SEC Filing - Acadia Realty Trust

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of Earliest Event Reported): February 14, 2017

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)



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

411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

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

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

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

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

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



Item 2.02.	Results of Operations and Financial Condition.

On February 14, 2017, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter ended December 31, 2016. A copy of this press release is attached to this report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. In addition, on February 14, 2017, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter ended December 31, 2016. A copy of this supplemental information is attached to this report on Form 8-K as Exhibit 99.2 and incorporated herein by reference. The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be furnished solely pursuant to this Item 2.02, and is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference into any filing under the Securities Act of 1933, as amended ("Securities Act") or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a) (2) of the Securities Act.



Item 9.01.	Financial Statements and Exhibits.

(d) Exhibits



Exhibit Number	Description
99.1	Press release of the Company dated February 14, 2017.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter ended December 31, 2016.

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: February 21, 2017	ACADIA REALTY TRUST (Registrant) By: /s/ John Gottfried Name: John Gottfried Title: Sr. Vice President and Chief Financial Officer

Exhibit

Exhibit 99.1

ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2016 OPERATING RESULTS

RYE, NY (February 14, 2017) - Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 31, 2016. All per share amounts, below, are on a fully-diluted basis.

Acadia operates under a dual platform structure, which is 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.

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

Highlights


•	Transactional Activity: During 2016 and year-to-date 2017, completed $1.1 billion of total transactions across the Core and Fund platforms; of this amount, $395 million was completed during fourth quarter 2016 and $19 million was completed subsequent to year end


•	Core Acquisitions: During 2016, acquired $627 million of urban/street-retail properties on a leverage neutral basis, of which $141 million closed during the fourth quarter


•	Fund Acquisitions: During 2016, Fund IV acquired $261 million of opportunistic and value-add investments, of which $196 million closed during the fourth quarter


•	Fund Dispositions: During 2016, Fund III completed $212 million of dispositions ($58 million closed during fourth quarter 2016), resulting in a blended 41% IRR and 3.4x multiple; additionally, Fund IV sold a $19 million property in January 2017, resulting in a 21% IRR and 2.5x multiple


•	Fund III Promote: During 2016, Fund III generated approximately $10 million ($0.13 per share) of net promote income for the Company; of this amount, approximately $3.4 million ($0.04 per share) was generated during the fourth quarter.


•	Acquisition “Dry Powder”:


•	Fund V: During 2016, raised $520 million of capital commitments for Fund V, which has approximately $1.5 billion of buying power; Fund V’s investment period began on August 10


•	Balance Sheet: During 2016, maintained conservative leverage levels by matchfunding $627 million of Core acquisitions with $479 million of equity, net of related costs


•	Earnings: Generated earnings per share (“EPS”) of $0.24 for the fourth quarter and $0.94 for the full year; funds from operations (“FFO”) per share of $0.39 for the fourth quarter, and FFO per share of $0.40 for the fourth quarter, before the deduction of $0.01 per share, for acquisition expenses


•	Core Portfolio Operations: Generated same-property net operating income growth, compared to 2015, of 3.7% for the fourth quarter and 3.4% for the full year; reported a leased rate of 96.3% as of year end


•	Dividends: During January 2017, paid a special cash dividend of $0.15 per share, which was sourced from profitable Fund asset sales; additionally, increased the regular quarterly dividend by 4% to $0.26 per share for the fourth quarter

“We had another strong year, with respect to both our transactional activity and our operating results,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Looking ahead, to 2017 and beyond, our differentiated core portfolio, which is largely concentrated in five key gateway markets, has a strong growth profile, driven by our 2016 acquisitions and opportunities to harvest embedded value within our existing portfolio. Complementing this, our buy-fix-sell fund platform continues to operate on all cylinders, as we profitably monetize our completed value-add projects and plant seeds for future profit-taking. With plenty of dry powder in each of our dual platforms, we like how we’re positioned.”

Financial Results

Net income for the quarter ended December 31, 2016 was $20 million, or $0.24 per share. This reflects the impact of $9 million, or $0.11 per share, of gains from dispositions of real estate and $1 million, or $0.01 per share, of acquisition expenses. Net income for the quarter ended December 31, 2015 was $9 million, or $0.13 per share.

Net income for the year ended December 31, 2016 was $73 million, or $0.94 per share, which includes $28 million, or $0.37 per share, of gains from two Fund property dispositions. Net income for the year ended December 31, 2015 was $66 million, or $0.94 per share, which included $21 million, or $0.29 per share, of gain from Fund property dispositions (including the sale of air rights at Fund II’s City Point development project).

FFO for the quarter ended December 31, 2016 was $34 million, or $0.39 per share, which includes $1 million, or $0.01 per share, of acquisition expenses. This compares to FFO for the quarter ended December 31, 2015 of $25 million, or $0.35 per share.

FFO for the year ended December 31, 2016 was $117 million, or $1.44 per share, which includes $5 million, or $0.06 per share, of acquisition expenses and $4 million, or $0.05 per share, of retirement expenses. For the year ended December 31, 2015 FFO was $112 million, or $1.53 per share, which includes $2 million, or $0.03 per share, of acquisition expenses and $9 million, or $0.13 per share, of gain from the sale of air rights at Fund II’s City Point development project.

TRANSACTIONAL ACTIVITY

Core Acquisitions

During 2016, the Company completed $627 million of previously-announced core acquisitions, of which approximately 70% were street retail and 30% were urban retail. All were completed within five key gateway markets - New York, NY; Chicago, IL; San Francisco, CA; Washington, DC; and Boston, MA - where more than 85% of Acadia’s total core portfolio is now concentrated.

As anticipated, during the fourth quarter, Acadia closed on the $141 million acquisition of 555 9^th St, an urban retail property located in San Francisco.

Fund Acquisitions - Closed

During 2016, Acadia, on behalf of Fund IV, completed $261 million of opportunistic and value-add investments. Of this amount, $196 million was completed during the fourth quarter, as discussed below:

Northeast Grocery Portfolio, Various U.S. As previously reported, in October 2016, Fund IV acquired a portfolio of seven grocery-anchored shopping centers, totaling 1.1 million square feet, for $83 million. Additionally, Fund IV made a short-term, $9 million loan to the seller on an eighth grocery-anchored center (124,300 square feet), with an opportunity to purchase the property. The portfolio is located throughout the Northeast: Maine (five assets), Pennsylvania (two assets), and New York (one asset). The properties have excellent visibility and access to major thoroughfares and provide essential products and services to regional and urban areas. The grocery anchors include Hannaford, Price Chopper, and Shaw’s. The portfolio’s leased rate is 89%. This investment is consistent with the Fund platform’s high-yield opportunistic strategy.

717 N Michigan Ave, Gold Coast, Chicago, IL. As previously reported, in December 2016, Fund IV acquired a 61,600-square foot, four-story street-retail property, located in Chicago, IL, for $104 million. This flagship property anchors a prime corner of the Magnificent Mile, one of the nation’s premier shopping districts. Neighboring retailers include Saks Fifth Avenue, Zara, Tiffany & Co., Stuart Weitzman, and Brooks Brothers. The property is 25% leased to The Disney Store, who has operated at the property since 1999. Acadia intends to redevelop the balance of the property, which was previously occupied by Saks Fifth Avenue Men’s Store.

Fund Acquisitions - Pipeline

As previously reported, Acadia has entered into a contract to acquire a high-yielding shopping center, on behalf of Fund IV, for $35 million. Although no assurance can be given, this transaction is anticipated to close during the first quarter 2017.

Fund Dispositions

During 2016 and year-to-date 2017, the Company completed $230 million of dispositions on behalf of Funds III and IV. Of this amount, $58 million closed during the fourth quarter and $19 million closed in January 2017, as discussed below:

Cortlandt Town Center, Mohegan Lake, NY. As previously reported, in December 2016, Fund III successfully completed the sale of its remaining 35% interest in Cortlandt Town Center, a 641,000-square foot power center located in Westchester County, NY, for $58 million. This equates to a $165 million valuation for 100% of the property, compared to Fund III’s all-in cost basis of $95 million. In January 2009, Fund III acquired the property for $78 million. At the time, the property was 84% occupied, due to the bankruptcies of junior-anchors Linens ‘n Things and Levitz Furniture. During its 7.9-year hold period, Fund III successfully increased the property’s occupancy to 97%. In January 2016, the fund sold a 65% interest in this property to the same institutional investor at the same pricing. Fund III has now realized a 43% IRR and 3.5x multiple on its total equity investment in this asset.

2819 Kennedy Blvd, North Bergen, NJ. In January 2017, Fund IV, in partnership with MCB Real Estate, completed the sale of 2819 Kennedy Blvd, a 41,000-square foot retail property located in North Bergen, NJ, for $19 million. This compares to an all-in cost basis of $13 million. In June 2013, the fund acquired the owner-occupied property from Toys R Us, who, as planned, vacated the site. During its 3.7-year hold period, the fund completed a façade renovation and re-anchored the big box with Aldi and Crunch Fitness. This sale generated a 21% IRR and 2.5x multiple on the fund’s equity investment.

Fund III Promote

During 2016, Fund III generated approximately $10 million ($0.13 per share) of net promote income for the Company; of this amount, approximately $3.4 million ($0.04 per share) was generated during the fourth quarter.

ACQUISITION DRY POWDER

Fund V

As previously announced, Acadia has approximately $1.5 billion of buying power, on a leveraged basis, through its newly-raised Fund V. This fund, which raised $520 million of total capital commitments during 2016, is the fifth in a series of institutional funds dedicated to making opportunistic and value-add investments in retail real estate.

Core Acquisition Matchfunding & Balance Sheet

No new equity was issued during the fourth quarter of 2016. During 2016, Acadia funded its acquisition activities by issuing $479 million of equity, net of related costs, via: (i) a third-quarter block trade ($172 million), (ii) its at-the-market (“ATM”) facility ($156 million), (iii) a public offering in April 2016 on a forward basis ($123 million, of which the final $93 million was settled during the fourth quarter in connection with the acquisition of 555 9^th St), and (iv) issuance of operating-partnership units ($28 million). In the aggregate, this new capital was raised at an average gross price of $35.25 per unit/share ($34.72 per unit/share net of related costs).

By matchfunding acquisitions, the Company has maintained its solid, low-leveraged balance sheet. As of December 31, 2016, the Company’s net debt to EBITDA ratio for the Core Portfolio was 4.2x. Including its pro-rata share of Fund debt, the Company’s net debt to EBITDA ratio was 5.2x over the same period.

Core Portfolio OPERATIONS

Excluding redevelopment activities, same-property NOI in the Core Portfolio increased 3.7% for the quarter ended December 31, 2016, compared to 2015. For the full year 2016, same-property NOI increased 3.4%.

The Core Portfolio was 96.2% occupied and 96.3% leased as of December 31, 2016, compared to 96.3% occupied and 96.5% leased as of September 30, 2016. The leased rate includes space that is leased but not yet occupied.

During the quarter, the Company generated a 22.4% increase in average rents on a GAAP basis, and a 7.7% increase on a cash basis, on 17 new and renewal leases aggregating 91,000 square feet.

2017 Guidance

The Company forecasts that its 2017 annual EPS will range from $0.58 to $0.63 and 2017 FFO will range from $1.44 to $1.54 per share. These forecasts, and the comparable 2016 FFO, both presented below, are before any acquisition expenses and retirement charges:



	2017		2017		2016
Dollars in millions, except per share amounts	Low		High		Actual
Core and pro-rata share of Funds’ portfolio income	$142.0		$151.5		$125.9
Fund fee income, net of taxes	20.9		22.9		21.1
Other Fund and transactional income	0.5		0.5		10.4
General and administrative expenses	(32.5	)	(33.0	)	(31.0	)
FFO attributable to Common Shareholders and Common OP Unit holders	$130.9		$141.9		$126.4
FFO per Common Share and Common OP Unit	$1.44		$1.54		$1.55

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



Guidance Range for 2017	Low		High
Earnings per share	$0.58		$0.63
Depreciation of real estate and amortization of leasing costs
(net of noncontrolling interests’ share)	0.99		1.01
Gain on disposition of properties	(0.12	)	(0.08	)
Noncontrolling interest in Operating Partnership	(0.01	)	(0.02	)
FFO per Common Share and Common OP Unit	$1.44		$1.54

Excluding redevelopment activities, the Company is assuming an increase in Core Portfolio same-property NOI of 0.0% to 2.0%. Our same-property NOI assumes the recapture and resulting downtime of nearly 300 BPS of occupancy in our street retail portfolio, which we expect to release at strong leasing spreads throughout 2017 and into 2018 resulting in same-property NOI growth consistent with our historical norms.

Management will discuss its 2017 earnings guidance and related assumptions in further detail on its scheduled year-end investor conference call.

Conference Call

Management will conduct a conference call on Wednesday, February 15, 2017 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, February 15, 2017

Time: 12:00 PM ET

Dial#: 844-309-6711

Passcode: “Acadia Realty” or “46673096”

Webcast (Listen-only): www.acadiarealty.com under Investors, Presentations & Events

Phone Replay:

Dial#: 855-859-2056

Passcode: “46673096#”

Available Through: Wednesday, February 22, 2017

Webcast Replay: www.acadiarealty.com under Investors, Presentations & Events

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 investment opportunities. 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 19, 2016 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) political and economic uncertainty; (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; (xii) information technology security threats and (xiii) 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

Consolidated Statements of Operations¹

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



	For the Quarters ended December 31,		For the Years ended December 31,
Revenues	2016	2015	2016	2015

Rental income	$ 43,328	$ 39,939	$ 152,814	$ 158,632
Expense reimbursements	9,362	10,395	32,282	36,306
Other income	1,431	952	4,843	4,125
Total revenues	54,121	51,286	189,939	199,063
Operating expenses
Depreciation and amortization	23,267	15,729	70,011	60,751
General and administrative	9,906	7,228	40,648	30,368
Real estate taxes	7,630	6,520	25,630	25,384
Property operating	8,547	8,192	24,244	28,423
Other operating	3,423	1,560	7,517	4,675
Impairment of asset	—	—	—	5,000
Total operating expenses	52,773	39,229	168,050	154,601
Operating income	1,348	12,057	21,889	44,462
Equity in earnings of unconsolidated affiliates	35,857	1,093	39,449	37,330
Interest income	6,531	3,482	25,829	16,603
Interest expense	(9,728)	(9,033)	(34,645)	(37,297)
Other	—	—	—	1,596
Income from continuing operations before income taxes	34,008	7,599	52,522	62,694
Income tax benefit (provision)	228	272	105	(1,787)
Income from continuing operations before gain on disposition of properties	34,236	7,871	52,627	60,907
Gain on disposition of properties, net of tax	—	—	81,965	89,063
Net income	34,236	7,871	134,592	149,970
(Income) loss attributable to noncontrolling interests:
Continuing operations	(14,415)	1,019	(61,816)	(84,262)
Discontinued operations	—	—	—	—
Net (income) loss attributable to noncontrolling interests	(14,415)	1,019	(61,816)	(84,262)
Net income attributable to Acadia	$ 19,821	$ 8,890	$ 72,776	$ 65,708

Income from continuing operations attributable to
Acadia	$ 19,821	$ 8,890	$ 72,776	$ 65,708
Income from discontinued operations
attributable to Acadia	—	—	—	—
Net income attributable to Acadia	19,821	8,890	72,776	65,708

Less: Net Income attributable to participating securities	(194)	(120)	(793)	(931)
Net Income attributable to Acadia - basic	$ 19,627	$ 8,770	$ 71,983	$ 64,777
Weighted average shares for diluted earnings per share	82,728	69,330	76,244	68,870
Net Earnings per share - basic and diluted	$ 0.24	$ 0.13	$ 0.94	$ 0.94

ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Net Income to Funds From Operations^1,3

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



	For the Quarters ended December 31,		For the Years ended December 31,
	2016	2015	2016	2015

Net income attributable to Acadia	$ 19,821	$ 8,890	$ 72,776	$ 65,708

Depreciation of real estate and amortization of leasing costs
(net of noncontrolling interests' share):	21,666	14,463	67,446	52,013
Impairment of asset (net of noncontrolling interests’ share):	—	—	—	1,111
(Gain) loss on disposition (net of noncontrolling interests’ share):	(8,897)	1,496	(28,154)	(11,114)
Income attributable to noncontrolling interests’ in
Operating Partnership	1,102	516	4,442	3,811
Distributions - Preferred OP Units	143	13	560	31
Funds from operations attributable to Common Shareholders and
Common OP Unit holders	$ 33,835	$ 25,378	$ 117,070	$ 111,560
Funds from operations per share - Diluted
Weighted average Common Shares and OP Units⁴	87,739	73,521	81,250	73,067
Funds from operations, per Common Share and Common OP Unit	$ 0.39	$ 0.35	$ 1.44	$ 1.53

ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Operating Income to Net Property Operating Income (“NOI”)¹

(dollars in thousands)



	For the Quarters ended December 31,		For the Years ended December 31,
	2016	2015	2016	2015

Operating income	$ 1,348	$ 12,057	$ 21,889	$ 44,462

Add back:
General and administrative	9,906	7,228	40,648	30,368
Depreciation and amortization	23,267	15,729	70,011	60,751
Impairment of asset	—	—	—	5,000
Less:
Above/below market rent, straight-line rent and other adjustments	565	(1,604)	(5,313)	(8,192)

Consolidated NOI	35,086	33,410	127,235	132,389

Noncontrolling interest in NOI	(5,278)	(8,211)	(20,872)	(34,675)
Pro-rata share of NOI ⁵	29,808	25,199	106,363	97,714
Operating Partnerships’ interest in Opportunity Funds	(1,536)	(1,444)	(4,981)	(5,767)
Operating Partnerships’ share of unconsolidated joint ventures ^*	4,721	2,613	16,547	10,382
NOI - Core Portfolio	$ 32,993	$ 26,368	$ 117,929	$ 102,329

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

ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Balance Sheets¹

(dollars in thousands)



	As of
	December 31, 2016	December 31, 2015
ASSETS
Investments in real estate, at cost
Land	$ 693,252	$ 514,120
Buildings and improvements	2,048,508	1,593,350
Construction in progress	19,789	19,239
Properties under capital lease	76,965	—
	2,838,514	2,126,709
Less: accumulated depreciation	287,066	298,703
Operating real estate, net	2,551,448	1,828,006
Real estate under development, at cost	543,486	609,574
Net investments in real estate	3,094,934	2,437,580
Notes receivable	276,163	147,188
Investments in and advances to unconsolidated affiliates	272,028	173,277
Cash and cash equivalents	71,805	72,776
Restricted cash	22,904	37,284
Rents receivable, net	43,842	40,425
Other assets, net	192,786	123,789
Assets of discontinued operations and properties held for sale	21,498	—
Total assets	$ 3,995,960	$ 3,032,319

LIABILITIES
Mortgage and other notes payable, net	$ 1,055,728	$ 1,050,051
Unsecured notes payable, net	432,990	287,755
Unsecured lines of credit	—	20,800
Distributions in excess of income from, and investments in, unconsolidated affiliates	13,691	13,244
Accounts payable and other liabilities	208,672	101,563
Capital lease obligations	70,129	—
Dividends and distributions payable	36,625	37,552
Total liabilities	1,817,835	1,510,965

EQUITY
Acadia shareholders’ Equity
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 83,597,741 and 70,258,415 shares, respectively	84	70
Additional paid-in capital	1,594,926	1,092,239
Accumulated other comprehensive loss	(798)	(4,463)
(Distributions in excess of accumulated earnings) retained earnings	(5,635)	12,642
Total Acadia shareholders’ equity	1,588,577	1,100,488
Noncontrolling interests	589,548	420,866
Total equity	2,178,125	1,521,354
Total liabilities and equity	$ 3,995,960	$ 3,032,319

ACADIA REALTY TRUST AND SUBSIDIARIES

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

Notes to Financial Highlights:

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 4,474 and 3,882 OP Units into Common Shares for the quarters ended December 31, 2016 and 2015, respectively and 4,435 and 3,895 OP Units into Common Shares for the years ended December 31, 2016 and 2015, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 424 and 25 Common Shares for each of the quarters ended December 31, 2016 and 2015, respectively and 433 and 25 Preferred OP Units into Common Shares for the years ended December 31, 2016 and 2015, respectively. In addition, diluted FFO also includes the effect of 112 and 286 employee share options, restricted share units and LTIP units for the quarters ended December 31, 2016 and 2015, respectively and 151 and 297 employee share options, restricted share units and LTIP units for the years ended December 31, 2016 and 2015, respectively.

⁵ The Pro-rata portion share of NOI is based upon our stated ownership percentages in each operating agreement.

Exhibit



Table of Contents
Year Ended 2016


Section I - Fourth Quarter 2016 Earnings Press Release
Section II - Financial Information		Section III - Core Portfolio Information

Company Information…………………………………………………………………………	4	Core Properties……………………………………………………	25
Market Capitalization…………………………………………………	5	Core Top Tenants………………………………………………………	27
Operating Statements		Core Lease Expirations……………………………………………………	28
Consolidated Income Statements……………………………………	6	Core New and Renewal Rent Spreads……………………………………………………	29
Income Statement - Pro-rata Adjustments……………………………………	8	Core Capital Expenditures…………………………………………………	30
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")………………	9	Portfolio Demographics…………………………………	31
EBITDA………………………………………………………	10
Same Property Net Operating Income………………………………………	11
Fee Income……………………………………………………	12	Section IV - Fund Information
Consolidated Balance Sheet………………………………………………………	13
Balance Sheet - Pro-rata Adjustments…………………………	14
Structured Financing……………………………	15	Fund Overview………………………………………………………	34
Other Information		Fund Properties…………………………………………………………	35
Transactional Activity………………………………………………	16	Fund Lease Expirations……………………………………………………	36
2017 Guidance………………………………………………………………	17	Fund Development Activity………………………………………………………………	37
Net Asset Valuation Information…………………………………………	18
Selected Financial Ratios…………………………………………………………	19
Debt Analysis
Summary………………………………………………………………………	20
Detail……………………………………………………………………	21	Important Notes………………………………………………………………	38
Maturities……………………………………………………………	24





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
	411 Theodore Fremd Avenue	Amy Racanello	Symbol AKR
	Suite 300	Senior Vice President,
	Rye, NY 10580	Capital Markets & Investments
		(914) 288-3345
		aracanello@acadiarealty.com


Analyst Coverage

	Bank of America / Merrill Lynch	BTIG	KeyBanc Capital Markets, Inc.
	Craig Schmidt - (646) 855-3640	Michael Gorman - (212) 738-6138	Todd Thomas - (917) 368-2286
	craig.schmidt@baml.com	mgorman@btig.com	tthomas@keybanccm.com



	Bank of Montreal	Citigroup - Global Markets	J.P. Morgan Securities, Inc.
	Paul Adornato, CFA - (212) 885-4170	Christy McElroy - (212) 816-6981	Michael W. Mueller, CFA - (212) 622-6689
	paul.adornato@bmo.com	christy.mcelroy@citi.com	michael.w.mueller@jpmorgan.com



	Boenning & Scattergood	Green Street Advisors
	Floris van Dijkum - (212) 922-3572	Daniel Busch - (949) 640-8780
	fvandijkum@boenninginc.com	dbucsh@greenstreetadvisors.com



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


						Capitalization
	Total Market Capitalization					based on	Changes in Total Outstanding Common Shares and OP Units (in thousands)					Weighted Average
	$				%	Net Debt1						Diluted EPS		FFO
Equity Capitalization								Common Shares	Common OP Units		Total	Quarter	YTD	Quarter	YTD
Common Shares	83,597						Balance at 12/31/2015	70,259	3,857		74,116
Common Operating Partnership ("OP") Units	4,529						ATM Issuance	1,050	—		1,050
Combined Common Shares and OP Units	88,126						Other	257	571		828
							Balance at 3/31/2016	71,566	4,428		75,994	71,200	71,200	75,845	75,845
Share Price at December 31, 2016	$	32.68					ATM Issuance	2,250	—		2,250
							Equity Issuance	868	—		868
Equity Capitalization - Common Shares and OP Units	$	2,879,958					Other	89	(65	)	24
Preferred OP Units	14,670			²			Balance at 6/30/2016	74,773	4,363		79,136	72,896	71,859	77,899	76,872
Total Equity Capitalization	2,894,628				75%	76%	ATM Issuance	1,229	—		1,229
							Equity Issuance	4,830	—		4,830
Debt Capitalization							Other	31	110		141
Consolidated debt	1,505,669						Balance at 9/30/2016	80,863	4,473		85,336	78,626	74,214	83,163	79,138
Adjustment to reflect pro-rata share of debt	(525,543		)				ATM Issuance	—	—		—
Total Debt Capitalization	980,126				25%	24%	Equity Issuance 4	2,732	57		2,789
							Other	2	(1	)	1
Total Market Capitalization	$	3,874,754			100%	100%	Balance at 12/31/2016	83,597	4,529		88,126

Notes:
1 Reflects debt net of:
Core Portfolio cash	$	51,093
pro-rata share of Funds cash	7,469
for total cash netted against debt of	$	58,562


2 Represents 188 Series A and 141,593 Series C Preferred OP Units convertible into 25,067 and 423,822 Common OP units, respectively multiplied by the Common Share price at quarter end.
3 Fixed-rate debt includes notional principal fixed through interest rate swap transactions.
4 Fourth quarter equity issuance represents the final settlement of a forward equity transaction entered into in April.
⁴ Represents partial settlement on forward equity transaction, of which 2.7 million shares remain to be issued, representing $95.0 million of gross proceeds available through April 2017.
⁵ Less then 1% Preferred OP Units


	Market Capitalization ⁵

https://cdn.kscope.io/61d888439c4e6e44fe6c8d261162a15c-untitled.jpg



Income Statements
(in thousands)
	Year ended			Three months ended
	December 31, 2016

CONSOLIDATED INCOME STATEMENT

Revenues
Rental income	$	152,814		$	43,328
Expense reimbursements	32,282			9,362
Other	4,843			1,431
Total Revenues	189,939			54,121

Operating Expenses
Depreciation and amortization	70,011			23,267
General and administrative	40,648			9,906
Real estate taxes	25,630			7,630
Property operating	24,244			8,547
Other operating	7,517			3,423
Total Operating Expenses	168,050			52,773

Operating income	21,889			1,348

Equity in earnings of unconsolidated affiliates	39,449			35,857
Interest income	25,829			6,531
Interest expense	(34,645		)	(9,728		)
Income from continuing operations before income taxes	52,522			34,008
Income tax benefit	105			228
Income from continuing operations before gain on disposition of properties	52,627			34,236
Gain on disposition of properties, net of tax	81,965			—
Net income	134,592			34,236
Net income attributable to noncontrolling interests	(61,816		)	(14,415		)
Net income attributable to Acadia	$	72,776		$	19,821



Income Statements - Consolidation 1
(in thousands)

	Year ended December 31, 2016			Three months ended December 31, 2016


CORE PORTFOLIO AND FUND INCOME

PROPERTY REVENUES
Minimum rents	$	141,803		$	40,916
Percentage rents	442			49
Expense reimbursements - CAM	12,182			3,892
Expense reimbursements - Taxes	20,100			5,470
Other property income	2,430			976
Total Property Revenues	176,957			51,303

PROPERTY EXPENSES
Property operating - CAM	20,162			7,152
Other property operating (Non-CAM)	3,664			1,360
Real estate taxes	25,752			7,675
Total Property Expenses	49,578			16,187

NET OPERATING INCOME - PROPERTIES	127,379			35,116

OTHER INCOME (EXPENSE)
Interest income	25,579			6,531
Straight-line rent income	3,799			194
Above/below market rent	6,677			2,254
Interest expense 2	(30,275		)	(7,681		)
Amortization of finance costs	(3,204		)	(1,179		)
Above/below market interest expense	1,135			188
Asset and property management expense	(236		)	(72		)
Other income/(expense)	1,065			63
Transaction costs	(6,939		)	(2,845		)
Capital lease interest	(2,220		)	(989		)
CORE PORTFOLIO AND FUND INCOME	122,760			31,580

FEE INCOME
Asset and property management fees	773			238
Transactional fees 3	774			82
Income tax (provision)/benefit	106			229
Total Fee Income	1,653			549

General and Administrative 5	(41,226		)	(10,484		)

Depreciation and amortization	(69,396		)	(23,094		)
Non-real estate depreciation and amortization	(615		)	(174		)
Gain on disposition of properties	81,965			—
Income before equity in earnings and noncontrolling interests	95,141			(1,623		)

Equity in earnings (losses) of unconsolidated affiliates	39,451			35,859
Noncontrolling interests	(61,816		)	(14,415		)

NET INCOME	$	72,776		$	19,821

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.
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 $849 and $4,439 for the three and twelve months, respectively.
3 Consists of development, construction, leasing and legal fees.
4 Net of payments totaling $4,990 during the twelve months, under the Company's Long Term Investment Alignment Program.
5 Includes $4,200 relating to exective compensation relating to retirements of two exectuives during the year ending December 31, 2016.



Income Statements - Pro-rata Adjustments 1
(in thousands)

	Noncontrolling			Company's				Noncontrolling			Company's
	Interest in			Interest in				Interest in			Interest in
	Consolidated			Unconsolidated				Consolidated			Unconsolidated
	Subsidiaries 2			Subsidiaries 3				Subsidiaries 2			Subsidiaries 3

	Year ended December 31, 2016						Three months ended December 31, 2016

CORE PORTFOLIO AND FUND INCOME

PROPERTY REVENUES
Minimum rents	$	(37,572	)	$	30,487			$	(11,023	)	$	8,444
Percentage rents	(345		)	102				(38		)	11
Expense reimbursements - CAM	(3,409		)	2,969				(1,072		)	1,173
Expense reimbursements - Taxes	(4,833		)	5,697				(1,012		)	1,510
Other property income	(934		)	97				(479		)	(95		)
Total Property Revenues	(47,093		)	39,352				(13,624		)	11,043

PROPERTY EXPENSES
Property operating - CAM	(7,574		)	3,146				(3,053		)	1,269
Other property operating (Non-CAM)	(1,910		)	972				(759		)	299
Real estate taxes	(7,214		)	6,308				(2,264		)	1,728
Total Property Expenses	(16,698		)	10,426				(6,076		)	3,296

NET OPERATING INCOME - PROPERTIES	(30,395		)	28,926				(7,548		)	7,747

OTHER INCOME (EXPENSE)
Interest income	(4,928		)	—				(1,562		)	—
Straight-line rent income	(2,112		)	1,641				(218		)	203
Above/below market rent	(978		)	908				(219		)	193
Interest expense	11,052			(7,678		)		2,455			(1,991		)
Amortization of finance costs	1,961			(621		)		773			(157		)
Above/below market interest expense	(1		)	82				(1		)	21
Asset and property management expense	499			(886		)		110			(264		)
Other income/(expense)	(1,649		)	434				(736		)	36
Transaction costs	2,169			(337		)		1,908			(10		)
Capital lease interest	—			—				—			—
CORE PORTFOLIO AND FUND INCOME	(24,382		)	22,469				(5,038		)	5,778

FEE INCOME
Asset and property management fees	13,182			220				3,855			220
Transactional fees	5,890			—				1,587			—
Income tax (provision)/benefit	94			—				(4		)	—
Total Fee Income	19,166			220				5,438			220

PROMOTE, RCP AND OTHER INCOME
Promote income from Funds, net	11,833			—				4,854			—
Total Promote, RCP and Other Income	11,833			—				4,854			—

General and Administrative	6,129			(115		)		2,394			(2		)

Depreciation and amortization	20,440			(18,473		)		7,623			(6,195		)
Gain on disposition of properties	(89,143		)	35,332				(27,161		)	36,058
Income before equity in earnings and noncontrolling interests	(55,957		)	39,433				(11,890		)	35,859

Noncontrolling interests 4	(4,443		)	—				(1,102		)	—

NET INCOME	$	(60,400	)	$	39,433			$	(12,992	)	$	35,859

Note:

1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.

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

3 Represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

4 Represents income allocable to Operating Partnership Units.



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

	Current						Previous
	Year-to-Date			Quarter			Quarter
	Period ended			3 months ended			3 months ended
Funds from operations ("FFO"):	December 31, 2016			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016

Net Income	$	72,776		$	19,821		$	6,112		$	17,918		$ 28,925
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)	67,446			21,666			16,340			14,112			15,328
Gain on disposition of properties (net of noncontrolling interest share)	(28,154		)	(8,897		)	—			(4,117		)	(15,140)
Income attributable to noncontrolling interests'
share in Operating Partnership	5,002			1,245			376			1,249			1,994


FFO to Common Shareholders and Common OP Unit holders	$	117,070		$	33,835		$	22,828		$	29,162		$ 31,107

Add back: Transaction costs	5,107			947			3,230			718			212
Add back: Executive retirement charge	4,200			—			4,200			—			—
FFO before transaction costs and retirement charges	$	126,377		$	34,782		$	30,258		$	29,880		$	31,319


Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	117,070		$	33,835		$	22,828		$	29,162		$ 31,107
Straight-line rent, net	(3,328		)	(179		)	(1,598		)	(541		)	(1,010)
Above/below market rent	(6,607		)	(2,228		)	(1,869		)	(1,321		)	(1,189)
Amortization of finance costs	1,864			563			599			296			406
Above/below market interest	(1,216		)	(208		)	(332		)	(293		)	(383)
Non-real estate depreciation	616			174			143			149			150
Leasing commissions	(2,252		)	(387		)	(1,726		)	(122		)	(17)
Tenant improvements	(9,477		)	(2,305		)	(3,063		)	(1,880		)	(2,229)
Capital expenditures	(1,074		)	(265		)	(414		)	(111		)	(284)
AFFO to Common Shareholders and Common OP Unit holders	$	95,596		$	29,000		$	14,568		$	25,339		$ 26,551

Total weighted average diluted shares and OP Units:	81,250			87,739			83,163			77,899			75,845

Diluted FFO per Common share and OP Unit:
FFO	$	1.44		$	0.39		$	0.27		$ 0.37			$ 0.41
FFO before transaction costs and retirement charges	$	1.55		$	0.40		$	0.36		$ 0.38			$ 0.41

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 December 31, 2016									Three months ended December 31, 2016
	Core									Core
	Portfolio			Funds			Total			Portfolio			Funds			Total

NET INCOME	$	46,482		$	26,294		$	72,776		$	12,713		$	7,108		$	19,821

Adjustments:
Depreciation and amortization	61,852			6,193			68,045			19,304			2,536			21,840
Interest expense	24,619			2,282			26,901			6,592			625			7,217
Amortization of finance costs	1,258			606			1,864			318			245			563
Above/below market interest	(1,216		)	—			(1,216		)	(208		)	—			(208		)
Gain on disposition of properties	—			(28,154		)	(28,154		)	—			(8,897		)	(8,897		)
Transaction costs	4,453			654			5,107			371			576			947
Retirement charges	4,200			—			4,200			—			—			—
Provision for income taxes	(200		)	—			(200		)	(225		)	—			(225		)
Noncontrolling interest - OP	2,844			1,599			4,443			707			395			1,102

EBITDA	$	144,292		$	9,474		$	153,766		$	39,572		$	2,588		$	42,160



Core Portfolio
Same Property Performance 1
(in thousands)

	Year-to-Date					Quarter

	Period ended					Three months ended
					Change					Change
	December 31, 2016		December 31, 2015		Favorable/(Unfavorable)	December 31, 2016		December 31, 2015		Favorable/(Unfavorable)

Summary
Minimum rents	$	100,921	$	98,402	2.6%	$	25,481	$	24,935	2.2%
Expense reimbursements	25,056		25,944		(3.4)%	6,606		7,669		(13.9)%
Other property income	742		774		(4.1)%	176		151		16.6%

Total Revenue	126,719		125,120		1.3%	32,263		32,755		(1.5)%

Expenses
Property operating - CAM & Real estate taxes	29,702		30,571		2.8%	7,810		8,648		9.7%
Other property operating (Non-CAM)	1,321		2,019		34.6%	336		859		60.9%

Total Expenses	31,023		32,590		4.8%	8,146		9,507		14.3%

Same Property NOI - Core properties	$	95,696	$	92,530	3.4%	$	24,117	$	23,248	3.7%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI	22,333		9,799			8,876		3,120
Core NOI 2	$	118,029	$	102,329		$	32,993	$	26,368

Other same property information
Physical Occupancy	96.4%		96.6%
Leased Occupancy	96.6%		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 II		Fund III		Fund IV		Fund V		Other		Total
Year-to-date ended December 31, 2016
Asset and property management fees	$	2,130	$	3,232	$	5,787	$	2,459	$	567	$ 14,175
Transactional fees	2,695		1,080		2,446		19		424		6,664
Total fees	$	4,825	$	4,312	$	8,233	$	2,478	$	991	$ 20,839


	Fund II		Fund III		Fund IV		Fund V		Other		Total
Current Quarter ended December 31, 2016
Asset and property management fees and priority distributions	$	536	$	773	$	1,298	$	1,571	$	135	$ 4,313
Transactional fees	675		342		581		19		52		1,669
Total fees and priority distributions	$	1,211	$	1,115	$	1,879	$	1,590	$	187	$ 5,982


	Fund II		Fund III		Fund IV		Fund V		Other		Total
Previous Quarter ended September 30, 2016
Asset and property management fees and priority distributions	$	520	$	789	$	1,376	$	888	$	135	$ 3,708
Transactional fees	576		339		837		—		57		1,809
Total management fees and priority distributions	$	1,096	$	1,128	$	2,213	$	888	$	192	$ 5,517


	Fund II		Fund III		Fund IV		Fund V		Other		Total
Previous Quarter ended June 30, 2016
Asset and property management fees	$	540	$	809	$	1,521	$	—	$	140	$ 3,010
Transactional fees	729		162		396		—		207		1,494
Total fees	$	1,269	$	971	$	1,917	$	—	$	347	$ 4,504


	Fund II		Fund III		Fund IV		Fund V		Other		Total
Previous Quarter ended March 31, 2016
Asset and property management fees	$	534	$	861	$	1,592	$	—	$	157	$ 3,144
Transactional fees	715		237		632		—		108		1,692
Total fees	$	1,249	$	1,098	$	2,224	$	—	$	265	$ 4,836



Consolidated Balance Sheet
(in thousands)
	Notes	Consolidated
		Balance
		Sheet
	¹	As Reported
ASSETS
Real estate
Land		$	693,252		1 The Company currently invests in Funds II, III, IV & V and Mervyns I & II
Buildings and improvements		2,048,508			which are consolidated within the Company's financial statements.
Construction in progress		19,789
Properties under capital lease		76,965			2 The components of Net real estate under development are as follows:
		2,838,514
Less: accumulated depreciation		(287,066		)
Operating real estate, net		2,551,448			Fund II	$	443,013
Real estate under development, at cost	²	543,486			Fund III	50,451
Net investments in real estate		3,094,934			Fund IV	46,523
Notes receivable		276,163			Other	3,499
Investments in and advances to unconsolidated affiliates		272,028
Cash and cash equivalents		71,805			Total	$	543,486
Restricted cash		22,904
Rents receivable, net		12,112
Straight-line rents receivable, net		31,730
Other assets, net		192,786
Assets of real estate held for sale		21,498

Total Assets		$	3,995,960

LIABILITIES AND SHAREHOLDERS' EQUITY

Mortgage and other notes payable		$	1,055,728
Unsecured notes payable		432,990
Distributions in excess of income from, and investments in, unconsolidated affiliates		13,691
Accounts payable and other liabilities		208,672
Capital lease obligations		70,129
Dividends and distributions payable		36,625

Total Liabilities		1,817,835
Shareholders' equity:
Common shares		84
Additional paid-in capital		1,594,926
Accumulated other comprehensive loss		(798		)
Distributions in excess of accumulated earnings		(5,635		)
Total controlling interest		1,588,577
Noncontrolling interest in subsidiary		589,548
Total Shareholders' Equity		2,178,125

Total Liabilities and Shareholders' Equity		$	3,995,960



Pro-Rata Balance Sheet Adjustments
(in thousands)
		Noncontrolling			Company's
		Interest in			Interest in
		Consolidated			Unconsolidated
	¹	Subsidiaries 2			Subsidiaries 3
ASSETS
Real estate
Land		$	(170,113	)	$	72,364
Buildings and improvements		(452,632		)	278,403
Construction in progress		(11,783		)	958
Properties under capital lease		—			—
		(634,528		)	351,725
Less: accumulated depreciation		30,815			(28,431		)
Operating real estate, net		(603,713		)	323,294
Net real estate under development		(392,656		)	4,018
Net investments in real estate		(996,369		)	327,312
Notes receivable		(43,587		)	—
Investments in and advances to unconsolidated affiliates		(79,940		)	(190,390		)
Cash and cash equivalents		(20,118		)	6,875
Restricted cash		(14,232		)	1,171
Rents receivable, net		(1,792		)	2,783
Straight-line rents receivable, net		(9,364		)	3,841
Other assets, net		(11,860		)	18,067
Assets of real estate held for sale		(15,408		)	—

Total Assets		$	(1,192,670	)	$	169,659

LIABILITIES AND SHAREHOLDERS' EQUITY

Mortgage and other notes payable		$	(576,842	)	$	164,604
Unsecured notes payable		(103,508		)	—
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(13,691		)
Accounts payable and other liabilities		(55,331		)	18,746

Total Liabilities		(735,681		)	169,659

Noncontrolling interest in subsidiary		(456,989		)	—
Total Shareholders' Equity		(456,989		)	—

Total Liabilities and Shareholders' Equity		$	(1,192,670	)	$	169,659

Note:
1 The Company currently invests in Funds II, III, IV & V and Mervyns I & II which are consolidated within the Company's financial statements.
2 Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities
3 Represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.



Structured Financing Portfolio
(in thousands)


	September 30, 2016						Current Period										Stated	Effective
	Principal		Accrued								Current		Accrued		Balance at		Interest	Interest	Maturity
Investment	Balance		Interest		Total		Advances		Repayments		Principal		Interest		December 31, 2016		Rate	Rate 1	Dates


First mortgage notes	$	206,400	$	3,505	$	209,905	$	—	$	—	$	206,400	$	5,173	$	211,573	7.91%	7.95%	2017 to 2019

Mezzanine, preferred equity and other notes	10,000		44		10,044		—		—		10,000		39		10,039		8.00%	8.67%	2019

Total notes receivable	$	216,400	$	3,549	$	219,949	$	—	$	—	$	216,400	$	5,212	$	221,612	7.91%	7.98%

Notes:
1 Inclusive of points and exit fees.

Reconciliation of Notes Receivable to the Consolidated Balance Sheet

Total Notes Receivable per above											$	216,400
Other loans (pro-rata share)											16,176

Total Pro-rata Notes Receivable											$	232,576



Transactional Activity
(in thousands)


Core Portfolio									Funds



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

									Fund IV:


Gotham Plaza 1	$	79,163	49%	$	38,790	January	Manhattan, NY	Bank of America, The Children's Place	1964 Union Street	$	2,250	90%	$	2,025	$	468	January	San Francisco, CA	—
991 Madison Avenue 2	76,628		100%	76,628		March	Manhattan, NY	Vera Wang, Perrin Paris	Restaurants at Fort Point	11,500		100%	11,500		2,659		January	Boston, MA	—
165 Newbury Street	6,250		100%	6,250		May	Boston, MA	Starbucks	Wake Forest Crossing	36,600		100%	36,600		8,462		September	Wake Forest, NC	Lowes Foods, TJ Maxx, Ross Dress
Georgetown Portfolio (2016) 3	338,000		20%	67,600		June	Washington, DC	Sephora, Lululemon, North Face	Northeast Grocery Portfolio	83,400		100%	83,400		19,282		October	Maine/Pennsylvania/New York	Shaw's, Hannaford, Ashley Furniture
Sullivan Center	146,939		100%	146,939		August	Chicago, IL	Target, DSW	717 N. Michigan Avenue	104,000		100%	104,000		24,045		December	Chicago, IL	Disney Store
Smithfield Portfolio	150,000		100%	150,000		August/September	Chicago, IL	Walgreens, Nordstrom Rack, H & M
555 9th Street	140,586		100%	140,586		November	San Francisco, CA	Bed, Bath & Beyond, Nordstrom Rack



Total	$	937,566		$	626,793				Total	$	237,750		$	237,525	$	54,916

			Dispositions

									Fund III:

									Cortlandt Town Center	165,000		100%	165,000		65,390		January/December	Mohegan Lake, NY	—
									Heritage Shops	46,500		100%	46,500		18,428		April	Chicago, IL	—

										$	211,500		$	211,500	$	83,818


																			Extension
			Structured Finance Investments														Month of Transaction	Location	Options

Fund IV

Principal

Interest Rate

Maturity Date

900 W. Randolph Street

$14,000

15%

February, 2021

February

Chicago, IL

2 x 12 mos.

Windham

9,000

April, 2017

October

North Windham, ME

1 x 6 mos.

Notes:

1 Acquired a 49% interest in this property for $38,790. The $79,163 represents the total value of the property at the time of our transaction.

2 Acquired a 49-year master lease interest in this property. The lease position has been capitalized for the Company's financial statements at a total value of $76,628 which consists of a $7,000 upfront payment in addition to the present value of future annual master lease rent obligations.

3 Acquired a 20% interest in this portfolio for $67,600 which is comprised of cash of $47,600 and our proportionate share of assumed debt of $20,000. The $338,000 represents the total value of the portfolio at the time of our transaction.



2017 Annual Guidance
Note: 2017 FFO and EPS guidance and comparable 2016 results are before acquisition and other costs

(in millions except per share amounts, all per share amounts are fully diluted)
	2017 Guidance	2016 Actual	Notes
Summary:

Funds from Operations ("FFO") per share (before acquisition and other costs)	$1.44 to $1.54	$1.55	'- Before 2016 acquisition and retirement costs, which totaled
			$0.06 and $0.05 per share, respectively

Earnings per Share ("EPS") (before acquisition and other costs)	$0.58 to $0.63	$1.05


FFO Components:

Core and pro-rata share of Fund portfolio income (before acquisition and other costs)	$142.0 to $151.5	$125.9	'- 2016 acquisition and retirement costs totaled
			$5.1 million and $4.2 million, respectively
Fund fee income, net of taxes	$20.9 to $22.9	$21.1

Other Fund and transactional income	$0.5 to $0.5	$10.4	'- Net of projected payments under the Company's Long-Term Fund Investment Alignment Program ("FIAP")


General and administrative expense	$(32.5) to $(33.0)	$(31.0)

FFO	$130.9 to $141.9	$126.4


Additional Guidance Assumptions:

Fully diluted Common Shares and OP Units - weighted average	91,000 to 92,000	81,250

Same property net operating income ("NOI") growth	0.0% to 2.0%

Core acquisitions	$300.0 to $500.0

Fund acquisitions	$200.0 to $600.0



Net Asset Valuation Information
(in thousands)

	CORE							FUND II											FUND III											FUND IV
								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	$	33,014		¹	$	132,056		$	1,392		$	5,568		28.33	%	$	1,577		$	1,892		$	7,568		39.63	%	$	2,999		$	6,242		$	24,968		23.12	%	$	5,773
Less:
(Income)/ loss from properties sold or under contract	—				—			—			—					—			(1,104		)	(4,416		)			(1,750		)	(113		)	(452		)			(105		)
(Income)/ loss from pre-stabilized assets 2	—				—			(786		)	(3,144		)			(891		)	(619		)	(2,476		)			(981		)	(3,117		)	(12,468		)			(2,883		)
(Income)/ loss from development projects 3	(155		)		(620		)	—			—					—			—			—					—			(213		)	(852		)			(197		)
Net Operating Income of stabilized assets	32,859				131,436			606			2,424					687			169			676					268			2,799			11,196					2,589

Assets under contract for sale, net of debt																						$	18,750				$	7,431					$	10,570				$	2,444

Costs to Date
Pre-stabilized assets 2					$	—					$	73,998				$	20,964					$	66,008				$	26,159					$	140,280				$	32,433
Development projects 3					11,924						444,500					125,927						44,400					17,596						282,800					65,383

Total Costs to Date					11,924						518,498					146,890						110,408					43,755						423,080					97,816

Debt					$	738,755					$	412,292				$	110,134					$	93,462				$	29,204					$	455,195				$	102,033



Notes:
1 Does not include a full quarter of NOI for those assets purchased during the fourth quarter 2016. See "Transactions Activity" page in this supplemental for descriptions of those acquisitions.
2 Consists of the following projects:
Fund II:
161st Street
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
3 See "Redevelopment Activity" page in this supplemental



Selected Financial Ratios
(in thousands)

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

	2016			2015			2016			2015				2016			2016
COVERAGE RATIOS 1													LEVERAGE RATIOS

Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios

EBITDA 2 divided by:	$	39,572		$	29,763		$	144,292		$	120,431		Debt + Preferred Equity (Preferred O.P. Units)	$	994,796		$ 919,997
Interest expense	6,592			5,930			24,619			24,092			Total Market Capitalization	3,874,754			4,012,574
Principal Amortization	1,281			1,184			4,407			5,174			Debt+Preferred Equity/Total Market Capitalization	26%			23%
Preferred Dividends 3	143			13			560			31
Fixed-Charge Coverage Ratio - Core Portfolio	4.9x			4.2x			4.9x			4.1x			Debt 6	$	936,234		$ 879,307
													Total Market Capitalization	3,816,192			3,971,884
EBITDA divided by:	$	42,160		$	31,781		$	153,766		$	130,184		Net Debt+Preferred Equity/Total Market Capitalization	25%			22%
Interest expense	7,217			6,466			26,901			26,203
Principal Amortization	1,284			1,339			4,983			5,859			Debt/EBITDA Ratios
Preferred Dividends	143			13			560			31
Fixed-Charge Coverage Ratio - Core Portfolio													Debt	$	738,755		$ 683,329
and Funds	4.9x			4.1x			4.7x			4.1x			EBITDA (Annualized) 7	165,267			154,036
													Debt/EBITDA - Core Portfolio	4.5x			4.4x
Payout Ratios
													Debt 5	$	687,662		$	649,581
Dividends declared (per share/OP Unit) 4	$	0.26		$	0.25		$	1.01		$	0.97		EBITDA (Annualized) 7	165,267			154,036
													Net Debt/EBITDA - Core Portfolio	4.2x			4.2x
Dividends (Shares) & Distributions (OP Units) declared	$	23,229		$	18,776		$	84,404		$	71,888
FFO	33,835			25,378			117,070			111,560			Debt 4	$	980,126		$ 904,511
FFO Payout Ratio	69		%	74		%	72		%	64		%	EBITDA (Annualized) 7	175,619			161,424
FFO Payout Ratio before acquisition costs	67		%	73		%	69		%	60		%	Debt/EBITDA - Core Portfolio and Funds	5.6x			5.6x

Dividends (Shares) & Distributions (OP Units) paid	$	23,229		$	18,776		$	84,404		$	71,888		Debt 6	$	921,564		$ 863,821
AFFO	29,000			20,805			95,596			90,441			EBITDA (Annualized) 7	175,619			161,424
AFFO Payout Ratio	80		%	90		%	88		%	79		%	Net Debt/EBITDA - Core Portfolio and Funds	5.2x			5.4x
AFFO Payout Ratio before acquisition costs	78		%	89		%	84		%	74		%

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 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.													Reconciliation of EBTIDA to Adjusted EBITDA
2 See page 10 for a calculation of EBITDA.
3 Represents preferred distributions on Preferred Operating partnership Units.													Core EBITDA as reported	$	39,572
4 Does not include special dividends of $0.15 for 4Q and YTD 2016 or $0.25 for 4Q and YTD 2015.
5 Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt.													Annualized	158,288
6 Reflects debt net of the current Core Portfolio cash balance at end of period.													Less: Q4 net Promote	(3,420		)
7 Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period.													Add: Annualized net Promote	10,399



8 Annualized EBITDA is adjusted to include the amount of net Promote income earned during 2016.
	Adjusted Annualized Core EBITDA	165,267

	Add in Funds	10,352

	Adjusted Annualized EBITDA Core and Funds	$	175,619



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		Interest Share of		Unconsolidated			Debt
Unsecured Debt	Balance		Rate		Balance		Rate	Balance		Rate		Consolidated Debt 3		Debt 4			As Reported

Fixed-Rate Debt 1	$	248,806	3.7%		$	—	n/a	$	248,806	3.7%	25%	$	—	$	—		$	248,806
Variable-Rate Debt	51,194		1.6%		31,128		2.8%	82,322		2.0%	8%	103,508		—			185,830
											33%
Mortgage and Other Notes Payable

Fixed-Rate Debt 1	406,755		4.1%		77,541		4.4%	484,296		4.2%	50%	244,335		(106,694		)	621,937
Variable-Rate Debt	32,000		3.2	%	132,702		3.2%	164,702		3.2%	17%	343,310		(58,916		)	449,096
											67%

Total	$	738,755	3.8%		$	241,371	3.5%	$	980,126	3.7%	100%	$	691,153	$	(165,610	)	1,505,669
Unamortized premium																	1,336
Unamortized loan costs																	(18,287		)
																	$	1,488,718


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	December 31, 2016			Percent	Amount			Rate		Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
Brandywine 2	$	26,250		22.2%	$	5,833		5.99%		7/1/2016	None
Merrillville Plaza	24,779			100.0%	24,779			5.88%		8/1/2017	None
Bedford Green	28,697			100.0%	28,697			5.10%		9/5/2017	None
163 Highland Avenue	9,359			100.0%	9,359			4.66%		2/1/2024	None
Crossroads Shopping Center	67,500			49.0%	33,075			3.94%		10/6/2024	None
555 9th Street	60,000			100.0%	60,000			3.99%		1/1/2025	None
840 N. Michigan	73,500			88.4%	64,996			4.36%		2/10/2025	None
Georgetown Portfolio (2008 Investment)	17,246			50.0%	8,623			4.72%		12/10/2027	None
State & Washington	25,485			100.0%	25,485			4.40%		9/5/2028	None
239 Greenwich Avenue	27,000			75.0%	20,250			3.88%		1/10/2029	None
North & Kingsbury	13,292			100.0%	13,292			4.01%		11/5/2029	None
151 North State Street	14,464			100.0%	14,464			4.03%		12/1/2029	None
Concord & Milwaukee	2,874			100.0%	2,874			4.40%		6/1/2030	None
California & Armitage	2,675			100.0%	2,675			5.89%		4/15/2035	None
Unsecured interest rate swaps 1	248,806			100.0%	248,806			3.74%		Various
Secured interest rate swaps 1	103,183			89.5%	92,353			3.03%		Various

Sub-Total Fixed-Rate Debt	745,110				655,561			3.97%

Secured Variable-Rate Debt
664 N. Michigan	41,846			100.0%	41,846			Libor + 165		6/28/2018	1 x 60 mos.
4401 N. White Plains Road	5,884			100.0%	5,884			Libor + 190		9/1/2022	None
28 Jericho Turnpike	14,869			100.0%	14,869			Libor + 190		1/23/2023	None
60 Orange Street	7,769			98.0%	7,614			Libor + 175		4/3/2023	None
Gotham Plaza	20,931			49.0%	10,256			Libor + 160		6/10/2023	None
Georgetown Portfolio (2016 Investment)	160,000			20.0%	32,000			Libor + 170		8/1/2023	None
330-340 River Street	11,884			100.0%	11,884			Libor + 170		6/1/2026	None
Secured interest rate swaps 1	(103,183		)	89.5%	(92,353		)	Libor + 143

Unsecured Variable-Rate Debt
Unsecured Line of Credit 3	—			100.0%	—			Libor + 140		6/27/2020	2 x 6 mos.
Unsecured Term Loan	50,000			100.0%	50,000			Libor + 130		7/2/2020	None
Unsecured Term Loan	50,000			100.0%	50,000			Libor + 130		1/4/2021	None
Unsecured Term Loan	150,000			100.0%	150,000			Libor + 130		6/27/2021	None
Unsecured Term Loan	50,000			100.0%	50,000			Libor + 160		12/18/2022	None
Unsecured interest rate swaps 1	(248,806		)	100.0%	(248,806		)	Libor + 143

Sub-Total Variable-Rate Debt	211,194				83,194			Libor + 157

Total Debt - Core Portfolio	$	956,304			$	738,755		3.77	%



Portfolio Debt - Detail (continued)
(in thousands)
		Principal Balance at			Acadia's Pro-rata Share					Interest		Maturity	Extension
Property	Entity	December 31, 2016			Percent		Amount			Rate		Date	Options
Funds
Fixed-Rate Debt
216th Street 4	Fund II	$	25,500		28.1	%	$	7,159		5.80	%	10/1/2017	None
CityPoint 4	Fund II	19,000			25.4	%	4,824			1.25	%	12/23/2017	None
CityPoint 4,5	Fund II	5,262			26.7	%	1,403			1.00	%	8/23/2019	None
CityPoint 4	Fund II	200,000			26.7	%	53,341			4.75	%	5/29/2020	None
1964 Union Street 4	Fund IV	1,463			20.8	%	304			3.80	%	10/1/2025	None
2207 Fillmore Street 4	Fund IV	1,120			20.8	%	233			4.50	%	10/31/2025	None
2208-2216 Fillmore Street 4	Fund IV	5,606			20.8	%	1,166			3.40	%	6/1/2026	None
1861 Union Street 4	Fund IV	2,315			20.8	%	482			3.40	%	6/1/2026	None
Interest rate swaps 1	Funds II & IV	34,288			25.2	%	8,629			3.41	%	Various
Sub-Total Fixed-Rate Debt		294,554					77,541			4.38	%

Variable-Rate Debt
1701 Belmont Avenue 4,8	Fund IV	2,936			22.8	%	669			Prime + 50		1/31/2017	None
Acadia Strategic Opportunity IV LLC	Fund IV	40,116			23.1	%	9,275			Libor + 275		2/9/2017	1 x 6 mos.
654 Broadway	Fund III	8,615			39.6	%	3,414			Libor + 188		3/1/2017	2 x 12 mos.
Arundel Plaza 4	Fund III	10,000			35.7	%	3,567			Libor + 200		4/8/2017	1 x 12 mos.
New Hyde Park Shopping Center	Fund III	10,760			39.6	%	4,264			Libor + 185		5/1/2017	2 x 12 mos.
938 W. North Avenue	Fund IV	12,500			23.1	%	2,890			Libor + 235		5/1/2017	1 x 12 mos.
Acadia Strategic Opportunity IV LLC	Fund IV	94,520			23.1	%	21,853			Libor + 165		5/18/2017	None
1151 Third Avenue	Fund IV	12,481			23.1	%	2,886			Libor + 175		6/3/2017	2 x 12 mos.
CityPoint 4	Fund II	20,000			26.7	%	5,334			Libor + 170		8/23/2017	None
210 Bowery	Fund IV	5,133			23.1	%	1,187			Libor + 275		10/15/2017	1 x 12 mos.
Promenade at Manassas 4	Fund IV	25,000			22.8	%	5,696			Libor + 170		11/19/2017	1 x 12 mos.
2819 Kennedy Boulevard 4	Fund IV	8,430			22.8	%	1,921			Libor + 215		12/9/2017	2 x 12 mos.
Eden Square 4	Fund IV	16,000			22.8	%	3,646			Libor + 200		12/17/2017	1 x 12 mos.
CityPoint 4	Fund II	62,000			25.4	%	15,742			Sifma + 160		12/23/2017	None
230/240 W. Broughton	Fund IV	10,041			11.6	%	1,161			Libor + 300		5/1/2018	None
Nostrand Avenue	Fund III	11,137			39.6	%	4,414			Libor + 265		5/1/2018	2 x 12 mos.
Sherman Plaza	Fund II	14,250			28.1	%	4,001			Libor + 325		7/1/2018	1 x 12 mos.
Paramus Plaza 4	Fund IV	14,099			11.6	%	1,630			Libor + 170		2/20/2019	None
Lake Montclair	Fund IV	14,509			23.1	%	3,354			Libor + 215		5/1/2019	None
146 Geary Street	Fund IV	27,700			23.1	%	6,404			Libor + 340		7/14/2019	2 x 12 mos.
Broughton Street Portfolio	Fund IV	30,000			23.1	%	6,936			Libor + 300		11/8/2019	1 x 12 mos.
161st Street 4	Fund II	46,500			28.1	%	13,055			Libor + 250		12/2/2019	2 x 12 mos.
717 N. Michigan Avenue	Fund IV	63,900			23.1	%	14,774			Libor + 395		12/9/2019	2 x 12 mos.
640 Broadway 4	Fund III	48,470			25.0	%	12,125			Libor + 465		1/9/2020	2 x 12 mos.
17 E. 71st Street	Fund IV	19,000			23.1	%	4,393			Libor + 190		6/9/2020	None
1035 Third Avenue	Fund IV	41,826			23.1	%	9,670			Libor + 235		1/27/2021	None
Restaurants at Fort Point	Fund IV	6,500			23.1	%	1,503			Libor + 235		8/25/2021	None
CityPoint 4	Fund II	19,780			26.7	%	5,275			Libor + 139		11/1/2021	None
3104 M Street 4,6	Fund III	4,480			31.7	%	1,420			Prime + 50		12/10/2021	None
Interest rate swaps 1	Funds II & IV	(34,288		)	25.2	%	(8,629		)	Libor + 247
Sub-Total Variable-Rate Debt		666,395					163,830			Libor + 246
Total Debt - Funds		$	960,949				$	241,371		3.50%
Total Debt - Core Portfolio and Funds		$	1,917,253				$	980,126		3.71%

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 loan is in default as of December 31, 2016 and is accruing interest at the default rate of 11%.

3 This is an unsecured revolving facility which has a current capacity up to $150,000 and can be increased to $300,000.

The interest rate will vary based on levels of leverage. As of December 31, 2016, the interest rate is LIBOR + 140 basis points.

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

5 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.

6 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 Pro-rata Maturing Debt
	Scheduled						Scheduled
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Total Debt		Fixed-Rate Debt		Variable-Rate Debt

2017	$	5,540	$	79,173	$	84,713	$	4,963	$	58,756	$	63,719	5.51	%	5.51	%	n/a
2018	5,258		40,058		45,316		4,214		40,058		44,272		2.27	%	n/a		2.27%
2019	5,349		—		5,349		4,153		—		4,153		n/a		n/a		n/a
2020	5,592		50,000		55,592		4,344		50,000		54,344		1.92	%	n/a		1.92	%
2021	5,838		200,000		205,838		4,533		200,000		204,533		1.92	%	n/a		1.92	%
Thereafter	29,490		530,006		559,496		24,615		343,119		367,734		3.50	%	4.17	%	2.31	%
Total	$	57,067	$	899,237	$	956,304	$	46,822	$	691,933	$	738,755





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

2017	$	4,154	$	370,614	$	374,768	$	1,067	$	93,749	$	94,816	2.64	%	3.66	%	2.44	%
2018	1,613		34,908		36,521		363		9,369		9,732		3.57	%	n/a		3.57	%
2019	2,008		200,067		202,075		382		47,239		47,621		3.66	%	1.00%		3.74	%
2020	1,036		267,137		268,173		249		69,782		70,031		4.70	%	4.75	%	4.55	%
2021	290		50,105		50,395		77		11,971		12,048		3.10	%	n/a		3.10	%
Thereafter	879		28,138		29,017		234		6,889		7,123		2.51	%	3.57	%	2.01	%
Total	$	9,980	$	950,969	$	960,949	$	2,372	$	238,999	$	241,371

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

STREET AND URBAN 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	%	$	4,497,482	$	247.92
840 N. Michigan Avenue	H & M, Verizon Wireless	2014	88.4	%	87,135	—	—	87,135	100.0	%	—		—		100.0	%	100.0	%	7,610,395		87.34
Rush and Walton Streets Collection - 6 properties	Lululemon, Brioni, BHLDN, Marc Jacobs	2011/12	100.0	%	41,533	—	—	41,533	100.0	%	—		—		100.0	%	100.0	%	6,633,831		159.72
651-671 West Diversey	Trader Joe's, Urban Outfitters	2011	100.0	%	46,259	—	—	46,259	100.0	%	—		—		100.0	%	100.0	%	1,995,310		43.13
Clark Street and W. Diversey Collection - 3 properties	Ann Taylor, Akira	2011/12	100.0	%	23,531	—	—	23,531	95.6	%	—		—		95.6	%	95.6	%	1,281,730		57.00
Halsted and Armitage Collection - 9 properties	Intermix, BCBG, Club Monaco	2011/12	100.0	%	44,658	—	—	44,658	95.2	%	—		—		95.2	%	95.2	%	1,879,494		44.21
North Lincoln Park Chicago Collection - 6 properties	Forever 21, Aldo, Carhartt, Chase Bank	2011/14	100.0	%	22,125	—	28,836	50,961	100.0	%	—		68.3	%	82.1	%	82.1	%	1,697,089		40.57
State and Washington	H & M, Nordstrom Rack	2016	100.0	%	78,819	—	—	78,819	100.0	%	—		—		100.0	%	100.0	%	2,969,482		37.67
151 N. State Street	Walgreens	2016	100.0	%	27,385	—	—	27,385	100.0	%	—		—		100.0	%	100.0	%	1,300,000		47.47
North and Kingsbury	Old Navy, Pier 1 Imports	2016	100.0	%	41,700	—	—	41,700	100.0	%	—		—		100.0	%	100.0	%	1,576,809		37.81
Concord and Milwaukee	—	2016	100.0	%	13,105	—	—	13,105	100.0	%	—		—		100.0	%	100.0	%	393,276		30.01
California and Armitage	—	2016	100.0	%	—	—	18,275	18,275	—		—		75.1	%	75.1	%	75.1	%	626,417		45.66
Roosevelt Galleria	Petco, Vitamin Shoppe	2015	100.0	%	—	—	37,995	37,995	—		—		63.4	%	63.4	%	63.4	%	701,982		29.15
Sullivan Center	Target, DSW	2016	100.0	%	176,181	—	—	176,181	98.6	%	—		—		98.6	%	98.6	%	6,367,775		36.65
					620,572	—	85,106	705,678	99.1	%	—		67.6	%	95.3	%	95.3	%	39,531,072		58.79
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	%	2,275,971		775.19
15 Mercer Street	3 X 1 Denim	2011	100.0	%	3,375	—	—	3,375	100.0	%	—		—		100.0	%	100.0	%	431,250		127.78
5-7 East 17th Street	Union Fare	2008	100.0	%	11,467	—	—	11,467	100.0	%	—		—		100.0	%	100.0	%	1,300,014		113.37
200 West 54th Street	Stage Coach Tavern	2007	100.0	%	5,773	—	—	5,773	86.3	%	—		—		86.3	%	86.3	%	2,156,703		433.14
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	%	866,365		76.33
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	%	—	—	14,590	14,590	—		—		100.0	%	100.0	%	100.0	%	478,227		32.78
239 Greenwich Avenue	Betteridge Jewelers	1998	75.0	%	16,553	—	—	16,553	100.0	%	—		—		100.0	%	100.0	%	1,513,516		91.43



252-256 Greenwich Avenue	Madewell, Calypso, Jack Wills	2014	100.0	%	7,986	—	—	7,986	100.0	%	—		—		100.0	%	100.0	%	1,308,431		163.84
2914 Third Avenue	Planet Fitness	2006	100.0	%	—	21,650	18,670	40,320	—		100.0	%	100.0	%	100.0	%	100.0	%	951,287		23.59
868 Broadway	Dr. Martens	2013	100.0	%	2,031	—	—	2,031	100.0	%	—		—		100.0	%	100.0	%	723,607		356.28
313-315 Bowery 2	John Varvatos, Patagonia	2013	100.0	%	6,600	—	—	6,600	100.0	%	—		—		100.0	%	100.0	%	479,160		72.60
120 West Broadway	HSBC Bank, Citibank	2013	100.0	%	13,838	—	—	13,838	100.0	%	—		—		100.0	%	100.0	%	2,133,910		154.21
131-135 Prince Street	Folli Follie, Uno De 50	2014	100.0	%	3,200	—	—	3,200	100.0	%	—		—		100.0	%	100.0	%	1,307,412		408.57
2520 Flatbush Avenue	Bob's Discount Furniture, Capital One	2014	100.0	%	—	—	29,114	29,114	—		—		100.0	%	100.0	%	100.0	%	1,059,282		36.38
991 Madison Avenue	Vera Wang, Perrin Paris	2016	100.0	%	7,513	—	—	7,513	65.6	%	—		—		65.6	%	65.6	%	1,508,050		306.08
Shops at Grand	Stop & Shop (Ahold)	2014	100.0	%	—	52,336	47,639	99,975	—		100.0	%	93.7	%	97.0	%	97.0	%	2,965,970		30.59
Gotham Plaza	Bank of America, Children's Place	2016	49.0	%	—	—	26,180	26,180	—		—		91.6	%	91.6	%	91.6	%	1,471,167		61.35
					99,022	86,950	136,193	322,165	96.6	%	100.0	%	96.2	%	97.3	%	97.3	%	24,593,154		78.43
San Francisco Metro
City Center	City Target, Best Buy	2015	100.0	%	—	174,311	30,337	204,648	—		100.0	%	82.9	%	97.5	%	98.1	%	7,657,875		38.39
555 9th Street	Bed, Bath & Beyond, Nordstrom Rack	2016	100.0	%	—	119,862	28,970	148,832	—		100.0	%	100.0	%	100.0	%	100.0	%	6,013,669		40.41
					—	294,173	59,307	353,480	—		100.0	%	91.3	%	98.5	%	98.9	%	13,671,544		39.25
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	Ruth Chris Steakhouse, TD Bank	2012	100.0	%	20,669	—	—	20,669	91.9	%	—		—		91.9	%	100.0	%	1,125,162		59.26
Rhode Island Place Shopping Center	TJ Maxx	2012	100.0	%	—	24,996	32,533	57,529	—		100.0	%	100.0	%	100.0	%	100.0	%	1,735,379		30.17
M Street and Wisconsin Corridor - 24 Properties 3	Lululemon, North Face, Coach	2011/16	25.4	%	242,582	—	—	242,582	93.0	%	—		—		93.0	%	93.0	%	17,076,374		75.71
					263,251	24,996	32,533	320,780	92.9	%	100.0	%	100.0	%	94.2	%	94.7	%	19,936,915		66.00
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	%	1,200,045		22.13
165 Newbury Street	Starbucks	2016	100.0	%	1,050	—	—	1,050	100.0	%	—		—		100.0	%	100.0	%	254,153		242.05
					1,050	40,800	13,426	55,276	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1,454,198		26.31

Total Street and Urban Retail					983,895	446,919	326,565	1,757,379	97.2	%	100.0	%	88.4	%	96.3	%	96.4	%	$	99,186,883	$	58.63

Acadia Share Total Street and Urban Retail					788,572	446,919	313,213	1,548,704	98.2	%	100.0	%	88.2	%	96.7	%	96.9	%	$	84,736,303	$	56.58

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 not yet stabilized assets and is not reflected above.
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.
3 Excludes 94,000 of office GLA.





Core Portfolio Retail Properties - Detail ¹ (continued)
																Leased		Annualized		Annualized
		Year	Acadia's		Gross Leaseable Area				In Place Occupancy							Occupancy		Base Rent
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, Acme	1998	100.0	%	—	62,610	86,460	149,070	—	100.0	%	95.3	%	97.3	%	97.3	%	$	3,870,422	$	26.69
Marketplace of Absecon	Rite Aid, Dollar Tree	1998	100.0	%	—	46,724	57,832	104,556	—	100.0	%	85.9	%	92.2	%	92.2	%	1,385,256		14.37
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	%	—	—	87,128	87,128	—	—		98.1	%	98.1	%	98.1	%	2,816,751		32.96
Branch Plaza	LA Fitness, The Fresh Market	1998	100.0	%	—	76,264	47,075	123,339	—	100.0	%	75.3	%	90.6	%	90.6	%	2,837,192		25.40
Amboy Center	Stop & Shop (Ahold)	2005	100.0	%	—	37,266	26,024	63,290	—	100.0	%	100.0	%	100.0	%	100.0	%	2,059,483		32.54
Pacesetter Park Shopping Center	Stop & Shop (Ahold)	1999	100.0	%	—	52,052	45,754	97,806	—	100.0	%	95.4	%	97.9	%	100.0	%	1,270,976		13.28
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, DSW	1998	49.0	%	—	202,727	108,812	311,539	—	100.0	%	77.4	%	92.1	%	92.1	%	6,685,878		23.30
New Loudon Center	Price Chopper, Marshalls	1993	100.0	%	—	251,058	4,615	255,673	—	100.0	%	100.0	%	100.0	%	100.0	%	2,140,344		8.37
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, CVS	2014	100.0	%	—	37,981	52,608	90,589	—	100.0	%	68.7	%	81.8	%	81.8	%	2,370,392		31.99

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	%	1,753,152		16.49

Massachusetts
Methuen Shopping Center	Wal-Mart, Market Basket	1998	100.0	%	—	120,004	10,017	130,021	—	100.0	%	43.7	%	95.7	%	95.7	%	1,186,018		9.54
Crescent Plaza	Home Depot, Shaw's (Supervalu)	1993	100.0	%	—	156,985	61,163	218,148	—	100.0	%	85.7	%	96.0	%	96.0	%	1,880,513		8.98
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	%	2,046,885		20.14

Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0	%	—	51,692	47,445	99,137	—	100.0	%	90.0	%	95.2	%	95.2	%	1,146,315		12.15

Indiana



Merrillville Plaza	Jo-Ann Fabrics, TJ Maxx	1998	100.0	%	—	123,220	112,867	236,087	—		100.0	%	93.4	%	96.8	%	96.8	%	3,301,079		14.44

Michigan
Bloomfield Town Square	Best Buy, Home Goods,	1998	100.0	%	—	153,839	81,947	235,786	—		100.0	%	83.9	%	94.4	%	94.4	%	3,320,083		14.91
	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	%	1,396,788		13.69

Delaware
Brandywine Town Center	Lowes, Bed Bath & Beyond,	2003	22.2	%	—	775,803	48,608	824,411	—		94.0	%	80.0	%	93.1	%	93.1	%	12,480,721		16.25
	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	%	97.8	%	98.7	%	100.0	%	2,962,290		29.41
Naamans Road	—	2006	100.0	%	—	—	19,984	19,984	—		—		75.0	%	75.0	%	75.0	%	637,701		42.55

Pennsylvania
Mark Plaza	Kmart	1993	100.0	%	—	104,956	1,900	106,856	—		100.0	%	100.0	%	100.0	%	100.0	%	244,279		2.29
Plaza 422	Home Depot	1993	100.0	%	—	139,968	16,311	156,279	—		100.0	%	100.0	%	100.0	%	100.0	%	850,978		5.45
Route 6 Plaza	Kmart	1994	100.0	%	—	146,568	29,021	175,589	—		100.0	%	86.2	%	97.7	%	100.0	%	1,255,941		7.32
Chestnut Hill	—	2006	100.0	%	—	—	37,646	37,646	—		—		100.0	%	100.0	%	100.0	%	930,489		24.72
Abington Towne Center 3	Target, TJ Maxx	1998	100.0	%	—	184,616	31,662	216,278	—		100.0	%	70.4	%	95.7	%	95.7	%	1,054,026		21.38

Total Suburban Properties					—	3,375,703	1,210,884	4,586,587	—		98.6	%	86.6	%	95.5	%	95.6	%	$	67,487,986	$	16.37

Acadia Share Total Suburban Properties					—	2,633,530	1,071,539	3,705,069	—		98.1	%	86.9	%	95.9	%	96.1	%	$	52,052,714	$	15.78

TOTAL CORE PROPERTIES					983,895	3,822,622	1,537,449	6,343,966	97.2	%	98.8	%	87.0	%	95.7	%	95.8	%	$	166,674,869	$	28.66

Acadia Share Total Core Properties					788,572	3,081,499	1,385,802	5,253,773	98.2	%	99.6	%	87.1	%	96.2	%	96.3	%	$	136,789,017	$	28.52


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

Target	3	302,586	$	6,979,025	5.8	%	5.1	%

H & M	2	80,386	5,309,815		1.5	%	3.9	%

Royal Ahold 2	4	207,513	3,639,387		3.9	%	2.7	%

Best Buy	2	86,686	3,594,913		1.6	%	2.6	%

Walgreens	5	78,254	3,468,966		1.5	%	2.5	%

Nordstrom Rack	2	84,057	3,339,492		1.6	%	2.4	%

Albertsons Companies 3	3	171,182	3,154,331		3.3	%	2.3	%

Ascena Retail Group 4	5	23,233	2,502,539		0.4	%	1.8	%

Bed, Bath, and Beyond5	3	95,448	2,387,812		1.8	%	1.7	%

Verizon	2	31,371	2,384,931		0.6	%	1.7	%

LA Fitness	2	100,000	2,336,500		1.9	%	1.7	%

TJX Companies 6	8	209,198	2,049,901		4.0	%	1.5	%
Trader Joes	3	32,351	1,935,311		0.6	%	1.4	%
Home Depot	3	312,718	1,893,791		6.0	%	1.4	%
Lululemon	2	5,349	1,551,835		0.1	%	1.1	%
Gap	3	28,643	1,467,852		0.5	%	1.1	%
Kate Spade	2	4,250	1,420,557		0.1	%	1.0	%
Ulta Salon Cosmetic & Fragrance	3	31,497	1,395,401		0.6	%	1.0	%
JP Morgan Chase	7	28,715	1,382,832		0.5	%	1.0	%
DSW	2	35,842	1,287,260		0.7	%	0.9	%
TOTAL	66	1,949,279	$	53,482,451	37.0	%	38.8	%


Note:
1 Does not include tenants that operate at only one Acadia Core location.
2 Stop and Shop (4)
3 Shaw's (2), Acme (1)
4 Ann Taylor Loft (2), Catherines (1), Dress Barn (1), Lane Bryant (1)
5 Bed Bath and Beyond (2), Christmas Tree Shops (1)
6 TJMaxx (5), Marshalls (1), HomeGoods (2)



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	1	4,224	0.4	%	112.39		0.7	%	—	—	—		$	—	—		9	27,410	2.0	%	$	16.38	1.1	%	10	31,634	0.5	%	$	29.20	0.6	%
2017	14	50,146	5.2	%	96.02		6.6	%	7	321,386	9.1	%	11.53		6.9	%	51	202,136	15.1	%	31.46		15.9	%	72	573,668	9.9	%	25.94		8.9	%
2018	8	63,514	6.6	%	59.42		5.2	%	8	472,193	13.4	%	18.12		16.0	%	60	187,118	14.0	%	30.85		14.4	%	76	722,825	12.4	%	25.04		10.9	%
2019	12	67,669	7.1	%	77.14		7.1	%	9	334,577	9.5	%	8.87		5.5	%	33	103,514	7.7	%	24.75		6.4	%	54	505,760	8.7	%	21.25		6.4	%
2020	14	47,751	5.0	%	98.46		6.4	%	9	488,606	13.9	%	12.49		11.4	%	28	88,311	6.6	%	25.19		5.6	%	51	624,668	10.7	%	20.86		7.8	%
2021	23	131,030	13.7	%	57.20		10.3	%	14	599,685	17.0	%	14.43		16.2	%	44	187,786	14.0	%	24.61		11.5	%	81	918,501	15.8	%	22.62		12.5	%
2022	10	59,937	6.3	%	82.03		6.7	%	2	69,837	2.0	%	26.15		3.4	%	22	91,844	6.9	%	29.23		6.7	%	34	221,618	3.8	%	42.54		5.7	%
2023	10	111,830	11.7	%	81.19		12.4	%	5	205,067	5.8	%	17.92		6.9	%	14	80,049	6.0	%	29.34		5.9	%	29	396,946	6.8	%	38.05		9.1	%
2024	14	95,778	10.0	%	79.77		10.5	%	7	330,390	9.4	%	20.41		12.6	%	22	107,453	8.0	%	29.17		7.8	%	43	533,621	9.2	%	32.83		10.5	%
2025	11	44,800	4.7	%	101.72		6.2	%	6	178,571	5.1	%	18.57		6.2	%	25	82,693	6.2	%	40.24		8.3	%	42	306,064	5.3	%	36.60		6.7	%
2026	12	46,392	4.9	%	78.82		5.0	%	2	32,570	0.9	%	17.71		1.1	%	12	57,223	4.3	%	32.23		4.6	%	26	136,185	2.3	%	44.63		3.6	%
Thereafter	16	233,131	24.4	%	71.62		22.9	%	9	487,972	13.9	%	15.29		13.8	%	13	121,994	9.2	%	38.79		11.8	%	38	843,097	14.6	%	34.27		17.3	%
Total	145	956,202	100.0	%	$	76.37	100.0	%	78	3,520,854	100.0	%	$	15.22	100.0	%	333	1,337,531	100.0	%	$	29.95	100.0	%	556	5,814,587	100.0	%	$	28.66	100.0	%


										254,916	Anchor GLA Owned by Tenants															254,916	Anchor GLA Owned by Tenants
		27,693	Total Vacant							46,852	Total Vacant							199,918	Total Vacant							274,463	Total Vacant
		983,895	Total Square Feet							3,822,622	Total Square Feet							1,537,449	Total Square Feet							6,343,966	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						3 months ended						3 months ended
	December 31, 2016						December 31, 2016						September 30, 2016						June 30, 2016						March 31, 2016
	GAAP 3			Cash 2			GAAP3			Cash2			GAAP 3			Cash 2			GAAP 3			Cash 2			GAAP 3			Cash 2
New leases
Number of new leases executed	18						3						4						8						3
GLA	73,453						6,393						14,444						36,678						15,938
New base rent	$	37.80		$	32.38		$	57.76		$	37.29		$	46.35		$	42.63		$	35.99		$	30.86		$	26.21		$	24.60
Previous base rent	$	29.04		$	29.56		$	27.45		$	28.42		$	37.34		$	37.73		$	27.92		$	28.58		$	24.73		$	24.85
Average cost per square foot	$53.75						$25.65						$46.01						$55.65						$67.66
Weighted Average Lease Term (years)	10.8						24.78						8.1						9.4						10.7
Percentage growth in base rent	30.2		%	9.5		%	110.4		%	31.2		%	24.1		%	13.0		%	28.9		%	8.0		%	6.0		%	(1.0		)%

Renewal leases
Number of renewal leases executed	45						14						9						13						9
GLA	317,068						84,173						48,737						157,081						27,077
New base rent	$	21.47		$	21.04		$	28.40		$	27.16		$	26.75		$	26.51		$	14.99		$	14.95		$	28.04		$	27.45
Expiring base rent	$	19.08		$	19.46		$	24.70		$	25.68		$	24.12		$	24.30		$	13.47		$	13.57		$	25.14		$	25.61
Average cost per square foot	$1.66						$—						$0.03						$3.34						$—
Weighted Average Lease Term (years)	4.7						3.8						4.6						4.8						6.8
Percentage growth in base rent	12.5		%	8.1		%	15.0		%	5.8		%	10.9		%	9.1		%	11.3		%	10.2		%	11.5		%	7.2		%

Total new and renewal leases
Number of new and renewal leases executed	63						17						13						21						12
GLA commencing	390,521						90,566						63,181						193,759						43,015
New base rent	$	24.54		$	23.17		$	30.47		$	27.87		$	31.23		$	30.20		$	18.97		$	17.96		$	27.36		$	26.39
Expiring base rent	$	20.96		$	21.36		$	24.89		$	25.87		$	27.14		$	27.37		$	16.21		$	16.41		$	24.99		$	25.33
Average cost per square foot	$11.46						$1.81						$10.54						$13.24						$25.07
Weighted Average Lease Term (years)	5.8						5.3						5.4						5.7						8.2
Percentage growth in base rent	17.1		%	8.5		%	22.4		%	7.7		%	15.1		%	10.3		%	17.0		%	9.4		%	9.5		%	4.2		%


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						Historical
	Period ended		3 months ended		3 months ended		3 months ended		3 months ended		Prior Year ended
	December 31, 2016		December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016		December 31, 2015

Leasing Commissions	$	2,252	$	387	$	1,726	$	122	$	17	$	1,566
Tenant Improvements	9,477		2,305		3,063		1,880		2,229		6,349
Capital Expenditures	1,074		265		414		111		284		3,602
Total Capital Expenditures	$	12,803	$	2,957	$	5,203	$	2,113	$	2,530	$	11,517

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


Note:
1 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 - Street and Urban Retail

	664 N. Michigan Avenue	Chicago	IL	$	4,497,482	18,141	319,498	182,250	$	89,076	$	128,490
	840 N. Michigan Avenue	Chicago	IL	7,610,395		87,135	326,701	187,823	90,236		130,497
	Rush and Walton Streets Collection - 6 properties	Chicago	IL	6,633,831		41,533	339,782	195,076	90,544		130,730
	613-623 West Diversey Parkway	Chicago	IL	—		19,265	407,348	224,378	84,845		121,766
	651-671 West Diversey	Chicago	IL	1,995,310		46,259	414,391	227,215	84,599		121,278
	Clark Street and W. Diversey Collection - 3 properties	Chicago	IL	1,281,730		23,531	412,027	226,181	84,655		121,413
	Halsted and Armitage Collection - 9 properties	Chicago	IL	1,879,494		44,658	459,787	253,670	87,884		124,716
	North Lincoln Park Chicago Collection - 6 properties	Chicago	IL	1,697,089		50,961	507,134	259,262	81,104		113,328
	Roosevelt Galleria	Chicago	IL	701,982		37,995	370,769	187,116	75,300		106,387
	Sullivan Center	Chicago	IL	6,367,775		176,181	315,044	172,337	84,774		121,354
	State and Washington	Chicago	IL	2,969,482		78,819	319,013	175,137	85,283		122,332
	151 N. State Street	Chicago	IL	1,300,000		27,385	316,258	174,463	86,253		123,944
	North and Kingsbury	Chicago	IL	1,576,809		41,700	444,732	243,136	88,090		124,541
	Concord and Milwaukee	Chicago	IL	393,276		13,105	556,647	264,627	78,354		108,458
	California and Armitage	Chicago	IL	626,417		18,275	507,030	206,767	71,694		95,959
	83 Spring Street	Manhattan	NY	686,272		3,000	1,070,830	522,748	99,956		144,263
	152-154 Spring Street	Manhattan	NY	2,275,971		2,936	1,041,696	511,598	100,421		144,792
	15 Mercer Street	Manhattan	NY	431,250		3,375	1,027,480	498,697	99,341		143,350
	5-7 East 17th Street	Manhattan	NY	1,300,014		11,467	1,164,263	590,830	105,285		156,463
	200 West 54th Street	Manhattan	NY	2,156,703		5,773	1,318,236	670,743	102,218		156,524
	61 Main Street	Westport	CT	351,560		3,400	46,241	17,504	139,926		206,309
	181 Main Street	Westport	CT	866,365		11,350	46,218	17,444	142,639		209,625
	4401 White Plains Road	Bronx	NY	625,000		12,964	577,219	219,174	54,321		69,394
	Bartow Avenue	Bronx	NY	478,227		14,590	589,925	222,885	48,206		62,151
	239 Greenwich Avenue	Greenwich	CT	1,513,516		16,553	68,734	25,656	130,996		201,438
	252-256 Greenwich Avenue	Greenwich	CT	1,308,431		7,986	69,853	25,907	129,398		198,809
	2914 Third Avenue	Bronx	NY	951,287		40,320	1,291,756	465,763	38,768		54,670
	868 Broadway	Manhattan	NY	723,607		2,031	1,164,522	591,085	105,230		156,547
	313-315 Bowery	Manhattan	NY	479,160		6,600	1,121,832	550,430	99,893		145,438
	120 West Broadway	Manhattan	NY	2,133,910		13,838	947,607	456,018	99,453		143,703
	131-135 Prince Street	Manhattan	NY	1,307,412		3,200	1,059,897	523,600	100,805		146,166
	2520 Flatbush Avenue	Brooklyn	NY	1,059,282		29,114	604,015	218,394	57,188		76,529
	Shops at Grand	Queens	NY	2,965,970		99,975	946,217	335,637	57,828		72,821
	Gotham Plaza	Manhattan	NY	1,471,167		26,180	1,319,526	550,027	68,378		104,637
	991 Madison Avenue	Manhattan	NY	1,508,050		6,920	1,281,731	632,833	95,164		146,082
	City Center	San Francisco	CA	7,657,875		204,648	557,546	265,526	93,972		123,141
	555 9th Street	San Francisco	CA	6,013,669		148,832	508,919	247,933	95,516		126,123
	1739-53 & 1801-03 Connecticut Avenue	Washington	DC	1,125,162		20,669	370,725	176,284	97,996		130,745
	Rhode Island Place Shopping Center	Washington	DC	1,735,379		57,529	348,349	157,678	66,984		86,314
	M Street and Wisconsin Corridor - 24 properties	Georgetown	DC	17,076,374		242,582	348,300	168,842	105,924		140,128
	330-340 River Street	Cambridge	MA	1,200,045		54,226	60,627	23,074	71,146		98,613
		Boston	MA	254,153		1,050	524,255	221,069	72,774		99,560
Total Core Street and Urban Retail
Weighted Average - Based on annual base rent							510,298	249,802	$	92,536	$	129,285






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	$	3,870,422	149,070	259,304	86,978	$	63,742	$	77,058
	Marketplace of Absecon	Absecon	NJ	1,385,256		104,556	33,123	11,896	57,410		70,998
	60 Orange Street	Bloomfield	NJ	695,000		101,715	350,228	130,901	57,932		72,045
	Village Commons Shopping Center	Smithtown	NY	2,816,751		87,128	68,019	23,288	116,226		137,508
	Branch Plaza	Smithtown	NY	2,837,192		123,339	68,304	23,386	115,878		137,445
	Amboy Center	Staten Island	NY	2,059,483		63,290	151,775	56,542	89,341		106,873
	Pacesetter Park Shopping Center	Pomona	NY	1,270,976		97,806	37,016	11,317	108,050		129,598
	LA Fitness	Staten Island	NY	1,391,500		55,000	125,957	45,159	82,576		95,944
	Crossroads Shopping Center	White Plains	NY	6,685,878		311,539	111,121	43,140	106,962		140,980
	New Loudon Center	Latham	NY	2,140,344		255,673	47,496	19,451	71,006		87,282
	28 Jericho Turnpike	Westbury	NY	1,650,000		96,363	94,334	28,509	115,958		146,116
	Bedford Green	Bedford Hills	NY	2,370,392		90,589	25,914	8,971	111,367		163,167
	Town Line Plaza	Rocky Hill	CT	1,753,152		206,346	44,144	18,780	87,508		105,129
	Methuen Shopping Center	Methuen	MA	1,186,018		130,021	100,292	34,574	55,472		67,070
	Crescent Plaza	Brockton	MA	1,880,513		218,148	99,866	35,800	59,293		69,004
	201 Needham Street	Newton	MA	591,861		20,409	108,483	37,611	150,460		197,906
	163 Highland Avenue	Newton	MA	1,275,673		40,505	97,109	34,111	152,373		199,231
	The Gateway Shopping Center	So. Burlington	VT	2,046,885		101,655	52,886	21,589	55,787		73,019
	Hobson West Plaza	Naperville	IL	1,146,315		99,137	94,454	34,754	111,835		136,024
	Merrillville Plaza	Hobart	IN	3,301,079		236,087	23,890	10,378	52,547		62,045
	Bloomfield Town Square	Bloomfield Hills	MI	3,320,083		235,786	63,907	25,813	67,173		89,096
	Mad River Station	Dayton	OH	1,396,788		123,335	63,840	28,932	58,520		74,127
	Mark Plaza	Edwardsville	PA	244,279		106,856	87,458	38,191	41,378		51,396
	Plaza 422	Lebanon	PA	850,978		156,279	50,727	20,244	50,018		59,759
	Route 6 Plaza	Honesdale	PA	1,255,941		175,589	7,437	3,303	38,571		49,909
	Chestnut Hill	Philadelphia	PA	930,489		37,646	149,449	63,614	64,210		82,358
	Abington Towne Center	Abington	PA	1,054,026		216,278	89,142	35,340	85,339		104,727

Total Core Suburban Properties
Weighted Average - Based on annual base rent							88,469	31,604	$	84,946	$	106,738

Total Core Properties
Weighted Average - Based on annual base rent							364,225	174,588	$	91,601	$	123,513

	Brandywine/Market Square/Naamans Rd ¹	Wilmington	DE	$	16,048,545	946,442	519,156	204,060	$	75,931	$	94,769

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	976,221	347,774	$	39,885	$	52,226
	161st Street	Bronx	NY	5,633,106		255,428	1,332,726	473,946	36,072		50,312
	Sherman Avenue	Manhattan	NY	—		—	990,807	356,209	40,996		19,678
	City Point	Brooklyn	NY	—		—	1,102,800	463,984	75,985		106,843
Fund II
Weighted Average - Based on annual base rent							1,220,915	434,375	$	37,268	$	50,912

	Fund III
	654 Broadway	Manhattan	NY	$	601,000	2,896	1,094,866	541,686	$	101,100	$	147,310
	640 Broadway	Manhattan	NY	1,202,418		4,247	1,092,978	540,262	100,942		147,058
	Broad Hollow Commons	Farmingdale	NY	—		—	85,981	28,106	94,807		111,170
	3104 M Street	Georgetown	DC	—		—	350,419	170,006	105,545		67,970
	New Hyde Park Shopping Center	New Hyde Park	NY	1,148,942		32,287	206,214	72,258	107,004		133,225
	Nostrand Avenue	Brooklyn	NY	1,564,470		42,628	557,993	208,399	53,348		73,497
	Arundel Plaza	Glen Burnie	MD	1,146,390		265,116	82,700	30,706	66,046		75,118
Fund III
Weighted Average - Based on annual base rent							560,976	250,640	$	81,977	$	109,394

	Fund IV
	1151 Third Avenue	Manhattan	NY	$	1,751,863	13,250	1,341,217	671,192	$	97,828	$	149,447
	17 East 71st Street	Manhattan	NY	1,848,724		8,432	1,311,509	650,354	96,955		148,731
	1035 Third Avenue	Manhattan	NY	945,722		7,617	1,356,470	687,404	98,593		150,562
	Airport Mall	Bangor	ME	1,325,139		221,760	32,118	14,780	40,080		55,176
	Wells Plaza	Wells	ME	647,973		93,263	5,090	2,452	57,951		70,391
	Shaw's Plaza	Waterville	ME	1,405,516		119,015	23,499	10,071	42,002		56,352
	JFK Plaza	Waterville	ME	744,207		151,107	23,004	9,858	43,008		56,594
	Dauphin Plaza	Harrisburg	PA	1,666,419		205,727	87,542	36,654	50,449		60,576
	Mayfair Shopping Center	Philadelphia	PA	1,607,597		115,411	302,643	109,767	43,944		52,855
	Colonie Plaza	Albany	NY	1,666,687		153,483	32,014	13,211	80,272		93,943
	Paramus Plaza	Paramus	NJ	1,835,118		152,509	107,082	37,309	124,146		152,301
	2819 Kennedy Boulevard	North Bergen	NJ	1,147,458		47,539	545,022	250,369	88,476		125,892
	Restaurants at Fort Point	Boston	MA	312,019		15,711	364,574	154,393	74,541		102,989
	Promenade at Manassas	Manassas	VA	3,497,730		265,442	56,086	18,145	76,581		88,116
	Lake Montclair	Prince William County	VA	1,956,034		105,832	67,439	21,025	106,138		121,910
	1701 Belmont Avenue	Catonsville	MD	—		58,674	111,731	43,638	66,502		76,854
	Eden Square	Bear	DE	2,353,417		231,436	73,443	27,997	67,726		79,836
	938 W. North Avenue	Chicago	IL	326,350		33,228	473,510	257,650	87,712		124,118
	717 N. Michigan Ave	Chicago	IL	—		—	313,300	181,439	90,009		131,629
	210 Bowery	Manhattan	NY	—		—	1,106,743	537,581	98,668		143,140
	Broughton Street Portfolio	Savannah	GA	3,334,017		100,660	68,959	27,827	33,971		48,569
	27 East 61st Street	Manhattan	NY	—		—	1,346,844	680,410	99,303		151,901
	801 Madison Avenue	Manhattan	NY	—		—	1,325,490	662,057	98,264		150,686
	650 Bald Hill Road	Warwick	RI	—		—	63,812	26,787	64,313		76,136
	Wake Forest	Wake Forest	NC	2,854,296		—	33,944	12,607	82,097		97,891
	146 Geary Street	San Francisco	CA	300,000		11,436	436,599	216,841	94,325		123,896
	Union and Fillmore Collection - 4 properties	San Francisco	CA	641,286		10,148	475,315	234,805	93,726		123,378
Fund IV
Weighted Average - Based on annual base rent							284,536	133,128	$	72,332	$	93,334
Total - Funds
Weighted Average - Based on annual base rent							484,747	200,690	$	67,327	$	87,809

Fund Overview

As of December 31, 2016

I. KEY METRICS

Note

Fund I

Fund II

Fund III

Fund IV

Fund V

Total

General Information:

Vintage

Sep-2001

Jun-2004

May-2007

May-2012

Aug-2016

Fund Size

$90.0 Million

$300.0 Million

$502.5 Million

$540.6 Million

$520.0 Million

$1,953.1 Million

Acadia's Commitment

$20.0 Million

$85.0 Million

$123.3 Million

$125.0 Million

$104.5 Million

$457.8 Million

Acadia's Pro Rata Share

22.2

28.3

24.5

23.1

20.1

23.4%

Acadia's Promoted Share

37.8

42.7

39.6

38.5

36.1

38.8%

Preferred Return

9.0

8.0

6.0

6.4%

Current-Quarter, Fund-Level Information:

Cumulative Contributions

$86.6 Million

$347.1 Million

$396.7 Million

$290.5 Million

$0.0 Million

$1,073.8 Million

Cumulative Net Distributions

$194.5 Million

$131.6 Million

$509.8 Million

$101.9 Million

$0.0 Million

$937.9 Million

Net Distributions/Contributions

224.6

37.9

128.5

35.1

87.3%

Unfunded Commitment

⁴

$0.0 Million

$53.3 Million

$239.5 Million

$520.0 Million

$859.9 Million

Acquisition Dry Powder

⁵

$520.0 Million

Investment Period Closes

Closed

Aug-2019

Currently in a Promote Position? (Yes/No)

Yes

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA

Type:

Applicable to

Description

Asset Management

⁶

Fund I, II & III

1.5% of Implied Capital

Asset Management

⁶

Fund IV & V

1.5% of Implied Capital during the investment period, 1.25% of Implied Capital post-investment period

Property Management

All funds

4.0% of gross property revenues

Leasing

All funds

Market-rate leasing commissions

Construction/Project Management

All funds

Market-rate fees

Development

Fund III, IV & V

3.0% of total project costs

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%.

With regard to Fund II, the additional contributions over original Fund Size reflects a prior-period distribution that was recontributed to the Fund during 2016 to fund the on-going redevelopment

of existing Fund II investments.

Net of fees and promote

⁴

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

⁵

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

Unfunded Commitments available to deploy into new unidentified investments

⁶

Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $50.0 million of general reserves.



Fund Retail Properties - Detail ¹
																Leased		Annualized		Annualized
		Year	Ownership	Gross Leaseable Area				In Place Occupancy								Occupancy		Base Rent		Base Rent PSF
	Anchors	Acquired	%	Street	Anchors	Shops	Total	Street		Anchors		Shops		Total		Total		Total		Total
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%	—	166,004	89,424	255,428	—		33.5	%	55.4	%	41.2	%	46.5	%	5,633,106		53.56

Total - Fund II				—	226,004	89,424	315,428	—		51.2	%	55.4	%	52.4	%	56.7	%	$	8,207,106	$	49.69

Fund III Portfolio Detail

NEW YORK
New York
654 Broadway	Penguin (Perry Ellis)	2011	100.0%	2,896	—	—	2,896	100.0		—		—		100.0	%	100.0	%	601,000		207.53
640 Broadway	Swatch	2012	63.1%	4,247	—	—	4,247	100.0	%	—		—		100.0	%	100.0	%	1,202,418		283.12
New Hyde Park Shopping Center	PetSmart	2011	100.0%	—	13,507	18,780	32,287	—		100.0	%	66.0	%	80.2	%	80.2	%	1,148,942		44.36
Nostrand Avenue	—	2013	100.0%	—	—	42,628	42,628	—		—		77.3	%	77.3	%	77.3	%	1,564,470		47.47

MID-ATLANTIC
Maryland
Arundel Plaza	Giant Food, Lowe's	2012	94.3%	—	231,920	33,196	265,116	—		77.6	%	42.5	%	73.2	%	73.2	%	1,146,390		5.91

Total - Fund III				7,143	245,427	94,604	347,174	100.0	%	78.8	%	62.9	%	74.9	%	74.9	%	$	5,663,220	$	21.78

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	%	1,751,863		132.22
17 East 71st Street	The Row	2014	100.0%	8,432	—	—	8,432	100.0	%	—		—		100.0	%	100.0	%	1,848,724		219.25
1035 Third Avenue 3	—	2015	100.0%	7,617	—	—	7,617	71.4	%	—		—		71.4	%	71.4	%	945,722		173.94
Colonie Plaza	Price Chopper, Big Lots	2016	100.0%	—	96,000	57,483	153,483	—	%	100.0	%	91.7	%	96.9	%	96.9	%	1,666,687		11.21

New Jersey
Paramus Plaza	Babies R Us, Ashley Furniture	2013	50.0%	—	74,837	77,672	152,509	—		52.4	%	90.7	%	71.9	%	71.9	%	1,835,118		16.74
2819 Kennedy Boulevard	Aldi	2013	98.6%	—	46,003	1,536	47,539	—		100.0	%	100.0	%	100.0	%	100.0	%	1,147,458		24.14

BOSTON
Massachusetts



Restaurants at Fort Point	—	2016	100.0%	15,711	—	—	15,711	100.0	%	—		—		100.0	%	100.0	%	312,019		19.86

NORTHEAST
Maine
Airport Mall	Hannaford, Marshalls	2016	100.0%	—	131,042	90,718	221,760	—		100.0	%	74.0	%	89.4	%	89.4	%	1,325,139		6.69
Wells Plaza	Reny's, Dollar Tree	2016	100.0%	—	62,471	30,792	93,263	—		100.0	%	77.6	%	92.6	%	92.6	%	647,973		7.50
Shaw's Plaza	Shaw's	2016	100.0%	—	87,492	31,523	119,015	—		100.0	%	100.0	%	100.0	%	100.0	%	1,405,516		11.81
JFK Plaza	Hannaford, TJ Maxx	2016	100.0%	—	104,426	46,681	151,107	—		100.0	%	28.9	%	78.0	%	78.0	%	744,207		6.31

Pennsylvania
Dauphin Plaza	Price Rite, Ashley Furniture	2016	100.0%	—	122,621	83,106	205,727	—		100.0	%	65.8	%	86.2	%	86.2	%	1,666,419		9.40
Mayfair Shopping Center	Shop N Bag	2016	100.0%	—	25,673	89,738	115,411	—		100.0	%	75.5	%	80.9	%	80.9	%	1,607,597		17.21

MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot, HH Gregg	2013	98.6%	—	194,038	71,404	265,442	—		100.0	%	93.3	%	98.2	%	98.2	%	3,497,730		13.42
Lake Montclair	Food Lion	2013	100.0%	—	33,000	72,832	105,832	—		100.0	%	94.6	%	96.3	%	96.3	%	1,956,034		19.20

Maryland
1701 Belmont Avenue	—	2012	98.6%	—	58,674	—	58,674	—		—		—		—		—	%	—		—

Delaware
Eden Square	Giant Food	2014	98.6%	—	163,217	68,219	231,436	—		71.1	%	73.4	%	71.8	%	71.8	%	2,353,417		14.17

MIDWEST
Illinois
938 W. North Avenue	Sephora	2013	100.0%	33,228	—	—	33,228	16.1	%	—		—		16.1	%	16.1	%	326,350		61.00

SOUTHEAST
Georgia
Broughton Street Portfolio 4	J. Crew, L'Occitane, Lululemon, Michael Kors	2014	50.0%	100,660	—	—	100,660	90.2	%	—		—		90.2	%	90.2	%	3,334,017		36.73

North Carolina
Wake Forest Crossing		2016	100.0%	—	113,353	89,653	203,006	—		100.0	%	93.5	%	97.1	%	97.1	%	2,854,296		14.47

WEST
California
146 Geary Street		2015	100.0%	11,436	—	—	11,436	100.0	%	—		—		100.0	%	100.0	%	300,000		26.23
Union and Fillmore Collection - 4 properties		2015	90.0%	10,148	—	—	10,148	89.7	%	—		—		89.7	%	100.0	%	641,286		70.44

Total - Fund IV				200,482	1,312,847	811,357	2,324,686	79.6	%	89.2	%	80.4	%	85.3	%	85.4	%	$	32,167,572	$	16.22


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%

650 Bald Hill Road

90.0%

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).

⁴ Represents 21 of the 24 properties in this portfolio that have been leased. The remaining properties are still in development.



Funds Lease Expirations


	FUND II
		Gross Leased Area					Base Rent
	No. of Leases	Expiring	Percent						Percent
Year	Expiring	SF	of Total		Amount		PSF		of Total
M to M 1	—	—	—		$	—	$	—	—
2017	—	—	—		—		—		—
2018	—	—	—		—		—		—
2019	—	—	—		—		—		—
2020	—	—	—		—		—		—
2021	—	—	—		—		—		—
2022	—	—	—		—		—		—
2023	—	—	—		—		—		—
2024	—	—	—		—		—		—
2025	—	—	—		—		—		—
2026	—	—	—		—		—		—
Thereafter	11	178,798	100.0	%	8,207,106		45.90		100.0	%
Total	11	178,798	100.0	%	$	8,207,106	$	45.90	100.0	%

		152,547	Total Vacant
		331,345	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	2	4,238	1.6	%	$	170,164	$	40.15	3.0	%	5	7,400	0.4	%	$	228,846	$	30.93	0.7	%
2017	3	186,424	71.7	%	1,029,856		5.52		18.2	%	25	76,146	3.8	%	2,112,029		27.74		6.2	%
2018	4	7,897	3.0	%	344,079		43.57		6.1	%	42	246,020	12.3	%	2,819,204		11.46		8.2	%
2019	4	10,006	3.7	%	259,085		25.89		4.6	%	30	235,860	11.8	%	5,022,637		21.29		14.7	%
2020	2	2,976	1.0	%	128,063		43.03		2.3	%	29	210,643	10.5	%	2,967,808		14.09		8.7	%
2021	—	—	—	%	—		—		—	%	30	186,259	9.3	%	2,649,378		14.22		7.7	%
2022	3	9,657	3.7	%	509,880		52.80		9.0	%	15	175,098	8.8	%	1,889,258		10.79		5.5	%
2023	4	6,495	2.5	%	999,502		153.89		17.6	%	9	93,044	4.7	%	1,176,307		12.64		3.4	%
2024	3	18,177	7.0	%	719,217		39.57		12.7	%	10	124,131	6.2	%	2,599,142		20.94		7.6	%
2025	2	2,812	1.1	%	295,397		105.05		5.2	%	22	113,065	5.7	%	4,688,549		41.47		13.7	%
2026	4	3,482	1.3	%	577,848		165.95		10.2	%	22	182,945	9.2	%	3,297,572		18.02		9.6	%
Thereafter	3	7,897	3.0	%	630,130		79.79		11.1	%	12	346,837	17.4	%	4,777,940		13.78		14.0	%
Total	34	260,061	99.6	%	$	5,663,221	$	21.78	100.0	%	251	1,997,448	100.0	%	$	34,228,670	$	17.14	100.0	%

		87,113	Total Vacant									1,467,438	Total Vacant
		347,174	Total Square Feet									3,464,886	Total Square Feet

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



Development Activity
($ in millions)


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

City Point 1	94.2	%	Brooklyn, NY	2017/2020	⁶	763,000	⁷	69% 2	Century 21, CityTarget, Alamo Drafthouse	$	408	³	$	12	to	$	32	³	$	420.0	to	$	440.0	³	$	239.8
Sherman Plaza	99.1	%	New York, NY	TBD		TBD		—	TBD	36.5			TBD			TBD			TBD			TBD			14.3
										$	444.5		TBD			TBD			TBD			TBD			$	254.1

FUND III

Cortlandt Crossing	100.0	%	Mohegan Lake, NY	2018		130,000		50%	ShopRite	$	20.4		$	39.6	to	$	44.6		$	60.0	to	$	65.0		$	—
3104 M Street NW	80.0	%	Washington, D.C.	2017		10,000		15%	TBD	8.3			0		to	0.7			8.3		to	9.0			4.5
Broad Hollow Commons	100.0	%	Farmingdale, NY	2018		180,000 - 200,000		—	TBD	15.7			34.3		to	44.3			50.0		to	60.0			—
										$	44.4		$	73.9		$	89.6		$	118.3		$	134.0		$	4.5


FUND IV

210 Bowery	100.0	%	New York, NY	2017		16,000		—	TBD	$	20.9		$	1.1	to	$	3.1		$	22.0	to	$	24.0		$	5.1
Broughton Street Portfolio 5	50.0	%	Savannah, GA	2017		190,000		80%	J. Crew, Lululemon, H&M	76.0			4.0		to	9.0			80.0		to	85.0			30.0
27 E. 61st Street	100.0	%	New York, NY	2017		9,500		—	TBD	22.3			3.2		to	6.2			25.5		to	28.5			—
801 Madison Avenue	100.0	%	New York, NY	2017		5,000		20%	TBD	36.2			3.8		to	6.8			40.0		to	43.0			—
650 Bald Hill Road	90.0	%	Warwick, RI	2017		161,000		72%	Dick's Sporting Goods, Burlington Coat Factory	21.4			6.1		to	11.1			27.5		to	32.5			—
717 N. Michigan Avenue	100.0	%	Chicago, IL	2018		62,000		25%	Disney Store	106.0			14.0		to	21.5			120.0		to	127.5			63.9
										$	282.8		$	32.2		$	57.7		$	315.0		$	340.5		$	99.0

CORE

613-623 West Diversey	100.0	%	Chicago, IL	2018		TBD		—	TBD	$	11.9		TBD			TBD			TBD			TBD			$	—
										$	11.9		TBD			TBD			TBD			TBD			$	—

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. Excludes Tower I. 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 24 buildings, including 21 which are operating.
6 Phases I and II have an estimated stablization date of 2017. 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	$	783.6

City Point Items:
Adjustment to FMV	33.8
Gain on sales	51.2
Costs of Tower 1	80.7

Less:
Development held as operating real estate	(297.7		)
Development costs of unconsolidated properties	(97.4		)
Deferred costs and other amounts	(10.7		)

Total per consolidated balance sheet	$	543.5

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 NON-GAAP FINANCIAL MEASURES

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