SEC Filing - Acadia Realty Trust

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SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): July 29, 2004 ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 1-12002 23-2715194 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 1311 Mamaroneck Avenue Suite 260 White Plains, New York 10605 (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)

ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits Exhibit Number Description - -------------- -------------------------------- 99.1 Financial and Operating Reporting Supplement for the Quarter Ended June 30, 2004 ITEM 9. Regulation FD Disclosure On July 29, 2004, the Registrant, Acadia Realty Trust, made available supplemental information concerning the ownership, operations and portfolio of the Registrant as of June 30, 2004. A copy of this supplemental information is furnished as Exhibit 99.1 to this report on Form 8-K. The information contained in Item 9. of this report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Registrant under the Securities Act of 1933, as amended. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACADIA REALTY TRUST (Registrant) Date: July 29, 2004 By: /s/ Michael Nelsen ------------------ Name: Michael Nelsen Title: Sr. Vice President and Chief Financial Officer 2

Exhibit 99.1 ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Table of Contents ----------------- Page Page ---- ---- Section I - Overview Section III - Joint Venture Information Important Notes 2 Overview - Fund I 23 Company Information 3 Overview - Fund II 24 Portfolio Snapshot 4 Overview - RCP Venture 25 Organizational Chart 5 Joint Venture Properties - Detail 26 Management Team 6 Kroger/Safeway Locations 27 Section II - Financial Information Top 10 Joint Venture Tenants 28 Market Capitalization 7 Section IV - Portfolio Information Shareholder Information 8 Properties - Overview 29 Operating Statements - Consolidated 9 Properties by Region - Summary 32 Operating Statements - Joint Venture Activity 10 Properties by State - Summary 33 Operating Statements - Activity by Source 11 Properties - Detail 34 Operating Statements - Current v. Historical 12 Leasing Production 37 Net Operating Income - Same Property Performance 13 Top 10 Tenants - Consolidated 38 Funds from Operations ("FFO"), Adjusted FFO ("AFFO") Anchor Tenant Detail 39 and Funds Available for Distribution ("FAD") 14 Anchor Lease Expirations - 2003 through 2005 44 Capital Expenditures 15 Lease Expirations 45 Balance Sheets 16 Property Demographics 50 Selected Operating Ratios 17 Residential Properties 51 Debt Analysis - Summary 18 Debt Analysis - Detail 19 Debt Maturity Schedule 21 Unencumbered Properties 22 Visit acadiarealty.com for current news as well as additional property details and financial information Page 1

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Important Notes --------------- SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein. USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE The Company considers funds from operations ("FFO") as defined by the National Association of Real Estate Investment Trusts ("NAREIT") to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. However, the Company's method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles ("GAAP") and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company's performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. USE OF EBITDA AS NON-GAAP FINANCIAL MEASURE EBITDA is a widely used financial measure in many industries, including the REIT industry, and is presented to assist investors and analysts in analyzing the performance of the Company. It is helpful as it excludes 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's method of calculating EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company's performance or to cash flows as a measure of liquidity. Page 2

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Company Information ------------------- Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated and self-managed real estate investment trust which specializes in the acquisition, redevelopment and operation of shopping centers which are anchored by grocery and value-oriented retail. Acadia currently owns (or has interests in) and operates 67properties totaling approximately 9.3 million square feet, located in the Northeast, Mid-Atlantic and Midwest United States. All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership (and its majority-owned subsidiaries) which is currently 98% controlled by Acadia. Corporate Headquarters 1311 Mamaroneck Avenue Investor Relations Jon Grisham Suite 260 Vice President White Plains, NY 10605 (914) 288-8142 jgrisham@acadiarealty.com New York Stock Exchange Symbol AKR Web Site www.acadiarealty.com Analyst Coverage MaxCor Financial Citigroup - Smith Barney Paul Adornato, CFA - (646) 346-7327 Jonathan Litt - (212) 816-0231 padornato@maxf.com jonathan.litt@citigroup.com David Carlisle - (212) 816-1382 RBC Capital Markets david.s.carlisle@citigroup.com Jay Leupp - (415) 633-8588 jay.leupp@rbccm.com J.P. Morgan Securities, Inc. David Ronco - (415) 633-8566 Michael W. Mueller, CFA (212) 622-6689 david.ronco@rbccm.com michael.w.mueller@jpmorgan.com Josh Bederman (212) 622-6530 Advest, Inc. josh.h.bederman@jpmorgan.com Sheila McGrath - (908) 598-1180 sheila.mcgrath@advest.com Page 3

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Executive Management Team ------------------------- Kenneth F. Bernstein Chief Executive Officer and Mr. Bernstein is responsible for strategic planning as well as overseeing all President day to day activities of the Company including operations, acquisitions and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD Capital, Inc. from 1990 until the merger of RD Capital with Mark Centers Trust in August of 1998, forming Acadia Realty Trust. In such capacity, he was responsible for overseeing the day-to-day operations of RD Capital and its management companies, Acadia Management Company LLC and Sound View Management LLC. Prior to joining RD Capital, Mr. Bernstein was an associate with the New York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his Bachelor of Arts Degree from the University of Vermont and his Juris Doctorate from Boston University School of Law. Joel Braun Senior Vice President, Mr. Braun is responsible for the sourcing and financial analysis of acquisition Chief Investment Officer properties for Acadia. Previously, Mr. Braun was Director of Acquisitions and Finance for Rosenshein Associates, a regional shopping center developer based in New Rochelle, New York. During this time, Mr. Braun was instrumental in the initiation and formation of Kranzco Realty Trust, a publicly traded REIT. Mr. Braun holds a Bachelor's in Business Administration from Boston University and a Master's Degree in Planning from John Hopkins University. Joseph Hogan Senior Vice President, Most recently, Mr. Hogan served as Vice President with Kimco Realty Corporation Director of Construction (NYSE:KIM), where he was responsible for business development and management of all retail and commercial construction projects for Kimco, in addition to outside customers and development companies. Prior to joining Kimco, he was with Konover Construction Company, a subsidiary of Konover & Associates located in West Hartford, Connecticut, where he was responsible for construction projects throughout the eastern half of the United States. Robert Masters, Esq. Senior Vice President, Prior to joining Acadia in December 1994, Mr. Masters was General Counsel for General Counsel, API Asset Management for over five years, Senior Vice President Deputy General Corporate Secretary Counsel for European American Bank from 1985 to 1990, and Vice President and Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received his Bachelor of Arts from the City University of New York and a J.D. from New York University Law School. Mr. Masters is also a member of the New York Bar. Joseph M. Napolitano, Senior Vice President, Mr. Napolitano is responsible for overseeing the company's internal operations. CPM Director of Operations Previously, he held the position of Senior Vice President, Director of Property Management. Prior to joining Acadia in 1995, Mr. Napolitano was employed by Rosen Associates Management Corp. as a Senior Property Manager overseeing a national portfolio of community shopping centers, and Roebling Management Co. as a Property Manager responsible for neighborhood and community shopping centers nationally. Mr. Napolitano holds a Bachelor's in Business Administration from Adelphi University, Garden City, NY; and is a Certified Property Manager by the Institute of Property Management (IREM). Mr. Napolitano is also a member of the New York State Association of Realtors (NYSAR) International Council of Shopping Center (ICSC), Commercial Investment Real Estate Institute (CIREI), and the Building Owners and Managers Institute (BOMI). Michael Nelsen Senior Vice President, Mr. Nelsen oversees all the financial activities and asset management functions. Chief Financial Officer Mr. Nelsen was most recently President of G. Soros Realty, Inc. and Director of Real Estate for Soros Private Funds Management LLC. His responsibilities included asset/portfolio management of real estate operations, financial reporting, financings, asset acquisitions and dispositions. Previously, he was a partner in the public accounting firm of David Berdon & Co. Mr. Nelsen has been a Certified Public Accountant since 1971. Joseph Povinelli Senior Vice President, Mr. Povinelli joined Acadia in 1999 with 19 years of retail leasing experience. Director of Leasing Since 1987 Mr. Povinelli had served as regional real estate representative for Vornado Realty Trust, a New Jersey based Real estate investment trust, and was responsible for the day to day leasing activity of approximately 3 million square feet of the strip shopping center portfolio. Prior to this he served as leasing representative for Net Properties Management, Great Neck, New York, responsible for leasing of the strip shopping center and office building portfolio of the mid-atlantic and southeast regions of the company. Mr. Povinelli received a Bachelor of Science degree in Finance and Economics from C.W. Post College of Long Island Universty. Page 4

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Total Market Capitalization --------------------------- (including pro-rata share of joint venture debt) Percent of Percent of Total Market (amounts in thousands) Total Equity Capitalization ------------ -------------- Equity Capitalization - --------------------- Total Common Shares Outstanding 96.9% 29,144 Common Operating Partnership ("OP") Units 1.7% 511 ---------- Combined Common Shares and OP Units 29,655 Market Price at June 30, 2004 $ 13.74 Equity Capitalization - Common Shares and OP Units $ 407,460 Preferred OP Units - at cost(1) 1.4% 5,580 ---- ---------- Total Equity Capitalization 100.0% 413,040 61.8% ------ ---------- ----- Debt Capitalization - ------------------- Company's balance sheet 214,738 32.1% Pro-rata share of joint venture debt 40,270 6.1% ---------- ---- Total Debt Capitalization 255,008 38.2% ---------- ----- Total Market Capitalization $ 668,048 100.0% ---------- ------ Weighted Average Outstanding Common Shares and O.P. Units --------------------------------------------------------- Common Shares O.P. Units Total ------ ---------- ----- ============================================================================== Basic Quarter ended June 30, 2004 29,127,898 525,790 29,653,689 Six months ended June 30, 2004 28,407,496 789,614 29,197,110 Fully Diluted Quarter ended June 30, 2004 30,191,880 525,790 30,717,671 Six months ended June 30, 2004 29,632,310 789,614 30,421,924 ============================================================================== Basic Quarter ended June 30, 2003 26,387,010 2,074,017 28,461,027 Six months ended June 30, 2003 25,884,843 2,563,571 28,448,414 Fully Diluted Quarter ended June 30, 2003 27,175,713 2,074,017 29,249,730 Six months ended June 30, 2003 26,557,627 2,563,571 29,121,198 (1) In connection with the acquisition of the Pacesetter Park Shopping Center in 1999, the Company issued 2,212 Preferred OP Units, of which 632 have been converted to Common OP Units to date. The remaining Preferred OP Units are reflected above at their stated cost of $1,000 per unit. Also includes $4,000 of Preferred OP Units issued to Klaff related to the new RCP Venture Page 5

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Shareholder Information ----------------------- (amounts in thousands) 10 Largest Institutional/Non-Retail Shareholders(1) Percent of Out- Common standing Common Shareholder Shares Held Shares - ---------------------------------------------- ----------- --------------- Yale University 4,634 15.9% Wellington Management 2,708 9.3% Cliffwood Partners 1,879 6.4% Stanford University 1,411 4.8% Clarion CRA Securities 1,328 4.6% Urdang Investment Management 1,008 3.5% Vanguard Group 904 3.1% TIAA/CREF 725 2.5% ABP 570 2.0% The Vanderbilt University 500 1.7% ----------- --------------- Total of 10 Largest Institutional Shareholders 15,667 53.8% ----------- --------------- Total of all Institutional Shareholders 22,976 78.8% ----------- --------------- Operating Partnership Unit Information ---------------- Percent of Total O.P. Units ------------------- Managment O.P. Unit Holders 334 65.4% Other O.P. Unit Holders 177 34.6% ----- ------ Total O.P. Units 511 100.0% Management and Trustee Ownership -------------------------------- Common Shares (not including options) 479 O.P. Units (see above) 334 ----- 813 ----- (1) Based on most recent Schedule 13F filing Page 6

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Statements of Operations - Consolidated (1) ------------------------------------------- Current Quarter and Year-to-Date -------------------------------- (in thousands) ------------------------------- ------------------------------- Year-to-Date Current Quarter Previous Quarter Six months 3 months 3 months ended June 30, ended June 30, ended March 31, 2004 2004 2004 ------------------------------- ------------------------------- ------------------------------- Wholly Owned JV's(2) Total Wholly Owned JV's(2) Total Wholly Owned JV's(2) Total ------------ -------- --------- ------------ -------- --------- ------------ -------- --------- PROPERTY REVENUES Minimum rents $ 25,712 $ 4,062 $ 29,774 $ 12,905 $ 2,055 $ 14,960 $ 12,807 $ 2,007 $ 14,814 Percentage rents 422 19 441 203 4 207 219 15 234 Expense reimbursements 6,803 858 7,661 3,129 445 3,574 3,674 413 4,087 Other property income 328 16 344 200 7 207 128 9 137 ------------ -------- --------- ------------ -------- --------- ------------ -------- --------- 33,265 4,955 38,220 16,437 2,511 18,948 16,828 2,444 19,272 ------------ -------- --------- ------------ -------- --------- ------------ -------- --------- PROPERTY EXPENSES Property operating 7,282 683 7,965 3,441 320 3,761 3,841 363 4,204 Real estate taxes 4,439 487 4,926 2,117 255 2,372 2,322 232 2,554 ------------ -------- --------- ------------ -------- --------- ------------ -------- --------- 11,721 1,170 12,891 5,558 575 6,133 6,163 595 6,758 ------------ -------- --------- ------------ -------- --------- ------------ -------- --------- NET OPERATING INCOME - PROPERTIES 21,544 3,785 25,329 10,879 1,936 12,815 10,665 1,849 12,514 OTHER INCOME (EXPENSE) General and administrative (2,510) (6) (2,516) (1,185) (6) (1,191) (1,325) - (1,325) Property related home office expenses (2,401) - (2,401) (1,237) - (1,237) (1,164) - (1,164) Equity in Fund I unconsolidated properties - (18) (18) - (18) (18) - - - Lease termination income - - - - - - - - - Interest income 600 18 618 485 18 503 115 - 115 Asset and property management income (3) 1,552 - 1,552 1,007 - 1,007 545 - 545 Property management expense (120) - (120) (58) - (58) (62) - (62) Straight-line rent income 468 (306) 162 174 (213) (39) 294 (93) 201 Straight-line rents written off (142) - (142) (28) - (28) (114) - (114) Other income 196 - 196 40 - 40 156 - 156 ------------ -------- --------- ------------ -------- --------- ------------ -------- --------- EBIDTA 19,187 3,473 22,660 10,077 1,717 11,794 9,110 1,756 10,866 Depreciation and amortization (7,977) (1,150) (9,127) (4,121) (577) (4,698) (3,856) (573) (4,429) Interest expense (5,506) (1,273) (6,779) (2,761) (634) (3,395) (2,745) (639) (3,384) Impairment of real estate - - - - - - - - - Gain on sale of properties 508 - 508 508 - 508 - - - ------------ -------- --------- ------------ -------- --------- ------------ -------- --------- Income before minority interest 6,212 1,050 7,262 3,703 506 4,209 2,509 544 3,053 Minority interest (620) (28) (648) (437) (8) (445) (183) (20) (203) ------------ -------- --------- ------------ -------- --------- ------------ -------- --------- NET INCOME $ 5,592 $ 1,022 $ 6,614 $ 3,266 $ 498 $ 3,764 $ 2,326 $ 524 $ 2,850 ============ ======== ========= ============ ======== ========= ============ ======== ========= (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 Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's and 10K for the corresponding periods. (2) The Company currently invests in two JV's with operating properties. The first is a 22% interest in Acadia Strategic Opportunity Fund ("AKR Fund I"), which owns, or has an ownership interest in 34 properties totalling approximately 2.6 million square feet. The second JV investment is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY ("Crossroads"). (3) Detail as follows: YTD 2nd Quarter 1st Quarter Asset management fee Fund I $ 525 $ 263 $ 262 Asset management fee Fund II (Formed June 15, 2004) 125 125 - Property management and leasing fees - Fund I 571 320 251 Property management and leasing fees - Klaff Portfolio 331 299 32 --------- ---------- ---------- $ 1,552 $ 1,007 $ 545 ========= ========== ========== Page 7

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Statements of Operations - Joint Venture Activity (1) - ------------------------------------------------------------------------------------- Current Quarter and Year-to-Date - ------------------------------------------------------------------------------------- (in thousands) ----------------------------------- Year-to- Date June 30, 2004 ----------------------------------- Acadia Pro- Pro- rata rata Acquisition share Crossroads share ----------------------------------- PROPERTY REVENUES Minimum rents $12,079 $2,684 $2,811 $1,378 Percentage rents 84 19 - - Expense reimbursements 1,441 321 1,095 537 Other property income 7 2 29 14 ----------------------------------- 13,611 3,026 3,935 1,929 ----------------------------------- PROPERTY EXPENSES Property operating 2,061 458 459 225 Real estate taxes 562 125 738 362 ----------------------------------- 2,623 583 1,197 587 ----------------------------------- NET OPERATING INCOME - PROPERTIES 10,988 2,443 2,738 1,342 OTHER INCOME (EXPENSE) General and administrative (28) (6) - - Property related home office expenses - - - - Equity in Fund I unconsolidated properties (2) (80) (18) - - Lease termination income - - - - Interest income 82 18 - - Asset and property management income - - - - Asset and property management expense( 3) (1,032) - - - Straight-line rent income (1,482) (329) 48 23 Straight-line rents written off - - - - Other income - - - - ----------------------------------- EBIDTA 8,448 2,108 2,786 1,365 Depreciation and amortization (4) (3,592) (806) (302) (344) Interest expense (4) (3,066) (667) (1,295) (606) Impairment of real estate - - - - Gain on sale of properties - - - - ----------------------------------- Income before minority interest 1,790 635 1,189 415 Minority interest - (17) - (11) ----------------------------------- NET INCOME $1,790 $618 $1,189 $404 =================================== QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Statements of Operations - Joint Venture Activity (1) ------------------------------- Current Quarter and Year-to- Date ------------------------------- (in thousands) -------------------------------- Current Quarter Previous Quarter 3 months 3 months ended June 30, ended March 31, 2004 2004 ------- ---------------------------------------- ---------------------------------------- Pro- Acadia Pro- Pro- Pro- Acadia Pro- Pro- Pro- rata rata rata rata rata rata rata Total Acquisition share Crossroads share Total Acquisition share Crossroads share Total ------- ---------------------------------------- ---------------------------------------- PROPERTY REVENUES Minimum rents $4,062 $6,225 $1,383 $1,368 $672 $2,055 $5,854 $1,301 $1,443 $706 $2,007 Percentage rents 19 17 4 - - 4 67 15 - - 15 Expense reimbursements 858 790 176 549 269 445 651 145 546 268 413 Other property income 16 4 1 12 6 7 3 1 17 8 9 ----- ----- ----- ----- --- ----- ----- ----- ----- --- ----- 4,955 7,036 1,564 1,929 947 2,511 6,575 1,462 2,006 982 2,444 ----- ----- ----- ----- --- ----- ----- ----- ----- --- ----- PROPERTY EXPENSES Property operating 683 1,037 230 183 90 320 1,024 228 276 135 363 Real estate taxes 487 294 65 387 190 255 268 60 351 172 232 ----- ----- ----- ----- --- ----- ----- ----- ----- --- ----- 1,170 1,331 295 570 280 575 1,292 288 627 307 595 ----- ----- ----- ----- --- ----- ----- ----- ----- --- ----- NET OPERATING INCOME - PROPERTIES 3,785 5,705 1,269 1,359 667 1,936 5,283 1,174 1,379 675 1,849 OTHER INCOME (EXPENSE) General and administrative (6) (28) (6) - - (6) - - - - - Property related home office expenses - - - - - - - - - - - Equity in Fund I unconsolidated properties (2) (18) (80) (18) - - (18) - - - - - Lease termination income - - - - - - - - - - - Interest income 18 80 18 - - 18 2 - - - - Asset and property management income - - - - - - - - - - - Asset and property management expense( 3) - (516) - - - - (516) - - - - Straight-line rent income (306) (976) (217) 9 4 (213) (506) (112) 39 19 (93) Straight-line rents written off - - - - - - - - - - - Other income - - - - - - - - - - - ----- ----- ----- ----- --- ----- ----- ----- ----- --- ----- EBIDTA 3,473 4,185 1,046 1,368 671 1,717 4,263 1,062 1,418 694 1,756 Depreciation and amortization (4) (1,150) (1,819) (404) (153)(173) (577) (1,773) (402) (149)(171) (573) Interest expense (4) (1,273) (1,562) (333) (643)(301) (634) (1,504) (334) (652)(305) (639) Impairment of real estate - - - - - - - - - - - Gain on sale of properties - - - - - - - - - - - ----- ----- ----- ----- --- ----- ----- ----- ----- --- ----- Income before minority interest 1,050 804 309 572 197 506 986 326 617 218 544 Minority interest (28) - (5) - (3) (8) - (12) - (8) (20) ----- ----- ----- ----- --- ----- ----- ----- ----- --- ----- NET INCOME $1,022 $804 $304 $572 $194 $498 $986 $314 $617 $210 $524 ====== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== (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 Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in two JV's with operating properties. The first is a 22% interest in Acadia Strategic Opportunity Fund ("AKR Fund I"), which owns, or has an ownership interest in 34 properties totalling approximately 2.6 million square feet. The second JV investment is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY (2) AKR Fund I currently invests in 3 properties in which it has 50% interest in and for which it uses the equity method of accounting. (3) AKR Funds I and II pay asset management and property management fees to Acadia Realty L.P. As such, the Company does not recognize a pro- rata share of these expenses in its consolidated financial statements. (4) The Company has obtained two interest rate swaps, effectively fixing the interest rate on its pro-rata portion of the mortgage debt from its investment in Crossroads. Acadia's pro-rata share of its interest expense has been adjusted for the effect of these swaps. In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its increased basis in Crossroads. Page 8

Statements of Operations - Activity by Source (1) - ------------------------------------------------- (in thousands) Year-to-Date Current Quarter Previous Quarter Six months 3 months 3 months ended June 30, ended June 30, ended March 31, 2004 2004 2004 Retail Multi- Corporate Total Retail Multi- Corporate Total Retail Multi- Corporate Total Family Family Family ------ ----- ------ ------ ----- ------ ------ ----- ------ PROPERTY REVENUES Minimum rents $26,125 $3,649 $- $29,774 $13,139 $1,821 $- $14,960 $12,986 $1,828 $- $14,814 Percentage rents 441 - - 441 207 - - 207 234 - - 234 Expense reimbursements 7,661 - - 7,661 3,574 - - 3,574 4,087 - - 4,087 Other property income 139 205 - 344 99 108 - 207 40 97 - 137 ------ ----- ------ ------ ----- ------ ------ ----- ------ 34,366 3,854 - 38,220 17,019 1,929 - 18,948 17,347 1,925 - 19,272 ------ ----- ------ ------ ----- ------ ------ ----- ------ PROPERTY EXPENSES Property operating 6,180 1,785 - 7,965 2,799 962 - 3,761 3,381 823 - 4,204 Real estate taxes 4,764 162 - 4,926 2,291 81 - 2,372 2,473 81 - 2,554 ------ ----- ------ ------ ----- ------ ------ ----- ------ 10,944 1,947 - 12,891 5,090 1,043 - 6,133 5,854 904 - 6,758 ------ ----- ------ ------ ----- ------ ------ ----- ------ NET OPERATING INCOME - PROPERTIES 23,422 1,907 - 25,329 11,929 886 - 12,815 11,493 1,021 - 12,514 ------ ----- ------ ------ ----- ------ ------ ----- ------ OTHER INCOME (EXPENSE) General and administrative - - (2,516) (2,516) - - (1,191) (1,191) - - (1,325) (1,325) Property related home office expenses - - (2,401) (2,401) - - (1,237) (1,237) - - (1,164) (1,164) Equity in Fund I unconsolidated properties (18) - - (18) (18) - - (18) - - - - Lease termination income - - - - - - - - - - - - Interest income - - 618 618 - - 503 503 - - 115 115 Asset and property management income - - 1,552 1,552 - - 1,007 1,007 - - 545 545 Other property management fees (42) (78) - (120) (21) (37) - (58) (21) (41) - (62) Straight-line rent income 162 - - 162 (39) - - (39) 201 - - 201 Straight-line rents written off (142) - - (142) (28) - - (28) (114) - - (114) Other income - - 196 196 - - 40 40 - - 156 156 ------ ----- ------ ------ ----- ------ ------ ----- ------ EBIDTA 23,382 1,829 (2,551) 22,660 11,823 849 (878) 11,794 11,559 980 (1,673) 10,866 Depreciation and amortization (8,271) (700) (156) (9,127) (4,270) (350) (78) (4,698) (4,001) (350) (78) (4,429) Interest expense (6,030) (749) - (6,779) (3,022) (373) - (3,395) (3,008) (376) - (3,384) Impairment of real estate - - - - - - - - - - - - Gain on sale of properties 508 - - 508 508 - - 508 - - - - ------ ----- ------ ------ ----- ------ ------ ----- ------ Income before minority interest 9,589 380 (2,707) 7,262 5,039 126 (956) 4,209 4,550 254 (1,751) 3,053 Minority interest (718) (11) 81 (648) (460) (2) 17 (445) (258) (9) 64 (203) ------ ----- ------ ------ ----- ------ ------ ----- ------ NET INCOME $8,871 $369 $(2,626) $6,614 $4,579 $124 $(939) $3,764 $4,292 $245 $(1,687) $2,850 ====== ==== ======= ====== ====== ==== ===== ====== ====== ==== ======= ====== (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 Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's and 10K for the corresponding periods. Page 9

Statements of Operations - Current v. Historical (1) - ---------------------------------------------------- (in thousands) Current Historical Current Year- Historical Quarter Quarter to-Date Year-to- Date 3 months 3 months 6 months 6 months ended ended ended ended June June June June 30, 30, 30, 30, 2004 2003 2004 2003 ----------------------- -------------------------- ----------------------- -------------------------- Wholly JV's Total Wholly JV's Total Wholly JV's Total Wholly JV's Total Owned (2) Owned Owned (2) Owned ----------------------- -------------------------- ----------------------- -------------------------- PROPERTY REVENUES Minimum rents $12,905 $2,055 $14,960 $12,389 $2,093 $14,482 $25,712 $4,062 $29,774 $24,245 $3,813 $28,058 Percentage rents 203 4 207 95 (11) 84 422 19 441 389 1 390 Expense reimbursements 3,129 445 3,574 2,896 455 3,351 6,803 858 7,661 6,613 978 7,591 Other property income 200 7 207 147 12 159 328 16 344 298 30 328 ------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------ 16,437 2,511 18,948 15,527 2,549 18,076 33,265 4,955 38,220 31,545 4,822 36,367 ------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------ PROPERTY EXPENSES Property operating 3,441 320 3,761 3,330 292 3,622 7,282 683 7,965 7,596 653 8,249 Real estate taxes 2,117 255 2,372 1,812 227 2,039 4,439 487 4,926 4,009 430 4,439 ------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------ 5,558 575 6,133 5,142 519 5,661 11,721 1,170 12,891 11,605 1,083 12,688 ------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------ NET OPERATING INCOME - PROPERTIES 10,879 1,936 12,815 10,385 2,030 12,415 21,544 3,785 25,329 19,940 3,739 23,679 OTHER INCOME (EXPENSE) General and administrative (1,185) (6) (1,191) (2,449) (1) (2,450) (2,510) (6) (2,516) (5,145) (1) (5,146) Property related home office expenses (1,237) - (1,237) - - - (2,401) - (2,401) - Equity in Fund I unconsolidated properties - (18) (18) - - - - (18) (18) - - - Lease termination income - - - - - - - - - - - - Interest income 485 18 503 164 - 164 600 18 618 414 20 434 Asset and property management income 1,007 - 1,007 545 - 545 1,552 - 1,552 943 - 943 Property management expense (58) - (58) (59) - (59) (120) - (120) (147) - (147) Straight-line rent income 174 (213) (39) 229 (221) 8 468 (306) 162 470 (359) 111 Straight-line rents written off (28) - (28) - - - (142) - (142) - - - Other income (3) 40 - 40 - - - 196 - 196 1,218 - 1,218 ------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------ EBIDTA 10,077 1,717 11,794 8,815 1,808 10,623 19,187 3,473 22,660 17,693 3,399 21,092 Depreciation and amortization (4,121) (577) (4,698) (3,888) (565) (4,453) (7,977)(1,150) (9,127) (7,489) (1,035) (8,524) Interest expense (2,761) (634) (3,395) (2,805) (648) (3,453) (5,506)(1,273) (6,779) (5,531) (1,216) (6,747) Impairment of real estate - - - - - - - - - - - - Gain on sale of properties 508 - 508 - - - 508 - 508 1,212 - 1,212 ------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------ Income before minority interest 3,703 506 4,209 2,122 595 2,717 6,212 1,050 7,262 5,885 1,148 7,033 Minority interest (437) (8) (445) (231) (43) (274) (620) (28) (648) (1,025) (102) (1,127) ------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------ NET INCOME $3,266 $498 $3,764 $1,891 $552 $2,443 $5,592 $1,022 $6,614 $4,860 $1,046 $5,906 ====== ==== ====== ====== ==== ====== ====== ====== ====== ====== ====== ====== (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 Company's equity in the earnings of unconsolidated partnerships is reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, this agrees with the equity in earnings of unconsolidated partnerships as reported in the Company's Form 10Q's and 10K for the corresponding periods. (2) The Company currently invests in two JV's with operating properties. The first is a 22% interest in Acadia Strategic Opportunity Fund ("AKR Fund I"), which owns, or has an ownership interest in 34 properties totalling approximately 2.6 million square feet. The second JV investment is a 49% interest in a 311,000 square foot shopping center located in White Plains, NY ("Crossroads"). (3) The 2003 activity represents a lump sum additional rent payment received from a tenant in connection with the re- anchoring of the Branch Plaza in Smithtown, NY. Page 10

Net Operating Income (NOI) - Same Property Performance (1) - ------------------------------------------------- (in thousands) Growth in Same Growth in Same Property NOI - Property NOI - Continuing Continuing Operations Operations Current Historical Favorable Current Historical Favorable Quarter Quarter (unfavorable) Year- Year-to- (unfavorable) to-Date Date -------------------------------- ------------------------------------- Reconciliation of total NOI to same property NOI: 3 months 3 months Six Six months ended ended months ended ended June 30, June 30, June 30, June 30, 2004 2003 2004 2003 ------- ------- ------- ------- NOI - Wholly owned properties $10,879 $10,385 $21,544 $19,940 NOI - Joint Ventures (Unconsolidated partnerships) 1,936 2,030 3,785 3,739 ------- ------- ------- ------- Total NOI 12,815 12,415 25,329 23,679 NOI - Properties Acquired (50) - (2,186) (2,021) NOI - Redevelopment Properties - - (694) (459) ------- ------- ------- ------- $12,765 $12,415 2.8% $22,449 $21,199 5.9% ======= ======= === ======= ======= === Same property NOI by portfolio component and revenues/expenses: Shopping Center Shopping Center Portfolio Portfolio Revenues $16,958 $16,249 4.4% $30,839 $29,803 3.5% Expenses 5,078 4,597 -10.5% 10,295 10,327 0.3% ------ ------ --- ------ ------ --- 11,880 11,652 2.0% 20,544 19,476 5.5% ------ ------ --- ------ ------ --- Residential Residential Properties (2 Properties (2 properties) properties) Revenues 1,928 1,784 8.1% 3,852 3,581 7.6% Expenses 1,043 1,021 -2.2% 1,947 1,858 -4.8% ------ ------ --- ------ ------ --- 885 763 16.0% 1,905 1,723 10.6% ------ ------ --- ------ ------ --- $12,765 $12,415 2.8% $22,449 $21,199 5.9% ======= ======= === ======= ======= === (1) The above amounts includes the pro-rata activity related to the Company's joint ventures. Page 11

Funds from Operations ("FFO")( 1) - ----------------------------------------------------------------------- (in thousands) 2004 2003 Current Current Previous Historic Historic Year-to- Quarter Quarter Year-to- Quarter Date Date 6 months 3 3 months 6 months 3 months ended months ended ended ended ended Funds from operations ("FFO"): Notes June 30, June March June 30, June 30, 2004 30, 31, 2003 2003 2004 2004 - ----------------------------------------------------------------------- -------- ------- -------- ---------------- Net Income $6,614 $3,764 $2,850 $5,906 $2,443 Add back: Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated subsidiaries 7,084 3,567 3,517 6,970 3,571 Unconsolidated subsidiaries 1,121 569 552 1,010 551 Income attributable to Operating Partnership units (2) 187 72 115 641 203 Gain on sale of properties - - - - - -------- ------- -------- ---------------- FFO - Basic 15,006 7,972 7,034 14,527 6,768 Distributions on Preferred OP Units 160 88 72 100 50 -------- ------- -------- ---------------- FFO - Diluted $15,166 $8,060 $7,106 $14,627 $6,818 ======== ======= ======== ================ Adjusted Funds from operations ("AFFO"): - ----------------------------------------------------------------------- Diluted FFO $15,166 $8,060 $7,106 $14,627 $6,818 Straight line rent, net (20) 67 (87) (111) (8) Non real-estate depreciation 156 78 78 147 76 Amortization of finance costs 293 83 210 388 246 Amortization of cost of management contracts 423 379 44 - - Tenant improvements (1,260) (854) (406) (506) (160) Leasing commissions (363) (137) (226) (54) (9) Capital expenditures (1,296) (477) (819) (1,628) (882) -------- ------- -------- ---------------- AFFO $13,099 $7,199 $5,900 $12,863 $6,081 ======== ======= ======== ================ Funds Available for Distribution ("FAD") - ----------------------------------------------------------------------- AFFO $13,099 $7,199 $5,900 $12,863 $6,081 Scheduled prinicpal repayments (2,245) (1,055) (1,190) (2,410) (1,185) -------- ------- -------- ---------------- FAD $10,854 $6,144 $4,710 $10,453 $4,896 ======== ======= ======== ================ Total weighted average shares and OP Units: Basic 29,197 29,654 28,741 28,448 28,461 ======== ======= ======== ================ Diluted 30,422 30,718 30,126 29,121 29,250 ======== ======= ======== ================ FFO per share: FFO per share - Basic (3,4) $0.51 $0.27 $0.24 $0.51 $0.24 ======== ======= ======== ================ FFO per share - Diluted (3,4) $0.50 $0.26 $0.24 $0.50 $0.23 ======== ======= ======== ================ AFFO per share - Basic (3,4) $0.44 $0.24 $0.20 $0.45 $0.21 ======== ======= ======== ================ AFFO per share - Diluted (3,4) $0.43 $0.23 $0.20 $0.44 $0.21 ======== ======= ======== ================ FAD per share - Basic (3,4) $0.37 $0.20 $0.16 $0.36 $0.17 ======== ======= ======== ================ FAD per share - Diluted (3,4) $0.36 $0.20 $0.16 $0.36 $0.17 ======== ======= ======== ================ (1) Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods. (2) Reflects OP Unitholders interest in OP net income. (3) Assumes full conversion of O.P. Units into Common Shares. Diluted FFO assumes conversion of Preferred O.P. Units as well as assumed exercise of outstanding share options. Quarterly Preferred OP Unit distributions are added back for the purposes of calculating diluted FFO. Refer to "Market Capitalization" for weighted-average basic and diluted shares. (4) FFO for the six months ended June 30, 2003 includes a $1,218 ($0.04 per share) lump sum rent payment in connection with a tenant's assignment of an anchor lease at the Branch Plaza. Page 12

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Capital Expenditures - ----------------------------------------------------------------- Year-to-Date Current Previous Previous Quarter Quarter Year Six months 3 3 months Year months ended ended ended ended Notes June 30, 2004 June March December 30, 31, 31, 2004 2004 2003 ------------- ------- -------- -------- Leasing Commissions: $363 $137 $226 $93 ------------- ------- -------- -------- Tenant Improvements: 1,260 854 406 1,201 ------------- ------- -------- -------- Capital Expenditures: Retail 970 288 682 2,628 Residential (1) 326 189 137 1,378 ------------- ------- -------- -------- 1,296 477 819 4,006 ------------- ------- -------- -------- Redevelopments 553 424 129 8,665 ------------- ------- -------- -------- Total $3,472 $1,892 $1,580 $13,965 ============= ======= ======== ======== Expenditures for real estate and improvements as reported on the Company's Statement of Cash Flows $3,083 $1,743 $1,340 $13,531 Expenditures included in deferred leasing 363 137 226 215 Accrued construction costs as of period-end 26 12 14 219 ------------- ------- -------- -------- costs in Statement of Cash Flows $3,472 $1,892 $1,580 $13,965 ============= ======= ======== ======== (1) Retail capital expenditures included $1,836 for the year ended December 31. 2003 related to the complete redesign of the facade at the Bloomfield Town Square. Page 13

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Consolidated Balance Sheets - --------------------------------------------------------------------------------- (in thousands) June 30, December 31, 2004 2003 ------------- ------------------- ASSETS Real estate Land $54,890 $54,890 Buildings and improvements 370,951 366,879 Construction in progress 4,895 5,859 ------------- ------------------- 430,736 427,628 Less: accumulated depreciation (107,742) (101,090) ------------- ------------------- Net real estate 322,994 326,538 Cash and cash equivalents 32,352 14,663 Cash in escrow 3,745 3,342 Investments in and advances to unconsolidated partnerships 20,958 13,630 Investment in management contracts 3,577 - Rents receivable, net of $1,719 and $1,510 allowance, respectively 5,775 5,431 Straight-line rents receivable, net of $910 allowance 5,210 4,963 Notes Receivable 10,043 3,586 Prepaid expenses 1,745 3,127 Due from related parties - - Deferred charges, net 13,137 11,173 Other assets 3,340 1,731 ------------- ------------------- $422,876 $388,184 ============= =================== LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable $214,738 $190,444 Accounts payable and accrued expenses 5,553 5,804 Dividends and distributions payable 4,866 4,619 Due to related parties 52 48 Interest rate swap payable 2,129 4,044 Other liabilities 2,924 3,806 ------------- ------------------- Total liabilities 230,262 208,765 ------------- ------------------- Minority interest in Operating Partnership 7,401 7,875 Minority interests in majority owned partnerships 1,774 1,810 ------------- ------------------- Total minority interests 9,175 9,685 ------------- ------------------- Shareholders' equity: Common shares 29 27 Additional paid-in capital 189,937 177,891 Accumulated other comprehensive income (2,206) (4,928) Unearned Compensation (1,642) (577) Deficit (2,679) (2,679) ------------- ------------------- Total shareholders' equity 183,439 169,734 ------------- ------------------- $422,876 $388,184 ============= =================== Page 14

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Selected Operating Ratios - --------------------------------------------------------------------------- 3 months ended June 6 months ended June 30, 30, 2004 2003 2004 2003 --------- --------- -------- -------- Coverage Ratios (1) - --------------------------------------------------------------------------- Interest Coverage Ratio EBIDTA $11,794 $10,623 $22,660 $21,092 Divided by Interest expense 3,395 3,453 6,779 6,747 --------- --------- -------- -------- 3.47 x 3.08 x 3.34 x 3.13 Fixed Charge Coverage Ratio EBIDTA $11,794 $10,623 $22,660 $21,092 Divided by ( Interest expense 3,395 3,453 6,779 6,747 + Preferred Dividends) (2) 88 50 160 100 --------- --------- -------- -------- 3.39 x 3.03 x 3.27 x 3.08 Debt Service Coverage Ratio EBIDTA $11,794 $10,623 $22,660 $21,092 Divided by ( Interest expense 3,395 3,453 6,779 6,747 + Principal Amortization) (3) 1,055 1,185 2,245 2,410 --------- --------- -------- -------- 2.65 x 2.29 x 2.51 x 2.30 Payout Ratios - --------------------------------------------------------------------------- FFO Payout Ratio Dividends (Shares) & Distributions (O.P. Units) paid - $0.16 for 2004, $0.145 for 2003 $4,778 $4,141 $9,556 $8,267 FFO 7,972 6,768 15,006 14,527 --------- --------- -------- -------- 60% 61% 64% 57% AFFO Payout Ratio Dividends (Shares) & Distributions (O.P. Units) $4,778 $4,141 $9,556 $8,267 AFFO 7,111 6,031 12,939 12,763 --------- --------- -------- -------- 67% 69% 74% 65% FAD Payout Ratio Dividends (Shares) & Distributions (O.P. Units) $4,778 $4,141 $9,556 $8,267 FAD 6,056 4,846 10,694 10,353 --------- --------- -------- -------- 79% 85% 89% 80% Overhead Ratios - --------------------------------------------------------------------------- G&A/Real Estate Revenues General and Administrative expense $1,191 $2,450 $2,516 Real Estate Revenues (Includes pro-rata JV) 18,948 18,076 38,220 --------- --------- -------- 6% 14% 7% General and Administrative expense $1,191 $2,450 $2,516 Real Estate Revenues (Includes 100% JV) 24,030 23,280 50,811 --------- --------- -------- 5% 11% 5% Leverage Ratios - --------------------------------------------------------------------------- Debt/Total Market Capitalization (4) Debt $255,008 $240,077 Total Market Capitalization 668,048 503,613 --------- --------- 38% 48% Debt + Preferred Equity (Preferred O.P. Units) $260,588 $242,289 Total Market Capitalization 668,048 503,613 --------- --------- 39% 48% Notes: (1) Quarterly results for 2004 and 2003 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 EBIDTA, interest expense and principal amortization related to the Company's joint venture investments in unconsolidated partnerships. (2) Represents preferred distributions on Preferred Operating partnership Units. (3) Includes the Company's pro-rata share of joint venture principal amortization. (4) FFO for the six months ended ended June 30, 2003 includes a $1,218 ($0.04 per share) lump sum rent payment in connection with a tenant's assignment of an anchor lease at the Branch Plaza. Excluding this amount, the payout ratios for the six months ended June 30, 2003 were: FFO 62%, AFFO 72% and FAD 91%. (5) Includes the Company's pro-rata share of joint venture debt. Page 15

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Portfolio Debt - Consolidated Summary (amounts in thousands) % of Wholly-Owned % of Weighted and Wholly- % of Outstanding Avg. Unconsolidated Owned Total Notes Combined Basis Only Portfolio Balance Int. (1) Rate ---------------------------------------------------------- Consolidated Debt Fixed-Rate Debt (2) 76% 73% 61% $155,802 6.60% Variable-Rate Debt (2) 24% 27% 23% 58,936 2.54% -- -- -- -- ------ ---- Total Consolidated Debt 100% 100% 84% 214,738 5.49% === === == ======= ==== Unconsolidated Debt (Joint Ventures) Fixed-Rate Debt (1) 14% 37,798 6.72% Variable-Rate Debt (1) 1% 2,472 3.80% - ----- ---- Total Unconsolidated Debt 16% 40,270 6.54% -- ------ ---- Total Debt 100% $255,008 5.65% === ======== ==== Notes (1) The Company is not required to, and does not consolidate its share of joint venture activity for the purposes of preparing its consolidated financial statements under GAAP. This presentation includes a theoretical pro-rata consolidation of the Company's joint venture debt. (2) Fixed-rate debt includes $86,545 of notional principal fixed through swap transactions. Conversely, variable-rate debt excludes this amount. Page 16

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Debt Analysis - Consolidated Debt (amounts in thousands) Principal Variable Balance at Interest Rate as Maturity Prepayment of Property Lender % of Notes June 30, Rate June 30, Date Allowed Porfolio 2004 2004 ----------------------------------------------------------------------------------------------------------------------- FIXED-RATE DEBT -------------------- Merrillville Plaza SunAmerica Life Insurance Yes Co. $13,327 6.46% 7/1/2007 Crescent Plaza Metropolitan Life Insurance Yes Co. 8,444 8.13% 11/1/2010 East End Centre Metropolitan Life Insurance Yes Co. 15,466 8.13% 11/1/2010 GHT Apartments Bank of America, N.A. 10,764 7.55% 1/1/2011 No Colony Apartments Bank of America, N.A. 5,382 7.55% 1/1/2011 No 239 Greenwich Avenue RBS Greenwich Capital 16,000 5.19% 6/1/2013 No Interest rate swaps Fleet National Bank (1) 86,419 6.29% Various Yes ---------- ----- TOTAL FIXED-RATE DEBT 73% 155,802 6.60% ---------- ----- VARIABLE-RATE DEBT -------------------- Village Apartments Sun America Life Insurance L+ Yes Co. 9,058 173 2.84% 10/1/2005 Walnut Hill Plaza Washington Mutual Bank, F.A. (2) 6,672 L+ 185 2.98% 1/1/2007 Yes Bloomfield Town Washington Mutual Bank, F.A. L+ Yes Square (2) 13,106 185 2.98% 1/1/2007 Elmwood Park Washington Mutual Bank, F.A. L+ Yes Shopping Center (3) 12,500 150 2.63%11/22/2007 Marketplace of Fleet National Bank L+ Yes Absecon (4) 7,000 150 2.68% 3/1/2008 Soundview Fleet National Bank L+ Yes Marketplace (5) 8,535 140 2.51% 12/1/2008 Bradford Towne Washington Mutual Bank, F.A. L+ Yes Center 5,976 150 2.63% 4/1/2011 Ledgewood Mall Washington Mutual Bank, F.A. 25,896 L+ 150 2.63% 4/1/2011 Yes New Loudon Center Washington Mutual Bank, F.A. 7,968 L+ 150 2.63% 4/1/2011 Yes Abington Towne Fleet National Bank L+ Yes Center (6) 105 2.18% 6/29/2012 Branch Shopping Fleet National Bank L+ Yes Center (6) 105 2.18% 6/29/2012 Methuen Shopping Fleet National Bank L+ Yes Center (6) 39,713 105 2.18% 6/29/2012 Gateway Shopping Fleet National Bank L+ Yes Center (6) 105 2.18% 6/29/2012 Town Line Plaza Fleet National Bank (6) L+ 105 2.18% 6/29/2012 Yes Village Commons Fleet National Bank L+ Yes Shopping Center (6,7) 8,931 105 2.18% 6/29/2012 Interest rate swaps Fleet National Bank (86,419) ---------- TOTAL VARIABLE-RATE L+ DEBT 27% 58,936 141 2.54% ---------- ---------- -------- TOTAL PORTFOLIO DEBT 100% $214,738 5.49% ========== ========== ======== - -------------------------------------------------------------------------------- Notes: ------ (1) The Company has hedged $86,419 of it's variable-rate debt with five variable to fixed-rate swap agreements as follows: Notional principal All-in Rate Spread Swap Forward Maturity ------------------ ----------- ------ rate Start Date Date ---- ------- -------- $30,000 6.55% 1.75% 4.80% n/a 4/1/2005 20,000 6.28% 1.75% 4.53% n/a 10/1/2006 15,499 6.17% 1.85% 4.32% n/a 1/1/2007 11,989 5.86% 1.75% 4.11% n/a 1/1/2007 8,931 6.22% 1.75% 4.47% n/a 6/1/2007 ----- ---- ---- ---- $86,419 6.29% 1.77% 4.52% ======= ==== ==== ==== The Company has hedged $62,151 of future variable-rate debt with three forward-starting variable to fixed-rate swap agreements as follows: $4,640 6.11% 1.40% 4.71% 10/2/2006 1/1/2010 37,667 5.85% 1.50% 4.35% 4/1/2005 1/1/2011 11,410 6.30% 1.40% 4.90% 10/2/2006 10/1/2011 8,434 6.54% 1.40% 5.14% 6/1/2007 3/1/2012 ----- ---- ---- ---- $62,151 6.04% 1.46% 4.58% ======= ==== ==== ==== (2) There is an additional $5,000 (less certain holdbacks totalling $600) currently available under this facility which the Company is required to fully draw down prior to December 2004. (3) This is a revolving facility for up to $20,000 which bears interest at LIBOR plus 150 basis points (3.30% all- in rate floor). On July 1, 2004, this balance was paid down in its entirety. (4) This is a revolving facility for up to $7,400 which bears interest at LIBOR plus 150 basis points (175 basis points if the loan to collateral value is greater than 50%). On July 1, 2004, this balance was paid down in its entirety. (5) There is an additional $5,000 available under this facility. (6) The current spread of 105 basis points "(bps") is in effect through December 31, 2004 and thereafter increase to a 140 bps through maturity. There is an additional $6,187 currently available under this facility. The total facility amortizes (7) There is an additional $3,169 available under this facility. Page 17

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Debt Analysis - Unconsolidated Debt (Joint Ventures) Acadia Principal Acadia's Variable Realty Lender/ Trust Balance Prorata Interest Rate as Maturity at of FIXED-RATE DEBT Joint Venture Partner Ownership June 30, Share Rate June 30, Date --------------- --------------------- --------- - ---- --------- -------- ---- 2004 2004 ---- ---- Crossroads Shopping Center (1) Bank of New York/ 49.0% $32,632 $15,990 7.16% 10/1/2007 Heyman-Greenburgh Associates LLC and RMC Development Company LLC Brandywine Town Center UBS Warburg Real Estate Investments, Inc./ 22.2% 30,000 6,667 4.69% 2/11/2008 AKR Fund I Kroger Portfolio (2) Cortlandt Deposit Corporation/ 16.7% 12,375 2,063 6.62% 2/1/2009 AKR Fund I Safeway Portfolio (2) Cortlandt Deposit Corporation/ 16.7% 12,232 2,039 6.51% 1/15/2009 AKR Fund I Brandywine Town Center UBS Warburg Real Estate Investments, Inc./ 22.2% 21,363 4,747 7.01% 7/11/2012 AKR Fund I Market Square Shopping Center UBS Warburg Real Estate Investments, Inc./ 22.2% 16,212 3,603 7.32% 6/11/2012 Acadia Strategic Opportunity Fund Amherst Marketplace The Ohio National Life Insurance Company/ AKR Fund I 22.2% 4,868 1,082 8.20% 6/1/2022 Sheffield Crossing Canada Life Insurance Company/ AKR Fund I 22.2% 7,230 1,607 8.00% 1/1/2023 -------- --------- -------- TOTAL/WEIGHTED AVERAGE - FIXED-RATE UNCONSOLIDATED DEBT 136,912 37,798 6.72% -------- --------- -------- VARIABLE-RATE DEBT ----------------------------------- Haygood Shopping Center (3) GECC AKR Fund I 11.1% 6,270 697 L+ 325 4.63% 6/7/2005 Sterling Heights Shopping Center Wells Fargo Bank, NA (3) AKR Fund I 11.1% 4,416 491 L+ 300 4.38% 5/1/2005 Granville Center Bank One, NA/ AKR Fund I 22.2% 5,780 1,284 L+ 200 3.13%10/5/2007 -------- --------- -------- TOTAL/WEIGHTED AVERAGE - VARIABLE-RATE UNCONSOLIDATED DEBT 16,466 2,472 3.80% ------- --------- -------- TOTAL/WEIGHTED AVERAGE - ALL UNCONSOLIDATED DEBT $153,378 $40,270 6.54% ======== ========= ======== Notes: ------ (1) Although this is variable debt, Acadia has effectively fixed its pro-rata share of debt through two swap transactions. $5,000 is fixed at 7.53% and the remaining balance is fixed at 6.99%. (2) AmCap, AKR Fund I's joint venture partner on this investment, is allocated 25% of the debt and equity. As such Fund I's pro-rata share of the above debt is 75% x 22.22%, or 16.7%. (3) AKR Fund I is a 50% joint venture partner on this investment. As such, Fund I's pro-rata share of the above debt is 50% x 22.22%, or 11%. Page 18

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Future Debt Maturities - -------------------------------------------------------- (in thousands) Weighted Average Interest Rate of Maturing Debt -------------------------------------- Consolidated Debt Scheduled Year Amortization Maturities Total Total Debt Fixed- Variable-Rate Debt ---- ------------ ---------- ----- ---------- ------------------- Rate Debt ---- 2004 $1,500 $- $1,500 n/a n/a n/a 2005 3,691 8,714 12,405 2.84% n/a 2.84% 2006 4,271 - 4,271 n/a n/a n/a 2007 4,365 43,202 47,567 3.89% 6.46% 2.84% 2008 5,012 14,976 19,988 2.59% n/a 2.59% Thereafter 19,086 109,921 129,007 4.53% 7.12% 2.43% ------------------------------------------- $37,925 $176,813 $214,738 =========================================== Unconsolidated Debt (Joint Ventures) (1) 2004 279 - 279 n/a n/a n/a 2005 1,386 1,161 2,547 4.52% n/a 4.52% 2006 1,418 - 1,418 n/a n/a n/a 2007 1,245 16,033 17,278 6.86% 7.16% 3.13% 2008 1,018 6,667 7,685 4.69% 4.69% n/a Thereafter 3,620 7,443 11,063 7.14% 7.14% n/a ------------------------------------------- $8,966 $31,304 $40,270 =========================================== - -------------------------------------------------------------------------------- Capitalized interest related to the Company's development projects is as follows: (in thousands) 1st Quarter 2004 $93 2nd Quarter 2004 74 3rd Quarter 2004 - 4th Quarter 2004 - ----------------- Year-to-Date $167 ================= (1) The above amounts represent the Company's pro-rata share of joint venture mortgage debt. Page 19

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Unencumbered Properties - --------------------------------------------------------- Center Location GLA - ------------------------------------------------------------------------------------------- Berlin Shopping Center Berlin, NJ 188,755 Blackman Plaza Wilkes-Barre, PA 121,341 Greenridge Shopping Center Scranton, PA 189,635 Hobson West Plaza Naperville, IL 99,044 Luzerne Street Shopping Center Scranton, PA 57,988 Mad River Station Dayton, OH 155,721 Mark Plaza Edwardsville, PA 214,036 Pacesetter Park Shopping Center Ramapo, New York 96,522 Pittston Plaza Pittston, PA 79,494 Plaza 422 Lebanon, PA 155,026 Route 6 Plaza Honesdale, PA 175,507 ------------ Total GLA of Unencumbered Properties 1,533,069 ============ Total net operating income for the year ended December 31, 2003 associated with unencumbered properties $7,294 ============ Page 20

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Acadia Strategic Opportunity Fund, LLC ("Fund I") - Overview - ---------------------------------------------------------------------------------------------------------------------- Item Notes Description - ------------------------------------------------------------------------------------------------------------------------ Date formed September 2001 Capital commitment $90 million Funding $55 million currently funded $15 million estimated future earnout payments related to (1) Brandywine Town Center (2) $20 million allocated for RCP Fund investments Partnership structure Equity Contribution: 22.22% - Acadia 77.78% - Four institutional investors (current significant shareholders in Acadia as well) Cash flow distribution: 22.22% - Acadia 77.78% - Four institutional investors Promote: 20% to Acadia once all partners (including Acadia) have received 9% preferred return and return of equity Remaining 80% is distributed to all the partners (including Acadia). Fees to Acadia Asset management fee equal to 1.5% of total committed capital ($70 million which excludes Acadia's $20 million)) Property management fee equal to 4% of gross property revenues Market rate leasing fees Construction/project management fees equal to the lesser of 7.5% of hard costs or allocable costs of Acadia Mortgage Debt (3) $115.4 million 90% ($104.3 million) fixed-rate and 10% floating ($11.1 million) at a total blended rate of 6.2% (1) See details of this property in Joint Venture Properties - Detail (2) See details of the RCP Venture on the following page (3) See details of this debt in Section II of this supplement Page 21

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Acadia Strategic Opportunity Fund II, LLC ("Fund II") - Overview - -------------------------------------------------------------------------------- Item Notes Description - -------------------------------------------------------------------------------- Date formed June 15, 2004 Properties owned Currently none Partnership structure Equity Contribution: 20% - Acadia 80% - Six institutional investors (Three are current shareholders in Acadia as well) Cash flow distribution: 20% - Acadia 80% - Six institutional investors Promote: 20% to Acadia once all partners (including Acadia) have received 8% preferred return and return of equity Remaining 80% is distributed to all the partners (including Acadia). Fees to Acadia Asset management fee equal to 1.5% of total committed capital (For the first 12 months, calculated on $200 million, therafter on $240 million which excludes Acadia's $60 million) Property management fee equal to 4% of gross property revenues Market rate leasing fees Construction/project management fees equal to the lesser of 7.5% of hard costs or allocable costs of Acadia Mortgage Debt Currently none Page 22

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Retailer Controlled Property ("RCP") Venture - Overview - -------------------------------------------------------------------------------- *** Note - The RCP Venture is not a separate AKR Fund, rather it is a venture in which AKR Funds I and II are anticipated to invest $20 million and $40 million of equity, respectively, for a total of $60 million of equity. *** Item Notes Description - -------------------------------------------------------------------------------- Date formed January 2004 Targeted investments The Venture has been formed to invest in surplus or distressed properties owned or controlled by retailers Partnership structure Equity Contribution: Up to $300 million of total equity Up to 20% ($60 million) - AKR Fund I ($20 milion) and Fund II ($40 million) 80% - Klaff Realty LP and Lubert-Adler Cash flow distribution: 20% - AKR Funds 80% - Four institutional investors Promote: 20% to Klaff once all partners (including Klaff) have received 10% preferred return and return of equity (50% of first $40 million of AKR Fund equity is not subject to this promote) Remaining 80% is distributed to all the partners (including Klaff). Fees to Acadia Property management fees Market rate leasing fees and construction/project management Disposition fees Page 23

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 AKR Fund I Properties - Detail - ------------------------------- Fund I's Ownership Gross Leasable Occupancy Area --------------------------------------------------- % Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------- Midwest - -------------- Ohio - -------------- Amherst Marketplace 100% 76,737 3,200 79,937 100.00%100.00%100.00% Granville Centre 100% 90,047 41,496 131,543 38.81% 51.57% 42.84% Sheffield Crossing 100% 59,159 53,655 112,814 100.00% 88.11% 94.35% --------------------------------------------------- Total - Midwest Region 225,943 98,351 324,294 75.61% 73.08% 74.85% --------------------------------------------------- Mid-Atlantic - -------------- Delaware - -------------- Brandywine Town Center (1) 100% 610,157 - 610,157 96.70% - 96.70% Market Square Shopping Center 100% 31,375 56,387 87,762 100.00%100.00%100.00% --------------------------------------------------- Total - Mid- Atlantic 641,532 56,387 697,919 96.86%100.00% 97.12% --------------------------------------------------- Various - -------------- Kroger/Safeway Portfolio (25 Properties)( 2) 75%1,018,100 - 1,018,100 100.00% - 100.00% --------------------------------------------------- Subtotal - Fund I Operating Properties 1,885,575 154,738 2,040,313 96.01% 82.89% 95.02% --------------------------------------------------- Fund I Redevelopment Properties - -------------- Sterling Heights Shopping Center (Michigan) (3) 50% 98,400 56,082 154,482 71.54% 54.01% 65.18% Tarrytown Shopping Center (New York) (3) 50% 25,288 9,687 34,975 0.00% 93.69% 25.95% Hitchcock Plaza (South Carolina)( 3) 90% 170,928 60,635 231,563 49.41% 79.47% 57.28% Haygood Shopping Center (Virginia) (3) 50% 67,600 94,004 161,604 59.91% 92.95% 79.13% --------------------------------------------------- Subtotal - Fund I Redevelopment Properties 362,216 220,408 582,624 53.93% 79.37% 63.55% --------------------------------------------------- Fund I Grand Total 2,247,791 375,146 2,622,937 89.23% 80.82% 88.03% =================================================== QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 AKR Fund I Properties - Detail - ------------------------------- ------------------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------- Midwest - -------------- Ohio - -------------- Amherst Marketplace $765,711 $33,396 $799,107 $9.98 $10.44 $10.00 Granville Centre 402,085 267,625 669,710 11.51 12.51 11.89 Sheffield Crossing 620,578 526,136 1,146,714 10.49 11.13 10.77 ------------------------------------------------------------------- Total - Midwest Region 1,788,374 827,157 2,615,531 10.47 11.51 10.78 ------------------------------------------------------------------- Mid-Atlantic - -------------- Delaware - -------------- Brandywine Town Center (1) 8,309,236 - 8,309,236 14.08 - 14.08 Market Square Shopping Center 365,712 1,259,210 1,624,922 11.66 22.33 18.52 ------------------------------------------------------------------- Total - Mid- Atlantic 8,674,948 1,259,210 9,934,158 13.96 22.33 14.66 ------------------------------------------------------------------- Various - -------------- Kroger/Safeway Portfolio (25 Properties)( 2) 9,965,897 - 9,965,897 9.79 - 9.79 ------------------------------------------------------------------- Subtotal - Fund I Operating Properties 20,429,219 2,086,367 22,515,586 11.28 16.27 11.61 ------------------------------------------------------------------- Fund I Redevelopment Properties - -------------- Sterling Heights Shopping Center (Michigan) (3) 281,600 236,204 517,804 4.00 7.80 5.14 Tarrytown Shopping Center (New York) (3) - 236,879 236,879 - 26.10 26.10 Hitchcock Plaza (South Carolina)( 3) 342,607 372,125 714,732 4.06 7.72 5.39 Haygood Shopping Center (Virginia) (3) 56,700 742,295 798,995 1.40 8.50 6.25 ------------------------------------------------------------------- Subtotal - Fund I Redevelopment Properties 680,907 1,587,503 2,268,410 3.49 9.08 6.13 ------------------------------------------------------------------- Fund I Grand Total $21,110,126 $3,673,870 $24,783,996 10.53 12.12 10.73 =================================================================== General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. (1) Does not include approximately 240,000 square feet of new space in Phase II, which will be paid for by the JV on an "earnout basis" only if, and when it is leased. (2) AKR Fund I has a 75% economic interest in this portfolio of 25 Kroger/Safeway triple-net leases. (3) AKR Fund I has a 50% interest in these properties. Page 24

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 ACADIA STRATEGIC OPPORTUNITY FUND Top 10 Tenants - Ranked by Annualized Base Rent - -------------------------------------------------------------------- Percentage of Total Represented by Tenant ------------------- Number of Stores in Total Annualized Total Annualized Base Base Ranking Tenant JV Portfolio GLA Rent (1) Portfolio Rent (2) GLA (2) - ------------------------------------------------------------------------------------------------------------------------ 1 Safeway (3) 13 467,300 $3,495,932 21.5% 16.3% 2 Kroger (4) 13 595,166 3,798,756 27.4% 17.7% 3 Lowe's 1 140,000 1,925,000 6.5% 9.0% 4 Giant Eagle 2 135,896 1,386,289 6.3% 6.5% 5 Transunion Settlement (5) 1 39,714 884,771 1.8% 4.1% 6 Bed, Bath & Beyond 1 45,114 868,426 2.1% 4.0% 7 Regal Cinema 1 65,641 821,825 3.0% 3.8% 8 Target 1 138,000 800,000 6.4% 3.7% 9 Dick's Sporting Goods 1 50,000 700,000 2.3% 3.3% 10 Michaels 1 24,876 547,272 1.1% 2.6% - ------ ------- --- --- Total 35 1,701,707 $15,228,271 78.4% 71.0% == ========= =========== ==== ==== (1) Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after the date of this report. (2) GLA does not include approximately 240,000 square feet of new space in Phase II of the Brandywine Town Center, which will be paid for by the JV on an "earnout basis" only if, and when it is leased. Square footage and base rents for the Kroger/Safeway portfolio and other properties for which Fund I owns less than 100% are pro-rated to reflect the Funds partial ownership. (3) Safeway has sub-leased 7 of these locations to supermarket tenants, 1 location to a non-supermarket tenant and ceased operations at one other location. Safeway is obligated to pay rent through the full term of all these leases which expire in 2009. (4) Kroger has sub-leased 4 of these locations to supermarket tenants, 2 locations to a non-supermarket tenant and ceased operations at one other location. Kroger is obligated to pay rent through the full term of all these leases which expire in 2009. (5) Subsidiary of Transunion Page 25

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Retail Properties - Summary Listing ------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ Property Totals ---------------------- Year Grocery Other Anchor Annualized Annualized Anchor Constructed(C) Occupancy Current Current Lease Base Base Lease and and Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf % Expiraton Expiraton - ------------------------------------------------------------------------------------------------------------------------ NEW YORK REGION - ---------------------------- New York Soundview Marketplace Port King Kullen Clearview Washington 2007/2022 Cinema 1998 (A)182,865 93% 2010/2030 $2,685,008 $15.84 Village Commons Shopping Smithtown Daffy's Center 1998 (A) 87,306 96% 2008/2028 2,049,045 24.34 Walgreens 2021/-- Branch Shopping Plaza Smithtown Waldbaum's (A&P) 1998 (A)125,676 96% 2013/2028 2,245,855 18.67 New Loudon Center Latham Price Marshalls Chopper 2004/2009 1982 (A)254,530 100% 2015/2035 1,662,859 6.53 Bon Ton Department Store 2014/2034 Raymor & Flanigan Furniture 2019/2034 Pacesetter Park Shopping Pomona Stop & Shop Center (Ahold) 1999 (A) 96,522 83% 2020/2040 885,107 10.99 New Jersey Elmwood Park Shopping CenterElmwood Park Pathmark Walgreen's 1998 (A)149,085 100% 2017/2052 2022/2062 3,301,633 22.15 Marketplace of Absecon Absecon Acme Eckerd Drug 1998 (A)105,251 94% 2015/2055 2020/2040 1,530,747 15.50 Berlin Shopping Center Berlin Acme Kmart 1994 (A)188,755 79% 2005/2015 2009/2049 792,503 5.33 Ledgewood Mall Ledgewood Wal-mart 1983 (A)517,923 87% 2019/2049 4,299,315 9.59 Macy's 2005/2025 The Sports' Authority 2007/2037 Circuit City 2020/2040 Marshalls 2007/2027 NEW ENGLAND REGION - ---------------------------- Connecticut Town Line Plaza Rocky Hill Stop & Shop Wal-mart (not 1998 (A)206,178 100% 2023/2063 owned) 1,555,061 14.28 239 Greenwich Avenue Greenwich Restoration Hardware 1998 (A) 16,834 100% 2015/2025 1,254,282 74.51 Chico's Fashion 2010/2020 Massachusetts Methuen Shopping Center Methuen DeMoulas Wal-mart Market 2011/2051 1998 (A)130,238 100% 2005/2015 828,772 6.36 Crescent Plaza Brockton Shaw's Home Depot 1984 (A)218,277 100% 2012/2042 2021/2056 1,693,430 7.76 Rhode Island Walnut Hill Plaza Woonsocket Shaw's Sears 1998 (A)285,829 99% 2013/2043 2008/2033 2,155,145 7.63 Vermont The Gateway Shopping Center Burlington Shaw's 1999 (A)100,213 85% 2024/2054 1,565,632 18.42 MIDWEST REGION - ---------------------------- Illinois Hobson West Plaza Naperville Bobak's Market and Restaurant 1998 (A) 99,044 99% 2007/2032 1,155,173 11.81 (specialty grocery) Indiana Merrillville Plaza Merrillville TJ Maxx 1998 (A)235,603 99% 2009/2014 2,595,261 11.13 JC Penney 2008/2018 OfficeMax 2008/2028 Michigan Bloomfield Town Square Bloomfield Costco (notTJ Hills 1998 (A)217,266 96% owned) Maxx 2009/2014 2,065,643 9.90 Marshall's 2011/2026 Home Goods 2010/2025 Ohio Mad River Station Dayton Babies "R" Us 1999 (A)155,721 77% 2005/2020 1,427,021 11.90 Office Depot 2005/2010 Page 26

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Retail Properties - Summary Listing ------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ Property Totals ---------------------- Year Grocery Other Anchor Annualized Annualized Anchor Constructed(C) Occupancy Current Current Lease Base Base Lease and and Shopping Center Location Acquired(A) GLA Option Option Rent Rent psf % Expiraton Expiraton - ------------------------------------------------------------------------------------------------------------------------ JOINT VENTURE PROPERTIES - ----------------------------------------- (excludes jont venture owned Kroger/Safeway Portfolio) NEW YORK REGION - ----------------------------------------- New York Crossroads Shopping Center White Waldbaum's Kmart Plains (A&P) 2012/2037 1998 309,848 96% 2007/2032 $5,380,096 $17.99 (49% JV interest) B. Dalton 2012/2022 Modell's 2009/2019 MID-ATLANTIC REGION - ----------------------------------------- Delaware Brandywine Town Center (1) Wilmington 2003 (A) 610,157 97% 8,309,236 14.08 (22% JV interest) Market Square Shopping Center Wilmington Trader Joe'sTJ Maxx (specialty 2006/2016 2003 (A) 87,762 100% grocery) 1,624,922 18.52 (22% JV interest) 2013/2028 MIDWEST REGION - ----------------------------------------- Ohio Amherst Marketplace Cleveland Giant Eagle 2002 (A) 79,937 100% 2021/2041 799,107 10.00 (22% JV interest) Granville Centre Columbus California Fitness 2002 (A) 131,543 43% 2017/2027 669,710 11.89 (22% JV interest) Sheffield Crossing Cleveland Giant Eagle 2002 (A) 112,814 94% 2022/2042 1,146,714 10.77 (22% JV interest) JV REDEVELOPMENTS - ----------------------------------------- Michigan Sterling Heights Shopping Center Detroit Burlington Coat Factory 2004 (A) 154,482 65% 2024/-- 517,804 5.14 New York Tarrytown Shopping Center Westchester Walgreen's Drug (Under 2004 (A) 34,975 26% construction) 236,879 26.10 South Carolina Hitchcock Plaza Aiken Kroger Supermarket 2004 (A) 231,563 57% 2007/2032 714,732 5.39 Virginia Haygood Shopping Center Virginia Rose's Beach Department 2004 (A) 161,604 79% Store 2009/-- 798,995 6.25 ---------- ------------------- 1,914,685 $20,198,195 $12.71 ========== =================== (1) Does not include 240,000 square feet of new space in Phase II of the Brandywine Town Center, which will be paid for by the Company on an "earnout basis" only if, and when it is leased. (2) Kmart has notified the Company of its intention to exercise its option to renew the lease for this space upon the expiration of the current lease term. Page 28

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Retail Properties by Region - --------------------------- (excludes joint venture owned Kroger/Safeway Portfolio) ------------------------------------------------------------------------------------------------------------- Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot ------------------------------------------------------------------------------------------------------------- Wholly-Owned Properties - ---------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Totals (1) ------------------------------------------------------------------------------------------------------------- New York Region 1,033,835 674,078 1,707,913 95.43% 84.16%90.98% $9,578,328 $9,873,744 $19,452,072 $9.71 $17.41 $12.52 New England 640,880 316,689 957,569 100.00% 94.19%98.08% 6,124,752 2,927,570 9,052,322 11.27 9.81 10.75 Midwest 305,549 402,085 707,634 100.00% 88.04%93.20% 2,409,051 4,834,047 7,243,098 7.88 13.66 10.98 Mid-Atlantic 1,285,858 486,321 1,772,179 78.64% 79.82%78.97% 4,334,550 3,109,845 7,444,395 5.63 8.01 6.43 ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Total Wholly- Owned Properties 3,266,122 1,879,173 5,145,295 90.14% 85.56%88.47%$22,446,681 $20,745,206 $43,191,887 $8.61 $12.90 $10.25 ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Joint Venture Properties - ---------------- Operating Midwest (2) 225,943 98,351 324,294 75.61% 73.08%74.85% $1,788,374 $827,157 $2,615,531 10.47 11.51 10.78 Mid-Atlantic( 2,3) 641,532 56,387 697,919 96.86%100.00%97.12% 8,674,948 1,259,210 9,934,158 13.96 22.33 14.66 New York Region (4) 191,363 118,485 309,848 100.00% 90.83%96.49% 1,939,927 3,440,169 5,380,096 10.14 31.96 17.99 ------------------------------------------------------------------------------------------------------------- Total - Operating Properties 1,058,838 273,223 1,332,061 92.89% 86.33%91.55% 12,403,249 5,526,536 17,929,785 12.61 23.43 14.70 ------------------------------------------------------------------------------------------------------------- JV Redevelopment Properties Mid West (5) 98,400 56,082 154,482 71.54% 54.01%65.18% $281,600 $236,204 $517,804 4.00 7.80 5.14 Mid-Atlantic (5) 238,528 154,639 393,167 52.39% 87.66%66.26% 399,307 1,114,420 1,513,727 3.20 8.22 5.81 New York Region (5) 25,288 9,687 34,975 0.00% 93.69%25.95% - 236,879 236,879 26.10 26.10 ------------------------------------------------------------------------------------------------------------- Total - Redevelopment Properties 362,216 220,408 582,624 53.93% 79.37%63.55% $680,907 $1,587,503 $2,268,410 3.49 9.08 6.13 ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Total Joint Venture Properties 1,421,054 493,631 1,914,685 82.96% 83.22%83.03%$13,084,156 $7,114,039 $20,198,195 $11.10 $17.32 $12.71 ============================================================================================================= General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. (1) Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. (2) The Company has a 22% interest in AKR Fund I which owns these properties. (3) Does not include 240,000 square feet of new space in Phase II of the Brandywine Town Center, which will be paid for by the Company on an "earnout basis" only if, and when it is leased. (4) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center. (5) The Company has a 22% interest in AKR Fund I which owns 50% of these properties. Page 29

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Retail Properties by State - Summary - --------------------------------------------------------- (excludes jont venture owned Kroger/Safeway Portfolio) ------------------------------------------------------------------------------- Gross Leasable Area Occupancy ----------------------------------------------------- Wholly-Owned Properties Ownership Percent Number of of base properties Anchors Shops Total Anchors Shops Total rent (2) % (1) ------------------------------------------------------------------------------- NEW YORK REGION New Jersey 100% 20.3% 4 590,959 370,055 961,014 92.00% 81.38% 87.91% New York 100% 19.5% 5 442,876 304,023 746,899 100.00% 87.53% 94.93% NEW ENGLAND REGION Connecticut 100% 5.7% 2 178,799 44,213 223,012 100.00%100.00%100.00% Massachusetts 100% 5.2% 2 276,989 71,526 348,515 100.00%100.00%100.00% Rhode Island 100% 4.4% 1 113,092 172,737 285,829 100.00% 98.15% 98.88% Vermont 100% 3.2% 1 72,000 28,213 100,213 100.00% 46.12% 84.83% MIDWEST REGION Illinois 100% 2.4% 1 42,037 57,007 99,044 100.00% 97.88% 98.78% Indiana 100% 5.3% 1 101,357 134,246 235,603 100.00% 98.20% 98.97% Michigan 100% 4.2% 1 103,970 113,296 217,266 100.00% 92.38% 96.03% Ohio 100% 2.9% 1 58,185 97,536 155,721 100.00% 63.26% 76.99% MID-ATLANTIC REGION Pennsylvania 100% 15.2% 10 1,285,858 486,321 1,772,179 78.64% 79.82% 78.97% --------b------- ------------------------------------------------------ ----------------------------------------------------- Total - Wholly-Owned Properties 88.4% 29 3,266,122 1,879,173 5,145,295 90.14% 85.56% 88.47% ---------------- ------------------------------------------------------ ----------------------------------------------------- Joint Venture Properties (3) - ----------------------------------------- Operating Properties Ohio (4) 22% 1.2% 3 225,943 98,351 324,294 75.61% 73.08% 74.85% Delaware (4,5) 22% 4.5% 2 641,532 56,387 697,919 96.86%100.00% 97.12% New York (6) 49% 5.4% 1 191,363 118,485 309,848 100.00% 90.83% 96.49% ------- ----------------------------------------------------- Total - Operating Properties 11.1% 1,058,838 273,223 1,332,061 92.89% 86.33% 91.55% ------- ----------------------------------------------------- JV Redevelopment Properties Michigan (7) 11% 0.1% 1 98,400 56,082 154,482 71.54% 54.01% 65.18% New York( 7) 11% 0.1% 1 25,288 9,687 34,975 0.00% 93.69% 25.95% South Carolina (7) 11% 0.2% 1 170,928 60,635 231,563 49.41% 79.47% 57.28% Virginia (7) 11% 0.2% 1 67,600 94,004 161,604 59.91% 92.95% 79.13% -------- ------- ------------------------------------------------------- Total-Redevelopment Properties 0.5% 362,216 220,408 582,624 53.93% 79.37% 63.55% ------- ----------------------------------------------------- ----------------------------------------------------- Total Joint Venture Properties 11.6% 10 1,421,054 493,631 1,914,685 82.96% 83.22% 83.03% --------- ------- ===================================================== 100.0% 39 ================= QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Retail Properties by State - Summary - --------------------------------------------------------------------------- (excludes jont venture owned Kroger/Safeway Portfolio) -------------------------------------------------------- Annualized Base Rent Annualized Base Rent per Occupied Square Foot -------------------------------------------------------- Wholly-Owned Properties - ---------------------------------------------------------------- Anchors Shops Total Anchors Shops Totals -------------------------------------------------------- NEW YORK REGION New Jersey $5,397,387 $4,526,811 $9,924,198 $9.93 $15.03 $11.75 New York 4,180,941 5,346,933 9,527,874 9.44 20.09 13.44 NEW ENGLAND REGION Connecticut 2,191,282 618,061 2,809,343 26.89 13.98 22.35 Massachusetts 1,855,550 666,652 2,522,202 6.70 9.32 7.24 Rhode Island 781,920 1,373,225 2,155,145 6.91 8.10 7.63 Vermont 1,296,000 269,632 1,565,632 18.00 20.72 18.42 MIDWEST REGION Illinois 170,000 985,173 1,155,173 4.04 17.66 11.81 Indiana 912,635 1,682,626 2,595,261 9.00 12.76 11.13 Michigan 794,849 1,270,794 2,065,643 7.64 12.14 9.90 Ohio 531,567 895,454 1,427,021 9.14 14.51 11.90 MID-ATLANTIC REGION Pennsylvania 4,334,550 3,109,845 7,444,395 5.63 8.01 6.43 ----------- --------------------------------------------- -------------------------------------------------------- Total - Wholly-Owned Properties 22,446,681 20,745,206 43,191,887 8.61 12.90 10.25 -------------------------------------------------------- -------------------------------------------------------- Joint Venture Properties (3) - ---------------------------------------------------------------- Operating Properties Ohio (4) $1,788,374 $827,157 $2,615,531 $10.47 $11.51 $10.78 Delaware (4,5) 8,674,948 1,259,210 9,934,158 13.96 22.33 14.66 New York (6) 1,939,927 3,440,169 5,380,096 10.14 31.96 17.99 -------------------------------------------------------- Total - Operating Properties 12,403,249 5,526,536 17,929,785 12.61 23.43 14.70 -------------------------------------------------------- JV Redevelopment Properties Michigan (7) 281,600 236,204 517,804 4.00 7.80 5.14 New York( 7) - 236,879 236,879 - 26.10 26.10 South Carolina (7) 342,607 372,125 714,732 4.06 7.72 5.39 Virginia (7) 56,700 742,295 798,995 1.40 8.50 6.25 -------------------------------------------------------- Total-Redevelopment Properties 680,907 1,587,503 2,268,410 3.49 9.08 6.13 -------------------------------------------------------- -------------------------------------------------------- Total Joint Venture Properties $13,084,156 $7,114,039 $20,198,195 $11.10 $17.32 $12.71 ======================================================== General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. (1) The Company's pro-rata share of base rent from joint venture properties has been included for the purpose of calculating percentage of base rent by state. (2) Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. (3) Does not include approximately 1 million square feet relating to a portfolio of 25 supermarket triple-net leases acquired by ASOF in January of 2003. (4) The Company has a 22% interest in AKR Fund I which owns these properties. (5) Does not include 240,000 square feet of new space in Phase II of the Brandywine Town Center, which will be paid for by the Company on an "earnout basis" only if, and when it is leased. (6) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center. (7) The Company has a 22% interest in AKR Fund I which owns 50% of these properties. Page 30

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Retail Properties - Detail - ------------------------------ --------------------------------------------------------------------------------------------------------------------- Annualized Base Rent Gross Leasable Area Occupancy Annualized Base Rent per Occupied Square Foot --------------------------------------------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total Anchors Shops Total Anchors Shops Total --------------------------------------------------------------------------------------------------------------------- WHOLLY-OWNED PROPERTIES: New York Region - -------------- New York (1) - -------------- Soundview Marketplace 73,500 109,365 182,865 100.00% 87.77% 92.69%$1,158,850 $1,526,158 $2,685,008 $15.77 $15.90 $15.84 Village Commons Shopping Center 25,192 62,114 87,306 100.00% 94.98% 96.43% 428,213 1,620,832 2,049,045 17.00 27.47 24.34 Branch Plaza 63,000 62,676 125,676 100.00% 91.40% 95.71% 920,964 1,324,891 2,245,855 14.62 23.13 18.67 New Loudon Center 229,132 25,398 254,530 100.00%100.00%100.00% 1,339,779 323,080 1,662,859 5.85 12.72 6.53 Pacesetter Park Shopping Center 52,052 44,470 96,522 100.00% 63.99% 83.41% 333,135 551,972 885,107 6.40 19.40 10.99 --------------------------------------------------------------------------------------------------------------------- Total - New York 442,876 304,023 746,899 100.00% 87.53% 94.93% 4,180,941 5,346,933 9,527,874 9.44 20.09 13.44 --------------------------------------------------------------------------------------------------------------------- New Jersey - -------------- Elmwood Park Shopping Center 62,610 86,475 149,085 100.00%100.00%100.00% 1,390,460 1,911,173 3,301,633 22.21 22.10 22.15 Marketplace of Absecon 58,031 47,220 105,251 100.00% 86.19% 93.80% 927,574 603,173 1,530,747 15.98 14.82 15.50 Berlin Shopping Center 127,850 60,905 188,755 100.00% 34.11% 78.74% 619,400 173,103 792,503 4.84 8.33 5.33 Ledgewood Mall 342,468 175,455 517,923 86.20% 87.32% 86.58% 2,459,953 1,839,362 4,299,315 8.33 12.01 9.59 --------------------------------------------------------------------------------------------------------------------- Total - New Jersey 590,959 370,055 961,014 92.00% 81.38% 87.91% 5,397,387 4,526,811 9,924,198 9.93 15.03 11.75 --------------------------------------------------------------------------------------------------------------------- Total - New York Region 1,033,835 674,078 1,707,913 95.43% 84.16% 90.98% 9,578,328 9,873,744 19,452,072 9.71 17.41 12.52 --------------------------------------------------------------------------------------------------------------------- New England - -------------- Connecticut - -------------- Town Line Plaza( 2) 161,965 44,213 206,178 100.00%100.00%100.00% 937,000 618,061 1,555,061 14.49 13.98 14.28 239 Greenwich Avenue( 3) 16,834 - 16,834 100.00% - 100.00% 1,254,282 - 1,254,282 74.51 - 74.51 --------------------------------------------------------------------------------------------------------------------- Total - Connecticut 178,799 44,213 223,012 100.00%100.00%100.00% 2,191,282 618,061 2,809,343 26.89 13.98 22.35 --------------------------------------------------------------------------------------------------------------------- Massachusetts - -------------- Methuen Shopping Center 120,004 10,234 130,238 100.00%100.00%100.00% 736,464 92,308 828,772 6.14 9.02 6.36 Crescent Plaza 156,985 61,292 218,277 100.00%100.00%100.00% 1,119,086 574,344 1,693,430 7.13 9.37 7.76 --------------------------------------------------------------------------------------------------------------------- Total - Massachusetts 276,989 71,526 348,515 100.00%100.00%100.00% 1,855,550 666,652 2,522,202 6.70 9.32 7.24 --------------------------------------------------------------------------------------------------------------------- Rhode Island - -------------- Walnut Hill Plaza 113,092 172,737 285,829 100.00% 98.15% 98.88% 781,920 1,373,225 2,155,145 6.91 8.10 7.63 --------------------------------------------------------------------------------------------------------------------- Vermont - -------------- The Gateway Shopping Center 72,000 28,213 100,213 100.00% 46.12% 84.83% 1,296,000 269,632 1,565,632 18.00 20.72 18.42 --------------------------------------------------------------------------------------------------------------------- Total - New England Region 640,880 316,689 957,569 100.00% 94.19% 98.08% 6,124,752 2,927,570 9,052,322 11.27 9.81 10.75 --------------------------------------------------------------------------------------------------------------------- General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. (1) 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. (2) 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21 residential units encompassing 14,434 square feet. Residential activities are not included above. Page 31

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Retail Properties - Detail -------------------------- ------------------------------------------------------------------------------------- Gross Leasable Area Occupancy ------------------------------------------------------------------------------------- Anchors Shops Total Anchors Shops Total ------------------------------------------------------------------------------------- JOINT VENTURE PROPERTIES: (1) Midwest ------- Ohio ---- Amherst Marketplace (2) 76,737 3,200 79,937 100.00% 100.00% 100.00% Granville Centre (2) 90,047 41,496 131,543 38.81% 51.57% 42.84% Sheffield Crossing (2) 59,159 53,655 112,814 100.00% 88.11% 94.35% ------------------------------------------------------------------------------------- Total - Ohio 225,943 98,351 324,294 75.61% 73.08% 74.85% ------------------------------------------------------------------------------------- Mid-Atlantic ------------ Delaware -------- Brandywine Town Center (2,4) 610,157 - 610,157 96.70% - 96.70% Market Square Shopping Center (2) 31,375 56,387 87,762 100.00% 100.00% 100.00% ------------------------------------------------------------------------------------- Total - Delaware 641,532 56,387 697,919 96.86% 100.00% 97.12% ------------------------------------------------------------------------------------- New York Region --------------- New York -------- Crossroads Shopping Center ( 5) 191,363 118,485 309,848 100.00% 90.83% 96.49% ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Total - Operating Properties 1,058,838 273,223 1,332,061 92.89% 86.33% 91.55% ------------------------------------------------------------------------------------- Redevelopment properties Sterling Heights Shopping Center (Michigan) (6) 98,400 56,082 154,482 71.54% 54.01% 65.18% Tarrytown Shopping Center (New York) (6) 25,288 9,687 34,975 0.00% 93.69% 25.95% Hitchcock Plaza (South Carolina)(6) 170,928 60,635 231,563 49.41% 79.47% 57.28% Haygood Shopping Center (Virginia) (6) 67,600 94,004 161,604 59.91% 92.95% 79.13% ------------------------------------------------------------------------------------- Total - Redevelopment Properties 362,216 220,408 582,624 53.93% 79.37% 63.55% ------------------------------------------------------------------------------------- Total - Joint Venture Properties 1,421,054 493,631 1,914,685 82.96% 83.22% 83.03% ===================================================================================== General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. (1) In January of 2003, the AKR Fund I acquired approximately 2 million additional square feet in two separate transactions. Approximately 1 million square feet relates to a portfolio of 25 supermarket triple-net leases which is not reflected above. See Section III of this supplement for additional detail on this portfolio. (2) The Company has a 22% interest in AKR Fund I which owns the property. (3) These properties, for which redevelopment is currently ongoing, were acquired in 2004. (4) Does not include approximately 240,000 square feet of new space in Phase II, which will be paid for by the JV on an "earnout basis" only if, and when it is leased. (5) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center. (6) The Company has a 22% interest in AKR Fund I which owns 50% the property. QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Retail Properties - Detail -------------------------- JOINT VENTURE PROPERTIES: (1) Midwest ------- Ohio ---- Amherst Marketplace (2) $765,711 $33,396 $799,107 $9.98 $10.44 $10.00 Granville Centre (2) 402,085 267,625 669,710 11.51 12.51 11.89 Sheffield Crossing (2) 620,578 526,136 1,146,714 10.49 11.13 10.77 -------------------------------------------------------------------------------------- Total - Ohio 1,788,374 827,157 2,615,531 10.47 11.51 10.78 -------------------------------------------------------------------------------------- Mid-Atlantic ------------ Delaware -------- Brandywine Town Center (2,4) 8,309,236 - 8,309,236 14.08 - 14.08 Market Square Shopping Center(2) 365,712 1,259,210 1,624,922 11.66 22.33 18.52 -------------------------------------------------------------------------------------- Total - Delaware 8,674,948 1,259,210 9,934,158 13.96 22.33 14.66 -------------------------------------------------------------------------------------- New York Region --------------- New York -------- Crossroads Shopping Center ( 5) 1,939,927 3,440,169 5,380,096 10.14 31.96 17.99 -------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------- Total - Operating Properties 12,403,249 5,526,536 17,929,785 12.61 23.43 14.70 -------------------------------------------------------------------------------------- Redevelopment properties Sterling Heights Shopping Center (Michigan) (6) 281,600 236,204 517,804 4.00 7.80 5.14 Tarrytown Shopping Center (New York) (6) - 236,879 236,879 - 26.10 26.10 Hitchcock Plaza (South Carolina) (6) 342,607 372,125 714,732 4.06 7.72 5.39 Haygood Shopping Center (Virginia) (6) 56,700 742,295 798,995 1.40 8.50 6.25 -------------------------------------------------------------------------------------- Total - Redevelopment Properties 680,907 1,587,503 2,268,410 3.49 9.08 6.13 -------------------------------------------------------------------------------------- Total - Joint Venture Properties $13,084,156 $7,114,039 $20,198,195 $11.10 $17.32 $12.71 ====================================================================================== General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced. Tenants who comprise greater than 10% of a center's GLA are considered anchor tenants for the purposes of the above table. (1) In January of 2003, the AKR Fund I acquired approximately 2 million additional square feet in two separate transactions. Approximately 1 million square feet relates to a portfolio of 25 supermarket triple-net leases which is not reflected above. See Section III of this supplement for additional detail on this portfolio. (2) The Company has a 22% interest in AKR Fund I which owns the property. (3) These properties, for which redevelopment is currently ongoing, were acquired in 2004. (4) Does not include approximately 240,000 square feet of new space in Phase II, which will be paid for by the JV on an "earnout basis" only if, and when it is leased. (5) The Company has a 49% interest in two partnerships which, together, own the Crossroads Shopping Center. (6) The Company has a 22% interest in AKR Fund I which owns 50% the property. Page 33

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Six months ended 3 months ended 3 months ended Year ended Leasing Production Notes: June 30, 2004 June 30, 2004 March 31, 2004 December 31, 2003 ------------------------------------------- ---------------------------------------------------------------------- New leases (1) Number of new leases commencing 46 7 7 32 GLA 284,805 91,025 18,982 174,798 New base rent $8.24 $6.86 $14.85 $10.38 Previous base rent (and percentage rent) $8.22 $6.74 $15.34 $8.38 Percentage growth in base rent 0.2% 1.8% -3.2% 23.9% Average cost per square foot $14.01 $31.41 $5.04 $5.92 Renewal leases Number of renewal leases commencing 76 10 13 53 GLA 644,868 152,273 82,402 410,193 Renewal percentage 73% 71% 76% 81% New base rent $7.82 $6.28 $10.66 $9.20 Expiring base rent (and percentage rent) $7.36 $5.76 $10.32 $8.80 Percentage growth in base rent 6.2% 9.0% 3.3% 4.5% Average cost per square foot $0.00 $0.00 $0.00 $0.00 Total new and renewal Leases Number of new and renewal leases commencing 122 17 20 85 GLA 929,673 243,298 101,384 584,991 New base rent $7.95 $6.50 $11.44 $9.55 Expiring base rent (and percentage rent) $7.63 $6.13 $11.26 $8.67 Percentage growth in base rent (2) 4.2% 6.0% 1.6% 10.1% Average cost per square foot $4.29 $11.75 $0.94 $1.77 (1) Does not include leased square footage and costs related to first generation space and the Company's major redevelopment projects. (3) Rent is presented on a cash basis. Rents have not been averaged over terms. Previous/expiring rent is that as of time of expiration and includes any percentage rent paid as well. New rent is that which is initially paid at commencement. Page 34

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Top Tenants - Ranked by Annualized Base Rent ----------------------------------------------------------------------------------- (Combined basis - Includes pro-rata share of GLA and rent for JV properties) Acadia Strategic Wholly-Owned Opportunity Fund 100% 22% ------------------------------------------------------------------ Number of stores in Retail combined Total Annualized Base Total Annualized Base Ranking Tenant portfolio GLA Rent (1) GLA Rent (1) ----------------------------------------------------------------------------------------------------------------------- 1 Albertson's (Shaw's and Acme) 5 251,481 $3,255,544 - $- 2 Kmart 6 520,221 1,870,484 3 T.J. Maxx 9 249,258 1,896,262 6,972 81,261 4 Ahold (Giant, Stop & Shop) 3 178,807 1,549,540 - - 5 Wal-Mart 2 210,114 1,515,409 - - 6 A&P/ Waldbaum's 2 63,000 920,964 - - 7 Home Depot 2 211,003 1,125,426 - - 8 Price Chopper 2 127,450 1,118,077 - - 9 Eckerd Drug( 4) 8 89,620 1,064,796 - - 10 Pathmark 1 47,773 955,460 - - 11 Restoration Hardware 1 12,293 929,600 - - 12 Redner's Supermarket 2 111,739 863,432 - - 13 Kroger( 5) 13 - - 132,259 844,168 14 Safeway (6) 13 - - 103,844 776,874 15 Macy's 1 73,349 610,745 - - 16 Clearview Cinema 1 25,400 596,250 - - 17 JC Penney 2 72,580 591,747 - - 18 Walgreen's 2 23,904 589,088 - - 19 KB Toys 5 41,025 583,900 - - 20 King Kullen Grocery 1 48,100 562,600 - - ----------------------------------------------------------------------------------- Total 81 2,357,117 $20,599,324 243,076 $1,702,303 =================================================================================== ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Top Tenants - Ranked by Annualized Base Rent ----------------------------------------------------------------------------------- (Combined basis - Includes pro-rata share of GLA and rent for JV properties) (Combined basis - Includes pro-rata share of GLA and rent for JV properties) Crossroads Shopping Center 49% Combined ----------------------------------------------------------------- Retail Total Annualized Base Total Annualized Base Ranking Tenant GLA Rent (1) GLA Rent (1) ----------------------------------------------------------------------------------------------------- 1 Albertson's (Shaw's and Acme) - $- 251,481 $3,255,544 2 Kmart 49,355 277,463 569,576 2,147,947 3 T.J. Maxx - - 256,230 1,977,523 4 Ahold (Giant, Stop & Shop) - - 178,807 1,549,540 5 Wal-Mart - - 210,114 1,515,409 6 A&P/ Waldbaum's 18,722 246,960 81,722 1,167,924 7 Home Depot - - 211,003 1,125,426 8 Price Chopper - - 127,450 1,118,077 9 Eckerd Drug( 4) - - 89,620 1,064,796 10 Pathmark - - 47,773 955,460 11 Restoration Hardware - - 12,293 929,600 12 Redner's Supermarket - - 111,739 863,432 13 Kroger( 5) - - 132,259 844,168 14 Safeway (6) - - 103,844 776,874 15 Macy's - - 73,349 610,745 16 Clearview Cinema - - 25,400 596,250 17 JC Penney - - 72,580 591,747 18 Walgreen's - - 23,904 589,088 19 KB Toys - - 41,025 583,900 20 King Kullen Grocery - - 48,100 562,600 ----------------------------------------------------------------- Total 68,077 $524,423 2,668,270 $22,826,050 ================================================================= ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Top Tenants - Ranked by Annualized Base Rent ----------------------------------------------------------------------------------- (Combined basis - Includes pro-rata share of GLA and rent for JV properties) Percentage of Total Represented by Retail Tenant -------------------------------------------- Average Gross Retail Total Annualized Base Average Occupancy Ranking Tenant Portfolio GLA( 2) Rent (2) Sales (per sq. ft.) Cost (3) ----------------------------------------------------------------------------------------------------------------------- 1 Albertson's (Shaw's and Acme) 3.4% 4.8% $474 * 2.6% 2 Kmart 7.6% 3.2% 193 3.7% 3 T.J. Maxx 3.4% 2.9% 277 * 5.8% 4 Ahold (Giant, Stop & Shop) 2.4% 2.3% 333 3.3% 5 Wal-Mart 2.8% 2.3% 329 * 3.2% 6 A&P/ Waldbaum's 1.1% 1.7% 362 * 5.6% 7 Home Depot 2.8% 1.7% - - 8 Price Chopper 1.7% 1.7% 504 2.1% 9 Eckerd Drug( 4) 1.2% 1.6% 431 * 4.0% 10 Pathmark 0.6% 1.4% - - 11 Restoration Hardware 0.2% 1.4% 242 33.6% 12 Redner's Supermarket 1.5% 1.3% 249 4.3% 13 Kroger( 5) 1.8% 1.3% - - 14 Safeway (6) 1.4% 1.2% - - 15 Macy's 1.0% 0.9% 208 6.0% 16 Clearview Cinema 0.3% 0.9% - - 17 JC Penney 1.0% 0.9% 163 6.6% 18 Walgreen's 0.3% 0.9% 333 8.1% 19 KB Toys 0.5% 0.9% 206 9.2% 20 King Kullen Grocery 0.6% 0.8% 699 2.1% -------------------------------------------- Total 35.7% 33.9% ============================================ Page 35

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Anchor Detail ------------- (excludes jont venture owned Kroger/Safeway Portfolio) - ------------------------------------------------------------------------------------------------------------------------------- Annual Property/Tenant Name Annual Base (Type of Center) Square Lease Base Rent Footage Expiration Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned - -------------------------------------- New York Region - --------------- New York -------- Soundview Marketplace, Port Washington King Kullen 48,100 9/26/2007 $562,600 $11.70 (7) 5 Year (12 Months) Clearview Cinema 25,400 5/31/2010 596,250 23.47 (4) 5 Year (12 Months) ---------- ------------------- Property total 73,500 1,158,850 15.77 ---------- ------------------- Smithtown Shopping Center, Smithtown Daffy's 16,125 1/7/2008 274,125 17.00 (4) 5 Year (12 Months) Walgreens 9,067 12/31/2021 154,088 16.99 - ---------- ------------------- Property total 25,192 428,213 17.00 ---------- ------------------- The Branch Shopping Center, Smithtown A&P (1) 10 Year & (1) 5 63,000 11/30/2013 920,964 14.62 Year ---------- ------------------- Property Total: 63,000 920,964 14.62 ---------- ------------------- New Loudon Center, Latham Bon Ton 65,365 2/1/2014 261,460 4.00 (4) 5 Year (12 Months) Marshalls (TJX) 37,212 1/31/2004 158,151 4.25 (3) 5 Year (12 Months) Price Chopper 77,450 5/31/2015 760,577 9.82 (4) 5 Year (12 Months) Raymours Furniture Co 49,105 4/30/2019 159,591 3.25 (3) 5 Year (9 Months) ---------- ------------------- Property total 229,132 1,339,779 5.85 ---------- ------------------- Pacesetter Park Shopping Center, Pomona Stop & Shop (Ahold) 52,052 8/31/2020 333,135 6.40 (2) 10 Year ---------- ------------------- Property total 52,052 333,135 6.40 ---------- ------------------- New Jersey ---------- Elmwood Park Shopping Center, Elmwood Park Walgreens 14,837 5/31/2022 435,000 29.32 (8) 5 Year (12 Months) Pathmark 47,773 11/30/2017 955,460 20.00 (7) 5 Year (12 Months) ---------- ------------------- Property total 62,610 1,390,460 22.21 ---------- ------------------- Marketplace of Absecon, Absecon Eckerd Drug (JC Penney) 13,207 8/30/2020 329,310 24.93 (4) 5 Year (6 Months) Acme Markets (Albertson) 44,824 4/30/2015 598,264 13.35 (8) 5 Year (12 Months) ---------- ------------------- Property total 58,031 927,574 15.98 ---------- ------------------- Berlin Shopping Center, Berlin Acme Markets (Albertson) 32,040 4/30/2005 320,400 10.00 (2) 5 Year (6 Months) Kmart 95,810 11/30/2009 299,000 3.12 (4) 5 Year (6 Months) ---------- ------------------- Property total 127,850 619,400 4.84 ---------- ------------------- Ledgewood Mall, Ledgewood Circuit City 33,294 1/31/2020 466,116 14.00 (4) 5 Year (6 Months) Marshalls (TJX) 27,228 1/31/2007 326,736 12.00 (4) 5 Year (6 Months) The Sports Authority 52,205 5/31/2007 225,000 4.31 (6) 5 Year (15 Months) Macy's Department Store (Federated) (1) 61,900 1/31/2005 553,500 8.94 (4) 5 Year (6 Months) Wal*Mart 120,570 3/31/2019 888,601 7.37 (6) 5 Year (6 Months) ---------- ------------------- Property total 295,197 2,459,953 8.33 ---------- ------------------- Total: New York Region 986,564 9,578,328 9.71 ---------- ------------------- (1) The tenant has additional expansion space bringing the total space to 74,815 s.f. with total rents of $618,075. Page 36

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Anchor Detail ------------- (excludes jont venture owned Kroger/Safeway Portfolio) - ------------------------------------------------------------------------------------------------------------------------------- Annual Property/Tenant Name Annual Base (Type of Center) Square Lease Base Rent Footage Expiration Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned (continued) - -------------------------------------------------- New England - ----------- Connecticut ----------- Town Line Plaza, Rocky Hill Wal*Mart( 1) 97,300 - $- $- REA Agreement Super Stop & Shop (Ahold) 64,665 11/30/2023 937,000 14.49 (7) 5 Year (6 Months) ---------- ------------------- Property total 161,965 937,000 14.49 ---------- ------------------- 239 Greenwich Ave., Greenwich Chico's Fashion 4,541 1/31/2010 324,682 71.50 (2) 5 Years Restoration Hardware 12,293 4/30/2015 929,600 75.62 (2) 5 Years (6 Months) ---------- ------------------- Property total 16,834 1,254,282 74.51 ---------- ------------------- Massachusetts ------------- Methuen Shopping Center, Methuen Demoulas Super Markets 30,460 1/31/2005 109,656 3.60 (2) 5 Year Wal*Mart 89,544 10/23/2011 626,808 7.00 (8) 5 Year (6 Months) ---------- ------------------- Property total 120,004 736,464 6.14 ---------- ------------------- Crescent Plaza, Brockton Home Depot 106,760 10/31/2021 602,126 5.64 (7) 5 Year (1 Year) Shaw's (Albertsons) 50,225 12/31/2012 516,960 10.29 (6) 5 Year (6 Months) ---------- ------------------- Property total 156,985 1,119,086 7.13 ---------- ------------------- Rhode Island ------------ Walnut Hill Plaza, Woonsocket Sears 60,700 8/31/2008 258,000 4.25 (5) 5 Year (12 Months) Shaw's (Albertsons) 52,392 12/31/2013 523,920 10.00 (6) 5 Year (9 Months) ---------- ------------------- Property total 113,092 781,920 6.91 ---------- ------------------- Vermont ------- Gateway Shopping Center Shaw's (Albertsons) (1) 10 Yr., (3) 5 Yr. & 72,000 3/31/2024 1,296,000 18.00 (1) 4 Yr. ---------- ------------------- Property total 72,000 1,296,000 18.00 ---------- ------------------- Total : New England 640,880 6,124,752 11.27 ---------- ------------------- Midwest - ---------- Illinois -------- Hobson West Plaza, Naperville Bobak's Market and Restaurant 42,037 11/30/2007 170,000 4.04 (5) 5 Year (6 Months) ---------- ------------------- Property total 42,037 170,000 4.04 ---------- ------------------- Indiana -------- Merrillville Plaza, Merrillville JC Penney 50,000 1/31/2008 495,000 9.90 (2) 5 Year (12 Months) OfficeMax 26,157 7/31/2008 222,335 8.50 (4) 5 Year (6 Months) TJ Maxx (TJX) 25,200 1/31/2009 195,300 7.75 (1) 5 Year (6 Months) ---------- ------------------- Property total 101,357 912,635 9.00 ---------- ------------------- Michigan -------- Bloomfield Town Square, Bloomfield Hills HomeGoods (TJX) 39,646 5/31/2010 307,257 7.75 (3) 5 Year Marshalls (TJX) 28,324 9/30/2011 226,592 8.00 (3) 5 Year (6 Months) TJ Maxx (TJX) 36,000 1/31/2009 261,000 7.25 (1) 5 Year (6 Months) ---------- ------------------- Property total 103,970 794,849 7.64 ---------- ------------------- Ohio ---- Mad River Station, Dayton Babies 'R' Us 33,147 2/28/2005 243,630 7.35 (3) 5 Year Office Depot 25,038 8/31/2005 287,937 11.50 (1) 5 Year (6 Months) ---------- ------------------- Property total 58,185 531,567 9.14 ---------- ------------------- Total: Midwest 305,549 2,409,051 7.88 ---------- ------------------- (1) This space is contiguous to the Company's property and is not owned by the Company. Page 37

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Anchor Detail ------------- (excludes jont venture owned Kroger/Safeway Portfolio) - ------------------------------------------------------------------------------------------------------------------------------- Annual Property/Tenant Name Annual Base (Type of Center) Square Lease Base Rent Footage Expiration Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Retail Anchor Properties- Wholly Owned (continued) - -------------------------------------------------- Mid-Atlantic - ------------ Pennsylvania ------------ Abington Town Center, Abington TJ Maxx (TJX) 27,000 11/30/2010 $256,500 $9.50 (2) 5 Year (6 Months) Target( 1) 157,616 - - - Condominium Agreement ---------- ------------------- Property total 184,616 256,500 9.50 ---------- ------------------- Blackman Plaza, Wilkes-Barre Kmart 104,956 10/31/2009 204,664 1.95 (8) 5 Year (12 Months) ---------- ------------------- Property total 104,956 204,664 1.95 ---------- ------------------- Bradford Towne Centre, Towanda Kmart 94,841 3/31/2019 474,205 5.00 (10) 5 Year (6 Months) P & C Foods (Penn Traffic) 51,658 9/30/2014 413,264 8.00 (2) 5 Year (6 Months) ---------- ------------------- Property total 146,499 887,469 6.06 ---------- ------------------- East End Center, Wilkes-Barre Price Chopper 50,000 4/30/2008 357,500 7.15 (4) 5 Year (6 Months) ---------- ------------------- Property total 50,000 357,500 7.15 ---------- ------------------- Greenridge Plaza, Scranton Giant Food Stores (Ahold) 62,090 4/30/2021 279,405 4.50 (6) 5 Year (Auto) ---------- ------------------- Property total 62,090 279,405 4.50 ---------- ------------------- Luzerne Street Shopping Center, Scranton Eckerd Drug (JC Penney) 14,000 4/30/2009 105,000 7.50 (2) 5 Year (6 Months) ---------- ------------------- Property total 14,000 105,000 7.50 ---------- ------------------- Mark Plaza, Edwardsville Kmart 104,956 10/31/2009 204,664 1.95 (9) 5 Year (12 Months) Redner's Market 52,639 5/31/2018 447,432 8.50 (2) 5 Year (6 Months) ---------- ------------------- Property total 157,595 652,096 4.14 ---------- ------------------- Pittston Plaza, Pittston Eckerd Drugs 8,468 6/30/2006 80,446 9.50 (2) 5 Year (6 Months) Redner's Market 59,100 12/31/2018 416,000 7.04 (2) 5 Year ---------- ------------------- Property total 67,568 496,446 7.35 ---------- ------------------- Plaza 422, Lebanon Home Depot 104,243 12/31/2028 407,520 3.91 (6) 5 Year (12 Months) ---------- ------------------- Property total 104,243 407,520 3.91 ---------- ------------------- Route 6 Mall, Honesdale Kmart 119,658 4/30/2020 687,950 5.75 (10) 5 Year (Automatic) ---------- ------------------- Property total 119,658 687,950 5.75 ---------- ------------------- Total : Mid-Atlantic 1,011,225 4,334,550 5.08 ---------- ------------------- Total: Retail Anchor Properties - Wholly Owned Properties 2,944,218 $22,446,681 $8.35 ========== =================== (1 )Target owns the portion of the main building (157,616 square feet) that their store is located in. Page 38

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Anchor Detail ------------- (excludes jont venture owned Kroger/Safeway Portfolio) - ------------------------------------------------------------------------------------------------------------------------------- Annual Property/Tenant Name Annual Base (Type of Center) Square Lease Base Rent Footage Expiration Rent PSF Options/Required Notice - ------------------------------------------------------------------------------------------------------------------------------- THE COMPANY CONSIDERS THOSE TENANTS WHO COMPRISE GREATER THAN 10% OF A CENTER'S GLA AS ANCHOR TENANTS (The below detail does not include space which is currently leased, but for which rent payment has not yet commenced) Joint Venture Properties - ------------------------ New York Region - --------------- New York -------- Crossroads Shopping Center, White Plains Kmart 100,725 1/31/2012 $566,250 $5.62 (5) 5 Year (9 Months) Waldbaum's (A&P) 38,208 12/31/2007 504,000 13.19 (5) 5 Year (9 Months) B. Dalton (Barnes & Noble) 12,430 5/28/2012 345,927 27.83 (2) 5 Year (18 Months) Pay Half 15,000 1/31/2018 330,000 22.00 - Modell's 25,000 2/28/2009 193,750 7.75 (2) 5 Year (12 Months) ---------- ------------------- Property total 191,363 1,939,927 10.14 ---------- ------------------- Total : New York Region 191,363 1,939,927 10.14 ---------- ------------------- Mid-Atlantic Region - ------------------- Delaware -------- Brandywine Town Center Annie Sez (Big M) 13,324 1/31/2007 279,825 21.00 (3) 5 Year (9 Months) Michaels 24,876 2/28/2011 547,272 22.00 (3) 5 Year (9 Months) Old Navy (The Gap) 24,631 4/30/2011 541,872 22.00 (1) 5 Year (6 Months) Petsmart 23,963 6/30/2017 455,297 19.00 (2) 5 Year (Automatic) Thomasville Furniture 18,893 11/30/2011 484,947 25.67 (2) 5 Year (9 Months) Bed, Bath & Beyond 50,977 1/31/2014 868,426 17.04 (3) 5 Year (6 Months) Dick's Sporting Goods 50,000 5/31/2013 700,000 14.00 (3) 5 Year (6 Months) Lowe's Home Centers 140,000 8/31/2018 1,925,000 13.75 (6) 5 Year (Automatic) Regal Cinemas 65,641 6/1/2017 821,825 12.52 (4) 5 Year (4 Months) Transunion Settlement 39,714 3/31/2013 884,771 22.28 (1) 5 Year (9 Months) Target 138,000 1/31/2018 800,000 5.80 (5) 10 Year (12 Months) ---------- ------------------- Property total 590,019 8,309,235 14.08 ---------- ------------------- Market Square Shopping Center TJ Maxx (TJX) 31,375 1/31/2006 365,713 11.66 (2) 5 Year (9 Months) ---------- ------------------- South Carolina -------------- Hitchcock Plaza (Strip Mall) Kroger 49,296 342,607 6.95 ---------- ------------------- Property Total 49,296 342,607 6.95 ---------- ------------------- Virginia -------- Haygood Shopping Center Rose's 40,500 7/1/2009 56,700 1.40 ---------- ------------------- Property Total 40,500 56,700 1.40 ---------- ------------------- ---------- ------------------- Total : Mid-Atlantic Region 711,190 9,074,255 12.76 ---------- ------------------- Midwest Region - -------------- Ohio ---- Amherst Marketplace Giant Eagle 66,237 9/3/2021 630,576 9.52 (4) 5 Year (6 Months) Giant Eagle( 1) 10,500 3/31/2012 135,135 12.87 (3) 5 Year (6 Months) ---------- ------------------- Property total 76,737 765,711 9.98 ---------- ------------------- Granville Centre California Fitness 34,951 1/31/2017 402,085 11.50 (2) 5 Year ---------- ------------------- Property total 34,951 402,085 11.50 ---------- ------------------- Sheffield Crossing Giant Eagle 59,159 5/31/2022 620,578 10.49 (4) 5 Year (6 Months) ---------- ------------------- Property total 59,159 620,578 10.49 ---------- ------------------- Page 39

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Lease Expirations ----------------- ----------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent ------------------------------ ------------------------------------------ Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. ----------------------------------------------------------------------------------------- Wholly-Owned Propeties Anchor Tenant Expirations 2005 5 182,585 6.79% 1,515,123 6.75% 8.30 2006 1 8,468 0.31% 80,446 0.36% 9.50 2007 4 169,570 6.31% 1,284,336 5.72% 7.57 2008 5 202,982 7.55% 1,606,960 7.16% 7.92 2009 7 380,922 14.16% 1,269,628 5.66% 3.33 2010 4 96,587 3.59% 1,484,688 6.61% 15.37 2011 2 117,868 4.38% 853,400 3.80% 7.24 2012 1 50,225 1.87% 516,960 2.30% 10.29 2013 2 115,392 4.29% 1,444,884 6.44% 12.52 2014 3 154,235 5.74% 832,875 3.71% 5.40 2015 3 134,567 5.00% 2,288,441 10.20% 17.01 2017 1 47,773 1.78% 955,460 4.26% 20.00 2018 2 111,739 4.15% 863,432 3.85% 7.73 2019 3 264,516 9.84% 1,522,397 6.78% 5.76 2020 4 218,211 8.11% 1,816,512 8.09% 8.32 2021 3 177,917 6.62% 1,035,619 4.61% 5.82 2022 1 14,837 0.55% 435,000 1.94% 29.32 2023 1 64,665 2.40% 937,000 4.17% 14.49 2024 1 72,000 2.68% 1,296,000 5.77% 18.00 2028 2 104,243 3.88% 407,520 1.82% 3.91 -------------------------------------------- ------------------------------------------ Total Occupied 55 2,689,302 100.00% $22,446,681 100.00% $8.35 ----------------------------------------------------- Anchor GLA Owned by Tenants 254,916 Total Vacant 321,904 --------------- Total Square Feet 3,266,122 =============== ----------------------------------------------------- Page 42

ACADIA REALTY TRUST QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Lease Expirations ----------------- Wholly-Owned Propeties Shop Tenant Expirations Month to Month 12 26,168 1.63% $335,312 1.62% $12.81 2004 24 83,781 5.22% 880,494 4.24% 10.51 2005 49 250,605 15.62% 2,866,262 13.82% 11.44 2006 54 191,603 11.94% 2,354,942 11.35% 12.29 2007 56 240,659 14.98% 3,140,669 15.14% 13.05 2008 55 226,388 14.11% 3,176,554 15.31% 14.03 2009 46 217,449 13.55% 2,852,201 13.75% 13.12 2010 16 116,612 7.27% 982,260 4.73% 8.42 2011 16 77,149 4.81% 1,272,903 6.14% 16.50 2012 6 19,429 1.21% 422,545 2.04% 21.75 2013 13 43,917 2.74% 868,843 4.19% 19.78 2014 10 57,560 3.59% 669,506 3.23% 11.63 2015 3 33,194 2.07% 554,700 2.67% 16.71 2020 2 17,945 1.12% 326,120 1.57% 18.17 2022 1 2,205 0.14% 41,895 0.20% 19.00 --------------------------------------- ------------------------------------------ Total Occupied 363 1,604,664 100.00% $20,745,206 100.00% $12.90 ----------------------------------------------------- Total Vacant 274,509 --------------- Total Square Feet 1,879,173 =============== ----------------------------------------------------- Page 43 QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Lease Expirations --------------------------------------- --------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent --------------------------- -------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------- Wholly-Owned Propeties Total Tenant Expirations Month to Month 12 26,168 0.61% $335,312 0.78% $12.81 2004 24 83,781 1.95% 880,494 2.04% $10.51 2005 54 433,190 10.09% 4,381,385 10.14% 10.11 2006 55 200,071 4.66% 2,435,388 5.64% 12.17 2007 60 410,229 9.55% 4,425,005 10.24% 10.79 2008 60 429,370 9.99% 4,783,514 11.09% 11.14 2009 53 598,371 13.94% 4,121,829 9.54% 6.89 2010 20 213,199 4.97% 2,466,948 5.71% 11.57 2011 18 195,017 4.54% 2,126,303 4.92% 10.90 2012 7 69,654 1.62% 939,505 2.18% 13.49 2013 15 159,309 3.71% 2,313,727 5.36% 14.52 2014 13 211,795 4.93% 1,502,381 3.48% 7.09 2015 6 167,761 3.91% 2,843,141 6.58% 16.95 2017 1 47,773 1.11% 955,460 2.21% 20.00 2018 2 111,739 2.60% 863,432 2.00% 7.73 2019 3 264,516 6.16% 1,522,397 3.52% 5.76 2020 6 236,156 5.50% 2,142,632 4.96% 9.07 2021 3 177,917 4.14% 1,035,619 2.40% 5.82 2022 2 17,042 0.40% 476,895 1.10% 27.98 2023 1 64,665 1.51% 937,000 2.17% 14.49 2024 1 72,000 1.68% 1,296,000 3.00% 18.00 2028 2 104,243 2.43% 407,520 0.94% 3.91 ------- -------- ------- ----------- ------- ------- Total Occupied 418 4,293,966 100.00% $43,191,887 100.00% $10.25 Anchor GLA Owned by Tenants 254,916 Total Vacant 596,413 ---------- Total Square Feet 5,145,295 ========== Page 44

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Lease Expirations --------------------------------------- --------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent --------------------------- -------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------- Crossroads (JV Property) Anchor Tenant Expirations 2007 1 38,208 19.97% 504,000 25.98% 13.19 2009 1 25,000 13.06% 193,750 9.99% 7.75 2012 2 113,155 59.13% 912,177 47.02% 8.06 2018 1 15,000 7.84% 330,000 17.01% 22.00 ---------------------------------------------------------------------------- Total Occupied 5 191,363 100.00% $1,939,927 100.00%$10.14 ------------------------------ Total Vacant ------------- Total Square Feet 191,363 ============= Shop Tenant Expirations 2004 3 11,256 10.46% 380,218 11.05% 33.78 2005 4 14,255 13.24% 404,113 11.75% 28.35 2006 4 7,240 6.73% 236,555 6.88% 32.67 2007 5 17,030 15.82% 593,510 17.25% 34.85 2008 7 19,605 18.22% 653,241 18.99% 33.32 2009 4 12,842 11.93% 332,337 9.66% 25.88 2011 2 4,070 3.78% 133,972 3.89% 32.92 2012 2 5,250 4.89% 186,390 5.42% 35.50 2014 2 9,616 8.93% 332,435 9.66% 34.57 2022 1 6,462 6.00% 187,398 5.45% 29.00 -------------------------------------------------------------------- Total Occupied 34 107,626 100.00% $3,440,169 100.00%$31.96 Total Vacant 10,859 ----------- Total Square Feet 118,485 =========== Page 45

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Lease Expirations --------------------------------------- --------------------------------------------------------------------------------------------- Gross Leased Area Annualized Base Rent --------------------------- -------------------------- Number of Percent Percent Average Leases Square of of per Expiring Footage Total Amount Total Sq. Ft. --------------------------------------------------------------------------------------------- Crossroads (JV Property) Total Tenant Expirations 2004 3 11,256 3.76% 380,218 7.07% 33.78 2005 4 14,255 4.77% 404,113 7.51% 28.35 2006 4 7,240 2.42% 236,555 4.40% 32.67 2007 6 55,238 18.47% 1,097,510 20.40% 19.87 2008 7 19,605 6.56% 653,241 12.14% 33.32 2009 5 37,842 12.66% 526,087 9.78% 13.90 2011 2 4,070 1.36% 133,972 2.49% 32.92 2012 4 118,405 39.60% 1,098,567 20.42% 9.28 2014 2 9,616 3.22% 332,435 6.18% 34.57 2018 1 15,000 5.02% 330,000 6.13% 22.00 2022 1 6,462 2.16% 187,398 3.48% 29.00 ----------------------------------------------------------------------------------- Total Occupied 39 298,989 100.00% $5,380,096 100.00%$17.99 Total Vacant 10,859 ---------- Total Square Feet 309,848 ========== Page 46

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Property Demographics - ----------------------------------------- - ------------------------------------------------------------------------------------------ Trade Total Area Base Total Property / JV Ownership % City State (Miles) Rent GLA - ------------------------------------------------------------------------------------------ Brandywine Town Center & Mkt Sq./22.22% Wilmington DE 3 9,934,158 697,919 Elmwood Park Shopping Ctr. Elmwood Park NJ 3 3,301,633 149,085 Abington Towne Center Abington PA 3 846,924 216,355 Granville Center / 22.22% Columbus OH 3 669,710 131,543 Hobson West Plaza Naperville IL 3 1,155,173 99,044 Methuen Shopping Ctr. Methuen MA 5 828,772 130,238 Crossroads Shopping Ctr. / 49% White Plains NY 3 5,380,096 309,848 The Branch Plaza Smithtown NY 3 2,245,855 125,676 Village Commons Shopping Ctr. Smithtown NY 3 2,049,045 87,306 Bloomfield Town Square Bloomfield MI Hills 5 2,065,643 217,266 Crescent Plaza Brockton MA 3 1,693,430 218,277 239 Greenwich Avenue Greenwich CT 5 1,254,282 16,834 Soundview Marketplace Port WashingtonNY 3 2,685,008 182,865 Town Line Plaza Rocky Hill CT 3 1,555,061 206,178 New Loudon Center Latham NY 5 1,662,859 254,530 Pacesetter Park Shopping Ctr. Pomona NY 3 885,107 96,522 Mad River Station Dayton OH 5 1,427,021 155,721 Greenridge Plaza Scranton PA 3 743,446 189,635 Mark Plaza Edwardsville PA 5 985,485 214,036 Luzerne Street Shopping Ctr. Scranton PA 3 105,000 57,988 East End Center Wilkes-Barre PA 5 960,940 305,858 Blackman Plaza Wilkes-Barre PA 5 261,504 121,341 Sheffield Crossing / 22.22% Sheffield OH 3 1,146,714 112,814 Amherst Marketplace / 22.22% Amherst OH 3 799,107 79,937 Sterling Heights Shopping Center / 11.11%Sterling MI Heights 3 517,804 154,482 Tarrytown Shopping Center / 11.11% Tarrytown NY 3 236,879 34,975 Hitchcock Plaza / 11.11% Aiken SC 5 714,732 231,563 Haygood Shopping Center / 11.11% Virginia Beach VA 3 798,995 161,604 Walnut Hill Plaza Woonsocket RI 5 2,155,145 285,829 Ledgewood Mall Ledgewood NJ 5 4,299,315 517,923 Berlin Shopping Ctr. Berlin NJ 3 792,503 188,755 Merrillville Plaza Hobart IN 5 2,595,261 235,603 The Gateway Shopping Ctr. So. Burlington VT 3 1,565,632 100,213 Marketplace of Absecon Absecon NJ 3 1,530,747 105,251 Pittston Plaza Pittston PA 3 612,262 79,494 Plaza 422 Lebanon PA 3 444,020 155,026 Route 6 Plaza Honesdale PA 5 1,063,283 175,507 Bradford Towne Centre Towanda PA 10 1,421,531 256,939 - ------------------------------------------------------------------------------------------ 63,390,082 7,059,980 ---------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Property Demographics - ----------------------------------------- - ----------------------------------------- -------------------------------------- 3-Mile Radius -------------------------------------- # Total Households Median HH Avg. HH Property / JV Ownership % Pop. ("HH") Income Income - ----------------------------------------- -------------------------------------- Brandywine Town Center & Mkt Sq./22.22% 40,167 15,437 $81,275 $98,474 Elmwood Park Shopping Ctr. 259,975 86,557 $51,206 $61,319 Abington Towne Center 93,360 36,608 $65,173 $80,281 Granville Center / 22.22% 114,683 51,558 $46,830 $54,096 Hobson West Plaza 94,003 32,812 $96,226 $111,843 Methuen Shopping Ctr. 91,936 33,202 $40,495 $50,182 Crossroads Shopping Ctr. / 49% 104,349 40,090 $76,635 $97,520 The Branch Plaza 67,386 22,781 $86,500 $98,961 Village Commons Shopping Ctr. 67,862 22,859 $87,048 $99,163 Bloomfield Town Square 62,541 24,356 $72,545 $102,892 Crescent Plaza 99,840 35,462 $45,142 $52,972 239 Greenwich Avenue 66,867 25,228 $94,987 $147,352 Soundview Marketplace 46,380 16,462 $113,631 $167,275 Town Line Plaza 45,242 19,007 $74,547 $64,079 New Loudon Center 41,508 16,246 $55,189 $65,561 Pacesetter Park Shopping Ctr. 25,894 8,469 $88,331 $107,734 Mad River Station 59,585 26,299 $56,285 $67,437 Greenridge Plaza 88,472 37,357 $32,243 $41,495 Mark Plaza 89,240 38,696 $31,389 $39,511 Luzerne Street Shopping Ctr. 66,687 27,708 $30,436 $39,697 East End Center 46,209 19,469 $32,717 $41,505 Blackman Plaza 61,029 26,168 $30,784 $39,130 Sheffield Crossing / 22.22% 35,452 14,048 $45,762 $54,608 Amherst Marketplace / 22.22% 52,542 21,012 $44,259 $53,044 Sterling Heights Shopping Center / 11.11% 97,175 35,730 $67,786 $74,409 Tarrytown Shopping Center / 11.11% 35,238 13,328 $68,960 $98,836 Hitchcock Plaza / 11.11% 25,419 10,547 $60,290 $71,076 Haygood Shopping Center / 11.11% 95,832 36,598 $52,790 $62,252 Walnut Hill Plaza 59,961 24,256 $41,751 $49,362 Ledgewood Mall 34,631 12,915 $77,309 $88,598 Berlin Shopping Ctr. 31,313 11,105 $63,424 $74,188 Merrillville Plaza 18,924 7,566 $54,952 $62,686 The Gateway Shopping Ctr. 46,105 19,252 $43,524 $53,733 Marketplace of Absecon 30,277 10,476 $51,028 $60,415 Pittston Plaza 40,640 17,537 $36,785 $45,214 Plaza 422 44,416 18,047 $36,458 $43,830 Route 6 Plaza 7,395 3,155 $32,818 $42,657 Bradford Towne Centre 5,506 2,344 $38,141 $46,212 - ----------------------------------------- -------------------------------------- -------------------------------------- 59,480 22,983 $59,422 $71,851 -------------------------------------- -------------------------------------- 68,239 25,200 $64,834 $79,696 -------------------------------------- QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Property Demographics - -------------------------------- - -------------------------------- --------------------------------- -------------------------------- ------------------------ 5-Mile Radius 10-Mile Radius --------------------------------- -------------------------------- Total Median Avg. HH Total Median Avg. HH # HH # HH Property / JV Ownership % Pop. HH Income Income Pop. HH Income Income County MSA - -------------------------------- --------------------------------- -------------------------------- ------------------------ Brandywine Town Center & Mkt Bergen Wilmington- Sq./22.22% 116,835 47,059 $71,475 $91,032 - - $- $- Newark, DE Elmwood Park Shopping Ctr. Bergen Bergen- 612,593 212,140 $56,661 $68,670 - - - - Passaic, NJ Abington Towne Center Bucks Philadelphia, 306,979 120,242 $58,804 $71,480 - - - - PA Granville Center / 22.22% 267,818 116,119 $52,178 $61,015 - - - - Franklin Columbus, OH Hobson West Plaza 264,472 93,258 $83,440 $96,333 - - - - DuPage Chicago, IL Methuen Shopping Ctr. 198,133 73,801 $46,809 $56,761 - - - - Essex Boston, MA-NH Crossroads Shopping Ctr. / 49% 203,088 74,810 $91,173 $122,507 - - - - WestchesterNew York, NY The Branch Plaza Suffolk Nassau- 198,575 64,367 $78,576 $90,006 - - - - Suffolk, NY Village Commons Shopping Ctr. Suffolk Nassau- 197,398 63,981 $79,019 $90,486 - - - - Suffolk, NY Bloomfield Town Square 166,366 63,987 $77,660 $106,428 - - - - Oakland Detroit, MI Crescent Plaza 168,024 60,373 $50,116 $58,235 - - - - Plymouth Boston, MA-NH 239 Greenwich Avenue Fairfield New Haven- 141,499 51,663 $92,448 $141,180 - - - - Meriden, CT Soundview Marketplace Nassau Nassau- 143,395 52,155 $97,968 $139,340 - - - - Suffolk, NY Town Line Plaza 151,760 60,763 $56,343 $66,119 - - - - Hartford Hartford, CT New Loudon Center Albany Albany- Schenectady- 152,497 63,018 $46,569 $56,589 - - - - Troy, NY Pacesetter Park Shopping Ctr. 128,097 37,540 $71,637 $88,824 - - - - Rockland New York, NY Mad River Station Montgomery Dayton- Springfield, 130,304 55,583 $58,803 $72,512 - - - - OH Greenridge Plaza Lackawanna Scranton- Wilkes Barre- 126,562 53,080 $34,803 $44,679 - - - - Hazelton, PA Mark Plaza Luzerne Scranton- Wilkes Barre- 124,722 53,562 $34,002 $42,614 - - - - Hazelton, PA Luzerne Street Shopping Ctr. Lackawanna Scranton- Wilkes Barre- 120,838 50,392 $34,650 $44,561 - - - - Hazelton, PA East End Center Luzerne Scranton- Wilkes Barre- 114,991 49,565 $33,939 $42,506 - - - - Hazelton, PA Blackman Plaza Luzerne Scranton- Wilkes Barre- 116,682 50,274 $33,089 $41,383 - - - - Hazelton, PA Sheffield Crossing / 22.22% Lorain Cleveland- Lorain- 121,322 47,230 $45,775 $54,558 - - - - Elyria Amherst Marketplace / 22.22% Lorain Cleveland- Lorain- 97,181 38,366 $40,461 $49,765 - - - - Elyria Sterling Heights Shopping Center Coordinates / 11.11% 42.5803, 257,839 101,330 $64,903 $73,379 - - - - 83.0298 Tarrytown Shopping Center / Coordinates 11.11% 41.0799, 119,686 46,393 $76,834 $104,788 - - - - 73.8640 Hitchcock Plaza / 11.11% Coordinates 33.5156, 45,931 18,554 $49,878 $60,184 84,131 33,423 43,742 52,745 81.7311 Haygood Shopping Center / 11.11% Coordinates 36.8727, 217,586 82,889 $52,974 $62,426 - - - - 76.1350 Walnut Hill Plaza Providence Providence- Fall River, 94,203 37,077 $48,793 $57,263 - - - - RI Ledgewood Mall 105,973 38,609 $75,159 $86,345 278,307 100,409 $84,897 $99,923 Morris Newark, NJ Berlin Shopping Ctr. Burlington Philadelphia, 94,688 34,457 $60,908 $70,450 - - - - PA, NJ Merrillville Plaza 84,180 31,820 $52,697 $60,610 344,569 130,349 $48,747 $57,323 Lake Gary, IN The Gateway Shopping Ctr. Chittenden Burlington, 68,034 27,816 $45,474 $56,025 - - - - VT Marketplace of Absecon Atlantic Atlantic City-Cape 68,488 23,943 $50,386 $59,385 - - - - May, NJ Pittston Plaza Luzerne Scranton- Wilkes Barre- 72,326 31,010 $38,049 $46,790 - - - - Hazelton, PA Plaza 422 Lebanon Harrisburg- Lebanon- 61,325 24,358 $40,383 $48,126 - - - - Carlisle, PA Route 6 Plaza 11,704 4,849 $33,779 $43,036 - - - - Wayne N/A Bradford Towne Centre 8,813 3,627 $38,371 $46,994 17,398 6,799 $38,245 $46,336 Bradford N/A - -------------------------------- --------------------------------- -------------------------------- ------------------------ --------------------------------- -------------------------------- 142,669 54,788 $57,698 $71,056 246,693 91,246 $74,630 $88,452 --------------------------------- -------------------------------- --------------------------------- -------------------------------- 166,471 61,090 $63,105 $78,483 255,190 94,070 $66,059 $77,972 --------------------------------- -------------------------------- Page 47

QUARTERLY SUPPLEMENTAL DISCLOSURE June 30, 2004 Residential (Multi-family) Properties - ----------------------------------------------------------------------------- % % Occupied Occupied Location Square Units June 30, March 31, Property Feet 2004 2004 - ----------------------------------------------------------------------------- Mid-Atlantic North Carolina - ----------------------------------------------------------------------------- Village Apartments Winston Salem 578,606 600 93% 92% Mid-West Missouri - ----------------------------------------------------------------------------- Gate House, Holiday House, Tiger Village, Columbia 628,891 874 94% 94% --------- ----- ------- ------- Colony Apartments (1) Totals 1,207,497 1,474 93% 93% ======== ====== ======== ======= (1) As this property has tenants associated with the University of Missouri, occupancy trends are correlated to semester sessions Page 48