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Previous: HOLLIS EDEN PHARMACEUTICALS INC /DE/, S-3, 2000-04-06 |
Next: CREDIT SUISSE ASSET MANAGEMENT /NY, SC 13G/A, 2000-04-06 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 6, 2000
ACADIA REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland 1-12002 23-2715194
(State or other (Commission (I.R.S. Employer
jurisdiction of incorporation) File Number) Identification No.)
20 Soundview Marketplace
Port Washington, New York 11050
(Address of principal executive offices) (Zip Code)
(516) 767-8830
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. Other Events
The Registrant, Acadia Realty Trust, hereby makes available as an exhibit
to this filing, supplemental information concerning the ownership, operations
and portfolio of the Registrant as of December 31, 1999.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits.
99 Annual Supplemental Disclosure - December 31, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACADIA REALTY TRUST
(Registrant)
Date: April 6, 2000 By: /s/ Kenneth F. Bernstein
---------------------------
Name: Kenneth F. Bernstein
Title: President
2
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Table of Contents
Page
Section I - Overview
Company Information 2
1999 Highlights 3
Charts:
Funds from Operations (FFO) by Quarter 4
FFO Growth v. Industry Average 5
Net Operating Income - Same Store Performance 6
Portfolio Snapshot 7
Organizational Chart 8
Executive Management Team 9
Section II - Net Asset Valuation
Net Asset Value Summary 10
Net Asset Value Calculation 11
Section III - Financial Information
Market Capitalization 12
Shareholder Information 13
Income Statements 14
Income Statements - by Segment (Retail & Multi-Family) 15
Net Operating Income - Same Property Performance 16
Funds from Operations 17
<PAGE>
Page
Balance Sheets 18
Selected Operating Ratios 19
Debt Analysis - Wholly Owned and Unconsolidated Subsidiaries 20
Debt Maturity Schedule 22
Section IV - Portfolio information
Portfolio Overview - By Region and Property Type 23
Commercial Properties by Region - Summary 24
Commercial Properties by Region - Detail 25
Top 25 Tenants 29
Anchor Tenant Summary 30
Lease Expirations 38
Residential Properties 44
Properties under Redevelopment 45
Unencumbered Properties 46
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this Quarterly Supplementary Disclosure
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include, among others,
the following: general economic and business conditions, which will, among other
things, affect demand for rental space, the availability and creditworthiness of
prospective tenants, lease rents and the availability of financing; adverse
changes in the Company's real estate markets, including, among other things,
competition with other companies; risks of real estate development and
acquisition; governmental actions and initiatives; and environmental/safety
requirements.
Page 1
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Company Information
Acadia Realty Trust ("Acadia"), is a fully integrated and self-managed real
estate investment trust focused primarily on the ownership, acquisition,
redevelopment and management of neighborhood and community shopping centers. All
of Acadia's assets are held by, and all its operations are conducted through,
Acadia Realty Limited Partnership (the "Operating Partnership") which was 71%
controlled by Acadia as of December 31, 1999.
As of December 31, 1999, Acadia owns or has an ownership interest in fifty-eight
properties, consisting of forty-seven neighborhood and community shopping
centers, three enclosed malls, two mixed-use properties (one retail/office
property which is currently held for sale and one retail/residential property),
five multi-family properties and one redevelopment property, all located in the
Eastern and Midwestern regions of the United States.
<TABLE>
<CAPTION>
<S> <C>
Corporate Headquarters 20 Soundview Marketplace Research Coverage Donaldson, Lufkin & Jenrette
Port Washington, NY 11050-2221 Michael W. Mueller, CFA
(212) 892-4272
New York Stock Exchange Symbol AKR [email protected]
Web Site www.acadiarealty.com Investor Relations Jon Grisham
Vice President
(516) 767-7550
[email protected]
</TABLE>
Page 2
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
4th Quarter Highlights
o Funds from Operations (FFO) on a per share basis increased 22% to $0.22 in
the fourth quarter of 1999, up from $0.18 in the fourth quarter of 1998;
evidence of the progress Acadia has made in executing its turn-around plan.
o Achieved an increase in same property net operating income of 7.8% on a pro
forma basis over 1998.
o Completed the redevelopment of 239 Greenwich Avenue in downtown Greenwich,
Connecticut. This property includes 16,800 square feet of retail space and
21 high-end residential units. Both the retail and residential areas are
currently 100% leased.
o Aquired a 95,559 square foot, recently renovated, shopping center located
in the New York Metropolitan area in Ramapo, New York. The anchor tenant
for the property is a 52,000 square foot Grand Union Supermarket whose rent
is approximately 50% of the comparable market rent in the area. The
property is 80% leased and affords considerable opportunity to increase the
income through the leasing of vacant space.
o Completed several financings and refinancings with terms that allow for
prepayment without material costs. By structuring its mortgage debt with
this flexibility, Acadia is better able to efficiently engage in portfolio
and strategic transactions.
o Added Joseph Povinelli, V.P. of leasing, to the management team. Mr.
Povinelli joins Acadia with 19 years of retail leasing experience; the past
13 years in the retail leasing division of Vornado Realty Trust, a New
Jersey REIT.
Page 3
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Funds from Operations ("FFO") by Quarter
FFO by quarter - 4th Qtr 1998 through 4th Qtr 1999
[GRAPHIC OMITTED]
Note Minimum rents for the 3rd quarter of 1999 included income of $0.04 per
share recognized following the receipt of settlement amounts related to the
Chapter 11 filing of the Penn Traffic Co. and the settlement of litigation
initiated by the Company to enforce the lease payment obligations of the lease
guarantor related to a former tenant which filed Chapter 11 and rejected the
lease at one of the Company's centers prior to 1999. This non-recurring income
has been excluded for purposes of the above presentation.
Page 4
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
FFO Growth v. Industry Average
22% Growth in FFO for 4th Quarter 1999 v. 4th Quarter 1998
[GRAPHIC OMITTED]
Note:
Industry average is for community shopping center REIT's (Source: DLJ Research).
Page 5
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Net Operating Income - Same Store Performance
Same Store Net Operating Income increased over 7%
(amounts in millions)
[GRAPHIC OMITTED]
Notes:
1999 NOI for all properties, including same stores, totalled $60.6 million (the
above graph depicts same store NOI only).
1999 NOI as reflected above excludes $1.4 million straight-line rent as well as
$1.4 million of non-recurring income recognized following the receipt of
settlement amounts following the Chapter 11 proceedings for certain tenants.
1998 NOI is presented on a pro forma basis as if the RDC Transaction as
described in our 1998 Annual Report had occurred on January 1, 1997.
Page 6
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Portfolio Snapshot
[GRAPHIC OMITTED]
-------------------------------------------
58 retail and multi-family properties
Approximately 11 million square feet of GLA
19 Eastern and Midwestern states represented
-------------------------------------------
Page 7
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Organizational Chart
<TABLE>
<CAPTION>
<S> <C> <C>
Ross Dworman
Chairman & CEO
|
|
Kenneth F. Bernstein
President
|
|
|
|
-----------------------------------------------------------------------------------------------------------------------
| | | |
| | | |
Acquisitions Retail Leasing Retail Construction
| | Management Development
| | |
Joel Braun Timothy J. Bruce Joseph Napolitano Joseph W. Hogan
Sr. VP, Acquisitions Sr. VP, Dir. of Leasing VP, Property Mgt. Sr. VP, Dir. of Construction
| | |
| | |
| | |
------------ ----------------------------------- |
| | | | |
| | | | |
| | | | |
Gerard Thibodeaux -- Joseph Povinelli Robert Scholem | Ronald Johnston
VP, Southeast Leasing | VP, Leasing VP, Property Mgt.-- | VP, Construction
| | | |
| | | |
| | | |
Richard Brock -- Daniel Evangelista David Bourgery | Thomas Donohue |
Leasing Representative | Leasing Representative Regional Prop. Mgr.-- Regional Prop. Mgr.--
| | |
| | |
| | |
Harry Harmon -- Brian Callcut | Kathleen Covert |
Leasing Representative | Regional Prop. Mgr.-- Regional Prop. Mgr.--
| |
| |
| |
Kim Gabbard -- Julia Namutka |
Leasing Representative Regional Prop. Mgr.--
</TABLE>
<PAGE>
[RESTUBBED]
<TABLE>
<CAPTION>
<S> <C> <C>
------------------------------------------------------------------------
| | |
| | |
| | |
| | |
Residential Finance and
Management Legal Asset Management
| | |
| | |
| Robert Masters Perry Kamerman
| Sr. VP, General Counsel ------------------- Sr. VP of Finance
| | | |
| | | |
| | | ---------------------------------------------------------------
| | | | | | |
Greg Sauter Carol Smrek | Arnold Wachsberger Maggie Hul Jon Grisham |
VP, Residential Mgt. VP & Counsel | VP, Finance VP, Controller VP, Director of |
| | | Financial Reporting |
| | | |
Karen Yamrus Joseph Ginex Richard Hartman Mardi Cezcevi
Asst. VP, Sr. Paralegal Financial Analyst Assistant Controller Mgmt Information
| | Systems
| |
Paralegals -------------------------
3 Individuals | |
| |
Accountants Senior Lease Admin.
4 Individuals 2 Individuals
</TABLE>
Page 8
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Executive Management Team
<TABLE>
<CAPTION>
<S> <C> <C>
Ross Dworman Chairman of the Board and Mr. Dworman is responsible for all of the long-term strategic
Chief Executive Officer planning for the Company. Mr. Dworman was President and Chief
Executive Officer of RD Capital, Inc. from 1987 until the merger of RD
Capital with Mark Centers Trust in August of 1998, forming Acadia
Realty Trust. From 1984 to 1987, Mr. Dworman was an associate at
Odyssey Partners, L.P., a hedge fund engaged in leveraged buy-outs and
real estate investment, and from 1981 until 1984, he was a Financial
Analyst for Salomon, Inc. Mr. Dworman received his Bachelor of Arts
Degree from the University of Pennsylvania.
Kenneth F. Bernstein President Mr. Bernstein is responsible for running all day to day activities of
the Company including operations, acquisitions and capital markets.
Mr. Bernstein served as the Chief Operating Officer of RD Capital,
Inc. from 1990 until the merger of RD Capital with Mark Centers Trust
in August of 1998, forming Acadia Realty Trust. In such capacity, he
was responsible for overseeing the day-to-day operations of RD Capital
and its management companies, Acadia Management Company LLC and Sound
View Management LLC. Prior to joining RD Capital, Mr. Bernstein was an
associate with the New York law firm of Battle Fowler, LLP, from 1986
to 1990. Mr. Bernstein received his Bachelor of Arts Degree from the
University of Vermont and his Juris Doctorate from Boston University
School of Law.
</TABLE>
Page 9
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
PORTFOLIO BREAKDOWN AND
NET ASSET VALUE ('NAV') ANALYSIS
<TABLE>
<CAPTION>
Private Basis
% of GLA Cap Rate Range % of GAV % of NAV
Retail:
<S> <C> <C> <C> <C> <C>
Class A 14% 9.00% to 9.50% 30% 37%
Class B 37% 9.50% to 10.00% 36% 41%
Class C 14% 10.50% to 11.00% 9% 6%
Class D 12% 11.50% to 12.00% 5% 1%
Mixed-Use 5% 11.00% to 11.50% 5% 3%
Residential 18% 9.25% to 9.75% 15% 12%
--- ---------------------- --- ---
Total 100% 9.60% to 10.10% 100% 100%
=== ====================== === ===
Equivalent Public Basis 10.60% to 11.15%
======================
</TABLE>
Notes:
Private capitalization rates are based on private-basis NOI's. Private-basis
NOI's are equal to public-basis NOI's less: (1) straight-line rents, (2)
structural reserves of $0.15 per square foot for retail properties and $300 per
unit reserve for residential properties and (3) 4% imputed management fees on
effective rents.
The above capitalization rates are based on those in currently in place and are
subject to future changes.
A,B,C & D Classifications are determined based on factors including market
demographics, location, barriers to entry and strength of tenants.
Reference page 11 for additional notes related to portfolio valuation.
Page 10
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Net Asset Value ('NAV') Calculation
(amounts in thousands)
<TABLE>
<CAPTION>
Notes
<S> <C>
Net Operating income (4Q99):
Consolidated Properties $ 16,388
Unconsolidated Joint Ventures 590
--------
Total NOI (4Q99) 16,978
Adjustments to 4Q99 NOI (1,400)
--------
Adjusted quarterly NOI 15,578
x 4
--------
Adjusted annual NOI 62,312
Less straight-line ("S/L") rents (1,400)
--------
PUBLIC BASIS ANNUALIZED NOI (Excluding S/L Rents) 4 60,912
Structural reserves 1 (2,100)
Imputed management fees (4%) (3,600)
--------
PRIVATE BASIS ANNUALIZED NOI $ 55,212
========
CAP RATE RANGE USED FOR VALUATION:
Private Basis 9.60% 10.10%
Equivalent Public Basis 10.59% 11.14%
-------- -------
Gross market value of real estate 575,125 546,653
Value of other net assets 5 38,000 38,000
Property not yet operational (at cost) 7,000 7,000
-------- -------
GROSS MARKET VALUE OF ASSETS 620,125 591,653
Mortgage debt - Consolidated properties (326,651) (326,651)
- Unconsolidated Joint Ventures (17,255) (17,255)
Preferred equity (2,212) (2,212)
Minority interest in majority owned partnerships (2,500) (2,500)
-------- -------
NET MARKET VALUE OF ASSETS 271,507 243,035
Common shares and units outstanding 36,208 36,208
-------- -------
NAV PER COMMON SHARE $ 7.50 $ 6.71
======== =======
SHARE PRICE - MARCH 21, 2000 $ 5.438 $ 5.438
======== =======
PRICE / NET ASSET VALUE 73% 81%
</TABLE>
Page 11
<PAGE>
<TABLE>
<CAPTION>
Notes:
<S> <C>
1 Structural reserves represent a $0.15 per square foot replacement reserve for
retail properties and $300 per unit reserve for residential properties.
2 The above values exclude the value of third party management contracts,
anticipated profits from redevelopments and any transaction costs associated
with liquidating the properties.
3 The above capitalization rates are based on those currently in place and are
subject to future changes.
4 Based upon annualization of 4th quarter NOI, adjusted downward for
seasonality and certain non-recurring items.
5 Value of other net assets is comprised of the following:
Cash and cash equivalents $ 35,340
Cash in escrow 9,707
Rents receivable, net of allowance and unbilled (straight-line) rent 4,962
Prepaid expenses 2,952
Due from related parties 19
Accounts payable and accrued expenses (6,385)
Distributions payable (4,371)
Other liabilities (4,224)
---------
$ 38,000
=========
</TABLE>
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Total Market Capitalization
<TABLE>
<CAPTION>
Percent of
Percent of Total Market
Total Equity Capitalization
------------ --------------
<S> <C> <C> <C>
Total Common Shares Outstanding 70.1% 25,724,315(1)
Common O.P. Units 28.6% 10,484,143
-------------
Combined Common Shares and O.P. Units 36,208,458
Market Price as of December 31, 1999 $ 4.625
-------------
Equity Capitalization - Common Shares and O.P. Units 167,464,118
Preferred O.P. Units - at cost(3) 1.3% 2,212,000
------ -------------
Total Equity Capitalization 100.0% 169,676,118 34.2%
======
Debt Capitalization 326,650,744 65.8%
------------- ------
Total Market Capitalization $ 496,326,862 100.0%
============= ======
</TABLE>
Weighted Average Outstanding Common Shares and O.P. Units
Common
Shares(1) O.P. Units Total
--------- ---------- -----
Quarter ended December 31,1999 25,908,199 10,484,143 36,392,342
Year ended December 31, 1999 25,708,787 10,833,184 36,541,971
Quarter ended December 31,1998(2) 25,419,215 11,184,143 36,603,358
Year ended December 31,1998(2) 15,205,962 5,252,815 20,458,777
(1) As of December 31, 1999, the Company had purchased 394,900 shares under its
Stock Repurchase Program
(2) The RD Transaction occurred on August 12, 1998
(3) In connection with the acquisition of the Pacesetter Park Shopping Center,
the Company issued 2,212 Preferred O.P. Units
Total Market Capitalization
Variable- Common Common Preferred Fixed-Rate
Rate Debt Shares O.P. Units O.P. Units Debt
14.6% 24.0% 9.8% 0.4% 51.2%
Page 12
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Shareholder Information
Twelve Largest Institutional/Non-Retail Shareholders(1)
<TABLE>
<CAPTION>
Percent of Out-
Shareholder Shares Held standing Shares
- ----------- ----------- ----------------
<S> <C> <C>
Yale University 3,366,616 13.1%
Rothschild Realty Investors II L.L.C. 3,266,667 12.7%
Howard Hughes Medical Institute 2,266,667 8.8%
The Board of Trustees of the Leland Stanford Junior University 2,133,333 8.3%
Harvard Private Capital Realty, Inc. 2,000,000 7.8%
The Vanderbilt University 1,346,647 5.2%
TRW Master Trust 1,200,000 4.7%
Carnegie Corporation of New York 942,653 3.7%
Morgan Stanley Asset Management 452,700 1.8%
CS First Boston Inc. 419,000 1.6%
Yale University Retirement Plan for Staff Employees 403,994 1.6%
First Manhattan Company 394,005 1.5%
---------- -----
Total of Twelve Largest Institutional/Non-Retail Shareholders 18,192,282 70.7%
---------- -----
Total of all Institutional/Non-Retail Shareholders 19,068,518 74.1%
========== =====
</TABLE>
Operating Partnership
Unit Information
----------------
Percent
of Total O.P. Units
-------------------
Institutional/Non-Retail O.P. Unit Holders 7,571,286 72.2%
Employee/Director O.P. Unit Holders 1,748,043 16.7%
Other O.P. Unit Holders 1,164,814 11.1%
---------- ------
Total O.P. Units 10,484,143 100.0%
========== ======
(1) Based on Schedule 13D filings with the U.S. Securities and Exchange
Commission
Total Share/O.P. Unit Ownership (Combined)
[ ] Institutional/Non-Retail Share &
O.P. Unit Holders 74%
[ ] Retail Shareholders 18%
[ ] Employee/Director O.P. Unitholders 5%
[ ] Other O.P. Unitholders 3%
Page 13
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Statements of Operations - Including Joint Venture Activity(1)
(in thousands)
<TABLE>
<CAPTION>
Annual Current Quarter
Year 3 months
ended December 31, ended December 31,
1999 1999
-------------------------------------- ------------------------------------
Wholly Owned JV Total Wholly Owned JV Total
------------ -- ----- ------------ -- -----
<S> <C> <C> <C> <C> <C> <C>
PROPERTY REVENUES
Minimum rents(2) $ 73,021 $ 2,413 $ 75,434 $ 18,562 $ 583 $ 19,145
Percentage rents 2,994 44 3,038 1,041 5 1,046
Expense reimbursements 13,786 892 14,678 3,810 211 4,021
Other property income 937 73 1,010 166 20 186
-------- ------- -------- -------- ----- --------
90,738 3,422 94,160 23,579 819 24,398
-------- ------- -------- -------- ----- --------
PROPERTY EXPENSES
Property operating 19,027 338 19,365 4,403 80 4,483
Real estate taxes 10,540 588 11,128 2,788 149 2,937
-------- ------- -------- -------- ----- --------
29,567 926 30,493 7,191 229 7,420
-------- ------- -------- -------- ----- --------
NET OPERATING INCOME - PROPERTIES 61,171 2,496 63,667 16,388 590 16,978
OTHER INCOME (EXPENSE)
Property management and leasing - Home office (2,579) - (2,579) (776) - (776)
General and administrative (6,337) - (6,337) (1,796) - (1,796)
Interest income 1,258 - 1,258 381 - 381
Management income 682 - 682 164 - 164
Other income 31 - 31 3 - 3
-------- ------- -------- -------- ----- --------
EBIDTA 54,226 2,496 56,722 14,364 590 14,954
Depreciation and amortization (19,887) (653) (20,540) (5,260) (165) (5,425)
Interest expense (23,314) (1,259) (24,573) (6,272) (321) (6,593)
Loss on sale of properties (1,284) - (1,284) - - -
-------- ------- -------- -------- ----- --------
Income before minority interest 9,741 584 10,325 2,832 104 2,936
Minority interest in Operating Partnership (3,130) - (3,130) (878) - (878)
-------- ------- -------- -------- ----- --------
NET INCOME $ 6,611 $ 584 $ 7,195 $ 1,954 $ 104 $ 2,058
======== ======= ======== ======== ===== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Previous Quarters - 1999
3 months 3 months
ended September 30, ended June 30,
1999 1999
------------------------------------ ------------------------------------
Wholly Owned JV Total Wholly Owned JV Total
------------ -- ----- ------------ -- -----
<S> <C> <C> <C> <C> <C> <C>
PROPERTY REVENUES
Minimum rents(2) $ 19,606 $ 601 $ 20,207 $ 17,500 $ 616 $ 18,116
Percentage rents 480 12 492 686 - 686
Expense reimbursements 3,481 250 3,731 3,037 201 3,238
Other property income 275 12 287 252 27 279
-------- ----- -------- -------- ----- --------
23,842 875 24,717 21,475 844 22,319
-------- ----- -------- -------- ----- --------
PROPERTY EXPENSES
Property operating 4,806 108 4,914 4,660 68 4,728
Real estate taxes 2,637 149 2,786 2,564 145 2,709
-------- ----- -------- -------- ----- --------
7,443 257 7,700 7,224 213 7,437
-------- ----- -------- -------- ----- --------
NET OPERATING INCOME - PROPERTIES 16,399 618 17,017 14,251 631 14,882
OTHER INCOME (EXPENSE)
Property management and leasing - Home office (313) - (313) (767) - (767)
General and administrative (1,437) - (1,437) (1,638) - (1,638)
Interest income 372 - 372 259 - 259
Management income 199 - 199 163 - 163
Other income 15 - 15 7 - 7
-------- ----- -------- -------- ----- --------
EBIDTA 15,235 618 15,853 12,275 631 12,906
Depreciation and amortization (4,976) (163) (5,139) (4,965) (163) (5,128)
Interest expense (6,037) (315) (6,352) (5,581) (311) (5,892)
Loss on sale of properties - - - - - -
-------- ----- -------- -------- ----- --------
Income before minority interest 4,222 140 4,362 1,729 157 1,886
Minority interest in Operating Partnership (1,279) - (1,279) (597) - (597)
-------- ----- -------- -------- ----- --------
NET INCOME $ 2,943 $ 140 $ 3,083 $ 1,132 $ 157 $ 1,289
======== ===== ======== ======== ===== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
3 months
ended March 31,
1999
------------------------------------
Wholly Owned JV Total
------------ -- -----
<S> <C> <C> <C>
PROPERTY REVENUES
Minimum rents(2) $ 17,353 $ 613 $ 17,966
Percentage rents 787 27 814
Expense reimbursements 3,458 230 3,688
Other property income 244 14 258
-------- ----- --------
21,842 884 22,726
-------- ----- --------
PROPERTY EXPENSES
Property operating 5,158 82 5,240
Real estate taxes 2,551 145 2,696
-------- ----- --------
7,709 227 7,936
-------- ----- --------
NET OPERATING INCOME - PROPERTIES 14,133 657 14,790
OTHER INCOME (EXPENSE)
Property management and leasing - Home office (723) - (723)
General and administrative (1,466) - (1,466)
Interest income 246 - 246
Management income 156 - 156
Other income 6 - 6
-------- ----- --------
EBIDTA 12,352 657 13,009
Depreciation and amortization (4,686) (162) (4,848)
Interest expense (5,424) (312) (5,736)
Loss on sale of properties (1,284) - (1,284)
-------- ----- --------
Income before minority interest 958 183 1,141
Minority interest in Operating Partnership (376) - (376)
-------- ----- --------
NET INCOME $ 582 $ 183 $ 765
======== ===== ========
</TABLE>
(1) Quarterly results for 1999 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 period, they are subject
to adjustment. The Company's equity in the earnings of unconsolidated
partnerships is reflected separately for revenues and expenses by
calculating it's pro-rata share for each of the above line items. In total,
this agrees with the equity in earnings of unconsolidated partnerships as
reported in the company's Forms 10K and 10Q for the corresponding periods.
(2) Minimum rents for the quarter ended September 30, 1999 include income of
$1,387 recognized following the receipt of settlement amounts related to the
Chapter 11 filing of the Penn Traffic Co. and the settlement of litigation
initiated by the Company to enforce the lease payment obligations of the
lease guarantor related to a former tenant which filed Chapter 11 and
rejected the lease at one of the Company's centers prior to 1999.
Page 14
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Statements of Operations - by Segment(1)
(in thousands)
<TABLE>
<CAPTION>
Annual
Year
ended December 31,
1999
Retail Multi-Family Corporate Total
---------------------------------------------------
<S> <C> <C> <C> <C>
PROPERTY REVENUES
Minimum rents(2) $ 61,123 $ 14,311 $ - $ 75,434
Percentage rents 3,038 - - 3,038
Expense reimbursements 14,678 - - 14,678
Other property income 406 604 - 1,010
-------- ------- --------- --------
79,245 14,915 - 94,160
-------- ------- --------- --------
PROPERTY EXPENSES
Property operating 14,300 5,065 - 19,365
Real estate taxes 10,237 891 - 11,128
-------- ------- --------- --------
24,537 5,956 - 30,493
-------- ------- --------- --------
NET OPERATING INCOME - PROPERTIES 54,708 8,959 - 63,667
OTHER INCOME (EXPENSE)
Property management and leasing - Home office - - (2,579) (2,579)
General and administrative - - (6,337) (6,337)
Interest income - - 1,258 1,258
Management income - - 682 682
Other income - - 31 31
-------- ------- --------- --------
EBIDTA 54,708 8,959 (6,945) 56,722
Depreciation and amortization (18,470) (1,829) (241) (20,540)
Interest expense (20,458) (4,115) - (24,573)
Loss on sale of properties (1,284) - - (1,284)
-------- ------- --------- --------
Loss before minority interest 14,496 3,015 (7,186) 10,325
Minority interest in Operating Partnership - - (3,130) (3,130)
-------- ------- --------- --------
NET INCOME (LOSS) $ 14,496 $ 3,015 $ (10,316) $ 7,195
======== ======= ========= ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Current Quarter
3 months
ended December 31,
1999
Retail Multi-Family Corporate Total
----------------------------------------------------
<S> <C> <C> <C> <C>
PROPERTY REVENUES
Minimum rents(2) $ 15,505 $ 3,640 $ - $ 19,145
Percentage rents 1,046 - - 1,046
Expense reimbursements 4,021 - - 4,021
Other property income 60 126 - 186
-------- ------- -------- --------
20,632 3,766 - 24,398
-------- ------- -------- --------
PROPERTY EXPENSES
Property operating 3,245 1,238 - 4,483
Real estate taxes 2,695 242 - 2,937
-------- ------- -------- --------
5,940 1,480 - 7,420
-------- ------- -------- --------
NET OPERATING INCOME - PROPERTIES 14,692 2,286 - 16,978
OTHER INCOME (EXPENSE)
Property management and leasing - Home office - - (776) (776)
General and administrative - - (1,796) (1,796)
Interest income - - 381 381
Management income - - 164 164
Other income - - 3 3
-------- ------- -------- --------
EBIDTA 14,692 2,286 (2,024) 14,954
Depreciation and amortization (4,836) (486) (103) (5,425)
Interest expense (5,523) (1,070) - (6,593)
Loss on sale of properties - - - -
-------- ------- -------- --------
Loss before minority interest 4,333 730 (2,127) 2,936
Minority interest in Operating Partnership - - (878) (878)
-------- ------- -------- --------
NET INCOME (LOSS) $ 4,333 $ 730 $ (3,005) $ 2,058
======== ======= ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
3 months
ended September 30,
1999
Retail Multi-Family Corporate Total
----------------------------------------------------
<S> <C> <C> <C> <C>
PROPERTY REVENUES
Minimum rents(2) $ 16,615 $ 3,592 $ - $ 20,207
Percentage rents 492 - - 492
Expense reimbursements 3,731 - - 3,731
Other property income 120 167 - 287
-------- ------- -------- --------
20,958 3,759 - 24,717
-------- ------- -------- --------
PROPERTY EXPENSES
Property operating 3,595 1,319 - 4,914
Real estate taxes 2,569 217 - 2,786
-------- ------- -------- --------
6,164 1,536 - 7,700
-------- ------- -------- --------
NET OPERATING INCOME - PROPERTIES 14,794 2,223 - 17,017
OTHER INCOME (EXPENSE)
Property management and leasing - Home office - - (313) (313)
General and administrative - - (1,437) (1,437)
Interest income - - 372 372
Management income - - 199 199
Other income - - 15 15
-------- ------- -------- --------
EBIDTA 14,794 2,223 (1,164) 15,853
Depreciation and amortization (4,608) (463) (68) (5,139)
Interest expense (5,332) (1,020) - (6,352)
Loss on sale of properties - - - -
-------- ------- -------- --------
Loss before minority interest 4,854 740 (1,232) 4,362
Minority interest in Operating Partnership - - (1,279) (1,279)
-------- ------- -------- --------
NET INCOME (LOSS) $ 4,854 $ 740 $ (2,511) $ 3,083
======== ======= ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Previous Quarters
3 months
ended June 30,
1999
Retail Multi-Family Corporate Total
---------------------------------------------------
<S> <C> <C> <C> <C>
PROPERTY REVENUES
Minimum rents(2) $ 14,584 $ 3,532 $ - $ 18,116
Percentage rents 686 - - 686
Expense reimbursements 3,238 - - 3,238
Other property income 115 164 - 279
-------- ------- -------- --------
18,623 3,696 - 22,319
-------- ------- -------- --------
PROPERTY EXPENSES
Property operating 3,394 1,334 - 4,728
Real estate taxes 2,493 216 - 2,709
-------- ------- -------- --------
5,887 1,550 - 7,437
-------- ------- -------- --------
NET OPERATING INCOME - PROPERTIES 12,736 2,146 - 14,882
OTHER INCOME (EXPENSE)
Property management and leasing - Home office - - (767) (767)
General and administrative - - (1,638) (1,638)
Interest income - - 259 259
Management income - - 163 163
Other income - - 7 7
-------- ------- -------- --------
EBIDTA 12,736 2,146 (1,976) 12,906
Depreciation and amortization (4,642) (447) (39) (5,128)
Interest expense (4,885) (1,007) - (5,892)
Loss on sale of properties - - - -
-------- ------- -------- --------
Loss before minority interest 3,209 692 (2,015) 1,886
Minority interest in Operating Partnership - - (597) (597)
-------- ------- -------- --------
NET INCOME (LOSS) $ 3,209 $ 692 $ (2,612) $ 1,289
======== ======= ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
3 months
ended March 31,
1999
Retail Multi-Family Corporate Total
----------------------------------------------------
<S> <C> <C> <C> <C>
PROPERTY REVENUES
Minimum rents(2) $ 14,419 $ 3,547 $ - $ 17,966
Percentage rents 814 - - 814
Expense reimbursements 3,688 - - 3,688
Other property income 111 147 - 258
-------- ------- -------- --------
19,032 3,694 - 22,726
-------- ------- -------- --------
PROPERTY EXPENSES
Property operating 4,066 1,174 - 5,240
Real estate taxes 2,480 216 - 2,696
-------- ------- -------- --------
6,546 1,390 - 7,936
-------- ------- -------- --------
NET OPERATING INCOME - PROPERTIES 12,486 2,304 - 14,790
OTHER INCOME (EXPENSE)
Property management and leasing - Home office - - (723) (723)
General and administrative - - (1,466) (1,466)
Interest income - - 246 246
Management income - - 156 156
Other income - - 6 6
-------- ------- -------- --------
EBIDTA 12,486 2,304 (1,781) 13,009
Depreciation and amortization (4,384) (433) (31) (4,848)
Interest expense (4,718) (1,018) - (5,736)
Loss on sale of properties (1,284) - - (1,284)
-------- ------- -------- --------
Loss before minority interest 2,100 853 (1,812) 1,141
Minority interest in Operating Partnership - - (376) (376)
-------- ------- -------- --------
NET INCOME (LOSS) $ 2,100 $ 853 $ (2,188) $ 765
======== ======= ======== ========
</TABLE>
(1) Quarterly results for 1999 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 period, they are subject
to adjustment. The Company's equity in the earnings of unconsolidated
partnerships is reflected separately for revenues and expenses by
calculating it's pro-rata share for each of the above line items. In total,
this agrees with the equity in earnings of unconsolidated partnerships as
reported in the company's Forms 10K and 10Q for the corresponding periods.
Retail segment includes two mixed use properties with retail components.
(2) Minimum rents for the quarter ended September 30, 1999 include income of
$1,387 recognized following the receipt of settlement amounts related to the
Chapter 11 filing of the Penn Traffic Co. and the settlement of litigation
initiated by the Company to enforce the lease payment obligations of the
lease guarantor related to a former tenant which filed Chapter 11 and
rejected the lease at one of the Company's centers prior to 1999.
Page 15
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Net Operating Income (NOI) - Same Store Performance(1)
(in thousands)
<TABLE>
<CAPTION>
Current Year-to-date Historical Year-to-date
Pro Forma(2)
Year ended Year ended
December 31, December 31,
1999 1998
---- ----
<S> <C> <C>
NOI - Consolidated properties $ 61,171 $ 52,682
NOI - Unconsolidated partnerships 2,496 2,416
-------- --------
Total NOI 63,667 55,098
Less straight-line rent (1,269) (1,362)
NOI - Settlement of litigation and claims(3) (1,387) -
NOI - Properties Acquired (4,189) (1,634)
NOI - Properties Redeveloped (2,908) (1,296)
NOI - Properties Sold (146) (909)
-------- --------
Same Property NOI $ 53,768 $ 49,897
======== ========
Growth in Same Property NOI 7.8%
</TABLE>
(1) The above amounts includes the activity related to the Company's equity in
the earnings of unconsolidated subsidiaries.
(2) The unaudited pro forma information for the year ebded December 31, 1998 is
presented as if the RDC Transaction as described in the Company's Annual
Report on Form 10K for the year ended December 31, 1998 had occurred on
January 1, 1997.
(3) Net operating income for the year ended December 31, 1999 include income of
$1,387 recognized following the receipt of settlement amounts related to the
Chapter 11 filing of the Penn Traffic Co. and the settlement of litigation
initiated by the Company to enforce the lease payment obligations of the
lease guarantor related to a former tenant which filed Chapter 11 and
rejected the lease at one of the Company's centers prior to 1999.
Page 16
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Funds from Operations (FFO)(1)
(in thousands)
<TABLE>
<CAPTION>
Annual Current Quarter
Year 3 months 3 months
ended December 31, ended December 31, ended September 30,
1999 1999 1999(3)
-------------------------------------------------------------
<S> <C> <C> <C>
Net Income $ 7,195 $ 2,058 $ 3,083
Add back:
Depreciation of real estate and
amortization of leasing costs:
Wholly owned and consolidated subsidiaries 18,949 4,949 4,717
Unconsolidated subsidiaries 626 159 156
Income attributable to
Operating Partnership Units 3,106 854 1,279
Loss on sale of properties 1,284 - -
-------- ------- -------
Funds from Operations $ 31,160 $ 8,020 $ 9,235
======== ======= =======
Funds from Operations per share(2) $ 0.85 $ 0.22 $ 0.25
======== ======= =======
</TABLE>
<TABLE>
<CAPTION>
Previous Quarters
3 months 3 months
ended June 30, ended March 31,
1999 1999
-------------------------------------
<S> <C> <C>
Net Income $ 1,289 $ 765
Add back:
Depreciation of real estate and
amortization of leasing costs:
Wholly owned and consolidated subsidiaries 4,769 4,514
Unconsolidated subsidiaries 156 155
Income attributable to
Operating Partnership Units 597 376
Loss on sale of properties - 1,284
------- -------
Funds from Operations $ 6,811 $ 7,094
======= =======
Funds from Operations per share(2) $ 0.19 $ 0.19
======= =======
</TABLE>
(1) Quarterly results for 1999 are unaudited. They reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation of
operating results for the interim period.
(2) Assumes full conversion of O.P. Units into Common Shares.
(3) Minimum rents for the quarter ended September 30, 1999 include income of
$1,387 ($0.04 per share) recognized following the receipt of settlement
amounts related to the Chapter 11 filing of the Penn Traffic Co. and the
settlement of litigation initiated by the Company to enforce the lease
payment obligations of the lease guarantor related to a former tenant which
filed Chapter 11 and rejected the lease at one of the Company's centers
prior to 1999.
Page 17
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Consolidated Balance Sheets
(in thousands)
December 31, December 31,
1999 1998
---- ----
ASSETS
Real estate
Land $ 81,956 $ 76,136
Buildings and improvements 477,573 452,300
Properties under development 9,992 22,813
--------- ---------
569,521 551,249
Less: accumulated depreciation (90,932) (87,202)
--------- ---------
Net real estate 478,589 464,047
Property held for sale 13,227 7,073
Cash and cash equivalents 35,340 15,183
Cash in escrow 9,707 12,650
Investments in unconsolidated partnerships 7,463 7,516
Rents receivable, net 8,865 6,006
Prepaid expenses 2,952 2,797
Deferred charges, net 12,374 11,461
Other assets 2,286 1,779
--------- ---------
$ 570,803 $ 528,512
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage notes payable $ 326,651 $ 277,561
Accounts payable and accrued expenses 6,385 10,673
Dividends and distributions payable 4,371 -
Other liabilities 4,224 3,993
--------- ---------
Total liabilities 341,631 292,227
--------- ---------
Minority interest in Operating Partnership 74,462 79,344
Minority interests in majority owned partnerships 2,223 2,350
--------- ---------
Total minority interests 76,685 81,694
--------- ---------
Shareholders' equity:
Common shares 26 25
Additional paid-in capital 168,641 170,746
Deficit (16,180) (16,180)
--------- ---------
Total shareholders' equity 152,487 154,591
--------- ---------
$ 570,803 $ 528,512
========= =========
Page 18
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Selected Operating Ratios
<TABLE>
<CAPTION>
Quarter ended Year ended
December 31, 1999 December 31, 1999
----------------- -----------------
<S> <C> <C> <C>
Coverage Ratios(1)
Interest Coverage Ratio
EBIDTA(2) $ 14,954 $ 55,064
Divided by Interest expense 6,593 24,573
-------- ---------
2.27x 2.24x
Fixed Charge Coverage Ratio
EBIDTA(2) $ 14,954 $ 55,064
Divided by (Interest expense 6,593 24,573
+ Preferred Dividends(3)) 23 23
-------- ---------
2.26x 2.24x
Debt Service Coverage Ratio
EBIDTA(2) $ 14,954 $ 55,064
Divided by (Interest expense 6,593 24,573
+ Principal Amortization) 1,164 3,852
-------- ---------
1.93x 1.94x
Payout Ratios
FFO Payout Ratio - Basic and Diluted
Dividends (Shares) & Distributions (O.P. Units)
paid - $0.12 per Share/O.P. Unit for each of
the 4 quarters in 1999 $ 4,348 $ 17,516
FFO(2) 8,020 29,502
-------- ---------
54% 59%
Overhead Ratios
G&A/Real Estate Revenues
General and Administrative expense $ 1,796 $ 6,337
Real Estate Revenues(1,2) 24,398 92,502
-------- ---------
7% 7%
Leverage Ratios
Debt/Total Market Capitalization(4)
Debt - $ 326,651
Total Market Capitalization(5) - 496,327
---------
- 66%
</TABLE>
Notes:
(1) Results for the quarter ended December 31, 1999 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 period. The
coverage ratios include the Company's pro-rata share of EBIDTA, interest
expense and principal amortization related to the Company's investment in
unconsolidated partnerships.
(2) EBIDTA and Revenues have been adjusted for income of $1,658 recognized
following the receipt of settlement amounts related to the Chapter 11
filings of Penn Traffic Co. as well as the income recognized as a result of
the settlement of litigation initiated by the Company to enforce the lease
payment obligations of the lease guarantor related to a former tenant which
filed Chapter 11 and rejected the lease at one of the Company's centers
prior to 1999. The adjustments are as follows:
<PAGE>
<TABLE>
<CAPTION>
For the Quarter Ended December 31, 1999 For the Year Ended December 31, 1999
EBIDTA Revenues FFO EBIDTA Revenues FFO
<S> <C> <C> <C> <C> <C> <C>
Inclusive of settlement amounts $ 14,954 $ 24,398 $ 8,020 $ 56,722 $ 94,160 $ 31,160
Less settlement amounts - - - (1,658) (1,658) (1,658)
-------- -------- ------- -------- -------- --------
As adjusted and used above $ 14,954 $ 24,398 $ 8,020 $ 55,064 $ 92,502 $ 29,502
======== ======== ======= ======== ======== ========
</TABLE>
(3) Represents preferred distributions on Preferred Operating partnership Units.
(4) Including the Company's pro-rata share of joint venture debt (see page 21),
the Debt to Total Market Capitalization increases to 67%
(5) Reference page 13 for calculation of Total Market Capitalization.
Page 19
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Debt Analysis - Wholly Owned Properties
<TABLE>
<CAPTION>
Principal
Balance at
Property Lender Notes 12/31/1999
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FIXED-RATE DEBT
New Louden Center John Hancock Mutual Life Insurance Co. 1 $ 9,621,030
Ledgewood Mall John Hancock Mutual Life Insurance Co. 1 16,355,750
Lebanon (Plaza 422) John Hancock Mutual Life Insurance Co. 1 2,886,309
Towanda (Bradford Towne Center) John Hancock Mutual Life Insurance Co. 1 10,583,133
Tioga West John Hancock Mutual Life Insurance Co. 1 3,126,834
Berlin Plaza John Hancock Mutual Life Insurance Co. 1 4,569,989
Honesdale (Route 6 Mall) John Hancock Mutual Life Insurance Co. 1 6,734,721
Valmont Plaza Metropolitan Life Insurance Co. 6,100,000
Luzerne Street Plaza Metropolitan Life Insurance Co. 2,000,000
Greenridge Plaza Metropolitan Life Insurance Co. 6,700,000
Crescent Plaza Metropolitan Life Insurance Co. 12,000,000
East End Centre Metropolitan Life Insurance Co. 14,200,000
Bloomfield Town Square Sun America Life Insurance Co. 10,331,916
Walnut Hill Shopping Center Sun America Life Insurance Co. 9,286,427
Atrium Mall Sun America Life Insurance Co. 10,360,245
GHT Apartments Sun America Life Insurance Co. 8,274,723
Colony Apartments Sun America Life Insurance Co. 3,889,824
Gateway Mall Huntoon Hastings Capital Corp. 6,221,896
Branch Shopping Center North Fork Bank 5,000,000
Pacesetter Park Shopping Center M&T Real Estate Inc. 4,628,199
Pittston Plaza Anchor National Life Insurance Co. 3,866,116
Glen Oaks Apartments Lehman Brothers Holdings, Inc. 17,972,774
Mad River Mellon Mortgage Company 7,566,310
Manahawkin K-Mart Northern Life Insurance Co. & Bankers Security Life 5,361,848
Mountainville Shopping Center Morgan Stanley Mortgage Capital 3,094,177
King's Fairground Morgan Stanley Mortgage Capital 865,152
Northside Mall Morgan Stanley Mortgage Capital 3,309,217
Dunmore Plaza Morgan Stanley Mortgage Capital 1,102,560
25th Street Plaza Morgan Stanley Mortgage Capital 7,758,050
Ft. Ogelthorpe (Cloud Springs Plaza) Morgan Stanley Mortgage Capital 2,578,081
Kingston Plaza Morgan Stanley Mortgage Capital 2,212,800
Plaza 15 Morgan Stanley Mortgage Capital 2,102,401
Martintown Plaza Morgan Stanley Mortgage Capital 2,828,449
Birney Mall Morgan Stanley Mortgage Capital 3,279,169
Midway Plaza Morgan Stanley Mortgage Capital 2,429,665
Shillington Plaza Morgan Stanley Mortgage Capital 2,806,849
Shamokin (Ames Plaza) Morgan Stanley Mortgage Capital 988,416
Shamokin Dam (Circle Plaza) Morgan Stanley Mortgage Capital 1,215,265
New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 1,489,728
Stroudsburg (Monroe Plaza) Morgan Stanley Mortgage Capital 3,696,193
Troy Plaza Morgan Stanley Mortgage Capital 2,336,448
Northwood Centre Nomura Asset Capital Corporation 22,334,539
-------------
TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 254,065,203
-------------
VARIABLE-RATE DEBT
Soundview Marketplace General Electric Capital Corp. 2 7,126,173
Town Line Fleet Bank, N.A. 3 3,965,556
Smithtown Shopping Center Fleet Bank, N.A. 4 9,325,710
Merrillville Plaza Sun America Life Insurance Co. 5 13,930,761
Village Apartments Sun America Life Insurance Co. 5 9,979,341
Marley Run Apartments KBC Bank 6 14,508,000
239 Greenwich Avenue First Union National Bank 7 13,750,000
-------------
TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 72,585,541
-------------
TOTAL/WEIGHTED AVERAGE - ALL DEBT $ 326,650,744
-------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Maturity
Property Lender Rate Date
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FIXED-RATE DEBT
New Louden Center John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000
Ledgewood Mall John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000
Lebanon (Plaza 422) John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000
Towanda (Bradford Towne Center) John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000
Tioga West John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000
Berlin Plaza John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000
Honesdale (Route 6 Mall) John Hancock Mutual Life Insurance Co. 9.11% 04/01/2000
Valmont Plaza Metropolitan Life Insurance Co. 7.75% 06/01/2000
Luzerne Street Plaza Metropolitan Life Insurance Co. 7.75% 06/01/2000
Greenridge Plaza Metropolitan Life Insurance Co. 7.75% 06/01/2000
Crescent Plaza Metropolitan Life Insurance Co. 7.75% 06/01/2000
East End Centre Metropolitan Life Insurance Co. 7.75% 06/01/2000
Bloomfield Town Square Sun America Life Insurance Co. 7.75% 01/01/2001
Walnut Hill Shopping Center Sun America Life Insurance Co. 7.75% 01/01/2001
Atrium Mall Sun America Life Insurance Co. 7.75% 01/01/2001
GHT Apartments Sun America Life Insurance Co. 7.75% 01/01/2001
Colony Apartments Sun America Life Insurance Co. 7.75% 01/01/2001
Gateway Mall Huntoon Hastings Capital Corp. 7.50% 09/01/2002
Branch Shopping Center North Fork Bank 7.75% 12/01/2002
Pacesetter Park Shopping Center M&T Real Estate Inc. 8.18% 03/01/2003
Pittston Plaza Anchor National Life Insurance Co. 7.93% 01/01/2004
Glen Oaks Apartments Lehman Brothers Holdings, Inc. 8.32% 03/01/2004
Mad River Mellon Mortgage Company 9.60% 05/23/2005
Manahawkin K-Mart Northern Life Insurance Co. & Bankers Security Life 7.70% 12/01/2008
Mountainville Shopping Center Morgan Stanley Mortgage Capital 8.84% 11/01/2021
King's Fairground Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Northside Mall Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Dunmore Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021
25th Street Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Ft. Ogelthorpe (Cloud Springs Plaza) Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Kingston Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Plaza 15 Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Martintown Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Birney Mall Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Midway Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Shillington Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Shamokin (Ames Plaza) Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Shamokin Dam (Circle Plaza) Morgan Stanley Mortgage Capital 8.84% 11/01/2021
New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Stroudsburg (Monroe Plaza) Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Troy Plaza Morgan Stanley Mortgage Capital 8.84% 11/01/2021
Northwood Centre Nomura Asset Capital Corporation 9.02% 03/11/2022
-----
TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 8.44%
-----
VARIABLE-RATE DEBT
Soundview Marketplace General Electric Capital Corp. 8.52% 01/01/2002
Town Line Fleet Bank, N.A. 7.91% 03/15/2002
Smithtown Shopping Center Fleet Bank, N.A. 7.94% 05/31/2002
Merrillville Plaza Sun America Life Insurance Co. 8.26% 08/01/2002
Village Apartments Sun America Life Insurance Co. 8.13% 10/01/2002
Marley Run Apartments KBC Bank 7.73% 12/31/2002
239 Greenwich Avenue First Union National Bank 7.81% 01/01/2005
-----
TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 8.02%
-----
TOTAL/WEIGHTED AVERAGE - ALL DEBT 8.34%
-----
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Percent of Months
Total to
Property Lender Indebtedness Maturity
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FIXED-RATE DEBT
New Louden Center John Hancock Mutual Life Insurance Co. 2.9% 3
Ledgewood Mall John Hancock Mutual Life Insurance Co. 5.0% 3
Lebanon (Plaza 422) John Hancock Mutual Life Insurance Co. 0.9% 3
Towanda (Bradford Towne Center) John Hancock Mutual Life Insurance Co. 3.2% 3
Tioga West John Hancock Mutual Life Insurance Co. 1.0% 3
Berlin Plaza John Hancock Mutual Life Insurance Co. 1.4% 3
Honesdale (Route 6 Mall) John Hancock Mutual Life Insurance Co. 2.1% 3
Valmont Plaza Metropolitan Life Insurance Co. 1.9% 5
Luzerne Street Plaza Metropolitan Life Insurance Co. 0.6% 5
Greenridge Plaza Metropolitan Life Insurance Co. 2.1% 5
Crescent Plaza Metropolitan Life Insurance Co. 3.7% 5
East End Centre Metropolitan Life Insurance Co. 4.3% 5
Bloomfield Town Square Sun America Life Insurance Co. 3.2% 12
Walnut Hill Shopping Center Sun America Life Insurance Co. 2.8% 12
Atrium Mall Sun America Life Insurance Co. 3.2% 12
GHT Apartments Sun America Life Insurance Co. 2.5% 12
Colony Apartments Sun America Life Insurance Co. 1.2% 12
Gateway Mall Huntoon Hastings Capital Corp. 1.9% 33
Branch Shopping Center North Fork Bank 1.5% 36
Pacesetter Park Shopping Center M&T Real Estate Inc. 1.4% 39
Pittston Plaza Anchor National Life Insurance Co. 1.2% 49
Glen Oaks Apartments Lehman Brothers Holdings, Inc. 5.5% 51
Mad River Mellon Mortgage Company 2.3% 66
Manahawkin K-Mart Northern Life Insurance Co. & Bankers Security Life 1.6% 109
Mountainville Shopping Center Morgan Stanley Mortgage Capital 0.9% 266
King's Fairground Morgan Stanley Mortgage Capital 0.3% 266
Northside Mall Morgan Stanley Mortgage Capital 1.0% 266
Dunmore Plaza Morgan Stanley Mortgage Capital 0.3% 266
25th Street Plaza Morgan Stanley Mortgage Capital 2.4% 266
Ft. Ogelthorpe (Cloud Springs Plaza) Morgan Stanley Mortgage Capital 0.8% 266
Kingston Plaza Morgan Stanley Mortgage Capital 0.7% 266
Plaza 15 Morgan Stanley Mortgage Capital 0.6% 266
Martintown Plaza Morgan Stanley Mortgage Capital 0.9% 266
Birney Mall Morgan Stanley Mortgage Capital 1.0% 266
Midway Plaza Morgan Stanley Mortgage Capital 0.7% 266
Shillington Plaza Morgan Stanley Mortgage Capital 0.9% 266
Shamokin (Ames Plaza) Morgan Stanley Mortgage Capital 0.3% 266
Shamokin Dam (Circle Plaza) Morgan Stanley Mortgage Capital 0.4% 266
New Smyrna Beach Shopping Center Morgan Stanley Mortgage Capital 0.5% 266
Stroudsburg (Monroe Plaza) Morgan Stanley Mortgage Capital 1.1% 266
Troy Plaza Morgan Stanley Mortgage Capital 0.7% 266
Northwood Centre Nomura Asset Capital Corporation 6.8% 270
-----
TOTAL/WEIGHTED AVERAGE - FIXED-RATE DEBT 77.8%
-----
VARIABLE-RATE DEBT
Soundview Marketplace General Electric Capital Corp. 2.2% 24
Town Line Fleet Bank, N.A. 1.2% 27
Smithtown Shopping Center Fleet Bank, N.A. 2.9% 29
Merrillville Plaza Sun America Life Insurance Co. 4.3% 31
Village Apartments Sun America Life Insurance Co. 3.1% 34
Marley Run Apartments KBC Bank 4.4% 37
239 Greenwich Avenue First Union National Bank 4.2% 61
-----
TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE DEBT 22.2%
-----
TOTAL/WEIGHTED AVERAGE - ALL DEBT 100.0%
-----
</TABLE>
Notes:
(1) The John Hancock debt was paid off in full subsequent to year end. 5 of the
7 properties (excludes Plaza 422 and Tioga West) were used to secure a $59
million revolving credit facility with Dime Bank at a rate of LIBOR plus 175
basis points (currently 7.88%)
(2) GECC Commercial Paper rate plus 275 basis points.
(3) LIBOR plus 175 basis points.
(4) LIBOR plus 178 basis points.
(5) LIBOR plus 205 basis points.
(6) LIBOR plus 125 basis points.
(7) LIBOR plus 165 basis points.
Page 20
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Debt Analysis - Unconsolidated Partnerships
<TABLE>
<CAPTION>
Total
Arcadia Realty Principal
Trust Balance at Interest Maturity
VARIABLE-RATE DEBT(1) Joint Venture Partner Ownership 12/31/1999 Rate Date
--------------------- --------- ---------- ---- ----
<S> <C> <C> <C> <C> <C>
Crossroads Shopping Center Heyman-Greenburgh Associates LLC 49.0% $ 35,104,542 7.17% 10/01/2007
RMC Development Company LLC
</TABLE>
Summary - Wholly-Owned Properties and Unconsolidated Partnerships
Weighted
% of Outstanding Avg.
Total Balance Int. Rate
-----------------------------------
Wholly-Owned Properties
Fixed-Rate Debt 74% $ 254,065,203 8.44%
Variable-Rate Debt 21% 72,585,541 8.02%
--- ------------- ----
Wholly-Owned Properties - Total Debt 95% 326,650,744 8.34%
--- ------------- ----
Unconsolidated Partnerships
Fixed-Rate Debt 1% 5,000,000 7.53%
Variable-Rate Debt 4% 12,254,680 6.21%
--- ------------- ----
Unconsolidated Partnerships - Total Debt 5% 17,254,680 6.59%
--- ------------- ----
Total Company Debt 100% $ 343,905,424 8.26%
--- ------------- ----
Notes:
(1) Acadia Realty Trust's 49% ownership represents $17,254,680 of which
$5,000,000 was fixed through a interest rate swap transaction. The interest
rate for this loan is based upon LIBOR plus 105 basis points.
Page 21
<PAGE>
[LOGO]
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
<TABLE>
<CAPTION>
Future Debt Maturities (1)
(in thousands) Weighted Average Interest Rate of Maturing Debt
------------------------------------------------------
Scheduled
Year Amortization Maturities Total Total Debt Fixed-Rate Debt Variable-Rate Debt
---- ------------ ---------- ----- ---------- --------------- ------------------
<S> <C> <C> <C> <C> <C>
2000 $ 3,848 $ 94,878 $ 98,726 8.52% 8.52% n/a
2001 3,205 41,226 44,431 7.75% 7.75% n/a
2002 3,091 67,501 70,592 7.99% 7.61% 8.07%
2003 2,487 4,230 6,717 8.18% 8.18% n/a
2004 2,351 20,541 22,892 8.25% 8.25% n/a
Thereafter 22,768 60,525 83,293 8.71% 8.96% 7.81%
-------- --------- ---------
$ 37,750 $ 288,901 $ 326,651
======== ========= =========
</TABLE>
Capitalized interest related to the Company's development projects is as
follows:
(in thousands)
1st Quarter 1999 $ 372
2nd Quarter 1999 360
3rd Quarter 1999 357
4th Quarter 1999 249
-------
$ 1,338
=======
(1) Does not include debt from unconsolidated subsidiaries
Page 22
<PAGE>
[LOGO]
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Portfolio by Region and Property Type
(Square Feet)
<TABLE>
<CAPTION>
Mixed-Use
---------
Strip Enclosed Total Retail/ Retail/
Region Mall Mall Retail Apartments Office Residential Total
------ ---- ---- ------ ---------- ------ ----------- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Consolidated Properties -
New England 941,456 -- 941,456 16,834 -- -- 958,290
New York Region 1,447,768 516,682 1,964,450 -- -- -- 1,964,450
Mid-Atlantic 3,359,232 178,434 3,537,666 -- -- 831,972 4,369,638
Southeast 770,425 382,299 1,152,724 -- 500,012 578,606 2,231,342
Mid-west 703,241 -- 703,241 -- -- -- 703,241
South Central Mid-West -- -- -- -- -- 628,891 628,891
--------- --------- --------- ------ ------- --------- ----------
Total consolidated properties 7,222,122 1,077,415 8,299,537 16,834 500,012 2,039,469 10,855,852
Unconsolidated Partnerships -
New York Region(1) 310,897 -- 310,897 -- -- -- 310,897
--------- --------- --------- ------ ------- --------- ----------
7,533,019 1,077,415 8,610,434 16,834 500,012 2,039,469 11,166,749
--------- --------- --------- ------ ------- --------- ----------
% of Total Square Feet 67.5% 9.6% 77.1% 0.2% 4.5% 18.3% 100.0%
</TABLE>
(1) This center is 49% owned by unconsolidated partnerships
Page 23
<PAGE>
[LOGO]
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Commercial Properties by Region - Summary
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
Gross Leasable Area Occupancy
---------------------------------------------------------------------------
Anchors(1) Shops Total Anchors Shops Total
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties - Wholly Owned
--------------------------------
Mid-Atlantic(2) 2,643,443 894,223 3,537,666 94.21% 87.88% 92.61%
Midwest 342,786 360,455 703,241 100.00% 86.65% 93.16%
New England 691,348 250,108 941,456 81.51% 88.10% 83.26%
New York Region 1,142,286 822,164 1,964,450 89.10% 86.05% 87.82%
Southeast 585,181 567,543 1,152,724 85.96% 71.14% 78.66%
---------------------------------------------------------------------------
Total Retail Properties - Wholly Owned 5,405,044 2,894,493 8,299,537 90.98% 83.94% 88.52%
---------------------------------------------------------------------------
Mixed Use
New England 16,834 - 16,834 73.02% 73.02%
Southeast 353,541 146,471 500,012 100.00% 85.90% 95.87%
---------------------------------------------------------------------------
Total Mixed Use 370,375 146,471 516,846 98.77% 85.90% 95.12%
===========================================================================
GRAND TOTAL - Wholly Owned 5,775,419 3,040,964 8,816,383 91.48% 84.04% 88.91%
Unconsolidated Retail Properties
- --------------------------------
New York Region 191,363 119,534 310,897 100.00% 97.24% 98.94%
---------------------------------------------------------------------------
Total Unconsolidated Retail Properties 191,363 119,534 310,897 100.00% 97.24% 98.94%
===========================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square Foot
---------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Totals
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties - Wholly Owned
--------------------------------
Mid-Atlantic(2) $ 10,581,136 $ 6,285,094 $ 16,866,230 $ 4.25 $ 8.00 $ 5.15
Midwest 2,288,895 3,979,372 6,268,267 6.68 12.74 9.57
New England 2,890,062 2,253,093 5,143,155 5.13 10.23 6.56
New York Region 8,003,701 10,206,322 18,210,023 7.86 14.43 10.56
Southeast 2,017,205 1,866,198 3,883,403 4.01 4.62 4.28
---------------------------------------------------------------------------
Total Retail Properties - Wholly Owned 25,780,999 24,590,079 50,371,078 5.24 10.12 6.86
---------------------------------------------------------------------------
Mixed Use
New England 830,000 - 830,000 67.52 - 67.52
Southeast 4,690,068 1,568,550 6,258,618 13.27 12.47 13.06
---------------------------------------------------------------------------
Total Mixed Use 5,520,068 1,568,550 7,088,618 15.09 12.47 14.42
---------------------------------------------------------------------------
---------------------------------------------------------------------------
GRAND TOTAL - Wholly Owned $ 31,301,067 $ 26,158,629 $ 57,459,696 $ 5.92 $ 10.24 $ 7.33
===========================================================================
Unconsolidated Retail Properties
- --------------------------------
New York Region 1,790,546 3,098,687 4,889,233 9.36 26.66 15.89
---------------------------------------------------------------------------
Total Unconsolidated Retail Properties $ 1,790,546 $ 3,098,687 $ 4,889,233 $ 9.36 $ 26.66 $ 15.89
===========================================================================
</TABLE>
(1) The Company considers those tenants who comprise greater than 10% of a
center's GLA as anchor tenants
(2) The Company is currently redeveloping the Atrium Mall. The above amounts for
the Mid-Atlantic region do not reflect the vacancy, subsequent to December
31, 1999, of the A&P Supermarket and Circuit City spaces for a total of
78,000 square feet at the Atrium Mall as part of that redevelopment. The
effect of this would reduce the above occupancy for the region and wholly
owned portfolio by 2.2% and 0.9%, respectively.
Page 24
<PAGE>
[LOGO]
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Commercial Properties by Region - Detail
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
Gross Leasable Area Occupancy
--------------------------------------------------------------------------
Anchors(1) Shops Total Anchors Shops Total
--------------------------------------------------------------------------
Retail Properties - Wholly Owned
--------------------------------
Mid-Atlantic
------------
<S> <C> <C> <C> <C> <C> <C>
Pennsylvania
- ------------
ATRIUM MALL(2) 124,420 54,014 178,434 84.68% 62.22% 77.88%
AMES PLAZA 90,410 7,800 98,210 65.39% 100.00% 68.14%
BIRNEY PLAZA 135,493 58,406 193,899 100.00% 100.00% 100.00%
BLACKMAN PLAZA 104,956 12,500 117,456 100.00% 92.00% 99.15%
BRADFORD TOWNE CENTRE 146,499 110,820 257,319 100.00% 80.78% 91.72%
CIRCLE PLAZA 92,171 - 92,171 100.00% 100.00%
DUNMORE PLAZA 39,680 5,700 45,380 100.00% 66.67% 95.81%
EAST END CENTER 176,200 132,227 308,427 100.00% 100.00% 100.00%
GREENRIDGE PLAZA 144,736 52,886 197,622 57.57% 93.76% 67.25%
KINGSTON PLAZA 51,500 13,324 64,824 100.00% 100.00% 100.00%
LUZERNE STREET SHOPPING CENTER 54,618 3,097 57,715 100.00% 100.00% 100.00%
MARK PLAZA 157,595 58,625 216,220 100.00% 76.46% 93.62%
MONROE PLAZA 128,129 2,440 130,569 100.00% 100.00% 100.00%
MOUNTAINVILLE SHOPPING CENTER 68,008 46,793 114,801 100.00% 89.20% 95.60%
PITTSTON PLAZA 67,568 12,000 79,568 100.00% 100.00% 100.00%
PLAZA 15 81,800 31,730 113,530 100.00% 92.12% 97.80%
PLAZA 422 124,113 30,678 154,791 100.00% 37.49% 87.61%
ROUTE 6 MALL 119,658 55,824 175,482 100.00% 89.25% 96.58%
SHILLINGTON PLAZA 134,607 16,135 150,742 100.00% 100.00% 100.00%
TIOGA WEST 113,338 9,000 122,338 100.00% 100.00% 100.00%
25TH STREET SHOPPING CENTER 28,800 102,677 131,477 100.00% 87.92% 90.57%
UNION PLAZA 217,992 - 217,992 100.00% 100.00%
VALMONT PLAZA 137,817 62,347 200,164 70.09% 97.59% 78.66%
--------------------------------------------------------------------------
Total: Pennsylvania 2,540,108 879,023 3,419,131 93.98% 87.67% 92.36%
--------------------------------------------------------------------------
Virginia
- --------
KINGS FAIRGROUNDS 103,335 15,200 118,535 100.00% 100.00% 100.00%
--------------------------------------------------------------------------
Total: Virginia 103,335 15,200 118,535 100.00% 100.00% 100.00%
--------------------------------------------------------------------------
Total: Mid-Atlantic 2,643,443 894,223 3,537,666 94.21% 87.88% 92.61%
--------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square Foot
--------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties - Wholly Owned
--------------------------------
Mid-Atlantic
------------
Pennsylvania
- ------------
ATRIUM MALL(2) $ 1,294,259 $ 454,054 $ 1,748,313 $ 12.28 $ 13.51 $ 12.58
AMES PLAZA 84,006 31,200 115,206 1.42 4.00 1.72
BIRNEY PLAZA 311,544 352,450 663,994 2.30 6.03 3.42
BLACKMAN PLAZA 204,664 53,500 258,164 1.95 4.65 2.22
BRADFORD TOWNE CENTRE 887,469 531,177 1,418,646 6.06 5.93 6.01
CIRCLE PLAZA 252,289 - 252,289 2.74 - 2.74
DUNMORE PLAZA 89,134 47,025 136,159 2.25 12.37 3.13
EAST END CENTER 1,117,500 1,137,430 2,254,930 6.34 8.60 7.31
GREENRIDGE PLAZA 380,000 383,981 763,981 4.56 7.74 5.75
KINGSTON PLAZA 280,750 132,250 413,000 5.45 9.93 6.37
LUZERNE STREET SHOPPING CENTER 272,150 39,097 311,247 4.98 12.62 5.39
MARK PLAZA 625,776 348,659 974,435 3.97 7.78 4.81
MONROE PLAZA 423,718 30,280 453,998 3.31 12.41 3.48
MOUNTAINVILLE SHOPPING CENTER 225,416 327,607 553,023 3.31 7.85 5.04
PITTSTON PLAZA 492,212 114,125 606,337 7.28 9.51 7.62
PLAZA 15 216,988 145,825 362,813 2.65 4.99 3.27
PLAZA 422 262,030 78,450 340,480 2.11 6.82 2.51
ROUTE 6 MALL 687,951 316,089 1,004,040 5.75 6.34 5.92
SHILLINGTON PLAZA 367,720 166,700 534,420 2.73 10.33 3.55
TIOGA WEST 373,847 71,500 445,347 3.30 7.94 3.64
25TH STREET SHOPPING CENTER 254,350 1,026,927 1,281,277 8.83 11.38 10.76
UNION PLAZA 938,730 - 938,730 4.31 - 4.31
VALMONT PLAZA 220,000 426,168 646,168 2.28 7.00 4.10
--------------------------------------------------------------------------
Total: Pennsylvania 10,262,503 6,214,494 16,476,997 4.30 8.06 5.22
--------------------------------------------------------------------------
Virginia
- --------
KINGS FAIRGROUNDS 318,634 70,600 389,234 3.08 4.64 3.28
--------------------------------------------------------------------------
Total: Virginia 318,634 70,600 389,234 3.08 4.64 3.28
--------------------------------------------------------------------------
Total: Mid-Atlantic 10,581,137 6,285,094 16,866,231 4.25 8.00 5.15
--------------------------------------------------------------------------
</TABLE>
(1) The Company considers those tenants who comprise greater than 10% of a
center's GLA as anchor tenants
(2) The Company is currently redeveloping the Atrium Mall. The above amounts do
not reflect the vacancy, subsequent to December 31, 1999, of the A&P
Supermarket and Circuit City spaces for a total of 78,000 square feet at the
Atrium Mall as part of that redevelopment. The effect of this would reduce
the above occupancy for the property and Mid-Atlantic region by 43.60% and
2.2%, respectively. Retail Properties - Wholly Owned
Page 25
<PAGE>
[LOGO]
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Commercial Properties by Region - Detail
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
Gross Leasable Area Occupancy
--------------------------------------------------------------------------
Anchors(1) Shops Total Anchors Shops Total
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties - Wholly Owned
--------------------------------
Midwest
-------
Illinois
- --------
HOBSON WEST PLAZA 42,037 57,913 99,950 100.00% 85.47% 91.58%
--------------------------------------------------------------------------
Total: Illinois 42,037 57,913 99,950 100.00% 85.47% 91.58%
--------------------------------------------------------------------------
Indiana
- -------
MERRILLVILLE PLAZA 101,357 134,063 235,420 100.00% 90.10% 94.36%
--------------------------------------------------------------------------
Total: Indiana 101,357 134,063 235,420 100.00% 90.10% 94.36%
--------------------------------------------------------------------------
Michigan
- --------
BLOOMFIELD TOWN SQUARE 137,930 75,973 213,903 100.00% 76.66% 91.71%
--------------------------------------------------------------------------
Total: Michigan 137,930 75,973 213,903 100.00% 76.66% 91.71%
--------------------------------------------------------------------------
Ohio
- ----
MAD RIVER STATION 61,462 92,506 153,968 100.00% 90.58% 94.34%
--------------------------------------------------------------------------
Total: Ohio 61,462 92,506 153,968 100.00% 90.58% 94.34%
--------------------------------------------------------------------------
Total: Midwest 342,786 360,455 703,241 100.00% 86.65% 93.16%
--------------------------------------------------------------------------
New England
-----------
Connecticut
- -----------
TOWN LINE PLAZA 157,165 48,587 205,752 100.00% 72.01% 93.39%
--------------------------------------------------------------------------
Total: Connecticut 157,165 48,587 205,752 100.00% 72.01% 93.39%
--------------------------------------------------------------------------
Massachusetts
- -------------
METHUEN SHOPPING CENTER 116,260 18,234 134,494 26.20% 72.58% 32.49%
CRESCENT PLAZA 154,865 61,230 216,095 100.00% 100.00% 100.00%
--------------------------------------------------------------------------
Total: Massachusetts 271,125 79,464 350,589 68.35% 93.71% 74.10%
--------------------------------------------------------------------------
Rhode Island
- ------------
WALNUT HILL PLAZA 170,900 96,821 267,721 100.00% 90.57% 96.59%
--------------------------------------------------------------------------
Total: Rhode Island 170,900 96,821 267,721 100.00% 90.57% 96.59%
--------------------------------------------------------------------------
Vermont
- -------
THE GATEWAY SHOPPING CENTER(1) 92,158 25,236 117,394 54.39% 91.92% 62.46%
--------------------------------------------------------------------------
Total: Vermont 92,158 25,236 117,394 54.39% 91.92% 62.46%
--------------------------------------------------------------------------
Total: New England 691,348 250,108 941,456 81.51% 88.10% 83.26%
--------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square Foot
--------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties - Wholly Owned
--------------------------------
Midwest
-------
Illinois
- --------
HOBSON WEST PLAZA 170,000 750,053 920,053 4.04 15.15 10.05
--------------------------------------------------------------------------
Total: Illinois 170,000 750,053 920,053 4.04 15.15 10.05
--------------------------------------------------------------------------
Indiana
- -------
MERRILLVILLE PLAZA 835,417 1,375,603 2,211,020 8.24 11.39 9.95
--------------------------------------------------------------------------
Total: Indiana 835,417 1,375,603 2,211,020 8.24 11.39 9.95
--------------------------------------------------------------------------
Michigan
- --------
BLOOMFIELD TOWN SQUARE 780,580 743,170 1,523,750 5.66 12.76 7.77
--------------------------------------------------------------------------
Total: Michigan 780,580 743,170 1,523,750 5.66 12.76 7.77
--------------------------------------------------------------------------
Ohio
- ----
MAD RIVER STATION 502,898 1,110,546 1,613,444 8.18 13.25 11.11
--------------------------------------------------------------------------
Total: Ohio 502,898 1,110,546 1,613,444 8.18 13.25 11.11
--------------------------------------------------------------------------
Total: Midwest 2,288,895 3,979,372 6,268,267 6.68 12.74 9.57
--------------------------------------------------------------------------
New England
-----------
Connecticut
- -----------
TOWN LINE PLAZA 730,000 428,008 1,158,008 4.64 12.23 6.03
--------------------------------------------------------------------------
Total: Connecticut 730,000 428,008 1,158,008 4.64 12.23 6.03
--------------------------------------------------------------------------
Massachusetts
- -------------
METHUEN SHOPPING CENTER 109,656 161,680 271,336 3.60 12.22 6.21
CRESCENT PLAZA 812,385 492,250 1,304,635 5.25 8.04 6.04
--------------------------------------------------------------------------
Total: Massachusetts 922,041 653,930 1,575,971 4.98 8.78 6.07
--------------------------------------------------------------------------
Rhode Island
- ------------
WALNUT HILL PLAZA 966,904 890,445 1,857,349 5.66 10.15 7.18
--------------------------------------------------------------------------
Total: Rhode Island 966,904 890,445 1,857,349 5.66 10.15 7.18
--------------------------------------------------------------------------
Vermont
- -------
THE GATEWAY SHOPPING CENTER(1) 271,117 280,710 551,827 5.41 12.10 7.53
--------------------------------------------------------------------------
Total: Vermont 271,117 280,710 551,827 5.41 12.10 7.53
--------------------------------------------------------------------------
Total: New England 2,890,062 2,253,093 5,143,155 5.13 10.23 6.56
--------------------------------------------------------------------------
</TABLE>
(1) This property is currently under redevelopment
Page 26
<PAGE>
[LOGO]
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Commercial Properties by Region - Detail
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
Gross Leasable Area Occupancy
--------------------------------------------------------------------------
Anchors(1) Shops Total Anchors Shops Total
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties - Wholly Owned
--------------------------------
New York Region
---------------
New Jersey
- ----------
ELMWOOD PARK SHOPPING CENTER 27,918 96,226 124,144 100.00% 81.47% 85.64%
MARKETPLACE OF ABSECON 44,824 46,875 91,699 100.00% 93.06% 96.45%
BERLIN SHOPPING CENTER 127,850 59,446 187,296 100.00% 62.19% 88.00%
LEDGEWOOD MALL 234,675 282,007 516,682 100.00% 89.18% 94.09%
MANAHAWKIN VILLAGE SHOPPING CENTER 152,053 23,208 175,261 100.00% 100.00% 100.00%
--------------------------------------------------------------------------
Total: New Jersey 587,320 507,762 1,095,082 100.00% 85.41% 93.23%
--------------------------------------------------------------------------
New York
- --------
SOUNDVIEW MARKETPLACE 66,800 113,820 180,620 100.00% 87.71% 92.26%
VILLAGE COMMONS SHOPPING CENTER 25,192 61,963 87,155 100.00% 86.13% 90.14%
BRANCH SHOPPING CENTER 83,670 42,142 125,812 100.00% 97.19% 99.06%
NEW LOUDEN CENTER 226,543 25,200 251,743 45.06% 100.00% 50.56%
TROY PLAZA 100,709 27,770 128,479 100.00% 100.00% 100.00%
PACESETTER PARK SHOPPING CENTER 52,052 43,507 95,559 100.00% 61.22% 82.34%
--------------------------------------------------------------------------
Total: New York 554,966 314,402 869,368 77.57% 87.08% 81.01%
--------------------------------------------------------------------------
Total: New York Region 1,142,286 822,164 1,964,450 89.10% 86.05% 87.82%
--------------------------------------------------------------------------
Southeast
---------
Alabama
- -------
MIDWAY PLAZA 105,775 101,763 207,538 79.44% 61.91% 70.84%
NORTHSIDE MALL 172,370 209,929 382,299 64.96% 65.21% 65.10%
--------------------------------------------------------------------------
Total: Alabama 278,145 311,692 589,837 70.47% 64.13% 67.12%
--------------------------------------------------------------------------
Florida
- -------
NEW SMYRNA BEACH SHOPPING CENTER 35,980 64,450 100,430 100.00% 93.46% 95.80%
--------------------------------------------------------------------------
Total: Florida 35,980 64,450 100,430 100.00% 93.46% 95.80%
--------------------------------------------------------------------------
Georgia
- -------
CLOUD SPRINGS PLAZA 74,260 39,107 113,367 100.00% 88.49% 96.03%
--------------------------------------------------------------------------
Total: Georgia 74,260 39,107 113,367 100.00% 88.49% 96.03%
--------------------------------------------------------------------------
South Carolina
- --------------
MARTINTOWN PLAZA 91,996 41,896 133,892 100.00% 64.66% 88.94%
WESMARK PLAZA 104,800 110,398 215,198 100.00% 74.22% 86.77%
--------------------------------------------------------------------------
Total: South Carolina 196,796 152,294 349,090 100.00% 71.59% 87.61%
--------------------------------------------------------------------------
Total: Southeast 585,181 567,543 1,152,724 85.96% 71.14% 78.66%
--------------------------------------------------------------------------
Total: Retail Properties - Wholly Owned(1) 5,405,044 2,894,493 8,299,537 90.98% 83.94% 88.52%
--------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square Foot
--------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties - Wholly Owned
--------------------------------
New York Region
---------------
New Jersey
- ----------
ELMWOOD PARK SHOPPING CENTER 120,000 1,571,331 1,691,331 4.30 20.04 15.91
MARKETPLACE OF ABSECON 541,824 662,247 1,204,071 12.09 15.18 13.61
BERLIN SHOPPING CENTER 619,400 261,344 880,744 4.84 7.07 5.34
LEDGEWOOD MALL 1,667,101 2,911,670 4,578,771 7.10 11.58 9.42
MANAHAWKIN VILLAGE SHOPPING CENTER 1,286,874 209,680 1,496,554 8.46 9.03 8.54
--------------------------------------------------------------------------
Total: New Jersey 4,235,199 5,616,272 9,851,471 7.21 12.95 9.65
--------------------------------------------------------------------------
New York
- --------
SOUNDVIEW MARKETPLACE 931,500 1,339,827 2,271,327 13.94 13.42 13.63
VILLAGE COMMONS SHOPPING CENTER 407,055 1,231,282 1,638,337 16.16 23.07 20.85
BRANCH SHOPPING CENTER 1,110,114 841,311 1,951,425 13.27 20.54 15.66
NEW LOUDEN CENTER 826,630 411,090 1,237,720 8.10 16.31 9.72
TROY PLAZA 196,000 285,200 481,200 1.95 10.27 3.75
PACESETTER PARK SHOPPING CENTER 297,203 481,340 778,543 5.71 18.07 9.89
--------------------------------------------------------------------------
Total: New York 3,768,502 4,590,050 8,358,552 8.75 16.77 11.87
--------------------------------------------------------------------------
Total: New York Region 8,003,701 10,206,322 18,210,023 7.86 14.43 10.56
--------------------------------------------------------------------------
Southeast
---------
Alabama
- -------
MIDWAY PLAZA 213,960 320,560 534,520 2.55 5.09 3.64
NORTHSIDE MALL 227,974 526,871 754,845 2.04 3.85 3.03
--------------------------------------------------------------------------
Total: Alabama 441,934 847,431 1,289,365 2.25 4.24 3.26
--------------------------------------------------------------------------
Florida
- -------
NEW SMYRNA BEACH SHOPPING CENTER 267,820 487,014 754,834 7.44 8.09 7.85
--------------------------------------------------------------------------
Total: Florida 267,820 487,014 754,834 7.44 8.09 7.85
--------------------------------------------------------------------------
Georgia
- -------
CLOUD SPRINGS PLAZA 326,030 192,770 518,800 4.39 5.57 4.77
--------------------------------------------------------------------------
Total: Georgia 326,030 192,770 518,800 4.39 5.57 4.77
--------------------------------------------------------------------------
South Carolina
- --------------
MARTINTOWN PLAZA 394,900 160,731 555,631 4.29 5.93 4.67
WESMARK PLAZA 586,520 178,252 764,772 5.60 2.18 4.10
--------------------------------------------------------------------------
Total: South Carolina 981,420 338,983 1,320,403 4.99 3.11 4.32
--------------------------------------------------------------------------
Total: Southeast 2,017,204 1,866,198 3,883,402 4.01 4.62 4.28
--------------------------------------------------------------------------
Total: Retail Properties - Wholly Owned(1) $25,780,999 $24,590,079 $50,371,078 $ 5.24 $ 10.12 $ 6.86
--------------------------------------------------------------------------
</TABLE>
(1) The Company is currently redeveloping the Atrium Mall. The above amounts do
not reflect the vacancy, subsequent to December 31, 1999, of the A&P
Supermarket and Circuit City spaces for a total of 78,000 square feet at the
Atrium Mall as part of that redevelopment. The effect of this would reduce
the above occupancy for the wholly owned portfolio by 0.9%.
Page 27
<PAGE>
[LOGO]
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Commercial Properties by Region - Detail
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
Gross Leasable Area Occupancy
--------------------------------------------------------------------------
Anchors(1) Shops Total Anchors Shops Total
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Mixed Use
---------
New England
-----------
Connecticut
- -----------
239 GREENWICH AVENUE(1) 16,834 -- 16,834 73.02% -- 73.02%
--------------------------------------------------------------------------
Total: Connecticut 16,834 -- 16,834 73.02% -- 73.02%
--------------------------------------------------------------------------
Total: New England 16,834 -- 16,834 73.02% -- 73.02%
--------------------------------------------------------------------------
Southeast
---------
Florida
- -------
NORTHWOOD CENTRE 353,541 146,471 500,012 100.00% 85.90% 95.87%
--------------------------------------------------------------------------
Total: Florida 353,541 146,471 500,012 100.00% 85.90% 95.87%
--------------------------------------------------------------------------
Total: Southeast 353,541 146,471 500,012 100.00% 85.90% 95.87%
--------------------------------------------------------------------------
Total: Mixed Use 370,375 146,471 516,846 98.77% 85.90% 95.12%
--------------------------------------------------------------------------
Unconsolidated Retail Properties
--------------------------------
New York Region
---------------
New York
- --------
CROSSROADS JOINT VENTURE 138,933 56,986 195,919 100.00% 94.21% 98.32%
CROSSROADS II 52,430 62,548 114,978 100.00% 100.00% 100.00%
--------------------------------------------------------------------------
Total: New York 191,363 119,534 310,897 100.00% 97.24% 98.94%
--------------------------------------------------------------------------
Total: New York Region 191,363 119,534 310,897 100.00% 97.24% 98.94%
--------------------------------------------------------------------------
Total: Unconsolidated Retail Properties 191,363 119,534 310,897 100.00% 97.24% 98.94%
--------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
Annualized Base Rent
Annualized Base Rent per Occupied Square Foot
----------------------------------------------------------------------------
Anchors Shops Total Anchors Shops Total
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Mixed Use
---------
New England
-----------
Connecticut
- -----------
239 GREENWICH AVENUE(1) $ 830,000 $ -- $ 830,000 $ 67.52 $ -- $ 67.52
----------------------------------------------------------------------------
Total: Connecticut 830,000 -- 830,000 67.52 -- 67.52
----------------------------------------------------------------------------
Total: New England 830,000 -- 830,000 67.52 -- 67.52
----------------------------------------------------------------------------
Southeast
---------
Florida
- -------
NORTHWOOD CENTRE 4,690,068 1,568,550 6,258,618 13.27 12.47 13.06
----------------------------------------------------------------------------
Total: Florida 4,690,068 1,568,550 6,258,618 13.27 12.47 13.06
----------------------------------------------------------------------------
Total: Southeast 4,690,068 1,568,550 6,258,618 13.27 12.47 13.06
----------------------------------------------------------------------------
Total: Mixed Use $5,520,068 $1,568,550 $7,088,618 $ 15.09 $ 12.47$ 14.42
----------------------------------------------------------------------------
Unconsolidated Retail Properties
--------------------------------
New York Region
---------------
New York
- --------
CROSSROADS JOINT VENTURE $1,070,250 $1,323,681 $2,393,931 $ 7.70 $ 24.66$ 12.43
CROSSROADS II 720,296 1,775,006 2,495,302 13.74 28.38 21.70
Total: New York 1,790,546 3,098,687 4,889,233 9.36 26.66 15.89
----------------------------------------------------------------------------
Total: New York Region 1,790,546 3,098,687 4,889,233 9.36 26.66 15.89
----------------------------------------------------------------------------
Total: Unconsolidated Retail Properties $1,790,546 $3,098,687 $4,889,233 $ 9.36 $ 26.66$ 15.89
----------------------------------------------------------------------------
</TABLE>
(1) Subsequent to December 31, 1999, the Company leased the balance of available
retail space at this property (4,541 square feet), as well as leased all 21
of the residential units.
Page 28
<PAGE>
[LOGO]
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Top 25 Retail Tenants - Ranked by Annualized Base Rent
------------------------------------------------------
(excludes Joint Venture and Mixed-Use Properties)
<TABLE>
<CAPTION>
Percentage of Total
Represented by Retail Tenant
----------------------------
Ranking Number of
Current Previous Retail Stores in Total Annualized Base Total Annualized Base
Year End Year End Tenant Portfolio GLA Rent(1) Portfolio GLA(2) Rent(2)
-------- -------- ------ --------- --- ------- ---------------- -------
<S> <C> <C> <C> <C> <C> <C>
1 1 Kmart 9 924,282 $ 3,431,692 11.1% 6.8%
2 2 Ames(3) 10 738,530 2,211,140 8.9% 4.4%
3 5 Price Chopper 6 267,197 1,558,720 3.2% 3.1%
4 8 Grand Union 4 174,570 1,365,073 2.1% 2.7%
5 3 A&P (Waldbaum's, Superfresh)(4) 2 109,828 1,338,346 1.3% 2.7%
6 6 Eckerd Drug(5) 16 179,324 1,330,509 2.2% 2.6%
7 25 Walmart 2 232,540 1,116,575 2.8% 2.2%
8 7 Shaw's 2 102,617 1,014,684 1.2% 2.0%
9 17 Acme (Albertson's) 3 109,064 947,640 1.3% 1.9%
10 15 Circuit City(4) 2 66,115 889,862 0.8% 1.8%
11 n/a Redner's Supermarket 2 111,739 837,112 1.3% 1.7%
12 10 T.J. Maxx 5 130,392 825,302 1.6% 1.6%
13 n/a PharMor 2 90,471 796,710 1.1% 1.6%
14 9 Sears 2 159,640 703,230 1.9% 1.4%
15 4 Penn Traffic 2 85,896 635,811 1.0% 1.3%
16 n/a Stern's (Federated) 1 61,900 618,075 0.7% 1.2%
17 14 CVS 6 62,610 599,323 0.8% 1.2%
18 11 JC Penney 2 72,580 546,747 0.9% 1.1%
19 n/a Clearview Cinemas(6) 1 25,400 517,500 0.3% 1.0%
20 12 Payless Shoe Source 12 41,209 513,470 0.5% 1.0%
21 13 Blockbuster Video 4 23,266 495,521 0.3% 1.0%
22 n/a Office Depot 3 83,821 443,481 1.0% 0.9%
23 16 Walgreens 2 18,978 420,024 0.2% 0.8%
24 n/a Marshalls 2 53,243 417,182 0.6% 0.8%
25 n/a King Kullen Grocery 1 41,400 414,000 0.5% 0.8%
--- --------- ------------ ---- ----
Total 103 3,966,612 $ 23,987,729 47.8% 47.6%
=== ========= ============ ==== ====
</TABLE>
(1) Base rents do not include percentage rents, additional rents for property
expense reimbursements, and contractual rent escalations due after December
31, 1999.
(2) Represents total GLA and annualized base rent for the Company's retail
properties excluding mixed-use and joint venture properties.
(3) Ames acquired all the Hills stores in the Company's portfolio in 1998 and
has reconfigured such to Ames stores during 1999
(4) The Company is currently redeveloping the Atrium Mall. The above amounts do
not reflect the vacancy, subsequent to December 31, 1999, of the A&P
Supermarket, representing 45,163 square feet and $608,346 of rents, and the
Circuit City space, representing 32,631 square feet and $437,828 of rents,
in connection with that redevelopment. Although these tenants have ceased
operations, they are obligated, and continue, to pay rent pursuant to their
leases.
(5) Subsidiary of JC Penney
(6) Subsidiary of Cablevision
Page 29
<PAGE>
[LOGO]
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Anchor Tenant Summary
---------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Property/Tenant Name Square Lease Annual Annual Options/
(Type of Center) Footage Expiration Rent Rent PSF Required Notice
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS
Retail Anchor Properties- Wholly Owned
New England
- -----------
Connecticut
-----------
TOWN LINE PLAZA, ROCKY HILL (Strip Mall)
WALMART STORES INC(1) 92,500 n/a $ -- $ --
WALDBAUMS INC. 64,665 03/08/2017 730,000 11.29 (7) 5 YEAR (6 MONTHS)
--------- ---------- ------
Total: TOWN LINE PLAZA 157,165 730,000 11.29
--------- ---------- ------
Massachusetts
-------------
METHUEN SHOPPING CENTER, METHUEN (Strip Mall)
DEMOULAS SUPER MARKETS INC. 30,460 01/31/2005 109,656 3.60 (2) 5 YEAR
--------- ---------- ------
Total: METHUEN SHOPPING CENTER 30,460 109,656 3.60
--------- ---------- ------
CRESCENT PLAZA, BROCKTON (Strip Mall)
BRADLESS LEASE ADMINISTRATION 104,640 01/31/2009 295,425 2.82 (1) 8 YR & (2) 5 YEAR
SHAWS SUPERMARKETS INC. 50,225 12/31/2012 516,960 10.29 (6) 5 YEAR (6 MONTHS)
--------- ---------- ------
Total: CRESCENT PLAZA 154,865 812,385 5.25
--------- ---------- ------
Rhode Island
------------
WALNUT HILL PLAZA, WOONSOCKET (Strip Mall)
CONCORD BUYING GROUP INC. 28,648 04/30/2004 164,726 5.75 (3) 5 YEARS (6 MONTHS)
BRUNSWICK INDOOR RECREATION 29,160 04/02/2005 46,454 1.59 -
#2073 SEARS LOCATN# B2-174A 60,700 08/31/2003 258,000 4.25 (6) 5 YEAR (12 MONTHS)
SHAWS SUPERMARKETS INC. 52,392 12/31/2013 497,724 9.50 (6) 5 YEAR (9 MONTHS)
--------- ---------- ------
Total: WALNUT HILL PLAZA 170,900 966,904 5.66
--------- ---------- ------
Vermont
-------
THE GATEWAY SHOPPING CENTER, BURLINGTON (Strip Mall)(2)
GRAND UNION (#I 167) 31,600 06/30/2005 110,600 3.50 (1) 5 YEAR (12 MONTHS)
T.J. MAXX COMPANIES (#646) 18,527 01/31/2000 160,517 8.66 -
--------- ---------- ------
Total: THE GATEWAY SHOPPING CENTER 50,127 271,117 5.41
--------- ---------- ------
Total : New England 563,517 2,890,062 5.13
--------- ---------- ------
</TABLE>
(1) This space is contiguous to the Company's property and is not owned by the
Company.
(2) This property is currently undergoing redevelopment
Page 30
<PAGE>
[LOGO]
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Anchor Tenant Summary
---------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Property/Tenant Name Square Lease Annual Annual Options/
(Type of Center) Footage Expiration Rent Rent PSF Required Notice
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS
Retail Anchor Properties- Wholly Owned
- --------------------------------------
New York Region
- ---------------
New Jersey
----------
ELMWOOD PARK SHOPPING CENTER, ELMWOOD PARK (Strip Mall)
GRAND UNION CO. 27,918 04/30/2001 120,000 4.30 -
--------- --------- -----
Total: ELMWOOD PARK SHOPPING CENTER 27,918 120,000 4.30
--------- --------- -----
MARKETPLACE OF ABSECON, ABSECON (Strip Mall)
ACME MARKETS 44,824 04/30/2015 541,824 12.09 (8) 5 YEAR (12 MONTHS)
--------- --------- -----
Total: MARKETPLACE OF ABSECON 44,824 541,824 12.09
--------- --------- ------
BERLIN SHOPPING CENTER, BERLIN (Strip Mall)
ACME MARKETS INC, #1 102 32,040 04/30/2005 320,400 10.00 (2) 5 YEAR (6 MONTHS)
KMART #3244 95,810 11/30/2004 299,000 3.12 (5) 5 YEAR (6 MONTHS)
--------- --------- -----
Total: BERLIN SHOPPING CENTER 127,850 619,400 4.84
--------- --------- -----
LEDGEWOOD MALL, LEDGEWOOD (Mall)
THE SPORTS AUTHORITY #822 52,205 05/31/2007 225,000 4.31 (6) 5 YEAR (15 MONTHS)
STERN'S DEPARTMENT STORES 1 61,900 01/31/2005 553,500 8.94 (1) 5 YEAR (6 MONTHS)
WAL-MART STORES INC. 120,570 03/31/2019 888,601 7.37 (6) 5 YEAR (6 MONTHS)
--------- --------- -----
Total: LEDGEWOOD MALL 234,675 1,667,101 7.10
--------- --------- -----
MANAHAWKIN VILLAGE SH CENTER, MANAHAWKIN (Strip Mail)
KMART #3641 112,434 01/31/2019 843,255 7.50 (8) 5 YEAR (12 MONTHS)
MANDEE'S 8,000 01/31/2004 80,000 10.00 (4) 5 YEARS (6 MONTHS)
MANAHAWKIN VILLAGE CINEMA (HOYT'S) 31,619 11/30/2018 363,618 11.50 (4) 5 YEAR (6 MONTHS)
--------- --------- -----
Total: MANAHAWKIN VILLAGE SH CENTER 152,053 1,286,873 8.46
--------- --------- -----
New York
--------
SOUNDVIEW MARKETPLACE, PORT WASHINGTON (Strip Mall)
KING KULLEN GROCERY CO. INC. 41,400 09/26/2007 414,000 10.00 (3) 5 YEAR (11 MONTHS)
CSC SOUNDVIEW CINEMA LLC 25,400 05/31/2010 517,500 20.37 (4) 5 YEAR (12 MONTHS)
--------- --------- -----
Total: SOUNDVIEW MARKETPLACE 66,800 931,500 13.94
--------- --------- -----
SMITHTOWN SHOPPING CENTER, SMITHTOWN (Strip Mall)
DAFFY'S INC. 16,125 05/30/2008 262,031 16.25 (4) 5 YEAR (12 MONTHS)
WALGREENS EASTERN CO. INC. 9,067 12/31/2021 145,024 15.99 -
--------- --------- -----
Total: SMITHTOWN SHOPPING CENTER 25,192 407,055 16.16
--------- --------- -----
RD BRANCH ASSOCIATES L.P., SMITHTOWN (Strip Mall)
#38 THE GRAND UNION COMPANY 63,000 11/30/2013 837,270 13.29 (1) 10 YEAR & (1) 5 YEAR
PERGAMENT HOME CENTERS 20,670 10/31/2004 272,844 13.20 (3) 5 YEAR (12 MONTHS)
--------- --------- -----
Total: RD BRANCH ASSOCIATES L.P. 83,670 1,110,114 13.27
--------- --------- -----
NEW LOUDEN CENTER, LATHAM (Strip Mall)
MARSHALLS OF MA INC. 26,015 01/31/2004 104,060 4.00 (1) 5 YEAR (12 MONTHS)
PRICE CHOPPER - STORE #138 76,060 05/31/2015 722,570 9.50 (4) 5 YEAR (12 MONTHS)
--------- --------- -----
Total: NEW LOUDEN CENTER 102,075 826,630 8.10
--------- --------- -----
TROY PLAZA, TROY (Strip Mall)
AMES DISTRIBUTING 71,665 05/31/2001 140,000 1.95 (2) 5 YEAR (6 MONTHS)
PRICE CHOPPER - STORE #47 29,044 09/30/2004 56,000 1.93 (2) 5 YEAR
--------- --------- -----
Total: TROY PLAZA 100,709 196,000 1.95
--------- --------- -----
PACESETTER PARK SHOPPING CENTER, POMONA (Strip Center)
GRAND UNION CO. 52,052 08/31/2020 297,203 5.71 -
--------- --------- -----
Total: PACESETTER PARK SHOPPING CENTER 52,052 297,203 5.71
--------- --------- -----
Total: New York Region 1,017,818 8,003,700 7.86
--------- --------- -----
</TABLE>
(1) This space has been expanded by 12,915 square feet.
Page 31
<PAGE>
[GRAPHIC]
<TABLE>
<CAPTION>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Anchor Tenant Summary
- ---------------------------------------------------------------------------------------------------------------------------------
Property/Tenant Name Square Lease Annual Annual Options/Required
(Type of Center) Footage Expiration Rent Rent PSF Notice
- ---------------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTERS GLA AS ANCHOR TENANTS
<S> <C> <C> <C> <C> <C>
Retail Anchor Properties- Wholly Owned
Mid-Atlantic
Pennsylvania
------------
ATRIUM MALL, ABINGTON (Mall)
CIRCUIT CITY STORES INC.(1) 32,631 1/31/09 437,828 13.42 (4) 5 YEAR (6 MONTHS)
A&P TEA COMPANY(1) 45,163 1/31/09 608,346 13.47
TJX COMPANIES INC. 27,565 1/31/04 248,085 9.00 (2) 5 YEAR (6 MONTHS)
------- ----------------------
Total: ATRIUM MALL 105,359 1,294,259 12.28
------- ----------------------
AMES PLAZA, SHAMOKIN (Strip Mall)
AMES REALTY 11, INC 59,116 1/31/03 84,006 1.42 (2) 5 YEAR (6 MONTHS)
------- ----------------------
Total: AMES PLAZA 59,116 84,006 1.42
------- ----------------------
BIRNEY PLAZA, MOOSIC (Strip Mall)
BIG LOTS 30,537 1/31/03 106,880 3.50 (1) 5 YEAR (6 MONTHS)
KMART #3264 104,956 10/31/04 204,664 1.95 (9) 5 YEAR (6 MONTHS)
------- ----------------------
Total: BIRNEY PLAZA 135,493 311,544 2.30
------- ----------------------
BLACKMAN PLAZA, WILKES-BARRE (Strip Mail)
KMART #3268 104,956 10/31/04 204,664 1.95 (8) 5 YEAR (12 MONTHS)
------- ----------------------
Total: BLACKMAN PLAZA 104,956 204,664 1.95
------- ----------------------
BRADFORD TOWNE CENTRE, TOWANDA (Strip Mall)
KMART CORPORATION, #4713 94,841 3/31/19 474,205 5.00 (10) 5 YEAR (6 MONTHS)
THE PENN TRAFFIC CO, #194 51,658 9/30/14 413,264 8.00 (2) 5 YEAR (6 MONTHS)
------- ----------------------
Total: BRADFORD TOWNE CENTRE 146,499 887,469 6.06
------- ----------------------
CIRCLE PLAZA, SHAMOKIN DAM (Strip Mall)
KMART STORE #7075 92,171 11/7/04 252,289 2.74 (9) 5 YEAR (12 MONTHS)
------- ----------------------
Total: CIRCLE PLAZA 92,171 252,289 2.74
------- ----------------------
DUNMORE PLAZA, DUNMORE (Strip Mall)
ECKERD #5790 13,205 11/30/04 89,134 6.75 (3) 5 YEAR (6 MONTHS)
PRICE CHOPPER OPERATING CO. 26,475 11/30/00 - - (4) 5 YEAR (6 MONTHS)
------- ----------------------
Total: DUNMORE PLAZA 39,680 89,134 2.25
------- ----------------------
EAST END CENTER, WILKES-BARRE (Strip Mall)
AMES DEPARTMENT STORES INC. 83,000 1/31/07 436,000 5.25 (6) 5 YEAR (6 MONTHS)
PHAR-MOR INC. L.L.C. 43,200 3/31/03 324,000 7.50 (3) 5 YEAR (6 MONTHS)
PRICE CHOPPER - STORE #11 0 50,000 4/30/08 357,500 7.15 (4) 5 YEAR (6 MONTHS)
------- ----------------------
Total: EAST END CENTER 176,200 1,117,500 6.34
------- ----------------------
</TABLE>
(1) The Company is currently redeveloping the Atrium Mall. These tenants have
vacated, or are in the process of vacating their spaces subsequent to
December 31, 1999 in connection with the redevelopment.
Page 32
<PAGE>
[GRAPHIC]
<TABLE>
<CAPTION>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Anchor Tenant Summary
- ---------------------------------------------------------------------------------------------------------------------------------
Property/Tenant Name Square Lease Annual Annual Options/Required
(Type of Center) Footage Expiration Rent Rent PSF Notice
- ---------------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTERS GLA AS ANCHOR TENANTS
<S> <C> <C> <C> <C> <C>
Retail Anchor Properties - Wholly Owned
Pennsylvania
------------
GREENRIDGE PLAZA, SCRANTON (Strip Mall)
AMES DEPARTMENTS STORE 83,330 1/31/07 380,000 4.56 (6) 5 YEAR (6 MONTHS)
------- --------------------
Total: GREENRIDGE PLAZA 83,330 380,000 4.56
------- --------------------
KINGSTON PLAZA, KINGSTON (Strip Mall)
DOLLAR GENERAL CORPORATION 6,500 6/30/01 35,750 5.50 (2) 3 YEAR (6 MONTHS)
PRICE CHOPPER - STORE #113 45,000 12/31/06 245,000 5.44 (4) 5 YEAR (6 MONTHS)
------- --------------------
Total: KINGSTON PLAZA 51,500 280,750 5.45
------- --------------------
LUZERNE STREET SHOPPING CENTER. SCRANTON
(Strip Mall)
ECKERD #5789, 14,000 4/30/04 94,500 6.75 (3) 5 YEAR (6 MONTHS)
PRICE CHOPPER - STORE #101 40,618 4/30/04 177,650 4.37 (4) 5 YEAR (12 MONTHS)
------- --------------------
Total: LUZERNE STREET SHOPPING CENTER 54,618 272,150 4.98
------- --------------------
MARK PLAZA, EDWARDSVILLE (Strip Mall)
KMART CORPORATION #3266 104,956 10/31/04 204,664 1.95 (10) 5 YEAR (12 MONTHS)
REDNER'S MARKET INC. 52,639 5/31/18 421,112 8.00 (2) 5 YEAR (6 MONTHS)
------- --------------------
Total: MARK PLAZA 157,595 625,776 3.97
------- --------------------
MONROE PLAZA, STROUDSBURG (Strip Mall)
AMES DISTRIBUTING 61,489 1/29/01 94,434 1.54 (1) 3 & (3) 5 YEAR
ECKERD #5777 13,716 10/31/02 48,006 3.50 (2) 5 YEAR (6 MONTHS)
VILLAGE SUPER MARKETS INC. 52,924 10/31/05 281,278 5.31 (3) 5 & (1) 3 YEAR
------- --------------------
Total: MONROE PLAZA 128,129 423,718 3.31
------- --------------------
MOUNTAINVILLE SHOPPING CENTER, ALLENTOWN
(Strip Mail)
ACME MARKETS INC. - #1851 32,200 6/30/04 85,416 2.65 -
ECKERD #6084 15,808 4/30/04 60,000 3.80 (3) 5 YEAR (6 MONTHS)
KLING'S HANDYMAN PAINT 20,000 1/31/02 80,000 4.00 (1) 5 YEAR (6 MONTHS)
------- --------------------
Total: MOUNTAINVILLE SHOPPING CENTER 68,008 225,416 3.31
------- --------------------
PITTSTON PLAZA, PITTSTON (Strip Mail)
ECKERD DRUGS #6097 8,468 6/30/06 76,212 9.00 (2) 5 YEAR (6 MONTHS)
REDNER'S MARKETS INC. 59,100 12/31/18 416,000 7.04 (2) 5 YEAR
------- --------------------
Total: PITTSTON PLAZA 67,568 492,212 7.28
------- --------------------
</TABLE>
Page 33
<PAGE>
[GRAPHIC]
<TABLE>
<CAPTION>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Anchor Tenant Summary
- ---------------------------------------------------------------------------------------------------------------------------------
Property/Tenant Name Square Lease Annual Annual Options/Required
(Type of Center) Footage Expiration Rent Rent PSF Notice
- ---------------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTERS GLA AS ANCHOR TENANTS
<S> <C> <C> <C> <C> <C>
Retail Anchor Properties - Wholly Owned
Pennsylvania
------------
PLAZA 15, LEWISBURG (Strip Mail)
AMES DEPT. STORE 53,000 4/30/01 121,900 2.30 (4) 5 YEAR (6 MONTHS)
WEIS MARKETS INC. 28,800 12/31/01 95,088 3.30 (4) 5 YEAR (3 MONTHS)
--------- -----------------------
Total: PLAZA 15 81,800 216,988 2.65
--------- -----------------------
PLAZA 422, LEBANON (Strip Mall)
PLAYTIME INC, (Sub-leased from Giant) 40,783 9/23/04 132,030 3.24 (5) 5 YEAR
AMES DEPARTMENT STORE INC 83,330 10/31/01 130,000 1.56 (4) 5 YEAR (6 MONTHS)
--------- -----------------------
Total: PLAZA 422 124,113 262,030 2.11
--------- -----------------------
ROUTE 6 MALL, HONESDALE (Strip Mall)
KMART #3885 119,658 4/30/20 687,951 5.75 (10) 5 YEAR (AUTOMATIC)
--------- -----------------------
Total: ROUTE 6 MALL 119,658 687,951 5.75
--------- -----------------------
SHILLINGTON PLAZA, READING (Strip Mall)
KMART CORPORATION 94,500 7/31/04 261,000 2.76 (9) 5 YEAR (12 MONTHS)
WEIS MARKETS INC. 40,107 8/31/01 106,720 2.66 (3) 5 YEAR (12 MONTHS)
--------- -----------------------
Total: SHILLINGTON PLAZA 134,607 367,720 2.73
--------- -----------------------
TIOGA WEST,TUNKHANNOCK (Strip Mall)
AMES DEPARTMENT STORES 53,000 5/31/05 111,300 2.10 (2) 5 YEAR (6 MONTHS)
ECKERD #6170 12,600 3/31/00 40,000 3.17 (2) 5 YEAR (6 MONTHS)
FASHION BUG #234 13,500 11/30/09 - - (3) 5 YEAR (6 MONTHS)
PENN TRAFFIC BI-LO #368 34,238 9/30/14 222,547 6.50 (2) 5 YEAR
--------- -----------------------
Total: TIOGA WEST 113,338 373,847 3.30
--------- -----------------------
25TH STREET SHOPPING CENTER, EASTON
(Strip Mall)
CVS INC./STORE #1305 13,400 12/31/05 127,300 9.50 (1) 5 YEAR (6 MONTHS)
PETCO ANIMAL SUPPLIES #887 15,400 1/31/09 127,050 8.25 (3) 5 YEAR
--------- -----------------------
Total: 25TH STREET SHOPPING CENTER 28,800 254,350 8.83
--------- -----------------------
UNION PLAZA, NEW CASTLE (Strip Mall)
AMES DEPARTMENT STORE INC 94,000 1/31/17 493,500 5.25 (2) 5 YEAR
PEEBLES INC. 25,052 1/31/18 - - (3) 3 YEAR (AUTOMATIC)
SEARS ROEBUCK AND CO. 98,940 10/25/11 445,230 4.50 (4) 5 YEAR
--------- -----------------------
Total: UNION PLAZA 217,992 938,730 4.31
--------- -----------------------
VALMONT PLAZA, WEST HAZELTON (Strip Mall)
AMES DEPARTMENT STORES INC. 96,600 1/31/07 220,000 2.28 (3) 5 YEAR (6 MONTHS)
--------- -----------------------
Total: VALMONT PLAZA 96,600 220,000 2.28
--------- -----------------------
Virginia
--------
KINGS FAIRGROUNDS, DANVILLE
(Strip Mail)
CVS PHARMACY INC #6286 12,160 2/28/02 29,184 2.40 5 YEAR
SCHEWEL FURNITURE 60,200 1/31/01 165,550 2.75 5 YEAR (3 MONTHS)
TRACTOR SUPPLY CO. 30,975 11/30/08 123,900 4.00 5 YEAR (6 MONTHS)
--------- -----------------------
Total: KINGS FAIRGROUNDS 103,335 318,634 3.08
--------- -----------------------
Total : Mid-Atlantic 2,490,465 10,581,137 4.25
--------- -----------------------
</TABLE>
Page 34
<PAGE>
[GRAPHIC]
<TABLE>
<CAPTION>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Anchor Tenant Summary
- ---------------------------------------------------------------------------------------------------------------------------------
Property/Tenant Name Square Lease Annual Annual Options/Required
(Type of Center) Footage Expiration Rent Rent PSF Notice
- ---------------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTERS GLA AS ANCHOR TENANTS
<S> <C> <C> <C> <C> <C>
Retail Anchor Properties - Wholly Owned
Southeast
- ---------
Alabama
-------
MIDWAY PLAZA, OPELIKA (Strip Mail)
BEALL'S OUTLET STORES-ALA INC. 30,000 4/30/01 30,000 1.00 -
EASTWYNN THEATRES INC. 25,238 6/30/05 114,580 4.54 (2) 5 YEAR (12 MONTHS)
OFFICE DEPOT INC. 28,787 10/31/07 69,380 2.41 (3) 5 YEAR (AUTOMATIC)
------- ----------------------
Total: MIDWAY PLAZA 84,025 213,960 2.55
------- ----------------------
NORTHSIDE MALL, DOTHAN (Mail)
WALMART 111,970 1/31/04 227,974 2.04 (6) 5 YEAR (6 MONTHS)
------- ----------------------
Total: NORTHSIDE MALL 111,970 227,974 2.04
------- ----------------------
Florida
-------
NEW SMYRNA BEACH SHOPPING CNTR, NEW SMYRNA
BEACH (Strip Mall)
HARDBODIES FAMILY FITNESS 11,200 8/31/08 44,800 4.00 -
THEATRE MANAGEMENT INC. 24,780 11/30/05 223,020 9.00 (2) 5 YEAR (6 MONTHS)
------- ----------------------
Total: NEW SMYRNA BEACH SHOPPING CNTR 35,980 267,820 7.44
------- ----------------------
Georgia
-------
CLOUD SPRINGS PLAZA, FORT OGLETHORPE
(StripMall)
BIG LOTS #382 30,000 10/31/00 99,000 3.30 (1) 5 YEAR
FOOD LION INC. 29,000 1/31/11 181,250 6.25 (4) 5 YEAR
W.S. BADCOCK CORPORATION 15,260 9/28/00 45,780 3.00 (2) 5 YEAR (6 MONTHS)
------- ----------------------
Total: CLOUD SPRINGS PLAZA 74,260 326,030 4.39
------- ----------------------
South Carolina
--------------
MARTINTOWN PLAZA, NORTH AUGUSTA
(Strip Mail)
BELK STORE SERVICES 44,000 1/31/04 154,000 3.50 (4) 5 YEAR (6 MONTHS)
OFFICE DEPOT INC. 29,996 6/30/08 142,500 4.75 (2) 5 YEAR (12 MONTHS)
OLD AMERICA STORES L.P.(1) 18,000 11/30/08 98,400 5.47 (2) 5 YEAR (6 MONTHS)
------- ----------------------
Total: MARTINTOWN PLAZA 91,996 394,900 4.29
------- ----------------------
WESMARK PLAZA, SUMTER (Strip Mail)
GOODY'S #272 FAMILY CLOTHING 24,960 5/31/05 162,240 6.50 (2) 5 YEAR (6 MONTHS)
OLD AMERICA STORE INC.(1) 30,000 1/31/07 74,000 2.47 (1) 5 YEAR (6 MONTHS)
STAPLES INC. - STORE #404 21,840 9/30/05 98,280 4.50 (3) 5 YEAR (6 MONTHS)
THEATRE MANAGEMENT INC. 28,000 5/31/09 252,000 9.00 (2) 5 YEAR (6 MONTHS)
------- ----------------------
Total: WESMARK PLAZA 104,800 586,520 5.60
------- ----------------------
Total : Southeast 503,031 2,017,204 4.01
------- ----------------------
</TABLE>
(1) These tenants have vacated their space subsequent to December 31, 1999
Page 35
<PAGE>
[GRAPHIC]
<TABLE>
<CAPTION>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Anchor Tenant Summary
- ---------------------------------------------------------------------------------------------------------------------------------
Property/Tenant Name Square Lease Annual Annual Options/Required
(Type of Center) Footage Expiration Rent Rent PSF Notice
- ---------------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTERS GLA AS ANCHOR TENANTS
<S> <C> <C> <C> <C> <C>
Retail Anchor Properties - Wholly Owned
Midwest
- -------
Illinois
--------
HOBSON WEST PLAZA, NAPERVILLE (Strip Mail)
EAGLE FOOD CENTERS 42,037 11/30/07 170,000 4.04 (5) 5 YEAR (6 MONTHS)
--------- ------------------------
Total: HOBSON WEST PLAZA, 42,037 170,000 4.04
--------- ------------------------
Indiana
-------
MERRILLVILLE PLAZA, MERILLVILLE (Strip Mall)
JC PENNEY CO #1433-2 50,000 1/31/08 450,000 9.00 (2) 5 YEAR (12 MONTHS)
OFFICEMAX INC. 26,157 7/31/08 202,717 7.75 (4) 5 YEAR (6 MONTHS)
TJX COMPANIES INC. 25,200 1/31/04 182,700 7.25 (1) 5 YEAR (6 MONTHS)
--------- ------------------------
Total: MERRILLVILLE PLAZA 101,357 835,417 8.24
--------- ------------------------
Michigan
--------
BLOOMFIELD TOWN SQUARE, BLOOMFIELD
HILLS (Strip Mall)
BURLINGTON COAT FACTORY INC. 43,200 1/31/09 151,200 3.50 (1) 5 YEAR (6 MONTHS)
DRUG EMPORIUM 37,230 10/31/00 223,380 6.00 (4) 5 YEAR (6 MONTHS)
OFFICEMAX INC./#283 21,500 6/30/10 172,000 8.00 (3) 5 YEAR (9 MONTHS)
TJX OPERATING COMPANIES INC. 36,000 3/31/03 234,000 6.50 (2) 5 YEAR (6 MONTHS)
--------- ------------------------
Total: BLOOMFIELD TOWN SQUARE 137,930 780,580 5.66
--------- ------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Ohio
----
MAD RIVER STATION - RETAIL, DAYTON
(Strip Mall)
BABIES 'R' US 33,147 2/28/05 227,057 6.85 (3) 5 YEAR
OFFICE DEPOT INC. 25,038 8/31/00 231,601 9.25 (2) 5 YEAR
--------- ------------------------
Total: MAD RIVER STATION - RETAIL
SPACE 58,185 458,658 7.88
--------- ------------------------
MAD RIVER STATION - OFFICE, DAYTON
GUARANTY FUNDING 3,277 8/31/00 44,240 13.50
--------- --------------------------
Total: MAD RIVER STATION -
OFFICE SPACE 3,277 44,240 13.50
--------- --------------------------
Total : Midwest 342,786 2,288,895 6.68
--------- --------------------------
Total: Retail Anchor Properties -
Wholly Owned 4,917,617 $25,780,998 $ 5.24
========= ==========================
Mixed Use
- ---------
New England
- -----------
Connecticut
-----------
239 GREENWICH AVE., GREENWCH (Mixed Use -
Retail/Apts)
RESTORATION HARDWARE INC. 12,293 4/30/15 $ 830,000 $ 67.52 5 YEARS (6 MONTHS)
--------- ------------------------
Total: 239 GREENWICH AVE. 12,293 830,000 67.52
--------- ------------------------
Total - New England 12,293 830,000 67.52
--------- ------------------------
Southeast
- ---------
Florida
-------
NORTHWOOD CENTRE, TALLAHASSEE (Mixed Use -
Retail/Office)
DPR #790:0070 123,387 04/30/2006 1,724,950 13.98 (5) 1 YEAR
DEPT OF HEALTH #640:0078 1 59,150 04/30/2004 826,917 13.98 (10) 1 YEAR (6 MTHS)
DCF #590:1998 119,054 07/31/2005 1,963,200 16.49 (1) 6 YEAR & (2) 2 YEAR
PUBLIX SUPERMARKET 51,950 6/30/05 175,000 3.37 (4) 5 YEAR
--------- ------------------------
Total: NORTHWOOD CENTRE 353,541 4,690,067 13.27
--------- ------------------------
Total: Southeast 353,541 4,690,067 13.27
--------- ------------------------
Total:Mixed Use 365,834 $ 5,520,067 $ 15.09
========= ========================
</TABLE>
(1) The Company has received notification that this Florida State agency intends
on vacating their space in June of 2000
Page 36
<PAGE>
[GRAPHIC]
<TABLE>
<CAPTION>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Anchor Tenant Summary
- ---------------------------------------------------------------------------------------------------------------------------------
Property/Tenant Name Square Lease Annual Annual Options/Required
(Type of Center) Footage Expiration Rent Rent PSF Notice
- ---------------------------------------------------------------------------------------------------------------------------------
THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTERS GLA AS ANCHOR TENANTS
<S> <C> <C> <C> <C> <C>
Unconsolidated Retail Properties
New York Region
- ---------------
New York
CROSSROADS SHOPPING CENTER,WHITEPLAINS,
(Strip Mall)
K-MART CORPORATION (#9416) 100,725 1/31/12 $ 566,250 $ 5.62 5 YEAR (9 MONTHS)
WALDBAUMS INC. #614 38,208 12/31/07 504,000 13.19 5 YEAR (9 MONTHS)
B. DALTON BOOKSELLER INC #1 908 12,430 5/28/12 321,813 25.89 5 YEAR (18 MONTH)
MODELL'S OF WESTCHESTER INC. 15,000 1/11/02 204,733 13.65 NONE
PERGAMENT ACQUISITION CORP. 25,000 2/28/09 193,750 7.75 5 YEAR (12 MONTHS)
------- ------------------------
Total: CROSSROADS SHOPPING CENTER 191,363 1,790,546 9.36
------- ------------------------
Total : New York Region 191,363 1,790,546 9.36
------- ------------------------
Total :Unconsolidated Retail Properties 191,363 $ 1,790,546 $ 9.36
======= ========================
</TABLE>
Page 37
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Lease Expirations
<TABLE>
<CAPTION>
Gross Leased Area Annualized Base Rent
-------------------- ------------------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------- ------- ----- ------ ----- -------
Retail Properties
Anchor Tenant Expirations
<S> <C> <C> <C> <C> <C> <C> <C>
2000 8 168,407 3.42% 844,518 3.28% 5.01
2001 10 463,009 9.42% 1,039,442 4.03% 2.24
2002 3 45,876 0.93% 157,190 0.61% 3.43
2003 5 229,553 4.67% 1,006,886 3.91% 4.39
2004 21 1,075,075 21.86% 3,555,400 13.79% 3.31
2005 13 434,449 8.83% 2,485,665 9.64% 5.72
2006 2 53,468 1.09% 321,212 1.25% 6.01
2007 8 457,359 9.30% 1,988,380 7.71% 4.35
2008 8 232,453 4.73% 1,681,848 6.52% 7.24
2009(1) 8 375,034 7.63% 1,871,849 7.26% 4.99
2010 2 46,900 0.95% 689,500 2.67% 14.70
2011 2 127,940 2.60% 626,480 2.43% 4.90
2012 1 50,225 1.02% 516,960 2.01% 10.29
2013 2 115,392 2.35% 1,334,994 5.18% 11.57
2014 2 85,896 1.75% 635,811 2.47% 7.40
2015 2 120,884 2.46% 1,264,394 4.90% 10.46
2017 2 158,665 3.23% 1,223,500 4.75% 7.71
2018 4 168,410 3.42% 1,200,731 4.66% 7.13
2019 3 327,845 6.67% 2,206,061 8.56% 6.73
2020 2 171,710 3.49% 985,154 3.82% 5.74
2021 1 9,067 0.18% 145,024 0.55% 15.99
--- --------- ------ ----------- ------ ------
Total Occupied 109 4,917,617 100.00% $25,780,999 100.00% $ 5.24
Total Vacant 487,427
---------
Total Square Feet 5,405,044
=========
</TABLE>
(1) The Company is currently redeveloping the Atrium Mall. The above amounts
include the A&P Supermarket, which comprised 45,163 square feet and $608,346
of rents, and Circuit City, which comprised 32,631 square feet and $437,828
of rents, both which vacated, or are in the process of vacating the center
in connection with that redevelopment. Both leases were originally scheduled
to expire in 2009.
Page 38
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Lease Expirations
<TABLE>
<CAPTION>
Gross Leased Area Annualized Base Rent
--------------------- -------------------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------- ------- ----- ------ ----- -------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties
Shop Tenant Expirations
Month to Month 60 206,050 8.48% $ 1,215,924 4.94% $ 5.90
2000 89 285,211 11.74% 2,840,152 11.55% 9.96
2001 90 280,923 11.56% 2,918,853 11.87% 10.39
2002 80 336,549 13.85% 3,322,668 13.51% 9.87
2003 68 272,403 11.21% 2,907,517 11.82% 10.67
2004 57 255,214 10.50% 2,907,457 11.82% 11.39
2005 32 182,457 7.51% 1,865,705 7.59% 10.23
2006 14 94,020 3.87% 827,900 3.37% 8.81
2007 12 93,525 3.85% 1,036,131 4.21% 11.08
2008 20 116,162 4.78% 1,444,228 5.87% 12.43
2009 19 149,951 6.17% 1,541,574 6.27% 10.28
2010 4 46,640 1.92% 294,880 1.20% 6.32
2011 3 22,358 0.92% 293,254 1.19% 13.12
2014 2 31,411 1.29% 357,500 1.45% 11.38
2015 1 8,500 0.35% 127,500 0.52% 15.00
2019 1 14,887 0.61% 236,800 0.96% 15.91
2020 1 33,484 1.39% 452,036 1.87% 13.50
--- --------- ------ ----------- ------ -------
Total Occupied 553 2,429,745 100.00% $24,590,079 100.00% $ 10.12
Total Vacant 464,748
---------
Total Square Feet 2,894,493
=========
</TABLE>
Page 39
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Lease Expirations
<TABLE>
<CAPTION>
Gross Leased Area Annualized Base Rent
--------------------- -------------------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------- ------- ----- ------ ----- -------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties
Total Retail Expirations
Month to Month 60 206,050 2.80% $ 1,215,924 2.41% $ 5.90
2000 97 453,618 6.17% 3,684,670 7.32% 8.12
2001 100 743,932 10.13% 3,958,295 7.86% 5.32
2002 83 382,425 5.20% 3,479,858 6.91% 9.10
2003 73 501,956 6.83% 3,914,403 7.77% 7.80
2004 78 1,330,289 18.11% 6,462,857 12.83% 4.86
2005 45 616,906 8.40% 4,351,370 8.64% 7.05
2006 16 147,488 2.01% 1,149,112 2.28% 7.79
2007 20 550,884 7.50% 3,024,511 6.00% 5.49
2008 28 348,615 4.74% 3,126,076 6.21% 8.97
2009(1) 27 524,985 7.15% 3,413,423 6.78% 6.50
2010 6 93,540 1.27% 984,380 1.95% 10.52
2011 5 150,298 2.05% 919,734 1.83% 6.12
2012 1 50,225 0.68% 516,960 1.03% 10.29
2013 2 115,392 1.57% 1,334,994 2.65% 11.57
2014 4 117,307 1.60% 993,311 1.97% 8.47
2015 3 129,384 1.76% 1,391,894 2.76% 10.76
2017 2 158,665 2.16% 1,223,500 2.43% 7.71
2018 4 168,410 2.29% 1,200,731 2.38% 7.13
2019 4 342,732 4.66% 2,442,861 4.85% 7.13
2020 3 205,194 2.79% 1,437,190 2.85% 7.00
2021 1 9,067 0.13% 145,024 0.29% 15.99
--- --------- ------ ---------- ------ ----
Total Occupied 662 7,347,362 100.00% 50,371,078 100.00% 6.86
Total Vacant 952,175
---------
Total Square Feet 8,299,537
=========
</TABLE>
(1) The Company is currently redeveloping the Atrium Mall. The above amounts
include the A&P Supermarket, which comprised 45,163 square feet and $608,346
of rents, and Circuit City, which comprised 32,631 square feet and $437,828
of rents, both which vacated, or are in the process of vacating the center
in connection with that redevelopment. Both leases were originally scheduled
to expire in 2009.
Page 40
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Lease Expirations
<TABLE>
<CAPTION>
Gross Leased Area Annualized Base Rent
--------------------- ------------------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------- ------- ----- ------ ----- -------
<S> <C> <C> <C> <C> <C> <C>
Mixed Use Expirations
Month to Month 6 7,429 1.51% $ 61,852 0.87% $ 8.33
2000 7 53,853 10.95% 711,313 10.03% 13.21
2001 6 36,259 7.37% 499,362 7.04% 13.77
2003 3 6,627 1.35% 99,050 1.40% 14.95
2004(1) 4 66,911 13.61% 936,323 13.21% 13.99
2005 3 174,873 35.57% 2,169,111 30.60% 12.40
2006 2 133,137 27.08% 1,774,350 25.03% 13.33
2009 1 266 0.05% 7,257 0.10% 27.28
2015 1 12,293 2.51% 830,000 11.72% 67.52
-- ------- ------ --------- ------ -----
Total Occupied 33 491,648 100.00% 7,088,618 100.00% 14.42
Total Vacant 25,198
-------
Total Square Feet 516,846
=======
</TABLE>
(1) The Company has received notification that the Florida Department of Health
intends on vacating their space in June of 2000. This lease, originally set
to expire in 2004, comprises 59,150 square feet and $826,917 of annual rent.
Page 41
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Lease Expirations
<TABLE>
<CAPTION>
Gross Leased Area Annualized Base Rent
---------------------- ------------------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------- ------- ----- ------ ----- -------
<S> <C> <C> <C> <C> <C> <C>
Total Portfiolio Expirations
Month to Month 66 213,479 2.72% 1,277,776 2.22% 5.99
2000 104 507,471 6.47% 4,395,983 7.65% 8.66
2001 106 780,191 9.95% 4,457,657 7.76% 5.71
2002 83 382,425 4.88% 3,479,858 6.06% 9.10
2003 76 508,583 6.49% 4,013,453 6.98% 7.89
2004(1) 82 1,397,200 17.82% 7,399,180 12.88% 5.30
2005 48 791,779 10.10% 6,520,481 11.35% 8.24
2006 18 280,625 3.58% 2,923,462 5.09% 10.42
2007 20 550,884 7.03% 3,024,511 5.26% 5.49
2008 28 348,615 4.45% 3,126,076 5.44% 8.97
2009(2) 28 525,251 6.70% 3,420,680 5.95% 6.51
2010 6 93,540 1.19% 984,380 1.71% 10.52
2011 5 150,298 1.92% 919,734 1.60% 6.12
2012 1 50,225 0.64% 516,960 0.90% 10.29
2013 2 115,392 1.47% 1,334,994 2.32% 11.57
2014 4 117,307 1.50% 993,311 1.73% 8.47
2015 4 141,677 1.81% 2,221,894 3.87% 15.68
2017 2 158,665 2.02% 1,223,500 2.13% 7.71
2018 4 168,410 2.15% 1,200,731 2.09% 7.13
2019 4 342,732 4.37% 2,442,861 4.25% 7.13
2020 3 205,194 2.62% 1,437,190 2.50% 7.00
2021 1 9,067 0.12% 145,024 0.26% 15.99
--- --------- ------ ---------- ------ ----
Total Occupied 695 7,839,010 100.00% 57,459,696 100.00% 7.33
Total Vacant 977,373
---------
Total Square Feet 8,816,383
=========
</TABLE>
(1) The Company has received notification that the Florida Department of Health
intends on vacating their space in June of 2000. This lease, originally set
to expire in 2004, comprises 59,150 square feet and $826,917 of annual rent.
(2) The Company is currently redeveloping the Atrium Mall. The above amounts
include the A&P Supermarket, which comprised 45,163 square feet and $608,346
of rents, and Circuit City, which comprised 32,631 square feet and $437,828
of rents, both which vacated, or are in the process of vacating the center
in connection with that redevelopment. Both leases were originally scheduled
to expire in 2009.
Page 42
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Lease Expirations
<TABLE>
<CAPTION>
Gross Leased Area Annualized Base Rent
---------------------- -------------------------------------
Number of Percent Percent Average
Leases Square of of per
Expiring Footage Total Amount Total Sq. Ft.
-------- ------- ----- ------ ----- -------
<S> <C> <C> <C> <C> <C> <C>
Joint Ventures
Month to Month 4 11,820 3.84% 260,250 5.32% 22.02
2000 2 5,472 1.78% 124,714 2.55% 22.79
2001 1 1,650 0.54% 48,675 1.00% 29.50
2002 7 31,517 10.25% 674,548 13.80% 21.40
2003 5 20,241 6.58% 617,314 12.63% 30.50
2004 5 23,326 7.58% 577,369 11.81% 24.75
2005 4 14,255 4.63% 365,753 7.48% 25.66
2006 3 5,260 1.71% 150,818 3.08% 28.67
2007 4 44,238 14.38% 692,001 14.15% 15.64
2008 3 10,201 3.32% 241,883 4.95% 23.71
2009 2 26,462 8.60% 247,844 5.07% 9.37
2012 2 113,155 36.79% 888,064 18.16% 7.85
-- ------- ------ --------- ------ -----
Total Occupied 42 307,597 100.00% 4,889,233 100.00% 15.89
Total Vacant 3,300
-------
Total Square Feet 310,897
=======
</TABLE>
Page 43
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Residential (Multi-family) Properties
<TABLE>
<CAPTION>
% Leased
Property Location Square Feet Units December 31, 1999
-------- -------- ----------- ----- -----------------
<S> <C> <C> <C>
MID-ATLANTIC
Maryland
Glen Oaks Apartments Greenbelt 557,772 463 98%
Marley Run Apartments Pasadena 274,200 336 94%
North Carolina
Village Apartments Winston Salem 578,606 600 77%
MIDWEST
Missouri
Gate House, Holiday House, Tiger Village, Columbia 628,891 874 97%
Colony Apartments ---------- ---- ---
Totals 2,039,469 2,273 92%
========= ====== ===
</TABLE>
Page 44
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Properties Under Redevelopment
<TABLE>
<CAPTION>
Expected
Projected Projected Projected Date of
Type of Total Costs Costs Total Return Stabilized
Center Center GLA Incurred Remaining Cost on Cost Operatons Anchors
- ------ ------ --- -------- --------- ---- ------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Gateway Mall Strip Center 119,452 $7,036,000 $ 4,964,000 $12,000,000 11.0% 4th Qtr. 2001 Grand Union
Elmwood Park Strip Center 155,000 $ - $11,900,000 $11,900,000 11.3% 3rd Qtr. 2002 A & P and Walgreen's
Future Redevelopment Properties
Atrium Mall Enclosed Mall 178,434
Bloomfield Hills Strip Center 216,303
New Louden Strip Center 251,743
Methuen Strip Center 134,494
Northside Mall Enclosed Mall 382,299
</TABLE>
<PAGE>
ANNUAL SUPPLEMENTAL DISCLOSURE
DECEMBER 31, 1999
Unencumbered Properties
Center Location GLA
------ -------- ---
Blackman Plaza Wilkes-Barre, PA 121,206
Mark Plaza Edwardsville, PA 215,981
Union Plaza New Castle, PA 192,940
Wesmark Plaza Sumter, SC 215,198
Manahawkin Shopping Center Manahawkin, NJ 143,737
(excludes Kmart)
Elmwood Park Shopping Center Elmwood, NJ 124,144
Marketplace of Absecon Absecon, NJ 75,699(1)
Methuen Shopping Center Methuen, CT 129,494
Plaza 422 Lebanon, PA 154,791(2)
Tioga West Tunkhannock, PA 122,338(2)
Hobsen West Plaza Naperville, IL 99,950
---------
Total Unencumbered Properties 1,595,478
=========
(1) Encumbered subsequent to December 31, 1999 in connection with a $7.4 million
revolving credit facility.
(2) As of December 31, 1999 these two properties collateralized the debt with
John Hancock Life Insurance Co. Subsequent to year end, this debt was paid
off resulting in these propeties being unencumbered.
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