AcadiaAcadia RealtyRealty TrustTrust Urban/InfillUrban/Infill TourTour November 8, 2007 OverviewOverview
• Strong Core Portfolio
• Solid Balance Sheet
• Accretive/Opportunistic External Growth Platform
• Energized Management Team
2 ExternalExternal GrowthGrowth PlatformPlatform
Acadia Strategic Opportunity Funds
Acquisition Focus
Opportunistic Value Added Acquisitions Redevelopment
• Pricing opportunity • NY Urban/Infill Projects • Capital restructure Real Estate • Other Redevelopment Projects • RCP Venture Location •Mervyns •Albertson’s •Shopko & Marsh
Real Estate Pricing Value Added Opportunity Potential
Capital Structure Enhancement
3 AcadiaAcadia InvestmentInvestment ManagementManagement PlatformPlatform
• Fund I - $90M in equity - Wilmington, DE / Brandywine - Kroger / Safeway Portfolio - Ohio Portfolio - 50% Mervyn’s - Haygood Shopping Center (Virginia) - Tarrytown Shopping Center (New York) - Stirling Heights Shopping Center (Michigan) - Hitchcock Plaza (South Carolina)
• Fund II - $300M in equity - Urban/Infill Projects 8 CityPoint 8 Fordham Place 8 Pelham Manor 8 Canarsie 8 Sherman Plaza 8 161st Street 8 216th Street 8 Liberty Avenue 8 Atlantic Avenue - RCP Ventures - 50% Mervyn’s -Albertson’s - Neiman Marcus
• Fund III - $500M in equity - Sheepshead Bay, Brooklyn, NY - Westport, CT - Broadway Marketplace at the GWB (potential investment)
4 Urban/InfillUrban/Infill RedevelopmentRedevelopment ProgramProgram (Tour Site Map)
216th Street CityPoint Pelham Manor
216th Street
Sherman Plaza Fordham Place Broadway Marketplace at the GWB
Pelham Manor Sherman Plaza
West 54th Street
Broadway Marketplace Fordham Place at the GWB (Potential Investment)
CityPoint
West 54th Street
5 CityPointCityPoint –– DowntownDowntown Brooklyn,Brooklyn, NYNY
Geographic Location Aerial View
Demographic Summary
0.5 Mile 1 Mile 3 Miles
Total Population 30,886 133,672 1,016,000
Average HH Income $60,349 $76,834 $57,970
Median HH Income $43,443 $52,546 $40,780
6 CityPointCityPoint –– DowntownDowntown Brooklyn,Brooklyn, NYNY
• First major new retail redevelopment at the crossroads of Fulton Street and Flatbush Avenue • 1.6 million SF mixed-use development with 475,000 sf of retail, over 125,000 sf of Class A office space, a mix of affordable and market rate housing and a parking garage
7 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY
•Brooklyn is America’s 4th largest City and the 3rd busiest shopping district in NYC after Midtown and Lower Manhattan •Residents, workers and students possess nearly $6.2 billion in total retail purchasing power
8 CityPointCityPoint –– DowntownDowntown Brooklyn,Brooklyn, NYNY
• Fulton Street boasts 100,000 shoppers per day and is Brooklyn’s foremost transportation corridor, second only to New York’s Times Square. 9 CityPointCityPoint -- DowntownDowntown Brooklyn,Brooklyn, NYNY
10 CityPointCityPoint -- DowntownDowntown Brooklyn,Brooklyn, NYNY
11 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY
Building Section
12 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY
13 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY
14 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY
Lower Concourse Level
15 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY
Concourse Level
16 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY
Ground Floor
17 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY
Second Floor
18 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY
Fifth Floor
19 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY
Residential Tower
20 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY
21 PELHAMPELHAM MANORMANOR SHOPPINGSHOPPING PLAZAPLAZA –– 22 PennPenn Place,Place, PelhamPelham Manor,Manor, NYNY
Geographic Location Aerial View
Route 1 (Boston Post Road)
Hutchinson River Parkway
Demographic Summary
1 Mile 3 Miles 5 Miles
Total Population 28,559 400,119 1,114,822
Average HH Income $73,324 $59,780 $56,839
Median HH Income $60,205 $47,713 $44,052
22 PELHAMPELHAM MANORMANOR SHOPPINGSHOPPING PLAZAPLAZA –– 22 PennPenn Place,Place, PelhamPelham Manor,Manor, NYNY
Before
H u tc h in s o n R iv e r P a r k w ay
23 PELHAMPELHAM MANORMANOR SHOPPINGSHOPPING PLAZAPLAZA –– 22 PennPenn Place,Place, PelhamPelham Manor,Manor, NYNY
During Construction
24 PELHAMPELHAM MANORMANOR SHOPPINGSHOPPING PLAZAPLAZA –– 22 PennPenn Place,Place, PelhamPelham Manor,Manor, NYNY
Current Construction
25 PELHAMPELHAM MANORMANOR SHOPPINGSHOPPING PLAZAPLAZA –– 22 PennPenn Place,Place, PelhamPelham Manor,Manor, NYNY Proposed Site Plan
26 PELHAMPELHAM MANORMANOR SHOPPINGSHOPPING PLAZAPLAZA –– 22 PennPenn Place,Place, PelhamPelham Manor,Manor, NYNY
Redevelopment Renderings
27 FORDHAMFORDHAM PLACEPLACE –– 400400 EastEast FordhamFordham Road,Road, Bronx,Bronx, NYNY
Geographic Location Aerial View
Montefiore Medical Building
Fordham Place
Bus Terminal & Train Station Fordham University
Demographic Summary
1 Mile 2 Mile 3 Mile
Total Population 206,850 651,504 1,193,185
Average HH Income $33,414 $37,631 $40,477
Median HH Income $24,205 $28,217 $30,162
28 FORDHAMFORDHAM PLACEPLACE –– 400400 EastEast FordhamFordham Road,Road, Bronx,Bronx, NYNY Before
29 FordhamFordham RoadRoad –– RetailRetail CorridorCorridor
30 FORDHAMFORDHAM PLACEPLACE –– 400400 EastEast FordhamFordham Road,Road, Bronx,Bronx, NYNY Neighborhood Retailers – Before Neighborhood Retailers – After
31 FORDHAMFORDHAM PLACEPLACE –– 400400 EastEast FordhamFordham Road,Road, Bronx,Bronx, NYNY Concourse Level First Floor
LEGEND LEGEND RETAIL RETAIL OFFICE / C.F. OFFICE / C.F. AVAILABLE AVAILABLE COMMON COMMON
WALGREENS
SEARS
SEARS
BEST BUY
Second Floor Third Floor
LEGEND LEGEND RETAIL RETAIL OFFICE / C.F. OFFICE / C.F. AVAILABLE
AVAILABLE COMMON COMMON
BEST BUY
32 FORDHAMFORDHAM PLACEPLACE –– 400400 EastEast FordhamFordham Road,Road, Bronx,Bronx, NYNY Current Construction
33 SHERMANSHERMAN AVENUEAVENUE –– 46504650 Broadway,Broadway, WashingtonWashington Heights,Heights, NYNY
Geographic Location Current
Demographic Summary
0.5 Mile 1 Mile 2 Miles
Total 54,549 139,935 529,999 Population
Average HH $35,501 $40,618 $40,762 Income
Median HH $27,981 $31,657 $29,932 Income
34 SHERMANSHERMAN AVENUEAVENUE –– 46504650 Broadway,Broadway, WashingtonWashington Heights,Heights, NYNY Proposed Redevelopment Proposed Redevelopment “Option A” “Option B”
35 216TH216TH STREETSTREET –– 40554055 1010th Avenue,Avenue, NYNY
Geographic Location At Acquisition
Redevelopment
Demographic Summary
0.5 Mile 1 Mile 2 Miles
Total 30,873 156,847 536,119 Population Average HH $45,536 $42,793 $41,481 Income Median HH $37,300 $32,868 $30,978 Income
36 216TH216TH STREETSTREET –– 40554055 1010th Avenue,Avenue, NYNY After Redevelopment
37 THETHE BROADWAYBROADWAY MARKETPLACEMARKETPLACE ATAT THETHE GWBGWB –– 42114211 Broadway,Broadway, NewNew YorkYork ,, NYNY
Geographic Location Aerial View
Demographic Summary
0.25 Mile 0.5 Mile 1 Mile
Total Population 26,979 73,272 173,174
Average HH Income $34,454 $34,716 $30,145
Median HH Income $34,446 $33,761 $31,047
38 THETHE BROADWAYBROADWAY MARKETPLACEMARKETPLACE ATAT THETHE GWBGWB –– 42114211 Broadway,Broadway, NewNew YorkYork ,, NYNY
39 THETHE BROADWAYBROADWAY MARKETPLACEMARKETPLACE ATAT THETHE GWBGWB –– 42114211 Broadway,Broadway, NewNew YorkYork ,, NYNY
40 THETHE BROADWAYBROADWAY MARKETPLACEMARKETPLACE ATAT THETHE GWBGWB –– 42114211 Broadway,Broadway, NewNew YorkYork ,, NYNY
41 AdditionalAdditional Urban/InfillUrban/Infill RedevelopmentRedevelopment ProjectsProjects
161st Street
161st Street Liberty Avenue
Liberty Avenue Atlantic Avenue Canarsie Plaza Atlantic Avenue Canarsie Plaza
Sheepshead Bay
Sheepshead Bay
42 LIBERTYLIBERTY AVENUEAVENUE –– 9898TH StSt atat LibertyLiberty Avenue,Avenue, OzoneOzone Park,Park, Queens,Queens, NYNY
Geographic Location Redevelopment
Redevelopment
Demographic Summary
0.5 Mile 1 Mile 3 Miles
Total 24,181 95,292 619,479 Population Average HH $57,774 $61,422 $60,405 Income Median HH $49,822 $52,215 $49,105 Income
43 CANARSIECANARSIE PLAZAPLAZA –– 90259025 AvenueAvenue D,D, Brooklyn,Brooklyn, NYNY
Geographic Location Aerial View
Redevelopment Rendering
Demographic Summary
0.5 Mile 1 Mile 2 Miles
Total 20,742 107,413 457,908 Population Average HH $52,009 $50,290 $45,778 Income Median HH $44,317 $41,614 $36,564 Income
44 161ST161ST STREETSTREET –– 260260 EastEast 161161st Street,Street, Bronx,Bronx, NYNY
Geographic Location Aerial View
Yankee New Yankee Stadium Stadium
Concourse Plaza Criminal Court (shopping center) Complex
Site
Redevelopment Rendering
Demographic Summary
0.5 Mile 1 Mile 2 Miles
Total 57,862 192,706 712,029 Population Average HH $34,363 $31,017 $32,900 Income Median HH $23,177 $20,649 $22,230 Income
45 ATLANTICATLANTIC AVENUEAVENUE –– 33193319 AtlanticAtlantic Ave,Ave, Brooklyn,Brooklyn, NYNY 1120811208
Geographic Location Aerial View
Redevelopment Rendering
Demographic Summary
1 Mile 2 Miles 3 Miles
Total 37,584 116,125 806,303 Population Average HH $43,949 $45,724 $48,423 Income Median HH $31,602 $33,559 $36,917 Income
46 SHEEPSHEADSHEEPSHEAD BAYBAY
Geographic Location Aerial View
Sheepshead Bay, Brooklyn, NY
Demographic Summary
1 Mile 2 Miles 3 Miles
Total 117,176 290,904 543,504 Population Average HH $45,630 $47,982 $49,525 Income Median HH $36,476 $37,761 $39,074 Income 47 DevelopmentDevelopment CostsCosts && TimingTiming
Est. Square Cost Property Construction Start Total Cost Completion Feet PSF
Liberty Avenue Construction completed $15.0 125,000 120(1)
216thStreet Construction completed 27.0 60,000 450
Pelham Manor Construction commenced 2nd half 2008 45.0 320,000 141(1) Shopping Center
161st Street 2nd half 2007 2nd half 2008 65.0 232,000 280
400 East Fordham Road Construction commenced 1st half 2009 120.0 285,000 421
Canarsie Plaza 2nd half 2007 1st half 2009 70.0 323,000 217(2)
Sherman Avenue 2nd half 2007 2nd half 2009 55.0 175,000 314
Albee Square To be determined 325.0 600,000 542
Atlantic Avenue 2nd half 2008 2nd half 2009 23.0 110,000 209
$745.0 2,230,000 $334
(1) The Fund acquired a ground lease interest at this property.
(2) 2 Under contract. 48