
PROMOTE, RCP AND OTHER INCOME
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings from RCP investments
|
- | - | - | (66 | ) | - | (12 | ) | - | - | - | - | - | 387 | 77 | - | - | - | - | 65 | |||||||||||||||||||||||||||||||||||||||||||||
Promote income - RCP
|
- | - | - | - | (13 | ) | - | - | - | - | - | - | - | - | - | - | - | - | (13 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Promote income - Fund capital transactions
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated properties
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Lease termination income
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 34 | 34 | 7 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Gain from bargain purchase
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes (RCP)
|
(7 | ) | (1 | ) | (1 | ) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (3 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total Promote, RCP and Other Income
|
(7 | ) | (1 | ) | (1 | ) | (66 | ) | (13 | ) | (12 | ) | - | - | - | - | - | 387 | 77 | - | 34 | 34 | 7 | 56 | |||||||||||||||||||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE
|
(32 | ) | (6 | ) | (6 | ) | (3 | ) | (1 | ) | (1 | ) | (127 | ) | - | (127 | ) | (25 | ) | - | (26 | ) | (5 | ) | (248 | ) | (11 | ) | (259 | ) | (52 | ) | (95 | ) | |||||||||||||||||||||||||||||||
Depreciation and amortization
|
(309 | ) | (62 | ) | (55 | ) | - | - | - | (3,025 | ) | - | (3,025 | ) | (605 | ) | - | - | - | (1,907 | ) | (413 | ) | (2,320 | ) | (462 | ) | (1,184 | ) | ||||||||||||||||||||||||||||||||||||
FAS 141 amortization
|
- | - | - | - | - | - | (69 | ) | - | (69 | ) | (14 | ) | - | - | - | (213 | ) | (308 | ) | (521 | ) | (104 | ) | (118 | ) | |||||||||||||||||||||||||||||||||||||||
Gain on sale of properties
|
- | - | - | - | - | - | - | 3,918 | 3,918 | - | 784 | - | - | - | - | - | - | 784 | |||||||||||||||||||||||||||||||||||||||||||||||
Income before noncontrolling interest
|
361 | 81 | 73 | (55 | ) | (14 | ) | (12 | ) | (1,089 | ) | 3,961 | 2,872 | 39 | 793 | 218 | 72 | (1,551 | ) | - | (1,551 | ) | 118 | 1,150 | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest - OP
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests
|
- | - | - | - | - | - | (33 | ) | - | (33 | ) | (7 | ) | - | - | - | 28 | - | 28 | 6 | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||
NET INCOME
|
$ | 361 | $ | 81 | $ | 73 | $ | (55 | ) | $ | (14 | ) | $ | (12 | ) | $ | (1,122 | ) | $ | 3,961 | $ | 2,839 | $ | 32 | $ | 793 | $ | 218 | $ | 72 | $ | (1,523 | ) | $ | - | $ | (1,523 | ) | $ | 124 | $ | 1,149 |
Notes:
|
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 & III and Mervyn's which are consolidated
|
with the Company's financial statements.
|
2 Funds I, II & III and the Mervyn's entities pay various fees and promotes to the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.
|
3 The 25% noncontrolling interest in the Kroger/Safeway Portfolio has been deducted from each of the income statement line items.
|
4 Represents Fund III's pro-rata share of the following unconsolidated investments: White City, White Oak, Lincoln Road. and Self-Storage Management.
|
Income Statements - Opportunity Funds1
|
Current Quarter
|
(in thousands)
|
Three months ended March 31, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing
|
Continuing
|
Discontinued
|
Pro-rata
|
AKR | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operations
|
Operations
|
Operations
|
AKR |
share of
|
Pro-
|
AKR | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund I
|
AKR
|
AKR Pro-
|
AKR
|
AKR Pro-
|
Fund II
|
Fund II
|
Fund II
|
AKR Pro-
|
AKR Pro-
|
Pro-
|
Fund III
|
rata
|
Pro-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated
|
Promote
|
rata share
|
Mervyns |
Promote
|
rata share
|
Continuing
|
Discontinued
|
Consolidated
|
rata share
|
rata share
|
Mervyns |
rata share
|
unconsolidated
|
Adjusted
|
share
|
rata
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operations3
|
20.00% | 22.22% | I | 20.00% | 22.22% |
Operations
|
Operations
|
Operations
|
20.00% | 20.00% |
II
|
20.00% |
Fund III
|
affiliates4
|
Fund III
|
19.90% |
share
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY REVENUES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum rents
|
$ | 1,005 | $ | 201 | $ | 180 | $ | - | $ | - | $ | - | $ | 7,118 | $ | 44 | $ | 7,162 | $ | 1,423 | $ | 9 | $ | - | $ | - | $ | 6,482 | $ | 1,468 | $ | 7,950 | $ | 1,582 | $ | 3,395 | ||||||||||||||||||||||||||||||||||||
Percentage rents
|
- | - | - | - | - | - | - | - | - | - | - | - | (2 | ) | 2 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense reimbursements - CAM
|
72 | 14 | 13 | - | - | - | 867 | 867 | 173 | - | - | - | 269 | 233 | 502 | 100 | 300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense reimbursements - Taxes
|
(68 | ) | (14 | ) | (12 | ) | - | - | - | 496 | 496 | 99 | - | - | - | 733 | 51 | 784 | 156 | 229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other property income
|
- | - | - | - | - | - | 76 | - | 76 | 15 | - | - | - | 315 | 13 | 328 | 65 | 80 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Property Revenues
|
1,009 | 202 | 180 | - | - | - | 8,557 | 44 | 8,601 | 1,710 | 9 | - | - | 7,797 | 1,767 | 9,564 | 1,903 | 4,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY EXPENSES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating - CAM
|
110 | 22 | 20 | - | - | - | 1,237 | 1 | 1,238 | 247 | - | - | - | 390 | 222 | 612 | 122 | 411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other property operating (Non-CAM)
|
230 | 46 | 41 | - | - | - | 1,416 | - | 1,416 | 283 | - | - | - | 1,747 | 1,017 | 2,764 | 550 | 920 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes
|
(29 | ) | (6 | ) | (5 | ) | - | - | - | 976 | - | 976 | 195 | - | - | - | 1,310 | 117 | 1,427 | 284 | 468 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Property Expenses
|
311 | 62 | 55 | - | - | - | 3,629 | 1 | 3,630 | 725 | - | - | - | 3,447 | 1,356 | 4,803 | 956 | 1,799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET OPERATING INCOME - PROPERTIES
|
698 | 140 | 125 | - | - | - | 4,928 | 43 | 4,971 | 985 | 9 | - | - | 4,350 | 411 | 4,761 | 947 | 2,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine interest income
|
- | - | - | - | - | - | - | - | - | - | - | - | 306 | - | 306 | 61 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest income
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Straight-line rent income, net
|
97 | 19 | 17 | - | - | - | 1,382 | 1,382 | 276 | - | - | - | 67 | 62 | 129 | 26 | 339 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Straight-line ground rent
|
- | - | - | - | - | - | (108 | ) | (108 | ) | (22 | ) | - | - | - | - | - | - | - | (22 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
FAS 141 rent, net
|
- | - | - | - | - | - | (65 | ) | (65 | ) | (13 | ) | - | - | - | (157 | ) | 46 | (111 | ) | (22 | ) | (35 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
FAS 141 interest expense
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense
|
(41 | ) | (8 | ) | (7 | ) | - | - | - | (2,707 | ) | (2,707 | ) | (541 | ) | - | - | - | (1,195 | ) | (541 | ) | (1,736 | ) | (345 | ) | (901 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Asset and property management expense2
|
2 | - | - | - | - | - | (1,289 | ) | (1,289 | ) | - | - | (143 | ) | - | (2,084 | ) | (66 | ) | (2,150 | ) | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Promote expense2
|
(47 | ) | - | - | 14 | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income
|
- | - | - | - | - | - | - | - | - | - | - | - | - | 1 | 1 | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliate, net of taxes
|
- | - | - | - | - | - | - | - | - | - | - | (693 | ) | 693 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPPORTUNITY FUND INCOME
|
709 | 151 | 135 | 14 | - | - | 2,141 | 43 | 2,184 | 685 | 9 | (143 | ) | - | 594 | 606 | 1,200 | 667 | 1,647 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
FEE INCOME
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management fees and
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
priority distributions
|
- | - | - | - | - | - | - | - | - | - | - | - | - | 92 | 92 | 18 | 18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactional fees
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes
|
- | - | - | - | - | - | (9 | ) | - | (9 | ) | (2 | ) | - | - | - | 223 | - | 223 | 44 | 42 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Fee Income
|
- | - | - | - | - | - | (9 | ) | - | (9 | ) | (2 | ) | - | - | - | 223 | 92 | 315 | 62 | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||||
PROMOTE, RCP AND OTHER INCOME
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings from RCP investments
|
- | - | - | (66 | ) | - | (12 | ) | - | - | - | - | 387 | 77 | - | - | - | - | 65 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Promote income - RCP
|
- | - | - | - | (13 | ) | - | - | - | - | - | - | - | - | - | - | - | (13 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Promote income - Fund capital transactions
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated properties
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease termination income
|
- | - | - | - | - | - | - | - | - | - | - | - | - | 34 | 34 | 7 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain from bargain purchase
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes (RCP)
|
(7 | ) | (1 | ) | (1 | ) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (3 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Promote, RCP and Other Income
|
(7 | ) | (1 | ) | (1 | ) | (66 | ) | (13 | ) | (12 | ) | - | - | - | - | - | 387 | 77 | - | 34 | 34 | 7 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE
|
(32 | ) | (6 | ) | (6 | ) | (3 | ) | (1 | ) | (1 | ) | (127 | ) | (127 | ) | (25 | ) | - | (26 | ) | (5 | ) | (248 | ) | (11 | ) | (259 | ) | (52 | ) | (95 | ) | |||||||||||||||||||||||||||||||||||||||
. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
(309 | ) | (62 | ) | (55 | ) | - | - | - | (3,025 | ) | (3,025 | ) | (605 | ) | - | - | - | (1,907 | ) | (413 | ) | (2,320 | ) | (462 | ) | (1,184 | ) | ||||||||||||||||||||||||||||||||||||||||||||
FAS 141 amortization
|
- | - | - | - | - | - | (69 | ) | (69 | ) | (14 | ) | - | - | - | (213 | ) | (308 | ) | (521 | ) | (104 | ) | (118 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of properties
|
- | - | - | - | - | - | - | 3,918 | 3,918 | - | 784 | - | - | - | - | - | - | 784 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before noncontrolling interest
|
361 | 81 | 73 | (55 | ) | (14 | ) | (12 | ) | (1,089 | ) | 3,961 | 2,872 | 39 | 793 | 218 | 72 | (1,551 | ) | - | (1,551 | ) | 118 | 1,150 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest - OP
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests
|
- | - | - | - | - | - | (33 | ) | - | (33 | ) | (7 | ) | - | - | - | 28 | - | 28 | 6 | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME
|
$ | 361 | $ | 81 | $ | 73 | $ | (55 | ) | $ | (14 | ) | $ | (12 | ) | $ | (1,122 | ) | $ | 3,961 | $ | 2,839 | $ | 32 | $ | 793 | $ | 218 | $ | 72 | $ | (1,523 | ) | $ | - | $ | (1,523 | ) | $ | 124 | $ | 1,149 | ||||||||||||||||||||||||||||||
Notes:
|
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 & III and Mervyn's
|
which are consolidated with the Company's financial statements.
|
2 Funds I, II & III and the Mervyn's entities pay various fees to and promotes the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.
|
3 The 25% noncontrolling interest in the Kroger/Safeway Portfolio has been deducted from each of the income statement line items.
|
4 Represents Fund III's pro-rata share of the following unconsolidated investments: White City, White Oak, Lincoln Road. and Self-Storage Management.
|
Funds from Operations ("FFO") 1
|
(in thousands)
|
2011
|
2010
|
|||||||||||||||
Current
|
Current
|
Historic
|
Historic
|
|||||||||||||
Year-to-Date
|
Quarter
|
Year-to-Date
|
Quarter
|
|||||||||||||
Period ended
|
3 months ended
|
Period ended
|
3 months ended
|
|||||||||||||
Funds from operations ("FFO"):
|
March 31, 2011
|
March 31, 2011
|
March 31, 2010
|
March 31, 2010
|
||||||||||||
Net Income
|
$ | 9,423 | $ | 9,423 | $ | 5,130 | $ | 5,130 | ||||||||
Add back:
|
||||||||||||||||
Depreciation of real estate and amortization of leasing costs:
|
||||||||||||||||
(net of noncontrolling interest share)
|
||||||||||||||||
Consolidated affiliates
|
4,458 | 4,458 | 4,588 | 4,588 | ||||||||||||
Unconsolidated affiliates
|
353 | 353 | 358 | 358 | ||||||||||||
Gain on sale of properties (net of noncontrolling interest share)
|
||||||||||||||||
Consolidated affiliates
|
(784 | ) | (784 | ) | - | - | ||||||||||
Income attributable to noncontrolling interests'
|
||||||||||||||||
share in Operating Partnership
|
115 | 115 | 86 | 86 | ||||||||||||
Distributions on Preferred OP Units
|
5 | 2 | 5 | 5 | 5 | |||||||||||
FFO
|
$ | 13,570 | $ | 13,570 | $ | 10,167 | $ | 10,167 | ||||||||
Adjusted Funds from operations ("AFFO"):
|
||||||||||||||||
Diluted FFO
|
$ | 13,570 | $ | 13,570 | $ | 10,167 | $ | 10,167 | ||||||||
Straight line rent, net
|
(457 | ) | (457 | ) | (293 | ) | (293 | ) | ||||||||
Straight-line ground rent expense
|
22 | 22 | 22 | 22 | ||||||||||||
FAS 141 rent, net
|
138 | 138 | 179 | 179 | ||||||||||||
FAS 141 interest expense
|
(5 | ) | (5 | ) | (5 | ) | (5 | ) | ||||||||
Amortization of discount on convertible debt
|
269 | 269 | 255 | 255 | ||||||||||||
Non real estate depreciation
|
116 | 116 | 142 | 142 | ||||||||||||
Amortization of finance costs
|
260 | 260 | 329 | 329 | ||||||||||||
Amortization of cost of management contracts
|
75 | 75 | 74 | 74 | ||||||||||||
Tenant improvements
|
(1,237 | ) | (1,237 | ) | (1,230 | ) | (1,230 | ) | ||||||||
Leasing commissions
|
(475 | ) | (475 | ) | (101 | ) | (101 | ) | ||||||||
Capital expenditures
|
(218 | ) | (218 | ) | - | - | ||||||||||
Gain from bargain purchase
|
- | - | - | - | ||||||||||||
Gain on extinguishment of debt
|
(1,673 | ) | (1,673 | ) | - | - | ||||||||||
AFFO
|
$ | 10,385 | $ | 10,385 | $ | 9,539 | $ | 9,539 | ||||||||
Funds Available for Distribution ("FAD")
|
||||||||||||||||
AFFO
|
$ | 10,385 | $ | 10,385 | $ | 9,539 | $ | 9,539 | ||||||||
Scheduled principal repayments
|
(632 | ) | (632 | ) | (519 | ) | (519 | ) | ||||||||
FAD
|
$ | 9,753 | $ | 9,753 | $ | 9,020 | $ | 9,020 | ||||||||
Total weighted average shares and OP Units:
|
||||||||||||||||
Basic
|
40,784 | 40,784 | 40,581 | 40,581 | ||||||||||||
Diluted
|
41,046 | 41,046 | 40,776 | 40,776 | ||||||||||||
FFO per share:
|
||||||||||||||||
FFO per share - Basic
|
$ | 0.33 | $ | 0.33 | $ | 0.25 | $ | 0.25 | ||||||||
FFO per share - Diluted
|
$ | 0.33 | $ | 0.33 | $ | 0.25 | $ | 0.25 | ||||||||
AFFO per share - Basic
|
$ | 0.25 | $ | 0.25 | $ | 0.23 | $ | 0.23 | ||||||||
AFFO per share - Diluted
|
$ | 0.25 | $ | 0.25 | $ | 0.23 | $ | 0.23 | ||||||||
FAD per share - Basic
|
$ | 0.24 | $ | 0.24 | $ | 0.22 | $ | 0.22 | ||||||||
FAD per share - Diluted
|
$ | 0.24 | $ | 0.24 | $ | 0.22 | $ | 0.22 | ||||||||
Notes:
|
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 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.
|
Income Statements - EBITDA
|
Current Quarter and Year-to-Date
|
(in thousands)
|
Year-to-Date
|
Current Quarter
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended March 31, 2011
|
Three months ended March 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core Retail
|
Opportunity Funds
|
Core Retail
|
Opportunity Funds
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
|
`
|
Total
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholly
|
Joint
|
Continuing
|
Discontinued
|
Continuing
|
Discontinued
|
TOTAL
|
Wholly
|
Joint
|
Continuing
|
Discontinued
|
Continuing
|
Discontinued
|
TOTAL
|
|||||||||||||||||||||||||||||||||||||||||||
Owned
|
Ventures
|
Operations
|
Operations
|
Operations
|
Operations
|
Owned
|
Ventures
|
Operations
|
Operations
|
Operations
|
Operations
|
|||||||||||||||||||||||||||||||||||||||||||||
NET INCOME
|
$ | 8,017 | $ | 257 | $ | 8,274 | $ | - | $ | 356 | $ | 793 | $ | 9,423 | $ | 8,017 | $ | 257 | $ | 8,274 | $ | - | $ | 356 | $ | 793 | $ | 9,423 | ||||||||||||||||||||||||||||
Add back:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
3,545 | 365 | 3,910 | - | 1,185 | - | 5,095 | 3,545 | 365 | 3,910 | - | 1,185 | - | 5,095 | ||||||||||||||||||||||||||||||||||||||||||
FAS 141 amortization
|
(33 | ) | - | (33 | ) | - | 118 | - | 85 | (33 | ) | - | (33 | ) | - | 118 | - | 85 | ||||||||||||||||||||||||||||||||||||||
Interest expense
|
3,934 | 914 | 4,848 | - | 901 | - | 5,749 | 3,934 | 914 | 4,848 | - | 901 | - | 5,749 | ||||||||||||||||||||||||||||||||||||||||||
FAS 141 interest expense
|
(5 | ) | - | (5 | ) | - | - | - | (5 | ) | (5 | ) | - | (5 | ) | - | - | - | (5 | ) | ||||||||||||||||||||||||||||||||||||
Gain on sale of properties
|
- | - | - | - | (784 | ) | (784 | ) | - | - | - | - | - | (784 | ) | (784 | ) | |||||||||||||||||||||||||||||||||||||||
Provision for income taxes
|
466 | 1 | 467 | - | (39 | ) | - | 428 | 466 | 1 | 467 | - | (39 | ) | - | 428 | ||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt
|
(1,673 | ) | - | (1,673 | ) | - | - | - | (1,673 | ) | (1,673 | ) | - | (1,673 | ) | - | - | - | (1,673 | ) | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest - OP
|
120 | - | 120 | - | - | - | 120 | 120 | - | 120 | - | - | - | 120 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests
|
- | - | - | - | 1 | - | 1 | - | - | - | - | 1 | - | 1 | ||||||||||||||||||||||||||||||||||||||||||
EBITDA
|
$ | 14,371 | $ | 1,537 | $ | 15,908 | $ | - | $ | 2,522 | $ | 9 | $ | 18,439 | $ | 14,371 | $ | 1,537 | $ | 15,908 | $ | - | $ | 2,522 | $ | 9 | $ | 18,439 |
Core Portfolio
|
Net Operating Income (NOI) - Same Property Performance 1
|
(in thousands)
|
Quarter
|
Year-to-Date
|
|||||||||||||||||||||||
Growth in Same
|
Growth in Same
|
|||||||||||||||||||||||
Three months ended
|
Property NOI -
|
Period ended
|
Property NOI -
|
|||||||||||||||||||||
Continuing Operations
|
Continuing Operations
|
|||||||||||||||||||||||
March 31, 2011
|
March 31, 2010
|
Favorable (unfavorable)
|
March 31, 2011
|
March 31, 2010
|
Favorable (unfavorable)
|
|||||||||||||||||||
Reconciliation of total NOI to same property NOI:
|
||||||||||||||||||||||||
NOI - Retail properties
|
$ | 11,676 | $ | 11,676 | $ | 11,676 | $ | 11,676 | ||||||||||||||||
NOI - Discontinued Operations
|
- | - | - | - | ||||||||||||||||||||
Total NOI
|
11,676 | 11,676 | 11,676 | 11,676 | ||||||||||||||||||||
NOI - Properties in redevelopment
|
(675 | ) | (597 | ) | (675 | ) | (597 | ) | ||||||||||||||||
NOI - Discontinued Operations
|
- | - | - | - | ||||||||||||||||||||
Total
|
$ | 11,001 | $ | 11,079 | -0.7% | $ | 11,001 | $ | 11,079 | -0.7% | ||||||||||||||
Same property NOI by revenues/expenses:
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Revenues
|
$ | 15,804 | $ | 16,286 | -3.0% | $ | 15,804 | $ | 16,286 | -3.0% | ||||||||||||||
Expenses
|
4,803 | 5,207 | 7.8% | 4,803 | 5,207 | 7.8% | ||||||||||||||||||
Total Core Portfolio
|
$ | 11,001 | $ | 11,079 | -0.7% | $ | 11,001 | $ | 11,079 | -0.7% | ||||||||||||||
Notes:
|
||||||||||||||||||||||||
1 The above amounts includes the pro-rata activity related to the Company's consolidated and unconsolidated joint ventures.
|
Income Statements - Fee income by Opportunity Fund
|
Current Quarter and Year-to-Date
|
(in thousands)
|
Fund I
|
Fund II
|
Fund III
|
Other
|
Total
|
||||||||||||||||
Period ended March 31, 2011
|
||||||||||||||||||||
Asset and property management fees and priority distributions
|
$ | 108 | $ | 1,054 | $ | 1,658 | $ | 263 | $ | 3,083 | ||||||||||
Transactional fees
|
21 | 1,533 | 380 | 384 | 2,318 | |||||||||||||||
Total management fees and priority distributions
|
$ | 129 | $ | 2,587 | $ | 2,038 | $ | 647 | $ | 5,401 | ||||||||||
Fund I
|
Fund II
|
Fund III
|
Other
|
Total
|
||||||||||||||||
Current Quarter ended March 31, 2011
|
||||||||||||||||||||
Asset and property management fees and priority distributions
|
$ | 108 | $ | 1,054 | $ | 1,658 | $ | 263 | $ | 3,083 | ||||||||||
Transactional fees
|
21 | 1,533 | 380 | 384 | 2,318 | |||||||||||||||
Total management fees and priority distributions
|
$ | 129 | $ | 2,587 | $ | 2,038 | $ | 647 | $ | 5,401 |
Pro-Rata Consolidated Balance Sheet
|
(in thousands)
|
Consolidated
|
Noncontrolling
|
Company's
|
Pro-Rata
|
|||||||||||||||||||
Balance
|
Interest in
|
Interest in
|
Consolidated
|
|||||||||||||||||||
Sheet
|
Consolidated
|
Unconsolidated
|
Balance
|
|||||||||||||||||||
As Reported 1
|
Subsidiaries
|
Subsidiaries
|
Sheet 2
|
Notes
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||
Real estate
|
||||||||||||||||||||||
Land
|
$ | 226,785 | $ | (114,919 | ) | $ | 11,708 | $ | 123,574 |
1 The interim consolidated balance sheet is unaudited, although it
|
||||||||||||
Buildings and improvements
|
930,334 | (445,032 | ) | 63,497 | 548,799 |
reflect all adjustments, which in the opinion of management,
|
||||||||||||||||
Construction in progress
|
2,174 | (437 | ) | - | 1,737 |
are necessary for the fair presentation of the consolidated
|
||||||||||||||||
1,159,293 | (560,388 | ) | 75,205 | 674,110 |
balance sheet for the interim period.
|
|||||||||||||||||
Less: accumulated depreciation
|
(227,025 | ) | 53,151 | (10,065 | ) | (183,939 | ) | |||||||||||||||
Net real estate
|
932,268 | (507,237 | ) | 65,140 | 490,171 |
2 The Company currently invests in Funds I, II & III and Mervyns I & II
|
||||||||||||||||
which are consolidated with the Company's financial statements.
|
||||||||||||||||||||||
Net real estate under development
|
240,352 | (179,677 | ) | - | 60,675 |
To provide investors with supplemental information, the Company's
|
||||||||||||||||
investments in these joint ventures are reflected above on a
|
||||||||||||||||||||||
Cash and cash equivalents
|
107,335 | (14,992 | ) | 3,824 | 96,167 |
pro-rata basis by calculating its ownership percentage for each
|
||||||||||||||||
Cash in escrow
|
25,947 | (16,975 | ) | 1,065 | 10,037 |
of the above asset and liability line items. Similarly, the above
|
||||||||||||||||
Investments in and advances to unconsolidated affiliates
|
70,613 | (53,772 | ) | (13,122 | ) | 3,720 |
presentation also includes the Company's share of assets and
|
|||||||||||||||
Rents receivable, net
|
4,104 | (613 | ) | 7 | 3,498 |
liabilities for unconsolidated investments which are accounted
|
||||||||||||||||
Straight-line rents receivable, net
|
15,801 | (7,556 | ) | 1,348 | 9,593 |
for under the equity method of accounting for the Company's
|
||||||||||||||||
Intercompany
|
- | - | - | - |
finanical statements.
|
|||||||||||||||||
Notes Receivable
|
92,417 | (8,422 | ) | - | 83,995 | |||||||||||||||||
Preferred equity investment
|
- | - | - | - |
3 The components of Net real estate under development are as follows:
|
|||||||||||||||||
Deferred charges, net
|
25,487 | (20,051 | ) | 1,017 | 6,453 |
Fund II
|
$ | 173,723 | ||||||||||||||
Prepaid expenses and other assets
|
28,986 | 13,916 | (664 | ) | 42,238 | 4 |
Fund III
|
44,532 | ||||||||||||||
Acquired lease intangibles
|
17,731 | (9,014 | ) | 758 | 9,475 |
Total Opportunity Funds
|
218,255 | |||||||||||||||
Assets of discontinued operations
|
- | - | - | - |
Core Portfolio
|
22,097 | ||||||||||||||||
Total
|
$ | 240,352 | ||||||||||||||||||||
Total Assets
|
$ | 1,561,041 | $ | (804,393 | ) | $ | 59,373 | $ | 816,022 | |||||||||||||
4 The components of Prepaid expenses and other assets are as follows:
|
||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
Due from Fund Investors
|
$ | 24,799 | |||||||||||||||||||
Accrued interest on Notes Receivable
|
8,300 | |||||||||||||||||||||
Mortgage notes payable
|
$ | 844,045 | $ | (519,171 | ) | $ | 77,425 | $ | 402,300 |
Prepaid expenses
|
4,956 | |||||||||||
Notes payable
|
48,982 | - | - | 48,982 |
Income tax receivables
|
885 | ||||||||||||||||
Valuation of debt at acquisition, net of amortization
|
59 | (24 | ) | - | 35 |
Corporate assets
|
1,149 | |||||||||||||||
Acquired lease intangibles
|
5,483 | (2,420 | ) | 1,441 | 4,504 |
Other
|
2,149 | |||||||||||||||
Accounts payable and accrued expenses
|
24,019 | (9,148 | ) | 738 | 15,609 |
Total
|
$ | 42,238 | ||||||||||||||
Dividends and distributions payable
|
7,505 | - | - | 7,505 | ||||||||||||||||||
Due to related parties
|
- | - | - | - | ||||||||||||||||||
Share of losses in excess of inv. in unconsolidated affiliates
|
21,040 | - | (21,040 | ) | - | |||||||||||||||||
Other liabilities
|
17,142 | (7,498 | ) | 809 | 10,453 | |||||||||||||||||
Liabilities of discontinued operations
|
- | - | - | - | ||||||||||||||||||
Total liabilities
|
968,275 | (538,261 | ) | 59,373 | 489,388 | |||||||||||||||||
Shareholders' equity:
|
||||||||||||||||||||||
Common shares
|
40 | - | - | 40 | ||||||||||||||||||
Additional paid-in capital
|
303,324 | - | - | 303,324 | ||||||||||||||||||
Accumulated other comprehensive income
|
(2,362 | ) | - | - | (2,362 | ) | ||||||||||||||||
Retained earnings
|
19,371 | - | - | 19,371 | ||||||||||||||||||
Total controlling interest
|
320,373 | - | - | 320,373 | ||||||||||||||||||
Non-controlling interest in subsidiary
|
272,393 | (266,132 | ) | - | 6,261 | |||||||||||||||||
Total shareholders' equity
|
592,766 | (266,132 | ) | - | 326,634 | |||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$ | 1,561,041 | $ | (804,393 | ) | $ | 59,373 | $ | 816,022 |
Notes Receivable 1
|
(in thousands)
|
Balance at
|
||||||||||||||||||||||||||||||||||||||||||||
December 31,
|
Balance at
|
Underlying third-party
|
||||||||||||||||||||||||||||||||||||||||||
2010
|
First
|
March 31, 2011
|
Stated
|
Effective
|
first mortgage
|
|||||||||||||||||||||||||||||||||||||||
Quarter
|
Accrued
|
Interest
|
Interest
|
Maturity
|
Extension
|
|||||||||||||||||||||||||||||||||||||||
Investment
|
Principal
|
Activity
|
Principal
|
Interest
|
Total
|
Rate
|
Rate 2
|
Dates
|
Options
|
Amount
|
Maturity Dates
|
|||||||||||||||||||||||||||||||||
2008 Investments
|
||||||||||||||||||||||||||||||||||||||||||||
Georgetown - 5 property portfolio
|
$ | 8,000 | $ | - | $ | 8,000 | $ | 174 | $ | 8,174 | 9.75 | % | 10.23 | % | 11/2011 |
1 year
|
9,410 |
2012 and 2020
|
||||||||||||||||||||||||||
72nd Street
|
46,715 | 285 | 47,000 | 6,991 | 53,991 | 13.00 | % | 20.85 | % | 7/2011 |
1 year
|
170,727 |
2011 w/ 1 year extension
|
|||||||||||||||||||||||||||||||
Total 2008 investments
|
54,715 | 285 | 55,000 | 7,165 | 62,165 | 12.53 | % | 19.31 | % | |||||||||||||||||||||||||||||||||||
Other Investments
|
||||||||||||||||||||||||||||||||||||||||||||
First mortgage and other notes
|
8,854 | - | 8,854 | 561 | 9,415 | 13.60 | % | 13.62 | % | 2011 | - | n/a | n/a | |||||||||||||||||||||||||||||||
Mezzanine notes
|
15,132 | 2,916 | 18,048 | 431 | 18,479 | 14.29 | % | 15.07 | % |
Various
|
- | 272,289 |
2011 thru 2019
|
|||||||||||||||||||||||||||||||
Total other investments
|
23,986 | 2,916 | 26,902 | 992 | 27,894 | 14.06 | % | 14.59 | % | |||||||||||||||||||||||||||||||||||
Total notes receivable
|
$ | 78,701 | $ | 3,201 | $ | 81,902 | $ | 8,157 | $ | 90,059 | 13.03 | % | 17.76 | % |
Notes:
|
1 The above activity does not include a $10,000 Fund III first mortgage investment and other non-real estate loans of $515.
|
2 Inclusive of points and exit fees.
|
2011 Guidance - Highlights
|
(in millions except per share amounts, all per share amounts are fully diluted)
|
Current
|
||||
2011 Guidance
|
2010 Actual
|
|||
Overall:
|
||||
Fully diluted Common Shares and OP Units
|
41,000
|
40,876
|
||
Full year Funds from Operations ("FFO") per share
|
$0.94 to $1.05
|
$1.23
|
||
Earnings per Share ("EPS")
|
$0.44 to $0.55
|
$0.74
|
||
FFO Components:
|
||||
Core and pro-rata share of opportunity Fund ("Fund") portfolio income1
|
$42.5 to $44.0
|
$48.2
|
||
Asset and property management fee income, net of TRS taxes
|
$11.0 to $11.5
|
$10.5
|
||
Transactional fee income, net of TRS taxes
|
$6.0 to $7.0
|
$5.7
|
||
Promote, RCP and other income, net of TRS taxes
|
$2.0 to $3.0
|
$1.9
|
||
Gain on bargain purchase
|
-
|
$6.4
|
||
General and administrative expense
|
$(23.0) to $(22.5)
|
$(22.2)
|
||
Total
|
$38.5 to $43.0
|
$50.5
|
||
1 Includes additional interest on the Company's convertible debt pursuant to
|
||||
ASC Topic 470-20 "Debt with Conversion and Other Options" as follows:
|
$1.1
|
$1.0
|
||
Net Asset Valuation Information
|
(in thousands)
|
CORE
|
FUND I
|
FUND II
|
FUND III
|
||||||||||||||||||||||||||||||||||||||||
Fund Level
|
AKR pro-rata share
|
Fund Level
|
AKR Pro-rata Share
|
Fund Level
|
AKR pro-rata share
|
||||||||||||||||||||||||||||||||||||||
%
|
$ |
Quarterly
|
Annualized (x4)
|
%
|
$ |
Quarterly
|
Annualized (x4)
|
%
|
$ | ||||||||||||||||||||||||||||||||||
Current NOI
|
|||||||||||||||||||||||||||||||||||||||||||
Operating properties1
|
$ | 11,676 |
|
-- | $ | - | $ | - | 20.00 | % | $ | - | $ | 2,034 | $ | 8,136 | 19.90 | % | $ | 1,619 | |||||||||||||||||||||||
Operating properties - Unconsolidated Affiliates
|
- | - | 411 | 1,644 | 327 | ||||||||||||||||||||||||||||||||||||||
Operating properties - Discontinued Operation2
|
43 | 172 | 34 | ||||||||||||||||||||||||||||||||||||||||
Development Portfolio
|
|||||||||||||||||||||||||||||||||||||||||||
Construction complete - Stabilized
|
- | 1,891 | 7,564 | 1,513 | - | - | - | ||||||||||||||||||||||||||||||||||||
Construction complete - Pre-stabilized
|
- | 2,900 | 11,600 | 2,320 | - | - | - | ||||||||||||||||||||||||||||||||||||
Storage portfolio
|
- | 137 | 548 | 110 | 2,316 | 9,264 | 1,844 | ||||||||||||||||||||||||||||||||||||
Total NOI
|
$ | 11,676 | $ | 4,971 | $ | 19,884 | $ | 3,977 | $ | 4,761 | $ | 19,044 | $ | 3,790 | |||||||||||||||||||||||||||||
Cost to Date3
|
|||||||||||||||||||||||||||||||||||||||||||
Construction complete (both stabilized and pre-stabilized)
|
$ | 398,100 | $ | 79,620 | $ | - | $ | - | |||||||||||||||||||||||||||||||||||
Under construction
|
84,800 | 16,960 | 21,300 | 4,239 | |||||||||||||||||||||||||||||||||||||||
In-design
|
33,600 | 6,720 | 22,800 | 4,537 | |||||||||||||||||||||||||||||||||||||||
Storage portfolio
|
- | - | 186,200 | 37,055 | |||||||||||||||||||||||||||||||||||||||
Costs to Complete3
|
|||||||||||||||||||||||||||||||||||||||||||
Construction complete (both stabilized and pre-stabilized)
|
$ | 23,200 | $ | 4,640 | $ | - | $ | - | |||||||||||||||||||||||||||||||||||
Under construction
|
115,200 | 23,040 | 4,300 | 856 | |||||||||||||||||||||||||||||||||||||||
In-design
|
- | - | - | - | |||||||||||||||||||||||||||||||||||||||
Annual NOI Upon Stabilization (Mid-Point of Range)
|
|||||||||||||||||||||||||||||||||||||||||||
Construction complete (both stabilized and pre-stabilized)
|
$ | 33,704 | $ | 6,741 | $ | - | $ | - | |||||||||||||||||||||||||||||||||||
Storage portfolio
|
- | - | 14,896 | 2,964 | |||||||||||||||||||||||||||||||||||||||
Under construction
|
16,000 | 3,200 | 2,048 | 408 | |||||||||||||||||||||||||||||||||||||||
Debt4
|
$ | 316,825 |
$ 8,260
|
$ | 323,173 | $ | 61,112 | $ | 362,341 | $ | 59,675 | ||||||||||||||||||||||||||||||||
Gross asset value1
|
44,300
|
||||||||||||||||||||||||||||||||||||||||||
Net Asset Value
|
$ 36,040
|
37.78 | % |
$ 13,616
|
|||||||||||||||||||||||||||||||||||||||
Notes:
|
1It is not recommended to apply a capitalization rate to current Fund I NOI as this NOI declines during 2011 due primarily to the structure of the Kroger/Safeway Portfolio leases.
|
Fund I value is based on property appraisals. Pro-rata share is 20% (AKR promote) + 22% x 80% ( AKR remaining share after promote) = 37.78%.
|
Total future promote is approximatly $5,600 ($36,040 x 20% x 77.78%).
|
2Property was sold during the first quarter for $8.200.
|
3See detail on pages 25 and 26 of this supplement.
|
Selected Operating Ratios
|
(in thousands)
|
Three months ended March 31,
|
Period ended March 31,
|
Three months ended
|
|||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2011
|
|||||||||||||||||||||||
COVERAGE RATIOS1
|
LEVERAGE RATIOS
|
||||||||||||||||||||||||||
EBITDA2
|
$ | 18,439 | $ | 17,004 | $ | 18,439 | $ | 17,004 |
Debt4
|
$ | 451,282 | ||||||||||||||||
Divided by Interest expense
|
5,749 | 5,947 | 5,749 | 5,947 |
Total Market Capitalization
|
1,223,541 | |||||||||||||||||||||
Interest Coverage Ratio
|
3.21 | x | 2.86 | x | 3.21 | x | 2.86 | x |
Debt/Total Market Capitalization
|
37 | % | ||||||||||||||||
EBITDA
|
$ | 18,439 | $ | 17,004 | $ | 18,439 | $ | 17,004 |
Debt + Preferred Equity (Preferred O.P. Units)
|
$ | 451,756 | ||||||||||||||||
Divided by ( Interest expense
|
5,749 | 5,947 | 5,749 | 5,947 |
Total Market Capitalization
|
1,223,541 | |||||||||||||||||||||
Plus: Preferred Dividends)3
|
5 | 5 | 5 | 5 |
Debt+Preferred Equity/Total Market Capitalization
|
37 | % | ||||||||||||||||||||
Fixed Charge Coverage Ratio
|
3.20 | x | 2.86 | x | 3.20 | x | 2.86 | x | |||||||||||||||||||
Debt
|
$ | 316,825 | |||||||||||||||||||||||||
EBITDA
|
$ | 18,439 | $ | 17,004 | $ | 18,439 | $ | 17,004 |
EBITDA (Annualized)
|
63,632 | |||||||||||||||||
Divided by ( Interest expense
|
5,749 | 5,947 | 5,749 | 5,947 |
Debt/EBITDA - Core Portfolio
|
4.98 | x | ||||||||||||||||||||
Plus: Principal Amortization)
|
632 | 519 | 632 | 519 | |||||||||||||||||||||||
Debt Service Coverage Ratio
|
2.89 | x | 2.63 | x | 2.89 | x | 2.63 | x |
Debt5
|
$ | 230,678 | ||||||||||||||||
EBITDA (Annualized)
|
63,632 | ||||||||||||||||||||||||||
Payout Ratios
|
Net Debt/EBITDA - Core Portfolio
|
3.63 | x | ||||||||||||||||||||||||
Dividends (Shares) & Distributions (O.P. Units) paid
|
$ | 7,505 | $ | 7,423 | $ | 7,505 | $ | 7,423 |
Debt
|
$ | 451,282 | ||||||||||||||||
FFO
|
13,570 | 10,167 | 13,570 | 10,167 |
EBITDA (Annualized)
|
73,755 | |||||||||||||||||||||
FFO Payout Ratio
|
55 | % | 73 | % | 55 | % | 73 | % |
Debt/EBITDA - Core Portfolio and Opportunity Funds
|
6.12 | x | ||||||||||||||||
Dividends (Shares) & Distributions (O.P. Units) paid
|
$ | 7,505 | $ | 7,423 | $ | 7,505 | $ | 7,423 |
Debt6
|
$ | 355,115 | ||||||||||||||||
AFFO
|
10,385 | 9,539 | 10,385 | 9,539 |
EBITDA (Annualized)
|
73,755 | |||||||||||||||||||||
AFFO Payout Ratio
|
72 | % | 78 | % | 72 | % | 78 | % |
Net Debt/EBITDA - Core Portfolio and
|
||||||||||||||||||
Opportunity Funds
|
4.81 | x | |||||||||||||||||||||||||
Dividends (Shares) & Distributions (O.P. Units) paid
|
$ | 7,505 | $ | 7,423 | $ | 7,505 | $ | 7,423 | |||||||||||||||||||
FAD
|
9,753 | 9,020 | 9,753 | 9,020 |
NOI (Annualized)
|
$ | 46,704 | ||||||||||||||||||||
FAD Payout Ratio
|
77 | % | 82 | % | 77 | % | 82 | % |
Debt
|
316,825 | |||||||||||||||||
Debt Yield - Core Portfolio
|
14.7 | % | |||||||||||||||||||||||||
|
NOI (Annualized)
|
$ | 46,704 | ||||||||||||||||||||||||
Debt5
|
230,678 | ||||||||||||||||||||||||||
Net Debt Yield - Core Portfolio
|
20.2 | % | |||||||||||||||||||||||||
NOI (Annualized)
|
$ | 55,528 | |||||||||||||||||||||||||
Debt
|
451,282 | ||||||||||||||||||||||||||
Debt Yield - Core Portfolio and Opportunity Funds
|
12.3 | % | |||||||||||||||||||||||||
NOI (Annualized)
|
$ | 55,528 | |||||||||||||||||||||||||
Debt6
|
355,115 | ||||||||||||||||||||||||||
Net Debt Yield - Core Portfolio and Opportunity Funds
|
15.6 | % | |||||||||||||||||||||||||
Notes: |
Portfolio Debt - Summary
|
Reconciliation from Pro-Rata Share of Debt to GAAP Debt per Financial Statement
|
(in thousands)
|
Acadia Pro-Rata Share of Debt 2
|
Reconciliation to Consolidated Debt as Reported
|
|||||||||||||||||||||||||||||||||||||||
Add:
|
Less:
|
Acadia
|
||||||||||||||||||||||||||||||||||||||
Core Portfolio
|
Opportunity Funds
|
Total
|
Noncontrolling
|
Pro-rata Share of
|
Consolidated
|
|||||||||||||||||||||||||||||||||||
Principal
|
Interest
|
Principal
|
Interest
|
Principal
|
Interest
|
Fixed vs
|
Interest Share of
|
Unconsolidated
|
Debt
|
|||||||||||||||||||||||||||||||
Mortgage Notes Payable
|
Balance
|
Rate
|
Balance
|
Rate
|
Balance
|
Rate
|
Variable
|
Consolidated Debt 3
|
Debt 4
|
As Reported
|
||||||||||||||||||||||||||||||
Fixed-Rate Debt 1
|
$ | 351,004 | 5.6 | % | $ | 30,424 | 5.7 | % | $ | 381,428 | 5.6 | % | 85 | % | $ | 94,826 | $ | (70,761 | ) | $ | 405,493 | |||||||||||||||||||
Variable-Rate Debt 1
|
(34,179 | ) | 1.6 | % | 104,032 | 2.3 | % | 69,853 | 3.2 | % | 15 | % | 424,345 | (6,664 | ) | 487,534 | ||||||||||||||||||||||||
Total
|
$ | 316,825 | 6.1 | % | $ | 134,457 | 3.4 | % | $ | 451,282 | 5.3 | % | 100 | % | $ | 519,171 | $ | (77,425 | ) | 893,027 | ||||||||||||||||||||
FAS 141 purchase price debt allocation
|
59 | |||||||||||||||||||||||||||||||||||||||
Total debt as reported
|
$ | 893,086 | ||||||||||||||||||||||||||||||||||||||
Notes
|
1 Fixed-rate debt includes notional principal fixed through swap transactions.
|
2 Represents the Company's pro-rata share of debt based on its percent ownership.
|
3 Represents the noncontrolling Interest pro-rata share of consolidated partnership debt based on its percent ownership.
|
4 Represents the Company's pro-rata share of unconsolidated partnership debt based on percent ownership.
|
Debt Analysis
|
(in thousands)
|
Principal Balance at
|
Acadia's Pro-rata Share
|
Interest
|
Maturity
|
Extension
|
|||||||||||||||
Property
|
Entity
|
March 31, 2011
|
Percent
|
Amount
|
Rate
|
Date
|
Options
|
||||||||||||
CORE PORTFOLIO
|
|||||||||||||||||||
Fixed-Rate Debt
|
|||||||||||||||||||
Acadia Realty Trust7
|
Acadia
|
$ | 48,982 | 100.0 | % | $ | 48,982 | 6.03 | % |
12/20/2011
|
None
|
||||||||
Clark Diversey
|
Acadia
|
4,592 | 100.0 | % | 4,592 | 6.35 | % |
7/1/2014
|
None
|
||||||||||
New Loudon Center
|
Acadia
|
14,058 | 100.0 | % | 14,058 | 5.64 | % |
9/6/2014
|
None
|
||||||||||
Crossroads Shopping Center
|
Crossroads JV
|
61,114 | 49.0 | % | 29,945 | 5.37 | % |
12/1/2014
|
None
|
||||||||||
Crescent Plaza
|
Acadia
|
17,474 | 100.0 | % | 17,474 | 4.98 | % |
9/6/2015
|
None
|
||||||||||
Pacesetter Park Shopping Center
|
Acadia
|
12,083 | 100.0 | % | 12,083 | 5.12 | % |
11/6/2015
|
None
|
||||||||||
Elmwood Park Shopping Center
|
Acadia
|
34,079 | 100.0 | % | 34,079 | 5.53 | % |
1/1/2016
|
None
|
||||||||||
Gateway Shopping Center
|
Acadia
|
20,500 | 100.0 | % | 20,500 | 5.44 | % |
3/1/2016
|
None
|
||||||||||
Acadia Brandywine
|
Brandywine JV
|
166,200 | 22.2 | % | 36,933 | 5.99 | % |
7/1/2016
|
None
|
||||||||||
Walnut Hill Plaza
|
Acadia
|
23,500 | 100.0 | % | 23,500 | 6.06 | % |
10/1/2016
|
None
|
||||||||||
239 Greenwich Avenue
|
Acadia
|
26,000 | 75.0 | % | 19,500 | 5.42 | % |
2/11/2017
|
None
|
||||||||||
Merrillville Plaza
|
Acadia
|
26,250 | 100.0 | % | 26,250 | 5.88 | % |
8/1/2017
|
None
|
||||||||||
Boonton
|
Acadia
|
7,993 | 60.0 | % | 4,796 | 6.40 | % |
11/1/2032
|
None
|
||||||||||
Interest rate swaps1
|
Acadia
|
58,312 | 100.0 | % | 58,312 | 5.22 | % |
Various
|
|||||||||||
Sub-Total Fixed-Rate Debt
|
521,137 | 351,004 | 5.62 | % | |||||||||||||||
Variable-Rate Debt
|
|||||||||||||||||||
Various2
|
Acadia
|
1,000 | 100.0 | % | 1,000 |
Libor + 125
|
12/1/2011
|
1 x 12 mos.
|
|||||||||||
Branch Plaza
|
Acadia
|
13,870 | 100.0 | % | 13,870 |
Libor + 130
|
12/1/2011
|
1 x 12 mos.
|
|||||||||||
Village Commons Shopping Center
|
Acadia
|
9,263 | 100.0 | % | 9,263 |
Libor + 140
|
6/29/2012
|
||||||||||||
Interest rate swaps1
|
Acadia
|
(58,312 | ) | 100.0 | % | (58,312 | ) | ||||||||||||
Sub-Total Variable-Rate Debt
|
(34,179 | ) | (34,179 | ) |
Libor + 134
|
||||||||||||||
Total Core Portfolio Debt
|
$ | 486,958 | $ | 316,825 | 6.05 | % |
Debt Analysis (continued)
|
(in thousands)
|
Principal Balance at
|
Acadia's Pro-rata Share
|
Interest
|
Maturity
|
Extension
|
|||||||||||||||
Property
|
Entity
|
March 31, 2011
|
Percent
|
Amount
|
Rate
|
Date
|
Options
|
||||||||||||
OPPORTUNITY FUNDS
|
|||||||||||||||||||
Fixed-Rate Debt
|
|||||||||||||||||||
Storage Post - Various4
|
Fund III
|
$ | 41,500 | 18.9 | % | $ | 7,846 | 5.30 | % |
6/16/2011
|
2 x 12 mos.
|
||||||||
Lincoln Road9
|
Fund III
|
20,535 | 18.9 | % | 3,883 | 6.14 | % |
8/11/2014
|
None
|
||||||||||
CityPoint
|
Fund II
|
20,000 | 18.8 | % | 3,766 | 7.25 | % |
11/1/2014
|
None
|
||||||||||
216th Street3
|
Fund II
|
25,500 | 19.8 | % | 5,054 | 5.80 | % |
10/1/2017
|
None
|
||||||||||
Atlantic Avenue
|
Fund II
|
11,540 | 13.3 | % | 1,539 | 7.34 | % |
1/1/2020
|
None
|
||||||||||
Interest rate swaps1
|
Funds I, II & III
|
43,034 | 19.4 | % | 8,336 | 4.83 | % |
Various
|
|||||||||||
Sub-Total Fixed-Rate Debt
|
162,109 | 30,424 | 5.71 | % | |||||||||||||||
Variable-Rate Debt
|
|||||||||||||||||||
Liberty Avenue
|
Fund II
|
10,000 | 19.8 | % | 1,982 |
Libor + 325
|
9/1/2011
|
1 x 12 mos.
|
|||||||||||
Fordham Plaza3
|
Fund II
|
85,638 | 19.8 | % | 16,973 |
Libor + 350
|
10/4/2011
|
1 x 12 mos.
|
|||||||||||
Acadia Strategic Opportunity Fund III, LLC6
|
Fund III
|
210,450 | 19.9 | % | 41,880 |
Libor + 60
|
10/9/2011
|
None
|
|||||||||||
Tarrytown Shopping Center
|
Fund I
|
8,260 | 37.8 | % | 3,121 |
Libor + 165
|
10/30/2011
|
1 x 12 mos.
|
|||||||||||
Canarsie Plaza
|
Fund II
|
46,945 | 15.9 | % | 7,443 |
Libor + 400
|
1/12/2012
|
1 x 36 mos.
|
|||||||||||
161st Street3
|
Fund II
|
28,900 | 19.8 | % | 5,728 |
Libor + 400
|
4/1/2013
|
None
|
|||||||||||
CityPoint
|
Fund II
|
20,650 | 18.8 | % | 3,888 |
Libor + 250
|
8/12/2013
|
2 x 12 mos.
|
|||||||||||
Pelham Manor3
|
Fund II
|
34,000 | 19.8 | % | 6,739 |
Libor + 275
|
12/1/2013
|
None
|
|||||||||||
Acadia Strategic Opportunity Fund II, LLC5
|
Fund II
|
40,000 | 20.0 | % | 8,000 |
Libor + 290
|
12/22/2014
|
None
|
|||||||||||
Cortlandt Towne Center
|
Fund III
|
50,000 | 19.9 | % | 9,950 |
Libor + 190
|
10/26/2015
|
None
|
|||||||||||
White City Shopping Center8
|
Fund III
|
39,856 | 16.7 | % | 6,664 |
Libor + 260
|
12/23/2017
|
1 x 36 mos.
|
|||||||||||
Interest rate swaps1
|
Funds I, II & III
|
(43,034 | ) | 19.4 | % | (8,336 | ) | ||||||||||||
Sub-Total Variable-Rate Debt
|
531,665 | 104,032 |
Libor + 210
|
||||||||||||||||
Total Opportunity Funds Portfolio Debt
|
$ | 693,774 | $ | 134,456 | 3.37 | % | |||||||||||||
Debt Analysis - Notes
|
(in thousands)
|
1The Company has hedged a portion of it's variable-rate debt with variable to fixed-rate swap agreements as follows:
|
Notional
|
Average
|
Maturity
|
|||||||||||||||
principal
|
Spread
|
Swap rate
|
All-in Rate
|
Date
|
|||||||||||||
Core Portfolio
|
$ | 10,477 | 1.34 | % | 4.90 | % | 6.24 | % |
10/1/2011
|
||||||||
7,835 | 1.34 | % | 5.14 | % | 6.48 | % |
3/1/2012
|
||||||||||
15,000 | 1.34 | % | 3.79 | % | 5.13 | % |
11/30/2012
|
||||||||||
15,000 | 1.34 | % | 3.41 | % | 4.75 | % |
11/30/2012
|
||||||||||
10,000 | 1.34 | % | 2.65 | % | 3.99 | % |
11/30/2012
|
||||||||||
$ | 58,312 | 1.34 | % | 3.88 | % | 5.22 | % | ||||||||||
Opportunity Funds
|
$ | 4,130 | 1.65 | % | 0.42 | % | 2.07 | % |
10/28/2011
|
||||||||
9,000 | 3.25 | % | 0.50 | % | 3.75 | % |
9/1/2011
|
||||||||||
19,928 | 2.60 | % | 2.90 | % | 5.50 | % |
12/26/2017
|
||||||||||
9,976 | 2.60 | % | 3.02 | % | 5.62 | % |
12/26/2017
|
||||||||||
$ | 43,034 | 2.64 | % | 2.19 | % | 4.83 | % | ||||||||||
Total Core Portfolio and Opportunity Funds
|
$ | 101,346 | 1.89 | % | 3.16 | % | 5.05 | % |
2This is a revolving facility for up to $64,498 and is collateralized by Bloomfield Town Square, Hobson West Plaza, Marketplace of Absecon,
|
Abington Towne Center, Methuen Shopping Center and Town Line Plaza.
|
3Fund II is a 99.1% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 99.1% x 20%, or 19.8%.
|
4The loan is collateralized by Storage Post locations - Linden, Webster Avenue, Jersey City, Fordham Road and Lawrence.
|
5This is a line of credit for up to $40,000.
|
6This is a line of credit with a capacity of $221,000.
|
7Convertible note balance pursuant to ASC Topic 470-20. The actual face amount of the convertible notes at March 31, 2011 is $49,775.
|
While the interest rate on the convertible notes is 3.75%, the effective fair value interest rate is 6.03%.
|
8Fund III is an 84.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 84.0% x 19.9%, or 16.7%.
|
9Fund III is a 95.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 95.0% x 19.9%, or 18.9%.
|
Future Debt Maturities - Not Including Extension Options
|
||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Core Portfolio
|
||||||||||||||||||||||||||||||||||||||||
Total Debt Maturities
|
Acadia's Pro-rata Share
|
Weighted Average Interest Rate of Maturing Debt
|
||||||||||||||||||||||||||||||||||||||
Scheduled
|
Scheduled
|
|||||||||||||||||||||||||||||||||||||||
Year
|
Amortization
|
Maturities
|
Total
|
Amortization
|
Maturities
|
Total
|
Total Debt
|
Fixed-Rate Debt
|
Variable-Rate Debt
|
|||||||||||||||||||||||||||||||
2011
|
$ | 2,130 | $ | 64,480 | $ | 66,610 | $ | 1,711 | $ | 64,480 | $ | 66,191 | 3.25 | % | 3.75 | % | 1.54 | % | ||||||||||||||||||||||
2012
|
2,997 | 9,052 | 12,049 | 2,406 | 9,052 | 11,458 | 1.64 | % | n/a | 1.64 | % | |||||||||||||||||||||||||||||
2013
|
3,296 | - | 3,296 | 2,666 | - | 2,666 | n/a | n/a | n/a | |||||||||||||||||||||||||||||||
2014
|
3,311 | 74,405 | 77,716 | 2,645 | 45,280 | 47,925 | 5.47 | % | 5.47 | % | n/a | |||||||||||||||||||||||||||||
2015
|
1,856 | 27,363 | 29,219 | 1,774 | 27,363 | 29,137 | 5.04 | % | 5.04 | % | n/a | |||||||||||||||||||||||||||||
Thereafter
|
7,326 | 291,535 | 298,861 | 4,737 | 155,504 | 160,241 | 5.85 | % | 5.85 | % | n/a | |||||||||||||||||||||||||||||
Total
|
$ | 20,916 | $ | 466,835 | $ | 487,751 | $ | 15,939 | $ | 301,679 | $ | 317,618 | ||||||||||||||||||||||||||||
Less: additional convertible notes balance
|
(793 | ) | (793 | ) | ||||||||||||||||||||||||||||||||||||
Balance per Portfolio Debt Detail
|
$ | 486,958 | $ | 316,825 | ||||||||||||||||||||||||||||||||||||
Opportunity Funds
|
||||||||||||||||||||||||||||||||||||||||
Total Debt Maturities
|
Acadia's Pro-rata Share
|
Weighted Average Interest Rate of Maturing Debt
|
||||||||||||||||||||||||||||||||||||||
Scheduled
|
Scheduled
|
|||||||||||||||||||||||||||||||||||||||
Year
|
Amortization
|
Maturities | Total |
Amortization
|
Maturities | Total | Total Debt | Fixed-Rate Debt | Variable-Rate Debt | |||||||||||||||||||||||||||||||
2011
|
$ | 829 | $ | 355,294 | $ | 356,123 | $ | 162 | $ | 71,692 | $ | 71,854 | 2.46 | % | 5.30 | % | 2.08 | % | ||||||||||||||||||||||
2012
|
569 | 46,945 | 47,514 | 110 | 7,443 | 7,553 | 6.50 | % | 6.00 | % | 6.50 | % | ||||||||||||||||||||||||||||
2013
|
717 | 98,071 | 98,788 | 138 | 19,260 | 19,398 | 3.92 | % | n/a | 3.92 | % | |||||||||||||||||||||||||||||
2014
|
272 | 64,180 | 64,452 | 51 | 12,393 | 12,444 | 5.32 | % | 6.71 | % | 3.14 | % | ||||||||||||||||||||||||||||
2015
|
49 | 50,000 | 50,049 | 7 | 9,950 | 9,957 | 2.14 | % | n/a | 2.14 | % | |||||||||||||||||||||||||||||
Thereafter
|
250 | 76,598 | 76,848 | 33 | 13,217 | 13,250 | 4.49 | % | 6.27 | % | 2.84 | % | ||||||||||||||||||||||||||||
Total
|
$ | 2,686 | $ | 691,088 | $ | 693,774 | $ | 501 | $ | 133,955 | $ | 134,456 |
Notes:
|
||||||||
1Includes additional convertible notes balance of $793 maturing in 2011.
|
Future Debt Maturities - Including Extension Options
|
||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Core Portfolio
|
||||||||||||||||||||||||||||||||||||||||
Total Debt Maturities
|
Acadia's Pro-rata Share
|
Weighted Average Interest Rate of Maturing Debt
|
||||||||||||||||||||||||||||||||||||||
Scheduled
|
Scheduled
|
|||||||||||||||||||||||||||||||||||||||
Year
|
Amortization
|
Maturities
|
Total
|
Amortization
|
Maturities
|
Total
|
Total Debt
|
Fixed-Rate Debt
|
Variable-Rate Debt
|
|||||||||||||||||||||||||||||||
2011
|
$ | 2,150 | $ | 49,775 | $ | 51,925 | $ | 1,731 | $ | 49,775 | $ | 51,506 | 3.75 | % | 3.75 | % | n/a | |||||||||||||||||||||||
2012
|
3,224 | 23,510 | 26,734 | 2,633 | 23,510 | 26,143 | 1.58 | % | n/a | 1.58 | % | |||||||||||||||||||||||||||||
2013
|
3,296 | - | 3,296 | 2,666 | - | 2,666 | n/a | n/a | n/a | |||||||||||||||||||||||||||||||
2014
|
3,311 | 74,405 | 77,716 | 2,645 | 45,280 | 47,925 | 5.47 | % | 5.47 | % | n/a | |||||||||||||||||||||||||||||
2015
|
1,856 | 27,363 | 29,219 | 1,774 | 27,363 | 29,137 | 5.04 | % | 5.04 | % | n/a | |||||||||||||||||||||||||||||
Thereafter
|
7,326 | 291,535 | 298,861 | 4,737 | 155,504 | 160,241 | 5.85 | % | 5.85 | % | n/a | |||||||||||||||||||||||||||||
Total
|
$ | 21,163 | $ | 466,588 | $ | 487,751 | $ | 16,186 | $ | 301,432 | $ | 317,618 | ||||||||||||||||||||||||||||
Less: additional convertible notes balance
|
(793 | ) | 1 | (793 | ) | |||||||||||||||||||||||||||||||||||
Balance per Portfolio Debt Detail
|
$ | 486,958 | $ | 316,825 | ||||||||||||||||||||||||||||||||||||
Opportunity Funds
|
||||||||||||||||||||||||||||||||||||||||
Total Debt Maturities
|
Acadia's Pro-rata Share
|
Weighted Average Interest Rate of Maturing Debt
|
||||||||||||||||||||||||||||||||||||||
Scheduled
|
Scheduled
|
|||||||||||||||||||||||||||||||||||||||
Year
|
Amortization
|
Maturities
|
Total
|
Amortization
|
Maturities
|
Total
|
Total Debt
|
Fixed-Rate Debt
|
Variable-Rate Debt
|
|||||||||||||||||||||||||||||||
2011
|
$ | 1,111 | $ | 261,950 | $ | 263,061 | $ | 218 | $ | 51,708 | $ | 51,926 | 1.65 | % | 5.30 | % | 0.96 | % | ||||||||||||||||||||||
2012
|
1,437 | 92,194 | 93,631 | 282 | 19,756 | 20,038 | 4.72 | % | 6.00 | % | 4.72 | % | ||||||||||||||||||||||||||||
2013
|
717 | 77,421 | 78,138 | 138 | 15,372 | 15,510 | 4.24 | % | n/a | 4.24 | % | |||||||||||||||||||||||||||||
2014
|
272 | 64,180 | 64,452 | 51 | 12,393 | 12,444 | 5.32 | % | 6.71 | % | 3.14 | % | ||||||||||||||||||||||||||||
2015
|
49 | 117,595 | 117,644 | 7 | 21,281 | 21,288 | 3.99 | % | n/a | 3.99 | % | |||||||||||||||||||||||||||||
Thereafter
|
250 | 76,598 | 76,848 | 33 | 13,217 | 13,250 | 4.49 | % | 6.27 | % | 2.84 | % | ||||||||||||||||||||||||||||
Total
|
$ | 3,836 | $ | 689,938 | $ | 693,774 | $ | 729 | $ | 133,727 | $ | 134,456 |
Notes:
|
||||||
1Includes additional convertible notes balance of $793 maturing in 2011.
|
Overview of Acadia Strategic Opportunity Funds
|
||||||
Item
|
FUND I
|
FUND II
|
FUND III
|
|||
Date formed
|
September 2001
|
June 2004
|
May 2007
|
|||
Capital commitment
|
$90 million
|
$300 million
|
$503 million
|
|||
Funding
|
Fully funded
|
$265.2 million funded through March 31, 2011
|
$96.5 million funded through March 31, 2011
|
|||
Partnership structure
|
||||||
Equity Contribution:
|
22.22% - Acadia
|
20% - Acadia
|
20% - Acadia
|
|||
77.78% - Four institutional investors
|
80% - Six institutional investors
|
80% - 14 institutional investors
|
||||
Cash flow distribution:
|
22.22% - Acadia
|
20% - Acadia
|
20% - Acadia
|
|||
77.78% - Four institutional investors
|
80% - Six institutional investors
|
80% - 14 institutional investors
|
||||
Promote:
|
20% to Acadia once all partners (including
|
20% to Acadia once all partners (including
|
20% to Acadia once all partners (including
|
|||
Acadia) have received 9% preferred return and
|
Acadia) have received 8% preferred return and
|
Acadia) have received 6% preferred return and
|
||||
return of equity
|
return of equity
|
return of equity
|
||||
Remaining 80% is distributed to all the partners
|
Remaining 80% is distributed to all the partners
|
Remaining 80% is distributed to all the partners
|
||||
(including Acadia).
|
(including Acadia).
|
(including Acadia).
|
||||
All original capital and accumulated preference
|
All unfunded capital is anticipated to be used to
|
The Fund is currently in acquisition phase through
|
||||
has been paid. Acadia is entitled to a Promote
|
complete existing projects
|
June 2012.
|
||||
on all future distributions.
|
||||||
Fees to Acadia
|
Priority distribution fee equal to 1.5% of implied
|
Asset management fee equal to 1.5% of total
|
Asset management fee equal to 1.5% of total
|
|||
capital
|
committed capital
|
committed capital
|
||||
Priority distribution fee equal to 4% of gross
|
Property management fee equal to 4% of gross
|
Property management fee equal to 4% of gross
|
||||
property revenues
|
property revenues
|
property revenues
|
||||
Market rate leasing fees
|
Market rate leasing fees
|
Market rate leasing fees
|
||||
Market rate construction/project management fees
|
Market rate construction/project management fees
|
Market rate construction/project management fees
|
||||
Development fee equal to 3% of total project cost
|
Opportunity Fund Properties - Detail
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Ownership
|
Gross Leasable Area
|
Occupancy
|
Annualized Base Rent
|
||||||||||||||||||||||||||||||||||||||||||||||
Anchors
|
%
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Per Sq. Ft.
|
||||||||||||||||||||||||||||||||||||
Fund I Portfolio Detail:
|
|||||||||||||||||||||||||||||||||||||||||||||||||
MIDWEST
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Ohio
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Granville Centre
|
Lifestyle Family Fitness, Inc.
|
100 | % | 90,047 | 44,950 | 134,997 | 38.81 | % | 28.92 | % | 35.52 | % | $ | 450,336 | $ | 142,686 | $ | 593,022 | 12.88 | 10.98 | $ | 12.37 | |||||||||||||||||||||||||||
NEW YORK
|
|||||||||||||||||||||||||||||||||||||||||||||||||
New York
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Tarrytown Shopping Center
|
Walgreen's
|
100 | % | 15,497 | 19,482 | 34,979 | 100.00 | % | 73.14 | % | 85.04 | % | 475,000 | 433,034 | 908,034 | 30.65 | 30.39 | 30.53 | |||||||||||||||||||||||||||||||
VARIOUS
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Kroger/Safeway Portfolio (18 Properties)
|
Kroger/Safeway
|
75 | % | 709,978 | 4,798 | 714,776 | 90.14 | % | 100.00 | % | 90.21 | % | 3,169,795 | 75,390 | 3,245,185 | 4.95 | 15.71 | 5.03 | |||||||||||||||||||||||||||||||
Grand Total - Fund I
|
815,522 | 69,230 | 884,752 | 84.66 | % | 46.29 | % | 81.66 | % | $ | 4,095,131 | $ | 651,110 | $ | 4,746,241 | $ | 5.93 | $ | 20.32 | 6.57 | |||||||||||||||||||||||||||||
Fund II Portfolio Detail
|
|||||||||||||||||||||||||||||||||||||||||||||||||
NEW YORK
|
|||||||||||||||||||||||||||||||||||||||||||||||||
New York
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Pelham Manor Shopping Plaza
|
BJ's Wholesale Club, PetSmart, Storage Post
|
99.1 | % | 169,512 | 59,009 | 228,521 | 100.00 | % | 51.04 | % | 87.36 | % | 4,287,282 | 1,114,050 | 5,401,332 | 25.29 | 36.99 | 27.06 | |||||||||||||||||||||||||||||||
Fordham Place
|
Walgreens, Best Buy, 24 Hour Fitness, Sears
|
99.1 | % | 74,899 | 44,547 | 119,446 | 100.00 | % | 100.00 | % | 100.00 | % | 2,873,228 | 2,646,532 | 5,519,760 | 38.36 | 59.41 | 46.21 | |||||||||||||||||||||||||||||||
Liberty Avenue
|
CVS, Storage Post
|
99.1 | % | 10,880 | 15,245 | 26,125 | 100.00 | % | 70.73 | % | 82.92 | % | 394,944 | 337,812 | 732,756 | 36.30 | 31.33 | 33.83 | |||||||||||||||||||||||||||||||
Canarsie
|
BJ's Wholesale Club, Planet Fitness, PetSmart
|
79.3 | % | 177,135 | 101,602 | 278,737 | 100.00 | % | 0.00 | % | 63.55 | % | 5,100,000 | - | 5,100,000 | 28.79 | - | 28.79 | |||||||||||||||||||||||||||||||
216th Street
|
NYC Human Resources Administration
|
99.1 | % | 60,000 | - | 60,000 | 100.00 | % | 0.00 | % | 100.00 | % | 2,340,000 | 120,000 | 2,460,000 | 39.00 | - | 41.00 | |||||||||||||||||||||||||||||||
161st Street1
|
Various New York City & State agencies
|
99.1 | % | 128,690 | 101,528 | 230,218 | 100.00 | % | 60.47 | % | 82.57 | % | 3,127,173 | 1,257,651 | 4,384,824 | 24.30 | 20.48 | 23.07 | |||||||||||||||||||||||||||||||
Total - New York
|
621,116 | 321,931 | 943,047 | 100.00 | % | 45.61 | % | 81.43 | % | 18,122,627 | 5,476,045 | 23,598,672 | 29.18 | 37.29 | 30.73 | ||||||||||||||||||||||||||||||||||
Grand Total - Fund II
|
621,116 | 321,931 | 943,047 | 100.00 | % | 45.61 | % | 81.43 | % | $ | 18,122,627 | $ | 5,476,045 | $ | 23,598,672 | $ | 29.18 | $ | 37.29 | 30.73 | |||||||||||||||||||||||||||||
Fund III Portfolio Detail
|
|||||||||||||||||||||||||||||||||||||||||||||||||
NEW YORK
|
|||||||||||||||||||||||||||||||||||||||||||||||||
New York
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Cortlandt Towne Center
|
Wal-Mart, Best Buy, A&P
|
100.0 | % | 472,901 | 168,369 | 641,270 | 91.50 | % | 91.32 | % | 91.45 | % | $ | 5,846,672 | $ | 3,475,563 | $ | 9,322,235 | $ | 13.51 | $ | 22.60 | 15.90 | ||||||||||||||||||||||||||
NEW ENGLAND
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Massachusetts
|
|||||||||||||||||||||||||||||||||||||||||||||||||
White City Shopping Center
|
Shaw's (Supervalue), Michaels
|
84.0 | % | 131,618 | 123,581 | 255,199 | 100.00 | % | 79.09 | % | 89.88 | % | 1,914,804 | 2,838,660 | 4,753,464 | $ | 14.55 | $ | 29.04 | 20.72 | |||||||||||||||||||||||||||||
MID-ATLANTIC
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Maryland
|
|||||||||||||||||||||||||||||||||||||||||||||||||
White Oak
|
Super Fresh (A&P)
|
90.0 | % | 64,626 | - | 64,626 | 100.00 | % | - | 100.00 | % | 874,416 | - | 874,416 | $ | 13.53 | $ | - | 13.53 | ||||||||||||||||||||||||||||||
SOUTHEAST
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Florida
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln Road
|
|
95.0 | % | - | 61,443 | 61,443 | - | 64.54 | % | 64.54 | % | - | 3,193,142 | 3,193,142 | $ | - | $ | 80.52 | $ | 80.52 | |||||||||||||||||||||||||||||
Grand Total - Fund III
|
669,145 | 353,393 | 1,022,538 | 93.99 | % | 82.39 | % | 89.98 | % | $ | 8,635,892 | $ | 9,507,365 | $ | 18,143,257 | $ | 13.73 | $ | 32.65 | 19.72 |
Notes:
|
|||||||||
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.
|
The following Fund II and Fund III properties are currently undergoing redevelopment or are in the design phase as further detailed under Redevelopment Projects.
|
Property
|
Ownership %
|
|||
Sherman Avenue
|
99.1 | % | ||
CityPoint
|
94.2 | % | ||
Sheepshead Bay
|
100.0 | % | ||
125 Main Street, Westport, CT.
|
100.0 | % |
1Currently operating, but redevelopment activities have commenced.
|
Opportunity Funds Lease Expirations
|
||||||||||||||||||||||||
No. of Leases
|
Gross Leased Area
|
Annual Base Rent
|
||||||||||||||||||||||
FUND I:
|
Expiring
|
Square Footage
|
Percent of Total
|
Amount
|
Percent of Total
|
Avg. per Sq. Ft.
|
||||||||||||||||||
Anchor Tenants
|
||||||||||||||||||||||||
2014
|
14 | 548,078 | 79.38 | % | $ | 2,743,795 | 67.00 | % | $ | 5.01 | ||||||||||||||
2017
|
1 | 34,951 | 5.06 | % | 450,336 | 11.00 | % | 12.88 | ||||||||||||||||
2019
|
2 | 91,900 | 13.31 | % | 426,000 | 10.40 | % | 4.64 | ||||||||||||||||
2080
|
1 | 15,497 | 2.24 | % | 475,000 | 11.60 | % | 30.65 | ||||||||||||||||
Total
|
18 | 690,426 | 100.00 | % | $ | 4,095,131 | 100.00 | % | $ | 5.93 | ||||||||||||||
Total Vacant
|
125,096 | |||||||||||||||||||||||
Total Square Feet
|
815,522 | |||||||||||||||||||||||
Shop Tenants
|
||||||||||||||||||||||||
Month to Month
|
2 | 7,200 | 20.24 | % | $ | 56,522 | 8.68 | % | $ | 7.85 | ||||||||||||||
2011
|
1 | 5,477 | 15.40 | % | 27,370 | 4.20 | % | 5.00 | ||||||||||||||||
2012
|
2 | 2,920 | 8.21 | % | 64,002 | 9.83 | % | 21.92 | ||||||||||||||||
2014
|
3 | 4,871 | 13.69 | % | 132,715 | 20.38 | % | 27.25 | ||||||||||||||||
2015
|
3 | 3,024 | 8.50 | % | 38,100 | 5.85 | % | 12.60 | ||||||||||||||||
2018
|
1 | 1,761 | 4.95 | % | 54,996 | 8.45 | % | 31.23 | ||||||||||||||||
2019
|
1 | 1,904 | 5.35 | % | 30,000 | 4.61 | % | 15.76 | ||||||||||||||||
2020
|
3 | 8,411 | 23.65 | % | 247,405 | 38.00 | % | 29.41 | ||||||||||||||||
Total
|
16 | 35,568 | 100.00 | % | $ | 651,110 | 100.00 | % | $ | 18.31 | ||||||||||||||
Total Vacant
|
33,662 | |||||||||||||||||||||||
Total Square Feet
|
69,230 | |||||||||||||||||||||||
Total Anchor and Shop Tenants
|
||||||||||||||||||||||||
Month to Month
|
2 | 7,200 | 0.99 | % | $ | 56,522 | 1.19 | % | $ | 7.85 | ||||||||||||||
2011
|
15 | 553,555 | 76.26 | % | 2,771,165 | 58.38 | % | 5.01 | ||||||||||||||||
2012
|
2 | 2,920 | 0.40 | % | 64,002 | 1.35 | % | 21.92 | ||||||||||||||||
2014
|
3 | 4,871 | 0.67 | % | 132,715 | 2.80 | % | 27.25 | ||||||||||||||||
2015
|
3 | 3,024 | 0.42 | % | 38,100 | 0.80 | % | 12.60 | ||||||||||||||||
2017
|
1 | 34,951 | 4.81 | % | 450,336 | 9.49 | % | 12.88 | ||||||||||||||||
2018
|
1 | 1,761 | 0.24 | % | 54,996 | 1.16 | % | 31.23 | ||||||||||||||||
2019
|
3 | 93,804 | 12.92 | % | 456,000 | 9.61 | % | 4.86 | ||||||||||||||||
2020
|
3 | 8,411 | 1.16 | % | 247,405 | 5.21 | % | 29.41 | ||||||||||||||||
2080
|
1 | 15,497 | 2.13 | % | 475,000 | 10.01 | % | 30.65 | ||||||||||||||||
Total
|
34 | 725,994 | 100.00 | % | $ | 4,746,241 | 100.00 | % | $ | 6.54 | ||||||||||||||
Total Vacant
|
158,758 | |||||||||||||||||||||||
Total Square Feet
|
884,752 |
Opportunity Funds Lease Expirations
|
No. of Leases
|
Gross Leased Area
|
Annual Base Rent
|
||||||||||||||||||||||
FUND II:
|
Expiring
|
Square Footage
|
Percent of Total
|
Amount
|
Percent of Total
|
Avg. per Sq. Ft.
|
||||||||||||||||||
Anchor Tenants
|
||||||||||||||||||||||||
2011
|
1 | 128,690 | 20.72 | % | $ | 3,127,173 | 17.26 | % | $ | 24.30 | ||||||||||||||
2013
|
1 | 20,149 | 3.24 | % | 564,172 | 3.11 | % | 28.00 | ||||||||||||||||
2019
|
1 | 39,705 | 6.39 | % | 1,747,020 | 9.64 | % | 44.00 | ||||||||||||||||
2021
|
1 | 19,958 | 3.21 | % | 423,110 | 2.33 | % | 21.20 | ||||||||||||||||
2023
|
1 | 35,194 | 5.67 | % | 1,126,208 | 6.21 | % | 32.00 | ||||||||||||||||
2027
|
1 | 60,000 | 9.66 | % | 2,340,000 | 12.91 | % | 39.00 | ||||||||||||||||
2030
|
1 | 177,135 | 28.52 | % | 5,100,000 | 28.14 | % | 28.79 | ||||||||||||||||
2032
|
1 | 10,880 | 1.75 | % | 394,944 | 2.18 | % | 36.30 | ||||||||||||||||
2033
|
1 | 129,405 | 20.83 | % | 3,300,000 | 18.21 | % | 25.50 | ||||||||||||||||
Total
|
9 | 621,116 | 100.00 | % | $ | 18,122,627 | 100.00 | % | $ | 29.18 | ||||||||||||||
Total Vacant
|
- | |||||||||||||||||||||||
Total Square Feet
|
621,116 | |||||||||||||||||||||||
Shop Tenants
|
||||||||||||||||||||||||
Month to Month
|
1 | 9,967 | 6.79 | % | $ | 99,670 | 1.82 | % | $ | 10.00 | ||||||||||||||
2011
|
3 | 24,065 | 16.39 | % | 584,774 | 10.68 | % | 24.30 | ||||||||||||||||
2012
|
3 | 27,365 | 18.63 | % | 573,208 | 10.47 | % | 20.95 | ||||||||||||||||
2014
|
1 | 5,081 | 3.46 | % | 193,078 | 3.53 | % | 38.00 | ||||||||||||||||
2016
|
1 | 2,000 | 1.36 | % | 86,000 | 1.57 | % | 43.00 | ||||||||||||||||
2018
|
2 | 9,600 | 6.54 | % | 417,600 | 7.63 | % | 43.50 | ||||||||||||||||
2019
|
4 | 9,318 | 6.35 | % | 515,177 | 9.41 | % | 55.29 | ||||||||||||||||
2020
|
2 | 10,309 | 7.02 | % | 286,183 | 5.23 | % | 27.76 | ||||||||||||||||
2021
|
1 | 1,513 | 1.03 | % | 51,442 | 0.94 | % | 34.00 | ||||||||||||||||
2022
|
1 | - | 0.00 | % | 120,000 | 2.19 | % | - | ||||||||||||||||
2023
|
1 | 31,417 | 21.39 | % | 1,131,012 | 20.65 | % | 36.00 | ||||||||||||||||
2027
|
1 | 6,208 | 4.23 | % | 217,901 | 3.98 | % | 35.10 | ||||||||||||||||
2048
|
1 | 10,000 | 6.81 | % | 1,200,000 | 21.91 | % | 120.00 | ||||||||||||||||
Total
|
22 | 146,843 | 100.00 | % | $ | 5,476,045 | 100.00 | % | $ | 37.29 | ||||||||||||||
Total Vacant
|
175,088 | |||||||||||||||||||||||
Total Square Feet
|
321,931 | |||||||||||||||||||||||
Total Anchor and Shop Tenants
|
||||||||||||||||||||||||
Month to Month
|
1 | 9,967 | 1.30 | % | $ | 99,670 | 0.42 | % | $ | 10.00 | ||||||||||||||
2011
|
4 | 152,755 | 19.90 | % | 3,711,947 | 15.74 | % | 24.30 | ||||||||||||||||
2012
|
3 | 27,365 | 3.56 | % | 573,208 | 2.43 | % | 20.95 | ||||||||||||||||
2013
|
1 | 20,149 | 2.62 | % | 564,172 | 2.39 | % | 28.00 | ||||||||||||||||
2014
|
1 | 5,081 | 0.66 | % | 193,078 | 0.82 | % | 38.00 | ||||||||||||||||
2016
|
1 | 2,000 | 0.26 | % | 86,000 | 0.36 | % | 43.00 | ||||||||||||||||
2018
|
2 | 9,600 | 1.25 | % | 417,600 | 1.77 | % | 43.50 | ||||||||||||||||
2019
|
5 | 49,023 | 6.38 | % | 2,262,197 | 9.59 | % | 46.15 | ||||||||||||||||
2020
|
2 | 10,309 | 1.34 | % | 286,183 | 1.21 | % | 27.76 | ||||||||||||||||
2021
|
2 | 21,471 | 2.80 | % | 474,552 | 2.01 | % | 22.10 | ||||||||||||||||
2022
|
1 | - | 0.00 | % | 120,000 | 0.51 | % | - | ||||||||||||||||
2023
|
2 | 66,611 | 8.67 | % | 2,257,220 | 9.57 | % | 33.89 | ||||||||||||||||
2027
|
2 | 66,208 | 8.62 | % | 2,557,901 | 10.84 | % | 38.63 | ||||||||||||||||
2030
|
1 | 177,135 | 23.07 | % | 5,100,000 | 21.61 | % | 1.00 | ||||||||||||||||
2032
|
1 | 10,880 | 1.42 | % | 394,944 | 1.67 | % | 36.30 | ||||||||||||||||
2033
|
1 | 129,405 | 16.85 | % | 3,300,000 | 13.98 | % | 25.50 | ||||||||||||||||
2048
|
1 | 10,000 | 1.30 | % | 1,200,000 | 5.09 | % | 120.00 | ||||||||||||||||
Total
|
31 | 767,959 | 100.00 | % | $ | 23,598,672 | 100.00 | % | $ | 30.73 | ||||||||||||||
Total Vacant
|
175,088 | |||||||||||||||||||||||
Total Square Feet
|
943,047 |
Opportunity Funds Lease Expirations
|
No. of Leases
|
Gross Leased Area
|
Annual Base Rent
|
||||||||||||||||||||||
FUND III:
|
Expiring
|
Square Footage
|
Percent of Total
|
Amount
|
Percent of Total
|
Avg. per Sq. Ft.
|
||||||||||||||||||
Anchor Tenants
|
||||||||||||||||||||||||
2012
|
1 | 19,079 | 3.03 | % | 276,564 | 3.20 | % | 14.50 | ||||||||||||||||
2013
|
2 | 48,855 | 7.76 | % | 877,689 | 10.16 | % | 17.97 | ||||||||||||||||
2014
|
2 | 56,379 | 8.96 | % | 908,695 | 10.52 | % | 16.12 | ||||||||||||||||
2015
|
2 | 29,849 | 4.74 | % | 489,840 | 5.67 | % | 16.41 | ||||||||||||||||
2016
|
1 | 19,050 | 3.03 | % | 295,284 | 3.42 | % | 15.50 | ||||||||||||||||
2017
|
2 | 52,131 | 8.28 | % | 927,312 | 10.74 | % | 17.79 | ||||||||||||||||
2018
|
3 | 238,707 | 37.93 | % | 2,562,678 | 29.67 | % | 10.74 | ||||||||||||||||
2021
|
2 | 100,227 | 15.93 | % | 1,257,383 | 14.56 | % | 12.55 | ||||||||||||||||
2022
|
1 | 65,028 | 10.33 | % | 1,040,447 | 12.05 | % | 16.00 | ||||||||||||||||
Total
|
16 | 629,305 | 100.00 | % | $ | 8,635,892 | 100.00 | % | $ | 13.72 | ||||||||||||||
Total Vacant
|
39,840 | |||||||||||||||||||||||
Total Square Feet
|
669,145 | |||||||||||||||||||||||
Shop Tenants
|
||||||||||||||||||||||||
Month to Month
|
1 | 2,609 | 0.91 | % | 179,976 | 1.89 | % | 68.98 | ||||||||||||||||
2011
|
6 | 13,492 | 4.72 | % | 669,718 | 7.04 | % | 49.64 | ||||||||||||||||
2012
|
13 | 45,214 | 15.81 | % | 1,274,804 | 13.41 | % | 28.19 | ||||||||||||||||
2013
|
12 | 55,616 | 19.45 | % | 1,761,693 | 18.53 | % | 31.68 | ||||||||||||||||
2014
|
13 | 54,313 | 19.00 | % | 1,519,321 | 15.98 | % | 27.97 | ||||||||||||||||
2015
|
8 | 19,126 | 6.69 | % | 487,426 | 5.13 | % | 25.48 | ||||||||||||||||
2016
|
9 | 29,230 | 10.22 | % | 903,451 | 9.50 | % | 30.91 | ||||||||||||||||
2017
|
4 | 18,507 | 6.47 | % | 878,386 | 9.24 | % | 47.46 | ||||||||||||||||
2018
|
2 | 7,637 | 2.67 | % | 151,020 | 1.59 | % | 19.77 | ||||||||||||||||
2019
|
4 | 18,435 | 6.45 | % | 1,129,146 | 11.88 | % | 61.25 | ||||||||||||||||
2020
|
3 | 6,175 | 2.16 | % | 136,719 | 1.44 | % | 22.14 | ||||||||||||||||
2021
|
3 | 12,057 | 4.22 | % | 335,065 | 3.52 | % | 27.79 | ||||||||||||||||
2026
|
1 | 3,500 | 1.22 | % | 80,640 | 0.85 | % | 23.04 | ||||||||||||||||
Total
|
79 | 285,911 | 100.00 | % | $ | 9,507,365 | 100.00 | % | $ | 33.25 | ||||||||||||||
Total Vacant
|
67,482 | |||||||||||||||||||||||
Total Square Feet
|
353,393 | |||||||||||||||||||||||
Total Anchor and Shop Tenants
|
||||||||||||||||||||||||
Month to Month
|
1 | 2,609 | 0.29 | % | 179,976 | 0.99 | % | 68.98 | ||||||||||||||||
2011
|
6 | 13,492 | 1.47 | % | 669,718 | 3.69 | % | 49.64 | ||||||||||||||||
2012
|
14 | 64,293 | 7.02 | % | 1,551,368 | 8.55 | % | 24.13 | ||||||||||||||||
2013
|
14 | 104,471 | 11.41 | % | 2,639,382 | 14.55 | % | 25.26 | ||||||||||||||||
2014
|
15 | 110,692 | 12.09 | % | 2,428,016 | 13.38 | % | 21.93 | ||||||||||||||||
2015
|
10 | 48,975 | 5.35 | % | 977,266 | 5.39 | % | 19.95 | ||||||||||||||||
2016
|
10 | 48,280 | 5.28 | % | 1,198,735 | 6.61 | % | 24.83 | ||||||||||||||||
2017
|
6 | 70,638 | 7.72 | % | 1,805,698 | 9.95 | % | 25.56 | ||||||||||||||||
2018
|
5 | 246,344 | 26.92 | % | 2,713,698 | 14.96 | % | 11.02 | ||||||||||||||||
2019
|
4 | 18,435 | 2.01 | % | 1,129,146 | 6.22 | % | 61.25 | ||||||||||||||||
2020
|
3 | 6,175 | 0.67 | % | 136,719 | 0.75 | % | 22.14 | ||||||||||||||||
2021
|
5 | 112,284 | 12.27 | % | 1,592,448 | 8.78 | % | 14.18 | ||||||||||||||||
2022
|
1 | 65,028 | 7.11 | % | 1,040,447 | 5.73 | % | 16.00 | ||||||||||||||||
2026
|
1 | 3,500 | 0.38 | % | 80,640 | 0.44 | % | 23.04 | ||||||||||||||||
Total
|
95 | 915,216 | 100.00 | % | $ | 18,143,257 | 100.00 | % | $ | 19.82 | ||||||||||||||
Total Vacant
|
107,322 | |||||||||||||||||||||||
Total Square Feet
|
1,022,538 |
Urban/Street Retail Developments - Operating Properties
|
||||||||||||||||||||||||||
($ in millions)
|
||||||||||||||||||||||||||
Acquisition & Development Costs
|
||||||||||||||||||||||||||
Estimated
|
Estimated
|
Outstanding
|
||||||||||||||||||||||||
Property
|
Location
|
Sq. Ft.
|
Leased (%)1
|
Anchors/Tenants
|
Incurred
|
Future
|
Total
|
Debt
|
||||||||||||||||||
FUND II
|
||||||||||||||||||||||||||
100% Retail
|
Walgreens, Best Buy, 24 Hour Fitness, Sears
|
$ | 124.6 | $ | 8.5 | $ | 133.1 | $ | 85.6 | |||||||||||||||||
Fordham Place
|
Bronx
|
260,000 |
32% Office
|
|||||||||||||||||||||||
Pelham Manor Shopping Plaza2
|
Westchester
|
320,000 | 91 | % |
BJ's Wholesale Club, PetSmart, Storage Post
|
62.9 | 1.9 | 64.8 | 34.0 | |||||||||||||||||
216th Street
|
Manhattan
|
60,000 | 100 | % |
NYC Human Resources Administration
|
27.7 | - | 27.7 | 25.5 | |||||||||||||||||
Liberty Avenue2
|
Queens
|
125,000 | 100 | % |
CVS, Storage Post
|
15.5 | 0.1 | 15.6 | 10.0 | |||||||||||||||||
161st Street3
|
Bronx
|
230,000 | 93 | % |
Various New York City and State Agencies
|
62.4 | 4.3 | 66.7 | 28.9 | |||||||||||||||||
Atlantic Avenue
|
Brooklyn
|
110,000 | n/a |
Storage Post
|
22.2 | 0.2 | 22.4 | 11.5 | ||||||||||||||||||
Canarsie Plaza4
|
Brooklyn
|
275,000 | 92 | % |
BJ's Wholesale Club, Planet Fitness, PetSmart
|
82.8 | 8.2 | 91.0 | 46.9 | |||||||||||||||||
93% Retail |
|
|||||||||||||||||||||||||
TOTAL
|
1,380,000 | 74% Office |
|
$ | 398.1 | $ | 23.2 | $ | 421.3 | $ | 242.4 |
Notes:
|
||||
1 Excludes the self-storage facilities at Pelham Manor Shopping Plaza, Liberty Avenue and Atlantic Avenue.
|
||||
2 Acquired a ground lease interest in this property.
|
||||
3 In the process of re-tenanting this property.
|
||||
4 Incurred cost is net of lease termination income from Home Depot.
|
||||
5 Reconciliation of total incurred development costs to the Balance Sheet:
|
By Balance Sheet Line Item:
|
||||
Operating Real Estate
|
$ | 400.1 | ||
Net Real Estate Under Development
|
218.2 | |||
Gain From Bargain Purchase
|
(33.8 | ) | ||
Home Depot Lease Termination Income
|
(23.9 | ) | ||
Total Incurred Development Costs
|
$ | 560.6 | ||
By Project Status:
|
||||
Operating Properties
|
$ | 398.1 | ||
Under Construction
|
106.1 | |||
In Design
|
56.4 | |||
Total Incurred Development Costs
|
$ | 560.6 |
Urban/Street Retail Developments - Construction & Design
|
||||||||||||||||||||||||
($ in millions)
|
||||||||||||||||||||||||
Acquisition & Development Costs
|
||||||||||||||||||||||||
Estimated
|
Estimated
|
Estimated
|
Outstanding
|
|||||||||||||||||||||
Property
|
Location
|
Completion
|
Sq. Ft.
|
Leased (%) |
Anchors/Tenants
|
Incurred
|
Future
|
Total
|
Debt
|
|||||||||||||||
FUND II
|
||||||||||||||||||||||||
Under Construction
|
||||||||||||||||||||||||
City Point1
|
Brooklyn
|
TBD
|
550,000 | - |
TBD
|
$ | 84.8 | $ | 115.2 | $ | 200.0 | $ | 40.7 | |||||||||||
In Design
|
||||||||||||||||||||||||
Sherman Plaza
|
Manhattan
|
TBD
|
TBD
|
- |
TBD
|
$ | 33.6 |
TBD
|
TBD
|
$ | - | |||||||||||||
FUND III
|
||||||||||||||||||||||||
Under Construction
|
||||||||||||||||||||||||
125 Main Street
|
Westport, CT
|
2nd half 2011
|
26,000 | 84% |
Gap, Brooks Brothers Women
|
$ | 21.3 | $ | 4.3 | $ | 25.6 | $ | - | |||||||||||
In Design
|
||||||||||||||||||||||||
Sheepshead Bay
|
Brooklyn
|
TBD
|
TBD
|
- |
TBD
|
$ | 22.8 |
TBD
|
TBD
|
$ | - | |||||||||||||
Notes: | |||||||||||||||||||||||||
Acquired a ground lease interest in this property. The first 50,000 square feet of the project (Phase 1) is under construction.
|
|||||||||||||||||||||||||
Construction on the next 500,000 square feet (Phase 2) is anticipated to start during 2012.
|
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 have invested approximately $62 million in equity. ***
|
|||
Item
|
Description
|
||
Date formed
|
August 2004
|
||
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)
|
|||
RCP Venture - Investments
|
|||||||||||||
The following table summarizes the RCP Venture investments from inception through March 31, 2011
|
|||||||||||||
Years
|
Invested
|
Equity
|
|||||||||||
Investor
|
Investment
|
acquired
|
capital
|
Distributions |
Multiple
|
||||||||
Mervyns I and Mervyns II
|
Mervyns
|
2004 through
|
$
|
32,575
|
$
|
47,669
|
1.5
|
x
|
|||||
2007
|
|||||||||||||
Mervyns II
|
Albertson’s
|
2006 through
|
23,129
|
78,732
|
3.4
|
x
|
|||||||
2007
|
|||||||||||||
Fund II and Mervyns II
|
Other investments1
|
2006 through
|
6,476
|
5,134
|
0.8
|
x
|
|||||||
2008
|
|||||||||||||
Total
|
$
|
62,180
|
$
|
131,535
|
2.1
|
x
|
|||||||
Notes:
|
|||||||||||||
1Represents investments in Shopko, Marsh and Rex.
|
Storage Portfolio Property Detail
|
||||||||||||||||||||||||||
Occupancy | ||||||||||||||||||||||||||
OWNER
|
Operating Properties
|
Location
|
Net Rentable
Square Feet
|
March 31,
2011
|
December 31,
2010
|
September 30,
2010
|
June 30,
2010
|
March 31,
2010
|
||||||||||||||||||
Stabilized
|
||||||||||||||||||||||||||
Fund III
|
Suffern
|
Suffern, New York
|
78,950 | |||||||||||||||||||||||
Fund III
|
Yonkers
|
Westchester, New York
|
100,697 | |||||||||||||||||||||||
Fund III
|
Jersey City
|
Jersey City, New Jersey
|
76,920 | |||||||||||||||||||||||
Fund III
|
Webster Ave
|
Bronx, New York
|
36,329 | |||||||||||||||||||||||
Fund III
|
Linden
|
Linden, New Jersey
|
84,035 | |||||||||||||||||||||||
Fund III
|
Bruckner Blvd
|
Bronx, New York
|
89,473 | |||||||||||||||||||||||
Fund III
|
New Rochelle
|
Westchester, New York
|
42,155 | |||||||||||||||||||||||
Fund III
|
Lawrence
|
Lawrence, New York
|
97,743 | |||||||||||||||||||||||
Subtotal Stabilized
|
606,302 | 88.2 | % | 87.5 | % | 86.3 | % | 85.2 | % | 82.4 | % | |||||||||||||||
Repositioned - in Lease-up
|
||||||||||||||||||||||||||
Fund III
|
Long Island City
|
Queens, New York
|
135,150 | |||||||||||||||||||||||
Subtotal in lease-up
|
135,150 | 77.2 | % | 75.3 | % | 72.1 | % | 70.0 | % | 65.5 | % | |||||||||||||||
In initial Lease-up
|
||||||||||||||||||||||||||
Fund II
|
Liberty Avenue
|
Queens, New York
|
72,925 | |||||||||||||||||||||||
Fund II
|
Pelham Plaza
|
Pelham Manor, New York
|
62,020 | |||||||||||||||||||||||
Fund II
|
Atlantic Avenue
|
Brooklyn, New York
|
76,934 | |||||||||||||||||||||||
Fund III
|
Fordham Road
|
Bronx, New York
|
85,155 | |||||||||||||||||||||||
Fund III
|
Ridgewood
|
Queens, New York
|
88,054 | |||||||||||||||||||||||
Subtotal in initial lease-up
|
385,088 | 71.1 | % | 66.1 | % | 62.7 | % | 57.0 | % | 50.3 | % | |||||||||||||||
Total
|
1,126,540 | 81.0 | % | 78.7 | % | 76.5 | % | 73.8 | % | 69.4 | % | |||||||||||||||
Core Portfolio Retail Properties - Detail
|
|||||||||||||||||||
Acadia's
|
|
Gross Leaseable Area
|
Occupancy
|
Annualized Base Rent
|
|||||||||||||||
Property
|
Anchors
|
interest
|
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Per Sq. Ft.
|
||||
NEW YORK
|
|||||||||||||||||||
Connecticut
|
|||||||||||||||||||
239 Greenwich Avenue1
|
75.0%
|
-
|
16,834
|
16,834
|
-
|
100.00%
|
100.00%
|
$ -
|
$ 1,554,663
|
$ 1,554,663
|
$ -
|
$ 92.35
|
$ 92.35
|
||||||
New Jersey
|
|||||||||||||||||||
Elmwood Park Shopping Center
|
Walgreens, Pathmark (A&P)
|
100.0%
|
62,610
|
86,881
|
149,491
|
100.00%
|
85.94%
|
91.83%
|
1,486,006
|
1,915,742
|
3,401,748
|
23.73
|
25.66
|
24.78
|
|||||
A & P Shopping Plaza
|
A&P
|
60.0%
|
49,463
|
13,445
|
62,908
|
100.00%
|
53.55%
|
90.07%
|
950,000
|
216,305
|
1,166,305
|
19.21
|
30.04
|
20.58
|
|||||
Total - New Jersey
|
112,073
|
100,326
|
212,399
|
100.00%
|
81.59%
|
91.31%
|
2,436,006
|
2,132,047
|
4,568,053
|
21.74
|
26.04
|
23.55
|
|||||||
New York
|
|||||||||||||||||||
Village Commons Shopping Center
|
-
|
100.0%
|
-
|
87,330
|
87,330
|
-
|
77.06%
|
77.06%
|
-
|
2,132,905
|
2,132,905
|
-
|
31.69
|
31.69
|
|||||
Branch Plaza
|
A&P, CVS
|
100.0%
|
74,050
|
51,662
|
125,712
|
100.00%
|
89.35%
|
95.62%
|
1,264,448
|
1,300,201
|
2,564,649
|
17.08
|
28.17
|
21.33
|
|||||
Amboy Center
|
King Kullen
|
100.0%
|
37,266
|
22,824
|
60,090
|
100.00%
|
100.00%
|
100.00%
|
745,320
|
865,751
|
1,611,071
|
20.00
|
37.93
|
26.81
|
|||||
Bartow Avenue
|
-
|
100.0%
|
-
|
14,676
|
14,676
|
-
|
89.49%
|
89.49%
|
-
|
439,246
|
439,246
|
-
|
33.43
|
33.43
|
|||||
Pacesetter Park Shopping Center
|
Stop & Shop
|
100.0%
|
52,052
|
44,328
|
96,380
|
100.00%
|
79.92%
|
90.76%
|
405,346
|
707,210
|
1,112,556
|
7.79
|
19.96
|
12.72
|
|||||
LA Fitness
|
LA Fitness
|
100.0%
|
55,000
|
-
|
55,000
|
100.00%
|
-
|
100.00%
|
1,265,000
|
-
|
1,265,000
|
23.00
|
-
|
23.00
|
|||||
West 54th Street
|
-
|
100.0%
|
-
|
9,693
|
9,693
|
-
|
100.00%
|
100.00%
|
-
|
2,575,043
|
2,575,043
|
-
|
265.66
|
265.66
|
|||||
East 17th Street
|
Barnes & Noble
|
100.0%
|
19,622
|
-
|
19,622
|
100.00%
|
-
|
100.00%
|
625,000
|
-
|
625,000
|
31.85
|
-
|
31.85
|
|||||
Crossroads Shopping Center
|
Kmart, A&P
|
49.0%
|
201,296
|
108,191
|
309,487
|
100.00%
|
82.12%
|
93.75%
|
2,197,853
|
3,908,025
|
6,105,878
|
10.92
|
43.99
|
21.04
|
|||||
Total - New York
|
439,286
|
338,704
|
777,990
|
100.00%
|
83.67%
|
92.89%
|
6,502,967
|
11,928,381
|
18,431,348
|
14.80
|
42.09
|
25.50
|
|||||||
Total New York
|
551,359
|
455,864
|
1,007,223
|
100.00%
|
83.81%
|
92.67%
|
$ 8,938,973
|
$ 15,615,091
|
$ 24,554,064
|
$ 16.21
|
$ 40.87
|
$ 26.31
|
|||||||
NEW ENGLAND
|
|||||||||||||||||||
Connecticut
|
|||||||||||||||||||
Town Line Plaza2
|
Wal-Mart, Stop & Shop
|
100.0%
|
163,159
|
43,187
|
206,346
|
100.00%
|
90.60%
|
98.03%
|
$ 969,144
|
$ 663,687
|
$ 1,632,831
|
$ 14.72
|
$ 16.96
|
$ 15.55
|
|||||
Massachusetts
|
|||||||||||||||||||
Methuen Shopping Center
|
Wal-Mart, Market Basket
|
100.0%
|
120,004
|
10,017
|
130,021
|
100.00%
|
100.00%
|
100.00%
|
736,464
|
222,225
|
958,689
|
6.14
|
22.18
|
7.37
|
|||||
Crescent Plaza
|
Home Depot, Shaw's (Supervalu)
|
100.0%
|
156,985
|
61,156
|
218,141
|
100.00%
|
69.14%
|
91.35%
|
1,178,872
|
432,907
|
1,611,779
|
7.51
|
10.24
|
8.09
|
|||||
Total - Massachusetts
|
276,989
|
71,173
|
348,162
|
100.00%
|
73.48%
|
94.58%
|
1,915,336
|
655,132
|
2,570,468
|
6.91
|
12.53
|
7.81
|
|||||||
New York
|
|||||||||||||||||||
New Loudon Center
|
Marshalls, Price Chopper,
|
100.0%
|
251,058
|
4,615
|
255,673
|
100.00%
|
100.00%
|
100.00%
|
1,828,706
|
130,418
|
1,959,124
|
7.28
|
28.26
|
7.66
|
|||||
Raymour & Flanigan
|
|||||||||||||||||||
Rhode Island
|
|||||||||||||||||||
Walnut Hill Plaza
|
Sears, Shaw's (Supervalu), CVS
|
100.0%
|
196,710
|
88,007
|
284,717
|
100.00%
|
79.14%
|
93.55%
|
1,463,854
|
904,739
|
2,368,593
|
7.44
|
12.99
|
8.89
|
|||||
Vermont
|
|||||||||||||||||||
The Gateway Shopping Center
|
Shaw's (Supervalu)
|
100.0%
|
73,184
|
28,600
|
101,784
|
100.00%
|
59.44%
|
88.60%
|
1,353,904
|
389,389
|
1,743,293
|
18.50
|
22.91
|
19.33
|
|||||
Total New England
|
961,100
|
235,582
|
1,196,682
|
100.00%
|
77.55%
|
95.58%
|
$ 7,530,944
|
$ 2,743,365
|
$ 10,274,309
|
$ 8.72
|
$ 15.02
|
$ 9.82
|
|||||||
Notes:
|
|||||||||||
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.
|
Core Portfolio Retail Properties - Detail (continued)
|
|||||||||||||||||||
Acadia's
|
|
Gross Leaseable Area
|
Occupancy
|
Annualized Base Rent
|
|||||||||||||||
Property
|
Anchors
|
interest
|
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Per Sq. Ft.
|
||||
MIDWEST
|
|||||||||||||||||||
Illinois
|
|||||||||||||||||||
Hobson West Plaza
|
Garden Fresh Markets
|
100.0%
|
51,692
|
47,434
|
99,126
|
100.00%
|
83.36%
|
92.04%
|
$ 225,436
|
$ 861,743
|
1,087,179
|
$ 4.36
|
$ 21.79
|
11.92
|
|||||
Clark Diversey
|
-
|
100.0%
|
-
|
19,265
|
19,265
|
-
|
87.28%
|
87.28%
|
-
|
751,901
|
751,901
|
-
|
44.72
|
44.72
|
|||||
Total - Illinois
|
51,692
|
66,699
|
118,391
|
100.00%
|
84.49%
|
91.26%
|
225,436
|
1,613,644
|
1,839,080
|
4.36
|
28.63
|
17.02
|
|||||||
Indiana
|
|||||||||||||||||||
Merrillville Plaza
|
JC Penney, Office Max,
|
100.0%
|
123,369
|
112,535
|
235,904
|
100.00%
|
77.83%
|
89.42%
|
1,251,160
|
1,472,414
|
2,723,574
|
10.14
|
16.81
|
12.91
|
|||||
TJ Maxx, K&G Superstore
|
|||||||||||||||||||
Michigan
|
|||||||||||||||||||
Bloomfield Towne Square
|
Best Buy, Home Goods,
|
100.0%
|
172,436
|
63,149
|
235,585
|
100.00%
|
90.73%
|
97.52%
|
1,675,715
|
1,226,044
|
2,901,759
|
9.72
|
21.40
|
12.63
|
|||||
TJ Maxx, Marshalls, Officemax | |||||||||||||||||||
Ohio
|
|||||||||||||||||||
Mad River Station1
|
Babies 'R' Us, Office Depot,
|
100.0%
|
58,185
|
67,799
|
125,984
|
100.00%
|
77.02%
|
87.63%
|
552,195
|
847,453
|
1,399,648
|
9.49
|
16.23
|
12.68
|
|||||
Total Midwest
|
405,682
|
310,182
|
715,864
|
100.00%
|
81.71%
|
92.07%
|
$ 3,704,506
|
$ 5,159,555
|
$ 8,864,061
|
$ 9.13
|
$ 20.36
|
$ 13.45
|
|||||||
MID-ATLANTIC
|
|||||||||||||||||||
New Jersey
|
|||||||||||||||||||
Marketplace of Absecon
|
Rite Aid, Dollar Tree
|
100.0%
|
47,915
|
56,803
|
104,718
|
56.74%
|
84.17%
|
71.62%
|
$ 476,121
|
$ 686,533
|
$ 1,162,654
|
$ 17.51
|
$ 14.36
|
$ 15.50
|
|||||
Delaware
|
|||||||||||||||||||
Brandywine Town Center
|
Lowes, Bed Bath & Beyond,
|
22.2%
|
831,207
|
43,782
|
874,989
|
95.24%
|
70.85%
|
94.02%
|
12,255,683
|
599,868
|
12,855,551
|
15.48
|
19.34
|
15.63
|
|||||
Target, Dicks Sporting Goods | |||||||||||||||||||
Market Square Shopping Center
|
TJ Maxx, Trader Joe's
|
22.2%
|
42,850
|
59,197
|
102,047
|
100.00%
|
100.00%
|
100.00%
|
703,062
|
1,781,295
|
2,484,357
|
16.41
|
30.09
|
24.35
|
|||||
Naamans Road
|
-
|
22.2%
|
-
|
19,970
|
19,970
|
0.00%
|
54.94%
|
54.94%
|
-
|
558,340
|
558,340
|
-
|
50.89
|
50.89
|
|||||
Total - Delaware
|
874,057
|
122,949
|
997,006
|
95.48%
|
82.30%
|
93.85%
|
12,958,745
|
2,939,503
|
15,898,248
|
15.53
|
29.05
|
16.99
|
|||||||
Pennsylvania
|
|||||||||||||||||||
Mark Plaza
|
Kmart, Redner's Market
|
100.0%
|
157,595
|
58,806
|
216,401
|
100.00%
|
48.60%
|
86.03%
|
652,095
|
177,827
|
829,922
|
4.14
|
6.22
|
4.46
|
|||||
Plaza 422
|
Home Depot, Dunham's
|
100.0%
|
139,968
|
16,311
|
156,279
|
100.00%
|
100.00%
|
100.00%
|
643,503
|
152,349
|
795,852
|
4.60
|
9.34
|
5.09
|
|||||
Route 6 Plaza
|
Kmart, Rite Aid
|
100.0%
|
146,498
|
29,021
|
175,519
|
100.00%
|
100.00%
|
100.00%
|
806,351
|
367,014
|
1,173,365
|
5.50
|
12.65
|
6.69
|
|||||
Chestnut Hill2
|
100.0%
|
-
|
40,570
|
40,570
|
0.00%
|
22.55%
|
22.55%
|
-
|
325,483
|
325,483
|
-
|
35.57
|
35.57
|
||||||
Abington Towne Center3
|
Target, TJ Maxx
|
100.0%
|
184,616
|
31,753
|
216,369
|
100.00%
|
94.75%
|
99.23%
|
283,500
|
826,106
|
1,109,606
|
10.50
|
27.46
|
19.44
|
|||||
Total - Pennsylvania
|
628,677
|
176,461
|
805,138
|
100.00%
|
64.12%
|
92.14%
|
2,385,449
|
1,848,779
|
4,234,228
|
5.06
|
16.34
|
7.25
|
|||||||
Total Mid-Atlantic
|
1,550,649
|
356,213
|
1,906,862
|
96.11%
|
73.59%
|
91.91%
|
$ 15,820,315
|
$ 5,474,815
|
$ 21,295,130
|
$ 11.87
|
$ 20.88
|
$ 13.35
|
|||||||
TOTAL CORE PROPERTIES
|
3,468,790
|
1,357,841
|
4,826,631
|
98.26%
|
79.56%
|
93.00%
|
$ 35,994,738
|
$ 28,992,826
|
$ 64,987,564
|
$ 11.41
|
$ 26.84
|
$ 15.35
|
|||||||
TOTAL CORE PROPERTIES - weighted based on ownership interest4
|
2,666,502
|
1,197,447
|
3,863,950
|
98.89%
|
79.27%
|
92.81%
|
$ 24,414,521
|
$ 24,238,200
|
$ 48,652,721
|
$ 9.26
|
$ 25.53
|
$ 13.57
|
|||||||
Notes:
|
|||||||||||||||||||
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.
|
|||||||||||||||||||
1The GLA for this property excludes 29,857 square feet of office space.
|
|||||||||||||||||||
2This consists of two separate buildings.
|
|||||||||||||||||||
3Anchor 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.
|
|||||||||||||||||||
4Weighted based on Acadia's ownership interest in the properties.
|
Core Portfolio Retail Properties by State - Summary
|
|||||||||||||||||
|
|||||||||||||||||
Gross Leasable Area
|
Occupancy
|
Annualized Base Rent
|
|||||||||||||||
Ownership
|
Percent of
|
Number of
|
|||||||||||||||
State
|
%
|
base rent1
|
properties
|
Anchors 2
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
|||||
Connecticut
|
75.0%
|
5.8%
|
2
|
163,159
|
60,021
|
223,180
|
100.00%
|
93.24%
|
98.18%
|
$ 969,144
|
$ 2,218,350
|
$ 3,187,494
|
|||||
Delaware
|
22.2%
|
7.0%
|
3
|
874,057
|
122,949
|
997,006
|
95.48%
|
82.30%
|
93.85%
|
12,958,745
|
2,939,503
|
15,898,248
|
|||||
Illinois
|
100.0%
|
3.8%
|
2
|
51,692
|
66,699
|
118,391
|
100.00%
|
84.49%
|
91.26%
|
225,436
|
1,613,644
|
1,839,080
|
|||||
Indiana
|
100.0%
|
5.6%
|
1
|
123,369
|
112,535
|
235,904
|
100.00%
|
77.83%
|
89.42%
|
1,251,160
|
1,472,414
|
2,723,574
|
|||||
Massachusetts
|
100.0%
|
5.3%
|
2
|
276,989
|
71,173
|
348,162
|
100.00%
|
73.48%
|
94.58%
|
1,915,336
|
655,132
|
2,570,468
|
|||||
Michigan
|
100.0%
|
6.0%
|
1
|
172,436
|
63,149
|
235,585
|
100.00%
|
90.73%
|
97.52%
|
1,675,715
|
1,226,044
|
2,901,759
|
|||||
New Jersey
|
89.8%
|
10.8%
|
3
|
159,988
|
157,129
|
317,117
|
87.04%
|
82.53%
|
84.81%
|
2,912,127
|
2,818,580
|
5,730,707
|
|||||
New York
|
83.1%
|
35.7%
|
10
|
690,344
|
343,319
|
1,033,663
|
100.00%
|
83.89%
|
94.65%
|
8,331,673
|
12,058,799
|
20,390,472
|
|||||
Ohio
|
100.0%
|
2.9%
|
1
|
58,185
|
67,799
|
125,984
|
100.00%
|
77.02%
|
87.63%
|
552,195
|
847,453
|
1,399,648
|
|||||
Pennsylvania
|
100.0%
|
8.8%
|
5
|
628,677
|
176,461
|
805,138
|
100.00%
|
64.12%
|
92.14%
|
2,385,449
|
1,848,779
|
4,234,228
|
|||||
Rhode Island
|
100.0%
|
4.9%
|
1
|
196,710
|
88,007
|
284,717
|
100.00%
|
79.14%
|
93.55%
|
1,463,854
|
904,739
|
2,368,593
|
|||||
Vermont
|
100.0%
|
3.6%
|
1
|
73,184
|
28,600
|
101,784
|
100.00%
|
59.44%
|
88.60%
|
1,353,904
|
389,389
|
1,743,293
|
|||||
Total - Core Portfolio
|
100.0%
|
32
|
3,468,790
|
1,357,841
|
4,826,631
|
98.26%
|
79.56%
|
93.00%
|
$ 35,994,738
|
$ 28,992,826
|
$ 64,987,564
|
||||||
Notes:
|
|||||||||||||||||
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.
|
|||||||||||||||||
1 The Company'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.
|
|||||||||||||||||
Core Portfolio Top Tenants - Ranked by Annual Base Rent (ABR)
|
||||||||||||||||||||
Gross
|
ProRata
|
|||||||||||||||||||
Number of stores
|
Wholly Owned
|
Joint Ventures1
|
Combined
|
Combined
|
Percentage of Total
|
|||||||||||||||
Tenant
|
in combined
portfolio |
GLA
|
Base Rent
|
GLA
|
Base Rent
|
GLA
|
Base Rent
|
GLA
|
Base Rent
|
Percentage of
Portfolio GLA |
Base Rent
|
|||||||||
A&P
|
4
|
160,236
|
$ 3,014,066
|
38,208
|
$ 504,000
|
198,444
|
$ 3,518,066
|
159,173
|
$ 2,881,026
|
3.6%
|
5.5%
|
|||||||||
-- A&P
|
3
|
112,463
|
1,963,060
|
38,208
|
504,000
|
150,671
|
2,467,060
|
111,400
|
1,830,020
|
2.5%
|
3.5%
|
|||||||||
-- Pathmark
|
1
|
47,773
|
1,051,006
|
-
|
-
|
47,773
|
1,051,006
|
47,773
|
1,051,006
|
1.1%
|
2.0%
|
|||||||||
Supervalu (Shaws)
|
3
|
175,801
|
2,420,980
|
-
|
-
|
175,801
|
2,420,980
|
175,801
|
2,420,980
|
4.0%
|
4.6%
|
|||||||||
TJX Companies
|
9
|
230,627
|
1,870,119
|
56,108
|
951,655
|
286,735
|
2,821,774
|
249,771
|
2,168,649
|
5.7%
|
4.2%
|
|||||||||
-- T.J. Maxx
|
4
|
88,200
|
773,100
|
31,175
|
428,062
|
119,375
|
1,201,162
|
95,127
|
854,715
|
2.2%
|
1.6%
|
|||||||||
-- Marshalls
|
3
|
102,781
|
750,116
|
-
|
-
|
102,781
|
750,116
|
102,781
|
750,116
|
2.3%
|
1.4%
|
|||||||||
-- Homegoods
|
2
|
39,646
|
346,903
|
24,933
|
523,593
|
64,579
|
870,496
|
51,863
|
563,818
|
1.2%
|
1.1%
|
|||||||||
Wal-Mart
|
2
|
210,114
|
1,515,409
|
-
|
-
|
210,114
|
1,515,409
|
210,114
|
1,515,409
|
4.8%
|
2.9%
|
|||||||||
Sears
|
4
|
285,314
|
1,150,615
|
100,725
|
566,250
|
386,039
|
1,716,865
|
334,669
|
1,428,078
|
7.6%
|
2.7%
|
|||||||||
-- Kmart
|
3
|
224,614
|
892,615
|
100,725
|
566,250
|
325,339
|
1,458,865
|
273,969
|
1,170,078
|
6.3%
|
2.2%
|
|||||||||
-- Sears
|
1
|
60,700
|
258,000
|
-
|
-
|
60,700
|
258,000
|
60,700
|
258,000
|
1.4%
|
0.5%
|
|||||||||
Ahold (Stop and Shop)
|
2
|
117,911
|
1,374,490
|
-
|
-
|
117,911
|
1,374,490
|
117,911
|
1,363,237
|
2.7%
|
2.6%
|
|||||||||
Home Depot
|
2
|
211,003
|
1,099,996
|
-
|
-
|
211,003
|
1,099,996
|
211,003
|
1,099,996
|
4.8%
|
2.1%
|
|||||||||
Barnes & Noble
|
3
|
32,122
|
849,000
|
6,091
|
194,902
|
38,213
|
1,043,902
|
38,213
|
1,043,902
|
0.9%
|
2.0%
|
|||||||||
Sleepy's
|
4
|
32,619
|
789,858
|
-
|
-
|
32,619
|
789,858
|
32,619
|
789,858
|
0.7%
|
1.5%
|
|||||||||
Pier 1 Imports
|
3
|
19,255
|
437,304
|
8,818
|
348,576
|
28,073
|
785,880
|
23,576
|
589,819
|
0.5%
|
1.1%
|
|||||||||
JP Morgan Chase Bank
|
3
|
5,922
|
155,464
|
3,745
|
325,000
|
9,667
|
480,464
|
16,270
|
558,145
|
0.4%
|
1.1%
|
|||||||||
Payless Shoesource
|
8
|
26,236
|
517,871
|
3,090
|
114,330
|
29,326
|
632,201
|
27,750
|
541,893
|
0.6%
|
1.0%
|
|||||||||
CVS
|
3
|
34,300
|
563,823
|
-
|
-
|
34,300
|
563,823
|
34,300
|
540,818
|
0.8%
|
1.0%
|
|||||||||
The Avenue
|
4
|
17,236
|
342,869
|
8,250
|
327,360
|
25,486
|
670,229
|
21,279
|
503,275
|
0.5%
|
1.0%
|
|||||||||
Drexel Heritage
|
2
|
13,315
|
332,875
|
21,827
|
471,245
|
35,142
|
804,120
|
18,165
|
437,586
|
0.4%
|
0.8%
|
|||||||||
OfficeMax
|
2
|
47,657
|
428,913
|
-
|
-
|
47,657
|
428,913
|
47,657
|
428,913
|
1.1%
|
0.8%
|
|||||||||
Dollar Tree
|
5
|
45,387
|
433,872
|
-
|
-
|
45,387
|
433,872
|
45,387
|
428,872
|
1.0%
|
0.8%
|
|||||||||
Citibank
|
3
|
5,486
|
263,328
|
8,470
|
438,539
|
13,956
|
701,867
|
8,283
|
417,306
|
0.2%
|
0.8%
|
|||||||||
Hallmark Cards
|
4
|
22,022
|
372,898
|
-
|
-
|
22,022
|
372,898
|
22,022
|
372,898
|
0.5%
|
0.7%
|
|||||||||
Coldwell Banker
|
2
|
14,012
|
310,273
|
-
|
-
|
14,012
|
310,273
|
14,012
|
326,958
|
0.3%
|
0.6%
|
|||||||||
Dots
|
4
|
17,698
|
292,128
|
-
|
-
|
17,698
|
292,128
|
17,698
|
297,358
|
0.4%
|
0.6%
|
|||||||||
TOTAL
|
76
|
1,724,273
|
$ 18,536,151
|
255,332
|
$ 4,241,857
|
1,979,605
|
$ 22,778,008
|
1,825,673
|
$ 20,154,976
|
41.7%
|
38.7%
|
|||||||||
Notes:
|
|||
1Represents Brandywine and Crossroads joint ventures.
|
Core Portfolio Lease Expirations
|
||||||||||||||||||||||||
Gross Leased Area
|
Annual Base Rent
|
|||||||||||||||||||||||
No. of Leases
|
Square
|
Percent
|
Percent
|
Avg. Per
|
||||||||||||||||||||
Expiring
|
Footage
|
of Total
|
Amount
|
of Total
|
Sq. Ft.
|
|||||||||||||||||||
Anchor Tenants
|
||||||||||||||||||||||||
2011
|
4 | 93,348 | 2.96 | % | 1,561,800 | 4.34 | % | 16.73 | ||||||||||||||||
2012
|
8 | 371,624 | 11.78 | % | 3,128,854 | 8.69 | % | 8.42 | ||||||||||||||||
2013
|
10 | 405,666 | 12.86 | % | 5,301,582 | 14.73 | % | 13.07 | ||||||||||||||||
2014
|
6 | 239,665 | 7.60 | % | 1,767,942 | 4.91 | % | 7.38 | ||||||||||||||||
2015
|
7 | 292,217 | 9.27 | % | 4,036,052 | 11.21 | % | 13.81 | ||||||||||||||||
2016
|
6 | 173,422 | 5.50 | % | 1,761,403 | 4.89 | % | 10.16 | ||||||||||||||||
2017
|
4 | 159,389 | 5.05 | % | 2,661,119 | 7.39 | % | 16.70 | ||||||||||||||||
2018
|
5 | 383,288 | 12.15 | % | 4,212,248 | 11.70 | % | 10.99 | ||||||||||||||||
2019
|
6 | 136,521 | 4.33 | % | 1,074,661 | 2.99 | % | 7.87 | ||||||||||||||||
2020
|
5 | 233,350 | 7.40 | % | 2,309,505 | 6.42 | % | 9.90 | ||||||||||||||||
2021
|
4 | 217,271 | 6.89 | % | 1,483,120 | 4.12 | % | 6.83 | ||||||||||||||||
2022
|
2 | 69,837 | 2.21 | % | 1,700,000 | 4.72 | % | 24.34 | ||||||||||||||||
2024
|
3 | 188,506 | 5.98 | % | 3,273,048 | 9.09 | % | 17.36 | ||||||||||||||||
2028
|
4 | 189,509 | 6.01 | % | 1,723,404 | 4.79 | % | 9.09 | ||||||||||||||||
Total
|
74 | 3,153,613 | 100.00 | % | $ | 35,994,738 | 100.00 | % | $ | 11.41 |
Anchor GLA Owned by Tenants
|
254,916
|
|
Total Vacant
|
60,261
|
|
Total Square Feet
|
3,468,790
|
|
Shop Tenants
|
||||||||||||||||||||||||
M to M
|
2 | 2,753 | 0.25 | % | 99,782 | 0.34 | % | 36.24 | ||||||||||||||||
2011
|
35 | 134,614 | 12.43 | % | 2,948,270 | 10.17 | % | 21.90 | ||||||||||||||||
2012
|
48 | 145,188 | 13.41 | % | 3,569,757 | 12.31 | % | 24.59 | ||||||||||||||||
2013
|
56 | 166,697 | 15.39 | % | 5,000,071 | 17.25 | % | 29.99 | ||||||||||||||||
2014
|
53 | 206,839 | 19.10 | % | 6,038,916 | 20.83 | % | 29.20 | ||||||||||||||||
2015
|
33 | 162,032 | 14.96 | % | 2,739,264 | 9.45 | % | 16.91 | ||||||||||||||||
2016
|
15 | 75,310 | 6.96 | % | 1,796,005 | 6.19 | % | 23.85 | ||||||||||||||||
2017
|
14 | 42,683 | 3.94 | % | 1,973,841 | 6.81 | % | 46.24 | ||||||||||||||||
2018
|
21 | 46,953 | 4.34 | % | 1,795,443 | 6.19 | % | 38.24 | ||||||||||||||||
2019
|
13 | 28,067 | 2.59 | % | 783,117 | 2.70 | % | 27.90 | ||||||||||||||||
2020
|
11 | 23,587 | 2.18 | % | 659,915 | 2.28 | % | 27.98 | ||||||||||||||||
2021
|
3 | 7,826 | 0.72 | % | 215,956 | 0.74 | % | 27.59 | ||||||||||||||||
2022
|
4 | 20,055 | 1.85 | % | 530,643 | 1.83 | % | 26.46 | ||||||||||||||||
2023
|
2 | 7,362 | 0.68 | % | 129,298 | 0.45 | % | 17.56 | ||||||||||||||||
2025
|
1 | 3,120 | 0.29 | % | 29,048 | 0.10 | % | 9.31 | ||||||||||||||||
2027
|
1 | 5,975 | 0.55 | % | 358,500 | 1.24 | % | 60.00 | ||||||||||||||||
2030
|
1 | 3,745 | 0.35 | % | 325,000 | 1.12 | % | 86.78 | ||||||||||||||||
Total
|
313 | 1,082,806 | 100.00 | % | $ | 28,992,826 | 100.00 | % | $ | 26.78 |
Total Vacant
|
275,035
|
|
Total Square Feet
|
1,357,841
|
|
Core Portfolio Lease Expirations
|
Gross Leased Area
|
Annual Base Rent
|
|||||||||||||||||||||||
No. of Leases
|
Square
|
Percent
|
Percent
|
Avg. Per
|
||||||||||||||||||||
Expiring
|
Footage
|
of Total
|
Amount
|
of Total
|
Sq. Ft.
|
|||||||||||||||||||
Total Anchor and
|
||||||||||||||||||||||||
Shop Tenants
|
||||||||||||||||||||||||
M to M
|
2 | 2,753 | 0.06 | % | 99,782 | 0.15 | % | 36.24 | ||||||||||||||||
2011
|
39 | 227,962 | 5.38 | % | 4,510,070 | 6.94 | % | 19.78 | ||||||||||||||||
2012
|
56 | 516,812 | 12.20 | % | 6,698,611 | 10.31 | % | 12.96 | ||||||||||||||||
2013
|
66 | 572,363 | 13.51 | % | 10,301,653 | 15.85 | % | 18.00 | ||||||||||||||||
2014
|
59 | 446,504 | 10.54 | % | 7,806,858 | 12.01 | % | 17.48 | ||||||||||||||||
2015
|
40 | 454,249 | 10.72 | % | 6,775,316 | 10.43 | % | 14.92 | ||||||||||||||||
2016
|
21 | 248,732 | 5.87 | % | 3,557,408 | 5.47 | % | 14.30 | ||||||||||||||||
2017
|
18 | 202,072 | 4.77 | % | 4,634,960 | 7.13 | % | 22.94 | ||||||||||||||||
2018
|
26 | 430,241 | 10.16 | % | 6,007,691 | 9.24 | % | 13.96 | ||||||||||||||||
2019
|
19 | 164,588 | 3.89 | % | 1,857,778 | 2.86 | % | 11.29 | ||||||||||||||||
2020
|
16 | 256,937 | 6.06 | % | 2,969,420 | 4.57 | % | 11.56 | ||||||||||||||||
2021
|
7 | 225,097 | 5.31 | % | 1,699,076 | 2.61 | % | 7.55 | ||||||||||||||||
2022
|
6 | 89,892 | 2.12 | % | 2,230,643 | 3.43 | % | 24.81 | ||||||||||||||||
2023
|
2 | 7,362 | 0.17 | % | 129,298 | 0.20 | % | 17.56 | ||||||||||||||||
2024
|
3 | 188,506 | 4.45 | % | 3,273,048 | 5.04 | % | 17.36 | ||||||||||||||||
2025
|
1 | 3,120 | 29,048 | |||||||||||||||||||||
2027
|
1 | 5,975 | 0.14 | % | 358,500 | 0.55 | % | 60.00 | ||||||||||||||||
2028
|
4 | 189,509 | 4.47 | % | 1,723,404 | 2.65 | % | 9.09 | ||||||||||||||||
2030
|
1 | 3,745 | 0.09 | % | 325,000 | 0.50 | % | 86.78 | ||||||||||||||||
Total
|
387 | 4,236,419 | 100.00 | % | 64,987,564 | 100.00 | % | 15.34 |
Anchor GLA Owned by Tenants
|
254,916
|
|
Total Vacant
|
335,296
|
|
Total Square Feet
|
4,826,631
|
|
Core Portfolio - New and Renewal Rent Spreads 1
|
||||||||||||||||||
Based on Lease Execution Dates
|
||||||||||||||||||
Year to date
|
3 months ended
|
|||||||||||||||||
March 31, 2011
|
March 31, 2011
|
|||||||||||||||||
Cash2
|
GAAP3
|
Cash2
|
GAAP3
|
|||||||||||||||
New leases
|
||||||||||||||||||
Number of new leases commencing
|
10 | 10 | 10 | 10 | ||||||||||||||
GLA
|
96,273 | 96,273 | 96,273 | 96,273 | ||||||||||||||
New base rent
|
$ | 14.80 | $ | 14.95 | $ | 14.80 | $ | 14.95 | ||||||||||
Previous base rent (and percentage rent)
|
$ | 15.10 | $ | 14.74 | $ | 15.10 | $ | 14.74 | ||||||||||
Percentage growth in base rent
|
-2.0 | % | 1.4 | % | -2.0 | % | 1.4 | % | ||||||||||
Average cost per square foot
|
$ | 67.48 | $ | 67.48 | $ | 67.48 | $ | 67.48 | ||||||||||
Weighted Average Lease Term (years)
|
7.8 | 7.8 | 7.8 | 7.8 | ||||||||||||||
Renewal leases
|
||||||||||||||||||
Number of renewal leases commencing
|
6 | 6 | 6 | 6 | ||||||||||||||
GLA
|
29,600 | 29,600 | 29,600 | 29,600 | ||||||||||||||
New base rent
|
$ | 14.72 | $ | 14.84 | $ | 14.72 | $ | 14.84 | ||||||||||
Expiring base rent (and percentage rent)
|
$ | 15.71 | $ | 15.40 | $ | 15.71 | $ | 15.40 | ||||||||||
Percentage growth in base rent
|
-6.3 | % | -3.6 | % | -6.3 | % | -3.6 | % | ||||||||||
Average cost per square foot
|
$ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | ||||||||||
Weighted Average Lease Term (years)
|
6.0 | 6.0 | 6.0 | 6.0 | ||||||||||||||
Total new and renewal Leases
|
||||||||||||||||||
Number of new and renewal leases commencing
|
16 | 16 | 16 | 16 | ||||||||||||||
GLA commencing
|
125,873 | 125,873 | 125,873 | 125,873 | ||||||||||||||
New base rent
|
$ | 14.78 | $ | 14.92 | $ | 14.78 | $ | 14.92 | ||||||||||
Expiring base rent (and percentage rent)
|
$ | 15.24 | $ | 14.90 | $ | 15.24 | $ | 14.90 | ||||||||||
Percentage growth in base rent
|
-3.0 | % | 0.2 | % | -3.0 | % | 0.2 | % | ||||||||||
Average cost per square foot
|
$ | 51.73 | $ | 51.73 | $ | 51.73 | $ | 51.73 | ||||||||||
Weighted Average Lease Term (years)
|
7.4 | 7.4 | 7.4 | 7.4 |
Notes:
|
|||||||||||
1Does not include leased square footage and costs related to first generation space and the Company's major redevelopment
|
|||||||||||
projects; renewal leases include exercised options.
|
|||||||||||
2Rents have not been calculated on a straight line basis. 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.
|
|||||||||||
3Rents are calculated on a straight-line basis.
|
|||||||||||
Core Portfolio Capital Expenditures
|
||||||||||||
Current Quarter and Year-to-Date
|
||||||||||||
Year-to-Date | Current Quarter | |||||||||||
Period ended March 31, 2011 |
3 months ended March 31, 2011 |
Prior Year ended December 31, 2010 |
||||||||||
Leasing Commissions
|
$ | 475 | $ | 475 | $ | 671 | ||||||
Tenant Improvements
|
1,237 | 1,237 | 3,855 | |||||||||
Capital Expenditures
|
218 | 218 | 146 | |||||||||
Redevelopments
|
- | - | - | |||||||||
Total
|
$ | 1,930 | $ | 1,930 | $ | 4,672 | ||||||
Property Demographics - Core
|
||||||||||||||||||||
3-Mile Radius2
|
5-Mile Radius2
|
|||||||||||||||||||
Trade Area
|
Base
|
Total
|
Total
|
#
|
Median HH
|
Avg. HH
|
Total
|
#
|
Median HH
|
Avg. HH
|
||||||||||
Classification
|
Property
|
City
|
State
|
(Miles)
|
Rent
|
GLA
|
Pop.
|
HH
|
Income
|
Income
|
Pop.
|
HH
|
Income
|
Income
|
||||||
Core
|
Brandywine/Mkt Sq./Naamans Rd.
|
Wilmington
|
DE
|
3
|
15,898,248
|
997,006
|
110,839
|
45,584
|
$ 63,729
|
$ 68,575
|
188,535
|
76,355
|
$ 72,069
|
$ 74,895
|
||||||
Core
|
Elmwood Park Shopping Center
|
Elmwood Park
|
NJ
|
3
|
3,401,748
|
149,491
|
248,932
|
81,257
|
60,826
|
69,326
|
586,661
|
200,354
|
67,746
|
78,008
|
||||||
Core
|
Chestnut Hill
|
Philadelphia
|
PA
|
3
|
325,483
|
40,570
|
147,322
|
60,592
|
63,508
|
79,148
|
396,137
|
159,190
|
61,052
|
77,569
|
||||||
Core
|
Abington Towne Center
|
Abington
|
PA
|
3
|
1,109,606
|
216,369
|
88,887
|
35,153
|
78,175
|
97,812
|
296,425
|
117,842
|
69,750
|
84,152
|
||||||
Core
|
Clark & Diversey
|
Chicago
|
IL
|
1
|
751,901
|
19,265
|
80,058
|
47,674
|
74,864
|
107,610
|
133,868
|
78,221
|
80,762
|
114,242
|
||||||
Core
|
Hobson West Plaza
|
Naperville
|
IL
|
3
|
1,087,179
|
99,126
|
95,896
|
34,156
|
109,898
|
113,927
|
236,016
|
84,332
|
108,127
|
112,720
|
||||||
Core
|
Methuen Shopping Center
|
Methuen
|
MA
|
5
|
958,689
|
130,021
|
91,440
|
33,166
|
48,242
|
56,292
|
194,882
|
72,424
|
55,911
|
64,367
|
||||||
Core
|
Crossroads Shopping Center
|
White Plains
|
NY
|
3
|
6,105,878
|
309,487
|
107,610
|
40,014
|
99,898
|
116,168
|
213,143
|
77,239
|
117,243
|
135,295
|
||||||
Core
|
The Branch Plaza
|
Smithtown
|
NY
|
3
|
2,564,649
|
125,712
|
64,812
|
21,738
|
103,946
|
126,961
|
191,293
|
61,590
|
94,383
|
113,936
|
||||||
Core
|
Amboy Road
|
Staten Island
|
NY
|
3
|
1,611,071
|
60,090
|
97,141
|
33,846
|
82,727
|
86,666
|
162,143
|
57,055
|
79,869
|
84,373
|
||||||
Core
|
Village Commons Shopping Center
|
Smithtown
|
NY
|
3
|
2,132,905
|
87,330
|
63,231
|
21,079
|
102,376
|
124,093
|
173,029
|
56,356
|
98,040
|
119,322
|
||||||
Core
|
Bloomfield Town Square
|
Bloomfield Hills
|
MI
|
5
|
2,901,759
|
235,585
|
58,074
|
22,758
|
88,141
|
102,572
|
157,331
|
61,379
|
95,034
|
105,404
|
||||||
Core
|
Crescent Plaza
|
Brockton
|
MA
|
3
|
1,611,779
|
218,141
|
96,005
|
32,593
|
53,420
|
62,806
|
161,182
|
55,405
|
59,665
|
68,969
|
||||||
Core
|
239 Greenwich Avenue
|
Greenwich
|
CT
|
5
|
1,554,663
|
16,834
|
64,308
|
23,814
|
125,719
|
162,508
|
135,320
|
48,542
|
122,962
|
156,902
|
||||||
Core
|
Town Line Plaza
|
Rocky Hill
|
CT
|
3
|
1,632,831
|
206,346
|
45,422
|
18,687
|
75,874
|
82,339
|
150,566
|
58,641
|
66,002
|
73,788
|
||||||
Core
|
New Loudon Center
|
Latham
|
NY
|
5
|
1,959,124
|
255,673
|
42,239
|
16,004
|
63,599
|
76,258
|
151,343
|
61,547
|
55,150
|
67,252
|
||||||
Core
|
Pacesetter Park Shopping Center
|
Pomona
|
NY
|
3
|
1,112,556
|
96,380
|
19,646
|
6,760
|
101,782
|
120,862
|
99,896
|
29,978
|
87,372
|
107,422
|
||||||
Core
|
LA Fitness, Staten Island
|
Staten Island
|
NY
|
3
|
1,265,000
|
55,000
|
35,839
|
12,953
|
67,765
|
72,134
|
128,706
|
44,479
|
74,225
|
77,867
|
||||||
Core
|
West 54th Street
|
Manhattan
|
NY
|
1
|
2,575,043
|
9,693
|
42,128
|
25,011
|
91,410
|
155,737
|
160,333
|
90,051
|
93,753
|
164,270
|
||||||
Core
|
East 17th Street
|
Manhattan
|
NY
|
1
|
625,000
|
19,622
|
70,157
|
39,495
|
92,939
|
175,048
|
261,569
|
143,187
|
79,749
|
138,454
|
||||||
Core
|
Mad River Station
|
Dayton
|
OH
|
5
|
1,399,648
|
125,984
|
57,875
|
25,349
|
66,903
|
70,623
|
154,785
|
55,374
|
69,503
|
74,465
|
||||||
Core
|
Mark Plaza
|
Edwardsville
|
PA
|
5
|
829,922
|
216,401
|
87,545
|
37,108
|
37,075
|
46,254
|
121,815
|
50,915
|
39,826
|
49,730
|
||||||
Core
|
Bartow Avenue
|
The Bronx
|
NY
|
2
|
439,246
|
14,676
|
273,331
|
99,165
|
49,510
|
59,160
|
575,057
|
206,470
|
47,306
|
57,042
|
||||||
Core
|
Walnut Hill Plaza
|
Woonsocket
|
RI
|
5
|
2,368,593
|
284,717
|
58,072
|
22,079
|
50,251
|
59,544
|
91,962
|
35,206
|
58,299
|
69,645
|
||||||
Core
|
A & P Shopping Plaza
|
Boonton
|
NJ
|
5
|
1,166,305
|
62,908
|
46,107
|
17,845
|
104,048
|
129,404
|
99,937
|
37,448
|
101,964
|
122,465
|
||||||
Core
|
Merrillville Plaza
|
Hobart
|
IN
|
5
|
2,723,574
|
235,904
|
28,125
|
11,745
|
59,051
|
57,903
|
79,178
|
30,967
|
55,914
|
56,106
|
||||||
Core
|
The Gateway Shopping Center
|
So. Burlington
|
VT
|
3
|
1,743,293
|
101,784
|
49,599
|
20,331
|
51,135
|
64,086
|
74,461
|
30,538
|
54,695
|
67,272
|
||||||
Core
|
Marketplace of Absecon
|
Absecon
|
NJ
|
3
|
1,162,654
|
104,718
|
28,925
|
10,533
|
59,908
|
74,572
|
69,370
|
23,899
|
59,194
|
72,233
|
||||||
Core
|
Plaza 422
|
Lebanon
|
PA
|
3
|
795,852
|
156,279
|
44,076
|
18,114
|
42,329
|
44,905
|
63,493
|
25,552
|
47,678
|
49,724
|
||||||
Core
|
Route 6 Plaza
|
Honesdale
|
PA
|
5
|
1,173,365
|
175,519
|
7,948
|
3,467
|
36,983
|
47,590
|
12,024
|
5,030
|
39,415
|
49,983
|
||||||
Total Core 1
|
||||||||||||||||||||
Weighted Average - Based on GLA
|
72,080
|
27,362
|
$ 67,168
|
$ 78,204
|
165,404
|
62,159
|
$ 68,248
|
$ 78,813
|
||||||||||||
Weighted Average - Based on base rent
|
79,665
|
30,212
|
$ 74,871
|
$ 90,425
|
185,761
|
70,252
|
$ 76,450
|
$ 91,658
|
Notes:
|
||||||||||
1 Calculations have been pro-rated based on the Company's ownership % in joint ventures.
|
||||||||||
2 West 54th Street & East 17th Street reflect .5 and 1 mile radius figures; Clark & Diversey reflects 1 and 1.5 mile radius figures;
|
||||||||||
LA Fitness and Bartow reflect 2 aned 3 mile radius figures.
|
Property Demographics - Funds
|
||||||||||||||||||||
3-Mile Radius2
|
5-Mile Radius2
|
|||||||||||||||||||
Trade Area
|
Base
|
Total
|
Total
|
#
|
Median HH
|
Avg. HH
|
Total
|
#
|
Median HH
|
Avg. HH
|
||||||||||
Classification
|
Property
|
City
|
State
|
(Miles)
|
Rent
|
GLA
|
Pop.
|
HH
|
Income
|
Income
|
Pop.
|
HH
|
Income
|
Income
|
||||||
Fund I
|
Granville Center
|
Columbus
|
OH
|
3
|
593,022
|
134,997
|
111,765
|
47,215
|
55,123
|
56,507
|
270,244
|
110,564
|
61,798
|
64,113
|
||||||
Fund I
|
Tarrytown Shopping Center
|
Tarrytown
|
NY
|
2
|
908,034
|
34,979
|
22,110
|
8,246
|
86,276
|
112,075
|
35,192
|
12,933
|
89,621
|
116,661
|
||||||
Fund II
|
400 East Fordham Road
|
The Bronx
|
NY
|
2
|
5,519,760
|
119,446
|
649,998
|
214,775
|
33,106
|
43,969
|
1,214,522
|
401,588
|
35,202
|
47,217
|
||||||
Fund II
|
Pelham Manor Shopping Plaza
|
Westchester
|
NY
|
3
|
5,401,332
|
228,521
|
401,439
|
145,255
|
57,360
|
68,075
|
532,763
|
168,549
|
35,031
|
49,370
|
||||||
Fund II
|
Canarsie
|
Brooklyn
|
NY
|
1
|
5,100,000
|
278,737
|
111,699
|
36,850
|
47,249
|
56,580
|
1,222,610
|
400,044
|
53,590
|
64,781
|
||||||
Fund II
|
161st Street
|
The Bronx
|
NY
|
1
|
4,384,824
|
230,218
|
199,667
|
64,948
|
23,956
|
35,877
|
734,022
|
236,490
|
25,864
|
39,464
|
||||||
Fund II
|
Liberty Avenue
|
Queens
|
NY
|
1
|
732,756
|
26,125
|
91,638
|
28,967
|
53,392
|
62,024
|
338,406
|
102,483
|
50,598
|
60,663
|
||||||
Fund II
|
216th Street
|
Manhattan
|
NY
|
1
|
2,460,000
|
60,000
|
160,656
|
54,093
|
38,123
|
51,821
|
948,832
|
311,867
|
35,661
|
48,955
|
||||||
Fund III
|
Cortlandt Towne Center
|
Mohegan Lake
|
NY
|
3
|
9,322,235
|
641,270
|
36,790
|
11,992
|
98,885
|
106,063
|
89,641
|
30,347
|
90,138
|
100,808
|
||||||
Fund III
|
White City
|
Shrewsbury
|
MA
|
3
|
4,753,464
|
255,199
|
94,955
|
38,180
|
49,759
|
62,004
|
211,652
|
80,653
|
54,993
|
68,709
|
||||||
Fund III
|
White Oak
|
Silver Spring
|
MD
|
3
|
874,416
|
64,626
|
92,060
|
34,141
|
80,124
|
97,014
|
256,978
|
88,658
|
78,604
|
94,563
|
||||||
Fund III
|
Lincoln Road
|
Miami Beach
|
FL
|
3
|
3,193,142
|
61,443
|
60,730
|
35,165
|
44,469
|
73,128
|
213,203
|
100,137
|
40,684
|
60,999
|
||||||
Fund I 1
|
||||||||||||||||||||
Weighted Average - Based on GLA
|
93,323
|
39,199
|
$ 61,531
|
$ 67,937
|
221,893
|
90,481
|
$ 67,521
|
$ 74,922
|
||||||||||||
Weighted Average - Based on base rent
|
57,541
|
23,646
|
$ 73,964
|
$ 90,115
|
128,084
|
51,516
|
$ 78,625
|
$ 95,894
|
||||||||||||
Fund II - Urban In-Fill 1
|
||||||||||||||||||||
Weighted Average - Based on GLA
|
284,223
|
96,908
|
$ 41,473
|
$ 52,312
|
872,752
|
283,543
|
$ 37,850
|
$ 50,696
|
||||||||||||
Weighted Average - Based on base rent
|
334,277
|
113,326
|
$ 40,895
|
$ 51,887
|
902,338
|
294,063
|
$ 37,227
|
$ 50,032
|
||||||||||||
Fund III 1
|
||||||||||||||||||||
Weighted Average - Based on GLA
|
54,358
|
20,482
|
$ 83,665
|
$ 93,831
|
133,971
|
49,117
|
$ 78,730
|
$ 90,967
|
||||||||||||
Weighted Average - Based on base rent
|
57,118
|
23,213
|
$ 76,944
|
$ 89,552
|
147,628
|
57,101
|
$ 72,665
|
$ 85,995
|
||||||||||||
Total - Core and Funds1
|
||||||||||||||||||||
Weighted Average - Based on GLA
|
76,523
|
28,869
|
$ 66,920
|
$ 77,859
|
180,643
|
67,019
|
$ 67,834
|
$ 78,438
|
||||||||||||
Weighted Average - Based on base rent
|
89,401
|
33,409
|
$ 73,500
|
$ 88,775
|
214,024
|
79,031
|
$ 74,704
|
$ 89,773
|
||||||||||||
Notes:
|
|||||||||||
1 Does not include the Kroger/Safeway Portfolio. Calculations have been pro-rated based on the Company's ownership % in the joint venture.
|
|||||||||||
2 Canarsie Plaza, 161st Street and Liberty Avenue reflect 1 and 2 mile radius figures, 216th St. reflects 1 and 3 mile radius figures and
|
|||||||||||
Fordham Road reflects 2 aned 3 mile radius figures.
|
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
USE OF EBITDA AND NOI AS NON-GAAP FINANCIAL MEASURES