Acadia Realty Trust
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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 –– Before 23 PELHAMPELHAM MANORMANOR SHOPPINGSHOPPING PLAZAPLAZA 22 PennPenn Place,Place, PelhamPelham Manor,Manor, NYNY Hutchinson River Parkway 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.