SEC Filing - Acadia Realty Trust

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8-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K/A

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 15, 2022

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:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of exchange on which registered
Common shares of beneficial interest, par value $0.001 per share	AKR	The New York Stock Exchange

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 ☐

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. ☐

Explanatory Note

On March 1, 2022, Acadia Realty Trust (the “Company” or “Acadia”) completed the restatement of its financial statements as of and for the years ended December 31, 2020 and 2019, and as of and for each of the quarterly periods ended March 31, 2021 and 2020, June 30, 2021 and 2020, September 30, 2021 and 2020, and December 31, 2020 (the “Restatement”). As a result of the Restatement, the Company made certain immaterial revisions to the information previously provided in its Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 15, 2022 (the “Original 8-K”), which revisions are included in Item 2.02 below and in Exhibit 99.1 attached to this amendment to the Original 8-K (the “Amended 8-K”).

Item 2.02. Results of Operations and Financial Condition.

On February 15, 2022, the Company issued a press release announcing its consolidated financial results for the quarter and year-to-date period ended December 31, 2021. Upon completion of the Restatement, the Company identified certain immaterial changes to the amounts previously reported in the press release which are identified below:

•

Net income attributable to Acadia for the quarter ended December 31, 2021 increased by $0.3 million from $2.7 million to $3.0 million, but the per share amount was unchanged;

•

Net income attributable to Acadia for the year ended December 31, 2021 increased by $0.4 million from $23.1 million to $23.5 million, but the per share amount was unchanged;

•

Funds from operations (“FFO”) for the quarter ended December 31, 2021 increased by $0.3 million, but the per share amount was unchanged;

•

FFO for the year ended December 31, 2021 increased by $0.4 million from $116.7 million to $117.1 million and the per share amount increased from $1.25 to $1.26;

•

FFO for the year ended December 31, 2020 changed by an insignificant amount but the per share amount decreased by $0.01 per share from $1.25 to $1.24;

•

FFO before Special Items for the quarter ended December 31, 2021 increased by $0.3 million from $27.8 to $28.0 million, and the per share amount increased by $0.01 from $0.29 to $0.30; and

•

FFO before Special Items for the year ended December 31, 2021 increased by $0.4 million from $103.0 million to $103.4 million and the per share amount increased by $0.01 from $1.10 to $1.11 per share.

Refer to Exhibit 99.1 attached hereto for applicable definitions and reconciliations of the non-GAAP metrics above to the most directly comparable GAAP financial measures.

Other changes to the financial statements and schedules included in the press release have been updated in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which supersedes the corresponding information contained in the press release.

On February 15, 2022, the Company made available supplemental reporting information regarding the financial results, operations and portfolio of the Company as of and for the quarter and year-to-date period ended December 31, 2021. Upon completion of the Restatement, the Company identified immaterial changes to the amounts previously reported. A copy of the revised supplemental reporting information is attached as Exhibit 99.1 to this Amended 8-K and incorporated herein by reference.

The information included in this Item 2.02, including the information included in Exhibit 99.1 attached hereto, is intended to be “furnished” pursuant to 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	Supplemental Reporting Information as of and for the quarter and year-to-date period ended December 31, 2021 as revised on March 1, 2022
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.)

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	ACADIA REALTY TRUST
Dated:	(Registrant)

	By:	/s/ John Gottfried
	Name:	John Gottfried
March 1, 2022	Title:	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO


Table of Contents		Supplemental Report – December 31, 2021

Section I - N/A
Section II - Financial Information		Section III – Core Portfolio Information

Company Information	3	Core Properties	27
Market Capitalization	4	Core Top Tenants	31
Operating Statements		Core Lease Expirations	32
Consolidated Income Statements	5	Core New and Renewal Rent Spreads	33
Income Statement - Pro-rata Adjustments	7	Core Capital Expenditures	34
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), Adjusted FFO (“AFFO”)	11	Section IV – Fund Information
EBITDA	12
Same Property Net Operating Income	13	Fund Overview	35
Fee Income	14	Fund Properties	36
Structured Financing	15	Fund Lease Expirations	39
Other Information		Development and Redevelopment Activity	40
Transactional Activity	16
2022 Guidance	17
Net Asset Valuation Information	19
Selected Financial Ratios	20	Section V – Other Information
Debt Analysis
Summary	22	Portfolio Composition	42
Detail	23
Maturities	25	Important Notes	43

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


Supplemental Report – December 31, 2021		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	Sunny Holcomb	Symbol AKR
	Suite 300	Vice President, Financial Reporting
	Rye, NY 10580	(914) 288-8100
		investorrelations@acadiarealty.com



Analyst Coverage

	Bank of America / Merrill Lynch	Citigroup - Global Markets	KeyBanc Capital Markets, Inc.
	Craig Schmidt - (646) 855-3640	Katy McConnell - (212) 816-4471	Todd Thomas - (917) 368-2286
	craig.schmidt@baml.com	katy.mcconnell@citi.com	tthomas@key.com


	Green Street Advisors	Compass Point Research & Trading	J.P. Morgan Securities, Inc.
	Paulina Rojas Schmidt - (949) 640-8780	Floris van Dijkum - (646) 757-2621	Michael W. Mueller, CFA - (212) 622-6689
	projasschmidt@greenstreet.com	fvandijkum@compasspointllc.com	michael.w.mueller@jpmorgan.com



	Jefferies	Truist
	Linda Tsai - (212) 778-8011	Ki Bin Kim, CFA – (212) 303-4124
	ltsai@jefferies.com	kibin.kim@truist.com


	3

Market Capitalization

Supplemental Report – December 31, 2021

(Including pro-rata share of Fund debt, in thousands)


							Changes in Total Outstanding Common									Weighted Average
	Total Market					Capitalization	Shares and OP Units (in thousands)									Diluted EPS				FFO
	Capitalization ($)				%	Based on Net Debt 1		Common Shares		Common OP Units			Total			Quarter		YTD		Quarter		YTD
Equity Capitalization
Common Shares		89,304					Balance at 12/31/2020		86,269		4,891			91,160
Common Operating Partnership ("OP") Units		5,059					Other		6		—			6
Combined Common Shares and OP Units		94,363					Vesting RS and LTIPs		8		251			259
							OP Conversions		19		(19	)		—
Share Price at December 31, 2021	$	21.83					Balance at 3/31/2021		86,302		5,123			91,425			86,346		86,346		91,931		91,931
							Other		3		—			3
Equity Capitalization - Common Shares and OP Units	$	2,059,944					Issuance - ATM		2,072		—			2,072
Preferred OP Units		10,143		2			Vesting RS and LTIPs		35		32			67
Total Equity Capitalization		2,070,087			64%	64%	OP Conversions		7		(7	)		—
							Balance at 6/30/2021		88,419		5,148			93,567			86,824		86,575		92,627		92,254
Debt Capitalization							Other		2		(21	)		(19	)
Consolidated debt		1,819,738					Issuance - ATM		13		—			13
Adjustment to reflect pro-rata share of debt		(658,448	)				OP Conversions		18		(18	)		—
Total Debt Capitalization		1,161,290			36%	36%	Balance at 9/30/2021		88,452		5,109			93,561			88,481		87,217		94,083		92,807
							Other		2		(4	)		(2	)
Total Market Capitalization	$	3,231,377		3	100%	100%	Issuance - ATM		804		—			804
							OP Conversions		46		(46	)		—
							Balance at 12/31/2021 4		89,304		5,059			94,363			88,949		87,654		94,505		93,234

__________

Reflects debt net of Core Portfolio cash of $14,573 and pro-rata share of Funds cash of $3,327 for total cash netted against debt of $17,900.

Represents 188 Series A and 126,593 Series C Preferred OP Units convertible into 25,067 and 439,556 Common OP Units, respectively, multiplied by the Common Share price at quarter end.

Market capitalization comprises 60% common shares, 27% fixed-rate debt (fixed-rate debt includes notional principal fixed through interest rate swap transactions), 9% variable-rate debt, 4% common OP Units and less than 1% preferred OP Units.

The Company sold 4,281,576 common shares under its ATM program for gross proceeds of $96.3 million, at an average gross price of $22.48, or $92.5 million net of issuance costs from January 1 through January 7, 2022.


	4

Consolidated Income Statement

Supplemental Report – December 31, 2021

(in thousands)



	December 31, 2021 1
CONSOLIDATED INCOME STATEMENT	Quarter			Year to Date
Revenues	(Revised)			(Revised)
Rental income	$	77,529		$	285,898
Other		1,828			6,599
Total revenues		79,357			292,497
Operating expenses
Depreciation and amortization		32,195			123,439
General and administrative		10,570			40,125
Real estate taxes		10,909			45,357
Property operating		15,228			53,516
Impairment charges		—			9,925
Total operating expenses		68,902			272,362

Gain on disposition of properties		—			10,521
Operating income		10,455			30,656
Equity in earnings of unconsolidated affiliates		2,177			5,330
Interest and other income		2,957			9,065
Realized and unrealized holding gains (losses) on investments and other		(4,340	)		49,120
Interest expense		(17,744	)		(68,048	)
(Loss) income from continuing operations before income taxes		(6,495	)		26,123
Income tax benefit (provision)		306			(93	)
Net (loss) income		(6,189	)		26,030
Net loss (income) attributable to noncontrolling interests		9,202			(2,482	)
Net income attributable to Acadia	$	3,013		$	23,548


	5

Income Statement - Detail

Supplemental Report – December 31, 2021

(in thousands)



	December 31, 2021 1
CORE PORTFOLIO AND FUND INCOME	Quarter			Year to Date
PROPERTY REVENUES	(Revised)			(Revised)
Minimum rents	$	56,481		$	211,979
Percentage rents		968			2,373
Expense reimbursements - CAM		7,575			24,678
Expense reimbursements - Taxes		8,083			32,674
Other property income		867			3,005
Total Property Revenues		73,974			274,709

PROPERTY EXPENSES
Property operating - CAM		11,479			39,483
Other property operating (Non-CAM)		4,112			15,733
Real estate taxes		10,909			45,357
Total Property Expenses		26,500			100,573

NET OPERATING INCOME - PROPERTIES		47,474			174,136

OTHER INCOME (EXPENSE)
Interest income		2,957			9,065
Straight-line rent income (expense)		246			4,043
Above/below-market rent income (expense)		4,717			12,267
Interest expense 2		(16,952	)		(63,411	)
Amortization of finance costs		(732	)		(4,396	)
Above/below-market interest income (expense)		26			104
Asset and property management income (expense)		(141	)		(378	)
Other income (expense)		675			2,558
Finance lease interest expense		(86	)		(345	)
Impairment charges (excluding ROU)		—			(9,925	)
CORE PORTFOLIO AND FUND INCOME		38,184			123,718

FEE AND OTHER INCOME
Asset and property management fees		154			637
Net promote and other transactional income		—			—
Realized and unrealized holding gains (losses) on investments and other		(4,340	)		49,228
Transactional fees 3		95			253
Income tax (provision) benefit		306			(93	)
Total Fee and Other Income (Loss)		(3,785	)		50,025

General and Administrative		(10,570	)		(40,125	)

Depreciation and amortization		(32,079	)		(123,051	)
Non-real estate depreciation and amortization		(116	)		(388	)
Gain on disposition of properties		—			10,521
Income (Loss) before equity in earnings and noncontrolling interests		(8,366	)		20,700

Equity in earnings of unconsolidated affiliates		2,177			5,330
Noncontrolling interests		9,202			(2,482	)

NET INCOME ATTRIBUTABLE TO ACADIA	$	3,013		$	23,548


	6

Income Statement – Pro Rata Adjustments

Supplemental Report – December 31, 2021

(in thousands)



	Quarter Ended December 31, 2021						Year to Date December 31, 2021
CORE PORTFOLIO AND FUND INCOME	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5			Noncontrolling Interest in Consolidated Subsidiaries 5			Company’s Interest in Unconsolidated Subsidiaries 6
PROPERTY REVENUES	(Revised)			(Revised)			(Revised)			(Revised)
Minimum rents	$	(23,507	)	$	10,155		$	(82,205	)	$	38,081
Percentage rents		(593	)		142			(1,342	)		330
Expense reimbursements - CAM		(3,584	)		1,309			(11,012	)		3,577
Expense reimbursements - Taxes		(2,381	)		1,940			(9,128	)		7,853
Other property income		(306	)		70			(1,685	)		569
Total Property Revenues		(30,371	)		13,616			(105,372	)		50,410

PROPERTY EXPENSES
Property operating - CAM		(5,348	)		1,339			(19,025	)		4,925
Other property operating (Non-CAM)		(1,627	)		255			(6,803	)		1,226
Real estate taxes		(3,534	)		2,198			(14,831	)		9,203
Total Property Expenses		(10,509	)		3,792			(40,659	)		15,354
NET OPERATING INCOME - PROPERTIES		(19,862	)		9,824			(64,713	)		35,056

OTHER INCOME (EXPENSE)
Interest income		(1	)		—			(5	)		—
Straight-line rent income (expense)		(1,523	)		97			(3,244	)		660
Above/below-market rent income (expense)		(729	)		916			(3,444	)		1,349
Interest expense 2		9,004			(3,140	)		33,131			(12,270	)
Amortization of finance costs		365			(288	)		2,514			(1,100	)
Above/below-market interest income (expense)		—			21			—			84
Asset and property management income (expense)		309			(386	)		1,123			(1,454	)
Other income (expense)		(143	)		290			(4,527	)		642
Finance lease interest expense		63			—			252			—
Impairment charges (excluding ROU)		—			—			10,483			—
CORE PORTFOLIO AND FUND INCOME		(12,517	)		7,334			(28,430	)		22,967

FEE AND OTHER INCOME
Asset and property management fees		2,591			131			10,942			530
Net promote and other transactional income		—			—			2,411			—
Realized and unrealized holding gains (losses) on investments and other		3,178			—			(35,076	)		—
Transactional fees 3		1,800			110			6,564			380
Income tax (provision) benefit		1			(9	)		115			(43	)
Total Fee and Other Income (Loss)		7,570			232			(15,044	)		867

General and Administrative		439			(153	)		1,229			(484	)
Depreciation and amortization		13,922			(5,236	)		50,550			(20,887	)
Non-real estate depreciation and amortization		—			—			—			—
Gain (loss) on disposition of properties		—			—			(9,205	)		2,867
Income (Loss) before equity in earnings and noncontrolling interests		9,414			2,177			(900	)		5,330

Equity in earnings of unconsolidated affiliates		—			—			—			—
Noncontrolling interests 6		(212	)		—			(1,582	)		—

NET INCOME ATTRIBUTABLE TO ACADIA	$	9,202		$	2,177		$	(2,482	)	$	5,330


	7

Balance Sheet

Supplemental Report – December 31, 2021

(in thousands)


ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate	(Revised)
Land	$	739,641		The components of Real estate under development, at cost are as follows:
Buildings and improvements		3,091,976		Core	$	42,517
Construction in progress		11,131		Fund II		35,125
Right-of-use assets - finance leases		25,086		Fund III		24,296
		3,867,834		Fund IV		101,835
Less: Accumulated depreciation and amortization		(648,461	)	Total	$	203,773
Total		3,219,373
Real estate under development		203,773		Summary of other assets, net:
Operating real estate, net		3,423,146		Deferred charges, net	$	28,438
Notes receivable, net		153,886		Accrued interest receivable		21,148
Investments in and advances to unconsolidated affiliates		322,326		Due from seller		3,364
Lease intangibles, net		108,918		Prepaid expenses		17,230
Other assets, net		77,591		Other receivables		1,837
Right-of-use assets - operating leases, net		40,743		Income taxes receivable		2,279
Cash and cash equivalents		17,746		Corporate assets, net		1,648
Restricted cash		9,813		Deposits		1,647
Straight-line rents receivable, net		28,498		Total	$	77,591
Rents receivable, net		15,127
Assets of properties held for sale		63,952
Total Assets	$	4,261,746

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	1,140,293
Unsecured notes payable, net		559,040		Summary of accounts payable and other liabilities:
Unsecured line of credit		112,905		Lease liability - finance leases, net	$	6,612
Accounts payable and other liabilities		159,637		Accounts payable and accrued expenses		56,580
Lease liability - operating leases, net		38,759		Deferred income		38,373
Dividends and distributions payable		14,460		Tenant security deposits, escrow and other		13,045
Lease intangibles, net		76,778		Derivative financial instruments		45,027
Distributions in excess of income from, and investments in, unconsolidated affiliates		9,939		Total	$	159,637
Total liabilities		2,111,811
Shareholders' Equity
Common shares		89
Additional paid-in capital		1,754,383
Accumulated other comprehensive loss		(36,214	)
Distributions in excess of accumulated earnings		(196,645	)
Total Acadia shareholders’ equity		1,521,613
Noncontrolling interests		628,322
Total equity		2,149,935
Total liabilities and equity	$	4,261,746


	8

Balance Sheet – Pro-rata Adjustments7

Supplemental Report – December 31, 2021

(in thousands)


ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 5			Company’s Interest in Unconsolidated Subsidiaries 6
Real estate	(Revised)			(Revised)
Land	$	(156,151	)	$	71,855
Buildings and improvements		(995,865	)		283,997
Construction in progress		(4,858	)		2,097
Right-of-use assets - finance leases		(4,129	)		22,608
		(1,161,003	)		380,557
Less: Accumulated depreciation and amortization		127,556			(62,940	)
Total		(1,033,447	)		317,617
Real estate under development		(122,306	)		6,186
Operating real estate, net		(1,155,753	)		323,803
Notes receivable, net		(547	)		—
Investments in and advances to unconsolidated affiliates		(133,610	)		(133,388	)
Lease intangibles, net		(46,925	)		4,632
Other assets, net		2,895			2,412
Right-of-use assets - operating leases, net		(2,340	)		—
Cash and cash equivalents		(7,314	)		7,468
Restricted cash		(7,343	)		5,760
Straight-line rents receivable, net		(6,768	)		4,420
Rents receivable, net		(5,318	)		1,220
Assets of properties held for sale		(48,496	)		—
Total Assets	$	(1,411,519	)	$	216,327

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	(717,798	)	$	187,811
Unsecured notes payable, net		(126,816	)		—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(39,983	)		24,498
Lease intangibles, net		(29,022	)		6,369
Lease liability - operating leases, net		(2,453	)		4
Dividends and distributions payable		—			—
Lease liability - finance leases		(4,819	)		7,584
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(9,939	)
Total liabilities		(920,891	)		216,327
Shareholders' Equity
Common shares		—			—
Additional paid-in capital		—			—
Accumulated other comprehensive loss		—			—
Distributions in excess of accumulated earnings		—			—
Total Acadia shareholders’ equity		—			—
Noncontrolling interests		(490,628	)		—
Total equity		(490,628	)		—
Total liabilities and equity	$	(1,411,519	)	$	216,327


	9

Balance Sheet – Pro-rata Adjustments7

Supplemental Report – December 31, 2021

(in thousands)

__________

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

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. Revised amounts reflect audit adjustments subsequent to amounts reported on February 15, 2022.

Net of capitalized interest of $0.8 million and $3.9 million for the three and twelve months ended December 31, 2021, respectively.

Consists of development, construction, leasing and legal fees.

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

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.

Adjustment to noncontrolling interests exclude income allocable to Operating Partnership Units of $0.2 million and $1.6 million for the three and twelve months ended December 31, 2021, respectively.

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


	10

Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”)1

Supplemental Report – December 31, 2021

(in thousands)



	Quarter Ended												Year to Date			Quarter Ended			Year to Date
	March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021			December 31, 2021			December 31, 2020			December 31, 2020
Funds from operations ("FFO"):	(As Restated)			(As Restated)			(As Restated)			(As Revised)			(As Revised)			(As Restated)			(As Restated)
Net Income (Loss)	$	4,817		$	3,711		$	12,007		$	3,013		$	23,548		$	(10,862	)	$	(8,976	)
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		23,807			23,077			23,111			23,393			93,388			32,574			106,220
(Gain) loss on disposition on real estate properties (net of noncontrolling interest share)		(5,096	)		933			—			—			(4,163	)		(174	)		(291	)
Impairment charges (net of noncontrolling interest share)		—			—			2,294			—			2,294			4,923			17,323
Income (loss) attributable to noncontrolling interests' share in Operating Partnership		470			398			872			336			2,076			(446	)		125
FFO to Common Shareholders and Common OP Unit holders	$	23,998		$	28,119		$	38,284		$	26,742		$	117,143		$	26,015		$	114,401

Less: Unrealized holding (gain) loss and other (net of noncontrolling interest share)		(1,399	)		(487	)		(13,198	)		1,302			(13,782	)		(4,331	)		(20,493	)
FFO before Special Items	$	22,599		$	27,632		$	25,086		$	28,044		$	103,361		$	21,684		$	93,908


Adjusted Funds from operations ("AFFO"):
FFO	$	23,998		$	28,119		$	38,284		$	26,742		$	117,143		$	26,015		$	114,401
Unrealized (gains) losses		(1,399	)		(487	)		(13,198	)		1,302			(13,782	)		(4,331	)		(20,493	)
Straight-line rent, net		(402	)		(1,011	)		(1,229	)		1,180			(1,462	)		1,296			9,978
Above/below-market rent		(1,779	)		(1,917	)		(1,572	)		(4,904	)		(10,172	)		(2,204	)		(8,623	)
Amortization of finance costs		782			774			771			655			2,982			719			2,742
Above/below-market interest		(47	)		(47	)		(47	)		(47	)		(188	)		(47	)		(188	)
Non-real estate depreciation		57			59			156			116			388			80			397
Stock-based compensation		3,861			2,237			2,242			2,243			10,583			1,984			9,572
Leasing commissions		(98	)		(905	)		(681	)		(676	)		(2,360	)		(1,450	)		(1,985	)
Tenant improvements		(1,290	)		(2,666	)		(3,570	)		(2,533	)		(10,059	)		(2,294	)		(4,003	)
Maintenance capital expenditures		(285	)		(398	)		(409	)		(2,968	)		(4,060	)		(1,144	)		(3,173	)
AFFO to Common Shareholders and Common OP Unit holders	$	23,398		$	23,758		$	20,747		$	21,110		$	89,013		$	18,624		$	98,625

Total weighted-average diluted shares and OP Units		91,931			92,627			94,083			94,505			93,234			91,666			91,899

Diluted FFO per Common share and OP Unit:
FFO	$	0.26		$	0.30		$	0.41		$	0.28		$	1.26		$	0.28		$	1.24

FFO before Special Items	$	0.25		$	0.30		$	0.27		$	0.30		$	1.11		$	0.24		$	1.02


	11

EBITDA1

Supplemental Report – December 31, 2021

(in thousands)


	Quarter Ended December 31, 2021									Year to Date December 31, 2021									Quarter Ended December 31, 2020
	Core									Core									Core
	Portfolio			Funds			Total			Portfolio			Funds			Total			Portfolio			Funds			Total
EBITDA:	(As Revised)			(As Revised)			(As Revised)			(As Revised)			(As Revised)			(As Revised)			(As Restated)			(As Restated)			(As Restated)

Net Income (Loss) Attributable to Acadia	$	4,813		$	(1,800	)	$	3,013		$	31,519		$	(7,971	)	$	23,548		$	2,929		$	(13,791	)	$	(10,862	)

Adjustments:
Depreciation and amortization		19,420			4,089			23,509			78,616			15,160			93,776			25,786			6,868			32,654
Interest expense		8,412			2,676			11,088			32,777			9,773			42,550			8,703			2,294			10,997
Amortization of finance costs		574			81			655			2,298			684			2,982			532			187			719
Above/below-market interest		(47	)		—			(47	)		(188	)		—			(188	)		(47	)		—			(47	)
Gain on disposition of properties		—			—			—			(4,520	)		(2,074	)		(6,594	)		(174	)		—			(174	)
Unrealized holding losses (gains) and other		1,097			205			1,302			(14,713	)		931			(13,782	)		(4,894	)		563			(4,331	)
Gain on debt extinguishment - non-principal and interest		—			—			—			—			—			—			(1,370	)		—			(1,370	)
Provision (benefit) for income taxes		(298	)		—			(298	)		(11	)		32			21			86			228			314
Impairment charges		—			—			—			—			2,294			2,294			419			7,775			8,194
Noncontrolling interest - OP		212			—			212			1,582			—			1,582			(569	)		—			(569	)
EBITDA	$	34,183		$	5,251		$	39,434		$	127,360		$	18,829		$	146,189		$	31,401		$	4,124		$	35,525

Adjusted EBITDA:

EBITDA	$	34,183		$	5,251		$	39,434		$	127,360		$	18,829		$	146,189		$	31,401		$	4,124		$	35,525
Stock based compensation		2,243			—			2,243			10,583			—			10,583			1,984			—			1,984
Adjusted EBITDA	$	36,426		$	5,251		$	41,677		$	137,943		$	18,829		$	156,772		$	33,385		$	4,124		$	37,509

__________

Notes to Funds from Operations and EBITDA:

See the Restatement 8-K filed with the SEC on February 15, 2022 for a detailed reconciliation to previously reported amounts and a detailed description of adjustments thereon. As mentioned in the press release dated February 15, 2022, the Company is restating its prior period financial statements for the years and interim periods ended December 31, 2020 and 2019, and as of and for each of the quarterly periods ended March 31, 2021 and 2020, June 30, 2021 and 2020, September 30, 2021 and 2020 and December 31,2020 for errors in accounting primarily related to the reclassification of two consolidated joint-venture subsidiaries. The restatement primarily impacts the classification of certain amounts within the Company’s consolidated balance sheets, statements of operations and statements of cash flows. Amounts reported on February 15, 2022 were subsequently revised and, therefore, restated amounts have changed by immaterial amounts and revised amounts reflect immaterial changes as a result of year end audit adjustments.


	12

Core Portfolio – Same Property Performance 1

Supplemental Report – December 31, 2021

(in thousands)


	Quarter Ended						Change			Year to Date				Change
	December 31, 2021			December 31, 2020			Favorable/ (Unfavorable)			December 31, 2021		December 31, 2020		Favorable/ (Unfavorable)

Summary
Minimum rents	$	32,282		$	30,420			6.1	%	$	130,498	$	125,417		4.1	%
Expense reimbursements		9,685			9,691			(0.1	)%		38,776		37,960		2.1	%
Other property income		558			313			78.3	%		1,754		1,122		56.3	%

Total Revenue		42,525			40,424			5.2	%		171,028		164,499		4.0	%

Expenses
Property operating - CAM & Real estate taxes		12,421			11,621			(6.9	)%		49,590		45,468		(9.1	)%
Other property operating (Non-CAM)		1,460			1,045			(39.7	)%		4,221		3,601		(17.2	)%

Total Expenses		13,881			12,666			(9.6	)%		53,811		49,069		(9.7	)%

Same Property NOI - Core properties	$	28,644		$	27,758			3.2	%	$	117,217	$	115,430		1.5	%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		3,832			2,798						9,992		8,856
Core NOI	$	32,476		$	30,556					$	127,209	$	124,286


Other same property information
Physical Occupancy at the end of the period		90.3	%		89.4	%
Leased Occupancy at the end of the period		93.3	%		90.5	%

__________

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


	13

Fee Income by Fund

Supplemental Report – December 31, 2021

(in thousands)


	Fund II		Fund III		Fund IV		Fund V		Other		Total
Year to Date December 31, 2021
Asset and property management fees	$	1,229	$	486	$	4,445	$	5,367	$	582	$	12,109
Transactional fees		1,125		555		1,927		3,363		227		7,197
Total fees	$	2,354	$	1,041	$	6,372	$	8,730	$	809	$	19,306

Quarter Ended December 31, 2021
Asset and property management fees	$	337	$	49	$	1,083	$	1,267	$	140	$	2,876
Transactional fees		163		238		634		877		93		2,005
Total fees	$	500	$	287	$	1,717	$	2,144	$	233	$	4,881


Quarter Ended September 30, 2021
Asset and property management fees	$	336	$	43	$	1,036	$	1,304	$	131	$	2,850
Transactional fees		103		78		629		866		61		1,737
Total fees	$	439	$	121	$	1,665	$	2,170	$	192	$	4,587


Quarter Ended June 30, 2021
Asset and property management fees	$	379	$	144	$	1,180	$	1,380	$	131	$	3,214
Transactional fees		121		155		387		1,025		35		1,723
Total fees	$	500	$	299	$	1,567	$	2,405	$	166	$	4,937

Quarter Ended March 31, 2021
Asset and property management fees	$	177	$	250	$	1,146	$	1,416	$	180	$	3,169
Transactional fees		738		84		277		595		38		1,732
Total fees	$	915	$	334	$	1,423	$	2,011	$	218	$	4,901


	14

Structured Financing Portfolio

Supplemental Report – December 31, 2021

(in thousands)


	September 30, 2021						Quarter Ended December 31, 2021											Stated			Effective
	Principal		Accrued		Ending				Repayments/		Current			Accrued		Ending		Interest			Interest			Maturity
Investment	Balance		Interest		Balance		Issuances 1		Conversions		Principal			Interest		Balance		Rate			Rate			Dates
First mortgage notes 2,4	$	89,332	$	4,527	$	93,859	$	—	$	—	$	89,332		$	4,852	$	94,184		6.38	%		6.95	%	Apr-20 to Sept-24

Other notes4		65,000		9,951		74,951		—		—		65,000			11,514		76,514		8.52	%		8.52	%	Jan-23 to Dec-27

Total Core notes receivable	$	154,332	$	14,478	$	168,810	$	—	$	—	$	154,332		$	16,366	$	170,698		7.28	%		7.61	%

__________


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

Total Notes Receivable per above											$	154,332
Fund Notes Receivable												1,301
Allowance for credit loss												(2,294	)
Total Pro-rata Notes Receivable											$	153,339

________

See Transactional Activity page that follows.

One Core note due April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at December 31, 2021.

For more information and details of Fund notes receivable, see the Company’s latest form 10-Q or 10-K.

Certain of the first mortgage notes and other notes enable the borrower to prepay its obligations prior to the stated maturity date without penalty.


	15

Transactional Activity

Supplemental Report – December 31, 2021

(in thousands)


PROPERTY ACQUISITIONS AND DISPOSITIONS

Property Name	Location	Date of Transaction	Transaction Amount		Ownership % 1			Fund Share		Acadia Share

ACQUISITIONS 2
Core:

14th Street Portfolio	Washington, DC	December 23, 2021	$	26,320		100.00	%	$	—		26,320

Fund V:
Canton Marketplace	Canton, GA	August 20, 2021	$	50,954		100.00	%	$	50,954	$	10,242
Monroe Marketplace	Selinsgrove, PA	September 9, 2021		44,796		100.00	%		44,796		9,004
Monroe Marketplace (Parcel)	Selinsgrove, PA	November 12, 2021		1,029		100.00	%		1,029		207
Midstate Mall	Brunswick, NJ	December 14, 2021		71,867		100.00	%		71,867		14,445
				168,646					168,646		33,898
			$	194,966				$	168,646	$	60,218

DISPOSITIONS
Core:
60 Orange Street	Bloomfield, NJ	January 29, 2021	$	16,400		98.00	%	$	—	$	16,072

Fund III:
654 Broadway	New York, NY	May 19, 2021		10,000		100.00	%		10,000		2,454

Fund IV:
NE Grocer Portfolio (Selected Assets)	Maine	June 18, 2021		39,925		100.00	%		39,925		9,231

Fund V:
Family Center at Riverdale (Parcels)	Riverdale, UT	January 4, 2021		10,500		89.43	%		9,390		1,887

			$	76,825				$	59,315	$	29,644


STRUCTURED FINANCING ACTIVITY

Note Description	Transaction Type	Date of Transaction	Transaction Amount		Ownership % 1			Fund Share		Acadia Share

Core:
White Oak Loan	First Mortgage	April 20, 2021	$	16,000		100.00	%	$	—	$	16,000
57-63 Greene Street Loan 3	First Mortgage	September 17, 2021		42,000		100.00	%		—		42,000
			$	58,000				$	—	$	58,000

________

Ownership percentages for Fund transactional activities represent the respective Fund’s ownership, not the Company’s proportionate share.

Acquisition amounts include capitalized acquisition costs, where applicable. Refer to the Company’s latest Form 10-Q or 10-K for further discussion of any such transactions.

Contains three separate tranches and is secured by a pledge of equity in a retail condominium unit.


	16

2022 Guidance 1

Supplemental Report – December 31, 2021

(in millions)


	2022 Guidance Forecast
	Low		High		2021 Actual
(in $ millions, except per share amounts)	$ Millions	$/Share	$ Millions	$/Share	$ Millions	$/Share
					(Revised)
Net earnings per share attributable to Common Shareholders	$17.7	$0.19	$30.4	$0.32	$23.5	$0.26
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)		1.01		1.04		1.00
Impairment charges (net of noncontrolling interest share)		—		—		0.02
Gain on disposition of properties (net of noncontrolling interests' share)		(0.07)		(0.07)		(0.04)
Noncontrolling interest in Operating Partnership		0.02		0.02		0.02
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders		$1.15		$1.31		$1.26
Special Items: Unrealized holding (gain) loss and other (net of noncontrolling interest share)1		—		—		(0.15)
Funds from operations before Special Items per share attributable to Common Shareholders and Common OP Unit holders		$1.15		$1.31		$1.11


	17

2022 Guidance 1

Supplemental Report – December 31, 2021

(in millions)


	2022 Guidance Forecast
	Low		High		2021 Actual
(in $ millions, except per share amounts)	$ Millions	$/Share	$ Millions	$/Share	$ Millions	$/Share
FFO Comprises2:					(Revised)
Core property NOI 3	$130		$134		$122
Fund property NOI3	19		20		16
Cash recoveries of prior period rents/lease termination income4	3		7		7
Straight-line and above/below market rents	14		16		12
Interest income (Structured Finance Portfolio)	9		11		9
Fund fee income, net	18		21		19
Interest expense, net of capitalized interest5	(49)		(51)		(45)
General and administrative	(37)		(39)		(39)
Non-real estate depreciation and other expenses	(0.5)		(0.5)		(0.3)
Funds from operations, excluding Core and Fund external growth and related fees6	$106.5	$1.07	$118.5	$1.17	$100.7	$1.08
Core and Fund acquisitions and related fees7		0.02		0.04		-
Funds from operations, excluding Net Promote and other Core and Fund profits		$1.09		$1.21		$1.08
Net Promote and other Core and Fund profits8	6	0.06	10	0.10	2.4	0.03
Funds from operations before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$112.5	$1.15	$128.5	$1.31	$103.1	$1.11

Additional Guidance Assumptions
Fully diluted common shares - weighted average	93.0		95.0		87.7
Fully diluted common shares and OP Units - weighted average	100		101		93.2
Same property net operating income growth	4%		6%		1.5%
Core and Fund acquisitions	$300		$500		$168.6

_________

The Company is not providing 2022 guidance for unrealized changes in fair value for its investment holdings in Albertsons. Any realized gains of such shares will be included in net promote and other Core and Fund profits in the period in which a sale occurs.

All dollar amounts above are based on the Company's pro-rata share, except Core and Fund Acquisitions (based on aggregate Core and Fund investment volume).

As noted in footnote 4, Core and Fund 2021 NOI (as reported) included cash recoveries of prior period rents/lease termination income. Such amounts have been separately reflected in the guidance table for informational purposes.

Represents repayments of rents that were reserved in prior years, cash basis accounting adjustments and lease termination receipts. Such amounts were included in reported Core and Fund 2021 NOI, but broken out separately in the guidance table above for informational purposes. Any such amounts realized in 2022 will be reflected in NOI consistent with the 2021 reported presentation.

Inclusive of interest expense, amortization of finance costs, above and below market interest and capital lease interest.

All of the amounts above are based upon those Core and Fund properties owned as of December 31, 2021, as well as any properties acquired to date in 2022.

Reflects expectations of 2022 per share accretion on Core and Fund external growth. Such per share amount excludes those acquisitions closed to date in 2022, as such amounts are reflected in the individual line items above.

Represents net promote and other Core and Fund profits, including, but not limited to the expectation of, realized gains from the disposition of Albertsons shares.


	18

Net Asset Valuation Information

Supplemental Report – December 31, 2021

(in thousands)


	CORE			FUND II 2			FUND III			FUND IV			FUND V

Ownership Percentage	N/A				28.33	%		24.54	%		23.12	%		20.10	%

Current Quarter NOI
Net Operating Income 1, 2	$	32,476		N/A			$	817		$	6,911		$	16,075
Less:
Net operating (income) loss from properties sold or under contract		—		N/A				(602	)		(306	)		—
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 3, 4		(2,613	)	N/A				(215	)		(91	)		—
Net Operating Income of stabilized assets	$	29,863		N/A			$	—		$	6,514		$	16,075

Costs to Date (Pro Rata)
Pre-stabilized assets 3	$	—		N/A			$	10,001		$	40,396		$	—
Development and redevelopment projects 4		181,056		N/A				4,523			26,221			—
Total Costs to Date	$	181,056		N/A			$	14,524		$	66,617		$	—

Debt (Pro Rata)	$	869,957		$	79,601		$	14,094		$	76,062		$	121,576

__________

Does not include a full quarter of NOI for any assets purchased during the current quarter. See “Transactional Activity” page in this Supplemental Report for descriptions of those acquisitions.

10.

Fund II has been substantially liquidated except for its investment in City Point with pre-stabilized assets of $549.6 million and debt of $296 million.

11.

Pre-stabilized assets consist of the following projects for Fund III: 640 Broadway; Fund IV: Paramus Plaza, 210 Bowery, 801 Madison, 27 E 61st Street, 146 Geary Street and 1035 Third Avenue.

12.

Includes incremental costs; excludes initial carrying value. See “Development and Redevelopment Activity” page in this Supplemental Report.


	19

Selected Financial Ratios

Supplemental Report – December 31, 2021

(in thousands)



	Quarter Ended December 31,						Year to Date December 31,							Quarter Ended
COVERAGE RATIOS 1	2021			2020			2021			2020			LEVERAGE RATIOS	December 31, 2021			September 30, 2021
Fixed-Charge Coverage Ratios	(As Revised)			(As Restated)			(As Revised)			(As Restated)			Debt/Market Capitalization Ratios	(As Revised)			(As Restated)

EBITDA 2 divided by:	$	34,183		$	31,401		$	127,360		$	125,517		Debt + Preferred Equity (Preferred OP Units)	$	1,171,433		$	1,146,500
Interest expense		8,412			8,703			32,777			32,896		Total Market Capitalization		3,231,377			3,056,080
Principal Amortization		1,083			1,075			4,238			4,156		Debt + Preferred Equity/
Preferred Dividends 3		123			123			492			495		Total Market Capitalization		36	%		38	%
Fixed-Charge Coverage Ratio - Core Portfolio		3.6	x		3.2	x		3.4	x		3.3	x

EBITDA divided by:	$	39,434		$	35,525		$	146,189		$	139,762		Debt 6	$	1,153,533		$	1,132,013
Interest expense		11,088			10,997			42,550			41,982		Total Market Capitalization		3,231,377			3,056,080
Principal Amortization		1,366			1,294			5,578			4,819		Net Debt + Preferred Equity/
Preferred Dividends		123			123			492			495		Total Market Capitalization		36	%		37	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds		3.1	x		2.9	x		3.0	x		3.0	x	Debt/EBITDA Ratios
													Core:
Payout Ratios													Debt	$	869,957		$	861,039
													Net debt 5		855,384			850,285
Dividends declared (per share/OP Unit)	$	0.15					$	0.60					EBITDA		127,360			124,829
													Adjusted EBITDA		137,943			133,797
Dividends (Shares) & Distributions (OP Units) declared	$	14,557					$	57,057					Debt/EBITDA - Core Portfolio		6.8	x		6.9	x
FFO		26,742						117,143					Debt/Adjusted EBITDA - Core Portfolio		6.3	x		6.4	x
FFO Payout Ratio 8		54	%	N/A				49	%	N/A			Net Debt/EBITDA - Core Portfolio		6.7	x		6.8	x
													Net Debt/ Adjusted EBITDA - Core Portfolio		6.2	x		6.4	x
AFFO 7		21,110						89,013					Core and Funds:
AFFO Payout Ratio		69	%	N/A				64	%	N/A			Debt 4	$	1,161,290		$	1,137,017
													Net debt 6		1,143,390			1,122,530
FFO Before Special Items		28,044						103,361					EBITDA		146,189			142,942
FFO Before Special Items Payout Ratio		52	%	N/A				55	%	N/A			Adjusted EBITDA		156,772			151,910
													Debt/EBITDA - Core and Funds		7.9	x		8.0	x
													Debt/Adjusted EBITDA - Core and Funds		7.4	x		7.5	x
													Net Debt/EBITDA - Core and Funds		7.8	x		7.9	x
													Net Debt/ Adjusted EBITDA - Core and Funds		7.3	x		7.4	x

Selected Financial Ratios

Supplemental Report – December 31, 2021

(in thousands)

__________

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. 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. Prior period results are adjusted to reflect the impact of the restatement (see Notes to FFO and EBITDA pages for more information).

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. Excludes capital lease obligations.

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.

7. Prior periods updated to include an adjustment for stock-based compensation, see Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to net income attributable to Acadia.

9. Beginning with the second quarter of 2020 and through the fourth quarter of 2020, the Board of Trustees temporarily suspended distributions on common shares and common units. The regular quarterly distribution was reinstated in the first quarter of 2021.


	EBITDA					ADJUSTED EBITDA
	Quarter Ended			Year Ended		Quarter Ended			Year Ended
Reconciliation of EBITDA to Annualized EBITDA	December 31, 2021			December 31, 2020		December 31, 2021			December 31, 2020
	(As Revised)			(As Restated)		(As Revised)			(As Restated)
Core EBITDA as reported	$	34,183		$	125,517	$	34,183		$	125,517
Add back: Stock-based compensation, net of employee equity elections		—			—		2,243			9,572
Subtract: Credit loss recoveries in Q4		(1,751	)		—		(1,751	)		—
Subtotal		32,432			125,517		34,675			135,089

Annualized Core EBITDA		127,360			125,517		137,943			135,089
Add back: Year to date credit loss recoveries		4,900			—		4,900			—
Annualized Core EBITDA		132,260			125,517		142,843			135,089

Funds EBITDA as reported		5,251			14,245		5,251			14,245
Subtract: Credit loss recoveries in Q4		(451	)		—		(451	)		—
Subtotal		4,800			14,245		4,800			14,245

Annualized Fund EBITDA		18,829			14,245		18,829			14,245
Add back: Year to date credit loss recoveries		1,124			—		1,124			—
Annualized Fund EBITDA		19,953			14,245		19,953			14,245
Annualized EBITDA Core and Funds	$	152,213		$	139,762	$	162,796		$	149,334


	21

Portfolio Debt – Summary

Supplemental Report – December 31, 2021

(in thousands)


	Acadia Pro-Rata Share of Debt 2
	Core Portfolio							Funds							Total										Reconciliation to Consolidated Debt as Reported
Unsecured Debt	Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance		%			Interest Rate			WA Years to Maturity 6		Add: Noncontrolling Interest Share of Debt 3		Less: Pro-rata Share of Unconsolidated Debt 4			Acadia Consolidated Debt as Reported
Fixed-Rate Debt 1	$	466,413		4.1	%		4.8	$	—		—			—	$	466,413		40	%		4.1	%		4.8	$	—	$	—		$	466,413
Variable-Rate Debt 5		46,492		1.5	%		3.5		36,211		2.1	%		0.5		82,703		7	%		1.8	%		2.2		126,816		—			209,519
																		47	%
Mortgage and Other Notes Payable

Fixed-Rate Debt 1		324,211		4.1	%		4.6		93,589		3.5	%		2.1		417,800		36	%		3.9	%		4.0		289,030		(135,328	)		571,502
Variable-Rate Debt 5		32,841		1.8	%		1.6		161,533		3.5	%		0.8		194,374		17	%		3.2	%		1.0		431,169		(53,239	)		572,304
																		53	%

Total	$	869,957		3.9	%		4.5	$	291,333		3.3	%		1.2	$	1,161,290		100	%		3.7	%		3.7	$	847,015	$	(188,567	)		1,819,738

Unamortized premium																															446
Net unamortized loan costs																															(7,946	)
Total																														$	1,812,238

_________

13.

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

14.

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

15.

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

16.

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

17.

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

18.

Based on debt maturity date without regard to swap expirations or available extension options.


	22

Portfolio Debt - Detail

Supplemental Report – December 31, 2021

(in thousands)


		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		December 31, 2021			Percent			Amount			Rate	Maturity	Options

CORE PORTFOLIO

Fixed-Rate Debt
163 Highland Avenue		$	8,001			100.00	%		8,001		4.66%	02/01/24	None
Crossroads Shopping Center			62,283			49.00	%		30,519		3.94%	10/06/24	None
555 9th Street			60,000			100.00	%		60,000		3.99%	01/01/25	None
840 N. Michigan			73,500			88.43	%		64,996		4.36%	02/10/25	None
Georgetown Portfolio (2008 Investment)			15,446			50.00	%		7,723		4.72%	12/10/27	None
State & Washington			22,688			100.00	%		22,688		4.40%	09/05/28	None
239 Greenwich Avenue			25,707			75.00	%		19,280		3.88%	01/10/29	None
North & Kingsbury			11,332			100.00	%		11,332		4.01%	11/05/29	None
151 North State Street			12,918			100.00	%		12,918		4.03%	12/01/29	None
Concord & Milwaukee			2,483			100.00	%		2,483		4.40%	06/01/30	None
California & Armitage			2,338			100.00	%		2,338		5.89%	04/15/35	None
Unsecured interest rate swaps 1			466,413			100.00	%		466,413		4.10%	Various
Secured interest rate swaps 1			91,278			89.76	%		81,933		3.79%	Various

Sub-Total Fixed-Rate Debt			854,387						790,624		4.09%

Secured Variable-Rate Debt
28 Jericho Turnpike			12,353			100.00	%		12,353		LIBOR+190	01/23/23	None
Gotham Plaza			18,324			49.00	%		8,979		LIBOR+160	06/10/23	None
Georgetown Portfolio (2016 Investment)			160,000			20.00	%		32,000		LIBOR+170	08/01/23	None
3104 M Street 2			4,203			20.00	%		841		Prime+0	01/01/24	None
330-340 River Street			10,601			100.00	%		10,601		LIBOR+170	06/01/26	None
Sullivan Center			50,000			100.00	%		50,000		LIBOR+150	11/16/28	None
Secured interest rate swaps 1			(91,278	)		89.76	%		(81,933	)	LIBOR+370	Various

Unsecured Variable-Rate Debt
Unsecured Line of Credit 3			112,905			100.00	%		112,905		LIBOR+140	06/29/25	2 x 6 mos.
Unsecured Term Loan			400,000			100.00	%		400,000		LIBOR+155	06/29/26	None
Unsecured interest rate swaps 1			(466,413	)		100.00	%		(466,413	)	LIBOR+400	Various

Sub-Total Variable-Rate Debt			210,695						79,333		LIBOR+154

Total Debt - Core Portfolio		$	1,065,082					$	869,957		3.87%

Funds
Fixed-Rate Debt
Canton Marketplace	Fund V		31,801			20.10	%		6,392		3.35%	05/01/23	None
2207 Fillmore Street 4	Fund IV		1,120			20.80	%		233		4.50%	10/31/25	None
650 Bald Hill Road 4	Fund IV		16,000			20.81	%		3,330		3.75%	06/01/26	None
Interest rate swaps 1	Funds II, IV & V		423,489			19.75	%		83,634		3.48%	Various
Sub-Total Fixed-Rate Debt			472,410						93,589		3.48%

Variable-Rate Debt
New Towne Center	Fund V		16,232			20.10	%		3,263		LIBOR+220	02/01/22	1 x 12 mos.
Eden Square 4	Fund IV		22,931			22.78	%		5,224		LIBOR+215	03/01/22	None
Wake Forest Crossing	Fund IV		20,860			23.12	%		4,823		LIBOR+160	02/14/22	None
City Point Phase III 4	Fund II		39,164			26.67	%		10,445		LIBOR+300	03/01/22	2 x 12 mos.
Lincoln Place	Fund IV		22,861			23.12	%		5,285		LIBOR+185	03/13/22	None


	23

Portfolio Debt - Detail

Supplemental Report – December 31, 2021

(in thousands)


Dauphin Plaza	Fund IV		9,292		23.12	%		2,148		LIBOR+200	04/01/22	None
Dauphin Plaza - Second Mortgage	Fund IV		2,822		23.12	%		652		LIBOR+200	04/01/22	None
Acadia Strategic Opportunity IV LLC 5	Fund IV		59,225		23.12	%		13,693		LIBOR+250	06/30/22	None
City Point 5	Fund II		16,814		26.67	%		4,484		LIBOR+275	08/11/22	None
17 E. 71st Street	Fund IV		8,895		23.12	%		2,057		LIBOR+300	09/09/22	None
Restaurants at Fort Point	Fund IV		5,855		23.12	%		1,354		LIBOR+235	11/25/22	1 x 12 mos.
Acadia Strategic Opportunity IV LLC	Fund IV		5,000		23.12	%		1,156		SOFR+201	12/29/22	None
Acadia Strategic Opportunity Fund V LLC	Fund V		118,027		20.10	%		23,723		LIBOR+190	05/02/22	None
Riverdale 4	Fund V		24,361		17.97	%		4,379		LIBOR+170	05/28/22	2 x 12 mos.
Fairlane Green	Fund V		33,467		20.10	%		6,727		LIBOR+190	06/05/22	1 x 12 mos.
Trussville Promenade	Fund V		29,190		20.10	%		5,867		LIBOR+185	06/15/22	1 x 12 mos.
Cortlandt Crossing	Fund III		34,728		24.54	%		8,522		LIBOR+275	06/19/22	None
640 Broadway 4	Fund III		35,970		15.49	%		5,572		LIBOR+310	07/09/22	1 x 12 mos.
City Point 4	Fund II		200,000		26.67	%		53,340		Prime+200	08/17/22	None
Acadia Strategic Opportunity Fund II, LLC	Fund II		40,000		28.33	%		11,332		LIBOR+225	09/20/22	None
Broughton Street Portfolio 5	Fund IV		25,763		23.12	%		5,956		LIBOR+300	10/31/22	None
Mayfair Center	Fund IV		11,287		23.12	%		2,610		LIBOR+200	12/01/22	2 x 12 mos.
Promenade at Manassas 4	Fund IV		27,480		22.78	%		6,260		LIBOR+175	12/05/22	2 x 12 mos.
717 N. Michigan Avenue	Fund IV		52,000		23.12	%		12,022		LIBOR+310	12/09/22	1 x 12 mos.
Elk Grove Commons	Fund V		41,500		20.10	%		8,342		LIBOR+150	01/01/23	1 x 12 mos.
146 Geary Street	Fund IV		19,338		23.12	%		4,471		LIBOR+365	07/15/23	None
Hiram Pavilion	Fund V		28,830		20.10	%		5,795		LIBOR+190	03/05/24	None
Hickory Ridge	Fund V		29,128		20.10	%		5,855		LIBOR+190	10/05/24	None
Tri-City Plaza 4	Fund V		38,670		18.09	%		6,995		LIBOR+190	10/18/24	1 x 12 mos.
Landstown Commons	Fund V		60,900		20.10	%		12,241		LIBOR+170	10/24/24	None
Lincoln Commons	Fund V		38,820		20.10	%		7,803		LIBOR+170	10/24/24	None
Palm Coast Landing	Fund V		26,500		20.10	%		5,327		LIBOR+175	11/01/24	None
Frederick Crossing 4	Fund V		24,290		18.09	%		4,394		LIBOR+175	12/02/24	1 x 12 mos.
Plaza Santa Fe	Fund V		22,893		20.10	%		4,601		LIBOR+190	12/20/24	None
Paramus Plaza 4	Fund IV		28,910		11.56	%		3,342		SOFR+225	12/28/24	2 x 12 mos.
Frederick County Square 4	Fund V		22,185		18.09	%		4,013		LIBOR+240	01/01/25	1 x 12 mos.
1964 Union Street 4	Fund IV		1,417		20.80	%		295		LIBOR+225	10/01/25	None
2208-2216 Fillmore Street 4	Fund IV		5,533		20.80	%		1,151		LIBOR+225	06/01/26	None
Monroe Marketplace	Fund V		29,150		20.10	%		5,859		SOFR+265	11/12/26	None
Interest rate swaps 1	Funds II, IV & V		(423,489	)	19.75	%		(83,634	)	LIBOR+338	Various
Sub-Total Variable-Rate Debt			856,799					197,744		LIBOR+318
Total Debt - Funds		$	1,329,209				$	291,333		3.34%
Total Debt - Core Portfolio and Funds		$	2,394,291				$	1,161,290		3.74%

_________

The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements. Maturity reflects the weighted-average years to maturity of the swapped loans without regard to the expiration of the related swap agreements.

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

The interest rate on the unsecured revolving credit facility excludes a 20-basis point facility fee.

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

Bears interest at the greater of 0.25% or the LIBOR, plus the indicated spread.


	24

Future Debt Maturities 1

Supplemental Report – December 31, 2021

(in thousands)


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

2022	$	5,793	$	—	$	5,793	$	4,395	$	—	$	4,395	3.75%	n/a	3.75%
2023		5,018		189,284		194,302		3,781		52,361		56,142	n/a	n/a	n/a
2024		4,241		69,909		74,150		3,294		36,777		40,071	4.01%	4.01%	n/a
2025		3,264		246,405		249,669		2,862		237,901		240,763	4.09%	4.09%	n/a
2026		3,219		409,273		412,492		2,799		409,273		412,072	4.14%	4.14%	n/a
Thereafter		8,175		120,501		128,676		7,593		108,921		116,514	4.13%	4.13%	n/a
Total	$	29,710	$	1,035,372	$	1,065,082	$	24,724	$	845,233	$	869,957


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

2022	$	5,573	$	859,779	$	865,352	$	1,159	$	200,335	$	201,494	3.32%	3.78%	3.24%
2023		5,557		92,127		97,684		1,067		19,101		20,168	3.76%	3.72%	3.90%
2024		4,247		288,166		292,413		807		54,329		55,136	3.16%	3.20%	2.41%
2025		635		24,554		25,189		132		4,506		4,638	3.98%	4.03%	3.15%
2026		257		48,314		48,571		54		9,843		9,897	3.14%	3.75%	2.87%
Thereafter		—		—		—		—		—		—	n/a	n/a	n/a
Total	$	16,269	$	1,312,940	$	1,329,209	$	3,219	$	288,114	$	291,333

__________

Does not include any applicable extension options or subsequent refinancing.


	25

Future Debt Maturities – As Extended 1

Supplemental Report – December 31, 2021

(in thousands)


Core Portfolio	Extended Debt Maturities 1						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt

2022	$	5,793	$	—	$	5,793	$	4,395	$	—	$	4,395	n/a	n/a	n/a
2023		5,018		189,284		194,302		3,781		52,361		56,142	4.01%	4.01%	n/a
2024		4,241		69,909		74,150		3,294		36,777		40,071	4.08%	4.09%	n/a
2025		3,264		133,500		136,764		2,862		124,996		127,858	4.18%	4.18%	n/a
2026		3,219		522,179		525,398		2,799		522,179		524,978	4.08%	4.08%	n/a
Thereafter		8,175		120,500		128,675		7,593		108,920		116,513	4.35%	4.35%	n/a
Total	$	29,710	$	1,035,372	$	1,065,082	$	24,724	$	845,233	$	869,957


Funds	Extended Debt Maturities 1						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt

2022	$	5,572	$	585,825	$	591,397	$	1,159	$	142,064	$	143,223	3.35%	3.03%	3.37%
2023		5,557		250,574		256,131		1,067		51,769		52,836	3.73%	3.98%	3.53%
2024		4,246		314,967		319,213		807		65,696		66,503	3.36%	3.40%	3.09%
2025		635		63,363		63,998		132		11,527		11,659	3.13%	3.13%	3.15%
2026		260		98,210		98,470		54		17,058		17,112	3.13%	3.90%	2.66%
Thereafter		—		—		—		—		—		—	n/a	n/a	n/a
Total	$	16,270	$	1,312,939	$	1,329,209	$	3,219	$	288,114	$	291,333

Includes the effect of all available extension options (subject to customary conditions), excludes any subsequent refinancing.


	26

Core Portfolio Retail Properties - Detail

Supplemental Report – December 31, 2021

Core Portfolio Retail Properties - Detail

Supplemental Report – December 31, 2021


		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF

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	%	$	3,282,187	$	180.93
840 N. Michigan Avenue	H & M, Verizon Wireless	2014		88.4	%		87,135		—		—		87,135		100.0	%		—	%		—	%		100.0	%		100.0	%		8,450,630		96.98
Rush and Walton Streets Collection (6 properties)	Lululemon, BHLDN, Reformation, Sprinkles	2011 2012		100.0	%		40,384		—		—		40,384		88.2	%		—	%		—	%		88.2	%		88.2	%		6,750,144		189.58
651-671 West Diversey	Trader Joe's, Urban Outfitters	2011		100.0	%		46,259		—		—		46,259		86.2	%		—	%		—	%		86.2	%		86.2	%		1,574,714		39.50
Clark Street and W. Diversey Collection (4 properties)	Starbucks	2011 2012		100.0	%		53,277		—		—		53,277		64.6	%		—	%		—	%		64.6	%		68.3	%		1,399,585		40.64
Halsted and Armitage Collection (13 properties)	Serena and Lily, Bonobos, Allbirds Warby Parker, Marine Layer, Kiehl's	2011 2012 2019 2020		100.0	%		52,804		—		—		52,804		91.2	%		—	%		—	%		91.2	%		95.7	%		2,335,749		48.52
North Lincoln Park Chicago Collection (6 properties)	Champion, Carhartt	2011 2014		100.0	%		22,125		—		27,796		49,921		27.7	%		—	%		92.1	%		63.5	%		63.5	%		942,020		29.70
State and Washington	Nordstrom Rack, Uniqlo	2016		100.0	%		78,771		—		—		78,771		100.0	%		—	%		—	%		100.0	%		100.0	%		3,346,235		42.48
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	2016		100.0	%		41,791		—		—		41,791		68.9	%		—	%		—	%		68.9	%		100.0	%		1,153,437		40.08
Concord and Milwaukee	—	2016		100.0	%		13,105		—		—		13,105		100.0	%		—	%		—	%		100.0	%		100.0	%		437,248		33.36
California and Armitage	—	2016		100.0	%		—		—		18,275		18,275		—	%		—	%		70.6	%		70.6	%		70.6	%		680,594		52.79
Roosevelt Galleria	Petco, Vitamin Shoppe	2015		100.0	%		—		—		37,995		37,995		—	%		—	%		47.7	%		47.7	%		47.7	%		613,881		33.86
Sullivan Center	Target, DSW	2016		100.0	%		176,181		—		—		176,181		95.4	%		—	%		—	%		95.4	%		95.4	%		6,427,349		38.26
							657,358		—		84,066		741,424		89.1	%		—	%		67.3	%		86.6	%		89.2	%		38,823,773		60.46
New York Metro
Soho Collection (11 properties)	Faherty, ALC Stone Island, Taft, Frame, Theory	2011 2014 2019 2020		100.0	%		35,035		—		—		35,035		75.8	%		—	%		—	%		75.8	%		75.8	%		8,201,107		308.89
5-7 East 17th Street	—	2008		100.0	%		9,536		—		—		9,536		—	%		—	%		—	%		—	%		—	%		—		—
200 West 54th Street	—	2007		100.0	%		5,862		—		—		5,862		78.2	%		—	%		—	%		78.2	%		78.2	%		1,284,894		280.42
61 Main Street	—	2014		100.0	%		3,470		—		—		3,470		100.0	%		—	%		—	%		100.0	%		100.0	%		303,798		87.55


	27

Core Portfolio Retail Properties - Detail

Supplemental Report – December 31, 2021


181 Main Street	TD Bank	2012	100.0	%	11,514	—	—	11,514	100.0	%	—	%	—	%	100.0	%	100.0	%		980,044		85.12
4401 White Plains Road	Walgreens	2011	100.0	%	—	12,964	—	12,964	—	%	100.0	%	—	%	100.0	%	100.0	%		625,000		48.21
Bartow Avenue	—	2005	100.0	%	—	—	14,590	14,590	—	%	—	%	80.0	%	80.0	%	80.0	%		368,873		31.59
239 Greenwich Avenue	Betteridge Jewelers	1998	75.0	%	16,553	—	—	16,553	100.0	%	—	%	—	%	100.0	%	100.0	%		1,741,068		105.18
252-256 Greenwich Avenue	Veronica Beard, The RealReal, Blue Mercury	2014	100.0	%	7,986	—	—	7,986	100.0	%	—	%	—	%	100.0	%	100.0	%		846,873		106.04
2914 Third Avenue	Planet Fitness	2006	100.0	%	—	21,650	18,953	40,603	—	%	100.0	%	44.1	%	73.9	%	100.0	%		768,172		25.60
868 Broadway	Dr. Martens	2013	100.0	%	2,031	—	—	2,031	100.0	%	—	%	—	%	100.0	%	100.0	%		838,855		413.03
313-315 Bowery 2	John Varvatos, Patagonia	2013	100.0	%	6,600	—	—	6,600	100.0	%	—	%	—	%	100.0	%	100.0	%		527,076		79.86
120 West Broadway	HSBC Bank	2013	100.0	%	13,838	—	—	13,838	79.8	%	—	%	—	%	79.8	%	100.0	%		2,052,536		185.94
2520 Flatbush Avenue	Bob's Disc. Furniture, Capital One	2014	100.0	%	—	—	29,114	29,114	—	%	—	%	100.0	%	100.0	%	100.0	%		1,175,271		40.37
991 Madison Avenue	Vera Wang, Gabriella Hearst	2016	100.0	%	7,513	—	—	7,513	91.1	%	—	%	—	%	91.1	%	91.1	%		2,919,899		426.45
Shops at Grand	Stop & Shop (Ahold)	2014	100.0	%	—	52,336	47,349	99,685	—	%	100.0	%	100.0	%	100.0	%	100.0	%		3,335,738		33.46
Gotham Plaza	Bank of America, Footlocker	2016	49.0	%	—	—	25,922	25,922	—	%	—	%	83.4	%	83.4	%	91.5	%		1,521,808		70.42
					119,938	86,950	135,928	342,816	81.0	%	100.0	%	86.9	%	88.2	%	92.7	%		27,491,012		90.96
Los Angeles Metro
Melrose Place Collection	The Row, Chloe, Oscar de la Renta	2019	100.0	%	14,000	—	—	14,000	100.0	%	—	%	—	%	100.0	%	100.0	%		2,583,061		184.50
					14,000	—	—	14,000	100.0	%	—	%	—	%	100.0	%	100.0	%		2,583,061		184.50
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	TD Bank	2012	100.0	%	20,669	—	—	20,669	58.7	%	—	%	—	%	58.7	%	58.7	%		781,727		64.46
14th Street Collection	—	2021	100.0	%	19,461	—	—	19,461	100.0	%	—	%	—	%	100.0	%	100.0	%		1,291,240		66.35
Rhode Island Place Shopping Center	Ross Dress for Less	2012	100.0	%	—	25,134	32,533	57,667	—	%	100.0	%	88.4	%	93.4	%	100.0	%		1,757,107		32.61
M Street and Wisconsin Corridor (26 Properties) 3	Lululemon, CB2 Rag and Bone, The Reformation	2011 2016 2019	24.8	%	242,562	—	—	242,562	72.6	%	—	%	—	%	72.6	%	72.6	%		11,660,223		66.17
					282,692	25,134	32,533	340,359	73.5	%	100.0	%	88.4	%	76.9	%	78.0	%		15,490,297		59.20
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	%		1,320,045		24.34
165 Newbury Street	Starbucks	2016	100.0	%	1,050	—	—	1,050	100.0	%	—	%	—	%	100.0	%	100.0	%		294,632		280.60
					1,050	40,800	13,426	55,276	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%		1,614,677		29.21

Total Street and Urban Retail					1,075,038	152,884	265,953	1,493,875	84.2	%	100.0	%	81.6	%	85.4	%	88.0	%	$	86,002,820	$	67.44

Acadia Share Total Street and Urban Retail					878,440	152,884	252,733	1,280,488	86.7	%	100.0	%	81.5	%	87.5	%	90.1	%	$	75,590,607	$	67.48

SUBURBAN PROPERTIES
New Jersey


	28

Core Portfolio Retail Properties - Detail

Supplemental Report – December 31, 2021


Elmwood Park Shopping Center	Walgreens, Lidl	1998	100.0	%	—	43,531	100,379	143,910	—	%	100.0	%	70.4	%	79.3	%	87.1	%	2,977,028	26.08
Marketplace of Absecon	Walgreens, Dollar Tree	1998	100.0	%	—	46,724	57,832	104,556	—	%	100.0	%	85.9	%	92.2	%	92.2	%	1,431,609	14.85

New York
Village Commons Shopping Center	—	1998	100.0	%	—	—	87,128	87,128	—	%	—	%	96.1	%	96.1	%	98.1	%	2,860,744	34.15
Branch Plaza	LA Fitness, The Fresh Market	1998	100.0	%	—	76,264	47,081	123,345	—	%	100.0	%	86.2	%	94.7	%	98.8	%	3,240,432	27.74
Amboy Center	Stop & Shop (Ahold)	2005	100.0	%	—	37,266	26,024	63,290	—	%	100.0	%	66.1	%	86.1	%	86.1	%	1,858,892	34.12
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	HomeGoods,Pet- Smart	1998	49.0	%	—	202,727	109,067	311,794	—	%	50.3	%	48.7	%	49.8	%	84.5	%	5,401,920	34.82
New Loudon Center	Price Chopper, Marshalls	1993	100.0	%	—	242,058	16,643	258,701	—	%	94.8	%	100.0	%	95.2	%	95.2	%	2,237,910	9.09
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	%	57.1	%	75.1	%	75.1	%	2,363,423	34.75

Connecticut
Town Line Plaza 4	Wal-Mart, Stop & Shop (Ahold)	1998	100.0	%	—	163,159	42,930	206,089	—	%	100.0	%	100.0	%	100.0	%	100.0	%	1,900,191	17.47

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	%	1,450,268	11.15
Crescent Plaza	Home Depot, Shaw's (Supervalu)	1993	100.0	%	—	156,985	61,163	218,148	—	%	100.0	%	85.7	%	96.0	%	96.0	%	2,036,176	9.72
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	%	1,490,575	36.80

Vermont
The Gateway Shopping Center	Shaw's (Supervalu)	1999	100.0	%	—	73,184	28,290	101,474	—	%	100.0	%	94.9	%	98.6	%	98.6	%	2,175,331	21.75

Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0	%	—	51,692	47,270	98,962	—	%	100.0	%	92.5	%	96.4	%	97.8	%	1,252,645	13.13

Indiana
Merrillville Plaza	Room Place, Jo-Ann Fabrics, TJ Maxx	1998	100.0	%	—	123,352	112,782	236,134	—	%	82.2	%	74.0	%	78.3	%	78.8	%	2,670,678	14.45

Michigan
Bloomfield Town Square	HomeGoods, TJ Maxx	1998	100.0	%	—	153,332	81,588	234,920	—	%	81.2	%	68.3	%	76.7	%	97.7	%	3,042,388	16.88

Delaware
Town Center and Other (2 properties)	Lowes, Bed Bath & Beyond, Target	2003	100.0	%	—	751,455	48,608	800,063	—	%	94.2	%	91.4	%	94.0	%	94.0	%	12,735,493	16.94


	29

Core Portfolio Retail Properties - Detail

Supplemental Report – December 31, 2021


Market Square Shopping Center	Trader Joe's, TJ Maxx	2003	100.0	%	—	42,850	59,197	102,047	—	%	100.0	%	95.5	%	97.4	%	100.0	%		3,157,072		31.77
Naamans Road	—	2006	100.0	%	—	—	19,850	19,850	—	%	—	%	30.1	%	30.1	%	30.1	%		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	%		246,274		2.30
Plaza 422	Home Depot	1993	100.0	%	—	139,968	16,311	156,279	—	%	100.0	%	100.0	%	100.0	%	100.0	%		909,901		5.82
Chestnut Hill	—	2006	100.0	%	—	—	36,492	36,492	—	%	—	%	100.0	%	100.0	%	100.0	%		954,833		26.17
Abington Towne Center 5	Target, TJ Maxx	1998	100.0	%	—	184,616	32,255	216,871	—	%	100.0	%	100.0	%	100.0	%	100.0	%		1,308,178		22.08

Total Suburban Properties					—	2,964,381	1,095,415	4,059,796	—	%	93.0	%	79.5	%	89.3	%	93.8	%	$	62,082,998	$	18.26

Acadia Share Total Suburban Properties					—	2,860,990	1,039,791	3,900,781	—	%	94.5	%	81.1	%	91.0	%	94.2	%	$	59,328,019	$	17.89

Total Core Properties					1,075,038	3,117,265	1,361,368	5,553,671	84.2	%	93.3	%	79.9	%	88.3	%	92.2	%	$	148,085,818	$	31.66

Acadia Share Total Core Properties					878,440	3,013,874	1,292,524	5,184,838	86.7	%	94.8	%	81.2	%	90.0	%	93.2	%	$	134,918,626	$	30.40

__________

Excludes properties under development, redevelopment and pre-stabilized, see “Development and Redevelopment 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.

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.

Excludes 94,000 square feet of office GLA.

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.

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.


	30

Core Portfolio – Top Tenants 1

Supplemental Report – December 31, 2021

(Pro Rata Basis)


	Number of		Combined				Percentage of Total
Tenant	Stores		GLA		ABR		GLA			ABR

Target		3		431,480	$	8,126,134		8.3	%		6.0	%
Walgreens		6		95,189		4,011,379		1.8	%		3.0	%
Bed, Bath, and Beyond 2		3		172,432		3,942,421		3.3	%		2.9	%
Royal Ahold 3		3		155,461		3,268,460		3.0	%		2.4	%
TJX Companies 4		8		229,043		2,765,292		4.4	%		2.0	%
Verizon		2		26,054		2,691,297		0.5	%		2.0	%
Lululemon		2		7,533		2,541,414		0.1	%		1.9	%
LA Fitness International LLC		2		100,000		2,524,787		1.9	%		1.9	%
Trader Joe's		3		40,862		2,357,003		0.8	%		1.7	%
Fast Retailing 5		2		32,013		2,327,489		0.6	%		1.7	%
PetSmart, Inc.		3		55,867		2,314,710		1.1	%		1.7	%
Gap 6		3		44,895		2,133,405		0.9	%		1.6	%
Albertsons Companies7		2		123,409		1,980,640		2.4	%		1.5	%
Bob's Discount Furniture		2		68,793		1,843,336		1.3	%		1.4	%
Tapestry 8		2		4,250		1,646,814		0.1	%		1.2	%
Ulta Salon Cosmetic & Fragrance		3		31,497		1,550,757		0.6	%		1.1	%
Dick's Sporting Goods, Inc		2		98,805		1,519,874		1.9	%		1.1	%
DSW		2		35,842		1,478,679		0.7	%		1.1	%
JP Morgan Chase		6		21,721		1,403,838		0.4	%		1.0	%
The Home Depot		2		211,003		1,307,040		4.1	%		1.0	%
TOTAL		61		1,986,149	$	51,734,769		38.2	%		38.3	%

__________

19.

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

20.

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

21.

Stop and Shop (3 locations)

22.

TJ Maxx (5 locations), HomeGoods (2 locations), Marshalls (1 location)

23.

Uniqlo (1 location), Theory (1 location)

24.

Old Navy (2 locations), Banana Republic (1 location)

25.

Shaw’s (2 locations)

26.

Kate Spade (2 locations)


	31

Core Portfolio – Lease Expirations

Supplemental Report – December 31, 2021

(Pro Rata Basis)


	Street Tenants												Anchor Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		2		574		0.1	%	$	81.05		0.1	%		—		—		—	%	$	—		—	%
2022		14		43,213		5.7	%		76.77		5.2	%		3		129,188		5.0	%		19.95		6.6	%
2023		22		160,041		21.0	%		77.13		19.4	%		8		385,000		14.8	%		19.25		18.8	%
2024		11		52,552		6.9	%		100.11		8.3	%		13		492,207		18.9	%		14.34		17.9	%
2025		22		87,064		11.4	%		121.57		16.6	%		10		391,435		15.0	%		19.06		19.0	%
2026		27		79,001		10.4	%		141.99		17.6	%		10		444,889		17.1	%		10.93		12.4	%
2027		8		17,653		2.3	%		127.22		3.5	%		—		—		—	%		—		—	%
2028		7		154,571		20.3	%		42.73		10.4	%		6		416,588		16.0	%		10.11		10.7	%
2029		13		38,932		5.1	%		84.83		5.2	%		5		182,205		7.0	%		16.04		7.4	%
2030		6		45,438		6.0	%		47.03		3.4	%		—		—		—	%		—		—	%
2031		2		25,093		3.3	%		77.14		3.0	%		3		100,698		3.9	%		12.09		3.1	%
Thereafter		9		56,751		7.5	%		80.99		7.3	%		4		60,070		2.3	%		26.98		4.1	%
Total		143		760,883		100.0	%	$	83.53		100.0	%		62		2,602,280		100.0	%	$	15.04		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant				117,557												156,678
Total Square Feet				878,440												3,013,874

	Shop Tenants												Total Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		2		2,465		0.2	%	$	23.17		0.2	%		4		3,039		0.1	%	$	34.10		0.1	%
2022		26		85,445		8.1	%		32.70		8.7	%		43		257,846		5.8	%		33.70		6.4	%
2023		39		138,943		13.2	%		30.54		13.3	%		69		683,984		15.5	%		35.09		17.8	%
2024		35		153,156		14.6	%		25.66		12.3	%		59		697,915		15.8	%		23.29		12.0	%
2025		33		113,664		10.8	%		28.52		10.1	%		65		592,163		13.4	%		35.94		15.8	%
2026		36		138,713		13.2	%		25.20		10.9	%		73		662,603		15.0	%		29.54		14.5	%
2027		25		93,672		8.9	%		32.26		9.4	%		33		111,325		2.5	%		47.32		3.9	%
2028		23		98,135		9.4	%		39.06		12.0	%		36		669,294		15.2	%		21.89		10.9	%
2029		10		27,474		2.6	%		28.80		2.5	%		28		248,611		5.6	%		28.22		5.2	%
2030		13		36,694		3.5	%		32.53		3.7	%		19		82,132		1.9	%		40.55		2.5	%
2031		16		83,745		8.0	%		28.05		7.3	%		21		209,536		4.8	%		26.26		4.1	%
Thereafter		17		77,358		7.5	%		39.25		9.6	%		30		194,179		4.4	%		47.66		6.8	%
Total		275		1,049,464		100.0	%	$	30.48		100.0	%		480		4,412,627		100.0	%	$	30.61		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant				243,060												517,295
Total Square Feet				1,292,524												5,184,838

_________

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


	32

Core Portfolio – New and Renewal Rent Spreads 1

Supplemental Report – December 31, 2021


	Quarter Ended																								Year to Date
	March 31, 2021						June 30, 2021						September 30, 2021						December 31, 2021						December 31, 2021
	GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3
New Leases
Number of new leases executed		4			4			2			2			3			3			4			4			13			13
GLA		30,520			30,520			4,277			4,277			8,695			8,695			54,007			54,007			97,499			97,499
New base rent	$	26.86		$	20.42		$	33.96		$	32.73		$	47.65		$	43.32		$	29.69		$	26.92		$	30.59		$	26.60
Previous base rent	$	19.41		$	21.82		$	30.44		$	33.46		$	32.86		$	39.15		$	8.81		$	8.86		$	15.22		$	16.70
Average cost per square foot	$	29.83		$	29.83		$	10.95		$	10.95		$	61.39		$	61.39		$	62.50		$	62.50		$	49.91		$	49.91
Weighted Average Lease Term (years)		12.7			12.7			7.9			7.9			10.0			10.0			19.1			19.1			15.8			15.8
Percentage growth in base rent		38.4	%		(6.4	)%		11.6	%		(2.2	)%		45.0	%		10.7	%		237.0	%		203.8	%		101.0	%		59.3	%

Renewal Leases
Number of renewal leases executed		7			7			17			17			12			12			17			17			53			53
GLA		29,026			29,026			222,455			222,455			35,443			35,443			64,672			64,672			351,596			351,596
New base rent	$	34.60		$	33.93		$	20.13		$	20.05		$	57.17		$	56.41		$	30.80		$	30.40		$	27.02		$	26.76
Expiring base rent	$	30.41		$	31.83		$	18.71		$	19.67		$	50.03		$	50.90		$	27.42		$	27.97		$	24.44		$	25.35
Average cost per square foot	$	—		$	—		$	0.07		$	0.07		$	16.93		$	16.93		$	1.42		$	1.42		$	2.01		$	2.01
Weighted Average Lease Term (years)		5.5			5.5			4.5			4.5			4.5			4.5			4.8			4.8			4.6			4.6
Percentage growth in base rent		13.8	%		6.6	%		7.6	%		1.9	%		14.3	%		10.8	%		12.3	%		8.7	%		10.6	%		5.6	%

Total New and Renewal Leases
Number of new and renewal leases executed		11			11			19			19			15			15			21			21			66			66
GLA commencing		59,546			59,546			226,732			226,732			44,138			44,138			118,679			118,679			449,095			449,095
New base rent	$	30.63		$	27.01		$	20.39		$	20.29		$	55.29		$	53.83		$	30.29		$	28.82		$	27.80		$	26.73
Expiring base rent	$	24.77		$	26.70		$	18.93		$	19.93		$	46.65		$	48.59		$	18.95		$	19.27		$	22.43		$	23.47
Average cost per square foot	$	15.29		$	15.29		$	0.28		$	0.28		$	25.69		$	25.69		$	29.22		$	29.22		$	12.41		$	12.41
Weighted Average Lease Term (years)		9.2			9.2			4.6			4.6			5.6			5.6			11.3			11.3			7.1			7.1
Percentage growth in base rent		23.7	%		1.1	%		7.7	%		1.8	%		18.5	%		10.8	%		59.9	%		49.5	%		23.9	%		13.9	%

__________

27.

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.

28.

Rents are calculated on a straight-line ("GAAP") basis and do not incorporate above- or below-market lease adjustments.

29.

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.


	33

Core Portfolio – Capital Expenditures

Supplemental Report – December 31, 2021



	Quarter Ended								Year to Date
	March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2021		December 31, 2020
Leasing Commissions	$	98	$	905	$	681	$	676	$	2,360	$	1,985
Tenant Improvements		1,290		2,666		3,570		2,533		10,059		4,003
Maintenance Capital Expenditures		285		398		409		2,968		4,060		3,173
Total Capital Expenditures	$	1,673	$	3,969	$	4,660	$	6,177	$	16,479	$	9,161


	34

Fund Overview

Supplemental Report – December 31, 2021


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	%			42.7	%			39.6	%			38.5	%			36.1	%			38.8	%
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	$		381.5	Million	$		448.1	Million	$		488.1	Million	$		226.2	Million	$		1,630.5	Million
Cumulative Net Distributions 3	$		195.4	Million	$		169.8	Million	$		576.0	Million	$		193.1	Million	$		51.4	Million	$		1,185.7	Million
Net Distributions/Contributions			225.6	%			44.5	%			128.5	%			39.6	%			22.7	%			72.7	%
Unfunded Commitment 4	$		0.0	Million	$		3.8	Million	$		1.9	Million	$		41.9	Million	$		293.8	Million	$		341.4	Million
Acquisition Dry Powder 5		N/A				N/A				N/A				N/A			$		70.8	Million	$		70.8	Million
Investment Period Closes		Closed				Closed				Closed				Closed				Aug-2022
Currently in a Promote Position? (Yes/No)		No				No				No				No				No

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA

Type:		Applicable to				Description
Asset Management 6		Fund I & II				1.0% in 2021, 0.75% in 2022, 0% in 2023
Asset Management		Fund III				Currently 0%
Asset Management 6		Fund IV				1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period
Asset Management 7		Fund V				1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6 of the investment period (August 26, 2021-August 25, 2022); 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

__________

30.

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%.

31.

With regard to Fund II, the additional contributions over original Fund Size reflects prior-period distributions that were re-contributed to the Fund during 2016, 2020 and 2021 to fund the on-going redevelopment of existing Fund II investments.

32.

Net of fees and promote. Fund I has made its final distribution and was fully liquidated in 2018.

33.

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.

34.

Unfunded Commitments available to deploy into new unidentified investments.

35.

Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $41.9 million of general reserves.

36.

Implied Capital is Fund Size less capital attributed to sold investments or released. Allocated Capital Commitments are computed as the Fund Size less Acquisition Dry Powder.


	35

Fund Portfolio Retail Properties – Detail 1

Supplemental Report – December 31, 2021


		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF

Fund II Portfolio Detail

NEW YORK
New York
City Point	Target, Alamo Drafthouse	2007		94.2	%		—		352,201		188,869		541,070		—	%		64.3	%		23.3	%		50.0	%		74.1	%	$	9,453,208	$	34.94

Total - Fund II							—		352,201		188,869		541,070		—	%		64.3	%		23.3	%		50.0	%		74.1	%	$	9,453,208	$	34.94

Fund III Portfolio Detail

NEW YORK
New York
640 Broadway	Swatch	2012		63.1	%		4,637		—		—		4,637		76.3	%		—	%		—	%		76.3	%		91.6	%	$	895,245	$	252.90
Cortlandt Crossing	ShopRite, HomeSense	2012		100.0	%		—		92,868		29,358		122,226		—	%		100.0	%		45.7	%		87.0	%		95.1	%		2,988,753		28.12

Total - Fund III							4,637		92,868		29,358		126,863		76.3	%		100.0	%		45.7	%		86.6	%		95.0	%	$	3,883,998	$	35.36

Fund IV Portfolio Detail

NEW YORK
New York
801 Madison Avenue	─	2015		100.0	%		2,522		—		—		2,522		—	%		—	%		—	%		—	%		—	%	$	—	$	—
210 Bowery	─	2012		100.0	%		2,538		—		—		2,538		—	%		—	%		—	%		—	%		—	%		—		—
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	%		2,087,557		247.58
1035 Third Avenue 2	─	2015		100.0	%		7,634		—		—		7,634		100.0	%		—	%		—	%		100.0	%		100.0	%		1,162,553		152.29

New Jersey
Paramus Plaza	Ashley Furniture, Marshalls	2013		50.0	%		—		87,539		65,955		153,494		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,233,834		21.07

BOSTON
Massachusetts
Restaurants at Fort Point	─	2016		100.0	%		15,711		—		—		15,711		100.0	%		—	%		—	%		100.0	%		100.0	%		1,030,234		65.57

NORTHEAST

Pennsylvania
Dauphin Plaza	Price Rite, Ashley Furniture	2016		100.0	%		—		114,765		100,970		215,735		—	%		100.0	%		83.4	%		92.2	%		93.3	%		1,911,873		9.61
Mayfair Shopping Center	Planet Fitness, Dollar Tree	2016		100.0	%		—		34,806		80,605		115,411		—	%		100.0	%		92.4	%		94.7	%		94.7	%		1,912,416		17.50

Rhode Island
650 Bald Hill Road	Dick's Sporting Goods, Burlington Coat Factory	2015		90.0	%		—		55,000		105,448		160,448		—	%		100.0	%		77.7	%		85.4	%		85.4	%		2,025,172		14.79

MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot	2013		98.6	%		—		209,356		71,404		280,760		—	%		100.0	%		98.3	%		99.6	%		100.0	%		3,632,158		12.99

Delaware
Eden Square	Giant Food, LA Fitness	2014		98.6	%		—		116,003		113,933		229,936		—	%		100.0	%		79.1	%		89.7	%		91.0	%		3,121,691		15.14

MIDWEST
Illinois
Lincoln Place	Kohl's, Marshall's, Ross	2017		100.0	%		—		144,302		127,758		272,060		—	%		100.0	%		90.5	%		95.6	%		95.6	%		3,059,622		11.77

SOUTHEAST

Fund Portfolio Retail Properties – Detail 1

Supplemental Report – December 31, 2021


Georgia
Broughton Street Portfolio (13 properties)	H&M, Lululemon, Kendra Scott, Starbucks	2014	100.0	%	96,331	—	—	96,331	86.3	%	—	%	—	%	86.3	%	88.4	%		2,953,649		35.54

North Carolina
Wake Forest Crossing	Lowe's, TJ Maxx	2016	100.0	%	—	113,353	88,972	202,325	—	%	100.0	%	94.6	%	97.6	%	99.6	%		3,096,528		15.68

WEST
California
146 Geary Street	─	2015	100.0	%	11,436	—	—	11,436	—	%	—	%	—	%	—	%	—	%		—		—
Union and Fillmore Collection (3 properties)	Eileen Fisher, Bonobos	2015	90.0	%	7,148	—	—	7,148	66.7	%	—	%	—	%	66.7	%	77.9	%		524,919		110.16

Total - Fund IV					155,929	875,124	755,045	1,786,098	76.7	%	100.0	%	88.3	%	93.0	%	93.8	%	$	29,752,206	$	17.91

Fund V Portfolio Detail

SOUTHWEST
New Mexico
Plaza Santa Fe	TJ Maxx, Best Buy, Ross Dress for Less	2017	100.0	%	—	153,983	70,169	224,152	—	%	100.0	%	91.5	%	97.3	%	97.3	%	$	3,890,540	$	17.83

MIDWEST
Michigan
New Towne Plaza	Kohl's, Jo-Ann's, DSW	2017	100.0	%	—	145,389	48,057	193,446	—	%	100.0	%	90.4	%	97.6	%	97.6	%		2,349,445		12.44
Fairlane Green	TJ Maxx, Michaels, Bed Bath & Beyond	2017	100.0	%	—	109,916	160,235	270,151	—	%	74.5	%	84.3	%	80.3	%	80.3	%		4,374,514		20.17

NORTHEAST
Maryland
Frederick County (2 properties)	Kohl's, Best Buy, Ross Dress for Less	2019	90.0	%	—	251,988	279,113	531,101	—	%	100.0	%	76.0	%	87.4	%	88.0	%		6,678,463		14.39

Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods	2019	90.0	%	—	129,940	172,948	302,888	—	%	100.0	%	83.1	%	90.4	%	90.4	%		3,991,187		14.58

New Jersey
Midstate	ShopRite, Best Buy, DSW, PetSmart	2021	100.0	%	—	253,779	131,337	385,116	—	%	90.5	%	70.8	%	83.8	%	83.8	%		6,605,480		20.47

Pennsylvania
Monroe Marketplace	Kohl's, Dick's Sporting Goods, Giant Food	2021	100.0	%	—	263,376	108,276	371,652	—	%	100.0	%	95.8	%	98.8	%	100.0	%		4,109,789		11.19

Rhode Island
Lincoln Commons	Stop and Shop, Marshalls, HomeGoods	2019	100.0	%	—	194,470	267,551	462,021	—	%	100.0	%	69.4	%	82.3	%	90.2	%		5,037,955		13.25

SOUTHEAST
Virginia
Landstown Commons	Best Buy, Bed Bath & Beyond, Ross Dress for Less	2019	100.0	%	—	87,883	316,925	404,808	—	%	68.2	%	88.6	%	84.2	%	91.6	%		7,294,784		21.40

Florida
Palm Coast Landing	TJ Maxx, PetSmart, Ross Dress for Less	2019	100.0	%	—	73,241	98,558	171,799	—	%	100.0	%	93.5	%	96.3	%	98.6	%		3,350,746		20.26

North Carolina
Hickory Ridge	Kohl's, Best Buy, Dick's	2017	100.0	%	—	266,584	113,981	380,565	—	%	100.0	%	94.2	%	98.3	%	100.0	%		4,599,468		12.30


	37

Fund Portfolio Retail Properties – Detail 1

Supplemental Report – December 31, 2021




Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018	100.0	%	—	366,010	97,671	463,681	—	%	100.0	%	78.3	%	95.4	%	95.4	%		4,467,562		10.10

Georgia
Canton Marketplace	Dick's, TJ Maxx, Best Buy	2021	100.0	%	—	132,569	219,409	351,978	—	%	100.0	%	80.7	%	87.9	%	89.1	%		5,296,217		17.11
Hiram Pavilion	Kohl's, HomeGoods	2018	100.0	%	—	209,423	153,252	362,675	—	%	100.0	%	96.7	%	98.6	%	100.0	%		4,336,661		12.12

WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018	100.0	%	—	132,489	109,589	242,078	—	%	100.0	%	83.7	%	92.6	%	97.0	%		4,717,908		21.04

Utah
Family Center at Riverdale	Target, Sportman's Warehouse	2019	89.4	%	—	256,352	115,709	372,061	—	%	80.6	%	97.7	%	85.9	%	85.9	%		3,335,015		10.43

Total - Fund V					—	3,027,392	2,462,780	5,490,172	—	%	95.7	%	84.0	%	90.4	%	92.4	%	$	74,435,734	$	14.99

TOTAL FUND PROPERTIES					160,566	4,347,585	3,436,052	7,944,203	76.7	%	94.1	%	81.3	%	88.2	%	91.5	%	$	117,525,146	$	16.77

Acadia Share of Total Fund Properties					36,574	862,989	688,449	1,588,012	76.8	%	93.8	%	80.6	%	87.7	%	91.6	%	$	23,449,602	$	16.84

__________

1. Excludes properties under development, see “Development and Redevelopment 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).


	38

Fund Lease Expirations

Supplemental Report – December 31, 2021

(Pro Rata Basis)


	FUND II														FUND III
			GLA							ABR							GLA							ABR
	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		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—	$	—		—	%
2022		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2023		—		—		—	%		—		—		—	%		1		101		0.4	%		37,347		369.77		4.3	%
2024		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2025		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2026		1		655		0.9	%		67,187		102.58		2.7	%		—		—		—	%		—		—		—	%
2027		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2028		2		5,951		8.2	%		391,648		65.81		15.5	%		2		6,318		23.8	%		186,472		29.51		21.4	%
2029		1		254		0.4	%		49,462		194.73		2.0	%		1		490		1.8	%		29,400		60.00		3.4	%
2030		—		—		—	%		—		—		—	%		3		1,682		6.3	%		95,355		56.69		10.9	%
2031		—		—		—	%		—		—		—	%		2		768		2.9	%		51,038		66.46		5.9	%
Thereafter		5		65,371		90.5	%		2,015,710		30.83		79.8	%		2		17,232		64.8	%		471,395		27.36		54.1	%
Total		9		72,231		100.0	%	$	2,524,007	$	34.94		100.0	%		11		26,591		100.0	%	$	871,007	$	32.76		100.0	%

				72,235	Total Vacant													4,073	Total Vacant
				144,466	Total Square Feet													30,664	Total Square Feet


	FUND IV														FUND V
			GLA							ABR							GLA							ABR
	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		2		1,820		0.5	%	$	13,557	$	7.45		0.2	%		10		4,587		0.5	%	$	57,516	$	12.54		0.4	%
2022		17		19,316		5.3	%		293,170		15.18		4.6	%		40		33,824		3.6	%		741,954		21.94		5.4	%
2023		16		6,372		1.8	%		149,033		23.39		2.3	%		63		87,359		9.4	%		1,557,609		17.83		11.4	%
2024		11		6,347		1.8	%		115,375		18.18		1.8	%		79		169,195		18.2	%		2,562,919		15.15		18.8	%
2025		29		28,252		7.8	%		1,058,887		37.48		16.5	%		69		180,649		19.4	%		2,482,037		13.74		18.2	%
2026		26		34,528		9.6	%		757,212		21.93		11.8	%		59		64,067		6.9	%		1,275,961		19.92		9.4	%
2027		15		19,969		5.5	%		396,340		19.85		6.2	%		27		99,992		10.7	%		979,499		9.80		7.2	%
2028		15		36,468		10.1	%		511,095		14.01		8.0	%		22		40,799		4.4	%		719,996		17.65		5.3	%
2029		13		61,588		17.0	%		923,505		14.99		14.4	%		23		68,875		7.4	%		781,582		11.35		5.7	%
2030		9		16,870		4.7	%		287,046		17.02		4.5	%		23		49,805		5.3	%		719,644		14.45		5.3	%
2031		13		47,860		13.2	%		702,664		14.68		10.9	%		25		52,508		5.6	%		794,732		15.14		5.8	%
Thereafter		16		82,067		22.7	%		1,214,071		14.79		18.8	%		15		80,383		8.6	%		959,184		11.93		7.1	%
Total		182		361,457		100.0	%	$	6,421,955	$	17.76		100.0	%		455		932,043		100.0	%	$	13,632,633	$	14.63		100.0	%

				28,093	Total Vacant													91,289	Total Vacant
				389,550	Total Square Feet													1,023,332	Total Square Feet

__________

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


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Development and Redevelopment Activity

Supplemental Report – December 31, 2021


				Est. SQFT					Acquisition & Development Costs 1
Property	Ownership 1	Location	Estimated Stabilization	Upon Completion		Occupied/Leased Rate	Key Tenants	Description	Incurred 2		Estimated Future Range					Estimated Total Range
Development:
CORE
1238 Wisconsin	80.0%	Washington DC	2023		29,000	—	TBD	Redevelopment/addition to existing building with ground level retail, upper floor office and residential units upon completion. Discretionary spend upon securing tenant(s)	$	7.8	$	24.9	to	$	25.7	$	32.7	to	$	33.5

FUND III
Broad Hollow Commons	100.0%	Farmingdale, NY	TBD	TBD		—	TBD	Discretionary spend upon securing necessary approvals and tenant(s) for lease up		24.3		25.7	to		35.7		50.0	to		60.0

FUND IV
717 N. Michigan Avenue	100.0%	Chicago, IL	2025		62,000	—	TBD	Discretionary spend upon securing tenant(s) for lease up		116.5		12.0	to		19.5		128.5	to		136.0
									$	148.6	$	62.6		$	80.9	$	211.2		$	229.5
Major Redevelopment:

CORE
City Center	100.0%	San Francisco, CA	2024		241,000	72%/99%	Target, Whole Foods, PetSmart	Ground up development of pad sites and street level retail and re-tenanting/redevelopment for Whole Foods	$	201.3		8.7	to		11.7	$	210.0	to	$	213.0
555 9th Street	100.0%	San Francisco, CA	2023		149,000	69%/69%	TBD	Re-tenanting and potential split of former 46,000 square foot Nordstrom; façade upgrade and possible vertical expansion		—	TBD		to	TBD		TBD		to	TBD
Route 6 Mall	100.0%	Honesdale, PA	TBD	TBD		23%/34%	TBD	Discretionary spend for re-tenanting former 120,000 square foot Kmart anchor space once tenant(s) are secured		—		6.0	to		9.0		6.0	to		9.0
Mad River	100.0%	Dayton, OH	TBD	TBD		48%/48%	TBD	Discretionary spend for the re-tenanting former 33,000 square foot Babies R Us space once tenant(s) are secured		—		1.9	to		2.3		1.9	to		2.3
									$	201.3	$	16.6		$	23.0	$	217.9		$	224.3

_________


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	Development and Redevelopment Activity
Supplemental Report – December 31, 2021

__________

Ownership percentages and costs represent the Core or Fund level ownership and not Acadia’s pro rata share.

Incurred amounts include costs associated with the initial carrying value. Refer to “ Net Asset Valuation Information ” for pro-rata costs incurred. Reconciles to Consolidated Balance Sheet at December 31, 2021 as follows:


Development costs above		148.6
Unconsolidated projects (a)		(7.8	)
Projects in redevelopment or partial development (b)		79.6
Deferred costs and other amounts		0.8
Impairment charges taken		(17.4	)
Total per consolidated balance sheet	$	203.8

(a)

Relates to 1238 Wisconsin Avenue

(b)

Primarily relates to the portion of City Center that is still in Major Redevelopment. Total incurred amount of $201.3 reflects the historical carrying value of the entire property (including its initial acquisition cost).


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Portfolio Composition 1

Supplemental Report – December 31, 2021



Billed Percentage	Core			Core and Fund Pro-Rata			Core Street/Urban			Core Suburban

Essential
Grocer / Mass Merchandiser 2		15	%		15	%		14	%		16	%
Drug / Dollar Store		5	%		5	%		5	%		4	%
Banks		4	%		4	%		5	%		4	%
Home Improvement / Auto		4	%		3	%		—	%		7	%
Communications / Electronics		3	%		3	%		4	%		2	%
Other Essential		3	%		3	%		1	%		6	%
Pets		2	%		2	%		1	%		4	%
Total Essential		36	%		35	%		30	%		43	%

Non-Essential
Apparel		19	%		18	%		31	%		2	%
Discount / Fast Fashion		9	%		9	%		14	%		3	%
Restaurant / Food		8	%		9	%		6	%		10	%
Hard Goods		9	%		9	%		5	%		15	%
Personal / Professional Service		7	%		7	%		7	%		7	%
Home		5	%		5	%		3	%		8	%
Other		3	%		4	%		3	%		4	%
Gym / Fitness		3	%		3	%		1	%		6	%
Theater / Entertainment		1	%		1	%		—	%		2	%
Total Non-Essential		64	%		65	%		70	%		57	%

Total		100	%		100	%		100	%		100	%

__________

Data as of December 31, 2021. Percentages based on billed December rents and recoveries.

Includes Walmart and Target.


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Important Notes

Supplemental Report – December 31, 2021

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. 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. Also consistent with NAREIT’s definition of FFO, the Company has elected to include gains and losses incidental to its main business (including those related to its RCP investments such as Albertsons) in FFO.

The Company also provides another 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, stock-based compensation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.

The Company may also provide from time to time another supplemental disclosure of operating performance, FFO Before Special Items. The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio.

It should be noted that the Company’s methods of calculating FFO, AFFO or FFO Before Special Items may be different from methods used by other REITs and, accordingly, may not be comparable to such metrics used by other REITs. FFO, AFFO and FFO Before Special Items do not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. None of these measures should 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.

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.


	43