SEC Filing - Acadia Realty Trust

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9-30-2013 Earnings Release

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of Earliest Event Reported): October 22, 2013

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)



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

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)

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

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

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

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

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



Item 2.02.	Results of Operations and Financial Condition.

On October 22, 2013, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and nine months ended September 30, 2013. A copy of this press release is attached to this report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. In addition, on October 22, 2013, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter and nine months ended September 30, 2013. A copy of this supplemental information is attached to this report on Form 8-K as Exhibit 99.2 and incorporated herein by reference. The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be furnished solely pursuant to this Item 2.02, and is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference into any filing under the Securities Act of 1933, as amended ("Securities Act") or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a) (2) of the Securities Act.



Item 9.01.	Financial Statements and Exhibits.

(d) Exhibits



Exhibit Number	Description
99.1	Press release of the Company dated October 22, 2013.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter and nine months ended September 30, 2013.

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: October 25, 2013 By: /s/ Jonathan Grisham

Name: Jonathan Grisham

Title: Sr. Vice President

and Chief Financial Officer

Ex. 99.1 2013-9-30 Earnings Press Release

Exhibit 99.1

ACADIA REALTY TRUST REPORTS THIRD QUARTER 2013 OPERATING RESULTS

WHITE PLAINS, NY (October 22, 2013) - Acadia Realty Trust (NYSE: AKR) today reported operating results for the quarter ended September 30, 2013. All per share amounts are on a fully diluted basis.

Third Quarter 2013 Highlights

Earnings


•	Funds from operations (“FFO”) of $0.32 per share


•	Earnings per share (“EPS”) from continuing operations of $0.16


•	2013 annual FFO guidance increased to a range of $1.26 - $1.29 per share and EPS to a range of $0.69 - $0.72, excluding transaction costs

Core Portfolio -Strong Internal Growth Accompanied by Asset Recycling


•	Same store net operating income (“NOI”) for the third quarter up 4.8% compared to 2012 and increased 8.4% on a year-to-date basis


•	September 30, 2013 94.0% portfolio occupancy; 95.7% including leased space not yet occupied


•	Currently under contract to sell an A&P supermarket-anchored shopping center for $18.4 million


•	Closed on previously announced $11.8 million acquisition in Georgetown, D.C.

Fund Platform - Acquisitions, Monetization and Redevelopment Progress


•	Fund IV closed on $18.9 million and is currently under contract for another $37.3 million of acquisitions


•	Fund II currently under contract to sell Fordham Place and Pelham Manor Shopping Plaza for $192.4 million


•	Signed Target as a co-anchor at Fund II’s City Point project; now 65% pre-leased

Balance Sheet - Low Leverage with Available Capital


•	Core portfolio debt, net of cash on hand and restricted cash related to financings (“Net Debt”), to EBITDA ratio of 3.6x at September 30, 2013; 4.3x including pro-rata share of Opportunity Funds


•	Combined Net Debt to total equity and debt capitalization (“Total Market Capitalization”) of 23% at September 30, 2013

Third Quarter 2013 Operating Results

FFO and Net Income from Continuing Operations for the quarter ended September 30, 2013 were $17.9 million and $8.9 million, respectively, compared to $12.7 million and $5.8 million, respectively, for the quarter ended September 30, 2012. For the nine months ended September 30, 2013, FFO and Net Income from Continuing Operations were $52.1 million and $26.0 million, respectively, compared to $34.2 million and $14.8 million, respectively, for the nine months ended September 30, 2012.

Earnings for the three and nine months ended September 30, 2013 and 2012, on a per share basis, were as follows:



	Quarters ended September 30,			Nine Months ended September 30,
	2013	2012	Variance	2013	2012	Variance
FFO per share	$0.32	$0.27	$0.05	$0.93	$0.75	$0.18
EPS from continuing operations	$0.16	$0.12	$0.04	$0.47	$0.33	$0.14
EPS from discontinued operations	$0.01	$0.04	$(0.03)	$0.03	$0.08	$(0.05)
EPS	$0.17	$0.16	$0.01	$0.50	$0.41	$0.09

The following significant items contributed to the above 2013 increase in EPS from continuing operations:



	2013 v 2012 Variance
	Quarter			Nine Months
Income from 2012 and 2013 acquisitions and redevelopment
projects	$	0.04		$	0.12
(Decrease)/increase in fee income	(0.01		)	0.04
Additional interest income	0.02			0.06
Impairment of asset	—			(0.02		)
Dilution from additional outstanding Common Shares	(0.02		)	(0.07		)
Increase in income from RCP Ventures	0.01			0.01
Total variance	$	0.04		$	0.14

Core Portfolio - Strong Internal Growth and Strategic Asset Recycling

Acadia’s core portfolio (“Core Portfolio”) is comprised of properties that are owned in whole or in part by Acadia outside of its opportunity funds (the “Funds”).

Same-Store NOI and Occupancy

Core Portfolio same-store NOI increased 4.8% for the third quarter 2013 compared to the third quarter 2012, and 8.4% year-to-date.

At September 30, 2013, Acadia’s Core Portfolio occupancy was 94.0%, as compared to 93.7% as of June 30, 2013. Including space currently leased but not yet occupied, the Core Portfolio was 95.7% leased.

Rent Spreads on New and Renewal Leases

The Company realized an increase in average rents on a GAAP basis, which includes the effect of the straight-lining of rents, of 14.3% on 155,000 square feet of new and renewal leases executed during the third quarter of 2013 in its Core Portfolio. On a contractual rent basis, which excludes straight-line rent, the Company experienced an increase of 4.6% in average rents for these same leases.

Recycling Activity - Acquired in Georgetown and Selling in New Jersey

The Company has closed on $120.9 million of Core Portfolio acquisitions since the beginning of 2013. As previously announced, Acadia closed on 3200-3204 M Street in Georgetown, DC for a purchase price of $11.8 million. This 7,000 square foot property, tenanted by Banana Republic, is located at the intersection of M Street and Wisconsin Avenue, the two most desirable retail corridors in Georgetown. The location benefits from excellent demographics, including a population of approximately 321,000 and an average income of approximately $114,000 within a 3-mile radius.

During the third quarter, Acadia entered into a contract to sell the A&P Shopping Center located in Boonton, New Jersey for $18.4 million.

The closing of this transaction and those under contract as discussed hereafter are subject to customary closing conditions, and specific to the sale of the A&P Shopping Center, the assumption of debt. As such, no assurance can be given that the Company will successfully complete these transactions.

Core Portfolio Anchor Recycling

As previously announced, Acadia initiated three key re-anchoring projects during 2011. Two of the projects, the Bloomfield Town Square, located in Bloomfield Hills, Michigan, and the Branch Plaza located in Smithtown (Long Island), New York were completed prior to 2013. During the third quarter, the Company completed a lease with Designer Shoe Warehouse (“DSW”) at the Crossroads Shopping Center located in White Plains, New York. Together with the recently signed PetSmart, these tenants will replace the former A&P supermarket at approximately double the rent and will raise the center’s leased rate to 96%.

Fund Platform - Closed on $18.9 Million Acquisition; Continued Monetization of Fund II Assets

Fund IV New Investments

During the third quarter, Fund IV, in partnership with two unaffiliated entities, completed the acquisition of Paramus Plaza for $18.9 million. This 152,100 square foot property is anchored by Babies “R” Us and Ashley Furniture. The center is located on Route 17 South in the affluent suburban neighborhood of Paramus, New Jersey with a population of approximately 106,000 within a three mile radius and a median annual household income of approximately $123,000.

Also during the quarter, Fund IV entered into contracts to purchase $37.3 million of new acquisitions.

Fund II Continued Monetization

During the third quarter, Fund II entered into a contract to sell Fordham Place and the retail portion of the Pelham Manor Shopping Plaza for a combined purchase price of $192.4 million. The Fund developed these properties in connection with its New York Urban/Infill Redevelopment Initiative. The Company anticipates closing on this transaction prior to the end of the year.

City Point Progress

During the quarter, Fund II entered into a lease with Target to co-anchor City Point, its 1.8 million square foot mixed-use project located in downtown Brooklyn with a vibrant mix of retail, entertainment, food and residential uses. The new CityTarget store, which will occupy 120,000 square feet representing the entire second floor, will join other high-quality anchors Century 21 Department Store, Armani Exchange and Alamo Drafthouse Cinema. Following the signing of this lease, the Company has now completed all pre-leasing of the anchor retail space at City Point and the 675,000 square foot retail component is now 65% pre-leased. With the second through fifth floors now leased, only the first floor and concourse level remain to be leased between now and the expected opening of the center in 2015.

Balance Sheet - Continued Strength with Available Capital

Acadia continues to maintain a solid balance sheet with available liquidity and low leverage as evidenced by the following as of September 30, 2013:


•	Combined Net Debt to Total Market Capitalization of 23%


•	Core Portfolio Net Debt to EBITDA ratio of 3.6x


•	Including the Company’s Core Portfolio debt and pro-rata share of the Company’s Fund debt (“Combined”), a Net Debt to EBITDA ratio of 4.3x


•	Core Portfolio and Combined fixed-charge coverage ratios of 3.2 to 1


•	The Company had total liquidity of $193.2 million, including $55.7 million of cash on hand and $137.5 million available under its unsecured line of credit, excluding the Funds’ cash and credit facilities.

Outlook - Increased Earnings Guidance Range for 2013

Previously, the Company had forecasted its 2013 annual FFO to range from $1.17 - $1.25 per share and EPS from $0.66 - $0.71.

Management now anticipates Acadia’s 2013 annual FFO will range from $1.26 - $1.29 per share and EPS from $0.69 - $0.72. Consistent with the original earnings guidance, these increased ranges are before transaction costs, which through September 30, 2013 totaled $0.04 per share. Inclusive of these costs, FFO is expected to range from $1.22 - $1.25.

Management Comments

“Our portfolio delivered another quarter of solid results,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Importantly, our company, through its dual - core and fund - operating platforms, is well positioned for growth with its multifaceted value-creation capabilities. Over the past 12 months, we have either completed or are in the process of completing, more than $1 billion of transactions, including both strategic acquisitions and profitable asset sales. Additionally, tenant interest in the high-quality real estate within our existing portfolio remains strong, as exemplified by our core portfolio’s 95.7% leased rate and the successful completion of the anchor leasing at Fund II’s Downtown Brooklyn project. We remain convinced of the benefits of our location-driven capital-allocation strategy.”

Investor Conference Call

Management will conduct a conference call on Wednesday, October 23, 2013 at 12:00 PM ET to review the Company’s earnings and operating results. The live conference call can be accessed by dialing 888-771-4371. The pass code is “35746700” or “Acadia Realty”. The call will also be webcast and can be accessed in a listen-only mode at Acadia’s web site at www.acadiarealty.com. If you are unable to participate during the live webcast, the call will be archived and available on Acadia’s website. Alternatively, to access the replay by phone, dial 888-843-7419, and the passcode will be “35746700#”. The phone replay will be available through Wednesday, October 30, 2013.

About Acadia Realty Trust

Acadia Realty Trust, a fully-integrated equity real estate investment trust, is focused on the acquisition, ownership, management and redevelopment of high-quality retail properties and urban/infill mixed-use properties with a strong retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas along the East Coast and in Chicago. Acadia owns, or has an ownership interest in, these properties through its core portfolio and its opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.

Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding Acadia’s future financial results and its ability to capitalize on potential opportunities arising from continued economic uncertainty. Factors that could cause the Company’s forward-looking statements to differ from its future results include, but are not limited to, those discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual report on Form 10-K filed with the SEC on February 27, 2013 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) the current global financial environment and its effect on retail tenants; (ii) the Company’s reliance on revenues derived from major tenants; (iii) the Company’s limited control over joint venture investments; (iv) the Company’s partnership structure; (v) real estate and the geographic concentration of the Company’s properties; (vi) market interest rates; (vii) leverage; (viii) liability for environmental matters; (ix) the Company’s growth strategy; (x) the Company’s status as a REIT; (xi) uninsured losses and (xii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company’s website at www.acadiarealty.com. Any forward-looking statements in this press release speak only as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia’s expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.

(Financial Highlights Follow)

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights ¹

For the Quarters and Nine Months ended September 30, 2013 and 2012

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



	For the Quarters ended						For the Nine Months ended
	September 30,						September 30,
Revenues	2013			2012			2013			2012

Rental income	$	29,913		$	21,708		$	88,067		$	59,208
Interest income	2,969			1,921			9,265			6,127
Expense reimbursements	7,279			4,567			20,800			13,770
Other property income	139			345			737			762
Management fee income	18			290			60			1,166
Other income	—			—			2,962			—
Total revenues	40,318			28,831			121,891			81,033
Operating expenses
Property operating	5,937			4,487			16,130			13,041
Real estate taxes	5,795			4,353			15,739			11,973
General and administrative	5,335			5,517			17,261			16,636
Depreciation and amortization	10,450			7,376			29,278			20,671
Total operating expenses	27,517			21,733			78,408			62,321

Operating income	12,801			7,098			43,483			18,712

Equity in earnings (losses) of unconsolidated affiliates	4,209			(2,538		)	7,274			1,997
Impairment of asset	—			—			(1,500		)	—
Interest expense and other finance costs	(10,517		)	(6,085		)	(29,562		)	(16,547		)
Income (loss) from continuing operations before income taxes	6,493			(1,525		)	19,695			4,162
Income tax (provision) benefit	(186		)	104			(53		)	(1,125		)
Income (loss) from continuing operations	6,307			(1,421		)	19,642			3,037

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights ¹

For the Quarters and Nine Months ended September 30, 2013 and 2012

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



	For the Quarters ended						For the Nine Months ended
	September 30,						September 30,
	2013			2012			2013			2012

Operating income from discontinued operations	2,835			2,159			6,100			9,030
Gain on sale of properties	—			5,917			4,191			8,585
Income from discontinued operations	2,835			8,076			10,291			17,615
Net income	9,142			6,655			29,933			20,652
Loss (income) attributable to noncontrolling interests:
Continuing operations	2,551			7,223			6,391			11,775
Discontinued operations	(2,208		)	(6,297		)	(8,459		)	(13,998		)
Net loss (income) attributable to noncontrolling
interests	343			926			(2,068		)	(2,223		)

Net income attributable to Common Shareholders	$	9,485		$	7,581		$	27,865		$	18,429

Supplemental Information
Income from continuing operations attributable to
Common Shareholders	$	8,858		$	5,802		$	26,033		$	14,812
Income from discontinued operations attributable to
Common Shareholders	627			1,779			1,832			3,617
Net income attributable to Common Shareholders	$	9,485		$	7,581		$	27,865		$	18,429

Net income attributable to Common Shareholders per Common Share - Basic
Net income per Common Share - Continuing
operations	$	0.16		$	0.12		$	0.48		$	0.33
Net income per Common Share - Discontinued
operations	0.01			0.04			0.03			0.08
Net income per Common Share	$	0.17		$	0.16		$	0.51		$	0.41
Weighted average Common Shares	55,460			46,338			54,686			44,447
Net income attributable to Common Shareholders per Common Share - Diluted ²
Net income per Common Share - Continuing
Operations	$	0.16		$	0.12		$	0.47		$	0.33
Net income per Common Share - Discontinued
Operations	0.01			0.04			0.03			0.08
Net income per Common Share	$	0.17		$	0.16		$	0.50		$	0.41
Weighted average Common Shares	55,818			46,812			55,092			44,884

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights ¹

For the Quarters and Nine Months ended September 30, 2013 and 2012

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

RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS ³



	For the Quarters ended					For the Nine Months ended
	September 30,					September 30,
	2013		2012			2013			2012


Net income attributable to Common Shareholders	$	9,485	$	7,581		$	27,865		$	18,429

Depreciation of real estate and amortization of leasing costs
(net of noncontrolling interests' share):
Consolidated affiliates	7,558		5,827			21,145			16,308
Unconsolidated affiliates	777		374			1,978			1,155
Impairment of asset	—		—			1,500			—
Gain on sale (net of noncontrolling interests’ share):
Consolidated affiliates	—		(1,178		)	(776		)	(1,391		)
Unconsolidated affiliates	—		—			—			(609		)
Income attributable to noncontrolling interests’ in
Operating Partnership	104		105			329			269
Distributions - Preferred OP Units	5		4			16			14
Funds from operations	$	17,929	$	12,713		$	52,057		$	34,175
Funds from operations per share - Diluted
Weighted average Common Shares and OP Units ⁴	56,436		47,410			55,735			45,513
Funds from operations, per share	$	0.32	$	0.27		$	0.93		$	0.75

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights ¹

For the Quarters and Nine Months ended September 30, 2013 and 2012

(dollars in thousands)

RECONCILIATION OF OPERATING INCOME TO NET PROPERTY

OPERATING INCOME (“NOI”) ³



	For the Quarters ended						For the Nine Months ended
	September 30,						September 30,
	2013			2012			2013			2012

Operating income	$	12,801		$	7,098		$	43,483		$	18,712

Add back:
General and administrative	5,335			5,517			17,261			16,636
Depreciation and amortization	10,450			7,376			29,278			20,671
Less:
Management fee income	(18		)	(290		)	(60		)	(1,166		)
Interest income	(2,969		)	(1,921		)	(9,265		)	(6,127		)
Straight line rent and other adjustments	(1,724		)	(262		)	(4,271		)	(1,322		)

Consolidated NOI	23,875			17,518			76,426			47,404

Noncontrolling interest in NOI	(6,695		)	(4,638		)	(24,709		)	(10,906		)
Pro-rata share of NOI	17,180			12,880			51,717			36,498
Operating Partnerships’ interest in Opportunity Funds	(930		)	(1,064		)	(3,683		)	(2,427		)
Operating Partnerships’ share of unconsolidated joint ventures ¹	662			1,521			2,017			4,900
NOI - Core Portfolio	$	16,912		$	13,337		$	50,051		$	38,971

Note:
¹Does not include share of unconsolidated joint ventures within Opportunity Funds




SELECTED BALANCE SHEET INFORMATION
	As of
	September 30, 2013		December 31, 2012
	(dollars in thousands)

Cash and cash equivalents	$	88,421	$	91,813
Rental property, at cost	1,348,979		1,051,531
Total assets	2,349,368		1,908,440
Notes payable	1,004,555		603,973
Total liabilities	1,236,212		838,184

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights

For the Quarters and Nine Months ended September 30, 2013 and 2012

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

Notes:

¹ For additional information and analysis concerning the Company’s results of operations, reference is made to the Company’s Quarterly Supplemental Disclosure furnished on Form 8-K to the SEC and included on the Company’s website at www.acadiarealty.com.

² Reflects the potential dilution that could occur if securities or other contracts to issue Common Shares were exercised or converted into Common Shares. The effect of the conversion of Common OP Units is not reflected in the above table as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.

³ The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. FFO and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of depreciated property, depreciation and amortization, and impairment of depreciable real estate. In addition, NOI excludes interest expense. The Company’s method of calculating FFO and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property, plus depreciation and amortization, impairment of depreciable real estate, and after adjustments for unconsolidated partnerships and joint ventures.

⁴ In addition to the weighted average Common Shares outstanding, basic and diluted FFO also assume full conversion of a weighted average 592 and 612 OP Units into Common Shares for the quarters ended September 30, 2013 and 2012, respectively and 618 and 617 OP Units into Common Shares for the nine months ended September 30, 2013 and 2012, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 25 Common Shares for each of the quarters and nine months ended September 30, 2013 and 2012. In addition, diluted FFO also includes the effect of 358 and 435 employee share options, restricted share units and LTIP units for the quarters ended September 30, 2013 and 2012, respectively and 406 and 424 employee share options, restricted share units and LTIP units for the nine months ended September 30, 2013 and 2012, respectively.

Ex. 99.2 2013-9-30 Supplemental

Exhibit 99.2



Table of Contents
Third Quarter 2013



Section I - Financial Information		Section II - Core Portfolio Information

Company Information…………………………………………	3	Core Properties……………………………………………………...	22
Total Market Capitalization……………………………………	4	Core Top Tenants…………………………………………………....	24
Operating Statements		Core Lease Expirations……………………………………………...	25
Pro-rata Consolidation…………………………………………	5	Core New and Renewal Rent Spreads………………………………	26
Opportunity Funds……………………………………………..	6	Core Capital Expenditures………………………………………......	27
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")		Portfolio Demographics…………………………………………......	28
and Funds Available for Distribution ("FAD")………………...	8
EBITDA…………………………………………………….....	9
Same Property Net Operating Income………………………...	10	Section III - Opportunity Fund Information
Fee Income………………………………………………….....	11
Balance Sheet - Pro-rata Consolidation……………………….	12	Opportunity Fund Overview………………………………………...	31
Notes Receivable……………………………………………....	13	Opportunity Fund Properties……………………………………......	32
Other Information		Opportunity Fund Lease Expirations………………………………..	33
2013 Guidance………………………………………………....	14	Development Activity…………………………………………….....	34
Net Asset Valuation Information……………………………....	15	RCP Venture Investments……………………………………….......	35
Selected Financial Ratios……………………………………...	16
Debt Analysis
Summary………………………………………………………	17
Detail……………………………………………………..........	18	Important Notes……………………………………………………..	36
Maturities……………………………………………………...	21


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



Company Information

Acadia Realty Trust, a fully-integrated equity real estate investment trust, is focused on the acquisition, ownership, management and redevelopment of high-quality retail properties and urban/infill mixed-use properties with a strong retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas along the East Coast and in Chicago. Acadia owns, or has an ownership interest in, these properties through its core portfolio and its opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.


Contact Information

	Corporate Headquarters	Investor Relations	New York Stock Exchange
	1311 Mamaroneck Avenue	Jonathan Grisham	Symbol AKR
	Suite 260	Senior Vice President,
	White Plains, NY 10605	Chief Financial Officer
		(914) 288-8142
		jgrisham@acadiarealty.com


Analyst Coverage

	Bank of America / Merrill Lynch	Cowen and Company	KeyBanc Capital Markets, Inc.
	Craig Schmidt - (646) 855-3640	James Sullivan - (646) 562-1380	Todd Thomas - (917) 368-2286
	craig.schmidt@baml.com	james.sullivan@cown.com	tthomas@keybanccm.com

	Bank of Montreal	Green Street Advisors	RBC Capital Markets
	Paul Adornato, CFA - (212) 885-4170	Cedrik LaChance - (949) 640-8780	Rich Moore, CFA - (440) 715-2646
	paul.adornato@bmo.com	clachance@greenst.com	rich.moore@rbccm.com

	Citigroup - Global Markets	J.P. Morgan Securities, Inc.	UBS
	Michael Bilerman - (212) 816-1383	Michael W. Mueller, CFA - (212) 622-6689	Ross Nussbaum - (212) 713-2484
	michael.bilerman@citi.com	michael.w.mueller@jpmorgan.com	ross.nussbaum@ubs.com



Total Market Capitalization
(including pro-rata share of Opportunity Fund debt, dollars in thousands)


							Capitalization
	Percent of	Total Market Capitalization					based on
	Total Equity	$				%	Net Debt ¹	Total Market Capitalization
Equity Capitalization
Total Common Shares Outstanding	98.9%	55,450
Common Operating Partnership ("OP") Units	1.1%	592
Combined Common Shares and OP Units		56,042

Share Price at September 30, 2013		$	24.68

Equity Capitalization - Common Shares and OP Units		$	1,383,117
Preferred OP Units		619			²
Total Equity Capitalization		1,383,736				74%	77%

Debt Capitalization
Consolidated debt		1,002,423
Adjustment to reflect pro-rata share of debt		(507,132		)
Total Debt Capitalization		495,291				26%	23%

Total Market Capitalization		$	1,879,027			100%	100%



Weighted Average Outstanding Common Shares and OP Units
(in thousands)
		September 30, 2013						Changes in Total Common Shares Outstanding
		Year-to-date				Quarter
Weighted average Common Shares - Basic EPS		54,686				55,460		Balance @ 12/31/2012	52,482
Dilutive potential Common Shares		406				358		Stock Issuance	2,822
Weighted average Common Shares - Diluted EPS		55,092				55,818		Other	146
OP Units		618				592
Dilutive potential OP Units		25				25		Balance @ 9/30/13	55,450
Weighted average Common Shares and OP Units - Diluted FFO		55,735				56,435


Notes:
¹ Reflects debt net of Core Portfolio and pro-rata share of Opportunity Funds cash balance and restricted cash relating to City Point financing ("Net Debt") totaling $90,262.
² Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP units multiplied by the Common Share price at quarter end.
³ Fixed-rate debt includes notional principal fixed through interest rate swap transactions.



Income Statements - Pro-rata Consolidation¹
(in thousands)

	Year-to-date ended September 30, 2013															Three months ended September 30, 2013
	Core Portfolio						Opportunity Funds						Total			Core Portfolio						Opportunity Funds						Total

	Continuing			Discontinued			Continuing			Discontinued						Continuing			Discontinued			Continuing			Discontinued
	Operations			Operations			Operations			Operations						Operations			Operations			Operations			Operations
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME

PROPERTY REVENUES
Minimum rents	$	54,183		$	606		$	6,877		$	2,977		$	64,643		$	18,625		$	202		$	2,517		$	941		$	22,285
Percentage rents	258			—			70			—			328			(7		)	—			21			—			14
Expense reimbursements - CAM	5,244			57			870			213			6,384			1,622			17			257			64			1,960
Expense reimbursements - Taxes	8,487			143			1,097			305			10,032			3,154			49			477			123			3,803
Other property income	381			3			154			64			602			25			1			28			10			64
Total Property Revenues	68,553			809			9,068			3,559			81,989			23,419			269			3,300			1,138			28,126

PROPERTY EXPENSES
Property operating - CAM	6,059			56			806			406			7,327			2,112			16			287			148			2,563
Other property operating (Non-CAM)	2,289			8			534			672			3,503			708			3			153			154			1,018
Real estate taxes	10,154			144			1,539			334			12,171			3,687			50			612			144			4,493
Total Property Expenses	18,502			208			2,879			1,412			23,001			6,507			69			1,052			446			8,074

NET OPERATING INCOME - PROPERTIES	50,051			601			6,189			2,147			58,988			16,912			200			2,248			692			20,052

OTHER INCOME (EXPENSE)
Interest income	8,071			—			310			—			8,381			2,509			—			110			—			2,619
Straight-line rent income	2,225			15			417			237			2,894			911			5			107			71			1,094
Straight-line ground rent	—			—			—			(62		)	(62		)	—			—			—			(20		)	(20		)
Above/below market rent	2,360			(108		)	408			—			2,660			880			(36		)	219			—			1,063
Interest expense	(15,043		)	(151		)	(2,375		)	(560		)	(18,129		)	(5,192		)	(51		)	(846		)	(181		)	(6,270		)
Amortization of finance costs	(678		)	(8		)	(385		)	(80		)	(1,151		)	(252		)	(3		)	(208		)	(26		)	(489		)
Above/below market interest expense	1,051			—			138			—			1,189			238			—			69			—			307
Asset and property management expense	(186		)	(15		)	(130		)	(26		)	(357		)	(84		)	(5		)	(55		)	(4		)	(148		)
Other income/(expense)	469			—			495			26			990			—			—			(4		)	—			(4		)
Transaction costs	(1,590		)	(3		)	(465		)	(6		)	(2,064		)	(545		)	(3		)	(12		)	—			(560		)
Impairment of asset	(1,500		)	—			—			—			(1,500		)	—			—			—			—			—
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME	45,230			331			4,602			1,676			51,839			15,377			107			1,628			532			17,644

FEE INCOME
Asset and property management fees	12,867			—			318			—			13,185			4,241			—			112			—			4,353
Transactional fees²	3,811			—			92			—			3,903			1,287			—			52			—			1,339
Income tax benefit (provision)	156			—			(40		)	(1		)	115			(81		)	—			(18		)	—			(99		)
Total Fee Income	16,834			—			370			(1		)	17,203			5,447			—			146			—			5,593

PROMOTE, RCP AND OTHER INCOME
Equity in earnings (losses) from RCP investments	—			—			131			—			131			—			—			160			—			160
Lease termination income	17			—			2			—			19			17			—			2			—			19
Total Promote, RCP and Other Income	17			—			133			—			150			17			—			162			—			179

GENERAL AND ADMINISTRATIVE	(18,066		)	—			(54		)	(1		)	(18,121		)	(5,300		)	—			6			—			(5,294		)

Depreciation and amortization	(20,202		)	(84		)	(2,842		)	(509		)	(23,637		)	(7,483		)	—			(1,045		)	—			(8,528		)
Gain on sale of properties	—			—			—			776			776			—			—			—			—			—
Income before noncontrolling interests	23,813			247			2,209			1,941			28,210			8,058			107			897			532			9,594

Noncontrolling interest - OP	(295		)	—			(44		)	(6		)	(345		)	(92		)	(1		)	(10		)	(6		)	(109		)

NET INCOME	$	23,518		$	247		$	2,165		$	1,935		$	27,865		$	7,966		$	106		$	887		$	526		$	9,485

Notes:
¹Quarterly 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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating its pro-rata share for each of the above line items.
In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods.
²Consists of development, construction, leasing and legal fees.



Income Statements - Opportunity Funds¹
(in thousands)
	Year-to-date ended September 30, 2013
				Continuing																		Continuing			Discontinued												Continuing
				Operations																		Operations			Operations												Operations
	Fund I			AKR Pro-						AKR Pro-			Fund II			Fund II			Fund II			AKR Pro-			AKR Pro-						AKR Pro-			Fund III			AKR Pro-						AKR Pro-			Total
	Continuing			rata share³						rata share³			Continuing			Discontinued			Consolidated			rata share			rata share						rata share			Continuing			rata share						rata share			AKR Pro-
	Operations			37.78%			Mervyns I			37.78%			Operations			Operations			Operations			20.00%			20.00%			Mervyns II			20.00%			Operations			19.90%			Fund IV			23.12%			rata share

PROPERTY REVENUES
Minimum rents	$	171		$	66		$	—		$	—		$	5,675		$	14,882		$	20,557		$	1,135		$	2,977		$	—		$	—		$	21,777		$	4,335		$	5,801		$	1,341		$	9,854
Percentage rents	—			—			—			—			—			—			—			—			—			—			—			290			58			51			12			70
Expense reimbursements - CAM	3			1			—			—			829			1,068			1,897			166			213			—			—			3,060			609			409			94			1,083
Expense reimbursements - Taxes	—			—			—			—			116			1,529			1,645			24			305			—			—			4,273			851			964			222			1,402
Other property income	2			1			—			—			85			318			403			17			64			—			—			677			134			7			2			218
Total Property Revenues	176			68			—			—			6,705			17,797			24,502			1,342			3,559			—			—			30,077			5,987			7,232			1,671			12,627

PROPERTY EXPENSES
Property operating - CAM	7			3			—			—			1,004			2,033			3,037			200			406			—			—			2,749			546			248			57			1,212
Other property operating (Non-CAM)	114			43			—			—			(30		)	3,376			3,346			(5		)	672			—			—			2,409			479			67			17			1,206
Real estate taxes	9			3			—			—			869			1,666			2,535			174			334			—			—			5,777			1,150			915			212			1,873
Total Property Expenses	130			49			—			—			1,843			7,075			8,918			369			1,412			—			—			10,935			2,175			1,230			286			4,291

NET OPERATING INCOME - PROPERTIES	46			19			—			—			4,862			10,722			15,584			973			2,147			—			—			19,142			3,812			6,002			1,385			8,336

OTHER INCOME (EXPENSE)
Interest income	719			271			—			—			11			—			11			2			—			—			—			193			37			1			—			310
Straight-line rent income	—			—			—			—			436			1,187			1,623			88			237			—			—			1,200			239			383			90			654
Straight-line ground rent	—			—			—			—			—			(306		)	(306		)	—			(62		)	—			—			—			—			—			—			(62		)
Above/below market rent	—			—			—			—			—			—			—			—			—			—			—			2,384			475			(291		)	(67		)	408
Interest expense	(3		)	—			—			—			(4,542		)	(2,805		)	(7,347		)	(909		)	(560		)	—			—			(5,394		)	(1,074		)	(1,692		)	(392		)	(2,935		)
Amortization of finance costs	—			—			—			—			(121		)	(398		)	(519		)	(24		)	(80		)	—			—			(1,192		)	(238		)	(530		)	(123		)	(465		)
Above/below market interest expense	—			—			—			—			—			—			—			—			—			—			—			691			138			—			—			138
Asset and property management expense ²	6			3			—			—			54			(135		)	(81		)	10			(26		)	—			—			(418		)	(84		)	(252		)	(59		)	(156		)
Promote expense ³	(73		)	—			10			—			—			—			—			—			—			—			—			—			—			—			—			—
Other income/(expense)	(5		)	(2		)	—			—			(9		)	131			122			(2		)	26			—			—			2,501			498			3			1			521
Transaction costs	—			—			—			—			(78		)	(32		)	(110		)	(16		)	(6		)	—			—			(868		)	(173		)	(1,195		)	(276		)	(471		)
OPPORTUNITY FUND INCOME	690			291			10			—			613			8,364			8,977			122			1,676			—			—			18,239			3,630			2,429			559			6,278

FEE INCOME
Asset and property management fees	—			—			—			—			—			—			—			—			—			—			—			1,600			318			—			—			318
Transactional fees	—			—			—			—			—			—			—			—			—			—			—			463			92			—			—			92
Income tax benefit (provision)	(4		)	(2		)	—			—			(10		)	(5		)	(15		)	(2		)	(1		)	—			—			(181		)	(36		)	—			—			(41		)
Total Fee Income	(4		)	(2		)	—			—			(10		)	(5		)	(15		)	(2		)	(1		)	—			—			1,882			374			—			—			369

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	—			—			(44		)	(17		)	802			—			802			160			—			(60		)	(12		)	—			—			—			—			131
Lease termination income	—			—			—			—			—			—			—			—			—			—			—			7			1			4			1			2
Provision for income taxes (RCP)	—			—			(2		)	—			—			—			—			—			—			(2		)	—			—			—			—			—			—
Total Promote, RCP and Other Income	—			—			(46		)	(17		)	802			—			802			160			—			(62		)	(12		)	7			1			4			1			133




GENERAL AND ADMINISTRATIVE	(65		)	(24		)	(7		)	(2		)	(6		)	(3		)	(9		)	(1		)	(1		)	(7		)	(1		)	(175		)	(35		)	42			9			(55		)

Depreciation and amortization	(3		)	—			—			—			(2,033		)	(2,546		)	(4,579		)	(407		)	(509		)	—			—			(9,373		)	(1,865		)	(2,465		)	(570		)	(3,351		)
Gain on sale of properties	—			—			—			—			—			3,879			3,879			—			776			—			—			—			—			—			—			776
Income before noncontrolling interest	618			265			(43		)	(19		)	(634		)	9,689			9,055			(128		)	1,941			(69		)	(13		)	10,580			2,105			10			(1		)	4,150

Noncontrolling interest - OP	(9		)	(3		)	—			—			(80		)	(30		)	(80		)	(16		)	(6		)	—			—			(125		)	(25		)	—			—			(50		)

NET INCOME	$	609		$	262		$	(43	)	$	(19	)	$	(714	)	$	9,659		$	8,975		$	(144	)	$	1,935		$	(69	)	$	(13	)	$	10,455		$	2,080		$	10		$	(1	)	$	4,100

Notes:
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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues
and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I, II, III & IV and Mervyn's which are consolidated
with the Company's financial statements.
² Funds I, II, III & IV and the Mervyn's entities pay various fees and promotes to the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.
³ Represents a 20% promote earned by Acadia in addition to our 22.22% pro-rata share of the remaining 80% after promote (20%+22.22%*80% = 37.78%).



Income Statements - Opportunity Funds¹
(in thousands)
	Three months ended September 30, 2013
				Continuing																Continuing			Discontinued										Continuing
				Operations																Operations			Operations										Operations
	Fund I			AKR Pro-					AKR Pro-		Fund II			Fund II			Fund II			AKR Pro-			AKR Pro-					AKR Pro-		Fund III			AKR Pro-						AKR Pro-			Total
	Continuing			^{rata share3}					^{rata share3}		Continuing			Discontinued			Consolidated			rata share			rata share					rata share		Continuing			rata share						rata share			AKR Pro-
	Operations			37.78%			Mervyns I		37.78%		Operations			Operations			Operations			20.00%			20.00%			Mervyns II		20.00%		Operations			19.90%			Fund IV			23.12%			rata share

PROPERTY REVENUES
Minimum rents	$	57		$	22		$	—	$	—	$	1,955		$	4,703		$	6,658		$	391		$	941		$	—	$	—	$	7,402		$	1,474		$	2,723		$	630		$	3,458
Percentage rents	—			—			—		—		—			—			—			—			—			—		—		45			9			51			12			21
Expense reimbursements - CAM	—			—			—		—		206			321			527			41			64			—		—		981			195			91			21			321
Expense reimbursements - Taxes	—			—			—		—		64			613			677			13			123			—		—		1,617			322			615			142			600
Other property income	2			1			—		—		30			48			78			6			10			—		—		108			21			—			—			38
Total Property Revenues	59			23			—		—		2,255			5,685			7,940			451			1,138			—		—		10,153			2,021			3,480			805			4,438

PROPERTY EXPENSES
Property operating - CAM	2			1			—		—		306			739			1,045			61			148			—		—		962			191			148			34			435
Other property operating (Non-CAM)	34			13			—		—		19			771			790			4			154			—		—		739			147			(49		)	(11		)	307
Real estate taxes	3			1			—		—		273			717			990			55			144			—		—		2,134			425			566			131			756
Total Property Expenses	39			15			—		—		598			2,227			2,825			120			446			—		—		3,835			763			665			154			1,498

NET OPERATING INCOME - PROPERTIES	20			8			—		—		1,657			3,458			5,115			331			692			—		—		6,318			1,258			2,815			651			2,940

OTHER INCOME (EXPENSE)
Interest income	281			106			—		—		3			—			3			1			—			—		—		16			3			—			—			110
Straight-line rent income	—			—			—		—		(117		)	357			240			(23		)	71			—		—		445			89			179			41			178
Straight-line ground rent	—			—			—		—		—			(102		)	(102		)	—			(20		)	—		—		—			—			—			—			(20		)
Above/below market rent	—			—			—		—		—			—			—			—			—			—		—		1,435			286			(291		)	(67		)	219
Interest expense	(1		)	—			—		—		(1,633		)	(906		)	(2,539		)	(327		)	(181		)	—		—		(1,773		)	(353		)	(717		)	(166		)	(1,027		)
Amortization of finance costs	—			—			—		—		(44		)	(130		)	(174		)	(9		)	(26		)	—		—		(718		)	(143		)	(243		)	(56		)	(234		)
Above/below market interest expense	—			—			—		—		—			—			—			—			—			—		—		346			69			—			—			69
Asset and property management expense ²	2			1			—		—		—			(22		)	(22		)	—			(4		)	—		—		(159		)	(32		)	(104		)	(24		)	(59		)
Promote expense ³	(33		)	—			1		—		—			—			—			—			—			—		—		—			—			—			—			—
Other income/(expense)	(5		)	(2		)	—		—		(10		)	—			(10		)	(2		)	—			—		—		—			—			—			—			(4		)
Transaction costs	—			—			—		—		—			—			—			—			—			—		—		(24		)	(5		)	(30		)	(7		)	(12		)
OPPORTUNITY FUND INCOME	264			113			1		—		(144		)	2,655			2,511			(29		)	532			—		—		5,886			1,172			1,609			372			2,160

FEE INCOME
Asset and property management fees	—			—			—		—		—			—			—			—			—			—		—		565			112			—			—			112
Transactional fees	—			—			—		—		—			—			—			—			—			—		—		263			52			—			—			52
Income tax benefit (provision)	—			—			—		—		—			—			—			—			—			—		—		(89		)	(18		)	—			—			(18		)
Total Fee Income	—			—			—		—		—			—			—			—			—			—		—		739			146			—			—			146

PROMOTE, RCP AND OTHER INCOME
Equity in earnings (losses) from RCP investments	—			—			—		—		802			—			802			160			—			—		—		—			—			—			—			160
Lease termination income	—			—			—		—		—			—			—			—			—			—		—		7			1			4			1			2



Provision for income taxes (RCP)	—			—			(1		)	—			—			—			—			—			—			—	—	—			—			—			—			—
Total Promote, RCP and Other Income	—			—			(1		)	—			802			—			802			160			—			—	—	7			1			4			1			162

GENERAL AND ADMINISTRATIVE	(23		)	(9		)	(6		)	(2		)	(70		)	—			(70		)	(14		)	—			—	—	(3		)	(1		)	138			32			6

Depreciation and amortization	(1		)	—			—			—			(629		)	—			(629		)	(126		)	—			—	—	(3,317		)	(660		)	(1,121		)	(259		)	(1,045		)
Gain on sale of properties	—			—			—			—			—			—			—			—			—			—	—	—			—			—			—			—
Income before noncontrolling interest	240			104			(6		)	(2		)	(41		)	2,655			2,614			(9		)	532			—	—	3,312			658			630			146			1,429

Noncontrolling interest - OP	(3		)	(1		)	—			—			—			(30		)	—			—			(6		)	—	—	(35		)	(7		)	(9		)	(2		)	(16		)

NET INCOME	$	237		$	103		$	(6	)	$	(2	)	$	(41	)	$	2,625		$	2,614		$	(9	)	$	526		—	—	$	3,277		$	651		$	621		$	144		$	1,413

Notes:
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 investments in consolidated and unconsolidated joint ventures are reflected separately for revenues
and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I, II, III & IV and Mervyn's
which are consolidated with the Company's financial statements.
² Funds I, II, III & IV and the Mervyn's entities pay various fees to and promotes the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.
³ Represents a 20% promote earned by Acadia in addition to our 22.22% pro-rata share of the remaining 80% after promote (20%+22.22%*80% = 37.78%).



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

	2013												2012
	Current			Current			Previous			Previous			Historic			Historic
	Year-to-Date			Quarter			Quarter			Quarter			Year-to-Date			Quarter
	Period ended			3 months ended			3 months ended			3 months ended			Period ended			3 months ended
Funds from operations ("FFO"):	September 30, 2013			September 30, 2013			June 30, 2013			March 31, 2013			September 30, 2012			September 30, 2012

Net Income	$	27,865		$	9,485		$	8,757		$	9,623		$	18,429		$	7,581
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)
Consolidated affiliates	21,145			7,558			7,043			6,544			16,308			5,827
Unconsolidated affiliates	1,978			777			650			550			1,155			374
Gain on sale of properties (net of noncontrolling interest share)
Consolidated affiliates	(776		)	—			(776		)	—			(1,391		)	(1,178		)
Unconsolidated affiliates	—			—			—			—			(609		)	—
Impairment of asset	1,500			—			1,500			—			—			—
Income attributable to noncontrolling interests'
share in Operating Partnership	329			104			102			124			269			105
Distributions on Preferred OP Units ²	16			5			5			5			14			4
FFO	$	52,057		$	17,929		$	17,281		$	16,846		$	34,175		$	12,713

Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	52,057		$	17,929		$	17,281		$	16,846		$	34,175		$	12,713
Straight line rent, net	(2,894		)	(1,094		)	(1,130		)	(670		)	(2,122		)	(719		)
Straight-line ground rent	62			20			21			21			63			20
Above/below market rent	(2,660		)	(1,063		)	(993		)	(604		)	(947		)	(399		)
Amortization of finance costs	1,151			489			363			299			761			270
Above/below market interest	(1,189		)	(307		)	(406		)	(476		)	23			16
Non real estate depreciation	330			119			109			102			338			108
Amortization of cost of management contracts	—			—			—			—			20			—
Leasing commissions	(1,276		)	(208		)	(421		)	(647		)	(1,569		)	(947		)
Tenant improvements	(4,604		)	(1,956		)	(1,456		)	(1,192		)	(3,361		)	(366		)
Capital expenditures	(1,025		)	(424		)	(555		)	(46		)	(1,079		)	(692		)
AFFO	$	39,952		$	13,505		$	12,813		$	13,633		$	26,302		$	10,004

Funds Available for Distribution ("FAD"):
AFFO	$	39,952		$	13,505		$	12,813		$	13,633		$	26,302		$	10,004
Scheduled principal repayments	(4,537		)	(1,571		)	(1,514		)	(1,452		)	(3,171		)	(1,268		)
FAD	$	35,415		$	11,934		$	11,299		$	12,181		$	23,131		$	8,736

Total weighted average shares and OP Units:
Basic	55,328			56,078			55,791			54,094			45,089			46,976
Diluted	55,735			56,436			56,215			54,531			45,513			47,410

FFO per share:
FFO per share - Basic	$	0.94		$	0.32		$	0.31		$	0.31		$	0.76		$	0.27
FFO per share - Diluted	$	0.93		$	0.32		$	0.31		$	0.31		$	0.75		$	0.27

AFFO per share - Basic	$	0.72		$	0.24		$	0.23		$	0.25		$	0.58		$	0.21
AFFO per share - Diluted	$	0.72		$	0.24		$	0.23		$	0.25		$	0.58		$	0.21

FAD per share - Basic	$	0.64		$	0.21		$	0.20		$	0.23		$	0.51		$	0.19
FAD per share - Diluted	$	0.64		$	0.21		$	0.20		$	0.22		$	0.51		$	0.18

Notes:
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 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.



EBITDA
(in thousands)

	Year-to-Date																	Current Quarter
	Period ended September 30, 2013																	Three months ended September 30, 2013
	Core Portfolio								Opportunity Funds									Core Portfolio								Opportunity Funds
						Total																	Total
	Continuing			Discontinued		Core			Continuing			Discontinued						Continuing			Discontinued		Core			Continuing			Discontinued
	Operations			Operations		Portfolio			Operations			Operations			TOTAL			Operations			Operations		Portfolio			Operations			Operations		TOTAL

NET INCOME	$	23,518		$	247	$	23,765		$	2,165		$	1,935		$	27,865		$	7,966		$	106	$	8,072		$	887		$	526	$	9,485

Add back:
Depreciation and amortization	20,202			84		20,286			2,842			509			23,637			7,483			—		7,483			1,045			—		8,528
Interest expense	15,043			151		15,194			2,375			560			18,129			5,192			51		5,243			846			181		6,270
Amortization of finance costs	678			8		686			385			80			1,151			252			3		255			208			26		489
Above/below market interest	(1,051		)	—		(1,051		)	(138		)	—			(1,189		)	(238		)	—		(238		)	(69		)	—		(307		)
Gain on sale of properties	—			—		—			—			(776		)	(776		)	—			—		—			—			—		—
Impairment of asset	1,500			—		1,500			—			—			1,500			—			—		—			—			—		—
Provision for income taxes	(156		)	—		(156		)	40			1			(115		)	81			—		81			18			—		99
Noncontrolling interest - OP	295			—		295			44			6			345			92			1		93			10			6		109

EBITDA	$	60,029		$	490	$	60,519		$	7,713		$	2,315		$	70,547		$	20,828		$	161	$	20,989		$	2,945		$	739	$	24,673



Core Portfolio
Same Property Performance ¹
(in thousands)

	Quarter							Year-to-Date

	Three months ended						Growth in Same	Period ended				Growth in Same
							Property NOI -					Property NOI -
	September 30, 2013			September 30, 2012			Continuing Operations	September 30, 2013		September 30, 2012		Continuing Operations

Revenue
Minimum rents	$	14,324		$	13,795		4.2%	$	37,577	$	35,590	6.1%
Expense reimbursements	4,096			3,457			5.1%	10,792		9,042		5.3%
Other property income	4			87			(0.7)%	621		447		0.5%

Total Revenue	18,424			17,339			8.6%	48,990		45,079		11.9%

Expenses
Property operating - CAM & Real estate taxes	4,472			4,101			(2.9)%	11,725		10,958		(2.3)%
Other property operating (Non-CAM)	746			639			(0.8)%	1,696		1,297		(1.2)%

Total Expenses	5,218			4,740			(3.7)%	13,421		12,255		(3.5)%

Same Property NOI - Core properties - Continuing Operations	$	13,206		$	12,599		4.8%	$	35,569	$	32,824	8.4%

Other same property information
Physical Occupancy	93.6		%	92.8		%
Leased Occupancy	95.0		%	94.9		%

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



Fee income by Opportunity Fund
(in thousands)

	Fund I		Fund II		Fund III		Fund IV		Other		Total

Nine Months ended September 30, 2013
Asset and property management fees	$	201	$	3,208	$	4,233	$	4,806	$	419	$	12,867
Transactional fees	10		2,156		1,448		171		26		3,811
Total management fees and priority distributions	$	211	$	5,364	$	5,681	$	4,977	$	445	$	16,678

Current Quarter ended September 30, 2013
Asset and property management fees and priority distributions	$	67	$	1,058	$	1,384	$	1,608	$	124	$	4,241
Transactional fees	4		876		352		29		26		1,287
Total management fees and priority distributions	$	71	$	1,934	$	1,736	$	1,637	$	150	$	5,528


	Fund I		Fund II		Fund III		Fund IV		Other		Total
Previous Quarter ended June 30, 2013
Asset and property management fees	$	67	$	1,060	$	1,432	$	1,611	$	153	$	4,323
Transactional fees	3		660		568		124		—		1,355
Total management fees and priority distributions	$	70	$	1,720	$	2,000	$	1,735	$	153	$	5,678


	Fund I		Fund II		Fund III		Fund IV		Other		Total
Previous Quarter ended March 31, 2013
Asset and property management fees	$	67	$	1,090	$	1,417	$	1,587	$	142	$	4,303
Transactional fees	3		620		528		18		—		1,169
Total management fees and priority distributions	$	70	$	1,710	$	1,945	$	1,605	$	142	$	5,472



Pro-Rata Consolidated Balance Sheet
(in thousands)
	Consolidated				Noncontrolling			Company's			Pro-Rata
	Balance				Interest in			Interest in			Consolidated
	Sheet				Consolidated			Unconsolidated			Balance
	As Reported ¹				Subsidiaries			Subsidiaries			Sheet ²				Notes
ASSETS
Real estate															¹ The interim consolidated balance sheet is unaudited, although it
Land	$	318,539			$	(92,637	)	$	21,172		$	247,074			reflects all adjustments, which in the opinion of management,
Buildings and improvements	1,023,184				(296,657		)	85,019			811,546				are necessary for the fair presentation of the consolidated
Construction in progress	7,256				(4,267		)	128			3,117				balance sheet for the interim period.
	1,348,979				(393,561		)	106,319			1,061,737
Less: accumulated depreciation	(218,921		)		51,906			(8,391		)	(175,406		)		² The Company currently invests in Funds I, II, III & IV and Mervyns I & II
Net real estate	1,130,058				(341,655		)	97,928			886,331				which are consolidated with the Company's financial statements.
															To provide investors with supplemental information, the Company's
Net real estate under development	334,445			³	(268,593		)	11			65,863				investments in these joint ventures are reflected above on a pro-rata
															basis by calculating its ownership percentage for each of the asset
Cash and cash equivalents	88,421				(27,076		)	2,438			63,783				and liability line items. Similarly, the presentation also includes
Cash in escrow	19,971				(11,686		)	960			9,245				the Company's pro-rata share of assets and liabilities for
Restricted cash	134,392				(107,913		)	—			26,479				unconsolidated investments which are accounted for under the equity
Investments in and advances to unconsolidated affiliates	196,936				(150,456		)	(45,386		)	1,094				method of accounting for the Company's financial statements.
Rents receivable, net	469				(1,153		)	963			279
Straight-line rents receivable, net	23,262				(6,916		)	1,159			17,505
Notes Receivable	95,352				(10,055		)	215			85,512				³ The components of Net real estate under development are as follows:
Deferred charges, net	29,941				(15,481		)	1,637			16,097				Fund II	$	277,883
Prepaid expenses and other assets	44,858				14,164			876			59,898			⁴	Fund III	52,003
Acquired lease intangibles	32,583				(9,080		)	1,741			25,244				Fund IV	14
Accounts receivable from related parties	2,177				—			—			2,177
Assets of discontinued operations	216,503				(169,161		)	—			47,342				Total Opportunity Funds	329,900
															Core Portfolio	4,545
Total Assets	$	2,349,368			$	(1,105,061	)	$	62,542		$	1,306,849			Total	$	334,445

LIABILITIES AND SHAREHOLDERS' EQUITY															⁴ The components of Prepaid expenses and other assets are as follows:
															Due from Fund Investors	$	39,006
Mortgage notes payable	$	1,002,043			$	(577,555	)	$	70,423		$	494,911			Prepaid expenses	9,194
Notes payable	380				—			—			380				Accrued interest on Notes Receivable	4,243
Valuation of debt at acquisition, net of amortization	2,132				(72		)	115			2,175				Contract deposits	1,321
Acquired lease intangibles	22,204				(4,753		)	1,984			19,435				Other	6,134
Accounts payable and accrued expenses	36,694				(14,151		)	1,290			23,833				Total	$	59,898
Dividends and distributions payable	11,984				—			—			11,984
Share of losses in excess of inv. in unconsolidated affiliates	12,426				—			(12,426		)	—
Other liabilities	16,318				(4,050		)	1,156			13,424
Liabilities of discontinued operations	132,031				(102,794		)	—			29,237
Total liabilities	1,236,212				(703,375		)	62,542			595,379

Shareholders' equity:
Common shares	55				—			—			55
Additional paid-in capital	660,160				—			—			660,160
Accumulated other comprehensive loss	(746		)		—			—			(746		)
Retained earnings	38,294				—			—			38,294
Total controlling interest	697,763				—			—			697,763
Noncontrolling interest in subsidiary	415,393				(401,686		)	—			13,707
Total shareholders' equity	1,113,156				(401,686		)	—			711,470

Total Liabilities and Shareholders' Equity	$	2,349,368			$	(1,105,061	)	$	62,542		$	1,306,849



Notes Receivable
(in thousands)

						Balance at										Underlying third-party
	Balance at		Third			September 30, 2013						Stated	Effective			first mortgage
	June 30, 2013		Quarter					Accrued				Interest	Interest	Maturity	Extension
Investment	Principal		Activity			Principal²		Interest		Total		Rate	Rate ¹	Dates	Options	Amount	Maturity Dates


First mortgage notes	$	43,519	$	(10,250	)	$	33,269	$	552	$	33,821	8.29%	10.28%	2013 to 2014	—	n/a	n/a

Mezzanine notes	49,762		118			49,880		3,654		53,534		14.15%	14.83%	2013 to 2020	—	310,056	2013 thru 2019

Total notes receivable	$	93,281	$	(10,132	)	$	83,149	$	4,206	$	87,355	11.81%	13.01%

Notes:
¹ Inclusive of points and exit fees.

² Reconciliation of Notes Receivable to the Consolidated Balance Sheet

Total Notes Receivable per above	$	83,149

Fund I first mortgage loan - seller financing for Kroger/Safeway sale	12,203

Total Notes Receivable per Consolidated Balance Sheet	$	95,352



2013 Guidance
(in millions except per share amounts, all per share amounts are fully diluted)



	2013 Guidance¹	2012 Actual
Overall:

Fully diluted Common Shares and OP Units	56,000 - 56,500	51,150

Full year Funds from Operations ("FFO") per share	$1.26 to $1.29	$1.04

Earnings per Share ("EPS")	$0.69 to $0.72	$0.85


FFO Components:

Core and pro-rata share of opportunity Fund ("Fund") portfolio income	$73.0 to $73.5	$47.6

Asset and property management fee income, net of TRS taxes	$17.0 to $17.5	$16.3

Transactional fee income, net of TRS taxes	$4.5 to $5.0	$6.8

Promote, RCP and other income, net of TRS taxes	$0.5 to $1.0	$1.5

General and administrative expense	$(24.5) to $(24.0)	$(23.4)

Total	$70.5 to $73.0	$48.8

Note:
¹ Guidance is before transaction costs which totaled $2.0 million as of September 30, 2013.



Net Asset Valuation Information
(in thousands)

	CORE				FUND I						FUND II								FUND III											FUND IV
					Fund Level		AKR pro-rata share				Fund Level				AKR Pro-rata Share				Fund Level						AKR pro-rata share					Fund Level						AKR pro-rata share
	Quarterly		Annualized (x4)				%		$		Quarterly		Annualized (x4)		%		$		Quarterly			Annualized (x4)			%		$			Quarterly			Annualized (x4)			%		$
Current NOI
Net Operating Income - Continuing Operations	$	16,912	$	67,648	--						$	1,657	$	6,628	20.00	%	$	1,326	$	6,318		$	25,272		19.90	%	$	5,029		$	2,815		$	11,260		23.12	%	$	2,603
Less:
(Income)/ loss from pre-stabilized assets ²											—		—				—		(659		)	(2,636		)			(525		)	(1,685		)	(6,632		)			(1,533		)
(Income)/ loss from development projects ³											—		—				—		(231		)	(924		)			(184		)	(131		)	(524		)			(121		)
Net Operating Income of stabilized assets											1,657		6,628				1,326		5,428			21,712					4,321			1,026			4,104					949

Costs to Date
Pre-stabilized assets ²													$	—			$	—				$	96,088				$	19,122					$	141,082				$	32,618
Development projects ³													247,800				49,560					57,400					11,423						7,700					1,780

Total Costs to Date													$	247,800			$	49,560				$	153,488				$	30,545					$	148,782				$	34,398

NAV Discontinued operations, net of debt													$	99,303			$	19,861

Debt			$	356,846	$	—							$	317,912			$	60,404				$	247,318				$	45,092					$	146,710				$	32,949

Gross asset value¹					11,600
Net Asset Value					$	11,600	37.78	%	$	4,382


Notes:
¹Fund I value is based on property appraisals. Pro-rata share is 20% (AKR promote) + 22% x 80% (AKR remaining share after promote) = 37.78%.
²Consists of the following projects:
Fund III:
640 Broadway
654 Broadway
Marcus Ave
Nostrand
Lincoln Park Centre
Fund IV:
719 Lincoln Rd
1650 Meridian Avenue
838 Lincoln Road
2819 Kennedy Blvd
³See "Redevelopment Activity" page in this supplemental



Selected Financial Ratios
(in thousands)

	Three months ended September 30,						Period ended September 30,							Three months ended September 30,			Three months ended June 30,

	2013			2012			2013			2012				2013			2013
COVERAGE RATIOS ¹													LEVERAGE RATIOS

Fixed-Charge Coverage Ratios													Debt⁴	$	495,291		$	517,305
													Total Market Capitalization	1,879,027			1,901,478
EBITDA² divided by:	$	20,989		$	16,597		$	60,519		$	44,097		Debt/Total Market Capitalization	26		%	27		%
Interest expense	5,243			4,933			15,194			13,807
Principal Amortization	1,320			1,268			3,855			3,171			Debt^{4, 6}	$	405,029		$	447,316
Preferred Dividends	5			4			16			14			Total Market Capitalization	1,788,765			1,831,489
Fixed-Charge Coverage Ratio - Core Portfolio	3.2x			2.7x			3.2x			2.6x			Net Debt/Total Market Capitalization	23		%	24		%

EBITDA divided by:	$	24,673		$	19,300		$	70,547		$	53,569		Debt + Preferred Equity (Preferred O.P. Units)	$	495,910		$	517,924
Interest expense	6,270			5,954			18,129			16,918			Total Market Capitalization	1,879,027			1,901,478
Principal Amortization	1,571			1,268			4,537			3,171			Debt+Preferred Equity/Total Market Capitalization	26		%	27		%
Preferred Dividends	5			4			16			14
Fixed-Charge Coverage Ratio - Core Portfolio													Debt	$	356,846		$	363,437
and Opportunity Funds	3.1x			2.7x			3.1x			2.7x			EBITDA (Annualized)	83,312			82,744
													Debt/EBITDA - Core Portfolio	4.3x			4.4x
Payout Ratios
													Debt⁵	$	301,153		$	301,611
Dividends (Shares) & Distributions (OP Units) paid	$	11,982		$	8,482		$	35,726		$	24,493		EBITDA (Annualized)	83,312			82,744
FFO	17,929			12,713			52,057			34,175			Net Debt/EBITDA - Core Portfolio	3.6x			3.6x
FFO Payout Ratio	67		%	67		%	69		%	72		%
													Debt	$	495,291		$	517,305
Dividends (Shares) & Distributions (OP Units) paid	$	11,982		$	8,482		$	35,726		$	24,493		EBITDA (Annualized)	95,092			93,236
AFFO	13,505			10,004			39,952			26,302			Debt/EBITDA - Core Portfolio and Opportunity Funds	5.2x			5.5x
AFFO Payout Ratio	89		%	85		%	89		%	93		%
													Debt⁶	$	405,029		$	447,316
Dividends (Shares) & Distributions (OP Units) paid	$	11,982		$	8,482		$	35,726		$	24,493		EBITDA (Annualized)	95,092			93,236
FAD	11,934			8,736			35,415			23,131			Net Debt/EBITDA - Core Portfolio and Opportunity Funds	4.3x			4.8x
FAD Payout Ratio	100		%	97		%	101		%	106		%
													NOI (Annualized)	$	67,648		$	67,908
													Debt	356,846			363,437
Notes:													Debt Yield - Core Portfolio	19		%	19		%
¹ Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.
² See page 9 for a calculation of EBITDA.													NOI (Annualized)	$	67,648		$	67,908
³ Represents preferred distributions on Preferred Operating partnership Units.													Debt⁵	301,153			301,611
⁴ Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt.													Net Debt Yield - Core Portfolio	22		%	23		%
⁵ Reflects debt net of the current Core Portfolio cash balance at end of period.
⁶ Reflects debt net of the current Core Portfolio and pro-rata share of the Opportunity Funds cash balance at end of period.													NOI (Annualized)	$	76,640		$	78,044
													Debt	495,291			517,305
													Debt Yield - Core Portfolio and Opportunity Funds	15		%	15		%

													NOI (Annualized)	$	76,640		$	78,044
													Debt⁶	405,029			447,316
													Net Debt Yield - Core Portfolio and Opportunity Funds	19		%	17		%



Portfolio Debt - Summary
Reconciliation from Pro-Rata Share of Debt to GAAP Debt per Financial Statement
(in thousands)

	Acadia Pro-Rata Share of Debt ²											Reconciliation to Consolidated Debt as Reported
												Add:		Less:			Acadia
	Core Portfolio				Opportunity Funds			Total				Noncontrolling		Pro-rata Share of			Consolidated
	Principal			Interest	Principal		Interest	Principal		Interest	Fixed vs	Interest Share of		Unconsolidated			Debt
Mortgage Notes Payable	Balance			Rate	Balance		Rate	Balance		Rate	Variable	Consolidated Debt ³		Debt ⁴			As Reported

Fixed-Rate Debt ¹	$	382,016		5.6%	$	78,417	4.7%	$	460,433	5.2%	93%	$	422,720	$	(47,944	)	$	835,209
Variable-Rate Debt	(25,170		)	N/A	60,028		2.3%	34,858		2.3%	7%	154,835		(22,479		)	167,214

Total	$	356,846		5.6%	$	138,445	3.6%	$	495,291	5.0%	100%	$	577,555	$	(70,423	)	1,002,423
Unamortized premium																	2,132
Total debt as reported																	$	1,004,555


Notes:
¹ Fixed-rate debt includes notional principal fixed through swap transactions.
² Represents the Company's pro-rata share of debt based on its percent ownership.
³ Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.
⁴ Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.



Portfolio Debt - Detail
(in thousands)

		Principal Balance at			Acadia's Pro-rata Share				Interest	Maturity	Extension
Property	Entity	September 30, 2013			Percent	Amount			Rate	Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
Clark Diversey	Acadia	$	4,231		100.0%	$	4,231		6.35%	7/1/2014	None
New Loudon Center	Acadia	13,437			100.0%	13,437			5.64%	9/6/2014	None
Crossroads Shopping Center	Crossroads JV	58,545			49.0%	28,687			5.37%	12/1/2014	None
Crescent Plaza	Acadia	16,818			100.0%	16,818			4.98%	9/6/2015	None
Pacesetter Park Shopping Center	Acadia	11,585			100.0%	11,585			5.12%	11/6/2015	None
Elmwood Park Shopping Center	Acadia	32,876			100.0%	32,876			5.53%	1/1/2016	None
Chicago Portfolio	Acadia	15,629			100.0%	15,629			5.61%	2/1/2016	None
The Gateway Shopping Center	Acadia	19,821			100.0%	19,821			5.44%	3/1/2016	None
Cambridge (Whole Foods)	Acadia	10,961			100.0%	10,961			5.32%	5/1/2016	1 x 60 mos.
Brandywine Town Center	Brandywine JV	166,200			22.2%	36,933			5.99%	7/1/2016	None
Walnut Hill Plaza	Acadia	22,983			100.0%	22,983			6.06%	10/1/2016	None
Rhode Island Place Shopping Center	Acadia	16,264			100.0%	16,264			6.35%	12/1/2016	None
Acadia Realty Trust (Convertible Notes)	Acadia	380			100.0%	380			3.75%	12/15/2016	None
239 Greenwich Avenue	Acadia	26,000			75.0%	19,500			5.42%	2/11/2017	None
639 West Diversey	Acadia	4,364			100.0%	4,364			6.65%	3/1/2017	None
Merrillville Plaza	Acadia	25,918			100.0%	25,918			5.88%	8/1/2017	None
Georgetown Portfolio	Acadia	18,262			50.0%	9,131			4.72%	12/10/2027	None
Interest rate swaps¹	Acadia	92,498			100.0%	92,498			4.46%	Various

Sub-Total Fixed-Rate Debt		556,772				382,016			5.35%

Variable-Rate Debt

Branch Plaza	Acadia	12,350			100.0%	12,350			Libor + 225	9/30/2014	1 x 36 mos.
Unsecured Line of Credit²	Acadia	—			100.0%	—			Libor + 155	1/31/2016	1 x 12 mos.
Village Commons Shopping Center	Acadia	9,104			100.0%	9,104			Libor + 140	6/30/2018	None
West Diversey	Acadia	14,973			100.0%	14,973			Libor + 190	4/27/2019	None
4401 N White Plains Road	Acadia	6,293			100.0%	6,293			Libor + 190	9/1/2022	None
28 Jericho Turnpike	Acadia	16,266			100.0%	16,266			Libor + 190	1/23/2023	None
60 Orange Street	Acadia	8,512			98.0%	8,342			Libor + 175	4/3/2023	None
Interest rate swaps¹	Acadia	(92,498		)	100.0%	(92,498		)	Libor + 190

Sub-Total Variable-Rate Debt		(25,000		)		(25,170		)	Libor + 196

Total Core Portfolio Debt		$	531,772			$	356,846		5.57%



Portfolio Debt - Detail (continued)
(in thousands)

		Principal Balance at			Acadia's Pro-rata Share				Interest	Maturity	Extension
Property	Entity	September 30, 2013			Percent	Amount			Rate	Date	Options

OPPORTUNITY FUNDS

Fixed-Rate Debt
Lincoln Park Centre	Fund III	$	19,142		19.9%	$	3,809		5.85%	12/1/2013	None
Lincoln Road⁶	Fund III	19,593			18.9%	3,705			6.14%	8/11/2014	None
CityPoint	Fund II	20,000			18.8%	3,766			7.25%	11/1/2014	None
Arundel Plaza⁷	Fund III	9,029			17.9%	1,618			5.6%	4/1/2015	None
216th Street³	Fund II	25,500			19.8%	5,054			5.8%	10/1/2017	None
CityPoint	Fund II	197,000			18.8%	37,092			4.75%	2018 ⁹	None
CityPoint ⁸	Fund II	5,262			18.8%	991			1%	8/23/2019	None
Interest rate swaps¹	Funds II & III	116,728			19.2%	22,382			3.47%	Various

Sub-Total Fixed-Rate Debt		412,254				78,417			4.66%

Variable-Rate Debt


210 Bowery	Fund IV	4,600			23.1%	1,064			Libor + 195	6/1/2014	1 x 12 mos.
Parkway Crossing⁷	Fund III	13,446			17.9%	2,409			Libor + 220	1/1/2015	2 x 12 mos.
640 Broadway	Fund III	22,750			10.0%	2,264			Libor + 295	7/1/2015	1 x 12 mos.
Heritage Shops	Fund III	20,968			19.9%	4,173			Libor + 225	8/10/2015	2 x 12 mos.
CityPoint	Fund II	20,650			18.8%	3,888			Libor + 350	8/12/2015	None
CityPoint	Fund II	20,000			18.8%	3,766			Libor + 500	8/23/2015	1 x 12 mos.
Cortlandt Towne Center	Fund III	84,937			19.9%	16,902			Libor + 165	10/26/2015	None
New Hyde Park Shopping Center	Fund III	6,342			19.9%	1,262			Libor + 225	11/10/2015	2 x 12 mos.
Acadia Strategic Opportunity IV LLC⁴	Fund IV	58,110			23.1%	13,435			Libor + 165	11/20/2015	1 x 12 mos.
Nostrand Avenue	Fund III	12,697			19.9%	2,527			Libor + 265	2/1/2016	2 x 12 mos.
White City Shopping Center⁵	Fund III	38,414			16.7%	6,423			Libor + 260	12/23/2017	1 x 36 mos.
161st Street³	Fund II	29,500			19.8%	5,847			Libor + 250	4/1/2018	None
Lincoln Road	Fund IV	84,000			22.0%	18,450			Libor + 160	6/14/2018	None
Interest rate swaps¹	Funds II & III	(116,728		)	19.2%	(22,382		)	Libor + 232

Sub-Total Variable-Rate Debt		299,686				60,028			Libor + 207

Total Opportunity Funds Portfolio Debt		$	711,940			$	138,445		3.62%

Total Debt - Continuing Operations		$	1,243,712			$	495,291		5.03%



Portfolio Debt - Notes
(in thousands)


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

	Notional		Pro-rata		Average		Maturity
	principal		Share		Swap rate	All-in Rate	Date
Core Portfolio
	$	9,104	$	9,104	2.90%	4.78%	7/2/2018
	14,973		14,973		1.57%	3.44%	5/1/2019
	6,293		6,293		1.75%	3.62%	9/1/2022
	12,350		12,350		3.77%	5.64%	12/1/2022
	16,266		16,266		3.77%	5.65%	1/23/2023
	15,000		15,000		2.23%	4.11%	3/31/2023
	10,000		10,000		2.15%	4.03%	3/31/2023
	8,512		8,342		1.77%	3.65%	4/1/2023
	92,498		92,328		2.58%	4.46%

Opportunity Funds

	34,910		6,982		0.70%	2.95%	5/1/2015
	32,122		6,424		0.70%	2.95%	5/1/2015
	20,968		4,173		0.52%	2.77%	8/10/2015
	19,152		3,202		2.90%	5.50%	12/26/2017
	9,576		1,601		3.02%	5.62%	12/26/2017
	116,728		22,382		1.15%	3.47%

Total Core Portfolio and Opportunity Funds	$	209,226	$	114,710	2.30%	4.27%

²This is an unsecured revolving facility which has a current capacity up to $150,000 and can be increased to $300,000.
The interest rate will vary based on levels of leverage. As of September 30, 2013, the interest rate is LIBOR + 155 basis points.
³Fund II is a 99.1% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 99.1% x 20%, or 19.8%.
⁴Total current availability under this facility is $150,000. Fund IV also has the ability to increase the size of this facility to a total of $266,696.
⁵Fund III is an 84.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 84.0% x 19.9%, or 16.7%.
⁶Fund III is a 95.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 95.0% x 19.9%, or 18.9%.
⁷Fund III is a 90.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 90.0% x 19.9%, or 17.9%.
⁸This loan was made in connection with the New Markets Tax Credit and contains a borrower option to purchase the loan at the end of the term.
⁹The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2013.



Future Debt Maturities¹
(in thousands)

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

2013	$	1,538	$	—	$	1,538	$	1,357	$	—	$	1,357	n/a		n/a		n/a
2014	6,064		86,500		92,564		5,320		57,374		62,694		5.05	%	5.47	%	2.43	%
2015	4,552		27,344		31,896		4,388		27,344		31,732		5.04	%	5.04	%	n/a
2016	2,950		279,959		282,909		2,780		150,692		153,472		5.88	%	5.88	%	n/a
2017	2,041		54,549		56,590		1,862		48,049		49,911		5.72	%	5.72	%	n/a
Thereafter	9,945		56,331		66,276		7,762		49,918		57,680		2.58	%	4.72	%	1.96	%
Total	$	27,090	$	504,683	$	531,773	$	23,469	$	333,377	$	356,846





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

2013	$	1,026	$	19,026	$	20,052	$	196	$	3,787	$	3,983	5.85	%	5.85	%	n/a
2014	8,241		39,179		47,420		1,725		7,392		9,117		6.23	%	6.71	%	2.13	%
2015	2,800		251,762		254,562		494		48,917		49,411		2.66	%	5.60	%	2.56	%
2016	707		11,397		12,104		121		2,269		2,390		2.84	%	n/a		2.83	%
2017	577		61,463		62,040		97		11,067		11,164		4.03	%	5.80	%	2.78	%
Thereafter	—		315,762		315,762		—		62,380		62,380		3.70	%	4.65	%	2.01	%
Total	$	13,351	$	698,589	$	711,940	$	2,633	$	135,812	$	138,445

Note:
¹ Does not include any applicable extension options.



Core Portfolio Retail Properties - Detail
														Leased								Annualized
		Year	Acadia's		Gross Leaseable Area			In Place Occupancy						Occupancy		Annualized Base Rent PSF						Base Rent
Property	Key Tenants	Acquired	interest		Anchors	Shops	Total	Anchors		Shops		Total		Total		Anchors		Shops		Total		Total

STREET RETAIL
Chicago Metro

664 N. Michigan Avenue	Tommy Bahama, Ann Taylor Loft	2013	100.0	%	—	18,141	18,141	—		100.0	%	100.0	%	100.0	%	$	—	$	232.06	$	232.06	$	4,209,889
Rush and Walton Streets Collection - 5 properties	Lululemon, Brioni, BHLDN	2011/12	100.0	%	—	34,694	34,694	—		77.3	%	77.3	%	100.0	%	—		133.28		133.28		3,575,382

613-623 West Diversey Parkway	Vitamin Shoppe	2006	100.0	%	—	19,265	19,265	—		100.0	%	100.0	%	100.0	%	—		45.11		45.11		869,068
651-671 West Diversey	Trader Joe's, Urban Outfitters	2011	100.0	%	16,500	29,759	46,259	100.0	%	100.0	%	100.0	%	100.0	%	54.55		33.50		41.01		1,896,925
Clark Street and W. Diversey Collection - 3 properties	Ann Taylor, Akira, Hanig Shoes	2011/12	100.0	%	—	24,420	24,420	—		100.0	%	100.0	%	100.0	%	—		45.95		45.95		1,122,103

Halstead and Armitage Collection - 9 properties	Intermix, BCBG, Club Monaco	2011/12	100.0	%	—	44,658	44,658	—		94.9	%	94.9	%	94.9	%	—		44.40		44.40		1,882,306

North Lincoln Park Chicago Collection - 5 properties	Aldo, Carhartt, Chase Bank	2011/12	100.0	%	—	35,255	35,255	—		94.9	%	94.9	%	94.9	%	—		32.17		32.17		1,076,239
					16,500	206,192	222,692	100.0	%	94.2	%	94.6	%	98.2	%	54.55		70.69		69.43		14,631,912
New York Metro
83 Spring Street	Paper Source	2012	100.0	%	—	3,000	3,000	—		100.0	%	100	%	100.0	%	—		207.96		207.96		623,884
Mercer Street	3 X 1 Denim	2011	100.0	%	—	3,375	3,375	—		100.0	%	100	%	100.0	%	—		116.93		116.93		394,655
East 17th Street	Barnes & Noble	2008	100.0	%	10,382	—	10,382	100.0	%	—		100	%	100.0	%	60.20		—		60.20		625,000
181 Main Street	TD Bank	2012	100.0	%	—	11,350	11,350	—		100.0	%	100	%	100.0	%	—		74.48		74.48		845,300
4401 White Plains Road	Walgreens	2011	100.0	%	12,964	—	12,964	100.0	%	—		100	%	100.0	%	48.21		—		48.21		625,000
Bartow Avenue	Sleepy's	2005	100.0	%	—	14,676	14,676	—		100.0	%	100	%	100.0	%	—		31.33		31.33		459,779
239 Greenwich Avenue	Restoration Hardware, Polarn O Pyret	1998	75.0	%	—	16,834	16,834	—		100.0	%	100	%	100.0	%	—		92.35		92.35		1,554,663
Third Avenue	Planet Fitness	2006	100.0	%	21,650	18,670	40,320	100.0	%	100.0	%	100.0	%	100.0	%	21.65		21.79		21.71		875,456
					44,996	67,905	112,901	100.0	%	100.0	%	100.0	%	100.0	%	38.20		63.10		53.18		6,003,737
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	Ruth Chris Steakhouse, TD Bank	2012	100.0	%	—	22,907	22,907	—		100.0	%	100.0	%	100.0	%	—		55.22		55.22		1,264,840
Rhode Island Place Shopping Center	TJ Maxx	2012	100.0	%	24,996	32,533	57,529	100.0	%	100.0	%	100.0	%	100.0	%	12.50		40.27		28.21		1,622,629
M Street and Wisonsin Corridor - 6 Properties	Lacoste, Juicy Couture, Coach	2011	50.0	%	—	32,324	32,324	—		93.4	%	93.4	%	93.4	%	—		78.21		78.21		2,362,131
					24,996	87,764	112,760	100.0	%	98.3	%	98.7	%	98.7	%	12.50		57.24		47.19		5,249,600
Boston Metro
Cambridge (330-340 River Street)	Whole Foods	2012	100.0	%	54,226	—	54,226	100.0	%	—		100.0	%	100.0	%	20.85		—		20.85		1,130,470
					54,226	—	54,226	100.0	%	—		100.0	%	100.0	%	20.85		—		20.85		1,130,470

Total Street Retail					140,718	361,861	502,579	100.0	%	96.3	%	97.3	%	98.9	%	$	28.86	$	65.88	$	55.23	$	27,015,719

Acadia Share Total Street Retail					140,718	344,991	485,709	100.0	%	96.3	%	97.4	%	99.0	%	$	28.86	$	65.31	$	54.47	$	25,763,425

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




Core Portfolio Retail Properties - Detail (continued)
														Leased								Annualized
		Year	Acadia's		Gross Leaseable Area			Occupancy						Occupancy		Annualized Base Rent PSF						Base Rent
Property	Anchors	Acquired	interest		Anchors	Shops	Total	Anchors		Shops		Total		Total		Anchors		Shops		Total		Total
SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Pathmark (A&P)	1998	100.0	%	62,610	86,460	149,070	100.0	%	94.8	%	97	%	100.0	%	$	25.26	$	25.18	$	25.22	$	3,645,466
Marketplace of Absecon	Rite Aid, Dollar Tree	1998	100.0	%	47,915	56,913	104,828	56.7	%	92.1	%	75.9	%	75.9	%	20.34		15.13		16.91		1,345,998
60 Orange Street	Home Depot	2012	98.0	%	101,715	—	101,715	100.0	%	—		100.0	%	100.0	%	6.83		—		6.83		695,000

New York
Village Commons Shopping Center	—	1998	100.0	%	—	87,330	87,330	—		100.0	%	100.0	%	100.0	%	—		30.85		30.85		2,693,831
Branch Plaza	LA Fitness, CVS	1998	100.0	%	74,050	52,223	126,273	75.7	%	79.6	%	77.3	%	77.3	%	21.35		30.12		25.08		2,449,023
Amboy Center	Stop & Shop (Ahold)	2005	100.0	%	37,266	26,024	63,290	100.0	%	100.0	%	100.0	%	100.0	%	20.00		45.83		30.62		1,937,924
Pacesetter Park Shopping Center	Stop & Shop (Ahold)	1999	100.0	%	52,052	45,531	97,583	100.0	%	82.7	%	91.9	%	91.9	%	8.48		18.47		12.67		1,136,350
LA Fitness	LA Fitness	2007	100.0	%	55,000	—	55,000	100.0	%	—		100.0	%	100.0	%	25.30		—		25.30		1,391,500
Crossroads Shopping Center	Kmart, Home Goods, Modell's	1998	49.0	%	201,296	107,970	309,266	81	%	74.7	%	78.8	%	95.5	%	9.93		44.77		21.45		5,227,877
New Loudon Center	Marshalls, Price Chopper	1993	100.0	%	251,058	4,615	255,673	100.0	%	100.0	%	100	%	100.0	%	7.28		28.26		7.66		1,959,124
28 Jericho Turnpike	Kohl's	2012	100.0	%	96,363	—	96,363	100.0	%	—		100	%	100.0	%	17.12		—		17.12		1,650,000

Connecticut
Town Line Plaza¹	Wal-Mart, Stop & Shop (Ahold)	1998	100.0	%	163,159	43,187	206,346	100.0	%	88.9	%	97.7	%	97.7	%	14.72		17.63		15.79		1,646,375

Massachusetts
Methuen Shopping Center	Wal-Mart, Market Basket	1998	100.0	%	120,004	10,017	130,021	100.0	%	100.0	%	100.0	%	100.0	%	6.66		22.84		7.91		1,027,936
Crescent Plaza	Home Depot, Shaw's (Supervalu)	1993	100.0	%	156,985	61,152	218,137	100.0	%	85.7	%	96	%	96	%	7.51		11.75		8.57		1,794,683

Vermont
The Gateway Shopping Center	Shaw's (Supervalu)	1999	100.0	%	73,184	28,471	101,655	100.0	%	100.0	%	100.0	%	100.0	%	19.00		21.82		19.79		2,011,840

Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0	%	51,692	47,445	99,137	100.0	%	88.3	%	94.4	%	94.4	%	4.64		20.56		11.77		1,101,158

Indiana
Merrillville Plaza	JC Penney, Office Max,	1998	100.0	%	123,369	112,819	236,188	78.8	%	80.1	%	79.4	%	91.8	%	10.78		18.18		14.34		2,691,093
	TJ Maxx
Michigan
Bloomfield Towne Square	Best Buy, Home Goods,	1998	100.0	%	153,839	82,837	236,676	100.0	%	94	%	97.9	%	97.9	%	10.94		22.01		14.66		3,397,177
	TJ Maxx, Dick's Sporting Goods
Ohio
Mad River Station	Babies 'R' Us, Office Depot	1999	100.0	%	58,185	67,944	126,129	100.0	%	68.7	%	83.1	%	83.1	%	9.49		16.53		12.63		1,323,959

Delaware
Brandywine Town Center	Lowes, Bed Bath & Beyond,	2003	22.2	%	827,496	48,208	875,704	92.1	%	92.1	%	92.1	%	92.1	%	15.40		20.44		15.67		12,634,862
	Target, Dick's Sporting Goods
Market Square Shopping Center	TJ Maxx, Trader Joe's	2003	22.2	%	42,850	59,197	102,047	100.0	%	96.8	%	98.1	%	100.0	%	17.05		32.03		25.62		2,565,773
Naamans Road	—	2006	22.2	%	—	19,984	19,984	—		100.0	%	100.0	%	100.0	%	—		41.91		41.91		837,541




Pennsylvania
Mark Plaza	Kmart	1993	100.0	%	104,956	1,900	106,856	100.0	%	100.0	%	100.0	%	100.0	%	1.95		18.95		2.25		240,664
Plaza 422	Home Depot, Dunham Sports	1993	100.0	%	139,968	16,311	156,279	100.0	%	100.0	%	100.0	%	100.0	%	4.60		9.34		5.09		795,852
Route 6 Plaza	Kmart	1994	100.0	%	146,568	29,021	175,589	89.7	%	77.7	%	87.7	%	87.8	%	6.13		13.88		7.27		1,119,268
Chestnut Hill	—	2006	100.0	%	—	38,040	38,040	—		100.0	%	100.0	%	100.0	%	—		15.08		15.08		573,480
Abington Towne Center²	Target, TJ Maxx	1998	100.0	%	184,616	31,662	216,278	100.0	%	100.0	%	100.0	%	100.0	%	10.50		27.55		19.70		1,155,630

Total Suburban Properties					3,326,196	1,165,261	4,491,457	94.5	%	88.4	%	92.9	%	94.9	%	$	11.76	$	24.35	$	15.07	$	59,049,384

Acadia Share Total Suburban Properties					2,544,546	1,011,113	3,555,659	95.5	%	88.5	%	93.5	%	95.2	%	$	9.64	$	22.87	$	13.20	$	43,894,773

Acadia Share Total Core Properties					2,685,264	1,356,104	4,041,367	95.8	%	90.5	%	94.0	%	95.7	%	$	10.69	$	34.37	$	18.34	$	69,658,198


Notes:
General note - The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy", but for which rent payment has not yet commenced. Residential and office GLA is excluded. West 54th Street is under redevelopment.
¹Anchor 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.
²Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.



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

		Pro-Rata
	Number of stores	Combined			Percentage of Total
	in Core				Percentage of
Tenant	portfolio	GLA	Base Rent		Portfolio GLA		Base Rent

LA Fitness	2	100,000	$	2,336,500	2.3	%	3.3	%

Ann Taylor Loft	2	14,174	2,103,946		0.3	%	3.0	%

Stop and Shop (Ahold)	3	155,177	1,948,635		3.6	%	2.7	%

Supervalu (Shaw's)	2	123,409	1,907,456		2.8	%	2.7	%

Home Depot	3	312,718	1,794,996		7.2	%	2.5	%

Kohl's	1	96,363	1,650,000		2.2	%	2.3	%

TJX Companies	8	209,198	1,616,339		4.8	%	2.3	%
-- TJ Maxx	5	120,123	854,724		2.7	%	1.2	%
-- Marshalls	1	37,212	158,151		0.9	%	0.2	%
-- Home Goods	2	51,863	603,464		1.2	%	0.9	%

Sears	4	334,669	1,428,078		7.7	%	2.0	%
-- Kmart	3	273,969	1,170,078		6.3	%	1.6	%
-- Sears	1	60,700	258,000		1.4	%	0.4	%

Walgreens	3	37,499	1,366,748		0.9	%	1.9	%

A&P	1	47,773	1,146,552		1.1	%	1.6	%

TD Bank	3	18,560	1,028,996		0.4	%	1.5	%
JP Morgan Chase Bank	6	30,344	1,028,751		0.7	%	1.5	%
Trader Joe's	2	19,094	967,216		0.4	%	1.4	%
Urban Outfitters	2	19,902	879,450		0.5	%	1.2	%
Dicks Sporting Goods	2	59,805	860,471		1.4	%	1.2	%
Sleepy's	5	33,441	859,982		0.8	%	1.2	%
Rite Aid	2	26,633	764,030		0.6	%	1.1	%
Dollar Tree	7	70,672	722,059		1.6	%	1.0	%
Pier 1 Imports	3	24,696	702,911		0.6	%	1.0	%
Citibank	4	13,283	689,117		0.3	%	1.0	%

TOTAL	65	1,747,410	$25,802,233		40.2	%	36.4	%


Notes:
¹Includes the Company's pro-rata share of unconsolidated joint ventures.



Core Portfolio Lease Expirations


	Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					Gross Leased Area			Base Rent					Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total

M to M¹	—	—	—		$	—	—		4	10,791	0.8	%	$	21.12	0.5	%	4	10,791	0.2	%	$	21.12	0.3	%
2013	—	—	—		—		—		14	37,479	2.7	%	20.29		1.6	%	14	37,479	0.9	%	20.29		0.9	%
2014	9	319,165	10.5	%	10.48		8.8	%	57	206,219	15.0	%	31.86		13.7	%	66	525,384	11.9	%	18.87		11.5	%
2015	6	252,812	8.3	%	13.45		8.9	%	37	126,607	9.2	%	25.54		6.7	%	43	379,419	8.6	%	17.48		7.7	%
2016	7	272,962	9.0	%	10.58		7.6	%	52	236,526	17.1	%	25.19		12.3	%	59	509,488	11.5	%	17.36		10.2	%
2017	6	311,806	10.3	%	11.80		9.7	%	42	176,291	12.8	%	36.19		13.3	%	48	488,097	11.1	%	20.61		11.7	%
2018	6	416,882	13.8	%	12.94		14.2	%	47	156,918	11.4	%	33.53		11.0	%	53	573,800	13.0	%	18.57		12.4	%
2019	5	136,521	4.5	%	8.64		3.1	%	15	41,635	3.0	%	53.36		4.6	%	20	178,156	4.0	%	19.09		4.0	%
2020	6	329,713	10.9	%	12.12		10.5	%	19	69,902	5.1	%	36.77		5.3	%	25	399,615	9.1	%	16.43		7.6	%
2021	8	283,831	9.4	%	12.12		9	%	16	81,282	5.9	%	29.34		5.0	%	24	365,113	8.3	%	15.95		6.8	%
2022	2	69,837	2.3	%	26.15		4.8	%	22	91,534	6.6	%	34.69		6.6	%	24	161,371	3.7	%	30.99		5.8	%
2023	2	98,805	3.3	%	12.61		3.3	%	15	68,010	4.9	%	40.95		5.8	%	17	166,815	3.8	%	24.16		4.7	%
Thereafter	12	535,737	17.7	%	14.24		20.1	%	15	75,656	5.5	%	86.11		13.6	%	27	611,393	13.9	%	23.13		16.4	%
Total	69	3,028,071	100.0	%	$	12.56	100.0	%	355	1,378,850	100.0	%	$	34.84	100.0	%	424	4,406,921	100.0	%	$	19.53	100.0	%


		254,916	Anchor GLA Owned by Tenants															254,916	Anchor GLA Owned by Tenants
		421,205	Total Vacant							253,034	Total Vacant							674,239	Total Vacant
		3,704,192	Total Square Feet							1,631,884	Total Square Feet							5,336,076	Total Square Feet


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



Core Portfolio - New and Renewal Rent Spreads ¹



	Period ended						3 months ended						3 months ended						3 months ended
	September 30, 2013						September 30, 2013						June 30, 2013						March 31, 2013
	Cash²			GAAP³			Cash²			GAAP³			Cash²			GAAP³			Cash²			GAAP³
New leases
Number of new leases executed	16			16			6			6			7			7			3			3
GLA	112,289			112,289			61,813			61,813			38,800			38,800			11,676			11,676
New base rent	$	25.41		$	28.86		$	14.61		$	15.08		$	25.41		$	26.60		$	82.58		$	109.29
Previous base rent (and percentage rent)	$	22.37		$	21.86		$	13.45		$	13.14		$	21.56		$	20.58		$	72.31		$	72.24
Percentage growth in base rent	13.6		%	32		%	8.6		%	14.8		%	17.9		%	29.3		%	14.2		%	51.3		%
Average cost per square foot	$	36.91		$	36.91		$	41.42		$	41.42		$	28.78		$	28.78		$	40.05		$	40.05
Weighted Average Lease Term (years)	8.8			8.8			9.1			9.1			7.4			7.4			11.9			11.9

Renewal leases
Number of renewal leases executed	46			46			20			20			13			13			13			13
GLA	192,251			192,251			92,720			92,720			24,038			24,038			75,493			75,493
New base rent	$	20.10		$	20.65		$	21.38		$	22.27		$	23.30		$	23.67		$	17.50		$	17.71
Expiring base rent (and percentage rent)	$	19.54		$	18.65		$	20.78		$	19.53		$	21.93		$	20.75		$	17.26		$	16.90
Percentage growth in base rent	2.9		%	10.7		%	2.9		%	14.0		%	6.2		%	14.1		%	1.4		%	4.8		%
Average cost per square foot	$	0.06		$	0.06		$	0.07		$	0.07		$	—		$	—		$	0.06		$	0.06
Weighted Average Lease Term (years)	5.3			5.3			6.6			6.6			4.0			4.0			4.2			4.2

Total new and renewal Leases
Number of new and renewal leases executed	62			62			26			26			20			20			16			16
GLA commencing	304,540			304,540			154,533			154,533			62,838			62,838			87,169			87,169
New base rent	$	22.06		$	23.68		$	18.67		$	19.39		$	24.60		$	25.48		$	26.22		$	29.98
Expiring base rent (and percentage rent)	$	20.58		$	19.83		$	17.85		$	16.97		$	21.70		$	20.65		$	24.63		$	24.31
Percentage growth in base rent	7.2		%	19.4		%	4.6		%	14.3		%	13.4		%	23.4		%	6.4		%	23.3		%
Average cost per square foot	$	13.65		$	13.65		$	16.61		$	16.61		$	17.77		$	17.77		$	5.42		$	5.42
Weighted Average Lease Term (years)	6.6			6.6			7.6			7.6			6.1			6.1			5.2			5.2



Notes:
¹Based on lease execution dates. Does not include leased square footage and costs
related to first generation space and the Company's major redevelopment
projects; renewal leases include exercised options.
²Rents have not been calculated on a straight-line basis. Previous/expiring rent is that as of time
of expiration and includes any percentage rent paid as well. New rent is that which is paid at commencement.
³Rents are calculated on a straight-line basis.



Core Portfolio Capital Expenditures
Current Quarter


	Year-to-Date		Current Quarter		Current Quarter		Previous Quarter
	Period ended		3 months ended		3 months ended		3 months ended		Prior Year ended
	September 30, 2013		September 30, 2013		June 30, 2013		March 31, 2013		December 31, 2012


Leasing Commissions	$	1,276	$	208	$	421	$	647	$	1,916
Tenant Improvements	4,604		1,956		1,456		1,192		4,274
Capital Expenditures	1,025		424		555		46		1,523
Total Capital Expenditures	$	6,905	$	2,588	$	2,432	$	1,885	$	7,713



Property Demographics - Core
							3-Mile Radius²
				Base		Total	Total	#	Median HH		Avg. HH
	Property	City	State	Rent		GLA	Pop.	HH	Income		Income
	Core
	239 Greenwich Avenue	Greenwich	CT	$	1,554,663	16,834	66,764	24,760	$	126,648	$	180,475
	Elmwood Park Shopping Center	Elmwood Park	NJ	3,645,466		149,070	254,598	84,884	59,534		70,827
	Village Commons Shopping Center	Smithtown	NY	2,693,831		87,330	66,766	23,288	111,019		137,242
	Branch Plaza	Smithtown	NY	2,449,023		126,273	66,916	23,389	110,173		136,382
	Amboy Center	Staten Island	NY	1,937,924		63,290	147,590	54,454	87,821		103,110
	Bartow Avenue	Bronx	NY	459,779		14,676	571,167	212,683	47,950		59,131
	Pacesetter Park Shopping Center	Pomona	NY	1,136,350		97,583	35,902	11,177	106,212		124,240
	LA Fitness	Staten Island	NY	1,391,500		55,000	121,318	43,079	78,203		90,627
	West 54th Street	Manhattan	NY	2,173,258		5,773	1,223,652	627,833	89,958		147,056
	East 17th Street	Manhattan	NY	625,000		10,382	1,059,535	542,170	91,411		144,163
	Crossroads Shopping Center	White Plains	NY	5,227,877		309,266	108,529	42,787	93,274		125,433
	Third Avenue	Yonkers	NY	875,456		40,320	1,218,498	437,804	35,045		51,736
	Mercer Street	Manhattan	NY	394,655		3,375	923,759	452,623	85,085		129,584
	4401 White Plains Road	White Plains	NY	625,000		12,964	565,820	212,940	52,461		66,174
	Town Line Plaza	Rocky Hill	CT	1,646,375		206,346	46,398	19,516	78,060		91,541
	Methuen Shopping Center	Methuen	MA	1,027,936		130,021	93,621	33,353	51,101		60,867
	Crescent Plaza	Brockton	MA	1,794,683		218,137	98,732	35,274	57,418		66,869
	Cambridge	Cambridge	MA	1,130,470		54,226	489,136	215,122	68,158		97,306
	New Loudon Center	Latham	NY	1,959,124		255,673	45,708	18,694	65,042		78,848
	Walnut Hill Plaza	Woonsocket	RI	1,362,024		297,905	63,856	25,805	56,673		65,553
	The Gateway Shopping Center	So. Burlington	VT	2,011,840		101,655	50,684	19,217	51,090		66,456
	Hobson West Plaza	Naperville	IL	1,101,158		99,137	124,307	43,292	107,747		133,753
	Clark & Diversey	Chicago	IL	1,122,103		24,420	403,737	217,875	74,156		112,282



Property Demographics - Core (continued)
							3-Mile Radius²
				Base		Total	Total	#	Median HH		Avg. HH
	Property	City	State	Rent		GLA	Pop.	HH	Income		Income

	651-671 West Diversey	Chicago	IL	$	1,896,925	46,259	406,188	218,945	$	74,095	$	112,128
	Chicago Urban/Street Retail Portfolio¹	Chicago	IL	4,706,739		114,283	434,100	230,477	76,442		111,255
	930 North Rush Street	Chicago	IL	1,147,368		2,930	322,469	180,483	80,823		123,146
	8-12 E. Walton	Chicago	IL	1,099,820		8,244	323,511	53,359	77,957		133,119
	Merrillville Plaza	Hobart	IN	2,691,093		236,188	28,084	11,444	51,584		58,223
	Bloomfield Towne Square	Bloomfield Hills	MI	3,397,177		236,676	56,262	22,488	70,867		102,286
	Mad River Station	Dayton	OH	1,323,959		126,129	63,784	27,917	58,431		70,473
	Marketplace of Absecon	Absecon	NJ	1,345,998		104,828	32,818	11,478	62,164		74,221
	Brandywine/Mkt Sq./Naamans Rd ³	Wilmington	DE	16,038,176		997,735	506,735	195,267	73,167		91,259
	Mark Plaza	Edwardsville	PA	240,664		106,856	88,065	37,263	37,520		47,049
	Plaza 422	Lebanon	PA	795,852		156,279	45,898	18,145	43,042		52,403
	Route 6 Plaza	Honesdale	PA	1,119,268		175,589	45,996	18,427	97,614		119,789
	Chestnut Hill	Philadelphia	PA	573,480		38,040	144,928	61,588	62,496		78,437
	Abington Towne Center	Abington	PA	1,155,630		216,278	89,061	35,063	76,999		95,632
	Georgetown Portfolio	Georgetown	DC	2,362,131		32,324	310,075	155,858	85,815		118,080
	28 Jericho Turnpike	Westbury	NY	1,650,000		96,363	107,066	34,486	104,342		132,026
	Rhode Island Place Shopping Center	Washington	DC	1,622,629		57,529	336,016	153,378	65,558		87,768
	83 Spring Street	Manhattan	NY	623,884		3,000	963,271	475,088	85,441		130,755
	60 Orange Street	Bloomfield	NJ	695,000		101,715	338,341	128,101	58,320		66,931
	639 West Diversey	Chicago	IL	702,103		13,570	403,961	219,828	77,275		92,129
	1739-53 & 1801-03 Connecticut Avenue	Washington	DC	1,264,840		22,907	333,711	162,783	84,576		111,570
	181 Main Street	Westport	CT	845,300		11,350	46,414	17,188	160,357		196,576
	664 N. Michigan Avenue	Chicago	IL	4,209,889		18,141	294,108	165,234	80,658		98,142

Total Core ²
Average - Total				$	1,953,335	115,280	294,953	131,659	$	76,734	$	100,936
Weighted Average - Based on base rent							261,663	120,010	$	77,679	$	101,123

Notes:
¹ Calculations comprised of nineteen individual properties.
2 Calculations have been pro-rated based on the Company's ownership % in joint ventures.
³ Based on 10 mile radius demographics given the unique trade market for this asset.



Property Demographics - Funds
							3-Mile Radius
				Base		Total	Total	#	Median HH		Avg. HH
	Property	City	State	Rent		GLA	Pop.	HH	Income		Income

	Fund II
	216th Street	Manhattan	NY	$	2,574,000	60,000	935,948	329,442	37,176		55,430
	161st Street	Bronx	NY	6,001,724		232,252	1,251,086	444,325	32,321		47,196

Fund II ¹
Average - Total				$	4,287,862	146,126	1,093,517	386,884	$	34,749	$	51,313
Weighted Average - Based on base rent							1,156,497	409,843	$	33,778	$	49,667

	Fund III
	Cortlandt Towne Center	Mohegan Lake	NY	$	9,537,199	639,834	49,183	17,702	$	88,812	$	104,358
	640 Broadway	Manhattan	NY	583,832		4,409	987,988	492,393	86,341		133,275
	New Hyde Park Shopping Center	New Hyde Park	NY	534,763		31,624	195,564	70,172	101,624		129,444
	White City	Shrewsbury	MA	3,603,812		180,379	101,062	40,736	52,003		64,348
	Parkway Crossing	Parkville	MD	1,968,213		260,241	184,242	74,094	59,047		70,053
	Lincoln Road	Miami Beach	FL	3,612,021		59,677	58,267	36,318	74,282		98,785
	Heritage Shops	Chicago	IL	3,141,273		81,730	289,135	155,570	76,609		116,432
	Lincoln Park Centre	Chicago	IL	1,631,351		62,745	438,736	235,290	77,360		116,754
	Nostrand Avenue	Brooklyn	NY	1,464,774		42,922	523,929	196,324	52,056		64,456
	Arundel Plaza	Glen Burnie	MD	1,444,656		265,116	76,060	28,613	58,913		65,941

Fund III ¹
Average - Total				$	2,752,189	162,868	290,417	134,721	$	72,705	$	96,385
Weighted Average - Based on base rent							179,078	82,447	$	84,017	$	106,889

	Fund IV
	1701 Belmont Avenue	Catonsville	MD	$	936,166	58,674	109,807	43,674	$	59,150	$	65,356
	Lincoln Road	Miami Beach	FL	3,612,021		59,677	58,267	36,318	74,282		98,785
	2819 Kennedy Boulevard	North Bergen	NJ	505,000		41,477	526,721	241,698	78,834		110,806
	Promenade at Manassas	Manassas	VA	3,418,643		265,442	65,170	20,877	73,803		83,623
	Paramus Plaza	Paramus	NJ	1,711,573		152,060	106,906	37,209	46,310		119,131

Fund IV ¹
Average - Total				$	2,036,681	115,466	173,374	75,955	$	66,476	$	95,540
Weighted Average - Based on base rent							177,073	80,763	$	136,230	$	168,176

Total - Core and Funds
Average - Total				$	2,160,864	123,827	309,935	135,826	$	73,948	$	98,210
Weighted Average - Based on base rent							265,178	118,279	$	76,070	$	98,517

Notes:
¹ Calculations have been pro-rated based on the Company's ownership % in joint ventures.



Overview of Acadia Strategic Opportunity Funds


As of September 30, 2013	FUND I	FUND II	FUND III	FUND IV

Date formed	September 2001	June 2004	May 2007	May 2012

Capital committed	$86.6 million	$300.0 million	$475.0 million	$540.6 million

Capital funded	Fully funded	Fully funded	$353.5 million	$74.0 million
As a percentage of commitments	100.0%	100.0%	74.4%	13.7%
			All unfunded capital is anticipated to be used to
			complete existing projects

Distributions	$184.2 million	$84.5 million	$196.8 million	$—
As a percentage of funded capital	212.7%	28.2%	55.7%	—%

	All original capital and accumulated preferred return
	has been paid. Acadia is entitled to a Promote
	on all future distributions.

Fund structure

Equity contribution and	22.2% - Acadia	20.0% - Acadia	19.9% - Acadia	23.1% - Acadia
Cash flow distribution:	77.8% - Four institutional investors	80.0% - Six institutional investors	80.1% - 14 institutional investors	76.9% - 17 institutional investors

Distributions:	20% to Acadia once all partners (including Acadia) have received cumulative preferred return and return of equity

	Remaining 80% is distributed pro-rata to all the partners (including Acadia)

Preferred return rate:	9%	8%	6%	6%

Fees/Priority Distributions to Acadia

	Asset management fee/Priority distribution equal to 1.5% of implied capital¹

	Property management fee/Priority distribution equal to 4% of gross property revenues

	Market rate leasing fees

	Market rate construction/project management fees

			Development fee equal to 3% of total project cost
Note:
¹ Committed capital as reduced by capital attributed to sold investments.



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


VARIOUS

Total - Fund I	Kroger/Safeway Portfolio (3 Properties)	2003	75.0%	97,500	—	97,500	69.2%	—	69.2%	69.2%	$	4.48	—		$	4.48

Fund II Portfolio Detail

NEW YORK

New York
216th Street	NYC Human Resources Administration	2005	99.1%	60,000	—	60,000	100.0%	—	100.0%	100.0%	42.90		—		42.90
161st Street¹	Various New York City & State agencies	2005	99.1%	107,026	125,226	232,252	100.0%	87.6%	93.3%	93.3%	26.50		28.85		27.69

Total - Fund II				167,026	125,226	292,252	100.0%	87.6%	94.7%	94.7%	$	32.39	$	28.85	$	30.99

Fund III Portfolio Detail

NEW YORK

New York
Cortlandt Towne Center	Wal-Mart, Best Buy, A&P	2009	100.0%	472,901	166,933	639,834	95.6%	82.1%	92.1%	92.1%	$	13.94	$	23.58	$	16.19
640 Broadway	Swatch	2012	50.0%	—	4,409	4,409	—	65.2%	65.2%	65.2%	—		203.22		203.22
New Hyde Park Shopping Center	PetSmart	2011	100.0%	16,214	15,410	31,624	—	70.2%	34.2%	88.2%	—		49.46		49.46
Nostrand Avenue	—	2013	100.0%	—	42,922	42,922	—	77.0%	77.0%	77.0%	—		44.31		44.31

NEW ENGLAND

Massachusetts
White City Shopping Center	Shaw's (Supervalu)	2010	84.0%	131,839	125,936	257,775	85.6%	81%	83.3%	87.9%	15.54		35.15		24.85

MID-ATLANTIC

Maryland
Parkway Crossing	Home Depot, Shop Rite, Big Lots	2011	94.3%	192,836	67,405	260,241	100%	75.4%	93.6%	93.6%	3.65		24.87		8.08
Arundel Plaza	Giant Food, Lowe's	2012	94.3%	231,920	33,196	265,116	100%	78.3%	97.3%	97.3%	3.90		20.75		5.60

SOUTHEAST

Florida
Lincoln Road	Starbucks, Sushi Samba	2011	95.0%	—	59,677	59,677	—	49.2%	49.2%	49.2%	—		123.05		123.05

MIDWEST
Illinois
Heritage Shops	LA Fitness, Loft	2011	100.0%	49,878	31,852	81,730	100%	92.0%	96.9%	96.9%	21.61		70.40		39.67
Lincoln Park Centre	—	2012	100.0%	—	62,745	62,745	—	59.8%	59.8%	59.8%	—		43.51		43.51

Total - Fund III				1,095,588	610,485	1,706,073	94.9%	75.1%	87.8%	89.5%	$	10.34	$	40.35	$	19.52

Fund IV Portfolio Detail

NEW YORK
New Jersey
2819 Kennedy Boulevard	Toys R Us	2013	98.6%	39,941	1,536	41,477	100.0%	100.0%	100.0%	100.0%	$	10.14	$	65.10	$	12.18



Paramus Plaza	Babies R Us, Ashley Furninture	2013	50.0%	76,222	75,838	152,060	100.0%	30.3%	65.2%	65.2%	19.89		8.51		17.25

MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot, HH Gregg	2013	98.6%	194,038	71,404	265,442	100.0%	93%	98.1%	98.1%	10.28		21.46		13.13

Maryland
1701 Belmont Avenue	Best Buy	2012	98.6%	58,674	—	58,674	100.0%	—	100.0%	100.0%	15.96		—		15.96

SOUTHEAST
Florida
Lincoln Road	—	2012	95.0%	—	54,453	54,453	—	100.0%	100.0%	100.0%	—		117.24		117.24

Total - Fund IV				368,875	203,231	572,106	100.0%	71.5%	89.9%	89.9%	$	13.15	$	55.76	$	25.19


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

The following Fund II, Fund III and Fund IV properties are currently under redevelopment as further detailed under "Redevelopment Activity."
Property	Fund Ownership %
Sherman Avenue	99.1%
City Point	94.2%
Sheepshead Bay	100.0%
654 Broadway	100.0%
Cortlandt Crossing	100.0%
Broad Hollow Commons	100.0%
3104 M Street	100.0%
210 Bowery	100.0%

¹Currently operating, but redevelopment activities have commenced.



Opportunity Funds Lease Expirations

Fund I:
	Anchor Tenants
		Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total
2014	2	67,500	100.0	%	$	4.48	100.0	%
Total	2	67,500	100.0	%	$	4.48	100.0	%

		30,000	Total Vacant
		97,500	Total Square Feet

Fund II:
	Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					Gross Leased Area			Base Rent					Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total
M to M¹	—	—	—		$	—	—		1	9,967	9.1	%	$	10.00	3.1	%	1	9,967	3.6	%	$	10.00	1.2	%
2013	1	107,026	64.1	%	26.50		52.4	%	—	—	—		—		—		1	107,026	38.7	%	26.50		33.1	%
2014	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2015	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2016	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2017	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2018	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2019	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2020	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2021	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2022	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2023	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
Thereafter	2	60,000	35.9	%	42.90		47.6	%	5	99,759	90.9	%	30.73		96.9	%	7	159,759	57.7	%	35.30		65.7	%
Total	3	167,026	100.0	%	$	32.39	100.0	%	6	109,726	100.0	%	$	28.85	100.0	%	9	276,752	100.0	%	$	30.99	100.0	%

		—	Total Vacant							15,500	Total Vacant							15,500	Total Vacant
		167,026	Total Square Feet							125,226	Total Square Feet							292,252	Total Square Feet

Fund III:
	Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					Gross Leased Area			Base Rent					Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total
M to M¹	—	—	—		$	—	—		2	8,650	1.9	%	$	10.76	0.5	%	2	8,650	0.6	%	$	10.76	0.3	%
2013	—	—	—		—		—		4	8,056	1.8	%	84.17		3.7	%	4	8,056	0.5	%	84.17		2.3	%
2014	2	56,379	5.4	%	16.12		8.5	%	19	70,194	15.3	%	30.89		11.7	%	21	126,573	8.4	%	24.31		10.5	%
2015	3	81,465	7.8	%	7.02		5.3	%	13	28,773	6.3	%	36.90		5.7	%	16	110,238	7.4	%	14.82		5.6	%
2016	1	26,561	2.6	%	8.00		2	%	23	50,595	11	%	39.84		10.9	%	24	77,156	5.1	%	28.88		7.6	%
2017	2	52,131	5.0	%	18.36		8.9	%	13	54,065	11.8	%	27.67		8.1	%	15	106,196	7.1	%	23.10		8.4	%
2018	5	287,562	27.7	%	12.54		33.5	%	21	72,365	15.7	%	33.27		13	%	26	359,927	24.1	%	16.71		20.7	%
2019	1	179,944	17.3	%	4.62		7.7	%	10	28,968	6.3	%	78.71		12.3	%	11	208,912	13.9	%	14.89		10.6	%
2020	—	—	—		—		—		4	9,046	2	%	23.71		1.2	%	4	9,046	0.6	%	23.71		0.7	%
2021	1	35,601	3.4	%	10.76		3.6	%	6	26,174	5.7	%	36.19		5.1	%	7	61,775	4.1	%	21.53		4.5	%
2022	1	65,028	6.3	%	17.00		10.3	%	11	36,188	7.9	%	50.37		9.8	%	12	101,216	6.8	%	28.93		10.0	%
2023	2	38,836	3.7	%	15.49		5.6	%	9	37,826	8.2	%	39.99		8.2	%	11	76,662	5.1	%	27.58		7.2	%
Thereafter	3	216,153	20.8	%	7.26		14.6	%	8	27,819	6.1	%	65.13		9.8	%	11	243,972	16.3	%	13.86		11.6	%
Total	21	1,039,660	100.0	%	$	10.34	100.0	%	143	458,719	100	%	$	40.35	100.0	%	164	1,498,379	100.0	%	$	19.52	100.0	%

		55,928	Total Vacant							151,766	Total Vacant							207,694	Total Vacant
		1,095,588	Total Square Feet							610,485	Total Square Feet							1,706,073	Total Square Feet



Fund IV:
	Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					Gross Leased Area			Base Rent					Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total
M to M¹	—	—	—		$	—	—		2	6,860	4.7	%	$	91.18	7.7	%	2	6,860	1.3	%	91.18		4.8	%
2013	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2014	1	39,941	10.8	%	10.14		8.3	%	7	14,439	9.9	%	130.49		23.2	%	8	54,380	10.6	%	42.09		17.7	%
2015	—	—	—		—		—		2	2,726	1.9	%	116.92		3.9	%	2	2,726	0.5	%	116.92		2.5	%
2016	1	107,400	29.0	%	9.50		21.1	%	4	11,200	7.7	%	44.68		6.2	%	5	118,600	23.0	%	12.82		11.7	%
2017	1	58,674	15.9	%	15.96		19.3	%	4	13,438	9.2	%	46.18		7.7	%	5	72,112	14.0	%	21.59		12.0	%
2018	—	—	—		—		—		4	5,472	3.8	%	59.45		4.0	%	4	5,472	1.1	%	59.45		2.5	%
2019	1	39,220	10.6	%	17.75		14.3	%	6	47,288	32.6	%	23.29		13.6	%	7	86,508	16.8	%	20.77		13.9	%
2020	1	27,926	7.6	%	12.00		6.9	%	3	18,300	12.6	%	20.37		4.6	%	4	46,226	9.0	%	15.31		5.5	%
2021	1	32,144	8.7	%	11.50		7.6	%	3	5,235	3.6	%	91.98		5.9	%	4	37,379	7.3	%	22.77		6.6	%
2022	1	26,568	7.2	%	10.14		5.6	%	5	16,009	11.0	%	107.76		21.3	%	6	42,577	8.3	%	46.84		15.3	%
2023	—	—	—		—		—		1	1,440	1.0	%	20.00		0.4	%	1	1,440	0.3	%	20.00		0.2	%
Thereafter	1	37,002	10.0	%	22.16		16.9	%	1	2,961	2.0	%	40.53		1.5	%	2	39,963	7.8	%	23.52		7.3	%
Total	8	368,875	99.8	%	$	13.15	100.0	%	42	145,368	100.0	%	$	55.76	100.0	%	50	514,243	100.0	%	$	25.19	100.0	%

		—	Total Vacant							57,863	Total Vacant							57,863	Total Vacant
		368,875	Total Square Feet							203,231	Total Square Feet							572,106	Total Square Feet

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



Development Activity
($ in millions)


								Acquisition & Development Costs
Property	Ownership		Location	Estimated Completion	Estimated Sq. Ft. Upon Completion	Leased Rate ⁶	Key Tenants	Incurred		Estimated Future Range					Estimated Total Range						Outstanding Debt
FUND II

City Point ¹	94.2	%	Brooklyn, NY	2015	675,000	65% ²	Century 21, CityTarget, Alamo Drafthouse, Armani Exchange	$	213.1	$	66.9	to	$	96.9	$	280.0	to	$	310.0	³	$	262.9
Sherman Plaza	99.1	%	New York, NY	TBD	TBD	—	TBD	34.7		TBD			TBD		TBD			TBD			—
								$	247.8	TBD			TBD		TBD			TBD			$	262.9

FUND III

Sheepshead Bay	100.0	%	Brooklyn, NY	TBD	TBD	—	TBD	$	23	TBD			TBD		TBD			TBD			$	—
723 N. Lincoln Lane ⁴	95.0	%	Miami Beach, FL	TBD	TBD	—	TBD	6.7		TBD			TBD		TBD			TBD			—		⁵
Cortlandt Crossing	100.0	%	Mohegan Lake, NY	2016	150,000 - 170,000	—	TBD	11.5		35.5		to	44.5		47.0		to	56.0			—
3104 M Street NW	100.0	%	Washington, D.C.	TBD	10,000	—	TBD	3.0		4.0		to	5.5		7.0		to	8.5			—
Broad Hollow Commons	100.0	%	Farmingdale, NY	2016	180,000 - 200,000	—	TBD	13.2		36.8		to	46.8		50.0		to	60.0			—
								$	57.4	TBD			TBD		TBD			TBD			$	—

FUND IV

210 Bowery	100.0	%	New York, NY	2016	10,000	—	TBD	$	7.7	$	3.8	to	$	4.3	$	11.5	to	$	12.0		$	4.6



Notes:
¹ Acquired a leasehold interest in this property. The first 50,000 square feet of the project (Phase 1) has been completed. Construction of the next approximately 625,000 square feet (Phase 2) is underway.
² Leased rate calculated on approximately 475,000 rentable square feet.
³ Net of anticipated reimbursements from retail tenants and proceeds from residential tower sales.
⁴ This property is part of a three-property portfolio. The other two are operating properties.
⁵ The loan on Fund III's Lincoln Road Portfolio includes this property as collateral. For the purpose of this schedule, the outstanding debt was not allocated among the Portfolio's three properties.
⁶ The leased rate excludes pre-redevelopment tenants.

Retailer Controlled Property ("RCP") Venture - Overview ¹

Item

Description

Date formed

August 2004

Partnership structure

Equity Contribution:

Up to $300 million of total equity

Up to 20% ($60 million) - AKR Fund I ($20 million) 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)

RCP Venture - Investments

The following table summarizes the RCP Venture investments from inception through September 30, 2013

Distributions

Years

Invested

Current

From

Equity

Investor

Investment

acquired

capital

year-to-date

inception

Multiple

Mervyns I and Mervyns II

Mervyns

2004 through

33,605

1,776

51,300

1.5x

2007

Mervyns II

Albertson’s

2006 through

23,133

—

86,458

3.7x

2007

Fund II and Mervyns II

Other investments ²

2006 through

6,476

801

7,055

1.1x

2008

Total

63,214

2,577

144,813

2.3x

Notes:

¹ The RCP Venture is not a separate AKR Fund, rather it is a venture

in which AKR, Funds I and II have invested approximately $63 million in equity.

²Represents investments in Shopko, Marsh and Rex Stores.

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. In addition, the Company also discloses FFO as adjusted to include the extraordinary gain from its RCP investment in Albertson's. The Company believes that income or gains derived from its RCP investments, including its investment in Albertson's, are private-equity investments and, as such, should be treated as operating income and therefore FFO. The Company believes that this supplement adjustment more appropriately reflects the results of its operations. The Company also provides two other supplemental disclosures of operating performance, adjusted funds from operations ("AFFO") and funds available for distribution ("FAD"). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures. The Company defines FAD as AFFO adjusted for scheduled debt principal payments.

USE OF EBITDA AND NOI AS NON-GAAP FINANCIAL MEASURES

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