ACADIA REALTY TRUST SC TO-I 12/20/2001 THE LETTER OF TRANSMITTAL. SEE SECTION 3.
High
Low
Fiscal 1999 Quarter ended Quarter ended Quarter ended Quarter ended Fiscal 2000 Quarter ended Quarter ended Quarter ended Quarter ended Fiscal 2001 Quarter ended Quarter ended Quarter ended
March 31, 1999 June 30, 1999 September 30, 1999 December 31, 1999 March 31, 2000 June 30, 2000 September 30, 2000 December 31, 2000 March 31, 2001 June 30, 2001 September 30, 2001
5.50 5.75 5.63 5.19 5.44 6.00 6.19 6.13 6.86 7.00 7.05
5.00 4.94 5.00 4.50 4.81 5.19 5.75 5.63 5.75 6.05 5.91
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ACADIA REALTY TRUST SC TO-I 12/20/2001 OF THE SHARES.
Name and Address of Beneficial Owner/Title
Number of the Company's Common Shares Beneficially Owned
Percent Ownership of Outstanding Common Shares
Yale University(1) Five Arrows Realty Securities LLC(2) Howard Hughes Medical Institute(4) The Board of Trustees of the Leland Stanford Junior University(5) Harvard Private Capital Realty, Inc.(6) Marvin L. Slomowitz(8) Ross Dworman(10) Chairman Kenneth F. Bernstein(10) Trustee, Chief Executive Officer and President Martin L. Edelman(10) Trustee Marvin J. Levine(10) Trustee Lawrence J. Longua(10) Trustee Gregory A. White(10) Trustee Lee S. Wielansky(10) Trustee Timothy J. Bruce(10) Senior Vice President Perry Kamerman(10) Senior Vice President Officer Joseph Hogan(10) Senior Vice President Construction All trustees and executive officers as a group (13 persons)
6,155,092 21.48% 3,266,667 2,266,667 2,133,333 2,000,000 1,918,840 2,135,403 1,001,872
11.40 7.91 7.45 6.98 5.65 6.29 2.95
600 * 600 * 1,600 * 64,629 * 5,200 * 71,083 * 209,442 *
65,903 *
3,805,664(11-20)
11.21
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ACADIA REALTY TRUST SC TO-I 12/20/2001 Balance Sheet
Year ended December 31,
2000
1999
OPERATING DATA: Revenues Operating expenses Interest and other financing expense Depreciation and amortization Total
96,758 39,723 25,163 20,460 85,346 11,412
92,709 38,483 23,314 19,887 81,684 11,025 584
Non-recurring charges (2) Equity in earnings of unconsolidated partnerships Impairment of real estate Income (loss) before gain (loss) on sale of properties, extraordinary items, minority interest and cumulative effect of change in accounting principle Gain (loss) on sale of properties Extraordinary item Minority interest Cumulative effect of change in accounting principle Net income (loss) Net income (loss) per Common Share basic and diluted Weighted average number of Common Shares outstanding: basic diluted BALANCE SHEET DATA: Real estate before accumulated depreciation Total assets Total mortgage indebtedness Minority interest Total equity OTHER: Ratio of earnings to fixed charges (3) Book value per share
645
12,057 13,742 (5,892)
11,609 (1,284) (3,130)
19,907
7,195
0.75
0.28
26,437,265 26,437,265
25,708,787 25,708,787
514,139 523,611 277,112 48,959 179,317 2.3x 6.37 2.4x
569,521 570,803 326,651 74,462 152,487
5.93
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Nine months ended September 30, (unaudited) 2001
1998(1)
2000
59,771 28,485 18,302 15,795 62,582 (2,811) (2,249) 256 (11,560)
64,120 27,927 14,441 14,737 57,105 7,015 414 (14,756)
72,321 29,255 18,950 15,264 63,469 8,852 453
(16,364) (175) (707) 3,348
(7,327) 8,280 (140) (550) (149) 114
9,305 (839) (2,523)
(13,898)
5,943
(0.91)
0.00
0.23
15,205,962 15,205,962
28,224,716 25,839,334 28,224,716 25,839,334
551,249 528,512 277,561 79,344 154,591 1.7x 6.08 2.5x
495,008 478,311 251,897 38,733 169,908
514,139 523,611 277,112 48,959 179,317 2.3x
5.97
6.37
ACADIA REALTY TRUST SC TO-I 12/20/2001 PRO FORMA CONSOLIDATED BALANCE SHEET
ASSETS Real estate Land Buildings and improvements
Less: accumulated depreciation Net real estate Properties held for sale Cash and cash equivalents
Cash in escrow Investments in unconsolidated partnerships Rents receivable, net Prepaid expenses Deferred charges, net Other assets
LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable Accounts payable and accrued expenses Due to related parties Dividends and distributions payable Other liabilities Total liabilities Minority interest in Operating Partnership Minority interests in majority-owned partnerships Total minority interests Shareholders' equity: Common shares, .001 par value, authorized 100,000,000 shares, issued and outstanding 28,448,699 shares Additional paid-in capital Accumulated other comprehensive income Deficit Total shareholders' equity
Outstanding shares Net book value per share
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Actual (unaudited)
Pro forma adjustments
Pro forma
64,845 430,163 495,008 109,985 385,023 30,964 24,883 35,000 (1) (35,000)(2) (146)(3) 5,124 4,763 7,557 4,256 13,352 895 (1) 2,389 478,311 749
64,845 430,163 495,008 109,985 385,023 30,964 24,737
5,124 4,763 7,557 4,256 14,247 2,389 479,060
251,897 35,895 (1) 6,348 479 4,140 5,365 268,229 38,733 1,441 40,174 35,895
287,792 6,348 479 4,140 5,365 304,124 38,733 1,441 40,174
28 181,362 (2,379) (9,103) 169,908 478,311 28,448,699 5.97
(5) (34,995) -146.00 (35,146) 749
23 146,367 (2,379) (9,249) 134,762 479,060 23,064,084 5.84
ACADIA REALTY TRUST SC TO-I 12/20/2001 PRO FORMA CONSOLIDATED BALANCE SHEET
Revenues Minimum rents Percentage rents Expense reimbursements Other Total revenues Operating expenses Property operating Real estate taxes General and administrative Depreciation and amortization Impairment of real estate Total operating expenses Operating income Equity in earnings of unconsolidated partnerships Gain on sale of property Interest expense Income (loss) before minority interest, extraordinary item and cumulative effect of change in accounting principle Minority interest Extraordinary item of debt Cumulative effect of change in accounting principle Net income (loss) Net income (loss) per Common Share Income (loss) before extraordinary item and cumulative effect of change in accounting principle Extraordinary item Cumulative effect of change in accounting principle Net income (loss) per Common Share Weighted average Common Shares outstanding Ratio of earnings to fixed charges (5)
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Actual (unaudited)
Pro forma adjustments
Pro forma
50,795 1,381 10,305 1,639 64,120
50,795 1,381 10,305 1,639 64,120
15,772 8,458 3,697 146 (1) 14,737 134 (2) 14,756 57,420 6,700 414 8,280 (14,441) 280 (280)
15,772 8,458 3,843 14,871 14,756 57,700 6,420 414 8,280 (16,070)
(1,629)
953 (1,909) (550) 411 (4) (140) (149) 114 1,498
(956) (139) (140) (149) (1,384)
0.02 (0.01) (0.01) 0.00 28,224,716 2.5x
(0.04) (0.01) (0.01) (0.06) 22,840,101 2.2x
ACADIA REALTY TRUST SC TO-I 12/20/2001 PRO FORMA CONSOLIDATED BALANCE SHEET
Actual
Pro forma adjustments
Pro forma
Revenues Minimum rents Percentage rents Expense reimbursements Other Total revenues Operating Expenses Property operating Real estate taxes General and administrative Depreciation and amortization Total operating expenses Operating income Equity in earnings of unconsolidated partnerships Gain on sale of properties Interest expense Income before minority interest Minority interests Net income Net income per Common Share Weighted average Common Shares outstanding Ratio of earnings to fixed charges (5)
74,161 3,048 14,230 5,319 96,758
74,161 3,048 14,230 5,319 96,758
23,198 11,468 5,057 146 (1) 20,460 179 (2) 60,183 36,575 645 13,742 (25,163) 325 (325)
23,198 11,468 5,203 20,639 60,508 36,250 645 13,742 (28,121) 22,516 (4,891) 17,625 0.84 21,052,650 2.0x
(2,958)
25,799 (3,283) (5,892) 1,001 (4) 19,907 0.75 26,437,265 2.3x (2,282)
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ACADIA REALTY TRUST SC TO-I 12/20/2001 PRO FORMA CONSOLIDATED BALANCE SHEET
SEC FILINGS
PERIOD OR DATE FILED
Annual Report on Form 10-K and 10K/A Quarterly Report on Form 10-Q
Year ended December 31, 2000 Quarter ended September 30, 2001
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ACADIA REALTY TRUST SC TO-I 12/20/2001 COMPANY SHARE REPURCHASE PROGRAM AND BLOCK PURCHASES
# of Shares
Purchase Price for each of the Common Shares
October 18, 2001 October 19, 2001 October 26, 2001 October 29, 2001 October 30, 2001 October 31, 2001 October 31, 2001 November 1, 2001 November 1, 2001 November 5, 2001 November 6, 2001 November 7, 2001 November 9, 2001 November 12, 2001 November 15, 2001 November 19, 2001 November 20, 2001 November 21, 2001 November 21, 2001 November 21, 2001 November 21, 2001 November 26, 2001 November 27, 2001 November 27, 2001 November 27, 2001 November 28, 2001 November 28, 2001 November 28, 2001 November 29, 2001 November 29, 2001 November 29, 2001 November 30, 2001 November 30, 2001 November 30, 2001 December 3, 2001 December 4, 2001 December 4, 2001 December 4, 2001 December 5, 2001 December 6, 2001 December 7, 2001 December 7, 2001 December 7, 2001 December 10, 2001 December 10, 2001 December 12, 2001
2,900 400 2,500 1,200 2,200 100 400 100 2,100 1,700 1,700 1,700 1,700 2,600 2,600 2,700 2,700 100 100 2,200 300 2,800 200 2,500 100 100 100 2,600 1,900 600 300 2,400 100 300 3,200 1,800 800 600 3,200 3,200 900 100 2,200 100 2,700 100
6.25 6.25 6.25 6.25 6.25 6.24 6.25 6.23 6.25 6.25 6.25 6.25 6.25 6.24 6.25 6.50 6.50 6.26 6.29 6.30 6.31 6.25 6.28 6.30 6.36 6.22 6.23 6.25 6.22 6.23 6.24 6.26 6.29 6.30 6.26 6.20 6.25 6.29 6.36 6.40 6.25 6.28 6.38 6.27 6.30 6.20
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ACADIA REALTY TRUST SC TO-I 12/20/2001 COMPANY SHARE REPURCHASE PROGRAM AND BLOCK PURCHASES
# of Shares
Purchase Price for each of the Common Shares
November November November December
6, 2001 7, 2001 21, 2001 3, 2001
10,000 10,000 10,000 20,000
6.25 6.25 6.23 6.25
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ACADIA REALTY TRUST SC TO-I 12/20/2001 AMERICAN STOCK TRANSFER TRUST COMPANY
DESCRIPTION OF SHARES TENDERED (See Instructions 3 and 4) Name(s) and Address(es) of Registered Holder(s) (Please fill in, if blank, | exactly as name(s) appear(s) on Share Certificate(s)) | | |
| | | | | | | | |
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Share | Certificate(s) Number(s)
Share Certificate(s) and Shares Tendered (Attach additional signed list, if necessary) |---------------------------------------------------Total Number of Shares Evidenced by Share Certificate(s)* |----------------------------------------------------
Number of Shares Tendered**
| | | Total Sha
Shares:
ACADIA REALTY TRUST SC TO-I 12/20/2001 OR
Special Payment Instructions (See Instructions 1, 4, 6, 7 and 9) To be completed ONLY if the check for the purchase price of Shares purchased or Share Certificate evidencing Shares not tendered is issued in the name of someone other than the undersigned. Issue: [_] Check [_] Share Certificate(s) to: | Name: ___________________________________________________ (Please Print) Address: ________________________________________________ | _________________________________________________________ (Include Zip Code) | _________________________________________________________ (Tax Identification or Social Security No.) | | (See Substitute Form W-9 below) |
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Special Delivery Instructions (See Instructions 1, 4, 6 and 9) To be completed ONLY if the check issued in the name of the undersigned for the purchase price of Shares purchased or Certificates evidencing Shares not tendered or not purchased are to be mailed to someone other than the undersigned, or to the undersigned at an address other than that shown under "Description of Shares Tendered." Mail: [_] Check [_] Share Certificate(s) to:
Name: ______________________________________ (Please Print) Address: ___________________________________ (Include Zip Code)
ACADIA REALTY TRUST SC TO-I 12/20/2001 IMPORTANT TAX INFORMATION
Name Address Substitute Form W-9 Department of the Treasury Internal Revenue Service Part 1(a) - PLEASE PROVIDE YOUR TIN IN THE BOX AT RIGHT AND CERTIFY BY SIGNING AND DATING BELOW.
Payer's Request for Taxpayer Identification Number (TIN)
Part 1(b) - PLEASE CHECK THE BOX AT RIGHT IF YOU HAVE APPLIED YOUR TIN Part 2 - FOR PAYEES EXEMPT FROM BACKUP WITHHOLDING PLEASE WRI INSTRUCTIONS) Part 3 - CERTIFICATION - Under penalty of perjury, I certify (1) The number shown on this form is my correct Taxpayer Iden for a number to be issued to me and either (a) I have mai receive a taxpayer identification number to the appropria or Social Security Administration Office or (b) I intend in the near future. I understand that if I do not provide by the time of payment, a percentage of all reportable pa withheld); (2) I am not subject to backup withholding because (a) I am e I have not been notified by the Internal Revenue Service backup withholding as a result of a failure to report all IRS has notified me that I am no longer subject to backup (3) I am a U.S. person (including U.S. resident alien). CERTIFICATE INSTRUCTIONS - You must cross out item (2) above IRS that you are currently subject to backup withholding beca interest and dividends on your tax return. SIGNATURE ___________________________________________________ DATE ________________________________________________________
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TIN
(Social Security Number or Employer Identification Number) FOR, AND ARE WAITING RECEIPT OF,
WRITE "EXEMPT" HERE (SEE
that: Identification Number (or I am waiting mailed or delivered an application to appropriate Internal Revenue Service Center to mail or deliver an application a taxpayer identification number payments made to me will be exempt from backup withholding, (b) (the "IRS") that I am subject to interest or dividends, or (c) the withholding; and
if you have been notified by the because you have failed to report all
_____________________________________________________________________________________ __________________________________________________________________________________________
ACADIA REALTY TRUST SC TO-I 12/20/2001 CONDITIONAL TENDER
PLEAS _______________
PLEASE TYPE OR PRINT ______________________________________ (Name(s)) Date:____________ ______________________________________ Number(s)(If Available) give Depository T ______________________________________ (Address(es)) ______________________________________ and Telephone Number)
_______________ (Certificate N _______________ (Ad _______________ (Area Code an
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SIGN HERE: Signature(s):____________________________________ Date:____________________________________________ delivered by book-entry transfer, Trust Company Number:__________________________________
Identification or Social Security Number:__________________________________________
ACADIA REALTY TRUST SC TO-I 12/20/2001 GUIDELINES FOR DETERMINING THE PROPER IDENTIFICATION NUMBER TO GIVE THE PAYOR.
For this type of account:
Give the NAME* and SOCIAL SECURITY NUMBER of -
1. Individual 2. Two or more individuals (joint account) th 3. Custodian account of a minor (Uniform Gift to Minors Act) 4. a. The usual revocable savings trust (grantor is also trustee) b. So-called "trust" account that is not a legal or valid trust under state law 5. Sole proprietorship
The individual The actual owner of the account or, if combined funds, the first individual on the account (1) The minor (2)
9.00 The grantor-trustee (1) 10.00
11.00 The actual owner (1)
The owner (3)
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For this type of account:
Give the NAME and EMPLOYER IDENTIFICATION NUMBER of -
A valid trust, estate, or pension trust Corporate Association, club religious, charitable, educational or other taxexempt organization Partnership A broker or registered nominee Account with the Department of Agriculture in the name of a public entity (such as a State or local government, school district, or prison) that receives agricultural program payments
The legal entity (4)
The corporation The organization
The partnership The broker or nominee
The public entity