SEC Filing - Acadia Realty Trust

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akr-8k_20190424.htm

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): April 24, 2019

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.Results of Operations and Financial Condition.

On April 24, 2019, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter ended March 31, 2019. A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. On the same day, the Company made available supplemental reporting information concerning the ownership, operations and portfolio of the Company as of and for the quarter ended March 31, 2019. A copy of this supplemental reporting information is attached to this Current 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 April 24, 2019.
99.2	Supplemental Reporting Information of the Company as of and for the quarter ended March 31, 2019.

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ACADIA REALTY TRUST
Dated:	(Registrant)

	By:	/s/ John Gottfried
	Name:	John Gottfried
April 25, 2019	Title:	Sr. Vice President and Chief Financial Officer

akr-ex991_8.htm

Exhibit 99.1

ACADIA REALTY TRUST REPORTS FIRST QUARTER 2019 OPERATING RESULTS

RYE, NY (April 24, 2019) - Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2019. All per share amounts are on a fully-diluted basis.

Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), through which the Company owns and operates 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 net income, funds from operations ("FFO") and net operating income ("NOI").

Highlights

•	Earnings: Generated GAAP earnings per share of $0.15 and FFO per share of $0.39 for the first quarter

•	Core Portfolio Operating Results:

◦

Strong same-property net operating income growth of 4.6% for the first quarter (excluding redevelopments)

◦

Continued leasing progress across the portfolio including the execution of several key street leases at Lincoln Park Chicago along with Madison Avenue in New York City

◦

Strong rent spreads of 26.9% and 8.3% on new leases for the quarter on a GAAP and cash basis, respectively

◦

Reported 94.6% leased occupancy as of March 31, 2019

•	Core Acquisition Activity: During the first quarter, acquired, or entered into contracts to acquire a retail portfolio in Soho NYC for $96 million, of which $32 million has closed as of March 31, 2019

•	Fund Acquisition Activity: Fund V completed a $48.5 million acquisition during the first quarter

•

Balance Sheet: Maintained conservative leverage levels by match-funding closed acquisitions; raising gross proceeds during the first quarter of $28.2 million at an average price per share of approximately $29 through the Company’s at-the-market (“ATM”) program. At March 31, 2019, approximately 96% of Core debt was fixed at an average rate of 3.8% with a weighted-average maturity of 5.6 years

“I am pleased to report that 2019 is off to a strong start. This quarter our Core Portfolio has again delivered strong growth,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Importantly, we are selectively adding high-quality street retail properties to our Core Portfolio. We are also seeing an increase in compelling investment opportunities in our fund business. Thus, by maintaining a healthy balance sheet, with plenty of dry powder, along with strong internal growth over the next several years, we are well positioned to create meaningful value for the benefit of all of our stakeholders.”

FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of net income attributable to common shareholders to FFO attributable to common shareholders is included in the financial tables of this release.

Net Income

Net income attributable to common shareholders for the quarter ended March 31, 2019 was $12.2 million, or $0.15 per share, including $5.8 million, or $0.07 per share, related to a previously-announced accelerated tenant recapture. Net income attributable to common shareholders for the quarter ended March 31, 2018 was $7.4 million, or $0.09 per share.

FFO as Defined by NAREIT

FFO for the quarter ended March 31, 2019 was $34.7 million, or $0.39 per share, including $5.8 million, or $0.07 per share related to a previously-announced accelerated tenant recapture. FFO for the quarter ended March 31, 2018 was $29.1 million, or $0.33 per share.

CORE PORTFOLIO

Core Operating Results

Driven by its street and urban portfolio, the Company had strong same-property net operating income growth of 4.6% for the first quarter (before redevelopments). This was driven by the profitable re-leasing of key street and urban properties, contractual growth and better than expected credit loss.

To date, the Company has executed several key leases including Parachute Homes and Lively at Lincoln Park (Chicago) and Monica Vinader at Madison Avenue (New York).

Driven primarily by the previously discussed expiration of H&M’s lease and successful re-tenanting to Uniqlo this quarter at State Street (Chicago), the Core Portfolio was 93.3% occupied and 94.6% leased as of March 31, 2019. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.

During the first quarter, the Company generated a 26.9% and 8.3% increase in rent on a GAAP and cash basis, respectively, on two conforming new leases aggregating approximately 4,000 square feet within its street and urban portfolio.

Core Acquisitions

During the first quarter, the Company acquired, or entered into contracts to acquire, a portfolio of six New York City street retail assets for $96 million (“Soho Portfolio”), of which $32 million was completed as of March 31, 2019. The Soho Portfolio consists of six properties on Mercer and Greene Streets: two of the most dominant and in-demand streets in the Soho submarket of Manhattan. These accretive acquisitions are expected to provide strong contractual growth and lease-up opportunities. During the quarter, the Company acquired 51 and 53 Greene Street. The properties are leased to Frame Denim and A.L.C.

The Company expects to complete the remaining portion of the Soho Portfolio in phases through early 2020. No assurance can be given that the Company will successfully close on the remaining acquisitions under contract, which are subject to customary closing conditions.

Acquisitions completed to date were match-funded with equity raised under the Company’s ATM program at an average price per share of approximately $29. The Company has sufficient liquidity through a combination of anticipated proceeds from its structured finance portfolio, capital recycling from its fund business and available capacity on its lending facilities to fund the remaining acquisition.

FUND PLATFORM

Fund Acquisitions

The Company completed the following acquisition during the first quarter 2019:

Family Center at Riverdale, Riverdale, UT (Fund V). In March 2019, Fund V and its venture partner, CCA Acquisition Company, acquired a 428,000-square foot shopping center, located in Riverdale, UT for $48.5 million. This Target-anchored property is 97% leased.

Fund V has an acquisition pipeline with approximately $130.0 million of investments subject to contracts and agreements in principle.

Fund Dispositions

The Company completed the following disposition during the first quarter 2019:

3104 M Street, Washington, DC (Fund III). In January, Fund III’s 80%-owned venture sold its 3104 M Street property located in Washington, DC for $10.5 million ($8.4 million at the Fund’s share).

BALANCE SHEET

By match-funding its core acquisition activity, the Company has further strengthened its already-solid, low-leveraged balance sheet. As of March 31, 2019, the Company’s net debt to EBITDA ratio for the Core Portfolio was 5.2x, with approximately 96% of its Core Portfolio debt fixed at an average rate of 3.8% with a weighted-average maturity of 5.6 years.

The Company raised gross proceeds of $28.2 million at an average price per share of approximately $29 through the Company’s ATM program during the first quarter of 2019.

2019 GUIDANCE

The Company reaffirms its annual 2019 guidance of net income per share of $0.35 to $0.46 and FFO per share of $1.34 to $1.46. In addition, the Company reaffirms same property net operating income growth of 3.0% to 4.0% for 2019 (excluding redevelopments), which is comprised of 5% to 7% growth within its street/urban portfolio and 0% to 1% within its suburban portfolio.

Please refer to the Company’s fourth quarter 2018 supplemental information package for additional details regarding its previously-announced 2019 guidance.

CONFERENCE CALL

Management will conduct a conference call on Thursday, April 25, 2019 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: Thursday, April 25, 2019

Time: 12:00 PM ET

Dial#: 844-309-6711

Passcode: “Acadia Realty” or “6454798”

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

Phone Replay:

Dial#: 855-859-2056

Passcode: “6454798”

Available Through: Thursday, May 2, 2019

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, 2019 (“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 Operations ^(a)

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

	Three Months Ended March 31,
	2019			2018
Revenues
Rental income	$	74,003		$	50,779
Expense reimbursements ^(b)		—			11,208
Other		797			1,137
Total revenues		74,800			63,124
Operating expenses
Depreciation and amortization		30,333			28,576
General and administrative		8,323			8,470
Real estate taxes		9,603			8,959
Property operating		12,347			10,338
Other operating		—			80
Total operating expenses		60,606			56,423

Operating income		14,194			6,701
Equity in earnings of unconsolidated affiliates		2,271			1,684
Interest income		2,270			3,737
Interest expense		(17,859	)		(15,890	)
Income (loss) from continuing operations before income taxes		876			(3,768	)
Income tax benefit (provision)		46			(392	)
Income (loss) from continuing operations before gain on disposition of properties		922			(4,160	)
Gain on disposition of properties, net of tax		2,014			—
Net income (loss)		2,936			(4,160	)
Net loss attributable to noncontrolling interests		9,261			11,579
Net income attributable to Acadia	$	12,197		$	7,419

Less: net income attributable to participating securities		(68	)		(44	)
Net income attributable to Common Shareholders - basic and diluted earnings per share	$	12,129		$	7,375

Weighted average shares for diluted earnings per share		82,037			83,438

Net Earnings per share - basic and diluted ^(c)	$	0.15		$	0.09

ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Funds From Operations ^(a,^d⁾

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

	Three Months Ended March 31,
	2019			2018

Net income attributable to Acadia	$	12,197		$	7,419

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)		21,999			21,085
Gain on disposition of properties (net of noncontrolling interests’ share)		(384	)		—
Income attributable to Common OP Unit holders		795			477
Distributions - Preferred OP Units		135			135
Funds from operations attributable to Common Shareholders and Common OP Unit holders	$	34,742		$	29,116

Funds From Operations per Share - Diluted
Weighted average number of Common Shares and Common OP Units ^(e)		87,969			89,067
Diluted Funds from operations, per Common Share and Common OP Unit	$	0.39		$	0.33

ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) ^(a)

(dollars in thousands)

	Three Months Ended March 31,
	2019			2018

Consolidated operating income	$	14,194		$	6,701
Add back:
General and administrative		8,323			8,470
Depreciation and amortization		30,333			28,576
Less:
Above/below market rent, straight-line rent and other adjustments		(9,299	)		(5,527	)
Consolidated NOI		43,551			38,220

Noncontrolling interest in consolidated NOI		(12,978	)		(8,627	)
Less: Operating Partnership's interest in Fund NOI included above		(3,503	)		(2,157	)
Add: Operating Partnership's share of unconsolidated joint ventures NOI ^(f)		6,595			5,648
NOI - Core Portfolio	$	33,665		$	33,084

ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Balance Sheets ^(a)

(dollars in thousands)

	As of
	March 31, 2019			December 31, 2018
ASSETS
Investments in real estate, at cost
Land	$	705,402		$	710,469
Buildings and improvements		2,731,961			2,745,982
Construction in progress		30,413			44,092
Properties under capital lease ^(b)		—			76,965
Right-of-use assets - finance leases ^(b)		82,629			—
Right-of-use assets - operating leases ^(b)		11,871			—
		3,562,276			3,577,508
Less: Accumulated depreciation		(438,033	)		(416,657	)
Operating real estate, net		3,124,243			3,160,851
Real estate under development		193,315			120,297
Net investments in real estate		3,317,558			3,281,148
Notes receivable, net		109,769			109,613
Investments in and advances to unconsolidated affiliates		309,349			262,410
Other assets, net		202,206			208,570
Cash and cash equivalents		27,765			21,268
Rents receivable, net		59,701			62,191
Restricted cash		12,527			13,580
Total assets	$	4,038,875		$	3,958,780

LIABILITIES
Mortgage and other notes payable, net	$	1,109,160		$	1,017,288
Unsecured notes payable, net		481,019			533,257
Unsecured line of credit		9,000			—
Accounts payable and other liabilities ^(b)		293,019			286,072
Dividends and distributions payable		24,910			24,593
Distributions in excess of income from, and investments in, unconsolidated affiliates		15,415			15,623
Total liabilities		1,932,523			1,876,833
Commitments and contingencies
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 82,708,361 and 81,557,472 shares, respectively		83			82
Additional paid-in capital		1,577,503			1,548,603
Accumulated other comprehensive (loss) income		(11,021	)		516
Distributions in excess of accumulated earnings		(100,634	)		(89,696	)
Total Acadia shareholders’ equity		1,465,931			1,459,505
Noncontrolling interests		640,421			622,442
Total equity		2,106,352			2,081,947
Total liabilities and equity	$	4,038,875		$	3,958,780

ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:

(a)

For additional information and analysis concerning the Company’s balance sheet and 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.

(b)

Effective January 1, 2019, expense reimbursements are combined with Rental income on the consolidated statements of income, right-of-use assets have been established under operating real estate and lease liabilities within accounts payable and other liabilities on the consolidated balance sheets in accordance with Accounting Standards Codification 842, Leases. For more information about the implementation of ASC 842, please refer to the Company’s current Quarterly Report on Form 10-Q.

(c)

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.

(d)

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.

(e)

In addition to the weighted-average Common Shares outstanding, basic and diluted FFO also assume full conversion of a weighted-average 5,214 thousand and 4,966 thousand OP Units into Common Shares for the quarters ended March 31, 2019 and 2018. Diluted FFO also includes: (i) the assumed conversion of Preferred OP Units into 499 thousand and 499 thousand Common Shares for the quarters ended March 31, 2019 and 2018; and (ii) the effect of 222 thousand and 168 thousand restricted share units and LTIP units for the quarters ended March 31, 2019 and 2018.

(f)

The Pro-rata share of NOI is based upon our stated ownership percentages in each operating agreement. Does not include the Operating Partnership's share of NOI from unconsolidated joint ventures within the Funds.

akr-ex992_9.htm

Exhibit 99.2

ACADIA—REALTY TRUST—Q2 2018 SUPPLEMENTAL REPORTING INFORMATIO

Table of Contents		Supplemental Report – March 31, 2019

Section I - First Quarter 2019 Earnings Press Release
Section II - Financial Information		Section III – Core Portfolio Information

Company Information	3	Core Properties	24
Market Capitalization	4	Core Top Tenants	28
Operating Statements		Core Lease Expirations	29
Consolidated Income Statements	5	Core New and Renewal Rent Spreads	30
Income Statement - Pro-rata Adjustments	7	Core Capital Expenditures	31
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), Adjusted FFO (“AFFO”)	11
EBITDA	12
Same Property Net Operating Income	13
Fee Income	14	Section IV - Fund Information
Structured Financing	15
Other Information		Fund Overview	32
Transactional Activity	16	Fund Properties	33
Net Asset Valuation Information	17	Fund Lease Expirations	36
Selected Financial Ratios	18	Development and Redevelopment Activity	37
Debt Analysis
Summary	20
Detail	21
Maturities	23	Important Notes	39

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

Supplemental Report – March 31, 2019		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@key.com



	Green Street Advisors	Citigroup - Global Markets	J.P. Morgan Securities, Inc.
	Daniel Busch - (949) 640-8780	Christy McElroy - (212) 816-6981	Michael W. Mueller, CFA - (212) 622-6689
	dbusch@greenstreetadvisors.com	christy.mcelroy@citi.com	michael.w.mueller@jpmorgan.com

Market Capitalization

Supplemental Report – March 31, 2019

(Including pro-rata share of Fund debt, in thousands)

							Changes in Total Outstanding Common								Weighted Average
	Total Market					Capitalization	Shares and OP Units (in thousands)								Diluted EPS				FFO
	Capitalization ($)				%	Based on Net Debt ¹		Common Shares		Common OP Units			Total		Quarter		YTD		Quarter		YTD
Equity Capitalization
Common Shares		82,708					Balance at 12/31/2018		81,557		5,030			86,587
Common Operating Partnership ("OP") Units		5,131					Other		5		276			281
Combined Common Shares and OP Units		87,839					Share issuances		971		—			971
							OP Conversions		175		(175	)		—
Share Price at March 31, 2019	$	27.27					Balance at 3/31/2019		82,708		5,131			87,839		82,037		82,037		87,969		87,969

Equity Capitalization - Common Shares and OP Units	$	2,395,370
Preferred OP Units		13,617		²
Total Equity Capitalization		2,408,987			71%	71%

Debt Capitalization
Consolidated debt		1,610,774
Adjustment to reflect pro-rata share of debt		(627,798	)
Total Debt Capitalization		982,976			29%	29%

Total Market Capitalization	$	3,391,963		³	100%	100%

__________

Reflects debt net of Core Portfolio cash of $7,923 and pro-rata share of Funds cash of $6,718 for total cash netted against debt of $14,641.

Represents 188 Series A and 136,593 Series C Preferred OP Units convertible into 25,067 and 474,278 Common OP Units, respectively, multiplied by the Common Share price at quarter end.

Market capitalization comprises (fixed-rate debt includes notional principal fixed through interest rate swap transactions):

Consolidated Income Statement

Supplemental Report – March 31, 2019

(in thousands)


	March 31, 2019 ¹
CONSOLIDATED INCOME STATEMENT	Quarter
Revenues
Rental income	$	74,003
Expense reimbursements ²		—
Other		797
Total revenues		74,800
Operating expenses
Depreciation and amortization		30,333
General and administrative		8,323
Real estate taxes		9,603
Property operating		12,347
Total operating expenses		60,606
Operating income		14,194
Equity in earnings of unconsolidated affiliates		2,271
Interest income		2,270
Interest expense		(17,859	)
Income from continuing operations before income taxes		876
Income tax benefit		46
Income from continuing operations		922
Gain on disposition of properties, net of tax		2,014
Net income		2,936
Net loss attributable to noncontrolling interests		9,261
Net income attributable to Acadia	$	12,197

Income Statement - Detail

Supplemental Report – March 31, 2019

(in thousands)


	March 31, 2019 ¹
CORE PORTFOLIO AND FUND INCOME	Quarter
PROPERTY REVENUES
Minimum rents	$	51,365
Percentage rents		196
Expense reimbursements - CAM ²		5,578
Expense reimbursements - Taxes ²		7,759
Other property income		502
Total Property Revenues		65,400

PROPERTY EXPENSES
Property operating - CAM		9,054
Other property operating (Non-CAM)		3,192
Real estate taxes		9,603
Total Property Expenses		21,849

NET OPERATING INCOME - PROPERTIES		43,551

OTHER INCOME (EXPENSE)
Interest income		2,270
Straight-line rent income		1,154
Above/below-market rent		7,965
Interest expense ³		(15,299	)
Amortization of finance costs		(1,743	)
Above/below-market interest expense		26
Asset and property management expense		(118	)
Other income/expense		101
Financing lease interest		(843	)
CORE PORTFOLIO AND FUND INCOME		37,064

FEE INCOME
Asset and property management fees		182
Promote income from funds, net		—
Transactional fees ⁴		15
Income tax benefit		46
Total Fee Income		243

General and Administrative		(8,323	)

Depreciation and amortization		(30,216	)
Non-real estate depreciation and amortization		(117	)
Gain on disposition of properties		2,014
Income before equity in earnings and noncontrolling interests		665

Equity in earnings of unconsolidated affiliates		2,271
Noncontrolling interests		9,261

NET INCOME ATTRIBUTABLE TO ACADIA	$	12,197

Income Statement – Pro Rata Adjustments

Supplemental Report – March 31, 2019

(in thousands)


	Ouarter Ended March 31, 2019
CORE PORTFOLIO AND FUND INCOME	Noncontrolling Interest in Consolidated Subsidiaries ⁵			Company’s Interest in Unconsolidated Subsidiaries ⁶
PROPERTY REVENUES
Minimum rents	$	(18,457	)	$	8,681
Percentage rents		(131	)		22
Expense reimbursements - CAM ²		(2,171	)		727
Expense reimbursements - Taxes ²		(1,794	)		1,744
Other property income		(194	)		138
Total Property Revenues		(22,747	)		11,312

PROPERTY EXPENSES
Property operating - CAM		(4,202	)		721
Other property operating (Non-CAM)		(1,418	)		93
Real estate taxes		(2,726	)		1,901
Total Property Expenses		(8,346	)		2,715
NET OPERATING INCOME - PROPERTIES		(14,401	)		8,597

OTHER INCOME (EXPENSE)
Interest income		(871	)		—
Straight-line rent income		(890	)		234
Above/below-market rent		(632	)		190
Interest expense ³		9,108			(2,509	)
Amortization of finance costs		1,248			(201	)
Above/below-market interest expense		—			21
Asset and property management expense		110			(178	)
Other income/expense		(59	)		(9	)
Financing lease interest		65			—
CORE PORTFOLIO AND FUND INCOME		(6,322	)		6,145

FEE INCOME
Asset and property management fees		4,089			91
Promote income from funds, net		—			—
Transactional fees ⁴		1,324			35
Income tax benefit (provision)		52			(6	)
Total Fee Income		5,465			120

General and Administrative		365			(34	)
Depreciation and amortization		12,180			(3,960	)
Non-real estate depreciation and amortization		—			—
Gain on disposition of properties		(1,631	)		—
Income before equity in earnings and noncontrolling interests		10,057			2,271

Equity in earnings of unconsolidated affiliates		—			—
Noncontrolling interests ⁷		(796	)		—

NET INCOME ATTRIBUTABLE TO ACADIA	$	9,261		$	2,271

Balance Sheet

Supplemental Report – March 31, 2019

(in thousands)

ASSETS	Consolidated Balance Sheet As Reported			Line Item Details:
Real estate
Land	$	705,402		The components of Real estate under development, at cost are as follows:
Buildings and improvements		2,731,961		Core	$	65,354
Construction in progress		30,413		Fund II		8,200
Right-of-use assets - finance leases ⁸		82,629		Fund III		34,197
Right-of-use assets - operating leases ⁸		11,871		Fund IV		85,564
		3,562,276		Total	$	193,315
Less: accumulated depreciation		(438,033	)
Operating real estate, net		3,124,243
Real estate under development		193,315		Summary of other assets, net:
Net investments in real estate		3,317,558		Deferred charges, net	$	28,874
Notes receivable, net		109,769		Prepaid expenses		16,116
Investments in and advances to unconsolidated affiliates		309,349		Accrued interest receivable		18,139
Lease intangibles, net		110,634		Derivative financial instruments		3,528
Other assets, net		91,572		Other receivables		5,757
Cash and cash equivalents		27,765		Deposits		6,588
Straight-line rents receivable, net		43,151		Due from seller		4,000
Rents receivable, net		16,550		Income taxes receivable		2,818
Restricted cash		12,527		Corporate assets		1,837
Total Assets	$	4,038,875		Due from related parties		1,883
				Deferred tax assets		2,032
LIABILITIES AND SHAREHOLDERS' EQUITY				Total	$	91,572
Mortgage and other notes payable, net	$	1,109,160
Unsecured notes payable, net		481,019
Unsecured line of credit		9,000		Summary of accounts payable and other liabilities:
Accounts payable and other liabilities		206,200		Lease liability - finance leases, net ⁸	$	76,993
Lease intangibles, net		86,819		Lease liability - operating leases, net ⁸		12,435
Dividends and distributions payable		24,910		Accounts payable and accrued expenses		59,451
Distributions in excess of income from, and investments in, unconsolidated affiliates		15,415		Deferred income		28,621
Total Liabilities		1,932,523		Tenant security deposits, escrow and other		11,185
Shareholders' equity				Derivative financial instruments		17,374
Common shares		83		Other		141
Additional paid-in capital		1,577,503		Total	$	206,200
Accumulated other comprehensive loss		(11,021	)
Distributions in excess of accumulated earnings		(100,634	)
Total Acadia shareholders' equity		1,465,931
Noncontrolling interests		640,421
Total Shareholders' Equity		2,106,352
Total Liabilities and Shareholders' Equity	$	4,038,875

Balance Sheet – Pro-rata Adjustments⁹

Supplemental Report – March 31, 2019

(in thousands)

ASSETS	Noncontrolling Interest in Consolidated Subsidiaries ⁵			Company’s Interest in Unconsolidated Subsidiaries ⁶
Real estate
Land	$	(180,602	)	$	89,689
Buildings and improvements		(938,246	)		357,744
Construction in progress		(20,647	)		165
Right-of-use assets - finance leases		(4,129	)		15,717
Right-of-use assets - operating leases		(2,952	)		53
		(1,146,576	)		463,368
Less: accumulated depreciation		69,559			(66,915	)
Operating real estate, net		(1,077,017	)		396,453
Real estate under development		(95,831	)		(5	)
Net investments in real estate		(1,172,848	)		396,448
Notes receivable, net		(39,866	)		—
Investments in and advances to unconsolidated affiliates		(63,535	)		(245,305	)
Lease intangibles, net		(39,422	)		11,374
Other assets, net		(11,502	)		3,156
Cash and cash equivalents		(17,336	)		4,212
Straight-line rents receivable, net		(13,618	)		5,715
Rents receivable, net		(3,977	)		3,982
Restricted cash		(8,953	)		972
Total Assets	$	(1,371,057	)	$	180,554

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	(683,575	)	$	163,367
Unsecured notes payable, net		(100,483	)		(3	)
Unsecured line of credit		—			—
Accounts payable and other liabilities		(56,846	)		21,982
Lease intangibles, net		(22,825	)		10,623
Lease liability - finance leases		—			—
Lease liability - operating leases		—			—
Dividends and distributions payable		—			—
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(15,415	)
Total Liabilities		(863,729	)		180,554
Shareholders' equity
Common shares		—			—
Additional paid-in capital		—			—
Accumulated other comprehensive loss		—			—
Distributions in excess of accumulated earnings		—			—
Total Acadia shareholders' equity		—			—
Noncontrolling interests		(507,328	)		—
Total Shareholders' Equity		(507,328	)		—
Total Liabilities and Shareholders' Equity	$	(1,371,057	)	$	180,554

Balance Sheet – Pro-rata Adjustments⁸

Supplemental Report – March 31, 2019

(in thousands)

__________

Notes to income statements, balance sheet and pro rata adjustments:

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.

Effective January 1, 2019, expense reimbursements are combined with Rental income in accordance with Accounting Standards Codification 842, Leases. For more information about the implementation of ASC 842, please refer to the Company’s current Quarterly Report on Form 10-Q.

Net of capitalized interest of $2.6 million for the quarter ended March 31, 2019.

Consists of development, construction, leasing and legal fees.

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

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.

Adjustment to noncontrolling interests exclude income allocable to Operating Partnership Units of $0.8 million for the quarter ended March 31, 2019.

Effective January 1, 2019, the Company established right-of-use assets and corresponding lease liabilities associated with its leases payable in accordance with Accounting Standards Codification 842, Leases. For more information about the implementation of ASC 842, please refer to the Company’s current Quarterly Report on Form 10-Q.

The Company currently invests in Funds II, III, IV & V and Mervyns II which are consolidated within the Company's financial statements.

Funds from Operations (“FFO”)¹

Supplemental Report – March 31, 2019

(in thousands)


	Quarter Ended			Quarter Ended
	March 31, 2019			March 31, 2018
Funds from operations ("FFO"):
Net Income	$	12,197		$	7,419
Add back:
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		21,999			21,085
Gain on disposition of depreciable properties (net of noncontrolling interest share)		(384	)		—
Income attributable to noncontrolling interests' share in Operating Partnership		930			612
FFO to Common Shareholders and Common OP Unit holders	$	34,742		$	29,116


Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	34,742		$	29,116
Straight-line rent, net		(498	)		(1,399	)
Above/(below)-market rent		(7,523	)		(2,177	)
Amortization of finance costs		696			595
Above/below-market interest		(47	)		(47	)
Non-real estate depreciation		117			111
Leasing commissions		(537	)		(212	)
Tenant improvements		(1,810	)		(1,224	)
Capital expenditures		(527	)		(957	)
AFFO to Common Shareholders and Common OP Unit holders	$	24,613		$	23,806

Total weighted average diluted shares and OP Units		87,969			89,067

Diluted FFO per Common share and OP Unit:
FFO	$	0.39		$	0.33

__________

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

Supplemental Report – March 31, 2019

(in thousands)

	Quarter Ended March 31, 2019
	Core
	Portfolio			Funds			Total
EBITDA

Net Income Attributable to Acadia	$	13,480		$	(1,283	)	$	12,197

Adjustments:
Depreciation and amortization		18,545			3,571			22,116
Interest expense		6,327			2,373			8,700
Amortization of finance costs		330			366			696
Above/below-market interest		(47	)		—			(47	)
Gain on disposition of properties		—			(384	)		(384	)
Provision (benefit) for income taxes		(107	)		15			(92	)
Noncontrolling interest - OP		796			—			796
EBITDA	$	39,324		$	4,658		$	43,982

Core Portfolio – Same Property Performance ¹

Supplemental Report – March 31, 2019

(in thousands)

	Quarter Ended						Change
	March 31, 2019			March 31, 2018			Favorable/ (Unfavorable)

Summary
Minimum rents	$	32,087		$	31,124			3.1	%
Expense reimbursements		9,699			8,242			17.7	%
Other property income		299			339			(11.8	)%

Total Revenue		42,085			39,705			6.0	%

Expenses
Property operating - CAM & Real estate taxes		10,722			9,866			(8.7	)%
Other property operating (Non-CAM)		676			489			(38.2	)%

Total Expenses		11,398			10,355			(10.1	)%

Same Property NOI - Core properties	$	30,687		$	29,350			4.6	%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		2,978			3,734
Core NOI	$	33,665		$	33,084


Other same property information
Physical Occupancy		94.2	%		94.6	%
Leased Occupancy		95.5	%		95.5	%

__________

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

Fee Income by Fund

Supplemental Report – March 31, 2019

(in thousands)

	Fund II		Fund III		Fund IV		Fund V		Other		Total
Quarter Ended March 31, 2019
Asset and property management fees	$	550	$	638	$	1,279	$	1,837	$	58	$	4,362
Transactional fees		108		308		458		490		10		1,374
Total fees	$	658	$	946	$	1,737	$	2,327	$	68	$	5,736

Structured Financing Portfolio

Supplemental Report – March 31, 2019

(in thousands)

	December 31, 2018						Quarter Ended March 31, 2019										Stated			Effective
	Principal		Accrued		Ending				Repayments /		Current		Accrued		Ending		Interest			Interest			Maturity
Investment	Balance		Interest		Balance		Advances		Conversions		Principal ¹		Interest		Balance		Rate			Rate			Dates
First mortgage notes	$	56,475	$	3,990	$	60,465	$	—	$	—	$	56,475	$	4,168	$	60,643		7.44	%		7.44	%	Apr-19 to Apr-20

Total Core notes receivable	$	56,475	$	3,990	$	60,465	$	—	$	—	$	56,475	$	4,168	$	60,643		7.44	%		7.44	%

__________


1. Reconciliation of Notes Receivable to the Consolidated Balance Sheet (Pro Rata):

Total Notes Receivable per above											$	56,475
Pro-rata share of Fund loans												13,428

Total Pro-rata Notes Receivable											$	69,903

Transactional Activity

Supplemental Report – March 31, 2019

(in thousands)

PROPERTY ACQUISTIONS AND DISPOSITIONS

Property Name	Location	Key Tenants	Date of Transaction	Transaction Amount		Ownership %			Fund Share		Acadia Share

ACQUISITIONS
Core:
51 and 53 Greene Street - Soho Portfolio	New York, NY	Frame Denim, A.L.C.	March 15, 2019 March 27, 2019	$	32,194		100.00	%	N/A		$	32,194
3104 M Street	Washington, DC		January 24, 2019		10,681		20.00	%	N/A			2,136
					42,875							34,330
Fund V:
Family Center at Riverdale	Riverdale, UT	Target	March 19, 2019		48,549		90.00	%		43,694		8,782
				$	91,424				$	43,694	$	43,112

DISPOSITIONS
Fund III:
3104 M Street	Washington, DC		January 24, 2019	$	10,500		80.00	%	$	8,400	$	2,061

Net Asset Valuation Information

Supplemental Report – March 31, 2019

(in thousands)

	CORE			FUND II ²			FUND III			FUND IV			FUND V

Ownership Percentage	N/A				28.33	%		24.54	%		23.12	%		20.10	%

Current Quarter NOI
Net Operating Income ¹	$	33,665		N/A			$	991		$	7,286		$	7,013
Less:
(Income) loss from properties sold or under contract		—		N/A				(23	)		2			—
(Income) loss from pre-stabilized assets, development and redevelopment projects ^{3, 4}		(1,413	)	N/A				(968	)		(1,060	)		—
Net Operating Income of stabilized assets	$	32,252		N/A			$	—		$	6,228		$	7,013

Costs to Date (Pro Rata)
Pre-stabilized assets ³	$	20,696		N/A			$	29,454		$	36,359		$	—
Development and redevelopment projects ⁴		176,646		N/A				7,451			25,806			—
Total Costs to Date	$	197,342		N/A			$	36,905		$	62,165		$	—

Debt (Pro Rata)	$	739,960		$	77,477		$	17,587		$	95,892		$	52,060

Finance Lease (Pro Rata)	$	92,682		$	1,535		$	—		$	—		$	—

__________

Does not include a full quarter of NOI for any assets purchased during the current quarter. See “Transactional Activity” page in this Supplemental Report for descriptions of those acquisitions.

Fund II has been substantially liquidated except for its investment in City Point with pre-stabilized assets of $527.3 million and debt of $288 million.

Pre-stabilized assets consist of the following projects for the Core Portfolio: 613-623 West Diversey; Fund III: 640 Broadway, Cortlandt Crossing and Nostrand; Fund IV: Paramus Plaza, 210 Bowery, 801 Madison, 27 E 61st Street and 1035 Third Avenue.

See “Development and Redevelopment Activity” page in this Supplemental Report.

Selected Financial Ratios

Supplemental Report – March 31, 2019

(in thousands)


	Quarter Ended March 31,							Quarter Ended
COVERAGE RATIOS ¹	2019			2018			LEVERAGE RATIOS	March 31, 2019			December 31, 2018
Fixed-Charge Coverage Ratios							Debt/Market Capitalization Ratios

EBITDA ² divided by:	$	39,324		$	34,791		Debt + Preferred Equity (Preferred O.P. Units)	$	996,593		$	975,640
Interest expense		6,327			6,321		Total Market Capitalization		3,391,963			3,029,906
Principal Amortization		989			1,101		Debt + Preferred Equity/
Preferred Dividends ³		795			135		Total Market Capitalization		29	%		32	%
Fixed-Charge Coverage Ratio - Core Portfolio		4.8	x		4.6	x

EBITDA divided by:	$	43,982		$	38,441		Debt ⁶	$	981,952		$	959,206
Interest expense		8,700			8,352		Total Market Capitalization		3,391,963			3,029,906
Principal Amortization		1,233			1,345		Net Debt + Preferred Equity/
Preferred Dividends		795			135		Total Market Capitalization		29	%		32	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds		4.1	x		3.9	x

Payout Ratios							Debt/EBITDA Ratios

Dividends declared (per share/OP Unit)	$	0.28		$	0.27		Debt	$	739,960		$	731,012
							EBITDA		140,046			143,290
Dividends (Shares) & Distributions (OP Units) declared	$	24,916		$	24,259		Debt/EBITDA - Core Portfolio		5.3	x		5.1	x
FFO		34,742			29,116
FFO Payout Ratio		72	%		83	%	Debt ⁵	$	732,037		$	718,030
							EBITDA		140,046			143,290
							Net Debt/EBITDA - Core Portfolio		5.2	x		5.0	x
Dividends (Shares) & Distributions (OP Units) declared	$	24,916		$	24,259
AFFO		24,613			23,806		Debt ⁴	$	982,976		$	963,776
AFFO Payout Ratio		101	%		102	%	EBITDA		158,678			159,672
							Debt/EBITDA - Core Portfolio and Funds		6.2	x		6.0	x

							Debt ⁶	$	968,335		$	947,342
							EBITDA		158,678			159,672
							Net Debt/EBITDA - Core Portfolio and Funds		6.1	x		5.9	x

__________

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.

See EBITDA page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia.

Represents preferred distributions on Preferred Operating partnership Units.

Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt. Excludes capital lease obligations.

Reflects debt net of the current Core Portfolio cash balance at end of period.

Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period.

Selected Financial Ratios

Supplemental Report – March 31, 2019

(in thousands)

Reconciliation of EBITDA to Adjusted EBITDA

Core EBITDA as reported	$	39,324
Less tenant recapture for quarter		(5,750	)
Adjusted Core EBITDA		33,574

Annualized Core EBITDA		134,296
Add: Annualized tenant recapture		5,750
Adjusted Annualized Core EBITDA		140,046

Funds EBITDA as reported		4,658
Less promote and other transactional income for quarter		—
Adjusted Fund EBITDA		4,658

Annualized Fund EBITDA		18,632
Add: Annualized net Promote		—
Adjusted annualized Fund EBITDA		18,632
Adjusted Annualized EBITDA Core and Funds	$	158,678

Portfolio Debt - Summary

Supplemental Report – March 31, 2019

(in thousands)

	Acadia Pro-Rata Share of Debt ²
	Core Portfolio							Funds							Total										Reconciliation to Consolidated Debt as Reported
Unsecured Debt	Principal Balance		Interest Rate			WA Years to Maturity ⁶		Principal Balance		Interest Rate			WA Years to Maturity ⁶		Principal Balance		%			Interest Rate			WA Years to Maturity ⁶		Add: Noncontrolling Interest Share of Debt ³		Less: Pro-rata Share of Unconsolidated Debt ⁴			Acadia Consolidated Debt as Reported
Fixed-Rate Debt ¹	$	359,000		3.3	%		4.0	$	—		—			—	$	359,000		37	%		3.3	%		4.0	$	—	$	—		$	359,000
Variable-Rate Debt ⁵		—		—			—		30,942		4.5	%		0.5		30,942		3	%		4.5	%		0.5		100,483		—			131,425
																		40	%
Mortgage and Other Notes Payable

Fixed-Rate Debt ¹		348,022		4.2	%		7.2		116,257		5.0	%		2.3		464,279		47	%		4.4	%		6.0		381,134		(121,094	)		724,319
Variable-Rate Debt ⁵		32,938		4.2	%		4.4		95,817		3.8	%		1.5		128,755		13	%		3.9	%		2.2		310,413		(43,138	)		396,030
																		60	%

Total	$	739,960		3.8	%		5.5	$	243,016		4.5	%		1.7	$	982,976		100	%		3.9	%		4.6	$	792,030	$	(164,232	)		1,610,774

Unamortized premium																															728
Net unamortized loan costs																															(12,323	)
Total																														$	1,599,179

_________

Fixed-rate debt includes notional principal fixed through swap transactions.

Represents the Company's pro-rata share of debt based on its percent ownership.

Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.

Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.

Variable rate debt includes certain borrowings that are subject to interest rate cap agreements.

Based on debt maturity date without regard to swap expirations or available extension options.

Portfolio Debt - Detail

Supplemental Report – March 31, 2019

(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		March 31, 2019			Percent			Amount			Rate	Maturity	Options

CORE PORTFOLIO

Fixed-Rate Debt
Brandywine ²		$	26,250			22.22	%	$	5,833		6.00%	07/01/16	None
163 Highland Avenue			8,787			100.00	%		8,787		4.66%	02/01/24	None
Crossroads Shopping Center			65,888			49.00	%		32,285		3.94%	10/06/24	None
555 9th Street			60,000			100.00	%		60,000		3.99%	01/01/25	None
840 N. Michigan			73,500			88.43	%		64,996		4.36%	02/10/25	None
Georgetown Portfolio (2008 Investment)			16,440			50.00	%		8,220		4.72%	12/10/27	None
State & Washington			24,302			100.00	%		24,302		4.40%	09/05/28	None
239 Greenwich Avenue			26,917			75.00	%		20,188		3.88%	01/10/29	None
North & Kingsbury			12,459			100.00	%		12,459		4.01%	11/05/29	None
151 North State Street			13,806			100.00	%		13,806		4.03%	12/01/29	None
Concord & Milwaukee			2,708			100.00	%		2,708		4.40%	06/01/30	None
California & Armitage			2,551			100.00	%		2,551		5.89%	04/15/35	None
Unsecured interest rate swaps ¹			359,000			100.00	%		359,000		3.32%	4 YRS
Secured interest rate swaps¹			102,135			89.97	%		91,887		4.10%	7.1 YRS

Sub-Total Fixed-Rate Debt			794,743						707,022		3.75%

Secured Variable-Rate Debt
3104 M Street^4,6			4,688			20.00	%		938		Prime+50	12/10/21	None
28 Jericho Turnpike			13,793			100.00	%		13,793		LIBOR+190	01/23/23	None
60 Orange Street			7,200			98.00	%		7,056		LIBOR+175	04/03/23	None
Gotham Plaza			19,811			49.00	%		9,707		LIBOR+160	06/10/23	None
Georgetown Portfolio (2016 Investment)			160,000			20.00	%		32,000		LIBOR+170	08/01/23	None
330-340 River Street			11,331			100.00	%		11,331		LIBOR+170	06/01/26	None
Sullivan Center			50,000			100.00	%		50,000		LIBOR+150	11/16/28	None
Secured interest rate swaps ¹			(102,135	)		89.97	%		(91,887	)	LIBOR+161	7.1 YRS

Unsecured Variable-Rate Debt
Unsecured Line of Credit ³			9,000			100.00	%		9,000		LIBOR+135	03/31/22	2 x 6 mos.
Unsecured Term Loan			350,000			100.00	%		350,000		LIBOR+125	03/31/23	None
Unsecured interest rate swaps ¹			(359,000	)		100.00	%		(359,000	)	LIBOR+83	4 YRS

Sub-Total Variable-Rate Debt			164,688						32,938		LIBOR+175

Total Debt - Core Portfolio		$	959,431					$	739,960		3.77%

Funds
Fixed-Rate Debt
CityPoint⁴	Fund II		200,000			26.67	%		53,340		4.75%	05/29/20	None
1964 Union Street⁴	Fund IV		1,463			20.80	%		304		3.80%	10/01/25	None
2207 Fillmore Street ⁴	Fund IV		1,120			20.80	%		233		4.50%	10/31/25	None
2208-2216 Fillmore Street⁴	Fund IV		5,606			20.80	%		1,166		3.40%	06/01/26	None
CityPoint ^4,5	Fund II		5,262			26.67	%		1,403		1.00%	08/23/42	None
Interest rate swaps¹	Funds II, IV & V		366,408			22.09	%		80,956		4.01%	1.2 YRS
Sub-Total Fixed-Rate Debt			579,859						137,402		4.26%

Variable-Rate Debt
Paramus Plaza ⁴	Fund IV		17,510			11.56	%		2,024		LIBOR+170	05/21/19	None
230/240 W. Broughton	Fund IV		9,423			11.56	%		1,089		LIBOR+300	05/01/19	None
146 Geary Street	Fund IV		27,700			23.12	%		6,404		LIBOR+340	07/14/19	2 x 12 mos.

Portfolio Debt - Detail

Supplemental Report –

(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		March 31, 2019			Percent			Amount			Rate	Maturity	Options

938 W. North Avenue	Fund IV		14,100			23.12	%		3,260		LIBOR+265	09/01/19	1 x 12 mos.
Acadia Strategic Opportunity IV LLC	Fund IV		40,825			23.12	%		9,439		LIBOR+275	10/31/19	None
Broughton Street Portfolio	Fund IV		19,773			23.12	%		4,572		LIBOR+300	11/08/19	1 x 12 mos.
717 N. Michigan Avenue	Fund IV		66,617			23.12	%		15,402		LIBOR+395	12/09/19	2 x 12 mos.
Acadia Strategic Opportunity IV LLC	Fund IV		—			23.12	%		—		LIBOR+165	12/31/19	None
640 Broadway ⁴	Fund III		49,470			15.49	%		7,663		LIBOR+465	01/09/20	2 x 12 mos.
Wake Forest Crossing	Fund IV		23,616			23.12	%		5,460		LIBOR+160	02/14/20	2 x 12 mos.
Lincoln Place	Fund IV		23,100			23.12	%		5,341		LIBOR+185	03/13/20	None
650 Bald Hill Road	Fund IV		16,624			20.81	%		3,459		LIBOR+265	04/27/20	None
Acadia Strategic Opportunity Fund V LLC	Fund V		50,600			20.10	%		10,171		LIBOR+160	05/04/20	None
Eden Square ⁴	Fund IV		24,813			22.78	%		5,652		LIBOR+215	06/01/20	1 x 12 mos.
17 E. 71st Street	Fund IV		19,013			23.12	%		4,396		LIBOR+190	06/09/20	None
Cortlandt Crossing	Fund III		30,471			24.54	%		7,478		Prime+300	06/19/20	None
Nostrand Avenue	Fund III		9,967			24.54	%		2,446		LIBOR+265	07/01/20	1 x 12 mos.
Acadia Strategic Opportunity Fund II, LLC	Fund II		40,000			28.33	%		11,332		LIBOR+165	09/20/20	2 x 12 mos.
Hickory Ridge	Fund V		28,613			20.10	%		5,751		LIBOR+225	10/05/20	None
Santa Fe Plaza	Fund V		22,893			20.10	%		4,601		LIBOR+215	01/24/21	2 x 12 mos.
1035 Third Avenue	Fund IV		36,656			23.12	%		8,475		LIBOR+235	01/27/21	None
New Towne Center	Fund V		16,900			20.10	%		3,397		LIBOR+220	02/01/21	2 x 12 mos.
Fairlane Green	Fund V		40,300			20.10	%		8,100		LIBOR+190	06/05/21	2 x 12 mos.
Trussville Promenade	Fund V		29,370			20.10	%		5,903		LIBOR+185	06/15/21	2 x 12 mos.
Restaurants at Fort Point	Fund IV		6,145			23.12	%		1,421		LIBOR+235	08/25/21	None
CityPoint⁴	Fund II		19,264			26.67	%		5,138		LIBOR+139	11/01/21	None
Promenade at Manassas⁴	Fund IV		25,840			22.78	%		5,886		LIBOR+175	12/05/21	2 x 12 mos.
Airport Mall	Fund IV		5,440			23.12	%		1,258		LIBOR+200	04/01/22	None
Colonie Plaza	Fund IV		11,890			23.12	%		2,749		LIBOR+225	04/01/22	None
Dauphin Plaza	Fund IV		9,955			23.12	%		2,302		LIBOR+200	04/01/22	None
JFK Plaza	Fund IV		4,352			23.12	%		1,006		LIBOR+200	04/01/22	None
Shaw's Plaza (Waterville)	Fund IV		7,788			23.12	%		1,801		LIBOR+200	04/01/22	None
Wells Plaza	Fund IV		3,264			23.12	%		755		LIBOR+200	04/01/22	None
CityPoint Phase 3	Fund II		23,486			26.67	%		6,264		LIBOR+300	04/01/22	2 x 12 mos.
Dauphin Plaza	Fund IV		3,000			23.12	%		694		LIBOR+220	04/01/22	None
Shaw's Plaza (Windham)	Fund IV		5,811			23.12	%		1,344		LIBOR+200	12/01/22	None
Elk Grove Commons	Fund V		41,500			20.10	%		8,342		LIBOR+150	01/01/23	1 x 12 mos.
Hiram Pavilion	Fund V		28,830			20.10	%		5,795		LIBOR+190	03/05/24	None
Interest rate swaps ¹	Funds II, IV & V		(366,408	)		22.09	%		(80,956	)	LIBOR+157	1.2 YRS
Sub-Total Variable-Rate Debt			488,511						105,614		LIBOR+229
Total Debt - Funds		$	1,068,370					$	243,016		4.49%
Total Debt - Core Portfolio and Funds		$	2,027,801					$	982,976		3.95%

_________

The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements. Maturity reflects the weighted-average years to maturity of the swapped loans without regard to the expiration of the related swap agreements. Fund interest rate swaps include $90.5 million of Core swaps which are not designated to specific debt instruments.

This loan is in default as of March 31, 2019 and is accruing interest for accounting purposes at the default rate of 11%.

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.

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

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

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

Future Debt Maturities ¹

Supplemental Report – March 31, 2019

(in thousands)

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

2019 (Remainder)	$	3,924	$	26,250	$	30,174	$	3,026	$	5,833	$	8,859	6.00%	6.00%	n/a
2020		5,432		—		5,432		4,188		—		4,188	n/a	n/a	n/a
2021		5,673		4,688		10,361		4,372		938		5,310	6.00%	n/a	6.00%
2022		5,892		9,000		14,892		4,539		9,000		13,539	3.84%	n/a	3.84%
2023		5,017		545,292		550,309		3,816		408,227		412,043	3.81%	n/a	3.81%
Thereafter		18,559		329,704		348,263		16,208		279,813		296,021	4.14%	4.17%	4.02%
Total	$	44,497	$	914,934	$	959,431	$	36,149	$	703,811	$	739,960


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

2019 (Remainder)	$	2,546	$	195,813	$	198,359	$	585	$	42,174	$	42,759	5.61%	5.61%	n/a
2020		2,961		514,986		517,947		689		122,181		122,870	4.79%	4.75%	4.82%
2021		1,765		195,047		196,812		414		42,372		42,786	4.46%	n/a	4.46%
2022		1,510		71,057		72,567		317		17,262		17,579	4.89%	n/a	4.89%
2023		677		40,947		41,624		136		8,230		8,366	3.99%	n/a	3.99%
Thereafter		27,610		13,451		41,061		5,550		3,106		8,656	2.44%	2.44%	n/a
Total	$	37,069	$	1,031,301	$	1,068,370	$	7,691	$	235,325	$	243,016

__________

Does not include any applicable extension options or subsequent refinancings.

Core Portfolio Retail Properties - Detail

Supplemental Report – March 31, 2019

(in thousands)

			Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants		Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF

STREET AND URBAN RETAIL
Chicago Metro
664 N. Michigan Avenue	Tommy Bahama, Ann Taylor Loft		2013		100.0	%		18,141		—		—		18,141		100.0	%		—	%		—	%		100.0	%		100.0	%	$	4,745,661	$	261.60
840 N. Michigan Avenue	H & M, Verizon Wireless		2014		88.4	%		87,135		—		—		87,135		100.0	%		—	%		—	%		100.0	%		100.0	%		7,804,275		89.57
Rush and Walton Streets Collection (5 properties)	Lululemon, BHLDN, Marc Jacobs		2011/12		100.0	%		32,501		—		—		32,501		85.3	%		—	%		—	%		85.3	%		85.3	%		6,042,546		217.96
651-671 West Diversey	Trader Joe's, Urban Outfitters		2011		100.0	%		46,259		—		—		46,259		100.0	%		—	%		—	%		100.0	%		100.0	%		2,037,056		44.04
Clark Street and W. Diversey Collection (3 properties)	Ann Taylor, Starbucks		2011/12		100.0	%		23,531		—		—		23,531		50.1	%		—	%		—	%		50.1	%		50.1	%		690,030		58.47
Halsted and Armitage Collection (9 properties)	Serena and Lily, Bonobos, Warby Parker, Allbirds		2011/12		100.0	%		45,123		—		—		45,123		91.1	%		—	%		—	%		91.1	%		96.7	%		1,678,714		40.82
North Lincoln Park Chicago Collection (6 properties)	Forever 21, Champion, Carhartt		2011/14		100.0	%		22,125		—		27,794		49,919		100.0	%		—	%		52.4	%		73.5	%		73.5	%		1,586,575		43.23
State and Washington	Nordstrom Rack		2016		100.0	%		78,819		—		—		78,819		64.7	%		—	%		—	%		64.7	%		100.0	%		2,409,875		47.23
151 N. State Street	Walgreens		2016		100.0	%		27,385		—		—		27,385		100.0	%		—	%		—	%		100.0	%		100.0	%		1,430,000		52.22
North and Kingsbury	Old Navy, Pier 1 Imports		2016		100.0	%		41,700		—		—		41,700		100.0	%		—	%		—	%		100.0	%		100.0	%		1,649,906		39.57
Concord and Milwaukee		—	2016		100.0	%		13,105		—		—		13,105		86.3	%		—	%		—	%		86.3	%		86.3	%		363,512		32.15
California and Armitage		—	2016		100.0	%		—		—		18,275		18,275		—	%		—	%		70.6	%		70.6	%		70.6	%		617,415		47.89
Roosevelt Galleria	Petco, Vitamin Shoppe		2015		100.0	%		—		—		37,995		37,995		—	%		—	%		47.7	%		47.7	%		47.7	%		581,139		32.06
Sullivan Center	Target, DSW		2016		100.0	%		176,181		—		—		176,181		97.7	%		—	%		—	%		97.7	%		100.0	%		6,619,195		38.45
								612,005		—		84,064		696,069		91.2	%		—	%		54.2	%		86.7	%		91.6	%		38,255,899		63.40
New York Metro
Soho Collection (6 properties)	Paper Source, Faherty, 3x1 Jeans, Frame, ALC		2011 2014 2019		100.0	%		18,279		—		—		18,279		88.0	%		—	%		—	%		88.0	%		88.0	%		5,006,715		311.32
5-7 East 17th Street	Union Park Events		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	%		5,777		—		—		5,777		77.8	%		—	%		—	%		77.8	%		77.8	%		1,979,266		440.15
61 Main Street		—	2014		100.0	%		3,400		—		—		3,400		—	%		—	%		—	%		—	%		—	%		—		—
181 Main Street	TD Bank		2012		100.0	%		11,350		—		—		11,350		100.0	%		—	%		—	%		100.0	%		100.0	%		968,387		85.32
4401 White Plains Road	Walgreens		2011		100.0	%		—		12,964		—		12,964		—	%		100.0	%		—	%		100.0	%		100.0	%		625,000		48.21
Bartow Avenue		—	2005		100.0	%		—		—		14,590		14,590		—	%		—	%		66.6	%		66.6	%		66.6	%		306,073		31.48

Core Portfolio Retail Properties – Detail ¹

Supplemental Report –

		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF

239 Greenwich Avenue	Betteridge Jewelers	1998		75.0	%		16,553		—		—		16,553		100.0	%		—	%		—	%		100.0	%		100.0	%		1,593,328		96.26
252-256 Greenwich Avenue	Madewell, Jack Wills, Blue Mercury	2014		100.0	%		7,986		—		—		7,986		100.0	%		—	%		—	%		100.0	%		100.0	%		1,350,370		169.09
2914 Third Avenue	Planet Fitness	2006		100.0	%		—		21,650		18,670		40,320		—	%		100.0	%		100.0	%		100.0	%		100.0	%		963,001		23.88
868 Broadway	Dr. Martens	2013		100.0	%		2,031		—		—		2,031		100.0	%		—	%		—	%		100.0	%		100.0	%		767,674		377.98
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	2013		100.0	%		13,838		—		—		13,838		79.8	%		—	%		—	%		79.8	%		79.8	%		1,958,398		177.41
2520 Flatbush Avenue	Bob's Disc. Furniture, Capital One	2014		100.0	%		—		—		29,114		29,114		—	%		—	%		100.0	%		100.0	%		100.0	%		1,158,573		39.79
991 Madison Avenue	Vera Wang, Gabriella Hearst	2016		100.0	%		7,513		—		—		7,513		85.6	%		—	%		—	%		85.6	%		85.6	%		2,188,289		340.17
Shops at Grand	Stop & Shop (Ahold)	2014		100.0	%		—		52,336		47,349		99,685		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,330,241		33.41
Gotham Plaza	Bank of America, Footlocker	2016		49.0	%		—		—		25,927		25,927		—	%		—	%		46.9	%		46.9	%		58.6	%		777,311		63.94
							104,794		86,950		135,650		327,394		89.7	%		100.0	%		86.3	%		91.0	%		91.9	%		24,751,800		83.06
San Francisco Metro
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	%		6,217,577		41.78
							—		119,862		28,970		148,832		—	%		100.0	%		100.0	%		100.0	%		100.0	%		6,217,577		41.78
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	Ruth Chris Steak- house, TD Bank	2012		100.0	%		20,669		—		—		20,669		100.0	%		—	%		—	%		100.0	%		100.0	%		1,308,137		63.29
Rhode Island Place Shopping Center	Ross Dress for Less	2012		100.0	%		—		25,134		32,533		57,667		—	%		100.0	%		88.4	%		93.4	%		100.0	%		1,696,305		31.48
M Street and Wisconsin Corridor (26 Properties)³	Lululemon, Sephora, The Reformation	2011 2016 2019		25.2	%		245,244		—		—		245,244		96.3	%		—	%		—	%		96.3	%		96.3	%		16,934,170		71.73
							265,913		25,134		32,533		323,580		96.6	%		100.0	%		88.4	%		96.0	%		97.2	%		19,938,612		64.19
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	%		1,243,517		22.93
165 Newbury Street	Starbucks	2016		100.0	%		1,050		—		—		1,050		100.0	%		—	%		—	%		100.0	%		100.0	%		269,630		256.79
							1,050		40,800		13,426		55,276		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1,513,147		27.37

Total Street and Urban Retail							983,762		272,746		294,643		1,551,151		92.5	%		100.0	%		79.3	%		91.3	%		94.0	%	$	90,677,035	$	64.03

Acadia Share Total Street and Urban Retail							785,972		272,746		281,420		1,340,139		91.5	%		100.0	%		80.9	%		91.0	%		94.0	%	$	74,978,325	$	61.48

Core Portfolio Retail Properties – Detail ¹

Supplemental Report –

			Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants		Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF

SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Acme		1998		100.0	%		—		62,610		81,300		143,910		—	%		100.0	%		74.8	%		85.7	%		88.7	%		3,544,985	$	28.73
Marketplace of Absecon	Rite Aid, Dollar Tree		1998		100.0	%		—		46,724		57,832		104,556		—	%		100.0	%		67.7	%		82.1	%		84.1	%		1,349,393		15.71
60 Orange Street	Home Depot		2012		98.0	%		—		101,715		—		101,715		—	%		100.0	%		—	%		100.0	%		100.0	%		730,000		7.18

New York
Village Commons Shopping Center		—	1998		100.0	%		—		—		87,128		87,128		—	%		—	%		93.6	%		93.6	%		98.1	%		2,677,423		32.82
Branch Plaza	LA Fitness, The Fresh Market		1998		100.0	%		—		76,264		47,081		123,345		—	%		100.0	%		78.0	%		91.6	%		93.6	%		3,052,105		27.01
Amboy Center	Stop & Shop (Ahold)		2005		100.0	%		—		37,266		26,024		63,290		—	%		100.0	%		62.7	%		84.7	%		84.7	%		1,780,130		33.22
Pacesetter Park Shopping Center	Stop & Shop (Ahold)		1999		100.0	%		—		52,052		45,754		97,806		—	%		100.0	%		85.5	%		93.2	%		95.3	%		1,254,104		13.76
LA Fitness	LA Fitness		2007		100.0	%		—		55,000		—		55,000		—	%		100.0	%		—	%		100.0	%		100.0	%		1,485,287		27.01
Crossroads Shopping Center	HomeGoods,Pet- Smart, Kmart		1998		49.0	%		—		202,727		109,177		311,904		—	%		100.0	%		82.7	%		93.9	%		93.9	%		7,138,807		24.36
New Loudon Center	Price Chopper, Marshalls		1993		100.0	%		—		251,058		4,615		255,673		—	%		100.0	%		100.0	%		100.0	%		100.0	%		2,173,780		8.50
28 Jericho Turnpike	Kohl's		2012		100.0	%		—		96,363		—		96,363		—	%		100.0	%		—	%		100.0	%		100.0	%		1,815,000		18.84
Bedford Green	Shop Rite, CVS		2014		100.0	%		—		37,981		52,608		90,589		—	%		100.0	%		70.7	%		83.0	%		83.0	%		2,458,139		32.70

Connecticut
Town Line Plaza ⁴	Wal-Mart, Stop & Shop (Ahold)		1998		100.0	%		—		163,159		43,187		206,346		—	%		100.0	%		93.6	%		98.7	%		98.7	%		1,788,091		16.62

Massachusetts
Methuen Shopping Center	Wal-Mart, Market Basket		1998		100.0	%		—		120,004		10,017		130,021		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,360,858		10.47
Crescent Plaza	Home Depot, Shaw's (Supervalu)		1993		100.0	%		—		156,985		61,163		218,148		—	%		100.0	%		67.7	%		90.9	%		90.9	%		1,900,871		9.58
201 Needham Street	Michael's		2014		100.0	%		—		20,409		—		20,409		—	%		100.0	%		—	%		100.0	%		100.0	%		646,965		31.70
163 Highland Avenue	Staples, Petco		2015		100.0	%		—		40,505		—		40,505		—	%		100.0	%		—	%		100.0	%		100.0	%		1,311,747		32.38

Vermont
The Gateway Shopping Center	Shaw's (Supervalu)		1999		100.0	%		—		73,184		28,471		101,655		—	%		100.0	%		93.7	%		98.2	%		98.2	%		2,133,421		21.36

Illinois
Hobson West Plaza	Garden Fresh Markets		1998		100.0	%		—		51,692		47,445		99,137		—	%		100.0	%		70.4	%		85.8	%		85.8	%		896,262		10.53

Core Portfolio Retail Properties – Detail ¹

Supplemental Report –

			Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants		Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF

Indiana
Merrillville Plaza	Jo-Ann Fabrics, TJ Maxx		1998		100.0	%		—		123,220		112,867		236,087		—	%		100.0	%		88.1	%		94.3	%		94.3	%		3,353,621		15.06

Michigan
Bloomfield Town Square	Best Buy, HomeGoods, TJ Maxx		1998		100.0	%		—		153,839		81,183		235,022		—	%		100.0	%		85.4	%		94.9	%		94.9	%		3,630,131		16.27

Delaware
Town Center and Other (2 properties)	Lowes, Bed Bath & Beyond, Target		2003		65.1	%		—		748,210		51,808		800,018		—	%		91.6	%		85.7	%		91.3	%		91.3	%		12,642,074		17.32
Market Square Shopping Center	Trader Joe's, TJ Maxx		2003		100.0	%		—		42,850		59,197		102,047		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,107,835		30.45
Naamans Road		—	2006		100.0	%		—		—		19,850		19,850		—	%		—	%		30.1	%		30.1	%		30.1	%		433,785		72.60

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	%		894,880		5.73
Chestnut Hill		—	2006		100.0	%		—		—		37,646		37,646		—	%		—	%		100.0	%		100.0	%		100.0	%		982,394		26.10
Abington Towne Center ⁵	Target, TJ Maxx		1998		100.0	%		—		184,616		32,300		216,916		—	%		100.0	%		53.0	%		93.0	%		99.1	%		842,398		15.28

Total Suburban Properties								—		3,143,357		1,114,864		4,258,221		—	%		98.0	%		81.5	%		93.7	%		94.4	%		65,628,765	$	17.50

Acadia Share Total Suburban Properties								—		2,813,822		1,034,359		3,848,181		—	%		98.8	%		81.4	%		94.1	%		94.9	%	$	58,324,665	$	17.24

TOTAL CORE PROPERTIES								983,762		3,416,103		1,409,507		5,809,372		92.5	%		98.2	%		81.1	%		93.1	%		94.2	%		156,305,800	$	30.24

Acadia Share Total Core Properties								785,972		3,086,568		1,315,779		5,188,320		91.5	%		98.9	%		81.3	%		93.3	%		94.6	%	$	134,933,423	$	29.31

__________

Excludes properties under development, redevelopment and pre-stabilized, see “Development and Redevelopment Activity” page of this Supplemental Report. 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.

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.

Excludes 94,000 of office GLA.

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.

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 ¹

Supplemental Report – March 31, 2019

(Pro Rata Basis)

	Number of		Combined				Percentage of Total
Tenant	Stores		GLA		ABR		GLA			ABR

Target		3		390,416	$	7,809,968		7.5	%		5.8	%
Royal Ahold ²		4		207,513		3,744,728		4.0	%		2.8	%
Nordstrom, Inc.		2		88,982		3,515,492		1.7	%		2.6	%
Albertsons Companies³		3		171,182		3,377,140		3.3	%		2.5	%
Walgreens		4		68,556		3,321,875		1.3	%		2.5	%
Bed, Bath, and Beyond ⁴		3		122,466		3,147,405		2.4	%		2.3	%
TJX Companies⁵		8		229,043		2,631,830		4.4	%		2.0	%
Ascena Retail Group⁶		5		23,233		2,598,700		0.4	%		1.9	%
LA Fitness International LLC		2		100,000		2,524,787		1.9	%		1.9	%
Lululemon		2		7,533		2,333,647		0.1	%		1.7	%
Trader Joe's		3		41,432		2,255,989		0.8	%		1.7	%
Home Depot		3		312,718		1,964,443		6.0	%		1.5	%
Gap ⁷		3		39,717		1,874,439		0.8	%		1.4	%
Bob's Discount Furniture		2		57,969		1,629,028		1.1	%		1.2	%
Tapestry ⁸		2		4,250		1,543,129		0.1	%		1.1	%
JP Morgan Chase		7		28,715		1,452,804		0.6	%		1.1	%
Ulta Salon Cosmetic & Fragrance		3		31,497		1,424,318		0.6	%		1.1	%
DSW		2		35,842		1,351,836		0.7	%		1.0	%
Dick's Sporting Goods, Inc		2		86,415		1,321,634		1.7	%		1.0	%
Citibank		4		16,160		1,271,260		0.4	%		0.9	%
TOTAL		67		2,063,639	$	51,094,452		39.8	%		37.9	%

__________

Does not include tenants that operate at only one Acadia Core location

Stop and Shop (4 locations)

Shaw’s (2 locations), Acme (1 location)

Bed Bath and Beyond (2 locations), Christmas Tree Shops (1 location)

TJ Maxx (5 locations), Marshalls (1 location), HomeGoods (2 locations)

Ann Taylor Loft (2 locations), Catherine’s (1 location), Dress Barn (1 location), Lane Bryant (1 location)

Old Navy (2 locations), Banana Republic (1 location)

Kate Spade (2 locations)

Core Portfolio – Lease Expirations

Supplemental Report – March 31, 2019

(Pro Rata Basis)

	Street Tenants												Anchor Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M ¹		1		1,300		0.2	%	$	27.69		0.1	%		—		—		—	%	$	—		—	%
2019		6		8,860		1.2	%		184.37		2.8	%		2		152,729		5.5	%		10.48		3.7	%
2020		11		29,337		4.1	%		133.95		6.7	%		5		273,380		9.8	%		16.01		10.2	%
2021		24		96,624		13.4	%		53.37		8.7	%		13		545,056		19.5	%		14.60		18.6	%
2022		11		54,337		7.6	%		85.96		7.9	%		5		187,442		6.7	%		16.79		7.4	%
2023		15		127,884		17.8	%		69.24		15.0	%		9		403,062		14.4	%		18.35		17.3	%
2024		12		76,031		10.6	%		76.30		9.8	%		11		365,205		13.1	%		14.65		12.5	%
2025		12		43,342		6.0	%		141.83		10.4	%		6		152,211		5.4	%		18.33		6.5	%
2026		13		27,520		3.8	%		117.28		5.5	%		3		72,216		2.6	%		13.07		2.2	%
2027		6		17,231		2.4	%		81.60		2.4	%		2		66,650		2.4	%		23.33		3.6	%
2028		11		147,458		20.5	%		60.92		15.2	%		7		409,288		14.6	%		12.93		12.4	%
Thereafter		14		89,303		12.4	%		102.98		15.5	%		4		170,633		6.0	%		13.58		5.6	%
Total		136		719,227		100.0	%	$	82.09		100.0	%		67		2,797,872		100.0	%	$	15.26		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant				66,745												33,780
Total Square Feet				785,972												3,086,568

	Shop Tenants												Total Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M ¹		5		13,146		1.2	%	$	25.61		1.0	%		6		14,446		0.3	%	$	25.80		0.3	%
2019		14		23,056		2.2	%		33.11		2.3	%		22		184,645		4.0	%		21.65		3.0	%
2020		37		115,243		10.8	%		24.41		8.5	%		53		417,960		9.1	%		26.60		8.2	%
2021		44		169,408		15.8	%		24.30		12.4	%		81		811,088		17.7	%		21.24		12.8	%
2022		40		132,380		12.4	%		33.13		13.2	%		56		374,159		8.2	%		32.62		9.0	%
2023		36		135,959		12.7	%		30.30		12.4	%		60		666,905		14.5	%		30.54		15.1	%
2024		33		137,731		12.9	%		28.83		12.0	%		56		578,967		12.6	%		26.12		11.2	%
2025		18		49,108		4.6	%		31.64		4.7	%		36		244,661		5.3	%		42.88		7.8	%
2026		14		64,136		6.0	%		32.16		6.2	%		30		163,872		3.6	%		38.04		4.6	%
2027		16		75,921		7.1	%		30.07		6.9	%		24		159,802		3.5	%		32.82		3.9	%
2028		23		104,485		9.8	%		37.55		11.8	%		41		661,231		14.4	%		27.52		13.5	%
Thereafter		14		49,124		4.5	%		57.77		8.6	%		32		309,060		6.8	%		46.44		10.6	%
Total		294		1,069,697		100.0	%	$	31.00		100.0	%		497		4,586,796		100.0	%	$	29.31		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant				246,082												346,608
Total Square Feet				1,315,779												5,188,320

_________

Leases currently under month to month or in process of renewal

Core Portfolio – New and Renewal Rent Spreads ¹

Supplemental Report – March 31, 2019

	Quarter Ended
		March 31, 2019
		GAAP ²			Cash ³
New Leases
Number of new leases executed			2			2
GLA			4,299			4,299
New base rent		$	58.64		$	55.99
Previous base rent		$	46.22		$	51.71
Average cost per square foot		$	68.49		$	68.49
Weighted Average Lease Term (years)			8.7			8.7
Percentage growth in base rent			26.9	%		8.3	%

Renewal Leases
Number of renewal leases executed			6			6
GLA			118,172			118,172
New base rent		$	4.49		$	4.47
Expiring base rent		$	4.39		$	4.43
Average cost per square foot		$	—		$	—
Weighted Average Lease Term (years)			4.8			4.8
Percentage growth in base rent			2.3	%		0.9	%

Total New and Renewal Leases
Number of new and renewal leases executed			8			8
GLA commencing			122,471			122,471
New base rent		$	6.39		$	6.28
Expiring base rent		$	5.86		$	6.09
Average cost per square foot		$	2.40		$	2.40
Weighted Average Lease Term (years)			5.0			5.0
Percentage growth in base rent			9.1	%		3.1	%

__________

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.

Rents are calculated on a straight-line ("GAAP") basis and do not incorporate above- or below-market lease adjustments.

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.

Core Portfolio – Capital Expenditures

Supplemental Report – March 31, 2019


	Year to Date
	March 31, 2019		December 31, 2018
Leasing Commissions	$	537	$	1,877
Tenant Improvements		1,810		10,076
Maintenance Capital Expenditures		527		3,154
Total Capital Expenditures	$	2,874	$	15,107

Fund Overview

Supplemental Report – March 31, 2019

I. KEY METRICS	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 ¹			37.8	%			42.7	%			39.6	%			38.5	%			36.1	%			38.8	%
Preferred Return			9.0	%			8.0	%			6.0	%			6.0	%			6.0	%		6.4		%

Current-Quarter, Fund-Level Information:
Cumulative Contributions ²	$		86.6	Million	$		347.1	Million	$		426.3	Million	$		425.4	Million	$		118.3	Million	$		1,403.8	Million
Cumulative Net Distributions ³	$		195.4	Million	$		146.6	Million	$		554.8	Million	$		147.4	Million	$		-	Million	$		1,044.2	Million
Net Distributions/Contributions			225.6	%			42.2	%			130.1	%			34.7	%		N/A					74.4	%
Unfunded Commitment ⁴	$		0.0	Million	$		15.0	Million	$		23.7	Million	$		104.6	Million	$		401.7	Million	$		544.9	Million
Acquisition Dry Powder ⁵		N/A				N/A				N/A				N/A			$		287.0	Million	$		287.0	Million
Investment Period Closes ⁶		Closed				Closed				Closed				Closed				Aug-2019
Currently in a Promote Position? (Yes/No)		No				No				No				No				No

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA

Type:		Applicable to				Description
Asset Management ⁷		Fund I, II & III				1.5% of Implied Capital
Asset Management ⁷		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

__________

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 re-contributed to the Fund during 2016 to fund the on-going redevelopment of existing Fund II investments.

Net of fees and promote. Fund I has made its final distribution and was fully liquidated in 2018.

Unfunded Commitments are set aside to complete leasing and development at existing fund investments and to make new Fund V investments. The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales. With regard to Fund II, the Unfunded Commitment reflects a prior-period distribution that is subject to recontribution to the Fund until April 2021.

Unfunded Commitments available to deploy into new unidentified investments.

With regard to Fund V’s investment period, Acadia has two one-year extension options, at its discretion, through August 2021.

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 Portfolio Retail Properties – Detail ¹

Supplemental Report – March 31, 2019

		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF

Fund II Portfolio Detail

NEW YORK
New York
City Point - Phase I and II	Century 21, Target, Alamo Drafthouse	2007		94.2	%		—		290,450		184,550		475,000		—	%		91.5	%		21.1	%		64.2	%		78.2	%	$	8,585,429	$	28.17

Total - Fund II							—		290,450		184,550		475,000		—	%		91.5	%		21.1	%		64.2	%		78.2	%	$	8,585,429	$	28.17

Fund III Portfolio Detail

NEW YORK
New York
654 Broadway	─	2011		100.0	%		2,896		—		—		2,896		—	%		—	%		—	%		—	%		100.0	%	$	—	$	—
640 Broadway	Swatch	2012		63.1	%		4,637		—		—		4,637		53.2	%		—	%		—	%		53.2	%		53.2	%		709,386		287.46
Cortlandt Crossing	ShopRite, HomeSense	2012		100.0	%		—		67,868		58,296		126,164		—	%		100.0	%		42.9	%		73.6	%		76.9	%		2,390,469		25.74
Nostrand Avenue	─	2013		100.0	%		—		—		39,854		39,854		—	%		—	%		90.2	%		90.2	%		90.2	%		1,736,393		48.33

Total - Fund III							7,533		67,868		98,150		173,551		32.8	%		100.0	%		62.1	%		75.6	%		79.7	%	$	4,836,248	$	36.84

Fund IV Portfolio Detail

NEW YORK
New York
801 Madison Avenue	─	2015		100.0	%		2,625		—		—		2,625		—	%		—	%		—	%		—	%		—	%	$	—	$	—
210 Bowery	─	2012		100.0	%		2,538		—		—		2,538		—	%		—	%		—	%		—	%		—	%		—		—
27 East 61st Street	─	2014		100.0	%		4,177		—		—		4,177		—	%		—	%		—	%		—	%		—	%		—		—
17 East 71st Street	The Row	2014		100.0	%		8,432		—		—		8,432		100.0	%		—	%		—	%		100.0	%		100.0	%		2,049,679		243.08
1035 Third Avenue ²	─	2015		100.0	%		7,617		—		—		7,617		37.2	%		—	%		—	%		37.2	%		37.2	%		695,964		245.68
Colonie Plaza	Price Chopper, Big Lots	2016		100.0	%		—		96,000		57,483		153,483		—	%		100.0	%		86.5	%		94.9	%		94.9	%		1,627,856		11.17

New Jersey
Paramus Plaza	Ashley Furniture, Marshalls	2013		50.0	%		—		64,105		86,555		150,660		—	%		39.0	%		81.4	%		63.3	%		74.1	%		1,619,790		16.97

BOSTON
Massachusetts
Restaurants at Fort Point	─	2016		100.0	%		15,711		—		—		15,711		90.9	%		—	%		—	%		90.9	%		100.0	%		771,444		54.00

NORTHEAST
Maine
Airport Mall	Hannaford, Marshalls	2016		100.0	%		—		131,042		90,788		221,830		—	%		100.0	%		23.3	%		68.6	%		68.6	%		1,026,747		6.75
Wells Plaza	Reny's, Dollar Tree	2016		100.0	%		—		62,471		27,963		90,434		—	%		100.0	%		94.7	%		98.3	%		98.3	%		729,365		8.20
Shaw's Plaza (Waterville)	Shaw's	2016		100.0	%		—		87,492		31,523		119,015		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,420,839		11.94
Shaw's Plaza (Windham)	Shaw's	2017		100.0	%		—		66,698		57,632		124,330		—	%		100.0	%		75.0	%		88.4	%		88.4	%		1,034,193		9.41
JFK Plaza	Hannaford, TJ Maxx	2016		100.0	%		—		104,426		46,681		151,107		—	%		100.0	%		28.9	%		78.0	%		78.0	%		786,801		6.67

Pennsylvania
Dauphin Plaza	Price Rite, Ashley Furniture	2016		100.0	%		—		114,765		91,441		206,206		—	%		100.0	%		79.9	%		91.1	%		91.1	%		1,863,821		9.92
Mayfair Shopping Center	Planet Fitness, Dollar Tree	2016		100.0	%		—		25,673		89,738		115,411		—	%		—	%		83.0	%		64.5	%		89.5	%		1,335,296		17.92

Rhode Island
650 Bald Hill Road	Dick's Sporting Goods, Burlington Coat Factory	2015		90.0	%		—		55,000		113,764		168,764		—	%		100.0	%		72.0	%		81.1	%		81.1	%		1,978,902		14.45

Fund Portfolio Retail Properties – Detail ¹

Supplemental Report –

(in thousands)

		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF

MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot	2013		98.6	%		—		194,038		71,404		265,442		—	%		85.6	%		94.7	%		88.0	%		88.0	%		3,111,835		13.31

Delaware
Eden Square	Giant Food, LA Fitness	2014		98.6	%		—		115,973		115,071		231,044		—	%		100.0	%		78.5	%		89.3	%		89.3	%		3,157,353		15.31

MIDWEST
Illinois
938 W. North Avenue	Sephora, Lululemon	2013		100.0	%		31,762		—		—		31,762		100.0	%		—	%		—	%		100.0	%		100.0	%		1,758,450		55.36
Lincoln Place	Kohl's, Marshall's, Ross	2017		100.0	%		—		144,302		127,758		272,060		—	%		100.0	%		79.0	%		90.1	%		97.8	%		2,880,983		11.75

SOUTHEAST
Georgia
Broughton Street Portfolio (13 properties)	H&M, Lululemon, Michael Kors, Starbucks	2014		82.8	%		100,440		—		—		100,440		87.9	%		—	%		—	%		87.9	%		87.9	%		3,192,670		36.17

North Carolina
Wake Forest Crossing	Lowe's, TJ Maxx	2016		100.0	%		—		113,353		89,527		202,880		—	%		100.0	%		94.3	%		97.5	%		98.7	%		2,927,578		14.80

WEST
California
146 Geary Street	─	2015		100.0	%		11,436		—		—		11,436		—	%		—	%		—	%		—	%		—	%		—		—
Union and Fillmore Collection (3 properties)	Eileen Fisher, L'Occitane, Bonobos	2015		90.0	%		7,148		—		—		7,148		100.0	%		—	%		—	%		100.0	%		100.0	%		702,830		98.33

Total - Fund IV							191,886		1,375,338		1,097,328		2,664,552		79.6	%		93.3	%		75.5	%		85.0	%		87.6	%	$	34,672,396	$	15.31

Fund V Portfolio Detail

SOUTHWEST
New Mexico
Plaza Santa Fe	TJ Maxx, Best Buy, Ross Dress for Less	2017		100.0	%		—		153,983		70,240		224,223		—	%		100.0	%		91.4	%		97.3	%		99.4	%		3,792,729		17.38

MIDWEST
Michigan
New Towne Plaza	Kohl's, Jo-Ann's, DSW	2017		100.0	%		—		145,389		48,057		193,446		—	%		100.0	%		81.4	%		95.4	%		95.4	%		2,173,428		11.78
Fairlane Green	TJ Maxx, Michaels, Bed Bath & Beyond	2017		100.0	%		—		109,916		142,988		252,904		—	%		100.0	%		97.5	%		98.6	%		98.6	%		5,164,121		20.71

SOUTHEAST
North Carolina
Hickory Ridge	Kohl's, Best Buy, Dick's	2017		100.0	%		—		266,584		113,981		380,565		—	%		100.0	%		78.0	%		93.4	%		93.4	%		4,145,399		11.66

Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018		100.0	%		—		366,010		97,715		463,725		—	%		100.0	%		78.9	%		95.6	%		95.6	%		4,402,224		9.93

Georgia
Hiram Pavilion	Kohl's, HomeGoods	2018		100.0	%		—		209,423		153,252		362,675		—	%		100.0	%		95.6	%		98.2	%		98.2	%		4,210,865		11.83

Fund Portfolio Retail Properties – Detail ¹

Supplemental Report –

(in thousands)

		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF

WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018		100.0	%		—		132,315		88,411		220,726		—	%		100.0	%		100.0	%		100.0	%		100.0	%		4,778,151		21.65

Utah
Family Center at Riverdale	Target, Best Buy	2019		90.0	%		—		165,550		262,278		427,828		—	%		100	%		94.6	%		96.7	%		96.7	%		3,963,379		9.58

Total - Fund V							—		1,549,170		976,922		2,526,092		—	%		100.0	%		91.3	%		96.6	%		96.8	%	$	32,630,296	$	13.37

TOTAL FUND PROPERTIES							199,419		3,282,826		2,356,950		5,839,195		77.8	%		96.4	%		77.2	%		88.0	%		90.6	%	$	80,724,369	$	15.70

Acadia Share of Total Fund Properties							41,612		714,856		511,872		1,268,340		75.7	%		96.7	%		75.7	%		87.5	%		90.3	%	$	17,638,340	$	15.89

__________

Excludes properties under development, see “Development and Redevelopment Activity” page of this Supplemental Report. 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.

Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (131 spaces).

Fund Lease Expirations

Supplemental Report – March 31, 2019

(Pro Rata Basis)

	FUND II														FUND III
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			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		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—	$	—		—	%
2019		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2020		—		—		—	%		—		—		—	%		2		729		2.3	%		33,288		45.66		3.0	%
2021		—		—		—	%		—		—		—	%		2		1,038		3.3	%		43,320		41.73		3.9	%
2022		—		—		—	%		—		—		—	%		3		1,330		4.2	%		106,959		80.42		9.5	%
2023		—		—		—	%		—		—		—	%		5		1,447		4.5	%		108,463		74.96		9.7	%
2024		—		—		—	%		—		—		—	%		1		755		2.4	%		44,259		58.62		3.9	%
2025		—		—		—	%		—		—		—	%		2		624		2.0	%		54,724		87.70		4.9	%
2026		—		—		—	%		—		—		—	%		1		110		0.3	%		34,877		317.06		3.1	%
2027		2		5,951		7.3	%		386,735		64.99		16.9	%		1		209		0.7	%		10,672		51.06		1.0	%
2028		1		254		0.3	%		34,243		134.81		1.5	%		1		6,125		19.2	%		140,875		23.00		12.6	%
Thereafter		5		75,174		92.4	%		1,871,332		24.89		81.6	%		4		19,571		61.1	%		543,599		27.78		48.4	%
Total		8		81,379		100.0	%	$	2,292,310	$	28.17		100.0	%		22		31,938		100.0	%	$	1,121,036	$	35.10		100.0	%

				45,446	Total Vacant													10,165	Total Vacant
				126,825	Total Square Feet													42,103	Total Square Feet


	FUND IV														FUND V
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M ¹		3		7,344		1.5	%	$	39,432	$	5.37		0.5	%		—		—		—	%	$	—	$	—		—	%
2019		13		5,219		1.0	%		89,785		17.20		1.2	%		19		13,468		2.7	%		281,553		20.91		4.3	%
2020		28		37,814		7.5	%		420,553		11.12		5.5	%		35		115,847		23.5	%		1,230,097		10.62		18.7	%
2021		38		69,169		13.7	%		964,032		13.94		12.6	%		40		62,988		12.8	%		1,144,694		18.17		17.4	%
2022		23		50,771		10.1	%		645,215		12.71		8.4	%		32		62,682		12.7	%		884,718		14.11		13.4	%
2023		24		54,138		10.8	%		533,310		9.85		7.0	%		24		44,968		9.1	%		644,232		14.33		9.8	%
2024		18		44,753		8.9	%		754,186		16.85		9.9	%		20		52,657		10.7	%		779,925		14.81		11.8	%
2025		21		26,664		5.3	%		899,531		33.74		11.8	%		7		44,919		9.1	%		611,709		13.62		9.3	%
2026		22		42,433		8.4	%		972,252		22.91		12.7	%		8		13,938		2.8	%		267,154		19.17		4.1	%
2027		15		25,181		5.0	%		381,499		15.15		5.0	%		4		39,476		8.0	%		218,841		5.54		3.3	%
2028		9		10,788		2.1	%		188,838		17.50		2.5	%		10		22,030		4.5	%		352,783		16.01		5.4	%
Thereafter		19		129,154		25.7	%		1,749,928		13.55		22.9	%		4		20,551		4.1	%		170,727		8.31		2.5	%
Total		233		503,428		100.0	%	$	7,638,561	$	15.17		100.0	%		203		493,524		100.0	%	$	6,586,433	$	13.35		100.0	%

				85,245	Total Vacant													17,215	Total Vacant
				588,673	Total Square Feet													510,739	Total Square Feet

__________

Leases currently under month to month or in process of renewal

Development and Redevelopment Activity

Supplemental Report – March 31, 2019

				Est. SQFT						Acquisition & Development Costs
Property	Ownership	Location	Estimated Stabilization	Upon Completion		Leased Rate	Key Tenants	Outstanding Debt		Incurred ¹		Estimated Future Range					Estimated Total Range
Development:
CORE
56 E Walton Street	100.0%	Chicago, IL	2019		8,874	—	TBD	$	—	$	10.1	$	0.4	to	$	1.4	$	10.5	to	$	11.5

FUND III
Broad Hollow Commons	100.0%	Farmingdale, NY	2021	180,000 - 200,000		—	TBD		—		17.3		32.7	to		42.7		50.0	to		60.0

FUND IV
717 N. Michigan Avenue	100.0%	Chicago, IL	2020		62,000	25.0%	Disney Store		66.6		108.5		11.5	to		19.0		120.0	to		127.5
								$	66.6	$	135.9	$	44.6		$	63.1	$	180.5		$	199.0
Redevelopment:

CORE
City Center	100.0%	San Francisco, CA	2020		241,000	90.0%	Target	$	—	$	177.2	$	12.8	to	$	22.8	$	190.0	to	$	200.0
Route 6 Mall	100.0%	Honesdale, PA	TBD	TBD		100.0%	TBD		—	TBD		TBD			TBD		TBD			TBD
Mad River	100.0%	Dayton, OH	TBD	TBD		50.0%	TBD		—	TBD		TBD		to	TBD		TBD		to	TBD
								$	—	$	177.2	$	12.8		$	22.8	$	190.0		$	200.0
Pre-Stabilized:

CORE
613-623 West Diversey	100.0%	Chicago, IL	2019		29,778	76.1%	TJ Maxx, Blue Mercury	$	—
									—
FUND II
City Point, Phase I and II	94.2%	New York, NY	2020		475,000	78.2%	Century 21, Target, Alamo Drafthouse		264.5

FUND III
Cortlandt Crossing	100.0%	Mohegan Lake, NY	2019		125,906	73.6%	ShopRite, HomeSense		30.5
640 Broadway	63.1%	New York, NY	2019		4,637	53.2%	Swatch		—
Nostrand Avenue	100.0%	Brooklyn, NY	2019		40,977	90.2%	─		10.0

FUND IV
Paramus Plaza	50.0%	Paramus, NJ	2019		150,660	74.1%	Ashley Furniture, Marshalls		17.5
210 Bowery	100.0%	New York, NY	2019		2,538	—	─		—
801 Madison	100.0%	New York, NY	2019		2,625	—	─		—
27 E 61st Street	100.0%	New York, NY	2019		4,177	—	─		—
1035 Third Avenue	100.0%	New York, NY	2019		7,617	37.2%	─		36.7
								$	359.2

_________

Development and Redevelopment Activity

Supplemental Report – March 31, 2019

__________

Incurred amounts include costs associated with the initial carrying value. Reconciles to Consolidated Balance Sheet as follows:

Development costs above	$	135.9
Projects in redevelopment or partial development		77.9
Deferred costs and other amounts		(20.5	)

Total per consolidated balance sheet	$	193.3

Refer to “ Net Asset Valuation Information ” for pro-rata costs incurred

Important Notes

Supplemental Report – March 31, 2019

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.