SEC Filing - Acadia Realty Trust

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12-31-2013 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): February 12, 2014

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 February 12, 2014, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and year ended December 31, 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 February 12, 2014, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter and year ended December 31, 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 February 12, 2014.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter and year ended December 31, 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: February 13, 2014 By: /s/ Jonathan Grisham

Name: Jonathan Grisham

Title: Sr. Vice President

and Chief Financial Officer

Ex. 99.1 2013-12-31 Earnings Press Release

Exhibit 99.1

ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2013 OPERATING RESULTS

WHITE PLAINS, NY (February 12, 2014) - Acadia Realty Trust (NYSE: AKR) today reported operating results for the quarter and year ended December 31, 2013. All per share amounts are on a fully diluted basis. Acadia’s core portfolio (“Core Portfolio”) as discussed below is comprised of properties that are owned in whole or in part by Acadia other than those it owns through its opportunity fund platform (the “Funds”).

Fourth Quarter and Full Year 2013 Highlights

Earnings


•	Funds from operations (“FFO”) of $0.27 per share for the fourth quarter and $1.20 for the full year, net of $0.04 of non-cash executive retirement and $0.06 of acquisition related costs for the year


•	Full year 2013 FFO per share represents a 15% increase over 2012 FFO of $1.04


•	Earnings per share (“EPS”) from continuing operations of $0.14 for the fourth quarter and $0.61 for the full year


•	The Company forecasts a 2014 range for FFO per share of $1.30 to $1.40 and EPS of $0.68 to $0.77

Dividend Increase


•	The Company increased its quarterly dividend 9.5%, from $0.21 to $0.23 for the fourth quarter 2013. This follows a 17% increase which was effective for the quarter ended March 31, 2013

Core Portfolio - $221 Million of Acquisitions and Strong Portfolio Performance


•	During and subsequent to the fourth quarter, Acadia closed on $100.0 million of acquisitions


•	Including the above activity, Acadia acquired $220.9 million of street retail properties located in Chicago, Manhattan and Washington D.C. for the full year 2013


•	Additional current pipeline under contract of $92.1 million


•	Same store net operating income (“NOI”) for the fourth quarter up 4.3% compared to 2012 and up 7.2% on a year-to-date basis


•	December 31, 2013 portfolio occupancy of 95.2%; 97.1% including leased space not yet occupied


•	In connection with Core Portfolio recycling activities, sold an A&P supermarket-anchored shopping center for $18.4 million during the fourth quarter

Fund Platform - Fund IV Completes Acquisitions, Fund II Monetization Continues


•	During 2013, Fund IV closed on $123.2 million in new acquisitions, including $57.3 million during the fourth quarter


•	During the fourth quarter, Fund II completed the sale of Fordham Place and Pelham Manor Shopping Plaza for $192.4 million

Balance Sheet - Achieving Growth While Maintaining Low Leverage


•	Core Portfolio debt, net of cash on hand and restricted cash related to financings (“Net Debt”), to EBITDA ratio of 4.3x at December 31, 2013; 4.9x including pro-rata share of Opportunity Funds


•	Combined Net Debt to total equity and debt capitalization (“Total Market Capitalization”) of 24% at December 31, 2013


•	Issued $114.3 million of new equity at an average net share price of $26.92 during 2013 to fund Core and Fund acquisition activities

Fourth Quarter and Full Year 2013 Operating Results

FFO for the quarter and year ended December 31, 2013 was $15.1 million and $67.2 million, respectively, up from $14.7 million and $48.8 million for the quarter and year ended December 31, 2012.

FFO for the quarter ended December 31, 2013 of $0.27 per share included $0.04 of non-cash retirement and $0.02 of acquisition related costs and compares to $0.29 for the quarter ended December 31, 2012. FFO of $1.20 for the year ended December 31, 2013 includes an additional $0.04 of acquisition related costs and represents a 15% increase over 2012 of $1.04.

Net Income from Continuing Operations for the quarter and year ended December 31, 2013 was $7.6 million and $34.0 million, respectively, as compared to $8.4 million and $23.6 million for the quarter and year ended December 31, 2012.

EPS from continuing operations for the quarter and year ended December 31, 2013 was $0.14 and $0.61, respectively, as compared to $0.17 and $0.51 for the same periods for 2012.

The primary driver behind 2013 earnings growth was income from new investments and Core Portfolio re-anchorings. This was partially offset by 2013 non-cash executive retirement costs and a non-recurring gain in 2012 relating to the receipt of property casualty insurance proceeds in excess of carrying costs.

Refer to the Financial Highlights below for further detail on operating results and additional disclosures related to FFO.

Core Portfolio - Closes on $221 Million of Street Retail in Chicago, Manhattan and Washington D.C.; Strong Operating Results

Fourth Quarter Acquisitions in Manhattan and Chicago; Sells A&P Anchored Shopping Center

During and subsequent to the fourth quarter, Acadia closed on four previously announced Core Portfolio acquisitions for an aggregate purchase price of $100.0 million. These acquisitions, combined with those previously announced earlier during 2013, account for $220.9 million of Core Portfolio acquisitions for the year.

In addition, the Company has an additional $92.1 million of Core Portfolio acquisitions currently under contract. Although the Company anticipates completing these closings during the first quarter of 2014, these transactions are subject to customary closing conditions, including lender approval for the assumption of existing mortgage debt, and, as such, no assurance can be given that the Company will successfully complete these acquisitions.

Details of the fourth quarter acquisitions are as follows:

New York

120 West Broadway - During December, Acadia purchased the master lease for the retail portion of this cooperative located in the Manhattan neighborhood of Tribeca for $37.0 million. The building has 14,000 square feet of retail space with frontage on West Broadway, Hudson, Duane and Reade Streets. The property is anchored by high quality tenants including HSBC and Citibank. The Company acquired the asset off-market as part of a private negotiation and funded its investment primarily with Operating Partnership Units.

868 Broadway - The Company acquired this retail condominium unit for $13.5 million during December. The 2,000 square foot retail asset is located just north of Union Square in Manhattan’s prime Midtown-South submarket, and is 100% leased to Dr. Martens, a 50 year old British footwear and apparel brand.

313-315 Bowery - Additionally, during December, Acadia purchased a long-term leasehold interest in this 7,900 square foot street retail property for $5.5 million. The property is currently occupied by John Varvatos and Patagonia and is located in the heart of the Bowery corridor.

Chicago

11 East Walton Street - During the fourth quarter, Acadia entered into a contract to acquire approximately 6,700 square feet of luxury retail space at the base of the Waldorf Astoria Chicago, formerly the Elysian Hotel, for $44.0 million. The property is located at the corner of Rush and Walton Streets, proximate to several prior Acadia acquisitions, and is 100% occupied by Marc Jacobs, Saint Laurent and Perchance Boutique. The Company closed on this acquisition during January 2014.

Same-Store NOI and Occupancy

Core Portfolio same-store NOI increased 7.2% year-to-date and 4.3% for the fourth quarter of 2013 as compared to the same periods in 2012.

At December 31, 2013, Acadia’s Core Portfolio was 95.2% occupied and 97.1% leased when including space leased but not yet occupied. This was up from 94.0% occupied and 95.7% leased as of September 30, 2013.

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 18.3% on 340,000 square feet of new and renewal leases executed during the year ended December 31, 2013. On a contractual rent basis, which excludes straight-line rent, the Company experienced an increase of 6.8% in average rents for these same leases. For the fourth quarter of 2013, the Company realized an increase in average rents of 9.9% on a GAAP basis and 4.4% on a cash basis.

Core Portfolio Asset Recycling

During the fourth quarter, the Company completed the sale of the A&P Shopping Center located in Boonton, New Jersey for $18.4 million. Acadia purchased a 60% interest in this property during 2006 for $8.4 million, consisting of $3.2 million of cash and its $5.2 million share of the existing mortgage debt.

Structured Financing Portfolio

As of December 31, 2013, the Company’s structured financing portfolio totaled $126.7 million. During the year ended December 31, 2013, the portfolio, excluding those investments in the Funds, increased a net $27.7 million. This was a result of the origination of $45.0 million in new notes and preferred equity investments, offset by $17.3 million of repayments.

Of the year-end outstanding balance, $7.2 million was repaid during January 2014 and $38.0 million is anticipated to be converted into an equity investment during the first quarter of 2014, following which, the remaining balance of the portfolio will be $81.5 million.

Fund Platform - 2013 Year-to-date Acquisitions totaling $123.2 Million; Continued Monetization of Fund II Assets

Fund IV New Investments

During the fourth quarter 2013, consistent with its location-driven acquisition strategies, Fund IV invested in two street retail value-add assets and one opportunistic, high-yield property.

1151 Third Avenue - During October, Fund IV completed the acquisition of this street retail property in Manhattan located on the northeast corner of 67^th Street and Third Avenue for a purchase price of $18.0 million. This 12,300 square foot property is currently occupied by Lucky Brand Jeans and Flywheel.

938 W. North Avenue - During November, Fund IV, in partnership with an unaffiliated entity, completed the acquisition of 938 W. North Avenue, located in Chicago for $20.0 million. This 33,000 square foot street retail property located on the northeast corner of North Avenue and Sheffield Road in the Lincoln Park neighborhood of Chicago is currently occupied by Sephora and Restoration Hardware and includes an underground parking garage.

Lake Montclair - During October, Fund IV completed the opportunistic acquisition of a 106,000 square foot Food Lion anchored property located in Prince William County, Virginia, for a purchase price of $19.3 million.

Fund II Continued Monetization

During the fourth quarter, Fund II completed the disposition of Fordham Place and the retail portion of the Pelham Manor Shopping Plaza for a combined sales price of $192.4 million. The Fund developed these properties in connection with its New York Urban/Infill Redevelopment Initiative.

Balance Sheet - Achieving Growth While Maintaining Low Leverage

Consistent with its conservative balance sheet management practices, Acadia funded the above-mentioned Core Portfolio and co-investment share of Fund acquisitions during 2013 with approximately two-thirds equity. This was sourced primarily through a combination of (i) Common Shares issued under the Company’s at-the-market (“ATM”) stock offering program and Operating Partnership Units aggregating $114.3 million at an average net price of $26.92 per share/unit, and (ii) $46.9 million of recycled capital from fourth quarter Core Portfolio and Fund asset sales.

Acadia continues to maintain a solid balance sheet with available liquidity and low leverage, providing it with additional flexibility in using the most efficient source of capital based on pricing and availability to fund its acquisition activities during 2014. This is evidenced by the following as of December 31, 2013:


•	Combined Net Debt to Total Market Capitalization of 24%


•	Core Portfolio Net Debt to EBITDA ratio of 4.3x


•	Including the Company’s Core Portfolio debt and pro-rata share of the Company’s Fund debt (“Combined”), a Combined Net Debt to EBITDA ratio of 4.9x


•	Combined fixed-charge coverage ratio of 3.1x to 1


•	During the fourth quarter, the Company amended its $150.0 million unsecured credit facility, which it closed on in January 2013 to include an additional $50.0 million term loan. The term loan bears interest at rates which vary from LIBOR plus 140 basis points to LIBOR plus 215 basis points depending on the level of the Company’s leverage.


•	The Company had total liquidity of $218.0 million, including $35.5 million of cash on hand and $182.5 million available under its existing credit facilities, excluding the Funds’ cash and credit facilities.

Outlook -Earnings Guidance for 2014

The Company forecasts its 2014 annual FFO will range from $1.30 to $1.40 per share and 2014 EPS from $0.68 to $0.77. The following table summarizes management’s 2014 guidance (dollars in millions, except per share amounts):



	2014		2013
	Low	High	Actual
Core and pro-rata share of Funds’ portfolio income	$80.5	$85.0	$70.3
Asset and property management fee income, net of taxes	14.5	15.0	17.6
Transactional fee income, net of taxes	6.0	6.5	6.3
Promote income from Funds, RCP Venture and
other income, net of taxes	0.5	1.0	(0.6)
General and administrative expenses	(25.5)	(25.0)	(26.4)
FFO	$76.0	$82.5	$67.2
FFO per share	$1.30	$1.40	$1.20

The following is a reconciliation of the calculation of forecasted earnings per diluted share and FFO per diluted share:



Guidance Range for 2014	Low	High
Earnings per share	$ 0.68	$ 0.77
Depreciation of real estate and amortization of leasing costs:
Wholly owned and consolidated partnerships	0.55	0.55
Unconsolidated partnerships	0.06	0.07
Noncontrolling interest in Operating Partnership	0.01	0.01
FFO per share	$ 1.30	$ 1.40

Forecasted new Core Portfolio and Fund investments are anticipated to be key drivers of 2014 earnings growth. In addition, the Company is assuming an increase in same-store NOI for the Core Portfolio between 3.5% and 4.5% for the year. Management will discuss its 2014 earnings guidance and related assumptions in further detail on its scheduled year-end investor conference call.

Management Comments

“During 2013, we made continued progress on both our core and fund strategies,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “For example, we continued to elevate our core portfolio, completing $221 million of street-retail acquisitions in the metro areas of New York, Chicago, and Washington DC, where more than 70% of our portfolio value is now concentrated. Together with our already-strong asset base, our core portfolio is well positioned to deliver reliable - and ultimately, above-average - growth both in the near and long term, as demonstrated by our fourth quarter operating results. Just as importantly, we are pleased with the assets acquired to date through Fund IV. These new acquisitions, coupled with our well-balanced existing

fund portfolio of ground-up developments, re-anchorings, and high-yielding assets, should generate a significant amount of organic growth over the next few years, further magnified by the deployment of Fund IV’s remaining capital commitments.”

Investor Conference Call

Management will conduct a conference call on Thursday, February 13, 2014 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 “36518610” 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 “36518610#”. The phone replay will be available through Thursday, February 20, 2014.

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 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 Years ended December 31, 2013 and 2012

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



	For the Quarters ended		For the Years ended
	December 31,		December 31,
Revenues	2013	2012	2013	2012

Rental income	$ 32,633	$ 22,947	$ 122,730	$ 84,002
Interest income	2,535	1,900	11,800	8,027
Expense reimbursements	7,394	6,500	28,373	20,433
Other property income	1,479	469	2,299	1,070
Management fee income	62	—	122	1,455
Other income	—	—	2,962	—
Total revenues	44,103	31,816	168,286	114,987
Operating expenses
Property operating	8,375	7,311	25,631	21,329
Real estate taxes	4,973	4,217	20,922	16,387
General and administrative	8,292	4,586	25,555	21,223
Reserve for notes receivable	—	405	—	405
Depreciation and amortization	11,021	7,762	40,299	27,888
Total operating expenses	32,661	24,281	112,407	87,232

Operating income	11,442	7,535	55,879	27,755

Equity in earnings (losses) of unconsolidated affiliates	5,108	(750)	12,382	1,579
Loss on extinguishment of debt	(765)	(198)	(765)	(198)
Gain on involuntary conversion of asset	—	2,368	—	2,368
Impairment of asset	—	—	(1,500)	—
Interest expense and other finance costs	(9,668)	(5,996)	(39,474)	(22,811)
Income from continuing operations before income taxes	6,117	2,959	26,522	8,693
Income tax benefit (provision)	38	1,698	(19)	574
Income from continuing operations	6,155	4,657	26,503	9,267

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights ¹

For the Quarters and Years ended December 31, 2013 and 2012

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



	For the Quarters ended		For the Years ended
	December 31,		December 31,
	2013	2012	2013	2012

Operating income from discontinued operations	1,424	4,216	6,818	12,007
Impairment of asset	(6,683)	—	(6,683)	—
Loss on extinguishment of debt	(800)	(2,541)	(800)	(2,541)
Gain on sale of properties	14,611	62,618	18,802	71,203
Income from discontinued operations	8,552	64,293	18,137	80,669
Net income	14,707	68,950	44,640	89,936
Loss (income) attributable to noncontrolling interests:
Continuing operations	1,420	3,783	7,523	14,352
Discontinued operations	(3,877)	(51,457)	(12,048)	(64,582)
Net (income) attributable to noncontrolling
interests	(2,457)	(47,674)	(4,525)	(50,230)

Net income attributable to Common Shareholders	$ 12,250	$ 21,276	$ 40,115	$ 39,706

Income from continuing operations attributable to
Common Shareholders	$ 7,575	$ 8,440	$ 34,026	$ 23,619
Income from discontinued operations
attributable to Common Shareholders	4,675	12,836	6,089	16,087
Net income attributable to Common Shareholders	12,250	21,276	40,115	39,706

Less: Net Income attributable to participating securities	(189)	(417)	(685)	(783)
Net Income attributable to Common Shareholders - basic	$ 12,061	$ 20,859	$ 39,430	$ 38,923
Weighted average shares for basic earnings per share	55,576	50,046	54,919	45,854
Net Earnings per share - basic and diluted	$ 0.22	$ 0.42	$ 0.72	$ 0.85

Basic and diluted earnings per share - Continuing Operations ²	$ 0.14	$ 0.17	$ 0.61	$ 0.51
Basic and diluted earnings per share - Discontinued Operations ²	$ 0.08	$ 0.25	$ 0.11	$ 0.34

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights ¹

For the Quarters and Years ended December 31, 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 Years ended
	December 31,		December 31,
	2013	2012	2013	2012


Net income attributable to Common Shareholders	$ 12,250	$ 21,276	$ 40,115	$ 39,706

Depreciation of real estate and amortization of leasing costs
(net of noncontrolling interests' share):
Consolidated affiliates	7,607	6,782	28,752	23,090
Unconsolidated affiliates	702	426	2,680	1,581
Impairment of asset	—	—	1,500	—
Gain on sale (net of noncontrolling interests’ share):
Consolidated affiliates	(5,602)	(14,060)	(6,378)	(15,451)
Unconsolidated affiliates	—	—	—	(609)
Income attributable to noncontrolling interests’ in
Operating Partnership	141	241	470	510
Distributions - Preferred OP Units	6	4	22	18
Funds from operations	$ 15,104	$ 14,669	$ 67,161	$ 48,845
Funds from operations per share - Diluted
Weighted average Common Shares and OP Units ⁴	56,572	51,150	55,954	46,940
Funds from operations, per share	$ 0.27	$ 0.29	$ 1.20	$ 1.04

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights ¹

For the Quarters and Years ended December 31, 2013 and 2012

(dollars in thousands)

RECONCILIATION OF OPERATING INCOME TO NET PROPERTY

OPERATING INCOME (“NOI”) ³



	For the Quarters ended		For the Years ended
	December 31,		December 31,
	2013	2012	2013	2012

Operating income	$ 11,442	$ 7,535	$ 55,879	$ 27,755

Add back:
General and administrative	8,292	4,586	25,555	21,223
Depreciation and amortization	11,021	7,762	40,299	27,888
Less:
Management fee income	(62)	—	(122)	(1,455)
Interest income	(2,535)	(1,900)	(11,800)	(8,027)
Straight line rent and other adjustments	(1,624)	3,008	(5,788)	2,815

Consolidated NOI	26,534	20,991	104,023	70,199

Noncontrolling interest in NOI	(8,367)	(6,596)	(33,856)	(19,370)
Pro-rata share of NOI	18,167	14,395	70,167	50,829
Operating Partnerships’ interest in Opportunity Funds	(1,314)	(1,467)	(5,342)	(4,212)
Operating Partnerships’ share of unconsolidated joint ventures ¹	711	1,004	2,792	6,113
NOI - Core Portfolio	$ 17,564	$ 13,932	$ 67,617	$ 52,730

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




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

Cash and cash equivalents	$ 79,189	$ 91,813
Rental property, at cost	1,481,700	1,065,315
Total assets	2,264,957	1,908,440
Notes payable	1,039,997	613,181
Total liabilities	1,143,369	838,184

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.

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights

For the Quarters and Years ended December 31, 2013 and 2012

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

Notes (continued):

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

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 620 and 566 OP Units into Common Shares for the quarters ended December 31, 2013 and 2012, respectively and 618 and 604 OP Units into Common Shares for the years ended December 31, 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 years ended December 31, 2013 and 2012. In addition, diluted FFO also includes the effect of 350 and 511 employee share options, restricted share units and LTIP units for the quarters ended December 31, 2013 and 2012, respectively and 392 and 456 employee share options, restricted share units and LTIP units for the years ended December 31, 2013 and 2012, respectively.

Ex. 99.2 2013-12-31 Supplemental

Exhibit 99.2



Table of Contents
Third Quarter 2013



Section I - Financial Information		Section II - Core Portfolio Information

Company Information…………………………………………	3	Core Properties……………………………………………………...	23
Total Market Capitalization……………………………………	4	Core Top Tenants…………………………………………………....	25
Operating Statements		Core Lease Expirations……………………………………………...	26
Pro-rata Consolidation…………………………………………	5	Core New and Renewal Rent Spreads………………………………	27
Opportunity Funds……………………………………………..	6	Core Capital Expenditures………………………………………......	28
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")		Portfolio Demographics…………………………………………......	29
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………………………………………...	32
Notes Receivable……………………………………………....	13	Opportunity Fund Properties……………………………………......	33
Other Information		Opportunity Fund Lease Expirations………………………………..	34
2013 Transactional Activity……………………………...........	14	Development Activity…………………………………………….....	35
2014 Guidance…………………………………….......……….	15	RCP Venture Investments……………………………………….......	36
Net Asset Valuation Information……………………...........….	16
Selected Financial Ratios………………………………….…..	17
Debt Analysis
Summary………………………………………………………	18	Important Notes……………………………………………………..	37
Detail…………………………………………………………..	19
Maturities……………………………………………………...	22

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 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
	Christy McElroy - (212) 816-6981	Michael W. Mueller, CFA - (212) 622-6689	Ross Nussbaum - (212) 713-2484
	christy.mcelroy@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	96.6%		55,643
Common Operating Partnership ("OP") Units	3.4%		1,954
Combined Common Shares and OP Units			57,597

Share Price at December 31, 2013			$	24.83

Equity Capitalization - Common Shares and OP Units			$	1,430,134
Preferred OP Units			622			²
Total Equity Capitalization			1,430,756				73%	76%

Debt Capitalization
Consolidated debt			1,038,129
Adjustment to reflect pro-rata share of debt			(519,871		)
Total Debt Capitalization			518,258				27%	24%

Total Market Capitalization			$	1,949,014			100%	100%



Weighted Average Outstanding Common Shares and OP Units
(in thousands)
			December 31, 2013						Changes in Total Common Shares Outstanding
			Year-to-date				Quarter
Weighted average Common Shares - Basic EPS			54,919				55,576		Balance @ 12/31/2012	52,482
Dilutive potential Common Shares			392				350		Stock Issuance	3,015
Weighted average Common Shares - Diluted EPS			55,311				55,926		Other	146
OP Units			618				620
Dilutive potential OP Units			25				25		Balance @ 12/31/13	55,643
Weighted average Common Shares and OP Units - Diluted FFO			55,954				56,571


Notes:
¹ Reflects debt net of Core Portfolio cash balance of	$	35,549
pro-rata share of Funds cash balance of	10,830
and restricted cash relating to City Point financing of	21,647
for ("Net Debt") totaling -	$ 68,026
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 December 31, 2013															Three months ended December 31, 2013
	Core Portfolio						Funds						Total			Core Portfolio						Funds						Total

	Continuing			Discontinued			Continuing			Discontinued						Continuing			Discontinued			Continuing			Discontinued
	Operations			Operations			Operations			Operations						Operations			Operations			Operations			Operations
CORE PORTFOLIO AND Fund INCOME

PROPERTY REVENUES
Minimum rents	$	73,330		$	781		$	10,029		$	2,943		$	87,083		$	19,147		$	175		$	2,753		$	367		$	22,442
Percentage rents	345			—			78			—			423			87			—			8			—			95
Expense reimbursements - CAM	7,298			85			1,277			247			8,907			2,054			28			393			48			2,523
Expense reimbursements - Taxes	10,730			187			1,592			332			12,841			2,243			44			473			49			2,809
Other property income	484			3			227			55			769			103			—			56			8			167
Total Property Revenues	92,187			1,056			13,203			3,577			110,023			23,634			247			3,683			472			28,036

PROPERTY EXPENSES
Property operating - CAM	8,408			85			1,267			479			10,239			2,349			29			451			82			2,911
Other property operating (Non-CAM)	3,252			22			1,096			530			4,900			965			14			380			41			1,400
Real estate taxes	12,910			187			2,185			353			15,635			2,756			43			604			61			3,464
Total Property Expenses	24,570			294			4,548			1,362			30,774			6,070			86			1,435			184			7,775

NET OPERATING INCOME - PROPERTIES	67,617			762			8,655			2,215			79,249			17,564			161			2,248			288			20,261

OTHER INCOME (EXPENSE)
Interest income	10,316			—			341			—			10,657			2,245			—			31			—			2,276
Straight-line rent income	2,724			20			586			291			3,621			499			5			162			61			727
Straight-line ground rent	—			—			—			(70		)	(70		)	—			—			—			(8		)	(8		)
Above/below market rent	3,282			(144		)	1,319			—			4,457			922			(36		)	911			—			1,797
Interest expense	(20,176		)	(192		)	(3,261		)	(594		)	(24,223		)	(5,133		)	(41		)	(846		)	(74		)	(6,094		)
Amortization of finance costs	(919		)	(11		)	(423		)	(80		)	(1,433		)	(241		)	(3		)	(30		)	(8		)	(282		)
Above/below market interest expense	1,226			—			180			—			1,406			175			—			42			—			217
Asset and property management expense	(176		)	(20		)	(228		)	2			(422		)	10			(5		)	(70		)	—			(65		)
Other income/(expense)	469			—			488			33			990			—			—			—			—			—
Transaction costs	(2,993		)	(3		)	(475		)	(6		)	(3,477		)	(1,403		)	—			(10		)	—			(1,413		)
Impairment of asset	(1,500		)	—			—			(1,330		)	(2,830		)	—			—			—			(1,330		)	(1,330		)
CORE PORTFOLIO AND Fund INCOME	59,870			412			7,182			461			67,925			14,638			81			2,438			(1,071		)	16,086

FEE INCOME
Asset and property management fees	17,022			—			396			—			17,418			4,155			—			78			—			4,233
Transactional fees ²	6,135			—			176			—			6,311			2,324			—			84			—			2,408
Income tax benefit (provision)	130			—			(27		)	(1		)	102			(26		)	—			13			—			(13		)
Total Fee Income	23,287			—			545			(1		)	23,831			6,453			—			175			—			6,628

PROMOTE, RCP AND OTHER INCOME
Equity in earnings (losses) from RCP investments	—			—			131			—			131			—			—			—			—			—
Promote income - Fund capital transactions	1,395			—			—			—			1,395			1,395			—			—			—			1,395
Lease termination income	(63		)	—			180			—			117			(80		)	—			178			—			98
Gain (loss) on extinguishment of debt	(309		)	(87		)	(90		)	(131		)	(617		)	(309		)	(87		)	(90		)	(131		)	(617		)
Total Promote, RCP and Other Income	1,023			(87		)	221			(131		)	1,026			1,006			(87		)	88			(131		)	876

GENERAL AND ADMINISTRATIVE	(26,264		)	(3		)	(102		)	(1		)	(26,370		)	(8,198		)	(3		)	(47		)	(1		)	(8,249		)

Depreciation and amortization	(27,649		)	(82		)	(3,879		)	(509		)	(32,119		)	(7,447		)	2			(1,037		)	—			(8,482		)
Gain on sale of properties	—			4,228			(280		)	2,365			6,313			—			4,228			(280		)	1,589			5,537
Income before noncontrolling interests	30,267			4,468			3,687			2,184			40,606			6,452			4,221			1,337			386			12,396

Noncontrolling interest - OP	(370		)	(51		)	(41		)	(29		)	(491		)	(76		)	(50		)	(12		)	(8		)	(146		)

NET INCOME	$	29,897		$	4,417		$	3,646		$	2,155		$	40,115		$	6,376		$	4,171		$	1,325		$	378		$	12,250

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 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.
² Consists of development, construction, leasing and legal fees.



Income Statements - Funds ¹
(in thousands)
	Year-to-date ended December 31, 2013
				Continuing																		Continuing			Discontinued												Continuing			Discontinued
				Operations																		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-						AKR Pro-			Total
	Continuing			rata share ³						rata share ³			Continuing			Discontinued			Consolidated			rata share			rata share						rata share			Continuing			rata share			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%			19.90%			Fund IV			23.12%			rata share

PROPERTY REVENUES
Minimum rents	$	216		$	76		$	—		$	—		$	10,430		$	14,726		$	25,156		$	2,087		$	2,943		$	—		$	—		$	28,883		$	5,750		$	—		$	9,155		$	2,116		12,972
Percentage rents	—			—			—			—			—			—			—			—			—			—			—			332			66			—			51			12			78
Expense reimbursements - CAM	3			1			—			—			1,114			1,236			2,350			223			247			—			—			4,452			886			—			725			167			1,524
Expense reimbursements - Taxes	—			—			—			—			364			1,662			2,026			73			332			—			—			5,931			1,181			—			1,467			338			1,924
Other property income	2			1			—			—			218			276			494			44			55			—			—			904			179			—			10			3			282
Total Property Revenues	221			78			—			—			12,126			17,900			30,026			2,427			3,577			—			—			40,502			8,062			—			11,408			2,636			16,780

PROPERTY EXPENSES
Property operating - CAM	13			4			—			—			1,437			2,396			3,833			287			479			—			—			4,307			856			—			520			120			1,746
Other property operating (Non-CAM)	140			49			—			—			1,316			2,660			3,976			263			530			—			—			3,697			737			—			201			47			1,626
Real estate taxes	11			3			—			—			1,427			1,758			3,185			285			353			—			—			7,831			1,559			—			1,460			338			2,538
Total Property Expenses	164			56			—			—			4,180			6,814			10,994			835			1,362			—			—			15,835			3,152			—			2,181			505			5,910

NET OPERATING INCOME - PROPERTIES	57			22			—			—			7,946			11,086			19,032			1,592			2,215			—			—			24,667			4,910			—			9,227			2,131			10,870

OTHER INCOME (EXPENSE)
Interest income	808			291			—			—			14			—			14			3			—			—			—			212			41			—			28			6			341
Straight-line rent income	—			—			—			—			682			1,452			2,134			136			291			—			—			1,654			329			—			515			121			877
Straight-line ground rent	—			—			—			—			7			(352		)	(345		)	—			(70		)	—			—			—			—			—			—			—			(70	)
Above/below market rent	—			—			—			—			—			—			—			—			—			—			—			2,879			574			—			3,220			745			1,319
Interest expense	(4		)	—			—			—			(6,299		)	(2,967		)	(9,266		)	(1,259		)	(594		)	—			—			(7,138		)	(1,421		)	—			(2,510		)	(581		)	(3,855	)
Amortization of finance costs	—			—			—			—			(203		)	(405		)	(608		)	(41		)	(80		)	—			—			(997		)	(199		)	—			(788		)	(183		)	(503	)
Above/below market interest expense	—			—			—			—			—			—			—			—			—			—			—			902			180			—			—			—			180
Asset and property management expense ²	8			3			—			—			(121		)	9			(112		)	(24		)	2			—			—			(558		)	(112		)	—			(407		)	(95		)	(226	)
Promote expense ³	(73		)	—			10			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Other income/(expense)	(5		)	(2		)	—			—			(44		)	166			122			(9		)	33			—			—			2,501			498			—			3			1			521
Transaction costs	—			—			—			—			(78		)	(32		)	(110		)	(16		)	(6		)	—			—			(844		)	(168		)	—			(1,259		)	(291		)	(481	)
Impairment of asset	—			—			—			—			—			—			—			—			—			—			—			—			—			(1,330		)	—			—			(1,330	)
Fund INCOME	791			314			10			—			1,904			8,957			10,861			382			1,791			—			—			23,278			4,632			(1,330		)	8,029			1,854			7,643

FEE INCOME
Asset and property management fees	—			—			—			—			—			—			—			—			—			—			—			1,991			396			—			—			—			396
Transactional fees	—			—			—			—			—			—			—			—			—			—			—			885			176			—			—			—			176
Income tax benefit (provision)	(4		)	(2		)	—			—			(12		)	(3		)	(15		)	(2		)	(1		)	—			—			(116		)	(23		)	—			—			—			(28	)
Total Fee Income	(4		)	(2		)	—			—			(12		)	(3		)	(15		)	(2		)	(1		)	—			—			2,760			549			—			—			—			544

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	—			—			(44		)	(17		)	802			—			802			160			—			(60		)	(12		)	—			—			—			—			—			131
Lease termination income	750			167			—			—			—			—			—			—			—			—			—			22			4			—			37			9			180
Gain on extinguishment of debt	—			—			—			—			5			(655		)	(650		)	1			(131		)	—			—			(456		)	(91		)	—			—			—			(221	)
Provision for income taxes (RCP)	—			—			(2		)	—			—			—			—			—			—			(2		)	—			—			—			—			—			—			—
Total Promote, RCP and Other Income	750			167			(46		)	(17		)	807			(655		)	152			161			(131		)	(62		)	(12		)	(434		)	(87		)	—			37			9			90



GENERAL AND ADMINISTRATIVE	(95		)	(31		)	(7		)	(2		)	(82		)	(4		)	(86		)	(17		)	(1		)	(24		)	(4		)	(288		)	(57		)	—			41			9			(103	)

Depreciation and amortization	(3		)	—			—			—			(2,793		)	(2,546		)	(5,339		)	(559		)	(509		)	—			—			(12,364		)	(2,460		)	—			(3,719		)	(860		)	(4,388	)
Gain on sale of properties	(1,258		)	(280		)	—			—			—			11,823			11,823			—			2,365			—			—			—			—			—			—			—			2,085
Income before noncontrolling interest	181			168			(43		)	(19		)	(176		)	17,572			17,396			(35		)	3,514			(86		)	(16		)	12,952			2,577			(1,330		)	4,388			1,012			5,871

Noncontrolling interest - OP	(4		)	(2		)	—			—			20			(225		)	(205		)	4			(45		)	—			—			(155		)	(31		)	16			(52		)	(12		)	(70	)

NET INCOME	$	177		$	166		$	(43	)	$	(19	)	$	(156	)	$	17,347		$	17,191		$	(31	)	$	3,469		$	(86	)	$	(16	)	$	12,797		$	2,546		$	(1,314	)	$	4,336		$	1,000		5,801

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 - Funds ¹
(in thousands)
	Three months ended December 31, 2013
				Continuing															Continuing			Discontinued																Continuing			Discontinued
				Operations															Operations			Operations																Operations			Operations
	Fund I			AKR Pro-				AKR Pro-		Fund II			Fund II			Fund II			AKR Pro-			AKR Pro-					AKR Pro-		Fund III			Fund III			Fund III			AKR Pro-			AKR Pro-						AKR Pro-			Total
	Continuing			rata share ³				rata share ³		Continuing			Discontinued			Consolidated			rata share			rata share					rata share		Continuing			Discontinued			Consolidated			rata share			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			Operations			Operations			19.90%			19.90%			Fund IV			23.12%			rata share

PROPERTY REVENUES
Minimum rents	$	45		$	10	$	—	$	—	$	2,766		$	1,833		$	4,599		$	553		$	367		$	—	$	—	$	7,106		$	—		$	7,106		$	1,415		$	—		$	3,354		$	775		$	3,120
Percentage rents	—			—		—		—		—			—			—			—			—			—		—		42			—			42			8			—			—			—			8
Expense reimbursements - CAM	—			—		—		—		215			238			453			43			48			—		—		1,392			—			1,392			277			—			316			73			441
Expense reimbursements - Taxes	—			—		—		—		137			244			381			27			49			—		—		1,658			—			1,658			330			—			503			116			522
Other property income	—			—		—		—		52			39			91			10			8			—		—		227			—			227			45			—			3			1			64
Total Property Revenues	45			10		—		—		3,170			2,354			5,524			633			472			—		—		10,425			—			10,425			2,075			—			4,176			965			4,155

PROPERTY EXPENSES
Property operating - CAM	6			1		—		—		387			409			796			77			82			—		—		1,558			—			1,558			310			—			272			63			533
Other property operating (Non-CAM)	26			6		—		—		424			206			630			85			41			—		—		1,288			—			1,288			258			—			134			31			421
Real estate taxes	2			—		—		—		347			303			650			69			61			—		—		2,054			—			2,054			409			—			545			126			665
Total Property Expenses	34			7		—		—		1,158			918			2,076			231			184			—		—		4,900			—			4,900			977			—			951			220			1,619

NET OPERATING INCOME - PROPERTIES	11			3		—		—		2,012			1,436			3,448			402			288			—		—		5,525			—			5,525			1,098			—			3,225			745			2,536

OTHER INCOME (EXPENSE)
Interest income	89			20		—		—		3			—			3			1			—			—		—		19			—			19			4			—			27			6			31
Straight-line rent income	—			—		—		—		206			305			511			41			61			—		—		454			—			454			90			—			132			31			223
Straight-line ground rent	—			—		—		—		1			(40		)	(39		)	—			(8		)	—		—		—			—			—			—			—			—			—			(8		)
Above/below market rent	—			—		—		—		—			—			—			—			—			—		—		495			—			495			99			—			3,511			812			911
Interest expense	(1		)	—		—		—		(1,549		)	(370		)	(1,919		)	(310		)	(74		)	—		—		(1,744		)	—			(1,744		)	(347		)	—			(818		)	(189		)	(920		)
Amortization of finance costs	—			—		—		—		(47		)	(42		)	(89		)	(9		)	(8		)	—		—		195			—			195			39			—			(258		)	(60		)	(38		)
Above/below market interest expense	—			—		—		—		—			—			—			—			—			—		—		211			—			211			42			—			—			—			42
Asset and property management expense ²	2			—		—		—		(31		)	—			(31		)	(6		)	—			—		—		(140		)	—			(140		)	(28		)	—			(155		)	(36		)	(70		)
Promote expense ³	—			—		—		—		—			—			—			—			—			—		—		—			—			—			—			—			—			—			—
Other income/(expense)	—			—		—		—		—			—			—			—			—			—		—		—			—			—			—			—			—			—			—
Transaction costs	—			—		—		—		—			—			—			—			—			—		—		24			—			24			5			—			(64		)	(15		)	(10		)
Impairment of asset	—			—		—		—		—			—			—			—			—			—		—		—			(6,683		)	(6,683		)	—			(1,330		)	—			—			(1,330		)
Fund INCOME	101			23		—		—		595			1,289			1,884			119			259			—		—		5,039			(6,683		)	(1,644		)	1,002			(1,330		)	5,600			1,294			1,367

FEE INCOME
Asset and property management fees	—			—		—		—		—			—			—			—			—			—		—		391			—			391			78			—			—			—			78
Transactional fees	—			—		—		—		—			—			—			—			—			—		—		422			—			422			84			—			—			—			84
Income tax benefit (provision)	—			—		—		—		—			—			—			—			—			—		—		65			—			65			13			—			—			—			13
Total Fee Income	—			—		—		—		—			—			—			—			—			—		—		878			—			878			175			—			—			—			175

PROMOTE, RCP AND OTHER INCOME
Equity in earnings (losses) from RCP investments	—			—		—		—		—			—			—			—			—			—		—		—			—			—			—			—			—			—			—
Lease termination income	750			167		—		—		—			—			—			—			—			—		—		15			—			15			3			—			33			8			178
Gain on extinguishment of debt	—			—		—		—		5			(655		)	(650		)	1			(131		)	—		—		(456		)	—			(456		)	(91		)	—			—			—			(221		)
Provision for income taxes (RCP)	—			—		—		—		—			—			—			—			—			—		—		—			—			—			—			—			—			—			—



Total Promote, RCP and Other Income	750			167			—		—		5			(655		)	(650		)	1			(131		)	—			—			(441		)	—			(441		)	(88		)	—			33			8			(43		)

GENERAL AND ADMINISTRATIVE	(30		)	(7		)	—		—		(74		)	(3		)	(77		)	(15		)	(1		)	(17		)	(3		)	(113		)	—			(113		)	(22		)	—			(1		)	—			(48		)

Depreciation and amortization	—			—			—		—		(760		)	—			(760		)	(152		)	—			—			—			(2,991		)	—			(2,991		)	(595		)	—			(1,254		)	(290		)	(1,037		)
Gain on sale of properties	(1,258		)	(280		)	—		—		—			7,944			7,944			—			1,589			—			—			—			—			—			—			—			—			—			1,309
Income before noncontrolling interest	(437		)	(97		)	—		—		(234		)	8,575			8,341			(47		)	1,716			(17		)	(3		)	2,372			(6,683		)	(4,311		)	472			(1,330		)	4,378			1,012			1,723

Noncontrolling interest - OP	5			1			—		—		25			(120		)	(95		)	5			(24		)	—			—			(30		)	80			50			(6		)	16			(52		)	(12		)	(20		)

NET INCOME	$	(432	)	$	(96	)	$	—	$	—	$	(209	)	$	8,455		$	8,246		$	(42	)	$	1,692		$	(17	)	$	(3	)	$	2,342		$	(6,603	)	$	(4,261	)	$	466		$	(1,314	)	$	4,326		$	1,000		$	1,703

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

Net Income	$	40,115		$	12,250		$	9,485		$	8,757		$	9,623		$	39,706		$	21,276
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)
Consolidated affiliates	28,752			7,607			7,558			7,043			6,544			23,090			6,782
Unconsolidated affiliates	2,680			702			777			650			550			1,581			426
Gain on sale of properties (net of noncontrolling interest share)
Consolidated affiliates	(6,378		)	(5,602		)	—			(776		)	—			(13,083		)	(11,692		)
Unconsolidated affiliates	—			—			—			—			—			(609		)	—
Impairment of asset	1,500			—			—			1,500			—			—			—
Gain on involuntary conversion of asset	—			—			—			—			—			(2,368		)	(2,368		)
Income attributable to noncontrolling interests'
share in Operating Partnership	470			141			104			102			124			510			241
Distributions on Preferred OP Units ²	22			6			5			5			5			18			4
FFO	$	67,161		$	15,104		$	17,929		$	17,281		$	16,846		$	48,845		$	14,669

Adjusted Funds from operations ("AFFO"):
Diluted FFO	67,161			15,104			17,929			17,281			16,846			48,845			14,669
Straight line rent, net	(3,621		)	(727		)	(1,094		)	(1,130		)	(670		)	(2,608		)	(486		)
Straight-line ground rent	70			8			20			21			21			85			21
Above/below market rent	(4,457		)	(1,797		)	(1,063		)	(993		)	(604		)	(1,649		)	(702		)
Amortization of finance costs	1,433			282			489			363			299			926			165
Above/below market interest	(1,406		)	(217		)	(307		)	(406		)	(476		)	(11		)	(34		)
Non real estate depreciation	456			126			119			109			102			431			93
Amortization of cost of management contracts	—			—			—			—			—			20			—
Leasing commissions	(1,676		)	(400		)	(208		)	(421		)	(647		)	(1,916		)	(347		)
Tenant improvements	(4,057		)	(1,047		)	(1,198		)	(620		)	(1,192		)	(4,274		)	(913		)
Capital expenditures	(2,592		)	(1,567		)	(424		)	(555		)	(46		)	(1,523		)	(444		)
Loss (gain) on extinguishment of debt	617			617			—			—			—			833			833
AFFO	$	51,928		$	10,382		$	13,505		$	13,649		$	13,633		$	39,159		$	12,855

Funds Available for Distribution ("FAD"):
AFFO	51,928			10,382			13,505			13,649			13,633			39,159			12,855
Scheduled principal repayments	(6,029		)	(1,492		)	(1,571		)	(1,514		)	(1,452		)	(4,167		)	(996		)
FAD	$	45,899		$	8,890		$	11,934		$	12,135		$	12,181		$	34,992		$	11,859

Total weighted average shares and OP Units:
Basic	55,562			56,222			56,078			55,791			54,094			46,484			50,638
Diluted	55,954			56,572			56,436			56,215			54,531			46,940			51,150

FFO per share:
FFO per share - Basic	$	1.21		$	0.27		$	0.32		$	0.31		$	0.31		$	1.05		$	0.29
FFO per share - Diluted	$	1.20		$	0.27		$	0.32		$	0.31		$	0.31		$	1.04		$	0.29

AFFO per share - Basic	$	0.93		$	0.18		$	0.24		$	0.24		$	0.25		$	0.84		$	0.25
AFFO per share - Diluted	$	0.93		$	0.18		$	0.24		$	0.24		$	0.25		$	0.83		$	0.25

FAD per share - Basic	$	0.83		$	0.16		$	0.21		$	0.22		$	0.23		$	0.75		$	0.23
FAD per share - Diluted	$	0.82		$	0.16		$	0.21		$	0.22		$	0.22		$	0.75		$	0.23

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 December 31, 2013																		Three months ended December 31, 2013
	Core Portfolio									Funds									Core Portfolio									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	$	29,897		$	4,417		$	34,314		$	3,646		$	2,155		$	40,115		$	6,376		$	4,171		$	10,547		$	1,325		$	378		$	12,250

Add back:
Depreciation and amortization	27,649			82			27,731			3,879			509			32,119			7,447			(2		)	7,445			1,037			—			8,482
Interest expense	20,176			192			20,368			3,261			594			24,223			5,133			41			5,174			846			74			6,094
Amortization of finance costs	919			11			930			423			80			1,433			241			3			244			30			8			282
Above/below market interest	(1,226		)	—			(1,226		)	(180		)	—			(1,406		)	(175		)	—			(175		)	(42		)	—			(217		)
Gain on sale of properties	—			(4,228		)	(4,228		)	280			(2,365		)	(6,313		)	—			(4,228		)	(4,228		)	280			(1,589		)	(5,537		)
Impairment of asset	1,500			—			1,500			—			1,330			2,830			—			—			—			—			1,330			1,330
Provision for income taxes	(130		)	—			(130		)	27			1			(102		)	26			—			26			(13		)	—			13
Loss on extinguishment of debt	309			87			396			90			131			617			309			87			396			90			131			617
Noncontrolling interest - OP	370			51			421			41			29			491			76			50			126			12			8			146

EBITDA	$	79,464		$	612		$	80,076		$	11,467		$	2,464		$	94,007		$	19,433		$	122		$	19,555		$	3,565		$	340		$	23,460



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 -
	December 31, 2013			December 31, 2012			Continuing Operations	December 31, 2013		December 31, 2012		Continuing Operations

Revenue
Minimum rents	$	14,831		$	14,393		3.3%	$	50,218	$	47,853	5.4%
Expense reimbursements	3,812			4,693			(6.7)%	14,575		13,357		2.8%
Other property income	98			137			(0.3)%	716		584		0.3%

Total Revenue	18,741			19,223			(3.7)%	65,509		61,794		8.5%

Expenses
Property operating - CAM & Real estate taxes	4,342			5,598			9.6%	16,162		16,202		0.1%
Other property operating (Non-CAM)	747			534			(1.6)%	2,397		1,777		-1.4%

Total Expenses	5,089			6,132			8.0%	18,559		17,979		-1.3%

Same Property NOI - Core properties - Continuing Operations	$	13,652		$	13,091		4.3%	$	46,950	$	43,815	7.2%

Other same property information
Physical Occupancy	94.6		%	94.2		%
Leased Occupancy	96.7		%	94.4		%

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



Fee income by Fund
(in thousands)

	Fund I		Fund II		Fund III		Fund IV		Other		Total
Year ended December 31, 2013
Asset and property management fees	$	268	$	4,044	$	5,669	$	6,441	$	594	$	17,016
Transactional fees	17		3,132		2,144		709		134		6,136
Total management fees and priority distributions	285		7,176		7,813		7,150		728		23,152


	Fund I		Fund II		Fund III		Fund IV		Other		Total
Current Quarter ended December 31, 2013
Asset and property management fees and priority distributions	$	67	$	836	$	1,436	$	1,635	$	175	$	4,149
Transactional fees	7		976		696		538		108		2,325
Total management fees and priority distributions	$	74	$	1,812	$	2,132	$	2,173	$	283	$	6,474


	Fund I		Fund II		Fund III		Fund IV		Other		Total
Previous Quarter ended September 30, 2013
Asset and property management fees	$	67	$	1,058	$	1,384	$	1,608	$	124	$	4,241
Transactional fees	4		876		352		29		26		1,287
Total management fees	$	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	$ 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	$	336,251			$	(104,911	)	$	30,353		$	261,693			reflects all adjustments, which in the opinion of management,
Buildings and improvements	1,140,613				(343,395		)	79,228			876,446				are necessary for the fair presentation of the consolidated
Construction in progress	4,836				(2,490		)	1,107			3,453				balance sheet for the interim period.
	1,481,700				(450,796		)	110,688			1,141,592
Less: accumulated depreciation	(229,538		)		55,981			(8,709		)	(182,266		)		² The Company currently invests in Funds I, II, III & IV and Mervyns I & II
Net real estate	1,252,162				(394,815		)	101,979			959,326				which are consolidated with the Company's financial statements.
															To provide investors with supplemental information, the Company's
Net real estate under development	337,353			³	(275,323		)	2,500			64,530				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	79,189				(36,431		)	3,621			46,379				and liability line items. Similarly, the presentation also includes
Cash in escrow	19,822				(11,446		)	918			9,294				the Company's pro-rata share of assets and liabilities for
Restricted cash	109,795				(88,148		)	—			21,647				unconsolidated investments which are accounted for under the equity
Investments in and advances to unconsolidated affiliates	181,322				(138,445		)	(42,229		)	648				method of accounting for the Company's financial statements.
Rents receivable, net	6,549				(2,767		)	769			4,551
Straight-line rents receivable, net	23,025				(9,324		)	1,227			14,928
Notes Receivable	126,656				—			215			126,871				³ The components of Net real estate under development are as follows:
Deferred charges, net	30,775				(16,346		)	1,831			16,260				Fund II	$	307,886
Prepaid expenses and other assets	44,212				6,359			1,265			51,836			⁴	Fund III	28,599
Acquired lease intangibles	33,663				(8,730		)	2,769			27,702				Fund IV	150
Assets of discontinued operations	20,434				(14,817		)	—			5,617
															Total Funds	336,635
Total Assets	$	2,264,957			$	(990,233	)	$	74,865		$	1,349,589			Core Portfolio	718
															Total	$	337,353
LIABILITIES AND SHAREHOLDERS' EQUITY
															⁴ The components of Prepaid expenses and other assets are as follows:
Mortgage notes payable	$	1,037,749			$	(595,737	)	$	75,866		$	517,878			Due from Fund Investors	$	24,812
Notes payable	380				—			—			380				Prepaid expenses	7,803
Valuation of debt at acquisition, net of amortization	1,868				—			90			1,958				Accrued interest on Notes Receivable	5,149
Acquired lease intangibles	22,394				(4,560		)	4,666			22,500				Contract deposits	4,200
Accounts payable and accrued expenses	38,050				(14,127		)	1,891			25,814				Other	9,872
Dividends and distributions payable	13,455				—			—			13,455				Total	$	51,836
Share of losses in excess of inv. in unconsolidated affiliates	8,701				—			(8,701		)	—
Other liabilities	18,265				(5,497		)	1,053			13,821
Liabilities of discontinued operations	2,507				(2,002		)	—			505
Total liabilities	1,143,369				(621,923		)	74,865			596,311

Shareholders' equity:
Common shares	56				—			—			56
Additional paid-in capital	665,301				—			—			665,301
Accumulated other comprehensive income	1,132				—			—			1,132
Retained earnings	37,747				—			—			37,747
Total controlling interest	704,236				—			—			704,236
Noncontrolling interest in subsidiary	417,352				(368,310		)	—			49,042
Total shareholders' equity	1,121,588				(368,310		)	—			753,278

Total Liabilities and Shareholders' Equity	$	2,264,957			$	(990,233	)	$	74,865		$	1,349,589



Notes Receivable
(in thousands)

					Balance at										Underlying third-party
	Balance at		Fourth		December 31, 2013						Stated	Effective			first mortgage
	September 30, 2013		Quarter				Accrued				Interest	Interest	Maturity	Extension
Investment	Principal		Activity		Principal		Interest		Total		Rate	Rate ¹	Dates	Options	Amount	Maturity Dates


First mortgage notes	$	33,269	$	27,400	$	60,669	$	425	$	61,094	5.87%	6.22%	2014 to 2015	—	n/a	n/a

Mezzanine notes	49,880		16,107		65,987		4,763		70,750		12.52%	13.09%	2016 to 2020	—	310,056	2014 thru 2019

Total notes receivable	$	83,149	$	43,507	$	126,656	$	5,188	$	131,844	9.33%	9.80%

Notes:
¹ Inclusive of points and exit fees.



2013 Transactional Activity
(in thousands)

Acquisitions:

Property Name	Purchase Price		Ownership %		Month of Transaction	Location	State	Key Tenants

Core Portfolio:

664 N. Michigan Avenue	$	86,600	100	%	March	Chicago	IL	Tommy Bahama, Ann Taylor Loft
8-12 E. Walton	22,500		100	%	June	Chicago	IL	Brioni, BHLDN (Urban Outfitters)
3200-3204 M Street	11,800		100	%	July	Washington	DC	Banana Republic
868 Broadway	13,500		100	%	December	Manhattan	NY	Dr Martens
313-315 Bowery	5,500		100	%	December	Manhattan	NY	John Varvatos, Patagonia
120 West Broadway	37,000		100	%	December	Manhattan	NY	HSBC Bank, Citibank

Funds:

Fund III:

Nostrand Avenue	18,500		100	%	February	Brooklyn	NY	—

Fund IV:

2819 Kennedy Boulevard	$	9,025	98	%	June	North Bergen	NJ	—
Promenade at Manassas	38,000		98	%	June	Manassas	VA	Home Depot, HH Gregg
Paramus Plaza	18,900		50	%	August	Paramus	NJ	Babies R Us, Ashley Furniture
1151 Third Avenue	18,000		100	%	October	Manhattan	NY	Lucky Brand
Lake Montclair	19,250		100	%	October	Prince William County	VA	Food Lion
938 W. North Avenue	20,000		80	%	November	Chicago	IL	Sephora, Restoration Hardware


Dispositions:

Property Name	Sales Price		Ownership %		Month of Transaction	Location	State	Key Tenants

Core Portfolio:

Boonton	$	18,400	60	%	December	Boonton	NJ	A&P

Funds:

Fund II:

Pelham Manor Storage	$	11,888	99	%	May	Pelham Manor	NY	—
Fordham Place	133,900		99	%	November	Bronx	NY	Walgreens, Best Buy, 24 Hour Fitness
Pelham Manor Shopping Plaza	58,530		99	%	November	Pelham Manor	NY	BJ's Wholesale Club, PetSmart


Structured Finance Investments:

Investment	Loan Amount		Effective Interest Rate		Month of Transaction	Maturity Date

Core Portfolio:

First Mortgage	$	17,000	5.5	%	December	January, 2014
First Mortgage	12,000		9.0	%	December	January, 2015
Preferred Equity Investment	13,000		7.9	%	December	September, 2017



2014 Guidance
(in millions except per share amounts, all per share amounts are fully diluted)



	2014 Guidance	2013 Actual
Overall:

Fully diluted Common Shares and OP Units	58,500 - 59,000	55,954

Full year Funds from Operations ("FFO") per share	$1.30 to $1.40	$1.20

Earnings per Share ("EPS")	$0.68 to $0.77	$0.72


FFO Components:

Core and pro-rata share of Fund ("Fund") portfolio income	$80.5 to $85.0	$70.3

Asset and property management fee income, net of TRS taxes	$14.5 to $15.0	$17.6

Transactional fee income, net of TRS taxes	$6.0 to $6.5	$6.3

Promote, RCP and other income, net of TRS taxes	$0.5 to $1.0	$(0.6)

General and administrative expense	$(25.5) to $(25.0)	$(26.4)

Total	$76.0 to $82.5	$67.2



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	$	17,564	¹	$	70.256	--						$	2,012	$	8,048	20	%	$	1,610	$	5.525	$	22,100	19.90%	$	4.398	$	3.225	$	12,900	23.12%	$	2,982
Less:
(Income)/ loss from pre-stabilized assets ³												—		—				—		(346)		(1,384)			(275)		(1,765)		(7,060)			(1,632)
(Income)/ loss from development projects ⁴												—		—				—		(125)		(500)			(100)		(29)		(116)			(27)
Net Operating Income of stabilized assets												2,012		8,048				1,610		5,054		20,216			4,023		1,431		5,724			1,323

Costs to Date
Pre-stabilized assets ³														$	—			$	—			$	96,975		$	19,299			$	178,700		$	41,315
Development projects ⁴														284,500				56,900				35,400			7,045				7,800			1,803

Total Costs to Date														$	284,500			$	56,900			$	132.375		$	26.343			$	186.5		$	43.119

NAV Discontinued operations, net of debt														—				—				$	19,500		$	3,881

Debt				$	369,258	$	—							$	327,002			$	60,404			$	250,268		$	41,111			$	182,350		$	35,409

Gross asset value ²						2,500
Net Asset Value						$	2,500	37.78	%	$	945


Notes:
¹ Does not include a full quarter of NOI for those assets purchased during the fourth quarter 2013. See "Transactions Activity" page in this supplemental for descriptions of those acquisitions.
² AKR pro-rata share of Fund I is the promote of 20% plus its co-investment share of the remainder (22% x 80%) for a total of 37.78%.
³ Consists 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

Paramus Plaza

1151 Third Avenue

⁴ See "Redevelopment Activity" page in this supplemental



Selected Financial Ratios
(in thousands)

	Three months ended December 31,						Period ended December 31,							Three months ended December 31,			Three months ended September 30,			Three months ended December 31,

	2013			2012			2013			2012				2013			2013			2012
COVERAGE RATIOS ¹													LEVERAGE RATIOS

Fixed-Charge Coverage Ratios													Debt ⁴	$	518,258		$	495,291		$	445,582
													Total Market Capitalization	1,949,014			1,879,027			1,773,821
EBITDA² divided by:	$	19,555		$	17,941		$	80,076		$	62,057		Debt/Total Market Capitalization	27		%	26		%	25		%
Interest expense	5,174			4,895			20,368			18,702
Principal Amortization	1,252			731			5,107			2,684			Debt ^4,6	$	450,232		$	405,029		$	382,653
Preferred Dividends	6			5			22			18			Total Market Capitalization	1,880,988			1,788,765			1,710,892
Fixed-Charge Coverage Ratio - Core Portfolio	3.0x			3.2x			3.1x			2.9x			Net Debt/Total Market Capitalization	24		%	23		%	22		%

EBITDA divided by:	$	23,460		$	21,826		$	94,007		$	75,399		Debt + Preferred Equity (Preferred O.P. Units)	$	518,880		$	495,910		$	446,211
Interest expense	6,094			6,072			24,223			22,999			Total Market Capitalization	1,949,014			1,879,027			1,773,821
Principal Amortization	1,492			731			6,029			2,684			Debt+Preferred Equity/Total Market Capitalization	27		%	26		%	25		%
Preferred Dividends	6			5			22			18
Fixed-Charge Coverage Ratio - Core Portfolio													Debt	$	369,258		$	356,846		$	341,044
and Funds	3.1x			3.2x			3.1x			2.9x			EBITDA (Annualized)	77,732			83,312			71,764
													Debt/EBITDA - Core Portfolio	4.8x			4.3x			4.8x
Payout Ratios
													Debt ⁵	$	333,709		$	301,153		$	287,139
Dividends (Shares) & Distributions (OP Units) paid	$	13,454		$	8,757		$	49,180		$	30,025		EBITDA (Annualized)	77,732			83,312			71,764
FFO	15,104			14,669			67,161			48,845			Net Debt/EBITDA - Core Portfolio	4.3x			3.6x			4.0x
FFO Payout Ratio	89		%	60		%	73		%	61		%
													Debt	$	518,258		$	495,291		$	445,582
Dividends (Shares) & Distributions (OP Units) paid	$	13,454		$	8,757		$	49,180		$	30,025		EBITDA (Annualized)	91,992			95,092			82,676
AFFO	10,382			12,855			51,928			39,159			Debt/EBITDA - Core Portfolio and Funds	5.6x			5.2x			5.4x
AFFO Payout Ratio	130		%	68		%	95		%	77		%
													Debt⁶	$	450,232		$	405,029		$	382,653
Dividends (Shares) & Distributions (OP Units) paid	$	13,454		$	8,757		$	49,180		$	30,025		EBITDA (Annualized)	91,992			95,092			82,676
FAD	8,890			11,859			45,899			34,992			Net Debt/EBITDA - Core Portfolio and Funds	4.9x			4.3x			4.6x
FAD Payout Ratio	151		%	74		%	107		%	86		%
													NOI (Annualized)	$	70,256		$	67,648		$	58,056
													Debt	369,258			356,846			341,044
Notes:													Debt Yield - Core Portfolio	19		%	19		%	17		%
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 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. ²See page 9 for a calculation of EBITDA. ³Represents preferred distributions on Preferred Operating partnership Units. ⁴Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt. ⁵Reflects debt net of the current Core Portfolio cash balance at end of period. ⁶Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period.
													NOI (Annualized)	$	70,256		$	67,648		$	58,056
													Debt⁵	333,709			301,153			287,139
													Net Debt Yield - Core Portfolio	21		%	22		%	20		%

													NOI (Annualized)	$	79,248		$	76,640		$	65,844
													Debt	518,258			495,291			445,582
													Debt Yield - Core Portfolio and Funds	15		%	15		%	15		%

													NOI (Annualized)	$	79,248		$	76,640		$	65,844
													Debt⁶	450,232			405,029			382,653
													Net Debt Yield - Core Portfolio and Funds	18		%	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				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	$	380,623		5.4%	$	74,433	4.6%	$	455,056	5.2%	88%	$	406,745	$	(47,713	)	$	814,088
Variable-Rate Debt	(11,365		)	N/A	74,567		2.2%	63,202		2.2%	12%	188,992		(28,153		)	224,041

Total	$	369,258		5.4%	$	149,000	3.4%	$	518,258	4.8%	100%	$	595,737	$	(75,866	)	1,038,129
Unamortized premium																	1,868
Total debt as reported																	$	1,039,997


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	December 31, 2013			Percent	Amount			Rate	Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
Clark Diversey	Acadia	$	4,192		100.0%	$	4,192		6.35%	7/1/2014	None
New Loudon Center	Acadia	13,369			100.0%	13,369			5.64%	9/6/2014	None
Crossroads Shopping Center	Crossroads JV	58,263			49.0%	28,549			5.37%	12/1/2014	None
Crescent Plaza	Acadia	16,747			100.0%	16,747			4.98%	9/6/2015	None
Pacesetter Park Shopping Center	Acadia	11,530			100.0%	11,530			5.12%	11/6/2015	None
Elmwood Park Shopping Center	Acadia	32,744			100.0%	32,744			5.53%	1/1/2016	None
Chicago Portfolio	Acadia	15,558			100.0%	15,558			5.61%	2/1/2016	None
The Gateway Shopping Center	Acadia	19,746			100.0%	19,746			5.44%	3/1/2016	None
330-340 River Street	Acadia	10,904			100.0%	10,904			5.35%	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	22,910			100.0%	22,910			6.06%	10/1/2016	None
Rhode Island Place Shopping Center	Acadia	16,208			100.0%	16,208			6.35%	12/1/2016	None
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	4,341			100.0%	4,341			6.65%	3/1/2017	None
Merrillville Plaza	Acadia	25,837			100.0%	25,837			5.88%	8/1/2017	None
Georgetown Portfolio	Acadia	18,189			50.0%	9,095			4.72%	12/10/2027	None
Interest rate swaps ¹	Acadia	92,249			99.8%	92,080			4.12%	Various

Sub-Total Fixed-Rate Debt		555,367				380,623			5.27%

Variable-Rate Debt

Unsecured Line of Credit ²	Acadia	—			100.0%	—			Libor + 155	1/31/2016	1 x 12 mos.
664 N. Michigan ³	Acadia	—			100.0%	—			Libor + 165	6/28/2018	1 x 60 mos.
Unsecured Term Loan	Acadia	50,000			100.0%	50,000			Libor + 140	11/25/2018	None
4401 N White Plains Road	Acadia	6,263			100.0%	6,263			Libor + 190	9/1/2022	None
28 Jericho Turnpike	Acadia	16,164			100.0%	16,164			Libor + 190	1/23/2023	None
60 Orange Street	Acadia	8,457			98.0%	8,288			Libor + 175	4/3/2023	None
Interest rate swaps ¹	Acadia	(92,249		)	99.8%	(92,080		)	Libor + 190

Sub-Total Variable-Rate Debt		(11,365		)		(11,365		)	Libor + 157

Total Core Portfolio Debt		$	544,002			$	369,258		5.38%

Portfolio Debt - Detail (continued)
(in thousands)

		Principal Balance at			Acadia's Pro-rata Share				Interest	Maturity	Extension
Property	Entity	December 31, 2013			Percent	Amount			Rate	Date	Options

Funds

Fixed-Rate Debt
Lincoln Road ⁷	Fund III	$	19,454		18.9%	3,679			6.14%	8/11/2014	None
CityPoint	Fund II	20,000			18.8%	3,766			7.25%	11/1/2014	None
Arundel Plaza ⁸	Fund III	8,975			17.9%	1,608			5.60%	4/1/2015	None
216th Street ⁴	Fund II	25,500			19.8%	5,054			5.80%	10/1/2017	None
CityPoint	Fund II	197,000			18.8%	37,092			4.75%	2019 ¹⁰	None
CityPoint ⁹	Fund II	5,262			18.8%	991			1.00%	8/23/2019	None
Interest rate swaps ¹	Funds II & III	116,014			19.2%	22,243			3.47%	Various

Sub-Total Fixed-Rate Debt		$	392,205			$	74,433		4.60%



Variable-Rate Debt

Liberty Avenue ⁴	Fund II		$	9,090		19.8%	$	1,802		Libor + 325	4/30/2014	None
210 Bowery	Fund IV		4,600			23.1%	1,064			Libor + 195	6/1/2014	1 x 12 mos.
Parkway Crossing ⁸	Fund III		13,342			17.9%	2,390			Libor + 220	1/1/2015	2 x 12 mos.
640 Broadway	Fund III		22,750			10%	2,264			Libor + 295	7/1/2015	1 x 12 mos.
Heritage Shops	Fund III		20,871			19.9%	4,153			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		84,745			19.9%	16,864			Libor + 165	10/26/2015	None
New Hyde Park Shopping Center	Fund III		6,294			19.9%	1,253			Libor + 225	11/10/2015	2 x 12 mos.
Acadia Strategic Opportunity IV LLC ⁵	Fund IV		68,750			23.1%	15,895			Libor + 165	11/20/2015	1 x 12 mos.
Nostrand Avenue	Fund III		12,567			19.9%	2,501			Libor + 265	2/1/2016	2 x 12 mos.
Promenade at Manassas	Fund IV		25,000			22.8%	5,696			Libor + 140	11/19/2016	1 x 12 mos.
Lincoln Park Centre	Fund III		23,000			19.9%	4,578			Libor + 145	12/3/2016	2 x 12 mos.
White City Shopping Center ⁶	Fund III		38,270			16.7%	6,399			Libor + 260	12/23/2017	1 x 36 mos.
161st Street ⁴	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 swaps ¹	Funds II & III		(116,014		)	19.2%	(22,243		)	Libor + 232

Sub-Total Variable-Rate Debt			$	367,415			$	74,567		Libor + 200

Total Funds Portfolio Debt			$	759,620			$	149,000		3.38%

Total Debt - Continuing Operations			$	1,303,622			$	518,258		4.80%

Portfolio Debt - Notes
(in thousands)

¹ The 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			Spread	Swap rate			All-in Rate	Date
Core Portfolio
	$ 9,074		$	9,074		1.6%	2.90%			4.47%	7/2/2018
	15,000		15,000			1.57%	1.38%			2.95%	11/25/2018
	6,263		6,263			1.57%	1.75%			3.32%	9/1/2022
	12,291		12,291			1.57%	3.77%			5.34%	12/1/2022
	16,164		16,164			1.57%	3.77%			5.34%	1/23/2023
	15,000		15,000			1.57%	2.23%			3.80%	3/31/2023
	10,000		10,000			1.57%	2.15%			3.73%	3/31/2023
	8,457		8,288			1.57%	1.77%			3.34%	4/1/2023
	92,249		92,080			1.57%	2.55%			4.12%

Funds

	34,654		6,931			2.25%	0.70%			2.95%	5/1/2015
	31,886		6,377			2.25%	0.70%			2.95%	5/1/2015
	20,871		4,153			2.25%	0.52%			2.77%	8/10/2015
	19,069		3,188			2.6%	2.90%			5.50%	12/26/2017
	9,534		1,594			2.6%	3.02%			5.62%	12/26/2017
	116,014		22,243			2.33%	1.15%			3.47%

Total Core Portfolio and Funds	$	208,263	$	114,323		1.72%	2.28%			4.00%

² This is an unsecured revolving facility which has a current capacity up to $150,000 and can be increased to $300,000.
The interest rate will vary based on levels of leverage. As of December 31, 2013, the interest rate is LIBOR + 155 basis points.
³ This is a $52.5 million loan of which no amounts were outstanding as of December 31, 2013. $45.0 million was funded subsequent to December 31, 2013.
⁴ Fund 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%.
⁵ Total 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 $254,205.
⁶ Fund 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%.
⁷ Fund 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%.
⁸ Fund 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%.
⁹ This 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.
¹⁰ The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2014.



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

2014	$	5,333	$	74,404	$	79,737	$	4,592	$	45,278	$	49,870	5.47	%	5.47	%	n/a
2015	4,002		27,344		31,346		3,838		27,344		31,182		5.04	%	5.04	%	n/a
2016	2,386		279,959		282,345		2,216		150,692		152,908		5.88	%	5.88	%	n/a
2017	1,460		54,549		56,009		1,281		48,049		49,330		5.72	%	5.72	%	n/a
2018	1,247		50,000		51,247		1,059		50,000		51,059		1.57	%	n/a		1.57	%
Thereafter	7,944		35,374		43,318		5,947		28,962		34,909		2.99	%	4.72	%	2.03	%
Total	$	22,372	$	521,630	$	544,002	$	18,933	$	350,325	$	369,258





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

2014	$	3,825	$	52,687	$	56,512	$	696	$	10,224	$	10,920	5.74	%	6.71	%	2.98	%
2015	2,800		262,402		265,202		495		51,377		51,872		2.54	%	5.60	%	2.44	%
2016	707		59,397		60,104		121		12,543		12,664		2.02	%	n/a		2.02	%
2017	577		61,463		62,040		97		11,067		11,164		4.02	%	5.80	%	2.77	%
2018	—		113,500		113,500		—		24,297		24,297		2.00	%	n/a		2.00	%
Thereafter	—		202,262		202,262		—		38,083		38,083		4.65	%	4.65	%	n/a
Total	$	7,909	$	751,711	$	759,620	$	1,409	$	147,591	$	149,000

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	—		100.0	%	100.0	%	100.0	%	—		121.77		121.77		4,224,798
613-623 West Diversey Parkway	Vitamin Shoppe	2006	100.0	%	—	19,265	19,265	—		100.0	%	100.0	%	100.0	%	—		45.52		45.52		876,977
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	—		90.0	%	90.0	%	95.1	%	—		43.55		43.55		1,750,306
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	%	—		32.22		32.22		1,077,976
					16,500	206,192	222,692	100.0	%	97.0	%	97.2	%	98.2	%	54.55		71.32		70.04		15,158,974
New York Metro
83 Spring Street	Paper Source	2012	100.0	%	—	3,000	3,000	—		100.0	%	100.0	%	100.0	%	—		207.96		207.96		623,884
Mercer Street	3 X 1 Denim	2011	100.0	%	—	3,375	3,375	—		100.0	%	100.0	%	100.0	%	—		116.93		116.93		394,655
East 17th Street		2008	100.0	%	10,382	—	10,382	100.0	%	—		100.0	%	100.0	%	60.20		—		60.20		625,000
West 54th Street	Stage Coach Tavern	2007	100.0	%	—	5,773	5,773	—		92.4	%	92.4	%	100.0	%	—		411.60		411.60		2,195,570
181 Main Street	TD Bank	2012	100.0	%	—	11,350	11,350	—		100.0	%	100.0	%	100.0	%	—		74.48		74.48		845,300
4401 White Plains Road	Walgreens	2011	100.0	%	12,964	—	12,964	100.0	%	—		100.0	%	100.0	%	48.21		—		48.21		625,000
Bartow Avenue	Sleepy's	2005	100.0	%	—	14,676	14,676	—		100.0	%	100.0	%	100.0	%	—		31.33		31.33		459,779
239 Greenwich Avenue	Restoration Hardware	1998	75.0	%	—	16,834	16,834	—		100.0	%	100.0	%	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
868 Broadway	Dr Martens	2013	100.0	%	—	2,031	2,031	—		100.0	%	100.0	%	100.0	%	—		326.05		326.05		662,202
313-315 Bowery¹	John Varvatos, Patagonia	2013	100.0	%	—	6,600	6,600	—		100.0	%	100.0	%	100.0	%	—		66.00		66.00		435,600
120 West Broadway	HSBC Bank, Citibank	2013	100.0	%	—	13,938	13,938	—		100.0	%	100.0	%	100.0	%	—		128.59		128.59		1,792,284
					44,996	96,247	141,243	100.0	%	99.5	%	99.7	%	100.0	%	38.20		97.81		78.76		11,089,393
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	%	—		55.58		55.58		1,273,085
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		40.80		28.50		1,639,679
M Street and Wisonsin Corridor - 7 Properties	Lacoste, Juicy Couture, Coach	2011	50.0	%	—	32,324	32,324	—		93.4	%	93.4	%	93.4	%	—		78.11		78.11		2,359,131
					24,996	87,764	112,760	100.0	%	98.3	%	98.7	%	98.7	%	12.50		57.50		47.39		5,271,895
Boston Metro
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	390,203	530,921	100.0	%	97.9	%	98.5	%	99.0	%	$	28.86	$	74.84	$	62.47	$	32,650,732

Acadia Share Total Street Retail					140,718	373,333	514,051	100.0	%	98.0	%	98.5	%	99.1	%	$	28.86	$	74.72	$	61.98	$	31,399,938

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.
¹ The annualized base rent is reflective of the annual base rent paid to Acadia by the master lessee and does not reflect the rent paid by the retail tenants at the property.





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	%	100.0	%	100.0	%	100.0	%	$	25.26	$	25.03	$	25.13	$	3,745,668
Marketplace of Absecon	Rite Aid, Dollar Tree	1998	100.0	%	46,724	57,832	104,556	100.0	%	90.5	%	94.8	%	94.8	%	13.32		15.23		14.33		1,419,610
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	%	—		30.96		30.96		2,703,356
Branch Plaza	LA Fitness, CVS	1998	100.0	%	74,050	52,223	126,273	75.7	%	79.6	%	77.3	%	77.3	%	21.35		30.49		25.24		2,464,667
Amboy Center	Stop & Shop (Ahold)	2005	100.0	%	37,266	26,024	63,290	100.0	%	100.0	%	100.0	%	100.0	%	20.00		46.03		30.70		1,943,124
Pacesetter Park Shopping Center	Stop & Shop (Ahold)	1999	100.0	%	52,052	45,552	97,604	100.0	%	74.6	%	88.2	%	88.2	%	8.48		18.23		12.33		1,060,895
LA Fitness	LA Fitness	2007	100.0	%	55,000	—	55,000	100.0	%	—		100.0	%	100.0	%	25.3		—		25.3		1,391,500
Crossroads Shopping Center	Kmart, Home Goods, Modell's	1998	49.0	%	202,727	107,972	310,699	80.4	%	80.4	%	80.4	%	95.5	%	9.93		43.28		21.52		5,377,475
New Loudon Center	Marshalls, Price Chopper	1993	100.0	%	251,058	4,615	255,673	100.0	%	100.0	%	100.0	%	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	%	—		100.0	%	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		17.66		15.80		1,647,277

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	%	96.0	%	96.0	%	7.51		11.91		8.61		1,803,083

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		20.58		11.78		1,102,208

Indiana
Merrillville Plaza	Art Van Furniture, TJ Maxx	1998	100.0	%	123,369	112,819	236,188	78.8	%	82.9	%	80.8	%	98.7	%	10.78		18.33		14.48		2,762,677

Michigan
Bloomfield Towne Square	Best Buy, Home Goods,	1998	100.0	%	153,839	82,837	236,676	100.0	%	94.0	%	97.9	%	100.0	%	10.94		22.03		14.67		3,398,233
	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		16.24		12.50		1,310,383

Delaware
Brandywine Town Center	Lowes, Bed Bath & Beyond,	2003	22.2	%	827,496	48,608	876,104	92.1	%	91.4	%	92.0	%	92.0	%	15.73		20.44		15.99		12,889,222
	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	%	100.0	%	100.0	%	100.0	%	17.05		32.33		25.91		2,644,439



Naamans Road	—	2006	22.2	%	—	19,984	19,984	—		100	%	100	%	100	%	—		43.41		43.41		867,517

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	%	4.83		9.80		5.35		835,956
Route 6 Plaza	Kmart	1994	100.0	%	146,568.0	29,021	175,589	100.0	%	77.7	%	96.3	%	99.1	%	6.04		13.94		7.09		1,199,706
Chestnut Hill	—	2006	100.0	%	—	37,646	37,646	—		100.0	%	100.0	%	100.0	%	—		18.50		18.50		696,461
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		27.59		19.72		1,157,028

Total Suburban Properties					3,326,436	1,166,209	4,492,645	95.5	%	89.4	%	93.9	%	96.1	%	$	11.77	$	24.58	$	15.14	$	60,005,049

Acadia Share Total Suburban Properties					2,544,056	1,011,749	3,555,805	96.9	%	89.1	%	94.7	%	96.8	%	$	10.70	$	23.09	$	14.29	$	44,491,801

Acadia Share Total Core Properties					2,684,774	1,385,081	4,069,855	97.1	%	91.5	%	95.2	%	97.1	%	$	11.79	$	38.00	$	20.97	$	75,891,738


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.
¹ Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot
² Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.



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	1,827,600	7.2%	2.6%

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%

Walgreens	3	37,499	1,412,716	0.9%	2.0%

Citibank	5	17,283	1,239,117	0.4%	1.7%

Kmart	3	273,969	1,170,078	6.3%	1.7%

TD Bank	2	15,560	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%
Gap (Banana Republic and Old Navy)	3	13,835	842,168	0.3%	1.2%
HSBC Bank	2	5,686	827,079	0.1%	1.2%
Sleepy's	4	26,859	787,677	0.6%	1.1%
Rite Aid	2	26,633	764,030	0.6%	1.1%
Dollar Tree	7	26,633	722,059	0.6%	1.0%
Pier 1 Imports	3	24,666	702,911	0.6%	1.0%

TOTAL	66	1,512,444	$ 24,973,195	34.8%	35.4%

Notes:
General Note - Does not include tenants that operate at only at one of Acadia's properties.
¹ Includes 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	16,291	1.1	%	$	13.82	0.4	%	4	16,291	0.4	%	$	13.82	0.2	%
2014	9	319,165	10.4	%	10.54		8.7	%	62	222,069	15.6	%	30.88		12.7	%	71	541,234	12.1	%	18.89		11.0	%
2015	5	252,812	8.3	%	13.45		8.8	%	35	125,937	8.8	%	25.45		5.9	%	40	378,749	8.4	%	17.44		7.1	%
2016	7	272,962	8.9	%	10.58		7.5	%	54	244,417	17.2	%	25.00		11.3	%	61	517,379	11.5	%	17.39		9.7	%
2017	6	311,806	10.2	%	11.80		9.6	%	45	179,885	12.6	%	39.14		13.0	%	51	491,691	11.0	%	21.80		11.6	%
2018	7	416,882	13.6	%	12.94		14.0	%	59	179,464	12.6	%	35.10		11.6	%	66	596,346	13.3	%	19.61		12.6	%
2019	5	122,539	4.0	%	7.80		2.5	%	16	42,086	3.0	%	58.61		4.6	%	21	164,625	3.7	%	20.79		3.7	%
2020	6	329,713	10.8	%	12.12		10.4	%	20	69,902	4.9	%	36.81		4.7	%	26	399,615	8.9	%	16.44		7.1	%
2021	7	283,831	9.3	%	12.95		9.6	%	18	85,620	6.0	%	36.64		5.8	%	25	369,451	8.2	%	18.44		7.4	%
2022	2	69,837	2.3	%	26.15		4.7	%	24	96,325	6.8	%	48.61		8.6	%	26	166,162	3.7	%	39.17		7.0	%
2023	3	132,322	4.3	%	11.63		4.0	%	17	79,958	5.6	%	45.39		6.7	%	20	212,280	4.7	%	24.34		5.6	%
Thereafter	13	550,807	18.0	%	14.05		20.1	%	17	82,163	5.8	%	97.04		14.7	%	30	632,970	14.1	%	24.83		17.0	%
Total	70	3,062,676	100.0	%	$	12.56	100.0	%	371	1,424,117	100.0	%	$	38.06	100.0	%	441	4,486,793	100.0	%	$	20.65	100.0	%


		254,916	Anchor GLA Owned by Tenants															254,916	Anchor GLA Owned by Tenants
		386,600	Total Vacant							207,767	Total Vacant							594,367	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

	Year ended						3 months ended						3 months ended						3 months ended						3 months ended
	December 31, 2013						December 31, 2013						September 30, 2013						June 30, 2013						March 31, 2013
	GAAP³			GAAP²			GAAP³			GAAP²			GAAP³			GAAP²			GAAP³			GAAP²			GAAP³			GAAP²
New leases
Number of new leases executed	18			18			2			2			6			6			7			7			3			3
GLA	118,323			118,323			6,034			6,034			61,813			61,813			38,800			38,800			11,676			11,676
New base rent	$	28.1		$	24.82		$	14.00		$	13.87		$	15.08		$	14.61		$	26.60		$25.41			$109.29			$82.58
Previous base rent (and percentage rent)	$	21.41		$	21.91		$	13.02		$	13.21		$	13.14		$	13.45		$	20.58		$21.56			$72.24			$72.31
Average cost per square foot	$	47.70		$	47.70		$	49.74		$	49.74		$	48.27		$	48.27		$	48.78		$	48.78		$	40.05		$	40.05
Weighted Average Lease Term (years)	8.8			8.8			8.8			8.8			9.1			9.1			7.4			7.4			11.9			11.9
Percentage growth in base rent	31.2		%	13.3		%	7.5		%	5.0		%	14.8		%	8.6		%	29.3		%	17.9		%	51.3		%	14.2		%

Renewal leases
Number of renewal leases executed	56			56			10			10			20			20			13			13			13			13
GLA	221,477			221,477			29,226			29,226			92,720			92,720			24,038			24,038			75,493			75,493
New base rent	$	21.58		$	21.01		$	27.65		$	27.03		$	22.27		$	21.38		$	23.67		$	23.30		$	17.71		$	17.50
Expiring base rent (and percentage rent)	$	19.50		$	20.38		$	25.09		$	25.91		$	19.53		$	20.78		$	20.75		$	21.93		$	16.90		$	17.26
Average cost per square foot	$	3.72		$	3.72		$	—		$	—		$	8.24		$	8.24		$	—		$	—		$	0.79		$	0.79
Weighted Average Lease Term (years)	5.1			5.1			4.1			4.10			6.6			6.6			4.0			4			4.2			4.2
Percentage growth in base rent	10.7		%	3.1		%	10.2		%	4.3		%	14.0		%	2.9		%	14.1		%	6.2		%	4.8		%	1.4		%

Total new and renewal Leases
Number of new and renewal leases executed	74			74			12			12			26			26			20			20			16			16
GLA commencing	339,800			339,800			35,260			35,260			154,533			154,533			62,838			62,838			87,169			87,169
New base rent	$	23.85		$	22.34		$	25.31		$	24.78		$	19.39		$	18.67		$	25.48		$	24.60		$	29.98		$	26.22
Expiring base rent (and percentage rent)	$	20.17		$	20.91		$	23.02		$	23.74		$	16.97		$	17.85		$	20.65		$	21.70		$	24.31		$	24.63
Average cost per square foot	$	19.03		$	19.03		$	8.51		$	8.51		$	24.25		$	24.25		$	30.12		$	30.12		$	6.05		$	6.05
Weighted Average Lease Term (years)	6.4			6.4			4.9			4.9			7.6			7.6			6.1			6.1			5.2			5.2
Percentage growth in base rent	18.3		%	6.8		%	9.9		%	4.4		%	14.3		%	4.6		%	23.4		%	13.4		%	23.3		%	6.4		%


Notes:
¹ Based on lease execution dates. Does not include leased square footage and costs
related to first generation space and the Company's major redevelopment
projects; renewal leases include exercised options.
² Rents 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.
³ Rents are calculated on a straight-line basis.



Core Portfolio Capital Expenditures
Current Quarter


	Year-to-Date		Current Quarter			Previous Quarter			Previous Quarter			Previous Quarter
	Period ended		3 months ended			3 months ended			3 months ended			3 months ended		Prior Year ended	Prior Year ended
	December 31, 2013		December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013		December 31, 2012	December 31, 2011


Leasing Commissions	$	1,676	$	400		$	208		$	421		$	647	$ 1,916	$ 1,265
Tenant Improvements	4,057		1,047			1,198			620			1,192		4,274	4,161
Capital Expenditures	2,592		1,567			424			555			46		1,523	471
Total Capital Expenditures	$	8,325	$	3,014		$	1,830		$	1,596		$	1,885	$ 7,713	$ 5,897

Other redevelopment and re-anchoring related activities	5,953		4,358		¹	758		¹	836		¹				3,240	²


Notes:
¹ Consists of $2,278 of costs associated with the re-anchoring of Crossroads, $1,948 of costs associated with the re-tenanting of Merrillville Plaza,
$890 of costs associated with the re-anchoring of Branch Plaza and $836k of costs associated with the installation of a new tenant at a Chicago Street Retail asset.
² Represents $1,662 of costs associated with the redevelopment of 2914 Third Avenue and $1,578 for Bloomfield Town Square re-anchoring.



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

	664 N. Michigan Avenue	Chicago	IL	$	4,209,889	18,141	295,897	163,646	$	74,143	$	115,275
	Rush and Walton Streets Collection - 5 properties	Chicago	IL	4,224,798		34,694	318,704	177,639	75,198		116,139
	613-623 West Diversey Parkway	Chicago	IL	876,977		19,265	404,680	217,820	70,480		105,904
	651-671 West Diversey	Chicago	IL	1,896,925		46,259	413,506	220,785	70,198		105,234
	Clark Street and W. Diversey Collection - 3 properties	Chicago	IL	1,122,103		24,420	406,523	217,890	70,388		105,694
	Halsted and Armitage Collection - 9 properties	Chicago	IL	1,750,306		44,658	443,549	238,098	72,697		108,583
	North Lincoln Park Chicago Collection - 5 properties	Chicago	IL	1,077,976		35,255	505,975	249,558	66,755		96,496

	83 Spring Street	Manhattan	NY	623,884		3,000	981,658	479,147	85,920		121,994
	Mercer Street	Manhattan	NY	394,655		3,375	942,758	457,309	85,389		121,063
	East 17th Street	Manhattan	NY	625,000		10,382	1,079,577	547,698	91,428		133,947
	West 54th Street	Manhattan	NY	2,195,570		5,773	1,249,501	636,418	91,179		137,662
	181 Main Street	Westport	CT	845,300		11,350	46,401	17,290	132,350		187,954
	4401 White Plains Road	Bronx	NY	625,000		12,964	571,325	214,126	52,977		65,542
	Bartow Avenue	Bronx	NY	459,779		14,676	578,872	215,091	47,890		58,583
	239 Greenwich Avenue	Greenwich	CT	1,554,663		16,834	67,092	24,790	112,373		169,820
	Third Avenue	Bronx	NY	875,456		40,320	1,239,993	443,231	35,628		49,095
	868 Broadway	Manhattan	NY	662,202		2,031	1,077,976	547,276	91,410		134,095
	313-315 Bowery	Manhattan	NY	435,600		6,600	1,032,158	506,284	85,730		122,785
	120 West Broadway	Manhattan	NY	1,792,284		13,938	878,321	422,645	85,293		121,409

	1739-53 & 1801-03 Connecticut Avenue	Washington	DC	1,273,085		22,907	338,815	164,797	81,801		108,533
	Rhode Island Place Shopping Center	Washington	DC	1,639,679		57,529	348,349	157,678	66,984		86,314
	M Street and Wisconsin Corridor - 7 properties	Georgetown	DC	2,359,131		32,324	321,861	160,430	87,539		114,211


	330-340 River Street	Cambridge	MA	1,130,470		54,226	492,750	214,634	65,037		91,540

Total Core Street Retail
Average - Total				$	694,696	11,296	461,625	228,588	$	65,722	$	95,925
Weighted Average - Based on base rent							488,512	244,446	$	77,386	$	113,577



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

	Core - Suburban Properties

	Elmwood Park Shopping Center	Elmwood Park	NJ	3,745,668		149,070	252,982	84,585		60,290		69,299
	Marketplace of Absecon	Absecon	NJ	1,419,610		104,556	32,668	11,471		61,717		73,395
	60 Orange Street	Bloomfield	NJ	695,000		101,715	338,909	125,166		56,211		67,492
	Village Commons Shopping Center	Smithtown	NY	2,703,356		87,330	67,473	22,922		109,170		123,046
	Branch Plaza	Smithtown	NY	2,464,667		126,273	67,554	22,991		108,660		122,359
	Amboy Center	Staten Island	NY	1,943,124		63,290	151,900	55,451		87,868		98,504
	Pacesetter Park Shopping Center	Pomona	NY	1,060,895		97,604	36,144	11,216		112,281		126,247
	LA Fitness	Staten Island	NY	1,391,500		55,000	128,131	45,167		79,348		89,832
	Crossroads Shopping Center	White Plains	NY	5,377,475		310,699	109,134	42,516		96,092		118,263
	New Loudon Center	Latham	NY	1,959,124		255,673	42,827	17,479		67,391		81,548
	28 Jericho Turnpike	Westbury	NY	1,650,000		96,363	95,953	29,144		108,872		129,163
	Town Line Plaza	Rocky Hill	CT	1,647,277		206,346	46,399	19,437		72,685		86,521
	Methuen Shopping Center	Methuen	MA	1,027,936		130,021	99,701	34,864		50,705		60,706
	Crescent Plaza	Brockton	MA	1,803,083		218,137	98,838	34,781		57,332		64,961
	The Gateway Shopping Center	So. Burlington	VT	2,011,840		101,655	48,384	19,261		51,446		63,537
	Hobson West Plaza	Naperville	IL	1,102,208		99,137	94,989	34,059		103,910		126,405
	Merrillville Plaza	Hobart	IN	2,762,677		236,188	26,123	10,805		47,909		58,578
	Bloomfield Towne Square	Bloomfield Hills	MI	3,398,233		236,676	56,773	22,617		62,547		94,909
	Mad River Station	Dayton	OH	1,310,383		126,129	65,307	28,938		56,592		69,153
	Mark Plaza	Edwardsville	PA	240,664		106,856	86,196	36,839		37,495		45,983
	Plaza 422	Lebanon	PA	835,956		156,279	45,792	18,157		44,301		52,611
	Route 6 Plaza	Honesdale	PA	1,199,706		175,589	6,832	2,962		37,786		44,999
	Chestnut Hill	Philadelphia	PA	696,461		37,646	147,436	62,292		58,777		77,506
	Abington Towne Center	Abington	PA	1,157,028		216,278	89,439	35,119		78,159		95,124

Total Core Suburban Properties
Average - Total				$	1,816,828	145,605	93,162	$	34,510	$	71,148	$	85,006
Weighted Average - Based on base rent							94,086	$	34,293	$	75,204	$	90,389

	Brandywine/Mkt Sq./Naamans Rd ¹	Wilmington	DE	$	16,401,178	998,135	507,575	193,705		$	72,923	$	88,573

Notes:
¹ Based on 10 mile radius demographics given the unique trade market for this asset. This has been excluded from the average calculations of 3-mile radius due to its unique trade market.



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	963,175	337,894	37,629		48,228
	161st Street	Bronx	NY	6,001,724		232,252	1,274,128	450,383	33,329		45,066
	Liberty Avenue	Queens	NY	935,207		26,125	639,405	213,464	55,561		67,368

Fund II
Average - Total				$	4,287,862	146,126	958,903	333,914	$	42,173	$	53,554
Weighted Average - Based on base rent							1,180,796	416,619	$	34,620	$	46,015

	Fund III
	Cortlandt Towne Center	Mohegan Lake	NY	$	9,647,962	639,834	49,966	17,759	$	84,926	$	97,340
	640 Broadway	Manhattan	NY	626,366		4,145	1,006,693	496,773	86,613		124,108
	654 Broadway	Manhattan	NY	550,000		2,896	1,007,518	497,906	86,836		124,507
	New Hyde Park Shopping Center	New Hyde Park	NY	1,146,158		32,661	199,698	70,745	102,010		122,658
	White City	Shrewsbury	MA	3,616,053		180,379	99,189	39,649	51,215		62,391
	Parkway Crossing	Parkville	MD	1,973,625		260,241	185,935	74,271	59,022		68,972
	Lincoln Road	Miami Beach	FL	2,744,047		59,677	58,869	33,379	52,126		85,417
	Heritage Shops	Chicago	IL	3,146,145		81,730	288,116	154,272	71,414		110,831
	Lincoln Park Centre	Chicago	IL	1,747,789		62,745	431,527	230,716	73,011		109,736
	Nostrand Avenue	Brooklyn	NY	1,479,477		40,315	544,351	203,713	51,528		65,388
	Arundel Plaza	Glen Burnie	MD	1,444,656		265,116	77,759	29,166	59,786		64,793

Fund III
Average - Total				$	2,556,571	148,158	359,056	168,032	$	70,772	$	94,195
Weighted Average - Based on base rent							186,927	84,332	$	79,667	$	101,390

	Fund IV
	1701 Belmont Avenue	Catonsville	MD	$	936,166	58,674	110,450	43,613	$	60,575	$	68,732
	Lincoln Road	Miami Beach	FL	5,835,738		54,864	58,869	33,379	52,126		85,417
	2819 Kennedy Boulevard	North Bergen	NJ	505,000		41,477	526,721	241,698	78,834		110,806
	Promenade at Manassas	Manassas	VA	3,321,395		265,442	57,996	18,940	74,390		84,467
	Paramus Plaza	Paramus	NJ	1,711,573		152,060	106,906	37,209	119,131		132,518
	1151 Third Avenue	Manhattan	NY	622,263		12,043	1,270,132	636,996	87,522		131,326
	Lake Montclair	Prince William County	VA	1,909,698		105,850	55,900	18,373	93,338		103,028
	938 W. North Avenue	Chicago	IL	928,510		35,400	453,690	239,813	72,447		108,382

Fund IV
Average - Total				$	1,971,293	90,726	330,083	158,753	$	79,795	$	103,085
Weighted Average - Based on base rent							133,894	62,243	$	95,916	$	133,271

Total - Core and Funds
Average - Total				$	1,848,296	117,246	275,711	123,704	$	67,821	$	87,249
Weighted Average - Based on base rent							156,918	61,330	$	70,783	$	88,386

Overview of Acadia Strategic Opportunity Funds

As of December 31, 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 ²

$357.5 million

$95.9 million

As a percentage of commitments

100%

75.3%

17.7%

All unfunded capital is anticipated to be used to complete existing projects

Distributions

$191.5 million

$131.6 million

$203.5 million

—

As a percentage of funded capital

221.1%

43.9%

56.9%

0.0%

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:

Fees/Priority Distributions to Acadia

Asset management fee/Priority distribution equal to 1.5% of implied capital ¹

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

Notes:

¹ Committed capital as reduced by capital attributed to sold investments.

² During the fourth quarter of 2013, a distribution of $47.1 million was made to the Fund II investors. Until December 2016, this amount is subject to re-contribution to Fund II by the investors, if needed to fund the on-going redevelopment of existing projects.



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
Liberty Avenue	CVS	2005	99.1%	10,880	15,245	26,125	100.0	%	100.0	%	100.0	%	100.0	%	$	39.75	$	37.23	$	35.80
216th Street	NYC Human Resources Administration	2005	99.1%	60,000	—	60,000	100.0	%	—		100.0	%	100.0	%	42.90		—		42.9
161st Street ¹	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				177,906	140,471	318,377	100.0	%	89.0	%	95.1	%	95.1	%	$	32.84	$	29.35	$	31.40

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	%	83.5	%	92.5	%	92.7	%	$	13.94	$	23.98	$	16.31
654 Broadway	Penguin	2011	100.0%	—	2,896	2,896	—		100	%	100	%	100.0	%	—		189.92		189.92
640 Broadway	Swatch	2012	50.0%	—	4,145	4,145	—		61.8	%	61.8	%	91.8	%	—		244.52		244.52
New Hyde Park Shopping Center	PetSmart	2011	100.0%	13,507	19,154	32,661	100.0	%	71.9	%	83.5	%	88.5	%	35.00		48.93		42.03
Nostrand Avenue	—	2013	100.0%	—	40,315	40,315	—		82.0	%	82.0	%	82.0	%	—		44.76		44.76

NEW ENGLAND

Massachusetts
White City Shopping Center	Shaw's (Supervalu)	2010	84.0%	131,839	125,936	257,775	85.6	%	94.4	%	89.9	%	92.0	%	15.54		32.44		24.21

MID-ATLANTIC

Maryland
Parkway Crossing	Home Depot, Shop Rite, Big Lots	2011	94.3%	192,836	67,405	260,241	100.0	%	76.9	%	94.0	%	94.0	%	3.65		24.49		8.07
Arundel Plaza	Giant Food, Lowe's	2012	94.3%	231,920	33,196	265,116	100.0	%	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	—		36.2	%	36.2	%	36.2	%	—		127.17		127.17

MIDWEST
Illinois
Heritage Shops	LA Fitness, Ann Taylor Loft	2011	100.0%	49,878	31,852	81,730	100.0	%	89.7	%	96.0	%	96.0	%	21.61		72.37		40.10
Lincoln Park Centre	—	2012	100.0%	—	62,745	62,745	—		59.8	%	59.8	%	86.2	%	—		46.61		46.61

Total - Fund III				1,092,881	614,254	1,707,135	96.4	%	77.5	%	89.6	%	91.1	%	$	10.65	$	39.70	$	19.69

Fund IV Portfolio Detail

NEW YORK
New York



1151 Third Avenue	Lucky Brand	2013	98.6%	—	12,043	12,043	—		59.0	%	59.0	%	59.0	%	$	—	$	87.61	$	87.61

New Jersey
2819 Kennedy Boulevard	—	2013	98.6%	39,941	1,536	41,477	100.0	%	100.0	%	100.0	%	100.0	%	10.14		65.1		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	%	93.0	%	98.1	%	98.1	%	9.73		21.61		12.75
Lake Montclair	Food Lion	2013	98.6%	33,000	72,850	105,850	100.0	%	95.6	%	97.0	%	97.0	%	9.50		22.92		18.60

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

MIDWEST
Illinois
938 W. North Avenue	Restoration Hardware, Sephora	2013	95.0%	—	35,400	35,400	—		58.7	%	58.7	%	58.7	%	—		44.66		44.66

SOUTHEAST
Florida
Lincoln Road	Aldo, Fossil, Spris	2012	95.0%	—	54,864	54,864	—		89.3	%	89.3	%	89.3	%	—		119.09		119.09

Total - Fund IV				401,875	323,935	725,810	100.0	%	73.3	%	88.1	%	88.1	%	$	12.59	$	45.12	$	24.67


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%
Cortlandt Crossing	100.0%
Broad Hollow Commons	100.0%
3104 M Street	100.0%
210 Bowery	100.0%

¹ Currently operating, but redevelopment activities have commenced.



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	8	%	$	10.00	2.7	%	1	9,967	3.3	%	$	10.00	1.0	%
2014	1	107,026	60.2	%	26.50		48.5	%	—	—	—		—		—		1	107,026	35.3	%	26.50		29.8	%
2015	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2016	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2017	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2018	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2019	—	—	—		—		—		1	4,575	3.7	%	27.26		3.4	%	1	4,575	1.5	%	27.26		1.3	%
2020	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2021	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2022	—	—	—		—		—		1	4,462	3.6	%	31		3.8	%	1	4,462	1.5	%	31		1.5	%
2023	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
Thereafter	3	70,880	39.8	%	42.42		51.5	%	6	105,967	84.7	%	31.19		90.1	%	9	176,847	58.4	%	35.69		66.4	%
Total	4	177,906	100	%	$	32.84	100.0	%	9	124,971	100.0	%	$	29.35	100.0	%	13	302,877	100.0	%	$	31.40	100.0	%

		—	Total Vacant							15,500	Total Vacant							15,500	Total Vacant
		177,906	Total Square Feet							140,471	Total Square Feet							318,377	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	4,000	0.8	%	$	23.27	0.5%		2	4,000	0.3	%	$	23.27	0.3%
2014	2	56,379	5.4	%	16.12		8.5	%	19	72,196	15.2	%	30.39		11.6	%	21	128,575	8.5	%	24.13		10.5	%
2015	3	81,465	7.8	%	7.02		5.3	%	14	28,773	6.0	%	37.02		5.6	%	17	110,238	7.3	%	14.85		5.5	%
2016	1	26,561	2.6	%	8.00		2.0	%	23	54,548	11.5	%	37.35		10.8	%	24	81,109	5.4	%	27.74		7.6	%
2017	2	52,131	5.0	%	18.36		8.9	%	14	54,065	11.4	%	27.76		7.9	%	16	106,196	7.0	%	23.15		8.3	%
2018	5	287,562	27.7	%	12.54		33.5	%	24	78,628	16.6	%	33.82		14.1	%	29	366,190	24.0	%	17.11		21.2	%
2019	1	179,944	17.3	%	4.62		7.7	%	10	32,005	6.7	%	71.41		12.1	%	11	211,949	14.0	%	14.70		10.5	%
2020	—	—	—	%	—		—		4	9,046	1.9	%	23.88		1.1	%	4	9,046	0.6	%	23.88		0.7	%
2021	1	35,601	3.4	%	10.76		3.6	%	6	26,174	5.5	%	36.53		5.1	%	7	61,775	4.1	%	21.68		4.5	%
2022	1	65,028	6.3	%	17.00		10.3	%	10	32,038	6.7	%	47.16		8	%	11	97,066	6.4	%	26.95		8.8	%
2023	2	38,836	3.7	%	15.49		5.6	%	12	43,421	9.1	%	54.38		12.5	%	14	82,257	5.4	%	36.02		10.0	%
Thereafter	3	216,153	20.8	%	7.26		14.6	%	9	41,086	8.6	%	49.07		10.7	%	12	257,239	17.0	%	13.94		12.1	%
Total	21	1,039,660	100.0	%	$	10.34	100.0	%	147	475,980	100.0	%	$	39.70	100	%	168	1,515,640	100.0	%	$	19.56	100.0	%

		53,221	Total Vacant							138,274	Total Vacant							191,495	Total Vacant
		1,092,881	Total Square Feet							614,254	Total Square Feet							1,707,135	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	—	—	—		$	—	—		3	4,962	2.1%		$	29.50	1.4%		3	4,962	0.8	%	$	29.50	0.9	%
2014	1	39,941	9.9%		10.14		8.0%		12	40,393	17.0%		78.42		29.6	%	13	80,334	12.6	%	44.47		22.8	%
2015	—	—	—		—		—		2	6,351	2.7	%	101.92		6.0	%	2	6,351	1.0	%	101.92		4.1	%
2016			—		—		—		5	13,175	5.5	%	23.07		2.8	%	5	13,175	2.1	%	23.07		1.9	%
2017	1	58,674	14.6	%	15.96		18.5	%	4	13,438	5.7	%	46.43		5.8	%	5	72,112	11.3	%	21.63		9.9	%
2018	—	—	—		—		—		14	40,660	17.1	%	26.23		10.0	%	14	40,660	6.4	%	26.23		6.8	%
2019	1	39,220	9.8	%	17.75		13.8	%	9	54,938	23.2	%	23.28		11.9	%	10	94,158	14.7	%	20.98		12.5	%
2020	1	27,926	6.9	%	12.00		6.6	%	4	19,900	8.4	%	21.14		3.9	%	5	47,826	7.5	%	15.80		4.8	%
2021	1	32,144	8.0	%	11.50		7.3	%	3	5,235	2.2	%	92.27		4.5	%	4	37,379	5.8	%	22.81		5.4	%
2022	2	26,568	6.6	%	10.14		5.3	%	5	16,009	6.7	%	108.74		16.3	%	7	42,577	6.7	%	47.21		12.7	%
2023	1	33,000	8.2	%	9.50		6.2	%	3	14,063	5.9	%	27.50		3.6	%	4	47,063	7.4	%	14.88		4.4	%
Thereafter	2	144,402	36.0	%	12.00		34.3	%	2	8,311	3.5	%	53.71		4.2	%	4	152,713	23.7	%	14.27		13.8	%
Total	10	401,875	100.0	%	$	12.59	100.0	%	66	237,435	100.0	%	$	45.12	100.0	%	76	639,310	100.0	%	$	24.67	100.0	%

		—	Total Vacant							86,500	Total Vacant							86,500	Total Vacant
		401,875	Total Square Feet							323,935	Total Square Feet							725,810	Total Square Feet

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



Development Activity
($ in millions)

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

City Point ¹	94.2	%	Brooklyn, NY	2015	675,000	65% ²	Century 21, CityTarget, Alamo Drafthouse, Armani Exchange	$	249.5	$	30.5	to	$	60.5	³	$	280.0	to	$	310.0	³	$	262.9
Sherman Plaza	99.1	%	New York, NY	TBD	TBD	—	TBD	35.0		TBD			TBD			TBD			TBD			—
								$	284.5	TBD			TBD			TBD			TBD			$	262.9

FUND III

723 N. Lincoln Lane ⁴	95.0	%	Miami Beach, FL	TBD	TBD	—	TBD	$	6.7	TBD			TBD			TBD			TBD			$	—
Cortlandt Crossing	100.0	%	Mohegan Lake, NY	2016	150,000 - 170,000	—	TBD	12.1		34.9		to	43.9			47.0		to	56.0			—		⁵
3104 M Street NW	100.0	%	Washington, D.C.	TBD	10,000	—	TBD	3.1		3.9		to	5.4			7.0		to	8.5			—
Broad Hollow Commons	100.0	%	Farmingdale, NY	2016	180,000 - 200,000	—	TBD	13.5		36.5		to	46.5			50.0		to	60			—
								$	35.4	TBD			TBD			TBD			TBD			—


FUND IV

210 Bowery	100.0	%	New York, NY	2016	10,000	—	TBD	$	7.8	$	3.7	to	$	4.2		$	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 December 31, 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

2,726

52,250

1.6x

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

3,527

145,763

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.

2 Represents 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.