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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of Earliest Event Reported): February 15, 2022

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))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading symbol	Name of exchange on which registered
Common shares of beneficial interest, par value $0.001 per share	AKR	The New York Stock Exchange

 

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. ☐

 

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Item 2.02. Results of Operations and Financial Condition.

 

On February 15, 2022, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter and year-to-date period ended December 31, 2021. A copy of the 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 regarding the financial results, operations and portfolio of the Company as of and for the quarter and year-to-date period ended December 31, 2021. A copy of the 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” pursuant to 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 dated February 15, 2022
99.2	Supplemental Reporting Information as of and for the quarter and year-to-date period ended December 31, 2021
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.)

 

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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
February 22, 2022		Title:		Sr. Vice President and Chief Financial Officer

 

 

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Exhibit 99.1

 

 

Sunny Holcomb

(914) 288-8100

 

ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2021 OPERATING RESULTS

RYE, NY (February 15, 2022) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year-to-date period ended December 31, 2021. All per share amounts are on a fully-diluted basis, where applicable. Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), through which the Company owns and operates retail assets in the nation’s most dynamic 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 (loss), funds from operations ("FFO") as per NAREIT and before Special Items, and net property operating income ("NOI").

 

“We are very pleased with our fourth quarter results and how that sets us up for a strong performance in 2022,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. "We enter 2022 well positioned to achieve our internal and external growth goals by maintaining our strong leasing momentum and closing on our robust pipeline of new acquisitions."

Fourth Quarter and Recent Highlights

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Restatement of Previously Issued Financial Statements

 

As previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on February 15, 2022 (the “Restatement 8-K”), the Company will restate its prior period financial statements as of and for the years ended December 31, 2020 and 2019 and for each of the quarterly periods ended March 31, 2021 and 2020, June 30, 2021 and 2020, September 30, 2021 and 2020, for errors in accounting related to the classification upon formation of two consolidated Fund investments acquired approximately 10 years ago. Such restatement impacts the classification of certain amounts within the Company’s consolidated balance sheets, statements of operations and statements of cash flows, but is not expected to significantly change the Company’s previously-reported net income, FFO, FFO before special items, earnings (loss) or FFO per share, or cash flows. All restated amounts for the three months and year ended December 31, 2020 referred to herein are derived from the unaudited restatement tables provided in the Restatement 8-K. The restatement did not result from any override of controls or misconduct, and BDO USA LLP, the Company’s independent registered public accounting firm, has not informed the audit committee of the board of trustees of the Company of any issues related to an override of controls or misconduct. The Company expects to restate the financial statements affected by errors in its Annual Report on Form 10-K for the year ended December 31, 2021.

 

CORE PORTFOLIO OPERATING RESULTS

 

The Company exceeded expectations with GAAP earnings per share of $0.03, FFO per share of $0.28 and FFO before Special Items per share of $0.29. Please refer to the Consolidated Financial Results section below for additional details.

Driven by the Street/Urban portfolio, the Company had an increase in same-property NOI of 3.2% for the fourth quarter 2021 as compared to the fourth quarter 2020.

 

CORE AND FUND TRANSACTIONAL ACTIVITY

 

During the fourth quarter and year to date, the Company accretively completed approximately $138 million of acquisitions as follows:

 

Core Acquisitions

 

The Company completed approximately $66 million of Core acquisitions as follows:

 

14th Street Portfolio, Washington, D.C. In December 2021, the Company acquired the 14th Street portfolio, a collection of three urban retail assets located in the flourishing 14th street corridor of Northwest Washington, D.C for $26.3 million. This acquisition represents the opportunity to acquire high-quality street retail assets in one of the best submarkets in Washington, D.C. and expands Acadia's presence in Washington, D.C.

 

121 Spring Street, New York, New York. In January 2022, the Company acquired a retail condominium on the corner of Greene Street and Spring Street in Soho for $39.6 million. The Company now owns 12 properties in the Soho market, primarily concentrated on the Greene Street and Spring Street retail corridors.

 

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The Company has a robust Pipeline of primarily Street retail investments.

 

Fund V Acquisitions

Fund V completed an acquisition for approximately $72 million during the fourth quarter as follows:

 

Midstate, East Brunswick, New Jersey. In December 2021, Fund V completed the acquisition of Midstate, a 385,000 square-foot Shop Rite grocery-anchored property for approximately $72 million. The property is leased to a strong line-up of high performing retailers, including Best Buy and PetSmart.

 

Fund V has an additional $120 million in the Fund Pipeline.

 

No assurance can be given that the Company or Fund V will successfully close on these acquisitions in their pipelines, which are subject to customary conditions and market uncertainty.

 

Fund Dispositions

Northeast Grocer Portfolio (Fund IV). In January 2022, Fund IV completed the disposition of a property located in Pennsylvania within its Northeast Grocer Portfolio for $23.7 million and repaid the property's $11.3 million mortgage.

 

Cortlandt Crossing (Fund III). In February 2022, Fund III completed the disposition of a grocery-anchored Shop Rite property located in Westchester County, New York for $65.5 million and repaid the property's $34.5 million mortgage.

 

CORE PORTFOLIO LEASING AND COLLECTIONS

During the fourth quarter, GAAP and cash leasing spreads were 59.9% and 49.5%, respectively, on 21 conforming new and renewal leases aggregating approximately 119,000 square feet. Driven by the New York metro Street portfolio, GAAP and cash leasing spreads for the Street portfolio were 74.3% and 66.0%, respectively, which were included in the total GAAP and cash leasing spreads.

The Core Portfolio was 90.0% occupied and 93.2% leased as of December 31, 2021 compared to 90.3% occupied and 92.6% leased as of September 30, 2021. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.

As previously announced, in November 2021, Crossroads Joint Venture LLC (the “Venture”) reached an agreement with Transform Operating Stores LLC to terminate its lease with Kmart at Crossroads Shopping Center. The Company profitably executed a new long-term lease for the entirety of the recaptured space with BJ's Wholesale Club. The Company owns a 49% interest in the Venture.

Acadia increased its Core cash collections to over 98% for the fourth quarter.

The Company's pro-rata share of net credit losses and rent abatements was $0.6 million, inclusive of a benefit from approximately $2.2 million of previously-reserved tenant accounts for the quarter ended December 31, 2021 as follows (dollars in millions):

 

Fourth Quarter 2021 Credit Losses and Reserves		Core Same Store				Core Other				Funds				Total				Per Share
Credit Loss and Abatements - Billed Rents and Recoveries		$	2.3			$	0.1			$	0.4			$	2.8			$	0.03
Prior Period (Benefit), Net			(1.7	)			—				(0.5	)			(2.2	)			(0.02	)
Total		$	0.6			$	0.1			$	(0.1	)		$	0.6			$	0.01

 

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BALANCE SHEET AND DIVIDEND UPDATE

During the fourth quarter and year-to-date 2022, the Company raised gross proceeds of $114.5 million at an average gross issuance price per share of approximately $22.50 through the ATM Program to fund its external growth and acquisition Pipeline on a leverage neutral basis.

The Company's Board of Trustees increased the quarterly distribution to $0.18 per common share, representing a 20% increase from the prior quarterly distribution. The quarterly distribution on common shares, is payable on April 14, 2022 to shareholders of record on March 31, 2022, which is based upon the Company's projected annual REIT taxable income.

CONSOLIDATED FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of (i) net income or loss attributable to Acadia to FFO (as defined by NAREIT and before Special Items) attributable to common shareholders and common OP Unit holders and (ii) operating income or loss to NOI is included in the financial tables of this release.

 

Net Income (Loss)

 

Net income attributable to Acadia for the quarter ended December 31, 2021 was $2.7 million, or $0.03 per share, inclusive of a charge of $1.3 million, or $0.01 per share, primarily from the unrealized mark-to-market loss on its investment in Albertsons supermarkets ("Albertsons").

 

Net loss attributable to Acadia for the quarter ended December 31, 2020 (as restated) was $10.9 million, or $0.13 per share, which included: (i) $5.6 million, or $0.06 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic; (ii) $5.3 million, or $0.06 per share, primarily attributable to impairment charges within the Funds and (iii) $2.9 million, or $0.03 per share on an impairment charge for a Right-of-Use Asset (“ROU”) within the Funds related to a ground lease. These charges were partially offset by: (i) $4.3 million, or $0.05 per share, primarily from the unrealized mark-to-market gain on Albertsons and (ii) $4.1 million, or $0.04 per share, attributable to a gain on debt extinguishment.

 

Net income attributable to Acadia for the year ended December 31, 2021 was $23.1 million, or $0.26 per share, which included: (i) $13.8 million, or $0.15 per share, primarily from the net unrealized mark-to-market gain on Albertsons and (ii) $6.6 million, or $0.07 per share, attributable to an aggregate gain on dispositions of Core Portfolio and Fund investments. These benefits were partially offset by: (i) $6.3 million, or $0.07 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic and (ii) Fund impairment charges of $2.3 million, or $0.02 per share.

 

Net loss attributable to Acadia for the year ended December 31, 2020 (as restated) was $9.0 million, or $0.11 per share, which included (i) $32.5 million, or $0.36 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic; (ii) $17.7 million, or $0.20 per share, attributable to impairment charges within the Funds and (iii) $2.9 million, or $0.03 per share on an impairment charge for a ROU within the Funds related to a ground lease. These charges were offset by: (i) $27.0 million, or $0.29 per share, primarily from the monetization and unrealized mark-to-market gain on Albertsons and (ii) $4.1 million, or $0.04 per share, attributable to a gain on debt extinguishment.

 

FFO as Defined by NAREIT

 

FFO for the quarter ended December 31, 2021 was $26.5 million, or $0.28 per share, and included $1.3 million, or $0.01 per share, primarily from the unrealized mark-to-market loss on Albertsons.

 

FFO for the quarter ended December 31, 2020 (as restated) was $26.0 million, or $0.28 per share, which included: (i) $4.3 million, or $0.05 per share, primarily from the unrealized mark-to-market gain on Albertsons and (ii) $4.1 million, or $0.04 per share, attributable to gain on debt extinguishment. These benefits were partially offset by: (i) $5.6 million, or $0.06 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the

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COVID-19 Pandemic and (ii) $2.9 million, or $0.03 attributable to an impairment charge for a ROU within the Funds related to a ground lease.

 

FFO for the year ended December 31, 2021 was $116.7 million, or $1.25 per share, and included $13.8 million, or $0.15 per share, primarily from the net unrealized mark-to-market gain on Albertsons and was offset by $6.3 million, or $0.07 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic.

 

FFO for the year ended December 31, 2020 (as restated) was $114.4 million, or $1.25 per share, inclusive of $27.0 million, or $0.29 per share, primarily from the monetization and unrealized mark-to-market gain on Albertsons. This benefit was offset by $32.5 million, or $0.36 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic.

 

FFO before Special Items

 

FFO before Special Items for the quarter ended December 31, 2021 was $27.8 million, or $0.29 per share, which excluded $1.3 million, or $0.01 per share, primarily from the unrealized mark-to-market loss on Albertsons.

 

FFO before Special Items for the quarter ended December 31, 2020 (as restated) was $21.7 million, or $0.24 per share, which excluded $4.3 million, or $0.05 per share, primarily from the unrealized mark-to-market gain on Albertsons.

 

FFO before Special Items for the year ended December 31, 2021 was $103.0 million, or $1.10 per share, which excluded $13.8 million, or $0.15 per share, primarily from the net unrealized mark-to-market gain on Albertsons.

 

FFO before Special Items for the year ended December 31, 2020 (as restated) was $93.9 million, or $1.02 per share, which excluded $20.5 million, or $0.22 per share, primarily from the net unrealized mark-to-market gain on Albertsons.

 

2022 GUIDANCE

The following initial guidance is based upon Acadia's current view of existing market conditions and assumptions for the year ended December 31, 2022.

 

The Company is setting initial 2022 guidance ranges as follows:

 

These forecasts and comparable 2021 results, both presented below are before gains/losses on sale or impairment of depreciated and non-operating assets. Please refer to the Company's fourth quarter 2021 supplemental information package for additional items.

 

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		2022 Guidance		2021 Actuals
Net earnings per share attributable to Common Shareholders		$0.19 to $0.32		$0.26
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)		1.01 to 1.04		0.99
Impairment charges (net of noncontrolling interest share)		—		0.02
Gain on disposition of properties (net of noncontrolling interests' share)		(0.07)		(0.04)
Noncontrolling interest in Operating Partnership		0.02		0.02
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders		$1.15 to $1.31		$1.25
Unrealized holding (gain) loss and other (net of noncontrolling interest share) (a)		—		(0.15)
Funds from operations before Special Items per share attributable to Common Shareholders and Common OP Unit holders		$1.15 to $1.31		$1.10

 

 

 

(a) The Company is not providing 2022 guidance for unrealized changes in fair value for its investment holdings in Albertsons. Any realized gains of such shares will be included in net promote and other Core and Fund transactional income in the period in which a sale occurs.

CONFERENCE CALL

Management will conduct a conference call on Wednesday, February 16, 2022 at 12:00 PM ET to review the Company’s earnings and operating results. Dial-in and webcast information is listed below.

Live Conference Call:

Date: Wednesday, February 16, 2022

Time: 12:00 PM ET

Dial#: 844-309-6711

Passcode: “Acadia Realty” or “6716338”

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

Phone Replay:

Dial#: 855-859-2056

Passcode: "6716338”

Available Through: Wednesday, February 23, 2022

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

 

The Company uses, and intends to use, the Investors page of its website, which can be found at www.acadiarealty.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investors page, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, the website is not incorporated by reference into, and is not a part of, this document.

 

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 Portfolio 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 corridors; making profitable opportunistic and value-add

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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 statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) the economic, political and social impact of, and uncertainty surrounding the COVID-19 Pandemic, including its impact on the Company’s tenants and their ability to make rent and other payments or honor their commitments under existing leases; (ii) macroeconomic conditions, such as a disruption of or lack of access to the capital markets; (iii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iv) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and their effect on the Company’s revenues, earnings and funding sources; (v) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the discontinuation of the USD London Interbank Offered Rate, which is currently anticipated to occur in 2023; (vi) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vii) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (viii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (ix) the tenants’ ability and willingness to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (x) the Company’s potential liability for environmental matters; (xi) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology during the COVID-19 Pandemic; (xv) the loss of key executives; and (xvi) the accuracy of the Company’s methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on its ESG efforts; and (xvii) the timing and ultimate conclusion of BDO regarding the audit of the Company's restated financial statements (including the risk that additional information may arise during such audit), and the completion and filing of the Company's 2021 10-K, including the restated financial statements, taking longer than expected.

 

The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company 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 the Company’s expectations with regard thereto or change in the events, conditions or circumstances on which such forward-looking statements are based.

 

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ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Statements of Operations (a)

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

 

		Three Months Ended  December 31,								Year Ended December 31,
		2021				2020				2021				2020
Revenues						(As Restated)(b)								(As Restated)(b)
Rental income		$	77,529			$	66,472			$	285,898			$	246,432
Other			1,828				1,410				6,599				4,476
Total revenues			79,357				67,882				292,497				250,908
Operating expenses
Depreciation and amortization			32,195				47,444				123,439				147,229
General and administrative			10,570				9,670				40,125				35,798
Real estate taxes			10,909				11,409				45,357				42,477
Property operating			15,228				14,604				53,516				55,551
Impairment charges			—				34,049				9,925				85,598
Total operating expenses			68,902				117,176				272,362				366,653
Gain on disposition of properties			—				174				10,521				683
Operating income (loss)			10,455				(49,120	)			30,656				(115,062	)
Equity in earnings (losses) of unconsolidated affiliates			2,177				(1,503	)			5,330				(3,057	)
Interest and other income			2,957				1,823				9,065				8,979
Realized and unrealized holding (losses) gains on investments and other			(4,340	)			34,027				49,120				113,362
Interest expense			(18,552	)			(17,118	)			(68,969	)			(69,581	)
(Loss) income from continuing operations before income taxes			(7,303	)			(31,891	)			25,202				(65,359	)
Income tax benefit (provision)			306				(1,012	)			(93	)			(269	)
Net (loss) income			(6,997	)			(32,903	)			25,109				(65,628	)
Net loss (income) attributable to noncontrolling interests			9,721				22,046				(1,962	)			56,675
Net income (loss) attributable to Acadia		$	2,724			$	(10,857	)		$	23,147			$	(8,953	)
Less: net income attributable to participating securities			(156	)			—				(624	)			(233	)
Net income (loss) attributable to Common Shareholders -    basic and diluted earnings per share		$	2,568			$	(10,857	)		$	22,523			$	(9,186	)
Weighted average shares for basic and diluted earnings (loss) per share			88,949				86,311				87,654				86,442
Net earnings (loss) per share - basic and diluted (C)		$	0.03			$	(0.13	)		$	0.26			$	(0.11	)

 

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ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Net Income (Loss) to Funds from Operations (a, d)

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

 

		Three Months Ended December 31,								Year Ended December 31,
		2021				2020				2021				2020
						(As Restated)(b)								(As Restated)(b)
Net income (loss) attributable to Acadia		$	2,724			$	(10,857	)		$	23,147			$	(8,953	)
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share)			23,393				32,574				93,388				106,220
Impairment charges (net of noncontrolling interests' share)			—				4,923				2,294				17,323
Gain on disposition of properties (net of noncontrolling interests' share)			—				(174	)			(4,163	)			(291	)
Income (loss) attributable to Common OP Unit holders			213				(569	)			1,584				(370	)
Distributions - Preferred OP Units			123				123				492				495
Funds from operations attributable to Common Shareholders and Common OP Unit holders		$	26,453			$	26,020			$	116,742			$	114,424
Adjustments for Special Items:
Less: Unrealized holding (gain) loss and other (net of noncontrolling interest share)			1,302				(4,336	)			(13,782	)			(20,493	)
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders		$	27,755			$	21,684			$	102,960			$	93,931
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings			88,949				86,311				87,654				86,442
Weighted-average OP Units outstanding			5,085				4,890				5,115				4,992
Assumed conversion of Preferred OP Units to common shares			465				465				465				465
Assumed conversion of LTIP units and restricted share units to    common shares			6				—				—				—
Weighted average number of Common Shares and Common OP Units			94,505				91,666				93,234				91,899
Diluted Funds from operations, per Common Share and Common OP Unit		$	0.28			$	0.28			$	1.25			$	1.25
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit		$	0.29			$	0.24			$	1.10			$	1.02

 

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ACADIA REALTY TRUST AND SUBSIDIARIES

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

(Dollars in thousands)

 

		Three Months Ended  December 31,								Year Ended December 31,
		2021				2020				2021				2020
						(As Restated)(b)								(As Restated)(b)
Consolidated operating income (loss)		$	10,455			$	(49,120	)		$	30,656			$	(115,062	)
Add back:
General and administrative			10,570				9,670				40,125				35,798
Depreciation and amortization			32,195				47,444				123,439				147,229
Impairment charges			—				34,049				9,925				85,598
Less:
Above/below market rent, straight-line rent and other adjustments			(5,746	)			196				(19,488	)			13,581
Gain on disposition of properties			—				(174	)			(10,521	)			(683	)
Consolidated NOI			47,474				42,065				174,136				166,461
Noncontrolling interest in consolidated NOI			(14,964	)			(11,743	)			(48,401	)			(46,316	)
Less: Operating Partnership's interest in Fund NOI included above			(3,820	)			(3,072	)			(12,337	)			(11,518	)
Add: Operating Partnership's share of unconsolidated    joint ventures NOI (e)			3,786				3,306				13,811				15,659
NOI - Core Portfolio		$	32,476			$	30,556			$	127,209			$	124,286

 

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ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Balance Sheets (a)

(Dollars in thousands)

		As of
		December 31, 2021				December 31, 2020
ASSETS						(As Restated)(b)
Investments in real estate, at cost
Land		$	739,641			$	752,721
Buildings and improvements			2,892,051				2,802,253
Tenant improvements			199,925				178,918
Construction in progress			11,131				5,147
Right-of-use assets - finance leases			25,086				25,086
			3,867,834				3,764,125
Less: Accumulated depreciation and amortization			(648,461	)			(573,364	)
Operating real estate, net			3,219,373				3,190,761
Real estate under development			203,773				247,201
Net investments in real estate			3,423,146				3,437,962
Notes receivable, net			153,886				100,882
Investments in and advances to unconsolidated affiliates			322,326				272,829
Other assets, net			186,365				170,281
Right-of-use assets - operating leases, net			40,743				76,268
Cash and cash equivalents			17,746				18,699
Restricted cash			9,813				11,096
Rents receivable, net			43,625				43,052
Assets of properties held for sale			63,952				—
Total assets		$	4,261,602			$	4,131,069
LIABILITIES
Mortgage and other notes payable, net		$	1,140,410			$	1,068,806
Unsecured notes payable, net			559,145				500,083
Unsecured line of credit			112,905				138,400
Accounts payable and other liabilities			236,415				268,442
Lease liability - operating leases, net			38,759				88,816
Dividends and distributions payable			14,460				147
Distributions in excess of income from, and investments in, unconsolidated affiliates			9,939				15,616
Total liabilities			2,112,033				2,080,310
Commitments and contingencies
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 89,303,545 and 86,268,303 shares, respectively			89				86
Additional paid-in capital			1,754,383				1,683,165
Accumulated other comprehensive loss			(36,214	)			(74,891	)
Distributions in excess of accumulated earnings			(196,903	)			(167,178	)
Total Acadia shareholders’ equity			1,521,355				1,441,182
Noncontrolling interests			628,214				609,577
Total equity			2,149,569				2,050,759
Total liabilities and equity		$	4,261,602			$	4,131,069

 

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ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:

 

 

 

12

 

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Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO

 

 

 

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Table of Contents			Supplemental Report – December 31, 2021
Section I – Fourth Quarter 2021 Earnings Press Release
Section II – Financial Information			Section III – Core Portfolio Information
Company Information	3		Core Properties		27
Market Capitalization	4		Core Top Tenants		31
Operating Statements			Core Lease Expirations		32
Consolidated Income Statements	5		Core New and Renewal Rent Spreads		33
Income Statement - Pro-rata Adjustments	7		Core Capital Expenditures		34
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), Adjusted FFO (“AFFO”)	11		Section IV – Fund Information
EBITDA	12
Same Property Net Operating Income	13		Fund Overview		35
Fee Income	14		Fund Properties		36
Structured Financing	15		Fund Lease Expirations		39
Other Information			Development and Redevelopment Activity		40
Transactional Activity	16
2022 Guidance	17
Net Asset Valuation Information	19
Selected Financial Ratios	20		Section V – Other Information
Debt Analysis
Summary	22		Portfolio Composition		42
Detail	23
Maturities	25		Important Notes		43

 

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

 

 

 

 

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Supplemental Report – December 31, 2021				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		Sunny Holcomb		Symbol AKR
		Suite 300		Vice President, Financial Reporting
		Rye, NY 10580		(914) 288-8100
				investorrelations@acadiarealty.com
Analyst Coverage
		Bank of America / Merrill Lynch		Citigroup - Global Markets		KeyBanc Capital Markets, Inc.
		Craig Schmidt - (646) 855-3640		Katy McConnell - (212) 816-4471		Todd Thomas - (917) 368-2286
		craig.schmidt@baml.com		katy.mcconnell@citi.com		tthomas@key.com
		Green Street Advisors		Compass Point Research & Trading		J.P. Morgan Securities, Inc.
		Paulina Rojas Schmidt - (949) 640-8780		Floris van Dijkum - (646) 757-2621		Michael W. Mueller, CFA - (212) 622-6689
		projasschmidt@greenstreet.com		fvandijkum@compasspointllc.com		michael.w.mueller@jpmorgan.com
		Jefferies		Truist
		Linda Tsai - (212) 778-8011		Ki Bin Kim, CFA – (212) 303-4124
		ltsai@jefferies.com		kibin.kim@truist.com

 

 

	3

 

 

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	Market Capitalization
Supplemental Report – December 31, 2021	(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			89,304							Balance at 12/31/2020			86,269				4,891				91,160
Common Operating Partnership ("OP") Units			5,059							Other			6				—				6
Combined Common Shares and OP Units			94,363							Vesting RS and LTIPs			8				251				259
										OP Conversions			19				(19	)			—
Share Price at December 31, 2021		$	21.83							Balance at 3/31/2021			86,302				5,123				91,425				86,346				86,346				91,931				91,931
										Other			3				—				3
Equity Capitalization - Common Shares and OP Units		$	2,059,944							Issuance - ATM			2,072				—				2,072
Preferred OP Units			10,143		2					Vesting RS and LTIPs			35				32				67
Total Equity Capitalization			2,070,087			64%		64%		OP Conversions			7				(7	)			—
										Balance at 6/30/2021			88,419				5,148				93,567				86,824				86,575				92,627				92,254
Debt Capitalization										Other			2				(21	)			(19	)
Consolidated debt			1,819,738							Issuance - ATM			13				—				13
Adjustment to reflect pro-rata share of debt			(658,448	)						OP Conversions			18				(18	)			—
Total Debt Capitalization			1,161,290			36%		36%		Balance at 9/30/2021			88,452				5,109				93,561				88,481				87,217				94,083				92,807
										Other			2				(4	)			(2	)
Total Market Capitalization		$	3,231,377		3	100%		100%		Issuance - ATM			804				—				804
										OP Conversions			46				(46	)			—
										Balance at 12/31/2021 4			89,304				5,059				94,363				88,949				87,654				94,505				93,234

__________

 

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	Consolidated Income Statement
Supplemental Report – December 31, 2021	(in thousands)

 

		December 31, 2021 1
CONSOLIDATED INCOME STATEMENT		Quarter				Year to Date
Revenues
Rental income		$	77,529			$	285,898
Other			1,828				6,599
Total revenues			79,357				292,497
Operating expenses
Depreciation and amortization			32,195				123,439
General and administrative			10,570				40,125
Real estate taxes			10,909				45,357
Property operating			15,228				53,516
Impairment charges			—				9,925
Total operating expenses			68,902				272,362
Gain on disposition of properties			—				10,521
Operating income			10,455				30,656
Equity in earnings of unconsolidated affiliates			2,177				5,330
Interest and other income			2,957				9,065
Realized and unrealized holding gains (losses) on investments and other			(4,340	)			49,120
Interest expense			(18,552	)			(68,969	)
(Loss) income from continuing operations before income taxes			(7,303	)			25,202
Income tax benefit (provision)			306				(93	)
Net (loss) income			(6,997	)			25,109
Net loss (income) attributable to noncontrolling interests			9,721				(1,962	)
Net income attributable to Acadia		$	2,724			$	23,147

 

 

 

 

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	Income Statement - Detail
Supplemental Report – December 31, 2021	(in thousands)

 

		December 31, 2021 1
CORE PORTFOLIO AND FUND INCOME		Quarter				Year to Date
PROPERTY REVENUES
Minimum rents		$	56,481			$	211,979
Percentage rents			968				2,373
Expense reimbursements - CAM			7,575				24,678
Expense reimbursements - Taxes			8,083				32,674
Other property income			867				3,005
Total Property Revenues			73,974				274,709
PROPERTY EXPENSES
Property operating - CAM			11,479				39,483
Other property operating (Non-CAM)			4,112				15,733
Real estate taxes			10,909				45,357
Total Property Expenses			26,500				100,573
NET OPERATING INCOME - PROPERTIES			47,474				174,136
OTHER INCOME (EXPENSE)
Interest income			2,957				9,065
Straight-line rent income (expense)			246				4,043
Above/below-market rent income (expense)			4,717				12,267
Interest expense 2			(16,952	)			(63,411	)
Amortization of finance costs			(1,540	)			(5,317	)
Above/below-market interest income (expense)			26				104
Asset and property management income (expense)			(141	)			(378	)
Other income (expense)			675				2,558
Finance lease interest expense			(86	)			(345	)
Impairment charges (excluding ROU)			—				(9,925	)
CORE PORTFOLIO AND FUND INCOME			37,376				122,797
FEE AND OTHER INCOME
Asset and property management fees			154				637
Net promote and other transactional income			—				—
Realized and unrealized holding gains (losses) on investments and other			(4,340	)			49,228
Transactional fees 3			95				253
Income tax (provision) benefit			306				(93	)
Total Fee and Other Income (Loss)			(3,785	)			50,025
General and Administrative			(10,570	)			(40,125	)
Depreciation and amortization			(32,079	)			(123,051	)
Non-real estate depreciation and amortization			(116	)			(388	)
Gain on disposition of properties			—				10,521
Income (Loss) before equity in earnings and noncontrolling interests			(9,174	)			19,779
Equity in earnings of unconsolidated affiliates			2,177				5,330
Noncontrolling interests			9,721				(1,962	)
NET INCOME ATTRIBUTABLE TO ACADIA		$	2,724			$	23,147

 

 

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	Income Statement – Pro Rata Adjustments
Supplemental Report – December 31, 2021	(in thousands)

 

		Quarter Ended December 31, 2021								Year to Date December 31, 2021
CORE PORTFOLIO AND FUND INCOME		Noncontrolling Interest in Consolidated Subsidiaries 4				Company’s Interest in Unconsolidated Subsidiaries 5				Noncontrolling Interest in Consolidated Subsidiaries 5				Company’s Interest in Unconsolidated Subsidiaries 6
PROPERTY REVENUES
Minimum rents		$	(23,507	)		$	10,155			$	(82,205	)		$	38,081
Percentage rents			(593	)			142				(1,342	)			330
Expense reimbursements - CAM			(3,584	)			1,309				(11,012	)			3,577
Expense reimbursements - Taxes			(2,381	)			1,940				(9,128	)			7,853
Other property income			(306	)			70				(1,685	)			569
Total Property Revenues			(30,371	)			13,616				(105,372	)			50,410
PROPERTY EXPENSES
Property operating - CAM			(5,348	)			1,339				(19,025	)			4,925
Other property operating (Non-CAM)			(1,627	)			255				(6,803	)			1,226
Real estate taxes			(3,534	)			2,198				(14,831	)			9,203
Total Property Expenses			(10,509	)			3,792				(40,659	)			15,354
NET OPERATING INCOME - PROPERTIES			(19,862	)			9,824				(64,713	)			35,056
OTHER INCOME (EXPENSE)
Interest income			(1	)			—				(5	)			—
Straight-line rent income (expense)			(1,523	)			97				(3,244	)			660
Above/below-market rent income (expense)			(729	)			916				(3,444	)			1,349
Interest expense 2			9,004				(3,140	)			33,131				(12,270	)
Amortization of finance costs			884				(288	)			3,034				(1,100	)
Above/below-market interest income (expense)			—				21				—				84
Asset and property management income (expense)			309				(386	)			1,123				(1,454	)
Other income (expense)			(143	)			290				(4,527	)			642
Finance lease interest expense			63				—				252				—
Impairment charges (excluding ROU)			—				—				10,483				—
CORE PORTFOLIO AND FUND INCOME			(11,998	)			7,334				(27,910	)			22,967
FEE AND OTHER INCOME
Asset and property management fees			2,591				131				10,942				530
Net promote and other transactional income			—				—				2,411				—
Realized and unrealized holding gains (losses) on investments and other			3,178				—				(35,076	)			—
Transactional fees 3			1,800				110				6,564				380
Income tax (provision) benefit			1				(9	)			115				(43	)
Total Fee and Other Income (Loss)			7,570				232				(15,044	)			867
General and Administrative			439				(153	)			1,229				(484	)
Depreciation and amortization			13,922				(5,236	)			50,550				(20,887	)
Non-real estate depreciation and amortization			—				—				—				—
Gain (loss) on disposition of properties			—				—				(9,205	)			2,867
Income (Loss) before equity in earnings and noncontrolling interests			9,933				2,177				(380	)			5,330
Equity in earnings of unconsolidated affiliates			—				—				—				—
Noncontrolling interests 6			(212	)			—				(1,582	)			—
NET INCOME ATTRIBUTABLE TO ACADIA		$	9,721			$	2,177			$	(1,962	)		$	5,330

 

 

 

 

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	Balance Sheet
Supplemental Report – December 31, 2021	(in thousands)

 

ASSETS		Consolidated Balance Sheet				Line Item Details:
Real estate
Land		$	739,641			The components of Real estate under development, at cost are as follows:
Buildings and improvements			3,091,976			Core		$	42,517
Construction in progress			11,131			Fund II			35,125
Right-of-use assets - finance leases			25,086			Fund III			24,296
			3,867,834			Fund IV			101,835
Less: Accumulated depreciation and amortization			(648,461	)		Total		$	203,773
Total			3,219,373
Real estate under development			203,773			Summary of other assets, net:
Operating real estate, net			3,423,146			Deferred charges, net		$	28,294
Notes receivable, net			153,886			Accrued interest receivable			21,148
Investments in and advances to unconsolidated affiliates			322,326			Due from seller			3,364
Lease intangibles, net			108,918			Prepaid expenses			17,230
Other assets, net			77,447			Other receivables			1,837
Right-of-use assets - operating leases, net			40,743			Income taxes receivable			2,279
Cash and cash equivalents			17,746			Corporate assets, net			1,648
Restricted cash			9,813			Deposits			1,647
Straight-line rents receivable, net			28,498			Total		$	77,447
Rents receivable, net			15,127
Assets of properties held for sale			63,952
Total Assets		$	4,261,602
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net		$	1,140,410
Unsecured notes payable, net			559,145			Summary of accounts payable and other liabilities:
Unsecured line of credit			112,905			Lease liability - finance leases, net		$	6,612
Accounts payable and other liabilities			159,637			Accounts payable and accrued expenses			56,580
Lease liability - operating leases, net			38,759			Deferred income			38,373
Dividends and distributions payable			14,460			Tenant security deposits, escrow and other			13,045
Lease intangibles, net			76,778			Derivative financial instruments			45,027
Distributions in excess of income from, and investments in, unconsolidated affiliates			9,939			Total		$	159,637
Total liabilities			2,112,033
Shareholders' Equity
Common shares			89
Additional paid-in capital			1,754,383
Accumulated other comprehensive loss			(36,214	)
Distributions in excess of accumulated earnings			(196,903	)
Total Acadia shareholders’ equity			1,521,355
Noncontrolling interests			628,214
Total equity			2,149,569
Total liabilities and equity		$	4,261,602

 

 

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	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – December 31, 2021	(in thousands)

 

 

ASSETS		Noncontrolling Interest in Consolidated Subsidiaries 5				Company’s Interest in Unconsolidated Subsidiaries 6
Real estate
Land		$	(156,151	)		$	71,855
Buildings and improvements			(995,865	)			283,997
Construction in progress			(4,858	)			2,097
Right-of-use assets - finance leases			(4,129	)			22,608
			(1,161,003	)			380,557
Less: Accumulated depreciation and amortization			127,556				(62,940	)
Total			(1,033,447	)			317,617
Real estate under development			(122,306	)			6,186
Operating real estate, net			(1,155,753	)			323,803
Notes receivable, net			(547	)			—
Investments in and advances to unconsolidated affiliates			(133,610	)			(133,388	)
Lease intangibles, net			(46,925	)			4,632
Other assets, net			2,895				2,412
Right-of-use assets - operating leases, net			(2,340	)			—
Cash and cash equivalents			(7,314	)			7,468
Restricted cash			(7,343	)			5,760
Straight-line rents receivable, net			(6,768	)			4,420
Rents receivable, net			(5,318	)			1,220
Assets of properties held for sale			(48,496	)			—
Total Assets		$	(1,411,519	)		$	216,327
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net		$	(717,892	)		$	187,811
Unsecured notes payable, net			(126,816	)			—
Unsecured line of credit			—				—
Accounts payable and other liabilities			(39,983	)			24,498
Lease intangibles, net			(29,022	)			6,369
Lease liability - operating leases, net			(2,453	)			4
Dividends and distributions payable			—				—
Lease liability - finance leases			(4,819	)			7,584
Distributions in excess of income from, and investments in, unconsolidated affiliates			—				(9,939	)
Total liabilities			(920,985	)			216,327
Shareholders' Equity
Common shares			—				—
Additional paid-in capital			—				—
Accumulated other comprehensive loss			—				—
Distributions in excess of accumulated earnings			—				—
Total Acadia shareholders’ equity			—				—
Noncontrolling interests			(490,534	)			—
Total equity			(490,534	)			—
Total liabilities and equity		$	(1,411,519	)		$	216,327

 

 

 

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	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – December 31, 2021	(in thousands)

 

__________

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

 

 

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	Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”)1
Supplemental Report – December 31, 2021	(in thousands)

 

		Quarter Ended																Year to Date				Quarter Ended				Year to Date
		March 31, 2021				June 30, 2021				September 30, 2021				December 31, 2021				December 31, 2021				December 31, 2020				December 31, 2020
Funds from operations ("FFO"):		(As Restated)				(As Restated)				(As Restated)												(As Restated)				(As Restated)
Net Income (Loss)		$	4,823			$	3,717			$	11,883			$	2,724			$	23,147			$	(10,857	)		$	(8,953	)
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)			23,807				23,077				23,111				23,393				93,388				32,574				106,220
(Gain) loss on disposition on real estate properties (net of noncontrolling interest share)			(5,096	)			933				—				—				(4,163	)			(174	)			(291	)
Impairment charges (net of noncontrolling interest share)			—				—				2,294				—				2,294				4,923				17,323
Income (loss) attributable to noncontrolling interests' share in Operating Partnership			470				398				872				336				2,076				(446	)			125
FFO to Common Shareholders and Common OP Unit holders		$	24,004			$	28,125			$	38,160			$	26,453			$	116,742			$	26,020			$	114,424
Less: Unrealized holding (gain) loss and other (net of noncontrolling interest share)			(1,399	)			(487	)			(13,198	)			1,302				(13,782	)			(4,336	)			(20,493	)
FFO before Special Items		$	22,605			$	27,638			$	24,962			$	27,755			$	102,960			$	21,684			$	93,931
Adjusted Funds from operations ("AFFO"):
FFO		$	24,004			$	28,125			$	38,160			$	26,453			$	116,742			$	26,020			$	114,424
Unrealized (gains) losses			(1,399	)			(487	)			(13,198	)			1,302				(13,782	)			(4,336	)			(20,493	)
Straight-line rent, net			(402	)			(1,011	)			(1,229	)			1,180				(1,462	)			1,296				9,978
Above/below-market rent			(1,779	)			(1,917	)			(1,572	)			(4,904	)			(10,172	)			(2,204	)			(8,623	)
Amortization of finance costs			775				769				895				944				3,383				713				2,719
Above/below-market interest			(47	)			(47	)			(47	)			(47	)			(188	)			(47	)			(188	)
Non-real estate depreciation			57				59				156				116				388				80				397
Stock-based compensation			3,861				2,237				2,242				2,243				10,583				1,984				9,572
Leasing commissions			(98	)			(905	)			(681	)			(676	)			(2,360	)			(1,450	)			(1,985	)
Tenant improvements			(1,290	)			(2,666	)			(3,570	)			(2,533	)			(10,059	)			(2,294	)			(4,003	)
Maintenance capital expenditures			(285	)			(398	)			(409	)			(2,968	)			(4,060	)			(1,144	)			(3,173	)
AFFO to Common Shareholders and Common OP Unit holders		$	23,397			$	23,759			$	20,747			$	21,110			$	89,013			$	18,618			$	98,625
Total weighted-average diluted shares and OP Units			91,931				92,627				94,083				94,505				93,234				91,666				91,899
Diluted FFO per Common share and OP Unit:
FFO		$	0.26			$	0.30			$	0.41			$	0.28			$	1.25			$	0.28			$	1.25
FFO before Special Items		$	0.25			$	0.30			$	0.27			$	0.29			$	1.10			$	0.24			$	1.02

 

 

	11

 

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	EBITDA1
Supplemental Report – December 31, 2021	(in thousands)

 

		Quarter Ended December 31, 2021												Year to Date December 31, 2021												Quarter Ended December 31, 2020
		Core												Core												Core
		Portfolio				Funds				Total				Portfolio				Funds				Total				Portfolio				Funds				Total
EBITDA:																										(As Restated)				(As Restated)				(As Restated)
Net Income (Loss) Attributable to Acadia		$	4,694			$	(1,970	)		$	2,724			$	31,281			$	(8,134	)		$	23,147			$	2,929			$	(13,786	)		$	(10,857	)
Adjustments:
Depreciation and amortization			19,420				4,089				23,509				78,616				15,160				93,776				25,786				6,868				32,654
Interest expense			8,412				2,676				11,088				32,777				9,773				42,550				8,703				2,294				10,997
Amortization of finance costs			693				251				944				2,536				847				3,383				532				181				713
Above/below-market interest			(47	)			—				(47	)			(188	)			—				(188	)			(47	)			—				(47	)
Gain on disposition of properties			—				—				—				(4,520	)			(2,074	)			(6,594	)			(174	)			—				(174	)
Unrealized holding losses (gains) and other			1,097				205				1,302				(14,713	)			931				(13,782	)			(4,904	)			568				(4,336	)
Gain on debt extinguishment - non-principal and interest			—				—				—								—				—				(1,370	)			—				(1,370	)
Provision (benefit) for income taxes			(298	)			—				(298	)			(11	)			32				21				86				228				314
Impairment charges			—				—				—				—				2,294				2,294				419				7,775				8,194
Noncontrolling interest - OP			212				—				212				1,582				—				1,582				(569	)			—				(569	)
EBITDA		$	34,183			$	5,251			$	39,434			$	127,360			$	18,829			$	146,189			$	31,391			$	4,128			$	35,519
Adjusted EBITDA:
EBITDA		$	34,183			$	5,251			$	39,434			$	127,360			$	18,829			$	146,189			$	31,391			$	4,128			$	35,519
Stock based compensation			2,243				—				2,243				10,583				—				10,583				1,984				—				1,984
Adjusted EBITDA		$	36,426			$	5,251			$	41,677			$	137,943			$	18,829			$	156,772			$	33,375			$	4,128			$	37,503

 

__________

Notes to Funds from Operations and EBITDA:

 

 

 

 

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	Core Portfolio – Same Property Performance 1
Supplemental Report – December 31, 2021	(in thousands)

 

		Quarter Ended								Change				Year to Date								Change
		December 31, 2021				December 31, 2020				Favorable/ (Unfavorable)				December 31, 2021				December 31, 2020				Favorable/ (Unfavorable)
Summary
Minimum rents		$	32,282			$	30,420				6.1	%		$	130,498			$	125,417				4.1	%
Expense reimbursements			9,685				9,691				(0.1	)%			38,776				37,960				2.1	%
Other property income			558				313				78.3	%			1,754				1,122				56.3	%
Total Revenue			42,525				40,424				5.2	%			171,028				164,499				4.0	%
Expenses
Property operating - CAM & Real estate taxes			12,421				11,621				(6.9	)%			49,590				45,468				(9.1	)%
Other property operating (Non-CAM)			1,460				1,045				(39.7	)%			4,221				3,601				(17.2	)%
Total Expenses			13,881				12,666				(9.6	)%			53,811				49,069				(9.7	)%
Same Property NOI - Core properties		$	28,644			$	27,758				3.2	%		$	117,217			$	115,430				1.5	%
Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI			3,832				2,798								9,992				8,856
Core NOI		$	32,476			$	30,556							$	127,209			$	124,286
Other same property information
Physical Occupancy at the end of the period			90.3	%			89.4	%
Leased Occupancy at the end of the period			93.3	%			90.5	%

__________

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

 

 

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	Fee Income by Fund
Supplemental Report – December 31, 2021	(in thousands)

 

		Fund II				Fund III				Fund IV				Fund V				Other				Total
Year to Date December 31, 2021
Asset and property management fees		$	1,229			$	486			$	4,445			$	5,367			$	582			$	12,109
Transactional fees			1,125				555				1,927				3,363				227				7,197
Total fees		$	2,354			$	1,041			$	6,372			$	8,730			$	809			$	19,306
Quarter Ended December 31, 2021
Asset and property management fees		$	337			$	49			$	1,083			$	1,267			$	140			$	2,876
Transactional fees			163				238				634				877				93				2,005
Total fees		$	500			$	287			$	1,717			$	2,144			$	233			$	4,881
Quarter Ended September 30, 2021
Asset and property management fees		$	336			$	43			$	1,036			$	1,304			$	131			$	2,850
Transactional fees			103				78				629				866				61				1,737
Total fees		$	439			$	121			$	1,665			$	2,170			$	192			$	4,587
Quarter Ended June 30, 2021
Asset and property management fees		$	379			$	144			$	1,180			$	1,380			$	131			$	3,214
Transactional fees			121				155				387				1,025				35				1,723
Total fees		$	500			$	299			$	1,567			$	2,405			$	166			$	4,937
Quarter Ended March 31, 2021
Asset and property management fees		$	177			$	250			$	1,146			$	1,416			$	180			$	3,169
Transactional fees			738				84				277				595				38				1,732
Total fees		$	915			$	334			$	1,423			$	2,011			$	218			$	4,901

 

 

 

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	Structured Financing Portfolio
Supplemental Report – December 31, 2021	(in thousands)

 

		September 30, 2021												Quarter Ended December 31, 2021																				Stated				Effective
		Principal				Accrued				Ending								Repayments/				Current				Accrued				Ending				Interest				Interest				Maturity
Investment		Balance				Interest				Balance				Issuances 1				Conversions				Principal				Interest				Balance				Rate				Rate				Dates
First mortgage notes 2,4		$	89,332			$	4,527			$	93,859			$	—			$	—			$	89,332			$	4,852			$	94,184				6.38	%			6.95	%		Apr-20 to Sept-24
Other notes4			65,000				9,951				74,951				—				—				65,000				11,514				76,514				8.52	%			8.52	%		Jan-23 to Dec-27
Total Core notes receivable		$	154,332			$	14,478			$	168,810			$	—			$	—			$	154,332			$	16,366			$	170,698				7.28	%			7.61	%
__________
Reconciliation of Notes Receivable to the Consolidated Balance Sheet (Pro Rata):
Total Notes Receivable per above																						$	154,332
Fund Notes Receivable																							1,301
Allowance for credit loss																							(2,294	)
Total Pro-rata Notes Receivable																						$	153,339

 

________

 

 

 

 

 

 

 

 

 

 

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	Transactional Activity
Supplemental Report – December 31, 2021	(in thousands)

 

PROPERTY ACQUISITIONS AND DISPOSITIONS
Property Name		Location		Date of Transaction		Transaction Amount				Ownership % 1				Fund Share				Acadia Share
ACQUISITIONS 2
Core:
14th Street Portfolio		Washington, DC		December 23, 2021		$	26,320				100.00	%		$	—				26,320
Fund V:
Canton Marketplace		Canton, GA		August 20, 2021		$	50,954				100.00	%		$	50,954			$	10,242
Monroe Marketplace		Selinsgrove, PA		September 9, 2021			44,796				100.00	%			44,796				9,004
Monroe Marketplace (Parcel)		Selinsgrove, PA		November 12, 2021			1,029				100.00	%			1,029				207
Midstate Mall		Brunswick, NJ		December 14, 2021			71,867				100.00	%			71,867				14,445
							168,646								168,646				33,898
						$	194,966							$	168,646			$	60,218
DISPOSITIONS
Core:
60 Orange Street		Bloomfield, NJ		January 29, 2021		$	16,400				98.00	%		$	—			$	16,072
Fund III:
654 Broadway		New York, NY		May 19, 2021			10,000				100.00	%			10,000				2,454
Fund IV:
NE Grocer Portfolio (Selected Assets)		Maine		June 18, 2021			39,925				100.00	%			39,925				9,231
Fund V:
Family Center at Riverdale (Parcels)		Riverdale, UT		January 4, 2021			10,500				89.43	%			9,390				1,887
						$	76,825							$	59,315			$	29,644
STRUCTURED FINANCING ACTIVITY
Note Description		Transaction Type		Date of Transaction		Transaction Amount				Ownership % 1				Fund Share				Acadia Share
Core:
White Oak Loan		First Mortgage		April 20, 2021		$	16,000				100.00	%		$	—			$	16,000
57-63 Greene Street Loan 3		First Mortgage		September 17, 2021			42,000				100.00	%			—				42,000
						$	58,000							$	—			$	58,000

 

 

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	2022 Guidance 1
Supplemental Report – December 31, 2021	(in millions)

 

 

		2022 Guidance Forecast
		Low				High				2021 Actual
(in $ millions, except per share amounts)		$ Millions		$/Share		$ Millions		$/Share		$ Millions		$/Share
Net earnings per share attributable to Common Shareholders		$17.7		$0.19		$30.4		$0.32		$23.1		0.26
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)				1.01				1.04				0.99
Impairment charges (net of noncontrolling interest share)				-				-				0.02
Gain on disposition of properties (net of noncontrolling interests' share)				(0.07)				(0.07)				(0.04)
Noncontrolling interest in Operating Partnership				0.02				0.02				0.02
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders				$1.15				$1.31				$1.25
Special Items: Unrealized holding (gain) loss and other (net of noncontrolling interest share)1				—				—				(0.15)
Funds from operations before Special Items per share attributable to Common Shareholders and Common OP Unit holders				$1.15				$1.31				$1.10

 

 

	17

 

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	2022 Guidance 1
Supplemental Report – December 31, 2021	(in millions)

 

		2022 Guidance Forecast
		Low				High				2021 Actual
(in $ millions, except per share amounts)		$ Millions		$/Share		$ Millions		$/Share		$ Millions		$/Share
FFO Comprises2:
Core property NOI 3		$130				$134				$122
Fund property NOI3		19				20				16
Cash recoveries of prior period rents/lease termination income4		3				7				7
Straight-line and above/below market rents		14				16				12
Interest income (Structured Finance Portfolio)		9				11				9
Fund fee income, net		18				21				19
Interest expense, net of capitalized interest5		(49)				(51)				(46)
General and administrative		(37)				(39)				(39)
Non-real estate depreciation and other expenses		(0.5)				(0.5)				(0.3)
Funds from operations, excluding Core and Fund external growth and related fees6		$106.5		$1.07		$118.5		$1.17		$99.7		$1.07
Core and Fund acquisitions and related fees7				0.02				0.04				-
Funds from operations, excluding Net Promote and other Core and Fund profits				$1.09				$1.21				$1.07
Net Promote and other Core and Fund profits8		6		0.06		10		0.10		2.4		0.03
Funds from operations before Special Items per share attributable to Common Shareholders and Common OP Unit holders		$112.5		$1.15		$128.5		$1.31		$102.1		$1.10
Additional Guidance Assumptions
Fully diluted common shares - weighted average		93.0				95.0				87.7
Fully diluted common shares and OP Units - weighted average		100				101				93.2
Same property net operating income growth		4%				6%				1.5%
Core and Fund acquisitions		$300				$500				$168.6

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	18

 

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	Net Asset Valuation Information
Supplemental Report – December 31, 2021	(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, 2		$	32,476			N/A				$	817			$	6,911			$	16,075
Less:
Net operating (income) loss from properties sold or under contract			—			N/A					(602	)			(306	)			—
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 3, 4			(2,613	)		N/A					(215	)			(91	)			—
Net Operating Income of stabilized assets		$	29,863			N/A				$	—			$	6,514			$	16,075
Costs to Date (Pro Rata)
Pre-stabilized assets 3		$	—			N/A				$	10,001			$	40,396			$	—
Development and redevelopment projects 4			181,056			N/A					4,523				26,221				—
Total Costs to Date		$	181,056			N/A				$	14,524			$	66,617			$	—
Debt (Pro Rata)		$	869,957			$	79,601			$	14,094			$	76,062			$	121,576

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	19

 

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	Selected Financial Ratios
Supplemental Report – December 31, 2021	(in thousands)

 

		Quarter Ended December 31,								Year to Date December 31,										Quarter Ended
COVERAGE RATIOS 1		2021				2020				2021				2020				LEVERAGE RATIOS		December 31, 2021				September 30, 2021
Fixed-Charge Coverage Ratios						(As Restated)								(As Restated)				Debt/Market Capitalization Ratios						(As Restated)
EBITDA 2 divided by:		$	34,183			$	31,391			$	127,360			$	125,517			Debt + Preferred Equity (Preferred OP Units)		$	1,171,433			$	1,146,500
Interest expense			8,412				8,703				32,777				32,896			Total Market Capitalization			3,231,377				3,056,080
Principal Amortization			1,083				1,075				4,238				4,156			Debt + Preferred Equity/
Preferred Dividends 3			123				123				492				495			Total Market Capitalization			36	%			38	%
Fixed-Charge Coverage Ratio - Core Portfolio			3.6	x			3.2	x			3.4	x			3.3	x
EBITDA divided by:		$	39,434			$	35,519			$	146,189			$	139,762			Debt 6		$	1,153,533			$	1,132,013
Interest expense			11,088				10,997				42,550				41,982			Total Market Capitalization			3,231,377				3,056,080
Principal Amortization			1,366				1,294				5,578				4,819			Net Debt + Preferred Equity/
Preferred Dividends			123				123				492				495			Total Market Capitalization			36	%			37	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds			3.1	x			2.9	x			3.0	x			3.0	x		Debt/EBITDA Ratios
																		Core:
Payout Ratios																		Debt		$	869,957			$	861,039
																		Net debt 5			855,384				850,285
Dividends declared (per share/OP Unit)		$	0.15							$	0.60							EBITDA			127,360				124,829
																		Adjusted EBITDA			137,943				133,797
Dividends (Shares) & Distributions (OP Units) declared		$	14,557							$	57,057							Debt/EBITDA - Core Portfolio			6.8	x			6.9	x
FFO			26,453								116,742							Debt/Adjusted EBITDA - Core Portfolio			6.3	x			6.4	x
FFO Payout Ratio 8			55	%		N/A					49	%		N/A				Net Debt/EBITDA - Core Portfolio			6.7	x			6.8	x
																		Net Debt/ Adjusted EBITDA - Core Portfolio			6.2	x			6.4	x
AFFO 7			21,110								89,013							Core and Funds:
AFFO Payout Ratio			69	%		N/A					64	%		N/A				Debt 4		$	1,161,290			$	1,137,017
																		Net debt 6			1,143,390				1,122,530
FFO Before Special Items			27,755								102,960							EBITDA			146,189				142,942
FFO Before Special Items Payout Ratio			52	%		N/A					55	%		N/A				Adjusted EBITDA			156,772				151,910
																		Debt/EBITDA - Core and Funds			7.9	x			8.0	x
																		Debt/Adjusted EBITDA - Core and Funds			7.4	x			7.5	x
																		Net Debt/EBITDA - Core and Funds			7.8	x			7.9	x
																		Net Debt/ Adjusted EBITDA - Core and Funds			7.3	x			7.4	x

 

 

 

 

	20

 

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	Selected Financial Ratios
Supplemental Report – December 31, 2021	(in thousands)

__________

1. Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures. Prior period results are adjusted to reflect the impact of the restatement (see Notes to FFO and EBITDA pages for more information).

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

3. Represents preferred distributions on Preferred Operating Partnership Units.

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

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

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

7. Prior periods updated to include an adjustment for stock-based compensation, see Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to net income attributable to Acadia.

9. Beginning with the second quarter of 2020 and through the fourth quarter of 2020, the Board of Trustees temporarily suspended distributions on common shares and common units. The regular quarterly distribution was reinstated in the first quarter of 2021.

 

		EBITDA								ADJUSTED EBITDA
		Quarter Ended				Year Ended				Quarter Ended				Year Ended
Reconciliation of EBITDA to Annualized EBITDA		December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
						(As Restated)								(As Restated)
Core EBITDA as reported		$	34,183			$	125,517			$	34,183			$	125,517
Add back: Stock-based compensation, net of employee equity elections			—				—				2,243				9,572
Subtract: Credit loss recoveries in Q4			(1,751	)			—				(1,751	)			—
Subtotal			32,432				125,517				34,675				135,089
Annualized Core EBITDA			127,360				125,517				137,943				135,089
Add back: Year to date credit loss recoveries			4,900				—				4,900				—
Annualized Core EBITDA			132,260				125,517				142,843				135,089
Funds EBITDA as reported			5,251				14,245				5,251				14,245
Subtract: Credit loss recoveries in Q4			(451	)			—				(451	)			—
Subtotal			4,800				14,245				4,800				14,245
Annualized Fund EBITDA			18,829				14,245				18,829				14,245
Add back: Year to date credit loss recoveries			1,124				—				1,124				—
Annualized Fund EBITDA			19,953				14,245				19,953				14,245
Annualized EBITDA Core and Funds		$	152,213			$	139,762			$	162,796			$	149,334

 

 

 

 

	21

 

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	Portfolio Debt – Summary
Supplemental Report – December 31, 2021	(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		$	466,413				4.1	%			4.8			$	—				—				—			$	466,413				40	%			4.1	%			4.8			$	—			$	—			$	466,413
Variable-Rate Debt 5			46,492				1.5	%			3.5				36,211				2.1	%			0.5				82,703				7	%			1.8	%			2.2				126,816				—				209,519
																															47	%
Mortgage and Other Notes Payable
Fixed-Rate Debt 1			324,211				4.1	%			4.6				93,589				3.5	%			2.1				417,800				36	%			3.9	%			4.0				289,030				(135,328	)			571,502
Variable-Rate Debt 5			32,841				1.8	%			1.6				161,533				3.5	%			0.8				194,374				17	%			3.2	%			1.0				431,169				(53,239	)			572,304
																															53	%
Total		$	869,957				3.9	%			4.5			$	291,333				3.3	%			1.2			$	1,161,290				100	%			3.7	%			3.7			$	847,015			$	(188,567	)			1,819,738
Unamortized premium																																																			446
Net unamortized loan costs																																																			(7,724	)
Total																																																		$	1,812,460

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	22

 

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	Portfolio Debt - Detail
Supplemental Report – December 31, 2021	(in thousands)

 

 

 

 

 

				Principal Balance at				Acadia's Pro-rata Share								Interest				Extension
Property				December 31, 2021				Percent				Amount				Rate		Maturity		Options
CORE PORTFOLIO
Fixed-Rate Debt
163 Highland Avenue				$	8,001				100.00	%			8,001			4.66%		02/01/24		None
Crossroads Shopping Center					62,283				49.00	%			30,519			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)					15,446				50.00	%			7,723			4.72%		12/10/27		None
State & Washington					22,688				100.00	%			22,688			4.40%		09/05/28		None
239 Greenwich Avenue					25,707				75.00	%			19,280			3.88%		01/10/29		None
North & Kingsbury					11,332				100.00	%			11,332			4.01%		11/05/29		None
151 North State Street					12,918				100.00	%			12,918			4.03%		12/01/29		None
Concord & Milwaukee					2,483				100.00	%			2,483			4.40%		06/01/30		None
California & Armitage					2,338				100.00	%			2,338			5.89%		04/15/35		None
Unsecured interest rate swaps 1					466,413				100.00	%			466,413			4.10%		Various
Secured interest rate swaps 1					91,278				89.76	%			81,933			3.79%		Various
Sub-Total Fixed-Rate Debt					854,387								790,624			4.09%
Secured Variable-Rate Debt
28 Jericho Turnpike					12,353				100.00	%			12,353			LIBOR+190		01/23/23		None
Gotham Plaza					18,324				49.00	%			8,979			LIBOR+160		06/10/23		None
Georgetown Portfolio (2016 Investment)					160,000				20.00	%			32,000			LIBOR+170		08/01/23		None
3104 M Street 2					4,203				20.00	%			841			Prime+0		01/01/24		None
330-340 River Street					10,601				100.00	%			10,601			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					(91,278	)			89.76	%			(81,933	)		LIBOR+370		Various
Unsecured Variable-Rate Debt
Unsecured Line of Credit 3					112,905				100.00	%			112,905			LIBOR+140		06/29/25		2 x 6 mos.
Unsecured Term Loan					400,000				100.00	%			400,000			LIBOR+155		06/29/26		None
Unsecured interest rate swaps 1					(466,413	)			100.00	%			(466,413	)		LIBOR+400		Various
Sub-Total Variable-Rate Debt					210,695								79,333			LIBOR+154
Total Debt - Core Portfolio				$	1,065,082							$	869,957			3.87%
Funds
Fixed-Rate Debt
Canton Marketplace		Fund V			31,801				20.10	%			6,392			3.35%		05/01/23		None
2207 Fillmore Street 4		Fund IV			1,120				20.80	%			233			4.50%		10/31/25		None
650 Bald Hill Road 4		Fund IV			16,000				20.81	%			3,330			3.75%		06/01/26		None
Interest rate swaps 1		Funds II, IV & V			423,489				19.75	%			83,634			3.48%		Various
Sub-Total Fixed-Rate Debt					472,410								93,589			3.48%
Variable-Rate Debt
New Towne Center		Fund V			16,232				20.10	%			3,263			LIBOR+220		02/01/22		1 x 12 mos.
Eden Square 4		Fund IV			22,931				22.78	%			5,224			LIBOR+215		03/01/22		None
Wake Forest Crossing		Fund IV			20,860				23.12	%			4,823			LIBOR+160		02/14/22		None
City Point Phase III 4		Fund II			39,164				26.67	%			10,445			LIBOR+300		03/01/22		2 x 12 mos.
Lincoln Place		Fund IV			22,861				23.12	%			5,285			LIBOR+185		03/13/22		None

 

 

	23

 

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	Portfolio Debt - Detail
Supplemental Report – December 31, 2021	(in thousands)

 

 

 

 

Dauphin Plaza		Fund IV			9,292				23.12	%			2,148			LIBOR+200		04/01/22		None
Dauphin Plaza - Second Mortgage		Fund IV			2,822				23.12	%			652			LIBOR+200		04/01/22		None
Acadia Strategic Opportunity IV LLC 5		Fund IV			59,225				23.12	%			13,693			LIBOR+250		06/30/22		None
City Point 5		Fund II			16,814				26.67	%			4,484			LIBOR+275		08/11/22		None
17 E. 71st Street		Fund IV			8,895				23.12	%			2,057			LIBOR+300		09/09/22		None
Restaurants at Fort Point		Fund IV			5,855				23.12	%			1,354			LIBOR+235		11/25/22		1 x 12 mos.
Acadia Strategic Opportunity IV LLC		Fund IV			5,000				23.12	%			1,156			SOFR+201		12/29/22		None
Acadia Strategic Opportunity Fund V LLC		Fund V			118,027				20.10	%			23,723			LIBOR+190		05/02/22		None
Riverdale 4		Fund V			24,361				17.97	%			4,379			LIBOR+170		05/28/22		2 x 12 mos.
Fairlane Green		Fund V			33,467				20.10	%			6,727			LIBOR+190		06/05/22		1 x 12 mos.
Trussville Promenade		Fund V			29,190				20.10	%			5,867			LIBOR+185		06/15/22		1 x 12 mos.
Cortlandt Crossing		Fund III			34,728				24.54	%			8,522			LIBOR+275		06/19/22		None
640 Broadway 4		Fund III			35,970				15.49	%			5,572			LIBOR+310		07/09/22		1 x 12 mos.
City Point 4		Fund II			200,000				26.67	%			53,340			Prime+200		08/17/22		None
Acadia Strategic Opportunity Fund II, LLC		Fund II			40,000				28.33	%			11,332			LIBOR+225		09/20/22		None
Broughton Street Portfolio 5		Fund IV			25,763				23.12	%			5,956			LIBOR+300		10/31/22		None
Mayfair Center		Fund IV			11,287				23.12	%			2,610			LIBOR+200		12/01/22		2 x 12 mos.
Promenade at Manassas 4		Fund IV			27,480				22.78	%			6,260			LIBOR+175		12/05/22		2 x 12 mos.
717 N. Michigan Avenue		Fund IV			52,000				23.12	%			12,022			LIBOR+310		12/09/22		1 x 12 mos.
Elk Grove Commons		Fund V			41,500				20.10	%			8,342			LIBOR+150		01/01/23		1 x 12 mos.
146 Geary Street		Fund IV			19,338				23.12	%			4,471			LIBOR+365		07/15/23		None
Hiram Pavilion		Fund V			28,830				20.10	%			5,795			LIBOR+190		03/05/24		None
Hickory Ridge		Fund V			29,128				20.10	%			5,855			LIBOR+190		10/05/24		None
Tri-City Plaza 4		Fund V			38,670				18.09	%			6,995			LIBOR+190		10/18/24		1 x 12 mos.
Landstown Commons		Fund V			60,900				20.10	%			12,241			LIBOR+170		10/24/24		None
Lincoln Commons		Fund V			38,820				20.10	%			7,803			LIBOR+170		10/24/24		None
Palm Coast Landing		Fund V			26,500				20.10	%			5,327			LIBOR+175		11/01/24		None
Frederick Crossing 4		Fund V			24,290				18.09	%			4,394			LIBOR+175		12/02/24		1 x 12 mos.
Plaza Santa Fe		Fund V			22,893				20.10	%			4,601			LIBOR+190		12/20/24		None
Paramus Plaza 4		Fund IV			28,910				11.56	%			3,342			SOFR+225		12/28/24		2 x 12 mos.
Frederick County Square 4		Fund V			22,185				18.09	%			4,013			LIBOR+240		01/01/25		1 x 12 mos.
1964 Union Street 4		Fund IV			1,417				20.80	%			295			LIBOR+225		10/01/25		None
2208-2216 Fillmore Street 4		Fund IV			5,533				20.80	%			1,151			LIBOR+225		06/01/26		None
Monroe Marketplace		Fund V			29,150				20.10	%			5,859			SOFR+265		11/12/26		None
Interest rate swaps 1		Funds II, IV & V			(423,489	)			19.75	%			(83,634	)		LIBOR+338		Various
Sub-Total Variable-Rate Debt					856,799								197,744			LIBOR+318
Total Debt - Funds				$	1,329,209							$	291,333			3.34%
Total Debt - Core Portfolio and Funds				$	2,394,291							$	1,161,290			3.74%

_________

 

 

	24

 

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	Future Debt Maturities 1
Supplemental Report – December 31, 2021	(in thousands)

 

Core Portfolio		Contractual Debt Maturities												Acadia's Pro-Rata Share												Weighted Average Effective Interest Rate
																												Fixed-
		Scheduled												Scheduled												Total		Rate		Variable-
Year		Amortization				Maturities				Total				Amortization				Maturities				Total				Debt		Debt		Rate Debt
2022		$	5,793			$	—			$	5,793			$	4,395			$	—			$	4,395			3.75%		n/a		3.75%
2023			5,018				189,284				194,302				3,781				52,361				56,142			n/a		n/a		n/a
2024			4,241				69,909				74,150				3,294				36,777				40,071			4.01%		4.01%		n/a
2025			3,264				246,405				249,669				2,862				237,901				240,763			4.09%		4.09%		n/a
2026			3,219				409,273				412,492				2,799				409,273				412,072			4.14%		4.14%		n/a
Thereafter			8,175				120,501				128,676				7,593				108,921				116,514			4.13%		4.13%		n/a
Total		$	29,710			$	1,035,372			$	1,065,082			$	24,724			$	845,233			$	869,957
Funds		Contractual Debt Maturities												Acadia's Pro-Rata Share												Weighted Average Effective Interest Rate
																												Fixed-
		Scheduled												Scheduled												Total		Rate		Variable-
Year		Amortization				Maturities				Total				Amortization				Maturities				Total				Debt		Debt		Rate Debt
2022		$	5,573			$	859,779			$	865,352			$	1,159			$	200,335			$	201,494			3.32%		3.78%		3.24%
2023			5,557				92,127				97,684				1,067				19,101				20,168			3.76%		3.72%		3.90%
2024			4,247				288,166				292,413				807				54,329				55,136			3.16%		3.20%		2.41%
2025			635				24,554				25,189				132				4,506				4,638			3.98%		4.03%		3.15%
2026			257				48,314				48,571				54				9,843				9,897			3.14%		3.75%		2.87%
Thereafter			—				—				—				—				—				—			n/a		n/a		n/a
Total		$	16,269			$	1,312,940			$	1,329,209			$	3,219			$	288,114			$	291,333

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	25

 

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	Future Debt Maturities – As Extended 1
Supplemental Report – December 31, 2021	(in thousands)

 

Core Portfolio		Extended Debt Maturities 1												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
2022		$	5,793			$	—			$	5,793			$	4,395			$	—			$	4,395			n/a		n/a		n/a
2023			5,018				189,284				194,302				3,781				52,361				56,142			4.01%		4.01%		n/a
2024			4,241				69,909				74,150				3,294				36,777				40,071			4.08%		4.09%		n/a
2025			3,264				133,500				136,764				2,862				124,996				127,858			4.18%		4.18%		n/a
2026			3,219				522,179				525,398				2,799				522,179				524,978			4.08%		4.08%		n/a
Thereafter			8,175				120,500				128,675				7,593				108,920				116,513			4.35%		4.35%		n/a
Total		$	29,710			$	1,035,372			$	1,065,082			$	24,724			$	845,233			$	869,957
Funds		Extended Debt Maturities 1												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
2022		$	5,572			$	585,825			$	591,397			$	1,159			$	142,064			$	143,223			3.35%		3.03%		3.37%
2023			5,557				250,574				256,131				1,067				51,769				52,836			3.73%		3.98%		3.53%
2024			4,246				314,967				319,213				807				65,696				66,503			3.36%		3.40%		3.09%
2025			635				63,363				63,998				132				11,527				11,659			3.13%		3.13%		3.15%
2026			260				98,210				98,470				54				17,058				17,112			3.13%		3.90%		2.66%
Thereafter			—				—				—				—				—				—			n/a		n/a		n/a
Total		$	16,270			$	1,312,939			$	1,329,209			$	3,219			$	288,114			$	291,333

 

 

 

	26

 

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	Core Portfolio Retail Properties - Detail
Supplemental Report – December 31, 2021

 

 

 

	Core Portfolio Retail Properties - Detail
Supplemental Report – December 31, 2021

 

 

				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	%		$	3,282,187			$	180.93
840 N. Michigan Avenue		H & M, Verizon    Wireless		2014			88.4	%			87,135				—				—				87,135				100.0	%			—	%			—	%			100.0	%			100.0	%			8,450,630				96.98
Rush and Walton Streets    Collection (6 properties)		Lululemon, BHLDN,    Reformation,    Sprinkles		2011  2012			100.0	%			40,384				—				—				40,384				88.2	%			—	%			—	%			88.2	%			88.2	%			6,750,144				189.58
651-671 West Diversey		Trader Joe's,    Urban Outfitters		2011			100.0	%			46,259				—				—				46,259				86.2	%			—	%			—	%			86.2	%			86.2	%			1,574,714				39.50
Clark Street and W. Diversey    Collection (4 properties)		Starbucks		2011 2012			100.0	%			53,277				—				—				53,277				64.6	%			—	%			—	%			64.6	%			68.3	%			1,399,585				40.64
Halsted and Armitage    Collection (13 properties)		Serena and Lily,    Bonobos, Allbirds    Warby Parker,    Marine Layer,    Kiehl's		2011 2012 2019 2020			100.0	%			52,804				—				—				52,804				91.2	%			—	%			—	%			91.2	%			95.7	%			2,335,749				48.52
North Lincoln Park Chicago    Collection (6 properties)		Champion,    Carhartt		2011 2014			100.0	%			22,125				—				27,796				49,921				27.7	%			—	%			92.1	%			63.5	%			63.5	%			942,020				29.70
State and Washington		Nordstrom Rack,    Uniqlo		2016			100.0	%			78,771				—				—				78,771				100.0	%			—	%			—	%			100.0	%			100.0	%			3,346,235				42.48
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		2016			100.0	%			41,791				—				—				41,791				68.9	%			—	%			—	%			68.9	%			100.0	%			1,153,437				40.08
Concord and Milwaukee		—		2016			100.0	%			13,105				—				—				13,105				100.0	%			—	%			—	%			100.0	%			100.0	%			437,248				33.36
California and Armitage		—		2016			100.0	%			—				—				18,275				18,275				—	%			—	%			70.6	%			70.6	%			70.6	%			680,594				52.79
Roosevelt Galleria		Petco, Vitamin    Shoppe		2015			100.0	%			—				—				37,995				37,995				—	%			—	%			47.7	%			47.7	%			47.7	%			613,881				33.86
Sullivan Center		Target, DSW		2016			100.0	%			176,181				—				—				176,181				95.4	%			—	%			—	%			95.4	%			95.4	%			6,427,349				38.26
											657,358				—				84,066				741,424				89.1	%			—	%			67.3	%			86.6	%			89.2	%			38,823,773				60.46
New York Metro
Soho Collection    (11 properties)		Faherty, ALC    Stone Island, Taft,    Frame, Theory		2011 2014 2019 2020			100.0	%			35,035				—				—				35,035				75.8	%			—	%			—	%			75.8	%			75.8	%			8,201,107				308.89
5-7 East 17th Street		—		2008			100.0	%			9,536				—				—				9,536				—	%			—	%			—	%			—	%			—	%			—				—
200 West 54th Street		—		2007			100.0	%			5,862				—				—				5,862				78.2	%			—	%			—	%			78.2	%			78.2	%			1,284,894				280.42
61 Main Street		—		2014			100.0	%			3,470				—				—				3,470				100.0	%			—	%			—	%			100.0	%			100.0	%			303,798				87.55

 

 

	27

 

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	Core Portfolio Retail Properties - Detail
Supplemental Report – December 31, 2021

 

 

181 Main Street		TD Bank		2012			100.0	%			11,514				—				—				11,514				100.0	%			—	%			—	%			100.0	%			100.0	%			980,044				85.12
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				—	%			—	%			80.0	%			80.0	%			80.0	%			368,873				31.59
239 Greenwich Avenue		Betteridge Jewelers		1998			75.0	%			16,553				—				—				16,553				100.0	%			—	%			—	%			100.0	%			100.0	%			1,741,068				105.18
252-256 Greenwich Avenue		Veronica Beard,    The RealReal,    Blue Mercury		2014			100.0	%			7,986				—				—				7,986				100.0	%			—	%			—	%			100.0	%			100.0	%			846,873				106.04
2914 Third Avenue		Planet Fitness		2006			100.0	%			—				21,650				18,953				40,603				—	%			100.0	%			44.1	%			73.9	%			100.0	%			768,172				25.60
868 Broadway		Dr. Martens		2013			100.0	%			2,031				—				—				2,031				100.0	%			—	%			—	%			100.0	%			100.0	%			838,855				413.03
313-315 Bowery 2		John Varvatos,    Patagonia		2013			100.0	%			6,600				—				—				6,600				100.0	%			—	%			—	%			100.0	%			100.0	%			527,076				79.86
120 West Broadway		HSBC Bank		2013			100.0	%			13,838				—				—				13,838				79.8	%			—	%			—	%			79.8	%			100.0	%			2,052,536				185.94
2520 Flatbush Avenue		Bob's Disc. Furniture,    Capital One		2014			100.0	%			—				—				29,114				29,114				—	%			—	%			100.0	%			100.0	%			100.0	%			1,175,271				40.37
991 Madison Avenue		Vera Wang,    Gabriella Hearst		2016			100.0	%			7,513				—				—				7,513				91.1	%			—	%			—	%			91.1	%			91.1	%			2,919,899				426.45
Shops at Grand		Stop & Shop (Ahold)		2014			100.0	%			—				52,336				47,349				99,685				—	%			100.0	%			100.0	%			100.0	%			100.0	%			3,335,738				33.46
Gotham Plaza		Bank of America,    Footlocker		2016			49.0	%			—				—				25,922				25,922				—	%			—	%			83.4	%			83.4	%			91.5	%			1,521,808				70.42
											119,938				86,950				135,928				342,816				81.0	%			100.0	%			86.9	%			88.2	%			92.7	%			27,491,012				90.96
Los Angeles Metro
Melrose Place Collection		The Row, Chloe,    Oscar de la Renta		2019			100.0	%			14,000				—				—				14,000				100.0	%			—	%			—	%			100.0	%			100.0	%			2,583,061				184.50
											14,000				—				—				14,000				100.0	%			—	%			—	%			100.0	%			100.0	%			2,583,061				184.50
District of Columbia Metro
1739-53 & 1801-03    Connecticut Avenue		TD Bank		2012			100.0	%			20,669				—				—				20,669				58.7	%			—	%			—	%			58.7	%			58.7	%			781,727				64.46
14th Street Collection		—		2021			100.0	%			19,461				—				—				19,461				100.0	%			—	%			—	%			100.0	%			100.0	%			1,291,240				66.35
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	%			1,757,107				32.61
M Street and Wisconsin Corridor    (26 Properties) 3		Lululemon, CB2 Rag and Bone,    The Reformation		2011 2016 2019			24.8	%			242,562				—				—				242,562				72.6	%			—	%			—	%			72.6	%			72.6	%			11,660,223				66.17
											282,692				25,134				32,533				340,359				73.5	%			100.0	%			88.4	%			76.9	%			78.0	%			15,490,297				59.20
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	%			1,320,045				24.34
165 Newbury Street		Starbucks		2016			100.0	%			1,050				—				—				1,050				100.0	%			—	%			—	%			100.0	%			100.0	%			294,632				280.60
											1,050				40,800				13,426				55,276				100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			1,614,677				29.21
Total Street and Urban Retail											1,075,038				152,884				265,953				1,493,875				84.2	%			100.0	%			81.6	%			85.4	%			88.0	%		$	86,002,820			$	67.44
Acadia Share Total Street and Urban Retail											878,440				152,884				252,733				1,280,488				86.7	%			100.0	%			81.5	%			87.5	%			90.1	%		$	75,590,607			$	67.48
SUBURBAN PROPERTIES
New Jersey

 

 

	28

 

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	Core Portfolio Retail Properties - Detail
Supplemental Report – December 31, 2021

 

 

Elmwood Park Shopping Center		Walgreens, Lidl		1998			100.0	%			—				43,531				100,379				143,910				—	%			100.0	%			70.4	%			79.3	%			87.1	%			2,977,028				26.08
Marketplace of Absecon		Walgreens, Dollar Tree		1998			100.0	%			—				46,724				57,832				104,556				—	%			100.0	%			85.9	%			92.2	%			92.2	%			1,431,609				14.85
New York
Village Commons    Shopping Center		—		1998			100.0	%			—				—				87,128				87,128				—	%			—	%			96.1	%			96.1	%			98.1	%			2,860,744				34.15
Branch Plaza		LA Fitness,    The Fresh Market		1998			100.0	%			—				76,264				47,081				123,345				—	%			100.0	%			86.2	%			94.7	%			98.8	%			3,240,432				27.74
Amboy Center		Stop & Shop (Ahold)		2005			100.0	%			—				37,266				26,024				63,290				—	%			100.0	%			66.1	%			86.1	%			86.1	%			1,858,892				34.12
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		1998			49.0	%			—				202,727				109,067				311,794				—	%			50.3	%			48.7	%			49.8	%			84.5	%			5,401,920				34.82
New Loudon Center		Price Chopper,    Marshalls		1993			100.0	%			—				242,058				16,643				258,701				—	%			94.8	%			100.0	%			95.2	%			95.2	%			2,237,910				9.09
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	%			57.1	%			75.1	%			75.1	%			2,363,423				34.75
Connecticut
Town Line Plaza 4		Wal-Mart, Stop    & Shop (Ahold)		1998			100.0	%			—				163,159				42,930				206,089				—	%			100.0	%			100.0	%			100.0	%			100.0	%			1,900,191				17.47
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	%			1,450,268				11.15
Crescent Plaza		Home Depot, Shaw's    (Supervalu)		1993			100.0	%			—				156,985				61,163				218,148				—	%			100.0	%			85.7	%			96.0	%			96.0	%			2,036,176				9.72
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	%			1,490,575				36.80
Vermont
The Gateway Shopping Center		Shaw's (Supervalu)		1999			100.0	%			—				73,184				28,290				101,474				—	%			100.0	%			94.9	%			98.6	%			98.6	%			2,175,331				21.75
Illinois
Hobson West Plaza		Garden Fresh    Markets		1998			100.0	%			—				51,692				47,270				98,962				—	%			100.0	%			92.5	%			96.4	%			97.8	%			1,252,645				13.13
Indiana
Merrillville Plaza		Room Place, Jo-Ann Fabrics, TJ Maxx		1998			100.0	%			—				123,352				112,782				236,134				—	%			82.2	%			74.0	%			78.3	%			78.8	%			2,670,678				14.45
Michigan
Bloomfield Town Square		HomeGoods,    TJ Maxx		1998			100.0	%			—				153,332				81,588				234,920				—	%			81.2	%			68.3	%			76.7	%			97.7	%			3,042,388				16.88
Delaware
Town Center and Other    (2 properties)		Lowes, Bed Bath &    Beyond, Target		2003			100.0	%			—				751,455				48,608				800,063				—	%			94.2	%			91.4	%			94.0	%			94.0	%			12,735,493				16.94

 

 

	29

 

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	Core Portfolio Retail Properties - Detail
Supplemental Report – December 31, 2021

 

 

Market Square Shopping Center		Trader Joe's,    TJ Maxx		2003			100.0	%			—				42,850				59,197				102,047				—	%			100.0	%			95.5	%			97.4	%			100.0	%			3,157,072				31.77
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	%			246,274				2.30
Plaza 422		Home Depot		1993			100.0	%			—				139,968				16,311				156,279				—	%			100.0	%			100.0	%			100.0	%			100.0	%			909,901				5.82
Chestnut Hill		—		2006			100.0	%			—				—				36,492				36,492				—	%			—	%			100.0	%			100.0	%			100.0	%			954,833				26.17
Abington Towne Center 5		Target, TJ Maxx		1998			100.0	%			—				184,616				32,255				216,871				—	%			100.0	%			100.0	%			100.0	%			100.0	%			1,308,178				22.08
Total Suburban Properties											—				2,964,381				1,095,415				4,059,796				—	%			93.0	%			79.5	%			89.3	%			93.8	%		$	62,082,998			$	18.26
Acadia Share Total Suburban Properties											—				2,860,990				1,039,791				3,900,781				—	%			94.5	%			81.1	%			91.0	%			94.2	%		$	59,328,019			$	17.89
Total Core Properties											1,075,038				3,117,265				1,361,368				5,553,671				84.2	%			93.3	%			79.9	%			88.3	%			92.2	%		$	148,085,818			$	31.66
Acadia Share Total Core Properties											878,440				3,013,874				1,292,524				5,184,838				86.7	%			94.8	%			81.2	%			90.0	%			93.2	%		$	134,918,626			$	30.40

__________

 

 

	30

 

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	Core Portfolio – Top Tenants 1
Supplemental Report – December 31, 2021	(Pro Rata Basis)

 

		Number of				Combined								Percentage of Total
Tenant		Stores				GLA				ABR				GLA				ABR
Target			3				431,480			$	8,126,134				8.3	%			6.0	%
Walgreens			6				95,189				4,011,379				1.8	%			3.0	%
Bed, Bath, and Beyond 2			3				172,432				3,942,421				3.3	%			2.9	%
Royal Ahold 3			3				155,461				3,268,460				3.0	%			2.4	%
TJX Companies 4			8				229,043				2,765,292				4.4	%			2.0	%
Verizon			2				26,054				2,691,297				0.5	%			2.0	%
Lululemon			2				7,533				2,541,414				0.1	%			1.9	%
LA Fitness International LLC			2				100,000				2,524,787				1.9	%			1.9	%
Trader Joe's			3				40,862				2,357,003				0.8	%			1.7	%
Fast Retailing 5			2				32,013				2,327,489				0.6	%			1.7	%
PetSmart, Inc.			3				55,867				2,314,710				1.1	%			1.7	%
Gap 6			3				44,895				2,133,405				0.9	%			1.6	%
Albertsons Companies7			2				123,409				1,980,640				2.4	%			1.5	%
Bob's Discount Furniture			2				68,793				1,843,336				1.3	%			1.4	%
Tapestry 8			2				4,250				1,646,814				0.1	%			1.2	%
Ulta Salon Cosmetic & Fragrance			3				31,497				1,550,757				0.6	%			1.1	%
Dick's Sporting Goods, Inc			2				98,805				1,519,874				1.9	%			1.1	%
DSW			2				35,842				1,478,679				0.7	%			1.1	%
JP Morgan Chase			6				21,721				1,403,838				0.4	%			1.0	%
The Home Depot			2				211,003				1,307,040				4.1	%			1.0	%
TOTAL			61				1,986,149			$	51,734,769				38.2	%			38.3	%

__________

 

 

	31

 

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	Core Portfolio – Lease Expirations
Supplemental Report – December 31, 2021	(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			2				574				0.1	%		$	81.05				0.1	%			—				—				—	%		$	—				—	%
2022			14				43,213				5.7	%			76.77				5.2	%			3				129,188				5.0	%			19.95				6.6	%
2023			22				160,041				21.0	%			77.13				19.4	%			8				385,000				14.8	%			19.25				18.8	%
2024			11				52,552				6.9	%			100.11				8.3	%			13				492,207				18.9	%			14.34				17.9	%
2025			22				87,064				11.4	%			121.57				16.6	%			10				391,435				15.0	%			19.06				19.0	%
2026			27				79,001				10.4	%			141.99				17.6	%			10				444,889				17.1	%			10.93				12.4	%
2027			8				17,653				2.3	%			127.22				3.5	%			—				—				—	%			—				—	%
2028			7				154,571				20.3	%			42.73				10.4	%			6				416,588				16.0	%			10.11				10.7	%
2029			13				38,932				5.1	%			84.83				5.2	%			5				182,205				7.0	%			16.04				7.4	%
2030			6				45,438				6.0	%			47.03				3.4	%			—				—				—	%			—				—	%
2031			2				25,093				3.3	%			77.14				3.0	%			3				100,698				3.9	%			12.09				3.1	%
Thereafter			9				56,751				7.5	%			80.99				7.3	%			4				60,070				2.3	%			26.98				4.1	%
Total			143				760,883				100.0	%		$	83.53				100.0	%			62				2,602,280				100.0	%		$	15.04				100.0	%
Anchor GLA Owned by Tenants							—																				254,916
Total Vacant							117,557																				156,678
Total Square Feet							878,440																				3,013,874
		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			2				2,465				0.2	%		$	23.17				0.2	%			4				3,039				0.1	%		$	34.10				0.1	%
2022			26				85,445				8.1	%			32.70				8.7	%			43				257,846				5.8	%			33.70				6.4	%
2023			39				138,943				13.2	%			30.54				13.3	%			69				683,984				15.5	%			35.09				17.8	%
2024			35				153,156				14.6	%			25.66				12.3	%			59				697,915				15.8	%			23.29				12.0	%
2025			33				113,664				10.8	%			28.52				10.1	%			65				592,163				13.4	%			35.94				15.8	%
2026			36				138,713				13.2	%			25.20				10.9	%			73				662,603				15.0	%			29.54				14.5	%
2027			25				93,672				8.9	%			32.26				9.4	%			33				111,325				2.5	%			47.32				3.9	%
2028			23				98,135				9.4	%			39.06				12.0	%			36				669,294				15.2	%			21.89				10.9	%
2029			10				27,474				2.6	%			28.80				2.5	%			28				248,611				5.6	%			28.22				5.2	%
2030			13				36,694				3.5	%			32.53				3.7	%			19				82,132				1.9	%			40.55				2.5	%
2031			16				83,745				8.0	%			28.05				7.3	%			21				209,536				4.8	%			26.26				4.1	%
Thereafter			17				77,358				7.5	%			39.25				9.6	%			30				194,179				4.4	%			47.66				6.8	%
Total			275				1,049,464				100.0	%		$	30.48				100.0	%			480				4,412,627				100.0	%		$	30.61				100.0	%
Anchor GLA Owned by Tenants							—																				254,916
Total Vacant							243,060																				517,295
Total Square Feet							1,292,524																				5,184,838

_________

 

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

 

 

	32

 

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	Core Portfolio – New and Renewal Rent Spreads 1
Supplemental Report – December 31, 2021

 

		Quarter Ended																																Year to Date
		March 31, 2021								June 30, 2021								September 30, 2021								December 31, 2021								December 31, 2021
		GAAP 2				Cash 3				GAAP 2				Cash 3				GAAP 2				Cash 3				GAAP 2				Cash 3				GAAP 2				Cash 3
New Leases
Number of new leases executed			4				4				2				2				3				3				4				4				13				13
GLA			30,520				30,520				4,277				4,277				8,695				8,695				54,007				54,007				97,499				97,499
New base rent		$	26.86			$	20.42			$	33.96			$	32.73			$	47.65			$	43.32			$	29.69			$	26.92			$	30.59			$	26.60
Previous base rent		$	19.41			$	21.82			$	30.44			$	33.46			$	32.86			$	39.15			$	8.81			$	8.86			$	15.22			$	16.70
Average cost per square foot		$	29.83			$	29.83			$	10.95			$	10.95			$	61.39			$	61.39			$	62.50			$	62.50			$	49.91			$	49.91
Weighted Average Lease Term (years)			12.7				12.7				7.9				7.9				10.0				10.0				19.1				19.1				15.8				15.8
Percentage growth in base rent			38.4	%			(6.4	)%			11.6	%			(2.2	)%			45.0	%			10.7	%			237.0	%			203.8	%			101.0	%			59.3	%
Renewal Leases
Number of renewal leases executed			7				7				17				17				12				12				17				17				53				53
GLA			29,026				29,026				222,455				222,455				35,443				35,443				64,672				64,672				351,596				351,596
New base rent		$	34.60			$	33.93			$	20.13			$	20.05			$	57.17			$	56.41			$	30.80			$	30.40			$	27.02			$	26.76
Expiring base rent		$	30.41			$	31.83			$	18.71			$	19.67			$	50.03			$	50.90			$	27.42			$	27.97			$	24.44			$	25.35
Average cost per square foot		$	—			$	—			$	0.07			$	0.07			$	16.93			$	16.93			$	1.42			$	1.42			$	2.01			$	2.01
Weighted Average Lease Term (years)			5.5				5.5				4.5				4.5				4.5				4.5				4.8				4.8				4.6				4.6
Percentage growth in base rent			13.8	%			6.6	%			7.6	%			1.9	%			14.3	%			10.8	%			12.3	%			8.7	%			10.6	%			5.6	%
Total New and Renewal Leases
Number of new and renewal leases executed			11				11				19				19				15				15				21				21				66				66
GLA commencing			59,546				59,546				226,732				226,732				44,138				44,138				118,679				118,679				449,095				449,095
New base rent		$	30.63			$	27.01			$	20.39			$	20.29			$	55.29			$	53.83			$	30.29			$	28.82			$	27.80			$	26.73
Expiring base rent		$	24.77			$	26.70			$	18.93			$	19.93			$	46.65			$	48.59			$	18.95			$	19.27			$	22.43			$	23.47
Average cost per square foot		$	15.29			$	15.29			$	0.28			$	0.28			$	25.69			$	25.69			$	29.22			$	29.22			$	12.41			$	12.41
Weighted Average Lease Term (years)			9.2				9.2				4.6				4.6				5.6				5.6				11.3				11.3				7.1				7.1
Percentage growth in base rent			23.7	%			1.1	%			7.7	%			1.8	%			18.5	%			10.8	%			59.9	%			49.5	%			23.9	%			13.9	%

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	Core Portfolio – Capital Expenditures
Supplemental Report – December 31, 2021

 

		Quarter Ended																Year to Date
		March 31,  2021				June 30, 2021				September 30, 2021				December 31, 2021				December 31, 2021				December 31, 2020
Leasing Commissions		$	98			$	905			$	681			$	676			$	2,360			$	1,985
Tenant Improvements			1,290				2,666				3,570				2,533				10,059				4,003
Maintenance Capital Expenditures			285				398				409				2,968				4,060				3,173
Total Capital Expenditures		$	1,673			$	3,969			$	4,660			$	6,177			$	16,479			$	9,161

 

 

 

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	Fund Overview
Supplemental Report – December 31, 2021

 

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			$		381.5		Million			$		448.1		Million			$		488.1		Million			$		226.2		Million			$		1,630.5		Million
Cumulative Net Distributions 3		$		195.4		Million			$		169.8		Million			$		576.0		Million			$		193.1		Million			$		51.4		Million			$		1,185.7		Million
Net Distributions/Contributions				225.6		%					44.5		%					128.5		%					39.6		%					22.7		%					72.7		%
Unfunded Commitment 4		$		0.0		Million			$		3.8		Million			$		1.9		Million			$		41.9		Million			$		293.8		Million			$		341.4		Million
Acquisition Dry Powder 5			N/A							N/A							N/A							N/A						$		70.8		Million			$		70.8		Million
Investment Period Closes			Closed							Closed							Closed							Closed							Aug-2022
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 6			Fund I & II							1.0% in 2021, 0.75% in 2022, 0% in 2023
Asset Management			Fund III							Currently 0%
Asset Management 6			Fund IV							1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period
Asset Management 7			Fund V							1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6 of the investment period (August 26, 2021-August 25, 2022); 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

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	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2021

 

				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		Target, Alamo Drafthouse		2007			94.2	%			—				352,201				188,869				541,070				—	%			64.3	%			23.3	%			50.0	%			74.1	%		$	9,453,208			$	34.94
Total - Fund II											—				352,201				188,869				541,070				—	%			64.3	%			23.3	%			50.0	%			74.1	%		$	9,453,208			$	34.94
Fund III Portfolio Detail
NEW YORK
New York
640 Broadway		Swatch		2012			63.1	%			4,637				—				—				4,637				76.3	%			—	%			—	%			76.3	%			91.6	%		$	895,245			$	252.90
Cortlandt Crossing		ShopRite, HomeSense		2012			100.0	%			—				92,868				29,358				122,226				—	%			100.0	%			45.7	%			87.0	%			95.1	%			2,988,753				28.12
Total - Fund III											4,637				92,868				29,358				126,863				76.3	%			100.0	%			45.7	%			86.6	%			95.0	%		$	3,883,998			$	35.36
Fund IV Portfolio Detail
NEW YORK
New York
801 Madison Avenue		─		2015			100.0	%			2,522				—				—				2,522				—	%			—	%			—	%			—	%			—	%		$	—			$	—
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	%			2,087,557				247.58
1035 Third Avenue 2		─		2015			100.0	%			7,634				—				—				7,634				100.0	%			—	%			—	%			100.0	%			100.0	%			1,162,553				152.29
New Jersey
Paramus Plaza		Ashley Furniture, Marshalls		2013			50.0	%			—				87,539				65,955				153,494				—	%			100.0	%			100.0	%			100.0	%			100.0	%			3,233,834				21.07
BOSTON
Massachusetts
Restaurants at Fort Point		─		2016			100.0	%			15,711				—				—				15,711				100.0	%			—	%			—	%			100.0	%			100.0	%			1,030,234				65.57
NORTHEAST
Pennsylvania
Dauphin Plaza		Price Rite, Ashley Furniture		2016			100.0	%			—				114,765				100,970				215,735				—	%			100.0	%			83.4	%			92.2	%			93.3	%			1,911,873				9.61
Mayfair Shopping Center		Planet Fitness, Dollar Tree		2016			100.0	%			—				34,806				80,605				115,411				—	%			100.0	%			92.4	%			94.7	%			94.7	%			1,912,416				17.50
Rhode Island
650 Bald Hill Road		Dick's Sporting Goods, Burlington Coat Factory		2015			90.0	%			—				55,000				105,448				160,448				—	%			100.0	%			77.7	%			85.4	%			85.4	%			2,025,172				14.79
MID-ATLANTIC
Virginia
Promenade at Manassas		Home Depot		2013			98.6	%			—				209,356				71,404				280,760				—	%			100.0	%			98.3	%			99.6	%			100.0	%			3,632,158				12.99
Delaware
Eden Square		Giant Food, LA Fitness		2014			98.6	%			—				116,003				113,933				229,936				—	%			100.0	%			79.1	%			89.7	%			91.0	%			3,121,691				15.14

 

 

 

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	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – September 30, 2021

 

MIDWEST
Illinois
Lincoln Place		Kohl's, Marshall's, Ross		2017			100.0	%			—				144,302				127,758				272,060				—	%			100.0	%			90.5	%			95.6	%			95.6	%			3,059,622				11.77
SOUTHEAST
Georgia
Broughton Street Portfolio    (13 properties)		H&M, Lululemon, Kendra Scott, Starbucks		2014			100.0	%			96,331				—				—				96,331				86.3	%			—	%			—	%			86.3	%			88.4	%			2,953,649				35.54
North Carolina
Wake Forest Crossing		Lowe's, TJ Maxx		2016			100.0	%			—				113,353				88,972				202,325				—	%			100.0	%			94.6	%			97.6	%			99.6	%			3,096,528				15.68
WEST
California
146 Geary Street		─		2015			100.0	%			11,436				—				—				11,436				—	%			—	%			—	%			—	%			—	%			—				—
Union and Fillmore Collection (3 properties)		Eileen Fisher, Bonobos		2015			90.0	%			7,148				—				—				7,148				66.7	%			—	%			—	%			66.7	%			77.9	%			524,919				110.16
Total - Fund IV											155,929				875,124				755,045				1,786,098				76.7	%			100.0	%			88.3	%			93.0	%			93.8	%		$	29,752,206			$	17.91
Fund V Portfolio Detail
SOUTHWEST
New Mexico
Plaza Santa Fe		TJ Maxx, Best Buy, Ross Dress for Less		2017			100.0	%			—				153,983				70,169				224,152				—	%			100.0	%			91.5	%			97.3	%			97.3	%		$	3,890,540			$	17.83
MIDWEST
Michigan
New Towne Plaza		Kohl's, Jo-Ann's, DSW		2017			100.0	%			—				145,389				48,057				193,446				—	%			100.0	%			90.4	%			97.6	%			97.6	%			2,349,445				12.44
Fairlane Green		TJ Maxx, Michaels, Bed Bath & Beyond		2017			100.0	%			—				109,916				160,235				270,151				—	%			74.5	%			84.3	%			80.3	%			80.3	%			4,374,514				20.17
NORTHEAST
Maryland
Frederick County (2 properties)		Kohl's, Best Buy, Ross Dress for Less		2019			90.0	%			—				251,988				279,113				531,101				—	%			100.0	%			76.0	%			87.4	%			88.0	%			6,678,463				14.39
Connecticut
Tri-City Plaza		TJ Maxx, HomeGoods		2019			90.0	%			—				129,940				172,948				302,888				—	%			100.0	%			83.1	%			90.4	%			90.4	%			3,991,187				14.58
New Jersey
Midstate		ShopRite, Best Buy, DSW, PetSmart		2021			100.0	%			—				253,779				131,337				385,116				—	%			90.5	%			70.8	%			83.8	%			83.8	%			6,605,480				20.47
Pennsylvania
Monroe Marketplace		Kohl's, Dick's Sporting Goods, Giant Food		2021			100.0	%			—				263,376				108,276				371,652				—	%			100.0	%			95.8	%			98.8	%			100.0	%			4,109,789				11.19
Rhode Island
Lincoln Commons		Stop and Shop, Marshalls, HomeGoods		2019			100.0	%			—				194,470				267,551				462,021				—	%			100.0	%			69.4	%			82.3	%			90.2	%			5,037,955				13.25
SOUTHEAST
Virginia
Landstown Commons		Best Buy, Bed Bath & Beyond, Ross Dress for Less		2019			100.0	%			—				87,883				316,925				404,808				—	%			68.2	%			88.6	%			84.2	%			91.6	%			7,294,784				21.40
Florida

 

 

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	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – September 30, 2021

 

Palm Coast Landing		TJ Maxx, PetSmart, Ross Dress for Less		2019			100.0	%			—				73,241				98,558				171,799				—	%			100.0	%			93.5	%			96.3	%			98.6	%			3,350,746				20.26
North Carolina
Hickory Ridge		Kohl's, Best Buy, Dick's		2017			100.0	%			—				266,584				113,981				380,565				—	%			100.0	%			94.2	%			98.3	%			100.0	%			4,599,468				12.30
Alabama
Trussville Promenade		Wal-Mart, Regal Cinemas		2018			100.0	%			—				366,010				97,671				463,681				—	%			100.0	%			78.3	%			95.4	%			95.4	%			4,467,562				10.10
Georgia
Canton Marketplace		Dick's, TJ Maxx, Best Buy		2021			100.0	%			—				132,569				219,409				351,978				—	%			100.0	%			80.7	%			87.9	%			89.1	%			5,296,217				17.11
Hiram Pavilion		Kohl's, HomeGoods		2018			100.0	%			—				209,423				153,252				362,675				—	%			100.0	%			96.7	%			98.6	%			100.0	%			4,336,661				12.12
WEST
California
Elk Grove Commons		Kohl's, HomeGoods		2018			100.0	%			—				132,489				109,589				242,078				—	%			100.0	%			83.7	%			92.6	%			97.0	%			4,717,908				21.04
Utah
Family Center at Riverdale		Target, Sportman's Warehouse		2019			89.4	%			—				256,352				115,709				372,061				—	%			80.6	%			97.7	%			85.9	%			85.9	%			3,335,015				10.43
Total - Fund V											—				3,027,392				2,462,780				5,490,172				—	%			95.7	%			84.0	%			90.4	%			92.4	%		$	74,435,734			$	14.99
TOTAL FUND PROPERTIES											160,566				4,347,585				3,436,052				7,944,203				76.7	%			94.1	%			81.3	%			88.2	%			91.5	%		$	117,525,146			$	16.77
Acadia Share of Total Fund Properties											36,574				862,989				688,449				1,588,012				76.8	%			93.8	%			80.6	%			87.7	%			91.6	%		$	23,449,602			$	16.84

__________

1. 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.

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

 

 

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	Fund Lease Expirations
Supplemental Report – December 31, 2021	(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			—				—				—	%		$	—			$	—				—	%			—				—				—	%		$	—			$	—				—	%
2022			—				—				—	%			—				—				—	%			—				—				—	%			—				—				—	%
2023			—				—				—	%			—				—				—	%			1				101				0.4	%			37,347				369.77				4.3	%
2024			—				—				—	%			—				—				—	%			—				—				—	%			—				—				—	%
2025			—				—				—	%			—				—				—	%			—				—				—	%			—				—				—	%
2026			1				655				0.9	%			67,187				102.58				2.7	%			—				—				—	%			—				—				—	%
2027			—				—				—	%			—				—				—	%			—				—				—	%			—				—				—	%
2028			2				5,951				8.2	%			391,648				65.81				15.5	%			2				6,318				23.8	%			186,472				29.51				21.4	%
2029			1				254				0.4	%			49,462				194.73				2.0	%			1				490				1.8	%			29,400				60.00				3.4	%
2030			—				—				—	%			—				—				—	%			3				1,682				6.3	%			95,355				56.69				10.9	%
2031			—				—				—	%			—				—				—	%			2				768				2.9	%			51,038				66.46				5.9	%
Thereafter			5				65,371				90.5	%			2,015,710				30.83				79.8	%			2				17,232				64.8	%			471,395				27.36				54.1	%
Total			9				72,231				100.0	%		$	2,524,007			$	34.94				100.0	%			11				26,591				100.0	%		$	871,007			$	32.76				100.0	%
							72,235			Total Vacant																					4,073			Total Vacant
							144,466			Total Square Feet																					30,664			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			2				1,820				0.5	%		$	13,557			$	7.45				0.2	%			10				4,587				0.5	%		$	57,516			$	12.54				0.4	%
2022			17				19,316				5.3	%			293,170				15.18				4.6	%			40				33,824				3.6	%			741,954				21.94				5.4	%
2023			16				6,372				1.8	%			149,033				23.39				2.3	%			63				87,359				9.4	%			1,557,609				17.83				11.4	%
2024			11				6,347				1.8	%			115,375				18.18				1.8	%			79				169,195				18.2	%			2,562,919				15.15				18.8	%
2025			29				28,252				7.8	%			1,058,887				37.48				16.5	%			69				180,649				19.4	%			2,482,037				13.74				18.2	%
2026			26				34,528				9.6	%			757,212				21.93				11.8	%			59				64,067				6.9	%			1,275,961				19.92				9.4	%
2027			15				19,969				5.5	%			396,340				19.85				6.2	%			27				99,992				10.7	%			979,499				9.80				7.2	%
2028			15				36,468				10.1	%			511,095				14.01				8.0	%			22				40,799				4.4	%			719,996				17.65				5.3	%
2029			13				61,588				17.0	%			923,505				14.99				14.4	%			23				68,875				7.4	%			781,582				11.35				5.7	%
2030			9				16,870				4.7	%			287,046				17.02				4.5	%			23				49,805				5.3	%			719,644				14.45				5.3	%
2031			13				47,860				13.2	%			702,664				14.68				10.9	%			25				52,508				5.6	%			794,732				15.14				5.8	%
Thereafter			16				82,067				22.7	%			1,214,071				14.79				18.8	%			15				80,383				8.6	%			959,184				11.93				7.1	%
Total			182				361,457				100.0	%		$	6,421,955			$	17.76				100.0	%			455				932,043				100.0	%		$	13,632,633			$	14.63				100.0	%
							28,093			Total Vacant																					91,289			Total Vacant
							389,550			Total Square Feet																					1,023,332			Total Square Feet

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

 

 

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	Development and Redevelopment Activity
Supplemental Report – December 31, 2021

 

								Est. SQFT										Acquisition & Development Costs 1
Property		Ownership 1		Location		Estimated Stabilization		Upon Completion				Occupied/Leased Rate		Key Tenants		Description		Incurred 2				Estimated Future Range										Estimated Total Range
Development:
CORE
1238 Wisconsin		80.0%		Washington DC		2023			29,000			—		TBD		Redevelopment/addition to existing building with ground level retail, upper floor office and residential units upon completion. Discretionary spend upon securing tenant(s)		$	7.8			$	24.9			to		$	25.7			$	32.7			to		$	33.5
FUND III
Broad Hollow Commons		100.0%		Farmingdale, NY		TBD		TBD				—		TBD		Discretionary spend upon securing necessary approvals and tenant(s) for lease up			24.3				25.7			to			35.7				50.0			to			60.0
FUND IV
717 N. Michigan Avenue		100.0%		Chicago, IL		2025			62,000			—		TBD		Discretionary spend upon securing tenant(s) for lease up			116.5				12.0			to			19.5				128.5			to			136.0
																		$	148.6			$	62.6					$	80.9			$	211.2					$	229.5
Major Redevelopment:
CORE
City Center		100.0%		San Francisco, CA		2024			241,000			72%/99%		Target, Whole Foods, PetSmart		Ground up development of pad sites and street level retail and re-tenanting/redevelopment for Whole Foods		$	201.3				8.7			to			11.7			$	210.0			to		$	213.0
555 9th Street		100.0%		San Francisco, CA		2023			149,000			69%/69%		TBD		Re-tenanting and potential split of former 46,000 square foot Nordstrom; façade upgrade and possible vertical expansion			—			TBD				to		TBD				TBD				to		TBD
Route 6 Mall		100.0%		Honesdale, PA		TBD		TBD				23%/34%		TBD		Discretionary spend for re-tenanting former 120,000 square foot Kmart anchor space once tenant(s) are secured			—				6.0			to			9.0				6.0			to			9.0
Mad River		100.0%		Dayton, OH		TBD		TBD				48%/48%		TBD		Discretionary spend for the re-tenanting former 33,000 square foot Babies R Us space once tenant(s) are secured			—				1.9			to			2.3				1.9			to			2.3
																		$	201.3			$	16.6					$	23.0			$	217.9					$	224.3

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	Development and Redevelopment Activity
Supplemental Report – December 31, 2021

__________

 

 

Development costs above							148.6
Unconsolidated projects (a)							(7.8	)
Projects in redevelopment or partial development (b)							79.6
Deferred costs and other amounts							0.8
Impairment charges taken							(17.4	)
Total per consolidated balance sheet						$	203.8

 

 

 

 

 

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	Portfolio Composition 1
Supplemental Report – December 31, 2021

 

Billed Percentage		Core				Core and Fund Pro-Rata				Core Street/Urban				Core Suburban
Essential
Grocer / Mass Merchandiser 2			15	%			15	%			14	%			16	%
Drug / Dollar Store			5	%			5	%			5	%			4	%
Banks			4	%			4	%			5	%			4	%
Home Improvement / Auto			4	%			3	%			—	%			7	%
Communications / Electronics			3	%			3	%			4	%			2	%
Other Essential			3	%			3	%			1	%			6	%
Pets			2	%			2	%			1	%			4	%
Total Essential			36	%			35	%			30	%			43	%
Non-Essential
Apparel			19	%			18	%			31	%			2	%
Discount / Fast Fashion			9	%			9	%			14	%			3	%
Restaurant / Food			8	%			9	%			6	%			10	%
Hard Goods			9	%			9	%			5	%			15	%
Personal / Professional Service			7	%			7	%			7	%			7	%
Home			5	%			5	%			3	%			8	%
Other			3	%			4	%			3	%			4	%
Gym / Fitness			3	%			3	%			1	%			6	%
Theater / Entertainment			1	%			1	%			—	%			2	%
Total Non-Essential			64	%			65	%			70	%			57	%
Total			100	%			100	%			100	%			100	%

 

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	Important Notes
Supplemental Report – December 31, 2021

 

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. 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. Also consistent with NAREIT’s definition of FFO, the Company has elected to include gains and losses incidental to its main business (including those related to its RCP investments such as Albertsons) in FFO.

The Company also provides another 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, stock-based compensation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.

 

The Company may also provide from time to time another supplemental disclosure of operating performance, FFO Before Special Items. The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio.

 

It should be noted that the Company’s methods of calculating FFO, AFFO or FFO Before Special Items may be different from methods used by other REITs and, accordingly, may not be comparable to such metrics used by other REITs. FFO, AFFO and FFO Before Special Items do not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. None of these measures should 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.

 

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.

 

 

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