SEC Filing - Acadia Realty Trust

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UNITED STATES

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): May 1, 2018

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)



Maryland	1-12002	23-2715194
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425 )

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 2.02.	Results of Operations and Financial Condition.

On May 1, 2018, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter ended March 31, 2018. A copy of this press release is attached to this report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. In addition, on May 1, 2018, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter ended March 31, 2018. A copy of this supplemental information is attached to this report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.

The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be furnished solely pursuant to this Item 2.02, and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended (“Securities Act”) or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a) (2) of the Securities Act.



Item 9.01.	Financial Statements and Exhibits.

(d) Exhibits



Exhibit Number	Description
99.1	Press release of the Company dated May 1, 2018.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter ended March 31, 2018.

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.



Dated:	ACADIA REALTY TRUST (Registrant)
May 3, 2018	By: /s/ John Gottfried Name: John Gottfried Title: Sr. Vice President and Chief Financial Officer

Exhibit

Exhibit 99.1

ACADIA REALTY TRUST REPORTS FIRST QUARTER 2018 OPERATING RESULTS

RYE, NY (May 1, 2018) - Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2018. All per share amounts are on a fully-diluted basis.

Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), which owns and operates assets in the nation’s most dynamic urban and street-retail corridors, and a series of discretionary, institutional funds (“Funds”) that target opportunistic and value-add investments.

Please refer to the tables and notes accompanying this press release for further details on operating results and additional disclosures related to net income, funds from operations ("FFO") and net operating income ("NOI").

Highlights


•	Earnings: Generated earnings per share of $0.09 for the first quarter; FFO per share was $0.33 for the first quarter


•	Core Portfolio Operating Results: Solid Core operating fundamentals


◦	To date, achieved 60% of our 2018 leasing goals based on NOI, representing approximately $5 million of annualized NOI


◦	Rent growth of 15.3% on new and renewal leases for the quarter on a cash basis


◦	Reported 95.3% leased occupancy as of March 31, 2018


◦	As projected, same-property net operating income decreased 1.0% for the first quarter (excluding redevelopment), driven by the previously-reported recapture of occupancy during 2017 which impacted period-over-period comparability


•	Core Structured Finance Investments: As projected, the Company received repayment of a $26 million Core note receivable in the first quarter of 2018


•	Fund Transactional Activity: Fund V acquired a high-yield investment during the first quarter for $45 million; Fund IV completed $8 million of dispositions during the first quarter


•	Balance Sheet: As a result of successful capital recycling efforts, the Company repurchased $32 million through March 31, 2018, pursuant to its new share repurchase program on a leverage-neutral basis; As previously reported, the Company extended the maturity of its corporate unsecured facility resulting in reduced borrowing costs and improved flexibility


•	Guidance: Following its strong leasing efforts and its portfolio performance to date, the Company reaffirms its 2018 guidance of FFO per share of $1.33 to $1.45 and same-property net operating income growth of 1-3%, including 2-7% growth in the second half of the year

“Our first-quarter operating results were consistent with our expectations but, more importantly, we continued to make significant progress on both our immediate leasing goals and our long-term growth plans,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “At the beginning of this year, we laid out important leasing goals for our high-quality core portfolio; this leasing, together with two key redevelopments, should drive strong, organic NOI growth over the next several years. In the fund platform, we continue to selectively acquire durable high-yield properties while we watch the disruption in our industry translate into other actionable opportunities. Especially during times like these, it feels good to have significant dry powder, both on balance sheet and in our fund platform, to execute on interesting investment opportunities as they arise.”

FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of net income to FFO is included in the financial tables of this release.

Net Income

Net income attributable to common shareholders for the quarter ended March 31, 2018 was $7 million, or $0.09 per share. Net income attributable to common shareholders for the quarter ended March 31, 2017 was $16 million, or $0.18 per share. The decrease in net income for the quarter was attributable to gains on dispositions of unconsolidated properties in 2017 as well as a reduction in the current quarter in interest income following the monetization of structured finance investments and the impact of the previously discussed recapture of occupancy.

FFO

Consistent with our expectations, FFO for the quarter ended March 31, 2018 was $29 million, or $0.33 per share compared to $35 million, or $0.40 per share for the quarter ended March 31, 2017. The decrease in FFO for the quarter was primarily due to a reduction in interest income in the current quarter following the monetization of structured finance investments and the previously discussed recapture of occupancy.

CORE PORTFOLIO

Core Operating Results

The Company's 2018 leasing goal is to execute leases comprising approximately $8 million of NOI on a run rate basis. To date, the Company has executed leases comprising approximately $5 million of annualized NOI at its key street and urban locations on Madison Avenue (New York), Armitage Avenue (Lincoln Park, Chicago), M Street (Georgetown, Washington DC) and Greenwich Avenue (Greenwich, CT). As such, the Company has achieved 60% of its leasing goals at rents in line with its expectations.

As projected, the Company reported a decrease in same-property net operating income of 1.0% for the first quarter (excluding redevelopment) driven by the previously-reported recapture of occupancy during 2017, which impacted period-over-period comparability.

The Core Portfolio was 94.4% occupied and 95.3% leased as of March 31, 2018, compared to 93.9% occupied and 95.3% leased as of December 31, 2017. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.

During the first quarter, the Company generated a 23.3% increase in average rents on a GAAP basis, and a 15.3% increase on a cash basis, on 9 new and renewal leases aggregating 66,000 square feet.

Redevelopment Update

City Center, San Francisco, CA. The Company has commenced construction on the 40,000-square foot expansion of City Center, its Target-anchored urban shopping center located in San Francisco. The expansion space is approximately 80% pre-leased, with anticipated tenant delivery and rent commencement in 2019.

Clark and Diversey, Lincoln Park, Chicago, IL. Construction is currently underway on the Company's 30,000-square foot development located at the corner of Clark Street and Diversey Parkway in Lincoln Park, Chicago. The Company anticipates construction completion and delivery of approximately 75% of the total leasable space to T.J. Maxx and Blue Mercury in the second half of 2018.

FUND PLATFORM

Fund Acquisitions

The Company completed a $45 million Fund V acquisition during first quarter 2018 as follows:

Trussville Promenade, Trussville, AL (Fund V). As previously reported, in February 2018, Fund V acquired a 464,000-square foot shopping center, located in Trussville, AL (Birmingham MSA), for $45 million. The property is 95% leased and its anchors include Walmart, Marshalls, and Ross Dress for Less. This investment is consistent with the Fund platform’s high-yield opportunistic strategy.

Fund Dispositions

The Company completed $34 million of Fund dispositions during 2018 as follows:

108-110 W Broughton St, Savannah, GA (Fund IV). As previously reported, in January 2018, Fund IV completed the sale of another two properties in its Broughton St Collection in Savannah, GA for $8 million. The mixed use properties total 11,000 square feet and are 100% occupied; Bluemercury and Tommy Bahama are the key retail tenants. To date, Fund IV has sold seven of 23 properties in its Broughton St Collection, aggregating 31,000 square feet of approximately 200,000 square feet of retail, residential, and office space.

Sherman Plaza, New York, NY (Fund II). Subsequent to the first quarter, Fund II completed the sale of Sherman Plaza, located in upper Manhattan, to a residential developer for $26 million. Following this sale, Fund II’s sole real estate investment is City Point.

BALANCE SHEET

The Company has maintained its solid, low-leveraged balance sheet by reducing its Core pro rata debt by $19 million during the most recent quarter. As of March 31, 2018, the Company’s net debt to EBITDA ratio for the Core Portfolio was 4.9x.

During the first quarter 2018, the Company completed a $500 million Senior Unsecured Credit Facility comprised of a $150 million revolving credit facility and a $350 million term loan. The new facility extended the maturity dates of its prior facilities, and provided a reduction in all-in pricing and improvements to market terms and conditions.

Through April 30, 2018, the Company has repurchased $54 million, or 2.2 million shares, pursuant to its new share repurchase program on a leverage-neutral basis, of which $32 million was acquired as of March 31, 2018.

2018 GUIDANCE

The Company reaffirms that its 2018 annual earnings per share will range from $0.37 to $0.48 and 2018 FFO per share will range from $1.33 to $1.45.

The Company’s 2018 operating assumptions are reaffirmed as follows:


•	2018 annual growth of 1% to 3% in same-property NOI (excluding redevelopments):


◦	first half of 2018: (2%) to 0%


◦	second half of 2018: 2% to 7%


•	The variability and range of estimates is primarily dependent upon the rent commencement dates of certain executed key leases

CONFERENCE CALL

Management will conduct a conference call on Wednesday, May 2, 2018 at 12:00 PM ET to review the Company’s earnings and operating results. Dial-in and webcast information is listed below.

Live Conference Call:

Date: Wednesday, May 2, 2018

Time: 12:00 PM ET

Dial#: 844-309-6711

Passcode: “Acadia Realty” or “6882817”

Webcast (Listen-only): www.acadiarealty.com under Investors, Presentations & Events

Phone Replay:

Dial#: 855-859-2056

Passcode: “6882817”

Available Through: Wednesday, May 9, 2018

Webcast Replay: www.acadiarealty.com under Investors, Presentations & Events

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual - Core and Fund - operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic urban and street-retail corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com.

Safe Harbor Statement

Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding Acadia’s future financial results and its ability to capitalize on potential investment opportunities. Factors that could cause the Company’s forward-looking statements to differ from its future results include, but are not limited to, those discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual report on Form 10-K filed with the SEC on February 27, 2018 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) political and economic uncertainty; (ii) the Company’s reliance on revenues derived from major tenants; (iii) the Company’s limited control over joint venture investments; (iv) the Company’s partnership structure; (v) real estate and the geographic concentration of the Company’s properties; (vi) market interest rates; (vii) leverage; (viii) liability for environmental matters; (ix) the Company’s growth strategy; (x) the Company’s status as a REIT; (xi) uninsured losses; (xii) information technology security threats and (xiii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company’s website at www.acadiarealty.com. Any forward-looking statements in this press release speak only as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia’s expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.

ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Statements of Operations ^(a)

(dollars and Common Shares in thousands, except per share data)




	Three Months Ended March 31,
	2018			2017
Revenues
Rental income	$	50,779		$	48,585
Expense reimbursements	11,208			12,316
Other	1,137			1,098
Total revenues	63,124			61,999
Operating expenses
Depreciation and amortization	28,576			24,536
General and administrative	8,470			8,469
Real estate taxes	8,959			10,606
Property operating	10,338			8,197
Other operating	80			294
Total operating expenses	56,423			52,102

Operating income	6,701			9,897

Equity in earnings and gains of unconsolidated affiliates inclusive of gains on disposition of properties of $0 and $11,846 respectively	1,684			12,703
Interest income	3,737			8,984
Interest expense	(15,890		)	(11,488		)
(Loss) income from continuing operations before income taxes	(3,768		)	20,096
Income tax provision	(392		)	(125		)
Net (loss) income	(4,160		)	19,971
Net loss (income) attributable to noncontrolling interests	11,579			(4,340		)
Net income attributable to Acadia	$	7,419		$	15,631

Less: net income attributable to participating securities	(44		)	(162		)
Net income attributable to Common Shareholders - basic	$	7,375		$	15,469

Weighted average shares for diluted earnings per share	83,438			83,645

Net Earnings per share - basic and diluted ^(b)	$	0.09		$	0.18

ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Funds From Operations ^{(a, c)}

(dollars and Common Shares and Units in thousands, except per share data)



	Three Months Ended March 31,
	2018		2017

Net income attributable to Acadia	$	7,419	$	15,631

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)	21,085		21,533

Gain on sale (net of noncontrolling interests’ share)	—		(2,742		)
Income attributable to Common OP Unit holders	477		923
Distributions - Preferred OP Units	135		139
Funds from operations attributable to Common Shareholders and Common OP Unit holders	$	29,116	$	35,484

Funds From Operations per Share - Diluted
Weighted average number of Common Shares and Common OP Units^(d)	89,067		89,024
Diluted Funds from operations, per Common Share and Common OP Unit	$	0.33	$	0.40

ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) ^(a)

(dollars in thousands)



	Three Months Ended March 31,
	2018			2017

Consolidated operating income	$	6,701		$	9,897
Add back:
General and administrative	8,470			8,469
Depreciation and amortization	28,576			24,536
Less:
Above/below market rent, straight-line rent and other adjustments	(5,527		)	(5,987		)
Consolidated NOI	38,220			36,915

Noncontrolling interest in consolidated NOI	(8,627		)	(6,539		)
Less: Operating Partnership's interest in Fund NOI included above	(2,157		)	(1,947		)
Add: Operating Partnership's share of unconsolidated joint ventures NOI ^(e)	5,648			4,707
NOI - Core Portfolio	$	33,084		$	33,136

ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Balance Sheets^(a)

(dollars in thousands)



	As of
	March 31, 2018			December 31, 2017
ASSETS
Investments in real estate, at cost
Land	$	667,847		$	658,835
Buildings and improvements	2,581,553			2,538,338
Construction in progress	21,060			18,642
Properties under capital lease	76,965			76,965
	3,347,425			3,292,780
Less: accumulated depreciation	(359,048		)	(339,862		)
Operating real estate, net	2,988,377			2,952,918
Real estate under development	182,380			173,702
Net investments in real estate	3,170,757			3,126,620
Notes receivable, net	108,959			153,829
Investments in and advances to unconsolidated affiliates	311,540			302,070
Other assets, net	216,514			214,959
Cash and cash equivalents	39,344			74,823
Rents receivable, net	53,983			51,738
Restricted cash	12,517			10,846
Assets of properties held for sale	25,362			25,362
Total assets	$	3,938,976		$	3,960,247

LIABILITIES
Mortgage and other notes payable, net	$	911,527		$	909,174
Unsecured notes payable, net	529,756			473,735
Unsecured line of credit	14,000			41,500
Accounts payable and other liabilities	209,090			210,052
Capital lease obligation	70,732			70,611
Dividends and distributions payable	23,978			24,244
Distributions in excess of income from, and investments in, unconsolidated affiliates	15,226			15,292
Total liabilities	1,774,309			1,744,608
Commitments and contingencies
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 82,450,745 and 83,708,140 shares, respectively	82			84
Additional paid-in capital	1,564,067			1,596,514
Accumulated other comprehensive income	7,376			2,614
Distributions in excess of accumulated earnings	(46,856		)	(32,013		)
Total Acadia shareholders’ equity	1,524,669			1,567,199
Noncontrolling interests	639,998			648,440
Total equity	2,164,667			2,215,639
Total liabilities and equity	$	3,938,976		$	3,960,247

ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:


(a)	For additional information and analysis concerning the Company’s results of operations, reference is made to the Company’s Quarterly Supplemental Disclosure furnished on Form 8-K to the SEC and included on the Company’s website at www.acadiarealty.com.

(b)

Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue Common Shares were exercised or converted into Common Shares. The effect of the conversion of Common OP Units is not reflected in the above table as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.

(c)

The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. FFO and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of depreciated property, depreciation and amortization, and impairment of depreciable real estate. In addition, NOI excludes interest expense. The Company’s method of calculating FFO and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property, plus depreciation and amortization, impairment of depreciable real estate, and after adjustments for unconsolidated partnerships and joint ventures.

(d)

In addition to the weighted-average Common Shares outstanding, basic and diluted FFO also assume full conversion of a weighted-average 4,966 thousand and 4,756 thousand OP Units into Common Shares for the quarters ended March 31, 2018 and 2017, respectively. Diluted FFO also includes: (i) the assumed conversion of Preferred OP Units into 499 thousand and 496 thousand Common Shares for the quarters ended March 31, 2018 and 2017, respectively; and (ii) the effect of 168 thousand and 137 thousand employee share options, restricted share units and LTIP units for the quarters ended March 31, 2018 and 2017, respectively.


(e)	The Pro-rata portion share of NOI is based upon our stated ownership percentages in each operating agreement. Does not include the Operating Partnership's share of NOI from unconsolidated joint ventures within the Funds.

Exhibit

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Table of Contents



Section I - First Quarter 2018 Earnings Press Release
Section II - Financial Information		Section III - Core Portfolio Information

Company Information	3	Core Properties	25
Market Capitalization	4	Core Top Tenants	28
Operating Statements		Core Lease Expirations	29
Consolidated Income Statements	5	Core New and Renewal Rent Spreads	30
Income Statement - Pro-rata Adjustments	7	Core Capital Expenditures	31
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), Adjusted FFO (“AFFO”)	11
EBITDA	12
Same Property Net Operating Income	13
Fee Income	14	Section IV - Fund Information
Structured Financing	15
Other Information		Fund Overview	32
Transactional Activity	16	Fund Properties	33
2018 Guidance	17	Fund Lease Expirations	35
Net Asset Valuation Information	18	Fund Development and Redevelopment Activity	36
Selected Financial Ratios	19
Debt Analysis
Summary	21
Detail	22
Maturities	24	Important Notes	37

Visit www.acadiarealty.com for additional investor and portfolio information

Supplemental Report – March 31, 2018



Company Information

Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its core portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.





Contact Information

	Corporate Headquarters	Investor Relations	New York Stock Exchange
	411 Theodore Fremd Avenue	Amy Racanello	Symbol AKR
	Suite 300	Senior Vice President,
	Rye, NY 10580	Capital Markets & Investments
		(914) 288-3345
		aracanello@acadiarealty.com


Analyst Coverage

	Bank of America / Merrill Lynch	BTIG	KeyBanc Capital Markets, Inc.
	Craig Schmidt - (646) 855-3640	Michael Gorman - (212) 738-6138	Todd Thomas - (917) 368-2286
	craig.schmidt@baml.com	mgorman@btig.com	tthomas@key.com



	Boenning & Scattergood	Citigroup - Global Markets	J.P. Morgan Securities, Inc.
	Floris van Dijkum - (212) 922-3572	Christy McElroy - (212) 816-6981	Michael W. Mueller, CFA - (212) 622-6689
	fvandijkum@boenninginc.com	christy.mcelroy@citi.com	michael.w.mueller@jpmorgan.com



		Green Street Advisors
		Daniel Busch - (949) 640-8780
		dbusch@greenstreetadvisors.com



Supplemental Report - March 31, 2018	3



Market Capitalization
(including pro-rata share of Fund debt, in thousands)
																Weighted Average
	Total Market Capitalization ($)				%		Capitalization Based on Net Debt¹		Changes in Total Outstanding Common Shares and OP Units (in thousands)							Diluted EPS		FFO
Equity Capitalization										Common Shares		Common OP Units		Total		Quarter	YTD	Quarter	YTD
Common Shares	82,451								Balance at 12/31/2017	83,708		4,716		88,424
Common Operating Partnership ("OP") Units	4,969								Other	11		289		300
Combined Common Shares and OP Units	87,420								Share repurchases	(1,304	)	—		(1,304	)
									OP Conversions	36		(36	)	—
Share Price at March 31, 2018	$	24.60							Balance at 3/31/2018	82,451		4,969		87,420		83,438	83,438	89,067	89,067

Equity Capitalization - Common Shares and OP Units	$	2,150,532
Preferred OP Units	12,284			²
Total Equity Capitalization	2,162,816				70	%	71	%

Debt Capitalization
Consolidated debt	1,467,712
Adjustment to reflect pro-rata share of debt	(550,762		)
Total Debt Capitalization	916,950				30	%	29	%

Total Market Capitalization	$	3,079,766		³	100	%	100	%

__________


1.	Reflects debt net of Core Portfolio cash of $12,126 and pro-rata share of Funds cash of $8,754, for total cash netted against debt of $20,880.


2.	Represents 188 Series A and 136,593 Series C Preferred OP Units convertible into 25,067 and 474,278 Common OP Units, respectively, multiplied by the Common Share price at quarter end.


3.	Market capitalization comprises (fixed-rate debt includes notional principal fixed through interest rate swap transactions):

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Supplemental Report - March 31, 2018	4



Income Statements
(in thousands)

	March 31, 2018 ¹
	Quarter
CONSOLIDATED INCOME STATEMENT

Revenues
Rental income	$	50,779
Expense reimbursements	11,208
Other	1,137
Total revenues	63,124
Operating expenses
Depreciation and amortization	28,576
General and administrative	8,470
Real estate taxes	8,959
Property operating	10,338
Other operating	80
Total operating expenses	56,423
Operating income	6,701
Equity in earnings of unconsolidated affiliates	1,684
Interest income	3,737
Interest expense	(15,890		)
Loss from continuing operations before income taxes	(3,768		)
Income tax provision	(392		)
Net loss	(4,160		)
Net loss attributable to noncontrolling interests	11,579
Net income attributable to Acadia	$	7,419



Supplemental Report - March 31, 2018	5



Income Statement - Detail
(in thousands)

	March 31, 2018 ¹
	Quarter

CORE PORTFOLIO AND FUND INCOME

PROPERTY REVENUES
Minimum rents	$	45,484
Percentage rents	199
Expense reimbursements - CAM	4,450
Expense reimbursements - Taxes	6,757
Other property income	525
Total Property Revenues	57,415

PROPERTY EXPENSES
Property operating - CAM	7,785
Other property operating (Non-CAM)	2,449
Real estate taxes	8,959
Total Property Expenses	19,193

NET OPERATING INCOME - PROPERTIES	38,222

OTHER INCOME (EXPENSE)
Interest income	3,737
Straight-line rent income	2,434
Above/below-market rent	2,666
Interest expense ²	(13,793		)
Amortization of finance costs	(1,375		)
Above/below-market interest expense	26
Asset and property management expense	(279		)
Other income/expense	503
Transaction costs	(80		)
Capital lease interest	(748		)
CORE PORTFOLIO AND FUND INCOME	31,313

FEE INCOME
Asset and property management fees	215
Promote income from funds, net	—
Transactional fees ³	66
Income tax benefit (provision)	(392		)
Total Fee Income	(111		)

General and Administrative	(8,470		)

Depreciation and amortization	(28,465		)
Non-real estate depreciation and amortization	(111		)
Loss before equity in earnings and noncontrolling interests	(5,844		)

Equity in earnings of unconsolidated affiliates	1,684
Noncontrolling interests	11,579

NET INCOME ATTRIBUTABLE TO ACADIA	$	7,419



Supplemental Report - March 31, 2018	6



Income Statement - Pro Rata Adjustments
(in thousands)
(in thousands)
	Quarter Ended March 31, 2018
	Noncontrolling Interest in Consolidated Subsidiaries ⁴			Company’s Interest in Unconsolidated Subsidiaries ⁵
CORE PORTFOLIO AND FUND INCOME

PROPERTY REVENUES
Minimum rents	$	(13,339	)	$	7,291
Percentage rents	(113		)	57
Expense reimbursements - CAM	(1,556		)	680
Expense reimbursements - Taxes	(1,340		)	1,350
Other property income	(235		)	48
Total Property Revenues	(16,583		)	9,426

PROPERTY EXPENSES
Property operating - CAM	(3,333		)	823
Other property operating (Non-CAM)	(1,298		)	254
Real estate taxes	(2,349		)	1,415
Total Property Expenses	(6,980		)	2,492

NET OPERATING INCOME - PROPERTIES	(9,603		)	6,934

OTHER INCOME (EXPENSE)
Interest income	(1,528		)	—
Straight-line rent income	(1,448		)	413
Above/below-market rent	(707		)	218
Interest expense	7,487			(2,046		)
Amortization of finance costs	938			(158		)
Above/below-market interest expense	—			21
Asset and property management expense	282			(244		)
Other income/expense	(338		)	323
Transaction costs	—			—
Capital lease interest	—			—
CORE PORTFOLIO AND FUND INCOME	(4,917		)	5,461

FEE INCOME
Asset and property management fees	3,906			78
Promote income from funds, net	158			—
Transactional fees	1,334			63
Income tax provision	28			(5		)
Total Fee Income	5,426			136

General and Administrative	297			(43		)

Depreciation and amortization	11,250			(3,870		)
Non-real estate depreciation and amortization	—			—
Income before equity in earnings and noncontrolling interests	12,056			1,684

Equity in earnings of unconsolidated affiliates	—			—
Noncontrolling interests ⁶	(477		)	—

NET INCOME ATTRIBUTABLE TO ACADIA	$	11,579		$	1,684



Supplemental Report - March 31, 2018	7



Consolidated Balance Sheet ⁷
(in thousands)
	Consolidated
	Balance
	Sheet
ASSETS	As Reported			Line Item Details:
Real estate
Land	$	667,847
Buildings and improvements	2,581,553
Construction in progress	21,060
Properties under capital lease	76,965			The components of Real estate under development, at cost are as follows:
	3,347,425
Less: accumulated depreciation	(359,048		)
Operating real estate, net	2,988,377			Fund II	$	4,733
Real estate under development	182,380			Fund III	70,370
Net investments in real estate	3,170,757			Fund IV	83,221
Notes receivable, net	108,959			Core	24,056
Investments in and advances to unconsolidated affiliates	311,540
Other assets, net	216,514			Total	$	182,380
Cash and cash equivalents	39,344
Straight-line rents receivable, net	37,043
Rents receivable, net	16,940
Restricted cash	12,517			Summary of other assets, net:
Assets of properties held for sale	25,362
				Lease intangibles, net	$	125,050
				Deferred charges, net	27,730
Total Assets	$	3,938,976		Prepaid expenses	17,927
				Other receivables	5,719
LIABILITIES AND SHAREHOLDERS' EQUITY				Accrued interest receivable	12,450
				Deposits	4,549
Mortgage and other notes payable, net	$	911,527		Due from seller	4,300
Unsecured notes payable, net	529,756			Deferred tax assets	2,141
Unsecured line of credit	14,000			Derivative financial instruments	9,958
Accounts payable and other liabilities	209,090			Due from related parties	2,397
Capital lease obligation	70,732			Corporate assets	2,287
Dividends and distributions payable	23,978			Income taxes receivable	2,006
Distributions in excess of income from, and investments in, unconsolidated affiliates	15,226			Total	$	216,514

Total Liabilities	1,774,309
Shareholders' equity				Summary of accounts payable and other liabilities:
Common shares	82
Additional paid-in capital	1,564,067			Lease intangibles, net	$	104,273
Accumulated other comprehensive income	7,376			Accounts payable and accrued expenses	59,771
Distributions in excess of accumulated earnings	(46,856		)	Deferred income	31,260
Total Acadia shareholders' equity	1,524,669			Tenant security deposits, escrow and other	10,412
Noncontrolling interests	639,998			Derivative financial instruments	1,238
Total Shareholders' Equity	2,164,667			Income taxes payable	575
				Other	1,561
Total Liabilities and Shareholders' Equity	$	3,938,976		Total	$	209,090



Supplemental Report - March 31, 2018	8



Pro-Rata Balance Sheet Adjustments ⁷
(in thousands)

	Noncontrolling Interest in Consolidated Subsidiaries ⁴			Company’s Interest in Unconsolidated Subsidiaries ⁵
ASSETS
Real estate
Land	$	(157,895	)	$	85,950
Buildings and improvements	(836,395		)	355,253
Construction in progress	(12,177		)	241
Properties under capital lease	—			—
	(1,006,467		)	441,444
Less: accumulated depreciation	43,651			(58,003		)
Operating real estate, net	(962,816		)	383,441
Real estate under development	(118,843		)	5,309
Net investments in real estate	(1,081,659		)	388,750
Notes receivable, net	(39,272		)	—
Investments in and advances to unconsolidated affiliates	(56,218		)	(253,799		)
Other assets, net	(41,003		)	30,535
Cash and cash equivalents	(25,280		)	6,816
Straight-line rents receivable, net	(10,434		)	5,123
Rents receivable, net	(2,668		)	2,352
Restricted cash	(9,432		)	939
Assets of properties held for sale	(18,034		)	—


Total Assets	$	(1,284,000	)	$	180,716

LIABILITIES AND SHAREHOLDERS' EQUITY

Mortgage and other notes payable, net	$	(564,655	)	$	162,342
Unsecured notes payable, net	(140,334		)	—
Unsecured line of credit	—			—
Accounts payable and other liabilities	(71,674		)	33,600
Capital lease obligation	—			—
Dividends and distributions payable	—			—
Distributions in excess of income from, and investments in, unconsolidated affiliates	—			(15,226		)

Total Liabilities	(776,663		)	180,716
Shareholders' equity
Common shares	—			—
Additional paid-in capital	—			—
Accumulated other comprehensive income	—			—
Distributions in excess of accumulated earnings	—			—
Total Acadia shareholders' equity	—			—
Noncontrolling interests	(507,337		)	—
Total Shareholders' Equity	(507,337		)	—

Total Liabilities and Shareholders' Equity	$	(1,284,000	)	$	180,716



Supplemental Report - March 31, 2018	9

__________

Notes to income statements, balance sheet and pro rata adjustments:


1.	Quarterly results 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 periods.


2.	Net of capitalized interest of $1.5 million for the quarterly period.


3.	Consists of development, construction, leasing and legal fees.


4.	Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities.


5.	Represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.


6.	Adjustment to noncontrolling interests exclude income allocable to Operating Partnership Units of $0.5 million for the quarter ended March 31, 2018.


7.	The Company currently invests in Funds II, III, IV & V and Mervyns II which are consolidated within the Company's financial statements.



Supplemental Report - March 31, 2018	10



Funds from Operations ("FFO") ¹
(in thousands)

	Quarter Ended			Quarter Ended
Funds from operations ("FFO"):	March 31, 2018			March 31, 2017

Net Income	$	7,419		$	15,631
Add back:
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)	21,085			21,533
Gain on disposition of properties (net of noncontrolling interest share)	—			(2,742		)
Income attributable to noncontrolling interests' share in Operating Partnership	612			1,062
FFO to Common Shareholders and Common OP Unit holders	$	29,116		$	35,484


Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	29,116		$	35,484
Straight-line rent, net	(1,399		)	(1,824		)
Above/(below)-market rent	(2,177		)	(2,197		)
Amortization of finance costs	595			574
Above/below-market interest	(47		)	(199		)
Non-real estate depreciation	111			231
Leasing commissions	(212		)	(474		)
Tenant improvements	(1,224		)	(1,747		)
Capital expenditures	(957		)	(47		)
AFFO to Common Shareholders and Common OP Unit holders	$	23,806		$	29,801

Total weighted average diluted shares and OP Units	89,067			89,024

Diluted FFO per Common share and OP Unit:
FFO	$	0.33		$	0.40

__________


1.	Quarterly results 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 periods.



Supplemental Report - March 31, 2018	11



EBITDA
(in thousands)

	Quarter Ended March 31, 2018
	Core
	Portfolio			Funds			Total

NET INCOME ATTRIBUTABLE TO ACADIA	$	8,876		$	(1,457	)	$	7,419

Adjustments:
Depreciation and amortization	18,404			2,792			21,196
Interest expense	6,321			2,031			8,352
Amortization of finance costs	320			275			595
Above/below-market interest	(47		)	—			(47		)
Transaction costs	80			—			80
Provision for income taxes	360			9			369
Noncontrolling interest - OP	477			—			477

EBITDA	$	34,791		$	3,650		$	38,441



Supplemental Report - March 31, 2018	12



Core Portfolio
Same Property Performance ¹
(in thousands)

	Quarter Ended
							Change
	March 31, 2018			March 31, 2017			Favorable/(Unfavorable)

Summary
Minimum rents	$	32,674		$	32,850		(0.5	)%
Expense reimbursements	8,912			9,481			(6.0	)%
Other property income	343			205			67.3	%

Total Revenue	41,929			42,536			(1.4	)%

Expenses
Property operating - CAM & Real estate taxes	10,465			10,533			0.6	%
Other property operating (Non-CAM)	611			824			25.8	%

Total Expenses	11,076			11,357			2.5	%

Same Property NOI - Core properties	$	30,853		$	31,179		(1.0	)%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI	2,231			1,957
Core NOI	$	33,084		$	33,136

Other same property information
Physical Occupancy	94.8		%	96.0		%
Leased Occupancy	95.7		%	96.1		%

__________


1.	The above amounts include the pro-rata activity related to the Company's Core consolidated and unconsolidated investments.



Supplemental Report - March 31, 2018	13



Fee Income by Fund
(in thousands)

	Fund II		Fund III		Fund IV		Fund V		Other		Total

Quarter Ended March 31, 2018
Asset and property management fees	$	456	$	687	$	1,285	$	1,692	$	79	$	4,199
Transactional fees	253		200		769		162		79		1,463
Total fees	$	709	$	887	$	2,054	1,854		$	158	$	5,662



Supplemental Report - March 31, 2018	14



Structured Financing Portfolio
(in thousands)


	December 31, 2017						Current Period											Stated		Effective
	Principal		Accrued						Repayments /			Current		Accrued		Balance at		Interest		Interest		Maturity
Investment	Balance		Interest		Total		Advances		Conversions			Principal ¹		Interest		March 31, 2018		Rate		Rate		Dates

First mortgage notes	$	101,695	$	4,886	$	106,581	$	2,801	$	(48,021	)	$	56,475	$	3,214	$	59,689	7.44	%	7.44	%	Apr-19 to Apr-20

Total Core notes receivable	$	101,695	$	4,886	$	106,581	$	2,801	$	(48,021	)	$	56,475	$	3,214	$	59,689	7.44	%	7.44	%

__________


1. Reconciliation of Notes Receivable to the Consolidated Balance Sheet (Pro Rata):

Total Notes Receivable per above												$	56,475
Pro-rata share of Fund loans												13,212

Total Pro-rata Notes Receivable												$	69,687



Supplemental Report - March 31, 2018	15



Transactional Activity
(in thousands)

PROPERTY ACQUISTIONS AND DISPOSITIONS

Property Name	Location	Key Tenants	Date of Transaction	Transaction Amount			Ownership %		Fund Share		Acadia Share

ACQUISITION

Fund V:
Trussville	Trussville, AL	Wal-Mart, Regal Cinemas	February 21, 2018	$	45,200		100.00	%	$	45,200	$	9,085
				$	45,200				$	45,200	$	9,085

DISPOSITION
Fund IV:
Broughton Street Portfolio (2 properties)	Savannah, GA		January 18, 2018	$	7,950		50.00	%	$	3,975	$	919
				$	7,950				$	3,975	$	919



STRUCTURED FINANCING ACTIVITY

Note Description	Transaction Type		Date of Transaction	Transaction Amount			Ownership %		Fund Share		Acadia Share

Core:
55-57 Spring Street	Redemption		January 24, 2018	$	(26,000	)	100.00	%	$	—	$	(26,000	)
135 East 65th	Advance		March 16, 2018	2,801			100.00	%	—		2,801
Town Center	Conversion		March 28, 2018	(22,021		)	100.00	%	—		(22,021		)

				$	(45,220	)			$	—	$	(45,220	)



Supplemental Report - March 31, 2018	16

2018 Guidance

The Company reaffirms that its 2018 annual earnings per share will range from $0.37 to $0.48 and 2018 FFO per share will range from $1.33 to $1.45.



Supplemental Report - March 31, 2018	17



Net Asset Valuation Information
(in thousands)

	CORE				FUND III											FUND IV											FUND V
					Fund Level						AKR Pro-rata share					Fund Level						AKR Pro-rata share					Fund Level				AKR Pro-rata share
	Quarterly		Annualized (x4)		Quarterly			Annualized (x4)			%		$			Quarterly			Annualized (x4)			%		$			Quarterly		Annualized (x4)		%		$
Current NOI
Net Operating Income ¹	$	33,084	$	132,336	$	591		$	2,364		24.5	%	$	580		$	6,679		$	26,716		23.1	%	$	6,177		$	4,191	$	16,764	20.1	%	$	3,370
Less:
(Income) loss from properties sold or under contract	—		—		—			—					—			—			—					—			—		—				—
(Income) loss from pre-stabilized assets ²	—		—		(624		)	(2,496		)			(613		)	(1,378		)	(5,512		)			(1,274		)	—		—				—
(Income) loss from development projects ³	—		—		33			132					32			(528		)	(2,112		)			(488		)	—		—				—
Net Operating Income of stabilized assets	$	33,084	$	132,336	$	—		$	—				$	(1	)	$	4,773		$	19,092				$	4,415		$	4,191	$	16,764			$	3,370

Costs to Date
Pre-stabilized assets ²			$	—				$	55,277				$	13,565					$	266,700				$	61,661				$	—			$	—
Development projects ³			30,100					62,400					15,313						142,000					32,830					—				—

Total Costs to Date			$	30,100				$	117,677				$	28,878					$	408,700				$	94,491				$	—			$	—

Debt			$	697,718				$	70,344				$	12,570					$	459,881				$	102,316				$	176,506			$	35,477

__________


1.	Does not include a full quarter of NOI for those assets purchased during the current quarter. See “Transactional Activity” page in this Supplemental Report for descriptions of those acquisitions. Excludes Fund II, which has been substantially liquidated except for its investment in City Point with pre-stabilized assets of $529.1 million and debt of $256.3 million.


2.	Consists of the following projects for Fund III: 640 Broadway, 654 Broadway and Nostrand; Fund IV: Paramus Plaza, 210 Bowery, Broughton Street Portfolio, 801 Madison, 27 E 61st Street, 938 West North, 1964 Union Street, 17 East 71st Street, 1035 Third Avenue and Eden Square.


3.	See “Development and Redevelopment Activity” page in this Supplemental Report.



Supplemental Report - March 31, 2018	18



Selected Financial Ratios
(in thousands)

	Quarter Ended							Quarter Ended
	March 31,							March 31, 2018			December 31, 2017
	2018			2017				March 31, 2018			December 31, 2017
COVERAGE RATIOS ¹							LEVERAGE RATIOS

Fixed-Charge Coverage Ratios							Debt/Market Capitalization Ratios

EBITDA ² divided by:	$	34,791		$	40,473		Debt + Preferred Equity (Preferred O.P. Units)	$	929,234		$	939,614
Interest expense	6,321			7,079			Total Market Capitalization	3,079,766			3,358,895
Principal Amortization	1,101			1,279			Debt+Preferred Equity/Total Market Capitalization	30		%	28		%
Preferred Dividends ³	135			139
Fixed-Charge Coverage Ratio - Core Portfolio	4.6		x	4.8		x

EBITDA divided by:	$	38,441		$	44,075		Debt ⁶	$	908,354		$	908,352
Interest expense	8,352			7,994			Total Market Capitalization	3,079,766			3,358,895
Principal Amortization	1,345			1,462			Net Debt+Preferred Equity/Total Market Capitalization	29		%	27		%
Preferred Dividends	135			139
Fixed-Charge Coverage Ratio - Core Portfolio and Funds	3.9		x	4.6		x

Payout Ratios							Debt/EBITDA Ratios

Dividends declared (per share/OP Unit)	$	0.27		$	0.26		Debt	$	697,718		$	716,691
							EBITDA	138,690			155,488
Dividends (Shares) & Distributions (OP Units) declared	$	24,259		$	23,361		Debt/EBITDA - Core Portfolio	5.0		x	4.6		x
FFO	29,116			35,484
FFO Payout Ratio	83		%	66		%	Debt ⁵	$	685,592		$	705,266
FFO Payout Ratio before Special Items	83		%	66		%	EBITDA	138,690			155,488
							Net Debt/EBITDA - Core Portfolio	4.9		x	4.5		x
Dividends (Shares) & Distributions (OP Units) declared	$	24,259		$	23,361
AFFO	23,806			29,801			Debt ⁴	$	916,950		$	925,952
AFFO Payout Ratio	102		%	78		%	EBITDA	153,290			170,442
							Debt/EBITDA - Core Portfolio and Funds	6.0		x	5.4		x

							Debt ⁶	$	896,070		$	894,690
							EBITDA	153,290			170,440
							Net Debt/EBITDA - Core Portfolio and Funds	5.8		x	5.2		x



Supplemental Report - March 31, 2018	19

__________

Quarterly results 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 periods. The coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.


2.	See EBITDA page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia.


3.	Represents preferred distributions on Preferred Operating partnership Units.


4.	Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt.


5.	Reflects debt net of the current Core Portfolio cash balance at end of period.


6.	Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period.



Reconciliation of EBITDA to Adjusted EBITDA

Core EBITDA as reported	$	34,791
Less promote for quarter	(158		)
Adjusted Core EBITDA	34,633

Annualized	138,532

Add: Annualized net Promote	158

Adjusted Annualized Core EBITDA	138,690

Add in Funds	14,600

Adjusted Annualized EBITDA Core and Funds	$	153,290



Supplemental Report - March 31, 2018	20



Portfolio Debt - Summary
(in thousands)


	Acadia Pro-Rata Share of Debt ²														Reconciliation to Consolidated Debt as Reported
	Core Portfolio				Funds				Total						Add: Noncontrolling Interest Share of Debt ³		Less: Pro-rata Share of Unconsolidated Debt ⁴			Acadia Consolidated Debt as Reported
Unsecured Debt	Principal Balance		Interest Rate		Principal Balance		Interest Rate		Principal Balance		Interest Rate


Fixed-Rate Debt ¹	$	364,000	2.9	%	$	—	—	%	$	364,000	2.9	%	40	%	$	—	$	—		$	364,000
Variable-Rate Debt ⁵	—		—	%	40,091		3.6	%	40,091		3.6	%	4	%	140,334		—			180,425
													44	%
Mortgage and Other Notes Payable

Fixed-Rate Debt ¹	296,350		4.1	%	85,530		4.3	%	381,880		4.2	%	42	%	280,471		(116,237		)	546,114
Variable-Rate Debt ⁵	37,368		3.8	%	93,611		4.4	%	130,979		4.2	%	14	%	293,195		(47,001		)	377,173
													56	%

Total	$	697,718	3.6	%	$	219,232	4.2	%	$	916,950	3.8	%	100	%	$	714,000	$	(163,238	)	1,467,712
Unamortized premium																				830
Net unamortized loan costs																				(13,259		)
Total																				$	1,455,283

_________


1.	Fixed-rate debt includes notional principal fixed through swap transactions.


2.	Represents the Company's pro-rata share of debt based on its percent ownership.


3.	Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.


4.	Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.


5.	Variable rate debt includes certain borrowings that are subject to interest rate cap agreements.



Supplemental Report - March 31, 2018	21



Portfolio Debt - Detail
(in thousands)
		Principal Balance at			Acadia's Pro-rata Share					Interest	Maturity	Extension
Property		March 31, 2018			Percent		Amount			Rate	Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
Brandywine ²		$	26,250		22.22	%	$	5,833		6.00%	7/1/2016	None
163 Highland Avenue		9,049			100.00	%	9,049			4.66%	2/1/2024	None
Crossroads Shopping Center		67,105			49.00	%	32,881			3.94%	10/6/2024	None
555 9th Street		60,000			100.00	%	60,000			3.99%	1/1/2025	None
840 N. Michigan		73,500			88.43	%	64,996			4.36%	2/10/2025	None
Georgetown Portfolio (2008 Investment)		16,808			50.00	%	8,404			4.72%	12/10/2027	None
State & Washington		24,842			100.00	%	24,842			4.40%	9/5/2028	None
239 Greenwich Avenue		27,000			75.00	%	20,250			3.88%	1/10/2029	None
North & Kingsbury		12,838			100.00	%	12,838			4.01%	11/5/2029	None
151 North State Street		14,106			100.00	%	14,106			4.03%	12/1/2029	None
Concord & Milwaukee		2,784			100.00	%	2,784			4.40%	6/1/2030	None
California & Armitage		2,608			100.00	%	2,608			5.89%	4/15/2035	None
Unsecured interest rate swaps ¹		364,000			100.00	%	364,000			3.17%	Various
Secured interest rate swaps ¹		42,684			88.46	%	37,759			3.59%	Various

Sub-Total Fixed-Rate Debt		743,574					660,350			3.61%

Secured Variable-Rate Debt
28 Jericho Turnpike		14,281			100.00	%	14,281			LIBOR+190	1/23/2023	None
60 Orange Street		7,458			98.00	%	7,309			LIBOR+175	4/3/2023	None
Gotham Plaza		20,319			49.00	%	9,956			LIBOR+160	6/10/2023	None
Georgetown Portfolio (2016 Investment)		160,000			20.00	%	32,000			LIBOR+170	8/1/2023	None
330-340 River Street		11,581			100.00	%	11,581			LIBOR+170	6/1/2026	None
Secured interest rate swaps ¹		(42,684		)	88.46	%	(37,759		)	LIBOR+192

Unsecured Variable-Rate Debt
Unsecured Line of Credit ³		14,000			100.00	%	14,000			LIBOR+135	3/31/2022	2 x 6 mos.
Unsecured Term Loan		350,000			100.00	%	350,000			LIBOR+125	3/31/2023	None
Unsecured interest rate swaps ¹		(364,000		)	100.00	%	(364,000		)	LIBOR+150

Sub-Total Variable-Rate Debt		170,955					37,368			LIBOR+209

Total Debt - Core Portfolio		$	914,529				$	697,718		3.62%

Funds
Fixed-Rate Debt
CityPoint ⁴	Fund II	200,000			26.67	%	53,341			4.75%	5/29/2020	None
1964 Union Street ⁴	Fund IV	1,463			20.80	%	304			3.80%	10/1/2025	None
2207 Fillmore Street ⁴	Fund IV	1,120			20.80	%	233			4.50%	10/31/2025	None
2208-2216 Fillmore Street ⁴	Fund IV	5,606			20.80	%	1,166			3.40%	6/1/2026	None
1861 Union Street ⁴	Fund IV	2,315			20.80	%	482			3.40%	6/1/2026	None
CityPoint ^4,5	Fund II	5,262			26.67	%	1,403			1.00%	8/23/2042	None
Interest rate swaps ¹	Funds II & IV	122,919			23.27	%	28,601			3.82%	Various
Sub-Total Fixed-Rate Debt		338,685					85,530			4.35%



Supplemental Report - March 31, 2018	22



Portfolio Debt - Detail
(in thousands)
		Principal Balance at			Acadia's Pro-rata Share					Interest	Maturity	Extension
Property		March 31, 2018			Percent		Amount			Rate	Date	Options
Variable-Rate Debt
210 Bowery	Fund IV	11,056			23.12	%	2,556			LIBOR+275	4/15/2018	1 x 3 mos.
Promenade at Manassas ⁴	Fund IV	24,816			22.78	%	5,654			LIBOR+170	11/19/2018	None
Acadia Strategic Opportunity IV LLC	Fund IV	—			23.12	%	—			LIBOR+165	12/31/2018	None
230/240 W. Broughton	Fund IV	10,094			11.56	%	1,167			LIBOR+300	5/1/2018	None
Nostrand Avenue	Fund III	10,487			24.54	%	2,574			LIBOR+265	5/1/2018	2 x 12 mos.
Paramus Plaza ⁴	Fund IV	18,182			11.56	%	2,102			LIBOR+170	2/20/2019	None
Lake Montclair	Fund IV	13,993			23.12	%	3,235			LIBOR+215	5/1/2019	None
146 Geary Street	Fund IV	27,700			23.12	%	6,404			LIBOR+340	7/14/2019	2 x 12 mos.
938 W. North Avenue	Fund IV	14,100			23.12	%	3,260			LIBOR+265	9/1/2019	1 x 12 mos.
Acadia Strategic Opportunity IV LLC	Fund IV	40,825			23.12	%	9,439			LIBOR+275	10/31/2019	None
Broughton Street Portfolio	Fund IV	21,688			23.12	%	5,014			LIBOR+300	11/8/2019	1 x 12 mos.
717 N. Michigan Avenue	Fund IV	66,617			23.12	%	15,402			LIBOR+395	12/9/2019	2 x 12 mos.
640 Broadway ⁴	Fund III	49,470			15.49	%	7,663			LIBOR+465	1/9/2020	2 x 12 mos.
Wake Forest Crossing	Fund IV	23,971			23.12	%	5,542			LIBOR+160	2/14/2020	2 x 12 mos.
Lincoln Place	Fund IV	23,100			23.12	%	5,341			LIBOR+185	3/13/2020	None
650 Bald Hill Road	Fund IV	14,671			20.81	%	3,053			LIBOR+265	4/27/2020	None
Acadia Strategic Opportunity Fund V, LLC	Fund V	108,100			20.10	%	21,728			LIBOR+160	5/4/2020	None
Eden Square ⁴	Fund IV	22,500			22.78	%	5,127			LIBOR+215	6/1/2020	1 x 12 mos.
17 E. 71st Street	Fund IV	19,000			23.12	%	4,393			LIBOR+190	6/9/2020	None
Cortlandt Crossing	Fund III	5,986			24.54	%	1,469			LIBOR+300	6/19/2020	None
Acadia Strategic Opportunity Fund II, LLC	Fund II	31,500			28.33	%	8,924			LIBOR+165	9/20/2020	2 x 12 mos.
Hickory Ridge	Fund V	28,613			20.10	%	5,751			LIBOR+225	10/5/2020	None
Santa Fe Plaza	Fund V	22,893			20.10	%	4,601			LIBOR+215	1/24/2021	2 x 12 mos.
1035 Third Avenue	Fund IV	41,272			23.12	%	9,542			LIBOR+235	1/27/2021	None
New Towne Center	Fund V	16,900			20.10	%	3,397			LIBOR+220	2/1/2021	2 x 12 mos.
Restaurants at Fort Point	Fund IV	6,369			23.12	%	1,473			LIBOR+235	8/25/2021	None
CityPoint ⁴	Fund II	19,503			26.67	%	5,201			Prime+139	11/1/2021	None
3104 M Street ^4,6	Fund III	4,401			19.63	%	864			Prime+50	12/10/2021	None
Airport Mall	Fund IV	5,578			23.12	%	1,290			LIBOR+200	4/1/2022	None
Colonie Plaza	Fund IV	11,890			23.12	%	2,749			LIBOR+225	4/1/2022	None
Dauphin Plaza	Fund IV	10,207			23.12	%	2,360			LIBOR+200	4/1/2022	None
JFK Plaza	Fund IV	4,462			23.12	%	1,032			LIBOR+200	4/1/2022	None
Shaw's Plaza	Fund IV	7,986			23.12	%	1,846			LIBOR+200	4/1/2022	None
Wells Plaza	Fund IV	3,347			23.12	%	774			LIBOR+200	4/1/2022	None
Shaw's Plaza (Windham)	Fund IV	5,953			23.12	%	1,376			LIBOR+200	12/1/2022	None
Interest rate swaps ¹	Funds II & IV	(122,919		)	23.27	%	(28,601		)	LIBOR+215
Sub-Total Variable-Rate Debt		624,311					133,702			LIBOR+246
Total Debt - Funds		$	962,996				$	219,232		4.22%
Total Debt - Core Portfolio and Funds		$	1,877,525				$	916,950		3.76%

__________


1.	The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements.


2.	This loan is in default as of March 31, 2018 and is accruing interest for accounting purposes at the default rate of 11%.


3.	This is an unsecured revolving facility which has a current capacity up to $150,000 and can be increased to $300,000. The interest rate will vary based on levels of leverage. As of March 31, 2018, the interest rate is LIBOR+135 basis points.


4.	Acadia's interest in this Fund debt is also reflected net of other JV interests at the investment level.


5.	This loan was made in connection with the New Markets Tax Credit and contains a borrower option to purchase the loan for one dollar at the end of the term.


6.	Bears interest at the greater of 4% or the Prime Rate plus 50 basis points.



Supplemental Report - March 31, 2018	23



Future Debt Maturities ¹
(in thousands)

Core Portfolio
	Total Debt Maturities						Acadia's Pro-rata Share						Weighted Average Interest Rate
	Scheduled						Scheduled								Fixed-Rate Debt		Variable-Rate Debt
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Total Debt		Fixed-Rate Debt		Variable-Rate Debt

2018	$	3,436	$	26,250	$	29,686	$	2,659	$	5,833	$	8,492	6.00	%	6.00	%	n/a
2019	5,193		—		5,193		4,002		—		4,002		n/a		n/a		n/a
2020	5,432		—		5,432		4,188		—		4,188		n/a		n/a		n/a
2021	5,670		—		5,670		4,370		—		4,370		n/a		n/a		n/a
2022	5,890		14,000		19,890		4,537		14,000		18,537		3.02	%	n/a		3.02	%
Thereafter	23,688		824,970		848,658		20,046		638,083		658,129		3.40	%	4.17	%	3.00	%
Total	$	49,309	$	865,220	$	914,529	$	39,802	$	657,916	$	697,718


Funds
	Total Debt Maturities						Acadia's Pro-rata Share						Weighted Average Interest Rate
	Scheduled						Scheduled								Fixed-Rate Debt		Variable-Rate Debt
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Total Debt		Fixed-Rate Debt		Variable-Rate Debt

2018	$	2,687	$	56,452	$	59,139	$	556	$	11,951	$	12,507	3.94	%	n/a		3.94	%
2019	6,622		198,257		204,879		1,452		43,895		45,347		4.59	%	1.00	%	4.70	%
2020	3,427		525,119		528,546		775		121,935		122,710		4.10	%	4.75	%	3.76	%
2021	2,152		107,487		109,639		505		24,165		24,670		3.79	%	n/a		3.79	%
2022	1,296		43,731		45,027		298		10,111		10,409		3.73	%	n/a		3.73	%
Thereafter	—		15,766		15,766		—		3,589		3,589		3.57	%	3.57	%	n/a
Total	$	16,184	$	946,812	$	962,996	$	3,586	$	215,646	$	219,232

__________


1.	Does not include any applicable extension options or subsequent refinancings.



Supplemental Report - March 31, 2018	24



Core Portfolio Retail Properties - Detail ¹
																			Leased
		Year	Acadia's		Gross Leasable Area (GLA)					In Place Occupancy									Occupancy			Annualized Base Rent Total		Annualized Base Rent PSF Total
Property	Key Tenants	Acquired	Interest		Street	Anchors	Shops	Total		Street		Anchors		Shops		Total			Total			Annualized Base Rent Total		Annualized Base Rent PSF Total

STREET AND URBAN RETAIL
Chicago Metro
664 N. Michigan Avenue	Tommy Bahama, Ann Taylor Loft	2013	100.0	%	18,141	—	—	18,141		100.0	%	—	%	—	%	100.0	%		100.0	%		$	4,633,013	$	255.39
840 N. Michigan Avenue	H & M, Verizon Wireless	2014	88.4	%	87,135	—	—	87,135		100.0	%	—	%	—	%	100.0	%		100.0	%		7,738,046		88.81
Rush and Walton Streets Collection - 5 properties	Lululemon, BHLDN, Marc Jacobs	2011/12	100.0	%	32,501	—	—	32,501		85.3	%	—	%	—	%	85.3	%		85.3	%		5,869,428		211.71
651-671 West Diversey	Trader Joe's, Urban Outfitters	2011	100.0	%	46,259	—	—	46,259		100.0	%	—	%	—	%	100.0	%		100.0	%		2,022,727		43.73
Clark Street and W. Diversey Collection - 3 properties	Ann Taylor, Akira	2011/12	100.0	%	23,531	—	—	23,531		91.3	%	—	%	—	%	91.3	%		91.3	%		1,244,789		57.94
Halsted and Armitage Collection - 9 properties	Club Monaco	2011/12	100.0	%	45,151	—	—	45,151		75.9	%	—	%	—	%	75.9	%		75.9	%		1,247,404		36.40
North Lincoln Park Chicago Collection - 6 properties	Forever 21, Aldo, Carhartt	2011/14	100.0	%	22,125	—	28,836	50,961		100.0	%	—	%	29.6	%	60.2	%		60.2	%		1,320,786		43.05
State and Washington	H & M, Nordstrom Rack	2016	100.0	%	78,819	—	—	78,819		100.0	%	—	%	—	%	100.0	%		100.0	%		2,969,482		37.67
151 N. State Street	Walgreens	2016	100.0	%	27,385	—	—	27,385		100.0	%	—	%	—	%	100.0	%		100.0	%		1,430,000		52.22
North and Kingsbury	Old Navy, Pier 1 Imports	2016	100.0	%	41,700	—	—	41,700		100.0	%	—	%	—	%	100.0	%		100.0	%		1,617,182		38.78
Concord and Milwaukee	—	2016	100.0	%	13,105	—	—	13,105		87.8	%	—	%	—	%	87.8	%		87.8	%		365,354		31.75
California and Armitage	—	2016	100.0	%	—	—	18,275	18,275		—	%	—	%	70.6	%	70.6	%		70.6	%		613,085		47.52
Roosevelt Galleria	Petco, Vitamin Shoppe	2015	100.0	%	—	—	37,995	37,995		—	%	—	%	63.9	%	63.9	%		63.9	%		701,982		28.91
Sullivan Center	Target, DSW	2016	100.0	%	176,181	—	—	176,181		97.7	%	—	%	—	%	97.7	%		97.7	%		6,541,661		38.00
					612,033	—	85,106	697,139		96.2	%	—	%	53.7	%	91.0	%		91.0	%		38,314,939		60.40
New York Metro
Soho Collection - 4 properties	Paper Source, Kate Spade, 3x1 Jeans	2011/14	100.0	%	12,511	—	—	12,511	—	82.4	%	—	%	—	%	82.4	%	—	82.4	%	—	3,205,513		310.94
5-7 East 17th Street	Union Fare	2008	100.0	%	11,467	—	—	11,467		100.0	%	—	%	—	%	100.0	%		100.0	%		1,300,014		113.37
200 West 54th Street	Stage Coach Tavern	2007	100.0	%	5,777	—	—	5,777		77.8	%	—	%	—	%	77.8	%		77.8	%		1,947,714		433.35
61 Main Street	—	2014	100.0	%	3,400	—	—	3,400		—	%	—	%	—	%	—	%		—	%		—		—
181 Main Street	TD Bank	2012	100.0	%	11,350	—	—	11,350		100.0	%	—	%	—	%	100.0	%		100.0	%		964,280		84.96
4401 White Plains Road	Walgreens	2011	100.0	%	—	12,964	—	12,964		—	%	100.0	%	—	%	100.0	%		100.0	%		625,000		48.21
Bartow Avenue	Mattress Firm	2005	100.0	%	—	—	14,590	14,590		—	%	—	%	100.0	%	100.0	%		100.0	%		485,495		33.28
239 Greenwich Avenue	Betteridge Jewelers	1998	75.0	%	16,553	—	—	16,553		100.0	%	—	%	—	%	100.0	%		100.0	%		1,546,912		93.45
252-256 Greenwich Avenue	Madewell, Jack Wills	2014	100.0	%	7,986	—	—	7,986		71.0	%	—	%	—	%	71.0	%		71.0	%		1,058,059		186.60
2914 Third Avenue	Planet Fitness	2006	100.0	%	—	21,650	18,670	40,320		—	%	100.0	%	100.0	%	100.0	%		100.0	%		963,001		23.88
868 Broadway	Dr. Martens	2013	100.0	%	2,031	—	—	2,031		100.0	%	—	%	—	%	100.0	%		100.0	%		745,315		366.97
313-315 Bowery ²	John Varvatos, Patagonia	2013	100.0	%	6,600	—	—	6,600		100.0	%	—	%	—	%	100.0	%		100.0	%		479,160		72.60
120 West Broadway	HSBC Bank	2013	100.0	%	13,838	—	—	13,838		100.0	%	—	%	—	%	100.0	%		100.0	%		2,288,745		165.40
2520 Flatbush Avenue	Bob's Discount Furniture, Capital One	2014	100.0	%	—	—	29,114	29,114		—	%	—	%	100.0	%	100.0	%		100.0	%		1,064,374		36.56
991 Madison Avenue	Vera Wang, Perrin Paris	2016	100.0	%	7,513	—	—	7,513		65.6	%	—	%	—	%	65.6	%		91.1	%		1,553,292		315.16
Shops at Grand	Stop & Shop (Ahold)	2014	100.0	%	—	52,336	47,639	99,975		—	%	100.0	%	84.7	%	92.7	%		94.7	%		3,000,467		32.38
Gotham Plaza	Bank of America, Children's Place	2016	49.0	%	—	—	26,182	26,182		—	%	—	%	68.6	%	68.6	%		68.6	%		1,064,361		59.26
					99,026	86,950	136,195	322,171		88.1	%	100.0	%	88.6	%	91.5	%		92.7	%		22,291,702		75.62
San Francisco Metro
555 9th Street	Bed, Bath & Beyond, Nordstrom Rack	2016	100.0	%	—	119,862	28,970	148,832		—	%	100.0	%	100.0	%	100.0	%		100.0	%		6,215,834		41.76
					—	119,862	28,970	148,832		—	%	100.0	%	100.0	%	100.0	%		100.0	%		6,215,834		41.76
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	Ruth Chris Steakhouse, TD Bank	2012	100.0	%	20,669	—	—	20,669		100.0	%	—	%	—	%	100.0	%		100.0	%		1,274,533		61.66
Rhode Island Place Shopping Center	Ross Dress for Less	2012	100.0	%	—	25,134	32,533	57,667		—	%	—	%	88.4	%	49.9	%		93.8	%		1,371,065		47.65
M Street and Wisconsin Corridor - 25 Properties ³	Lululemon, North Face, Coach	2011/16	25.4	%	241,182	—	—	241,182		89.7	%	—	%	—	%	89.7	%		89.7	%		15,149,684		70.03



Supplemental Report - March 31, 2018	25



Core Portfolio Retail Properties - Detail ¹
																	Leased
		Year	Acadia's		Gross Leasable Area (GLA)				In Place Occupancy								Occupancy		Annualized Base Rent Total		Annualized Base Rent PSF Total
Property	Key Tenants	Acquired	Interest		Street	Anchors	Shops	Total	Street		Anchors		Shops		Total		Total
					261,851	25,134	32,533	319,518	90.5	%	—	%	88.4	%	83.2	%	91.1	%	17,795,282		66.94
Boston Metro
330-340 River Street	Whole Foods	2012	100.0	%	—	40,800	13,426	54,226	—	%	100.0	%	100.0	%	100.0	%	100.0	%	1,200,045		22.13
165 Newbury Street	Starbucks	2016	100.0	%	1,050	—	—	1,050	100.0	%	—	%	—	%	100.0	%	100.0	%	261,777		249.31
					1,050	40,800	13,426	55,276	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1,461,822		26.45

Total Street and Urban Retail					973,960	272,746	296,230	1,542,936	93.8	%	90.8	%	80.2	%	90.7	%	92.6	%	$	86,079,579	$	61.51

Acadia Share Total Street and Urban Retail					779,817	272,746	282,877	1,335,440	94.7	%	90.8	%	80.7	%	90.9	%	93.7	%	$	73,150,128	$	60.26

SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Acme	1998	100.0	%	—	62,610	81,300	143,910	—	%	100.0	%	85.7	%	91.9	%	91.9	%	$	3,743,523	$	28.31
Marketplace of Absecon	Rite Aid, Dollar Tree	1998	100.0	%	—	46,724	57,832	104,556	—	%	100.0	%	82.4	%	90.3	%	90.3	%	1,364,319		14.45
60 Orange Street	Home Depot	2012	98.0	%	—	101,715	—	101,715	—	%	100.0	%	—	%	100.0	%	100.0	%	730,000		7.18

New York
Village Commons Shopping Center	—	1998	100.0	%	—	—	87,128	87,128	—	%	—	%	91.1	%	91.1	%	93.6	%	2,637,808		33.23
Branch Plaza	LA Fitness, The Fresh Market	1998	100.0	%	—	76,264	47,114	123,378	—	%	100.0	%	79.6	%	92.2	%	92.2	%	3,031,833		26.65
Amboy Center	Stop & Shop (Ahold)	2005	100.0	%	—	37,266	26,024	63,290	—	%	100.0	%	100.0	%	100.0	%	100.0	%	2,104,437		33.25
Pacesetter Park Shopping Center	Stop & Shop (Ahold)	1999	100.0	%	—	52,052	45,754	97,806	—	%	100.0	%	95.4	%	97.8	%	97.8	%	1,301,811		13.61
LA Fitness	LA Fitness	2007	100.0	%	—	55,000	—	55,000	—	%	100.0	%	—	%	100.0	%	100.0	%	1,485,287		27.01
Crossroads Shopping Center	Home Goods, PetSmart, Kmart, DSW	1998	49.0	%	—	202,727	109,177	311,904	—	%	100.0	%	84.6	%	94.6	%	94.6	%	6,905,260		23.40
New Loudon Center	Price Chopper, Marshalls	1993	100.0	%	—	251,058	4,615	255,673	—	%	100.0	%	100.0	%	100.0	%	100.0	%	2,153,484		8.42
28 Jericho Turnpike	Kohl's	2012	100.0	%	—	96,363	—	96,363	—	%	100.0	%	—	%	100.0	%	100.0	%	1,815,000		18.84
Bedford Green	Shop Rite, CVS	2014	100.0	%	—	37,981	52,608	90,589	—	%	100.0	%	74.0	%	84.9	%	84.9	%	2,497,250		32.47
Connecticut
Town Line Plaza ⁴	Wal-Mart, Stop & Shop (Ahold)	1998	100.0	%	—	163,159	43,187	206,346	—	%	100.0	%	93.6	%	98.7	%	98.7	%	1,758,536		16.34

Massachusetts
Methuen Shopping Center	Wal-Mart, Market Basket	1998	100.0	%	—	120,004	10,017	130,021	—	%	100.0	%	100.0	%	100.0	%	100.0	%	1,360,858		10.47
Crescent Plaza	Home Depot, Shaw's (Supervalu)	1993	100.0	%	—	156,985	61,163	218,148	—	%	100.0	%	67.7	%	90.9	%	90.9	%	1,885,025		9.51
201 Needham Street	Michael's	2014	100.0	%	—	20,409	—	20,409	—	%	100.0	%	—	%	100.0	%	100.0	%	646,965		31.70
163 Highland Avenue	Staples, Petco	2015	100.0	%	—	40,505	—	40,505	—	%	100.0	%	—	%	100.0	%	100.0	%	1,311,747		32.38

Vermont
The Gateway Shopping Center	Shaw's (Supervalu)	1999	100.0	%	—	73,184	28,471	101,655	—	%	100.0	%	93.7	%	98.2	%	98.2	%	2,054,421		20.58

Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0	%	—	51,692	47,445	99,137	—	%	100.0	%	66.7	%	84.1	%	84.1	%	919,702		11.03

Indiana
Merrillville Plaza	Jo-Ann Fabrics, TJ Maxx	1998	100.0	%	—	123,220	112,867	236,087	—	%	100.0	%	93.4	%	96.8	%	96.8	%	3,429,559		15.01

Michigan
Bloomfield Town Square	Best Buy, Home Goods, TJ Maxx, Dick's Sporting Goods	1998	100.0	%	—	153,839	81,947	235,786	—	%	100.0	%	72.9	%	90.6	%	90.6	%	3,320,116		15.54



Supplemental Report - March 31, 2018	26



Core Portfolio Retail Properties - Detail ¹
																	Leased
		Year	Acadia's		Gross Leasable Area (GLA)				In Place Occupancy								Occupancy		Annualized Base Rent Total		Annualized Base Rent PSF Total
Property	Key Tenants	Acquired	Interest		Street	Anchors	Shops	Total	Street		Anchors		Shops		Total		Total
Delaware
Town Center and Other	Lowes, Bed Bath & Beyond, Target, Dick's Sporting Goods	2003	75.2	%	—	748,210	51,808	800,018	—	%	94.1	%	91.9	%	94.0	%	94.0	%	12,732,948		15.92
Market Square Shopping Center	Trader Joe's, TJ Maxx	2003	100.0	%	—	42,850	59,197	102,047	—	%	100.0	%	100.0	%	100.0	%	100.0	%	3,039,722		29.79
Naamans Road	—	2006	100.0	%	—	—	19,850	19,850	—	%	—	%	30.1	%	30.1	%	63.9	%	433,785		72.60

Pennsylvania
Mark Plaza	Kmart	1993	100.0	%	—	104,956	1,900	106,856	—	%	100.0	%	100.0	%	100.0	%	100.0	%	244,279		2.29
Plaza 422	Home Depot	1993	100.0	%	—	139,968	16,311	156,279	—	%	100.0	%	100.0	%	100.0	%	100.0	%	850,978		5.45
Route 6 Plaza	Kmart	1994	100.0	%	—	146,568	29,021	175,589	—	%	100.0	%	100.0	%	100.0	%	100.0	%	1,327,687		7.56
Chestnut Hill	—	2006	100.0	%	—	—	37,646	37,646	—	%	—	%	100.0	%	100.0	%	100.0	%	957,091		25.42
Abington Towne Center ⁵	Target, TJ Maxx	1998	100.0	%	—	184,616	31,662	216,278	—	%	100.0	%	62.5	%	94.5	%	94.5	%	927,531		16.73

Total Suburban Properties					—	3,289,925	1,144,044	4,433,969	—	%	98.7	%	85.0	%	95.2	%	95.3	%	$	66,970,962	$	16.83

Acadia Share Total Suburban Properties					—	2,960,241	1,063,528	4,023,769	—	%	99.3	%	85.0	%	95.5	%	95.8	%	$	59,760,906	$	16.60

TOTAL CORE PROPERTIES					973,960	3,562,671	1,440,274	5,976,905	93.8	%	98.1	%	84.0	%	94.0	%	94.6	%	$	153,050,541	$	28.46

Acadia Share Total Core Properties					779,817	3,232,987	1,346,405	5,359,209	94.7	%	98.6	%	84.1	%	94.4	%	95.3	%	$	132,911,034	$	27.58

__________


1.	The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy", but for which rent payment has not yet commenced. Residential and office GLA is excluded.


2.	Represents the annual base rent paid to Acadia pursuant to a master lessee and does not reflect the rent paid by the retail tenants at the property.


3.	Excludes 94,000 of office GLA.


4.	Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.


5.	Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.



Supplemental Report - March 31, 2018	27



Core Portfolio Top Tenants - Ranked by Annual Base Rent (ABR) ¹

		Pro-Rata
	Number of Stores in Core Portfolio	Combined			Percentage of Total
Tenant	Number of Stores in Core Portfolio	GLA	ABR		GLA		ABR

Target	3	390,416	$	7,809,968	7.3	%	5.9	%

H & M	2	81,246	5,309,815		1.5	%	4.0	%

Royal Ahold ²	4	207,513	3,730,474		3.9	%	2.8	%

Walgreens	5	78,254	3,598,966		1.5	%	2.7	%

Nordstrom, Inc.	2	88,982	3,339,492		1.7	%	2.5	%

Albertsons Companies ³	3	171,182	3,303,956		3.2	%	2.5	%

Bed, Bath, and Beyond ⁴	3	122,465	3,068,430		2.3	%	2.3	%

Ascena Retail Group ⁵	5	23,233	2,566,755		0.4	%	1.9	%

LA Fitness International LLC	2	100,000	2,524,787		1.9	%	1.9	%

Lululemon	2	7,533	2,268,281		0.1	%	1.7	%

Trader Joe's	3	41,432	2,225,739		0.8	%	1.7	%
TJX Companies ⁶	7	208,450	2,095,098		3.9	%	1.6	%
Home Depot	3	312,718	1,928,791		5.8	%	1.5	%
Gap ⁷	3	39,717	1,836,003		0.7	%	1.4	%
Tapestry ⁸	2	4,250	1,498,184		0.1	%	1.1	%
Bob's Discount Furniture	2	57,969	1,480,934		1.1	%	1.1	%
JP Morgan Chase	7	28,715	1,435,144		0.5	%	1.1	%
Ulta Salon Cosmetic & Fragrance	3	31,497	1,424,318		0.6	%	1.1	%
DSW	2	35,842	1,318,894		0.7	%	1.0	%
Mattress Firm	8	39,442	1,289,023		0.6	%	0.9	%
TOTAL	71	2,070,856	$	54,053,052	38.6	%	40.7	%

__________


1.	Does not include tenants that operate at only one Acadia Core location


2.	Stop and Shop (4 locations)


3.	Shaw’s (2 locations), Acme (1 location)


4.	Bed Bath and Beyond (2 locations), Christmas Tree Shops (1 location)


5.	Ann Taylor Loft (2 locations), Catherine’s (1 location), Dress Barn (1 location), Lane Bryant (1 location)


6.	TJ Maxx (4 locations), Marshalls (1 location), HomeGoods (2 locations); Excludes TJ Maxx Clark and Diversey location under development which will increase TJX Companies % of GLA to 4.3%


7.	Old Navy (2 Locations), Banana Republic (1 Location)


8.	Kate Spade (2 locations)



Supplemental Report - March 31, 2018	28



Core Portfolio Lease Expirations (Pro Rata Basis)


	Street Tenants								Anchor Tenants								Shop Tenants								Total Tenants
		GLA			ABR					GLA			ABR					GLA			ABR					GLA			ABR
	Leases	Expiring	Percent				Percent		Leases	Expiring	Percent				Percent		Leases	Expiring	Percent				Percent		Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total

M to M ¹	1	1,799	0.2	%	$	32.47	0.1	%	—	—	—	%	$	—	—	%	2	8,241	0.7	%	$	16.89	0.4	%	3	10,040	0.4	%	$	19.68	0.1	%
2018	4	8,163	1.1	%	62.00		0.9	%	2	117,497	4.0	%	17.25		4.7	%	35	93,912	8.3	%	26.26		7.3	%	41	219,572	2.9	%	22.77		3.8	%
2019	11	47,167	6.4	%	62.39		5.2	%	10	365,022	12.4	%	10.91		9.3	%	33	96,667	8.5	%	25.33		7.2	%	54	508,856	10.1	%	18.42		7.1	%
2020	14	35,476	4.8	%	116.46		7.4	%	6	393,038	13.4	%	12.85		11.8	%	38	109,551	9.7	%	25.98		8.4	%	58	538,065	9.7	%	22.36		9.1	%
2021	22	96,300	13.0	%	52.50		9.0	%	14	584,690	19.9	%	14.23		19.4	%	42	167,816	14.8	%	23.99		11.9	%	78	848,806	10.8	%	20.50		13.1	%
2022	12	57,742	7.8	%	79.55		8.2	%	6	239,129	8.2	%	14.27		7.9	%	38	130,270	11.5	%	32.80		12.6	%	56	427,141	15.7	%	28.74		9.2	%
2023	12	124,186	16.8	%	67.66		15.0	%	9	297,361	10.1	%	17.30		12.0	%	26	107,360	9.5	%	31.38		10.0	%	47	528,907	8.4	%	31.98		12.7	%
2024	13	82,397	11.2	%	74.89		11.0	%	6	182,179	6.2	%	17.14		7.3	%	25	106,179	9.4	%	29.45		9.2	%	44	370,755	6.9	%	33.50		9.3	%
2025	11	42,101	5.7	%	139.49		10.5	%	6	152,198	5.2	%	18.33		6.5	%	17	45,282	4.0	%	30.94		4.1	%	34	239,581	9.4	%	42.01		7.6	%
2026	11	24,927	3.4	%	95.82		4.3	%	2	32,570	1.1	%	17.71		1.3	%	17	75,029	6.6	%	31.23		6.9	%	30	132,526	5.3	%	40.06		4.0	%
2027	6	17,231	2.3	%	79.58		2.4	%	2	66,650	2.3	%	23.33		3.6	%	16	75,786	6.7	%	29.40		6.6	%	24	159,667	2.6	%	32.28		3.9	%
Thereafter	14	200,969	27.3	%	72.66		26.0	%	9	503,039	17.2	%	13.88		16.2	%	22	116,013	10.3	%	44.69		15.4	%	45	820,021	17.8	%	32.65		20.1	%
Total	131	738,458	100.0	%	$	75.96	100.0	%	72	2,933,373	100.0	%	$	14.63	100.0	%	311	1,132,106	100.0	%	$	29.90	100.0	%	514	4,803,937	100.0	%	$	27.58	100.0	%

Anchor GLA Owned by Tenants		—								254,916								—								254,916
Total Vacant		41,359								44,698								214,299								300,356
Total Square Feet		779,817								3,232,987								1,346,405								5,359,209

_________


1.	Leases currently under month to month or in process of renewal



Supplemental Report - March 31, 2018	29



Core Portfolio - New and Renewal Rent Spreads ¹

	Quarter Ended
	March 31, 2018
	GAAP ²		Cash ³
New leases
Number of new leases executed	1		1
GLA	3,405		3,405
New base rent	$88.01		$78.56
Previous base rent	$41.16		$38.77
Average cost per square foot	$48.31		$48.31
Weighted Average Lease Term (years)	10.0		10.0
Percentage growth in base rent	113.8	%	102.6	%

Renewal leases
Number of renewal leases executed	8		8
GLA	62,135		62,135
New base rent	$17.48		$17.09
Expiring base rent	$15.83		$16.43
Average cost per square foot	$0.51		$0.51
Weighted Average Lease Term (years)	4.9		4.9
Percentage growth in base rent	10.4	%	4.0	%

Total new and renewal leases
Number of new and renewal leases executed	9		9
GLA commencing	65,540		65,540
New base rent	$21.14		$20.28
Expiring base rent	$17.15		$17.59
Average cost per square foot	$2.99		$2.99
Weighted average lease term (years)	5.2		5.2
Percentage growth in base rent	23.3	%	15.3	%

__________


1.	Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's major redevelopment projects; renewal leases include exercised options.


2.	Rents are calculated on a straight-line ("GAAP") basis.


3.	Rents have not been calculated on a straight-line basis. Previous/expiring rent is that as of time of expiration and includes any percentage rent paid as well. New rent is that which is paid at commencement.



Supplemental Report - March 31, 2018	30



Core Portfolio Capital Expenditures




	Quarter Ended		Prior Year Ended
	March 31, 2018		December 31, 2017

Leasing Commissions	$	212	$	2,252
Tenant Improvements	1,224		9,477
Capital Expenditures	957		1,074
Total Capital Expenditures	$	2,393	$	12,803



Supplemental Report - March 31, 2018	31



Fund Overview


I. KEY METRICS	Fund I			Fund II			Fund III			Fund IV			Fund V			Total
General Information:
Vintage	Sep-2001			Jun-2004			May-2007			May-2012			Aug-2016
Fund Size	$	90.0	Million	$	300.0	Million	$	502.5	Million	$	540.6	Million	$	520.0	Million	$	1,953.1	Million
Acadia's Commitment	$	20.0	Million	$	85.0	Million	$	123.3	Million	$	125.0	Million	$	104.5	Million	$	457.8	Million
Acadia's Pro Rata Share	22.2		%	28.3		%	24.5		%	23.1		%	20.1		%	23.4		%
Acadia's Promoted Share ¹	37.8		%	42.6		%	39.6		%	38.5		%	36.1		%	38.7		%
Preferred Return	9.0		%	8.0		%	6.0		%	6.0		%	6.0		%	6.4		%

Current-Quarter, Fund-Level Information:
Cumulative Contributions ²	$	86.6	Million	$	347.1	Million	$	411.5	Million	$	412.7	Million	$	45.8	Million	$	1,303.7	Million
Cumulative Net Distributions ³	$	195.4	Million	$	131.6	Million	$	551.9	Million	$	131.5	Million	$	0.0	Million	$	1,010.4	Million
Net Distributions/Contributions	225.6		%	37.9		%	134.1		%	31.9		%	N/A			77.5		%
Unfunded Commitment ⁴	$0.0 Million			$0.0 Million			$	38.5	Million	$	117.3	Million	$	474.2	Million	$	630.0	Million
Acquisition Dry Powder ⁵	N/A			N/A			N/A			N/A			$	419.0	Million	$	419.0	Million
Investment Period Closes	Closed			Closed			Closed			Closed			Aug-2019
Currently in a Promote Position? (Yes/No)	Yes			No			No			No			No

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA
Type:	Applicable to			Description
Asset Management ⁶	Fund I, II & III			1.5% of Implied Capital
Asset Management ⁶	Fund IV & V			1.5% of Implied Capital during the investment period, 1.25% of Implied Capital post-investment period
Property Management	All funds			4.0% of gross property revenues
Leasing	All funds			Market-rate leasing commissions
Construction/Project Management	All funds			Market-rate fees
Development	Fund III, IV & V			3.0% of total project costs

__________


1.	Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro rata share of the remaining 80%.


2.	With regard to Fund II, the additional contributions over original Fund Size reflects a prior-period distribution that was re-contributed to the Fund during 2016 to fund the on-going redevelopment of existing Fund II investments.


3.	Net of fees and promote.

Unfunded Commitments are set aside to complete leasing and development at existing fund investments and to make new Fund V investments. The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales.


5.	Unfunded Commitments available to deploy into new unidentified investments.


6.	Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $50.0 million of general reserves.



Supplemental Report - March 31, 2018	32



Fund Retail Properties - Detail ¹
			Fund														Leased		Annualized		Annualized
		Year	Ownership		Gross Leasable Area				In Place Occupancy								Occupancy		Base Rent		Base Rent
	Anchors	Acquired	%		Street	Anchors	Shops	Total	Street		Anchors		Shops		Total		Total		Total		PSF
Fund II Portfolio Detail

NEW YORK
New York
City Point - Phase I and II	—	2007	94.2	%	—	307,049	167,951	475,000	—	%	100.0	%	23.0	%	72.8	%	80.1	%	$	9,519,586	$	27.53

Total - Fund II					—	307,049	167,951	475,000	—	%	100.0	%	23.0	%	72.8	%	80.1	%	$	9,519,586	$	27.53

Fund III Portfolio Detail

NEW YORK
New York
654 Broadway	—	2011	100.0	%	2,896	—	—	2,896	—	%	—	%	—	%	—	%	—	%	$	—	$	—
640 Broadway	Swatch	2012	63.1	%	4,247	—	—	4,247	70.6	%	—	%	—	%	70.6	%	70.6	%	975,313		325.28
3104 M Street	—	2012	80.0	%	—	—	3,608	3,608	—	%	—	%	—	%	—	%	—	%	—		—
Nostrand Avenue	—	2013	100.0	%	—	—	42,628	42,628	—	%	—	%	85.8	%	85.8	%	92.0	%	1,713,861		46.86

Total - Fund III					7,143	—	46,236	53,379	42.0	%	—	%	79.1	%	74.1	%	79.1	%	$	2,689,174	$	67.99

Fund IV Portfolio Detail

NEW YORK
New York
801 Madison Avenue	—	2015	100.0	%	2,625	—	—	2,625	—	%	—	%	—	%	—	%	—	%	—		—
210 Bowery	—	2012	100.0	%	2,300	—	—	2,300	—	%	—	%	—	%	—	%	—	%	—		—
27 East 61st Street	—	2014	100.0	%	4,177	—	—	4,177	—	%	—	%	—	%	—	%	—	%	—		—
17 East 71st Street	The Row	2014	100.0	%	8,432	—	—	8,432	100.0	%	—	%	—	%	100.0	%	100.0	%	1,988,159		235.79
1035 Third Avenue ²	—	2015	100.0	%	7,617	—	—	7,617	59.2	%	—	%	—	%	59.2	%	59.2	%	885,167		196.30
Colonie Plaza	Price Chopper, Big Lots	2016	100.0	%	—	96,000	57,483	153,483	—	%	100.0	%	91.7	%	96.9	%	99.2	%	1,680,527		11.30

New Jersey
Paramus Plaza	Ashley Furniture	2013	50.0	%	—	64,235	86,555	150,790	—	%	38.9	%	81.4	%	63.3	%	63.3	%	1,619,790		16.97

BOSTON
Massachusetts
Restaurants at Fort Point	—	2016	100.0	%	15,711	—	—	15,711	100.0	%	—	%	—	%	100.0	%	100.0	%	329,155		20.95

NORTHEAST
Maine
Airport Mall	Hannaford, Marshalls	2016	100.0	%	—	131,042	90,788	221,830	—	%	100.0	%	73.7	%	89.2	%	89.2	%	1,272,679		6.43
Wells Plaza	Reny's, Dollar Tree	2016	100.0	%	—	62,471	27,963	90,434	—	%	100.0	%	82.0	%	94.4	%	94.4	%	705,746		8.27
Shaw's Plaza (Waterville)	Shaw's	2016	100.0	%	—	87,492	31,523	119,015	—	%	100.0	%	100.0	%	100.0	%	100.0	%	1,407,316		11.82
Shaw's Plaza (Windham)	Shaw's	2017	100.0	%		66,698	57,632	124,330	—	%	100.0	%	70.8	%	86.5	%	88.4	%	1,008,393		9.38
JFK Plaza	Hannaford, TJ Maxx	2016	100.0	%	—	104,426	46,681	151,107	—	%	100.0	%	28.9	%	78.0	%	78.0	%	773,260		6.56

Pennsylvania
Dauphin Plaza	Price Rite, Ashley Furniture	2016	100.0	%	—	122,621	83,106	205,727	—	%	100.0	%	62.9	%	85.0	%	85.0	%	1,656,365		9.47
Mayfair Shopping Center	—	2016	100.0	%	—	25,673	89,738	115,411	—	%	—	%	61.7	%	48.0	%	59.9	%	1,134,466		20.48

MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot	2013	98.6	%	—	194,038	71,404	265,442	—	%	85.6	%	88.5	%	86.4	%	86.4	%	2,981,456		13.00
Lake Montclair	Food Lion	2013	100.0	%	—	33,000	72,832	105,832	—	%	100.0	%	97.8	%	98.5	%	98.5	%	2,011,618		19.30

Delaware
Eden Square	Giant Food, LA Fitness	2014	98.6	%	—	115,973	115,071	231,044	—	%	100.0	%	47.5	%	73.9	%	88.6	%	2,435,150		14.26



Supplemental Report - March 31, 2018	33



Fund Retail Properties - Detail ¹
			Fund														Leased		Annualized		Annualized
		Year	Ownership		Gross Leasable Area				In Place Occupancy								Occupancy		Base Rent		Base Rent
	Anchors	Acquired	%		Street	Anchors	Shops	Total	Street		Anchors		Shops		Total		Total		Total		PSF
MIDWEST
Illinois
938 W. North Avenue	Sephora	2013	100.0	%	33,228	—	—	33,228	16.1	%	—	%	—	%	16.1	%	16.1	%	326,350		61.00
Lincoln Place	Kohl's, Marshall's	2017	100.0	%	—	—	271,866	271,866	—	%	—	%	91.2	%	91.2	%	91.2	%	2,916,476		11.76

SOUTHEAST
Georgia
Broughton Street Portfolio - 16 properties	J. Crew, L'Occitane, Lululemon, Michael Kors	2014	50.0	%	112,130	—	—	112,130	75.6	%	—	%	—	%	75.6	%	75.6	%	3,326,773		39.24

North Carolina
Wake Forest Crossing	—	2016	100.0	%	—	113,353	89,778	203,131	—	%	100.0	%	96.9	%	98.6	%	98.6	%	2,960,738		14.78

WEST
California
146 Geary Street	—	2015	100.0	%	11,436	—	—	11,436	—	%	—	%	—	%	—	%	—	%	—		—
Union and Fillmore Collection - 4 properties	—	2015	90.0	%	10,048	—	—	10,048	71.1	%	—	%	—	%	71.1	%	71.1	%	689,790		96.55

Total - Fund IV					207,704	1,217,022	1,192,420	2,617,146	60.6	%	92.4	%	78.0	%	83.3	%	85.4	%	$	32,109,374	$	14.73

Fund V Portfolio Detail

SOUTHWEST
New Mexico
Plaza Santa Fe	TJ Maxx, Best Buy, Ross Dress for Less	2017	100.0	%	—	93,578	130,645	224,223	—	%	100.0	%	95.4	%	97.3	%	97.3	%	3,754,606		17.21

MIDWEST
Michigan
New Towne Plaza	Kohl's, Jo-Ann's, DSW	2017	100.0	%	—	91,122	99,408	190,530	—	%	100.0	%	93.0	%	96.3	%	96.3	%	2,171,338		11.83
Fairlane Green	TJ Maxx, Bed Bath & Beyond, Michaels	2017	100.0	%	—	109,916	142,988	252,904	—	%	100.0	%	100.0	%	100.0	%	100.0	%	5,238,779		20.71

SOUTHEAST
North Carolina
Hickory Ridge	Kohl's, Best Buy, Dick's	2017	100.0	%	—	176,584	203,981	380,565	—	%	100.0	%	85.2	%	92.1	%	92.1	%	3,999,701		11.41
Alabama
Trussville	Wal-Mart, Regal Cinemas	2018	100.0	%	—	267,002	196,718	463,720	—	%	100.0	%	88.6	%	95.2	%	95.2	%	4,375,341		9.91

Total - Fund V					—	738,202	773,740	1,511,942	—	%	100.0	%	91.5	%	95.7	%	95.7	%	$	19,539,765	$	13.50

TOTAL FUND PROPERTIES					214,847	2,262,273	2,180,347	4,657,467	60.0	%	95.9	%	78.6	%	86.1	%	88.1	%	$	63,857,899	$	15.92
Acadia Share of Total Fund Properties					36,221	503,176	476,451	1,015,849	60.0	%	96.7	%	77.3	%	86.3	%	88.2	%	$	13,856,587	$	15.81

__________


1.	Excludes properties under development, see “Development Activity” page of this Supplemental Report. The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy," but for which rent payment has not yet commenced. Residential and office GLA is excluded.


2.	Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (131 spaces).



Supplemental Report - March 31, 2018	34



Funds Lease Expirations - Pro Rata Basis

	FUND II										FUND III
		Gross Leased Area					Base Rent					Gross Leased Area					Base Rent
	Leases	Expiring	Percent						Percent		Leases	Expiring	Percent						Percent
Year	Expiring	SF	of Total		Amount		PSF		of Total		Expiring	SF	of Total		Amount		PSF		of Total
M to M ¹	—	—	—	%	$	—	$	—	—	%	—	—	—	%	$	—	$	—	—	%
2018	—	—	—		—		—		—	%	3	1,286	13.6	%	64,716		50.32		11.3	%
2019	—	—	—		—		—		—	%	—	—	—	%	—		—		—	%
2020	—	—	—		—		—		—	%	2	729	7.7	%	32,319		44.33		5.7	%
2021	—	—	—		—		—		—	%	2	1,038	11.0	%	42,159		40.62		7.4	%
2022	—	—	—		—		—		—	%	3	1,330	14.1	%	104,531		78.59		18.3	%
2023	—	—	—		—		—		—	%	2	101	1.1	%	38,913		385.28		6.8	%
2024	—	—	—		—		—		—	%	1	755	8.0	%	42,557		56.37		7.5	%
2025	—	—	—		—		—		—	%	2	624	6.6	%	53,674		86.02		9.4	%
2026	—	—	—		—		—		—	%	2	252	2.7	%	77,285		306.69		13.5	%
2027	2	5,854	6.3	%	385,192		65.80		15.2	%	2	368	3.9	%	17,627		47.90		3.1	%
Thereafter	6	86,475	93.7	%	2,156,538		24.94		84.8	%	3	2,942	31.3	%	97,288		33.07		17.0	%
Total	8	92,329	100.0	%	$	2,541,730	$	27.53	100.0	%	22	9,425	100.0	%	$	571,069	$	60.58	100.0	%

		34,496	Total Vacant									3,094	Total Vacant
		126,825	Total Square Feet									12,519	Total Square Feet


	FUND IV										FUND V
		Gross Leased Area					Base Rent					Gross Leased Area					Base Rent
	Leases	Expiring	Percent						Percent		Leases	Expiring	Percent						Percent
Year	Expiring	SF	of Total		Amount		PSF		of Total		Expiring	SF	of Total		Amount		PSF		of Total
M to M ¹	4	2,146	0.4	%	$	22,455	$	10.46	0.3	%	1	482	0.2	%	$	11,771	$	24.42	0.3	%
2018	33	27,341	5.7	%	387,266		14.16		5.7	%	6	6,671	2.3	%	132,878		19.92		3.4	%
2019	27	35,868	7.4	%	401,140		11.18		5.9	%	17	26,500	9.1	%	286,451		10.81		7.3	%
2020	28	50,159	10.4	%	519,881		10.36		7.6	%	23	103,579	35.6	%	951,740		9.19		24.2	%
2021	36	78,579	16.3	%	1,003,962		12.78		14.7	%	32	56,897	19.6	%	1,010,712		17.76		25.7	%
2022	26	57,333	11.9	%	738,584		12.88		10.8	%	13	18,599	6.4	%	401,052		21.56		10.2	%
2023	20	53,326	11.1	%	579,249		10.86		8.5	%	10	10,563	3.6	%	237,310		22.47		6.0	%
2024	13	33,008	6.9	%	701,367		21.25		10.3	%	3	11,483	3.9	%	168,804		14.70		4.3	%
2025	18	22,438	4.7	%	713,341		31.79		10.5	%	3	13,224	4.5	%	219,802		16.62		5.6	%
2026	20	28,982	6.0	%	524,842		18.11		7.7	%	4	11,194	3.9	%	172,156		15.38		4.4	%
2027	16	23,983	5.0	%	327,141		13.64		4.8	%	2	4,763	1.6	%	88,063		18.49		2.2	%
Thereafter	15	68,461	14.2	%	897,068		13.10		13.2	%	4	26,794	9.3	%	246,754		9.21		6.4	%
Total	256	481,624	100.0	%	$	6,816,296	$	14.15	100.0	%	118	290,749	100.0	%	$	3,927,493	$	13.50	100.0	%

		90,980	Total Vacant									13,151	Total Vacant
		572,604	Total Square Feet									303,900	Total Square Feet

__________


1.	Leases currently under month to month or in process of renewal



Supplemental Report - March 31, 2018	35



Development and Redevelopment Activity
($ in millions)

								Acquisition & Development Costs
Property	Ownership	Location	Estimated Stabilization	Est. SQFT Upon Completion	Leased Rate ¹		Key Tenants	Incurred		Estimated Future Range					Estimated Total Range					Outstanding Debt
Development:

FUND III

Cortlandt Crossing ¹	100.0%	Mohegan Lake, NY	2019	130,000	50	%	ShopRite	$	45.7	$	19.3	to	$	24.3	$	65.0	to	$	70.0	$	6.0
Broad Hollow Commons	100.0%	Farmingdale, NY	2020	180,000 - 200,000	—		TBD	16.7		33.3		to	43.3		50.0		to	60.0		—
								$	62.4	$	52.6		$	67.6	$	115.0		$	130.0	$	6.0

FUND IV

650 Bald Hill Road	90.0%	Warwick, RI	2018	161,000	72	%	Dick's Sporting Goods, Burlington Coat Factory	$	33.9	$	2.1	to	$	3.1	$	36.0	to	$	37.0	$	14.7
717 N. Michigan Avenue	100.0%	Chicago, IL	2018	62,000	25	%	Disney Store	108.1		10.8		to	18.3		120.0		to	127.5		66.6
								$	142.0	$	12.9		$	21.4	$	156.0		$	164.5	$	81.3

CORE

613-623 West Diversey	100.0%	Chicago, IL	2018	30,000	75	%	TJ Maxx	$	20.9	$	2.1	to	$	3.6	$	23.0	to	$	24.5	$	—
56 E Walton Street	100.0%	Chicago, IL	2018	TBD	—		TBD	9.2		1.3		to	2.3		10.5		to	11.5		—
								$	30.1	$	3.4		$	5.9	$	33.5		$	36.0	$	—
Redevelopment:

CORE

City Center	100.0%	San Francisco, CA	2019	241,000	60	%	Target, Best Buy	$	159.0	$	31.0	to	$	41.0	$	190.0	to	$	200.0	$	—
Mad River	100.0%	Dayton, OH	TBD	TBD	50	%	TBD	TBD		TBD		to	TBD		TBD		to	TBD		TBD
								$	159.0	$	31.0		$	41.0	$	190.0		$	200.0	$	—

_________


1.	Projected development cost is shown net of reimbursement for public improvements.



Reconciles to Consolidated Balance Sheet as follows:

Development costs above	$	234.5


Development costs of unconsolidated properties	(33.9		)
Deferred costs and other amounts	(18.2		)

Total per consolidated balance sheet	$	182.4



Supplemental Report - March 31, 2018	36



Important Notes

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. However, the Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company believes that income or gains derived from its RCP investments, including its investment in Albertson’s, are private-equity investments and, as such, should be treated as operating income and therefore FFO. The Company believes that this supplemental adjustment more appropriately reflects the results of its operations. The Company also provides one other supplemental disclosure of operating performance, adjusted funds from operations (“AFFO”). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.

USE OF NON-GAAP FINANCIAL MEASURES

Non-GAAP financial measures such as EBITDA, NOI, Same-Property NOI and lease spreads are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Same-Property NOI includes properties in our Core Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company’s method of calculating EBITDA, NOI and Same-Property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and Same-Property NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.



Supplemental Report - March 31, 2018	37