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Wiki Wiki Summary
Operation Mincemeat Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin.
Special Activities Center The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Land value tax A land value tax (LVT) is a levy on the value of land without regard to buildings, personal property and other improvements. It is also known as a location value tax, a site valuation tax, split rate tax, or a site-value rating,\nLand value taxes are generally favored by economists as they do not cause economic inefficiency, and reduce inequality.
Ivor Montagu Ivor Goldsmid Samuel Montagu (23 April 1904, in Kensington, London – 5 November 1984, in Watford) was an English filmmaker, screenwriter, producer, film critic, writer, table tennis player, and Communist activist in the 1930s. He helped to develop a lively intellectual film culture in Britain during the interwar years, and was also the founder of the International Table Tennis Federation.
Decree nisi A decree nisi or rule nisi (from Latin nisi 'unless') is a court order that will come into force at a future date unless a particular condition is met. Unless the condition is met, the ruling becomes a decree absolute (rule absolute), and is binding.
Bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy of Lehman Brothers The bankruptcy of Lehman Brothers on September 15, 2008 was the climax of the subprime mortgage crisis. After the financial services firm was notified of a pending credit downgrade due to its heavy position in subprime mortgages, the Federal Reserve summoned several banks to negotiate financing for its reorganization.
Property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, redefine, rent, mortgage, pawn, sell, exchange, transfer, give away or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted property rights.
Real property In English common law, real property, real estate, immovable property or, solely in the US, realty, is land which is the property of some person and all structures (also called improvements or fixtures) integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads, among other things. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes.
Fidelity Investments Fidelity Investments Inc., commonly referred to as Fidelity, earlier as Fidelity Management & Research or FMR, is an American multinational financial services corporation based in Boston, Massachusetts. The company was established in 1946 and is one of the largest asset managers in the world with $4.5 trillion in assets under management, now as of December 2021 their assets under administration amounts to $11.8 trillion.
Wittington Investments Wittington Investments Limited is a privately owned British holding company. It was incorporated in 1941 and is based in London, England.The company is 79.2% owned by the Garfield Weston Foundation, one of the United Kingdom's largest grant-making trusts, which was established in 1958 by Canadian-born businessman W. Garfield Weston (1898–1978), and 20.8% owned by members of the prominent Weston family.
Dongfeng Motor Corporation Dongfeng Motor Corporation Ltd. is a Chinese state-owned automobile manufacturer headquartered in Wuhan, Hubei.
Real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping centers, hotels and commercial forests.
Mergers and acquisitions In corporate finance, mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position.
Public–private partnership A public–private partnership (PPP, 3P, or P3) is an arrangement between two or more public and private sectors of a long-term nature. Typically, it involves private capital financing government projects and services up-front, and then drawing profits from taxpayers and/or users over the course of the PPP contract.
Detroit Partnership The Detroit Partnership (also known as the Detroit crime family, Detroit Combination, Detroit Mafia, Zerilli crime family, and the Tocco–Zerilli crime family) (Italian pronunciation: [dzeˈrilli]) is an Italian-American organized crime syndicate based in Detroit, Michigan, and mainly operates in the Greater Detroit area as part of the larger Italian-American Mafia. They hold interests in Windsor, Ontario, Toledo, Ohio; as well as other cities in Michigan, Ohio, West Virginia, Nevada, and Sicily.
Accounting standard Publicly traded companies typically are subject to rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders.
Boys Generally Asian Boys Generally Asian, also known by the acronym BgA, is an American K-pop parody group that was created by YouTube personality Ryan Higa. The group, which describes itself as "guys who can't sing, dance or really speak Korean", debuted in 2016 with the single, "Dong Saya Dae".
Generally Accepted Accounting Principles (United States) Generally Accepted Accounting Principles (GAAP or U.S. GAAP, pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the latter differ considerably from GAAP and progress has been slow and uncertain.
Sunny Day Real Estate Sunny Day Real Estate is an American emo band from Seattle. They were one of the early rock bands in the Midwest emo scene and helped establish the genre, despite not actually being from the Midwest themselves.
Real estate development Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others. Real estate developers are the people and companies who coordinate all of these activities, converting ideas from paper to real property.
Nondelegable obligation A nondelegable obligation (also known as a non-delegable duty) is a legal obligation or duty which cannot legally be delegated or, if delegated, the principal is still liable for said obligation. They are also known as non-assignable duties or obligations.
Penn Traffic The Penn Traffic Company was founded in 1854 in Johnstown, Pennsylvania, as a food service company for stagecoaches. It eventually became a general-merchandise department store but by the early 1960s had also returned to the food business through the acquisition of Super Value Corporation, operator of the 10-store Riverside supermarket chain.
Tops Friendly Markets Tops Friendly Markets is an American supermarket chain based in Amherst, New York, that operates stores in Upstate New York, Vermont, and Northern Pennsylvania. The chain operates full-scale supermarkets.
Big Bear Stores Big Bear Stores was a regional supermarket chain operating in Ohio and West Virginia (both states of the United States of America) between 1933 and 2004. The company was founded in Columbus, Ohio, and was headquartered there until its acquisition by Syracuse, New York-based Penn Traffic in 1989.
Penn & Teller Penn & Teller, Penn Jillette and Teller, are American magicians, entertainers, and scientific skeptics who have performed together since the late 1970s. They are noted for their ongoing act that combines elements of comedy with magic.
Price Chopper and Market 32 Supermarkets Golub Corporation is an American supermarket operator. Headquartered in Schenectady, New York, it owns the chains Market 32 and Price Chopper Supermarkets.
Acme Markets Acme Markets Inc. is a supermarket chain operating 161 stores throughout Connecticut, Delaware, Maryland, New Jersey, the Hudson Valley of New York, and Pennsylvania and, as of 1999, is a subsidiary of Albertsons, and part of its presence in the Northeast.
Quality Markets Quality Markets was an American supermarket chain, with stores in Western New York and northwestern Pennsylvania. It was a subsidiary of Penn Traffic, but is now a division of Tops Markets LLC.\n\n\n== History ==\nThe first Quality Markets store opened in Jamestown, New York in 1913, and spread into Pennsylvania by the 1930s.
December 10 December 10 is the 344th day of the year (345th in leap years) in the Gregorian calendar; 21 days remain until the end of the year.\n\n\n== Events ==\n\n\n=== Pre-1600 ===\n1317 – The "Nyköping Banquet": King Birger of Sweden treacherously seizes his two brothers Valdemar, Duke of Finland and Eric, Duke of Södermanland, who were subsequently starved to death in the dungeon of Nyköping Castle.
December 1924 German federal election Federal elections were held in Germany on 7 December 1924, the second that year after the Reichstag had been dissolved on 20 October. The Social Democratic Party remained the largest party in the Reichstag, receiving an increased share of the vote and winning 131 of the 493 seats.
December 1 December is the twelfth and the final month of the year in the Julian and Gregorian calendars. It is also the last of seven months to have a length of 31 days.
December 18 December 11 is the 345th day of the year (346th in leap years) in the Gregorian calendar; 20 days remain until the end of the year.\n\n\n== Events ==\n\n\n=== Pre-1600 ===\n220 – Emperor Xian of Han is forced to abdicate the throne by Cao Cao's son Cao Pi, ending the Han dynasty.
December 26 December 15 is the 349th day of the year (350th in leap years) in the Gregorian calendar; 16 days remain until the end of the year.\n\n\n== Events ==\n\n\n=== Pre-1600 ===\n533 – Vandalic War: Byzantine general Belisarius defeats the Vandals, commanded by King Gelimer, at the Battle of Tricamarum.
Risk Factors
ACADIA REALTY TRUST ITEM 1A RISK FACTORS If any of the following risks actually occur, our business, results of operations and financial condition would likely suffer
Refer to the explanation of the qualifications and limitations on such forward-looking statements discussed elsewhere in this Form 10-K We rely on revenues derived from major tenants
We derive significant revenues from certain anchor tenants that occupy space in more than one center
We could be adversely affected in the event of the bankruptcy or insolvency of, or a downturn in the business of, any of our major tenants, or in the event that any such tenant does not renew its leases as they expire or renews at lower rental rates
Vacated anchor space not only would reduce rental revenues if not re-tenanted at the same rental rates but also could adversely affect the entire shopping center because of the loss of the departed anchor tenant’s customer drawing power
Loss of customer drawing power also can occur through the exercise of the right that most anchors have to vacate and prevent re-tenanting by paying rent for the balance of the lease term, or the departure of an anchor tenant that owns its own property
In addition, in the event that certain major tenants cease to occupy a property, such an action may result in a significant number of other tenants having the right to terminate their leases, or pay a reduced rent based on a percentage of the tenant’s sales, at the affected property, which could adversely affect the future income from such property
Tenants may seek the protection of the bankruptcy laws, which could result in the rejection and termination of their leases and thereby cause a reduction in the cash flow available for distribution by us
Such reduction could be material if a major tenant files bankruptcy
See the discussion of bankruptcy risks under Risk Factors
Limited control over joint venture investments
Our joint venture investments may involve risks not otherwise present for investments made solely by us, including the possibility that our joint venture partner might have different interests or goals than we do
Other risks of joint venture investments include impasse on decisions, such as a sale, because neither we nor a joint venture partner would have full control over the joint venture
Also, there is no limitation under our organizational documents as to the amount of funds that may be invested in joint ventures
Through our investments in joint ventures we have also invested in operating businesses that have operational risk in addition to the risks associated with real estate investments, including among other risks, human capital issues, adequate supply of product and material, and merchandising issues, During 2005, our investment in joint ventures provided Promote income
There can be no assurance that the joint ventures will continue to operate profitably and thus provide additional Promote income in the future
Under the terms of our Fund II joint venture, we are required to first offer to Fund II all of our opportunities to acquire retail shopping centers
Only if (i) our joint venture partner elects not to approve Fund II’s pursuit of an acquisition opportunity; (ii) the ownership of the acquisition opportunity by Fund II would create a material conflict of interest for us; (iii) we require the acquisition opportunity for a “like-kind” exchange; or (iv) the consideration payable for the acquisition opportunity is our Common Shares, OP Units or other securities, may we pursue the opportunity directly
As a result, we may not be able to make attractive acquisitions directly and may only receive a minority interest in such acquisitions through Fund II We operate through a partnership structure, which could have an adverse effect on our ability to manage our assets
Our primary property-owning vehicle is the Operating Partnership, of which we are the general partner
Our acquisition of properties through the Operating Partnership in exchange for interests in the Operating Partnership may permit certain tax deferral advantages to limited partners who contribute properties to the Operating Partnership
Since properties contributed to the Operating Partnership may have unrealized gain attributable to the difference between the fair market value and adjusted tax basis in such properties prior to contribution, the sale of such properties could cause adverse tax consequences to the limited partners who contributed such properties
Although we, as the general partner of the Operating Partnership, generally have no obligation to consider the tax consequences of our actions to any limited partner, there can be no assurance that the Operating Partnership will not acquire properties in the future subject to material restrictions designed to minimize the adverse tax consequences to the limited partners who contribute such properties
Such restrictions could result in significantly reduced flexibility to manage our assets
12 ______________________________________________________________________ [77]Back to Contents There are risks relating to investments in real estate
Value of Real Estate is Dependent on Numerous Factors
Real property investments are subject to varying degrees of risk
Real estate values are affected by a number of factors, including: changes in the general economic climate, local conditions (such as an oversupply of space or a reduction in demand for real estate in an area), the quality and philosophy of management, competition from other available space, the ability of the owner to provide adequate maintenance and insurance and to control variable operating costs
Shopping centers, in particular, may be affected by changing perceptions of retailers or shoppers regarding the safety, convenience and attractiveness of the shopping center and by the overall climate for the retail industry generally
Real estate values are also affected by such factors as government regulations, interest rate levels, the availability of financing and potential liability under, and changes in, environmental, zoning, tax and other laws
As substantially all of our income is derived from rental income from real property, our income and cash flow would be adversely affected if a significant number of our tenants were unable to meet their obligations, or if we were unable to lease on economically favorable terms a significant amount of space in our properties
In addition, certain significant expenditures associated with each equity investment (such as mortgage payments, real estate taxes and maintenance costs) are generally not reduced when circumstances cause a reduction in income from the investment
The bankruptcy of, or a downturn in the business of, any of our major tenants may adversely affect our cash flows and property values
The bankruptcy of, or a downturn in the business of, any of our major tenants causing them to reject their leases, or not renew their leases as they expire, or renew at lower rental rates may adversely affect our cash flows and property values
Furthermore, the impact of vacated anchor space and the potential reduction in customer traffic may adversely impact the balance of tenants at the center
Certain of our tenants have experienced financial difficulties and have filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code (“Chapter 11 Bankruptcy”)
Pursuant to bankruptcy law, tenants have the right to reject their leases
In the event the tenant exercises this right, the landlord generally has the right to file a claim for lost rent equal to the greater of either one year’s rent (including tenant expense reimbursements) for remaining terms greater than one year, or 15prca of the rent remaining under the balance of the lease term, but not to exceed three years rent
Actual amounts to be received in satisfaction of those claims will be subject to the tenant’s final plan of reorganization and the availability of funds to pay its creditors
Since January 1, 2003, there have been two significant tenant bankruptcies within our portfolio: On May 30, 2003, The Penn Traffic Company (“Penn Traffic”) filed for protection under Chapter 11 Bankruptcy
Penn Traffic operates in one location in our wholly-owned portfolio in 52cmam000 square feet
Rental revenues from this tenant at this location were dlra0dtta4 million for the year ended December 31, 2005 and dlra0dtta5 million for each of the years ended December 31, 2004 and 2003
Penn Traffic also operated in a location occupying 55cmam000 square feet at a property in which we, through Fund I, hold a 22prca ownership interest
Our pro-rata share of rental revenues from the tenant at this location were dlra0, dlra22cmam000 and dlra147cmam000 for the years ended December 31, 2005, 2004 and 2003, respectively
Penn Traffic continues to operate in our wholly-owned location and has assumed this lease
Penn Traffic rejected the lease at the joint venture location on February 20, 2004
On January 14, 2004, KB Toys (“KB”) filed for protection under Chapter 11 Bankruptcy
KB operated in five locations in our wholly-owned portfolio totaling approximately 41cmam000 square feet
Rental revenues from KB at these locations aggregated dlra0dtta3 million, $ 0dtta8 million and dlra0dtta7 million for the years ended December 31, 2005, 2004 and 2003, respectively
KB also operated in a location occupying 20cmam000 square feet at a property in which we hold a 22prca ownership interest through Fund I Our pro-rata share of rental revenues from the tenant at this location were dlra0, dlra37cmam000 and dlra87cmam000 for the years ended December 31, 2005, 2004 and 2003, respectively
We could be adversely affected by poor market conditions where properties are geographically concentrated
Our performance depends on the economic conditions in markets in which our properties are concentrated
We have significant exposure to the New York region, from which we derive 32prca of the annual base rents within our wholly-owned portfolio
Our operating results could be adversely affected if market conditions, such as an oversupply of space or a reduction in demand for real estate, in this area becomes more competitive relative to other geographic areas
Our ability to change our portfolio is limited because real estate investments are illiquid
Equity investments in real estate are relatively illiquid and, therefore, our ability to change our portfolio promptly in response to changed conditions will be limited
Our board of trustees may establish investment criteria or limitations as it deems appropriate, but currently does not limit the number of properties in which we may seek to invest or on the concentration of investments in any one geographic region
We could change our investment, disposition and financing policies without a vote of our shareholders
13 ______________________________________________________________________ [78]Back to Contents Market interest rates could have an adverse effect on our share price
One of the factors that may influence the trading price of our Common Shares is the annual dividend rate on our Common Shares as a percentage of its market price
An increase in market interest rates may lead purchasers of our Common Shares to seek a higher annual dividend rate, which could adversely affect the market price of our Common Shares and our ability to raise additional equity in the public markets
We could become highly leveraged, resulting in increased risk of default on our obligations and in an increase in debt service requirements which could adversely affect our financial condition and results of operations and our ability to pay distributions
We have incurred, and expect to continue to incur, indebtedness in furtherance of our activities
Neither our Declaration of Trust nor any policy statement formally adopted by our board of trustees limits either the total amount of indebtedness or the specified percentage of indebtedness that we may incur
Accordingly, we could become more highly leveraged, resulting in increased risk of default on our obligations and in an increase in debt service requirements which could adversely affect our financial condition and results of operations and our ability to make distributions
Certain loan agreements require us to comply with certain affirmative and negative covenants, including the maintenance of certain debt service coverage and leverage ratios
In addition, as of December 31, 2005, loans secured by five of our properties, totaling dlra44dtta5 million, are subject to cross-collateralization and cross-default provisions and two loans, aggregating dlra29dtta1 million, are also subject to cross-collateralization and cross-default provisions
Interest expense on our variable debt as of December 31, 2005 would increase by dlra0dtta2 million annually for a 100 basis point increase in interest rates
We may seek additional variable-rate financing if and when pricing and other commercial and financial terms warrant
As such, we would consider hedging against the interest rate risk related to such additional variable-rate debt through interest rate swaps and protection agreements, or other means
We enter into interest-rate hedging transactions, including interest rate swaps and cap agreements, with counterparties
There can be no guarantee that the financial condition of these counterparties will enable them to fulfill their obligations under these agreements
We may not be able to renew current leases and the terms of re-letting (including the cost of concessions to tenants) may be less favorable to us than current lease terms
Upon the expiration of current leases for space located in our properties, we may not be able to re-let all or a portion of that space, or the terms of re-letting (including the cost of concessions to tenants) may be less favorable to us than current lease terms
If we are unable to re-let promptly all or a substantial portion of the space located in our properties or if the rental rates we receive upon re-letting are significantly lower than current rates, our net income and ability to make expected distributions to our shareholders will be adversely affected due to the resulting reduction in rent receipts
There can be no assurance that we will be able to retain tenants in any of our properties upon the expiration of