SEC Filing - Acadia Realty Trust

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2015-6-30 Earnings & Supplemental

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): July 28, 2015

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 July 28, 2015, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter ended June 30, 2015. 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 July 28, 2015, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter ended June 30, 2015. 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 July 28, 2015.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter ended June 30, 2015.

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.



Date: July 30, 2015	ACADIA REALTY TRUST (Registrant) By: /s/ Jonathan Grisham Name: Jonathan Grisham Title: Sr. Vice President and Chief Financial Officer

Ex. 99.1 2015-6-30 Earnings Press Release

Exhibit 99.1

ACADIA REALTY TRUST REPORTS SECOND QUARTER 2015 OPERATING RESULTS

WHITE PLAINS, NY (July 28, 2015) - Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended June 30, 2015. All per share amounts, below, are on a fully-diluted basis.

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

HIGHLIGHTS - SECOND QUARTER 2015


•	Earnings: Generated funds from operations (“FFO”) per share of $0.48 for the second quarter, which included a gain of $0.13 per share resulting from the sale of air rights at City Point (a Fund II investment); generated earnings per share of $0.38 for the second quarter


•	Core Portfolio Operating Results: Generated Core Portfolio same-property net operating income (“NOI”) growth of 3.7% for the second quarter compared to 2014; maintained a Core Portfolio leased rate of 97.0% or greater for the fifth consecutive quarter

•

Fund Dispositions: Completed $236.3 million of fund dispositions, as follows: Fund III completed the previously-reported sale of White City Shopping Center in Shrewsbury, MA for $96.8 million; Fund II completed the previously-reported sale of City Point’s Phase 3 in Downtown Brooklyn, NY to Extell Development Company for $115.5 million; Fund II also sold its final self-storage facility, located in Queens, NY, for $24.0 million


•	Fund Acquisitions: Fund IV completed its previously-reported acquisition of 801 Madison Ave, on the Upper East Side (New York, NY), for $33.0 million


•	Balance Sheet: Remained a disciplined issuer of equity with limited capital-raising activity during the quarter

“The second quarter was particularly notable for the significant amount of value that we harvested across our dual - core and fund - operating platforms, a result of the successful execution of several key initiatives,” stated Kenneth F. Bernstein, President & CEO of Acadia Realty Trust. “With respect to our core, our continued focus on building a differentiated, forward-looking portfolio - concentrated in our nation’s top urban and street-retail markets - certainly contributed to our solid second-quarter operating results. At the same time, our ability to complement this long-term strategy with a series of asset-recycling activities in our fund platform - delivering on that platform’s ‘buy-fix-profitably sell-repeat’ premise - enables us to create outsized value on behalf of all of our stakeholders.”

Financial Results


•	Delivered Solid Second Quarter Results, Which Benefited From An Active Disposition Program

FFO for the quarter ended June 30, 2015 was $34.9 million, or $0.48 per share, which included a gain of $9.4 million, or $0.13 per share, resulting from the sale of air rights at Fund II’s City Point development project. This compares to FFO for the quarter ended June 30, 2014 of $21.1 million, or $0.35 per share, which included income of $2.0 million, or $0.03 per share, from the recovery of a note receivable and was net of $1.1 million, or $0.02 per share, of acquisition costs.

FFO for the six months ended June 30, 2015 was $57.9 million, or $0.80 per share, net of $1.3 million, or $0.02 per share, of acquisition costs. FFO for the six months ended June 30, 2014 was $40.0 million, or $0.67 per share, net of $1.8 million, or $0.03 per share, of acquisition costs.

Net income for the quarter ended June 30, 2015 was $26.5 million, or $0.38 per share. In addition to the gain from City Point, this included $5.8 million, or $0.08 per share, of gain from two other Fund property dispositions. Net income for the quarter ended June 30, 2014 was $11.5 million, or $0.19 per share.

Net income for the six months ended June 30, 2015 was $43.0 million, or $0.62 per share, which, in addition to City Point, included $11.2 million, or $0.16 per share, of gain from three Fund property dispositions. Net income for the six months ended June 30, 2014 was $33.1 million, or $0.57 per share, including $12.2 million, or $0.21 per share, of gain from Core and Fund dispositions.

Please refer to the tables and notes accompanying this press release for further details on operating results and additional disclosures related to FFO.

Core Portfolio


•	Delivered Strong Operating Metrics, Underscoring The High Quality Of Acadia’s Differentiated Core Portfolio

Core Operating Results

Same-property NOI in the Core Portfolio increased 3.7% for the quarter ended June 30, 2015 compared to 2014, driven primarily by contractual increases in existing leases and marking below-market leases to market rents. On a year-to-date basis, same-property NOI growth of 3.4% included 50 basis points of negative impact associated with downtime at three street-retail locations.

The Core Portfolio was 96.4% occupied and 97.0% leased as of June 30, 2015, compared to 96.2% occupied and 97.1% leased as of March 31, 2015. The leased rate includes space that is leased but not yet occupied.

During the quarter ended June 30, 2015, the Company generated a 16.0% increase in average rents on a GAAP basis, and a 6.2% increase in average rents on a cash basis, on 113,000 square feet of executed new and renewal leases in the Core Portfolio.

Fund Platform


•	Given Current Market Conditions, Remained Aggressive Net Sellers Of Fund Assets At Strong Profits

Fund Dispositions

Year to date, the Company has completed a total of $300.3 million of dispositions across its Fund platform, including $236.3 million of dispositions completed during the second quarter of 2015, as follows:

City Point Phase 3, Downtown Brooklyn, NY (Fund II). As previously announced, in May 2015, Fund II, in partnership with Washington Square Partners (collectively, the “Acadia JV”), sold the balance of City Point’s residential development rights - which it acquired in June 2010 - to Extell Development Company (“Extell”) for $115.5 million, averaging roughly $217 per buildable square foot. Extell is planning to develop a 665,000-square foot tower - with 600,000 square feet of residential area above a 65,000-square foot commercial base - on the 21,500-square foot land parcel known as Phase 3, located on Willoughby St between Gold St and Flatbush Ave. The Acadia JV will retain Phase 3’s commercial area, which will connect seamlessly with the rest of City Point’s commercial base. Construction on Phase 3 is slated to commence in 2017, with completion anticipated in 2020.

Liberty Ave, Queens, NY (Fund II). Also during May 2015, Fund II completed the sale of a mixed-use property located at the intersection of 98th St and Liberty Ave in Queens, NY for $24.0 million. Developed by Acadia, this property includes a 26,125-square foot retail component, anchored by CVS Pharmacy, and a 73,000-square foot self-storage facility operated by Storage Post. The all-in cost basis was $16.1 million. The sale generated a 14.1% IRR and a 2.5x multiple on Fund II’s equity investment.

White City Shopping Center, Shrewsbury, MA (Fund III). As previously reported, in April 2015, Fund III, in partnership with Charter Realty & Development Corp., completed the sale of White City Shopping Center, a 256,000-square foot, Shaw’s-anchored shopping center located approximately 40 miles west of Boston, for $96.8 million. This compares to an all-in cost basis of $75.1 million. During its 4.3-year hold period, the joint venture redeveloped the

property, completing upgrades to the façade, signage, and infrastructure, in addition to optimizing the center’s merchandise mix. In doing so, Fund III generated a 24% IRR and 1.8x multiple on its equity investment.

Fund Acquisitions

During the second quarter of 2015, Fund IV added to its growing Upper East Side portfolio, as follows:

801 Madison Ave, Upper East Side, New York, NY. As previously reported, in April 2015, Fund IV acquired an approximately 5,000-square foot, five-story building situated between 67th and 68th Streets on Madison Ave, Manhattan’s premier, luxury shopping corridor, for $33.0 million. During 2016, Acadia will have an opportunity to renovate and re-lease the property’s flagship retail unit, which includes the street, second, and third levels. This is the third property in Fund IV’s Madison/Off Madison Collection and the fifth in its Upper East Side portfolio.

Balance Sheet


•	Maintained Conservative Leverage Levels, With Plenty Of Dry Powder Across Both Platforms


•	Remained A Disciplined Allocator Of Capital

During the quarter, the Company raised net proceeds of $1.8 million at an average net price of $34.41 per share, with no shares sold after April 10, 2015.

Furthermore, the Company maintained its strong financial position, as evidenced by the following key metrics as of and for the quarter ended June 30, 2015:



Core Portfolio Only:
Fixed-Charge Coverage Ratio	3.9x
Net Debt to EBITDA	4.2x

Core Portfolio and Pro-Rata Share of Funds:
Fixed-Charge Coverage Ratio	3.8x
Net Debt to EBITDA	5.0x

Net Debt to Total Market Capitalization	24%

Guidance

The Company reaffirms its previously-announced 2015 guidance for FFO per share of $1.48 to $1.56 and earnings per share of $0.82 to $0.87. These forecasts are before any acquisition-related costs and gains/losses on sale of depreciated property.

Conference Call

Management will conduct a conference call on Wednesday, July 29, 2015 at 12:00 PM ET to review the Company’s earnings and operating results. Dial-in and webcast information is listed below.

Live Conference Call:

Date: Wednesday, July 29, 2015

Time: 12:00 PM ET

Dial#: 888-771-4371

Passcode: “Acadia Realty” or “40017915”

Webcast (Listen-only): www.acadiarealty.com under Investor Relations

Phone Replay:

Dial#: 888-843-7419

Passcode: “40017915#”

Available Through: Wednesday, August 5, 2015

Webcast Replay: www.acadiarealty.com under Investor Relations

About Acadia Realty Trust

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

Safe Harbor Statement

Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding Acadia’s future financial results and its ability to capitalize on potential 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 20, 2015 (“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.

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights ¹

For the Quarters and Six Months ended June 30, 2015 and 2014

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



	For the Quarters ended		For the Six Months ended
	June 30,		June 30,
Revenues	2015	2014	2015	2014

Rental income	$ 39,784	$ 36,112	$ 77,971	$ 69,930
Interest income	3,985	3,049	7,393	6,213
Expense reimbursements	7,825	7,832	17,891	16,622
Other property income	642	437	1,311	634
Other income	925	2,081	1,076	2,797
Total revenues	53,161	49,511	105,642	96,196
Operating expenses
Property operating	6,196	5,737	13,927	12,861
Other operating	599	908	2,719	1,595
Real estate taxes	6,419	5,569	12,711	11,239
General and administrative	8,005	6,879	15,537	13,775
Depreciation and amortization	13,903	11,584	27,561	23,171
Impairment of asset	5,000	—	5,000	—
Total operating expenses	40,122	30,677	77,455	62,641

Operating income	13,039	18,834	28,187	33,555

Equity in earnings of unconsolidated affiliates	3,406	1,430	9,999	4,459
Gain on disposition of property of unconsolidated affiliates	17,105	—	17,105	—
Loss on debt extinguishment	(25)	(66)	(134)	(269)
Gain on disposition of properties	61,841	561	88,984	12,948
Interest expense and other finance costs	(9,964)	(9,534)	(18,785)	(20,185)
Income from continuing operations before income taxes	85,402	11,225	125,356	30,508
Income tax benefit (provision)	56	83	(1,361)	(85)
Income from continuing operations	85,458	11,308	123,995	30,423

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights ¹

For the Quarters and Six Months ended June 30, 2015 and 2014

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



	For the Quarters ended		For the Six Months ended
	June 30,		June 30,
	2015	2014	2015	2014

Gain on disposition of property	—	560	—	560
Income from discontinued operations	—	560	—	560
Net income	85,458	11,868	123,995	30,983
(Income) loss attributable to noncontrolling interests:
Continuing operations	(58,963)	57	(80,953)	2,537
Discontinued operations	—	(461)	—	(461)
Net (income) loss attributable to noncontrolling interests	(58,963)	(404)	(80,953)	2,076
Net income attributable to Common Shareholders	$ 26,495	$ 11,464	$ 43,042	$ 33,059

Income from continuing operations attributable to
Common Shareholders	$ 26,495	$ 11,365	$ 43,042	$ 32,960
Income from discontinued operations
attributable to Common Shareholders	—	99	—	99
Net income attributable to Common Shareholders	26,495	11,464	43,042	33,059

Less: Net Income attributable to participating securities	(377)	(198)	(615)	(587)
Net Income attributable to Common Shareholders - basic	$ 26,118	$ 11,266	$ 42,427	$ 32,472
Weighted average shares for basic earnings per share	68,825	58,013	68,561	56,988
Net Earnings per share - basic and diluted	$ 0.38	$ 0.19	$ 0.62	$ 0.57

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights ¹

For the Quarters and Six Months ended June 30, 2015 and 2014

(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 Six Months ended
	June 30,		June 30,
	2015	2014	2015	2014


Net income attributable to Common Shareholders	$ 26,495	$ 11,464	$ 43,042	$ 33,059

Depreciation of real estate and amortization of leasing costs
(net of noncontrolling interests' share):	11,541	8,987	22,477	17,841
Impairment of asset	1,111	—	1,111	—
(Gain) loss on disposition (net of noncontrolling interests’ share):	(5,805)	166	(11,207)	(12,227)
Income attributable to noncontrolling interests’ in
Operating Partnership	1,523	453	2,490	1,309
Distributions - Preferred OP Units	6	6	12	13
Funds from operations attributable to Common Shareholders and Common OP Unit holders	$ 34,871	$ 21,076	$ 57,925	$ 39,995
Funds from operations per share - Diluted
Weighted average Common Shares and OP Units ⁴	73,060	60,521	72,824	59,476
Funds from operations, per Common Share and Common OP Unit	$ 0.48	$ 0.35	$ 0.80	$ 0.67

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights ¹

For the Quarters and Six Months ended June 30, 2015 and 2014

(dollars in thousands)

RECONCILIATION OF OPERATING INCOME TO NET PROPERTY

OPERATING INCOME (“NOI”) ³



	For the Quarters ended		For the Six Months ended
	June 30,		June 30,
	2015	2014	2015	2014

Operating income	$ 13,039	$ 18,834	$ 28,187	$ 33,555

Add back:
General and administrative	8,005	6,879	15,537	13,775
Depreciation and amortization	13,903	11,584	27,561	23,171
Impairment of asset	5,000	—	5,000	—
Less:
Interest income	(3,985)	(3,049)	(7,393)	(6,213)
Straight line rent and other adjustments	(2,753)	(3,713)	(3,321)	(5,439)

Consolidated NOI	33,209	30,535	65,571	58,849

Noncontrolling interest in NOI	(8,457)	(10,153)	(17,828)	(18,757)
Pro-rata share of NOI	24,752	20,382	47,743	40,092
Operating Partnerships’ interest in Opportunity Funds	(1,323)	(1,577)	(2,905)	(2,930)
Operating Partnerships’ share of unconsolidated joint ventures ¹	2,746	930	5,259	1,780
NOI - Core Portfolio	$ 26,175	$ 19,735	$ 50,097	$ 38,942

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

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights ¹

(dollars in thousands)

CONSOLIDATED BALANCE SHEETS



	As of
	June 30, 2015	December 31, 2014

ASSETS
Operating real estate
Land	$ 507,952	$ 424,661
Buildings and improvements	1,522,127	1,329,080
Construction in progress	15,206	7,464
	2,045,285	1,761,205
Less: accumulated depreciation	277,678	256,015
Net operating real estate	1,767,607	1,505,190
Real estate under development	533,295	447,390
Notes receivable and preferred equity investments, net	168,931	102,286
Investments in and advances to unconsolidated affiliates	166,632	184,352
Cash and cash equivalents	104,651	217,580
Cash in escrow	31,781	20,358
Restricted cash	29,192	30,604
Rents receivable, net	37,887	36,962
Deferred charges, net	32,984	30,679
Acquired lease intangibles, net	47,683	44,618
Prepaid expenses and other assets	53,056	56,508
Assets of properties held for sale	—	56,073
Total assets	$ 2,973,699	$ 2,732,600

LIABILITIES
Mortgage and other notes payable	$ 1,326,667	$ 1,130,481
Distributions in excess of income from, and investments in, unconsolidated affiliates	13,161	12,564
Accounts payable and accrued expenses	37,551	34,026
Dividends and distributions payable	17,697	39,339
Acquired lease intangibles, net	31,137	29,585
Other liabilities	27,616	25,148
Liabilities of properties held for sale	—	25,500
Total liabilities	1,453,829	1,296,643

EQUITY
Shareholders’ Equity
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 68,828,560 and 68,109,287 shares, respectively	69	68
Additional paid-in capital	1,050,385	1,027,861
Accumulated other comprehensive loss	(3,284)	(4,005)
Retained earnings	41,654	31,617
Total shareholders’ equity	1,088,824	1,055,541
Noncontrolling interests	431,046	380,416
Total equity	1,519,870	1,435,957
Total liabilities and equity	$ 2,973,699	$ 2,732,600

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights

For the Quarters and Six Months ended June 30, 2015 and 2014

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

Notes:

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

² 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 3,900 and 2,196 OP Units into Common Shares for the quarters ended June 30, 2015 and 2014, respectively and 3,903 and 2,188 OP Units into Common Shares for the six months ended June 30, 2015 and 2014, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 25 Common Shares for each of the quarters and six months ended June 30, 2015 and 2014. In addition, diluted FFO also includes the effect of 310 and 288 employee share options, restricted share units and LTIP units for the quarters ended June 30, 2015 and 2014, respectively and 335 and 274 employee share options, restricted share units and LTIP units for the six months ended June 30, 2015 and 2014, respectively.

Ex. 99.2 2015-6-30 Supplemental

Exhibit 99.2



Table of Contents
Second Quarter 2015


Section I - Second Quarter 2015 Earnings Press Release
Section II - Financial Information		Section III - Core Portfolio Information

Company Information……………………………………	4	Core Properties………………………………	24
Market Capitalization………………………………	5	Core Top Tenants……………………………	26
Operating Statements		Core Lease Expirations…………………………	27
Pro-rata Consolidation…………………………………	6	Core New and Renewal Rent Spreads…………………	28
Funds…………………………………………	7	Core Capital Expenditures……………………………	29
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")	9	Portfolio Demographics…………………………	30
EBITDA……………………………………………………	10
Same Property Net Operating Income…………………………	11
Fee Income……………………………………	12	Section IV - Fund Information
Balance Sheet - Pro-rata Consolidation………………………	13
Structured Financing……………………………………	14	Fund Overview………………………	33
Other Information		Fund Properties……………………………	34
2015 Transactional Activity………	15	Fund Lease Expirations………………………………	35
2015 Guidance………………………………	16	Development Activity…………………	36
Net Asset Valuation Information………………………	17
Selected Financial Ratios……………………………	18
Debt Analysis
Summary…………………………………	19
Detail……………………………	20	Important Notes………………………………	37
Maturities…………………………………	23



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



Company Information

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





Contact Information

	Corporate Headquarters	Investor Relations	New York Stock Exchange
	1311 Mamaroneck Avenue	Amy Racanello	Symbol AKR
	Suite 260	Vice President,
	White Plains, NY 10605	Capital Markets & Investments
		(914) 288-3345
		aracanello@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	Jason White, CFA - (949) 640-8780	Rich Moore, CFA - (440) 715-2646
	paul.adornato@bmo.com	jwhite@greenstreetadvisors.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



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


								Capitalization
								based on
			$				%	Net Debt¹
Equity Capitalization
Common Shares			68,829
Common Operating Partnership ("OP") Units			3,891
Combined Common Shares and OP Units			72,720

Share Price at June 30, 2015			$	29.11

Equity Capitalization - Common Shares and OP Units			$	2,116,879
Preferred OP Units			730			²
Total Equity Capitalization			2,117,609				75%	76%

Debt Capitalization
Consolidated debt			1,324,398
Adjustment to reflect pro-rata share of debt			(617,594		)
Total Debt Capitalization			706,804				25%	24%

Total Market Capitalization			$	2,824,413			100%	100%



Weighted Average Outstanding Common Shares and OP Units
(in thousands)
			June 30, 2015						Changes in Total Common Shares Outstanding and OP Units
			Year-to-date				Quarter
Weighted average Common Shares - Basic EPS			68,561				68,825			Common Shares	OP Units	Total
Dilutive potential Common Shares			335				309		Balance @ 12/31/2014	68,109	3,664	71,773
Weighted average Common Shares - Diluted EPS			68,896				69,134		ATM Issuance	623	—	623
OP Units			3,903				3,901		Other	97	227	324
Dilutive potential OP Units			25				25
Weighted average Common Shares and OP Units - Diluted FFO			72,824				73,060		Balance @ 6/30/2015	68,829	3,891	72,720


Notes:
¹ Reflects debt net of Core Portfolio cash balance of	$	34,149
pro-rata share of Funds cash balance of	14,770
and pro-rata share of restricted cash relating to City Point financing of	5,721
for total cash netted against debt of	$	54,640
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 Consolidation ¹
(in thousands)

	Year-to-date ended June 30, 2015									Three months ended June 30, 2015
	Core Portfolio			Funds			Total			Core Portfolio	Funds	Total

CORE PORTFOLIO AND FUND INCOME

PROPERTY REVENUES
Minimum rents	$	52,794		$	4,823		$	57,617		$ 27,532	$ 2,275	$ 29,807
Percentage rents	135			24			159			36	10	46
Expense reimbursements - CAM	5,029			599			5,628			2,176	219	2,395
Expense reimbursements - Taxes	8,333			889			9,222			4,352	352	4,704
Other property income	429			184			613			187	99	286
Total Property Revenues	66,720			6,519			73,239			34,283	2,955	37,238

PROPERTY EXPENSES
Property operating - CAM	6,379			857			7,236			2,828	369	3,197
Other property operating (Non-CAM)	830			292			1,122			564	141	705
Real estate taxes	9,414			1,061			10,475			4,716	518	5,234
Total Property Expenses	16,623			2,210			18,833			8,108	1,028	9,136

NET OPERATING INCOME - PROPERTIES	50,097			4,309			54,406			26,175	1,927	28,102

OTHER INCOME (EXPENSE)
Interest income	6,292			242			6,534			3,386	131	3,517
Straight-line rent income	1,881			267			2,148			1,069	124	1,193
Above/below market rent	2,196			165			2,361			1,056	80	1,136
Interest expense ²	(12,118		)	(1,086		)	(13,204		)	(6,483)	(530)	(7,013)
Amortization of finance costs	(574		)	(237		)	(811		)	(297)	(109)	(406)
Above/below market interest expense	674			11			685			337	3	340
Loss on extinguishment of debt	—			(26		)	(26		)	—	(5)	(5)
Asset and property management expense	(110		)	(129		)	(239		)	(75)	(62)	(137)
Other income/(expense)	889			(174		)	715			807	(176)	631
Transaction costs	(822		)	(494		)	(1,316		)	(83)	(120)	(203)
Impairment of asset	(1,111		)	—			(1,111		)	(1,111)	—	(1,111)
CORE PORTFOLIO AND FUND INCOME	47,294			2,848			50,142			24,781	1,263	26,044

FEE INCOME
Asset and property management fees	6,972			(21		)	6,951			3,364	(8)	3,356
Transactional fees ³	4,874			—			4,874			2,278	—	2,278
Income tax (provision)/benefit	33			6			39			75	3	78
Total Fee Income	11,879			(15		)	11,864			5,717	(5)	5,712

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	—			1,092			1,092			—	235	235
Promote income - RCP	420			—			420			420	—	420
Income tax (provision)/benefit (RCP)	—			(458		)	(458		)	—	—	—
Total Promote, RCP and Other Income	420			634			1,054			420	235	655

General and Administrative	(15,229		)	(159		)	(15,388		)	(7,846)	(84)	(7,930)

Depreciation and amortization	(20,571		)	(1,913		)	(22,484		)	(10,597)	(944)	(11,541)
Non-real estate depreciation and amortization	(260		)	—			(260		)	(130)	—	(130)
Gain on disposition of properties	—			11,207			11,207			—	5,805	5,805
Gain on sale of City Point air rights	—			9,404			9,404			—	9,404	9,404
Income before noncontrolling interests	23,533			22,006			45,539			12,345	15,674	28,019

Noncontrolling interest - OP	(1,243		)	(1,254		)	(2,497		)	(645)	(879)	(1,524)

NET INCOME	$	22,290		$	20,752		$	43,042		$ 11,700	$ 14,795	$ 26,495

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 Net of capitalized interest of $835 and $1,622 for the three and six months, respectively.

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



Income Statements - Funds ¹
(in thousands)
	Year-to-date ended June 30, 2015
				AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-			Total
				rata share						rata share						rata share						rata share						rata share						rata share			AKR Pro-
	Fund I			22.22%			Mervyns I			22.22%			Fund II			20.00%			Mervyns II			20.00%			Fund III			19.90%			Fund IV			23.12%			rata share

PROPERTY REVENUES
Minimum rents	$	30		$	6		$	—		$	—		$	4,078		$	816		$	—		$	—		$	12,011		$	2,390		$	6,970		$	1,611		$	4,823
Percentage rents	—			—			—			—			—			—			—			—			108			22			7			2			24
Expense reimbursements - CAM	—			—			—			—			211			42			—			—			1,762			351			890			206			599
Expense reimbursements - Taxes	—			—			—			—			182			37			—			—			3,409			678			752			174			889
Other property income	13			3			—			—			278			56			—			—			68			14			480			111			184
Total Property Revenues	43			9			—			—			4,749			951			—			—			17,358			3,455			9,099			2,104			6,519

PROPERTY EXPENSES
Property operating - CAM	4			—			—			—			949			190			—			—			2,322			462			886			205			857
Other property operating (Non-CAM)	31			7			—			—			634			127			—			—			486			97			266			61			292
Real estate taxes	10			2			—			—			730			146			—			—			3,149			627			1,237			286			1,061
Total Property Expenses	45			9			—			—			2,313			463			—			—			5,957			1,186			2,389			552			2,210

NET OPERATING INCOME - PROPERTIES	(2		)	—			—			—			2,436			488			—			—			11,401			2,269			6,710			1,552			4,309

OTHER INCOME (EXPENSE)
Interest income	—			—			—			—			65			13			—			—			336			67			700			162			242
Straight-line rent income	—			—			—			—			424			85			—			—			91			18			712			164			267
Straight-line ground rent	—			—			—			—			—			—			—			—			—			—			—			—			—
Above/below market rent	—			—			—			—			—			—			—			—			768			153			51			12			165
Interest expense	—			—			—			—			(518		)	(103		)	—			—			(2,016		)	(401		)	(2,517		)	(582		)	(1,086		)
Amortization of finance costs	—			—			—			—			(112		)	(23		)	—			—			(409		)	(81		)	(576		)	(133		)	(237		)
Above/below market interest expense	—			—			—			—			—			—			—			—			55			11			—			—			11
Gain on extinguishment of debt	—			—			—			—			(24		)	(5		)	—			—			(106		)	(21		)	—			—			(26		)
Asset and property management expense ²	—			—			—			—			(62		)	(13		)	—			—			(156		)	(31		)	(368		)	(85		)	(129		)
Other income/(expense)	1			—			—			—			(17		)	(3		)	—			—			(37		)	(7		)	(711		)	(164		)	(174		)
Transaction costs	—			—			—			—			—			—			—			—			—			—			(2,138		)	(494		)	(494		)
Fund Income	(1		)	—			—			—			2,192			439			—			—			9,927			1,977			1,863			432			2,848

FEE INCOME
Asset and property management fees	—			—			—			—			—			—			—			—			(101		)	(21		)	—			—			(21		)
Income tax provision	—			—			—			—			—			—			—			—			30			6			—			—			6
Total Fee Income	—			—			—			—			—			—			—			—			(71		)	(15		)	—			—			(15		)

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	—			—			1,656			368			1,175			235			2,445			489			—			—			—			—			1,092
Provision for income taxes (RCP)	—			—			(887		)	(197		)	—			—			(1,305		)	(261		)	—			—			—			—			(458		)
Total Promote, RCP and Other Income	—			—			769			171			1,175			235			1,140			228			—			—			—			—			634

GENERAL AND ADMINISTRATIVE	(42		)	(10		)	(1		)	—			(48		)	(9		)	(7		)	(2		)	(367		)	(73		)	(282		)	(65		)	(159		)

Depreciation and amortization	(2		)	—			—			—			(1,636		)	(327		)	—			—			(4,128		)	(822		)	(3,306		)	(764		)	(1,913		)
Gain on disposition of properties	—			—			—			—			10,858			2,172			—			—			45,335			9,022			58			13			11,207
Gain on sale of City Point air rights	—			—			—			—			47,020			9,404			—			—			—			—			—			—			9,404
Income before noncontrolling interest	(45		)	(10		)	768			171			59,561			11,914			1,133			226			50,696			10,089			(1,667		)	(384		)	22,006

Noncontrolling interest - OP	5			1			(90		)	(20		)	(3,105		)	(621		)	(135		)	(27		)	(2,954		)	(588		)	4			1			(1,254		)

NET INCOME	$	(40	)	$	(9	)	$	678		$	151		$	56,456		$	11,293		$	998		$	199		$	47,742		$ 9,501			$ (1,663)			$ (383)			$ 20,752

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.



Income Statements - Funds ¹
(in thousands)
	Three months ended June 30, 2015
				AKR Pro-					AKR Pro-					AKR Pro-					AKR Pro-					AKR Pro-						AKR Pro-			Total
				rata share					rata share					rata share					rata share					rata share						rata share			AKR Pro-
	Fund I			22.22%			Mervyns I		22.22%		Fund II			20.00%			Mervyns II		20.00%		Fund III			19.90%			Fund IV			23.12%			rata share

PROPERTY REVENUES
Minimum rents	$	15		$	3		$	—	$	—	$	1,843		$	369		$	—	$	—	$	5,369		$	1,068		$	3,612		$	835		$	2,275
Percentage rents	—			—			—		—		—			—			—		—		44			9			4			1			10
Expense reimbursements - CAM	—			—			—		—		26			5			—		—		767			153			262			61			219
Expense reimbursements - Taxes	—			—			—		—		88			18			—		—		1,286			256			338			78			352
Other property income	—			—			—		—		124			25			—		—		15			3			308			71			99
Total Property Revenues	15			3			—		—		2,081			417			—		—		7,481			1,489			4,524			1,046			2,955

PROPERTY EXPENSES
Property operating - CAM	2			—			—		—		416			83			—		—		1,090			217			297			69			369
Other property operating (Non-CAM)	16			4			—		—		230			46			—		—		257			51			174			40			141
Real estate taxes	5			1			—		—		355			71			—		—		1,485			296			649			150			518
Total Property Expenses	23			5			—		—		1,001			200			—		—		2,832			564			1,120			259			1,028

NET OPERATING INCOME - PROPERTIES	(8		)	(2		)	—		—		1,080			217			—		—		4,649			925			3,404			787			1,927

OTHER INCOME (EXPENSE)
Interest income	—			—			—		—		58			12			—		—		172			34			369			85			131
Straight-line rent income	—			—			—		—		209			42			—		—		(26		)	(5		)	378			87			124
Straight-line ground rent	—			—			—		—		—			—			—		—		—			—			—			—			—
Above/below market rent	—			—			—		—		—			—			—		—		348			69			46			11			80
Interest expense	—			—			—		—		(167		)	(33		)	—		—		(775		)	(154		)	(1,484		)	(343		)	(530		)
Amortization of finance costs	—			—			—		—		(59		)	(12		)	—		—		(192		)	(38		)	(255		)	(59		)	(109		)
Above/below market interest expense	—			—			—		—		—			—			—		—		14			3			—			—			3
Loss on extinguishment of debt	—			—			—		—		(24		)	(5		)	—		—		—			—			—			—			(5		)
Asset and property management expense ²	—			—			—		—		(18		)	(4		)	—		—		(61		)	(12		)	(200		)	(46		)	(62		)
Other income/(expense)	(1		)	—			—		—		—			—			—		—		(60		)	(12		)	(709		)	(164		)	(176		)
Transaction costs	—			—			—		—		—			—			—		—		—			—			(520		)	(120		)	(120		)
Fund Income	(9		)	(2		)	—		—		1,079			217			—		—		4,069			810			1,029			238			1,263

FEE INCOME
Asset and property management fees	—			—			—		—		—			—			—		—		(38		)	(8		)	—			—			(8		)
Income tax benefit	—			—			—		—		—			—			—		—		15			3			—			—			3
Total Fee Income	—			—			—		—		—			—			—		—		(23		)	(5		)	—			—			(5		)

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	—			—			—		—		1,175			235			—		—		—			—			—			—			235
Income tax (provision)/benefit (RCP)	—			—			—		—		—			—			—		—		—			—			—			—			—
Total Promote, RCP and Other Income	—			—			—		—		1,175			235			—		—		—			—			—			—			235




GENERAL AND ADMINISTRATIVE	(24		)	(6		)	(1		)	—		18			4			(4		)	(1		)	(229		)	(46		)	(152		)	(35		)	(84		)

Depreciation and amortization	(1		)	—			—			—		(405		)	(81		)	—			—			(2,054		)	(409		)	(1,964		)	(454		)	(944		)
Gain on disposition of properties	—			—			—			—		10,858			2,172			—			—			18,257			3,633			—			—			5,805
Gain on disposition of City Point	—			—			—			—		47,020			9,404			—			—			—			—			—			—			9,404
Income before noncontrolling interest	(34		)	(8		)	(1		)	—		59,745			11,951			(4		)	(1		)	20,020			3,983			(1,087		)	(251		)	15,674

Noncontrolling interest - OP	5			1			—			—		(3,115		)	(623		)	—			—			(1,261		)	(251		)	(26		)	(6		)	(879		)

NET INCOME	$	(29	)	$	(7	)	$	(1	)	$	—	$	56,630		$	11,328		$	(4	)	$	(1	)	$	18,759		$	3,732		$	(1,113	)	$	(257	)	$	14,795

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.



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


	Current			Current			Previous				Historic
	Year-to-Date			Quarter			Quarter		Year-to-Date		Quarter
	Period ended			3 months ended			3 months ended		Period ended		3 months ended
Funds from operations ("FFO"):	June 30, 2015			June 30, 2015			March 31, 2015		June 30, 2014		June 30, 2014

Net Income	$	43,042		$	26,495		$ 16,547		$ 33,059		$ 11,464
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)	22,477			11,541			10,936		17,841		8,987
Gain on disposition of properties (net of noncontrolling interest share)	(11,207		)	(5,805		)	(5,402)		(12,227)		166
Impairment of asset	1,111			1,111			—		—		—
Income attributable to noncontrolling interests'
share in Operating Partnership	2,503			1,530			973		1,322		459


FFO to Common Shareholders and Common OP Unit holders	$	57,926		$	34,872		$ 23,054		$ 39,995		$ 21,076

Add back: Transaction costs	1,316			203			1,113		1,798		1,124
FFO before transaction costs	$	59,242		$	35,075		$ 24,167		$ 41,793		$ 22,200


Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	57,926		$	34,872		$ 23,054		$ 39,995		$ 21,076
Straight-line rent, net	(2,148		)	(1,193		)	(955)		(1,737)		(1,012)
Above/below market rent	(2,361		)	(1,136		)	(1,225)		(1,836)		(947)
Amortization of finance costs	811			406			405		762		388
Above/below market interest	(685		)	(340		)	(345)		(398)		(199)
Loss on extinguishment of debt	26			5			21		88		16
Non-real estate depreciation	260			130			130		257		130
Leasing commissions	(821		)	(611		)	(210)		(577)		(401)
Tenant improvements	(3,165		)	(2,074		)	(1,091)		(2,376)		(853)
Capital expenditures	(2,091		)	(414		)	(1,677)		(590)		(146)
AFFO to Common Shareholders and Common OP Unit holders	$	47,752		$	29,645		$ 18,107		$ 33,588		$ 18,052

Total weighted average diluted shares and OP Units:	72,824			73,060			72,586		59,476		60,521

Diluted FFO per Common share and OP Unit:
FFO	$	0.80		$	0.48		$	0.32	$	0.67	$	0.35
FFO before transaction costs	$	0.81		$	0.48		$	0.33	$	0.70	$	0.37

AFFO	$	0.66		$	0.41		$	0.25	$	0.56	$	0.30
AFFO before transaction costs	$	0.67		$	0.41		$	0.26	$	0.59	$	0.32

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.



EBITDA
(in thousands)

	Year-to-Date									Current Quarter
	Period ended June 30, 2015									Three months ended June 30, 2015
	Core									Core
	Portfolio			Funds			Total			Portfolio		Funds		Total

NET INCOME	$	22,290		$	20,752		$	43,042		$ 11,700		$ 14,795		$ 26,495

Adjustments:
Depreciation and amortization	20,831			1,913			22,744			10,727		944		11,671
Interest expense	12,118			1,086			13,204			6,483		530		7,013
Amortization of finance costs	574			237			811			297		109		406
Above/below market interest	(674		)	(11		)	(685		)	(337)		(3)		(340)
Gain on disposition of properties	—			(11,207		)	(11,207		)	—		(5,805)		(5,805)
Gain on sale of City Point air rights	—			(9,404		)	(9,404		)	—		(9,404)		(9,404)
Impairment of asset	1,111			—			1,111			1,111		—		1,111
Provision for income taxes	(33		)	452			419			(75)		(3)		(78)
Loss on extinguishment of debt	—			26			26			—		5		5
Noncontrolling interest - OP	1,243			1,254			2,497			645		879		1,524

EBITDA	$	57,460		$	5,098		$	62,558		$	30,551	$	2,047	$	32,598



Core Portfolio
Same Property Performance ¹
(in thousands)

	Year-to-Date							Quarter

	Period ended							Three months ended
							Change					Change
	June 30, 2015			June 30, 2014			Favorable/(Unfavorable)	June 30, 2015		June 30, 2014		Favorable/(Unfavorable)

Revenue
Minimum rents	$	39,066		$	38,038		2.7%	$	19,634	$	19,077	2.9%
Expense reimbursements	9,697			9,694			—%	4,398		4,591		(4.2)%
Other property income	487			241			102.1%	183		157		16.6%

Total Revenue	49,250			47,973			2.7%	24,215		23,825		1.6%

Expenses
Property operating - CAM & Real estate taxes	11,711			11,669			(0.4)%	5,290		5,669		6.7%
Other property operating (Non-CAM)	715			684			(4.5)%	474		364		(30.2)%

Total Expenses	12,426			12,353			-0.6%	5,764		6,033		4.5%

Same Property NOI - Core properties	$	36,824		$	35,620		3.4%	$	18,451	$	17,792	3.7%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI	13,273			3,322				7,724		1,943
Core NOI ²	$	50,097		$	38,942			$	26,175	$	19,735

Other same property information
Physical Occupancy	96.6		%	96.5		%
Leased Occupancy	97.3		%	97.0		%

Notes:
¹ The above amounts include the pro-rata activity related to the Company's Core consolidated and unconsolidated investments.
² See "Income Statement - Consolidated."



Fee income by Fund
(in thousands)

	Fund I		Fund II		Fund III		Fund IV		Other		Total
Year-to-date ended June 30, 2015
Asset and property management fees and priority distributions	$	22	$	1,250	$	2,269	$	3,096	$	335	$	6,972
Transactional fees	12		2,719		597		1,394		152		4,874
Total management fees and priority distributions	$	34	$	3,969	$	2,866	$	4,490	$	487	$	11,846


	Fund I		Fund II		Fund III		Fund IV		Other		Total
Quarter ended June 30, 2015
Asset and property management fees and priority distributions	$	11	$	598	$	1,070	$	1,553	$	132	$	3,364
Transactional fees	6		955		264		989		64		2,278
Total management fees and priority distributions	$	17	$	1,553	$	1,334	$	2,542	$	196	$	5,642


	Fund I		Fund II		Fund III		Fund IV		Other		Total
Previous Quarter ended March 31, 2015
Asset and property management fees and priority distributions	$	11	$	652	$	1,199	$	1,543	$	203	$	3,608
Transactional fees	6		1,764		333		405		88		2,596
Total management fees and priority distributions	$	17	$	2,416	$	1,532	$	1,948	$	291	$	6,204



Pro-Rata Consolidated Balance Sheet
(in thousands)
	Notes	Consolidated			Noncontrolling			Company's			Pro-Rata
		Balance			Interest in			Interest in			Consolidated
		Sheet			Consolidated			Unconsolidated			Balance
	^{1, 2}	As Reported			Subsidiaries			Subsidiaries			Sheet
ASSETS														Notes:
Real estate														¹ The interim consolidated balance sheet is unaudited, although it
Land		$	507,952		$	(129,479	)	$	46,311		$	424,784		reflects all adjustments, which in the opinion of management,
Buildings and improvements		1,522,127			(365,578		)	163,763			1,320,312			are necessary for the fair presentation of the consolidated
Construction in progress		15,206			(8,524		)	70			6,752			balance sheet for the interim period.
		2,045,285			(503,581		)	210,144			1,751,848
Less: accumulated depreciation		(277,678		)	69,252			(10,096		)	(218,522		)	² The Company currently invests in Funds I, II, III & IV and Mervyns I & II
Net real estate		1,767,607			(434,329		)	200,048			1,533,326			which are consolidated with the Company's financial statements.
														To provide investors with supplemental information, the Company's
Net real estate under development	³	533,295			(430,081		)	4,009			107,223			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		104,651			(59,146		)	3,414			48,919			and liability line items. Similarly, the presentation also includes
Cash in escrow		31,781			(20,764		)	1,893			12,910			the Company's pro-rata share of assets and liabilities for
Restricted cash		29,192			(23,471		)	—			5,721			unconsolidated investments which are accounted for under the equity
Investments in and advances to unconsolidated affiliates		166,632			(65,328		)	(101,239		)	65			method of accounting for the Company's financial statements.
Rents receivable, net		9,121			(3,510		)	2,160			7,771
Straight-line rents receivable, net		28,766			(10,680		)	1,417			19,503
Notes receivable		168,931			(31,961		)	—			136,970			³ The components of Net real estate under development are as follows:
Deferred charges, net		32,984			(17,506		)	2,515			17,993			Fund II	$	462,809
Prepaid expenses and other assets	⁴	53,056			10,082			854			63.992			Fund III	36,543
Acquired lease intangibles		47,683			(10,888		)	1,568			38,363			Fund IV	31,763
														Other	2,180
Total Assets		$	2,973,699		$	(1,097,582	)	$	116,639		$	1,992,756
														Total Funds	533,295
LIABILITIES AND SHAREHOLDERS' EQUITY
														4 The components of Prepaid expenses and other assets are as follows:
Mortgage and other notes payable		$	1,324,398		$	(740,576	)	$	122,982		$	706,804		Due from Fund Investors	$	34,419
Valuation of debt at acquisition, net of amortization		2,269			—			—			2,269			Accrued interest on Notes receivable	8,691
Acquired lease intangibles		31,137			(6,674		)	1,367			25,830			Prepaid expenses	4,690
Accounts payable and accrued expenses		37,551			(9,946		)	3,139			30,744			Other	16,192
Dividends and distributions payable		17,697			—			—			17,697
Share of losses in excess of inv. in unconsolidated affiliates		13,161			—			(13,161		)	—			Total	63,992
Other liabilities		27,616			(11,201		)	2,312			18,727

Total Liabilities		1,453,829			(768,397		)	116,639			802,071

Shareholders' equity:
Common shares		69			—			—			69
Additional paid-in capital		1,050,385			—			—			1,050,385
Accumulated other comprehensive loss		(3,284		)	—			—			(3,284		)
Retained earnings		41,654			—			—			41,654
Total controlling interest		1,088,824			—			—			1,088,824
Noncontrolling interest in subsidiary		431,046			(329,185		)	—			101,861
Total Shareholders' Equity		1,519,870			(329,185		)	—			1,190,685

Total Liabilities and Shareholders' Equity		$	2,973,699		$	(1,097,582	)	$	116,639		$	1,992,756



Structured Financing
(in thousands)


														Stated		Effective
	Previous							Current		Accrued				Interest		Interest		Maturity
Investment	Principal		Advances		Repayments			Principal		Interest		Total		Rate		Rate ¹		Dates


First mortgage notes	$	24,169	$	41,000	$	—		$	65,169	$	428	$	65,597	6.66	%	7.15	%	2015 to 2018

Mezzanine, preferred equity and other notes	70,934		—		(7,072		)	63,862		8,150		72,012		12.18	%	12.58	%	2015 to 2020

Total notes receivable	$	95,103	$	41,000	$	(7,072	)	$	129,031	$	8,578	$	137,609	9.39	%	9.84	%

Note:
¹ Inclusive of points and exit fees.

Reconciliation of Notes Receivable to the Consolidated Balance Sheet

Total Notes Receivable per above								$	129,031
Other loans (pro-rata share)								7,939

Total Notes Receivable per Consolidated Balance Sheet								$	136,970



2015 Transactional Activity
(in thousands)

Acquisitions:

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

Core Portfolio:

2015 Transactions

City Center	$	155,000	100%	$	155,000	March	San Francisco, CA	City Target, Best Buy
163 Highland Avenue	24,000		100%	24,000		March	Needham, MA	Staples, Petco

Total	$	179,000		$	179,000

Funds:

Fund IV:

1035 Third Avenue	$	51,036	100%	$	51,036	January	New York, NY	—
801 Madison Avenue	33,000		100%	33,000		April	New York, NY	—

Total	$	84,036		$	84,036

Dispositions:

Property Name	Disposition Price		Ownership %	Fund Share		Month of Transaction	Location	Key Tenants

Funds:

Fund II:

Liberty	$	24,000	99%	$	23,784	May	Queens, NY	CVS
City Point - Phase 3 Air Rights	115,571		94%	108,804		May	Brooklyn, NY

Total	$	139,571		$	132,588

Fund III:

Lincoln Park Centre	$	64,000	100%	$	64,000	January	Chicago, IL	Design Within Reach
White City Shopping Center	96,750		84%	81,270		April	Shrewsbury, MA	Shaw's (Supervalu)

Total	$	160,750		$	145,270

Structured Finance Investments:

Investment	Loan Amount		Effective Interest Rate	Month of Transaction		Maturity Date	Location	Extension Options

Core Portfolio:

135 East 65th Street	$	15,000	6%	May		May, 2016	New York, NY	1 x 12 mos.
55-57 Spring Street	26,000		7%	June		June, 2018	New York, NY	1 x 12 mos.




Total	$	41,000



2015 Guidance


Note: 2015 FFO and EPS guidance and comparable 2014 results are before acquisition costs and gains on the sale of depreciated property
(in millions except per share amounts, all per share amounts are fully diluted)
	Notes	2015 Guidance	2014 Actual
Summary:

Fully diluted Common Shares and OP Units		73,500 to 74,800	62,420

Full year Funds from Operations ("FFO") per share	¹	$1.48 to $1.56	$1.35

Earnings per Share ("EPS")	²	$0.82 to $0.87	$0.71


FFO Components:

Core and pro-rata share of Fund ("Fund") portfolio income		$104.3 to $109.3	$87.9

Asset and property management fee income, net of TRS taxes		$12.5 to $13.0	$15.1

Transactional fee income, net of TRS taxes		$7.5 to $8.0	$6.9

Other Fund related income, net of taxes	³	$13.9 to $15.3	$1.1

General and administrative expense		$(29.5) to $(29.0)	$(27.0)

FFO		$108.7 to $116.6	$84.0


Additional Guidance Assumptions:

Same property net operating income ("NOI") growth		3% to 4%

Core acquisitions		$300.0 to $400.0

Fund acquisitions		$250.0 to $500.0


Notes:
¹ Excludes acquisition costs which totaled $0.09 for the year ended December 31, 2014
² Excludes acquisition costs and gains on sale of property which aggregated $0.47 for the year ended December 31, 2014
³ 2015 includes promote income, gain on sale of City Point residential air rights, RCP Venture income and other income, all net of taxes



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	$	26,175	¹	$	104,700	—						$	1,080		$	4,320		20.00	%	$	864		$	4,649		$	18,596		19.90%	$	3,701		$	3,404		$	13,616		23.12%	$	3,148
Less:
(Income)/ loss from properties sold or under contract												(139		)	(556		)			(111		)	(183		)	(732		)		(146		)	—			—				—
(Income)/ loss from pre-stabilized assets ³												(258		)	(1,032		)			(206		)	(469		)	(1,876		)		(373		)	(1,676		)	(6,704		)		(1,550		)
(Income)/ loss from development projects ⁴												(55		)	(220		)			(44		)	—			—				—			(103		)	(412		)		(95		)
Net Operating Income of stabilized assets												628			2,512					502			3,997			15,988				3,182			1,625			6,500				1,503

Assets under contract for sale, net of debt															$	—				$	—					$	14,557			$	2,897

Costs to Date
Pre-stabilized assets ³															$	68,412				$	13,682					$	62,044			$	12,347					$	143,880			$	33,265
Development projects ⁴															322,600					64,520						32,300				6,428						115,000				26,588

Total Costs to Date															$	391,012				$	78,202					$	94,344			$	18,775					$	258,880			$	59,853

Debt				$	542,658	$	—								$	393,762				$	74,100					$	173,823			$	34,983					$	249,272			$	55,063

Gross asset value 2						3,300
Net Asset Value						$	3,300	37.78	%	$	1,247


Notes:
¹ Does not include a full quarter of NOI for those assets purchased during the second quarter 2015. 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
Nostrand
Fund IV:
2819 Kennedy Blvd
Paramus Plaza
17 East 71st Street
1035 Third Avenue
1151 Third Avenue
Eden Square
⁴ See "Redevelopment Activity" page in this supplemental



Selected Financial Ratios
(in thousands)

	Three months ended June 30,						Period ended June 30,							Three months ended June 30,		Three months ended March 31,

	2015			2014			2015			2014				2015		2015
COVERAGE RATIOS ¹													LEVERAGE RATIOS

Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios

EBITDA ² divided by:	$	30,551		$	23,817		$	57,460		$ 46,696			Debt + Preferred Equity (Preferred O.P. Units)	$	707,534	$	702,577
Interest expense	6,483			5,005			12,118			10,282			Total Market Capitalization	2,824,413		3,236,435
Principal Amortization	1,355			1,027			2,718			2,206			Debt+Preferred Equity/Total Market Capitalization	25%		22%
Preferred Dividends ³	6			6			13			13
Fixed-Charge Coverage Ratio - Core Portfolio	3.9x			3.9x			3.9x			3.7x			Debt ⁶	$ 652,894		$ 626,187
													Total Market Capitalization	2,769,773		3,160,045
EBITDA divided by:	$	32,598		$	26,723		$	62,558		$	52,369		Net Debt+Preferred Equity/Total Market Capitalization	24%		20%
Interest expense	7,013			5,791			13,204			11,975
Principal Amortization	1,529			1,059			3,091			2,524			Debt/EBITDA Ratios
Preferred Dividends	6			6			13			13
Fixed-Charge Coverage Ratio - Core Portfolio													Debt	$	542,658	$	526,836
and Funds	3.8x			3.9x			3.8x			3.6x			EBITDA (Annualized)	122,204		107,608
													Debt/EBITDA - Core Portfolio	4.4x		4.9x
Payout Ratios
													Debt ⁵	$	508,509	$	463,753
Dividends declared (per share/OP Unit)	$	0.24		$	0.23		$	0.48		$	0.46		EBITDA (Annualized)	122,204		107,608
													Net Debt/EBITDA - Core Portfolio	4.2x		4.3x
Dividends (Shares) & Distributions (OP Units) declared	$	17,697		$	14,365		$	35,368		$	28,106
FFO	34,872			21,076			57,926			39,995			Debt ⁴	$	706,804	$	701,703
FFO Payout Ratio	51		%	68		%	61		%	70		%	EBITDA (Annualized)	130,392		119,812
FFO Payout Ratio before acquisition costs	50		%	65		%	60		%	67%			Debt/EBITDA - Core Portfolio and Funds	5.4x		5.9x

Dividends (Shares) & Distributions (OP Units) paid	$	17,697		$	14,365		$	35,368		$	28,106		Debt ⁶	$	652,894	$	626,187
AFFO	29,645			18,052			47,752			33,588			EBITDA (Annualized)	130,392		119,812
AFFO Payout Ratio	60		%	80		%	74		%	84%			Net Debt/EBITDA - Core Portfolio and Funds	5.0x		5.2x
AFFO Payout Ratio before acquisition costs	59		%	75		%	72		%	79%
													Debt Yield Ratios

													NOI (Annualized)	$	104,700	$	95,688
													Debt	542,658		526,836
													Debt Yield - Core Portfolio	19%		18%

Notes:													NOI (Annualized)	$	104,700	$	95,688
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 10 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.													Debt ⁵	508,509		463,753
													Net Debt Yield - Core Portfolio	21%		21%

													NOI (Annualized)	$	112,408	$	105,216
													Debt ⁴	706,804		701,703
													Debt Yield - Core Portfolio and Funds	16%		15%

													NOI (Annualized)	$	112,408	$	105,216
													Debt ⁶	652,894		626,187
													Net Debt Yield - Core Portfolio and Funds	17%		17%



Portfolio Debt - Summary
Reconciliation from Pro-Rata Share of Debt to Consolidated 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	$	508,494	4.6	%	$	54,364	4.3	%	$	562,858	4.6	%	80	%	$	366,424	$	(106,937	)	$	822,345
Variable-Rate Debt	34,164		1.7	%	109,782		2.2	%	143,946		2.1	%	20	%	374,152		(16,045		)	502,053

Total	$	542,658	4.5	%	$	164,146	2.9	%	$	706,804	4.1	%	100	%	$	740,576	$	(122,982	)	1,324,398
Unamortized premium																				2,269
																				$	1,326,667


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	June 30, 2015			Percent	Amount			Rate	Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
Pacesetter Park Shopping Center	$	11,191		100.0%	$	11,191		5.12%	11/6/2015	None
Elmwood Park Shopping Center	31,915			100.0%	31,915			5.53%	1/1/2016	None
Chicago Portfolio	15,111			100.0%	15,111			5.61%	2/1/2016	None
The Gateway Shopping Center	19,279			100.0%	19,279			5.44%	3/1/2016	None
330-340 River Street	10,546			100.0%	10,546			5.30%	5/1/2016	1 x 60 mos.
Brandywine Town Center	166,200			22.2%	36,933			5.99%	7/1/2016	None
Rhode Island Place Shopping Center	15,851			100.0%	15,851			6.35%	12/1/2016	None
239 Greenwich Avenue	26,000			75.0%	19,500			5.42%	2/11/2017	None
639 West Diversey	4,194			100.0%	4,194			6.65%	3/1/2017	None
Merrillville Plaza	25,327			100.0%	25,327			5.88%	8/1/2017	None
Bedford Green	29,357			100.0%	29,357			5.10%	9/5/2017	None
163 Highland Avenue	9,709			100.0%	9,709			4.66%	2/1/2024	None
Crossroads Shopping Center	67,500			49.0%	33,075			3.94%	9/30/2024	None
840 N. Michigan	73,500			88.4%	64,996			4.36%	2/10/2025	None
Georgetown Portfolio	17,731			50.0%	8,866			4.72%	12/10/2027	None
Interest rate swaps ¹	172,806			99.9%	172,644			3.65%	Various

Sub-Total Fixed-Rate Debt	696,217				508,494			4.65%

Variable-Rate Debt

Unsecured Line of Credit ²	83,500			100.0%	83,500			Libor + 140	1/31/2018	1 x 12 mos.
664 N. Michigan	43,738			100.0%	43,738			Libor + 165	6/28/2018	1 x 60 mos.
Unsecured Term Loan	50,000			100.0%	50,000			Libor + 130	11/25/2019	None
4401 N. White Plains Road	6,078			100.0%	6,078			Libor + 190	9/1/2022	None
28 Jericho Turnpike	15,533			100.0%	15,533			Libor + 190	1/23/2023	None
60 Orange Street	8,121			98.0%	7,959			Libor + 175	4/3/2023	None
Interest rate swaps ¹	(172,806		)	99.9%	(172,644		)	Libor + 149

Sub-Total Variable-Rate Debt	34,164				34,164			Libor + 149

Total Debt - Core Portfolio	$	730,381			$	542,658		4.46%

Portfolio Debt - Detail (continued)

(in thousands)

Principal Balance at

Acadia's Pro-rata Share

Interest

Maturity

Extension

Property

Entity

June 30, 2015

Percent

Amount

Rate

Date

Options

Funds

Fixed-Rate Debt

CityPoint ³

Fund II

19,000

17.9%

3,406

1.25%

12/1/2016

1 x 12 mos.

216th Street ³

Fund II

25,500

19.8%

5,054

5.80%

10/1/2017

None

CityPoint ³

Fund II

200,000

18.8%

37,657

4.75%

5/29/2020

None

CityPoint ^3,6

Fund II

5,262

18.8%

991

1.00%

8/23/2019

None

Interest rate swaps ¹

Funds II, III & IV

35,097

20.7%

7,256

3.31%

Various

Sub-Total Fixed-Rate Debt

284,859

54,364

4.29%

Variable-Rate Debt

210 Bowery

Fund IV

4,600

23.1%

1,064

Libor + 195

8/1/2015

None

CityPoint ³

Fund II

20,000

18.8%

3,766

Libor + 170

8/23/2015

1 x 12 mos.

Cortlandt Towne Center

Fund III

83,511

19.9%

16,619

Libor + 165

10/26/2015

None

Acadia Strategic Opportunity IV LLC ⁴

Fund IV

22,385

23.1%

5,175

Libor + 165

11/20/2015

1 x 12 mos.

Parkway Crossing ³

Fund III

12,718

17.9%

2,278

Libor + 220

1/1/2016

1 x 12 mos.

Nostrand Avenue

Fund III

11,787

19.9%

2,346

Libor + 265

2/1/2016

2 x 12 mos.

Heritage Shops

Fund III

24,500

19.9%

4,876

Libor + 155

2/28/2016

2 x 12 mos.

Broughton Street Portfolio

Fund IV

20,000

23.1%

4,624

Libor + 300

5/5/2016

1 x 6 mos.

640 Broadway ³

Fund III

22,335

12.6%

2,806

Libor + 295

7/1/2016

None

Acadia Strategic Opportunity II LLC

Fund II

12,500

20.0%

2,500

Libor + 275

10/9/2016

None

Promenade at Manassas ³

Fund IV

25,000

22.8%

5,696

Libor + 140

11/19/2016

2 x 12 mos.

CityPoint ³

Fund II

62,000

17.9%

11,113

Sifma + 160

12/1/2016

1 x 12 mos.

1701 Belmont Avenue ^{3, 8}

Fund IV

3,286

22.8%

749

Prime + 50

1/31/2017

None

Acadia Strategic Opportunity IV LLC ⁵

Fund IV

34,500

23.1%

7,976

Libor + 275

2/9/2017

1 x 6 mos.

654 Broadway

Fund III

8,945

19.9%

1,781

Libor + 188

3/1/2017

2 x 12 mos.

Arundel Plaza ³

Fund III

10,000

17.9%

1,791

Libor + 200

4/8/2017

1 x 12 mos.

New Hyde Park Shopping Center

Fund III

11,480

19.9%

2,285

Libor + 185

5/1/2017

2 x 12 mos.

938 W. North Avenue ³

Fund IV

12,500

18.5%

2,312

Libor + 235

5/1/2017

1 x 12 mos.

1151 Third Avenue

Fund IV

12,481

23.1%

2,886

Libor + 175

6/3/2017

2 x 12 mos.

2819 Kennedy Boulevard ³

Fund IV

6,674

22.8%

1,521

Libor + 215

12/9/2017

2 x 12 mos.

Eden Square ³

Fund IV

16,000

22.8%

3,646

Libor + 200

12/17/2017

1 x 12 mos.

161st Street ³

Fund II

29,500

19.8%

5,847

Libor + 250

4/1/2018

None

230/240 W. Broughton

Fund IV

3,149

11.6%

364

Libor + 190

5/1/2018

None

Paramus Plaza ³

Fund IV

12,600

11.6%

1,457

Libor + 170

2/20/2019

None

Lake Montclair

Fund IV

15,097

23.1%

3,490

Libor + 215

5/1/2019

None

17 E. 71st Street

Fund IV

19,000

23.1%

4,393

Libor + 190

6/9/2020

None

1035 Third Avenue

Fund IV

42,000

23.1%

9,710

Libor + 235

1/27/2021

None

CityPoint ³

Fund II

20,000

18.8%

3,766

Libor + 139

11/1/2021

None

3104 M Street ^3,7

Fund III

1,265

15.9%

201

Prime + 50

12/10/2021

None

Interest rate swaps ¹

Funds II, III & IV

(35,097

)

20.7%

(7,256

)

Libor + 200

Sub-Total Variable-Rate Debt

544,716

109,782

Libor + 200

Total Debt - Funds

829,575

164,146

2.88%

Total Debt - Core Portfolio and Funds

1,559,956

706,804

4.10%

Portfolio Debt - Notes

(in thousands)

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

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 June 30, 2015, the interest rate is LIBOR + 140 basis points.

³ Acadia's interest in this Fund debt is also reflected net of other JV interests at the investment level.

⁴ 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 $206,478.

⁵ Total current availability under this facility is $50,000.

⁶ This loan was made in connection with the New Markets Tax Credit and contains a borrower option to purchase the loan for $1 at the end of the term.

⁷ Bears interest at the greater of 4% or the Prime Rate plus 50 basis points.



Future Debt Maturities ¹
(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

2015	$	2,698	$	11,093	$	13,791	$	2,616	$	11,093	$	13,709	5.13	%	5.13	%	n/a
2016	4,039		257,573		261,612		3,868		128,306		132,174		5.74	%	5.74	%	n/a
2017	3,537		82,926		86,463		3,211		76,426		79,637		5.51	%	5.51	%	n/a
2018	3,169		123,558		126,727		2,382		123,558		125,940		1.67	%	n/a		1.67	%
2019	2,740		50,000		52,740		1,920		50,000		51,920		1.48	%	n/a		1.48	%
Thereafter	14,053		174,995		189,048		8,933		130,345		139,278		3.09	%	4.29	%	2.04	%
Total	$	30,236	$	700,145	$	730,381	$	22,930	$	519,728	$	542,658





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

2015	$	1,736	$	130,135	$	131,871	$	337	$	26,551	$	26,888	1.85	%	n/a		1.85	%
2016	1,662		209,012		210,674		348		39,501		39,849		2.09	%	1.25	%	2.17	%
2017	1,706		139,005		140,711		363		29,497		29,860		2.69	%	4.85	%	2.04	%
2018	918		32,649		33,567		183		6,211		6,394		2.71	%	n/a		2.71	%
2019	519		31,228		31,747		106		5,573		5,679		1.98	%	1.00	%	2.19	%
Thereafter	1,567		279,438		281,005		301		55,175		55,476		3.98	%	4.75	%	2.34	%
Total	$	8,108	$	821,467	$	829,575	$	1,638	$	162,508	$	164,146

Note:
¹ Does not include any applicable extension options



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

URBAN AND STREET RETAIL
Chicago Metro

664 N. Michigan Avenue	Tommy Bahama, Ann Taylor Loft, Harley Davidson	2013	100.0%	18,141	—	—	18,141	100.0	%	—		—		100.0	%	100.0	%	$	4,399,313	$	242.51
840 N. Michigan Avenue	H & M, Verizon Wireless	2014	88.4%	87,135	—	—	87,135	100.0	%	—		—		100.0	%	100.0	%	7,104,900		81.54
Rush and Walton Streets Collection - 6 properties	Lululemon, Brioni, BHLDN, Marc Jacobs	2011/12	100.0%	41,432	—	—	41,432	100.0	%	—		—		100.0	%	100.0	%	6,340,909		153.04
651-671 West Diversey	Trader Joe's, Urban Outfitters	2011	100.0%	46,259	—	—	46,259	100.0	%	—		—		100.0	%	100.0	%	1,922,016		41.55
Clark Street and W. Diversey Collection - 3 properties	Ann Taylor, Akira	2011/12	100.0%	23,531	—	—	23,531	95.5	%	—		—		95.5	%	95.5	%	1,226,222		54.56
Halsted and Armitage Collection - 9 properties	Intermix, BCBG, Club Monaco	2011/12	100.0%	44,658	—	—	44,658	89.6	%	—		—		89.6	%	89.6	%	1,669,044		41.71
North Lincoln Park Chicago Collection - 6 properties	Forever 21, Aldo, Carhartt, Chase Bank	2011/14	100.0%	22,125	—	29,130	51,255	100.0	%	—		—		43.2	%	81.6	%	1,642,399		74.23
				283,281	—	29,130	312,411	98.0	%	—		67.6	%	95.2	%	96.0	%	24,304,803		81.76
New York Metro
83 Spring Street	Paper Source	2012	100.0%	3,000	—	—	3,000	100.0	%	—		—		100.0	%	100.0	%	686,272		228.76
152-154 Spring Street	—	2014	100.0%	2,936	—	—	2,936	100.0	%	—		—		100.0	%	100.0	%	2,209,681		752.62
Mercer Street	3 X 1 Denim	2011	100.0%	3,375	—	—	3,375	100.0	%	—		—		100.0	%	100.0	%	418,689		124.06
East 17th Street	Union Fare	2008	100.0%	11,467	—	—	11,467	100.0	%	—		—		100.0	%	100.0	%	1,300,014		—
West 54th Street	Stage Coach Tavern	2007	100.0%	5,773	—	—	5,773	100.0	%	—		—		100.0	%	100.0	%	2,430,637		421.04
61 Main Street	Chicos	2014	100.0%	3,400	—	—	3,400	100.0	%	—		—		100.0	%	100.0	%	351,560		103.40
181 Main Street	TD Bank	2012	100.0%	11,350	—	—	11,350	100.0	%	—		—		100.0	%	100.0	%	852,150		75.08
4401 White Plains Road	Walgreens	2011	100.0%	—	12,964	—	12,964	—		100.0	%	—		100.0	%	100.0	%	625,000		48.21
Bartow Avenue	Sleepy's	2005	100.0%	—	—	14,676	14,676	—		—		100.0	%	100.0	%	100.0	%	468,774		31.94
239 Greenwich Avenue	Betteridge Jewelers, Coach	1998	75.0%	16,553	—	—	16,553	100.0	%	—		—		100.0	%	100.0	%	1,469,653		88.78
252-256 Greenwich Avenue	Madewell, Calypso, Jack Wills	2014	100.0%	9,172	—	—	9,172	100.0	%	—		—		100.0	%	100.0	%	1,238,827		135.07
Third Avenue	Planet Fitness	2006	100.0%	—	21,650	18,670	40,320	—		100.0	%	100.0	%	100.0	%	100.0	%	887,172		22.00
868 Broadway	Dr Martens	2013	100.0%	2,031	—	—	2,031	100.0	%	—		—		100.0	%	100.0	%	682,069		335.83
313-315 Bowery ²	John Varvatos, Patagonia	2013	100.0%	6,600	—	—	6,600	100.0	%	—		—		100.0	%	100.0	%	435,600		66.00
120 West Broadway	HSBC Bank, Citibank	2013	100.0%	13,638	—	—	13,638	81.7	%	—		—		81.7	%	100.0	%	1,644,481		147.64
131-135 Prince Street	Folli Follie, Uno De 50	2013	100.0%	3,200	—	—	3,200	100.0	%	—		—		100.0	%	100.0	%	1,245,720		389.29
2520 Flatbush Avenue	Bob's Discount Furniture, Capital One	2014	100.0%	—	—	29,114	29,114	—		—		100.0	%	100.0	%	100.0	%	1,054,338		36.21
Shops at Grand	Stop & Shop (Ahold)	2014	100.0%	—	52,336	47,639	99,975	—		100.0	%	81.6	%	91.3	%	91.3	%	2,736,357		29.99
				92,495	86,950	110,099	289,544	97.3	%	100.0	%	92.1	%	96.1	%	97.0	%	20,736,994		74.51
San Francisco Metro
City Center	City Target, Best Buy	2015	100.0%	—	174,311	30,337	204,648	—		100.0	%	95.6	%	99.3	%	99.3	%	7,535,365		37.06
				—	174,311	30,337	204,648	—		100.0	%	95.6	%	99.3	%	99.3	%	7,535,365		37.06
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	%	1,309,414		57.16
Rhode Island Place Shopping Center	TJ Maxx	2012	100.0%	—	24,996	32,533	57,529	—		100.0	%	83.1	%	90.4	%	90.4	%	1,460,379		28.07



M Street and Wisconsin Corridor - 7 Properties	Lacoste, Juicy Couture, Coach	2011	62.6%		31,629	—	—	31,629	100.0	%	—		—		100.0	%	100.0	%	2,680,209		84.74
					54,536	24,996	32,533	112,065	100.0	%	100.0	%	83.1	%	95.1	%	95.1	%	5,450,002		51.14
Boston Metro
330-340 River Street	Whole Foods	2012	100.0%		—	40,800	13,426	54,226	—		100.0	%	100.0	%	100.0	%	100.0	%	1,130,470		20.85
					—	40,800	13,426	54,226	—		100.0	%	100.0	%	100.0	%	100.0	%	1,130,470		20.85

Total Urban and Street Retail					430,312	327,057	215,525	972,894	98.1	%	100.0	%	88.4	%	96.6	%	97.1	%	$	59,157,634	$	62.95

Acadia Share Total Urban and Street Retail					403,752	327,057	215,525	946,334	98.0%		100.0%		88.4%		96.5	%	97.0	%	$	54,226,359	$	59.39

Notes:
¹ The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy", but for which rent payment has not yet commenced. Residential and office GLA is excluded.
613-623 West Diversey Parkway is under redevelopment.
² Represents the annual base rent paid to Acadia pursuant to a master lessee and does not reflect the rent paid by the retail tenants at the property.


Core Portfolio Retail Properties - Detail ¹ (continued)
																	Leased		Annualized		Annualized
		Year	Acadia's		Gross Leaseable Area				In Place Occupancy								Occupancy		Base Rent		Base Rent PSF
Property	Key Tenants	Acquired	interest		Street	Anchors	Shops	Total	Street		Anchors		Shops		Total		Total		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	%	95.3	%	97.3	%	97.3	%	$	3,725,381	$	25.69
Marketplace of Absecon	Rite Aid, Dollar Tree	1998	100.0	%	—	46,724	57,832	104,556	—		100.0	%	90.5	%	94.8	%	94.8	%	1,432,754		14.46
60 Orange Street	Home Depot	2012	98.0	%	—	101,715	—	101,715	—		100.0	%	—		100.0	%	100.0	%	695,000		6.83

New York
Village Commons Shopping Center	—	1998	100.0	%	—	—	87,330	87,330	—		—		98.1	%	98.1	%	98.1	%	2,713,726		31.68
Branch Plaza	LA Fitness, CVS	1998	100.0	%	—	76,105	51,136	127,241	—		73.6	%	70.8	%	72.5	%	90.2	%	2,369,146		25.68
Amboy Center	Stop & Shop (Ahold)	2005	100.0	%	—	37,266	26,024	63,290	—		100.0	%	100.0	%	100.0	%	100.0	%	1,962,611		31.01
Pacesetter Park Shopping Center	Stop & Shop (Ahold)	1999	100.0	%	—	52,052	45,552	97,604	—		100.0	%	76.2	%	88.9	%	88.9	%	1,108,524		12.78
LA Fitness	LA Fitness	2007	100.0	%	—	55,000	—	55,000	—		100.0	%	—		100.0	%	100.0	%	1,391,500		25.30
Crossroads Shopping Center	Home Goods, PetSmart, Kmart	1998	49.0	%	—	202,727	107,925	310,652	—		100.0	%	87.5	%	95.7	%	95.7	%	6,888,806		23.18
New Loudon Center	Price Chopper, Marshalls	1993	100.0	%	—	251,058	4,615	255,673	—		100.0	%	100.0	%	100.0	%	100.0	%	2,033,458		7.95
28 Jericho Turnpike	Kohl's	2012	100.0	%	—	96,363	—	96,363	—		100.0	%	—		100.0	%	100.0	%	1,650,000		17.12
Bedford Green	Shop Rite	2014	100.0	%	—	37,981	52,491	90,472	—		100.0	%	84.9	%	91.2	%	91.2	%	2,463,749		29.86


Connecticut
Town Line Plaza ²	Wal-Mart, Stop & Shop (Ahold)	1998	100.0	%	—	163,159	43,187	206,346	—		100.0	%	93.6	%	98.7	%	98.7	%	1,719,260		16.17

Massachusetts
Methuen Shopping Center	Wal-Mart, Market Basket	1998	100.0	%	—	120,004	10,017	130,021	—		100.0	%	56.3	%	96.6	%	96.6	%	1,152,579		9.17
Crescent Plaza	Home Depot, Shaw's (Supervalu)	1993	100.0	%	—	156,985	61,163	218,148	—		100.0	%	85.7	%	96.0	%	96.0	%	1,809,094		8.64
201 Needham Street	Michael's	2014	100.0	%	—	20,409	—	20,409	—		100.0	%	—		100.0	%	100.0	%	591,861		29.00
163 Highland Avenue	Staples, Petco	2015	100.0	%	—	40,505	—	40,505	—		100.0	%	—		100.0	%	100.0	%	1,275,673		31.49



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	%	2,036,829		20.04

Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0	%	—	51,692	47,445	99,137	—	100.0	%	88.3	%	94.4	%	94.4	%	1,124,147		12.01

Indiana
Merrillville Plaza	Jo-Ann Fabrics, TJ Maxx	1998	100.0	%	—	123,220	112,867	236,087	—	100.0	%	100.0	%	100.0	%	100.0	%	3,397,589		14.39

Michigan
Bloomfield Town Square	Best Buy, Home Goods,	1998	100.0	%	—	153,839	81,947	235,786	—	100.0	%	100.0	%	100.0	%	100.0	%	3,573,030		15.15
	TJ Maxx, Dick's Sporting Goods
Ohio
Mad River Station	Babies 'R' Us	1999	100.0	%	—	58,185	65,150	123,335	—	100.0	%	67.4	%	82.8	%	82.8	%	1,360,674		13.33

Delaware
Brandywine Town Center	Lowes, Bed Bath & Beyond,	2003	22.2	%	—	775,803	48,608	824,411	—	94.0	%	91.4	%	93.8	%	93.8	%	12,182,474		15.75
	Target, Dick's Sporting Goods				—
Market Square Shopping Center	Trader Joe's, TJ Maxx	2003	22.2	%	—	42,850	59,197	102,047	—	100.0	%	91.6	%	95.1	%	100.0	%	2,487,647		25.62
Naamans Road	—	2006	100.0	%	—	—	19,984	19,984	—	—		100.0	%	100.0	%	100.0	%	867,517		43.41

Pennsylvania
Mark Plaza	Kmart	1993	100.0	%	—	104,956	1,900	106,856	—	100.0	%	100.0	%	100.0	%	100.0	%	240,664		2.25
Plaza 422	Home Depot	1993	100.0%		—	139,968	16,311	156,279	—	100.0	%	100.0	%	100.0	%	100.0	%	835,956		5.35
Route 6 Plaza	Kmart	1994	100.0%		—	146,568	29,021	175,589	—	100.0	%	100.0	%	100.0	%	100.0	%	1,290,302		7.35
Chestnut Hill	—	2006	100.0%		—	—	37,646	37,646	—	—		100.0	%	100.0	%	100.0	%	908,141		24.12
Abington Towne Center ³	Target, TJ Maxx	1998	100.0%		—	184,616	31,662	216,278	—	100.0	%	70.4	%	95.7	%	95.7	%	1,016,714		20.62

Total Suburban Properties					—	3,375,544	1,213,941	4,589,485	—	98.0	%	90.1	%	95.9	%	96.5	%	$	66,304,806	$	15.98

Acadia Share Total Suburban Properties					—	2,592,866	1,075,049	3,667,914	—	98.8	%	90.2	%	96.3	%	96.9	%	$	51,367,195	$	15.68

TOTAL CORE PROPERTIES					430,312	3,702,601	1,429,466	5,562,379	98.1%	98.2%		89.9%		96.0%		96.6	%	$	125,462,440	$	24.66

Acadia Share Total Core Properties					403,752	2,960,428	1,290,574	4,654,753	98.0%	99.0%		89.9%		96.4%		97.0	%	$	108,329,911	$	25.61


Notes:
¹ The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy", but for which rent payment has not yet commenced. Residential and office GLA is excluded.
² 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.
³ 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) ¹

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

Stop and Shop (Ahold)	4	207,513	$	3,538,374	4.5	%	3.3	%

Best Buy	2	86,686	3,273,894		1.9	%	3.0	%

Target	2	155,822	3,224,714		3.4	%	3.0	%

LA Fitness	2	100,000	2,336,500		2.2	%	2.2	%

Verizon	2	31,371	2,318,968		0.7	%	2.2	%

Ann Taylor Loft	2	14,174	2,197,524		0.3	%	2.0	%

TJX Companies	9	218,734	1,920,512		4.7	%	1.8	%
-- TJ Maxx	5	120,123	854,724		2.6	%	0.8	%
-- Home Goods	2	51,863	621,790		1.1	%	0.6	%
-- Marshalls	2	46,748	443,998		1.0	%	0.4	%

Supervalu (Shaw's)	2	123,409	1,907,456		2.7	%	1.8	%

Home Depot	3	312,718	1,827,600		6.7	%	1.7	%

Walgreens	3	37,499	1,412,716		0.8	%	1.3	%

Kate Spade	2	4,250	1,333,050		0.1	%	1.2	%
Citibank	5	17,283	1,239,117		0.4	%	1.2	%
Sleepy's	8	41,831	1,210,183		0.9	%	1.1	%
Kmart	3	273,969	1,170,078		5.9	%	1.1	%
Bob's Discount Furniture	2	34,723	1,062,507		0.7	%	1.0	%
TD Bank	2	15,560	1,060,904		0.3	%	1.0	%
Trader Joe's	2	19,094	967,216		0.4	%	0.9	%
Gap (Banana Republic and Old Navy)	3	13,835	897,973		0.3	%	0.8	%
Urban Outfitters	2	19,902	879,450		0.4	%	0.8	%
Dicks Sporting Goods	2	59,805	860,471		1.3	%	0.8	%
TOTAL	62	1,788,178	$	34,639,207	38.6	%	32.2	%


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



Core Portfolio Lease Expirations


	Street Tenants								Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					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		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		Expiring	SF	of Total		PSF		of Total

M to M ¹	—	—	—		$	—	—		—	—	—		$	—	—		9	38,061	3.0	%	$	24.05	2.6	%	9	38,061	0.7	%	$	24.05	0.7	%
2015	—	—	—		—		—		2	90,679	2.7	%	13.01		2.5	%	18	49,361	3.8	%	28.11		3.9	%	20	140,040	2.8	%	18.33		2.0	%
2016	9	47,465	11.3	%	43.39		4.8	%	9	332,463	9.8	%	11.99		8.3	%	48	198,420	15.4	%	21.68		12.2	%	66	578,348	11.4	%	17.89		8.2	%
2017	8	30,756	7.3	%	104.42		7.5	%	6	296,390	8.8	%	11.11		6.9	%	44	184,368	14.3	%	28.95		15.2	%	58	511,514	10.0	%	23.15		9.4	%
2018	6	74,979	17.8	%	80.16		14.1	%	8	472,193	14.0	%	17.46		17.3	%	54	169,073	13.1	%	29.64		14.3	%	68	716,245	14.1	%	26.90		15.3	%
2019	8	19,309	4.6	%	169.42		7.7	%	9	334,577	9.9	%	8.78		6.1	%	29	93,356	7.2	%	25.11		6.7	%	46	447,242	8.8	%	19.12		6.8	%
2020	11	30,691	7.3	%	118.11		8.5	%	9	474,618	14.0	%	12.78		12.7	%	21	89,036	6.9	%	19.35		4.9	%	41	594,345	11.7	%	19.20		9.1	%
2021	7	49,579	11.8	%	58.11		6.8	%	6	267,331	7.9	%	10.58		5.9	%	14	72,151	5.6	%	24.06		4.9	%	27	389,061	7.6	%	19.13		5.9	%
2022	6	21,011	5.0	%	145.65		7.2	%	2	69,837	2.1	%	26.15		3.8	%	20	82,004	6.4	%	26.79		6.3	%	28	172,852	3.4	%	40.98		5.6	%
2023	5	22,169	5.3	%	93.55		4.9	%	5	205,067	6.1	%	17.92		7.7	%	11	63,545	4.9	%	26.19		4.7	%	21	290,781	5.7	%	25.50		5.9	%
2024	8	60,828	14.4	%	94.49		13.5	%	7	330,390	9.8	%	20.41		14.1	%	23	107,677	8.4	%	28.91		8.9	%	38	498,895	9.8	%	31.27		12.4	%
Thereafter	15	64,796	15.2	%	164.79		25.0	%	12	507,233	14.9	%	13.82		14.7	%	21	140,776	11.0	%	38.44		15.4	%	48	712,805	14.0	%	32.40		18.7	%
Total	83	421,583	100.0	%	$	101.09	100.0	%	75	3,380,778	100.0	%	$	14.13	100.0	%	312	1,287,828	100.0	%	$	27.29	100.0	%	470	5,090,189	100.0	%	$	24.66	100.0	%


										254,916	Anchor GLA Owned by Tenants															254,916	Anchor GLA Owned by Tenants
		8,729	Total Vacant							66,907	Total Vacant							141,638	Total Vacant							217,274	Total Vacant
		430,312	Total Square Feet							3,702,601	Total Square Feet							1,429,466	Total Square Feet							5,562,379	Total Square Feet


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



Core Portfolio - New and Renewal Rent Spreads ¹



	Period ended						3 months ended		3 months ended
	June 30, 2015						June 30, 2015		March 31, 2015
	GAAP ³			Cash ²			GAAP ³	Cash ²	GAAP ³	Cash ²
New leases
Number of new leases executed	7			7			6	6	1	1
GLA	12,400			12,400			10,239	10,239	2,161	2,161
New base rent	$	70.79		$	64.51		$79.29	$71.79	$30.50	$30.00
Previous base rent	$	57.41		$	60.78		$62.53	$66.04	$33.17	$35.88
Average cost per square foot	$	54.74		$	54.74		$57.80	$57.80	$40.22	$40.22
Weighted Average Lease Term (years)	8.2			8.2			7.9	7.9	10.0	10.0
Percentage growth in base rent	23.3		%	6.1		%	26.8%	8.7%	-8.0%	-16.4%

Renewal leases
Number of renewal leases executed	22			22			14	14	8	8
GLA	162,227			162,227			102,426	102,426	59,801	59,801
New base rent	$	17.36		$	16.81		$15.14	$14.83	$21.15	$20.21
Expiring base rent	$	14.38		$	14.81		$13.64	$14.12	$15.65	$15.98
Average cost per square foot	$	9.34		$	9.34		$3.31	$3.31	$19.68	$19.68
Weighted Average Lease Term (years)	6.5			6.5			5.2	5.2	8.8	8.8
Percentage growth in base rent	20.7		%	13.5		%	11.0%	5.0%	35.1%	26.5%

Total new and renewal Leases
Number of new and renewal leases executed	29			29			20	20	9	9
GLA commencing	174,627			174,627			112,665	112,665	61,962	61,962
New base rent	$	21.15		$	20.20		$20.97	$20.01	$21.48	$20.55
Expiring base rent	$	17.44		$	18.07		$18.08	$18.84	$16.26	$16.67
Average cost per square foot	$	12.57		$	12.57		$8.26	$8.26	$20.40	$20.40
Weighted Average Lease Term (years)	6.6			6.6			5.4	5.4	8.8	8.8
Percentage growth in base rent	21.3		%	11.7		%	16.0%	6.2%	32.1%	23.3%


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 ("GAAP") basis.



Core Portfolio Capital Expenditures
Current Quarter


	Year-to-Date		Current Quarter		Previous Quarter
	Period ended		3 months ended		3 months ended			Prior Year ended
	June 30, 2015		June 30, 2015		March 31, 2015			December 31, 2014

Leasing Commissions	$	821	$	611	$	210		$	939
Tenant Improvements	3,165		2,074		1,091			3,962
Capital Expenditures	2,091		414		1,677			964
Total Capital Expenditures	$	6,077	$	3,099	$	2,978		$	5,865

Other redevelopment and re-anchoring related activities	$	4,107	$	—	$	4,107	¹	$	2,884	²


Note:
¹ Costs associated with the re-anchoring of East 17th Street.
² Costs associated with the re-anchoring of Branch and Crossroads shopping centers.



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

	664 N. Michigan Avenue	Chicago	IL	$	4,399,313	18,141	295,897	163,646	$	74,143	$	115,275
	840 N. Michigan Avenue	Chicago	IL	7,104,900		87,135	307,531	172,435	79,109		122,284
	Rush and Walton Streets Collection - 6 properties	Chicago	IL	6,340,909		41,432	319,505	178,056	75,196		116,122
	613-623 West Diversey Parkway	Chicago	IL	—		19,265	404,680	217,820	70,480		105,904
	651-671 West Diversey	Chicago	IL	1,922,016		46,259	413,506	220,785	70,198		105,234
	Clark Street and W. Diversey Collection - 3 properties	Chicago	IL	1,226,222		23,531	406,523	217,890	70,388		105,694
	Halsted and Armitage Collection - 9 properties	Chicago	IL	1,669,044		44,658	443,549	238,098	72,697		108,583
	North Lincoln Park Chicago Collection - 6 properties	Chicago	IL	1,642,399		51,255	496,377	247,811	68,233		99,096

	83 Spring Street	Manhattan	NY	686,272		3,000	981,658	479,147	85,920		121,994
	152-154 Spring Street	Manhattan	NY	2,209,681		2,936	918,561	473,494	87,476		126,722
	Mercer Street	Manhattan	NY	418,689		3,375	942,758	457,309	85,389		121,063
	East 17th Street	Manhattan	NY	1,300,014		11,467	1,079,577	547,698	91,428		133,947
	West 54th Street	Manhattan	NY	2,430,637		5,773	1,249,501	636,418	91,179		137,662
	61 Main Street	Westport	CT	351,560		3,400	46,740	17,572	126,406		193,141
	181 Main Street	Westport	CT	852,150		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	468,774		14,676	578,872	215,091	47,890		58,583
	239 Greenwich Avenue	Greenwich	CT	1,469,653		16,553	67,092	24,790	112,373		169,820
	252-256 Greenwich Avenue	Greenwich	CT	1,238,827		9,172	67,228	25,117	110,894		176,008
	Third Avenue	Bronx	NY	887,172		40,320	1,239,993	443,231	35,628		49,095
	868 Broadway	Manhattan	NY	682,069		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	1,644,481		13,638	878,321	422,645	85,293		121,409
	131-135 Prince Street	Manhattan	NY	1,245,720		3,200	990,615	484,990	88,621		132,090
	2520 Flatbush Avenue	Brooklyn	NY	1,054,338		29,114	553,769	211,713	56,343		68,554
	Shops at Grand	Queens	NY	2,736,357		99,975	935,540	331,826	56,790		68,721

	City Center	San Francisco	CA	7,535,365		204,648	514,866	247,768	79,424		109,896

	1739-53 & 1801-03 Connecticut Avenue	Washington	DC	1,309,414		22,907	338,815	164,797	81,801		108,533
	Rhode Island Place Shopping Center	Washington	DC	1,460,379		57,529	348,349	157,678	66,984		86,314
	M Street and Wisconsin Corridor - 7 properties	Georgetown	DC	2,680,209		31,629	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 Urban and Street Retail
Weighted Average - Based on annual base rent							525,865	255,558	$	79,011	$	114,913






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	$	3,725,381	149,070	252,982	84,585	$	60,290	$	69,299
	Marketplace of Absecon	Absecon	NJ	1,432,754		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	2,713,726		87,330	67,473	22,922	109,170		123,046
	Branch Plaza	Smithtown	NY	2,369,146		127,241	67,554	22,991	108,660		122,359
	Amboy Center	Staten Island	NY	1,962,611		63,290	151,900	55,451	87,868		98,504
	Pacesetter Park Shopping Center	Pomona	NY	1,108,524		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	6,888,806		310,652	109,134	42,516	96,092		118,263
	New Loudon Center	Latham	NY	2,033,458		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
	Bedford Green	Bedford Hills	NY	2,463,749		90,472	25,440	8,955	99,204		140,115
	Town Line Plaza	Rocky Hill	CT	1,719,260		206,346	46,399	19,437	72,685		86,521
	Methuen Shopping Center	Methuen	MA	1,152,579		130,021	99,701	34,864	50,705		60,706
	Crescent Plaza	Brockton	MA	1,809,094		218,148	98,838	34,781	57,332		64,961
	201 Needham Street	Newton	MA	591,861		20,409	105,304	36,441	129,789		181,225
	163 Highland Avenue	Newton	MA	1,275,673		40,505	94,925	33,363	132,872		186,226
	The Gateway Shopping Center	So. Burlington	VT	2,036,829		101,655	48,384	19,261	51,446		63,537
	Hobson West Plaza	Naperville	IL	1,124,147		99,137	94,989	34,059	103,910		126,405
	Merrillville Plaza	Hobart	IN	3,397,589		236,087	26,123	10,805	47,909		58,578
	Bloomfield Town Square	Bloomfield Hills	MI	3,573,030		235,786	56,773	22,617	62,547		94,909
	Mad River Station	Dayton	OH	1,360,674		123,335	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	1,290,302		175,589	6,832	2,962	37,786		44,999
	Chestnut Hill	Philadelphia	PA	908,141		37,646	147,436	62,292	58,777		77,506
	Abington Towne Center	Abington	PA	1,016,714		216,278	89,439	35,119	78,159		95,124

Total Core Suburban Properties
Weighted Average - Based on annual base rent							90,210	32,957	$	78,439	$	96,443

Total Core Properties
Weighted Average - Based on annual base rent							324,664	152,753	$ 78,747		$ 106,383

	Brandywine/Market Square/Naamans Rd ¹	Wilmington	DE	$	15,537,638	946,442	507,575	193,705	$	72,923	$	88,573

Note:
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	3,167,045		232,252	1,274,128	450,383	33,329		45,066

Fund II
Weighted Average - Based on annual base rent							1,134,712	399,949	$	35,257	$	46,484

	Fund III
	Cortlandt Towne Center	Mohegan Lake	NY	$	9,986,546	635,353	49,966	17,759	$	84,926	$	97,340
	654 Broadway	Manhattan	NY	566,500		2,896	1,007,518	497,906	86,836		124,507
	640 Broadway	Manhattan	NY	600,884		4,145	1,006,693	496,773	86,613		124,108
	New Hyde Park Shopping Center	New Hyde Park	NY	1,256,564		32,602	199,698	70,745	102,010		122,658
	Nostrand Avenue	Brooklyn	NY	1,468,326		40,315	544,351	203,713	51,528		65,388
	Parkway Crossing	Parkville	MD	1,790,598		260,241	185,935	74,271	59,022		68,972
	Arundel Plaza	Glen Burnie	MD	1,320,784		265,116	77,759	29,166	59,786		64,793
	Heritage Shops	Chicago	IL	3,214,675		81,730	288,116	154,272	71,414		110,831

Fund III
Weighted Average - Based on annual base rent							202,263	89,749	$	77,576	$	95,655

	Fund IV
	1151 Third Avenue	Manhattan	NY	$	1,695,000	13,250	1,270,132	636,996	$	87,522	$	131,326
	17 East 71st Street	Manhattan	NY	475,833		8,723	1,266,902	623,592	87,241		138,121
	1035 Third Avenue	Manhattan	NY	1,032,760		7,617	1,312,871	661,001	88,317		139,161
	Paramus Plaza	Paramus	NJ	1,847,945		154,409	106,906	37,209	119,131		132,518
	2819 Kennedy Boulevard	North Bergen	NJ	110,000		41,477	526,721	241,698	78,834		110,806
	Promenade at Manassas	Manassas	VA	3,435,724		265,442	57,996	18,940	74,390		84,467
	Lake Montclair	Prince William County	VA	1,852,001		105,832	55,900	18,373	93,338		103,028
	1701 Belmont Avenue	Catonsville	MD	936,166		58,674	110,450	43,613	60,575		68,732
	Eden Square	Bear	DE	1,913,074		235,508	69,756	26,155	69,989		75,629
	938 W. North Avenue	Chicago	IL	988,726		33,228	453,690	239,813	72,447		108,382

Fund IV
Weighted Average - Based on annual base rent							374,831	180,687	$	84,031	$	104,031

Total - Funds
Weighted Average - Based on annual base rent							396,599	166,306	$	73,830	$	91,613

Fund Overview

As of June 30, 2015

I. KEY METRICS

Note

Fund I

Fund II

Fund III

Fund IV

Total

General Information:

Vintage

Sep-2001

Jun-2004

May-2007

May-2012

Fund Size

$90.0 Million

$300.0 Million

$502.5 Million

$540.6 Million

$1,433.1 Million

Acadia's Commitment

$20.0 Million

$60.0 Million

$100.0 Million

$125.0 Million

$305.0 Million

Acadia's Pro Rata Share

22.2

20.0

19.9

23.1

21.3

Acadia's Promoted Share

37.8%

36.0%

35.9%

38.5%

37.0%

Number of Institutional Partners

Preferred Return

9.0%

8.0%

6.0

6.6

Current-Quarter, Fund-Level Information:

Cumulative Contributions

$86.6 Million

$300.0 Million

$381.6 Million

$179.4 Million

$947.5 Million

Cumulative Net Distributions

$194.4 Million

$131.6 Million

$429.1 Million

$101.9 Million

$857.1 Million

Net Distributions/Contributions

224.5

43.9

112.5

56.8

90.5

Unfunded Commitment

$0.0 Million

$47.1 Million

$68.4 Million

$361.2 Million

$476.7 Million

Acquisition Dry Powder

⁴

$290.0 Million

Investment Period Closes

Closed

Aug-2016

Currently in a Promote Position? (Yes/No)

Yes

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA

Type:

Applicable to

Description

Asset Management

⁵

All funds

1.5% of implied capital

Property Management

All funds

4.0% of gross property revenues

Leasing

All funds

Market-rate leasing commissions

Construction/Project Management

All funds

Market-rate fees

Development

Fund III & IV

3.0% of total project costs

Notes:

Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return.

Acadia's Promoted Share equals a 20% promote plus Acadia's pro rata share of the remaining 80%.

Net of fees and promote

Unfunded Commitments are set aside to complete leasing and development at existing fund investments and, for Fund IV, to make new investments.

The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released

commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales. With regard to Fund II, the Unfunded Commitment reflects a prior-period distribution

that is subject to recontribution to the Fund until December 2016 if needed to fund the on-going redevelopment of existing Fund II investments.

⁴

Unfunded Commitments available to deploy into new investments

⁵

Implied Capital is Fund Size less capital attributed to sold investments or released



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

VARIOUS

Total - Fund I	Kroger/Safeway Portfolio (3 Properties)	2003	60.0%	—	97,500	—	97,500	—		34.9	%	—		34.9	%	34.9	%	$	103,074	3.03

Fund II Portfolio Detail

NEW YORK
New York
216th Street	NYC Human Resources Administration	2005	99.1%	—	60,000	—	60,000	—		100.0	%	—		100.0	%	100.0	%	$	2,574,000	$	42.90
161st Street ²	Various New York City & State agencies	2005	99.1%	—	107,026	125,226	232,252	—		—		87.6	%	47.2	%	93.3	%	3,167,045		28.86

Total - Fund II				—	167,026	125,226	292,252	—		35.9	%	87.6	%	58.1	%	94.7	%	5,741,045		33.83

Fund III Portfolio Detail

NEW YORK
New York
Cortlandt Towne Center	Wal-Mart, Best Buy, A&P	2009	100.0%	—	472,420	162,933	635,353	—		95.7	%	85.4	%	93.1	%	96.7	%	$	9,986,546	$	16.89
654 Broadway	Penguin (Perry Ellis)	2011	100.0%	2,896	—	—	2,896	100.0	%	—		—		100.0	%	100.0	%	566,500		195.61
640 Broadway	Swatch	2012	63.1%	4,145	—	—	4,145	61.3	%	—		—		61.3	%	100.0	%	600,884		236.49
New Hyde Park Shopping Center	PetSmart	2011	100.0%	—	13,507	19,095	32,602	—		100.0	%	80.4	%	88.5	%	88.5	%	1,256,564		43.54
Nostrand Avenue	—	2013	100.0%	—	—	40,315	40,315	—		—		78.1	%	78.1	%	78.1	%	1,468,326		46.65

MID-ATLANTIC
Maryland
Parkway Crossing	Home Depot, Shop Rite	2011	94.3%	—	192,836	67,405	260,241	—		100.0	%	88.6	%	97.0	%	97.0	%	1,790,598		7.09
Arundel Plaza	Giant Food, Lowe's	2012	94.3%	—	231,920	33,196	265,116	—		100.0	%	58.8	%	94.8	%	94.8	%	1,320,784		5.25

MIDWEST
Illinois
Heritage Shops	LA Fitness, Ann Taylor Loft	2011	100.0%	—	49,878	31,852	81,730	—		100.0	%	86.8	%	94.8	%	96.0	%	3,214,675		41.47

Total - Fund III				7,041	960,561	354,796	1,322,398	77.2	%	97.9	%	82.5	%	93.7	%	95.6	%	$	20,204,877	$	16.31

Fund IV Portfolio Detail

NEW YORK
New York
1151 Third Avenue	Vineyard Vines	2013	100.0%	13,250	—	—	13,250	100.0	%	—		—		100.0	%	100.0	%	$	1,695,000	$	127.92
17 East 71st Street	The Row	2014	100.0%	8,723	—	—	8,723	50.4	%	—		—		50.4	%	50.4	%	475,833		108.15
1035 Third Avenue ³	—	2015	100.0%	7,617	—	—	7,617	78.5	%	—		—		78.5	%	78.5	%	1,032,760		172.67

New Jersey
Paramus Plaza	Babies R Us, Ashley Furniture	2013	50.0%	—	74,837	79,572	154,409	—		100.0	%	28.9	%	63.4	%	63.4	%	1,847,945		18.89
2819 Kennedy Boulevard	Aldi	2013	98.6%	—	36,941	4,536	41,477	—		—		33.9	%	3.7	%	47.9	%	110,000		71.61

MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot, HH Gregg	2013	98.6%	—	194,038	71,404	265,442	—		100.0	%	94.6	%	98.6	%	98.4	%	3,435,724		13.13
Lake Montclair	Food Lion	2013	100.0%	—	33,000	72,832	105,832	—		100.0	%	90.2	%	93.2	%	93.2	%	1,852,001		18.77

Maryland
1701 Belmont Avenue	Best Buy	2012	98.6%	—	58,674	—	58,674	—		100.0	%	—		100.0	%	100.0	%	936,166		15.96

Delaware
Eden Square	Giant Food	2014	98.6%	—	167,333	68,175	235,508	—		38.8	%	79.0	%	50.4	%	50.4	%	1,913,074		16.11



MIDWEST
Illinois
938 W. North Avenue	Sephora	2013	80.0%	33,228	—	—	33,228	62.6	%	—		—		62.6	%	62.6	%	988,726		47.56

Total - Fund IV				62,818	564,823	296,519	924,160	70.7	%	75.3	%	71.4	%	73.7	%	75.7	%	$	14,287,229	$	20.97


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

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	80.0%
210 Bowery	100.0%
Broughton Street Portfolio	50.0%
27 East 61st Street	100.0%
801 Madison Avenue	100.0%
² Currently operating, but redevelopment activities have commenced.
³ Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (131 spaces).



Funds Lease Expirations


	FUND I										FUND II
		Gross Leased Area					Base Rent					Gross Leased Area					Base Rent
	No. of Leases	Expiring	Percent						Percent		No. of Leases	Expiring	Percent						Percent
Year	Expiring	SF	of Total		Amount		PSF		of Total		Expiring	SF	of Total		Amount		PSF		of Total
M to M ¹	—	—	—		$	—	$	—	—		1	9,967	5.9	%	$	99,670	$	10.00	1.7	%
2015	—	—	—		—		—		—		—	—	—		—		—		—
2016	—	—	—		—		—		—		—	—	—		—		—		—
2017	—	—	—		—		—		—		—	—	—		—		—		—
2018	—	—	—		—		—		—		—	—	—		—		—		—
2019	1	34,000	100.0	%	103,074		3.03		100.0	%	—	—	—		—		—		—
2020	—	—	—		—		—		—		—	—	—		—		—		—
2021	—	—	—		—		—		—		—	—	—		—		—		—
2022	—	—	—		—		—		—		—	—	—		—		—		—
2023	—	—	—		—		—		—		—	—	—		—		—		—
2024	—	—	—		—		—		—		—	—	—		—		—		—
Thereafter	—	—	—		—		—		—		7	159,696	94.1	%	5,641,375		35.33		98.3	%
Total	1	34,000	100.0	%	$	103,074	$	3.03	100.0	%	8	169,663	100.0	%	$	5,741,045	$	33.83	100.0	%

		63,500	Total Vacant									122,589	Total Vacant
		97,500	Total Square Feet									292,252	Total Square Feet




	FUND III										FUND IV
		Gross Leased Area					Base Rent					Gross Leased Area					Base Rent
	No. of Leases	Expiring	Percent						Percent		No. of Leases	Expiring	Percent						Percent
Year	Expiring	SF	of Total		Amount		PSF		of Total		Expiring	SF	of Total		Amount		PSF		of Total
M to M ¹	3	8,240	0.7	%	$	179,259	$	21.75	0.9	%	1	1,400	0.2	%	$	21,658	$	15.47	0.2	%
2015	8	65,694	5.3	%	797,967		12.15		3.9	%	2	4,144	0.6	%	172,668		41.67		1.2	%
2016	16	64,138	5.2	%	1,505,074		23.47		7.4	%	10	30,575	4.5	%	579,396		18.95		4.1	%
2017	13	96,040	7.8	%	2,153,380		22.42		10.7	%	13	90,109	13.2	%	2,247,035		24.94		15.7	%
2018	20	280,877	22.7	%	4,158,489		14.81		20.6	%	14	44,083	6.5	%	928,289		21.06		6.5	%
2019	12	262,968	21.2	%	2,619,727		9.96		13.0	%	9	95,894	14.1	%	1,650,999		17.22		11.6	%
2020	7	19,803	1.6	%	480,440		24.26		2.4	%	8	64,968	9.5	%	1,709,328		26.31		12.0	%
2021	3	44,316	3.6	%	794,357		17.92		3.9	%	2	34,544	5.1	%	424,736		12.30		3.0	%
2022	7	82,680	6.7	%	1,782,259		21.56		8.8	%	3	36,773	5.4	%	492,521		13.39		3.4	%
2023	7	28,511	2.3	%	1,267,558		44.46		6.3	%	4	47,063	6.9	%	700,298		14.88		4.9	%
2024	8	56,269	4.5	%	2,030,948		36.09		10.1	%	7	115,960	17.0	%	2,983,300		25.73		20.9	%
Thereafter	8	229,067	18.4	%	2,435,421		10.63		12.0	%	5	115,951	17.0	%	2,376,999		20.50		16.5	%
Total	112	1,238,603	100.0	%	$	20,204,879	$	16.31	100.0	%	78	681,464	100.0	%	$	14,287,227	$	20.97	100.0	%

		83,795	Total Vacant									242,696	Total Vacant
		1,322,398	Total Square Feet									924,160	Total Square Feet

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



Development Activity
($ in millions)

				Estimated
				Construction				Estimated Sq.Ft.				Acquisition & Development Costs															Outstanding
Property	Ownership		Location	Completion				Upon Completion		Leased Rate ⁴	Key Tenants	Incurred			Estimated Future Range						Estimated Total Range						Debt
FUND II

City Point ¹	94.2	%	Brooklyn, NY	2016/2020			⁶	763,000	⁷	56% ²	Century 21, CityTarget, Alamo Drafthouse	$	287.2	³	$	102.8	to	$	122.8	³	$	390.0	to	$	410.0	³	$	240.0
Sherman Plaza	99.1	%	New York, NY	TBD				TBD		—	TBD	35.4			TBD			TBD			TBD			TBD			—
												$	322.6		TBD			TBD			TBD			TBD			$	240.0

FUND III

Cortlandt Crossing	100.0	%	Mohegan Lake, NY	2017				150,000 - 170,000		—	TBD	$	13.3		$	33.7	to	$	42.7		$	47.0	to	$	56.0		$	—
3104 M Street NW	80.0	%	Washington, D.C.	2016				10,000		—	TBD	4.8			3.2		to	4.2			8.0		to	9.0			1.3
Broad Hollow Commons	100.0	%	Farmingdale, NY	2016				180,000 - 200,000		—	TBD	14.2			35.8		to	45.8			50.0		to	60.0			—
												$	32.3		$	72.7		$	92.7		$	105.0		$	125.0		$	1.3


FUND IV

210 Bowery	100.0	%	New York, NY	2016				16,000		—	TBD	$	10.6		$	7.9	to	$	11.9		$	18.5	to	$	22.5		$	4.6
Broughton Street Portfolio ⁵	50.0	%	Savannah, GA	2016				200,000		—	J. Crew, Lululemon, H&M	50.2			34.8		to	39.8			85.0		to	90.0			23.1
27 E. 61st Street	100.0	%	New York, NY	2016				9,500		—	TBD	20.7			2.1		to	6.1			22.8		to	26.8			—
801 Madison Avenue	100	%	New York, NY	2016				5,000		40.0%	TBD	33.5			2.5		to	7.5			36.0		to	41.0			—
												$	115.0		$	47.3		$	65.3		$	162.3		$	180.3		$	27.7

Notes:
¹ Acquired a leasehold interest in this property.
² Leased rate calculated on approximately 540,000 rentable square feet.
³ Net of actual and anticipated contributions from retail tenants and proceeds from residential tower sales. Debt and incurred costs are reduced by $5.3M relating to the New Markets Tax Credits received.
⁴ The leased rate excludes pre-redevelopment tenants.
⁵ This portfolio includes 25 buildings
⁶ Phases I and II have an estimated completion date of 2016. Phase III has an estimated completion date of 2020.
⁷ This reflects increases to Phase I and Phase II square footage, and the addition of Phase III square footage.

Reconciles to Consolidated Balance Sheet as follows:

Development costs above				$	469.9

City Point Items:
Adjustment to FMV				33.8
Gain on sales				51.2
Costs of Tower 1				69.2

Less:
Development held as operating real estate				(33.5		)
Development costs of unconsolidated properties				(50.2		)
Deferred costs and other amounts				(7.1		)

Total per consolidated balance sheet				$	533.3

Important Notes

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

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

USE OF 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.